Jordan Hedge
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809

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.

As a shareholder of Old Westbury Funds, Inc., you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 2022.

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

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, these tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Shares			Value
COMMON STOCKS — 93.8%
Banks — 3.8%
	1,894,939	Bank of America Corp.	$	67,611,423
	400,910	JPMorgan Chase & Co.		47,852,618
				115,464,041
Communication Services — 7.2%
	60,841	Alphabet, Inc. - Class C(a)		139,893,537
	44,151	Charter Communications, Inc. - Class A(a)		18,918,262
	189,650	Match Group, Inc.(a)		15,010,797
	150,125	Meta Platforms, Inc. - Class A(a)		30,095,559
	142,632	Sea Ltd. - ADR(a)		11,804,224
				215,722,379
Consumer Discretionary — 13.9%
	100,825	Advance Auto Parts, Inc.		20,127,695
	37,764	Amazon.com, Inc.(a)		93,867,331
	1,439,595	ANTA Sports Products Ltd.		16,544,539
	168,668	Aptiv Plc(a)		17,946,275
	110,934	Burlington Stores, Inc.(a)		22,581,725
	76,011	Dollar General Corp.		18,054,893
	593,155	Dollarama, Inc.		32,976,398
	34,336	Domino’s Pizza, Inc.		11,605,568
	114,203	Expedia Group, Inc.(a)		19,956,974
	320,086	Hilton Worldwide Holdings, Inc.(a)		49,706,155
	832,497	Li Ning Co. Ltd.		6,488,623
	56,287	LVMH Moet Hennessy Louis Vuitton SE		36,425,306
	18,307	MercadoLibre, Inc.(a)		17,824,244
	319,312	NIKE, Inc. - Class B		39,818,206
	143,085	Wyndham Hotels & Resorts, Inc.		12,585,757
				416,509,689
Consumer Staples — 3.4%
	24,863	Costco Wholesale Corp.		13,220,154
	325,202	PepsiCo, Inc.		55,840,436
	867,616	US Foods Holding Corp.(a)		32,639,714
				101,700,304
Diversified Financials — 5.9%
	219,469	Blackstone, Inc.		22,291,466
	355,011	Brookfield Asset Management, Inc. - Class A		17,700,848
	699,435	Charles Schwab Corp. (The)		46,393,524
	55,995	MSCI, Inc.		23,587,894
	117,328	Nasdaq, Inc.		18,463,907
	128,108	S&P Global, Inc.		48,232,662
				176,670,301
Energy — 3.3%
	710,704	ConocoPhillips		67,886,446
	131,104	Pioneer Natural Resources Co.		30,477,747
				98,364,193

Shares			Value
Health Care — 12.2%
	215,365	Catalent, Inc.(a)	$	19,503,455
	75,184	Cooper Cos, Inc. (The)		27,144,431
	187,098	Danaher Corp.		46,985,921
	184,494	IQVIA Holdings, Inc.(a)		40,217,847
	59,831	Laboratory Corp. of America Holdings(a)		14,376,193
	113,686	STERIS Plc		25,471,348
	73,883	Teleflex, Inc.		21,102,463
	93,684	Thermo Fisher Scientific, Inc.		51,799,757
	150,217	UnitedHealth Group, Inc.		76,392,855
	251,169	Zoetis, Inc.		44,519,705
				367,513,975
Industrials — 10.2%
	213,844	A.O. Smith Corp.		12,494,905
	103,538	Carlisle Cos, Inc.		26,853,616
	61,186	Cintas Corp.		24,306,750
	113,686	Dover Corp.		15,154,344
	302,857	Eaton Corp. Plc		43,920,322
	103,799	Equifax, Inc.		21,125,172
	61,655	HEICO Corp.		8,707,536
	367,857	IAA, Inc.(a)		13,481,959
	162,336	Lincoln Electric Holdings, Inc.		21,871,529
	75,708	Northrop Grumman Corp.		33,266,095
	247,037	Safran SA		26,531,390
	251,316	Union Pacific Corp.		58,880,826
				306,594,444
Information Technology — 25.9%
	77,263	Adobe, Inc.(a)		30,592,285
	481,879	Amphenol Corp. - Class A		34,454,349
	48,644	ANSYS, Inc.(a)		13,410,664
	958,291	Apple, Inc.		151,074,576
	32,779	ASM International NV		9,849,831
	62,281	ASML Holding NV(a)		35,346,866
	110,305	Aspen Technology, Inc.(a)		17,487,755
	117,067	CDW Corp.		19,102,993
	702,627	Microsoft Corp.		194,993,045
	85,850	Nice Ltd. - ADR(a)		17,720,299
	163,383	NVIDIA Corp.		30,302,645
	45,785	Paycom Software, Inc.(a)		12,887,104
	50,612	ServiceNow, Inc.(a)		24,197,597
	219,049	SS&C Technologies Holdings, Inc.		14,163,708
	58,531	Synopsys, Inc.(a)		16,786,105
	250,988	Texas Instruments, Inc.		42,730,707
	451,459	Visa, Inc. - Class A		96,219,457
	102,498	WEX, Inc.(a)		17,039,268
				778,359,254
Insurance — 0.9%
	96,768	Aon Plc - Class A		27,868,216
Materials — 1.7%
	300,229	Vulcan Materials Co.		51,726,454

Shares			Value
Real Estate — 3.7%
	233,133	American Tower Corp. REIT	$	56,189,716
	92,350	Jones Lang LaSalle, Inc.(a)		20,199,715
	227,537	Prologis, Inc. REIT		36,471,906
				112,861,337
Utilities — 1.7%
	310,664	Ameren Corp.		28,860,685
	137,296	American Water Works Co., Inc.		21,154,568
				50,015,253
Total Common Stocks (Cost $1,876,320,607)				2,819,369,840

EXCHANGE-TRADED FUNDS — 3.1%
	385,737	Consumer Staples Select Sector SPDR Fund		29,948,621
	215,607	Health Care Select Sector SPDR Fund.		28,091,436
	1,075,633	iShares China Large-Cap ETF		33,280,085
Total Exchange-Traded Funds (Cost $100,365,329)				91,320,142

Principal Amount
U.S. GOVERNMENT SECURITIES — 1.3%
U.S. Treasury Bills — 1.3%
$	40,000,000	0.33%, 05/26/22(b)		39,991,660
Total U.S. Government Securities (Cost $39,991,120)				39,991,660

Shares
INVESTMENT COMPANY — 1.9%
	56,628,191	SEI Daily Income Trust Government II Fund - Class A, 0.19%(c)		56,628,191
Total Investment Company (Cost $56,628,191)				56,628,191

TOTAL INVESTMENTS — 100.1% (Cost $2,073,305,247)			$	3,007,309,833
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(2,506,221	)
NET ASSETS — 100.0%			$	3,004,803,612

(a)	Non-income producing security.
(b)	Zero coupon security. The rate represents the yield at time of purchase.
(c)	The rate shown represents the current yield as of April 30, 2022.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Banks		3.8	%
Communication Services		7.2
Consumer Discretionary		13.9
Consumer Staples		3.4
Diversified Financials		5.9
Energy		3.3
Exchange-Traded Funds		3.1
Health Care		12.2
Industrials		10.2
Information Technology		25.9
Insurance		0.9
Materials		1.7
Real Estate		3.7
Utilities		1.7
Other*		3.1
		100.0	%

*	Includes cash and equivalents, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Value
COMMON STOCKS — 87.5%
ARGENTINA — 0.6%
	138,621	MercadoLibre, Inc.(a)	$	134,965,564
AUSTRALIA — 0.5%
	405,359	Atlassian Corp. Plc - Class A(a)		91,136,864
	42,781	Australia & New Zealand Banking Group Ltd.		814,088
	52,923	BHP Group Ltd.		1,768,445
	67,975	BlueScope Steel Ltd.		966,305
	23,705	Commonwealth Bank of Australia		1,722,963
	61,039	Computershare Ltd.		1,076,122
	7,181	Macquarie Group Ltd.		1,033,799
	26,245	National Australia Bank Ltd.		599,139
	289,245	Nine Entertainment Co. Holdings Ltd.		542,127
	164,014	Santos Ltd.		916,522
	101,535	SmartGroup Corp. Ltd.		635,886
	33,776	Woodside Petroleum Ltd.		734,834
	18,972	Woolworths Group Ltd.		513,251
				102,460,345
BELGIUM — 0.0%
	7,669	Etablissements Franz Colruyt NV		281,612
	19,578	Proximus SADP		342,191
	4,973	UCB SA		565,294
				1,189,097
BRAZIL — 0.3%
	201,413	Ambev SA		595,201
	174,150	B3 SA - Brasil Bolsa Balcao		468,491
	1,334,200	Localiza Rent a Car SA		14,373,020
	1,199,872	NU Holdings Ltd. - Class A(a)		7,211,231
	537,647	Pagseguro Digital Ltd. - Class A(a)		7,908,787
	141,366	Petroleo Brasileiro SA		962,179
	3,432,085	Raia Drogasil SA		14,522,643
	740,961	XP, Inc. - Class A(a)		18,235,050
				64,276,602
CANADA — 0.4%
	21,017	Alimentation Couche-Tard, Inc.		935,634
	11,769	Bank of Nova Scotia (The)		745,268
	21,536	Barrick Gold Corp.		480,291
	5,848	Canadian National Railway Co.		687,748
	37,795	Canadian Natural Resources Ltd.		2,339,221
	21,055	Canadian Pacific Railway Ltd.		1,540,138
	504	Constellation Software, Inc.		793,230
	14,578	Dollarama, Inc.		810,463
	18,830	Enbridge, Inc.		821,710
	88,205	Frontera Energy Corp.(a)		949,578
	267,065	GoGold Resources, Inc.(a)		525,960
	15,971	Metro, Inc.		877,836
	48,525	Pason Systems, Inc.		612,299
	10,748	Rogers Communications, Inc. - Class B		585,486
	14,272	Royal Bank of Canada		1,441,476

Shares			Value
CANADA (continued)
	141,445	Shopify, Inc. - Class A(a)	$	60,371,555
	10,142	TC Energy Corp.		536,449
	11,320	Toronto-Dominion Bank (The)		817,641
	13,224	Wheaton Precious Metals Corp.		592,720
				76,464,703
CHILE — 0.0%
	46,032	Antofagasta Plc		881,232
CHINA — 4.3%
	1,291,364	Agricultural Bank of China Ltd. - H Shares		484,341
	4,911,924	Alibaba Group Holding Ltd.(a)		59,914,123
	25,943	Alibaba Group Holding Ltd. - ADR(a)		2,518,806
	11,044,878	ANTA Sports Products Ltd.		126,933,206
	179,387	Asymchem Laboratories Tianjin Co. Ltd. - A Shares		7,153,728
	1,154,780	Bank of China Ltd. - H Shares		453,116
	44,824	BeiGene Ltd. - ADR(a)		7,171,840
	289,800	Beijing United Information Technology Co. Ltd. - A Shares		4,181,291
	242,965	BGI Genomics Co. Ltd. - A Shares		2,292,748
	69,947	Bilibili, Inc. - ADR(a)		1,702,510
	69,948	Bilibili, Inc. - Z Shares(a)		1,703,155
	264,557	Burning Rock Biotech Ltd. - ADR(a)		1,457,709
	1,015,158	China Construction Bank Corp. - H Shares		723,198
	290,802	China International Capital Corp. Ltd. - H Shares(b)(c)		582,876
	219,910	China Life Insurance Co. Ltd. - H Shares		319,567
	2,748,493	China Merchants Bank Co. Ltd. - H Shares		16,565,855
	887,836	China Petroleum & Chemical Corp. - H Shares		434,571
	241,058	China Shenhua Energy Co. Ltd. - H Shares		770,146
	230,776	CITIC Securities Co. Ltd. - H Shares		507,046
	268,686	Contemporary Amperex Technology Co. Ltd. - A Shares		16,284,578
	2,550,000	Country Garden Services Holdings Co. Ltd.		10,747,689
	422,300	ENN Energy Holdings Ltd.		5,656,741
	2,406,721	Estun Automation Co. Ltd. - A Shares		5,298,651
	1,643,090	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares		20,032,721
	358,313	Fosun International Ltd.		377,623
	1,142,800	Fuyao Glass Industry Group Co. Ltd. - H Shares(b)(c)		4,669,134
	635,600	Glodon Co. Ltd. - A Shares		4,382,046
	711,155	Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares		8,671,499
	4,656,000	Haidilao International Holding Ltd.(b)(c)		9,037,289

Shares			Value
CHINA (continued)
	1,866,800	Haier Smart Home Co. Ltd. - H Shares	$	6,595,022
	479,057	Haitong Securities Co. Ltd. - H Shares		334,561
	898,835	Hangzhou Robam Appliances Co. Ltd. - A Shares		4,150,220
	330,612	Hangzhou Tigermed Consulting Co. Ltd. - A Shares		4,404,960
	1,310,386	Hangzhou Tigermed Consulting Co. Ltd. - H Shares(b)(c)		12,699,597
	2,086,816	Huayu Automotive Systems Co. Ltd. - A Shares		6,102,340
	839,345	Industrial & Commercial Bank of China Ltd. - H Shares		505,963
	605,858	JD Health International, Inc.(a)(b)(c)		3,776,955
	775,073	JD.com, Inc. - A Shares(a)		24,165,657
	382,822	Kanzhun Ltd. - ADR(a)		9,007,802
	124,114	KE Holdings, Inc. - ADR(a)		1,759,937
	3,025,000	Kingdee International Software Group Co. Ltd.(a)		6,172,796
	1,192,000	Kingsoft Corp. Ltd.		3,577,204
	332,900	Kuaishou Technology(a)(b)(c)		2,718,390
	80,427	Kweichow Moutai Co. Ltd. - A Shares		22,076,899
	1,599,000	Li Ning Co. Ltd.		12,462,877
	531,500	LONGi Green Energy Technology Co. Ltd. - A Shares		5,344,623
	510,759	Lufax Holding Ltd. - ADR		2,834,712
	1,769,500	Medlive Technology Co. Ltd.(a)(b)(c)		2,065,356
	922,400	Meituan - B Shares(a)(b)(c)		19,763,717
	1,023,211	Midea Group Co. Ltd. - A Shares		8,706,600
	1,246,000	Minth Group Ltd.		2,935,834
	103,340	NetEase, Inc. - ADR		9,851,402
	135,616	New China Life Insurance Co. Ltd. - H Shares		343,610
	478,452	NIO, Inc. - ADR(a)		7,990,148
	464,155	PICC Property & Casualty Co. Ltd. - H Shares		474,747
	75,546	Pinduoduo, Inc. - ADR(a)		3,255,277
	4,209,305	Ping An Bank Co. Ltd. - A Shares		9,646,878
	2,795,500	Ping An Insurance Group Co. of China Ltd. - H Shares		17,669,570
	851,600	Pop Mart International Group Ltd.(b)(c)		3,852,941
	235,696	Proya Cosmetics Co. Ltd. - A Shares		7,132,238
	223,500	SG Micro Corp. - A Shares		9,288,393
	1,687,193	Shandong Sinocera Functional Material Co. Ltd. - A Shares		8,227,804
	1,240,252	Shenzhen Inovance Technology Co. Ltd. - A Shares		10,656,839
	1,551,637	Shenzhen Megmeet Electrical Co. Ltd. - A Shares		4,344,303
	602,300	Shenzhou International Group Holdings Ltd.		8,172,589
	845,617	Sinocare, Inc. - A Shares		1,892,103

Shares			Value
CHINA (continued)
	216,500	Sungrow Power Supply Co. Ltd. - A Shares	$	2,030,361
	327,100	Sunny Optical Technology Group Co. Ltd.		4,767,118
	5,476,540	Tencent Holdings Ltd.		258,081,319
	384,819	Tencent Music Entertainment Group - ADR(a)		1,635,481
	212,772	Topchoice Medical Corp. - A Shares(a)		4,078,028
	2,918,000	Weichai Power Co. Ltd. - H Shares		4,076,175
	539,500	WuXi AppTec Co. Ltd. - H Shares(b)(c)		7,338,169
	2,855,000	Wuxi Biologics Cayman, Inc.(a)(b)(c)		21,072,231
	442,839	Yatsen Holding Ltd. - ADR(a)		272,213
	374,484	Yifeng Pharmacy Chain Co. Ltd. - A Shares		2,062,738
	1,439,840	Yonyou Network Technology Co. Ltd. - A Shares		4,104,750
	177,200	Yunnan Energy New Material Co. Ltd. - A Shares		5,350,647
	397,000	Zai Lab Ltd.(a)		1,617,739
	39,700	Zai Lab Ltd. - ADR(a)		1,586,412
	2,819,868	Zhejiang Sanhua Intelligent Controls Co. Ltd. - A Shares		7,036,054
	6,366,000	Zijin Mining Group Co. Ltd. - H Shares		9,269,590
				920,367,692
DENMARK — 0.0%
	3,764	Carlsberg AS - Class B		478,153
	5,330	Chr Hansen Holding A/S		415,259
	3,427	Coloplast A/S - Class B		461,715
	21,846	Novo Nordisk A/S - Class B		2,495,387
	9,531	Novozymes A/S - Class B		664,402
				4,514,916
FINLAND — 0.0%
	7,684	Elisa Oyj		450,447
	29,720	Kesko Oyj - Class B		748,244
	7,977	Kone Oyj - Class B		383,516
	16,900	UPM-Kymmene Oyj		584,610
				2,166,817
FRANCE — 0.5%
	5,443	Air Liquide SA		941,685
	925,917	Airbus SE		101,361,897
	22,152	BNP Paribas SA		1,148,612
	6,625	Capgemini SE		1,348,711
	11,266	Edenred		565,803
	857	Hermes International		1,056,730
	3,323	L’Oreal SA		1,208,940
	3,977	LVMH Moet Hennessy Louis Vuitton SE		2,573,657
	9,776	Sanofi		1,033,274
	9,192	Schneider Electric SE		1,318,768

Shares			Value
FRANCE (continued)
	2,166	Teleperformance	$	777,401
	30,014	TotalEnergies SE		1,473,777
				114,809,255
GERMANY — 0.3%
	11,528	BASF SE		607,099
	3,045	Deutsche Boerse AG		530,118
	15,756	Deutsche Post AG		673,135
	75,159	Deutsche Telekom AG		1,384,516
	18,971	Evonik Industries AG		496,213
	6,439	Fresenius Medical Care AG & Co. KGaA		400,421
	15,093	Fresenius SE & Co. KGaA		533,507
	16,575	RWE AG		688,184
	5,628	Siemens AG		691,991
	11,432	Vonovia SE		455,462
	1,395,982	Zalando SE(a)(b)(c)		54,926,665
				61,387,311
HONG KONG — 0.2%
	2,878,562	AIA Group Ltd.		28,278,301
	142,899	BOC Hong Kong Holdings Ltd.		517,275
	120,978	China Mengniu Dairy Co. Ltd.		652,921
	131,830	China Overseas Land & Investment Ltd.		407,260
	93,859	China Resources Beer Holdings Co. Ltd.		551,313
	106,699	China Resources Land Ltd.		476,541
	206,353	CLP Holdings Ltd.		2,013,670
	3,774,000	Geely Automobile Holdings Ltd.		5,835,316
	235,463	Guangdong Investment Ltd.		301,473
	25,351	Hang Seng Bank Ltd.		448,851
	33,987	Hong Kong Exchanges & Clearing Ltd.		1,441,694
	418,257	HUTCHMED China Ltd. - ADR(a)		6,311,498
	74,406	Sun Hung Kai Properties Ltd.		856,941
				48,093,054
INDIA — 4.0%
	58,710	Adani Ports & Special Economic Zone Ltd.		652,227
	750,632	Apollo Hospitals Enterprise Ltd.		43,466,632
	1,919,124	Asian Paints Ltd.		80,895,274
	11,705	Avenue Supermarts Ltd.(a)(b)(c)		599,591
	530,160	Bajaj Finance Ltd.		45,700,836
	3,185	Bajaj Finserv Ltd.		613,839
	3,084,267	Bandhan Bank Ltd.(b)(c)		13,374,476
	570,910	Britannia Industries Ltd.		24,365,196
	128,365	Crompton Greaves Consumer Electricals Ltd.		642,599
	124,105	DLF Ltd.		597,948
	40,725	Havells India Ltd.		694,304
	10,003,149	HDFC Bank Ltd.		179,334,809
	17,290	Hero MotoCorp Ltd.		561,656

Shares			Value
INDIA (continued)
	2,192,088	Housing Development Finance Corp. Ltd.	$	63,246,005
	3,761,045	ICICI Prudential Life Insurance Co. Ltd.(b)(c)		25,683,988
	2,616,730	Jubilant Foodworks Ltd.		18,478,758
	9,255	L&T Technology Services Ltd.(b)(c)		489,508
	5,889,202	Reliance Industries Ltd.		213,380,253
	57,060	Tata Chemicals Ltd.		695,531
	176,975	Tata Consultancy Services Ltd.		8,156,485
	62,755	Tata Consumer Products Ltd.		672,420
	5,335	Tata Elxsi Ltd.		534,339
	3,821,652	Titan Co. Ltd.		121,943,449
	37,645	Voltas Ltd.		616,970
				845,397,093
INDONESIA — 0.1%
	3,441,475	Aneka Tambang Tbk(d)		615,030
	45,761,909	Bank Central Asia Tbk PT(d)		25,666,555
				26,281,585
IRELAND — 0.7%
	6,267	Accenture Plc - Class A		1,882,356
	614,401	Aptiv Plc(a)		65,372,266
	15,375	Experian Plc		530,966
	2,055	ICON Plc(a)		464,861
	4,053	Jazz Pharmaceuticals Plc(a)		649,372
	798,755	Medtronic Plc		83,358,072
				152,257,893
ISRAEL — 0.0%
	4,292	Check Point Software Technologies Ltd.(a)		542,037
	3,295	Nice Ltd.(a)		685,127
				1,227,164
ITALY — 0.0%
	2,976	DiaSorin SpA		389,832
	47,491	FinecoBank Banca Fineco SpA		660,190
	27,246	Prysmian SpA		886,173
				1,936,195
JAPAN — 1.4%
	21,794	Aeon Co. Ltd.		414,201
	13,326	Asahi Group Holdings Ltd.		502,295
	26,947	Astellas Pharma, Inc.		410,287
	52,915	Avex, Inc.		568,821
	8,561	Bandai Namco Holdings, Inc.		579,605
	16,380	Chugai Pharmaceutical Co. Ltd.		490,829
	3,609	Daikin Industries Ltd.		551,519
	17,975	Daiwa House Industry Co. Ltd.		432,123
	310	Daiwa House REIT Investment Corp. REIT		754,541
	1,850	Disco Corp.		452,788
	31,399	Fuji Electric Co. Ltd.		1,376,869
	8,490	Fujitsu Ltd.		1,283,256

Shares			Value
JAPAN (continued)
	460	Fukuoka REIT Corp.	$	575,305
	10,426	Hamamatsu Photonics KK		466,492
	15,293	Hitachi Ltd.		725,293
	6,264	Hoya Corp.		621,653
	22,436	ITOCHU Corp.		677,140
	180	Japan Real Estate Investment Corp. REIT		871,175
	24,295	Japan Tobacco, Inc.		413,302
	8,448	Kao Corp.		338,583
	18,491	KDDI Corp.		612,324
	239,274	Keyence Corp.		96,189,163
	19,696	Kyowa Kirin Co. Ltd.		415,128
	8,112	Lawson, Inc.		298,361
	12,098	M3, Inc.		386,337
	22,269	Mitsubishi Corp.		747,693
	36,640	Mitsubishi Electric Corp.		383,778
	27,813	Mitsubishi Estate Co. Ltd.		405,140
	32,023	Mitsui & Co. Ltd.		775,463
	26,228	Mitsui Fudosan Co. Ltd.		555,870
	9,803	Murata Manufacturing Co. Ltd.		584,332
	16,691	Nabtesco Corp.		380,682
	17,127	Nichirei Corp.		314,460
	12,537	Nihon Kohden Corp.		300,965
	2,619,100	Nihon M&A Center Holdings, Inc.		32,251,112
	152	Nippon Building Fund, Inc. REIT		789,079
	404	Nippon Prologis REIT, Inc.		1,118,179
	21,191	Nippon Telegraph & Telephone Corp.		624,485
	18,812	Nomura Research Institute Ltd.		531,936
	2,850	Obic Co. Ltd.		421,057
	8,362	Omron Corp.		492,974
	26,564	Osaka Gas Co. Ltd.		478,774
	11,266	Otsuka Holdings Co. Ltd.		378,565
	60,407	Panasonic Holdings Corp.		538,419
	29,790	Recruit Holdings Co. Ltd.		1,080,829
	12,979	Seven & i Holdings Co. Ltd.		573,891
	17,002	Shimadzu Corp.		555,832
	4,018	Shin-Etsu Chemical Co. Ltd.		552,212
	1,268	SMC Corp.		613,991
	33,944	SoftBank Corp.		395,036
	1,620,399	Sony Group Corp.		139,842,191
	17,735	Sumitomo Mitsui Financial Group, Inc.		535,844
	17,525	Sumitomo Realty & Development Co. Ltd.		464,912
	12,161	Suntory Beverage & Food Ltd.		479,156
	15,070	Terumo Corp.		448,561
	9,637	Tokio Marine Holdings, Inc.		521,060
	3,024	Tokyo Electron Ltd.		1,275,967
	23,746	Tokyo Gas Co. Ltd.		454,842
	10,797	Toyo Suisan Kaisha Ltd.		333,372
	96,425	Toyota Motor Corp.		1,652,118
	11,736	Unicharm Corp.		408,319

Shares			Value
JAPAN (continued)
	10,806	Yamaha Corp.	$	412,865
				303,081,351
KAZAKHSTAN — 0.1%
	183,572	Kaspi.KZ JSC - GDR(c)		11,851,576
MALAYSIA — 0.0%
	787,935	Public Bank Berhad		846,910
	155,433	Tenaga Nasional Berhad		322,577
				1,169,487
MAURITIUS — 0.0%
	686,075	Alphamin Resources Corp.		742,338
MEXICO — 0.0%
	807,279	America Movil SAB de CV - Series L		787,242
	213,293	Grupo Financiero Banorte SAB de CV - Series O		1,405,822
	243,303	Grupo Mexico SAB de CV - Series B		1,139,702
	188,278	Wal-Mart de Mexico SAB de CV		667,344
				4,000,110
NETHERLANDS — 1.7%
	63,216	Adyen NV(a)(b)(c)		106,031,774
	193,078	ASML Holding NV		109,579,201
	238,980	ASML Holding NV - NY		134,729,755
	6,619	IMCD NV		1,053,894
	162,033	ING Groep NV		1,535,134
	20,938	Koninklijke Ahold Delhaize NV		617,587
	6,404	NXP Semiconductors NV		1,094,444
	6,304	Wolters Kluwer NV		636,595
				355,278,384
NORWAY — 0.0%
	32,686	Aker BP ASA		1,171,103
	29,213	Telenor ASA		412,004
				1,583,107
POLAND — 0.0%
	85,606	Powszechna Kasa Oszczednosci Bank Polski SA(a)		631,819
	61,316	Powszechny Zaklad Ubezpieczen SA		423,923
				1,055,742
PORTUGAL — 0.0%
	26,194	Jeronimo Martins SGPS SA		545,271
QATAR — 0.0%
	119,633	Qatar National Bank QPSC(d)		763,018
SINGAPORE — 0.5%
	1,206,947	Sea Ltd. - ADR(a)		99,886,934
SOUTH AFRICA — 0.0%
	101,587	Absa Group Ltd.		1,097,502
	81,902	Standard Bank Group Ltd.		867,957

Shares			Value
SOUTH AFRICA (continued)
	76,377	Vodacom Group Ltd.	$	733,583
				2,699,042
SOUTH KOREA — 0.6%
	3,719	Hyundai Mobis Co. Ltd.		605,033
	44,184	Kakaopay Corp.(a)		3,908,225
	20,349	KB Financial Group, Inc.		946,719
	29,824	Kia Corp.		1,956,165
	1,683	Korea Zinc Co. Ltd.		768,354
	549	LG Household & Health Care Ltd.		393,183
	532,110	NAVER Corp.		118,532,314
	6,171	POSCO Holdings, Inc.		1,409,005
	66,945	Samsung Electronics Co. Ltd.		3,567,739
	21,747	Samsung Electronics Co. Ltd. - Preference Shares		1,019,578
				133,106,315
SPAIN — 0.0%
	96,112	Iberdrola SA		1,104,404
	16,279	Industria de Diseno Textil SA		341,326
	31,708	Red Electrica Corp. SA		638,417
				2,084,147
SWEDEN — 0.0%
	22,176	Atlas Copco AB - A Shares		1,005,390
	133,721	Hexagon AB - B Shares		1,725,393
	37,148	Sandvik AB		703,149
	75,220	Swedish Match AB		599,111
	33,454	Tele2 AB - Class B		443,409
				4,476,452
SWITZERLAND — 0.4%
	12,820	Georg Fischer AG		695,743
	150	Givaudan SA		596,178
	13,235	Logitech International SA		861,316
	1,869	Lonza Group AG		1,102,027
	27,801	Nestle SA		3,588,945
	20,404	Novartis AG		1,803,087
	6,038	Roche Holding AG		2,238,975
	201,431	Sika AG		61,528,764
	2,542	Sonova Holding AG		916,712
	19,464	STMicroelectronics NV		719,139
	1,504	Swisscom AG		889,316
	46,919	UBS Group AG		796,527
	1,540	Zurich Insurance Group AG		701,116
				76,437,845
TAIWAN — 0.8%
	462,160	China Steel Corp.		559,846
	876,890	Chunghwa Telecom Co. Ltd.		3,887,226
	100,174	Delta Electronics, Inc.		836,211
	186,221	Formosa Chemicals & Fibre Corp.		501,523
	376,164	Hon Hai Precision Industry Co. Ltd.		1,288,768
	39,625	MediaTek, Inc.		1,092,382
	459,932	Mega Financial Holding Co. Ltd.		646,576

Shares			Value
TAIWAN (continued)
	205,543	Pegatron Corp.	$	486,958
	69,338	Realtek Semiconductor Corp.		940,883
	365,995	TA Chen Stainless Pipe		541,308
	333,921	Taiwan Cement Corp.		518,370
	4,825,253	Taiwan Semiconductor Manufacturing Co. Ltd.		87,253,405
	693,862	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		64,480,596
	198,130	Uni-President Enterprises Corp.		458,398
				163,492,450
THAILAND — 0.4%
	41,523,900	CP ALL Public Co. Ltd. - FOR		78,290,701
TURKEY — 0.0%
	30,589	BIM Birlesik Magazalar AS		171,852
	206,177	Eregli Demir ve Celik Fabrikalari TAS		464,311
	30,065	Ford Otomotiv Sanayi AS		604,043
	21,465	Otokar Otomotiv Ve Savunma Sanayi AS		601,464
				1,841,670
UNITED ARAB EMIRATES — 0.0%
	496,785	Agthia Group PJSC		576,678
	393,220	Emaar Properties PJSC		678,246
				1,254,924
UNITED KINGDOM — 3.2%
	34,564	Anglo American Plc		1,530,874
	1,417,240	AstraZeneca Plc		189,118,258
	9,201	AstraZeneca Plc - ADR		610,946
	73,838	Barratt Developments Plc		451,744
	294,026	BP Plc		1,419,497
	24,997	British American Tobacco Plc		1,047,683
	9,910	Croda International Plc		962,524
	26,380	Diageo Plc		1,316,068
	5,852,009	Entain Plc(a)		109,961,140
	43,622	GlaxoSmithKline Plc		983,352
	23,681	Hargreaves Lansdown Plc		271,108
	501,817	ITV Plc		463,405
	355,540	JD Sports Fashion Plc		585,815
	174,205	Legal & General Group Plc		543,014
	522,087	Linde Plc		162,870,260
	7,445	LivaNova Plc(a)		570,734
	2,044,103	London Stock Exchange Group Plc		201,531,662
	26,944	Mondi Plc		506,169
	8,203	Next Plc		614,410
	41,982	RELX Plc		1,250,664
	25,700	Rio Tinto Plc		1,815,863
	79,442	Shell Plc		2,132,692
	6,351	Spirax-Sarco Engineering Plc		958,338
	18,500	Unilever Plc		860,067
	13,255	Unilever Plc		615,218
				682,991,505

Shares			Value
UNITED STATES — 66.4%
	5,685	3M Co.	$	819,891
	16,445	A.O. Smith Corp.		960,881
	684,959	Abbott Laboratories		77,742,847
	1,694,114	AbbVie, Inc.		248,831,464
	17,505	ACI Worldwide, Inc.(a)		483,488
	5,726	Adobe, Inc.(a)		2,267,210
	10,380	Advanced Micro Devices, Inc.(a)		887,698
	805,217	Agilent Technologies, Inc.		96,038,232
	11,320	Agilysys, Inc.(a)		416,689
	7,385	Agree Realty Corp. REIT		501,589
	475,658	Air Products and Chemicals, Inc.		111,337,268
	299,873	Alexandria Real Estate Equities, Inc. REIT		54,624,866
	196,809	Align Technology, Inc.(a)		57,056,897
	32,424	Ally Financial, Inc.		1,295,663
	37,989	Alphabet, Inc. - Class A(a)		86,698,116
	273,152	Alphabet, Inc. - Class C(a)		628,066,588
	224,759	Amazon.com, Inc.(a)		558,667,713
	10,507	American Express Co.		1,835,678
	394,512	American Tower Corp. REIT		95,085,282
	4,782	Ameriprise Financial, Inc.		1,269,573
	5,082	AmerisourceBergen Corp.		768,856
	1,390,398	AMETEK, Inc.		175,551,651
	7,518	Amgen, Inc.		1,753,122
	4,410	Analog Devices, Inc.		680,816
	2,344	ANSYS, Inc.(a)		646,217
	331,043	Anthem, Inc.		166,160,413
	2,462	Aon Plc - Class A		709,031
	6,115,811	Apple, Inc.		964,157,604
	13,934	Applied Materials, Inc.		1,537,617
	12,815	ASGN, Inc.(a)		1,453,862
	70,803	AT&T, Inc.		1,335,345
	5,241	Autodesk, Inc.(a)		992,017
	407,125	Automatic Data Processing, Inc.		88,826,533
	479	AutoZone, Inc.(a)		936,670
	3,256,391	Avantor, Inc.(a)		103,813,745
	4,168	Avery Dennison Corp.		752,741
	9,668,276	Bank of America Corp.		344,964,088
	30,022	Bank OZK		1,153,445
	9,229	Baxter International, Inc.		655,813
	660,768	Berkshire Hathaway, Inc. - Class B(a)		213,315,733
	2,153	Biogen, Inc.(a)		446,618
	1,163	Bio-Rad Laboratories, Inc. - Class A(a)		595,526
	2,833	Bio-Techne Corp.		1,075,662
	8,816	Blackbaud, Inc.(a)		511,416
	2,296,818	Blackstone, Inc.		233,287,804
	714,229	Block, Inc.(a)		71,094,355
	638	Booking Holdings, Inc.(a)		1,410,178
	16,862	BorgWarner, Inc.		621,027
	29,750	Boyd Gaming Corp.		1,802,255
	12,109	Bread Financial Holdings Inc.		663,573
	25,337	Bristol-Myers Squibb Co.		1,907,116
	184,927	Broadcom, Inc.		102,521,680

Shares			Value
UNITED STATES (continued)
	4,357	Broadridge Financial Solutions, Inc.	$	627,974
	7,201	Brown-Forman Corp. - Class B		485,635
	295	Cable One, Inc.		344,029
	588,636	Cadence Design Systems, Inc.(a)		88,795,741
	8,552	California Water Service Group		443,592
	8,853	Cardinal Health, Inc.		513,917
	377,669	Caterpillar, Inc.		79,514,431
	18,459	Charles Schwab Corp. (The)		1,224,385
	2,153	Charter Communications, Inc. - Class A(a)		922,539
	16,195	Cheesecake Factory, Inc. (The)(a)		597,757
	1,034	Chemed Corp.		508,097
	3,884,689	Chevron Corp.		608,614,226
	91,223	Chipotle Mexican Grill, Inc.(a)		132,785,111
	6,291	Church & Dwight Co., Inc.		613,750
	5,853	Cigna Corp.		1,444,403
	51,507	Cisco Systems, Inc.		2,522,813
	34,429	Citigroup, Inc.		1,659,822
	34,733	Citizens Financial Group, Inc.		1,368,480
	3,290	Clorox Co. (The)		472,016
	794,460	Cloudflare, Inc. - Class A(a)		68,434,784
	2,654,291	Coca-Cola Co. (The)		171,493,742
	11,324	Cognizant Technology Solutions Corp. - Class A		916,112
	10,527	Colgate-Palmolive Co.		811,105
	1,858,247	Comcast Corp. - Class A		73,883,901
	19,159	Comerica, Inc.		1,569,122
	11,177	CommVault Systems, Inc.(a)		681,797
	12,877	ConocoPhillips		1,230,011
	3,054,833	Corteva, Inc.		176,233,316
	380,496	Costco Wholesale Corp.		202,317,333
	21,590	Coterra Energy, Inc.		621,576
	4,577	Crown Castle International Corp. REIT		847,706
	44,914	CSX Corp.		1,542,347
	3,065	Cummins, Inc.		579,867
	15,005	CVS Health Corp.		1,442,431
	556,585	Danaher Corp.		139,775,191
	275,488	Deere & Co.		104,010,494
	274,274	Dexcom, Inc.(a)		112,062,871
	5,933	Digital Realty Trust, Inc. REIT		866,930
	2,536	Dollar General Corp.		602,376
	1,320	Domino’s Pizza, Inc.		446,160
	722,943	DoorDash, Inc. - Class A(a)		58,869,249
	27,632	East West Bancorp, Inc.		1,970,162
	599,379	Eaton Corp. Plc		86,921,943
	28,060	eBay, Inc.		1,456,875
	1,013,720	Edwards Lifesciences Corp.(a)		107,231,302
	5,287	Electronic Arts, Inc.		624,130
	9,219	Eli Lilly & Co.		2,693,146
	6,333	Encompass Health Corp.		435,900
	6,523	Enovis Corp.(a)		423,143
	513,119	Entegris, Inc.		57,156,325

Shares			Value
UNITED STATES (continued)
	7,876	Envestnet, Inc.(a)	$	627,245
	10,927	EOG Resources, Inc.		1,275,837
	20,988	Equity Commonwealth REIT(a)		549,676
	7,212	Equity LifeStyle Properties, Inc. REIT		557,343
	1	Esab Corp.(a)		44
	191,864	Estee Lauder Cos, Inc. (The) - Class A		50,663,608
	4,965	Etsy, Inc.(a)		462,688
	5,297	Euronet Worldwide, Inc.(a)		644,380
	6,110	Extra Space Storage, Inc. REIT		1,160,900
	28,312	Exxon Mobil Corp.		2,413,598
	3,328	Fair Isaac Corp.(a)		1,243,041
	12,584	Fastenal Co.		696,021
	32,611	Fifth Third Bancorp		1,223,891
	3,656	FleetCor Technologies, Inc.(a)		912,245
	56,944	Flex Ltd.(a)		939,007
	517,978	Fortinet, Inc.(a)		149,700,822
	1,428,400	Freeport-McMoRan, Inc.		57,921,620
	6,754	General Dynamics Corp.		1,597,524
	11,556	General Mills, Inc.		817,356
	736,274	Genuine Parts Co.		95,752,434
	13,494	Gilead Sciences, Inc.		800,734
	5,658	Goldman Sachs Group, Inc. (The)		1,728,462
	9,792	Graco, Inc.		607,300
	5,125	Guidewire Software, Inc.(a)		445,568
	3,984	HCA Healthcare, Inc.		854,767
	300,167	Hershey Co. (The)		67,768,704
	276,966	Home Depot, Inc. (The)		83,200,586
	7,723	Honeywell International, Inc.		1,494,478
	9,890	Hormel Foods Corp.		518,137
	42,050	HP, Inc.		1,540,292
	1,753	Humana, Inc.		779,314
	2,141	IDEXX Laboratories, Inc.(a)		921,658
	340,743	Illinois Tool Works, Inc.		67,163,853
	9,422	Integra LifeSciences Holdings Corp.(a)		576,250
	46,276	Intel Corp.		2,017,171
	9,763	InterDigital, Inc.		555,027
	14,690	International Business Machines Corp.		1,942,165
	5,300	Intuit, Inc.		2,219,375
	284,532	Intuitive Surgical, Inc.(a)		68,088,508
	425,638	iRhythm Technologies, Inc.(a)		52,510,960
	2,706	Jack Henry & Associates, Inc.		513,003
	5,795	Jack in the Box, Inc.		479,594
	24,650	Johnson & Johnson		4,448,339
	18,228	Johnson Controls International Plc		1,091,310
	5,128	Jones Lang LaSalle, Inc.(a)		1,121,647
	3,055,962	JPMorgan Chase & Co.		364,759,624
	20,349	Kennametal, Inc.		523,580
	5,345	Kimberly-Clark Corp.		742,046
	29,996	Kinder Morgan, Inc.		544,427
	277,632	KLA Corp.		88,636,792
	14,288	Kroger Co. (The)		770,980
	3,666	L3Harris Technologies, Inc.		851,465
	176,114	Lam Research Corp.		82,026,857

Shares			Value
UNITED STATES (continued)
	3,275	Lancaster Colony Corp.	$	508,215
	4,735	Leidos Holdings, Inc.		490,120
	12,605	Lennar Corp. - Class A		964,156
	22,143	Liberty Media Corp-Liberty Formula One - Class C(a)		1,380,173
	15,312	Lincoln National Corp.		921,017
	134,867	Lockheed Martin Corp.		58,278,728
	659,112	Lowe’s Cos, Inc.		130,326,216
	9,171	Manhattan Associates, Inc.(a)		1,197,274
	5,792	Marriott Vacations Worldwide Corp.		864,919
	11,508	Masco Corp.		606,357
	2,302	Masimo Corp.(a)		260,057
	599,281	Mastercard, Inc. - Class A		217,766,730
	300,059	McDonald’s Corp.		74,762,700
	3,293	McKesson Corp.		1,019,546
	1,102,718	Merck & Co., Inc.		97,800,059
	636,710	Meta Platforms, Inc. - Class A(a)		127,641,254
	926	Mettler-Toledo International, Inc.(a)		1,182,993
	15,648	Microchip Technology, Inc.		1,020,250
	14,347	Micron Technology, Inc.		978,322
	3,484,015	Microsoft Corp.		966,883,843
	5,335	Moderna, Inc.(a)		717,077
	5,677	Mohawk Industries, Inc.(a)		800,798
	2,832	Molina Healthcare, Inc.(a)		887,690
	23,007	Mondelez International, Inc. - Class A		1,483,491
	2,981	Monolithic Power Systems, Inc.		1,169,267
	8,186	Monster Beverage Corp.(a)		701,376
	2,118,667	Morgan Stanley		170,743,374
	525,661	Motorola Solutions, Inc.		112,328,499
	2,453	MSCI, Inc.		1,033,326
	68,225	Navient Corp.		1,084,095
	23,545	NCR Corp.(a)		824,781
	10,762	NetApp, Inc.		788,317
	248,823	Netflix, Inc.(a)		47,365,946
	15,676	Newmont Corp.		1,141,997
	10,059	NextEra Energy Partners LP		670,533
	3,510,134	NextEra Energy, Inc.		249,289,717
	946,668	NIKE, Inc. - Class B		118,049,500
	6,168	Norfolk Southern Corp.		1,590,604
	365,616	Northrop Grumman Corp.		160,651,670
	22,278	NortonLifeLock, Inc.		557,841
	5,698	Novanta, Inc.(a)		733,333
	1,058,359	NVIDIA Corp.		196,293,844
	10,855	Occidental Petroleum Corp.		598,002
	346,028	Okta, Inc.(a)		41,284,601
	32,821	ON Semiconductor Corp.(a)		1,710,302
	28,232	Oracle Corp.		2,072,229
	225,712	O’Reilly Automotive, Inc.(a)		136,905,614
	6,708	PACCAR, Inc.		557,099
	302,885	Palo Alto Networks, Inc.(a)		170,003,293
	6,856	Paychex, Inc.		868,861
	2,290	PayPal Holdings, Inc.(a)		201,360
	625,763	PepsiCo, Inc.		107,449,765

Shares			Value
UNITED STATES (continued)
	49,937	Pfizer, Inc.	$	2,450,409
	8,936,500	PG&E Corp.(a)		113,046,725
	289,218	Philip Morris International, Inc.		28,921,800
	7,690	Phillips 66		667,184
	6,863	Pioneer Natural Resources Co.		1,595,442
	13,707	Premier, Inc. - Class A		496,330
	469,289	Procter & Gamble Co. (The)		75,344,349
	11,939	Progress Software Corp.		572,833
	8,445	Prologis, Inc. REIT		1,353,649
	1,110,595	Prudential Financial, Inc.		120,510,663
	4,055	Public Storage REIT		1,506,433
	10,157	PVH Corp.		739,226
	851,003	QUALCOMM, Inc.		118,876,609
	711,077	Quanta Services, Inc.		82,470,710
	588,854	Quest Diagnostics, Inc.		78,812,219
	11,425	Raytheon Technologies Corp.		1,084,347
	1,176	Regeneron Pharmaceuticals, Inc.(a)		775,113
	2,996	ResMed, Inc.		599,110
	17,596	Rollins, Inc.		590,170
	2,123	Roper Technologies, Inc.		997,640
	464,743	Ross Stores, Inc.		46,367,409
	5,730	Saia, Inc.(a)		1,180,151
	29,348	Schlumberger NV		1,144,865
	5,680	Science Applications International Corp.		472,746
	8,965	Seagate Technology Holdings Plc		735,489
	9,095	Shake Shack, Inc. - Class A(a)		525,964
	2,733	Sherwin-Williams Co. (The)		751,466
	562,315	Simon Property Group, Inc. REIT		66,353,170
	33,035	Six Flags Entertainment Corp.(a)		1,264,249
	9,109	Skyworks Solutions, Inc.		1,032,050
	342,178	Snowflake, Inc. - Class A(a)		58,662,996
	14,135	Spectrum Brands Holdings, Inc.		1,202,464
	11,955	SS&C Technologies Holdings, Inc.		773,010
	586,711	Starbucks Corp.		43,792,109
	15,977	State Street Corp.		1,069,980
	9,210	Stericycle, Inc.(a)		462,250
	2,681	SVB Financial Group(a)		1,307,363
	32,365	Synchrony Financial		1,191,356
	4,595	Synopsys, Inc.(a)		1,317,800
	3,679	Take-Two Interactive Software, Inc.(a)		439,677
	6,709	Target Corp.		1,534,013
	1,058,791	TE Connectivity Ltd.		132,115,941
	8,532	Teradyne, Inc.		899,785
	622,249	Texas Instruments, Inc.		105,937,892
	19,057	Textron, Inc.		1,319,697
	280,305	Thermo Fisher Scientific, Inc.		154,986,241
	12,762	Timken Co. (The)		735,602
	6,027	Tractor Supply Co.		1,214,139
	18,801	Trimble, Inc.(a)		1,254,027
	9,831	TriNet Group, Inc.(a)		872,010
	2,610,924	Truist Financial Corp.		126,238,175
	263,877	Twilio, Inc. - Class A(a)		29,506,726

Shares			Value
UNITED STATES (continued)
	1,578	Tyler Technologies, Inc.(a)	$	622,852
	8,465	Tyson Foods, Inc. - Class A		788,599
	11,781	UFP Industries, Inc.		911,496
	2,173	Ulta Beauty, Inc.(a)		862,246
	631,307	Union Pacific Corp.		147,908,917
	418,074	United Rentals, Inc.(a)		132,328,783
	4,400	United Therapeutics Corp.(a)		781,264
	678,668	UnitedHealth Group, Inc.		345,136,611
	2,831	Vail Resorts, Inc.		719,527
	8,990	Valero Energy Corp.		1,002,205
	2,220	VeriSign, Inc.(a)		396,692
	3,039	Verisk Analytics, Inc.		620,108
	2,768,647	Verizon Communications, Inc.		128,188,356
	34,473	Viatris, Inc.		356,106
	1,177,394	Visa, Inc. - Class A		250,937,983
	25,752	Vistra Corp.		644,315
	3,373	VMware, Inc. - Class A		364,419
	10,169	Walgreens Boots Alliance, Inc.		431,166
	2,052,598	Walmart, Inc.		314,026,968
	17,128	Warner Bros Discovery, Inc.(a)		310,881
	585,967	Waste Management, Inc.		96,356,414
	2,307	Waters Corp.(a)		699,067
	2,700	WD-40 Co.		496,746
	41,018	Wells Fargo & Co.		1,789,615
	18,813	WESCO International, Inc.(a)		2,318,890
	3,181	West Pharmaceutical Services, Inc.		1,002,206
	14,701	Westrock Co.		728,141
	8,644	WEX, Inc.(a)		1,436,979
	22,463	Weyerhaeuser Co. REIT		925,925
	1,676	WW Grainger, Inc.		838,050
	5,574	Yum! Brands, Inc.		652,214
	2,556	Zebra Technologies Corp. - Class A(a)		944,851
	353,600	Zoetis, Inc.		62,675,600
				14,215,689,576
URUGUAY — 0.1%
	114,488	Globant SA(a)		24,728,263
Total Common Stocks (Cost $14,697,223,153)				18,725,726,726

EXCHANGE-TRADED FUNDS — 9.1%
	5,141,750	Consumer Staples Select Sector SPDR Fund		399,205,470
	968,500	Energy Select Sector SPDR Fund		72,782,775
	3,005,230	FlexShares Global Upstream Natural Resources Index Fund		134,273,676
	3,109,000	Health Care Select Sector SPDR Fund		405,071,610
	199,000	iShares Biotechnology ETF		23,213,350
	3,281,020	iShares MSCI Canada ETF		121,561,791
	2,274,615	Materials Select Sector SPDR Fund		193,410,513
	1,718,200	SPDR S&P Metals & Mining ETF		96,580,022
	886,350	SPDR S&P Oil & Gas Exploration & Production ETF		116,829,794

Shares			Value
	8,409,740	VanEck Gold Miners ETF	$	294,256,803
	389,630	VanEck Oil Services ETF		102,768,809

Total Exchange-Traded Funds (Cost $1,917,180,205)				1,959,954,613

Principal Amount
U.S. GOVERNMENT SECURITIES — 0.2%
U.S. Treasury Bills — 0.2%
$	50,000,000	0.33%, 05/26/22(e)		49,989,575
Total U.S. Government Securities (Cost $49,988,867)				49,989,575

Shares
INVESTMENT COMPANY — 3.4%
	730,517,341	Federated Hermes Government Obligations Fund, 0.26%(f)		730,517,341
Total Investment Company (Cost $730,517,341)				730,517,341

CASH SWEEP — 0.1%
	14,770,658	Citibank - US Dollars on Deposit in Custody Account, 0.03%(f)		14,770,658
Total Cash Sweep (Cost $14,770,658)				14,770,658

Contracts
PUT OPTIONS PURCHASED — 0.2%
	4,750	S &P 500 Index, Strike $4,015.00, Expires 05/20/22, (Notional amount $19,071,250)		32,917,500
	16,600	SPDR S&P Metals & Mining ETF, Strike $52.00, Expires 05/20/22, (Notional amount $863,200)		996,000
	21,733	SPDR S&P Oil & Gas Exploration & Production ETF, Strike $115.00, Expires 05/20/22, (Notional amount $2,499,295)		3,781,542
Total Put Options Purchased (Cost $34,637,589)				37,695,042

TOTAL INVESTMENTS — 100.5% (Cost $17,444,317,813)			$	21,518,653,955
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(114,455,096	)
NET ASSETS — 100.0%			$	21,404,198,859

(a)	Non-income producing security.

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(d)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(e)	Zero coupon security. The rate represents the yield at time of purchase.
(f)	The rate shown represents the current yield as of April 30, 2022.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International Index

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Argentina		0.6	%
Australia		0.5
Belgium		0.0	*
Brazil		0.3
Canada		0.4
Chile		0.0	*
China		4.3
Denmark		0.0	*
Finland		0.0	*
France		0.5
Germany		0.3
Hong Kong		0.2
India		4.0
Indonesia		0.1
Ireland		0.7
Israel		0.0	*
Italy		0.0	*
Japan		1.4
Kazakhstan		0.1
Malaysia		0.0	*
Mauritius		0.0	*
Mexico		0.0	*
Netherlands		1.7
Norway		0.0	*
Poland		0.0	*
Portugal		0.0	*
Qatar		0.0	*
Singapore		0.5
South Africa		0.0	*

Country:	Percentage of Net Assets
South Korea		0.6	%
Spain		0.0	*
Sweden		0.0	*
Switzerland		0.4
Taiwan		0.8
Thailand		0.4
Turkey		0.0	*
United Arab Emirates		0.0	*
United Kingdom		3.2
United States		66.4
Uruguay		0.1
Other**		12.5
		100.0	%

*	Represents less than 0.01% of net assets.
**	Includes cash and equivalents, options, exchange-traded funds, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Value
COMMON STOCKS — 85.2%
ARGENTINA — 0.2%
	13,959	MercadoLibre, Inc.(a)	$	13,590,901
AUSTRALIA — 2.5%
	1,161,847	Adbri Ltd.		2,371,147
	193,845	ALS Ltd.		1,755,286
	52,541	Altium Ltd.		1,183,605
	1,107,495	Alumina Ltd.		1,394,332
	351,729	Ardent Leisure Group Ltd.(a)		329,254
	23,315	ASX Ltd.		1,409,617
	85,150	AUB Group Ltd.		1,378,646
	614,600	Aurizon Holdings Ltd.		1,735,702
	325,894	Australian Clinical Labs Ltd.(b)		1,175,784
	140,436	Base Resources Ltd.		31,157
	848,709	BlueScope Steel Ltd.		12,064,904
	89,690	Brickworks Ltd.		1,489,708
	506,310	BWP Trust REIT		1,471,632
	1,107	Cardno Ltd.		1,316
	1	Castile Resources Ltd.(a)		0
	897,160	Centuria Office REIT		1,383,162
	55,092	Challenger Ltd.		278,741
	2,074,081	Champion Iron Ltd.		10,513,954
	492,310	Charter Hall Retail REIT		1,537,858
	57,769	Clinuvel Pharmaceuticals Ltd.		664,413
	6,292	Cogstate Ltd.(a)		9,597
	2,193,870	CSR Ltd.		9,395,437
	78,529	Data#3 Ltd.		318,915
	5,053	DDH1 Ltd.		3,620
	268,649	Deterra Royalties Ltd.		910,098
	152,051	DGL Group Ltd.(a)(b)		416,580
	17,785	Domino’s Pizza Enterprises Ltd.		932,310
	12,862	EBOS Group Ltd.		350,815
	112,133	Eclipx Group Ltd.(a)		219,576
	14,106	Enero Group Ltd.		34,912
	791,469	Estia Health Ltd.		1,293,060
	226,439	Fenix Resources Ltd.		51,998
	777,616	GrainCorp Ltd. - Class A		5,619,340
	44,305	Growthpoint Properties Australia Ltd. REIT		136,275
	840,365	GWA Group Ltd.		1,342,322
	422,289	Hansen Technologies Ltd.		1,634,445
	3,045,067	Healius Ltd.		9,581,719
	1,949,207	Iluka Resources Ltd.		15,267,947
	519,108	Imdex Ltd.		910,691
	5,937,724	Incitec Pivot Ltd.		16,014,169
	607,550	Inghams Group Ltd.		1,315,396
	35,452	Integrated Research Ltd.(a)		18,971
	167,565	IRESS Ltd.		1,289,000
	71,119	IVE Group Ltd.		98,960
	94,408	JB Hi-Fi Ltd.		3,496,529
	21,666	Jumbo Interactive Ltd.		263,411
	1,496,603	Karoon Energy Ltd.(a)		2,149,270
	364,347	MACA Ltd.		207,010

Shares			Value
AUSTRALIA (continued)
	1,033,952	Macmahon Holdings Ltd.	$	122,861
	749,872	Mayne Pharma Group Ltd.(a)		149,842
	268,755	McMillan Shakespeare Ltd.		2,241,442
	638,525	Medibank Pvt Ltd.		1,434,858
	70,056	Medusa Mining Ltd.		41,643
	477,147	Metals X Ltd.(a)		246,814
	23,600	Metarock Group Ltd.		8,856
	396,698	Mineral Resources Ltd.		16,119,122
	117,774	MMA Offshore Ltd.(a)		47,175
	316,264	Monash IVF Group Ltd.		274,809
	352,823	Myer Holdings Ltd.		120,423
	64,260	Navigator Global Investments Ltd.		73,440
	3,330,291	New Hope Corp. Ltd.		8,201,846
	756,720	Nine Entertainment Co. Holdings Ltd.		1,418,309
	229,375	Northern Star Resources Ltd.		1,576,676
	926,841	Nufarm Ltd.		4,169,582
	39,455	Objective Corp. Ltd.		470,364
	79,682	OFX Group Ltd.(a)		143,026
	5,079,240	Orora Ltd.		14,233,724
	252,739	OZ Minerals Ltd.		4,387,030
	28,250	Pact Group Holdings Ltd.		45,621
	503,245	Perseus Mining Ltd.		700,279
	4,103	Pro Medicus Ltd.		134,183
	31,088	PWR Holdings Ltd.		221,900
	9,386	ReadyTech Holdings Ltd.(a)		22,289
	21,089	Regis Healthcare Ltd.		31,172
	14,254	Ridley Corp. Ltd.		16,905
	93,934	RPMGlobal Holdings Ltd.(a)		112,195
	554,076	Sandfire Resources Ltd.		2,196,059
	271,079	SEEK Ltd.		5,311,899
	1,613,926	Seven West Media Ltd.(a)		788,581
	37,539	SG Fleet Group Ltd.		64,938
	46,140	Sonic Healthcare Ltd.		1,191,622
	412,955	Steadfast Group Ltd.		1,495,056
	192,330	Suncorp Group Ltd.		1,544,216
	12,440	Sunland Group Ltd.		24,214
	5,679	Symbio Holdings Ltd.		19,497
	577,084	Technology One Ltd.		4,164,379
	384,734	Telix Pharmaceuticals Ltd.(a)		1,229,132
	242,617	Terracom Ltd.(a)		96,162
	44,505	Tuas Ltd.(a)		50,293
	44,701	Vulcan Steel Ltd.		288,442
	4,028,261	Whitehaven Coal Ltd.		13,833,241
	970	Zimplats Holdings Ltd.		20,812
				204,537,520
AUSTRIA — 0.1%
	50,721	ANDRITZ AG		2,156,205
	1,792	AT&S Austria Technologie & Systemtechnik AG		92,840
	33,225	Erste Group Bank AG		1,034,486
	39,339	EVN AG		1,001,426

Shares			Value
AUSTRIA (continued)
	27,585	OMV AG	$	1,410,080
	2,827	Palfinger AG		71,646
	37,768	Schoeller-Bleckmann Oilfield Equipment AG(a)		2,161,028
	13,309	Semperit AG Holding		321,878
	4,167	Strabag SE		162,871
	169,075	UNIQA Insurance Group AG		1,289,038
	7,430	Vienna Insurance Group AG Wiener Versicherung Gruppe		184,301
	37,839	Zumtobel Group AG		273,311
				10,159,110
BELGIUM — 0.4%
	9,179	Ackermans & van Haaren NV		1,636,397
	134,398	Azelis Group NV(a)		3,310,005
	15,186	Barco NV		341,987
	53,519	Bekaert SA		1,983,887
	307,432	bpost SA(a)		1,862,730
	5,497	Cie d’Entreprises CFE		718,171
	10,734	Deceuninck NV		30,119
	250,186	Econocom Group SA		955,933
	18,393	EVS Broadcast Equipment SA		407,720
	3,335	Financiere de Tubize SA		329,225
	140,385	Galapagos NV(a)		8,242,455
	4,872	Intervest Offices & Warehouses NV REIT		144,829
	13,034	Ion Beam Applications		212,656
	32,585	KBC Ancora		1,318,342
	61,746	Melexis NV		5,299,942
	77,710	Proximus SADP		1,358,240
	2,703	Sipef NV		183,634
	3,275	Sofina SA		1,003,647
	43,770	Telenet Group Holding NV		1,304,452
	2,613	VGP NV		679,633
	58,812	Warehouses De Pauw CVA REIT		2,262,509
	1,345	Wereldhave Belgium Comm VA REIT		77,500
				33,664,013
BERMUDA — 0.3%
	425,000	Argo Group International Holdings Ltd.		18,190,000
	382,255	James River Group Holdings Ltd.		9,063,266
				27,253,266
BRAZIL — 0.5%
	216,710	Afya Ltd. - Class A(a)		3,274,488
	812,175	BRF SA - ADR(a)		2,274,090
	1,665,988	Cia Energetica de Minas Gerais - ADR		5,047,944
	4,027,747	Hapvida Participacoes e Investimentos SA(b)(c)		7,218,082
	2,014,000	Rumo SA		6,750,064
	1,228,600	Ultrapar Participacoes SA		3,305,127
	2,268,200	Vibra Energia SA		9,694,084
				37,563,879

Shares			Value
CANADA — 3.9%
	841,882	AbCellera Biologics, Inc.(a)	$	6,457,235
	361,633	Advantage Energy Ltd.(a)		3,020,529
	117,410	Aecon Group, Inc.		1,368,176
	2,300	Algoma Central Corp.		30,902
	114,730	Altius Minerals Corp.		1,914,771
	407,600	Altus Group Ltd.		15,264,575
	54,300	Amerigo Resources Ltd.		67,207
	171,805	ARC Resources Ltd.		2,381,853
	39,080	Aritzia, Inc.(a)		1,391,749
	37,707	Artis Real Estate Investment Trust REIT		384,804
	39,015	ATS Automation Tooling Systems, Inc.(a)		1,138,577
	276,600	Baytex Energy Corp.(a)		1,414,597
	167,900	Birchcliff Energy Ltd.		1,228,553
	10,180	Bird Construction, Inc.		68,149
	26,300	Black Diamond Group Ltd.		89,465
	57,479	Boardwalk Real Estate Investment Trust REIT		2,522,159
	14,595	Bonterra Energy Corp.(a)		133,038
	7,534	Bridgemarq Real Estate Services		82,046
	839,713	CAE, Inc.(a)		19,969,044
	68,880	Cameco Corp.		1,778,500
	33,585	Canadian Apartment Properties REIT		1,315,531
	54,760	Canadian Western Bank		1,381,521
	290,924	Canfor Corp.(a)		5,543,782
	391,633	Capstone Copper Corp.(a)		1,783,406
	41,947	Cardinal Energy Ltd.(a)		223,669
	29,575	CCL Industries, Inc. - Class B		1,289,453
	131,188	Celestica, Inc.(a)		1,474,608
	178,194	CES Energy Solutions Corp.		364,808
	24,500	Computer Modelling Group Ltd.		90,970
	108,200	Crescent Point Energy Corp.		749,605
	30,800	Crew Energy, Inc.(a)		121,076
	115,950	CT Real Estate Investment Trust REIT		1,602,080
	168,730	Descartes Systems Group, Inc. (The)(a)		10,479,871
	1,698,965	Dollarama, Inc.		94,453,805
	14,531	Dream Impact Trust - Units		66,849
	11,152	DREAM Unlimited Corp. - Class A		401,060
	50,730	Empire Co. Ltd. - Class A		1,675,533
	41,042	Ensign Energy Services, Inc.(a)		130,028
	21,700	Evertz Technologies Ltd.		237,667
	19,383	Exco Technologies Ltd.		129,909
	62,275	Finning International, Inc.		1,751,931
	6,700	Firm Capital Property Trust REIT		40,785
	8,215	FirstService Corp.		1,024,309
	17,609	Frontera Energy Corp.(a)		189,571
	37,510	Gildan Activewear, Inc.		1,271,016
	215,205	H&R Real Estate Investment Trust REIT		2,140,910
	6,019	High Liner Foods, Inc.		55,943
	1,173,774	IAMGOLD Corp.(a)		3,310,043
	42,540	IGM Financial, Inc.		1,348,074

Shares			Value
CANADA (continued)
	329,239	Interfor Corp.	$	9,385,227
	41,500	International Petroleum Corp.(a)		398,702
	268,145	Kelt Exploration Ltd.(a)		1,383,880
	90,900	Kinaxis, Inc.(a)		10,059,039
	375,625	Knight Therapeutics, Inc.(a)		1,558,464
	49,705	Labrador Iron Ore Royalty Corp.		1,344,916
	15,218	Leon’s Furniture Ltd.		232,182
	252,200	Lightspeed Commerce, Inc.(a)		5,636,292
	26,485	Linamar Corp.		1,048,968
	206,310	Lundin Mining Corp.		1,883,794
	63,436	Medical Facilities Corp.		490,343
	449,000	MEG Energy Corp.(a)		6,745,573
	29,415	Metro, Inc.		1,616,777
	2,387	Morguard Corp.		234,491
	72,866	Morguard North American Residential Real Estate Investment Trust REIT		1,046,493
	168,120	Mullen Group Ltd.		1,608,372
	1	Nexus Industrial REIT		10
	319,037	NuVista Energy Ltd.(a)		2,721,866
	85,856	Obsidian Energy Ltd.(a)		705,748
	20,470	Onex Corp.		1,229,969
	32,615	Open Text Corp.		1,306,225
	4,700	Paramount Resources Ltd. - Class A		113,636
	37,000	Parex Resources, Inc.		721,193
	235,656	Pason Systems, Inc.		2,973,560
	222,953	Peyto Exploration & Development Corp.		2,271,790
	78,738	Pipestone Energy Corp.(a)		295,425
	29,452	Precision Drilling Corp.(a)		2,121,122
	105,476	Primaris Real Estate Investment Trust REIT		1,134,689
	520,000	Ritchie Bros Auctioneers, Inc.		28,646,800
	25,440	Ritchie Bros Auctioneers, Inc.		1,401,264
	101,856	Russel Metals, Inc.		2,714,786
	62,235	SmartCentres Real Estate Investment Trust REIT		1,515,847
	44,000	Spartan Delta Corp.(a)		404,842
	34,080	Sprott, Inc.		1,569,434
	28,170	Stantec, Inc.		1,293,103
	277,934	Stelco Holdings, Inc.		10,144,650
	49,650	Stella-Jones, Inc.		1,372,027
	48	TECSYS, Inc.		975
	39,100	Tidewater Midstream and Infrastructure Ltd.		38,350
	15,555	TMX Group Ltd.		1,583,652
	17,545	Toromont Industries Ltd.		1,544,517
	48,705	Tourmaline Oil Corp.		2,508,327
	12,539	Uni-Select, Inc.(a)		294,576
	143,370	Vermilion Energy, Inc.		2,793,408
	44,177	Wajax Corp.		667,134
	17,080	West Fraser Timber Co. Ltd.		1,501,189
	512,884	Western Forest Products, Inc.		822,435

Shares			Value
CANADA (continued)
	10,945	WSP Global, Inc.	$	1,276,441
				317,716,245
CHILE — 0.0%
	2,044,892	Cencosud SA		3,273,228
CHINA — 3.0%
	4,754,716	3SBio, Inc.(a)(b)(c)		3,354,415
	13,276,000	Agricultural Bank of China Ltd. - H Shares		4,979,322
	179,432	Alibaba Group Holding Ltd. - ADR(a)		17,421,053
	11,452,000	Aluminum Corp. of China Ltd. - H Shares(a)		5,251,655
	2,818,500	Bank of Changsha Co. Ltd. - A Shares		3,136,864
	3,062,400	Bank of Chengdu Co. Ltd. - A Shares		7,688,968
	10,480,770	Bank of China Ltd. - H Shares		4,112,471
	5,896,000	Bank of Communications Co. Ltd. - H Shares		4,102,962
	290,195	Baozun, Inc. - ADR(a)		2,217,090
	2,400,400	Beibuwan Port Co. Ltd. - A Shares		2,697,079
	1,020,100	Beibuwan Port Co. Ltd. - A Shares		1,156,124
	4,297,800	Beijing Yanjing Brewery Co. Ltd. - A Shares		4,409,355
	8,249,000	Beiqi Foton Motor Co. Ltd. - A Shares(a)		2,719,019
	6,487,044	China Construction Bank Corp. - H Shares		4,621,365
	6,820,000	China Galaxy Securities Co. Ltd. - H Shares		3,709,555
	4,597,500	China Minsheng Banking Corp. Ltd. - H Shares		1,743,341
	5,952,000	China Railway Group Ltd. - H Shares		4,168,561
	6,828,944	China Railway Tielong Container Logistics Co. Ltd. - A Shares		4,802,767
	772,400	Chongqing Department Store Co. Ltd. - A Shares		3,223,985
	5,150,900	Daqin Railway Co. Ltd. - A Shares		5,149,793
	5,171,600	Dongfang Electric Corp. Ltd. - H Shares		5,562,300
	4,004,000	Dongfeng Motor Group Co. Ltd. - H Shares		2,920,900
	2,474,205	FAW Jiefang Group Co. Ltd.		3,004,052
	1,194,480	Fujian Star-net Communication Co. Ltd. - A Shares		3,872,623
	3,757,000	Greentown China Holdings Ltd.		6,597,669
	3,325,700	Guangxi Liugong Machinery Co. Ltd. - A Shares		3,049,728
	147,030	I-Mab - ADR(a)		1,843,756
	9,504,000	Industrial & Commercial Bank of China Ltd. - H Shares		5,729,075
	3,394,600	IRICO Display Devices Co. Ltd. - A Shares(a)		2,183,210
	956,100	Jacobio Pharmaceuticals Group Co. Ltd.(a)(b)(c)		964,722

Shares			Value
CHINA (continued)
	2,368,938	Jiangxi Copper Co. Ltd. - H Shares	$	3,705,552
	2,895,483	Jilin Sino-Microelectronics Co. Ltd. - A Shares		2,700,368
	7,489,000	Kingdee International Software Group Co. Ltd.(a)		15,282,006
	2,367,300	Li Ning Co. Ltd.		18,451,137
	2,293,400	MLS Co. Ltd. - A Shares		3,045,512
	5,511,600	ORG Technology Co. Ltd. - A Shares		4,020,877
	9,350,000	People’s Insurance Co. Group of China Ltd. (The) - H Shares		2,978,477
	11,279,400	Rizhao Port Co. Ltd. - A Shares		4,802,667
	2,440,400	Shandong Haihua Co. Ltd. - A Shares		2,763,616
	12,066,000	Shandong Nanshan Aluminum Co. Ltd. - A Shares		5,832,381
	1,437,405	Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares		1,933,938
	1,968,231	Shenzhen Hepalink Pharmaceutical Group Co. Ltd. - A Shares		3,465,222
	545,500	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares		588,984
	1,698,000	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares		1,817,585
	1,350,365	Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares		3,436,525
	5,233,500	Sino-Ocean Group Holding Ltd.		988,318
	1,668,000	Tasly Pharmaceutical Group Co. Ltd. - A Shares		2,651,079
	7,694,886	Tianjin Port Co. Ltd. - A Shares		4,676,198
	1,856,367	Tongkun Group Co. Ltd. - A Shares		4,213,435
	1,544,000	Triangle Tyre Co. Ltd. - A Shares		2,470,187
	3,635,300	Wuxi Taiji Industry Co. Ltd. - A Shares		3,607,597
	2,378,400	Xiamen King Long Motor Group Co. Ltd. - A Shares		1,756,522
	1,799,374	Xuji Electric Co. Ltd. - A Shares		4,198,864
	2,740,300	Yunnan Copper Co. Ltd. - A Shares		4,259,724
	1,729,670	Zai Lab Ltd.(a)		7,048,251
	172,967	Zai Lab Ltd. - ADR(a)		6,911,761
	5,720,800	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		3,344,985
				247,345,547
COSTA RICA — 0.0%
	46,626	Establishment Labs Holdings, Inc.(a)		3,299,256
DENMARK — 1.4%
	732,170	ALK-Abello A/S(a)		15,971,365
	857,290	Ambu A/S - Class B		11,284,046
	47,947	Carlsberg AS - Class B		6,090,862
	126,873	D/S Norden A/S		4,714,046
	5,121	Dfds A/S		198,320
	52,450	DSV A/S		8,599,269
	64,886	FLSmidth & Co. A/S		1,778,659
	94,220	Genmab A/S(a)		33,131,676

Shares			Value
DENMARK (continued)
	542,273	H Lundbeck A/S	$	12,427,897
	155,019	Matas A/S		2,151,968
	22,271	Nilfisk Holding A/S(a)		623,454
	1,606	North Media A/S		17,903
	19,620	Novozymes A/S - Class B		1,367,702
	12,710	Pandora A/S		1,116,020
	13,820	Royal Unibrew A/S		1,191,162
	75,925	Scandinavian Tobacco Group A/S(b)(c)		1,582,713
	18,150	Schouw & Co. A/S		1,387,590
	14,295	SimCorp A/S		1,000,744
	353	Solar A/S - Class B		41,863
	67,195	Spar Nord Bank A/S		853,146
	3,778	Sparekassen Sjaelland-Fyn A/S		103,895
	28,070	Topdanmark A/S		1,575,175
	331,995	Vestas Wind Systems A/S		8,466,207
				115,675,682
FINLAND — 0.5%
	6,089	Aspo Oyj		45,388
	1,861	Atria Oyj		21,491
	1,816	Consti Oyj		19,153
	25,395	Elisa Oyj		1,488,690
	4,799	eQ Oyj		118,245
	13,388	Fiskars Oyj Abp		308,042
	1,695	Incap Oyj(a)		121,265
	103,445	Kemira Oyj		1,356,906
	46,650	Kesko Oyj - Class B		1,174,482
	11,835	Marimekko Oyj		164,893
	2,448,290	Metso Outotec Oyj		20,847,090
	1,544	Olvi Oyj - Class A		51,472
	2,406	Oma Saastopankki Oyj		49,400
	12,419	Oriola Oyj - Class A		26,411
	75,503	Oriola Oyj - Class B		164,063
	80,183	Orion Oyj - Class B		3,144,979
	12,025	Pihlajalinna Oyj		144,101
	2,743	Ponsse Oyj		84,883
	19,448	QT Group Oyj(a)		1,694,421
	60,706	Revenio Group Oyj		2,888,593
	48,334	Sievi Capital Oyj		74,090
	84,205	Stora Enso Oyj - Class R		1,657,112
	49,700	TietoEVRY Oyj		1,246,836
	3,578	Titanium Oyj(b)		49,603
	85,448	Uponor Oyj		1,501,394
	34,527	Vaisala Oyj - Class A		1,594,486
	62,428	Valmet Oyj		1,671,870
	37,441	WithSecure Oyj(a)		204,523
	312,160	YIT Oyj		1,256,477
				43,170,359
FRANCE — 1.4%
	8,442	ABC arbitrage		65,083
	4,416	AKWEL		81,084
	105,755	ALD SA(b)(c)		1,438,055

Shares			Value
FRANCE (continued)
	8,540	Altarea SCA REIT(a)	$	1,307,108
	10,450	Alten SA		1,402,470
	11,195	Arkema SA		1,275,607
	1,312	Assystem SA		55,924
	4,299	Aubay		247,837
	14,857	Beneteau SA(a)		186,530
	369	Boiron SA		16,207
	272,985	Bollore SE		1,273,864
	43,940	Bouygues SA		1,510,800
	46,815	Bureau Veritas SA		1,344,841
	86,780	Carrefour SA		1,840,392
	86,631	Catana Group		713,548
	641	Cegedim SA(a)		16,620
	389,059	Cellectis SA(a)		1,380,813
	59,905	Cie Plastic Omnium SA		969,726
	143,746	Coface SA(a)		1,723,268
	309,397	Derichebourg SA		2,792,104
	15,270	Eiffage SA		1,507,893
	3,795	Ekinops SAS(a)		25,908
	11,247	Eramet SA(a)		1,499,023
	8,298	Esker SA		1,397,746
	75,531	Etablissements Maurel et Prom SA(a)		344,358
	6,341	Eurobio Scientific SA(a)		121,798
	151,563	Gaztransport Et Technigaz SA		18,047,900
	26	Graines Voltz SA		4,582
	3,114	Groupe Guillin		70,834
	6,013	Guerbet		156,833
	21,815	ICADE REIT		1,302,484
	658	Infotel SA		37,889
	3,722	Interparfums SA		206,518
	21,223	Ipsen SA		2,200,057
	33,595	IPSOS		1,617,299
	7,533	Jacquet Metals SACA		162,279
	35,355	La Francaise des Jeux SAEM(b)(c)		1,320,190
	399,525	Lectra		16,563,325
	13,505	Legrand SA		1,196,734
	9,223	Manitou BF SA		209,255
	160,810	Mercialys SA REIT		1,552,917
	14,684	Mersen SA		485,685
	830	Moulinvest SA		52,431
	1,232	Neurones		46,941
	172,798	Nexity SA		5,247,209
	14,835	Pharmagest Interactive		1,191,442
	23,120	Publicis Groupe SA		1,388,049
	21,400	Quadient SA		400,207
	6,520	Remy Cointreau SA		1,292,484
	46,553	ReWorld Media SA(a)		324,480
	464,168	Rexel SA(a)		9,508,324
	1,450	Seche Environnement SA		112,562
	1,741	Serge Ferrari SAS(a)		31,653
	3,028	SES-imagotag SA(a)		278,535
	46,343	Societe BIC SA		2,765,246

Shares			Value
FRANCE (continued)
	2,727	Societe pour l’Informatique Industrielle	$	135,881
	1,386	Somfy SA		184,737
	8,675	Sopra Steria Group SACA		1,537,457
	972	Stef SA		95,788
	1,037	Synergie SE		39,996
	335,700	Technip Energies NV(a)		4,079,372
	365,832	Television Francaise 1		3,098,300
	4,681	Thermador Groupe		473,784
	6,287	Trigano SA		810,026
	195,589	Ubisoft Entertainment SA(a)		8,843,150
	1,137	Vetoquinol SA		148,056
	5,595	Virbac SA		2,258,965
	113,815	Vivendi SE		1,307,231
	3,738	Wavestone		196,602
				115,522,296
GEORGIA — 0.0%
	74,710	Bank of Georgia Group Plc		1,151,084
GERMANY — 1.7%
	26,318	7C Solarparken AG		122,144
	6,950	Adesso SE		1,362,189
	653,103	AIXTRON SE		16,743,447
	16,592	Amadeus Fire AG		2,322,304
	10,268	Atoss Software AG		1,491,984
	42,466	Aurubis AG		4,825,811
	3,925	Basler AG		439,196
	3,579	Bertrandt AG		166,268
	17,775	Brenntag SE		1,371,580
	22,825	CANCOM SE		1,102,162
	21,514	Carl Zeiss Meditec AG		2,702,258
	25,950	Covestro AG(b)(c)		1,117,291
	1,567	Datagroup SE		130,365
	102,602	Dermapharm Holding SE		5,801,178
	72,687	Deutsche EuroShop AG		1,204,300
	1,675	Deutsche Rohstoff AG(a)		47,914
	21,996	Draegerwerk AG & Co. KGaA - Preference Shares		1,088,580
	5,830	Elmos Semiconductor SE		290,714
	46,421	Ernst Russ AG(a)		324,190
	184,973	EuroEyes International Eye Clinic Ltd.		154,591
	28,610	GEA Group AG		1,113,686
	170,878	Gerresheimer AG		11,869,587
	28,251	GFT Technologies SE		1,122,144
	220,488	Hamborner REIT AG		2,057,875
	332,911	Hamburger Hafen und Logistik AG		5,417,642
	671,995	Heidelberger Druckmaschinen AG(a)		1,484,686
	5,598	Hornbach Holding AG & Co. KGaA		670,101
	25,655	HUGO BOSS AG		1,438,808
	62,583	Jungheinrich AG - Preference Shares		1,530,658
	272,987	K+S AG(a)		9,169,085
	125,617	Kloeckner & Co. SE(a)		1,618,168
	15,723	Koenig & Bauer AG(a)		306,880

Shares			Value
GERMANY (continued)
	61,185	Krones AG	$	4,724,313
	218	KSB SE & Co. KGaA - Preference Shares		87,951
	2,073	Mensch und Maschine Software SE		116,173
	260,293	MorphoSys AG(a)		5,487,704
	12,365	Nemetschek SE		981,217
	724	New Work SE		123,324
	1,354	Nexus AG		66,030
	99	Paul Hartmann AG		33,421
	3,568	Pfeiffer Vacuum Technology AG		635,159
	5,706	PSI Software AG		216,457
	42,755	Rheinmetall AG		9,638,010
	102,982	SAF-Holland SE(a)		782,695
	139,613	Salzgitter AG(a)		5,795,270
	8,124	Schaeffler AG - Preference Shares		43,628
	31,374	SGL Carbon SE(a)		172,263
	812,875	Sirius Real Estate Ltd.		1,235,585
	2,267	STO SE & Co. KGaA - Preference Shares		475,651
	19,635	Stroeer SE & Co. KGaA		1,174,694
	120,191	Symrise AG		14,302,046
	21,586	Synlab AG(a)		322,138
	3,601	Technotrans SE		89,346
	550,165	Telefonica Deutschland Holding AG		1,654,638
	30,414	VERBIO Vereinigte BioEnergie AG		2,155,269
	1,803	Villeroy & Boch AG - Preference Shares		39,705
	47,117	Wacker Chemie AG		7,475,961
	83,709	Wacker Neuson SE		1,737,980
	8,161	Washtec AG		445,191
	20,202	Wuestenrot & Wuerttembergische AG		381,058
				141,000,663
GREECE — 0.2%
	4,107,680	Alpha Services and Holdings SA(a)		4,623,782
	4,072,764	Eurobank Ergasias Services and Holdings SA(a)		4,209,385
	1,284,524	National Bank of Greece SA(a)		5,095,035
				13,928,202
HONG KONG — 0.8%
	330,000	Analogue Holdings Ltd.		74,549
	1,207,600	ASM Pacific Technology Ltd.		12,169,933
	108,793	Build King Holdings Ltd.		11,562
	893,301	Chow Sang Sang Holdings International Ltd.		989,013
	855,445	Chow Tai Fook Jewellery Group Ltd.		1,434,344
	2,632,710	COSCO SHIPPING Ports Ltd.		1,877,221
	300,400	Dah Sing Banking Group Ltd.		252,451
	2,900,000	Emperor Watch & Jewellery Ltd.		60,951
	349,000	Far East Consortium International Ltd.		108,761
	37,495	FSE Lifestyle Services Ltd.		24,230
	767,906	Giordano International Ltd.		160,280

Shares			Value
HONG KONG (continued)
	117,500	G-Resources Group Ltd.(a)	$	40,810
	1,086,691	Guotai Junan International Holdings Ltd.		118,072
	385,985	HKR International Ltd.		140,831
	350,700	Hutchison Port Holdings Trust - Units.		83,592
	504,000	International Housewares Retail Co. Ltd.		168,897
	205,918	Jacobson Pharma Corp. Ltd.(b)		16,956
	158,591	Jinhui Shipping & Transportation Ltd.		246,509
	1,508,098	Johnson Electric Holdings Ltd.		1,712,481
	107,031	Kerry Logistics Network Ltd.		246,133
	1,725,500	Kerry Properties Ltd.		4,665,987
	122,000	LH GROUP Ltd.(b)		16,328
	359,374	Luk Fook Holdings International Ltd.		822,575
	3,507,000	Nine Dragons Paper Holdings Ltd.		3,097,154
	1,688,885	NWS Holdings Ltd.		1,528,915
	44,788	Oriental Watch Holdings		24,640
	16,389,825	Pacific Basin Shipping Ltd.		7,519,826
	1,091,501	PAX Global Technology Ltd.		940,915
	1,318,562	PC Partner Group Ltd.		1,608,129
	3,039,080	PCCW Ltd.		1,721,830
	112,842	Plover Bay Technologies Ltd.(b)		46,529
	5,739,000	Poly Property Group Co. Ltd.		1,441,825
	246,080	Power Assets Holdings Ltd.		1,655,817
	1,172,000	Prosperity REIT		401,850
	1,762,000	Singamas Container Holdings Ltd.		243,775
	2,153,000	SITC International Holdings Co. Ltd.		7,157,583
	200,000	SOCAM Development Ltd.(a)		33,675
	1,312,000	Solomon Systech International Ltd.		89,957
	169,000	Stella International Holdings Ltd.		178,718
	3,590,000	Sun Art Retail Group Ltd.		1,114,385
	117,198	Sun Hung Kai & Co. Ltd.		55,569
	1,156,177	Tai Hing Group Holdings Ltd.(b)		179,458
	1,397	Tang Palace China Holdings Ltd.		115
	1,046,500	Texhong Textile Group Ltd.		1,258,494
	1,001,914	Texwinca Holdings Ltd.		172,208
	720,000	Time Interconnect Technology Ltd.		131,718
	1,330,000	Tongda Group Holdings Ltd.(a)		22,441
	497,600	Tsit Wing International Holdings Ltd.		61,902
	6,838,000	United Laboratories International Holdings Ltd. (The)		3,351,124
	223,500	Valuetronics Holdings Ltd.		85,286
	1,250,764	VSTECS Holdings Ltd.		1,076,846
	123,000	VTech Holdings Ltd.		870,090
	135,331	Wai Kee Holdings Ltd.		59,328
				61,572,568
ICELAND — 0.1%
	1,094,748	Ossur HF(a)		5,396,709
INDIA — 0.7%
	6,013,944	Bank of Baroda(a)		8,780,260
	118,213	IndiaMart InterMesh Ltd.(b)(c)		7,522,941
	5,705,879	Indian Oil Corp. Ltd.		9,308,408

Shares			Value
INDIA (continued)
	400,191	Lupin Ltd.	$	3,878,773
	385,971	Sun TV Network Ltd.		2,421,567
	5,047,781	TV18 Broadcast Ltd.(a)		3,519,764
	208,692	WNS Holdings Ltd. - ADR(a)		16,355,192
	1,044,380	Zee Entertainment Enterprises Ltd.		3,353,114
				55,140,019
INDONESIA — 0.0%
	22,129,300	Perusahaan Gas Negara Tbk PT(a)(d)		2,203,007
IRELAND — 0.2%
	24,130	AerCap Holdings NV(a)		1,127,112
	396,318	Alkermes Plc(a)		11,433,775
	52,828	COSMO Pharmaceuticals NV(a)		3,021,216
	145,728	Grafton Group Plc - Units		1,764,949
				17,347,052
ISRAEL — 3.1%
	856	Afcon Holdings Ltd.		48,963
	12,315	Africa Israel Residences Ltd.		864,956
	104,389	Airport City Ltd.(a)		2,323,985
	122,541	Alony Hetz Properties & Investments Ltd.		2,005,541
	5,957	Arad Ltd.		83,047
	47,106	Aura Investments Ltd.		101,249
	16,980	Automatic Bank Services Ltd.		103,572
	83,898	B Communications Ltd.(a)		359,773
	2,289,191	Bezeq The Israeli Telecommunication Corp. Ltd.(a)		3,629,027
	4,283	Blue Square Real Estate Ltd.		382,661
	2,921	Bonei Hatichon Civil Engineering & Infrastructures Ltd.(a)		42,077
	20,227	Carasso Motors Ltd.		130,559
	114,589	Compugen Ltd.(a)		272,722
	254,678	CyberArk Software Ltd.(a)		40,020,101
	637	D Rotshtein Realestate Ltd.		8,497
	5,357	Danel Adir Yeoshua Ltd.		844,579
	81,698	Delek Automotive Systems Ltd.		1,162,618
	24,790	Delek Group Ltd.(a)		4,099,058
	27,676	Delta Galil Industries Ltd.		1,844,415
	1,301	Duniec Brothers Ltd.		83,622
	9,100	Elbit Systems Ltd.		1,975,318
	28,325	Electra Real Estate Ltd.		474,898
	16,355	FIBI Holdings Ltd.		768,612
	64,078	First International Bank of Israel Ltd. (The)		2,690,796
	3,515	Formula Systems 1985 Ltd.		340,134
	17,270	Fox Wizel Ltd.		2,539,213
	240,615	Gav-Yam Lands Corp. Ltd.		2,648,290
	121,908	Gazit-Globe Ltd.		1,142,853
	7,959	Hamat Group Ltd.		76,721
	161,655	ICL Group Ltd.		1,753,036
	860	IES Holdings Ltd.		87,569
	8,046	Ilex Medical Ltd.		327,655

Shares			Value
ISRAEL (continued)
	186,384	Isracard Ltd.	$	937,971
	6,635	Israel Corp. Ltd. (The)(a)		3,727,995
	8,127,017	Isramco Negev 2 LP		2,299,744
	296,932	JFrog Ltd.(a)		6,196,971
	11,076	Kamada Ltd.(a)		59,432
	381,011	Kornit Digital Ltd.(a)		25,337,232
	3,466	Levinstein Properties Ltd.		115,744
	1,108,363	Max Stock Ltd.		2,470,343
	24,792	Melisron Ltd.(a)		2,011,052
	38,284	Menivim- The New REIT Ltd.		25,426
	37,601	Menora Mivtachim Holdings Ltd.(a)		938,611
	7,233	Naphtha Israel Petroleum Corp. Ltd.(a)		57,473
	2,609	Neto Malinda Trading Ltd.(a)		132,986
	1,016	Neto ME Holdings Ltd.		77,992
	457,871	Nice Ltd. - ADR(a)		94,509,153
	11,200	Nova Ltd.(a)		1,074,021
	8,342,563	Oil Refineries Ltd.		3,713,025
	111,027	Partner Communications Co. Ltd.(a)		880,733
	6,813	Paz Oil Co. Ltd.(a)		1,055,908
	122,655	Phoenix Holdings Ltd. (The)		1,543,055
	279,763	Plus500 Ltd.		5,447,804
	507,190	Radware Ltd.(a)		14,662,863
	51,761	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,924,051
	4,948,675	Ratio Energies Finance LP(a)		3,843,354
	6,693	Reit 1 Ltd. REIT		43,420
	17,492	Retailors Ltd.		425,009
	759,880	Sarine Technologies Ltd.		267,566
	10,505	Scope Metals Group Ltd.		533,736
	188,730	Shufersal Ltd.		1,587,899
	7,545	Tadiran Group Ltd.		1,222,049
	17,825	Tiv Taam Holdings 1 Ltd.		46,985
	16,877	YH Dimri Construction & Development Ltd.		1,515,417
				253,921,137
ITALY — 0.7%
	1,044,016	A2A SpA		1,783,762
	1,490	ACEA SpA		25,559
	83,889	Aeffe SpA(a)		153,473
	2,924	Alerion Cleanpower SpA		89,626
	7,498	Alkemy SpA(a)		125,038
	10,216	Aquafil SpA(a)		64,941
	167,366	Arnoldo Mondadori Editore SpA(a)		342,816
	383,978	Azimut Holding SpA		8,150,273
	35,660	Banca Generali SpA		1,178,960
	145,193	Banca IFIS SpA		2,636,603
	160,785	Banca Mediolanum SpA		1,167,194
	12,200	BasicNet SpA		76,816
	102,854	Biesse SpA(a)		1,604,604
	319,730	Cairo Communication SpA		757,140
	856	Cembre SpA		24,692

Shares			Value
ITALY (continued)
	14,612	Credito Emiliano SpA	$	89,267
	49,191	Danieli & C Officine Meccaniche SpA		769,505
	26,750	Datalogic SpA		259,922
	794,348	Davide Campari-Milano NV		8,962,773
	5,831	Digital Value SpA(a)		502,301
	4,312	Digital360 SpA(a)		19,936
	9,952	El.En. SpA		138,707
	24,978	Elica SpA(a)		88,466
	60,731	Exprivia SpA(a)		114,956
	8,893	Fine Foods & Pharmaceuticals NTM		78,126
	90,165	FinecoBank Banca Fineco SpA		1,253,416
	13,310	Gefran SpA		130,871
	17,300	GPI SpA		236,066
	497,383	Hera SpA		1,855,037
	666,447	Immobiliare Grande Distribuzione SIIQ SpA REIT(a)		3,159,573
	81,609	Innovatec SpA(a)		174,393
	84,082	Iren SpA		217,346
	186,130	Italgas SpA		1,205,132
	2,437	Italian Wine Brands SpA		78,426
	922	Italmobiliare SpA		29,210
	457,753	Leonardo SpA(a)		4,710,912
	836	LU-VE SpA		18,868
	72,885	MARR SpA		1,180,327
	136,775	Mediobanca Banca di Credito Finanziario SpA		1,370,876
	965,752	MFE-MediaForEurope NV - Class A(a)		589,705
	948,853	MFE-MediaForEurope NV - Class B		873,857
	139,765	Moncler SpA		7,280,877
	2,529	Pharmanutra SpA		171,224
	119,605	Poste Italiane SpA(b)(c)		1,172,026
	9,447	Prima Industrie SpA(a)		159,057
	24,230	Recordati Industria Chimica e Farmaceutica SpA		1,167,604
	7,800	Reply SpA		1,148,294
	276,429	Rizzoli Corriere Della Sera Mediagroup SpA		214,593
	28,126	Sanlorenzo SpA		994,559
	3,861	Sesa SpA		558,177
	10,246	SIT SpA		71,519
	47,025	Sogefi SpA(a)		42,452
	158,595	Technogym SpA(b)(c)		1,197,063
	4,990	Tinexta SpA		124,837
				60,591,753
JAPAN — 6.7%
	54,200	77 Bank Ltd. (The)		672,054
	4,500	A&A Material Corp.		29,982
	30,800	A&D HOLON Holdings Co Ltd.		205,628
	35,730	ABC-Mart, Inc.		1,481,722
	4,400	Abist Co. Ltd.		95,031
	5,900	Access Co. Ltd.(a)		25,738

Shares			Value
JAPAN (continued)
	2,600	Achilles Corp.	$	25,979
	495	Advance Residence Investment Corp. REIT		1,355,513
	22,800	Advanced Media, Inc.(a)		97,795
	5,800	Aeon Delight Co. Ltd.		123,969
	115,400	AEON Financial Service Co. Ltd.		1,060,919
	31,615	AGC, Inc.		1,185,228
	20,700	Ai Holdings Corp.		271,755
	1,300	Aichi Bank Ltd. (The)		45,973
	1,400	Aichi Tokei Denki Co. Ltd.		16,611
	17,800	Aiming, Inc.		44,728
	6,600	Aiphone Co. Ltd.		101,177
	54,200	Aisan Industry Co. Ltd.		292,185
	3,500	AIT Corp.		42,573
	8,400	Aizawa Securities Group Co. Ltd.		43,328
	57,000	Akatsuki, Inc.		1,320,534
	1,700	Akita Bank Ltd. (The)		21,827
	38,000	Alfresa Holdings Corp.		516,751
	26,100	Alps Alpine Co. Ltd.		231,053
	108,892	Altech Corp.		1,628,316
	157,710	Amada Co. Ltd.		1,224,612
	18,500	Amano Corp.		356,147
	57,100	Anest Iwata Corp.		362,273
	2,900	AOI Electronics Co. Ltd.		44,732
	4,100	Arata Corp.		113,283
	7,800	Arcs Co. Ltd.		123,485
	25,300	Arealink Co. Ltd.		291,465
	38,000	Arisawa Manufacturing Co. Ltd.		265,762
	26,900	ARTERIA Networks Corp.		275,531
	30,200	Artiza Networks, Inc.		269,359
	208,800	Asahi Diamond Industrial Co. Ltd.		914,960
	22,500	Asahi Net, Inc.		100,838
	7,200	ASAHI YUKIZAI CORP.		103,985
	27,000	Asia Pile Holdings Corp.		88,703
	7,600	ASKA Pharmaceutical Holdings Co. Ltd.		69,380
	126,870	ASKUL Corp.		1,553,593
	15,100	Astena Holdings Co. Ltd.		50,443
	29,404	Ateam, Inc.		162,477
	1,500	Aval Data Corp.		32,321
	74,096	Avant Corp.		658,752
	1,100	Axial Retailing, Inc.		28,808
	665,250	Azbil Corp.		20,198,374
	35,200	Bando Chemical Industries Ltd.		230,729
	3,600	Bank of Nagoya Ltd. (The)		86,885
	2,200	Bank of Saga Ltd. (The)		24,190
	10,700	Bank of the Ryukyus Ltd.		66,668
	391,500	BASE, Inc.(a)		1,064,626
	2,400	Benesse Holdings, Inc.		41,993
	230,800	BIPROGY Inc.		5,831,159
	85,600	BML, Inc.		2,202,966
	84,380	Brother Industries Ltd.		1,466,490
	273,400	Bunka Shutter Co. Ltd.		2,054,702

Shares			Value
JAPAN (continued)
	1,700	Business Brain Showa-Ota, Inc.	$	18,043
	1,700	Canare Electric Co. Ltd.		21,845
	6,600	Canon Marketing Japan, Inc.		143,615
	373,500	Capcom Co. Ltd.		9,855,589
	840,000	Carenet, Inc.		5,347,986
	118,640	Casio Computer Co. Ltd.		1,230,279
	4,300	Central Glass Co. Ltd.		79,180
	7,600	Central Security Patrols Co. Ltd.		122,677
	268,195	Chiba Bank Ltd. (The)		1,545,685
	188,000	Chiba Kogyo Bank Ltd. (The)		392,696
	1,600	Chori Co. Ltd.		23,483
	3,100	Chubu Shiryo Co. Ltd.		24,354
	115,000	Citizen Watch Co. Ltd.		434,022
	1,022,080	CKD Corp.		13,235,645
	5,200	Cleanup Corp.		20,994
	8,600	CMIC Holdings Co. Ltd.		98,996
	87,500	COLOPL, Inc.		431,254
	224,400	Computer Engineering & Consulting Ltd.		2,053,630
	69,330	COMSYS Holdings Corp.		1,439,442
	46,300	CONEXIO Corp.		519,635
	1,800	Core Corp.		19,805
	21,000	Cosel Co. Ltd.		122,448
	148,435	Credit Saison Co. Ltd.		1,671,891
	24,700	Creek & River Co. Ltd.		398,721
	2,900	Creo Co. Ltd.		19,200
	52,100	Cresco Ltd.		753,924
	3,500	CTI Engineering Co. Ltd.		61,380
	19,200	CTS Co. Ltd.		127,710
	91,840	CyberAgent, Inc.		970,277
	31,500	Cybernet Systems Co. Ltd.		203,756
	9,700	Daihatsu Diesel Manufacturing Co. Ltd.		36,566
	22,600	Daihen Corp.		646,527
	3,600	Daiichi Jitsugyo Co. Ltd.		104,532
	58,600	Daiken Medical Co. Ltd.		232,463
	13,679	Daikoku Denki Co. Ltd.		134,395
	221,349	Daikokutenbussan Co. Ltd.		8,146,336
	28,900	Daito Pharmaceutical Co. Ltd.		578,061
	38,500	Daitron Co. Ltd.		558,520
	9,700	Daiwa Industries Ltd.		82,731
	271,100	Daiwa Securities Group, Inc.		1,328,696
	1,565	Daiwa Securities Living Investments Corp. REIT		1,377,346
	96,400	Dear Life Co. Ltd.		381,039
	1,500	Densan System Holdings Co. Ltd.		30,408
	6,300	Denyo Co. Ltd.		77,948
	4,200	Digital Arts, Inc.		234,653
	72,100	Digital Holdings, Inc.		816,387
	28,605	Dip Corp.		932,604
	4,600	DKK Co. Ltd.		86,441
	700	DMS, Inc.		5,746
	117,700	Doshisha Co. Ltd.		1,386,420

Shares			Value
JAPAN (continued)
	58,000	Duskin Co. Ltd.	$	1,237,236
	27,155	Ebara Corp.		1,247,158
	11,500	E-Guardian, Inc.		259,402
	3,000	Ehime Bank Ltd. (The)		21,291
	68,700	Eiken Chemical Co. Ltd.		909,882
	64,335	Eizo Corp.		1,676,976
	34,000	Elecom Co. Ltd.		407,704
	4,600	Elematec Corp.		41,544
	211,350	en Japan, Inc.		4,965,864
	2,900	Endo Lighting Corp.		19,572
	19,000	Enigmo, Inc.		74,997
	4,200	Enplas Corp.		89,839
	2,300	ESPEC Corp.		30,536
	36,700	Exedy Corp.		437,028
	4,400	Ezaki Glico Co. Ltd.		126,142
	8,500	FALCO HOLDINGS Co. Ltd.		137,811
	341,500	FAN Communications, Inc.		1,133,873
	9,100	FIDEA Holdings Co. Ltd.		90,433
	38,500	Fields Corp.		263,574
	28,671	First Bank of Toyama Ltd. (The)		71,778
	500	For Startups, Inc.(a)		9,448
	103,900	Foster Electric Co. Ltd.		553,220
	26,900	France Bed Holdings Co. Ltd.		181,862
	6,500	Freebit Co. Ltd.		43,962
	107,000	Freee KK(a)		3,087,303
	18,700	Fudo Tetra Corp.		223,573
	28,640	Fuji Electric Co. Ltd.		1,255,885
	23,400	Fuji Pharma Co. Ltd.		170,809
	31,600	Fuji Soft, Inc.		1,684,194
	238,700	Fujikura Ltd.		1,129,170
	30,300	Fujisash Co. Ltd.		16,767
	690,900	Fujitec Co. Ltd.		14,890,281
	1,000	Fukuda Corp.		35,369
	2,400	Fukuda Denshi Co. Ltd.		138,207
	73,853	Fukui Computer Holdings, Inc.		1,843,452
	4,100	Fukushima Galilei Co. Ltd.		118,749
	145,200	FULLCAST Holdings Co. Ltd.		2,778,122
	11,400	Funai Soken Holdings, Inc.		191,180
	111,700	Furuno Electric Co. Ltd.		806,820
	78,783	Furyu Corp.		622,255
	1,400	Fuso Pharmaceutical Industries Ltd.		23,047
	87,700	Future Corp.		1,284,986
	3,300	G-7 Holdings, Inc.		41,441
	26,100	Gakujo Co. Ltd.		183,760
	12,200	Gecoss Corp.		73,418
	8,300	GLOBERIDE, Inc.		167,477
	71,300	Glory Ltd.		1,146,858
	30,600	GMO Financial Gate, Inc.		3,001,466
	64,776	Goldcrest Co. Ltd.		842,480
	21,400	Grandy House Corp.		86,531
	121,000	Gree, Inc.		921,933
	370,980	GungHo Online Entertainment, Inc.		7,568,866
	29,200	Gunze Ltd.		840,612

Shares			Value
JAPAN (continued)
	121,400	H.U. Group Holdings, Inc.	$	2,705,092
	90,855	Hakuhodo DY Holdings, Inc.		1,072,231
	2,400	Hamakyorex Co. Ltd.		53,818
	34,200	Hanwa Co. Ltd.		835,971
	29,100	Happinet Corp.		339,582
	9,500	Heiwado Co. Ltd.		143,318
	31,500	Hino Motors Ltd.		162,603
	15,300	Hioki EE Corp.		917,757
	261,905	Hirogin Holdings, Inc.		1,290,449
	9,165	Hirose Electric Co. Ltd.		1,162,800
	10,800	Hiroshima Gas Co. Ltd.		27,014
	40,600	Hisamitsu Pharmaceutical Co., Inc.		1,112,307
	30,900	Hito Communications Holdings, Inc.		368,441
	32,800	Hochiki Corp.		303,877
	345,275	Hokkaido Electric Power Co., Inc.		1,281,694
	1,900	Hokkaido Gas Co. Ltd.		22,098
	137,500	Hokuhoku Financial Group, Inc.		930,445
	2,200	Hokuriku Electric Industry Co. Ltd.		19,737
	94,395	Hokuto Corp.		1,482,653
	20,100	Hoosiers Holdings		100,957
	13,100	Horiba Ltd.		637,359
	300	Hoshino Resorts REIT, Inc.		1,547,593
	2,400	Hosiden Corp.		22,887
	1,300	Hosokawa Micron Corp.		24,645
	158,540	Hulic Co. Ltd.		1,338,616
	13,600	Hyakugo Bank Ltd. (The)		35,993
	177	Ichigo Hotel REIT Investment Corp.		122,736
	120	Ichigo Office REIT Investment Corp.		77,030
	1,700	Ichiken Co. Ltd.		23,959
	8,200	Ichikoh Industries Ltd.		23,702
	4,600	Ichinen Holdings Co. Ltd.		45,059
	29,800	Ichiyoshi Securities Co. Ltd.		131,174
	2,200	ID Holdings Corp.		14,228
	20,100	Idec Corp.		354,787
	54,700	Ines Corp.		644,576
	2,300	I-Net Corp.		21,702
	35,800	Infocom Corp.		610,237
	1,867,000	Infomart Corp.		9,298,326
	13,700	Intage Holdings, Inc.		166,686
	177,100	Internet Initiative Japan, Inc.		5,527,516
	23,700	I-PEX, Inc.		257,909
	4,400	IR Japan Holdings Ltd.		139,344
	17,000	ISB Corp.		142,922
	11,700	Iseki & Co. Ltd.		110,622
	120,530	Isuzu Motors Ltd.		1,406,077
	75,500	Itfor, Inc.		467,825
	10,400	Itochu Enex Co. Ltd.		86,104
	1,500	Itochu-Shokuhin Co. Ltd.		57,273
	274,645	Itoham Yonekyu Holdings, Inc.		1,382,301
	71,800	Itoki Corp.		195,259
	2,500	Iwaki Co. Ltd.		21,276
	6,300	Iwasaki Electric Co. Ltd.		112,361
	31,470	Iwatani Corp.		1,252,091

Shares			Value
JAPAN (continued)
	92,800	JAC Recruitment Co. Ltd.	$	1,306,124
	7,600	Jaccs Co. Ltd.		192,188
	88,400	Japan Aviation Electronics Industry Ltd.		1,236,108
	18,400	Japan Lifeline Co. Ltd.		153,370
	535	Japan Logistics Fund, Inc. REIT		1,305,671
	65,800	Japan Petroleum Exploration Co. Ltd.		1,311,657
	11,400	Japan Pulp & Paper Co. Ltd.		333,889
	290	Japan Real Estate Investment Corp. REIT		1,403,559
	24,200	Japan System Techniques Co. Ltd.		462,561
	5,500	Japan Transcity Corp.		25,099
	42,091	JBCC Holdings, Inc.		484,283
	155,900	Jeol Ltd.		7,001,247
	2,100	JFE Systems, Inc.		38,678
	86,800	JINUSHI Co. Ltd.		1,277,116
	3,200	JK Holdings Co. Ltd.		26,392
	8,700	Joshin Denki Co. Ltd.		134,175
	6,800	Juroku Financial Group, Inc.		114,221
	58,400	JVCKenwood Corp.		82,940
	7,800	Kaga Electronics Co. Ltd.		183,783
	56,520	Kakaku.com, Inc.		1,183,631
	54,800	Kaken Pharmaceutical Co. Ltd.		1,660,556
	8,600	Kamigumi Co. Ltd.		146,019
	172,900	Kanamoto Co. Ltd.		2,583,714
	7,500	Kandenko Co. Ltd.		47,562
	47,140	Kaneka Corp.		1,261,351
	28,500	Kanematsu Corp.		294,551
	2,100	Kanematsu Electronics Ltd.		62,749
	1,200	Kawada Technologies, Inc.		32,915
	22,100	Kawai Musical Instruments Manufacturing Co. Ltd.		503,369
	25,000	Keihanshin Building Co. Ltd.		260,183
	18,695	Kikkoman Corp.		1,050,681
	45,300	Kimoto Co. Ltd.		73,873
	10,200	Kinden Corp.		120,865
	57,200	Kissei Pharmaceutical Co. Ltd.		1,131,885
	1,800	Kita-Nippon Bank Ltd. (The)		21,475
	65,800	Kito Corp.		854,640
	48,800	Kitz Corp.		248,066
	165,400	Kobe Bussan Co. Ltd.		4,032,338
	14,800	Kokuyo Co. Ltd.		192,758
	86,895	KOMEDA Holdings Co. Ltd.		1,496,937
	90,800	Komeri Co. Ltd.		1,917,982
	100,700	Komori Corp.		571,445
	32,145	Konami Holdings Corp.		1,976,705
	722,180	Konica Minolta, Inc.		2,513,418
	4,800	Konoike Transport Co. Ltd.		42,605
	11,800	Kumagai Gumi Co. Ltd.		246,253
	31,000	Kurabo Industries Ltd.		425,314
	62,500	Kyokuto Kaihatsu Kogyo Co. Ltd.		630,115
	23,500	Kyokuto Securities Co. Ltd.		126,504
	9,000	Kyoritsu Printing Co. Ltd.		9,305

Shares			Value
JAPAN (continued)
	6,480	Lasertec Corp.	$	865,737
	57,295	Lixil Corp.		1,007,723
	151,400	M3, Inc.		4,834,800
	2,500	Maezawa Kyuso Industries Co. Ltd.		17,583
	1,600	Makino Milling Machine Co. Ltd.		49,301
	74,770	Maruha Nichiro Corp.		1,376,071
	19,300	Marusan Securities Co. Ltd.		73,417
	241,300	Marvelous, Inc.		1,418,510
	54,300	Max Co. Ltd.		662,402
	49,100	Maxell Ltd.		437,811
	176,500	Mazda Motor Corp.		1,253,283
	10,600	Medical Data Vision Co. Ltd.		79,312
	70,500	Megachips Corp.(a)		1,806,138
	96,300	Meidensha Corp.		1,743,915
	3,300	Meiji Electric Industries Co. Ltd.		25,869
	57,800	Meiko Network Japan Co. Ltd.		259,616
	70,500	Meitec Corp.		3,742,136
	22,200	Melco Holdings, Inc.		677,708
	91,405	METAWATER Co. Ltd.		1,511,214
	252,000	Micronics Japan Co. Ltd.		2,949,200
	4,600	Mimaki Engineering Co. Ltd.		24,129
	9,500	Mimasu Semiconductor Industry Co. Ltd.		170,203
	2,600	Miraial Co. Ltd.		33,122
	12,800	Miroku Jyoho Service Co. Ltd.		129,977
	38,045	MISUMI Group, Inc.		953,953
	62,000	Mito Securities Co. Ltd.		124,912
	209,235	Mitsubishi Chemical Holdings Corp.		1,275,841
	92,155	Mitsubishi Gas Chemical Co., Inc.		1,345,736
	9,800	Mitsubishi Paper Mills Ltd.(a)		23,044
	7,300	Mitsubishi Pencil Co. Ltd.		70,868
	26,000	Mitsubishi Research Institute, Inc.		782,794
	2,100	Mitsubishi Shokuhin Co. Ltd.		52,050
	39,300	Mitsuboshi Belting Ltd.		601,982
	63,150	Mitsui OSK Lines Ltd.		1,478,413
	8,200	Mitsui-Soko Holdings Co. Ltd.		152,441
	153,300	Mixi, Inc.		2,637,143
	900	Miyaji Engineering Group, Inc.		24,104
	1,500	Miyazaki Bank Ltd. (The)		23,834
	82,250	Mizuno Corp.		1,353,551
	18,400	Mochida Pharmaceutical Co. Ltd.		524,109
	201,800	Money Forward, Inc.(a)		6,861,534
	627,000	MonotaRO Co. Ltd.		10,770,639
	2,900	MORESCO Corp.		26,098
	202	Mori Trust Hotel REIT, Inc.		200,429
	211,493	Morinaga Milk Industry Co. Ltd.		8,517,191
	3,900	Morito Co. Ltd.		23,072
	5,200	Morningstar Japan KK		22,096
	3,800	Mory Industries, Inc.		73,013
	57,670	MOS Food Services, Inc.		1,321,456
	46,580	Mugen Estate Co. Ltd.		184,314
	52,625	Nabtesco Corp.		1,200,250
	9,200	Nachi-Fujikoshi Corp.		267,569

Shares			Value
JAPAN (continued)
	2,500	Nagaileben Co. Ltd.	$	37,224
	31,600	Nagano Keiki Co. Ltd.		270,874
	15,500	Naigai Trans Line Ltd.		222,543
	4,400	Nakabayashi Co. Ltd.		16,675
	3,900	Nakamoto Packs Co. Ltd.		45,930
	8,100	Nakanishi, Inc.		132,395
	2,100	Nanto Bank Ltd. (The)		32,856
	1,700	Nanyo Corp.		23,644
	3,000	NCS&A Co. Ltd.		11,124
	91,250	NGK Insulators Ltd.		1,227,461
	1,400	Nice Corp.		20,396
	1,400	Nichias Corp.		25,143
	15,900	Nichiban Co. Ltd.		213,188
	4,500	Nichiha Corp.		81,358
	66,265	Nichirei Corp.		1,216,658
	50,130	Nifco, Inc.		1,058,436
	15,700	Nihon Chouzai Co. Ltd.		152,740
	21,900	Nihon Falcom Corp.		226,941
	63,500	Nihon Kohden Corp.		1,524,389
	65,230	Nihon M&A Center Holdings, Inc.		803,230
	4,900	Nikkon Holdings Co. Ltd.		74,216
	108,450	Nippn Corp.		1,410,553
	8,100	Nippon Air Conditioning Services Co. Ltd.		50,027
	44,800	Nippon Coke & Engineering Co. Ltd.		46,975
	2,200	Nippon Concept Corp.		23,093
	58,555	Nippon Electric Glass Co. Ltd.		1,178,738
	62,575	Nippon Kanzai Co. Ltd.		1,344,604
	450	Nippon Prologis REIT, Inc.		1,245,497
	94,905	Nippon Steel Corp.		1,506,958
	13,200	Nippon Steel Trading Corp.		537,207
	2,061	Nippon Systemware Co. Ltd.		36,667
	150,660	Nippon Television Holdings, Inc.		1,446,067
	16,700	Nippon Thompson Co. Ltd.		64,833
	20,410	Nippon Yusen KK		1,472,459
	129,400	Nishi-Nippon Financial Holdings, Inc.		777,742
	21,900	Nishio Rent All Co. Ltd.		472,668
	26,415	Nissan Chemical Corp.		1,395,310
	42,900	Nissha Co. Ltd.		452,784
	177,600	Nisshinbo Holdings, Inc.		1,328,814
	1,800	Nissin Corp.		21,429
	38,400	Nissin Electric Co. Ltd.		409,448
	32,900	Nisso Corp.		166,871
	3,400	Nissui Pharmaceutical Co. Ltd.		25,920
	11,100	Nitta Corp.		235,661
	20,055	Nitto Denko Corp.		1,346,111
	130,200	Nitto Kogyo Corp.		1,533,002
	39,800	Nitto Seiko Co. Ltd.		154,520
	3,900	Nittoku Co. Ltd.		58,228
	16,200	Nomura Co. Ltd.		111,399
	1,115	Nomura Real Estate Master Fund, Inc. REIT		1,399,927
	9,300	Noritake Co. Ltd.		295,338

Shares			Value
JAPAN (continued)
	54,700	Noritz Corp.	$	633,457
	800	NS Solutions Corp.		23,867
	201,322	NSD Co. Ltd.		3,573,738
	28,800	Obic Co. Ltd.		4,254,893
	29,510	Ohsho Food Service Corp.		1,385,659
	10,000	Oita Bank Ltd. (The)		142,536
	4,300	Okabe Co. Ltd.		21,833
	115,900	Okamura Corp.		1,065,115
	376,300	Oki Electric Industry Co. Ltd.		2,437,585
	38,015	Okinawa Cellular Telephone Co.		1,462,868
	2,100	OKUMA Corp.		75,057
	40	Ooedo Onsen REIT Investment Corp.		20,864
	6,300	Optex Group Co. Ltd.		82,885
	95,310	Osaka Gas Co. Ltd.		1,717,811
	204,400	Osaki Electric Co. Ltd.		771,807
	39,530	Oyo Corp.		599,960
	7,200	PAPYLESS Co. Ltd.		71,485
	31,900	Paramount Bed Holdings Co. Ltd.		531,293
	4,800	Pasco Corp.		50,899
	63,800	Pasona Group, Inc.		1,011,598
	40,600	Pegasus Sewing Machine Manufacturing Co. Ltd.		194,449
	222,200	PeptiDream, Inc.(a)		3,583,835
	52,165	Persol Holdings Co. Ltd.		1,034,935
	2,000	Pickles Corp.		19,519
	9,700	Pilot Corp.		394,101
	6,700	Pipedo HD, Inc.		130,024
	90,645	Plenus Co. Ltd.		1,331,479
	69,200	Plus Alpha Consulting Co. Ltd.		1,225,849
	45,400	Poletowin Pitcrew Holdings, Inc.		346,462
	19,500	Prestige International, Inc.		93,708
	700	Pronexus, Inc.		5,705
	106,452	Proto Corp.		836,191
	18,000	Punch Industry Co. Ltd.		64,066
	3,200	Qol Holdings Co. Ltd.		26,935
	4,500	Quick Co. Ltd.		53,523
	530,400	Raccoon Holdings, Inc.		5,650,392
	6,200	RaQualia Pharma, Inc.(a)		36,335
	17,400	Raysum Co. Ltd.		128,326
	257,890	Relia, Inc.		2,120,028
	86,775	Relo Group, Inc.		1,239,545
	5,900	Rheon Automatic Machinery Co. Ltd.		49,971
	500	Rhythm Co. Ltd.		6,456
	52,200	Ricoh Co. Ltd.		381,160
	3,300	Ride On Express Holdings Co. Ltd.		29,617
	18,100	Riken Corp.		330,299
	72,800	Riken Technos Corp.		244,740
	7,600	Rion Co. Ltd.		133,699
	2,600	Riso Kagaku Corp.		48,820
	146,360	Rohm Co. Ltd.		10,224,837
	2,500	Rohto Pharmaceutical Co. Ltd.		66,761
	57,900	Roland DG Corp.		1,445,184
	3,300	Ryobi Ltd.		27,294

Shares			Value
JAPAN (continued)
	100	Saison Information Systems Co. Ltd.	$	1,435
	3,000	Sakai Heavy Industries Ltd.		72,427
	2,700	Sakai Moving Service Co. Ltd.		92,134
	53,710	Sakata Seed Corp.		1,808,509
	4,800	Sala Corp.		23,084
	18,500	San-Ai Obbli Co Ltd.		135,810
	17,000	Sangetsu Corp.		203,661
	42,500	Sanken Electric Co. Ltd.		1,569,583
	66,305	Sankyo Co. Ltd.		1,907,927
	15,200	Sankyo Tateyama, Inc.		68,045
	11,300	Sansha Electric Manufacturing Co. Ltd.		65,190
	2,500	Santec Corp.		23,546
	152,800	Santen Pharmaceutical Co. Ltd.		1,242,980
	66,100	Sanwa Holdings Corp.		602,188
	4,400	Sanyo Denki Co. Ltd.		188,996
	13,000	Sanyo Trading Co. Ltd.		98,544
	76,000	Sato Holdings Corp.		1,045,010
	2,800	Sato Shoji Corp.		23,821
	50,140	Sawai Group Holdings Co. Ltd.		1,681,929
	77,100	SCREEN Holdings Co. Ltd.		6,301,327
	77,920	SCSK Corp.		1,238,798
	7,200	Seed Co. Ltd.		28,071
	96,805	Sega Sammy Holdings, Inc.		1,715,348
	1,800	Seika Corp.		22,391
	125,200	Seikagaku Corp.		812,984
	85,665	Seiko Epson Corp.		1,206,808
	63,200	Seiko Holdings Corp.		1,082,041
	24,200	Seino Holdings Co. Ltd.		197,689
	9,400	Sekisui Jushi Corp.		128,530
	17,100	Sekisui Kasei Co. Ltd.		58,017
	900	Semba Corp.		5,138
	63,520	Seria Co. Ltd.		1,242,191
	1,089,000	SG Holdings Co. Ltd.		19,191,097
	4,700	Shibaura Electronics Co. Ltd.		213,856
	20,200	Shibaura Mechatronics Corp.		1,133,584
	5,900	Shibuya Corp.		106,267
	6,300	Shikoku Bank Ltd. (The)		37,653
	35,715	Shimadzu Corp.		1,167,600
	54,200	Shindengen Electric Manufacturing Co. Ltd.		1,205,265
	6,900	Shinmaywa Industries Ltd.		48,399
	27,500	Shinnihon Corp.		150,944
	122,565	Shinoken Group Co. Ltd.		954,417
	3,500	Shinsho Corp.		97,360
	179,700	Shizuoka Gas Co. Ltd.		1,288,120
	6,597	Shofu, Inc.		81,773
	3,400	Sigma Koki Co. Ltd.		39,290
	23,000	SIGMAXYZ Holdings, Inc.		187,900
	900	Sinanen Holdings Co. Ltd.		22,434
	61,600	Sinfonia Technology Co. Ltd.		597,469
	46,200	Sinko Industries Ltd.		580,677
	49,200	SK-Electronics Co. Ltd.		297,247

Shares			Value
JAPAN (continued)
	2,900	SMK Corp.	$	48,220
	18,200	Soda Nikka Co. Ltd.		93,578
	142,300	Sodick Co. Ltd.		796,229
	1,900	Softcreate Holdings Corp.		61,237
	14,900	Sohgo Security Services Co. Ltd.		413,905
	1,900	Soken Chemical & Engineering Co. Ltd.		24,377
	103,713	Soliton Systems KK		1,158,202
	3,500	Space Co. Ltd.		24,449
	15,300	Sprix Ltd.		143,070
	4,400	SRA Holdings		95,791
	61,275	Stanley Electric Co. Ltd.		1,056,572
	12,000	Star Mica Holdings Co. Ltd.		141,988
	147,000	Star Micronics Co. Ltd.		1,647,799
	76,400	Starts Corp., Inc.		1,416,019
	2,200	Step Co. Ltd.		30,378
	6,700	Studio Alice Co. Ltd.		118,311
	327,280	Sumitomo Chemical Co. Ltd.		1,391,662
	15,600	Sumitomo Heavy Industries Ltd.		330,118
	177,700	Sumitomo Pharma Co Ltd.		1,582,881
	3,000	Sumitomo Seika Chemicals Co. Ltd.		70,424
	4,500	Sun Corp.		53,371
	94,600	Sun Frontier Fudousan Co. Ltd.		790,498
	40,200	Sun-Wa Technos Corp.		412,515
	1,400	Suzuden Corp.		24,194
	26,800	Suzuken Co. Ltd.		791,062
	3,700	Tachibana Eletech Co. Ltd.		46,140
	26,640	Taiyo Yuden Co. Ltd.		1,046,618
	8,500	Takamatsu Construction Group Co. Ltd.		141,574
	3,200	Takaoka Toko Co. Ltd.		39,679
	14,300	Takara & Co. Ltd.		205,089
	583,600	Takara Leben Co. Ltd.		1,334,856
	38,700	Takara Standard Co. Ltd.		386,642
	10,900	Takasago International Corp.		219,817
	124,400	Tamron Co. Ltd.		2,192,968
	87,800	Tanseisha Co. Ltd.		535,189
	20,100	TDC Soft, Inc.		178,304
	1,200	Techno Medica Co. Ltd.		14,370
	2,200	Tekken Corp.		31,127
	81,200	Temairazu, Inc.		2,855,280
	19,187	T-Gaia Corp.		243,193
	2,700	Thine Electronics, Inc.		15,561
	51,580	TIS, Inc.		1,158,454
	11,500	Toa Corp.		62,151
	1,700	TOA ROAD Corp.		65,473
	8,200	Tobishima Corp.		64,611
	99,700	TOC Co. Ltd.		513,519
	88,265	Tochigi Bank Ltd. (The)		164,374
	5,100	Toho Gas Co. Ltd.		119,641
	109,600	Toho Holdings Co. Ltd.		1,779,108
	24,000	Tokai Corp.		317,994
	216,140	TOKAI Holdings Corp.		1,452,802

Shares			Value
JAPAN (continued)
	27,100	Tokai Rika Co. Ltd.	$	285,531
	19,475	Token Corp.		1,296,362
	134,485	Tokyo Gas Co. Ltd.		2,575,987
	37,900	Tokyo Keiki, Inc.		330,193
	143,770	Tokyo Seimitsu Co. Ltd.		4,945,814
	6,100	Tokyo Tekko Co. Ltd.		59,887
	26,300	Tokyu Construction Co. Ltd.		121,969
	296,445	Tokyu Fudosan Holdings Corp.		1,542,602
	58,085	TOMONY Holdings, Inc.		146,912
	289,590	Tomy Co. Ltd.		2,747,508
	800	Tonami Holdings Co. Ltd.		21,599
	35,000	Topcon Corp.		447,971
	3,000	Torishima Pump Manufacturing Co. Ltd.		29,513
	142,700	Tosei Corp.		1,200,733
	504,339	Toshiba Corp.		20,944,355
	42,555	Toshiba TEC Corp.		1,442,498
	5,500	Totetsu Kogyo Co. Ltd.		99,422
	9,900	Tow Co. Ltd.		23,997
	5,000	Towa Bank Ltd. (The)		20,766
	206,825	Towa Pharmaceutical Co. Ltd.		4,399,522
	2,800	Toyo Corp./Chuo-ku		22,392
	6,600	Toyo Denki Seizo KK		46,728
	18,700	Toyo Machinery & Metal Co. Ltd.		86,415
	10,400	TPR Co. Ltd.		99,676
	113,800	Transcosmos, Inc.		2,682,987
	11,400	TRE Holdings Corp.		182,387
	27,105	Trend Micro, Inc.		1,511,291
	2,900	Trinity Industrial Corp.		15,623
	27,200	Trusco Nakayama Corp.		424,169
	75,800	Tsubakimoto Chain Co.		1,730,860
	90,000	Tsukuba Bank Ltd.		134,816
	15,700	TV Asahi Holdings Corp.		179,331
	211,700	Ubicom Holdings, Inc.		4,644,278
	9,800	Uchida Yoko Co. Ltd.		369,847
	4,400	Union Tool Co.		126,390
	48,400	UNITED, Inc.		647,943
	17,500	Unitika Ltd.(a)		37,672
	98,440	USS Co. Ltd.		1,638,834
	19,500	V Technology Co. Ltd.		448,697
	454,600	Wacom Co. Ltd.		3,286,840
	11,400	Wakita & Co. Ltd.		94,860
	1,800	Warabeya Nichiyo Holdings Co. Ltd.		23,023
	800	WDB coco Co. Ltd.		31,319
	19,600	WDB Holdings Co. Ltd.		411,849
	43,800	Will Group, Inc.		377,984
	20,100	World Holdings Co. Ltd.		378,468
	2,000	Wowow, Inc.		23,712
	51,300	Xebio Holdings Co. Ltd.		362,334
	126,300	YAMABIKO Corp.		1,371,268
	2,200	YAMADA Consulting Group Co. Ltd.		20,191
	4,500	Yamagata Bank Ltd. (The)		29,973
	30,970	Yamaha Corp.		1,183,270

Shares			Value
JAPAN (continued)
	62,315	Yamaha Motor Co. Ltd.	$	1,286,537
	80,000	Yamaichi Electronics Co. Ltd.		1,013,522
	49,900	Yamanashi Chuo Bank Ltd. (The)		377,821
	64,835	Yamato Holdings Co. Ltd.		1,213,192
	188,920	Yamazen Corp.		1,395,229
	111,020	Yellow Hat Ltd.		1,386,864
	8,100	Yokogawa Bridge Holdings Corp.		118,791
	95,410	Yokohama Rubber Co. Ltd. (The)		1,277,407
	2,300	Yondenko Corp.		31,004
	6,500	Yuasa Trading Co. Ltd.		145,025
	4,600	Yurtec Corp.		24,297
	20,100	Yushin Precision Equipment Co. Ltd.		97,244
	53,500	Zenrin Co. Ltd.		389,108
	33,000	ZERIA Pharmaceutical Co. Ltd.		504,929
	122,200	ZIGExN Co. Ltd.		288,157
	4,800	Zuken, Inc.		111,137
				553,107,087
JERSEY CHANNEL ISLANDS — 0.3%
	334,564	Novocure Ltd.(a)		25,620,911
LUXEMBOURG — 0.0%
	29,435	APERAM SA		1,136,117
	12,365	Eurofins Scientific SE		1,149,176
	21,060	Stabilus SA		991,955
				3,277,248
NETHERLANDS — 1.4%
	103,928	Aalberts NV		5,050,100
	32,440	Arcadis NV		1,353,518
	96,744	ASM International NV		29,070,809
	33,615	ASR Nederland NV		1,527,757
	191,582	BE Semiconductor Industries NV		11,678,580
	48,443	Brunel International NV		562,884
	202,292	Eurocommercial Properties NV REIT		4,894,651
	187,057	Heijmans NV		2,569,070
	101,470	IMCD NV		16,156,309
	3,472	Kendrion NV		66,095
	2,383,921	Koninklijke BAM Groep NV(a)		6,598,308
	72,372	Koninklijke DSM NV		12,166,428
	497,600	Koninklijke KPN NV		1,717,015
	1,205	Nedap NV		80,073
	28,620	NN Group NV		1,401,853
	210,225	OCI NV(a)		7,965,954
	27,805	QIAGEN NV(a)		1,282,286
	32,960	Signify NV(b)(c)		1,394,458
	137,852	TKH Group NV		6,760,290
	42,931	Van Lanschot Kempen NV		1,117,989
	29,985	Vastned Retail NV REIT		762,111
	51,566	Wereldhave NV REIT		841,050
				115,017,588
NEW ZEALAND — 0.3%
	1,455,600	Argosy Property Ltd. REIT		1,219,536
	1,249,566	Fletcher Building Ltd.		4,930,480

Shares			Value
NEW ZEALAND (continued)
	950,780	Fletcher Building Ltd.	$	3,787,451
	11,097	Freightways Ltd.		87,714
	75,988	Kiwi Property Group Ltd. REIT		51,828
	34,547	Skellerup Holdings Ltd.		127,318
	166,813	SKY Network Television Ltd.(a)		287,769
	493,955	Spark New Zealand Ltd.		1,562,228
	62,117	Summerset Group Holdings Ltd.		467,863
	205,640	Xero Ltd.(a)		13,560,343
				26,082,530
NORWAY — 0.6%
	103,126	2020 Bulkers Ltd.		1,315,977
	591,495	ABG Sundal Collier Holding ASA		449,535
	6,792	AF Gruppen ASA		137,061
	49,155	Aker BP ASA		1,761,169
	8,478	American Shipping Co. ASA		29,293
	206	Atea ASA		2,455
	247,424	Austevoll Seafood ASA		3,922,927
	157,173	Awilco LNG AS(a)		109,686
	350,506	B2Holding ASA		331,280
	434,577	Belships ASA		919,448
	25,667	Bouvet ASA		188,797
	5,553,083	DNO ASA		8,418,167
	5,760	Elektro Importoren AS		46,979
	81,364	FLEX LNG Ltd.		2,291,984
	462,125	Golden Ocean Group Ltd.		5,753,055
	111,206	Hoegh Autoliners ASA(a)		349,705
	89,778	Kongsberg Gruppen ASA		3,856,197
	245,959	Leroy Seafood Group ASA		2,308,396
	1,727	Medistim ASA		46,659
	65,335	Mowi ASA		1,845,521
	1,053,456	MPC Container Ships ASA		3,135,594
	10,991	Odfjell Drilling Ltd.(a)		28,191
	1,365	Odfjell Technology Ltd.(a)		3,291
	119,856	OKEA ASA(a)		450,984
	14,768	Olav Thon Eiendomsselskap ASA		298,456
	11,425	Pareto Bank ASA		66,221
	22,547	Protector Forsikring ASA		256,039
	52,849	Rana Gruber ASA		331,915
	10,291	SpareBank 1 Nord Norge		109,531
	17,387	SpareBank 1 SMN		243,635
	4,705	Sparebanken More		40,131
	157,160	Storebrand ASA		1,365,123
	1	TGS ASA		15
	21,970	TOMRA Systems ASA		863,980
	47,643	Veidekke ASA		616,912
	407,772	Wallenius Wilhelmsen ASA		2,559,496
	8,665	Western Bulk Chartering AS		42,716
	2,055	Wilh Wilhelmsen Holding ASA - Class A		50,190
	30,455	Yara International ASA		1,548,583
				46,095,294

Shares			Value
PERU — 0.1%
	645,000	Cia de Minas Buenaventura SAA - ADR	$	6,088,800
POLAND — 0.2%
	256,165	Grupa Lotos SA(a)		3,983,253
	1,750,123	PGE Polska Grupa Energetyczna SA(a)		3,892,159
	369,073	Polski Koncern Naftowy ORLEN SA		6,235,283
	3,097,256	Tauron Polska Energia SA(a)		2,329,168
				16,439,863
PORTUGAL — 0.1%
	245,620	Altri SGPS SA		1,630,112
	323,996	CTT-Correios de Portugal SA		1,464,474
	89,238	Greenvolt-Energias Renovaveis SA(a)		665,921
	412,020	Navigator Co. SA (The)		1,690,194
	538,390	REN - Redes Energeticas Nacionais SGPS SA		1,641,078
	1,739,194	Sonae SGPS SA		1,877,617
				8,969,396
RUSSIA — 0.0%
	3,531,360	Alrosa PJSC(d)(e)		0
	1,189,126,065	Federal Grid Co. Unified Energy System PJSC(d)(e)		0
	4,480,742	Gazprom PJSC(d)(e)		0
	1,073,095	Gazprom PJSC - ADR(d)(e)		0
	112,793	Magnit PJSC(d)(e)		0
	532,967	Mobile TeleSystems PJSC(d)(e)		0
	217,810,135	ROSSETI PJSC(d)(e)		0
	1,641,600	Rostelecom PJSC(d)(e)		0
	461,432,194	RusHydro PJSC(d)(e)		0
	13,369,855	Surgutneftegas PJSC(d)(e)		0
	243,969	VK Co. Ltd. - GDR(a)(b)(d)(e)		0
				0
SINGAPORE — 0.4%
	99,600	APAC Realty Ltd.		47,279
	713,955	Ascendas Real Estate Investment Trust REIT		1,468,948
	8,959	Asian Pay Television Trust - Units		855
	1,521,840	ComfortDelGro Corp. Ltd.		1,607,587
	950,700	CSE Global Ltd.		328,575
	23,500	Delfi Ltd.		12,972
	1,739,085	First Resources Ltd.		2,652,441
	161,700	Food Empire Holdings Ltd.		62,332
	1,927,800	Geo Energy Resources Ltd.		674,901
	560,900	Golden Energy & Resources Ltd.(a)		272,067
	91,500	Hanwell Holdings Ltd.		26,442
	34	Ho Bee Land Ltd.		74
	305,000	Hour Glass Ltd. (The)		543,053
	4,156	Hyphens Pharma International Ltd.		870
	325,500	InnoTek Ltd.		136,791
	94,300	ISDN Holdings Ltd.		38,884
	32,990	Kenon Holdings Ltd.		1,884,134
	219,700	Kimly Ltd.		62,418

Shares			Value
SINGAPORE (continued)
	219,700	LHN Ltd.	$	49,807
	68,690	OM Holdings Ltd.		42,408
	413,070	Parkway Life Real Estate Investment Trust REIT		1,439,325
	332,000	Propnex Ltd.(b)		432,144
	3,370,395	Raffles Medical Group Ltd.		2,910,445
	1,208,100	Rex International Holding Ltd.(a)		289,323
	304,400	RHT Health Trust REIT(a)(d)(e)		4,182
	6,061,400	Riverstone Holdings Ltd.		4,216,156
	1,339,200	Sembcorp Industries Ltd.		2,836,166
	1,427,910	Sheng Siong Group Ltd.		1,576,681
	587,300	Singapore Medical Group Ltd.		143,790
	557,690	Singapore Technologies Engineering Ltd.		1,642,460
	467,900	Starhill Global REIT		200,322
	1,555,950	StarHub Ltd.		1,411,300
	898,700	UMS Holdings Ltd.		765,227
	296,260	UOL Group Ltd.		1,556,709
	114,770	Venture Corp. Ltd.		1,408,908
	68,400	Wing Tai Holdings Ltd.		85,849
	1,118,600	Yanlord Land Group Ltd.		980,071
				31,811,896
SOUTH AFRICA — 0.3%
	1,201,683	Harmony Gold Mining Co. Ltd. - ADR		4,914,883
	579,261	Remgro Ltd.		5,203,350
	2,043,616	Sappi Ltd.(a)		7,482,038
	527,065	Shoprite Holdings Ltd.		7,612,945
				25,213,216
SOUTH KOREA — 0.9%
	23,209	Green Cross Corp.		3,444,946
	161,394	GS Engineering & Construction Corp.		5,314,661
	124,679	Hankook Tire & Technology Co. Ltd.		3,422,035
	70,221	Hyundai Department Store Co. Ltd.		4,179,337
	137,051	Hyundai Engineering & Construction Co. Ltd.		4,767,716
	102,010	KB Financial Group, Inc.		4,745,925
	94,348	Kia Corp.		6,188,312
	62,952	Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		4,528,517
	51,649	LG Electronics, Inc.		4,677,698
	17,209	Lotte Chemical Corp.		2,656,064
	56,652	OCI Co. Ltd.		4,679,954
	401,995	Samsung Engineering Co. Ltd.(a)		8,201,917
	1,163,031	Samsung Heavy Industries Co. Ltd.(a)		5,551,507
	82,412	Samsung Life Insurance Co. Ltd.		4,236,605
	32,924	Samsung SDS Co. Ltd.		3,836,825
	157,641	Shinhan Financial Group Co. Ltd.		5,237,563
	572,093	SK Networks Co. Ltd.		2,183,922
				77,853,504

Shares			Value
SPAIN — 0.5%
	120,445	Acerinox SA	$	1,268,193
	772	Alantra Partners SA		12,692
	1,243,495	Almirall SA		16,154,286
	440,791	Atresmedia Corp. de Medios de Comunicacion SA		1,686,175
	79,300	Cia de Distribucion Integral Logista Holdings SA		1,461,137
	38,105	Construcciones y Auxiliar de Ferrocarriles SA		1,168,305
	81,385	Ebro Foods SA		1,463,271
	66,640	Enagas SA		1,440,936
	483,309	Faes Farma SA		2,027,941
	39,905	Fluidra SA		1,079,997
	2,708	Grupo Catalana Occidente SA		78,003
	101,791	Laboratorios Farmaceuticos Rovi SA		6,950,413
	838,420	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		1,204,489
	170,745	Mediaset Espana Comunicacion SA(a)		764,079
	7,331	Pharma Mar SA		561,136
	72,720	Red Electrica Corp. SA		1,464,163
	24,575	Viscofan SA		1,356,646
				40,141,862
SWEDEN — 1.4%
	436,124	AAK AB		7,567,082
	253,855	AcadeMedia AB(b)(c)		1,433,049
	39,215	Alfa Laval AB		1,091,600
	51	Alligo AB - Class B		584
	281,418	Arjo AB - Class B		2,112,564
	64,329	Axfood AB		1,903,620
	2,589	BE Group AB		42,164
	6,892	Beijer Alma AB		143,367
	56,458	Bilia AB - A Shares		782,955
	84,475	BillerudKorsnas AB		1,303,557
	48,214	BioGaia AB - Class B		3,031,580
	79,339	Biotage AB		1,643,509
	13,548	Bjorn Borg AB		62,848
	40,525	Boliden AB		1,757,212
	685	BTS Group AB - Class B		25,642
	30,495	Bufab AB		1,011,681
	121,429	Byggmax Group AB		933,874
	30,530	Catella AB		119,570
	725	Cellavision AB		22,763
	9,342	Clas Ohlson AB - Class B		106,060
	544,590	Cloetta AB - Class B		1,376,198
	317,398	Dios Fastigheter AB		2,834,015
	7,721	Doro AB(a)		17,127
	64,570	Electrolux AB - Class B		984,719
	17,677	Ferronordic AB		81,055
	3,143,680	Fortnox AB		16,686,951
	499,351	Getinge AB - Class B		14,445,121
	7,993	Hanza Holding AB		32,964
	35,145	HMS Networks AB		1,438,479

Shares			Value
SWEDEN (continued)
	23,203	Humana AB(a)	$	121,790
	98,250	Husqvarna AB - Class B		939,182
	52,745	Indutrade AB		1,244,140
	169,459	Inwido AB		2,339,527
	45,575	Kinnevik AB - Class B(a)		892,015
	53,645	Lifco AB - Class B		1,125,239
	238,765	Lindab International AB		5,568,898
	42,915	Lundin Energy AB		1,774,358
	104,359	Mekonomen AB(a)		1,202,699
	2,496	Micro Systemation AB - Class B		13,439
	51	Momentum Group AB(a)		388
	110	Nederman Holding AB		1,851
	630,193	Net Insight AB - Class B(a)		257,668
	137,504	New Wave Group AB - Class B		2,400,894
	105,765	Nibe Industrier AB - Class B		1,036,963
	1,314	Nilorngruppen AB - Class B		15,437
	395,971	Nolato AB - Class B		2,740,667
	81,900	Nordnet AB publ		1,420,535
	17,646	NP3 Fastigheter AB		490,387
	1,539	OEM International AB - Class B		23,770
	21,528	Proact IT Group AB		156,641
	8,751	QleanAir AB		32,817
	167,516	Ratos AB - Class B		854,675
	2,650	RaySearch Laboratories AB(a)		11,628
	61,440	Saab AB - Class B		2,598,846
	130,971	Sectra AB - Class B		1,652,246
	113,940	Securitas AB - Class B		1,345,268
	2,429	Semcon AB		30,819
	61,290	Skanska AB - Class B		1,170,773
	46,233	SkiStar AB		900,002
	24,081	Softronic AB - Class B		70,716
	3,025	Studsvik AB		29,575
	158,700	Svolder AB - Class B		929,880
	198,900	Swedish Match AB		1,584,195
	749,985	Swedish Orphan Biovitrum AB(a)		15,777,306
	24,200	Systemair AB		153,687
	112,340	Tele2 AB - Class B		1,488,987
	59,684	Tethys Oil AB		565,494
	20,200	Transtema Group AB(a)		78,288
	29,466	Volati AB(b)		413,845
				116,447,445
SWITZERLAND — 2.3%
	315,452	Alcon, Inc.		22,523,548
	10,788	ALSO Holding AG		2,439,531
	117,666	Arbonia AG		2,095,387
	101,147	Ascom Holding AG		894,879
	78,208	Baloise Holding AG		13,603,575
	6,101	Barry Callebaut AG		14,041,792
	28,116	Belimo Holding AG		13,895,526
	2,908	Bellevue Group AG		111,707
	12,075	BKW AG		1,469,905
	13,973	Bobst Group SA		1,178,601

Shares			Value
SWITZERLAND (continued)
	10,287	Bossard Holding AG - Class A	$	2,226,956
	19,009	Bucher Industries AG		6,853,411
	21,950	Burckhardt Compression Holding AG		11,198,040
	606	Burkhalter Holding AG		47,714
	1,110	Bystronic AG		921,183
	2,335	Calida Holding AG		117,444
	1,665	Cembra Money Bank AG		120,138
	74,925	Clariant AG		1,279,218
	1,562	Coltene Holding AG		148,178
	49,005	Comet Holding AG		10,593,617
	13,037	dormakaba Holding AG		6,051,099
	266	Energiedienst Holding AG		11,899
	1,573	Feintool International Holding AG		69,338
	1,080,558	Ferrexpo Plc		2,218,857
	21,065	Galenica AG(b)(c)		1,551,174
	1,985	Geberit AG		1,131,994
	135,740	Georg Fischer AG		7,366,623
	40,585	Huber + Suhner AG		3,559,433
	52	Ina Invest Holding AG(a)		1,041
	3,414	Inficon Holding AG		3,108,360
	1,339	Investis Holding SA(b)		154,637
	11,005	Komax Holding AG		2,890,776
	8,388	Kudelski SA		27,941
	159	LEM Holding SA		366,286
	25,131	Leonteq AG		1,709,701
	1,435	Meier Tobler Group AG		33,565
	92	Metall Zug AG - Class B		191,729
	74,150	Mobilezone Holding AG		1,200,649
	4,820	Mobimo Holding AG		1,378,484
	150,160	OC Oerlikon Corp. AG		1,070,739
	19	Orell Fuessli AG		1,730
	135	Phoenix Mecano AG		53,947
	45,667	PSP Swiss Property AG		5,755,501
	12,996	Rieter Holding AG		1,766,680
	40,621	SFS Group AG		5,087,099
	10,165	Siegfried Holding AG		7,369,012
	4,020	Sonova Holding AG		1,449,717
	2,367	Swissquote Group Holding SA		384,705
	40,169	Tecan Group AG		12,071,497
	97,938	Temenos AG		9,886,428
	278	TX Group AG		39,348
	12,481	u-blox Holding AG(a)		1,036,877
	3,140	VAT Group AG(b)(c)		971,238
	1,383	V-ZUG Holding AG(a)		153,421
	971	Ypsomed Holding AG		138,761
	20,405	Zehnder Group AG		1,595,578
				187,616,214
TAIWAN — 0.8%
	6,172,000	Acer, Inc.		5,726,112
	1,831,000	ASE Technology Holding Co. Ltd.		5,841,555
	6,150,100	AU Optronics Corp.		3,512,869
	2,226,018	Cheng Shin Rubber Industry Co. Ltd.		2,508,688

Shares			Value
TAIWAN (continued)
	9,150,432	China Petrochemical Development Corp.(a)	$	3,622,157
	1,645,000	ENNOSTAR, Inc.(a)		3,222,089
	1,067,000	Everlight Electronics Co. Ltd.		1,543,954
	1,644,000	Hon Hai Precision Industry Co. Ltd.		5,632,477
	2,247,000	HTC Corp.(a)		3,529,995
	8,110,500	Innolux Corp.		3,693,236
	2,741,431	International CSRC Investment Holdings Co.		2,150,405
	4,243,000	Inventec Corp.		3,624,761
	1,363,000	Pegatron Corp.		3,229,124
	303,000	Phison Electronics Corp.		3,905,440
	6,722,000	Qisda Corp.		7,142,164
	5,777,000	Winbond Electronics Corp.		5,215,608
	4,812,696	Wistron Corp.		4,636,588
				68,737,222
THAILAND — 0.4%
	11,652,166	Banpu Public Co. Ltd. - FOR		4,151,623
	157,031	Fabrinet(a)		15,418,874
	43,105,207	IRPC Public Co. Ltd. - FOR		4,343,527
	5,002,000	Italian-Thai Development Public Co. Ltd. - FOR(a)		290,177
	3,299,558	PTT Global Chemical Public Co. Ltd. - FOR		4,783,753
	396,032	Siam Cement Public Co. Ltd. (The) - FOR		4,256,532
	1,731,183	Thai Oil Public Co. Ltd. - FOR		2,832,604
				36,077,090
TURKEY — 0.7%
	1,843,327	Arcelik AS		8,343,505
	6,634,452	Dogan Sirketler Grubu Holding AS		1,540,870
	18,659,402	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		3,333,576
	2,635,494	Eregli Demir ve Celik Fabrikalari TAS		5,935,136
	4,092,900	Haci Omer Sabanci Holding AS		5,509,790
	7,551,154	Petkim Petrokimya Holding AS(a)		4,847,698
	1,473,215	Tekfen Holding AS		1,953,262
	3,078,894	Turkcell Iletisim Hizmetleri AS		4,466,609
	10,282,129	Turkiye Is Bankasi AS - Class C		7,284,818
	589,180	Turkiye Petrol Rafinerileri AS(a)		9,277,409
	22,097,183	Yapi ve Kredi Bankasi AS		7,231,489
				59,724,162
UNITED KINGDOM — 5.7%
	78,840	3i Group Plc		1,290,236
	473,765	abrdn Plc		1,112,461
	13,299	accesso Technology Group Plc(a)		122,663
	2,423,060	Adaptimmune Therapeutics Plc - ADR(a)		4,167,663
	37,110	Admiral Group Plc		1,168,122
	57,888	Advanced Medical Solutions Group Plc		201,802

Shares			Value
UNITED KINGDOM (continued)
	38,112	AG Barr Plc	$	277,238
	1,344,032	Alliance Pharma Plc		1,930,559
	1,952,947	Alphawave IP Group Plc(a)		3,691,306
	2,756	Aptitude Software Group Plc		11,524
	378,735	ASOS Plc(a)		6,594,720
	158,530	Auto Trader Group Plc(b)(c)		1,251,145
	1,641,912	B&M European Value Retail SA		10,060,140
	1,569,391	Balfour Beatty Plc		4,754,804
	109,458	Beazley Plc		589,606
	19,959	Belvoir Group Plc		61,196
	24,100	Berkeley Group Holdings Plc		1,222,268
	32,286	Big Yellow Group Plc REIT		583,472
	27,727	Bloomsbury Publishing Plc		139,131
	4,915,645	boohoo Group Plc(a)		4,976,479
	3,989	Braemar Shipping Services Plc		13,298
	929,382	Britvic Plc		9,959,328
	64,580	Burberry Group Plc		1,274,516
	33,284	Bytes Technology Group Plc		185,026
	12,411	Cazoo Group Ltd.(a)		20,975
	54,460	Central Asia Metals Plc		182,468
	4,171,118	Centrica Plc(a)		4,132,703
	380,893	Ceres Power Holdings Plc(a)		3,475,473
	10,247	Cerillion Plc		103,605
	312,483	Chemring Group Plc		1,364,601
	5,548	Chesnara Plc		19,925
	1,204,995	Civitas Social Housing Plc REIT(b)		1,300,941
	54,731	Clarkson Plc		2,519,946
	599,291	CLS Holdings Plc REIT		1,531,582
	80,970	CNH Industrial NV		1,147,045
	63,918	Computacenter Plc		2,147,623
	46,578	Concentric AB		909,697
	9,021,630	ConvaTec Group Plc(b)(c)		23,864,828
	7,431	Craneware Plc		160,320
	11,545	Croda International Plc		1,121,326
	18,945	Custodian REIT Plc		23,951
	166,601	CVS Group Plc		3,760,981
	121,487	Dechra Pharmaceuticals Plc		5,505,227
	10,545	Devro Plc		27,731
	8,850	DFS Furniture Plc		18,460
	410,530	Direct Line Insurance Group Plc		1,302,972
	251,390	Domino’s Pizza Group Plc		1,097,133
	115,284	dotdigital group Plc		125,742
	1,917,073	Drax Group Plc		19,373,373
	2,500	Eco Animal Health Group Plc		4,553
	136,519	EKF Diagnostics Holdings Plc		59,859
	1,786,684	Electrocomponents Plc		23,320,661
	79,118	EMIS Group Plc		1,318,769
	1,306	Epwin Group Plc		1,398
	250,921	Ergomed Plc(a)		3,702,225
	142,529	FDM Group Holdings Plc		1,798,735
	8,850	Ferguson Plc		1,110,225
	509,537	Firstgroup Plc(a)		715,283
	19,537	Focusrite Plc		243,574

Shares			Value
UNITED KINGDOM (continued)
	362,882	Frasers Group Plc(a)	$	3,082,089
	30,714	Galliford Try Holdings Plc		65,886
	83,295	Genel Energy Plc		191,669
	235,343	Genus Plc		7,394,207
	92,308	Go-Ahead Group Plc (The)(a)		1,095,182
	207,358	Greggs Plc		6,049,861
	774,294	Gulf Keystone Petroleum Ltd.		2,352,330
	296,114	Halfords Group Plc		842,609
	36,690	Halma Plc		1,126,219
	11,071	Hargreaves Services Plc		82,322
	12,665	Harworth Group Plc		26,518
	77,571	Headlam Group Plc		354,073
	65,780	Hill & Smith Holdings Plc		1,137,691
	646,636	HomeServe Plc		7,946,982
	2,214,305	Howden Joinery Group Plc		20,963,973
	186,432	Hunting Plc		679,606
	475,906	IMI Plc		8,011,749
	76,363	Impact Healthcare REIT Plc(b)		119,311
	384,889	Inchcape Plc		3,443,858
	201,995	Indivior Plc(a)		791,116
	20,565	Intertek Group Plc		1,281,507
	943,965	IP Group Plc		973,376
	1,967,595	ITM Power Plc(a)		8,106,115
	416,995	J Sainsbury Plc		1,216,689
	1,746	James Halstead Plc		5,431
	3,618,609	JD Sports Fashion Plc		5,962,294
	1,488,172	JET2 Plc(a)		22,853,838
	981,913	Just Group Plc		1,037,289
	249,662	Kainos Group Plc		3,782,624
	69,678	Keller Group Plc		734,267
	56,356	Kin & Carta Plc(a)		163,792
	376,964	Lookers Plc(a)		393,399
	32,812	M&C Saatchi Plc(a)		80,361
	28,648	Macfarlane Group Plc		43,293
	3,146,603	Man Group Plc		9,170,862
	339,323	Marks & Spencer Group Plc(a)		579,265
	16,625	Mears Group Plc		41,187
	63,320	Mondi Plc		1,189,527
	519,100	Moneysupermarket.com Group Plc		1,137,172
	632,895	Moonpig Group Plc(a)		1,520,838
	360,992	Morgan Advanced Materials Plc		1,265,985
	21,090	Morgan Sindall Group Plc		568,636
	3,022	MP Evans Group Plc		35,756
	35,270	Next Fifteen Communications Group Plc		581,342
	735,150	Ninety One Plc		2,449,497
	484	Norcros Plc		1,452
	12,147	Numis Corp. Plc		38,060
	3,144,199	Ocado Group Plc(a)		35,959,107
	510,237	Orchard Therapeutics Plc - ADR(a)		288,437
	477,719	Oxford Biomedica Plc(a)		3,442,303
	96,831	Oxford Metrics Plc		108,412
	4,422,350	Oxford Nanopore Technologies Plc(a)		16,838,957

Shares			Value
UNITED KINGDOM (continued)
	348,419	Pagegroup Plc	$	2,131,934
	206,255	Paragon Banking Group Plc		1,275,532
	5,827	Patisserie Holdings Plc(a)(e)		0
	40,710	Persimmon Plc		1,060,263
	138,251	Pharos Energy Plc(a)		46,720
	19,263	Photo-Me International Plc		17,281
	128,156	Polar Capital Holdings Plc		893,234
	21,145	Rathbones Group Plc		558,148
	165,065	Redrow Plc		1,082,050
	10,616	Renew Holdings Plc		92,510
	137,598	Renishaw Plc		7,271,664
	754,450	Rightmove Plc		5,799,532
	5,893	RM Plc		10,086
	805	Robert Walters Plc		6,263
	4,648,510	Rotork Plc		16,960,211
	2,327,726	Royal Mail Plc		9,977,332
	491,823	Safestore Holdings Plc REIT		7,737,246
	135,410	Sage Group Plc (The)		1,242,603
	53,484	Sanderson Design Group Plc		112,060
	153,914	Savills Plc		2,070,544
	82,465	Segro Plc REIT		1,380,637
	38,517	Senior Plc(a)		61,977
	320,158	Serica Energy Plc		1,406,546
	917,297	SIG Plc(a)		474,230
	314,927	Smiths Group Plc		5,762,944
	31,590	Spectris Plc		1,155,369
	463,550	Speedy Hire Plc		300,808
	7,410	Spirax-Sarco Engineering Plc		1,118,136
	389,129	Spirent Communications Plc		1,125,122
	732,916	St. James’s Place Plc		11,777,660
	734,368	Standard Chartered Plc		5,020,376
	390,524	SThree Plc		1,800,279
	9,253	Stolt-Nielsen Ltd.		167,143
	292,250	Synthomer Plc		1,111,999
	76,870	Telecom Plus Plc		1,585,764
	1,896,884	Trainline Plc(a)(b)(c)		6,696,712
	199,497	Travis Perkins Plc		3,042,812
	33,512	UK Commercial Property REIT Ltd.		36,923
	60,862	Vertu Motors Plc		39,490
	233,385	Victrex Plc		5,321,953
	2,945	Vitec Group Plc (The)		45,764
	440,135	Watkin Jones Plc		1,367,774
	479,779	YouGov Plc		7,560,324
				467,466,889
UNITED STATES — 40.4%
	589,055	A.O. Smith Corp.		34,418,484
	272,451	Advance Auto Parts, Inc.		54,389,393
	159,744	AeroVironment, Inc.(a)		12,830,638
	217,198	Agilysys, Inc.(a)		7,995,058
	105,000	Albany International Corp. - Class A		8,213,100
	368,245	Alnylam Pharmaceuticals, Inc.(a)		49,134,930
	465,000	Altra Industrial Motion Corp.		18,135,000

Shares			Value
UNITED STATES (continued)
	116,080	Ambarella, Inc.(a)	$	9,527,846
	137,659	ANSYS, Inc.(a)		37,951,210
	306,699	Appian Corp.(a)		14,660,212
	370,000	Asana, Inc. - Class A(a)		9,916,000
	309,728	Aspen Technology, Inc.(a)		49,104,277
	295,000	AtriCure, Inc.(a)		15,319,350
	63,310	Avidity Biosciences, Inc.(a)		905,333
	145,712	Axon Enterprise, Inc.(a)		16,348,886
	220,000	Axonics, Inc.(a)		11,400,400
	615,000	Barnes Group, Inc.		20,651,700
	207,681	Benefitfocus, Inc.(a)		2,211,803
	472,160	BioCryst Pharmaceuticals, Inc.(a)		4,386,366
	220,000	Blackbaud, Inc.(a)		12,762,200
	612,574	Blackline, Inc.(a)		41,073,087
	745,000	BRP Group, Inc. - Class A(a)		17,224,400
	313,732	Burlington Stores, Inc.(a)		63,863,286
	735,000	Cardiovascular Systems, Inc.(a)		13,744,500
	234,228	Cardlytics, Inc.(a)		7,994,202
	291,255	Carlisle Cos, Inc.		75,539,897
	341,340	CDW Corp.		55,699,861
	350,000	Central Garden & Pet Co. - Class A(a)		14,483,000
	105,521	CEVA, Inc.(a)		3,834,633
	20,305	Chase Corp.		1,712,930
	606,213	Chegg, Inc.(a)		14,997,710
	146,063	Chinook Therapeutics, Inc.(a)		2,209,933
	1,241,194	Codexis, Inc.(a)		14,931,564
	195,000	Community Bank System, Inc.		12,558,000
	285,000	CONMED Corp.		37,893,600
	208,436	Cooper Cos, Inc. (The)		75,253,733
	155,000	CSW Industrials, Inc.		16,354,050
	615,000	CVB Financial Corp.		14,157,300
	194,873	Digimarc Corp.(a)		5,041,365
	97,680	Domino’s Pizza, Inc.		33,015,840
	319,268	Dover Corp.		42,558,424
	600,000	elf Beauty, Inc.(a)		14,598,000
	195,000	Envestnet, Inc.(a)		15,529,800
	296,392	Envista Holdings Corp.(a)		11,743,051
	290,013	Equifax, Inc.		59,023,446
	233,055	ESCO Technologies, Inc.		14,554,285
	180,155	European Wax Center, Inc. - Class A		4,945,255
	140,876	Everbridge, Inc.(a)		6,071,756
	185,122	EverQuote, Inc. - Class A(a)		2,569,493
	910,000	Evoqua Water Technologies Corp.(a)		37,937,900
	269,511	Exact Sciences Corp.(a)		14,836,581
	321,424	Expedia Group, Inc.(a)		56,168,844
	160,000	Freshpet, Inc.(a)		14,936,000
	810,000	Freshworks, Inc. - Class A(a)		14,717,700
	275,000	German American Bancorp, Inc.		9,652,500
	160,000	Gibraltar Industries, Inc.(a)		6,054,400
	303,911	Glaukos Corp.(a)		14,371,951
	350,000	Globus Medical, Inc. - Class A(a)		23,177,000
	85,905	HashiCorp, Inc. - Class A(a)		4,044,407
	163,045	HEICO Corp.		23,026,845

Shares			Value
UNITED STATES (continued)
	500,000	Honest Co., Inc. (The)(a)	$	1,980,000
	1,155,000	Hostess Brands, Inc.(a)		26,206,950
	1,028,080	IAA, Inc.(a)		37,679,132
	300,000	Independent Bank Corp.		23,148,000
	285,850	Ingersoll Rand, Inc.		12,565,966
	200,000	Innospec, Inc.		19,062,000
	166,529	Inspire Medical Systems, Inc.(a)		34,265,007
	585,000	Integra LifeSciences Holdings Corp.(a)		35,778,600
	76,268	IPG Photonics Corp.(a)		7,205,801
	141,141	iRobot Corp.(a)		7,148,792
	120,000	J & J Snack Foods Corp.		17,964,000
	350,000	John Bean Technologies Corp.		41,261,500
	475,000	John Wiley & Sons, Inc. - Class A		24,172,750
	264,240	Jones Lang LaSalle, Inc.(a)		57,797,215
	166,523	Laboratory Corp. of America Holdings(a)		40,012,146
	210,000	Lancaster Colony Corp.		32,587,800
	201,719	Lantheus Holdings, Inc.(a)		13,396,159
	275,641	Legend Biotech Corp. - ADR(a)		11,066,986
	134,240	LendingTree, Inc.(a)		10,661,341
	810,000	Leslie’s, Inc.(a)		15,876,000
	460,800	Lincoln Electric Holdings, Inc.		62,083,584
	252,660	LivePerson, Inc.(a)		5,715,169
	217,246	LiveRamp Holdings, Inc.(a)		6,804,145
	33,884	Madrigal Pharmaceuticals, Inc.(a)		2,371,880
	113,141	MarketAxess Holdings, Inc.		29,825,099
	30,000	Masimo Corp.(a)		3,389,100
	533,546	Match Group, Inc.(a)		42,230,166
	198,263	MaxCyte, Inc.(a)		1,098,377
	275,000	MGP Ingredients, Inc.		25,115,750
	500,569	Model N, Inc.(a)		12,934,703
	230,000	Montrose Environmental Group, Inc.(a)		10,435,100
	290,000	MSA Safety, Inc.		35,000,100
	359,247	Myriad Genetics, Inc.(a)		7,364,564
	28,314	NanoString Technologies, Inc.(a)		531,737
	341,265	Nasdaq, Inc.		53,704,873
	57,032	Nevro Corp.(a)		3,518,304
	525,000	New Relic, Inc.(a)		33,216,750
	101,075	Novanta, Inc.(a)		13,008,353
	125,000	Omnicell, Inc.(a)		13,646,250
	425,000	Outset Medical, Inc.(a)		14,824,000
	285,647	Pacira BioSciences, Inc.(a)		21,300,697
	165,000	Palomar Holdings, Inc.(a)		8,984,250
	129,773	Paycom Software, Inc.(a)		36,527,206
	105,000	Penumbra, Inc.(a)		18,118,800
	241,180	Progyny, Inc.(a)		9,273,371
	225,000	Prosperity Bancshares, Inc.		14,710,500
	535,000	Pulmonx Corp.(a)		12,893,500
	1,370,000	Pure Storage, Inc. - Class A(a)		40,141,000
	3,304,860	PureTech Health Plc(a)		6,998,554
	669,947	Q2 Holdings, Inc.(a)		34,656,358
	80,000	RBC Bearings, Inc.(a)		13,468,000

Shares			Value
UNITED STATES (continued)
	47,499	Relay Therapeutics, Inc.(a)	$	1,131,901
	201,626	Rubius Therapeutics, Inc.(a)		334,699
	275,000	SailPoint Technologies Holding, Inc.(a)		17,553,250
	885,000	Sally Beauty Holdings, Inc.(a)		13,381,200
	293,567	Schrodinger, Inc.(a)		7,256,976
	300,000	Selective Insurance Group, Inc.		24,708,000
	205,000	Sensient Technologies Corp.		17,343,000
	160,000	Shake Shack, Inc. - Class A(a)		9,252,800
	83,304	Shockwave Medical, Inc.(a)		12,589,734
	380,000	SI-BONE, Inc.(a)		7,592,400
	745,000	Simply Good Foods Co. (The)(a)		31,029,250
	94,163	Splunk, Inc.(a)		11,489,769
	160,398	Sprout Social, Inc. - Class A(a)		9,829,189
	597,945	SS&C Technologies Holdings, Inc.		38,663,124
	475,643	STAAR Surgical Co.(a)		27,154,459
	130,000	Standex International Corp.		12,225,200
	320,875	STERIS Plc		71,892,044
	150,000	Stock Yards Bancorp, Inc.		7,842,000
	247,050	Stratasys Ltd.(a)		4,790,300
	775,000	Sumo Logic, Inc.(a)		7,269,500
	164,132	Synopsys, Inc.(a)		47,071,416
	350,000	Tactile Systems Technology, Inc.(a)		5,908,000
	299,889	Teladoc Health, Inc.(a)		10,124,253
	207,749	Teleflex, Inc.		59,337,269
	520,000	Tenable Holdings, Inc.(a)		28,719,600
	38,863	Tesla, Inc.(a)		33,840,346
	85,000	Transcat, Inc.(a)		6,205,000
	675,000	TriMas Corp.		19,939,500
	234,121	Trupanion, Inc.(a)		14,894,778
	280,000	UMB Financial Corp.		25,250,400
	1,030,656	Upwork, Inc.(a)		21,612,856
	2,428,030	US Foods Holding Corp.(a)		91,342,489
	1,150,000	Utz Brands, Inc.		16,238,000
	300,000	Vapotherm, Inc.(a)		1,332,000
	250,817	Varex Imaging Corp.(a)		4,978,717
	345,580	Veeco Instruments, Inc.(a)		7,920,694
	490,000	Veracyte, Inc.(a)		10,030,300
	281,234	Verastem, Inc.(a)		399,352
	2,755,750	ViewRay, Inc.(a)		7,357,852
	105,000	Washington Trust Bancorp, Inc.		4,928,700
	88,181	Wayfair, Inc. - Class A(a)		6,784,646
	286,375	WEX, Inc.(a)		47,606,980
	145,000	Wingstop, Inc.		13,305,200
	226,238	Wolfspeed, Inc.(a)		20,748,287
	543,905	Wolverine World Wide, Inc.		10,780,197
	275,000	Workiva, Inc.(a)		26,540,250
	205,000	WSFS Financial Corp.		8,214,350
	400,180	Wyndham Hotels & Resorts, Inc.		35,199,833
	1,295,000	Yext, Inc.(a)		7,498,050
	385,000	Zevia PBC - Class A(a)		1,324,400
	111,597	Zillow Group, Inc. - Class A(a)		4,313,224
	488,082	Zillow Group, Inc. - Class C(a)		19,435,425

Shares			Value
UNITED STATES (continued)
	900,978	Zuora, Inc. - Class A(a)	$	10,964,902
				3,329,565,161
VIETNAM — 0.0%
	563,790	Vietnam National Petroleum Group		1,174,517
Total Common Stocks (Cost $6,719,687,083)				7,027,551,391

RIGHTS/WARRANTS — 0.0%
SWITZERLAND — 0.0%
	4,820	Mobimo Holding AG Rights, Expire 05/03/22(a)		16,798
THAILAND — 0.0%
	2,510,366	Banpu Public Co. Ltd. Warrants, Expire 09/30/22(a)		447,102
	2,510,366	Banpu Public Co. Ltd. Warrants, Expire 09/30/23(a)		244,806
				691,908
UNITED STATES — 0.0%
	146,063	Aduro Biotech CVR Rights, Expire 01/02/24(a)(d)(e)		0
Total Rights/Warrants (Cost $0)				708,706

EXCHANGE-TRADED FUNDS — 11.8%
	1,383,000	Consumer Staples Select Sector SPDR Fund		107,376,120
	789,535	Energy Select Sector SPDR Fund		59,333,555
	1,053,265	FlexShares Global Upstream Natural Resources Index Fund		47,059,880
	479,985	Health Care Select Sector SPDR Fund		62,537,246
	356,500	iShares Russell 2000 Value ETF		53,054,330
	901,000	Materials Select Sector SPDR Fund		76,612,030
	1,333,800	SPDR S&P Metals & Mining ETF		74,972,898
	608,750	SPDR S&P Oil & Gas Exploration & Production ETF		80,239,337
	781,435	SPDR S&P Regional Banking ETF		48,323,940
	3,510,805	VanEck Junior Gold Miners ETF		150,789,075
	238,000	Vanguard Consumer Staples ETF		47,626,180
	640,000	Vanguard Energy ETF		67,360,000
	339,500	Vanguard Mid-Cap Value ETF		48,307,455
	294,850	Vanguard Small-Cap Value ETF		48,588,332
Total Exchange-Traded Funds (Cost $935,504,036)				972,180,378

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 0.3%
U.S. Treasury Bills — 0.3%
$	20,000,000	0.33%, 05/26/22(f)	$	19,995,830
Total U.S. Government Securities (Cost $19,995,560)				19,995,830

Shares
INVESTMENT COMPANY — 0.2%
	20,063,233	SEI Daily Income Trust Government II Fund - Class A, 0.19%(g)		20,063,233
Total Investment Company (Cost $20,063,233)				20,063,233

CASH SWEEP — 2.5%
	207,264,451	Citibank - US Dollars on Deposit in Custody Account, 0.03%(g)		207,264,451
Total Cash Sweep (Cost $207,264,451)				207,264,451

Contracts
PUT OPTIONS PURCHASED — 0.2%
	26,300	iShares Russell 2000 ETF, Strike $180.00, Expires 05/20/22, (Notional amount $4,734,000)		10,835,600
	16,600	SPDR S&P Metals & Mining ETF, Strike $52.00, Expires 05/20/22, (Notional amount $863,200)		996,000
	14,567	SPDR S&P Oil & Gas Exploration & Production ETF, Strike $115.00, Expires 05/20/22, (Notional amount $1,675,205)		2,534,658
Total Put Options Purchased (Cost $14,255,563)				14,366,258

TOTAL INVESTMENTS — 100.2% (Cost $7,916,769,926)			$	8,262,130,247
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(14,578,518	)
NET ASSETS — 100.0%			$	8,247,551,729

(a)	Non-income producing security.
(b)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.

(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(d)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Argentina		0.2	%
Australia		2.5
Austria		0.1
Belgium		0.4
Bermuda		0.3
Brazil		0.5
Canada		3.9
Chile		0.0	*
China		3.0
Costa Rica		0.0	*
Denmark		1.4
Finland		0.5
France		1.4
Georgia		0.0	*
Germany		1.7
Greece		0.2
Hong Kong		0.8
Iceland		0.1
India		0.7
Indonesia		0.0	*
Ireland		0.2
Israel		3.1
Italy		0.7
Japan		6.7
Jersey Channel Islands		0.3
Luxembourg		0.0	*
Netherlands		1.4
New Zealand		0.3

Country:	Percentage of Net Assets
Norway		0.6	%
Peru		0.1
Poland		0.2
Portugal		0.1
Russia		0.0	*
Singapore		0.4
South Africa		0.3
South Korea		0.9
Spain		0.5
Sweden		1.4
Switzerland		2.3
Taiwan		0.8
Thailand		0.4
Turkey		0.7
United Kingdom		5.7
United States		40.4
Vietnam		0.0	*
Other**		14.8
		100.0	%

*	Represents less than 0.01% of net assets.
**	Includes cash and equivalents, options, exchange-traded funds, rights/ warrants, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Value
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	27,600	MetLife, Inc., Series F, 4.75%	$	621,828
	38,900	Morgan Stanley, Series K, 5.85%		981,447
	31,500	Public Storage, Series O, 3.90%		580,230
	28,500	US Bancorp, Series L, 3.75%		486,210
	122,100	Wells Fargo & Co., Series Z, 4.75%		2,374,845
Total Preferred Stocks (Cost $6,547,572)				5,044,560

EXCHANGE-TRADED FUNDS — 19.4%
UNITED STATES — 19.4%
	15,403,309	Invesco Preferred ETF		192,079,263
	1,368,761	iShares JP Morgan USD Emerging Markets Bond ETF		124,393,000
	386,436	iShares MBS ETF		37,909,372
	1,769,837	iShares Preferred & Income Securities ETF		60,085,966
	1,829,973	SPDR Bloomberg Convertible Securities ETF		129,799,985
Total Exchange-Traded Funds (Cost $621,798,676)				544,267,586

Principal Amount
BANK LOANS — 0.3%
UNITED STATES — 0.3%
$	5,000,000	Caliber Home Loans, Inc., (1 mo. LIBOR USD + 2.875%), 2.98%, 07/24/25(a)		4,987,500
	4,371,648	Vaca Morada, 2.80%, 03/25/24(a)		4,371,648
Total Bank Loans (Cost $9,371,647)				9,359,148

CORPORATE BONDS — 9.8%
AUSTRALIA — 0.0%
	150,000	Mineral Resources Ltd., 8.00%, 11/01/27(b)		149,437
	650,000	Mineral Resources Ltd., 8.50%, 05/01/30(b)		645,125
				794,562
CANADA — 0.4%
	1,000,000	1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(b)		920,000
	400,000	Bombardier, Inc., 7.50%, 12/01/24(b)		398,000

Principal Amount			Value
CANADA (continued)
$	1,250,000	Brookfield Residential Properties, Inc./ Brookfield Residential US LLC, 6.25%, 09/15/27(b)	$	1,172,750
	1,125,000	First Quantum Minerals Ltd., 6.50%, 03/01/24(b)		1,126,597
	1,000,000	First Quantum Minerals Ltd., 6.88%, 03/01/26(b)		1,005,000
	1,325,000	GFL Environmental, Inc., 3.75%, 08/01/25(b)		1,255,437
	1,100,000	goeasy Ltd., 5.38%, 12/01/24(b)		1,078,000
	1,150,000	MEG Energy Corp., 7.13%, 02/01/27(b)		1,167,825
	350,000	MEG Energy Corp., 5.88%, 02/01/29(b)		342,605
	600,000	Methanex Corp., 5.25%, 12/15/29		573,399
	500,000	NOVA Chemicals Corp., 4.88%, 06/01/24(b)		493,125
	500,000	NOVA Chemicals Corp., 5.25%, 06/01/27(b)		476,250
	500,000	Telesat Canada/Telesat LLC, 4.88%, 06/01/27(b)		340,000
	275,000	Vermilion Energy, Inc., 6.88%, 05/01/30(b)		268,469
				10,617,457
CAYMAN ISLANDS — 0.0%
	762,952	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(b)		805,685
GERMANY — 0.0%
	500,000	Deutsche Bank AG, (5 yr. Swap Semi 30/360 USD + 2.248%), 4.30%, 05/24/28(c)		490,573
IRELAND — 0.1%
	1,500,000	Castlelake Aviation Finance DAC, 5.00%, 04/15/27(b)		1,350,000
	1,103,000	LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)		1,096,134
				2,446,134
ITALY — 0.1%
	1,500,000	Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)		1,493,642

Principal Amount			Value
ITALY (continued)
$	1,525,000	UniCredit SpA, (USD Swap Rate 11:00 am NY 5 + 3.703%), 5.86%, 06/19/32(b)(c)	$	1,453,914
				2,947,556
LUXEMBOURG — 0.2%
	525,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28(b)		464,625
	1,650,000	Altice Financing SA, 5.00%, 01/15/28(b)		1,377,750
	1,000,000	Altice France Holding SA, 6.00%, 02/15/28(b)		825,830
	900,000	Consolidated Energy Finance SA, 5.63%, 10/15/28(b)		832,500
	600,000	Telecom Italia Capital SA, 6.38%, 11/15/33		524,250
	500,000	Telecom Italia Capital SA, 7.20%, 07/18/36		451,032
	500,000	Venator Finance Sarl/Venator Materials LLC, 9.50%, 07/01/25(b)		520,625
				4,996,612
MALTA — 0.0%
	825,000	VistaJet Malta Finance Plc/XO Management Holding, Inc., 6.38%, 02/01/30(b)		721,875
NETHERLANDS — 0.1%
	1,000,000	Alcoa Nederland Holding BV, 5.50%, 12/15/27(b)		994,855
	1,075,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26		921,834
	1,000,000	UPC Holding BV, 5.50%, 01/15/28(b)		945,840
				2,862,529
UNITED KINGDOM — 0.1%
	200,000	INEOS Quattro Finance 2 Plc, 3.38%, 01/15/26(b)		182,600
	1,400,000	Jaguar Land Rover Automotive Plc, 7.75%, 10/15/25(b)		1,400,616
	1,050,000	Jaguar Land Rover Automotive Plc, 5.50%, 07/15/29(b)		873,978
				2,457,194

Principal Amount			Value
UNITED STATES — 8.8%
$	1,000,000	Abercrombie & Fitch Management Co., 8.75%, 07/15/25(b)	$	1,045,241
	650,000	AdaptHealth LLC, 6.13%, 08/01/28(b)		614,250
	350,000	AdaptHealth LLC, 5.13%, 03/01/30(b)		301,000
	1,000,000	Adient Global Holdings Ltd., 4.88%, 08/15/26(b)		891,730
	375,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(b)		340,781
	750,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 7.50%, 03/15/26(b)		788,299
	500,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28(b)		485,625
	750,000	Alliance Data Systems Co., 4.75%, 12/15/24(b)		727,500
	1,850,000	Alliance Data Systems Co., 7.00%, 01/15/26(b)		1,872,755
	1,200,000	Allison Transmission, Inc., 5.88%, 06/01/29(b)		1,184,676
	381,965	Ambac Assurance Corp., 5.10%(b)(d)		381,965
	1,025,000	American Airlines, Inc., 11.75%, 07/15/25(b)		1,178,750
	925,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(b)		916,906
	1,725,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(b)		1,662,167
	235,000	American Axle & Manufacturing, Inc., 6.25%, 03/15/26		223,544
	1,475,000	American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29(b)		1,303,015
	825,000	AMN Healthcare, Inc., 4.63%, 10/01/27(b)		792,000
	725,000	AMN Healthcare, Inc., 4.00%, 04/15/29(b)		656,125
	520,000	Antero Resources Corp., 8.38%, 07/15/26(b)		560,378
	271,000	Antero Resources Corp., 7.63%, 02/01/29(b)		287,152
	375,000	Antero Resources Corp., 5.38%, 03/01/30(b)		366,409

Principal Amount			Value
UNITED STATES (continued)
$	1,175,000	Aramark Services, Inc., 6.38%, 05/01/25(b)	$	1,196,796
	975,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(b)		945,750
	1,250,000	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance Plc, 3.25%, 09/01/28(b)		1,090,625
	1,075,000	Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 8.25%, 12/31/28(b)		1,118,000
	750,000	At Home Group, Inc., 7.13%, 07/15/29(b)		559,613
	3,930,000	Bank of America Corp., Series FF, (3 mo. LIBOR USD + 2.931%), 5.88%(c)(d)		3,747,059
	630,000	Bank of New York Mellon Corp. (The), Series F, (3 mo. LIBOR USD + 3.131%), 4.63%(c)(d)		589,050
	1,000,000	Bath & Body Works, Inc., 6.63%, 10/01/30(b)		994,605
	750,000	Bath & Body Works, Inc., 6.75%, 07/01/36		727,500
	1,325,000	Bausch Health Cos, Inc., 6.13%, 04/15/25(b)		1,329,969
	800,000	Bausch Health Cos, Inc., 6.13%, 02/01/27(b)		768,088
	600,000	Bausch Health Cos, Inc., 7.00%, 01/15/28(b)		491,820
	500,000	Bausch Health Cos, Inc., 5.00%, 01/30/28(b)		368,900
	775,000	Bausch Health Cos, Inc., 6.25%, 02/15/29(b)		564,014
	775,000	BellRing Brands, Inc., 7.00%, 03/15/30(b)		757,563
	1,000,000	Berry Global, Inc., 5.63%, 07/15/27(b)		996,270
	600,000	Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)		613,500
	1,500,000	Blackstone Mortgage Trust, Inc. REIT, 3.75%, 01/15/27(b)		1,368,750
	1,575,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(b)		1,622,250
	1,000,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(b)		1,001,250

Principal Amount			Value
UNITED STATES (continued)
$	1,498,000	Boyd Gaming Corp., 8.63%, 06/01/25(b)	$	1,563,537
	1,050,000	Brink’s Co. (The), 5.50%, 07/15/25(b)		1,053,150
	625,000	Buckeye Partners LP, 4.50%, 03/01/28(b)		570,313
	300,000	Burford Capital Global Finance LLC, 6.25%, 04/15/28(b)		295,276
	325,000	Cablevision Lightpath LLC, 3.88%, 09/15/27(b)		285,798
	700,000	Cablevision Lightpath LLC, 5.63%, 09/15/28(b)		599,816
	1,500,000	Caesars Entertainment, Inc., 6.25%, 07/01/25(b)		1,516,305
	826,000	Caesars Entertainment, Inc., 8.13%, 07/01/27(b)		863,170
	1,300,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)		1,327,625
	1,350,000	Carnival Corp., 10.50%, 02/01/26(b)		1,485,000
	1,775,000	Carnival Corp., 5.75%, 03/01/27(b)		1,607,289
	450,000	Carnival Corp., 6.00%, 05/01/29(b)		403,875
	1,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 08/15/30(b)		1,090,625
	1,925,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31(b)		1,622,390
	800,000	CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)		771,128
	600,000	Centene Corp., 3.00%, 10/15/30		522,000
	250,000	Century Communities, Inc., 6.75%, 06/01/27		252,753
	1,670,000	Charles Schwab Corp. (The), Series H, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%), 4.00%(c)(d)		1,415,525
	1,525,000	CHS/Community Health Systems, Inc., 6.00%, 01/15/29(b)		1,441,415
	525,000	CHS/Community Health Systems, Inc., 5.25%, 05/15/30(b)		460,241
	650,000	Churchill Downs, Inc., 4.75%, 01/15/28(b)		607,808

Principal Amount			Value
UNITED STATES (continued)
$	1,175,000	CITGO Petroleum Corp., 7.00%, 06/15/25(b)	$	1,166,928
	350,000	Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27(b)		349,783
	1,500,000	Cleveland-Cliffs, Inc., 6.75%, 03/15/26(b)		1,571,175
	400,000	Commercial Metals Co., 4.13%, 01/15/30		364,000
	400,000	Commercial Metals Co., 4.38%, 03/15/32		357,000
	234,000	CommScope Technologies LLC, 6.00%, 06/15/25(b)		203,580
	500,000	CommScope, Inc., 6.00%, 03/01/26(b)		471,600
	775,000	CommScope, Inc., 4.75%, 09/01/29(b)		647,970
	500,000	Cornerstone Building Brands, Inc., 6.13%, 01/15/29(b)		416,025
	1,700,000	CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)		1,700,000
	1,900,000	CSC Holdings LLC, 6.50%, 02/01/29(b)		1,805,000
	1,000,000	CSC Holdings LLC, 4.50%, 11/15/31(b)		827,738
	400,000	CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28(b)		392,000
	1,025,000	Dana, Inc., 4.50%, 02/15/32		845,625
	700,000	DCP Midstream Operating LP, 3.25%, 02/15/32		593,607
	1,600,000	Delta Air Lines, Inc., 7.38%, 01/15/26		1,704,000
	650,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b)		611,813
	1,000,000	DISH DBS Corp., 5.00%, 03/15/23		990,680
	1,575,000	DISH DBS Corp., 7.38%, 07/01/28		1,386,000
	750,000	DISH DBS Corp., 5.13%, 06/01/29		585,623
	575,000	Dycom Industries, Inc., 4.50%, 04/15/29(b)		524,688
	550,000	Embarq Corp., 8.00%, 06/01/36		496,603
	550,000	Embecta Corp., 5.00%, 02/15/30(b)		496,375

Principal Amount			Value
UNITED STATES (continued)
$	250,000	Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(b)	$	254,740
	1,050,000	EQM Midstream Partners LP, 6.50%, 07/01/27(b)		1,060,500
	475,000	EQM Midstream Partners LP, 4.75%, 01/15/31(b)		426,479
	925,000	EQM Midstream Partners LP, 6.50%, 07/15/48		851,000
	425,000	Ford Motor Co., 6.63%, 10/01/28		440,406
	1,600,000	Ford Motor Co., 4.75%, 01/15/43		1,288,000
	575,000	Ford Motor Co., 5.29%, 12/08/46		493,062
	2,100,000	Ford Motor Credit Co. LLC, 4.06%, 11/01/24		2,054,141
	500,000	Ford Motor Credit Co. LLC, 4.00%, 11/13/30		433,750
	1,000,000	FXI Holdings, Inc., 7.88%, 11/01/24(b)		985,680
	725,000	Gap, Inc. (The), 3.88%, 10/01/31(b)		577,970
	500,000	GCI LLC, 4.75%, 10/15/28(b)		463,750
	625,000	Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25		593,750
	722,000	Global Infrastructure Solutions, Inc., 5.63%, 06/01/29(b)		656,969
	1,150,000	Global Infrastructure Solutions, Inc., 7.50%, 04/15/32(b)		1,069,637
	675,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29(b)		598,988
	975,000	GPD Cos, Inc., 10.13%, 04/01/26(b)		1,016,438
	400,000	Gray Escrow II, Inc., 5.38%, 11/15/31(b)		344,784
	750,000	Gray Television, Inc., 7.00%, 05/15/27(b)		775,313
	975,000	Gray Television, Inc., 4.75%, 10/15/30(b)		842,693
	250,000	Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)		251,087
	750,000	Griffon Corp., 5.75%, 03/01/28		669,375
	1,000,000	Gulfport Energy Corp., 8.00%, 05/17/26(b)		1,028,570

Principal Amount			Value
UNITED STATES (continued)
$	1,250,000	H&E Equipment Services, Inc., 3.88%, 12/15/28(b)	$	1,088,806
	1,725,000	Harvest Midstream I LP, 7.50%, 09/01/28(b)		1,750,875
	250,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 6.00%, 04/15/25(b)		253,750
	775,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 3.38%, 06/15/26(b)		711,861
	1,400,000	Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/25(b)		1,377,250
	1,000,000	Herc Holdings, Inc., 5.50%, 07/15/27(b)		979,700
	325,000	Hertz Corp. (The), 4.63%, 12/01/26(b)		296,244
	525,000	Hertz Corp. (The), 5.00%, 12/01/29(b)		458,063
	1,275,000	Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 02/01/31(b)		1,227,481
	1,175,000	Hilton Domestic Operating Co., Inc., 5.75%, 05/01/28(b)		1,191,744
	1,125,000	Hilton Domestic Operating Co., Inc., 3.63%, 02/15/32(b)		952,729
	300,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(b)		270,750
	1,125,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/31(b)		982,463
	425,000	Howard Midstream Energy Partners LLC, 6.75%, 01/15/27(b)		411,768
	1,200,000	Hughes Satellite Systems Corp., 6.63%, 08/01/26		1,194,000
	1,000,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25		995,000
	1,350,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29		1,164,686
	350,000	iHeartCommunications, Inc., 8.38%, 05/01/27		346,500
	1,000,000	International Game Technology Plc, 6.50%, 02/15/25(b)		1,017,500

Principal Amount			Value
UNITED STATES (continued)
$	1,250,000	IQVIA, Inc., 5.00%, 05/15/27(b)	$	1,238,525
	975,000	IRB Holding Corp., 7.00%, 06/15/25(b)		998,215
	750,000	JB Poindexter & Co., Inc., 7.13%, 04/15/26(b)		751,328
	4,810,000	JPMorgan Chase & Co., Series HH, (SOFR RATE + 3.125%), 4.60%(c)(d)		4,426,980
	1,250,000	Kaiser Aluminum Corp., 4.50%, 06/01/31(b)		1,078,125
	675,000	KB Home, 4.00%, 06/15/31		577,125
	1,075,000	Kennedy-Wilson, Inc., 4.75%, 02/01/30		972,875
	725,000	Kennedy-Wilson, Inc., 5.00%, 03/01/31		654,334
	300,000	Koppers, Inc., 6.00%, 02/15/25(b)		290,250
	534,000	LABL, Inc., 10.50%, 07/15/27(b)		515,310
	400,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.75%, 06/15/29(b)		359,880
	550,000	LBM Acquisition LLC, 6.25%, 01/15/29(b)		447,563
	925,000	LCM Investments Holdings II LLC, 4.88%, 05/01/29(b)		810,596
	1,100,000	Legacy LifePoint Health LLC, 6.75%, 04/15/25(b)		1,122,000
	250,000	Legacy LifePoint Health LLC, 4.38%, 02/15/27(b)		231,250
	700,000	Level 3 Financing, Inc., 3.75%, 07/15/29(b)		568,750
	550,000	Live Nation Entertainment, Inc., 4.88%, 11/01/24(b)		543,125
	600,000	Live Nation Entertainment, Inc., 5.63%, 03/15/26(b)		592,500
	1,675,000	LogMeIn, Inc., 5.50%, 09/01/27(b)		1,465,625
	1,125,000	LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26(b)		1,014,851
	1,000,000	Lumen Technologies, Inc., 5.63%, 04/01/25		975,000
	1,000,000	Lumen Technologies, Inc., 5.13%, 12/15/26(b)		900,000
	575,000	Lumen Technologies, Inc., 5.38%, 06/15/29(b)		468,904

Principal Amount			Value
UNITED STATES (continued)
$	1,300,000	Lumen Technologies, Inc., Series Y, 7.50%, 04/01/24	$	1,335,100
	550,000	Manitowoc Co., Inc. (The), 9.00%, 04/01/26(b)		569,250
	1,425,000	Masonite International Corp., 5.38%, 02/01/28(b)		1,364,295
	1,275,000	Match Group Holdings II LLC, 5.00%, 12/15/27(b)		1,243,125
	1,100,000	Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)		1,073,050
	1,250,000	Maxar Space Robotics LLC, 9.75%, 12/31/23(b)		1,332,812
	1,000,000	Meritage Homes Corp., 3.88%, 04/15/29(b)		894,750
	600,000	Meritor, Inc., 6.25%, 06/01/25(b)		621,300
	525,000	Michaels Cos., Inc. (The), 7.88%, 05/01/29(b)		413,437
	825,000	Midcap Financial Issuer Trust, 6.50%, 05/01/28(b)		711,562
	500,000	Midcap Financial Issuer Trust, 5.63%, 01/15/30(b)		398,135
	750,000	Midcontinent Communications/ Midcontinent Finance Corp., 5.38%, 08/15/27(b)		733,125
	1,350,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)		1,377,000
	400,000	Millennium Escrow Corp., 6.63%, 08/01/26(b)		369,600
	425,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30(b)		367,625
	325,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29(b)		284,375
	1,150,000	ModivCare, Inc., 5.88%, 11/15/25(b)		1,127,000
	1,325,000	Molina Healthcare, Inc., 4.38%, 06/15/28(b)		1,238,424
	800,000	Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29(b)		698,000
	975,000	MPH Acquisition Holdings LLC, 5.75%, 11/01/28(b)		847,802
	825,000	Murphy Oil Corp., 6.38%, 07/15/28		839,438
	1,650,000	Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/28(b)		1,501,500

Principal Amount			Value
UNITED STATES (continued)
$	1,750,000	Navient Corp., 5.50%, 01/25/23	$	1,758,750
	300,000	NCL Corp. Ltd., 5.88%, 02/15/27(b)		285,972
	825,000	New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(b)		754,083
	1,000,000	Newell Brands, Inc., 4.45%, 04/01/26		991,440
	725,000	Nexstar Media, Inc., 5.63%, 07/15/27(b)		705,519
	550,000	Nexstar Media, Inc., 4.75%, 11/01/28(b)		499,125
	1,300,000	Northern Oil and Gas, Inc., 8.13%, 03/01/28(b)		1,293,500
	1,000,000	Novelis Corp., 4.75%, 01/30/30(b)		919,730
	750,000	Occidental Petroleum Corp., 5.50%, 12/01/25		763,125
	1,225,000	Occidental Petroleum Corp., 6.63%, 09/01/30		1,327,594
	1,000,000	Occidental Petroleum Corp., 4.30%, 08/15/39		849,350
	575,000	Occidental Petroleum Corp., 6.20%, 03/15/40		595,125
	500,000	Occidental Petroleum Corp., 4.40%, 04/15/46		428,800
	500,000	OneMain Finance Corp., 6.13%, 03/15/24		501,915
	500,000	OneMain Finance Corp., 7.13%, 03/15/26		506,250
	600,000	OneMain Finance Corp., 5.38%, 11/15/29		540,000
	1,000,000	Open Text Holdings, Inc., 4.13%, 02/15/30(b)		887,500
	1,450,000	Option Care Health, Inc., 4.38%, 10/31/29(b)		1,303,506
	1,675,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(b)		1,552,105
	425,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(b)		384,094
	800,000	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.38%, 06/01/25(b)		814,000
	950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25(b)		961,875

Principal Amount			Value
UNITED STATES (continued)
$	600,000	Patrick Industries, Inc., 4.75%, 05/01/29(b)	$	514,500
	1,221,000	Performance Food Group, Inc., 5.50%, 10/15/27(b)		1,182,697
	500,000	PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/28(b)		466,085
	525,000	PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(b)		522,375
	700,000	PGT Innovations, Inc., 4.38%, 10/01/29(b)		614,201
	625,000	Pilgrim’s Pride Corp., 4.25%, 04/15/31(b)		570,312
	350,000	Post Holdings, Inc., 5.75%, 03/01/27(b)		345,187
	550,000	PRA Group, Inc., 5.00%, 10/01/29(b)		508,750
	725,000	Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29(b)		580,000
	1,650,000	Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)		1,654,125
	250,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(b)		230,223
	1,375,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/28(b)		1,200,375
	1,250,000	Range Resources Corp., 8.25%, 01/15/29		1,340,250
	253,000	Rayonier AM Products, Inc., 7.63%, 01/15/26(b)		240,350
	250,000	Rent-A-Center, Inc., 6.38%, 02/15/29(b)		217,813
	596,000	Rite Aid Corp., 7.50%, 07/01/25(b)		510,265
	675,000	Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)		631,820
	1,000,000	Rockies Express Pipeline LLC, 4.80%, 05/15/30(b)		915,945
	1,500,000	Royal Caribbean Cruises Ltd., 9.13%, 06/15/23(b)		1,548,502
	750,000	Royal Caribbean Cruises Ltd., 11.50%, 06/01/25(b)		815,400
	1,050,000	Royal Caribbean Cruises Ltd., 5.50%, 08/31/26(b)		976,873
	1,025,000	Royal Caribbean Cruises Ltd., 5.38%, 07/15/27(b)		940,437

Principal Amount			Value
UNITED STATES (continued)
$	275,000	RP Escrow Issuer LLC, 5.25%, 12/15/25(b)	$	255,750
	975,000	Sabre GLBL, Inc., 7.38%, 09/01/25(b)		984,750
	481,096	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		425,344
	675,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)		615,937
	550,000	Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32		459,250
	650,000	Scripps Escrow, Inc., 5.88%, 07/15/27(b)		620,750
	2,350,000	Select Medical Corp., 6.25%, 08/15/26(b)		2,332,375
	1,475,000	Service Corp. International, 4.00%, 05/15/31		1,327,500
	700,000	Service Properties Trust REIT, 5.00%, 08/15/22		697,108
	1,000,000	Service Properties Trust REIT, 4.35%, 10/01/24		925,000
	1,325,000	Service Properties Trust REIT, 5.50%, 12/15/27		1,195,812
	400,000	Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28(b)		358,000
	1,025,000	Sirius XM Radio, Inc., 3.13%, 09/01/26(b)		944,281
	1,300,000	Sirius XM Radio, Inc., 4.00%, 07/15/28(b)		1,174,875
	4,765,000	Sitka Holdings LLC, (3 mo. LIBOR USD + 4.500%), 5.51%, 07/06/26(b)(e)		4,592,266
	1,155,000	Six Flags Entertainment Corp., 4.88%, 07/31/24(b)		1,150,380
	675,000	SM Energy Co., 6.75%, 09/15/26		671,598
	115,000	Southwestern Energy Co., 5.95%, 01/23/25		116,654
	875,000	Southwestern Energy Co., 5.38%, 03/15/30		863,931
	650,000	Southwestern Energy Co., 4.75%, 02/01/32		615,063
	500,000	Spectrum Brands, Inc., 5.50%, 07/15/30(b)		465,302
	1,300,000	Spirit AeroSystems, Inc., 7.50%, 04/15/25(b)		1,319,097
	1,500,000	Sprint Capital Corp., 6.88%, 11/15/28		1,646,250

Principal Amount			Value
UNITED STATES (continued)
$	1,275,000	Sprint Corp., 7.88%, 09/15/23	$	1,330,781
	1,500,000	SRM Escrow Issuer LLC, 6.00%, 11/01/28(b)		1,440,000
	400,000	Starwood Property Trust, Inc. REIT, 5.50%, 11/01/23(b)		403,000
	300,000	Starwood Property Trust, Inc. REIT, 3.63%, 07/15/26(b)		273,750
	425,000	Station Casinos LLC, 4.63%, 12/01/31(b)		356,173
	325,000	Summer BC Bidco B LLC, 5.50%, 10/31/26(b)		312,065
	650,000	Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b)		609,375
	750,000	Sunnova Energy Corp., 5.88%, 09/01/26(b)		686,250
	750,000	Syneos Health, Inc., 3.63%, 01/15/29(b)		663,487
	475,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25(b)		484,747
	1,225,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(b)		1,133,125
	1,000,000	TEGNA, Inc., 4.63%, 03/15/28		962,200
	1,500,000	TEGNA, Inc., 5.00%, 09/15/29		1,455,000
	650,000	Tempur Sealy International, Inc., 3.88%, 10/15/31(b)		537,121
	1,350,000	Tenet Healthcare Corp., 5.13%, 11/01/27(b)		1,310,803
	500,000	Tenet Healthcare Corp., 6.13%, 10/01/28(b)		479,815
	675,000	Tenneco, Inc., 7.88%, 01/15/29(b)		681,750
	625,000	Tenneco, Inc., 5.13%, 04/15/29(b)		604,925
	375,000	Thor Industries, Inc., 4.00%, 10/15/29(b)		316,916
	300,000	TMS International Corp., 6.25%, 04/15/29(b)		261,000
	1,550,000	TransDigm, Inc., 8.00%, 12/15/25(b)		1,611,031
	650,000	TransDigm, Inc., 6.25%, 03/15/26(b)		647,563
	1,000,000	Travel + Leisure Co., 4.63%, 03/01/30(b)		890,000

Principal Amount			Value
UNITED STATES (continued)
$	1,650,000	Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%), 4.80%(c)(d)	$	1,559,250
	1,500,000	Uber Technologies, Inc., 8.00%, 11/01/26(b)		1,571,250
	1,700,000	Uber Technologies, Inc., 7.50%, 09/15/27(b)		1,749,827
	275,000	United Airlines, Inc., 4.63%, 04/15/29(b)		252,312
	575,000	United Rentals North America, Inc., 3.75%, 01/15/32		500,250
	375,000	United States Steel Corp., 6.88%, 03/01/29		381,574
	1,500,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC REIT, 7.88%, 02/15/25(b)		1,526,250
	950,000	US Foods, Inc., 6.25%, 04/15/25(b)		976,125
	675,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26		661,500
	825,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27		806,281
	1,500,000	Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)		1,321,875
	250,000	Verscend Escrow Corp., 9.75%, 08/15/26(b)		257,500
	500,000	Viking Cruises Ltd., 5.88%, 09/15/27(b)		423,575
	1,000,000	Vistra Operations Co. LLC, 4.38%, 05/01/29(b)		907,480
	800,000	Wabash National Corp., 4.50%, 10/15/28(b)		669,600
	1,225,000	WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(b)		1,191,594
	1,300,000	WESCO Distribution, Inc., 7.13%, 06/15/25(b)		1,350,375
	750,000	WESCO Distribution, Inc., 7.25%, 06/15/28(b)		779,775
	375,000	Western Midstream Operating LP, 5.50%, 08/15/48		333,750
	1,075,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25(b)		1,040,062
	1,250,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25(b)		1,288,131

Principal Amount			Value
UNITED STATES (continued)
$	575,000	ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)	$	508,875
				246,301,764
Total Corporate Bonds (Cost $296,989,200)				275,441,941

ASSET-BACKED SECURITIES — 14.9%
CANADA — 0.1%
Other Asset-Backed Securities — 0.1%
	300,000	Golden Credit Card Trust, Series 2017-4A, Class A, (1 mo. LIBOR USD + 0.520%), 1.07%, 07/15/24(b)(e)		300,121
	1,000,000	Master Credit Card Trust II, Series 2020-1A, Class A, 1.99%, 09/21/24(b)		995,743
				1,295,864
CAYMAN ISLANDS — 1.7%
Collateralized Loan Obligations — 1.7%
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR USD + 5.700%), 6.76%, 04/20/31(b)(e)		939,421
	5,000,000	Atrium VIII, Series 8A, Class SUB, 1.25%, 10/23/24(b)(f)(g)(h)		248,125
	2,000,000	Atrium XII, Series 12A, Class ER, (3 mo. LIBOR USD + 5.250%), 6.39%, 04/22/27(b)(e)(f)		1,908,214
	12,131,250	Atrium XIII, Series 13A, Class SUB, 2.83%, 11/21/47(b)(f)(g)(h)		7,596,107
	500,000	Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR, (3 mo. LIBOR USD + 1.700%), 2.74%, 10/15/34(b)(e)		491,670
	141,408	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR USD + 8.500%), 9.56%, 07/20/32(b)(e)(f)		140,742
	17,550,000	CBAM Ltd., Series 2019-10A, Class SUB, 3.62%, 04/20/32(b)(f)(g)(h)		10,560,756
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 3.74%, 01/20/31(b)(f)(g)(h)		5,265,134
	500,000	CIFC Funding Ltd., Series 2019-5A, Class A2RS, (3 mo. LIBOR USD + 1.750%), 2.79%, 01/15/35(b)(e)		495,074

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,000,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR USD + 1.450%), 1.96%, 05/15/30(b)(e)	$	987,341
	4,500,000	Generate CLO-3 Ltd., Series 3A, Class ER, (3 mo. LIBOR USD + 6.400%), 7.46%, 10/20/29(b)(e)		4,394,879
	500,000	Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR, (3 mo. TeraSaffroncoin + 1.950%), 2.12%, 04/20/35(b)(e)		495,706
	1,000,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR USD + 1.750%), 2.79%, 04/15/34(b)(e)		992,211
	500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR USD + 1.400%), 2.46%, 03/20/30(b)(e)		492,501
	500,000	Palmer Square CLO Ltd., Series 2022-1A, Class B, (3 mo. Term SOFR + 1.800%), 2.27%, 04/20/35(b)(e)(h)		496,689
	1,000,000	Regatta XXI Funding Ltd., Series 2021-3A, Class B, (3 mo. LIBOR USD + 1.700%), 2.76%, 10/20/34(b)(e)		985,969
	5,000,000	Romark CLO II Ltd., Series 2018-2A, Class SUB, 5.26%, 07/25/31(b)(g)(h)		2,989,030
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 5.70%, 10/23/30(b)(f)(g)(h)		3,020,179
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR USD + 8.100%), 9.16%, 04/20/31(b)(e)(f)		6,188,555
				48,688,303
UNITED STATES — 13.1%
Collateralized Loan Obligations — 0.2%
	5,327,351	Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT, 0.45%, 02/01/47(a)(b)(h)		4,275,199

Principal Amount			Value
UNITED STATES (continued)
Collateralized Loan Obligations (continued)
$	500,000	GoldentTree Loan Management US CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.600%), 2.66%, 07/20/34(b)(e)	$	493,166
				4,768,365

Other Asset-Backed Securities — 12.9%
	4,212,671	510 Loan Acquisition Trust, Series 2020-1, Class A, STEP, 5.11%, 09/25/60(b)		4,097,951
	218,484	Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1, (1 mo. LIBOR USD + 1.050%), 1.72%, 01/25/34(e)		213,529
	235,401	American Credit Acceptance Receivables Trust, Series 2020-4, Class B, 0.85%, 12/13/24(b)		235,275
	1,000,000	American Express Credit Account Master Trust, Series 2017-5, Class A, (1 mo. LIBOR USD + 0.380%), 0.93%, 02/18/25(e)		1,000,537
	1,000,000	American Express Credit Account Master Trust, Series 2018-5, Class A, (1 mo. LIBOR USD + 0.340%), 0.89%, 12/15/25(e)		1,002,011
	5,000,000	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, (1 mo. LIBOR USD + 1.980%), 2.65%, 05/25/35(e)		4,753,808
	6,000,000	AMSR Trust, Series 2020-SFR5, Class F, 2.69%, 11/17/37(b)		5,479,779
	8,293,680	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR USD + 0.480%), 1.15%, 05/25/35(e)		7,563,273
	4,664,173	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1, (1 mo. LIBOR USD + 0.690%), 1.36%, 01/25/36(e)		5,037,068

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	6,021,953	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR USD + 0.630%), 1.30%, 01/25/36(e)	$	5,434,797
	5,740,000	BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(g)		2,145,286
	5,000,000	BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.39%, 12/10/25(g)		1,550,836
	6,859,136	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR USD + 1.000%), 1.75%, 05/28/39(b)(e)		6,498,878
	1,514,537	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR USD + 1.300%), 2.05%, 05/28/39(b)(e)		1,133,536
	1,196,835	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR USD + 1.000%), 1.75%, 12/28/40(b)(e)		1,177,341
	2,513,624	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR USD + 0.930%), 1.68%, 12/28/40(b)(e)		2,553,474
	908,185	Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4, (1 mo. LIBOR USD + 1.800%), 2.47%, 05/25/35(e)		893,324
	1,809,327	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR USD + 1.020%), 1.69%, 12/25/35(e)		2,642,211
	3,449,692	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR USD + 0.140%), 0.81%, 12/25/36(e)		4,439,679
	2,007,201	Bear Stearns Asset Backed Securities I Trust, Series 2007-HE1, Class 21A2, (1 mo. LIBOR USD + 0.160%), 0.83%, 01/25/37(e)		1,989,582

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,650,000	Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3, (1 mo. LIBOR USD + 2.250%), 2.92%, 04/25/36(e)	$	4,608,684
	500,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		486,342
	500,000	Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, 0.77%, 09/15/26		477,542
	500,000	CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 06/15/26		471,077
	1,000,000	CarMax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		931,068
	500,000	CarMax Auto Owner Trust, Series 2022-2, Class A3, 3.49%, 02/16/27		500,310
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR USD + 0.420%), 1.09%, 12/26/36(e)		4,141,666
	6,811,463	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. LIBOR USD + 0.500%), 1.17%, 02/25/37(e)		5,830,581
	6,245,915	Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.00%, 11/25/44(b)(g)		5,969,105
	3,230,153	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B, (1 mo. LIBOR USD + 0.200%), 0.87%, 05/25/37(e)		2,521,123
	86,797	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C, (1 mo. LIBOR USD + 0.270%), 0.94%, 05/25/37(e)		68,165
	3,939,728	Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B, (1 mo. LIBOR USD + 0.170%), 0.84%, 07/25/45(e)		3,106,342
	500,000	CNH Equipment Trust, Series 2021-C, Class A4, 1.16%, 10/16/28		463,471
	1,612,793	Conseco Finance Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(g)		1,539,362

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,686,007	Conseco Finance Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(g)	$	1,613,008
	2,239,171	Conseco Finance Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(g)		1,118,563
	2,526,139	Conseco Finance Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(g)		1,214,954
	11,183,346	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(g)		3,005,621
	4,266,257	Countrywide Asset-Backed Certificates, Series 2006-12, Class 1A, (1 mo. LIBOR USD + 0.260%), 0.93%, 12/25/36(e)		4,134,822
	5,974,687	Countrywide Asset-Backed Certificates, Series 2006-22, Class M1, (1 mo. LIBOR USD + 0.230%), 0.90%, 05/25/47(e)		5,115,436
	5,781,769	Countrywide Asset-Backed Certificates, Series 2006-26, Class M1, (1 mo. LIBOR USD + 0.250%), 0.92%, 06/25/37(e)		5,905,633
	164,135	Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 3AV2, (1 mo. LIBOR USD + 0.160%), 0.83%, 09/25/46(e)		163,432
	9,171,208	Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1, (1 mo. LIBOR USD + 0.300%), 0.97%, 03/25/37(e)		9,151,516
	1,115,411	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A, (1 mo. LIBOR USD + 0.180%), 0.73%, 05/15/36(e)		1,076,271
	706,280	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR USD + 0.300%), 0.85%, 12/15/33(b)(e)		694,566

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	578,836	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR USD + 0.240%), 0.79%, 02/15/30(b)(e)	$	563,088
	321,722	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR USD + 0.190%), 0.74%, 05/15/35(b)(e)		321,228
	500,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(b)		480,954
	2,230,468	Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A4, (1 mo. LIBOR USD + 0.340%), 0.80%, 07/25/37(b)(e)		1,675,645
	500,000	Daimler Trucks Retail Trust, Series 2020-1, Class A4, 1.37%, 06/15/27		494,711
	1,000,000	Discover Card Execution Note Trust, Series 2017-A7, Class A7, (1 mo. LIBOR USD + 0.360%), 0.91%, 04/15/25(e)		1,001,087
	213,339	Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24		213,224
	1,000,000	DT Auto Owner Trust, Series 2021-1A, Class B, 0.62%, 09/15/25(b)		984,773
	1,000,000	Enterprise Fleet Financing LLC, Series 2020-2, Class A3, 0.65%, 07/20/26(b)		945,097
	500,000	Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 08/20/27(b)		483,118
	4,888,931	First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR USD + 0.540%), 1.21%, 03/25/36(e)		4,398,046
	1,641,187	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1, (1 mo. LIBOR USD + 1.800%), 2.26%, 10/25/33(e)		1,622,769
	9,142,313	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR USD + 0.375%), 1.04%, 07/25/36(e)		9,164,263

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,317,111	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR USD + 0.600%), 1.27%, 01/25/36(e)	$	3,783,506
	3,738,520	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR USD + 0.150%), 0.82%, 03/25/37(e)		2,104,030
	4,000,000	FirstKey Homes Trust, Series 2022-SFR1, Class E2, 5.00%, 05/17/27(b)		3,753,721
	500,000	Flagship Credit Auto Trust, Series 2020-4, Class B, 1.00%, 10/15/25(b)		490,851
	1,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(b)		915,761
	1,300,000	Ford Credit Auto Owner Trust, Series 2020-C, Class B, 0.79%, 08/15/26		1,219,695
	1,000,000	Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, 09/15/27		923,730
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR USD + 0.615%), 1.28%, 11/25/35(e)		1,384,404
	1,500,000	FRTKL, Series 2021-SFR1, Class F, 3.17%, 09/17/38(b)		1,292,081
	1,000,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class A3, 0.38%, 08/18/25		984,279
	1,050,000	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class B, 0.75%, 05/17/27		986,299
	516,965	GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR USD + 0.500%), 1.17%, 02/25/36(e)		508,852
	69,711	GMACM Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR USD + 0.315%), 0.98%, 11/25/36(e)		90,872
	500,000	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class B, 0.96%, 10/15/25(b)		481,485

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2021-1, Class B, 0.72%, 12/15/26(b)	$	466,051
	5,588,745	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(g)		3,681,431
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR USD + 0.700%), 1.37%, 12/25/35(e)		1,202,321
	8,823,224	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR USD + 0.360%), 1.03%, 03/25/36(e)		3,509,910
	378,552	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(g)		182,513
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR USD + 3.375%), 4.04%, 02/25/47(e)		3,652,639
	3,636,497	Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR USD + 0.300%), 0.97%, 05/25/37(e)(f)		2,841,430
	2,966,437	Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26(b)		2,584,385
	3,933,884	Home Partners of America Trust, Series 2021-3, Class F, 4.24%, 01/17/41(b)		3,459,395
	375,000	HPEFS Equipment Trust, Series 2021-2A, Class B, 0.61%, 09/20/28(b)		360,817
	4,693,375	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.69%, 12/25/36		1,891,091
	1,000,000	Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B, 0.81%, 10/15/24(b)		984,032
	645,656	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(b)		614,195
	500,000	John Deere Owner Trust, Series 2021-A, Class A3, 0.36%, 09/15/25		482,658

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	113,748	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP, 6.63%, 07/25/36	$	41,957
	230,846	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3, (1 mo. LIBOR USD + 0.180%), 0.85%, 07/25/36(e)		126,069
	1,250,000	Kubota Credit Owner Trust, Series 2021-1A, Class A3, 0.62%, 08/15/25(b)		1,193,659
	2,302,262	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(g)		2,317,293
	248,407	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR USD + 0.090%), 0.76%, 06/25/37(b)(e)		191,256
	1,913,901	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR USD + 1.150%), 1.82%, 12/25/37(e)		2,022,716
	991,553	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR USD + 0.110%), 0.78%, 11/25/36(e)		373,939
	5,137,664	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR USD + 0.160%), 0.83%, 10/25/36(e)		1,948,859
	1,347,223	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR USD + 3.250%), 3.92%, 03/25/32(e)		1,346,640
	3,853,956	MASTR Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR USD + 0.320%), 0.99%, 03/25/36(e)		363,361
	974,823	Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/25		975,544
	2,219,279	MERIT Securities Corp., Series 13, Class M2, STEP, 7.88%, 12/28/33		1,770,297

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	10,239,230	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR USD + 0.500%), 1.17%, 10/25/37(e)	$	4,431,274
	1,028,206	Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4, (1 mo. LIBOR USD + 0.480%), 1.15%, 06/25/36(e)		622,943
	6,309,672	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1, (1 mo. LIBOR USD + 0.130%), 0.80%, 11/25/36(e)		3,234,306
	2,807,027	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1, (1 mo. LIBOR USD + 1.900%), 2.57%, 02/25/47(b)(e)		2,727,404
	3,566,941	Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1, (1 mo. LIBOR USD + 0.540%), 1.21%, 02/25/36(e)		3,711,531
	4,251,538	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.51%, 10/25/36		1,230,817
	472,753	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, (1 mo. LIBOR USD + 0.300%), 0.97%, 03/25/36(e)		465,376
	8,000,000	Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR USD + 0.300%), 0.97%, 03/25/37(e)		7,267,285
	582,129	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, 09/16/69(b)		560,923
	468,791	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, 01/15/69(b)		451,276
	5,691,928	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR USD + 0.675%), 1.34%, 12/25/35(e)		5,243,905
	6,500,000	New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39(b)		5,969,790

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	717,844	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR USD + 0.400%), 1.07%, 10/25/36(b)(e)	$	840,649
	1,434,267	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		1,289,037
	9,902,763	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(g)		3,125,677
	8,572,117	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(f)(g)		1,165,591
	5,947,218	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(f)(g)		902,925
	6,795,981	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(f)(g)		1,155,882
	602,148	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(g)		383,004
	307,146	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(g)		309,548
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(b)		4,007,494
	1,000,000	PFS Financing Corp., Series 2020-A, Class A, 1.27%, 06/15/25(b)		979,858
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 3.63%, 07/25/35		2,403,915
	3,696,407	PRET LLC, Series 2021-NPL6, Class A1, STEP, 2.49%, 07/25/51(b)		3,507,595
	2,000,000	PRET LLC, Series 2021-NPL6, Class A2, STEP, 5.07%, 07/25/51(b)		1,882,136
	7,472,479	PRET LLC, Series 2021-RN4, Class A1, 2.49%, 10/25/51(b)(g)		7,404,073
	1,000,000	Progress Residential Trust, Series 2019-SFR3, Class F, 3.87%, 09/17/36(b)		944,804

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,000,000	Progress Residential Trust, Series 2019-SFR4, Class F, 3.68%, 10/17/36(b)	$	2,892,100
	750,000	Progress Residential Trust, Series 2020-SFR1, Class G, 4.03%, 04/17/37(b)		701,472
	3,000,000	Progress Residential Trust, Series 2021-SFR10, Class F, 4.61%, 12/17/40(b)		2,656,396
	2,500,000	Progress Residential Trust, Series 2021-SFR11, Class F, 4.42%, 01/17/39(b)		2,174,698
	3,500,000	Progress Residential Trust, Series 2021-SFR8, Class F, 3.18%, 10/17/38(b)		3,044,535
	2,400,000	Progress Residential Trust, Series 2021-SFR9, Class F, 4.05%, 11/17/40(b)		1,985,916
	4,000,000	Progress Residential Trust, Series 2022-SFR1, Class F, 4.88%, 02/17/41(b)		3,607,393
	4,000,000	Progress Residential Trust, Series 2022-SFR1, Class G, 5.52%, 02/17/41(b)		3,665,139
	1,548,000	Progress Residential Trust, Series 2022-SFR3, Class E2, 5.60%, 04/17/39(b)		1,515,950
	3,825,000	Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4, (1 mo. LIBOR USD + 0.870%), 1.54%, 11/25/35(e)		3,303,057
	2,000,000	Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2, (1 mo. LIBOR USD + 0.290%), 1.10%, 06/25/36(e)		1,912,611
	102,010	SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR USD + 0.260%), 0.93%, 07/25/36(e)		202,159
	899,964	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.73%, 03/17/25		898,508
	500,000	Santander Retail Auto Lease Trust, Series 2020-B, Class A4, 0.65%, 12/20/24(b)		482,345

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,184,401	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR USD + 0.320%), 0.99%, 09/25/36(e)	$	4,012,728
	8,488,237	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR USD + 0.290%), 0.96%, 01/25/47(e)		9,092,659
	2,630,487	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR USD + 0.270%), 0.94%, 02/25/37(e)		1,894,832
	1,000,000	SLM Student Loan Trust, Series 2003-10A, Class A4, (3 mo. LIBOR USD + 0.670%), 1.50%, 12/17/68(b)(e)		990,705
	11,618,836	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR USD + 0.250%), 0.92%, 07/25/36(e)		11,011,518
	4,207,567	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR USD + 0.675%), 1.34%, 11/25/35(e)		4,194,684
	4,363,389	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR USD + 0.750%), 1.42%, 07/25/35(e)		3,981,492
	2,249,613	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR USD + 0.660%), 1.33%, 02/25/37(e)		6,488,715
	450,000	Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 04/17/28		450,052
	385,270	Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22(b)		385,775
	949,513	Toyota Auto Receivables Owner Trust, Series 2020-D, Class A3, 0.35%, 01/15/25		938,790
	1,700,000	Tricon American Homes Trust, Series 2017-SFR2, Class F, 5.10%, 01/17/36(b)		1,670,513
	1,520,000	Tricon American Homes Trust, Series 2020-SFR1, Class F, 4.88%, 07/17/38(b)		1,423,397

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	983,361	Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/39(b)	$	860,806
	1,500,000	Tricon Residential Trust, Series 2021-SFR1, Class F, 3.69%, 07/17/38(b)		1,343,388
	968,000	Tricon Residential Trust, Series 2021-SFR1, Class G, 4.13%, 07/17/38(b)		855,869
	1,600,000	Tricon Residential Trust, Series 2022-SFR1, Class E2, 5.74%, 04/17/39(b)		1,561,737
	1,000,000	Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 07/22/24		993,878
	1,000,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25		958,552
	6,346,695	VOLT CVI LLC, Series 2021-NP12, Class A1, STEP, 2.73%, 12/26/51(b)		6,010,234
	605,000	Volvo Financial Equipment LLC, Series 2020-1A, Class A3, 0.51%, 10/15/24(b)		594,807
	1,000,000	World Omni Automobile Lease Securitization Trust, Series 2020-B, Class B, 0.70%, 02/17/26		973,882
	185,654	World Omni Select Auto Trust, Series 2019-A, Class A3, 2.00%, 08/15/24		185,731
	8,641,698	Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR USD + 0.400%), 1.07%, 06/25/37(b)(e)		3,361,130
				363,500,033
				368,268,398
Total Asset-Backed Securities (Cost $432,882,902)				418,252,565

NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.4%
COLLATERALIZED MORTGAGE OBLIGATIONS — 20.0%
	3,800,000	1Texas Capital Bank CLN, 0.03%, 02/01/26(h)		3,715,823
	307,564	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.92%, 07/25/35(g)		313,989

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,558,256	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.35%, 03/25/37(g)	$	1,192,940
	34,467	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 2.35%, 12/25/57(a)(b)(g)(h)		30,131
	21,846	Ajax Mortgage Loan Trust, Series 2018-A, Class B, 2.90%, 04/25/58(b)(h)		21,504
	75,158	Ajax Mortgage Loan Trust, Series 2018-B, Class B, 1.98%, 02/26/57(b)(h)		44,766
	14,512	Ajax Mortgage Loan Trust, Series 2018-D, Class B, 2.93%, 08/25/58(a)(b)(g)(h)		10,251
	10,634	Ajax Mortgage Loan Trust, Series 2018-E, Class C, 1.15%, 06/25/58(b)(g)(h)		10,366
	179,696	Ajax Mortgage Loan Trust, Series 2018-F, Class C, 1.99%, 11/25/58(b)(h)		119,470
	8,480,352	Ajax Mortgage Loan Trust, Series 2019-A, Class A, 3.75%, 08/25/57(b)(g)		8,464,356
	2,450,000	Ajax Mortgage Loan Trust, Series 2019-A, Class B, 5.25%, 08/25/57(b)(g)		2,443,167
	6,108,502	Ajax Mortgage Loan Trust, Series 2019-A, Class C, 0.79%, 08/25/57(a)(b)(h)		4,898,408
	5,100,803	Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(b)(g)		5,110,046
	2,100,000	Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(b)(g)		2,094,144
	5,349,033	Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.61%, 01/25/59(b)(h)		5,532,436
	5,274,907	Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP, 3.00%, 09/25/59(b)		5,209,650
	3,512,199	Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 09/25/59(b)		3,441,909
	7,526,418	Ajax Mortgage Loan Trust, Series 2019-E, Class C, 2.64%, 09/25/59(b)(h)		7,228,407
	10,557,023	Ajax Mortgage Loan Trust, Series 2019-G, Class A, STEP, 3.00%, 09/25/59(b)		10,350,445

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,927,374	Ajax Mortgage Loan Trust, Series 2019-G, Class B, STEP, 4.25%, 09/25/59(b)	$	2,816,902
	7,431,604	Ajax Mortgage Loan Trust, Series 2019-G, Class C, 1.05%, 09/25/59(b)(h)		6,509,822
	21,136,528	Ajax Mortgage Loan Trust, Series 2020-A, Class A, STEP, 2.38%, 12/25/59(b)		20,621,240
	4,328,402	Ajax Mortgage Loan Trust, Series 2020-A, Class B, STEP, 3.50%, 12/25/59(b)		4,107,339
	10,343,044	Ajax Mortgage Loan Trust, Series 2020-A, Class C, 1.92%, 12/25/59(a)(b)(h)		6,485,089
	1,230,360	Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, 3.72%, 01/25/61(b)		1,193,867
	3,120,359	Ajax Mortgage Loan Trust, Series 2021-C, Class C, 1.51%, 01/25/61(b)(h)		2,750,980
	12,423,480	Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP, 2.00%, 03/25/60(b)		11,674,595
	2,042,300	Ajax Mortgage Loan Trust, Series 2021-D, Class B, 4.00%, 03/25/60(b)(g)		1,972,660
	3,027,087	Ajax Mortgage Loan Trust, Series 2021-D, Class C, 0.66%, 03/25/60(a)(b)(g)(h)		2,350,533
	4,041,340	Ajax Mortgage Loan Trust, Series 2021-E, Class B2, 4.04%, 12/25/60(b)(g)		3,430,287
	4,000,000	Ajax Mortgage Loan Trust, Series 2021-E, Class M1, 2.94%, 12/25/60(b)(g)		3,373,742
	1,080,800	Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP, 3.75%, 06/25/61(b)		986,432
	2,017,297	Ajax Mortgage Loan Trust, Series 2021-F, Class C, 0.55%, 06/25/61(b)(h)		1,647,454
	11,934,500	Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP, 3.50%, 10/04/61(a)(b)		11,710,131
	532,000	Ajax Mortgage Loan Trust, Series 2022-A, Class A2, 3.00%, 10/04/61(a)(b)(g)		481,513
	283,800	Ajax Mortgage Loan Trust, Series 2022-A, Class A3, 3.00%, 10/04/61(a)(b)(g)		254,909

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,128,000	Ajax Mortgage Loan Trust, Series 2022-A, Class B, 3.00%, 10/04/61(a)(b)	$	1,532,160
	1,064,000	Ajax Mortgage Loan Trust, Series 2022-A, Class C, 0.00%, 10/04/61(a)(b)(h)		1,438,167
	310,300	Ajax Mortgage Loan Trust, Series 2022-A, Class M1, 3.00%, 10/04/61(a)(b)		266,175
	1,392,000	Ajax Mortgage Loan Trust, Series 2022-A, Class M2, 3.00%, 10/04/61(a)(b)		1,106,779
	88,700	Ajax Mortgage Loan Trust, Series 2022-A, Class M3, 3.00%, 10/04/61(a)(b)		65,434
	1,392,582	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 1.18%, 09/25/46(e)		1,341,018
	1,027,947	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.75%, 06/25/37		918,216
	3,324,000	Angel Oak Mortgage Trust, Series 2020-R1, Class B2, 4.61%, 04/25/53(b)(g)		3,271,376
	1,000,000	Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1, 5.02%, 03/25/49(b)(g)		963,543
	13,542,357	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 3.43%, 07/31/57(b)(g)		4,771,476
	2,668,506	ARI Investments LLC, 4.61%, 01/06/25(a)(f)		2,668,506
	2,922,238	ARI Investments LLC, 4.55%, 01/30/25(a)(f)		2,834,571
	1,341,221	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR USD + 0.400%), 1.07%, 01/25/37(e)		1,039,665
	117,170	Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1, 3.67%, 09/20/35(g)		117,005
	368,546	Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2, 2.75%, 02/20/36(g)		354,988
	308,631	Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1, 2.71%, 06/20/36(g)		294,857

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,276,697	Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP, 6.59%, 01/25/37	$	1,207,501
	3,317,972	Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2, 0.85%, 03/27/36(b)(g)		2,925,848
	360,360	Banc of America Mortgage Trust, Series 2005-I, Class 2A5, 2.73%, 10/25/35(g)		357,686
	12,020,524	Barclays Mortgage Trust, Series 2021-NPL1, Class A, STEP, 2.00%, 11/25/51(b)		11,527,201
	1,177,500	Barclays Mortgage Trust, Series 2021-NPL1, Class B, STEP, 4.63%, 11/25/51(b)		1,132,803
	2,673,494	Barclays Mortgage Trust, Series 2021-NPL1, Class C, 0.00%, 11/25/51(b)(h)		2,516,730
	2,099,593	BCAP LLC Trust, Series 2012-RR3, Class 1A5, 12.48%, 12/26/37(b)(g)		1,795,247
	668,173	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.32%, 02/25/36(g)		652,524
	53,851	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 3.43%, 08/25/35(g)		50,414
	262,686	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.15%, 05/25/47(g)		255,272
	1,118,520	Bear Stearns ALT-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR USD + 0.440%), 1.11%, 04/25/36(e)		1,602,180
	2,747,755	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR USD + 0.320%), 0.99%, 11/25/36(e)		2,376,600
	2,945,505	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR USD + 0.350%), 1.02%, 03/25/36(e)		327,917
	2,945,505	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR USD + 0.350%), 1.02%, 03/25/36(e)		327,917

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	959,818	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR USD + 0.280%), 0.95%, 08/25/36(e)	$	941,595
	352,315	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR USD + 0.300%), 0.97%, 11/25/36(e)		351,621
	3,100,000	CFMT LLC, Series 2021-HB7, Class M3, 3.85%, 10/27/31(b)(g)		2,937,500
	1,211,246	Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, 3.75%, 04/25/45(b)(g)		1,156,047
	3,686,329	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		1,992,511
	11,321,425	ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37		5,704,852
	1,612,619	CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.01%, 01/25/67(b)(g)		1,551,395
	2,167,054	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		1,829,340
	2,326,018	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		1,974,162
	86,982	Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, 3.30%, 06/25/36(g)		82,420
	2,954,652	Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, 5.75%, 04/25/47(b)		2,277,756
	180,962	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.81%, 05/25/35(g)		180,691
	2,354,000	COLT Mortgage Loan Trust, Series 2022-1, Class B1, 4.10%, 12/27/66(b)(g)		2,054,298
	356,493	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		302,316
	691,427	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR USD + 0.600%), 1.27%, 08/25/35(e)		654,138

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,155,375	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, (1 mo. LIBOR USD + 0.500%), 1.17%, 11/25/35(e)	$	1,657,471
	5,868,347	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR USD + 5.500%), 4.83%, 11/25/35(e)(f)		702,918
	189,793	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.37%, 12/25/35(g)		184,357
	56,554	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 1.000%), 1.22%, 12/25/35(e)		54,133
	963,529	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR USD + 0.450%), 1.12%, 05/25/35(e)		898,371
	600,930	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		450,343
	2,627,961	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR USD + 0.350%), 1.02%, 05/25/36(e)		1,213,069
	1,652,357	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		1,039,373
	3,177,586	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		1,837,761
	1,036,357	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR USD + 0.350%), 1.02%, 08/25/36(e)		540,418
	1,036,357	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR USD + 7.150%), 6.48%, 08/25/36(e)		224,255
	1,068,338	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36		744,535
	1,103,411	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR USD + 0.400%), 1.07%, 03/25/36(e)		365,541

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,961,391	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5, (1 mo. LIBOR USD + 7.100%), 6.43%, 03/25/36(e)	$	348,796
	3,099,392	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		1,653,230
	1,174,569	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		803,706
	850,409	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		569,547
	1,062,164	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		697,778
	2,428,722	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		1,595,524
	4,629,708	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. LIBOR USD + 0.340%), 1.01%, 02/25/37(e)		2,089,180
	2,314,854	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. LIBOR USD + 6.600%), 5.93%, 02/25/37(e)		525,537
	124,555	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		112,705
	353,376	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR USD + 0.400%), 1.07%, 05/25/36(e)		281,357
	2,462,803	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		1,477,279
	2,089,789	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Francisco + 1.500%), 1.72%, 11/20/46(e)		1,571,217
	3,863,497	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 1.730%), 1.95%, 11/25/46(e)		3,246,812

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,575,897	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR USD + 0.380%), 1.05%, 11/25/46(e)	$	1,420,383
	2,948,890	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR USD + 0.190%), 0.78%, 03/20/47(e)		2,486,416
	647,084	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR USD + 0.420%), 1.09%, 05/25/36(e)		582,393
	2,385,890	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR USD + 0.360%), 1.03%, 04/25/46(e)		2,304,547
	1,896,442	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		1,094,306
	1,910,180	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,135,964
	914,869	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		580,356
	4,212,379	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		2,124,363
	3,543,901	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		2,084,288
	850,936	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		506,663
	192,974	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.02%, 11/25/36		283,958
	6,656,001	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.840%), 1.06%, 03/25/47(e)		5,938,156
	181,905	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR USD + 0.360%), 1.03%, 04/25/47(e)		42,433
	1,343,076	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR USD + 0.480%), 1.15%, 08/25/47(e)		1,183,450

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,032,564	Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36	$	722,360
	1,412,881	Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		896,275
	959,290	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 2.44%, 01/25/36(g)		878,197
	1,751,761	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR USD + 1.400%), 2.07%, 08/25/35(e)		1,428,197
	4,646,606	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J2, Class 3A9, (1 mo. LIBOR USD + 1.400%), 2.07%, 08/25/35(e)		3,330,989
	197,519	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		181,709
	9,810,644	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 1.18%, 04/25/46(e)		3,601,636
	2,345,726	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR USD + 0.400%), 1.07%, 04/25/46(e)		2,139,776
	1,415,817	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		871,545
	1,743,653	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, 2.81%, 03/25/37(g)		1,587,204
	1,553,289	Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1, 6.00%, 11/25/36		1,366,343

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,568,783	Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(g)	$	807,512
	7,024,620	Credit Suisse Mortgage Capital Certificates Trust, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(b)		3,384,563
	3,385,635	Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3, 2.79%, 04/27/37(b)(g)		2,969,667
	5,837,770	Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR USD + 0.150%), 0.61%, 10/27/36(b)(e)		4,459,055
	2,400,000	Credit Suisse Mortgage Capital Certificates Trust, Series 2020-SPT1, Class B2, 3.39%, 04/25/65(b)(g)		2,357,180
	2,244,775	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class A2, 3.50%, 09/27/66(b)(g)		2,060,619
	3,887,029	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class B2, 26.93%, 09/27/66(b)		3,397,679
	3,465,600	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class PT2, 2.68%, 07/26/60(a)(b)(g)(h)		1,316,928
	3,289,850	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-NQM2, Class B1, 3.44%, 02/25/66(b)(g)		3,068,919
	4,760,577	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-RPL9, Class A1, 2.44%, 02/25/61(b)(g)		4,488,341
	6,233,772	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR USD + 1.350%), 2.02%, 11/25/35(e)		1,117,410
	1,626,000	Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, 3.10%, 05/25/65(b)(g)		1,533,154

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,314,000	Deephaven Residential Mortgage Trust, Series 2022-1, Class B1, 4.32%, 01/25/67(b)(g)	$	2,916,812
	2,000,000	GCAT Trust, Series 2020-NQM2, Class B1, 4.85%, 04/25/65(b)(g)		1,922,635
	3,437,000	GCAT Trust, Series 2021-NQM7, Class B1, 4.50%, 08/25/66(b)(g)		3,162,315
	435,997	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 3.10%, 11/19/35(g)		419,579
	3,619,100	GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF, (1 mo. LIBOR USD + 0.400%), 1.07%, 06/25/34(b)(e)		3,090,813
	3,297,729	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR USD + 0.350%), 1.02%, 01/25/35(b)(e)		3,106,482
	4,350,249	GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, (1 mo. LIBOR USD + 0.350%), 1.02%, 09/25/35(b)(e)		3,777,249
	1,252,249	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR USD + 0.350%), 1.02%, 01/25/36(b)(e)		1,052,091
	241,031	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.46%, 01/25/35(g)		241,227
	2,596,038	GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36		1,195,895
	41,829	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		40,320
	143,254	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 2.80%, 01/25/36(g)		144,680
	514,533	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		404,809
	9,544,945	GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 2.28%, 06/25/47(g)		6,688,103
	1,728,794	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR USD + 0.250%), 0.80%, 07/19/47(e)		1,573,777

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	329,530	HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, 2.48%, 04/25/37(g)	$	301,077
	3,690,000	Homeward Opportunities Fund I Trust, Series 2020-2, Class B1, 5.45%, 05/25/65(b)(g)		3,745,458
	17,889,224	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.85%, 07/25/47(f)(g)		26,324
	1,693,633	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR USD + 0.270%), 0.94%, 06/25/37(e)		2,220,343
	3,171,628	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, (1 mo. LIBOR USD + 0.240%), 0.91%, 08/25/37(e)		2,931,913
	978,630	JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.59%, 10/25/37(g)		709,069
	6,264,321	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		2,517,743
	55,763	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.04%, 10/26/48(b)(g)		55,700
	106,060,229	JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X, 0.50%, 12/25/51(b)(g)		3,083,669
	6,238,785	JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X, 0.50%, 12/25/51(b)(g)		181,391
	112,299,014	JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1, 0.19%, 12/25/51(b)(g)		979,461
	1,324,521	JP Morgan Mortgage Trust, Series 2021-INV5, Class B4, 3.19%, 12/25/51(b)(g)		1,001,037
	463,611	JP Morgan Mortgage Trust, Series 2021-INV5, Class B5, 3.19%, 12/25/51(b)(g)		308,019
	1,589,416	JP Morgan Mortgage Trust, Series 2021-INV5, Class B6, 3.03%, 12/25/51(b)(g)		690,407
	35,226,800	JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X, 0.50%, 02/25/52(b)(g)		921,766
	22,109,049	JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X, 0.50%, 02/25/52(b)(g)		299,133

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	7,872,776	JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X, 0.50%, 02/25/52(b)(g)	$	491,741
	3,835,865	JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X, 0.50%, 02/25/52(b)(g)		100,372
	69,044,592	JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1, 0.27%, 02/25/52(b)(g)		844,374
	3,903,529	JP Morgan Mortgage Trust, Series 2021-INV7, Class B1, 3.27%, 02/25/52(b)(g)		3,397,368
	916,102	JP Morgan Mortgage Trust, Series 2021-INV7, Class B2, 3.27%, 02/25/52(b)(g)		778,084
	1,274,503	JP Morgan Mortgage Trust, Series 2021-INV7, Class B3, 3.27%, 02/25/52(b)(g)		1,045,778
	677,168	JP Morgan Mortgage Trust, Series 2021-INV7, Class B4, 3.27%, 02/25/52(b)(g)		512,390
	278,756	JP Morgan Mortgage Trust, Series 2021-INV7, Class B5, 3.27%, 02/25/52(b)(g)		185,084
	916,284	JP Morgan Mortgage Trust, Series 2021-INV7, Class B6, 3.27%, 02/25/52(b)(g)		388,948
	1,595,779	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 0.27%, 02/25/59(a)(b)(h)		239,367
	1,900,000	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(g)		1,902,259
	11,430,000	Loan Revolving Advance Investment Trust, Series 2021-2, Class A1X, (1 mo. LIBOR USD + 2.750%), 3.30%, 06/30/23(b)(e)		11,375,847
	4,559,025	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37		1,489,450
	2,601,386	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(b)		2,257,688
	1,124,485	MASTR Resecuritization Trust, Series 2008-3, Class A1, 0.89%, 08/25/37(b)(g)		697,172
	6,746,720	MCM Trust, Series 2021-VFN1, 3.00%, 08/25/28(a)(f)		6,746,720
	2,798,206	MCM Trust, Series 2021-VFN1, Class CERT, 3.00%, 08/25/28(a)(f)		1,886,551

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,500,000	Mello Warehouse Securitization Trust, Series 2020-2, Class F, (1 mo. LIBOR USD + 3.250%), 3.92%, 11/25/53(b)(e)	$	1,489,219
	4,875,000	Mello Warehouse Securitization Trust, Series 2021-1, Class F, (1 mo. LIBOR USD + 2.750%), 3.21%, 02/25/55(b)(e)		4,796,476
	2,061,572	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR USD + 0.420%), 1.09%, 04/25/37(e)		1,828,096
	827,995	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 2.76%, 05/25/36(g)		685,364
	396,971	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, 6.25%, 10/25/36		217,879
	3,342,116	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 1.65%, 05/26/37(b)		3,368,699
	2,628,575	Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1 mo. LIBOR USD + 0.160%), 0.78%, 12/26/46(b)(e)		2,553,401
	807,645	MortgageIT Trust, Series 2004-1, Class B1, (1 mo. LIBOR USD + 1.800%), 2.47%, 11/25/34(e)		771,454
	1,389,000	New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2, 4.52%, 01/26/60(b)(g)		1,349,420
	3,458,633	NYMT Loan Trust, Series 2020-SP2, Class A1, 2.94%, 10/25/60(b)(g)		3,386,798
	3,013,168	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(b)		2,714,666
	1,429,290	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(b)		1,272,217
	3,861,669	PRPM LLC, Series 2020-4, Class A1, STEP, 2.95%, 10/25/25(b)		3,743,702
	7,918,049	RCO VI Mortgage LLC, Series 2022-1, Class A1, STEP, 3.00%, 01/25/27(b)		7,618,250

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	529,680	Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR USD + 0.420%), 1.09%, 07/25/36(b)(e)	$	506,155
	5,358,274	Residential Accredit Loans, Inc., Series 2005-QA10, Class A21, 3.58%, 09/25/35(g)		2,672,678
	1,463,671	Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4, 4.47%, 12/25/35(g)		1,423,034
	690,138	Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1, (1 mo. LIBOR USD + 0.380%), 1.05%, 05/25/46(e)		646,125
	524,453	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		475,334
	3,277,609	Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. LIBOR USD + 0.550%), 1.22%, 01/25/37(e)		2,546,074
	639,667	Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5, (1 mo. LIBOR USD + 0.250%), 0.92%, 07/25/36(e)		81,512
	2,302,158	Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1, 3.14%, 09/25/35(g)		1,709,315
	6,766,276	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1, 4.46%, 08/25/36(g)		5,076,994
	88,288	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1, 4.52%, 09/25/36(g)		62,483
	2,150,000	Residential Mortgage Loan Trust, Series 2020-1, Class B2, 4.67%, 01/26/60(b)(g)		1,981,508
	3,750,000	Residential Mortgage Loan Trust, Series 2020-2, Class B2, 5.40%, 05/25/60(b)(g)		3,645,692
	2,814,000	Residential Mortgage Loan Trust, Series 2021-1R, Class B1, 3.42%, 01/25/65(b)(g)		2,696,721
	3,500,000	RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, 4.70%, 11/25/31(b)(g)		3,265,936

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,131,959	RMF Buyout Issuance Trust, Series 2021-HB1, Class M6, 6.00%, 11/25/31(a)(b)(g)	$	3,600,589
	10,755,510	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 3.03%, 07/25/56(b)(h)		2,826,355
	18,353,761	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 2.88%, 07/25/56(b)(g)		1,698,246
	4,740,757	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 2.48%, 11/25/57(g)		1,882,303
	2,639,697	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 1.54%, 08/25/57(b)(g)		966,472
	4,500,055	Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1, 4.75%, 04/26/60(b)(g)		4,512,591
	100,000	SG Residential Mortgage Trust, Series 2019-3, Class B1, 4.08%, 09/25/59(b)(g)		94,072
	175,000	SG Residential Mortgage Trust, Series 2020-2, Class B1, 4.25%, 05/25/65(b)(g)		169,026
	257,000	SG Residential Mortgage Trust, Series 2020-2, Class M1, 3.19%, 05/25/65(b)(g)		248,042
	2,425,000	Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/50(b)(g)		2,286,733
	1,173,358	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.87%, 05/25/35(g)		965,488
	1,856,330	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.02%, 04/25/36(g)		1,292,100
	2,987,750	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR USD + 0.440%), 1.11%, 05/25/46(e)		997,075
	1,283,801	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR USD + 0.180%), 0.85%, 09/25/47(e)		1,281,613

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,679,755	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR USD + 0.350%), 1.02%, 06/25/35(b)(e)	$	2,476,901
	13,286,659	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(b)		8,484,718
	466,846	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 2.28%, 04/25/37(g)		300,265
	183,371	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 2.60%, 04/25/37(g)		118,473
	145,672	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR USD + 1.250%), 3.69%, 06/25/47(e)		139,290
	4,000,000	TRK Trust, Series 2022-INV1, Class B1, 4.08%, 02/25/57(b)(g)		3,459,955
	5,290,989	TVC Holdings Plc, Series 2021-1, Class A, 2.38%, 02/01/51(a)(f)		5,290,989
	1,322,747	TVC Holdings Plc, Series 2021-1, Class CERT, 0.00%, 02/01/51(a)(f)(h)		1,617,985
	3,162,000	Verus Securitization Trust, Series 2021-1, Class B1, 2.98%, 01/25/66(b)(g)		2,889,810
	5,000,000	Verus Securitization Trust, Series 2022-1, Class B1, 4.01%, 01/25/67(b)(g)		4,383,235
	3,300,000	Vista Point Securitization Trust, Series 2020-2, Class B2, 5.16%, 04/25/65(b)(g)		3,176,430
	26,868,554	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 6.64%, 02/25/38(b)(g)		7,923,147
	832,521	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 2.95%, 07/25/37(g)		822,047

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,436,764	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 2A, (Cost of Funds for the 11th District of San Francisco + 1.250%), 1.47%, 05/25/47(e)	$	6,183,687
	1,247,663	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 1CB, 6.50%, 11/25/35		781,559
	772,432	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 2A6, 5.50%, 11/25/35		746,352
	4,104,659	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36		3,676,457
	3,916,711	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP, 6.72%, 07/25/36		1,196,414
	1,222,378	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 1.18%, 08/25/46(e)		824,675
	612,500	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. LIBOR USD + 0.320%), 0.99%, 03/25/37(e)		532,533
	5,117,158	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR USD + 6.680%), 6.01%, 03/25/37(e)		563,170
	1,084,367	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. LIBOR USD + 0.540%), 1.21%, 03/25/37(e)		952,269
	974,978	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. LIBOR USD + 0.490%), 1.16%, 03/25/37(e)		854,272
	1,337,436	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 2.85%, 03/25/38(g)		1,288,899

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	13,610,000	Western Alliance CLN, 5.63%, 12/28/24	$	13,598,224
	4,307,209	Western Mortgage Reference Notes, Series 2021-CL2, Class M1, (SOFR 30A + 3.150%), 3.44%, 07/25/59(b)(e)		4,276,830
	4,332,622	Western Mortgage Reference Notes, Series 2021-CL2, Class M2, (SOFR 30A + 3.700%), 3.99%, 07/25/59(b)(e)		4,302,744
				561,563,995
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.4%
	939,428	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR USD + 0.705%), 1.37%, 01/25/36(b)(e)		866,600
	801,416	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR USD + 0.750%), 1.42%, 01/25/36(b)(e)		738,117
	1,156,156	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR USD + 1.305%), 1.97%, 07/25/36(b)(e)		1,080,503
	6,654,384	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR USD + 0.450%), 1.12%, 09/25/37(b)(e)		6,261,814
	6,957,599	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR USD + 1.500%), 2.17%, 10/25/37(b)(e)		5,120,255
	9,848,893	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR USD + 1.500%), 2.17%, 12/25/37(b)(e)		9,517,250
	4,250,000	BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR USD + 2.650%), 3.20%, 10/15/36(b)(e)		4,148,536
	1,278,134	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 6.26%, 07/25/39(b)		986,456
	3,000,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. LIBOR USD + 0.600%), 1.27%, 06/25/37(b)(e)		2,593,321

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	3,600,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2, (1 mo. LIBOR USD + 2.000%), 2.67%, 10/25/37(b)(e)	$	2,816,510
	2,632,747	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 8.58%, 04/25/46(b)(g)		2,648,795
	2,243,467	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(b)(g)		2,129,902
	857,101	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(b)(g)		821,451
	1,450,438	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(b)(g)		1,405,292
	1,761,981	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(b)(g)		1,678,381
	2,074,156	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(b)(g)		1,938,929
	1,388,821	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(b)(g)		1,307,734
	450,299	Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5, 4.93%, 07/25/49(b)(g)		422,550
	2,030,134	Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5, 3.97%, 05/25/51(b)(g)		1,780,397
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5, 4.01%, 08/25/51(b)(g)		1,093,927
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6, 4.92%, 08/25/51(b)(g)		1,099,564
	3,326,855	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7, 6.54%, 08/25/51(b)(h)		2,930,374
	4,965,420	Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5, 4.33%, 10/25/51(b)(g)		4,437,908
	1,969,995	Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5, 5.68%, 12/26/51(b)(g)		1,796,287
	4,505,429	Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6, 6.66%, 12/26/51(b)(g)		3,978,215

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	4,920,613	Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4, 5.20%, 02/25/52(b)(g)	$	4,529,986
				68,129,054
Total Non-Agency Mortgage-Backed Securities (Cost $655,375,547)				629,693,049

U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.3%
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%
	5,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA5, Class B1, (SOFR 30A + 4.800%), 5.09%, 10/25/50(b)(e)		5,203,668
	3,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B1, (SOFR 30A + 3.000%), 3.29%, 12/25/50(b)(e)		2,782,597
	2,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B2, (SOFR 30A + 5.650%), 5.94%, 12/25/50(b)(e)		1,891,350
	3,076,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B1, (SOFR 30A + 2.650%), 2.94%, 01/25/51(b)(e)		2,768,535
	4,000,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B2, (SOFR 30A + 4.750%), 5.04%, 01/25/51(b)(e)		3,560,447
	4,000,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class B2, (SOFR 30A + 5.500%), 5.79%, 01/25/34(b)(e)		3,795,642
	1,375,566	Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B1, (SOFR 30A + 3.000%), 3.29%, 08/25/33(b)(e)		1,224,296
	2,856,608	Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B2, (SOFR 30A + 5.000%), 5.29%, 08/25/33(b)(e)		2,495,673
	1,360,617	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class B2, (1 mo. LIBOR USD + 10.000%), 10.67%, 07/25/29(e)		1,364,314

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR USD + 3.150%), 3.82%, 07/25/30(e)	$	2,925,033
	29,416	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-SPI2, Class M2, 3.82%, 05/25/48(b)(g)		29,075
	4,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B1, (SOFR 30A + 4.000%), 4.29%, 11/25/50(b)(e)		3,885,661
	2,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class B1, (SOFR 30A + 3.400%), 3.69%, 08/25/33(b)(e)		1,888,027
	3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class B2, (SOFR 30A + 6.000%), 6.29%, 08/25/33(b)(e)		2,852,781
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $38,314,432)				36,667,099

U.S. GOVERNMENT SECURITIES — 27.2%
U.S. Treasury Bonds — 19.5%
	41,315,000	3.63%, 08/15/43		44,179,614
	42,400,000	3.63%, 02/15/44		45,368,000
	48,055,000	3.38%, 05/15/44		49,491,019
	47,350,000	3.13%, 08/15/44		46,865,402
	47,550,000	3.00%, 02/15/47		46,504,271
	47,000,000	2.75%, 08/15/47		44,102,891
	45,400,000	3.00%, 08/15/48		44,850,234
	46,350,000	3.38%, 11/15/48		49,241,443
	47,000,000	3.00%, 02/15/49		46,838,438
	47,300,000	2.88%, 05/15/49		46,069,461
	59,560,000	1.25%, 05/15/50		39,905,200
	57,000,000	1.63%, 11/15/50		42,097,617
				545,513,590
U.S. Treasury Notes — 7.7%
	44,000,000	1.38%, 09/15/22		44,044,687
	45,000,000	1.00%, 01/31/24		43,650,000
	43,000,000	2.75%, 02/15/24		43,080,625
	44,000,000	1.50%, 02/29/24		43,102,813

Principal Amount			Value
U.S. Treasury Notes (continued)
$	43,000,000	2.50%, 05/15/24	$	42,818,594
				216,696,719
Total U.S. Government Securities (Cost $919,873,736)				762,210,309

Shares
CASH SWEEP — 4.3%
UNITED STATES — 4.3%
	121,563,770	Citibank - US Dollars on Deposit in Custody Account, 0.03%(i)		121,563,770
Total Cash Sweep (Cost $121,563,770)				121,563,770
TOTAL INVESTMENTS — 99.8% (Cost $3,102,717,482)			$	2,802,500,027
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				6,395,155
NET ASSETS — 100.0%			$	2,808,895,182

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $70,466,233 which is 2.51% of net assets and the cost is $71,732,142.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $853,618,866, which is 30.39% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2022.
(d)	Perpetual security with no stated maturity date.
(e)	Floating rate security. Rate shown is the rate in effect as of April 30, 2022.
(f)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(g)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2022.
(h)	Zero coupon security. The rate represents the yield at time of purchase.
(i)	The rate shown represents the current yield as of April 30, 2022.

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		14.9	%
Bank Loans		0.3
Corporate Bonds		9.8
Exchange-Traded Funds		19.4
Non-Agency Mortgage-Backed Securities		22.4
Preferred Stocks		0.2
U.S. Government Agencies and Securities		28.5
Other^*		4.5
		100.0	%

*	Includes cash and equivalents, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Principal Amount			Value
MUNICIPAL BONDS — 0.7%
California — 0.3%
$	4,500,000	University of California University & College Improvements Revenue Bonds, Series BG, 1.61%, 05/15/30	$	3,805,974
New Jersey — 0.1%
	1,750,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.48%, 01/01/28		1,535,238
Pennsylvania — 0.3%
	5,000,000	Pennsylvania State University Refunding Revenue Bonds, Series D, 1.65%, 09/01/25		4,754,716
Total Municipal Bonds (Cost $11,250,000)				10,095,928

CORPORATE BONDS — 30.1%
Banks — 6.4%
	1,500,000	ANZ New Zealand Int’l Ltd., 1.25%, 06/22/26(a)		1,352,786
	4,000,000	Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.450%), 0.70%, 06/30/24(b)		3,868,012
	5,470,000	Bank of America Corp., (SOFR RATE + 0.960%), 1.73%, 07/22/27(b)		4,912,774
	5,000,000	Bank of America Corp. MTN, (SOFR RATE + 1.330%), 3.38%, 04/02/26(b)		4,894,166
	5,020,000	Bank of Montreal MTN, 2.15%, 03/08/24		4,919,982
	3,675,000	Bank of New York Mellon Corp. (The) MTN, 1.60%, 04/24/25		3,488,358
	6,140,000	Barclays Plc, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.200%), 2.67%, 03/10/32(b)		5,121,542
	5,000,000	BNP Paribas SA, (SOFR RATE + 1.004%), 1.32%, 01/13/27(a)(b)		4,449,302
	5,000,000	BPCE SA, 1.00%, 01/20/26(a)		4,474,817

Principal Amount			Value
Banks (continued)
$	5,560,000	Canadian Imperial Bank of Commerce, 3.10%, 04/02/24	$	5,532,502
	6,295,000	Citigroup, Inc., (3 mo. LIBOR USD + 1.390%), 3.67%, 07/24/28(b)		6,060,329
	4,000,000	Credit Suisse AG, 1.25%, 08/07/26		3,546,455
	2,000,000	Danske Bank A/S, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%), 0.98%, 09/10/25(a)(b)		1,858,652
	4,570,000	HSBC Holdings Plc, (SOFR RATE + 1.285%), 2.21%, 08/17/29(b)		3,935,317
	7,136,000	JPMorgan Chase & Co., (SOFR RATE + 1.015%), 2.07%, 06/01/29(b)		6,251,370
	3,369,000	JPMorgan Chase & Co., (3 mo. LIBOR USD + 1.260%), 4.20%, 07/23/29(b)		3,312,332
	4,000,000	Macquarie Group Ltd., (SOFR RATE + 0.694%), 1.20%, 10/14/25(a)(b)		3,737,306
	5,000,000	Mitsubishi UFJ Financial Group, Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.750%), 1.54%, 07/20/27(b)		4,472,877
	5,000,000	Mizuho Financial Group, Inc., (3 mo. LIBOR USD + 1.000%), 3.92%, 09/11/24(b)		5,028,224
	2,875,000	Morgan Stanley, (SOFR RATE + 0.879%), 1.59%, 05/04/27(b)		2,587,284
	2,555,000	Morgan Stanley GMTN, (SOFR RATE + 0.858%), 1.51%, 07/20/27(b)		2,276,378
	6,000,000	Truist Bank, Series BKNT, 1.25%, 03/09/23		5,936,796
	4,500,000	Westpac Banking Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.530%), 3.02%, 11/18/36(b)		3,726,359
				95,743,920
Communication Services — 2.1%
	9,735,000	Amazon.com, Inc., 3.60%, 04/13/32		9,554,370

Principal Amount			Value
Communication Services (continued)
$	5,720,000	Comcast Corp., 4.15%, 10/15/28	$	5,764,737
	3,093,000	Discovery Communications LLC, 3.80%, 03/13/24		3,093,940
	6,000,000	Magallanes, Inc., 3.76%, 03/15/27(a)		5,785,839
	5,000,000	Morgan Stanley Domestic Holdings, Inc., 4.50%, 06/20/28		5,034,069
	3,176,000	Omnicom Group, Inc., 2.45%, 04/30/30		2,775,254
				32,008,209
Consumer Discretionary — 4.3%
	5,500,000	American Honda Finance Corp. MTN, 0.88%, 07/07/23		5,386,148
	2,500,000	Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 1.91%, 09/01/30		2,168,498
	2,630,000	DR Horton, Inc., 1.40%, 10/15/27		2,266,733
	5,465,000	Equifax, Inc., 2.60%, 12/01/24		5,324,832
	2,300,000	General Motors Financial Co., Inc., 1.70%, 08/18/23		2,255,484
	2,616,000	General Motors Financial Co., Inc., 4.35%, 04/09/25		2,627,096
	5,210,000	Hasbro, Inc., 3.50%, 09/15/27		5,007,900
	5,000,000	Lowe’s Cos, Inc., 3.10%, 05/03/27		4,846,668
	4,205,000	McDonald’s Corp. MTN, 3.30%, 07/01/25		4,193,347
	5,105,000	Moody’s Corp., 3.75%, 03/24/25		5,132,300
	5,500,000	Ross Stores, Inc., 0.88%, 04/15/26		4,923,431
	3,535,000	Southwest Airlines Co., 5.25%, 05/04/25		3,656,122
	3,693,000	Southwest Airlines Co., 5.13%, 06/15/27		3,831,783
	1,000,000	Starbucks Corp., 1.30%, 05/07/22		999,997
	4,995,000	Toyota Motor Credit Corp. MTN, 1.45%, 01/13/25		4,761,976
	4,985,000	Verisk Analytics, Inc., 4.00%, 06/15/25		5,017,357

Principal Amount			Value
Consumer Discretionary (continued)
$	1,830,000	Walmart, Inc., 1.80%, 09/22/31	$	1,561,499
				63,961,171
Consumer Staples — 1.1%
	5,000,000	Bunge Ltd. Finance Corp., 1.63%, 08/17/25		4,651,156
	5,000,000	Diageo Capital Plc, 2.63%, 04/29/23		5,001,385
	4,950,000	General Mills, Inc., 4.00%, 04/17/25		5,022,536
	1,426,000	Kroger Co. (The), 2.80%, 08/01/22		1,427,414
				16,102,491
Diversified Financials — 3.3%
	5,950,000	Ally Financial, Inc., 2.20%, 11/02/28		5,159,172
	1,760,000	American Express Co., 3.70%, 08/03/23		1,778,309
	2,000,000	American Tower Corp. REIT, 2.40%, 03/15/25		1,923,618
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,395,849
	3,000,000	Aon Corp./Aon Global Holdings Plc, 2.85%, 05/28/27		2,859,218
	5,000,000	Athene Global Funding, 1.73%, 10/02/26(a)		4,443,656
	5,000,000	Capital One Financial Corp., (SOFR RATE + 0.690%), 1.34%, 12/06/24(b)		4,806,426
	3,000,000	Capital One Financial Corp., (SOFR RATE + 1.337%), 2.36%, 07/29/32(b)		2,417,661
	2,490,000	Charles Schwab Corp. (The), 2.45%, 03/03/27		2,345,494
	2,570,000	Charles Schwab Corp. (The), 2.00%, 03/20/28		2,322,039
	3,270,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR USD + 1.000%), 2.18%, 07/24/23(c)		3,269,493
	1,800,000	Mastercard, Inc., 3.50%, 02/26/28		1,784,403
	5,000,000	New York Life Global Funding, 1.10%, 05/05/23(a)		4,911,941
	6,070,000	Public Storage REIT, 1.85%, 05/01/28		5,409,333

Principal Amount			Value
Diversified Financials (continued)
$	2,525,000	Visa, Inc., 1.90%, 04/15/27	$	2,348,726
				50,175,338
Energy — 2.8%
	6,235,000	BP Capital Markets America, Inc., 3.94%, 09/21/28		6,175,158
	6,253,000	Chevron USA, Inc., 0.69%, 08/12/25		5,752,610
	1,500,000	Enbridge, Inc., 1.60%, 10/04/26		1,357,075
	5,567,000	Energy Transfer LP, 4.95%, 06/15/28		5,622,828
	8,525,000	Pioneer Natural Resources Co., 1.13%, 01/15/26		7,727,888
	5,370,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26		5,645,536
	3,555,000	Valero Energy Corp., 1.20%, 03/15/24		3,392,473
	5,000,000	Williams Cos., Inc. (The), 3.35%, 08/15/22		5,001,920
	1,560,000	Williams Cos., Inc. (The), 4.50%, 11/15/23		1,581,497
				42,256,985
Health Care — 2.6%
	4,000,000	AbbVie, Inc., 2.60%, 11/21/24		3,903,599
	5,000,000	Anthem, Inc., 3.65%, 12/01/27		4,895,490
	3,000,000	Bristol-Myers Squibb Co., 2.90%, 07/26/24		2,984,051
	2,714,000	Cigna Corp., 3.75%, 07/15/23		2,736,887
	2,000,000	GSK Consumer Healthcare Capital US LLC, 3.63%, 03/24/32(a)		1,881,094
	5,000,000	HCA, Inc., 5.00%, 03/15/24		5,123,285
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		4,863,214
	6,320,000	Merck & Co., Inc., 1.45%, 06/24/30		5,280,665
	5,000,000	Stryker Corp., 1.15%, 06/15/25		4,658,058
	2,550,000	Thermo Fisher Scientific, Inc., 1.22%, 10/18/24		2,420,242
				38,746,585

Principal Amount			Value
Industrials — 1.3%
$	4,175,000	General Dynamics Corp., 3.63%, 04/01/30	$	4,100,677
	6,206,000	Jabil, Inc., 4.70%, 09/15/22		6,265,032
	3,500,000	Magna International, Inc., 3.63%, 06/15/24		3,510,160
	2,522,000	Precision Castparts Corp., 3.25%, 06/15/25		2,529,420
	2,591,000	Union Pacific Corp., 3.95%, 09/10/28		2,592,071
				18,997,360
Information Technology — 1.7%
	4,165,000	Adobe, Inc., 3.25%, 02/01/25		4,181,250
	3,000,000	Broadcom, Inc., 3.15%, 11/15/25		2,925,373
	4,871,000	Hewlett Packard Enterprise Co., 4.90%, 10/15/25		5,020,657
	5,475,000	Oracle Corp., 2.50%, 05/15/22		5,476,720
	7,545,000	PayPal Holdings, Inc., 2.85%, 10/01/29		6,926,765
	1,564,000	Roper Technologies, Inc., 2.95%, 09/15/29		1,444,592
				25,975,357
Materials — 1.9%
	5,200,000	Air Products and Chemicals, Inc., 1.50%, 10/15/25		4,882,905
	4,730,000	DuPont de Nemours, Inc., 4.49%, 11/15/25		4,815,864
	10,000,000	Georgia-Pacific LLC, 1.75%, 09/30/25(a)		9,407,123
	5,250,000	Nucor Corp., 2.00%, 06/01/25		5,025,575
	3,996,000	Sherwin-Williams Co. (The), 3.45%, 08/01/25		3,959,295
				28,090,762
Telecommunication Services — 0.7%
	6,000,000	T-Mobile USA, Inc., 3.88%, 04/15/30		5,688,649
	5,935,000	Verizon Communications, Inc., 1.75%, 01/20/31		4,851,734
				10,540,383
Utilities — 1.9%
	2,000,000	Dominion Energy, Inc., Series B, 3.60%, 03/15/27		1,963,054
	5,000,000	Eversource Energy, Series N, 3.80%, 12/01/23		5,049,110

Principal Amount			Value
Utilities (continued)
$	4,180,000	Florida Power & Light Co., 2.75%, 06/01/23	$	4,187,768
	5,000,000	Public Service Co. of Colorado, Series 35, 1.90%, 01/15/31		4,241,484
	4,329,864	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		3,828,097
	5,000,000	Southern Co. Gas Capital Corp., 2.45%, 10/01/23		4,953,119
	5,000,000	Xcel Energy, Inc., 3.30%, 06/01/25		4,950,907
				29,173,539
Total Corporate Bonds (Cost $485,130,874)				451,772,100

ASSET-BACKED SECURITIES — 7.8%
CAYMAN ISLANDS — 4.2%
Collateralized Loan Obligations — 4.2%
	3,500,000	AGL CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.500%), 2.54%, 04/15/34(a)(c)		3,446,588
	5,000,000	Aimco CLO 14 Ltd., Series 2021-14A, Class A, (3 mo. LIBOR USD + 0.990%), 2.05%, 04/20/34(a)(c)		4,929,589
	4,500,000	Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR, (3 mo. LIBOR USD + 1.700%), 2.74%, 10/15/34(a)(c)		4,425,029
	4,500,000	CIFC Funding Ltd., Series 2019-5A, Class A2RS, (3 mo. LIBOR USD + 1.750%), 2.79%, 01/15/35(a)(c)		4,455,662
	1,500,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR USD + 1.450%), 1.96%, 05/15/30(a)(c)		1,481,012
	2,000,000	Flatiron CLO 19 Ltd., Series 2019-1A, Class BR, (3 mo. LIBOR USD + 1.550%), 2.01%, 11/16/34(a)(c)		1,963,163
	5,750,000	GoldentTree Loan Management US CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.600%), 2.66%, 07/20/34(a)(c)		5,671,410

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	3,500,000	Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR, (3 mo. Term SOFR + 1.950%), 2.12%, 04/20/35(a)(c)	$	3,469,942
	4,700,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR USD + 1.750%), 2.79%, 04/15/34(a)(c)		4,663,392
	5,000,000	Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class A2, (3 mo. Term SOFR + 2.000%), 2.30%, 07/15/35(a)(c)		4,994,348
	1,500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR USD + 1.400%), 2.46%, 03/20/30(a)(c)		1,477,503
	1,750,000	OCP CLO Ltd., Series 2019-17A, Class BR, (3 mo. LIBOR USD + 1.600%), 2.66%, 07/20/32(a)(c)		1,719,305
	4,500,000	Octagon 55 Ltd., Series 2021-1A, Class B, (3 mo. LIBOR USD + 1.650%), 2.71%, 07/20/34(a)(c)		4,451,463
	4,500,000	Palmer Square CLO Ltd., Series 2022-1A, Class B, (3 mo. Term SOFR + 1.800%), 2.27%, 04/20/35(a)(c)		4,470,203
	4,000,000	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, (3 mo. LIBOR USD + 1.400%), 2.46%, 07/20/29(a)(c)		3,976,160
	5,000,000	Rad CLO 1 Ltd., Series 2018-1A, Class BR, (3 mo. LIBOR USD + 1.400%), 2.44%, 07/15/31(a)(c)		4,925,227
	3,000,000	Regatta XXI Funding Ltd., Series 2021-3A, Class B, (3 mo. LIBOR USD + 1.700%), 2.76%, 10/20/34(a)(c)		2,957,906
				63,477,902
UNITED STATES — 3.6%
Other Asset-Backed Securities — 3.6%
	2,100,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		2,042,635
	2,750,000	Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, 0.77%, 09/15/26		2,626,480

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,500,000	CarMax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26	$	1,396,601
	350,000	CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 02/17/26		336,591
	1,000,000	CarMax Auto Owner Trust, Series 2022-2, Class A3, 3.49%, 02/16/27		1,000,620
	1,500,000	CNH Equipment Trust, Series 2021-C, Class A4, 1.16%, 10/16/28		1,390,412
	2,000,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(a)		1,923,818
	1,280,037	Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24		1,279,344
	1,620,896	Enterprise Fleet Financing LLC, Series 2020-2, Class A2, 0.61%, 07/20/26(a)		1,589,646
	1,750,000	Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 08/20/27(a)		1,690,913
	4,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(a)		3,663,042
	1,000,000	HPEFS Equipment Trust, Series 2021-2A, Class B, 0.61%, 09/20/28(a)		962,178
	1,250,000	Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B, 0.81%, 10/15/24(a)		1,230,040
	1,852,037	Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.94%, 07/15/69(a)		1,730,515
	2,932,407	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69(a)		2,759,000
	5,000,000	PFS Financing Corp., Series 2020-A, Class A, 1.27%, 06/15/25(a)		4,899,288
	2,000,000	PFS Financing Corp., Series 2021-A, Class A, 0.71%, 04/15/26(a)		1,886,834
	1,574,937	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.73%, 03/17/25		1,572,389

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,059,325	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a)	$	1,057,311
	755,216	Sofi Professional Loan Program Trust, Series 2021-A, Class AFX, 1.03%, 08/17/43(a)		692,960
	1,800,000	Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 04/17/28		1,800,208
	2,000,000	Tesla Auto Lease Trust, Series 2021-B, Class A3, 0.60%, 09/22/25(a)		1,904,007
	1,970,986	Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, 0.44%, 10/15/24		1,951,834
	5,500,000	Verizon Owner Trust, Series 2020-B, Class A, 0.47%, 02/20/25		5,415,431
	2,500,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25		2,396,381
	378,582	World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24		380,002
	3,500,000	World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25		3,439,140
				53,017,620
Total Asset-Backed Securities (Cost $119,145,658)				116,495,522

NON-AGENCY MORTGAGE-BACKED
SECURITIES — 0.0%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%
	579,903	JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(a)		520,351
Total Non-Agency Mortgage-Backed Securities (Cost $588,050)				520,351

U.S. GOVERNMENT SECURITIES — 60.4%
U.S. Treasury Bonds — 3.2%
	58,372,000	1.88%, 02/15/41		47,785,234
U.S. Treasury Inflation Indexed Bonds — 2.8%
	40,106,686	0.63%, 01/15/24(d)		41,862,920

Principal Amount			Value
U.S. Treasury Notes — 54.4%
$	15,000,000	0.13%, 09/30/22	$	14,928,516
	1,000,000	1.63%, 12/15/22		999,805
	40,000,000	0.13%, 06/30/23		39,010,938
	63,595,000	2.75%, 07/31/23		63,890,617
	93,139,000	2.25%, 01/31/24		92,531,413
	100,000,000	0.25%, 06/15/24		94,871,094
	74,871,000	2.38%, 08/15/24		74,139,838
	24,486,000	2.00%, 02/15/25		23,919,761
	35,139,000	2.00%, 08/15/25		34,138,362
	56,783,000	2.25%, 11/15/25		55,507,600
	59,079,000	1.63%, 02/15/26		56,316,595
	29,558,000	2.00%, 11/15/26		28,365,289
	30,000,000	1.50%, 01/31/27		28,108,594
	11,853,000	0.50%, 04/30/27		10,523,242
	18,258,000	2.38%, 05/15/27		17,785,146
	67,179,000	1.00%, 07/31/28		59,707,960
	3,249,000	2.63%, 02/15/29		3,185,924
	6,321,000	2.38%, 03/31/29		6,099,765
	35,999,000	1.50%, 02/15/30		32,511,597
	90,354,000	1.38%, 11/15/31		79,017,397
				815,559,453
Total U.S. Government Securities (Cost $953,828,783)				905,207,607

Shares
INVESTMENT COMPANY — 0.7%
	10,218,806	SEI Daily Income Trust Government II Fund - Class A, 0.19%(e)		10,218,806
Total Investment Company (Cost $10,218,806)				10,218,806

TOTAL INVESTMENTS — 99.7% (Cost $1,580,162,171)			$	1,494,310,314
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				4,658,682
NET ASSETS — 100.0%			$	1,498,968,996

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(b)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2022.
(c)	Floating rate security. Rate shown is the rate in effect as of April 30, 2022.
(d)	Inflation protected security.
(e)	The rate shown represents the current yield as of April 30, 2022.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		7.8	%
Corporate Bonds		30.1
Municipal Bonds		0.7
Non-Agency Mortgage-Backed Securities		0.0	*
U.S. Government Securities		60.4
Other^**		1.0
		100.0	%

*	Represents less than 0.01% of net assets.
**	Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Principal Amount			Value
MUNICIPAL BONDS — 93.2%
Alabama — 0.6%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 09/01/22	$	2,022,838
	1,500,000	Alabama Public School & College Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,576,226
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/26		3,873,182
	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26		1,584,523
	13,000,000	Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B, 5.00%, 01/01/45(a)		13,874,665
				22,931,434
Arizona — 0.9%
	1,715,000	Arizona Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/24		1,801,889
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, 5.00%, 07/01/25		921,693
	1,300,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Series A, 5.00%, 07/01/29(a)		1,307,750
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A, 5.00%, 09/01/23		2,478,308
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/26		1,326,683
	8,950,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, 5.00%, 01/01/30		10,015,242

Principal Amount			Value
Arizona (continued)
$	6,470,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/23	$	6,600,175
	5,000,000	Town of Gilbert Public Improvements GO, 5.00%, 07/15/23		5,167,172
	5,250,000	Town of Gilbert Public Improvements GO, 5.00%, 07/15/25		5,662,596
				35,281,508
Arkansas — 0.2%
	7,250,000	State of Arkansas Public Improvements GO, 5.00%, 10/01/26		7,691,257
	735,000	University of Arkansas Refunding Revenue Bonds, 5.00%, 03/01/26		784,283
				8,475,540
California — 5.6%
	5,000,000	Bay Area Toll Authority Refunding Revenue Bonds, Series B2, 0.35%, 04/01/47(b)		5,000,000
	100,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, (California Mortgage Insurance), 5.00%, 07/01/23		103,215
	5,235,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/27		5,670,034
	5,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/28		5,467,478
	8,250,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/30		9,117,544
	10,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/31		11,122,698

Principal Amount			Value
California (continued)
$	1,500,000	County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A, 5.00%, 10/01/23	$	1,557,890
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		5,273,311
	3,500,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, 5.00%, 08/15/36		3,972,074
	3,500,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B, 5.00%, 08/15/49(b)		3,717,469
	6,850,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27		6,180,304
	3,800,000	San Diego County Water Authority Refunding Revenue Bonds, Sub-Series S1, 5.00%, 05/01/28		4,280,583
	800,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/24		847,049
	2,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series B-1, 5.00%, 08/01/24		2,645,940
	10,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series 2020, 5.00%, 05/01/37		10,855,946
	2,340,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31		2,586,801
	10,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/32		11,031,810

Principal Amount			Value
California (continued)
$	4,380,000	State of California Advance Refunding GO, 5.00%, 08/01/25	$	4,721,967
	4,475,000	State of California Advance Refunding GO, 5.00%, 11/01/25		4,848,699
	4,530,000	State of California Advance Refunding GO, Group B, 5.00%, 09/01/25		4,891,888
	4,415,000	State of California Current Refunding GO, 5.00%, 10/01/25		4,775,697
	750,000	State of California Current Refunding GO, 5.00%, 04/01/24		788,366
	2,000,000	State of California Current Refunding GO, 5.00%, 10/01/25		2,163,396
	2,630,000	State of California Current Refunding GO, 5.00%, 10/01/25		2,844,866
	3,250,000	State of California Current Refunding GO, 5.00%, 08/01/26		3,573,127
	9,635,000	State of California Current Refunding GO, 5.00%, 12/01/28		10,907,880
	15,000,000	State of California Current Refunding GO, (AGM), 5.25%, 08/01/32		17,773,076
	1,620,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, 5.00%, 12/01/22		1,651,913
	6,210,000	State of California GO, 5.00%, 10/01/23		6,459,418
	3,735,000	State of California GO, 5.00%, 10/01/24		3,963,227
	7,000,000	State of California Public Improvements GO, 5.00%, 09/01/22		7,086,479
	3,000,000	State of California Public Improvements GO, 5.00%, 03/01/26		3,208,787
	5,715,000	State of California Public Improvements GO, 5.00%, 10/01/27		6,231,282
	8,000,000	State of California Refunding GO, 5.00%, 10/01/25		8,483,038

Principal Amount			Value
California (continued)
$	7,230,000	State of California School Improvements GO, 5.00%, 11/01/28	$	8,071,301
	5,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/27		5,549,530
	5,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/28		5,609,666
	7,265,000	State of California Water Utility Improvements GO, 5.00%, 04/01/29		8,245,737
	3,500,000	State of California Water Utility Improvements GO, 5.00%, 04/01/30		4,013,275
	6,360,000	University of California Refunding Revenue Bonds, Series AJ, 4.60%, 05/15/31		6,600,006
				221,892,767
Colorado — 1.4%
	3,000,000	Adams & Weld Counties School District No 27J Brighton Improvements GO, (State Aid Withholding), 5.00%, 12/01/22		3,054,897
	3,000,000	Adams & Weld Counties School District No 27J Brighton Improvements GO, (State Aid Withholding), 5.00%, 12/01/23		3,128,667
	5,850,000	City & County of Denver CO Airport System Revenue Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 12/01/28		6,376,684
	8,000,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A1, 5.00%, 11/15/22		8,134,766
	2,175,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A1, 5.00%, 11/15/32		2,451,235
	5,000,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, 5.00%, 11/15/23		5,194,161

Principal Amount			Value
Colorado (continued)
$	3,300,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, 5.00%, 11/15/25	$	3,547,006
	10,000,000	City & County of Denver CO Airport System Revenue, Series A, 5.00%, 12/01/32		10,732,871
	4,000,000	City & County of Denver Co. Airport System Refunding Revenue Bonds, Series D, 5.00%, 11/15/31(b)		4,061,158
	2,060,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		2,180,581
	2,000,000	Denver City & County School District No 1 Refunding GO, (State Aid Withholding), 5.00%, 12/01/24		2,129,264
	4,275,000	Regional Transportation District Sales Tax Revenue Advance Refunding Revenue Bonds, 1.18%, 11/01/27		3,800,926
	890,000	Weld County School District No RE-2 Eaton Schools Improvements GO, (State Aid Withholding), 5.00%, 12/01/23		928,454
				55,720,670
Connecticut — 3.4%
	9,000,000	Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, 1.45%, 07/01/42(b)(c)		9,000,176
	6,500,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, 4.00%, 07/01/31		7,022,170
	8,880,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, 5.00%, 07/01/40(b)		9,916,184
	11,200,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, 5.00%, 07/01/27		12,542,111

Principal Amount			Value
Connecticut (continued)
$	1,000,000	Metropolitan District Refunding Notes GO, 5.00%, 03/01/25	$	1,045,541
	5,860,000	Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/25		6,365,743
	2,350,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A, 5.00%, 03/01/29		2,508,233
	5,000,000	State of Connecticut Current Refunding GO, Series C, 5.00%, 07/15/22		5,037,326
	8,650,000	State of Connecticut Current Refunding GO, Series C, 5.00%, 07/15/24		9,122,904
	1,675,000	State of Connecticut GO, Series A, 5.00%, 04/15/28		1,874,315
	6,000,000	State of Connecticut GO, Series A, 4.00%, 01/15/29		6,405,112
	3,500,000	State of Connecticut GO, Series A, 4.00%, 01/15/30		3,746,612
	4,270,000	State of Connecticut GO, Series A, 4.00%, 01/15/31		4,570,620
	8,000,000	State of Connecticut GO, Series A, 4.00%, 01/15/33		8,436,446
	20,000,000	State of Connecticut Refunding GO, Series C, 5.00%, 06/01/23		20,051,630
	3,100,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 08/01/22		3,126,892
	1,245,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 05/01/26		1,356,632
	1,700,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 05/01/27		1,881,895
	1,715,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 05/01/28		1,920,167
	1,700,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 05/01/29		1,926,919
	1,500,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 05/01/30		1,719,233
	2,000,000	State of Connecticut Special Tax Revenue Bonds, Series A, 5.00%, 08/01/30		2,132,948

Principal Amount			Value
Connecticut (continued)
$	3,600,000	State of Connecticut Special Tax Revenue Bonds, Series D, 5.00%, 11/01/28	$	4,057,491
	1,225,000	State of Connecticut Special Tax Revenue Bonds, Series D, 5.00%, 11/01/29		1,396,507
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds, 5.00%, 08/01/22		1,260,844
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		2,009,339
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27		5,269,130
				135,703,120
Delaware — 2.0%
	1,000,000	Delaware River & Bay Authority Revenue Bonds, 4.00%, 01/01/46		1,022,401
	10,000,000	Delaware State Health Facilities Authority Current Refundin Revenue Bonds, 5.00%, 10/01/45		11,128,176
	2,415,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/28		2,706,995
	1,165,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/29		1,319,822
	1,250,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/30		1,429,762
	2,750,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/31		3,136,145
	5,000,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/32		5,813,442

Principal Amount			Value
Delaware (continued)
$	1,500,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/32	$	1,704,790
	5,825,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/26		6,394,479
	10,000,000	State of Delaware Current Refunding GO, 5.00%, 02/01/28		11,325,732
	7,705,000	State of Delaware Current Refunding GO, Series A, 5.00%, 10/01/27		8,690,823
	10,800,000	State of Delaware Public Facilities GO, 5.00%, 02/01/25		11,567,656
	9,650,000	State of Delaware Public Facilities GO, 5.00%, 02/01/26		10,557,382
	2,885,000	State of Delaware Public Improvements GO, 5.00%, 03/01/24		3,027,504
				79,825,109
District of Columbia — 1.8%
	5,800,000	District of Columbia Current Refunding GO, Series E, 5.00%, 02/01/34		6,680,508
	1,350,000	District of Columbia GO, Series D, 5.00%, 02/01/29		1,542,356
	2,000,000	District of Columbia GO, Series D, 5.00%, 02/01/30		2,314,679
	1,000,000	District of Columbia Public Improvements GO, Series A, 5.00%, 06/01/25		1,074,139
	4,145,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/25		4,436,996
	8,800,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/26		9,613,530
	3,500,000	District of Columbia Public Improvements Revenue Bonds, Series B, 5.00%, 10/01/27		3,921,432
	11,735,000	District of Columbia Refunding Revenue Bonds, Series C, 5.00%, 10/01/23		12,212,908

Principal Amount			Value
District of Columbia (continued)
$	10,000,000	District of Columbia Water & Sewer Authority Revenue Bonds, Series B, 5.00%, 10/01/52	$	10,849,108
	5,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/26		5,375,098
	9,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/27		9,784,946
	5,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/28		5,487,768
				73,293,468
Florida — 2.8%
	740,000	County of Hillsborough Refunding GO, 5.00%, 07/01/25		798,776
	5,000,000	Orange County Health Facilities Authority Current Refunding Revenue Bonds, 5.00%, 11/15/52(b)		5,440,632
	1,065,000	Peace River Manasota Regional Water Supply Authority Refunding Revenue Bonds, 4.00%, 10/01/22		1,075,984
	3,475,000	State of Florida Current Refunding GO, Series A, 5.00%, 06/01/24		3,663,359
	5,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/24		5,284,160
	8,235,000	State of Florida Current Refunding GO, Series A, 5.00%, 06/01/27		9,213,969
	10,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/29		11,566,608
	10,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/30		11,694,988
	10,000,000	State of Florida Current Refunding GO, Series C, 5.00%, 06/01/27		11,188,790

Principal Amount			Value
Florida (continued)
$	2,565,000	State of Florida Current Refunding GO, Series D, 5.00%, 06/01/23	$	2,646,547
	1,750,000	State of Florida Current Refunding GO, Series F, 5.00%, 06/01/28		1,913,914
	2,380,000	State of Florida Department of Transportation Turnpike System Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		2,393,835
	2,465,000	State of Florida Department of Transportation Turnpike System Refunding Revenue Bonds, Series C, 5.00%, 07/01/22		2,479,329
	2,545,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/25		2,744,385
	2,670,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/26		2,935,134
	2,805,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/27		3,133,594
	2,945,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/28		3,334,570
	3,885,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		4,013,552
	4,080,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		4,302,138
	4,720,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		5,268,645

Principal Amount			Value
Florida (continued)
$	4,960,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28	$	5,613,649
	5,205,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29		5,969,119
	3,895,000	State of Florida Refunding GO, Series C, 5.00%, 06/01/24		4,005,742
				110,681,419
Georgia — 4.2%
	800,000	Brookhaven Development Authority Revenue Bonds, Series A, 5.00%, 07/01/22		804,677
	1,950,000	Brookhaven Development Authority Revenue Bonds, Series A, 5.00%, 07/01/23		2,014,068
	21,000,000	Brookhaven Development Authority Revenue Bonds, Series A, 4.00%, 07/01/49		20,939,203
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding), 5.00%, 02/01/23		767,919
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		2,102,405
	5,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		5,352,951
	4,225,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		4,589,257
	11,445,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		12,618,175
	5,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		5,580,638
	1,400,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		1,459,960

Principal Amount			Value
Georgia (continued)
$	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/25	$	2,117,473
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/26		2,143,150
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/27		3,253,508
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/28		3,284,601
	265,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		266,567
	1,500,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/22		1,508,868
	240,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/23		247,829
	820,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/25		877,884
	1,000,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/29		1,129,449
	1,000,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/30		1,137,275
	1,350,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/22		1,357,249
	1,140,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/23		1,172,803

Principal Amount			Value
Georgia (continued)
$	1,230,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/24	$	1,282,679
	1,725,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/31		1,920,419
	1,400,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/33		1,546,066
	8,000,000	City of Columbus Public Facilities GO, 5.00%, 01/01/24		8,364,033
	10,065,000	City of Columbus Public Facilities GO, 5.00%, 01/01/25		10,750,256
	5,060,000	City of Columbus Public Facilities GO, 5.00%, 01/01/26		5,517,026
	810,000	Development Authority of Bulloch County Current Refunding Revenue Bonds, 5.00%, 08/01/22		817,047
	6,010,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds, 5.00%, 02/15/25		6,372,351
	3,000,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds, 5.00%, 02/15/26		3,232,748
	1,000,000	Gainesville & Hall County Hospital Authority Revenue Bonds, Series A, 5.00%, 02/15/24		1,046,466
	3,190,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/29		3,630,234
	1,975,000	Lowndes County Board of Education School Improvements GO, (State Aid Withholding), 5.00%, 02/01/23		2,022,186
	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 08/01/26		1,699,764

Principal Amount			Value
Georgia (continued)
$	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/26	$	1,202,406
	3,265,000	State of Georgia Advance Refunding GO, Series C-1, 5.00%, 01/01/24		3,414,663
	1,950,000	State of Georgia Public Improvements GO, Series A-2, 5.00%, 02/01/25		2,040,110
	13,475,000	State of Georgia School Improvements GO, Series A, 5.00%, 07/01/31		15,950,294
	2,230,000	State of Georgia School Improvements GO, Series A-1, 5.00%, 02/01/25		2,387,277
	18,020,000	State of Georgia University and College Improvements GO, Series A-1, 5.00%, 02/01/24		18,878,412
				166,800,346
Hawaii — 3.7%
	7,775,000	City & County of Honolulu GO, Series E, 5.00%, 03/01/30		8,954,144
	10,000,000	City & County of Honolulu HI Refunding GO, Series A, 5.00%, 09/01/25		10,788,897
	4,940,000	City & County of Honolulu HI Transit Improvements GO, Series E, 5.00%, 09/01/29(b)		5,088,475
	3,000,000	City & County of Honolulu Public Improvements Refunding GO, Series D, 5.00%, 08/01/23		3,108,329
	10,000,000	City & County of Honolulu Transit Improvements GO, Series E, 5.00%, 03/01/29		11,391,196
	12,260,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/31		13,445,149
	11,965,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/32		13,096,066

Principal Amount			Value
Hawaii (continued)
$	5,865,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33	$	6,406,529
	2,500,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		2,664,819
	2,000,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.71%, 07/01/26		1,852,712
	2,250,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.81%, 07/01/27		2,050,889
	10,000,000	State of Hawaii Airports System Revenue Refunding Revenue Bonds, Series D, 5.00%, 07/01/33		11,169,796
	1,500,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		1,634,867
	4,165,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/27		4,600,357
	7,330,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/28		8,176,839
	3,915,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		4,405,667
	3,750,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/30		4,247,428

Principal Amount			Value
Hawaii (continued)
$	10,420,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/31	$	10,983,108
	11,920,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/32		12,495,344
	5,420,000	State of Hawaii Public Improvements GO, Series EH, 5.00%, 08/01/33(a)		5,612,994
	2,515,000	State of Hawaii Public Improvements GO, Series FK, 5.00%, 05/01/29		2,786,577
	1,180,000	University of Hawaii Advance Refunding Revenue Bonds, Series F, 5.00%, 10/01/22		1,197,232
				146,157,414
Idaho — 0.1%
	500,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY), 5.00%, 09/15/24		530,275
	900,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY), 5.00%, 09/15/25		973,261
	690,000	Idaho Bond Bank Authority Current Refunding Revenue Bonds, Series D, 5.00%, 09/15/23(a)		698,816
	490,000	Idaho Bond Bank Authority Current Refunding Revenue Bonds, Series D, 5.00%, 09/15/23		495,177
	320,000	Idaho Bond Bank Authority Current Refunding Revenue Bonds, Series D, 5.00%, 09/15/23(a)		324,029
				3,021,558
Illinois — 0.2%
	500,000	Illinois State Toll Highway Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/24		521,583

Principal Amount			Value
Illinois (continued)
$	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A, 5.00%, 12/01/24	$	3,435,809
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D, 5.00%, 12/01/22		2,039,048
	850,000	Peoria Metropolitan Airport Authority Advance Refunding GO, Series D, 5.00%, 12/01/24		901,214
				6,897,654
Indiana — 0.2%
	235,000	Columbus Multi-High School Building Corp. Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 07/15/22		236,735
	7,025,000	Indiana Finance Authority Health Care Facilities Revenue Bonds, 0.70%, 12/01/46(b)		6,328,186
				6,564,921
Iowa — 1.1%
	1,130,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/24		1,195,710
	2,250,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/25		2,431,514
	2,075,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/26		2,286,582
	1,960,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/27		2,196,693
	1,375,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/28		1,564,015
	3,185,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/31		3,751,265
	1,750,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/27		1,961,333
	1,425,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/28		1,620,888

Principal Amount			Value
Iowa (continued)
$	1,000,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/29	$	1,152,984
	1,210,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/30		1,411,680
	2,360,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/32		2,775,560
	3,000,000	State of Iowa Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/28		3,279,778
	3,920,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/24		4,136,460
	4,325,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/26		4,728,722
	4,535,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/27		5,034,237
	4,415,000	State of Iowa Board of Regents Health Care Facilities Revenue Bonds, 5.00%, 09/01/29		5,026,666
				44,554,087
Kansas — 0.0%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2, 5.00%, 08/01/23		1,305,182
Maine — 0.2%
	725,000	Maine Governmental Facilities Authority Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/23		753,495
	2,835,000	State of Maine Highway Improvements GO, Series B, 5.00%, 06/01/28		3,220,059
	3,400,000	State of Maine Highway Improvements GO, Series B, 5.00%, 06/01/29		3,911,547
				7,885,101
Maryland — 5.3%
	5,735,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/27		6,153,213

Principal Amount			Value
Maryland (continued)
$	2,810,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/28	$	3,009,236
	1,200,000	County of Baltimore 78th Issue Refunding GO, 5.00%, 02/01/29		1,304,931
	3,835,000	County of Baltimore 81st Issue Refunding GO, 5.00%, 03/01/23		3,934,558
	8,765,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/25		9,375,005
	9,205,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/26		10,027,823
	9,665,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/27		10,703,041
	6,600,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/28		7,411,883
	2,730,000	County of Baltimore Refunding GO, 5.00%, 03/01/23		2,800,872
	1,160,000	County of Frederick Crossover Refunding GO, Series A, 5.00%, 02/01/25		1,240,214
	4,500,000	County of Montgomery Advance Refunding GO, Series B, 5.00%, 06/01/23		4,646,979
	2,000,000	County of Montgomery Public Improvements GO, Series A, 5.00%, 12/01/27		2,126,442
	3,500,000	County of Montgomery Refunding GO, Series A, 5.00%, 11/01/23		3,651,106
	10,000,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/27		11,218,062
	10,000,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/28		11,380,834
	3,185,000	County of Prince George’s Public School Improvement GO, Series A, 5.00%, 09/15/25		3,451,780
	3,110,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/24		3,286,072

Principal Amount			Value
Maryland (continued)
$	8,740,000	County of Prince George’s School Improvements GO, Series A, 5.00%, 07/15/34	$	9,842,404
	1,000,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/23		1,032,855
	945,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/24		996,656
	9,255,000	State of Maryland Advance Refunding GO, Series B, 5.00%, 08/01/25		10,004,639
	6,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 02/01/25		6,141,994
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 11/01/26		10,608,811
	10,700,000	State of Maryland Public Facilities GO, Series A, 5.00%, 08/01/26		11,795,589
	10,000,000	State of Maryland Public Facilities GO, Series A, 5.00%, 03/01/30		11,615,640
	8,035,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/24(a)		8,321,108
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/25		1,072,452
	7,015,000	State of Maryland Refunding GO, Series 2-C, 5.00%, 08/01/23		7,269,190
	7,700,000	State of Maryland School Improvements GO, 1st Series, 5.00%, 06/01/23		7,946,473
	20,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 03/15/23		20,539,672
	1,675,000	University System of Maryland Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/24		1,760,293

Principal Amount			Value
Maryland (continued)
$	5,000,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series, (County GTY), 5.00%, 06/01/25	$	5,386,100
				210,055,927
Massachusetts — 3.9%
	3,670,000	City of Cambridge School Improvements GO, 5.00%, 02/15/25		3,932,057
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B, 5.00%, 07/01/31		14,147,690
	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C, 5.00%, 10/01/26		10,272,118
	835,000	Commonwealth of Massachusetts Advance Refunding GO, Series E, 5.00%, 11/01/23		870,672
	15,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 09/01/27		16,761,615
	3,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 5.00%, 06/15/22		3,917,509
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/32		2,137,191
	7,700,000	Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/30		8,888,269
	7,380,000	Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/31		8,616,692
	5,000,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/27		5,470,957
	1,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Advance Refunding Revenue Bonds, Senior Series B, 5.00%, 07/01/33		1,066,099

Principal Amount			Value
Massachusetts (continued)
$	2,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/24	$	2,107,159
	1,500,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/25		1,610,604
	1,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/28		1,127,544
	7,280,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Series 2020, 5.00%, 02/01/36		7,704,249
	8,000,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Sub Series 2017A, 5.00%, 02/01/33		8,137,831
	2,265,000	Massachusetts Clean Water Trust Revenue Bond, Series 23B, 5.00%, 02/01/29		2,596,760
	2,380,000	Massachusetts Clean Water Trust Revenue Bond, Series 23B, 5.00%, 02/01/30		2,765,286
	5,035,000	Massachusetts Clean Water Trust Revenue Bond, Series 23B, 5.00%, 02/01/32		5,864,421
	10,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/27		11,297,247
	5,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 07/15/33		5,444,752
	4,050,000	Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, 5.00%, 10/15/26		4,488,983
	3,800,000	Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, 5.00%, 11/15/32		4,605,186

Principal Amount			Value
Massachusetts (continued)
$	3,500,000	Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, 0.45%, 07/01/41(b)	$	3,175,096
	5,450,000	Massachusetts Housing Finance Agency STATE MF HSG Revenue Bonds, Series B-2, 0.90%, 06/01/26		4,918,329
	3,500,000	Massachusetts School Building Authority Refunding Revenue Bonds, Senior Series A, 5.00%, 08/15/23		3,530,008
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22		504,474
	3,050,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, 5.00%, 08/01/22		3,077,293
	2,155,000	Town of Stoneham School Improvements GO, 5.00%, 01/15/29		2,464,795
	1,765,000	Town of Stoneham School Improvements GO, 5.00%, 01/15/30		2,042,922
	2,940,000	Town of Stoneham School Improvements GO, 5.00%, 01/15/32		3,444,682
				156,988,490
Michigan — 0.4%
	950,000	L’Anse Creuse Public Schools Current Refunding GO, (Q-SBLF), 5.00%, 05/01/23		977,009
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program), 5.00%, 04/15/24		1,051,702
	1,000,000	Michigan State University Refunding Revenue Bonds, Series A, 5.00%, 08/15/31		1,064,271
	5,000,000	University of Michigan Current Refunding Revenue Bonds, Series D, 5.00%, 04/01/30		5,802,208
	3,885,000	University of Michigan Current Refunding Revenue Bonds, Series D, 5.00%, 04/01/32		4,615,785

Principal Amount			Value
Michigan (continued)
$	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A, 5.00%, 04/01/26	$	3,285,069
	290,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF), 5.00%, 11/01/22		294,733
				17,090,777
Minnesota — 2.3%
	600,000	Cambridge-Isanti Independent School District No 911 Crossover Refunding GO, Series D, (School District Credit Program), 5.00%, 02/01/25		639,676
	1,515,000	Cambridge-Isanti Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program), 5.00%, 02/01/24		1,584,246
	2,000,000	City of Rochester Advance Refunding GO, Series B, 5.00%, 12/01/24		2,132,367
	10,000,000	Metropolitan Council Transit Improvements GO, Series B, 5.00%, 12/01/23		10,440,005
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 03/01/27		1,984,877
	2,535,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/23		2,594,802
	2,805,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		2,931,734
	2,200,000	Sartell-St Stephen Independent School District No 748 GO, Series A, (School District Credit Program), 5.00%, 02/01/25		2,350,919
	2,335,000	State of Minnesota Advance Refunding GO, Series D, 5.00%, 08/01/23		2,421,662
	1,500,000	State of Minnesota Advance Refunding GO, Series D, 5.00%, 08/01/25		1,622,474

Principal Amount			Value
Minnesota (continued)
$	7,500,000	State of Minnesota Highway Improvements GO, Series B, 5.00%, 08/01/25	$	8,112,370
	2,870,000	State of Minnesota Highway Improvements GO, Series B, 5.00%, 10/01/23		2,988,515
	1,395,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/24		1,467,707
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		3,058,037
	10,000,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/25		10,835,528
	3,640,000	State of Minnesota School Improvements GO, Series A, 5.00%, 08/01/29		4,196,862
	1,500,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/27		1,682,505
	7,570,000	State of Minnesota School Improvements GO, Series A, 5.00%, 08/01/29		8,728,089
	10,000,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/29		11,542,457
	8,260,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/30		9,653,084
	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		1,045,707
				92,013,623
Mississippi — 0.3%
	2,310,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A, 5.00%, 01/01/25		2,440,904
	10,000,000	State of Mississippi Public Improvements GO, Series B, 5.00%, 12/01/31(a)		10,433,651
				12,874,555

Principal Amount			Value
Missouri — 0.0%
$	905,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/25	$	965,648
	500,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/24		524,422
				1,490,070
New Hampshire — 0.1%
	3,990,000	State of New Hampshire Public Improvements GO, Series B, 5.00%, 12/01/22		4,068,834
New Jersey — 3.6%
	1,060,000	County of Ocean Current Refunding GO, Series B, 4.00%, 08/01/24		1,099,068
	1,825,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/24		1,931,948
	1,255,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/25		1,357,470
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds, Series B, (County GTY), 5.00%, 12/01/23		1,043,842
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds, Series B, (County GTY), 5.00%, 12/01/24		1,066,443
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22		203,940
	5,095,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/31		6,059,313
	4,920,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 09/01/22		4,976,017

Principal Amount			Value
New Jersey (continued)
$	1,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/23	$	1,549,283
	12,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/24		13,123,857
	7,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/25		8,012,961
	1,675,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/26		1,820,783
	1,000,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/26		1,090,735
	1,000,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/27		1,107,061
	1,055,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/29		1,195,205
	1,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/30		1,714,052
	1,000,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/30		1,145,037
	1,000,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds, 5.00%, 07/01/23		1,031,337
	4,455,000	New Jersey Infrastructure Bank Green Purpose Revenue Bonds, 5.00%, 09/01/26		4,913,008
	10,300,000	New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds, Series A, 5.00%, 06/15/23		10,609,801

Principal Amount			Value
New Jersey (continued)
$	3,210,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/31	$	3,519,617
	7,250,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/32		7,913,504
	5,000,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/33		5,408,017
	100,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series D, 5.00%, 12/15/23		103,692
	1,770,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A, 5.25%, 12/15/22		1,807,546
	9,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.28%, 01/01/27		8,037,688
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/27		1,098,802
	5,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.81%, 01/01/30		4,679,056
	2,380,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/25		2,531,254
	2,775,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/27		3,049,177
	2,145,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/29		2,241,456

Principal Amount			Value
New Jersey (continued)
$	2,500,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/29	$	2,732,112
	3,250,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/32		3,423,907
	3,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/33		3,158,165
	4,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/34		4,336,822
	2,000,000	Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, 1.66%, 05/01/28		1,760,558
	20,000,000	State of New Jersey COVID-19 GO, Series A, 5.00%, 06/01/24		20,926,238
				141,778,772
New Mexico — 0.3%
	500,000	Albuquerque Municipal School District No 12 School Improvements GO, Series 2017, (State Aid Withholding), 5.00%, 08/01/24		528,287
	1,000,000	Hobbs School District No 16 School Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/15/28		1,055,340
	10,000,000	New Mexico Finance Authority Public Improvements Revenue Bonds, Series A, 5.00%, 06/15/30		11,515,116
				13,098,743
New York — 13.3%
	30,000,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		30,272,190
	10,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/26		10,914
	10,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/23		10,356,077

Principal Amount			Value
New York (continued)
$	10,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/24	$	10,541,023
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/25		5,369,340
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/26		5,457,079
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28		5,601,606
	15,000,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/23		15,534,115
	9,400,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		9,908,562
	8,000,000	City of New York GO, Sub-Series B-3, 0.64%, 10/01/46(b)		8,000,000
	1,400,000	City of New York Public Improvements GO, Series I, Subseries I-A, 5.00%, 04/01/28(c)		1,561,806
	2,000,000	City of New York Public Improvements GO, Series I, Subseries I-A, 5.00%, 04/01/29(c)		2,256,605
	2,910,000	City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22		2,936,402
	32,750,000	City of New York Public Improvements GO, Sub-Series D-3, 5.00%, 08/01/38(c)		33,658,030
	2,135,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 03/01/24		2,187,345
	650,000	City of New York Refunding GO, Series C, 5.00%, 08/01/22		655,897
	3,575,000	City of New York Refunding GO, Series F, 5.00%, 08/01/29		3,578,394
	18,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/22		18,667,850

Principal Amount			Value
New York (continued)
$	5,000,000	City of New York Refunding GO, Series I, 5.00%, 08/01/25	$	5,168,642
	9,450,000	City of New York Refunding GO, Series J, Sub-Series J11, 5.00%, 08/01/25(c)		10,148,054
	4,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/30		4,639,065
	4,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/31		4,680,148
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.25%, 11/15/31		2,246,609
	3,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/30		3,062,127
	24,820,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 09/01/22		25,075,328
	3,545,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/24		3,736,644
	500,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series EE, 5.00%, 06/15/29		538,909
	6,200,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		6,466,008
	1,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25		1,042,904
	1,000,000	New York City Municipal Water Finance Authority Water Utility Improvements Revenue Bonds, Series DD-2, 5.00%, 06/15/24		1,018,691

Principal Amount			Value
New York (continued)
$	2,045,000	New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/24	$	2,156,484
	455,000	New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/24		479,374
	700,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/26		742,984
	1,850,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), 5.00%, 07/15/25		1,987,917
	1,670,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/24		1,759,462
	3,270,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/28		3,669,232
	2,750,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/29		3,118,713
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		1,406,861
	3,585,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/26		3,944,808

Principal Amount			Value
New York (continued)
$	3,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/27	$	3,344,222
	7,465,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/28		8,404,231
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/29		5,689,206
	10,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/30		11,489,271
	9,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, 5.00%, 11/01/22		9,663,575
	4,210,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/29		4,387,705
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/31		9,789,259
	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/23		154,362
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		9,344,755
	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/31		2,150,055
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,323,600

Principal Amount			Value
New York (continued)
$	4,660,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26	$	4,864,868
	12,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Group 2, Series A, 5.00%, 03/15/29		13,403,147
	5,200,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/25		5,444,436
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/27		6,979,137
	22,680,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/27		25,164,839
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/25		5,346,466
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		5,447,113
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/28		5,609,283
	4,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/29		4,534,727
	4,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/30		5,147,201
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		1,830,626

Principal Amount			Value
New York (continued)
$	7,500,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29	$	8,643,267
	2,250,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/30		2,622,759
	5,000,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bondss, 5.00%, 06/15/29		5,259,699
	2,000,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		2,100,386
	2,105,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		2,285,953
	1,000,000	New York State Urban Development Corp. Current Refunding Revenue Bonds, Series A, 5.00%, 03/15/28		1,072,024
	4,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/28		4,487,426
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/29		5,678,425
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/31		5,703,285
	10,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/32		11,342,650
	5,875,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue, Series A, 5.00%, 03/15/25		6,282,098
	10,000,000	New York State Urban Development Corp. Transit Improvements Refunding Revenue Bonds, Series A, 5.00%, 03/15/30		11,423,133

Principal Amount			Value
New York (continued)
$	3,500,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 5.00%, 07/15/30	$	3,893,412
	5,715,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		5,950,145
	5,880,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		6,121,004
	3,270,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/22		3,293,278
	3,800,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/23		3,924,266
	1,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/24		1,043,508
	4,195,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/25		4,445,366
	4,885,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/26		5,249,191
	5,255,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/27		5,711,752
	5,750,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/29		6,355,731
	10,000,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 0.42%, 11/01/41(b)		10,000,000
	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, 5.00%, 12/15/24		1,631,698
				531,674,739

Principal Amount			Value
North Carolina — 2.5%
$	2,500,000	Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, 5.00%, 01/15/27	$	2,748,675
	2,500,000	Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, 5.00%, 01/15/30		2,848,929
	5,310,000	Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, 5.00%, 01/15/31		6,095,239
	1,260,000	City of Durham NC Water & Sewer Utility System Revenue Refunding Revenue Bonds, 5.00%, 08/01/26		1,390,084
	1,680,000	City of Durham NC Water & Sewer Utility System Revenue Refunding Revenue Bonds, 5.00%, 08/01/27		1,883,757
	1,300,000	City of Durham NC Water & Sewer Utility System Revenue Refunding Revenue Bonds, 5.00%, 08/01/28		1,479,508
	750,000	City of Winston-Salem Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/26(a)		789,558
	7,720,000	County of Wake School Improvements GO, Series A, 5.00%, 02/01/28		8,743,465
	8,580,000	County of Wake School Improvements GO, Series A, 5.00%, 02/01/29		9,865,343
	8,600,000	County of Wake School Improvements GO, Series A, 5.00%, 02/01/30		10,018,370
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A, 5.00%, 01/01/23(a)		2,012,087
	13,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/23		13,387,820
	1,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,052,418
	8,950,000	State of North Carolina GO, Series B, 5.00%, 06/01/30		10,305,456

Principal Amount			Value
North Carolina (continued)
$	1,500,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/22	$	1,500,000
	7,600,000	State of North Carolina Highway Improvements Revenue Bonds, Series B, 5.00%, 05/01/28		8,594,215
	2,650,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/23		2,716,580
	3,250,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/24		3,404,562
	3,250,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/25		3,462,416
	2,555,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/26		2,769,778
	2,750,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/28		3,067,862
				98,136,122
Ohio — 3.6%
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/24		1,066,184
	2,225,000	City of Columbus Advance Refunding GO, Series 2017-1, 5.00%, 04/01/24		2,338,299
	2,000,000	City of Columbus Refunding GO, Series 5, 5.00%, 08/15/23		2,072,573
	1,100,000	County of Cuyahoga Refunding Revenue Bonds, 5.00%, 12/01/22		1,120,129
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26		1,063,083
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		1,609,790
	1,000,000	Greater Cleveland Regional Transit Authority Sales Tax Revenue Capital Improvements Advance Refunding Revenue Bonds, 5.00%, 12/01/23		1,042,413

Principal Amount			Value
Ohio (continued)
$	1,030,000	Hamilton City School District Advance Refunding GO, (School District Credit Program), 5.00%, 12/01/22	$	1,049,328
	1,000,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/28		1,133,395
	2,000,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/29		2,293,783
	2,500,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/30		2,895,086
	3,000,000	Ohio Water Development Authority Revenue Bonds, 5.00%, 06/01/26		3,291,973
	8,750,000	Ohio Water Development Authority Water Pollution Control Loan Fund Improvements Revenue Bonds, Series A, 5.00%, 12/01/38		10,082,645
	3,375,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/23		3,481,198
	3,300,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/24		3,477,496
	1,410,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/25		1,518,010
	1,450,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/26		1,591,120
	2,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/27		2,233,711
	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bond, Series 2015-A, 5.00%, 12/01/24		10,654,076

Principal Amount			Value
Ohio (continued)
$	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, 5.00%, 06/01/28	$	11,604,742
	14,000,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/29		15,991,283
	3,575,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/01/26		3,922,934
	3,045,000	Revere Local School District School Improvements GO, Series A, 5.00%, 12/01/42(a)		3,054,102
	2,350,000	Revere Local School District School Improvements GO, Series A, 5.00%, 12/01/45(a)		2,357,025
	16,790,000	State of Ohio Advance Refunding GO, Series A, 5.00%, 12/15/24		17,902,845
	4,000,000	State of Ohio Current Refunding GO, Series C, 5.00%, 03/15/28		4,510,539
	2,250,000	State of Ohio Current Refunding GO, Series C, 5.00%, 03/15/30		2,600,955
	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		1,529,503
	1,690,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		1,788,831
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 1-A, 5.00%, 12/15/29		2,305,142
	1,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 1-A, 5.00%, 12/15/30		1,161,799
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A, 5.00%, 06/01/25		2,147,047
	2,185,000	State of Ohio Public Facilities Revenue Bonds, Series A, 5.00%, 02/01/26		2,376,536

Principal Amount			Value
Ohio (continued)
$	2,400,000	State of Ohio Public Facilities Revenue Bonds, Series A, 5.00%, 02/01/29	$	2,735,610
	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A, 5.00%, 02/01/24		1,481,661
	5,000,000	State of Ohio School Improvements GO, Series B, 5.00%, 06/15/23		5,164,439
	2,200,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28(a)		2,200,000
	5,445,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28		5,822,556
				144,671,841
Oklahoma — 0.6%
	3,650,000	City of Oklahoma City Public Improvements GO, 5.00%, 03/01/26		3,993,025
	1,500,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		1,564,750
	1,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/25		1,066,215
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/26		2,175,513
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/27		2,214,229
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/28		2,247,729
	2,315,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/29		2,638,770
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/26		5,438,783

Principal Amount			Value
Oklahoma (continued)
$	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/28	$	3,354,736
				24,693,750
Oregon — 1.0%
	8,035,000	City of Portland Sewer System Revenue Sewer Improvements Revenue Bonds, Series A, 5.00%, 03/01/30		9,302,460
	5,000,000	Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, 5.00%, 07/01/31		5,566,431
	5,000,000	Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, 5.00%, 07/01/32		5,582,271
	5,000,000	Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, 5.00%, 07/01/33		5,568,858
	3,290,000	State of Oregon Advance Refunding GO, Series M, 5.00%, 11/01/23		3,427,086
	10,350,000	State of Oregon Facilities Improvements GO, Series A, 5.00%, 05/01/25		11,120,295
				40,567,401
Pennsylvania — 2.2%
	15,000,000	Commonwealth of Pennsylvania Advance Refunding GO, 5.00%, 07/15/26		16,427,859
	8,245,000	General Authority of Southcentral Pennsylvania Pre-refunded Refunding Revenue Bonds, 5.00%, 06/01/44(a)		8,688,471
	7,870,000	Pennsylvania Higher Educational Facilities Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 10/01/23		8,182,671
	1,500,000	Pennsylvania Higher Educational Facilities Authority Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/25		1,611,014

Principal Amount			Value
Pennsylvania (continued)
$	2,755,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/22	$	2,767,303
	3,500,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/23		3,614,713
	1,700,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/25		1,823,745
	7,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/26		7,646,689
	5,890,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/27		6,538,549
	6,275,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/28		7,060,184
	8,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/29		9,688,515
	6,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/30		7,468,117
	6,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/31		6,949,237
				88,467,067
Rhode Island — 0.3%
	6,950,000	Rhode Island Commerce Corp. Grant Anticipation Current Refunding Revenue, 5.00%, 06/15/23		7,170,750
	1,045,000	State of Rhode Island Advance Refunding COP, Series D, 5.00%, 04/01/25		1,117,799
	550,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D, 5.00%, 04/01/24		576,424

Principal Amount			Value
Rhode Island (continued)
$	960,000	State of Rhode Island University & College Improvements COP, Series A, 5.00%, 06/01/24	$	1,009,436
	1,010,000	State of Rhode Island University & College Improvements COP, Series A, 5.00%, 06/01/25		1,083,948
				10,958,357
South Carolina — 0.8%
	9,360,000	County of Charleston Highway Improvements GO, Series A, 5.00%, 11/01/30		10,983,790
	4,010,000	Darlington County School District School Improvement GO, (South Carolina School District Enhancement), 5.00%, 03/01/27		4,456,068
	2,350,000	Lexington County School District No 2 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/26		2,569,050
	1,205,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/26		1,315,015
	2,950,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/27		3,278,155
	3,150,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/28		3,553,792
	3,310,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/29		3,788,213
	2,925,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/30		3,379,710
				33,323,793

Principal Amount			Value
South Dakota — 0.5%
$	2,125,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/29	$	2,448,579
	1,950,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/31		2,257,120
	4,910,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/38		5,604,763
	5,155,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/39		5,874,546
	2,455,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, Series B, 5.00%, 08/01/29		2,589,474
				18,774,482
Tennessee — 0.4%
	500,000	City of Clarksville TN Water Sewer & Gas Revenue Repayment of Bank Loan Refunding Revenue Bonds, 5.00%, 02/01/25		534,575
	2,000,000	City of Clarksville TN Water Sewer & Gas Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 02/01/29		2,284,972
	1,000,000	County of Montgomery Advance Refunding School Improvements GO, 5.00%, 04/01/26		1,091,507
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue Bonds, Series A, 5.00%, 05/15/23		411,965
	3,880,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		4,093,772
	2,070,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		2,229,824

Principal Amount			Value
Tennessee (continued)
$	2,150,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/28	$	2,435,948
	1,005,000	State of Tennessee Refunding GO, Series A, 5.00%, 09/01/23		1,043,344
	2,165,000	Tennessee State School Bond Authority Pre-refunded Advance Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 5.00%, 11/01/30(a)		2,343,530
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 11/01/25		955,822
				17,425,259
Texas — 11.5%
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		920,207
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/26		1,876,044
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/23		496,410
	1,315,000	Austin Community College District Refunding GO, 5.00%, 08/01/27		1,446,856
	280,000	Austin Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/23		290,111
	5,000,000	Austin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/31		5,835,749
	7,000,000	Board of Regents of the University of Texas System Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/26		7,695,379
	5,000,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/32		5,942,279

Principal Amount			Value
Texas (continued)
$	1,065,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/29	$	1,125,222
	5,000,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/31		5,878,319
	4,000,000	Board of Regents of the University of Texas System University and College Improvements Revenue, Series D, 5.00%, 08/15/23		4,144,628
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD), 5.00%, 08/01/27		1,181,880
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,720,122
	1,700,000	City of Austin Public Improvements GO, 5.00%, 11/01/22		1,729,186
	750,000	City of Austin Public Improvements GO, 5.00%, 09/01/25		793,510
	1,465,000	City of Austin Public Improvements GO, 5.00%, 09/01/26		1,549,648
	2,000,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/25		2,136,340
	5,000,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/28		5,491,403
	1,250,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/32		1,398,156
	1,250,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/33		1,391,697
	3,000,000	City of Austin TX Electric Utility Revenue Refunding Revenue Bonds, Series A, 5.00%, 11/15/28		3,398,169

Principal Amount			Value
Texas (continued)
$	4,000,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/26	$	4,411,489
	1,000,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/30		1,160,776
	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, 5.00%, 11/15/29		5,494,138
	4,020,000	City of College Station Improvements Advance Refunding GO, 5.00%, 02/15/25		4,295,826
	935,000	City of Conroe Public Improvements GO, 5.00%, 03/01/25		980,496
	1,715,000	City of Dallas TX Waterworks & Sewer System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 10/01/28		1,951,283
	2,075,000	City of Denton Public Improvements GO, 5.00%, 02/15/23		2,126,604
	1,715,000	City of Denton Public Improvements GO, 5.00%, 02/15/24		1,798,072
	1,290,000	City of Denton Public Improvements GO, 5.00%, 02/15/28		1,402,165
	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds, 5.00%, 03/01/24		869,016
	5,000,000	City of El Paso TX Water & Sewer Revenue Water Utility Improvements Revenue Bonds, 5.00%, 03/01/30		5,720,532
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/26(a)		1,310,594
	5,145,000	City of Fort Worth Water & Sewer System Improvements Refunding Revenue Bonds, 5.00%, 02/15/25		5,498,016

Principal Amount			Value
Texas (continued)
$	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/24	$	1,042,829
	1,250,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/26		1,339,469
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/27		1,079,563
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/29		1,098,315
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/33		1,101,876
	2,460,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/27		2,712,164
	3,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/28		3,348,383
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, 0.88%, 07/01/22		999,829
	5,500,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, 1.05%, 07/01/23		5,408,796
	2,040,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements Refunding Revenue Bonds, 5.00%, 03/15/25		2,179,605
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements Refunding Revenue Bonds, 5.00%, 03/15/26		2,569,221
	1,815,000	City of Plano Advance Refunding GO, 5.00%, 09/01/23		1,884,248

Principal Amount			Value
Texas (continued)
$	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds, 5.00%, 05/01/26	$	1,291,904
	1,205,000	City of Round Rock TX Utility System Revenue Advance Refunding Revenue Bonds, 5.00%, 08/01/25		1,299,862
	875,000	Clear Creek Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/24		916,285
	1,000,000	Clear Creek Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/25		1,070,008
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,286,957
	1,500,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		1,569,968
	2,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		2,137,784
	10,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/28		11,228,977
	2,130,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/26		2,297,682
	7,500,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/29(a)		8,245,752
	2,910,000	County of Bexar Refunding GO, 5.00%, 06/15/22		2,922,961
	3,000,000	County of Bexar Tax Public Improvements GO, Series B, 5.00%, 06/15/43(a)		3,096,062
	675,000	County of Collin Advance Refunding GO, 5.00%, 02/15/24		707,090
	650,000	County of Collin Advance Refunding GO, 5.00%, 02/15/25		694,961
	1,500,000	County of Denton Advance Refunding GO, 5.00%, 07/15/24		1,583,660

Principal Amount			Value
Texas (continued)
$	1,485,000	County of Harris Current Refunding GO, Series A, 5.00%, 10/01/24	$	1,574,664
	2,000,000	County of Harris Current Refunding GO, Series A, 5.00%, 10/01/26		2,206,347
	1,850,000	County of Williamson Limited Tax Advance Refunding GO, 5.00%, 02/15/24		1,937,952
	1,000,000	County of Williamson Public Improvements GO, 5.00%, 02/15/25		1,068,613
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A, 5.00%, 12/01/25(a)		797,119
	7,715,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/26(a)		8,223,581
	2,500,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/29		2,712,672
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,157,331
	180,000	Dilley Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/25		193,743
	25,000	Dilley Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/25		26,991
	2,780,000	Eagle Mountain & Saginaw Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/24		2,942,291
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/27		1,995,935
	750,000	Eagle Mountain & Saginaw Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/23		777,506

Principal Amount			Value
Texas (continued)
$	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/25	$	3,201,663
	1,500,000	El Paso Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,589,631
	3,000,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/23		3,104,475
	1,400,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		1,478,348
	2,000,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/25		2,153,081
	1,150,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/32		1,336,656
	1,000,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/33		1,157,068
	1,000,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/34		1,156,197
	5,000,000	Fort Worth Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/28		5,631,609
	1,395,000	Frenship Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/26(a)		1,460,406
	1,285,000	Goose Creek Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,373,885
	8,000,000	Grand Parkway Transportation Corp. Highway Improvements Revenue Bonds, Series A, 5.50%, 04/01/53(a)		8,354,887
	1,990,000	Harlandale Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		2,082,111

Principal Amount			Value
Texas (continued)
$	325,000	Harlingen Consolidated Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/22	$	328,286
	1,000,000	Harris County Flood Control District Refunding GO, Series A, 5.00%, 10/01/29		1,145,377
	5,000,000	Harris County Flood Control District Refunding Revenue Bonds, Series A, 5.00%, 10/01/23		5,196,516
	1,970,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/28		2,229,900
	2,150,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/30		2,492,235
	1,500,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/31		1,728,729
	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/24		2,569,954
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/24		611,555
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/25		532,915
	750,000	Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/23		776,518
	5,625,000	Lamar Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/33		6,578,016
	10,000,000	Lone Star College System Advance Refunding GO, 5.00%, 02/15/29		10,824,416
	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,906,257

Principal Amount			Value
Texas (continued)
$	1,050,000	Longview Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/23	$	1,076,113
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/25		2,880,712
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/01/24		3,603,685
	2,755,000	Manor Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/30		3,098,748
	5,675,000	Manor Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/31		6,428,195
	1,005,000	Mesquite Independent School District Advance Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/23		1,041,858
	1,060,000	Mesquite Independent School District Advance Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		1,122,124
	1,435,000	Mesquite Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/23		1,487,628
	1,650,000	Mesquite Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/25		1,782,925
	580,000	Mesquite Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		613,992
	1,170,000	Mesquite Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/25		1,264,256
	500,000	Mesquite Independent School District School Improvements GO, Series C, (PSF-GTD), 5.00%, 08/15/22		505,199

Principal Amount			Value
Texas (continued)
$	1,765,000	North Texas Municipal Water District Water System Revenue Current Refunding Revenue Bonds, 5.00%, 09/01/26	$	1,943,407
	545,000	Northside Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/25		588,727
	3,000,000	Northwest Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/23		3,074,846
	2,525,000	Northwest Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/25		2,697,545
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,171,936
	500,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/25		533,054
	1,220,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/28		1,320,579
	1,000,000	Pecos Barstow Toyah Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,024,499
	21,665,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, 5.50%, 07/01/28		23,758,530
	650,000	Petersburg Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/26		708,233
	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD), 5.00%, 02/15/23		1,561,840
	1,050,000	Point Isabel Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/01/25		1,121,163

Principal Amount			Value
Texas (continued)
$	1,995,000	Port Arthur Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/25	$	2,132,996
	1,000,000	Port Authority of Houston of Harris County Texas Revenue Bonds, 5.00%, 10/01/29		1,141,068
	1,000,000	Port Authority of Houston of Harris County Texas Revenue Bonds, 5.00%, 10/01/30		1,152,772
	2,500,000	Port Authority of Houston of Harris County Texas Revenue Bonds, 5.00%, 10/01/33		2,903,849
	1,375,000	Port Authority of Houston of Harris County Texas Revenue Bonds, 4.00%, 10/01/35		1,430,595
	1,000,000	Port Authority of Houston of Harris County Texas Revenue Bonds, 4.00%, 10/01/36		1,035,606
	1,250,000	Port Authority of Houston of Harris County Texas Revenue Bonds, 4.00%, 10/01/37		1,288,093
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD), 5.00%, 02/15/25		1,070,008
	925,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/22		934,299
	1,020,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/23		1,055,563
	1,075,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/24		1,135,788
	1,000,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,077,279
	1,330,000	San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/23		1,378,089
	1,000,000	Socorro Independent School District Current Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/25		1,066,665

Principal Amount			Value
Texas (continued)
$	7,180,000	Spring Independent School District Advance Refunding GO, Series A, 5.00%, 08/15/28	$	7,865,743
	2,500,000	State of Texas Current Refunding GO, Series B, 5.00%, 08/01/24		2,644,250
	5,000,000	State of Texas Current Refunding GO, Series B, 5.00%, 08/01/25		5,396,864
	2,300,000	State of Texas Highway Improvements GO, 5.00%, 04/01/27		2,506,882
	3,720,000	State of Texas Highway Improvements Revenue Bonds GO, 5.00%, 04/01/44(a)		3,899,436
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 5.00%, 10/01/26		5,511,472
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 2.18%, 10/01/27		4,722,998
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/25		3,465,799
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/28		5,386,393
	6,500,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/25		6,967,959
	3,500,000	State of Texas Transportation Commission Refunding GO, Series A, 5.00%, 10/01/22		3,551,112
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries B-2, 5.00%, 08/01/28		1,053,429
	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD), 5.00%, 08/15/26		1,099,340
	1,000,000	Temple Independent School District Advance Refunding GO, (PSF- GTD), 5.00%, 02/01/27		1,108,698

Principal Amount			Value
Texas (continued)
$	1,250,000	Texas A&M University University & College Improvements Revenue Bonds, Series A, 0.59%, 05/15/24	$	1,194,456
	1,000,000	Texas State University System University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,048,880
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/22		1,014,645
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/24		6,134,297
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A, 5.00%, 10/01/26		4,677,289
	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/24		5,282,870
	6,665,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/25		7,185,367
	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/26		5,492,887
	1,500,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/27		1,675,671
	4,050,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/29		4,632,286
	2,500,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/31		2,915,670

Principal Amount			Value
Texas (continued)
$	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/32	$	5,809,729
	6,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/33		6,935,496
	1,250,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/15/23		1,301,338
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds, 5.00%, 08/01/24		1,057,475
	500,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/22		505,199
	1,680,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/23		1,741,395
	935,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/24		989,798
	2,085,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/25		2,253,655
	640,000	Valley View Independent School District/Hidalgo County Current Refunding GO, (PSF-GTD), 5.00%, 02/15/26		695,889
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27		681,776
	1,210,000	Wichita Falls Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/01/23		1,238,089
	315,000	Wichita Falls Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/01/24		329,453
				458,376,418

Principal Amount			Value
Utah — 0.4%
$	1,255,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/25	$	1,325,996
	2,500,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/28		2,709,594
	10,000,000	State of Utah Highway Improvements Revenue Bonds GO, 5.00%, 07/01/26		11,023,418
				15,059,008
Virginia — 4.1%
	555,000	City of Alexandria Advance Refunding GO, Series C, (State Aid Withholding), 5.00%, 07/01/22		558,391
	7,800,000	City of Harrisonburg GO, Series A, (State Aid Withholding), 5.00%, 07/15/27		8,703,653
	7,615,000	City of Harrisonburg GO, Series A, (State Aid Withholding), 5.00%, 07/15/29		8,737,175
	3,045,000	City of Newport News Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 02/01/27		3,387,505
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding), 5.00%, 06/01/28		7,962,591
	5,000,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/27		5,571,501
	7,965,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/29		8,832,644
	5,550,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/35		6,358,763
	7,530,000	County of Loudoun Public Facilities GO, Series A, (State Aid Withholding), 5.00%, 12/01/26		8,334,935

Principal Amount			Value
Virginia (continued)
$	6,880,000	Hampton Roads Sanitation District Refunding Revenue Bonds, Sub-Series B, 0.40%, 08/01/46(b)	$	6,880,000
	3,000,000	Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		3,466,488
	23,685,000	Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, 5.00%, 07/01/26		25,971,081
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		1,241,210
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, 5.00%, 05/15/28		5,977,232
	2,510,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23		2,577,290
	815,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/25		872,175
	1,345,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/26		1,466,310
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 05/15/27		5,484,117
	2,175,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/29		2,471,569
	8,000,000	Virginia Public Building Authority Public Facilities Revenue Bonds, Series A, Group 1, 5.00%, 08/01/24		8,445,395
	4,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/24		4,702,756

Principal Amount			Value
Virginia (continued)
$	870,000	Virginia Public School Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 08/01/25	$	938,207
	9,000,000	Virginia Public School Authority Current Refunding Revenue Bonds, Series B, 5.00%, 08/01/23		9,320,469
	2,790,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 10/01/23		2,900,845
	2,280,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/27		2,526,755
	3,325,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/28		3,741,173
	3,410,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/29		3,882,340
	4,230,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/30		4,876,407
	3,555,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/31		4,138,747
	2,000,000	Virginia Resources Authority Advance Refunding Revenue, 5.00%, 11/01/26		2,209,666
	750,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/23		781,589
	740,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25		788,305

Principal Amount			Value
Virginia (continued)
$	15,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25(a)	$	15,934
				164,123,218
Washington — 6.2%
	3,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/23		3,125,905
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/24		5,317,620
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/25		5,421,031
	10,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/30		11,644,070
	10,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/31		11,731,961
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY), 5.00%, 12/01/26		1,151,335
	11,620,000	City of Seattle WA Drainage & Wastewater Revenue Sewer Improvements Revenue Bonds, 5.00%, 09/01/31		13,658,117
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds, 5.00%, 01/01/27		1,735,151
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY), 5.00%, 12/01/24		880,029
	1,035,000	County of King Refunding GO, 5.00%, 07/01/25		1,103,776
	5,395,000	County of King Refunding GO, 5.00%, 07/01/26		5,755,106
	9,000,000	County of King School District No 411 Issaquah School Improvement GO, (School Board GTY), 5.00%, 12/01/32		10,078,236

Principal Amount			Value
Washington (continued)
$	10,000,000	County of King Sewer Improvements GO, Series A, 5.00%, 01/01/30	$	11,584,189
	8,000,000	County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B, 5.00%, 07/01/29		9,043,142
	3,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		3,219,318
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		10,940,364
	2,250,000	Energy Northwest Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		2,466,238
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		3,918,892
	565,000	Jefferson County School District No 50 Port Townsend School Improvements GO, (School Board GTY), 5.00%, 12/01/23		588,516
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/27		5,427,048
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/29		5,511,860
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/30		5,552,441
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/32		5,578,480
	6,885,000	Port of Seattle Current Refunding Revenue Bonds, 5.00%, 09/01/25		7,341,845
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds, 5.00%, 02/01/27		812,671
	5,000,000	Port of Seattle Refunding GO, 5.00%, 06/01/24		5,268,933

Principal Amount			Value
Washington (continued)
$	1,120,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY), 5.00%, 12/01/23	$	1,168,391
	750,000	Snohomish County Public Utility District No 1 Current Refunding Revenue Bonds, Series A, 5.00%, 12/01/23		782,405
	750,000	Snohomish County Public Utility District No 1 Current Refunding Revenue Bonds, Series A, 5.00%, 12/01/24		799,056
	5,000,000	Snohomish County School District No 201 Refunding GO, (School Board GTY), 5.00%, 12/01/25		5,261,640
	775,000	Spokane & Whitman Counties School District No 360 Cheney Advance Refunding GO, (School Board GTY), 5.00%, 12/01/23		808,608
	1,000,000	State of Washington Advance Refunding COP, (State Aid Intercept Program), 5.00%, 07/01/24		1,051,418
	2,410,000	State of Washington Current Refunding GO, Series R-2020C, 5.00%, 07/01/25		2,595,313
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 5.00%, 07/01/23		10,329,243
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 5.00%, 07/01/24		10,547,602
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 5.00%, 07/01/25		10,763,757
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 4.00%, 07/01/26		10,565,840
	10,000,000	State of Washington Current Refunding GO, Series R-2022D, Group 1, 5.00%, 07/01/23		10,329,243

Principal Amount			Value
Washington (continued)
$	10,000,000	State of Washington Current Refunding GO, Series R-2022D, Group 1, 5.00%, 07/01/24	$	10,558,340
	10,000,000	State of Washington Current Refunding GO, Series R-2022D, Group 1, 5.00%, 07/01/25		10,763,757
	5,475,000	State of Washington Public Improvements GO, Series C, 5.00%, 02/01/30		5,810,085
	2,760,000	State of Washington Public Improvements GO, Series D, 5.00%, 02/01/24		2,889,539
	800,000	State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23		804,575
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY), 5.00%, 12/01/24		4,711,345
				249,396,431
West Virginia — 0.0%
	1,650,000	West Virginia Parkways Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/26		1,807,228
Wisconsin — 1.2%
	1,000,000	State of Wisconsin Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/28		1,093,240
	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, 5.00%, 06/01/29(a)		4,947,899
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1, 5.00%, 06/01/23		1,030,923
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Refunding Revenue Bonds, Series 1, 5.00%, 06/01/26(a)		1,030,923
	14,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29		15,532,496

Principal Amount			Value
Wisconsin (continued)
$	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/27	$	1,315,237
	3,205,000	State of Wisconsin Public Improvements GO, Series B, 5.00%, 05/01/30(a)		3,205,000
	1,900,000	State of Wisconsin Refunding Bonds GO, Series 3, 5.00%, 11/01/25(a)		1,932,241
	1,000,000	State of Wisconsin Refunding GO, Series 1, 5.00%, 05/01/24		1,028,831
	860,000	State of Wisconsin Refunding Notes GO, Series A, 5.00%, 05/01/28		918,863
	6,000,000	Wisconsin Department of Transportation Advance Refunding Revenue Bonds, Series 1, 1.01%, 07/01/26		5,443,192
	1,600,000	Wisconsin Department of Transportation Pre-refunded Current Refunding Revenue Bonds, Series 1, 5.00%, 07/01/29(a)		1,609,669
	7,250,000	Wisconsin Health & Educational Facilities Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/54(b)		7,836,532
	2,250,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.13%, 04/15/31(a)		2,315,199
				49,240,245
Total Municipal Bonds (Cost $3,916,944,682)				3,723,146,448

CORPORATE BONDS — 0.8%
United States — 0.8%
	1,675,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		1,472,610
	3,000,000	BayCare Health System, Inc., Series 2020, 2.61%, 11/15/22		3,001,795
	5,000,000	Baylor Scott & White Holdings, Series 2021, 0.83%, 11/15/25		4,561,014

Principal Amount			Value
United States (continued)
$	1,750,000	Bon Secours Mercy Health, Inc., 1.35%, 06/01/25	$	1,614,557
	8,000,000	Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 1.91%, 09/01/30		6,939,193
	5,000,000	Leland Stanford Junior University, 1.29%, 06/01/27		4,488,922
	10,000,000	Yale University, Series 2020, 0.87%, 04/15/25		9,398,009
Total Corporate Bonds (Cost $34,464,046)				31,476,100

U.S. GOVERNMENT SECURITIES — 5.0%
U.S. Treasury Bills — 5.0%
	100,000,000	0.33%, 06/30/22(d)		99,885,278
	100,000,000	1.05%, 09/29/22(d)		99,527,083
Total U.S. Government Securities (Cost $199,512,706)				199,412,361

Shares
INVESTMENT COMPANY — 3.6%
	144,377,479	SEI Daily Income Trust Government II Fund - Class A, 0.19%(e)		144,377,479
Total Investment Company (Cost $144,377,479)				144,377,479
TOTAL INVESTMENTS — 102.6% (Cost $4,295,298,913)			$	4,098,412,388
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%				(104,540,335	)
NET ASSETS — 100.0%			$	3,993,872,053

(a)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(b)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2022.
(c)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	Zero coupon security. The rate represents the yield at time of purchase.
(e)	The rate shown represents the current yield as of April 30, 2022.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligation

GTY — Guaranty

PSF-GTD — Permanent School Fund Guarantee

Q-SBLF — Qualified-School Board Loan Fund

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
Alabama		0.6	%
Arizona		0.9
Arkansas		0.2
California		5.6
Colorado		1.4
Connecticut		3.4
Delaware		2.0
District of Columbia		1.8
Florida		2.8
Georgia		4.2
Hawaii		3.7
Idaho		0.1
Illinois		0.2
Indiana		0.2
Iowa		1.1
Kansas		0.0	*
Maine		0.2
Maryland		5.3
Massachusetts		3.9
Michigan		0.4
Minnesota		2.3
Mississippi		0.3
Missouri		0.0	*
New Hampshire		0.1
New Jersey		3.6
New Mexico		0.3
New York		13.3
North Carolina		2.5
Ohio		3.6
Oklahoma		0.6
Oregon		1.0
Pennsylvania		2.2
Rhode Island		0.3
South Carolina		0.8
South Dakota		0.5
Tennessee		0.4
Texas		11.5
Utah		0.4
Virginia		4.1
Washington		6.2
West Virginia		0.0	*
Wisconsin		1.2
Other**		6.8
		100.0	%

*	Represents less than 0.01% of net assets.
**	Includes cash and equivalents, Corporate Bonds, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Principal Amount			Value
MUNICIPAL BONDS — 90.1%
California — 90.1%
$	6,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4, 5.00%, 04/01/43(a)	$	6,166,644
	15,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4, 5.25%, 04/01/48(a)		15,450,309
	930,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/27(a)		938,368
	500,000	California Educational Facilities Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 01/01/27(a)		544,427
	1,550,000	California Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/23		1,610,700
	500,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/01/31		583,886
	1,000,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/01/23		1,041,818
	1,565,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bond, Series A-1, 5.00%, 04/01/33		1,881,335
	4,000,000	California Infrastructure & Economic Development Bank Revenue Bond, 5.00%, 10/01/35		4,454,789
	250,000	California Infrastructure & Economic Development Bank Revenue Bond, 5.00%, 10/01/23		259,897
	1,000,000	California Municipal Finance Authority Health Care Facilities Improvements Revenue Bonds, Series A, 4.00%, 02/01/37		1,013,604

Principal Amount			Value
California (continued)
$	1,000,000	California Municipal Finance Authority Health Care Facilities Improvements Revenue Bonds, Series A, 4.00%, 02/01/38	$	1,009,159
	1,000,000	California Municipal Finance Authority Health Care Facilities Improvements Revenue Bonds, Series A, 4.00%, 02/01/39		1,005,564
	1,000,000	California Municipal Finance Authority Health Care Facilities Improvements Revenue Bonds, Series A, 4.00%, 02/01/40		994,523
	670,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds, (California Mortgage Insurance), 4.00%, 07/01/24		691,166
	250,000	California State University & College Improvements Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/23		260,530
	1,785,000	California State University & College Improvements Revenue Bonds, Series A, 5.00%, 11/01/24		1,896,605
	20,000	California State University Pre-refunded Refunding Revenue Bonds, Series A, 5.00%, 11/01/25(a)		21,235
	230,000	California State University Unfunded Revenue Bonds, Series A, 5.00%, 11/01/25(a)		244,783
	5,000,000	Carlsbad Unified School District School Improvements GO, Series B, 6.00%, 05/01/34		5,349,909
	885,000	Chabot-Las Positas Community College District Refunding GO, 5.00%, 08/01/25(a)		916,180
	1,260,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/26		1,383,973
	1,100,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/27		1,230,512

Principal Amount			Value
California (continued)
$	2,375,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/28	$	2,694,276
	4,000,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/30		4,665,984
	900,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/31		1,060,891
	900,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/32		1,072,913
	1,750,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/34		2,060,762
	325,000	City & County of San Francisco Public Improvements GO, Series B, 5.00%, 06/15/22		326,467
	3,000,000	City & County of San Francisco Public Improvements GO, Series R1, 5.00%, 06/15/29		3,455,205
	2,500,000	City & County of San Francisco Refunding Notes COP, 5.00%, 04/01/23		2,566,680
	900,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, 5.00%, 05/15/31		1,034,813
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, 5.00%, 05/15/34		1,142,555
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, 4.00%, 05/15/35		1,038,792
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/31		1,112,270

Principal Amount			Value
California (continued)
$	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/32	$	1,109,945
	7,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/40		8,300,372
	3,645,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C, 5.00%, 05/15/23		3,751,381
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C, 5.00%, 05/15/24		1,572,693
	5,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/23		5,156,788
	5,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/24		5,261,640
	3,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/25		3,223,339
	2,550,000	City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/01/25		2,626,642
	1,800,000	City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/01/27		1,852,930
	1,900,000	City of San Francisco Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds, 5.00%, 11/01/28		2,029,481
	3,000,000	Coast Community College District Advance Refunding GO, 2.23%, 08/01/31		2,620,774
	1,600,000	Contra Costa County Public Financing Authority Current Refunding Revenue Bonds, Series B, 5.00%, 06/01/25		1,717,638

Principal Amount			Value
California (continued)
$	225,000	County of Sacramento Airport System Revenue Current Refunding Revenue Bonds, Sub-Series D, 5.00%, 07/01/23	$	231,736
	1,445,000	Desert Community College District Refunding GO, 5.00%, 08/01/26		1,586,223
	200,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/22		200,599
	1,500,000	Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/36		1,715,062
	1,000,000	Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37		1,142,167
	805,000	Garden Grove Unified School District School Improvements GO, Series C, 5.00%, 08/01/30(a)		833,866
	1,100,000	Los Angeles Community College District Refunding GO, Series A, 5.00%, 08/01/29(a)		1,164,214
	1,000,000	Los Angeles Community College District University & College Improvements GO, Series 2008-F, 5.00%, 08/01/24(a)		1,035,859
	850,000	Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Senior Series B, 5.00%, 07/01/25		877,033
	4,000,000	Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/29		4,596,256
	1,125,000	Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/39		1,266,796

Principal Amount			Value
California (continued)
$	1,425,000	Los Angeles Department of Water & Power Power System Electricity Light & Power Improvements Revenue Bonds, Series D, 5.00%, 07/01/22	$	1,433,706
	2,065,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		2,105,183
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		5,273,312
	450,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/23		458,420
	600,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/24		626,153
	1,800,000	Los Rios Community College District Refunding GO, 5.00%, 08/01/27		1,815,749
	1,100,000	Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A, 5.00%, 08/01/28		1,183,744
	2,000,000	Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 11/01/24(a)		2,098,838
	450,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		452,490
	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A, 5.00%, 02/01/34		3,160,288
	475,000	Orange County Water District Repayment Of Bank Loan Revenue Bonds, Series C, 5.00%, 08/15/25		513,735

Principal Amount			Value
California (continued)
$	200,000	Placer County Water Agency Current Refunding COP, 5.00%, 07/01/22	$	201,228
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L, 5.00%, 05/15/24		1,203,283
	1,310,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J, 5.00%, 05/15/24(a)		1,349,494
	6,150,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J, 5.25%, 05/15/27(a)		6,351,051
	1,100,000	Rio Hondo Community College District Current Refunding GO, Series B, 5.00%, 08/01/24		1,161,984
	870,000	Riverside County Transportation Commission Pre-refunded Refunding Revenue Bond, Series A, 5.25%, 06/01/24(a)		898,925
	3,000,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series A, 5.00%, 08/15/49(b)		3,078,195
	3,500,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, 5.00%, 08/15/36		3,972,074
	4,000,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27		3,608,936
	1,000,000	San Diego Community College District Advance Refunding GO, 5.00%, 08/01/28		1,098,155
	550,000	San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33		616,482

Principal Amount			Value
California (continued)
$	870,000	San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/34	$	973,638
	1,000,000	San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/35		1,016,149
	750,000	San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/36		761,176
	1,000,000	San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/46		990,572
	2,800,000	San Diego County Water Authority Refunding Revenue Bonds, Sub-Series S1, 5.00%, 05/01/28		3,154,114
	600,000	San Diego County Water Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 05/01/31		702,448
	650,000	San Diego County Water Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 05/01/32		769,295
	300,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/25		323,617
	300,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/23		310,833
	1,000,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Sub-Series A, 5.00%, 08/01/31(a)		1,008,874
	1,460,000	San Francisco Bay Area Rapid Transit District Sales Tax Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		1,568,575

Principal Amount			Value
California (continued)
$	1,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series B-1, 5.00%, 08/01/24	$	1,587,564
	500,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A, 5.00%, 05/01/23		514,516
	3,810,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A, 5.00%, 05/01/26		4,127,534
	3,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/29		3,290,831
	1,025,000	San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series E, 5.00%, 05/01/40		1,099,070
	4,225,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series B, 5.00%, 05/01/27		4,648,019
	2,620,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series B, 5.00%, 05/01/28		2,918,143
	830,000	San Jose Evergreen Community College District Advance Refunding GO, 5.00%, 09/01/24		878,538
	785,000	San Mateo County Community College District Refunding GO, 5.00%, 09/01/24(a)		794,251
	1,000,000	San Mateo Union High School District Refunding GO, 5.00%, 09/01/27(a)		1,060,349

Principal Amount			Value
California (continued)
$	1,000,000	San Ramon Valley Unified School District School Improvements GO, 5.00%, 08/01/24	$	1,056,574
	350,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/23		361,827
	1,540,000	Santa Clarita Community College District Refunding GO, 5.00%, 08/01/24(a)		1,595,222
	4,000,000	State of California Current Refunding GO, 5.00%, 11/01/28		4,523,516
	3,250,000	State of California Current Refunding GO, 5.00%, 04/01/42		3,546,941
	1,500,000	State of California Current Refunding GO, 5.00%, 04/01/24		1,576,732
	3,310,000	State of California Current Refunding GO, 5.00%, 08/01/24		3,499,496
	4,770,000	State of California Current Refunding GO, Group C, 5.00%, 08/01/27		5,086,735
	1,300,000	State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O, 5.00%, 05/01/22		1,300,000
	300,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AS, 5.00%, 12/01/25		319,235
	2,000,000	State of California Department of Water Resources Water Utility Improvements Revenue Bonds, Series BB, 5.00%, 12/01/32		2,326,351
	1,000,000	State of California Multi Utility Improvements GO, 5.00%, 10/01/25		1,081,698
	1,000,000	State of California Refunding GO, 5.00%, 10/01/25		1,060,380
	6,065,000	State of California Refunding GO, 5.00%, 10/01/26		6,428,273
	4,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/26		4,370,710

Principal Amount			Value
California (continued)
$	5,740,000	State of California Water Utility Improvements GO, 5.00%, 11/01/29	$	6,560,245
	2,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/27		2,219,812
	5,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/28		5,609,665
	4,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/29		4,539,979
	3,500,000	State of California Water Utility Improvements GO, 5.00%, 04/01/30		4,013,275
	550,000	Turlock Irrigation District Revenue Bonds, 5.00%, 01/01/25		585,539
	1,955,000	University of California Advance Refunding Revenue Bonds, Series AY, 5.00%, 05/15/24		2,058,100
	995,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/24(a)		1,024,480
	1,270,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/26(a)		1,307,627
	1,575,000	University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G, 5.00%, 05/15/30(a)		1,576,999
	10,000,000	University of California Refunding Revenue Bonds, Series AK, 5.00%, 05/15/48(b)		10,289,777
	2,500,000	University of California University & College Improvements Revenue Bonds, Series BE, 5.00%, 05/15/33		2,862,891
	1,645,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.32%, 11/01/25		1,533,945
	2,295,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.54%, 11/01/26		2,109,055

Principal Amount			Value
California (continued)
$	2,000,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.74%, 11/01/27	$	1,815,268
	3,970,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.96%, 11/01/28		3,584,519
	1,100,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/36		1,261,566
	1,000,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/37		1,142,022
Total Municipal Bonds (Cost $305,735,296)				292,442,943

CORPORATE BONDS — 0.6%
United States — 0.6%
	2,000,000	Stanford Health Care, Series 2020, 3.31%, 08/15/30		1,925,633
Total Corporate Bonds (Cost $2,000,000)				1,925,633

U.S. GOVERNMENT SECURITIES — 7.0%
U.S. Treasury Bills — 7.0%
	10,000,000	0.29%, 06/30/22(c)		9,988,528
	13,000,000	1.05%, 09/29/22(c)		12,938,521
Total U.S. Government Securities (Cost $22,938,980)				22,927,049

Shares
INVESTMENT COMPANY — 5.6%
	18,178,914	SEI Daily Income Trust Government II Fund - Class A, 0.19%(d)		18,178,914
Total Investment Company (Cost $18,178,914)				18,178,914
TOTAL INVESTMENTS — 103.3% (Cost $348,853,190)			$	335,474,539
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%				(10,764,213	)
NET ASSETS — 100.0%			$	324,710,326

(a)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(b)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2022.
(c)	Zero coupon security. The rate represents the yield at time of purchase.
(d)	The rate shown represents the current yield as of April 30, 2022.

The following abbreviations are used in the report:

COP — Certificates of Participation

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
California		90.1	%
Other*		9.9
		100.0	%


*	Includes cash and equivalents, Corporate Bonds, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Principal Amount			Value
MUNICIPAL BONDS — 91.3%
New York — 91.3%
$	2,000,000	Battery Park City Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/25	$	2,084,238
	100,000	Build NYC Resource Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/01/24		105,483
	225,000	City of New York Advance Refunding GO, Series 2015-A, 5.00%, 08/01/24		237,173
	2,520,000	City of New York Advance Refunding GO, Series A, 5.00%, 08/01/26		2,750,368
	510,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27		561,600
	150,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		151,361
	350,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		353,176
	200,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/23		207,122
	875,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/23		906,157
	1,515,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27		1,609,376
	1,190,000	City of New York Advance Refunding GO, Series D, 5.00%, 08/01/33		1,301,460
	125,000	City of New York Advance Refunding GO, Series D, 5.00%, 08/01/24		131,763
	100,000	City of New York Advance Refunding GO, Series E, 5.00%, 08/01/24		105,410
	4,250,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/27		4,705,957
	3,750,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/23		3,883,529
	4,250,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/24		4,479,935

Principal Amount			Value
New York (continued)
$	2,550,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/25	$	2,738,364
	2,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/26		2,182,832
	2,500,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28		2,800,803
	1,250,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/25		1,342,335
	17,000,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/26		18,554,069
	5,750,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		6,061,088
	5,000,000	City of New York GO, Series A-1, 5.00%, 08/01/32		5,740,043
	255,000	City of New York Public Improvements GO, Series 2018-1, 5.00%, 08/01/23		264,080
	1,110,000	City of New York Public Improvements GO, Series 2018-1, 5.00%, 08/01/25		1,191,994
	100,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 03/01/24		102,452
	200,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 04/01/23		205,518
	100,000	City of New York Public Improvements GO, Sub-Series F-3, 5.00%, 12/01/23(a)		104,337
	1,500,000	City of New York Public Improvements GO, Sub-Series H-A, 5.00%, 01/01/25(a)		1,592,938
	2,025,000	City of New York Public Improvements GO, Sub-Series I-1, 5.00%, 03/01/25		2,120,932
	155,000	City of New York Refunding GO, Series B, 5.00%, 08/01/25		156,329

Principal Amount			Value
New York (continued)
$	400,000	City of New York Refunding GO, Series C, 5.00%, 08/01/27	$	433,127
	100,000	City of New York Refunding GO, Series F, 5.00%, 08/01/29		100,095
	9,000,000	City of New York Refunding GO, Series F, 5.00%, 08/01/30		9,024,701
	500,000	City of New York Refunding GO, Series J, 5.00%, 08/01/25		516,864
	325,000	City of New York Refunding GO, Series J, 5.00%, 08/01/24		342,583
	100,000	City of New York Refunding GO, Sub-Series H-3, 5.00%, 08/01/23(a)		103,561
	2,230,000	County of Nassau Public Improvements GO, Series A, 5.00%, 04/01/23		2,285,186
	2,860,000	County of Westchester NY Public Improvements GO, Series A, 5.00%, 10/15/29		3,316,880
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/22		352,150
	100,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/23		103,426
	110,000	County of Westchester NY Sewer Improvements GO, Series C, 5.00%, 07/01/22		110,676
	300,000	Erie County Industrial Development Agency City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/23		308,439
	125,000	Erie County Industrial Development Agency City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24		131,352

Principal Amount			Value
New York (continued)
$	1,025,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/29	$	1,175,096
	1,500,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/31		1,761,324
	1,200,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, 5.00%, 09/01/35		1,339,407
	500,000	Long Island Power Authority Electric System General Revenue Bonds, 5.00%, 09/01/25		540,942
	4,000,000	Long Island Power Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/25		4,040,226
	1,600,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/24		1,695,810
	1,500,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/25		1,622,827
	1,025,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/26		1,129,935
	1,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/30		1,159,766
	1,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/31		1,170,037
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/26		2,197,493
	900,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/25		958,665
	100,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F, 5.00%, 11/15/23		103,720

Principal Amount			Value
New York (continued)
$	2,225,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/28	$	2,260,917
	400,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/24		405,531
	205,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/25		207,903
	1,500,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/30		1,520,924
	1,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Sub-Series A1, 5.00%, 11/15/48(b)		1,572,419
	2,570,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series B-2, 5.00%, 11/15/23		2,672,137
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1, 5.00%, 11/15/23		259,299
	6,545,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/35		7,345,090
	1,600,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/25		1,622,995
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/29		2,535,801
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1, 5.00%, 11/15/29(a)		2,586,098
	100,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/23(a)		101,353

Principal Amount			Value
New York (continued)
$	8,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/27(a)	$	8,131,759
	100,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/22		101,556
	2,000,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1, 5.00%, 11/15/33		2,088,657
	375,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/22		380,831
	600,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/23		622,300
	100,000	Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24		105,202
	6,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/31		7,104,255
	5,500,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/35		6,404,914
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 0.83%, 11/15/26		4,500,282
	6,280,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29		5,345,118
	300,000	Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		318,912

Principal Amount			Value
New York (continued)
$	4,000,000	New York City Housing Development Corp. Local Multifamily Housing, Sustainable Development Revenue Bonds, Series K, (Housing Finance Agency), 0.90%, 11/01/60(b)	$	3,694,076
	200,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/24		210,812
	1,825,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/26		1,996,554
	2,750,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC, 5.00%, 06/15/25		2,956,190
	250,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series EE, 5.00%, 06/15/29		269,454
	8,500,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub- Series EE, 5.00%, 06/15/34		9,789,721
	4,750,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		4,953,796
	2,000,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2, 5.00%, 06/15/26		2,129,937
	2,000,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2, 5.00%, 06/15/27		2,159,934
	1,500,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Sub-Series FF-1, 5.00%, 06/15/49		1,630,030

Principal Amount			Value
New York (continued)
$	2,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25	$	2,085,809
	2,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series GG, 5.00%, 06/15/27		2,140,016
	7,500,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series HH, 5.00%, 06/15/28		8,018,095
	115,000	New York City Transitional Finance Authority Building Aid Advance Pre-refunded Revenue Bonds, (State Aid Withholding), 5.00%, 07/15/23		118,848
	135,000	New York City Transitional Finance Authority Building Aid Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 07/15/23		139,659
	1,225,000	New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/24		1,291,782
	100,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/25		107,940
	1,035,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/26		1,131,796
	700,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/26		742,984
	300,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/23		310,354

Principal Amount			Value
New York (continued)
$	150,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/25	$	159,858
	125,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/26		135,060
	4,000,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/28		4,023,669
	125,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding), 5.00%, 07/15/23		129,314
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), 5.00%, 07/15/25		2,149,100
	100,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), 5.00%, 07/15/23		103,467
	525,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), 5.00%, 07/15/24		553,124
	1,000,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series- S1, (State Aid Withholding), 5.00%, 07/15/22		1,007,425

Principal Amount			Value
New York (continued)
$	475,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C, 5.00%, 11/01/23	$	495,006
	3,585,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/26		3,944,808
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/27		3,344,222
	1,690,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/28		1,902,632
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/29		5,689,206
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/30		5,744,636
	4,375,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 08/01/24		4,622,511
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series A1, 5.00%, 08/01/23		103,624
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series A-E1, 5.00%, 02/01/30		3,270,017
	150,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1, 5.00%, 05/01/23		154,475

Principal Amount			Value
New York (continued)
$	200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI, 5.00%, 08/01/25	$	211,135
	2,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series I, 5.00%, 05/01/26		2,052,667
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds, Series B1, 5.00%, 11/01/25		105,082
	1,075,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvement Revenue Bonds, Series C-1, 5.00%, 05/01/22		1,075,000
	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series D1, 5.00%, 02/01/27		537,278
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series S, 5.00%, 05/01/34		5,630,311
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series B-1, 5.00%, 11/01/23		3,126,357
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Series A-1, 5.00%, 11/01/25		3,244,250
	670,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Sub-Series C, 5.00%, 11/01/27		702,042
	600,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1, 5.00%, 05/01/23		617,899

Principal Amount			Value
New York (continued)
$	300,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1, 5.00%, 05/01/24	$	315,545
	350,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1, 5.00%, 08/01/23		362,682
	1,885,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 02/15/25		2,012,236
	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		150,894
	1,400,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D, 5.00%, 02/15/24		1,466,895
	1,525,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/24		1,600,473
	1,600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/25		1,712,840
	4,285,000	New York State Dormitory Authority Advance Revenue Bonds, Series A, 5.00%, 02/15/25		4,579,398
	1,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/32		1,161,780
	3,500,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35		4,005,900
	5,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/50		5,605,194
	1,575,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2, 5.00%, 07/01/30		1,836,935
	650,000	New York State Dormitory Authority Green Bond Revenue Bonds, 5.00%, 07/01/24		685,953

Principal Amount			Value
New York (continued)
$	3,765,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/26	$	4,012,852
	1,455,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/30		1,547,554
	150,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/26		161,054
	10,335,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/29		11,038,137
	2,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		2,100,386
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		109,096
	350,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/25		374,046
	500,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/30		531,805
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,323,600
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/26		108,770
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/27		138,203
	3,275,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/27		3,600,764

Principal Amount			Value
New York (continued)
$	1,925,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/25	$	2,011,348
	2,025,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		2,114,025
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/24(c)		3,100,672
	1,600,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/26(c)		1,653,692
	6,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/29(c)		6,999,806
	2,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/29		2,033,907
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/27		138,695
	5,000,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/27		5,535,742
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A, 5.00%, 02/15/28		2,727,112
	425,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A, 5.00%, 02/15/26		462,274
	355,000	New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds, 5.00%, 05/15/24		355,449
	2,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/27		2,767,871

Principal Amount			Value
New York (continued)
$	2,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/25	$	2,673,233
	3,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		3,268,268
	4,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 4.00%, 03/15/34		4,150,508
	1,000,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,050,193
	1,025,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		1,072,224
	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25		2,719,954
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		1,920,362
	200,000	New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A, 5.00%, 07/01/22		201,192
	2,500,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/28		2,841,217
	3,660,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		4,217,914

Principal Amount			Value
New York (continued)
$	2,250,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/30	$	2,622,759
	200,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, Series A, 5.00%, 06/15/23		200,885
	1,000,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series B, 5.00%, 02/15/31		1,173,137
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C, 5.00%, 02/15/27		111,323
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series D, 5.00%, 03/15/23		102,698
	6,250,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/28		6,577,272
	475,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/15/27		489,394
	275,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/15/24		290,744
	2,530,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B, 4.00%, 06/15/37		2,600,835
	1,485,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/24		1,491,571
	3,015,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/23		3,114,496
	5,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		5,286,258

Principal Amount			Value
New York (continued)
$	4,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/25	$	4,313,644
	2,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/26		2,198,680
	1,750,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/27		1,959,217
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/34		1,130,735
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/36		1,125,605
	100,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/23		103,300
	605,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		639,637
	985,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		1,041,393
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/15/27		4,746,903
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/23		3,099,001
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/24		581,488

Principal Amount			Value
New York (continued)
$	1,500,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.10%, 11/01/61(b)	$	1,357,887
	1,000,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.00%, 11/01/61(b)		913,780
	150,000	New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A, 5.00%, 04/01/23		150,362
	2,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series J, 5.00%, 01/01/27		2,077,023
	1,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/25		1,064,616
	375,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/24		391,312
	250,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/23		255,330
	125,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/24		130,437
	1,500,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/29		1,642,767
	300,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		315,058
	1,925,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		2,090,480
	1,675,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A, 5.00%, 03/15/29		1,902,272

Principal Amount			Value
New York (continued)
$	1,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, Series A-2, (NATL-RE), 5.50%, 03/15/23	$	1,031,173
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/29		5,678,425
	1,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/27		1,107,148
	7,500,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, Series E, 4.00%, 03/15/38		7,547,277
	100,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		102,690
	2,750,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/28		2,971,673
	1,000,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue, Series A, 5.00%, 03/15/25		1,069,293
	200,000	New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C, 5.00%, 03/15/23		205,379
	225,000	New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		236,293
	10,000,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/26		10,460,722

Principal Amount			Value
New York (continued)
$	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/26	$	108,904
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		110,715
	200,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		210,039
	175,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/23		179,707
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/29		2,044,200
	11,500,000	Port Authority of New York & New Jersey Cash Flow Management Revenue Bonds, Series AAA, 1.09%, 07/01/23		11,281,224
	150,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/24		157,743
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/26		2,227,088
	175,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 83, 5.00%, 12/15/26		184,201
	2,250,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 84, 5.00%, 09/01/34		2,373,198
	1,400,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		1,457,603

Principal Amount			Value
New York (continued)
$	5,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28	$	5,204,935
	100,000	Port Authority of New York & New Jersey Revenue Bonds, Series 209, 5.00%, 07/15/23		103,391
	125,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/23		130,084
	475,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/24		504,717
	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/30(c)		5,472,196
	8,195,000	State of New York Current Refunding GO, Series B, 2.55%, 02/15/29		7,688,435
	100,000	State of New York Green GO, Series A, 5.00%, 02/15/26		109,337
	250,000	State of New York Public Improvements GO, Series A, 5.00%, 03/01/24(c)		256,407
	1,100,000	Syracuse Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/22		1,100,000
	1,415,000	Syracuse Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/23		1,456,504
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/33		1,045,226
	1,915,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/34		1,994,031

Principal Amount			Value
New York (continued)
$	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/35	$	1,037,425
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/36		1,034,916
	500,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series C-1, 5.00%, 11/15/25		541,459
	4,315,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/25		4,436,007
	475,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/26		488,025
	1,050,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/27		1,078,683
	1,575,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/29		1,617,699
	3,000,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 11/01/25		3,237,990
	265,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 11/15/23		276,147
	435,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 11/15/27		471,069
	6,340,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/29		6,525,695
	1,500,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/30		1,543,934

Principal Amount			Value
New York (continued)
$	250,000	Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds, 5.00%, 11/15/23	$	260,516
	250,000	Triborough Bridge & Tunnel Authority Pre-refunded Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/27(c)		257,615
	2,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A, 4.00%, 05/15/40		2,015,929
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A, 4.00%, 05/15/41		3,018,734
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A, 4.00%, 05/15/42		3,011,815
	100,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/24		101,701
	1,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, 5.00%, 06/15/25		1,805,584
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/26		1,579,181
	5,290,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/31		5,516,965
	1,080,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/28		1,126,337
	8,720,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/29		9,094,127

Principal Amount			Value
New York (continued)
$	2,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/30	$	2,867,987

Total Municipal Bonds (Cost $584,023,340)				558,269,172

CORPORATE BONDS — 0.7%
United States — 0.7%
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,395,849
Total Corporate Bonds (Cost $5,000,000)				4,395,849

U.S. GOVERNMENT SECURITIES — 3.6%
U.S. Treasury Bills — 3.6%
	10,000,000	0.33%, 06/30/22(d)		9,988,528
	12,000,000	1.05%, 09/29/22(d)		11,943,250
Total U.S. Government Securities (Cost $21,943,313)				21,931,778

Shares
INVESTMENT COMPANY — 3.4%
	21,020,753	SEI Daily Income Trust Government II Fund - Class A, 0.19%(e)		21,020,753
Total Investment Company (Cost $21,020,753)				21,020,753
TOTAL INVESTMENTS — 99.0% (Cost $631,987,406)			$	605,617,552
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				6,337,672
NET ASSETS — 100.0%			$	611,955,224

(a)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(b)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2022.
(c)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

(d)	Zero coupon security. The rate represents the yield at time of purchase.
(e)	The rate shown represents the current yield as of April 30, 2022.

The following abbreviations are used in the report:

GO — General Obligation

NATL-RE — Insured by National Public Finance Guarantee Corp.

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
New York		91.3	%
Other*		8.7
		100.0	%

*	Includes cash and equivalents, Corporate Bonds, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 2022, the Corporation consisted of eight separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

The Corporation has authorized a total of 20.5 billion shares of common stock (par value $0.001 per share).

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

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants such as the Corporation.

The Corporation qualifies as an investment company and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.

A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service.

Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by Bessemer Investment Management LLC (“BIM”), or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange, such as exchange traded funds and closed-end funds, will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

Debt instruments are valued on the basis of prices obtained from a broker-dealer or an approved pricing service.

Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 p.m. Eastern Time).

Forward currency contracts are valued at the mean between the bid and the asked prices. Quotations are available for regularly scheduled settlement dates such as on a 1-,2-,3-,4-,5-,6-,9-, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser with BIM’s oversight where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges or, if no sales are reported, at the mean between the last reported bid and asked prices. Repurchase agreements are valued at the original cost. Contracts for long puts and calls are valued at the bid price and short puts and calls are valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.

Securities and other investments for which market quotations are not readily available are valued under the general supervision and responsibility of the Board and pursuant to policies and procedures established by the Board, which are designed to reflect, in good faith, the fair value of such investments. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing service vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to

fair value certain securities 60 days during the period ended April 30, 2022. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of April 30, 2022, foreign securities were fair valued as the change in the S&P Index did exceed the Funds’ predetermined level.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies on at least a quarterly basis. The Pricing Committee is responsible for (i) establishing valuation processes and (ii) determining the fair value of the Funds’ holdings for which price quotations are not readily available, unreliable or for which an approved valuation method is deemed not to represent fair value. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of BIM or a sub-adviser, as applicable, and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

The significant unobservable inputs used in fair value measurement of the Funds’ Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties; and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

The Funds’ Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds’ pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reviewed and approved by the Funds’ Board.

B. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined using the identified cost method for maximum tax benefit to shareholders. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

C. Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the period ended April 30, 2022, there were no in-kind payments received by the Funds with respect to PIK securities.

D. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates as of the date of the Statements of Assets and Liabilities. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements and foreign currency transactions in the Statements of Operations.

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

E. Securities Sold. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker to the extent required under applicable law and rules. Short sales by a Fund involve certain risks and special considerations.

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily. The Funds had no short sales outstanding at April 30, 2022.

F. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

G. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security a Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, a Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

H. Loan Participations and Assignments. The Credit Income Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the London InterBank Offered Rate, the Certificate of Deposit Rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade (“junk”), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment grade typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

Currently, the Credit Income Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Credit Income Fund’s investments in loans are expected in most instances to be in the form of assignments. Generally, when a Fund purchases an assignment of a loan from a lender, it will step into the position of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

I. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance. The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

J. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general, are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

K. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Credit Income Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund and Small & Mid Cap Strategies Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

L. Expenses. Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes or perceived changes in economic conditions; overall market changes; local, regional or global political, social or economic events or instability, pandemics and epidemics and other conditions; and currency and interest rate and price fluctuations. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which a Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments, receivables for securities sold and cash due from brokers. The Funds’ Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. The extent of a Fund’s exposure to credit and counterparty risks with respect to these financial assets is generally represented by their values recorded in the Fund’s Statements of Assets and Liabilities.

In an organized attempt to contain and mitigate the effects of the COVID-19 pandemic, governments and businesses world-wide have taken aggressive measures, including businesses canceling dividends to preserve cash, governments closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of health care services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The effects of COVID-19 have affected and are likely to continue to affect certain sectors and industries more dramatically than others, and the effects borne by some will negatively affect the value of the issuers in those sectors and industries, which may adversely affect the value of a Fund’s investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time. It is impossible to predict the effects on the Funds of these or similar events and market conditions in the future. However, it is possible that these or similar events and market conditions could have a significant and adverse effect on the NAV and/or risk profile of a Fund.

In March 2022, the Board of Governors of the Federal Reserve System (the “Fed”) began a series of interest rate increases in response to sustained high levels of inflation. The announcement followed years of low-interest rate policy in response to the COVID-19 pandemic and the 2008 financial crisis, during which the Fed kept the federal funds rate at a range of 0–2.5% and promised unlimited and open-ended quantitative easing, including purchases of corporate and municipal government bonds. The Fed’s policy in response to market conditions, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities.

Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower a Fund’s performance or impair a Fund’s ability to achieve its investment objective.

In response to political and military actions undertaken by Russia, the U.S., European Union, and other jurisdictions have imposed economic sanctions against certain Russian individuals, entities and sectors. These sanctions and the threat of further sanctions have resulted and may further result in the decline of the value and liquidity of Russian securities in which a fund may invest, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions could impact a fund’s performance, ability to invest in accordance with its investment program, to determine the overall value of its net assets, and to sell holdings as needed to meet shareholder redemptions.

California Municipal Bond Fund and New York Municipal Fund invest a substantial amount of their assets in issuers located in a single state. This may subject each Fund to the risk that economic, political or social issues impacting a particular state could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Portfolios of Investments.

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 30, 2023. In addition, in connection with supervisory guidance from U.S. regulators, some U.S. regulated entities will cease to enter into most new LIBOR contracts after January 1, 2022. The future publication and strike utilization of LIBOR, and the nature of any replacement rate, is uncertain. Therefore, the potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to June 30, 2023.

In March 2020, the FASB issued guidance providing optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of December 2021. Management continues to evaluate the impact of the guidance and may apply other elections, as applicable, as the expected market transition to alternative reference rates evolves.

As of April 30, 2022, the following Funds had omnibus accounts which each owned more than 5% of a Fund’s outstanding shares as shown below:

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

• Level 1 - quoted prices generally in active markets for identical securities.

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).

• Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ investments as of April 30, 2022 is as follows:

During the period ended April 30, 2022, the Funds recognized no material transfers to/from Level 1 or Level 2, except for the Large Cap Strategies Fund with 26.36% transfers from Level 1 to Level 2 and the Small & Mid Cap Strategies Fund with 29.24% transfers from Level 1 to Level 2. The Fund’s policy is to recognize transfers to/from Level 1, Level 2 and Level 3 at the end of the year utilizing fair value at the beginning of the period.

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges are viewed as presenting lower credit risk than bilateral counterparties. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the six months ended April 30, 2022.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.

When counterparties post cash collateral with respect to various derivative transactions, a Fund may invest the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses on the Statements of Operations and expense ratio in the Financial Highlights.

As of April 30, 2022, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements or another similar arrangement in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

The Funds may be subject to, among other risks, interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

For the period ended April 30, 2022, the quarterly average volume of derivative activities were as follows:

A. Futures Contracts. The Funds may purchase and write (sell) futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering

into a futures contract, the Funds are required to pledge to a futures commission merchant an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund, California Municipal Bond and New York Municipal Bond) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from, for example, the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain on the contract.

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

C. Swap Agreements. The Funds may enter into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

D. Options. The Funds may purchase and write (sell) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or

paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

The Credit Income Fund may invest in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Bessemer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

BIM has retained Acadian Asset Management, LLC (“Acadian”), Artisan Partners Limited Partnership (“Artisan”), Baillie Gifford Overseas Limited (“Baillie Gifford”), Champlain Investment Partners, LLC (“Champlain”), and Polunin Capital Partners Limited (“Polunin”) as

sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Artisan, Baillie Gifford, Champlain, and Polunin are paid for their services directly by BIM.

BIM has retained Baillie Gifford and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Baillie Gifford and Sands are paid for their services directly by BIM.

BIM has retained BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Credit Income Fund. BlackRock and Muzinich are paid for their services directly by BIM.

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the “Administrative Agreement”) with Bessemer, pursuant to which Bessemer and Bessemer Trust Company (“BTCO”), an affiliate of BIM, provide certain non- advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. The Bank of New York Mellon (“BNY Mellon”) and BNY Mellon Investment Servicing (US) Inc. act as administrator and fund accounting agent and transfer agent, respectively, for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain Officers of the Funds are also employees of BNY Mellon.

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. Bessemer, however, does not have the ability to recapture fees currently being waived at a later date.

D. Custody Fees. The All Cap Core Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian. The Large Cap Strategies Fund and the Small & Mid Cap Strategies Fund each has retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. BTCO also serves as custodian for the Large Cap Strategies Fund except for assets managed by Baillie Gifford. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.065% of the average daily net assets of the non-U.S. investments for All Cap Core Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund and Large Cap Strategies Fund. The Credit Income Fund has retained Citibank, N.A. (“Citibank”) to serve as its custodian and the Small & Mid Cap Strategies Fund and Large Cap Strategies Fund have retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash, assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers, and assets of the Large Cap Strategies Fund managed by Baillie Gifford. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2024 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Strategies Fund at 1.10%, the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the period ended April 30, 2022, BIM waived $1,636,076 for the Small & Mid Cap Strategies Fund, $17,279 for the Credit Income Fund, $869,126 for the Fixed Income Fund, $1,623,388 for the Municipal Bond Fund, $332,461 for the California Municipal Bond Fund and $520,480 for the New York Municipal Bond Fund. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Effective February 1, 2020, each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $240,000, plus $30,000 for serving as Board’s Chairperson and $15,000 as the Audit Committee Chairperson.

Each Independent Director is reimbursed for all out-of-pocket expense relating to attendance at meetings of the board and any Board committee. Directors who are not independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

G. Other Transactions. From time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as described in Note 2, applied on a consistent basis. For the period ended April 30, 2022, there were no affiliated transactions.

Investment transactions for the period ended April 30, 2022, excluding short-term debt investments and U.S. Government securities, were as follows:

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the period ended April 30, 2022 were as follows:

It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from utilization of earnings and profits on shareholder redemptions. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.

As of April 30, 2022, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and unrealized gains, if applicable, as such income and/or gains are earned.

The tax character of distributions from the Funds during the year ended October 31, 2021 was as follows:

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

As of and during the year ended October 31, 2021, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2021. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

As of October 31, 2021, the Credit Income Fund utilized $137,877 capital loss carryforward and had a short-term capital loss carryforward of $348,965 available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010.This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

The capital loss carryforward will reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Funds had no late year loss deferrals in the current year.

The Credit Income Fund may invest in floating rate loan interests. In connection with these investments, the Credit Income Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Credit Income Fund to furnish temporary financing to a borrower until permanent financing can be arranged.

As of April 30, 2022, the Credit Income Fund had no outstanding bridge loan commitments. In connection with these commitments, the Credit Income Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Funds’ proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. The Funds’ Forms N-PORT is available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling (800) 607-2200.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant

last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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.

Old Westbury Funds, Inc.
Disclosure of Fund Expenses
	*For the Period Ended April 30, 2022*
	*(Unaudited)*

	Actual Beginning Account Value 11/01/2021		Actual Ending Account Value 04/30/2022		Actual Expenses Paid During Period* 11/01/2021 - 04/30/2022		Actual Expense Ratio During Period** 11/01/2021 - 04/30/2022
All Cap Core Fund	$	1,000.00	$	844.56	$	4.34		0.95	%
Large Cap Strategies Fund		1,000.00		827.45		4.94		1.09	%
Small & Mid Cap Strategies Fund		1,000.00		810.85		4.94		1.10	%
Credit Income Fund		1,000.00		906.22		4.02		0.85	%
Fixed Income Fund		1,000.00		938.54		2.74		0.57	%
Municipal Bond Fund		1,000.00		938.34		2.74		0.57	%
California Municipal Bond Fund		1,000.00		939.73		2.74		0.57	%
New York Municipal Bond Fund		1,000.00		940.63		2.74		0.57	%

Old Westbury Funds, Inc.
Disclosure of Fund Expenses - (Continued)
	*For the Period Ended April 30, 2022*
	*(Unaudited)*

	Hypothetical Beginning Account Value 11/01/2021		Hypothetical Ending Account Value 04/30/2022		Hypothetical Expenses Paid During Period* 11/01/2021 - 04/30/2022		Hypothetical Expense Ratio During Period** 11/01/2021 - 04/30/2022
All Cap Core Fund	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Large Cap Strategies Fund		1,000.00		1,019.39		5.46		1.09	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.34		5.51		1.10	%
Credit Income Fund		1,000.00		1,020.58		4.26		0.85	%
Fixed Income Fund		1,000.00		1,021.97		2.86		0.57	%
Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%
California Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%
New York Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	April 30, 2022 (Unaudited)

Disclosure of Fund Expenses	2
Portfolios of Investments:
All Cap Core Fund	4
Large Cap Strategies Fund	6
Small & Mid Cap Strategies Fund	16
Credit Income Fund	38
Fixed Income Fund	67
Municipal Bond Fund	73
California Municipal Bond Fund	109
New York Municipal Bond Fund	116
Statements of Assets and Liabilities	129
Statements of Operations	131
Statements of Changes in Net Assets	133
Financial Highlights:
All Cap Core Fund	137
Large Cap Strategies Fund	138
Small & Mid Cap Strategies Fund	139
Credit Income Fund	140
Fixed Income Fund	141
Municipal Bond Fund	142
California Municipal Bond Fund	143
New York Municipal Bond Fund	144
Notes to Financial Statements	145
Additional Information	163

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2022 (Unaudited)

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2022 (Unaudited)

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2022 (Unaudited)

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2022 (Unaudited)

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	*April 30, 2022*
	*(Unaudited)*

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
USD	500,000,000	KRW	634,478,000,000	JPMorgan Chase Bank, N.A.	07/29/22	$	(2,795,784	)
Total Forward Foreign Currency Exchange Contracts						$	(2,795,784	)

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments	*April 30, 2022*
	*(Unaudited)*

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)	Value			Upfront Premium Paid (Received)		Unrealized Depreciation
Total Return Swaps
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,310.26 and paying a (3 mo. LIBOR USD + 0.650%) 1.453%, with quarterly payments until expiration date	Barclays Bank Plc	09/13/2022	40,000	$	(3,654,824	)	$	–	$	(3,654,824	)
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,301.18 and paying a (SOFR RATE + 0.770%) at expiration date	Barclays Bank Plc	01/04/2023	100,000		(8,953,312	)		–		(8,953,312	)
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,264.19 and paying a (SOFR RATE + 0.680%) at expiration date	Barclays Bank Plc	03/01/2023	120,000		(8,761,666	)		–		(8,761,666	)
Total Total Return Swaps									$	(21,369,802	)


Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	*April 30, 2022*
	*(Unaudited)*


Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*April 30, 2022*
	*(Unaudited)*

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	*April 30, 2022*
	*(Unaudited)*

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments	*April 30, 2022*
	*(Unaudited)*


Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments	*April 30, 2022*
	*(Unaudited)*

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	April 30, 2022 (Unaudited)

	ALL CAP CORE FUND		LARGE CAP STRATEGIES FUND		SMALL & MID CAP STRATEGIES FUND		CREDIT INCOME FUND
ASSETS:
Investments, at fair value - unaffiliated	$	3,007,309,833	$	21,518,653,955	$	8,262,130,247	$	2,802,500,027
Foreign currency, at value (Cost $0, $40,800, $9,953,596 and $0 respectively)		—		41,333		9,952,639		—
Cash		2		162,041		—		430,000
Due from broker for collateral		—		—		—		19,260,000
Dividends and interest receivable		1,064,826		25,086,246		18,160,055		13,236,283
Receivable for Fund shares sold		625,230		5,652,237		3,204,973		512,254
Receivable for investments sold		80,559		119,666,122		21,553,473		231,972
Deferred foreign capital gains tax asset (Note 8)		—		—		11,479		—
Prepaid expenses		11,426		37,212		18,696		52,771
Total Assets		3,009,091,876		21,669,299,146		8,315,031,562		2,836,223,307
LIABILITIES:
Due to broker for collateral		—		—		2,110,000		—
Payable for Fund shares redeemed		1,476,226		4,279,898		1,586,642		1,220,923
Payable for investments purchased		83,646		210,923,658		52,512,631		2,443,570
Unrealized depreciation on swap contracts		—		—		—		21,369,802
Unrealized depreciation on forward foreign currency contracts		—		—		2,795,784		—
Deferred foreign capital gains tax liability (Note 8)		—		27,611,313		—		—
Accrued expenses and other payables:
Investment advisory		1,847,974		15,784,946		6,020,225		1,396,328
Administration and accounting - unaffiliated		82,250		541,794		274,015		95,664
Administration and accounting - affiliated		82,351		585,964		223,221		73,266
Shareholder servicing fee		549,008		3,906,425		1,488,143		488,437
Custody - unaffiliated		—		70,053		79,139		3,211
Custody - affiliated		45,492		450,393		18,923		—
Directors		15,995		126,361		51,268		12,777
Legal and audit		61,829		375,712		185,085		199,622
Other		43,493		443,770		134,757		24,525
Total Liabilities		4,288,264		265,100,287		67,479,833		27,328,125
NET ASSETS	$	3,004,803,612	$	21,404,198,859	$	8,247,551,729	$	2,808,895,182
NET ASSETS consist of:
Capital paid-in	$	1,907,199,423	$	17,015,661,517	$	7,583,435,784	$	3,122,734,948
Total distributable earnings/(accumulated loss)		1,097,604,189		4,388,537,342		664,115,945		(313,839,766	)
NET ASSETS	$	3,004,803,612	$	21,404,198,859	$	8,247,551,729	$	2,808,895,182
Net Asset Value, maximum offering price and redemption price per share	$	21.72	$	15.57	$	14.98	$	9.03
Number of shares authorized		2,500,000,000		3,000,000,000		3,500,000,000		3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		138,329,355		1,374,953,633		550,676,724		311,210,952
INVESTMENTS, AT COST	$	2,073,305,247	$	17,444,317,813	$	7,916,769,926	$	3,102,717,482

	FIXED INCOME FUND			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value - unaffiliated	$	1,494,310,314		$	4,098,412,388		$	335,474,539		$	605,617,552
Cash		1			—			—			1
Dividends and interest receivable		7,567,626			43,649,047			3,700,201			6,815,744
Receivable for Fund shares sold		436,007			1,079,100			—			246,500
Prepaid expenses		9,118			12,348			7,623			7,951
Total Assets		1,502,323,066			4,143,152,883			339,182,363			612,687,748
LIABILITIES:
Payable for Fund shares redeemed		2,575,390			1,495,712			102,400			404,592
Payable for investments purchased		—			145,668,292			14,177,603			—
Accrued expenses and other payables:
Investment advisory		367,025			998,534			71,526			141,392
Administration and accounting - unaffiliated		44,314			118,632			19,048			26,390
Administration and accounting - affiliated		38,610			103,322			8,398			15,627
Shareholder servicing fee		257,403			688,815			55,985			104,183
Custody - affiliated		19,306			51,661			4,199			7,814
Directors		10,965			27,346			2,649			3,812
Legal and audit		36,581			68,101			22,132			22,124
Other		4,476			60,415			8,097			6,590
Total Liabilities		3,354,070			149,280,830			14,472,037			732,524
NET ASSETS	$	1,498,968,996		$	3,993,872,053		$	324,710,326		$	611,955,224
NET ASSETS consist of:
Capital paid-in	$	1,611,237,214		$	4,221,349,603		$	342,341,352		$	642,354,763
Total accumulated loss		(112,268,218	)		(227,477,550	)		(17,631,026	)		(30,399,539	)
NET ASSETS	$	1,498,968,996		$	3,993,872,053		$	324,710,326		$	611,955,224
Net Asset Value, maximum offering price and redemption price per share	$	10.45		$	11.39		$	9.62		$	9.72
Number of shares authorized		2,000,000,000			2,000,000,000			2,000,000,000			2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		143,409,393			350,697,601			33,748,463			62,965,951
INVESTMENTS, AT COST	$	1,580,162,171		$	4,295,298,913		$	348,853,190		$	631,987,406

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2022 (Unaudited)

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND			SMALL & MID CAP STRATEGIES FUND			CREDIT INCOME FUND
INVESTMENT INCOME:
Interest	$	1,847		$	267,919		$	925		$	61,237,047
Dividends - unaffiliated		15,175,147			151,051,266			60,732,825			10,921,325
Foreign tax withheld		(168,666	)		(2,672,849	)		(3,876,819	)		—
Total investment income		15,008,328			148,646,336			56,856,931			72,158,372
EXPENSES:
Investment advisory fees		11,452,250			97,483,117			38,402,105			8,559,034
Shareholder servicing fees		3,408,701			24,137,046			9,035,789			2,976,386
Administration and accounting fees - unaffiliated		254,820			1,731,859			760,819			282,542
Administration and accounting fees - affiliated		511,305			3,620,557			1,355,368			446,458
Custodian fees - unaffiliated		—			89,098			864,316			46,742
Custodian fees - affiliated		299,008			2,936,546			125,534			—
Directors fees and expenses		37,009			265,783			102,367			32,756
Insurance premiums		12,678			41,296			20,750			11,916
Legal and audit fees		54,076			356,689			153,714			115,571
Printing and postage fees		10,517			46,305			20,520			10,032
Registration fees		16,674			33,641			28,734			33,241
Transfer agent fees		169,634			1,148,316			436,425			142,765
Miscellaneous expenses		8,952			37,509			26,476			8,404
Total expenses		16,235,624			131,927,762			51,332,917			12,665,847
Expenses waived by Advisor		—			—			(1,636,076	)		(17,279	)
Net expenses		16,235,624			131,927,762			49,696,841			12,648,568
NET INVESTMENT INCOME/(LOSS)		(1,227,296	)		16,718,574			7,160,090			59,509,804
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain/(loss) on:
Investments		171,550,196			364,799,022			352,231,603			(4,175,095	)
Swap agreements		—			—			—			(7,736,505	)
Foreign currency transactions		(36,885	)		(2,038,279	)		(554,024	)		—
Foreign capital gains tax		—			(1,568,568	)		(3	)		—
Net change in unrealized appreciation/(depreciation) on:
Investments		(730,054,781	)		(4,865,552,426	)		(2,254,035,559	)		(320,496,549	)
Swap agreements		—			—			—			(18,878,217	)
Forward foreign currency exchange contracts		—			—			(2,795,784	)		—
Foreign currency transactions		(5,837	)		(450,402	)		(541,441	)		—
Deferred foreign capital gains taxed on unrealized appreciation/(depreciation)		—			9,733,780			819,456			—
Net realized and change in unrealized gain/(loss) on investments, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes		(558,547,307	)		(4,495,076,873	)		(1,904,875,752	)		(351,286,366	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(559,774,603	)	$	(4,478,358,299	)	$	(1,897,715,662	)	$	(291,776,562	)

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2022 (Unaudited)

Old Westbury Funds, Inc.
Statements of Changes in Net Assets

	ALL CAP CORE FUND
	FOR THE PERIOD ENDED APRIL 30, 2022 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2021
FROM OPERATIONS:
Net investment income/(loss)	$	(1,227,296	)	$	(2,924,135	)
Net realized gain/(loss) on investments, swap agreements, foreign currency transactions, and foreign capital gains tax		171,513,311			220,255,445
Net change in unrealized appreciation/(depreciation) on investments, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, and net of foreign deferred taxes		(730,060,618	)		905,272,643
Net increase/(decrease) in net assets resulting from operations		(559,774,603	)		1,122,603,953

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(204,878,100	)		(79,249,855	)
Total distributions to shareholders		(204,878,100	)		(79,249,855	)

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		155,788,473			568,233,362
Reinvestment of distributions		136,677,933			53,810,174
Value of capital stock redeemed		(171,692,759	)		(300,620,640	)
Net increase in net assets resulting from capital stock transactions		120,773,647			321,422,896
Net increase/(decrease) in net assets		(643,879,056	)		1,364,776,994

NET ASSETS:
Beginning of period		3,648,682,668			2,283,905,674
End of period	$	3,004,803,612		$	3,648,682,668

CAPITAL SHARE TRANSACTIONS:
Shares sold		6,340,756			30,516,643
Shares issued as reinvestment of distributions		5,387,384			2,518,024
Shares redeemed		(6,995,093	)		(12,630,701	)
Net increase in shares outstanding		4,733,047			20,403,966

Old Westbury Funds, Inc.
Statements of Changes in Net Assets - (Continued)

Old Westbury Funds, Inc.
All Cap Core Fund
Financial Highlights

	SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2022
	(Unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	27.31			$	20.18		$	18.84		$	17.08		$	16.50		$	13.69
Investment operations:
Net investment income/(loss)(a)		(0.01	)			(0.02	)		0.02			0.09			0.07			0.10
Net realized and unrealized gains/(losses)		(4.04	)			7.85			3.02			2.44			0.84			2.86
Total from investment operations		(4.05	)			7.83			3.04			2.53			0.91			2.96
Distributions:
Net investment income		—				(0.01	)		(0.08	)		(0.08	)		(0.09	)		(0.15	)
Net realized gains		(1.54	)			(0.69	)		(1.62	)		(0.69	)		(0.24	)		—
Total distributions		(1.54	)			(0.70	)		(1.70	)		(0.77	)		(0.33	)		(0.15	)
Net asset value, end of period	$	21.72			$	27.31		$	20.18		$	18.84		$	17.08		$	16.50
Total return		(15.6	)%(b)			39.8	%		17.3	%		15.7	%		5.6	%		21.8	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	3,004,804			$	3,648,683		$	2,283,906		$	1,766,287		$	1,839,663		$	1,772,368
Ratio of expenses to average net assets before expense waivers(c)		0.95	%(d)			0.96	%		0.97	%		0.98	%		0.98	%		0.99	%
Ratio of expenses to average net assets after expense waivers		0.95	%(d)			0.96	%		0.97	%		0.98	%		0.98	%		0.99	%
Ratio of net investment income/(loss) to average net assets		(0.07	)%(d)			(0.10	)%		0.10	%		0.51	%		0.42	%		0.67	%
Portfolio turnover rate		18	%(b)			30	%		43	%		31	%		38	%		57	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	There were no voluntary fee reductions during the period.
(d)	Annualized.

(a)	Calculated based on the average shares method for the period.
(b)	Amount is greater than $(0.005) per share.
(c)	Not Annualized.
(d)	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(e)	There were no voluntary fee reductions during the period.
(f)	Annualized.

	SIX MONTHS ENDED APRIL 30, 2022 (Unaudited)			YEAR ENDED OCTOBER 31, 2021			PERIOD FROM OCTOBER 1, 2020(a) TO OCTOBER 31, 2020
Net asset value, beginning of period	$	10.15		$	9.99		$	10.00
Investment operations:
Net investment income(b)		0.19			0.43			0.05
Net realized and unrealized gains/(losses)		(1.13	)		0.15			(0.06	)
Total from investment operations		(0.94	)		0.58			(0.01	)
Distributions:
Net investment income		(0.18	)		(0.42	)		—
Total distributions		(0.18	)		(0.42	)		—
Net asset value, end of period	$	9.03		$	10.15		$	9.99
Total return		(9.4	)%(c)		5.9	%		(0.1	)%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,808,895		$	2,950,576		$	1,939,199
Ratio of expenses to average net assets before expense waivers(d)		0.85	%(e)		0.87	%		0.94	%(e)
Ratio of expenses to average net assets after expense waivers		0.85	%(e)		0.85	%		0.85	%(e)
Ratio of net investment income to average net assets		4.00	%(e)		4.23	%		5.33	%(e)
Portfolio turnover rate		8	%(c)		24	%		1	%(c)

(a)	Commencement of Investment Operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(e)	Annualized.