ALLIANZ Variable Insurance Products Trust Annual Report

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® DFA Five-Year Global Fixed Income Fund (the “Fund”) returned (1.66)%. That compared to a (0.80)% total return for its benchmark, the FTSE World Government Bond Index, 1-5 Years, Currency Hedged in USD Terms.¹

In global developed markets, yield curves were generally upwardly sloped, suggesting positive expected term premiums. Interest rates generally increased during the year. As a result, realized term premiums were generally negative across global developed markets, with longer-term bonds underperforming their shorter-term counterparts. Credit spreads also narrowed during the year, suggesting smaller expected credit premiums. Realized credit premiums, however, were generally positive across global developed markets.

The Fund underperformed its benchmark during the period. In response to upward-sloping yield curves, the Fund increased its duration during the period. This longer duration detracted from relative performance, as interest rates increased during the year and longer-term bonds underperformed shorter-term bonds. The Fund was also underweight euro-denominated bonds relative to the benchmark. This underweight position detracted from the Fund’s relative performance as euro-denominated bonds generally outperformed other foreign counterparts in the benchmark during the period.

The Fund’s average exposure to short-term bonds, specifically during the first half of the year, was above that of its benchmark during the period. This overweight position contributed positively to relative performance, as shorter-term bonds outperformed longer-term bonds during the period. Overweight positions in British pound and Canadian dollar-denominated bonds, which performed well during the period, also contributed positively to the Fund’s performance.

The Fund used currency forward contracts to hedge its foreign currency exposure during the period. Given that the Fund’s benchmark index is also currency hedged, this strategy did not affect the Fund’s relative performance.

Past performance does not guarantee future results.

The Fund’s portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund’s holdings and weightings are as of December 31, 2021.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to seek to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and to seek to focus the eligible universe on securities with relatively less expected upward or downward movement in market value. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in fixed income securities that mature within five years from the date of settlement.

Investment Concerns

Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund’s benchmark and represents the reinvestment of dividends and capital gains in the Fund.


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA Five-Year Global Fixed Income Fund		(1.66	)%		0.78	%		1.02	%		0.81	%
FTSE World Government Bond Index, 1-5 Years, Currency-Hedged in USD Terms		(0.80	)%		2.07	%		1.89	%		1.68	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.


Expense Ratio	Gross
AZL^® DFA Five-Year Global Fixed Income Fund		0.93	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021^{. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2023. The Manager and the Fund have entered into a written contract
limiting operating expenses, excluding certain expenses (such as interest expense), to 0.95% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.}

The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.

The Fund’s performance is measured against the FTSE World Government Bond Index, 1-5 Years, Currency-Hedged in USD Terms, an unmanaged index that is designed to measure the performance of fixed-rate; local currency, investment-grade sovereign bonds, and currently comprises sovereign debt from over 20 countries. This index follows the same inclusion criteria and methodology as the FTSE (Non-USD) World Government Bond Index, which is a market capitalization-weighted index that tracks 10 government bond indexes, excluding the U.S. (“WGBI”), but only includes the securities from the WGBI with a weighted average life of greater than or equal to 1 and less than 5 years. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense 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 “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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.


Principal Amount			Value
Corporate Bonds (12.6%):
Capital Markets (1.2%):
$	2,250,000	National Securities Clearing Corp., 0.75%, 12/7/25, Callable 11/7/25 @ 100^	$	2,192,449
	3,000,000	National Securities Clearing Corp., 0.75%, 12/7/25, Callable 11/7/25 @ 100^(a)		2,923,266

				5,115,715

Diversified Financial Services (1.3%):
	5,144,000	Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100		5,493,936

Food & Staples Retailing (0.8%):
	3,600,000	Walmart, Inc., 1.05%, 9/17/26, Callable 8/17/26 @ 100		3,565,397

Food Products (0.6%):
	2,550,000	Nestle Holdings, Inc., 0.63%, 1/15/26, Callable 12/15/25 @ 100(a)		2,470,427

Household Products (1.1%):
	4,827,000	Procter & Gamble Co. (The), 1.00%, 4/23/26		4,778,320

Internet & Direct Marketing Retail (1.8%):
	7,800,000	Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100		7,717,531

IT Services (0.4%):
	1,400,000	Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100		1,494,018

Oil, Gas & Consumable Fuels (0.3%):
	1,000,000	Chevron Corp., 2.95%, 5/16/26, Callable 2/16/26 @ 100		1,058,111

Pharmaceuticals (2.2%):
	1,000,000	Johnson & Johnson, 0.55%, 9/1/25, Callable 8/1/25 @ 100		977,573
	2,200,000	Merck & Co., Inc., 0.75%, 2/24/26, Callable 1/24/26 @ 100^		2,152,152
	2,000,000	Novartis Capital Corp., 3.00%, 11/20/25, Callable 8/20/25 @ 100		2,115,690
	1,754,000	Roche Holdings, Inc., 0.99%, 3/5/26, Callable 2/5/26 @ 100(a)		1,723,784
	2,200,000	Roche Holdings, Inc., 2.63%, 5/15/26, Callable 2/15/26 @ 100(a)		2,298,516

				9,267,715

Technology Hardware, Storage & (0.4%):
	2,000,000	Apple, Inc., 2.51%, 8/19/24, Callable 6/19/24 @ 100		1,620,114

Technology Hardware, Storage & Peripherals (2.5%):
	3,376,000	Apple, Inc., 0.70%, 2/8/26, Callable 1/8/26 @ 100		3,298,372
	6,701,000	Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100		7,166,204

				10,464,576

	Total Corporate Bonds (Cost $53,492,690)			53,045,860

Foreign Bonds (19.5%):
(1.7%):
	4,500,000	New Zealand Local Government Funding Agency Bond, 2.25%, 4/15/24+		3,081,338
	500,000	New Zealand Local Government Funding Agency Bond, 2.75%, 4/15/25+		345,007
	4,000,000	Queensland Treasury Corp., 3.25%, 7/21/26+(a)		3,132,096
	500,000	South Australian Government Financing Authority, 3.00%, 7/20/26+		387,686

				6,946,127


Principal Amount			Value
Foreign Bonds, continued
Banks (3.2%):
$	3,000,000	Australia & New Zealand Banking Group, Ltd., 0.79%(BBSW3M+76bps), 1/16/25, MTN+	$	2,203,868
	600,000	Nordic Investment Bank, 3.40%, 2/6/26, MTN+		465,507
	8,000,000	Royal Bank of Canada, 4.93%, 7/16/25+		7,037,445
	600,000	Toronto-Dominion Bank (The), 1.03%(BBSW3M+100bps), 7/10/24+		442,646
	2,000,000	Westpac Banking Corp., 1.18%(BBSW3M+114bps), 4/24/24, MTN+		1,481,422
	2,400,000	Westpac Banking Corp., 4.13%, 6/4/26, MTN+		1,899,753

				13,530,641

Capital Markets (1.3%):
	1,000,000	Canada Housing Trust NO 1, 1.25%, 6/15/26+(a)		781,831
	3,500,000	International Finance Corp., 3.20%, 7/22/26, MTN+		2,712,223
	2,600,000	PSP Capital, Inc., 0.90%, 6/15/26+		1,999,356

				5,493,410

Diversified Financial Services (0.5%):
	9,000,000	European Investment Bank, 0.75%, 9/9/24, MTN+		1,001,206
	500,000	Kreditanstalt fuer Wiederaufbau, 3.20%, 9/11/26, MTN+		387,857
	1,100,000	Landwirtschaftliche Rentenbank, 4.75%, 5/6/26, MTN+		902,358

				2,291,421

Sovereign Bond (12.8%):
	1,000,000	Asian Development Bank, 0.50%, 5/5/26, MTN+		691,372
	9,000,000	Australia Government Bond, 0.25%, 11/21/25+		6,302,671
	4,400,000	Australia Government Bond, 4.25%, 4/21/26+		3,598,100
	1,000,000	Australia Government Bond, 0.50%, 9/21/26+		699,649
	300,000	Inter-American Development Bank, 2.75%, 10/30/25, MTN+		227,979
	277,000	Inter-American Development Bank, 4.40%, 1/26/26+		243,752
	300,000	Inter-American Development Bank, 4.25%, 6/11/26, MTN+		241,962
	1,000,000	Inter-American Development Bank, 1.00%, 6/29/26+		770,873
	1,400,000	International Bank for Reconstruction & Development, 0.63%, 1/14/26+		1,068,773
	2,500,000	International Bank for Reconstruction & Development, 0.50%, 5/18/26, MTN+		1,725,210
	9,200,000	New South Wales Treasury Corp., 4.00%, 5/20/26+		7,408,062
	2,000,000	New Zealand Government Bond, 0.50%, 5/15/24+		1,323,244
	4,450,000	New Zealand Government Bond, 0.50%, 5/15/26+		2,829,936
	12,000,000	Province of Alberta Canada, 2.20%, 6/1/26+		9,740,038
	2,000,000	Province of British Columbia Canada, 2.30%, 6/18/26+		1,634,725
	2,300,000	Province of Manitoba Canada, 2.55%, 6/2/26+		1,893,918
	2,000,000	Province of Ontario Canada, 2.40%, 6/2/26+		1,637,856
	2,000,000	Province of Ontario Canada, 1.35%, 9/8/26+		1,559,662
	7,000,000	Province of Quebec Canada, 2.50%, 9/1/26+		5,770,794
	1,500,000	Singapore Government Bond, 2.13%, 6/1/26+		1,152,872
	4,200,000	Treasury Corp. of Victoria, 0.50%, 11/20/25, MTN+		2,948,762

				53,470,210

	Total Foreign Bonds (Cost $84,811,644)			81,731,809

Yankee Debt Obligations (49.4%):
Banks (9.3%):
	1,000,000	Bank of New Zealand, 1.00%, 3/3/26(a)		972,504
	2,400,000	Commonwealth Bank of Australia, 1.13%, 6/15/26(a)		2,353,634


Principal Amount			Value
Yankee Debt Obligations, continued
Banks, continued
$	400,000	Dexia Credit Local SA, 1.13%, 4/9/26(a)	$	394,863
	3,850,000	Dexia Credit Local SA, 1.13%, 4/9/26		3,800,554
	3,540,000	Kreditanstalt fuer Wiederaufbau, 0.63%, 1/22/26		3,453,373
	1,000,000	National Australia Bank, Ltd./New York, 3.38%, 1/14/26		1,076,757
	3,000,000	Nordea Bank Abp, 0.75%, 8/28/25(a)		2,924,919
	1,000,000	Nordic Investment Bank, 0.50%, 1/21/26^		969,853
	2,000,000	Oesterreichische Kontrollbank AG, 0.38%, 9/17/25		1,938,536
	2,000,000	Oesterreichische Kontrollbank AG, 0.50%, 2/2/26, MTN		1,937,706
	2,000,000	Skandinaviska Enskilda Banken AB, 0.85%, 9/2/25(a)		1,956,200
	7,100,000	Skandinaviska Enskilda Banken AB, 1.20%, 9/9/26(a)		6,964,028
	3,860,000	Toronto-Dominion Bank (The), 0.75%, 1/6/26, MTN		3,729,316
	19,000	Toronto-Dominion Bank (The), 1.20%, 6/3/26		18,664
	1,891,000	Westpac Banking Corp., 2.35%, 2/19/25		1,951,866
	1,000,000	Westpac Banking Corp., 2.85%, 5/13/26		1,055,113
	3,490,000	Westpac Banking Corp., 1.15%, 6/3/26		3,434,111

				38,931,997

Capital Markets (0.6%):
	2,681,000	PSP Capital, Inc., 1.00%, 6/29/26(a)		2,630,335

Diversified Financial Services (20.3%):
	6,200,000	Agence Francaise de Developpement Epic, 0.63%, 1/22/26, MTN		6,041,528
	2,894,000	Bng Bank NV, 0.50%, 11/24/25, MTN		2,813,315
	668,000	Bng Bank NV, 0.88%, 5/18/26, MTN		656,343
	1,000,000	BNG Bank NV, 2.38%, 3/16/26		1,042,680
	7,300,000	BNG Bank NV, 0.88%, 5/18/26(a)		7,172,674
	7,100,000	Caisse d’Amortissement de la Dette Sociale, 0.63%, 2/18/26		6,917,622
	400,000	Caisse d’Amortissement de la Dette Sociale, 0.63%, 2/18/26(a)		389,725
	9,650,000	Cppib Capital, Inc., 0.88%, 9/9/26(a)		9,405,546
	12,177,000	European Bank for Reconstruction & Development, 0.50%, 1/28/26^		11,817,462
	7,413,000	European Investment Bank, 0.38%, 3/26/26		7,141,781
	2,900,000	Finnvera Oyj, 1.13%, 10/27/26(a)		2,866,131
	648,000	Kommunalbanken AS, 0.38%, 9/11/25		628,860
	1,000,000	Kommunalbanken AS, 0.50%, 1/13/26, MTN		971,169
	4,800,000	Kommunalbanken AS, 1.13%, 10/26/26(a)		4,752,830
	4,758,000	Kommunekredit, 0.50%, 1/28/26, MTN		4,616,117
	9,600,000	Landwirtschaftliche Rentenbank, 0.88%, 3/30/26		9,437,520
	1,894,000	Nrw Bank, 0.88%, 3/9/26, MTN		1,862,406
	6,750,000	Ontario Teachers’ Finance Trust, 0.88%, 9/21/26(a)		6,562,742
	390,000	Shell International Finance BV, 2.88%, 5/10/26		413,975

				85,510,426

Oil, Gas & Consumable Fuels (1.0%):
	4,000,000	Equinor ASA, 1.75%, 1/22/26, Callable 12/22/25 @ 100		4,027,116

Sovereign Bond (18.2%):
	6,050,000	African Development Bank, 0.88%, 3/23/26		5,955,426
	5,400,000	African Development Bank, 0.88%, 7/22/26		5,299,749
	4,200,000	Asian Development Bank, 0.50%, 2/4/26, MTN		4,078,834
	7,700,000	Asian Development Bank, 1.00%, 4/14/26		7,621,152
	7,687,000	Asian Infrastructure Investment Bank (The), 0.50%, 1/27/26		7,457,312


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	4,000,000	Canada Government International Bond, 0.75%, 5/19/26	$	3,908,984
	9,850,000	Inter-American Development Bank, 0.88%, 4/20/26, MTN		9,689,287
	489,000	Inter-American Investment Corp., 0.63%, 2/10/26, MTN		475,778
	4,100,000	Kuntarahoitus OYJ, 0.63%, 3/20/26, MTN		3,987,521
	7,200,000	Province of British Columbia Canada, 0.90%, 7/20/26		7,055,618
	3,650,000	Province of Ontario Canada, 0.63%, 1/21/26		3,545,198
	5,800,000	Province of Ontario Canada, 1.05%, 4/14/26		5,712,049
	5,200,000	SFIL SA, 0.63%, 2/9/26, MTN		5,055,440
	6,300,000	State of North Rhine-Westphalia Germany, 1.00%, 4/21/26, MTN		6,222,321

				76,064,669

	Total Yankee Debt Obligations (Cost $210,477,916)			207,164,543

U.S. Treasury Obligations (17.6%):
U.S. Treasury Notes (17.6%)
	4,000,000	2.25%, 3/31/26		4,173,750
	13,750,000	0.75%, 3/31/26		13,494,336
	16,500,000	0.75%, 4/30/26		16,180,312
	5,000,000	2.38%, 4/30/26		5,246,875
	19,000,000	1.63%, 5/15/26		19,329,531
	15,500,000	0.75%, 5/31/26		15,190,000

				73,614,804

	Total U.S. Treasury Obligations (Cost $74,776,631)			73,614,804

Short-Term Security Held as Collateral for Securities on Loan (1.7%):
	7,029,690	BlackRock Liquidity FedFund, Institutional Class , 0.03%(b)(c)		7,029,690

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $7,029,690)			7,029,690


Shares			Value
Unaffiliated Investment Company (1.1%):
Money Markets (1.1%):
	4,647,557	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)	$	4,647,557

	Total Unaffiliated Investment Company (Cost $4,647,557)			4,647,557

	Total Investment Securities (Cost $435,236,128) — 101.9%(d)			427,234,263
	Net other assets (liabilities) — (1.9)%			(8,113,843	)

	Net Assets — 100.0%		$	419,120,420

Percentages indicated are based on net assets as of December 31, 2021.

BBSW3M—3 Month Bank Bill Swap Rate

MTN—Medium Term Note

^	This security or a partial position of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021 was $6,841,793.

+	The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2021.

(c)	The rate represents the effective yield at December 31, 2021.

(d)	See Federal Tax Information listed in the Notes to the Financial Statements.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2021:

At December 31, 2021, the Fund’s open forward currency contracts were as follows:

Balances Reported in the Statement of Assets and Liabilities for Forward Currency Contracts

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	435,236,128

Investment securities, at value(a)	$	427,234,263
Interest and dividends receivable		1,416,822
Foreign currency, at value (cost $55,170)		55,909
Unrealized appreciation on forward currency contracts		439,544
Receivable for capital shares issued		1,463
Prepaid expenses		2,012

Total Assets		429,150,013

Liabilities:
Unrealized depreciation on forward currency contracts		598,354
Payable for investments purchased		2,045,429
Payable for capital shares redeemed		43
Payable for collateral received on loaned securities		7,029,690
Manager fees payable		178,158
Administration fees payable		63,822
Distribution fees payable		89,079
Custodian fees payable		6,135
Administrative and compliance services fees payable		815
Transfer agent fees payable		1,275
Trustee fees payable		4,578
Other accrued liabilities		12,215

Total Liabilities		10,029,593

Net Assets	$	419,120,420

Net Assets Consist of:
Paid in capital	$	419,958,591
Total distributable earnings		(838,171	)

Net Assets	$	419,120,420

Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,150,014
Net Asset Value (offering and redemption price per share)	$	9.49

(a)	Includes securities on loan of $6,841,793.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Interest	$	3,006,524
Dividends		533
Income from securities lending		7,815

Total Investment Income		3,014,872

Expenses:
Management fees		2,534,205
Administration fees		161,416
Distribution fees		1,055,914
Custodian fees		35,297
Administrative and compliance services fees		4,756
Transfer agent fees		4,883
Trustee fees		19,955
Professional fees		17,559
Shareholder reports		7,907
Other expenses		7,362

Total expenses before reductions		3,849,254
Less Management fees contractually waived		(422,362	)

Net expenses		3,426,892

Net Investment Income/(Loss)		(412,020	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		15,598,865
Net realized gains/(losses) on forward currency contracts		(7,231,926	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(26,587,759	)
Change in net unrealized appreciation/depreciation on forward currency contracts		11,783,062

Net realized and Change in net unrealized gains/losses on investments		(6,437,758	)

Change in Net Assets Resulting From Operations	$	(6,849,778	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

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

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results 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 in the net realized and unrealized gain or loss on investments and foreign currencies.

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $777 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $7,029,690 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2021, the Fund did not engage in any Rule 17a-7 transactions.

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the year ended December 31, 2021, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2021, the monthly average notional amount for long contracts was $35.8 million and the monthly average notional amount for short contracts was $199.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2021:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at December 31, 2021. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021.

As of December 31, 2021, the Fund’s derivative assets and liabilities by type were as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2021:

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2021:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At December 31, 2021, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees which the Manager waived in order to maintain more competitive expense ratios are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund’s average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Forward currency contracts are generally valued at the forward foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the year ended December 31, 2021, purchases and sales of long-term U.S. government securities were as follows:

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Foreign Securities Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities.

Interest Rate Risk: Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority has announced that it will stop compelling banks to submit rates for many LIBOR settings after December 31, 2021, and for certain other commonly-used U.S. dollar LIBOR settings after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond 2023, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor or SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

In October 2020 the SEC adopted new Rule 18f-4 under the 1940 Act governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives contracts the Fund can enter and replaces the asset segregation framework currently used by the Fund to comply with Section 18 of the 1940 Act, among other requirements. In December 2020, the SEC adopted new Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. Management is currently evaluating the effect, if any, that the new Rules will have on the Fund’s operations, oversight and financial statements. The compliance date is August 19, 2022 and September 8, 2022 for Rule 18f-4 and Rule 2a-5, respectively.

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $435,242,727. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of its tax year ended December 31, 2021, the Fund had capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

During the year ended December 31, 2021, the Fund utilized $1,035,176 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA Five-Year Global Fixed Income Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended December 31, 2017 and the financial highlights for the year ended December 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 23, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

Subject to the general supervision of the Board of Trustees (the “Board”) and in accordance with the investment objectives and restrictions of each separate series (together, the “Funds”) of the Allianz Variable Insurance Products Trust (the “Trust”), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the “Manager”). As used in this section, “Fund” refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the “Management Agreement”) with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund’s average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2023 (the “Expense Limitation Agreement”).

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager’s experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager’s expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America (“Allianz Life”) and its subsidiary, Allianz Life Insurance Company of New York (“Allianz of New York”). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a “watch” list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or “capacity” concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the “1940 Act”), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the “Subadvisory Agreements”; and together with the Management Agreement, the “Advisory Contracts”) with the Subadvisers. The Board’s decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund’s investment objectives and long-term performance; the Manager’s and Subadvisers’ (collectively, the “Advisory Organizations”) management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser’s compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser’s cost of providing the services; the extent to which the adviser may realize “economies of scale” as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser’s relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not “interested persons” of a fund as defined by the 1940 Act (“Independent Trustees”), are fully informed about all facts bearing on the adviser’s services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees (“Independent Trustee Counsel”). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board’s formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization’s investment philosophy, personnel, and processes; the Fund’s investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or “peer group” funds), and comments on the reasons for performance; the Fund’s expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or “fall out” benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations’ performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2021. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 21, 2021, and September 14, 2021, as well as in various other meetings preceding those meetings. Pursuant to an exemptive order issued by the SEC (the “Exemptive Order”), providing relief from in-person meeting requirements under the 1940 Act, the Board, including the Independent Trustees, determined that reliance on the Exemptive Order was necessary and appropriate due to the circumstances related to the current and potential effects of the COVID-19 pandemic and determined to

vote on the renewal of the Advisory Contracts at a meeting held by video conference call at which all Board members, including the Independent Trustees, participated and were able to hear each other simultaneously during the meeting. Accordingly, the Advisory Contracts were approved by the Board at a meeting on September 14, 2021. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2023. Additionally, at a subsequent meeting held November 16, 2021, the Board considered and approved a recommendation to add two new sub-subadvisors affiliated with the Subadviser to assist the Subadviser to the AZL Enhanced Bond Index Fund.

In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The “factors” enumerated by the SEC are set forth below in italics, as well as the Board’s conclusions regarding such factors:

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with every quarterly Board meeting, as well as the summer and fall 2021 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 21, 2021, and September 14, 2021, the Manager reported that for the one-year period ended December 31, 2020, seven Funds were in the top 40%, eight were in the middle 20%, and four were in the bottom 40%, and for the three-year period ended December 31, 2020, six Funds were in the top 40%, eight were in the middle 20% and five were in the bottom 40%. The Manager also reported that of the seventeen Funds for which performance information was available for the five-year period ended December 31, 2020, seven Funds were in the top 40%, five were in the middle 20%, and five were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as “index attribution”).

Only four Funds, the AZL Russell 1000 Value Index Fund, AZL Enhanced Bond Index Fund, AZL DFA Five-Year Global Fixed Income Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2020, and of the AZL DFA Five-Year Global Fixed Income Fund in February 2021, to receive and review enhanced reporting on each Fund’s current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

At the Board meeting held September 14, 2021, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2021.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2020 for the 19 Funds was as follows: (1) 16 of the Funds had management fee rankings at or below the 65th percentile (with 11 Funds at or below the 50th percentile); and (2) for the AZL Enhanced Bond Index Fund, the AZL MSCI Emerging Markets Equity Index Fund, and the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to the lack of direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2018 through 2020. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser’s relationship to the Fund or Funds, rather than its overall level of profitability. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an “arm’s length” basis, which should not result in excessive profits for the Subadvisers.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Board noted that the advisory fee schedules for the Funds do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such “breakpoints.” The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of December 31, 2020, were approximately $15.8 billion, and that no single Fund had assets in excess of $2.8 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as the Funds grow larger. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust (“FOF Trust”) and the AIM ETF Products Trust (“ETF Trust”) (collectively, the Trust, the FOF Trust, and ETF Trust are the “AIM Complex”). There are currently eight Trustees, one of whom is an “interested person” of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

The Fund’s Statement of Additional Information (“SAI”) contains additional information about the Trust’s Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

What factors affected the Fund’s performance during the year ended December 31, 2021?

For the year ended December 31, 2021, the AZL^® DFA International Core Equity Fund (the “Fund”) returned 13.05%. That compared to an 11.78% and 13.17% total return for its benchmarks, the MSCI EAFE Index and the MSCI World Ex-USA Index, respectively, each gross of withholding taxes.¹

Developed market equities outside the United States posted positive performance for the year and outperformed emerging markets while trailing U.S. markets. While most currencies in developed markets depreciated relative to the U.S. dollar, there were exceptions — such as the Israeli shekel and Canadian dollar — which appreciated relative to the U.S. dollar. Overall, these currency movements had a negative impact on the Fund’s relative returns in U.S. dollar-denominated terms.

Within the developed ex-U.S. equity universe, small-cap stocks underperformed large-cap stocks, and mid-cap stocks underperformed both small-cap and large-cap stocks. Value stocks outperformed growth stocks across all market cap sizes.

The Fund’s emphasis on value stocks contributed positively to relative performance. Compared to the MSCI EAFE Index, the portfolio’s inclusion of Canadian stocks benefited relative results, as these stocks generally performed well during the period.

At the global level, the Fund’s performance was largely in line with the MSCI World ex-USA Index.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmarks please refer to page 2 of this report.

Fund Objective

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund’s benchmarks and represents the reinvestment of dividends and capital gains in the Fund.


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA International Core Equity Fund		13.05	%		13.54	%		8.73	%		5.34	%
MSCI EAFE Index (gross of withholding taxes)		11.78	%		14.08	%		10.07	%		5.96	%
MSCI EAFE Index (net of withholding taxes)		11.26	%		13.54	%		9.55	%		5.46	%
MSCI World Ex-USA Index (gross of withholding taxes)		13.17	%		14.64	%		10.18	%		6.09	%
MSCI World Ex-USA Index (net of withholding taxes)		12.62	%		14.07	%		9.63	%		5.56	%


Expense Ratio	Gross
AZL^® DFA International Core Equity Fund		1.34	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.75% through at least April 30, 2023. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.39% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Morgan Stanley Capital International, Europe, Australasia and Far East (“MSCI EAFE”) Index and the Morgan Stanley Capital International World Ex-USA (“MSCI World Ex-USA”) Index. The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI World Ex-USA Index captures a large- and mid-capitalization representation across 22 of 23 developed markets countries, excluding the United States. The Indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL DFA International Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (99.0%):
Aerospace & Defense (0.8%):
	3,860	Airbus SE*	$	492,930
	512	Avon Rubber plc		7,771
	48,629	BAE Systems plc		362,285
	26,524	Bombardier, Inc., Class B*		35,231
	1,189	CAE, Inc.*		29,998
	3,081	Chemring Group plc		12,349
	350	Dassault Aviation SA		37,815
	223	Elbit Systems, Ltd.		38,654
	89	Facc AG*		714
	1,604	Kongsberg Gruppen ASA		52,077
	9,452	Leonardo SpA*		67,440
	1,132	LISI		36,541
	19,535	Meggitt plc*		195,166
	489	MTU Aero Engines AG		99,412
	19,005	QinetiQ Group plc		68,395
	84,719	Rolls-Royce Holdings plc*		141,266
	2,553	Saab AB		64,946
	527	Safran SA		64,719
	15,312	Senior plc*		30,480
	17,800	Singapore Technologies Engineering, Ltd.		49,712
	1,841	Thales SA		156,660
	2,146	Ultra Electronics Holdings plc		92,332

				2,136,893

Air Freight & Logistics (0.7%):
	4,417	BPOST SA*		38,567
	2,399	Cia de Distribucion Integral Logista Holdings SA		47,768
	6,355	CTT-Correios de Portugal SA		32,839
	9,012	Deutsche Post AG		580,020
	5,994	Freightways, Ltd.		52,716
	73	ID Logistics Group*		30,528
	37,500	Kerry Network, Ltd.		91,692
	2,300	Kintetsu World Express, Inc.		59,803
	1,800	Konoike Transport Co., Ltd.		19,284
	1,428	Mainfreight, Ltd.		91,872
	900	Maruwa Unyu Kikan Co., Ltd.		11,395
	1,800	Mitsui-Soko Holdings Co., Ltd.		38,913
	1,146	Oesterreichische Post AG		49,250
	22,618	PostNL NV		98,193
	26,724	Royal Mail plc		183,288
	900	SBS Holdings, Inc.		25,553
	3,000	SG Holdings Co., Ltd.		70,254
	27,700	Singapore Post, Ltd.		13,364
	5,312	Wincanton plc		26,428
	4,600	Yamato Holdings Co., Ltd.		107,891

				1,669,618

Airlines (0.1%):
	26,921	Air New Zealand, Ltd.*		27,839
	1,200	ANA Holdings, Inc.*		25,091
	33,347	Cathay Pacific Airways, Ltd.*		27,330
	6,007	Deutsche Lufthansa AG, Registered Shares*		42,268
	5,559	easyJet plc*		41,739
	1,128	Exchange Income Corp.		37,582
	2,400	Japan Airlines Co., Ltd.*		45,831
	2,549	JET2 plc*		38,303
	6,700	Singapore Airlines, Ltd.*		24,839

				310,822


Shares			Value
Common Stocks, continued
Auto Components (1.9%):
	1,000	Aisan Industry Co., Ltd.	$	6,661
	3,500	Aisin Sieki Co., Ltd.		134,224
	7,300	Akebono Brake Industry Co., Ltd.*		11,743
	1,027	Akwel		25,434
	1,375	Arb Corp., Ltd.		52,538
	202	Autoneum Holding AG*		37,601
	3,367	Brembo SpA		47,810
	4,000	Bridgestone Corp.		172,143
	1,647	Bulten AB		16,878
	2,344	CIE Automotive SA		72,447
	3,565	Compagnie Generale des Establissements Michelin SCA, Class B		584,315
	1,922	Continental AG*		203,464
	2,800	Daido Metal Co., Ltd.		14,755
	2,400	Daikyonishikawa Corp.		12,209
	1,600	Denso Corp.		132,141
	8,224	Dometic Group AB(a)		107,497
	1,800	Eagle Industry Co., Ltd.		17,281
	673	Edag Engineering Group AG*		9,073
	1,724	ElringKlinger AG*		21,778
	1,500	Exco Technologies, Ltd.		12,227
	1,700	Exedy Corp.		24,613
	4,682	Faurecia SA		222,709
	483	Faurecia SE		22,549
	2,300	FCC Co., Ltd.		29,940
	1,000	F-Tech, Inc.		5,165
	4,000	Futaba Industrial Co., Ltd.		15,131
	1,400	G-Tekt Corp.		17,397
	6,116	Gud Holdings, Ltd.		50,598
	560	Hella GmbH & Co. KGaA		38,079
	1,600	Hi-Lex Corp.		20,853
	700	H-One Co., Ltd.		4,115
	300	Imasen Electric Industrial		1,543
	19,355	Johnson Electric Holdings, Ltd.		41,023
	6,700	JTEKT Corp.		58,556
	1,800	Kasai Kogyo Co., Ltd.*		4,586
	258	Kendrion NV		6,169
	900	Koito Manufacturing Co., Ltd.		47,664
	25,060	Kongsberg Automotive ASA*		8,587
	1,000	KYB Corp.		28,045
	1,544	Leoni AG*		17,402
	1,933	Linamar Corp.		114,516
	3,438	Magna International, Inc.		278,272
	2,811	Magna Internationl, Inc.		227,471
	4,266	Martinrea International, Inc.		38,788
	2,000	Mitsuba Corp.*		7,809
	3,200	Musashi Seimitsu Industry Co., Ltd.		53,289
	4,800	NGK Spark Plug Co., Ltd.		83,604
	6,600	NHK SPRING Co., Ltd.		56,131
	600	Nichirin Co., Ltd.		8,600
	2,900	Nifco, Inc.		91,041
	2,200	Nippon Seiki Co., Ltd.		22,210
	2,700	NOK Corp.		29,352
	4,876	Nokian Renkaat OYJ		184,082
	2,600	Pacific Industrial Co., Ltd.		27,471
	13,329	Pirelli & C SpA(a)		91,977
	1,743	Plastic Omnium SA		45,323


Shares			Value
Common Stocks, continued
Auto Components, continued
	6,300	Press Kogyo Co., Ltd.	$	21,366
	3,582	PWR Holdings, Ltd.		22,387
	400	Riken Corp.		8,953
	2,542	SAF-Holland SE*		35,610
	1,900	Sanoh Industrial Co., Ltd.		15,631
	2,535	Schaeffler AG		21,025
	1,200	Shoei Co., Ltd.		47,272
	2,300	Stanley Electric Co., Ltd.		57,583
	12,500	Sumitomo Electric Industries, Ltd.		162,997
	2,900	Sumitomo Riko Co., Ltd.		14,947
	7,700	Sumitomo Rubber Industries, Ltd.		78,476
	300	T RAD Co., Ltd.		7,294
	1,400	Tachi-S Co., Ltd.		15,357
	800	Taiho Kogyo Co., Ltd.		5,649
	8,119	TI Fluid Systems plc(a)		27,948
	2,500	Tokai Rika Co., Ltd.		33,653
	2,500	Topre Corp.		25,892
	4,500	Toyo Tire Corp.		69,931
	1,700	Toyoda Gosei Co., Ltd.		36,987
	3,500	Toyota Boshoku Corp.		68,665
	700	Toyota Industries Corp.		55,942
	1,500	TPR Co., Ltd.		18,600
	2,800	TS Tech Co., Ltd.		34,429
	2,000	Unipres Corp.		13,983
	5,637	Valeo SA		170,369
	384	Vitesco Technologies Group AG*		18,837
	5,200	Yokohama Rubber Co., Ltd. (The)		83,339
	600	Yorozu Corp.		5,598

				4,895,599

Automobiles (2.3%):
	6,553	Bayerische Motoren Werke AG (BMW)		660,298
	12,614	Daimler AG, Registered Shares		968,537
	822	Ferrari NV		212,750
	630	Honda Motor Co., Ltd., ADR		17,923
	11,100	Honda Motor Co., Ltd.		311,770
	8,600	Isuzu Motors, Ltd.		107,020
	7,900	Mazda Motor Corp.*		60,797
	8,800	Mitsubishi Motors Corp.*		24,471
	20,000	Nissan Motor Co., Ltd.*		96,665
	2,700	Nissan Shatai Co., Ltd.		16,552
	8,981	Piaggio & C SpA		29,226
	4,600	Renault SA*		159,730
	538	Stellantis NV		10,101
	41,274	Stellantis NV		782,241
	11,600	Subaru Corp.		207,492
	2,300	Suzuki Motor Corp.		88,584
	89,620	Toyota Motor Corp.		1,654,661
	504	Volkswagen AG		148,226
	5,100	Yamaha Motor Co., Ltd.		122,360

				5,679,404

Banks (7.7%):
	3,000	77th Bank		34,827
	5,339	ABN AMRO Group NV(a)		78,480
	15,084	AIB Group plc*		36,753
	500	Aichi Bank, Ltd. (The)		20,282
	1,500	Akita Bank, Ltd. (The)		21,326


Shares			Value
Common Stocks, continued
Banks, continued
	2,146	Aktia Bank OYJ	$	29,982
	1,200	Aomori Bank, Ltd. (The)		18,483
	3,300	Aozora Bank, Ltd.		72,207
	19,030	Australia & New Zealand Banking Group, Ltd.		380,914
	1,000	Awa Bank, Ltd. (The)		18,875
	19,504	Banca Monte dei Paschi di Siena SpA*^		19,654
	21,166	Banca Popolare di Sondrio SCPA		88,935
	7,989	Banco Bilbao Vizcaya Argentaria SA		47,426
	29,969	Banco Bilbao Vizcaya Argentaria SA, ADR		175,918
	44,790	Banco Bpm SpA		134,261
	106,975	Banco Comercial Portugues SA, Class R*		17,154
	238,968	Banco de Sabadell SA*		158,412
	107,881	Banco Santander SA		360,045
	6,287	Banco Santander SA, ADR		20,684
	8,101	Bank Hapoalim BM		83,497
	14,148	Bank Leumi Le-Israel Corp.		152,162
	36,738	Bank of East Asia, Ltd. (The)		52,735
	974	Bank of Georgia Group plc		21,982
	29,096	Bank of Ireland Group plc*		165,058
	900	Bank of Iwate, Ltd. (The)		14,619
	1,200	Bank of Kyoto, Ltd. (The)		55,556
	6,126	Bank of Montreal		659,893
	980	Bank of Montreal		105,524
	500	Bank of Nagoya, Ltd. (The)		11,906
	9,618	Bank of Nova Scotia		689,514
	22,032	Bank of Queensland, Ltd.		129,692
	2,000	Bank of The Ryukyus, Ltd.		13,270
	16,597	Bankinter SA		84,148
	71	Banque Cantonale de Geneve		12,503
	916	Banque Cantonale Vaudois, Registered Shares		71,163
	23,543	Barclays plc, ADR		243,670
	9,188	Barclays plc		23,350
	943	BAWAG Group AG(a)		57,987
	18,959	Bendigo & Adelaide Bank, Ltd.		125,593
	218	Berner Kantonalbank AG		48,499
	6,853	BNP Paribas SA		473,458
	38,542	BOC Hong Kong Holdings, Ltd.		126,321
	34,804	BPER Banca		71,678
	72,467	CaixaBank SA		198,701
	5,594	Canadian Imperial Bank of Commerce		652,037
	200	Canadian Imperial Bank of Commerce		23,316
	4,227	Canadian Western Bank		121,316
	8,600	Chiba Bank, Ltd. (The)		49,209
	6,200	Chugoku Bank, Ltd. (The)		48,576
	700	Chukyo Bank, Ltd. (The)		11,038
	31,551	Commerzbank AG*		240,413
	7,457	Commonwealth Bank of Australia		547,992
	12,500	Concordia Financial Group, Ltd.		45,437
	7,042	Credit Agricole SA		100,576
	5,165	Credito Emiliano SpA		34,190
	16,000	Dah Sing Banking Group, Ltd.		13,666
	5,600	Dah Sing Financial Holdings, Ltd.		16,950
	1,900	Daishi Hokuetsu Financial Group, Inc.		41,918
	10,124	Danske Bank A/S		173,045
	7,992	DBS Group Holdings, Ltd.		193,539
	6,142	DNB Bank ASA		140,773
	1,600	Ehime Bank, Ltd. (The)		11,597


Shares			Value
Common Stocks, continued
Banks, continued
	2,450	Erste Group Bank AG	$	115,161
	650	Fidea Holdings Co., Ltd.		7,541
	4,911	Finecobank Banca Fineco SpA		85,518
	3,600	First Bank of Toyama, Ltd. (The)		9,235
	1,816	First International Bank of Israel		75,675
	1,000	Fukui Bank, Ltd. (The)		12,207
	5,800	Fukuoka Financial Group, Inc.		99,409
	13,200	Gunma Bank, Ltd. (The)		40,349
	9,200	Hachijuni Bank, Ltd. (The)		31,416
	5,105	Hang Seng Bank, Ltd.		93,468
	30,196	Heartland Group Holdings Npv		52,152
	11,800	Hirogin Holdings, Inc.		70,697
	1,000	Hokkoku Financial Holdings, Inc.*		22,140
	6,000	Hokuhoku Financial Group, Inc.		47,688
	23,429	HSBC Holdings plc, ADR^		706,384
	9,400	Hyakugo Bank, Ltd. (The)		28,112
	1,000	Hyakujushi Bank, Ltd. (The)		13,092
	757	Illimity Bank SpA*		11,283
	17,920	ING Groep NV		249,683
	93,838	Intesa Sanpaolo SpA		242,421
	15,332	Isreal Discount Bank		103,078
	9,500	Iyo Bank, Ltd. (The)		47,567
	620	Jimoto Holdings, Inc.		3,477
	1,200	Juroku Financial Group, Inc.*		22,578
	2,048	Jyske Bank A/S*		105,508
	2,491	KBC Group NV		213,931
	5,800	Keiyo Bank, Ltd. (The)		23,459
	400	Kita-Nippon Bank, Ltd. (The)		5,531
	2,500	Kiyo Bank, Ltd. (The)		30,674
	16,490	Kyushu Financial Group, Inc.		59,952
	1,296	Laurentian Bank of Canada		41,161
	562	Liechtensteinische Landesbank AG		32,434
	35,782	Lloyds Banking Group plc		23,064
	96,996	Lloyds TSB Group plc, ADR		247,340
	113	Luzerner Kantonalbank AG		51,441
	24,670	Mebuki Financial Group, Inc.		50,778
	11,475	Mediobanca SpA		131,157
	700	Michinoku Bank, Ltd. (The)		4,985
	62,500	Mitsubishi UFJ Financial Group, Inc.		339,618
	800	Miyazaki Bank, Ltd. (The)		14,475
	2,075	Mizrahi Tefahot Bank, Ltd.		80,068
	12,880	Mizuho Financial Group, Inc.		163,852
	1,300	Musashino Bank, Ltd. (The)		20,337
	1,300	Nanto Bank, Ltd. (The)		21,940
	25,880	National Australia Bank, Ltd.		543,077
	3,432	National Bank of Canada		261,687
	27,268	Natwest Group plc		83,073
	4,800	Nishi-Nippon Holdings, Inc.		31,051
	19,269	Nordea Bank AB		234,749
	7,300	North Pacific Bank, Ltd.		15,860
	1,800	Ogaki Kyoritsu Bank, Ltd. (The)		30,234
	1,000	Oita Bank, Ltd. (The)		15,895
	820	Okinawa Financial Group, Inc.*		15,742
	17,046	Oversea-Chinese Banking Corp., Ltd.		144,338
	28,000	Public Financial Holdings, Ltd.		9,332
	6,482	Raiffeisen International Bank-Holding AG		190,615
	33,575	Resona Holdings, Inc.		130,621


Shares			Value
Common Stocks, continued
Banks, continued
	1,156	Ringkjoebing Landbobank A/S	$	155,300
	5,197	Royal Bank of Canada		551,627
	12,263	Royal Bank of Canada		1,301,595
	1,190	San Ju San Financial Group, Inc.		15,232
	6,200	San-In Godo Bank, Ltd. (The)		34,925
	4,451	Sbanken ASA(a)		47,310
	11,600	Senshu Ikeda Holdings, Inc.		17,147
	24,500	Seven Bank, Ltd.		50,702
	1,300	Shiga Bank, Ltd. (The)		23,389
	1,000	Shikoku Bank, Ltd. (The)		6,748
	400	Shimizu Bank, Ltd. (The)		5,537
	5,900	Shizuoka Bank, Ltd. (The)		42,173
	7,610	Skandinaviska Enskilda Banken AB, Class A		105,463
	11,180	Societe Generale		383,881
	4,543	Spar Nord Bank A/S		58,130
	2,847	Sparebank 1 Sr-Bank ASA		43,041
	121	St. Galler Kantonalbank AG		57,730
	36,263	Standard Chartered plc		219,129
	7,000	Sumitomo Mitsui Financial Group, Inc.		239,311
	3,300	Sumitomo Mitsui Trust Holdings, Inc.		110,192
	8,000	Suruga Bank, Ltd.		35,316
	10,144	Svenska Handelsbanken AB, Class A		109,546
	4,382	Swedbank AB, Class A		88,034
	2,561	Sydbank A/S		81,036
	6,500	Toho Bank, Ltd. (The)		11,982
	1,100	Tokyo Kiraboshi Financial Group, Inc.		14,520
	7,500	Tomony Holdings, Inc.		20,676
	2,200	Toronto-Dominion Bank (The)		168,688
	7,456	Toronto-Dominion Bank (The)		571,726
	2,100	Towa Bank, Ltd. (The)		9,897
	6,200	Tsukuba Bank, Ltd.		9,543
	92,944	Unicaja Banco SA(a)		91,982
	31,288	Unicredit SpA		481,597
	7,627	United Overseas Bank, Ltd.		152,343
	405	Valiant Holding AG		40,514
	764	Van Lanschot Kempen NV		19,096
	34,734	Virgin Money UK plc*		83,290
	239	Walliser Kantonalbank, Registered Shares		26,502
	25,814	Westpac Banking Corp.		401,253
	1,600	Yamagata Bank, Ltd. (The)		12,077
	7,200	Yamaguchi Financial Group, Inc.		42,115
	1,800	Yamanashi Chuo Bank, Ltd. (The)		13,436
	6	Zuger Kantonalbank AG		44,389

				19,449,115

Beverages (1.2%):
	1,900	Andrew Peller, Ltd.		12,258
	7,966	Anheuser-Busch InBev NV		482,244
	3,300	Asahi Breweries, Ltd.		128,092
	10,973	Britvic plc		136,583
	13,700	Budweiser Brewing Co. APAC, Ltd.(a)		35,934
	14,772	C&C Group plc*		46,319
	1,168	Carlsberg A/S, Class B		200,660
	2,200	Coca-Cola Bottlers Japan Holdings, Inc.		25,252
	3,492	Coca-Cola European Partners plc		194,534
	3,318	Coca-Cola HBC AG		114,371
	5,510	David Campari-Milano NV		80,214
	2,815	Diageo plc, ADR		619,694


Shares			Value
Common Stocks, continued
Beverages, continued
	812	Fevertree Drinks plc	$	29,716
	1,642	Heineken NV		184,615
	300	ITO EN, Ltd.		15,757
	8,500	Kirin Holdings Co., Ltd.		136,341
	109	Laurent-Perrier		12,839
	653	Olvi OYJ		38,046
	412	Pernod Ricard SA		99,117
	4,250	Primo Water Corp.		75,000
	194	Remy Cointreau SA		47,219
	1,549	Royal Unibrew A/S		174,714
	1,600	Sapporo Breweries, Ltd.		30,372
	2,800	Suntory Beverage & Food, Ltd.		101,286
	2,800	Takara Holdings, Inc.		29,729
	6,474	Treasury Wine Estates, Ltd.		58,353

				3,109,259

Biotechnology (0.4%):
	569	Abcam plc*		13,345
	143	Argenx SE*		50,537
	1,271	Bavarian Nordic A/S*		52,132
	291	Biogaia AB		16,658
	2,049	CSL, Ltd.		433,816
	225	Galapagos NV*		12,431
	573	Genmab A/S*		229,458
	634	Genus plc		42,291
	3,433	Grifols SA		65,680
	5,747	Knight Therapeutics, Inc.*		24,082
	6,442	Mesoblast, Ltd.*		6,465
	1,000	Peptidream, Inc.*		22,131
	475	Pharma Mar SA		30,740
	1,829	Swedish Orphan Biovitrum AB*		37,422
	1,155	Zealand Pharma A/S*		25,535

				1,062,723

Building Products (1.4%):
	4,100	AGC, Inc.		195,733
	1,100	AICA Kogyo Co., Ltd.		31,805
	2,028	Arbonia AG		45,862
	1,049	ASSA Abloy AB, Class B		31,878
	203	Belimo Holding AG, Class R		128,531
	2,400	Bunka Shutter Co., Ltd.		22,413
	1,800	Central Glass Co., Ltd.		33,371
	8,611	Compagnie de Saint-Gobain SA		605,645
	1,200	Daikin Industries, Ltd.		272,272
	114	dorma kaba Holding AG		75,206
	484	Geberit AG, Registered Shares		394,130
	5,784	Genuit Group plc		45,813
	12,753	Gwa Group, Ltd.		25,531
	3,298	Inrom Construction Industries, Ltd.		16,367
	2,938	Inwido AB		60,377
	2,479	Kingspan Group plc		296,690
	2,801	Lindab International AB		99,635
	3,900	Lixil Corp.		103,947
	600	Maeda Kosen Co., Ltd.		20,479
	2,700	Nichias Corp.		65,132
	1,100	Nichiha Corp.		29,137
	1,552	Nordic Waterproofing Holding AB		38,138
	1,500	Noritz Corp.		21,887
	1,400	Okabe Co., Ltd.		8,826


Shares			Value
Common Stocks, continued
Building Products, continued
	5,708	Reliance Worldwide Corp., Ltd.	$	26,043
	144	Rockwool International A/S		52,911
	232	ROCKWOOL International A/S, Class B		101,556
	1,900	Sankyo Tateyama, Inc.		11,940
	7,800	Sanwa Holdings Corp.		83,228
	47	Schweiter Technologies AG		69,604
	900	Shin Nippon Air Technologies Co., Ltd.		18,747
	1,800	Sinko Industries, Ltd.		31,477
	3,824	Systemair AB		43,092
	1,800	Takara Standard Co., Ltd.		22,068
	1,000	TOTO, Ltd.		46,004
	7,093	Tyman plc		38,417
	2,971	Uponor OYJ		70,799
	32,000	Xinyi Glass Holdings, Ltd.		80,130
	533	Zehnder Group AG		54,277

				3,419,098

Capital Markets (3.1%):
	10,264	3i Group plc		200,778
	24,792	ABG Sundal Collier Holding ASA		25,981
	3,200	AGF Management, Ltd.		21,126
	1,600	Aizawa Securities Co., Ltd.		14,205
	2,242	AJ Bell plc		11,485
	143	Alantra Partners SA		2,483
	903	Altamir		26,104
	817	Amundi SA(a)		67,436
	7,128	Anima Holding SpA(a)		36,133
	5,351	Ashmore Group plc		21,005
	670	ASX, Ltd.		45,292
	2,129	Avanza Bank Holding AB		77,985
	4,260	Azimut Holding SpA		118,902
	2,458	Banca Generali SpA		107,666
	521	Bellevue Group AG		23,501
	8,900	Brewin Dolphin Holdings plc		44,453
	800	Brookfield Asset Management, Inc., Class A		48,318
	614	Brookfield Asset Management, Inc., Class A		37,073
	2,383	Bure Equity AB		115,311
	2,497	Canaccord Genuity Group, Inc.		29,771
	7,682	CI Financial Corp.		160,588
	118	Cie Financiere Tradition SA		13,528
	5,230	Close Brothers Group plc		99,082
	20,849	Credit Suisse Group AG		202,286
	4,319	Credit Suisse Group AG, ADR		41,635
	18,300	Daiwa Securities Group, Inc.		103,231
	4,462	Dea Capital SpA		6,651
	10,467	Deutsche Bank AG, Registered Shares*		130,838
	12,602	Deutsche Bank AG, Registered Shares*		158,161
	552	Deutsche Beteiligungs AG		25,061
	1,924	Deutsche Boerse AG		322,279
	5,622	EFG International AG		42,806
	258,000	Emperor Capital Group, Ltd.*		2,584
	1,872	Euronext NV(a)		194,356
	2,000	Fiera Capital Corp.		16,588
	1,900	Flow Traders(a)		69,685
	10,649	GAM Holding AG*		15,843
	2,674	Georgia Capital plc*		25,809
	824	Gimv NV		49,994
	2,400	GMO Financial Holdings, Inc.		17,635


Shares			Value
Common Stocks, continued
Capital Markets, continued
	1,175	Guardian Capital Group, Ltd., Class A	$	32,422
	142,000	Guotai Junan International Hol		19,670
	135,243	Haitong International Securities		29,145
	5,422	Hargreaves Lansdown plc		99,480
	7,894	Hong Kong Exchanges & Clearing, Ltd.		461,413
	2,100	iFAST Corp., Ltd.		13,093
	11,954	IG Group Holdings plc		131,577
	1,732	IGM Financial, Inc.		62,471
	647	Impax Asset Management Group plc		12,888
	218	Ina Invest Holding AG*		4,476
	28,134	Insignia Financial, Ltd.		74,163
	2,872	IntegraFin Holdings plc		21,780
	2,456	Intermediate Capital Group plc		72,654
	22,533	Investec plc		122,433
	60,525	IP Group plc		101,259
	1,700	IwaiCosmo Holdings, Inc.		20,030
	1,400	JAFCO Group Co., Ltd.		80,596
	4,800	Japan Exchange Group, Inc.		105,103
	4,910	Julius Baer Group, Ltd.		328,222
	17,082	Jupiter Fund Management plc		59,248
	138,000	Kingston Financial Group, Ltd.*		6,750
	800	Kyokuto Securities Co., Ltd.		5,203
	957	London Stock Exchange Group plc		89,557
	500	M&A Capital Partners Co., Ltd.*		22,914
	2,174	Macquarie Group, Ltd.		324,916
	2,194	Magellan Financial Group, Ltd.		33,911
	50,276	Man Group plc/Jersey		154,683
	2,300	Marusan Securities Co., Ltd.		10,380
	1,180,000	Mason Group Holdings, Ltd.*		3,024
	2,600	Matsui Securities Co., Ltd.		17,884
	2,900	Mito Securities Co., Ltd.		6,885
	3,035	MLP SE		29,589
	5,700	Monex Group, Inc.		34,750
	4,265	Navigator Global Investments, Ltd.		5,765
	3,008	Netwealth Group, Ltd.		38,724
	11,266	Ninety One plc		42,202
	5,431	Nomura Holdings, Inc., ADR		23,516
	19,100	Nomura Holdings, Inc.		83,312
	13,975	NZX, Ltd.		17,323
	3,800	Okasan Securities Group, Inc.		12,590
	253	Partners Group Holding AG		417,212
	9,039	Pendal Group, Ltd.		36,637
	1,616	Perpetual, Ltd.		42,296
	11,593	Platinum Asset Management, Ltd.		22,802
	2,595	Polar Capital Holdings plc		27,844
	45,397	Quilter plc(a)		91,031
	565	Rathbones Group plc		15,143
	9,785	Ratos AB, Class B		62,635
	1,549	Rothschild & Co.		71,069
	4,200	SBI Holdings, Inc.		114,499
	1,029	Schroders plc		32,112
	1,783	Schroders plc		85,645
	11,400	Singapore Exchange, Ltd.		78,739
	5,446	St. James Place plc		124,037
	700	Strike Co., Ltd.		30,981
	667	Swissquote Group Holding SA		146,447
	2,584	Tamburi Investment Partners SP		29,011


Shares			Value
Common Stocks, continued
Capital Markets, continued
	375	Tikehau Capital SCA	$	9,925
	531	TMX Group, Ltd.		53,843
	8,500	Tokai Tokyo Financial Holdings, Inc.		29,172
	4,000	Toyo Securities Co., Ltd.		5,148
	30,858	TP ICAP Group plc		63,799
	15,471	UBS Group AG		277,766
	19,229	Uob-Kay Hian Holdings, Ltd.		22,690
	1,000	Uzabase, Inc.*		12,783
	1,325	Vontobel Holding AG		115,975
	245	Vp Bank AG, Registered Shares		25,943
	550	VZ Holding AG		58,891

				7,693,724

Chemicals (4.1%):
	900	Achilles Corp.		9,774
	3,300	Adeka Corp.		73,667
	3,982	Air Liquide SA		694,303
	7,800	Air Water, Inc.		120,461
	2,028	Akzo Nobel NV		223,221
	700	Arakawa Chemical Industries, Ltd.		7,256
	2,785	Arkema SA		392,769
	26,600	Asahi Kasei Corp.		250,049
	1,100	ASAHI YUKIZAI Corp.		16,471
	8,770	BASF SE		616,785
	2,422	Borregaard ASA		61,064
	52,400	China Sunsine Chemical Holdings, Ltd.		18,868
	1,815	Christian Hansen Holding A/S		142,713
	1,600	CI Takiron Corp.		7,833
	10,241	Clariant AG		213,800
	2,199	Corbion NV		103,397
	4,872	Covestro AG(a)		300,599
	444	Croda International plc		60,884
	1,000	Dai Nippon Toryo Co., Ltd.		7,191
	7,200	Daicel Corp.		49,775
	900	Dainichiseika Color & Chemical		18,346
	4,300	Dainippon Ink & Chemicals, Inc.		108,487
	4,000	Denka Co., Ltd.		130,789
	18,377	Elementis plc*		32,803
	28	EMS-Chemie Holding AG		31,257
	8,516	Ercros SA*		28,801
	9,485	Essentra plc		44,228
	2,424	Evonik Industries AG		78,556
	1,653	FUCHS PETROLUB SE		75,120
	701	FUCHS PETROLUB SE		24,630
	300	Fujimori Kogyo Co., Ltd.		10,684
	700	Fuso Chemical Co., Ltd.		29,553
	37	Givaudan SA, Registered Shares		194,754
	20	Gurit Holding AG		33,938
	5,393	Hexpol AB		72,466
	700	Hodogaya Chemical Co., Ltd.		35,921
	3,950	ICL Group, Ltd.		37,982
	37,389	Incitec Pivot, Ltd.		88,392
	1,500	Ishihara Sangyo Kaisha, Ltd.		15,523
	1,000	JCU Corp.		47,568
	2,680	Johnson Matthey plc		74,431
	700	Jsp Corp.		9,952
	1,200	JSR Corp.		45,653
	5,723	K+S AG, Registered Shares*		98,918


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,000	Kaneka Corp.	$	65,654
	3,300	Kanto Denka Kogyo Co., Ltd.		32,514
	4,999	Kemira OYJ		75,414
	1,400	Kh Neochem Co., Ltd.		38,717
	1,500	Koatsu Gas Kogyo Co., Ltd.		10,291
	1,175	Koninklijke DSM NV		263,796
	1,000	Konishi Co., Ltd.		15,061
	11,800	Kuraray Co., Ltd.		102,507
	800	Kureha Corp.		57,186
	3,486	Lanxess AG		216,287
	379	Lenzing AG*		52,654
	1,300	Lintec Corp.		29,787
	929	Methanex Corp.		36,742
	700	Methanex Corp.		27,695
	19,000	Mitsubishi Chemical Holdings Corp.		140,772
	3,000	Mitsubishi Gas Chemical Co., Inc.		50,820
	3,800	Mitsui Chemicals, Inc.		102,108
	800	Nihon Kagaku Sangyo Co., Ltd.		9,635
	2,300	Nihon Nohyaku Co., Ltd.		9,880
	2,600	Nihon Parkerizing Co., Ltd.		25,436
	600	Nippon Chemical Industrial Co., Ltd.		14,202
	5,500	Nippon Kayaku Co., Ltd.		56,627
	2,100	Nippon Paint Holdings Co., Ltd.		22,900
	1,400	Nippon Pillar Packing Co., Ltd.		45,112
	3,000	Nippon Sanso Holdings Corp.		65,559
	700	Nippon Shokubai Co., Ltd.		32,382
	800	Nippon Soda Co., Ltd.		23,027
	1,900	Nissan Chemical Corp.		110,373
	1,900	Nitto Denko Corp.		146,883
	700	NOF Corp.		35,255
	1,377	Novozymes A/S, Class B		112,774
	8,438	Nufarm, Ltd.		29,872
	4,481	Nutrien, Ltd.		336,971
	2,255	Nutrien, Ltd.		169,517
	1,600	OCI NV*		41,736
	500	Okamoto Industries, Inc.		18,369
	600	Okura Industrial Co., Ltd.		11,421
	3,258	Orica, Ltd.		32,488
	900	Osaka Organic Chemical Industry, Ltd.		25,985
	2,613	Recticel SA		52,115
	2,800	Riken Technos Corp.		12,661
	500	Sakai Chemical Industry Co., Ltd.		9,965
	2,400	Sakata Inx Corp.		20,745
	700	Sanyo Chemical Industries, Ltd.		32,505
	900	Sekisui Plastics Co., Ltd.		3,756
	1,100	Shikoku Chemicals Corp.		13,497
	1,800	Shin-Etsu Chemical Co., Ltd.		311,805
	1,800	Shin-Etsu Polymer Co., Ltd.		17,328
	5,000	Showa Denko K.K.		105,001
	1,005	Sika AG		417,309
	1,754	SOL SpA		41,961
	1,805	Solvay SA		210,413
	400	Stella Chemifa Corp.		9,200
	1,500	Sumitomo Bakelite Co., Ltd.		76,050
	23,200	Sumitomo Chemical Co., Ltd.		109,347
	300	Sumitomo Seika Chemicals Co. Ltd.		8,178
	1,462	Symrise AG		216,840


Shares			Value
Common Stocks, continued
Chemicals, continued
	13,110	Synthomer plc	$	70,871
	700	T Hasegawa Co., Ltd.		16,460
	1,200	T&K Toka Co., Ltd.		8,682
	600	Taiyo Holdings Co., Ltd.		18,157
	600	Takasago International Corp.		15,078
	600	Tayca Corp.		6,750
	7,900	Teijin, Ltd.		97,204
	500	Tenma Corp.		11,478
	625	Tessenderlo Group SA*		23,731
	4,900	Toagosei Co., Ltd.		49,257
	6,900	Tokai Carbon Co., Ltd.		72,485
	2,900	Tokuyama Corp.		46,098
	600	Tokyo Ohka Kogyo Co., Ltd.		35,481
	27,700	Toray Industries, Inc.		164,230
	5,100	Tosoh Corp.		75,660
	1,200	Toyo Ink SC Holdings Co., Ltd.		20,087
	5,000	Toyobo Co., Ltd.		54,609
	4,800	Ube Industries, Ltd.		83,396
	3,116	Umicore SA		127,123
	1,051	Victrex plc		34,861
	329	Wacker Chemie AG		49,259
	1,428	Yara International ASA		72,170
	2,900	Zeon Corp.		33,466

				10,289,310

Commercial Services & Supplies (1.2%):
	800	AEON Delight Co., Ltd.		23,389
	23,247	Babcock International Group plc*		100,299
	748	Befesa SA(a)		57,370
	1,800	Bell System24 Holdings, Inc.		19,581
	13,069	Biffa plc(a)		63,265
	896	Bilfinger SE		30,475
	1,670	Black Diamond Group, Ltd.		5,849
	14,490	Brambles, Ltd.		112,063
	4,517	Bravida Holding AB(a)		63,480
	200	Calian Group, Ltd.		9,731
	1,476	Cardno, Ltd.*		2,075
	2,850	Caverion Corp.		20,729
	300	Central Security Patrols Co., Ltd.		6,295
	338	Cewe Stiftung & Co. KGAA		49,408
	46,000	Cleanaway Waste Management, Ltd.		104,829
	10,948	Collection House, Ltd.*		1,036
	1,829	Coor Service Management Holding AB(a)		16,734
	2,400	CTS Co., Ltd.		17,552
	3,200	Dai Nippon Printing Co., Ltd.		80,502
	6,041	De La Rue plc*		12,686
	3,731	Derichebourg SA*		43,045
	2,180	Dexterra Group, Inc.		14,806
	30,713	Downer EDI, Ltd.		133,218
	1,100	Duskin Co., Ltd.		26,887
	1,700	EF-ON, Inc.		9,136
	8,596	Elis SA*		148,794
	435	GL Events*		8,618
	12,057	HomeServe plc		142,441
	900	Inaba Seisakusho Co., Ltd.		10,721
	2,297	Intrum AB		59,339
	5,989	ISS A/S*		113,612
	1,800	Itoki Corp.		5,588


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	800	Japan Elevator Service Holdings Co., Ltd.	$	14,943
	3,300	Kokuyo Co., Ltd.		49,184
	400	Kyodo Printing Co., Ltd.		9,965
	2,302	Lassila & Tikanoja OYJ		35,221
	3,325	Loomis AB		88,598
	700	Matsuda Sangyo Co., Ltd.		14,799
	5,449	Mears Group plc		13,898
	51,653	Mitie Group plc		45,135
	1,400	NAC Co., Ltd.		11,697
	15,900	Nippon Parking Development Co., Ltd.		19,080
	1,600	Okamura Corp.		17,851
	1,100	Oyo Corp.		20,525
	2,700	Park24 Co., Ltd.*		37,003
	2,696	PayPoint plc		24,255
	1,400	Pilot Corp.		53,565
	2,400	Prestige International, Inc.		13,942
	13,654	Prosegur Cia de Seguridad SA		35,642
	1,158	Renewi plc*		11,843
	23,855	Rentokil Initial plc		188,670
	2,500	Ritchie Bros Auctioneers, Inc.		153,008
	3,299	RPS Group plc		5,520
	900	Sato Holdings Corp.		17,169
	700	SECOM Co., Ltd.		48,610
	7,978	Securitas AB, Class B		109,693
	3,267	Smartgroup Corp., Ltd.		18,439
	787	Societe BIC SA		42,376
	400	Sohgo Security Services Co., Ltd.		15,896
	4,477	Spie SA		115,688
	696	Tomra Systems ASA		49,860
	3,280	TOPPAN, INC.		61,495
	4,470	Transcontinental, Inc.		71,779
	1,612	TRE Holdings Corp.*		24,731
	200	Waste Connections, Inc.		27,261
	580	Waste Connections, Inc.		79,037

				3,059,931

Communications Equipment (0.3%):
	2,792	Adva Optical Networking Se*		44,749
	700	Aiphone Co., Ltd.		12,922
	700	DKK Co., Ltd.		15,254
	440	HMS Networks AB		27,166
	500	Icom, Inc.		10,556
	36,947	Nokia OYJ*		232,083
	10,200	Quarterhill, Inc.		21,774
	418	RTX A/S		12,639
	600	Sierra Wireless, Inc.*		10,579
	10,363	Spirent Communications plc		38,798
	684	Telefonaktiebolaget LM Ericsson, Class A		7,586
	27,309	Telefonaktiebolaget LM Ericsson, Class B		300,064
	8,100	VTech Holdings, Ltd.		63,541

				797,711

Construction & Engineering (2.0%):
	4,873	ACS Actividades de Construccion y Servicios SA		130,689
	3,353	Aecon Group, Inc.		44,749
	1,894	AF Gruppen ASA		41,667
	4,317	Arcadis NV		208,550
	300	Asanuma Corp.		14,327
	1,130	Ashtrom Group, Ltd.		30,703


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	1,410	Badger Infrastructure Solutions, Ltd.	$	35,440
	20,372	Balfour Beatty plc		72,058
	519	Bauer AG*		5,825
	1,831	Boskalis Westminster		53,462
	16,800	Boustead Singapore, Ltd.		12,409
	7,647	Bouygues SA		273,966
	209	Burkhalter Holding AG		14,457
	4,600	Chiyoda Corp.*		14,080
	1,700	Chudenko Corp.		31,427
	494	CIE d’Entreprises CFE SA		69,072
	1,103	Cimic Group, Ltd.		13,564
	1,721	ComSys Holdings Corp.		38,326
	6,098	Costain Group plc*		4,407
	500	Dai-Dan Co., Ltd.		9,991
	900	Daiho Corp.		31,051
	3,606	Eiffage SA		371,910
	2,783	Elecnor SA		33,162
	44	Electra, Ltd./Israel		30,515
	7,737	Eltel AB*(a)		13,362
	37,002	Empresas ICA SAB de C.V.*		156
	2,127	Ferrovial SA		66,701
	1,664	FLSmidth & Co. A/S		62,212
	2,002	Fomento de Construcciones y Contratas SA		25,042
	440	Fudo Tetra Corp.		6,405
	4,141	Fugro NV*		32,531
	200	Fukuda Corp.		7,506
	4,363	Galliford Try Holdings plc		10,596
	6,000	Hazama Ando Corp.		45,042
	1,803	Heijmans NV		30,401
	600	Hibiya Engineering, Ltd.		10,707
	1,093	Implenia AG*		24,799
	8,036	INFRONEER Holdings, Inc.*		73,045
	7,400	JGC Holdings Corp.		61,840
	10,188	Johns Lyng Group, Ltd.		67,818
	8,000	Kajima Corp.		91,898
	3,000	Kandenko Co., Ltd.		22,357
	3,807	Keller Group plc		50,733
	4,100	Kinden Corp.		61,607
	15,900	Koninklijke BAM Groep NV*		48,788
	1,600	Kumagai Gumi Co., Ltd.		39,945
	2,500	Kyowa Exeo Corp.		52,696
	1,700	Kyudenko Corp.		52,479
	9,546	Maire Tecnimont SpA		44,809
	1,700	Meisei Industrial Co., Ltd.		11,220
	3,300	Mirait Holdings Corp.		54,437
	1,922	Morgan Sindall Group plc		65,395
	1,375	NCC AB, Class B		25,524
	1,000	Nichireki Co., Ltd.		12,365
	1,900	Nippo Corp.		65,896
	1,600	Nippon Densetsu Kogyo Co., Ltd.		23,123
	700	Nippon Koei Co., Ltd.		19,418
	200	Nippon Road Co., Ltd. (The)		14,330
	1,900	Nishimatsu Construction Co., Ltd.		60,222
	20,879	NRW Holdings, Ltd.		26,859
	9,100	Obayashi Corp.		70,428
	6,495	Obrascon Huarte Lain SA*		7,532
	1,100	Okumura Corp.		30,848


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	8,600	Oriental Shiraishi Corp.	$	17,409
	10,581	Peab AB		133,124
	14,700	Penta-Ocean Construction Co., Ltd.		83,088
	726	Per Aarsleff Holding A/S		33,933
	2,400	Raiznext Corp.		24,356
	22,988	Sacyr SA		59,812
	1,900	Sanki Engineering Co., Ltd.		23,774
	1,700	Seikitokyu Kogyo Co., Ltd.		11,976
	40,165	Service Stream, Ltd.		23,523
	3,211	Shapir Engineering And Indus		28,424
	4,339	Shikun & Binui, Ltd.*		27,821
	10,100	Shimizu Corp.		62,620
	1,500	Shinnihon Corp.		10,656
	4,094	Skanska AB, Class B		105,489
	3,001	SNC-Lavalin Group, Inc.		73,340
	881	Strabag Se		36,642
	6,980	Sumitomo Mitsui Construction		25,913
	3,299	Sweco AB		62,141
	700	Taihei Dengyo Kaisha, Ltd.		17,488
	800	Taikisha, Ltd.		21,711
	3,500	Taisei Corp.		106,370
	1,400	Takamatsu Construction Group C		23,964
	400	Tekken Corp.		6,233
	900	TOA Corp.		18,939
	400	TOA Road Corp.		16,870
	1,630	Tobishima Corp.		14,443
	6,900	Toda Corp.		43,681
	400	Toenec Corp.		11,756
	1,000	Tokyo Energy & Systems, Inc.		9,496
	5,100	Tokyu Construction Co., Ltd.		29,462
	1,100	Totetsu Kogyo Co., Ltd.		23,979
	4,300	Toyo Construction Co., Ltd.		21,724
	2,100	Toyo Engineering Corp.*		12,929
	3,109	Veidekke ASA		46,744
	5,116	Vinci SA		542,010
	555	WSP Global, Inc.		80,578
	1,700	Yahagi Construction Co., Ltd.		11,309
	3,849	YIT OYJ		18,898
	1,200	Yokogawa Bridge Holdings Corp.		22,915
	1,200	Yurtec Corp.		7,012

				5,029,431

Construction Materials (0.8%):
	13,883	Adbri, Ltd.		28,546
	1,800	Asia Pile Holdings Corp.		7,033
	2,976	Brickworks, Ltd.		52,314
	2,431	Buzzi Unicem SpA		52,182
	12,721	CRH plc, ADR		671,669
	22,791	CSR, Ltd.		97,634
	13,792	Fletcher Building, Ltd.		69,219
	1,160	H+H International A/S, Class B*		40,846
	2,326	HeidelbergCement AG		157,575
	6,293	Holcim, Ltd.		320,368
	13,005	Ibstock plc(a)		35,802
	1,243	Imerys SA		51,801
	3,763	James Hardie Industries SE		151,429
	400	Krosaki Harima Corp.		15,333
	5,422	Marshalls plc		50,664


Shares			Value
Common Stocks, continued
Construction Materials, continued
	2,500	Nippon Concrete Industries Co., Ltd.	$	6,065
	500	Shinagawa Refractories Co., Ltd.		17,261
	123	STO SE & Co KGaA		30,939
	1,500	Sumitomo Osaka Cement Co., Ltd.		46,109
	5,700	Taiheiyo Cement Corp.		112,748
	1,300	TYK Corp.		3,484
	998	Vicat		40,862
	527	Wienerberger AG		19,372

				2,079,255

Consumer Finance (0.2%):
	3,600	ACOM Co., Ltd.		10,362
	3,700	AEON Financial Service Co., Ltd.		39,962
	7,800	Aiful Corp.		24,147
	8,198	Axactor SE*		7,013
	974	Cembra Money Bank AG		70,897
	1,607	Credit Corp. Group, Ltd.		39,152
	6,600	Credit Saison Co., Ltd.		69,388
	18,226	Eclipx Group, Ltd.*		29,320
	873	Gruppo MutuiOnline SpA		43,654
	2,616	H&T Group plc		10,440
	5,740	Hoist Finance AB*(a)		18,562
	17,800	Hong Leong Finance, Ltd.		31,570
	14,415	International Personal Finance		25,164
	577	Isracard, Ltd.		2,849
	4,300	J Trust Co., Ltd.		21,276
	1,300	Jaccs Co., Ltd.		33,484
	8,490	Money3 Corp., Ltd.		21,946
	15,200	Orient Corp.		16,487
	213,600	Oshidori International Holdings, Ltd.*		15,350
	4,742	Provident Financial plc*		23,059
	4,452	Resurs Holding AB(a)		18,651
	38,000	Sun Hung Kai & Co., Ltd.		20,276

				593,009

Containers & Packaging (0.7%):
	3,618	BillerudKorsnas AB		67,959
	4,231	Cascades, Inc.		46,732
	1,780	CCL Industries, Inc.		95,460
	28,702	DS Smith plc		149,350
	1,600	FP Corp.		54,537
	1,900	Fuji Seal International, Inc.		34,994
	1,000	Hokkan Holdings, Ltd.		12,609
	3,405	Huhtamaki OYJ		149,902
	3,327	Intertape Polymer Group, Inc.		69,234
	276	Mayr Melnhof Karton AG		55,511
	36,741	Orora, Ltd.		93,715
	6,607	Pact Group Holdings, Ltd.		12,163
	8,600	Rengo Co., Ltd.		65,058
	8,406	SIG Combibloc Group AG		235,082
	8,090	Smurfit Kappa Group plc		447,188
	500	Taisei Lamick Co., Ltd.		11,887
	600	Tomoku Co., Ltd.		9,329
	4,000	Toyo Seikan Group Holdings, Ltd.		47,658
	659	Verallia SA(a)		23,220
	750	Vetropack Holding AG		47,401
	753	Vidrala SA		74,179
	300	Winpak, Ltd.		8,816

				1,811,984


Shares			Value
Common Stocks, continued
Distributors (0.3%):
	600	Arata Corp.	$	22,982
	11,493	Bapcor, Ltd.		58,627
	1,300	Canon Marketing Japan, Inc.		25,833
	500	Chori Co., Ltd.		7,944
	564	D’ieteren Group		109,970
	1,000	Doshisha Co., Ltd.		13,617
	4,313	Headlam Group plc		24,979
	20,473	Inchcape plc		251,641
	3,000	Jardine Cycle & Carriage, Ltd.		45,907
	3,365	John Menzies plc*		14,073
	400	Paltac Corp.		16,433
	85	Tadiran Group, Ltd.		11,902
	3,025	Uni-Select, Inc.*		61,562

				665,470

Diversified Consumer Services (0.1%):
	3,986	Academedia AB(a)		24,439
	2,000	Benesse Holdings, Inc.		39,203
	3,227	Dignity plc*		25,778
	8,000	EC Healthcare		11,434
	44,648	G8 Education, Ltd.*		36,098
	1,700	IBJ, Inc.		13,393
	2,783	IDP Education, Ltd.		70,166
	400	Park Lawn Corp.		13,125
	900	QB Net Holdings Co., Ltd.*		14,076
	2,600	Riso Kyoiku Co., Ltd.		8,885
	700	Studio Alice Co., Ltd.		13,044
	900	Take And Give Needs Co., Ltd.*		7,553

				277,194

Diversified Financial Services (0.9%):
	1,439	ABC arbitrage		11,696
	863	Ackermans & Van Haaren NV		165,837
	182	Aker ASA, Class A Shares		17,029
	84,183	AMP, Ltd.*		61,870
	3,396	Banca Farmafactoring SpA(a)		27,421
	5,878	Banca Mediolanum SpA		57,615
	4,759	Burford Capital, Ltd.		49,649
	21,477	Challenger, Ltd.		102,050
	5,800	Ecn Capital Corp.		24,488
	16,244	Element Fleet Management Corp.		165,420
	521	Eurazeo SE		45,542
	900	Fuyo General Lease Co., Ltd.		62,376
	20,600	G-Resources Group, Ltd.*		7,398
	88	Hypoport SE*		51,238
	156	Industrivarden AB, Class A		4,953
	140	Jackson Financial, Inc., Class A		5,856
	800	Japan Investment Adviser Co., Ltd.		9,051
	4,600	Japan Securities Finance Co., Ltd.		38,400
	63,712	M&G plc		171,964
	24,220	Mitsubishi HC Capital, Inc.		119,838
	1,800	Mizuho Leasing Co., Ltd.		49,931
	900	NEC Capital Solutions, Ltd.		15,730
	16,085	Ofx Group, Ltd.*		27,080
	7,289	Omni Bridgeway, Ltd.*		19,521
	2,247	Onex Corp.		176,377
	14,700	ORIX Corp.		300,079
	4,583	Plus500, Ltd.		84,287
	1,100	Ricoh Leasing Co., Ltd.		36,922


Shares			Value
Common Stocks, continued
Diversified Financial Services, continued
	45,834	Standard Life Aberdeen plc	$	149,359
	1,500	Tokyo Century Corp.		72,789
	2,200	Zenkoku Hosho Co., Ltd.		95,848

				2,227,614

Diversified Telecommunication (0.0%^†):
	3,751	Uniti Group, Ltd.*		12,148

Diversified Telecommunication Services (2.2%):
	14,353	Airtel Africa plc(a)		25,929
	44	BCE, Inc.		2,289
	974	BCE, Inc.		50,687
	36,348	Bezeq Israeli Telecommunication Corp., Ltd. (The)*		60,166
	258,528	BT Group plc		591,053
	1,146	Cellnex Telecom SAU(a)		66,531
	20,039	Chorus, Ltd.		98,389
	90,000	CITIC Telecom International Holdings, Ltd.		30,375
	46,971	Deutsche Telekom AG, Registered Shares		872,882
	3,546	Elisa OYJ		217,762
	2,209	Gamma Communications plc		49,339
	27,500	HKBN, Ltd.		33,753
	82,295	HKT Trust & HKT, Ltd.		110,628
	3,856	Infrastrutture Wireless Italiane SpA(a)		46,682
	2,000	Internet Initiative Japan, Inc.		82,616
	121,735	Koninklijke KPN NV		377,987
	41,300	NetLink NBN Trust		30,647
	5,800	Nippon Telegraph & Telephone Corp.		158,611
	48,762	Orange SA		522,342
	174,202	PCCW, Ltd.		88,263
	5,067	Proximus SADP		98,798
	14,900	Singapore Telecommunications, Ltd.		25,658
	16,483	Spark New Zealand, Ltd.		51,028
	13,084	Speedcast International, Ltd.*(b)		—
	12,209	Superloop, Ltd.*		10,571
	893	Swisscom AG, Registered Shares		503,945
	210,041	Telecom Italia SpA		99,418
	334,376	Telecom Italia SpA		164,417
	45,006	Telefonica Deutschland Holding AG		124,500
	90,151	Telefonica SA		392,417
	4,768	Telekom Austria AG		41,335
	4,475	Telenor ASA		70,444
	40,221	Telia Co AB		157,324
	41,906	Telstra Corp., Ltd.		127,440
	4,669	TPG Telecom, Ltd.		20,017
	7,091	Tuas, Ltd.*		10,553
	4,427	United Internet AG, Registered Shares		175,593

				5,590,389

Electric Utilities (1.5%):
	994	Acciona SA		189,413
	17,641	AusNet Services		32,971
	334	BKW AG		43,367
	5,400	Chubu Electric Power Co., Inc.		57,024
	2,800	Chugoku Electric Power Co., Inc. (The)		22,727
	7,000	CK Infrastructure Holdings, Ltd.		44,575
	9,564	CLP Holdings, Ltd.		96,595
	3,804	Contact Energy, Ltd.		21,081
	21,672	EDP - Energias de Portugal SA		118,867
	4,908	Electricite de France		57,672


Shares			Value
Common Stocks, continued
Electric Utilities, continued
	633	Elia Group SA/NV	$	83,464
	2,200	Emera, Inc.		109,965
	4,746	Endesa SA		109,397
	47,239	Enel SpA		376,175
	240	Energiedienst Holding AG, Registered Shares		12,206
	1,538	EVN AG		46,421
	1,708	Fortis, Inc.		82,445
	900	Fortis, Inc.		43,427
	4,799	Fortum OYJ		146,567
	14,936	Genesis Energy, Ltd.		29,243
	30,000	HK Electric Investments, Ltd.		29,437
	7,700	Hokkaido Electric Power Co., Inc.		34,315
	3,500	Hokuriku Electric Power Co.		17,803
	1,200	Hydro One, Ltd.(a)		31,224
	67,020	Iberdrola SA		785,300
	12,913	Infratil, Ltd.		70,717
	3,500	Kansai Electric Power Co., Inc. (The)		32,762
	7,200	Kyushu Electric Power Co., Inc.		53,738
	1,800	Okinawa Electric Power Co., Inc. (The)		22,807
	24,174	Origin Energy, Ltd.		92,338
	730	Orsted A/S(a)		93,755
	11,500	Power Assets Holdings, Ltd.		71,681
	8,090	Red Electrica Corp SA		175,088
	11	Romande Energie Holding SA, Registered Shares		16,484
	15,382	Scottish & Southern Energy plc		342,942
	3,300	Shikoku Electric Power Co., Inc.		23,320
	13,794	Terna SpA		111,284
	3,900	Tohoku Electric Power Co., Inc.		27,730
	20,300	Tokyo Electric Power Co. Holdings, Inc.*		52,546
	284	Verbund AG, Class A		32,050

				3,840,923

Electrical Equipment (1.2%):
	7,265	ABB, Ltd.		276,897
	600	Chiyoda Integre Co., Ltd.		10,514
	1,300	Denyo Co., Ltd.		20,877
	2,000	Fuji Electric Co., Ltd.		109,229
	12,400	Fujikura, Ltd.*		60,926
	3,100	Furukawa Electric Co., Ltd. (The)		62,454
	1,200	Futaba Corp.		7,294
	485	GARO AB		11,521
	38	Gavazzi Carlo Holding AG		11,467
	3,000	GS Yuasa Corp.		66,734
	400	Hirakawa Hewtech Corp.		4,351
	553	Huber & Suhner AG		52,608
	1,600	Idec Corp./Japan		38,778
	3,691	Legrand SA		431,935
	800	Mabuchi Motor Co., Ltd.		26,481
	346	Mersen		14,546
	9,100	Mitsubishi Electric Corp.		115,414
	1,227	Nexans SA		120,082
	1,000	Nidec Corp.		117,571
	500	Nippon Carbon Co., Ltd.		18,131
	1,500	Nitto Kogyo Corp.		20,678
	1,094	NKT A/S*		52,838
	3,878	Nordex Se*^		61,415
	17	Phoenix Mecano AG		7,568
	2,550	PNE AG		24,320


Shares			Value
Common Stocks, continued
Electrical Equipment, continued
	2,643	Prysmian SpA	$	99,574
	400	Sanyo Denki Co., Ltd.		20,975
	942	Schneider Electric SA		184,661
	200	SEC Carbon, Ltd.		10,157
	2,150	SGL Carbon SE*		18,804
	4,069	Siemens Energy AG*		104,170
	701	Siemens Gamesa Renewable Energy*		16,624
	5,642	Signify NV(a)		260,042
	1,000	Sinfonia Technology Co., Ltd.		11,409
	355	Somfy SA		71,258
	1,500	SwCC Showa Holdings Co., Ltd.		21,693
	900	Takaoka Toko Co., Ltd.		11,121
	1,055	Tera Light, Ltd.*		2,546
	1,933	TKH Group NV		122,259
	600	Toyo Tanso Co., Ltd.		16,696
	3,300	Ushio, Inc.		54,813
	140	Varta AG		18,247
	6,780	Vestas Wind Systems A/S		205,059
	527	XP Power, Ltd.		36,400

				3,031,137

Electronic Equipment, Instruments & Components (1.4%):
	600	Ai Holdings Corp.		10,039
	7,060	Alps Alpine Co., Ltd.		66,614
	288	ALSO Holding AG, Registered Shares		94,217
	2,300	Amano Corp.		52,783
	2,100	Anritsu Corp.		32,449
	1,200	Arisawa Manufacturing Co., Ltd.		10,299
	1,280	Austria Technologie & Systemte		62,761
	225	Basler AG		40,600
	900	Canon Electronics, Inc.		12,412
	5,004	Celestica, Inc.*		55,785
	157	Cicor Technologies, Ltd.		9,091
	13,600	Citizen Watch Co., Ltd.		58,769
	3,400	CMK Corp.		20,490
	3,981	Codan, Ltd./Australia		27,029
	1,300	Conexio Corp.		16,685
	5,000	Daiwabo Holdings Co., Ltd.		80,005
	2,500	Dexerials Corp.		90,334
	1,100	Elematec Corp.		10,331
	700	Evertz Technologies, Ltd.		7,272
	7,452	Fingerprint Cards AB*		16,910
	2,100	Furuno Electric Co., Ltd.		22,116
	400	Hagiwara Electric Co., Ltd.		7,290
	500	Hakuto Co., Ltd.		11,461
	511	Halma plc		22,065
	400	Hamamatsu Photonics KK		25,531
	2,429	Hexagon AB, Class B		38,255
	200	Hirose Electric Co., Ltd.		33,636
	1,200	Hochiki Corp.		13,586
	700	Horiba, Ltd.		41,149
	2,600	Hosiden Corp.		26,063
	400	Ibiden Co., Ltd.		23,647
	47	Inficon Holding AG		68,577
	400	I-PEX, Inc.		6,804
	300	Iriso Electronics Co., Ltd.		11,309
	2,300	Japan Aviation Electronics Industry, Ltd.		39,669
	1,100	Japan Cash Machine Co., Ltd.*		6,476


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	21,200	Japan Display, Inc.*	$	6,636
	1,679	Jenoptik AG		70,891
	1,000	Kaga Electronics Co., Ltd.		28,436
	100	Keyence Corp.		62,857
	1,200	Koa Corp.		16,833
	1,800	Kyocera Corp.		112,497
	3,500	Kyosan Electric Manufacturing Co., Ltd.		14,091
	5,505	Lagercrantz Group AB		80,807
	365	Landis+Gyr Group AG		24,617
	26	Lem Holding SA, Registered Shares		72,491
	2,200	Macnica Fuji Electronics Holdings		52,653
	400	Maruwa Co., Ltd./Aichi		56,699
	900	Meiko Electronics Co., Ltd.		37,257
	978	Micronic Mydata AB		22,754
	2,156	Midwich Group plc		18,348
	4,600	Murata Manufacturing Co., Ltd.		365,278
	267	Nederland Apparatenfabriek		19,026
	2,800	Nichicon Corp.		30,753
	600	Nippon Chemi-Con Corp.*		9,330
	3,000	Nippon Electric Glass Co., Ltd.		76,932
	3,400	Nippon Signal Co., Ltd.		26,978
	1,800	Nissha Co., Ltd.		26,141
	600	Nohmi Bosai, Ltd.		11,744
	3,600	OKI Electric Industry Co., Ltd.		28,235
	3,000	Osaki Electric Co., Ltd.		12,209
	1,627	Oxford Instruments plc		57,890
	3,149	Pricer AB		8,525
	324	Renishaw plc		20,952
	1,100	Restar Holdings Corp.		19,283
	1,400	Ryoden Corp.		22,230
	1,100	Ryosan Co., Ltd.		21,742
	102	Sensirion Holding AG*(a)		14,812
	400	Shibaura Electronics Co., Ltd.		30,235
	900	Shimadzu Corp.		37,998
	1,200	Shinko Shoji Co., Ltd.		9,559
	2,000	Siix Corp.		24,627
	3,154	Smart Metering Systems plc		35,857
	1,318	Spectris plc		65,227
	6,120	Strix Group plc		25,166
	2,000	Sumida Corp.		22,036
	700	Tachibana Eletech Co., Ltd.		9,745
	2,200	Taiyo Yuden Co., Ltd.		125,825
	2,500	Tamura Corp.		14,495
	7,900	TDK Corp.		308,466
	1,300	Topcon Corp.		18,755
	1,300	Toyo Corp.		12,616
	7,103	TT Electronics plc		24,611
	100	V Technology Co., Ltd.		3,126
	312	Vaisala OYJ, Class A		18,915
	6,100	Venture Corp., Ltd.		82,966
	44,000	Vstecs Holdings, Ltd.		41,258
	2,800	Yokogawa Electric Corp.		50,501
	1,100	Yokowo Co., Ltd.		28,313

				3,612,733

Energy Equipment & Services (0.3%):
	7,314	Akastor ASA*		4,428
	5,393	Aker Solutions ASA*		14,286


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	2,991	BW Offshore, Ltd.	$	9,053
	5,874	Ces Energy Solutions Corp.		9,428
	29,491	CGG SA*		21,347
	4,726	Computer Modelling Group, Ltd.		15,918
	6,058	Enerflex, Ltd.		36,689
	8,606	Ensign Energy Services, Inc.*		11,431
	106,730	Ezion Holdings, Ltd.*		642
	6,704	Hunting plc		15,353
	18,612	John Wood Group plc*		48,114
	8,257	Lamprell plc*		3,991
	1,000	Modec, Inc.		11,951
	2,400	North American Construction Group, Ltd.		36,414
	7,269	Odfjell Drilling, Ltd.*		16,690
	1,450	Pason Systems, Inc.		13,230
	7,745	Petrofac, Ltd.*		12,081
	18,993	Petroleum Geo-Services ASA*		7,902
	818	Precision Drilling Corp.*		28,903
	15,278	Saipem SpA*^		32,038
	5,417	SBM Offshore NV		80,724
	174	Schoeller-Blackman Oilfield Equipment AG*		6,129
	8,377	Secure Energy Services, Inc.		34,838
	3,900	ShawCor, Ltd.*		15,140
	5,516	Subsea 7 SA		39,495
	3,219	Technip Energies NV*		46,995
	1,677	Tecnicas Reunidas SA*		13,254
	2,634	Tenaris SA, ADR		54,945
	1,938	Tenaris SA		20,225
	2,965	TGS ASA		28,427
	421	The Drilling Co of 1972 A/S*		16,492
	900	Total Energy Services, Inc.*		4,291
	400	Toyo Kanetsu KK		8,713
	13,311	Trican Well Service, Inc.*		29,152
	1,489	Vallourec SA*		14,910
	7,807	Worley, Ltd.		60,483

				824,102

Entertainment (0.4%):
	800	Akatsuki, Inc.		20,056
	900	Avex, Inc.		11,285
	11,278	Bollore, Inc.		63,101
	2,427	Borussia Dortmund GMBH & Co. KGaA*		12,045
	2,800	Capcom Co., Ltd.		65,936
	21,158	Cineworld Group plc*^		9,117
	268	CTS Eventim AG & Co. KGaA*		19,662
	1,900	DeNA Co., Ltd.		29,261
	2,590	Event Hospitality And Entertainment, Ltd.*		27,889
	1,590	Gungho Online Enetertainment, Inc.		35,782
	38,000	IGG, Inc.		33,789
	82	Kinepolis Group NV*		5,115
	1,300	KLab, Inc.*		5,607
	1,600	Konami Holdings Corp.		76,804
	1,100	Nexon Co., Ltd.		21,217
	700	Nintendo Co., Ltd.		326,563
	200	Square Enix Holdings Co., Ltd.		10,261
	510	Technicolor SA*		1,642
	100	Toei Animation Co., Ltd.		9,921
	200	Toei Co., Ltd.		30,503
	2,585	UbiSoft Entertainment SA*		126,766


Shares			Value
Common Stocks, continued
Entertainment, continued
	2,949	Universal Music Group NV	$	83,138
	700	UUUM, Inc.*		4,882
	2,949	Vivendi Universal SA		39,893
	5,570	WildBrain, Ltd.*		15,149

				1,085,384

Food & Staples Retailing (2.2%):
	5,600	AEON Co., Ltd.		131,916
	500	Ain Holdings, Inc.		24,913
	3,200	Alcanna, Inc.*		17,305
	8,272	Alimentation Couche-Tard, Inc.		346,629
	702	Amsterdam Commodities NV*		19,862
	2,400	Arcs Co., Ltd.		44,514
	1,537	Axfood AB		44,206
	800	Axial Retailing, Inc.		23,443
	600	Belc Co., Ltd.		29,373
	19,813	Carrefour SA		363,106
	1,395	Casino Guichard-Perrachon SA*		36,750
	1,100	Cawachi, Ltd.		21,062
	9,262	Coles Group, Ltd.		120,891
	1,589	Colruyt SA		67,403
	200	Cosmos Pharmaceutical Corp.		29,387
	1,300	Create SD Holdings Co., Ltd.		35,933
	500	Daikokutenbussan Co., Ltd.		22,391
	4,900	Dairy Farm International Holdings, Ltd.		14,017
	3,491	Empire Co., Ltd., Class A		106,375
	9,117	Endeavour Group, Ltd.		44,711
	500	Fuji Co., Ltd./Ehime		8,491
	1,600	Heiwado Co., Ltd.		26,866
	200	Itochu-Shokuhin Co., Ltd.		8,676
	38,289	J Sainsbury plc		142,733
	600	JM Holdings Co., Ltd.		8,593
	600	Kato Sangyo Co., Ltd.		17,478
	2,778	Kesko OYJ, Class A		85,770
	8,384	Kesko OYJ, Class B		278,099
	2,400	Kobe Bussan Co., Ltd.		92,869
	19,653	Koninklijke Ahold Delhaize NV		673,343
	400	Kusuri NO Aoki Holdings Co., Ltd.		25,302
	900	LAWSON, Inc.		42,597
	800	Life Corp.		23,687
	2,011	Loblaw Cos., Ltd.		164,785
	1,380	Matsumotokiyoshi Holdings Co., Ltd.		50,975
	38,026	Metcash, Ltd.		124,501
	7,078	METRO AG		74,264
	3,317	Metro, Inc.		176,550
	600	Ministop Co., Ltd.		7,330
	900	Mitsubishi Shokuhin Co., Ltd.		21,618
	1,200	Nihon Chouzai Co., Ltd.		14,347
	1,801	North West Co., Inc.		48,756
	10,925	Olam International, Ltd.		14,191
	1,200	Qol Holdings Co., Ltd.		14,609
	1,094	Rallye SA*		6,274
	337	Rami Levy Chain Stores Hashikm		25,318
	1,000	Retail Partners Co., Ltd.		11,921
	600	San-A Co., Ltd.		21,808
	12,300	Seven & I Holdings Co., Ltd.		540,765
	28,900	Sheng Siong Group, Ltd.		31,311
	4,880	Shufersal, Ltd.		40,624


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	1,454	Sligro Food Group NV*	$	35,250
	38,447	Sonae SGPS SA		43,871
	500	Sugi Holdings Co., Ltd.		30,256
	1,800	Sundrug Co., Ltd.		46,977
	57,657	Tesco plc		226,012
	400	Tsuruha Holdings, Inc.		38,359
	2,100	United Supermarkets Holdings		19,301
	2,200	Valor Holdings Co., Ltd.		41,054
	1,400	Watahan & Co., Ltd.		15,400
	1,400	Welcia Holdings Co., Ltd.		43,649
	1,493	Weston (George), Ltd.		173,121
	9,117	Woolworths Group, Ltd.		252,125
	800	YAKUODO Holdings Co., Ltd.		15,624
	700	Yamatane Corp.		9,811
	700	Yaoko Co., Ltd.		42,487
	2,800	Yokorei Co., Ltd.		20,330

				5,422,265

Food Products (3.1%):
	5,898	A2 Milk Co., Ltd.*		23,958
	509	AAK AB		10,998
	364	Agrana Beteiligungs AG		7,124
	4,500	Ajinomoto Co., Inc.		136,839
	44,180	Aryzta AG*		55,241
	1,867	Associated British Foods plc		50,632
	772	Atria OYJ		10,122
	2,327	Austevoll Seafood ASA		28,081
	363	Bakkafrost P/F		24,016
	58	Barry Callebaut AG, Registered Shares		140,972
	8,561	Bega Cheese, Ltd.		35,315
	125	Bell AG		39,998
	854	Bonduelle S.C.A.		20,272
	2,000	Calbee, Inc.		46,416
	1	Chocoladefabriken Lindt & Spruengli AG		134,096
	800	Chubu Shiryo Co., Ltd.		6,852
	12,278	Cloetta AB		35,533
	15,071	Costa Group Holdings, Ltd.		33,226
	2,030	Cranswick plc		101,602
	4,274	Danone SA		265,456
	1,700	Delfi, Ltd.		965
	10,007	Devro plc		27,887
	500	DyDo Group Holdings, Inc.		20,575
	2,372	Ebro Foods SA		45,564
	4,736	Elders, Ltd.		42,214
	80	Emmi AG		94,253
	400	Ezaki Glico Co., Ltd.		12,710
	108,669	First Pacific Co., Ltd.		40,012
	27,100	First Resources, Ltd.		30,384
	1,616	Forfarmers NV		7,426
	9,500	Fraser & Neave, Ltd.		9,944
	1,000	Fuji Oil Holdings, Inc.		20,174
	3,286	Glanbia plc		46,031
	260,400	Golden Agri-Resources, Ltd.		47,374
	11,957	GrainCorp, Ltd.		71,922
	17,127	Greencore Group plc*^		30,008
	1,100	High Liner Foods, Inc.		12,967
	1,923	Hilton Food Group plc		29,647
	1,600	Hokuto Corp.		26,545


Shares			Value
Common Stocks, continued
Food Products, continued
	700	House Foods Group, Inc.	$	17,624
	15,498	Inghams Group, Ltd.		39,466
	2,700	Itoham Yonekyu Holdings, Inc.		15,429
	300	Iwatsuka Confectionery Co., Ltd.		10,225
	368	JDE Peet’s NV		11,338
	600	J-Oil Mills, Inc.		8,713
	800	Kagome Co., Ltd.		20,779
	800	Kakiyasu Honten Co., Ltd.		19,533
	400	Kameda Seika Co., Ltd.		14,851
	700	Kenko Mayonnaise Co., Ltd.		8,137
	506	Kerry Group plc, Class A		65,221
	2,800	Kewpie Corp.		60,270
	400	Kikkoman Corp.		33,636
	163	KWS Saat SE		13,542
	500	Kyokuyo Co., Ltd.		13,381
	147	Lassonde Industries, Inc.		18,287
	3,154	Leroy Seafood Group ASA		24,615
	17	Lotus Bakeries		108,198
	2,349	Maple Leaf Foods, Inc.		54,342
	1,200	Marudai Food Co., Ltd.		15,902
	2,600	Maruha Nichiro Corp.		54,276
	1,700	Megmilk Snow Brand Co., Ltd.		29,360
	41	Mehadrin, Ltd.*		2,375
	2,300	Meiji Holdings Co., Ltd.		137,193
	800	Mitsui Sugar Co., Ltd.		13,481
	1,300	Morinaga & Co., Ltd.		42,407
	1,900	Morinaga Milk Industry Co., Ltd.		90,030
	1,241	Mowi ASA		29,382
	23,355	Nestle SA, Registered Shares		3,265,914
	389	Neto Malinda Trading, Ltd.*		13,825
	2,400	NH Foods, Ltd.		86,399
	2,600	Nichirei Corp.		60,207
	1,200	Nippn Corp.		17,279
	800	Nippon Beet Sugar Manufacturing Co., Ltd.		11,867
	12,400	Nippon Suisan Kaisha, Ltd.		58,550
	1,200	Nisshin Oillio Group, Ltd. (The)		30,249
	2,700	Nisshin Seifun Group, Inc.		38,864
	300	Nissin Foods Holdings Co., Ltd.		21,856
	326	Orior AG		32,158
	1,732	Orkla ASA, Class A		17,373
	30,027	Premier Foods plc		45,454
	688	Premium Brands Holdings Corp.		68,778
	1,300	Prima Meat Packers, Ltd.		28,037
	11,830	Ridley Corp., Ltd.		12,870
	600	S Foods, Inc.		18,119
	482	Salmar ASA		33,261
	2,346	Sanford, Ltd.*		7,787
	1,853	Saputo, Inc.		41,754
	127	Savencia SA		8,847
	3,496	Scales Corp., Ltd.		13,402
	3,767	Scandi Standard AB		17,096
	619	Schouw & Co.		53,902
	2,867	Select Harvests, Ltd.		12,961
	800	Showa Sangyo Co., Ltd.		18,496
	306	Sipef SA		19,821
	600	Starzen Co., Ltd.		10,434
	1,353	Strauss Group, Ltd.		42,199


Shares			Value
Common Stocks, continued
Food Products, continued
	2,659	Suedzucker AG	$	40,116
	2,839	Synlait Milk, Ltd.*		6,725
	11,672	Tassal Group, Ltd.		29,659
	14,193	Tate & Lyle plc		126,813
	1,700	Toyo Suisan Kaisha, Ltd.		71,918
	58	United International Enterprises		16,516
	13,688	United Malt Grp, Ltd.		43,450
	1,635	Viscofan SA		105,661
	22,000	Vitasoy International Holdings, Ltd.^		44,437
	400	Warabeya Nichiyo Holdings Co., Ltd.		7,176
	253,915	WH Group, Ltd.(a)		159,278
	23,800	Wilmar International, Ltd.		73,187
	200	Yakult Honsha Co., Ltd.		10,420
	3,700	Yamazaki Baking Co., Ltd.		49,159

				7,687,618

Gas Utilities (0.4%):
	7,684	AltaGas, Ltd.		165,916
	12,578	APA Group		92,134
	1,714	Brookfield Infrastructure Corp., Class A		116,990
	7,379	Enagas SA		170,649
	17,850	Hong Kong & China Gas Co., Ltd.		27,791
	14,289	Italgas SpA		97,994
	800	K&O Energy Group, Inc.		9,989
	5,000	Nippon Gas Co., Ltd.		66,306
	2,900	Osaka Gas Co., Ltd.		48,029
	1,181	Rubis SCA		35,293
	1,300	Saibu Gas Co., Ltd.		24,021
	1,300	Shizuoka Gas Co. Ltd.		11,134
	14,036	Snam SpA		84,355
	4,491	Superior Plus Corp.		46,160
	1,100	Toho Gas Co., Ltd.		28,002
	2,200	Tokyo Gas Co., Ltd.		39,550

				1,064,313

Health Care Equipment & Supplies (1.5%):
	644	Alcon, Inc.^		56,105
	4,403	Alcon, Inc.		388,054
	1,070	Ambu A/S, Class B		28,010
	3,762	Ansell, Ltd.		86,130
	2,637	Arjo AB, Class B		32,281
	1,200	Asahi Intecc Co., Ltd.		25,712
	425	BioMerieux		60,406
	84	Carl Zeiss Meditec AG		17,674
	246	Cellavision AB		8,826
	304	Cochlear, Ltd.		47,718
	600	Coloplast A/S, Class B		104,980
	251	Coltene Holding AG		30,906
	15,016	Convatec Group plc(a)		39,218
	1,762	Demant A/S*		89,399
	419	DiaSorin SpA		79,701
	509	Draegerwerk AG & Co. KGaA		32,017
	238	Draegerwerk AG & Co. KGaA		14,639
	458	Eckert & Ziegler AG		49,014
	2,223	Elekta AB, Class B		28,094
	3,206	Fisher & Paykel Healthcare Corp., Ltd.		71,874
	300	Fukuda Denshi Co., Ltd.		22,407
	2,253	Getinge AB, Class B		97,895
	4,399	GN Store Nord A/S		274,908


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	405	Guerbet	$	17,185
	800	Hogy Medical Co., Ltd.		22,678
	2,500	HOYA Corp.		370,751
	500	Jeol, Ltd.		39,740
	710	Koninklijke Philips Electronics NV, NYS		26,164
	5,281	Koninklijke Philips NV		196,273
	700	Mani, Inc.		9,709
	849	Medmix AG*(a)		41,960
	1,000	Menicon Co., Ltd.		29,478
	1,200	Nakanishi, Inc.		22,101
	1,100	Nihon Kohden Corp.		30,097
	7,000	Nipro Corp.		66,171
	7,100	Olympus Corp.		163,110
	1,800	Paramount Bed Holdings Co., Ltd.		30,538
	457	Revenio Group OYJ		28,861
	215	Sartorius AG		145,508
	645	Siemens Healthineers AG(a)		48,328
	1,648	Smith & Nephew plc		28,840
	974	Smith & Nephew plc, ADR		33,720
	386	Sonova Holding AG, Registered Shares		150,809
	360	Stratec Se		56,460
	56	Straumann Holding AG, Registered Shares, Class R		118,370
	1,200	Sysmex Corp.		161,704
	2,300	Terumo Corp.		97,205
	180	Ypsomed Holding AG		36,720

				3,658,448

Health Care Providers & Services (0.9%):
	3,400	Alfresa Holdings Corp.		45,324
	3,260	Amplifon SpA		175,159
	18,541	Arvida Group, Ltd.		25,028
	200	As One Corp.		13,408
	6,164	Attendo AB*(a)		26,220
	18,377	Australian Pharmaceutical Industries, Ltd.		23,132
	700	BML, Inc.		21,761
	3,715	CareTech Holdings plc		28,957
	862	CVS Group plc		26,124
	2,198	Ebos Group, Ltd.		62,036
	1,000	Elan Corp.		9,653
	4,012	Extendicare, Inc.		23,156
	3,112	Fagron		52,370
	1,400	France Bed Holdings Co., Ltd.		11,224
	3,799	Fresenius Medical Care AG & Co., KGaA		246,074
	5,366	Fresenius SE & Co. KGaA		216,334
	2,800	H.U. Group Holdings, Inc.		70,965
	27,126	Healius, Ltd.		104,223
	2,572	Humana AB*		20,687
	1,400	Hygeia Healthcare Holdings Co., Ltd.(a)		8,770
	1,746	Integral Diagnostics, Ltd.		6,276
	2,000	Japan Lifeline Co., Ltd.		19,061
	1,000	Japan Medical Dynamic Marketing, Inc.		16,278
	2,704	Korian SA		85,651
	225	Lna Sante		12,884
	3,204	Medical Facilities Corp.		23,685
	15,698	Mediclinic International plc*		67,781
	1,044	Medicover AB, Class B		42,588
	3,300	Medipal Holdings Corp.		61,839
	1,110	NMC Health plc*(b)		—


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	21,704	Oceania Healthcare, Ltd.	$	19,921
	6,310	Oriola Oyj, Class B		14,387
	1,066	Orpea		106,603
	24,015	Raffles Medical Group, Ltd.		24,427
	1,997	Ramsay Health Care, Ltd.		103,648
	2,814	Ryman Healthcare, Ltd.		23,592
	3,400	Ship Healthcare Holdings, Inc.		79,236
	59,044	Sigma Healthcare, Ltd.		20,620
	1,900	Solasto Corp.		20,405
	3,465	Sonic Healthcare, Ltd.		117,675
	8,887	Spire Healthcare Group plc*(a)		30,089
	8,438	Summerset Group Holdings, Ltd.		79,062
	1,500	Suzuken Co., Ltd.		43,230
	1,422	Terveystalo OYJ(a)		19,097
	1,800	Toho Holdings Co., Ltd.		27,469
	500	Tokai Corp./Gifu		8,587
	3,655	Virtus Health, Ltd.		18,215
	2,800	Vital Ksk Holdings, Inc.		19,648

				2,322,559

Health Care Technology (0.2%):
	7,980	AGFA-Gevaert NV*		34,414
	1,026	Ascom Holding AG*		13,238
	857	CompuGroup Medical SE & Co KgaA		69,339
	2,389	Emis Group plc		43,838
	2,400	M3, Inc.		120,907
	700	MedPeer, Inc.*		21,823
	800	Nnit A/S(a)		14,027
	94	Pharmagest Interactive		10,050
	1,258	Pro Medicus, Ltd.		57,168
	1,213	Raysearch Laboratories AB*		7,567
	3,335	Sectra AB, Class B*		73,306

				465,677

Hotels, Restaurants & Leisure (1.5%):
	2,190	888 Holdings plc		8,925
	3,592	Accor SA*		116,231
	600	AEON Fantasy Co., Ltd.		9,716
	1,000	Arcland Service Holdings Co., Ltd.		19,687
	23,206	Ardent Leisure Group, Ltd.*		22,766
	4,661	Aristocrat Leisure, Ltd.		147,795
	1,059	Basic-Fit NV*(a)		50,436
	3,095	Betsson AB, Class B*		18,616
	20,000	Cafe de Coral Holdings, Ltd.		35,654
	1,533	Carnival plc, ADR*		28,345
	72,000	Century City International Holdings, Ltd.*		3,740
	970	CIE des Alpes*		15,219
	4,935	Collins Foods, Ltd.		48,008
	700	Colowide Co., Ltd.		9,916
	2,726	Compass Group plc*		60,714
	1,300	Create Restaurants Holdings In^		8,156
	4,576	Crown Resorts, Ltd.*		39,899
	799	Domino’s Pizza Enterprises, Ltd.		68,616
	13,489	Domino’s Pizza Group plc		83,720
	1,600	Doutor Nichires Holdings Co., Ltd.		22,289
	4,906	Elior Group*(a)		35,453
	253	Evolution AB(a)		35,605
	6,500	Fairwood Holdings, Ltd.		12,926
	1,821	Flight Centre Travel Group, Ltd.*		23,393


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	495	Flutter Entertainment plc*	$	78,100
	2,342	Flutter Entertainment plc*		371,503
	2,000	Food & Life Cos., Ltd.		75,365
	200	Fuji Kyuko Co., Ltd.		7,081
	557	Fuller Smith & Turner plc, Class A		5,376
	7,000	Galaxy Entertainment Group, Ltd.*		36,273
	200	Genki Sushi Co., Ltd.		4,430
	38,700	Genting Singapore, Ltd.		22,262
	3,888	Greggs plc		175,019
	4,228	GVC Holdings plc*		95,979
	18,230	Hongkong & Shanghai Hotels (The)*		16,017
	1,499	InterContinental Hotels Group plc, ADR*		97,750
	2,484	JD Wetherspoon plc*		32,288
	868	Jumbo Interactive, Ltd.		12,160
	1,100	KFC Holdings Japan, Ltd.		27,671
	6,856	Kindred Group plc		81,087
	1,700	Komeda Holdings Co., Ltd.		30,304
	1,196	La Francaise des Jeux SAEM(a)		52,985
	33,812	Marston’s plc*		35,130
	200	Matsuyafoods Holdings Co., Ltd.		6,295
	500	McDonald’s Holdings Co., Ltd.		22,129
	23,000	Melco International Development Ltd.*		28,057
	5,571	Melia Hotels International SA*		37,880
	14,000	Miramar Hotel & Investment		23,001
	14,923	Mitchells & Butlers plc*		51,579
	400	Monogatari Corp. (The)		23,479
	46,000	NagaCorp, Ltd.		40,121
	200	Oriental Land Co., Ltd.		33,709
	2,702	Pandox AB*		43,446
	900	Pizza Pizza Royalty Corp.		8,553
	10,182	PlayTech plc*		100,912
	600	Pollard Banknote, Ltd.		18,904
	12,439	Rank Group plc*		26,280
	1,500	Resorttrust, Inc.		24,509
	2,049	Restaurant Brands International, Inc.^		124,333
	3,018	Restaurant Brands New Zealand, Ltd.*		28,516
	19,755	Restaurant Group plc (The)*		25,105
	1,200	Saint Marc Holdings Co., Ltd.		15,266
	3,788	Sands China, Ltd.*		8,824
	5,463	Scandic Hotels Group AB*(a)		21,981
	44,000	Shangri-La Asia, Ltd.*		36,738
	78,868	SJM Holdings, Ltd.*		53,111
	1,360	SkiStar AB		25,560
	28,026	Sky City Entertainment Group, Ltd.		59,877
	6,100	Skylark Holdings Co., Ltd.		80,146
	700	Sodexo SA		61,373
	13,126	SSP Group plc*		42,527
	30,737	Star Entertainment Group, Ltd. (The)*		81,948
	21,530	Tabcorp Holdings, Ltd.		78,735
	581	The Gym Group plc*(a)		1,992
	137	Tivoli A/S*		16,938
	800	Tokyotokeiba Co., Ltd.		29,617
	2,200	Toridoll Holding Corp.		47,560
	2,341	Whitbread plc*		94,541
	500	Young & Co.’s Brewery plc, Class A		10,538
	2,700	Zensho Holdings Co., Ltd.		63,411

				3,680,096


Shares			Value
Common Stocks, continued
Household Durables (1.9%):
	5,875	Azorim-Investment Development & Construction Co., Ltd.*	$	35,165
	4,812	Bang & Olufsen A/S*		20,493
	12,573	Barratt Developments plc		126,987
	3,181	Bellway plc		143,252
	1,957	Berkeley Group Holdings plc		126,129
	1,566	Bigben Interactive		28,815
	3,728	Bonava AB		32,122
	6,992	Bovis Homes Group plc		112,155
	1,520	Breville Group, Ltd.		35,065
	27,975	Cairn Home plc		35,957
	1,700	Casio Computer Co., Ltd.		21,864
	600	Chofu Seisakusho Co., Ltd.		10,625
	9,695	Countryside Properties plc*(a)		58,850
	6,556	Crest Nicholson Holdings plc		32,928
	1,076	De’Longhi		38,442
	7,507	DFS Furniture plc		26,864
	1,000	Dorel Industries, Inc.*		16,200
	2,152	Duni AB*		27,843
	4,630	Electrolux AB, Class B		111,971
	1,200	Es-Con Japan, Ltd.		8,170
	2,053	Fiskars OYJ Abp		53,751
	36	Forbo Holding AG		73,626
	1,600	Fuji Corp., Ltd.		9,642
	900	Fujitsu General, Ltd.		21,374
	10,300	Haseko Corp.		127,723
	2,710	Henry Boot plc		10,415
	700	Hoosiers Holdings		4,133
	679	Husqvarna AB, Class A Shares		10,766
	6,964	Husqvarna AB, Class B		110,918
	2,100	Iida Group Holdings Co., Ltd.		48,730
	2,147	JM AB		96,871
	5,000	JS Global Lifestyle Co., Ltd.(a)		8,429
	10,600	Jvc Kenwood Corp.		16,222
	958	Kaufman & Broad SA		40,260
	1,300	LEC, Inc.		9,778
	540	Leifheit AG		22,626
	43,200	Man Wah Holdings, Ltd.		66,926
	10	Metall Zug AG		22,612
	1,363	Neinor Homes SA(a)		16,253
	6,900	Nikon Corp.		74,404
	5,576	Nobia AB		33,608
	39,400	Panasonic Corp.		433,418
	4,180	Persimmon plc		161,193
	1,200	Pressance Corp.		21,799
	6,708	Redrow plc		63,499
	200	Rinnai Corp.		17,993
	1,300	Sangetsu Corp.		18,342
	864	SEB SA		134,562
	5,900	Sekisui Chemical Co., Ltd.		98,611
	4,600	Sekisui House, Ltd.		98,762
	3,000	Sharp Corp.		34,383
	11,300	Sony Group Corp.		1,428,673
	2,500	Space Value Holdings Co., Ltd.		24,924
	1,800	Starts Corp., Inc.		39,303
	4,800	Sumitomo Forestry Co., Ltd.		92,917
	328	Surteco Group SE		14,160


Shares			Value
Common Stocks, continued
Household Durables, continued
	1,100	Tamron Co., Ltd.	$	27,310
	42,121	Taylor Wimpey plc		99,749
	805	The Vitec Group plc		15,474
	1,000	TOA Corp.		7,026
	3,468	TomTom NV*		35,680
	100	V-ZUG Holding AG*		13,498

				4,810,240

Household Products (0.3%):
	4,370	Essity AB, Class B		142,645
	407	Henkel AG & Co. KGaA		31,819
	4,900	Lion Corp.		65,486
	14,255	Mcbride plc*		11,570
	2,700	Pigeon Corp.		51,604
	5,635	PZ Cussons plc		15,675
	3,635	Reckitt Benckiser Group plc		311,782
	800	Unicharm Corp.		34,774

				665,355

Independent Power and Renewable Electricity Producers (0.4%):
	1,528	Albioma SA		59,641
	892	Boralex, Inc., Class A		24,458
	1,800	Capital Power Corp.		56,157
	4,606	ContourGlobal plc(a)		11,914
	18,267	Drax Group plc		149,715
	2,483	EDP Renovaveis SA		61,567
	1,300	Electric Power Development Co., Ltd.		17,261
	1,200	Encavis AG		21,243
	2,646	Energix-Renewable Energies, Ltd.		11,246
	1,000	eRex Co., Ltd.		17,749
	1,756	ERG SpA		56,553
	49	Greenvolt-Energias Renovaveis SA*		353
	3,655	Innergex Renewable Energy, Inc.		53,750
	690	Kenon Holdings, Ltd.		35,076
	2,800	New Energy Solar, Ltd.		1,670
	4,718	Northland Power, Inc.		141,562
	2,264	OPC Energy, Ltd.*		25,362
	1,500	Polaris Infrastructure, Inc.		19,995
	500	Renova, Inc.*		9,053
	438	Scatec ASA(a)		7,536
	604	Solaria Energia y Medio Ambiente SA*		11,587
	14,446	Transalta Corp.		160,473
	2,200	Transalta Renewables, Inc.		32,614
	1,431	Uniper SE		68,053
	910	West Holdings Corp.		45,132

				1,099,720

Industrial Conglomerates (0.9%):
	1,137	Bonheur ASA		45,833
	8,000	Chevalier International Holdings Ltd.		9,593
	12,732	CIR SpA-Compagnie Industriali*		6,809
	28,430	CK Hutchison Holdings, Ltd.		183,466
	1,581	DCC plc		129,261
	2,000	Guoco Group, Ltd.		21,802
	8,100	Hitachi, Ltd.		438,829
	822	Indus Holding AG		30,630
	515	Italmobiliare SpA		19,009
	1,500	Katakura Industries Co., Ltd.		32,152


Shares			Value
Common Stocks, continued
Industrial Conglomerates, continued
	1,700	Keihan Holdings Co., Ltd.	$	39,115
	18,500	Keppel Corp., Ltd.		70,306
	2,235	Lifco AB, Class B		66,949
	51,933	Melrose Industries plc		112,668
	5,400	Nisshinbo Holdings, Inc.		41,008
	6,522	Nolato AB, Class B		77,165
	23,000	NWS Holdings, Ltd.		21,564
	1,821	Rheinmetall AG		172,202
	3,900	Seibu Holdings, Inc.*		36,491
	70,000	Shun Tak Holdings, Ltd.*		19,316
	2,187	Siemens AG, Registered Shares		380,115
	6,191	Smiths Group plc		131,948
	5,400	Tokai Holdings Corp.		40,804
	1,300	Toshiba Corp.		53,469

				2,180,504

Insurance (3.6%):
	2,838	Admiral Group plc		121,311
	33,091	AEGON NV		164,903
	3,360	Ageas NV		174,175
	69,040	AIA Group, Ltd.		696,043
	41,090	Alm Brand A/S		80,017
	5,951	ASR Nederland NV		273,580
	11,584	Assicurazioni Generali SpA		244,464
	1,203	AUB Group, Ltd.		22,551
	51,290	Aviva plc		284,779
	10,959	AXA SA		326,571
	999	Baloise Holding AG, Registered Shares		163,154
	12,901	Beazley plc*		81,384
	4	Brookfield Asset Management Reinsurance Partners, Ltd., Class A		250
	7,384	Chesnara plc		28,468
	2,213	Clal Insurance Enterprises Holdings, Ltd.*		56,827
	2,983	CNP Assurances SA		73,868
	5,028	Coface SA		71,667
	4,900	Dai-ichi Life Holdings, Inc.		99,013
	39,884	Direct Line Insurance Group plc		150,322
	82	E-L Financial Corp., Ltd.		58,852
	598	Fairfax Financial Holdings, Ltd.		294,196
	1,054	FBD Holdings plc*		8,811
	1,341	Gjensidige Forsikring ASA		32,585
	500	Great Eastern Holdings, Ltd.		7,481
	1,464	Great-West Lifeco, Inc.		43,938
	1,465	Grupo Catalana Occidente SA		49,821
	539	Hannover Rueck SE		102,625
	5,987	Harel Insurance Investments &		67,913
	1,758	Helvetia Holding AG		206,779
	6,718	Hiscox, Ltd.		78,075
	3,319	IA Financial Corp., Inc.		189,935
	506	IDI Insurance Co., Ltd.		18,490
	18,382	Insurance Australia Group, Ltd.		56,969
	875	Intact Financial Corp.		113,747
	6,700	Japan Post Holdings Co., Ltd.		52,303
	1,900	Japan Post Insurance Co., Ltd.		30,535
	52,851	Just Group plc*		59,663
	7,487	Lancashire Holdings, Ltd.		53,609
	58,863	Legal & General Group plc		236,907


Shares			Value
Common Stocks, continued
Insurance, continued
	16,597	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros	$	30,203
	13,095	Manulife Financial Corp.		249,722
	1,683	Manulife Financial Corp.		32,082
	25,567	Mapfre SA		51,997
	40,419	Medibank Private, Ltd.		98,516
	1,055	Menora Mivtachim Holdings, Ltd.		24,998
	16,641	Migdal Insurance & Financial Holding, Ltd.		27,452
	2,100	MS&AD Insurance Group Holdings, Inc.		64,808
	702	Muenchener Rueckversicherungs-Gesellschaft AG		208,240
	17,124	NIB Holdings, Ltd.		87,290
	4,192	NN Group NV		226,542
	4,541	Phoenix Group Holdings plc		40,046
	7,577	Phoenix Holdings, Ltd. (The)		97,991
	5,968	Poste Italiane SpA(a)		78,311
	1,147	Protector Forsikring ASA		14,099
	2,817	Prudential plc, ADR		96,989
	20,613	QBE Insurance Group, Ltd.		170,241
	3,005	Sabre Insurance Group plc(a)		7,467
	3,822	Saga plc*		14,748
	3,323	Sampo Oyj, Class A		165,769
	5,815	SCOR SA		181,581
	445	Solid Forsakring AB*		2,894
	2,600	Sompo Holdings, Inc.		109,856
	11,137	Steadfast Group, Ltd.		42,538
	5,818	Storebrand ASA		58,397
	3,075	Sun Life Financial, Inc.		171,247
	15,987	Suncorp Group, Ltd.		128,810
	434	Swiss Life Holding AG, Registered Shares		265,717
	2,645	Swiss Re AG		261,336
	5,900	T&D Holdings, Inc.		75,522
	974	Talanx AG		47,196
	3,700	Tokio Marine Holdings, Inc.		205,656
	1,470	Topdanmark A/S		82,431
	92	Trisura Group, Ltd.*		3,469
	2,023	Tryg A/S		50,008
	15,269	Unipol Gruppo Finanziario SpA		82,479
	14,182	UnipolSai Assicurazioni SpA		39,855
	6,313	Uniqa Insurance Group AG		57,805
	54	Vaudoise Assurances Holding SA		26,375
	2,033	Vienna Insurance Group AG Wiener Versicherung Gruppe		57,497
	1,796	Wuestenrot & Wuerttembergische AG		35,945
	967	Zurich Insurance Group AG		423,906

				9,074,612

Interactive Media & Services (0.3%):
	13,958	Auto Trader Group plc(a)		139,497
	400	Bengo4.com, Inc.*		21,184
	4,616	Carsales.com, Ltd.		84,283
	1,200	Dip Corp.		40,856
	5,012	Domain Holdings Australia, Ltd.		20,606
	2,200	Kakaku.com, Inc.		58,734
	2,000	mixi, Inc.		35,044
	135	New Work SE		33,360
	437	REA Group, Ltd.		53,308
	14,661	Rightmove plc		157,402
	897	Scout24 AG(a)		62,876


Shares			Value
Common Stocks, continued
Interactive Media & Services, continued
	1,561	Seek, Ltd.	$	37,236
	2,124	Solocal Group*		2,968
	6,000	Z Holdings Corp.		34,824

				782,178

Internet & Direct Marketing Retail (0.4%):
	1,600	ASKUL Corp.		21,342
	1,900	Belluna Co., Ltd.		11,714
	621	BHG Group AB*		6,532
	18,446	Boohoo Group plc*		30,671
	1,898	Cazoo Group, Ltd.*		11,447
	264	Delivery Hero SE*(a)		29,472
	4,443	Dustin Group AB(a)		51,936
	2,462	eDreams ODIGEO SA*		26,937
	800	Enigmo, Inc.		5,294
	1,765	HelloFresh SE*		135,753
	10,000	Hong Kong Technology Venture Co., Ltd.		10,902
	788	Just Eat Takeaway.com NV*(a)		43,288
	500	Media Do Co., Ltd.		17,768
	22,749	Moneysupermarket.com Group plc		66,346
	6,515	N Brown Group plc*		3,802
	821	Ocado Group plc*		18,624
	5,176	On The Beach Group plc*(a)		19,859
	1,785	Prosus NV		148,879
	3,300	Rakuten, Inc.		33,115
	1,817	Takkt AG		31,679
	6,523	Webjet, Ltd.*		24,545
	1,397	Zalando SE*(a)		113,275
	1,200	ZOZO, Inc.		37,372

				900,552

IT Services (1.8%):
	1,006	AddNode Group AB		47,620
	45	Adyen NV*(a)		117,719
	370	Allgeier SE		23,493
	725	Alten SA		130,260
	776	Amadeus IT Group SA*		52,262
	733	Appen, Ltd.		5,928
	3,282	Atea ASA		61,002
	2,869	Atos SE		121,845
	180	Aubay		12,794
	1,677	Bechtle AG		120,202
	1,490	Bouvet ASA		12,756
	2,289	Capgemini SA		559,037
	2,893	CGI, Inc.*		256,031
	700	CGI, Inc.*		61,903
	4,933	Columbus A/S		7,181
	2,733	Computacenter plc		107,694
	5,121	Computershare, Ltd.		74,522
	1,100	Comture Corp.		34,346
	7,824	Data#3, Ltd.		33,472
	500	Densan System Holdings Co., Ltd.		11,878
	100	Digital Garage, Inc.		4,257
	1,400	DTS Corp.		30,728
	8,624	Econocom Group SA/NV		35,725
	2,927	Edenred		135,076
	1,000	E-Guardian, Inc.		29,501
	558	Enea AB*		16,767
	3,891	Fdm Group Holdings plc		67,095


Shares			Value
Common Stocks, continued
IT Services, continued
	457	Formula Systems 1985, Ltd.	$	55,737
	700	Fujitsu, Ltd.		119,957
	1,332	GFT Technologies SE		69,950
	6,665	Global Dominion Access SA(a)		35,506
	2,200	GMO Internet, Inc.		51,610
	400	GMO Payment Gateway, Inc.		49,595
	1,200	ID Holdings Corp.		9,308
	4,290	Indra Sistemas SA*		46,156
	1,200	Infocom Corp.		22,770
	900	Information Services Internati		30,327
	2,776	Iomart Group plc		6,361
	1,100	Itochu Techno-Solutions Corp.		35,392
	4,018	Kainos Group plc		104,359
	400	Kanematsu Electronics, Ltd.		13,775
	1,231	Knowit AB		50,987
	19,489	Link Administration Holdings, Ltd.		79,009
	896	Matrix It, Ltd.		27,228
	300	Mitsubishi Research Institute		10,539
	370	Nagarro SE*		85,066
	7,286	NCC Group plc		22,975
	600	NEC Networks & System Integrat		9,369
	1,300	NET One Systems Co., Ltd.		34,905
	2,520	NEXTDC, Ltd.*		23,398
	3,000	Nihon Unisys, Ltd.		83,862
	2,056	Nomura Research Institute, Ltd.		87,571
	800	NS Solutions Corp.		24,609
	2,200	Nsd Co., Ltd.		39,984
	5,500	NTT Data Corp.		117,945
	4,539	Ordina NV		21,174
	1,400	Otsuka Corp.		66,833
	1,200	Poletowin Pitcrew Holdings, Inc.		10,793
	9,052	Pushpay Holdings, Ltd.*		8,173
	2,400	Relia, Inc.		20,348
	663	Reply SpA		133,820
	2,400	SCSK Corp.		47,772
	65	Shopify, Inc., Class A*		89,530
	800	Softbank Technology Corp.		17,828
	3,194	Softcat plc		77,926
	795	Sopra Steria Group		142,058
	16,000	Sunevision Holdings, Ltd.		15,144
	1,200	TDC Soft, Inc.		12,053
	1,700	TechMatrix Corp.		28,031
	2,278	Tieto OYJ		70,839
	3,000	TIS, Inc.		89,045
	315	Wavestone		19,501
	2,243	Worldline SA*(a)		124,979

				4,515,191

Leisure Products (0.4%):
	1,179	Accell Group*		64,356
	1,700	Bandai Namco Holdings, Inc.		132,960
	1,496	Beneteau SA*		24,221
	606	BRP, Inc.		53,087
	891	Games Workshop Group plc		120,200
	1,000	Globeride, Inc.		27,480
	72,000	Goodbaby International Holdings, Ltd.*		9,241
	178	Harvia OYJ		11,842
	2,500	Heiwa Corp.		41,110


Shares			Value
Common Stocks, continued
Leisure Products, continued
	500	Mars Group Holdings Corp.	$	7,326
	1,659	Maytronics, Ltd.		40,948
	342	MIPS AB		44,857
	800	Mizuno Corp.		15,570
	26,132	Photo-Me International plc*		22,275
	1,200	Sankyo Co., Ltd.		31,105
	3,600	Sega Sammy Holdings, Inc.		56,567
	200	Shimano, Inc.		53,161
	700	Spin Master Corp.*(a)		26,532
	1,169	Technogym SpA(a)		11,185
	1,995	Thule Group AB (The)(a)		120,628
	4,700	Tomy Co., Ltd.		44,917
	385	Trigano SA		74,818
	700	Universal Entertainment Corp.*		14,858
	500	Yamaha Corp.		24,653

				1,073,897

Life Sciences Tools & Services (0.5%):
	1,444	Addlife AB, Class B		60,767
	55	Bachem Holding AG, Class B		43,100
	840	Biotage AB		24,314
	223	Chemometec A/S		28,294
	2,446	Clinigen Group plc		30,276
	600	Cmic Holdings Co., Ltd.		7,988
	2,245	Eurofins Scientific SE		277,925
	1,196	Gerresheimer AG		115,365
	124	Lonza Group AG, Registered Shares		103,331
	2,345	Qiagen NV*		130,335
	225	Sartorius Stedim Biotech		123,215
	1,600	Shin Nippon Biomedical Laborat		19,709
	97	Siegfried Holding AG		94,578
	153	Tecan Group AG		93,067

				1,152,264

Machinery (4.4%):
	3,060	Aalberts NV		201,319
	2,600	Aichi Corp.		18,290
	2,100	Aida Engineering, Ltd.		19,522
	781	Alfa Laval AB		31,259
	1,607	Alimak Group AB(a)		20,327
	900	Alinco, Inc.		7,677
	907	Alstom SA		32,300
	10,200	Amada Holdings Co., Ltd.		101,032
	2,314	Andritz AG		119,219
	2,000	Anest Iwata Corp.		15,461
	2,700	Asahi Diamond Industrial Co., Ltd.		15,371
	2,774	Atlas Copco AB		161,973
	4,369	Atlas Copco AB, Class A		302,545
	1,149	ATS Automation Tooling Systems, Inc.*		45,640
	1,300	Bando Chemical Industries, Ltd.		10,095
	2,296	Beijer Alma AB		69,762
	183	Bobst Group SA*		16,652
	4,886	Bodycote plc		57,108
	243	Bucher Industries AG		119,883
	66	Burckhardt Compression Holding AG		31,261
	56	Bystronic AG		78,701
	459	Cargotec OYJ		22,666
	17,240	CNH Industrial NV		331,076
	1,560	Concentric AB		48,229


Shares			Value
Common Stocks, continued
Machinery, continued
	1,110	Construcc y Aux de Ferrocarr SA	$	45,912
	103	Daetwyler Holding AG		45,445
	600	Daifuku Co., Ltd.		49,046
	6,307	Daimler Truck Holding AG*		231,838
	2,100	Daiwa Industries, Ltd.		23,034
	745	Danieli & C Officine Meccaniche SpA		22,840
	1,585	Danieli & C Officine Meccaniche SpA		30,926
	3,954	Deutz AG*		29,570
	4,700	DMG Mori Co., Ltd.		80,806
	694	Duerr AG		31,705
	800	Ebara Corp.		44,456
	4,630	Electrolux Professional AB, Class B*		32,054
	3,120	Epiroc AB, Class A		79,129
	1,755	Epiroc AB, Class B		37,231
	200	FANUC Corp.		42,405
	114	Feintool International Holding AG*		7,233
	19,282	Fincantieri SpA*^		13,244
	1,579	Fluidra SA		63,236
	13,800	Frencken Group, Ltd.		20,210
	2,000	Fuji Corp.		44,722
	1,700	Furukawa Co., Ltd.		18,774
	1,887	GEA Group AG		103,314
	152	Georg Fischer AG		229,898
	371	Gesco AG*		10,752
	2,000	Glory, Ltd.		38,070
	2,253	Haldex AB*		13,217
	600	Harmonic Drive Systems, Inc.		25,270
	4,700	Hino Motors, Ltd.		38,747
	1,200	Hisaka Works, Ltd.		8,979
	1,700	Hitachi Construction Machinery Co., Ltd.		49,157
	9,200	Hitachi Zosen Corp.		63,843
	1,000	Hosokawa Micron Corp.		29,572
	6,200	IHI Corp.		124,870
	13,720	IMI plc		321,508
	791	Interpump Group SpA		57,573
	17	Interroll Holding AG, Registered Shares		76,394
	1,300	Iseki & Co., Ltd.		15,623
	1,500	Japan Steel Works, Ltd. (The)		50,352
	885	JOST Werke AG(a)		49,867
	2,512	Jungheinrich AG		128,321
	197	Kardex Holding AG		64,868
	900	Kato Works Co., Ltd.		6,488
	5,700	Kawasaki Heavy Industries, Ltd.		103,000
	3,102	Kion Group AG		340,741
	400	Kitagawa Iron Works Co., Ltd.		5,207
	1,400	Kito Corp.		24,178
	5,100	Kitz Corp.		31,576
	572	Koenig & Bauer AG*		20,383
	5,900	Komatsu, Ltd.		138,196
	115	Komax Holding AG*		31,876
	2,900	Komori Corp.		17,368
	2,297	Kone OYJ, Class B		163,326
	1,994	Konecranes OYJ		78,950
	362	Krones AG		39,524
	4,000	Kubota Corp.		88,822
	900	Kurita Water Industries, Ltd.		42,560
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		13,259


Shares			Value
Common Stocks, continued
Machinery, continued
	1,200	Maezawa Kyuso Industries Co., Ltd.	$	11,117
	700	Makino Milling Machine Co., Ltd.		25,019
	600	Makita Corp.		25,478
	586	Manitou Bf SA		18,380
	800	Max Co., Ltd.		13,320
	1,800	Meidensha Corp.		42,890
	800	Metawater Co., Ltd.		14,044
	18,989	Metso Outotec Oyj		201,952
	5,732	MINEBEA MITSUMI, Inc.		162,758
	900	Misumi Group, Inc.		36,941
	6,500	Mitsubishi Heavy Industries, Ltd.		150,478
	1,000	Mitsubishi Logisnext Co., Ltd.		9,218
	700	Mitsuboshi Belting Co., Ltd.		13,124
	2,900	Mitsui Engineering & Shipbuilding Co., Ltd.*		9,612
	1,100	Miura Co., Ltd.		37,881
	12,954	Morgan Advanced Materials plc		62,941
	1,500	Morita Holdings Corp.		17,061
	2,400	Nabtesco Corp.		71,067
	800	Nachi-Fujikoshi Corp.		28,662
	2,000	Namura Shipbuilding Co., Ltd.*		3,635
	3,340	Neles OYJ		51,860
	1,456	NFI Group, Inc.		23,323
	2,500	NGK Insulators, Ltd.		42,264
	2,300	Nikkiso Co., Ltd.		16,058
	1,267	Nilfisk Holding A/S*		41,697
	3,900	Nippon Thompson Co., Ltd.		23,097
	400	Nissei ASB Machine Co., Ltd.		10,993
	800	Nitta Corp.		20,501
	500	Nitto Kohki Co., Ltd.		7,961
	1,900	Nitto Seiko Co., Ltd.		10,739
	300	Noritake Co., Ltd.		13,060
	995	Norma Group SE		38,354
	7,700	NSK, Ltd.		49,415
	14,800	NTN Corp.*		30,888
	7,984	OC Oerlikon Corp. AG		81,721
	1,700	Oiles Corp.		24,968
	600	Okuma Corp.		26,716
	400	Organo Corp.		30,087
	2,800	OSG Corp.		43,487
	692	Palfinger AG		27,006
	174	Pfeiffer Vacuum Technology AG		42,787
	150	Plasson Industries, Ltd.		10,606
	118	Rational AG		120,962
	70	Rieter Holding AG*		13,545
	16,905	Rotork plc		81,536
	1,800	Ryobi, Ltd.		17,155
	8,822	Sandvik AB		246,572
	364	Schindler Holding AG, Registered Shares		97,229
	188,100	SembCorp Marine, Ltd.*		11,456
	388	SFS Group AG		53,487
	1,000	Shibaura Machine Co., Ltd.		32,697
	1,200	Shima Seiki Manufacturing, Ltd.		20,610
	1,900	Shinmaywa Industries, Ltd.		14,456
	78,000	Singamas Container Holdings, Ltd.		11,706
	2,200	Sintokogio, Ltd.		13,583
	3,528	Skellerup Holdings, Ltd.		15,318
	892	SKF AB		21,543


Shares			Value
Common Stocks, continued
Machinery, continued
	7,963	SKF AB, Class B	$	187,785
	100	SMC Corp.		67,474
	2,300	Sodick Co., Ltd.		16,381
	995	Spirax-Sarco Engineering plc		216,461
	891	Stabilus SA		65,449
	1,600	Star Micronics Co., Ltd.		21,552
	849	Sulzer AG, Registered Shares		83,720
	3,700	Sumitomo Heavy Industries, Ltd.		89,740
	3,900	Tadano, Ltd.		37,579
	900	Takeuchi Manufacturing Co., Ltd.		21,359
	1,300	Takuma Co., Ltd.		16,110
	478	Technotrans SE		16,053
	10,187	Techtronic Industries Co., Ltd.		202,786
	1,500	THK Co., Ltd.		36,174
	2,100	Tocalo Co., Ltd.		26,936
	1,400	Torishima Pump Manufacturing Co., Ltd.		11,650
	3,641	Trelleborg AB		95,179
	1,098	Troax Group AB		56,334
	1,100	Tsubaki Nakashima Co., Ltd.		14,052
	1,400	Tsubakimoto Chain Co.		38,471
	1,800	Tsugami Corp.		27,378
	1,200	Tsukishima Kikai Co., Ltd.		11,833
	600	Tsurumi Manufacturing Co., Ltd.		8,640
	5,533	Valmet Corp.		235,535
	803	VAT Group AG(a)		397,152
	1,074	VBG Group AB, Class B		22,296
	6,862	Vesuvius plc		41,710
	4,198	Volvo AB, Class A		98,167
	27,553	Volvo AB, Class B		635,477
	229	Vossloh AG		11,772
	1,416	Wacker Neuson SE		40,683
	7,232	Wartsila OYJ Abp, Class B		100,707
	560	Washtec AG		35,049
	4,095	Weir Group plc (The)		94,456
	3,000	Yamabiko Corp.		32,504
	48,300	Yangzijiang Shipbuilding Holdings, Ltd.		48,084
	7,188	Zardoya Otis SA		58,175

				11,132,717

Marine (0.6%):
	22	A.P. Moeller — Maersk A/S, Class A		73,345
	30	A.P. Moeller — Maersk A/S, Class B		107,682
	1,600	Algoma Central Corp.		21,543
	3,578	American Shipping Co. ASA		13,095
	556	Clarkson plc		29,152
	1,333	D/S Norden A/S		33,837
	1,307	DFDS A/S*		69,826
	371	Hapag-Lloyd AG(a)		116,676
	3,300	Iino Kaiun Kaisha, Ltd.		15,681
	5,897	Irish Continental Group*		30,353
	2,300	Japan Transcity Corp.		14,181
	600	Kawasaki Kisen Kaisha, Ltd.*		36,107
	725	Kuehne & Nagel International AG, Registered Shares		233,233
	1,600	Mitsui O.S.K. Lines, Ltd.		118,823
	3,100	Nippon Yusen KK		236,156
	600	NS United Kaiun Kaisha, Ltd.		18,236
	3,500	Orient Overseas International, Ltd.		85,872
	215,000	Pacific Basin Shipping, Ltd.		78,969


Shares			Value
Common Stocks, continued
Marine, continued
	26,000	SITC International Holdings Co., Ltd.	$	94,110
	1,962	Stolt-Nielsen, Ltd.		30,315

				1,457,192

Materials (0.0%^†):
	1,334	Aclara Resources, Inc.*		1,171

Media (1.5%):
	1,008	4imprint Group plc		38,403
	3,715	Aimia, Inc.*		14,539
	65	APG SGA SA*		14,192
	14,475	Arnoldo Mondadori Editore SpA*		33,410
	2,124	Ascential plc*		11,550
	4,886	Atresmedia Corp. de Medios de Comuicacion SA		18,546
	1,951	Bloomsbury Publishing plc		9,492
	401	Cogeco Communications, Inc.		31,936
	400	Cogeco, Inc.		25,689
	5,394	Corus Entertainment, Inc.		20,300
	5,200	Cyberagent, Inc.		86,551
	3,302	Daily Mail & General Trust plc		12,060
	1,800	Dentsu Group, Inc.		64,176
	3,391	Euromoney Institutional Investor plc		42,415
	8,672	Eutelsat Communications SA		106,096
	1,700	F@n Communications, Inc.		5,736
	2,800	Fuji Media Holdings, Inc.		26,911
	1,123	Future plc		58,141
	2,700	Hakuhodo DY Holdings, Inc.		44,988
	8,376	HT&E, Ltd.		12,802
	8,773	Hyve Group plc*		11,127
	9,435	Informa plc*		65,682
	2,000	Intage Holdings, Inc.		30,574
	1,711	Ipsos		80,309
	119,144	ITV plc*		177,669
	9,582	Ive Group, Ltd.		12,141
	3,439	JCDecaux SA*		86,162
	1,600	Kadokawa Corp.		41,700
	2,312	Kin And Carta plc*		9,079
	1,467	Lagardere SCA*		40,705
	1,449	Liberty Global plc, Class A*		40,195
	3,548	Liberty Global plc, Class C*		99,663
	1,664	M6 Metropole Television SA		32,492
	1,300	Macromill, Inc.		12,515
	8,183	Mediaset Espana Comunicacion SA*		38,162
	10,230	MFE-MediaForEurope NV, Class A*		10,429
	10,230	MFE-MediaForEurope NV, Class B		14,499
	3,270	Modern Times Group MTG AB, Class B*		33,264
	64,511	Nine Entertainment Co. Holdings, Ltd.		136,381
	961	Nordic Entertainment Group AB, Class B*		49,882
	12,519	NOS SGPS SA		48,620
	1,307	NRJ Group		8,361
	19,083	Ooh!media, Ltd.*		23,500
	30	Otello Corp. ASA*		92
	5,688	Pearson plc		47,090
	2,872	Pearson plc, ADR		24,125
	68,000	PICO Far East Holdings, Ltd.		11,076
	1,050	ProSiebenSat.1 Media SE		16,762
	1,300	Proto Corp.		15,482
	6,455	Publicis Groupe SA		434,552
	4,026	Quebecor, Inc., Class B		90,878


Shares			Value
Common Stocks, continued
Media, continued
	4,571	RAI Way SpA(a)	$	27,098
	12,118	Reach plc		46,366
	1,406	RTL Group		74,693
	1,116	S4 Capital plc*		9,572
	4,177	Sanoma OYJ		64,867
	214	Schibsted ASA, Class A		8,272
	239	Schibsted ASA, Class B		8,006
	16,754	SES Global, Class A		133,017
	60,999	Seven West Media, Ltd.*		28,626
	7,456	Shaw Communications, Inc.		226,215
	44,700	Singapore Press Holdings, Ltd.		77,304
	7,455	Sky Network Television, Ltd.*		13,794
	7,900	SKY Perfect JSAT Holdings, Inc.		28,851
	4,175	Societe Television Francaise 1		41,452
	15,013	Southern Cross Media Group, Ltd.		21,190
	1,167	Stroeer SE & Co. KGaA		92,107
	1,900	TBS Holdings, Inc.		27,495
	1,294	Telenet Group Holding NV		47,227
	15,000	Television Broadcasts, Ltd.*		9,062
	1,400	TV Asahi Holdings Corp.		17,403
	500	TV Tokyo Holdings Corp.		8,878
	232	TX Group AG*		39,812
	1,000	ValueCommerce Co., Ltd.		38,873
	500	Wowow, Inc.		7,631
	10,008	WPP plc		151,248
	700	Zenrin Co., Ltd.		6,044

				3,676,204

Metals & Mining (5.1%):
	3,860	Acerinox SA		49,620
	500	Agnico Eagle Mines, Ltd.		26,562
	1,039	Agnico Eagle Mines, Ltd.		55,212
	400	Aichi Steel Corp.		8,664
	17,686	Alamos Gold, Inc., Class A		136,057
	16,230	Allkem, Ltd.*		123,479
	25,386	Alumina, Ltd.		34,561
	723	Amg Advanced Metallurgical Group N.V.		23,272
	11,811	Anglo American plc		483,372
	6,056	Antofagasta plc		110,059
	1,842	Aperam SA		100,110
	4,677	ArcelorMittal		150,424
	3,007	ArcelorMittal SA, NYS		95,713
	12,400	Argonaut Gold, Inc.*		23,529
	2,200	Asahi Holdings, Inc.		39,217
	16,100	Ascot Resources, Ltd.*		15,402
	85,942	Aurelia Metals, Ltd.*		25,665
	1,613	Aurubis AG		161,718
	38,815	B2Gold Corp.		152,829
	13,914	Barrick Gold Corp.		264,573
	1,875	Bekaert NV		83,563
	28,371	BHP Group, Ltd.		858,470
	11,591	Billiton plc, ADR		692,794
	11,697	BlueScope Steel, Ltd.		178,652
	4,883	Boliden AB		189,360
	10,300	Capstone Mining Corp.*		45,441
	65,537	Centamin plc		78,825
	8,200	Centerra Gold, Inc.		63,212
	4,374	Central Asia Metals plc		15,284


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	16,254	China Gold International Resources Corp., Ltd.	$	43,565
	1,300	Daido Steel Co., Ltd.		47,141
	1,400	Daiki Aluminium Industry Co., Ltd.		19,443
	5,323	Deterra Royalties, Ltd.		16,654
	1,900	DOWA Mining Co.		79,887
	7,500	Dundee Precious Metals, Inc.		46,371
	4,662	Eldorado Gold Corp.*		43,715
	10,499	Endeavour Mining plc		230,184
	1,907	Equinox Gold Corp.*		12,906
	539	Eramet*		44,265
	2,899	Ero Copper Corp.*		44,237
	30,536	Evolution Mining, Ltd.		90,338
	7,778	EVRAZ plc		63,477
	15,230	Ferrexpo plc		61,684
	11,370	First Quantum Minerals, Ltd.		272,114
	20,837	Fortescue Metals Group, Ltd.		292,328
	400	Franco-Nevada Corp.		55,326
	2,189	Fresnillo plc		26,409
	8,215	Galiano Gold, Inc.*		5,911
	99,934	Glencore plc		508,340
	1,100	Godo Steel, Ltd.		13,210
	20,162	Gold Road Resources, Ltd.		23,043
	6,486	Granges AB		76,249
	2,043	Hill & Smith Holdings plc		49,685
	2,300	Hitachi Metals, Ltd.*		42,608
	9,715	Hochschild Mining plc		17,056
	8,995	Hudbay Minerals, Inc.		65,144
	3,880	i-80 Gold Corp.*		9,479
	15,631	IAMGOLD Corp.*		48,692
	21,854	IGO, Ltd.		183,210
	5,323	Iluka Resources, Ltd.		39,320
	14,498	Imdex, Ltd.		31,106
	3,605	Ivanhoe Mines, Ltd., Class A*		29,415
	7,300	JFE Holdings, Inc.		93,128
	50,009	Jupiter Mines, Ltd.		8,367
	57,034	Kinross Gold Corp.		330,985
	6,043	Kirkland Lake Gold, Ltd.		253,273
	10,600	Kobe Steel, Ltd.		53,186
	1,800	Kyoei Steel, Ltd.		22,148
	800	Labrador Iron Ore Royalty Corp.		23,738
	14,207	Lucara Diamond Corp.*		6,627
	19,726	Lundin Mining Corp.		154,090
	3,551	Lynas Rare Earths, Ltd.*		26,286
	14,393	MACA, Ltd.		8,607
	48,387	Macmahon Holdings, Ltd.		6,519
	1,400	Maruichi Steel Tube, Ltd.		31,045
	176,000	Midas Holdings, Ltd.*		4,703
	4,298	Mineral Resources, Ltd.		175,167
	3,300	Mitsubishi Materials Corp.		56,676
	500	Mitsubishi Steel Manufacturing Co., Ltd.		4,579
	2,500	Mitsui Mining & Smelting Co., Ltd.		68,157
	27,183	Mount Gibson Iron, Ltd.		8,417
	2,200	Neturen Co., Ltd.		11,153
	27,410	New Gold, Inc.*		40,959
	11,300	Newcrest Mining, Ltd.		201,405
	6,200	Nippon Denko Co., Ltd.		15,743
	2,700	Nippon Light Metal Holdings Co.		40,511


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	8,595	Nippon Steel Corp.	$	140,594
	930	Nippon Yakin Kogyo Co., Ltd.		18,334
	200	Nittetsu Mining Co., Ltd.		11,461
	12,148	Norsk Hydro ASA		95,723
	18,307	Northern Star Resources, Ltd.		125,453
	34,228	OceanaGold Corp.*		59,536
	21,175	OM Holdings, Ltd.*		13,884
	500	Osaka Steel Co., Ltd.		5,026
	3,243	Osisko Gold Royalties, Ltd.		39,691
	10,428	Outokumpu OYJ*		64,672
	10,556	OZ Minerals, Ltd.		217,715
	900	Pacific Metals Co., Ltd.		16,743
	3,217	Pan American Silver Corp.		80,272
	33,353	Perenti Global, Ltd.		22,445
	55,326	Perseus Mining, Ltd.		65,278
	78,541	Petropavlovsk plc*		20,332
	15,210	Pilbara Minerals, Ltd.*		35,429
	5,733	Pretium Resources, Inc.*		80,773
	23,878	Ramelius Resources, Ltd.		27,323
	38,407	Regis Resources, Ltd.		54,552
	47,236	Resolute Mining, Ltd.*		13,407
	731	Rio Tinto plc		48,187
	13,055	Rio Tinto plc, Registered Shares, ADR		873,902
	4,167	Rio Tinto, Ltd.		304,390
	6,000	Sabina Gold & Silver Corp.*		6,879
	1,335	Salzgitter AG*		47,755
	16,356	Sandfire Resources, Ltd.		78,561
	4,142	Sandstorm Gold, Ltd.*		25,707
	21,718	Schmolz + Bickenbach AG*		8,163
	32,896	Silver Lake Resources, Ltd.*		42,516
	7,523	Sims, Ltd.		88,234
	52,227	South32, Ltd.		153,055
	6,151	SSAB AB, Class A*		35,481
	16,700	SSAB AB, Class B*		83,769
	7,749	SSR Mining, Inc.		137,176
	30,000	St. Barbara, Ltd.		32,015
	2,000	Sumitomo Metal & Mining Co., Ltd.		75,654
	19,859	Syrah Resources, Ltd.*		26,212
	6,862	Teck Cominco, Ltd., Class B		197,646
	10,621	ThyssenKrupp AG*		116,988
	1,900	Toho Titanium Co., Ltd.		15,584
	700	Toho Zinc Co., Ltd.		13,873
	300	Tokyo Rope Manufacturing Co. Ltd.*		2,275
	4,200	Tokyo Steel Manufacturing Co., Ltd.		50,294
	4,685	Torex Gold Resources, Inc.*		48,709
	969	Trevali Mining Corp.*		1,318
	3,324	Turquoise Hill Resources, Ltd.*		54,664
	1,500	UACJ Corp.		34,685
	3,908	Voestalpine AG		142,450
	4,200	Wesdome Gold Mines, Ltd.*		38,221
	16,249	Western Areas, Ltd.*		40,608
	13,013	Westgold Resources, Ltd.		19,322
	700	Wheaton Precious Metals Corp.		30,041
	31,047	Yamana Gold, Inc.		130,590
	1,600	Yamato Kogyo Co., Ltd.		51,827
	800	Yodogawa Steel Works, Ltd.		17,704

				12,846,718


Shares			Value
Common Stocks, continued
Multiline Retail (0.7%):
	13,107	B&M European Value Retail SA	$	112,163
	447	Canadian Tire Corp., Class A		64,124
	2,909	Dollarama, Inc.		145,611
	6,286	Europris ASA(a)		50,270
	3,300	H2O Retailing Corp.		23,244
	15,674	Harvey Norman Holdings, Ltd.		56,375
	6,800	Isetan Mitsukoshi Holdings, Ltd.		50,263
	1,800	Izumi Co., Ltd.		50,480
	6,000	J. Front Retailing Co., Ltd.		54,628
	24,500	Lifestyle International Holdings, Ltd.*		13,488
	73,250	Marks & Spencer Group plc*		228,656
	1,300	Marui Group Co., Ltd.		24,475
	30,000	Metro Holdings, Ltd.		16,923
	47,139	Myer Holdings, Ltd.*		15,431
	1,643	Next plc		180,735
	3,600	Pan Pacific International Holdings Corp.		49,590
	4,800	Ryohin Keikaku Co., Ltd.		73,212
	1,000	Seria Co., Ltd.		28,997
	4,800	Takashimaya Co., Ltd.		44,662
	2,195	Tokmanni Group Corp.		49,042
	3,646	Warehouse Group, Ltd. (The)		9,988
	8,555	Wesfarmers, Ltd.		369,068
	4,000	Wing On Company International, Ltd.		9,019

				1,720,444

Multi-Utilities (1.0%):
	2,232	Acea SpA		47,543
	5,356	AGL Energy, Ltd.		23,927
	4,720	Algonquin Power & Utilities Corp.		68,180
	805	Atco, Ltd.		27,177
	1,466	Canadian Utilities, Ltd., Class A		42,527
	253,408	Centrica plc*		244,778
	41,592	E.ON SE		576,887
	22,269	Engie Group		329,709
	23,363	Hera SpA		96,833
	11,786	Iren SpA		35,437
	33,157	ITL AEM SpA		64,554
	110,123	Keppel Infrastructure Trust		44,553
	1,915	National Grid plc, ADR^		138,493
	11,914	Ren — Redes Energeticas Nacion		34,541
	6,785	RWE AG		275,644
	35,300	SembCorp Industries, Ltd.		52,425
	2,389	Suez		53,877
	3,114	Telecom Plus plc		66,705
	5,040	Veolia Environnement SA		184,863

				2,408,653

Oil, Gas & Consumable Fuels (4.5%):
	9,181	Advantage Energy, Ltd.*		53,788
	24,155	Africa Oil Corp.*		34,185
	1,242	Aker BP ASA		38,167
	3,921	Ampol, Ltd.		84,619
	7,200	Anglo Pacific Group plc		13,111
	26,837	ARC Resources, Ltd.		244,011
	18,809	Athabasca Oil Corp.*		17,697
	2,064	Baytex Energy Corp.*		6,378
	71,371	Beach Energy, Ltd.		65,554
	17,741	Birchcliff Energy, Ltd.		90,613
	25,767	BP plc, ADR		686,175


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	10,317	BP plc	$	45,889
	173,000	Brightoil Petroleum Holdings, Ltd.*		6,241
	610	BW Energy, Ltd.*		1,389
	2,656	BW LPG, Ltd.(a)		15,075
	22,053	Cairn Energy plc*		56,036
	2,686	Cameco Corp.		58,582
	1,246	Cameco Corp.		27,170
	7,637	Canacol Energy, Ltd.		19,382
	2,732	Canadian Natural Resources, Ltd.		115,453
	13,622	Canadian Natural Resources, Ltd.		575,529
	3,012	Cardinal Energy, Ltd.*		10,169
	14,453	Cenovus Energy, Inc.		177,234
	2,956	Cenovus Energy, Inc.		36,300
	13,100	China Aviation Oil Singapore Corp., Ltd.		9,141
	40,015	Cooper Energy, Ltd.*		8,158
	2,400	Cosmo Energy Holdings Co., Ltd.		46,914
	8,781	Crescent Point Energy		46,891
	7,561	Crescent Point Energy Corp.		40,352
	8,223	Crew Energy, Inc.*		18,594
	854	CropEnergies AG		11,908
	252	Delek Group, Ltd.*		20,621
	20,320	DNO ASA		24,042
	6,087	Enbridge, Inc.		237,791
	67,100	ENEOS Holdings, Inc.		251,214
	7,800	Enerplus Corp.		82,268
	26,541	ENI SpA		366,859
	120,434	EnQuest plc*		30,364
	10,152	Equinor ASA		267,963
	1,004	Equital, Ltd.*		38,512
	1,390	Etablissements Maurel et Prom SA*		3,607
	9,112	Euronav NV		80,886
	1,579	Exmar NV		7,720
	1,267	FLEX LNG, Ltd.		28,318
	3,700	Freehold Royalties, Ltd.		34,080
	1,400	Frontera Energy Corp.*		11,335
	3,784	Frontline, Ltd.*		26,995
	3,100	Fuji Oil Co., Ltd.		6,893
	9,184	Galp Energia SGPS SA		89,048
	891	Gaztransport et Technigaz SA		83,341
	6,249	Genel Energy plc		10,987
	6,850	Gibson Energy, Inc.		121,424
	19,607	Gran Tierra Energy, Inc.*		14,882
	14,984	Gulf Keystone Petroleum, Ltd.		36,392
	5,300	Idemitsu Kosan Co., Ltd.		135,393
	3,270	Imperial Oil, Ltd.		117,945
	18,800	INPEX Corp.		163,965
	2,244	International Petroleum Corp.*		12,544
	2,823	International Petroleum Corp. / Sweden*		15,525
	3,600	Itochu Enex Co., Ltd.		31,210
	1,000	Japan Petroleum Exploration Co., Ltd.		21,843
	24,713	Karoon Energy, Ltd.*		30,219
	7,300	Kelt Exploration, Ltd.*		27,819
	2,001	Keyera Corp.		45,136
	1,732	Koninklijke Vopak NV		60,721
	2,011	Lundin Energy AB		72,145
	10,707	MEG Energy Corp.*		99,045
	1,700	Mitsuuroko Holdings Co., Ltd.		17,933


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	1,502	Naphtha Israel Petroleum Corp.*	$	10,815
	2,178	Neste Oyj		107,388
	14,065	New Hope Corp., Ltd.		22,849
	7,392	New Zealand Refining Co., Ltd. (The)*		4,758
	64,000	NewOcean Energy Holdings, Ltd.*		476
	21,200	Nippon Coke & Engineering Co., Ltd.		24,340
	7,654	Nuvista Energy, Ltd.*		42,119
	104,047	Oil Refineries, Ltd.*		29,906
	1,896	OMV AG		107,721
	37,853	Paladin Energy, Ltd.*		24,384
	1,307	Paramount Resouces, Ltd., Class A		25,410
	5,263	Parex Resources, Inc.		89,922
	5,000	Parkland Corp.		137,453
	300	Paz Oil Co., Ltd.*		37,307
	6,783	Pembina Pipeline Corp.		205,775
	1,584	Pembina Pipeline Corp.		48,043
	6,660	Peyto Exploration & Development Corp.		49,760
	12,892	Pharos Energy plc*		4,537
	5,032	Prairiesky Royalty, Ltd.		54,227
	24,044	Repsol SA		285,364
	32,725	Royal Dutch Shell plc, Class B, ADR		1,418,629
	1,600	Sala Corp.		8,793
	3,100	San-Ai Oil Co., Ltd.		35,989
	62,302	Santos, Ltd.		286,358
	23,460	Saras SpA*		14,632
	7,584	Senex Energy, Ltd.		25,510
	8,575	Serica Energy plc		27,965
	400	Sinanen Holdings Co., Ltd.		12,627
	15,527	Stobart Group, Ltd.*		2,971
	9,472	Suncor Energy, Inc.		237,084
	9,141	Suncor Energy, Inc.		228,742
	16,600	Tamarack Valley Energy, Ltd.*		50,530
	403	TC Energy Corp.		18,745
	3,152	TC Energy Corp.^		146,694
	13,400	Tidewater Midstream and Infrastructure, Ltd.		13,773
	1,559	Torm plc*^		12,217
	23,333	TotalEnergies SE		1,184,992
	7,730	Tourmaline Oil Corp.		249,599
	64,721	Tullow Oil plc*^		40,671
	542	Verbio Vereinigte Bioenergie AG		37,184
	5,883	Vermilion Energy, Inc.*		73,956
	24,351	Viva Energy Group, Ltd.(a)		41,636
	17,452	Whitecap Resources, Inc.		103,349
	31,393	Whitehaven Coal, Ltd.*		59,749
	12,482	Woodside Petroleum, Ltd.		199,330
	12,631	Z Energy, Ltd.		30,707

				11,262,676

Paper & Forest Products (0.8%):
	2,718	Altri SGPS SA		17,262
	3,929	Canfor Corp.*		99,592
	600	Daiken Corp.		11,327
	4,500	Daio Paper Corp.		74,739
	8,317	Ence Energia y Celulosa S.A*		21,443
	301	Hadera Paper, Ltd.		22,044
	6,700	Hokuetsu Corp.		41,768
	1,316	Holmen AB, Class B		63,001
	4,627	Interfor Corp.		148,197


Shares			Value
Common Stocks, continued
Paper & Forest Products, continued
	5,272	Metsa Board OYJ	$	51,224
	7,408	Mondi plc		182,514
	11,089	Navigator Co. SA (The)		42,117
	4,800	Nippon Paper Industries Co., Ltd.		45,280
	15,300	Oji Holdings Corp.		73,976
	1,998	Stella-Jones, Inc.		63,204
	12,930	Stora Enso OYJ, Registered Shares, Class R		235,115
	6,842	Svenska Cellulosa AB SCA, Class B		121,242
	600	Tokushu Tokai Paper Co., Ltd.		21,495
	7,775	UPM-Kymmene OYJ		293,817
	2,454	West Fraser Timber Co., Ltd.		234,147
	24,618	Western Forest Products, Inc.		41,069

				1,904,573

Personal Products (0.7%):
	287	Beiersdorf AG		29,527
	16,000	Best World International, Ltd.*		3,002
	304	Blackmores, Ltd.		20,190
	800	Fancl Corp.		23,861
	1,514	Jamieson Wellness, Inc.(a)		48,049
	3,900	Kao Corp.		204,117
	300	Kobayashi Pharmaceutical Co., Ltd.		23,582
	200	Kose Corp.		22,696
	465	L’Oreal SA		220,409
	1,600	Mandom Corp.		19,701
	400	Milbon Co., Ltd.		19,826
	600	Noevir Holdings Co., Ltd.		28,122
	2,645	Ontex Group NV*		21,047
	1,200	Pola Orbis Holdings, Inc.		20,004
	2,000	Rohto Pharmaceutical Co., Ltd.		60,435
	800	Shiseido Co., Ltd.		44,620
	14,440	Unilever plc, ADR		776,728
	1,324	Unilever plc		70,920
	1,300	Ya-Man, Ltd.		10,837

				1,667,673

Pharmaceuticals (4.1%):
	172	Alk-Abello A/S*		90,301
	15,687	Alliance Pharma plc		23,094
	1,934	Almirall SA		24,738
	2,600	Astellas Pharma, Inc.		42,293
	6,228	AstraZeneca plc, ADR		362,781
	491	Aurora Cannabis, Inc.*		2,659
	2,100	Bausch Health Cos., Inc.*		58,012
	1,145	Bausch Health Cos., Inc.*		31,613
	10,652	Bayer AG, Registered Shares		570,197
	900	Canopy Growth Corp.*		7,856
	1,800	Chugai Pharmaceutical Co., Ltd.		58,391
	900	Daiichi Sankyo Co., Ltd.		22,890
	300	Daito Pharmaceutical Co., Ltd.		7,731
	305	Dechra Pharmaceuticals plc		21,978
	500	Eisai Co., Ltd.		28,396
	11,707	Faes Farma SA		46,315
	700	Fuji Pharma Co., Ltd.		6,251
	500	Fuso Pharmaceutical Industries. Ltd.		11,304
	1,668	Galenica AG(a)		125,187
	14,120	GlaxoSmithKline plc, ADR		622,692
	3,801	GlaxoSmithKline plc		82,635
	1,384	H. Lundbeck A/S		35,694


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	3,600	Haw Par Corp., Ltd.	$	30,334
	1,551	Hikma Pharmaceuticals plc		46,510
	800	Hisamitsu Pharmaceutical Co., Inc.		27,653
	26,202	Indivior plc*		90,975
	943	Ipsen SA		86,224
	900	JCR Pharmaceuticals Co., Ltd.		17,405
	1,000	Kaken Pharmaceutical Co., Ltd.		36,560
	1,000	Kissei Pharmaceutical Co., Ltd.		19,600
	166	Laboratorios Farmaceuticos Rovi SA		13,921
	98,378	Mayne Pharma Group, Ltd.*		21,116
	622	Merck KGaA		160,793
	400	Mochida Pharmaceutical Co., Ltd.		12,104
	3,200	Nichi-Iko Pharmaceutical Co., Ltd.		19,596
	300	Nippon Shinyaku Co., Ltd.		20,853
	12,667	Novartis AG, Registered Shares		1,112,735
	15,241	Novo Nordisk A/S, Class B		1,704,086
	2,600	Ono Pharmaceutical Co., Ltd.		64,463
	1,037	Orion OYJ		42,599
	4,216	Orion OYJ, Class B		174,934
	2,000	Otsuka Holdings Co., Ltd.		72,387
	2,502	Recordati SpA		160,253
	5,202	Roche Holding AG		2,157,123
	216	Roche Holding AG		96,685
	4,419	Sanofi		443,952
	2,500	Santen Pharmaceutical Co., Ltd.		30,508
	800	Sawai Group Holdings Co., Ltd.		30,528
	1,300	Seikagaku Corp.		10,637
	500	Shionogi & Co., Ltd.		35,326
	3,200	Sumitomo Dainippon Pharma Co., Ltd.		36,871
	800	Taisho Pharmaceutical Holdings Co., Ltd.		36,800
	21,200	Takeda Pharmacuetical Co., Ltd.		579,482
	11,486	Teva Pharmaceutical Industries, Ltd., ADR*		92,003
	3,519	Teva Pharmaceutical Industries, Ltd.*		28,698
	6,659	Tilray, Inc.*^		46,813
	800	Torii Pharmaceutical Co., Ltd.		20,021
	1,200	Towa Pharmaceutical Co., Ltd.		29,886
	1,400	Tsumura & Co.		39,870
	525	UCB SA		59,989
	26,000	United Laboratories International Holdings, Ltd.		14,549
	209	Vetoquinol SA		31,374
	1,434	Vifor Pharma AG		256,846
	146	Virbac SA		70,391

				10,366,461

Professional Services (2.2%):
	2,941	Adecco SA, Registered Shares		150,411
	1,864	AFRY AB		52,195
	1,278	Akka Technologies SA*		70,282
	7,883	ALS, Ltd.		75,042
	770	Altech Corp.		12,728
	111	Amadeus Fire AG		22,998
	1,825	Applus Services SA		16,784
	200	Baycurrent Consulting, Inc.		77,068
	1,100	Benefit One, Inc.		47,206
	1,953	BeNEXT Group Inc.		28,751
	372	Bertrandt AG		24,117
	3,926	Bureau Veritas SA		130,302
	26,624	Capita plc*		13,116


Shares			Value
Common Stocks, continued
Professional Services, continued
	180	Danel Adir Yeoshua, Ltd.	$	40,786
	1,707	DKSH Holding, Ltd.		140,721
	900	en Japan, Inc.		25,435
	6,782	Experian plc		332,629
	1,200	FULLCAST Holdings Co., Ltd.		25,612
	900	Funai Soken Holdings, Inc.		20,505
	175	Groupe Crit		12,348
	22,373	Hays plc		44,406
	2,376	Intertek Group plc		180,647
	3,227	Intertrust NV*(a)		72,002
	1,565	IPH, Ltd.		10,024
	300	IR Japan Holdings, Ltd.		17,921
	1,000	Jac Recruitment Co., Ltd.		18,122
	1,497	LifeWorks, Inc.		30,217
	3,994	McMillan Shakespeare, Ltd.		35,117
	1,100	Meitec Corp.		64,758
	4,300	Nihon M&A Center, Inc.		105,148
	3,000	Outsourcing, Inc.		40,437
	8,516	Pagegroup plc		73,069
	1,400	Pasona Group, Inc.		40,177
	2,900	Persol Holdings Co., Ltd.		84,231
	3,572	Randstad NV		244,686
	7,800	Recruit Holdings Co., Ltd.		472,910
	7,938	RELX plc		258,666
	5,236	RELX plc, ADR		170,746
	2,833	Ricardo plc		17,194
	3,902	Robert Walters plc		40,656
	4,254	RWS Holdings plc		37,376
	84	SGS SA, Registered Shares		279,898
	2,400	SMS Co., Ltd.		94,143
	2,421	Stantec, Inc.		136,181
	1,000	Stantec, Inc.		56,191
	7,669	SThree plc		48,088
	1,100	Tanseisha Co., Ltd.		7,509
	2,900	Technopro Holdings, Inc.		88,008
	902	Teleperformance		402,115
	2,878	Thomson Reuters Corp.		344,266
	1,065	Tinexta SpA		45,896
	1,100	UT Group Co., Ltd.		41,372
	5,588	Wolters Kluwer NV		656,728

				5,577,941

Real Estate Management & Development (2.4%):
	697	Aedas Homes SA(a)		19,031
	1,700	AEON Mall Co., Ltd.		24,259
	206	AFI Properties, Ltd.		13,662
	1,001	Airport City, Ltd.*		22,463
	2,300	Airport Facilities Co., Ltd.		11,000
	372	Allreal Holding AG		82,248
	1,972	Alony Hetz Properties & Invest		36,737
	492	Alrov Properties And Lodgings, Ltd.*		30,297
	700	Altus Group, Ltd.		39,278
	2,393	Amot Investments, Ltd.		19,468
	2,116	Annehem Fastigheter AB*		8,733
	7,879	Aroundtown SA		47,718
	28,100	Ascendas India Trust		29,630
	46,000	Asia Standard International Group, Ltd.		5,013
	3,626	Atrium European Real Estate, Ltd.		14,836


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	1,281	Atrium Ljungberg AB, Class B	$	28,320
	233	Azrieli Group		22,236
	210	Big Shopping Centers, Ltd.		34,355
	3,700	Bukit Sembawang Estates, Ltd.		13,759
	4,800	Capitaland Investment, Ltd. / Singapore*		12,149
	1,420	Castellum AB		38,095
	626	Catena AB		39,086
	2,946	Cedar Woods Properties, Ltd.		11,638
	18,000	Chinese Estates Holdings, Ltd.		6,603
	52,000	Chuang’s Consortium International, Ltd.		6,118
	7,300	City Developments, Ltd.		36,927
	1,684	Citycon OYJ		13,369
	16,175	CK Asset Holdings, Ltd.		102,006
	3,803	CLS Holdings plc		11,231
	312	Colliers International Group		46,379
	12,641	Corem Property Group AB, Class B		45,692
	741	Corestate Capital Holding SA*^		9,516
	340,000	CSI Properties, Ltd.		9,027
	900	Daibiru Corp.		17,291
	1,200	Daito Trust Construction Co., Ltd.		137,117
	10,600	Daiwa House Industry Co., Ltd.		304,912
	887	Deutsche Euroshop AG		14,783
	1,139	Dic Asset AG		19,921
	2,651	Dios Fastigheter AB		34,642
	1,450	DREAM Unlimited Corp.		44,516
	34,000	Emperor International Holdings		4,059
	7,600	ESR Cayman, Ltd.*(a)		25,725
	2,062	Fabege AB		34,413
	73,677	Far East Consortium International, Ltd.		26,837
	687	Fastighets AB Balder*		49,574
	862	FastPartner AB, Class A		11,579
	867	FirstService Corp.		170,340
	11,092	Foxtons Group plc		5,926
	16,000	Frasers Property, Ltd.		13,533
	3,677	Gav-Yam Lands Corp., Ltd.		45,478
	1,100	Goldcrest Co., Ltd.		15,486
	17,039	Grainger plc		72,645
	1,873	Grand City Properties SA		44,511
	10,197	Great Eagle Holdings, Ltd.		28,512
	17,100	GuocoLand, Ltd.		19,168
	28,000	Hang Lung Group, Ltd.		59,831
	29,984	Hang Lung Properties, Ltd.		61,685
	1,200	Heiwa Real Estate Co., Ltd.		40,382
	5,154	Helical plc		31,602
	17,706	Henderson Land Development Co., Ltd.		75,418
	37,840	HKR International, Ltd.		15,045
	9,400	Ho Bee Land, Ltd.		19,473
	18,500	Hong Fok Corp., Ltd.		10,440
	9,900	Hongkong Land Holdings, Ltd.		51,445
	2,049	Hufvudstaden AB		30,668
	6,800	Hulic Co., Ltd.		64,573
	11,000	Hysan Development Co., Ltd.		34,001
	12,900	Ichigo, Inc.		31,341
	242	Immobel SA		20,085
	1,302	IMMOFINANZ AG		33,409
	1,253	Instone Real Estate Group AG(a)		23,725
	29	Intershop Holdings AG		19,476


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	2,000	Invesque, Inc.*	$	4,100
	164	Investis Holding SA		18,815
	29,717	IWG plc*		116,729
	25,000	K Wah International Holdings Ltd.		9,651
	1,500	Katitas Co., Ltd.		57,721
	22,225	Kerry Properties, Ltd.		57,885
	1,455	Kojamo Oyj		35,162
	26,000	Kowloon Development Co., Ltd.		34,350
	17,100	Lai Sun Development Co., Ltd.*		9,320
	112,800	Landing International Development, Ltd.*		3,371
	44,500	Langham Hospitality Investment*		4,796
	944	LEG Immobilien SE		131,856
	7,615	Lend Lease Group		59,235
	883	Lifestyle Communities, Ltd.		13,386
	8,000	Liu Chong Hing Investment, Ltd.		7,953
	4,644	LSL Property Services plc		25,771
	276	Mega Or Holdings, Ltd.		12,691
	463	Melisron, Ltd.*		43,177
	59,000	Mingfa Group International Co., Ltd.*		3,329
	3,100	Mirainovate Co., Ltd.*		5,696
	4,800	Mitsubishi Estate Co., Ltd.		66,552
	5,100	Mitsui Fudosan Co., Ltd.		101,045
	9,306	Mivne Real Estate KD, Ltd.		39,990
	255	Mobimo Holding AG, Registered Shares		85,454
	100	Morguard Corp.		10,789
	28,087	New World Development Co., Ltd.		111,188
	1,967	Nexity SA		92,496
	800	Nippon Commercial Development Co., Ltd.		11,958
	1,700	Nisshin Group Holdings Co., Ltd.		7,495
	3,200	Nomura Real Estate Holdings, Inc.		73,656
	3,463	Nyfosa AB		59,808
	1,700	Open House Co., Ltd.		89,115
	17,900	Oue, Ltd.		18,069
	54,608	Oxley Holdings, Ltd.		7,619
	25,655	Pacific Century Premium Developments, Ltd.*		1,974
	522	PATRIZIA AG		12,126
	1,195	Platzer Fastigheter Holding AB, Class B		17,931
	779	PSP Swiss Property AG		97,005
	700	Raysum Co., Ltd.		4,299
	3,244	Real Matters, Inc.*		21,288
	2,300	Relo Group, Inc.		41,582
	556	Sagax AB, Class B		18,774
	7,058	Samhallsbyggnadsbolaget i Norden AB		51,515
	1,200	SAMTY Co., Ltd.		22,925
	5,801	Savills plc		110,413
	1,875	Selvaag Bolig ASA		10,856
	2,600	Shinoken Group Co., Ltd.		20,958
	795	Shurgard Self Storage SA		52,038
	100,800	Sinarmas Land, Ltd.		18,344
	55,980	Sino Land Co., Ltd.		69,738
	11,926	Sirius Real Estate, Ltd.		22,824
	5,000	Soundwill Holdings, Ltd.		4,926
	200	SRE Holdings Corp.*		12,568
	2,500	Sumitomo Realty & Development Co., Ltd.		73,545
	1,493	Summit Real Estate Holdings, Ltd.*		31,494
	1,800	Sun Frontier Fudousan Co., Ltd.		15,700
	5,921	Sun Hung Kai Properties, Ltd.		71,880


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	10,646	Swire Pacific, Ltd., Class A	$	60,579
	17,500	Swire Pacific, Ltd., Class B		17,149
	8,600	Swire Properties, Ltd.		21,554
	2,643	Swiss Prime Site AG		259,320
	2,596	TAG Immobilien AG		72,728
	21,000	TAI Cheung Holdings, Ltd.		12,937
	4,200	Takara Leben Co., Ltd.		10,554
	2,900	Toc Co., Ltd.		16,745
	6,400	Tokyo Tatemono Co., Ltd.		93,499
	17,000	Tokyu Fudosan Holdings Corp.		95,053
	2,400	Tosei Corp.		21,078
	4,220	Tricon Residential, Inc.		64,595
	213	UBM Development AG		10,476
	7,900	UOL Group, Ltd.		41,599
	49	VGP NV		14,275
	1,814	Vonovia SE		100,153
	1,918	Wallenstam AB		35,672
	6	Warteck Invest AG		15,614
	6,203	Watkin Jones plc		21,930
	9,829	Wharf Real Estate Investment Co., Ltd.		49,931
	2,034	Wihlborgs Fastigheter AB		46,131
	20,700	Wing Tai Holdings, Ltd.		27,491
	16,000	Wing Tai Properties, Ltd.		8,680
	148	YH Dimri Construction & Development, Ltd.		14,406
	17	Zug Estates Holding AG		36,955

				6,058,481

Road & Rail (1.3%):
	52,525	Aurizon Holdings, Ltd.		133,366
	4,552	Canadian National Railway Co.		559,259
	4,751	Canadian Pacific Railway, Ltd.		341,787
	600	Central Japan Railway Co.		80,061
	1,200	Chilled & Frozen Logistics Holdings Co., Ltd.		17,584
	41,300	ComfortDelGro Corp., Ltd.		42,916
	789	DSV PANALPINA A/S		182,335
	1,300	East Japan Railway Co.		79,955
	16,195	FirstGroup plc*		22,460
	1,200	Fukuyama Transporting Co., Ltd.		40,957
	3,244	Go-Ahead Group plc*		29,312
	1,000	Hamakyorex Co., Ltd.		25,253
	2,400	Hankyu Hanshin Holdings, Inc.		68,140
	1,100	Hitachi Transport System, Ltd.		51,721
	1,100	Ichinen Holdings Co., Ltd.		12,760
	206	Jungfraubahn Holding AG, Registered Shares*		30,343
	2,500	Keikyu Corp.		25,000
	700	Keio Corp.		30,861
	1,200	Keisei Electric Railway Co., Ltd.		32,454
	1,500	Kintetsu Group Holdings Co., Ltd.*		41,942
	1,000	Kyushu Railway Co.		20,800
	400	Maruzen Showa Unyu Co., Ltd.		11,095
	7,711	MTR Corp., Ltd.		41,389
	4,500	Mullen Group, Ltd.		41,378
	2,300	Nagoya Railroad Co., Ltd.*		35,000
	1,600	Nankai Electric Railway Co., Ltd.		30,261
	13,705	National Express Group plc*		47,557
	2,200	Nikkon Holdings Co., Ltd.		41,438
	1,800	Nippon Express Co., Ltd.		108,147
	1,300	Nishi-Nippon Railroad Co., Ltd.		29,512


Shares			Value
Common Stocks, continued
Road & Rail, continued
	5,199	Nobina AB(a)	$	61,581
	147	NTG Nordic Transport Group A/S*		12,014
	2,000	Odakyu Electric Railway Co., Ltd.		37,148
	11,036	Redde Northgate plc		65,053
	500	Sakai Moving Service Co., Ltd.		18,826
	2,300	Sankyu, Inc.		95,402
	4,500	Seino Holdings Co., Ltd.		45,587
	6,400	Senko Group Holdings Co., Ltd.		51,590
	483	Sixt SE		47,729
	368	Sixt SE*		65,190
	1,000	Sotetsu Holdings, Inc.		18,319
	31,768	Stagecoach Group plc*		38,595
	278	Stef S.A.		32,283
	2,098	TFI International, Inc.		235,328
	1,500	Tobu Railway Co., Ltd.		34,226
	3,400	Tokyu Corp.		45,176
	300	Tonami Holdings Co., Ltd.		10,155
	3,913	Tourism Holdings, Ltd.*		7,909
	600	Trancom Co., Ltd.		46,643
	15,330	Transport International Holdings, Ltd.		25,167
	1,600	West Japan Railway Co.		66,769

				3,315,733

Semiconductors & Semiconductor Equipment (2.2%):
	1,500	Advantest Corp.		140,862
	9,500	Aem Holdings, Ltd.		37,119
	7,502	ams AG*		135,755
	716	ASM International NV		314,387
	7,219	ASM Pacific Technology, Ltd.		77,824
	2,411	ASML Holding NV, NYS		1,919,494
	2,670	BE Semiconductor Industries NV		226,161
	25,000	BOE Varitronix, Ltd.		32,024
	569	Camtek, Ltd./Israel*		25,948
	300	Disco Corp.		91,703
	1,700	Ferrotec Holdings Corp.		61,843
	438	First Sensor AG		22,628
	3,161	Infineon Technologies AG		146,559
	2,200	Japan Material Co., Ltd.		36,235
	500	Lasertec Corp.		152,025
	879	Melexis NV		104,310
	800	Mimasu Semiconductor Industry		18,436
	500	Mitsui High-Tec, Inc.		49,006
	473	Nordic Semiconductor ASA*		15,802
	389	Nova Measuring Instruments, Ltd.*		55,794
	1,100	Optorun Co., Ltd.		22,645
	9,700	Renesas Electronics Corp.*		119,129
	700	ROHM Co., Ltd.		63,344
	900	Sanken Electric Co., Ltd.		49,386
	500	SCREEN Holdings Co., Ltd.		53,372
	300	Shindengen Electric Manufacturing Co., Ltd.*		9,679
	1,100	Shinko Electric Industries Co., Ltd.		52,141
	992	Siltronic AG		158,780
	162	Soitec*		39,398
	6,646	STMicroelectronics NV		325,737
	409	SUESS MicroTec SE*		9,771
	4,600	SUMCO Corp.		93,153
	1,000	Tokyo Electron, Ltd.		572,555
	800	Tokyo Seimitsu Co., Ltd.		35,230


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,000	Towa Corp.	$	27,910
	2,902	Tower Semiconductor, Ltd.*		115,151
	1,200	Tri Chemical Laboratories, Inc.		37,835
	144	u-blox Holding AG*		11,093
	1,100	Ulvac, Inc.		68,879
	1,200	Yamaichi Electronics Co., Ltd.		24,273

				5,553,376

Software (1.1%):
	1,800	Access Co., Ltd.*		11,035
	2,147	Altium, Ltd.		70,299
	50	Atoss Software AG		12,335
	3,980	Avast plc(a)		32,701
	1,040	AVEVA Group plc		47,722
	4,889	BlackBerry, Ltd.*		45,689
	10,573	Bravura Solutions, Ltd.		18,939
	4,900	Broadleaf Co., Ltd.		18,577
	500	Computer Engineering & Consulting, Ltd.		4,722
	101	Constellation Software, Inc.		187,414
	1,400	Cresco, Ltd.		25,455
	1,200	Cybozu, Inc.		18,961
	1,568	Dassault Systemes SE		93,009
	564	Descartes Systems Group, Inc.*		46,631
	300	Digital Arts, Inc.		21,906
	1,000	Enghouse Systems, Ltd.		38,291
	1,966	F-Secure Oyj		11,116
	800	Fuji Soft, Inc.		38,610
	8,509	Hansen Technology, Ltd.		33,113
	690	Hilan, Ltd.		46,120
	3,100	Infomart Corp.		25,090
	16,011	Infomedia, Ltd.		17,831
	7,858	Integrated Research, Ltd.*		7,146
	3,230	IRESS, Ltd.		29,445
	600	Justsystems Corp.		27,914
	200	Kinaxis, Inc.*		28,041
	1,361	Lectra		64,964
	172	Linedata Services		7,637
	1,195	Magic Software Enterprises, Ltd.		25,384
	8,235	Micro Focus International plc, ADR		45,869
	500	Miroku Jyoho Service Co., Ltd.		5,989
	1,788	Nemetschek SE		229,346
	340	Netcompany Group A/S(a)		36,260
	145	NICE Systems, Ltd.*		44,054
	400	OBIC Business Consultants Co., Ltd.		16,824
	3,485	Open Text Corp.		165,468
	200	Open Text Corp.		9,494
	400	Oracle Corp.		30,374
	65	QT Group Oyj*		9,765
	900	Rakus Co., Ltd.		23,984
	7,104	Sage Group plc		81,705
	2,503	SAP SE		357,448
	1,391	SimCorp A/S		150,384
	949	Sinch AB*(a)		11,972
	1,484	Software AG		59,355
	500	SRA Holdings		12,501
	8,400	Systena Corp.		31,290
	8,525	Technology One, Ltd.		79,173
	1,295	Temenos AG		178,754


Shares			Value
Common Stocks, continued
Software, continued
	1,900	Trend Micro, Inc.	$	105,121
	12,001	Vista Group International, Ltd.*		19,651
	568	WiseTech Global, Ltd.		24,113
	423	Xero, Ltd.*		43,318

				2,828,309

Specialty Retail (1.5%):
	400	ABC-Mart, Inc.		17,148
	16,866	Accent Group, Ltd.		30,087
	10,400	Adairs, Ltd.		30,378
	1,300	Adastria Co., Ltd.		18,282
	900	Alpen Co., Ltd.		16,717
	2,600	Aoki Holdings, Inc.		13,950
	2,800	Aoyama Trading Co., Ltd.*		16,289
	3,236	AP Eagers, Ltd.		31,652
	2,500	Autobacs Seven Co., Ltd.		30,499
	613	Autocanada, Inc.*		20,695
	2,300	BIC Camera, Inc.		19,260
	4,193	Bilia AB, Class A		74,249
	3,245	Byggmax Group AB		32,112
	2,609	Carasso Motors, Ltd.		17,139
	16,294	Card Factory plc*		13,170
	3,919	Ceconomy AG*		16,901
	800	Chiyoda Co., Ltd.		5,405
	18,000	Chow Sang Sang Holdings International, Ltd.		25,165
	31,200	Chow Tai Fook Jewellery Group, Ltd.		56,122
	1,435	Clas Ohlson AB, Class B		21,806
	4,700	DCM Holdings Co., Ltd.		43,525
	39,375	Dixons Carphone plc		60,746
	2,720	Dufry AG, Registered Shares*		134,134
	4,536	Dunelm Group plc		84,626
	4,900	Edion Corp.		45,718
	115,950	Esprit Holdings, Ltd.*		10,566
	400	Fast Retailing Co., Ltd.		227,175
	1,157	Fielmann AG		77,894
	878	Fnac Darty SA		57,441
	7,248	Frasers Group plc*		75,474
	2,300	Geo Holdings Corp.		24,739
	130,000	Giordano International, Ltd.		24,824
	10,860	Halfords Group plc		50,794
	8,861	Hennes & Mauritz AB, Class B		173,842
	300	Hikari Tsushin, Inc.		46,200
	483	Hornbach Baumarkt AG		26,195
	634	Hornbach Holding AG & Co. KGaA		95,679
	2,800	Idom, Inc.		17,603
	5,629	Industria de Diseno Textil SA		182,410
	3,860	JB Hi-Fi, Ltd.		135,708
	40,720	JD Sports Fashion plc*		119,619
	700	JINS Holdings, Inc.		42,659
	1,500	Joshin Denki Co., Ltd.		27,914
	26,469	Kathmandu Holdings, Ltd.		27,529
	1,700	Keiyo Co., Ltd.		12,521
	744	Kid ASA(a)		9,517
	36,342	Kingfisher plc		166,129
	900	Kohnan Shoji Co., Ltd.		26,491
	1,600	Komeri Co., Ltd.		35,575
	5,800	K’s Holding Corp.		56,321
	1,766	Leon’s Furniture, Ltd.		34,697
	15,750	L’occitane International SA		63,732


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	19,046	Lookers plc*	$	17,118
	14,000	Luk Fook Holdings International, Ltd.		37,716
	531	Maisons du Monde SA(a)		12,297
	2,347	Matas A/S		44,761
	1,681	Mekonomen AB*		29,103
	2,955	Mobilezone Holding AG		44,145
	234	Musti Group OYJ		8,241
	600	Nextage Co., Ltd.		12,402
	3,966	Nick Scali, Ltd.		44,305
	1,900	Nishimatsuya Chain Co., Ltd.		22,816
	400	Nitori Co., Ltd.		59,830
	1,800	Nojima Corp.		37,691
	28,290	Oriental Watch Holdings		17,706
	76,677	Pendragon plc*		24,085
	19,618	Pets At Home Group plc		123,343
	2,736	Premier Investments, Ltd.		60,215
	600	Shimamura Co., Ltd.		50,399
	800	Sleep Country Canada Holdings, Inc.(a)		23,738
	8,071	Super Retail Group, Ltd.		73,273
	3,968	Superdry plc*		14,919
	900	T-Gaia Corp.		12,960
	2,400	USS Co., Ltd.		37,482
	240	Valora Holding AG*		40,989
	13,891	Vertu Motors plc		12,930
	8,200	VT Holdings Co., Ltd.		33,300
	1,939	Watches of Switzerland Group plc*(a)		37,245
	1,871	WHSmith plc*		37,335
	8,059	Wickes Group plc		25,810
	300	Workman Co., Ltd.		14,347
	800	World Co., Ltd.*		8,264
	700	Xebio Holdings Co., Ltd.		5,612
	2,913	XXL ASA(a)		4,623
	15,400	Yamada Holdings Co., Ltd.		52,627
	800	Yellow Hat, Ltd.		11,499

				3,818,149

Technology Hardware, Storage & (0.0%^†):
	65,000	Razer, Inc.*(a)		20,184

Technology Hardware, Storage & Peripherals (0.5%):
	4,600	Brother Industries, Ltd.		88,447
	4,400	Canon, Inc.		107,170
	700	EIZO Corp.		24,561
	1,800	Elecom Co., Ltd.		23,622
	700	FUJIFILM Holdings Corp.		51,899
	16,000	Konica Minolta, Inc.		72,905
	1,323	Logitech International SA, Class R		110,768
	1,900	Maxell Holdings, Ltd.		22,602
	4,000	Mcj Co., Ltd.		37,503
	5,300	NEC Corp.		244,725
	1,300	Noritsu Koki Co., Ltd.		30,670
	1,935	Quadient		42,091
	10,400	Ricoh Co., Ltd.		96,857
	600	Roland Dg Corp.		19,514
	2,197	S&T AG		36,627
	7,600	Seiko Epson Corp.		136,872
	1,200	Toshiba Tec Corp.		49,097
	4,400	Wacom Co., Ltd.		35,049

				1,230,979


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (2.2%):
	1,248	Adidas AG	$	359,891
	3,137	Aritzia, Inc.*		129,840
	1,400	Asics Corp.		31,045
	1,383	Brunello Cucinelli SpA*		94,968
	5,577	Burberry Group plc		136,631
	364	Calida Holding AG		19,403
	600	Canada Goose Holdings, Inc.*		22,239
	408	Canada Goose Holdings, Inc.*		15,121
	973	Chargeurs SA		28,916
	2,481	Cie Financiere Richemont SA		370,593
	35,102	Coats Group plc		32,817
	485	Delta-Galil Industries, Ltd.		33,350
	1,146	EssilorLuxottica SA		243,926
	449	Fox Wizel, Ltd.		80,865
	1,142	Gildan Activewear, Inc.		48,409
	2,431	Gildan Activewear, Inc.		103,079
	400	Goldwin, Inc.		23,107
	900	Gunze, Ltd.		31,552
	189	Hermes International SA		329,996
	2,296	Hugo Boss AG		139,908
	473	Kering		379,497
	1,500	Komatsu Matere Co., Ltd.		16,644
	700	Kurabo Industries, Ltd.		11,882
	1,826	LVMH Moet Hennessy Louis Vuitton SA		1,506,677
	2,248	Moncler SpA		162,461
	3,560	New Wave Group AB		65,633
	5,000	Onward Holdings Co., Ltd.		13,000
	12,688	Ovs SpA*(a)		36,586
	44,000	Pacific Textiles Holdings, Ltd.		20,768
	3,344	Pandora A/S		416,251
	8,500	Prada SpA		54,435
	863	Puma SE		105,660
	16,200	Samsonite International SA*(a)		32,915
	2,100	Sankyo Seiko Co., Ltd.		10,159
	500	Sanyo Shokai, Ltd.*		3,870
	1,000	Seiren Co., Ltd.		21,887
	17,500	Stella International Holdings, Ltd.		21,166
	451	Swatch Group AG (The), Class B		137,440
	862	Swatch Group AG (The), Registered Shares		50,317
	2,999	Ted Baker plc*		4,173
	60,000	Texwinca Holdings, Ltd.		11,928
	404	Tod’s SpA*^		22,485
	3,200	Tsi Holdings Co., Ltd.*		9,434
	5,500	Unitika, Ltd.*		14,348
	377	Van de Velde NV		14,724
	2,000	Wacoal Holdings Corp.		37,131
	40,014	Yue Yuen Industrial Holdings, Ltd.*		66,961

				5,524,088

Thrifts & Mortgage Finance (0.2%):
	1,484	Aareal Bank AG		48,591
	1,900	Aruhi Corp.		17,232
	3,618	Deutsche Pfandbriefbank AG(a)		43,443
	1,230	Equitable Group, Inc.		67,014
	1,100	Firm Capital Mortgage Investment Corp.		12,480
	16,190	Genworth Mortgage Insurance AU		27,340
	2,112	Home Capital Group, Inc.*		65,240
	4,785	MyState, Ltd.		17,641


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	9,478	OSB Group plc	$	70,970
	10,978	Paragon Banking Group plc		83,956
	3,600	Timbercreek Financial Corp.		27,353

				481,260

Tobacco (0.5%):
	12,168	British American Tobacco plc		450,761
	16,270	Imperial Brands plc, Class A		355,719
	13,100	Japan Tobacco, Inc.		264,171
	3,118	Scandinavian Tobacco Group A/S(a)		65,430
	9,940	Swedish Match AB		79,006

				1,215,087

Trading Companies & Distributors (2.3%):
	5,540	AddTech AB, Class B		131,006
	1,000	Alconix Corp.		11,626
	1,271	Alligo AB, Class B		26,991
	5,848	Ashtead Group plc		468,560
	653	BayWa AG		28,659
	4,032	Beijer Ref AB		88,293
	1,271	Bergman & Beving AB		21,088
	9,600	BOC Aviation, Ltd.(a)		70,382
	388	Bossard Holding AG		139,774
	2,597	Brenntag AG		235,266
	1,375	Bufab AB		67,470
	4,067	Bunzl plc		158,565
	70,000	China Strategic Holdings, Ltd.*		413
	400	Daiichi Jitsugyo Co., Ltd.		17,228
	1,506	Diploma plc		68,802
	4,000	Doman Building Materials Group, Ltd.		24,573
	14,169	Electrocomponents plc		230,597
	2,293	Ferguson plc		407,258
	7,400	Finning International, Inc.		186,521
	7,815	Grafton Group plc		130,128
	1,700	Hanwa Co., Ltd.		48,194
	17,460	Howden Joinery Group plc		212,426
	1,189	IMCD NV		263,943
	1,800	Inaba Denki Sangyo Co., Ltd.		42,291
	1,800	Inabata & Co., Ltd.		26,249
	3,146	Indutrade AB		95,525
	9,800	Itochu Corp.		299,803
	2,000	Iwatani Corp.		100,871
	616	Jacquet Metals SA		14,747
	500	Japan Pulp & Paper Co., Ltd.		17,912
	700	Kamei Corp.		6,350
	900	Kanaden Corp.		8,301
	1,700	Kanamoto Co., Ltd.		35,627
	3,100	Kanematsu Corp.		34,532
	2,972	Kloeckner & Co. SE*		36,268
	14,200	Marubeni Corp.		138,241
	2,400	Mitani Corp.		42,407
	6,700	Mitsubishi Corp.		212,771
	8,600	Mitsui & Co., Ltd.		203,678
	3,600	MonotaRo Co., Ltd.		64,895
	4,300	Nagase & Co., Ltd.		69,662
	600	Nichiden Corp.		12,237
	500	Nippon Steel Trading Corp.		21,827
	1,200	Nishio Rent All Co., Ltd.		29,969
	700	Onoken Co., Ltd.		10,196


Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	1,494	Reece, Ltd.	$	29,421
	9,256	Rexel SA		188,144
	1,992	Richelieu Hardware, Ltd.		68,715
	1,404	Russel Metals, Inc.		37,331
	600	Senshu Electric Co., Ltd.		31,044
	2,458	Seven Group Holdings, Ltd.		38,671
	7,700	Sojitz Corp.		115,699
	409	Solar A/S		49,290
	17,864	Speedy Hire plc		15,322
	6,600	Sumitomo Corp.		97,595
	117	Thermador Groupe		13,534
	2,372	Toromont Industries, Ltd.		214,470
	1,900	Toyota Tsushu Corp.		87,572
	7,192	Travis Perkins plc		150,947
	1,000	Trusco Nakayama Corp.		23,748
	800	Wajax Corp.		15,351
	2,700	Wakita & Co., Ltd.		25,263
	2,700	Yamazen Corp.		25,263
	800	Yuasa Trading Co., Ltd.		20,724

				5,810,226

Transportation Infrastructure (0.4%):
	242	Aena SME SA*(a)		38,222
	496	Aeroports de Paris*		64,080
	4,161	Atlantia SpA*		82,650
	13,785	Atlas Arteria, Ltd.		69,417
	8,117	Auckland International Airport, Ltd.*		42,820
	671	Flughafen Zuerich AG*		120,844
	1,124	Fraport AG*		75,545
	2,198	Getlink SE		36,460
	1,618	Hamburger Hafen und Logistik AG		37,872
	182,200	Hutchison Port Holdings Trust		40,996
	1,940	James Fisher & Sons plc*		9,702
	400	Japan Airport Terminal Co., Ltd.*		16,696
	3,500	Kamigumi Co., Ltd.		66,135
	1,400	Mitsubishi Logistics Corp.		35,123
	400	Nissin Corp.		5,757
	5,399	Port of Tauranga, Ltd.		24,666
	32,939	Qube Holdings, Ltd.		76,081
	2,100	Sumitomo Warehouse Co., Ltd. (The)		35,464
	11,723	Sydney Airport*		74,058
	10,150	Transurban Group		102,115
	2,729	Westshore Terminals Investment Corp.		57,868

				1,112,571

Water Utilities (0.1%):
	4,740	Pennon Group plc		75,039
	2,562	Severn Trent plc		102,300
	45,000	Siic Environment Holdings, Ltd.		8,183
	5,391	United Utilities Group plc		79,560

				265,082

Wireless Telecommunication Services (1.2%):
	1,292	1&1 AG		35,309
	3,670	Cellcom Israel, Ltd.*		20,612
	5,583	Freenet AG		148,164
	88,000	Hutchison Telecommunications Holdings, Ltd.		14,108
	27,900	KDDI Corp.		815,628
	5,186	Millicom International Cellular SA, SDR*		147,014


Shares			Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	1,000	Okinawa Cellular Telephone Co.	$	44,433
	1,324	Orange Belgium SA		29,993
	5,106	Partner Communications Co.*		41,541
	1,708	Rogers Communications, Inc., Class B		81,352
	1,900	Rogers Communications, Inc., Class B		90,478
	35,000	Smartone Telecommunications Ho		18,632
	9,900	Softbank Corp.		125,211
	19,200	SoftBank Group Corp.		907,345
	21,800	StarHub, Ltd.		21,999
	9,411	Tele2 AB		134,182
	306,023	Vodafone Group plc		456,346

				3,132,347

	Total Common Stocks (Cost $195,780,186)			249,197,764

Preferred Stocks (0.3%):
Automobiles (0.3%):
	1,167	Bayerische Motoren Werke AG (BMW), 2.62%, 5/15/20		97,398
	1,645	Porsche Automobil Holding SE, 2.65%, 5/20/20		156,095
	2,660	Volkswagen AG, 2.74%, 5/8/20		537,508

				791,001

Household Products (0.0%^†):
	588	Henkel AG & Co. KGaA, 2.60%, 4/21/20		47,614

	Total Preferred Stocks (Cost $744,381)			838,615

Contracts			Value
Warrants (0.0%^†):
Energy Equipment & Services (0.0%^†):
	64,038	Ezion Holdings, Ltd., 4/6/23		—

Oil, Gas & Consumable Fuels (0.0%^†):
	766	Cenovus Energy, Inc., 1/1/26		5,760

	Total Warrants (Cost $—)			5,760

Shares			Value
Rights (0.0%^†):
Pharmaceuticals (0.0%^†):
	7	Faes Farma SA, Expires on 12/31/21*		1

Real Estate Management & Development (0.0%^†):
	1,173	CA Immobilien Anla, Expires on 12/31/49*(b)		—

	Total Rights (Cost $1)			1

Principal Amount			Value
Short-Term Security Held as Collateral for Securities on Loan (0.4%):
	997,213	BlackRock Liquidity FedFund, Institutional Class , 0.03%(c)(d)		997,213

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $997,213)			997,213

Shares			Value
Unaffiliated Investment Company (0.2%):
Money Markets (0.2%):
	554,612	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(d)		554,612

	Total Unaffiliated Investment Company (Cost $554,612)			554,612

	Total Investment Securities (Cost $198,076,393) — 99.9%(e)			251,593,965
	Net other assets (liabilities) — 0.1%			224,481

	Net Assets — 100.0%		$	251,818,446

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2021:


Country	Percentage

Australia		6.0	%

Austria		0.5	%

Belgium		1.1	%

Bermuda		—	%^†

Cambodia		—	%^†

Canada		10.2	%

Cayman Islands		—	%^†

China		0.1	%

Colombia		—	%^†

Denmark		2.5	%

Egypt		—	%^†

European Community		—	%^†

Faroe Islands		—	%^†

Finland		1.7	%

France		7.6	%

Germany		7.1	%

Hong Kong		2.1	%

India		—	%^†

Ireland		1.3	%

Isle of Man		0.1	%

Israel		1.1	%


Country	Percentage

Italy		2.4	%

Japan		21.8	%

Jersey		—	%^†

Liechtenstein		—	%^†

Luxembourg		0.6	%

Malta		—	%^†

Mexico		—	%^†

Netherlands		4.1	%

New Zealand		0.5	%

Norway		0.7	%

Peru		—	%^†

Portugal		0.2	%

Singapore		0.9	%

Spain		2.1	%

Sweden		3.6	%

Switzerland		8.4	%

United Arab Emirates		—	%^†

United Kingdom		12.5	%

United States		0.8	%


		100.0	%

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	198,076,393

Investment securities, at value(a)	$	251,593,965
Cash		1,598
Interest and dividends receivable		248,716
Foreign currency, at value (cost $514,979)		517,909
Receivable for investments sold		26,593
Reclaims receivable		801,985
Prepaid expenses		1,192

Total Assets		253,191,958

Liabilities:
Payable for investments purchased		11,827
Payable for capital shares redeemed		103,171
Payable for collateral received on loaned securities		997,213
Manager fees payable		156,562
Administration fees payable		36,803
Distribution fees payable		52,187
Custodian fees payable		4,078
Administrative and compliance services fees payable		132
Transfer agent fees payable		326
Trustee fees payable		742
Other accrued liabilities		10,471

Total Liabilities		1,373,512

Net Assets	$	251,818,446

Net Assets Consist of:
Paid in capital	$	177,790,086
Total distributable earnings		74,028,360

Net Assets	$	251,818,446

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,439,512
Net Asset Value (offering and redemption price per share)	$	12.32

(a)	Includes securities on loan of $959,018.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Dividends	$	7,825,633
Interest		57
Income from securities lending		44,489
Foreign withholding tax		(786,832	)

Total Investment Income		7,083,347

Expenses:
Management fees		2,478,023
Administration fees		135,217
Distribution fees		652,110
Custodian fees		72,566
Administrative and compliance services fees		3,054
Transfer agent fees		4,825
Trustee fees		12,717
Professional fees		11,043
Shareholder reports		4,878
Other expenses		42,350

Total expenses before reductions		3,416,783
Less Management fees contractually waived		(521,694	)

Net expenses		2,895,089

Net Investment Income/(Loss)		4,188,258

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		18,358,301
Change in net unrealized appreciation/depreciation on securities and foreign currencies		10,554,923

Net realized and Change in net unrealized gains/losses on investments		28,913,224

Change in Net Assets Resulting From Operations	$	33,101,482

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA International Core Equity Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $4,401 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $997,213 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

The current outbreak of the novel strain of coronavirus, COVID-19, has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other preexisting political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $199,636,211. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2021, the Fund utilized $973,492 in capital loss carry forwards (“CLCFs”) to offset capital gains. As of the end of its tax year ended December 31, 2021, the Fund had no remaining CLCFs.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 80% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA International Core Equity Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

able to hear each other simultaneously during the meeting. Accordingly, the Advisory Contracts were approved by the Board at a meeting on September 14, 2021. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2023. Additionally, at a subsequent meeting held November 16, 2021, the Board considered and approved a recommendation to add two new sub-subadvisors affiliated with the Subadviser to assist the Subadviser to the AZL Enhanced Bond Index Fund.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019-2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® DFA U.S. Core Equity Fund (the “Fund”) returned 27.31%. That compared to a 25.66% total return for its benchmark, the Russell 3000^® Index.¹

The ongoing economic recovery from the COVID-19 pandemic produced consistent growth in U.S. equities throughout the year. Fiscal and monetary stimulus, rising consumer confidence, and solid earnings performance fueled gains despite inflationary pressures late in the year.

Small-cap stocks underperformed large-cap stocks during the period. Large-cap value stocks underperformed large-cap growth stocks during the period. However, small-cap value stocks outperformed small-cap growth stocks.

In the large-cap universe, stocks with lower relative prices and higher profitability performed in line with stocks with higher relative prices and lower profitability. In the small-cap universe, however, stocks with lower relative prices

and higher profitability outperformed stocks with higher relative prices and lower profitability.

The Fund’s outperformance relative to its benchmark was primarily driven by its emphasis on small-cap value stocks, which were among the benchmark’s best performers during the period. The Fund’s emphasis on stocks with higher profitability also contributed to relative results, as these stocks performed better than their lower-profitability peers during the period.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

Investment Concerns

Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA U.S. Core Equity Fund		27.31	%		24.69	%		16.64	%		13.56	%
Russell 3000^® Index		25.66	%		25.79	%		17.97	%		14.69	%


Expense Ratio	Gross
AZL^® DFA U.S. Core Equity Fund		1.11	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.54% through at least April 30, 2023. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.20% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Russell 3000^® Index, which is an unmanaged broad capitalization index of the top 3,000 U.S. stocks by market capitalization and covers 98% of the U.S. equity investable universe. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL DFA U.S. Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (99.6%):
Aerospace & Defense (1.3%):
	1,210	AAR Corp.*	$	47,226
	2,968	Aerojet Rocketdyne Holdings, Inc.		138,784
	358	AeroVironment, Inc.*		22,207
	712	Astronics Corp.*		8,544
	415	Astronics Corp., Class B*		4,984
	908	Axon Enterprise, Inc.*		142,556
	3,878	Boeing Co. (The)*		780,719
	2,720	BWX Technologies, Inc.		130,234
	685	CPI Aerostructures, Inc.*		1,870
	914	Curtiss-Wright Corp.		126,744
	625	Ducommun, Inc.*		29,231
	1,727	General Dynamics Corp.		360,028
	569	HEICO Corp.		82,061
	769	HEICO Corp., Class A		98,832
	2,189	Hexcel Corp.*		113,390
	5,511	Howmet Aerospace, Inc.		175,415
	1,188	Huntington Ingalls Industries, Inc.		221,847
	2,947	Kratos Defense & Security Solutions, Inc.*		57,172
	2,175	L3harris Technologies, Inc.		463,797
	3,238	Lockheed Martin Corp.		1,150,818
	1,378	Mercury Systems, Inc.*		75,873
	913	Moog, Inc., Class A		73,926
	343	National Presto Industries, Inc.		28,136
	1,391	Northrop Grumman Corp.		538,414
	953	Park Aerospace Corp., Class C		12,580
	10,908	Raytheon Technologies Corp.		938,742
	2,265	Spirit AeroSystems Holdings, Inc., Class A		97,599
	2,800	Textron, Inc.		216,160
	521	TransDigm Group, Inc.*		331,502
	337	Vectrus, Inc.*		15,424

				6,484,815

Air Freight & Logistics (0.8%):
	2,159	Air Transport Services Group, Inc.*		63,431
	464	Atlas Air Worldwide Holdings, Inc.*		43,672
	3,174	C.H. Robinson Worldwide, Inc.		341,618
	2,787	Expeditors International of Washington, Inc.		374,266
	2,443	FedEx Corp.		631,857
	619	Forward Air Corp.		74,955
	1,805	GXO Logistics, Inc.*		163,948
	766	Hub Group, Inc., Class A*		64,528
	3,266	Radiant Logistics, Inc.*		23,809
	8,651	United Parcel Service, Inc., Class B		1,854,255
	2,834	XPO Logistics, Inc.*		219,437

				3,855,776

Airlines (0.3%):
	2,670	Alaska Air Group, Inc.*		139,107
	229	Allegiant Travel Co.*		42,832
	7,999	American Airlines Group, Inc.*^		143,662
	841	Copa Holdings SA, Class A*		69,517
	9,886	Delta Air Lines, Inc.*		386,345
	1,057	Hawaiian Holdings, Inc.*		19,417
	9,359	JetBlue Airways Corp.*		133,272
	1,602	SkyWest, Inc.*		62,959
	5,986	Southwest Airlines Co.*		256,440
	2,445	Spirit Airlines, Inc.*		53,423
	3,464	United Airlines Holdings, Inc.*		151,654

				1,458,628


Shares			Value
Common Stocks, continued
Auto Components (0.5%):
	2,780	Adient plc*	$	133,106
	4,269	American Axle & Manufacturing Holdings, Inc.*		39,830
	1,883	Aptiv plc*		310,601
	2,666	Autoliv, Inc.		275,691
	6,004	BorgWarner, Inc.		270,600
	1,256	Cooper-Standard Holding, Inc.*		28,147
	3,513	Dana, Inc.		80,167
	687	Dorman Products, Inc.*		77,638
	798	Fox Factory Holding Corp.*		135,740
	6,025	Gentex Corp.		209,971
	799	Gentherm, Inc.*		69,433
	6,635	Goodyear Tire & Rubber Co. (The)*		141,458
	1,365	Horizon Global Corp.*		10,893
	578	LCI Industries		90,093
	1,505	Lear Corp.		275,340
	3,637	Modine Manufacturing Co.*		36,697
	1,190	Motorcar Parts of America, Inc.*		20,313
	856	Patrick Industries, Inc.		69,071
	4,082	QuantumScape Corp.*^		90,580
	616	Standard Motor Products, Inc.		32,272
	587	Stoneridge, Inc.*		11,587
	275	Strattec Security Corp.*		10,180
	1,349	Tenneco, Inc.*		15,244
	3,249	Veoneer, Inc.*		115,275
	517	Visteon Corp.*		57,459
	1,621	VOXX International Corp.*		16,486

				2,623,872

Automobiles (1.1%):
	31,520	Ford Motor Co.		654,670
	20,655	General Motors Co.*		1,211,003
	4,049	Harley-Davidson, Inc.		152,607
	3,384	Tesla, Inc.*		3,576,143
	375	Thor Industries, Inc.		38,914
	729	Winnebago Industries, Inc.		54,617

				5,687,954

Banks (5.3%):
	859	1st Source Corp.		42,606
	504	ACNB Corp.		15,765
	954	Allegiance Bancshares, Inc.		40,268
	661	American National Bankshares, Inc.		24,906
	1,776	Ameris Bancorp		88,232
	704	Ames National Corp.		17,241
	1,015	Arrow Financial Corp.		35,758
	3,325	Associated Banc-Corp.		75,112
	1,160	Atlantic Capital Bancshares, Inc.*		33,373
	2,280	Atlantic Union Bankshares Corp.		85,021
	2,056	Banc of California, Inc.		40,339
	646	BancFirst Corp.		45,582
	2,831	Bancorp, Inc. (The)*		71,653
	53,873	Bank of America Corp.		2,396,810
	1,028	Bank of Hawaii Corp.		86,105
	724	Bank of Marin Bancorp		26,955
	1,592	Bank of Nt Butterfield & Son, Ltd. (The)		60,671
	3,554	Bank OZK		165,368
	2,950	BankUnited, Inc.		124,815
	1,129	Banner Corp.		68,496
	433	Bar Harbor Bankshares		12,527


Shares			Value
Common Stocks, continued
Banks, continued
	842	BCB Bancorp, Inc.	$	12,992
	2,598	Berkshire Hills Bancorp, Inc.		73,861
	1,565	BOK Financial Corp.		165,092
	2,707	Brookline Bancorp, Inc.		43,826
	578	Bryn Mawr Bank Corp.		26,016
	977	Byline BanCorp, Inc.		26,721
	74	C&F Financial Corp.		3,788
	4,719	Cadence Bank		140,579
	843	Camden National Corp.		40,599
	489	Capital City Bank Group, Inc.		12,910
	2,132	Cathay General Bancorp		91,655
	1,225	CBTX, Inc.		35,525
	1,402	Central Pacific Financial Corp.		39,494
	933	Central Valley Community Bancorp		19,378
	377	Chemung Financial Corp.		17,259
	2,299	CIT Group, Inc.		118,031
	20,877	Citigroup, Inc.		1,260,762
	943	Citizens & Northern Corp.		24,631
	5,111	Citizens Financial Group, Inc.		241,495
	552	Citizens Holding Co.		10,350
	365	City Holding Co.		29,853
	938	Civista Bancshares, Inc.		22,887
	735	CNB Financial Corp.		19,478
	85	Codorus Valley Bancorp, Inc.		1,836
	56	Colony Bankcorp, Inc.		956
	2,267	Columbia Banking System, Inc.		74,176
	3,274	Comerica, Inc.		284,838
	3,042	Commerce Bancshares, Inc.		209,107
	1,393	Community Bank System, Inc.		103,751
	517	Community Trust Bancorp, Inc.		22,546
	1,154	ConnectOne Bancorp, Inc.		37,747
	1,311	Cullen/Frost Bankers, Inc.		165,278
	1,643	Customers Bancorp, Inc.		107,403
	4,350	CVB Financial Corp.		93,134
	1,876	Dime Community Bancshares, Inc.		65,960
	1,065	Eagle Bancorp, Inc.		62,132
	3,269	East West Bancorp, Inc.		257,205
	820	Enterprise Financial Services Corp.		38,614
	682	Equity Bancshares, Inc.		23,140
	312	Evans Bancorp, Inc.		12,574
	8,341	F.N.B. Corp.		101,176
	1,329	Farmers National Banc Corp.		24,653
	1,408	FB Financial Corp.		61,699
	9,314	Fifth Third Bancorp		405,625
	1,053	Financial Institutions, Inc.		33,485
	6,611	First Bancorp		91,100
	814	First Bancorp, Inc.		25,560
	1,262	First Bancorp/Southern Pines NC		57,699
	611	First Bancshares, Inc. (The)		23,597
	1,378	First Busey Corp.		37,371
	664	First Business Financial Services, Inc.		19,369
	221	First Citizens BancShares, Inc., Class A		183,395
	2,520	First Commonwealth Financial Corp.		40,547
	512	First Community Bankshares		17,111
	3,105	First Financial Bancorp		75,700
	3,432	First Financial Bankshares, Inc.		174,483
	536	First Financial Corp.		24,275


Shares			Value
Common Stocks, continued
Banks, continued
	733	First Financial Northwest, Inc.	$	11,853
	1,155	First Foundation, Inc.		28,713
	1,512	First Hawaiian, Inc.		41,323
	12,573	First Horizon Corp.		205,317
	1,244	First Interstate BancSystem, Class A		50,593
	1,606	First Merchants Corp.		67,275
	660	First Mid Bancshares, Inc.		28,241
	4,022	First Midwest Bancorp, Inc.		82,371
	1,573	First of Long Island Corp. (The)		33,961
	1,741	First Republic Bank		359,534
	2,253	Flushing Financial Corp.		54,748
	5,044	Fulton Financial Corp.		85,748
	769	German American Bancorp, Inc.		29,976
	3,614	Glacier Bancorp, Inc.		204,914
	397	Great Southern Bancorp, Inc.		23,522
	2,353	Great Western Bancorp, Inc.		79,908
	2,782	Hancock Whitney Corp.		139,156
	2,408	Hanmi Financial Corp.		57,021
	1,642	HarborOne BanCorp, Inc.		24,367
	43	Hawthorn Bancshares, Inc.		1,111
	1,853	Heartland Financial USA, Inc.		93,780
	1,197	Heritage Financial Corp.		29,255
	2,010	Hertiage Commerce Corp.		23,999
	2,750	Hilltop Holdings, Inc.		96,635
	4,922	Home Bancshares, Inc.		119,851
	484	Hometrust Bancshares, Inc.		14,994
	4,470	Hope BanCorp, Inc.		65,754
	1,071	Horizon Bancorp		22,330
	17,788	Huntington Bancshares, Inc.		274,291
	1,236	Independent Bank Corp.		100,771
	855	Independent Bank Corp.		20,409
	1,169	Independent Bank Group, Inc.		84,343
	1,836	International Bancshares Corp.		77,828
	7,175	Investors Bancorp, Inc.		108,701
	31,257	JPMorgan Chase & Co.		4,949,546
	13,247	KeyCorp		306,403
	1,465	Lakeland Bancorp, Inc.		27,820
	582	Lakeland Financial Corp.		46,641
	552	Landmark Bancorp, Inc.		15,732
	712	LCNB Corp.		13,905
	1,274	Live Oak Bancshares, Inc.		111,207
	1,471	M&T Bank Corp.		225,916
	2,571	Macatawa Bank Corp.		22,676
	472	Mercantile Bank Corp.		16,534
	241	Midland States BanCorp, Inc.		5,974
	638	MidWestone Financial Group, Inc.		20,652
	702	National Bank Holdings Corp.		30,846
	514	National Bankshares, Inc.		18,638
	1,264	NBT Bancorp, Inc.		48,689
	373	Nicolet Bankshares, Inc.*		31,985
	510	Northrim Bancorp, Inc.		22,165
	511	Norwood Financial Corp.		13,281
	2,292	OFG Bancorp		60,876
	440	Ohio Valley Banc Corp.		12,782
	4,797	Old National Bancorp		86,922
	2,225	Old Second Bancorp, Inc.		28,013
	550	Origin Bancorp, Inc.		23,606


Shares			Value
Common Stocks, continued
Banks, continued
	638	Orrstown Financial Services, Inc.	$	16,078
	2,518	Pacific Premier Bancorp, Inc.		100,796
	2,447	PacWest Bancorp		110,531
	467	Park National Corp.		64,124
	1,165	Peapack-Gladstone Financial Corp.		41,241
	546	Penns Woods Bancorp, Inc.		12,869
	608	Peoples Bancorp of NC		16,775
	1,117	Peoples Bancorp, Inc.		35,532
	11,228	People’s United Financial, Inc.		200,083
	1,752	Pinnacle Financial Partners, Inc.		167,316
	3,044	PNC Financial Services Group, Inc. (The)		610,383
	1,986	Popular, Inc.		162,931
	432	Preferred Bank Los Angeles		31,013
	707	Primis Financial Corp.		10,633
	2,191	Prosperity Bancshares, Inc.		158,409
	606	QCR Holdings, Inc.		33,936
	487	Rbb BanCorp		12,759
	13,669	Regions Financial Corp.		297,984
	1,373	Renasant Corp.		52,105
	917	Republic Bancorp, Inc., Class A		46,620
	869	S & T Bancorp, Inc.		27,391
	148	Salisbury Bancorp, Inc.		7,826
	1,366	Sandy Spring Bancorp, Inc.		65,677
	1,366	Seacoast Banking Corp of Florida		48,343
	1,110	ServisFirst Bancshares, Inc.		94,283
	1,113	Shore Bancshares, Inc.		23,206
	1,028	Sierra Bancorp		27,910
	784	Signature Bank		253,601
	3,102	Simmons First National Corp., Class A		91,757
	950	Southside Bancshares, Inc.		39,729
	1,915	SouthState Corp.		153,411
	5,238	Sterling Bancorp		135,088
	527	Stock Yards Bancorp, Inc.		33,665
	557	Summit Financial Group, Inc.		15,290
	702	SVB Financial Group*		476,125
	3,723	Synovus Financial Corp.		178,220
	1,633	Texas Capital Bancshares, Inc.*		98,388
	490	Tompkins Financial Corp.		40,954
	2,209	TowneBank		69,782
	820	TriCo Bancshares		35,227
	959	Tristate Capital Holdings, Inc.*		29,019
	1,001	Triumph BanCorp, Inc.*		119,199
	9,462	Truist Financial Corp.		554,000
	1,695	Trustmark Corp.		55,020
	14,586	U.S. Bancorp		819,296
	1,375	UMB Financial Corp.		145,901
	6,312	Umpqua Holdings Corp.		121,443
	3,681	United Bankshares, Inc.		133,547
	1,942	United Community Banks, Inc.		69,795
	1,190	United Security Bancshares		9,663
	42	Unity Bancorp, Inc.		1,103
	850	Univest Financial Corp.		25,432
	12,068	Valley National Bancorp		165,935
	501	Washington Trust Bancorp		28,241
	2,517	Webster Financial Corp.		140,549
	29,728	Wells Fargo & Co.		1,426,349
	1,645	WesBanco, Inc.		57,559


Shares			Value
Common Stocks, continued
Banks, continued
	1,062	West Bancorp	$	32,996
	685	Westamerica Bancorp		39,545
	2,129	Western Alliance Bancorp		229,187
	1,524	Wintrust Financial Corp.		138,410
	3,716	Zions Bancorp		234,703

				26,550,312

Beverages (1.3%):
	145	Boston Beer Co., Inc. (The), Class A*		73,240
	1,105	Brown-Forman Corp., Class A		74,908
	3,136	Brown-Forman Corp., Class B		228,489
	374	Celsius Holdings, Inc.*		27,889
	37,033	Coca-Cola Co. (The)		2,192,724
	179	Coca-Cola Consolidated, Inc.		110,835
	919	Constellation Brands, Inc., Class C		230,641
	4,758	Keurig Dr Pepper, Inc.		175,380
	615	MGP Ingredients, Inc.		52,269
	3,243	Molson Coors Brewing Co., Class B		150,313
	2,382	Monster Beverage Corp.*		228,767
	1,621	National Beverage Corp.		73,480
	15,698	PepsiCo, Inc.		2,726,900

				6,345,835

Biotechnology (2.3%):
	489	2Seventy Bio, Inc.*		12,533
	18,635	AbbVie, Inc.		2,523,179
	2,144	ACADIA Pharmaceuticals, Inc.*		50,041
	3,964	Adverum Biotechnologies, Inc.*		6,977
	436	Agios Pharmaceuticals, Inc.*		14,331
	7,184	Akebia Therapeutics, Inc.*		16,236
	1,908	Alector, Inc.*		39,400
	1,012	Alkermes plc*		23,539
	2,313	Allogene Therapeutics, Inc.*		34,510
	471	Alnylam Pharmaceuticals, Inc.*		79,872
	6,716	Amgen, Inc.		1,510,899
	955	AnaptysBio, Inc.*		33,186
	990	Arcus Biosciences, Inc.*		40,065
	984	Arena Pharmaceuticals, Inc.*		91,453
	920	Arrowhead Pharmaceuticals, Inc.*		60,996
	1,907	Atara Biotherapeutics, Inc.*		30,054
	1,327	Biogen, Inc.*		318,374
	535	Biohaven Pharmaceutical Holding Co., Ltd.*		73,728
	2,087	BioMarin Pharmaceutical, Inc.*		184,386
	1,469	Bluebird Bio, Inc.*		14,675
	1,208	Blueprint Medicines Corp.*		129,389
	723	CareDx, Inc.*		32,882
	1,101	Celldex Therapeutics, Inc.*		42,543
	718	Concert Pharmaceuticals, Inc.*		2,262
	906	CRISPR Therapeutics AG*		68,657
	1,534	Denali Therapeutics, Inc.*		68,416
	233	Eagle Pharmaceuticals, Inc.*		11,864
	1,370	Editas Medicine, Inc.*		36,374
	1,656	Emergent BioSolutions, Inc.*		71,986
	585	Enanta Pharmaceuticals, Inc.*		43,746
	1,700	Exact Sciences Corp.*		132,311
	6,966	Exelixis, Inc.*		127,338
	567	Fate Therapeutics, Inc.*		33,175
	522	Fibrogen, Inc.*		7,360


Shares			Value
Common Stocks, continued
Biotechnology, continued
	1,432	G1 Therapeutics, Inc.*^	$	14,621
	11,958	Gilead Sciences, Inc.		868,270
	852	Global Blood Therapeutics, Inc.*		24,938
	779	Glycomimetics Industries*		1,122
	2,867	Halozyme Therapeutics, Inc.*		115,282
	1,961	Incyte Corp.*		143,937
	1,650	Intellia Therapeutics, Inc.*		195,096
	1,964	Ionis Pharmaceuticals, Inc.*		59,765
	2,315	Iovance Biotherapeutics, Inc.*		44,193
	2,568	Ironwood Pharmaceuticals, Inc.*		29,943
	275	Karuna Therapeutics, Inc.*		36,025
	200	Kodiak Sciences, Inc.*		16,956
	1,263	Kura Oncology, Inc.*		17,682
	757	Kymera Therapeutics, Inc.*		48,062
	340	Ligand Pharmaceuticals, Inc.*		52,516
	1,449	Macrogenics, Inc.*		23,256
	194	Madrigal Pharmaceuticals, Inc.*		16,440
	710	Mirati Therapeutics, Inc.*		104,150
	4,559	Moderna, Inc.*		1,157,895
	2,351	Myriad Genetics, Inc.*		64,888
	876	Natera, Inc.*		81,810
	715	Neurocrine Biosciences, Inc.*		60,897
	464	Novavax, Inc.*^		66,384
	10,235	OPKO Health, Inc.*		49,230
	9,565	PDL BioPharma, Inc.		32,808
	1,720	Prothena Corp. plc*		84,968
	1,210	Regeneron Pharmaceuticals, Inc.*		764,139
	895	REGENXBIO, Inc.*		29,267
	440	Repligen Corp.*		116,530
	1,053	Rhythm Pharmaceuticals, Inc.*		10,509
	1,042	Rocket Pharmaceuticals, Inc.*		22,747
	1,793	Sage Therapeutics, Inc.*		76,274
	2,916	Sangamo Therapeutics, Inc.*		21,870
	660	Sarepta Therapeutics, Inc.*		59,433
	1,210	Seagen, Inc.*		187,066
	2,126	Spectrum Pharmaceuticals, Inc.*		2,700
	602	SpringWorks Therapeutics, Inc.*		37,312
	874	Travere Therapeutics, Inc.*		27,129
	1,104	Ultragenyx Pharmaceutical, Inc.*		92,835
	882	United Therapeutics Corp.*		190,583
	1,179	Vanda Pharmaceuticals, Inc.*		18,499
	1,880	Vertex Pharmaceuticals, Inc.*		412,848
	1,246	Xencor, Inc.*		49,990

				11,497,602

Building Products (1.0%):
	2,754	A.O. Smith Corp.		236,431
	1,062	AAON, Inc.		84,355
	1,812	Advanced Drainage Systems, Inc.		246,668
	1,795	Allegion plc		237,730
	515	American Woodmark Corp.*		33,578
	1,085	Apogee Enterprises, Inc.		52,243
	1,778	Armstrong Flooring, Inc.*		3,520
	1,537	Armstrong World Industries, Inc.		178,476
	3,106	AZEK Co., Inc. (The)*		143,621
	4,473	Builders FirstSource, Inc.*		383,381
	7,509	Carrier Global Corp.		407,288
	3,362	Cornerstone Building Brands, Inc.*		58,633


Shares			Value
Common Stocks, continued
Building Products, continued
	547	Csw Industrials, Inc.	$	66,110
	2,644	Fortune Brands Home & Security, Inc.		282,644
	715	Gibraltar Industries, Inc.*		47,676
	1,993	Griffon Corp.		56,761
	1,209	Insteel Industries, Inc.		48,130
	2,135	Jeld-Wen Holding, Inc.*		56,279
	3,721	Johnson Controls International plc		302,555
	617	Lennox International, Inc.		200,130
	2,484	Masco Corp.		174,426
	681	Masonite International Corp.*		80,324
	2,995	Owens Corning		271,047
	1,379	PGT Innovations, Inc.*		31,014
	1,160	Quanex Building Products Corp.		28,745
	3,728	Resideo Technologies, Inc.*		97,040
	1,119	Simpson Manufacturing Co., Inc.		155,619
	1,810	Trane Technologies plc		365,674
	1,485	Trex Co., Inc.*		200,520
	1,914	UFP Industries, Inc.		176,107
	3,709	Zurn Water Solutions Corp.		135,008

				4,841,733

Capital Markets (3.0%):
	837	Affiliated Managers Group, Inc.		137,695
	1,953	Ameriprise Financial, Inc.		589,142
	3,221	Apollo Asset Management, Inc.		233,297
	1,834	Ares Management Corp., Class A		149,049
	1,585	Artisan Partners Asset Management, Inc., Class A		75,509
	734	B Riley Financial, Inc.		65,223
	6,009	Bank of New York Mellon Corp. (The)		349,003
	9,837	BGC Partners, Inc., Class A		45,742
	1,088	BlackRock, Inc., Class A		996,129
	5,256	Blackstone Group, Inc. (The), Class A		680,074
	2,377	Blucora, Inc.*		41,170
	902	Brightsphere Investment Group, Inc.		23,091
	1,257	Cboe Global Markets, Inc.		163,913
	7,675	Charles Schwab Corp. (The)		645,468
	1,955	CME Group, Inc.		446,639
	1,396	Cohen & Steers, Inc.		129,144
	190	Diamond Hill Investment Group		36,904
	1,791	Donnelley Financial Solutions, Inc.*		84,428
	566	FactSet Research Systems, Inc.		275,082
	3,404	Federated Hermes, Inc., Class B		127,922
	5,820	Franklin Resources, Inc.		194,912
	388	GAMCO Investors, Inc., Class A		9,692
	3,428	Goldman Sachs Group, Inc. (The)		1,311,381
	255	Greenhill & Co., Inc.		4,572
	569	Hamilton Lane, Inc.		58,960
	211	Hennessy Advisors, Inc.		2,292
	1,585	Houlihan Lokey, Inc.		164,079
	693	Interactive Brokers Group, Inc., Class A		55,038
	3,163	Intercontinental Exchange, Inc.		432,604
	9,972	Invesco, Ltd.		229,555
	4,134	Janus Henderson Group plc		173,380
	4,821	KKR & Co., Inc., Class A		359,165
	2,997	Lazard, Ltd., Class A		130,759
	1,927	LPL Financial Holdings, Inc.		308,493
	337	MarketAxess Holdings, Inc.		138,598
	1,075	Moelis & Co., Class A		67,198


Shares			Value
Common Stocks, continued
Capital Markets, continued
	1,496	Moody’s Corp.	$	584,308
	13,808	Morgan Stanley		1,355,393
	806	Morningstar, Inc.		275,644
	583	MSCI, Inc., Class A		357,198
	2,070	Nasdaq, Inc.		434,721
	2,692	Northern Trust Corp.		321,990
	365	Oppenheimer Holdings, Class A		16,925
	613	Piper Jaffray Cos., Inc.		109,427
	394	PJT Partners, Inc.		29,191
	1,113	Pzena Investment Management, Inc.		10,540
	2,866	Raymond James Financial, Inc.		287,746
	2,231	S&P Global, Inc.		1,052,876
	3,335	SEI Investments Co.		203,235
	660	Silvercrest Asset Management Group, Inc., Class A		11,332
	4,353	State Street Corp.		404,829
	2,748	Stifel Financial Corp.		193,514
	597	StoneX Group, Inc.*		36,566
	2,023	T. Rowe Price Group, Inc.		397,803
	800	Tradeweb Markets, Inc., Class A		80,112
	1,429	Virtu Financial, Inc., Class A		41,198
	154	Virtus Investment Partners, Inc.		45,753
	425	Westwood Holdings, Inc.		7,200
	3,476	WisdomTree Investments, Inc.		21,273

				15,214,076

Chemicals (2.4%):
	1,846	AdvanSix, Inc.		87,224
	1,737	Air Products & Chemicals, Inc.		528,500
	1,313	Albemarle Corp.		306,940
	1,157	American Vanguard Corp.		18,963
	1,489	Ashland Global Holdings, Inc.		160,306
	2,333	Avient Corp.		130,531
	7,753	Axalta Coating Systems, Ltd.*		256,779
	838	Balchem Corp.		141,287
	1,642	Cabot Corp.		92,280
	2,236	Celanese Corp.		375,782
	3,882	CF Industries Holdings, Inc.		274,768
	328	Chase Corp.		32,656
	4,033	Chemours Co. (The)		135,347
	578	Core Molding Technologies, Inc.*		4,919
	8,592	Corteva, Inc.		406,230
	17,492	Dow, Inc.		992,146
	5,587	DuPont de Nemours, Inc.		451,318
	1,908	Eastman Chemical Co.		230,696
	2,031	Ecolab, Inc.		476,452
	1,630	Ecovyst, Inc.		16,691
	7,787	Element Solutions, Inc.		189,068
	1,912	Ferro Corp.*		41,739
	2,273	FMC Corp.		249,780
	3,222	Futurefuel Corp.		24,616
	1,709	GCP Applied Technologies, Inc.*		54,107
	1,438	H.B. Fuller Co.		116,478
	5,566	Huntsman Corp.		194,142
	962	Ingevity Corp.*		68,975
	571	Innospec, Inc.		51,584
	2,916	International Flavors & Fragrances, Inc.		439,295
	1,498	Intrepid Potash, Inc.*		64,010
	783	Koppers Holdings, Inc.*		24,508


Shares			Value
Common Stocks, continued
Chemicals, continued
	646	Kraton Corp.*	$	29,923
	2,011	Kronos Worldwide, Inc.		30,185
	3,813	Linde plc		1,320,938
	2,160	Livent Corp.*		52,661
	1,603	LSB Industries, Inc.*		17,713
	9,096	LyondellBasell Industries NV, Class A		838,924
	971	Minerals Technologies, Inc.		71,029
	7,687	Mosaic Co. (The)		302,022
	301	NewMarket Corp.		103,159
	4,819	Olin Corp.		277,189
	2,364	Orion Engineered Carbons SA*		43,403
	3,040	PPG Industries, Inc.		524,218
	3,631	Rayonier Advanced Materials, Inc.*		20,733
	2,581	RPM International, Inc.		260,681
	1,131	Scotts Miracle-Gro Co. (The)		182,091
	1,042	Sensient Technologies Corp.		104,263
	2,297	Sherwin Williams Co.		808,912
	569	Stepan Co.		70,721
	1,627	Trecora Resources*		13,146
	1,070	Tredegar Corp.		12,647
	1,279	Trinseo PLC*		67,096
	4,906	Tronox Holdings plc, Class A		117,891
	2,580	Valvoline, Inc.		96,208
	4,276	Venator Materials plc*		10,861
	2,150	Westlake Chemical Corp.		208,830

				12,223,561

Commercial Services & Supplies (0.9%):
	1,913	ABM Industries, Inc.		78,146
	2,927	ACCO Brands Corp.		24,177
	11,570	ADT, Inc.		97,304
	1,067	Brady Corp., Class A		57,511
	844	Brink’s Co. (The)		55,341
	1,028	Casella Waste Systems, Inc.*		87,812
	2,003	CECO Environmental Corp.*		12,479
	518	Cimpress plc*		37,094
	843	Cintas Corp.		373,592
	433	Civeo Corp.*		8,301
	1,794	Clean Harbors, Inc.*		178,987
	3,043	Copart, Inc.*		461,380
	859	Deluxe Corp.		27,582
	1,613	Ennis, Inc.		31,502
	2,148	Healthcare Services Group, Inc.		38,213
	1,042	Heritage-Crystal Clean, Inc.*		33,365
	1,467	HNI Corp.		61,687
	2,623	IAA, Inc.*		132,776
	2,041	Interface, Inc.		32,554
	5,118	KAR Auction Services, Inc.*		79,943
	2,829	Kimball International, Inc., Class B		28,941
	919	Matthews International Corp., Class A		33,700
	730	McGrath Rentcorp		58,590
	1,866	MillerKnoll, Inc.		73,128
	763	MSA Safety, Inc.		115,182
	1,552	NL Industries, Inc.		11,485
	4,238	Pitney Bowes, Inc.		28,098
	2,606	Quad Graphics, Inc.*		10,424
	4,992	Republic Services, Inc., Class A		696,134
	5,020	Rollins, Inc.		171,734


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	2,114	RR Donnelley & Sons Co.*	$	23,804
	503	SP Plus Corp.*		14,195
	2,563	Steelcase, Inc., Class A		30,038
	2,286	Stericycle, Inc.*		136,337
	1,534	Team, Inc.*		1,672
	1,039	Tetra Tech, Inc.		176,422
	542	UniFirst Corp.		114,037
	1,141	US Ecology, Inc.*		36,444
	1,003	Viad Corp.*		42,918
	1,763	Vidler Water Resouces, Inc.*		21,297
	824	Vse Corp.		50,215
	5,622	Waste Management, Inc.		938,312

				4,722,853

Communications Equipment (0.9%):
	1,069	ADTRAN, Inc.		24,405
	752	Applied Optoelectronics, Inc.*		3,865
	2,864	Arista Networks, Inc.*		411,700
	1,829	CalAmp Corp.*		12,913
	644	Calix, Inc.*		51,501
	2,888	Ciena Corp.*		222,289
	38,576	Cisco Systems, Inc.		2,444,561
	6,102	CommScope Holding Co., Inc.*		67,366
	316	Communications Systems, Inc.		758
	756	Comtech Telecommunications Corp.		17,910
	1,262	Digi International, Inc.*		31,007
	1,548	EchoStar Corp., Class A*		40,790
	1,189	EMCORE Corp.*		8,299
	868	F5, Inc.*		212,408
	2,194	Harmonic, Inc.*		25,802
	2,944	Infinera Corp.*		28,233
	441	InterDigital, Inc.		31,589
	5,828	Juniper Networks, Inc.		208,118
	909	KVH Industries, Inc.*		8,354
	1,533	Lumentum Holdings, Inc.*		162,145
	1,630	Motorola Solutions, Inc.		442,871
	1,010	NETGEAR, Inc.*		29,502
	1,838	NetScout Systems, Inc.*		60,801
	3,679	Ribbon Communications, Inc.*		22,258
	181	Ubiquiti, Inc.		55,513
	2,004	ViaSat, Inc.*		89,258
	4,098	Viavi Solutions, Inc.*		72,207

				4,786,423

Construction & Engineering (0.4%):
	3,257	AECOM*		251,929
	673	Ameresco, Inc., Class A*		54,809
	1,062	Arcosa, Inc.		55,967
	455	Argan, Inc.		17,604
	1,049	Comfort Systems USA, Inc.		103,788
	1,213	Construction Partners, Inc., Class A*		35,674
	710	Dycom Industries, Inc.*		66,570
	1,291	EMCOR Group, Inc.		164,460
	2,848	Fluor Corp.*		70,545
	1,277	Granite Construction, Inc.		49,420
	2,266	Great Lakes Dredge & Dock Co.*		35,621
	656	IES Holdings, Inc.*		33,220
	1,326	Jacobs Engineering Group, Inc.		184,619


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	2,313	MasTec, Inc.*	$	213,444
	1,750	Matrix Service Co.*		13,160
	487	MYR Group, Inc.*		53,838
	346	NV5 Global, Inc.*		47,789
	2,101	Orion Group Holdings, Inc.*		7,921
	2,465	Primoris Services Corp.		59,111
	1,798	Quanta Services, Inc.		206,159
	1,648	Tutor Perini Corp.*		20,386
	568	Valmont Industries, Inc.		142,284
	4,673	WillScot Mobile Mini Holdings Corp.*		190,845

				2,079,163

Construction Materials (0.2%):
	961	Eagle Materials, Inc., Class A		159,968
	754	Martin Marietta Materials, Inc.		332,152
	3,273	Summit Materials, Inc., Class A*		131,378
	131	U.S. Lime & Minerals, Inc.		16,902
	1,485	Vulcan Materials Co.		308,256

				948,656

Consumer Finance (1.2%):
	6,825	Ally Financial, Inc.		324,938
	7,809	American Express Co.		1,277,552
	6,833	Capital One Financial Corp.		991,400
	1,912	Consumer Portfolio Services, Inc.*		22,657
	490	Credit Acceptance Corp.*		336,963
	6,539	Discover Financial Services		755,647
	950	Encore Capital Group, Inc.*		59,004
	1,657	Enova International, Inc.*		67,871
	3,948	EZCORP, Inc., Class A*		29,097
	1,170	FirstCash Holdings, Inc.		87,528
	1,425	Green Dot Corp., Class A*		51,642
	5,431	LendingClub Corp.*		131,322
	5,938	Navient Corp.		126,004
	543	Nelnet, Inc., Class A		53,040
	750	Nicholas Financial, Inc.*		8,843
	4,313	OneMain Holdings, Inc.		215,823
	1,392	PRA Group, Inc.*		69,892
	2,187	PROG Holdings, Inc.*		98,656
	568	Regional Mgmt Corp.		32,637
	7,521	Santander Consumer USA Holdings, Inc.		316,032
	10,574	SLM Corp.		207,991
	12,153	Synchrony Financial		563,778
	237	World Acceptance Corp.*		58,167

				5,886,484

Containers & Packaging (0.7%):
	21,700	Amcor plc		260,617
	1,523	AptarGroup, Inc.		186,537
	1,735	Avery Dennison Corp.		375,749
	3,835	Ball Corp.		369,195
	4,390	Berry Global Group, Inc.*		323,894
	3,087	Crown Holdings, Inc.		341,484
	11,400	Graphic Packaging Holding Co.		222,300
	930	Greif, Inc., Class A		56,144
	710	Greif, Inc., Class B		42,444
	5,221	International Paper Co.		245,283
	1,253	Myers Industries, Inc.		25,072
	5,063	O-I Glass, Inc.*		60,908


Shares			Value
Common Stocks, continued
Containers & Packaging, continued
	1,879	Packaging Corp. of America	$	255,826
	2,082	Sealed Air Corp.		140,473
	3,830	Silgan Holdings, Inc.		164,077
	2,780	Sonoco Products Co.		160,934
	538	UFP Technologies, Inc.*		37,800
	5,344	Westrock Co.		237,060

				3,505,797

Distributors (0.1%):
	1,267	Funko, Inc., Class A*		23,820
	1,853	Genuine Parts Co.		259,790
	3,391	LKQ Corp.		203,562
	472	Pool Corp.		267,152
	811	Weyco Group, Inc.		19,415

				773,739

Diversified Consumer Services (0.3%):
	1,249	Adtalem Global Education, Inc.*		36,921
	541	American Public Education, Inc.*		12,037
	1,282	Bright Horizons Family Solutions, Inc.*		161,378
	418	Carriage Services, Inc.		26,936
	1,372	Chegg, Inc.*		42,120
	1,826	Frontdoor, Inc.*		66,923
	112	Graham Holdings Co., Class B		70,541
	1,296	Grand Canyon Education, Inc.*		111,080
	3,465	H&R Block, Inc.		81,635
	8,803	Houghton Mifflin Harcourt Co.*		141,728
	3,406	Laureate Education, Inc.		41,689
	2,522	Perdoceo Education Corp.*		29,659
	1,309	Regis Corp.*		2,278
	3,783	Service Corp. International		268,555
	825	Strategic Education, Inc.		47,718
	1,002	Stride, Inc.*		33,397
	3,452	Terminix Global Holdings, Inc.*		156,134
	1,696	Universal Technical Institute, Inc.*		13,263
	1,419	WW International, Inc.*		22,889

				1,366,881

Diversified Financial Services (1.0%):
	13,725	Berkshire Hathaway, Inc., Class B*		4,103,775
	2,704	Cannae Holdings, Inc.*		95,046
	9,685	Equitable Holdings, Inc.		317,571
	5,286	Jefferies Financial Group, Inc.		205,097
	827	Marlin Business Services, Inc.		19,252
	2,777	Voya Financial, Inc.		184,143

				4,924,884

Diversified Telecommunication (0.0%^†):
	143	Telesat Corp.*		4,100

Diversified Telecommunication Services (1.1%):
	398	Anterix, Inc.*		23,386
	75,599	AT&T, Inc.		1,859,735
	461	ATN International, Inc.		18,417
	857	Cogent Communications Holdings, Inc.		62,715
	4,558	Consolidated Communications Holdings, Inc.*		34,094
	1,080	IDT Corp.*		47,693
	3,009	Iridium Communications, Inc.*		124,242
	26,553	Lumen Technologies, Inc.		333,240
	63,605	Verizon Communications, Inc.		3,304,916

				5,808,438


Shares			Value
Common Stocks, continued
Electric Utilities (1.2%):
	925	ALLETE, Inc.	$	61,374
	2,285	Alliant Energy Corp.		140,459
	4,294	American Electric Power Co., Inc.		382,037
	1,163	Avangrid, Inc.		58,010
	5,521	Duke Energy Corp.		579,153
	3,306	Edison International		225,634
	2,041	Entergy Corp.		229,919
	2,102	Evergy, Inc.		144,218
	3,330	Eversource Energy		302,963
	7,030	Exelon Corp.		406,053
	5,033	FirstEnergy Corp.		209,322
	1,272	Genie Energy, Ltd., Class B*		7,085
	2,581	Hawaiian Electric Industries, Inc.		107,111
	1,176	IDACORP, Inc.		133,253
	734	MGE Energy, Inc.		60,372
	13,851	NextEra Energy, Inc.		1,293,129
	3,897	OGE Energy Corp.		149,567
	737	Otter Tail Corp.		52,637
	16,446	PG&E Corp.*		199,654
	1,787	Pinnacle West Capital Corp.		126,144
	2,755	PNM Resources, Inc.		125,656
	2,036	Portland General Electric Co.		107,745
	7,492	PPL Corp.		225,210
	7,460	Southern Co. (The)		511,607
	5,193	Xcel Energy, Inc.		351,566

				6,189,878

Electrical Equipment (0.8%):
	888	Acuity Brands, Inc.		188,007
	424	Allied Motion Technologies, Inc.		15,472
	2,727	AMETEK, Inc.		400,978
	1,155	Atkore, Inc.*		128,425
	394	AZZ, Inc.		21,784
	2,912	Eaton Corp. plc		503,252
	5,507	Emerson Electric Co.		511,986
	823	Encore Wire Corp.		117,771
	1,180	EnerSys		93,291
	736	Generac Holdings, Inc.*		259,013
	5,506	GrafTech International, Ltd.		65,136
	1,280	Hubbell, Inc.		266,586
	1,831	LSI Industries, Inc.		12,561
	3,947	nVent Electric plc		149,986
	5,002	Plug Power, Inc.*		141,207
	606	Powell Industries, Inc.		17,871
	400	Preformed Line Products Co.		25,880
	1,374	Regal-Beloit Corp.		233,827
	1,364	Rockwell Automation, Inc.		475,831
	3,842	Sensata Technologies Holding plc*		237,013
	4,144	Sunrun, Inc.*		142,139
	1,298	Thermon Group Holdings, Inc.*		21,975
	742	Tpi Composites, Inc.*		11,100
	348	Vicor Corp.*		44,189

				4,085,280

Electronic Equipment, Instruments & Components (1.3%):
	4,881	Amphenol Corp., Class A		426,892
	2,582	Arlo Technologies, Inc.*		27,085
	1,826	Arrow Electronics, Inc.*		245,177


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	2,249	Avnet, Inc.	$	92,726
	724	Badger Meter, Inc.		77,150
	550	Bel Fuse, Inc., Class B		7,112
	1,417	Belden, Inc.		93,140
	1,054	Benchmark Electronics, Inc.		28,563
	1,649	CDW Corp.		337,682
	2,100	Cognex Corp.		163,296
	687	Coherent, Inc.*		183,113
	11,578	Corning, Inc.		431,049
	1,576	CTS Corp.		57,871
	2,838	Daktronics, Inc.*		14,332
	1,561	Dolby Laboratories, Inc., Class A		148,639
	784	ePlus, Inc.*		42,242
	839	Fabrinet*		99,396
	392	FARO Technologies, Inc.*		27,448
	15,072	Flex, Ltd.*		276,270
	640	Frequency Electronics, Inc.*		6,310
	1,346	II-VI, Inc.*		91,972
	1,048	Insight Enterprises, Inc.*		111,717
	959	IPG Photonics Corp.*		165,082
	1,060	Itron, Inc.*		72,631
	4,868	Jabil, Inc.		342,464
	2,563	Keysight Technologies, Inc.*		529,285
	1,603	Kimball Electronics, Inc.*		34,881
	2,737	Knowles Corp.*		63,909
	546	Littlelfuse, Inc.		171,815
	790	Methode Electronics, Inc., Class A		38,844
	2,559	National Instruments Corp.		111,752
	702	Novanta, Inc.*		123,784
	594	OSI Systems, Inc.*		55,361
	621	PC Connection, Inc.		26,784
	800	Plexus Corp.*		76,712
	438	Rogers Corp.*		119,574
	1,757	Sanmina Corp.*		72,845
	738	ScanSource, Inc.*		25,889
	1,795	SYNNEX Corp.		205,276
	2,600	TE Connectivity, Ltd.		419,484
	542	Teledyne Technologies, Inc.*		236,794
	2,694	Trimble, Inc.*		234,890
	3,068	TTM Technologies, Inc.*		45,713
	3,363	Vishay Intertechnology, Inc.		73,549
	2,080	Vontier Corp.		63,918
	630	Zebra Technologies Corp., Class A*		374,976

				6,675,394

Energy Equipment & Services (0.4%):
	4,779	Archrock, Inc.		35,747
	10,629	Baker Hughes Co.		255,734
	519	Bristow Group, Inc.*		16,437
	5,397	ChampionX Corp.*		109,073
	711	Core Laboratories NV		15,862
	562	DMC Global, Inc.*		22,261
	1,028	Dril-Quip, Inc.*		20,231
	2,010	Exterran Corp.*		5,990
	306	Forum Energy Technologies, Inc.*		4,911
	1,095	Frank’s International NV*		15,713
	760	Geospace Technologies Corp.*		5,107
	1,086	Gulf Island Fabrication, Inc.*		4,355


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	11,703	Halliburton Co.	$	267,648
	4,336	Helix Energy Solutions Group, Inc.*		13,528
	2,727	Helmerich & Payne, Inc.		64,630
	2,181	Liberty Oilfield Services, Inc., Class A*		21,156
	1,436	Mammoth Energy Services, Inc.*		2,614
	359	Nabors Industries, Ltd.*		29,111
	935	Natural Gas Services Group*		9,790
	4,799	Newpark Resources, Inc.*		14,109
	8,513	NexTier Oilfield Solutions, Inc.*		30,221
	8,395	NOV, Inc.		113,752
	4,818	Oceaneering International, Inc.*		54,492
	3,066	Oil States International, Inc.*		15,238
	6,531	Patterson-UTI Energy, Inc.		55,187
	2,684	Propetro Holding Corp.*		21,740
	4,475	RPC, Inc.*		20,317
	15,357	Schlumberger, Ltd.		459,942
	493	SEACOR Marine Holdings, Inc.*		1,676
	3,974	Select Energy Services, Inc.*		24,758
	13,590	TechnipFMC plc		80,453
	4,086	TETRA Technologies, Inc.*		11,604
	2,510	Tidewater, Inc.*		26,882
	14,584	Transocean, Ltd.*^		40,252
	4,546	U.S. Silica Holdings, Inc.*		42,732

				1,933,253

Entertainment (1.1%):
	5,649	Activision Blizzard, Inc.		375,828
	2,561	Cinemark Holdings, Inc.*^		41,283
	2,791	Electronic Arts, Inc.		368,133
	1,045	Imax Corp.*		18,643
	247	Liberty Media Corp.-Liberty Braves, Class A*		7,101
	527	Liberty Media Corp.-Liberty Braves, Class C*		14,809
	619	Liberty Media Corp-Liberty Formula One, Class A*		36,731
	4,474	Liberty Media Corp-Liberty Formula One, Class C*		282,936
	2,111	Lions Gate Entertainment Corp., Class A*		35,127
	2,411	Lions Gate Entertainment Corp., Class B*		37,105
	2,071	Live Nation Entertainment, Inc.*		247,878
	894	Madison Square Garden Entertainment Corp.*		62,884
	1,459	Marcus Corp.*		26,058
	3,160	Netflix, Inc.*		1,903,710
	1,419	Reading International, Inc., Class A*		5,733
	598	ROBLOX Corp.*		61,690
	454	Roku, Inc.*		103,603
	532	Spotify Technology SA*		124,504
	1,270	Take-Two Interactive Software, Inc.*		225,704
	9,527	Walt Disney Co. (The)*		1,475,637
	1,420	Warner Music Group Corp.		61,315
	1,208	World Wrestling Entertainment, Inc., Class A		59,603
	24,922	Zynga, Inc.*		159,501

				5,735,516

Food & Staples Retailing (1.4%):
	1,374	Albertsons Cos., Inc., Class A		41,481
	3,262	BJ’s Wholesale Club Holdings, Inc.*		218,456
	998	Casey’s General Stores, Inc.		196,955
	3,697	Costco Wholesale Corp.		2,098,787
	613	Ingles Markets, Inc., Class A		52,926
	15,716	Kroger Co. (The)		711,306


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	1,720	Natural Grocers by Vitamin Cottage, Inc.	$	24,510
	3,849	Performance Food Group Co.*		176,631
	678	PriceSmart, Inc.		49,609
	1,864	Rite Aid Corp.*		27,382
	1,048	SpartanNash Co.		26,997
	4,494	Sprouts Farmers Market, Inc.*		133,382
	6,150	Sysco Corp.		483,083
	1,610	The Andersons, Inc.		62,323
	1,143	The Chefs’ Warehouse, Inc.*		38,062
	1,907	United Natural Foods, Inc.*		93,596
	5,735	US Foods Holding Corp.*		199,750
	738	Village Super Market, Inc., Class A		17,262
	10,238	Walgreens Boots Alliance, Inc.		534,014
	13,622	Walmart, Inc.		1,970,967
	857	Weis Markets, Inc.		56,459

				7,213,938

Food Products (1.4%):
	6,537	Archer-Daniels-Midland Co.		441,836
	2,035	B&G Foods, Inc.^		62,535
	4,205	Bunge, Ltd.		392,579
	270	Calavo Growers, Inc.		11,448
	1,477	Cal-Maine Foods, Inc.		54,634
	5,711	Campbell Soup Co.		248,200
	5,882	Conagra Brands, Inc.		200,870
	3,472	Darling Ingredients, Inc.*		240,575
	1,004	Farmer Brothers Co.*		7,480
	5,664	Flowers Foods, Inc.		155,590
	1,375	Fresh Del Monte Produce, Inc.		37,950
	640	Freshpet, Inc.*		60,973
	9,939	General Mills, Inc.		669,690
	2,709	Hain Celestial Group, Inc. (The)*		115,430
	1,995	Hershey Co. (The)		385,973
	4,488	Hormel Foods Corp.		219,059
	3,521	Hostess Brands, Inc.*		71,899
	1,610	Ingredion, Inc.		155,590
	376	J & J Snack Foods Corp.		59,393
	1,263	JM Smucker Co. (The)		171,541
	300	John B Sanfilippo And Son, Inc.		27,048
	6,773	Kellogg Co.		436,317
	10,751	Kraft Heinz Co. (The)		385,961
	2,371	Lamb Weston Holdings, Inc.		150,274
	736	Lancaster Colony Corp.		121,882
	1,028	Landec Corp.*		11,411
	2,911	McCormick & Co.		281,232
	778	McCormick & Co., Inc.		74,213
	9,925	Mondelez International, Inc., Class A		658,127
	4,222	Pilgrim’s Pride Corp.*		119,060
	1,836	Post Holdings, Inc.*		206,972
	587	Sanderson Farms, Inc.		112,164
	29	Seaboard Corp.		114,115
	266	Seneca Foods Corp., Class A*		12,755
	2,245	Simply Good Foods Co. (The)*		93,325
	874	Tootsie Roll Industries, Inc.		31,665
	1,535	TreeHouse Foods, Inc.*		62,214
	3,990	Tyson Foods, Inc., Class A		347,768

				7,009,748


Shares			Value
Common Stocks, continued
Gas Utilities (0.2%):
	2,386	Atmos Energy Corp.	$	249,981
	273	Chesapeake Utilities Corp.		39,806
	2,171	National Fuel Gas Co.		138,814
	2,685	New Jersey Resources Corp.		110,246
	620	Northwest Natural Holding Co.		30,244
	1,069	ONE Gas, Inc.		82,944
	232	RGC Resources, Inc.		5,338
	1,202	South Jersey Industries, Inc.		31,396
	1,143	Southwest Gas Holdings, Inc.		80,067
	912	Spire, Inc.		59,481
	4,064	UGI Corp.		186,578

				1,014,895

Health Care Equipment & Supplies (2.5%):
	13,923	Abbott Laboratories		1,959,523
	389	ABIOMED, Inc.*		139,717
	2,269	Accuray, Inc.*		10,823
	410	Align Technology, Inc.*		269,444
	912	AngioDynamics, Inc.*		25,153
	955	Anika Therapeutics, Inc.*		34,218
	707	AtriCure, Inc.*		49,158
	36	Atrion Corp.		25,376
	991	Avanos Medical, Inc.*		34,358
	744	Axonics, Inc.*		41,664
	5,989	Baxter International, Inc.		514,096
	1,924	Becton Dickinson & Co.		483,848
	7,829	Boston Scientific Corp.*		332,576
	629	CONMED Corp.		89,167
	507	Cooper Cos., Inc. (The)		212,403
	1,619	CryoLife, Inc.*		32,947
	4,766	Danaher Corp.		1,568,062
	3,528	Dentsply Sirona, Inc.		196,827
	403	DexCom, Inc.*		216,391
	3,086	Edwards Lifesciences Corp.*		399,791
	2,838	Envista Holdings Corp.*		127,880
	1,691	Globus Medical, Inc.*		122,090
	1,463	Haemonetics Corp.*		77,598
	149	Heska Corp.*		27,191
	5,513	Hologic, Inc.*		422,075
	473	ICU Medical, Inc.*		112,262
	824	IDEXX Laboratories, Inc.*		542,571
	516	Inari Medical, Inc.*		47,095
	433	Inogen, Inc.*		14,722
	334	Insulet Corp.*		88,867
	940	Integer Holdings Corp.*		80,455
	1,679	Integra LifeSciences Holdings Corp.*		112,476
	1,614	Intuitive Surgical, Inc.*		579,910
	2,327	Invacare Corp.*		6,329
	1,705	Lantheus Holdings, Inc.*		49,257
	809	LeMaitre Vascular, Inc.		40,636
	725	LENSAR, Inc.*		4,321
	1,168	LivaNova plc*		102,118
	509	Masimo Corp.*		149,025
	6,947	Medtronic plc		718,667
	1,464	Meridian Bioscience, Inc.*		29,866
	1,136	Merit Medical Systems, Inc.*		70,773
	982	Natus Medical, Inc.*		23,303
	1,608	Neogen Corp.*		73,019


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	598	Novocure, Ltd.*	$	44,898
	1,066	NuVasive, Inc.*		55,944
	2,205	OraSure Technologies, Inc.*		19,161
	566	Orthofix Medical, Inc.*		17,597
	466	Penumbra, Inc.*		133,891
	1,007	Quidel Corp.*		135,935
	1,401	ResMed, Inc.		364,933
	624	SeaSpine Holdings Corp.*		8,499
	176	Shockwave Medical, Inc.*		31,386
	1,032	Steris plc		251,199
	1,764	Stryker Corp.		471,729
	3,310	Surgalign Holdings, Inc.*		2,371
	406	Tandem Diabetes Care, Inc.*		61,111
	531	Teleflex, Inc.		174,423
	227	Utah Medical Products, Inc.		22,700
	1,100	Varex Imaging Corp.*		34,705
	684	West Pharmaceutical Services, Inc.		320,803
	2,179	Zimmer Biomet Holdings, Inc.		276,820

				12,686,153

Health Care Providers & Services (2.8%):
	2,656	Acadia Healthcare Co., Inc.*		161,219
	343	Addus HomeCare Corp.*		32,074
	757	Amedisys, Inc.*		122,543
	2,183	AmerisourceBergen Corp.		290,099
	1,394	AMN Healthcare Services, Inc.*		170,528
	1,844	Anthem, Inc.		854,768
	1,245	Apollo Medical Holdings, Inc.*		91,483
	9,264	Brookdale Senior Living, Inc.*		47,802
	7,153	Cardinal Health, Inc.		368,308
	4,279	Centene Corp.*		352,590
	394	Chemed Corp.		208,442
	3,568	Cigna Corp.		819,320
	5,028	Community Health Systems, Inc.*		66,923
	318	CorVel Corp.*		66,144
	3,891	Covetrus, Inc.*		77,703
	1,177	Cross Country Healthcare, Inc.*		32,673
	14,231	CVS Health Corp.		1,468,070
	3,006	DaVita, Inc.*		341,962
	3,099	Encompass Health Corp.		202,241
	1,585	Ensign Group, Inc. (The)		133,077
	78	Five Star Senior Living, Inc.*		230
	958	Guardant Health, Inc.*		95,819
	609	Hanger, Inc.*		11,041
	1,772	HCA Healthcare, Inc.		455,262
	786	HealthEquity, Inc.*		34,773
	2,772	Henry Schein, Inc.*		214,913
	975	Humana, Inc.		452,263
	1,529	InfuSystems Holdings, Inc.*		26,039
	1,433	Laboratory Corp. of America Holdings*		450,263
	742	LHC Group, Inc.*		101,825
	1,171	Magellan Health, Inc.*		111,233
	1,512	McKesson Corp.		375,838
	1,710	MEDNAX, Inc.*		46,529
	564	ModivCare, Inc.*		83,636
	835	Molina Healthcare, Inc.*		265,597
	575	National Healthcare Corp.		39,065
	819	National Research Corp.		34,005


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	2,228	Option Care Health, Inc.*	$	63,364
	2,072	Owens & Minor, Inc.		90,132
	3,095	Patterson Cos., Inc.		90,838
	629	Petiq, Inc.*		14,285
	2,269	Premier, Inc., Class A		93,415
	861	Progyny, Inc.*		43,351
	2,561	Quest Diagnostics, Inc.		443,079
	5,426	R1 RCM, Inc.*		138,309
	1,355	RadNet, Inc.*		40,799
	2,778	Select Medical Holdings Corp.		81,673
	585	Surgery Partners, Inc.*		31,245
	2,695	Tenet Healthcare Corp.*		220,154
	792	The Pennant Group, Inc.*		18,279
	1,303	Triple-S Management Corp., Class B*		46,491
	207	U.S. Physical Therapy, Inc.		19,779
	7,399	UnitedHealth Group, Inc.		3,715,334
	1,705	Universal Health Services, Inc., Class B		221,070

				14,077,897

Health Care Technology (0.2%):
	4,097	Allscripts Healthcare Solutions, Inc.*		75,590
	5,194	Cerner Corp.		482,367
	4,924	Change Healthcare, Inc.*		105,275
	339	Computer Programs & Systems, Inc.*		9,933
	1,873	Evolent Health, Inc., Class A*		51,826
	1,357	HealthStream, Inc.*		35,770
	1,430	NextGen Healthcare, Inc.*		25,440
	574	Omnicell, Inc.*		103,573
	394	Simulations Plus, Inc.^		18,636
	1,470	Teladoc Health, Inc.*		134,975
	705	Veeva Systems, Inc., Class A*		180,113

				1,223,498

Hotels, Restaurants & Leisure (1.7%):
	4,796	Aramark		176,733
	6	Biglari Holdings, Inc., Class A*		4,170
	67	Biglari Holdings, Inc., Class B*		9,552
	492	BJ’s Restaurants, Inc.*		16,999
	1,554	Bloomin’ Brands, Inc.*		32,603
	491	Bluegreen Vacations Holding Corp.*		17,234
	1,059	Boyd Gaming Corp.*		69,439
	970	Brinker International, Inc.*		35,492
	1,468	Caesars Entertainment, Inc.*		137,302
	9,118	Carnival Corp., Class A*		183,454
	2,943	Carrols Restaurant Group, Inc.		8,711
	665	Cheesecake Factory, Inc. (The)*		26,035
	207	Chipotle Mexican Grill, Inc.*		361,888
	767	Choice Hotels International, Inc.		119,644
	611	Churchill Downs, Inc.		147,190
	429	Chuy’s Holdings, Inc.*		12,921
	613	Cracker Barrel Old Country Store, Inc.		78,856
	1,913	Darden Restaurants, Inc.		288,174
	1,410	Dave & Buster’s Entertainment, Inc.*		54,144
	2,144	Del Taco Restaurants, Inc.		26,693
	1,239	Denny’s Corp.*		19,824
	376	Domino’s Pizza, Inc.		212,188
	1,288	El Pollo Loco Holdings, Inc.*		18,277
	1,277	Fiesta Restaurant Group, Inc.*		14,060


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	1,551	Hilton Grand Vacations, Inc.*	$	80,823
	2,611	Hilton Worldwide Holdings, Inc.*		407,290
	1,051	Hyatt Hotels Corp., Class A*		100,791
	3,762	International Game Technology plc		108,759
	323	Jack in the Box, Inc.		28,256
	2,311	Las Vegas Sands Corp.*		86,986
	2,491	Marriott International, Inc., Class A*		411,613
	844	Marriott Vacations Worldwide Corp.		142,619
	5,177	McDonald’s Corp.		1,387,798
	5,516	MGM Resorts International		247,558
	341	Nathans Famous, Inc.		19,911
	5,162	Norwegian Cruise Line Holdings, Ltd.*^		107,060
	671	Papa John’s International, Inc.		89,558
	2,176	Penn National Gaming, Inc.*		112,826
	1,693	Planet Fitness, Inc., Class A*		153,352
	3,664	Playa Hotels & Resorts NV*		29,239
	763	Potbelly Corp.*		4,258
	878	Red Robin Gourmet Burgers*		14,513
	1,400	Red Rock Resorts, Inc.		77,014
	2,911	Royal Caribbean Cruises, Ltd.*		223,856
	748	Ruth’s Hospitality Group, Inc.*		14,885
	1,893	Scientific Games Corp., Class A*		126,509
	1,359	SeaWorld Entertainment, Inc.*		88,145
	1,371	Six Flags Entertainment Corp.*		58,377
	8,104	Starbucks Corp.		947,925
	1,701	Texas Roadhouse, Inc., Class A		151,865
	1,976	Travel + Leisure Co.		109,214
	359	Vail Resorts, Inc.		117,716
	6,284	Wendy’s Co. (The)		149,873
	548	Wingstop, Inc.		94,694
	1,326	Wyndham Hotels & Resorts, Inc.		118,876
	1,374	Wynn Resorts, Ltd.*		116,845
	2,639	Yum! Brands, Inc.		366,452

				8,367,039

Household Durables (1.0%):
	1,784	Bath & Body Works, Inc.		124,505
	906	Beazer Homes USA, Inc.*		21,037
	183	Cavco Industries, Inc.*		58,130
	858	Century Communities, Inc.		70,176
	5,611	DR Horton, Inc.		608,513
	730	Ethan Allen Interiors, Inc.		19,192
	431	Flexsteel Industries, Inc.		11,577
	2,269	Garmin, Ltd.		308,970
	2,761	GoPro, Inc., Class A*		28,466
	1,329	Green Brick Partners, Inc.*		40,309
	484	Helen of Troy, Ltd.*		118,323
	500	Hooker Furnishings Corp.		11,640
	830	Installed Building Products, Inc.		115,968
	596	iRobot Corp.*		39,264
	2,155	KB Home		96,393
	1,350	La-Z-Boy, Inc.		49,019
	4,086	Leggett & Platt, Inc.		168,180
	3,605	Lennar Corp., Class A		418,757
	119	Lennar Corp., Class B		11,379
	585	LGI Homes, Inc.*		90,371
	1,017	Lifetime Brands, Inc.		16,241
	1,880	M/I Homes, Inc.*		116,898


Shares			Value
Common Stocks, continued
Household Durables, continued
	1,985	MDC Holdings, Inc.	$	110,823
	1,004	Meritage Homes Corp.*		122,548
	1,361	Mohawk Industries, Inc.*		247,947
	10,746	Newell Brands, Inc.		234,693
	61	NVR, Inc.*		360,441
	5,234	PulteGroup, Inc.		299,175
	1,139	Skyline Champion Corp.*		89,958
	1,307	Sonos, Inc.*		38,949
	3,736	Taylor Morrison Home Corp., Class A*		130,611
	3,449	Tempur Sealy International, Inc.		162,206
	2,183	Toll Brothers, Inc.		158,027
	935	TopBuild Corp.*		257,976
	3,273	Tri Pointe Homes, Inc.*		91,284
	905	Tupperware Brands Corp.*		13,837
	320	Universal Electronics, Inc.*		13,040
	1,418	Whirlpool Corp.		332,748

				5,207,571

Household Products (1.1%):
	1,509	Central Garden & Pet Co., Class A*		72,206
	3,272	Church & Dwight Co., Inc.		335,380
	1,448	Clorox Co. (The)		252,473
	7,616	Colgate-Palmolive Co.		649,950
	1,114	Energizer Holdings, Inc.		44,671
	3,022	Kimberly-Clark Corp.		431,904
	333	Oil-Dri Corp of America		10,899
	20,457	Procter & Gamble Co. (The)		3,346,356
	1,828	Reynolds Consumer Products, Inc.		57,399
	1,245	Spectrum Brands Holdings, Inc.		126,641
	218	WD-40 Co.		53,332

				5,381,211

Independent Power and Renewable Electricity Producers (0.2%):
	7,504	AES Corp. (The)		182,347
	2,247	Atlantica Sustainable Infrastructure plc		80,353
	2,755	Brookfield Renewable Corp., Class A		101,467
	1,323	Clearway Energy, Inc., Class A		44,294
	2,153	Clearway Energy, Inc., Class C		77,572
	6,130	NRG Energy, Inc.		264,080
	1,462	Ormat Technologies, Inc.^		115,937
	1,658	Sunnova Energy International, Inc.*		46,291
	10,410	Vistra Corp.		237,036

				1,149,377

Industrial Conglomerates (0.7%):
	7,811	3M Co.		1,387,468
	1,213	Carlisle Cos., Inc.		300,970
	5,892	General Electric Co.		556,617
	5,457	Honeywell International, Inc.		1,137,839
	584	Roper Technologies, Inc.		287,246

				3,670,140

Insurance (2.7%):
	7,012	Aflac, Inc.		409,431
	275	Alleghany Corp.*		183,587
	5,498	Allstate Corp. (The)		646,840
	1,297	AMBAC Financial Group, Inc.*		20,817
	3,511	American Equity Investment Life Holding Co.		136,648
	2,196	American Financial Group, Inc.		301,555
	6,164	American International Group, Inc.		350,485


Shares			Value
Common Stocks, continued
Insurance, continued
	409	American National Group , Inc.	$	77,236
	745	Amerisafe, Inc.		40,103
	2,089	Aon plc, Class A		627,870
	4,926	Arch Capital Group, Ltd.*		218,961
	560	Argo Group International Holdings, Ltd.		32,542
	2,269	Arthur J. Gallagher & Co.		384,981
	1,280	Assurant, Inc.		199,501
	2,447	Assured Guaranty, Ltd.		122,839
	2,905	Athene Holding, Ltd., Class A*		242,074
	2,351	Axis Capital Holdings, Ltd.		128,059
	2,603	Brighthouse Financial, Inc.*		134,835
	3,292	Brown & Brown, Inc.		231,362
	3,095	Chubb, Ltd.		598,294
	2,130	Cincinnati Financial Corp.		242,671
	2,176	Citizens, Inc.*		11,555
	1,199	CNA Financial Corp.		52,852
	2,354	Crawford & Co.		17,631
	895	Crawford & Co., Class A		6,704
	1,631	Donegal Group, Inc., Class A		23,307
	800	eHealth, Inc.*		20,400
	781	Employers Holdings, Inc.		32,318
	447	Enstar Group, Ltd.*		110,673
	887	Erie Indemnity Co., Class A		170,889
	748	Everest Re Group, Ltd.		204,892
	1,054	FedNat Holding Co.*		1,486
	6,172	Fidelity National Financial, Inc.		322,055
	3,103	First American Financial Corp.		242,748
	14,957	Genworth Financial, Inc., Class A*		60,576
	695	Global Indemnity Group LLC, Class A		17,465
	2,157	Globe Life, Inc.		202,154
	318	Goosehead Insurance, Inc.		41,365
	2,383	Greenlight Capital Re, Ltd.*		18,683
	1,469	Hallmark Financial Services, Inc.*		6,390
	1,180	Hanover Insurance Group, Inc. (The)		154,651
	4,507	Hartford Financial Services Group, Inc. (The)		311,163
	397	HCI Group, Inc.		33,165
	387	Heritage Insurance Holdings, Inc.		2,276
	1,293	Horace Mann Educators Corp.		50,039
	497	Independence Holding Co.		28,170
	153	Investors Title Co.		30,164
	868	James River Group Holdings		25,007
	2,246	Kemper Corp.		132,042
	381	Kinsale Capital Group, Inc.		90,636
	2,749	Lincoln National Corp.		187,647
	3,441	Loews Corp.		198,752
	5,556	Maiden Holdings, Ltd.*		17,001
	182	Markel Corp.*		224,588
	4,661	Marsh & McLennan Cos., Inc.		810,175
	1,688	Mercury General Corp.		89,565
	5,123	MetLife, Inc.		320,136
	162	National Western Life Group, Inc., Class A		34,739
	8,176	Old Republic International Corp.		200,966
	1,239	Primerica, Inc.		189,902
	3,562	Principal Financial Group, Inc.		257,639
	1,399	ProAssurance Corp.		35,395
	4,548	Progressive Corp. (The)		466,852
	3,969	Prudential Financial, Inc.		429,605


Shares			Value
Common Stocks, continued
Insurance, continued
	1,379	Reinsurance Group of America, Inc.	$	150,987
	830	RenaissanceRe Holdings, Ltd.		140,544
	1,252	RLI Corp.		140,349
	321	Safety Insurance Group, Inc.		27,295
	1,898	Selective Insurance Group, Inc.		155,522
	5,145	SiriusPoint, Ltd.*		41,829
	1,277	State Auto Financial Corp.		66,008
	612	Stewart Information Services Corp.		48,795
	1,767	Tiptree, Inc., Class A		24,438
	4,789	Travelers Cos., Inc. (The)		749,143
	728	United Fire Group, Inc.		16,882
	2,794	United Insurance Holdings Co.		12,126
	1,869	Universal Insurance Holdings, Inc.		31,773
	5,839	Unum Group		143,464
	85	White Mountains Insurance Group, Ltd.		86,181
	1,569	Willis Towers Watson plc		372,622
	2,531	WR Berkley Corp.		208,529

				13,631,596

Interactive Media & Services (4.2%):
	2,397	Alphabet, Inc., Class A*		6,944,205
	2,278	Alphabet, Inc., Class C*		6,591,598
	2,370	Cargurus, Inc.*		79,727
	1,955	Cars.com, Inc.*		31,456
	2,881	DHI Group, Inc.*		17,977
	2,717	Match Group, Inc.*		359,323
	18,835	Meta Platforms, Inc., Class A*		6,335,152
	2,021	Pinterest, Inc., Class A*		73,463
	1,563	QuinStreet, Inc.*		28,431
	2,381	Snap, Inc., Class A*		111,978
	1,344	Travelzoo, Inc.*		12,661
	2,514	TripAdvisor, Inc.*		68,532
	2,857	TrueCar, Inc.*		9,714
	6,686	Twitter, Inc.*		288,969
	1,590	Yelp, Inc.*		57,622
	664	Zedge, Inc., Class B*		5,644
	642	Zillow Group, Inc., Class A*		39,945
	1,617	Zillow Group, Inc., Class C*		103,245

				21,159,642

Internet & Direct Marketing Retail (3.0%):
	893	1-800 Flowers.com, Inc., Class A*		20,869
	3,893	Amazon.com, Inc.*		12,980,586
	192	Booking Holdings, Inc.*		460,652
	690	Chewy, Inc., Class A*^		40,689
	7,298	eBay, Inc.		485,317
	1,689	Etsy, Inc.*		369,790
	757	Expedia Group, Inc.*		136,805
	1,642	Lands’ End, Inc.*		32,232
	1,736	Liquidity Services, Inc.*		38,331
	588	PetMed Express, Inc.^		14,853
	1,526	Quotient Technology, Inc.*		11,323
	8,810	Qurate Retail, Inc., Class A		66,956
	649	Revolve Group, Inc.*		36,370
	764	Shutterstock, Inc.		84,712
	838	Wayfair, Inc., Class A*^		159,195

				14,938,680


Shares			Value
Common Stocks, continued
IT Services (4.0%):
	5,697	Accenture plc, Class A	$	2,361,691
	2,020	Akamai Technologies, Inc.*		236,421
	1,974	Alliance Data Systems Corp.		131,409
	2,873	Amdocs, Ltd.		215,015
	4,891	Automatic Data Processing, Inc.		1,206,023
	2,534	Black Knight, Inc.*		210,043
	918	Block, Inc.*		148,266
	252	BM Technologies, Inc.*^		2,321
	1,706	Broadridge Financial Solutions, Inc.		311,891
	687	Cass Information Systems, Inc.		27,013
	6,097	Cognizant Technology Solutions Corp., Class A		540,926
	1,091	Concentrix Corp.		194,874
	6,347	Conduent, Inc.*		33,893
	1,011	CSG Systems International, Inc.		58,254
	6,526	DXC Technology Co.*		210,072
	435	EPAM Systems, Inc.*		290,776
	1,164	Euronet Worldwide, Inc.*		138,714
	2,060	Evertec, Inc.		102,959
	762	Exlservice Holdings, Inc.*		110,315
	4,406	Fidelity National Information Services, Inc.		480,915
	4,458	Fiserv, Inc.*		462,696
	1,545	FleetCor Technologies, Inc.*		345,833
	1,296	Gartner, Inc.*		433,279
	5,428	Genpact, Ltd.		288,118
	2,351	Global Payments, Inc.		317,808
	3,037	GoDaddy, Inc., Class A*		257,720
	1,357	Hackett Group, Inc. (The)		27,859
	12,424	International Business Machines Corp.		1,660,592
	1,582	Jack Henry & Associates, Inc.		264,178
	2,484	Kyndryl Holdings, Inc.*		44,960
	2,160	Limelight Networks, Inc.*		7,409
	1,456	LiveRamp Holdings, Inc.*		69,815
	8,053	Mastercard, Inc., Class A		2,893,604
	1,540	MAXIMUS, Inc.		122,692
	262	MongoDB, Inc.*		138,690
	1,032	Okta, Inc.*		231,343
	3,858	Paychex, Inc.		526,617
	5,186	PayPal Holdings, Inc.*		977,976
	728	Perficient, Inc.*		94,123
	840	PFSweb, Inc.*		10,819
	3,035	Servicesource International, Inc.*		3,005
	1,655	SolarWinds Corp.		23,484
	1,603	Switch, Inc., Class A		45,910
	2,880	Teradata Corp.*		122,314
	1,284	TTEC Holdings, Inc.		116,266
	891	Twilio, Inc., Class A*		234,636
	2,221	Unisys Corp.*		45,686
	1,083	VeriSign, Inc.*		274,887
	3,457	Verra Mobility Corp.*		53,342
	14,011	Visa, Inc., Class A		3,036,324
	6,143	Western Union Co. (The.)		109,591
	975	WEX, Inc.*		136,880

				20,390,247

Leisure Products (0.3%):
	1,798	Acushnet Holdings Corp.		95,438
	895	American Outdoor Brands, Inc.*		17,837
	2,521	Brunswick Corp.		253,940


Shares			Value
Common Stocks, continued
Leisure Products, continued
	1,330	Callaway Golf Co.*	$	36,495
	658	Escalade, Inc.		10,390
	1,625	Hasbro, Inc.		165,392
	303	Johnson Outdoors, Inc., Class A		28,388
	531	Malibu Boats, Inc.*		36,496
	662	Marine Products Corp.		8,275
	8,660	Mattel, Inc.*		186,710
	995	Nautilus Group, Inc.*		6,099
	909	Peloton Interactive, Inc., Class A*		32,506
	1,582	Polaris, Inc.		173,878
	1,410	Smith & Wesson Brands, Inc.		25,098
	1,612	Vista Outdoor, Inc.*		74,265
	1,824	YETI Holdings, Inc.*		151,082

				1,302,289

Life Sciences Tools & Services (1.1%):
	237	10X Genomics, Inc., Class A*		35,303
	1,835	Agilent Technologies, Inc.		292,958
	7,162	Avantor, Inc.*		301,807
	314	Bio-Rad Laboratories, Inc., Class A*		237,249
	390	Bio-Techne Corp.		201,763
	3,957	Bruker Corp.		332,032
	534	Charles River Laboratories International, Inc.*		201,200
	1,979	Harvard Bioscience, Inc.*		13,952
	816	Illumina, Inc.*		310,439
	1,517	IQVIA Holdings, Inc.*		428,006
	765	Medpace Holdings, Inc.*		166,495
	265	Mettler-Toledo International, Inc.*		449,761
	1,400	Neogenomics, Inc.*		47,768
	1,490	PerkinElmer, Inc.		299,579
	2,322	Syneos Health, Inc.*		238,423
	2,803	Thermo Fisher Scientific, Inc.		1,870,274
	670	Waters Corp.*		249,642

				5,676,651

Machinery (2.6%):
	2,107	AGCO Corp.		244,454
	228	Alamo Group, Inc.		33,557
	737	Albany International Corp., Class A		65,188
	3,881	Allison Transmission Holdings, Inc.		141,074
	1,335	Altra Industrial Motion Corp.		68,846
	656	Astec Industries, Inc.		45,441
	1,591	Barnes Group, Inc.		74,125
	837	Blue Bird Corp.*		13,091
	4,839	Caterpillar, Inc.		1,000,415
	904	Chart Industries, Inc.*		144,179
	468	CIRCOR International, Inc.*		12,720
	3,170	Colfax Corp.*		145,725
	653	Columbus McKinnon Corp.		30,208
	707	Commercial Vehicle Group, Inc.*		5,698
	1,452	Crane Co.		147,712
	2,397	Cummins, Inc.		522,882
	3,976	Deere & Co.		1,363,331
	2,678	Donaldson Co., Inc.		158,698
	471	Douglas Dynamics, Inc.		18,397
	2,058	Dover Corp.		373,733
	1,250	Enerpac Tool Group Corp.		25,350
	453	EnPro Industries, Inc.		49,862


Shares			Value
Common Stocks, continued
Machinery, continued
	372	ESCO Technologies, Inc.	$	33,476
	2,747	Evoqua Water Technologies Co.*		128,422
	1,153	Federal Signal Corp.		49,971
	3,181	Flowserve Corp.		97,339
	3,638	Fortive Corp.		277,543
	983	Franklin Electric Co., Inc.		92,953
	889	Gencor Industries, Inc.*		10,250
	606	Gorman-Rupp Co. (The)		26,997
	3,738	Graco, Inc.		301,358
	2,503	Harsco Corp.*		41,825
	650	Helios Technologies, Inc.		68,361
	2,088	Hillenbrand, Inc.		108,555
	490	Hurco Cos, Inc.		14,553
	896	Hyster-Yale Materials Handling, Inc., Class A		36,826
	704	IDEX Corp.		166,369
	2,868	Illinois Tool Works, Inc.		707,822
	4,169	Ingersoll-Rand, Inc.		257,936
	1,926	ITT, Inc.		196,818
	757	John Bean Technologies Corp.		116,245
	286	Kadant, Inc.		65,917
	2,377	Kennametal, Inc.		85,358
	787	L.B. Foster Co., Class A*		10,821
	1,490	Lincoln Electric Holdings, Inc.		207,810
	221	Lindsay Corp.		33,592
	1,213	Manitex International, Inc.*		7,715
	2,529	Manitowoc Co., Inc. (The)*		47,014
	2,774	Meritor, Inc.*		68,740
	1,184	Middleby Corp. (The)*		232,964
	1,706	Mueller Industries, Inc.		101,268
	4,883	Mueller Water Products, Inc., Class A		70,315
	1,258	NN, Inc.*		5,158
	656	Nordson Corp.		167,457
	158	Omega Flex, Inc.		20,058
	1,389	Oshkosh Corp.		156,554
	3,878	Otis Worldwide Corp.		337,657
	4,640	PACCAR, Inc.		409,526
	1,980	Parker-Hannifin Corp.		629,878
	1,058	Park-Ohio Holdings Corp.		22,398
	3,448	Pentair plc		251,807
	524	Proto Labs, Inc.*		26,907
	660	RBC Bearings, Inc.*		133,300
	3,787	REV Group, Inc.		53,586
	612	Shyft Group, Inc. (The)		30,068
	1,192	Snap-On, Inc.		256,733
	1,232	SPX Corp.*		73,526
	878	SPX FLOW, Inc.		75,929
	340	Standex International Corp.		37,624
	1,980	Stanley Black & Decker, Inc.		373,468
	537	Tennant Co.		43,518
	1,823	Terex Corp.		80,121
	863	The Greenbrier Cos., Inc.		39,603
	2,219	Timken Co.		153,755
	3,046	Titan International, Inc.*		33,384
	2,441	Toro Co. (The)		243,880
	1,022	TriMas Corp.		37,814
	3,242	Trinity Industries, Inc.		97,908
	1,510	Wabash National Corp.		29,475


Shares			Value
Common Stocks, continued
Machinery, continued
	2,471	Wabtec Corp.	$	227,604
	615	Watts Water Technologies, Inc., Class A		119,415
	4,275	Welbilt, Inc.*		101,617
	1,534	Woodward, Inc.		167,912
	1,831	Xylem, Inc.		219,574

				13,007,033

Marine (0.1%):
	3,979	Costamare, Inc.		50,334
	239	Eagle Bulk Shipping, Inc.		10,875
	147	Eneti, Inc.		1,138
	1,300	Genco Shipping & Trading, Ltd.		20,800
	1,654	Kirby Corp.*		98,281
	1,541	Matson, Inc.		138,736

				320,164

Media (1.5%):
	3,595	Altice USA, Inc., Class A*		58,167
	1,413	AMC Networks, Inc., Class A*		48,664
	133	Cable One, Inc.		234,539
	1,688	Charter Communications, Inc., Class A*		1,100,525
	48,635	Comcast Corp., Class A		2,447,800
	2,952	comScore, Inc.*		9,860
	367	DallasNews Corp.		2,639
	4,810	Discovery Communications, Inc., Class C*		110,149
	3,389	Discovery, Inc., Class A*		79,777
	4,832	DISH Network Corp., Class A*		156,750
	2,931	E.W. Scripps Co. (The), Class A*		56,715
	8,164	Entercom Communications Corp.*		20,981
	4,792	Entravision Communications Corp., Class A		32,490
	4,335	Fox Corp., Class A		159,961
	3,199	Fox Corp., Class B		109,630
	7,573	Gannett Co, Inc.*		40,364
	2,788	Gray Television, Inc.		56,206
	8,756	Interpublic Group of Cos., Inc. (The)		327,912
	864	John Wiley & Sons, Inc., Class A		49,481
	192	John Wiley & Sons, Inc., Class B		10,959
	334	Liberty Broadband Corp., Class A*		53,741
	1,855	Liberty Broadband Corp., Class C*		298,841
	1,489	Liberty Latin America, Ltd.*		17,362
	5,752	Liberty Latin America, Ltd., Class C*		65,573
	2,706	Liberty Media Corp.-Liberty SiriusXM, Class C*		137,600
	1,327	Liberty Media Corp-Liberty SiriusXM, Class A*		67,478
	789	Loyalty Ventures, Inc.*		23,725
	131	Marchex, Inc., Class B*		325
	3,726	National CineMedia, Inc.		10,470
	3,530	New York Times Co. (The), Class A		170,499
	7,458	News Corp., Class A		166,388
	2,563	News Corp., Class B		57,667
	1,496	Nexstar Media Group, Inc., Class A		225,866
	5,061	Omnicom Group, Inc.		370,819
	1,853	Scholastic Corp.		74,046
	10,861	Sirius XM Holdings, Inc.^		68,967
	474	TechTarget, Inc.*		45,343
	7,839	Tegna, Inc.		145,492
	445	ViacomCBS, Inc., Class A		14,850
	7,704	ViacomCBS, Inc., Class B		232,507

				7,361,128


Shares			Value
Common Stocks, continued
Metals & Mining (0.9%):
	5,171	Alcoa Corp.	$	308,088
	4,528	Allegheny Technologies, Inc.*		72,131
	799	Ampco-Pittsburgh Corp.*		3,995
	3,002	Arconic Corp.*		99,096
	1,138	Carpenter Technology Corp.		33,218
	2,210	Century Aluminum Co.*		36,598
	13,357	Cleveland-Cliffs, Inc.*		290,782
	5,449	Coeur Mining, Inc.*		27,463
	3,300	Commercial Metals Co.		119,757
	702	Compass Minerals International, Inc.		35,858
	7,323	Ferroglobe plc*		45,476
	9,823	Ferroglobe Unit*(a)		—
	841	Fortitude Gold Corp.		5,567
	13,761	Freeport-McMoRan, Inc.		574,246
	2,945	Gold Resource Corp.		4,594
	943	Haynes International, Inc.		38,031
	14,180	Hecla Mining Co.		74,020
	151	Kaiser Aluminum Corp.		14,185
	643	Materion Corp.		59,117
	12,309	McEwen Mining, Inc.*		10,912
	8,302	Newmont Corp.		514,890
	6,998	Nucor Corp.		798,822
	700	Olympic Steel, Inc.		16,450
	1,439	Reliance Steel & Aluminum Co.		233,435
	1,422	Royal Gold, Inc.		149,609
	1,500	Ryerson Holding Corp.		39,075
	1,365	Schnitzer Steel Industries, Inc., Class A		70,871
	1,446	Southern Copper Corp.		89,233
	6,814	Steel Dynamics, Inc.		422,945
	3,673	SunCoke Energy, Inc.		24,205
	760	Synalloy Corp.*		12,483
	2,052	TimkenSteel Corp.*		33,858
	7,629	United States Steel Corp.		181,646
	548	Universal Stainless & Alloy Products, Inc.*		4,324
	1,489	Warrior Met Coal, Inc.		38,282
	1,135	Worthington Industries, Inc.		62,039

				4,545,301

Multiline Retail (0.7%):
	1,406	Big Lots, Inc.		63,340
	1,248	Dillard’s, Inc., Class A^		305,785
	3,023	Dollar General Corp.		712,914
	3,862	Dollar Tree, Inc.*		542,688
	4,069	Kohl’s Corp.		200,968
	10,647	Macy’s, Inc.		278,739
	1,842	Nordstrom, Inc.*		41,666
	1,737	Ollie’s Bargain Outlet Holdings, Inc.*		88,917
	6,499	Target Corp.		1,504,129

				3,739,146

Multi-Utilities (0.6%):
	2,267	Ameren Corp.		201,786
	1,406	Avista Corp.		59,741
	1,134	Black Hills Corp.		80,026
	5,705	CenterPoint Energy, Inc.		159,226
	2,837	CMS Energy Corp.		184,547
	3,188	Consolidated Edison, Inc.		272,000
	5,986	Dominion Energy, Inc.		470,260


Shares			Value
Common Stocks, continued
Multi-Utilities, continued
	1,902	DTE Energy Co.	$	227,365
	5,409	MDU Resources Group, Inc.		166,814
	6,003	NiSource, Inc.		165,743
	993	NorthWestern Corp.		56,760
	4,932	Public Service Enterprise Group, Inc.		329,112
	2,268	Sempra Energy		300,011
	305	Unitil Corp.		14,027
	3,038	WEC Energy Group, Inc.		294,899

				2,982,317

Oil, Gas & Consumable Fuels (3.2%):
	332	Adams Resources & Energy, Inc.		9,233
	5,915	Antero Midstream Corp.		57,257
	7,652	Antero Resources Corp.*		133,910
	7,688	APA Corp.		206,730
	432	Arch Resources, Inc.		39,450
	1,988	Berry Corp.		16,739
	990	California Resources Corp.		42,283
	2,819	Callon Petroleum Co.*		133,198
	6,243	Centennial Resource Development, Inc., Class A*		37,333
	2,557	Cheniere Energy, Inc.		259,331
	1,134	Chesapeake Energy Corp.		73,166
	16,620	Chevron Corp.		1,950,357
	1,149	Civitas Resources, Inc.		56,267
	7,534	Clean Energy Fuel Corp.*		46,183
	6,372	CNX Resources Corp.*		87,615
	7,595	Comstock Resources, Inc.*		61,444
	14,126	ConocoPhillips		1,019,615
	1,846	CONSOL Energy, Inc.*		41,923
	3,878	Continental Resources, Inc.		173,579
	17,881	Coterra Energy, Inc.		339,739
	2,225	CVR Energy, Inc.		37,402
	2,204	Delek US Holdings, Inc.*		33,038
	823	Denbury, Inc.*		63,034
	23,604	Devon Energy Corp.		1,039,756
	5,705	DHT Holdings, Inc.		29,609
	2,202	Diamondback Energy, Inc.		237,486
	58	Dorian LPG, Ltd.		736
	1,125	DT Midstream, Inc.		53,977
	11,550	Enlink Midstream LLC		79,580
	6,280	EOG Resources, Inc.		557,852
	7,807	EQT Corp.*		170,271
	7,111	Equitrans Midstream Corp.		73,528
	43,767	Exxon Mobil Corp.		2,678,103
	1,014	Green Plains, Inc.*		35,247
	5,293	Hess Corp.		391,841
	4,760	HollyFrontier Corp.		156,033
	1,180	International Seaways, Inc.		17,322
	23,295	Kinder Morgan, Inc.		369,459
	17,233	Kosmos Energy, Ltd.*		59,626
	609	Laredo Petroleum, Inc.*		36,619
	4,177	Magnolia Oil & Gas Corp., Class A		78,820
	17,859	Marathon Oil Corp.		293,245
	7,572	Marathon Petroleum Corp.		484,532
	3,899	Matador Resources Co.		143,951
	4,219	Murphy Oil Corp.		110,158
	17,900	Occidental Petroleum Corp.		518,921
	7,181	ONEOK, Inc.		421,956


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	4,281	Ovintiv, Inc.	$	144,270
	2,936	PAR Pacific Holdings, Inc.*		48,415
	3,458	PBF Energy, Inc., Class A*		44,850
	3,014	PDC Energy, Inc.		147,023
	4,173	Peabody Energy Corp.*		42,022
	4,501	Phillips 66		326,142
	1,401	PHX Minerals, Inc.		3,040
	1,849	Pioneer Natural Resources Co.		336,296
	6	PrimeEnergy Resources Corp.*		414
	4,715	Range Resources Corp.*		84,068
	787	Ranger Oil Corp.*		21,186
	1,426	Renewable Energy Group, Inc.*		60,519
	374	REX American Resources Corp.*		35,904
	1,682	Scorpio Tankers, Inc.		21,546
	3,507	SFL Corp., Ltd.		28,582
	4,141	SM Energy Co.		122,077
	24,131	Southwestern Energy Co.*		112,450
	3,310	Talos Energy, Inc.*		32,438
	5,703	Targa Resources Corp.		297,925
	6,407	Teekay Shipping Corp.*		20,118
	1,031	Teekay Tankers, Ltd., Class A*		11,238
	141	Texas Pacific Land Corp.		176,091
	4,537	Valero Energy Corp.		340,774
	853	Whiting Petroleum Corp.*		55,172
	14,709	Williams Cos., Inc.		383,022
	1,790	World Fuel Services Corp.		47,381

				15,900,417

Paper & Forest Products (0.1%):
	545	Clearwater Paper Corp.*		19,985
	2,520	Glatfelter Corp.		43,344
	3,240	Louisiana-Pacific Corp.		253,854
	3,875	Mercer International, Inc.		46,461
	617	Neenah, Inc.		28,555
	2,344	Resolute Forest Products		35,793
	665	Schweitzer-Mauduit International, Inc.		19,883
	474	Sylvamo Corp.*		13,220
	2,251	Verso Corp.		60,822

				521,917

Personal Products (0.2%):
	12,350	Coty, Inc., Class A*		129,675
	1,291	Edgewell Personal Care Co.		59,012
	854	elf Beauty, Inc.*		28,361
	1,689	Estee Lauder Co., Inc. (The), Class A		625,268
	2,298	Herbalife Nutrition, Ltd.*		94,057
	594	Inter Parfums, Inc.		63,498
	186	Medifast, Inc.		38,954
	1,236	Natures Sunshine Products, Inc.		22,866
	1,116	Nu Skin Enterprises, Inc., Class A		56,637
	340	United-Guardian, Inc.		5,576
	645	Usana Health Sciences, Inc.*		65,274

				1,189,178

Pharmaceuticals (3.1%):
	2,003	Amphastar Pharmaceuticals, Inc.*		46,650
	900	ANI Pharmaceuticals, Inc.*		41,472
	885	Assembly Biosciences, Inc.*		2,062
	20,544	Bristol-Myers Squibb Co.		1,280,918


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	2,125	Catalent, Inc.*	$	272,064
	1,951	Corcept Therapeutics, Inc.*		38,630
	1,468	Cumberland Pharmaceuticals, Inc.*		6,856
	1,054	Cymabay Therapeutics, Inc.*		3,563
	6,155	Elanco Animal Health, Inc.*		174,679
	7,636	Eli Lilly & Co.		2,109,216
	8,827	Endo International plc*		33,189
	1,104	Harmony Biosciences Holdings, Inc.*		47,075
	2,388	Horizon Therapeutics plc*		257,331
	3,292	Innoviva, Inc.*		56,787
	1,338	Intra-Cellular Therapies, Inc.*		70,031
	1,466	Jazz Pharmaceuticals plc*		186,768
	27,855	Johnson & Johnson		4,765,155
	2,281	Lannett Co., Inc.*		3,695
	22,984	Merck & Co., Inc.		1,761,494
	3,567	Nektar Therapeutics*		48,190
	4,552	Organon & Co.		138,608
	1,317	Otonomy, Inc.*		2,739
	3,223	Perrigo Co. plc		125,375
	41,982	Pfizer, Inc.		2,479,037
	793	Phibro Animal Health Corp., Class A		16,193
	1,580	Prestige Consumer Healthcare, Inc.*		95,827
	4,082	Royalty Pharma plc, Class A		162,668
	1,789	Supernus Pharmaceuticals, Inc.*		52,167
	923	Taro Pharmaceutical Industries, Ltd.*		46,252
	14,776	Viatris, Inc.		199,919
	4,336	Zoetis, Inc.		1,058,114
	1,297	Zogenix, Inc.*		21,076

				15,603,800

Professional Services (1.0%):
	1,184	ASGN, Inc.*		146,106
	494	Barrett Business Services, Inc.		34,116
	3,676	Booz Allen Hamilton Holding Corp.		311,688
	549	CACI International, Inc., Class A*		147,796
	1,617	CBIZ, Inc.*		63,257
	2,143	Clarivate plc*		50,403
	3,570	CoStar Group, Inc.*		282,137
	456	CRA International, Inc.		42,572
	1,531	Equifax, Inc.		448,262
	1,104	Exponent, Inc.		128,870
	825	Forrester Research, Inc.*		48,452
	723	FTI Consulting, Inc.*		110,923
	421	Heidrick & Struggles International, Inc.		18,410
	466	Hill International, Inc.*		909
	660	Huron Consulting Group, Inc.*		32,934
	329	ICF International, Inc.		33,739
	3,021	IHS Markit, Ltd.		401,551
	514	Insperity, Inc.		60,709
	3,410	KBR, Inc.		162,384
	1,042	Kelly Services, Inc., Class A		17,474
	577	Kforce, Inc.		43,402
	1,558	Korn Ferry		117,987
	2,557	Leidos Holdings, Inc.		227,317
	1,391	ManpowerGroup, Inc.		135,386
	840	ManTech International Corp., Class A		61,261
	659	Mistras Group, Inc.*		4,896
	11,810	Nielsen Holdings plc		242,223


Shares			Value
Common Stocks, continued
Professional Services, continued
	2,125	Resources Connection, Inc.	$	37,910
	3,000	Robert Half International, Inc.		334,560
	1,873	Science Applications International Corp.		156,564
	2,719	TransUnion		322,419
	1,894	TriNet Group, Inc.*		180,423
	1,029	Trueblue, Inc.*		28,473
	1,755	Verisk Analytics, Inc.		401,421
	633	Willdan Group, Inc.*		22,282

				4,859,216

Real Estate Management & Devel (0.0%^†):
	1,549	Douglas Elliman, Inc.*		17,814

Real Estate Management & Development (0.3%):
	4,164	CBRE Group, Inc., Class A*		451,836
	2,451	Cushman & Wakefield plc*		54,510
	1,163	eXp World Holdings, Inc.		39,182
	279	Forestar Group, Inc.*		6,068
	232	FRP Holdings, Inc.*		13,410
	1,280	Howard Hughes Corp. (The)*		130,278
	323	Indus Realty Trust, Inc.		26,182
	954	Jones Lang LaSalle, Inc.*		256,950
	4,260	Kennedy-Wilson Holdings, Inc.		101,729
	977	Marcus & Millichap, Inc.*		50,276
	5,729	Newmark Group, Inc.		107,132
	4,541	Opendoor Technologies, Inc.*		66,344
	997	Rafael Holdings, Inc., Class B*		5,085
	910	RE/MAX Holdings, Inc., Class A		27,746
	3,814	Realogy Holdings Corp.*		64,113
	681	Redfin Corp.*		26,144
	1,447	Tejon Ranch Co.*		27,609
	357	The RMR Group, Inc., Class A		12,381
	1,857	The St Joe Co.		96,657

				1,563,632

Road & Rail (1.4%):
	346	AMERCO, Inc.		251,276
	757	ArcBest Corp.		90,726
	1,730	Avis Budget Group, Inc.*		358,750
	4,150	Canadian Pacific Railway, Ltd.		298,551
	419	Covenant Logistics Group, Inc.*		11,074
	20,522	CSX Corp.		771,627
	1,925	Heartland Express, Inc.		32,379
	1,793	J.B. Hunt Transport Services, Inc.		366,489
	4,311	Knight-Swift Transportation Holdings, Inc.		262,712
	896	Landstar System, Inc.		160,402
	1,740	Lyft, Inc., Class A*		74,350
	2,410	Marten Transport, Ltd.		41,356
	2,245	Norfolk Southern Corp.		668,359
	1,887	Old Dominion Freight Line, Inc.		676,263
	800	P.A.M. Transportation SVCS*		56,808
	1,902	Ryder System, Inc.		156,782
	576	Saia, Inc.*		194,129
	2,500	Schneider National, Inc., Class B		67,275
	6,290	Uber Technologies, Inc.*		263,740
	8,160	Union Pacific Corp.		2,055,749
	586	Universal Logistics Holdings, Inc.		11,052
	1,023	USA Truck, Inc.*		20,337


Shares			Value
Common Stocks, continued
Road & Rail, continued
	2,378	Werner Enterprises, Inc.	$	113,336
	1,829	Yellow Corp.*		23,027

				7,026,549

Semiconductors & Semiconductor Equipment (6.0%):
	870	Advanced Energy Industries, Inc.		79,222
	9,116	Advanced Micro Devices, Inc.*		1,311,792
	1,120	Alpha & Omega Semiconductor, Ltd.*		67,827
	630	Ambarella, Inc.*		127,821
	8,710	Amkor Technology, Inc.		215,921
	5,357	Analog Devices, Inc.		941,600
	7,890	Applied Materials, Inc.		1,241,570
	608	Axcelis Technologies, Inc.*		45,333
	1,701	AXT, Inc.*		14,986
	1,411	Azenta, Inc.		145,488
	4,534	Broadcom, Inc.		3,016,969
	437	CEVA, Inc.*		18,896
	1,136	Cirrus Logic, Inc.*		104,535
	697	CMC Materials, Inc.		133,608
	2,261	Cohu, Inc.*		86,122
	1,027	Diodes, Inc.*		112,775
	1,101	Enphase Energy, Inc.*		201,417
	1,512	Entegris, Inc.		209,533
	2,177	First Solar, Inc.*		189,747
	1,662	FormFactor, Inc.*		75,987
	1,314	GSI Technology, Inc.*		6,084
	948	Ichor Holdings, Ltd.*		43,636
	64,288	Intel Corp.		3,310,832
	1,853	KLA Corp.		796,994
	1,562	Kulicke & Soffa Industries, Inc.		94,563
	1,575	Lam Research Corp.		1,132,661
	2,049	Lattice Semiconductor Corp.*		157,896
	876	MA-COM Technology Solutions Holdings, Inc.*		68,591
	10,107	Marvell Technology, Inc.		884,261
	1,132	MaxLinear, Inc., Class A*		85,342
	4,383	Microchip Technology, Inc.		381,584
	11,595	Micron Technology, Inc.		1,080,074
	1,341	MKS Instruments, Inc.		233,562
	334	Monolithic Power Systems, Inc.		164,772
	1,500	Neophotonics Corp.*		23,055
	150	NVE Corp.		10,245
	16,996	NVIDIA Corp.		4,998,694
	592	NXP Semiconductors NV		134,846
	5,936	ON Semiconductor Corp.*		403,173
	1,334	Onto Innovation, Inc.*		135,041
	1,438	PDF Solutions, Inc.*		45,714
	2,358	Photronics, Inc.*		44,448
	1,116	Power Integrations, Inc.		103,665
	1,567	Qorvo, Inc.*		245,063
	13,444	Qualcomm, Inc.		2,458,504
	2,888	Rambus, Inc.*		84,878
	1,305	Semtech Corp.*		116,054
	867	Silicon Laboratories, Inc.*		178,966
	2,322	Skyworks Solutions, Inc.		360,235
	1,151	SMART Global Holdings, Inc.*		81,710
	371	SolarEdge Technologies, Inc.*		104,091
	1,754	SunPower Corp.*^		36,606
	834	Synaptics, Inc.*		241,451


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	2,449	Teradyne, Inc.	$	400,485
	10,811	Texas Instruments, Inc.		2,037,549
	1,251	Ultra Clean Holdings, Inc.*		71,757
	885	Universal Display Corp.		146,052
	1,442	Veeco Instruments, Inc.*		41,054
	1,114	Wolfspeed, Inc.*		124,512
	3,065	Xilinx, Inc.		649,872

				30,059,721

Software (7.4%):
	3,453	ACI Worldwide, Inc.*		119,819
	3,583	Adobe, Inc.*		2,031,776
	695	Alarm.com Holding, Inc.*		58,943
	583	Altair Engineering, Inc.*		45,078
	591	Alteryx, Inc., Class A*		35,755
	1,009	American Software, Inc., Class A		26,405
	734	ANSYS, Inc.*		294,422
	858	Asana, Inc.*		63,964
	1,409	Aspen Technology, Inc.*		214,450
	1,215	Atlassian Corp. plc, Class A*		463,267
	2,154	Autodesk, Inc.*		605,683
	813	Avalara, Inc.*		104,966
	1,879	Avaya Holdings Corp.*		37,204
	2,272	Aware, Inc.*		7,157
	691	Bill.com Holdings, Inc.*		172,163
	1,196	Blackbaud, Inc.*		94,460
	3	Blackline, Inc.*		311
	794	Bottomline Technologies, Inc.*		44,837
	2,029	Box, Inc.*		53,139
	2,111	Cadence Design Systems, Inc.*		393,385
	2,601	CDK Global, Inc.		108,566
	820	Cerence, Inc.*		62,845
	1,198	Ceridian HCM Holding, Inc.*		125,143
	1,606	Citrix Systems, Inc.		151,912
	519	Cloudflare, Inc., Class A*		68,248
	1,830	Cognyte Software, Ltd.*		28,676
	505	CommVault Systems, Inc.*		34,805
	491	Consensus Cloud Solutions, Inc.*		28,414
	639	Coupa Software, Inc.*		100,994
	487	Crowdstrike Holdings, Inc., Class A*		99,713
	638	Datadog, Inc., Class A*		113,634
	513	DocuSign, Inc.*		78,135
	5,645	Dropbox, Inc., Class A*		138,528
	1,822	Dynatrace, Inc.*		109,958
	1,380	Ebix, Inc.		41,952
	622	Elastic NV*		76,562
	990	Envestnet, Inc.*		78,547
	429	Everbridge, Inc.*		28,885
	519	Fair Isaac Corp.*		225,075
	337	Five9, Inc.*		46,277
	2,322	Fortinet, Inc.*		834,527
	485	Globant SA*		152,334
	1,145	Guidewire Software, Inc.*		129,992
	179	HubSpot, Inc.*		117,988
	2,145	Intuit, Inc.		1,379,707
	1,474	J2 Global, Inc.*		163,408
	1,784	Mandiant, Inc.*		31,291
	1,094	Manhattan Associates, Inc.*		170,106


Shares			Value
Common Stocks, continued
Software, continued
	62,637	Microsoft Corp.	$	21,066,076
	1,654	N-Able, Inc.*		18,359
	600	New Relic, Inc.*		65,976
	5,406	NortonLifeLock, Inc.		140,448
	3,699	Nuance Communications, Inc.*		204,629
	3,580	Nutanix, Inc., Class A*		114,059
	879	OneSpan, Inc.*		14,881
	11,328	Oracle Corp.		987,915
	7,336	Palantir Technologies, Inc., Class A*		133,589
	332	Palo Alto Networks, Inc.*		184,844
	513	Paycom Software, Inc.*		212,992
	443	Paylocity Holding Corp.*		104,619
	565	Pegasystems, Inc.		63,178
	947	Progress Software Corp.		45,712
	1,146	PTC, Inc.*		138,838
	389	Q2 Holdings, Inc.*		30,902
	894	Qualys, Inc.*		122,675
	2,745	RealNetworks, Inc.*		2,690
	371	RingCentral, Inc., Class A*		69,507
	899	Sailpoint Technologies Holdings, Inc.*		43,458
	5,162	salesforce.com, Inc.*		1,311,819
	1,200	Sapiens International Corp. NV		41,340
	512	ServiceNow, Inc.*		332,344
	1,163	Smartsheet, Inc., Class A*		90,074
	710	Splunk, Inc.*		82,161
	347	SPS Commerce, Inc.*		49,395
	3,224	SS&C Technologies Holdings, Inc.		264,303
	2,279	Synchronoss Technologies, Inc.*		5,561
	851	Synopsys, Inc.*		313,593
	2,670	The Trade Desk, Inc., Class A*		244,679
	328	Tyler Technologies, Inc.*		176,448
	1,103	Varonis Systems, Inc.*		53,804
	1,022	Verint Systems, Inc.*		53,665
	1,567	VMware, Inc., Class A		181,584
	2,930	Vonage Holdings Corp.*		60,915
	758	Workday, Inc., Class A*		207,070
	295	Workiva, Inc.*		38,495
	7,046	Xperi Holding Corp.		133,240
	645	Zendesk, Inc.*		67,267
	185	Zoom Video Communications, Inc., Class A*		34,023
	566	Zscaler, Inc.*		181,873

				37,282,406

Specialty Retail (2.7%):
	1,093	Aaron’s Co., Inc. (The)		26,942
	2,382	Abercrombie & Fitch Co., Class A*		82,965
	1,111	Advance Auto Parts, Inc.		266,507
	5,007	American Eagle Outfitters, Inc.		126,777
	200	America’s Car Mart, Inc.*		20,480
	793	Asbury Automotive Group, Inc.*		136,975
	2,111	AutoNation, Inc.*		246,670
	211	AutoZone, Inc.*		442,338
	3,164	Barnes & Noble Education, Inc.*		21,547
	3,437	Bed Bath & Beyond, Inc.*		50,111
	4,898	Best Buy Co., Inc.		497,637
	1,657	Big 5 Sporting Goods Corp.^		31,500
	841	Boot Barn Holdings, Inc.*		103,485
	583	Build-A-Bear Workshop, Inc.		11,380


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	760	Burlington Stores, Inc.*	$	221,548
	2,280	Caleres, Inc.		51,710
	2,685	CarMax, Inc.*		349,668
	155	Carvana Co.*		35,927
	1,987	Cato Corp., Class A		34,097
	7,822	Chico’s FAS, Inc.*		42,082
	881	Citi Trends, Inc.*		83,475
	1,572	Conn’s, Inc.*		36,973
	3,425	Designer Brands, Inc., Class A*		48,669
	2,039	Dick’s Sporting Goods, Inc.		234,465
	1,302	Five Below, Inc.*		269,371
	2,136	Floor & Decor Holdings, Inc., Class A*		277,701
	3,374	Foot Locker, Inc.		147,208
	8,563	Gap, Inc. (The)		151,137
	435	Genesco, Inc.*		27,914
	630	Group 1 Automotive, Inc.		122,989
	2,846	Guess?, Inc.		67,393
	583	Haverty Furniture Cos., Inc.		17,822
	499	Hibbett, Inc.		35,893
	8,873	Home Depot, Inc. (The)		3,682,384
	717	Lithia Motors, Inc.		212,913
	4,934	Lowe’s Cos., Inc.		1,275,340
	527	MarineMax, Inc.*		31,114
	751	Monro, Inc.		43,761
	877	Murphy U.S.A., Inc.		174,734
	1,200	National Vision Holdings, Inc.*		57,588
	1,542	ODP Corp. (The)*		60,570
	525	O’Reilly Automotive, Inc.*		370,771
	1,891	Penske Automotive Group, Inc.		202,753
	1,792	Rent-A-Center, Inc.		86,088
	296	RH*		158,638
	5,705	Ross Stores, Inc.		651,967
	1,832	Sally Beauty Holdings, Inc.*		33,819
	1,200	Shoe Carnival, Inc.		46,896
	1,393	Signet Jewelers, Ltd.		121,233
	472	Sleep Number Corp.*		36,155
	844	Sonic Automotive, Inc., Class A		41,736
	1,606	Sportsman’s Warehouse Holdings, Inc.*		18,951
	1,722	The Buckle, Inc.		72,858
	501	The Children’s Place, Inc.*		39,724
	854	Tilly’s, Inc.		13,758
	7,948	TJX Cos., Inc. (The)		603,412
	1,642	Tractor Supply Co.		391,781
	1,068	Ulta Beauty, Inc.*		440,379
	2,187	Urban Outfitters, Inc.*		64,210
	594	Victoria’s Secret & Co.*		32,991
	1,871	Williams-Sonoma, Inc.		316,442
	75	Winmark Corp.		18,622
	729	Zumiez, Inc.*		34,985

				13,657,929

Technology Hardware, Storage & Peripherals (5.5%):
	2,378	3D Systems Corp.*		51,222
	144,440	Apple, Inc.		25,648,211
	728	AstroNova, Inc.*		9,828
	1,682	Avid Technology, Inc.*		54,783
	1,874	Dell Technologies, Inc., Class C*		105,262
	17,708	Hewlett Packard Enterprise Co.		279,255


Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
	10,874	HP, Inc.	$	409,624
	4,627	NCR Corp.*		186,005
	2,576	NetApp, Inc.		236,966
	4,094	Pure Storage, Inc., Class A*		133,260
	2,694	Seagate Technology Holdings plc		304,368
	1,794	Stratasys, Ltd.*		43,935
	4,585	Western Digital Corp.*		298,988
	4,758	Xerox Holdings Corp.		107,721

				27,869,428

Textiles, Apparel & Luxury Goods (1.0%):
	3,367	Capri Holdings, Ltd.*		218,552
	1,250	Carter’s, Inc.		126,525
	1,677	Columbia Sportswear Co.		163,407
	1,693	Crocs, Inc.*		217,077
	810	Culp, Inc.		7,703
	624	Deckers Outdoor Corp.*		228,577
	1,494	Fossil Group, Inc.*		15,373
	2,480	G-III Apparel Group, Ltd.*		68,547
	9,857	Hanesbrands, Inc.		164,809
	795	Kontoor Brands, Inc.		40,744
	1,887	Levi Strauss & Co.		47,232
	1,042	Lululemon Athletica, Inc.*		407,891
	1,551	Movado Group, Inc.		64,878
	10,808	Nike, Inc., Class B		1,801,369
	405	Oxford Industries, Inc.		41,116
	1,441	PVH Corp.		153,683
	1,225	Ralph Lauren Corp.		145,604
	570	Rocky Brands, Inc.		22,686
	3,202	Skechers U.S.A., Inc., Class A*		138,967
	1,560	Steven Madden, Ltd.		72,493
	700	Superior Group of Cos., Inc.		15,358
	6,144	Tapestry, Inc.		249,446
	3,369	Under Armour, Inc., Class A*		71,389
	3,746	Under Armour, Inc., Class C*		67,578
	1,027	Unifi, Inc.*		23,775
	802	Vera Bradley, Inc.*		6,825
	3,169	VF Corp.		232,034
	1,153	Wolverine World Wide, Inc.		33,218

				4,846,856

Thrifts & Mortgage Finance (0.4%):
	1,866	Axos Financial, Inc.*		104,328
	1,591	BankFinancial Corp.		16,976
	3,362	Capitol Federal Financial, Inc.		38,091
	2,223	Columbia Financial, Inc.*		46,372
	855	ESSA Bancorp, Inc.		14,817
	3,469	Essent Group, Ltd.		157,944
	403	Federal Agricultural Mortgage Corp.		49,944
	408	First Capital, Inc.		16,300
	1,989	Flagstar Bancorp, Inc.		95,353
	8	Greene County Bancorp, Inc.		294
	62	Hingham Institution for Savings		26,033
	628	HomeStreet, Inc.		32,656
	413	IF Bancorp, Inc.		10,255
	2,442	Kearny Financial Corp.		32,357
	1,249	Kentucky First Federal Bancorp		9,393
	750	Lake Shore Bancorp, Inc.		11,310


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	194	LendingTree, Inc.*	$	23,784
	1,240	Meta Financial Group, Inc.		73,978
	10,413	MGIC Investment Corp.		150,155
	2,681	Mr Cooper Group, Inc.*		111,556
	11,597	New York Community Bancorp, Inc.		141,599
	2,461	NMI Holdings, Inc., Class A*		53,773
	1,501	Northfield Bancorp, Inc.		24,256
	3,456	Northwest Bancshares, Inc.		48,937
	1,932	Oceanfirst Financial Corp.		42,890
	503	Oconee Federal Financial Corp.		10,965
	465	Ocwen Financial Corp.*		18,586
	1,369	Premier Financial Corp.		42,316
	679	Provident Financial Holdings, Inc.		11,237
	2,256	Provident Financial Services, Inc.		54,640
	5,556	Radian Group, Inc.		117,398
	420	Riverview Bancorp, Inc.		3,230
	561	Southern Missouri Bancorp, Inc.		29,267
	1,764	Sterling Bancorp, Inc.*		10,143
	733	Territorial Bancorp, Inc.		18,508
	4,281	TFS Financial Corp.		76,502
	559	TrustCo Bank Corp. NY		18,620
	2,436	Washington Federal, Inc.		81,314
	728	Waterstone Financial, Inc.		15,914
	1,074	Wawlker & Dunlop, Inc.		162,045
	1,498	Western New England BanCorp, Inc.		13,123
	1,389	WSFS Financial Corp.		69,617

				2,086,776

Tobacco (0.3%):
	13,165	Altria Group, Inc.		623,889
	10,451	Philip Morris International, Inc.		992,845
	518	Universal Corp.		28,449
	3,098	Vector Group, Ltd.		35,565

				1,680,748

Trading Companies & Distributors (0.8%):
	3,334	Air Lease Corp.		147,463
	948	Applied Industrial Technologies, Inc.		97,360
	2,106	Beacon Roofing Supply, Inc.*		120,779
	1,071	Boise Cascade Co.		76,255
	644	DXP Enterprises, Inc.*		16,531
	7,240	Fastenal Co.		463,794
	876	GATX Corp.		91,270
	977	Global Industrial Co.		39,959
	1,243	GMS, Inc.*		74,717
	1,047	H&E Equipment Services, Inc.		46,351
	1,424	Herc Holdings, Inc.		222,927
	1,307	Huttig Building Products, Inc.*		14,468
	870	Kaman Corp., Class A		37,541
	2,381	MRC Global, Inc.*		16,381
	1,149	MSC Industrial Direct Co., Inc.		96,585
	3,189	NOW, Inc.*		27,234
	1,547	Rush Enterprises, Inc., Class A		86,075
	1,003	SiteOne Landscape Supply, Inc.*		243,007
	1,757	Textainer Group Holdings, Ltd.		62,742
	651	Titan Machinery, Inc.*		21,932
	173	Transcat, Inc.*		15,990
	2,472	Triton International, Ltd.		148,889


Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	1,712	United Rentals, Inc.*	$	568,880
	3,997	Univar Solutions, Inc.*		113,315
	1,184	Veritiv Corp.*		145,123
	744	W.W. Grainger, Inc.		385,571
	662	Watsco, Inc.		207,127
	84	Watsco, Inc., Class B		26,158
	1,396	WESCO International, Inc.*		183,700

				3,798,124

Transportation Infrastructure (0.0%^†):
	2,859	Macquarie Infrastructure Holdings LLC		10,435

Water Utilities (0.2%):
	830	American States Water Co.		85,855
	1,750	American Water Works Co., Inc.		330,505
	491	Artesian Resources Corp.		22,748
	1,107	California Water Service Group		79,549
	3,223	Essential Utilities, Inc.		173,043
	355	Middlesex Water Co.		42,707
	669	Pure Cycle Corp.*		9,767
	498	SJW Group		36,454
	372	York Water Co. (The)		18,518

				799,146

Wireless Telecommunication Services (0.2%):
	1,333	Shenandoah Telecommunications Co.		33,990
	1,649	Spok Holdings, Inc.		15,385
	2,954	Telephone & Data Systems, Inc.		59,523
	6,710	T-Mobile USA, Inc.*		778,226
	1,151	United States Cellular Corp.*		36,280

				923,404

	Total Common Stocks (Cost $261,709,957)			501,964,060

Preferred Stocks (0.0%^†):
Internet & Direct Marketing Retail (0.0%^†):
	264	Qurate Retail, Inc., 3/15/31		27,250

Trading Companies & Distributors (0.0%^†):
	1,076	WESCO International, Inc., Series A		32,979

	Total Preferred Stocks (Cost $113,834)			60,229

Rights (0.0%^†):
Biotechnology (0.0%^†):
	3,743	Achillion Pharm CVR, Expires on 1/29/49*		5,427

Household Durables (0.0%^†):
	1,918	Zagg, Inc. CVR, Expires on 1/2/49*		173

Media (0.0%^†):
	9,820	Media General, Inc. CVR, Expires on 12/31/49		1,215

	Total Rights (Cost $3,216)			6,815


Principal Amount			Value
Short-Term Security Held as Collateral for Securities on Loan (0.3%):
	1,388,640	BlackRock Liquidity FedFund, Institutional Class , 0.03%(b)(c)		1,388,640

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,388,640)			1,388,640


Shares			Value
Unaffiliated Investment Company (0.6%):
Money Markets (0.6%):
	3,050,996	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)	$	3,050,996

	Total Unaffiliated Investment Company (Cost $3,050,996)			3,050,996

	Total Investment Securities (Cost $266,266,643) — 100.5%(d)			506,470,740
	Net other assets (liabilities) — (0.5)%			(2,539,683	)

	Net Assets —100.0%		$	503,931,057

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	266,266,643

Investment securities, at value(a)	$	506,470,740
Interest and dividends receivable		277,162
Reclaims receivable		2,458
Prepaid expenses		2,266

Total Assets		506,752,626

Liabilities:
Cash overdraft		5,027
Payable for investments purchased		552,093
Payable for capital shares redeemed		461,119
Payable for collateral received on loaned securities		1,388,640
Manager fees payable		223,745
Administration fees payable		69,404
Distribution fees payable		103,586
Custodian fees payable		2,245
Administrative and compliance services fees payable		650
Transfer agent fees payable		890
Trustee fees payable		3,651
Other accrued liabilities		10,519

Total Liabilities		2,821,569

Net Assets	$	503,931,057

Net Assets Consist of:
Paid in capital	$	210,145,528
Total distributable earnings		293,785,529

Net Assets	$	503,931,057

Shares of beneficial interest (unlimited number of shares authorized, no par value)		29,803,289
Net Asset Value (offering and redemption price per share)	$	16.91

(a)	Includes securities on loan of $1,328,039.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Dividends	$	7,171,414
Interest		1
Income from securities lending		14,249
Foreign withholding tax		(1,540	)

Total Investment Income		7,184,124

Expenses:
Management fees		3,872,094
Administration fees		181,589
Distribution fees		1,210,027
Custodian fees		15,274
Administrative and compliance services fees		5,257
Transfer agent fees		4,696
Trustee fees		21,835
Professional fees		19,335
Shareholder reports		8,439
Other expenses		9,749

Total expenses before reductions		5,348,295
Less Management fees contractually waived		(1,258,434	)

Net expenses		4,089,861

Net Investment Income/(Loss)		3,094,263

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		52,255,025
Change in net unrealized appreciation/depreciation on securities		62,514,091

Net realized and Change in net unrealized gains/losses on investments		114,769,116

Change in Net Assets Resulting From Operations	$	117,863,379

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Core Equity Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,368 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,388,640 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Value Stocks Risk: Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause the Fund to at times underperform equity funds that use other investment strategies.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $267,288,229. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA U.S. Core Equity Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

For the year ended December 31, 2021, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $678,774.

During the year ended December 31, 2021, the Fund declared net long-term capital gain distributions of $37,244,158.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2020 for the 19 Funds was as follows: (1) 16 of the Funds had management fee rankings at or below the 65^th percentile (with 11 Funds at or below the 50^th percentile); and (2) for the AZL Enhanced Bond Index Fund, the AZL MSCI Emerging Markets Equity Index Fund, and the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to the lack of direct peers.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® DFA U.S. Small Cap Fund returned 29.02%. That compared to a 14.82% return for its benchmark, The Russell 2000^® Index.¹

Small-cap stocks underperformed large-cap stocks during the period. In the small-cap universe, value stocks outperformed growth stocks. Small-cap stocks with lower relative prices and higher profitability outperformed stocks with higher relative prices and lower profitability.

The Fund’s outperformance relative to its benchmark was primarily driven by its lesser exposure to stocks with the lowest profitability and highest relative prices. Such stocks

underperformed stocks with higher profitability and lower relative prices during the period. The Fund’s lesser exposure to stocks in the benchmark with the highest asset growth also contributed to its relative performance, as these stocks underperformed the smaller-cap stocks in the Fund’s portfolio.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

Investment Concerns

Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA U.S. Small Cap Fund		29.02	%		21.21	%		11.50	%		10.77	%
Russell 2000^® Index		14.82	%		20.02	%		12.02	%		10.60	%


Expense Ratio	Gross
AZL^® DFA U.S. Small Cap Fund		1.19	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.70% through at least April 30, 2023. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.35% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Russell 2000^® Index, which is an unmanaged market capitalization-weighted index comprised of the 2,000 smallest companies listed in the Russell 3000^® Index, which contains the 3,000 largest companies in the U.S. based on market capitalization. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL DFA U.S. Small Cap Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (99.6%):
Aerospace & Defense (0.9%):
	2,230	AAR Corp.*	$	87,037
	5,304	Aerojet Rocketdyne Holdings, Inc.		248,015
	1,350	AeroVironment, Inc.*		83,741
	2,615	Astronics Corp.*		31,380
	392	Astronics Corp., Class B*		4,708
	869	BWX Technologies, Inc.		41,608
	1,113	Curtiss-Wright Corp.		154,340
	766	Ducommun, Inc.*		35,826
	2,314	Hexcel Corp.*		119,865
	3,376	Innovative Solutions & Support, Inc.*		22,147
	7,496	Kratos Defense & Security Solutions, Inc.*		145,422
	1,825	Maxar Technologies, Inc.		53,892
	1,336	Mercury Systems, Inc.*		73,560
	1,513	Moog, Inc., Class A		122,508
	516	National Presto Industries, Inc.		42,327
	2,564	Park Aerospace Corp., Class C		33,845
	1,291	Parsons Corp.*		43,442
	759	Vectrus, Inc.*		34,739

				1,378,402

Air Freight & Logistics (0.4%):
	738	Air T, Inc.*		18,561
	2,305	Air Transport Services Group, Inc.*		67,721
	743	Atlas Air Worldwide Holdings, Inc.*		69,931
	1,767	Forward Air Corp.		213,966
	2,225	Hub Group, Inc., Class A*		187,434
	5,212	Radiant Logistics, Inc.*		37,995

				595,608

Airlines (0.6%):
	3,632	Alaska Air Group, Inc.*		189,227
	974	Allegiant Travel Co.*		182,177
	899	Copa Holdings SA, Class A*		74,311
	3,192	Hawaiian Holdings, Inc.*		58,637
	12,473	JetBlue Airways Corp.*		177,616
	2,017	SkyWest, Inc.*		79,268
	4,325	Spirit Airlines, Inc.*		94,501

				855,737

Auto Components (1.4%):
	4,444	Adient plc*		212,779
	4,351	American Axle & Manufacturing Holdings, Inc.*		40,595
	2,031	Cooper-Standard Holding, Inc.*		45,515
	8,170	Dana, Inc.		186,439
	1,611	Dorman Products, Inc.*		182,059
	2,028	Fox Factory Holding Corp.*		344,963
	2,137	Gentherm, Inc.*		185,705
	16,048	Goodyear Tire & Rubber Co. (The)*		342,143
	1,306	LCI Industries		203,566
	5,052	Modine Manufacturing Co.*		50,975
	1,911	Motorcar Parts of America, Inc.*		32,621
	928	Patrick Industries, Inc.		74,880
	1,385	Standard Motor Products, Inc.		72,560
	1,639	Stoneridge, Inc.*		32,354
	1,139	Tenneco, Inc.*		12,871
	472	Veoneer, Inc.*		16,746
	1,448	Visteon Corp.*		160,931

				2,197,702


Shares			Value
Common Stocks, continued
Automobiles (0.2%):
	3,678	Harley-Davidson, Inc.	$	138,624
	676	Thor Industries, Inc.		70,149
	1,823	Winnebago Industries, Inc.		136,579

				345,352

Banks (11.5%):
	1,584	1st Constitution Bancorp		40,693
	1,859	1st Source Corp.		92,206
	410	ACNB Corp.		12,825
	880	Allegiance Bancshares, Inc.		37,145
	600	Amalgamated Financial Corp.		10,062
	846	Amerant Bancorp, Inc.		29,229
	939	American National Bankshares, Inc.		35,382
	3,750	Ameris Bancorp		186,300
	1,149	Ames National Corp.		28,139
	1,609	Arrow Financial Corp.		56,685
	7,329	Associated Banc-Corp.		165,562
	1,465	Atlantic Capital Bancshares, Inc.*		42,148
	3,631	Atlantic Union Bankshares Corp.		135,400
	13	Auburn National Bancorp, Inc.		412
	3,921	Banc of California, Inc.		76,930
	1,785	BancFirst Corp.		125,950
	3,525	Bancorp, Inc. (The)*		89,218
	2,065	Bank of Hawaii Corp.		172,964
	1,191	Bank of Marin Bancorp		44,341
	2,982	Bank of Nt Butterfield & Son, Ltd. (The)		113,644
	485	Bank of South Carolina Corp.		9,782
	6,495	Bank OZK		302,212
	4,913	BankUnited, Inc.		207,869
	1,789	Banner Corp.		108,539
	872	Bar Harbor Bankshares		25,227
	1,217	Baycom Corp.*		22,831
	595	BCB Bancorp, Inc.		9,181
	2,938	Berkshire Hills Bancorp, Inc.		83,527
	2,278	BOK Financial Corp.		240,306
	3,537	Brookline Bancorp, Inc.		57,264
	1,666	Bryn Mawr Bank Corp.		74,987
	667	Business First Bancshares, Inc.		18,883
	2,546	Byline BanCorp, Inc.		69,633
	227	C&F Financial Corp.		11,620
	10,635	Cadence Bank		316,817
	436	Cambridge Bancorp		40,805
	1,359	Camden National Corp.		65,449
	1,471	Capital City Bank Group, Inc.		38,834
	700	Capstar Financial Holdings, Inc.		14,721
	3,988	Cathay General Bancorp		171,444
	1,646	CBTX, Inc.		47,734
	1,822	Central Pacific Financial Corp.		51,326
	1,141	Central Valley Community Bancorp		23,699
	668	Chemung Financial Corp.		30,581
	6,348	CIT Group, Inc.		325,906
	1,509	Citizens & Northern Corp.		39,415
	718	Citizens Holding Co.		13,463
	798	City Holding Co.		65,268
	822	Civista Bancshares, Inc.		20,057
	1,205	CNB Financial Corp.		31,932
	85	Codorus Valley Bancorp, Inc.		1,836
	56	Colony Bankcorp, Inc.		956


Shares			Value
Common Stocks, continued
Banks, continued
	4,190	Columbia Banking System, Inc.	$	137,097
	2,562	Community Bank System, Inc.		190,818
	1,343	Community Trust Bancorp, Inc.		58,568
	525	Community West Bancshares		6,982
	2,115	ConnectOne Bancorp, Inc.		69,182
	2,253	CrossFirst Bankshares, Inc.*		35,169
	256	Cullen/Frost Bankers, Inc.		32,274
	2,541	Customers Bancorp, Inc.		166,105
	6,743	CVB Financial Corp.		144,368
	2,220	Dime Community Bancshares, Inc.		78,055
	609	Eagle Bancorp Montana, Inc.		13,995
	1,599	Eagle Bancorp, Inc.		93,286
	2,149	Enterprise Financial Services Corp.		101,196
	924	Equity Bancshares, Inc.		31,351
	534	Evans Bancorp, Inc.		21,520
	15,713	F.N.B. Corp.		190,599
	2,582	Farmers National Banc Corp.		47,896
	2,391	FB Financial Corp.		104,774
	1,568	Financial Institutions, Inc.		49,862
	10,810	First Bancorp		148,962
	1,491	First Bancorp, Inc.		46,817
	1,761	First Bancorp/Southern Pines NC		80,513
	1,053	First Bancshares, Inc. (The)		40,667
	2,776	First Busey Corp.		75,285
	940	First Business Financial Services, Inc.		27,420
	41	First Citizens BancShares, Inc., Class A		34,023
	4,622	First Commonwealth Financial Corp.		74,368
	1,099	First Community Bankshares		36,729
	4,894	First Financial Bancorp		119,316
	3,090	First Financial Bankshares, Inc.		157,096
	812	First Financial Corp.		36,775
	1,717	First Financial Northwest, Inc.		27,764
	2,543	First Foundation, Inc.		63,219
	6,483	First Hawaiian, Inc.		177,180
	402	First Internet BanCorp		18,910
	1,968	First Interstate BancSystem, Class A		80,039
	2,751	First Merchants Corp.		115,239
	720	First Mid Bancshares, Inc.		30,809
	5,629	First Midwest Bancorp, Inc.		115,282
	1,367	First of Long Island Corp. (The)		29,514
	84	First Savings Financial Group		2,218
	234	First United Corp.		4,416
	908	First US Bancshares, Inc.		9,607
	2,675	Flushing Financial Corp.		65,002
	8,311	Fulton Financial Corp.		141,287
	1,937	German American Bancorp, Inc.		75,504
	5,467	Glacier Bancorp, Inc.		309,979
	1,038	Great Southern Bancorp, Inc.		61,501
	2,977	Great Western Bancorp, Inc.		101,099
	440	Guaranty Bancshares, Inc.		16,535
	4,491	Hancock Whitney Corp.		224,640
	1,888	Hanmi Financial Corp.		44,708
	3,865	HarborOne BanCorp, Inc.		57,357
	43	Hawthorn Bancshares, Inc.		1,111
	2,024	Heartland Financial USA, Inc.		102,435
	2,978	Heritage Financial Corp.		72,782
	4,406	Hertiage Commerce Corp.		52,608


Shares			Value
Common Stocks, continued
Banks, continued
	4,106	Hilltop Holdings, Inc.	$	144,285
	8,713	Home Bancshares, Inc.		212,162
	1,139	Hometrust Bancshares, Inc.		35,286
	5,930	Hope BanCorp, Inc.		87,230
	3,456	Horizon Bancorp		72,058
	511	Howard Bancorp, Inc.*		11,135
	2,325	Independent Bank Corp.		189,557
	2,159	Independent Bank Group, Inc.		155,772
	3,151	International Bancshares Corp.		133,571
	12,986	Investors Bancorp, Inc.		196,738
	3,767	Lakeland Bancorp, Inc.		71,535
	1,510	Lakeland Financial Corp.		121,011
	950	Landmark Bancorp, Inc.		27,075
	1,512	LCNB Corp.		29,529
	2,612	Live Oak Bancshares, Inc.		228,001
	3,707	Macatawa Bank Corp.		32,696
	1,659	Mercantile Bank Corp.		58,115
	400	Metropolitan Bank Holding Corp.*		42,612
	1,651	Midland States BanCorp, Inc.		40,928
	1,041	MidWestone Financial Group, Inc.		33,697
	300	MVB Financial Corp.		12,456
	2,052	National Bank Holdings Corp.		90,165
	769	National Bankshares, Inc.		27,884
	2,224	NBT Bancorp, Inc.		85,668
	974	Nicolet Bankshares, Inc.*		83,520
	1,136	Northeast Bank		40,589
	657	Northrim Bancorp, Inc.		28,553
	609	Norwood Financial Corp.		15,828
	2,428	OFG Bancorp		64,488
	183	Ohio Valley Banc Corp.		5,316
	8,328	Old National Bancorp		150,903
	1,004	Old Point Financial Corp.		22,871
	3,314	Old Second Bancorp, Inc.		41,723
	1,182	Origin Bancorp, Inc.		50,731
	1,208	Orrstown Financial Services, Inc.		30,442
	4,752	Pacific Premier Bancorp, Inc.		190,223
	6,187	PacWest Bancorp		279,467
	534	Park National Corp.		73,324
	1,636	Parke Bancorp, Inc.		34,814
	1,540	Peapack-Gladstone Financial Corp.		54,516
	952	Penns Woods Bancorp, Inc.		22,439
	434	Peoples Bancorp of NC		11,974
	2,085	Peoples Bancorp, Inc.		66,324
	3,628	People’s United Financial, Inc.		64,651
	1,675	Pinnacle Financial Partners, Inc.		159,962
	3,166	Popular, Inc.		259,739
	977	Preferred Bank Los Angeles		70,139
	2,309	Primis Financial Corp.		34,727
	474	Prosperity Bancshares, Inc.		34,270
	1,118	QCR Holdings, Inc.		62,608
	351	Rbb BanCorp		9,196
	309	Reliant Bancorp, Inc.		10,969
	2,844	Renasant Corp.		107,930
	1,482	Republic Bancorp, Inc., Class A		75,345
	6,466	Republic First Bancorp, Inc.*		24,054
	2,122	S & T Bancorp, Inc.		66,885
	320	Salisbury Bancorp, Inc.		16,922


Shares			Value
Common Stocks, continued
Banks, continued
	2,295	Sandy Spring Bancorp, Inc.	$	110,344
	552	SB Financial Group, Inc.		10,747
	3,087	Seacoast Banking Corp of Florida		109,249
	3,612	ServisFirst Bancshares, Inc.		306,803
	1,438	Shore Bancshares, Inc.		29,982
	1,279	Sierra Bancorp		34,725
	6,333	Simmons First National Corp., Class A		187,330
	562	Southern First Bancshares, Inc.*		35,119
	1,502	Southside Bancshares, Inc.		62,814
	3,064	SouthState Corp.		245,457
	1,629	Spirit of Texas Bancshares, Inc.		46,883
	9,411	Sterling Bancorp		242,710
	1,444	Stock Yards Bancorp, Inc.		92,243
	682	Summit Financial Group, Inc.		18,721
	1,323	Summit State Bank		19,938
	4,275	Synovus Financial Corp.		204,644
	2,562	Texas Capital Bancshares, Inc.*		154,360
	694	Tompkins Financial Corp.		58,005
	3,635	TowneBank		114,830
	1,824	TriCo Bancshares		78,359
	2,571	Tristate Capital Holdings, Inc.*		77,798
	1,894	Triumph BanCorp, Inc.*		225,538
	3,236	Trustmark Corp.		105,041
	2,867	UMB Financial Corp.		304,217
	12,136	Umpqua Holdings Corp.		233,497
	249	Union Bankshares, Inc.		7,236
	450	United Bancshares, Inc.		13,725
	8,109	United Bankshares, Inc.		294,195
	4,792	United Community Banks, Inc.		172,224
	916	United Security Bancshares		7,438
	42	Unity Bancorp, Inc.		1,102
	1,651	Univest Financial Corp.		49,398
	21,320	Valley National Bancorp		293,150
	1,563	Veritex Holdings, Inc.		62,176
	1,461	Washington Trust Bancorp		82,357
	4,406	Webster Financial Corp.		246,031
	3,853	WesBanco, Inc.		134,816
	1,569	West Bancorp		48,749
	1,354	Westamerica Bancorp		78,166
	3,352	Wintrust Financial Corp.		304,429

				17,798,306

Beverages (0.3%):
	321	Celsius Holdings, Inc.*		23,937
	533	Coca-Cola Consolidated, Inc.		330,028
	1,140	MGP Ingredients, Inc.		96,889
	1,268	National Beverage Corp.		57,478
	3,800	NewAge, Inc.*		3,914
	985	Willamette Valley Vineyards, Inc.*		8,550

				520,796

Biotechnology (4.3%):
	308	2Seventy Bio, Inc.*		7,894
	1,733	AC Immune SA*		8,578
	1,950	ACADIA Pharmaceuticals, Inc.*		45,513
	3,308	Adverum Biotechnologies, Inc.*		5,822
	3,984	Aeglea BioTherapeutics, Inc.*		18,924
	2,640	Agios Pharmaceuticals, Inc.*		86,777


Shares			Value
Common Stocks, continued
Biotechnology, continued
	13,598	Akebia Therapeutics, Inc.*	$	30,732
	2,076	Akero Therapeutics, Inc.*		43,907
	1,262	Albireo Pharma, Inc.*		29,392
	9,015	Alkermes plc*		209,689
	2,613	Allogene Therapeutics, Inc.*		38,986
	2,056	AnaptysBio, Inc.*		71,446
	1,103	Applied Genetic Technologies Corp.*		2,096
	629	Applied Therapeutics, Inc.*		5,630
	283	Arcturus Therapeutics Holdings, Inc.*		10,474
	629	Arcus Biosciences, Inc.*		25,456
	3,961	Arcutis Biotherapeutics, Inc.*		82,151
	6,613	Ardelyx, Inc.*		7,274
	3,297	Arena Pharmaceuticals, Inc.*		306,423
	4,656	Atara Biotherapeutics, Inc.*		73,379
	2,342	Atreca, Inc., Class A*^		7,096
	2,657	Avid Bioservices, Inc.*		77,531
	1,475	Avidity Biosciences, Inc.*		35,061
	1,944	Axcella Health, Inc.*		4,063
	1,038	Beyondspring, Inc.*		4,702
	926	Bluebird Bio, Inc.*		9,251
	1,718	Blueprint Medicines Corp.*		184,015
	4,360	Calithera Biosciences, Inc.*		2,900
	2,880	Cara Therapeutics, Inc.*		35,078
	1,034	CareDx, Inc.*		47,026
	1,421	CASI Pharmaceuticals, Inc.*		1,137
	606	Castle Biosciences, Inc.*		25,979
	1,053	Catalyst Biosciences, Inc.*		962
	5,557	Catalyst Pharmaceuticals, Inc.*		37,621
	236	ChemoCentryx, Inc.*		8,593
	6,991	Chimerix, Inc.*		44,952
	2,139	Chinook Therapeutics, Inc.*		34,887
	3,561	Concert Pharmaceuticals, Inc.*		11,217
	2,225	Crinetics Pharmaceuticals, Inc.*		63,212
	407	CRISPR Therapeutics AG*		30,842
	1,634	Cue Biopharma, Inc.*		18,481
	2,539	Cytomx Therapeutics, Inc.*		10,994
	1,720	Deciphera Pharmaceuticals, Inc.*		16,804
	3,786	Denali Therapeutics, Inc.*		168,856
	1,115	Eagle Pharmaceuticals, Inc.*		56,776
	3,422	Editas Medicine, Inc.*		90,854
	1,660	Eiger BioPharmaceuticals, Inc.*		8,615
	2,263	Emergent BioSolutions, Inc.*		98,373
	1,500	Enanta Pharmaceuticals, Inc.*		112,170
	11,564	Exelixis, Inc.*		211,390
	1,575	Fibrogen, Inc.*		22,208
	2,705	G1 Therapeutics, Inc.*		27,618
	1,199	Global Blood Therapeutics, Inc.*		35,095
	1,738	Glycomimetics Industries*		2,503
	2,547	Gritstone bio, Inc.*		32,754
	7,175	Halozyme Therapeutics, Inc.*		288,507
	1,570	Harpoon Therapeutics, Inc.*		11,854
	2,828	Heron Therapeutics, Inc.*		25,820
	1,889	Ideaya Biosciences, Inc.*		44,656
	196	IGM Biosciences, Inc.*		5,749
	592	ImmuCell Corp.*		4,730
	1,281	Immunovant, Inc.*		10,914
	3,325	Infinity Pharmaceuticals, Inc.*		7,481


Shares			Value
Common Stocks, continued
Biotechnology, continued
	1,583	Insmed, Inc.*	$	43,121
	4,290	Intellia Therapeutics, Inc.*		507,250
	2,237	Iovance Biotherapeutics, Inc.*		42,704
	9,160	Ironwood Pharmaceuticals, Inc.*		106,806
	422	iTeos Therapeutics, Inc.*		19,648
	4,709	IVERIC Bio, Inc.*		78,734
	3,800	Jounce Therapeutics, Inc.*		31,730
	856	KalVista Pharmaceuticals, Inc.*		11,325
	1,550	Karuna Therapeutics, Inc.*		203,050
	1,356	Kezar Life Sciences, Inc.*		22,672
	514	Kiniksa Pharmaceuticals, Ltd., Class A*		6,050
	1,081	Krystal Biotech, Inc.*		75,616
	2,093	Kura Oncology, Inc.*		29,302
	4,768	Lexicon Pharmaceuticals, Inc.*		18,786
	830	Ligand Pharmaceuticals, Inc.*		128,202
	3,472	Macrogenics, Inc.*		55,726
	977	Madrigal Pharmaceuticals, Inc.*		82,791
	2,522	Magenta Therapeutics, Inc.*		11,172
	900	MediciNova, Inc.*^		2,412
	2,101	MeiraGTx Holdings plc*		49,878
	1,843	Mersana Therapeutics, Inc.*		11,463
	1,300	Minerva Neurosciences, Inc.*		1,041
	711	Molecular Templates, Inc.*^		2,787
	710	Morphic Holding, Inc.*		33,640
	5,011	Myriad Genetics, Inc.*		138,304
	326	Nurix Therapeutics, Inc.*		9,438
	1,223	Oncocyte Corp.*		2,654
	26,516	OPKO Health, Inc.*		127,542
	14,857	PDL BioPharma, Inc.		50,960
	2,083	Precision BioSciences, Inc.*		15,414
	2,098	Protagonist Therapeutics, Inc.*		71,752
	3,479	Prothena Corp. plc*		171,863
	1,221	RAPT Therapeutics, Inc.*		44,847
	2,449	REGENXBIO, Inc.*		80,082
	427	Repare Therapeutics, Inc.*		9,005
	1,686	Replimune Group, Inc.*		45,691
	667	REVOLUTION Medicines, Inc.*		16,788
	1,106	Rhythm Pharmaceuticals, Inc.*		11,038
	9,636	Rigel Pharmaceuticals, Inc.*		25,535
	2,920	Rocket Pharmaceuticals, Inc.*		63,744
	2,335	Sage Therapeutics, Inc.*		99,331
	10,666	Sangamo Therapeutics, Inc.*		79,995
	1,550	Scholar Rock Holding Corp.*		38,502
	9,500	Spectrum Pharmaceuticals, Inc.*		12,065
	1,478	Spero Therapeutics, Inc.*		23,663
	1,098	SpringWorks Therapeutics, Inc.*		68,054
	954	Stoke Therapeutics, Inc.*		22,886
	1,866	Surface Oncology, Inc.*		8,920
	1,873	Sutro Biopharma, Inc.*		27,870
	2,101	Syndax Pharmaceuticals, Inc.*		45,991
	905	Syros Pharmaceuticals, Inc.*		2,950
	1,755	TCR2 Therapeutics, Inc.*		8,178
	2,757	Travere Therapeutics, Inc.*		85,577
	533	Turning Point Therapeutics, Inc.*		25,424
	1,282	Ultragenyx Pharmaceutical, Inc.*		107,803
	303	United Therapeutics Corp.*		65,472
	3,525	Vanda Pharmaceuticals, Inc.*		55,307


Shares			Value
Common Stocks, continued
Biotechnology, continued
	2,332	Vaxart, Inc.*^	$	14,622
	3,366	VBI Vaccines, Inc.*		7,876
	8,204	Verastem, Inc.*		16,818
	2,783	Vericel Corp.*		109,372
	4,488	Viking Therapeutics, Inc.*		20,645
	737	Vir Biotechnology, Inc.*		30,858
	1,685	Voyager Therapeutics, Inc.*		4,566
	3,464	Xencor, Inc.*		138,976
	1,840	Y-mAbs Therapeutics, Inc.*		29,826

				6,701,980

Building Products (1.5%):
	3,183	AAON, Inc.		252,826
	447	Advanced Drainage Systems, Inc.		60,850
	824	American Woodmark Corp.*		53,725
	1,705	Apogee Enterprises, Inc.		82,096
	3,226	Armstrong Flooring, Inc.*		6,388
	2,574	Armstrong World Industries, Inc.		298,893
	1,277	AZEK Co., Inc. (The)*		59,048
	3,446	Cornerstone Building Brands, Inc.*		60,098
	815	Csw Industrials, Inc.		98,501
	1,452	Gibraltar Industries, Inc.*		96,819
	1,043	Griffon Corp.		29,705
	1,762	Insteel Industries, Inc.		70,145
	3,941	Jeld-Wen Holding, Inc.*		103,885
	871	Masonite International Corp.*		102,734
	3,341	PGT Innovations, Inc.*		75,139
	2,436	Quanex Building Products Corp.		60,364
	3,705	Resideo Technologies, Inc.*		96,441
	2,222	Simpson Manufacturing Co., Inc.		309,014
	2,113	UFP Industries, Inc.		194,417
	6,630	Zurn Water Solutions Corp.		241,332

				2,352,420

Capital Markets (2.1%):
	1,665	Affiliated Managers Group, Inc.		273,909
	3,557	Artisan Partners Asset Management, Inc., Class A		169,456
	866	Assetmark Financial Holdings, Inc.*		22,698
	16,135	BGC Partners, Inc., Class A		75,028
	1,300	Blucora, Inc.*		22,516
	2,455	Brightsphere Investment Group, Inc.		62,848
	3,094	Cohen & Steers, Inc.		286,226
	300	Cowen, Inc., Class A		10,830
	239	Diamond Hill Investment Group		46,421
	2,638	Donnelley Financial Solutions, Inc.*		124,355
	4,076	Federated Hermes, Inc., Class B		153,176
	989	GAMCO Investors, Inc., Class A		24,705
	1,990	Greenhill & Co., Inc.		35,681
	1,753	Hamilton Lane, Inc.		181,646
	211	Hennessy Advisors, Inc.		2,292
	2,282	Houlihan Lokey, Inc.		236,233
	1,879	Janus Henderson Group plc		78,805
	6,018	Lazard, Ltd., Class A		262,565
	2,775	Manning & Napier, Inc.		23,060
	3,592	Moelis & Co., Class A		224,536
	853	Oppenheimer Holdings, Class A		39,554
	671	Piper Jaffray Cos., Inc.		119,780
	1,393	PJT Partners, Inc.		103,207


Shares			Value
Common Stocks, continued
Capital Markets, continued
	2,624	Pzena Investment Management, Inc.	$	24,849
	3,824	Safeguard Scientifics, Inc.*		28,106
	1,619	Silvercrest Asset Management Group, Inc., Class A		27,798
	2,267	Stifel Financial Corp.		159,642
	984	StoneX Group, Inc.*		60,270
	207	Value Line, Inc.		9,692
	5,549	Virtu Financial, Inc., Class A		159,978
	411	Virtus Investment Partners, Inc.		122,108
	1,478	Westwood Holdings, Inc.		25,037
	10,429	WisdomTree Investments, Inc.		63,826

				3,260,833

Chemicals (3.4%):
	1,064	Advanced Emmissions Solutions*		7,044
	2,212	AdvanSix, Inc.		104,517
	1,429	Agrofresh Solutions, Inc.*		2,844
	2,805	American Vanguard Corp.		45,974
	2,989	Ashland Global Holdings, Inc.		321,796
	4,531	Avient Corp.		253,510
	2,017	Balchem Corp.		340,066
	2,535	Cabot Corp.		142,467
	639	Chase Corp.		63,619
	8,006	Chemours Co. (The)		268,681
	1,403	Core Molding Technologies, Inc.*		11,940
	6,378	Ecovyst, Inc.		65,311
	13,666	Element Solutions, Inc.		331,811
	4,923	Ferro Corp.*		107,469
	2,318	Flotek Industries, Inc.*		2,619
	3,777	Futurefuel Corp.		28,856
	3,684	GCP Applied Technologies, Inc.*		116,635
	3,215	H.B. Fuller Co.		260,415
	1,565	Hawkins, Inc.		61,739
	2,726	Huntsman Corp.		95,083
	1,866	Ingevity Corp.*		133,792
	1,207	Innospec, Inc.		109,040
	1,047	Intrepid Potash, Inc.*		44,738
	1,147	Koppers Holdings, Inc.*		35,901
	1,259	Kraton Corp.*		58,317
	5,083	Kronos Worldwide, Inc.		76,296
	9,357	Livent Corp.*		228,124
	5,685	LSB Industries, Inc.*		62,819
	1,815	Minerals Technologies, Inc.		132,767
	389	NewMarket Corp.		133,318
	1,786	Northern Technologies International Corp.		27,326
	5,689	Olin Corp.		327,231
	2,431	Orion Engineered Carbons SA*		44,633
	241	Quaker Chemical Corp.		55,618
	5,893	Rayonier Advanced Materials, Inc.*		33,649
	2,468	Sensient Technologies Corp.		246,948
	1,187	Stepan Co.		147,532
	3,421	Trecora Resources*		27,642
	2,589	Tredegar Corp.		30,602
	2,135	Trinseo PLC*		112,002
	8,671	Tronox Holdings plc, Class A		208,364
	8,685	Valvoline, Inc.		323,864
	8,372	Venator Materials plc*		21,265

				5,254,184


Shares			Value
Common Stocks, continued
Commercial Services & Supplies (1.9%):
	3,277	ABM Industries, Inc.	$	133,866
	7,062	ACCO Brands Corp.		58,332
	675	Acme United Corp.		22,748
	1,342	ADT, Inc.		11,286
	2,694	Brady Corp., Class A		145,207
	3,882	BrightView Holdings, Inc.*		54,659
	2,663	Brink’s Co. (The)		174,613
	3,082	Casella Waste Systems, Inc.*		263,264
	4,565	CECO Environmental Corp.*		28,440
	1,426	Cimpress plc*		102,116
	436	Civeo Corp.*		8,358
	2,550	Clean Harbors, Inc.*		254,414
	325	CompX International, Inc.		7,303
	1,356	Deluxe Corp.		43,541
	2,494	Ennis, Inc.		48,708
	3,751	Healthcare Services Group, Inc.		66,730
	1,000	Heritage-Crystal Clean, Inc.*		32,020
	2,059	HNI Corp.		86,581
	3,774	Interface, Inc.		60,195
	3,764	KAR Auction Services, Inc.*		58,794
	2,673	Kimball International, Inc., Class B		27,345
	1,775	Matthews International Corp., Class A		65,089
	1,489	McGrath Rentcorp		119,507
	3,964	MillerKnoll, Inc.		155,349
	276	MSA Safety, Inc.		41,665
	2,566	NL Industries, Inc.		18,988
	2,198	Perma-Fix Environmental Services, Inc.*		13,913
	10,503	Pitney Bowes, Inc.		69,635
	5,379	Quad Graphics, Inc.*		21,516
	8,004	RR Donnelley & Sons Co.*		90,125
	1,749	SP Plus Corp.*		49,357
	4,831	Steelcase, Inc., Class A		56,619
	1,241	Stericycle, Inc.*		74,013
	4,115	Team, Inc.*		4,485
	620	Tetra Tech, Inc.		105,276
	763	UniFirst Corp.		160,535
	2,366	US Ecology, Inc.*		75,570
	373	Viad Corp.*		15,961
	2,566	Vidler Water Resouces, Inc.*		30,997
	3,364	Virco Manufacturing Co.*		10,294
	1,177	Vse Corp.		71,726

				2,939,140

Communications Equipment (1.2%):
	3,614	ADTRAN, Inc.		82,508
	1,444	Applied Optoelectronics, Inc.*		7,422
	682	Aviat Networks, Inc.*		21,879
	900	BK Technologies Corp.		2,169
	3,195	CalAmp Corp.*		22,557
	4,175	Calix, Inc.*		333,875
	3,508	Casa Systems, Inc.*		19,890
	980	Clearfield, Inc.*		82,732
	3,616	ClearOne, Inc.*		4,665
	1,300	CommScope Holding Co., Inc.*		14,352
	316	Communications Systems, Inc.		758
	1,983	Comtech Telecommunications Corp.		46,977
	2,559	Digi International, Inc.*		62,875
	1,222	DZS, Inc.*		19,821


Shares			Value
Common Stocks, continued
Communications Equipment, continued
	2,230	EchoStar Corp., Class A*	$	58,761
	3,157	EMCORE Corp.*		22,036
	6,919	Harmonic, Inc.*		81,367
	9,258	Infinera Corp.*		88,784
	1,456	InterDigital, Inc.		104,293
	2,325	KVH Industries, Inc.*		21,367
	1,172	Lantronix, Inc.*		9,177
	1,612	Lumentum Holdings, Inc.*		170,501
	1,769	NETGEAR, Inc.*		51,672
	4,188	NetScout Systems, Inc.*		138,539
	2,391	Network-1 Technologies, Inc.		6,743
	131	Optical Cable Corp.*		703
	7,260	Ribbon Communications, Inc.*		43,923
	3,617	ViaSat, Inc.*		161,101
	9,904	Viavi Solutions, Inc.*		174,508

				1,855,955

Construction & Engineering (1.7%):
	2,549	Ameresco, Inc., Class A*		207,591
	11,298	API Group Corp.*		291,149
	2,497	Arcosa, Inc.		131,592
	952	Argan, Inc.		36,833
	1,799	Comfort Systems USA, Inc.		177,993
	1,234	Concrete Pumping Holdings, Inc.*		10,119
	999	Construction Partners, Inc., Class A*		29,381
	1,242	Dycom Industries, Inc.*		116,450
	1,063	EMCOR Group, Inc.		135,416
	2,210	Granite Construction, Inc.		85,527
	4,498	Great Lakes Dredge & Dock Co.*		70,708
	1,679	IES Holdings, Inc.*		85,025
	3,105	MasTec, Inc.*		286,529
	3,068	Matrix Service Co.*		23,071
	1,083	MYR Group, Inc.*		119,726
	879	Northwest Pipe Co.*		27,952
	949	NV5 Global, Inc.*		131,076
	5,203	Orion Group Holdings, Inc.*		19,615
	1,563	Primoris Services Corp.		37,481
	2,151	Sterling Construction Co., Inc.*		56,571
	2,090	Tutor Perini Corp.*		25,853
	1,224	Valmont Industries, Inc.		306,612
	6,257	WillScot Mobile Mini Holdings Corp.*		255,536

				2,667,806

Construction Materials (0.4%):
	1,908	Eagle Materials, Inc., Class A		317,606
	1,261	Forterra, Inc.*		29,986
	5,455	Summit Materials, Inc., Class A*		218,964
	466	U.S. Lime & Minerals, Inc.		60,123

				626,679

Consumer Finance (1.2%):
	1,070	Atlanticus Holdings Corp.*		76,312
	1,688	Consumer Portfolio Services, Inc.*		20,003
	3,041	Curo Group Holdings Corp.		48,687
	1,249	Encore Capital Group, Inc.*		77,575
	1,566	Enova International, Inc.*		64,143
	5,775	EZCORP, Inc., Class A*		42,562
	2,530	FirstCash Holdings, Inc.		189,269
	2,615	Green Dot Corp., Class A*		94,768


Shares			Value
Common Stocks, continued
Consumer Finance, continued
	5,920	LendingClub Corp.*	$	143,146
	6,374	Navient Corp.		135,256
	1,807	Nelnet, Inc., Class A		176,508
	1,556	Nicholas Financial, Inc.*		18,345
	964	Oportun Financial Corp.*		19,521
	2,712	PRA Group, Inc.*		136,170
	3,728	PROG Holdings, Inc.*		168,170
	821	Regional Mgmt Corp.		47,175
	11,202	SLM Corp.		220,343
	475	World Acceptance Corp.*		116,579

				1,794,532

Containers & Packaging (0.6%):
	13,394	Graphic Packaging Holding Co.		261,183
	1,645	Greif, Inc., Class A		99,309
	874	Greif, Inc., Class B		52,248
	2,948	Myers Industries, Inc.		58,989
	7,172	O-I Glass, Inc.*		86,279
	613	Ranpak Holdings Corp.*		23,037
	4,885	Silgan Holdings, Inc.		209,273
	357	Sonoco Products Co.		20,667
	671	UFP Technologies, Inc.*		47,144

				858,129

Distributors (0.1%):
	12	AMCON Distributing Co.		2,394
	1,626	Educational Development Corp.		14,504
	2,028	Funko, Inc., Class A*		38,126
	1,655	Weyco Group, Inc.		39,621

				94,645

Diversified Consumer Services (1.0%):
	2,828	2u, Inc.*		56,758
	2,578	Adtalem Global Education, Inc.*		76,206
	1,366	American Public Education, Inc.*		30,393
	1,394	Carriage Services, Inc.		89,829
	4,483	Frontdoor, Inc.*		164,302
	201	Graham Holdings Co., Class B		126,596
	2,210	Grand Canyon Education, Inc.*		189,419
	8,298	H&R Block, Inc.		195,501
	9,707	Houghton Mifflin Harcourt Co.*		156,283
	2,311	Laureate Education, Inc.		28,286
	2,747	OneSpaWorld Holdings, Ltd.*		27,525
	4,264	Perdoceo Education Corp.*		50,145
	2,561	Regis Corp.*		4,456
	1,432	Strategic Education, Inc.		82,827
	2,869	Stride, Inc.*		95,624
	980	Terminix Global Holdings, Inc.*		44,325
	5,156	Universal Technical Institute, Inc.*		40,320
	2,647	WW International, Inc.*		42,696
	3,362	Zovio, Inc.*		4,270

				1,505,761

Diversified Financial Services (0.1%):
	500	Alerus Financial Corp.		14,640
	646	A-Mark Precious Metals, Inc.		39,470
	3,167	Cannae Holdings, Inc.*		111,320
	1,617	Marlin Business Services, Inc.		37,644

				203,074


Shares			Value
Common Stocks, continued
Diversified Telecommunication (0.0%^†):
	500	Telesat Corp.*	$	14,335

Diversified Telecommunication Services (0.4%):
	1,146	Anterix, Inc.*		67,339
	879	ATN International, Inc.		35,116
	2,189	Cogent Communications Holdings, Inc.		160,191
	5,491	Consolidated Communications Holdings, Inc.*		41,073
	2,097	IDT Corp.*		92,603
	6,317	Iridium Communications, Inc.*		260,829

				657,151

Electric Utilities (0.8%):
	1,005	ALLETE, Inc.		66,682
	3,043	Genie Energy, Ltd., Class B*		16,950
	5,125	Hawaiian Electric Industries, Inc.		212,687
	817	IDACORP, Inc.		92,574
	1,832	MGE Energy, Inc.		150,682
	3,078	Otter Tail Corp.		219,831
	6,951	PNM Resources, Inc.		317,035
	2,371	Portland General Electric Co.		125,473

				1,201,914

Electrical Equipment (1.3%):
	1,056	Acuity Brands, Inc.		223,576
	1,513	Allied Motion Technologies, Inc.		55,209
	2,221	American Superconductor Corp.*		24,165
	634	Atkore, Inc.*		70,495
	1,354	AZZ, Inc.		74,863
	1,427	Encore Wire Corp.		204,204
	2,640	EnerSys		208,719
	411	Espey Manufacturing & Electronics Corp.*		5,840
	9,534	GrafTech International, Ltd.		112,787
	2,834	LSI Industries, Inc.		19,441
	5,549	nVent Electric plc		210,862
	569	Powell Industries, Inc.		16,780
	690	Preformed Line Products Co.		44,643
	2,341	Regal-Beloit Corp.		398,391
	75	Servotronics, Inc.*		951
	1,994	Sunrun, Inc.*		68,394
	2,714	Thermon Group Holdings, Inc.*		45,948
	3,104	Ultralife Corp.*		18,748
	1,134	Vicor Corp.*		143,995

				1,948,011

Electronic Equipment, Instruments & Components (2.6%):
	6,544	Arlo Technologies, Inc.*		68,647
	4,800	Avnet, Inc.		197,904
	1,818	Badger Meter, Inc.		193,726
	254	Bel Fuse, Inc., Class A		3,670
	1,595	Bel Fuse, Inc., Class B		20,623
	3,057	Belden, Inc.		200,937
	1,596	Benchmark Electronics, Inc.		43,252
	543	Coherent, Inc.*		144,731
	1,611	CTS Corp.		59,156
	6,442	Daktronics, Inc.*		32,532
	1,365	Data I/O Corp.*		6,293
	662	ePlus, Inc.*		35,669
	2,471	Fabrinet*		292,739
	1,055	FARO Technologies, Inc.*		73,871
	640	Frequency Electronics, Inc.*		6,310


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	2,112	II-VI, Inc.*	$	144,313
	1,899	Insight Enterprises, Inc.*		202,433
	2,324	Itron, Inc.*		159,241
	1,856	Kimball Electronics, Inc.*		40,387
	4,627	Knowles Corp.*		108,040
	235	Littlelfuse, Inc.		73,950
	1,600	Luna Innovations, Inc.*		13,504
	1,993	Methode Electronics, Inc., Class A		97,996
	1,643	Napco Security Technologies, Inc.*		82,117
	3,997	National Instruments Corp.		174,549
	1,187	nLight, Inc.*		28,429
	2,576	Novanta, Inc.*		454,226
	952	OSI Systems, Inc.*		88,726
	844	PAR Technology Corp.*		44,538
	1,367	PC Connection, Inc.		58,959
	1,588	Plexus Corp.*		152,273
	965	Rogers Corp.*		263,445
	3,446	Sanmina Corp.*		142,871
	1,880	ScanSource, Inc.*		65,950
	5,308	TTM Technologies, Inc.*		79,089
	7,337	Vishay Intertechnology, Inc.		160,460
	999	Vishay Precision Group, Inc.*		37,083
	311	Wayside Technology Group, Inc.		10,904
	3,952	Wireless Telecom Group, Inc.*		8,694

				4,072,237

Energy Equipment & Services (1.1%):
	7,188	Archrock, Inc.		53,766
	2,431	Aspen Aerogels, Inc.*		121,040
	1,091	Bristow Group, Inc.*		34,552
	2,624	Cactus, Inc., Class A		100,053
	6,189	ChampionX Corp.*		125,080
	2,103	Core Laboratories NV		46,918
	1,457	Dawson Geophysical Co.*		3,373
	1,256	DMC Global, Inc.*		49,750
	2,539	Dril-Quip, Inc.*		49,968
	618	Expro Group Holdings NV*		8,868
	4,307	Exterran Corp.*		12,835
	2,694	Frank’s International NV*		38,659
	455	FTS International, Inc.*		11,944
	1,260	Geospace Technologies Corp.*		8,467
	2,641	Gulf Island Fabrication, Inc.*		10,590
	7,520	Helix Energy Solutions Group, Inc.*		23,462
	5,207	Helmerich & Payne, Inc.		123,406
	5,674	Liberty Oilfield Services, Inc., Class A*		55,038
	595	Mammoth Energy Services, Inc.*		1,083
	494	Nabors Industries, Ltd.*		40,058
	2,925	National Energy Services Reunited Corp.*		27,641
	1,299	Natural Gas Services Group*		13,601
	11,883	Newpark Resources, Inc.*		34,936
	12,860	NexTier Oilfield Solutions, Inc.*		45,653
	10,984	NOV, Inc.		148,833
	5,737	Oceaneering International, Inc.*		64,885
	3,039	Oil States International, Inc.*		15,104
	9,819	Patterson-UTI Energy, Inc.		82,971
	7,231	Propetro Holding Corp.*		58,571
	8,632	RPC, Inc.*		39,189
	1,598	SEACOR Marine Holdings, Inc.*		5,433


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	4,229	Select Energy Services, Inc.*	$	26,347
	1,537	Solaris Oilfield Infrastructure, Inc.		10,067
	1,803	Technip Energies NV, ADR*		26,144
	17,966	TechnipFMC plc		106,359
	5,480	TETRA Technologies, Inc.*		15,563
	1,075	Tidewater, Inc.*		11,513
	20,620	Transocean, Ltd.*^		56,911
	5,730	U.S. Silica Holdings, Inc.*		53,862
	372	Weatherford International plc*		10,312

				1,772,805

Entertainment (0.4%):
	2,527	Ballantyne Strong, Inc.*		7,303
	4,904	Cinemark Holdings, Inc.*^		79,053
	2,533	Imax Corp.*		45,189
	783	Liberty Media Corp.-Liberty Braves, Class A*		22,511
	1,825	Liberty Media Corp.-Liberty Braves, Class C*		51,283
	5,074	Lions Gate Entertainment Corp., Class A*		84,431
	7,603	Lions Gate Entertainment Corp., Class B*		117,010
	614	Madison Square Garden Entertainment Corp.*		43,189
	870	Marcus Corp.*		15,538
	2,715	Reading International, Inc., Class A*		10,969
	951	World Wrestling Entertainment, Inc., Class A		46,922
	13,548	Zynga, Inc.*		86,707

				610,105

Food & Staples Retailing (1.0%):
	5,498	BJ’s Wholesale Club Holdings, Inc.*		368,201
	118	Casey’s General Stores, Inc.		23,287
	2,742	Grocery Outlet Holding Corp.*		77,544
	661	Ingles Markets, Inc., Class A		57,071
	2,814	Natural Grocers by Vitamin Cottage, Inc.		40,100
	769	Performance Food Group Co.*		35,289
	1,654	PriceSmart, Inc.		121,023
	1,602	Rite Aid Corp.*		23,533
	2,176	SpartanNash Co.		56,054
	4,696	Sprouts Farmers Market, Inc.*		139,377
	1,855	The Andersons, Inc.		71,807
	2,406	The Chefs’ Warehouse, Inc.*		80,120
	3,444	United Natural Foods, Inc.*		169,032
	1,999	US Foods Holding Corp.*		69,625
	1,419	Village Super Market, Inc., Class A		33,190
	1,746	Weis Markets, Inc.		115,027

				1,480,280

Food Products (1.5%):
	444	Alico, Inc.		16,441
	2,325	B&G Foods, Inc.^		71,447
	1,273	Calavo Growers, Inc.		53,975
	2,146	Cal-Maine Foods, Inc.		79,381
	1,318	Coffee Holding Co., Inc.*		5,733
	2,061	Darling Ingredients, Inc.*		142,807
	2,411	Farmer Brothers Co.*		17,962
	5,876	Flowers Foods, Inc.		161,414
	2,300	Fresh Del Monte Produce, Inc.		63,480
	3,206	Hain Celestial Group, Inc. (The)*		136,608
	6,361	Hostess Brands, Inc.*		129,892
	842	Ingredion, Inc.		81,371
	1,040	J & J Snack Foods Corp.		164,278


Shares			Value
Common Stocks, continued
Food Products, continued
	519	John B Sanfilippo And Son, Inc.	$	46,793
	1,489	Lancaster Colony Corp.		246,578
	2,754	Landec Corp.*		30,569
	2,175	Limoneira Co.		32,625
	397	Pilgrim’s Pride Corp.*		11,195
	800	Post Holdings, Inc.*		90,184
	1,220	Rocky Mountain Chocolate Factory, Inc.*		9,516
	1,074	Sanderson Farms, Inc.		205,220
	46	Seaboard Corp.		181,010
	708	Seneca Foods Corp., Class A*		33,949
	12	Seneca Foods Corp., Class B*		565
	4,807	Simply Good Foods Co. (The)*		199,827
	2,229	Tootsie Roll Industries, Inc.		80,757
	1,779	TreeHouse Foods, Inc.*		72,103

				2,365,680

Gas Utilities (0.8%):
	1,029	Chesapeake Utilities Corp.		150,038
	1,610	National Fuel Gas Co.		102,943
	5,705	New Jersey Resources Corp.		234,247
	1,406	Northwest Natural Holding Co.		68,585
	2,413	ONE Gas, Inc.		187,225
	873	RGC Resources, Inc.		20,088
	6,748	South Jersey Industries, Inc.		176,258
	2,172	Southwest Gas Holdings, Inc.		152,149
	2,974	Spire, Inc.		193,964

				1,285,497

Health Care Equipment & Supplies (3.0%):
	6,691	Accuray, Inc.*		31,916
	3,324	AngioDynamics, Inc.*		91,676
	1,309	Anika Therapeutics, Inc.*		46,902
	5,744	Antares Pharma, Inc.*		20,506
	2,193	Apyx Medical Corp.*		28,114
	2,345	AtriCure, Inc.*		163,048
	126	Atrion Corp.		88,817
	3,108	Avanos Medical, Inc.*		107,754
	2,841	Axogen, Inc.*		26,620
	2,250	Axonics, Inc.*		126,000
	3,014	Cardiovascular Systems, Inc.*		56,603
	1,799	CONMED Corp.		255,026
	2,615	CryoLife, Inc.*		53,215
	2,081	CytoSorbents Corp.*		8,719
	1,118	Elctromed, Inc.*		14,534
	5,890	Envista Holdings Corp.*		265,403
	427	Fonar Corp.*		6,397
	2,248	Glaukos Corp.*		99,901
	331	Globus Medical, Inc.*		23,898
	956	Haemonetics Corp.*		50,706
	682	Heska Corp.*		124,458
	1,271	ICU Medical, Inc.*		301,659
	1,790	Inogen, Inc.*		60,860
	1,778	Integer Holdings Corp.*		152,179
	4,094	Integra LifeSciences Holdings Corp.*		274,257
	199	IntriCon Corp.*		3,218
	4,509	Invacare Corp.*		12,265
	850	iRadimed Corp.*		39,279
	2,006	IRIDEX Corp.*		12,257
	249	Kewaunee Scientific CP*		3,172


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	4,025	Lantheus Holdings, Inc.*	$	116,282
	1,449	LeMaitre Vascular, Inc.		72,783
	1,127	LENSAR, Inc.*		6,717
	2,980	LivaNova plc*		260,541
	3,167	Meridian Bioscience, Inc.*		64,607
	3,244	Merit Medical Systems, Inc.*		202,101
	186	Mesa Laboratories, Inc.		61,025
	2,205	Natus Medical, Inc.*		52,325
	5,233	Neogen Corp.*		237,631
	216	Nevro Corp.*		17,511
	2,684	NuVasive, Inc.*		140,856
	5,745	OraSure Technologies, Inc.*		49,924
	1,375	Orthofix Medical, Inc.*		42,749
	1,025	Orthopediatrics Corp.*		61,357
	1,517	Quidel Corp.*		204,780
	2,363	SeaSpine Holdings Corp.*		32,184
	200	Shockwave Medical, Inc.*		35,666
	1,010	SI-BONE, Inc.*		22,432
	2,196	STAAR Surgical Co.*		200,495
	10,930	Surgalign Holdings, Inc.*		7,830
	879	Surmodics, Inc.*		42,324
	1,169	Tactile Systems Technology, Inc.*		22,246
	1,583	TransMedics Group, Inc.*		30,330
	435	Utah Medical Products, Inc.		43,500
	2,566	Varex Imaging Corp.*		80,957
	8,600	ViewRay, Inc.*		47,386
	686	Zynex, Inc.*		6,840

				4,712,738

Health Care Providers & Services (3.7%):
	4,930	Acadia Healthcare Co., Inc.*		299,251
	787	Addus HomeCare Corp.*		73,592
	3,407	AMN Healthcare Services, Inc.*		416,778
	1,143	Apollo Medical Holdings, Inc.*		83,988
	12,191	Brookdale Senior Living, Inc.*		62,906
	7,998	Community Health Systems, Inc.*		106,453
	1,310	CorVel Corp.*		272,480
	8,309	Covetrus, Inc.*		165,931
	2,958	Cross Country Healthcare, Inc.*		82,114
	1,589	Encompass Health Corp.		103,698
	2,966	Ensign Group, Inc. (The)		249,025
	190	Five Star Senior Living, Inc.*		561
	2,033	Hanger, Inc.*		36,858
	4,724	HealthEquity, Inc.*		208,990
	1,999	InfuSystems Holdings, Inc.*		34,043
	1,190	Joint Corp. (The)*		78,171
	1,634	LHC Group, Inc.*		224,234
	1,078	Magellan Health, Inc.*		102,399
	5,006	MEDNAX, Inc.*		136,213
	624	ModivCare, Inc.*		92,533
	887	National Healthcare Corp.		60,263
	2,297	National Research Corp.		95,372
	9,359	Option Care Health, Inc.*		266,170
	5,522	Owens & Minor, Inc.		240,207
	5,186	Patterson Cos., Inc.		152,209
	1,785	Petiq, Inc.*		40,537
	6,461	Premier, Inc., Class A		265,999
	4,936	Progyny, Inc.*		248,528


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	1,080	Psychemedics Corp.	$	7,495
	15,289	R1 RCM, Inc.*		389,717
	2,898	RadNet, Inc.*		87,259
	7,290	Select Medical Holdings Corp.		214,326
	4,347	Surgery Partners, Inc.*		232,173
	5,287	Tenet Healthcare Corp.*		431,895
	1,764	The Pennant Group, Inc.*		40,713
	1,778	Tivity Health, Inc.*		47,010
	1,995	Triple-S Management Corp., Class B*		71,182
	755	U.S. Physical Therapy, Inc.		72,140

				5,793,413

Health Care Technology (0.8%):
	8,761	Allscripts Healthcare Solutions, Inc.*		161,640
	3,434	Castlight Health, Inc., Class B*		5,288
	1,296	Change Healthcare, Inc.*		27,709
	766	Computer Programs & Systems, Inc.*		22,444
	5,645	Evolent Health, Inc., Class A*		156,197
	2,021	Health Catalyst, Inc.*		80,072
	2,627	HealthStream, Inc.*		69,248
	1,239	iCAD, Inc.*		8,921
	4,136	NextGen Healthcare, Inc.*		73,579
	2,303	Omnicell, Inc.*		415,553
	445	OptimizeRx Corp.*		27,639
	2,596	Vocera Communications, Inc.*		168,325

				1,216,615

Hotels, Restaurants & Leisure (2.4%):
	1,724	BBQ Holdings, Inc.*		27,377
	3	Biglari Holdings, Inc., Class A*		2,085
	168	Biglari Holdings, Inc., Class B*		23,952
	1,766	BJ’s Restaurants, Inc.*		61,015
	4,676	Bloomin’ Brands, Inc.*		98,102
	950	Bluegreen Vacations Holding Corp.*		33,345
	1,994	Brinker International, Inc.*		72,960
	4,497	Carrols Restaurant Group, Inc.		13,311
	700	Century Casinos, Inc.*		8,526
	2,493	Cheesecake Factory, Inc. (The)*		97,601
	1,583	Choice Hotels International, Inc.		246,932
	1,396	Chuy’s Holdings, Inc.*		42,047
	1,237	Cracker Barrel Old Country Store, Inc.		159,128
	2,431	Dave & Buster’s Entertainment, Inc.*		93,350
	2,980	Del Taco Restaurants, Inc.		37,101
	3,256	Denny’s Corp.*		52,096
	2,394	El Pollo Loco Holdings, Inc.*		33,971
	2,608	Fiesta Restaurant Group, Inc.*		28,714
	100	Flanigan’s Enterprises, Inc.*		3,087
	1,109	Full House Resorts, Inc.*		13,430
	4,318	Hilton Grand Vacations, Inc.*		225,011
	5,547	International Game Technology plc		160,364
	1,031	Jack in the Box, Inc.		90,192
	672	Marriott Vacations Worldwide Corp.		113,555
	597	Nathans Famous, Inc.		34,859
	1,669	Noodles & Co.*		15,138
	3,039	Norwegian Cruise Line Holdings, Ltd.*^		63,029
	1,908	Papa John’s International, Inc.		254,661
	3,630	Playa Hotels & Resorts NV*		28,967
	1,540	Playags, Inc.*		10,457
	300	RCI Hospitality Holdings, Inc.		23,364


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	1,368	Red Robin Gourmet Burgers*	$	22,613
	662	Red Rock Resorts, Inc.		36,417
	2,239	Ruth’s Hospitality Group, Inc.*		44,556
	3,369	Scientific Games Corp., Class A*		225,150
	2,640	SeaWorld Entertainment, Inc.*		171,230
	1,613	Shake Shack, Inc., Class A*		116,394
	2,192	Texas Roadhouse, Inc., Class A		195,702
	3,865	Travel + Leisure Co.		213,619
	10,098	Wendy’s Co. (The)		240,837
	1,375	Wingstop, Inc.		237,600
	449	Wyndham Hotels & Resorts, Inc.		40,253

				3,712,098

Household Durables (2.3%):
	608	Bassett Furniture Industries, Inc.		10,196
	738	Beazer Homes USA, Inc.*		17,136
	582	Cavco Industries, Inc.*		184,872
	1,854	Century Communities, Inc.		151,639
	2,480	Ethan Allen Interiors, Inc.		65,199
	820	Flexsteel Industries, Inc.		22,025
	1,624	Green Brick Partners, Inc.*		49,256
	1,441	Helen of Troy, Ltd.*		352,281
	670	Hooker Furnishings Corp.		15,598
	1,677	Installed Building Products, Inc.		234,311
	1,482	iRobot Corp.*		97,634
	4,791	KB Home		214,302
	1,138	Koss Corp.*		12,154
	2,637	La-Z-Boy, Inc.		95,750
	230	Legacy Housing Corp.*		6,088
	3,296	Leggett & Platt, Inc.		135,663
	1,096	LGI Homes, Inc.*		169,310
	2,522	Lifetime Brands, Inc.		40,276
	1,910	M/I Homes, Inc.*		118,764
	3,861	MDC Holdings, Inc.		215,560
	1,818	Meritage Homes Corp.*		221,905
	723	P & F Industries, Inc., Class A*		4,410
	2,534	Purple Innovation, Inc.*		33,626
	3,692	Skyline Champion Corp.*		291,594
	4,300	Sonos, Inc.*		128,140
	7,727	Taylor Morrison Home Corp., Class A*		270,136
	2,280	Tempur Sealy International, Inc.		107,228
	219	TopBuild Corp.*		60,424
	6,699	Tri Pointe Homes, Inc.*		186,835
	3,274	Tupperware Brands Corp.*		50,060
	798	Universal Electronics, Inc.*		32,519

				3,594,891

Household Products (0.4%):
	636	Central Garden & Pet Co.*		33,473
	2,441	Central Garden & Pet Co., Class A*		116,802
	3,493	Energizer Holdings, Inc.		140,069
	1,767	Ocean Bio-Chem, Inc.		15,373
	640	Oil-Dri Corp of America		20,947
	1,701	Spectrum Brands Holdings, Inc.		173,026
	714	WD-40 Co.		174,673

				674,363


Shares			Value
Common Stocks, continued
Independent Power and Renewable Electricity Producers (0.4%):
	4,220	Atlantica Sustainable Infrastructure plc	$	150,907
	703	Clearway Energy, Inc., Class A		23,537
	2,596	Clearway Energy, Inc., Class C		93,534
	2,863	Ormat Technologies, Inc.^		227,036
	5,158	Sunnova Energy International, Inc.*		144,011

				639,025

Insurance (3.1%):
	2,802	AMBAC Financial Group, Inc.*		44,972
	3,895	American Equity Investment Life Holding Co.		151,593
	1,583	American National Group , Inc.		298,934
	1,428	Amerisafe, Inc.		76,869
	1,862	Argo Group International Holdings, Ltd.		108,201
	4,486	Assured Guaranty, Ltd.		225,197
	2,314	Axis Capital Holdings, Ltd.		126,044
	4,299	Brighthouse Financial, Inc.*		222,688
	5,374	Citizens, Inc.*		28,536
	3,445	Crawford & Co.		25,803
	2,876	Crawford & Co., Class A		21,541
	2,691	Donegal Group, Inc., Class A		38,454
	1,337	eHealth, Inc.*		34,094
	1,475	Employers Holdings, Inc.		61,036
	897	Enstar Group, Ltd.*		222,088
	2,111	FedNat Holding Co.*		2,977
	10,826	Genworth Financial, Inc., Class A*		43,845
	1,050	Global Indemnity Group LLC, Class A		26,387
	3,055	Greenlight Capital Re, Ltd.*		23,951
	1,752	Hallmark Financial Services, Inc.*		7,621
	1,817	Hanover Insurance Group, Inc. (The)		238,136
	489	HCI Group, Inc.		40,851
	1,369	Heritage Insurance Holdings, Inc.		8,050
	2,079	Horace Mann Educators Corp.		80,457
	756	Independence Holding Co.		42,850
	135	Investors Title Co.		26,615
	1,855	James River Group Holdings		53,443
	2,661	Kemper Corp.		156,440
	1,473	Kingstone Co., Inc.		7,365
	714	Kinsale Capital Group, Inc.		169,854
	12,677	Maiden Holdings, Ltd.*		38,792
	2,856	Mercury General Corp.		151,539
	198	National Western Life Group, Inc., Class A		42,459
	929	NI Holdings, Inc.*		17,567
	1,205	Old Republic International Corp.		29,619
	1,464	Primerica, Inc.		224,387
	2,637	ProAssurance Corp.		66,716
	2,224	RLI Corp.		249,310
	797	Safety Insurance Group, Inc.		67,769
	2,998	Selective Insurance Group, Inc.		245,656
	6,247	SiriusPoint, Ltd.*		50,788
	3,755	State Auto Financial Corp.		194,096
	1,966	Stewart Information Services Corp.		156,749
	204	The National Security Group, Inc.		1,877
	2,849	Tiptree, Inc., Class A		39,402
	232	Trupanion, Inc.*		30,631
	2,000	United Fire Group, Inc.		46,380
	4,002	United Insurance Holdings Co.		17,369
	2,274	Universal Insurance Holdings, Inc.		38,658


Shares			Value
Common Stocks, continued
Insurance, continued
	10,427	Unum Group	$	256,191
	184	White Mountains Insurance Group, Ltd.		186,558

				4,767,405

Interactive Media & Services (0.4%):
	3,144	ANGI, Inc., Class A*		28,956
	5,278	Cargurus, Inc.*		177,552
	4,413	Cars.com, Inc.*		71,005
	6,181	DHI Group, Inc.*		38,569
	3,238	QuinStreet, Inc.*		58,899
	1,095	Travelzoo, Inc.*		10,315
	3,646	TripAdvisor, Inc.*		99,390
	11,137	TrueCar, Inc.*		37,866
	3,909	Yelp, Inc.*		141,662
	1,473	Zedge, Inc., Class B*		12,521

				676,735

Internet & Direct Marketing Retail (0.4%):
	1,021	1-800 Flowers.com, Inc., Class A*		23,861
	738	Duluth Holdings, Inc.*		11,203
	1,300	Lands’ End, Inc.*		25,519
	3,018	Liquidity Services, Inc.*		66,637
	1,724	PetMed Express, Inc.^		43,548
	3,615	Quotient Technology, Inc.*		26,823
	16,641	Qurate Retail, Inc., Class A		126,472
	2,713	Shutterstock, Inc.		300,818

				624,881

IT Services (1.9%):
	2,157	Alliance Data Systems Corp.		143,591
	622	BM Technologies, Inc.*^		5,729
	1,700	Brightcove, Inc.*		17,374
	1,100	Cantaloupe, Inc.*		9,768
	962	Cass Information Systems, Inc.		37,826
	289	Concentrix Corp.		51,621
	9,103	Conduent, Inc.*		48,610
	1,673	CSG Systems International, Inc.		96,398
	758	CSP, Inc.*		6,663
	1,282	DXC Technology Co.*		41,268
	1,133	Euronet Worldwide, Inc.*		135,020
	4,223	Evertec, Inc.		211,066
	1,270	Evo Payments, Inc.*		32,512
	2,415	Exlservice Holdings, Inc.*		349,620
	1,053	Greensky, Inc.*		11,962
	2,654	Hackett Group, Inc. (The)		54,487
	439	I3 Verticals, Inc.*		10,005
	1,300	Information Services Group, Inc.		9,906
	1,362	International Money Express, Inc.*		21,737
	10,373	Limelight Networks, Inc.*		35,579
	3,634	LiveRamp Holdings, Inc.*		174,250
	2,575	MAXIMUS, Inc.		205,150
	862	Paysign, Inc.*		1,379
	2,404	Perficient, Inc.*		310,813
	3,168	PFSweb, Inc.*		40,804
	8,429	Servicesource International, Inc.*		8,346
	1,555	StarTek, Inc.*		8,117
	4,816	Switch, Inc., Class A		137,930
	6,004	Teradata Corp.*		254,990
	2,606	TTEC Holdings, Inc.		235,973


Shares			Value
Common Stocks, continued
IT Services, continued
	4,235	Unisys Corp.*	$	87,114
	3,544	Verra Mobility Corp.*		54,684
	892	WEX, Inc.*		125,228

				2,975,520

Leisure Products (0.5%):
	4,014	Acushnet Holdings Corp.		213,063
	2,004	American Outdoor Brands, Inc.*		39,940
	345	Brunswick Corp.		34,752
	1,661	Clarus Corp.		46,043
	1,402	Escalade, Inc.		22,138
	723	Johnson Outdoors, Inc., Class A		67,738
	1,065	Malibu Boats, Inc.*		73,197
	2,419	Marine Products Corp.		30,238
	850	Mastercraft Boat Holdings, Inc.*		24,080
	2,805	Mattel, Inc.*		60,476
	2,293	Nautilus Group, Inc.*		14,056
	204	Polaris, Inc.		22,422
	2,353	Smith & Wesson Brands, Inc.		41,883
	2,209	Vista Outdoor, Inc.*		101,769
	421	YETI Holdings, Inc.*		34,871

				826,666

Life Sciences Tools & Services (0.6%):
	2,937	Codexis, Inc.*		91,840
	7,407	Enzo Biochem, Inc.*		23,776
	6,099	Fluidigm Corp.*^		23,908
	5,439	Harvard Bioscience, Inc.*		38,345
	447	Inotiv, Inc.*		18,805
	1,848	Medpace Holdings, Inc.*		402,199
	2,010	NanoString Technologies, Inc.*		84,882
	5,166	Neogenomics, Inc.*		176,264
	647	Personalis, Inc.*		9,233
	1,700	Quanterix Corp.*		72,080

				941,332

Machinery (4.7%):
	617	Alamo Group, Inc.		90,810
	1,494	Albany International Corp., Class A		132,144
	5,903	Allison Transmission Holdings, Inc.		214,574
	1,910	Altra Industrial Motion Corp.		98,499
	806	Art’s-Way Manufacturing Co.*		2,853
	1,143	Astec Industries, Inc.		79,176
	2,576	Barnes Group, Inc.		120,016
	2,530	Blue Bird Corp.*		39,569
	2,461	Chart Industries, Inc.*		392,505
	1,959	CIRCOR International, Inc.*		53,246
	2,632	Colfax Corp.*		120,993
	1,556	Columbus McKinnon Corp.		71,981
	3,325	Commercial Vehicle Group, Inc.*		26,799
	2,638	Crane Co.		268,364
	1,713	Desktop Metal, Inc.*		8,479
	1,772	Douglas Dynamics, Inc.		69,214
	500	Eastern Co. (The)		12,580
	3,670	Energy Recovery, Inc.*		78,868
	2,752	Enerpac Tool Group Corp.		55,811
	1,044	EnPro Industries, Inc.		114,913
	1,258	ESCO Technologies, Inc.		113,207
	5,060	Evoqua Water Technologies Co.*		236,555
	3,137	Federal Signal Corp.		135,958


Shares			Value
Common Stocks, continued
Machinery, continued
	5,909	Flowserve Corp.	$	180,815
	2,736	Franklin Electric Co., Inc.		258,716
	5,795	Gates Industrial Corp. plc*		92,198
	1,765	Gencor Industries, Inc.*		20,350
	2,094	Gorman-Rupp Co. (The)		93,288
	459	Graham Corp.		5,710
	4,634	Harsco Corp.*		77,434
	2,380	Helios Technologies, Inc.		250,305
	2,413	Hillenbrand, Inc.		125,452
	785	Hurco Cos, Inc.		23,314
	1,014	Hyster-Yale Materials Handling, Inc., Class A		41,675
	219	ITT, Inc.		22,380
	1,880	John Bean Technologies Corp.		288,693
	472	Kadant, Inc.		108,787
	3,498	Kennametal, Inc.		125,613
	1,529	L.B. Foster Co., Class A*		21,024
	238	Lincoln Electric Holdings, Inc.		33,194
	578	Lindsay Corp.		87,856
	1,597	Luxfer Holdings plc		30,838
	3,228	Manitex International, Inc.*		20,530
	2,653	Manitowoc Co., Inc. (The)*		49,319
	589	Mayville Engineering Co., Inc.*		8,782
	2,606	Meritor, Inc.*		64,577
	728	Miller Industries, Inc.		24,315
	3,522	Mueller Industries, Inc.		209,066
	8,533	Mueller Water Products, Inc., Class A		122,875
	3,562	NN, Inc.*		14,604
	738	Omega Flex, Inc.		93,689
	383	Oshkosh Corp.		43,168
	1,229	Park-Ohio Holdings Corp.		26,018
	1,599	Proto Labs, Inc.*		82,109
	758	RBC Bearings, Inc.*		153,093
	3,472	REV Group, Inc.		49,129
	2,311	Shyft Group, Inc. (The)		113,539
	1,692	SPX Corp.*		100,979
	1,560	SPX FLOW, Inc.		134,909
	731	Standex International Corp.		80,892
	466	Taylor Devices, Inc.*		5,075
	1,044	Tennant Co.		84,606
	3,752	Terex Corp.		164,900
	1,867	The Greenbrier Cos., Inc.		85,677
	962	Timken Co.		66,657
	5,430	Titan International, Inc.*		59,513
	2,053	TriMas Corp.		75,961
	4,025	Trinity Industries, Inc.		121,555
	1,747	Twin Disc, Inc.*		19,147
	3,327	Wabash National Corp.		64,943
	2,027	Watts Water Technologies, Inc., Class A		393,583
	13,695	Welbilt, Inc.*		325,530
	282	Woodward, Inc.		30,868

				7,314,364

Marine (0.3%):
	6,821	Costamare, Inc.		86,286
	315	Eneti, Inc.		2,438
	3,087	Genco Shipping & Trading, Ltd.		49,392
	2,099	Kirby Corp.*		124,722
	2,096	Matson, Inc.		188,703

				451,541


Shares			Value
Common Stocks, continued
Media (0.9%):
	1,560	AMC Networks, Inc., Class A*	$	53,726
	478	Beasley Broadcast Group, Inc., Class A*		904
	2,323	Boston Omaha Corp.*		66,740
	7,836	comScore, Inc.*		26,172
	144	Daily Journal Corp.*		51,369
	976	DallasNews Corp.		7,018
	4,222	E.W. Scripps Co. (The), Class A*		81,696
	6,123	Entercom Communications Corp.*		15,736
	6,190	Entravision Communications Corp., Class A		41,968
	5,880	Gannett Co, Inc.*		31,341
	3,567	Gray Television, Inc.		71,911
	2,892	Hemisphere Media Group*		21,025
	1,608	iHeartMedia, Inc., Class A*		33,832
	2,165	John Wiley & Sons, Inc., Class A		123,990
	2,864	Liberty Latin America, Ltd.*		33,394
	9,557	Liberty Latin America, Ltd., Class C*		108,950
	862	Loyalty Ventures, Inc.*		25,920
	348	Marchex, Inc., Class B*		863
	294	Nexstar Media Group, Inc., Class A		44,388
	1,732	Scholastic Corp.		69,211
	2,093	TechTarget, Inc.*		200,216
	10,206	Tegna, Inc.		189,423
	1,095	Thryv Holdings, Inc.*		45,037

				1,344,830

Metals & Mining (1.6%):
	9,254	Alcoa Corp.		551,353
	6,908	Allegheny Technologies, Inc.*		110,044
	751	Alpha Metallurgical Resources, Inc.*		45,849
	2,124	Ampco-Pittsburgh Corp.*		10,620
	1,062	Arconic Corp.*		35,057
	3,338	Carpenter Technology Corp.		97,436
	3,900	Century Aluminum Co.*		64,584
	8,414	Coeur Mining, Inc.*		42,407
	6,250	Commercial Metals Co.		226,812
	1,994	Compass Minerals International, Inc.		101,853
	13,641	Ferroglobe plc*		84,711
	13,641	Ferroglobe Unit*(a)		—
	515	Fortitude Gold Corp.		3,409
	1,805	Gold Resource Corp.		2,816
	1,257	Haynes International, Inc.		50,695
	25,965	Hecla Mining Co.		135,537
	754	Kaiser Aluminum Corp.		70,831
	1,117	Materion Corp.		102,697
	9,373	McEwen Mining, Inc.*		8,309
	798	Royal Gold, Inc.		83,958
	2,868	Ryerson Holding Corp.		74,711
	1,487	Schnitzer Steel Industries, Inc., Class A		77,205
	3,318	SunCoke Energy, Inc.		21,866
	1,939	Synalloy Corp.*		31,856
	3,542	TimkenSteel Corp.*		58,443
	6,784	United States Steel Corp.		161,527
	1,458	Universal Stainless & Alloy Products, Inc.*		11,504
	2,207	Warrior Met Coal, Inc.		56,742
	2,997	Worthington Industries, Inc.		163,816

				2,486,648


Shares			Value
Common Stocks, continued
Multiline Retail (0.3%):
	1,321	Big Lots, Inc.	$	59,511
	654	Dillard’s, Inc., Class A^		160,243
	1,916	Kohl’s Corp.		94,631
	4,638	Macy’s, Inc.		121,423
	1,573	Ollie’s Bargain Outlet Holdings, Inc.*		80,522
	1,290	Tuesday Morning Corp.*		2,941

				519,271

Multi-Utilities (0.4%):
	3,314	Avista Corp.		140,812
	2,243	Black Hills Corp.		158,288
	3,280	MDU Resources Group, Inc.		101,155
	2,992	NorthWestern Corp.		171,023
	1,043	Unitil Corp.		47,968
	2,565	Via Renewables, Inc.		29,318

				648,564

Oil, Gas & Consumable Fuels (3.3%):
	2,222	Alto Ingredients, Inc.*		10,688
	17,054	Antero Midstream Corp.		165,083
	11,771	Antero Resources Corp.*		205,992
	1,071	Arch Resources, Inc.		97,804
	1,954	Ardmore Shipping Corp.*		6,605
	4,767	Berry Corp.		40,138
	2,455	Brigham Minerals, Inc.		51,776
	2,716	California Resources Corp.		116,000
	2,330	Callon Petroleum Co.*		110,092
	7,813	Centennial Resource Development, Inc., Class A*		46,722
	1,598	Chesapeake Energy Corp.		103,103
	1,822	Civitas Resources, Inc.		89,223
	14,346	Clean Energy Fuel Corp.*		87,941
	12,514	CNX Resources Corp.*		172,068
	8,019	Comstock Resources, Inc.*		64,874
	2,015	CONSOL Energy, Inc.*		45,761
	4,374	CVR Energy, Inc.		73,527
	5,022	Delek US Holdings, Inc.*		75,280
	1,575	Denbury, Inc.*		120,629
	8,834	DHT Holdings, Inc.		45,848
	2,156	Dorian LPG, Ltd.		27,360
	1,337	DT Midstream, Inc.		64,149
	1,598	Earthstone Energy, Inc.*		17,482
	17,427	Enlink Midstream LLC		120,072
	5,958	EQT Corp.*		129,944
	15,991	Equitrans Midstream Corp.		165,347
	2,943	Evolution Petroleum Corp.		14,862
	2,611	Green Plains, Inc.*		90,758
	6,066	HollyFrontier Corp.		198,843
	1,720	International Seaways, Inc.		25,250
	27,996	Kosmos Energy, Ltd.*		96,866
	725	Laredo Petroleum, Inc.*		43,594
	4,991	Magnolia Oil & Gas Corp., Class A		94,180
	8,515	Matador Resources Co.		314,374
	6,809	Murphy Oil Corp.		177,783
	9,513	Nordic American Tankers, Ltd.		16,077
	128	Oasis Petroleum, Inc.		16,127
	5,300	Overseas Shipholding Group, Inc.*		9,964
	2,838	PAR Pacific Holdings, Inc.*		46,799
	6,480	PBF Energy, Inc., Class A*		84,046


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	5,985	PDC Energy, Inc.	$	291,948
	5,636	Peabody Energy Corp.*		56,755
	2,410	PHX Minerals, Inc.		5,230
	6	PrimeEnergy Resources Corp.*		414
	17,188	Range Resources Corp.*		306,462
	523	Ranger Oil Corp.*		14,079
	2,666	Renewable Energy Group, Inc.*		113,145
	300	REX American Resources Corp.*		28,800
	1,533	SandRidge Energy, Inc.*		16,035
	3,705	Scorpio Tankers, Inc.		47,461
	8,803	SFL Corp., Ltd.		71,744
	400	SilverBow Resources, Inc.*		8,708
	7,278	SM Energy Co.		214,555
	29,966	Southwestern Energy Co.*		139,642
	2,952	Talos Energy, Inc.*		28,930
	1,980	Teekay Shipping Corp.*		6,217
	2,363	Teekay Tankers, Ltd., Class A*		25,757
	7,528	Tellurian, Inc.*		23,186
	1,418	Whiting Petroleum Corp.*		91,716
	3,425	World Fuel Services Corp.		90,660

				5,064,475

Paper & Forest Products (0.6%):
	1,565	Clearwater Paper Corp.*		57,388
	3,299	Glatfelter Corp.		56,743
	5,062	Louisiana-Pacific Corp.		396,608
	5,170	Mercer International, Inc.		61,988
	1,100	Neenah, Inc.		50,908
	6,201	Resolute Forest Products		94,689
	2,103	Schweitzer-Mauduit International, Inc.		62,880
	3,241	Verso Corp.		87,572

				868,776

Personal Products (0.6%):
	4,160	Coty, Inc., Class A*		43,680
	2,807	Edgewell Personal Care Co.		128,308
	2,868	elf Beauty, Inc.*		95,246
	1,964	Inter Parfums, Inc.		209,952
	900	Lifevantage Corp.*		5,688
	617	Medifast, Inc.		129,218
	1,387	Natural Alternatives International, Inc.*		17,532
	369	Natural Health Trends Corp.		2,498
	2,257	Natures Sunshine Products, Inc.		41,754
	1,929	Nu Skin Enterprises, Inc., Class A		97,897
	340	United-Guardian, Inc.		5,576
	1,070	Usana Health Sciences, Inc.*		108,284

				885,633

Pharmaceuticals (1.2%):
	900	Adicet Bio, Inc.*		15,741
	9,876	Amneal Pharmaceuticals, Inc.*		47,306
	3,334	Amphastar Pharmaceuticals, Inc.*		77,649
	877	ANI Pharmaceuticals, Inc.*		40,412
	1,496	Aratana Therapeutics- CVR*(a)		—
	358	Arvinas, Inc.*		29,406
	1,561	Assembly Biosciences, Inc.*		3,637
	4,700	BioDelivery Sciences International, Inc.*		14,570
	2,268	Collegium Pharmaceutical, Inc.*		42,366
	6,217	Corcept Therapeutics, Inc.*^		123,097


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	3,415	Cumberland Pharmaceuticals, Inc.*	$	15,948
	5,512	Cymabay Therapeutics, Inc.*		18,631
	14,088	Endo International plc*		52,971
	1,163	EyePoint Pharmaceuticals, Inc.*		14,235
	1,224	Harrow Health, Inc.*^		10,575
	4,514	Innoviva, Inc.*		77,867
	4,438	Intra-Cellular Therapies, Inc.*		232,285
	1,144	Kala Pharmaceuticals, Inc.*		1,384
	4,227	Lannett Co., Inc.*		6,848
	10,744	Nektar Therapeutics*		145,151
	882	NGM Biopharmaceuticals, Inc.*		15,620
	2,308	Otonomy, Inc.*		4,801
	2,257	Pacira BioSciences, Inc.*		135,804
	2,916	Perrigo Co. plc		113,432
	800	Phathom Pharmaceuticals, Inc.*		15,736
	1,714	Phibro Animal Health Corp., Class A		35,000
	3,434	Prestige Consumer Healthcare, Inc.*		208,272
	420	Relmada Therapeutics, Inc.*		9,463
	911	scPharmaceuticals, Inc.*		4,573
	6,222	SIGA Technologies, Inc.*		46,789
	2,677	Supernus Pharmaceuticals, Inc.*		78,061
	1,805	Taro Pharmaceutical Industries, Ltd.*		90,449
	3,530	Zogenix, Inc.*		57,363

				1,785,442

Professional Services (2.4%):
	1,888	Acacia Research Corp.*		9,685
	3,722	ASGN, Inc.*		459,295
	572	Barrett Business Services, Inc.		39,502
	403	CACI International, Inc., Class A*		108,492
	2,703	CBIZ, Inc.*		105,741
	490	CRA International, Inc.		45,746
	3,450	Exponent, Inc.		402,719
	1,473	Forrester Research, Inc.*		86,509
	1,282	Franklin Covey Co.*		59,434
	1,796	FTI Consulting, Inc.*		275,542
	1,280	Heidrick & Struggles International, Inc.		55,974
	1,154	Huron Consulting Group, Inc.*		57,585
	1,116	ICF International, Inc.		114,446
	1,783	Insperity, Inc.		210,590
	6,887	KBR, Inc.		327,959
	2,940	Kelly Services, Inc., Class A		49,304
	1,439	Kforce, Inc.		108,242
	3,287	Korn Ferry		248,925
	958	ManpowerGroup, Inc.		93,242
	1,365	ManTech International Corp., Class A		99,549
	1,332	Mastech Digital, Inc.*		22,737
	3,943	Mistras Group, Inc.*		29,296
	484	Nielsen Holdings plc		9,927
	2,833	Resources Connection, Inc.		50,541
	1,557	Science Applications International Corp.		130,150
	4,127	TriNet Group, Inc.*		393,138
	2,309	Trueblue, Inc.*		63,890
	505	Willdan Group, Inc.*		17,776

				3,675,936

Real Estate Management & Devel (0.0%^†):
	4,771	Douglas Elliman, Inc.*		54,867


Shares			Value
Common Stocks, continued
Real Estate Management & Development (0.9%):
	1,580	AMREP Corp.*	$	24,016
	395	CKX Lands, Inc.*		4,542
	6,494	Cushman & Wakefield plc*		144,427
	913	eXp World Holdings, Inc.		30,759
	1,627	Five Point Holdings LLC, Class A*		10,641
	1,972	Forestar Group, Inc.*		42,891
	504	FRP Holdings, Inc.*		29,131
	2,119	Howard Hughes Corp. (The)*		215,672
	382	Indus Realty Trust, Inc.		30,965
	10	J.W. Mays, Inc.*		406
	7,966	Kennedy-Wilson Holdings, Inc.		190,228
	2,463	Marcus & Millichap, Inc.*		126,746
	1,035	Maui Land & Pineapple Co.*		10,309
	8,443	Newmark Group, Inc.		157,884
	1,207	Rafael Holdings, Inc., Class B*		6,156
	688	RE/MAX Holdings, Inc., Class A		20,977
	3,740	Realogy Holdings Corp.*		62,869
	308	Stratus Properties, Inc.*		11,263
	2,279	Tejon Ranch Co.*		43,483
	1,076	The RMR Group, Inc., Class A		37,316
	2,980	The St Joe Co.		155,109

				1,355,790

Road & Rail (0.8%):
	1,546	ArcBest Corp.		185,288
	1,322	Covenant Logistics Group, Inc.*		34,940
	4,045	Heartland Express, Inc.		68,037
	279	Landstar System, Inc.		49,947
	2,692	Marten Transport, Ltd.		46,195
	440	P.A.M. Transportation SVCS*		31,244
	1,507	Ryder System, Inc.		124,222
	1,478	Saia, Inc.*		498,130
	2,170	Schneider National, Inc., Class B		58,395
	1,170	Universal Logistics Holdings, Inc.		22,066
	1,009	US Xpress Enterprises, Inc., Class A*		5,923
	988	USA Truck, Inc.*		19,641
	2,850	Werner Enterprises, Inc.		135,831
	2,752	Yellow Corp.*		34,648

				1,314,507

Semiconductors & Semiconductor Equipment (4.2%):
	1,889	Advanced Energy Industries, Inc.		172,012
	2,013	Alpha & Omega Semiconductor, Ltd.*		121,907
	1,892	Ambarella, Inc.*		383,868
	12,720	Amkor Technology, Inc.		315,329
	1,301	Amtech Systems, Inc.*		12,854
	2,581	Axcelis Technologies, Inc.*		192,439
	2,777	AXT, Inc.*		24,465
	3,138	Azenta, Inc.		323,559
	1,210	CEVA, Inc.*		52,320
	3,357	Cirrus Logic, Inc.*		308,911
	1,496	CMC Materials, Inc.		286,768
	2,356	Cohu, Inc.*		89,740
	522	Cyberoptics Corp.*		24,273
	3,081	Diodes, Inc.*		338,325
	4,503	FormFactor, Inc.*		205,877
	4,679	GSI Technology, Inc.*		21,664
	1,254	Ichor Holdings, Ltd.*		57,722


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,349	inTest Corp.*	$	17,159
	2,631	Kulicke & Soffa Industries, Inc.		159,281
	6,048	Lattice Semiconductor Corp.*		466,059
	1,636	MagnaChip Semiconductor Corp.*		34,307
	4,167	MaxLinear, Inc., Class A*		314,150
	4,238	Neophotonics Corp.*		65,138
	557	NVE Corp.		38,043
	2,709	Onto Innovation, Inc.*		274,232
	2,739	PDF Solutions, Inc.*		87,073
	5,140	Photronics, Inc.*		96,889
	2,109	Pixelworks, Inc.*		9,280
	3,729	Power Integrations, Inc.		346,387
	6,953	Rambus, Inc.*		204,349
	3,315	Semtech Corp.*		294,803
	1,031	Silicon Laboratories, Inc.*		212,819
	1,126	SMART Global Holdings, Inc.*		79,935
	2,469	Synaptics, Inc.*		714,800
	2,584	Ultra Clean Holdings, Inc.*		148,218
	2,559	Veeco Instruments, Inc.*		72,855

				6,567,810

Software (2.6%):
	3,492	A10 Networks, Inc.		57,897
	5,809	ACI Worldwide, Inc.*		201,572
	994	Agilysys, Inc.*		44,193
	2,376	Alarm.com Holding, Inc.*		201,509
	1,546	Altair Engineering, Inc.*		119,537
	2,494	American Software, Inc., Class A		65,268
	746	Appfolio, Inc.*		90,311
	935	Asure Software, Inc.*		7,321
	2,721	Avaya Holdings Corp.*		53,876
	2,785	Aware, Inc.*		8,773
	2,509	Blackbaud, Inc.*		198,161
	2,226	Bottomline Technologies, Inc.*		125,702
	2,350	BSQUARE Corp.*		4,019
	1,046	Cerence, Inc.*		80,166
	1,700	ChannelAdvisor Corp.*		41,956
	3,799	Cognyte Software, Ltd.*		59,530
	2,139	CommVault Systems, Inc.*		147,420
	782	Consensus Cloud Solutions, Inc.*		45,254
	1,708	Duck Creek Technologies, Inc.*		51,428
	2,276	Ebix, Inc.		69,190
	1,929	Envestnet, Inc.*		153,047
	2,347	J2 Global, Inc.*		260,188
	402	Jamf Holding Corp.*		15,280
	4,947	Mandiant, Inc.*		86,770
	3,326	Mimecast, Ltd.*		264,650
	2,038	Mitek Systems, Inc.*		36,175
	1,064	New Relic, Inc.*		116,997
	2,582	OneSpan, Inc.*		43,713
	1,415	Ping Identity Holding Corp.*		32,375
	2,333	Progress Software Corp.		112,614
	2,317	Qualys, Inc.*		317,939
	5,408	Sailpoint Technologies Holdings, Inc.*		261,423
	1,169	Sapiens International Corp. NV		40,272
	539	Shotspotter, Inc.*		15,911
	1,900	Smith Micro Software, Inc.*		9,348
	684	SPS Commerce, Inc.*		97,367


Shares			Value
Common Stocks, continued
Software, continued
	3,280	Synchronoss Technologies, Inc.*	$	8,003
	870	Upland Software, Inc.*		15,608
	3,329	Verint Systems, Inc.*		174,806
	5,538	Vonage Holdings Corp.*		115,135
	7,970	Xperi Holding Corp.		150,713

				4,001,417

Specialty Retail (3.2%):
	2,730	Aaron’s Co., Inc. (The)		67,294
	3,147	Abercrombie & Fitch Co., Class A*		109,610
	10,208	American Eagle Outfitters, Inc.		258,466
	422	America’s Car Mart, Inc.*		43,213
	1,088	Asbury Automotive Group, Inc.*		187,930
	1,671	AutoNation, Inc.*		195,256
	5,705	Barnes & Noble Education, Inc.*		38,851
	6,210	Bed Bath & Beyond, Inc.*		90,542
	1,634	Big 5 Sporting Goods Corp.^		31,062
	1,202	Boot Barn Holdings, Inc.*		147,906
	1,732	Build-A-Bear Workshop, Inc.		33,809
	2,857	Caleres, Inc.		64,797
	2,599	Cato Corp., Class A		44,599
	12,553	Chico’s FAS, Inc.*		67,535
	757	Citi Trends, Inc.*		71,726
	2,251	Conn’s, Inc.*		52,943
	4,771	Designer Brands, Inc., Class A*		67,796
	5,378	Foot Locker, Inc.		234,642
	1,152	Genesco, Inc.*		73,924
	753	Group 1 Automotive, Inc.		147,001
	3,762	Guess?, Inc.		89,084
	1,284	Haverty Furniture Cos., Inc.		39,252
	849	Hibbett, Inc.		61,069
	1,529	Lumber Liquidators Holdings, Inc.*		26,100
	1,251	MarineMax, Inc.*		73,859
	1,923	Monro, Inc.		112,053
	1,222	Murphy U.S.A., Inc.		243,471
	4,523	National Vision Holdings, Inc.*		217,059
	2,762	ODP Corp. (The)*		108,491
	443	OneWater Marine, Inc.		27,010
	3,398	Penske Automotive Group, Inc.		364,334
	3,598	Rent-A-Center, Inc.		172,848
	6,055	Sally Beauty Holdings, Inc.*		111,775
	1,818	Shoe Carnival, Inc.		71,047
	3,862	Signet Jewelers, Ltd.		336,110
	1,362	Sleep Number Corp.*		104,329
	1,462	Sonic Automotive, Inc., Class A		72,296
	2,363	Sportsman’s Warehouse Holdings, Inc.*		27,883
	3,031	The Buckle, Inc.		128,242
	823	The Children’s Place, Inc.*		65,256
	4,201	The Container Store Group, Inc.*		41,926
	1,307	Tile Shop Holdings, Inc.		9,319
	2,271	Tilly’s, Inc.		36,586
	624	TravelCenters of America, Inc.*		32,211
	5,052	Urban Outfitters, Inc.*		148,327
	303	Winmark Corp.		75,232
	1,549	Zumiez, Inc.*		74,336

				4,898,407


Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (0.6%):
	6,969	3D Systems Corp.*	$	150,112
	1,308	AstroNova, Inc.*		17,658
	3,465	Avid Technology, Inc.*		112,855
	6,556	NCR Corp.*		263,551
	3,811	Stratasys, Ltd.*		93,332
	2,418	Super Micro Computer, Inc.*		106,271
	1,590	TransAct Technologies, Inc.*		17,331
	600	Turtle Beach Corp.*		13,356
	3,587	Xerox Holdings Corp.		81,210

				855,676

Textiles, Apparel & Luxury Goods (1.3%):
	2,061	Carter’s, Inc.		208,614
	2,038	Columbia Sportswear Co.		198,583
	4,198	Crocs, Inc.*		538,268
	2,291	Culp, Inc.		21,787
	2,091	Fossil Group, Inc.*		21,516
	2,571	G-III Apparel Group, Ltd.*		71,062
	1,322	Hanesbrands, Inc.		22,104
	3,472	Kontoor Brands, Inc.		177,940
	816	Lakeland Industries, Inc.*		17,707
	844	Movado Group, Inc.		35,305
	1,247	Oxford Industries, Inc.		126,595
	830	PVH Corp.		88,520
	674	Rocky Brands, Inc.		26,825
	999	Skechers U.S.A., Inc., Class A*		43,357
	4,945	Steven Madden, Ltd.		229,794
	418	Superior Group of Cos., Inc.		9,171
	957	Unifi, Inc.*		22,155
	1,916	Vera Bradley, Inc.*		16,305
	4,779	Wolverine World Wide, Inc.		137,683

				2,013,291

Thrifts & Mortgage Finance (2.2%):
	3,407	Axos Financial, Inc.*		190,485
	2,838	BankFinancial Corp.		30,281
	2,024	Bridgewater Bancshares, Inc.*		35,805
	7,770	Capitol Federal Financial, Inc.		88,034
	280	Citizens Community Bancorp, Inc.		3,856
	5,449	Columbia Financial, Inc.*		113,666
	1,537	ESSA Bancorp, Inc.		26,636
	4,677	Essent Group, Ltd.		212,944
	696	Federal Agricultural Mortgage Corp.		86,255
	242	First Capital, Inc.		9,668
	1,936	Flagstar Bancorp, Inc.		92,812
	986	FS Bancorp, Inc.		33,159
	195	Guaranty Federal Bankshares, Inc.		6,228
	206	Hingham Institution for Savings		86,495
	629	HMN Financial, Inc.*		15,335
	973	Home Bancorp, Inc.		40,389
	86	Home Federal Bancorp, Inc.		1,704
	1,829	HomeStreet, Inc.		95,108
	869	IF Bancorp, Inc.		21,577
	3,933	Kearny Financial Corp.		52,112
	390	Kentucky First Federal Bancorp		2,933
	289	LendingTree, Inc.*		35,431
	1,892	Luther Burbank Corp.		26,564
	940	Malvern Bancorp, Inc.*		14,730


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	1,234	Merchants BanCorp	$	58,405
	1,842	Meta Financial Group, Inc.		109,894
	2,242	MGIC Investment Corp.		32,330
	3,941	Mr Cooper Group, Inc.*		163,985
	18,699	New York Community Bancorp, Inc.		228,315
	4,642	NMI Holdings, Inc., Class A*		101,428
	3,578	Northfield Bancorp, Inc.		57,821
	6,541	Northwest Bancshares, Inc.		92,621
	3,132	Oceanfirst Financial Corp.		69,530
	198	Oconee Federal Financial Corp.		4,316
	1,129	Ocwen Financial Corp.*		45,126
	2,010	PCSB Financial Corp.		38,270
	1,668	Premier Financial Corp.		51,558
	1,677	Provident Financial Holdings, Inc.		27,754
	3,721	Provident Financial Services, Inc.		90,123
	1,685	Prudential Bancorp, Inc.		22,882
	4,780	Radian Group, Inc.		101,001
	1,982	Riverview Bancorp, Inc.		15,242
	3,418	Security National Financial Corp., Class A*		31,446
	707	Southern Missouri Bancorp, Inc.		36,884
	1,053	Sterling Bancorp, Inc.*		6,055
	1,409	Territorial Bancorp, Inc.		35,577
	3,100	TFS Financial Corp.		55,397
	1,462	TrustCo Bank Corp. NY		48,699
	3,395	Washington Federal, Inc.		113,325
	1,247	Waterstone Financial, Inc.		27,259
	1,850	Wawlker & Dunlop, Inc.		279,128
	3,601	Western New England BanCorp, Inc.		31,545
	2,314	WSFS Financial Corp.		115,978
	35	WVS Financial Corp.		539

				3,414,640

Tobacco (0.1%):
	763	Turning Point Brands, Inc.		28,826
	975	Universal Corp.		53,547
	9,542	Vector Group, Ltd.		109,542

				191,915

Trading Companies & Distributors (2.0%):
	6,404	Air Lease Corp.		283,249
	1,077	Alta Equipment Group, Inc.*		15,767
	1,927	Applied Industrial Technologies, Inc.		197,903
	3,172	Beacon Roofing Supply, Inc.*		181,914
	569	BlueLinx Holdings, Inc.*		54,487
	1,324	Boise Cascade Co.		94,269
	2,002	DXP Enterprises, Inc.*		51,391
	1,463	EVI Industries, Inc.*		45,690
	1,550	GATX Corp.		161,495
	2,503	Global Industrial Co.		102,373
	573	GMS, Inc.*		34,443
	1,299	H&E Equipment Services, Inc.		57,507
	1,516	Herc Holdings, Inc.		237,330
	1,475	Kaman Corp., Class A		63,646
	989	Lawson Products, Inc.*		54,148
	4,569	MRC Global, Inc.*		31,435
	2,121	MSC Industrial Direct Co., Inc.		178,291
	7,964	NOW, Inc.*		68,013
	200	Rush Enterprises, Inc.		10,794
	1,839	Rush Enterprises, Inc., Class A		102,322


Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	89	SiteOne Landscape Supply, Inc.*	$	21,563
	2,140	Textainer Group Holdings, Ltd.		76,419
	1,548	Titan Machinery, Inc.*		52,152
	577	Transcat, Inc.*		53,332
	3,118	Triton International, Ltd.		187,797
	5,651	Univar Solutions, Inc.*		160,206
	1,034	Veritiv Corp.*		126,737
	3,051	WESCO International, Inc.*		401,481

				3,106,154

Transportation Infrastructure (0.0%^†):
	4,399	Macquarie Infrastructure Holdings LLC		16,056

Water Utilities (0.6%):
	2,746	American States Water Co.		284,046
	824	Artesian Resources Corp.		38,176
	3,117	California Water Service Group		223,988
	1,256	Consolidated Water Co., Ltd.		13,364
	1,143	Middlesex Water Co.		137,503
	2,502	Pure Cycle Corp.*		36,529
	1,615	SJW Group		118,218
	1,259	York Water Co. (The)		62,673

				914,497

Wireless Telecommunication Services (0.2%):
	2,895	Shenandoah Telecommunications Co.		73,822
	2,722	Spok Holdings, Inc.		25,396
	6,578	Telephone & Data Systems, Inc.		132,547
	2,003	United States Cellular Corp.*		63,135

				294,900

	Total Common Stocks (Cost $105,615,859)			154,416,145

Preferred Stocks (0.1%):
Internet & Direct Marketing Retail (0.0%^†):
	161	Qurate Retail, Inc., 3/15/31		16,618

Media (0.0%^†):
	430	Liberty Broadband Corp., Series A		12,535

Trading Companies & Distributors (0.1%):
	2,540	WESCO International, Inc., Series A		77,851

	Total Preferred Stocks (Cost $81,328)			107,004


Shares			Value
Rights (0.0%^†):
Biotechnology (0.0%^†):
	8,857	Achillion Pharm CVR, Expires on 1/29/49*	$	12,843
	2,004	Chinook Therapeutics-CVR, Expires on 12/31/49*		3,627
	1,429	Pfenex, Inc. CVR, Expires on 1/3/22*^		1,072
	4,400	Progenics Pharmaceuticals, Inc., Expires on 12/31/22*		1,672

				19,214

Household Durables (0.0%^†):
	4,044	Zagg, Inc. CVR, Expires on 1/2/49*		364

Media (0.0%^†):
	21,894	Media General, Inc. CVR, Expires on 12/31/49		2,708

Pharmaceuticals (0.0%^†):
	8,452	Xeris BioPharma Hold CVR, Expires on 10/6/49*		1,183

	Total Rights (Cost $8,221)			23,469


Principal Amount			Value
Short-Term Security Held as Collateral for Securities on Loan (0.6%):
	878,871	BlackRock Liquidity FedFund, Institutional Class, 0.03%(b)(c)		878,871

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $878,871)			878,871


Shares			Value
Unaffiliated Investment Company (0.3%):
Money Markets (0.3%):
	492,136	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		492,136

	Total Unaffiliated Investment Company (Cost $492,136)			492,136

	Total Investment Securities (Cost $107,076,415) — 100.6%(d)			155,917,625
	Net other assets (liabilities) — (0.6)%			(933,407	)

	Net Assets — 100.0%		$	154,984,218

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	107,076,415

Investment securities, at value(a)	$	155,917,625
Cash		661
Interest and dividends receivable		78,095
Receivable for investments sold		231,205
Prepaid expenses		775

Total Assets		156,228,361

Liabilities:
Payable for investments purchased		119,173
Payable for capital shares redeemed		91,163
Payable for collateral received on loaned securities		878,871
Manager fees payable		90,720
Administration fees payable		24,181
Distribution fees payable		32,400
Custodian fees payable		1,429
Administrative and compliance services fees payable		218
Transfer agent fees payable		806
Trustee fees payable		1,225
Other accrued liabilities		3,957

Total Liabilities		1,244,143

Net Assets	$	154,984,218

Net Assets Consist of:
Paid in capital	$	74,592,300
Total distributable earnings		80,391,918

Net Assets	$	154,984,218

Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,481,607
Net Asset Value (offering and redemption price per share)	$	14.79

(a)	Includes securities on loan of $849,287.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Dividends	$	2,334,784
Interest		31
Income from securities lending		17,899
Foreign withholding tax		(1,616	)

Total Investment Income		2,351,098

Expenses:
Management fees		1,404,840
Administration fees		79,115
Distribution fees		413,187
Custodian fees		11,331
Administrative and compliance services fees		1,932
Transfer agent fees		4,663
Trustee fees		7,970
Professional fees		7,042
Shareholder reports		3,071
Other expenses		4,286

Total expenses before reductions		1,937,437
Less Management fees contractually waived		(247,913	)

Net expenses		1,689,524

Net Investment Income/(Loss)		661,574

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		30,812,302
Change in net unrealized appreciation/depreciation on securities		12,016,166

Net realized and Change in net unrealized gains/losses on investments		42,828,468

Change in Net Assets Resulting From Operations	$	43,490,042

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Small Cap Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,776 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $878,871 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Value Stocks Risk — Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause the Fund to at times underperform equity funds that use other investment strategies.

Capitalization Risk — Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

The current outbreak of the novel strain of coronavirus, COVID-19, has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $107,010,830. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 60% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA U.S. Small Cap Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

For the year ended December 31, 2021, 31.28% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $6,008,307.

During the year ended December 31, 2021, the Fund declared net long-term capital gain distributions of $5,497,487.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (``Commission’’) website at www.sec.gov, or by calling 800-624-0197.

renewal of the Advisory Contracts at a meeting held by video conference call at which all Board members, including the Independent Trustees, participated and were able to hear each other simultaneously during the meeting. Accordingly, the Advisory Contracts were approved by the Board at a meeting on September 14, 2021. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2023. Additionally, at a subsequent meeting held November 16, 2021, the Board considered and approved a recommendation to add two new sub-subadvisors affiliated with the Subadviser to assist the Subadviser to the AZL Enhanced Bond Index Fund.

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with every quarterly Board meeting, as well as the summer and fall 2021 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 21, 2021, and September 14, 2021, the Manager reported that for the one-year period ended December 31, 2020, seven Funds were in the top 40%, eight were in the middle 20%, and four were in the bottom 40%, and for the three-year period ended December 31, 2020, six Funds were in the top 40%, eight were in the middle 20% and five were in the bottom 40%. The Manager also reported that of the seventeen Funds for which performance information was available for the five-year period ended December 31, 2020, seven Funds were in the top 40%, five were in the middle 20%, and five were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as “index attribution”).

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Board noted that the advisory fee schedules for the Funds do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such “breakpoints.” The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of December 31, 2020, were approximately $15.8 billion, and that no single Fund had assets in excess of $2.8 billion.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® Enhanced Bond Index Fund (the “Fund”) returned (1.94)%. That compared to a (1.54)% total return for its benchmark, the Bloomberg U.S. Aggregate Bond Index.^I

The year began amid expectations of strong growth in 2021. In January and February, yields rose higher as Democrats took control of the U.S. Senate, the vaccine rollout accelerated, and Congress passed a $1.9 trillion fiscal stimulus package. These events helped drive government bond yields higher, which rattled investors despite the Federal Reserve’s (the Fed) stated intentions to maintain low interest rates through the end of 2021. The Fed’s dovish tone helped anchor the long end of the yield curve even as inflation concerns rose, leading to a flattening of the yield curve.

The flattening trend continued into the summer as the risks around COVID-19 fell and the economy reopened. Amid this optimism, riskier assets performed well through the middle of the year, only faltering later in the period with the rise of the Delta and Omicron variants and concerns over slowing growth in China. The Fed’s shift to a more hawkish tone late in the year due to higher inflation put additional pressure on bond prices, which further boosted yields.

In absolute terms, U.S. Treasuries, agency mortgages and investment grade credit were the largest contributors to the Fund’s negative returns. Prices on these assets fell under pressure from rising interest rates and higher inflation.

The Fund underperformed its benchmark due to fees along with its positioning within agency mortgages. Mortgages came under pressure as the market factored in the potential for a faster-than-expected tapering of the Fed’s asset purchase stimulus efforts. This downward pressure

occurred despite ongoing purchases of these same assets by domestic banks, which otherwise helped support demand.

The Fund benefited from its duration and yield-curve positioning. The Fund generally held an underweight duration position throughout 2021, which added to relative performance as interest rates moved higher, particularly early in the year. The Fund’s curve positioning benefited as the market priced in a more hawkish tone by the Fed. The Fund also benefited from its decision to hold above-benchmark exposure to spread duration for most of the year, with a switch to below-benchmark exposure later in the year among investment grade credit as spreads tightened.

The Fund held derivatives in the form of foreign currency forward contracts to hedge the portfolio’s currency exposure to non-dollar bonds. The portfolio also held Treasury futures to manage duration and yield curve exposures. These derivative positions benefited the portfolio by giving managers the ability to more precisely manage duration and yield curve risk, and to hedge currency risk from non-dollar bonds.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to exceed the total return of the Bloomberg U.S. Aggregate Bond Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

Although the Fund seeks to provide a total return in excess of the Index, market conditions or implementation of the Fund’s investment strategy may result in losses, and the Fund may not achieve the desired correlation with and/or may not outperform the Index.

Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			10 Year
AZL^® Enhanced Bond Index Fund		(1.94	)%		4.55	%		3.19	%		2.55	%
Bloomberg U.S. Aggregate Bond Index		(1.54	)%		4.79	%		3.57	%		2.90	%


Expense Ratio	Gross
AZL^® Enhanced Bond Index Fund		0.66	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.70% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Bloomberg U.S. Aggregate Bond Index, which is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL Enhanced Bond Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Value
Asset Backed Securities (3.7%):
$	11,370,000	American Express Credit Account Master Trust, Class A, Series 2021-1, 0.90%, 11/15/26	$	11,284,385
	2,292,581	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)		2,397,582
	1,640,000	Benchmark Mortgage Trust, Class A4, Series 2018-B7, 4.51%, 11/15/51, Callable 10/15/28 @ 100		1,886,853
	885,000	Citibank Credit Card Issuance Trust, Class A7, Series 2018-A7, 3.96%, 10/15/30		1,017,175
	190,114	College Ave Student Loans LLC, Class A1, Series 2021-A, 1.20%(US0001M+110bps), 7/25/51, Callable 2/25/32 @ 100(a)		190,727
	1,153,000	College Ave Student Loans LLC, Class A2, Series 2021-C, 2.32%, 7/26/55(a)		1,152,344
	1,318,874	College Avenue Student Loans LLC, Class A2, Series 2021-B, 1.76%, 6/25/52, Callable 1/25/34 @ 100(a)		1,306,022
	3,400,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-4, 1.26%, 10/15/30, Callable 4/15/25 @ 100(a)		3,370,968
	3,640,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 2/15/30, Callable 12/15/24 @ 100(a)		3,613,853
	160,000	Credit Acceptance Auto Loan Trust, Class A, Series 20-2A, 1.37%, 7/16/29, Callable 1/15/24 @ 100(a)		160,664
	1,880,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-3A, 1.00%, 5/15/30, Callable 11/15/24 @ 100(a)		1,864,588
	529,882	EDvestinU Private Education Loan Issue No 3 LLC, Class A, Series 2021-A, 1.80%, 11/25/45(a)		521,049
	1,053,000	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-5CS, 2.31%, 10/20/48(a)		1,050,502
	1,893,907	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-4GS, 1.93%, 7/20/48, Callable 3/20/36 @ 100(a)		1,852,107
	2,960,000	GPMT, Ltd., Class A, Series 2021-FL4, 1.45%(US0001M+135bps), 12/15/36, Callable 11/15/23 @ 100(a)		2,959,027
	2,900,000	Hyundai Auto Receivables Trust, Class A3, Series 2021-C, 0.74%, 5/15/26, Callable 12/15/25 @ 100		2,879,856
	1,390,000	Lendmark Funding Trust, Class A, Series 2021-1A, 1.90%, 11/20/31, Callable 5/20/26 @ 100(a)		1,375,145
	711,963	LoanCore Issuer, Ltd., Class A, Series 2018-CRE1, 1.24%(US0001M+113bps), 5/15/28, Callable 1/15/22 @ 100(a)		711,612
	1,200,000	Mariner Finance Issuance Trust, Class A, Series 2021-AA, 1.86%, 3/20/36, Callable 3/20/26 @ 100(a)		1,179,807
	1,307,276	Navient Private Education Loan Trust, Class A1B, Series 2020-lA, 1.11%(US0001M+100bps), 4/15/69, Callable 10/15/30 @ 100(a)		1,319,082
	2,984,558	Navient Private Education Refi Loan Trust, Class A, Series 2021-DA, 1.26%(PRIME-(199)bps), 4/15/60, Callable 5/15/32 @ 100(a)		2,976,155


Principal Amount			Value
Asset Backed Securities, continued
$	8,027,880	Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69, Callable 3/15/29 @ 100(a)	$	7,801,504
	618,867	Navient Private Education Refi Loan Trust, Class A, Series 2021-A, 0.84%, 5/15/69, Callable 12/15/27 @ 100(a)		608,687
	2,911,969	Navient Private Education Refi Loan Trust, Class A, Series 20-FA, 1.22%, 7/15/69, Callable 1/15/27 @ 100(a)		2,904,797
	1,000,000	Navient Student Loan Trust, Class A2B, Series 2020-CA, 1.71%(US0001M+160bps), 11/15/68, Callable 7/15/30 @ 100(a)		1,029,579
	223,841	Navient Student Loan Trust, Class A2, Series 2018-EA, 4.00%, 12/15/59, Callable 5/15/25 @ 100(a)		230,480
	2,095,642	Navient Student Loan Trust, Class A2B, Series 2019-D, 1.16%(US0001M+105bps), 12/15/59, Callable 9/15/30 @ 100(a)		2,106,759
	4,932,882	Nelnet Student Loan Trust, Class AFL, Series 2021-CA, 0.84%(US0001M+74bps), 4/20/62, Callable 12/20/30 @ 100(a)		4,943,630
	4,169,896	Nelnet Student Loan Trust, Class APT2, Series 2021-A, 1.36%, 4/20/62, Callable 9/20/29 @ 100(a)		4,100,229
	7,974,715	Nelnet Student Loan Trust, Class AFL, Series 2021-BA, 0.88%(US0001M+78bps), 4/20/62, Callable 7/20/29 @ 100(a)		7,982,432
	3,420,092	Nelnet Student Loan Trust, Class AFX, Series 2021-DA, 1.63%, 4/20/62, Callable 6/20/31 @ 100(a)		3,386,724
	1,400,000	PFS Financing Corp., Class A, Series 2021-A, 0.71%, 4/15/26(a)		1,380,538
	1,025,157	Prodigy Finance CM2021-1 DAC, Class A, Series 2021-1A, 1.35%(US0001M+125bps), 7/25/51, Callable 2/25/27 @ 100(a)		1,025,313
	2,009,000	Regional Management Issuance Trust, Class A, Series 2021-2, 0.02%, 8/15/33, Callable 8/15/26 @ 100(a)		1,970,786
	1,619,070	SMB Private Education Loan Trust, Class APT1, Series 2021-C, 1.39%, 1/15/53(a)		1,589,062
	29,080	SMB Private Education Loan Trust, Class A2A, Series 2015-B, 2.98%, 7/15/27, Callable 5/15/28 @ 100(a)		29,148
	2,317,615	SMB Private Education Loan Trust, Class A1A, Series BA, 1.29%, 7/15/53(a)		2,296,159
	386,956	SMB Private Education Loan Trust, Class A2B, Series 2020-A, 0.94%(US0001M+83bps), 9/15/37(a)		388,702
	4,250,000	SMB Private Education Loan Trust, Class A2A1, Series 2021-A, 0.84%(US0001M+73bps), 1/15/53(a)		4,250,981
	464,834	SMB Private Education Loan Trust, Class A2B, Series 2017-B, 0.86%(US0001M+75bps), 10/15/35(a)		462,950
	490,000	SMB Private Education Loan Trust, Class B, Series 2021-A, 2.31%, 1/15/53(a)		485,613


Principal Amount			Value
Asset Backed Securities, continued
$	810,174	SoFi Professional Loan Program, Class AFX, Series 2020-C, 1.95%, 2/15/46, Callable 4/15/28 @ 100(a)	$	721,729
	707,430	SoFi Professional Loan Program, Class A2FX, Series 2019-B, 3.09%, 8/17/48, Callable 9/15/26 @ 100(a)		722,163
	19,796	SoFi Professional Loan Program, Class A2B, Series 2016-D, 2.34%, 4/25/33, Callable 3/25/24 @ 100(a)		19,922
	493,935	SoFi Professional Loan Program, Class A2, Series 2015-d, 2.72%, 10/27/36, Callable 3/25/22 @ 100(a)		494,492
	2,121,149	SoFi Professional Loan Program, Class A2FX, Series 2017-F, 2.84%, 1/25/41, Callable 5/25/25 @ 100(a)		2,153,405
	1,683,698	SoFi Professional Loan Program, Class A2FX, Series 2020-A, 2.54%, 5/15/46, Callable 8/15/27 @ 100(a)		1,713,618
	831,883	Westlake Automobile Receivables Trust, Class A2, Series 2020-1A, 1.44%, 9/15/23, Callable 9/15/23 @ 100(a)		832,669

	Total Asset Backed Securities (Cost $100,878,130)			100,701,574

Collateralized Mortgage Obligations (6.0%):
	1,930,000	ACRES Commercial Realty, Ltd., Class A, Series 2021-FL2, 1.49%(US0001M+140bps), 1/15/37, Callable 12/15/23 @ 100(a)		1,930,001
	2,000,000	AIMCO CLO, Class AR, Series 2017-AA, 1.18%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		1,990,184
	2,810,000	Alen Mortgage Trust, Class A, Series 2021-ACEN, 1.26%(US0001M+115bps), 4/15/38(a)		2,806,431
	1,000,000	Anchorage Capital CLO 7, Ltd., Class AR2, Series 2015-7A, 1.23%(US0003M+109bps), 1/28/31, Callable 1/28/22 @ 100(a)		999,991
	1,735,000	Arbor Multifamily Mortgage Securities Trust, Class A5, Series 2020-MF1, 2.76%, 5/15/53, Callable 2/15/30 @ 100(a)		1,810,440
	4,240,000	Arbor Realty Commercial Real Estate Notes, Ltd., Class A, Series 2021-FL4, 1.44%(US0001M+135bps), 11/15/36, Callable 6/15/24 @ 100(a)		4,243,287
	500,000	Ares XXXIIR CLO, Ltd., Class A1A, Series 2014-32RA, 1.10%(US0003M+94bps), 5/15/30, Callable 2/15/22 @ 100(a)		500,087
	3,830,000	BANK, Class A5, Series 2021-BN38, 2.52%, 12/15/64, Callable 12/15/31 @ 100		3,937,404
	3,850,000	Barclays Commercial Mortgage Trust, Class A, Series 2018-TALL, 0.83%(US0001M+72bps), 3/15/37(a)		3,806,687
	1,250,000	Battalion CLO VIII, Ltd., Class A1R2, Series 2015-8A, 1.19%(US0003M+107bps), 7/18/30, Callable 1/18/22 @ 100(a)		1,249,972
	2,290,000	Battalion CLO X, Ltd., Class A1R2, Series 2016-10A, 1.29%(US0003M+117bps), 1/25/35, Callable 1/25/23 @ 100(a)		2,290,728
	4,580,000	BDS, Ltd., Class A, Series 2021-FL10, 1.45%(US0001M+135bps), 12/18/36, Callable 12/18/23 @ 100(a)		4,569,543


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	668,000	Benchmark Mortgage Trust, Class C, Series 2019-B15, 3.84%, 12/15/72	$	687,646
	2,920,000	Benchmark Mortgage Trust, Class A5, Series 2021-B31, 2.67%, 12/15/54, Callable 12/15/31 @ 100		3,035,043
	1,250,000	Benchmark Mortgage Trust, Class B, Series 2019-B15, 3.56%, 12/15/72		1,325,238
	1,332,000	BF Mortgage Trust, Class B, Series 2019-NYT, 1.51%(US0001M+140bps), 11/15/35(a)		1,329,669
	1,540,000	BSPRT Issuer, Ltd., Class A, Series 2021-FL7, 1.42%(US0001M+132bps), 12/15/38, Callable 12/15/23 @ 100(a)		1,540,000
	1,120,000	BX, Class A, Series 2021-MFM1, 0.81%(US0001M+70bps), 1/15/34(a)		1,111,477
	3,350,000	BX Commercial Mortgage Trust, Class A, Series 2020-ViV4, 2.84%, 3/9/44(a)		3,425,944
	2,705,000	BX Commercial Mortgage Trust, Class A, Series 2021-XL2, 0.80%(US0001M+69bps), 10/15/38(a)		2,691,989
	3,444,544	BX Commercial Mortgage Trust, Class A, Series 2020-BXLP, 0.91%(US0001M+80bps), 12/15/29(a)		3,442,512
	2,007,175	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 1.03%(US0001M+92bps), 10/15/36(a)		2,006,613
	2,110,000	BX Commercial Mortgage Trust, Class A, Series 2021-CIP, 1.02%(US0001M+92bps), 12/15/28(a)		2,109,345
	551,000	BX Trust, Class D, Series 2019-OC11, 4.08%, 12/9/41(a)		565,568
	4,800,000	BX Trust, Class A, Series 2021-ARIA, 1.01%(US0001M+90bps), 10/15/36(a)		4,791,013
	615,000	Cantor Commercial Real Estate Lending, Class A4, Series 2019-CF2, 2.62%, 11/15/52, Callable 8/15/29 @ 100		632,306
	603,000	Cantor Commercial Real Estate Lending, Class B, Series 2019-CF3, 3.50%, 1/15/53, Callable 12/15/29 @ 100(b)		641,146
	3,225,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 1.18%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		3,203,599
	760,000	CGRBS Commercial Mortgage Trust, Class A, Series 2013-VN05, 3.37%, 3/13/35(a)		770,914
	344,554	Chase Home Lending Mortgage Trust, Class A11, Series 2019-ATR2, 1.00%(US0001M+90bps), 7/25/49, Callable 1/25/23 @ 100(a)		345,611
	3,320,000	CIM Retail Portfolio Trust, Class A, Series 2021-RETL, 1.51%(US0001M+140bps), 8/15/36		3,311,833
	1,047,105	CIM Trust, Class A11, Series 2019-INV3, 1.04%(US0001M+100bps), 8/25/49, Callable 3/25/24 @ 100(a)		1,048,274
	3,360,000	Cityline Commercial Mortgage Trust, Class A, Series 2016-CLNE, 2.78%, 11/10/31(a)(b)		3,419,875
	3,075,000	Commercial Mortgage Loan Trust, Class A4, Series 2015-CCRE26, 3.63%, 10/10/48, Callable 8/10/25 @ 100		3,279,856


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48, Callable 7/10/25 @ 100	$	711,029
	1,279,058	Commercial Mortgage Loan Trust, Class AM, Series 2013-CR7, 3.31%, 3/10/46, Callable 4/6/23 @ 100(a)		1,306,238
	1,015,000	Commercial Mortgage Loan Trust, Class D, Series 2013-WWP, 3.90%, 3/10/31, Callable 3/10/23 @ 100(a)		1,051,916
	3,870,000	Cosmopolitan Hotel Trust, Class A, Series 2017-CSMO, 1.04%(US0001M+93bps), 11/15/36(a)		3,867,175
	2,306,000	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(a)		2,326,039
	210,000	CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51, Callable 2/15/28 @ 100(b)		230,341
	1,195,000	CSAIL Commercial Mortgage Trust, Class B, Series 2019-C15, 4.48%, 3/15/52		1,322,745
	2,335,000	CSMC, Class B, Series 2021-BHAR, 1.61%(US0001M+150bps), 11/15/38(a)		2,336,083
	2,011,600	CSMC, Class A1, Series 2021-NQM8, 1.84%, 10/25/66, Callable 11/25/24 @ 100(a)(b)		2,009,938
	2,000,000	Dewolf Park CLO, Ltd., Class AR, Series 2017-1A, 1.04%(US0003M+92bps), 10/15/30, Callable 4/15/22 @ 100(a)		1,999,516
	2,095,000	Dryden 43 Senior Loan Fund, Class AR2, Series 2016-43A, 1.17%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a)		2,083,538
	4,750,000	Elmwood CLO II, Ltd., Class AR, Series 2019-2A, 1.28%(US0003M+115bps), 4/20/34, Callable 4/20/23 @ 100(a)		4,750,608
	5,382,001	Extended Stay America Trust, Class A, Series 2021-ESH, 1.19%(US0001M+108bps), 7/15/38(a)		5,382,001
	715,112	Flagstar Mortgage Trust, Class A11, Series 2019-1, 1.05%(US0001M+95bps), 10/25/49, Callable 6/25/23 @ 100(a)		715,730
	1,147,438	FRESB Multifamily Mortgage Pass Through, Class A10H, Series 2019-SB60, 3.50%(US0001M+350bps), 1/25/39, Callable 12/25/28 @ 100		1,192,957
	1,230,000	FS RIALTO, Class A, Series 2021-FL2, 1.33%(US0001M+122bps), 4/16/26, Callable 4/16/23 @ 100		1,227,566
	4,345,000	GCAT Trust, Class A1, Series 2021-NQM7, 1.92%, 8/25/66, Callable 1/25/22 @ 100(a)(b)		4,345,953
	1,525,000	IMT Trust, Class BFX, Series 2017-APTS, 3.50%, 6/15/34(a)(b)		1,573,739
	585,836	JP Morgan Chase Commercial Mortgage Securities Corp., Class A, Series 2021-MHC, 0.91%(US0001M+80bps), 4/15/38(a)		584,742
	3,660,000	JP Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2021-NYAH, 0.87%(US0001M+76bps), 6/15/38		3,650,871
	718,625	JP Morgan Mortgage Trust, Class A11, Series 2019-INV2, 1.00%(US0001M+90bps), 2/25/50, Callable 10/25/23 @ 100(a)		719,416


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	271,883	JP Morgan Mortgage Trust, Class A11, Series 2020-LTV1, 1.09%(US0001M+100bps), 6/25/50, Callable 2/25/23 @ 100(a)	$	271,981
	634,538	JP Morgan Mortgage Trust, Class A11, Series 2019-INV3, 1.09%(US0001M+100bps), 5/25/50, Callable 7/25/24 @ 100(a)		635,116
	508,852	JP Morgan Mortgage Trust, Class A5, Series 2019-LTV3, 3.50%, 2/25/50, Callable 12/25/22 @ 100(a)(b)		512,045
	380,505	JP Morgan Mortgage Trust, Class A11, Series 2019-LTV3, 0.94%(US0001M+85bps), 2/25/50, Callable 12/25/22 @ 100(a)		380,783
	234,277	JP Morgan Mortgage Trust, Class A11, Series 2019-7, 1.00%(US0001M+90bps), 2/25/50, Callable 12/25/22 @ 100(a)		234,502
	700,000	JPMDB Commercial Mortgage Securities Trust, Class A5, Series 2017-C5, 3.69%, 3/15/50, Callable 1/15/27 @ 100		756,945
	842,619	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4FX, Series 2012-CBX, 3.48%, 6/15/45, Callable 6/15/22 @ 100(a)		846,192
	2,904,000	KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 0.91%(US0001M+80bps), 5/15/36(a)		2,900,777
	1,530,000	Life Mortgage Trust, Class A, Series 2021-BMR, 0.81%(US0001M+70bps), 3/15/38(a)		1,518,540
	1,875,000	LoanCore Issuer, Ltd., Class A, Series 2021-CRE6, 1.41%(US0001M+130bps), 11/15/38, Callable 11/15/23 @ 100(a)		1,873,847
	630,000	MF1, Class A, Series 2021-W10, 1.12%(SOFR30A+107bps), 12/15/34(a)		629,458
	3,570,000	MHP, Class A, Series 2021-STOR, 0.81%(US0001M+70bps), 7/15/38(a)		3,552,896
	1,279,462	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48, Callable 5/15/25 @ 100		1,342,719
	1,563,000	Morgan Stanley Capital I Trust, Class A, Series 2019-NUGS, 2.45%(US0001M+95bps), 12/15/36(a)		1,565,954
	1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49, Callable 10/15/26 @ 100		1,626,009
	3,100,000	Neuberger Berman Loan Advisers CLO 45, Ltd., Class A, Series 2021-45A, 1.25%(US0003M+113bps), 10/14/35, Callable 10/14/23 @ 100(a)		3,097,261
	1,200,000	Octagon Investment Partners XVII, Ltd., Class A2R2, Series 2013-1A, 1.22%(US0003M+110bps), 1/25/31, Callable 1/25/22 @ 100(a)		1,190,264
	3,001,595	One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30(a)(b)		3,170,044
	1,510,000	One New York Plaza Trust, Class A, Series 2020-1NYP, 1.06%(US0001M+95bps), 1/15/26(a)		1,510,604
	2,515,722	PRKCM Trust, Class A1, Series 2021-AFC2, 2.07%, 11/25/56, Callable 7/25/28 @ 100(a)(b)		2,512,254
	1,250,000	RR 3, Ltd., Class A1R2, Series 2018-3A, 1.21%(US0003M+109bps), 1/15/30, Callable 1/15/22 @ 100(a)		1,248,968


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,853,947	Seasoned Credit Risk Transfer Trust, Class MA, Series 2019-2, 3.50%, 8/25/58, Callable 2/25/44 @ 100	$	1,929,123
	782,059	Seasoned Credit Risk Transfer Trust, Class MA, Series 2018-2, 3.50%, 11/25/57, Callable 7/25/31 @ 100		805,291
	125,000	SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48, Callable 6/10/26 @ 100		129,776
	1,000,000	Signal Peak CLO 8, Ltd., Class A, Series 2020-8A, 1.40%(US0003M+127bps), 4/20/33, Callable 4/20/22 @ 100(a)		1,001,005
	388,839	Tharaldson Hotel Portfolio Trust, Class A, Series 2018-THL, 1.15%(US0001M+75bps), 11/11/34(a)		388,395
	1,000,000	Voya CLO, Ltd., Class A1R, Series 2017-3A, 1.17%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a)		992,919
	8,980,590	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 0.84%, 12/15/59, Callable 8/15/26 @ 100(b)		301,927
	775,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48, Callable 4/15/25 @ 100		820,555
	1,015,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48		1,088,638
	940,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2018-C46, 4.15%, 8/15/51		1,053,872
	1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48, Callable 4/15/25 @ 100		1,293,600
	1,500,000	Whitebox CLO III, Ltd., Class A1, Series 2021-3A, 1.34%(US0003M+122bps), 10/15/34, Callable 10/15/23 @ 100(a)		1,501,594

	Total Collateralized Mortgage Obligations (Cost $160,583,349)			160,922,221

Corporate Bonds (24.0%):
Aerospace & Defense (1.1%):
	2,642,000	BAE Systems Holdings, Inc., 3.80%, 10/7/24(a)		2,803,566
	647,000	BAE Systems Holdings, Inc., 3.85%, 12/15/25, Callable 9/15/25 @ 100(a)		694,089
	216,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		299,004
	1,062,000	General Dynamics Corp., 3.50%, 4/1/27, Callable 2/1/27 @ 100		1,155,287
	1,020,000	General Dynamics Corp., 3.75%, 5/15/28, Callable 2/15/28 @ 100		1,129,065
	1,249,000	Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,404,773
	378,000	Huntington Ingalls Industries, Inc., 3.84%, 5/1/25, Callable 4/1/25 @ 100		400,672
	821,000	Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100		869,234
	1,197,000	Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100(a)		1,171,676
	1,315,000	L3Harris Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100		1,427,813
	1,383,000	L3Harris Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,550,203


Principal Amount			Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	391,000	Lockheed Martin Corp., Series B, 6.15%, 9/1/36	$	549,498
	1,051,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100		1,206,665
	325,000	Lockheed Martin Corp., 4.09%, 9/15/52, Callable 3/15/52 @ 100		402,054
	2,256,000	Northrop Grumman Corp., 2.93%, 1/15/25, Callable 11/15/24 @ 100		2,352,821
	214,000	Northrop Grumman Corp., 4.75%, 6/1/43		270,845
	217,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		246,385
	1,503,000	Northrop Grumman Corp., 4.03%, 10/15/47, Callable 4/15/47 @ 100		1,778,150
	115,000	Raytheon Technologies Corp., 7.00%, 11/1/28		146,775
	2,427,000	Raytheon Technologies Corp., 4.13%, 11/16/28, Callable 8/16/28 @ 100		2,714,337
	559,000	Raytheon Technologies Corp., 2.15%, 5/18/30, Callable 2/18/30 @ 100		697,905
	415,000	Raytheon Technologies Corp., 4.20%, 12/15/44, Callable 6/15/44 @ 100		468,857
	709,000	Raytheon Technologies Corp., 4.35%, 4/15/47, Callable 10/15/46 @ 100		862,283
	1,426,000	Raytheon Technologies Corp., 4.63%, 11/16/48, Callable 5/16/48 @ 100		1,826,325
	10,000	Raytheon Technologies Corp., 2.82%, 9/1/51, Callable 3/1/51 @ 100		9,691
	875,000	Raytheon Technologies Corp., 3.03%, 3/15/52, Callable 9/15/51 @ 100		879,550
	264,000	Textron, Inc., 3.65%, 3/15/27, Callable 12/15/26 @ 100		283,554
	1,098,000	Textron, Inc., 3.90%, 9/17/29, Callable 6/17/29 @ 100		1,204,251

				28,805,328

Air Freight & Logistics (0.2%):
	620,000	FedEx Corp., 0.45%, 5/4/29, Callable 2/4/29 @ 100		693,679
	2,502,000	FedEx Corp., 4.25%, 5/15/30, Callable 2/15/30 @ 100		2,847,364
	2,000	FedEx Corp., 4.90%, 1/15/34		2,418
	695,000	United Parcel Service, Inc., 0.38%, 11/15/23, Callable 8/15/23 @ 100		799,420
	1,246,000	United Parcel Service, Inc., 3.40%, 3/15/29, Callable 12/15/28 @ 100		1,360,531
	384,000	United Parcel Service, Inc., 4.45%, 4/1/30, Callable 1/1/30 @ 100		451,542

				6,154,954

Airlines (0.3%):
	869,401	American Airlines Pass Through Trust, Series 2015-2, Class B, 4.40%, 3/22/25		857,629
	319,624	American Airlines Pass Through Trust, Series 2016-1, Class B, 5.25%, 7/15/25		316,428
	74,538	American Airlines Pass Through Trust, Series 2017-1, Class B, 4.95%, 8/15/26		73,140
	490,274	American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 3/22/29		502,199
	207,180	American Airlines Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29		206,900


Principal Amount			Value
Corporate Bonds, continued
Airlines, continued
$	411,386	American Airlines Pass Through Trust, Series 2016-3, Class AA, 3.00%, 4/15/30	$	411,831
	169,531	American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, 8/15/30		176,549
	675,256	American Airlines Pass Through Trust, Series 2019-1, 3.15%, 8/15/33		679,893
	420,000	Delta Airlines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25		432,980
	122,000	Southwest Airlines Co., 2.75%, 11/16/22, Callable 10/16/22 @ 100		123,586
	8,234	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23		8,284
	44,912	United Airlines Pass Through Trust, Series 2014-2, Class B, 4.63%, 3/3/24		45,188
	6,574	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.65%, 4/7/27		6,514
	269,404	United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, 9/1/27		272,773
	1,174,290	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29		1,282,912
	11,011	United Airlines Pass Through Trust, Series 2015-1, Class AA, 3.45%, 6/1/29		11,481
	386,041	United Airlines Pass Through Trust, Series 2019-2, Class B, 3.50%, 11/1/29		381,285
	45,758	United Airlines Pass Through Trust, Series 2016-2, Class AA, 3.10%, 1/7/30		46,673
	177,424	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.88%, 4/7/30		179,038
	214,670	United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 9/1/31		223,119
	344,172	United Airlines Pass Through Trust, Series 2016-1, Class AA, 4.15%, 2/25/33		375,469
	472,467	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/1/33		467,195

				7,081,066

Auto Components (0.0%^†):
	520,000	BorgWarner, Inc., 1.00%, 5/19/31, Callable 2/19/31 @ 100		581,748

Automobiles (0.2%):
	687,000	Daimler Finance North America LLC, 3.40%, 2/22/22(a)		689,740
	1,577,000	Daimler Finance North America LLC, 2.13%, 3/10/25(a)		1,607,165
	1,263,000	Daimler Finance North America LLC, 3.30%, 5/19/25(a)		1,333,674
	150,000	Daimler Finance North America LLC, 3.50%, 8/3/25(a)		159,928
	1,017,000	Daimler Finance North America LLC, 1.45%, 3/2/26(a)		1,007,162
	534,000	Nissan Motor Acceptance Co. LLC, 2.45%, 9/15/28, Callable 7/15/28 @ 100(a)		521,102

				5,318,771

Banks (3.7%):
	3,067,000	Bank of America Corp., 3.55% (US0003M+78 bps), 3/5/24, Callable 3/5/23 @ 100		3,154,437


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	1,283,000	Bank of America Corp., 4.00%, 1/22/25, MTN	$	1,369,491
	913,000	Bank of America Corp., Series L, 3.95%, 4/21/25		976,828
	2,857,000	Bank of America Corp., 0.98% (SOFR+69 bps), 4/22/25, Callable 4/22/24 @ 100		2,834,458
	1,683,000	Bank of America Corp., 3.37% (US0003M+81 bps), 1/23/26, Callable 1/23/25 @ 100		1,771,257
	597,000	Bank of America Corp., 2.01% (US0003M+64 bps), 2/13/26, Callable 2/13/25 @ 100, MTN		604,380
	748,000	Bank of America Corp., Series G, 4.45%, 3/3/26		823,526
	6,244,000	Bank of America Corp., 1.32% (SOFR+115 bps), 6/19/26, Callable 6/19/25 @ 100, MTN		6,180,511
	6,920,000	Bank of America Corp., 1.20% (SOFR+101 bps), 10/24/26, Callable 10/24/25 @ 100, MTN		6,779,690
	6,098,000	Bank of America Corp., 3.56% (US0003M+106 bps), 4/23/27, Callable 4/23/26 @ 100, MTN		6,515,963
	1,447,000	Bank of America Corp., 1.73% (SOFR+96 bps), 7/22/27, Callable 7/22/26 @ 100		1,438,186
	2,767,000	Bank of America Corp., 3.82% (US0003M+158 bps), 1/20/28, Callable 1/20/27 @ 100, MTN		2,995,125
	556,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		594,042
	821,000	Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN		898,799
	1,535,000	Bank of America Corp., 4.27% (US0003M+131 bps), 7/23/29, Callable 7/23/28 @ 100		1,711,025
	735,000	Bank of America Corp., 3.97% (US0003M+121 bps), 2/7/30, Callable 2/7/29 @ 100, MTN		809,382
	1,510,000	Bank of America Corp., 3.19% (US0003M+118 bps), 7/23/30, Callable 7/23/29 @ 100, MTN		1,591,351
	6,772,000	Bank of America Corp., 2.88% (US0003M+119 bps), 10/22/30, Callable 10/22/29 @ 100, MTN		6,991,758
	472,000	Bank of America Corp., 2.50% (US0003M+99 bps), 2/13/31, Callable 2/13/30 @ 100, MTN		473,427
	793,000	Bank of America Corp., 2.59% (SOFR+215 bps), 4/29/31, Callable 4/29/30 @ 100		800,211
	295,000	Bank of America Corp., 1.90% (SOFR+153 bps), 7/23/31, Callable 7/23/30 @ 100, MTN		282,406
	860,000	Bank of America Corp., 1.92% (SOFR+137 bps), 10/24/31, Callable 10/24/30 @ 100, MTN		822,129
	580,000	Bank of America Corp., 0.65% (EUR003M+94 bps), 10/26/31, Callable 10/26/30 @ 100, MTN(a)		642,514
	2,208,000	Bank of America Corp., 4.08% (US0003M+132 bps), 4/23/40, Callable 4/23/39 @ 100, MTN		2,538,259
	1,180,000	Bank of America Corp., 2.68% (SOFR+193 bps), 6/19/41, Callable 6/19/40 @ 100, MTN		1,137,436
	905,000	Bank of America Corp., 5.87% (US0003M+293 bps), 12/31/99, Callable 3/15/28 @ 100		1,009,075
	5,943,000	Citigroup, Inc., 3.98% (US0003M+134 bps), 3/20/30, Callable 3/20/29 @ 100		6,558,630
	4,621,000	Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100		4,804,532
	479,000	Citigroup, Inc., 2.57% (SOFR+211 bps), 6/3/31, Callable 6/3/30 @ 100		482,709
	480,000	Citigroup, Inc., 4.00% (H15T5Y+4 bps), 12/31/99, Callable 12/10/25 @ 100		483,720


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	210,000	JPMorgan Chase & Co., 4.02% (US0003M+100 bps), 12/5/24, Callable 12/5/23 @ 100	$	221,362
	309,000	JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100		332,682
	182,000	JPMorgan Chase & Co., 2.30% (SOFR+116 bps), 10/15/25, Callable 10/15/24 @ 100		186,075
	1,385,000	JPMorgan Chase & Co., 2.00% (SOFR+159 bps), 3/13/26, Callable 3/13/25 @ 100		1,402,940
	2,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100		2,124
	2,230,000	JPMorgan Chase & Co., 3.96% (US0003M+125 bps), 1/29/27, Callable 1/29/26 @ 100		2,414,379
	2,697,000	JPMorgan Chase & Co., 1.58% (SOFR+89 bps), 4/22/27, Callable 4/22/26 @ 100		2,669,164
	5,311,000	JPMorgan Chase & Co., 3.78% (US0003M+134 bps), 2/1/28, Callable 2/1/27 @ 100		5,753,406
	1,750,000	JPMorgan Chase & Co., 4.01% (US0003M+112 bps), 4/23/29, Callable 4/23/28 @ 100		1,931,557
	1,318,000	JPMorgan Chase & Co., 3.70% (US0003M+116 bps), 5/6/30, Callable 5/6/29 @ 100		1,435,531
	977,000	JPMorgan Chase & Co., 2.74% (SOFR+151 bps), 10/15/30, Callable 10/15/29 @ 100		1,003,268
	1,346,000	JPMorgan Chase & Co., 3.11% (SOFR+246 bps), 4/22/41, Callable 4/22/40 @ 100		1,396,534
	1,468,000	JPMorgan Chase & Co., 4.26% (US0003M+158 bps), 2/22/48, Callable 2/22/47 @ 100		1,802,173
	400,000	JPMorgan Chase & Co., 4.03% (US0003M+146 bps), 7/24/48, Callable 7/24/47 @ 100		475,370
	381,000	JPMorgan Chase & Co., 3.96% (US0003M+138 bps), 11/15/48, Callable 11/15/47 @ 100		447,722
	254,000	JPMorgan Chase & Co., 3.90% (US0003M+122 bps), 1/23/49, Callable 1/23/48 @ 100		295,118
	105,000	Synovus Financial Corp., 3.13%, 11/1/22, Callable 10/1/22 @ 100		106,623
	1,676,000	Wells Fargo & Co., 3.00%, 2/19/25		1,747,776
	290,000	Wells Fargo & Co., 1.34% (EUR003M+167 bps), 5/4/25, Callable 5/4/24 @ 100, MTN(a)		339,451
	2,090,000	Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN		2,247,331
	2,835,000	Wells Fargo & Co., 2.88% (US0003M+117 bps), 10/30/30, Callable 10/30/29 @ 100, MTN		2,948,114
	331,000	Wells Fargo & Co., 5.38%, 2/7/35		434,055
	1,308,000	Wells Fargo & Co., 3.07% (SOFR+253 bps), 4/30/41, Callable 4/30/40 @ 100		1,341,736

				99,009,748

Beverages (0.4%):
	7,123,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		8,594,576
	1,258,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46, Callable 8/1/45 @ 100		1,594,781
	275,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48, Callable 10/15/47 @ 100		337,140
	490,000	Coca-Cola Co. (The), 1.00%, 3/9/41		539,004


Principal Amount			Value
Corporate Bonds, continued
Beverages, continued
$	923,000	Keurig Dr Pepper, Inc., 3.20%, 5/1/30, Callable 2/1/30 @ 100	$	976,253

				12,041,754

Biotechnology (0.4%):
	160,000	AbbVie, Inc., 1.38%, 5/17/24, Callable 2/17/24 @ 100		187,558
	140,000	AbbVie, Inc., 1.25%, 6/1/24, Callable 3/1/24 @ 100		163,804
	2,680,000	AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100		3,191,768
	1,789,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		2,139,057
	864,000	AbbVie, Inc., 4.63%, 10/1/42, Callable 4/1/42 @ 100		1,052,361
	672,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		803,140
	612,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100		759,346
	700,000	Biogen, Inc., 3.15%, 5/1/50, Callable 11/1/49 @ 100		684,494
	1,178,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		1,495,199
	464,000	Gilead Sciences, Inc., 4.75%, 3/1/46, Callable 9/1/45 @ 100		589,871

				11,066,598

Building Products (0.0%^†):
	897,000	Carrier Global Corp., 2.24%, 2/15/25, Callable 1/15/25 @ 100		917,415

Capital Markets (2.5%):
	2,221,000	Ares Capital Corp., 4.25%, 3/1/25, Callable 1/1/25 @ 100		2,353,882
	1,042,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		1,098,348
	704,000	Ares Capital Corp., 2.15%, 7/15/26, Callable 6/15/26 @ 100		694,761
	370,000	Bank of New York Mellon Corp. (The), 4.62% (US0003M+313 bps), 12/29/49, Callable 9/20/26 @ 100		390,861
	1,150,000	Bank of New York Mellon Corp. (The), 3.70% (H15T5Y+335 bps), 12/31/99, Callable 3/20/26 @ 100		1,177,312
	1,578,000	Blackstone Private Credit Fund, 3.25%, 3/15/27, Callable 2/15/27 @ 100(a)		1,591,774
	1,435,000	Charles Schwab Corp. (The), Series E, 4.62% (US0003M+332 bps), 12/29/49, Callable 3/1/22 @ 100		1,438,587
	3,115,000	Charles Schwab Corp. (The), 4.00% (H15T5Y+317 bps), 12/31/99, Callable 6/1/26 @ 100		3,185,087
	1,460,000	Goldman Sachs Group, Inc. (The), 0.00% (EUR003M+55 bps), 4/21/23, Callable 4/21/22 @ 100, MTN(a)		1,663,702
	7,530,000	Goldman Sachs Group, Inc. (The), 3.50%, 4/1/25, Callable 3/1/25 @ 100		7,950,806
	1,633,000	Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25, Callable 2/22/25 @ 100		1,738,796


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	730,000	Goldman Sachs Group, Inc. (The), 0.86% (SOFR+61 bps), 2/12/26, Callable 2/12/25 @ 100	$	714,080
	849,000	Goldman Sachs Group, Inc. (The), 3.75%, 2/25/26, Callable 11/25/25 @ 100		912,604
	1,234,000	Goldman Sachs Group, Inc. (The), 1.33% (US0003M+117 bps), 5/15/26, Callable 5/15/25 @ 100		1,254,240
	2,302,000	Goldman Sachs Group, Inc. (The), 4.41% (US0003M+143 bps), 4/23/39, Callable 4/23/38 @ 100		2,748,489
	1,581,000	Goldman Sachs Group, Inc. (The), 6.25%, 2/1/41		2,294,099
	347,000	Goldman Sachs Group, Inc. (The), 3.21% (SOFR+151 bps), 4/22/42, Callable 4/22/41 @ 100		360,772
	309,000	Goldman Sachs Group, Inc. (The), 2.91% (SOFR+147 bps), 7/21/42, Callable 7/21/41 @ 100		307,426
	992,000	Intercontinental Exchange, Inc., 2.10%, 6/15/30, Callable 3/15/30 @ 100		984,229
	683,000	Moody’s Corp., 3.10%, 11/29/61, Callable 5/29/61 @ 100		677,458
	3,423,000	Morgan Stanley, 3.63%, 1/20/27		3,704,182
	9,921,000	Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100		9,813,853
	4,744,000	Morgan Stanley, 3.59% (US0003M+134 bps), 7/22/28, Callable 7/22/27 @ 100		5,110,536
	1,102,000	Morgan Stanley, 3.77% (US0003M+114 bps), 1/24/29, Callable 1/24/28 @ 100		1,198,315
	1,564,000	Morgan Stanley, Series G, 4.43% (US0003M+163 bps), 1/23/30, Callable 1/23/29 @ 100, MTN		1,777,680
	6,959,000	Morgan Stanley, 2.70% (SOFR+114 bps), 1/22/31, Callable 1/22/30 @ 100, MTN		7,122,864
	552,000	Morgan Stanley, 1.79% (SOFR+1 bps), 2/13/32, Callable 2/13/31 @ 100, MTN		521,525
	1,111,000	Morgan Stanley, 3.97% (US0003M+146 bps), 7/22/38, Callable 7/22/37 @ 100		1,264,469
	196,000	State Street Corp., 2.90% (SOFR+3 bps), 3/30/26, Callable 3/30/25 @ 100		205,398
	661,000	State Street Corp., Series F, 3.80% (US0003M+360 bps), Callable 3/15/22 @ 100		664,305
	1,415,000	State Street Corp., Series H, 5.63% (US0003M+254 bps), 12/31/99, Callable 12/15/23 @ 100		1,464,525

				66,384,965

Chemicals (0.3%):
	570,000	Air Products and Chemicals, Inc., 2.80%, 5/15/50, Callable 11/15/49 @ 100		582,456
	503,000	Dow Chemical Co. (The), 1.13%, 3/15/32, Callable 12/15/31 @ 100		571,421
	565,000	Dow Chemical Co. (The), 5.55%, 11/30/48, Callable 5/30/48 @ 100		796,010
	3,116,000	DowDuPont, Inc., 4.49%, 11/15/25, Callable 9/15/25 @ 100		3,435,561
	65,000	Ecolab, Inc., 2.70%, 12/15/51, Callable 6/15/51 @ 100		64,160
	635,000	Ecolab, Inc., 2.75%, 8/18/55, Callable 2/18/55 @ 100		624,192


Principal Amount			Value
Corporate Bonds, continued
Chemicals, continued
$	663,000	LYB International Finance III LLC, 4.20%, 5/1/50, Callable 11/1/49 @ 100	$	763,070
	353,000	Sherwin-Williams Co. (The), 4.50%, 6/1/47, Callable 12/1/46 @ 100		439,211
	493,000	Westlake Chemical Corp., 3.38%, 8/15/61, Callable 2/15/61 @ 100		475,763

				7,751,844

Commercial Services & Supplies (0.0%^†):
	640,000	Republic Services, Inc., 2.38%, 3/15/33, Callable 12/15/32 @ 100		636,810
	472,000	Waste Management, Inc., 2.00%, 6/1/29, Callable 4/1/29 @ 100^		469,222
	107,000	Waste Management, Inc., 2.95%, 6/1/41, Callable 12/1/40 @ 100		111,037

				1,217,069

Communications Equipment (0.2%):
	1,085,000	Motorola Solutions, Inc., 4.60%, 2/23/28, Callable 11/23/27 @ 100		1,225,565
	1,662,000	Motorola Solutions, Inc., 4.60%, 5/23/29, Callable 2/23/29 @ 100		1,890,791
	756,000	Motorola Solutions, Inc., 2.30%, 11/15/30, Callable 8/15/30 @ 100		731,888
	1,822,000	Motorola Solutions, Inc., 2.75%, 5/24/31, Callable 2/24/31 @ 100		1,823,363
	27,000	Motorola Solutions, Inc., 5.50%, 9/1/44		35,323

				5,706,930

Consumer Finance (0.5%):
	740,000	American Honda Finance Corp., 1.38%, 11/10/22		854,703
	110,000	American Honda Finance Corp., 0.55%, 3/17/23		126,405
	1,000,000	Capital One Financial Corp., 1.65%, 6/12/29		1,189,543
	1,394,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		1,483,090
	2,801,000	General Motors Financial Co., Inc., 4.35%, 4/9/25, Callable 2/9/25 @ 100		3,019,436
	1,420,000	Hyundai Capital America, 3.95%, 2/1/22(a)		1,422,799
	2,065,000	Hyundai Capital America, 2.38%, 2/10/23(a)		2,094,119
	1,274,000	Toyota Motor Credit Corp., 3.00%, 4/1/25, MTN		1,339,334
	1,166,000	Toyota Motor Credit Corp., 0.80%, 1/9/26, MTN^		1,134,902

				12,664,331

Containers & Packaging (0.1%):
	1,876,000	Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100		1,895,949
	349,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100		442,376
	239,000	Packaging Corp. of America, 3.05%, 10/1/51, Callable 4/1/51 @ 100		238,946

				2,577,271

Diversified Consumer Services (0.0%^†):
	145,000	California Institute of Technology, 4.32%, 8/1/45		186,866
	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		532,802

				719,668


Principal Amount			Value
Corporate Bonds, continued
Diversified Financial Services (0.3%):
$	1,000,000	BP Capital Markets America, Inc., 3.00%, 3/17/52, Callable 9/17/51 @ 100	$	981,091
	267,000	DAE Funding LLC, 3.38%, 3/20/28, Callable 1/20/28 @ 100(a)		270,004
	3,284,000	Glencore Funding LLC, 1.63%, 4/27/26, Callable 3/27/26 @ 100(a)		3,224,425
	1,032,000	Glencore Funding LLC, 2.50%, 9/1/30, Callable 6/1/30 @ 100(a)		999,951
	536,000	Glencore Funding LLC, 2.85%, 4/27/31, Callable 1/27/31 @ 100(a)		530,871
	644,000	Glencore Funding LLC, 2.63%, 9/23/31, Callable 6/23/31 @ 100(a)		624,388
	331,000	Glencore Funding LLC, 3.38%, 9/23/51, Callable 3/23/51 @ 100(a)		318,751

				6,949,481

Diversified Telecommunication Services (1.6%):
	2,000,000	AT&T, Inc., 0.88%, 11/27/22(a)(c)		1,983,900
	425,000	AT&T, Inc., 2.30%, 6/1/27, Callable 4/1/27 @ 100		432,455
	435,000	AT&T, Inc., 1.65%, 2/1/28, Callable 12/1/27 @ 100		425,643
	375,000	AT&T, Inc., 4.10%, 2/15/28, Callable 11/15/27 @ 100		416,722
	1,173,000	AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,319,054
	2,753,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		3,100,610
	935,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		1,080,970
	930,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100		1,152,518
	490,000	AT&T, Inc., 2.60%, 5/19/38, Callable 11/19/37 @ 100		624,204
	694,000	AT&T, Inc., 4.90%, 6/15/42		822,364
	406,000	AT&T, Inc., 4.35%, 6/15/45, Callable 12/15/44 @ 100		457,807
	1,116,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		1,340,939
	602,000	AT&T, Inc., 4.50%, 3/9/48, Callable 9/9/47 @ 100		706,170
	1,808,000	AT&T, Inc., 5.15%, 2/15/50, Callable 8/14/49 @ 100		2,322,506
	786,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		812,884
	1,505,000	AT&T, Inc., 3.50%, 2/1/61, Callable 8/1/60 @ 100		1,467,979
	289,000	Verizon Communications, Inc., 4.13%, 3/16/27		321,076
	276,000	Verizon Communications, Inc., 3.00%, 3/22/27, Callable 1/22/27 @ 100		291,196
	3,288,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		3,291,397
	807,000	Verizon Communications, Inc., 4.33%, 9/21/28		915,568
	3,102,000	Verizon Communications, Inc., 4.02%, 12/3/29, Callable 9/3/29 @ 100		3,480,757
	5,577,000	Verizon Communications, Inc., 3.15%, 3/22/30, Callable 12/22/29 @ 100		5,892,050
	466,000	Verizon Communications, Inc., 1.50%, 9/18/30, Callable 6/18/30 @ 100		437,864
	1,836,000	Verizon Communications, Inc., 1.68%, 10/30/30, Callable 7/30/30 @ 100		1,741,584


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	1,673,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100	$	1,686,372
	3,900,000	Verizon Communications, Inc., 2.65%, 11/20/40, Callable 5/20/40 @ 100		3,685,566
	1,122,000	Verizon Communications, Inc., 4.86%, 8/21/46		1,451,353
	221,000	Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100		206,911
	417,000	Verizon Communications, Inc., 3.00%, 11/20/60, Callable 5/20/60 @ 100		393,307

				42,261,726

Electric Utilities (2.2%):
	430,000	AEP Texas, Inc., 2.40%, 10/1/22, Callable 9/1/22 @ 100		434,261
	527,000	AEP Texas, Inc., Series H, 3.45%, 1/15/50, Callable 7/15/49 @ 100		540,495
	1,185,000	AEP Texas, Inc., 3.45%, 5/15/51, Callable 11/15/50 @ 100		1,220,418
	221,000	AEP Transmission Co. LLC, 3.75%, 12/1/47, Callable 6/1/47 @ 100		244,944
	565,000	AEP Transmission Co. LLC, 3.15%, 9/15/49, Callable 3/15/49 @ 100		580,218
	780,000	AEP Transmission Co. LLC, 2.75%, 8/15/51, Callable 2/15/51 @ 100		745,418
	1,044,000	Alabama Power Co., 3.45%, 10/1/49, Callable 4/1/49 @ 100		1,113,100
	819,000	American Transmission Systems, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a)		828,449
	612,000	Baltimore Gas & Electric Co., 3.50%, 8/15/46, Callable 2/15/46 @ 100		665,486
	1,216,000	Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100		1,385,649
	335,000	Baltimore Gas & Electric Co., 3.20%, 9/15/49, Callable 3/15/49 @ 100		346,004
	750,000	Commonwealth Edison Co., 3.13%, 3/15/51, Callable 9/15/50 @ 100		778,424
	119,000	DTE Electric Co., Series A, 4.05%, 5/15/48, Callable 11/15/47 @ 100		142,840
	1,088,000	DTE Electric Co., 3.95%, 3/1/49, Callable 9/1/48 @ 100		1,297,058
	118,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100		129,719
	718,000	Duke Energy Carolinas LLC, 3.88%, 3/15/46, Callable 9/15/45 @ 100		799,487
	259,000	Duke Energy Carolinas LLC, 3.45%, 4/15/51, Callable 10/15/50 @ 100		283,004
	2,718,000	Duke Energy Florida LLC, 2.50%, 12/1/29, Callable 9/1/29 @ 100		2,784,991
	955,000	Duke Energy Florida LLC, 1.75%, 6/15/30, Callable 3/15/30 @ 100		920,275
	397,000	Duke Energy Florida LLC, 3.40%, 10/1/46, Callable 4/1/46 @ 100		422,174
	391,000	Duke Energy Florida LLC, 3.00%, 12/15/51, Callable 6/15/51 @ 100		397,308
	555,000	Duke Energy Ohio, Inc., 3.65%, 2/1/29, Callable 11/1/28 @ 100		603,655


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	95,000	Duke Energy Progress LLC, 3.45%, 3/15/29, Callable 12/15/28 @ 100	$	102,719
	337,000	Duke Energy Progress LLC, 4.20%, 8/15/45, Callable 2/15/45 @ 100		402,602
	315,000	Duke Energy Progress LLC, 2.90%, 8/15/51, Callable 2/15/51 @ 100		316,915
	220,000	Duke Energy Progress, Inc., 5.70%, 4/1/35		287,945
	471,000	Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100		546,355
	719,000	Duke Energy Progress, Inc., 4.10%, 3/15/43, Callable 9/15/42 @ 100		834,645
	2,153,000	Edison International, 2.40%, 9/15/22, Callable 8/15/22 @ 100		2,170,170
	258,000	Edison International, 4.95%, 4/15/25, Callable 3/15/25 @ 100		280,872
	258,000	Entergy Arkansas LLC, 3.35%, 6/15/52, Callable 12/15/51 @ 100		273,346
	754,000	Entergy Louisiana LLC, 1.60%, 12/15/30, Callable 9/15/30 @ 100		712,141
	386,000	Entergy Louisiana LLC, 2.35%, 6/15/32, Callable 3/15/32 @ 100		383,232
	511,000	Entergy Louisiana LLC, 2.90%, 3/15/51, Callable 9/15/50 @ 100		500,361
	382,000	Exelon Corp., 5.63%, 6/15/35		487,090
	898,000	Exelon Corp., 4.70%, 4/15/50, Callable 10/15/49 @ 100		1,131,326
	193,000	FirstEnergy Corp., 2.05%, 3/1/25, Callable 2/1/25 @ 100		191,535
	517,000	FirstEnergy Corp., 2.65%, 3/1/30, Callable 12/1/29 @ 100		511,441
	203,000	FirstEnergy Corp., 7.38%, 11/15/31		274,441
	636,000	FirstEnergy Corp., Series C, 3.40%, 3/1/50, Callable 9/1/49 @ 100		618,121
	505,000	FirstEnergy Transmission LLC, 4.35%, 1/15/25, Callable 10/15/24 @ 100(a)		535,313
	303,000	FirstEnergy Transmission LLC, 5.45%, 7/15/44, Callable 1/15/44 @ 100(a)		380,265
	990,000	FirstEnergy Transmission LLC, 4.55%, 4/1/49, Callable 10/1/48 @ 100(a)		1,135,969
	817,000	Florida Power & Light Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100		940,961
	783,000	Florida Power & Light Co., 3.95%, 3/1/48, Callable 9/1/47 @ 100		940,809
	449,000	Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100		541,415
	1,399,000	Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100		1,492,206
	658,000	MidAmerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100		699,638
	1,639,000	MidAmerican Energy Co., 3.65%, 4/15/29, Callable 1/15/29 @ 100		1,805,799
	399,000	MidAmerican Energy Co., 3.15%, 4/15/50, Callable 10/15/49 @ 100		419,853
	705,000	Northern States Power Co., 2.90%, 3/1/50, Callable 9/1/49 @ 100		710,589


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	1,070,000	Northern States Power Co., 2.60%, 6/1/51, Callable 12/1/50 @ 100	$	1,027,566
	174,000	Northern States Power Co., 3.20%, 4/1/52, Callable 10/1/51 @ 100		186,920
	2,318,000	NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a)		2,520,825
	451,000	Ohio Power Co., 1.63%, 1/15/31, Callable 10/15/30 @ 100		424,576
	362,000	Ohio Power Co., 4.00%, 6/1/49, Callable 12/1/48 @ 100		418,594
	716,000	Ohio Power Co., 2.90%, 10/1/51, Callable 4/1/51 @ 100		696,442
	1,406,000	Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28, Callable 8/15/28 @ 100		1,544,539
	10,000	Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29, Callable 12/15/28 @ 100		12,272
	271,000	Oncor Electric Delivery Co. LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100		316,711
	383,000	Oncor Electric Delivery Co. LLC, 4.10%, 11/15/48, Callable 5/15/48 @ 100		462,617
	32,000	Oncor Electric Delivery Co. LLC, 2.70%, 11/15/51, Callable 5/15/51 @ 100(a)		30,859
	97,000	Pacific Gas and Electric Co., 2.50%, 2/1/31, Callable 11/1/30 @ 100		92,062
	778,000	Pacific Gas and Electric Co., 3.25%, 6/1/31, Callable 3/1/31 @ 100		779,989
	1,167,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		1,278,304
	614,000	PECO Energy Co., 3.05%, 3/15/51, Callable 9/15/50 @ 100		627,171
	535,000	Public Service Electric & Gas Co., 3.65%, 9/1/28, Callable 6/1/28 @ 100		588,573
	340,000	Public Service Electric & Gas Co., 2.05%, 8/1/50, Callable 2/1/50 @ 100, MTN		289,532
	3,823,000	Southern California Edison Co., Series E, 3.70%, 8/1/25, Callable 6/1/25 @ 100		4,061,559
	813,000	Southern California Edison Co., Series 20C, 1.20%, 2/1/26, Callable 1/1/26 @ 100		796,855
	869,000	Southwestern Public Service Co., 3.15%, 5/1/50, Callable 11/1/49 @ 100		903,713
	215,000	Tampa Electric Co., 4.20%, 5/15/45, Callable 11/15/44 @ 100		250,230
	3,000	Tampa Electric Co., 4.45%, 6/15/49, Callable 12/15/48 @ 100		3,718
	540,000	Tampa Electric Co., 3.63%, 6/15/50, Callable 12/15/49 @ 100		610,390
	500,000	Virginia Electric & Power Co., 3.45%, 9/1/22, Callable 6/1/22 @ 100		505,923
	381,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		523,370
	451,000	Virginia Electric & Power Co., Series D, 4.65%, 8/15/43, Callable 2/15/43 @ 100		562,524
	715,000	Virginia Electric and Power Co., Series B, 4.20%, 5/15/45, Callable 11/15/44 @ 100		849,172
	2,301,000	Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100(a)		2,464,946

				59,121,403


Principal Amount			Value
Corporate Bonds, continued
Electronic Equipment, Instruments & Components (0.0%^†):
$	198,000	Corning, Inc., 4.38%, 11/15/57, Callable 5/15/57 @ 100	$	235,986

Entertainment (0.2%):
	1,457,000	Activision Blizzard, Inc., 3.40%, 9/15/26, Callable 6/15/26 @ 100		1,560,351
	889,000	Activision Blizzard, Inc., 2.50%, 9/15/50, Callable 3/15/50 @ 100		782,428
	2,344,000	Electronic Arts, Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100		2,246,065
	744,000	ViacomCBS, Inc., 6.88%, 4/30/36		1,057,321

				5,646,165

Equity Real Estate Investment (0.1%):
	682,000	American Tower Corp., 2.30%, 9/15/31, Callable 6/15/31 @ 100		662,215
	968,000	Crown Castle International Corp., 2.50%, 7/15/31, Callable 4/15/31 @ 100		960,362

				1,622,577

Equity Real Estate Investment Trusts (0.6%):
	810,000	American Tower Corp., 0.40%, 2/15/27, Callable 12/15/26 @ 100		907,309
	1,429,000	American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100		1,367,074
	1,429,000	American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100		1,552,911
	1,206,000	American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100		1,164,084
	430,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100		460,944
	2,244,000	Crown Castle International Corp., 3.10%, 11/15/29, Callable 8/15/29 @ 100		2,334,983
	1,155,000	Crown Castle International Corp., 2.25%, 1/15/31, Callable 10/15/30 @ 100		1,122,833
	714,000	Crown Castle International Corp., 5.20%, 2/15/49, Callable 8/15/48 @ 100		919,149
	362,000	Duke Realty LP, 4.00%, 9/15/28, Callable 6/15/28 @ 100		404,961
	1,136,000	Duke Realty LP, 1.75%, 2/1/31, Callable 11/1/30 @ 100		1,077,763
	2,070,000	Equinix, Inc., 2.00%, 5/15/28, Callable 3/15/28 @ 100		2,032,848
	697,000	Equinix, Inc., 3.20%, 11/18/29, Callable 8/18/29 @ 100		731,849
	329,000	Invitation Homes Operating Partnership LP, 2.30%, 11/15/28, Callable 9/15/28 @ 100		325,797
	593,000	National Retail Properties, Inc., 3.10%, 4/15/50, Callable 10/15/49 @ 100		578,899
	801,000	National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100		833,836
	92,000	National Retail Properties, Inc., 3.00%, 4/15/52, Callable 10/15/51 @ 100		86,422
	775,000	Prologis Euro Finance LLC, 1.50%, 9/10/49, Callable 3/10/49 @ 100		828,085
	611,000	Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100		655,298

				17,385,045


Principal Amount			Value
Corporate Bonds, continued
Food Products (0.0%^†):
$	420,000	General Mills, Inc., 0.45%, 1/15/26, Callable 10/15/25 @ 100	$	481,090
	643,000	Mondelez International, Inc., 2.75%, 4/13/30, Callable 1/13/30 @ 100		665,713

				1,146,803

Gas Utilities (0.0%^†):
	262,000	Atmos Energy Corp., 4.13%, 10/15/44, Callable 4/15/44 @ 100		305,784
	461,000	Piedmont Natural Gas Co, Inc., 3.50%, 6/1/29, Callable 3/1/29 @ 100		493,442
	500,000	Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31, Callable 12/15/30 @ 100		495,840

				1,295,066

Health Care Equipment & Supplies (0.1%):
	525,000	Becton Dickinson & Co., 1.40%, 5/24/23, Callable 4/24/23 @ 100		609,168
	510,000	Becton Dickinson & Co., 0.03%, 8/13/25, Callable 7/13/25 @ 100		576,686
	333,000	Boston Scientific Corp., 2.65%, 6/1/30, Callable 3/1/30 @ 100		338,661
	500,000	DH Europe Finance II Sarl, 1.80%, 9/18/49, Callable 3/18/49 @ 100		598,596
	100,000	Medtronic Global Holdings SCA, 1.75%, 7/2/49, Callable 1/2/49 @ 100		116,722

				2,239,833

Health Care Providers & Services (1.0%):
	275,000	AHS Hospital Corp., 2.78%, 7/1/51, Callable 1/1/51 @ 100		273,650
	448,000	Anthem, Inc., 4.55%, 3/1/48, Callable 9/1/47 @ 100		563,577
	2,140,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		2,322,225
	1,520,000	Cigna Corp., 3.40%, 3/1/27, Callable 12/1/26 @ 100		1,634,538
	350,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		356,843
	498,000	CVS Health Corp., 5.00%, 12/1/24, Callable 9/1/24 @ 100		543,207
	5,000	CVS Health Corp., 2.88%, 6/1/26, Callable 3/1/26 @ 100		5,234
	1,539,000	CVS Health Corp., 3.00%, 8/15/26, Callable 6/15/26 @ 100		1,622,648
	1,470,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		1,594,534
	587,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		657,599
	1,817,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100		2,376,727
	7,636,000	HCA, Inc., 5.25%, 4/15/25		8,456,870
	2,570,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		2,891,250
	90,000	HCA, Inc., 5.25%, 6/15/49, Callable 12/15/48 @ 100		115,988
	1,361,000	Humana, Inc., 1.35%, 2/3/27, Callable 1/3/27 @ 100		1,322,765


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	221,000	UnitedHealth Group, Inc., 4.75%, 7/15/45	$	290,339
	957,000	UnitedHealth Group, Inc., 4.20%, 1/15/47, Callable 7/15/46 @ 100		1,162,261
	530,000	UnitedHealth Group, Inc., 3.75%, 10/15/47, Callable 4/15/47 @ 100		606,002
	427,000	UnitedHealth Group, Inc., 4.25%, 6/15/48, Callable 12/15/47 @ 100		532,502

				27,328,759

Hotels, Restaurants & Leisure (0.3%):
	610,000	Booking Holdings, Inc., 0.10%, 3/8/25, Callable 2/8/25 @ 100		694,497
	626,000	Marriott International, Inc., 4.63%, 6/15/30, Callable 3/15/30 @ 100		706,627
	1,200,000	McDonald’s Corp., Series G, 1.00%, 11/15/23, MTN(a)		1,396,182
	722,000	McDonald’s Corp., 2.13%, 3/1/30, Callable 12/1/29 @ 100		720,002
	885,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 6/9/45 @ 100, MTN		1,139,368
	336,000	McDonald’s Corp., 4.45%, 9/1/48, Callable 3/1/48 @ 100, MTN		414,564
	893,000	Starbucks Corp., 2.25%, 3/12/30, Callable 12/12/29 @ 100		890,416
	844,000	Starbucks Corp., 2.55%, 11/15/30, Callable 8/15/30 @ 100		860,552

				6,822,208

Industrial Conglomerates (0.2%):
	785,000	3M Co., Series E, 0.95%, 5/15/23		907,531
	637,000	General Electric Co., Series A, 6.75%, 3/15/32, MTN		869,574
	962,000	Georgia-Pacific LLC, 3.60%, 3/1/25, Callable 12/1/24 @ 100(a)		1,020,395
	1,653,000	Georgia-Pacific LLC, 0.95%, 5/15/26, Callable 4/15/26 @ 100(a)		1,600,157

				4,397,657

Insurance (0.3%):
	342,000	American International Group, Inc., 4.50%, 7/16/44, Callable 1/16/44 @ 100		420,408
	1,013,000	American International Group, Inc., 4.80%, 7/10/45, Callable 1/10/45 @ 100		1,284,310
	572,000	Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100		653,119
	1,903,000	Aon Corp., 2.80%, 5/15/30, Callable 2/15/30 @ 100		1,962,539
	103,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		121,913
	480,000	Marsh & McLennan Cos., Inc., 1.35%, 9/21/26, Callable 6/21/26 @ 100		569,538
	433,000	Marsh & McLennan Cos., Inc., 4.38%, 3/15/29, Callable 12/15/28 @ 100		493,937
	803,000	Marsh & McLennan Cos., Inc., 1.98%, 3/21/30, Callable 12/21/29 @ 100		996,905
	833,000	Marsh & McLennan Cos., Inc., 2.25%, 11/15/30, Callable 8/15/30 @ 100		829,539


Principal Amount			Value
Corporate Bonds, continued
Insurance, continued
$	290,000	Metropolitan Life Global Funding I, 0.00%, 9/23/22(a)	$	331,089
	404,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		522,109

				8,185,406

Internet & Direct Marketing Retail (0.0%^†):
	185,000	eBay, Inc., 1.40%, 5/10/26, Callable 4/10/26 @ 100		181,735
	773,000	Expedia Group, Inc., 5.00%, 2/15/26, Callable 11/15/25 @ 100		861,523

				1,043,258

IT Services (0.5%):
	793,000	Fidelity National Information Services, Inc., 3.10%, 3/1/41, Callable 9/1/40 @ 100		802,813
	2,380,000	Fiserv, Inc., 3.50%, 7/1/29, Callable 4/1/29 @ 100		2,561,389
	404,000	Global Payments, Inc., 2.15%, 1/15/27, Callable 12/15/26 @ 100		404,438
	2,345,000	Global Payments, Inc., 3.20%, 8/15/29, Callable 5/15/29 @ 100		2,444,060
	315,000	Global Payments, Inc., 2.90%, 5/15/30, Callable 2/15/30 @ 100		320,418
	1,193,000	IBM Corp., 2.85%, 5/15/40, Callable 11/15/39 @ 100		1,170,936
	1,053,000	International Business Machines Corp., 3.30%, 5/15/26		1,126,113
	211,000	International Business Machines Corp., 4.15%, 5/15/39		243,927
	175,000	International Business Machines Corp., 4.25%, 5/15/49		211,949
	599,000	Mastercard, Inc., 2.95%, 6/1/29, Callable 3/1/29 @ 100		640,510
	1,725,000	MasterCard, Inc., 1.10%, 12/1/22, Callable 9/1/22 @ 100		1,983,682
	934,000	Visa, Inc., 4.15%, 12/14/35, Callable 6/14/35 @ 100		1,119,599

				13,029,834

Life Sciences Tools & Services (0.2%):
	866,000	Agilent Technologies, Inc., 2.30%, 3/12/31, Callable 12/12/30 @ 100		857,702
	2,442,000	Thermo Fisher Scientific, Inc., 2.00%, 10/15/31, Callable 7/15/31 @ 100		2,409,580
	1,000,000	Thermo Fisher Scientific, Inc., Series E, 1.88%, 10/1/49, Callable 4/1/49 @ 100, MTN		1,166,058

				4,433,340

Machinery (0.0%^†):
	663,000	Parker-Hannifin Corp., 3.25%, 6/14/29, Callable 3/14/29 @ 100		700,002

Media (0.5%):
	1,480,000	Comcast Corp., 0.30%, 9/14/26, Callable 8/14/26 @ 100		1,661,119
	3,978,000	Comcast Corp., 2.65%, 2/1/30, Callable 11/1/29 @ 100		4,115,110
	937,000	Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100		988,771


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	850,000	Comcast Corp., 3.97%, 11/1/47, Callable 5/1/47 @ 100	$	978,381
	358,000	Comcast Corp., 2.89%, 11/1/51, Callable 5/1/51 @ 100(a)		348,069
	2,255,000	Comcast Corp., 2.94%, 11/1/56, Callable 5/1/56 @ 100(a)		2,152,104
	674,000	Cox Communications, Inc., 3.60%, 6/15/51, Callable 12/15/50 @ 100(a)		710,099
	724,000	COX Communications, Inc., 3.15%, 8/15/24, Callable 6/15/24 @ 100(a)		753,758
	1,153,000	Discovery Communications LLC, 1.90%, 3/19/27, Callable 12/19/26 @ 100		1,376,754
	301,000	NBCUniversal Media LLC, 4.45%, 1/15/43		365,227

				13,449,392

Multi-Utilities (0.2%):
	5,000	Ameren Illinois Co., 4.15%, 3/15/46, Callable 9/15/45 @ 100		5,990
	762,000	Ameren Illinois Co., 3.25%, 3/15/50, Callable 9/15/49 @ 100		811,784
	245,000	Ameren Illinois Co., 2.90%, 6/15/51, Callable 12/15/50 @ 100		247,443
	176,000	CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100		210,396
	695,000	CenterPoint Energy Houston Electric LLC, 3.35%, 4/1/51, Callable 10/1/50 @ 100		768,846
	1,542,000	CenterPoint Energy Resources Corp., 1.75%, 10/1/30, Callable 7/1/30 @ 100		1,460,902
	301,000	Consumers Energy Co., 3.80%, 11/15/28, Callable 8/15/28 @ 100		334,251
	430,000	Consumers Energy Co., 4.05%, 5/15/48, Callable 11/15/47 @ 100		517,295
	531,000	Consumers Energy Co., 3.75%, 2/15/50, Callable 8/15/49 @ 100		611,454
	778,000	Consumers Energy Co., 3.10%, 8/15/50, Callable 2/15/50 @ 100		816,068
	180,000	Consumers Energy Co., 3.50%, 8/1/51, Callable 2/1/51 @ 100		201,923
	318,000	Consumers Energy Co., 2.65%, 8/15/52, Callable 2/15/52 @ 100		310,236

				6,296,588

Oil, Gas & Consumable Fuels (1.5%):
	1,335,000	Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a)		1,400,398
	575,000	Cameron LNG LLC, 3.40%, 1/15/38, Callable 7/15/37 @ 100(a)		597,709
	771,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24, Callable 1/1/24 @ 100		853,883
	656,000	Cheniere Corpus Christi Holdings LLC, 5.88%, 3/31/25, Callable 10/2/24 @ 100		727,373
	3,247,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100		3,665,051
	–	Devon Energy Corp., 5.88%, 6/15/28, Callable 0 @ –		—
	78,000	Devon Energy Corp., 5.88%, 6/15/28, Callable 6/15/23 @ 102.94		84,497


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	753,000	Diamondback Energy, Inc., 4.40%, 3/24/51, Callable 9/24/50 @ 100	$	865,747
	1,007,000	Energy Transfer LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100		1,085,042
	1,064,000	Energy Transfer LP, 5.95%, 12/1/25, Callable 9/1/25 @ 100		1,212,960
	587,000	Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		670,647
	1,900,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		2,142,250
	1,725,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		1,981,594
	236,000	Energy Transfer LP, 8.25%, 11/15/29, Callable 8/15/29 @ 100		311,000
	1,329,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		1,531,673
	857,000	Energy Transfer Operating LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100		908,420
	515,000	Enterprise Products Operating LLC, 4.20%, 1/31/50, Callable 7/31/49 @ 100		580,735
	497,000	Enterprise Products Operating LLC, 3.30%, 2/15/53, Callable 8/15/52 @ 100		495,857
	1,090,000	Exxon Mobil Corp., 1.41%, 6/26/39, Callable 12/26/38 @ 100		1,189,094
	228,000	Kinder Morgan Energy Partners LP, SERIES MTN, 6.95%, 1/15/38, MTN		311,841
	37,000	Kinder Morgan Energy Partners LP, 7.50%, 11/15/40		54,525
	1,313,000	NGPL PipeCo LLC, 3.25%, 7/15/31, Callable 4/15/31 @ 100(a)		1,335,374
	1,292,000	NGPL PipeCo. LLC, 4.88%, 8/15/27, Callable 2/15/27 @ 100(a)		1,437,350
	770,000	Northern Natural Gas Co., 4.30%, 1/15/49, Callable 7/15/48 @ 100(a)		890,678
	2,523,000	Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100		2,746,866
	1,268,000	Sabine Pass Liquefaction LLC, 5.63%, 3/1/25, Callable 12/1/24 @ 100		1,407,480
	1,255,000	Sabine Pass Liquefaction LLC, 5.00%, 3/15/27, Callable 9/15/26 @ 100		1,411,247
	2,286,000	Sabine Pass Liquefaction LLC, 4.20%, 3/15/28, Callable 9/15/27 @ 100		2,500,312
	220,000	Texas Eastern Transmission LP, 2.80%, 10/15/22, Callable 7/15/22 @ 100(a)		222,744
	1,373,000	Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100(a)		1,478,268
	1,119,000	Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100(a)		1,263,641
	2,610,000	Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100		3,187,141
	2,198,000	Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100		2,402,238
	255,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50, Callable 11/15/49 @ 100		286,771
	240,000	Williams Cos., Inc., Series A, 7.50%, 1/15/31		326,059

				41,566,465


Principal Amount			Value
Corporate Bonds, continued
Pharmaceuticals (0.0%^†):
$	257,000	Merck & Co., Inc., 2.75%, 12/10/51, Callable 6/10/51 @ 100	$	252,931
	538,000	Roche Holdings, Inc., 2.61%, 12/13/51, Callable 6/13/51 @ 100(a)		526,388

				779,319

Professional Services (0.4%):
	4,169,000	Leidos, Inc., 4.38%, 5/15/30, Callable 2/15/30 @ 100		4,658,858
	3,657,000	RELX Capital, Inc., 3.50%, 3/16/23, Callable 2/16/23 @ 100		3,766,004
	1,797,000	RELX Capital, Inc., 3.00%, 5/22/30, Callable 2/22/30 @ 100		1,884,765

				10,309,627

Real Estate Management & Development (0.2%):
	3,340,000	CC Holdings GS V LLC, 3.85%, 4/15/23		3,452,855
	915,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		951,678

				4,404,533

Road & Rail (0.6%):
	1,369,000	Burlington Northern Santa Fe LLC, 4.15%, 12/15/48, Callable 6/15/48 @ 100		1,686,661
	313,000	Burlington Northern Santa Fe LLC, 2.88%, 6/15/52, Callable 12/15/51 @ 100		315,620
	1,794,000	CSX Corp., 2.60%, 11/1/26, Callable 8/1/26 @ 100		1,869,791
	540,000	CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100		579,010
	534,000	CSX Corp., 4.10%, 3/15/44, Callable 9/15/43 @ 100		624,868
	145,000	Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100		152,170
	1,356,000	Norfolk Southern Corp., 2.55%, 11/1/29, Callable 8/1/29 @ 100		1,389,135
	243,000	Norfolk Southern Corp., 3.40%, 11/1/49, Callable 5/1/49 @ 100		261,456
	478,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 3.95%, 3/10/25, Callable 1/10/25 @ 100(a)		509,341
	1,490,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 1.20%, 11/15/25, Callable 10/15/25 @ 100(a)		1,455,088
	397,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.45%, 1/29/26, Callable 11/29/25 @ 100(a)		436,114
	633,000	Ryder System, Inc., 4.63%, 6/1/25, Callable 5/1/25 @ 100, MTN		696,628
	1,566,000	Ryder System, Inc., 3.35%, 9/1/25, Callable 8/1/25 @ 100, MTN		1,656,554
	349,000	Ryder System, Inc., 2.90%, 12/1/26, Callable 10/1/26 @ 100		363,558
	1,707,000	Union Pacific Corp., 2.89%, 4/6/36, Callable 1/6/36 @ 100		1,784,482
	2,000	Union Pacific Corp., 4.50%, 9/10/48, Callable 3/10/48 @ 100		2,563
	1,224,000	Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100		1,313,017
	85,000	Union Pacific Corp., 2.95%, 3/10/52, Callable 9/10/51 @ 100		86,215


Principal Amount			Value
Corporate Bonds, continued
Road & Rail, continued
$	383,397	Union Pacific Railroad Co., Series 2014-1, 3.23%, 5/14/26	$	404,538

				15,586,809

Semiconductors & Semiconductor Equipment (0.7%):
	287,000	Applied Materials, Inc., 4.35%, 4/1/47, Callable 10/1/46 @ 100		365,617
	1,271,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, 1/15/27, Callable 10/15/26 @ 100		1,378,426
	1,085,000	Broadcom, Inc., 4.70%, 4/15/25, Callable 3/15/25 @ 100		1,185,631
	288,000	Broadcom, Inc., 3.46%, 9/15/26, Callable 7/15/26 @ 100		306,820
	2,580,000	Broadcom, Inc., 4.75%, 4/15/29, Callable 1/15/29 @ 100		2,935,947
	2,111,000	Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100		2,459,163
	2,025,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100		2,246,284
	5,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a)		4,888
	335,000	Intel Corp., 3.10%, 2/15/60, Callable 8/15/59 @ 100		337,792
	797,000	Intel Corp., 3.20%, 8/12/61, Callable 2/12/61 @ 100		818,097
	16,000	KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100		17,346
	925,000	KLA Corp., 3.30%, 3/1/50, Callable 8/28/49 @ 100		986,648
	2,110,000	KLA-Tencor Corp., 4.10%, 3/15/29, Callable 12/15/28 @ 100		2,386,857
	155,000	Lam Research Corp., 3.75%, 3/15/26, Callable 1/15/26 @ 100		168,933
	303,000	Lam Research Corp., 4.88%, 3/15/49, Callable 9/15/48 @ 100		411,684
	627,000	Lam Research Corp., 2.88%, 6/15/50, Callable 12/15/49 @ 100		630,024
	1,249,000	NVIDIA Corp., 1.55%, 6/15/28, Callable 4/15/28 @ 100		1,233,842
	685,000	QUALCOMM, Inc., 4.30%, 5/20/47, Callable 11/20/46 @ 100		855,079

				18,729,078

Software (1.0%):
	1,438,000	Autodesk, Inc., 2.85%, 1/15/30, Callable 10/15/29 @ 100		1,484,050
	1,171,000	Citrix Systems, Inc., 3.30%, 3/1/30, Callable 12/1/29 @ 100		1,185,033
	3,721,000	Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100		3,837,605
	3,274,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		3,260,158
	120,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		132,974
	1,072,000	Oracle Corp., 3.90%, 5/15/35, Callable 11/15/34 @ 100		1,149,788


Principal Amount			Value
Corporate Bonds, continued
Software, continued
$	1,560,000	Oracle Corp., 3.85%, 7/15/36, Callable 1/15/36 @ 100	$	1,654,062
	3,040,000	Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100		3,162,336
	591,000	Oracle Corp., 6.13%, 7/8/39		781,035
	2,111,000	Oracle Corp., 3.60%, 4/1/40, Callable 10/1/39 @ 100		2,127,147
	3,356,000	Oracle Corp., 5.38%, 7/15/40		4,115,560
	374,000	salesforce.com, Inc., 3.05%, 7/15/61, Callable 1/15/61 @ 100		385,828
	1,499,000	ServiceNow, Inc., 1.40%, 9/1/30, Callable 6/1/30 @ 100		1,392,593
	281,000	Vmware, Inc., 4.65%, 5/15/27, Callable 3/15/27 @ 100		316,996
	427,000	Vmware, Inc., 3.90%, 8/21/27, Callable 5/21/27 @ 100		466,255
	361,000	Vmware, Inc., 1.80%, 8/15/28, Callable 6/15/28 @ 100		351,714
	1,164,000	Vmware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100		1,143,817

				26,946,951

Specialty Retail (0.1%):
	1,251,000	Lowe’s Cos., Inc., 4.00%, 4/15/25, Callable 3/15/25 @ 100		1,350,757
	861,000	Lowe’s Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100		943,081
	486,000	Lowe’s Cos., Inc., 2.80%, 9/15/41, Callable 3/15/41 @ 100		474,603

				2,768,441

Technology Hardware, Storage & Peripherals (0.1%):
	1,261,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		1,661,042
	427,000	Apple, Inc., 3.85%, 8/4/46, Callable 2/4/46 @ 100		505,583
	98,000	Dell International LLC/EMC Corp., 8.35%, 7/15/46, Callable 1/15/46 @ 100		163,805
	541,000	Dell International LLC/EMC Corp., 3.45%, 12/15/51, Callable 6/15/51 @ 100(a)		517,320

				2,847,750

Tobacco (0.6%):
	415,000	Altria Group, Inc., 2.20%, 6/15/27, Callable 4/15/27 @ 100		502,858
	1,320,000	Altria Group, Inc., 3.13%, 6/15/31, Callable 3/15/31 @ 100		1,665,857
	4,955,000	Altria Group, Inc., 5.80%, 2/14/39, Callable 8/14/38 @ 100		5,991,977
	84,000	Altria Group, Inc., 6.20%, 2/14/59, Callable 8/14/58 @ 100		108,744
	1,549,000	BAT Capital Corp., 3.22%, 9/6/26, Callable 7/6/26 @ 100		1,608,319
	567,000	BAT Capital Corp., 4.76%, 9/6/49, Callable 3/6/49 @ 100		608,758
	900,000	Philip Morris International, Inc., 2.00%, 5/9/36, Callable 2/9/36 @ 100		1,045,415
	700,000	Philip Morris International, Inc., 1.45%, 8/1/39, Callable 5/1/39 @ 100		736,601


Principal Amount			Value
Corporate Bonds, continued
Tobacco, continued
$	1,411,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100	$	1,523,141
	1,732,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		2,101,728

				15,893,398

Trading Companies & Distributors (0.1%):
	1,405,000	Air Lease Corp., 2.88%, 1/15/26, Callable 12/15/25 @ 100, MTN		1,444,867

Wireless Telecommunication Services (0.5%):
	11,257,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		12,185,613
	290,000	T-Mobile USA, Inc., 3.40%, 10/15/52, Callable 4/15/52 @ 100(a)		289,495

				12,475,108

	Total Corporate Bonds (Cost $645,052,702)			645,342,335

Foreign Bonds (2.8%):
Aerospace & Defense (0.2%):
	1,100,000	Airbus SE, 2.00%, 4/7/28, Callable 1/7/28 @ 100+(a)		1,361,116
	1,000,000	Thales SA, 0.00%, 5/31/22, Callable 4/30/22 @ 100, MTN+(a)		1,139,635
	1,200,000	Thales SA, 0.75%, 6/7/23, Callable 3/7/23 @ 100, MTN+(a)		1,382,480
	100,000	Thales SA, 0.75%, 1/23/25, Callable 10/23/24 @ 100, MTN+(a)		115,891

				3,999,122

Auto Components (0.0%^†):
	630,000	Conti-Gummi Finance BV, 1.13%, 9/25/24, Callable 6/25/24 @ 100+(a)		734,853

Automobiles (0.1%):
	310,000	Daimler International Finance BV, Series E, 0.25%, 11/6/23, MTN+(a)		355,277
	870,000	Stellantis NV, 1.25%, 6/20/33, Callable 3/20/33 @ 100, MTN+(a)		964,287
	300,000	Volkswagen International Finance NV, 4.13%, 11/16/38+(a)		472,624

				1,792,188

Banks (0.4%):
	900,000	Banco de Sabadell SA, 1.12%(EUSA1+155bps), 3/11/27, Callable 3/11/26 @ 100+(a)		1,042,505
	600,000	Banque Federative du Credit Mutuel SA, Series E, 0.75%, 6/15/23, MTN+(a)		692,633
	920,000	Barclays plc, 0.58%(EUSA1+126bps), 8/9/29, Callable 8/9/28 @ 100+(a)		1,021,926
	2,000,000	BNP Paribas SA, 0.25%(EUR003M+70bps), 4/13/27, Callable 4/13/26 @ 100, MTN+(a)		2,251,175
	800,000	BNP Paribas SA, 0.50%(EUR0003M+83bps), 1/19/30, Callable 1/19/29 @ 100, MTN+(a)		889,086
	500,000	BPCE SA, 0.25%, 1/15/26+(a)		567,854
	300,000	de Volksbank NV, 1.75%(EUSA5+2.1bps), 10/22/30, Callable 10/22/25 @ 100, MTN+(a)		353,472
	300,000	Erste Group Bank AG, 1.62%(EUAMDB05+210bps), 9/8/31, Callable 6/8/26 @ 100+(a)		350,832


Principal Amount			Value
Foreign Bonds, continued
Banks, continued
$	540,000	FCA Bank SpA, 0.50%, 9/18/23, Callable 6/18/23 @ 100+(a)	$	618,926
	400,000	KBC Group NV, Series E, 1.13%, 1/25/24, MTN+(a)		466,883
	440,000	Mizuho Financial Group, Inc., Series E, 0.52%, 6/10/24, MTN+(a)		507,355
	435,000	Simon International Finance SCA, 1.38%, 11/18/22, Callable 8/18/22 @ 100+(a)		500,629
	1,000,000	Toronto-Dominion Bank (The), Series E, 0.38%, 4/25/24+(a)		1,148,822

				10,412,098

Beverages (0.1%):
	180,000	Asahi Group Holdings, Ltd., 0.01%, 4/19/24, Callable 3/19/24 @ 100+(a)		204,872
	360,000	Asahi Group Holdings, Ltd., 0.16%, 10/23/24, Callable 9/23/24 @ 100+(a)		410,720
	600,000	Pernod Ricard SA, 0.00%, 10/24/23, Callable 9/24/23 @ 100+(a)		685,140

				1,300,732

Capital Markets (0.2%):
	900,000	Credit Suisse Group AG, 3.25%(EUAMDB01+350bps), 4/2/26, Callable 4/2/25 @ 100, MTN+(a)		1,114,286
	700,000	Deutsche Bank AG, 1.00%(EUR003M+1.6bps), 11/19/25, Callable 11/19/24 @ 100+(a)		810,256
	670,000	SELP Finance Sarl, 0.88%, 5/27/29, Callable 2/27/29 @ 100+(a)		746,196
	1,170,000	UBS Group AG, 0.25%(EUSA1+55bps), 1/29/26, Callable 1/29/25 @ 100, MTN+(a)		1,333,333
	240,000	UBS Group AG, 0.25%(EUSA1+0.77bps), 11/5/28, Callable 11/5/27 @ 100, MTN+(a)		268,256
	1,140,000	Viterra Finance BV, 0.38%, 9/24/25, Callable 8/24/25 @ 100, MTN+(a)		1,288,335

				5,560,662

Chemicals (0.1%):
	800,000	Air Liquide Finance SA, Series E, 0.38%, 4/18/22, Callable 1/24/22 @ 100+(a)		910,935
	100,000	Arkema SA, 0.13%, 10/14/26, Callable 7/14/26 @ 100, MTN+(a)		113,877
	390,000	Covestro AG, 0.88%, 2/3/26, Callable 11/3/25 @ 100, MTN+(a)		452,640

				1,477,452

Consumer Discretionary Products (0.1%):
	1,110,000	Highland Holdings Sarl, 0.32%, 12/15/26, Callable 9/15/26 @ 100+		1,260,105

Consumer Finance (0.0%^†):
	570,000	Toyota Motor Finance Netherlands BV, Series E, 0.25%, 1/10/22, MTN+(a)		648,898

Diversified Consumer Services (0.0%^†):
	320,000	Motability Operations Group plc, 0.13%, 7/20/28, MTN+(a)		356,196

Diversified Financial Services (0.3%):
	660,000	BAT International Finance plc, Series E, 0.88%, 10/13/23, Callable 7/13/23 @ 100+(a)		760,710


Principal Amount			Value
Foreign Bonds, continued
Diversified Financial Services, continued
$	515,000	BAT International Finance plc, 1.25%, 3/13/27, Callable 12/13/26 @ 100, MTN+(a)	$	595,624
	490,000	BP Capital Markets BV, 1.47%, 9/21/41+(a)		541,525
	825,000	BP Capital Matkets plc, 3.25%(EUSA5+388bps), Callable 3/22/26 @ 100+(a)		993,178
	330,000	Enel Finance International NV, 0.03%, 6/17/24, Callable 5/17/24 @ 100, MTN+(a)		375,347
	600,000	Holcim Finance Luxembourg SA, 0.13%, 7/19/27, MTN+(a)		670,046
	390,000	Holcim Finance Luxembourg SA, 0.50%, 9/3/30, Callable 6/3/30 @ 100, MTN+(a)		426,828
	320,000	Holcim Finance Luxembourg SA, 0.50%, 4/23/31, Callable 1/23/31 @ 100+(a)		345,595
	600,000	PSA Banque France SA, 0.23%, 1/22/25, Callable 10/22/24 @ 100, MTN+(a)		678,262
	400,000	Total Capital International SA, Series E, 2.13%, 3/15/23, MTN+(a)		468,686
	300,000	Volvo Treasury AB, 0.00%, 2/11/23, MTN+(a)		342,383
	700,000	Vonovia Finance BV, 0.75%, 1/25/22, MTN+(a)		797,386
	1,500,000	Vonovia Finance BV, Series E, 0.13%, 4/6/23, Callable 3/6/23 @ 100, MTN+(a)		1,712,851

				8,708,421

Diversified Telecommunication Services (0.1%):
	200,000	Orange SA, Series E, 0.75%, 9/11/23, Callable 6/11/23 @ 100, MTN+(a)		230,951
	1,705,000	Telstra Corp., Ltd., Series E, 3.50%, 9/21/22, MTN+(a)		1,992,126

				2,223,077

Electric Utilities (0.0%^†):
	470,000	National Grid Electricity Transmission, 0.19%, 1/20/25, Callable 10/20/24 @ 100+(a)		536,067

Electrical Equipment (0.0%^†):
	400,000	Schneider Electric SE, 0.00%, 6/12/23, Callable 5/12/23 @ 100, MTN+(a)		456,970
	400,000	Schneider Electric SE, Series E, 0.25%, 9/9/24, Callable 6/9/24 @ 100, MTN+(a)		459,356

				916,326

Electronic Equipment, Instruments & Components (0.0%^†):
	750,000	Amphenol Technologies Holding GmbH, 0.75%, 5/4/26, Callable 2/4/26 @ 100+(a)		871,683

Equity Real Estate Investment Trusts (0.1%):
	200,000	Icade Sante SAS, 1.38%, 9/17/30, Callable 6/17/30 @ 100+(a)		233,414
	1,500,000	Merlin Properties Socimi SA, 1.88%, 12/4/34, Callable 9/4/34 @ 100+(a)		1,674,516

				1,907,930

Food & Staples Retailing (0.0%^†):
	240,000	Tesco Corporate Treasury Services plc, 0.38%, 7/27/29, Callable 4/27/29 @ 100, MTN+(a)		261,986

Food Products (0.0%^†):
	280,000	Mondelez International Holdings Netherlands BV, 1.25%, 9/9/41, Callable 6/9/41 @ 100+(a)		305,251


Principal Amount			Value
Foreign Bonds, continued
Health Care Equipment & Supplies (0.0%^†):
$	730,000	DH Europe Finance II Sarl, 0.20%, 3/18/26, Callable 12/18/25 @ 100+	$	829,661
	320,000	Medtronic Global Holdings SCA, 1.38%, 10/15/40, Callable 4/15/40 @ 100+		362,541

				1,192,202

Health Care Providers & Services (0.0%^†):
	390,000	Fresenius Finance Ireland plc, 0.88%, 10/1/31, Callable 7/1/31 @ 100, MTN+(a)		433,856

IT Services (0.0%^†):
	700,000	Amadeus IT Group SA, 2.88%, 5/20/27, Callable 2/20/27 @ 100, MTN+(a)		882,437
	100,000	Amadeus IT Group SA, 1.88%, 9/24/28, Callable 6/24/28 @ 100, MTN+(a)		120,698

				1,003,135

Machinery (0.0%^†):
	400,000	KION Group AG, 1.63%, 9/24/25, Callable 6/24/25 @ 100, MTN+(a)		478,804

Media (0.1%):
	870,000	Informa plc, 2.13%, 10/6/25, Callable 7/6/25 @ 100, MTN+(a)		1,036,972
	610,000	SES SA, 2.00%, 7/2/28, Callable 4/2/28 @ 100+(a)		730,621
	160,000	WPP Finance SA, 2.38%, 5/19/27, MTN+(a)		200,915

				1,968,508

Multi-Utilities (0.2%):
	1,300,000	E.ON SE, 0.00%, 10/24/22, Callable 9/24/22 @ 100, MTN+(a)		1,483,524
	395,000	ESB Finance DAC, Series E, 3.49%, 1/12/24+(a)		481,628
	280,000	Innogy Finance BV, Series E, 0.75%, 11/30/22, Callable 8/30/22 @ 100, MTN+(a)		320,950
	200,000	Redexis Gas Finance BV, 1.88%, 5/28/25, Callable 2/28/25 @ 100, MTN+(a)		238,692
	100,000	Suez SA, 1.62%(EUAMDB05+215.1bps), Callable 6/1/26 @ 100+(a)		114,266
	1,300,000	Veolia Environnement SA, Series E, 0.67%, 3/30/22, Callable 1/24/22 @ 100+(a)		1,480,564
	200,000	Veolia Environnement SA, 1.59%, 1/10/28, Callable 10/10/27 @ 100, MTN+(a)		244,325
	100,000	Veolia Environnement SA, 0.80%, 1/15/32, Callable 10/15/31 @ 100, MTN+(a)		114,154

				4,478,103

Oil, Gas & Consumable Fuels (0.2%):
	330,000	Aker BP ASA, 1.13%, 5/12/29, Callable 2/12/29 @ 100, MTN+(a)		372,744
	720,000	Digital Dutch Finco BV, 1.50%, 3/15/30, Callable 12/15/29 @ 100+(a)		849,028
	600,000	Digital Dutch Finco BV, 1.00%, 1/15/32, Callable 10/15/31 @ 100+(a)		661,487
	800,000	Repsol Europe Finance Sarl, 0.88%, 7/6/33, Callable 1/6/33 @ 100, MTN+(a)		892,183
	1,100,000	TotalEnergies SE, 1.75%(EUSA5+176.5bps), 12/31/99, Callable 4/4/24 @ 100, MTN+(a)		1,274,148
	1,600,000	TotalEnergies SE, 1.62%(EUSA5+199.3bps), 12/31/99, Callable 10/25/27 @ 100, MTN+(a)		1,803,217

				5,852,807


Principal Amount			Value
Foreign Bonds, continued
Pharmaceuticals (0.2%):
$	475,000	Abbott Ireland Financing DAC, 0.88%, 9/27/23, Callable 8/27/23 @ 100+(a)	$	550,914
	490,000	Abbott Ireland Financing DAC, 0.10%, 11/19/24, Callable 10/19/24 @ 100+(a)		560,987
	500,000	Merck Financial Services GmbH, 0.13%, 7/16/25, Callable 4/16/25 @ 100, MTN+(a)		571,645
	200,000	Merck KGaA, 1.62%(EUAMDB05+194.8bps), 6/25/79, Callable 9/18/24 @ 100+(a)		233,480
	1,125,000	Takeda Pharmaceutical Co., Ltd., 2.00%, 7/9/40, Callable 1/9/40 @ 100+		1,381,690
	840,000	Upjohn Finance BV, 1.02%, 6/23/24, Callable 5/23/24 @ 100+(a)		977,012

				4,275,728

Professional Services (0.0%^†):
	520,000	RELX Finance BV, 0.00%, 3/18/24, Callable 2/18/24 @ 100+(a)		592,812
	220,000	Wolters Kluwer NV, 0.75%, 7/3/30, Callable 4/3/30 @ 100+(a)		251,160

				843,972

Real Estate (0.1%):
	2,100,000	Heimstaden Bostad Treasury BV, 0.25%, 10/13/24, Callable 9/13/24 @ 100, MTN+(a)		2,393,689

Real Estate Management & Development (0.0%^†):
	280,000	Kojamo Oyj, 0.88%, 5/28/29, Callable 2/28/29 @ 100, MTN+(a)		313,778
	600,000	Vonovia SE, 0.63%, 12/14/29, Callable 9/14/29 @ 100, MTN+(a)		671,596

				985,374

Road & Rail (0.1%):
	600,000	Traton Finance Luxembourg SA, 0.12%, 6/14/24, Callable 5/14/24 @ 100, MTN+(a)		680,995
	600,000	Traton Finance Luxembourg SA, 0.13%, 11/10/24, Callable 10/10/24 @ 100, MTN+(a)		681,732

				1,362,727

Sovereign Bond (0.2%):
	4,165,000	Mexico Government International Bond, 1.45%, 10/25/33, Callable 7/25/33 @ 100, MTN+		4,393,820
	714,000	Mexico Government International Bond, 2.13%, 10/25/51, Callable 4/25/51 @ 100+		670,726

				5,064,546

Textiles, Apparel & Luxury Goods (0.0%^†):
	100,000	Kering SA, 0.75%, 5/13/28, Callable 2/13/28 @ 100, MTN+(a)		117,426
	690,000	LVMH Moet Hennessy Louis Vuitton SE, Series E, 0.38%, 5/26/22, Callable 2/26/22 @ 100, MTN+(a)		786,396

				903,822

Tobacco (0.0%^†):
	410,000	Imperial Brands Finance Netherlands BV, 1.75%, 3/18/33, Callable 12/18/32 @ 100, MTN+(a)		454,583

	Total Foreign Bonds (Cost $75,380,497)			74,964,903


Principal Amount			Value
Yankee Debt Obligations (5.8%):
Airlines (0.0%^†):
$	283,544	Air Canada Pass Through Trust, Series 2017-1, Class A, 3.30%, 7/15/31(a)	$	286,727

Automobiles (0.1%):
	1,122,000	Nissan Motor Co., Ltd., 4.81%, 9/17/30, Callable 6/17/30 @ 100(a)		1,256,406

Banking (0.0%^†):
	278,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 6/6/24(a)		289,719

Banks (1.6%):
	290,000	Banco Nacional de Panama, 2.50%, 8/11/30, Callable 5/11/30 @ 100(a)		271,512
	2,800,000	Banco Santander SA, 2.71%, 6/27/24		2,895,085
	405,000	Barclays plc, 3.68%, 1/10/23, Callable 1/10/22 @ 100		405,021
	1,576,000	Barclays plc, 4.61% (US0003M+140 bps), 2/15/23, Callable 2/15/22 @ 100		1,582,613
	1,752,000	Barclays plc, 2.67% (H15T1Y+120 bps), 3/10/32, Callable 3/10/31 @ 100		1,735,475
	2,084,000	BNP Paribas SA, 2.82% (US0003M+1 bps), 11/19/25, Callable 11/19/24 @ 100(a)		2,144,696
	1,254,000	BPCE SA, 2.70%, 10/1/29(a)		1,278,002
	331,000	Credicorp, Ltd., 2.75%, 6/17/25, Callable 5/17/25 @ 100(a)		334,310
	772,000	Danske Bank A/S, 5.00%, 1/12/22(a)		772,753
	854,000	Danske Bank A/S, 3.88%, 9/12/23(a)		889,478
	1,102,000	Danske Bank A/S, 5.38%, 1/12/24(a)		1,186,419
	3,787,000	Danske Bank A/S, 1.23%, 6/22/24, Callable 6/22/23 @ 100(a)		3,789,840
	856,000	Danske Bank A/S, 3.24% (US0003M+159 bps), 12/20/25, Callable 12/20/24 @ 100(a)		890,091
	681,000	Danske Bank A/S, 1.55%, 9/10/27, Callable 9/10/26 @ 100(a)		662,731
	2,053,000	HSBC Holdings plc, 3.26% (US0003M+106 bps), 3/13/23, Callable 3/13/22 @ 100		2,062,372
	527,000	HSBC Holdings plc, 1.59% (SOFR+129 bps), 5/24/27, Callable 5/24/26 @ 100		514,823
	1,355,000	HSBC Holdings plc, 2.25% (SOFR+110 bps), 11/22/27, Callable 11/22/26 @ 100		1,352,775
	828,000	HSBC Holdings plc, 4.58% (US0003M+153 bps), 6/19/29, Callable 6/19/28 @ 100		927,593
	278,000	HSBC Holdings plc, 2.21% (SOFR+129 bps), 8/17/29, Callable 8/17/28 @ 100		272,238
	623,000	HSBC Holdings plc, 2.80% (SOFR+119 bps), 5/24/32, Callable 5/24/31 @ 100		625,286
	875,000	ING Groep NV, 4.63%, 1/6/26(a)		971,127
	348,000	Intercorp Peru, Ltd., 3.88%, 8/15/29, Callable 5/15/29 @ 100(a)		338,804
	1,330,000	Lloyds Banking Group plc, 2.91% (US0003M+81 bps), 11/7/23, Callable 11/7/22 @ 100		1,351,300
	1,751,000	Lloyds Banking Group plc, 4.38%, 3/22/28		1,969,805
	3,161,000	Mitsubishi UFJ Financial Group, Inc., 3.20%, 7/18/29		3,338,443
	1,415,000	Mizuho Financial Group, Inc., 2.84% (US0003M+98 bps), 7/16/25, Callable 7/16/24 @ 100^		1,463,703


Principal Amount			Value
Yankee Debt Obligations, continued
Banks, continued
$	1,015,000	Mizuho Financial Group, Inc., 2.56% (US0003M+110 bps), 9/13/25, Callable 9/13/24 @ 100	$	1,043,167
	352,000	Mizuho Financial Group, Inc., 2.23% (US0003M+83 bps), 5/25/26, Callable 5/25/25 @ 100		356,976
	2,242,000	Mizuho Financial Group, Inc., 1.98% (US0003M+127 bps), 9/8/31, Callable 9/8/30 @ 100		2,170,476
	811,000	Mizuho Financial Group, Inc., 2.26% (H15T1Y+90 bps), 7/9/32, Callable 7/9/31 @ 100^		795,186
	375,000	Santander UK Group Holdings plc, 4.80% (US0003M+157 bps), 11/15/24, Callable 11/15/23 @ 100		398,038
	1,586,000	Santander UK Group Holdings plc, 1.09% (SOFR+79 bps), 3/15/25, Callable 3/15/24 @ 100		1,567,991
	1,539,000	Santander UK Group Holdings plc, 1.53% (H15T1Y+125 bps), 8/21/26, Callable 8/21/25 @ 100		1,514,287
	1,518,000	Sumitomo Mitsui Financial Group, Inc., 3.04%, 7/16/29		1,584,364
	170,000	Uruguay Government International Bond, 5.10%, 6/18/50		225,250

				43,682,030

Beverages (0.1%):
	260,000	Embotelladora Andina SA, 3.95%, 1/21/50, Callable 7/21/49 @ 100(a)		269,750
	1,457,000	Suntory Holdings, Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a)		1,485,952

				1,755,702

Biotechnology (0.2%):
	3,546,000	Shire Acquisitions Investments, 3.20%, 9/23/26, Callable 6/23/26 @ 100		3,758,824

Capital Markets (0.4%):
	3,122,000	Credit Suisse AG, 1.25%, 8/7/26		3,044,240
	395,000	Credit Suisse Group AG, 3.09% (SOFR+173 bps), 5/14/32, Callable 5/14/31 @ 100(a)		401,526
	1,640,000	Deutsche Bank AG, 1.45% (SOFR+113 bps), 4/1/25, Callable 4/1/24 @ 100		1,631,134
	206,000	Deutsche Bank AG, 4.10%, 1/13/26^		220,713
	1,921,000	Deutsche Bank AG, 1.69%, 3/19/26		1,916,290
	2,000	Macquarie Group, Ltd., 4.65% (US0003M+173 bps), 3/27/29, Callable 3/27/28 @ 100(a)		2,247
	958,000	Nomura Holdings, Inc., 2.68%, 7/16/30		955,887
	475,000	Nomura Holdings, Inc., 2.61%, 7/14/31		469,062
	650,000	SA Global Sukuk, Ltd., 2.69%, 6/17/31, Callable 3/17/31 @ 100(a)		654,551
	1,888,000	UBS Group AG, 2.86% (US0003M+95 bps), 8/15/23, Callable 8/15/22 @ 100(a)		1,909,661

				11,205,311

Chemicals (0.0%^†):
	299,000	Orbia Advance Corp. SAB de CV, 1.88%, 5/11/26, Callable 4/11/26 @ 100(a)		293,847
	255,000	Sociedad Quimica y Minera de Chile SA, 4.25%, 1/22/50, Callable 7/22/49 @ 100(a)		274,444

				568,291


Principal Amount			Value
Yankee Debt Obligations, continued
Consumer Finance (0.1%):
$	1,675,000	Hyundai Capital Services, Inc., 3.00%, 8/29/22(a)	$	1,697,596
	1,390,000	Hyundai Capital Services, Inc., 3.75%, 3/5/23(a)		1,430,602

				3,128,198

Diversified Financial Services (0.5%):
	270,000	Banco Latinoamericano de Comercio Exterior SA, 2.38%, 9/14/25, Callable 8/15/25 @ 100(a)		270,263
	1,331,000	GE Capital International Funding, 4.42%, 11/15/35		1,595,190
	55,000	nVent Finance Sarl, 2.75%, 11/15/31, Callable 8/15/31 @ 100		54,820
	1,077,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.15%, 5/1/27, Callable 3/1/27 @ 100(a)		1,129,428
	4,280,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29, Callable 3/18/29 @ 100(a)		4,794,944
	372,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100(a)		396,781
	1,164,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, 5/11/31, Callable 2/11/31 @ 100(a)		1,167,015
	48,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, 11/30/51, Callable 5/30/51 @ 100(a)		48,102
	1,040,000	ORIX Corp., 2.90%, 7/18/22		1,051,639
	1,755,000	Shell International Finance BV, 2.38%, 11/7/29, Callable 8/7/29 @ 100		1,791,820
	289,000	Shell International Finance BV, 4.55%, 8/12/43		358,869

				12,658,871

Diversified Telecommunication (0.0%^†):
	250,000	Saudi Telecom Co., 3.89%, 5/13/29(a)		274,687

Diversified Telecommunication Services (0.0%^†):
	389,000	Deutsche Telekom International Finance BV, 2.49%, 9/19/23, Callable 7/19/23 @ 100(a)		396,732

Electric Utilities (0.0%^†):
	327,000	Kallpa Generacion SA, 4.13%, 8/16/27, Callable 5/16/27 @ 100(a)		339,550
	230,000	Saudi Electricity Global Sukuk Co. 2, 5.06%, 4/8/43(a)		291,928

				631,478

Equity Real Estate Investment Trusts (0.0%^†):
	272,000	Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 7/18/29, Callable 4/18/29 @ 100(a)		293,420
	269,000	Trust Fibra Uno, 5.25%, 12/15/24, Callable 9/15/24 @ 100(a)		290,856
	253,000	Trust Fibra Uno, 6.39%, 1/15/50, Callable 7/15/49 @ 100^(a)		296,638

				880,914

Financial Services (0.0%^†):
	260,000	SURA Asset Management SA, 4.88%, 4/17/24(a)		273,650

Food & Staples Retailing (0.0%^†):
	556,000	Alimentation Couche-Tard, Inc., 3.44%, 5/13/41, Callable 11/13/40 @ 100(a)		573,199
	250,000	Cencosud SA, 5.15%, 2/12/25, Callable 11/12/24 @ 100(a)		269,023

				842,222


Principal Amount			Value
Yankee Debt Obligations, continued
Food Products (0.0%^†):
$	277,000	Grupo Bimbo SAB de CV, 4.00%, 9/6/49(a)	$	300,125

Household Durables (0.0%^†):
	302,000	Consorcio Transmantaro SA, 4.70%, 4/16/34(a)		332,200

Independent Power and Renewabl (0.0%^†):
	210,000	Colbun SA, 3.15%, 1/19/32, Callable 10/19/31 @ 100(a)		206,706

Independent Power and Renewable Electricity Producers (0.0%^†):
	280,000	Adani Electricity Mumbai, Ltd., 3.95%, 2/12/30(a)		276,850
	270,000	AES Panama Generation Holdings SRL, 4.38%, 5/31/30, Callable 2/28/30 @ 100(a)		281,138

				557,988

Industrial Services (0.0%^†):
	250,000	Raizen Fuels Finance SA, 5.30%, 1/20/27(a)		272,732

Interactive Media & Services (0.1%):
	490,000	Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100		521,160
	475,000	Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100		525,017
	1,511,000	Tencent Holdings, Ltd., 2.99%, 1/19/23, Callable 12/19/22 @ 100(a)		1,535,404
	515,000	Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100(a)		547,982

				3,129,563

Internet & Direct Marketing Retail (0.0%^†):
	320,000	Alibaba Group Holding, Ltd., 2.80%, 6/6/23, Callable 5/6/23 @ 100		327,534

Machinery (0.0%^†):
	670,000	Trane Technologies Luxembourg Finance SA, 3.50%, 3/21/26, Callable 1/21/26 @ 100		713,591

Materials (0.1%):
	260,000	Celulosa Arauco y Constitucion SA, 4.20%, 1/29/30, Callable 10/29/29 @ 100(a)		277,740
	366,000	Equate Petrochemical BV, 4.25%, 11/3/26(a)		398,155
	240,000	Fibria Overseas Finance, Ltd., 5.50%, 1/17/27		268,800
	250,000	Inversiones CMPC SA, 4.38%, 4/4/27^(a)		273,833
	329,000	MEGlobal Canada ULC, 5.88%, 5/18/30(a)		398,501
	540,000	Metalloinvest Finance DAC, 3.38%, 10/22/28, Callable 7/22/28 @ 100(a)		534,057
	240,000	SABIC Capital II BV, 4.50%, 10/10/28(a)		270,690

				2,421,776

Metals & Mining (0.2%):
	2,622,000	Anglo American Capital plc, 4.75%, 4/10/27(a)		2,917,295
	365,000	Anglo American Capital plc, 4.00%, 9/11/27(a)		392,909
	297,000	Anglo American Capital plc, 4.50%, 3/15/28, Callable 12/15/27 @ 100(a)		327,597
	1,074,000	Anglo American Capital plc, 2.25%, 3/17/28, Callable 1/17/28 @ 100^(a)		1,058,555
	290,000	Antofagasta plc, 2.38%, 10/14/30, Callable 7/14/30 @ 100^(a)		276,698
	260,000	Corp Nacional del Cobre de Chile, 3.75%, 1/15/31, Callable 10/15/30 @ 100^(a)		276,250
	260,000	Vale Overseas, Ltd., 3.75%, 7/8/30, Callable 4/8/30 @ 100		269,779


Principal Amount			Value
Yankee Debt Obligations, continued
Metals & Mining, continued
$	200,000	Vale Overseas, Ltd., 6.88%, 11/10/39	$	268,750

				5,787,833

Oil, Gas & Consumable Fuels (0.2%):
	56,000	Cenovus Energy, Inc., 3.75%, 2/15/52, Callable 8/15/51 @ 100		56,212
	555,000	Ecopetrol SA, 4.13%, 1/16/25		565,406
	230,000	Galaxy Pipeline Assets Bidco, Ltd., 2.94%, 9/30/40(a)		229,371
	270,000	KazMunayGas National Co. JSC, 3.50%, 4/14/33, Callable 10/14/32 @ 100(a)		279,112
	281,000	Lukoil Capital DAC, 2.80%, 4/26/27, Callable 1/26/27 @ 100(a)		276,806
	259,000	Lukoil Securities BV, 3.88%, 5/6/30(a)		264,180
	270,000	Pertamina Persero PT, 3.10%, 1/21/30, Callable 10/21/29 @ 100(a)		275,062
	280,000	Pertamina Persero PT, 4.15%, 2/25/60, Callable 8/25/59 @ 100^(a)		280,350
	260,000	Petronas Capital, Ltd., 3.50%, 4/21/30, Callable 1/21/30 @ 100(a)		281,455
	230,000	Petronas Capital, Ltd., 4.55%, 4/21/50, Callable 10/21/49 @ 100(a)		285,961
	275,000	Qatar Energy, 2.25%, 7/12/31, Callable 4/12/31 @ 100(a)		272,087
	269,000	Qatar Energy, 3.30%, 7/12/51, Callable 1/12/51 @ 100(a)		278,267
	280,000	Saudi Arabian Oil Co., 2.25%, 11/24/30, Callable 8/24/30 @ 100(a)		272,300
	290,000	Saudi Arabian Oil Co., 3.25%, 11/24/50, Callable 5/24/50 @ 100(a)		282,388
	290,000	Saudi Arabian Oil Co., 3.50%, 11/24/70, Callable 5/24/70 @ 100(a)		282,025
	298,000	Suncor Energy, Inc., 6.80%, 5/15/38		417,061
	250,000	Transportadora de Gas Internacional SA ESP, 5.55%, 11/1/28, Callable 8/1/28 @ 100(a)		276,250

				4,874,293

Paper & Forest Products (0.0%^†):
	240,000	Suzano Austria GmbH, 5.75%, 7/14/26(a)		273,650
	270,000	Suzano Austria GmbH, 3.75%, 1/15/31, Callable 10/15/30 @ 100		274,598

				548,248

Pharmaceuticals (0.1%):
	1,487,000	AstraZeneca plc, 1.38%, 8/6/30, Callable 5/6/30 @ 100		1,405,112

Real Estate (0.0%^†):
	250,000	MAF Sukuk, Ltd., 3.93%, 2/28/30, MTN(a)		268,125

Real Estate Management & Development (0.0%^†):
	250,000	Mitsui Fudosan Co., Ltd., 2.95%, 1/23/23, Callable 12/23/22 @ 100(a)		254,657

Sovereign Bond (1.9%):
	200,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(a)		233,674
	704,000	Chile Government International Bond, 3.24%, 2/6/28, Callable 11/6/27 @ 100		742,972


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	220,000	Chile Government International Bond, 2.45%, 1/31/31, Callable 10/31/30 @ 100	$	219,201
	1,780,000	Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100		1,778,307
	2,563,000	Chile Government International Bond, 2.55%, 7/27/33, Callable 4/27/33 @ 100		2,492,518
	200,000	Chile Government International Bond, 3.86%, 6/21/47		222,806
	1,905,000	Colombia Government International Bond, 3.13%, 4/15/31, Callable 1/15/31 @ 100		1,711,713
	860,000	Colombia Government International Bond, 3.25%, 4/22/32, Callable 1/22/32 @ 100		770,907
	246,000	Hungary Government International Bond, 7.63%, 3/29/41		402,977
	200,000	Indonesia Government International Bond, 3.85%, 10/15/30^		224,752
	236,000	Indonesia Government International Bond, 7.75%, 1/17/38(a)		359,003
	200,000	Indonesia Government International Bond, 6.75%, 1/15/44(a)		296,010
	200,000	Israel Government International Bond, 4.50%, 1/30/43		256,371
	350,000	Kazakhstan Government International Bond, 4.88%, 10/14/44(a)		429,163
	5,119,000	Mexico Government International Bond, 4.15%, 3/28/27		5,658,220
	1,120,000	Mexico Government International Bond, 3.75%, 1/11/28		1,204,401
	390,000	Mexico Government International Bond, 4.75%, 4/27/32, Callable 1/27/32 @ 100		442,296
	210,000	Mexico Government International Bond, 4.60%, 2/10/48		225,348
	370,000	Mexico Government International Bond, 5.75%, 10/12/10		428,592
	589,561	Oriental Republic of Uruguay, 4.50%, 8/14/24^		624,140
	2,175,000	Oriental Republic of Uruguay, 4.38%, 10/27/27		2,441,438
	884,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		914,940
	2,295,000	Panama Government International Bond, 4.50%, 4/1/56, Callable 10/1/55 @ 100		2,521,631
	200,000	Perusahaan Penerbit SBSN Indonesia III, 4.15%, 3/29/27(a)		221,500
	438,000	Peruvian Government International Bond, 2.78%, 1/23/31, Callable 10/23/30 @ 100		436,287
	55,000	Peruvian Government International Bond, 3.00%, 1/15/34, Callable 10/15/33 @ 100		54,315
	230,000	Peruvian Government International Bond, 3.30%, 3/11/41, Callable 9/11/40 @ 100		231,762
	230,000	Philippine Government International Bond, 1.65%, 6/10/31		222,335
	1,725,000	Philippine Government International Bond, 1.95%, 1/6/32		1,698,985
	210,000	Philippine Government International Bond, 3.70%, 2/2/42		229,097
	689,000	Province of Manitoba, 3.05%, 5/14/24		721,721


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	200,000	Qatar Government International Bond, 4.00%, 3/14/29(a)	$	225,219
	200,000	Qatar Government International Bond, 3.75%, 4/16/30(a)		224,189
	200,000	Qatar Government International Bond, 5.10%, 4/23/48(a)		271,297
	3,516,000	Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100		3,540,369
	275,000	Republic of Colombia, 4.50%, 3/15/29, Callable 12/15/28 @ 100		280,955
	567,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100^		516,568
	581,000	Republic of Indonesia, 4.10%, 4/24/28		647,823
	2,840,000	Republic of Indonesia, 2.85%, 2/14/30		2,957,079
	327,000	Republic of Panama, 4.00%, 9/22/24, Callable 6/22/24 @ 100		347,029
	820,000	Republic of Panama, 3.88%, 3/17/28, Callable 12/17/27 @ 100		884,575
	540,000	Republic of Panama, 4.50%, 5/15/47		595,350
	1,180,000	Republic of Peru, 4.13%, 8/25/27		1,319,786
	1,031,000	Republic of Peru, 5.63%, 11/18/50		1,456,291
	3,200,000	Republic of Philippines, 3.00%, 2/1/28		3,433,747
	220,000	Romanian Government International Bond, 3.00%, 2/14/31^(a)		223,193
	420,000	Romanian Government International Bond, 4.00%, 2/14/51(a)		420,798
	200,000	Russian Foreign Bond—Eurobond, 4.25%, 6/23/27(a)		215,790
	200,000	Russian Foreign Bond—Eurobond, 4.38%, 3/21/29(a)		219,966
	400,000	Russian Foreign Bond—Eurobond, 5.10%, 3/28/35(a)		473,484
	200,000	Russian Foreign Bond—Eurobond, 5.25%, 6/23/47(a)		254,000
	210,000	Saudi Government International Bond, 2.50%, 2/3/27(a)		216,315
	212,000	Saudi Government International Bond, 2.75%, 2/3/32(a)		217,838
	200,000	Saudi Government International Bond, 5.00%, 4/17/49(a)		254,564
	236,000	Saudi Government International Bond, 3.75%, 1/21/55(a)		250,179
	1,946,000	United Mexican States, 4.50%, 4/22/29		2,168,311
	1,190,000	Uruguay Government International Bond, 4.38%, 1/23/31, Callable 10/23/30 @ 100		1,371,475

				51,403,572

Transportation Infrastructure (0.0%^†):
	270,000	Adani Ports & Special Economic Zone, Ltd., 3.38%, 7/24/24(a)		277,386
	256,000	DP World Crescent, Ltd., 3.75%, 1/30/30, Callable 10/30/29 @ 100(a)		270,450

				547,836

Utilities (0.1%):
	208,000	Interchile SA, 4.50%, 6/30/56, Callable 12/30/55 @ 100(a)		221,790


Principal Amount			Value
Yankee Debt Obligations, continued
Utilities, continued
$	485,000	Israel Electric Corp., Ltd., 4.25%, 8/14/28, MTN(a)	$	531,209
	280,000	Saudi Electricity Global Sukuk Co. 5, 2.41%, 9/17/30(a)		279,701

				1,032,700

Wireless Telecommunication Ser (0.0%^†):
	280,000	Bharti Airtel, Ltd., 3.25%, 6/3/31, Callable 3/5/31 @ 100(a)		283,904

Wireless Telecommunication Services (0.1%):
	892,000	Vodafone Group plc, 5.25%, 5/30/48		1,167,467

	Total Yankee Debt Obligations (Cost $156,027,739)			157,725,724

Municipal Bonds (0.2%):
California (0.1%):
	905,000	California State University Revenue, Series B, 2.72%, 11/1/52		860,375
	50,000	University of California Revenue, 4.86%, 5/15/12		74,645
	347,000	University of California Revenue, 4.77%, 5/15/15		498,153

				1,433,173

New Jersey (0.0%^†):
	575,000	New Jersey State Transportation Authority Revenue, Build America Bonds, GO, 6.56%, 12/15/40		849,229
	270,000	New Jersey Transportation Trust Fund Authority Revenue, 4.13%, 6/15/42		300,561
	165,000	New Jersey Turnpike Authority Revenue, Series B, 2.78%, 1/1/40, Continuously Callable @100		161,898

				1,311,688

New York (0.1%):
	1,160,000	New York State Dormitory Authority Revenue, 5.00%, 2/15/31, Continuously Callable @100		1,510,761

Texas (0.0%^†):
	430,000	State of Texas, GO, Series B, 2.75%, 10/1/41, Continuously Callable @100		436,213

	Total Municipal Bonds (Cost $4,321,622)			4,691,835

U.S. Government Agency Mortgages (27.6%):
Government National Mortgage Association (5.8%)
	10,262	4.50%, 9/15/33, Pool #615516		11,619
	40,125	5.00%, 12/15/33, Pool #783571		45,616
	12,381	6.50%, 8/20/38, Pool #4223		14,841
	12,057	6.50%, 10/15/38, Pool #673213		13,685
	6,849	6.50%, 11/20/38, Pool #4292		8,207
	12,751	6.50%, 12/15/38, Pool #782510		14,478
	138,480	5.00%, 1/15/39, Pool #782557		157,596
	55,749	5.00%, 4/15/39, Pool #711939		63,408
	83,926	5.00%, 4/15/39, Pool #782619		95,680
	8,786	4.00%, 4/20/39, Pool #4422		9,424
	8,094	5.00%, 6/15/39, Pool #782696		9,225
	28,095	4.00%, 7/20/39, Pool #4494		30,133
	50,067	5.00%, 10/20/39, Pool #4559		56,747
	5,511	4.50%, 12/20/39, Pool #G24598		5,991
	14,193	4.50%, 1/15/40, Pool #728627		15,902
	6,750	4.50%, 1/20/40, Pool #4617		7,339
	5,515	4.50%, 2/20/40, Pool #G24636		6,125
	42,799	5.00%, 5/15/40, Pool #782958		48,640
	355	4.50%, 5/20/40, Pool #G24696		386


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	28,212	5.00%, 6/15/40, Pool #697862	$	32,895
	33,620	4.50%, 7/15/40, Pool #745793		37,870
	283,931	4.50%, 7/15/40, Pool #733795		321,816
	13,659	4.50%, 7/20/40, Pool #4746		14,851
	25,666	4.50%, 8/20/40, Pool #4771		27,906
	15,393	4.50%, 9/20/40, Pool #748948		16,816
	7,532	4.00%, 9/20/40, Pool #G24800		8,110
	55,409	4.50%, 10/15/40, Pool #783609		62,332
	25,151	4.50%, 10/20/40, Pool #4834		27,348
	196,923	4.00%, 10/20/40, Pool #G24833		212,041
	369,905	4.00%, 11/20/40, Pool #4853		405,098
	179,734	4.00%, 12/20/40, Pool #G24882		193,538
	92,257	4.00%, 1/15/41, Pool #759138		100,463
	162,195	4.00%, 1/20/41, Pool #4922		174,650
	18,708	4.50%, 2/15/41, Pool #738019		21,290
	591,632	4.00%, 2/20/41, Pool #742887		642,203
	2,819	4.00%, 2/20/41, Pool #4945		3,035
	51,498	4.00%, 3/15/41, Pool #762838		56,070
	4,097	5.00%, 4/20/41, Pool #5018		4,643
	63,961	4.50%, 6/20/41, Pool #783590		67,513
	9,101	5.00%, 6/20/41, Pool #5083		10,315
	4,789	5.00%, 7/20/41, Pool #5116		5,429
	152,029	4.50%, 7/20/41, Pool #5115		170,295
	23,329	4.50%, 7/20/41, Pool #754367		25,128
	129,159	4.00%, 7/20/41, Pool #742895		140,228
	45,109	4.50%, 7/20/41, Pool #783584		47,616
	45,492	4.50%, 11/15/41, Pool #783610		51,572
	121,819	3.50%, 1/15/42, Pool #553461		131,148
	179,295	4.00%, 4/20/42, Pool #MA0023		193,078
	77,631	5.00%, 7/20/42, Pool #MA0223		87,982
	203,120	3.50%, 4/15/43, Pool #AD2334		221,173
	339,663	3.50%, 4/20/43, Pool #MA0934		364,877
	192,327	3.50%, 5/20/43, Pool #MA1012		206,595
	16,629	4.00%, 7/20/43, Pool #MA1158		17,907
	675,668	4.50%, 6/20/44, Pool #MA1997		734,642
	16,390	4.00%, 8/20/44, Pool #AI4167		18,101
	1,663	4.00%, 8/20/44, Pool #AI4166		1,753
	12,091	4.00%, 8/20/44, Pool #AJ4687		13,351
	12,022	4.00%, 8/20/44, Pool #AJ2723		13,256
	555,071	4.00%, 8/20/44, Pool #MA2149		597,578
	26,656	3.00%, 12/20/44, Pool #MA2444		28,056
	308,884	5.00%, 12/20/44, Pool #MA2448		350,220
	302,514	3.00%, 2/15/45, Pool #784439		311,834
	1,444,608	3.50%, 5/20/45, Pool #MA2826		1,525,785
	188,729	5.00%, 12/20/45, Pool #MA3313		213,966
	7,356,241	3.50%, 3/20/46, Pool #MA3521		7,762,646
	1,420,093	3.50%, 5/20/46, Pool #MA3663		1,498,549
	479,226	3.50%, 7/20/46, Pool #MA3803		505,703
	1,946,142	3.50%, 9/20/46, Pool #MA3937		2,053,665
	113,201	3.50%, 10/20/46, Pool #AX4345		122,398
	179,190	3.50%, 10/20/46, Pool #AX4344		191,753
	61,865	3.50%, 10/20/46, Pool #AX4343		66,180
	85,427	3.50%, 10/20/46, Pool #AX4342		91,072
	73,175	3.50%, 10/20/46, Pool #AX4341		79,955
	10,297	4.00%, 10/20/46, Pool #AQ0542		10,936
	108,217	4.50%, 3/15/47, Pool #AZ8560		123,474


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	106,388	4.50%, 4/15/47, Pool #AZ8597	$	121,442
	129,950	4.50%, 4/15/47, Pool #AZ8596		144,587
	70,546	4.50%, 5/15/47, Pool #BA7888		78,492
	1,899,788	4.00%, 6/20/47, Pool #MA4511		2,026,254
	19,390	4.00%, 9/15/47, Pool #BC5919		20,917
	22,001	4.00%, 10/15/47, Pool #BD3187		23,604
	22,789	4.00%, 10/15/47, Pool #BE1031		24,568
	18,461	4.00%, 11/15/47, Pool #BE1030		19,984
	1,526,066	4.00%, 11/20/47, Pool #MA4838		1,627,657
	25,688	4.00%, 12/15/47, Pool #BE4664		27,700
	737,105	4.00%, 12/20/47, Pool #MA4901		786,174
	20,152	4.00%, 1/15/48, Pool #BE0204		21,521
	26,290	4.00%, 1/15/48, Pool #BE0143		28,352
	368,671	4.50%, 9/20/48, Pool #BD0560		389,399
	672,248	4.50%, 3/20/49, Pool #MA5818		712,508
	28,212	4.50%, 4/20/49, Pool #MA5877		29,860
	307,434	4.50%, 5/20/49, Pool #MA5932		326,140
	825,935	3.00%, 4/20/50, Pool #MA6599		855,412
	541,896	4.50%, 4/20/50, Pool #MA6602		574,870
	104,183	3.00%, 5/20/50, Pool #MA6656		107,856
	403,173	4.00%, 5/20/50, Pool #MA6658		425,539
	1,856,027	3.00%, 10/20/50, Pool #MA6932		1,925,640
	2,688,000	4.50%, 1/20/51, TBA		2,833,740
	1,701,553	3.00%, 1/20/51, Pool #MA7137		1,762,279
	3,782,000	4.00%, 1/20/51, TBA		3,977,009
	9,492,797	3.50%, 1/20/51, TBA		9,871,026
	25,713,000	3.00%, 1/20/51, TBA		26,620,990
	6,600,000	2.50%, 2/20/51, TBA		6,748,758
	30,675,000	2.50%, 7/20/51, TBA		31,432,289
	41,834,000	2.00%, 1/20/52, TBA		42,232,730

				156,811,043

Federal National Mortgage Association (19.2%)
	85,461	2.50%, 9/1/27, Pool #AB6194		88,951
	58,238	2.50%, 9/1/27, Pool #AP5205		60,284
	21,508	2.50%, 2/1/28, Pool #AB8446		22,265
	34,149	3.00%, 4/1/28, Pool #AT3121		35,786
	51,730	2.50%, 4/1/28, Pool #AB8870		53,765
	37,118	3.00%, 5/1/28, Pool #AT6033		38,909
	145,857	2.50%, 8/1/28, Pool #AS0190		151,599
	8,404	3.00%, 10/1/28, Pool #AQ4132		8,797
	86,088	3.00%, 10/1/28, Pool #AU8774		90,236
	161,227	3.50%, 10/1/28, Pool #AV0198		169,996
	9,386	3.00%, 11/1/28, Pool #AV0298		9,826
	298,023	3.50%, 11/1/28, Pool #AV1360		314,335
	209,360	3.00%, 4/1/29, Pool #AW0937		222,060
	175,629	3.00%, 5/1/29, Pool #AW2544		184,179
	302,680	3.00%, 6/1/29, Pool #AS2676		321,072
	397,340	3.00%, 7/1/29, Pool #AW4229		416,594
	73,210	3.00%, 7/1/29, Pool #AW1281		76,593
	77,894	3.50%, 9/1/29, Pool #AX0105		82,306
	188,308	3.00%, 9/1/29, Pool #AS3220		199,734
	613,132	3.00%, 9/1/29, Pool #AL6897		641,179
	24,311	3.50%, 10/1/29, Pool #AX2741		25,700
	113,813	3.00%, 10/1/29, Pool #AS3594		119,332
	435,583	3.00%, 1/1/30, Pool #AL6144		462,022
	2,605,000	1.77%, 1/15/30(c)		2,275,944


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	16,355	2.50%, 2/1/30, Pool #AS4488	$	16,964
	56,561	2.50%, 2/1/30, Pool #BM3403		58,656
	15,065	2.50%, 2/1/30, Pool #AS4485		15,679
	87,078	3.00%, 3/1/30, Pool #AL6583		91,425
	111,252	2.50%, 3/1/30, Pool #AS4688		115,917
	46,283	2.50%, 4/1/30, Pool #AY3416		48,220
	69,882	3.00%, 4/1/30, Pool #AL6584		73,506
	42,406	3.00%, 5/1/30, Pool #AL6761		44,345
	26,890	2.50%, 5/1/30, Pool #AY0828		27,950
	3,901,000	1.80%, 5/15/30(c)		3,383,575
	224,377	3.00%, 6/1/30, Pool #AL9381		234,758
	59,126	3.00%, 7/1/30, Pool #AL7139		62,197
	75,056	3.00%, 7/1/30, Pool #AX9701		78,960
	27,800	2.50%, 7/1/30, Pool #AZ2170		28,970
	10,496	3.00%, 7/1/30, Pool #AZ2297		11,019
	15,921	2.50%, 7/1/30, Pool #AS5405		16,600
	90,838	2.50%, 7/1/30, Pool #AS5403		94,523
	15,280	3.00%, 7/1/30, Pool #AX9700		16,040
	13,511	3.00%, 8/1/30, Pool #AZ7833		14,182
	6,669	3.00%, 8/1/30, Pool #AZ8597		7,002
	60,724	3.50%, 8/1/30, Pool #AS5708		64,384
	43,303	2.50%, 8/1/30, Pool #AS5548		45,048
	103,281	3.00%, 8/1/30, Pool #AL7225		108,624
	58,126	2.50%, 8/1/30, Pool #AS5614		60,565
	169,477	2.50%, 8/1/30, Pool #BM3552		175,683
	76,210	3.00%, 8/1/30, Pool #AS5623		80,795
	73,050	3.00%, 8/1/30, Pool #AS5622		76,833
	97,034	2.50%, 8/1/30, Pool #AS5616		100,976
	15,933	3.00%, 8/1/30, Pool #AX3298		16,728
	88,370	3.00%, 8/1/30, Pool #AL7227		93,707
	32,167	3.00%, 9/1/30, Pool #AZ5719		33,775
	76,217	3.00%, 9/1/30, Pool #AS5728		80,020
	69,509	2.50%, 9/1/30, Pool #AS5872		72,430
	20,326	3.00%, 9/1/30, Pool #AL7320		21,312
	55,443	2.50%, 9/1/30, Pool #AS5786		57,694
	60,967	3.00%, 9/1/30, Pool #AS5714		64,132
	57,764	2.50%, 11/1/30, Pool #AS6142		60,101
	9,006	2.50%, 11/1/30, Pool #AL7800		9,374
	69,345	2.50%, 11/1/30, Pool #AS6141		72,257
	54,567	2.50%, 11/1/30, Pool #AS6116		56,884
	60,248	2.50%, 11/1/30, Pool #AS6115		62,702
	1,109,619	3.00%, 1/1/31, Pool #BM3537		1,161,958
	92,344	2.50%, 3/1/31, Pool #BM1595		95,707
	104,088	2.50%, 6/1/31, Pool #AS7320		108,599
	184,966	2.50%, 7/1/31, Pool #AS7617		192,983
	172,331	2.50%, 7/1/31, Pool #AS7605		179,799
	45,048	4.00%, 8/1/31, Pool #AY4707		48,331
	6,949	2.50%, 8/1/31, Pool #BC2777		7,250
	1,282,024	3.00%, 8/1/31, Pool #AL9376		1,348,282
	22,757	4.00%, 8/1/31, Pool #AY4688		24,099
	115,463	3.00%, 9/1/31, Pool #AL9378		121,813
	429,077	2.50%, 10/1/31, Pool #AS8208		447,682
	774,236	2.50%, 10/1/31, Pool #AS8195		812,281
	293,546	2.50%, 10/1/31, Pool #AS8193		306,181
	1,466,499	2.50%, 10/1/31, Pool #BC4773		1,538,050
	59,803	2.00%, 10/1/31, Pool #MA2774		61,283


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	227,170	2.50%, 10/1/31, Pool #AS8009	$	236,968
	98,931	2.00%, 11/1/31, Pool #BC9040		101,382
	301,842	2.00%, 11/1/31, Pool #AS8251		309,347
	140,563	2.50%, 11/1/31, Pool #BC2628		147,460
	103,750	2.50%, 11/1/31, Pool #BC2629		108,213
	222,958	2.50%, 11/1/31, Pool #BC2631		232,979
	126,300	2.50%, 11/1/31, Pool #AS8245		132,500
	163,010	2.50%, 11/1/31, Pool #AS8241		170,037
	351,341	2.00%, 11/1/31, Pool #BM3054		360,088
	18,748	2.00%, 11/1/31, Pool #AS8291		19,213
	251,711	2.50%, 11/1/31, Pool #AS8240		262,602
	83,802	2.00%, 12/1/31, Pool #MA2845		85,884
	13,588	3.00%, 2/1/32, Pool #BE5670		14,360
	22,247	2.50%, 2/1/32, Pool #BM1036		23,208
	222,374	2.50%, 3/1/32, Pool #AS9317		231,225
	407,072	2.50%, 3/1/32, Pool #AS9318		422,919
	249,716	2.50%, 3/1/32, Pool #AS9316		259,343
	533,844	2.00%, 3/1/32, Pool #BM3061		547,128
	434,247	2.50%, 3/1/32, Pool #AS9319		451,090
	347,198	3.00%, 3/1/32, Pool #AS9327		366,855
	391,124	2.50%, 3/1/32, Pool #AS9321		410,386
	1,718,026	3.50%, 4/1/32, Pool #BM3503		1,827,403
	1,273,281	3.50%, 5/1/32, Pool #BM1602		1,346,081
	1,797,842	3.00%, 6/1/32, Pool #BM1791		1,900,623
	523,324	2.50%, 8/1/32, Pool #BM3578		545,247
	213,869	3.00%, 9/1/32, Pool #BM3240		223,964
	66,523	3.50%, 11/1/32, Pool #BJ2054		70,758
	68,242	5.50%, 1/1/33, Pool #676661		77,985
	42,903	3.50%, 1/1/33, Pool #BJ2096		45,916
	1,057,019	2.50%, 2/1/33, Pool #BM3793		1,101,089
	2,353,058	3.00%, 5/1/33, Pool #FM1880		2,468,692
	49,168	5.50%, 5/1/33, Pool #555424		56,219
	65,077	4.00%, 9/1/33, Pool #BK7642		70,176
	199,503	4.00%, 10/1/33, Pool #CA2527		211,190
	204,694	4.00%, 11/1/33, Pool #CA2555		219,417
	404,845	2.50%, 12/1/33, Pool #FM1680		419,755
	120,785	5.50%, 2/1/35, Pool #735989		135,948
	370,611	5.00%, 2/1/35, Pool #735226		417,834
	28,926	5.00%, 3/1/35, Pool #735288		32,892
	11,350	6.00%, 4/1/35, Pool #735504		13,277
	207,364	3.00%, 8/1/35, Pool #CA6849		219,427
	206,065	3.00%, 8/1/35, Pool #CA6876		218,879
	55,976	5.00%, 9/1/35, Pool #889974		63,799
	1,127,848	2.50%, 12/1/35, Pool #CA8387		1,177,593
	1,246,458	2.50%, 12/1/35, Pool #CA8388		1,298,477
	122,382	3.00%, 12/1/35, Pool #CA8389		130,030
	64,253	3.00%, 12/1/35, Pool #CA8391		67,827
	135,051	4.00%, 1/1/36, Pool #AB0686		149,731
	160,234	3.50%, 1/25/36, TBA		168,246
	2,275,000	2.50%, 1/25/36, TBA		2,353,559
	277,280	5.50%, 9/1/36, Pool #995113		316,657
	30,296	3.00%, 10/1/36, Pool #AL9227		31,427
	95,984	3.00%, 11/1/36, Pool #AS8349		101,027
	238,425	3.00%, 11/1/36, Pool #AS8348		250,923
	223,830	3.00%, 12/1/36, Pool #BE1896		238,392
	308,318	3.00%, 12/1/36, Pool #AS8553		334,519


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	32,260,000	2.00%, 1/25/37, TBA	$	33,051,378
	22,524,000	1.50%, 1/25/37, TBA		22,597,907
	17,562	5.50%, 2/1/38, Pool #961545		19,665
	9,909	6.00%, 3/1/38, Pool #889529		11,805
	29,212	6.00%, 5/1/38, Pool #889466		34,805
	55,185	5.50%, 5/1/38, Pool #889441		62,169
	64,242	5.50%, 5/1/38, Pool #889692		73,279
	42,451	5.50%, 6/1/38, Pool #995018		48,384
	12,206	5.50%, 9/1/38, Pool #889995		13,823
	29,763	6.00%, 10/1/38, Pool #889983		35,417
	156,087	5.50%, 1/1/39, Pool #AB0200		180,781
	55,276	4.50%, 4/1/39, Pool #930922		60,713
	69,820	4.50%, 5/1/39, Pool #AL1472		77,904
	50,581	3.50%, 5/1/39, Pool #MA3660		53,807
	676,156	5.00%, 6/1/39, Pool #AL7521		770,656
	461,452	6.00%, 7/1/39, Pool #BF0056		542,873
	32,116	5.50%, 10/1/39, Pool #AD0362		36,180
	30,339	5.50%, 12/1/39, Pool #AD0571		34,306
	211,377	5.50%, 12/1/39, Pool #AC6680		241,465
	201,825	3.50%, 12/1/39, Pool #MA3869		213,120
	90,880	3.50%, 1/1/40, Pool #MA3891		96,677
	3,136,565	4.50%, 1/1/40, Pool #AC8568		3,436,779
	153,460	3.50%, 2/1/40, Pool #MA3935		163,250
	26,992	5.50%, 3/1/40, Pool #AL5304		30,693
	21,841	4.50%, 4/1/40, Pool #AD4038		24,776
	197,692	6.00%, 4/1/40, Pool #AL4141		233,365
	37,661	6.50%, 5/1/40, Pool #AL1704		43,489
	46,244	4.50%, 7/1/40, Pool #AD7127		50,722
	37,345	4.50%, 7/1/40, Pool #AB1226		40,948
	22,766	6.00%, 9/1/40, Pool #AE0823		26,556
	2,680,000	Class CY, Series 2010-1364.00%, 12/25/40		2,910,027
	23,974	4.00%, 1/1/41, Pool #AL7167		26,176
	3,601,480	Class ZA, Series 2011-84.00%, 2/25/41		3,829,353
	45,736	6.00%, 6/1/41, Pool #AL4142		52,905
	337,431	5.00%, 7/1/41, Pool #AL7524		380,639
	18,499	4.50%, 7/1/41, Pool #AB3314		20,269
	580,735	5.50%, 9/1/41, Pool #AL8430		659,243
	31,458	4.50%, 9/1/41, Pool #AI8961		34,485
	701,077	4.00%, 1/1/42, Pool #AB4307		771,206
	159,393	3.50%, 1/1/42, Pool #AW8154		173,417
	69,752	3.50%, 4/1/42, Pool #AO0777		73,415
	24,819	3.50%, 4/1/42, Pool #AK7510		26,486
	13,207	3.50%, 5/1/42, Pool #AO2881		14,095
	141,874	4.00%, 5/1/42, Pool #AO2961		152,820
	45,005	4.00%, 5/1/42, Pool #A02114		48,447
	10,694	3.50%, 6/1/42, Pool #AO3048		11,400
	15,099	3.50%, 6/1/42, Pool #AK9225		16,098
	31,260	3.50%, 7/1/42, Pool #AO9707		33,327
	143,623	4.50%, 9/1/42, Pool #AL2482		159,019
	883,758	4.50%, 1/1/43, Pool #AL8206		974,560
	76,085	3.00%, 3/1/43, Pool #AR9218		80,213
	65,306	3.00%, 3/1/43, Pool #AR7576		68,800
	54,383	3.00%, 3/1/43, Pool #AR7568		58,030
	752	3.50%, 4/1/43, Pool #CA1530		795
	77,893	3.00%, 4/1/43, Pool #AR8630		82,127
	100,745	3.00%, 4/1/43, Pool #AT2040		106,165


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	66,068	3.00%, 4/1/43, Pool #AB8923	$	69,660
	74,220	3.00%, 4/1/43, Pool #AT2043		78,195
	58,970	3.00%, 4/1/43, Pool #AB8924		62,120
	27,276	3.00%, 4/1/43, Pool #AT2037		29,096
	8,980	3.00%, 6/1/43, Pool #AB9564		9,653
	605,029	5.00%, 12/1/43, Pool #AL7777		681,639
	312,699	5.00%, 11/1/44, Pool #AL8878		355,771
	231,311	3.50%, 2/1/45, Pool #BM1100		250,728
	734,837	3.50%, 2/1/45, Pool #FM5294		788,408
	167,947	5.00%, 6/1/45, Pool #BM3784		188,995
	121,369	4.50%, 9/1/45, Pool #AL7936		135,562
	65,930	4.50%, 11/1/45, Pool #AL9501		74,037
	7,168,172	3.50%, 11/1/45, Pool #FM6411		7,665,377
	4,090	4.50%, 11/1/45, Pool #AS6233		4,470
	176,175	4.50%, 12/1/45, Pool #BM1756		195,102
	16,721	3.00%, 6/1/46, Pool #AS7365		17,640
	413,270	4.50%, 7/1/46, Pool #BM3053		467,371
	512,034	4.50%, 7/1/46, Pool #BM1920		573,402
	1,313,121	3.50%, 7/1/46, Pool #BA7748		1,421,797
	22,196	3.00%, 8/1/46, Pool #AL9031		23,859
	726,440	Class UF, Series 2016-480.50% (US0001M+40bps), 8/25/46		728,543
	1,197,171	3.00%, 9/1/46, Pool #BD1469		1,257,402
	119,571	3.00%, 11/1/46, Pool #BD9643		126,852
	327,383	3.00%, 11/1/46, Pool #BD9644		347,110
	265,443	3.00%, 11/1/46, Pool #BD9645		280,086
	262,644	3.50%, 12/1/46, Pool #BE2103		285,380
	1,099,320	3.00%, 12/1/46, Pool #AS8486		1,154,622
	383,566	3.50%, 2/1/47, Pool #BE1534		415,938
	990,745	3.50%, 2/1/47, Pool #AL9920		1,076,377
	73,822	3.50%, 3/1/47, Pool #BH0158		80,054
	319,087	4.00%, 5/1/47, Pool #BH0398		345,878
	603,685	3.50%, 5/1/47, Pool #BD2417		654,161
	459,840	3.50%, 5/1/47, Pool #BM1174		494,036
	184,457	3.50%, 5/1/47, Pool #BE9375		199,945
	158,890	3.50%, 6/1/47, Pool #BH0567		172,120
	305,133	4.00%, 7/1/47, Pool #BH3401		330,760
	396,260	4.00%, 8/1/47, Pool #BM1619		429,620
	200,170	4.50%, 10/1/47, Pool #BM3052		224,592
	835,413	3.50%, 11/1/47, Pool #MA3182		884,971
	253,175	4.50%, 12/1/47, Pool #BH7067		276,038
	1,739,518	3.50%, 1/1/48, Pool #FM5293		1,866,679
	503,891	3.50%, 1/1/48, Pool #MA3238		533,783
	381,267	3.50%, 2/1/48, Pool #BH9277		402,906
	101,359	4.00%, 2/1/48, Pool #BJ9058		110,383
	84,559	4.00%, 2/1/48, Pool #BJ9057		92,172
	180,504	3.50%, 3/1/48, Pool #BK1958		190,748
	489,549	3.50%, 3/1/48, Pool #BJ4916		517,333
	256,055	3.50%, 3/1/48, Pool #BJ0648		270,588
	288,408	3.50%, 4/1/48, Pool #FM5295		313,720
	4,920,504	4.50%, 4/1/48, Pool #FM7783		5,324,742
	191,031	4.50%, 4/1/48, Pool #BM3846		211,683
	2,744,224	4.50%, 5/1/48, Pool #CA1704		3,035,753
	17,183	3.50%, 5/1/48, Pool #MA3356		18,159
	209,207	5.00%, 6/1/48, Pool #CA2317		228,853
	104,532	4.50%, 7/1/48, Pool #BK6113		115,787


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	15,125	4.50%, 7/1/48, Pool #BK4471	$	16,726
	1,084,678	5.00%, 9/1/48, Pool #MA3472		1,186,541
	95,211	5.00%, 10/1/48, Pool #MA3501		104,152
	212,060	5.00%, 10/1/48, Pool #BK7881		231,976
	151,244	5.00%, 11/1/48, Pool #MA3527		165,447
	11,102	3.50%, 11/1/48, Pool #FM1543		11,791
	58,903	5.00%, 12/1/48, Pool #BN4404		64,206
	1,617,294	4.00%, 1/1/49, Pool #FM5296		1,778,783
	147,819	5.00%, 1/1/49, Pool #BN3949		161,599
	54,754	5.00%, 1/1/49, Pool #BN4430		59,684
	359,245	3.50%, 6/1/49, Pool #FM5315		381,555
	834,844	3.50%, 12/1/49, Pool #MA3210		884,664
	27,899,832	3.00%, 1/25/50, TBA		28,919,920
	138,415,000	2.00%, 2/25/50, TBA		137,766,180
	5,906,191	3.00%, 3/1/50, Pool #FM5290		6,231,855
	398,000	4.00%, 8/1/50, Pool #FM7703		423,690
	2,178,966	3.00%, 8/1/50, Pool #FM5292		2,267,835
	442,107	2.00%, 9/1/50, Pool #BQ0697		441,293
	369,434	2.00%, 11/1/50, Pool #BQ6334		368,864
	3,483,000	2.00%, 1/25/51, TBA		3,474,292
	3,452,000	2.50%, 1/25/51, TBA		3,524,276
	19,963,055	3.50%, 1/25/51, TBA		21,007,996
	23,702,000	1.50%, 1/25/51, TBA		22,894,651
	8,700,000	3.00%, 2/25/51, TBA		9,005,520
	104,120,000	2.50%, 2/25/51, TBA		106,039,712
	7,213,411	3.00%, 6/1/51, Pool #CB0848		7,597,733
	11,469,000	4.00%, 2/25/52, TBA		12,195,669

				517,946,915

Federal Home Loan Mortgage Corporation (2.4%)
	3,650,000	Class A2, Series KC023.37%, 7/25/25, Callable 7/25/25 @ 100.00		3,870,788
	115,932	3.00%, 9/1/27, Pool #U70060		121,343
	68,436	3.00%, 7/1/28, Pool #U79018		71,574
	591,000	1.74%, 9/15/29(c)		520,042
	4,510,000	Class XFX, Series KL061.36%, 12/25/29		383,305
	25,989	3.00%, 1/1/30, Pool #V60696		27,244
	31,660	3.00%, 1/1/30, Pool #V60724		33,249
	54,827	2.50%, 3/1/30, Pool #V60770		57,008
	117,709	3.00%, 5/1/30, Pool #J31689		123,450
	58,489	2.50%, 5/1/30, Pool #J31418		60,940
	139,941	2.50%, 5/1/30, Pool #J31728		145,471
	87,194	2.50%, 5/1/30, Pool #V60796		90,782
	224,950	3.00%, 6/1/30, Pool #V60840		236,733
	110,965	3.00%, 7/1/30, Pool #G15520		117,707
	5,656	2.50%, 7/1/30, Pool #V60905		5,886
	14,872	3.00%, 7/1/30, Pool #J32181		15,595
	19,374	2.50%, 7/1/30, Pool #J32209		20,185
	20,933	2.50%, 7/1/30, Pool #J32204		21,696
	5,095	2.50%, 7/1/30, Pool #J32491		5,294
	97,703	2.50%, 8/1/30, Pool #V60886		101,829
	14,849	3.00%, 8/1/30, Pool #J32436		15,756
	82,107	2.50%, 8/1/30, Pool #V60902		85,573
	24,231	3.00%, 8/1/30, Pool #V60909		25,506
	235,773	2.50%, 9/1/30, Pool #V60904		245,496
	76,364	2.50%, 9/1/30, Pool #V60903		79,254


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	7,286,322	Class X1, Series K1211.03%, 10/25/30, Callable 7/25/30 @ 100.00	$	550,919
	197,000	1.87%, 3/15/31(c)		167,699
	190,000	6.75%, 3/15/31^		272,630
	398,091	2.50%, 4/1/31, Pool #G16186		414,983
	8,463	3.00%, 10/1/32, Pool #J37706		8,874
	10,222	3.00%, 11/1/32, Pool #J37835		10,714
	8,446	3.00%, 12/1/32, Pool #J38060		8,852
	2,801,232	2.50%, 4/1/33, Pool #ZS8087		2,906,758
	127,687	3.50%, 1/1/34, Pool #ZS9068		138,783
	80,656	5.50%, 2/1/35, Pool #G04692		93,545
	492,536	3.50%, 5/1/35, Pool #SC0063		525,231
	55,820	3.00%, 9/1/37, Pool #ZA2471		58,796
	1,141,457	3.00%, 6/1/38, Pool #SC0111		1,199,426
	128,120	6.00%, 4/1/39, Pool #G07613		155,109
	18,040	4.50%, 12/1/39, Pool #A90196		19,828
	657,300	3.50%, 1/1/40, Pool #RB5028		694,086
	77,197	3.50%, 2/1/40, Pool #RB5034		81,517
	17,642	4.50%, 7/1/40, Pool #A93010		19,336
	19,219	4.00%, 8/1/40, Pool #A93534		20,969
	132,201	4.00%, 9/1/40, Pool #A93851		146,420
	372,075	4.50%, 9/1/40, Pool #A93700		407,953
	29,606	4.00%, 10/1/40, Pool #A95923		32,791
	17,167	4.00%, 11/1/40, Pool #A94779		19,019
	19,683	4.00%, 11/1/40, Pool #A94977		21,802
	21,809	4.00%, 11/1/40, Pool #A95144		24,137
	1,228	4.00%, 4/1/41, Pool #Q00093		1,338
	44,009	4.50%, 5/1/41, Pool #Q00804		48,225
	51,186	4.50%, 5/1/41, Pool #Q00959		56,120
	283,715	Class FL, Series 42480.56%(US0001M+45bps), 5/15/41		284,685
	315,284	5.50%, 6/1/41, Pool #G07553		358,994
	63,169	5.00%, 10/1/41, Pool #G07642		70,586
	25,757	4.00%, 10/1/41, Pool #Q03841		28,875
	32,639	4.00%, 10/1/41, Pool #Q04022		36,567
	163,568	3.50%, 4/1/42, Pool #C03811		175,603
	145,583	3.50%, 4/1/42, Pool #Q07417		156,295
	14,494	3.50%, 5/1/42, Pool #Q08239		15,458
	4,983	3.50%, 5/1/42, Pool #Q08306		5,316
	138,637	3.50%, 8/1/42, Pool #G07106		148,879
	21,220	3.50%, 8/1/42, Pool #Q12162		22,800
	8,170	3.50%, 10/1/42, Pool #Q11909		8,776
	192,482	3.00%, 1/1/43, Pool #Q14866		204,333
	145,516	3.00%, 3/1/43, Pool #Q16673		153,429
	92,242	3.00%, 3/1/43, Pool #Q16403		97,218
	99,515	3.50%, 6/1/43, Pool #Q18718		108,481
	134,614	3.50%, 7/1/43, Pool #Q20206		146,135
	62,047	4.00%, 9/1/43, Pool #Q21579		68,405
	122,269	4.50%, 12/1/43, Pool #G60018		132,197
	175,782	4.50%, 12/1/43, Pool #Q23779		190,994
	15,417	3.50%, 1/1/44, Pool #Q24368		16,741
	984,377	Class XZ, Series 43164.50%, 3/15/44		1,130,400
	67,837	4.00%, 4/1/44, Pool #Q25643		74,583
	665,105	3.50%, 4/1/44, Pool #G07848		722,753
	1,220,811	Class ZX , Series 43524.00%, 4/15/44		1,313,576
	17,233	3.50%, 5/1/44, Pool #Q26218		18,795


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	78,273	3.50%, 6/1/44, Pool #Q28764	$	84,024
	2,141,858	3.00%, 6/1/44, Pool #SD0498		2,276,905
	65,858	4.00%, 7/1/44, Pool #G60901		71,374
	14,688	3.50%, 7/1/44, Pool #Q27319		16,018
	24,943	3.50%, 9/1/44, Pool #Q28604		27,231
	2,278,345	3.50%, 9/1/44, Pool #SD0481		2,476,202
	2,276,767	4.00%, 1/1/45, Pool #SD0478		2,498,065
	2,623,936	4.00%, 1/1/45, Pool #SD0490		2,861,093
	8,688	4.00%, 2/1/45, Pool #Q31128		9,624
	22,663	4.00%, 2/1/45, Pool #Q31338		25,108
	3,359,038	4.00%, 9/1/45, Pool #SD0507		3,716,558
	18,451	3.50%, 9/1/45, Pool #Q36302		20,145
	25,183	4.00%, 12/1/45, Pool #Q37955		27,893
	21,355	4.00%, 12/1/45, Pool #Q37957		23,600
	1,545,539	3.50%, 3/1/46, Pool #SD0485		1,657,816
	485,180	Class FB, Series 46060.61%(US0001M+50bps), 8/15/46		491,684
	781,689	3.00%, 9/1/46, Pool #Q42979		825,150
	272,313	3.00%, 9/1/46, Pool #G60718		287,295
	307,881	3.50%, 9/1/46, Pool #SD0486		329,422
	943,329	3.00%, 12/1/46, Pool #V82781		991,479
	83,288	3.00%, 12/1/46, Pool #Q45083		89,085
	161,781	3.00%, 12/1/46, Pool #Q45080		172,021
	285,348	3.00%, 12/1/46, Pool #Q45064		301,176
	771,779	3.00%, 2/1/47, Pool #SD0496		821,821
	484,333	3.50%, 3/1/47, Pool #G60968		540,389
	1,127,678	4.50%, 7/1/47, Pool #G61047		1,239,922
	849,630	4.00%, 7/1/47, Pool #SD0504		923,747
	424,903	3.50%, 10/1/47, Pool #G61178		460,129
	537,996	3.50%, 12/1/47, Pool #G61208		582,613
	114,517	3.50%, 1/1/48, Pool #Q53648		123,781
	72,367	3.50%, 1/1/48, Pool #Q53630		78,364
	515,870	3.50%, 1/1/48, Pool #ZS4751		545,873
	499,760	3.50%, 2/1/48, Pool #ZT1353		530,796
	753,412	4.00%, 4/1/48, Pool #SD0489		833,414
	1,271,145	4.50%, 8/1/48, Pool #G67715		1,407,493
	3,617,016	4.00%, 8/1/48, Pool #SD0492		3,988,775
	2,996,166	4.00%, 5/1/49, Pool #SD0488		3,232,173
	13,833	3.00%, 7/1/50, Pool #QB1158		14,674
	124,429	3.00%, 7/1/50, Pool #QB1479		132,353
	13,996	3.00%, 7/1/50, Pool #QB1488		14,977
	33,655	3.00%, 7/1/50, Pool #QB1486		36,039
	100,922	3.00%, 8/1/50, Pool #QB2339		108,064
	994,814	3.00%, 8/1/50, Pool #RA3282		1,050,638
	998,763	3.00%, 8/1/50, Pool #RA3313		1,037,841
	1,256,055	3.00%, 12/1/50, Pool #SD0519		1,311,689
	1,145,065	4.00%, 12/1/50, Pool #SD0520		1,244,852
	3,741,998	2.00%, 10/1/51, Pool #RA6071		3,736,180

				63,554,005

Federal Home Loan Bank (0.2%)
	4,080,000	3.56%, 5/16/33		4,793,229

	Total U.S. Government Agency Mortgages (Cost $737,872,602)			743,105,192

U.S. Treasury Obligations (31.8%):
U.S. Treasury Bills (5.0%)
	134,310,000	, 1/25/22(c)		134,306,718


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds (12.7%)
$	2,480,000	5.38%, 2/15/31	$	3,317,000
	14,025,000	4.75%, 2/15/37		19,919,883
	10,000,000	5.00%, 5/15/37		14,581,250
	16,745,000	1.13%, 8/15/40		14,662,341
	35,585,000	1.88%, 2/15/41		35,329,233
	36,860,000	1.75%, 8/15/41		35,846,350
	8,765,000	2.00%, 11/15/41		8,890,997
	29,385,000	3.13%, 11/15/41		35,436,473
	7,022,500	3.63%, 8/15/43		9,141,320
	1,205,000	3.13%, 8/15/44		1,468,782
	15,000	2.50%, 2/15/45		16,566
	955,000	3.00%, 5/15/45		1,146,895
	1,770,000	2.88%, 8/15/45		2,086,111
	12,235,000	3.00%, 11/15/45		14,762,292
	22,700,000	2.25%, 8/15/46		24,090,375
	6,855,000	2.88%, 11/15/46		8,142,455
	3,293,000	3.00%, 2/15/47		4,002,024
	3,105,000	2.75%, 11/15/47		3,629,939
	5,645,000	3.00%, 2/15/48		6,917,771
	30,570,000	3.13%, 5/15/48(d)		38,341,467
	4,055,000	3.38%, 11/15/48		5,325,989
	8,700,000	3.00%, 2/15/49		10,739,062
	125,000	2.88%, 5/15/49		151,172
	10,975,000	1.25%, 5/15/50		9,363,047
	16,515,000	1.38%, 8/15/50		14,535,780
	11,849,000	1.63%, 11/15/50		11,088,072
	9,092,000	1.88%, 11/15/51		9,063,588

				341,996,234

U.S. Treasury Notes (14.1%)
	21,185,000	0.38%, 4/15/24		20,973,150
	5,570,000	2.00%, 5/31/24		5,723,175
	7,700,000	0.25%, 6/15/24		7,588,109
	43,620,000	0.75%, 11/15/24		43,388,269
	1,700,000	1.50%, 11/30/24		1,727,094
	5,615,000	1.75%, 12/31/24		5,743,970
	1,140,000	1.38%, 1/31/25		1,153,181
	20,065,000	1.13%, 2/28/25		20,143,379
	3,164,000	0.50%, 3/31/25		3,112,091
	16,246,000	0.38%, 4/30/25		15,890,619
	13,710,000	0.25%, 5/31/25		13,339,402
	890,000	3.00%, 10/31/25		952,161
	1,550,000	2.88%, 11/30/25		1,652,688
	7,810,000	0.38%, 12/31/25		7,573,259
	4,310,000	0.50%, 2/28/26		4,188,781
	8,275,000	2.25%, 3/31/26		8,634,445
	37,085,000	0.75%, 3/31/26		36,395,451
	7,832,000	0.75%, 4/30/26		7,680,255
	2,435,000	2.38%, 4/30/26		2,555,228
	12,592,000	0.75%, 5/31/26		12,340,160
	1,520,000	2.13%, 5/31/26		1,579,612
	2,407,000	1.88%, 6/30/26		2,475,449
	14,160,000	0.63%, 7/31/26		13,777,237
	2,430,000	1.88%, 7/31/26		2,500,242
	32,048,000	0.75%, 8/31/26		31,346,950
	18,485,000	1.25%, 11/30/26^		18,487,888
	8,900,000	1.25%, 12/31/26		8,897,219


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$	10,580,000	0.38%, 7/31/27	$	10,055,959
	3,345,000	0.50%, 8/31/27		3,193,952
	4,620,000	0.38%, 9/30/27		4,376,006
	5,455,000	1.25%, 6/30/28		5,403,007
	1,005,000	1.00%, 7/31/28		979,090
	3,458,000	2.88%, 8/15/28		3,778,946
	2,000,000	1.38%, 12/31/28		1,992,813
	255,000	2.38%, 5/15/29		271,973
	11,880,000	0.63%, 5/15/30		11,120,794
	9,750,000	0.63%, 8/15/30		9,104,063
	10,183,000	1.25%, 8/15/31		9,969,793
	18,543,000	1.38%, 11/15/31^		18,334,391

				378,400,251

	Total U.S. Treasury Obligations (Cost $838,651,439)			854,703,203

Certificates of Deposit (7.0%):
	27,100,000	Bank of Nova Scotia, 0.25%, 5/31/22		27,096,233
	26,945,000	Canadian Imperial Holding, 0.25%, 5/18/22		26,941,263
	26,940,000	Credit Suisse AG, 0.30%, 6/1/22		26,941,805
	25,800,000	Nordea Bank Abp New York, 0.21%, 6/17/22		25,788,571
	27,100,000	Royal Bank of Canada NY, 0.25%, 6/1/22		27,096,097
	27,100,000	Skandinav Enskilda BK NY, 0.25%, 5/31/22		27,096,233
	26,960,000	Svenska Handelsbanken, 0.26%, 5/24/22		26,958,059

	Total Certificates of Deposit (Cost $187,945,529)			187,918,261


Principal Amount			Value
Commercial Paper (2.6%):
Banks (2.2%):
$	21,440,000	Banco Santander SA, 0.00%, 1/11/22(c)	$	21,439,099
	21,250,000	DBS Bank, Ltd., 0.00%, 6/1/22(c)		21,221,950
	7,700,000	Macquarie Bank, Ltd., 0.00%, 2/2/22(c)		7,698,129
	8,975,000	Santander UK plc, 0.00%, 2/1/22(c)		8,974,031

				59,333,209

Financial Services (0.4%):
	10,010,000	Sumitomo Trust & Bank NY, 0.13%, 2/4/22(c)		10,008,759

	Total Commercial Paper (Cost $69,348,176)			69,341,968

Short-Term Security Held as Collateral for Securities on Loan (1.0%):
	25,879,541	BlackRock Liquidity FedFund, Institutional Class , 0.03%(c)(e)		25,879,541

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $25,879,541)			25,879,541


Shares			Value
Unaffiliated Investment Company (8.5%):
Money Markets (8.5%):
	229,213,158	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		229,213,158

	Total Unaffiliated Investment Company (Cost $229,213,158)			229,213,158

	Total Investment Securities (Cost $3,231,154,484) — 121.0%(f)			3,254,509,915
	Net other assets (liabilities) — (21.0)%			(564,777,359	)

	Net Assets — 100.0%		$	2,689,732,556

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2021:


Country	Percentage

Australia		0.3	%

Austria		—	%^†

Belgium		—	%^†

Brazil		—	%^†

Canada		2.7	%

Cayman Islands		1.0	%

Chile		0.2	%

China		—	%^†

Colombia		0.2	%

Denmark		0.3	%

Finland		0.8	%

France		0.6	%

Germany		0.3	%

Hungary		—	%^†

India		—	%^†

Indonesia		0.2	%

Ireland		0.3	%

Israel		—	%^†

Italy		—	%^†

Japan		0.9	%

Kazakstan		—	%^†

Kuwait		—	%^†

Luxembourg		0.3	%


Country	Percentage

Malaysia		—	%^†

Mexico		0.5	%

Netherlands		0.8	%

Norway		—	%^†

Panama		0.2	%

Peru		0.1	%

Philippines		0.2	%

Qatar		—	%^†

Republic of Korea (South)		0.1	%

Romania		—	%^†

Russian Federation		0.1	%

Saudi Arabia		0.1	%

Singapore		0.7	%

South Africa		—	%^†

Spain		0.9	%

Sweden		1.8	%

Switzerland		1.1	%

United Arab Emirates		—	%^†

United Kingdom		1.1	%

United States		84.1	%

Uruguay		0.1	%

		100.0	%

At December 31, 2021, the Fund’s open forward currency contracts were as follows:

Balances Reported in the Statement of Assets and Liabilities for Forward Currency Contracts

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	3,231,154,484

Investment securities, at value(a)	$	3,254,509,915
Cash		311
Interest and dividends receivable		11,681,462
Foreign currency, at value (cost $1,442,488)		1,451,548
Receivable for investments sold		41,707
Receivable for TBA investments sold		408,307,836
Prepaid expenses		13,265

Total Assets		3,676,006,044

Liabilities:
Unrealized depreciation on forward currency contracts		697,581
Payable for investments purchased		64,302,338
Payable for TBA investments purchased		891,508,125
Payable for capital shares redeemed		1,936
Payable for collateral received on loaned securities		25,879,541
Securities sold short (Proceeds received $1,786,167)		1,785,274
Payable for variation margin on futures contracts		188,900
Manager fees payable		801,506
Administration fees payable		438,881
Distribution fees payable		572,505
Custodian fees payable		13,562
Administrative and compliance services fees payable		3,801
Transfer agent fees payable		1,393
Trustee fees payable		21,347
Other accrued liabilities		56,798

Total Liabilities		986,273,488

Net Assets	$	2,689,732,556

Net Assets Consist of:
Paid in capital	$	2,637,658,467
Total distributable earnings		52,074,089

Net Assets	$	2,689,732,556

Shares of beneficial interest (unlimited number of shares authorized, no par value)		240,814,453
Net Asset Value (offering and redemption price per share)	$	11.17

(a)	Includes securities on loan of $25,240,299.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Interest	$	35,487,077
Dividends		31,075
Income from securities lending		45,505
Foreign withholding tax		(854	)

Total Investment Income		35,562,803

Expenses:
Management fees		8,568,532
Administration fees		962,130
Distribution fees		6,120,392
Custodian fees		80,274
Administrative and compliance services fees		25,742
Transfer agent fees		6,506
Trustee fees		109,714
Professional fees		102,677
Shareholder reports		42,448
Other expenses		41,730

Total expenses		16,060,145

Net Investment Income/(Loss)		19,502,658

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(3,702,815	)
Net realized gains/(losses) on forward currency contracts		8,681,809
Net realized gains/(losses) on futures contracts		10,138,751
Net realized gains/(losses) on securities held short		85,930
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(76,838,039	)
Change in net unrealized appreciation/depreciation on forward currency contracts		2,670,616
Change in net unrealized appreciation/depreciation on futures contracts		(615,338	)
Change in net unrealized appreciation/depreciation on securities held short		147,204

Net realized and Change in net unrealized gains/losses on investments		(59,431,882	)

Change in Net Assets Resulting From Operations	$	(39,929,224	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Enhanced Bond Index Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. A Fund will not pay for such securities or start earning interest on them until they are received. When a Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

payment. When the Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

To generate additional income, the Fund may lend up to 33¹⁄₃ % of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $4,505 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $25,879,541 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

The Fund may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of December 31, 2021, no collateral had been posted by the Fund to counterparties for TBAs.

During the year ended December 31, 2021, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2021, the monthly average notional amount for long contracts was $16.0 million and the monthly average notional amount for short contracts was $150.7 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

During the year ended December 31, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended December 31, 2021, the monthly average notional amount for long contracts was $309.3 million, and the monthly average notional amount for short contracts was $259.6 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2021:

As of December 31, 2021, the Fund’s derivative assets and liabilities by type were as follows:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), BlackRock Financial Management, Inc. (“BlackRock Financial”), which in turn has retained, effective December 1, 2021, BlackRock International Limited and BlackRock (Singapore) Limited (together, the “Sub-subadvisers”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and BlackRock Financial, BlackRock Financial and the Sub-subadvisers, respectively, provide investment advisory services as the Subadviser and Sub-subadvisers for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Sub-subadvisers are entitled to a fee payable by the Subadviser. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

Forward currency contracts are generally valued at the forward foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the year ended December 31, 2021, purchases and sales of long-term U.S. government securities were as follows:

may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Mortgage-Related and Other Asset-Backed Securities Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the Fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

price between those dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction costs and borrowing fees in connection with short sales.

The current outbreak of the novel strain of coronavirus, COVID-19, has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate otherpreexisting political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $3,232,395,652. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 25% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Enhanced Bond Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $53,721,461.

During the year ended December 31, 2021, the Fund declared net long-term capital gain distributions of $14,951,858.

reliance on the Exemptive Order was necessary and appropriate due to the circumstances related to the current and potential effects of the COVID-19 pandemic and determined to vote on the renewal of the Advisory Contracts at a meeting held by video conference call at which all Board members, including the Independent Trustees, participated and were able to hear each other simultaneously during the meeting. Accordingly, the Advisory Contracts were approved by the Board at a meeting on September 14, 2021. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2023. Additionally, at a subsequent meeting held November 16, 2021, the Board considered and approved a recommendation to add two new sub-subadvisors affiliated with the Subadviser to assist the Subadviser to the AZL Enhanced Bond Index Fund.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares) (the “Fund”) returned 11.65%. That compared to a 28.71%, (1.54)% and a 9.91% total return for its benchmarks, the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index, and the Income and Growth Composite Index, respectively.¹

Approximately 60% of the Fund’s underlying assets are managed by its subadviser, FIAM, LLC, investing primarily in investment-grade fixed-income securities, and approximately 40% of the Fund’s underlying assets are managed by another subadviser, Geode Capital Management, LLC, investing primarily in large-cap common stocks.

U.S. equity markets performed well in 2021, with market sentiment improving as concerns fueled by the pandemic wound down, corporate earnings growth recovered, and monetary and fiscal government support remained abundant. Value-oriented stocks benefitted from normalizing economic conditions early in the year. As the period progressed, though, the rapid spread of the Delta variant led to new questions about the sustainability of the economic recovery. Growth-oriented companies regained momentum during the closing months of the year as markets remained resilient, balancing an outlook of general economic growth with the potential impact of rising inflation and subsequent monetary policy actions.

Meanwhile, the U.S. bond market experienced negative returns in 2021. The vaccine rollout, as well as the substantial fiscal stimulus, boosted yields at the beginning of the year. As the economy followed an uneven path to recovery over the ensuing months, the U.S. Federal Reserve (the “Fed”) maintained relatively low interest rates, helping to flatten the yield curve. Rising inflation toward the end of the year led to a more hawkish tone from the Fed, pushing yields higher and keeping bond prices low for the year.

The Fund outperformed its composite benchmark during the period, and the Fund’s equity component outperformed its equity benchmark, the S&P 500^® Index. With value-oriented stocks performing well during the early part of the year and growth-oriented stocks getting a boost in the closing months, the Fund’s diversified and balanced approach to stock selection across various factors translated into positive relative returns. Stock selection in the consumer discretionary, industrials and communication services sectors was the largest contributor to relative returns, while stock selection in information technology and financials was the largest detractor. An overweight position in energy also contributed positively to relative returns.

The Fund’s fixed-income component also outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. High-yield corporate bonds, which performed well over the year amid economic optimism, were a significant driver of relative returns. An underweight position in mortgage-backed securities also boosted relative returns, as this sector saw wider spreads after reaching historically high levels early in the year. In addition, the Fund’s holdings of Treasury Inflation Protected Securities (TIPS) contributed to relative performance, as the market priced in much higher levels of inflation.

The Fund held futures to equitize its cash positions during the period. Exposure to this form of derivative did not materially impact the Fund’s performance.

Past performance does not guarantee future results.

The Fund’s portfolio composition is subject to change. There is no guarantee that a ny sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund’s holdings and weightings are as of December 31, 2021.

¹	For a complete description of the Fund’s performance benchmarks please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to seek a high level of current income while maintaining prospects for capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in a combination of subportfolios or strategies.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), real estate operating companies (REOCs), and foreign real estate companies, and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.

High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception¹
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 1 Shares)		6/21/2021		—			—			—			—			6.03	%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares)		10/23/2009		11.65	%		14.11	%		10.10	%		8.47	%		7.79	%
S&P 500^® Index		10/23/2009		28.71	%		26.07	%		18.47	%		16.55	%		15.24	%
Bloomberg U.S. Aggregate Bond Index		10/23/2009		(1.54	)%		4.79	%		3.57	%		2.90	%		3.56	%
Income & Growth Composite Index		10/23/2009		9.91	%		13.49	%		9.78	%		8.48	%		8.46	%

¹	Not annualized for periods less than one year.


Expense Ratios	Gross
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 1 Shares)		0.78	%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares)		1.03	%

The above expense ratios are based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratios can be found in the Financial Highlights.

The Fund’s performance is measured against the Standard and Poor’s 500 Index (“S&P 500^®”), the Bloomberg U.S. Aggregate Bond Index and the Income & Growth Composite Index (“Composite”). The S&P 500^® is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The Composite is a blended index comprised of (40%) S&P 500^® and (60%) Bloomberg U.S. Aggregate Bond Index. These indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (42.0%):
Aerospace & Defense (0.4%):
	1,708	Axon Enterprise, Inc.*	$	268,156
	13,250	Lockheed Martin Corp.		4,709,183
	31,724	Mercury Systems, Inc.*		1,746,723
	18,306	Moog, Inc., Class A		1,482,237

				8,206,299

Air Freight & Logistics (0.2%):
	6,995	FedEx Corp.		1,809,187
	5,410	United Parcel Service, Inc., Class B		1,159,579

				2,968,766

Automobiles (1.0%):
	96,716	Ford Motor Co.		2,008,791
	15,611	Tesla, Inc.*		16,497,393
	6,862	Thor Industries, Inc.		712,070

				19,218,254

Banks (1.9%):
	186,818	Bank of America Corp.		8,311,533
	101,274	Citigroup, Inc.		6,115,937
	2,335	Fifth Third Bancorp		101,689
	4,617	First Republic Bank		953,457
	8,290	Hancock Whitney Corp.		414,666
	74,663	JPMorgan Chase & Co.		11,822,886
	19,953	Regions Financial Corp.		434,975
	30,824	U.S. Bancorp		1,731,384
	103,925	Wells Fargo & Co.		4,986,321

				34,872,848

Beverages (0.4%):
	108,025	Coca-Cola Co. (The)		6,396,160
	5,961	Monster Beverage Corp.*		572,495
	3,083	PepsiCo, Inc.		535,548

				7,504,203

Biotechnology (1.1%):
	3,525	AbbVie, Inc.		477,285
	21,136	Amgen, Inc.		4,754,966
	3,323	Biogen, Inc.*		797,254
	66,756	Gilead Sciences, Inc.		4,847,153
	17,940	Incyte Corp.*		1,316,796
	3,563	Moderna, Inc.*		904,931
	3,213	Regeneron Pharmaceuticals, Inc.*		2,029,074
	8,574	United Therapeutics Corp.*		1,852,670
	12,019	Vertex Pharmaceuticals, Inc.*		2,639,372

				19,619,501

Capital Markets (1.0%):
	3,925	Ameriprise Financial, Inc.		1,184,015
	14,347	Goldman Sachs Group, Inc. (The)		5,488,445
	5,928	LPL Financial Holdings, Inc.		949,014
	54,068	Morgan Stanley		5,307,315
	2,195	MSCI, Inc., Class A		1,344,855
	2,281	Northern Trust Corp.		272,830
	8,310	Raymond James Financial, Inc.		834,324
	3,565	S&P Global, Inc.		1,682,430
	36,551	SEI Investments Co.		2,227,418

				19,290,646

Chemicals (0.6%):
	48,308	CF Industries Holdings, Inc.		3,419,240
	38,793	Chemours Co. (The)		1,301,893


Shares			Value
Common Stocks, continued
Chemicals, continued
	9,040	Corteva, Inc.	$	427,411
	40,278	Dow, Inc.		2,284,568
	12,939	DuPont de Nemours, Inc.		1,045,212
	2,006	Eastman Chemical Co.		242,546
	13,305	FMC Corp.		1,462,087

				10,182,957

Commercial Services & Supplies (0.1%):
	1,205	Cintas Corp.		534,020
	1,556	Copart, Inc.*		235,921
	11,111	Republic Services, Inc., Class A		1,549,429

				2,319,370

Communications Equipment (0.4%):
	124,368	Cisco Systems, Inc.		7,881,200

Construction & Engineering (0.1%):
	12,453	EMCOR Group, Inc.		1,586,388

Consumer Finance (0.4%):
	26,245	Capital One Financial Corp.		3,807,887
	17,423	Discover Financial Services		2,013,402
	12,950	OneMain Holdings, Inc.		648,018
	4,072	Synchrony Financial		188,900

				6,658,207

Containers & Packaging (0.1%):
	47,712	Westrock Co.		2,116,504

Distributors (0.2%):
	23,402	Genuine Parts Co.		3,280,960

Diversified Financial Services (0.9%):
	49,349	Berkshire Hathaway, Inc., Class B*		14,755,351
	65,938	Jefferies Financial Group, Inc.		2,558,394

				17,313,745

Diversified Telecommunication Services (0.4%):
	1,791	Frontier Communications Parent, Inc.*		52,816
	134,933	Verizon Communications, Inc.		7,011,119

				7,063,935

Electric Utilities (0.4%):
	6,850	Duke Energy Corp.		718,565
	33,754	Hawaiian Electric Industries, Inc.		1,400,791
	2,825	IDACORP, Inc.		320,101
	51,006	NextEra Energy, Inc.		4,761,920
	12,574	Portland General Electric Co.		665,416

				7,866,793

Electrical Equipment (0.5%):
	27,725	AMETEK, Inc.		4,076,684
	18,828	Atkore, Inc.*		2,093,485
	33,811	Emerson Electric Co.		3,143,409

				9,313,578

Electronic Equipment, Instruments & Components (0.4%):
	91,492	National Instruments Corp.		3,995,456
	84,489	Vontier Corp.		2,596,347

				6,591,803

Energy Equipment & Services (0.2%):
	52,758	Halliburton Co.		1,206,575
	105,008	Schlumberger, Ltd.		3,144,990

				4,351,565


Shares			Value
Common Stocks, continued
Entertainment (0.5%):
	40,290	Activision Blizzard, Inc.	$	2,680,494
	25,986	Electronic Arts, Inc.		3,427,553
	4,096	Netflix, Inc.*		2,467,594
	9,331	Walt Disney Co. (The)*		1,445,279

				10,020,920

Equity Real Estate Investment Trusts (1.1%):
	27,861	American Homes 4 Rent, Class A		1,215,018
	6,783	Apartment Income REIT Corp.		370,827
	5,156	AvalonBay Communities, Inc.		1,302,354
	19,549	Crown Castle International Corp.		4,080,658
	5,368	CubeSmart		305,493
	3,694	Douglas Emmett, Inc.		123,749
	1,136	EastGroup Properties, Inc.		258,838
	1,933	Extra Space Storage, Inc.		438,269
	8,696	First Industrial Realty Trust, Inc.		575,675
	18,324	National Storage Affiliates Trust		1,268,021
	10,097	Public Storage, Inc.		3,781,932
	53,024	Realty Income Corp.		3,795,988
	3,106	SBA Communications Corp.		1,208,296
	50,652	Weyerhaeuser Co.		2,085,850

				20,810,968

Food & Staples Retailing (0.7%):
	9,643	Costco Wholesale Corp.		5,474,331
	2,231	Kroger Co. (The)		100,975
	55,443	Walmart, Inc.		8,022,048

				13,597,354

Food Products (0.5%):
	104,842	Kraft Heinz Co. (The)		3,763,828
	41,889	Mondelez International, Inc., Class A		2,777,659
	22,181	Tyson Foods, Inc., Class A		1,933,296

				8,474,783

Gas Utilities (0.0%^†):
	1,490	UGI Corp.		68,406

Health Care Equipment & Supplies (1.2%):
	48,633	Abbott Laboratories		6,844,608
	33,055	Baxter International, Inc.		2,837,441
	4,148	Danaher Corp.		1,364,733
	29,223	Edwards Lifesciences Corp.*		3,785,840
	54,203	Hologic, Inc.*		4,149,782
	2,189	IDEXX Laboratories, Inc.*		1,441,369
	2,760	Medtronic plc		285,522
	17,358	Ortho Clinical Diagnostics Holdings plc*		371,288
	2,315	West Pharmaceutical Services, Inc.		1,085,758

				22,166,341

Health Care Providers & Services (1.2%):
	11,172	Anthem, Inc.		5,178,669
	13,527	Centene Corp.*		1,114,625
	27,889	CVS Health Corp.		2,877,029
	3,519	Laboratory Corp. of America Holdings*		1,105,705
	1,868	Molina Healthcare, Inc.*		594,174
	14,485	Select Medical Holdings Corp.		425,859
	21,374	UnitedHealth Group, Inc.		10,732,740

				22,028,801

Health Care Technology (0.0%^†):
	2,172	Veeva Systems, Inc., Class A*		554,903


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (0.9%):
	37,008	International Game Technology plc	$	1,069,901
	28,477	McDonald’s Corp.		7,633,829
	1,987	Papa John’s International, Inc.		265,205
	21,595	Scientific Games Corp., Class A*		1,443,194
	4,755	SeaWorld Entertainment, Inc.*		308,409
	23,800	Starbucks Corp.		2,783,886
	4,561	Travel + Leisure Co.		252,086
	44,395	Wendy’s Co. (The)		1,058,821
	8,175	Yum! Brands, Inc.		1,135,181

				15,950,512

Household Durables (0.3%):
	19,964	DR Horton, Inc.		2,165,096
	7,455	Lennar Corp., Class A		865,973
	33	NVR, Inc.*		194,992
	26,344	Toll Brothers, Inc.		1,907,042
	1,827	Whirlpool Corp.		428,724

				5,561,827

Household Products (0.7%):
	38,637	Colgate-Palmolive Co.		3,297,282
	55,585	Procter & Gamble Co. (The)		9,092,594

				12,389,876

Industrial Conglomerates (0.1%):
	3,235	3M Co.		574,633
	9,682	General Electric Co.		914,659
	5,161	Honeywell International, Inc.		1,076,120

				2,565,412

Insurance (0.5%):
	24,246	Brown & Brown, Inc.		1,704,009
	4,875	First American Financial Corp.		381,371
	1,295	Marsh & McLennan Cos., Inc.		225,097
	23,111	MetLife, Inc.		1,444,206
	18,718	Primerica, Inc.		2,868,908
	8,032	Travelers Cos., Inc. (The)		1,256,446
	12,750	WR Berkley Corp.		1,050,473

				8,930,510

Interactive Media & Services (2.7%):
	5,857	Alphabet, Inc., Class A*		16,967,963
	5,455	Alphabet, Inc., Class C*		15,784,533
	53,507	Meta Platforms, Inc., Class A*		17,997,080

				50,749,576

Internet & Direct Marketing Retail (1.5%):
	7,921	Amazon.com, Inc.*		26,411,307
	14,414	eBay, Inc.		958,531
	3,461	Expedia Group, Inc.*		625,472
	1,786	Shutterstock, Inc.		198,032

				28,193,342

IT Services (1.8%):
	3,111	Accenture plc, Class A		1,289,665
	12,714	Alliance Data Systems Corp.		846,371
	41,840	Amdocs, Ltd.		3,131,306
	5,837	Automatic Data Processing, Inc.		1,439,287
	10,624	Black Knight, Inc.*		880,623
	3,914	EPAM Systems, Inc.*		2,616,313


Shares			Value
Common Stocks, continued
IT Services, continued
	10,602	FleetCor Technologies, Inc.*	$	2,373,152
	6,640	Gartner, Inc.*		2,219,885
	19,043	GoDaddy, Inc., Class A*		1,615,989
	10,410	International Business Machines Corp.		1,391,401
	22,581	Mastercard, Inc., Class A		8,113,805
	8,524	PayPal Holdings, Inc.*		1,607,456
	27,293	Visa, Inc., Class A		5,914,666
	24,559	Western Union Co. (The.)		438,132

				33,878,051

Leisure Products (0.1%):
	13,154	Brunswick Corp.		1,325,002

Life Sciences Tools & Services (0.6%):
	6,754	Agilent Technologies, Inc.		1,078,276
	1,680	Bio-Techne Corp.		869,131
	353	Mettler-Toledo International, Inc.*		599,115
	10,963	Thermo Fisher Scientific, Inc.		7,314,952
	1,491	Waters Corp.*		555,547

				10,417,021

Machinery (0.5%):
	10,223	AGCO Corp.		1,186,073
	44,855	Allison Transmission Holdings, Inc.		1,630,479
	11,741	Caterpillar, Inc.		2,427,334
	6,460	Cummins, Inc.		1,409,184
	3,447	Deere & Co.		1,181,942
	2,617	Parker-Hannifin Corp.		832,520

				8,667,532

Media (0.2%):
	80,981	Comcast Corp., Class A		4,075,774

Metals & Mining (0.1%):
	40,868	Alcoa Corp.		2,434,916

Mortgage Real Estate Investment Trusts (0.0%^†):
	8,350	Blackstone Mortgage Trust, Inc., Class A		255,677

Multiline Retail (0.4%):
	6,431	Dollar General Corp.		1,516,623
	21,185	Target Corp.		4,903,056

				6,419,679

Multi-Utilities (0.2%):
	57,069	MDU Resources Group, Inc.		1,760,008
	6,441	Public Service Enterprise Group, Inc.		429,808
	19,747	WEC Energy Group, Inc.		1,916,841

				4,106,657

Oil, Gas & Consumable Fuels (1.5%):
	12,003	APA Corp.		322,761
	17,981	Chevron Corp.		2,110,070
	80,363	ConocoPhillips		5,800,601
	23,061	Continental Resources, Inc.		1,032,210
	5,526	Denbury, Inc.*		423,236
	12,475	Devon Energy Corp.		549,524
	50,301	EOG Resources, Inc.		4,468,238
	138,200	Exxon Mobil Corp.		8,456,458
	7,983	Hess Corp.		590,982
	37,050	Kinder Morgan, Inc.		587,613
	109,275	Marathon Oil Corp.		1,794,296
	5,210	Matador Resources Co.		192,353


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	13,689	Murphy Oil Corp.	$	357,420
	4,454	Occidental Petroleum Corp.		129,121
	415	PDC Energy, Inc.		20,244
	2,649	Pioneer Natural Resources Co.		481,800
	4,011	Sanchez Energy Corp.*(a)		144,324
	699	Texas Pacific Land Corp.		872,960

				28,334,211

Paper & Forest Products (0.0%^†):
	6,627	Louisiana-Pacific Corp.		519,226

Pharmaceuticals (1.8%):
	107,108	Bristol-Myers Squibb Co.		6,678,184
	5,497	Eli Lilly & Co.		1,518,381
	66,396	Johnson & Johnson		11,358,364
	89,123	Merck & Co., Inc.		6,830,386
	132,557	Pfizer, Inc.		7,827,491

				34,212,806

Professional Services (0.1%):
	4,878	CoStar Group, Inc.*		385,508
	93	IHS Markit, Ltd.		12,362
	8,465	Korn Ferry		641,054
	5,938	TriNet Group, Inc.*		565,654

				1,604,578

Road & Rail (0.5%):
	67,295	CSX Corp.		2,530,292
	1,496	Norfolk Southern Corp.		445,374
	6,359	Old Dominion Freight Line, Inc.		2,278,938
	18,231	Union Pacific Corp.		4,592,936

				9,847,540

Semiconductors & Semiconductor Equipment (2.8%):
	15,896	Advanced Micro Devices, Inc.*		2,287,434
	29,681	Applied Materials, Inc.		4,670,602
	13,815	Broadcom, Inc.		9,192,639
	5,474	Cirrus Logic, Inc.*		503,717
	155,357	Intel Corp.		8,000,886
	13,485	Kulicke & Soffa Industries, Inc.		816,382
	436	Micron Technology, Inc.		40,613
	50,168	NVIDIA Corp.		14,754,911
	1,384	NXP Semiconductors NV		315,248
	44,689	Qualcomm, Inc.		8,172,277
	9,263	Semtech Corp.*		823,759
	17,796	Texas Instruments, Inc.		3,354,012
	353	Xilinx, Inc.		74,847

				53,007,327

Software (4.3%):
	11,717	Adobe, Inc.*		6,644,242
	136	Atlassian Corp. plc, Class A*		51,855
	108,267	Box, Inc.*		2,835,513
	9,232	Cadence Design Systems, Inc.*		1,720,383
	2,893	Crowdstrike Holdings, Inc., Class A*		592,342
	161,557	Dropbox, Inc., Class A*		3,964,609
	540	Intuit, Inc.		347,339
	145,220	Microsoft Corp.		48,840,390
	12,715	Nutanix, Inc., Class A*		405,100
	13,517	Oracle Corp.		1,178,818
	7,118	salesforce.com, Inc.*		1,808,897


Shares, Contracts or Principal Amount			Value
Common Stocks, continued
Software, continued
	3,756	ServiceNow, Inc.*	$	2,438,057
	19,535	SS&C Technologies Holdings, Inc.		1,601,479
	14,704	Synopsys, Inc.*		5,418,424
	24,471	VMware, Inc., Class A		2,835,700

				80,683,148

Specialty Retail (1.1%):
	4,090	AutoNation, Inc.*		477,916
	555	AutoZone, Inc.*		1,163,496
	15,218	Dick’s Sporting Goods, Inc.^		1,749,918
	9,660	Foot Locker, Inc.		421,466
	22,354	Home Depot, Inc. (The)		9,277,134
	10,843	Lithia Motors, Inc.		3,219,829
	4,951	Lowe’s Cos., Inc.		1,279,734
	2,890	O’Reilly Automotive, Inc.*		2,041,005
	3,850	Ulta Beauty, Inc.*		1,587,509

				21,218,007

Technology Hardware, Storage & Peripherals (3.0%):
	285,682	Apple, Inc.		50,728,553
	86,439	HP, Inc.		3,256,157
	16,418	NetApp, Inc.		1,510,292
	12,856	Western Digital Corp.*		838,340

				56,333,342

Textiles, Apparel & Luxury Goods (0.2%):
	24,081	Nike, Inc., Class B		4,013,580

Tobacco (0.0%^†):
	11,944	Altria Group, Inc.		566,026

Trading Companies & Distributors (0.2%):
	13,409	MSC Industrial Direct Co., Inc.		1,127,160
	3,216	W.W. Grainger, Inc.		1,666,660

				2,793,820

	Total Common Stocks (Cost $682,315,202)			784,984,973

Preferred Stock (0.0%^†):
Electric Utilities (0.0%^†):
	1,000	PG&E Corp., 5.50%, 8/16/23		115,680

	Total Preferred Stock (Cost $117,395)			115,680

Warrants (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	63	California Resources Corp., 10/27/24		781
	4,538	Occidental Petroleum Corp., 8/3/27		57,224

				58,005

	Total Warrants (Cost $50,290)			58,005

Asset Backed Securities (0.5%):
$	874,008	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b)		788,119
	198,709	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(b)		186,487
	163,801	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(b)		146,767
	220,161	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(b)		191,943


Principal Amount			Value
Asset Backed Securities, continued
$	817,471	Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(b)	$	801,267
	1,475,000	Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(b)		1,464,095
	244,877	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(b)		174,268
	262,621	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(b)		250,068
	537,992	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		537,126
	96,354	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		96,479
	1,146,349	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(b)		1,131,398
	186,315	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(b)		175,374
	243,533	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(b)		240,074
	240,164	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(b)		235,250
	231,566	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(b)		234,001
	367,477	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(b)		361,531
	354,200	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b)		368,150
	219,019	Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(b)		214,601
	200,632	Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(b)		194,634
	215,600	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b)		221,594
	243,372	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(b)		235,951
	238,365	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(b)		231,465
	233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(b)		201,968
	239,006	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)		236,878
	344,435	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(b)(c)		338,074
	348,821	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(b)		345,347

	Total Asset Backed Securities (Cost $9,914,283)			9,602,909

Collateralized Mortgage Obligations (4.6%):
	250,000	AIMCO CLO, Class AR, Series 2018-BA, 1.22%(US0003M+110bps), 1/15/32, Callable 7/15/22 @ 100(b)		250,406
	523,000	Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 1.25%(US0003M+113bps), 10/17/34, Callable 1/17/24 @ 100(b)		521,775


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	310,000	Aimco CLO 12, Ltd., Class A, Series 2020-12A, 1.33%(US0003M+121bps), 1/17/32, Callable 1/17/22 @ 100(b)	$	309,783
	387,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A, 1.12%(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(b)		386,725
	250,000	Allegany Park CLO, Ltd., Class A, Series 2019-1A, 1.46%(US0003M+133bps), 1/20/33, Callable 1/20/22 @ 100(b)		250,040
	250,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 1.27%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(b)		249,576
	2,812,000	Allegro CLO XIV, Ltd., Class A1, Series 2021-2A, 1.24%(US0003M+116bps), 10/15/34, Callable 10/15/23 @ 100(b)		2,810,363
	256,000	Ares CLO, Ltd., Class A, Series 2019-54A, 1.44%(US0003M+132bps), 10/15/32, Callable 1/15/22 @ 100(b)		256,039
	853,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 1.25%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(b)		852,522
	476,000	Ares LVIII CLO, Ltd., Class A, Series 2020-58A, 1.34%(US0003M+122bps), 1/15/33, Callable 1/15/22 @ 100(b)		476,059
	273,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 1.19%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(b)		271,961
	177,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(b)		180,411
	30,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 9/15/29 @ 100		31,581
	310,000	Barings CLO, Ltd., Class A, Series 2020-4A, 1.35%(US0003M+122bps), 1/20/32, Callable 1/20/22 @ 100(b)		310,004
	536,000	Barings CLO, Ltd., Class AR, Series 2020-1A, 1.27%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(b)		536,094
	540,000	Beechwood Park CLO, Ltd., Class A1, Series 2019-1A, 1.45%(US0003M+133bps), 1/17/33, Callable 1/17/22 @ 100(b)		540,099
	34,000	Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51(c)		38,117
	808,000	Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 1.27%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(b)		807,520
	139,000	BFLD Trust, Class A, Series 2020-OBRK, 2.16%(US0001M+205bps), 11/15/22(b)		139,748
	309,000	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 1.11%(US0003M+99bps), 4/15/29, Callable 1/15/22 @ 100(b)		308,432
	5,017,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 1.11%(US0001M+100bps), 4/15/34(b)		5,007,555
	172,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 1.41%(US0001M+130bps), 4/15/34(b)		170,930


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	113,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 1.71%(US0001M+160bps), 4/15/34(b)	$	111,866
	127,761	BX Commercial Mortgage Trust, Class B, Series 2020-BXLP, 1.11%(US0001M+100bps), 12/15/29(b)		127,610
	309,400	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 1.91%(US0001M+180bps), 10/15/36(b)		308,806
	94,500	BX Commercial Mortgage Trust, Class F, Series 2018-IND, 1.91%(US0001M+180bps), 11/15/35(b)		94,416
	89,804	BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 2.73%(US0001M+263bps), 9/15/37(b)		76,566
	170,246	BX Commercial Mortgage Trust, Class A, Series 2020-FOX, 1.11%(US0001M+100bps), 11/15/32(b)		170,182
	119,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 2.01%(US0001M+190bps), 4/15/34(b)		117,507
	124,100	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 1.19%(US0001M+108bps), 10/15/36(b)		123,962
	220,150	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 1.56%(US0001M+145bps), 10/15/36(b)		219,725
	101,040	BX Commercial Mortgage Trust, Class C, Series 2020-BXLP, 1.23%(US0001M+112bps), 12/15/29(b)		100,803
	354,057	BX Commercial Mortgage Trust, Class A, Series 2020-BXLP, 0.91%(US0001M+80bps), 12/15/29(b)		353,848
	119,411	BX Commercial Mortgage Trust, Class E, Series 2020-BXLP, 1.71%(US0001M+160bps), 12/15/29(b)		118,890
	156,153	BX Commercial Mortgage Trust, Class D, Series 2020-BXLP, 1.36%(US0001M+125bps), 12/15/29(b)		155,559
	155,550	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 1.36%(US0001M+125bps), 10/15/36(b)		155,292
	730,000	BX Mortgage Trust, Class E, Series 2021-PAC, 2.06%(US0001M+195bps), 10/15/36(b)		727,698
	210,000	BX Mortgage Trust, Class D, Series 2021-PAC, 1.41%(US0001M+130bps), 10/15/36(b)		209,615
	1,081,000	BX Mortgage Trust, Class A, Series 2021-PAC, 0.80%(US0001M+69bps), 10/15/36(b)		1,078,991
	162,000	BX Mortgage Trust, Class B, Series 2021-PAC, 1.01%(US0001M+90bps), 10/15/36(b)		161,626
	216,000	BX Mortgage Trust, Class C, Series 2021-PAC, 1.21%(US0001M+110bps), 10/15/36(b)		215,603
	5,000,000	BX Trust, Class A, Series 2021-SOAR, 0.78%(US0001M+67bps), 6/15/38(b)		4,971,300
	632,619	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 6/25/22 @ 100(b)(c)		631,722


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	17,105,000	Cedar Funding V CLO, Ltd., Class A1R, Series 2016-5A, 1.22%(US0003M+110bps), 7/17/31, Callable 1/17/22 @ 100(b)	$	17,104,978
	235,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 1.18%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(b)		233,441
	643,000	Cedar Funding X CLO, Ltd., Class AR, Series 2019-10A, 1.23%(US0003M+110bps), 10/20/32, Callable 10/20/22 @ 100(b)		642,738
	485,000	Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 1.26%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		483,872
	403,058	CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 1.23%(US0001M+112bps), 6/15/34(b)		402,572
	99,275	CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 1.61%(US0001M+150bps), 6/15/34(b)		98,650
	99,275	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 1.86%(US0001M+175bps), 6/15/34(b)		98,408
	204,000	CIM Retail Portfolio Trust, Class D, Series 2021-RETL, 3.16%(US0001M+305bps), 8/15/36(b)		202,001
	222,000	CIM Retail Portfolio Trust, Class B, Series 2021-RETL, 2.01%(US0001M+190bps), 8/15/36(b)		220,664
	165,000	CIM Retail Portfolio Trust, Class C, Series 2021-RETL, 2.41%(US0001M+230bps), 8/15/36(b)		163,796
	721,000	CIM Retail Portfolio Trust, Class A, Series 2021-RETL, 1.51%(US0001M+140bps), 8/15/36(b)		719,226
	791,000	Columbia Cent CLO 29, Ltd., Class AR, Series 2020-29A, 1.32%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(b)		790,998
	410,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 1.44%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(b)		410,747
	310,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 1.33%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(b)		310,143
	57,000	Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 6/15/24 @ 100		60,061
	140,000	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 1.34%(US0001M+123bps), 5/15/36(b)		139,737
	3,766,000	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(b)		3,798,727
	860,000	CSMC Trust, Class D, Series 2017-PFHP, 2.36%(US0001M+225bps), 12/15/30(b)		856,182
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b)		101,472
	205,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b)		210,045
	100,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b)		98,219


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b)	$	100,646
	527,000	Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 1.31%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		526,787
	577,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 1.34%(US0003M+122bps), 1/18/32, Callable 1/18/22 @ 100(b)		577,045
	723,000	Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 1.27%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(b)		723,127
	420,000	Dryden 90 Clo, Ltd., Class A1A, Series 2021-90A, 1.29%(US0003M+113bps), 2/20/35(b)		419,743
	250,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 1.30%(US0003M+118bps), 4/17/33, Callable 4/17/22 @ 100(b)		250,097
	363,000	Eaton Vance CLO, Ltd., Class AR, Series 2019-1A, 1.22%(US0003M+110bps), 4/15/31, Callable 7/15/22 @ 100(b)		363,692
	930,000	Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 1.26%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(b)		929,214
	250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 1.37%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(b)		250,495
	1,469,000	ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 0.81%(US0001M+70bps), 11/15/38(b)		1,460,568
	447,671	Extended Stay America Trust, Class D, Series 2021-ESH, 2.36%(US0001M+225bps), 7/15/38(b)		447,671
	223,836	Extended Stay America Trust, Class C, Series 2021-ESH, 1.81%(US0001M+170bps), 7/15/38(b)		223,835
	303,421	Extended Stay America Trust, Class B, Series 2021-ESH, 1.49%(US0001M+138bps), 7/15/38(b)		303,421
	532,231	Extended Stay America Trust, Class A, Series 2021-ESH, 1.19%(US0001M+108bps), 7/15/38(b)		532,231
	300,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 1.46%(US0003M+130bps), 11/20/33, Callable 11/20/22 @ 100(b)		300,240
	250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 1.26%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(b)		249,155
	100,000	GS Mortgage Securities Corp. Trust, Class C, Series 2021-IP, 1.66%(US0001M+155bps), 10/15/36(b)		99,847
	100,000	GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 1.26%(US0001M+115bps), 10/15/36(b)		99,891
	643,000	GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 1.06%(US0001M+95bps), 10/15/36(b)		642,592
	556,000	Invesco CLO, Ltd., Class A, Series 2021-3A, 1.25%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(b)		554,691


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	87,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23(b)	$	88,568
	64,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23(b)		65,821
	41,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23(b)		42,290
	100,000	Life Mortgage Trust, Class C, Series 2021-BMR, 1.21%(US0001M+110bps), 3/15/38(b)		98,888
	100,000	Life Mortgage Trust, Class B, Series 2021-BMR, 0.99%(US0001M+88bps), 3/15/38(b)		98,923
	100,000	Life Mortgage Trust, Class E, Series 2021-BMR, 1.86%(US0001M+175bps), 3/15/38(b)		98,863
	100,000	Life Mortgage Trust, Class D, Series 2021-BMR, 1.51%(US0001M+140bps), 3/15/38(b)		98,895
	285,000	Life Mortgage Trust, Class A, Series 2021-BMR, 0.81%(US0001M+70bps), 3/15/38(b)		282,865
	250,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 1.33%(US0003M+121bps), 1/15/32, Callable 1/15/22 @ 100(b)		250,026
	320,000	Madison Park Funding L, Ltd., Class A, Series 2021-50A, 1.26%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(b)		319,999
	910,000	Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 1.19%(US0003M+110bps), 1/22/35(b)		908,374
	250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 1.24%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(b)		249,861
	250,000	Madison Park Funding, Ltd., Class A, Series 2019-33A, 1.45%(US0003M+133bps), 10/15/32, Callable 1/15/22 @ 100(b)		250,062
	236,276	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 1.05%(US0003M+92bps), 1/22/28, Callable 1/22/22 @ 100(b)		236,101
	250,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 1.15%(US0003M+102bps), 4/20/34, Callable 4/20/22 @ 100(b)		249,864
	280,000	Magnetite Xxix, Ltd., Class A, Series 2021-29A, 1.11%(US0003M+99bps), 1/15/34, Callable 1/15/22 @ 100(b)		280,095
	250,000	Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 1.27%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(b)		249,999
	968,000	Magnetite Xxx, Ltd., Class A, Series 2021-30A, 1.26%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		967,427
	500,000	Magnetite, Ltd., Class A, Series 24, 1.45%(US0003M+133bps), 1/15/33, Callable 1/15/22 @ 100(b)		500,036
	260,000	MHC Commercial Mortgage Trust, Class A, Series 2021-MHC, 0.91%(US0001M+80bps), 4/15/38(b)		259,459
	315,000	Milos CLO, Ltd., Class AR, Series 2017-1A, 1.20%(US0003M+107bps), 10/20/30, Callable 1/20/22 @ 100(b)		315,001


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	132,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 12/15/28 @ 100	$	149,336
	385,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(b)		395,002
	56,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)		56,618
	53,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)(c)		52,941
	236,041	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 1.36%(US0001M+125bps), 6/15/35(b)		236,612
	567,462	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 1.61%(US0001M+150bps), 6/15/35(b)		564,342
	326,000	Peace Park CLO, Ltd., Class A, Series 2021-1A, 1.27%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(b)		325,999
	91,792	Prima Capital CRE Securitization, Class A, Series 2021-9A, 1.55%(US0001M+145bps), 12/15/37(b)		91,734
	333,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A, 1.25%(US0003M+112bps), 4/20/34, Callable 4/20/23 @ 100(b)		332,821
	237,000	SREIT Trust, Class D, Series 2021-MFP, 1.68%(US0001M+158bps), 11/15/38(b)		236,773
	1,013,000	SREIT Trust, Class A, Series 2021-MFP, 0.83%(US0001M+73bps), 11/15/38(b)		1,007,602
	580,000	SREIT Trust, Class B, Series 2021-MFP, 1.18%(US0001M+108bps), 11/15/38(b)		576,518
	360,000	SREIT Trust, Class C, Series 2021-MFP, 1.43%(US0001M+133bps), 11/15/38(b)		355,657
	250,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 1.21%(US0003M+108bps), 4/20/33, Callable 4/20/22 @ 100(b)		249,454
	10,250,000	Taconic Park CLO, Ltd., Class A1R, Series 2016-1A, 1.13%(US0003M+100bps), 1/20/29, Callable 1/20/22 @ 100(b)		10,244,260
	20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(b)		20,002
	285,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(b)		283,336
	551,000	Voya CLO, Ltd., Class A1R, Series 2020-2A, 1.28%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(b)		550,999
	335,000	Voya CLO, Ltd., Class A, Series 2019-2, 1.40%(US0003M+127bps), 7/20/32, Callable 1/20/22 @ 100(b)		335,008
	564,000	Voya CLO, Ltd., Class AR, Series 2020-1A, 1.27%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(b)		563,368
	1,073,000	Voya CLO, Ltd., Class AR, Series 2020-3A, 1.28%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		1,071,745


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	155,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100	$	176,185
	185,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 1.31%(US0001M+120bps), 5/15/31(b)		184,772

	Total Collateralized Mortgage Obligations (Cost $85,335,033)			85,111,493

Convertible Bonds (0.0%^†):
Entertainment (0.0%^†):
	25,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		32,950

Hotels, Restaurants & Leisure (0.0%^†):
	37,000	Booking Holdings, Inc., 0.75%, 5/1/25^		54,547
	27,000	Vail Resorts, Inc., 0.00%, 1/1/26^		28,864

				83,411

Leisure Products (0.0%^†):
	19,000	Callaway Golf Co., 2.75%, 5/1/26		32,897

Media (0.0%^†):
	54,000	DISH Network Corp., 2.38%, 3/15/24		51,763
	146,000	DISH Network Corp., 3.38%, 8/15/26		136,746

				188,509

Oil, Gas & Consumable Fuels (0.0%^†):
	30,543	Mesquite Energy, Inc., 15.00%, 7/15/23(d)		105,985
	52,844	Mesquite Energy, Inc., 15.00%, 7/15/23(a)(d)		165,930

				271,915

Professional Services (0.0%^†):
	16,000	FTI Consulting, Inc., 2.00%, 8/15/23		24,718
	23,000	KBR, Inc., 2.50%, 11/1/23		43,621

				68,339

Semiconductors & Semiconductor Equipment (0.0%^†):
	8,000	ON Semiconductor Corp., 1.63%, 10/15/23		26,386

	Total Convertible Bonds (Cost $451,898)			704,407

Bank Loans (0.1%):
Chemicals (0.0%^†):
	14,963	Consolidated Energy Term Incr B 1Ln, 3.56% (LIBOR+350bps)		14,588
	20,000	Diversey Term B 1Ln, Amendment No 3 Refinancing TL 3.06% (LIBOR+300bps), 9/29/28		19,906

				34,494

Construction & Engineering (0.0%^†):
	35,000	Convergint Tech Term 2Ln, 7.50% (LIBOR+675bps), 3/31/29		34,913
	4,988	Convergint Tech Term B 1Ln, 4.25% (LIBOR+350bps), 3/31/28		4,981

				39,894

Consumer Discretionary Products (0.0%^†):
	34,254	Authentic Brands Term B2 1Ln, 3.56% (LIBOR+350bps), 1/31/29		33,997
	5,373	Authentic Brands Term B3 1Ln, 3.56% (LIBOR+350bps), 1/31/29		5,333

				39,330

Diversified Consumer Services (0.0%^†):
	15,000	Ascend Learning Term 2 Ln, 5.81% (LIBOR+575bps), 12/10/29		14,963


Principal Amount			Value
Bank Loans, continued
Diversified Consumer Services, continued
$	165,000	Ascend Learning Term B 1 Ln, 3.56% (LIBOR+350bps), 11/18/28	$	164,622

				179,585

Diversified Financial Services (0.0%^†):
	10,000	Intelsat Term B-4, 5.56% (LIBOR+550bps), 1/2/24		9,973
	131,789	Intelsat Term Dip Dd Superpriority 1Ln, 5.75% (LIBOR+475bps), 10/13/22		131,583

				141,556

Hotels, Restaurants & Leisure (0.1%):
	250,000	City Football Group Term B 1Ln, 3.56% (LIBOR+350bps), 7/21/28, Callable 2/7/22 @ 100(b)		248,125
	174,555	Diamond Sports Broadcasting Term B 1Ln, 3.31% (LIBOR+325bps), 8/24/26, Callable 2/7/22 @ 100(b)		80,440
	122,409	Golden Entertainment Term B 1Ln, 3.06% (LIBOR+300bps), 10/20/24, Callable 2/7/22 @ 100(b)		122,002

				450,567

Media (0.0%^†):
	5,373	Authentic Brands Term B1 1Ln, 3.56% (LIBOR+350bps), 1/31/29		5,346

Software (0.0%^†):
	3,385	Ion Analytics Term 1 Ln, 4.06% (LIBOR+400bps), 2/16/28		3,393

	Total Bank Loans (Cost $912,458)			894,165

Corporate Bonds (16.9%):
(0.0%^†):
	70,000	Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(b)		70,875
	190,000	Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(b)		195,700

				266,575

Aerospace & Defense (0.4%):
	1,145,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100		1,289,871
	145,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		169,239
	1,100,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		1,411,094
	100,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		135,461
	1,150,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		1,591,918
	310,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(b)		313,875
	445,000	BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(b)		451,675
	5,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		5,956
	145,000	Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(b)		145,906
	40,000	TransDigm, Inc., 6.88%, 5/15/26, Callable 2/7/22 @ 105.16		41,750


Principal Amount			Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	40,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 2/7/22 @ 103.19	$	41,050
	35,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 3/15/22 @ 103.75		36,531
	1,655,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 11/15/22 @ 102.75		1,700,513
	310,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44		310,000

				7,644,839

Air Freight & Logistics (0.0%^†):
	255,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(b)		259,781
	525,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 5/1/22 @ 103.13(b)		547,313

				807,094

Auto Components (0.0%^†):
	125,000	Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25		122,656

Automobiles (0.1%):
	40,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(b)		40,000
	270,000	Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)		265,275
	165,000	Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(b)		163,556
	240,000	Volkswagen Group of America Finance LLC, 2.90%, 5/13/22(b)		241,895
	209,000	Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(b)		214,999

				925,725

Banking (0.0%^†):
	70,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(b)		68,483

Banks (1.6%):
	3,840,000	Bank of America Corp., 4.20%, 8/26/24, MTN		4,109,487
	410,000	Bank of America Corp., Series L, 3.95%, 4/21/25, MTN		438,663
	151,000	Bank of America Corp., Series G, 4.45%, 3/3/26		166,247
	1,300,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		1,388,946
	980,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		962,401
	70,000	CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100		72,537
	165,000	CIT Group, Inc., 6.13%, 3/9/28		198,413
	730,000	Citigroup, Inc., Series V, 4.05%, 7/30/22		744,300
	2,455,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		2,564,876
	1,098,000	Citigroup, Inc., 4.30%, 11/20/26		1,214,802
	1,156,000	Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100		1,318,256
	4,105,000	JPMorgan Chase & Co., 3.88%, 9/10/24		4,361,029
	2,500,000	JPMorgan Chase & Co., 4.49% (SOFR+379 bps), 3/24/31, Callable 3/24/30 @ 100		2,891,182


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	181,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100	$	187,206
	3,705,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		3,795,917
	2,645,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		3,071,112
	1,800,000	Wells Fargo & Co., 5.01% (US0003M+424 bps), 4/4/51, Callable 4/4/50 @ 100, MTN		2,471,996

				29,957,370

Beverages (0.6%):
	2,400,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		2,895,828
	3,100,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		3,395,520
	150,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		176,536
	400,000	Anheuser-Busch InBev Worldwide, Inc., 4.50%, 6/1/50, Callable 12/1/49 @ 100		493,873
	333,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		420,747
	2,445,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		3,562,106
	20,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(b)		19,300

				10,963,910

Biotechnology (0.1%):
	1,050,000	AbbVie, Inc., 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,053,692
	120,000	Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94^(b)		114,900

				1,168,592

Building Products (0.1%):
	795,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 9/30/22 @ 102.5(b)		823,819
	35,000	Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(b)		35,700

				859,519

Capital Markets (1.3%):
	457,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		480,992
	2,707,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		2,853,386
	315,000	Coinbase Global, Inc., 3.38%, 10/1/28, Callable 10/1/24 @ 101.69(b)		294,525
	315,000	Coinbase Global, Inc., 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		289,800
	2,880,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		3,165,517
	1,263,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100, MTN		1,246,148
	128,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		181,665
	50,000	HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(b)		50,750


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	55,000	LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(b)	$	56,238
	55,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b)		56,100
	1,100,000	Moody’s Corp., 3.75%, 3/24/25, Callable 2/24/25 @ 100		1,175,731
	1,100,000	Moody’s Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		1,181,200
	6,619,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		6,849,010
	2,534,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		2,755,684
	380,000	Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(b)		378,575
	150,000	Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29, Callable 10/1/24 @ 102.63(b)		151,875
	100,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(b)		101,250
	485,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 8/1/22 @ 108.06(b)		506,789
	250,000	Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(b)		244,375
	2,296,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b)		2,594,168
	300,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b)		395,192
	15,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(b)		14,981
	35,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(b)		35,656
	55,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b)		51,700

				25,111,307

Chemicals (0.2%):
	430,000	CF Industries, Inc., 5.15%, 3/15/34		519,762
	15,000	CF Industries, Inc., 4.95%, 6/1/43		18,038
	660,000	CF Industries, Inc., 5.38%, 3/15/44		833,250
	510,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100^		545,062
	915,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(b)		961,894
	60,000	Diamond BC BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31(b)		59,475
	75,000	LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13(b)		77,625
	375,000	Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5		393,750
	135,000	Scotts Miracle-GRO Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19(b)		134,662
	25,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		25,500
	350,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b)		341,250
	50,000	WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(b)		51,358


Principal Amount			Value
Corporate Bonds, continued
Chemicals, continued
$	125,000	WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(b)	$	127,500

				4,089,126

Commercial Services & Supplies (0.1%):
	125,000	ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(b)		123,438
	430,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/1/23 @ 102.5(b)		443,975
	25,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/1/23 @ 102.5(b)		25,187
	25,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(b)		25,875
	45,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(b)		46,575
	270,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(b)		265,950

				931,000

Communications Equipment (0.0%^†):
	205,000	CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(b)		202,438
	200,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b)		198,250
	250,000	Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(b)		249,375

				650,063

Construction & Engineering (0.1%):
	25,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(b)		25,250
	740,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 2/7/22 @ 104.25^(b)		738,150
	270,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(b)		274,725
	55,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(b)		56,375
	25,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(b)		25,750
	660,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(b)		661,650

				1,781,900

Consumer Finance (1.4%):
	2,090,000	Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100		2,142,561
	90,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100		90,310
	100,000	Ally Financial, Inc., 5.13%, 9/30/24		109,344
	224,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		252,810
	1,837,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		2,071,657
	590,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), Callable 5/15/26 @ 100		619,498
	1,513,000	Capital One Financial Corp., 2.60%, 5/11/23, Callable 4/11/23 @ 100		1,543,124


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	2,665,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100	$	2,873,813
	343,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		373,625
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		261,249
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,014,398
	2,253,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		2,468,632
	295,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		318,524
	550,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		591,878
	313,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		313,130
	329,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		353,199
	968,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		1,019,899
	55,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		59,800
	620,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		704,422
	130,000	General Motors Acceptance Corp., 8.00%, 11/1/31		183,223
	2,100,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		2,234,211
	445,000	OneMain Finance Corp., 6.88%, 3/15/25		495,062
	295,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		292,050
	155,000	OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94		152,094
	430,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		421,938
	76,000	Synchrony Financial, 2.85%, 7/25/22, Callable 6/25/22 @ 100		76,814
	244,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		257,769
	797,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		843,664
	3,605,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		3,879,020

				26,017,718

Containers & Packaging (0.0%^†):
	5,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 8/15/22 @ 102.06(b)		5,106
	190,000	Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		187,863
	65,000	Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(b)		65,650

				258,619

Diversified Consumer Services (0.1%):
	445,000	Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(b)		432,763
	22,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b)		21,532


Principal Amount			Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	350,000	APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(b)	$	369,687
	875,000	Sotheby’s, 7.38%, 10/15/27, Callable 10/15/22 @ 103.69(b)		932,969

				1,756,951

Diversified Financial Services (0.1%):
	185,000	Acrisure LLC / Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(b)		181,300
	38,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		39,377
	565,000	Flex Acquisition Co., Inc., 6.88%, 1/15/25, Callable 2/7/22 @ 100(b)		565,000
	496,000	Flex Acquisition Co., Inc., 7.88%, 7/15/26, Callable 2/7/22 @ 103.94(b)		515,220
	15,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b)		14,287
	130,000	OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(b)		131,787
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		533,877
	155,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		161,006
	150,000	Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31, Callable 2/15/31 @ 100(b)		158,625
	125,000	Venture Global Calcasieu Pass LLC, 3.88%, 11/1/33, Callable 5/1/33 @ 100(b)		130,938

				2,431,417

Diversified Support Services (0.0%^†):
	55,000	Ritchie Bros Holdings, Inc., 4.75%, 12/15/31, Callable 12/15/26 @ 102.38(b)		57,406

Diversified Telecommunication Services (0.5%):
	28,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		29,819
	138,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		155,425
	76,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100		74,293
	400,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		505,825
	1,200,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		1,241,045
	310,000	CenturyLink, Inc., 5.63%, 4/1/25, Callable 1/1/25 @ 100		327,825
	915,000	CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(b)		952,744
	10,000	CenturyLink, Inc., Series G, 6.88%, 1/15/28		11,125
	55,000	Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(b)		56,306
	25,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75^(b)		25,437
	185,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(b)		182,688
	40,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(b)		42,300
	45,000	Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		46,181
	45,000	Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(b)		46,744


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	5,496	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94	$	5,496
	155,000	Frontier Communications Holdings LLC, 6.00%, 1/15/30, Callable 10/15/24 @ 103^(b)		155,387
	60,000	Lumen Technologies, Inc., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69^(b)		60,225
	3,725,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		3,728,848
	209,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		210,671
	1,250,000	Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100		1,170,312
	55,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/7/22 @ 102(b)		54,038

				9,082,734

Electric Utilities (0.6%):
	10,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(b)		10,000
	941,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38(b)		971,582
	155,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(b)		157,713
	165,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		168,558
	54,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(b)		52,681
	587,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(b)		583,808
	1,000,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100		1,063,328
	1,075,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100		1,196,515
	2,000,000	FirstEnergy Corp., 7.38%, 11/15/31		2,703,852
	255,000	Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		262,012
	136,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		142,290
	17,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b)		17,722
	20,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(b)		19,575
	40,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(b)		39,000
	369,722	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		395,140
	795,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		870,824
	1,370,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5		1,440,212
	311,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63		326,146
	605,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.5(b)		626,175

				11,047,133


Principal Amount			Value
Corporate Bonds, continued
Electrical Equipment (0.0%^†):
$	55,000	PowerTeam Services LLC, 9.03%, 12/4/25, Callable 2/4/23 @ 104.52(b)	$	57,888
	65,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)		66,219
	310,000	Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(b)		311,162

				435,269

Electronic Equipment, Instrume (0.0%^†):
	80,000	II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(b)		82,000

Entertainment (0.3%):
	780,000	Netflix, Inc., 4.88%, 4/15/28		889,200
	25,000	Netflix, Inc., 6.38%, 5/15/29		31,156
	25,000	Netflix, Inc., 5.38%, 11/15/29(b)		29,688
	310,000	ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(b)		313,487
	3,000,000	Walt Disney Co. (The), 3.80%, 3/22/30		3,366,264

				4,629,795

Equity Real Estate Investment Trusts (1.3%):
	1,039,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		1,097,243
	1,265,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		1,359,685
	62,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		69,205
	355,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		375,404
	46,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		45,745
	68,000	Corporate Office Properties, LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		68,663
	10,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100^		10,150
	45,000	CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(b)		46,290
	40,000	Geo Group, Inc. (The), 5.88%, 10/15/24, Callable 2/7/22 @ 100.98		35,000
	430,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(b)		419,996
	66,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		70,319
	63,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		65,360
	400,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		454,045
	735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		772,830
	25,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b)		26,625
	765,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26, Callable 6/1/26 @ 100		818,550


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	114,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100	$	118,253
	101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		108,051
	1,278,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,401,019
	2,482,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		2,576,879
	133,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		133,950
	189,000	Piedmont Operating Partnership, LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100		185,469
	15,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		16,583
	1,214,000	Sabra Health Care, LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100		1,185,795
	297,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(b)		305,549
	97,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(b)		97,162
	74,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(b)		75,195
	40,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		38,791
	40,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		41,102
	45,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		42,861
	310,000	Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100		285,949
	96,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		107,971
	1,277,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		1,275,168
	272,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		271,524
	212,000	Sun Communities Operating, LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100		211,113
	2,200,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		2,265,195
	581,000	Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100		554,362
	85,000	The Geo Group, Inc., 6.00%, 4/15/26, Callable 2/7/22 @ 103^		68,425
	780,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/15/22 @ 103.94(b)		814,125
	355,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(b)		341,687
	131,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		145,008
	367,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		380,709
	1,430,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		1,670,856


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	60,000	Vici Properties, 3.50%, 2/15/25, Callable 2/15/22 @ 101.75(b)	$	61,050
	335,000	Vici Properties, 4.25%, 12/1/26, Callable 12/1/22 @ 102.13(b)		348,819
	335,000	Vici Properties, 4.63%, 12/1/29, Callable 12/1/24 @ 102.31(b)		355,519
	72,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		72,075
	400,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		424,932
	3,000,000	WP Carey, Inc., 4.25%, 10/1/26, Callable 7/1/26 @ 100		3,281,094
	66,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		72,873

				25,070,223

Financial Services (0.0%^†):
	120,000	Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(b)		118,800

Food & Staples Retailing (0.1%):
	25,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 1/15/23 @ 103.47(b)		26,313
	50,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(b)		50,062
	605,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(b)		653,400
	445,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 5/1/22 @ 103.44^(b)		466,138
	335,000	Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(b)		349,656
	70,000	Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(b)		69,125
	93,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		116,209
	140,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		218,181
	45,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(b)		48,150
	160,000	US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(b)		162,600
	60,000	US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		60,600

				2,220,434

Food Products (0.4%):
	110,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(b)		103,675
	1,380,000	JBS Finance Luxembourg Sarl, 2.50%, 1/15/27, Callable 12/15/26 @ 100^(b)		1,371,764
	125,000	JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(b)		125,781
	850,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)		923,313
	151,000	JBS USA LUX SA / JBS USA Finance, Inc., 6.75%, 2/15/28, Callable 2/15/23 @ 103.38(b)		163,080


Principal Amount			Value
Corporate Bonds, continued
Food Products, continued
$	1,040,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(b)	$	1,144,000
	1,260,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(b)		1,248,975
	271,000	Kraft Heinz Foods Co., 5.00%, 7/15/35, Callable 1/15/35 @ 100		331,825
	10,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100		11,778
	45,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100		56,465
	350,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(b)		367,500
	45,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 12/1/22 @ 102.81(b)		47,644
	405,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(b)		401,963
	270,000	TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102		259,200

				6,556,963

Health Care (0.0%^†):
	200,000	180 Medical, Inc., 3.88%, 10/15/29, Callable 10/7/24 @ 101.94(b)		201,990

Health Care Equipment & Supplies (0.0%^†):
	350,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(b)		350,000

Health Care Providers & Servic (0.0%^†):
	170,000	Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(b)		170,850
	140,000	Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19(b)		141,400

				312,250

Health Care Providers & Services (1.1%):
	140,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(b)		137,550
	35,000	Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(b)		34,737
	3,765,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		3,925,013
	1,485,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		1,466,438
	1,190,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		1,279,250
	245,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		250,513
	610,000	Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100		597,800
	255,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(b)		269,025
	255,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(b)		272,531
	65,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(b)		64,513


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	45,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(b)	$	45,337
	4,341,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		4,931,202
	1,000,000	Cigna Corp., 4.90%, 12/15/48, Callable 6/15/48 @ 100		1,296,481
	605,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(b)		634,494
	780,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		798,525
	20,000	HCA, Inc., 4.75%, 5/1/23		20,950
	780,000	HCA, Inc., 5.38%, 2/1/25		854,100
	660,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		694,650
	50,000	HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(b)		49,500
	40,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b)		41,350
	25,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(b)		25,625
	416,000	Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(b)		431,080
	590,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/7/22 @ 103.13(b)		609,175
	510,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(b)		536,775
	295,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(b)		298,687
	117,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		131,688
	15,000	Vizient, Inc., 6.25%, 5/15/27, Callable 5/15/22 @ 103.13(b)		15,656

				19,712,645

Hotels, Restaurants & Leisure (0.4%):
	15,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(b)		15,600
	445,000	Boyd Gaming Corp., 4.75%, 12/1/27, Callable 12/1/22 @ 102.38		456,125
	145,000	Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(b)		145,544
	350,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(b)		397,250
	565,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(b)		589,012
	125,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94^(b)		111,875
	680,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(b)		340,000
	765,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 4/15/22 @ 103.81(b)		799,425
	605,000	Golden Nugget, Inc., 6.75%, 10/15/24, Callable 2/4/22 @ 100(b)		604,244
	40,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(b)		41,000
	45,000	Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(b)		46,631


Principal Amount			Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	40,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(b)	$	40,150
	150,000	NCL Corp., Ltd., 10.25%, 2/1/26, Callable 8/1/23 @ 105.13(b)		172,875
	20,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(b)		19,800
	20,000	Peninsula Pacific Entert, 8.50%, 11/15/27, Callable 11/15/23 @ 104.25(b)		21,725
	20,000	Royal Caribbean Cruises, Ltd., 9.13%, 6/15/23, Callable 3/15/23 @ 100(b)		21,200
	280,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 6/1/22 @ 108.63(b)		313,250
	310,000	Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(b)		313,487
	510,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(b)		512,550
	255,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(b)		287,513
	255,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100(b)		263,925
	390,000	Wynn Las Vegas LLC, 5.25%, 5/15/27, Callable 2/15/27 @ 100^(b)		398,775
	510,000	Yum! Brands, Inc., 7.75%, 4/1/25, Callable 4/1/22 @ 103.88(b)		536,775
	350,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		370,563

				6,819,294

Household Durables (0.1%):
	65,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(b)		64,106
	70,000	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(b)		69,475
	150,000	Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		151,500
	160,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(b)		159,200
	10,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		12,250
	90,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(b)		88,875
	15,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103^(b)		14,700
	510,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(b)		561,000
	130,000	Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(b)		129,675
	265,000	TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(b)		271,294

				1,522,075

Household Products (0.0%^†):
	55,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(b)		55,206


Principal Amount			Value
Corporate Bonds, continued
Independent Power and Renewable Electricity Producers (0.2%):
$	1,457,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(b)	$	1,515,357
	1,412,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(b)		1,495,268
	30,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b)		31,650
	430,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/15/23 @ 102.88		452,575
	35,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(b)		36,313
	85,000	Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(b)		86,275
	20,000	TerraForm Power Operating LLC, 4.25%, 1/31/23, Callable 10/31/22 @ 100(b)		20,400
	15,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b)		15,938

				3,653,776

Industrial Conglomerates (0.1%):
	550,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 5/15/22 @ 103.13		572,000
	1,165,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		1,194,125

				1,766,125

Insurance (0.5%):
	600,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		618,317
	809,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		866,182
	1,600,000	American International Group, Inc., 3.40%, 6/30/30, Callable 3/30/30 @ 100		1,730,909
	70,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(b)		70,875
	40,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b)		38,900
	2,597,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(b)		2,687,895
	115,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 1/18/22 @ 103.5(b)		118,019
	105,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(b)		107,362
	436,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		557,159
	227,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		250,914
	1,000,000	Unum Group, 5.75%, 8/15/42		1,226,188
	685,000	USI, Inc., 6.88%, 5/1/25, Callable 2/7/22 @ 101.72(b)		690,994

				8,963,714

Interactive Media & Services (0.0%^†):
	190,000	Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		184,300
	25,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(b)		25,281
	525,000	Rackspace Technology Global, Inc., 3.50%, 2/15/28, Callable 2/15/24 @ 101.75(b)		498,750


Principal Amount			Value
Corporate Bonds, continued
Interactive Media & Services, continued
$	60,000	Rackspace Technology Global, Inc., 5.38%, 12/1/28, Callable 12/1/23 @ 102.69^(b)	$	58,275

				766,606

IT Services (0.1%):
	25,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(b)		24,937
	10,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(b)		10,025
	470,000	Black Knight Infoserv LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(b)		468,825
	15,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(b)		15,525
	550,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)		607,750
	255,000	Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(b)		266,475
	45,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(b)		45,675
	40,000	Square, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100(b)		40,200
	40,000	Square, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100(b)		41,200
	35,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		35,350
	35,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		35,350

				1,591,312

Leisure Products (0.0%^†):
	202,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		210,184
	5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 12/15/22 @ 104.41(b)		5,369
	8,000	Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100		9,520

				225,073

Life Sciences Tools & Services (0.0%^†):
	510,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(b)		534,225
	15,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b)		15,619
	30,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(b)		30,375

				580,219

Machinery (0.0%^†):
	55,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(b)		55,756
	170,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(b)		167,875
	230,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(b)		230,287
	45,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(b)		44,944
	45,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(b)		45,563

				544,425


Principal Amount			Value
Corporate Bonds, continued
Media (0.9%):
$	255,000	Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 113(b)	$	267,431
	25,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(b)		25,813
	20,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(b)		19,400
	15,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(b)		14,775
	65,000	CCO Holdings LLC, 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(b)		66,625
	1,250,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(b)		1,303,125
	390,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		401,212
	270,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(b)		275,063
	1,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25, Callable 4/23/25 @ 100		1,651,611
	1,000,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 5/1/47, Callable 11/1/46 @ 100		1,192,648
	1,130,000	CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(b)		1,125,762
	335,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(b)		327,044
	2,346,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100^		2,508,721
	392,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		457,260
	605,000	DISH DBS Corp., 7.75%, 7/1/26		638,275
	65,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100		68,677
	1,094,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,249,192
	93,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		119,826
	140,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(b)		139,300
	430,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(b)		433,225
	525,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 102.25(b)		525,000
	95,000	Sirius XM Radio, Inc., 3.13%, 9/1/26, Callable 9/1/23 @ 101.56(b)		94,762
	270,000	Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 8/1/22 @ 102.5(b)		279,787
	30,000	Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(b)		32,325
	25,000	Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(b)		25,062
	185,000	Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(b)		181,069
	350,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(b)		364,875
	230,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 12/15/22 @ 104.44(b)		248,400


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	1,620,000	Time Warner Cable, Inc., 6.55%, 5/1/37	$	2,132,393
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		395,054
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		83,085
	35,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(b)		37,625
	245,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(b)		247,450

				16,931,872

Metals & Mining (0.1%):
	45,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(b)		46,462
	686,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		716,013
	60,000	Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44		60,060
	45,000	Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56^		45,169
	45,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31^(b)		46,237
	45,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(b)		46,744
	485,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(b)		489,850
	125,000	Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(b)		124,375

				1,574,910

Mortgage Real Estate Investment Trusts (0.0%^†):
	40,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(b)		40,900
	45,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		47,138

				88,038

Multi-Utilities (0.1%):
	1,100,000	NiSource, Inc., 2.95%, 9/1/29, Callable 6/1/29 @ 100		1,136,985
	1,000,000	NiSource, Inc., 5.25%, 2/15/43, Callable 8/15/42 @ 100		1,285,958
	140,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		151,762

				2,574,705

Oil, Gas & Consumable Fuels (1.9%):
	430,000	Antero Resources Corp., 5.00%, 3/1/25, Callable 2/7/22 @ 102.5^		437,525
	335,000	Apache Corp., 4.63%, 11/15/25, Callable 8/15/25 @ 100		358,450
	45,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		50,906
	10,000	Apache Corp., 7.38%, 8/15/47		12,492
	145,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102		152,975
	125,000	Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63(b)		125,938


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	247,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(b)	$	274,271
	375,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(b)		380,625
	50,000	Cnx Midstream Partners, LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(b)		49,875
	20,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(b)		20,800
	65,000	Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(b)		67,112
	47,000	Comstock Resources, Inc., 7.50%, 5/15/25, Callable 2/7/22 @ 103.75(b)		48,527
	55,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(b)		59,537
	25,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(b)		25,719
	485,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(b)		570,481
	42,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 2/7/22 @ 102.88		42,945
	795,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(b)		822,825
	605,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 2/15/22 @ 102.63(b)		588,363
	20,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88^(b)		19,450
	230,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		251,275
	2,905,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		3,297,175
	700,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b)		679,000
	25,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(b)		26,063
	26,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 10/15/22 @ 102.63		27,429
	40,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(b)		41,100
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		129,544
	20,000	Endeavor Energy Resources LP/EER Finance, Inc., 6.63%, 7/15/25, Callable 7/15/22 @ 103.31(b)		21,150
	295,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(b)		311,963
	2,229,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		2,513,197
	106,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		121,768
	1,743,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		2,008,807


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	52,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 12/15/22 @ 100	$	53,495
	65,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		68,981
	109,000	Energy Transfer Operating LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		115,540
	73,000	Energy Transfer Operating LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		94,991
	67,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		69,847
	128,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		154,720
	83,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		103,750
	350,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(b)		363,562
	50,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(b)		56,000
	45,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(b)		46,575
	295,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100		314,175
	30,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		33,225
	650,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		708,500
	71,000	Hess Corp., 7.30%, 8/15/31		94,519
	50,000	Hess Corp., 7.13%, 3/15/33		66,813
	1,869,000	Hess Corp., 5.60%, 2/15/41		2,296,534
	1,166,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		1,498,310
	405,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/7/22 @ 104.22(b)		417,150
	80,000	Hess Midstream Operations, LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		79,800
	97,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 11/15/22 @ 100		99,182
	125,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(b)		126,094
	113,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		117,661
	159,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		172,515
	390,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		405,600
	400,000	New Fortress Energy, Inc., 6.75%, 9/15/25, Callable 9/15/22 @ 103.38(b)		404,000
	375,000	NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/1/23 @ 103.75(b)		386,250
	406,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		450,660
	30,000	Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		30,788
	406,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		415,135
	255,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		344,250
	1,464,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,919,670
	16,000	Occidental Petroleum Corp., 7.88%, 9/15/31		21,440
	78,000	Occidental Petroleum Corp., 6.45%, 9/15/36		99,450


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	44,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100	$	43,615
	25,000	Occidental Petroleum Corp., 6.20%, 3/15/40		30,656
	410,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		534,025
	295,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		302,375
	430,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		421,400
	55,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		54,587
	79,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		79,889
	605,000	PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25, Callable 5/15/22 @ 104.63^(b)		574,750
	80,000	PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103		51,400
	20,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/7/22 @ 104.31		20,700
	20,000	Phillips 66, 3.70%, 4/6/23		20,675
	26,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		27,890
	1,172,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		1,225,652
	270,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		279,450
	335,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		378,131
	278,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/18/22 @ 101.81(a)(d)(e)		—
	10,000	SM Energy Co., 5.63%, 6/1/25, Callable 2/7/22 @ 101.88		10,075
	50,000	SM Energy Co., 6.75%, 9/15/26, Callable 2/7/22 @ 103.38^		51,250
	130,000	Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38		136,825
	5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 4/15/22 @ 103		5,200
	242,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94		255,915
	430,000	Sunoco, LP / Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25		434,300
	350,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(b)		350,000
	510,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/7/22 @ 102.69		525,300
	25,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		27,312
	445,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44		482,269
	45,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102(b)		47,025


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	43,000	Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30, Callable 2/15/30 @ 100	$	45,168
	41,000	Valero Energy Corp., 2.85%, 4/15/25, Callable 3/15/25 @ 100		42,596
	390,000	Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(b)		403,650
	40,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		41,800
	137,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		148,645
	1,000,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		1,090,000
	66,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		73,013
	1,000,000	Western Midstream Operating LP, 4.35%, 2/1/25, Callable 1/1/25 @ 100		1,042,500
	525,000	Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100		577,500
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		170,670
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		300,981

				35,473,658

Paper & Forest Products (0.0%^†):
	100,000	Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(b)		103,125
	45,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56		45,900

				149,025

Pharmaceuticals (0.2%):
	390,000	Bausch Health Cos, Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(b)		343,200
	1,000,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(b)		1,084,577
	445,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(b)		432,206
	115,000	Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75(b)		113,275
	180,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100		190,671
	76,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100		88,730
	30,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(b)		30,900
	30,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(b)		30,562
	50,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(b)		52,125
	126,000	Viatris, Inc., 1.13%, 6/22/22		126,244
	40,000	Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100		39,796
	1,406,000	Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100		1,408,158
	90,000	Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100		95,869

				4,036,313


Principal Amount			Value
Corporate Bonds, continued
Professional Services (0.1%):
$	140,000	Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(b)	$	144,900
	335,000	Nielsen Finance LLC/Nielsen Finance Co., 5.63%, 10/1/28, Callable 10/1/23 @ 102.81(b)		345,469
	335,000	Nielsen Finance LLC/Nielsen Finance Co., 5.88%, 10/1/30, Callable 10/1/25 @ 102.94(b)		351,331

				841,700

Real Estate Management & Development (0.1%):
	210,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		210,720
	175,000	Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38		177,188
	145,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(b)		148,625
	725,000	TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(b)		761,250

				1,297,783

Road & Rail (0.0%^†):
	135,000	Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(b)		137,700

Semiconductors & Semiconductor Equipment (0.4%):
	65,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(b)		63,949
	4,136,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(b)		4,043,019
	564,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b)		548,609
	1,648,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(b)		1,684,408
	210,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(b)		219,237
	310,000	Entegris, Inc., 4.38%, 4/15/28, Callable 4/15/23 @ 102.19(b)		318,912
	375,000	Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72(b)		378,750
	50,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(b)		51,250

				7,308,134

Software (0.3%):
	40,000	Acuris Finance Us Inc / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		39,800
	35,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 6/1/22 @ 103.56(b)		36,662
	20,000	CDK Global, Inc., 5.25%, 5/15/29, Callable 5/15/24 @ 102.63(b)		21,100
	25,000	Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(b)		25,125
	25,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44^(b)		25,250
	65,000	Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(b)		63,944
	150,000	Fair Isaac Corp., 4.00%, 6/15/28, Callable 12/15/22 @ 102(b)		154,125
	30,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(b)		30,038


Principal Amount			Value
Corporate Bonds, continued
Software, continued
$	253,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100	$	250,737
	2,200,000	Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100		2,268,941
	400,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		398,309
	2,990,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		3,002,334

				6,316,365

Specialty Retail (0.2%):
	80,000	Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(b)		81,400
	85,000	Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(b)		87,550
	32,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		36,586
	49,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		52,175
	1,229,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		1,373,690
	120,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41^(b)		120,000
	65,000	Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102^(b)		64,594
	125,000	Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(b)		123,281
	565,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(b)		641,275
	1,165,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100		1,351,781
	20,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(b)		20,650
	15,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b)		15,581
	85,000	Victoria’s Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(b)		86,700

				4,055,263

Technology Hardware, Storage & Peripherals (0.0%^†):
	320,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100		338,012
	55,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		62,421
	83,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		96,222
	101,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		120,923
	87,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		110,047

				727,625

Textiles, Apparel & Luxury Goo (0.0%^†):
	40,000	Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(b)		40,050

Textiles, Apparel & Luxury Goods (0.0%^†):
	130,000	Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(b)		126,100


Principal Amount			Value
Corporate Bonds, continued
Textiles, Apparel & Luxury Goods, continued
$	45,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75^(b)	$	45,788
	235,000	Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(b)		226,187

				398,075

Tobacco (0.1%):
	294,000	Altria Group, Inc., 4.25%, 8/9/42		297,022
	191,000	Altria Group, Inc., 4.50%, 5/2/43		198,076
	175,000	Altria Group, Inc., 5.38%, 1/31/44		203,610
	72,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		90,215
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		250,438
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		142,751
	45,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(b)		45,113

				1,227,225

Trading Companies & Distributors (0.2%):
	295,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		313,907
	2,465,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		2,579,157
	30,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(b)		29,475
	30,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(b)		30,263
	15,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06^(b)		15,131
	90,000	SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(b)		90,450

				3,058,383

Wireless Telecommunication Services (0.4%):
	1,155,000	Sprint Capital Corp., 8.75%, 3/15/32		1,738,275
	1,265,000	Sprint Communications, Inc., 6.88%, 11/15/28		1,600,225
	2,860,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		3,095,927
	40,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		42,100
	45,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		45,950
	430,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		469,926
	56,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		63,739
	110,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		128,384

				7,184,526

	Total Corporate Bonds (Cost $312,558,128)			315,599,681

Yankee Debt Obligations (5.6%):
Aerospace & Defense (0.2%):
	2,000,000	Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(b)		2,042,500
	10,000	Bombardier, Inc., 7.50%, 12/1/24, Callable 2/7/22 @ 103.75(b)		10,375


Principal Amount			Value
Yankee Debt Obligations, continued
Aerospace & Defense, continued
$	40,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 2/7/22 @ 102.5(b)	$	40,750
	55,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(b)		57,062
	620,000	Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b)		621,550

				2,772,237

Banks (1.6%):
	585,000	Barclays plc, 4.38%, 1/12/26		638,432
	2,543,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		2,618,367
	2,377,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		2,690,716
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b)		209,269
	530,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		574,904
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		216,426
	1,000,000	HSBC Holdings plc, 4.95%, 3/31/30		1,171,857
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(b)		213,716
	6,069,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		6,710,724
	3,200,000	Natwest Group plc, 5.13%, 5/28/24		3,447,888
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		2,669,024
	547,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		583,155
	2,625,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		2,850,624
	680,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100^(b)		664,413
	3,863,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(b)		3,767,209
	350,000	UniCredit SpA, 6.57%, 1/14/22(b)		350,531
	186,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		200,863

				29,578,118

Biotechnology (0.0%^†):
	200,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b)		204,250

Capital Markets (0.9%):
	4,009,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b)		4,085,660
	2,514,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(b)		2,775,051
	670,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		684,420
	787,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		815,621
	470,000	Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25		498,596
	487,000	Deutsche Bank AG, 5.00%, 2/14/22		489,174
	860,000	Deutsche Bank AG, 3.30%, 11/16/22		877,773
	4,610,000	Deutsche Bank AG, 4.50%, 4/1/25		4,901,947
	774,000	UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(b)		754,980

				15,883,222

Chemicals (0.1%):
	15,000	Consolidated Energy Finance SA, 3.95% (US0003M+375 bps), 6/15/22, Callable 1/18/22 @ 100(b)		14,962


Principal Amount			Value
Yankee Debt Obligations, continued
Chemicals, continued
$	350,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 1/18/22 @ 104.88(b)	$	357,000
	510,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		536,775
	230,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100		242,650
	255,000	Methanex Corp., 5.65%, 12/1/44, Callable 6/1/44 @ 100		254,584
	660,000	Nufarm Australia, Ltd., 5.75%, 4/30/26, Callable 2/7/22 @ 102.88(b)		673,200
	125,000	SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(b)		125,313

				2,204,484

Containers & Packaging (0.0%^†):
	15,000	Intelligent Packaging, Ltd. Finco Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 9/15/22 @ 103(b)		15,431
	25,000	Intertape Polymer Group, Inc., 4.38%, 6/15/29, Callable 6/15/24 @ 102.19(b)		25,032
	740,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(b)		772,375

				812,838

Diversified Consumer Services (0.1%):
	33,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b)		32,959
	980,000	GEMS MENASA Cayman, Ltd., 7.13%, 7/31/26, Callable 7/31/22 @ 103.56(b)		1,006,950

				1,039,909

Diversified Financial Services (0.3%):
	780,000	Altice Financing SA, 5.00%, 1/15/28, Callable 1/15/23 @ 102.5(b)		756,600
	1,050,000	Altice Financing SA, 5.75%, 8/15/29, Callable 8/15/24 @ 102.88(b)		1,034,250
	1,601,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 9/15/22 @ 103.44(b)		1,667,041
	430,000	Dolya Holdco 18 DAC, 5.00%, 7/15/28, Callable 7/15/23 @ 102.5(b)		431,612
	1,355,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		1,451,544
	780,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(b)		752,700

				6,093,747

Diversified Telecommunication Services (0.1%):
	1,155,000	Altice France SA, 8.13%, 2/1/27, Callable 2/1/22 @ 106.09(b)		1,227,188
	700,000	Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103(b)		668,500
	470,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(b)		455,313
	55,000	Telecom Italia SpA, 6.00%, 9/30/34		57,887

				2,408,888

Energy Equipment & Services (0.0%^†):
	405,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/7/22 @ 105.16(b)		390,825


Principal Amount			Value
Yankee Debt Obligations, continued
Hotels, Restaurants & Leisure (0.0%^†):
$	35,000	1011778 BC ULC New Red Finance, Inc., 5.75%, 4/15/25, Callable 4/15/22 @ 102.88(b)	$	36,312
	525,000	1011778 BC ULC New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(b)		517,125
	45,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(b)		44,438
	40,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(b)		38,850

				636,725

Insurance (0.2%):
	1,414,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(b)		1,529,025
	1,200,000	AIA Group, Ltd., 3.20%, 9/16/40, Callable 3/16/40 @ 100(b)		1,230,879
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b)		224,066

				2,983,970

Media (0.1%):
	590,000	Ziggo BV, 5.50%, 1/15/27, Callable 1/18/22 @ 102.75(b)		604,750
	335,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(b)		337,513

				942,263

Metals & Mining (0.0%^†):
	500,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 1/18/22 @ 105.16(b)		519,375
	35,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(b)		37,669
	5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(b)		5,312
	85,000	Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 2/7/22 @ 109^(b)		87,550

				649,906

Multi-Utilities (0.1%):
	1,373,000	InterGen NV, 7.00%, 6/30/23, Callable 2/7/22 @ 100(b)		1,355,838

Oil, Gas & Consumable Fuels (1.0%):
	2,502,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100		2,730,307
	335,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 1/18/22 @ 103.38(b)		337,513
	510,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 2/7/22 @ 104.25(b)		529,125
	145,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		151,315
	565,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 2/1/23 @ 103.56(b)		601,019
	2,500,000	Petroleos Mexicanos, 4.50%, 1/23/26		2,537,997
	1,196,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		1,242,015
	4,500,000	Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100		4,386,537
	2,228,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,979,594
	5,000,000	Petroleos Mexicanos, 6.35%, 2/12/48		4,292,610


Principal Amount			Value
Yankee Debt Obligations, continued
Oil, Gas & Consumable Fuels, continued
$	336,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100	$	299,115
	45,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(b)		45,900

				19,133,047

Pharmaceuticals (0.0%^†):
	295,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 2/7/22 @ 101.38(b)		298,688
	313,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 2/7/22 @ 102.04(b)		318,477

				617,165

Software (0.0%^†):
	60,000	Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(b)		61,125
	460,000	Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(b)		465,750

				526,875

Sovereign Bond (0.5%):
	300,000	Abu Dhabi Government International Bond, 3.13%, 4/16/30(b)		324,494
	300,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(b)		350,511
	37,622	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 2/7/22 @ 100		13,544
	342,505	Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 2/7/22 @ 100		119,534
	627,494	Argentine Republic Government International Bond, 0.12%, 7/9/35, Callable 2/7/22 @ 100		199,229
	300,000	Corp. Andina de Fomento, 2.38%, 5/12/23		305,317
	900,000	Dominican Republic, 5.50%, 1/27/25(b)		972,000
	3,150,000	Dominican Republic, 6.00%, 7/19/28(b)		3,516,188
	375,000	Indonesia Government International Bond, 3.85%, 10/15/30^		421,410
	375,000	Indonesia Government International Bond, 4.20%, 10/15/50		428,431
	200,000	Qatar Government International Bond, 3.40%, 4/16/25(b)		212,018
	350,000	Qatar Government International Bond, 3.75%, 4/16/30(b)		392,330
	350,000	Qatar Government International Bond, 4.40%, 4/16/50(b)		436,454
	200,000	Saudi Government International Bond, 2.90%, 10/22/25(b)		209,497
	200,000	Saudi Government International Bond, 3.25%, 10/22/30(b)		214,921
	200,000	Saudi Government International Bond, 4.50%, 4/22/60(b)		247,471

				8,363,349

Tobacco (0.0%^†):
	462,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(b)		467,174

Trading Companies & Distributors (0.3%):
	2,200,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100		2,257,279


Principal Amount			Value
Yankee Debt Obligations, continued
Trading Companies & Distributors, continued
$	320,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100	$	340,335
	1,379,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100		1,375,329
	151,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		172,707
	163,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		176,985
	503,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		506,894
	527,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100		532,492
	564,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		572,640

				5,934,661

Wireless Telecommunication Services (0.1%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)		351,038
	450,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b)		487,125
	295,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(b)		297,581

				1,135,744

	Total Yankee Debt Obligations (Cost $104,389,765)			104,135,235

Municipal Bonds (0.2%):
California (0.0%^†):
	140,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		234,683
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		15,860

				250,543

Illinois (0.2%):
	3,235,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		3,731,152
	63,636	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		66,120

				3,797,272

New Jersey (0.0%^†):
	339,000	New Jersey Economic Development Authority Revenue, Build America Bonds, GO, Series A, 7.43%, 2/15/29		428,086

	Total Municipal Bonds (Cost $3,803,096)			4,475,901

U.S. Government Agency Mortgages (8.7%):
Federal Home Loan Mortgage Corporation (1.3%)
	35,033	2.50%, 6/1/31, Pool #J34501		36,527
	26,591	2.50%, 6/1/31, Pool #G18604		27,579
	44,883	2.50%, 7/1/31, Pool #V61246		46,755
	78,235	2.50%, 8/1/31, Pool #V61273		81,458


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	204,117	3.50%, 3/1/32, Pool #C91403	$	217,484
	607,803	3.50%, 7/1/32, Pool #C91467		647,773
	159,794	2.50%, 12/1/32, Pool #G18669		165,702
	38,128	2.50%, 3/1/33, Pool #G18680		39,528
	23,768	3.00%, 4/1/33, Pool #K90336		24,665
	151,911	3.00%, 4/1/33, Pool #G18684		159,114
	48,201	3.00%, 5/1/33, Pool #G16550		50,501
	25,769	3.00%, 6/1/33, Pool #C91709		26,743
	26,254	3.00%, 6/1/33, Pool #K90684		27,240
	61,425	3.00%, 6/1/33, Pool #K90632		63,753
	40,738	3.00%, 6/1/33, Pool #K90806		42,276
	121,287	3.00%, 7/1/33, Pool #C91714		125,882
	120,670	2.50%, 7/1/33, Pool #G16661		125,278
	34,818	3.00%, 4/1/34, Pool #G16829		36,491
	174,121	3.50%, 10/1/34, Pool #C91793		186,097
	465,538	4.00%, 5/1/37, Pool #C91938		502,981
	204,681	4.00%, 11/1/40, Pool #A95150		224,166
	557,341	3.50%, 1/1/44, Pool #G07922		603,014
	279,520	3.50%, 1/1/44, Pool #G60271		302,996
	77,118	4.00%, 2/1/45, Pool #G07949		84,823
	64,964	3.50%, 11/1/45, Pool #Q37467		70,310
	7,112	4.00%, 4/1/46, Pool #Q39975		7,722
	18,194	4.00%, 4/1/46, Pool #V82292		19,669
	127,515	3.50%, 9/1/46, Pool #Q43257		135,870
	207,649	3.00%, 12/1/46, Pool #G60989		217,543
	9,408	4.50%, 12/1/46, Pool #Q45028		10,464
	7,194	4.50%, 1/1/47, Pool #Q45635		7,986
	14,509	4.50%, 2/1/47, Pool #Q46222		15,842
	24,470	4.50%, 5/1/47, Pool #Q47935		26,699
	36,020	4.50%, 5/1/47, Pool #Q48095		39,324
	11,040	4.50%, 5/1/47, Pool #Q47942		12,046
	277,397	4.00%, 6/1/47, Pool #Q48877		301,912
	43,621	4.50%, 6/1/47, Pool #Q48759		47,600
	25,001	4.50%, 7/1/47, Pool #Q49393		27,279
	98,632	4.50%, 12/1/47, Pool #Q53017		106,990
	11,919	4.00%, 2/1/48, Pool #Q54499		12,945
	30,192	4.00%, 2/1/48, Pool #G61343		32,458
	56,432	4.50%, 4/1/48, Pool #Q55500		61,455
	49,383	4.50%, 4/1/48, Pool #Q55660		53,810
	47,669	4.50%, 4/1/48, Pool #Q55724		51,891
	75,788	4.50%, 5/1/48, Pool #Q55839		82,559
	127,824	4.00%, 5/1/48, Pool #Q55992		138,628
	181,960	4.00%, 6/1/48, Pool #G67713		198,142
	56,690	4.00%, 7/1/48, Pool #Q59935		61,515
	31,818	4.50%, 10/1/48, Pool #G67716		35,368
	897,648	4.50%, 7/1/49, Pool #RA1171		991,638
	6,490	3.00%, 10/1/49, Pool #QA3907		6,811
	10,925	3.00%, 11/1/49, Pool #QA4483		11,466
	11,254	3.00%, 12/1/49, Pool #QA5521		11,768
	29,482	3.00%, 12/1/49, Pool #QA5154		30,948
	380,006	2.00%, 6/1/50, Pool #RA2677		380,713
	502,692	2.50%, 11/1/50, Pool #SD7530		517,940
	2,501,188	2.50%, 2/1/51, Pool #SD7535		2,575,078
	1,804,455	2.00%, 3/1/51, Pool #SD8134		1,801,111
	2,396,186	2.50%, 5/1/51, Pool #SD7540		2,469,332
	1,445,505	2.00%, 5/1/51, Pool #SD7541		1,442,821


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	47,882	2.00%, 5/1/51, Pool #QC1514	$	47,971
	29,162	2.00%, 7/1/51, Pool #QC4163		29,217
	389,253	2.50%, 7/1/51, Pool #RA5574		399,588
	1,083,802	2.50%, 8/1/51, Pool #QC5848		1,107,399
	744,955	2.00%, 10/1/51, Pool #RA6076		745,652
	1,295,281	2.00%, 11/1/51, Pool #RA6241		1,296,493
	447,467	2.00%, 11/1/51, Pool #RA6302		446,665
	698,303	2.50%, 12/1/51, Pool #RA6434		713,543
	300,081	2.50%, 12/1/51, Pool #RA6496		306,630
	500,005	2.00%, 12/1/51, Pool #RA6510		500,940
	2,300,050	2.50%, 12/1/51, Pool #RA6435		2,363,498

				23,822,075

Federal National Mortgage Association (5.3%)
	41,543	2.50%, 5/1/31, Pool #BC0919		43,315
	57,466	2.50%, 8/1/31, Pool #BC2778		59,915
	40,643	2.50%, 10/1/31, Pool #AS8010		42,462
	302,525	2.50%, 1/1/32, Pool #BE3032		313,778
	46,272	2.50%, 9/1/32, Pool #MA3124		47,972
	172,761	3.00%, 9/1/32, Pool #BM5110		181,421
	24,334	3.00%, 3/1/33, Pool #BM4614		25,735
	25,030	3.00%, 5/1/33, Pool #AT3000		26,311
	23,386	3.00%, 6/1/33, Pool #AT6090		24,577
	109,853	3.00%, 7/1/33, Pool #MA1490		115,447
	403,627	6.00%, 5/1/36, Pool #745512		475,207
	2,200,000	2.00%, 1/25/37, TBA		2,253,969
	2,400,000	1.50%, 1/25/37, TBA		2,407,875
	15,711	3.50%, 12/1/40, Pool #AH1556		16,864
	41,080	4.00%, 10/1/43, Pool #BM1167		45,095
	262,290	4.50%, 3/1/44, Pool #AV0957		286,459
	137,093	4.50%, 7/1/44, Pool #AS3062		150,741
	218,473	4.50%, 12/1/44, Pool #AS4176		239,255
	125,514	4.00%, 5/1/45, Pool #AZ1207		135,722
	133,614	4.00%, 6/1/45, Pool #AY8096		144,288
	110,169	4.00%, 6/1/45, Pool #AY8126		119,128
	282,227	3.50%, 7/1/45, Pool #AZ0814		305,205
	199,851	3.50%, 8/1/45, Pool #AY8424		216,116
	124,844	4.50%, 12/1/45, Pool #BA6997		134,832
	30,091	4.00%, 12/1/45, Pool #AS6352		32,365
	10,204	4.50%, 1/1/46, Pool #AY3890		10,980
	78,310	4.00%, 2/1/46, Pool #BC1578		84,659
	4,236	4.50%, 3/1/46, Pool #BC0287		4,710
	25,946	4.00%, 4/1/46, Pool #AS7024		28,242
	289,150	4.00%, 4/1/46, Pool #AL8468		317,712
	53,203	4.50%, 6/1/46, Pool #BD1238		58,629
	203,517	4.00%, 6/1/46, Pool #AL9282		220,017
	113,217	4.00%, 7/1/46, Pool #BC1443		123,845
	26,738	4.00%, 9/1/46, Pool #BD1489		28,925
	116,393	4.00%, 9/1/46, Pool #BC2843		127,283
	17,766	4.00%, 10/1/46, Pool #BD7599		19,217
	95,794	3.50%, 10/1/46, Pool #AL9285		102,147
	57,245	4.50%, 10/1/46, Pool #BE1671		62,500
	110,621	4.00%, 10/1/46, Pool #BC4754		121,041
	52,041	4.50%, 11/1/46, Pool #BE2386		57,867
	102,686	4.50%, 12/1/46, Pool #BE4488		114,190
	6,224	4.50%, 12/1/46, Pool #BC9079		6,908
	296,443	3.50%, 12/1/46, Pool #BC9077		320,767


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	30,678	4.50%, 1/1/47, Pool #BE6506	$	33,804
	36,419	4.50%, 1/1/47, Pool #BE7087		40,101
	48,278	4.50%, 2/1/47, Pool #BE8498		52,694
	418,733	4.00%, 2/1/47, Pool #AL9779		460,447
	55,624	4.00%, 5/1/47, Pool #BM1277		60,234
	6,425	4.00%, 6/1/47, Pool #BH4269		6,954
	8,755	4.50%, 6/1/47, Pool #BE9387		9,625
	60,380	4.50%, 6/1/47, Pool #BE3663		66,397
	19,445	4.50%, 6/1/47, Pool #BH0561		21,081
	31,171	4.00%, 7/1/47, Pool #AS9968		33,742
	53,701	4.50%, 7/1/47, Pool #BE3749		59,037
	58,608	4.00%, 4/1/48, Pool #BM3700		63,443
	33,754	4.50%, 4/1/48, Pool #BJ5454		36,684
	6,174	4.50%, 5/1/48, Pool #BJ5507		6,700
	324,744	4.50%, 10/1/48, Pool #CA2432		354,069
	77,557	4.50%, 10/25/48, Pool #BM4548		85,728
	368,958	4.50%, 12/1/48, Pool #CA2797		408,123
	216,712	4.50%, 9/1/49, Pool #FM1534		238,644
	307,658	4.00%, 11/1/49, Pool #CA4628		332,548
	49,485	3.50%, 11/1/49, Pool #CA4557		52,794
	10,309	3.00%, 11/1/49, Pool #BO8254		10,822
	19,000,000	3.00%, 1/25/50, TBA		19,694,687
	208,162	3.00%, 2/1/50, Pool #CA5126		217,970
	5,700,000	2.00%, 2/25/50, TBA		5,673,281
	94,626	2.00%, 7/1/50, Pool #FM3897		94,802
	137,660	2.00%, 7/1/50, Pool #CA6275		137,788
	394,609	2.50%, 8/1/50, Pool #SD0430		404,977
	3,236,953	3.50%, 8/1/50, Pool #FM7147		3,460,967
	175,684	2.50%, 10/1/50, Pool #CA7229		181,084
	144,417	2.00%, 10/1/50, Pool #CA7323		145,179
	94,394	2.00%, 11/1/50, Pool #C47616		94,220
	15,252,158	3.50%, 1/1/51, Pool #FM7599		16,051,707
	9,600,000	2.00%, 1/25/51, TBA		9,576,000
	3,700,000	1.50%, 1/25/51, TBA		3,573,969
	5,975,000	2.50%, 1/25/51, TBA		6,100,102
	845,865	2.50%, 2/1/51, Pool #CA8950		865,260
	1,100,000	1.50%, 2/25/51		1,060,984
	2,342,138	2.00%, 3/1/51, Pool #MA4281		2,337,797
	1,185,782	2.50%, 4/1/51, Pool #FM6540		1,231,802
	4,110,925	2.00%, 4/1/51, Pool #MA4305		4,103,300
	22,349	2.00%, 7/1/51, Pool #BT1461		22,390
	47,408	2.00%, 7/1/51, Pool #BQ1010		47,320
	539,351	2.50%, 8/1/51, Pool #CB1384		553,705
	1,000,000	1.50%, 9/1/51, Pool #BQ6570		966,743
	398,426	2.50%, 9/1/51, Pool #CB1549		409,774
	690,875	2.00%, 10/1/51, Pool #CB1801		692,167
	522,170	2.00%, 10/1/51, Pool #CB1799		524,125
	199,999	1.50%, 11/1/51, Pool #MA4464		193,350
	877,021	2.00%, 11/1/51, Pool #FM9568		879,752
	568,034	2.00%, 11/1/51, Pool #FM9539		569,097
	1,391,238	2.50%, 11/1/51, Pool #FM9501		1,430,854
	378,157	2.50%, 12/1/51, Pool #CB2376		388,223
	398,217	2.00%, 12/1/51, Pool #CB2350		398,589
	420,562	2.50%, 12/1/51, Pool #CB2321		431,372
	399,299	2.50%, 12/1/51, Pool #CB2320		410,671
	946,776	2.50%, 12/1/51, Pool #CB2289		967,437


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	1,099,833	2.00%, 12/1/51, Pool #CB2349	$	1,101,890
	299,623	2.00%, 12/1/51, Pool #CB2348		300,183
	299,696	2.00%, 12/1/51, Pool #CB2347		300,629
	1,700,172	2.50%, 12/1/51, Pool #FM9865		1,748,587

				99,430,098

Government National Mortgage Association (2.1%)
	20,983	4.00%, 10/20/40, Pool #G24833		22,593
	63,045	4.00%, 1/20/41, Pool #4922		67,886
	65,770	4.00%, 8/15/41, Pool #430354		72,508
	717,487	4.00%, 1/20/42, Pool #5280		772,660
	97,311	4.00%, 11/20/42, Pool #MA0535		104,805
	231,982	3.00%, 12/20/42, Pool #AA5872		241,447
	1,613,017	3.50%, 1/20/43, Pool #MA0699		1,696,820
	27,936	3.50%, 3/20/43, Pool #AD8884		29,912
	144,157	3.00%, 3/20/43, Pool #AA6146		156,920
	62,729	3.00%, 3/20/43, Pool #AD8812		67,636
	10,751	3.50%, 4/20/43, Pool #AB9891		11,509
	29,030	3.50%, 4/20/43, Pool #AD9075		31,082
	65,698	4.00%, 5/20/46, Pool #MA3664		70,478
	323,891	3.00%, 12/20/46, Pool #MA4126		338,978
	63,266	4.00%, 1/15/47, Pool #AX5857		67,875
	43,327	4.00%, 1/15/47, Pool #AX5831		46,737
	460,807	3.00%, 1/20/47, Pool #MA4195		482,409
	205,299	4.00%, 3/20/47, Pool #MA4322		218,965
	103,883	4.00%, 4/20/47, Pool #784303		110,230
	35,962	4.00%, 4/20/47, Pool #MA4383		38,356
	109,454	4.00%, 4/20/47, Pool #784304		116,139
	38,330	4.00%, 5/20/47, Pool #MA4452		40,881
	24,299	3.50%, 2/20/48, Pool #MA5019		25,404
	18,758	4.00%, 4/20/48, Pool #BG7744		20,265
	22,363	4.00%, 4/20/48, Pool #BG3507		24,159
	8,932	3.50%, 12/20/49, Pool #BR8985		9,408
	3,819	3.50%, 12/20/49, Pool #BR8984		4,008
	4,712	3.50%, 12/20/49, Pool #BR8987		5,075
	400,000	3.00%, 2/20/50, TBA		413,422
	337,320	3.50%, 4/20/50, Pool #MA6600		351,643
	2,400,678	3.50%, 11/20/50, Pool #MA6997		2,502,615
	11,900,000	3.50%, 1/20/51, TBA		12,374,141
	750,000	2.00%, 2/20/51, TBA		755,742
	1,370,478	3.00%, 5/20/51, Pool #MA7368^		1,419,559
	973,988	3.00%, 6/20/51, Pool #MA7419		1,010,338
	6,475,000	2.50%, 7/20/51, TBA		6,634,852
	8,100,000	2.00%, 1/20/52, TBA		8,177,203

				38,534,660

	Total U.S. Government Agency Mortgages (Cost $161,606,530)			161,786,833


Principal Amount			Value
U.S. Treasury Obligations (21.4%):
U.S. Treasury Bonds (6.0%)
$	32,428,000	1.75%, 8/15/41	$	31,536,230
	1,605,300	3.00%, 2/15/47		1,950,941
	66,722,000	2.00%, 8/15/51		68,337,923
	9,434,000	1.88%, 11/15/51		9,404,519

				111,229,613

U.S. Treasury Inflation Index Bonds (0.0%^†)
	596,576	0.13%, 2/15/51		706,010

U.S. Treasury Notes (15.4%)
	75,000,000	0.13%, 5/31/23		74,531,250
	900,000	2.50%, 1/31/24		932,203
	584,000	0.25%, 5/15/24		576,153
	3,000,000	0.75%, 4/30/26		2,941,875
	85,000,000	0.75%, 5/31/26		83,300,000
	18,472,000	1.25%, 12/31/26		18,466,227
	32,355,200	1.25%, 5/31/28		32,056,926
	17,310,000	1.25%, 9/30/28		17,120,672
	59,291,000	1.38%, 11/15/31^		58,623,976

				288,549,282

	Total U.S. Treasury Obligations (Cost $401,988,008)			400,484,905

Short-Term Security Held as Collateral for Securities on Loan (3.8%):
	70,498,007	BlackRock Liquidity FedFund, Institutional Class, 0.03%(f)(g)		70,498,007

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $70,498,007)			70,498,007


Shares			Value
Unaffiliated Investment Company (3.7%):
Money Markets (3.7%):
	69,371,678	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(g)		69,371,678

	Total Unaffiliated Investment Company (Cost $69,371,678)			69,371,678

	Total Investment Securities (Cost $1,903,311,771) — 107.5%(h)			2,007,823,872
	Net other assets (liabilities) — (7.5)%			(140,113,826	)

	Net Assets — 100.0%		$	1,867,710,046

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	1,903,311,771

Investment securities, at value(a)	$	2,007,823,872
Interest and dividends receivable		6,884,902
Foreign currency, at value (cost $1)		1
Receivable for investments sold		7,870,211
Receivable for TBA investments sold		14,831,522
Receivable for variation margin on futures contracts		404,146
Reclaims receivable		40,053
Prepaid expenses		9,980

Total Assets		2,037,864,687

Liabilities:
Cash overdraft		1,239,271
Payable for investments purchased		11,060,255
Payable for TBA investments purchased		84,998,634
Payable for capital shares redeemed		359,718
Payable for collateral received on loaned securities		70,498,007
Securities sold short (Proceeds received $413,906)		414,125
Due to Broker for futures contracts collateral		92,000
Manager fees payable		707,695
Administration fees payable		371,300
Distribution fees payable		371,735
Custodian fees payable		16,549
Administrative and compliance services fees payable		316
Transfer agent fees payable		3,412
Trustee fees payable		1,776
Other accrued liabilities		19,848

Total Liabilities		170,154,641

Net Assets	$	1,867,710,046

Net Assets Consist of:
Paid in capital	$	1,645,685,585
Total distributable earnings		222,024,461

Net Assets	$	1,867,710,046

Class 1
Net Assets	$	113,444,916
Shares of beneficial interest (unlimited number of shares authorized, no par value)		11,023,095
Net Asset Value (offering and redemption price per share)	$	10.29

Class 2
Net Assets	$	1,754,265,130
Shares of beneficial interest (unlimited number of shares authorized, no par value)		110,936,264
Net Asset Value (offering and redemption price per share)	$	15.81

(a)	Includes securities on loan of $69,033,339.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Interest	$	17,174,857
Dividends		7,471,886
Income from securities lending		46,892
Foreign withholding tax		(110,821	)

Total Investment Income		24,582,814

Expenses:
Management fees		6,117,912
Administration fees		697,068
Distribution fees		3,040,119
Custodian fees		56,012
Administrative and compliance services fees		11,249
Transfer agent fees		23,507
Trustee fees		48,576
Professional fees		22,665
Shareholder reports		23,395
Other expenses		16,365

Total expenses before reductions		10,056,868
Less Management fees contractually waived		(580,008	)
Less expenses contractually waived/reimbursed by the Manager		(564,106	)

Net expenses		8,912,754

Net Investment Income/(Loss)		15,670,060

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		102,261,935
Net realized gains/(losses) on futures contracts		2,018,086
Net realized gains/(losses) on securities held short		(32,459	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		19,386,624
Change in net unrealized appreciation/depreciation on futures contracts		(72,472	)
Change in net unrealized appreciation/depreciation on securities held short		4,843

Net realized and Change in net unrealized gains/losses on investments		123,566,557

Change in Net Assets Resulting From Operations	$	139,236,617

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may invest in structured notes, the values of which are based on the price movements of a reference security or index. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. The terms of the structured notes may provide that in certain circumstances no principal is due at maturity and therefore, may result in a loss of invested capital. Structured notes may be positively or negatively indexed, so that appreciation of the reference may produce an increase or a decrease in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the reference; therefore, the value of such security may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When the Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. These base rates are primarily the London-Interbank Offered Rate and, secondarily, the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Schedule of Portfolio of Investments. All or a portion of any bank loans may be unfunded. The portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $4,653 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $70,498,007 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

During the year ended December 31, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended December 31, 2021, the monthly average notional amount for long contracts was $8.7 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2021:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), FIAM LLC (“FIAM”), which in turn has retained Geode Capital Management, LLC (“Geode” or the “Sub-subadviser”), to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and FIAM, FIAM and Geode, respectively, provide investment advisory services as the Subadviser and Sub-subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Sub-subadviser is entitled to a fee payable by the Subadviser. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees),

taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager with respect to annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At December 31, 2021, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments. Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the year ended December 31, 2021, purchases and sales of long-term U.S. government securities were as follows:

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of December 31, 2021 are identified below.

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Short Sale Risk: The Fund may engage in short sales, which are transactions in which the Fund sells securities borrowed from others with the expectation that the price of the security will fall before the Fund must purchase the security to return it to the lender. The Fund may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction costs and borrowing fees in connection with short sales.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $1,905,510,267. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 75% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Fidelity Institutional Asset Management Multi-Strategy Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four periods ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four periods ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

For the year ended December 31, 2021, 25.24% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $4,282,778.

During the year ended December 31, 2021, the Fund declared net long-term capital gain distributions of $22,909,440.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Name, Address, and Birth Year

Positions
Held with
AIM Complex

Term of

Office⁽²⁾/ Length
of Time Served

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios
Overseen for the
AIM Complex

Other

Directorships Held
Outside the AIM
Complex During
Past 5 Years

Peter R. Burnim (1947)
5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 2/07

Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present

Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957)
5701 Golden Hills Drive

Minneapolis, MN 55416

Lead
Independent
Trustee

Since 10/14

(Trustee since 2/07)

Managing Director, Red Canoe Management Consulting LLC, 2008 to present

None

Tamara Lynn Fagely (1958)
5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 12/17

Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013

Diamond Hill Funds (10 funds)

Richard H. Forde (1953)
5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 12/17

Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019

Connecticut Water Service, Inc.

Jack Gee (1959)

5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾

Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019

Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955)
5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 2/04

Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015

None

Dickson W. Lewis (1948)
5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 2/04

Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001

None

Interested Trustee⁽⁴⁾

Name, Address, and Birth Year

Positions
Held with
AIM Complex

Term of

Office⁽²⁾/ Length
of Time Served

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios
Overseen for the
AIM Complex

Other

Directorships Held
Outside the AIM
Complex During
Past 5 Years

Brian Muench (1970)

5701 Golden Hills Drive

Minneapolis, MN 55416

Trustee

Since 6/11

President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present

None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti- Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 shares) (the “Fund”) returned 0.31%. That compared to a (1.54)% total return for its benchmark, the Bloomberg U.S. Aggregate Bond Index.¹

The U.S. bond market experienced negative returns in 2021. The vaccine rollout, as well as a substantial fiscal stimulus, boosted yields at the beginning of the year. As the economy followed an uneven path to recovery over the ensuing months, the U.S. Federal Reserve (the “Fed”) maintained relatively low interest rates, helping to flatten the yield curve. Stocks and other riskier assets tended to perform better than bonds in this environment. Rising inflation toward the end of the year led to a more hawkish tone from the Fed, pushing yields higher and keeping bond prices low for the year.

The Fund outperformed its benchmark for the period. The Fund’s relative return was helped considerably by its position in high-yield corporate bonds, which appreciated significantly amid economic optimism. An underweight position in mortgage-backed securities also boosted relative returns, as this sector saw wider spreads after reaching historically high levels early in the year.

Additionally, the Fund’s holdings of Treasury Inflation Protected Securities (TIPS) contributed to relative performance, as the market priced in much higher levels of inflation.

The Fund’s return relative to the benchmark was modestly hurt by an underweight position in the bonds of industrial companies within investment grade corporates.

The Fund did not hold derivatives during the period.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to seek a high level of current income. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	Inception Date		1 Year			3 Year			5 Year			Since Inception
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 1 Shares)		10/17/2016		0.59	%		6.67	%		4.67	%		4.04	%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 Shares)		9/5/2012		0.31	%		6.39	%		4.39	%		3.22	%
Bloomberg U.S. Aggregate Bond Index		9/5/2012		(1.54	)%		4.79	%		3.57	%		2.70	%


Expense Ratios	Gross
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 1 Shares)		0.58	%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 Shares)		0.83	%

The above expense ratios are based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.70% for Class 1 Shares and 0.95% for Class 2 Shares through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratios can be found in the Financial Highlights.

As a shareholder of the AZL Fidelity Institutional Asset Management Total Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (0.1%):
Diversified Telecommunication Services (0.0%^†):
	1,287	Frontier Communications Parent, Inc.*	$	37,954

Oil, Gas & Consumable Fuels (0.1%):
	22	Amplify Energy Corp.*		68
	2,649	Denbury, Inc.*		202,887
	5,889	Sanchez Energy Corp.*(a)		211,873

				414,828

Semiconductors & Semiconductor Equipment (0.0%^†):
	698	Micron Technology, Inc.		65,018

	Total Common Stocks (Cost $188,959)			517,800

Preferred Stock (0.0%^†):
Electric Utilities (0.0%^†):
	600	PG&E Corp., 5.50%, 8/16/23		69,408

	Total Preferred Stock (Cost $70,437)			69,408

Contracts			Value
Warrant (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	95	California Resources Corp., 10/27/24		1,178

	Total Warrant (Cost $–)			1,178

Principal Amount			Value
Asset Backed Securities (2.2%):
$	1,299,413	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b)		1,171,719
	244,877	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(b)		174,268
	243,461	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(b)		212,257
	403,580	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(b)		384,290
	598,000	Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(b)		593,579
	198,709	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(b)		186,487
	340,940	Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(b)		334,182
	252,403	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(b)		226,155
	96,354	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		96,479
	562,257	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		561,352
	486,005	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(b)		479,667
	366,161	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(b)		358,669
	209,476	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(b)		211,678
	186,315	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(b)		175,374
	375,594	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(b)		370,260
	526,620	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(b)		518,100
	551,513	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b)		573,233


Principal Amount			Value
Asset Backed Securities, continued
$	219,019	Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(b)	$	214,601
	205,447	Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(b)		199,305
	330,260	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b)		339,442
	376,367	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(b)		364,891
	233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(b)		201,968
	353,438	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(b)		343,206
	361,973	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)		358,750
	534,859	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(b)		529,532
	525,220	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(b)(c)		515,521

	Total Asset Backed Securities (Cost $10,057,522)			9,694,965

Collateralized Mortgage Obligations (7.8%):
	250,000	Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 1.25%(US0003M+113bps), 10/17/34, Callable 1/17/24 @ 100(b)		249,414
	440,000	Aimco CLO 12, Ltd., Class A, Series 2020-12A, 1.33%(US0003M+121bps), 1/17/32, Callable 1/17/22 @ 100(b)		439,692
	460,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A, 1.12%(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(b)		459,673
	250,000	Allegany Park CLO, Ltd., Class A, Series 2019-1A, 1.46%(US0003M+133bps), 1/20/33, Callable 1/20/22 @ 100(b)		250,040
	273,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 1.27%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(b)		272,538
	393,000	Ares CLO, Ltd., Class A, Series 2019-54A, 1.44%(US0003M+132bps), 10/15/32, Callable 1/15/22 @ 100(b)		393,060
	250,000	Ares CLO, Ltd., Class AR2, Series 2015-2A, 1.37%(US0003M+125bps), 4/17/33, Callable 1/17/22 @ 100(b)		250,059
	342,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 1.25%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(b)		341,808
	452,000	Ares LVIII CLO, Ltd., Class A, Series 2020-58A, 1.34%(US0003M+122bps), 1/15/33, Callable 1/15/22 @ 100(b)		452,056
	387,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 1.19%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(b)		385,527
	273,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(b)		278,261
	100,000	BAMLL Commercial Mortgage Securities Trust, Class BNM, Series 2019-BPR, 3.47%, 11/5/32(b)		98,205


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	43,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 9/15/29 @ 100	$	45,267
	440,000	Barings CLO, Ltd., Class A, Series 2020-4A, 1.35%(US0003M+122bps), 1/20/32, Callable 1/20/22 @ 100(b)		440,006
	250,000	Barings CLO, Ltd., Class AR, Series 2020-1A, 1.27%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(b)		250,044
	383,000	Beechwood Park CLO, Ltd., Class A1, Series 2019-1A, 1.45%(US0003M+133bps), 1/17/33, Callable 1/17/22 @ 100(b)		383,070
	49,000	Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51(c)		54,933
	331,000	Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 1.27%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(b)		330,803
	201,000	BFLD Trust, Class A, Series 2020-OBRK, 2.16%(US0001M+205bps), 11/15/22(b)		202,081
	461,000	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 1.11%(US0003M+99bps), 4/15/29, Callable 1/15/22 @ 100(b)		460,153
	177,029	BX Commercial Mortgage Trust, Class E, Series 2020-BXLP, 1.71%(US0001M+160bps), 12/15/29(b)		176,257
	339,150	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 1.56%(US0001M+145bps), 10/15/36(b)		338,495
	519,396	BX Commercial Mortgage Trust, Class A, Series 2020-BXLP, 0.91%(US0001M+80bps), 12/15/29(b)		519,089
	248,627	BX Commercial Mortgage Trust, Class A, Series 2020-FOX, 1.11%(US0001M+100bps), 11/15/32(b)		248,533
	146,300	BX Commercial Mortgage Trust, Class F, Series 2018-IND, 1.91%(US0001M+180bps), 11/15/35(b)		146,170
	238,850	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 1.36%(US0001M+125bps), 10/15/36(b)		238,454
	140,061	BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 2.73%(US0001M+263bps), 9/15/37(b)		119,415
	266,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 1.41%(US0001M+130bps), 4/15/34(b)		264,345
	476,000	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 1.91%(US0001M+180bps), 10/15/36(b)		475,086
	150,307	BX Commercial Mortgage Trust, Class C, Series 2020-BXLP, 1.23%(US0001M+112bps), 12/15/29(b)		149,956
	189,554	BX Commercial Mortgage Trust, Class B, Series 2020-BXLP, 1.11%(US0001M+100bps), 12/15/29(b)		189,331
	190,400	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 1.19%(US0001M+108bps), 10/15/36(b)		190,189


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	232,141	BX Commercial Mortgage Trust, Class D, Series 2020-BXLP, 1.36%(US0001M+125bps), 12/15/29(b)	$	231,259
	400,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 1.11%(US0001M+100bps), 4/15/34(b)		399,247
	185,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 2.01%(US0001M+190bps), 4/15/34(b)		182,678
	176,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 1.71%(US0001M+160bps), 4/15/34(b)		174,234
	100,000	BX Mortgage Trust, Class D, Series 2021-PAC, 1.41%(US0001M+130bps), 10/15/36(b)		99,817
	302,000	BX Mortgage Trust, Class E, Series 2021-PAC, 2.06%(US0001M+195bps), 10/15/36(b)		301,048
	100,000	BX Mortgage Trust, Class B, Series 2021-PAC, 1.01%(US0001M+90bps), 10/15/36(b)		99,769
	447,000	BX Mortgage Trust, Class A, Series 2021-PAC, 0.80%(US0001M+69bps), 10/15/36(b)		446,169
	100,000	BX Mortgage Trust, Class C, Series 2021-PAC, 1.21%(US0001M+110bps), 10/15/36(b)		99,816
	268,411	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 6/25/22 @ 100(b)(c)		268,031
	336,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 1.18%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(b)		333,770
	264,000	Cedar Funding X CLO, Ltd., Class AR, Series 2019-10A, 1.23%(US0003M+110bps), 10/20/32, Callable 10/20/22 @ 100(b)		263,892
	250,000	Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 1.26%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		249,419
	122,109	CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 1.61%(US0001M+150bps), 6/15/34(b)		121,339
	137,993	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 1.86%(US0001M+175bps), 6/15/34(b)		136,787
	622,457	CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 1.23%(US0001M+112bps), 6/15/34(b)		621,706
	291,000	CIM Retail Portfolio Trust, Class A, Series 2021-RETL, 1.51%(US0001M+140bps), 8/15/36(b)		290,284
	100,000	CIM Retail Portfolio Trust, Class B, Series 2021-RETL, 2.01%(US0001M+190bps), 8/15/36(b)		99,398
	100,000	CIM Retail Portfolio Trust, Class D, Series 2021-RETL, 3.16%(US0001M+305bps), 8/15/36(b)		99,020
	100,000	CIM Retail Portfolio Trust, Class C, Series 2021-RETL, 2.41%(US0001M+230bps), 8/15/36(b)		99,270
	328,000	Columbia Cent CLO 29, Ltd., Class AR, Series 2020-29A, 1.32%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(b)		327,999
	580,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 1.44%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(b)		581,056


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	440,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 1.33%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(b)	$	440,203
	83,000	Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 6/15/24 @ 100		87,458
	205,000	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 1.34%(US0001M+123bps), 5/15/36(b)		204,615
	119,000	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(b)		120,034
	1,384,000	CSMC Trust, Class D, Series 2017-PFHP, 2.36%(US0001M+225bps), 12/15/30(b)		1,377,855
	128,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b)		125,720
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b)		100,646
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b)		101,472
	309,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b)		316,605
	250,000	Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 1.31%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		249,899
	382,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 1.34%(US0003M+122bps), 1/18/32, Callable 1/18/22 @ 100(b)		382,030
	296,000	Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 1.27%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(b)		296,052
	250,000	Dryden 90 Clo, Ltd., Class A1A, Series 2021-90A, 1.29%(US0003M+113bps), 2/20/35(b)		249,847
	300,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 1.30%(US0003M+118bps), 4/17/33, Callable 4/17/22 @ 100(b)		300,116
	250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 1.37%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(b)		250,495
	378,000	Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 1.26%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(b)		377,681
	612,000	ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 0.81%(US0001M+70bps), 11/15/38(b)		608,487
	134,301	Extended Stay America Trust, Class D, Series 2021-ESH, 2.36%(US0001M+225bps), 7/15/38(b)		134,301
	121,369	Extended Stay America Trust, Class B, Series 2021-ESH, 1.49%(US0001M+138bps), 7/15/38(b)		121,369
	99,482	Extended Stay America Trust, Class C, Series 2021-ESH, 1.81%(US0001M+170bps), 7/15/38(b)		99,482
	213,887	Extended Stay America Trust, Class A, Series 2021-ESH, 1.19%(US0001M+108bps), 7/15/38(b)		213,887


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	250,000	Flatiron CLO 19, Ltd., CLASS: AR, SERIES:19-1A CLASS: AR, 1.24%(US0003M+108bps), 11/16/34, Callable 11/16/22 @ 100(b)	$	249,999
	430,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 1.46%(US0003M+130bps), 11/20/33, Callable 11/20/22 @ 100(b)		430,344
	250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 1.26%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(b)		249,155
	264,000	GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 1.06%(US0001M+95bps), 10/15/36(b)		263,833
	100,000	GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 1.26%(US0001M+115bps), 10/15/36(b)		99,891
	250,000	Invesco CLO, Ltd., Class A, Series 2021-3A, 1.25%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(b)		249,411
	63,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23(b)		64,982
	97,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23(b)		99,761
	133,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23(b)		135,397
	100,000	Life Mortgage Trust, Class E, Series 2021-BMR, 1.86%(US0001M+175bps), 3/15/38(b)		98,863
	100,000	Life Mortgage Trust, Class D, Series 2021-BMR, 1.51%(US0001M+140bps), 3/15/38(b)		98,895
	100,000	Life Mortgage Trust, Class B, Series 2021-BMR, 0.99%(US0001M+88bps), 3/15/38(b)		98,923
	395,000	Life Mortgage Trust, Class A, Series 2021-BMR, 0.81%(US0001M+70bps), 3/15/38(b)		392,041
	100,000	Life Mortgage Trust, Class C, Series 2021-BMR, 1.21%(US0001M+110bps), 3/15/38(b)		98,888
	250,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 1.33%(US0003M+121bps), 1/15/32, Callable 1/15/22 @ 100(b)		250,026
	460,000	Madison Park Funding L, Ltd., Class A, Series 2021-50A, 1.26%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(b)		459,999
	369,000	Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 1.19%(US0003M+110bps), 1/22/35(b)		368,341
	250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 1.24%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(b)		249,861
	278,806	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 1.05%(US0003M+92bps), 1/22/28, Callable 1/22/22 @ 100(b)		278,599
	250,000	Madison Park Funding, Ltd., Class A, Series 2019-33A, 1.45%(US0003M+133bps), 10/15/32, Callable 1/15/22 @ 100(b)		250,062


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	325,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 1.15%(US0003M+102bps), 4/20/34, Callable 4/20/22 @ 100(b)	$	324,824
	271,000	Magnetite Xxiii, Ltd., CLASS: AR, SERIES:19-23A CLASS: AR, 1.25%(US0003M+113bps), 1/25/35(b)		270,772
	400,000	Magnetite Xxix, Ltd., Class A, Series 2021-29A, 1.11%(US0003M+99bps), 1/15/34, Callable 1/15/22 @ 100(b)		400,136
	250,000	Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 1.27%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(b)		250,000
	400,000	Magnetite Xxx, Ltd., Class A, Series 2021-30A, 1.26%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		399,763
	590,000	Magnetite, Ltd., Class A, Series 24, 1.45%(US0003M+133bps), 1/15/33, Callable 1/15/22 @ 100(b)		590,042
	464,000	Milos CLO, Ltd., Class AR, Series 2017-1A, 1.20%(US0003M+107bps), 10/20/30, Callable 1/20/22 @ 100(b)		464,001
	200,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 12/15/28 @ 100		226,266
	870,944	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 1.61%(US0001M+150bps), 6/15/35(b)		866,154
	82,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)(c)		81,908
	86,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)		86,949
	593,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(b)		608,406
	361,287	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 1.36%(US0001M+125bps), 6/15/35(b)		362,162
	250,000	Peace Park CLO, Ltd., Class A, Series 2021-1A, 1.27%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(b)		249,999
	131,131	Prima Capital CRE Securitization, Class A, Series 2021-9A, 1.55%(US0001M+145bps), 12/15/37(b)		131,049
	470,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A, 1.25%(US0003M+112bps), 4/20/34, Callable 4/20/23 @ 100(b)		469,747
	410,000	SREIT Trust, Class A, Series 2021-MFP, 0.83%(US0001M+73bps), 11/15/38(b)		407,815
	235,000	SREIT Trust, Class B, Series 2021-MFP, 1.18%(US0001M+108bps), 11/15/38(b)		233,589
	146,000	SREIT Trust, Class C, Series 2021-MFP, 1.43%(US0001M+133bps), 11/15/38(b)		144,239
	100,000	SREIT Trust, Class D, Series 2021-MFP, 1.68%(US0001M+158bps), 11/15/38(b)		99,904
	350,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 1.21%(US0003M+108bps), 4/20/33, Callable 4/20/22 @ 100(b)		349,235


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	304,000	Taconic Park CLO, Ltd., Class A1R, Series 2016-1A, 1.13%(US0003M+100bps), 1/20/29, Callable 1/20/22 @ 100(b)	$	303,830
	370,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(b)		367,839
	20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(b)		20,002
	250,000	Voya CLO, Ltd., Class A1R, Series 2020-2A, 1.28%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(b)		250,000
	444,000	Voya CLO, Ltd., Class AR, Series 2020-3A, 1.28%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		443,481
	516,000	Voya CLO, Ltd., Class A, Series 2019-2, 1.40%(US0003M+127bps), 7/20/32, Callable 1/20/22 @ 100(b)		516,013
	250,000	Voya CLO, Ltd., Class AR, Series 2020-1A, 1.27%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(b)		249,720
	261,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 1.31%(US0001M+120bps), 5/15/31(b)		260,678
	234,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100		265,983

	Total Collateralized Mortgage Obligations (Cost $34,977,078)			34,958,049

Convertible Bonds (0.2%):
Entertainment (0.0%^†):
	37,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		48,766

Hotels, Restaurants & Leisure (0.0%^†):
	38,000	Booking Holdings, Inc., 0.75%, 5/1/25		56,021
	40,000	Vail Resorts, Inc., 0.00%, 1/1/26^		42,762

				98,783

Leisure Products (0.0%^†):
	28,000	Callaway Golf Co., 2.75%, 5/1/26		48,480

Media (0.1%):
	85,000	DISH Network Corp., 2.38%, 3/15/24		81,478
	209,000	DISH Network Corp., 3.38%, 8/15/26		195,753

			277,231

Oil, Gas & Consumable Fuels (0.1%):
	76,968	Mesquite Energy, Inc., 15.00%, 7/15/23(a)		241,680
	45,151	Mesquite Energy, Inc., 15.00%, 7/15/23(d)		156,674

				398,354

Professional Services (0.0%^†):
	23,000	FTI Consulting, Inc., 2.00%, 8/15/23		35,533
	33,000	KBR, Inc., 2.50%, 11/1/23		62,586

				98,119

Semiconductors & Semiconductor Equipment (0.0%^†):
	13,000	ON Semiconductor Corp., 1.63%, 10/15/23		42,878

	Total Convertible Bonds (Cost $642,156)			1,012,611

Bank Loans (0.2%):
Chemicals (0.0%^†):
	24,938	Consolidated Energy Term Incr B 1Ln, 3.56% (LIBOR+350bps)		24,314


Principal Amount			Value
Bank Loans, continued
Chemicals, continued
$	10,000	Diversey Term B 1Ln, Amendment No 3 Refinancing TL, 3.06% (LIBOR+300bps), 9/29/28	$	9,953

				34,267

Construction & Engineering (0.0%^†):
	50,000	Convergint Tech Term 2Ln, 7.50% (LIBOR+675bps), 3/31/29		49,875
	9,975	Convergint Tech Term B 1Ln, 4.25% (LIBOR+350bps), 3/31/28		9,963

				59,838

Consumer Discretionary Products (0.0%^†):
	15,224	Authentic Brands Term B2 1Ln, 3.56% (LIBOR+350bps), 1/31/29		15,110
	2,388	Authentic Brands Term B3 1Ln, 3.56% (LIBOR+350bps), 1/31/29		2,370

				17,480

Diversified Consumer Services (0.0%^†):
	5,000	Ascend Learning Term 2 Ln, 5.81% (LIBOR+575bps), 12/10/29		4,988
	75,000	Ascend Learning Term B 1 Ln, 3.56% (LIBOR+350bps), 11/18/28		74,828

				79,816

Diversified Financial Services (0.1%):
	15,000	Intelsat Term B-4, 5.56% (LIBOR+550bps), 1/2/24		14,960
	195,130	Intelsat Term Dip Dd Superpriority 1Ln, 5.75% (LIBOR+475bps), 10/13/22		194,825

				209,785

Hotels, Restaurants & Leisure (0.1%):
	110,000	City Football Group Term B 1Ln, 3.56% (LIBOR+350bps), 7/21/28, Callable 2/7/22 @ 100(b)		109,175
	76,048	Diamond Sports Broadcasting Term B 1Ln, 3.31% (LIBOR+325bps), 8/24/26, Callable 2/7/22 @ 100(b)		35,045
	183,614	Golden Entertainment Term B 1Ln, 3.06% (LIBOR+300bps), 10/20/24, Callable 2/7/22 @ 100(b)		183,003

				327,223

Media (0.0%^†):
	2,388	Authentic Brands Term B1 1Ln, 3.56% (LIBOR+350bps), 1/31/29		2,376

Software (0.0%^†):
	6,771	Ion Analytics Term 1 Ln, 4.06% (LIBOR+400bps), 2/16/28		6,785

	Total Bank Loans (Cost $743,268)			737,570

Corporate Bonds (31.0%):
Aerospace & Defense (0.6%):
	214,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100		241,076
	214,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		249,774
	200,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		256,563
	200,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		270,921


Principal Amount			Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	210,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100	$	290,698
	125,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(b)		126,563
	170,000	BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(b)		172,550
	5,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		5,956
	65,000	Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(b)		65,406
	60,000	TransDigm, Inc., 6.88%, 5/15/26, Callable 2/7/22 @ 105.16		62,625
	60,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 2/7/22 @ 103.19		61,575
	55,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 3/15/22 @ 103.75		57,406
	610,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 11/15/22 @ 102.75		626,775
	115,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44		115,000

				2,602,888

Air Freight & Logistics (0.1%):
	100,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(b)		101,875
	205,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 5/1/22 @ 103.13(b)		213,712

				315,587

Auto Components (0.0%^†):
	55,000	Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25		53,969

Automobiles (0.2%):
	55,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(b)		55,000
	105,000	Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)		103,163
	75,000	Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(b)		74,344
	354,000	Volkswagen Group of America Finance LLC, 2.90%, 5/13/22(b)		356,794
	309,000	Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(b)		317,870

				907,171

Banking (0.0%^†):
	30,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(b)		29,350

Banks (2.5%):
	656,000	Bank of America Corp., 4.20%, 8/26/24, MTN		702,037
	612,000	Bank of America Corp., Series L, 3.95%, 4/21/25, MTN		654,785
	128,000	Bank of America Corp., Series G, 4.45%, 3/3/26		140,924
	930,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		913,299
	100,000	CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100		103,625
	245,000	CIT Group, Inc., 6.13%, 3/9/28		294,612


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	1,090,000	Citigroup, Inc., Series V, 4.05%, 7/30/22	$	1,111,352
	393,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		410,589
	1,642,000	Citigroup, Inc., 4.30%, 11/20/26		1,816,671
	200,000	Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100		197,593
	2,994,000	JPMorgan Chase & Co., 3.88%, 9/10/24		3,180,736
	267,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100		276,154
	296,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		303,264
	938,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		1,089,113

				11,194,754

Beverages (0.6%):
	500,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		547,664
	220,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		258,920
	500,000	Anheuser-Busch InBev Worldwide, Inc., 4.50%, 6/1/50, Callable 12/1/49 @ 100		617,341
	509,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		643,124
	523,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		761,956
	30,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(b)		28,950

				2,857,955

Biotechnology (0.3%):
	1,489,000	AbbVie, Inc., 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,494,235
	50,000	Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94^(b)		47,875

				1,542,110

Building Products (0.1%):
	255,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 9/30/22 @ 102.5(b)		264,244
	15,000	Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(b)		15,300

				279,544

Capital Markets (2.2%):
	282,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		299,199
	572,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		608,492
	706,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		743,065
	751,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		791,612
	140,000	Coinbase Global, Inc., 3.38%, 10/1/28, Callable 10/1/24 @ 101.69(b)		130,900
	140,000	Coinbase Global, Inc., 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		128,800
	1,140,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		1,253,017
	510,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100, MTN		503,195


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	194,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37	$	275,335
	70,000	HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(b)		71,050
	25,000	LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(b)		25,563
	25,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b)		25,500
	2,124,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		2,197,809
	632,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		687,290
	170,000	Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(b)		169,363
	70,000	Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29, Callable 10/1/24 @ 102.63(b)		70,875
	45,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(b)		45,563
	190,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 8/1/22 @ 108.06(b)		198,536
	200,000	Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(b)		195,500
	457,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b)		516,348
	500,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b)		658,653
	20,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(b)		19,975
	50,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(b)		50,937
	80,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b)		75,200

				9,741,777

Chemicals (0.4%):
	165,000	CF Industries, Inc., 5.15%, 3/15/34		199,444
	16,000	CF Industries, Inc., 4.95%, 6/1/43		19,240
	259,000	CF Industries, Inc., 5.38%, 3/15/44		326,988
	170,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100^		181,687
	355,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(b)		373,194
	25,000	Diamond BC BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31(b)		24,781
	35,000	LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13(b)		36,225
	125,000	Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5		131,250
	60,000	Scotts Miracle-GRO Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19(b)		59,850
	35,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		35,700
	135,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b)		131,625
	80,000	WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(b)		82,172


Principal Amount			Value
Corporate Bonds, continued
Chemicals, continued
$	55,000	WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(b)	$	56,100

				1,658,256

Commercial Services & Supplies (0.1%):
	55,000	ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(b)		54,312
	165,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/1/23 @ 102.5(b)		170,363
	35,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/1/23 @ 102.5(b)		35,262
	35,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(b)		36,225
	70,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(b)		72,450
	120,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(b)		118,200

				486,812

Communications Equipment (0.1%):
	90,000	CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(b)		88,875
	90,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b)		89,212
	115,000	Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(b)		114,713

				292,800

Construction & Engineering (0.2%):
	40,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(b)		40,400
	280,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 2/7/22 @ 104.25^(b)		279,300
	105,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(b)		106,837
	80,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(b)		82,000
	35,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(b)		36,050
	235,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(b)		235,588

				780,175

Consumer Finance (2.7%):
	578,000	Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100		592,536
	130,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100		130,448
	148,000	Ally Financial, Inc., 5.13%, 9/30/24		161,829
	330,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		372,444
	505,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		569,508
	200,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), Callable 5/15/26 @ 100		209,999
	462,000	Capital One Financial Corp., 2.60%, 5/11/23, Callable 4/11/23 @ 100		471,198


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	833,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100	$	898,269
	636,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		692,786
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		261,249
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,014,398
	383,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		419,657
	355,000	Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100		385,321
	110,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		118,772
	215,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		231,371
	496,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		496,206
	504,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		541,071
	1,490,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		1,569,886
	80,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		86,981
	240,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		272,679
	200,000	General Motors Acceptance Corp., 8.00%, 11/1/31		281,881
	175,000	OneMain Finance Corp., 6.88%, 3/15/25		194,688
	110,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		108,900
	100,000	OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94		98,125
	170,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		166,813
	119,000	Synchrony Financial, 2.85%, 7/25/22, Callable 6/25/22 @ 100		120,274
	381,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		402,500
	577,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		610,783
	663,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		713,395

				12,193,967

Containers & Packaging (0.0%^†):
	5,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 8/15/22 @ 102.06(b)		5,106
	85,000	Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		84,044
	30,000	Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(b)		30,300

				119,450

Diversified Consumer Services (0.1%):
	170,000	Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(b)		165,325
	32,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b)		31,320


Principal Amount			Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	141,000	APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(b)	$	148,931
	275,000	Sotheby’s, 7.38%, 10/15/27, Callable 10/15/22 @ 103.69(b)		293,219

				638,795

Diversified Financial Services (0.3%):
	85,000	Acrisure LLC / Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(b)		83,300
	59,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		61,137
	200,000	Flex Acquisition Co., Inc., 6.88%, 1/15/25, Callable 2/7/22 @ 100(b)		200,000
	200,000	Flex Acquisition Co., Inc., 7.88%, 7/15/26, Callable 2/7/22 @ 103.94(b)		207,750
	20,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b)		19,050
	55,000	OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(b)		55,756
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		533,877
	70,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		72,713
	65,000	Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31, Callable 2/15/31 @ 100(b)		68,738
	55,000	Venture Global Calcasieu Pass LLC, 3.88%, 11/1/33, Callable 5/1/33 @ 100(b)		57,612

				1,359,933

Diversified Support Services (0.0%^†):
	25,000	Ritchie Bros Holdings, Inc., 4.75%, 12/15/31, Callable 12/15/26 @ 102.38(b)		26,094

Diversified Telecommunication Services (0.7%):
	42,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		44,729
	215,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		242,147
	109,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100		106,552
	500,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		632,281
	351,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		363,006
	125,000	CenturyLink, Inc., 5.63%, 4/1/25, Callable 1/1/25 @ 100		132,187
	360,000	CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(b)		374,850
	10,000	CenturyLink, Inc., Series G, 6.88%, 1/15/28		11,125
	80,000	Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(b)		81,900
	40,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75^(b)		40,700
	30,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(b)		29,625
	60,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(b)		63,450
	65,000	Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		66,706
	70,000	Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(b)		72,712


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	8,244	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94	$	8,244
	70,000	Frontier Communications Holdings LLC, 6.00%, 1/15/30, Callable 10/15/24 @ 103^(b)		70,175
	85,000	Lumen Technologies, Inc., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(b)		85,319
	323,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		323,334
	299,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		301,390
	85,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/7/22 @ 102(b)		83,513

				3,133,945

Electric Utilities (1.2%):
	326,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38(b)		336,595
	20,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(b)		20,000
	70,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(b)		71,225
	255,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		260,498
	78,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(b)		76,094
	249,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(b)		247,646
	110,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100		122,434
	2,306,000	FirstEnergy, Inc., Series B, 4.25%, 3/15/23		2,411,084
	100,000	Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		102,750
	211,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		220,759
	29,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b)		30,233
	30,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(b)		29,362
	55,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(b)		53,625
	141,551	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		151,282
	310,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		339,567
	575,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5^		604,469
	140,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63		146,818
	260,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.5(b)		269,100

				5,493,541


Principal Amount			Value
Corporate Bonds, continued
Electrical Equipment (0.1%):
$	85,000	PowerTeam Services LLC, 9.03%, 12/4/25, Callable 2/4/23 @ 104.52(b)	$	89,462
	105,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)		106,969
	140,000	Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(b)		140,525

				336,956

Electronic Equipment, Instruments & Components (0.0%^†):
	35,000	II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(b)		35,875

Entertainment (0.1%):
	310,000	Netflix, Inc., 4.88%, 4/15/28		353,400
	30,000	Netflix, Inc., 6.38%, 5/15/29		37,387
	30,000	Netflix, Inc., 5.38%, 11/15/29(b)		35,625
	140,000	ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(b)		141,575

				567,987

Equity Real Estate Investment Trusts (3.0%):
	454,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		479,450
	421,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		452,512
	522,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		582,661
	489,000	Brandywine Realty Trust, 3.95%, 2/15/23, Callable 11/15/22 @ 100		500,588
	66,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		65,634
	98,000	Corporate Office Properties, LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		98,955
	35,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100^		35,525
	65,000	CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(b)		66,864
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		154,897
	55,000	Geo Group, Inc. (The), 5.88%, 10/15/24, Callable 2/7/22 @ 100.98		48,125
	170,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(b)		166,045
	102,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		108,674
	98,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		101,672
	615,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		698,095
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		141,948
	40,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b)		42,600
	169,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		175,306


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100	$	134,158
	281,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		300,617
	1,931,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		2,116,876
	435,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		451,629
	194,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		195,386
	78,000	Piedmont Operating Partnership, LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100		76,543
	35,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		35,498
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		71,785
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		109,283
	22,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		24,322
	498,000	Sabra Health Care, LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100		486,430
	458,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(b)		471,183
	146,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(b)		146,243
	111,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(b)		112,793
	65,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		63,035
	55,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		56,515
	60,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		57,148
	125,000	Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100		115,302
	147,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		165,331
	112,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		111,839
	232,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		231,594
	87,000	Sun Communities Operating, LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100		86,636
	387,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		398,468
	237,000	Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100		226,134
	95,000	The Geo Group, Inc., 6.00%, 4/15/26, Callable 2/7/22 @ 103^		76,475
	300,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/15/22 @ 103.94(b)		313,125
	160,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(b)		154,000
	199,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		220,279


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	569,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100	$	590,255
	631,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		737,280
	135,000	Vici Properties, 4.63%, 12/1/29, Callable 12/1/24 @ 102.31(b)		143,269
	103,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		103,108
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		67,916
	814,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100		867,683
	101,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		111,517

				13,549,206

Financial Services (0.0%^†):
	60,000	Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(b)		59,400
	30,000	Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(b)		30,375

				89,775

Food & Staples Retailing (0.3%):
	35,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 1/15/23 @ 103.47(b)		36,837
	80,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(b)		80,100
	240,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(b)		259,200
	165,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 5/1/22 @ 103.44^(b)		172,838
	125,000	Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(b)		130,469
	30,000	Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(b)		29,625
	140,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		174,938
	210,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		327,272
	65,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(b)		69,550
	90,000	US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(b)		91,463
	25,000	US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		25,250

				1,397,542

Food Products (0.7%):
	170,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(b)		160,225
	555,000	JBS Finance Luxembourg Sarl, 2.50%, 1/15/27, Callable 12/15/26 @ 100^(b)		551,688
	50,000	JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(b)		50,313


Principal Amount			Value
Corporate Bonds, continued
Food Products, continued
$	290,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)	$	315,012
	65,000	JBS USA LUX SA / JBS USA Finance, Inc., 6.75%, 2/15/28, Callable 2/15/23 @ 103.38(b)		70,200
	545,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(b)		599,500
	510,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(b)		505,538
	101,000	Kraft Heinz Foods Co., 5.00%, 7/15/35, Callable 1/15/35 @ 100		123,669
	20,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100		23,555
	65,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100		81,561
	135,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(b)		141,750
	55,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 12/1/22 @ 102.81(b)		58,231
	165,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(b)		163,762
	95,000	TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102		91,200

				2,936,204

Health Care Equipment & Supplies (0.0%^†):
	140,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(b)		140,000

Health Care Providers & Servic (0.0%^†):
	75,000	Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(b)		75,375
	65,000	Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19(b)		65,650

				141,025

Health Care Providers & Services (1.4%):
	65,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(b)		63,863
	15,000	Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(b)		14,887
	405,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		422,212
	600,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		592,500
	985,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		1,058,875
	360,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		368,100
	245,000	Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100		240,100
	100,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(b)		105,500
	100,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(b)		106,875
	95,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(b)		94,288


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	70,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(b)	$	70,525
	526,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		597,515
	315,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(b)		330,356
	114,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		123,658
	260,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		317,082
	310,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		317,362
	30,000	HCA, Inc., 4.75%, 5/1/23		31,425
	235,000	HCA, Inc., 5.38%, 2/1/25		257,325
	260,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		273,650
	25,000	HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(b)		24,750
	60,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b)		62,025
	40,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(b)		41,000
	160,000	Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(b)		165,800
	215,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/7/22 @ 103.13(b)		221,987
	195,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(b)		205,238
	110,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(b)		111,375
	181,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		203,723
	20,000	Vizient, Inc., 6.25%, 5/15/27, Callable 5/15/22 @ 103.13(b)		20,875

				6,442,871

Hotels, Restaurants & Leisure (0.7%):
	25,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(b)		26,000
	175,000	Boyd Gaming Corp., 4.75%, 12/1/27, Callable 12/1/22 @ 102.38		179,375
	65,000	Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(b)		65,244
	130,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(b)		147,550
	220,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(b)		229,350
	55,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94^(b)		49,225
	280,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(b)		140,000
	100,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 4/15/22 @ 103.81(b)		104,500
	240,000	Golden Nugget, Inc., 6.75%, 10/15/24, Callable 2/4/22 @ 100(b)		239,700
	55,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(b)		56,375


Principal Amount			Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	70,000	Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(b)	$	72,538
	55,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(b)		55,206
	126,000	McDonald’s Corp., 3.60%, 7/1/30, Callable 4/1/30 @ 100		139,420
	250,000	MGM Resorts International, 5.75%, 6/15/25, Callable 3/15/25 @ 100^		269,062
	60,000	NCL Corp., Ltd., 10.25%, 2/1/26, Callable 8/1/23 @ 105.13(b)		69,150
	25,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(b)		24,750
	30,000	Peninsula Pacific Entert, 8.50%, 11/15/27, Callable 11/15/23 @ 104.25(b)		32,588
	35,000	Royal Caribbean Cruises, Ltd., 9.13%, 6/15/23, Callable 3/15/23 @ 100(b)		37,100
	117,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 6/1/22 @ 108.63(b)		130,894
	140,000	Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(b)		141,575
	200,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(b)		201,000
	100,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(b)		112,750
	100,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100(b)		103,500
	150,000	Wynn Las Vegas LLC, 5.25%, 5/15/27, Callable 2/15/27 @ 100^(b)		153,375
	135,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		142,931

				2,923,158

Household Durables (0.2%):
	30,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(b)		29,587
	35,000	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(b)		34,738
	65,000	Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		65,650
	90,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(b)		89,550
	15,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		18,375
	40,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(b)		39,500
	25,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103^(b)		24,500
	195,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(b)		214,500
	60,000	Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(b)		59,850
	120,000	TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(b)		122,850

				699,100


Principal Amount			Value
Corporate Bonds, continued
Household Products (0.0%^†):
$	80,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(b)	$	80,300

Independent Power and Renewable Electricity Producers (0.3%):
	528,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(b)		549,148
	461,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(b)		488,186
	45,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b)		47,475
	140,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/15/23 @ 102.88		147,350
	50,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(b)		51,875
	40,000	Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(b)		40,600
	40,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b)		42,500

				1,367,134

Industrial Conglomerates (0.2%):
	205,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 5/15/22 @ 103.13		213,200
	510,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		522,750

				735,950

Industrial Services (0.0%^†):
	85,000	Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(b)		87,550

Insurance (1.2%):
	900,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		927,475
	1,208,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		1,293,384
	35,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(b)		35,438
	55,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b)		53,487
	586,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(b)		606,510
	55,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 1/18/22 @ 103.5(b)		56,444
	50,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(b)		51,125
	40,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(b)		41,776
	140,000	Liberty Mutual Group, Inc., 4.57%, 2/1/29(b)		161,192
	651,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		831,905
	463,000	Unum Group, 3.88%, 11/5/25		497,844
	349,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		385,767
	260,000	USI, Inc., 6.88%, 5/1/25, Callable 2/7/22 @ 101.72(b)		262,275

				5,204,622


Principal Amount			Value
Corporate Bonds, continued
Interactive Media & Services (0.1%):
$	85,000	Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)	$	82,450
	40,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(b)		40,450
	205,000	Rackspace Technology Global, Inc., 3.50%, 2/15/28, Callable 2/15/24 @ 101.75(b)		194,750

				317,650

IT Services (0.2%):
	40,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(b)		39,900
	15,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(b)		15,037
	175,000	Black Knight Infoserv LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(b)		174,563
	20,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(b)		20,700
	215,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)		237,575
	100,000	Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(b)		104,500
	65,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(b)		65,975
	55,000	Square, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100(b)		55,275
	55,000	Square, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100(b)		56,650
	50,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		50,500
	50,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		50,500

				871,175

Leisure Products (0.1%):
	311,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		323,600
	5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 12/15/22 @ 104.41(b)		5,369
	10,000	Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100		11,900

				340,869

Life Sciences Tools & Services (0.1%):
	195,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(b)		204,263
	20,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b)		20,825
	45,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(b)		45,562

				270,650

Machinery (0.1%):
	80,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(b)		81,100
	75,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(b)		74,062
	40,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(b)		40,050


Principal Amount			Value
Corporate Bonds, continued
Machinery, continued
$	65,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(b)	$	64,919
	60,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(b)		60,750

				320,881

Media (1.6%):
	100,000	Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 113(b)		104,875
	35,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(b)		36,137
	30,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(b)		29,100
	25,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(b)		24,625
	105,000	CCO Holdings LLC, 5.00%, 2/1/28, Callable 8/1/22 @ 102.5(b)		109,200
	95,000	CCO Holdings LLC, 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(b)		97,375
	395,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(b)		411,787
	155,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		159,456
	105,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(b)		106,969
	440,000	CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(b)		438,350
	130,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(b)		126,913
	215,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100^		229,913
	580,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		676,558
	230,000	DISH DBS Corp., 7.75%, 7/1/26		242,650
	103,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100		108,827
	149,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		170,137
	147,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		189,403
	65,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(b)		64,675
	165,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(b)		166,237
	200,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 102.25(b)		200,000
	45,000	Sirius XM Radio, Inc., 3.13%, 9/1/26, Callable 9/1/23 @ 101.56(b)		44,887
	105,000	Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 8/1/22 @ 102.5(b)		108,806
	45,000	Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(b)		48,487
	40,000	Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(b)		40,100
	85,000	Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(b)		83,194
	140,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(b)		145,950


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	80,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 12/15/22 @ 104.44(b)	$	86,400
	359,000	Time Warner Cable, Inc., 6.55%, 5/1/37		472,549
	418,000	Time Warner Cable, Inc., 7.30%, 7/1/38		589,759
	1,100,000	Time Warner Cable, Inc., 6.75%, 6/15/39		1,492,157
	103,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		124,025
	55,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(b)		59,125
	65,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(b)		65,650

				7,054,276

Metals & Mining (0.2%):
	70,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(b)		72,275
	265,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		276,594
	30,000	Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44		30,030
	20,000	Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56^		20,075
	70,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31^(b)		71,925
	70,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(b)		72,712
	185,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(b)		186,850
	55,000	Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(b)		54,725

				785,186

Mortgage Real Estate Investment Trusts (0.0%^†):
	55,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(b)		56,238
	65,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		68,087

				124,325

Multi-Utilities (0.1%):
	207,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		224,391
	110,000	Sempra Energy, 6.00%, 10/15/39		152,010

				376,401

Oil, Gas & Consumable Fuels (4.4%):
	170,000	Antero Resources Corp., 5.00%, 3/1/25, Callable 2/7/22 @ 102.5^		172,975
	130,000	Apache Corp., 4.63%, 11/15/25, Callable 8/15/25 @ 100		139,100
	55,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		62,219
	25,000	Apache Corp., 7.38%, 8/15/47		31,229
	70,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102		73,850
	55,000	Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63(b)		55,413


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	361,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(b)	$	400,858
	145,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(b)		147,175
	25,000	Cnx Midstream Partners, LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(b)		24,937
	30,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(b)		31,200
	30,000	Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(b)		30,975
	71,000	Comstock Resources, Inc., 7.50%, 5/15/25, Callable 2/7/22 @ 103.75(b)		73,307
	80,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(b)		86,600
	40,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(b)		41,150
	195,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(b)		229,369
	167,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 2/7/22 @ 102.88		170,757
	305,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(b)		315,675
	230,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 2/15/22 @ 102.63(b)		223,675
	25,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88^(b)		24,312
	163,000	DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		167,075
	105,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		114,712
	160,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		181,600
	750,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b)		727,500
	185,000	DCP Midstream Operating LP, 5.60%, 4/1/44, Callable 10/1/43 @ 100		225,700
	35,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(b)		36,487
	43,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 10/15/22 @ 102.63		45,363
	55,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(b)		56,512
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		129,544
	30,000	Endeavor Energy Resources LP/EER Finance, Inc., 6.63%, 7/15/25, Callable 7/15/22 @ 103.31(b)		31,725
	110,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(b)		116,325
	350,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		394,625


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	167,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100	$	191,841
	360,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		414,900
	81,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 12/15/22 @ 100		83,329
	103,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		109,309
	161,000	Energy Transfer Operating LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		170,660
	115,000	Energy Transfer Operating LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		149,644
	103,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		107,378
	195,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		235,706
	127,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		158,750
	135,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(b)		140,231
	80,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(b)		89,600
	70,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(b)		72,450
	115,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100		122,475
	45,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		49,837
	311,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		338,990
	109,000	Hess Corp., 7.30%, 8/15/31		145,106
	78,000	Hess Corp., 7.13%, 3/15/33		104,228
	847,000	Hess Corp., 5.60%, 2/15/41		1,040,751
	302,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		388,070
	190,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/7/22 @ 104.22(b)		195,700
	35,000	Hess Midstream Operations, LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		34,913
	150,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 11/15/22 @ 100		153,375
	63,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		85,290
	55,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(b)		55,481
	172,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		179,095
	242,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		262,570
	70,000	MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100		89,075
	150,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		156,000
	135,000	NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/1/23 @ 103.75(b)		139,050
	609,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		675,990
	47,000	Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		48,234
	267,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		273,008
	85,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		114,750
	1,047,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,372,879


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	25,000	Occidental Petroleum Corp., 7.88%, 9/15/31	$	33,500
	422,000	Occidental Petroleum Corp., 6.45%, 9/15/36		538,050
	62,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		61,457
	40,000	Occidental Petroleum Corp., 6.20%, 3/15/40		49,050
	712,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		927,380
	120,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		123,000
	165,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		161,700
	80,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		79,400
	117,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		118,316
	235,000	PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25, Callable 5/15/22 @ 104.63^(b)		223,250
	120,000	PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103		77,100
	35,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/7/22 @ 104.31		36,225
	30,000	Phillips 66, 3.70%, 4/6/23		31,013
	39,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		41,835
	110,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		115,036
	110,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		113,850
	493,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		556,474
	408,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/18/22 @ 101.81(a)(e)		—
	20,000	SM Energy Co., 5.63%, 6/1/25, Callable 2/7/22 @ 101.88		20,150
	75,000	SM Energy Co., 6.75%, 9/15/26, Callable 2/7/22 @ 103.38^		76,875
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100^(b)		355,051
	55,000	Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38		57,888
	5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 4/15/22 @ 103		5,200
	95,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94		100,463
	165,000	Sunoco, LP / Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25		166,650
	135,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(b)		135,000
	195,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/7/22 @ 102.69		200,850
	30,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		32,775
	185,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44		200,494


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	70,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102(b)	$	73,150
	200,000	Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(b)		207,000
	62,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		64,790
	205,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		222,425
	900,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		981,000
	101,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		111,731
	205,000	Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100		225,500
	242,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		254,951
	426,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		449,887

				19,739,075

Paper & Forest Products (0.0%^†):
	45,000	Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(b)		46,406
	70,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56		71,400

				117,806

Pharmaceuticals (0.4%):
	150,000	Bausch Health Cos, Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(b)		132,000
	170,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(b)		165,112
	50,000	Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75(b)		49,250
	275,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100		291,303
	116,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100		135,430
	45,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(b)		46,350
	40,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(b)		40,750
	75,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(b)		78,188
	187,000	Viatris, Inc., 1.13%, 6/22/22		187,362
	60,000	Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100		59,693
	305,000	Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100		305,468
	133,000	Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100		141,673

				1,632,579

Professional Services (0.0%^†):
	60,000	Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(b)		62,100


Principal Amount			Value
Corporate Bonds, continued
Professional Services, continued
$	125,000	Nielsen Finance LLC/Nielsen Finance Co., 5.88%, 10/1/30, Callable 10/1/25 @ 102.94(b)	$	131,094

				193,194

Real Estate Management & Development (0.2%):
	301,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		302,032
	85,000	Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38		86,063
	70,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(b)		71,750
	275,000	TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(b)		288,750

				748,595

Road & Rail (0.0%^†):
	60,000	Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(b)		61,200

Semiconductors & Semiconductor Equipment (0.7%):
	92,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(b)		90,513
	899,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(b)		878,790
	797,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b)		775,251
	633,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(b)		646,984
	297,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(b)		310,064
	135,000	Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72(b)		136,350
	75,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(b)		76,875

				2,914,827

Software (0.4%):
	55,000	Acuris Finance Us Inc / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		54,725
	60,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 6/1/22 @ 103.56(b)		62,850
	35,000	CDK Global, Inc., 5.25%, 5/15/29, Callable 5/15/24 @ 102.63(b)		36,925
	40,000	Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(b)		40,200
	40,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(b)		40,400
	30,000	Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(b)		29,513
	70,000	Fair Isaac Corp., 4.00%, 6/15/28, Callable 12/15/22 @ 102(b)		71,925
	40,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(b)		40,050
	351,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100		347,861
	555,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		552,653


Principal Amount			Value
Corporate Bonds, continued
Software, continued
$	690,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100	$	692,846

				1,969,948

Specialty Retail (0.3%):
	35,000	Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(b)		35,613
	40,000	Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(b)		41,200
	47,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		53,735
	72,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		76,666
	333,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		372,204
	55,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41^(b)		55,000
	30,000	Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(b)		29,812
	55,000	Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(b)		54,244
	220,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(b)		249,700
	240,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100		278,478
	74,000	O’Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100		83,621
	30,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(b)		30,975
	20,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b)		20,775
	40,000	Victoria’s Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(b)		40,800

				1,422,823

Technology Hardware, Storage & Peripherals (0.2%):
	106,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100		111,966
	81,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		91,928
	129,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		149,550
	148,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		177,195
	128,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		161,909

				692,548

Textiles, Apparel & Luxury Goo (0.0%^†):
	20,000	Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(b)		20,025

Textiles, Apparel & Luxury Goods (0.0%^†):
	60,000	Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(b)		58,200
	70,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(b)		71,225


Principal Amount			Value
Corporate Bonds, continued
Textiles, Apparel & Luxury Goods, continued
$	105,000	Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(b)	$	101,062

				230,487

Tobacco (0.5%):
	452,000	Altria Group, Inc., 4.25%, 8/9/42		456,647
	302,000	Altria Group, Inc., 4.50%, 5/2/43		313,189
	262,000	Altria Group, Inc., 5.38%, 1/31/44		304,832
	108,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		135,323
	179,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		212,936
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		798,550
	70,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(b)		70,175

				2,291,652

Trading Companies & Distributors (0.2%):
	467,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		496,931
	393,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		411,200
	40,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(b)		39,300
	45,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(b)		45,394
	25,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06^(b)		25,219
	40,000	SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(b)		40,200

				1,058,244

Wireless Telecommunication Services (0.6%):
	445,000	Sprint Capital Corp., 8.75%, 3/15/32		669,725
	300,000	Sprint Communications, Inc., 6.88%, 11/15/28		379,500
	380,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		411,347
	65,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		68,412
	70,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		71,478
	630,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		688,496
	82,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		93,332
	161,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		187,908

				2,570,198

	Total Corporate Bonds (Cost $129,982,097)			138,568,742

Yankee Debt Obligations (10.7%):
Aerospace & Defense (0.1%):
	15,000	Bombardier, Inc., 7.50%, 12/1/24, Callable 2/7/22 @ 103.75(b)		15,562
	65,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 2/7/22 @ 102.5(b)		66,219
	80,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(b)		83,000


Principal Amount			Value
Yankee Debt Obligations, continued
Aerospace & Defense, continued
$	170,000	Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b)	$	170,425

				335,206

Banks (2.9%):
	874,000	Barclays plc, 4.38%, 1/12/26		953,829
	503,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		517,907
	580,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		656,548
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b)		209,269
	791,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		858,017
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		216,427
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(b)		213,716
	1,432,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		1,583,417
	3,808,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		3,985,742
	826,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		880,596
	347,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		376,825
	286,000	Royal Bank of Scotland Group plc, 3.07% (H15T1Y+255 bps), 5/22/28, Callable 5/22/27 @ 100		297,158
	980,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(b)		957,537
	513,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(b)		500,279
	454,000	UniCredit SpA, 6.57%, 1/14/22(b)		454,689
	289,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		312,093

				12,974,049

Biotechnology (0.0%^†):
	200,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b)		204,250

Capital Markets (1.9%):
	788,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b)		803,068
	602,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(b)		664,511
	1,000,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		1,021,522
	1,175,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		1,217,731
	720,000	Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25		763,808
	742,000	Deutsche Bank AG, 5.00%, 2/14/22		745,312
	1,284,000	Deutsche Bank AG, 3.30%, 11/16/22		1,310,535
	1,462,000	Deutsche Bank AG, 4.50%, 4/1/25		1,554,587
	314,000	UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(b)		306,284

				8,387,358

Chemicals (0.1%):
	25,000	Consolidated Energy Finance SA, 3.95% (US0003M+375 bps), 6/15/22, Callable 1/18/22 @ 100(b)		24,937
	130,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 1/18/22 @ 104.88(b)		132,600
	195,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		205,238


Principal Amount			Value
Yankee Debt Obligations, continued
Chemicals, continued
$	95,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100	$	100,225
	55,000	SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(b)		55,138

				518,138

Containers & Packaging (0.1%):
	25,000	Intelligent Packaging, Ltd. Finco Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 9/15/22 @ 103(b)		25,719
	35,000	Intertape Polymer Group, Inc., 4.38%, 6/15/29, Callable 6/15/24 @ 102.19(b)		35,044
	255,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(b)		266,156

				326,919

Diversified Consumer Services (0.1%):
	48,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b)		47,940
	225,000	GEMS MENASA Cayman, Ltd., 7.13%, 7/31/26, Callable 7/31/22 @ 103.56(b)		231,187

				279,127

Diversified Financial Services (0.9%):
	200,000	Altice Financing SA, 5.00%, 1/15/28, Callable 1/15/23 @ 102.5(b)		194,000
	610,000	Altice Financing SA, 5.75%, 8/15/29, Callable 8/15/24 @ 102.88(b)		600,850
	725,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 9/15/22 @ 103.44(b)		754,906
	2,052,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		2,198,205
	305,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(b)		294,325

				4,042,286

Diversified Telecommunication Services (0.2%):
	325,000	Altice France SA, 8.13%, 2/1/27, Callable 2/1/22 @ 106.09(b)		345,312
	270,000	Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103(b)		257,850
	185,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(b)		179,219
	80,000	Telecom Italia SpA, 6.00%, 9/30/34		84,200

				866,581

Energy Equipment & Services (0.0%^†):
	160,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/7/22 @ 105.16(b)		154,400

Hotels, Restaurants & Leisure (0.1%):
	55,000	1011778 BC ULC New Red Finance, Inc., 5.75%, 4/15/25, Callable 4/15/22 @ 102.88(b)		57,063
	210,000	1011778 BC ULC New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(b)		206,850
	75,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(b)		74,062
	65,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(b)		63,131

				401,106


Principal Amount			Value
Yankee Debt Obligations, continued
Insurance (0.2%):
$	465,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(b)	$	502,826
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b)		224,066

				726,892

Marine (0.0%^†):
	85,000	Seaspan Corp., 5.50%, 8/1/29, Callable 8/1/24 @ 102.75(b)		85,850

Media (0.1%):
	250,000	Ziggo BV, 5.50%, 1/15/27, Callable 1/18/22 @ 102.75(b)		256,250
	120,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(b)		120,900

				377,150

Metals & Mining (0.1%):
	170,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 1/18/22 @ 105.16(b)		176,588
	55,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(b)		59,194
	5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(b)		5,312
	105,000	Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 2/7/22 @ 109(b)		108,150

				349,244

Multi-Utilities (0.1%):
	525,000	InterGen NV, 7.00%, 6/30/23, Callable 2/7/22 @ 100(b)		518,438

Oil, Gas & Consumable Fuels (1.4%):
	619,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100		675,484
	115,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 1/18/22 @ 103.38(b)		115,862
	205,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 2/7/22 @ 104.25(b)		212,688
	223,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		232,713
	235,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 2/1/23 @ 103.56(b)		249,981
	1,505,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		1,562,903
	295,000	Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100(b)		297,213
	2,762,000	Petroleos Mexicanos, 6.75%, 9/21/47		2,454,056
	502,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		446,892
	70,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(b)		71,400

				6,319,192

Pharmaceuticals (0.1%):
	115,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 2/7/22 @ 101.38(b)		116,438
	162,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 2/7/22 @ 102.04(b)		164,835

				281,273


Principal Amount			Value
Yankee Debt Obligations, continued
Software (0.0%^†):
$	95,000	Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(b)	$	96,781
	115,000	Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(b)		116,438

				213,219

Sovereign Bond (1.6%):
	415,000	Abu Dhabi Government International Bond, 3.13%, 4/16/30(b)		448,884
	355,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(b)		414,771
	56,434	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 2/7/22 @ 100		20,316
	513,757	Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 2/7/22 @ 100		179,301
	941,242	Argentine Republic Government International Bond, 0.12%, 7/9/35, Callable 2/7/22 @ 100		298,844
	400,000	Corp. Andina de Fomento, 2.38%, 5/12/23		407,090
	1,344,000	Dominican Republic, 5.50%, 1/27/25(b)		1,451,520
	250,000	Dominican Republic, 6.00%, 7/19/28(b)		279,063
	600,000	Indonesia Government International Bond, 3.85%, 10/15/30^		674,255
	600,000	Indonesia Government International Bond, 4.20%, 10/15/50		685,490
	230,000	Qatar Government International Bond, 3.40%, 4/16/25(b)		243,821
	490,000	Qatar Government International Bond, 3.75%, 4/16/30(b)		549,262
	470,000	Qatar Government International Bond, 4.40%, 4/16/50(b)		586,096
	250,000	Saudi Government International Bond, 2.90%, 10/22/25(b)		261,871
	230,000	Saudi Government International Bond, 3.25%, 10/22/30(b)		247,159
	200,000	Saudi Government International Bond, 4.50%, 4/22/60(b)		247,471

				6,995,214

Trading Companies & Distributors (0.5%):
	412,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		438,181
	637,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100		635,304
	217,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		248,194
	251,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		272,536
	209,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		210,618
	219,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100		221,282
	234,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		237,585

				2,263,700

Wireless Telecommunication Services (0.2%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)		351,038


Principal Amount			Value
Yankee Debt Obligations, continued
Wireless Telecommunication Services, continued
$	630,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b)	$	681,975
	135,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25^(b)		136,181

				1,169,194

	Total Yankee Debt Obligations (Cost $46,945,160)			47,788,786

Municipal Bonds (0.7%):
California (0.2%):
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		15,860
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		722,522

				738,382

Illinois (0.4%):
	310,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series C1, 7.78%, 1/1/35		420,657
	295,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		340,244
	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		385,891
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		529,665
	63,636	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		66,120

				1,742,577

New Jersey (0.1%):
	504,000	New Jersey Economic Development Authority Revenue, Build America Bonds, GO, Series A, 7.43%, 2/15/29		636,446

	Total Municipal Bonds (Cost $2,705,355)			3,117,405

U.S. Government Agency Mortgages (14.8%):
Federal Home Loan Mortgage Corporation (3.1%)
	26,591	2.50%, 6/1/31, Pool #G18604		27,579
	44,883	2.50%, 7/1/31, Pool #V61246		46,755
	78,235	2.50%, 8/1/31, Pool #V61273		81,458
	278,341	3.50%, 3/1/32, Pool #C91403		296,569
	828,823	3.50%, 7/1/32, Pool #C91467		883,327
	7,299	2.50%, 8/1/32, Pool #G18654		7,569
	7,945	2.50%, 11/1/32, Pool #G18665		8,239
	239,691	2.50%, 12/1/32, Pool #G18669		248,553
	38,128	2.50%, 3/1/33, Pool #G18680		39,528
	14,398	2.50%, 4/1/33, Pool #G18683		14,930
	34,332	3.00%, 4/1/33, Pool #K90336		35,628
	89,793	3.00%, 4/1/33, Pool #G18684		94,051
	7,586	2.50%, 5/1/33, Pool #G18687		7,865
	37,221	3.00%, 6/1/33, Pool #C91709		38,629
	58,844	3.00%, 6/1/33, Pool #K90806		61,066
	37,923	3.00%, 6/1/33, Pool #K90684		39,346
	88,726	3.00%, 6/1/33, Pool #K90632		92,087
	160,894	2.50%, 7/1/33, Pool #G16661		167,038
	175,192	3.00%, 7/1/33, Pool #C91714		181,830
	34,818	3.00%, 4/1/34, Pool #G16829		36,491
	304,712	3.50%, 10/1/34, Pool #C91793		325,670
	581,922	4.00%, 5/1/37, Pool #C91938		628,727


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	25,322	3.50%, 4/1/40, Pool #V81744	$	27,079
	44,560	3.50%, 5/1/40, Pool #V81750		47,680
	57,302	3.50%, 6/1/40, Pool #V81792		61,288
	31,772	3.50%, 8/1/40, Pool #V81886		34,001
	19,630	3.50%, 9/1/40, Pool #V81958		21,011
	314,859	4.00%, 1/1/41, Pool #A96413		343,175
	36,198	4.50%, 1/1/41, Pool #A96051		39,694
	234,215	4.00%, 2/1/41, Pool #A96807		255,465
	33,898	4.50%, 3/1/41, Pool #A97673		37,163
	51,371	4.50%, 4/1/41, Pool #A97942		56,293
	186,755	5.00%, 6/1/41, Pool #G06596		210,907
	661,531	4.50%, 1/1/42, Pool #G60517		725,218
	26,561	4.00%, 11/1/42, Pool #Q13121		28,607
	85,843	3.00%, 12/1/42, Pool #C04320		90,859
	33,498	4.00%, 5/1/43, Pool #Q18481		36,528
	31,724	4.00%, 7/1/43, Pool #Q19597		34,642
	27,861	4.00%, 10/1/43, Pool #Q22499		30,381
	43,639	4.00%, 1/1/44, Pool #V80950		46,767
	209,004	3.50%, 1/1/44, Pool #G07922		226,131
	104,819	3.50%, 1/1/44, Pool #G60271		113,622
	162,687	4.00%, 1/1/45, Pool #Q30720		177,090
	115,677	4.00%, 2/1/45, Pool #G07949		127,235
	30,319	3.50%, 3/1/45, Pool #Q32328		32,839
	27,908	3.50%, 3/1/45, Pool #Q31974		30,201
	49,311	3.50%, 3/1/45, Pool #Q32008		53,331
	132,199	3.50%, 5/1/45, Pool #Q33547		142,465
	18,988	3.00%, 5/1/45, Pool #Q33468		20,035
	27,638	3.50%, 6/1/45, Pool #Q33791		29,810
	137,020	3.00%, 6/1/45, Pool #Q34156		144,616
	171,100	3.50%, 6/1/45, Pool #Q34164		184,474
	10,631	3.00%, 7/1/45, Pool #Q34979		11,285
	38,502	3.00%, 7/1/45, Pool #Q34759		40,904
	89,357	4.00%, 8/1/45, Pool #Q35845		99,315
	10,950	4.00%, 9/1/45, Pool #Q37853		12,132
	5,234	4.00%, 11/1/45, Pool #Q38812		5,666
	194,879	3.50%, 11/1/45, Pool #Q37467		210,914
	4,397	4.00%, 2/1/46, Pool #Q38879		4,777
	12,338	4.00%, 2/1/46, Pool #Q38782		13,405
	14,773	4.00%, 2/1/46, Pool #Q38783		15,910
	34,065	4.00%, 4/1/46, Pool #V82292		36,827
	7,112	4.00%, 4/1/46, Pool #Q39975		7,722
	229,410	3.50%, 5/1/46, Pool #G60553		248,521
	66,302	3.50%, 5/1/46, Pool #Q40647		71,155
	73,730	3.50%, 5/1/46, Pool #G60603		78,586
	191,273	3.50%, 9/1/46, Pool #Q43257		203,805
	8,426	4.00%, 9/1/47, Pool #Q50433		9,247
	14,954	4.00%, 10/1/47, Pool #Q51189		16,442
	11,259	4.00%, 2/1/48, Pool #Q54192		12,218
	134,874	3.50%, 3/1/48, Pool #G67710		144,161
	157,413	4.00%, 5/1/48, Pool #Q55992		170,717
	473,095	4.00%, 6/1/48, Pool #G67713		515,170
	56,690	4.00%, 7/1/48, Pool #Q59935		61,516
	405,349	2.50%, 10/1/50, Pool #SD7525		419,681
	586,475	2.50%, 11/1/50, Pool #SD7530		604,264
	45,476	2.50%, 2/1/51, Pool #SD7535		46,820
	780,429	2.00%, 3/1/51, Pool #SD8134		778,983


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	144,334	2.00%, 5/1/51, Pool #SD7541	$	144,066
	14,581	2.00%, 7/1/51, Pool #QC4163		14,608
	347,645	2.00%, 10/1/51, Pool #RA6076		347,971
	498,185	2.00%, 11/1/51, Pool #RA6241		498,651
	198,874	2.00%, 11/1/51, Pool #RA6302		198,518
	399,031	2.50%, 12/1/51, Pool #RA6434		407,739
	100,027	2.50%, 12/1/51, Pool #RA6496		102,210
	200,002	2.00%, 12/1/51, Pool #RA6510		200,376
	1,200,025	2.50%, 12/1/51, Pool #RA6435		1,233,129

				13,758,953

Federal National Mortgage Association (8.4%)
	107,001	2.50%, 6/1/29, Pool #MA3734		110,769
	66,500	2.50%, 9/1/31, Pool #AS8012		69,062
	344,609	3.00%, 4/1/32, Pool #BD9809		366,012
	148,081	3.00%, 9/1/32, Pool #BM5110		155,503
	438,912	3.00%, 12/1/32, Pool #BM5345		460,813
	337,474	2.50%, 12/1/32, Pool #CA3748		349,976
	24,334	3.00%, 3/1/33, Pool #BM4614		25,735
	36,155	3.00%, 5/1/33, Pool #AT3000		38,005
	33,780	3.00%, 6/1/33, Pool #AT6090		35,501
	2,868	4.50%, 7/1/33, Pool #729327		3,119
	158,676	3.00%, 7/1/33, Pool #MA1490		166,758
	1,198	4.50%, 7/1/33, Pool #720240		1,347
	20,208	4.50%, 8/1/33, Pool #729380		22,593
	2,571	4.50%, 8/1/33, Pool #727029		2,889
	8,747	4.50%, 8/1/33, Pool #726956		9,826
	4,108	4.50%, 8/1/33, Pool #729713		4,616
	5,202	4.50%, 8/1/33, Pool #723124		5,844
	11,417	4.50%, 8/1/33, Pool #726928		12,830
	3,829	4.50%, 8/1/33, Pool #727160		4,303
	6,648	4.50%, 9/1/33, Pool #734922		7,463
	18,406	4.50%, 9/1/33, Pool #727147		20,671
	26,653	4.50%, 12/1/33, Pool #AL5321		29,949
	492,268	2.50%, 6/1/34, Pool #BN7572		512,178
	20,947	6.00%, 10/1/34, Pool #AL2130		24,909
	41,836	4.50%, 9/1/35, Pool #AB8198		46,970
	403,626	6.00%, 5/1/36, Pool #745512		475,206
	204,168	6.00%, 1/1/37, Pool #932030		243,531
	37,780	6.00%, 3/1/37, Pool #889506		44,578
	53,319	6.00%, 1/1/38, Pool #889371		64,792
	18,269	6.00%, 3/1/38, Pool #889219		21,328
	8,975	6.00%, 7/1/38, Pool #889733		10,480
	56,617	4.50%, 3/1/39, Pool #AB0051		63,036
	283,914	4.50%, 4/1/39, Pool #AB0043		318,766
	153,408	2.50%, 8/1/39, Pool #MA3761		157,074
	23,401	4.50%, 11/1/39, Pool #AC5442		26,186
	78,033	6.00%, 5/1/40, Pool #AL2129		91,737
	28,077	4.00%, 12/1/40, Pool #AA4757		30,652
	35,557	4.50%, 2/1/41, Pool #AH5580		38,988
	5,937	6.00%, 1/1/42, Pool #AL2128		6,952
	153,194	2.50%, 2/1/43, Pool #AB8465		159,248
	41,080	4.00%, 10/1/43, Pool #BM1167		45,095
	168,875	4.50%, 3/1/44, Pool #AL5082		184,042
	7,574	4.00%, 12/1/44, Pool #AY0045		8,335
	18,481	4.00%, 12/1/44, Pool #AW9502		20,045
	87,700	4.00%, 12/1/44, Pool #AX8459		96,259


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	132,530	4.00%, 3/1/45, Pool #AL6541	$	145,383
	102,921	4.00%, 5/1/45, Pool #AZ1207		111,292
	28,219	4.00%, 5/1/45, Pool #AZ1876		31,187
	51,942	3.00%, 5/1/45, Pool #AS4972		54,809
	34,986	5.00%, 6/1/45, Pool #AZ3448		41,021
	33,349	4.00%, 6/1/45, Pool #AZ3341		36,856
	22,829	4.00%, 6/1/45, Pool #AZ2719		25,252
	90,339	4.00%, 6/1/45, Pool #AY8126		97,686
	109,563	4.00%, 6/1/45, Pool #AY8096		118,317
	294,389	3.50%, 7/1/45, Pool #AZ0814		318,357
	100,700	4.00%, 7/1/45, Pool #AZ1783		108,747
	137,614	4.00%, 7/1/45, Pool #AZ0833		151,955
	116,705	3.00%, 8/1/45, Pool #AS5634		123,151
	43,075	3.00%, 8/1/45, Pool #AZ8288		45,430
	20,249	3.00%, 8/1/45, Pool #AZ3728		21,365
	60,867	4.00%, 10/1/45, Pool #AL7413		67,128
	353,858	4.00%, 10/1/45, Pool #AL7593		390,420
	14,555	4.00%, 11/1/45, Pool #AZ0560		15,718
	22,277	4.00%, 12/1/45, Pool #AS6350		24,543
	43,327	4.00%, 12/1/45, Pool #BA6404		46,834
	9,571	4.00%, 12/1/45, Pool #BC0997		10,349
	39,369	4.50%, 2/1/46, Pool #BM5199		43,436
	371,245	4.00%, 2/1/46, Pool #BC1578		401,344
	23,348	4.00%, 4/1/46, Pool #BC3920		25,141
	11,259	4.00%, 4/1/46, Pool #BC7809		12,117
	9,622	4.00%, 5/1/46, Pool #BC2276		10,567
	279,888	3.50%, 5/1/46, Pool #BC0880		302,776
	144,661	4.00%, 6/1/46, Pool #BC0960		156,389
	228,956	4.00%, 6/1/46, Pool #AL9282		247,519
	40,463	4.00%, 7/1/46, Pool #BC6148		43,743
	121,384	4.00%, 7/1/46, Pool #BC1443		132,779
	42,787	4.00%, 8/1/46, Pool #BD1451		46,310
	37,624	4.50%, 8/1/46, Pool #AL9111		41,070
	124,776	4.00%, 9/1/46, Pool #BC2843		136,449
	33,423	4.00%, 9/1/46, Pool #BD1489		36,156
	95,794	3.50%, 10/1/46, Pool #AL9285		102,147
	22,087	4.00%, 10/1/46, Pool #BD7599		23,891
	393,541	3.50%, 12/1/46, Pool #BC9077		425,832
	1,291,095	4.00%, 2/1/47, Pool #AL9779		1,419,711
	53,334	3.50%, 2/1/47, Pool #BE5696		57,187
	519,596	4.50%, 2/1/47, Pool #AL9846		569,527
	6,425	4.00%, 6/1/47, Pool #BH4269		6,955
	385,108	4.50%, 9/1/49, Pool #FM1534		424,083
	98,970	3.50%, 11/1/49, Pool #CA4557		105,587
	475,471	4.00%, 11/1/49, Pool #CA4628		513,937
	5,675,000	3.00%, 1/25/50, TBA		5,882,492
	118,950	3.00%, 2/1/50, Pool #CA5126		124,554
	2,750,000	2.00%, 2/25/50, TBA		2,737,109
	355,149	2.50%, 8/1/50, Pool #SD0430		364,479
	2,975,000	2.50%, 1/25/51, TBA		3,037,289
	4,650,000	2.00%, 1/25/51, TBA		4,638,375
	1,000,000	1.50%, 1/25/51, TBA		965,938
	187,970	2.50%, 2/1/51, Pool #CA8950		192,280
	300,000	1.50%, 2/25/51		289,359
	487,980	2.00%, 3/1/51, Pool #MA4281		487,076
	296,446	2.50%, 4/1/51, Pool #FM6540		307,950


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	842,336	2.00%, 4/1/51, Pool #MA4305	$	840,774
	11,174	2.00%, 7/1/51, Pool #BT1461		11,195
	49,033	2.50%, 8/1/51, Pool #CB1384		50,338
	199,213	2.50%, 9/1/51, Pool #CB1549		204,887
	261,085	2.00%, 10/1/51, Pool #CB1799		262,062
	345,437	2.00%, 10/1/51, Pool #CB1801		346,083
	198,809	3.00%, 11/1/51, POOL# FM9633		208,099
	362,906	2.00%, 11/1/51, Pool #FM9568		364,036
	235,049	2.00%, 11/1/51, Pool #FM9539		235,489
	794,987	2.50%, 11/1/51, Pool #FM9501		817,625
	299,999	1.50%, 11/1/51, Pool #MA4464		290,026
	149,848	2.00%, 12/1/51, Pool #CB2347		150,315
	548,133	2.50%, 12/1/51, Pool #CB2289		560,095
	141,809	2.50%, 12/1/51, Pool #CB2376		145,584
	1,200,121	2.50%, 12/1/51, Pool #FM9865		1,234,296
	149,331	2.00%, 12/1/51, Pool #CB2350		149,471
	199,649	2.50%, 12/1/51, Pool #CB2320		205,335
	549,916	2.00%, 12/1/51, Pool #CB2349		550,944
	157,711	2.50%, 12/1/51, Pool #CB2321		161,764
	99,875	2.00%, 12/1/51, Pool #CB2348		100,061

				37,779,804

Government National Mortgage Association (3.3%)
	6,171	5.00%, 6/15/34, Pool #629493		7,104
	3,253	5.00%, 3/15/38, Pool #676766		3,696
	1,648	5.00%, 4/15/38, Pool #672672		1,875
	6,701	5.00%, 8/15/38, Pool #687818		7,615
	57,890	5.00%, 1/15/39, Pool #705997		65,785
	110,666	5.00%, 3/15/39, Pool #646746		125,687
	663	5.00%, 3/15/39, Pool #697946		746
	112,624	4.00%, 10/15/40, Pool #783143		122,335
	31,474	4.00%, 10/20/40, Pool #G24833		33,890
	94,568	4.00%, 1/20/41, Pool #4922		101,830
	258,923	4.50%, 3/20/41, Pool #4978		281,552
	91,554	4.50%, 5/20/41, Pool #005055		99,561
	194,297	4.00%, 5/20/41, Pool #5054		209,263
	86,560	4.50%, 6/15/41, Pool #366975		98,756
	60,190	4.50%, 6/20/41, Pool #005082		65,453
	215,008	4.00%, 10/20/41, Pool #5203		231,533
	239,960	3.50%, 12/20/41, Pool #5258		258,228
	423,972	4.00%, 1/20/42, Pool #5280		456,574
	284,315	3.50%, 10/20/42, Pool #MA0462		305,422
	231,982	3.00%, 12/20/42, Pool #AA5872		241,447
	146,899	3.00%, 12/20/42, Pool #MA0624		155,689
	25,754	3.00%, 1/20/43, Pool #MA0698		27,280
	1,472,755	3.50%, 1/20/43, Pool #MA0699		1,549,271
	326,207	3.50%, 2/20/43, Pool #MA0783		350,411
	144,157	3.00%, 3/20/43, Pool #AA6146		156,920
	41,904	3.50%, 3/20/43, Pool #AD8884		44,868
	62,729	3.00%, 3/20/43, Pool #AD8812		67,636
	16,126	3.50%, 4/20/43, Pool #AB9891		17,264
	43,545	3.50%, 4/20/43, Pool #AD9075		46,623
	260,295	3.50%, 4/20/43, Pool #783976		279,801
	3,914	4.00%, 7/20/44, Pool #MA2074		4,214
	58,157	4.00%, 5/20/45, Pool #MA2893		62,575
	84,320	4.00%, 8/20/45, Pool #MA3035		90,719


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	3,164	4.00%, 9/20/45, Pool #MA3106	$	3,404
	3,368	4.00%, 10/20/45, Pool #MA3174		3,624
	3,917	4.00%, 12/20/45, Pool #MA3311		4,214
	3,811	4.00%, 1/20/46, Pool #MA3377		4,100
	167,458	4.00%, 4/15/46, Pool #784232		185,785
	229,945	4.00%, 5/20/46, Pool #MA3664		246,674
	24,952	3.50%, 7/20/46, Pool #784391		26,563
	14,520	3.00%, 10/20/46, Pool #MA4003		15,201
	751,477	3.00%, 12/20/46, Pool #MA4126		786,480
	59,575	4.00%, 1/15/47, Pool #AX5831		64,263
	86,991	4.00%, 1/15/47, Pool #AX5857		93,327
	237,172	3.00%, 1/20/47, Pool #MA4195		248,290
	140,751	3.00%, 2/20/47, Pool #MA4261		147,135
	29,328	4.00%, 3/20/47, Pool #MA4322		31,281
	30,151	4.00%, 4/20/47, Pool #MA4383		32,158
	240,799	4.00%, 4/20/47, Pool #784304		255,506
	228,545	4.00%, 4/20/47, Pool #784303		242,507
	19,165	4.00%, 5/20/47, Pool #MA4452		20,441
	80,218	4.00%, 6/20/47, Pool #MA4511		85,558
	75,032	4.00%, 4/20/48, Pool #BG7744		81,059
	89,452	4.00%, 4/20/48, Pool #BG3507		96,638
	93,411	3.50%, 11/20/50, Pool #MA6997		97,377
	50,000	3.00%, 1/20/51, TBA		51,766
	500,000	3.50%, 1/20/51, TBA		519,922
	350,000	2.00%, 2/20/51, TBA		352,680
	159,465	3.00%, 6/20/51, Pool #MA7419		165,416
	1,525,000	2.50%, 7/20/51, TBA		1,562,648
	3,575,000	2.00%, 1/20/52, TBA		3,609,074

				14,604,714

	Total U.S. Government Agency Mortgages (Cost $65,154,314)			66,143,471

U.S. Treasury Obligations (31.8%):
U.S. Treasury Bonds (10.2%)
	2,566,000	1.13%, 5/15/40		2,256,476
	7,103,000	1.75%, 8/15/41		6,907,668
	11,313,000	3.00%, 2/15/47		13,748,830


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds, continued
$	18,386,000	2.00%, 8/15/51	$	18,831,286
	4,009,000	1.88%, 11/15/51		3,996,472

				45,740,732

U.S. Treasury Inflation Index Bonds (0.1%)
	189,264	0.13%, 2/15/51		223,983

U.S. Treasury Notes (21.5%)
	2,034,000	2.13%, 7/31/24		2,098,834
	19,438,000	0.25%, 7/31/25		18,860,934
	4,710,000	0.38%, 12/31/25		4,567,228
	7,700,000	0.38%, 1/31/26		7,454,562
	9,253,000	0.75%, 3/31/26		9,080,952
	3,535,600	1.63%, 9/30/26		3,597,473
	3,457,000	1.25%, 12/31/26		3,455,920
	17,365,000	1.25%, 5/31/28		17,204,916
	6,946,000	1.13%, 8/31/28		6,817,933
	1,460,000	1.25%, 9/30/28		1,444,031
	10,936,900	1.13%, 2/15/31		10,629,300
	10,766,000	1.38%, 11/15/31		10,644,883

				95,856,966

	Total U.S. Treasury Obligations (Cost $144,874,108)			141,821,681

Short-Term Security Held as Collateral for Securities on Loan (1.0%):
	4,390,782	BlackRock Liquidity FedFund, Institutional Class , 0.03%(f)(g)		4,390,782

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $4,390,782)			4,390,782

Shares			Value
Unaffiliated Investment Company (5.4%):
Money Markets (5.4%):
	24,230,789	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(g)		24,230,789

	Total Unaffiliated Investment Company (Cost $24,230,789)			24,230,789

	Total Investment Securities (Cost $464,962,025) — 105.9%(h)			473,053,237
	Net other assets (liabilities) — (5.9)%			(26,550,811	)

	Net Assets — 100.0%		$	446,502,426

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2021:


Country	Percentage
Luxembourg		0.5	%
Mexico		1.0	%
Netherlands		0.4	%
Qatar		0.3	%
Saudi Arabia		0.2	%
Spain		—	%^†
Supernational		0.1	%
Switzerland		0.4	%
United Arab Emirates		0.2	%
United Kingdom		1.8	%
United States		87.9	%
Zambia		—	%^†

		100.0	%

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	464,962,025

Investment securities, at value(a)	$	473,053,237
Cash		52,756
Interest and dividends receivable		2,998,992
Receivable for capital shares issued		8,615
Receivable for investments sold		570,976
Receivable for TBA investments sold		7,375,965
Prepaid expenses		2,158

Total Assets		484,062,699

Liabilities:
Payable for investments purchased		5,680,670
Payable for TBA investments purchased		27,110,190
Payable for capital shares redeemed		711
Payable for collateral received on loaned securities		4,390,782
Manager fees payable		190,031
Administration fees payable		73,710
Distribution fees payable		90,489
Custodian fees payable		1,744
Administrative and compliance services fees payable		624
Transfer agent fees payable		1,736
Trustee fees payable		3,507
Other accrued liabilities		16,079

Total Liabilities		37,560,273

Net Assets	$	446,502,426

Net Assets Consist of:
Paid in capital	$	420,324,777
Total distributable earnings		26,177,649

Net Assets	$	446,502,426

Class 1
Net Assets	$	21,203,091
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,065,195
Net Asset Value (offering and redemption price per share)	$	10.27

Class 2
Net Assets	$	425,299,335
Shares of beneficial interest (unlimited number of shares authorized, no par value)		40,107,344
Net Asset Value (offering and redemption price per share)	$	10.60

(a)	Includes securities on loan of $4,236,716.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Interest	$	12,758,543
Dividends		7,248
Income from securities lending		13,076

Total Investment Income		12,778,867

Expenses:
Management fees		2,296,611
Administration fees		224,906
Distribution fees — Class 2		1,093,303
Custodian fees		12,092
Administrative and compliance services fees		5,253
Transfer agent fees		9,452
Trustee fees		21,855
Professional fees		19,104
Shareholder reports		19,468
Other expenses		8,182

Total expenses		3,710,226

Net Investment Income/(Loss)		9,068,641

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		9,160,321
Net realized gains/(losses) on securities held short		7,064
Change in net unrealized appreciation/depreciation on securities		(16,709,674	)
Change in net unrealized appreciation/depreciation on securities held short		6,847

Net realized and Change in net unrealized gains/losses on investments		(7,535,442	)

Change in Net Assets Resulting From Operations	$	1,533,199

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Total Bond Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. The Fund will not pay for such securities or start earning interest on them until they are received. When a Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

To generate additional income, the Fund may lend up to 33¹⁄₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,293 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $4,390,782 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with FIAM LLC (“FIAM”), FIAM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At December 31, 2021, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the year ended December 31, 2021, purchases and sales of long-term U.S. government securities were as follows:

Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of December 31, 2021 are identified below.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $464,974,852. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Fidelity Institutional Asset Management Total Bond Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $2,116,661.

During the year ended December 31, 2021, the Fund declared net long-term capital gain distributions of $6,592,561.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with every quarterly Board meeting, as well as the summer and fall 2021 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 21, 2021, and September 14, 2021, the Manager reported that for the one-year period ended December 31, 2020, seven Funds were in the top 40%, eight were in the middle 20%, and four were in the bottom 40%, and for the three-year period ended December 31, 2020, six Funds were in the top 40%, eight were in the middle 20% and five were in the bottom 40%. The Manager also reported that of the seventeen Funds for which performance information was available for the five-year period ended December 31, 2020, seven Funds were in the top 40%, five were in the middle 20%, and five were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as “index attribution”).

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® Gateway Fund (the “Fund”) returned 11.13%. That compared to a 28.71% total return for its benchmark, the S&P 500^® Index. The Fund’s performance reflects its low-volatility equity strategy, which seeks to reduce fluctuations in the portfolio’s value that may be caused by equity market volatility. In achieving its low-volatility objective, the Fund’s annualized standard deviation of daily returns for the year was 6.00% compared to 13.09% for the S&P 500^® Index.¹

The Fund seeks to capture a majority of long-term returns expected with equity market investments while also providing less risk. To accomplish this goal, the Fund invests in a diversified portfolio of common stocks. In addition, the Fund sells index call options to seek to lower volatility and generate cash flow; the Fund then uses a portion of this cash flow to purchase index put options, which are intended to help mitigate any sharp, sudden price declines in the equity portfolio.

U.S. equity markets posted strong gains in 2021 — the third year in a row of double-digit returns for the S&P 500^® Index. Stocks rose over the course of the first and second quarters of 2021 as vaccine delivery accelerated and the promise of new fiscal stimulus helped settle investor concerns over inflation and labor market imbalances. Rising interest rates were a theme for much of the year, and inflation fears finally triggered a pullback in equity markets in September. The selloff was also due to growing concerns over the new Delta variant of COVID-19. Uncertainty surrounding fiscal and monetary policy also weighed on market sentiment at the end of the third quarter. In the fourth quarter, however, stocks rebounded to post their strongest quarterly returns of the year despite ongoing concerns around inflation, surging COVID-19 cases, and monetary policy concerns.

Implied volatility remained slightly above its historical average throughout most of 2021, although down from its peak in March 2020 near the start of the COVID-19 pandemic. By comparison, realized volatility, as measured by the standard deviation² of daily returns for the S&P 500^® Index, was below-average for the year. The spread between S&P 500^® Index realized volatility and average implied volatility, often referred to as the Volatility Risk Premium (VRP), was positive in 2021 — which is typical. But the spread was consistently wider than normal throughout the year.

The Fund underperformed its benchmark for 2021 while achieving its risk objective by exhibiting significantly less risk than the equity market — less than half as measured by standard deviation. However, the risk-reducing options strategy generated losses that detracted from returns during the strong market gains experienced throughout most of the year. For example, the Fund lagged its benchmark by 551 basis points during the fourth quarter as the market posted its strongest gains of the year. However, the Fund’s equity portfolio did deliver a return of 28.45% which is just slightly below the return of its benchmark.

Higher-than-normal implied volatility helped support the Fund’s relative returns as the Fund focused on the higher volatility priced into longer-dated call option contracts and a persistently above-average volatility risk premium. Throughout 2021, the Fund’s two-part option strategy delivered equity market participation during the periods in which the equity market advanced and significant downside protection during market declines.

The Fund employs equity index options as part of its low-volatility strategy. These derivatives, along with the Fund’s overall strategy worked as designed during the reporting period. Consistent with its investment objective, the measured risk of the Fund was low relative to the U.S. equity market during the reporting period. However, despite generating gains during market declines, the derivatives had an overall negative impact on the Fund’s return relative to its benchmark during the reporting period.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

Fund Objective

The Fund’s investment objective is to seek to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in a broadly diversified portfolio of common stocks, while also selling index call options.

Investment Concerns

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			10 Year
AZL^® Gateway Fund		11.13	%		9.74	%		6.64	%		5.55	%
S&P 500^® Index		28.71	%		26.07	%		18.47	%		16.55	%


Expense Ratio	Gross
AZL^® Gateway Fund		1.12	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.25% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Standard & Poor’s 500 Index, an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, which is a measure of the U.S. Stock market as a whole. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL Gateway Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks+ (99.0%):
Aerospace & Defense (1.2%):
	2,550	Boeing Co. (The)*	$	513,366
	704	HEICO Corp.		101,531
	9,510	Raytheon Technologies Corp.		818,431
	427	TransDigm Group, Inc.*		271,691

				1,705,019

Air Freight & Logistics (0.6%):
	650	GXO Logistics, Inc.*		59,040
	3,738	United Parcel Service, Inc., Class B		801,203
	629	XPO Logistics, Inc.*		48,703

				908,946

Airlines (0.3%):
	2,677	Alaska Air Group, Inc.*		139,472
	12,357	JetBlue Airways Corp.*		175,964
	2,475	United Airlines Holdings, Inc.*		108,355

				423,791

Auto Components (0.1%):
	659	Autoliv, Inc.		68,147
	1,865	Goodyear Tire & Rubber Co. (The)*		39,762

				107,909

Automobiles (2.6%):
	20,269	Ford Motor Co.		420,987
	5,847	General Motors Co.*		342,810
	2,836	Tesla, Inc.*		2,997,028

				3,760,825

Banks (4.0%):
	4,708	Associated Banc-Corp.		106,354
	38,004	Bank of America Corp.		1,690,798
	10,459	Citigroup, Inc.		631,619
	15,104	JPMorgan Chase & Co.		2,391,718
	292	Signature Bank		94,453
	16,903	Wells Fargo & Co.		811,006

				5,725,948

Beverages (1.4%):
	8,529	Keurig Dr Pepper, Inc.		314,379
	4,239	Monster Beverage Corp.*		407,114
	7,406	PepsiCo, Inc.		1,286,496

				2,007,989

Biotechnology (1.8%):
	7,434	AbbVie, Inc.		1,006,564
	2,612	Amgen, Inc.		587,622
	732	Biogen, Inc.*		175,621
	394	Exact Sciences Corp.*		30,665
	1,450	Ionis Pharmaceuticals, Inc.*		44,123
	1,068	Moderna, Inc.*		271,251
	390	Seagen, Inc.*		60,294
	1,492	Vertex Pharmaceuticals, Inc.*		327,643

				2,503,783

Building Products (0.3%):
	6,129	Carrier Global Corp.		332,437
	357	Lennox International, Inc.		115,797

				448,234


Shares			Value
Common Stocks, continued
Capital Markets (2.2%):
	6,981	Charles Schwab Corp. (The)	$	587,102
	299	FactSet Research Systems, Inc.		145,317
	4,257	Intercontinental Exchange, Inc.		582,230
	8,753	Morgan Stanley		859,194
	721	MSCI, Inc., Class A		441,750
	1,101	S&P Global, Inc.		519,595

				3,135,188

Chemicals (1.6%):
	1,454	Ashland Global Holdings, Inc.		156,538
	1,813	Celanese Corp.		304,693
	5,821	Corteva, Inc.		275,217
	6,225	Dow, Inc.		353,082
	2,223	Eastman Chemical Co.		268,783
	559	Ingevity Corp.*		40,080
	2,975	LyondellBasell Industries NV, Class A		274,384
	3,342	Mosaic Co. (The)		131,307
	2,003	Olin Corp.		115,213
	1,683	RPM International, Inc.		169,983
	3,469	Valvoline, Inc.		129,359

				2,218,639

Commercial Services & Supplies (0.8%):
	2,104	Copart, Inc.*		319,008
	1,219	Waste Connections, Inc.		166,113
	4,204	Waste Management, Inc.		701,648

				1,186,769

Communications Equipment (1.0%):
	23,024	Cisco Systems, Inc.		1,459,031

Construction Materials (0.3%):
	854	Martin Marietta Materials, Inc.		376,204

Consumer Finance (0.6%):
	2,123	Ally Financial, Inc.		101,076
	3,107	Discover Financial Services		359,045
	7,679	Synchrony Financial		356,229

				816,350

Containers & Packaging (0.5%):
	1,267	Avery Dennison Corp.		274,394
	1,528	Crown Holdings, Inc.		169,027
	2,066	Sonoco Products Co.		119,601
	3,792	Westrock Co.		168,213

				731,235

Distributors (0.2%):
	1,869	Genuine Parts Co.		262,034

Diversified Consumer Services (0.1%):
	1,149	Service Corp. International		81,568

Diversified Financial Services (1.7%):
	7,464	Berkshire Hathaway, Inc., Class B*		2,231,736
	2,315	Voya Financial, Inc.		153,508

				2,385,244

Diversified Telecommunication Services (0.7%):
	9,320	Lumen Technologies, Inc.		116,966
	18,160	Verizon Communications, Inc.		943,594

				1,060,560


Shares			Value
Common Stocks, continued
Electric Utilities (1.0%):
	5,494	Alliant Energy Corp.	$	337,716
	6,792	American Electric Power Co., Inc.		604,284
	2,451	Evergy, Inc.		168,163
	5,961	FirstEnergy Corp.		247,918
	2,734	OGE Energy Corp.		104,931

				1,463,012

Electrical Equipment (0.5%):
	3,404	Eaton Corp. plc		588,279
	871	Hubbell, Inc.		181,403

				769,682

Electronic Equipment, Instruments & Components (0.8%):
	1,668	CDW Corp.		341,573
	6,624	Corning, Inc.		246,612
	469	Teledyne Technologies, Inc.*		204,901
	574	Zebra Technologies Corp., Class A*		341,645

				1,134,731

Energy Equipment & Services (0.3%):
	11,846	Halliburton Co.		270,918
	4,752	Helmerich & Payne, Inc.		112,622

				383,540

Entertainment (1.8%):
	1,404	Live Nation Entertainment, Inc.*		168,045
	1,877	Netflix, Inc.*		1,130,780
	121	Roku, Inc.*		27,612
	7,720	Walt Disney Co. (The)*		1,195,751

				2,522,188

Equity Real Estate Investment Trusts (2.5%):
	4,387	American Homes 4 Rent, Class A		191,317
	1,997	American Tower Corp.		584,122
	1,447	Camden Property Trust		258,550
	2,293	CubeSmart		130,494
	3,312	Douglas Emmett, Inc.		110,952
	6,184	Duke Realty Corp.		405,918
	2,529	Equity Lifestyle Properties, Inc.		221,692
	4,570	Healthcare Realty Trust, Inc.		144,595
	6,979	Invitation Homes, Inc.		316,428
	1,058	Kilroy Realty Corp.		70,315
	7,779	Medical Properties Trust, Inc.		183,818
	3,790	National Retail Properties, Inc.		182,185
	7,807	Sabra Health Care REIT, Inc.		105,707
	1,170	Sun Communities, Inc.		245,665
	4,529	UDR, Inc.		271,695
	1,711	WP Carey, Inc.		140,387

				3,563,840

Food & Staples Retailing (1.7%):
	457	Casey’s General Stores, Inc.		90,189
	2,213	Costco Wholesale Corp.		1,256,320
	1,996	US Foods Holding Corp.*		69,521
	6,834	Walmart, Inc.		988,811

				2,404,841

Food Products (0.8%):
	1,616	Bunge, Ltd.		150,870
	1,291	Lamb Weston Holdings, Inc.		81,823
	12,039	Mondelez International, Inc., Class A		798,306
	905	Post Holdings, Inc.*		102,021

				1,133,020


Shares			Value
Common Stocks, continued
Gas Utilities (0.0%^†):
	1,413	UGI Corp.	$	64,871

Health Care Equipment & Supplies (3.5%):
	8,295	Abbott Laboratories		1,167,438
	3,817	Baxter International, Inc.		327,651
	9,562	Boston Scientific Corp.*		406,194
	2,604	Danaher Corp.		856,742
	4,439	Edwards Lifesciences Corp.*		575,073
	225	Insulet Corp.*		59,866
	2,141	Intuitive Surgical, Inc.*		769,261
	4,720	Medtronic plc		488,284
	950	Steris plc		231,240
	428	Teleflex, Inc.		140,589

				5,022,338

Health Care Providers & Services (3.0%):
	1,444	Anthem, Inc.		669,352
	6,755	CVS Health Corp.		696,846
	1,894	HCA Healthcare, Inc.		486,606
	294	Molina Healthcare, Inc.*		93,516
	4,323	UnitedHealth Group, Inc.		2,170,751
	1,128	Universal Health Services, Inc., Class B		146,256

				4,263,327

Health Care Technology (0.1%):
	619	Veeva Systems, Inc., Class A*		158,142

Hotels, Restaurants & Leisure (1.4%):
	2,733	Hilton Grand Vacations, Inc.*		142,417
	2,907	Hilton Worldwide Holdings, Inc.*		453,463
	3,936	McDonald’s Corp.		1,055,124
	2,975	Melco Resorts & Entertainment, Ltd., ADR*		30,285
	2,804	Restaurant Brands International, Inc.		170,147
	215	Vail Resorts, Inc.		70,498
	3,558	Wendy’s Co. (The)		84,858

				2,006,792

Household Durables (0.3%):
	41	NVR, Inc.*		242,264
	2,269	Toll Brothers, Inc.		164,253

				406,517

Household Products (1.5%):
	1,804	Clorox Co. (The)		314,545
	11,105	Procter & Gamble Co. (The)		1,816,556

				2,131,101

Industrial Conglomerates (1.3%):
	3,537	3M Co.		628,277
	4,582	General Electric Co.		432,862
	3,689	Honeywell International, Inc.		769,193

				1,830,332

Insurance (1.9%):
	9,916	Aflac, Inc.		578,995
	1,112	American Financial Group, Inc.		152,700
	1,717	Aon plc, Class A		516,061
	1,973	Arch Capital Group, Ltd.*		87,700
	3,218	Arthur J. Gallagher & Co.		545,998
	2,827	Brown & Brown, Inc.		198,682
	1,245	Fidelity National Financial, Inc.		64,964
	3,942	Lincoln National Corp.		269,081


Shares			Value
Common Stocks, continued
Insurance, continued
	59	Markel Corp.*	$	72,806
	451	RenaissanceRe Holdings, Ltd.		76,368
	5,660	Unum Group		139,066

				2,702,421

Interactive Media & Services (6.5%):
	498	Alphabet, Inc., Class A*		1,442,726
	1,551	Alphabet, Inc., Class C*		4,487,958
	1,215	Match Group, Inc.*		160,684
	8,818	Meta Platforms, Inc., Class A*		2,965,934
	3,557	Twitter, Inc.*		153,733
	976	Zillow Group, Inc., Class C*		62,318

				9,273,353

Internet & Direct Marketing Retail (4.0%):
	1,564	Amazon.com, Inc.*		5,214,908
	180	Booking Holdings, Inc.*		431,861
	44	MercadoLibre, Inc.*		59,330

				5,706,099

IT Services (4.0%):
	2,546	Automatic Data Processing, Inc.		627,793
	655	Black Knight, Inc.*		54,293
	419	Block, Inc.*		67,673
	1,984	DXC Technology Co.*		63,865
	342	EPAM Systems, Inc.*		228,610
	3,235	Mastercard, Inc., Class A		1,162,400
	3,290	Paychex, Inc.		449,085
	5,189	PayPal Holdings, Inc.*		978,541
	38	Shopify, Inc., Class A*		52,341
	217	Twilio, Inc., Class A*		57,145
	1,458	VeriSign, Inc.*		370,069
	7,301	Visa, Inc., Class A		1,582,200

				5,694,015

Leisure Products (0.0%^†):
	331	Polaris, Inc.		36,380

Life Sciences Tools & Services (1.1%):
	335	ICON plc*		103,749
	877	Illumina, Inc.*		333,646
	1,600	Thermo Fisher Scientific, Inc.		1,067,584

				1,504,979

Machinery (1.5%):
	3,170	Caterpillar, Inc.		655,366
	1,551	Cummins, Inc.		338,335
	1,610	Deere & Co.		552,053
	1,071	Parker-Hannifin Corp.		340,707
	2,111	Pentair plc		154,166
	1,101	Timken Co.		76,288

				2,116,915

Media (0.9%):
	19,047	Comcast Corp., Class A		958,635
	582	Liberty Broadband Corp., Class C*		93,760
	5,531	Liberty Global plc, Class C*		155,366
	9,768	Sirius XM Holdings, Inc.		62,027

				1,269,788


Shares			Value
Common Stocks, continued
Metals & Mining (0.3%):
	2,146	Southern Copper Corp.	$	132,430
	2,532	Steel Dynamics, Inc.		157,161
	1,445	Worthington Industries, Inc.		78,984

				368,575

Mortgage Real Estate Investment Trusts (0.1%):
	8,511	Annaly Capital Management, Inc.		66,556

Multiline Retail (0.5%):
	1,770	Nordstrom, Inc.*		40,037
	3,141	Target Corp.		726,953

				766,990

Multi-Utilities (1.4%):
	5,475	Ameren Corp.		487,330
	8,256	Consolidated Edison, Inc.		704,402
	5,769	Public Service Enterprise Group, Inc.		384,965
	4,424	WEC Energy Group, Inc.		429,438

				2,006,135

Oil, Gas & Consumable Fuels (2.4%):
	1,083	Cheniere Energy, Inc.		109,838
	8,118	Chevron Corp.		952,647
	8,673	ConocoPhillips		626,017
	20,407	Exxon Mobil Corp.		1,248,705
	1,068	HollyFrontier Corp.		35,009
	5,874	Occidental Petroleum Corp.		170,287
	4,393	ONEOK, Inc.		258,133

				3,400,636

Personal Products (0.0%^†):
	1,346	Herbalife Nutrition, Ltd.*		55,092

Pharmaceuticals (3.8%):
	10,879	Bristol-Myers Squibb Co.		678,306
	3,242	Eli Lilly & Co.		895,505
	248	Jazz Pharmaceuticals plc*		31,595
	10,030	Johnson & Johnson		1,715,832
	10,305	Merck & Co., Inc.		789,775
	22,747	Pfizer, Inc.		1,343,211

				5,454,224

Professional Services (0.3%):
	510	Booz Allen Hamilton Holding Corp.		43,243
	1,689	CoStar Group, Inc.*		133,481
	1,094	ManpowerGroup, Inc.		106,479
	1,210	TransUnion		143,482

				426,685

Road & Rail (1.0%):
	1,989	Canadian Pacific Railway, Ltd.		143,089
	18,388	CSX Corp.		691,389
	836	J.B. Hunt Transport Services, Inc.		170,878
	809	Lyft, Inc., Class A*		34,569
	1,080	Old Dominion Freight Line, Inc.		387,050
	927	Uber Technologies, Inc.*		38,869

				1,465,844

Semiconductors & Semiconductor Equipment (6.4%):
	5,627	Advanced Micro Devices, Inc.*		809,725
	2,941	Analog Devices, Inc.		516,940
	3,471	Applied Materials, Inc.		546,197
	1,729	Broadcom, Inc.		1,150,494


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	15,513	Intel Corp.	$	798,919
	1,442	Marvell Technology, Inc.		126,161
	5,254	Micron Technology, Inc.		489,410
	9,010	NVIDIA Corp.		2,649,931
	5,127	Qualcomm, Inc.		937,574
	1,839	Teradyne, Inc.		300,732
	4,465	Texas Instruments, Inc.		841,518

				9,167,601

Software (9.8%):
	2,425	Adobe, Inc.*		1,375,120
	2,779	Cadence Design Systems, Inc.*		517,867
	1,086	Fortinet, Inc.*		390,308
	26,733	Microsoft Corp.		8,990,842
	1,806	Nuance Communications, Inc.*		99,908
	7,200	Oracle Corp.		627,912
	271	Palo Alto Networks, Inc.*		150,882
	3,691	salesforce.com, Inc.*		937,994
	898	ServiceNow, Inc.*		582,901
	859	SS&C Technologies Holdings, Inc.		70,421
	478	VMware, Inc., Class A		55,391
	426	Workday, Inc., Class A*		116,375
	236	Zoom Video Communications, Inc., Class A*		43,403

				13,959,324

Specialty Retail (2.2%):
	2,912	American Eagle Outfitters, Inc.		73,732
	301	Burlington Stores, Inc.*		87,745
	1,829	Foot Locker, Inc.		79,799
	4,524	Home Depot, Inc. (The)		1,877,505
	4,034	Lowe’s Cos., Inc.		1,042,708

				3,161,489


Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (7.1%):
	56,175	Apple, Inc.	$	9,974,995
	1,086	Dell Technologies, Inc., Class C*		61,000

				10,035,995

Textiles, Apparel & Luxury Goods (0.7%):
	296	Lululemon Athletica, Inc.*		115,869
	5,188	Nike, Inc., Class B		864,684

				980,553

Tobacco (0.5%):
	14,450	Altria Group, Inc.		684,786

Trading Companies & Distributors (0.1%):
	675	GATX Corp.		70,328

	Total Common Stocks (Cost $50,357,686)			140,938,303


Contracts			Value
Purchased Options (0.6%)^:
	Total Purchased Options (Cost $1,395,079)			813,605


Shares			Value
Unaffiliated Investment Company (2.4%):
Money Markets (2.4%):
	3,472,898	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(a)		3,472,898

	Total Unaffiliated Investment Company (Cost $3,472,898)			3,472,898

	Total Investment Securities (Cost $55,225,663) — 102.0%(b)			145,224,806
	Net other assets (liabilities) — (2.0)%			(2,814,784	)

	Net Assets — 100.0%		$	142,410,022

At December 31, 2021, the Fund’s exchange traded options purchased were as follows:

At December 31, 2021, the Fund’s exchange traded options written were as follows:

Balances Reported in the Statement of Assets and Liabilities for Options Written

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	55,225,663

Investment securities, at value		145,224,806
Cash		637,799
Interest and dividends receivable		70,485
Reclaims receivable		970
Prepaid expenses		694

Total Assets		145,934,754

Liabilities:
Payable for capital shares redeemed		33,698
Written Options (Premiums received $3,166,405)		3,334,890
Manager fees payable		96,812
Administration fees payable		22,337
Distribution fees payable		30,254
Custodian fees payable		954
Administrative and compliance services fees payable		180
Transfer agent fees payable		762
Trustee fees payable		1,010
Other accrued liabilities		3,835

Total Liabilities		3,524,732

Net Assets	$	142,410,022

Net Assets Consist of:
Paid in capital	$	72,632,230
Total distributable earnings		69,777,792

Net Assets	$	142,410,022

Shares of beneficial interest (unlimited number of shares authorized, no par value)		8,827,459
Net Asset Value (offering and redemption price per share)	$	16.13

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Dividends	$	2,046,792
Foreign withholding tax		(1,237	)

Total Investment Income		2,045,555

Expenses:
Management fees		1,175,152
Administration fees		65,580
Distribution fees		367,234
Custodian fees		7,035
Administrative and compliance services fees		1,827
Transfer agent fees		5,068
Trustee fees		7,620
Professional fees		6,684
Shareholder reports		4,940
Other expenses		3,142

Total expenses		1,644,282

Net Investment Income/(Loss)		401,273

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		10,928,882
Net realized gains/(losses) on written options contracts		(11,109,414	)
Change in net unrealized appreciation/depreciation on securities		14,421,080
Change in net unrealized appreciation/depreciation on written options contracts		871,564

Net realized and Change in net unrealized gains/losses on investments		15,112,112

Change in Net Assets Resulting From Operations	$	15,513,385

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Gateway Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may purchase or write put and call options on a security or an index of securities. During the year ended December 31, 2021, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option when purchasing options. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written when writing options. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. For the period ended December 31, 2021, the monthly average notional amount for written options contracts was $1.4 million. Realized gains and losses are reported as “Net realized gains/(losses) on written options contracts” on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2021:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Gateway Investment Advisers, LLC (“Gateway”), Gateway provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $52,571,055. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2021, the Fund utilized $729,370 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 80% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Gateway Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

For the year ended December 31, 2021, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

Based upon the information provided, the management fee ranking in 2020 for the 19 Funds was as follows: (1) 16 of the Funds had management fee rankings at or below the 65th percentile (with 11 Funds at or below the 50^th percentile); and (2) for the AZL Enhanced Bond Index Fund, the AZL MSCI Emerging Markets Equity Index Fund, and the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to the lack of direct peers.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019-2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® Government Money Market Fund (the “Fund”) returned 0.00%. That compared to a 0.04% total return for its benchmark, the Three-Month U.S. Treasury Bill Index.¹

The year began with a transition to the Biden-Harris administration, a $1.9 trillion stimulus package, and an acceleration of COVID-19 vaccination programs. Rising vaccination rates helped achieve a gradual reopening of the economy through the first half of the period, which helped drive additional economic growth. However, the arrival of the Delta and Omicron variants in the latter part of 2021 raised fears about the negative economic impacts of a new surge in COVID-19 cases.

Despite these concerns late in the period, economic conditions in the U.S. were markedly better in 2021 than they were in 2020. The U.S. posted strong GDP growth throughout the year, while the unemployment rate fell from 6.3% in January to 3.9% at the end of December. However, inflation rose throughout the year, with the U.S. Consumer Price Index (CPI) posting an annual increase of 6.8% by the end of November — the largest increase in more than 30 years.

In part due to the rise in inflation, the Federal Open Market Committee (FOMC) pivoted from a dovish tone early in the year to a more hawkish one in the final months of 2021. Along with a few technical interest rate adjustments during the year, the FOMC announced in November that it would begin tapering its asset purchase efforts. In December, the FOMC indicated it would accelerate that tapering plan, and it announced three interest rate hikes for 2022.

The FOMC’s ultra-accommodative policies, in place throughout most of the year, were a major theme for the period, as was the large and growing supply/demand imbalance for securities at the short end of the yield curve. Although the yield curve was relatively flat during the period, yields still moved within a tight range. The Fund was positioned to take advantage of that movement by targeting lower duration securities in the middle of the year, and slightly longer durations after the FOMC’s technical adjustments.

The Fund also benefited from its positioning around the year-end debt ceiling impasse, both in the lead-up to the default deadline and in the wake of the mid-December increase in the debt limit.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to seek current income consistent with stability of principal. The Fund seeks to achieve its objective by investing at least 99.5% of its total assets in cash, government securities (including U.S. Treasury bills, notes, and other obligations guaranteed as to principal and interest by the U.S. Government, its agencies, or instrumentalities), or repurchase agreements that are collateralized fully by cash or government securities.

Investment Concerns

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Past performance is not predictive of future performance as yields on money market funds fluctuate daily.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			10 Year
AZL^® Government Money Market Fund		0.00	%		0.53	%		0.53	%		0.27	%
Three-Month U.S. Treasury Bill Index		0.04	%		0.82	%		1.06	%		0.59	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.


Expense Ratio	Gross
AZL^® Government Money Market Fund		0.66	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.34% through at least April 30, 2023. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.87% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.


Yield as of December 31, 2021
	7 Day Average			7 Day Effective			30 Day Average
AZL^®Government Money Market Fund		0.00	%		0.00	%		0.00	%

The Manager, the Distributor and the Fund have entered into a written agreement to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00%. The Distributor is also permitted to waive its Rule 12b-1 fees during such periods under this agreement. There is no guarantee the Fund will be able to avoid a negative yield. Such amounts waived, reimbursed or paid by the Manager and/ or the Distributor are subject to repayment to the Manager and/or the Distributor, subject to certain limitations as further described in Note 3 of the Notes to Financial Statements.

The 7-day yield quotation is as of December 31, 2021 and more closely reflects the current earnings of the Fund than the total return quotation.

The Fund’s performance is measured against the Three-Month U.S. Treasury Bill Index, which is an unmanaged index and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL Government Money Market Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Value
U.S. Government Agency Mortgages (33.4%):
Federal Home Loan Bank (20.8%)
$	4,595,000	0.05%, 1/12/22	$	4,594,985
	5,245,000	0.04%, 1/12/22(a)		5,244,936
	1,465,000	0.05%, 1/14/22(a)		1,464,976
	640,000	0.05%, 1/25/22		639,999
	2,305,000	0.05%, 1/28/22		2,304,999
	6,985,000	0.05%, 1/28/22		6,984,944
	4,225,000	0.05%, 2/1/22		4,224,960
	1,140,000	0.05%, 2/7/22		1,139,999
	1,235,000	0.05%, 2/8/22(a)		1,234,935
	4,700,000	0.05%, 2/11/22(a)		4,699,732
	9,655,000	0.06%, 2/14/22(a)		9,654,379
	3,795,000	0.05%, 2/15/22(a)		3,794,787
	8,670,000	0.05%, 2/16/22(a)		8,669,501
	3,570,000	0.05%, 2/18/22(a)		3,569,762
	2,585,000	0.17%(SOFR+12bps), 2/28/22		2,585,000
	7,200,000	0.05%, 3/2/22(a)		7,199,412
	7,525,000	0.05%, 3/8/22(a)		7,524,379
	385,000	0.05%, 3/11/22(a)		384,967
	8,485,000	0.04%, 3/18/22(a)		8,484,212
	4,840,000	0.06%, 3/22/22		4,839,973
	335,000	0.06%(SOFR+1bps), 3/28/22		335,000
	550,000	0.06%(SOFR+1bps), 3/30/22		550,000
	1,675,000	0.04%, 4/1/22(a)		1,674,816
	5,095,000	0.06%, 4/22/22(a)		5,094,120
	885,000	0.11%(SOFR+7bps), 4/28/22		885,000
	2,070,000	0.06%, 5/23/22		2,069,955
	2,575,000	0.06%(SOFR+1bps), 9/6/22		2,575,000
	5,025,000	0.07%(SOFR+2bps), 12/16/22		5,025,000
	5,000,000	0.10%(SOFR+6bps), 2/3/23		5,000,000

				112,449,728

Federal Farm Credit Bank (10.5%)
	865,000	0.05%, 1/7/22(a)		864,993
	1,955,000	0.23%(SOFR+18bps), 1/14/22		1,955,000
	1,630,000	0.05%, 1/31/22(a)		1,629,932
	4,000,000	0.37%, 2/8/22		4,000,000
	5,000,000	0.05%, 3/3/22(a)		4,999,577
	3,295,000	0.05%, 4/19/22(a)		3,294,506
	685,000	0.21%(USBMMY3M+12bps), 5/2/22		684,986
	3,000,000	0.10%(SOFR+5bps), 5/5/22		2,999,953
	2,000,000	0.06%, 6/21/22(a)		1,999,430
	1,475,000	0.24%(SOFR+19bps), 7/14/22		1,475,000
	4,065,000	0.27%(FEDL01+18bps), 7/20/22		4,064,779
	6,150,000	0.07%, 8/10/22		6,149,815
	2,230,000	0.14%(SOFR+10bps), 9/2/22		2,230,000
	1,845,000	0.14%(SOFR+9bps), 10/7/22		1,845,000
	2,250,000	0.13%(SOFR+8bps), 10/14/22		2,250,000
	2,705,000	0.12%(SOFR+8bps), 11/3/22		2,705,000
	4,150,000	0.08%(SOFR+3bps), 1/12/23		4,149,784
	1,070,000	0.11%(SOFR+6bps), 1/20/23		1,070,000
	2,740,000	0.10%(SOFR+5bps), 8/22/23		2,740,000
	1,870,000	0.10%(SOFR+5bps), 9/28/23		1,870,000
	3,435,000	0.11%(SOFR+6bps), 11/22/23		3,435,000

				56,412,755

Federal National Mortgage Association (1.4%)
	2,035,000	0.05%, 3/2/22(a)		2,034,830


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	2,685,000	0.40%(SOFR+35bps), 4/7/22	$	2,685,000
	2,935,000	0.44%(SOFR+39bps), 4/15/22		2,935,000

				7,654,830

Federal Home Loan Mortgage Corp. (0.7%)
	2,000,000	0.08%, 7/25/22		2,000,496
	1,535,000	0.11%(SOFR+7bps), 11/10/22		1,535,000

				3,535,496

	Total U.S. Government Agency Mortgages (Cost $180,052,809)			180,052,809

U.S. Treasury Obligations (26.3%):
U.S. Treasury Notes (2.9%)
	4,165,000	0.05%, 1/31/22		4,169,485
	120,000	0.09%, 2/28/22		120,316
	120,000	0.09%, 3/31/22		120,082
	805,000	0.07%, 5/15/22		811,070
	100,000	0.07%, 6/15/22		100,759
	360,000	0.07%, 6/30/22		360,096
	5,000,000	0.13%(USBMMY3M+5bps), 1/31/23		5,000,356
	5,000,000	0.12%(USBMMY3M+4bps), 10/31/23		5,000,000

				15,682,164

U.S. Treasury Bills (23.4%)
	4,850,400	0.06%, 3/1/22(a)		4,849,985
	31,575,000	0.05%, 3/3/22(a)		31,572,325
	29,378,000	0.06%, 3/10/22(a)		29,374,694
	3,940,000	0.08%, 3/24/22(a)		3,939,327
	10,900,000	0.09%, 3/31/22(a)		10,897,710
	940,000	0.07%, 4/5/22(a)		939,820
	5,765,000	0.11%, 4/26/22(a)		5,762,974
	11,465,000	0.13%, 5/3/22(a)		11,460,269
	9,825,000	0.13%, 6/16/22(a)		9,819,111
	10,050,000	0.17%, 6/23/22(a)		10,042,768
	4,635,000	0.21%, 6/30/22(a)		4,630,133
	1,906,800	0.08%, 9/8/22(a)		1,905,807
	995,000	0.40%, 12/29/22(a)		991,098

				126,186,021

	Total U.S. Treasury Obligations (Cost $141,868,185)			141,868,185

Repurchase Agreements (43.3%):
	15,000,000	Bank of Montreal, 0.05%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $15,000,063, Collateralized by U.S. Treasury Obligations, 0.00%, 2/15/29 — 8/15/50, fair value of $15,300,000)		15,000,000
	45,000,000	Bank of Nova Scotia, 0.05%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $45,000,188, Collateralized by U.S. Treasury Obligations, 0.00% — 5.25%, 4/7/22 — 2/15/49, fair value of $45,900,198)		45,000,000
	35,000,000	BNP Paribas, 0.05%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $35,000,146, Collateralized by U.S. Government Agency Obligations, 0.00% — 6.50%, 12/31/23 — 9/1/51, fair value of $35,808,771)		35,000,000
	34,000,000	Citigroup Global Markets, 0.06%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $34,000,170, Collateralized by U.S. Treasury Notes, 0.13% — 2.88%, 10/15/23 — 4/30/25, fair value of $34,680,053)		34,000,000


Principal Amount			Value
Repurchase Agreements, continued
$	30,000,000	Mitsubishi UFJ Securities USA, Inc., 0.05%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $30,000,125, Collateralized by U.S. Treasury Obligations, 0.38% — 1.13%, 7/15/23 — 2/29/28, fair value of $30,600,060)	$	30,000,000
	30,000,000	Natixis, 0.05%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $30,000,125, Collateralized by U.S. Treasury Obligations, 0.00% — 6.00%, 1/20/22 — 12/31/26, fair value of $30,600,019)		30,000,000
	45,000,000	Toronto Dominion Bank NY, 0.05%, 1/3/22, (Purchased on 12/31/21, proceeds at maturity $45,000,188, Collateralized by U.S. Treasury Notes, 0.63% — 2.25%, 4/15/22 — 8/15/30, fair value of $45,900,056)		45,000,000

	Total Repurchase Agreements (Cost $234,000,000)			234,000,000

	Total Investment Securities (Cost $555,920,994) — 103.0%(b)			555,920,994
	Net other assets (liabilities) — (3.0)%			(16,025,284	)

	Net Assets — 100.0%		$	539,895,710

Percentages indicated are based on net assets as of December 31, 2021.

FEDL01—Effective Federal Fund Rate

SOFR—Secured Overnight Financing Rate

USBMMY3M—3 Month Treasury Bill Rate

(a)	The rate represents the effective yield at December 31, 2021.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	321,920,994

Investment securities, at value	$	321,920,994
Repurchase agreements, at value/cost		234,000,000
Cash		324,009
Interest and dividends receivable		51,626
Receivable from Manager		105,591
Prepaid expenses		2,262

Total Assets		556,404,482

Liabilities:
Payable for investments purchased		16,310,254
Administration fees payable		71,175
Distribution fees payable		107,165
Custodian fees payable		1,547
Administrative and compliance services fees payable		613
Transfer agent fees payable		828
Trustee fees payable		3,443
Other accrued liabilities		13,747

Total Liabilities		16,508,772

Net Assets	$	539,895,710

Net Assets Consist of:
Paid in capital	$	539,886,711
Total distributable earnings		8,999

Net Assets	$	539,895,710

Shares of beneficial interest (unlimited number of shares authorized, no par value)		539,886,834
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Interest	$	390,671

Total Investment Income		390,671

Expenses:
Management fees		1,719,608
Administration fees		159,776
Distribution fees		1,228,294
Custodian fees		10,664
Administrative and compliance services fees		5,473
Transfer agent fees		4,816
Trustee fees		23,444
Professional fees		20,073
Shareholder reports		16,784
Other expenses		9,583

Total expenses before reductions		3,198,515
Less Management fees contractually waived		(49,139	)
Less expenses waived/reimbursed by the Manager for minimum daily yield		(2,758,972	)

Net expenses		390,404

Net Investment Income/(Loss)		267

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		8,732

Net realized and Change in net unrealized gains/losses on investments		8,732

Change in Net Assets Resulting From Operations	$	8,999

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Government Money Market Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may invest in repurchase agreements with financial institutions such as member banks of the Federal Reserve System or from registered broker/dealers that the adviser deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by the Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts.

Dividends from net investment income are declared daily and paid monthly from the Fund. The net realized gains, if any, are declared and paid at least annually by the Fund. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Advisors, LLC (“BlackRock Advisors”), BlackRock Advisors provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager, the Distributor and the Fund have entered into a written agreement to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily yield for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees under this agreement. There is no guarantee the Fund will avoid a negative yield. Such amounts waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund’s future yield. Amounts waived under this agreement during the year ended December 31, 2021 are reflected on the Statement of Operations as “Expenses waived/reimbursed by the Manager for minimum daily yield.”

At December 31, 2021, the reimbursements of minimum daily yield waivers subject to repayment by the Fund in subsequent years were as follows:

The Fund, which operates as a government money market fund, is eligible and has elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

Repurchase Agreement Risk: The Fund may invest in repurchase agreements as a principal strategy. There is a potential for loss to the Fund if the seller defaults and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. It is possible the fair value of the collateral securities could decline in value during the period in which the Fund seeks to assert its rights.

The current outbreak of the novel strain of coronavirus, COVID-19, has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $555,920,994. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Government Money Market Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $2,775.

The Fund files complete Schedules of Portfolio Holdings with the Commission each month on Form N-MFP. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on its website.

other simultaneously during the meeting. Accordingly, the Advisory Contracts were approved by the Board at a meeting on September 14, 2021. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2023. Additionally, at a subsequent meeting held November 16, 2021, the Board considered and approved a recommendation to add two new sub-subadvisors affiliated with the Subadviser to assist the Subadviser to the AZL Enhanced Bond Index Fund.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® International Index Fund (the “Fund”) returned 10.55%. That compared to an 11.78% total return for its benchmark, the MSCI EAFE Index.¹

The Fund seeks investment results, before fees, expenses, and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI EAFE Index (the “Index”). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of international equity markets. It is an unmanaged, market capitalization-weighted index comprising stocks of large- and mid-cap stocks across developed markets in Europe, Australasia, and the Far East.

During the first quarter, global optimism around a sustainable reopening of the economy due to vaccine rollouts among developed markets helped drive positive performance. Despite the uptick in the number of COVID-19 cases in Europe, equities rallied over the quarter, reinforced by an increase in demand for goods and manufacturing activities. The Japanese market continued its recovery throughout the quarter despite the state of emergency in Tokyo. Japanese equities were supported by strong earnings reports and hopes of stimulus and economic reopening as COVID cases declined.

Over the second quarter, strong economic data across developed markets and accommodative fiscal policies helped support additional equity gains. The markets’ rising concerns around higher inflation and the Federal Reserve’s (Fed’s) cautious announcement in June contributed to muted market performance for a short period. The Japanese market recovered toward the end of May, following the reinstatement of state of emergency protocols in Tokyo and other regions. As a response, the Japanese government rolled out several mass vaccination centers, and quarterly earnings reports largely met or exceeded analyst forecasts.

on global equity markets. The spread of the Delta variant, as well as fears around higher inflation and ongoing supply chain issues, also weighed on market sentiment during the third quarter. In Europe, however, markets remained resilient as hospitalization rates dropped despite a new wave of COVID-19 cases. The Bank of England announced a shift in its policy, suggesting that a rate rise could come in early 2022. For its part, the European Central Bank announced a slower pace of asset purchases but stopped short of setting a path toward higher rates.

In the fourth quarter, developed equity markets posted positive returns in October on the back of strong corporate earnings reports and robust economic data. However, the emergence of yet another new COVID-19 variant (Omicron) in November dampened market performance and put pressure on central banks as they faced rising inflation rates on the back of ongoing supply chain disruptions. Markets rebounded in December as data indicated the new variant was less severe than expected despite higher transmissibility. In Japan, uncertainty over COVID-19 restrictions, a weaker yen, and higher commodity prices weighed on the economy and market performance over the quarter.

The Fund underperformed its benchmark primarily due to expenses incurred by the Fund.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to seek to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE^® Index”) as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index, primarily futures contracts.

Investment Concerns

The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	Inception Date		1 Year			3 Year			5 Year			10 Years			Since Inception
AZL^® International Index Fund (Class 1 Shares)		10/17/2016		10.80	%		13.22	%		9.38	%		—			9.12	%
AZL^® International Index Fund (Class 2 Shares)		5/1/2009		10.55	%		12.97	%		9.11	%		7.48	%		7.70	%
MSCI EAFE Index (gross of withholding taxes)		5/1/2009		11.78	%		14.08	%		10.07	%		8.53	%		8.91	%
MSCI EAFE Index (net of withholding taxes)		5/1/2009		11.26	%		13.54	%		9.55	%		8.03	%		8.41	%


Expense Ratios	Gross
AZL^® International Index Fund (Class 1 Shares)		0.46	%
AZL^® International Index Fund (Class 2 Shares)		0.71	%

The above expense ratios are based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.52% for Class 1 Shares and 0.77% for Class 2 Shares through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratios can be found in the Financial Highlights.

The Fund’s performance is measured against the Morgan Stanley Capital International, Europe, Australasia and Far East (MSCI EAFE) Index, which is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The Index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL International Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (99.1%):
Aerospace & Defense (1.1%):
	59,163	Airbus SE*	$	7,555,236
	323,321	BAE Systems plc		2,408,733
	2,600	Dassault Aviation SA		280,914
	2,648	Elbit Systems, Ltd.		458,997
	5,550	MTU Aero Engines AG		1,128,300
	811,907	Rolls-Royce Holdings plc*		1,353,828
	34,814	Safran SA		4,275,416
	151,200	Singapore Technologies Engineering, Ltd.		422,272
	11,099	Thales SA		944,469

				18,828,165

Air Freight & Logistics (0.5%):
	100,501	Deutsche Post AG		6,468,329
	19,174	InPost SA*		231,592
	33,300	SG Holdings Co., Ltd.		779,815
	30,300	Yamato Holdings Co., Ltd.		710,676

				8,190,412

Airlines (0.1%):
	15,100	ANA Holdings, Inc.*		315,723
	63,572	Deutsche Lufthansa AG, Registered Shares*		447,319
	15,670	Japan Airlines Co., Ltd.*		299,236
	83,673	Qantas Airways, Ltd.*		305,067
	132,250	Singapore Airlines, Ltd.*		490,290

				1,857,635

Auto Components (0.9%):
	15,300	Aisin Sieki Co., Ltd.		586,751
	57,500	Bridgestone Corp.		2,474,557
	17,097	Compagnie Generale des Establissements Michelin SCA, Class B		2,802,252
	10,683	Continental AG*		1,130,908
	43,800	Denso Corp.		3,617,367
	8,878	Faurecia SA		422,300
	3,329	Faurecia SE		155,413
	10,300	Koito Manufacturing Co., Ltd.		545,490
	12,500	Stanley Electric Co., Ltd.		312,951
	78,500	Sumitomo Electric Industries, Ltd.		1,023,622
	14,300	Toyota Industries Corp.		1,142,816
	23,890	Valeo SA		722,036

				14,936,463

Automobiles (2.8%):
	33,495	Bayerische Motoren Werke AG (BMW)		3,375,044
	86,043	Daimler AG, Registered Shares		6,606,617
	12,714	Ferrari NV		3,269,957
	163,900	Honda Motor Co., Ltd.		4,603,517
	57,400	Isuzu Motors, Ltd.		714,296
	55,200	Mazda Motor Corp.*		424,808
	225,300	Nissan Motor Co., Ltd.*		1,088,929
	19,998	Renault SA*		694,409
	104,077	Stellantis NV		1,954,004
	102,332	Stellantis NV		1,939,436
	59,500	Subaru Corp.		1,064,290
	38,300	Suzuki Motor Corp.		1,475,122
	1,069,930	Toyota Motor Corp.		19,754,203
	3,377	Volkswagen AG		993,175
	29,100	Yamaha Motor Co., Ltd.		698,173

				48,655,980


Shares			Value
Common Stocks, continued
Banks (8.4%):
	44,460	ABN AMRO Group NV	$	653,533
	286,708	Australia & New Zealand Banking Group, Ltd.		5,738,893
	665,948	Banco Bilbao Vizcaya Argentaria SA		3,953,352
	1,755,979	Banco Santander SA		5,860,446
	109,272	Bank Hapoalim BM		1,126,272
	151,152	Bank Leumi Le-Israel Corp.		1,625,647
	1,703,109	Barclays plc		4,328,163
	112,897	BNP Paribas SA		7,799,792
	357,500	BOC Hong Kong Holdings, Ltd.		1,171,700
	433,539	CaixaBank SA		1,188,740
	50,300	Chiba Bank, Ltd. (The)		287,817
	94,893	Commerzbank AG*		723,068
	178,657	Commonwealth Bank of Australia		13,128,964
	114,300	Concordia Financial Group, Ltd.		415,471
	124,676	Credit Agricole SA		1,780,667
	71,758	Danske Bank A/S		1,226,530
	183,400	DBS Group Holdings, Ltd.		4,441,332
	92,703	DNB Bank ASA		2,124,731
	35,576	Erste Group Bank AG		1,672,226
	62,732	Finecobank Banca Fineco SpA		1,092,389
	74,400	Hang Seng Bank, Ltd.		1,362,194
	2,054,253	HSBC Holdings plc		12,428,272
	392,809	ING Groep NV		5,473,098
	1,654,760	Intesa Sanpaolo SpA		4,274,907
	117,795	Isreal Discount Bank		791,940
	39,400	Japan Post Bank Co., Ltd.		361,441
	24,988	KBC Group NV		2,146,012
	7,103,235	Lloyds Banking Group plc		4,578,514
	64,613	Mediobanca SpA		738,512
	1,239,100	Mitsubishi UFJ Financial Group, Inc.		6,733,135
	15,040	Mizrahi Tefahot Bank, Ltd.		580,346
	244,763	Mizuho Financial Group, Inc.		3,113,740
	334,381	National Australia Bank, Ltd.		7,016,790
	595,378	Natwest Group plc		1,813,852
	322,396	Nordea Bank AB		3,927,656
	349,199	Oversea-Chinese Banking Corp., Ltd.		2,956,873
	14,105	Raiffeisen International Bank-Holding AG		414,782
	198,987	Resona Holdings, Inc.		774,144
	40,300	Shizuoka Bank, Ltd. (The)		288,062
	162,873	Skandinaviska Enskilda Banken AB, Class A		2,257,165
	81,518	Societe Generale		2,799,033
	265,054	Standard Chartered plc		1,601,658
	130,469	Sumitomo Mitsui Financial Group, Inc.		4,460,382
	35,103	Sumitomo Mitsui Trust Holdings, Inc.		1,172,139
	143,563	Svenska Handelsbanken AB, Class A		1,550,347
	89,636	Swedbank AB, Class A		1,800,772
	214,103	Unicredit SpA		3,295,554
	122,573	United Overseas Bank, Ltd.		2,448,293
	372,248	Westpac Banking Corp.		5,786,231

				147,285,577

Beverages (2.1%):
	76,285	Anheuser-Busch InBev NV		4,618,123
	45,700	Asahi Breweries, Ltd.		1,773,875
	159,300	Budweiser Brewing Co. APAC, Ltd.		417,831
	10,198	Carlsberg A/S, Class B		1,751,997
	19,778	Coca-Cola European Partners plc		1,101,801
	21,102	Coca-Cola HBC AG		727,386


Shares			Value
Common Stocks, continued
Beverages, continued
	54,381	David Campari-Milano NV	$	791,670
	235,533	Diageo plc		12,837,297
	11,986	Heineken Holding NV		1,106,512
	26,159	Heineken NV		2,941,137
	6,000	ITO EN, Ltd.		315,133
	80,200	Kirin Holdings Co., Ltd.		1,286,414
	21,347	Pernod Ricard SA		5,135,564
	2,253	Remy Cointreau SA		548,373
	14,600	Suntory Beverage & Food, Ltd.		528,133
	69,034	Treasury Wine Estates, Ltd.		622,239

				36,503,485

Biotechnology (0.9%):
	4,510	Argenx SE*^		1,593,853
	48,193	CSL, Ltd.		10,203,454
	6,624	Genmab A/S*		2,652,586
	31,583	Grifols SA		604,240

				15,054,133

Building Products (1.3%):
	18,700	AGC, Inc.		892,736
	101,252	ASSA Abloy AB, Class B		3,076,916
	51,463	Compagnie de Saint-Gobain SA		3,619,592
	25,100	Daikin Industries, Ltd.		5,695,024
	3,616	Geberit AG, Registered Shares		2,944,574
	15,267	Kingspan Group plc		1,827,177
	28,000	Lixil Corp.		746,287
	142,128	Nibe Industrier AB, Class B		2,131,688
	817	ROCKWOOL International A/S, Class B		357,634
	14,700	TOTO, Ltd.		676,257
	190,000	Xinyi Glass Holdings, Ltd.		475,771

				22,443,656

Capital Markets (2.8%):
	96,154	3i Group plc		1,880,906
	6,085	Amundi SA		502,261
	20,141	ASX, Ltd.		1,361,524
	267,207	Credit Suisse Group AG		2,592,559
	150,300	Daiwa Securities Group, Inc.		847,844
	207,977	Deutsche Bank AG, Registered Shares*		2,610,204
	19,233	Deutsche Boerse AG		3,221,615
	30,266	EQT AB		1,645,681
	8,637	Euronext NV		896,716
	5,295	Futu Holdings, Ltd., ADR*		229,274
	37,543	Hargreaves Lansdown plc		688,818
	121,493	Hong Kong Exchanges & Clearing, Ltd.		7,101,405
	53,000	Japan Exchange Group, Inc.		1,160,514
	21,922	Julius Baer Group, Ltd.		1,465,433
	32,877	London Stock Exchange Group plc		3,076,673
	35,024	Macquarie Group, Ltd.		5,234,526
	12,753	Magellan Financial Group, Ltd.		197,112
	299,900	Nomura Holdings, Inc.		1,308,133
	2,259	Partners Group Holding AG		3,725,227
	25,290	SBI Holdings, Inc.		689,447
	13,061	Schroders plc		627,371
	73,500	Singapore Exchange, Ltd.		507,657
	52,207	St. James Place plc		1,189,054
	354,560	UBS Group AG		6,365,772

				49,125,726


Shares			Value
Common Stocks, continued
Chemicals (3.6%):
	47,731	Air Liquide SA	$	8,322,391
	18,896	Akzo Nobel NV		2,079,872
	6,387	Arkema SA		900,759
	130,500	Asahi Kasei Corp.		1,226,742
	92,022	BASF SE		6,471,812
	11,119	Christian Hansen Holding A/S		874,282
	21,010	Clariant AG		438,624
	18,813	Covestro AG		1,160,747
	13,801	Croda International plc		1,892,468
	671	EMS-Chemie Holding AG		749,048
	21,816	Evonik Industries AG		707,001
	6,565	FUCHS PETROLUB SE		298,342
	942	Givaudan SA, Registered Shares		4,958,339
	73,284	ICL Group, Ltd.		704,685
	20,134	Johnson Matthey plc		559,175
	19,500	JSR Corp.		741,866
	18,800	Kansai Paint Co., Ltd.		408,695
	17,529	Koninklijke DSM NV		3,935,388
	7,976	Lanxess AG		494,867
	133,200	Mitsubishi Chemical Holdings Corp.		986,888
	18,100	Mitsubishi Gas Chemical Co., Inc.		306,617
	19,400	Mitsui Chemicals, Inc.		521,289
	74,000	Nippon Paint Holdings Co., Ltd.		806,968
	13,900	Nippon Sanso Holdings Corp.		303,757
	12,000	Nissan Chemical Corp.		697,094
	14,500	Nitto Denko Corp.		1,120,951
	20,528	Novozymes A/S, Class B		1,681,204
	40,418	Orica, Ltd.		403,036
	35,700	Shin-Etsu Chemical Co., Ltd.		6,184,133
	14,245	Sika AG		5,914,985
	7,710	Solvay SA		898,773
	155,000	Sumitomo Chemical Co., Ltd.		730,550
	12,772	Symrise AG		1,894,306
	133,000	Toray Industries, Inc.		788,543
	28,400	Tosoh Corp.		421,322
	19,106	Umicore SA		779,463
	16,878	Yara International ASA		853,000

				62,217,982

Commercial Services & Supplies (0.3%):
	142,584	Brambles, Ltd.		1,102,720
	22,100	Dai Nippon Printing Co., Ltd.		555,967
	192,916	Rentokil Initial plc		1,525,782
	21,800	SECOM Co., Ltd.		1,513,854
	32,576	Securitas AB, Class B		447,901
	6,200	Sohgo Security Services Co., Ltd.		246,382
	26,200	TOPPAN, INC.		491,209

				5,883,815

Communications Equipment (0.4%):
	545,510	Nokia OYJ*		3,426,628
	295,809	Telefonaktiebolaget LM Ericsson, Class B		3,250,272

				6,676,900

Construction & Engineering (0.7%):
	23,922	ACS Actividades de Construccion y Servicios SA		641,566
	23,768	Bouygues SA		851,527
	8,666	Eiffage SA		893,780
	47,468	Ferrovial SA		1,488,567


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	42,800	Kajima Corp.	$	491,653
	69,500	Obayashi Corp.		537,880
	60,400	Shimizu Corp.		374,478
	35,392	Skanska AB, Class B		911,936
	20,600	Taisei Corp.		626,063
	53,700	Vinci SA		5,689,194

				12,506,644

Construction Materials (0.6%):
	78,173	CRH plc		4,128,742
	14,390	HeidelbergCement AG		974,854
	52,748	Holcim, Ltd.		2,685,328
	46,209	James Hardie Industries SE		1,859,527

				9,648,451

Consumer Finance (0.0%^†):
	—	Isracard, Ltd.		2

Containers & Packaging (0.1%):
	25,497	Smurfit Kappa Group plc		1,409,389

Diversified Consumer Services (0.0%^†):
	21,043	IDP Education, Ltd.		530,547

Diversified Financial Services (0.9%):
	3,632	Eurazeo SE		317,481
	11,283	EXOR NV		1,004,217
	10,956	Groupe Bruxelles Lambert SA		1,224,268
	13,325	Industrivarden AB, Class A		423,080
	16,614	Industrivarden AB, Class C		519,821
	50,272	Investor AB		1,318,302
	185,759	Investor AB, Class B		4,647,180
	23,067	Kinnevik AB, Class B*		816,305
	7,907	L E Lundbergforetagen AB		441,975
	270,482	M&G plc		730,053
	63,300	Mitsubishi HC Capital, Inc.		313,203
	122,600	ORIX Corp.		2,502,699
	1,656	Sofina SA		814,236
	228,152	Standard Life Aberdeen plc		743,476
	3,900	Tokyo Century Corp.		189,250
	2,640	Wendel		316,500

				16,322,046

Diversified Telecommunication Services (1.7%):
	888,641	BT Group plc		2,031,634
	51,678	Cellnex Telecom SAU		3,000,150
	333,913	Deutsche Telekom AG, Registered Shares		6,205,247
	14,797	Elisa OYJ		908,691
	404,525	HKT Trust & HKT, Ltd.		543,796
	34,963	Infrastrutture Wireless Italiane SpA		423,275
	349,796	Koninklijke KPN NV		1,086,115
	130,804	Nippon Telegraph & Telephone Corp.		3,577,060
	199,787	Orange SA		2,140,131
	15,181	Proximus SADP		296,004
	807,800	Singapore Telecommunications, Ltd.		1,391,042
	193,685	Spark New Zealand, Ltd.		599,606
	2,533	Swisscom AG, Registered Shares		1,429,444
	1,036,625	Telecom Italia SpA		509,723
	87,057	Telefonica Deutschland Holding AG		240,825
	545,624	Telefonica SA^		2,375,042
	72,797	Telenor ASA		1,145,944
	276,553	Telia Co AB		1,081,737


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	402,715	Telstra Corp., Ltd.	$	1,224,694
	9,884	United Internet AG, Registered Shares		392,040

				30,602,200

Electric Utilities (1.8%):
	193,004	AusNet Services		360,729
	62,500	Chubu Electric Power Co., Inc.		659,999
	65,570	CK Infrastructure Holdings, Ltd.		417,544
	171,000	CLP Holdings, Ltd.		1,727,066
	288,800	EDP – Energias de Portugal SA		1,584,019
	44,122	Electricite de France		518,465
	2,734	Elia Group SA/NV		360,490
	33,044	Endesa SA		761,673
	815,220	Enel SpA		6,491,786
	46,207	Fortum OYJ		1,411,219
	292,500	HK Electric Investments, Ltd.		287,011
	577,558	Iberdrola SA		6,767,473
	68,100	Kansai Electric Power Co., Inc. (The)		637,463
	61,309	Mercury NZ, Ltd.		256,765
	183,228	Origin Energy, Ltd.		699,879
	19,089	Orsted A/S		2,451,625
	144,500	Power Assets Holdings, Ltd.		900,689
	41,252	Red Electrica Corp SA		892,795
	104,523	Scottish & Southern Energy plc		2,330,339
	135,086	Terna SpA		1,089,817
	159,400	Tokyo Electric Power Co. Holdings, Inc.*		412,604
	6,614	Verbund AG, Class A		746,412

				31,765,862

Electrical Equipment (2.0%):
	165,573	ABB, Ltd.		6,310,622
	13,400	Fuji Electric Co., Ltd.		731,834
	27,041	Legrand SA		3,164,440
	183,500	Mitsubishi Electric Corp.		2,327,301
	44,900	Nidec Corp.		5,278,953
	24,934	Prysmian SpA		939,381
	54,543	Schneider Electric SA		10,692,113
	41,578	Siemens Energy AG*		1,064,436
	25,813	Siemens Gamesa Renewable Energy*		612,165
	100,591	Vestas Wind Systems A/S		3,042,342

				34,163,587

Electronic Equipment, Instruments & Components (1.8%):
	12,800	Azbil Corp.		583,266
	39,497	Halma plc		1,705,507
	14,600	Hamamatsu Photonics KK		931,892
	199,849	Hexagon AB, Class B		3,147,448
	3,214	Hirose Electric Co., Ltd.		540,532
	11,000	Ibiden Co., Ltd.		650,291
	19,680	Keyence Corp.		12,370,285
	32,000	Kyocera Corp.		1,999,947
	58,600	Murata Manufacturing Co., Ltd.		4,653,328
	18,400	Omron Corp.		1,833,738
	22,900	Shimadzu Corp.		966,835
	38,100	TDK Corp.		1,487,664
	27,200	Venture Corp., Ltd.		369,946
	21,900	Yokogawa Electric Corp.		394,990

				31,635,669


Shares			Value
Common Stocks, continued
Energy Equipment & Services (0.0%^†):
	49,170	Tenaris SA	$	513,129

Entertainment (0.9%):
	97,547	Bollore, Inc.		545,781
	18,300	Capcom Co., Ltd.		430,937
	46,866	Embracer Group AB*		496,757
	5,980	Koei Tecmo Holdings Co., Ltd.^		235,301
	9,900	Konami Holdings Corp.		475,227
	50,800	Nexon Co., Ltd.		979,833
	11,200	Nintendo Co., Ltd.		5,225,012
	13,889	Sea, Ltd., ADR*		3,107,108
	8,000	Square Enix Holdings Co., Ltd.		410,438
	10,900	Toho Co., Ltd.		466,815
	8,761	UbiSoft Entertainment SA*		429,633
	71,712	Universal Music Group NV		2,021,704
	71,712	Vivendi Universal SA		970,094

				15,794,640

Equity Real Estate Investment Trusts (1.4%):
	334,683	Ascendas Real Estate Investment Trust		733,157
	85,015	British Land Co. plc		609,485
	481,113	CapitaLand Mall Trust		728,815
	5,555	Covivio		456,709
	206	Daiwahouse Residential Investment Corp.		624,227
	102,333	Dexus		827,978
	4,954	Gecina SA		692,851
	449	GLP J-REIT		775,985
	167,631	Goodman Group		3,236,331
	202,654	GPT Group		799,168
	675	Japan Metropolitan Fund Invest		581,643
	130	Japan Real Estate Investment Corp.		738,134
	20,015	Klepierre		474,570
	67,234	Land Securities Group plc		705,017
	207,000	Link REIT (The)		1,823,633
	235,300	Mapletree Commercial Trust		346,824
	323,434	Mapletree Logistics Trust		456,127
	377,732	Mirvac Group		800,736
	155	Nippon Building Fund, Inc.		903,000
	212	Nippon Prologis REIT, Inc.		749,745
	441	Nomura Real Estate Master Fund, Inc.		620,419
	251	Orix JREIT, Inc.		392,404
	539,983	Scentre Group		1,241,634
	118,843	SERGO plc		2,308,141
	248,341	Stockland		766,260
	12,965	Unibail-Rodamco-Westfield*		903,779
	410,409	Vicinity Centres		505,484

				23,802,256

Food & Staples Retailing (1.3%):
	68,000	AEON Co., Ltd.		1,601,839
	63,796	Carrefour SA		1,169,169
	132,156	Coles Group, Ltd.		1,724,951
	5,622	Colruyt SA		238,477
	2,200	Cosmos Pharmaceutical Corp.		323,255
	131,643	Endeavour Group, Ltd.		645,595
	155,527	J Sainsbury plc		579,772
	26,690	Jeronimo Martins SGPS SA		610,776
	28,415	Kesko OYJ, Class B		942,530
	13,900	Kobe Bussan Co., Ltd.		537,867
	106,126	Koninklijke Ahold Delhaize NV		3,636,048


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	5,100	LAWSON, Inc.	$	241,382
	76,400	Seven & I Holdings Co., Ltd.		3,358,899
	778,927	Tesco plc		3,053,345
	3,700	Tsuruha Holdings, Inc.		354,819
	9,400	Welcia Holdings Co., Ltd.		293,069
	128,657	Woolworths Group, Ltd.		3,557,936

				22,869,729

Food Products (3.4%):
	48,600	Ajinomoto Co., Inc.		1,477,857
	37,063	Associated British Foods plc		1,005,127
	343	Barry Callebaut AG, Registered Shares		833,677
	11	Chocoladefabriken Lindt & Spruengli AG		1,475,058
	66,689	Danone SA		4,142,015
	7,602	JDE Peet’s NV		234,215
	15,924	Kerry Group plc, Class A		2,052,540
	15,100	Kikkoman Corp.		1,269,768
	107	Lindt & Spruengli AG		1,478,246
	11,652	Meiji Holdings Co., Ltd.		695,032
	45,728	Mowi ASA		1,082,675
	283,765	Nestle SA, Registered Shares		39,681,094
	19,545	Nisshin Seifun Group, Inc.		281,332
	5,900	Nissin Foods Holdings Co., Ltd.		429,833
	78,138	Orkla ASA, Class A		783,770
	8,700	Toyo Suisan Kaisha, Ltd.		368,053
	769,797	WH Group, Ltd.		482,886
	199,900	Wilmar International, Ltd.		614,708
	13,400	Yakult Honsha Co., Ltd.		698,155

				59,086,041

Gas Utilities (0.4%):
	122,751	APA Group		899,152
	22,895	Enagas SA		529,477
	19,676	Gas Natural SDG SA		638,713
	1,109,135	Hong Kong & China Gas Co., Ltd.		1,726,819
	39,000	Osaka Gas Co., Ltd.		645,914
	209,789	Snam SpA		1,260,812
	39,300	Tokyo Gas Co., Ltd.		706,509

				6,407,396

Health Care Equipment & Supplies (2.3%):
	50,916	Alcon, Inc.		4,487,429
	17,860	Ambu A/S, Class B		467,525
	22,200	Asahi Intecc Co., Ltd.		475,676
	4,310	BioMerieux		612,592
	4,187	Carl Zeiss Meditec AG		880,968
	6,839	Cochlear, Ltd.		1,073,494
	11,847	Coloplast A/S, Class B		2,072,835
	10,100	Demant A/S*		512,445
	2,417	DiaSorin SpA		459,752
	56,022	Fisher & Paykel Healthcare Corp., Ltd.		1,255,939
	23,058	Getinge AB, Class B		1,001,894
	12,113	GN Store Nord A/S		756,981
	37,000	HOYA Corp.		5,487,111
	5,005	Inmode, Ltd.*		353,253
	92,917	Koninklijke Philips NV		3,453,350
	111,300	Olympus Corp.		2,556,917
	2,597	Sartorius AG		1,757,600
	29,006	Siemens Healthineers AG		2,173,321


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	91,252	Smith & Nephew plc	$	1,596,936
	5,502	Sonova Holding AG, Registered Shares		2,149,621
	1,031	Straumann Holding AG, Registered Shares, Class R		2,179,267
	16,600	Sysmex Corp.		2,236,906
	64,900	Terumo Corp.		2,742,862

				40,744,674

Health Care Providers & Services (0.4%):
	12,628	Amplifon SpA		678,500
	21,329	Fresenius Medical Care AG & Co., KGaA		1,381,550
	41,738	Fresenius SE & Co. KGaA		1,682,698
	20,600	Medipal Holdings Corp.		386,023
	5,013	Orpea		501,315
	19,049	Ramsay Health Care, Ltd.		988,683
	46,943	Ryman Healthcare, Ltd.		393,555
	44,295	Sonic Healthcare, Ltd.		1,504,303

				7,516,627

Health Care Technology (0.1%):
	44,500	M3, Inc.		2,241,819

Hotels, Restaurants & Leisure (1.4%):
	17,675	Accor SA*		571,934
	59,983	Aristocrat Leisure, Ltd.		1,901,993
	181,138	Compass Group plc*		4,034,358
	42,095	Crown Resorts, Ltd.*		367,032
	5,969	Domino’s Pizza Enterprises, Ltd.		512,604
	17,109	Evolution AB		2,407,767
	16,871	Flutter Entertainment plc*		2,661,851
	209,000	Galaxy Entertainment Group, Ltd.*		1,083,019
	653,157	Genting Singapore, Ltd.		375,721
	60,885	GVC Holdings plc*		1,382,139
	17,748	InterContinental Hotels Group plc*		1,142,173
	9,051	La Francaise des Jeux SAEM		400,975
	7,029	McDonald’s Holdings Co., Ltd.		311,089
	25,792	Melco Resorts & Entertainment, Ltd., ADR*		262,563
	20,200	Oriental Land Co., Ltd.		3,404,645
	252,332	Sands China, Ltd.*		587,811
	9,204	Sodexo SA		806,971
	216,784	Tabcorp Holdings, Ltd.		792,778
	20,998	Whitbread plc*		847,999

				23,855,422

Household Durables (1.5%):
	105,941	Barratt Developments plc		1,070,002
	10,916	Berkeley Group Holdings plc		703,538
	23,465	Electrolux AB, Class B		567,473
	41,082	Husqvarna AB, Class B		654,324
	16,200	Iida Group Holdings Co., Ltd.		375,913
	222,600	Panasonic Corp.		2,448,701
	33,195	Persimmon plc		1,280,094
	3,700	Rinnai Corp.		332,876
	2,943	SEB SA		458,351
	39,700	Sekisui Chemical Co., Ltd.		663,535
	59,900	Sekisui House, Ltd.		1,286,052
	24,500	Sharp Corp.		280,793
	127,000	Sony Group Corp.		16,056,772
	351,444	Taylor Wimpey plc		832,276

				27,010,700


Shares			Value
Common Stocks, continued
Household Products (0.6%):
	60,537	Essity AB, Class B	$	1,976,041
	10,811	Henkel AG & Co. KGaA		845,189
	22,400	Lion Corp.		299,366
	71,919	Reckitt Benckiser Group plc		6,168,652
	40,000	Unicharm Corp.		1,738,720

				11,027,968

Independent Power and Renewable Electricity Producers (0.1%):
	27,555	EDP Renovaveis SA		683,234
	123,351	Meridian Energy, Ltd.		410,261
	8,605	Uniper SE		409,220

				1,502,715

Industrial Conglomerates (1.6%):
	268,244	CK Hutchison Holdings, Ltd.		1,731,041
	9,292	DCC plc		759,707
	97,620	Hitachi, Ltd.		5,288,701
	15,609	Investment AB Latour, Class B		636,805
	21,000	Jardine Matheson Holdings, Ltd.		1,156,069
	159,300	Keppel Corp., Ltd.		605,388
	23,499	Lifco AB, Class B		703,913
	454,887	Melrose Industries plc		986,868
	76,935	Siemens AG, Registered Shares		13,371,812
	41,236	Smiths Group plc		878,859
	40,600	Toshiba Corp.		1,669,886

				27,789,049

Insurance (4.7%):
	20,063	Admiral Group plc		857,600
	171,254	AEGON NV		853,416
	18,216	Ageas NV		944,278
	1,219,200	AIA Group, Ltd.		12,291,661
	41,555	Allianz SE, Registered Shares+		9,823,501
	110,775	Assicurazioni Generali SpA		2,337,750
	392,685	Aviva plc		2,180,313
	194,731	AXA SA		5,802,852
	4,823	Baloise Holding AG, Registered Shares		787,681
	16,528	CNP Assurances SA		409,282
	101,400	Dai-ichi Life Holdings, Inc.		2,048,965
	19,206	Gjensidige Forsikring ASA		466,683
	6,273	Hannover Rueck SE		1,194,374
	256,458	Insurance Australia Group, Ltd.		794,810
	248,400	Japan Post Holdings Co., Ltd.		1,939,116
	19,500	Japan Post Insurance Co., Ltd.		313,381
	597,220	Legal & General Group plc		2,403,645
	266,611	Medibank Private, Ltd.		649,830
	46,311	MS&AD Insurance Group Holdings, Inc.		1,429,195
	13,950	Muenchener Rueckversicherungs-Gesellschaft AG		4,138,101
	27,506	NN Group NV		1,486,463
	65,334	Phoenix Group Holdings plc		576,167
	56,002	Poste Italiane SpA		734,845
	262,586	Prudential plc		4,527,240
	143,233	QBE Insurance Group, Ltd.		1,182,952
	50,137	Sampo Oyj, Class A		2,501,095
	30,925	Sompo Holdings, Inc.		1,306,647
	133,228	Suncorp Group, Ltd.		1,073,444
	3,157	Swiss Life Holding AG, Registered Shares		1,932,880
	30,435	Swiss Re AG		3,007,089


Shares			Value
Common Stocks, continued
Insurance, continued
	57,636	T&D Holdings, Inc.	$	737,761
	63,800	Tokio Marine Holdings, Inc.		3,546,185
	37,459	Tryg A/S		925,974
	15,243	Zurich Insurance Group AG		6,682,115

				81,887,291

Interactive Media & Services (0.3%):
	25,768	Adevinta ASA*		342,601
	100,515	Auto Trader Group plc		1,004,553
	13,000	Kakaku.com, Inc.		347,065
	5,498	REA Group, Ltd.		670,674
	8,529	Scout24 AG		597,847
	33,025	Seek, Ltd.		787,769
	276,000	Z Holdings Corp.		1,601,898

				5,352,407

Internet & Direct Marketing Retail (1.0%):
	16,337	Delivery Hero SE*		1,823,811
	2,947	Fiverr International, Ltd.*		335,074
	16,359	HelloFresh SE*		1,258,230
	17,726	Just Eat Takeaway*		956,086
	10,800	Mercari, Inc.*		550,350
	50,636	Ocado Group plc*		1,148,662
	94,401	Prosus NV		7,873,569
	90,100	Rakuten, Inc.		904,131
	22,814	Zalando SE*		1,849,859
	13,200	ZOZO, Inc.		411,093

				17,110,865

IT Services (1.6%):
	1,989	Adyen NV*		5,203,188
	21,602	Afterpay, Ltd.*		1,292,720
	45,406	Amadeus IT Group SA*		3,058,018
	8,520	Bechtle AG		610,688
	16,281	Capgemini SA		3,976,271
	52,517	Computershare, Ltd.		764,242
	24,045	Edenred		1,109,634
	19,900	Fujitsu, Ltd.		3,410,212
	3,900	GMO Payment Gateway, Inc.		483,555
	9,500	Itochu Techno-Solutions Corp.		305,655
	45,718	Nexi SpA*		722,495
	34,138	Nomura Research Institute, Ltd.		1,454,035
	61,400	NTT Data Corp.		1,316,695
	6,800	OBIC Co., Ltd.		1,273,050
	10,700	Otsuka Corp.		510,799
	13,500	SCSK Corp.		268,719
	24,000	TIS, Inc.		712,359
	5,789	Wix.com, Ltd.*		913,446
	23,655	Worldline SA*		1,318,043

				28,703,824

Leisure Products (0.2%):
	20,800	Bandai Namco Holdings, Inc.		1,626,803
	7,400	Shimano, Inc.		1,966,962
	13,900	Yamaha Corp.		685,358

				4,279,123

Life Sciences Tools & Services (0.6%):
	625	Bachem Holding AG, Class B		489,770
	13,231	Eurofins Scientific SE		1,637,965


Shares			Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	7,515	Lonza Group AG, Registered Shares	$	6,262,383
	22,367	Qiagen NV*		1,246,225
	2,877	Sartorius Stedim Biotech		1,575,503

				11,211,846

Machinery (3.3%):
	30,679	Alfa Laval AB		1,227,907
	32,515	Alstom SA		1,157,914
	39,031	Atlas Copco AB		2,279,008
	67,178	Atlas Copco AB, Class A		4,651,946
	101,517	CNH Industrial NV		1,949,527
	10,500	Daifuku Co., Ltd.		858,306
	43,022	Daimler Truck Holding AG*		1,581,417
	68,561	Epiroc AB, Class A		1,738,845
	41,269	Epiroc AB, Class B		875,489
	19,500	FANUC Corp.		4,134,443
	15,961	GEA Group AG		873,868
	29,600	Hino Motors, Ltd.		244,023
	10,100	Hitachi Construction Machinery Co., Ltd.		292,050
	5,700	Hoshizaki Corp.		427,451
	7,507	Kion Group AG		824,611
	6,939	Knorr-Bremse AG		684,732
	87,700	Komatsu, Ltd.		2,054,204
	34,257	Kone OYJ, Class B		2,435,815
	4,665	Kornit Digital, Ltd.*		710,246
	102,900	Kubota Corp.		2,284,942
	9,900	Kurita Water Industries, Ltd.		468,157
	23,300	Makita Corp.		989,396
	37,800	MINEBEA MITSUMI, Inc.		1,073,315
	27,700	Misumi Group, Inc.		1,136,951
	33,300	Mitsubishi Heavy Industries, Ltd.		770,909
	8,000	Miura Co., Ltd.		275,496
	25,300	NGK Insulators, Ltd.		427,708
	533	Rational AG		546,379
	113,923	Sandvik AB		3,184,117
	4,236	Schindler Holding AG		1,136,901
	1,874	Schindler Holding AG, Registered Shares		500,570
	39,703	SKF AB, Class B		936,284
	5,800	SMC Corp.		3,913,513
	7,263	Spirax-Sarco Engineering plc		1,580,059
	138,500	Techtronic Industries Co., Ltd.		2,757,025
	2,722	VAT Group AG		1,346,261
	18,388	Volvo AB, Class A		429,990
	144,708	Volvo AB, Class B		3,337,519
	44,492	Wartsila OYJ Abp, Class B		619,560
	23,300	Yaskawa Electric Corp.		1,142,824

				57,859,678

Marine (0.4%):
	299	A.P. Moeller – Maersk A/S, Class A		996,829
	596	A.P. Moeller – Maersk A/S, Class B		2,139,286
	5,618	Kuehne & Nagel International AG, Registered Shares		1,807,317
	15,800	Nippon Yusen KK		1,203,636
	138,000	SITC International Holdings Co., Ltd.		499,507

				6,646,575

Media (0.4%):
	42,100	Cyberagent, Inc.		700,732
	20,777	Dentsu Group, Inc.		740,770


Shares			Value
Common Stocks, continued
Media, continued
	22,700	Hakuhodo DY Holdings, Inc.	$	378,233
	156,276	Informa plc*		1,087,922
	80,532	Pearson plc		666,713
	23,197	Publicis Groupe SA		1,561,628
	7,838	Schibsted ASA, Class A		302,973
	9,116	Schibsted ASA, Class B		305,381
	120,890	WPP plc		1,826,974

				7,571,326

Metals & Mining (3.0%):
	130,612	Anglo American plc		5,345,370
	41,026	Antofagasta plc		745,584
	67,673	ArcelorMittal		2,176,527
	213,757	BHP Group plc		6,369,355
	298,264	BHP Group, Ltd.		9,025,087
	52,411	BlueScope Steel, Ltd.		800,488
	28,553	Boliden AB		1,107,268
	182,201	Evolution Mining, Ltd.		539,028
	45,492	EVRAZ plc		371,262
	170,577	Fortescue Metals Group, Ltd.		2,393,073
	1,001,691	Glencore plc		5,095,354
	23,100	Hitachi Metals, Ltd.*		427,934
	47,600	JFE Holdings, Inc.		607,248
	84,951	Newcrest Mining, Ltd.		1,514,120
	88,948	Nippon Steel Corp.		1,454,983
	139,912	Norsk Hydro ASA		1,102,468
	107,364	Northern Star Resources, Ltd.		735,737
	113,020	Rio Tinto plc		7,450,213
	37,494	Rio Tinto, Ltd.		2,738,853
	455,650	South32, Ltd.		1,335,316
	25,700	Sumitomo Metal & Mining Co., Ltd.		972,158
	11,188	Voestalpine AG		407,811

				52,715,237

Multiline Retail (0.4%):
	13,831	Next plc		1,521,454
	40,200	Pan Pacific International Holdings Corp.		553,751
	26,600	Ryohin Keikaku Co., Ltd.		405,718
	113,933	Wesfarmers, Ltd.		4,915,141

				7,396,064

Multi-Utilities (1.0%):
	226,611	E.ON SE		3,143,125
	183,694	Engie Group		2,719,725
	362,174	National Grid plc		5,224,693
	64,562	RWE AG		2,622,867
	35,955	Suez		810,863
	66,741	Veolia Environnement SA		2,448,000

				16,969,273

Oil, Gas & Consumable Fuels (3.3%):
	12,705	Aker BP ASA^		390,425
	25,826	Ampol, Ltd.		557,351
	2,028,270	BP plc		9,021,588
	319,220	ENEOS Holdings, Inc.		1,195,118
	255,346	ENI SpA		3,529,484
	97,838	Equinor ASA		2,582,442
	52,149	Galp Energia SGPS SA		505,639
	20,687	Idemitsu Kosan Co., Ltd.		528,467
	106,500	INPEX Corp.		928,847


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	20,822	Lundin Energy AB	$	746,991
	42,511	Neste Oyj		2,096,037
	15,404	OMV AG		875,176
	147,155	Repsol SA		1,746,495
	413,679	Royal Dutch Shell plc, Class A		9,075,294
	372,545	Royal Dutch Shell plc, Class B		8,176,001
	312,977	Santos, Ltd.		1,438,533
	251,824	TotalEnergies SE		12,789,153
	21,943	Washington H. Soul Pattinson & Co., Ltd.		473,266
	94,785	Woodside Petroleum, Ltd.		1,513,656

				58,169,963

Paper & Forest Products (0.3%):
	47,327	Mondi plc		1,166,013
	79,100	Oji Holdings Corp.		382,454
	56,138	Stora Enso OYJ, Registered Shares, Class R		1,020,794
	63,032	Svenska Cellulosa AB SCA, Class B		1,116,941
	55,527	UPM-Kymmene OYJ		2,098,361

				5,784,563

Personal Products (1.9%):
	10,487	Beiersdorf AG		1,078,927
	48,600	Kao Corp.		2,543,608
	5,200	Kobayashi Pharmaceutical Co., Ltd.		408,760
	3,000	Kose Corp.		340,441
	25,243	L’Oreal SA		11,965,123
	10,200	Pola Orbis Holdings, Inc.		170,035
	40,300	Shiseido Co., Ltd.		2,247,736
	261,601	Unilever plc		14,012,615

				32,767,245

Pharmaceuticals (8.3%):
	188,400	Astellas Pharma, Inc.		3,064,640
	156,216	AstraZeneca plc		18,199,839
	98,959	Bayer AG, Registered Shares		5,297,229
	67,600	Chugai Pharmaceutical Co., Ltd.		2,192,909
	177,000	Daiichi Sankyo Co., Ltd.		4,501,633
	23,600	Eisai Co., Ltd.		1,340,276
	505,692	GlaxoSmithKline plc		10,993,859
	18,438	Hikma Pharmaceuticals plc		552,907
	3,643	Ipsen SA		333,100
	28,100	Kyowa Kirin Co., Ltd.		766,066
	13,066	Merck KGaA		3,377,684
	5,400	Nippon Shinyaku Co., Ltd.		375,362
	220,861	Novartis AG, Registered Shares		19,401,582
	170,111	Novo Nordisk A/S, Class B		19,019,993
	35,400	Ono Pharmaceutical Co., Ltd.		877,683
	10,166	Orion OYJ, Class B		421,816
	40,600	Otsuka Holdings Co., Ltd.		1,469,447
	10,485	Recordati SpA		671,565
	70,747	Roche Holding AG		29,336,792
	3,329	Roche Holding AG		1,490,115
	114,275	Sanofi		11,480,567
	33,800	Santen Pharmaceutical Co., Ltd.		412,470
	26,300	Shionogi & Co., Ltd.		1,858,167
	17,800	Sumitomo Dainippon Pharma Co., Ltd.		205,094
	3,300	Taisho Pharmaceutical Holdings Co., Ltd.		151,801
	158,173	Takeda Pharmacuetical Co., Ltd.		4,323,507
	114,076	Teva Pharmaceutical Industries, Ltd., ADR*		913,749


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	13,153	UCB SA	$	1,502,935
	5,072	Vifor Pharma AG		908,455

				145,441,242

Professional Services (1.9%):
	16,122	Adecco SA, Registered Shares		824,524
	8,100	Benefit One, Inc.		347,607
	28,499	Bureau Veritas SA		945,866
	93,365	Experian plc		4,579,160
	16,791	Intertek Group plc		1,276,618
	31,500	Nihon M&A Center, Inc.		770,270
	16,700	Persol Holdings Co., Ltd.		485,056
	12,440	Randstad NV		852,155
	136,700	Recruit Holdings Co., Ltd.		8,288,042
	195,070	RELX plc		6,356,521
	601	SGS SA, Registered Shares		2,002,601
	5,905	Teleperformance		2,632,470
	27,052	Wolters Kluwer NV		3,179,277

				32,540,167

Real Estate Management & Development (1.4%):
	103,938	Aroundtown SA		629,479
	4,494	Azrieli Group		428,869
	74,028	BGP Holdings plc*(a)		—
	274,500	Capitaland Investment, Ltd. / Singapore*		694,776
	33,900	City Developments, Ltd.		171,481
	193,744	CK Asset Holdings, Ltd.		1,221,824
	6,200	Daito Trust Construction Co., Ltd.		708,437
	56,100	Daiwa House Industry Co., Ltd.		1,613,732
	196,400	ESR Cayman, Ltd.*		664,798
	10,270	Fastighets AB Balder*		741,078
	206,000	Hang Lung Properties, Ltd.		423,793
	150,956	Henderson Land Development Co., Ltd.		642,988
	125,800	Hongkong Land Holdings, Ltd.		653,713
	38,200	Hulic Co., Ltd.		362,746
	7,501	LEG Immobilien SE		1,047,722
	72,800	Lend Lease Group		566,288
	117,400	Mitsubishi Estate Co., Ltd.		1,627,762
	91,400	Mitsui Fudosan Co., Ltd.		1,810,883
	158,655	New World Development Co., Ltd.		628,070
	12,300	Nomura Real Estate Holdings, Inc.		283,115
	8,300	Open House Co., Ltd.		435,093
	16,235	Sagax AB, Class B		548,196
	368,601	Sino Land Co., Ltd.		459,188
	32,200	Sumitomo Realty & Development Co., Ltd.		947,256
	135,500	Sun Hung Kai Properties, Ltd.		1,644,942
	57,464	Swire Pacific, Ltd., Class A		326,988
	125,200	Swire Properties, Ltd.		313,786
	7,294	Swiss Prime Site AG		715,655
	36,896	UOL Group, Ltd.		194,284
	73,557	Vonovia SE		4,061,183
	158,300	Wharf Real Estate Investment Co., Ltd.		804,151

				25,372,276

Road & Rail (0.9%):
	197,101	Aurizon Holdings, Ltd.		500,456
	14,300	Central Japan Railway Co.		1,908,115
	20,391	DSV PANALPINA A/S		4,712,295
	30,013	East Japan Railway Co.		1,845,923
	24,100	Hankyu Hanshin Holdings, Inc.		684,238


Shares			Value
Common Stocks, continued
Road & Rail, continued
	10,000	Keio Corp.	$	440,870
	14,200	Keisei Electric Railway Co., Ltd.		384,033
	16,600	Kintetsu Group Holdings Co., Ltd.*		464,153
	160,994	MTR Corp., Ltd.		864,148
	8,100	Nippon Express Co., Ltd.		486,662
	28,800	Odakyu Electric Railway Co., Ltd.		534,929
	20,700	Tobu Railway Co., Ltd.		472,318
	52,000	Tokyu Corp.		690,931
	21,900	West Japan Railway Co.		913,904

				14,902,975

Semiconductors & Semiconductor Equipment (3.5%):
	19,800	Advantest Corp.		1,859,372
	4,721	ASM International NV		2,072,937
	41,666	ASML Holding NV		33,220,267
	2,700	Disco Corp.		825,330
	131,806	Infineon Technologies AG		6,111,155
	7,400	Lasertec Corp.		2,249,974
	130,400	Renesas Electronics Corp.*		1,601,487
	8,400	ROHM Co., Ltd.		760,127
	68,961	STMicroelectronics NV		3,379,948
	33,500	SUMCO Corp.		678,397
	15,100	Tokyo Electron, Ltd.		8,645,575

				61,404,569

Software (1.7%):
	12,426	AVEVA Group plc		570,192
	10,966	Check Point Software Technologies, Ltd.*		1,278,197
	3,816	CyberArk Software, Ltd.*		661,237
	67,130	Dassault Systemes SE		3,981,930
	5,434	Nemetschek SE		697,018
	6,266	NICE Systems, Ltd.*		1,903,725
	3,700	Oracle Corp.		280,959
	105,305	Sage Group plc		1,211,137
	105,488	SAP SE		15,064,513
	52,620	Sinch AB*		663,798
	6,948	Temenos AG		959,059
	13,900	Trend Micro, Inc.		769,040
	14,383	WiseTech Global, Ltd.		610,598
	13,738	Xero, Ltd.*		1,406,856

				30,058,259

Specialty Retail (0.7%):
	187,800	Chow Tai Fook Jewellery Group, Ltd.		337,811
	5,900	Fast Retailing Co., Ltd.		3,350,835
	71,579	Hennes & Mauritz AB, Class B		1,404,296
	2,000	Hikari Tsushin, Inc.		308,003
	110,913	Industria de Diseno Textil SA		3,594,182
	250,320	JD Sports Fashion plc*		735,340
	219,592	Kingfisher plc		1,003,812
	8,300	Nitori Co., Ltd.		1,241,473
	20,700	USS Co., Ltd.		323,286

				12,299,038

Technology Hardware, Storage & Peripherals (0.5%):
	22,600	Brother Industries, Ltd.		434,543
	100,400	Canon, Inc.		2,445,429
	36,300	FUJIFILM Holdings Corp.		2,691,345
	18,009	Logitech International SA, Class R		1,507,802
	25,500	NEC Corp.		1,177,449


Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
	69,700	Ricoh Co., Ltd.	$	649,128
	27,900	Seiko Epson Corp.		502,463

				9,408,159

Textiles, Apparel & Luxury Goods (3.5%):
	19,310	Adidas AG		5,568,510
	42,114	Burberry Group plc		1,031,750
	52,802	Cie Financiere Richemont SA		7,887,157
	28,773	EssilorLuxottica SA		6,124,318
	3,180	Hermes International SA		5,552,320
	7,593	Kering		6,092,011
	27,938	LVMH Moet Hennessy Louis Vuitton SA		23,052,322
	20,158	Moncler SpA		1,456,798
	9,744	Pandora A/S		1,212,904
	10,277	Puma SE		1,258,252
	3,010	Swatch Group AG (The), Class B		917,285
	4,961	Swatch Group AG (The), Registered Shares		289,583

				60,443,210

Tobacco (0.8%):
	219,378	British American Tobacco plc		8,126,807
	94,383	Imperial Brands plc, Class A		2,063,542
	120,300	Japan Tobacco, Inc.		2,425,939
	158,994	Swedish Match AB		1,263,725

				13,880,013

Trading Companies & Distributors (1.6%):
	44,544	Ashtead Group plc		3,569,004
	16,073	Brenntag AG		1,456,074
	32,576	Bunzl plc		1,270,082
	22,232	Ferguson plc		3,948,605
	5,745	IMCD NV		1,275,315
	120,700	Itochu Corp.		3,692,474
	151,900	Marubeni Corp.		1,478,794
	128,300	Mitsubishi Corp.		4,074,403
	157,300	Mitsui & Co., Ltd.		3,725,412
	26,400	MonotaRo Co., Ltd.		475,897
	27,340	Reece, Ltd.		538,405
	111,200	Sumitomo Corp.		1,644,331
	22,100	Toyota Tsushu Corp.		1,018,604

				28,167,400

Transportation Infrastructure (0.5%):
	7,242	Aena SME SA*		1,143,823
	3,168	Aeroports de Paris*		409,288
	51,730	Atlantia SpA*		1,027,512
	135,017	Auckland International Airport, Ltd.*		712,270


Shares			Value
Common Stocks, continued
Transportation Infrastructure, continued
	42,517	Getlink SE	$	705,269
	126,182	Sydney Airport*		797,137
	306,982	Transurban Group		3,088,406

				7,883,705

Water Utilities (0.1%):
	25,693	Severn Trent plc		1,025,912
	70,941	United Utilities Group plc		1,046,941

				2,072,853

Wireless Telecommunication Services (1.1%):
	161,800	KDDI Corp.		4,730,056
	286,000	Softbank Corp.		3,617,192
	121,200	SoftBank Group Corp.		5,727,616
	47,630	Tele2 AB		679,110
	2,822,545	Vodafone Group plc		4,209,018

				18,962,992

	Total Common Stocks (Cost $1,166,068,204)			1,733,668,629

Preferred Stocks (0.4%):
Automobiles (0.3%):
	5,192	Bayerische Motoren Werke AG (BMW), 2.62%, 5/15/20		433,323
	15,930	Porsche Automobil Holding SE, 2.65%, 5/20/20		1,511,609
	18,925	Volkswagen AG, 2.74%, 5/8/20		3,824,189

				5,769,121

Household Products (0.1%):
	18,535	Henkel AG & Co. KGaA, 2.60%, 4/21/20		1,500,884

	Total Preferred Stocks (Cost $5,574,776)			7,270,005


Principal Amount			Value
Short-Term Security Held as Collateral for Securities on Loan (0.1%):
	$ 1,683,810	BlackRock Liquidity FedFund, Institutional Class, 0.03%(b)(c)	$	1,683,810

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,683,810)			1,683,810


Shares			Value
Unaffiliated Investment Company (0.0%^†):
Money Markets (0.0%^†):
	24,363	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)	$	24,363

	Total Unaffiliated Investment Company (Cost $24,363)			24,363

	Total Investment Securities (Cost $1,173,351,153) — 99.6%(d)			1,742,646,807
	Net other assets (liabilities) — 0.4%			6,774,730

	Net Assets — 100.0%		$	1,749,421,537

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2021:


Country	Percentage
Japan		22.5	%
Luxembourg		0.2	%
Netherlands		5.8	%
New Zealand		0.3	%
Norway		0.7	%
Poland		—	%^†
Portugal		0.2	%
Singapore		1.2	%
Spain		2.3	%
Sweden		3.7	%
Switzerland		10.8	%
United Kingdom		13.7	%
United States		0.1	%

		100.0	%

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investments in non-affiliates, at cost	$	1,167,226,338
Investments in affiliates, at cost		6,124,815

Investments in non-affiliates, at value(a)	$	1,732,823,306
Investments in affiliates, at value		9,823,501
Deposit at broker for futures contracts collateral		251,722
Interest and dividends receivable		1,472,743
Foreign currency, at value (cost $1,879,044)		1,904,237
Receivable for investments sold		22,501
Reclaims receivable		6,498,442
Prepaid expenses		8,491

Total Assets		1,752,804,943

Liabilities:
Payable for investments purchased		918
Payable for capital shares redeemed		312,276
Payable for collateral received on loaned securities		1,683,810
Payable for variation margin on futures contracts		12,271
Manager fees payable		510,290
Administration fees payable		261,056
Distribution fees payable		343,117
Custodian fees payable		51,332
Administrative and compliance services fees payable		3,512
Transfer agent fees payable		2,860
Trustee fees payable		19,728
Other accrued liabilities		182,236

Total Liabilities		3,383,406

Net Assets	$	1,749,421,537

Net Assets Consist of:
Paid in capital	$	1,156,709,667
Total distributable earnings		592,711,870

Net Assets	$	1,749,421,537

Class 1
Net Assets	$	99,304,037
Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,822,698
Net Asset Value (offering and redemption price per share)	$	12.69

Class 2
Net Assets	$	1,650,117,500
Shares of beneficial interest (unlimited number of shares authorized, no par value)		86,996,302
Net Asset Value (offering and redemption price per share)	$	18.97

(a)	Includes securities on loan of $1,594,332.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Dividends from non-affiliates	$	47,263,378
Dividends from affiliates		454,103
Income from securities lending		347,292
Foreign withholding tax		(4,703,239	)

Total Investment Income		43,361,534

Expenses:
Management fees		5,936,062
Administration fees		604,414
Distribution fees — Class 2		3,984,043
Custodian fees		250,264
Administrative and compliance services fees		21,898
Transfer agent fees		12,138
Trustee fees		92,734
Professional fees		83,528
Licensing fees		546,357
Shareholder reports		57,003
Other expenses		42,214

Total expenses		11,630,655

Net Investment Income/(Loss)		31,730,879

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		37,244,742
Net realized gains/(losses) on affiliated transactions		397,122
Net realized gains/(losses) on futures contracts		1,965,268
Change in net unrealized appreciation/depreciation on securities and foreign currencies		94,333,343
Change in net unrealized appreciation/depreciation on affiliated transactions		(803,126	)
Change in net unrealized appreciation/depreciation on futures contracts		(78,624	)

Net realized and Change in net unrealized gains/losses on investments		133,058,725

Change in Net Assets Resulting From Operations	$	164,789,604

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL International Index Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $34,603 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,683,810 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

During the year ended December 31, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended December 31, 2021, the monthly average notional amount for long contracts was $12.8 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2021:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

At December 31, 2021, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $1,224,834,375. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2021, the Fund utilized $799,546 in capital loss carry forwards (“CLCFs”) to offset capital gains. As of the end of its tax year ended December 31, 2021, the Fund had no remaining CLCFs.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL International Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

the meeting. Accordingly, the Advisory Contracts were approved by the Board at a meeting on September 14, 2021. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2023. Additionally, at a subsequent meeting held November 16, 2021, the Board considered and approved a recommendation to add two new sub-subadvisors affiliated with the Subadviser to assist the Subadviser to the AZL Enhanced Bond Index Fund.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2021, 16 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019 - 2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® MetWest Total Return Bond Fund (the “Fund”) returned (1.33)%. That performance compared to a return of (1.54)% for its benchmark, the Bloomberg U.S. Aggregate Bond Index.¹

The year finished much as it started, with inflation as a headline risk and COVID-19 dominating investor sentiment. Economic indicators sent mixed messages throughout 2021, however, with robust growth in gross domestic product (GDP) and strong corporate earnings offset by high inflation, a flat yield curve, record equity market valuations and tight credit spreads. A declining unemployment rate paired with a low participation rate further added to the uncertainty. Against this backdrop, U.S. equities still managed to post strong returns for the year even as fixed income markets lagged due to interest rate volatility amid an overall increase in rates. Over the full year, yields on 10-year Treasuries moved nearly 60 bps higher for the year, which challenged fixed income total returns.

Among securitized issues, legacy non-agency mortgage-backed securities (MBS) benefitted the Fund’s absolute performance as these securities gained on strong housing price appreciation, continued borrower profile improvements, and their floating rate structures amid a rising-rate environment. Conversely, agency MBS lagged as higher rates and concerns over accelerated tapering of the Federal Reserve’s (Fed’s) asset purchase program weighed on the market.

The Fund outperformed its benchmark for the year, due in part to its duration positioning. A shorter-than-benchmark position for most of the year added to relative performance as Treasury yields rose. The Fund’s security selection among corporate credit also added to relative results,

particularly in the industrials and health care sectors, as well as midstream energy holdings. Residential MBS holdings also added to relative performance despite the broader weakness in agency MBS — notably due to the Fund’s exposure via To-Be-Announced (TBA) mortgage bonds which help improve liquidity in the MBS space. The Fund’s holdings of off-benchmark seasoned, senior, legacy non-agency MBS positions also benefitted returns as the sector was supported by a solid housing backdrop with prices rising and loan-to-value ratios improving.

The Fund’s below-benchmark exposure to corporate credit dragged on relative results as investment grade bonds generally outpaced Treasuries for the year. The Fund maintained an overweight position in agency MBS early in the year but trimmed the exposure as valuations improved. This early positioning weighed on relative returns as agency MBS were one of the only sectors to lag Treasuries on a duration-adjusted basis.

The Fund held derivatives in the form of futures, forwards, options, and interest rate swaps during the period. None of these holdings materially impacted performance.

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

Fund Objective

The Fund’s investment objective is to maximize long-term total return. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade fixed income securities or unrated securities that are determined by the Subadvisor to be of similar quality.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	1 Year			3 Year			5 Year			Since Inception (11/17/14)
AZL^® MetWest Total Return Bond Fund		(1.33	)%		5.14	%		3.65	%		2.95	%
Bloomberg U.S. Aggregate Bond Index		(1.54	)%		4.79	%		3.57	%		3.06	%


Expense Ratio	Gross
AZL^® MetWest Total Return Bond Fund		0.92	%

The above expense ratio is based on the current Fund prospectus dated April 30, 2021. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2023. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.91% through April 30, 2023. Additional information pertaining to the December 31, 2021 expense ratio can be found in the Financial Highlights.

As a shareholder of the AZL MetWest Total Return Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Value
Asset Backed Securities (3.9%):
$	864,379	Ajax Mortgage Loan Trust, Class A1, Series 2019-F, 2.86%, 7/25/59, Callable 11/25/22 @ 100(a)(b)	$	862,337
	1,288,000	CWABS Asset-Backed Certificates Trust, Class MV5, Series 2005-7, 1.23%(US0001M+113bps), 11/25/35, Callable 1/25/22 @ 100		1,283,374
	965,000	Navient Student Loan Trust, Class A3, Series 2016-2, 1.60%(US0001M+150bps), 6/25/65, Callable 7/25/33 @ 100(a)		1,001,788
	1,352,078	Park Place Securities, Inc. Pass-Through Certificates, Class M5, Series 2004-WWF1, 1.90%(US0001M+180bps), 12/25/34, Callable 1/25/22 @ 100		1,374,979
	513,007	Progress Residential Trust, Class A, Series 2019-SFR2, 3.15%, 5/17/36(a)		514,982
	703,787	SLC Student Loan Trust, Class 2A3, Series 2008-1, 1.80%(US0003M+160bps), 12/15/32, Callable 3/15/28 @ 100		713,042
	487,344	SLM Student Loan Trust, Class 2A3, Series 2003-7, 0.77%(US0003M+57bps), 9/15/39, Callable 3/15/30 @ 100		469,560
	297,679	SLM Student Loan Trust, Class A, Series 2008-9, 1.62%(US0003M+150bps), 4/25/23, Callable 4/25/23 @ 100		298,808
	1,220,000	SLM Student Loan Trust, Class 2A3, Series 2008-5, 1.97%(US0003M+185bps), 7/25/73, Callable 1/25/23 @ 100		1,256,030
	240,000	SLM Student Loan Trust, Class 2A3, Series 2008-9, 2.37%(US0003M+225bps), 10/25/83, Callable 4/25/23 @ 100		244,074
	57,416	SLM Student Loan Trust, Class A, Series 2009-3, 0.85%(US0001M+75bps), 1/25/45, Callable 6/25/35 @ 100(a)		57,510
	543,449	SLM Student Loan Trust, Class A4, Series 2007-7, 0.45%(US0003M+33bps), 1/25/22, Callable 4/25/24 @ 100		536,603
	580,084	SLM Student Loan Trust, Class A3, Series 2012-1, 1.05%(US0001M+95bps), 9/25/28, Callable 5/25/29 @ 100		576,626
	838,449	SLM Student Loan Trust, Class A4, Series 2008-6, 1.22%(US0003M+110bps), 7/25/23, Callable 4/25/25 @ 100		838,237
	1,361,591	Wachovia Student Loan Trust, Class 2A3, Series 2006-1, 0.29%(US0003M+17bps), 4/25/40, Callable 4/25/26 @ 100(a)		1,341,830

	Total Asset Backed Securities (Cost $11,307,231)			11,369,780

Collateralized Mortgage Obligations (8.6%):
	750,000	AGL CLO 7, Ltd., Class BR, Series 2020-7A, 1.82%(US0003M+170bps), 7/15/34, Callable 7/15/23 @ 100(a)		748,402
	725,000	AIG CLO, Ltd., Class BR, Series 2019-2A(US0003M+160bps), 10/25/33(a)		724,998
	850,000	AIMCO CLO, Class AR2, Series 2015-AA, 1.26%(US0003M+114bps), 10/17/34, Callable 10/17/23 @ 100(a)		848,495
	1,042,687	Alternative Loan Trust, Class 4A1, Series 2005-56, 0.72%(US0001M+31bps), 11/25/35, Callable 1/25/22 @ 100		974,499


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	434,434	America Home Mortgage Investment Trust, Class 6A, Series 2005-1, 2.25%(US0006M+200bps), 6/25/45, Callable 1/25/22 @ 100	$	437,671
	515,000	Bank of America Merrill Lynch Large Loan, Inc., Class A, Series 2018-PARK, 4.09%, 8/10/38(a)(b)		571,181
	173,581	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 2.69%, 7/25/35, Callable 1/25/22 @ 100(b)		174,787
	155,000	BX Trust, Class A, Series 2019-OC11, 3.20%, 12/9/41(a)		163,511
	355,000	CALI Mortgage Trust, Class A, Series 2019-101C, 3.96%, 3/10/39(a)		394,167
	590,780	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 2.89%, 4/25/37, Callable 12/25/34 @ 100(b)		590,845
	863,981	COMM Mortgage Trust, Class A3, Series 2015-CR27, 3.35%, 10/10/48, Callable 9/10/25 @ 100		908,960
	300,000	CPT Mortgage Trust, Class A, Series 2019-CPT, 2.87%, 11/13/39, Callable 11/13/29 @ 100(a)		311,712
	773,480	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 3.63%, 2/25/37, Callable 4/25/23 @ 100(b)		570,318
	325,000	DC Office Trust, Class A, Series 2019-MTC, 2.97%, 9/15/45(a)		338,734
	456,804	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 2.48%, 2/25/36, Callable 1/25/22 @ 100(b)		348,673
	234,591	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 2.77%, 8/25/35, Callable 1/25/22 @ 100(b)		184,916
	500,342	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 2.35%, 3/25/36, Callable 1/25/22 @ 100(b)		388,063
	372,792	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 2.40%, 4/25/36, Callable 1/25/22 @ 100(b)		305,042
	390,457	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.41%, 9/19/35, Callable 1/19/22 @ 100(b)		392,850
	502,954	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 2.93%, 4/19/36, Callable 1/19/22 @ 100(b)		436,651
	850,000	GoldenTree Loan Opportunities IX, Ltd., Class AR2, Series 2014-9A, 1.24%(US0003M+111bps), 10/29/29, Callable 1/29/22 @ 100(a)		849,990
	891,114	GreenPoint Mortgage Funding Trust, Class A1A, Series 2006-AR1, 0.68%(US0001M+58bps), 2/25/36, Callable 1/25/22 @ 100		888,986
	1,135,000	GS Mortgage Securities Corp. II, Class A, Series 2021-ARDN, 1.36%(US0001M+125bps), 11/15/26(a)		1,132,884
	1,140,421	HarborView Mortgage Loan Trust, Class 1A1A, Series 2006-10, 0.30%(US0001M+20bps), 11/19/36, Callable 11/19/22 @ 100		1,039,210
	330,000	Hudson Yards Mortgage Trust, Class A, Series 2019-30HY, 3.23%, 6/10/37(a)		351,516
	325,000	Hudson Yards Mortgage Trust, Class A, Series 2019-55HY, 3.04%, 12/10/41(a)(b)		339,680


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	701,000	J.P. Morgan Chase Commercial Mortgage Securities T, Class A, Series 2021-HTL5, 1.23%(US0001M+112bps), 11/15/38(a)	$	698,372
	325,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2019-OSB, 3.40%, 6/5/39, Callable 6/5/29 @ 100(a)		350,623
	697,150	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 0.22%(US0001M+12bps), 7/25/37, Callable 9/25/22 @ 100		433,484
	395,000	MKT Mortgage Trust, Class A, Series 2020-525M, 2.69%, 2/12/40(a)		405,653
	53,985	Morgan Stanley Resecuritization Trust, Class 3A, Series 2014-R8, 0.83%(12MTA+75bps), 6/26/47(a)		53,689
	193,395	MortgageIT Trust, Class 2A3, Series 2005-2, 1.75%(US0001M+165bps), 5/25/35, Callable 1/25/22 @ 100		192,017
	254,046	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 1/25/22 @ 100(b)		255,498
	415,000	One Bryant Park Trust, Class A, Series 2019-OBP, 2.52%, 9/13/49(a)		420,445
	750,000	Park Avenue Institutional Advisers CLO, Ltd., Class A1A, Series 2021-1A, 1.52%(US0003M+139bps), 1/20/34, Callable 1/20/23 @ 100(a)		751,744
	560,000	RBSCF Trust, Class A, Series 2013-GSP, 3.83%, 1/13/32(a)(b)		579,550
	800,000	Recette Clo, Ltd., Class ARR, Series 2015-1A, 1.21%(US0003M+108bps), 1/20/33, Callable 4/20/23 @ 100(a)		796,024
	790,471	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 0.46%(US0001M+18bps), 12/25/36, Callable 1/25/22 @ 100		794,987
	800,000	Rockford Tower CLO, Ltd., Class A1, Series 2021-1A, 1.30%(US0003M+117bps), 7/20/34, Callable 7/20/23 @ 100(a)		799,998
	1,193,693	Structured Asset Mortgage Investments II Trust, Class 3A1, Series 2006-AR1, 0.56%(US0001M+23bps), 2/25/36, Callable 1/25/22 @ 100		1,149,532
	750,000	TCI-Flatiron CLO, Ltd., Class AR2, Series 2016-1A, 1.27%(US0003M+115bps), 1/17/32, Callable 1/17/22 @ 100(a)		749,806
	315,219	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 2.72%, 3/25/35, Callable 1/25/22 @ 100(b)		312,051
	1,002,666	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 0.68%(US0001M+29bps), 7/25/45, Callable 1/25/22 @ 100		992,548
	172,284	WaMu Mortgage Pass-Through Certificates, Class A1A, Series 2004-AR10, 0.98%(US0001M+44bps), 7/25/44, Callable 1/25/22 @ 100		168,721
	366,656	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 0.56%(US0001M+23bps), 4/25/45, Callable 1/25/22 @ 100		364,536


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	219,977	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 2.24%, 9/25/36, Callable 1/25/22 @ 100(b)	$	208,692

	Total Collateralized Mortgage Obligations (Cost $24,581,294)			24,894,711

Corporate Bonds (18.6%):
Aerospace & Defense (0.2%):
	605,000	Boeing Co. (The), 1.17%, 2/4/23, Callable 2/7/22 @ 100		604,540

Airlines (0.2%):
	450,980	U.S. Airways Group, Inc., Series 2010-1A, 6.25%, 10/22/24		462,254

Automobiles (0.1%):
	290,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(a)		290,000

Banks (2.7%):
	750,000	Bank of America Corp., 3.00% (US0003M+79 bps), 12/20/23, Callable 12/20/22 @ 100		765,781
	1,150,000	Bank of America Corp., 1.66% (SOFR+91 bps), 3/11/27, Callable 3/11/26 @ 100		1,141,703
	470,000	Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN		514,538
	760,000	Bank of America Corp., 2.09% (SOFR+106 bps), 6/14/29, Callable 6/14/28 @ 100		758,139
	145,000	JPMorgan Chase & Co., 0.70% (SOFR+58 bps), 3/16/24, Callable 3/16/23 @ 100		144,671
	1,210,000	JPMorgan Chase & Co., 0.97% (SOFR+58 bps), 6/23/25, Callable 6/23/24 @ 100		1,196,537
	305,000	JPMorgan Chase & Co., 0.77% (SOFR+49 bps), 8/9/25, Callable 8/9/24 @ 100		300,382
	455,000	JPMorgan Chase & Co., 1.56% (SOFR+61 bps), 12/10/25, Callable 12/10/24 @ 100		455,231
	445,000	JPMorgan Chase & Co., 1.58% (SOFR+89 bps), 4/22/27, Callable 4/22/26 @ 100		440,407
	790,000	Wells Fargo & Co., 2.16% (US0003M+75 bps), 2/11/26, Callable 2/11/25 @ 100, MTN		803,338
	410,000	Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN		440,864
	185,000	Wells Fargo & Co., 2.39% (SOFR+210 bps), 6/2/28, Callable 6/2/27 @ 100, MTN		187,952
	200,000	Wells Fargo & Co., 2.88% (US0003M+117 bps), 10/30/30, Callable 10/30/29 @ 100, MTN		207,980

				7,357,523

Beverages (0.3%):
	350,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		422,308
	360,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46, Callable 8/1/45 @ 100		456,376

				878,684

Biotechnology (0.3%):
	428,000	AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100		509,730
	293,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		350,332


Principal Amount			Value
Corporate Bonds, continued
Biotechnology, continued
$	35,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100	$	42,423

				902,485

Capital Markets (1.9%):
	735,000	Goldman Sachs Group, Inc. (The), 1.22%, 12/6/23, Callable 12/6/22 @ 100		736,792
	180,000	Goldman Sachs Group, Inc. (The), 1.09% (SOFR+79 bps), 12/9/26, Callable 12/9/25 @ 100		175,214
	885,000	Goldman Sachs Group, Inc. (The), 1.43% (SOFR+80 bps), 3/9/27, Callable 3/9/26 @ 100		867,094
	450,000	Goldman Sachs Group, Inc. (The), 1.54% (SOFR+82 bps), 9/10/27, Callable 9/10/26 @ 100		440,388
	570,000	Goldman Sachs Group, Inc. (The), 1.95% (SOFR+91 bps), 10/21/27, Callable 10/21/26 @ 100		568,433
	155,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(a)		158,100
	835,000	Morgan Stanley, 0.79% (SOFR+53 bps), 5/30/25, Callable 5/30/24 @ 100		824,266
	195,000	Morgan Stanley, 1.16% (SOFR+56 bps), 10/21/25, Callable 10/21/24 @ 100, MTN		193,190
	445,000	Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100		440,194
	205,000	Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(a)		204,231
	255,000	Raymond James Financial, 4.95%, 7/15/46		327,873
	250,000	SL Green Operating Partnership LP, 3.25%, 10/15/22, Callable 9/15/22 @ 100		254,068

				5,189,843

Chemicals (0.1%):
	312,000	International Flavors & Fragrances, Inc., 2.30%, 11/1/30, Callable 8/1/30 @ 100(a)		306,230

Consumer Finance (0.8%):
	145,000	FirstCash, Inc., 5.63%, 1/1/30, Callable 1/1/25 @ 102.81(a)		147,719
	1,150,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		1,150,477
	95,000	Ford Motor Credit Co. LLC, 3.22%, 1/9/22		95,000
	455,000	Ford Motor Credit Co. LLC, 3.34%, 3/28/22, Callable 2/28/22 @ 100		455,914
	60,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100		60,191
	375,000	General Motors Financial Co., Inc., 3.15%, 6/30/22, Callable 5/30/22 @ 100		378,884
	155,000	General Motors Financial Co., Inc., 3.55%, 7/8/22		157,312

				2,445,497

Containers & Packaging (0.4%):
	290,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 5.25%, 8/15/27, Callable 8/15/22 @ 102.63(a)		292,900
	200,000	Ball Corp., 4.00%, 11/15/23		208,750
	500,000	Berry Global, Inc., 1.57%, 1/15/26, Callable 12/15/25 @ 100		489,375
	90,000	Berry Global, Inc., 4.88%, 7/15/26, Callable 7/15/22 @ 102.44(a)		92,700
	110,000	Graphic Packaging International LLC, 4.75%, 7/15/27, Callable 4/15/27 @ 100(a)		119,350


Principal Amount			Value
Corporate Bonds, continued
Containers & Packaging, continued
$	25,000	Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24, Callable 2/7/22 @ 101.38(a)	$	25,125
	25,000	Sealed Air Corp., 4.00%, 12/1/27, Callable 9/1/27 @ 100(a)		26,062

				1,254,262

Diversified Financial Services (0.5%):
	600,000	Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100		638,597
	80,000	Level 3 Financing, Inc., 3.40%, 3/1/27, Callable 1/1/27 @ 100(a)		82,300
	420,000	Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100(a)		427,350
	300,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(a)		311,625

				1,459,872

Diversified Telecommunication Services (1.3%):
	287,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100		280,555
	290,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		335,274
	255,000	AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100		287,133
	125,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		150,195
	1,115,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		1,153,137
	64,000	CenturyLink, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102(a)		64,720
	175,000	Qwest Corp., 7.25%, 9/15/25		202,986
	445,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		448,557
	440,000	Verizon Communications, Inc., 2.36%, 3/15/32, Callable 12/15/31 @ 100(a)		434,610
	295,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/7/22 @ 102(a)		289,837

				3,647,004

Electric Utilities (1.3%):
	280,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(a)		359,559
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		637,905
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		1,178,930
	355,000	Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100		428,067
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		1,038,506

				3,642,967

Electrical Equipment (0.0%^†):
	82,000	PowerTeam Services LLC, 9.03%, 12/4/25, Callable 2/4/23 @ 104.52(a)		86,305

Entertainment (0.1%):
	285,000	Walt Disney Co. (The), 3.60%, 1/13/51, Callable 7/13/50 @ 100		323,558

Equity Real Estate Investment Trusts (0.8%):
	590,000	American Campus Communities Operating Partnership LP, 3.63%, 11/15/27, Callable 8/15/27 @ 100		632,088


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	145,000	CyrusOne LP/CyrusOne Finance Corp., 3.45%, 11/15/29, Callable 8/15/29 @ 100	$	157,191
	330,000	CyrusOne LP/CyrusOne Finance Corp., 2.15%, 11/1/30, Callable 8/1/30 @ 100		325,802
	205,000	GLP Capital LP, 5.25%, 6/1/25, Callable 3/1/25 @ 100		224,666
	440,000	GLP Capital LP, 5.38%, 4/15/26, Callable 1/15/26 @ 100^		490,255
	105,000	GLP Capital LP, 5.75%, 6/1/28, Callable 3/3/28 @ 100		121,409
	290,000	GLP Capital LP, 5.30%, 1/15/29, Callable 10/15/28 @ 100		329,375
	5,000	GLP Capital LP, 4.00%, 1/15/30, Callable 10/15/29 @ 100		5,294

				2,286,080

Food Products (0.5%):
	30,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)		32,588
	100,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)		110,000
	130,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.75%, 12/1/31, Callable 12/1/26 @ 101.88(a)		132,600
	790,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 2/25/22 @ 100		991,281
	25,000	Pilgrim’s Pride Corp., 5.88%, 9/30/27, Callable 9/30/22 @ 102.94(a)		26,312
	150,000	Post Holdings, Inc., 5.75%, 3/1/27, Callable 3/1/22 @ 102.88(a)		154,875

				1,447,656

Health Care Equipment & Suppli (0.2%):
	455,000	Becton Dickinson And Co., 1.96%, 2/11/31, Callable 11/11/30 @ 100		439,195

Health Care Providers & Services (1.9%):
	200,000	Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100		210,924
	140,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		145,950
	83,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		81,962
	569,000	Centene Corp., 3.00%, 10/15/30, Callable 7/15/30 @ 100		578,246
	780,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		846,419
	290,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		295,670
	400,000	CVS Health Corp., 4.88%, 7/20/35, Callable 1/20/35 @ 100		490,713
	470,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100		614,421
	490,000	HCA, Inc., 5.00%, 3/15/24		526,750
	93,000	HCA, Inc., 5.25%, 4/15/25		102,997
	110,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		123,750
	640,000	HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		706,400


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	90,000	HCA, Inc., 2.38%, 7/15/31, Callable 4/15/31 @ 100	$	88,540
	145,000	HCA, Inc., 5.25%, 6/15/49, Callable 12/15/48 @ 100		186,869
	75,000	Humana, Inc., 4.95%, 10/1/44, Callable 4/1/44 @ 100		96,832
	409,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(a)		422,804

				5,519,247

Health Care Technology (0.0%^†):
	25,000	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25, Callable 1/18/22 @ 101.44(a)		25,125

Hotels, Restaurants & Leisure (0.1%):
	465,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(a)		232,500

Industrial Conglomerates (0.0%):
	103,000	General Electric Co., Series A, 6.75%, 3/15/32, MTN		140,606

Insurance (0.8%):
	225,000	Athene Global Funding, 0.75% (SOFR+70 bps), 5/24/24(a)		225,274
	375,000	Athene Global Funding, 1.99%, 8/19/28(a)		364,625
	700,000	Farmers Exchange Capital III, 5.45% (US0003M+345 bps), 10/15/54, Callable 10/15/34 @ 100(a)		842,902
	670,000	Farmers Insurance Exchange, 4.75% (US0003M+323 bps), 11/1/57, Callable 11/1/37 @ 100(a)		771,539

				2,204,340

IT Services (0.0%^†):
	87,000	Colt Merger Sub, Inc., 6.25%, 7/1/25, Callable 7/1/22 @ 103.13(a)		91,024

Media (0.4%):
	290,000	Cable One, Inc., 4.00%, 11/15/30, Callable 11/15/25 @ 102(a)		285,288
	35,000	Charter Communications Operating LLC, 4.80%, 3/1/50, Callable 9/1/49 @ 100		39,157
	499,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48, Callable 10/1/47 @ 100		626,122
	30,000	CSC Holdings LLC, 5.38%, 2/1/28, Callable 2/1/23 @ 102.69(a)		31,013
	90,000	CSC Holdings LLC, 4.50%, 11/15/31, Callable 11/15/26 @ 102.25(a)		88,875

				1,070,455

Oil, Gas & Consumable Fuels (1.0%):
	26,000	Antero Resources Corp., 8.38%, 7/15/26, Callable 1/15/24 @ 104.19(a)		29,445
	35,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(a)		37,012
	210,000	Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		239,925
	264,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		297,660
	670,000	Energy Transfer LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100		784,738
	90,000	Exxon Mobil Corp., 4.23%, 3/19/40, Callable 9/19/39 @ 100		106,463


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	278,000	Exxon Mobil Corp., 4.33%, 3/19/50, Callable 9/19/49 @ 100	$	342,260
	163,000	Occidental Petroleum Corp., 5.21%, 10/10/36(c)		91,484
	200,000	Occidental Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		206,750
	250,000	Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(a)		268,750
	250,000	Rockies Express Pipeline LLC, 4.80%, 5/15/30, Callable 2/15/30 @ 100(a)		261,250
	89,000	Sunoco, LP / Sunoco Finance Corp., 4.50%, 4/30/30, Callable 4/30/25 @ 102.25(a)		90,780

				2,756,517

Pharmaceuticals (0.7%):
	90,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(a)		97,612
	955,000	Bayer US Finance II LLC, 4.38%, 12/15/28, Callable 9/15/28 @ 100(a)		1,067,766
	490,000	Bayer US Finance II LLC, 4.63%, 6/25/38, Callable 12/25/37 @ 100(a)		572,339
	160,000	Bayer US Finance II LLC, 4.88%, 6/25/48, Callable 12/25/47 @ 100(a)		197,714
	284,000	Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28, Callable 6/30/23 @ 104.5(a)		211,580

				2,147,011

Semiconductors & Semiconductor Equipment (0.2%):
	558,000	Intel Corp., 3.05%, 8/12/51, Callable 2/12/51 @ 100		568,589

Software (0.2%):
	70,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		70,289
	565,000	Oracle Corp., 3.95%, 3/25/51, Callable 9/25/50 @ 100		585,934

				656,223

Textiles, Apparel & Luxury Goods (0.0%^†):
	25,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 4/1/26, Callable 2/7/22 @ 105.16		26,000
	81,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 9/1/27, Callable 9/1/22 @ 105.16		85,050

				111,050

Tobacco (0.4%):
	625,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100		650,319
	610,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		740,216

				1,390,535

Trading Companies & Distributors (0.2%):
	655,000	Air Lease Corp., 3.50%, 1/15/22		655,578

Wireless Telecommunication Services (1.0%):
	27,000	Sprint Corp., 7.88%, 9/15/23		29,700
	999,375	Sprint Spectrum Co. LLC, 4.74%, 3/20/25, Callable 3/20/24 @ 100(a)		1,045,646
	235,000	T-Mobile USA, Inc., 2.25%, 2/15/26, Callable 2/15/23 @ 101.13		235,327


Principal Amount			Value
Corporate Bonds, continued
Wireless Telecommunication Services, continued
$	444,000	T-Mobile USA, Inc., 2.63%, 4/15/26, Callable 4/15/23 @ 101.31	$	447,273
	205,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		221,911
	280,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		305,998
	222,000	T-Mobile USA, Inc., 2.55%, 2/15/31, Callable 11/15/30 @ 100		220,564
	395,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		449,587

				2,956,006

	Total Corporate Bonds (Cost $51,137,059)			53,548,761

Foreign Bond (1.0%):
Sovereign Bond (1.0%):
	335,000,000	Japan Treasury Discount Bill, -0.09%, 2/28/22+(c)		2,913,242

	Total Foreign Bond (Cost $2,918,074)			2,913,242

Yankee Debt Obligations (7.1%):
Aerospace & Defense (0.2%):
	30,000	Avolon Holdings Funding, Ltd., 5.25%, 5/15/24, Callable 4/15/24 @ 100(a)		32,175
	345,000	Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(a)		352,331
	325,000	Avolon Holdings Funding, Ltd., 2.53%, 11/18/27, Callable 10/18/27 @ 100(a)		316,508

				701,014

Banks (1.9%):
	450,000	DNB Bank ASA, 1.60% (H15T1Y+68 bps), 3/30/28, Callable 3/30/27 @ 100(a)		438,638
	450,000	HSBC Holdings plc, 2.10% (SOFR+193 bps), 6/4/26, Callable 6/4/25 @ 100		452,855
	600,000	HSBC Holdings plc, 1.59% (SOFR+129 bps), 5/24/27, Callable 5/24/26 @ 100		586,136
	440,000	HSBC Holdings plc, 2.01% (SOFR+173 bps), 9/22/28, Callable 9/22/27 @ 100		430,297
	410,000	HSBC Holdings plc, 2.21% (SOFR+129 bps), 8/17/29, Callable 8/17/28 @ 100		401,502
	415,000	Lloyds Banking Group plc, 2.86% (US0003M+125 bps), 3/17/23, Callable 3/17/22 @ 100		416,613
	155,000	Lloyds Banking Group plc, 2.91% (US0003M+81 bps), 11/7/23, Callable 11/7/22 @ 100		157,482
	145,000	Lloyds Banking Group plc, 3.87% (H15T1Y+4 bps), 7/9/25, Callable 7/9/24 @ 100		153,151
	450,000	Lloyds Banking Group plc, 1.63% (H15T1Y+85 bps), 5/11/27, Callable 5/11/26 @ 100		442,227
	545,000	NatWest Group plc, 4.27% (US0003M+176 bps), 3/22/25, Callable 3/22/24 @ 100		577,135
	390,000	Santander UK Group Holdings plc, 4.80% (US0003M+157 bps), 11/15/24, Callable 11/15/23 @ 100		413,960
	590,000	Santander UK Group Holdings plc, 1.09% (SOFR+79 bps), 3/15/25, Callable 3/15/24 @ 100		583,301
	30,000	Santander UK Group Holdings plc, 3.82% (US0003M+140 bps), 11/3/28, Callable 11/3/27 @ 100		32,176
	410,000	Santander UK plc, 5.00%, 11/7/23(a)		436,251

				5,521,724


Principal Amount			Value
Yankee Debt Obligations, continued
Beverages (0.2%):
$	275,000	Bacardi, Ltd., 4.45%, 5/15/25, Callable 3/15/25 @ 100(a)	$	298,055
	105,000	Bacardi, Ltd., 5.30%, 5/15/48, Callable 11/15/47 @ 100(a)		138,041

				436,096

Capital Markets (0.8%):
	380,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(a)		387,266
	625,000	Credit Suisse Group AG, 2.19% (SOFR+204 bps), 6/5/26, Callable 6/5/25 @ 100(a)		628,572
	185,000	Credit Suisse Group AG, 1.31% (SOFR+98 bps), 2/2/27, Callable 2/2/26 @ 100(a)		178,393
	280,000	Credit Suisse Group AG, 3.09% (SOFR+173 bps), 5/14/32, Callable 5/14/31 @ 100(a)		284,626
	165,000	Macquarie Group, Ltd., 2.69% (SOFR+144 bps), 6/23/32, Callable 6/23/31 @ 100(a)		164,219
	570,000	Macquarie Group, Ltd., 2.87% (SOFR+153 bps), 1/14/33, Callable 1/14/32 @ 100(a)		567,192
	455,000	UBS AG, 0.70%, 8/9/24(a)		447,971

				2,658,239

Commercial Services & Supplies (0.1%):
	178,000	GFL Environmental, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)		185,565

Diversified Financial Services (0.6%):
	394,000	GE Capital International Funding, 4.42%, 11/15/35		472,205
	111,000	Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 2/7/22 @ 104.25(a)(d)		51,615
	540,000	Intelsat Jackson Holdings SA, 9.75%, 7/15/25, Callable 2/7/22 @ 104.88(a)(d)		247,050
	285,000	Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(a)		294,262
	72,000	Park Aerospace Holdings, 5.50%, 2/15/24(a)		77,130
	290,000	Virgin Media Secured Finance plc, 5.50%, 5/15/29, Callable 5/15/24 @ 102.75(a)		304,863
	290,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(a)		279,850

				1,726,975

Energy Equipment & Services (0.1%):
	48,500	Transocean Phoenix 2, Ltd., 7.75%, 10/15/24, Callable 2/7/22 @ 102.58(a)		48,985
	101,170	Transocean Pontus, Ltd., 6.13%, 8/1/25, Callable 2/7/22 @ 104.59(a)		98,641
	121,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/7/22 @ 105.16(a)		116,765
	34,500	Transocean Proteus, Ltd., 6.25%, 12/1/24, Callable 2/7/22 @ 102.08(a)		33,982

				298,373

Food & Staples Retailing (0.2%):
	475,000	Alimentation Couche-Tard, Inc., 3.55%, 7/26/27, Callable 4/26/27 @ 100(a)		508,844

Interactive Media & Services (0.1%):
	295,000	Tencent Holdings, Ltd., 3.68%, 4/22/41, Callable 10/22/40 @ 100(a)		305,392

Metals & Mining (0.1%):
	200,000	Indonesia Asahan Aluminium Persero PT, 6.53%, 11/15/28(a)		240,750


Principal Amount			Value
Yankee Debt Obligations, continued
Oil, Gas & Consumable Fuels (0.4%):
$	200,000	KazMunayGas National Co. JSC, 5.38%, 4/24/30	$	233,000
	80,000	Petroleos Mexicanos, 6.63%, 6/15/35		76,742
	630,000	Petroleos Mexicanos, 6.75%, 9/21/47		559,759
	40,000	Petroleos Mexicanos, 7.69%, 1/23/50, Callable 7/23/49 @ 100		38,749
	85,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		75,669
	200,000	Petronas Capital, Ltd., 3.50%, 4/21/30, Callable 1/21/30 @ 100(a)		216,504

				1,200,423

Professional Services (0.4%):
	421,000	IHS Markit, Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100(a)		432,578
	125,000	IHS Markit, Ltd., 4.75%, 2/15/25, Callable 11/15/24 @ 100(a)		135,781
	104,000	IHS Markit, Ltd., 4.00%, 3/1/26, Callable 12/1/25 @ 100(a)		112,580
	295,000	IHS Markit, Ltd., 4.75%, 8/1/28, Callable 5/1/28 @ 100		341,094

				1,022,033

Sovereign Bond (1.1%):
	400,000	Abu Dhabi Government International, 2.50%, 9/30/29		414,612
	200,000	Arab Republic of Egypt, 7.60%, 3/1/29(a)		198,002
	200,000	Brazilian Government International Bond, 3.88%, 6/12/30		194,234
	200,000	Chile Government International Bond, 3.24%, 2/6/28, Callable 11/6/27 @ 100		211,072
	200,000	Dominican Republic International Bond, 4.50%, 1/30/30(a)		203,750
	225,000	Mexico Government International Bond, 3.75%, 1/11/28		241,955
	200,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		207,000
	200,000	Paraguay Government International Bond, 4.70%, 3/27/27		221,000
	200,000	Peruvian Government International Bond, 2.84%, 6/20/30		203,258
	200,000	Qatar Government International Bond, 4.50%, 4/23/28		229,107
	400,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100		364,422
	20,000	Republic of Peru, 4.13%, 8/25/27		22,369
	200,000	Republic of South Africa Government International Bond, 4.85%, 9/30/29		206,499
	200,000	Saudi Government International Bond, 3.25%, 10/26/26		212,998
	200,000	Saudi Government International Bond, 3.63%, 3/4/28		217,574

				3,347,852

Thrifts & Mortgage Finance (0.2%):
	230,000	Nationwide Building Society, 3.62% (US0003M+118 bps), 4/26/23, Callable 4/26/22 @ 100(a)		232,008
	330,000	Nationwide Building Society, 3.77% (US0003M+106 bps), 3/8/24, Callable 3/8/23 @ 100(a)		339,851
	140,000	Nationwide Building Society, 4.36% (US0003M+139 bps), 8/1/24, Callable 8/1/23 @ 100(a)		146,671

				718,530


Principal Amount			Value
Yankee Debt Obligations, continued
Tobacco (0.1%):
$	280,000	Imperial Brands Finance plc, 3.13%, 7/26/24, Callable 6/26/24 @ 100(a)	$	289,408

Trading Companies & Distributors (0.2%):
	435,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		441,664

Wireless Telecommunication Services (0.4%):
	813,000	Vodafone Group plc, 4.88%, 6/19/49		1,020,125

	Total Yankee Debt Obligations (Cost $20,714,648)			20,623,007

Municipal Bonds (0.7%):
California (0.5%):
	700,000	Los Angeles Unified School District, Build America Bonds, GO, 5.76%, 7/1/29		851,529
	570,000	Regents of the University of California Medical Center Pooled Revenue, Series N, 3.26%, 5/15/60, Continuously Callable @100		612,323

				1,463,852

New York (0.2%):
	420,000	City of New York NY, GO, Series A, 3.00%, 8/1/34, Continuously Callable @100		438,866

	Total Municipal Bonds (Cost $1,831,684)			1,902,718

U.S. Government Agency Mortgages (30.8%):
Federal National Mortgage Association (19.3%)
	428,816	3.50%, 1/1/32, Pool #AB4262		460,844
	59,331	3.00%, 7/1/32, Pool #MA3060		62,170
	324,641	3.00%, 10/1/33, Pool #MA1676		341,178
	3,650,000	2.00%, 2/25/36		3,732,553
	2,250,000	1.50%, 2/25/36		2,254,219
	485,000	2.46%, 4/1/40, Pool #BL6060		488,858
	1,036,738	2.00%, 9/1/40, Pool #MA4152		1,045,779
	1,287,514	2.00%, 10/1/40, Pool #MA4176		1,300,828
	235,476	2.00%, 5/1/41, Pool #MA4333		238,001
	29,510	4.00%, 8/1/42, Pool #MA1146		31,587
	602,872	3.50%, 4/1/43, Pool #MA1404		648,752
	299,405	4.50%, 2/1/46, Pool #AL9106		325,073
	103,742	Class QA , Series 2018-573.50%, 5/25/46		105,412
	334,820	Class PA , Series 2018-553.50%, 1/25/47		343,976
	160,518	4.00%, 6/1/47, Pool #AS9830		172,227
	135,355	4.00%, 7/1/47, Pool #AS9972		145,228
	10,643	4.00%, 8/1/47, Pool #MA3088		11,429
	39,564	3.50%, 1/1/48, Pool #MA3238		41,911
	818,420	3.50%, 1/1/48, Pool #CA0996		880,699
	45,652	4.50%, 5/1/48, Pool #CA1711		49,196
	519,486	4.50%, 5/1/48, Pool #CA1710		559,811
	366,006	Class CT , Series 2018-433.00%, 6/25/48		374,859
	325,389	4.50%, 8/1/48, Pool #CA2208		350,159
	919,960	3.50%, 6/1/49, Pool #CA3633		996,982
	715,787	3.00%, 9/1/49, Pool #BN7755		751,160
	224,722	3.00%, 10/1/49, Pool #MA3811		231,100
	18,225,000	2.00%, 2/25/50, TBA		18,139,570
	18,725,000	2.50%, 2/25/51, TBA		19,070,242
	2,575,000	3.00%, 2/25/51, TBA		2,665,427

				55,819,230

Federal Home Loan Mortgage Corporation (5.8%)
	222,201	3.00%, 3/1/31, Pool #G18592		233,020
	524,155	3.50%, 1/1/34, Pool #G16756		553,573


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	1,059,647	3.50%, 4/1/44, Pool #G07848	$	1,151,492
	1,377,714	3.50%, 4/1/45, Pool #G60023		1,499,998
	1,049,525	4.00%, 12/1/45, Pool #G60344		1,149,543
	651,490	3.50%, 6/1/46, Pool #G08711		693,267
	450,344	3.50%, 8/1/46, Pool #G08716		479,223
	395,670	3.00%, 8/1/46, Pool #G08715		413,560
	106,286	3.00%, 9/1/46, Pool #G08721		111,091
	178,314	3.50%, 9/1/46, Pool #G08722		189,749
	526,868	3.00%, 10/1/46, Pool #G08726		550,680
	589,479	3.00%, 11/1/46, Pool #G08732		616,124
	738,065	3.00%, 1/1/47, Pool #G08741		771,466
	712,376	3.50%, 4/1/47, Pool #G67703		774,239
	114,338	Class PA , Series 48464.00%, 6/15/47		116,754
	294,788	3.50%, 12/1/47, Pool #G08792		311,997
	929,854	3.50%, 12/1/47, Pool #G67706		1,005,901
	1,773,551	3.50%, 1/1/48, Pool #G67707		1,919,413
	345,502	3.50%, 2/1/48, Pool #G08800		365,046
	902,110	4.00%, 3/1/48, Pool #G67711		984,733
	438,546	3.50%, 3/1/48, Pool #G67710		468,744
	83,653	Class CA , Series 48183.00%, 4/15/48		85,653
	3,386	4.00%, 6/1/48, Pool #G67713		3,688
	317,734	3.50%, 6/1/48, Pool #G08816		335,708
	108,281	5.00%, 7/1/48, Pool #G08833		118,120
	259,282	4.50%, 10/1/48, Pool #G08843		278,435
	1,344,615	Class HZ , Series 46393.25%, 4/15/53		1,462,000

				16,643,217

Government National Mortgage Association (4.7%)
	298,202	3.50%, 3/20/46, Pool #MA3521		314,677
	311,423	3.50%, 4/20/46, Pool #MA3597		328,628
	59,171	3.50%, 5/20/46, Pool #MA3663		62,440
	128,258	3.50%, 9/20/46, Pool #MA3937		135,344
	682,638	3.00%, 12/20/46, Pool #MA4126		714,434
	511,798	3.50%, 1/20/47, Pool #MA4196		540,075
	95,409	5.00%, 3/20/47, Pool #MA4324		108,110
	101,079	3.50%, 6/20/47, Pool #MA4510		106,456
	237,757	5.00%, 6/20/47, Pool #MA4513		253,488
	154,321	5.00%, 9/20/47, Pool #MA4722		167,705
	284,046	4.00%, 9/20/47, Pool #MA4720		302,955
	118,269	3.50%, 11/20/47, Pool #MA4837		123,863
	320,255	3.00%, 11/20/47, Pool #MA4836		334,782
	197,097	4.00%, 11/20/47, Pool #MA4838		210,218
	981,576	3.50%, 12/20/47, Pool #MA4900		1,033,796
	92,164	4.00%, 12/20/47, Pool #MA4901		98,299
	302,516	4.00%, 3/20/48, Pool #MA5078		322,655
	603,944	4.50%, 8/20/48, Pool #MA5399		640,112
	277,896	Class NW , Series 2018-1243.50%, 9/20/48		294,603
	165,056	4.00%, 9/20/48, Pool #MA5466		174,893
	214,410	3.00%, 10/20/49, Pool #MA6209		220,136
	1,850,000	2.50%, 2/20/51, TBA		1,891,697
	2,925,000	2.00%, 2/20/51, TBA		2,947,395
	2,175,000	2.50%, 7/20/51, TBA		2,228,695

				13,555,456

Federal Home Loan Bank (1.0%)
	2,925,000	1.04%, 6/14/24, Callable 1/14/22 @ 100.00		2,924,681

	Total U.S. Government Agency Mortgages (Cost $87,602,808)			88,942,584


Principal Amount			Value
U.S. Treasury Obligations (45.6%):
U.S. Treasury Bills (6.0%)
$	835,000	, 1/25/22(c)	$	834,980
	1,255,000	0.03%, 2/3/22(c)		1,254,968
	1,085,000	0.04%, 2/17/22(c)		1,084,939
	9,710,000	0.10%, 5/26/22(c)		9,705,950
	1,095,000	0.13%, 6/16/22(c)		1,094,351
	3,480,000	0.17%, 6/23/22(c)		3,477,190

				17,452,378

U.S. Treasury Bonds (7.6%)
	3,375,000	2.25%, 5/15/41		3,555,352
	365,000	1.75%, 8/15/41		354,963
	510,000	2.00%, 11/15/41		517,331
	17,485,000	1.88%, 11/15/51		17,430,359

				21,858,005

U.S. Treasury Inflation Index Bonds (0.3%)
	679,738	0.13%, 2/15/51		804,426

U.S. Treasury Notes (31.7%)
	1,607,000	0.25%, 9/30/23		1,595,701
	14,335,000	0.38%, 10/31/23		14,254,366
	23,200,000	0.38%, 11/30/23		23,113,000
	7,640,000	0.63%, 12/31/23		7,642,387
	1,191,000	0.88%, 9/30/26		1,170,530
	10,680,000	1.13%, 10/31/26		10,616,587
	17,395,000	1.25%, 11/30/26		17,397,718
	9,850,000	1.25%, 12/31/26		9,846,922
	5,760,000	1.38%, 11/15/31		5,695,200

				91,332,411

	Total U.S. Treasury Obligations (Cost $131,397,652)			131,447,220


Contracts			Value
Purchased Options (0.0%^†):
	Total Purchased Options (Cost $109,744)		$	78,750

Swaption (0.0%^†):
Purchased Swaptions (0.0%^†):
	Total Purchased Swaptions (Cost $35,990)			30,593

	Total Swaption (Cost $35,990)			30,593


Principal Amount			Value
Short-Term Security Held as Collateral for Securities on Loan (0.2%):
$	500,940	BlackRock Liquidity FedFund, Institutional Class , 0.03%(c)(e)		500,940

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $500,940)			500,940


Shares			Value
Unaffiliated Investment Company (1.6%):
Money Markets (1.6%):
	4,575,684	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		4,575,684

	Total Unaffiliated Investment Company (Cost $4,575,684)			4,575,684

	Total Investment Securities (Cost $336,712,808) — 118.1%(f)			340,827,990
	Net other assets (liabilities) — (18.1)%			(52,332,562	)

	Net Assets — 100.0%		$	288,495,428

At December 31, 2021, the Fund’s over-the-counter options purchased were as follows:

At December 31, 2021, the Fund’s over-the-counter options written were as follows:

At December 31, 2021, the Fund’s open forward currency contracts were as follows:

At December 31, 2021, the Fund’s centrally-cleared swap agreements were as follows:

Balances Reported in the Statement of Assets and Liabilities for Options Written, Forward Currency Contracts and Swap Agreements

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	336,712,808

Investment securities, at value(a)		340,827,990
Deposit at broker for futures and written options collateral		309,000
Deposit at broker for swap agreements collateral		280,580
Interest and dividends receivable		888,748
Unrealized appreciation on forward currency contracts		24,625
Receivable for capital shares issued		1,926
Receivable for investments sold		2,953,197
Receivable for TBA investments sold		47,835,455
Prepaid expenses		1,402

Total Assets		393,122,923

Liabilities:
Cash overdraft		15,204
Payable for TBA investments purchased		103,777,020
Written Options (Premiums received $102,019)		88,594
Payable for collateral received on loaned securities		500,940
Payable for variation margin on futures contracts		3,691
Manager fees payable		123,074
Administration fees payable		45,839
Distribution fees payable		61,536
Custodian fees payable		2,076
Administrative and compliance services fees payable		389
Transfer agent fees payable		849
Trustee fees payable		2,185
Other accrued liabilities		6,098

Total Liabilities		104,627,495

Net Assets	$	288,495,428

Net Assets Consist of:
Paid in capital	$	281,929,320
Total distributable earnings		6,566,108

Net Assets	$	288,495,428

Shares of beneficial interest (unlimited number of shares authorized, no par value)		28,585,892
Net Asset Value (offering and redemption price per share)	$	10.09

(a)	Includes securities on loan of $485,352.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Interest	$	5,026,435
Dividends		936
Income from securities lending		1,457

Total Investment Income		5,028,828

Expenses:
Management fees		1,782,903
Administration fees		128,854
Distribution fees		742,872
Custodian fees		13,561
Administrative and compliance services fees		3,322
Transfer agent fees		4,686
Trustee fees		13,851
Professional fees		12,095
Shareholder reports		5,871
Other expenses		5,224

Total expenses before reductions		2,713,239
Less Management fees contractually waived		(297,147	)

Net expenses		2,416,092

Net Investment Income/(Loss)		2,612,736

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		(53,723	)
Net realized gains/(losses) on forward currency contracts		274,432
Net realized gains/(losses) on futures contracts		(28,505	)
Net realized gains/(losses) on written options contracts		(143,126	)
Change in net unrealized appreciation/depreciation on securities		(6,407,007	)
Change in net unrealized appreciation/depreciation on forward currency contracts		56,336
Change in net unrealized appreciation/depreciation on futures contracts		11,492
Change in net unrealized appreciation/depreciation on written options contracts		13,425
Change in net unrealized appreciation/depreciation on swap agreements		(212,985	)

Net realized and Change in net unrealized gains/losses on investments		(6,489,661	)

Change in Net Assets Resulting From Operations	$	(3,876,925	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MetWest Total Return Bond Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. The Fund will not pay for such securities or start earning interest on them until they are received. When the Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon

changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

To generate additional income, the Fund may lend up to 33 ¹⁄₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $144 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $500,940 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

During the year ended December 31, 2021, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2021, the monthly average notional amount for short contracts was $1.4 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

During the year ended December 31, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended December 31, 2021, the monthly average notional amount for long contracts was $0.3 million, and the monthly average notional amount for short contracts was $2.0 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written when writing options. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. Realized gains and losses are reported as “Net realized gains/(losses) on written options contracts” on the Statement of Operations.

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate, foreign currencies and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are reported as “Payable/Receivable for variation margin on centrally cleared swap agreements” on the Statement of Assets and Liabilities.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members will satisfy its obligations to the Fund.

The notional amounts reflect the extent of the total investment exposure the Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Schedule of Portfolio Investments. The Fund is a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of December 31, 2021, the Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The monthly average gross notional amount for interest rate swaps was $11.8 million for the year ended December 31, 2021.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2021:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Currency Risk

Options Contracts	Net realized gains/(losses) on written options contracts/ Change in net unrealized appreciation/depreciation on written options contracts	$	(143,126	)	$	13,425

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(28,505	)		11,492

Interest Rate Swap Agreements	Net realized gains/(losses) on swap agreements/ Change in net unrealized appreciatioin/depreciation on swap agreements		—			(212,985	)

Foreign Exchange Risk

Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts		274,432			56,336

As of December 31, 2021, the Fund’s derivative assets and liabilities by type were as follows:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Metropolitan West Asset Management, LLC (“MetWest”), MetWest provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023.

For the year ended December 31, 2021, the annual rate due to the Manager and the annual expense limit were as follows:

Forward currency contracts are generally valued at the forward foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2021 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the year ended December 31, 2021, purchases and sales of long-term U.S. government securities were as follows:

operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other preexisting political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 is $336,750,783. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 75% of the Fund. Investment activities of the shareholder could have a material impact to the Fund.

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MetWest Total Return Bond Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021, and the financial highlights for each of the four years ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

During the year ended December 31, 2021, the Fund declared net short-term capital gain distributions of $10,870,375.

During the year ended December 31, 2021, the Fund declared net long-term capital gain distributions of $4,441,856.

Other funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in more recent periods.

Thus, the Board determined that the overall investment performance of the Funds was acceptable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Retired; previously, Chairman, Emrys Analytics (a company focused on predictive analytics, artificial intelligence in insurance underwriting and cyber risk) and subsidiaries, 2015 to 2018; Chairman, Argus Investment Strategies Fund Ltd., 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to 2016, Consultant thereafter; Chairman, Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Sterling Trust (Cayman) Ltd. 2015 to present	46	Argus Group Holdings and Subsidiaries, Deputy Chairman; Sterling Trust (Cayman) Ltd., Chairman; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance..

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	46	None

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013	46	Diamond Hill Funds (10 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019	46	Connecticut Water Service, Inc.

Jack Gee (1959) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 1/22 (Consultant to the Independent Trustees since 2/20)⁽³⁾	Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019	46	Engine No. 1 ETF Trust (2 Funds); Esoterica Thematic Trust (2019-2020)

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, CEO, Health eSense Inc.(a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015	46	None

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽²⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for the AIM Complex	Other Directorships Held Outside the AIM Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present	46	None


Name, Address, and Birth Year	Positions Held with AIM Complex	Term of Office⁽¹⁾/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present.

Erik Nelson (1972) 5701 Golden Hills Drive Minneapolis, MN 55416	Secretary	Since 12/20	Chief Legal Officer, Allianz Investment Management LLC; Senior Counsel, Allianz Life, 2008 to present.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer⁽²⁾ and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the Trust and the VIP Trust, 2014 to present, and the ETF Trust, 2020 to present.

Darin Egbert (1975) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 02/16	Vice President, Allianz Investment Management LLC, 2020 to present; previously, Assistant Vice President, Allianz Investment Management LLC, 2015 to 2020.

Michael Tanski (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Vice President	Since 04/09	Assistant Vice President, Allianz Investment Management LLC, 2013 to present.

What factors affected the Fund’s performance during the year ended December 31, 2021?*

For the year ended December 31, 2021, the AZL^® Mid Cap Index Fund (Class 2 Shares) (the “Fund”) returned 23.66%. That compared to a 24.76% return for its benchmark, the S&P MidCap 400^® Index.¹

The Fund seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400^® Index (the “Index”). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of mid-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of mid-capitalization U.S. equities.

In the first quarter of 2021, favorable conditions carried over from the strong end of 2020. The Federal Reserve’s (the Fed) accommodative policies, along with a new $1.9 trillion stimulus package and the start of the vaccine rollout in the U.S., supported investor optimism for strong economic growth in the first quarter. All sectors within the S&P 500^® Index² posted positive returns over the first three months of 2021. The energy sector posted the strongest return for the quarter, supported by a rally in oil prices due to a surge in demand paired with unchanged production levels, along with oil transport concerns due to the temporary blockage of the Suez Canal. The financial sector was another top performer due to positive market conditions. By comparison, the information technology and consumer staples sectors lagged their peers within the U.S. market, albeit still posting positive returns, after posting strong gains in 2020.

During the second quarter, U.S. equity markets rallied as the vaccination campaign continued to accelerate and economic indicators continued to improve. The U.S. Consumer Price Index (CPI) increased by more than 4% year-over-year in April. But growing concerns about inflation were offset by the Fed’s commitment to maintain its accommodative monetary policies and the prospect of a bipartisan $1 trillion agreement for infrastructure that passed the Senate in May.

In the third quarter, strong economic data and corporate earnings reports helped push U.S. equities higher despite a resurgence in COVID-19 cases due to the arrival of the Delta variant in the U.S. However, concerns regarding potential contagion from the unfolding debt crisis at Chinese property developer Evergrande muted U.S. equity markets late in the quarter. Rising inflation and supply

chain issues also weighed on market sentiment, as did the continuing disagreement in Washington regarding the debt ceiling and the infrastructure bill.

In the fourth quarter, the boost to investor sentiment from a strong earnings season was offset by a new, more transmissible COVID-19 variant (Omicron) and ongoing concerns about higher inflation rates. Markets recovered to post strong returns for the quarter after initial data showed existing vaccines remained effective against the Omicron variant, and the Fed clarified its plan to begin tightening its monetary policy in 2022. The falling unemployment rate and the final passage of the bipartisan infrastructure bill further supported the market performance over the quarter.

All sectors within the Index posted positive returns for the year. The energy sector was the top performer, followed by the financials and materials sectors. The consumer staples, communication services, and health care sectors lagged their peers.

The Fund uses derivatives, primarily futures contracts, for the purpose of efficient portfolio management, and derivatives did not have a significant impact on the Fund’s return in 2021. Futures are not used for speculative or leveraged positions in the portfolio and we keep cash to fully cover all outstanding futures positions. The Fund’s use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

Past performance does not guarantee future results.

*The

Fund’s portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund’s holdings and weightings are as of December 31, 2021.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	The Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. Investors cannot invest directly in an index.

Fund Objective

The Fund’s investment objective is to seek to match the performance of the Standard & Poor’s MidCap 400 Index (“S&P 400”) as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 and in derivative instruments linked to the S&P 400, primarily futures contracts.

Investment Concerns

Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO


Average Annual Total Returns as of December 31, 2021
	Inception Date		1 Year			3 Year			5 Year			10 Years			Since Inception
AZL^® Mid Cap Index Fund (Class 1 Shares)		10/14/2016		24.03	%		21.35	%		13.04	%		—			14.35	%
AZL^® Mid Cap Index Fund (Class 2 Shares)		5/1/2009		23.66	%		21.06	%		12.75	%		13.67	%		14.79	%
S&P MidCap 400 Index		5/1/2009		24.76	%		21.41	%		13.09	%		14.20	%		15.45	%


Expense Ratios	Gross
AZL^® Mid Cap Index Fund (Class 1 Shares)		0.33	%
AZL^® Mid Cap Index Fund (Class 2 Shares)		0.58	%

The Fund’s performance is measured against the Standard & Poor’s MidCap 400 Index (“S&P 400”), which is a widely used index for mid-sized companies. The S&P 400 covers 7% of the U.S. equities market, and is part of a series of S&P U.S. indexes that can be used as building blocks for portfolio composition. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

As a shareholder of the AZL Mid Cap Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Value
Common Stocks (99.6%):
Aerospace & Defense (0.9%):
	30,956	Axon Enterprise, Inc.*	$	4,860,092
	18,495	Curtiss-Wright Corp.		2,564,702
	39,811	Hexcel Corp.*		2,062,210
	26,872	Mercury Systems, Inc.*		1,479,572

				10,966,576

Air Freight & Logistics (0.7%):
	46,471	GXO Logistics, Inc.*		4,220,961
	46,499	XPO Logistics, Inc.*		3,600,417

				7,821,378

Airlines (0.2%):
	150,807	JetBlue Airways Corp.*		2,147,492

Auto Components (1.8%):
	44,698	Adient plc*		2,140,140
	67,758	Dana, Inc.		1,546,238
	19,845	Fox Factory Holding Corp.*		3,375,634
	111,486	Gentex Corp.		3,885,287
	132,753	Goodyear Tire & Rubber Co. (The)*		2,830,294
	28,100	Lear Corp.		5,140,895
	13,372	Visteon Corp.*		1,486,164

				20,404,652

Automobiles (0.5%):
	72,673	Harley-Davidson, Inc.		2,739,045
	26,174	Thor Industries, Inc.		2,716,076

				5,455,121

Banks (6.3%):
	69,866	Associated Banc-Corp.		1,578,273
	19,295	Bank of Hawaii Corp.		1,616,149
	56,844	Bank OZK		2,644,951
	89,908	Cadence Bank		2,678,359
	35,677	Cathay General Bancorp		1,533,754
	46,965	CIT Group, Inc.		2,411,183
	52,568	Commerce Bancshares, Inc.		3,613,524
	26,728	Cullen/Frost Bankers, Inc.		3,369,599
	66,887	East West Bancorp, Inc.		5,262,669
	151,901	F.N.B. Corp.		1,842,559
	60,449	First Financial Bankshares, Inc.		3,073,227
	254,198	First Horizon Corp.		4,151,053
	76,084	Fulton Financial Corp.		1,293,428
	51,145	Glacier Bancorp, Inc.		2,899,922
	41,215	Hancock Whitney Corp.		2,061,574
	71,831	Home Bancshares, Inc.		1,749,085
	24,726	International Bancshares Corp.		1,048,135
	55,447	PacWest Bancorp		2,504,541
	35,886	Pinnacle Financial Partners, Inc.		3,427,113
	43,357	Prosperity Bancshares, Inc.		3,134,711
	91,292	Sterling Bancorp		2,354,421
	69,049	Synovus Financial Corp.		3,305,376
	23,722	Texas Capital Bancshares, Inc.*		1,429,251
	20,402	UMB Financial Corp.		2,164,856
	100,962	Umpqua Holdings Corp.		1,942,509
	64,576	United Bankshares, Inc.		2,342,817
	192,206	Valley National Bancorp		2,642,833
	42,904	Webster Financial Corp.		2,395,760
	26,995	Wintrust Financial Corp.		2,451,686

				72,923,318


Shares			Value
Common Stocks, continued
Beverages (0.2%):
	4,445	Boston Beer Co., Inc. (The), Class A*	$	2,245,169

Biotechnology (2.0%):
	49,142	Arrowhead Pharmaceuticals, Inc.*		3,258,115
	149,131	Exelixis, Inc.*		2,726,115
	65,489	Halozyme Therapeutics, Inc.*		2,633,313
	44,715	Neurocrine Biosciences, Inc.*		3,808,376
	24,236	Repligen Corp.*		6,418,662
	21,228	United Therapeutics Corp.*		4,586,946

				23,431,527

Building Products (2.3%):
	90,262	Builders FirstSource, Inc.*		7,736,356
	15,847	Lennox International, Inc.		5,140,133
	47,364	Owens Corning		4,286,442
	20,528	Simpson Manufacturing Co., Inc.		2,854,829
	54,259	Trex Co., Inc.*		7,326,593

				27,344,353

Capital Markets (1.8%):
	19,016	Affiliated Managers Group, Inc.		3,128,322
	18,255	Evercore, Inc., Class A		2,479,942
	45,516	Federated Hermes, Inc., Class B		1,710,491
	41,197	Interactive Brokers Group, Inc., Class A		3,271,866
	80,412	Janus Henderson Group plc		3,372,479
	49,479	SEI Investments Co.		3,015,250
	49,378	Stifel Financial Corp.		3,477,199

				20,455,549

Chemicals (2.7%):
	26,679	Ashland Global Holdings, Inc.		2,872,261
	43,233	Avient Corp.		2,418,887
	27,075	Cabot Corp.		1,521,615
	76,018	Chemours Co. (The)		2,551,164
	18,438	Ingevity Corp.*		1,322,005
	15,673	Minerals Technologies, Inc.		1,146,480
	3,256	NewMarket Corp.		1,115,896
	67,992	Olin Corp.		3,910,900
	61,141	RPM International, Inc.		6,175,241
	19,223	Scotts Miracle-Gro Co. (The)		3,094,903
	20,016	Sensient Technologies Corp.		2,002,801
	85,301	Valvoline, Inc.		3,180,874

				31,313,027

Commercial Services & Supplies (1.5%):
	22,676	Brink’s Co. (The)		1,486,865
	23,696	Clean Harbors, Inc.*		2,364,150
	63,601	IAA, Inc.*		3,219,483
	36,018	MillerKnoll, Inc.		1,411,546
	17,240	MSA Safety, Inc.		2,602,550
	43,433	Stericycle, Inc.*		2,590,344
	25,486	Tetra Tech, Inc.		4,327,523

				18,002,461

Communications Equipment (0.9%):
	73,024	Ciena Corp.*		5,620,657
	34,078	Lumentum Holdings, Inc.*		3,604,430
	34,954	ViaSat, Inc.*		1,556,851

				10,781,938


Shares			Value
Common Stocks, continued
Construction & Engineering (1.4%):
	67,902	AECOM*	$	5,252,220
	13,986	Dycom Industries, Inc.*		1,311,327
	25,079	EMCOR Group, Inc.		3,194,814
	67,372	Fluor Corp.*		1,668,804
	27,081	MasTec, Inc.*		2,499,035
	10,035	Valmont Industries, Inc.		2,513,767

				16,439,967

Construction Materials (0.3%):
	19,171	Eagle Materials, Inc., Class A		3,191,205

Consumer Finance (0.6%):
	18,873	FirstCash Holdings, Inc.		1,411,889
	75,967	Navient Corp.		1,612,020
	26,228	PROG Holdings, Inc.*		1,183,145
	138,187	SLM Corp.		2,718,138

				6,925,192

Containers & Packaging (0.8%):
	31,061	AptarGroup, Inc.		3,804,351
	12,388	Greif, Inc., Class A		747,864
	39,951	Silgan Holdings, Inc.		1,711,501
	46,450	Sonoco Products Co.		2,688,990

				8,952,706

Diversified Consumer Services (0.9%):
	1,825	Graham Holdings Co., Class B		1,149,440
	18,889	Grand Canyon Education, Inc.*		1,618,976
	83,073	H&R Block, Inc.		1,957,200
	77,690	Service Corp. International		5,515,213

				10,240,829

Diversified Financial Services (0.5%):
	93,086	Jefferies Financial Group, Inc.		3,611,737
	28,278	Voya Financial, Inc.		1,875,114

				5,486,851

Diversified Telecommunication Services (0.2%):
	62,378	Iridium Communications, Inc.*		2,575,588

Electric Utilities (1.0%):
	24,913	ALLETE, Inc.		1,652,978
	51,805	Hawaiian Electric Industries, Inc.		2,149,908
	23,872	IDACORP, Inc.		2,704,936
	94,351	OGE Energy Corp.		3,621,191
	40,792	PNM Resources, Inc.		1,860,523

				11,989,536

Electrical Equipment (2.0%):
	16,462	Acuity Brands, Inc.		3,485,335
	19,383	EnerSys		1,532,420
	25,646	Hubbell, Inc.		5,341,292
	79,340	nVent Electric plc		3,014,920
	31,938	Regal-Beloit Corp.		5,435,209
	97,570	Sunrun, Inc.*		3,346,651
	10,109	Vicor Corp.*		1,283,641

				23,439,468

Electronic Equipment, Instruments & Components (3.3%):
	32,819	Arrow Electronics, Inc.*		4,406,607
	47,300	Avnet, Inc.		1,950,179
	21,478	Belden, Inc.		1,411,749
	83,333	Cognex Corp.		6,479,974


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	11,575	Coherent, Inc.*	$	3,085,201
	50,028	II-VI, Inc.*^		3,418,413
	67,505	Jabil, Inc.		4,748,977
	11,610	Littlelfuse, Inc.		3,653,435
	62,044	National Instruments Corp.		2,709,461
	19,385	SYNNEX Corp.		2,216,869
	63,560	Vishay Intertechnology, Inc.		1,390,057
	79,925	Vontier Corp.		2,456,095

				37,927,017

Energy Equipment & Services (0.4%):
	95,776	ChampionX Corp.*		1,935,633
	184,862	NOV, Inc.		2,504,880

				4,440,513

Entertainment (0.1%):
	21,063	World Wrestling Entertainment, Inc., Class A		1,039,248

Equity Real Estate Investment Trusts (9.8%):
	65,590	American Campus Communities, Inc.		3,757,651
	73,994	Apartment Income REIT Corp.		4,045,252
	139,998	Brixmor Property Group, Inc.		3,557,349
	48,170	Camden Property Trust		8,607,016
	53,648	Corporate Office Properties Trust		1,500,535
	70,243	Cousins Properties, Inc.		2,829,388
	59,819	Cyrusone, Inc.		5,366,961
	82,895	Douglas Emmett, Inc.		2,776,982
	19,176	EastGroup Properties, Inc.		4,369,252
	35,648	EPR Properties		1,692,924
	61,411	First Industrial Realty Trust, Inc.		4,065,408
	69,543	Healthcare Realty Trust, Inc.		2,200,340
	49,387	Highwoods Properties, Inc.		2,202,166
	72,519	Hudson Pacific Properties, Inc.		1,791,944
	52,961	JBG SMITH Properties		1,520,510
	49,406	Kilroy Realty Corp.		3,283,523
	103,538	Kite Realty Group Trust		2,255,058
	40,921	Lamar Advertising Co., Class A		4,963,717
	38,660	Life Storage, Inc.		5,921,939
	281,061	Medical Properties Trust, Inc.		6,641,471
	82,776	National Retail Properties, Inc.		3,979,042
	38,623	National Storage Affiliates Trust		2,672,712
	112,671	Omega Healthcare Investors, Inc.		3,333,935
	112,322	Parks Hotels & Resorts, Inc.*		2,120,639
	61,322	Pebblebrook Hotel Trust		1,371,773
	103,831	Physicians Realty Trust		1,955,138
	31,842	PotlatchDeltic Corp.		1,917,525
	9,577	PS Business Parks, Inc.		1,763,796
	67,473	Rayonier, Inc.		2,723,210
	71,402	Rexford Industrial Realty, Inc.		5,791,416
	108,453	Sabra Health Care REIT, Inc.		1,468,454
	31,334	SL Green Realty Corp.		2,246,648
	58,124	Spirit Realty Capital, Inc.		2,800,996
	115,670	STORE Capital Corp.		3,979,048
	99,382	The Macerich Co.		1,717,321
	50,731	Urban Edge Properties		963,889

				114,154,928

Food & Staples Retailing (1.2%):
	64,482	BJ’s Wholesale Club Holdings, Inc.*		4,318,359
	17,488	Casey’s General Stores, Inc.		3,451,257


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	41,918	Grocery Outlet Holding Corp.*^	$	1,185,441
	72,735	Performance Food Group Co.*		3,337,809
	52,067	Sprouts Farmers Market, Inc.*		1,545,349

				13,838,215

Food Products (1.7%):
	76,267	Darling Ingredients, Inc.*		5,284,540
	94,139	Flowers Foods, Inc.		2,585,998
	43,903	Hain Celestial Group, Inc. (The)*		1,870,707
	31,262	Ingredion, Inc.		3,021,160
	9,467	Lancaster Colony Corp.		1,567,735
	22,738	Pilgrim’s Pride Corp.*		641,212
	27,675	Post Holdings, Inc.*		3,119,803
	10,076	Sanderson Farms, Inc.		1,925,322

				20,016,477

Gas Utilities (1.3%):
	43,079	National Fuel Gas Co.		2,754,471
	45,453	New Jersey Resources Corp.		1,866,300
	25,418	ONE Gas, Inc.		1,972,183
	28,462	Southwest Gas Holdings, Inc.		1,993,763
	24,649	Spire, Inc.		1,607,608
	98,556	UGI Corp.		4,524,706

				14,719,031

Health Care Equipment & Supplies (3.3%):
	76,060	Envista Holdings Corp.*		3,427,264
	37,255	Globus Medical, Inc.*		2,689,811
	24,449	Haemonetics Corp.*		1,296,775
	9,451	ICU Medical, Inc.*		2,243,100
	34,465	Integra LifeSciences Holdings Corp.*		2,308,810
	25,247	LivaNova plc*		2,207,345
	23,946	Masimo Corp.*		7,010,910
	50,937	Neogen Corp.*		2,313,049
	24,802	NuVasive, Inc.*		1,301,609
	16,552	Penumbra, Inc.*		4,755,721
	17,903	Quidel Corp.*		2,416,726
	22,480	STAAR Surgical Co.*		2,052,424
	29,946	Tandem Diabetes Care, Inc.*		4,507,472

				38,531,016

Health Care Providers & Services (3.0%):
	42,513	Acadia Healthcare Co., Inc.*		2,580,539
	15,440	Amedisys, Inc.*		2,499,427
	7,256	Chemed Corp.		3,838,714
	46,960	Encompass Health Corp.		3,064,610
	39,743	HealthEquity, Inc.*		1,758,230
	15,037	LHC Group, Inc.*		2,063,528
	27,526	Molina Healthcare, Inc.*		8,755,470
	65,899	Option Care Health, Inc.*		1,874,168
	40,204	Patterson Cos., Inc.		1,179,987
	32,820	Progyny, Inc.*		1,652,487
	62,453	R1 RCM, Inc.*		1,591,927
	50,493	Tenet Healthcare Corp.*		4,124,773

				34,983,860

Hotels, Restaurants & Leisure (3.0%):
	38,784	Boyd Gaming Corp.*		2,543,067
	15,553	Choice Hotels International, Inc.		2,426,112
	16,175	Churchill Downs, Inc.		3,896,558


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	11,070	Cracker Barrel Old Country Store, Inc.	$	1,424,045
	10,111	Jack in the Box, Inc.		884,510
	20,150	Marriott Vacations Worldwide Corp.		3,404,947
	15,183	Papa John’s International, Inc.		2,026,475
	45,529	Scientific Games Corp., Class A*		3,042,703
	36,938	Six Flags Entertainment Corp.*		1,572,820
	32,984	Texas Roadhouse, Inc., Class A		2,944,812
	40,957	Travel + Leisure Co.		2,263,693
	83,155	Wendy’s Co. (The)		1,983,247
	14,082	Wingstop, Inc.		2,433,370
	44,062	Wyndham Hotels & Resorts, Inc.		3,950,158

				34,796,517

Household Durables (2.0%):
	11,382	Helen of Troy, Ltd.*		2,782,558
	40,397	KB Home		1,806,958
	62,866	Leggett & Platt, Inc.		2,587,565
	57,468	Taylor Morrison Home Corp., Class A*		2,009,081
	90,738	Tempur Sealy International, Inc.		4,267,408
	53,631	Toll Brothers, Inc.		3,882,348
	15,519	TopBuild Corp.*		4,281,847
	51,846	Tri Pointe Homes, Inc.*		1,445,985

				23,063,750

Household Products (0.1%):
	29,382	Energizer Holdings, Inc.		1,178,218

Industrial Conglomerates (0.5%):
	24,644	Carlisle Cos., Inc.		6,114,669

Insurance (3.7%):
	6,420	Alleghany Corp.*		4,285,928
	31,179	American Financial Group, Inc.		4,281,500
	37,622	Brighthouse Financial, Inc.*		1,948,820
	58,123	CNO Financial Group, Inc.		1,385,652
	51,738	First American Financial Corp.		4,047,464
	16,917	Hanover Insurance Group, Inc. (The)		2,217,142
	28,520	Kemper Corp.		1,676,691
	10,159	Kinsale Capital Group, Inc.		2,416,724
	11,963	Mercury General Corp.		634,757
	134,577	Old Republic International Corp.		3,307,903
	18,639	Primerica, Inc.		2,856,799
	32,053	Reinsurance Group of America, Inc.		3,509,483
	21,691	RenaissanceRe Holdings, Ltd.		3,672,937
	18,870	RLI Corp.		2,115,327
	28,452	Selective Insurance Group, Inc.		2,331,357
	96,771	Unum Group		2,377,663

				43,066,147

Interactive Media & Services (0.2%):
	45,826	TripAdvisor, Inc.*		1,249,217
	32,263	Yelp, Inc.*		1,169,211

				2,418,428

IT Services (2.1%):
	23,215	Alliance Data Systems Corp.		1,545,422
	20,222	Concentrix Corp.		3,612,054
	81,548	Genpact, Ltd.		4,328,568
	85,546	Kyndryl Holdings, Inc.*		1,548,383
	32,407	LiveRamp Holdings, Inc.*		1,553,916
	29,124	MAXIMUS, Inc.		2,320,309


Shares			Value
Common Stocks, continued
IT Services, continued
	155,070	Sabre Corp.*	$	1,332,051
	50,902	Teradata Corp.*		2,161,808
	189,483	Western Union Co. (The.)		3,380,377
	20,901	WEX, Inc.*		2,934,291

				24,717,179

Leisure Products (1.3%):
	36,504	Brunswick Corp.		3,677,048
	55,914	Callaway Golf Co.*		1,534,280
	165,130	Mattel, Inc.*		3,560,203
	26,886	Polaris, Inc.		2,955,040
	41,309	YETI Holdings, Inc.*		3,421,625

				15,148,196

Life Sciences Tools & Services (1.0%):
	47,892	Bruker Corp.		4,018,618
	13,552	Medpace Holdings, Inc.*		2,949,457
	48,874	Syneos Health, Inc.*		5,018,382

				11,986,457

Machinery (5.0%):
	28,841	AGCO Corp.		3,346,133
	63,471	Colfax Corp.*		2,917,762
	23,591	Crane Co.		2,399,912
	58,017	Donaldson Co., Inc.		3,438,087
	61,901	Flowserve Corp.		1,894,171
	80,112	Graco, Inc.		6,458,630
	40,505	ITT, Inc.		4,139,206
	39,961	Kennametal, Inc.		1,435,000
	27,962	Lincoln Electric Holdings, Inc.		3,899,860
	26,219	Middleby Corp. (The)*		5,158,851
	25,475	Nordson Corp.		6,503,003
	32,351	Oshkosh Corp.		3,646,281
	33,338	Terex Corp.		1,465,205
	32,377	Timken Co.		2,243,402
	50,298	Toro Co. (The)		5,025,273
	37,747	Trinity Industries, Inc.		1,139,959
	29,676	Woodward, Inc.		3,248,335

				58,359,070

Marine (0.1%):
	28,630	Kirby Corp.*		1,701,195

Media (1.0%):
	2,336	Cable One, Inc.		4,119,419
	20,930	John Wiley & Sons, Inc., Class A		1,198,661
	78,758	New York Times Co. (The), Class A		3,804,012
	104,941	Tegna, Inc.		1,947,705

				11,069,797

Metals & Mining (2.6%):
	88,189	Alcoa Corp.		5,254,301
	214,499	Cleveland-Cliffs, Inc.*		4,669,643
	57,284	Commercial Metals Co.		2,078,836
	15,881	Compass Minerals International, Inc.		811,202
	29,400	Reliance Steel & Aluminum Co.		4,769,268
	30,963	Royal Gold, Inc.		3,257,617
	88,861	Steel Dynamics, Inc.		5,515,602
	127,533	United States Steel Corp.		3,036,561
	14,785	Worthington Industries, Inc.		808,148

				30,201,178


Shares			Value
Common Stocks, continued
Multiline Retail (0.8%):
	70,953	Kohl’s Corp.	$	3,504,369
	142,895	Macy’s, Inc.		3,740,991
	51,895	Nordstrom, Inc.*^		1,173,865
	28,327	Ollie’s Bargain Outlet Holdings, Inc.*		1,450,059

				9,869,284

Multi-Utilities (0.6%):
	30,103	Black Hills Corp.		2,124,369
	95,848	MDU Resources Group, Inc.		2,955,952
	24,727	NorthWestern Corp.		1,413,395

				6,493,716

Oil, Gas & Consumable Fuels (1.7%):
	155,094	Antero Midstream Corp.		1,501,310
	99,228	CNX Resources Corp.*		1,364,385
	45,934	DT Midstream, Inc.		2,203,913
	142,713	EQT Corp.*		3,112,571
	193,218	Equitrans Midstream Corp.		1,997,874
	70,809	HollyFrontier Corp.		2,321,119
	69,008	Murphy Oil Corp.		1,801,799
	107,924	Targa Resources Corp.		5,637,950

				19,940,921

Paper & Forest Products (0.3%):
	41,473	Louisiana-Pacific Corp.		3,249,410

Personal Products (0.2%):
	159,517	Coty, Inc., Class A*		1,674,929
	23,391	Nu Skin Enterprises, Inc., Class A		1,187,093

				2,862,022

Pharmaceuticals (0.5%):
	28,973	Jazz Pharmaceuticals plc*		3,691,160
	63,320	Perrigo Co. plc		2,463,148

				6,154,308

Professional Services (1.6%):
	24,405	ASGN, Inc.*		3,011,577
	10,988	CACI International, Inc., Class A*		2,958,080
	16,230	FTI Consulting, Inc.*		2,490,007
	17,054	Insperity, Inc.		2,014,248
	66,421	KBR, Inc.		3,162,968
	25,662	ManpowerGroup, Inc.		2,497,682
	27,041	Science Applications International Corp.		2,260,357

				18,394,919

Real Estate Management & Development (0.6%):
	23,789	Jones Lang LaSalle, Inc.*		6,407,329

Road & Rail (1.7%):
	18,890	Avis Budget Group, Inc.*		3,917,219
	78,222	Knight-Swift Transportation Holdings, Inc.		4,766,849
	18,051	Landstar System, Inc.		3,231,490
	25,512	Ryder System, Inc.		2,102,954
	12,414	Saia, Inc.*		4,183,891
	28,117	Werner Enterprises, Inc.		1,340,056

				19,542,459

Semiconductors & Semiconductor Equipment (4.3%):
	46,649	Amkor Technology, Inc.		1,156,429
	35,043	Azenta, Inc.		3,613,284
	26,873	Cirrus Logic, Inc.*		2,472,853
	13,398	CMC Materials, Inc.		2,568,263


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	46,608	First Solar, Inc.*	$	4,062,353
	64,546	Lattice Semiconductor Corp.*		4,973,915
	26,140	MKS Instruments, Inc.		4,552,804
	28,437	Power Integrations, Inc.		2,641,513
	30,292	Semtech Corp.*		2,693,867
	18,950	Silicon Laboratories, Inc.*		3,911,659
	7,064	SiTime Corp.*		2,066,503
	38,325	SunPower Corp.*^		799,843
	18,510	Synaptics, Inc.*		5,358,830
	20,443	Universal Display Corp.		3,373,708
	54,624	Wolfspeed, Inc.*		6,105,324

				50,351,148

Software (3.5%):
	55,414	ACI Worldwide, Inc.*		1,922,866
	31,458	Aspen Technology, Inc.*		4,787,908
	19,614	Blackbaud, Inc.*		1,549,114
	55,776	CDK Global, Inc.		2,328,090
	17,794	Cerence, Inc.*		1,363,732
	21,402	CommVault Systems, Inc.*		1,475,026
	41,445	Digital Turbine, Inc.*		2,527,730
	18,183	Envestnet, Inc.*		1,442,639
	12,895	Fair Isaac Corp.*		5,592,175
	22,802	J2 Global, Inc.*		2,527,830
	29,827	Manhattan Associates, Inc.*		4,637,800
	29,104	Mimecast, Ltd.*		2,315,805
	18,674	Paylocity Holding Corp.*		4,410,052
	15,878	Qualys, Inc.*		2,178,779
	44,064	Sailpoint Technologies Holdings, Inc.*		2,130,054

				41,189,600

Specialty Retail (3.3%):
	72,630	American Eagle Outfitters, Inc.		1,838,992
	18,843	AutoNation, Inc.*		2,201,805
	30,576	Dick’s Sporting Goods, Inc.		3,515,934
	26,405	Five Below, Inc.*		5,462,930
	42,823	Foot Locker, Inc.		1,868,368
	29,030	GameStop Corp., Class A*^		4,307,762
	14,272	Lithia Motors, Inc.		4,238,070
	11,094	Murphy U.S.A., Inc.		2,210,369
	8,176	RH*		4,381,845
	30,304	Urban Outfitters, Inc.*		889,725
	34,150	Victoria’s Secret & Co.*		1,896,691
	35,048	Williams-Sonoma, Inc.		5,927,668

				38,740,159

Technology Hardware, Storage & Peripherals (0.3%):
	62,217	NCR Corp.*		2,501,123
	65,761	Xerox Holdings Corp.		1,488,829

				3,989,952


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (1.9%):
	70,924	Capri Holdings, Ltd.*	$	4,603,677
	19,922	Carter’s, Inc.		2,016,505
	16,312	Columbia Sportswear Co.		1,589,441
	27,737	Crocs, Inc.*		3,556,438
	12,996	Deckers Outdoor Corp.*		4,760,565
	164,595	Hanesbrands, Inc.		2,752,028
	63,725	Skechers U.S.A., Inc., Class A*		2,765,665

				22,044,319

Thrifts & Mortgage Finance (0.7%):
	51,427	Essent Group, Ltd.		2,341,471
	153,461	MGIC Investment Corp.		2,212,908
	219,857	New York Community Bancorp, Inc.		2,684,454
	30,706	Washington Federal, Inc.		1,024,966

				8,263,799

Trading Companies & Distributors (0.9%):
	16,895	GATX Corp.		1,760,290
	22,326	MSC Industrial Direct Co., Inc., Class A		1,876,723
	80,994	Univar Solutions, Inc.*		2,296,180
	15,567	Watsco, Inc.		4,870,603

				10,803,796

Water Utilities (0.5%):
	108,407	Essential Utilities, Inc.		5,820,372

	Total Common Stocks (Cost $774,545,401)			1,160,122,522


Principal Amount			Value
Short-Term Security Held as Collateral for Securities on Loan (0.8%):
	9,132,721	BlackRock Liquidity FedFund, Institutional Class , 0.03%(a)(b)		9,132,721

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $9,132,721)			9,132,721


Shares			Value
Unaffiliated Investment Company (0.4%):
Money Markets (0.4%):
	5,170,698	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(b)		5,170,698

	Total Unaffiliated Investment Company (Cost $5,170,698)			5,170,698

	Total Investment Securities (Cost $788,848,820) — 100.8%(c)			1,174,425,941
	Net other assets (liabilities) — (0.8)%			(9,144,690	)

	Net Assets — 100.0%		$	1,165,281,251

Statement of Assets and Liabilities

December 31, 2021


Assets:
Investment securities, at cost	$	788,848,820

Investment securities, at value(a)	$	1,174,425,941
Cash		7,390
Deposit at broker for futures contracts collateral		300,000
Interest and dividends receivable		1,075,515
Receivable for investments sold		41,000
Receivable for variation margin on futures contracts		4,243
Reclaims receivable		2,114
Prepaid expenses		5,983

Total Assets		1,175,862,186

Liabilities:
Payable for capital shares redeemed		693,928
Payable for collateral received on loaned securities		9,132,721
Manager fees payable		244,208
Administration fees payable		176,133
Distribution fees payable		232,181
Custodian fees payable		7,147
Administrative and compliance services fees payable		2,126
Transfer agent fees payable		2,317
Trustee fees payable		11,943
Other accrued liabilities		78,231

Total Liabilities		10,580,935

Net Assets	$	1,165,281,251

Net Assets Consist of:
Paid in capital	$	590,594,259
Total distributable earnings		574,686,992

Net Assets	$	1,165,281,251

Class 1
Net Assets	$	58,069,654
Shares of beneficial interest (unlimited number of shares authorized, no par value)		6,562,722
Net Asset Value (offering and redemption price per share)	$	8.85

Class 2
Net Assets	$	1,107,211,597
Shares of beneficial interest (unlimited number of shares authorized, no par value)		39,187,706
Net Asset Value (offering and redemption price per share)	$	28.25

(a)	Includes securities on loan of $8,719,270.

Statement of Operations

For the Year Ended December 31, 2021


Investment Income:
Dividends	$	15,598,687
Income from securities lending		19,337
Foreign withholding tax		(2,158	)

Total Investment Income		15,615,866

Expenses:
Management fees		2,940,272
Administration fees		405,707
Distribution fees — Class 2		2,797,409
Custodian fees		39,011
Administrative and compliance services fees		13,633
Transfer agent fees		10,295
Trustee fees		57,418
Professional fees		52,181
Licensing fees		212,650
Shareholder reports		35,150
Other expenses		21,528

Total expenses		6,585,254

Net Investment Income/(Loss)		9,030,612

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		195,119,202
Net realized gains/(losses) on futures contracts		1,749,393
Change in net unrealized appreciation/depreciation on securities and foreign currencies		40,684,904
Change in net unrealized appreciation/depreciation on futures contracts		64,726

Net realized and Change in net unrealized gains/losses on investments		237,618,225

Change in Net Assets Resulting From Operations	$	246,648,837

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Mid Cap Index Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund may invest in private placement securities which are securities issued by corporations without registration under the Securities Act of 1933, as amended (the “1933 Act”), in reliance on a “private placement” exemption. These unregistered securities may be restricted and generally are sold to institutional investors, such as the Fund, who agree that they are purchasing the securities for investment and not with a view to public distribution. Unregistered securities are normally resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in such securities.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,894 during the year ended December 31, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $9,132,721 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2021. At December 31, 2021, there were no master netting provisions in the securities lending agreement.

During the year ended December 31, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended December 31, 2021, the monthly average notional amount for long contracts was $7.9 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.