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, 2022?*

During the 12-month period, the AZL DFA Five-Year Global Fixed Income Fund returned (6.82)%. That compares to a total return of (4.49)% for the FTSE World Government Bond Index, 1-5 Years, (currency-hedged to USD), the Fund’s primary benchmark.¹

In global developed markets and the U.S. Treasury fixed-income market, interest rates rose sharply throughout the year in response to inflationary pressures. Yield curves in global developed markets generally flattened and inverted in some cases during the year in the Fund’s eligible maturity range. Credit spreads widened during the year. Longer-term bonds underperformed shorter-term bonds, and corporate bonds underperformed government bonds.

The Fund underperformed its benchmark during the period. As eligible yield curves flattened during the second half of the year, the Fund increased its emphasis on bonds in the zero- to three-year maturity range. These moves benefited relative performance as shorter-term interest rates rose. However, in the first half of the year, the Fund’s holdings had a longer duration than the benchmark and contained more bonds with a four- to five-year maturity than the benchmark. The Fund also held fewer bonds in the one- to

two-year maturity range relative to the benchmark. These under- and overweightings detracted from the Fund’s relative performance.

The Fund also held fewer Japanese yen-denominated bonds than the benchmark. This underweighting also detracted from its relative performance, as these bonds were among the strongest performers during the period.

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, 2022.

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 in a universe of U.S. and foreign debt 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.

Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk.

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, 2022
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA Five-Year Global Fixed Income Fund		(6.82	)%		(2.69	)%		(0.71	)%		(0.21	)%
FTSE World Government Bond Index, 1-5 Years, Currency-Hedged in USD Terms		(4.49	)%		(0.75	)%		0.73	%		0.85	%

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		0.91	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2024. 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, 2024. Additional information pertaining to the December 31, 2022 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 (7.3%):
Capital Markets (0.4%):
$	1,629,000	National Securities Clearing Corp., 0.75%, 12/7/25, Callable 11/7/25 @ 100(a)	$	1,444,495

Diversified Financial Services (1.2%):
	4,160,000	Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100		3,995,476

Food Products (0.3%):
	1,248,000	Nestle Holdings, Inc., 0.63%, 1/15/26, Callable 12/15/25 @ 100(a)		1,107,731

Health Care (0.6%):
	2,000,000	Roche Holdings, Inc., 3.35%, 9/30/24, Callable 6/30/24 @ 100(a)		1,950,808

Household Products (1.3%):
	300,000	Procter & Gamble Co. (The), 0.63%, 10/30/24		306,987
	4,406,000	Procter & Gamble Co. (The), 1.00%, 4/23/26		3,938,374

				4,245,361

Internet & Direct Marketing Retail (1.6%):
	2,000,000	Amazon.com, Inc., Class A, 2.73%, 4/13/24		1,950,340
	1,500,000	Amazon.com, Inc., 0.45%, 5/12/24		1,415,116
	2,241,000	Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100		1,989,764

				5,355,220

Oil, Gas & Consumable Fuels (0.3%):
	100,000	Chevron Corp., 1.55%, 5/11/25, Callable 4/11/25 @ 100		93,231
	754,000	Chevron USA, Inc., 0.69%, 8/12/25, Callable 7/12/25 @ 100		675,217
	200,000	Exxon Mobil Corp., 0.14%, 6/26/24, Callable 5/26/24 @ 100		204,151

				972,599

Pharmaceuticals (1.3%):
	462,000	Merck & Co., Inc., 0.75%, 2/24/26, Callable 1/24/26 @ 100		409,952
	400,000	Novartis Capital Corp., 3.40%, 5/6/24		391,902
	2,400,000	Roche Holdings, Inc., 1.88%, 3/8/24(a)		2,322,521
	1,106,000	Roche Holdings, Inc., 0.99%, 3/5/26, Callable 2/5/26 @ 100(a)		987,493

				4,111,868

Technology Hardware, Storage & Peripherals (0.3%):
	1,000,000	Apple, Inc., 2.51%, 8/19/24, Callable 6/19/24 @ 100		711,612
	231,000	Apple, Inc., 1.13%, 5/11/25, Callable 4/11/25 @ 100		212,632

				924,244

	Total Corporate Bonds (Cost $26,030,033)			24,107,802

Foreign Bonds (54.1%):
Banks (7.1%):
	3,000,000	Bank of Montreal, 2.89%, 6/20/23+		2,193,625
	700,000	Bank of Montreal, 2.70%, 9/11/24+		498,309
	1,200,000	Bank of Nova Scotia (The), 2.29%, 6/28/24+		852,223
	22,000	BNP Paribas SA, 2.88%, 9/26/23, MTN+		23,571
	3,200,000	Canadian Imperial Bank of Commerce, 2.97%, 7/11/23+		2,338,165
	1,300,000	Dexia Credit Local SA, 0.50%, 7/22/23+		1,541,022
	600,000	Dexia Credit Local SA, 1.63%, 12/8/23, MTN+		711,488
	1,700,000	Dexia Credit Local SA, 1.25%, 11/26/24+		1,751,565


Principal Amount			Value
Foreign Bonds, continued
Banks, continued
$	600,000	DNB Bank ASA, 0.05%, 11/14/23, MTN+	$	625,841
	200,000	National Australia Bank, Ltd., 0.25%, 5/20/24, MTN+		205,921
	500,000	National Australia Bank, Ltd., 2.90%, 2/25/27, MTN+		311,460
	600,000	Nordic Investment Bank, 3.40%, 2/6/26, MTN+		397,428
	1,350,000	Royal Bank of Canada, 2.33%, 12/5/23+		972,862
	500,000	Royal Bank of Canada, 4.20%, 6/22/26, MTN+		330,833
	1,300,000	Svenska Handelsbanken AB, 0.13%, 6/18/24, MTN+		1,326,464
	200,000	Svenska Handelsbanken AB, 1.00%, 4/15/25, MTN+		202,862
	4,300,000	Toronto-Dominion Bank (The), 3.01%, 5/30/23+		3,150,422
	2,500,000	Toronto-Dominion Bank (The), 1.91%, 7/18/23+		1,815,316
	200,000	Toronto-Dominion Bank (The), 0.63%, 7/20/23, MTN+		211,626
	2,500,000	Toronto-Dominion Bank (The), 3.23%, 7/24/24+		1,797,071
	600,000	Westpac Banking Corp., 0.75%, 10/17/23, MTN+		631,794
	2,400,000	Westpac Banking Corp., 4.13%, 6/4/26, MTN+		1,593,242

				23,483,110

Capital Markets (1.5%):
	1,500,000	FMS Wertmanagement, 0.63%, 12/15/23+		1,758,956
	100,000	FMS Wertmanagement, 1.38%, 3/7/25+		113,185
	1,000,000	International Finance Corp., 4.00%, 4/3/25, MTN+		679,099
	3,500,000	International Finance Corp., 3.20%, 7/22/26, MTN+		2,300,773

				4,852,013

Diversified Financial Services (8.8%):
	1,000,000	Agence Francaise de Developpement EPIC, 4.00%, 3/14/23+		1,072,309
	2,600,000	Agence Francaise de Developpement EPIC, 3.13%, 1/4/24, MTN+		2,783,774
	290,000	Berkshire Hathaway, Inc., 3.54%, 3/12/25, Callable 2/12/25 @ 100+		287,588
	1,000,000	BNG Bank NV, 3.88%, 5/26/23+		1,075,788
	200,000	BNG Bank NV, 0.05%, 7/11/23, MTN+		211,056
	2,360,000	BNG Bank NV, 3.25%, 7/15/25, MTN+		1,563,925
	1,000,000	Caisse D Amortissement de La Dette Sociale, 1.38%, 11/25/24, MTN+		1,032,815
	73,000	Council Of Europe Development Bank, 0.13%, 5/25/23, MTN+		77,429
	500,000	CPPIB Capital, Inc., 0.38%, 7/25/23+		592,525
	1,400,000	CPPIB Capital, Inc., 0.38%, 6/20/24, MTN+		1,435,962
	700,000	CPPIB Capital, Inc., 0.88%, 12/17/24+		787,460
	420,000	European Financial Stability Facility, 0.13%, 10/17/23, MTN+		440,575
	1,100,000	European Financial Stability Facility, 2.13%, 2/19/24, MTN+		1,166,766
	700,000	European Financial Stability Facility, 2.93%, 4/19/24+		721,630
	549,000	European Financial Stability Facility, 1.75%, 6/27/24, MTN+		577,046
	200,000	European Financial Stability Facility, 0.40%, 2/17/25, MTN+		202,622
	120,000	European Financial Stability Facility, 0.50%, 7/11/25, MTN+		120,771
	550,000	European Financial Stability Facility, 2.96%, 10/15/25+		542,612
	600,000	European Investment Bank, 0.00%, 10/16/23+		629,039
	140,000	European Investment Bank, 0.50%, 11/15/23, MTN+		147,005
	1,310,000	European Investment Bank, 0.88%, 12/15/23, MTN+		1,539,734
	200,000	European Investment Bank, 0.05%, 12/15/23, MTN+		208,545


Principal Amount			Value
Foreign Bonds, continued
Diversified Financial Services, continued
$	7,000,000	European Investment Bank, 0.75%, 9/9/24, MTN+	$	685,799
	200,000	European Investment Bank, 0.88%, 9/13/24, MTN+		206,486
	500,000	European Investment Bank, 0.75%, 11/15/24, MTN+		565,819
	1,122,000	European Investment Bank, 1.38%, 3/7/25, MTN+		1,270,824
	140,000	European Investment Bank, 3.03%, 3/25/25, MTN+		140,181
	2,000,000	European Investment Bank, 1.25%, 5/12/25, MTN+		182,200
	800,000	European Investment Bank, 2.90%, 10/17/25, MTN+		526,545
	500,000	European Stability Mechanism, 0.10%, 7/31/23+		527,646
	366,000	European Stability Mechanism, 0.13%, 4/22/24, MTN+		377,677
	800,000	European Stability Mechanism, 3.01%, 12/16/24+		807,989
	900,000	European Stability Mechanism, 3.01%, 3/14/25+		902,485
	350,000	Kommunalbanken AS, 1.00%, 12/12/24, MTN+		395,156
	600,000	Kommunekredit, 2.00%, 6/25/24, MTN+		700,239
	150,000	Kommunekredit, 0.38%, 11/15/24+		167,795
	1,000,000	Kommuninvest I Sverige AB, 1.00%, 11/13/23, MTN+		94,253
	500,000	Kreditanstalt fuer Wiederaufbau, 3.20%, 9/11/26, MTN+		328,808
	1,100,000	Landwirtschaftliche Rentenbank, 4.75%, 5/6/26, MTN+		761,160
	300,000	Nederlandse Waterschapsbank NV, 3.00%, 11/16/23+		320,977
	1,050,000	Nederlandse Waterschapsbank NV, 2.00%, 12/16/24, MTN+		1,206,966
	300,000	NRW Bank, 1.38%, 12/15/23+		354,003
	800,000	NRW Bank, 0.38%, 12/16/24, MTN+		892,160
	500,000	Op Corporate Bank PLC, 1.00%, 5/22/25, MTN+		503,425

				29,135,569

Financial Services (1.0%):
	255,000	International Development Association, 0.75%, 12/12/24+		287,045
	1,300,000	OMERS Finance Trust, 0.45%, 5/13/25+		1,296,577
	950,000	Ontario Teachers’ Finance Trust, 0.50%, 5/6/25+		948,821
	900,000	PSP Capital, Inc., 2.09%, 11/22/23+		650,063

				3,182,506

Financials (0.1%):
	150,000	Euroclear Bank SA, 0.13%, 7/7/25, MTN+		147,703

Health Care (0.1%):
	100,000	Novo Nordisk Finance Netherlands BV, 0.75%, 3/31/25, Callable 2/28/25 @ 100, MTN+		100,961
	200,000	Roche Finance Europe BV, 0.88%, 2/25/25, Callable 11/25/24 @ 100, MTN+		206,803

				307,764

Industrial Services (1.3%):
	613,000	Network Rail Infrastructure Finance plc, 4.75%, 1/22/24, MTN+		744,426
	1,100,000	Societe Nationale SNCF SA, 4.88%, 6/12/23+		1,186,451
	800,000	Societe Nationale SNCF SA, 4.63%, 2/2/24+		868,242
	1,250,000	Societe Nationale SNCF SA, 4.13%, 2/19/25, MTN+		1,357,431

				4,156,550

Insurance (0.3%):
	600,000	UNEDIC ASSEO, 2.38%, 5/25/24, MTN+		634,645
	400,000	UNEDIC ASSEO, 0.13%, 11/25/24, MTN+		403,455

				1,038,100


Principal Amount			Value
Foreign Bonds, continued
National (3.3%):
$	1,200,000	Agence Francaise de Developpement EPIC, 3.23%, 3/25/25, MTN+	$	1,196,404
	600,000	BNG Bank NV, 2.00%, 4/12/24, MTN+		703,293
	200,000	Bpifrance SACA, 0.75%, 11/25/24+		204,485
	200,000	Bpifrance SACA, 0.50%, 5/25/25, MTN+		200,775
	1,000,000	Export Development Canada, 1.38%, 12/8/23, MTN+		1,181,546
	500,000	Export Development Canada, 3.27%, 1/27/25, MTN+		500,578
	400,000	Kreditanstalt fuer Wiederaufbau, 0.13%, 10/4/24+		407,993
	540,000	Kreditanstalt fuer Wiederaufbau, 2.90%, 11/15/24, MTN+		547,785
	1,120,000	Kreditanstalt fuer Wiederaufbau, 2.95%, 2/18/25, MTN+		1,126,605
	159,000	Kreditanstalt fuer Wiederaufbau, 0.38%, 4/23/25+		160,465
	1,200,000	Kreditanstalt Fuer Wiederaufbau, 0.88%, 7/18/24, MTN+		1,375,821
	64,000	Kreditanstalt Fuer Wiederaufbau, 0.01%, 3/31/25, MTN+		64,149
	2,500,000	Oesterreichische Kontrollbank AG, 0.00%, 4/6/23, MTN+		2,660,705
	400,000	Oesterreichische Kontrollbank AG, 1.25%, 12/15/23, MTN+		471,535

				10,802,139

Oil, Gas & Consumable Fuels (0.4%):
	590,000	Shell International Finance BV, 1.13%, 4/7/24+		615,284
	300,000	Shell International Finance BV, 0.50%, 5/11/24, MTN+		309,678
	500,000	Shell International Finance BV, 0.75%, 5/12/24, MTN+		517,831

				1,442,793

Pharmaceuticals (0.1%):
	200,000	Abbott Ireland Financing DAC, 0.10%, 11/19/24, Callable 10/19/24 @ 100+		201,606
	100,000	Sanofi, 0.88%, 4/6/25, Callable 3/6/25 @ 100+		102,182

				303,788

Regional & Local (2.6%):
	15,000,000	Kommuninvest I Sverige AB, 1.00%, 10/2/24, MTN+		1,380,982
	15,000,000	Kommuninvest I Sverige AB, 1.00%, 5/12/25, MTN+		1,358,631
	1,000,000	Province of Alberta Canada, 0.50%, 4/16/25+		1,005,512
	1,300,000	Province of Alberta Canada, 0.63%, 4/18/25+		1,309,712
	700,000	Province of Quebec Canada, 0.88%, 1/15/25+		712,961
	4,000,000	Queensland Treasury Corp., 3.25%, 7/21/26+(a)		2,654,097
	200,000	State of Hesse, 3.14%, 3/10/25+		200,049

				8,621,944

Sovereign Bond (24.3%):
	23,000,000	African Development Bank, 0.24%, 4/14/23, MTN+		2,189,511
	150,000	Asian Development Bank, 2.50%, 12/19/24, MTN+		175,160
	1,000,000	Asian Development Bank, 3.75%, 3/12/25, MTN+		675,280
	1,000,000	Asian Development Bank, 0.50%, 5/5/26, MTN+		603,065
	600,000	Austria Treasury Bill, 0.00%, 4/27/23+(b)		637,728
	5,000,000	Denmark Government Bond, 1.50%, 11/15/23+		712,249
	66,000,000	Denmark Government Bond, 2.82%, 11/15/24+		9,020,076
	200,000	European Union, 1.88%, 4/4/24+		211,435
	600,000	European Union, 0.50%, 4/4/25, MTN+		608,669
	4,920,000	European Union, 0.80%, 7/4/25+		4,993,985
	700,000	Finland Government Bond, 2.93%, 9/15/24+(a)		713,179
	1,300,000	Finland Government Bond, 0.88%, 9/15/25+(a)		1,320,662


Principal Amount			Value
Foreign Bonds, continued
Sovereign Bond, continued
$	600,000	French Republic Government Bond OAT, 0.00%, 3/25/24+	$	619,766
	100,000	French Republic Government Bond OAT, 2.25%, 5/25/24+		106,120
	300,000	French Republic Government Bond OAT, 1.75%, 11/25/24+		314,443
	3,200,000	French Republic Government Bond OAT, 2.89%, 2/25/25+(b)		3,220,824
	1,100,000	Inter American Development Bank, 1.38%, 12/15/24+		1,253,166
	300,000	Inter-American Development Bank, 2.75%, 10/30/25, MTN+		196,441
	300,000	Inter-American Development Bank, 4.25%, 6/11/26, MTN+		204,075
	2,500,000	International Bank for Reconstruction & Development, 0.50%, 5/18/26, MTN+		1,503,594
	4,950,000	Ireland Government Bond, 3.40%, 3/18/24+		5,331,878
	3,400,000	Irish Government, 5.40%, 3/13/25+		3,825,328
	600,000	Kingdom of Belgium Government Bond, 2.60%, 6/22/24+(a)		639,802
	3,300,000	Kingdom of Belgium Government Bond, 0.50%, 10/22/24+(a)		3,392,114
	900,000	Kingdom of Belgium Government Bond, 0.80%, 6/22/25+(a)		919,342
	100,000	Kuntarahoitus OYJ, 0.13%, 3/7/24, MTN+		103,366
	300,000	Kuntarahoitus OYJ, 0.00%, 11/15/24+		302,566
	1,300,000	Kuntarahoitus OYJ, 0.88%, 12/16/24, MTN+		1,464,232
	450,000	Landeskreditbank Baden Wuerttemberg Foerderbank, 1.38%, 12/15/23, MTN+		531,309
	1,154,000	Landeskreditbank Baden Wuerttemberg Foerderbank, 0.38%, 12/9/24, MTN+		1,293,511
	750,000	Netherlands Government Bond, 0.00%, 1/15/24+(a)		779,524
	2,100,000	Netherlands Government Bond, 2.00%, 7/15/24+(a)		2,220,652
	300,000	Netherlands Government Bond, 0.25%, 7/15/25+(a)		301,920
	8,700,000	New South Wales Treasury Corp., 4.00%, 5/20/26+		5,920,948
	2,900,000	New Zealand Government Bond, 5.50%, 4/15/23+		1,844,479
	500,000	New Zealand Government Bond, 0.50%, 5/15/24+		298,214
	4,500,000	New Zealand Local Government Funding Agency Bond, 2.25%, 4/15/24+		2,740,336
	500,000	New Zealand Local Government Funding Agency Bond, 2.75%, 4/15/25+		298,917
	11,100,000	Norway Government Bond, 1.75%, 3/13/25+(a)		1,101,764
	21,500,000	Norwegian Government, 3.00%, 3/14/24+(a)		2,192,496
	3,500,000	Province of Ontario Canada, 2.60%, 9/8/23+		2,550,259
	100,000	Province of Ontario Canada, 0.50%, 12/15/23+		117,045
	600,000	Province of Ontario Canada, 0.38%, 6/14/24+		615,226
	100,000	Province of Ontario Canada, 0.88%, 1/21/25, MTN+		101,781
	500,000	Province of Ontario Canada, 3.10%, 8/26/25, MTN+		329,128
	300,000	Province of Quebec Canada, 0.75%, 12/13/24+		337,193
	1,000,000	Republic of Austria, 1.65%, 10/21/24+(a)		1,045,573
	550,000	Republic of Austria Government Bond, 1.75%, 10/20/23+(a)		583,189
	700,000	State of North Rhine-Westphalia Germany, 0.63%, 12/16/24+		784,938
	100,000	Svensk Exportkredit AB, Series E, 1.38%, 12/15/23, MTN+		117,962
	18,000,000	Sweden Government Bond, 1.50%, 11/13/23+(a)		1,703,503
	17,000,000	Sweden Government Bond, 2.50%, 5/12/25+(a)		1,618,253
	7,000,000	Sweden Treasury Bill, 0.00%, 6/21/23+(a)(b)		663,319
	7,700,000	Treasury Corp. of Victoria, 0.50%, 11/20/25, MTN+		4,749,106

				80,098,601


Principal Amount			Value
Foreign Bonds, continued
Supranationals (3.2%):
$	4,600,000	Asian Development Bank, 1.38%, 12/15/23, MTN+	$	5,432,552
	438,000	Council Of Europe Development Bank, 0.38%, 3/27/25, MTN+		440,353
	100,000	Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, 0.25%, 2/9/24, MTN+		103,549
	2,800,000	Inter American Development Bank, 1.25%, 12/15/23+		3,302,575
	500,000	Inter American Development Bank, 2.70%, 1/29/26, MTN+		325,156
	1,100,000	International Bank For Reconstruction, 2.50%, 8/3/23+		802,282
	2,000,000	Nordic Investment Bank, 1.50%, 3/13/25, MTN+		196,529

				10,602,996

Transportation Infrastructure (0.0%^†):
	100,000	SNCF Reseau, 4.50%, 1/30/24+		108,429

	Total Foreign Bonds (Cost $181,342,621)			178,284,005

Yankee Debt Obligations (28.8%):
Banks (8.1%):
	500,000	Australia & New Zealand Banking Group, Ltd., 4.05%, 5/12/25, MTN		335,104
	1,000,000	Commonwealth Bank of Australia, 4.20%, 8/18/25, MTN		672,300
	2,208,000	Commonwealth Bank of Australia, 1.13%, 6/15/26(a)		1,942,333
	20,000	Cooperatieve Rabobank UA, 1.38%, 1/10/25		18,683
	1,400,000	Dexia Credit Local SA, 0.50%, 7/16/24		1,311,328
	400,000	National Australia Bank, Ltd., 1.39%, 1/12/25(a)		373,120
	2,000,000	National Australia Bank, Ltd., 3.90%, 5/30/25, MTN		1,336,360
	1,000,000	National Australia Bank, Ltd., 3.38%, 1/14/26		957,182
	1,690,000	Nordea Bank Abp, 0.75%, 8/28/25(a)		1,510,950
	2,000,000	Skandinaviska Enskilda Banken AB, 0.85%, 9/2/25(a)		1,788,512
	6,779,000	Skandinaviska Enskilda Banken AB, 1.20%, 9/9/26(a)		5,913,139
	1,250,000	Svenska Handelsbanken AB, 0.55%, 6/11/24(a)		1,171,416
	2,663,000	Toronto-Dominion Bank (The), 0.75%, 1/6/26, MTN		2,353,746
	17,000	Toronto-Dominion Bank (The), 1.20%, 6/3/26		15,032
	1,000,000	Westpac Banking Corp., 1.02%, 11/18/24		929,575
	1,891,000	Westpac Banking Corp., 2.35%, 2/19/25		1,794,850
	700,000	Westpac Banking Corp., 2.70%, 3/17/25, MTN		457,153
	1,000,000	Westpac Banking Corp., 2.85%, 5/13/26		937,865
	3,423,000	Westpac Banking Corp., 1.15%, 6/3/26		3,025,805

				26,844,453

Capital Markets (1.5%):
	1,800,000	Erste Abwicklungsanstalt, 0.25%, 3/1/24, MTN		1,708,830
	2,400,000	Erste Abwicklungsanstalt, 0.88%, 10/30/24, MTN		2,238,768
	1,000,000	PSP Capital, Inc., 0.50%, 9/15/24		932,590

				4,880,188

Diversified Financial Services (3.2%):
	4,800,000	Agence Francaise de Developpement EPIC, 0.63%, 1/22/26, MTN		4,267,152
	796,000	Caisse D Amortissement de La Dette Sociale, 3.38%, 3/20/24, MTN		782,986
	541,000	European Investment Bank, 3.25%, 1/29/24		532,252
	900,000	Kommunalbanken AS, 4.25%, 7/16/25, MTN		611,513
	2,800,000	Kommunalbanken AS, 0.60%, 6/1/26, MTN		1,677,041
	2,634,000	Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24		2,498,125

				10,369,069


Principal Amount			Value
Yankee Debt Obligations, continued
National (4.1%):
$	900,000	BNG Bank NV, 3.50%, 8/26/24(a)	$	882,630
	1,665,000	Export Development Canada, 2.63%, 2/21/24		1,624,006
	205,000	FMS Wertmanagement, 2.75%, 1/30/24		200,640
	600,000	Kommunalbanken AS, 0.25%, 12/8/23, MTN		574,850
	300,000	Kommunalbanken AS, 2.75%, 2/5/24		293,844
	1,000,000	Kommunalbanken AS, 2.00%, 6/19/24, MTN		960,360
	1,150,000	Nederlandse Waterschapsbank NV, 1.13%, 3/15/24, MTN		1,100,130
	2,402,000	Oesterreichische Kontrollbank AG, 0.50%, 9/16/24		2,240,206
	2,000,000	Svensk Exportkredit AB, 0.38%, 3/11/24		1,897,868
	1,800,000	Svensk Exportkredit AB, 3.63%, 9/3/24		1,764,587
	2,000,000	Swedish Export Credit, 0.50%, 11/10/23		1,927,314

				13,466,435

Oil, Gas & Consumable Fuels (1.1%):
	4,000,000	Equinor ASA, 1.75%, 1/22/26, Callable 12/22/25 @ 100		3,659,600

Regional & Local (3.2%):
	1,300,000	Kommunekredit, 1.00%, 12/15/23		1,254,968
	1,200,000	Kommuninvest I Sverige, 3.25%, 1/16/24, MTN		1,180,890
	300,000	Kommuninvest I Sverige, 0.38%, 2/16/24		285,396
	3,000,000	Kommuninvest I Sverige AB, 1.38%, 5/8/24, MTN		2,865,186
	1,000,000	Kommuninvest I Sverige AB, 1.38%, 5/8/24(a)		955,062
	1,486,000	Kommuninvest I Sverige AB, 2.88%, 7/3/24(a)		1,444,162
	2,581,000	Landeskreditbank Baden-Wuerttemberg Foerderbank, 2.00%, 7/23/24, MTN		2,477,631

				10,463,295

Sovereign Bond (5.7%):
	844,000	Asian Infrastructure Investment Bank (The), 2.25%, 5/16/24		815,111
	3,714,000	International Bank for Reconstruction & Development, 2.50%, 3/19/24		3,615,278
	500,000	Ontario Province of, 3.40%, 10/17/23		493,670
	600,000	Province of Alberta Canada, 2.95%, 1/23/24		588,122
	1,000,000	Province of Manitoba Canada, 2.60%, 4/16/24		972,701
	2,400,000	Province of Ontario Canada, 3.05%, 1/29/24		2,352,398


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	5,120,000	Province of Quebec Canada, 2.50%, 4/9/24	$	4,973,870
	2,800,000	SFIL SA, 0.63%, 2/9/26, MTN		2,487,800
	2,800,000	Svensk Exportkredit AB, 0.38%, 7/30/24		2,614,212

				18,913,162

Supranationals (1.9%):
	3,528,000	Asian Development Bank, 1.63%, 3/15/24		3,397,623
	454,000	Inter-American Development Bank, 3.00%, 2/21/24		445,450
	1,000,000	Inter-American Development Bank, 3.25%, 7/1/24		979,523
	324,000	Inter-American Investment Corp., 1.75%, 10/2/24		307,871
	1,000,000	International Bank for Reconstruction & Development, 2.25%, 3/28/24		969,697

				6,100,164

	Total Yankee Debt Obligations (Cost $100,045,183)			94,696,366

U.S. Treasury Obligations (9.5%):
U.S. Treasury Notes (9.5%):
	3,750,000	0.13%, 8/15/23		3,644,531
	4,708,700	0.75%, 12/31/23		4,526,238
	5,500,000	0.88%, 1/31/24		5,275,703
	3,000,000	2.50%, 1/31/24		2,928,750
	1,500,000	0.13%, 2/15/24		1,425,000
	8,000,000	0.38%, 4/15/24		7,570,000
	6,400,000	0.25%, 5/15/24		6,024,000

				31,394,222

	Total U.S. Treasury Obligations (Cost $31,648,358)			31,394,222


Shares			Value
Unaffiliated Investment Company (3.1%):
Money Markets (3.1%):
	10,319,797	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b)		10,319,797

	Total Unaffiliated Investment Company (Cost $10,319,797)			10,319,797

	Total Investment Securities (Cost $349,385,992) — 102.8%(c)			338,802,192
	Net other assets (liabilities) — (2.8)%			(9,117,853	)

	Net Assets — 100.0%		$	329,684,339

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, 2022:

At December 31, 2022, 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, 2022


Assets:
Investment securities, at cost	$	349,385,992

Investment securities, at value	$	338,802,192
Interest and dividends receivable		2,053,256
Foreign currency, at value (cost $298,892)		298,146
Unrealized appreciation on forward currency contracts		314,448
Receivable for capital shares issued		196
Prepaid expenses		152

Total Assets		341,468,390

Liabilities:
Unrealized depreciation on forward currency contracts		10,744,575
Payable for investments purchased		792,465
Payable for capital shares redeemed		2,145
Management fees payable		140,550
Administration fees payable		12,686
Distribution fees payable		70,274
Custodian fees payable		7,120
Administrative and compliance services fees payable		1,050
Transfer agent fees payable		968
Trustee fees payable		2,622
Other accrued liabilities		9,596

Total Liabilities		11,784,051

Net Assets	$	329,684,339

Net Assets Consist of:
Paid in capital	$	372,946,968
Total distributable earnings		(43,262,629	)

Net Assets	$	329,684,339

Shares of beneficial interest (unlimited number of shares authorized, no par value)		38,984,281
Net Asset Value (offering and redemption price per share)	$	8.46

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Interest	$	6,232,336
Dividends		82,549
Income from securities lending		3,508

Total Investment Income		6,318,393

Expenses:
Management fees		2,175,842
Administration fees		68,270
Distribution fees		906,596
Custodian fees		29,051
Administrative and compliance services fees		4,606
Transfer agent fees		5,580
Trustee fees		18,424
Professional fees		14,293
Shareholder reports		4,648
Other expenses		9,202

Total expenses before reductions		3,236,512
Less Management fees contractually waived		(362,636	)

Net expenses		2,873,876

Net Investment Income/(Loss)		3,444,517

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(28,397,669	)
Net realized gains/(losses) on forward currency contracts		9,711,677
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(2,409,361	)
Change in net unrealized appreciation/depreciation on forward currency contracts		(10,271,317	)

Net realized and Change in net unrealized gains/losses on investments		(31,366,670	)

Change in Net Assets Resulting From Operations	$	(27,922,153	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL Enhanced Bond Index Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

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.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

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, 2022 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 $342 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund did not have securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, 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, 2022, 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, 2022, 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, 2022, the monthly average notional amount for long contracts was $4.6 million and the monthly average notional amount for short contracts was $115.3 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, 2022:

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, 2022:

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, 2022. 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, 2022.

As of December 31, 2022, 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, 2022:

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, 2022:

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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts 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, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive 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, as applicable.

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 combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds 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:

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 determined pursuant to valuation procedures 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. 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.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 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 have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. 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 valuation procedures approved by the Board, 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 Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022, 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. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

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.

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. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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 ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis 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 the transition period, 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.

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 “Reference Rate Reform (Topic 848)”. ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

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, 2022 is $349,386,721. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of its tax year ended December 31, 2022, 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.

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this 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, except as noted below.

The reorganization, as discussed in Note 1, whereby the AZL Enhanced Bond Index Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

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, 2022 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, 2024 (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 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond 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 2022 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 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. 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”).

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond 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 and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 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 considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. 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.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was 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 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65th percentile (with 14 Funds at or below the 50th percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63rd percentile in the bond index category, but that the Fund’s enhanced bond strategy lacks 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 2019 through 2021. 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. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. 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 (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) 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 June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 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 Fund assets change. 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 seven 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

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	50	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	50	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	50	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	50	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	50	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	50	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

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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

During the 12-month period, the AZL DFA International Core Equity Fund returned (13.49)% (net of fees). That compares to total returns of (14.01)% for the MSCI EAFE Index (gross of withholding taxes) and (13.82)% for the MSCI World Ex-USA Index (gross of withholding taxes), the Fund’s primary benchmarks.¹

In U.S. dollar terms, developed ex-U.S. markets experienced negative performance during the period but outperformed both U.S. and emerging markets. Most developed ex-U.S. market currencies — particularly the Swedish krona and Japanese yen — depreciated relative to the U.S. dollar. 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, mid-cap stocks outperformed small-cap stocks, and large-cap stocks outperformed both. Value stocks outperformed growth stocks across all market cap sizes.

The Fund’s outperformance relative to its benchmarks was primarily driven by its emphasis on value stocks, which outperformed growth stocks in both small- and large-cap markets.

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, 2022
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA International Core Equity Fund		(13.49	)%		1.61	%		0.84	%		2.67	%
MSCI EAFE Index (gross of withholding taxes)		(14.01	)%		1.34	%		2.03	%		3.12	%
MSCI EAFE Index (net of withholding taxes)		(14.45	)%		0.87	%		1.54	%		2.63	%
MSCI World Ex-USA Index (gross of withholding taxes)		(13.82	)%		1.77	%		2.32	%		3.26	%
MSCI World Ex-USA Index (net of withholding taxes)		(14.29	)%		1.27	%		1.79	%		2.74	%


Expense Ratio	Gross
AZL^® DFA International Core Equity Fund		1.31	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. Effective October 1, 2022, the Manager and the Fund have entered into a written agreement reducing the management fee to 0.65% through at least April 30, 2024. Prior to October 1, 2022, the Manager waived the management fee to 0.75%. 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, 2024. Additional information pertaining to the December 31, 2022 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 (99.4%):
Aerospace & Defense (0.7%):
	3,667	Airbus SE	$	435,953
	512	Avon Rubber plc		6,656
	9,225	BAE Systems plc		95,322
	1,760	Bombardier, Inc.*		67,953
	2,289	CAE, Inc.*		44,282
	3,081	Chemring Group plc		11,089
	279	Dassault Aviation SA		47,331
	116	Elbit Systems, Ltd.		18,904
	89	Facc AG*		539
	806	Hensoldt AG		19,070
	865	Kongsberg Gruppen ASA		36,757
	9,452	Leonardo SpA		81,464
	1,132	LISI		23,568
	492	MTU Aero Engines AG		106,473
	16,472	QinetiQ Group plc		71,147
	72,100	Rolls-Royce Holdings plc*		80,705
	1,038	Saab AB		40,870
	330	Safran SA		41,232
	15,312	Senior plc		23,225
	17,800	Singapore Technologies Engineering, Ltd.		44,559
	615	Thales SA		78,608

				1,375,707

Air Freight & Logistics (0.5%):
	900	Apollo Senior Floating Rate Fund, Inc.		10,689
	4,417	BPOST SA		22,758
	2,399	Cia de Distribucion Integral Logista Holdings SA		60,567
	6,355	CTT-Correios de Portugal SA		20,991
	9,311	Deutsche Post AG		350,433
	4,733	Freightways, Ltd.		29,014
	73	ID Logistics Group*		20,972
	20,500	Kerry Network, Ltd.		36,910
	1,800	Konoike Transport Co., Ltd.		21,852
	449	Mainfreight, Ltd.		19,125
	900	Mitsui-Soko Holdings Co., Ltd.		24,471
	1,146	Oesterreichische Post AG^		35,987
	17,081	PostNL NV		31,156
	26,724	Royal Mail plc		68,876
	900	SBS Holdings, Inc.		18,910
	3,000	SG Holdings Co., Ltd.		41,826
	27,700	Singapore Post, Ltd.		10,761
	5,312	Wincanton plc		21,651
	1,400	Yamato Holdings Co., Ltd.		22,260

				869,209

Airlines (0.2%):
	1,500	Air Canada*		21,484
	15,527	Air France-KLM*		20,443
	80,763	Air New Zealand, Ltd.*		37,932
	1,200	ANA Holdings, Inc.*		25,568
	33,347	Cathay Pacific Airways, Ltd.*		36,254
	7,555	Deutsche Lufthansa AG*		62,775
	5,559	easyJet plc*		21,844
	1,128	Exchange Income Corp.		43,852
	1,600	Japan Airlines Co., Ltd.*		32,827
	2,549	JET2 plc		29,576
	5,386	Qantas Airways, Ltd.*		21,681
	12,200	Singapore Airlines, Ltd.		50,288

				404,524


Shares			Value
Common Stocks, continued
Auto Components (1.6%):
	1,000	Aisan Industry Co., Ltd.	$	5,214
	3,500	Aisin Sieki Co., Ltd.		93,239
	7,300	Akebono Brake Industry Co., Ltd.*		8,274
	1,027	Akwel		19,128
	1,404	Arb Corp., Ltd.		24,494
	202	Autoneum Holding AG		22,326
	3,367	Brembo SpA		37,754
	5,800	Bridgestone Corp.		206,521
	1,647	Bulten AB		9,408
	1,998	Cie Automotive SA		51,545
	9,838	Cie Generale des Etablissements Michelin SCA		273,525
	12,732	CIR SpA-Compagnie Industriali*		5,915
	1,263	Continental AG		75,448
	2,800	Daido Metal Co., Ltd.		10,109
	2,400	Daikyonishikawa Corp.		10,086
	1,800	Denso Corp.		88,252
	8,224	Dometic Group AB(a)		53,286
	1,800	Eagle Industry Co., Ltd.		14,700
	673	Edag Engineering Group AG		7,276
	1,724	ElringKlinger AG		12,835
	1,500	Exco Technologies, Ltd.		8,532
	1,700	Exedy Corp.		20,787
	5,309	Faurecia SE*		80,032
	2,300	FCC Co., Ltd.		23,490
	1,000	F-Tech, Inc.		3,855
	4,000	Futaba Industrial Co., Ltd.		10,768
	6,562	Gestamp Automocion SA(a)		25,432
	1,400	G-Tekt Corp.		15,255
	6,206	Gud Holdings, Ltd.		31,975
	108	Hella GmbH & Co. KGaA		8,795
	1,600	Hi-Lex Corp.		13,125
	700	H-One Co., Ltd.		3,256
	300	Imasen Electric Industrial		1,409
	19,355	Johnson Electric Holdings, Ltd.		24,381
	6,700	JTEKT Corp.		46,831
	1,800	Kasai Kogyo Co., Ltd.*		1,853
	258	Kendrion NV		4,273
	1,800	Koito Manufacturing Co., Ltd.		26,817
	25,060	Kongsberg Automotive ASA*		6,477
	1,000	KYB Corp.		25,706
	1,544	Leoni AG*		9,089
	1,633	Linamar Corp.		73,942
	3,438	Magna International, Inc.		193,147
	2,713	Magna Internationl, Inc.		152,423
	4,266	Martinrea International, Inc.		35,482
	2,000	Mitsuba Corp.		7,085
	2,500	Musashi Seimitsu Industry Co., Ltd.		29,390
	4,800	NGK Spark Plug Co., Ltd.		88,582
	6,600	NHK SPRING Co., Ltd.		42,021
	600	Nichirin Co., Ltd.		8,113
	2,300	Nifco, Inc.		53,594
	2,200	Nippon Seiki Co., Ltd.		13,101
	2,700	NOK Corp.		23,873
	4,876	Nokian Renkaat OYJ		50,164
	2,600	Pacific Industrial Co., Ltd.		19,713
	10,202	Pirelli & C SpA(a)		43,599
	1,743	Plastic Omnium SA		25,283


Shares			Value
Common Stocks, continued
Auto Components, continued
	6,300	Press Kogyo Co., Ltd.	$	20,255
	3,582	PWR Holdings, Ltd.		25,966
	400	Riken Corp.		6,842
	1,219	SAF-Holland SE		11,497
	1,900	Sanoh Industrial Co., Ltd.		8,756
	2,535	Schaeffler AG		17,262
	700	Shoei Co., Ltd.		27,354
	1,900	Stanley Electric Co., Ltd.		36,119
	10,100	Sumitomo Electric Industries, Ltd.		114,589
	2,900	Sumitomo Riko Co., Ltd.		13,274
	6,400	Sumitomo Rubber Industries, Ltd.		56,166
	300	T RAD Co., Ltd.		5,905
	1,400	Tachi-S Co., Ltd.		11,754
	800	Taiho Kogyo Co., Ltd.		3,705
	8,119	TI Fluid Systems plc(a)		13,038
	2,500	Tokai Rika Co., Ltd.		26,598
	2,500	Topre Corp.		21,351
	4,500	Toyo Tire Corp.		50,803
	1,700	Toyoda Gosei Co., Ltd.		26,280
	2,900	Toyota Boshoku Corp.		38,591
	700	Toyota Industries Corp.		38,170
	1,500	TPR Co., Ltd.		13,829
	2,800	TS Tech Co., Ltd.		32,024
	2,000	Unipres Corp.		11,434
	6,199	Valeo SA		110,480
	384	Vitesco Technologies Group AG*		22,292
	3,500	Yokohama Rubber Co., Ltd. (The)		54,343
	600	Yorozu Corp.		3,172

				3,102,834

Automobiles (1.8%):
	2,943	Bayerische Motoren Werke AG (BMW)		262,640
	11,984	Daimler AG, Registered Shares		786,320
	730	Ferrari NV		156,381
	9,200	Honda Motor Co., Ltd.		210,382
	11,100	Isuzu Motors, Ltd.		129,667
	6,800	Mazda Motor Corp.		51,409
	8,800	Mitsubishi Motors Corp.*		33,880
	20,000	Nissan Motor Co., Ltd.		62,934
	2,700	Nissan Shatai Co., Ltd.		16,970
	8,981	Piaggio & C SpA		27,001
	4,600	Renault SA*		153,242
	33,989	Stellantis NV		481,782
	3,900	Subaru Corp.		59,853
	1,600	Suzuki Motor Corp.		51,485
	52,220	Toyota Motor Corp.		713,807
	504	Volkswagen AG		79,666
	7,200	Yamaha Motor Co., Ltd.		163,645

				3,441,064

Banks (8.5%):
	1,900	77th Bank		31,954
	4,747	ABN AMRO Group NV(a)		65,555
	15,084	AIB Group plc		58,136
	2,365	Aichi Financial Group, Inc.*		41,490
	1,500	Akita Bank, Ltd. (The)		21,799
	2,146	Aktia Bank OYJ		23,458
	16,502	ANZ Group Holdings, Ltd.*		265,770
	3,300	Aozora Bank, Ltd.		64,990


Shares			Value
Common Stocks, continued
Banks, continued
	1,000	Awa Bank, Ltd. (The)	$	16,230
	195	Banca Monte dei Paschi di Siena SpA*		402
	17,687	Banca Popolare di Sondrio SCPA		71,440
	37,367	Banco Bilbao Vizcaya Argentaria SA, ADR		224,576
	20,370	Banco Bilbao Vizcaya Argentaria SA		122,992
	44,790	Banco Bpm SpA		159,948
	106,975	Banco Comercial Portugues SA, Class R		16,830
	238,968	Banco de Sabadell SA		224,946
	100,490	Banco Santander SA		300,908
	6,287	Banco Santander SA, ADR		18,547
	8,101	Bank Hapoalim BM		73,186
	16,026	Bank Leumi Le-Israel BM		133,780
	38,459	Bank of East Asia, Ltd. (The)		46,367
	974	Bank of Georgia Group plc		30,639
	29,096	Bank of Ireland Group plc		275,840
	900	Bank of Iwate, Ltd. (The)		13,483
	1,200	Bank of Kyoto, Ltd. (The)		53,409
	316	Bank of Montreal		28,631
	5,647	Bank of Montreal		511,618
	500	Bank of Nagoya, Ltd. (The)		12,629
	9,618	Bank of Nova Scotia		471,090
	16,987	Bank of Queensland, Ltd.		79,574
	2,000	Bank of The Ryukyus, Ltd.		13,295
	16,597	Bankinter SA		111,215
	71	Banque Cantonale de Geneve		13,783
	916	Banque Cantonale Vaudoise		88,000
	20,949	Barclays plc, ADR		163,402
	39,822	Barclays plc		76,545
	1,276	BAWAG Group AG(a)		67,836
	13,509	Bendigo & Adelaide Bank, Ltd.		89,416
	174	Berner Kantonalbank AG		41,863
	6,055	BNP Paribas SA		344,525
	23,542	BOC Hong Kong Holdings, Ltd.		80,031
	34,804	BPER Banca		71,321
	15,684	CaixaBank SA		61,555
	6,788	Canadian Imperial Bank of Commerce		274,575
	228	Canadian Imperial Bank of Commerce		9,224
	2,927	Canadian Western Bank		52,019
	5,000	Chiba Bank, Ltd. (The)		36,650
	6,200	Chugin Financial Group, Inc.		45,162
	24,904	Commerzbank AG*		235,457
	7,457	Commonwealth Bank of Australia		520,390
	10,700	Concordia Financial Group, Ltd.		44,778
	7,042	Credit Agricole SA		74,219
	5,165	Credito Emiliano SpA		36,595
	16,000	Dah Sing Banking Group, Ltd.		11,473
	5,600	Dah Sing Financial Holdings, Ltd.		12,916
	1,900	Daishi Hokuetsu Financial Group, Inc.		41,475
	9,027	Danske Bank A/S		177,868
	8,992	DBS Group Holdings, Ltd.		227,696
	5,245	DNB Bank ASA		103,971
	1,600	Ehime Bank, Ltd. (The)		11,141
	3,971	Erste Group Bank AG		126,608
	650	Fidea Holdings Co., Ltd.		7,123
	7,039	Finecobank Banca Fineco SpA		117,292
	3,600	First Bank of Toyama, Ltd. (The)		15,897
	710	First International Bank of Israel		28,110
	1,000	Fukui Bank, Ltd. (The)		11,416


Shares			Value
Common Stocks, continued
Banks, continued
	1,700	Fukuoka Financial Group, Inc.	$	38,774
	13,200	Gunma Bank, Ltd. (The)		50,666
	9,200	Hachijuni Bank, Ltd. (The)		38,392
	2,505	Hang Seng Bank, Ltd.		41,479
	23,678	Heartland Group Holdings Npv		26,921
	9,500	Hirogin Holdings, Inc.		47,795
	1,000	Hokkoku Financial Holdings, Inc.		34,589
	6,000	Hokuhoku Financial Group, Inc.		44,569
	22,258	HSBC Holdings plc, ADR		693,559
	9,400	Hyakugo Bank, Ltd. (The)		26,236
	1,000	Hyakujushi Bank, Ltd. (The)		14,545
	757	Illimity Bank SpA*		5,601
	17,920	ING Groep NV		218,600
	73,717	Intesa Sanpaolo SpA		164,438
	16,916	Isreal Discount Bank		89,032
	9,500	Iyogin Holdings, Inc.		51,749
	620	Jimoto Holdings, Inc.		2,071
	1,200	Juroku Financial Group, Inc.		26,222
	1,684	Jyske Bank A/S*		109,499
	4,462	KBC Group NV		286,452
	5,800	Keiyo Bank, Ltd. (The)		25,938
	400	Kita-Nippon Bank, Ltd. (The)		6,469
	2,500	Kiyo Bank, Ltd. (The)		29,765
	10,290	Kyushu Financial Group, Inc.		35,326
	1,296	Laurentian Bank of Canada		30,921
	562	Liechtensteinische Landesbank AG		33,883
	35,782	Lloyds Banking Group plc		19,645
	111,585	Lloyds TSB Group plc, ADR		245,487
	113	Luzerner Kantonalbank AG		50,487
	24,670	Mebuki Financial Group, Inc.		62,785
	11,475	Mediobanca SpA		110,240
	62,500	Mitsubishi UFJ Financial Group, Inc.		421,691
	800	Miyazaki Bank, Ltd. (The)		15,095
	1,478	Mizrahi Tefahot Bank, Ltd.		47,948
	12,880	Mizuho Financial Group, Inc.		182,070
	1,300	Musashino Bank, Ltd. (The)		20,479
	1,300	Nanto Bank, Ltd. (The)		25,373
	16,960	National Australia Bank, Ltd.		343,603
	5,532	National Bank of Canada		372,791
	40,005	NatWest Group PLC		127,674
	4,800	Nishi-Nippon Holdings, Inc.		35,126
	19,269	Nordea Bank AB		206,186
	7,300	North Pacific Bank, Ltd.		14,156
	1,800	Ogaki Kyoritsu Bank, Ltd. (The)		25,642
	1,000	Oita Bank, Ltd. (The)		15,544
	820	Okinawa Financial Group, Inc.		14,532
	17,046	Oversea-Chinese Banking Corp., Ltd.		154,707
	1,522	Procrea Holdings, Inc.		25,521
	28,000	Public Financial Holdings, Ltd.		8,627
	6,482	Raiffeisen International Bank-Holding AG*		106,491
	24,175	Resona Holdings, Inc.		132,826
	1,073	Ringkjoebing Landbobank A/S		146,520
	10,901	Royal Bank of Canada		1,024,912
	53	Royal Bank of Canada		4,984
	1,190	San Ju San Financial Group, Inc.		14,386
	6,200	San-In Godo Bank, Ltd. (The)		36,620
	11,600	Senshu Ikeda Holdings, Inc.		22,252


Shares			Value
Common Stocks, continued
Banks, continued
	13,500	Seven Bank, Ltd.	$	26,952
	1,300	Shiga Bank, Ltd. (The)		25,975
	1,000	Shikoku Bank, Ltd. (The)		7,422
	400	Shimizu Bank, Ltd. (The)		4,724
	900	Shinsei Bank, Ltd.		14,665
	5,900	Shizuoka Financial Group, Inc.		47,429
	7,610	Skandinaviska Enskilda Banken AB, Class A		87,626
	9,761	Societe Generale		244,870
	3,426	Spar Nord Bank A/S		52,547
	2,847	Sparebank 1 Sr-Bank ASA		35,061
	121	St. Galler Kantonalbank AG		62,873
	29,350	Standard Chartered plc		220,246
	7,000	Sumitomo Mitsui Financial Group, Inc.		282,103
	3,300	Sumitomo Mitsui Trust Holdings, Inc.		115,163
	8,000	Suruga Bank, Ltd.		25,731
	8,201	Svenska Handelsbanken AB, Class A		82,566
	4,382	Swedbank AB, Class A		74,486
	2,282	Sydbank A/S		95,913
	6,500	Toho Bank, Ltd. (The)		11,072
	1,100	Tokyo Kiraboshi Financial Group, Inc.		21,809
	7,500	Tomony Holdings, Inc.		21,121
	1,939	Toronto-Dominion Bank (The)		125,567
	7,456	Toronto-Dominion Bank (The)		482,851
	2,100	Towa Bank, Ltd. (The)		8,987
	6,200	Tsukuba Bank, Ltd.		11,196
	48,238	Unicaja Banco SA(a)		53,283
	14,918	Unicredit SpA		212,107
	7,627	United Overseas Bank, Ltd.		174,954
	405	Valiant Holding AG		43,880
	764	Van Lanschot Kempen NV		17,929
	34,734	Virgin Money UK plc		76,474
	239	Walliser Kantonalbank		26,877
	18,223	Westpac Banking Corp.		286,548
	1,600	Yamagata Bank, Ltd. (The)		15,058
	7,200	Yamaguchi Financial Group, Inc.		47,209
	1,800	Yamanashi Chuo Bank, Ltd. (The)		15,222
	6	Zuger Kantonalbank AG		47,038

				16,318,484

Beverages (1.1%):
	1,669	A.G. Barr plc		10,733
	1,900	Andrew Peller, Ltd.		7,003
	6,380	Anheuser-Busch InBev NV		383,499
	2,000	Asahi Breweries, Ltd.		62,285
	8,644	Britvic plc		81,265
	13,700	Budweiser Brewing Co. APAC, Ltd.(a)		43,100
	14,772	C&C Group plc*		31,186
	1,234	Carlsberg A/S, Class B		163,381
	2,200	Coca-Cola Bottlers Japan Holdings, Inc.		24,085
	2,675	Coca-Cola European Partners plc		146,945
	2,705	Coca-Cola HBC AG		64,552
	3,646	David Campari-Milano NV		36,948
	1,238	Diageo plc		54,658
	2,283	Diageo plc, ADR		406,808
	812	Fevertree Drinks plc		10,087
	1,191	Heineken NV		111,880
	1,000	ITO EN, Ltd.		36,491
	2,300	Kirin Holdings Co., Ltd.		35,242


Shares			Value
Common Stocks, continued
Beverages, continued
	109	Laurent-Perrier	$	15,654
	653	Olvi OYJ		23,196
	209	Pernod Ricard SA		41,075
	4,250	Primo Water Corp.		65,988
	195	Remy Cointreau SA		32,874
	1,456	Royal Unibrew A/S		104,022
	1,600	Sapporo Breweries, Ltd.		39,833
	2,200	Suntory Beverage & Food, Ltd.		75,078
	4,200	Takara Holdings, Inc.		33,435
	2,863	Treasury Wine Estates, Ltd.		26,449

				2,167,752

Biotechnology (0.4%):
	86	Argenx SE*		32,402
	209	Basilea Pharmaceutica REG*		10,383
	1,271	Bavarian Nordic A/S*		38,946
	1,455	BioGaia AB		11,670
	760	Clinuvel Pharmaceuticals, Ltd.		11,198
	1,392	CSL, Ltd.		271,367
	765	Galapagos NV*		33,928
	356	Genmab A/S*		150,820
	2,347	Grifols SA*		27,212
	5,747	Knight Therapeutics, Inc.*		21,990
	6,442	Mesoblast, Ltd.*		3,767
	1,700	Peptidream, Inc.*		26,886
	176	Pharma Mar SA		12,094
	9,303	Pharming Group NV*		10,775
	4,999	PureTech Health PLC*		16,125
	1,829	Swedish Orphan Biovitrum AB*		37,810
	1,100	Takara Bio, Inc.		14,301
	593	Vitrolife AB		10,643
	1,155	Zealand Pharma A/S*		33,356

				775,673

Building Products (1.1%):
	4,400	AGC, Inc.		145,782
	2,028	Arbonia AG		28,274
	1,761	ASSA Abloy AB, Class B		37,910
	205	Belimo Holding AG, Class R		97,971
	2,400	Bunka Shutter Co., Ltd.		20,103
	532	Carel Industries SpA(a)		13,371
	1,800	Central Glass Co., Ltd.		38,534
	6,649	Cie de Saint-Gobain		326,378
	1,000	Daikin Industries, Ltd.		153,853
	114	dorma kaba Holding AG		41,903
	17,207	Fletcher Building, Ltd.		51,526
	451	Geberit AG, Registered Shares		213,624
	5,784	Genuit Group plc		19,649
	12,753	Gwa Group, Ltd.		17,812
	3,298	Inrom Construction Industries, Ltd.		12,551
	2,938	Inwido AB		31,262
	2,153	Kingspan Group plc		115,908
	2,801	Lindab International AB		34,349
	5,400	Lixil Corp.		82,306
	1,773	Munters Group AB(a)		17,546
	2,012	Nibe Industrier AB, Class B		18,825
	1,600	Nichias Corp.		28,789
	1,100	Nichiha Corp.		21,986
	1,552	Nordic Waterproofing Holding AB		21,664


Shares			Value
Common Stocks, continued
Building Products, continued
	1,500	Noritz Corp.	$	16,356
	1,400	Okabe Co., Ltd.		7,413
	8,716	Reliance Worldwide Corp., Ltd.		17,531
	232	ROCKWOOL A/S, Class B		54,738
	144	Rockwool International A/S		33,701
	1,900	Sankyo Tateyama, Inc.		7,582
	6,100	Sanwa Holdings Corp.		56,128
	47	Schweiter Technologies AG		37,446
	900	Shin Nippon Air Technologies Co., Ltd.		12,857
	1,800	Sinko Industries, Ltd.		19,777
	3,824	Systemair AB		26,302
	1,800	Takara Standard Co., Ltd.		18,832
	1,000	TOTO, Ltd.		33,846
	7,093	Tyman plc		19,296
	2,185	Uponor OYJ		38,907
	3,919	Volution Group PLC		17,207
	47,000	Xinyi Glass Holdings, Ltd.		87,384
	533	Zehnder Group AG		32,144

				2,129,323

Capital Markets (2.8%):
	14,676	3i Group plc		238,239
	24,792	ABG Sundal Collier Holding ASA		14,267
	3,200	AGF Management, Ltd.		16,711
	1,600	Aizawa Securities Co., Ltd.		8,362
	8,821	AJ Bell plc		38,235
	143	Alantra Partners SA		1,843
	903	Altamir		24,935
	1,012	Amundi SA(a)		57,494
	7,128	Anima Holding SpA(a)		28,629
	5,351	Ashmore Group plc		15,487
	670	ASX, Ltd.		30,718
	1,222	Avanza Bank Holding AB		26,387
	4,260	Azimut Holding SpA		95,521
	1,746	Banca Generali SpA		60,083
	521	Bellevue Group AG		21,093
	5,672	Bridgepoint Group plc(a)		13,140
	155	Brookfield Asset Management, Ltd.*		4,430
	725	Brookfield Asset Managmt, Ltd.*		20,762
	614	Brookfield Corp.		19,316
	2,900	Brookfield Corp.		91,211
	2,383	Bure Equity AB		56,576
	2,497	Canaccord Genuity Group, Inc.		15,475
	7,682	CI Financial Corp.		76,661
	119	Cie Financiere Tradition SA		13,484
	5,230	Close Brothers Group plc		66,195
	5,668	CMC Markets PLC(a)		15,361
	26,805	Credit Suisse Group AG		80,556
	4,319	Credit Suisse Group AG, ADR		13,130
	18,300	Daiwa Securities Group, Inc.		81,139
	4,462	Dea Capital SpA		7,076
	12,602	Deutsche Bank AG		142,817
	10,467	Deutsche Bank AG, Registered Shares		120,580
	552	Deutsche Beteiligungs AG		16,483
	577	Deutsche Boerse AG		99,542
	329	DWS Group GmbH Co. KGaA(a)		10,669
	5,622	EFG International AG		53,595
	837	Equities Holdings, Ltd.		14,207


Shares			Value
Common Stocks, continued
Capital Markets, continued
	1,964	Euronext NV(a)	$	145,560
	2,000	Fiera Capital Corp.		12,823
	1,026	Flatex Degiro AG*		6,946
	1,407	Flow Traders(a)		32,594
	10,649	GAM Holding AG*		10,819
	2,674	Georgia Capital plc*		23,593
	856	Gimv NV		40,347
	2,400	GMO Financial Holdings, Inc.		9,345
	1,175	Guardian Capital Group, Ltd., Class A		33,702
	142,000	Guotai Junan International Hol		13,102
	148,767	Haitong International Securities*		16,586
	5,346	Hargreaves Lansdown plc		55,394
	6,594	Hong Kong Exchanges & Clearing, Ltd.		284,977
	2,100	iFAST Corp., Ltd.		9,155
	8,570	IG Group Holdings plc		81,052
	1,732	IGM Financial, Inc.		48,360
	1,953	Impax Asset Management Group plc		17,071
	22,162	Insignia Financial, Ltd.		50,480
	2,872	IntegraFin Holdings plc		10,494
	4,233	Intermediate Capital Group plc		58,815
	15,376	Investec plc		95,058
	49,718	IP Group plc		33,343
	1,700	IwaiCosmo Holdings, Inc.		16,733
	3,400	JAFCO Group Co., Ltd.		57,808
	4,800	Japan Exchange Group, Inc.		69,382
	4,910	Julius Baer Group, Ltd.		285,476
	17,082	Jupiter Fund Management plc		27,367
	138,000	Kingston Financial Group, Ltd.*		5,039
	800	Kyokuto Securities Co., Ltd.		3,489
	957	London Stock Exchange Group plc		82,556
	500	M&A Capital Partners Co., Ltd.*		17,537
	1,267	Macquarie Group, Ltd.		143,804
	3,050	Magellan Financial Group, Ltd.		18,531
	50,276	Man Group plc/Jersey		129,886
	2,300	Marusan Securities Co., Ltd.		7,000
	1,180,000	Mason Group Holdings, Ltd.*		4,536
	2,600	Matsui Securities Co., Ltd.		15,530
	2,900	Mito Securities Co., Ltd.		4,679
	3,035	MLP SE		16,698
	5,700	Monex Group, Inc.		17,750
	4,905	Navigator Global Investments, Ltd.		3,874
	3,008	Netwealth Group, Ltd.		24,728
	14,364	Ninety One plc		32,284
	19,100	Nomura Holdings, Inc.		71,103
	2,691	Nordnet AB Publ		39,152
	15,979	NZX, Ltd.		12,270
	3,800	Okasan Securities Group, Inc.		11,010
	253	Partners Group Holding AG		224,950
	9,039	Pendal Group, Ltd.		30,789
	1,616	Perpetual, Ltd.^		26,912
	11,593	Platinum Asset Management, Ltd.		14,115
	2,595	Polar Capital Holdings plc		14,987
	38,911	Quilter PLC(a)		43,578
	1,470	Rathbones Group plc		36,246
	9,785	Ratos AB, Class B		39,065
	1,549	Rothschild & Co.		61,954
	3,000	SBI Holdings, Inc.		57,527


Shares			Value
Common Stocks, continued
Capital Markets, continued
	6,463	Schroders PLC	$	33,967
	12,000	Singapore Exchange, Ltd.		80,266
	840	Sparx Group Co., Ltd.		10,670
	2,993	St. James Place plc		39,625
	700	Strike Co., Ltd.		23,939
	388	Swissquote Group Holding SA		56,409
	2,584	Tamburi Investment Partners SP		20,232
	888	Tikehau Capital SCA		23,071
	531	TMX Group, Ltd.		53,155
	8,500	Tokai Tokyo Financial Holdings, Inc.		22,730
	4,000	Toyo Securities Co., Ltd.		8,899
	30,858	TP ICAP Group plc		65,010
	15,471	UBS Group AG		288,451
	20,430	Uob-Kay Hian Holdings, Ltd.		21,013
	22,000	Value Partners Group, Ltd.		8,119
	1,052	Vontobel Holding AG		69,972
	245	Vp Bank AG, Registered Shares		23,259
	550	VZ Holding AG		42,574
	29,400	Yangzijiang Financial Holding, Ltd.*		7,801

				5,367,532

Chemicals (3.8%):
	900	Achilles Corp.		8,504
	3,300	Adeka Corp.		53,700
	1,100	AICA Kogyo Co., Ltd.		25,982
	1,298	Air Liquide SA		184,600
	5,800	Air Water, Inc.		67,283
	2,233	Akzo Nobel NV		148,978
	700	Arakawa Chemical Industries, Ltd.		5,163
	1,750	Arkema SA		157,828
	17,600	Asahi Kasei Corp.		125,085
	1,100	ASAHI YUKIZAI Corp.		23,217
	8,018	BASF SE		397,991
	1,939	Borregaard ASA		30,129
	52,400	China Sunsine Chemical Holdings, Ltd.		16,590
	1,668	Christian Hansen Holding A/S		120,271
	1,600	CI Takiron Corp.		6,106
	8,231	Clariant AG		131,018
	1,435	Corbion NV		48,974
	6,863	Covestro AG(a)		268,464
	752	Croda International plc		60,086
	1,000	Dai Nippon Toryo Co., Ltd.		5,722
	7,200	Daicel Corp.		52,176
	900	Dainichiseika Color & Chemical		11,643
	2,800	Dainippon Ink & Chemicals, Inc.		49,173
	3,100	Denka Co., Ltd.		70,799
	18,377	Elementis plc*		26,647
	2,854	Elkem ASA(a)		10,271
	58	EMS-Chemie Holding AG		39,212
	8,516	Ercros SA		29,491
	9,485	Essentra plc		27,002
	4,931	Evonik Industries AG		94,660
	1,660	FUCHS PETROLUB SE		58,170
	701	FUCHS PETROLUB SE		20,868
	300	Fujimori Kogyo Co., Ltd.		6,925
	700	Fuso Chemical Co., Ltd.		18,128
	97	Givaudan SA, Registered Shares		295,807
	200	Gurit Holding AG		19,501


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,120	Hexpol AB	$	22,680
	700	Hodogaya Chemical Co., Ltd.		15,016
	3,950	ICL Group, Ltd.		28,525
	44,301	Incitec Pivot, Ltd.		111,889
	1,500	Ishihara Sangyo Kaisha, Ltd.		12,145
	1,000	JCU Corp.		23,459
	4,348	Johnson Matthey plc		111,908
	700	Jsp Corp.		7,856
	1,200	JSR Corp.		23,654
	2,000	Kaneka Corp.		49,574
	1,300	Kansai Paint Co., Ltd.		16,033
	3,300	Kanto Denka Kogyo Co., Ltd.		22,966
	4,999	Kemira OYJ		76,868
	1,400	Kh Neochem Co., Ltd.		28,718
	1,500	Koatsu Gas Kogyo Co., Ltd.		7,261
	1,210	Koninklijke DSM NV		148,319
	1,000	Konishi Co., Ltd.		12,672
	11,800	Kuraray Co., Ltd.		94,332
	600	Kureha Corp.		36,398
	3,226	Lanxess AG		130,170
	379	Lenzing AG		22,274
	1,300	Lintec Corp.		21,084
	929	Methanex Corp.		35,172
	700	Methanex Corp.		26,505
	30,600	Mitsubishi Chemical Holdings Corp.		158,122
	3,000	Mitsubishi Gas Chemical Co., Inc.		41,241
	4,700	Mitsui Chemicals, Inc.		105,413
	12,400	Nanofilm Technologies International, Ltd.		12,893
	800	Nihon Kagaku Sangyo Co., Ltd.		5,830
	2,300	Nihon Nohyaku Co., Ltd.		12,529
	2,600	Nihon Parkerizing Co., Ltd.		18,375
	600	Nippon Chemical Industrial Co., Ltd.		7,926
	5,500	Nippon Kayaku Co., Ltd.		47,306
	2,100	Nippon Paint Holdings Co., Ltd.		16,619
	1,400	Nippon Pillar Packing Co., Ltd.		28,844
	3,000	Nippon Sanso Holdings Corp.		43,218
	700	Nippon Shokubai Co., Ltd.		27,949
	800	Nippon Soda Co., Ltd.		26,233
	1,500	Nissan Chemical Corp.		66,038
	2,400	Nitto Denko Corp.		138,080
	1,000	NOF Corp.		39,868
	1,377	Novozymes A/S, Class B		69,940
	8,438	Nufarm, Ltd.		34,996
	3,137	Nutrien, Ltd.		229,095
	3,310	Nutrien, Ltd.		241,685
	2,184	OCI NV		77,924
	500	Okamoto Industries, Inc.		14,032
	600	Okura Industrial Co., Ltd.		8,330
	6,623	Orica, Ltd.		67,662
	900	Osaka Organic Chemical Industry, Ltd.		13,086
	2,613	Recticel SA		43,611
	2,800	Riken Technos Corp.		10,168
	500	Sakai Chemical Industry Co., Ltd.		6,729
	2,400	Sakata Inx Corp.		19,157
	700	Sanyo Chemical Industries, Ltd.		21,572
	900	Sekisui Plastics Co., Ltd.		2,648
	1,100	Shikoku Chemicals Corp.		10,919


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,500	Shin-Etsu Chemical Co., Ltd.	$	304,635
	1,800	Shin-Etsu Polymer Co., Ltd.		15,342
	5,600	Showa Denko K.K.		85,115
	735	Sika AG		177,396
	1,754	SOL SpA		33,185
	2,258	Solvay SA		228,839
	400	Stella Chemifa Corp.		7,470
	900	Sumitomo Bakelite Co., Ltd.		26,506
	18,900	Sumitomo Chemical Co., Ltd.		67,684
	300	Sumitomo Seika Chemicals Co. Ltd.		9,314
	490	Symrise AG		53,301
	13,110	Synthomer plc		22,845
	700	T Hasegawa Co., Ltd.		15,439
	1,200	T&K Toka Co., Ltd.		10,745
	600	Taiyo Holdings Co., Ltd.		10,224
	600	Takasago International Corp.		11,634
	600	Tayca Corp.		5,320
	5,900	Teijin, Ltd.		57,500
	500	Tenma Corp.		7,836
	625	Tessenderlo Group SA*		22,339
	4,900	Toagosei Co., Ltd.		41,148
	6,900	Tokai Carbon Co., Ltd.		56,399
	2,900	Tokuyama Corp.		39,357
	600	Tokyo Ohka Kogyo Co., Ltd.		27,032
	16,900	Toray Industries, Inc.		93,830
	7,200	Tosoh Corp.		85,443
	1,200	Toyo Ink SC Holdings Co., Ltd.		16,361
	3,400	Toyobo Co., Ltd.		25,642
	4,000	Ube Industries, Ltd.		58,677
	3,116	Umicore SA		114,942
	1,051	Victrex plc		20,284
	419	Wacker Chemie AG		53,546
	1,428	Yara International ASA		62,865
	2,900	Zeon Corp.		29,166

				7,367,041

Commercial Services & Supplies (1.4%):
	800	AEON Delight Co., Ltd.		18,369
	17,216	Babcock International Group plc*		58,745
	581	Befesa SA(a)		28,040
	9,829	Biffa plc(a)		48,402
	896	Bilfinger SE		25,966
	1,670	Black Diamond Group, Ltd.		5,958
	400	Boyd Group Services, Inc.		61,799
	14,490	Brambles, Ltd.		118,979
	3,076	Bravida Holding AB(a)		32,971
	200	Calian Group, Ltd.		9,867
	2,850	Caverion Corp.		21,137
	300	Central Security Patrols Co., Ltd.		5,315
	338	Cewe Stiftung & Co. KGAA		32,007
	35,907	Cleanaway Waste Management, Ltd.		63,961
	1,829	Coor Service Management Holding AB(a)		11,265
	2,400	CTS Co., Ltd.		14,790
	3,200	Dai Nippon Printing Co., Ltd.		64,162
	6,041	De La Rue plc*		5,731
	3,731	Derichebourg SA		22,176
	2,180	Dexterra Group, Inc.		8,905
	25,208	Downer EDI, Ltd.		62,989


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	1,100	Duskin Co., Ltd.	$	24,967
	7,850	Elis SA		115,949
	300	GDI Integrated Facility Services, Inc.*		10,083
	900	GFL Environmental, Inc.		26,286
	435	GL Events*		7,580
	12,057	HomeServe plc*		174,446
	900	Inaba Seisakusho Co., Ltd.		9,535
	2,297	Intrum AB		27,793
	5,989	ISS A/S*		126,641
	1,800	Itoki Corp.		7,960
	1,900	Japan Elevator Service Holdings Co., Ltd.		23,802
	3,300	Kokuyo Co., Ltd.		46,728
	400	Kyodo Printing Co., Ltd.		8,364
	2,302	Lassila & Tikanoja OYJ		26,250
	3,325	Loomis AB		91,131
	700	Matsuda Sangyo Co., Ltd.		12,137
	5,449	Mears Group plc		13,704
	39,904	Mitie Group plc		36,002
	1,400	NAC Co., Ltd.		9,960
	15,900	Nippon Parking Development Co., Ltd.		37,368
	1,600	Okamura Corp.		17,170
	1,100	Oyo Corp.		18,966
	2,700	Park24 Co., Ltd.*		46,673
	1,100	Pilot Corp.		40,090
	2,400	Prestige International, Inc.		13,210
	13,654	Prosegur Cia de Seguridad SA		25,957
	1,158	Renewi plc*		8,378
	20,405	Rentokil Initial plc		125,388
	2,500	Ritchie Bros Auctioneers, Inc.		144,427
	3,299	RPS Group plc		8,779
	900	Sato Holdings Corp.		12,875
	700	Secom Co., Ltd.		39,938
	7,978	Securitas AB, Class B		66,450
	14,890	Serco Group plc		27,840
	3,154	Smart Metering Systems plc		29,812
	3,267	Smartgroup Corp., Ltd.		11,331
	787	Societe BIC SA		53,821
	1,400	Sohgo Security Services Co., Ltd.		38,104
	4,477	Spie SA		116,674
	700	Studio Alice Co., Ltd.		10,977
	1,392	TOMRA Systems ASA		23,578
	3,280	TOPPAN, INC.		48,430
	200	Waste Connections, Inc.		26,515
	580	Waste Connections, Inc.		76,885

				2,590,488

Communications Equipment (0.3%):
	2,301	ADTRAN Holdings, Inc.		43,236
	485	ADVA Optical Networking SE*		11,460
	700	Aiphone Co., Ltd.		9,782
	510	BlackRock Corporate High Yield Fund, Inc.		113
	700	DKK Co., Ltd.		10,597
	737	HMS Networks AB		24,080
	500	Icom, Inc.		10,622
	23,787	Nokia Oyj, ADR		110,372
	14,635	Nokia OYJ		67,990
	10,200	Quarterhill, Inc.		11,904
	418	RTX A/S*		7,050


Shares			Value
Common Stocks, continued
Communications Equipment, continued
	600	Sierra Wireless, Inc.*	$	17,382
	10,363	Spirent Communications plc		32,584
	684	Telefonaktiebolaget LM Ericsson, Class A		4,333
	32,072	Telefonaktiebolaget LM Ericsson, Class B		187,929
	5,700	VTech Holdings, Ltd.		36,626

				586,060

Construction & Engineering (2.1%):
	733	Ackermans & Van Haaren NV		125,548
	5,301	ACS Actividades de Construccion y Servicios SA		151,865
	3,353	Aecon Group, Inc.		22,563
	1,375	AF Gruppen ASA		20,133
	2,520	Arcadis NV		99,165
	600	Asanuma Corp.		13,754
	1,130	Ashtrom Group, Ltd.		21,143
	1,410	Badger Infrastructure Solutions, Ltd.		27,767
	20,372	Balfour Beatty plc		82,922
	519	Bauer AG*		3,208
	1,400	Bird Construction, Inc.		8,397
	16,800	Boustead Singapore, Ltd.		10,092
	4,545	Bouygues SA		136,330
	209	Burkhalter Holding AG		17,329
	4,600	Chiyoda Corp.*		12,561
	1,700	Chudenko Corp.		26,906
	494	Cie d’Entreprises CFE SA*		5,048
	2,421	ComSys Holdings Corp.		42,349
	6,098	Costain Group plc*		2,899
	500	Dai-Dan Co., Ltd.		8,350
	900	Daiho Corp.		26,934
	2,491	Eiffage SA		245,592
	2,783	Elecnor SA		31,580
	44	Electra, Ltd./Israel		23,813
	7,737	Eltel AB*(a)		6,168
	37,002	Empresas ICA SAB de C.V.*		—
	3,938	Ferrovial SA		103,001
	1,664	FLSmidth & Co. A/S		60,515
	2,073	Fomento de Construcciones y Contratas SA		19,617
	440	Fudo Tetra Corp.		5,018
	4,141	Fugro NV*		49,674
	200	Fukuda Corp.		6,758
	4,363	Galliford Try Holdings plc		8,386
	6,000	Hazama Ando Corp.		38,147
	1,929	Heijmans NV		20,917
	600	Hibiya Engineering, Ltd.		8,704
	637	Hochtief AG		35,919
	783	Implenia AG*		32,163
	6,236	INFRONEER Holdings, Inc.		47,222
	3,147	Instalco AB		12,003
	4,300	JGC Holdings Corp.		54,429
	5,561	Johns Lyng Group, Ltd.		23,399
	5,400	Kajima Corp.		62,826
	3,000	Kandenko Co., Ltd.		19,565
	3,807	Keller Group plc		36,821
	2,500	Kinden Corp.		27,384
	15,900	Koninklijke BAM Groep NV*		36,990
	1,600	Kumagai Gumi Co., Ltd.		31,917
	2,500	Kyowa Exeo Corp.		42,560
	1,700	Kyudenko Corp.		41,953


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	9,546	Maire Tecnimont SpA	$	31,640
	21,000	MECOM Power And Construction, Ltd.		5,272
	1,700	Meisei Industrial Co., Ltd.		10,091
	3,300	Mirait Holdings Corp.		38,199
	1,475	Monadelphous Group, Ltd.		13,401
	1,922	Morgan Sindall Group plc		35,337
	3,087	NCC AB, Class B		28,879
	15,831	NEL ASA*		22,444
	1,000	Nichireki Co., Ltd.		9,526
	1,600	Nippon Densetsu Kogyo Co., Ltd.		18,921
	700	Nippon Koei Co., Ltd.		17,378
	100	Nippon Road Co., Ltd. (The)		4,479
	1,000	Nishimatsu Construction Co., Ltd.		29,698
	20,879	NRW Holdings, Ltd.		39,848
	9,100	Obayashi Corp.		68,808
	6,495	Obrascon Huarte Lain SA*		3,113
	1,100	Okumura Corp.		24,881
	8,600	Oriental Shiraishi Corp.		18,535
	3,037	OX2 AB*		25,589
	5,969	Peab AB		33,952
	8,700	Penta-Ocean Construction Co., Ltd.		40,645
	726	Per Aarsleff Holding A/S		27,395
	2,400	Raiznext Corp.		24,063
	16,642	Sacyr SA		46,449
	1,900	Sanki Engineering Co., Ltd.		22,388
	1,700	Seikitokyu Kogyo Co., Ltd.		10,178
	40,165	Service Stream, Ltd.		18,572
	3,211	Shapir Engineering And Indus		25,408
	4,859	Shikun & Binui, Ltd.*		13,631
	6,700	Shimizu Corp.		35,700
	1,500	Shinnihon Corp.		8,456
	4,094	Skanska AB, Class B		65,021
	3,001	SNC-Lavalin Group, Inc.		52,891
	881	Strabag Se*		36,891
	6,980	Sumitomo Mitsui Construction		22,177
	3,299	Sweco AB		31,508
	700	Taihei Dengyo Kaisha, Ltd.		17,295
	800	Taikisha, Ltd.		20,325
	1,500	Taisei Corp.		48,330
	1,400	Takamatsu Construction Group C		20,340
	400	Tekken Corp.		5,386
	900	TOA Corp.		16,191
	400	TOA Road Corp.		17,605
	1,630	Tobishima Corp.		12,445
	6,900	Toda Corp.		37,316
	400	Toenec Corp.		10,595
	1,000	Tokyo Energy & Systems, Inc.		7,049
	5,100	Tokyu Construction Co., Ltd.		24,558
	1,100	Totetsu Kogyo Co., Ltd.		21,923
	4,300	Toyo Construction Co., Ltd.		27,989
	2,100	Toyo Engineering Corp.*		8,882
	3,109	Veidekke ASA		30,747
	5,622	Vinci SA		561,417
	755	WSP Global, Inc.		87,607
	1,700	Yahagi Construction Co., Ltd.		9,717
	1,200	Yokogawa Bridge Holdings Corp.		17,040
	1,200	Yurtec Corp.		6,664

				3,969,089


Shares			Value
Common Stocks, continued
Construction Materials (0.8%):
	13,883	Adbri, Ltd.	$	15,499
	1,800	Asia Pile Holdings Corp.		7,433
	8,279	Boral, Ltd.		16,273
	2,976	Brickworks, Ltd.		44,395
	2,431	Buzzi Unicem SpA		46,983
	10,588	CRH plc, ADR		421,297
	15,999	CSR, Ltd.		51,062
	3,367	Forterra PLC(a)		7,597
	1,160	H+H International A/S, Class B*		17,166
	3,574	HeidelbergCement AG		203,808
	6,293	Holcim, Ltd.		324,600
	13,005	Ibstock plc(a)		24,354
	1,243	Imerys SA		48,505
	4,513	James Hardie Industries SE		80,813
	400	Krosaki Harima Corp.		15,421
	600	Maeda Kosen Co., Ltd.		14,187
	5,422	Marshalls plc		17,970
	2,500	Nippon Concrete Industries Co., Ltd.		4,177
	405	Rhi Magnesita NV		10,886
	500	Shinagawa Refractories Co., Ltd.		14,690
	123	STO SE & Co KGaA		19,811
	1,500	Sumitomo Osaka Cement Co., Ltd.		36,968
	3,800	Taiheiyo Cement Corp.		59,105
	1,300	TYK Corp.		2,600
	998	Vicat		25,021
	1,393	Wienerberger AG		33,715

				1,564,336

Consumer Finance (0.3%):
	10,300	ACOM Co., Ltd.		24,635
	3,700	AEON Financial Service Co., Ltd.		39,305
	7,800	Aiful Corp.		23,489
	8,198	Axactor SE*		4,927
	974	Cembra Money Bank AG		81,232
	1,607	Credit Corp. Group, Ltd.		20,532
	4,400	Credit Saison Co., Ltd.		57,018
	18,226	Eclipx Group, Ltd.*		24,725
	873	Gruppo MutuiOnline SpA		24,629
	2,616	H&T Group plc		15,137
	5,740	Hoist Finance AB*(a)		16,241
	17,800	Hong Leong Finance, Ltd.		31,772
	14,415	International Personal Finance		12,748
	2,917	Isracard, Ltd.		8,493
	4,300	J Trust Co., Ltd.		16,789
	1,300	Jaccs Co., Ltd.		40,562
	2,200	Marui Group Co., Ltd.		36,555
	1,520	Orient Corp.		13,358
	213,600	Oshidori International Holdings, Ltd.*		7,504
	2,100	Premium Group Co., Ltd.		27,658
	4,742	Provident Financial plc		10,958
	4,452	Resurs Holding AB(a)		10,677
	8,965	Solvar, Ltd.		11,154
	38,000	Sun Hung Kai & Co., Ltd.		14,219

				574,317

Containers & Packaging (0.7%):
	3,618	BillerudKorsnas AB		44,023
	4,231	Cascades, Inc.		26,440
	1,780	CCL Industries, Inc.		76,049


Shares			Value
Common Stocks, continued
Containers & Packaging, continued
	31,429	DS Smith plc	$	122,131
	1,200	FP Corp.		34,646
	1,900	Fuji Seal International, Inc.		24,201
	1,000	Hokkan Holdings, Ltd.		10,462
	3,405	Huhtamaki OYJ		116,529
	149	Mayr Melnhof Karton AG		24,067
	28,458	Orora, Ltd.		55,941
	6,607	Pact Group Holdings, Ltd.		4,550
	8,600	Rengo Co., Ltd.		59,087
	7,369	SIG Group AB		161,549
	8,090	Smurfit Kappa Group plc		299,695
	500	Taisei Lamick Co., Ltd.		11,300
	600	Tomoku Co., Ltd.		7,722
	4,000	Toyo Seikan Group Holdings, Ltd.		49,088
	3,570	Transcontinental, Inc.		40,294
	2,064	Verallia SA(a)		69,918
	750	Vetropack Holding AG		29,297
	790	Vidrala SA		67,908
	700	Winpak, Ltd.		21,748
	840	Zignago Vetro SpA		12,669

				1,369,314

Distributors (0.2%):
	600	Arata Corp.		19,022
	11,493	Bapcor, Ltd.		50,481
	1,300	Central Automotive Products, Ltd.		24,282
	143	D’ieteren Group		27,526
	1,000	Doshisha Co., Ltd.		12,297
	4,313	Headlam Group plc		15,772
	12,144	Inchcape plc		119,841
	400	Paltac Corp.		14,009
	85	Tadiran Group, Ltd.		8,537
	1,142	Uni-Select, Inc.*		36,138

				327,905

Diversified Consumer Services (0.1%):
	3,986	Academedia AB(a)		17,038
	2,000	Benesse Holdings, Inc.		30,566
	3,227	Dignity plc*^		16,209
	8,000	EC Healthcare		8,232
	44,648	G8 Education, Ltd.		33,527
	1,700	IBJ, Inc.		12,689
	2,039	IDP Education, Ltd.		37,672
	1,407	InvoCare, Ltd.		10,554
	400	Park Lawn Corp.		7,638
	25,000	Perfect Medical Health Management, Ltd.		13,062
	900	QB Net Holdings Co., Ltd.		9,142
	2,600	Riso Kyoiku Co., Ltd.		7,205

				203,534

Diversified Financial Services (0.8%):
	1,439	ABC arbitrage		9,934
	84,183	AMP, Ltd.*		75,283
	3,396	Banca Farmafactoring SpA(a)		26,899
	1,684	Banca IFIS SpA		24,069
	3,300	Banca Mediolanum SpA		27,565
	4,759	Burford Capital, Ltd.		38,316
	12,288	Challenger, Ltd.		63,680
	2,280	doValue SpA(a)		17,448


Shares			Value
Common Stocks, continued
Diversified Financial Services, continued
	5,800	Ecn Capital Corp.	$	11,910
	800	eGuarantee, Inc.		14,756
	16,244	Element Fleet Management Corp.		221,378
	926	Eurazeo SE		57,792
	1,700	Financial Products Group Co., Ltd.		14,385
	700	Fuyo General Lease Co., Ltd.		45,659
	565	GRENKE AG		11,842
	20,600	G-Resources Group, Ltd.		5,716
	88	Hypoport SE*		9,175
	800	Japan Investment Adviser Co., Ltd.		7,106
	4,600	Japan Securities Finance Co., Ltd.		40,163
	48,691	M&G plc		110,653
	19,420	Mitsubishi HC Capital, Inc.		95,683
	1,000	Mizuho Leasing Co., Ltd.		25,256
	900	NEC Capital Solutions, Ltd.		14,665
	16,085	Ofx Group, Ltd.*		26,106
	7,289	Omni Bridgeway, Ltd.*		17,893
	1,847	Onex Corp.		89,076
	10,500	ORIX Corp.		169,336
	4,583	Plus500, Ltd.		99,810
	1,100	Ricoh Leasing Co., Ltd.		31,739
	45,834	Standard Life Aberdeen plc		104,377
	1,500	Tokyo Century Corp.		50,656
	1,100	Zenkoku Hosho Co., Ltd.		42,131

				1,600,457

Diversified Telecommunication Services (2.3%):
	900	ARTERIA Networks Corp.		8,490
	492	BCE, Inc.		21,623
	36,348	Bezeq The Israeli Telecommunication Corp., Ltd.		62,797
	203,849	BT Group plc		276,736
	930	Cellnex Telecom SAU(a)		30,923
	17,708	Chorus, Ltd.		91,662
	90,000	CITIC Telecom International Holdings, Ltd.		30,501
	42,810	Deutsche Telekom AG		853,787
	3,188	Elisa OYJ		168,958
	2,209	Gamma Communications plc		28,895
	14,874	Helios Towers PLC*		19,093
	27,500	HKBN, Ltd.		17,724
	98,295	HKT Trust & HKT, Ltd.		120,152
	3,856	Infrastrutture Wireless Italiane SpA(a)		38,946
	2,800	Internet Initiative Japan, Inc.		52,251
	69,090	Koninklijke KPN NV		213,731
	3,548	Liberty Global plc, Class C*		68,938
	41,300	NetLink NBN Trust		25,556
	5,000	Nippon Telegraph & Telephone Corp.		142,742
	50,803	Orange SA		505,082
	132,202	PCCW, Ltd.		59,626
	5,067	Proximus SADP		48,783
	21,500	Singapore Telecommunications, Ltd.		41,286
	16,483	Spark New Zealand, Ltd.		56,481
	12,209	Superloop, Ltd.*		5,996
	761	Swisscom AG		416,624
	334,376	Telecom Italia SpA*		77,681
	210,041	Telecom Italia SpA*		46,966
	35,713	Telefonica Deutschland Holding AG		87,980
	107,420	Telefonica SA		388,985
	4,768	Telekom Austria AG		29,468


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	4,475	Telenor ASA	$	41,888
	19,493	Telia Co AB		49,916
	65,824	Telstra Corp., Ltd.		178,708
	669	TELUS Corp.		12,912
	4,669	TPG Telecom, Ltd.		15,530
	7,091	Tuas, Ltd.*		6,419
	3,566	United Internet AG, Registered Shares		72,087
	900	Usen-Next Holdings Co., Ltd.		14,595

				4,430,518

Electric Utilities (1.2%):
	708	Acciona SA		130,200
	334	BKW AG		45,586
	5,400	Chubu Electric Power Co., Inc.		55,889
	2,800	Chugoku Electric Power Co., Inc. (The)		14,344
	7,000	CK Infrastructure Holdings, Ltd.		36,642
	9,564	CLP Holdings, Ltd.		69,791
	3,804	Contact Energy, Ltd.		18,510
	21,672	EDP — Energias de Portugal SA		107,950
	1,597	Electricite de France		20,512
	484	Elia Group SA/NV		68,765
	2,200	Emera, Inc.		84,097
	3,566	Endesa SA		67,279
	47,239	Enel SpA		254,029
	240	Energiedienst Holding AG, Registered Shares		11,632
	1,538	EVN AG		27,758
	932	Fortis, Inc.		37,299
	1,708	Fortis, Inc.		68,388
	2,642	Fortum OYJ		44,004
	16,045	Genesis Energy, Ltd.		26,266
	30,000	HK Electric Investments, Ltd.		19,800
	7,700	Hokkaido Electric Power Co., Inc.		27,178
	3,500	Hokuriku Electric Power Co.		14,542
	1,200	Hydro One, Ltd.(a)		32,149
	17,168	Iberdrola SA		200,794
	6,227	Infratil, Ltd.		34,090
	5,700	Kansai Electric Power Co., Inc. (The)		55,339
	7,200	Kyushu Electric Power Co., Inc.		40,616
	1,800	Okinawa Electric Power Co., Inc. (The)		13,815
	24,174	Origin Energy, Ltd.		126,889
	730	Orsted A/S(a)		66,242
	11,500	Power Assets Holdings, Ltd.		62,994
	5,810	Red Electrica Corp SA		100,910
	11	Romande Energie Holding SA, Registered Shares		13,290
	3,724	Scottish & Southern Energy plc		76,795
	3,300	Shikoku Electric Power Co., Inc.		19,137
	10,948	Terna SpA		81,023
	3,900	Tohoku Electric Power Co., Inc.		20,464
	13,500	Tokyo Electric Power Co. Holdings, Inc.*		48,748
	284	Verbund AG, Class A		23,949

				2,267,705

Electrical Equipment (1.3%):
	22,112	ABB, Ltd.		673,665
	1,105	Accelleron Industries AG*		22,899
	138	Alfen Beheer B.V.*(a)		12,460
	1,156	Ballard Power Systems, Inc.*		5,533
	600	Chiyoda Integre Co., Ltd.		9,806
	1,300	Denyo Co., Ltd.		15,399


Shares			Value
Common Stocks, continued
Electrical Equipment, continued
	123	Energiekontor AG	$	10,133
	2,707	Fagerhult AB		10,530
	1,500	Fuji Electric Co., Ltd.		57,129
	8,700	Fujikura, Ltd.		65,925
	2,400	Furukawa Electric Co., Ltd. (The)		45,053
	1,200	Futaba Corp.		4,855
	485	GARO AB		5,062
	38	Gavazzi Carlo Holding AG		12,364
	3,000	GS Yuasa Corp.		47,906
	530	Hexatronic Group AB		7,226
	400	Hirakawa Hewtech Corp.		3,394
	553	Huber & Suhner AG		51,750
	1,600	Idec Corp./Japan		35,591
	1,291	Legrand SA		103,933
	800	Mabuchi Motor Co., Ltd.		22,750
	346	Mersen		14,025
	6,800	Mitsubishi Electric Corp.		67,324
	839	Nexans SA		76,159
	1,300	Nidec Corp.		67,710
	500	Nippon Carbon Co., Ltd.		15,925
	1,500	Nitto Kogyo Corp.		26,846
	1,094	NKT A/S*		61,840
	4,668	Nordex Se*		65,938
	17	Phoenix Mecano AG		6,050
	2,550	PNE AG		58,067
	2,643	Prysmian SpA		97,828
	400	Sanyo Denki Co., Ltd.		17,401
	1,524	Schneider Electric SA		214,304
	200	SEC Carbon, Ltd.		10,765
	2,150	SGL Carbon SE*^		15,954
	5,246	Siemens Energy AG		98,690
	3,816	Signify NV(a)		128,456
	1,000	Sinfonia Technology Co., Ltd.		11,228
	224	Somfy SA		34,275
	1,500	SwCC Showa Holdings Co., Ltd.		20,400
	900	Takaoka Toko Co., Ltd.		12,145
	1,055	Tera Light, Ltd.*		1,435
	957	TKH Group NV		38,121
	600	Toyo Tanso Co., Ltd.		16,969
	3,300	Ushio, Inc.		40,434
	140	Varta AG		3,374
	3,726	Vestas Wind Systems A/S		108,878
	527	XP Power, Ltd.		12,953

				2,566,857

Electronic Equipment, Instruments & Components (1.6%):
	600	Ai Holdings Corp.		9,480
	7,060	Alps Alpine Co., Ltd.		64,361
	288	ALSO Holding AG, Registered Shares		52,906
	1,800	Amano Corp.		33,053
	3,300	Anritsu Corp.		32,016
	1,200	Arisawa Manufacturing Co., Ltd.		11,827
	883	Austria Technologie & Systemte		30,335
	868	Barco N.V.		21,522
	675	Basler AG		21,325
	900	Canon Electronics, Inc.		10,321
	1,300	Canon Marketing Japan, Inc.		29,604
	3,104	Celestica, Inc.*		34,988


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	157	Cicor Technologies, Ltd.*	$	7,285
	9,300	Citizen Watch Co., Ltd.		41,874
	3,400	CMK Corp.		11,914
	3,981	Codan, Ltd./Australia		11,098
	175	Comet Holding AG REG		37,258
	1,300	Conexio Corp.		18,797
	7,000	Cowell e Holdings, Inc.*		9,660
	2,700	Daiwabo Holdings Co., Ltd.		39,631
	1,700	Dexerials Corp.		33,015
	999	Dicker Data, Ltd.		6,923
	1,100	Elematec Corp.		12,954
	700	Evertz Technologies, Ltd.		6,603
	9,777	Fingerprint Cards AB*^		2,759
	1,700	First Trust High Yield Opportunities Term Fund		40,260
	160,000	FIT Hon Teng, Ltd.*(a)		41,757
	2,100	Furuno Electric Co., Ltd.		15,364
	400	Hagiwara Electric Co., Ltd.		7,406
	500	Hakuto Co., Ltd.		15,901
	1,329	Halma plc		31,749
	900	Hamamatsu Photonics KK		43,300
	5,897	Hexagon AB, Class B		62,022
	500	Hioki EE Corp.		24,110
	200	Hirose Electric Co., Ltd.		25,021
	1,200	Hochiki Corp.		12,728
	800	Horiba, Ltd.		34,916
	2,600	Hosiden Corp.		31,281
	1,400	Ibiden Co., Ltd.		51,010
	47	Inficon Holding AG		41,073
	400	I-PEX, Inc.		3,609
	300	Iriso Electronics Co., Ltd.		9,666
	2,300	Japan Aviation Electronics Industry, Ltd.		36,950
	1,100	Japan Cash Machine Co., Ltd.		8,992
	1,679	Jenoptik AG		45,853
	1,000	Kaga Electronics Co., Ltd.		31,118
	600	Keyence Corp.		234,939
	7,710	Kitron ASA		22,111
	1,200	Koa Corp.		17,009
	1,400	Kyocera Corp.		69,877
	3,500	Kyosan Electric Manufacturing Co., Ltd.		10,630
	3,313	Lagercrantz Group AB		32,922
	527	Landis+Gyr Group AG		37,187
	18	Lem Holding SA, Registered Shares		34,950
	200	Maruwa Co., Ltd./Aichi		23,545
	900	Meiko Electronics Co., Ltd.		16,483
	978	Micronic Mydata AB		18,396
	2,156	Midwich Group plc		10,998
	4,600	Murata Manufacturing Co., Ltd.		230,814
	2,562	NCAB Group AB		16,020
	267	Nederland Apparatenfabriek		15,705
	2,800	Nichicon Corp.		25,816
	600	Nippon Chemi-Con Corp.*		7,026
	2,100	Nippon Electric Glass Co., Ltd.		37,501
	3,400	Nippon Signal Co., Ltd.		26,708
	1,800	Nissha Co., Ltd.		25,091
	600	Nohmi Bosai, Ltd.		7,182
	3,600	OKI Electric Industry Co., Ltd.		19,500
	500	Omron Corp.		24,390


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	3,000	Osaki Electric Co., Ltd.	$	11,900
	1,627	Oxford Instruments plc		44,470
	3,149	Pricer AB		4,939
	324	Renishaw plc		14,371
	1,100	Restar Holdings Corp.		17,108
	1,400	Ryoden Corp.		17,954
	1,100	Ryosan Co., Ltd.		23,601
	315	Sensirion Holding AG*(a)		33,518
	221	Sesa SpA		27,545
	400	Shibaura Electronics Co., Ltd.		14,975
	2,400	Shimadzu Corp.		68,464
	1,200	Shinko Shoji Co., Ltd.		10,749
	2,000	Siix Corp.		19,204
	2,281	Softwareone Holding AG		32,304
	1,318	Spectris plc		47,606
	6,120	Strix Group plc		6,071
	2,000	Sumida Corp.		20,640
	700	Tachibana Eletech Co., Ltd.		9,412
	2,100	Taiyo Yuden Co., Ltd.		61,253
	2,500	Tamura Corp.		13,363
	7,000	TDK Corp.		227,331
	2,600	Topcon Corp.		29,828
	1,300	Toyo Corp.		13,531
	7,103	TT Electronics plc		14,924
	100	V Technology Co., Ltd.		1,904
	312	Vaisala OYJ, Class A		13,175
	4,400	Venture Corp., Ltd.		56,108
	44,000	Vstecs Holdings, Ltd.		25,371
	2,200	Yokogawa Electric Corp.		34,860
	1,100	Yokowo Co., Ltd.		17,917

				3,104,791

Energy Equipment & Services (0.5%):
	7,314	Akastor ASA*		6,843
	5,393	Aker Solutions ASA		20,629
	2,991	BW Offshore, Ltd.		7,640
	5,874	Ces Energy Solutions Corp.		11,975
	29,491	CGG SA*		19,199
	4,726	Computer Modelling Group, Ltd.		20,352
	6,058	Enerflex, Ltd.		38,215
	8,606	Ensign Energy Services, Inc.*		21,677
	106,730	Ezion Holdings, Ltd.*(b)		—
	6,704	Hunting plc		26,982
	18,612	John Wood Group plc*		30,253
	679	Noble Corp. PLC*		25,484
	2,400	North American Construction Group, Ltd.		32,052
	7,269	Odfjell Drilling, Ltd.*		19,432
	1,211	Odfjell Technology, Ltd.*		3,581
	1,450	Pason Systems, Inc.		17,073
	7,745	Petrofac, Ltd.*		6,578
	21,614	Petroleum Geo-Services ASA*		15,612
	518	Precision Drilling Corp.*		39,682
	5,417	SBM Offshore NV		85,107
	174	Schoeller-Blackman Oilfield Equipment AG		10,877
	8,377	Secure Energy Services, Inc.		43,500
	3,900	ShawCor, Ltd.*		39,582
	3,432	Subsea 7 SA		39,524
	5,044	Technip Energies NV		79,401


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	1,677	Tecnicas Reunidas SA*	$	16,407
	1,938	Tenaris SA		34,006
	1,044	Tenaris SA, ADR		36,707
	2,965	TGS ASA		40,164
	900	Total Energy Services, Inc.		5,724
	400	Toyo Kanetsu KK		7,726
	13,311	Trican Well Service, Inc.*		35,986
	2,831	Vallourec SA*		37,314
	4,130	Worley, Ltd.		42,202

				917,486

Entertainment (0.6%):
	800	Akatsuki, Inc.		13,388
	900	Avex, Inc.		11,487
	11,278	Bollore, Inc.		63,193
	2,427	Borussia Dortmund GMBH & Co. KGaA*		9,629
	2,200	Capcom Co., Ltd.		70,568
	1,403	CTS Eventim AG & Co. KGaA*		89,488
	1,900	DeNA Co., Ltd.		25,351
	2,590	Event Hospitality And Entertainment, Ltd.		22,417
	1,590	Gungho Online Enetertainment, Inc.		25,826
	38,000	IGG, Inc.*		13,981
	82	Kinepolis Group NV*		3,415
	1,100	Konami Holdings Corp.		50,027
	3,270	Modern Times Group Mortgage AB*		28,013
	1,100	Nexon Co., Ltd.		24,541
	7,000	Nintendo Co., Ltd.		293,174
	700	Square Enix Holdings Co., Ltd.		32,505
	8,985	Stillfront Group AB*		15,061
	510	Technicolor Creative Studios SA*^		122
	100	Toei Animation Co., Ltd.		10,115
	200	Toei Co., Ltd.		26,893
	2,585	UbiSoft Entertainment SA*		73,365
	3,936	Universal Music Group NV		94,998
	700	UUUM, Inc.*		4,371
	9,273	Vivendi Universal SA		88,722
	5,570	WildBrain, Ltd.*		12,837

				1,103,487

Food & Staples Retailing (2.2%):
	5,600	AEON Co., Ltd.		117,896
	500	Ain Holdings, Inc.		22,936
	5,572	Alimentation Couche-Tard, Inc.		244,891
	1,200	Arcs Co., Ltd.		20,078
	1,537	Axfood AB		42,190
	800	Axial Retailing, Inc.		20,661
	600	Belc Co., Ltd.		26,102
	702	BlackRock Floating Rate Income Trust		14,292
	16,561	Carrefour SA		277,061
	1,395	Casino Guichard-Perrachon SA*^		14,552
	1,100	Cawachi, Ltd.		18,682
	8,111	Coles Group, Ltd.		91,835
	1,589	Colruyt SA		36,316
	200	Cosmos Pharmaceutical Corp.		20,328
	1,300	Create SD Holdings Co., Ltd.		32,451
	500	Daikokutenbussan Co., Ltd.		20,459
	4,900	Dairy Farm International Holdings, Ltd.		14,325
	3,951	Empire Co., Ltd., Class A		104,072
	9,117	Endeavour Group, Ltd.		39,585


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	500	Fuji Co., Ltd./Ehime	$	6,927
	500	Genky Drugstores Co., Ltd.		13,708
	1,093	George Weston, Ltd.		135,628
	1,600	Heiwado Co., Ltd.		26,044
	2,689	HelloFresh SE*		58,944
	200	Itochu-Shokuhin Co., Ltd.		7,496
	43,950	J Sainsbury plc		115,345
	1,939	Jeronimo Martins SGPS SA		41,921
	600	JM Holdings Co., Ltd.		7,803
	600	Kato Sangyo Co., Ltd.		16,045
	6,632	Kesko Oyj, Class B		146,735
	2,295	Kesko OYJ, Class A		50,025
	1,700	Kobe Bussan Co., Ltd.		49,079
	14,419	Koninklijke Ahold Delhaize NV		414,255
	400	Kusuri NO Aoki Holdings Co., Ltd.		23,405
	900	LAWSON, Inc.		34,495
	800	Life Corp.		16,005
	2,011	Loblaw Cos., Ltd.		177,838
	215	M Yochananof & Sons, Ltd.		11,568
	73,250	Marks & Spencer Group plc*		108,616
	780	Matsumotokiyoshi Holdings Co., Ltd.		39,223
	25,319	Metcash, Ltd.		68,555
	5,881	METRO AG*		57,437
	3,317	Metro, Inc.		183,687
	600	Ministop Co., Ltd.		6,497
	900	Mitsubishi Shokuhin Co., Ltd.		21,249
	1,200	Nihon Chouzai Co., Ltd.		11,103
	1,801	North West Co., Inc.		47,320
	821	Ocado Group plc*		6,177
	10,925	Olam Group, Ltd.		11,921
	1,200	Qol Holdings Co., Ltd.		10,622
	1,094	Rallye SA*		3,153
	337	Rami Levy Chain Stores Hashikm		23,620
	1,000	Retail Partners Co., Ltd.		10,088
	600	San-A Co., Ltd.		19,649
	5,600	Seven & I Holdings Co., Ltd.		239,595
	28,900	Sheng Siong Group, Ltd.		35,589
	4,880	Shufersal, Ltd.		28,212
	1,454	Sligro Food Group NV		25,227
	38,447	Sonae SGPS SA		38,440
	900	Sugi Holdings Co., Ltd.		40,135
	1,800	Sundrug Co., Ltd.		53,536
	75,921	Tesco plc		205,798
	1,000	Tsuruha Holdings, Inc.		77,717
	2,100	United Supermarkets Holdings		17,976
	2,200	Valor Holdings Co., Ltd.		30,347
	1,400	Watahan & Co., Ltd.		14,225
	1,400	Welcia Holdings Co., Ltd.		32,616
	7,800	Woolworths Group, Ltd.		178,082
	800	YAKUODO Holdings Co., Ltd.		17,369
	700	Yamatane Corp.		8,809
	700	Yaoko Co., Ltd.		36,020
	2,800	Yokorei Co., Ltd.		22,726

				4,263,314

Food Products (2.5%):
	5,540	A2 Milk Co., Ltd.*		25,953
	1,292	AAK AB		22,084


Shares			Value
Common Stocks, continued
Food Products, continued
	364	Agrana Beteiligungs AG	$	5,822
	1,400	Ajinomoto Co., Inc.		42,694
	44,180	Aryzta AG*		52,702
	2,737	Associated British Foods plc		52,133
	772	Atria OYJ		7,659
	2,327	Austevoll Seafood ASA		20,957
	556	Bakkafrost P/F		34,797
	58	Barry Callebaut AG, Registered Shares		114,943
	8,561	Bega Cheese, Ltd.		22,591
	125	Bell AG		32,108
	854	Bonduelle S.C.A.		12,263
	1,000	Calbee, Inc.		22,791
	1	Chocoladefabriken Lindt & Spruengli AG		103,020
	800	Chubu Shiryo Co., Ltd.		6,632
	12,278	Cloetta AB		24,572
	15,071	Costa Group Holdings, Ltd.		28,179
	1,114	Cranswick plc		41,447
	2,515	Danone SA		132,481
	1,700	Delfi, Ltd.		981
	10,007	Devro plc		37,287
	500	DyDo Group Holdings, Inc.		18,134
	2,372	Ebro Foods SA		37,210
	4,736	Elders, Ltd.		32,465
	60	Emmi AG		50,691
	400	Ezaki Glico Co., Ltd.		11,003
	108,669	First Pacific Co., Ltd.		32,444
	27,100	First Resources, Ltd.		29,982
	1,616	Forfarmers NV		5,065
	9,500	Fraser & Neave, Ltd.		9,002
	1,700	Fuji Oil Holdings, Inc.		26,363
	3,286	Glanbia plc		41,920
	260,400	Golden Agri-Resources, Ltd.		48,564
	8,123	GrainCorp, Ltd.		40,989
	17,127	Greencore Group plc*		13,264
	1,502	Grieg Seafood ASA		12,038
	1,100	High Liner Foods, Inc.		11,189
	1,923	Hilton Food Group plc		12,978
	1,600	Hokuto Corp.		22,836
	700	House Foods Group, Inc.		14,746
	15,498	Inghams Group, Ltd.		30,152
	2,700	Itoham Yonekyu Holdings, Inc.		14,358
	300	Iwatsuka Confectionery Co., Ltd.		9,824
	900	JDE Peet’s NV		26,010
	600	J-Oil Mills, Inc.		6,902
	800	Kagome Co., Ltd.		18,546
	800	Kakiyasu Honten Co., Ltd.		12,697
	400	Kameda Seika Co., Ltd.		13,258
	700	Kenko Mayonnaise Co., Ltd.		7,282
	506	Kerry Group plc, Class A		45,654
	2,800	Kewpie Corp.		50,872
	500	Kikkoman Corp.		26,434
	300	Kotobuki Spirits Co., Ltd.		17,517
	163	KWS Saat SE		11,183
	500	Kyokuyo Co., Ltd.		14,449
	147	Lassonde Industries, Inc.		12,083
	3,154	Leroy Seafood Group ASA		17,783
	17	Lotus Bakeries		115,176


Shares			Value
Common Stocks, continued
Food Products, continued
	2,349	Maple Leaf Foods, Inc.	$	42,424
	1,200	Marudai Food Co., Ltd.		12,977
	2,100	Maruha Nichiro Corp.		40,162
	1,700	Megmilk Snow Brand Co., Ltd.		23,327
	41	Mehadrin, Ltd.*		1,339
	1,500	Meiji Holdings Co., Ltd.		77,038
	800	Mitsui Sugar Co., Ltd.		12,195
	1,300	Morinaga & Co., Ltd.		38,856
	1,100	Morinaga Milk Industry Co., Ltd.		41,853
	1,396	Mowi ASA		23,864
	11,739	Nestle SA		1,356,051
	389	Neto Malinda Trading, Ltd.*		9,635
	1,800	NH Foods, Ltd.		50,256
	2,600	Nichirei Corp.		56,817
	1,200	Nippn Corp.		14,759
	800	Nippon Beet Sugar Manufacturing Co., Ltd.		10,150
	12,400	Nippon Suisan Kaisha, Ltd.		51,865
	1,200	Nisshin Oillio Group, Ltd. (The)		29,924
	2,700	Nisshin Seifun Group, Inc.		33,854
	300	Nissin Foods Holdings Co., Ltd.		23,756
	326	Orior AG		25,881
	3,996	Orkla ASA, Class A		28,907
	30,027	Premier Foods plc		39,363
	505	Premium Brands Holdings Corp.		30,692
	1,300	Prima Meat Packers, Ltd.		21,675
	8,255	Raisio Oyj, Class V		21,987
	11,830	Ridley Corp., Ltd.		15,907
	4,400	Rogers Sugar, Inc.		18,493
	600	S Foods, Inc.		13,573
	482	Salmar ASA		18,977
	2,346	Sanford, Ltd.		6,090
	1,456	Saputo, Inc.		36,050
	127	Savencia SA		7,941
	3,496	Scales Corp., Ltd.		9,096
	3,767	Scandi Standard AB*		17,690
	476	Schouw & Co.		35,842
	2,906	Select Harvests, Ltd.		7,704
	800	Showa Sangyo Co., Ltd.		15,263
	306	Sipef SA		19,311
	114	Societe LDC SA		13,111
	600	Starzen Co., Ltd.		9,444
	1,353	Strauss Group, Ltd.		35,955
	2,659	Suedzucker AG		46,499
	2,839	Synlait Milk, Ltd.*		6,365
	8,129	Tate & Lyle PLC		69,808
	700	Toyo Suisan Kaisha, Ltd.		27,113
	580	UIE PLC		14,922
	13,688	United Malt Grp, Ltd.		32,297
	217	Vilmorin & Cie SA		10,614
	1,635	Viscofan SA		105,541
	12,000	Vitasoy International Holdings, Ltd.		24,666
	400	Warabeya Nichiyo Holdings Co., Ltd.		5,577
	253,915	WH Group, Ltd.(a)		147,730
	43,300	Wilmar International, Ltd.		134,931
	600	Yakult Honsha Co., Ltd.		39,133
	3,700	Yamazaki Baking Co., Ltd.		44,379

				4,874,788


Shares			Value
Common Stocks, continued
Gas Utilities (0.5%):
	6,384	AltaGas, Ltd.	$	110,251
	9,887	APA Group		72,373
	1,671	Brookfield Infrastructure Corp., Class A		65,011
	5,264	Enagas SA		87,508
	96,850	Hong Kong & China Gas Co., Ltd.		92,084
	10,984	Italgas SpA		60,899
	800	K&O Energy Group, Inc.		12,373
	1,049	Naturgy Energy Group SA		27,283
	3,400	Nippon Gas Co., Ltd.		53,540
	2,900	Osaka Gas Co., Ltd.		46,912
	1,605	Rubis SCA		42,254
	1,300	Saibu Gas Co., Ltd.		16,838
	1,300	Shizuoka Gas Co. Ltd.		10,924
	10,533	Snam SpA		51,133
	3,450	Superior Plus Corp.		28,618
	1,100	Toho Gas Co., Ltd.		21,093
	3,300	Tokyo Gas Co., Ltd.		64,884

				863,978

Health Care Equipment & Supplies (1.4%):
	2,536	Alcon, Inc.		174,231
	2,508	Alcon, Inc.		171,923
	1,070	Ambu A/S, Class B*		13,579
	3,762	Ansell, Ltd.		72,258
	2,637	Arjo AB, Class B		9,824
	1,200	Asahi Intecc Co., Ltd.		19,779
	247	BioMerieux		25,971
	385	Carl Zeiss Meditec AG		48,586
	246	Cellavision AB		5,400
	434	Cochlear, Ltd.		60,245
	1,314	Coloplast A/S, Class B		153,986
	251	Coltene Holding AG		20,733
	15,236	Convatec Group plc(a)		42,833
	1,946	Demant A/S*		54,122
	254	DiaSorin SpA		35,587
	509	Draegerwerk AG & Co. KGaA		22,691
	238	Draegerwerk AG & Co. KGaA		9,254
	458	Eckert & Ziegler AG		22,751
	6,099	Elekta AB, Class B		36,669
	1,167	EssilorLuxottica SA		212,476
	2,109	Fisher & Paykel Healthcare Corp., Ltd.		30,010
	600	Fukuda Denshi Co., Ltd.		20,847
	1,212	Getinge AB, Class B		25,251
	4,399	GN Store Nord A/S		101,566
	405	Guerbet		7,373
	800	Hogy Medical Co., Ltd.		20,628
	2,300	Hoya Corp.		222,571
	800	Jeol, Ltd.		21,492
	2,064	Koninklijke Philips Electronics NV, NYS		30,939
	5,281	Koninklijke Philips NV		79,252
	700	Mani, Inc.		10,781
	276	Medacta Group SA(a)		30,874
	849	Medmix AG(a)		16,204
	1,600	Menicon Co., Ltd.		33,854
	10	Metall Zug AG		20,821
	1,200	Nakanishi, Inc.		23,370
	1,600	Nihon Kohden Corp.		39,046
	4,200	Nipro Corp.		32,848


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	7,100	Olympus Corp.	$	125,517
	1,800	Paramount Bed Holdings Co., Ltd.		35,018
	457	Revenio Group OYJ		18,919
	16,500	Riverstone Holdings, Ltd.		7,560
	174	Sartorius AG		68,799
	645	Siemens Healthineers AG(a)		32,262
	2,690	Smith & Nephew plc		35,930
	1,168	Smith & Nephew plc, ADR		31,408
	520	Sonova Holding AG		123,761
	360	Stratec Se		31,261
	819	Straumann Holding AG, Class R		92,771
	1,200	Sysmex Corp.		73,104
	1,400	Terumo Corp.		39,596
	180	Ypsomed Holding AG		32,920

				2,729,451

Health Care Providers & Services (0.8%):
	3,400	Alfresa Holdings Corp.		43,444
	2,772	Amplifon SpA		82,796
	400	Amvis Holdings, Inc.		10,176
	400	Andlauer Healthcare Group, Inc.		13,990
	18,908	Arvida Group, Ltd.		13,659
	200	As One Corp.		8,775
	6,164	Attendo AB*(a)		14,355
	700	BML, Inc.		17,716
	862	CVS Group plc		20,177
	1,265	Ebos Group, Ltd.		35,030
	1,000	Elan Corp.		7,077
	4,012	Extendicare, Inc.		19,441
	3,112	Fagron		44,263
	1,400	France Bed Holdings Co., Ltd.		9,966
	2,579	Fresenius Medical Care AG & Co., KGaA		84,342
	5,366	Fresenius SE & Co. KGaA		150,950
	1,900	H.U. Group Holdings, Inc.		41,436
	20,914	Healius, Ltd.		43,661
	2,572	Humana AB*		9,497
	4,771	Integral Diagnostics, Ltd.		9,512
	2,000	Japan Lifeline Co., Ltd.		13,956
	1,000	Japan Medical Dynamic Marketing, Inc.		6,828
	2,704	Korian SA		29,395
	225	Lna Sante		7,126
	3,204	Medical Facilities Corp.		19,028
	15,698	Mediclinic International plc		94,502
	1,044	Medicover AB, Class B		13,946
	3,500	Medipal Holdings Corp.		46,129
	3,565	Mediterranean Towers, Ltd.		8,272
	1,110	NMC Health plc*		—
	11,023	Novolog, Ltd.		8,673
	22,733	Oceania Healthcare, Ltd.		10,989
	6,310	Oriola Oyj, Class B		11,748
	1,066	Orpea*		7,107
	24,015	Raffles Medical Group, Ltd.		25,119
	1,997	Ramsay Health Care, Ltd.		88,249
	7,784	Regis Healthcare, Ltd.		9,947
	2,854	Ryman Healthcare, Ltd.		9,652
	2,100	Ship Healthcare Holdings, Inc.		42,968
	59,044	Sigma Healthcare, Ltd.		24,518
	1,900	Solasto Corp.		10,328


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	7,958	Sonic Healthcare, Ltd.	$	162,221
	8,887	Spire Healthcare Group plc*(a)		24,468
	6,744	Summerset Group Holdings, Ltd.		37,875
	1,500	Suzuken Co., Ltd.		40,637
	558	Synlab AG		6,770
	2,544	Terveystalo OYJ(a)		17,023
	1,800	Toho Holdings Co., Ltd.		30,056
	500	Tokai Corp./Gifu		7,282
	2,800	Vital Ksk Holdings, Inc.		18,131

				1,513,206

Health Care Technology (0.2%):
	7,980	AGFA-Gevaert NV*		22,831
	1,026	Ascom Holding AG^		8,267
	857	CompuGroup Medical SE & Co KgaA		32,984
	2,389	Emis Group plc		54,058
	500	JMDC, Inc.		14,393
	2,400	M3, Inc.		65,389
	700	MedPeer, Inc.*		7,329
	330	Nexus AG		19,709
	800	Nnit A/S*(a)		7,550
	94	Pharmagest Interactive		7,510
	1,258	Pro Medicus, Ltd.		47,233
	1,213	Raysearch Laboratories AB*		7,936
	2,743	Sectra AB*		39,048

				334,237

Hotels, Restaurants & Leisure (1.7%):
	2,190	888 Holdings plc*		2,306
	3,140	Accor SA*		78,004
	600	AEON Fantasy Co., Ltd.		12,268
	1,000	Airtrip Corp.		18,605
	1,000	Arcland Service Holdings Co., Ltd.		16,459
	23,206	Ardent Leisure Group, Ltd.		9,582
	4,661	Aristocrat Leisure, Ltd.		96,234
	614	Basic-Fit NV*(a)		15,986
	3,095	Betsson AB, Class B		25,187
	20,000	Cafe de Coral Holdings, Ltd.		38,185
	1,533	Carnival plc, ADR*		11,022
	72,000	Century City International Holdings, Ltd.*		2,760
	970	Cie des Alpes*		14,963
	4,935	Collins Foods, Ltd.		24,136
	700	Colowide Co., Ltd.		9,478
	7,839	Compass Group plc		181,097
	553	Corporate Travel Management, Ltd.		5,536
	3,200	Create Restaurants Holdings In		22,186
	2,300	Curves Holdings Co., Ltd.		15,049
	799	Domino’s Pizza Enterprises, Ltd.		35,979
	10,911	Domino’s Pizza Group plc		38,713
	1,600	Doutor Nichires Holdings Co., Ltd.		20,841
	4,906	Elior Group*(a)		17,297
	3,202	Entain plc		51,329
	506	Evolution AB(a)		49,445
	6,500	Fairwood Holdings, Ltd.		11,624
	87	Fattal Holdings 1998, Ltd.*		7,357
	1,821	Flight Centre Travel Group, Ltd.*		17,942
	2,837	Flutter Entertainment plc*		387,686
	2,000	Food & Life Cos., Ltd.		39,576
	500	Fuji Kyuko Co., Ltd.		18,141


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	557	Fuller Smith & Turner plc, Class A	$	3,343
	4,000	Galaxy Entertainment Group, Ltd.		26,488
	200	Genki Sushi Co., Ltd.		4,676
	40,200	Genting Singapore, Ltd.		28,694
	3,888	Greggs plc		109,713
	2,921	Hollywood Bowl Group PLC		8,795
	18,230	Hongkong & Shanghai Hotels (The)*		18,968
	1,499	InterContinental Hotels Group plc, ADR		87,452
	2,484	JD Wetherspoon plc*		13,368
	868	Jumbo Interactive, Ltd.		8,252
	1,100	KFC Holdings Japan, Ltd.		23,106
	6,856	Kindred Group plc		71,602
	1,700	Komeda Holdings Co., Ltd.		32,191
	1,667	La Francaise des Jeux SAEM(a)		66,962
	21,530	Lottery Corp., Ltd. (The)*		65,605
	33,812	Marston’s plc*		16,237
	500	McDonald’s Holdings Co., Ltd.		19,027
	23,000	Melco International Development Ltd.*		24,970
	2,819	Melia Hotels International SA*		13,791
	14,000	Miramar Hotel & Investment		21,849
	11,969	Mitchells & Butlers plc*		19,957
	400	Monogatari Corp. (The)		19,930
	313	MTY Food Group, Inc.		13,195
	46,435	NagaCorp, Ltd.*		40,938
	200	Oriental Land Co., Ltd.		29,142
	2,702	Pandox AB*		30,250
	900	Pizza Pizza Royalty Corp.		9,068
	10,182	PlayTech plc*		62,518
	600	Pollard Banknote, Ltd.		8,474
	12,439	Rank Group plc*		12,263
	1,500	Resorttrust, Inc.		26,747
	2,849	Restaurant Brands International, Inc.^		184,286
	3,018	Restaurant Brands New Zealand, Ltd.^		11,013
	19,755	Restaurant Group plc (The)*		7,459
	3,000	Round One Corp.		10,881
	1,200	Saint Marc Holdings Co., Ltd.		15,385
	3,788	Sands China, Ltd.*		12,550
	5,463	Scandic Hotels Group AB*^(a)		16,850
	44,000	Shangri-La Asia, Ltd.*		36,056
	78,585	SJM Holdings, Ltd.*		45,591
	1,360	SkiStar AB		14,507
	28,026	Sky City Entertainment Group, Ltd.*		42,146
	6,100	Skylark Holdings Co., Ltd.*		70,976
	1,782	Sodexo SA		170,447
	13,126	SSP Group plc*		36,188
	30,737	Star Entertainment Group, Ltd. (The)*		37,001
	40,053	Tabcorp Holdings, Ltd.		29,313
	581	The Gym Group plc*(a)		766
	137	Tivoli A/S*		14,938
	800	Tokyotokeiba Co., Ltd.		23,068
	1,300	Toridoll Holding Corp.		26,753
	3,050	Whitbread plc		94,863
	600	Yoshinoya Holdings Co., Ltd.		10,469
	500	Young & Co.’s Brewery plc, Class A		6,190
	187	Zeal Network SE		5,634
	1,600	Zensho Holdings Co., Ltd.		40,353

				3,196,227


Shares			Value
Common Stocks, continued
Household Durables (1.5%):
	5,875	Azorim-Investment Development & Construction Co., Ltd.	$	18,892
	4,812	Bang & Olufsen A/S*		5,666
	18,461	Barratt Developments plc		88,629
	3,181	Bellway plc		73,174
	1,689	Berkeley Group Holdings plc		76,886
	1,566	Bigben Interactive		10,707
	3,728	Bonava AB		10,566
	6,992	Bovis Homes Group plc		52,917
	1,520	Breville Group, Ltd.		18,958
	27,975	Cairn Home plc		26,026
	2,500	Casio Computer Co., Ltd.		25,574
	600	Chofu Seisakusho Co., Ltd.		8,782
	6,556	Crest Nicholson Holdings plc		18,816
	1,076	De’Longhi		24,105
	7,507	DFS Furniture plc		14,060
	1,000	Dorel Industries, Inc.		3,841
	2,152	Duni AB*		17,797
	5,109	Electrolux AB, Class B		69,185
	1,200	Es-Con Japan, Ltd.		7,107
	2,053	Fiskars OYJ Abp		33,781
	36	Forbo Holding AG		42,322
	1,600	Fuji Corp., Ltd.		7,991
	900	Fujitsu General, Ltd.		21,701
	25,820	Glenveagh Properties PLC*(a)		23,411
	7,100	Haseko Corp.		79,316
	2,710	Henry Boot plc		7,679
	700	Hoosiers Holdings		3,949
	2,100	Iida Group Holdings Co., Ltd.		31,747
	2,147	JM AB		35,585
	10,600	Jvc Kenwood Corp.		29,500
	958	Kaufman & Broad SA		28,127
	1,300	LEC, Inc.		8,974
	540	Leifheit AG		7,818
	43,200	Man Wah Holdings, Ltd.		42,533
	704	Nacon SA*		1,959
	1,363	Neinor Homes SA(a)		11,922
	4,700	Nikon Corp.		41,683
	5,576	Nobia AB		11,395
	1,200	Open House Co., Ltd.		43,533
	18,200	Panasonic Holdings Corp.		152,435
	6,381	Persimmon plc		94,171
	1,200	Pressance Corp.		14,069
	6,708	Redrow plc		36,898
	400	Rinnai Corp.		29,954
	567	Sabaf SpA		10,138
	1,300	Sangetsu Corp.		21,170
	711	SEB SA		59,755
	5,900	Sekisui Chemical Co., Ltd.		82,112
	6,500	Sekisui House, Ltd.		114,976
	5,800	Sharp Corp.		41,753
	10,000	Sony Group Corp.		762,675
	4,800	Sumitomo Forestry Co., Ltd.		85,310
	328	Surteco Group SE		6,703
	1,100	Tama Home Co., Ltd.		21,020
	1,100	Tamron Co., Ltd.		24,934
	84,968	Taylor Wimpey plc		104,720


Shares			Value
Common Stocks, continued
Household Durables, continued
	805	The Vitec Group plc	$	10,501
	1,000	TOA Corp.		5,866
	100	V-ZUG Holding AG*		9,863
	3,849	YIT OYJ		10,127

				2,785,764

Household Products (0.2%):
	300	Earth Corp.		11,485
	636	Essity AB		16,625
	2,717	Essity AB, Class B		71,355
	605	Henkel AG & Co. KGaA		39,014
	2,400	Lion Corp.		27,686
	14,255	Mcbride plc*		3,528
	2,300	Pigeon Corp.		37,817
	5,635	PZ Cussons plc		14,336
	1,797	Reckitt Benckiser Group plc		124,989
	1,600	Unicharm Corp.		61,365

				408,200

Independent Power and Renewable Electricity Producers (0.5%):
	2,302	7C Solarparken AG		10,502
	751	Boralex, Inc., Class A		22,201
	1,800	Capital Power Corp.		61,600
	7,088	Cloudberry Clean Energy ASA*		8,970
	15,074	Drax Group plc		128,224
	2,483	EDP Renovaveis SA		54,881
	1,700	EF-ON, Inc.		6,291
	1,300	Electric Power Development Co., Ltd.		20,683
	2,373	Encavis AG		46,977
	2,646	Energix-Renewable Energies, Ltd.		8,351
	9,491	Enlight Renewable Energy, Ltd.*		19,465
	1,000	eRex Co., Ltd.		16,546
	574	Greenvolt-Energias Renovaveis SA*		4,805
	596	Grenergy Renovables SA*		17,667
	2,055	Innergex Renewable Energy, Inc.		24,591
	690	Kenon Holdings, Ltd.		22,916
	2,011	Lundin Energy AB		4,326
	8,484	Meridian Energy, Ltd.		28,031
	890	Neoen SA(a)		35,793
	5,128	Northland Power, Inc.		140,643
	1,351	OPC Energy, Ltd.*		15,081
	1,500	Polaris Renewable Energy, Inc.		15,589
	500	Renova, Inc.*		8,911
	1,250	Scatec ASA(a)		10,012
	1,714	Solaria Energia y Medio Ambiente SA*		31,559
	7,142	Transalta Corp.		63,887
	2,200	Transalta Renewables, Inc.		18,282
	882	Voltalia SA, Registered Shares*		16,095
	910	West Holdings Corp.		30,137

				893,016

Industrial Conglomerates (1.0%):
	182	Aker ASA, Class A Shares		13,388
	865	Bonheur ASA		25,373
	1,015	Chargeurs SA		15,284
	8,000	Chevalier International Holdings Ltd.		7,195
	22,930	CK Hutchison Holdings, Ltd.		137,664
	1,950	DCC plc		96,244


Shares			Value
Common Stocks, continued
Industrial Conglomerates, continued
	2,000	Guoco Group, Ltd.	$	17,040
	8,400	Hitachi, Ltd.		422,793
	822	Indus Holding AG		19,310
	515	Italmobiliare SpA		14,102
	2,700	Jardine Cycle & Carriage, Ltd.		57,700
	1,500	Katakura Industries Co., Ltd.		19,752
	800	Keihan Holdings Co., Ltd.		20,989
	11,800	Keppel Corp., Ltd.		64,025
	1,149	Lifco AB, Class B		19,136
	78,561	Melrose Industries plc		127,691
	5,400	Nisshinbo Holdings, Inc.		39,726
	6,522	Nolato AB, Class B		34,319
	1,300	Noritsu Koki Co., Ltd.		23,393
	49,000	NWS Holdings, Ltd.		42,382
	934	Rheinmetall AG		186,012
	3,900	Seibu Holdings, Inc.		42,748
	2,131	Siemens AG		295,725
	5,554	Smiths Group plc		107,055
	5,400	Tokai Holdings Corp.		35,331
	700	Toshiba Corp.		24,541
	933	Volati AB		7,797

				1,916,715

Industrial Services (0.0%^†):
	335	Dredging Environmental Marine Engineering NV*		44,569

Insurance (4.3%):
	3,284	Admiral Group plc		84,858
	34,599	Aegon NV		175,490
	4,501	Ageas NV		200,230
	77,240	AIA Group, Ltd.		851,002
	31,584	Alm Brand A/S		51,271
	4,544	ASR Nederland NV		215,417
	8,596	Assicurazioni Generali SpA		152,638
	1,493	AUB Group, Ltd.		22,871
	34,934	Aviva plc		186,164
	12,306	AXA SA		342,928
	999	Baloise Holding AG		154,356
	7,750	Beazley plc		63,419
	4	Brookfield Reinsurance, Ltd.		125
	7,384	Chesnara plc		25,328
	2,213	Clal Insurance Enterprises Holdings, Ltd.*		37,318
	3,265	Coface SA		42,549
	5,600	Dai-ichi Life Holdings, Inc.		127,187
	31,080	Direct Line Insurance Group plc		83,312
	82	E-L Financial Corp., Ltd.		54,150
	331	Fairfax Financial Holdings, Ltd.		196,104
	1,054	FBD Holdings plc		12,472
	1,341	Gjensidige Forsikring ASA		26,348
	1,300	Great Eastern Holdings, Ltd.		17,963
	2,364	Great-West Lifeco, Inc.		54,656
	1,465	Grupo Catalana Occidente SA		46,283
	399	Hannover Rueck SE		79,306
	4,262	Harel Insurance Investments &		37,643
	1,387	Helvetia Holding AG		161,918
	6,718	Hiscox, Ltd.		88,495
	3,319	IA Financial Corp., Inc.		194,340
	506	IDI Insurance Co., Ltd.		10,957
	18,382	Insurance Australia Group, Ltd.		59,397


Shares			Value
Common Stocks, continued
Insurance, continued
	1,460	Intact Financial Corp.	$	210,200
	8,300	Japan Post Holdings Co., Ltd.		69,984
	1,900	Japan Post Insurance Co., Ltd.		33,443
	41,528	Just Group plc		40,961
	7,487	Lancashire Holdings, Ltd.		58,464
	58,863	Legal & General Group plc		177,737
	16,597	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		18,312
	10,482	Manulife Financial Corp.		186,999
	1,683	Manulife Financial Corp.		30,022
	25,567	Mapfre SA		49,563
	35,229	Medibank Private, Ltd.		70,229
	1,055	Menora Mivtachim Holdings, Ltd.		20,595
	16,641	Migdal Insurance & Financial Holding, Ltd.*		19,008
	2,100	MS&AD Insurance Group Holdings, Inc.		67,223
	244	Muenchener Rueckversicherungs-Gesellschaft AG		79,329
	6,991	NIB Holdings, Ltd.		36,585
	3,154	NN Group NV		128,795
	12,974	Phoenix Group Holdings plc		95,526
	5,195	Phoenix Holdings, Ltd. (The)		55,485
	6,349	Poste Italiane SpA(a)		61,906
	1,147	Protector Forsikring ASA		14,744
	1,083	Prudential plc, ADR		29,761
	5,101	Prudential PLC		69,015
	14,131	QBE Insurance Group, Ltd.		129,054
	3,005	Sabre Insurance Group plc(a)		3,867
	3,822	Saga plc*		5,832
	5,219	Sampo Oyj, Class A		272,854
	5,815	SCOR SA		133,503
	445	Solid Forsakring AB*		2,813
	2,600	Sompo Holdings, Inc.		115,465
	9,536	Steadfast Group, Ltd.		35,477
	5,818	Storebrand ASA		50,581
	2,828	Sun Life Financial, Inc.		131,290
	3,075	Sun Life Financial, Inc.		142,741
	15,987	Suncorp Group, Ltd.		131,067
	392	Swiss Life Holding AG		202,410
	2,645	Swiss Re AG		248,194
	4,000	T&D Holdings, Inc.		57,579
	1,264	Talanx AG		59,957
	4,800	Tokio Marine Holdings, Inc.		102,767
	1,470	Topdanmark A/S		77,126
	792	Trisura Group, Ltd.*		26,496
	2,899	Tryg A/S		68,772
	15,269	Unipol Gruppo Finanziario SpA		74,350
	14,182	UnipolSai Assicurazioni SpA		34,890
	5,733	Uniqa Insurance Group AG		42,958
	54	Vaudoise Assurances Holding SA		24,676
	1,638	Vienna Insurance Group AG Wiener Versicherung Gruppe		39,114
	1,796	Wuestenrot & Wuerttembergische AG		29,702
	1,059	Zurich Insurance Group AG		506,207

				8,230,123

Interactive Media & Services (0.3%):
	3,192	Adevinta ASA*		21,109
	16,102	Auto Trader Group plc(a)		100,460
	400	Bengo4.com, Inc.*		7,777


Shares			Value
Common Stocks, continued
Interactive Media & Services, continued
	575	Better Collective A/S*	$	7,037
	3,316	carsales.com, Ltd.		46,796
	1,200	Dip Corp.		34,385
	5,418	Domain Holdings Australia, Ltd.		9,975
	2,200	Kakaku.com, Inc.		35,390
	2,000	mixi, Inc.		37,326
	22,749	Moneysupermarket.com Group plc		52,867
	135	New Work SE		21,965
	437	REA Group, Ltd.		32,900
	11,094	Rightmove plc		68,670
	897	Scout24 AG(a)		45,061
	3,189	Seek, Ltd.		45,389
	2,124	Solocal Group*		1,387
	6,000	Z Holdings Corp.		15,171

				583,665

Internet & Direct Marketing Retail (0.3%):
	1,600	ASKUL Corp.		20,788
	1,900	Belluna Co., Ltd.		9,842
	621	BHG Group AB*		1,111
	18,446	Boohoo Group plc*		7,911
	1,898	Cazoo Group, Ltd.*		298
	518	Delivery Hero SE*(a)		24,812
	4,443	Dustin Group AB*(a)		17,605
	2,462	eDreams ODIGEO SA*		10,438
	800	Enigmo, Inc.		3,888
	10,000	Hong Kong Technology Venture Co., Ltd.		6,875
	1,484	Just Eat Takeaway.com NV*(a)		31,241
	500	Media Do Co., Ltd.		6,514
	6,515	N Brown Group plc*		1,969
	1,100	Oisix ra daichi, Inc.*		18,572
	5,176	On The Beach Group plc*(a)		9,749
	2,937	Prosus NV		201,612
	6,100	Rakuten, Inc.		27,691
	1,817	Takkt AG		26,335
	6,523	Webjet, Ltd.*		27,407
	724	Zalando SE*(a)		25,663
	1,200	ZOZO, Inc.		29,798

				510,119

IT Services (1.6%):
	4,024	Addnode Group AB*		38,060
	114	Adesso SE		16,106
	45	Adyen NV*(a)		62,263
	370	Allgeier SE		11,225
	597	Alten SA		74,955
	2,476	Amadeus IT Group SA*		127,669
	733	Appen, Ltd.		1,239
	2,661	Atea ASA		31,001
	2,869	Atos SE*^		27,863
	180	Aubay		9,400
	2,200	Barings Global Short Duration High Yield Fund		41,325
	1,619	Bechtle AG		57,281
	1,800	Bell System24 Holdings, Inc.		18,691
	1,490	Bouvet ASA		9,074
	853	Cancom SE		24,932
	680	Capgemini SA		114,029
	26,624	Capita plc*		7,804
	2,210	CGI, Inc.*		190,347


Shares			Value
Common Stocks, continued
IT Services, continued
	4,933	Columbus A/S	$	4,470
	2,733	Computacenter plc		63,202
	5,311	Computershare, Ltd.		94,727
	1,100	Comture Corp.		20,136
	7,824	Data#3, Ltd.		36,022
	500	Densan System Holdings Co., Ltd.		8,261
	700	Digital Garage, Inc.		24,067
	1,400	DTS Corp.		31,474
	8,624	Econocom Group SA/NV		26,343
	2,054	Edenred		111,751
	1,000	E-Guardian, Inc.		20,198
	5,345	EML Payments, Ltd.*		2,291
	558	Enea AB*		4,615
	3,891	Fdm Group Holdings plc		35,185
	348	Formula Systems 1985, Ltd.		25,268
	1,400	Fujitsu, Ltd.		185,427
	800	Future Corp.		10,035
	1,075	GFT Technologies SE		39,042
	6,665	Global Dominion Access SA(a)		25,604
	400	GMO Payment Gateway, Inc.		33,265
	1,200	ID Holdings Corp.		8,537
	4,290	Indra Sistemas SA		48,829
	1,200	Infocom Corp.		19,681
	900	Information Services Internati		26,910
	2,776	Iomart Group plc		4,198
	1,100	Itochu Techno-Solutions Corp.		25,768
	3,504	Kainos Group plc		64,993
	400	Kanematsu Electronics, Ltd.		13,528
	816	Knowit AB		15,926
	19,489	Link Administration Holdings, Ltd.		26,177
	896	Matrix It, Ltd.		18,711
	300	Mitsubishi Research Institute		11,155
	193	Nagarro SE*		22,857
	7,286	NCC Group plc		17,640
	1,700	NEC Networks & System Integrat		21,212
	1,300	NET One Systems Co., Ltd.		33,798
	7,128	Nexi SpA*(a)		56,023
	5,103	NEXTDC, Ltd.*		31,558
	1,200	Nihon Unisys, Ltd.		30,357
	2,056	Nomura Research Institute, Ltd.		48,884
	800	NS Solutions Corp.		19,295
	2,200	Nsd Co., Ltd.		37,943
	5,500	NTT Data Corp.		80,942
	200	Obic Co., Ltd.		29,573
	4,539	Ordina NV		18,768
	1,400	Otsuka Corp.		44,312
	2,696	PayPoint plc		16,637
	1,200	Poletowin Pitcrew Holdings, Inc.		7,481
	9,052	Pushpay Holdings, Ltd.*		7,314
	2,400	Relia, Inc.		18,220
	209	Reply SpA		24,033
	2,400	SCSK Corp.		36,231
	39	Secunet Security Networks AG		8,212
	200	SHIFT, Inc.*		35,548
	650	Shopify, Inc., Class A*		22,561
	219	Societe Pour l’Informatique Industrielle		10,642
	800	Softbank Technology Corp.		11,316
	3,194	Softcat plc		45,832


Shares			Value
Common Stocks, continued
IT Services, continued
	460	Sopra Steria Group	$	69,407
	16,000	Sunevision Holdings, Ltd.		8,606
	1,200	TDC Soft, Inc.		13,403
	1,700	TechMatrix Corp.		23,460
	1,100	TELUS International Cda, Inc.*		21,719
	2,278	Tieto OYJ		64,835
	3,000	TIS, Inc.		79,531
	700	Transcosmos, Inc.		17,357
	315	Wavestone		14,540
	2,809	Worldline SA*(a)		109,593

				3,108,700

Leisure Products (0.4%):
	26,132	Apollo Tactical Income Fund, Inc.		36,397
	1,100	Bandai Namco Holdings, Inc.		68,993
	1,496	Beneteau SA		22,637
	606	BRP, Inc.		46,209
	1,042	Catana Group		6,588
	891	Games Workshop Group plc		92,312
	1,000	Globeride, Inc.		19,196
	178	Harvia OYJ		3,380
	1,200	Heiwa Corp.		22,629
	500	Mars Group Holdings Corp.		9,260
	1,659	Maytronics, Ltd.		16,538
	562	MIPS AB		23,284
	800	Mizuno Corp.		17,132
	300	Roland Corp.		7,953
	1,200	Sankyo Co., Ltd.		49,141
	1,700	Sega Sammy Holdings, Inc.		25,598
	500	Shimano, Inc.		79,676
	700	Spin Master Corp.(a)		17,229
	1,169	Technogym SpA(a)		8,928
	2,105	Thule Group AB (The)^(a)		43,942
	3,300	Tomy Co., Ltd.		31,502
	385	Trigano SA		52,552
	700	Universal Entertainment Corp.*		12,591
	500	Yamaha Corp.		18,449

				732,116

Life Sciences Tools & Services (0.4%):
	2,100	Addlife AB, Class B		21,959
	840	Biotage AB		14,901
	315	Chemometec A/S*		31,428
	600	Cmic Holdings Co., Ltd.		8,105
	878	Ergomed PLC*		13,508
	1,522	Eurofins Scientific SE		109,587
	870	Gerresheimer AG		58,490
	404	Lonza Group AG		198,894
	2,001	Qiagen NV*		99,790
	120	Sartorius Stedim Biotech		39,090
	1,600	Shin Nippon Biomedical Laborat		27,318
	97	Siegfried Holding AG		64,588
	46	Tecan Group AG		20,655

				708,313

Machinery (4.0%):
	3,060	Aalberts NV		118,944
	2,600	Aichi Corp.		15,281
	2,100	Aida Engineering, Ltd.		12,341


Shares			Value
Common Stocks, continued
Machinery, continued
	781	Alfa Laval AB	$	22,612
	1,607	Alimak Group AB(a)		11,495
	900	Alinco, Inc.		6,810
	4,883	Alstom SA		119,872
	8,100	Amada Holdings Co., Ltd.		63,112
	1,932	Andritz AG		110,422
	2,000	Anest Iwata Corp.		13,019
	2,700	Asahi Diamond Industrial Co., Ltd.		13,737
	17,476	Atlas Copco AB, Class A*		207,019
	9,476	Atlas Copco AB, Class B		101,301
	1,149	Ats Corp.*		35,723
	1,300	Bando Chemical Industries, Ltd.		9,381
	2,296	Beijer Alma AB		36,068
	4,886	Bodycote plc		33,506
	243	Bucher Industries AG		101,222
	66	Burckhardt Compression Holding AG		39,286
	56	Bystronic AG		38,904
	459	Cargotec OYJ		20,378
	900	CKD Corp.		12,868
	14,452	CNH Industrial NV		232,068
	1,560	Concentric AB		29,180
	1,110	Construcc y Aux de Ferrocarr SA		31,583
	178	Daetwyler Holding AG		35,557
	700	Daifuku Co., Ltd.		32,948
	5,734	Daimler Truck Holding AG*		177,633
	2,100	Daiwa Industries, Ltd.		17,857
	745	Danieli & C Officine Meccaniche SpA		16,577
	1,585	Danieli & C Officine Meccaniche SpA		24,242
	3,954	Deutz AG		17,118
	4,700	DMG Mori Co., Ltd.		62,035
	1,728	Duerr AG		58,303
	2,300	Ebara Corp.		82,512
	4,630	Electrolux Professional AB, Class B		19,415
	4,138	Epiroc AB, Class A		75,661
	2,535	Epiroc AB, Class B		40,884
	400	FANUC Corp.		59,706
	342	Feintool International Holding AG		7,459
	19,282	Fincantieri SpA*^		10,956
	1,579	Fluidra SA		24,485
	13,800	Frencken Group, Ltd.		9,756
	2,000	Fuji Corp.		29,053
	1,700	Furukawa Co., Ltd.		16,260
	2,221	GEA Group AG		90,711
	3,040	Georg Fischer AG		187,072
	371	Gesco AG		9,569
	2,000	Glory, Ltd.		33,172
	600	Harmonic Drive Systems, Inc.		16,973
	8,175	Heidelberger Druckmaschinen AG*		12,922
	5,448	Hexagon Composites ASA*		15,190
	9,100	Hino Motors, Ltd.*		34,871
	500	Hirata Corp.		20,797
	1,200	Hisaka Works, Ltd.		7,405
	1,700	Hitachi Construction Machinery Co., Ltd.		38,316
	5,600	Hitachi Zosen Corp.		34,879
	400	Hoshizaki Corp.		14,086
	1,000	Hosokawa Micron Corp.		20,258
	679	Husqvarna AB, Class A Shares		4,773


Shares			Value
Common Stocks, continued
Machinery, continued
	4,886	Husqvarna AB, Class B	$	34,445
	1,900	IHI Corp.		55,175
	6,746	IMI plc		104,984
	290	Interpump Group SpA		13,135
	17	Interroll Holding AG, Registered Shares		43,381
	1,300	Iseki & Co., Ltd.		11,507
	3,448	Iveco Group NV*		20,467
	500	Japan Steel Works, Ltd. (The)		9,931
	885	JOST Werke AG(a)		49,741
	2,512	Jungheinrich AG		71,463
	197	Kardex Holding AG		32,520
	900	Kato Works Co., Ltd.		4,841
	4,700	Kawasaki Heavy Industries, Ltd.		109,770
	2,612	Kion Group AG		74,732
	400	Kitagawa Iron Works Co., Ltd.		3,464
	5,100	Kitz Corp.		30,620
	1,010	Knorr-Bremse AG		55,183
	572	Koenig & Bauer AG*		9,963
	9,000	Komatsu, Ltd.		195,286
	115	Komax Holding AG		32,126
	2,900	Komori Corp.		17,740
	3,153	Kone Oyj, Class B		163,291
	1,994	Konecranes OYJ		61,618
	362	Krones AG		40,676
	4,400	Kubota Corp.		60,621
	900	Kurita Water Industries, Ltd.		37,367
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		10,994
	1,200	Maezawa Kyuso Industries Co., Ltd.		8,366
	700	Makino Milling Machine Co., Ltd.		22,871
	2,100	Makita Corp.		49,176
	586	Manitou Bf SA		15,547
	800	Max Co., Ltd.		11,884
	1,800	Meidensha Corp.		25,641
	800	Metawater Co., Ltd.		9,814
	9,279	Metso Outotec Oyj		95,717
	4,832	MINEBEA MITSUMI, Inc.		72,531
	2,300	Misumi Group, Inc.		50,425
	1,800	Mitsubishi Heavy Industries, Ltd.		71,243
	1,000	Mitsubishi Logisnext Co., Ltd.		5,257
	700	Mitsuboshi Belting Co., Ltd.		18,232
	2,900	Mitsui Engineering & Shipbuilding Co., Ltd.*		8,448
	1,100	Miura Co., Ltd.		25,154
	10,151	Morgan Advanced Materials plc		38,611
	1,500	Morita Holdings Corp.		13,267
	900	Nabtesco Corp.		23,067
	800	Nachi-Fujikoshi Corp.		21,874
	2,000	Namura Shipbuilding Co., Ltd.*		5,870
	1,456	NFI Group, Inc.		10,239
	4,300	NGK Insulators, Ltd.		54,849
	2,300	Nikkiso Co., Ltd.		16,585
	1,267	Nilfisk Holding A/S*		26,577
	3,900	Nippon Thompson Co., Ltd.		15,329
	400	Nissei ASB Machine Co., Ltd.		12,936
	800	Nitta Corp.		16,996
	500	Nitto Kohki Co., Ltd.		5,692
	1,900	Nitto Seiko Co., Ltd.		7,077
	300	Noritake Co., Ltd.		9,124


Shares			Value
Common Stocks, continued
Machinery, continued
	995	Norma Group SE	$	18,099
	7,700	NSK, Ltd.		40,690
	14,800	NTN Corp.		29,419
	7,984	OC Oerlikon Corp. AG		52,565
	1,700	Oiles Corp.		18,817
	600	Okuma Corp.		21,217
	1,600	Organo Corp.		35,563
	2,800	OSG Corp.		38,647
	692	Palfinger AG		17,559
	174	Pfeiffer Vacuum Technology AG		31,969
	150	Plasson Industries, Ltd.		6,680
	118	Rational AG		69,926
	70	Rieter Holding AG		7,970
	16,905	Rotork plc		62,749
	1,800	Ryobi, Ltd.		15,675
	7,878	Sandvik AB		142,318
	304	Schindler Holding AG, Registered Shares		54,618
	289,500	SembCorp Marine, Ltd.*		29,859
	564	SFS Group AG		53,542
	100	Shibaura Machine Co., Ltd.		1,970
	1,200	Shima Seiki Manufacturing, Ltd.		16,721
	1,900	Shinmaywa Industries, Ltd.		15,145
	78,000	Singamas Container Holdings, Ltd.		7,273
	2,200	Sintokogio, Ltd.		10,902
	3,528	Skellerup Holdings, Ltd.		11,975
	892	SKF AB		13,676
	4,179	SKF AB, Class B		63,987
	100	SMC Corp.		42,329
	2,300	Sodick Co., Ltd.		12,416
	796	Spirax-Sarco Engineering plc		102,257
	891	Stabilus SE		59,961
	1,600	Star Micronics Co., Ltd.		19,557
	849	Sulzer AG, Registered Shares		66,308
	3,700	Sumitomo Heavy Industries, Ltd.		73,821
	3,900	Tadano, Ltd.		26,927
	900	Takeuchi Manufacturing Co., Ltd.		19,757
	1,300	Takuma Co., Ltd.		12,110
	478	Technotrans SE		13,027
	7,687	Techtronic Industries Co., Ltd.		85,600
	2,800	THK Co., Ltd.		52,896
	2,100	Tocalo Co., Ltd.		18,215
	1,400	Torishima Pump Manufacturing Co., Ltd.		15,281
	3,641	Trelleborg AB		84,288
	1,098	Troax Group AB		19,264
	1,100	Tsubaki Nakashima Co., Ltd.		8,432
	1,400	Tsubakimoto Chain Co.		31,488
	1,800	Tsugami Corp.		15,712
	1,200	Tsukishima Kikai Co., Ltd.		8,700
	600	Tsurumi Manufacturing Co., Ltd.		9,073
	4,559	Valmet Corp.		123,214
	616	VAT Group AG(a)		169,702
	1,074	VBG Group AB, Class B		14,396
	6,862	Vesuvius plc		33,391
	3,392	Volvo AB, Class A		64,608
	19,319	Volvo AB, Class B		349,995
	229	Vossloh AG		9,582
	1,416	Wacker Neuson SE		24,766


Shares			Value
Common Stocks, continued
Machinery, continued
	4,584	Wartsila Oyj Abp, Class B	$	38,731
	560	Washtec AG		20,706
	3,157	Weir Group plc (The)		63,344
	3,000	Yamabiko Corp.		24,918
	54,100	Yangzijiang Shipbuilding Holdings, Ltd.		54,720
	1,700	Yaskawa Electric Corp.		54,702

				7,652,708

Marine (0.7%):
	22	A.P. Moeller — Maersk A/S, Class A		48,818
	30	A.P. Moeller — Maersk A/S, Class B		67,394
	1,600	Algoma Central Corp.		21,533
	3,578	American Shipping Co. ASA		15,961
	556	Clarkson plc		21,668
	1,333	D/S Norden A/S		79,986
	1,307	DFDS A/S		48,374
	3,255	Golden Ocean Group, Ltd.		28,605
	331	Hapag-Lloyd AG(a)		62,914
	3,300	Iino Kaiun Kaisha, Ltd.		23,152
	5,897	Irish Continental Group		26,980
	2,300	Japan Transcity Corp.		8,888
	1,800	Kawasaki Kisen Kaisha, Ltd.		38,216
	725	Kuehne + Nagel International AG		168,524
	3,600	Mitsui O.S.K. Lines, Ltd.		90,231
	7,091	MPC Container Ships As		11,731
	10,800	Nippon Yusen KK		255,895
	600	NS United Kaiun Kaisha, Ltd.		17,713
	215,000	Pacific Basin Shipping, Ltd.		72,739
	41,000	SITC International Holdings Co., Ltd.		90,506
	1,067	Stolt-Nielsen, Ltd.		29,393
	1,677	Wallenius Wilhelmsen ASA		16,641

				1,245,862

Media (1.3%):
	734	4imprint Group plc		37,692
	3,715	Aimia, Inc.*		10,126
	996	Alma Media Oyj		9,992
	65	APG SGA SA		11,315
	14,475	Arnoldo Mondadori Editore SpA		28,007
	6,847	Ascential plc*		16,693
	4,886	Atresmedia Corp. de Medios de Comuicacion SA		16,748
	1,951	Bloomsbury Publishing plc		10,586
	701	Cogeco Communications, Inc.		39,762
	400	Cogeco, Inc.		18,783
	5,394	Corus Entertainment, Inc.		8,606
	5,200	Cyberagent, Inc.		46,259
	2,600	Dentsu Group, Inc.		82,094
	5,775	Eutelsat Communications SA		43,116
	2,800	Fuji Media Holdings, Inc.		22,912
	598	Future plc		9,168
	5,300	Hakuhodo DY Holdings, Inc.		53,689
	8,376	HT&E, Ltd.		5,505
	8,773	Hyve Group plc*		7,786
	12,288	Informa plc		92,107
	2,000	Intage Holdings, Inc.		20,800
	1,711	Ipsos		107,093
	94,559	ITV plc		86,000
	9,582	Ive Group, Ltd.		15,326
	1,820	JCDecaux SA*		34,608


Shares			Value
Common Stocks, continued
Media, continued
	1,600	Kadokawa Corp.	$	29,249
	2,312	Kin And Carta plc*		5,982
	1,449	Liberty Global plc, Class A*		27,430
	1,664	M6 Metropole Television SA		27,310
	1,300	Macromill, Inc.^		10,438
	47,049	MFE-MediaForEurope NV, Class A		18,227
	10,230	MFE-MediaForEurope NV, Class B		6,136
	1,563	Next Fifteen Communications Group PLC		18,704
	48,195	Nine Entertainment Co. Holdings, Ltd.		60,280
	961	Nordic Entertainment Group AB, Class B*		18,322
	8,252	NOS SGPS SA		33,395
	1,307	NRJ Group		9,491
	19,083	Ooh!media, Ltd.		16,676
	2,872	Pearson plc, ADR		32,367
	4,883	Pearson plc		55,337
	68,000	PICO Far East Holdings, Ltd.		11,240
	2,702	ProSiebenSat.1 Media SE		24,147
	1,300	Proto Corp.		12,183
	3,123	Publicis Groupe SA		198,285
	3,026	Quebecor, Inc., Class B		67,503
	4,571	RAI Way SpA(a)		26,497
	12,118	Reach plc		13,930
	1,406	RTL Group		59,285
	1,116	S4 Capital plc*		2,551
	3,469	Sanoma OYJ		36,468
	1,693	Schibsted ASA, Class A		31,947
	1,366	Schibsted ASA, Class B		24,988
	14,211	SES Global, Class A		92,755
	60,999	Seven West Media, Ltd.*		16,256
	7,456	Shaw Communications, Inc.		214,584
	6,212	Sky Network Television, Ltd.		9,068
	7,900	SKY Perfect JSAT Holdings, Inc.		28,948
	4,175	Societe Television Francaise 1		31,957
	15,013	Southern Cross Media Group, Ltd.		10,879
	1,167	Stroeer SE & Co. KGaA		54,294
	1,900	TBS Holdings, Inc.		22,046
	1,294	Telenet Group Holding NV		21,083
	15,000	Television Broadcasts, Ltd.*		7,084
	1,400	TV Asahi Holdings Corp.		14,189
	500	TV Tokyo Holdings Corp.		6,995
	232	TX Group AG		37,157
	1,000	ValueCommerce Co., Ltd.		13,818
	500	Wowow, Inc.		4,819
	9,140	WPP plc		90,721
	264	WPP PLC, ADR		12,978
	700	Zenrin Co., Ltd.		4,383

				2,407,155

Metals & Mining (6.0%):
	3,860	Acerinox SA		38,135
	3,517	Agnico Eagle Mines, Ltd.		182,786
	1,039	Agnico Eagle Mines, Ltd.		54,018
	400	Aichi Steel Corp.		6,582
	11,590	Alamos Gold, Inc., Class A		117,201
	2,048	Alleima AB*		7,565
	4,473	Allkem, Ltd.*		33,973
	25,386	Alumina, Ltd.		26,102
	723	Amg Advanced Metallurgical Group N.V.		26,457


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	15,278	Anglo American plc	$	597,436
	2,622	Antofagasta plc		48,667
	1,842	Aperam SA		58,287
	4,677	ArcelorMittal SA		122,267
	2,977	ArcelorMittal SA, NYS		78,057
	12,400	Argonaut Gold, Inc.*		4,763
	2,200	Asahi Holdings, Inc.		32,004
	16,100	Ascot Resources, Ltd.*		6,184
	85,942	Aurelia Metals, Ltd.*^		7,115
	1,297	Aurubis AG		105,998
	25,622	AVZ Minerals, Ltd.*		5,373
	38,815	B2Gold Corp.		137,908
	9,585	Barrick Gold Corp.		164,328
	1,629	Bekaert NV		63,173
	28,371	BHP Group, Ltd.		878,205
	7,437	BHP Group, Ltd., ADR		461,466
	13,140	BlueScope Steel, Ltd.		149,742
	3,842	Boliden AB		144,556
	4,719	Capricorn Metals, Ltd.*		14,380
	10,300	Capstone Copper Corp.*		37,585
	44,401	Centamin plc		60,634
	8,200	Centerra Gold, Inc.		42,460
	4,374	Central Asia Metals plc		13,118
	6,803	Champion Iron, Ltd.		33,536
	16,254	China Gold International Resources Corp., Ltd.		46,944
	1,300	Daido Steel Co., Ltd.		42,359
	1,400	Daiki Aluminium Industry Co., Ltd.		13,196
	11,513	Deterra Royalties, Ltd.		35,742
	1,900	DOWA Mining Co.		59,580
	7,500	Dundee Precious Metals, Inc.		36,065
	4,662	Eldorado Gold Corp.*		38,879
	4,893	Endeavour Mining plc		104,742
	1,907	Equinox Gold Corp.*		6,240
	278	Eramet		24,894
	2,899	Ero Copper Corp.*		39,915
	31,853	Evolution Mining, Ltd.		63,660
	7,778	EVRAZ plc(b)		9
	15,230	Ferrexpo plc		28,948
	2,800	First Majestic Silver Corp.		23,330
	8,762	First Quantum Minerals, Ltd.		183,097
	14,945	Fortescue Metals Group, Ltd.		208,306
	401	Franco-Nevada Corp.		54,670
	1,176	Fresnillo plc		12,763
	8,215	Galiano Gold, Inc.*		4,369
	125,097	Glencore plc		836,317
	1,100	Godo Steel, Ltd.		17,830
	20,380	Gold Road Resources, Ltd.		23,112
	3,589	Granges AB		29,307
	2,043	Hill & Smith Holdings plc		28,971
	9,715	Hochschild Mining plc		8,230
	8,995	Hudbay Minerals, Inc.		45,447
	15,631	IAMGOLD Corp.*		40,065
	4,682	IGO, Ltd.		42,542
	10,885	Iluka Resources, Ltd.		70,099
	14,498	Imdex, Ltd.		21,790
	3,605	Ivanhoe Mines, Ltd., Class A*		28,493
	12,600	JFE Holdings, Inc.		146,323
	50,009	Jupiter Mines, Ltd.		7,472


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	2,436	K92 Mining, Inc.	$	13,801
	29,633	Kinross Gold Corp.		120,826
	10,600	Kobe Steel, Ltd.		51,762
	1,800	Kyoei Steel, Ltd.		17,064
	1,500	Labrador Iron Ore Royalty Corp.		37,206
	14,207	Lucara Diamond Corp.*		5,247
	2,700	Lundin Gold, Inc.		26,386
	19,726	Lundin Mining Corp.		121,084
	10,575	Lynas Rare Earths, Ltd.*		56,076
	48,387	Macmahon Holdings, Ltd.		4,777
	1,600	Major Drilling Group International, Inc.*		12,433
	1,400	Maruichi Steel Tube, Ltd.		28,579
	176,000	Midas Holdings, Ltd.*		—
	2,374	Mineral Resources, Ltd.		124,853
	3,300	Mitsubishi Materials Corp.		51,960
	500	Mitsubishi Steel Manufacturing Co., Ltd.		3,775
	2,500	Mitsui Mining & Smelting Co., Ltd.		58,615
	27,183	Mount Gibson Iron, Ltd.*		8,968
	2,200	Neturen Co., Ltd.		10,938
	27,410	New Gold, Inc.*		26,928
	11,300	Newcrest Mining, Ltd.		157,510
	1,924	Newcrest Mining, Ltd.		26,744
	19,275	Nickel Industries, Ltd.		12,703
	6,200	Nippon Denko Co., Ltd.		16,574
	2,700	Nippon Light Metal Holdings Co.		30,863
	10,595	Nippon Steel Corp.		184,497
	930	Nippon Yakin Kogyo Co., Ltd.		29,217
	400	Nittetsu Mining Co., Ltd.		9,650
	13,201	Norsk Hydro ASA		98,992
	14,937	Northern Star Resources, Ltd.		109,354
	28,628	OceanaGold Corp.*		54,558
	21,175	OM Holdings, Ltd.		10,220
	500	Osaka Steel Co., Ltd.		4,430
	3,292	Osisko Gold Royalties, Ltd.		39,685
	3,354	Osisko Mining, Inc.*		8,671
	10,428	Outokumpu OYJ		52,726
	10,015	OZ Minerals, Ltd.		187,348
	900	Pacific Metals Co., Ltd.		12,892
	5,017	Pan American Silver Corp.		81,900
	33,353	Perenti Global, Ltd.*		29,723
	55,326	Perseus Mining, Ltd.		77,631
	18,665	Pilbara Minerals, Ltd.*		47,552
	24,245	Ramelius Resources, Ltd.		15,135
	26,859	Regis Resources, Ltd.		37,176
	95,529	Resolute Mining, Ltd.*		12,648
	1,698	Rio Tinto plc		119,117
	9,664	Rio Tinto plc, Registered Shares, ADR		688,077
	4,717	Rio Tinto, Ltd.		371,665
	6,000	Sabina Gold & Silver Corp.*		5,894
	1,335	Salzgitter AG		40,743
	18,215	Sandfire Resources, Ltd.		66,779
	4,142	Sandstorm Gold, Ltd.		21,784
	21,718	Schmolz + Bickenbach AG*		4,869
	1,200	Seabridge Gold, Inc.*		15,069
	7,176	Sierra Rutile Holdings, Ltd.*		1,094
	32,896	Silver Lake Resources, Ltd.*		26,139
	5,690	Sims, Ltd.		50,616
	59,783	South32, Ltd.		161,792


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	6,151	SSAB AB, Class A	$	33,524
	12,955	SSAB AB, Class B		67,607
	7,749	SSR Mining, Inc.		121,289
	30,000	St. Barbara, Ltd.*		15,571
	700	Stelco Holdings, Inc.		22,901
	4,366	Straits Trading Co., Ltd.		7,575
	5,700	Sumitomo Metal & Mining Co., Ltd.		202,808
	13,627	Syrah Resources, Ltd.*		18,723
	5,674	Taseko Mines, Ltd.*		8,298
	11,838	Teck Cominco, Ltd., Class B		447,445
	12,945	ThyssenKrupp AG*		78,980
	900	Toho Titanium Co., Ltd.		19,127
	700	Toho Zinc Co., Ltd.		10,874
	300	Tokyo Rope Manufacturing Co. Ltd.		1,931
	2,300	Tokyo Steel Manufacturing Co., Ltd.		20,775
	4,685	Torex Gold Resources, Inc.*		53,813
	969	Trevali Mining Corp.*		110
	1,500	UACJ Corp.		24,995
	3,908	Voestalpine AG		103,140
	4,200	Wesdome Gold Mines, Ltd.*		23,206
	13,685	West African Resources, Ltd.*		10,922
	14,470	Westgold Resources, Ltd.*		8,504
	1,410	Wheaton Precious Metals Corp.		55,096
	31,047	Yamana Gold, Inc.		172,458
	1,000	Yamato Kogyo Co., Ltd.		34,017
	800	Yodogawa Steel Works, Ltd.		15,322

				11,416,093

Multiline Retail (0.6%):
	16,302	B&M European Value Retail SA		81,209
	1,259	Canadian Tire Corp., Class A		131,591
	2,297	Dollarama, Inc.		134,362
	6,286	Europris ASA(a)		44,174
	3,300	H2O Retailing Corp.		32,318
	15,674	Harvey Norman Holdings, Ltd.		44,024
	4,600	Isetan Mitsukoshi Holdings, Ltd.		50,179
	1,000	Izumi Co., Ltd.		22,609
	6,000	J. Front Retailing Co., Ltd.		54,738
	30,000	Metro Holdings, Ltd.		14,215
	47,139	Myer Holdings, Ltd.		21,800
	1,643	Next plc		115,660
	5,300	Pan Pacific International Holdings Corp.		98,402
	6,500	Ryohin Keikaku Co., Ltd.		76,699
	1,000	Seria Co., Ltd.		21,858
	3,000	Takashimaya Co., Ltd.		42,068
	2,195	Tokmanni Group Corp.		26,582
	3,646	Warehouse Group, Ltd. (The)		6,015
	5,589	Wesfarmers, Ltd.		174,482
	4,000	Wing On Company International, Ltd.		7,226

				1,200,211

Multi-Utilities (1.0%):
	2,232	Acea SpA		30,922
	5,356	AGL Energy, Ltd.		29,401
	7,086	Algonquin Power & Utilities Corp.		46,165
	1,505	Atco, Ltd.		47,113
	1,466	Canadian Utilities, Ltd., Class A		39,687
	239,191	Centrica plc		278,487
	48,216	E.ON SE		481,148


Shares			Value
Common Stocks, continued
Multi-Utilities, continued
	22,086	Engie Group	$	316,316
	23,363	Hera SpA		63,156
	11,786	Iren SpA		18,577
	33,157	ITL AEM SpA		44,307
	84,623	Keppel Infrastructure Trust		34,076
	2,361	National Grid plc, ADR		142,415
	11,914	Ren — Redes Energeticas Nacion		32,180
	2,755	RWE AG		122,489
	24,600	SembCorp Industries, Ltd.		61,948
	2,310	Telecom Plus plc		61,310
	6,489	Vector, Ltd.		16,923
	5,040	Veolia Environnement SA		129,462

				1,996,082

Oil, Gas & Consumable Fuels (7.4%):
	7,481	Advantage Energy, Ltd.*		52,330
	18,755	Africa Oil Corp.		34,495
	3,154	Aker BP ASA		98,436
	5,066	Ampol, Ltd.		97,221
	7,200	Anglo Pacific Group plc		13,113
	10,658	ARC Resources, Ltd.		143,676
	18,809	Athabasca Oil Corp.*		33,483
	2,064	Baytex Energy Corp.*		9,309
	2,249	Baytex Energy Corp.*		10,100
	51,245	Beach Energy, Ltd.		55,781
	10,541	Birchcliff Energy, Ltd.		73,424
	31,108	BP plc, ADR		1,086,602
	10,317	BP plc		59,983
	173,000	Brightoil Petroleum Holdings, Ltd.*		—
	696	BW Energy, Ltd.*		1,789
	2,656	BW LPG, Ltd.(a)		20,631
	22,053	Cairn Energy plc*		69,866
	789	Cameco Corp.		17,886
	1,022	Cameco Corp.		23,169
	7,637	Canacol Energy, Ltd.		11,057
	9,654	Canadian Natural Resources, Ltd.		536,087
	3,012	Cardinal Energy, Ltd.		16,953
	14,953	Cenovus Energy, Inc.		290,158
	2,956	Cenovus Energy, Inc.		57,376
	13,100	China Aviation Oil Singapore Corp., Ltd.		8,711
	64,430	Cooper Energy, Ltd.*		8,116
	2,400	Cosmo Energy Holdings Co., Ltd.		63,483
	8,781	Crescent Point Energy		62,784
	7,561	Crescent Point Energy Corp.		53,951
	8,223	Crew Energy, Inc.*		34,197
	854	CropEnergies AG		11,888
	252	Delek Group, Ltd.*		27,909
	20,320	DNO ASA		24,638
	6,087	Enbridge, Inc.		237,941
	79,400	ENEOS Holdings, Inc.		270,389
	1,394	Energean PLC		22,074
	7,800	Enerplus Corp.		137,701
	33,738	ENI SpA		481,853
	120,434	EnQuest plc*		31,263
	7,441	Equinor ASA		267,229
	1,081	Equital, Ltd.*		32,249
	1,390	Etablissements Maurel et Prom SA		5,990
	3,835	Euronav NV		64,609


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	1,579	Exmar NV	$	13,376
	762	FLEX LNG, Ltd.		25,086
	3,700	Freehold Royalties, Ltd.		43,264
	1,400	Frontera Energy Corp.*		12,689
	2,211	Frontline, Ltd.		26,554
	3,100	Fuji Oil Co., Ltd.		6,070
	13,793	Galp Energia SGPS SA		186,613
	891	Gaztransport et Technigaz SA		95,178
	6,249	Genel Energy plc		9,411
	4,350	Gibson Energy, Inc.		75,959
	22,100	Golden Energy Resources, Ltd.*		12,918
	19,607	Gran Tierra Energy, Inc.*		19,552
	14,984	Gulf Keystone Petroleum, Ltd.		36,401
	5,643	Harbour Energy plc		20,824
	2,000	Headwater Exploration, Inc.		8,746
	6,000	Idemitsu Kosan Co., Ltd.		140,428
	2,174	Imperial Oil, Ltd.		105,906
	14,400	INPEX Corp.		153,680
	2,244	International Petroleum Corp.*		25,526
	2,823	International Petroleum Corp. / Sweden*		31,784
	3,600	Itochu Enex Co., Ltd.		28,625
	1,500	Iwatani Corp.		65,546
	1,000	Japan Petroleum Exploration Co., Ltd.		29,369
	24,713	Karoon Energy, Ltd.*		36,795
	7,300	Kelt Exploration, Ltd.*		27,015
	4,401	Keyera Corp.		96,193
	1,732	Koninklijke Vopak NV		51,525
	10,707	MEG Energy Corp.*		149,082
	1,700	Mitsuuroko Holdings Co., Ltd.		14,635
	1,502	Naphtha Israel Petroleum Corp.*		6,915
	1,723	Neste Oyj		79,571
	14,065	New Hope Corp., Ltd.		60,691
	7,392	New Zealand Refining Co., Ltd. (The)*		6,699
	64,000	NewOcean Energy Holdings, Ltd.*		120
	21,200	Nippon Coke & Engineering Co., Ltd.		13,730
	575	Norwegian Energy Co. ASA*		23,139
	7,654	Nuvista Energy, Ltd.*		70,558
	104,047	Oil Refineries, Ltd.		36,483
	3,195	OMV AG		164,954
	41,785	Paladin Energy, Ltd.*		19,272
	5,770	Panoro Energy ASA		16,629
	1,307	Paramount Resouces, Ltd., Class A		27,650
	4,173	Parex Resources, Inc.		62,111
	5,000	Parkland Corp.		109,728
	300	Paz Oil Co., Ltd.*		37,418
	1,584	Pembina Pipeline Corp.		53,777
	601	Pembina Pipeline Corp.		20,403
	6,660	Peyto Exploration & Development Corp.		68,233
	12,892	Pharos Energy plc*		3,616
	7,163	Pipestone Energy Corp.*		15,873
	5,032	Prairiesky Royalty, Ltd.		80,658
	31,937	Repsol SA		509,045
	1,600	Sala Corp.		8,863
	3,100	San-Ai Oil Co., Ltd.		29,212
	38,054	Santos, Ltd.		186,555
	23,460	Saras SpA*		28,917
	8,575	Serica Energy plc		29,403
	40,338	Shell PLC, ADR		2,297,249


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	400	Sinanen Holdings Co., Ltd.	$	11,787
	15,527	Stobart Group, Ltd.*		956
	9,472	Suncor Energy, Inc.		300,547
	9,878	Suncor Energy, Inc.		313,385
	16,600	Tamarack Valley Energy, Ltd.		54,688
	1,103	TC Energy Corp.		43,980
	1,817	TC Energy Corp.		72,426
	13,400	Tidewater Midstream and Infrastructure, Ltd.		9,997
	1,559	Torm PLC		44,489
	31,387	TotalEnergies SE^		1,958,746
	5,238	Tourmaline Oil Corp.		264,337
	64,721	Tullow Oil plc*		28,883
	542	Verbio Vereinigte Bioenergie AG		35,155
	5,883	Vermilion Energy, Inc.		104,163
	24,351	Viva Energy Group, Ltd.(a)		45,214
	17,452	Whitecap Resources, Inc.		138,451
	22,746	Whitehaven Coal, Ltd.		145,798
	17,225	Woodside Energy Group, Ltd.		416,668

				14,265,792

Paper & Forest Products (0.7%):
	2,718	Altri SGPS SA		14,548
	2,729	Canfor Corp.*		42,957
	600	Daiken Corp.		9,513
	3,000	Daio Paper Corp.		23,130
	8,317	Ence Energia y Celulosa S.A		24,972
	301	Hadera Paper, Ltd.		29,571
	6,700	Hokuetsu Corp.		38,809
	780	Holmen AB, B Shares		31,048
	2,627	Interfor Corp.*		40,750
	5,272	Metsa Board OYJ		49,420
	6,263	Mondi plc		106,345
	11,089	Navigator Co. SA (The)		40,973
	4,800	Nippon Paper Industries Co., Ltd.		35,659
	1,828	Norske Skog ASA*(a)		12,572
	23,300	Oji Holdings Corp.		94,267
	1,998	Stella-Jones, Inc.		71,608
	6,977	Stora Enso Oyj, Class R		98,554
	2,882	Svenska Cellulosa AB SCA, Class B		36,461
	600	Tokushu Tokai Paper Co., Ltd.		12,879
	7,592	UPM-Kymmene Oyj		284,553
	2,154	West Fraser Timber Co., Ltd.		155,560
	24,618	Western Forest Products, Inc.		21,094

				1,275,243

Personal Products (0.8%):
	306	Beiersdorf AG		35,109
	3,201	Best World International, Ltd.*		4,255
	307	Blackmores, Ltd.		15,041
	800	Fancl Corp.		16,355
	6,497	Haleon PLC*		25,982
	5,222	Haleon PLC, ADR*		41,776
	372	Interparfums SA		22,194
	1,514	Jamieson Wellness, Inc.(a)		39,242
	3,900	Kao Corp.		156,143
	300	Kobayashi Pharmaceutical Co., Ltd.		20,640
	200	Kose Corp.		21,731
	10,500	L’occitane International SA		32,705
	724	L’Oreal SA		259,693


Shares			Value
Common Stocks, continued
Personal Products, continued
	1,600	Mandom Corp.	$	17,844
	400	Milbon Co., Ltd.		17,276
	600	Noevir Holdings Co., Ltd.		26,467
	2,645	Ontex Group NV*		17,660
	1,200	Pola Orbis Holdings, Inc.		16,980
	3,200	Rohto Pharmaceutical Co., Ltd.		56,767
	1,200	Shiseido Co., Ltd.		59,146
	1,324	Unilever plc		66,780
	11,923	Unilever plc, ADR		600,323
	1,300	Ya-Man, Ltd.		14,249

				1,584,358

Pharmaceuticals (4.1%):
	3,440	Alk Abello A/S*		47,727
	15,687	Alliance Pharma plc		10,044
	1,963	Almirall SA		18,992
	2,600	Astellas Pharma, Inc.		39,451
	5,086	AstraZeneca plc, ADR		344,831
	491	Aurora Cannabis, Inc.*		453
	1,200	Bausch Health Cos., Inc.*		7,534
	1,145	Bausch Health Cos., Inc.*		7,191
	10,978	Bayer AG, Registered Shares		566,741
	900	Canopy Growth Corp.*		2,087
	3,200	Chugai Pharmaceutical Co., Ltd.		81,325
	900	Daiichi Sankyo Co., Ltd.		28,847
	300	Daito Pharmaceutical Co., Ltd.		5,705
	1,021	Dechra Pharmaceuticals plc		32,335
	324	Dermapharm Holding SE		13,000
	500	Eisai Co., Ltd.		32,754
	192	Euroapi Sasu*		2,845
	11,707	Faes Farma SA		43,952
	700	Fuji Pharma Co., Ltd.		5,446
	500	Fuso Pharmaceutical Industries. Ltd.		7,584
	1,668	Galenica AG(a)		136,257
	10,023	GSK PLC, ADR		352,208
	5,197	GSK PLC		90,356
	6,920	H Lundbeck A/S*		25,931
	3,600	Haw Par Corp., Ltd.		25,750
	4,157	Hikma Pharmaceuticals plc		78,043
	800	Hisamitsu Pharmaceutical Co., Inc.		23,729
	5,240	Indivior PLC*		117,195
	943	Ipsen SA		101,611
	2,400	JCR Pharmaceuticals Co., Ltd.		30,731
	1,000	Kaken Pharmaceutical Co., Ltd.		29,419
	1,000	Kissei Pharmaceutical Co., Ltd.		19,634
	900	Kyowa Kirin Co., Ltd.		20,707
	166	Laboratorios Farmaceuticos Rovi SA		6,400
	98,378	Mayne Pharma Group, Ltd.*		13,312
	743	Merck KGaA		143,869
	400	Mochida Pharmaceutical Co., Ltd.		10,574
	900	Nippon Shinyaku Co., Ltd.		51,286
	9,750	Novartis AG, Registered Shares		883,407
	11,360	Novo Nordisk A/S, Class B		1,538,409
	1,400	Ono Pharmaceutical Co., Ltd.		32,755
	3,447	Orion Oyj, Class B		188,914
	658	Orion OYJ		36,071
	1,300	Otsuka Holdings Co., Ltd.		42,329
	1,315	Recordati SpA		54,653


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	4,498	Roche Holding AG	$	1,413,932
	163	Roche Holding AG		63,191
	4,192	Sanofi		405,563
	2,200	Santen Pharmaceutical Co., Ltd.		18,002
	800	Sawai Group Holdings Co., Ltd.		24,955
	1,300	Seikagaku Corp.		8,828
	500	Shionogi & Co., Ltd.		24,878
	2,832	SNDL, Inc.*		5,919
	3,200	Sumitomo Dainippon Pharma Co., Ltd.		24,354
	800	Taisho Pharmaceutical Holdings Co., Ltd.		35,316
	5,700	Takeda Pharmacuetical Co., Ltd.		178,061
	3,088	Teva Pharmaceutical Industries, Ltd., ADR*		28,163
	800	Torii Pharmaceutical Co., Ltd.		17,723
	1,200	Towa Pharmaceutical Co., Ltd.		19,483
	1,400	Tsumura & Co.		30,911
	861	UCB SA		67,807
	26,000	United Laboratories International Holdings, Ltd.		16,232
	65	Vetoquinol SA		6,105
	105	Virbac SA		25,737

				7,767,554

Professional Services (1.7%):
	3,499	Adecco Group AG		115,094
	1,864	AFRY AB		30,644
	6,654	ALS, Ltd.		55,325
	770	Altech Corp.		12,307
	111	Amadeus Fire AG		13,732
	1,825	Applus Services SA		12,575
	1,300	Baycurrent Consulting, Inc.		40,656
	1,100	Benefit One, Inc.		16,134
	372	Bertrandt AG		15,888
	4,743	Bureau Veritas SA		124,810
	180	Danel Adir Yeoshua, Ltd.		14,099
	1,445	DKSH Holding, Ltd.		109,897
	900	en Japan, Inc.		16,440
	5,360	Experian plc		182,435
	1,200	FULLCAST Holdings Co., Ltd.		25,813
	900	Funai Soken Holdings, Inc.		18,621
	175	Groupe Crit		11,426
	22,373	Hays plc		31,311
	2,075	Intertek Group plc		101,255
	4,646	IPH, Ltd.		27,350
	300	IR Japan Holdings, Ltd.		4,096
	1,000	Jac Recruitment Co., Ltd.		18,364
	1,000	Management Solutions Co., Ltd.		25,284
	3,994	McMillan Shakespeare, Ltd.		36,545
	1,500	Meitec Corp.		27,090
	2,400	Nihon M&A Center, Inc.		29,774
	3,000	Outsourcing, Inc.		21,661
	8,516	Pagegroup plc		47,524
	1,400	Pasona Group, Inc.		19,832
	2,100	Persol Holdings Co., Ltd.		44,604
	3,572	Randstad NV		218,100
	7,800	Recruit Holdings Co., Ltd.		248,108
	5,236	RELX plc, ADR		145,142
	7,938	RELX plc		219,882
	2,833	Ricardo plc		16,488
	3,902	Robert Walters plc		25,388


Shares			Value
Common Stocks, continued
Professional Services, continued
	2,331	RWS Holdings plc	$	10,597
	77	SGS SA, Registered Shares		178,328
	1,500	SMS Co., Ltd.		38,326
	3,200	S-Pool, Inc.		20,827
	1,621	Stantec, Inc.		77,711
	600	Stantec, Inc.		28,755
	7,669	SThree plc		37,360
	1,633	Talenom Oyj		15,909
	1,100	Tanseisha Co., Ltd.		5,992
	2,100	Technopro Holdings, Inc.		55,528
	687	Teleperformance		163,912
	304	Thomson Reuters Corp.		34,677
	1,065	Tinexta SpA		26,065
	1,100	UT Group Co., Ltd.		18,932
	300	Visional, Inc.*		19,923
	3,630	Wolters Kluwer NV		379,132

				3,235,668

Real Estate Management & Development (2.3%):
	697	Aedas Homes SA(a)		10,292
	1,700	AEON Mall Co., Ltd.		21,962
	206	AFI Properties, Ltd.*		6,082
	1,001	Airport City, Ltd.*		16,036
	2,300	Airport Facilities Co., Ltd.		9,068
	372	Allreal Holding AG		60,604
	1,972	Alony Hetz Properties & Invest		20,107
	492	Alrov Properties And Lodgings, Ltd.		25,604
	700	Altus Group, Ltd.		27,942
	2,393	Amot Investments, Ltd.		14,075
	2,116	Annehem Fastigheter AB*		4,015
	11,406	Aroundtown SA		26,623
	46,000	Asia Standard International Group, Ltd.*		3,996
	1,255	Aspen Group Holdings, Ltd.*		40
	1,281	Atrium Ljungberg AB, Class B		21,043
	233	Azrieli Group		15,502
	210	Big Shopping Centers, Ltd.*		21,533
	522	BlackRock Debt Strategies Fund, Inc.		5,788
	116	Blue Square Real Estate, Ltd.		6,856
	59	Brack Capital Properties NV*		6,148
	3,700	Bukit Sembawang Estates, Ltd.		12,664
	695	CA Immobilien Anlagen AG		21,034
	11,000	Capitaland Investment, Ltd.		30,427
	1,420	Castellum AB^		17,143
	626	Catena AB		23,337
	2,946	Cedar Woods Properties, Ltd.		8,659
	18,000	Chinese Estates Holdings, Ltd.*		5,813
	52,000	Chuang’s Consortium International, Ltd.		4,724
	851	Cibus Nordic Real Estate AB		11,728
	7,300	City Developments, Ltd.		44,712
	1,684	Citycon OYJ		11,283
	12,675	CK Asset Holdings, Ltd.		78,042
	3,571	CLS Holdings plc		6,877
	127	Colliers International Group		11,689
	300	Colliers International Group, Inc.		27,562
	12,641	Corem Property Group AB, Class B		10,221
	340,000	CSI Properties, Ltd.		5,532
	1,000	Daito Trust Construction Co., Ltd.		102,791
	8,200	Daiwa House Industry Co., Ltd.		188,185


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	712	Deutsche Wohnen SE	$	15,163
	1,139	Dic Asset AG		9,279
	2,651	Dios Fastigheter AB		19,244
	4,200	DoubleLine Yield Opportunities Fund		11,771
	1,450	DREAM Unlimited Corp.		27,237
	34,000	Emperor International Holdings		2,883
	7,600	ESR Cayman, Ltd.(a)		15,953
	2,062	Fabege AB		17,608
	82,189	Far East Consortium International, Ltd.		19,627
	3,102	Fastighets AB Balder, B Shares*		14,524
	862	FastPartner AB, Class A		5,894
	28,100	First Trust High Income Long/Short Fund		23,729
	696	FirstService Corp.		85,295
	11,092	Foxtons Group plc		3,981
	16,000	Frasers Property, Ltd.		11,106
	2,231	Gav-Yam Lands Corp., Ltd.		17,415
	1,100	Goldcrest Co., Ltd.		14,087
	17,039	Grainger plc		51,733
	1,873	Grand City Properties SA		18,430
	10,516	Great Eagle Holdings, Ltd.		23,122
	17,100	GuocoLand, Ltd.		20,695
	28,000	Hang Lung Group, Ltd.		51,448
	34,984	Hang Lung Properties, Ltd.		67,928
	1,200	Heiwa Real Estate Co., Ltd.		33,273
	5,154	Helical plc		20,789
	17,706	Henderson Land Development Co., Ltd.		61,826
	37,840	HKR International, Ltd.		11,817
	9,400	Ho Bee Land, Ltd.		17,013
	18,500	Hong Fok Corp., Ltd.		13,134
	13,000	Hongkong Land Holdings, Ltd.		59,620
	2,049	Hufvudstaden AB		29,205
	6,800	Hulic Co., Ltd.		53,525
	11,000	Hysan Development Co., Ltd.		35,488
	151	IES Holdings, Ltd.		10,245
	242	Immobel SA		11,654
	218	Ina Invest Holding AG*		4,644
	700	Information Services Corp.		12,497
	1,253	Instone Real Estate Group AG(a)		10,819
	29	Intershop Holdings AG		18,931
	2,000	Invesque, Inc.*		1,600
	164	Investis Holding SA		17,999
	1,643	Israel Canada T.R, Ltd.		3,580
	29,717	IWG plc*		59,595
	25,000	K Wah International Holdings Ltd.		8,681
	1,500	Katitas Co., Ltd.		34,504
	22,225	Kerry Properties, Ltd.		48,415
	2,347	K-fast Holding AB*		5,298
	1,455	Kojamo Oyj		21,554
	26,000	Kowloon Development Co., Ltd.		24,556
	17,100	Lai Sun Development Co., Ltd.*		3,646
	112,800	Landing International Development, Ltd.*		3,614
	44,500	Langham Hospitality Investment		6,329
	1,262	LEG Immobilien SE		82,228
	7,615	Lend Lease Group		40,587
	883	Lifestyle Communities, Ltd.		11,446
	8,000	Liu Chong Hing Investment, Ltd.		7,383
	4,644	LSL Property Services plc		14,046


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	276	Mega Or Holdings, Ltd.	$	7,626
	463	Melisron, Ltd.		33,178
	59,000	Mingfa Group International Co., Ltd.*		3,024
	3,100	Mirainovate Co., Ltd.		5,165
	4,800	Mitsubishi Estate Co., Ltd.		62,125
	4,100	Mitsui Fudosan Co., Ltd.		74,914
	9,306	Mivne Real Estate KD, Ltd.		29,687
	280	Mobimo Holding AG, Registered Shares		71,273
	100	Morguard Corp.		8,307
	706	Neobo Fastigheter AB*		1,323
	28,087	New World Development Co., Ltd.		79,187
	1,539	Nexity SA		42,889
	800	Nippon Commercial Development Co., Ltd.		11,254
	1,700	Nisshin Group Holdings Co., Ltd.		5,545
	2,200	Nomura Real Estate Holdings, Inc.		47,040
	522	NP3 Fastigheter AB		9,965
	3,463	Nyfosa AB		26,858
	17,900	Oue, Ltd.		16,710
	54,608	Oxley Holdings, Ltd.		5,914
	25,655	Pacific Century Premium Developments, Ltd.*		1,231
	2,592	PEXA Group, Ltd.*		20,846
	1,195	Platzer Fastigheter Holding AB, Class B		9,432
	222	Prashkovsky Investments And Construction, Ltd.		5,118
	779	PSP Swiss Property AG		91,633
	125	Raysum Co., Ltd.		1,243
	3,244	Real Matters, Inc.*		10,016
	2,300	Relo Group, Inc.		37,212
	914	Sagax AB, Class B		20,828
	7,058	Samhallsbyggnadsbolaget i Norden AB		11,853
	1,200	SAMTY Co., Ltd.		19,424
	4,490	Savills plc		44,842
	1,875	Selvaag Bolig ASA		6,145
	70,000	Shun Tak Holdings, Ltd.*		15,070
	795	Shurgard Self Storage SA		36,538
	100,800	Sinarmas Land, Ltd.		13,549
	46,317	Sino Land Co., Ltd.		57,691
	11,926	Sirius Real Estate, Ltd.		10,624
	5,000	Soundwill Holdings, Ltd.		4,379
	200	SRE Holdings Corp.*		4,938
	1,800	Starts Corp., Inc.		35,500
	2,500	Sumitomo Realty & Development Co., Ltd.		58,874
	1,493	Summit Real Estate Holdings, Ltd.		18,879
	1,800	Sun Frontier Fudousan Co., Ltd.		15,004
	5,921	Sun Hung Kai Properties, Ltd.		81,031
	6,646	Swire Pacific, Ltd., Class A		58,292
	17,500	Swire Pacific, Ltd., Class B		23,799
	8,600	Swire Properties, Ltd.		21,758
	2,374	Swiss Prime Site AG		206,193
	3,096	TAG Immobilien AG		20,042
	21,000	TAI Cheung Holdings, Ltd.		11,822
	2,900	Toc Co., Ltd.		14,807
	6,400	Tokyo Tatemono Co., Ltd.		77,487
	17,000	Tokyu Fudosan Holdings Corp.		80,700
	2,400	Tosei Corp.		24,785
	4,220	Tricon Residential, Inc.		32,543
	213	UBM Development AG		5,191
	7,900	UOL Group, Ltd.		39,682
	241	VGP NV		20,148


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	4,424	Vonovia SE	$	104,247
	3,836	Wallenstam AB		16,221
	6	Warteck Invest AG		14,725
	6,203	Watkin Jones plc		7,525
	9,829	Wharf Real Estate Investment Co., Ltd.		57,308
	4,068	Wihlborgs Fastigheter AB		30,781
	20,700	Wing Tai Holdings, Ltd.		23,177
	16,000	Wing Tai Properties, Ltd.		7,175
	148	YH Dimri Construction & Development, Ltd.		9,215
	17	Zug Estates Holding AG		32,554

				4,407,493

Road & Rail (1.2%):
	52,525	Aurizon Holdings, Ltd.		132,453
	2,571	Canadian National Railway Co.		305,640
	1,007	Canadian Pacific Railway, Ltd.		75,112
	600	Central Japan Railway Co.		73,825
	1,200	Chilled & Frozen Logistics Holdings Co., Ltd.		11,107
	41,300	ComfortDelGro Corp., Ltd.		37,862
	1,240	DSV A/S		196,706
	1,300	East Japan Railway Co.		74,185
	16,195	FirstGroup plc		19,817
	1,200	Fukuyama Transporting Co., Ltd.		27,727
	1,000	Hamakyorex Co., Ltd.		23,753
	2,400	Hankyu Hanshin Holdings, Inc.		71,362
	1,100	Ichinen Holdings Co., Ltd.		10,435
	206	Jungfraubahn Holding AG, Registered Shares*		27,617
	2,500	Keikyu Corp.		26,401
	700	Keio Corp.		25,741
	1,200	Keisei Electric Railway Co., Ltd.		34,331
	1,500	Kintetsu Group Holdings Co., Ltd.		49,727
	1,000	Kyushu Railway Co.		22,221
	400	Maruzen Showa Unyu Co., Ltd.		9,249
	7,711	MTR Corp., Ltd.		40,858
	4,500	Mullen Group, Ltd.		48,364
	2,300	Nagoya Railroad Co., Ltd.		38,007
	1,600	Nankai Electric Railway Co., Ltd.		34,686
	13,705	National Express Group plc*		21,553
	2,200	Nikkon Holdings Co., Ltd.		39,002
	1,800	Nippon Express Holdings Co., Ltd.		102,665
	1,300	Nishi-Nippon Railroad Co., Ltd.		24,370
	147	NTG Nordic Transport Group A/S*		5,065
	2,000	Odakyu Electric Railway Co., Ltd.		26,072
	11,036	Redde Northgate plc		54,881
	500	Sakai Moving Service Co., Ltd.		16,476
	1,600	Sankyu, Inc.		58,271
	4,500	Seino Holdings Co., Ltd.		39,862
	3,900	Senko Group Holdings Co., Ltd.		28,674
	483	Sixt SE		28,171
	368	Sixt SE		33,847
	1,000	Sotetsu Holdings, Inc.		16,860
	278	Stef S.A.		26,954
	1,298	TFI International, Inc.		130,020
	1,500	Tobu Railway Co., Ltd.		35,126
	3,400	Tokyu Corp.		42,829
	300	Tonami Holdings Co., Ltd.		8,341
	3,913	Tourism Holdings, Ltd.*		8,567
	400	Trancom Co., Ltd.		22,499


Shares			Value
Common Stocks, continued
Road & Rail, continued
	15,330	Transport International Holdings, Ltd.	$	22,350
	1,600	West Japan Railway Co.		69,846

				2,279,487

Semiconductors & Semiconductor Equipment (1.9%):
	1,200	Advantest Corp.		77,484
	9,500	Aem Holdings, Ltd.		24,299
	7,502	ams AG*		55,221
	458	ASM International NV		115,931
	2,411	ASML Holding NV, NYS		1,317,370
	9,019	ASMPT, Ltd.		64,302
	1,796	BE Semiconductor Industries NV		109,087
	300	Disco Corp.		86,254
	185	Elmos Semiconductor SE		10,595
	1,700	Ferrotec Holdings Corp.		36,044
	6,535	Infineon Technologies AG		199,013
	24,323	IQE plc*^		14,610
	2,200	Japan Material Co., Ltd.		35,352
	600	Lasertec Corp.		99,677
	500	Megachips Corp.		9,254
	879	Melexis NV		76,531
	1,700	Micronics Japan Co., Ltd.		16,859
	800	Mimasu Semiconductor Industry		14,082
	500	Mitsui High-Tec, Inc.		23,343
	1,737	Nordic Semiconductor ASA*		29,130
	241	Nova Measuring Instruments, Ltd.*		19,663
	1,100	Optorun Co., Ltd.		18,494
	9,700	Renesas Electronics Corp.*		87,677
	700	ROHM Co., Ltd.		49,961
	300	Rorze Corp.		16,243
	600	Sanken Electric Co., Ltd.		29,391
	1,000	SCREEN Holdings Co., Ltd.		64,424
	300	Shindengen Electric Manufacturing Co., Ltd.		6,844
	1,100	Shinko Electric Industries Co., Ltd.		27,752
	709	Siltronic AG		51,672
	310	Soitec*		51,071
	5,416	STMicroelectronics NV		192,511
	409	SUESS MicroTec SE		6,635
	6,100	SUMCO Corp.		81,634
	900	Tokyo Electron, Ltd.		267,398
	800	Tokyo Seimitsu Co., Ltd.		25,996
	1,000	Towa Corp.		12,870
	2,902	Tower Semiconductor, Ltd.*		125,366
	1,200	Tri Chemical Laboratories, Inc.		18,167
	144	u-blox Holding AG		17,256
	1,000	Ulvac, Inc.		41,632
	24,700	UMS Holdings, Ltd.		21,847
	1,978	X-Fab Silicon Foundries SE*(a)		13,992
	1,200	Yamaichi Electronics Co., Ltd.		15,499

				3,678,433

Software (1.0%):
	1,800	Access Co., Ltd.*		11,215
	1,484	Accesso Technology Group PLC*		14,883
	1,000	Altium, Ltd.		23,838
	50	Atoss Software AG		7,425
	1,040	AVEVA Group plc		40,385
	4,889	BlackBerry, Ltd.*		15,926
	10,573	Bravura Solutions, Ltd.		6,223


Shares			Value
Common Stocks, continued
Software, continued
	5,897	Bytes Technology Group PLC	$	27,553
	500	Computer Engineering & Consulting, Ltd.		5,820
	101	Constellation Software, Inc.		157,712
	464	Crayon Group Holding ASA*(a)		4,751
	1,400	Cresco, Ltd.		18,591
	1,200	Cybozu, Inc.		22,156
	1,150	Dassault Systemes SE		41,471
	564	Descartes Systems Group, Inc.*		39,283
	300	Digital Arts, Inc.		12,726
	1,000	Enghouse Systems, Ltd.		26,570
	5,800	Fortnox AB		26,422
	1,966	F-Secure Oyj*		5,968
	400	Fuji Soft, Inc.		23,038
	900	Fukui Computer Holdings, Inc.		17,919
	8,509	Hansen Technology, Ltd.		29,753
	690	Hilan, Ltd.		34,318
	3,100	Infomart Corp.		8,427
	16,011	Infomedia, Ltd.		13,026
	7,858	Integrated Research, Ltd.*		2,397
	3,230	IRESS, Ltd.		20,976
	600	Justsystems Corp.		12,873
	200	Kinaxis, Inc.*		22,442
	570	Lectra		21,513
	3,211	Lightspeed Commerce, Inc.*		45,895
	36	Linedata Services		1,776
	1,195	Magic Software Enterprises, Ltd.		19,071
	8,235	Micro Focus International plc, ADR		51,963
	500	Miroku Jyoho Service Co., Ltd.		5,496
	1,498	Nemetschek SE		76,501
	621	Netcompany Group A/S*(a)		26,219
	145	Nice, Ltd.*		28,149
	400	OBIC Business Consultants Co., Ltd.		13,087
	3,485	Open Text Corp.		103,295
	680	Open Text Corp.		20,152
	400	Oracle Corp.		26,030
	30	Otello Corp. ASA		24
	65	QT Group Oyj*		3,115
	900	Rakus Co., Ltd.		10,854
	8,965	Sage Group plc (The)		80,496
	1,181	SAP SE		121,861
	1,060	SimCorp A/S		72,454
	6,037	Sinch AB*(a)		22,046
	1,484	Software AG		38,397
	500	SRA Holdings		11,506
	8,400	Systena Corp.		26,297
	2,838	TeamViewer AG*(a)		36,592
	5,567	Technology One, Ltd.		49,715
	1,604	Temenos AG		88,629
	3,468	TomTom NV*		24,117
	1,900	Trend Micro, Inc.		88,862
	12,001	Vista Group International, Ltd.*		11,596
	271	Vitec Software Group AB B Sh		10,902
	568	WiseTech Global, Ltd.		19,582
	1,966	WithSecure Oyj*		2,892
	423	Xero, Ltd.*		20,188

				1,873,359


Shares			Value
Common Stocks, continued
Specialty Retail (1.5%):
	400	ABC-Mart, Inc.	$	22,721
	16,866	Accent Group, Ltd.		19,265
	11,214	Adairs, Ltd.		16,775
	1,300	Adastria Co., Ltd.		23,037
	900	Alpen Co., Ltd.		13,376
	2,600	Aoki Holdings, Inc.		13,549
	2,800	Aoyama Trading Co., Ltd.		19,606
	3,236	AP Eagers, Ltd.		23,823
	1,143	Auto1 Group SE*(a)		9,518
	2,500	Autobacs Seven Co., Ltd.		27,439
	613	Autocanada, Inc.*		10,555
	2,300	BIC Camera, Inc.		22,467
	2,768	Bilia AB, Class A		30,426
	1,681	Blackstone Strategic Credit Fund		18,136
	3,245	Byggmax Group AB		15,495
	2,609	Carasso Motors, Ltd.		15,066
	16,294	Card Factory plc*		15,410
	3,919	Ceconomy AG		7,780
	800	Chiyoda Co., Ltd.		4,767
	18,000	Chow Sang Sang Holdings International, Ltd.		23,848
	19,600	Chow Tai Fook Jewellery Group, Ltd.		39,986
	1,435	Clas Ohlson AB, Class B		9,897
	4,700	DCM Holdings Co., Ltd.		43,024
	1,548	Delek Automotive Systems, Ltd.		18,170
	39,375	Dixons Carphone plc		25,402
	291	Dor ALON Energy In Israel 1988, Ltd.		7,703
	2,720	Dufry AG, Registered Shares*		113,847
	4,536	Dunelm Group plc		53,499
	3,700	Edion Corp.		36,128
	115,950	Esprit Holdings, Ltd.*		12,481
	400	Fast Retailing Co., Ltd.		242,439
	995	Fielmann AG		39,447
	878	Fnac Darty SA		32,470
	4,126	Frasers Group plc*		35,441
	2,300	Geo Holdings Corp.		37,987
	130,000	Giordano International, Ltd.		28,702
	10,860	Halfords Group plc		27,499
	5,472	Hennes & Mauritz AB, Class B		59,101
	200	Hikari Tsushin, Inc.		28,139
	484	Hornbach Holding AG & Co. KGaA		39,966
	4,500	Hour Glass, Ltd. The		6,845
	2,800	Idom, Inc.		14,046
	5,629	Industria de Diseno Textil SA		149,868
	2,829	JB Hi-Fi, Ltd.		80,688
	26,753	JD Sports Fashion plc		40,829
	700	JINS Holdings, Inc.		24,497
	1,500	Joshin Denki Co., Ltd.		22,056
	900	Joyful Honda Co., Ltd.		13,146
	26,469	Kathmandu Holdings, Ltd.		17,260
	1,700	Keiyo Co., Ltd.		11,657
	744	Kid ASA(a)		5,501
	43,202	Kingfisher plc		123,614
	900	Kohnan Shoji Co., Ltd.		23,452
	1,600	Komeri Co., Ltd.		33,157
	5,800	K’s Holding Corp.		49,852
	1,766	Leon’s Furniture, Ltd.		22,424
	19,046	Lookers plc		17,520
	1,029	Lovisa Holdings, Ltd.		16,159


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	14,000	Luk Fook Holdings International, Ltd.	$	41,607
	531	Maisons du Monde SA(a)		6,703
	2,347	Matas A/S		23,531
	1,563	Mobilezone Holding AG		25,872
	234	Musti Group OYJ		3,915
	1,800	Nextage Co., Ltd.		34,735
	3,966	Nick Scali, Ltd.		28,685
	1,900	Nishimatsuya Chain Co., Ltd.		22,440
	900	Nitori Co., Ltd.		116,741
	3,600	Nojima Corp.		39,139
	28,290	Oriental Watch Holdings		14,788
	76,677	Pendragon plc*		17,824
	16,461	Pets At Home Group plc		56,417
	2,736	Premier Investments, Ltd.		46,192
	300	Shimamura Co., Ltd.		29,888
	800	Sleep Country Canada Holdings, Inc.(a)		13,580
	8,071	Super Retail Group, Ltd.		58,759
	3,968	Superdry plc*		6,151
	900	T-Gaia Corp.		11,129
	2,400	USS Co., Ltd.		38,040
	13,891	Vertu Motors plc		9,079
	8,200	VT Holdings Co., Ltd.		29,303
	6,052	Watches of Switzerland Group plc*(a)		60,108
	3,396	WHSmith plc*		60,592
	8,059	Wickes Group plc		14,252
	300	Workman Co., Ltd.		12,340
	800	World Co., Ltd.		7,959
	700	Xebio Holdings Co., Ltd.		4,885
	2,913	XXL ASA(a)		1,139
	15,400	Yamada Holdings Co., Ltd.		54,759
	800	Yellow Hat, Ltd.		10,935

				2,858,445

Technology Hardware, Storage & Peripherals (0.5%):
	5,200	Brother Industries, Ltd.		78,699
	3,400	Canon, Inc.		73,529
	700	EIZO Corp.		18,294
	1,800	Elecom Co., Ltd.		18,510
	900	FUJIFILM Holdings Corp.		45,415
	10,700	Konica Minolta, Inc.		42,604
	1,323	Logitech International SA, Class R		82,137
	3,181	Logitech International SA, Class R		198,017
	1,900	Maxell Holdings, Ltd.		19,512
	4,000	Mcj Co., Ltd.		28,830
	3,200	NEC Corp.		111,977
	12,000	PC Partner Group, Ltd.^		7,597
	1,935	Quadient SA		28,606
	7,800	Ricoh Co., Ltd.		59,837
	600	Roland Dg Corp.		12,638
	2,197	S&T AG		35,900
	6,200	Seiko Epson Corp.		90,008
	900	Toshiba Tec Corp.		24,471
	4,400	Wacom Co., Ltd.		19,571

				996,152

Textiles, Apparel & Luxury Goods (2.1%):
	1,596	Adidas AG		217,839
	3,137	Aritzia, Inc.*		109,719
	1,400	Asics Corp.		31,072


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	1,383	Brunello Cucinelli SpA	$	102,607
	4,693	Burberry Group plc		114,649
	364	Calida Holding AG		18,616
	408	Canada Goose Holdings, Inc.*		7,266
	600	Canada Goose Holdings, Inc.*		10,672
	2,645	Cie Financiere Richemont SA		342,370
	35,102	Coats Group plc		28,015
	485	Delta-Galil Industries, Ltd.		20,351
	6,098	Dr Martens PLC		14,090
	280	Fox Wizel, Ltd.		25,674
	1,142	Gildan Activewear, Inc.		31,291
	3,031	Gildan Activewear, Inc.		83,018
	400	Goldwin, Inc.		29,100
	900	Gunze, Ltd.		28,773
	189	Hermes International SA		291,612
	1,899	Hugo Boss AG		110,069
	1,500	Japan Wool Textile Co., Ltd. (The)		11,061
	504	Kering		257,902
	700	Kurabo Industries, Ltd.		11,551
	1,705	LVMH Moet Hennessy Louis Vuitton SA		1,238,412
	1,945	Moncler SpA		103,519
	1,479	New Wave Group AB		29,391
	5,000	Onward Holdings Co., Ltd.		11,808
	12,688	Ovs SpA(a)		28,700
	44,000	Pacific Textiles Holdings, Ltd.		14,401
	2,544	Pandora A/S		179,518
	5,300	Prada SpA		29,736
	1,974	Puma SE		119,769
	687	Salvatore Ferragamo SpA		12,158
	32,100	Samsonite International SA*(a)		83,942
	2,100	Sankyo Seiko Co., Ltd.		7,559
	500	Sanyo Shokai, Ltd.*		5,318
	1,000	Seiren Co., Ltd.		18,314
	17,500	Stella International Holdings, Ltd.		16,458
	732	Swatch Group AG (The)		38,191
	336	Swatch Group AG (The), Class B		95,415
	11,500	Texhong Textile Group, Ltd.		9,210
	60,000	Texwinca Holdings, Ltd.		9,598
	3,200	Tsi Holdings Co., Ltd.		10,796
	5,500	Unitika, Ltd.*		10,309
	377	Van de Velde NV		12,184
	2,000	Wacoal Holdings Corp.		35,877
	33,514	Yue Yuen Industrial Holdings, Ltd.		46,672

				4,064,572

Thrifts & Mortgage Finance (0.2%):
	1,484	Aareal Bank AG*		50,823
	543	Aruhi Corp.		4,184
	9,449	Australian Finance Group, Ltd.		9,301
	3,618	Deutsche Pfandbriefbank AG(a)		28,152
	830	EQB, Inc.		34,781
	1,100	Firm Capital Mortgage Investment Corp.		8,686
	900	First National Financial Corp.		24,212
	16,190	Helia Group, Ltd.		30,313
	2,112	Home Capital Group, Inc.		66,427
	3	Hypothekarbank Lenzburg AG		13,306
	4,912	MyState, Ltd.		13,076
	9,478	OSB Group plc		54,833


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	9,407	Paragon Banking Group plc	$	64,074
	3,600	Timbercreek Financial Corp.		18,907

				421,075

Tobacco (0.5%):
	9,206	British American Tobacco plc		365,168
	16,148	Imperial Brands plc, Class A		403,365
	9,300	Japan Tobacco, Inc.		188,075
	1,637	Scandinavian Tobacco Group A/S(a)		28,717

				985,325

Trading Companies & Distributors (2.0%):
	3,367	AddTech AB, Class B		48,223
	1,000	Alconix Corp.		10,087
	1,271	Alligo AB, Class B		9,672
	3,638	Ashtead Group plc		207,783
	653	BayWa AG		30,192
	2,058	Beijer Ref AB		29,131
	1,271	Bergman & Beving AB		13,552
	70,000	BlackRock Corporate High Yield Fund, Inc.*		295
	2,300	BOC Aviation, Ltd.(a)		19,120
	230	Bossard Holding AG		49,900
	3,175	Brenntag AG		202,967
	1,375	Bufab AB		30,949
	1,979	Bunzl plc		66,040
	500	Chori Co., Ltd.		8,236
	400	Daiichi Jitsugyo Co., Ltd.		13,366
	1,457	Diploma plc		48,952
	4,000	Doman Building Materials Group, Ltd.		16,989
	6,737	Electrocomponents plc		73,016
	2,293	Ferguson plc		289,643
	5,100	Finning International, Inc.		126,803
	5,923	Grafton Group plc		56,501
	1,100	Hanwa Co., Ltd.		31,034
	15,263	Howden Joinery Group plc		103,709
	727	IMCD NV		103,827
	1,800	Inaba Denki Sangyo Co., Ltd.		36,841
	1,800	Inabata & Co., Ltd.		32,459
	3,040	Indutrade AB		61,810
	12,500	Itochu Corp.		390,896
	616	Jacquet Metals SA		11,019
	500	Japan Pulp & Paper Co., Ltd.		19,368
	700	Kamei Corp.		6,457
	900	Kanaden Corp.		7,458
	1,700	Kanamoto Co., Ltd.		29,316
	3,100	Kanematsu Corp.		35,361
	9,300	Marubeni Corp.		106,295
	1,500	Mitani Corp.		14,729
	8,500	Mitsubishi Corp.		275,032
	6,500	Mitsui & Co., Ltd.		189,031
	1,271	Momentum Group AB*		7,125
	3,600	MonotaRo Co., Ltd.		50,915
	3,500	Nagase & Co., Ltd.		52,812
	600	Nichiden Corp.		7,866
	500	Nippon Steel Trading Corp.		35,220
	1,200	Nishio Rent All Co., Ltd.		28,336
	1,132	Oem International AB		7,852
	700	Onoken Co., Ltd.		7,719
	1,494	Reece, Ltd.		14,364


Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	8,384	Rexel SA	$	166,122
	1,992	Richelieu Hardware, Ltd.		53,280
	1,404	Russel Metals, Inc.		29,847
	207	Scope Metals Group, Ltd.		7,729
	1,200	Senshu Electric Co., Ltd.		30,143
	2,458	Seven Group Holdings, Ltd.		35,052
	3,400	Sojitz Corp.		64,628
	409	Solar A/S		36,486
	17,864	Speedy Hire plc		8,590
	6,600	Sumitomo Corp.		109,459
	117	Thermador Groupe		10,818
	1,172	Toromont Industries, Ltd.		84,589
	2,700	Toyota Tsushu Corp.		98,990
	7,192	Travis Perkins plc		76,890
	1,000	Trusco Nakayama Corp.		15,345
	800	Wajax Corp.		11,659
	2,700	Wakita & Co., Ltd.		24,363
	2,700	Yamazen Corp.		20,465
	800	Yuasa Trading Co., Ltd.		21,877

				3,924,600

Transportation Infrastructure (0.4%):
	506	Aena SME SA*(a)		63,717
	260	Aeroports de Paris*		34,960
	14,115	Atlas Arteria, Ltd.		63,451
	8,117	Auckland International Airport, Ltd.*		40,313
	671	Flughafen Zuerich AG*		104,002
	1,124	Fraport AG*		45,773
	2,198	Getlink SE		35,218
	1,618	Hamburger Hafen und Logistik AG		20,581
	182,200	Hutchison Port Holdings Trust		35,283
	1,940	James Fisher & Sons plc*		9,153
	400	Japan Airport Terminal Co., Ltd.*		19,895
	2,000	Kamigumi Co., Ltd.		40,689
	1,400	Mitsubishi Logistics Corp.		32,220
	400	Nissin Corp.		6,398
	5,399	Port of Tauranga, Ltd.		21,498
	32,939	Qube Holdings, Ltd.		62,944
	5,500	SATS, Ltd.*		11,673
	2,100	Sumitomo Warehouse Co., Ltd. (The)		31,094
	10,150	Transurban Group		89,607
	1,941	Westshore Terminals Investment Corp.		32,159

				800,628

Water Utilities (0.1%):
	4,740	Pennon Group plc		50,945
	2,187	Severn Trent plc		70,121
	45,000	Siic Environment Holdings, Ltd.		6,203
	5,391	United Utilities Group plc		64,632

				191,901

Wireless Telecommunication Services (0.9%):
	1,292	1&1 AG		16,043
	27,529	Airtel Africa plc(a)		37,188
	3,670	Cellcom Israel, Ltd.*		19,072
	4,676	Freenet AG		102,202
	88,000	Hutchison Telecommunications Holdings, Ltd.		13,756


Shares			Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	14,200	KDDI Corp.	$	429,248
	6,967	Millicom International Cellular SA, SDR*		88,145
	1,000	Okinawa Cellular Telephone Co.		22,091
	1,324	Orange Belgium SA*		24,475
	5,106	Partner Communications Co.*		36,814
	1,708	Rogers Communications, Inc., Class B		80,003
	2,500	Rogers Communications, Inc., Class B		117,022
	35,000	Smartone Telecommunications Ho		21,123
	11,900	Softbank Corp.		134,571
	4,400	SoftBank Group Corp.		186,360
	21,800	StarHub, Ltd.		16,939
	10,864	Tele2 AB		88,570
	257,966	Vodafone Group plc		261,437

				1,695,059

	Total Common Stocks (Cost $182,337,628)			190,415,243

Preferred Stocks (0.3%):
Automobiles (0.3%):
	635	Bayerische Motoren Werke AG (BMW), 7.32%, 5/15/20		54,074
	1,645	Porsche Automobil Holding SE, 5.00%, 5/20/20		90,234
	2,865	Volkswagen AG, 6.49%, 5/8/20		357,039

				501,347

Household Products (0.0%^†):
	847	Henkel AG & Co. KGaA, 2.84%, 4/21/20		58,955

	Total Preferred Stocks (Cost $726,178)			560,302

Contracts			Value
Warrants (0.0%^†):
Electronic Equipment, Instruments & Components (0.0%^†):
	465	Fingerprint Cards AB, 9/8/23*		31

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

	Total Warrants (Cost $—)			31

Shares			Value
Rights (0.0%^†):
Containers & Packaging (0.0%^†):
	753	Vidrala SA RTS, Expires on 12/21/22*		3,240

Real Estate (0.0%^†):
	1,302	Immofinanz AG, Expires on 1/2/23*(b)		—

	Total Rights (Cost $—)			3,240

Short-Term Security Held as Collateral for Securities on Loan (1.2%):
	2,350,328	BlackRock Liquidity FedFund, Institutional Class , 1.49%(c)(d)		2,350,328

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,350,328)			2,350,328

	Total Investment Securities (Cost $185,414,134) — 100.9%(e)			193,329,144
	Net other assets (liabilities) — (0.9)%			(1,789,898	)

	Net Assets — 100.0%		$	191,539,246

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, 2022:


Country	Percentage

Australia		6.6	%

Austria		0.6	%

Belgium		1.3	%

Bermuda		0.1	%

Cambodia		—	%^†

Canada		10.6	%

China		0.2	%

Colombia		—	%^†

Denmark		2.5	%

Egypt		—	%^†

European Community		—	%^†

Faroe Islands		—	%^†

Finland		1.6	%

France		7.4	%

Germany		6.4	%

Hong Kong		2.3	%

India		—	%^†

Ireland		1.2	%

Isle of Man		0.1	%

Israel		1.0	%

Italy		2.2	%

Japan		22.2	%


Country	Percentage

Jersey		—	%^†

Liechtenstein		—	%^†

Luxembourg		0.5	%

Macau		—	%^†

Malaysia		—	%^†

Malta		—	%^†

Mexico		—	%^†

Netherlands		4.7	%

New Zealand		0.4	%

Norway		0.9	%

Peru		—	%^†

Portugal		0.3	%

Singapore		1.1	%

Spain		2.3	%

Sweden		2.7	%

Switzerland		8.1	%

Taiwan, Province Of China		—	%^†

United Arab Emirates		—	%^†

United Kingdom		11.3	%

United States		1.4	%


		100.0	%

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	185,414,134

Investment securities, at value(a)	$	193,329,144
Interest and dividends receivable		285,652
Foreign currency, at value (cost $162,595)		163,815
Receivable for investments sold		796,114
Reclaims receivable		906,178
Prepaid expenses		32

Total Assets		195,480,935

Liabilities:
Cash overdraft		799,837
Payable for investments purchased		25,498
Payable for capital shares redeemed		569,292
Payable for collateral received on loaned securities		2,350,328
Management fees payable		108,661
Administration fees payable		17,243
Distribution fees payable		41,793
Custodian fees payable		17,814
Administrative and compliance services fees payable		797
Transfer agent fees payable		1,234
Trustee fees payable		1,992
Other accrued liabilities		7,200

Total Liabilities		3,941,689

Net Assets	$	191,539,246

Net Assets Consist of:
Paid in capital	$	171,925,609
Total distributable earnings		19,613,637

Net Assets	$	191,539,246

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,446,554
Net Asset Value (offering and redemption price per share)	$	9.37

(a)	Includes securities on loan of $2,204,705.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends	$	7,736,039
Income from securities lending		24,649
Foreign withholding tax		(719,235	)

Total Investment Income		7,041,453

Expenses:
Management fees		1,979,925
Administration fees		90,002
Distribution fees		521,032
Custodian fees		82,439
Administrative and compliance services fees		3,251
Transfer agent fees		6,631
Trustee fees		12,897
Professional fees		10,093
Shareholder reports		3,132
Other expenses		6,502

Total expenses before reductions		2,715,904
Less Management fees contractually waived		(464,860	)

Net Expenses		2,251,044

Net Investment Income/(Loss)		4,790,409

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		8,471,993
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(45,642,578	)

Net realized and Change in net unrealized gains/losses on investments		(37,170,585	)

Change in Net Assets Resulting From Operations	$	(32,380,176	)

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.

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.

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.

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, 2022 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 $2,440 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,350,328 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

For the year ended December 31, 2022, 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Foreign Securities Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies. 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.

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.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $186,458,045. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, the Fund had 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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022, 0.75% 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, 2022, the Fund declared net short-term capital gain distributions of $771,873.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $16,209,990.

Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65^th percentile (with 14 Funds at or below the 50^th percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63^rd percentile in the bond index category, but that the Fund’s enhanced bond strategy lacks 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

During the 12-month period, the AZL DFA U.S. Core Equity Fund returned (15.38)% (net of fees). That compares to a total return of (19.21)% for the Russell 3000 Index, the Fund’s primary benchmark.¹

Investor worries over high inflation, the war in Ukraine, and rising interest rates pressured equity markets in 2022. As a result, the S&P 500 Index² posted its fourth worst annual return of the last 85 years. The year also ranks as one of the most volatile on record. Realized volatility, as measured by the standard deviation³ of daily returns for the S&P 500 Index, was the eighth highest in the last 85 years. The U.S. Federal Reserve raised interest rates seven times during 2022, leaving the federal funds rate target at between 4.25% and 4.5% by the end of the year.

The U.S. market’s performance during the period trailed developed non-U.S. markets, but outperformed emerging markets. Large-cap stocks outperformed small-cap stocks, and mid-cap stocks outperformed both large- and small-cap stocks. Value stocks outperformed growth stocks. Stocks with higher profitability outperformed stocks with lower profitability.

The Fund’s outperformance relative to its benchmark was primarily driven by its emphasis on value stocks, high-profitability stocks and mid-cap stocks. The Fund’s

exclusion of real estate investment trusts (REITs) also contributed to its relative performance, as these assets underperformed 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.

²	The Standard & Poor’s 500 Index is 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.

³	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

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, 2022
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA U.S. Core Equity Fund		(15.38	)%		8.24	%		8.69	%		9.30	%
Russell 3000^® Index		(19.21	)%		7.07	%		8.79	%		9.58	%


Expense Ratio	Gross
AZL^® DFA U.S. Core Equity Fund		1.10	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. Effective October 1, 2022, the Manager and the Fund have entered into a written agreement reducing the management fee to 0.48% through at least April 30, 2024. Prior to October 1, 2022, the Manager waived the management fee to 0.54%. 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, 2024. Additional information pertaining to the December 31, 2022 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 (1.7%):
	1,210	AAR Corp.*	$	54,329
	2,468	Aerojet Rocketdyne Holdings, Inc.*		138,035
	358	AeroVironment, Inc.*		30,666
	712	Astronics Corp.*		7,333
	415	Astronics Corp., Class B*		4,129
	908	Axon Enterprise, Inc.*		150,664
	3,878	Boeing Co. (The)*		738,720
	1,885	BWX Technologies, Inc.		109,481
	685	CPI Aerostructures, Inc.*		2,192
	914	Curtiss-Wright Corp.		152,629
	625	Ducommun, Inc.*		31,225
	1,727	General Dynamics Corp.		428,486
	569	HEICO Corp.		87,421
	769	HEICO Corp., Class A		92,165
	2,189	Hexcel Corp.		128,823
	4,466	Howmet Aerospace, Inc.		176,005
	904	Huntington Ingalls Industries, Inc.		208,535
	2,947	Kratos Defense & Security Solutions, Inc.*		30,413
	1,062	L3harris Technologies, Inc.		221,119
	2,867	Lockheed Martin Corp.		1,394,767
	1,378	Mercury Systems, Inc.*		61,652
	913	Moog, Inc., Class A		80,125
	343	National Presto Industries, Inc.		23,482
	865	Northrop Grumman Corp.		471,953
	953	Park Aerospace Corp., Class C		12,780
	1,871	Parsons Corp.*		86,534
	10,908	Raytheon Technologies Corp.		1,100,835
	2,056	Textron, Inc.		145,565
	521	TransDigm Group, Inc.		328,047
	337	V2X, Inc.*		13,915

				6,512,025

Air Freight & Logistics (0.8%):
	2,159	Air Transport Services Group, Inc.*		56,091
	464	Atlas Air Worldwide Holdings, Inc.*		46,771
	2,301	C.H. Robinson Worldwide, Inc.		210,680
	2,787	Expeditors International of Washington, Inc.		289,625
	3,190	FedEx Corp.		552,508
	619	Forward Air Corp.		64,927
	1,805	GXO Logistics, Inc.*		77,055
	766	Hub Group, Inc., Class A*		60,889
	3,266	Radiant Logistics, Inc.*		16,624
	8,651	United Parcel Service, Inc., Class B		1,503,890
	2,834	XPO Logistics, Inc.*		94,344

				2,973,404

Airlines (0.3%):
	2,670	Alaska Air Group, Inc.*		114,650
	229	Allegiant Travel Co.*		15,570
	9,299	American Airlines Group, Inc.*		118,283
	841	Copa Holdings SA, Class A*		69,946
	9,886	Delta Air Lines, Inc.*		324,854
	1,057	Hawaiian Holdings, Inc.*		10,845
	9,359	JetBlue Airways Corp.*		60,646
	1,602	SkyWest, Inc.*		26,449
	5,986	Southwest Airlines Co.*		201,549
	2,445	Spirit Airlines, Inc.		47,628
	3,464	United Airlines Holdings, Inc.*		130,593

				1,121,013


Shares			Value
Common Stocks, continued
Auto Components (0.4%):
	2,780	Adient plc*	$	96,438
	4,269	American Axle & Manufacturing Holdings, Inc.*		33,383
	1,883	Aptiv plc*		175,364
	1,876	Autoliv, Inc.		143,664
	6,004	BorgWarner, Inc.		241,661
	1,256	Cooper-Standard Holdings, Inc.*		11,379
	3,513	Dana, Inc.		53,152
	687	Dorman Products, Inc.		55,558
	798	Fox Factory Holding Corp.*		72,801
	6,025	Gentex Corp.		164,302
	799	Gentherm, Inc.*		52,167
	6,635	Goodyear Tire & Rubber Co. (The)*		67,345
	1,365	Horizon Global Corp.*		531
	578	LCI Industries		53,436
	1,505	Lear Corp.		186,650
	3,637	Modine Manufacturing Co.*		72,231
	1,190	Motorcar Parts of America, Inc.*		14,113
	856	Patrick Industries, Inc.		51,874
	2,366	QuantumScape Corp.*^		13,415
	616	Standard Motor Products, Inc.		21,437
	587	Stoneridge, Inc.*		12,656
	275	Strattec Security Corp.*		5,651
	517	Visteon Corp.*		67,639

				1,666,847

Automobiles (0.8%):
	34,229	Ford Motor Co.		398,083
	15,116	General Motors Co.		508,502
	4,049	Harley-Davidson, Inc.		168,439
	15,678	Tesla, Inc.*		1,931,216
	1,289	Thor Industries, Inc.		97,307
	729	Winnebago Industries, Inc.		38,418

				3,141,965

Banks (5.6%):
	859	1st Source Corp.		45,604
	504	ACNB Corp.		20,064
	661	American National Bankshares, Inc.		24,411
	1,776	Ameris Bancorp		83,721
	704	Ames National Corp.		16,621
	1,045	Arrow Financial Corp.		35,425
	3,325	Associated Banc-Corp.		76,774
	2,280	Atlantic Union Bankshares Corp.		80,119
	2,056	Banc of California, Inc.		32,752
	646	BancFirst Corp.		56,964
	2,831	Bancorp, Inc. (The)*		80,344
	52,973	Bank of America Corp.		1,754,466
	1,028	Bank of Hawaii Corp.		79,732
	724	Bank of Marin Bancorp		23,805
	1,592	Bank of NT Butterfield & Son, Ltd. (The)		47,458
	2,524	Bank OZK		101,111
	2,950	BankUnited, Inc.		100,211
	1,129	Banner Corp.		71,353
	433	Bar Harbor Bankshares		13,873
	842	BCB Bancorp, Inc.		15,148
	1,898	Berkshire Hills Bancorp, Inc.		56,750
	1,565	BOK Financial Corp.		162,431
	2,707	Brookline Bancorp, Inc.		38,304


Shares			Value
Common Stocks, continued
Banks, continued
	977	Byline BanCorp, Inc.	$	22,442
	74	C&F Financial Corp.		4,312
	4,719	Cadence Bank		116,371
	256	Cambridge Bancorp		21,263
	843	Camden National Corp.		35,145
	489	Capital City Bank Group, Inc.		15,892
	1,023	Carter Bankshares, Inc.*		16,972
	2,132	Cathay General Bancorp		86,964
	1,402	Central Pacific Financial Corp.		28,433
	933	Central Valley Community Bancorp		19,761
	377	Chemung Financial Corp.		17,293
	14,399	Citigroup, Inc.		651,267
	943	Citizens & Northern Corp.		21,557
	6,283	Citizens Financial Group, Inc.		247,362
	552	Citizens Holding Co.		7,562
	365	City Holding Co.		33,978
	938	Civista Bancshares, Inc.		20,645
	735	CNB Financial Corp.		17,486
	85	Codorus Valley Bancorp, Inc.		2,023
	56	Colony Bankcorp, Inc.		711
	2,267	Columbia Banking System, Inc.		68,305
	3,274	Comerica, Inc.		218,867
	3,194	Commerce Bancshares, Inc.		217,416
	1,393	Community Bank System, Inc.		87,689
	517	Community Trust Bancorp, Inc.		23,746
	1,154	ConnectOne Bancorp, Inc.		27,938
	1,311	Cullen/Frost Bankers, Inc.		175,281
	1,643	Customers Bancorp, Inc.*		46,563
	4,350	CVB Financial Corp.		112,012
	1,876	Dime Community Bancshares, Inc.		59,713
	1,065	Eagle Bancorp, Inc.		46,935
	3,269	East West Bancorp, Inc.		215,427
	4,884	Eastern Bankshares, Inc.		84,249
	820	Enterprise Financial Services Corp.		40,147
	682	Equity Bancshares, Inc.		22,281
	312	Evans Bancorp, Inc.		11,666
	8,341	F.N.B. Corp.		108,850
	1,329	Farmers National Banc Corp.		18,765
	1,408	FB Financial Corp.		50,885
	9,314	Fifth Third Bancorp		305,592
	1,053	Financial Institutions, Inc.		25,651
	6,611	First BanCorp		84,092
	814	First Bancorp, Inc. (The)		24,371
	1,262	First Bancorp/Southern Pines NC		54,064
	611	First Bancshares, Inc. (The)		19,558
	1,378	First Busey Corp.		34,064
	664	First Business Financial Services, Inc.		24,269
	221	First Citizens BancShares, Inc., Class A		167,598
	2,520	First Commonwealth Financial Corp.		35,204
	512	First Community Bankshares		17,357
	3,105	First Financial Bancorp		75,234
	3,432	First Financial Bankshares, Inc.		118,061
	536	First Financial Corp.		24,699
	733	First Financial Northwest, Inc.		10,980
	1,155	First Foundation, Inc.		16,551
	1,512	First Hawaiian, Inc.		39,372
	12,573	First Horizon Corp.		308,038


Shares			Value
Common Stocks, continued
Banks, continued
	3,226	First Interstate BancSystem, Inc., Class A	$	124,685
	1,606	First Merchants Corp.		66,023
	660	First Mid Bancshares, Inc.		21,173
	1,573	First of Long Island Corp. (The)		28,314
	1,741	First Republic Bank		212,210
	2,253	Flushing Financial Corp.		43,663
	5,044	Fulton Financial Corp.		84,891
	769	German American Bancorp, Inc.		28,684
	2,814	Glacier Bancorp, Inc.		139,068
	397	Great Southern Bancorp, Inc.		23,618
	2,782	Hancock Whitney Corp.		134,621
	2,408	Hanmi Financial Corp.		59,598
	1,642	HarborOne Bancorp, Inc.		22,824
	44	Hawthorn Bancshares, Inc.		958
	636	HBT Financial, Inc.		12,447
	1,853	Heartland Financial USA, Inc.		86,387
	1,197	Heritage Financial Corp.		36,676
	2,010	Hertiage Commerce Corp.		26,130
	2,750	Hilltop Holdings, Inc.		82,527
	4,922	Home Bancshares, Inc.		112,172
	484	Hometrust Bancshares, Inc.		11,698
	4,470	Hope BanCorp, Inc.		57,261
	1,071	Horizon Bancorp, Inc.		16,151
	17,788	Huntington Bancshares, Inc.		250,811
	1,236	Independent Bank Corp. Massachusetts		104,355
	855	Independent Bank Corp. Michigan		20,452
	1,169	Independent Bank Group, Inc.		70,234
	1,836	International Bancshares Corp.		84,015
	30,597	JPMorgan Chase & Co.		4,103,058
	13,247	KeyCorp		230,763
	1,465	Lakeland Bancorp, Inc.		25,799
	582	Lakeland Financial Corp.		42,469
	579	Landmark Bancorp, Inc.		13,103
	712	LCNB Corp.		12,816
	1,274	Live Oak Bancshares, Inc.		38,475
	2,500	M&T Bank Corp.		362,650
	2,571	Macatawa Bank Corp.		28,358
	472	Mercantile Bank Corp.		15,803
	241	Midland States BanCorp, Inc.		6,415
	638	MidWestone Financial Group, Inc.		20,256
	702	National Bank Holdings Corp.		29,533
	514	National Bankshares, Inc.		20,714
	1,264	NBT Bancorp, Inc.		54,883
	373	Nicolet Bankshares, Inc.*		29,762
	510	Northrim Bancorp, Inc.		27,831
	511	Norwood Financial Corp.		17,088
	2,292	OFG Bancorp		63,168
	440	Ohio Valley Banc Corp.		11,625
	9,356	Old National Bancorp		168,221
	2,225	Old Second Bancorp, Inc.		35,689
	550	Origin Bancorp, Inc.		20,185
	638	Orrstown Financial Services, Inc.		14,776
	2,518	Pacific Premier Bancorp, Inc.		79,468
	2,447	PacWest Bancorp		56,159
	467	Park National Corp.		65,730
	1,165	Peapack-Gladstone Financial Corp.		43,361
	546	Penns Woods Bancorp, Inc.		14,534


Shares			Value
Common Stocks, continued
Banks, continued
	608	Peoples Bancorp of North Carolina, Inc.	$	19,796
	1,117	Peoples Bancorp, Inc.		31,555
	1,752	Pinnacle Financial Partners, Inc.		128,597
	3,044	PNC Financial Services Group, Inc. (The)		480,769
	1,986	Popular, Inc.		131,712
	432	Preferred Bank Los Angeles		32,236
	707	Primis Financial Corp.		8,378
	2,191	Prosperity Bancshares, Inc.		159,242
	606	QCR Holdings, Inc.		30,082
	487	Rbb BanCorp		10,154
	13,669	Regions Financial Corp.		294,704
	1,373	Renasant Corp.		51,611
	917	Republic Bancorp, Inc., Class A		37,524
	869	S&T Bancorp, Inc.		29,702
	296	Salisbury Bancorp, Inc.		9,294
	1,366	Sandy Spring Bancorp, Inc.		48,124
	1,366	Seacoast Banking Corp of Florida		42,606
	1,110	ServisFirst Bancshares, Inc.		76,490
	1,113	Shore Bancshares, Inc.		19,400
	1,028	Sierra Bancorp		21,835
	784	Signature Bank		90,332
	3,102	Simmons First National Corp., Class A		66,941
	950	Southside Bancshares, Inc.		34,190
	1,770	SouthState Corp.		135,157
	2,578	Stellar Bancorp, Inc.		75,948
	527	Stock Yards Bancorp, Inc.		34,244
	557	Summit Financial Group, Inc.		13,864
	702	SVB Financial Group*		161,558
	3,723	Synovus Financial Corp.		139,799
	1,633	Texas Capital Bancshares, Inc.*		98,486
	490	Tompkins Financial Corp.		38,014
	2,209	TowneBank		68,126
	820	TriCo Bancshares		41,812
	1,001	Triumph Financial, Inc.*		48,919
	9,462	Truist Financial Corp.		407,150
	1,695	Trustmark Corp.		59,172
	14,586	U.S. Bancorp		636,095
	1,375	UMB Financial Corp.		114,840
	6,312	Umpqua Holdings Corp.		112,669
	3,681	United Bankshares, Inc.		149,044
	1,942	United Community Banks, Inc.		65,640
	1,190	United Security Bancshares		8,699
	42	Unity Bancorp, Inc.		1,148
	850	Univest Financial Corp.		22,210
	9,343	Valley National Bancorp		105,669
	690	Veritex Holdings, Inc.		19,375
	501	Washington Trust Bancorp, Inc.		23,637
	4,185	Webster Financial Corp.		198,118
	30,047	Wells Fargo & Co.		1,240,641
	1,645	WesBanco, Inc.		60,832
	1,062	West BanCorp, Inc.		27,134
	685	Westamerica BanCorp		40,422
	2,129	Western Alliance Bancorp		126,803
	1,524	Wintrust Financial Corp.		128,808
	3,716	Zions Bancorp		182,679

				21,482,694


Shares			Value
Common Stocks, continued
Beverages (1.5%):
	145	Boston Beer Co., Inc. (The), Class A*	$	47,780
	1,105	Brown-Forman Corp., Class A		72,665
	3,136	Brown-Forman Corp., Class B		205,972
	374	Celsius Holdings, Inc.*		38,911
	31,967	Coca-Cola Co. (The)		2,033,421
	179	Coca-Cola Consolidated, Inc.		91,712
	919	Constellation Brands, Inc., Class A		212,978
	1,381	Duckhorn Portfolio, Inc. (The)*		22,883
	4,758	Keurig Dr Pepper, Inc.		169,670
	615	MGP Ingredients, Inc.		65,424
	2,230	Molson Coors Brewing Co., Class B		114,890
	1,888	Monster Beverage Corp.*		191,689
	1,621	National Beverage Corp.*		75,425
	13,728	PepsiCo, Inc.		2,480,101

				5,823,521

Biotechnology (2.8%):
	16,653	AbbVie, Inc.		2,691,291
	2,144	ACADIA Pharmaceuticals, Inc.*		34,132
	3,964	Adverum Biotechnologies, Inc.*		2,297
	436	Agios Pharmaceuticals, Inc.*		12,243
	1,012	Alkermes plc*		26,444
	2,313	Allogene Therapeutics, Inc.*		14,549
	471	Alnylam Pharmaceuticals, Inc.*		111,933
	4,988	Amgen, Inc.		1,310,048
	955	AnaptysBio, Inc.*		29,595
	990	Arcus Biosciences, Inc.*		20,473
	1,907	Atara Biotherapeutics, Inc.*		6,255
	1,917	Biogen, Inc.*		530,856
	2,087	BioMarin Pharmaceutical, Inc.*		215,984
	1,469	Bluebird Bio, Inc.*		10,165
	1,208	Blueprint Medicines Corp.*		52,922
	723	CareDx, Inc.*		8,249
	1,101	Celldex Therapeutics, Inc.*		49,072
	718	Concert Pharmaceuticals, Inc.*		4,193
	906	CRISPR Therapeutics AG*		36,829
	1,534	Denali Therapeutics, Inc.*		42,661
	2,000	Dynavax Technologies Corp.*^		21,280
	233	Eagle Pharmaceuticals, Inc.*		6,811
	1,370	Editas Medicine, Inc.*		12,152
	1,656	Emergent BioSolutions, Inc.*		19,557
	585	Enanta Pharmaceuticals, Inc.*		27,214
	1,700	Exact Sciences Corp.*		84,167
	6,966	Exelixis, Inc.*		111,735
	567	Fate Therapeutics, Inc.*		5,721
	1,432	G1 Therapeutics, Inc.*		7,776
	14,500	Gilead Sciences, Inc.		1,244,825
	2,867	Halozyme Therapeutics, Inc.*		163,132
	1,961	Incyte Corp.*		157,508
	961	Intellia Therapeutics, Inc.*		33,529
	1,964	Ionis Pharmaceuticals, Inc.*		74,180
	2,315	Iovance Biotherapeutics, Inc.*		14,793
	2,568	Ironwood Pharmaceuticals, Inc.*		31,818
	200	Kodiak Sciences, Inc.*		1,432
	367	Krystal Biotech, Inc.*		29,074
	1,263	Kura Oncology, Inc.*		15,674
	757	Kymera Therapeutics, Inc.*		18,895
	340	Ligand Pharmaceuticals, Inc.*		22,712


Shares			Value
Common Stocks, continued
Biotechnology, continued
	1,449	Macrogenics, Inc.*	$	9,723
	710	Mirati Therapeutics, Inc.*		32,170
	4,559	Moderna, Inc.*		818,888
	2,351	Myriad Genetics, Inc.*		34,113
	715	Neurocrine Biosciences, Inc.*		85,400
	10,235	OPKO Health, Inc.*		12,794
	9,565	PDL BioPharma, Inc.*		25,443
	1,720	Prothena Corp. plc*		103,630
	1,074	Regeneron Pharmaceuticals, Inc.*		774,880
	895	REGENXBIO, Inc.*		20,299
	1,529	Relay Therapeutics, Inc.*		22,843
	1,975	REVOLUTION Medicines, Inc.*		47,044
	1,053	Rhythm Pharmaceuticals, Inc.*		30,663
	1,042	Rocket Pharmaceuticals, Inc.*		20,392
	1,793	Sage Therapeutics, Inc.*		68,385
	2,916	Sangamo Therapeutics, Inc.*		9,156
	660	Sarepta Therapeutics, Inc.*		85,523
	1,210	Seagen, Inc.*		155,497
	2,126	Spectrum Pharmaceuticals, Inc.*		783
	602	SpringWorks Therapeutics, Inc.*		15,658
	1,803	Syndax Pharmaceuticals, Inc.*		45,886
	900	Twist Bioscience Corp.*		21,429
	1,104	Ultragenyx Pharmaceutical, Inc.*		51,148
	725	United Therapeutics Corp.*		201,615
	1,179	Vanda Pharmaceuticals, Inc.*		8,713
	1,543	Vertex Pharmaceuticals, Inc.*		445,588
	1,246	Xencor, Inc.*		32,446

				10,494,285

Building Products (1.0%):
	2,754	A O Smith Corp.		157,639
	1,062	AAON, Inc.		79,990
	1,573	Advanced Drainage Systems, Inc.		128,939
	1,795	Allegion plc		188,942
	515	American Woodmark Corp.*		25,163
	1,085	Apogee Enterprises, Inc.		48,239
	1,077	Armstrong World Industries, Inc.		73,871
	3,106	AZEK Co., Inc. (The)*		63,114
	4,473	Builders FirstSource, Inc.*		290,208
	723	Carlisle Cos., Inc.		170,375
	11,181	Carrier Global Corp.		461,216
	547	Csw Industrials, Inc.		63,414
	2,444	Fortune Brands Innovations, Inc.		139,577
	715	Gibraltar Industries, Inc.*		32,804
	1,993	Griffon Corp.		71,329
	1,250	Hayward Holdings, Inc.*		11,750
	1,209	Insteel Industries, Inc.		33,272
	2,135	JELD-WEN Holding, Inc.*		20,603
	3,721	Johnson Controls International plc		238,144
	617	Lennox International, Inc.		147,605
	2,484	Masco Corp.		115,928
	681	Masonite International Corp.*		54,895
	2,444	Masterbrand, Inc.*		18,452
	2,995	Owens Corning		255,474
	1,379	PGT Innovations, Inc.*		24,767
	1,160	Quanex Building Products Corp.		27,469
	3,728	Resideo Technologies, Inc.*		61,326
	1,119	Simpson Manufacturing Co., Inc.		99,211


Shares			Value
Common Stocks, continued
Building Products, continued
	2,113	Trane Technologies plc	$	355,174
	1,485	Trex Co., Inc.*		62,860
	1,914	UFP Industries, Inc.		151,684
	2,409	Zurn Elkay Water Solutions Corp.		50,950

				3,724,384

Capital Markets (3.1%):
	837	Affiliated Managers Group, Inc.		132,606
	1,753	Ameriprise Financial, Inc.		545,832
	826	Ares Management Corp., Class A		56,531
	1,585	Artisan Partners Asset Management, Inc., Class A		47,075
	1,095	AssetMark Financial Holdings, Inc.*		25,185
	734	B Riley Financial, Inc.		25,103
	6,009	Bank of New York Mellon Corp. (The)		273,530
	9,837	BGC Partners, Inc., Class A		37,085
	1,088	BlackRock, Inc., Class A		770,989
	4,413	Blackstone, Inc., Class A		327,400
	2,377	Blucora, Inc.*		60,685
	902	Brightsphere Investment Group, Inc.		18,563
	6,294	Carlyle Group, Inc. (The)		187,813
	1,257	Cboe Global Markets, Inc.		157,716
	7,675	Charles Schwab Corp. (The)		639,020
	1,955	CME Group, Inc.		328,753
	1,396	Cohen & Steers, Inc.		90,126
	190	Diamond Hill Investment Group		35,154
	1,791	Donnelley Financial Solutions, Inc.*		69,222
	379	FactSet Research Systems, Inc.		152,059
	3,404	Federated Hermes, Inc., Class B		123,599
	5,820	Franklin Resources, Inc.		153,532
	2,787	Goldman Sachs Group, Inc. (The)		957,000
	255	Greenhill & Co., Inc.		2,614
	569	Hamilton Lane, Inc.		36,348
	211	Hennessy Advisors, Inc.		1,772
	1,585	Houlihan Lokey, Inc.		138,149
	693	Interactive Brokers Group, Inc., Class A		50,139
	2,995	Intercontinental Exchange, Inc.		307,257
	9,972	Invesco, Ltd.		179,396
	4,134	Janus Henderson Group plc		97,232
	4,221	KKR & Co., Inc., Class A		195,939
	2,997	Lazard, Ltd., Class A		103,906
	1,018	LPL Financial Holdings, Inc.		220,061
	337	MarketAxess Holdings, Inc.		93,986
	1,075	Moelis & Co., Class A		41,248
	1,496	Moody’s Corp.		416,816
	13,808	Morgan Stanley		1,173,956
	806	Morningstar, Inc.		174,572
	583	MSCI, Inc.		271,194
	4,695	Nasdaq, Inc.		288,038
	2,692	Northern Trust Corp.		238,215
	365	Oppenheimer Holdings, Inc., Class A		15,450
	613	Piper Sandler Cos.		79,806
	394	PJT Partners, Inc.		29,034
	2,737	Raymond James Financial, Inc.		292,448
	4,238	Robinhood Markets, Inc., Class A*		34,497
	1,896	S&P Global, Inc.		635,046
	3,335	SEI Investments Co.		194,430
	660	Silvercrest Asset Management Group, Inc., Class A		12,388
	4,353	State Street Corp.		337,662


Shares			Value
Common Stocks, continued
Capital Markets, continued
	2,748	Stifel Financial Corp.	$	160,401
	597	StoneX Group, Inc.*		56,894
	3,338	T. Rowe Price Group, Inc.		364,042
	800	Tradeweb Markets, Inc., Class A		51,944
	1,275	Victory Capital Holdings, Inc., Class A		34,208
	2,529	Virtu Financial, Inc., Class A		51,617
	154	Virtus Investment Partners, Inc.		29,482
	425	Westwood Holdings, Inc.		4,732
	3,476	WisdomTree, Inc.		18,944

				11,648,441

Chemicals (2.4%):
	1,366	AdvanSix, Inc.		51,935
	1,374	Air Products and Chemicals, Inc.		423,549
	980	Albemarle Corp.		212,523
	1,157	American Vanguard Corp.		25,119
	994	Ashland, Inc.		106,885
	2,333	Avient Corp.		78,762
	5,056	Axalta Coating Systems, Ltd.*		128,776
	538	Balchem Corp.		65,695
	1,642	Cabot Corp.		109,751
	2,236	Celanese Corp.		228,609
	3,882	CF Industries Holdings, Inc.		330,746
	328	Chase Corp.		28,293
	4,033	Chemours Co. (The)		123,490
	578	Core Molding Technologies, Inc.*		7,508
	5,660	Corteva, Inc.		332,695
	14,175	Dow, Inc.		714,278
	5,587	DuPont de Nemours, Inc.		383,436
	1,980	Eastman Chemical Co.		161,251
	1,417	Ecolab, Inc.		206,259
	1,630	Ecovyst, Inc.*		14,442
	7,787	Element Solutions, Inc.		141,646
	1,241	FMC Corp.		154,877
	3,222	Futurefuel Corp.		26,195
	1,438	H.B. Fuller Co.		102,990
	5,566	Huntsman Corp.		152,954
	962	Ingevity Corp.*		67,763
	571	Innospec, Inc.		58,733
	2,916	International Flavors & Fragrances, Inc.		305,713
	1,037	Intrepid Potash, Inc.*		29,938
	783	Koppers Holdings, Inc.		22,081
	2,011	Kronos Worldwide, Inc.		18,903
	3,686	Linde plc		1,202,300
	2,160	Livent Corp.*		42,919
	1,603	LSB Industries, Inc.*		21,320
	7,530	LyondellBasell Industries NV, Class A		625,216
	971	Minerals Technologies, Inc.		58,959
	6,939	Mosaic Co. (The)		304,414
	301	NewMarket Corp.		93,644
	4,819	Olin Corp.		255,118
	2,364	Orion Engineered Carbons SA		42,103
	2,287	PPG Industries, Inc.		287,567
	117	Quaker Chemical Corp.		19,527
	3,631	Rayonier Advanced Materials, Inc.*		34,858
	1,718	RPM International, Inc.		167,419
	1,131	Scotts Miracle-Gro Co. (The)		54,955
	1,042	Sensient Technologies Corp.		75,983


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,297	Sherwin-Williams Co. (The)	$	545,147
	569	Stepan Co.		60,576
	1,070	Tredegar Corp.		10,935
	1,279	Trinseo PLC		29,046
	4,906	Tronox Holdings plc, Class A		67,261
	2,580	Valvoline, Inc.		84,237
	4,276	Venator Materials plc*		2,309
	1,774	Westlake Corp.		181,906

				9,083,514

Commercial Services & Supplies (0.9%):
	1,913	ABM Industries, Inc.		84,975
	2,927	ACCO Brands Corp.		16,362
	1,067	Brady Corp., Class A		50,256
	844	Brink’s Co. (The)		45,331
	1,028	Casella Waste Systems, Inc.*		81,531
	2,003	CECO Environmental Corp.*		23,395
	518	Cimpress plc*		14,302
	753	Cintas Corp.		340,070
	433	Civeo Corp.*		13,466
	1,494	Clean Harbors, Inc.*		170,495
	5,206	Copart, Inc.*		316,993
	859	Deluxe Corp.		14,586
	1,613	Ennis, Inc.		35,744
	2,148	Healthcare Services Group, Inc.		25,776
	1,042	Heritage-Crystal Clean, Inc.*		33,844
	1,467	HNI Corp.		41,707
	2,623	IAA, Inc.*		104,920
	2,041	Interface, Inc.		20,145
	5,118	KAR Auction Services, Inc.*		66,790
	2,829	Kimball International, Inc., Class B		18,389
	919	Matthews International Corp., Class A		27,974
	1,866	MillerKnoll, Inc.		39,205
	406	MSA Safety, Inc.		58,541
	1,552	NL Industries, Inc.		10,569
	4,238	Pitney Bowes, Inc.		16,104
	2,606	Quad Graphics, Inc.*		10,633
	2,027	Republic Services, Inc.		261,463
	4,253	Rollins, Inc.		155,405
	503	SP Plus Corp.*		17,464
	2,563	Steelcase, Inc., Class A		18,120
	2,286	Stericycle, Inc.*		114,049
	1,039	Tetra Tech, Inc.		150,852
	542	UniFirst Corp.		104,601
	1,003	Viad Corp.*		24,463
	824	Vse Corp.		38,629
	4,883	Waste Management, Inc.		766,045

				3,333,194

Communications Equipment (0.8%):
	1,069	ADTRAN Holdings, Inc.		20,086
	752	Applied Optoelectronics, Inc.*		1,421
	1,277	Arista Networks, Inc.*		154,964
	1,829	CalAmp Corp.*		8,194
	644	Calix, Inc.*		44,069
	2,888	Ciena Corp.*		147,230
	34,156	Cisco Systems, Inc.		1,627,192
	6,102	CommScope Holding Co., Inc.*		44,850


Shares			Value
Common Stocks, continued
Communications Equipment, continued
	756	Comtech Telecommunications Corp.	$	9,178
	1,262	Digi International, Inc.*		46,126
	1,189	EMCORE Corp.*		1,144
	868	F5, Inc.*		124,567
	2,194	Harmonic, Inc.*		28,741
	2,944	Infinera Corp.*		19,843
	441	InterDigital, Inc.		21,821
	5,828	Juniper Networks, Inc.		186,263
	909	KVH Industries, Inc.*		9,290
	1,533	Lumentum Holdings, Inc.*		79,977
	1,185	Motorola Solutions, Inc.		305,386
	1,010	NETGEAR, Inc.*		18,291
	1,838	NetScout Systems, Inc.*		59,753
	3,679	Ribbon Communications, Inc.*		10,264
	2,004	ViaSat, Inc.*		63,427
	4,098	Viavi Solutions, Inc.*		43,070

				3,075,147

Construction & Engineering (0.5%):
	1,401	AECOM		118,987
	673	Ameresco, Inc., Class A*		38,455
	3,778	API Group Corp.*		71,064
	1,062	Arcosa, Inc.		57,709
	455	Argan, Inc.		16,780
	1,049	Comfort Systems USA, Inc.		120,719
	1,213	Construction Partners, Inc., Class A*		32,375
	710	Dycom Industries, Inc.*		66,456
	1,291	EMCOR Group, Inc.		191,210
	2,848	Fluor Corp.*		98,712
	1,277	Granite Construction, Inc.		44,784
	2,266	Great Lakes Dredge & Dock Corp.*		13,483
	656	IES Holdings, Inc.*		23,334
	1,682	MasTec, Inc.*		143,525
	1,750	Matrix Service Co.*		10,885
	5,409	MDU Resources Group, Inc.		164,109
	487	MYR Group, Inc.*		44,838
	346	NV5 Global, Inc.*		45,783
	2,101	Orion Group Holdings, Inc.*		5,000
	2,465	Primoris Services Corp.		54,082
	1,798	Quanta Services, Inc.		256,215
	888	Sterling Infrastructure, Inc.*		29,126
	1,648	Tutor Perini Corp.*		12,443
	568	Valmont Industries, Inc.		187,821
	4,673	WillScot Mobile Mini Holdings Corp.*		211,080

				2,058,975

Construction Materials (0.2%):
	961	Eagle Materials, Inc.		127,669
	754	Martin Marietta Materials, Inc.		254,829
	3,328	Summit Materials, Inc., Class A*		94,482
	131	U.S. Lime & Minerals, Inc.		18,440
	1,485	Vulcan Materials Co.		260,038

				755,458

Consumer Finance (0.9%):
	6,825	Ally Financial, Inc.		166,871
	5,736	American Express Co.		847,494
	4,446	Capital One Financial Corp.		413,300
	1,912	Consumer Portfolio Services, Inc.*		16,921


Shares			Value
Common Stocks, continued
Consumer Finance, continued
	490	Credit Acceptance Corp.*^	$	232,456
	6,177	Discover Financial Services		604,296
	950	Encore Capital Group, Inc.*		45,543
	1,657	Enova International, Inc.*		63,579
	3,948	EZCORP, Inc., Class A*		32,176
	1,170	FirstCash Holdings, Inc.		101,685
	1,425	Green Dot Corp., Class A*		22,544
	5,431	LendingClub Corp.*		47,793
	5,938	Navient Corp.		97,680
	543	Nelnet, Inc., Class A		49,277
	750	Nicholas Financial, Inc.*		4,733
	4,313	OneMain Holdings, Inc.		143,666
	1,392	PRA Group, Inc.*		47,022
	2,187	PROG Holdings, Inc.*		36,938
	568	Regional Mgmt Corp.		15,949
	10,574	SLM Corp.		175,528
	10,054	Synchrony Financial		330,375
	237	World Acceptance Corp.*		15,628

				3,511,454

Containers & Packaging (0.7%):
	21,700	Amcor plc		258,447
	1,523	AptarGroup, Inc.		167,500
	1,254	Avery Dennison Corp.		226,974
	3,835	Ball Corp.		196,122
	4,390	Berry Global Group, Inc.		265,288
	2,418	Crown Holdings, Inc.		198,784
	10,400	Graphic Packaging Holding Co.		231,400
	930	Greif, Inc., Class A		62,366
	710	Greif, Inc., Class B		55,543
	5,221	International Paper Co.		180,803
	1,253	Myers Industries, Inc.		27,854
	5,063	O-I Glass, Inc.*		83,894
	1,879	Packaging Corp. of America		240,343
	2,082	Sealed Air Corp.		103,850
	3,830	Silgan Holdings, Inc.		198,547
	2,780	Sonoco Products Co.		168,774
	1,022	TriMas Corp.		28,350
	3,552	Westrock Co.		124,888

				2,819,727

Distributors (0.2%):
	1,267	Funko, Inc., Class A*		13,823
	1,853	Genuine Parts Co.		321,514
	3,391	LKQ Corp.		181,113
	490	Pool Corp.		148,142
	811	Weyco Group, Inc.		17,161

				681,753

Diversified Consumer Services (0.3%):
	9,468	ADT, Inc.		85,875
	1,249	Adtalem Global Education, Inc.*		44,339
	541	American Public Education, Inc.*		6,649
	927	Bright Horizons Family Solutions, Inc.*		58,494
	418	Carriage Services, Inc.		11,512
	1,372	Chegg, Inc.*		34,670
	1,826	Frontdoor, Inc.*		37,981
	112	Graham Holdings Co., Class B		67,672
	875	Grand Canyon Education, Inc.*		92,452


Shares			Value
Common Stocks, continued
Diversified Consumer Services, continued
	3,465	H&R Block, Inc.	$	126,507
	3,406	Laureate Education, Inc.		32,766
	2,522	Perdoceo Education Corp.*		35,056
	1,293	PowerSchool Holdings, Inc.*		29,842
	3,783	Service Corp. International		261,557
	825	Strategic Education, Inc.		64,614
	1,002	Stride, Inc.*		31,343
	1,696	Universal Technical Institute, Inc.*		11,397
	1,419	WW International, Inc.*		5,477

				1,038,203

Diversified Financial Services (1.4%):
	5,097	Apollo Global Management, Inc.		325,138
	13,439	Berkshire Hathaway, Inc., Class B*		4,151,307
	2,704	Cannae Holdings, Inc.*		55,837
	8,122	Equitable Holdings, Inc.		233,101
	1,543	Jackson Financial, Inc., Class A		53,681
	5,286	Jefferies Financial Group, Inc.		181,204
	2,777	Voya Financial, Inc.		170,758

				5,171,026

Diversified Telecommunication Services (1.2%):
	398	Anterix, Inc.*		12,804
	75,599	AT&T, Inc.		1,391,777
	461	ATN International, Inc.		20,888
	857	Cogent Communications Holdings, Inc.		48,917
	4,558	Consolidated Communications Holdings, Inc.*		16,318
	1,548	EchoStar Corp., Class A*		25,821
	1,703	Frontier Communications Parent, Inc.*		43,392
	1,080	IDT Corp.*		30,424
	3,009	Iridium Communications, Inc.*		154,662
	26,553	Lumen Technologies, Inc.		138,607
	72,623	Verizon Communications, Inc.		2,861,346

				4,744,956

Electric Utilities (1.6%):
	925	ALLETE, Inc.		59,672
	2,285	Alliant Energy Corp.		126,155
	3,720	American Electric Power Co., Inc.		353,214
	1,163	Avangrid, Inc.		49,986
	2,343	Constellation Energy Corp.		201,990
	5,521	Duke Energy Corp.		568,608
	3,306	Edison International		210,328
	2,041	Entergy Corp.		229,612
	2,102	Evergy, Inc.		132,279
	3,330	Eversource Energy		279,187
	7,030	Exelon Corp.		303,907
	5,033	FirstEnergy Corp.		211,084
	1,272	Genie Energy, Ltd., Class B		13,152
	2,581	Hawaiian Electric Industries, Inc.		108,015
	1,176	IDACORP, Inc.		126,832
	734	MGE Energy, Inc.		51,674
	13,851	NextEra Energy, Inc.		1,157,944
	6,930	NRG Energy, Inc.		220,513
	3,897	OGE Energy Corp.		154,126
	737	Otter Tail Corp.		43,269
	16,446	PG&E Corp.*		267,412
	1,787	Pinnacle West Capital Corp.		135,883
	1,704	PNM Resources, Inc.		83,138


Shares			Value
Common Stocks, continued
Electric Utilities, continued
	2,036	Portland General Electric Co.	$	99,764
	7,492	PPL Corp.		218,916
	7,460	Southern Co. (The)		532,719
	3,977	Xcel Energy, Inc.		278,827

				6,218,206

Electrical Equipment (0.8%):
	888	Acuity Brands, Inc.		147,062
	424	Allied Motion Technologies, Inc.		14,759
	2,435	AMETEK, Inc.		340,218
	1,155	Atkore, Inc.*		131,000
	394	AZZ, Inc.		15,839
	2,912	Eaton Corp. plc		457,038
	3,364	Emerson Electric Co.		323,146
	823	Encore Wire Corp.		113,212
	1,180	EnerSys		87,131
	9,782	FuelCell Energy, Inc.*		27,194
	736	Generac Holdings, Inc.*		74,086
	5,506	GrafTech International, Ltd.		26,209
	1,280	Hubbell, Inc.		300,390
	1,831	LSI Industries, Inc.		22,411
	3,947	nVent Electric plc		151,841
	79	Pineapple Holdings, Inc.*		184
	5,002	Plug Power, Inc.*		61,875
	606	Powell Industries, Inc.		21,319
	400	Preformed Line Products Co.		33,316
	1,374	Regal Rexnord Corp.		164,853
	1,092	Rockwell Automation, Inc.		281,266
	3,842	Sensata Technologies Holding plc		155,140
	4,144	Sunrun, Inc.*		99,539
	1,298	Thermon Group Holdings, Inc.*		26,064
	742	TPI Composites, Inc.*		7,524
	348	Vicor Corp.*		18,705

				3,101,321

Electronic Equipment, Instruments & Components (1.3%):
	870	Advanced Energy Industries, Inc.		74,629
	4,881	Amphenol Corp., Class A		371,639
	2,582	Arlo Technologies, Inc.*		9,063
	1,826	Arrow Electronics, Inc.*		190,945
	2,249	Avnet, Inc.		93,513
	724	Badger Meter, Inc.		78,938
	550	Bel Fuse, Inc., Class B		18,106
	1,417	Belden, Inc.		101,882
	1,054	Benchmark Electronics, Inc.		28,131
	1,649	CDW Corp.		294,478
	1,600	Cognex Corp.		75,376
	1,971	Coherent Corp.*		69,182
	10,530	Corning, Inc.		336,328
	1,576	CTS Corp.		62,126
	2,838	Daktronics, Inc.*		8,003
	1,561	Dolby Laboratories, Inc., Class A		110,113
	784	ePlus, Inc.*		34,715
	839	Fabrinet*		107,577
	392	FARO Technologies, Inc.*		11,529
	10,032	Flex, Ltd.*		215,287
	640	Frequency Electronics, Inc.		4,512
	1,048	Insight Enterprises, Inc.*		105,083


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	959	IPG Photonics Corp.	$	90,788
	1,060	Itron, Inc.*		53,689
	4,868	Jabil, Inc.		331,998
	1,829	Keysight Technologies, Inc.*		312,887
	1,603	Kimball Electronics, Inc.*		36,212
	2,737	Knowles Corp.*		44,942
	546	Littelfuse, Inc.		120,229
	790	Methode Electronics, Inc., Class A		35,052
	2,559	National Instruments Corp.		94,427
	702	Novanta, Inc.*		95,381
	594	OSI Systems, Inc.*		47,235
	621	PC Connection, Inc.		29,125
	800	Plexus Corp.*		82,344
	438	Rogers Corp.*		52,271
	1,757	Sanmina Corp.*		100,659
	738	ScanSource, Inc.*		21,564
	1,795	TD SYNNEX Corp.		170,004
	2,600	TE Connectivity, Ltd.		298,480
	458	Teledyne Technologies, Inc.*		183,159
	2,694	Trimble, Inc.*		136,209
	3,068	TTM Technologies, Inc.*		46,265
	3,363	Vishay Intertechnology, Inc.		72,540
	2,080	Vontier Corp.		40,206
	448	Zebra Technologies Corp., Class A*		114,872

				5,011,693

Energy Equipment & Services (0.7%):
	4,779	Archrock, Inc.		42,915
	10,629	Baker Hughes Co.		313,874
	519	Bristow Group, Inc.*		14,080
	562	Cactus, Inc., Class A		28,246
	5,397	ChampionX Corp.		156,459
	711	Core Laboratories NV		14,412
	562	DMC Global, Inc.*		10,925
	1,028	Dril-Quip, Inc.*		27,931
	1,095	Expro Group Holdings NV*		19,852
	306	Forum Energy Technologies, Inc.*		9,027
	760	Geospace Technologies Corp.*		3,207
	1,086	Gulf Island Fabrication, Inc.*		5,571
	9,819	Halliburton Co.		386,378
	4,336	Helix Energy Solutions Group, Inc.*		32,000
	2,727	Helmerich & Payne, Inc.		135,177
	2,181	Liberty Oilfield Services, Inc., Class A		34,918
	1,436	Mammoth Energy Services, Inc.*		12,421
	359	Nabors Industries, Ltd.*		55,598
	935	Natural Gas Services Group*		10,715
	4,799	Newpark Resources, Inc.*		19,916
	8,513	NexTier Oilfield Solutions, Inc.*		78,660
	900	Noble Corp. PLC*		33,939
	8,395	NOV, Inc.		175,372
	3,444	Oceaneering International, Inc.*		60,236
	3,066	Oil States International, Inc.*		22,872
	6,531	Patterson-UTI Energy, Inc.		109,982
	2,684	Propetro Holding Corp.*		27,833
	4,475	RPC, Inc.		39,783
	8,661	Schlumberger, Ltd.		463,017
	493	SEACOR Marine Holdings, Inc.*		4,516
	3,974	Select Energy Services, Inc.		36,720


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	13,590	TechnipFMC plc*	$	165,662
	4,086	TETRA Technologies, Inc.*		14,138
	2,510	Tidewater, Inc.*		92,494
	14,584	Transocean, Ltd.*		66,503
	4,546	U.S. Silica Holdings, Inc.*		56,825
	489	Valaris, Ltd.*		33,066
	780	Weatherford International plc*		39,718

				2,854,958

Entertainment (1.0%):
	5,649	Activision Blizzard, Inc.		432,431
	2,561	Cinemark Holdings, Inc.*		22,178
	2,633	Electronic Arts, Inc.		321,700
	873	Endeavor Group Holdings, Inc.*		19,677
	1,045	Imax Corp.*		15,320
	247	Liberty Media Corp.-Liberty Braves, Class A*		8,069
	527	Liberty Media Corp.-Liberty Braves, Class C*		16,985
	619	Liberty Media Corp-Liberty Formula One, Class A*		33,073
	2,037	Liberty Media Corp-Liberty Formula One, Class C*		121,772
	2,111	Lions Gate Entertainment Corp., Class A*		12,054
	2,411	Lions Gate Entertainment Corp., Class B*		13,092
	2,071	Live Nation Entertainment, Inc.*		144,431
	894	Madison Square Garden Entertainment Corp.*		40,203
	369	Madison Square Garden Sports Corp., Class A		67,649
	1,459	Marcus Corp.		20,995
	2,368	Netflix, Inc.*		698,276
	3,472	Playtika Holding Corp.*		29,547
	1,419	Reading International, Inc., Class A*		3,931
	598	ROBLOX Corp., Class A*		17,019
	454	Roku, Inc.*		18,478
	823	Spotify Technology SA*		64,976
	1,891	Take-Two Interactive Software, Inc.*		196,910
	11,584	Walt Disney Co. (The)*		1,006,418
	26,487	Warner Bros Discovery, Inc.*		251,097
	1,420	Warner Music Group Corp.		49,728
	1,208	World Wrestling Entertainment, Inc., Class A		82,772

				3,708,781

Food & Staples Retailing (1.6%):
	1,374	Albertsons Cos., Inc., Class A		28,497
	3,262	BJ’s Wholesale Club Holdings, Inc.*		215,814
	998	Casey’s General Stores, Inc.		223,901
	3,697	Costco Wholesale Corp.		1,687,680
	650	Grocery Outlet Holding Corp.*		18,973
	613	Ingles Markets, Inc., Class A		59,130
	15,716	Kroger Co. (The)		700,619
	1,720	Natural Grocers by Vitamin Cottage, Inc.		15,721
	3,349	Performance Food Group Co.*		195,548
	678	PriceSmart, Inc.		41,209
	1,048	SpartanNash Co.		31,692
	4,494	Sprouts Farmers Market, Inc.*		145,471
	4,671	Sysco Corp.		357,098
	1,610	The Andersons, Inc.		56,334
	1,143	The Chefs’ Warehouse, Inc.*		38,039
	1,907	United Natural Foods, Inc.*		73,820
	5,735	US Foods Holding Corp.*		195,105
	738	Village Super Market, Inc., Class A		17,188
	8,238	Walgreens Boots Alliance, Inc.		307,772


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	12,188	Walmart, Inc.	$	1,728,136
	857	Weis Markets, Inc.		70,523

				6,208,270

Food Products (1.5%):
	3,905	Archer-Daniels-Midland Co.		362,579
	2,035	B&G Foods, Inc.^		22,690
	2,357	Bunge, Ltd.		235,158
	270	Calavo Growers, Inc.		7,938
	1,477	Cal-Maine Foods, Inc.		80,423
	4,734	Campbell Soup Co.		268,655
	5,882	Conagra Brands, Inc.		227,633
	2,701	Darling Ingredients, Inc.*		169,056
	1,004	Farmer Brothers Co.*		4,628
	5,664	Flowers Foods, Inc.		162,783
	1,375	Fresh Del Monte Produce, Inc.		36,011
	640	Freshpet, Inc.*		33,773
	5,036	General Mills, Inc.		422,269
	2,709	Hain Celestial Group, Inc. (The)*		43,832
	1,341	Hershey Co. (The)		310,535
	4,488	Hormel Foods Corp.		204,428
	3,521	Hostess Brands, Inc.*		79,011
	1,610	Ingredion, Inc.		157,667
	376	J & J Snack Foods Corp.		56,291
	1,263	JM Smucker Co. (The)		200,135
	300	John B Sanfilippo & Son, Inc.		24,396
	5,023	Kellogg Co.		357,839
	5,691	Kraft Heinz Co. (The)		231,681
	2,371	Lamb Weston Holdings, Inc.		211,873
	452	Lancaster Colony Corp.		89,180
	1,028	Lifecore Biomedical, Inc.*		6,662
	2,497	McCormick & Co.		206,976
	778	McCormick & Co., Inc.		63,928
	7,023	Mondelez International, Inc., Class A		468,083
	3,553	Pilgrim’s Pride Corp.*		84,313
	1,836	Post Holdings, Inc.*		165,717
	29	Seaboard Corp.		109,481
	266	Seneca Foods Corp., Class A*		16,213
	2,245	Simply Good Foods Co. (The)*		85,377
	900	Tootsie Roll Industries, Inc.		38,313
	1,535	TreeHouse Foods, Inc.*		75,798
	4,120	Tyson Foods, Inc., Class A		256,470

				5,577,795

Gas Utilities (0.2%):
	1,298	Atmos Energy Corp.		145,467
	273	Chesapeake Utilities Corp.		32,263
	2,171	National Fuel Gas Co.		137,424
	2,685	New Jersey Resources Corp.		133,230
	620	Northwest Natural Holding Co.		29,506
	1,069	ONE Gas, Inc.		80,945
	232	RGC Resources, Inc.		5,116
	1,202	South Jersey Industries, Inc.		42,707
	944	Southwest Gas Holdings, Inc.		58,415
	912	Spire, Inc.		62,800
	4,064	UGI Corp.		150,652

				878,525


Shares			Value
Common Stocks, continued
Health Care (0.0%^†):
	129	Omniab, Inc. — Vesting 12.5*(a)(b)	$	—
	129	Omniab, Inc. — Vesting 15*(a)(b)		—

				—

Health Care Equipment & Supplies (2.4%):
	12,151	Abbott Laboratories		1,334,058
	2,269	Accuray, Inc.*		4,742
	345	Align Technology, Inc.*		72,761
	912	AngioDynamics, Inc.*		12,558
	955	Anika Therapeutics, Inc.*		28,268
	1,619	Artivion, Inc.*		19,622
	707	AtriCure, Inc.*		31,377
	36	Atrion Corp.		20,140
	991	Avanos Medical, Inc.*		26,817
	744	Axonics, Inc.*		46,522
	5,209	Baxter International, Inc.		265,503
	1,470	Becton Dickinson and Co.		373,821
	7,829	Boston Scientific Corp.*		362,248
	629	CONMED Corp.		55,755
	507	Cooper Cos., Inc. (The)		167,650
	3,956	Danaher Corp.		1,050,002
	3,528	DENTSPLY SIRONA, Inc.		112,332
	1,128	Dexcom, Inc.*		127,735
	3,086	Edwards Lifesciences Corp.*		230,246
	294	Embecta Corp.		7,435
	1,056	Enovis Corp.*		56,517
	2,838	Envista Holdings Corp.*		95,555
	946	Glaukos Corp.*		41,321
	1,691	Globus Medical, Inc.*		125,591
	1,463	Haemonetics Corp.*		115,065
	149	Heska Corp.*		9,262
	4,985	Hologic, Inc.*		372,928
	824	IDEXX Laboratories, Inc.*		336,159
	516	Inari Medical, Inc.*		32,797
	433	Inogen, Inc.*		8,534
	334	Insulet Corp.*		98,326
	940	Integer Holdings Corp.*		64,352
	1,679	Integra LifeSciences Holdings Corp.*		94,142
	1,403	Intuitive Surgical, Inc.*		372,286
	1,705	Lantheus Holdings, Inc.*		86,887
	809	LeMaitre Vascular, Inc.		37,230
	725	LENSAR, Inc.*		2,146
	1,168	LivaNova plc*		64,871
	509	Masimo Corp.*		75,307
	6,947	Medtronic plc		539,921
	1,464	Meridian Bioscience, Inc.*		48,619
	1,136	Merit Medical Systems, Inc.*		80,224
	4,126	Neogen Corp.*		62,839
	598	Novocure, Ltd.*		43,863
	1,066	NuVasive, Inc.*		43,962
	2,205	OraSure Technologies, Inc.*		10,628
	566	Orthofix Medical, Inc.*		11,620
	466	Penumbra, Inc.*		103,666
	696	QuidelOrtho Corp.*		59,626
	955	ResMed, Inc.		198,764
	624	SeaSpine Holdings Corp.*		5,210
	176	Shockwave Medical, Inc.*		36,187
	685	STAAR Surgical Co.*		33,250


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	1,032	STERIS plc	$	190,600
	1,764	Stryker Corp.		431,280
	110	Surgalign Holdings, Inc.*		216
	406	Tandem Diabetes Care, Inc.*		18,250
	531	Teleflex, Inc.		132,554
	538	UFP Technologies, Inc.*		63,425
	227	Utah Medical Products, Inc.		22,820
	1,100	Varex Imaging Corp.*		22,330
	684	West Pharmaceutical Services, Inc.		160,979
	2,179	Zimmer Biomet Holdings, Inc.		277,823
	217	Zimvie, Inc.*		2,027

				9,039,551

Health Care Providers & Services (3.2%):
	2,284	Acadia Healthcare Co., Inc.*		188,019
	343	Addus HomeCare Corp.*		34,125
	1,127	Agiliti, Inc.*		18,381
	4,366	agilon health, Inc.*		70,467
	78	AlerisLife, Inc.*		43
	757	Amedisys, Inc.*		63,240
	1,881	AmerisourceBergen Corp.		311,700
	1,394	AMN Healthcare Services, Inc.*		143,331
	1,245	Apollo Medical Holdings, Inc.*		36,840
	9,264	Brookdale Senior Living, Inc.*		25,291
	4,191	Cardinal Health, Inc.		322,162
	4,279	Centene Corp.*		350,921
	301	Chemed Corp.		153,639
	3,378	Cigna Corp.		1,119,267
	5,028	Community Health Systems, Inc.		21,721
	318	CorVel Corp.*		46,215
	1,177	Cross Country Healthcare, Inc.*		31,273
	13,839	CVS Health Corp.		1,289,656
	1,553	DaVita, Inc.*		115,962
	1,761	Elevance Health, Inc.		903,340
	2,542	Encompass Health Corp.		152,037
	1,271	Enhabit, Inc.*		16,726
	1,085	Ensign Group, Inc. (The)		102,652
	571	Fulgent Genetics, Inc.*		17,004
	1,772	HCA Healthcare, Inc.		425,209
	786	HealthEquity, Inc.*		48,449
	2,772	Henry Schein, Inc.*		221,400
	975	Humana, Inc.		499,385
	1,529	InfuSystem Holdings, Inc.*		13,272
	1,274	Laboratory Corp. of America Holdings		300,002
	742	LHC Group, Inc.*		119,974
	1,101	McKesson Corp.		413,007
	564	ModivCare, Inc.*		50,608
	835	Molina Healthcare, Inc.*		275,734
	575	National Healthcare Corp.		34,212
	819	National Research Corp.		30,549
	3,895	Oak Street Health, Inc.*		83,781
	2,228	Option Care Health, Inc.*		67,041
	2,072	Owens & Minor, Inc.*		40,466
	3,095	Patterson Cos., Inc.		86,753
	1,710	Pediatrix Medical Group, Inc.*		25,411
	629	Petiq, Inc.*		5,799
	2,269	Premier, Inc., Class A		79,370
	861	Progyny, Inc.*		26,820


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	1,621	Quest Diagnostics, Inc.	$	253,589
	4,626	R1 RCM, Inc.*		50,655
	1,355	RadNet, Inc.*		25,515
	2,778	Select Medical Holdings Corp.		68,978
	585	Surgery Partners, Inc.*		16,298
	2,695	Tenet Healthcare Corp.*		131,489
	792	The Pennant Group, Inc.*		8,696
	207	U.S. Physical Therapy, Inc.		16,773
	5,855	UnitedHealth Group, Inc.		3,104,204
	1,705	Universal Health Services, Inc., Class B		240,217

				12,297,668

Health Care Technology (0.1%):
	1,109	Certara, Inc.*		17,822
	339	Computer Programs and Systems, Inc.*		9,228
	1,873	Evolent Health, Inc., Class A*		52,594
	1,357	HealthStream, Inc.*		33,708
	1,430	NextGen Healthcare, Inc.*		26,855
	574	Omnicell, Inc.*		28,941
	928	Schrodinger, Inc.*		17,344
	394	Simulations Plus, Inc.		14,409
	1,470	Teladoc Health, Inc.*		34,765
	705	Veeva Systems, Inc., Class A*		113,773
	4,097	Veradigm, Inc.*		72,271

				421,710

Hotels, Restaurants & Leisure (1.9%):
	4,796	Aramark		198,267
	6	Biglari Holdings, Inc., Class A*		4,134
	67	Biglari Holdings, Inc., Class B*		9,300
	492	BJ’s Restaurants, Inc.*		12,979
	1,554	Bloomin’ Brands, Inc.		31,266
	290	Booking Holdings, Inc.*		584,431
	1,059	Boyd Gaming Corp.		57,747
	970	Brinker International, Inc.*		30,953
	1,468	Caesars Entertainment, Inc.*		61,069
	9,118	Carnival Corp., Class A*		73,491
	2,943	Carrols Restaurant Group, Inc.*		4,002
	665	Cheesecake Factory, Inc. (The)		21,087
	202	Chipotle Mexican Grill, Inc.*		280,273
	767	Choice Hotels International, Inc.		86,395
	611	Churchill Downs, Inc.		129,184
	429	Chuy’s Holdings, Inc.*		12,141
	613	Cracker Barrel Old Country Store, Inc.		58,076
	1,913	Darden Restaurants, Inc.		264,625
	1,410	Dave & Buster’s Entertainment, Inc.*		49,970
	1,239	Denny’s Corp.*		11,411
	376	Domino’s Pizza, Inc.		130,246
	1,862	DraftKings, Inc.*		21,208
	1,288	El Pollo Loco Holdings, Inc.		12,829
	757	Expedia Group, Inc.*		66,313
	1,277	Fiesta Restaurant Group, Inc.*		9,386
	741	Hilton Grand Vacations, Inc.*		28,558
	2,080	Hilton Worldwide Holdings, Inc.		262,829
	1,051	Hyatt Hotels Corp., Class A*		95,063
	323	Jack in the Box, Inc.		22,038
	2,311	Las Vegas Sands Corp.*		111,090
	1,893	Light & Wonder, Inc., Class A*		110,930


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	2,491	Marriott International, Inc., Class A	$	370,885
	844	Marriott Vacations Worldwide Corp.		113,594
	5,177	McDonald’s Corp.		1,364,295
	4,916	MGM Resorts International		164,833
	341	Nathans Famous, Inc.		22,919
	5,162	Norwegian Cruise Line Holdings, Ltd.*		63,183
	671	Papa John’s International, Inc.		55,230
	2,176	Penn Entertainment, Inc.*		64,627
	1,693	Planet Fitness, Inc., Class A*		133,408
	3,664	Playa Hotels & Resorts NV*		23,926
	763	Potbelly Corp.*		4,250
	878	Red Robin Gourmet Burgers, Inc.*		4,899
	2,251	Royal Caribbean Cruises, Ltd.*		111,267
	748	Ruth’s Hospitality Group, Inc.		11,579
	1,359	SeaWorld Entertainment, Inc.*		72,720
	1,371	Six Flags Entertainment Corp.*		31,876
	8,104	Starbucks Corp.		803,917
	1,701	Texas Roadhouse, Inc., Class A		154,706
	1,976	Travel + Leisure Co.		71,926
	359	Vail Resorts, Inc.		85,568
	6,284	Wendy’s Co. (The)		142,207
	548	Wingstop, Inc.		75,416
	1,326	Wyndham Hotels & Resorts, Inc.		94,557
	1,374	Wynn Resorts, Ltd.*		113,314
	2,639	Yum! Brands, Inc.		338,003

				7,344,396

Household Durables (0.9%):
	906	Beazer Homes USA, Inc.*		11,561
	183	Cavco Industries, Inc.*		41,404
	858	Century Communities, Inc.		42,909
	6,194	DR Horton, Inc.		552,133
	730	Ethan Allen Interiors, Inc.		19,287
	431	Flexsteel Industries, Inc.		6,637
	2,269	Garmin, Ltd.		209,406
	2,761	GoPro, Inc., Class A*		13,750
	1,329	Green Brick Partners, Inc.*		32,202
	484	Helen of Troy, Ltd.*		53,680
	500	Hooker Furnishings Corp.		9,350
	830	Installed Building Products, Inc.		71,048
	596	iRobot Corp.*		28,685
	2,155	KB Home		68,637
	1,350	La-Z-Boy, Inc.		30,807
	4,086	Leggett & Platt, Inc.		131,692
	3,605	Lennar Corp., Class A		326,252
	119	Lennar Corp., Class B		8,899
	585	LGI Homes, Inc.*		54,171
	1,017	Lifetime Brands, Inc.		7,719
	1,420	M/I Homes, Inc.*		65,576
	1,985	MDC Holdings, Inc.		62,726
	1,004	Meritage Homes Corp.*		92,569
	1,361	Mohawk Industries, Inc.*		139,121
	10,746	Newell Brands, Inc.		140,558
	61	NVR, Inc.*		281,367
	5,734	PulteGroup, Inc.		261,069
	1,139	Skyline Champion Corp.*		58,670
	1,307	Sonos, Inc.*		22,088


Shares			Value
Common Stocks, continued
Household Durables, continued
	3,736	Taylor Morrison Home Corp., Class A*	$	113,388
	3,449	Tempur Sealy International, Inc.		118,404
	2,183	Toll Brothers, Inc.		108,975
	935	TopBuild Corp.*		146,318
	3,273	Tri Pointe Homes, Inc.*		60,845
	905	Tupperware Brands Corp.*		3,747
	320	Universal Electronics, Inc.*		6,659
	1,621	VOXX International Corp.*		13,584
	1,418	Whirlpool Corp.		200,590

				3,616,483

Household Products (1.3%):
	1,509	Central Garden & Pet Co., Class A*		54,022
	2,611	Church & Dwight Co., Inc.		210,473
	1,448	Clorox Co. (The)		203,198
	7,616	Colgate-Palmolive Co.		600,065
	1,114	Energizer Holdings, Inc.		37,375
	3,022	Kimberly-Clark Corp.		410,236
	333	Oil-Dri Corp. of America		11,169
	20,457	Procter & Gamble Co. (The)		3,100,463
	1,828	Reynolds Consumer Products, Inc.		54,803
	945	Spectrum Brands Holdings, Inc.		57,569
	218	WD-40 Co.		35,144

				4,774,517

Independent Power and Renewable Electricity Producers (0.2%):
	7,504	AES Corp. (The)		215,815
	2,247	Atlantica Sustainable Infrastructure plc		58,197
	2,755	Brookfield Renewable Corp., Class A		75,873
	1,323	Clearway Energy, Inc., Class A		39,584
	2,153	Clearway Energy, Inc., Class C		68,616
	1,462	Ormat Technologies, Inc.		126,434
	1,658	Sunnova Energy International, Inc.*		29,861
	10,410	Vistra Corp.		241,512

				855,892

Industrial Conglomerates (0.6%):
	5,550	3M Co.		665,556
	5,892	General Electric Co.		493,690
	5,049	Honeywell International, Inc.		1,082,001

				2,241,247

Insurance (3.1%):
	5,023	Aflac, Inc.		361,355
	2,929	Allstate Corp. (The)		397,172
	1,297	AMBAC Financial Group, Inc.*		22,620
	2,911	American Equity Investment Life Holding Co.		132,800
	1,778	American Financial Group, Inc.		244,084
	10,575	American International Group, Inc.		668,763
	745	Amerisafe, Inc.		38,718
	1,659	Aon plc, Class A		497,932
	4,926	Arch Capital Group, Ltd.*		309,254
	560	Argo Group International Holdings, Ltd.		14,476
	1,225	Arthur J. Gallagher & Co.		230,961
	1,280	Assurant, Inc.		160,077
	2,047	Assured Guaranty, Ltd.		127,446
	2,351	Axis Capital Holdings, Ltd.		127,354
	2,603	Brighthouse Financial, Inc.*		133,456
	3,292	Brown & Brown, Inc.		187,545


Shares			Value
Common Stocks, continued
Insurance, continued
	1,701	BRP Group, Inc.*	$	42,763
	3,095	Chubb, Ltd.		682,757
	1,844	Cincinnati Financial Corp.		188,807
	2,176	Citizens, Inc.*		4,635
	1,199	CNA Financial Corp.		50,694
	2,354	Crawford & Co.		12,500
	895	Crawford & Co., Class A		4,976
	1,631	Donegal Group, Inc., Class A		23,160
	800	eHealth, Inc.*		3,872
	781	Employers Holdings, Inc.		33,685
	447	Enstar Group, Ltd.*		103,275
	887	Erie Indemnity Co., Class A		220,615
	521	Everest Re Group, Ltd.		172,592
	419	F&G Annuities & Life, Inc.*		8,384
	6,172	Fidelity National Financial, Inc.		232,191
	3,103	First American Financial Corp.		162,411
	14,957	Genworth Financial, Inc., Class A*		79,123
	695	Global Indemnity Group LLC, Class A		16,200
	1,730	Globe Life, Inc.		208,551
	318	Goosehead Insurance, Inc.*		10,920
	2,383	Greenlight Capital Re, Ltd.*		19,421
	1,469	Hallmark Financial Services, Inc.*		858
	1,039	Hanover Insurance Group, Inc. (The)		140,400
	4,507	Hartford Financial Services Group, Inc. (The)		341,766
	397	HCI Group, Inc.		15,717
	387	Heritage Insurance Holdings, Inc.		697
	1,293	Horace Mann Educators Corp.		48,319
	153	Investors Title Co.		22,575
	868	James River Group Holdings		18,150
	2,246	Kemper Corp.		110,503
	381	Kinsale Capital Group, Inc.		99,639
	2,749	Lincoln National Corp.		84,449
	2,831	Loews Corp.		165,132
	5,556	Maiden Holdings, Ltd.*		11,723
	162	Markel Corp.*		213,433
	3,891	Marsh & McLennan Cos., Inc.		643,883
	1,688	Mercury General Corp.		57,730
	3,926	MetLife, Inc.		284,125
	162	National Western Life Group, Inc., Class A		45,522
	8,176	Old Republic International Corp.		197,450
	1,239	Primerica, Inc.		175,715
	5,198	Principal Financial Group, Inc.		436,216
	1,399	ProAssurance Corp.		24,441
	2,824	Progressive Corp. (The)		366,301
	2,865	Prudential Financial, Inc.		284,953
	1,379	Reinsurance Group of America, Inc.		195,942
	830	RenaissanceRe Holdings, Ltd.		152,911
	852	RLI Corp.		111,842
	321	Safety Insurance Group, Inc.		27,047
	1,293	Selective Insurance Group, Inc.		114,573
	5,145	SiriusPoint, Ltd.*		30,355
	612	Stewart Information Services Corp.		26,151
	1,767	Tiptree, Inc., Class A		24,455
	2,979	Travelers Cos., Inc. (The)		558,533
	367	Trupanion, Inc.*		17,444
	728	United Fire Group, Inc.		19,918
	383	United Insurance Holdings Co.		406


Shares			Value
Common Stocks, continued
Insurance, continued
	1,869	Universal Insurance Holdings, Inc.	$	19,793
	5,139	Unum Group		210,853
	85	White Mountains Insurance Group, Ltd.		120,218
	1,342	Willis Towers Watson plc		328,226
	3,333	WR Berkley Corp.		241,876

				11,925,785

Interactive Media & Services (2.9%):
	47,160	Alphabet, Inc., Class A*		4,160,927
	43,631	Alphabet, Inc., Class C*		3,871,379
	2,130	Bumble, Inc.*		44,836
	2,370	Cargurus, Inc.*		33,204
	1,955	Cars.com, Inc.*		26,920
	2,881	DHI Group, Inc.*		15,240
	2,717	Match Group, Inc.*		112,728
	21,951	Meta Platforms, Inc., Class A*		2,641,583
	2,021	Pinterest, Inc., Class A*		49,070
	1,563	QuinStreet, Inc.*		22,429
	2,381	Snap, Inc., Class A*		21,310
	1,344	Travelzoo*		5,981
	2,514	TripAdvisor, Inc.*		45,202
	2,857	TrueCar, Inc.*		7,171
	1,590	Yelp, Inc.*		43,471
	664	Zedge, Inc., Class B*		1,169
	1,474	Ziff Davis, Inc.*		116,593
	742	ZoomInfo Technologies, Inc.*		22,342

				11,241,555

Internet & Direct Marketing Retail (1.7%):
	893	1-800-Flowers.com, Inc., Class A*		8,537
	66,871	Amazon.com, Inc.*		5,617,164
	690	Chewy, Inc., Class A*		25,585
	9,183	eBay, Inc.		380,819
	1,489	Etsy, Inc.*		178,352
	1,642	Lands’ End, Inc.*		12,463
	1,736	Liquidity Services, Inc.*		24,408
	588	PetMed Express, Inc.		10,408
	1,526	Quotient Technology, Inc.*		5,234
	8,810	Qurate Retail, Inc., Class A*		14,360
	649	Revolve Group, Inc.*		14,447
	764	Shutterstock, Inc.		40,278

				6,332,055

IT Services (3.9%):
	5,591	Accenture plc, Class A		1,491,902
	2,020	Akamai Technologies, Inc.*		170,286
	2,873	Amdocs, Ltd.		261,156
	3,866	Automatic Data Processing, Inc.		923,433
	2,534	Black Knight, Inc.*		156,474
	918	Block, Inc.*		57,687
	252	BM Technologies, Inc.*		1,313
	1,974	Bread Financial Holdings, Inc.		74,341
	1,570	Broadridge Financial Solutions, Inc.		210,584
	687	Cass Information Systems, Inc.		31,478
	3,743	Cognizant Technology Solutions Corp., Class A		214,062
	1,091	Concentrix Corp.		145,278
	6,347	Conduent, Inc.*		25,705
	1,011	CSG Systems International, Inc.		57,829
	6,526	DXC Technology Co.*		172,939


Shares			Value
Common Stocks, continued
IT Services, continued
	435	EPAM Systems, Inc.*	$	142,567
	1,164	Euronet Worldwide, Inc.*		109,858
	2,060	Evertec, Inc.		66,703
	762	ExlService Holdings, Inc.*		129,106
	4,406	Fidelity National Information Services, Inc.		298,947
	3,464	Fiserv, Inc.*		350,106
	1,367	FleetCor Technologies, Inc.*		251,091
	861	Gartner, Inc.*		289,417
	3,911	Genpact, Ltd.		181,158
	2,351	Global Payments, Inc.		233,501
	1,673	GoDaddy, Inc., Class A*		125,174
	1,357	Hackett Group, Inc. (The)		27,642
	8,574	International Business Machines Corp.		1,207,991
	840	Jack Henry & Associates, Inc.		147,470
	2,484	Kyndryl Holdings, Inc.*		27,622
	2,160	Limelight Networks, Inc.*		2,441
	1,456	LiveRamp Holdings, Inc.*		34,129
	7,941	Mastercard, Inc., Class A		2,761,324
	1,540	Maximus, Inc.		112,928
	262	MongoDB, Inc.*		51,572
	1,032	Okta, Inc.*		70,517
	2,489	Paychex, Inc.		287,629
	5,186	PayPal Holdings, Inc.*		369,347
	728	Perficient, Inc.*		50,836
	840	PFSweb, Inc.		5,166
	279	Snowflake, Inc., Class A*		40,048
	1,655	SolarWinds Corp.*		15,491
	1,168	Squarespace, Inc., Class A*		25,895
	1,653	Teradata Corp.*		55,640
	1,284	TTEC Holdings, Inc.		56,663
	891	Twilio, Inc., Class A*		43,623
	2,221	Unisys Corp.*		11,349
	1,083	VeriSign, Inc.*		222,491
	3,457	Verra Mobility Corp.*		47,810
	12,683	Visa, Inc., Class A		2,635,020
	6,143	Western Union Co. (The.)		84,589
	975	WEX, Inc.*		159,559

				14,726,887

Leisure Products (0.3%):
	2,057	Academy Sports & Outdoors, Inc.		108,075
	1,798	Acushnet Holdings Corp.		76,343
	895	American Outdoor Brands, Inc.*		8,968
	2,521	Brunswick Corp.		181,714
	658	Escalade, Inc.		6,699
	1,625	Hasbro, Inc.		99,141
	303	Johnson Outdoors, Inc., Class A		20,034
	531	Malibu Boats, Inc.*		28,302
	662	Marine Products Corp.		7,792
	8,660	Mattel, Inc.*		154,494
	995	Nautilus Group, Inc.*		1,522
	1,582	Polaris, Inc.		159,782
	1,410	Smith & Wesson Brands, Inc.		12,239
	1,535	Topgolf Callaway Brands Corp.*		30,316
	1,612	Vista Outdoor, Inc.*		39,284
	1,824	YETI Holdings, Inc.*		75,350

				1,010,055


Shares			Value
Common Stocks, continued
Life Sciences Tools & Services (1.0%):
	237	10X Genomics, Inc., Class A*	$	8,636
	2,005	Agilent Technologies, Inc.		300,048
	7,162	Avantor, Inc.*		151,046
	599	Azenta, Inc.*		34,874
	314	Bio-Rad Laboratories, Inc., Class A*		132,034
	1,028	Bio-Techne Corp.		85,201
	2,812	Bruker Corp.		192,200
	647	Charles River Laboratories International, Inc.*		140,981
	1,979	Harvard Bioscience, Inc.*		5,482
	663	Illumina, Inc.*		134,059
	2,166	IQVIA Holdings, Inc.*		443,792
	1,682	Maravai LifeSciences Holdings, Inc., Class A*		24,069
	518	Medpace Holdings, Inc.*		110,028
	246	Mettler-Toledo International, Inc.*		355,581
	1,400	Neogenomics, Inc.*		12,936
	1,666	OmniAb, Inc.*		5,998
	4,607	Pacific Biosciences of California, Inc.*		37,685
	1,490	PerkinElmer, Inc.		208,928
	440	Repligen Corp.*		74,496
	3,399	Sotera Health Co.*		28,314
	2,322	Syneos Health, Inc.*		85,171
	2,036	Thermo Fisher Scientific, Inc.		1,121,205
	670	Waters Corp.*		229,529

				3,922,293

Machinery (2.9%):
	2,107	AGCO Corp.		292,220
	228	Alamo Group, Inc.		32,285
	737	Albany International Corp., Class A		72,661
	3,290	Allison Transmission Holdings, Inc.		136,864
	1,335	Altra Industrial Motion Corp.		79,766
	656	Astec Industries, Inc.		26,673
	1,591	Barnes Group, Inc.		64,992
	837	Blue Bird Corp.*		8,964
	4,645	Caterpillar, Inc.		1,112,756
	904	Chart Industries, Inc.*		104,168
	468	CIRCOR International, Inc.*		11,213
	653	Columbus McKinnon Corp.		21,203
	707	Commercial Vehicle Group, Inc.*		4,815
	1,452	Crane Holdings Co.		145,853
	1,826	Cummins, Inc.		442,422
	2,612	Deere & Co.		1,119,921
	2,678	Donaldson Co., Inc.		157,654
	471	Douglas Dynamics, Inc.		17,031
	2,058	Dover Corp.		278,674
	1,250	Enerpac Tool Group Corp.		31,812
	453	EnPro Industries, Inc.		49,237
	1,056	Esab Corp.		49,547
	372	ESCO Technologies, Inc.		32,565
	2,747	Evoqua Water Technologies Co.*		108,781
	1,153	Federal Signal Corp.		53,580
	3,181	Flowserve Corp.		97,593
	3,638	Fortive Corp.		233,741
	983	Franklin Electric Co., Inc.		78,394
	4,714	Gates Industrial Corp. plc*		53,787
	889	Gencor Industries, Inc.*		8,979
	606	Gorman-Rupp Co. (The)		15,526
	2,532	Graco, Inc.		170,302


Shares			Value
Common Stocks, continued
Machinery, continued
	2,503	Harsco Corp.*	$	15,744
	650	Helios Technologies, Inc.		35,386
	2,088	Hillenbrand, Inc.		89,095
	490	Hurco Cos., Inc.		12,804
	896	Hyster-Yale Materials Handling, Inc., Class A		22,678
	704	IDEX Corp.		160,744
	2,868	Illinois Tool Works, Inc.		631,820
	4,169	Ingersoll-Rand, Inc.		217,830
	1,926	ITT, Inc.		156,199
	757	John Bean Technologies Corp.		69,137
	286	Kadant, Inc.		50,802
	2,377	Kennametal, Inc.		57,191
	787	L.B. Foster Co., Class A*		7,618
	1,490	Lincoln Electric Holdings, Inc.		215,290
	221	Lindsay Corp.		35,990
	1,213	Manitex International, Inc.*		4,852
	2,529	Manitowoc Co., Inc. (The)*		23,166
	1,184	Middleby Corp. (The)*		158,538
	1,706	Mueller Industries, Inc.		100,654
	4,883	Mueller Water Products, Inc., Class A		52,541
	1,258	NN, Inc.*		1,887
	656	Nordson Corp.		155,944
	158	Omega Flex, Inc.		14,745
	1,389	Oshkosh Corp.		122,496
	3,878	Otis Worldwide Corp.		303,686
	4,207	PACCAR, Inc.		416,367
	1,980	Parker-Hannifin Corp.		576,180
	1,058	Park-Ohio Holdings Corp.		12,939
	3,448	Pentair PLC		155,091
	524	Proto Labs, Inc.*		13,378
	440	RBC Bearings, Inc.*		92,114
	3,787	REV Group, Inc.		47,792
	612	Shyft Group, Inc. (The)		15,214
	645	Snap-On, Inc.		147,376
	1,232	SPX Technologies, Inc.*		80,881
	340	Standex International Corp.		34,819
	1,980	Stanley Black & Decker, Inc.		148,738
	537	Tennant Co.		33,063
	1,823	Terex Corp.		77,879
	863	The Greenbrier Cos., Inc.		28,936
	2,219	Timken Co.		156,817
	3,046	Titan International, Inc.*		46,665
	2,441	Toro Co. (The)		276,321
	2,542	Trinity Industries, Inc.		75,167
	1,510	Wabash National Corp.		34,126
	615	Watts Water Technologies, Inc., Class A		89,931
	2,471	Westinghouse Air Brake Technologies Corp.		246,630
	1,534	Woodward, Inc.		148,200
	1,831	Xylem, Inc.		202,454

				10,987,894

Marine (0.1%):
	3,979	Costamare, Inc.		36,925
	239	Eagle Bulk Shipping, Inc.		11,936
	147	Eneti, Inc.		1,477
	1,300	Genco Shipping & Trading, Ltd.		19,968


Shares			Value
Common Stocks, continued
Marine, continued
	1,654	Kirby Corp.*	$	106,435
	1,541	Matson, Inc.		96,328

				273,069

Media (1.4%):
	3,595	Altice USA, Inc., Class A*		16,537
	1,413	AMC Networks, Inc., Class A*		22,142
	133	Cable One, Inc.		94,677
	1,402	Charter Communications, Inc., Class A*		475,418
	62,524	Comcast Corp., Class A		2,186,464
	2,952	comScore, Inc.*		3,424
	367	DallasNews Corp.		1,409
	4,832	DISH Network Corp., Class A*		67,841
	2,931	E.W. Scripps Co. (The), Class A*		38,660
	4,792	Entravision Communications Corp., Class A		23,002
	4,335	Fox Corp., Class A		131,654
	3,199	Fox Corp., Class B		91,012
	7,573	Gannett Co, Inc.*		15,373
	2,788	Gray Television, Inc.		31,198
	1,323	iHeartMedia, Inc., Class A*		8,110
	7,980	Interpublic Group of Cos., Inc. (The)		265,814
	864	John Wiley & Sons, Inc., Class A		34,612
	192	John Wiley & Sons, Inc., Class B		7,490
	334	Liberty Broadband Corp., Class A*		25,334
	1,855	Liberty Broadband Corp., Class C*		141,481
	1,489	Liberty Latin America, Ltd.*		11,212
	5,752	Liberty Latin America, Ltd., Class C*		43,715
	2,706	Liberty Media Corp.-Liberty SiriusXM, Class C*		105,886
	1,327	Liberty Media Corp-Liberty SiriusXM, Class A*		52,164
	4,135	Magnite, Inc.*		43,790
	131	Marchex, Inc., Class B*		206
	3,530	New York Times Co. (The), Class A		114,584
	7,458	News Corp., Class A		135,736
	2,563	News Corp., Class B		47,262
	1,296	Nexstar Media Group, Inc.		226,839
	3,505	Omnicom Group, Inc.		285,903
	7,704	Paramount Global, Class B		130,044
	1,353	Scholastic Corp.		53,389
	1,768	Sinclair Broadcast Group, Inc., Class A		27,422
	10,861	Sirius XM Holdings, Inc.^		63,428
	474	TechTarget, Inc.*		20,884
	7,839	TEGNA, Inc.		166,108
	445	ViacomCBS, Inc., Class A^		8,726
	2,431	WideOpenWest, Inc.*		22,146

				5,241,096

Metals & Mining (1.2%):
	5,171	Alcoa Corp.		235,125
	391	Alpha Metallurgical Resources, Inc.		57,238
	799	Ampco-Pittsburgh Corp.*		2,005
	3,002	Arconic Corp.*		63,522
	759	Ascent Industries Co.*		6,580
	2,866	ATI, Inc.*		85,579
	1,138	Carpenter Technology Corp.		42,038
	2,210	Century Aluminum Co.*		18,078
	13,357	Cleveland-Cliffs, Inc.*		215,181
	5,449	Coeur Mining, Inc.*		18,309
	3,300	Commercial Metals Co.		159,390


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	702	Compass Minerals International, Inc.	$	28,782
	7,323	Ferroglobe plc*		28,193
	841	Fortitude Gold Corp.		4,634
	13,761	Freeport-McMoRan, Inc.		522,918
	2,945	Gold Resource Corp.		4,506
	943	Haynes International, Inc.		43,086
	14,180	Hecla Mining Co.		78,841
	151	Kaiser Aluminum Corp.		11,470
	643	Materion Corp.		56,269
	1,230	McEwen Mining, Inc.*		7,208
	1,807	MP Materials Corp.*		43,874
	7,453	Newmont Corp.		351,782
	6,510	Nucor Corp.		858,083
	700	Olympic Steel, Inc.		23,506
	1,339	Reliance Steel & Aluminum Co.		271,067
	1,422	Royal Gold, Inc.		160,288
	1,500	Ryerson Holding Corp.		45,390
	1,365	Schnitzer Steel Industries, Inc., Class A		41,837
	1,446	Southern Copper Corp.		87,324
	4,978	Steel Dynamics, Inc.		486,351
	3,673	SunCoke Energy, Inc.		31,698
	2,052	TimkenSteel Corp.*		37,285
	7,629	United States Steel Corp.		191,106
	548	Universal Stainless & Alloy Products, Inc.*		3,929
	1,489	Warrior Met Coal, Inc.		51,579
	1,135	Worthington Industries, Inc.		56,421

				4,430,472

Multiline Retail (0.6%):
	1,406	Big Lots, Inc.		20,668
	868	Dillard’s, Inc., Class A		280,538
	1,938	Dollar General Corp.		477,233
	3,862	Dollar Tree, Inc.*		546,241
	4,069	Kohl’s Corp.		102,742
	9,155	Macy’s, Inc.		189,051
	1,842	Nordstrom, Inc.		29,730
	1,737	Ollie’s Bargain Outlet Holdings, Inc.*		81,361
	4,481	Target Corp.		667,848

				2,395,412

Multi-Utilities (0.7%):
	2,267	Ameren Corp.		201,582
	1,406	Avista Corp.		62,342
	1,134	Black Hills Corp.		79,765
	5,705	CenterPoint Energy, Inc.		171,093
	2,837	CMS Energy Corp.		179,667
	3,188	Consolidated Edison, Inc.		303,848
	5,526	Dominion Energy, Inc.		338,854
	1,902	DTE Energy Co.		223,542
	4,331	NiSource, Inc.		118,756
	993	NorthWestern Corp.		58,925
	4,932	Public Service Enterprise Group, Inc.		302,184
	2,268	Sempra Energy		350,497
	305	Unitil Corp.		15,665
	3,038	WEC Energy Group, Inc.		284,843

				2,691,563


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels (5.6%):
	332	Adams Resources & Energy, Inc.	$	12,921
	10,610	Antero Midstream Corp.		114,482
	7,652	Antero Resources Corp.*		237,135
	4,071	APA Corp.		190,034
	432	Arch Resources, Inc.		61,685
	1,988	Berry Corp.		15,904
	990	California Resources Corp.		43,075
	2,165	Callon Petroleum Co.*		80,300
	1,961	Cheniere Energy, Inc.		294,072
	1,711	Chesapeake Energy Corp.		161,467
	14,345	Chevron Corp.		2,574,784
	831	Chord Energy Corp.		113,689
	1,149	Civitas Resources, Inc.		66,562
	7,534	Clean Energy Fuel Corp.*		39,177
	6,372	CNX Resources Corp.*		107,304
	7,595	Comstock Resources, Inc.		104,127
	14,126	ConocoPhillips		1,666,868
	1,846	CONSOL Energy, Inc.		119,990
	12,392	Coterra Energy, Inc.		304,471
	2,225	CVR Energy, Inc.		69,731
	2,204	Delek US Holdings, Inc.		59,508
	823	Denbury, Inc.*		71,617
	9,188	Devon Energy Corp.		565,154
	5,705	DHT Holdings, Inc.		50,660
	2,901	Diamondback Energy, Inc.		396,799
	58	Dorian LPG, Ltd.		1,099
	1,795	DT Midstream, Inc.		99,192
	11,550	Enlink Midstream LLC		142,065
	6,280	EOG Resources, Inc.		813,386
	5,366	EQT Corp.		181,532
	7,111	Equitrans Midstream Corp.		47,644
	40,091	Exxon Mobil Corp.		4,422,037
	1,014	Green Plains, Inc.*		30,927
	180	Gulfport Energy Corp.*		13,255
	2,885	Hess Corp.		409,151
	4,760	HF Sinclair Corp.		246,996
	1,180	International Seaways, Inc.		43,684
	15,716	Kinder Morgan, Inc.		284,145
	17,233	Kosmos Energy, Ltd.*		109,602
	609	Laredo Petroleum, Inc.*		31,315
	4,177	Magnolia Oil & Gas Corp., Class A		97,951
	13,453	Marathon Oil Corp.		364,173
	5,910	Marathon Petroleum Corp.		687,865
	3,899	Matador Resources Co.		223,179
	4,219	Murphy Oil Corp.		181,459
	2,184	New Fortress Energy, Inc.		92,645
	15,376	Occidental Petroleum Corp.		968,534
	6,354	ONEOK, Inc.		417,458
	4,281	Ovintiv, Inc.		217,090
	2,936	PAR Pacific Holdings, Inc.*		68,262
	3,458	PBF Energy, Inc., Class A		141,017
	3,014	PDC Energy, Inc.		191,329
	4,173	Peabody Energy Corp.*		110,251
	6,243	Permian Resources Corp.		58,684
	3,609	Phillips 66		375,625
	1,401	PHX Minerals, Inc.		5,450
	1,962	Pioneer Natural Resources Co.		448,101


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	6	PrimeEnergy Resources Corp.*	$	521
	4,715	Range Resources Corp.		117,969
	787	Ranger Oil Corp.		31,818
	1,122	REX American Resources Corp.*		35,747
	1,682	Scorpio Tankers, Inc.		90,441
	3,507	SFL Corp., Ltd.		32,335
	1,508	Sitio Royalties Corp., Class A		43,506
	4,141	SM Energy Co.		144,231
	24,131	Southwestern Energy Co.*		141,166
	3,310	Talos Energy, Inc.*		62,493
	2,420	Targa Resources Corp.		177,870
	6,407	Teekay Shipping Corp.*		29,088
	1,031	Teekay Tankers, Ltd., Class A*		31,765
	114	Texas Pacific Land Corp.		267,242
	4,901	Valero Energy Corp.		621,741
	8,922	Williams Cos., Inc.		293,534
	1,790	World Fuel Services Corp.		48,921

				21,217,007

Paper & Forest Products (0.1%):
	545	Clearwater Paper Corp.*		20,606
	2,520	Glatfelter Corp.		7,005
	2,840	Louisiana-Pacific Corp.		168,128
	1,502	Mativ Holdings, Inc.		31,392
	3,875	Mercer International, Inc.		45,105
	2,344	Resolute Forest Products*		50,607
	474	Sylvamo Corp.		23,032

				345,875

Personal Products (0.2%):
	2,327	BellRing Brands, Inc.*		59,664
	12,350	Coty, Inc., Class A*		105,716
	1,291	Edgewell Personal Care Co.		49,755
	854	elf Beauty, Inc.*		47,226
	1,689	Estee Lauder Cos., Inc. (The), Class A		419,058
	2,298	Herbalife Nutrition, Ltd.*		34,194
	594	Inter Parfums, Inc.		57,333
	186	Medifast, Inc.		21,455
	1,236	Natures Sunshine Products, Inc.*		10,284
	1,116	Nu Skin Enterprises, Inc., Class A		47,051
	340	United-Guardian, Inc.		3,536
	645	Usana Health Sciences, Inc.*		34,314

				889,586

Pharmaceuticals (3.9%):
	2,003	Amphastar Pharmaceuticals, Inc.*		56,124
	900	ANI Pharmaceuticals, Inc.*		36,207
	885	Assembly Biosciences, Inc.*		1,150
	19,268	Bristol-Myers Squibb Co.		1,386,333
	2,125	Catalent, Inc.*		95,646
	1,951	Corcept Therapeutics, Inc.*		39,625
	1,468	Cumberland Pharmaceuticals, Inc.*		3,303
	1,054	Cymabay Therapeutics, Inc.*		6,609
	6,155	Elanco Animal Health, Inc.*		75,214
	7,636	Eli Lilly & Co.		2,793,554
	1,104	Harmony Biosciences Holdings, Inc.*		60,830
	2,007	Horizon Therapeutics plc*		228,397
	3,292	Innoviva, Inc.*		43,619
	1,338	Intra-Cellular Therapies, Inc.*		70,807


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	1,190	Jazz Pharmaceuticals plc*	$	189,579
	20,755	Johnson & Johnson		3,666,371
	20,164	Merck & Co., Inc.		2,237,196
	3,567	Nektar Therapeutics*		8,061
	4,552	Organon & Co.		127,137
	567	Pacira BioSciences, Inc.*		21,892
	3,223	Perrigo Co. plc		109,872
	47,752	Pfizer, Inc.		2,446,812
	793	Phibro Animal Health Corp., Class A		10,634
	1,580	Prestige Consumer Healthcare, Inc.*		98,908
	4,082	Royalty Pharma plc, Class A		161,321
	1,789	Supernus Pharmaceuticals, Inc.*		63,814
	923	Taro Pharmaceutical Industries, Ltd.*		26,804
	14,776	Viatris, Inc.		164,457
	3,638	Zoetis, Inc.		533,149

				14,763,425

Professional Services (0.9%):
	1,184	ASGN, Inc.*		96,472
	494	Barrett Business Services, Inc.		46,080
	2,016	Booz Allen Hamilton Holding Corp.		210,712
	549	CACI International, Inc., Class A*		165,024
	1,617	CBIZ, Inc.*		75,756
	2,143	Clarivate plc*		17,873
	3,570	CoStar Group, Inc.*		275,890
	456	CRA International, Inc.		55,828
	6,802	Dun & Bradstreet Holdings, Inc.		83,393
	1,531	Equifax, Inc.		297,565
	715	Exponent, Inc.		70,849
	4,023	First Advantage Corp.*		52,299
	825	Forrester Research, Inc.*		29,502
	723	FTI Consulting, Inc.*		114,812
	421	Heidrick & Struggles International, Inc.		11,775
	660	Huron Consulting Group, Inc.*		47,916
	329	ICF International, Inc.		32,588
	514	Insperity, Inc.		58,390
	1,326	Jacobs Solutions, Inc.		159,213
	2,458	KBR, Inc.		129,782
	1,042	Kelly Services, Inc., Class A		17,610
	577	Kforce, Inc.		31,637
	1,558	Korn Ferry		78,866
	1,762	Leidos Holdings, Inc.		185,345
	1,391	ManpowerGroup, Inc.		115,745
	659	Mistras Group, Inc.*		3,249
	2,125	Resources Connection, Inc.		39,058
	2,809	Robert Half International, Inc.		207,389
	1,573	Science Applications International Corp.		174,493
	2,327	TransUnion		132,057
	1,673	TriNet Group, Inc.*		113,429
	1,029	TrueBlue, Inc.*		20,148
	1,755	Verisk Analytics, Inc.		309,617
	633	Willdan Group, Inc.*		11,299

				3,471,661

Real Estate Management & Development (0.3%):
	4,164	CBRE Group, Inc., Class A*		320,461
	2,451	Cushman & Wakefield plc*		30,539
	1,549	Douglas Elliman, Inc.		6,304


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	1,163	eXp World Holdings, Inc.^	$	12,886
	279	Forestar Group, Inc.*		4,299
	232	FRP Holdings, Inc.*		12,496
	1,280	Howard Hughes Corp. (The)*		97,818
	954	Jones Lang LaSalle, Inc.*		152,039
	4,260	Kennedy-Wilson Holdings, Inc.		67,010
	977	Marcus & Millichap, Inc.		33,658
	5,729	Newmark Group, Inc.		45,660
	997	Rafael Holdings, Inc., Class B*		1,864
	910	RE/MAX Holdings, Inc., Class A		16,962
	3,814	Realogy Holdings Corp.*		24,372
	681	Redfin Corp.*		2,887
	1,447	Tejon Ranch Co.*		27,262
	357	The RMR Group, Inc., Class A		10,085
	1,857	The St Joe Co.		71,773
	642	Zillow Group, Inc., Class A*		20,037
	1,617	Zillow Group, Inc., Class C*		52,084

				1,010,496

Road & Rail (1.3%):
	757	ArcBest Corp.		53,020
	478	Avis Budget Group, Inc.*		78,359
	419	Covenant Logistics Group, Inc.		14,485
	19,368	CSX Corp.		600,021
	1,925	Heartland Express, Inc.		29,529
	5,339	Hertz Global Holdings, Inc.*		82,167
	1,793	JB Hunt Transport Services, Inc.		312,627
	4,311	Knight-Swift Transportation Holdings, Inc.		225,939
	896	Landstar System, Inc.		145,958
	3,089	Lyft, Inc., Class A*		34,041
	2,410	Marten Transport, Ltd.		47,670
	2,089	Norfolk Southern Corp.		514,771
	1,374	Old Dominion Freight Line, Inc.		389,914
	1,600	PAM Transportation Services, Inc.		41,440
	2,834	RXO, Inc.*		48,745
	1,902	Ryder System, Inc.		158,950
	576	Saia, Inc.*		120,776
	2,500	Schneider National, Inc., Class B		58,500
	6,290	Uber Technologies, Inc.*		155,552
	3,114	U-Haul Holding Co., Class B		171,208
	346	U-Haul Holding Co.		20,826
	7,472	Union Pacific Corp.		1,547,227
	586	Universal Logistics Holdings, Inc.		19,596
	2,378	Werner Enterprises, Inc.		95,738
	1,829	Yellow Corp.*		4,591

				4,971,650

Semiconductors & Semiconductor Equipment (4.2%):
	8,524	Advanced Micro Devices, Inc.*		552,100
	1,120	Alpha & Omega Semiconductor, Ltd.*		31,998
	630	Ambarella, Inc.*		51,805
	8,710	Amkor Technology, Inc.		208,866
	2,799	Analog Devices, Inc.		459,120
	8,071	Applied Materials, Inc.		785,954
	608	Axcelis Technologies, Inc.*		48,251
	1,701	AXT, Inc.*		7,450
	4,413	Broadcom, Inc.		2,467,441
	437	CEVA, Inc.*		11,179


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,136	Cirrus Logic, Inc.*	$	84,609
	2,261	Cohu, Inc.*		72,465
	1,027	Diodes, Inc.*		78,196
	1,101	Enphase Energy, Inc.*		291,721
	1,826	Entegris, Inc.		119,767
	2,177	First Solar, Inc.*		326,093
	1,662	FormFactor, Inc.*		36,946
	1,314	GSI Technology, Inc.*		2,273
	948	Ichor Holdings, Ltd.*		25,425
	32,454	Intel Corp.		857,759
	1,375	KLA Corp.		518,416
	1,562	Kulicke & Soffa Industries, Inc.		69,134
	1,575	Lam Research Corp.		661,973
	1,316	Lattice Semiconductor Corp.*		85,382
	876	MACOM Technology Solutions Holdings, Inc.*		55,171
	4,801	Marvell Technology, Inc.		177,829
	1,132	MaxLinear, Inc., Class A*		38,431
	5,484	Microchip Technology, Inc.		385,251
	12,756	Micron Technology, Inc.		637,545
	1,033	MKS Instruments, Inc.		87,526
	242	Monolithic Power Systems, Inc.		85,574
	150	NVE Corp.		9,713
	10,024	NVIDIA Corp.		1,464,907
	1,498	NXP Semiconductors NV		236,729
	6,782	ON Semiconductor Corp.*		422,993
	1,334	Onto Innovation, Inc.*		90,832
	1,438	PDF Solutions, Inc.*		41,012
	2,358	Photronics, Inc.*		39,685
	1,116	Power Integrations, Inc.		80,040
	1,567	Qorvo, Inc.*		142,033
	12,060	Qualcomm, Inc.		1,325,876
	2,888	Rambus, Inc.*		103,448
	1,305	Semtech Corp.*		37,441
	867	Silicon Laboratories, Inc.*		117,626
	2,322	Skyworks Solutions, Inc.		211,604
	1,050	SMART Global Holdings, Inc.*		15,624
	267	SolarEdge Technologies, Inc.*		75,633
	834	Synaptics, Inc.*		79,363
	2,449	Teradyne, Inc.		213,920
	10,811	Texas Instruments, Inc.		1,786,193
	1,251	Ultra Clean Holdings, Inc.*		41,471
	885	Universal Display Corp.		95,615
	1,442	Veeco Instruments, Inc.*		26,792
	1,114	Wolfspeed, Inc.*		76,911

				16,057,111

Software (6.0%):
	3,453	ACI Worldwide, Inc.*		79,419
	4,656	Adeia, Inc.		44,139
	3,583	Adobe, Inc.*		1,205,787
	695	Alarm.com Holdings, Inc.*		34,389
	583	Altair Engineering, Inc.*		26,509
	1,009	American Software, Inc., Class A		14,812
	734	ANSYS, Inc.*		177,327
	591	Aspen Technology, Inc.*		121,391
	312	Atlassian Corp. plc, Class A*		40,148
	1,957	Autodesk, Inc.*		365,705
	2,272	Aware, Inc.*		3,885


Shares			Value
Common Stocks, continued
Software, continued
	1,257	Bentley Systems, Inc., Class B	$	46,459
	691	Bill.com Holdings, Inc.*		75,291
	1,196	Blackbaud, Inc.*		70,397
	2,029	Box, Inc.*		63,163
	1,838	Cadence Design Systems, Inc.*		295,256
	820	Cerence, Inc.*		15,195
	1,198	Ceridian HCM Holding, Inc.*		76,852
	519	Cloudflare, Inc., Class A*		23,464
	1,830	Cognyte Software, Ltd.*		5,691
	505	CommVault Systems, Inc.*		31,734
	491	Consensus Cloud Solutions, Inc.*		26,396
	487	Crowdstrike Holdings, Inc., Class A*		51,276
	638	Datadog, Inc., Class A*		46,893
	513	DocuSign, Inc.*		28,430
	2,137	DoubleVerify Holdings, Inc.*		46,928
	5,645	Dropbox, Inc., Class A*		126,335
	1,675	Duck Creek Technologies, Inc.*		20,184
	1,822	Dynatrace, Inc.*		69,783
	1,380	Ebix, Inc.		27,545
	990	Envestnet, Inc.*		61,083
	429	Everbridge, Inc.*		12,690
	237	Fair Isaac Corp.*		141,863
	5,286	Fortinet, Inc.*		258,433
	5,406	Gen Digital, Inc.		115,851
	485	Globant SA*		81,558
	1,145	Guidewire Software, Inc.*		71,631
	179	HubSpot, Inc.*		51,754
	1,326	Intuit, Inc.		516,106
	1,266	Jamf Holding Corp.*		26,966
	857	JFrog, Ltd.*		18,280
	811	Manhattan Associates, Inc.*		98,455
	59,208	Microsoft Corp.		14,199,263
	1,654	N-Able, Inc.*		17,003
	879	OneSpan, Inc.*		9,836
	11,328	Oracle Corp.		925,951
	7,336	Palantir Technologies, Inc., Class A*		47,097
	768	Palo Alto Networks, Inc.*		107,167
	513	Paycom Software, Inc.*		159,189
	443	Paylocity Holding Corp.*		86,057
	380	Procore Technologies, Inc.*		17,928
	947	Progress Software Corp.		47,776
	1,146	PTC, Inc.*		137,566
	389	Q2 Holdings, Inc.*		10,452
	894	Qualys, Inc.*		100,334
	584	Roper Technologies, Inc.		252,341
	5,162	Salesforce, Inc.*		684,430
	1,200	Sapiens International Corp. NV		22,176
	512	ServiceNow, Inc.*		198,794
	710	Splunk, Inc.*		61,124
	347	SPS Commerce, Inc.*		44,565
	3,224	SS&C Technologies Holdings, Inc.		167,841
	2,279	Synchronoss Technologies, Inc.*		1,409
	704	Synopsys, Inc.*		224,780
	1,923	The Trade Desk, Inc., Class A*		86,208
	328	Tyler Technologies, Inc.*		105,750
	537	Unity Software, Inc.*		15,353
	1,022	Verint Systems, Inc.*		37,078


Shares			Value
Common Stocks, continued
Software, continued
	1,567	VMware, Inc., Class A*	$	192,365
	758	Workday, Inc., Class A*		126,836
	1,862	Xperi, Inc.*		16,032
	185	Zoom Video Communications, Inc., Class A*		12,532
	566	Zscaler, Inc.*		63,335

				22,894,021

Specialty Retail (2.7%):
	1,093	Aaron’s Co., Inc. (The)		13,061
	2,382	Abercrombie & Fitch Co., Class A*		54,572
	1,111	Advance Auto Parts, Inc.		163,350
	5,007	American Eagle Outfitters, Inc.		69,898
	200	America’s Car-Mart, Inc.*		14,452
	793	Asbury Automotive Group, Inc.*		142,145
	1,750	AutoNation, Inc.*		187,775
	147	AutoZone, Inc.*		362,528
	3,164	Barnes & Noble Education, Inc.*		5,537
	1,784	Bath & Body Works, Inc.		75,178
	4,465	Best Buy Co., Inc.		358,138
	1,657	Big 5 Sporting Goods Corp.^		14,631
	841	Boot Barn Holdings, Inc.*		52,579
	583	Build-A-Bear Workshop, Inc.*		13,899
	760	Burlington Stores, Inc.*		154,098
	2,280	Caleres, Inc.		50,798
	2,165	CarMax, Inc.*		131,827
	1,987	Cato Corp., Class A		18,539
	7,822	Chico’s FAS, Inc.*		38,484
	566	Citi Trends, Inc.*		14,988
	1,572	Conn’s, Inc.*		10,815
	3,425	Designer Brands, Inc., Class A		33,496
	2,039	Dick’s Sporting Goods, Inc.		245,271
	1,082	Five Below, Inc.*		191,373
	2,136	Floor & Decor Holdings, Inc., Class A*		148,730
	3,374	Foot Locker, Inc.		127,503
	8,563	Gap, Inc. (The)		96,591
	435	Genesco, Inc.*		20,019
	630	Group 1 Automotive, Inc.		113,633
	2,846	Guess?, Inc.		58,884
	583	Haverty Furniture Cos., Inc.		17,432
	499	Hibbett, Inc.		34,042
	7,794	Home Depot, Inc. (The)		2,461,813
	2,840	Leslie’s, Inc.*		34,676
	717	Lithia Motors, Inc.		146,799
	4,558	Lowe’s Cos., Inc.		908,136
	527	MarineMax, Inc.*		16,453
	751	Monro, Inc.		33,945
	542	Murphy U.S.A., Inc.		151,511
	1,200	National Vision Holdings, Inc.*		46,512
	1,542	ODP Corp. (The)*		70,223
	465	O’Reilly Automotive, Inc.*		392,474
	1,891	Penske Automotive Group, Inc.		217,333
	1,792	Rent-A-Center, Inc.		40,410
	426	RH*		113,823
	4,509	Ross Stores, Inc.		523,360
	1,832	Sally Beauty Holdings, Inc.*		22,937
	1,200	Shoe Carnival, Inc.		28,692
	1,393	Signet Jewelers, Ltd.		94,724
	472	Sleep Number Corp.*		12,262


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	844	Sonic Automotive, Inc., Class A	$	41,584
	1,606	Sportsman’s Warehouse Holdings, Inc.*		15,112
	1,722	The Buckle, Inc.		78,093
	501	The Children’s Place, Inc.*		18,246
	854	Tilly’s, Inc.*		7,729
	10,789	TJX Cos., Inc. (The)		858,804
	1,642	Tractor Supply Co.		369,401
	732	Ulta Beauty, Inc.*		343,359
	2,187	Urban Outfitters, Inc.*		52,160
	594	Victoria’s Secret & Co.*		21,253
	1,604	Williams-Sonoma, Inc.		184,332
	75	Winmark Corp.		17,687
	729	Zumiez, Inc.*		15,848

				10,373,957

Technology Hardware, Storage & Peripherals (4.8%):
	2,378	3D Systems Corp.*		17,597
	128,869	Apple, Inc.		16,743,949
	728	AstroNova, Inc.*		9,333
	1,682	Avid Technology, Inc.*		44,724
	2,303	Dell Technologies, Inc., Class C		92,627
	15,707	Hewlett Packard Enterprise Co.		250,684
	9,669	HP, Inc.		259,806
	4,627	NCR Corp.*		108,318
	2,576	NetApp, Inc.		154,715
	4,094	Pure Storage, Inc., Class A*		109,555
	2,694	Seagate Technology Holdings plc		141,731
	1,794	Stratasys, Ltd.*		21,277
	401	Super Micro Computer, Inc.*		32,922
	4,585	Western Digital Corp.*		144,657
	4,758	Xerox Holdings Corp.		69,467

				18,201,362

Textiles, Apparel & Luxury Goods (0.8%):
	3,367	Capri Holdings, Ltd.*		192,996
	1,250	Carter’s, Inc.		93,262
	1,677	Columbia Sportswear Co.		146,872
	810	Culp, Inc.		3,718
	624	Deckers Outdoor Corp.*		249,076
	1,494	Fossil Group, Inc.*		6,439
	2,480	G-III Apparel Group, Ltd.*		34,001
	9,857	Hanesbrands, Inc.		62,691
	1,206	Kontoor Brands, Inc.		48,228
	1,887	Levi Strauss & Co.		29,286
	898	Lululemon Athletica, Inc.*		287,701
	1,088	Movado Group, Inc.		35,088
	9,552	NIKE, Inc., Class B		1,117,680
	405	Oxford Industries, Inc.		37,738
	1,441	PVH Corp.		101,720
	1,225	Ralph Lauren Corp.		129,446
	570	Rocky Brands, Inc.		13,463
	3,202	Skechers U.S.A., Inc., Class A*		134,324
	1,560	Steven Madden, Ltd.		49,858
	700	Superior Group of Cos., Inc.		7,042
	6,144	Tapestry, Inc.		233,964
	3,369	Under Armour, Inc., Class A*		34,229
	3,746	Under Armour, Inc., Class C*		33,414
	1,027	Unifi, Inc.*		8,842


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	802	Vera Bradley, Inc.*	$	3,633
	4,292	VF Corp.		118,502
	1,153	Wolverine World Wide, Inc.		12,602

				3,225,815

Thrifts & Mortgage Finance (0.5%):
	1,866	Axos Financial, Inc.*		71,318
	1,591	BankFinancial Corp.		16,753
	3,362	Capitol Federal Financial, Inc.		29,081
	2,223	Columbia Financial, Inc.*		48,061
	855	ESSA Bancorp, Inc.		17,844
	3,469	Essent Group, Ltd.		134,875
	403	Federal Agricultural Mortgage Corp.		45,422
	408	First Capital, Inc.		10,159
	8	Greene County Bancorp, Inc.		459
	62	Hingham Institution for Savings (The)		17,109
	628	HomeStreet, Inc.		17,320
	413	IF Bancorp, Inc.		7,116
	2,442	Kearny Financial Corp.		24,786
	1,249	Kentucky First Federal Bancorp		8,468
	750	Lake Shore Bancorp, Inc.		9,056
	194	LendingTree, Inc.*		4,138
	10,413	MGIC Investment Corp.		135,369
	2,681	Mr Cooper Group, Inc.*		107,589
	19,583	New York Community Bancorp, Inc.		168,414
	2,461	NMI Holdings, Inc., Class A*		51,435
	1,501	Northfield Bancorp, Inc.		23,611
	3,456	Northwest Bancshares, Inc.		48,315
	1,932	Oceanfirst Financial Corp.		41,055
	503	Oconee Federal Financial Corp.		11,222
	465	Ocwen Financial Corp.*		14,220
	1,240	Pathward Financial, Inc.		53,382
	1,203	PennyMac Financial Services, Inc.		68,162
	1,369	Premier Financial Corp.		36,922
	679	Provident Financial Holdings, Inc.		9,350
	2,256	Provident Financial Services, Inc.		48,188
	5,556	Radian Group, Inc.		105,953
	420	Riverview Bancorp, Inc.		3,226
	4,694	Rocket Cos., Inc., Class A^		32,858
	561	Southern Missouri Bancorp, Inc.		25,711
	1,764	Sterling Bancorp, Inc.*		10,743
	733	Territorial Bancorp, Inc.		17,599
	4,281	TFS Financial Corp.		61,689
	559	TrustCo Bank Corp. NY		21,013
	1,074	Walker & Dunlop, Inc.		84,288
	2,436	Washington Federal, Inc.		81,728
	728	Waterstone Financial, Inc.		12,551
	1,498	Western New England BanCorp, Inc.		14,171
	1,909	WSFS Financial Corp.		86,554

				1,837,283

Tobacco (0.4%):
	12,442	Altria Group, Inc.		568,724
	10,451	Philip Morris International, Inc.		1,057,746
	518	Universal Corp.		27,355
	3,098	Vector Group, Ltd.		36,742

				1,690,567


Shares			Value
Common Stocks, continued
Trading Companies & Distributors (0.9%):
	3,334	Air Lease Corp.	$	128,092
	948	Applied Industrial Technologies, Inc.		119,476
	2,106	Beacon Roofing Supply, Inc.*		111,176
	1,071	Boise Cascade Co.		73,546
	891	Core & Main, Inc., Class A*		17,205
	644	DXP Enterprises, Inc.*		17,742
	7,240	Fastenal Co.		342,597
	876	GATX Corp.		93,154
	977	Global Industrial Co.		22,989
	1,243	GMS, Inc.*		61,901
	1,047	H&E Equipment Services, Inc.		47,534
	958	Herc Holdings, Inc.		126,044
	870	Kaman Corp., Class A		19,401
	730	McGrath Rentcorp		72,080
	2,381	MRC Global, Inc.*		27,572
	1,149	MSC Industrial Direct Co., Inc.		93,873
	3,189	NOW, Inc.*		40,500
	1,547	Rush Enterprises, Inc., Class A		80,877
	365	Rush Enterprises, Inc., Class B		20,539
	1,003	SiteOne Landscape Supply, Inc.*		117,672
	1,757	Textainer Group Holdings, Ltd.		54,485
	651	Titan Machinery, Inc.*		25,864
	173	Transcat, Inc.*		12,261
	2,472	Triton International, Ltd.		170,024
	1,712	United Rentals, Inc.*		608,479
	3,997	Univar Solutions, Inc.*		127,105
	550	Veritiv Corp.		66,940
	650	W.W. Grainger, Inc.		361,562
	662	Watsco, Inc.		165,103
	84	Watsco, Inc., Class B		20,656
	1,396	WESCO International, Inc.*		174,779

				3,421,228

Water Utilities (0.2%):
	830	American States Water Co.		76,816
	1,750	American Water Works Co., Inc.		266,735
	491	Artesian Resources Corp.		28,763
	1,107	California Water Service Group		67,128
	2,315	Essential Utilities, Inc.		110,495
	355	Middlesex Water Co.		27,928
	669	Pure Cycle Corp.*		7,011
	498	SJW Group		40,433
	372	York Water Co. (The)		16,733

				642,042


Shares			Value
Common Stocks, continued
Wireless Telecommunication Services (0.2%):
	2,565	Gogo, Inc.*	$	37,860
	1,333	Shenandoah Telecommunications Co.		21,168
	1,649	Spok Holdings, Inc.		13,505
	2,954	Telephone and Data Systems, Inc.		30,988
	4,659	T-Mobile US, Inc.*		652,260
	1,151	United States Cellular Corp.*		23,998

				779,779

	Total Common Stocks (Cost $242,382,721)			379,984,000

Preferred Stock (0.0%^†):
Trading Companies & Distributors (0.0%^†):
	1,076	WESCO International, Inc., Series A		28,213

	Total Preferred Stock (Cost $28,514)			28,213

Rights (0.0%^†):
Biotechnology (0.0%^†):
	3,743	Achillion Pharm CVR, Expires on 1/29/49*		5,352

Health Care (0.0%^†):
	1,297	Zogenix, Inc. CVR, Expires on 1/1/25*		882

Health Care Equipment & Supplies (0.0%^†):
	278	ABIOMED, Inc. CVR, Expires on 1/2/26*		284

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

Trading Companies & Distributors (0.0%^†):
	79	Communications Systems I CVR, Expires on 1/1/29*		349

	Total Rights (Cost $173)			7,040

Short-Term Security Held as Collateral for Securities on Loan (0.1%):
	327,869	BlackRock Liquidity FedFund, Institutional Class, 1.49%(c)(d)		327,869

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $327,869)			327,869

Unaffiliated Investment Company (0.4%):
Money Markets (0.4%):
	1,663,613	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(d)		1,663,613

	Total Unaffiliated Investment Company (Cost $1,663,613)			1,663,613

	Total Investment Securities (Cost $244,402,890) — 100.1%(e)			382,010,735
	Net other assets (liabilities) — (0.1)%			(475,160	)

	Net Assets — 100.0%		$	381,535,575

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	244,402,890

Investment securities, at value(a)	$	382,010,735
Interest and dividends receivable		321,445
Receivable for investments sold		2,295
Reclaims receivable		3,108
Prepaid expenses		36

Total Assets		382,337,619

Liabilities:
Cash overdraft		8,954
Payable for investments purchased		198,212
Payable for collateral received on loaned securities		327,869
Management fees payable		158,694
Administration fees payable		9,760
Distribution fees payable		82,653
Custodian fees payable		1,803
Administrative and compliance services fees payable		1,057
Transfer agent fees payable		856
Trustee fees payable		2,640
Other accrued liabilities		9,546

Total Liabilities		802,044

Net Assets	$	381,535,575

Net Assets Consist of:
Paid in capital	$	216,062,269
Total distributable earnings		165,473,306

Net Assets	$	381,535,575

Shares of beneficial interest (unlimited number of shares authorized, no par value)		31,098,016
Net Asset Value (offering and redemption price per share)	$	12.27

(a)	Includes securities on loan of $318,918.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends	$	6,937,310
Income from securities lending		8,115
Foreign withholding tax		(1,913	)

Total Investment Income		6,943,512

Expenses:
Management fees		3,373,972
Administration fees		80,840
Distribution fees		1,054,364
Custodian fees		11,020
Administrative and compliance services fees		5,939
Transfer agent fees		6,321
Trustee fees		23,730
Professional fees		18,516
Shareholder reports		5,745
Other expenses		11,522

Total expenses before reductions		4,591,969
Less Management fees contractually waived		(1,155,085	)

Net Expenses		3,436,884

Net Investment Income/(Loss)		3,506,628

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		25,326,678
Change in net unrealized appreciation/depreciation on securities		(102,596,252	)

Net realized and Change in net unrealized gains/losses on investments		(77,269,574	)

Change in Net Assets Resulting From Operations	$	(73,762,946	)

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 period, 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, 2022 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 $828 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $327,869 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

For the year ended December 31, 2022, 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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.

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 “Reference Rate Reform (Topic 848)”. ASU No. 2022- 06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $245,467,293. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this 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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022, 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, 2022, the Fund declared net short-term capital gain distributions of $320,175.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $51,188,839.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

During the 12-month period, the AZL DFA U.S. Small Cap Fund returned (12.91)% (net of fees). That compares to a total return of (20.44)% for the Russell 2000 Index, the Fund’s primary benchmark.¹

The U.S. market’s performance during the period trailed developed non-U.S. markets, but outperformed emerging markets. Small-cap stocks underperformed large-cap stocks. In the small-cap universe, value stocks outperformed growth stocks. Stocks with higher profitability outperformed stocks with lower profitability.

The Fund’s outperformance relative to its benchmark was primarily driven by the Fund’s exclusion of stocks with the lowest profitability and highest relative prices, as well as

stocks with high asset growth, as stocks in these categories underperformed during the period. The Fund’s underweight to real estate investment trusts (REITs) also contributed to its relative 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.

²	The Standard & Poor’s 500 Index is 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.

³	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

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, 2022
	1 Year			3 Year			5 Year			Since Inception (4/27/15)
AZL^® DFA U.S. Small Cap Fund		(12.91	)%		8.59	%		6.26	%		7.36	%
Russell 2000^® Index		(20.44	)%		3.10	%		4.13	%		5.96	%


Expense Ratio	Gross
AZL^® DFA U.S. Small Cap Fund		1.17	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. Effective October 1, 2022, the Manager and the Fund have entered into a written agreement reducing the management fee to 0.67% through at least April 30, 2024. Prior to October 1, 2022, the Manager waived the management fee to 0.70%. 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, 2024. Additional information pertaining to the December 31, 2022 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 (99.9%):
Aerospace & Defense (1.5%):
	2,230	AAR Corp.*	$	100,127
	5,037	Aerojet Rocketdyne Holdings, Inc.*		281,719
	1,618	AeroVironment, Inc.*		138,598
	2,615	Astronics Corp.*		26,935
	392	Astronics Corp., Class B*		3,900
	4,668	BWX Technologies, Inc.		271,117
	763	Curtiss-Wright Corp.		127,413
	766	Ducommun, Inc.*		38,269
	2,314	Hexcel Corp.		136,179
	3,376	Innovative Solutions & Support, Inc.		27,751
	6,280	Kratos Defense & Security Solutions, Inc.*		64,810
	1,825	Maxar Technologies, Inc.		94,426
	1,336	Mercury Systems, Inc.*		59,773
	1,513	Moog, Inc., Class A		132,781
	516	National Presto Industries, Inc.		35,325
	2,564	Park Aerospace Corp., Class C		34,383
	2,014	Parsons Corp.*		93,148
	759	V2X, Inc.*		31,339

				1,697,993

Air Freight & Logistics (0.5%):
	738	Air T, Inc.		18,516
	4,705	Air Transport Services Group, Inc.*		122,236
	743	Atlas Air Worldwide Holdings, Inc.*		74,894
	1,567	Forward Air Corp.		164,363
	242	GXO Logistics, Inc.*		10,331
	1,957	Hub Group, Inc., Class A*		155,562
	5,212	Radiant Logistics, Inc.*		26,529
	774	XPO Logistics, Inc.*		25,767

				598,198

Airlines (0.6%):
	7,402	Alaska Air Group, Inc.*		317,842
	1,401	Allegiant Travel Co.*		95,254
	899	Copa Holdings SA, Class A*		74,770
	3,192	Hawaiian Holdings, Inc.*		32,750
	12,473	JetBlue Airways Corp.*		80,825
	2,017	SkyWest, Inc.*		33,300
	4,325	Spirit Airlines, Inc.		84,251

				718,992

Auto Components (1.3%):
	4,444	Adient plc*		154,162
	4,351	American Axle & Manufacturing Holdings, Inc.*		34,025
	151	Autoliv, Inc.		11,564
	2,031	Cooper-Standard Holdings, Inc.*		18,401
	7,251	Dana, Inc.		109,708
	1,611	Dorman Products, Inc.		130,281
	2,028	Fox Factory Holding Corp.*		185,014
	570	Gentex Corp.		15,544
	1,825	Gentherm, Inc.*		119,154
	14,426	Goodyear Tire & Rubber Co. (The)*		146,424
	1,306	LCI Industries		120,740
	4,052	Modine Manufacturing Co.*		80,473
	1,911	Motorcar Parts of America, Inc.*		22,664
	928	Patrick Industries, Inc.		56,237
	1,385	Standard Motor Products, Inc.		48,198
	1,639	Stoneridge, Inc.*		35,337
	1,448	Visteon Corp.*		189,442

				1,477,368


Shares			Value
Common Stocks, continued
Automobiles (0.3%):
	3,785	Harley-Davidson, Inc.	$	157,456
	1,361	Thor Industries, Inc.		102,742
	1,823	Winnebago Industries, Inc.		96,072

				356,270

Banks (12.2%):
	1,184	1st Source Corp.		62,859
	410	ACNB Corp.		16,322
	600	Amalgamated Financial Corp.		13,824
	846	Amerant Bancorp, Inc.		22,707
	939	American National Bankshares, Inc.		34,677
	4,600	Ameris Bancorp		216,844
	1,149	Ames National Corp.		27,128
	1,010	Arrow Financial Corp.		34,239
	10,675	Associated Banc-Corp.		246,486
	4,365	Atlantic Union Bankshares Corp.		153,386
	13	Auburn National Bancorp, Inc.		301
	3,921	Banc of California, Inc.		62,462
	2,202	BancFirst Corp.		194,172
	3,525	Bancorp, Inc. (The)*		100,039
	2,473	Bank of Hawaii Corp.		191,806
	1,191	Bank of Marin Bancorp		39,160
	2,482	Bank of NT Butterfield & Son, Ltd. (The)		73,988
	485	Bank of South Carolina Corp.		7,954
	7,494	Bank OZK		300,210
	4,416	BankUnited, Inc.		150,011
	2,207	Banner Corp.		139,482
	872	Bar Harbor Bankshares		27,939
	1,217	Baycom Corp.		23,099
	595	BCB Bancorp, Inc.		10,704
	2,938	Berkshire Hills Bancorp, Inc.		87,846
	2,138	BOK Financial Corp.		221,903
	3,537	Brookline Bancorp, Inc.		50,049
	667	Business First Bancshares, Inc.		14,767
	2,546	Byline BanCorp, Inc.		58,482
	227	C&F Financial Corp.		13,227
	10,228	Cadence Bank		252,222
	436	Cambridge Bancorp		36,214
	1,059	Camden National Corp.		44,150
	1,471	Capital City Bank Group, Inc.		47,807
	700	Capstar Financial Holdings, Inc.		12,362
	3,988	Cathay General Bancorp		162,670
	1,822	Central Pacific Financial Corp.		36,950
	1,141	Central Valley Community Bancorp		24,166
	668	Chemung Financial Corp.		30,641
	1,509	Citizens & Northern Corp.		34,496
	718	Citizens Holding Co.		9,837
	798	City Holding Co.		74,286
	822	Civista Bancshares, Inc.		18,092
	1,205	CNB Financial Corp.		28,667
	271	Coastal Financial Corp.*		12,878
	85	Codorus Valley Bancorp, Inc.		2,023
	56	Colony Bankcorp, Inc.		711
	4,190	Columbia Banking System, Inc.		126,245
	2,562	Community Bank System, Inc.		161,278
	1,343	Community Trust Bancorp, Inc.		61,684
	525	Community West Bancshares		7,859
	2,115	ConnectOne Bancorp, Inc.		51,204


Shares			Value
Common Stocks, continued
Banks, continued
	2,253	CrossFirst Bankshares, Inc.*	$	27,960
	2,120	Customers Bancorp, Inc.*		60,081
	6,743	CVB Financial Corp.		173,632
	2,220	Dime Community Bancshares, Inc.		70,663
	609	Eagle Bancorp Montana, Inc.		9,841
	1,599	Eagle Bancorp, Inc.		70,468
	2,687	Eastern Bankshares, Inc.		46,351
	2,149	Enterprise Financial Services Corp.		105,215
	924	Equity Bancshares, Inc.		30,187
	534	Evans Bancorp, Inc.		19,966
	16,632	F.N.B. Corp.		217,048
	2,582	Farmers National Banc Corp.		36,458
	2,391	FB Financial Corp.		86,411
	1,248	Financial Institutions, Inc.		30,401
	10,810	First BanCorp		137,503
	1,106	First Bancorp, Inc. (The)		33,114
	1,761	First Bancorp/Southern Pines NC		75,441
	1,053	First Bancshares, Inc. (The)		33,707
	2,776	First Busey Corp.		68,623
	940	First Business Financial Services, Inc.		34,357
	4,622	First Commonwealth Financial Corp.		64,569
	1,099	First Community Bankshares		37,256
	4,894	First Financial Bancorp		118,582
	2,655	First Financial Bankshares, Inc.		91,332
	812	First Financial Corp.		37,417
	1,717	First Financial Northwest, Inc.		25,721
	2,543	First Foundation, Inc.		36,441
	6,483	First Hawaiian, Inc.		168,817
	402	First Internet BanCorp		9,761
	4,476	First Interstate BancSystem, Inc., Class A		172,997
	2,751	First Merchants Corp.		113,094
	720	First Mid Bancshares, Inc.		23,098
	1,367	First of Long Island Corp. (The)		24,606
	84	First Savings Financial Group, Inc.		1,680
	234	First United Corp.		4,598
	908	First US Bancshares, Inc.		7,900
	444	Five Star Bancorp		12,095
	1,779	Flushing Financial Corp.		34,477
	9,654	Fulton Financial Corp.		162,477
	1,637	German American Bancorp, Inc.		61,060
	5,467	Glacier Bancorp, Inc.		270,179
	1,038	Great Southern Bancorp, Inc.		61,751
	440	Guaranty Bancshares, Inc.		15,242
	4,491	Hancock Whitney Corp.		217,319
	1,888	Hanmi Financial Corp.		46,728
	3,865	HarborOne Bancorp, Inc.		53,723
	44	Hawthorn Bancshares, Inc.		958
	2,024	Heartland Financial USA, Inc.		94,359
	2,153	Heritage Financial Corp.		65,968
	4,406	Hertiage Commerce Corp.		57,278
	4,106	Hilltop Holdings, Inc.		123,221
	8,713	Home Bancshares, Inc.		198,569
	1,139	Hometrust Bancshares, Inc.		27,530
	5,930	Hope BanCorp, Inc.		75,963
	3,456	Horizon Bancorp, Inc.		52,116
	2,325	Independent Bank Corp.		196,300
	2,159	Independent Bank Group, Inc.		129,713


Shares			Value
Common Stocks, continued
Banks, continued
	3,151	International Bancshares Corp.	$	144,190
	4,232	Lakeland Bancorp, Inc.		74,525
	1,317	Lakeland Financial Corp.		96,101
	997	Landmark Bancorp, Inc.		22,562
	1,512	LCNB Corp.		27,216
	2,612	Live Oak Bancshares, Inc.		78,882
	3,707	Macatawa Bank Corp.		40,888
	1,159	Mercantile Bank Corp.		38,803
	400	Metropolitan Bank Holding Corp.*		23,468
	1,651	Midland States BanCorp, Inc.		43,950
	1,041	MidWestone Financial Group, Inc.		33,052
	300	MVB Financial Corp.		6,606
	1,523	National Bank Holdings Corp.		64,073
	769	National Bankshares, Inc.		30,991
	2,224	NBT Bancorp, Inc.		96,566
	974	Nicolet Bankshares, Inc.*		77,715
	822	Northeast Bank		34,606
	657	Northrim Bancorp, Inc.		35,852
	609	Norwood Financial Corp.		20,365
	2,428	OFG Bancorp		66,916
	183	Ohio Valley Banc Corp.		4,835
	14,709	Old National Bancorp		264,468
	1,004	Old Point Financial Corp.		27,068
	3,314	Old Second Bancorp, Inc.		53,157
	1,182	Origin Bancorp, Inc.		43,379
	1,208	Orrstown Financial Services, Inc.		27,977
	4,752	Pacific Premier Bancorp, Inc.		149,973
	6,187	PacWest Bancorp		141,992
	534	Park National Corp.		75,160
	1,636	Parke Bancorp, Inc.		33,931
	1,140	Peapack-Gladstone Financial Corp.		42,431
	952	Penns Woods Bancorp, Inc.		25,342
	434	Peoples Bancorp of North Carolina, Inc.		14,131
	2,085	Peoples Bancorp, Inc.		58,901
	1,301	Pinnacle Financial Partners, Inc.		95,493
	2,076	Popular, Inc.		137,680
	977	Preferred Bank Los Angeles		72,904
	2,309	Primis Financial Corp.		27,362
	474	Prosperity Bancshares, Inc.		34,450
	1,228	QCR Holdings, Inc.		60,958
	351	Rbb BanCorp		7,318
	2,844	Renasant Corp.		106,906
	1,249	Republic Bancorp, Inc., Class A		51,109
	6,466	Republic First Bancorp, Inc.*		13,902
	2,122	S&T Bancorp, Inc.		72,530
	640	Salisbury Bancorp, Inc.		20,096
	2,295	Sandy Spring Bancorp, Inc.		80,853
	579	SB Financial Group, Inc.		9,704
	3,087	Seacoast Banking Corp of Florida		96,284
	3,347	ServisFirst Bancshares, Inc.		230,642
	1,438	Shore Bancshares, Inc.		25,064
	1,279	Sierra Bancorp		27,166
	6,442	Simmons First National Corp., Class A		139,018
	562	Southern First Bancshares, Inc.*		25,711
	1,502	Southside Bancshares, Inc.		54,057
	2,300	SouthState Corp.		175,628
	2,894	Stellar Bancorp, Inc.		85,257


Shares			Value
Common Stocks, continued
Banks, continued
	1,444	Stock Yards Bancorp, Inc.	$	93,831
	682	Summit Financial Group, Inc.		16,975
	1,323	Summit State Bank		20,903
	3,267	Synovus Financial Corp.		122,676
	2,562	Texas Capital Bancshares, Inc.*		154,514
	694	Tompkins Financial Corp.		53,841
	3,635	TowneBank		112,103
	1,824	TriCo Bancshares		93,006
	1,397	Triumph Financial, Inc.*		68,271
	3,236	Trustmark Corp.		112,969
	2,644	UMB Financial Corp.		220,827
	11,136	Umpqua Holdings Corp.		198,778
	249	Union Bankshares, Inc.		5,829
	450	United Bancshares, Inc.		8,424
	7,271	United Bankshares, Inc.		294,403
	5,096	United Community Banks, Inc.		172,245
	916	United Security Bancshares		6,696
	42	Unity Bancorp, Inc.		1,148
	1,651	Univest Financial Corp.		43,141
	8,798	Valley National Bancorp		99,505
	1,563	Veritex Holdings, Inc.		43,889
	1,097	Washington Trust Bancorp, Inc.		51,756
	240	Webster Financial Corp.		11,362
	3,367	WesBanco, Inc.		124,512
	1,569	West BanCorp, Inc.		40,088
	1,354	Westamerica BanCorp		79,900
	3,109	Wintrust Financial Corp.		262,773

				14,279,366

Beverages (0.5%):
	480	Boston Beer Co., Inc. (The), Class A*		158,170
	321	Celsius Holdings, Inc.*		33,397
	476	Coca-Cola Consolidated, Inc.		243,883
	1,140	MGP Ingredients, Inc.		121,273
	1,568	National Beverage Corp.*		72,959
	985	Willamette Valley Vineyards, Inc.*		5,900

				635,582

Biotechnology (3.4%):
	1,733	AC Immune SA*		3,535
	1,950	ACADIA Pharmaceuticals, Inc.*		31,044
	3,308	Adverum Biotechnologies, Inc.*		1,917
	3,549	Agios Pharmaceuticals, Inc.*		99,656
	2,076	Akero Therapeutics, Inc.*		113,765
	1,262	Albireo Pharma, Inc.*		27,272
	2,035	Aldeyra Therapeutics, Inc.*		14,164
	8,283	Alkermes plc*		216,435
	2,613	Allogene Therapeutics, Inc.*		16,436
	2,056	AnaptysBio, Inc.*		63,715
	283	Arcturus Therapeutics Holdings, Inc.*		4,800
	629	Arcus Biosciences, Inc.*		13,008
	3,361	Arcutis Biotherapeutics, Inc.*		49,743
	6,613	Ardelyx, Inc.*		18,847
	4,656	Atara Biotherapeutics, Inc.*		15,272
	2,342	Atreca, Inc., Class A*		1,875
	2,657	Avid Bioservices, Inc.*		36,587
	2,191	Avidity Biosciences, Inc.*		48,618
	3,255	Bluebird Bio, Inc.*		22,525


Shares			Value
Common Stocks, continued
Biotechnology, continued
	1,971	Blueprint Medicines Corp.*	$	86,350
	2,880	Cara Therapeutics, Inc.*		30,931
	1,034	CareDx, Inc.*		11,798
	142	CASI Pharmaceuticals, Inc.*		248
	1,148	Castle Biosciences, Inc.*		27,024
	6,995	Catalyst Pharmaceuticals, Inc.*		130,107
	1,100	Century Therapeutics, Inc.*		5,643
	6,991	Chimerix, Inc.*		13,003
	2,139	Chinook Therapeutics, Inc.*		56,042
	3,561	Concert Pharmaceuticals, Inc.*		20,796
	2,225	Crinetics Pharmaceuticals, Inc.*		40,717
	1,225	CRISPR Therapeutics AG*		49,796
	1,634	Cue Biopharma, Inc.*		4,657
	2,539	Cytomx Therapeutics, Inc.*		4,062
	1,720	Deciphera Pharmaceuticals, Inc.*		28,191
	2,537	Denali Therapeutics, Inc.*		70,554
	902	Eagle Pharmaceuticals, Inc.*		26,365
	3,422	Editas Medicine, Inc.*		30,353
	1,660	Eiger BioPharmaceuticals, Inc.*		1,959
	2,263	Emergent BioSolutions, Inc.*		26,726
	1,198	Enanta Pharmaceuticals, Inc.*		55,731
	11,564	Exelixis, Inc.*		185,487
	2,705	G1 Therapeutics, Inc.*		14,688
	2,547	Gritstone bio, Inc.*		8,787
	3,860	Halozyme Therapeutics, Inc.*		219,634
	3,072	Ideaya Biosciences, Inc.*		55,818
	196	IGM Biosciences, Inc.*		3,334
	592	ImmuCell Corp.*		3,623
	1,281	Immunovant, Inc.*		22,738
	2,885	Intellia Therapeutics, Inc.*		100,658
	2,237	Iovance Biotherapeutics, Inc.*		14,294
	9,160	Ironwood Pharmaceuticals, Inc.*		113,492
	4,709	IVERIC bio, Inc.*		100,820
	3,800	Jounce Therapeutics, Inc.*		4,218
	856	KalVista Pharmaceuticals, Inc.*		5,787
	606	Karuna Therapeutics, Inc.*		119,079
	1,356	Kezar Life Sciences, Inc.*		9,546
	514	Kiniksa Pharmaceuticals, Ltd., Class A*		7,700
	1,081	Krystal Biotech, Inc.*		85,637
	2,093	Kura Oncology, Inc.*		25,974
	4,768	Lexicon Pharmaceuticals, Inc.*		9,107
	830	Ligand Pharmaceuticals, Inc.*		55,444
	3,472	Macrogenics, Inc.*		23,297
	2,522	Magenta Therapeutics, Inc.*		996
	900	MediciNova, Inc.*		1,845
	2,101	MeiraGTx Holdings plc*		13,699
	1,843	Mersana Therapeutics, Inc.*		10,800
	123	Mirati Therapeutics, Inc.*		5,573
	710	Morphic Holding, Inc.*		18,993
	4,120	Myriad Genetics, Inc.*		59,781
	2,329	Nurix Therapeutics, Inc.*		25,572
	26,516	OPKO Health, Inc.*		33,145
	14,857	PDL BioPharma, Inc.*		39,520
	2,083	Precision BioSciences, Inc.*		2,479
	2,098	Protagonist Therapeutics, Inc.*		22,889
	2,444	Prothena Corp. plc*		147,251
	2,162	RAPT Therapeutics, Inc.*		42,808


Shares			Value
Common Stocks, continued
Biotechnology, continued
	2,449	REGENXBIO, Inc.*	$	55,543
	427	Repare Therapeutics, Inc.*		6,281
	1,686	Replimune Group, Inc.*		45,859
	667	REVOLUTION Medicines, Inc.*		15,888
	1,106	Rhythm Pharmaceuticals, Inc.*		32,207
	2,920	Rocket Pharmaceuticals, Inc.*		57,144
	1,935	Sage Therapeutics, Inc.*		73,801
	10,666	Sangamo Therapeutics, Inc.*		33,491
	1,550	Scholar Rock Holding Corp.*		14,028
	9,500	Spectrum Pharmaceuticals, Inc.*		3,501
	1,098	SpringWorks Therapeutics, Inc.*		28,559
	954	Stoke Therapeutics, Inc.*		8,805
	1,866	Surface Oncology, Inc.*		1,530
	1,873	Sutro Biopharma, Inc.*		15,134
	2,101	Syndax Pharmaceuticals, Inc.*		53,470
	1,755	TCR2 Therapeutics, Inc.*		1,753
	446	Twist Bioscience Corp.*		10,619
	1,189	Ultragenyx Pharmaceutical, Inc.*		55,086
	139	United Therapeutics Corp.*		38,655
	3,525	Vanda Pharmaceuticals, Inc.*		26,050
	2,332	Vaxart, Inc.*		2,241
	3,366	VBI Vaccines, Inc.*		1,316
	574	Veracyte, Inc.*		13,621
	8,204	Verastem, Inc.*		3,302
	1,032	Vericel Corp.*		27,183
	4,488	Viking Therapeutics, Inc.*		42,187
	1,685	Voyager Therapeutics, Inc.*		10,278
	3,464	Xencor, Inc.*		90,203
	1,840	Y-mAbs Therapeutics, Inc.*		8,979
	784	Zentalis Pharmaceuticals, Inc.*		15,790

				3,927,284

Building Products (1.4%):
	3,670	AAON, Inc.		276,424
	824	American Woodmark Corp.*		40,261
	1,464	Apogee Enterprises, Inc.		65,090
	2,538	Armstrong World Industries, Inc.		174,081
	1,277	AZEK Co., Inc. (The)*		25,949
	815	Csw Industrials, Inc.		94,483
	1,452	Gibraltar Industries, Inc.*		66,618
	1,043	Griffon Corp.		37,329
	1,762	Insteel Industries, Inc.		48,490
	3,941	JELD-WEN Holding, Inc.*		38,031
	871	Masonite International Corp.*		70,211
	3,341	PGT Innovations, Inc.*		60,004
	2,436	Quanex Building Products Corp.		57,685
	3,705	Resideo Technologies, Inc.*		60,947
	2,049	Simpson Manufacturing Co., Inc.		181,664
	377	Trex Co., Inc.*		15,958
	2,113	UFP Industries, Inc.		167,455
	5,918	Zurn Elkay Water Solutions Corp.		125,166

				1,605,846

Capital Markets (1.9%):
	2,408	Affiliated Managers Group, Inc.		381,499
	4,015	Artisan Partners Asset Management, Inc., Class A		119,246
	866	AssetMark Financial Holdings, Inc.*		19,918
	16,135	BGC Partners, Inc., Class A		60,829


Shares			Value
Common Stocks, continued
Capital Markets, continued
	1,300	Blucora, Inc.*	$	33,189
	2,455	Brightsphere Investment Group, Inc.		50,524
	2,537	Cohen & Steers, Inc.		163,789
	300	Cowen, Inc., Class A		11,586
	239	Diamond Hill Investment Group		44,220
	1,933	Donnelley Financial Solutions, Inc.*		74,710
	4,076	Federated Hermes, Inc., Class B		148,000
	1,990	Greenhill & Co., Inc.		20,398
	2,346	Hamilton Lane, Inc.		149,862
	211	Hennessy Advisors, Inc.		1,772
	375	Houlihan Lokey, Inc.		32,685
	2,338	Janus Henderson Group plc		54,990
	1,499	Lazard, Ltd., Class A		51,970
	3,118	Moelis & Co., Class A		119,638
	1,743	Open Lending Corp.*		11,765
	853	Oppenheimer Holdings, Inc., Class A		36,108
	671	Piper Sandler Cos.		87,357
	1,393	PJT Partners, Inc.		102,650
	3,824	Safeguard Scientifics, Inc.*		11,854
	1,619	Silvercrest Asset Management Group, Inc., Class A		30,389
	1,143	Stifel Financial Corp.		66,717
	984	StoneX Group, Inc.*		93,775
	207	Value Line, Inc.		10,532
	5,549	Virtu Financial, Inc., Class A		113,255
	411	Virtus Investment Partners, Inc.		78,682
	1,478	Westwood Holdings, Inc.		16,456
	10,429	WisdomTree, Inc.		56,838

				2,255,203

Chemicals (3.4%):
	1,064	Advanced Emmissions Solutions*		2,586
	2,212	AdvanSix, Inc.		84,100
	1,429	Agrofresh Solutions, Inc.*		4,230
	2,805	American Vanguard Corp.		60,897
	1,804	Ashland, Inc.		193,984
	1,198	Aspen Aerogels, Inc.*		14,124
	5,279	Avient Corp.		178,219
	3,070	Axalta Coating Systems, Ltd.*		78,193
	1,920	Balchem Corp.		234,451
	3,126	Cabot Corp.		208,942
	639	Chase Corp.		55,120
	8,634	Chemours Co. (The)		264,373
	1,403	Core Molding Technologies, Inc.*		18,225
	6,378	Ecovyst, Inc.*		56,509
	12,993	Element Solutions, Inc.		236,343
	2,318	Flotek Industries, Inc.*		2,596
	3,777	Futurefuel Corp.		30,707
	2,900	H.B. Fuller Co.		207,698
	1,565	Hawkins, Inc.		60,409
	2,564	Huntsman Corp.		70,459
	1,866	Ingevity Corp.*		131,441
	1,207	Innospec, Inc.		124,152
	1,047	Intrepid Potash, Inc.*		30,227
	1,147	Koppers Holdings, Inc.		32,345
	5,083	Kronos Worldwide, Inc.		47,780
	8,513	Livent Corp.*		169,153
	5,685	LSB Industries, Inc.*		75,610
	1,815	Minerals Technologies, Inc.		110,207


Shares			Value
Common Stocks, continued
Chemicals, continued
	389	NewMarket Corp.	$	121,022
	1,786	Northern Technologies International Corp.		23,772
	2,647	Olin Corp.		140,132
	2,431	Orion Engineered Carbons SA		43,296
	241	Quaker Chemical Corp.		40,223
	5,893	Rayonier Advanced Materials, Inc.*		56,573
	362	Scotts Miracle-Gro Co. (The)		17,590
	2,197	Sensient Technologies Corp.		160,205
	1,187	Stepan Co.		126,368
	2,589	Tredegar Corp.		26,460
	2,135	Trinseo PLC		48,486
	7,762	Tronox Holdings plc, Class A		106,417
	8,685	Valvoline, Inc.		283,565
	8,372	Venator Materials plc*		4,520

				3,981,709

Commercial Services & Supplies (2.0%):
	4,196	ABM Industries, Inc.		186,386
	7,062	ACCO Brands Corp.		39,477
	675	Acme United Corp.		14,783
	1,238	ACV Auctions, Inc., Class A*		10,164
	3,133	Brady Corp., Class A		147,564
	3,882	BrightView Holdings, Inc.*		26,747
	2,839	Brink’s Co. (The)		152,483
	2,801	Casella Waste Systems, Inc.*		222,147
	2,371	CECO Environmental Corp.*		27,693
	1,426	Cimpress plc*		39,372
	436	Civeo Corp.*		13,560
	1,475	Clean Harbors, Inc.*		168,327
	325	CompX International, Inc.		6,006
	1,356	Deluxe Corp.		23,025
	2,494	Ennis, Inc.		55,267
	3,751	Healthcare Services Group, Inc.		45,012
	1,000	Heritage-Crystal Clean, Inc.*		32,480
	2,059	HNI Corp.		58,537
	1,400	Hudson Technologies, Inc.*		14,168
	3,307	IAA, Inc.*		132,280
	3,774	Interface, Inc.		37,249
	3,764	KAR Auction Services, Inc.*		49,120
	2,673	Kimball International, Inc., Class B		17,375
	1,775	Matthews International Corp., Class A		54,031
	1,187	MillerKnoll, Inc.		24,939
	319	Montrose Environmental Group, Inc.*		14,161
	896	MSA Safety, Inc.		129,194
	2,566	NL Industries, Inc.		17,475
	2,198	Perma-Fix Environmental Services, Inc.*		7,759
	10,503	Pitney Bowes, Inc.		39,911
	5,379	Quad Graphics, Inc.*		21,946
	1,749	SP Plus Corp.*		60,725
	4,831	Steelcase, Inc., Class A		34,155
	1,927	Stericycle, Inc.*		96,138
	308	Tetra Tech, Inc.		44,719
	763	UniFirst Corp.		147,251
	946	Viad Corp.*		23,073
	3,364	Virco Manufacturing Co.*		15,205
	1,177	Vse Corp.		55,178

				2,305,082


Shares			Value
Common Stocks, continued
Communications Equipment (1.2%):
	2,903	ADTRAN Holdings, Inc.	$	54,547
	1,444	Applied Optoelectronics, Inc.*		2,729
	682	Aviat Networks, Inc.*		21,272
	900	BK Technologies Corp.		2,988
	3,195	CalAmp Corp.*		14,314
	3,497	Calix, Inc.*		239,300
	600	Cambium Networks Corp.*		13,002
	980	Clearfield, Inc.*		92,257
	4,785	CommScope Holding Co., Inc.*		35,170
	1,983	Comtech Telecommunications Corp.		24,074
	2,559	Digi International, Inc.*		93,531
	1,222	DZS, Inc.*		15,495
	3,157	EMCORE Corp.*		3,039
	4,014	Extreme Networks, Inc.*		73,496
	6,919	Harmonic, Inc.*		90,639
	1,456	InterDigital, Inc.		72,043
	2,325	KVH Industries, Inc.*		23,761
	1,172	Lantronix, Inc.*		5,063
	1,373	Lumentum Holdings, Inc.*		71,629
	1,769	NETGEAR, Inc.*		32,037
	4,188	NetScout Systems, Inc.*		136,152
	2,391	Network-1 Technologies, Inc.		5,260
	131	Optical Cable Corp.*		545
	7,260	Ribbon Communications, Inc.*		20,255
	3,617	ViaSat, Inc.*		114,478
	9,904	Viavi Solutions, Inc.*		104,091

				1,361,167

Construction & Engineering (2.0%):
	2,016	Ameresco, Inc., Class A*		115,194
	6,231	API Group Corp.*		117,205
	2,944	Arcosa, Inc.		159,977
	952	Argan, Inc.		35,110
	1,799	Comfort Systems USA, Inc.		207,029
	1,234	Concrete Pumping Holdings, Inc.*		7,219
	999	Construction Partners, Inc., Class A*		26,663
	1,242	Dycom Industries, Inc.*		116,251
	1,457	EMCOR Group, Inc.		215,796
	2,655	Fluor Corp.*		92,022
	2,210	Granite Construction, Inc.		77,505
	4,498	Great Lakes Dredge & Dock Corp.*		26,763
	1,379	IES Holdings, Inc.*		49,051
	1,580	MasTec, Inc.*		134,821
	3,068	Matrix Service Co.*		19,083
	4,902	MDU Resources Group, Inc.		148,727
	869	MYR Group, Inc.*		80,009
	879	Northwest Pipe Co.*		29,622
	949	NV5 Global, Inc.*		125,572
	5,203	Orion Group Holdings, Inc.*		12,383
	1,563	Primoris Services Corp.		34,292
	2,151	Sterling Infrastructure, Inc.*		70,553
	2,090	Tutor Perini Corp.*		15,780
	1,016	Valmont Industries, Inc.		335,961
	1,996	WillScot Mobile Mini Holdings Corp.*		90,159

				2,342,747


Shares			Value
Common Stocks, continued
Construction Materials (0.4%):
	1,908	Eagle Materials, Inc.	$	253,478
	5,547	Summit Materials, Inc., Class A*		157,479
	466	U.S. Lime & Minerals, Inc.		65,594

				476,551

Consumer Finance (1.0%):
	1,070	Atlanticus Holdings Corp.*		28,034
	1,688	Consumer Portfolio Services, Inc.*		14,939
	3,041	Curo Group Holdings Corp.		10,796
	1,249	Encore Capital Group, Inc.*		59,877
	1,566	Enova International, Inc.*		60,088
	5,775	EZCORP, Inc., Class A*		47,066
	2,530	FirstCash Holdings, Inc.		219,882
	2,615	Green Dot Corp., Class A*		41,369
	6,374	Navient Corp.		104,852
	1,353	Nelnet, Inc., Class A		122,785
	1,556	Nicholas Financial, Inc.*		9,818
	2,840	OneMain Holdings, Inc.		94,600
	964	Oportun Financial Corp.*		5,312
	2,222	PRA Group, Inc.*		75,059
	3,430	PROG Holdings, Inc.*		57,933
	821	Regional Mgmt Corp.		23,054
	11,202	SLM Corp.		185,953
	450	World Acceptance Corp.*		29,673

				1,191,090

Containers & Packaging (0.7%):
	2,863	Graphic Packaging Holding Co.		63,702
	1,280	Greif, Inc., Class A		85,837
	874	Greif, Inc., Class B		68,373
	2,948	Myers Industries, Inc.		65,534
	7,172	O-I Glass, Inc.*		118,840
	613	Ranpak Holdings Corp.*		3,537
	4,885	Silgan Holdings, Inc.		253,238
	2,015	Sonoco Products Co.		122,331
	2,053	TriMas Corp.		56,950

				838,342

Distributors (0.1%):
	12	AMCON Distributing Co.		2,172
	1,626	Educational Development Corp.		5,138
	2,028	Funko, Inc., Class A*		22,126
	1,262	Weyco Group, Inc.		26,704

				56,140

Diversified Consumer Services (1.0%):
	2,828	2U, Inc.*		17,732
	2,721	ADT, Inc.		24,679
	3,285	Adtalem Global Education, Inc.*		116,617
	1,366	American Public Education, Inc.*		16,788
	253	Bright Horizons Family Solutions, Inc.*		15,964
	1,394	Carriage Services, Inc.		38,391
	492	Chegg, Inc.*		12,433
	4,483	Frontdoor, Inc.*		93,246
	201	Graham Holdings Co., Class B		121,446
	1,756	Grand Canyon Education, Inc.*		185,539
	5,660	H&R Block, Inc.		206,647
	2,311	Laureate Education, Inc.		22,232
	2,747	OneSpaWorld Holdings, Ltd.*		25,630
	4,264	Perdoceo Education Corp.*		59,270


Shares			Value
Common Stocks, continued
Diversified Consumer Services, continued
	1,432	Strategic Education, Inc.	$	112,154
	2,258	Stride, Inc.*		70,630
	3,444	Universal Technical Institute, Inc.*		23,144
	2,647	WW International, Inc.*		10,217

				1,172,759

Diversified Financial Services (0.1%):
	1,888	Acacia Research Corp.*		7,948
	500	Alerus Financial Corp.		11,675
	1,292	A-Mark Precious Metals, Inc.		44,871
	3,167	Cannae Holdings, Inc.*		65,399

				129,893

Diversified Telecommunication Services (0.6%):
	1,146	Anterix, Inc.*		36,867
	879	ATN International, Inc.		39,827
	2,189	Cogent Communications Holdings, Inc.		124,948
	5,491	Consolidated Communications Holdings, Inc.*		19,658
	2,230	EchoStar Corp., Class A*		37,196
	1,571	IDT Corp.*		44,255
	6,317	Iridium Communications, Inc.*		324,694
	845	Ooma, Inc.*		11,509

				638,954

Electric Utilities (1.1%):
	3,520	ALLETE, Inc.		227,075
	3,043	Genie Energy, Ltd., Class B		31,465
	5,125	Hawaiian Electric Industries, Inc.		214,481
	1,240	IDACORP, Inc.		133,734
	1,832	MGE Energy, Inc.		128,973
	2,564	Otter Tail Corp.		150,533
	4,675	PNM Resources, Inc.		228,093
	2,371	Portland General Electric Co.		116,179

				1,230,533

Electrical Equipment (1.2%):
	1,568	Acuity Brands, Inc.		259,676
	1,194	Allied Motion Technologies, Inc.		41,563
	2,221	American Superconductor Corp.*		8,173
	1,547	Atkore, Inc.*		175,461
	1,354	AZZ, Inc.		54,431
	1,863	Babcock & Wilcox Enterprises, Inc.*		10,750
	1,177	Encore Wire Corp.		161,908
	1,956	EnerSys		144,431
	411	Espey Mfg. & Electronics Corp.*		5,836
	9,534	GrafTech International, Ltd.		45,382
	2,834	LSI Industries, Inc.		34,688
	2,523	nVent Electric plc		97,060
	79	Pineapple Holdings, Inc.*		184
	569	Powell Industries, Inc.		20,017
	527	Preformed Line Products Co.		43,894
	75	Servotronics, Inc.*		792
	924	Shoals Technologies Group, Inc., Class A*		22,795
	3,399	Sunrun, Inc.*		81,644
	2,714	Thermon Group Holdings, Inc.*		54,497
	932	TPI Composites, Inc.*		9,451
	3,104	Ultralife Corp.*		11,981
	1,134	Vicor Corp.*		60,953

				1,345,567


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (2.9%):
	2,431	Advanced Energy Industries, Inc.	$	208,531
	6,544	Arlo Technologies, Inc.*		22,970
	5,300	Avnet, Inc.		220,374
	1,770	Badger Meter, Inc.		192,983
	254	Bel Fuse, Inc., Class A		8,456
	740	Bel Fuse, Inc., Class B		24,361
	2,757	Belden, Inc.		198,228
	1,596	Benchmark Electronics, Inc.		42,597
	1,324	Coherent Corp.*		46,472
	1,860	CTS Corp.		73,321
	6,442	Daktronics, Inc.*		18,167
	1,365	Data I/O Corp.*		5,419
	662	ePlus, Inc.*		29,313
	1,860	Fabrinet*		238,489
	1,055	FARO Technologies, Inc.*		31,028
	640	Frequency Electronics, Inc.		4,512
	865	Identiv, Inc.*		6,263
	1,699	Insight Enterprises, Inc.*		170,359
	124	IPG Photonics Corp.		11,739
	2,324	Itron, Inc.*		117,711
	1,856	Kimball Electronics, Inc.*		41,927
	4,627	Knowles Corp.*		75,975
	226	Littelfuse, Inc.		49,765
	1,600	Luna Innovations, Inc.*		14,064
	1,993	Methode Electronics, Inc., Class A		88,429
	2,686	Napco Security Technologies, Inc.*		73,811
	3,997	National Instruments Corp.		147,489
	1,187	nLight, Inc.*		12,036
	1,812	Novanta, Inc.*		246,197
	952	OSI Systems, Inc.*		75,703
	1,367	PC Connection, Inc.		64,112
	1,588	Plexus Corp.*		163,453
	965	Rogers Corp.*		115,163
	3,446	Sanmina Corp.*		197,421
	1,880	ScanSource, Inc.*		54,934
	5,308	TTM Technologies, Inc.*		80,045
	6,181	Vishay Intertechnology, Inc.		133,324
	999	Vishay Precision Group, Inc.*		38,611
	2,612	Vontier Corp.		50,490
	311	Wayside Technology Group, Inc.		9,806
	3,952	Wireless Telecom Group, Inc.*		7,074

				3,411,122

Energy Equipment & Services (2.0%):
	7,188	Archrock, Inc.		64,548
	1,944	Bristow Group, Inc.*		52,741
	2,624	Cactus, Inc., Class A		131,882
	6,189	ChampionX Corp.		179,419
	2,103	Core Laboratories NV		42,628
	653	DMC Global, Inc.*		12,694
	2,539	Dril-Quip, Inc.*		68,985
	1,226	Expro Group Holdings NV*		22,227
	56	Expro Group Holdings NV US*		1,015
	1,260	Geospace Technologies Corp.*		5,317
	2,641	Gulf Island Fabrication, Inc.*		13,548
	7,520	Helix Energy Solutions Group, Inc.*		55,498
	5,207	Helmerich & Payne, Inc.		258,111
	5,674	Liberty Oilfield Services, Inc., Class A		90,841


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	595	Mammoth Energy Services, Inc.*	$	5,147
	494	Nabors Industries, Ltd.*		76,506
	2,925	National Energy Services Reunited Corp.*		20,300
	1,299	Natural Gas Services Group*		14,887
	8,761	Newpark Resources, Inc.*		36,358
	12,860	NexTier Oilfield Solutions, Inc.*		118,826
	2,994	NOV, Inc.		62,545
	5,737	Oceaneering International, Inc.*		100,340
	3,039	Oil States International, Inc.*		22,671
	9,819	Patterson-UTI Energy, Inc.		165,352
	7,231	Propetro Holding Corp.*		74,985
	8,632	RPC, Inc.		76,738
	1,598	SEACOR Marine Holdings, Inc.*		14,638
	4,229	Select Energy Services, Inc.		39,076
	1,537	Solaris Oilfield Infrastructure, Inc.		15,262
	17,966	TechnipFMC plc*		219,006
	5,480	TETRA Technologies, Inc.*		18,961
	1,475	Tidewater, Inc.*		54,354
	20,620	Transocean, Ltd.*		94,027
	5,730	U.S. Silica Holdings, Inc.*		71,625
	491	Valaris, Ltd.*		33,201
	372	Weatherford International plc*		18,942

				2,353,201

Entertainment (0.4%):
	3,572	Cinemark Holdings, Inc.*		30,933
	2,527	FG Group Holdings, Inc.*		6,621
	4,149	Imax Corp.*		60,824
	783	Liberty Media Corp.-Liberty Braves, Class A*		25,581
	1,825	Liberty Media Corp.-Liberty Braves, Class C*		58,820
	3,575	Lions Gate Entertainment Corp., Class A*		20,413
	7,603	Lions Gate Entertainment Corp., Class B*		41,284
	614	Madison Square Garden Entertainment Corp.*		27,612
	233	Madison Square Garden Sports Corp., Class A		42,716
	870	Marcus Corp.		12,519
	2,544	Playtika Holding Corp.*		21,649
	2,715	Reading International, Inc., Class A*		7,521
	951	World Wrestling Entertainment, Inc., Class A		65,163

				421,656

Food & Staples Retailing (0.8%):
	2,742	Grocery Outlet Holding Corp.*		80,039
	661	Ingles Markets, Inc., Class A		63,760
	2,814	Natural Grocers by Vitamin Cottage, Inc.		25,720
	1,654	PriceSmart, Inc.		100,530
	2,176	SpartanNash Co.		65,802
	4,696	Sprouts Farmers Market, Inc.*		152,010
	2,299	The Andersons, Inc.		80,442
	2,098	The Chefs’ Warehouse, Inc.*		69,821
	3,444	United Natural Foods, Inc.*		133,317
	1,419	Village Super Market, Inc., Class A		33,049
	1,746	Weis Markets, Inc.		143,678

				948,168

Food Products (1.7%):
	444	Alico, Inc.		10,598
	2,325	B&G Foods, Inc.^		25,924
	1,273	Calavo Growers, Inc.		37,426
	2,146	Cal-Maine Foods, Inc.		116,850


Shares			Value
Common Stocks, continued
Food Products, continued
	1,318	Coffee Holding Co., Inc.	$	2,689
	2,411	Farmer Brothers Co.*		11,115
	4,364	Flowers Foods, Inc.		125,421
	2,300	Fresh Del Monte Produce, Inc.		60,237
	3,206	Hain Celestial Group, Inc. (The)*		51,873
	6,361	Hostess Brands, Inc.*		142,741
	1,009	Ingredion, Inc.		98,811
	1,040	J & J Snack Foods Corp.		155,698
	519	John B Sanfilippo & Son, Inc.		42,205
	1,361	Lancaster Colony Corp.		268,525
	2,754	Lifecore Biomedical, Inc.*		17,846
	2,175	Limoneira Co.		26,557
	397	Pilgrim’s Pride Corp.*		9,421
	1,419	Post Holdings, Inc.*		128,079
	1,220	Rocky Mountain Chocolate Factory, Inc.*		6,954
	46	Seaboard Corp.		173,660
	708	Seneca Foods Corp., Class A*		43,153
	12	Seneca Foods Corp., Class B*		726
	4,807	Simply Good Foods Co. (The)*		182,810
	2,295	Tootsie Roll Industries, Inc.		97,698
	1,779	TreeHouse Foods, Inc.*		87,847
	2,649	Vital Farms, Inc.*		39,523

				1,964,387

Gas Utilities (1.0%):
	1,029	Chesapeake Utilities Corp.		121,607
	909	National Fuel Gas Co.		57,540
	4,906	New Jersey Resources Corp.		243,436
	1,406	Northwest Natural Holding Co.		66,912
	2,413	ONE Gas, Inc.		182,712
	873	RGC Resources, Inc.		19,250
	6,542	South Jersey Industries, Inc.		232,437
	1,722	Southwest Gas Holdings, Inc.		106,557
	2,644	Spire, Inc.		182,066

				1,212,517

Health Care (0.0%^†):
	315	Omniab, Inc. — Vesting 12.5*(a)(b)		—
	315	Omniab, Inc. — Vesting 15*(a)(b)		—

				—

Health Care Equipment & Supplies (2.8%):
	6,691	Accuray, Inc.*		13,984
	2,365	AngioDynamics, Inc.*		32,566
	1,309	Anika Therapeutics, Inc.*		38,746
	2,193	Apyx Medical Corp.*		5,132
	2,615	Artivion, Inc.*		31,694
	3,181	AtriCure, Inc.*		141,173
	126	Atrion Corp.		70,491
	2,426	Avanos Medical, Inc.*		65,648
	2,841	Axogen, Inc.*		28,353
	2,250	Axonics, Inc.*		140,692
	3,014	Cardiovascular Systems, Inc.*		41,051
	1,500	CONMED Corp.		132,960
	2,081	CytoSorbents Corp.*		3,226
	1,118	Elctromed, Inc.*		11,728
	1,048	Embecta Corp.		26,504
	877	Enovis Corp.*		46,937
	3,246	Envista Holdings Corp.*		109,293


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	427	Fonar Corp.*	$	7,152
	2,248	Glaukos Corp.*		98,193
	841	Globus Medical, Inc.*		62,461
	956	Haemonetics Corp.*		75,189
	523	Heska Corp.*		32,510
	706	Inari Medical, Inc.*		44,873
	1,790	Inogen, Inc.*		35,281
	1,778	Integer Holdings Corp.*		121,722
	4,094	Integra LifeSciences Holdings Corp.*		229,551
	850	iRadimed Corp.		24,046
	2,006	IRIDEX Corp.*		4,032
	249	Kewaunee Scientific CP*		3,872
	4,025	Lantheus Holdings, Inc.*		205,114
	1,449	LeMaitre Vascular, Inc.		66,683
	1,127	LENSAR, Inc.*		3,336
	2,723	LivaNova plc*		151,235
	3,167	Meridian Bioscience, Inc.*		105,176
	2,871	Merit Medical Systems, Inc.*		202,750
	186	Mesa Laboratories, Inc.		30,915
	5,233	Neogen Corp.*		79,699
	2,684	NuVasive, Inc.*		110,688
	5,745	OraSure Technologies, Inc.*		27,691
	1,375	Orthofix Medical, Inc.*		28,229
	1,277	Orthopediatrics Corp.*		50,735
	627	Pulmonx Corp.*		5,286
	162	QuidelOrtho Corp.*		13,878
	2,363	SeaSpine Holdings Corp.*		19,731
	76	Shockwave Medical, Inc.*		15,626
	1,010	SI-BONE, Inc.*		13,736
	2,196	STAAR Surgical Co.*		106,594
	364	Surgalign Holdings, Inc.*		713
	879	Surmodics, Inc.*		29,991
	1,169	Tactile Systems Technology, Inc.*		13,420
	743	TransMedics Group, Inc.*		45,858
	671	UFP Technologies, Inc.*		79,104
	435	Utah Medical Products, Inc.		43,731
	2,566	Varex Imaging Corp.*		52,090
	8,600	ViewRay, Inc.*		38,528
	755	Zynex, Inc.		10,502

				3,230,099

Health Care Providers & Services (3.0%):
	2,268	Acadia Healthcare Co., Inc.*		186,702
	787	Addus HomeCare Corp.*		78,299
	190	AlerisLife, Inc.*		105
	653	Amedisys, Inc.*		54,552
	2,679	AMN Healthcare Services, Inc.*		275,455
	1,243	Apollo Medical Holdings, Inc.*		36,780
	8,989	Brookdale Senior Living, Inc.*		24,540
	7,998	Community Health Systems, Inc.		34,551
	915	CorVel Corp.*		132,977
	2,958	Cross Country Healthcare, Inc.*		78,594
	3,392	Encompass Health Corp.		202,876
	794	Enhabit, Inc.*		10,449
	2,966	Ensign Group, Inc. (The)		280,613
	280	Fulgent Genetics, Inc.*		8,338
	2,636	HealthEquity, Inc.*		162,483
	1,999	InfuSystem Holdings, Inc.*		17,351


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	1,190	Joint Corp. (The)*	$	16,636
	1,634	LHC Group, Inc.*		264,201
	624	ModivCare, Inc.*		55,992
	887	National Healthcare Corp.		52,776
	1,645	National Research Corp.		61,359
	9,359	Option Care Health, Inc.*		281,612
	4,811	Owens & Minor, Inc.*		93,959
	5,186	Patterson Cos., Inc.		145,364
	5,006	Pediatrix Medical Group, Inc.*		74,389
	1,785	Petiq, Inc.*		16,458
	5,882	Premier, Inc., Class A		205,752
	3,375	Progyny, Inc.*		105,131
	1,080	Psychemedics Corp.		5,335
	2,898	RadNet, Inc.*		54,569
	7,290	Select Medical Holdings Corp.		181,011
	4,347	Surgery Partners, Inc.*		121,107
	1,751	Tenet Healthcare Corp.*		85,431
	1,764	The Pennant Group, Inc.*		19,369
	755	U.S. Physical Therapy, Inc.		61,178

				3,486,294

Health Care Technology (0.5%):
	766	Computer Programs and Systems, Inc.*		20,850
	4,744	Evolent Health, Inc., Class A*		133,212
	2,021	Health Catalyst, Inc.*		21,483
	1,818	HealthStream, Inc.*		45,159
	1,239	iCAD, Inc.*		2,267
	4,136	NextGen Healthcare, Inc.*		77,674
	2,168	Omnicell, Inc.*		109,311
	445	OptimizeRx Corp.*		7,476
	279	Simulations Plus, Inc.		10,203
	6,937	Veradigm, Inc.*		122,369

				550,004

Hotels, Restaurants & Leisure (2.2%):
	3	Biglari Holdings, Inc., Class A*		2,067
	168	Biglari Holdings, Inc., Class B*		23,318
	1,766	BJ’s Restaurants, Inc.*		46,587
	5,714	Bloomin’ Brands, Inc.		114,966
	2,652	Brinker International, Inc.*		84,625
	4,497	Carrols Restaurant Group, Inc.*		6,116
	700	Century Casinos, Inc.*		4,921
	3,080	Cheesecake Factory, Inc. (The)		97,667
	217	Choice Hotels International, Inc.		24,443
	1,396	Chuy’s Holdings, Inc.*		39,507
	1,237	Cracker Barrel Old Country Store, Inc.		117,193
	2,902	Dave & Buster’s Entertainment, Inc.*		102,847
	3,256	Denny’s Corp.*		29,988
	263	Dine Brands Global, Inc.		16,990
	2,394	El Pollo Loco Holdings, Inc.		23,844
	2,608	Fiesta Restaurant Group, Inc.*		19,169
	100	Flanigan’s Enterprises, Inc.		2,588
	1,109	Full House Resorts, Inc.*		8,340
	391	Hilton Grand Vacations, Inc.*		15,069
	5,547	International Game Technology plc		125,806
	1,031	Jack in the Box, Inc.		70,345
	3,369	Light & Wonder, Inc., Class A*		197,423
	1,327	Marriott Vacations Worldwide Corp.		178,601


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	597	Nathans Famous, Inc.	$	40,124
	1,669	Noodles & Co.*		9,163
	1,689	Papa John’s International, Inc.		139,022
	809	Penn Entertainment, Inc.*		24,027
	387	Planet Fitness, Inc., Class A*		30,496
	3,630	Playa Hotels & Resorts NV*		23,704
	1,540	Playags, Inc.*		7,854
	300	RCI Hospitality Holdings, Inc.		27,957
	1,368	Red Robin Gourmet Burgers, Inc.*		7,633
	662	Red Rock Resorts, Inc.		26,487
	2,239	Ruth’s Hospitality Group, Inc.		34,660
	3,760	SeaWorld Entertainment, Inc.*		201,198
	1,613	Shake Shack, Inc., Class A*		66,988
	1,631	Texas Roadhouse, Inc., Class A		148,339
	3,865	Travel + Leisure Co.		140,686
	10,098	Wendy’s Co. (The)		228,518
	496	Wingstop, Inc.		68,259
	572	Wyndham Hotels & Resorts, Inc.		40,789

				2,618,324

Household Durables (2.1%):
	608	Bassett Furniture Industries, Inc.		10,567
	738	Beazer Homes USA, Inc.*		9,417
	494	Cavco Industries, Inc.*		111,767
	1,854	Century Communities, Inc.		92,719
	1,650	Ethan Allen Interiors, Inc.		43,593
	820	Flexsteel Industries, Inc.		12,628
	1,624	Green Brick Partners, Inc.*		39,350
	1,347	Helen of Troy, Ltd.*		149,396
	670	Hooker Furnishings Corp.		12,529
	1,677	Installed Building Products, Inc.		143,551
	1,482	iRobot Corp.*		71,329
	4,791	KB Home		152,593
	1,138	Koss Corp.*		5,553
	2,637	La-Z-Boy, Inc.		60,176
	230	Legacy Housing Corp.*		4,361
	3,296	Leggett & Platt, Inc.		106,230
	1,096	LGI Homes, Inc.*		101,490
	2,522	Lifetime Brands, Inc.		19,142
	1,513	M/I Homes, Inc.*		69,870
	3,450	MDC Holdings, Inc.		109,020
	1,818	Meritage Homes Corp.*		167,620
	2,534	Purple Innovation, Inc.*		12,138
	3,015	Skyline Champion Corp.*		155,303
	4,300	Sonos, Inc.*		72,670
	6,288	Taylor Morrison Home Corp., Class A*		190,841
	4,483	Tempur Sealy International, Inc.		153,901
	1,904	Toll Brothers, Inc.		95,048
	520	TopBuild Corp.*		81,375
	5,638	Tri Pointe Homes, Inc.*		104,810
	3,274	Tupperware Brands Corp.*		13,554
	798	Universal Electronics, Inc.*		16,606

				2,389,147

Household Products (0.5%):
	636	Central Garden & Pet Co.*		23,818
	2,441	Central Garden & Pet Co., Class A*		87,388
	3,493	Energizer Holdings, Inc.		117,190


Shares			Value
Common Stocks, continued
Household Products, continued
	640	Oil-Dri Corp. of America	$	21,466
	1,230	Reynolds Consumer Products, Inc.		36,875
	1,701	Spectrum Brands Holdings, Inc.		103,625
	822	WD-40 Co.		132,515

				522,877

Independent Power and Renewable Electricity Producers (0.4%):
	4,220	Atlantica Sustainable Infrastructure plc		109,298
	703	Clearway Energy, Inc., Class A		21,034
	765	Clearway Energy, Inc., Class C		24,380
	2,863	Ormat Technologies, Inc.		247,592
	5,158	Sunnova Energy International, Inc.*		92,896

				495,200

Insurance (3.3%):
	2,802	AMBAC Financial Group, Inc.*		48,867
	5,367	American Equity Investment Life Holding Co.		244,843
	1,053	Amerisafe, Inc.		54,724
	1,862	Argo Group International Holdings, Ltd.		48,133
	3,675	Assured Guaranty, Ltd.		228,806
	2,314	Axis Capital Holdings, Ltd.		125,349
	3,866	Brighthouse Financial, Inc.*		198,210
	5,374	Citizens, Inc.*		11,447
	3,445	Crawford & Co.		18,293
	2,876	Crawford & Co., Class A		15,991
	2,691	Donegal Group, Inc., Class A		38,212
	1,337	eHealth, Inc.*		6,471
	1,475	Employers Holdings, Inc.		63,617
	813	Enstar Group, Ltd.*		187,836
	1,416	First American Financial Corp.		74,113
	10,826	Genworth Financial, Inc., Class A*		57,270
	991	Global Indemnity Group LLC, Class A		23,100
	3,055	Greenlight Capital Re, Ltd.*		24,898
	1,752	Hallmark Financial Services, Inc.*		1,024
	1,817	Hanover Insurance Group, Inc. (The)		245,531
	489	HCI Group, Inc.		19,360
	1,369	Heritage Insurance Holdings, Inc.		2,464
	2,079	Horace Mann Educators Corp.		77,692
	135	Investors Title Co.		19,919
	1,855	James River Group Holdings		38,788
	2,661	Kemper Corp.		130,921
	1,473	Kingstone Cos., Inc.		1,989
	714	Kinsale Capital Group, Inc.		186,725
	12,677	Maiden Holdings, Ltd.*		26,748
	2,856	Mercury General Corp.		97,675
	198	National Western Life Group, Inc., Class A		55,638
	929	NI Holdings, Inc.*		12,328
	1,205	Old Republic International Corp.		29,101
	1,464	Primerica, Inc.		207,624
	2,637	ProAssurance Corp.		46,068
	1,609	RLI Corp.		211,213
	797	Safety Insurance Group, Inc.		67,155
	2,998	Selective Insurance Group, Inc.		265,653
	6,247	SiriusPoint, Ltd.*		36,857
	1,766	Stewart Information Services Corp.		75,461
	2,849	Tiptree, Inc., Class A		39,430
	2,000	United Fire Group, Inc.		54,720
	895	United Insurance Holdings Co.		949


Shares			Value
Common Stocks, continued
Insurance, continued
	2,274	Universal Insurance Holdings, Inc.	$	24,082
	4,287	Unum Group		175,896
	164	White Mountains Insurance Group, Ltd.		231,950

				3,853,141

Interactive Media & Services (0.5%):
	3,144	ANGI, Inc., Class A*		7,388
	467	Bumble, Inc.*		9,830
	5,278	Cargurus, Inc.*		73,945
	4,413	Cars.com, Inc.*		60,767
	6,181	DHI Group, Inc.*		32,698
	3,238	QuinStreet, Inc.*		46,465
	1,095	Travelzoo*		4,873
	3,646	TripAdvisor, Inc.*		65,555
	11,137	TrueCar, Inc.*		27,954
	3,909	Yelp, Inc.*		106,872
	2,347	Ziff Davis, Inc.*		185,648

				621,995

Internet & Direct Marketing Retail (0.2%):
	1,021	1-800-Flowers.com, Inc., Class A*		9,761
	738	Duluth Holdings, Inc.*		4,561
	1,300	Lands’ End, Inc.*		9,867
	2,418	Liquidity Services, Inc.*		33,997
	1,724	PetMed Express, Inc.		30,515
	3,615	Quotient Technology, Inc.*		12,399
	16,641	Qurate Retail, Inc., Class A*		27,125
	740	Revolve Group, Inc.*		16,472
	1,857	Shutterstock, Inc.		97,901

				242,598

IT Services (1.7%):
	622	BM Technologies, Inc.*		3,241
	3,431	Bread Financial Holdings, Inc.		129,211
	1,700	Brightcove, Inc.*		8,891
	1,100	Cantaloupe, Inc.*		4,785
	962	Cass Information Systems, Inc.		44,079
	289	Concentrix Corp.		38,483
	9,103	Conduent, Inc.*		36,867
	1,673	CSG Systems International, Inc.		95,696
	758	CSP, Inc.		7,148
	1,282	DXC Technology Co.*		33,973
	1,133	Euronet Worldwide, Inc.*		106,933
	3,710	Evertec, Inc.		120,130
	1,270	Evo Payments, Inc.*		42,977
	1,949	ExlService Holdings, Inc.*		330,219
	2,654	Hackett Group, Inc. (The)		54,062
	1,488	I3 Verticals, Inc.*		36,218
	1,300	Information Services Group, Inc.		5,980
	1,362	International Money Express, Inc.*		33,192
	10,373	Limelight Networks, Inc.*		11,721
	3,634	LiveRamp Holdings, Inc.*		85,181
	6,322	Marqeta, Inc., Class A*		38,627
	1,249	Maximus, Inc.		91,589
	862	Paysign, Inc.*		2,224
	1,859	Perficient, Inc.*		129,814
	3,168	PFSweb, Inc.		19,483
	494	Shift4 Payments, Inc., Class A*		27,629
	1,555	StarTek, Inc.*		5,831


Shares			Value
Common Stocks, continued
IT Services, continued
	4,882	Teradata Corp.*	$	164,328
	2,606	TTEC Holdings, Inc.		115,003
	4,235	Unisys Corp.*		21,641
	3,544	Verra Mobility Corp.*		49,014
	2,485	Western Union Co. (The.)		34,218
	267	WEX, Inc.*		43,695

				1,972,083

Leisure Products (0.9%):
	5,175	Academy Sports & Outdoors, Inc.		271,895
	4,211	Acushnet Holdings Corp.		178,799
	2,004	American Outdoor Brands, Inc.*		20,080
	2,314	Brunswick Corp.		166,793
	1,402	Escalade, Inc.		14,272
	723	Johnson Outdoors, Inc., Class A		47,805
	1,065	Malibu Boats, Inc.*		56,765
	2,419	Marine Products Corp.		28,472
	850	Mastercraft Boat Holdings, Inc.*		21,990
	2,293	Nautilus Group, Inc.*		3,508
	204	Polaris, Inc.		20,604
	2,353	Smith & Wesson Brands, Inc.		20,424
	4,511	Topgolf Callaway Brands Corp.*		89,092
	2,209	Vista Outdoor, Inc.*		53,833
	2,379	YETI Holdings, Inc.*		98,276

				1,092,608

Life Sciences Tools & Services (0.5%):
	255	Azenta, Inc.*		14,846
	2,937	Codexis, Inc.*		13,687
	7,407	Enzo Biochem, Inc.*		10,592
	5,439	Harvard Bioscience, Inc.*		15,066
	514	Maravai LifeSciences Holdings, Inc., Class A*		7,356
	1,530	Medpace Holdings, Inc.*		324,987
	923	NanoString Technologies, Inc.*		7,356
	5,166	Neogenomics, Inc.*		47,734
	4,067	OmniAb, Inc.*		14,641
	647	Personalis, Inc.*		1,281
	1,700	Quanterix Corp.*		23,545
	2,979	Sotera Health Co.*		24,815
	537	Syneos Health, Inc.*		19,697

				525,603

Machinery (4.6%):
	765	Alamo Group, Inc.		108,324
	2,073	Albany International Corp., Class A		204,377
	5,627	Allison Transmission Holdings, Inc.		234,083
	4,706	Altra Industrial Motion Corp.		281,183
	806	Art’s-Way Manufacturing Co., Inc.		1,556
	1,143	Astec Industries, Inc.		46,474
	3,236	Barnes Group, Inc.		132,191
	1,185	Chart Industries, Inc.*		136,548
	1,404	CIRCOR International, Inc.*		33,640
	1,556	Columbus McKinnon Corp.		50,523
	3,325	Commercial Vehicle Group, Inc.*		22,643
	1,142	Crane Holdings Co.		114,714
	493	Donaldson Co., Inc.		29,023
	1,772	Douglas Dynamics, Inc.		64,076
	500	Eastern Co. (The)		9,640
	3,670	Energy Recovery, Inc.*		75,198


Shares			Value
Common Stocks, continued
Machinery, continued
	2,752	Enerpac Tool Group Corp.	$	70,038
	1,044	EnPro Industries, Inc.		113,472
	877	Esab Corp.		41,149
	1,258	ESCO Technologies, Inc.		110,125
	6,451	Evoqua Water Technologies Co.*		255,460
	3,137	Federal Signal Corp.		145,776
	5,909	Flowserve Corp.		181,288
	2,482	Franklin Electric Co., Inc.		197,939
	5,795	Gates Industrial Corp. plc*		66,121
	1,765	Gencor Industries, Inc.*		17,826
	1,794	Gorman-Rupp Co. (The)		45,962
	459	Graham Corp.*		4,416
	4,634	Harsco Corp.*		29,148
	1,812	Helios Technologies, Inc.		98,645
	2,413	Hillenbrand, Inc.		102,963
	785	Hurco Cos., Inc.		20,512
	1,014	Hyster-Yale Materials Handling, Inc., Class A		25,664
	219	ITT, Inc.		17,761
	1,705	John Bean Technologies Corp.		155,718
	472	Kadant, Inc.		83,841
	3,498	Kennametal, Inc.		84,162
	1,529	L.B. Foster Co., Class A*		14,801
	578	Lindsay Corp.		94,127
	1,597	Luxfer Holdings plc		21,911
	3,228	Manitex International, Inc.*		12,912
	2,653	Manitowoc Co., Inc. (The)*		24,301
	589	Mayville Engineering Co., Inc.*		7,457
	728	Miller Industries, Inc.		19,408
	3,159	Mueller Industries, Inc.		186,381
	8,533	Mueller Water Products, Inc., Class A		91,815
	3,562	NN, Inc.*		5,343
	638	Omega Flex, Inc.		59,538
	1,312	Oshkosh Corp.		115,705
	723	P&F Industries, Inc., Class A		3,608
	1,229	Park-Ohio Holdings Corp.		15,031
	1,599	Proto Labs, Inc.*		40,822
	114	RBC Bearings, Inc.*		23,866
	3,472	REV Group, Inc.		43,817
	1,851	Shyft Group, Inc. (The)		46,016
	1,692	SPX Technologies, Inc.*		111,080
	731	Standex International Corp.		74,862
	466	Taylor Devices, Inc.*		6,613
	1,044	Tennant Co.		64,279
	3,752	Terex Corp.		160,285
	1,867	The Greenbrier Cos., Inc.		62,601
	1,864	Timken Co.		131,729
	5,430	Titan International, Inc.*		83,188
	4,025	Trinity Industries, Inc.		119,019
	1,747	Twin Disc, Inc.*		16,981
	3,327	Wabash National Corp.		75,190
	1,430	Watts Water Technologies, Inc., Class A		209,109
	337	Woodward, Inc.		32,558

				5,386,532

Marine (0.3%):
	6,821	Costamare, Inc.		63,299
	315	Eneti, Inc.		3,166
	3,087	Genco Shipping & Trading, Ltd.		47,416


Shares			Value
Common Stocks, continued
Marine, continued
	2,099	Kirby Corp.*	$	135,071
	2,096	Matson, Inc.		131,021

				379,973

Media (0.8%):
	6,248	Altice USA, Inc., Class A*		28,741
	1,560	AMC Networks, Inc., Class A*		24,445
	478	Beasley Broadcast Group, Inc., Class A*		440
	1,823	Boston Omaha Corp.*		48,309
	7,836	comScore, Inc.*		9,090
	103	Daily Journal Corp.*		25,803
	976	DallasNews Corp.		3,748
	4,222	E.W. Scripps Co. (The), Class A*		55,688
	6,190	Entravision Communications Corp., Class A		29,712
	5,880	Gannett Co, Inc.*		11,936
	3,567	Gray Television, Inc.		39,915
	1,608	iHeartMedia, Inc., Class A*		9,857
	2,165	John Wiley & Sons, Inc., Class A		86,730
	2,864	Liberty Latin America, Ltd.*		21,566
	9,557	Liberty Latin America, Ltd., Class C*		72,633
	348	Marchex, Inc., Class B*		546
	1,885	New York Times Co. (The), Class A		61,187
	299	Nexstar Media Group, Inc.		52,334
	605	Pubmatic, Inc.*		7,750
	1,732	Scholastic Corp.		68,345
	1,559	TechTarget, Inc.*		68,690
	10,206	TEGNA, Inc.		216,265
	1,095	Thryv Holdings, Inc.*		20,805
	1,165	WideOpenWest, Inc.*		10,613

				975,148

Metals & Mining (1.8%):
	958	Alpha Metallurgical Resources, Inc.		140,242
	2,124	Ampco-Pittsburgh Corp.*		5,331
	1,062	Arconic Corp.*		22,472
	1,338	Ascent Industries Co.*		11,600
	8,400	ATI, Inc.*		250,824
	3,021	Carpenter Technology Corp.		111,596
	6,425	Century Aluminum Co.*		52,556
	8,414	Coeur Mining, Inc.*		28,271
	6,250	Commercial Metals Co.		301,875
	2,394	Compass Minerals International, Inc.		98,154
	10,043	Ferroglobe plc*		38,666
	515	Fortitude Gold Corp.		2,838
	1,805	Gold Resource Corp.		2,762
	1,257	Haynes International, Inc.		57,432
	25,965	Hecla Mining Co.		144,365
	754	Kaiser Aluminum Corp.		57,274
	1,117	Materion Corp.		97,749
	937	McEwen Mining, Inc.*		5,491
	1,803	MP Materials Corp.*		43,777
	451	Royal Gold, Inc.		50,837
	2,868	Ryerson Holding Corp.		86,786
	1,487	Schnitzer Steel Industries, Inc., Class A		45,576
	3,318	SunCoke Energy, Inc.		28,634
	3,542	TimkenSteel Corp.*		64,358
	6,784	United States Steel Corp.		169,939
	1,458	Universal Stainless & Alloy Products, Inc.*		10,454


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	2,207	Warrior Met Coal, Inc.	$	76,450
	2,629	Worthington Industries, Inc.		130,688

				2,136,997

Multiline Retail (0.4%):
	1,321	Big Lots, Inc.		19,419
	518	Dillard’s, Inc., Class A		167,418
	2,129	Kohl’s Corp.		53,757
	7,277	Macy’s, Inc.		150,270
	1,801	Nordstrom, Inc.		29,068
	1,573	Ollie’s Bargain Outlet Holdings, Inc.*		73,679

				493,611

Multi-Utilities (0.6%):
	4,925	Avista Corp.		218,375
	3,792	Black Hills Corp.		266,729
	2,992	NorthWestern Corp.		177,545
	1,043	Unitil Corp.		53,569
	2,565	Via Renewables, Inc.		13,107

				729,325

Oil, Gas & Consumable Fuels (4.5%):
	2,222	Alto Ingredients, Inc.*		6,399
	1,382	Amplify Energy Corp.*		12,148
	27,975	Antero Midstream Corp.		301,850
	1,071	Arch Resources, Inc.		152,928
	1,954	Ardmore Shipping Corp.*		28,157
	4,767	Berry Corp.		38,136
	2,716	California Resources Corp.		118,173
	2,330	Callon Petroleum Co.*		86,420
	254	Centrus Energy Corp., Class A*		8,250
	1,266	Chord Energy Corp.		173,201
	1,624	Civitas Resources, Inc.		94,078
	11,183	Clean Energy Fuel Corp.*		58,152
	11,288	CNX Resources Corp.*		190,090
	8,019	Comstock Resources, Inc.		109,940
	2,015	CONSOL Energy, Inc.		130,975
	4,922	CVR Energy, Inc.		154,255
	4,117	Delek US Holdings, Inc.		111,159
	1,575	Denbury, Inc.*		137,057
	8,834	DHT Holdings, Inc.		78,446
	2,156	Dorian LPG, Ltd.		40,856
	1,337	DT Midstream, Inc.		73,883
	2,661	Earthstone Energy, Inc.*		37,866
	10,143	Enlink Midstream LLC		124,759
	15,991	Equitrans Midstream Corp.		107,140
	2,943	Evolution Petroleum Corp.		22,220
	2,611	Green Plains, Inc.*		79,636
	373	Gulfport Energy Corp.*		27,468
	1,720	International Seaways, Inc.		63,674
	29,696	Kosmos Energy, Ltd.*		188,867
	725	Laredo Petroleum, Inc.*		37,280
	4,839	Magnolia Oil & Gas Corp., Class A		113,475
	4,070	Matador Resources Co.		232,967
	5,091	Murphy Oil Corp.		218,964
	245	NACCO Industries, Inc., Class A		9,310
	9,513	Nordic American Tankers, Ltd.		29,110
	897	Northern Oil And Gas, Inc.		27,646
	5,300	Overseas Shipholding Group, Inc.*		15,317


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	2,838	PAR Pacific Holdings, Inc.*	$	65,983
	6,480	PBF Energy, Inc., Class A		264,254
	4,201	PDC Energy, Inc.		266,679
	5,636	Peabody Energy Corp.*		148,903
	7,813	Permian Resources Corp.		73,442
	2,410	PHX Minerals, Inc.		9,375
	6	PrimeEnergy Resources Corp.*		521
	1,018	Range Resources Corp.		25,470
	523	Ranger Oil Corp.		21,145
	900	REX American Resources Corp.*		28,674
	2,674	SandRidge Energy, Inc.*		45,538
	3,705	Scorpio Tankers, Inc.		199,218
	8,803	SFL Corp., Ltd.		81,164
	3,500	Sitio Royalties Corp., Class A		100,975
	6,858	SM Energy Co.		238,864
	2,952	Talos Energy, Inc.*		55,734
	1,980	Teekay Shipping Corp.*		8,989
	2,363	Teekay Tankers, Ltd., Class A*		72,804
	5,757	W&T Offshore, Inc.*		32,124
	4,231	World Fuel Services Corp.		115,633

				5,295,741

Paper & Forest Products (0.5%):
	1,565	Clearwater Paper Corp.*		59,173
	3,299	Glatfelter Corp.		9,171
	3,993	Louisiana-Pacific Corp.		236,386
	3,596	Mativ Holdings, Inc.		75,156
	5,170	Mercer International, Inc.		60,179
	5,401	Resolute Forest Products*		116,607
	364	Sylvamo Corp.		17,687

				574,359

Personal Products (0.7%):
	2,818	BellRing Brands, Inc.*		72,253
	4,160	Coty, Inc., Class A*		35,610
	2,807	Edgewell Personal Care Co.		108,182
	2,868	elf Beauty, Inc.*		158,600
	2,266	Herbalife Nutrition, Ltd.*		33,718
	1,964	Inter Parfums, Inc.		189,565
	900	Lifevantage Corp.		3,348
	546	Medifast, Inc.		62,981
	1,387	Natural Alternatives International, Inc.*		11,637
	369	Natural Health Trends Corp.		1,255
	2,257	Natures Sunshine Products, Inc.*		18,778
	1,929	Nu Skin Enterprises, Inc., Class A		81,327
	340	United-Guardian, Inc.		3,536
	1,070	Usana Health Sciences, Inc.*		56,924

				837,714

Pharmaceuticals (1.0%):
	1,113	Aclaris Therapeutics, Inc.*		17,530
	900	Adicet Bio, Inc.*		8,046
	9,876	Amneal Pharmaceuticals, Inc.*		19,653
	3,334	Amphastar Pharmaceuticals, Inc.*		93,419
	877	ANI Pharmaceuticals, Inc.*		35,282
	1,561	Assembly Biosciences, Inc.*		2,029
	2,268	Collegium Pharmaceutical, Inc.*		52,618
	4,076	Corcept Therapeutics, Inc.*		82,784
	3,415	Cumberland Pharmaceuticals, Inc.*		7,684


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	5,512	Cymabay Therapeutics, Inc.*	$	34,560
	1,163	EyePoint Pharmaceuticals, Inc.*		4,070
	1,035	Harmony Biosciences Holdings, Inc.*		57,028
	1,224	Harrow Health, Inc.*		18,066
	4,514	Innoviva, Inc.*		59,810
	460	Intra-Cellular Therapies, Inc.*		24,343
	10,744	Nektar Therapeutics*		24,281
	882	NGM Biopharmaceuticals, Inc.*		4,428
	2,257	Pacira BioSciences, Inc.*		87,143
	3,432	Perrigo Co. plc		116,997
	1,714	Phibro Animal Health Corp., Class A		22,985
	1,808	PMV Pharmaceuticals, Inc.*		15,730
	2,694	Prestige Consumer Healthcare, Inc.*		168,644
	420	Relmada Therapeutics, Inc.*		1,466
	911	scPharmaceuticals, Inc.*		6,532
	5,073	SIGA Technologies, Inc.		37,337
	2,677	Supernus Pharmaceuticals, Inc.*		95,489
	1,505	Taro Pharmaceutical Industries, Ltd.*		43,705

				1,141,659

Professional Services (2.2%):
	3,245	ASGN, Inc.*		264,403
	572	Barrett Business Services, Inc.		53,356
	323	CACI International, Inc., Class A*		97,091
	3,153	CBIZ, Inc.*		147,718
	490	CRA International, Inc.		59,991
	2,812	Exponent, Inc.		278,641
	1,273	Forrester Research, Inc.*		45,523
	882	Franklin Covey Co.*		41,251
	1,796	FTI Consulting, Inc.*		285,205
	1,280	Heidrick & Struggles International, Inc.		35,802
	1,154	Huron Consulting Group, Inc.*		83,780
	1,116	ICF International, Inc.		110,540
	1,783	Insperity, Inc.		202,549
	668	KBR, Inc.		35,270
	2,340	Kelly Services, Inc., Class A		39,546
	1,439	Kforce, Inc.		78,900
	2,641	Korn Ferry		133,687
	958	ManpowerGroup, Inc.		79,715
	1,332	Mastech Digital, Inc.*		14,665
	3,943	Mistras Group, Inc.*		19,439
	2,119	Resources Connection, Inc.		38,947
	1,557	Science Applications International Corp.		172,718
	3,186	TriNet Group, Inc.*		216,011
	2,309	TrueBlue, Inc.*		45,210
	505	Willdan Group, Inc.*		9,014

				2,588,972

Real Estate Management & Development (0.7%):
	1,580	AMREP Corp.*		18,249
	395	CKX Lands, Inc.*		3,930
	6,494	Cushman & Wakefield plc*		80,915
	4,771	Douglas Elliman, Inc.		19,418
	913	eXp World Holdings, Inc.^		10,116
	1,627	Five Point Holdings LLC, Class A*		3,791
	1,972	Forestar Group, Inc.*		30,389
	504	FRP Holdings, Inc.*		27,145
	2,119	Howard Hughes Corp. (The)*		161,934
	10	J.W. Mays, Inc.*		478


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	7,038	Kennedy-Wilson Holdings, Inc.	$	110,708
	2,463	Marcus & Millichap, Inc.		84,850
	1,035	Maui Land & Pineapple Co., Inc.*		9,750
	8,443	Newmark Group, Inc.		67,291
	1,207	Rafael Holdings, Inc., Class B*		2,257
	688	RE/MAX Holdings, Inc., Class A		12,824
	3,740	Realogy Holdings Corp.*		23,899
	308	Stratus Properties, Inc.		5,941
	2,279	Tejon Ranch Co.*		42,936
	1,076	The RMR Group, Inc., Class A		30,397
	2,980	The St Joe Co.		115,177

				862,395

Road & Rail (0.8%):
	1,630	ArcBest Corp.		114,165
	1,322	Covenant Logistics Group, Inc.		45,702
	2,131	Daseke, Inc.*		12,125
	4,045	Heartland Express, Inc.		62,050
	1,040	Landstar System, Inc.		169,416
	2,692	Marten Transport, Ltd.		53,248
	880	PAM Transportation Services, Inc.		22,792
	774	RXO, Inc.*		13,313
	1,507	Ryder System, Inc.		125,940
	526	Saia, Inc.*		110,292
	2,170	Schneider National, Inc., Class B		50,778
	1,009	U.S. Xpress Enterprises, Inc., Class A*		1,826
	1,170	Universal Logistics Holdings, Inc.		39,125
	2,850	Werner Enterprises, Inc.		114,741
	2,752	Yellow Corp.*		6,907

				942,420

Semiconductors & Semiconductor Equipment (2.8%):
	1,480	Alpha & Omega Semiconductor, Ltd.*		42,284
	1,591	Ambarella, Inc.*		130,828
	12,049	Amkor Technology, Inc.		288,935
	1,301	Amtech Systems, Inc.*		9,887
	2,235	Axcelis Technologies, Inc.*		177,369
	2,777	AXT, Inc.*		12,163
	1,210	CEVA, Inc.*		30,952
	2,825	Cirrus Logic, Inc.*		210,406
	2,356	Cohu, Inc.*		75,510
	2,615	Diodes, Inc.*		199,106
	3,918	FormFactor, Inc.*		87,097
	4,679	GSI Technology, Inc.*		8,095
	1,254	Ichor Holdings, Ltd.*		33,632
	1,349	inTEST Corp.*		13,895
	2,631	Kulicke & Soffa Industries, Inc.		116,448
	851	Lattice Semiconductor Corp.*		55,213
	1,506	MACOM Technology Solutions Holdings, Inc.*		94,848
	1,636	MagnaChip Semiconductor Corp.*		15,362
	4,167	MaxLinear, Inc., Class A*		141,470
	393	MKS Instruments, Inc.		33,299
	557	NVE Corp.		36,066
	2,709	Onto Innovation, Inc.*		184,456
	2,739	PDF Solutions, Inc.*		78,116
	5,140	Photronics, Inc.*		86,506
	2,109	Pixelworks, Inc.*		3,733
	3,012	Power Integrations, Inc.		216,021
	6,043	Rambus, Inc.*		216,460


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	3,315	Semtech Corp.*	$	95,107
	1,031	Silicon Laboratories, Inc.*		139,876
	2,252	SMART Global Holdings, Inc.*		33,510
	1,918	Synaptics, Inc.*		182,517
	2,584	Ultra Clean Holdings, Inc.*		85,659
	680	Universal Display Corp.		73,467
	2,559	Veeco Instruments, Inc.*		47,546

				3,255,839

Software (2.1%):
	3,492	A10 Networks, Inc.		58,072
	7,188	ACI Worldwide, Inc.*		165,324
	7,970	Adeia, Inc.		75,556
	1,294	Agilysys, Inc.*		102,407
	3,236	Alarm.com Holdings, Inc.*		160,117
	3,091	Altair Engineering, Inc.*		140,548
	2,494	American Software, Inc., Class A		36,612
	796	Appfolio, Inc.*		83,883
	935	Asure Software, Inc.*		8,733
	2,785	Aware, Inc.*		4,762
	3,104	Blackbaud, Inc.*		182,701
	5,580	Box, Inc.*		173,705
	1,046	Cerence, Inc.*		19,382
	3,799	Cognyte Software, Ltd.*		11,815
	2,139	CommVault Systems, Inc.*		134,415
	782	Consensus Cloud Solutions, Inc.*		42,040
	1,386	DoubleVerify Holdings, Inc.*		30,437
	1,708	Duck Creek Technologies, Inc.*		20,581
	1,817	Ebix, Inc.		36,267
	1,929	Envestnet, Inc.*		119,019
	1,210	Guidewire Software, Inc.*		75,698
	981	Jamf Holding Corp.*		20,895
	2,038	Mitek Systems, Inc.*		19,748
	554	Model N, Inc.*		22,470
	1,242	ON24, Inc.*		10,719
	2,582	OneSpan, Inc.*		28,893
	2,333	Progress Software Corp.		117,700
	293	Q2 Holdings, Inc.*		7,873
	1,989	Qualys, Inc.*		223,226
	2,532	Rimini Street, Inc.*		9,647
	1,169	Sapiens International Corp. NV		21,603
	539	Shotspotter, Inc.*		18,234
	1,900	Smith Micro Software, Inc.*		3,990
	843	SPS Commerce, Inc.*		108,267
	3,200	Sumo Logic, Inc.*		25,920
	3,280	Synchronoss Technologies, Inc.*		2,027
	870	Upland Software, Inc.*		6,203
	3,329	Verint Systems, Inc.*		120,776
	3,188	Xperi, Inc.*		27,449

				2,477,714

Specialty Retail (2.9%):
	1,777	Aaron’s Co., Inc. (The)		21,235
	2,894	Abercrombie & Fitch Co., Class A*		66,301
	11,375	American Eagle Outfitters, Inc.		158,795
	422	America’s Car-Mart, Inc.*		30,494
	1,088	Asbury Automotive Group, Inc.*		195,024
	1,351	AutoNation, Inc.*		144,962
	5,705	Barnes & Noble Education, Inc.*		9,984


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	1,634	Big 5 Sporting Goods Corp.^	$	14,428
	1,510	Boot Barn Holdings, Inc.*		94,405
	1,732	Build-A-Bear Workshop, Inc.*		41,291
	2,857	Caleres, Inc.		63,654
	407	Camping World Holdings, Inc., Class A		9,084
	1,799	Cato Corp., Class A		16,785
	7,945	Chico’s FAS, Inc.*		39,089
	757	Citi Trends, Inc.*		20,045
	2,251	Conn’s, Inc.*		15,487
	4,771	Designer Brands, Inc., Class A		46,660
	1,861	Destination XL Group, Inc.*		12,562
	4,657	Foot Locker, Inc.		175,988
	3,840	Gap, Inc. (The)		43,315
	802	Genesco, Inc.*		36,908
	753	Group 1 Automotive, Inc.		135,819
	3,762	Guess?, Inc.^		77,836
	1,284	Haverty Furniture Cos., Inc.		38,392
	849	Hibbett, Inc.		57,919
	1,353	Leslie’s, Inc.*		16,520
	1,529	LL Flooring Holdings, Inc.*		8,593
	1,251	MarineMax, Inc.*		39,056
	1,923	Monro, Inc.		86,920
	704	Murphy U.S.A., Inc.		196,796
	4,234	National Vision Holdings, Inc.*		164,110
	2,301	ODP Corp. (The)*		104,787
	443	OneWater Marine, Inc.*		12,670
	1,560	Penske Automotive Group, Inc.		179,291
	3,598	Rent-A-Center, Inc.		81,135
	6,055	Sally Beauty Holdings, Inc.*		75,809
	1,818	Shoe Carnival, Inc.		43,468
	2,746	Signet Jewelers, Ltd.		186,728
	1,362	Sleep Number Corp.*		35,385
	1,462	Sonic Automotive, Inc., Class A		72,033
	2,363	Sportsman’s Warehouse Holdings, Inc.*		22,236
	3,031	The Buckle, Inc.		137,456
	823	The Children’s Place, Inc.*		29,974
	4,201	The Container Store Group, Inc.*		18,106
	1,307	Tile Shop Holdings, Inc.*		5,725
	2,271	Tilly’s, Inc.*		20,553
	624	TravelCenters of America, Inc.*		27,943
	5,052	Urban Outfitters, Inc.*		120,490
	321	Victoria’s Secret & Co.*		11,485
	303	Winmark Corp.		71,456
	1,091	Zumiez, Inc.*		23,718

				3,358,905

Technology Hardware, Storage & Peripherals (0.5%):
	2,901	3D Systems Corp.*		21,467
	1,308	AstroNova, Inc.*		16,769
	2,793	Avid Technology, Inc.*		74,266
	6,556	NCR Corp.*		153,476
	3,811	Stratasys, Ltd.*		45,198
	2,418	Super Micro Computer, Inc.*		198,518
	1,590	TransAct Technologies, Inc.*		9,890
	600	Turtle Beach Corp.*		4,302
	3,587	Xerox Holdings Corp.		52,370

				576,256


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (1.0%):
	2,061	Carter’s, Inc.	$	153,771
	2,038	Columbia Sportswear Co.		178,488
	2,291	Culp, Inc.		10,516
	2,091	Fossil Group, Inc.*		9,012
	2,571	G-III Apparel Group, Ltd.*		35,248
	1,322	Hanesbrands, Inc.		8,408
	3,180	Kontoor Brands, Inc.		127,168
	816	Lakeland Industries, Inc.*		10,853
	844	Movado Group, Inc.		27,219
	1,001	Oxford Industries, Inc.		93,273
	1,640	PVH Corp.		115,768
	674	Rocky Brands, Inc.		15,920
	3,115	Skechers U.S.A., Inc., Class A*		130,674
	4,466	Steven Madden, Ltd.		142,733
	418	Superior Group of Cos., Inc.		4,205
	957	Unifi, Inc.*		8,240
	1,916	Vera Bradley, Inc.*		8,680
	4,779	Wolverine World Wide, Inc.		52,235

				1,132,411

Thrifts & Mortgage Finance (2.4%):
	3,501	Axos Financial, Inc.*		133,808
	2,838	BankFinancial Corp.		29,884
	2,024	Bridgewater Bancshares, Inc.*		35,906
	7,770	Capitol Federal Financial, Inc.		67,211
	280	Citizens Community Bancorp, Inc.		3,368
	5,449	Columbia Financial, Inc.*		117,807
	1,537	ESSA Bancorp, Inc.		32,077
	4,677	Essent Group, Ltd.		181,842
	596	Federal Agricultural Mortgage Corp.		67,175
	242	First Capital, Inc.		6,026
	986	FS Bancorp, Inc.		32,972
	150	Hingham Institution for Savings (The)		41,394
	629	HMN Financial, Inc.		13,398
	973	Home Bancorp, Inc.		38,949
	86	Home Federal Bancorp, Inc.		1,534
	1,162	HomeStreet, Inc.		32,048
	869	IF Bancorp, Inc.		14,973
	3,933	Kearny Financial Corp.		39,920
	390	Kentucky First Federal Bancorp		2,644
	289	LendingTree, Inc.*		6,164
	1,892	Luther Burbank Corp.		21,020
	940	Malvern Bancorp, Inc.*		16,685
	1,851	Merchants Bancorp		45,016
	2,242	MGIC Investment Corp.		29,146
	3,941	Mr Cooper Group, Inc.*		158,152
	21,283	New York Community Bancorp, Inc.		183,034
	4,642	NMI Holdings, Inc., Class A*		97,018
	3,578	Northfield Bancorp, Inc.		56,282
	6,541	Northwest Bancshares, Inc.		91,443
	3,132	Oceanfirst Financial Corp.		66,555
	198	Oconee Federal Financial Corp.		4,417
	1,129	Ocwen Financial Corp.*		34,525
	1,842	Pathward Financial, Inc.		79,298
	2,010	PCSB Financial Corp.		38,270
	477	PennyMac Financial Services, Inc.		27,027
	1,668	Premier Financial Corp.		44,986
	1,677	Provident Financial Holdings, Inc.		23,092


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	3,721	Provident Financial Services, Inc.	$	79,481
	4,780	Radian Group, Inc.		91,155
	1,982	Riverview Bancorp, Inc.		15,222
	3,589	Security National Financial Corp., Class A*		26,200
	707	Southern Missouri Bancorp, Inc.		32,402
	1,053	Sterling Bancorp, Inc.*		6,413
	1,409	Territorial Bancorp, Inc.		33,830
	3,100	TFS Financial Corp.		44,671
	1,462	TrustCo Bank Corp. NY		54,957
	1,677	Walker & Dunlop, Inc.		131,611
	3,395	Washington Federal, Inc.		113,902
	1,247	Waterstone Financial, Inc.		21,498
	3,601	Western New England BanCorp, Inc.		34,066
	3,813	WSFS Financial Corp.		172,881
	35	WVS Financial Corp.		490

				2,773,845

Tobacco (0.2%):
	763	Turning Point Brands, Inc.		16,504
	975	Universal Corp.		51,490
	9,542	Vector Group, Ltd.		113,168

				181,162

Trading Companies & Distributors (2.5%):
	6,925	Air Lease Corp.		266,058
	1,077	Alta Equipment Group, Inc.		14,206
	2,624	Applied Industrial Technologies, Inc.		330,703
	3,664	Beacon Roofing Supply, Inc.*		193,422
	569	BlueLinx Holdings, Inc.*		40,461
	1,324	Boise Cascade Co.		90,919
	1,278	DXP Enterprises, Inc.*		35,209
	1,463	EVI Industries, Inc.*		34,922
	1,550	GATX Corp.		164,827
	2,103	Global Industrial Co.		49,484
	573	GMS, Inc.*		28,535
	1,299	H&E Equipment Services, Inc.		58,975
	1,516	Herc Holdings, Inc.		199,460
	1,475	Kaman Corp., Class A		32,892
	1,489	McGrath Rentcorp		147,024
	4,569	MRC Global, Inc.*		52,909
	2,121	MSC Industrial Direct Co., Inc.		173,286
	7,964	NOW, Inc.*		101,143
	1,839	Rush Enterprises, Inc., Class A		96,143
	500	Rush Enterprises, Inc., Class B		28,135
	480	SiteOne Landscape Supply, Inc.*		56,314
	2,140	Textainer Group Holdings, Ltd.		66,361
	1,548	Titan Machinery, Inc.*		61,502
	577	Transcat, Inc.*		40,892
	3,118	Triton International, Ltd.		214,456
	5,651	Univar Solutions, Inc.*		179,702
	1,034	Veritiv Corp.		125,848
	696	WESCO International, Inc.*		87,139

				2,970,927

Water Utilities (0.6%):
	2,465	American States Water Co.		228,136
	824	Artesian Resources Corp.		48,270
	2,717	California Water Service Group		164,759


Shares			Value
Common Stocks, continued
Water Utilities, continued
	1,256	Consolidated Water Co., Ltd.	$	18,589
	925	Middlesex Water Co.		72,769
	2,502	Pure Cycle Corp.*		26,221
	1,615	SJW Group		131,122
	859	York Water Co. (The)		38,638

				728,504

Wireless Telecommunication Services (0.2%):
	2,500	Gogo, Inc.*		36,900
	2,895	Shenandoah Telecommunications Co.		45,973
	2,722	Spok Holdings, Inc.		22,293
	5,534	Telephone and Data Systems, Inc.		58,052
	2,003	United States Cellular Corp.*		41,762

				204,980

	Total Common Stocks (Cost $98,449,704)			116,539,049

Preferred Stocks (0.1%):
Media (0.0%^†):
	430	Liberty Broadband Corp., Series A		10,019

Trading Companies & Distributors (0.1%):
	2,540	WESCO International, Inc., Series A		66,599

	Total Preferred Stocks (Cost $70,827)			76,618

Rights (0.0%^†):
Biotechnology (0.0%^†):
	8,857	Achillion Pharm CVR, Expires on 1/29/49*		12,666
	2,004	Chinook Therapeutics-CVR, Expires on 12/31/49*		4,068

				16,734

Health Care (0.0%^†):
	4,400	Progenics Pharmaceuticals, Inc., Expires on 12/31/49*		5,060
	2,689	Zogenix, Inc. CVR, Expires on 1/1/25*		1,828

				6,888

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

Pharmaceuticals (0.0%^†):
	8,452	Xeris BioPharma Hold CVR, Expires on 10/6/49*		3,007

Trading Companies & Distributors (0.0%^†):
	79	Communications Systems I CVR, Expires on 1/1/29*		349

	Total Rights (Cost $364)			27,342

Short-Term Security Held as Collateral for Securities on Loan (0.0%^†):
	54,304	BlackRock Liquidity FedFund, Institutional Class , 1.49%(c)(d)		54,304

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $54,304)			54,304

	Total Investment Securities (Cost $98,575,199) — 100.0%(e)			116,697,313
	Net other assets (liabilities) — 0.0%^†			(25,869	)

	Net Assets — 100.0%		$	116,671,444

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	98,575,199

Investment securities, at value(a)	$	116,697,313
Interest and dividends receivable		98,381
Receivable for investments sold		278,693
Prepaid expenses		10

Total Assets		117,074,397

Liabilities:
Cash overdraft		28,196
Payable for capital shares redeemed		214,758
Payable for collateral received on loaned securities		54,304
Management fees payable		67,858
Administration fees payable		6,643
Distribution fees payable		25,320
Custodian fees payable		1,285
Administrative and compliance services fees payable		305
Transfer agent fees payable		769
Trustee fees payable		762
Other accrued liabilities		2,753

Total Liabilities		402,953

Net Assets	$	116,671,444

Net Assets Consist of:
Paid in capital	$	86,958,705
Total distributable earnings		29,712,739

Net Assets	$	116,671,444

Shares of beneficial interest (unlimited number of shares authorized, no par value)		12,347,602
Net Asset Value (offering and redemption price per share)	$	9.45

(a)	Includes securities on loan of $52,381.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends	$	1,744,277
Interest		10
Income from securities lending		4,581
Foreign withholding tax		(1,421	)

Total Investment Income		1,747,447

Expenses:
Management fees		1,097,809
Administration fees		45,855
Distribution fees		322,884
Custodian fees		8,748
Administrative and compliance services fees		1,812
Transfer agent fees		6,042
Trustee fees		7,239
Professional fees		5,666
Shareholder reports		1,758
Other expenses		3,976

Total expenses before reductions		1,501,789
Less Management fees contractually waived		(202,749	)

Net expenses		1,299,040

Net Investment Income/(Loss)		448,407

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		11,018,027
Change in net unrealized appreciation/depreciation on securities		(30,719,096	)

Net realized and Change in net unrealized gains/losses on investments		(19,701,069	)

Change in Net Assets Resulting From Operations	$	(19,252,662	)

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.

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 Trusts 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 and the 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 $426 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $54,304 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds 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.”

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $98,508,853. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this 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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian and brokers. 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, 2022, 50.40% 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, 2022, the Fund declared net short-term capital gain distributions of $3,799,842

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $26,878,900.

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.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® Enhanced Bond Index Fund (the “Fund”) returned (13.68)%. That compared to a (13.01)% total return for its benchmark, the Bloomberg U.S. Aggregate Bond Index.¹

The year under review began with a dramatic rise in volatility driven by stubbornly high inflation and rising geopolitical uncertainty. The hawkish pivot by global central banks also drove some of the uptick in market volatility. The yield curve flattened during the first quarter as short-term rates rose along with rising inflation and hawkish rhetoric from the Federal Reserve (the Fed). Meanwhile, Russia’s invasion of Ukraine in late February triggered a broad selloff in emerging market bonds and a flight from risk that drove a widening of credit spreads.

An increasingly hawkish Fed and growing fears of an economic recession caused additional market volatility during the second quarter, which drove credit spreads even wider. Risk assets staged a rally early in the third quarter but gave up nearly all their gains by the end of the quarter due to signs that inflation remained a significant problem. The Fed’s initially unexpected moves to implement several consecutive rate increases of 75 basis points led to further downward pressure on bond prices in September.

Bonds ended the period under review with a rally in October and November that lost steam in December. The rally was largely driven by signs that inflation had slowed, and that the Fed was willing to begin easing the pace of its rate increases. Credit spreads tightened somewhat during this final quarter of the period as yields on risk assets fell, even as a great deal of volatility remained in bond markets.

Amid this volatile period, the Fund underperformed its benchmark for the year. The main detractors for the period were the Fund’s duration and yield curve positioning, which had their largest negative effects during the first half of the period. Security selection in emerging markets also weighed on the Fund’s relative performance, as did its positioning and selection within the securitized asset sector.

The Fund benefited from its allocation to Treasury Inflation Protected Securities (TIPS), which outperformed amid rising inflation. Security selection in agency mortgages, as well as positioning and selection in investment-grade credit, also benefited relative results, particularly during the first and third quarters.

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, 2022
	1 Year			3 Year			5 Year			10 Year
AZL^® Enhanced Bond Index Fund		(13.68	)%		(3.09	)%		(0.39	)%		0.64	%
Bloomberg U.S. Aggregate Bond Index		(13.01	)%		(2.71	)%		0.02	%		1.06	%


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

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. 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, 2024. Additional information pertaining to the December 31, 2022 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 (4.9%):
$	1,932,000	American Express Credit Account Master Trust, Class A, Series 2022-3, 3.75%, 8/16/27	$	1,889,278
	2,240,443	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)		2,146,963
	5,977,000	BA Credit Card Trust, Class A2, Series 2022-A2, 5.00%, 4/17/28		6,043,074
	1,640,000	Benchmark Mortgage Trust, Class A4, Series 2018-B7, 4.51%, 11/15/51, Callable 11/15/28 @ 100		1,583,782
	2,531,000	Capital One Multi-Asset Execution Trust, Class A, Series 2022-A2, 3.49%, 5/15/27		2,461,518
	5,275,000	Capital One Multi-Asset Execution Trust, Class A, Series 2022-A3, 4.95%, 10/15/27		5,309,520
	2,753,070	CarMax Auto Owner Trust, Class A2A, Series 2022-2, 2.81%, 5/15/25, Callable 1/15/26 @ 100		2,727,409
	143,442	College Ave Student Loans LLC, Class A1, Series 2021-A, 5.49%(US0001M+110bps), 7/25/51, Callable 2/25/32 @ 100(a)		143,190
	995,669	College Ave Student Loans LLC, Class A2, Series 2021-C, 2.32%, 7/26/55(a)		861,815
	1,078,379	College Avenue Student Loans LLC, Class A2, Series 2021-B, 1.76%, 6/25/52, Callable 1/25/34 @ 100(a)		924,749
	74,426	Credit Acceptance Auto Loan Trust, Class A, Series 20-2A, 1.37%, 7/16/29, Callable 1/15/24 @ 100(a)		73,696
	3,640,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 2/15/30, Callable 12/15/24 @ 100(a)		3,490,799
	3,400,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-4, 1.26%, 10/15/30, Callable 4/15/25 @ 100(a)		3,174,621
	1,880,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-3A, 1.00%, 5/15/30, Callable 11/15/24 @ 100(a)		1,792,471
	432,415	EDvestinU Private Education Loan Issue No 3 LLC, Class A, Series 2021-A, 1.80%, 11/25/45(a)		362,423
	773,000	Enterprise Fleet Financing LLC, Class A3, Series 2022-3, 4.29%, 7/20/29, Callable 5/20/26 @ 100(a)		733,312
	3,383,526	Ford Credit Auto Lease Trust, Class A2A, Series 2022-A, 2.78%, 10/15/24, Callable 10/15/24 @ 100		3,344,608
	737,000	Ford Credit Auto Owner Trust, Class A3, Series 2022-D, 5.27%, 5/17/27, Callable 2/15/26 @ 100		745,146
	434,254	Goodleap Sustainable Home Solutions Trust, Class A, Series 2022-1GS, 2.70%, 1/20/49, Callable 6/20/36 @ 100(a)		332,627
	1,669,873	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-4GS, 1.93%, 7/20/48, Callable 7/20/36 @ 100(a)		1,301,743
	911,493	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-5CS, 2.31%, 10/20/48, Callable 8/20/36 @ 100(a)		651,871
	1,897,058	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2022-3CS, 4.95%, 7/20/49, Callable 11/20/36 @ 100(a)		1,738,573


Principal Amount			Value
Asset Backed Securities, continued
$	2,960,000	GPMT, Ltd., Class A, Series 2021-FL4, 5.71%(US0001M+135bps), 11/15/36, Callable 11/20/23 @ 100(a)	$	2,823,379
	1,358,000	Hyundai Auto Receivables Trust, Class A3, Series 2022-C, 5.39%, 6/15/27, Callable 3/15/25 @ 100		1,374,965
	1,390,000	Lendmark Funding Trust, Class A, Series 2021-1A, 1.90%, 11/20/31, Callable 5/20/26 @ 100(a)		1,182,176
	1,200,000	Mariner Finance Issuance Trust, Class A, Series 2021-AA, 1.86%, 3/20/36, Callable 3/20/26 @ 100(a)		1,029,995
	1,569,734	Mosaic Solar Loan Trust, Class A, Series 2022-1A, 2.64%, 1/20/53, Callable 3/20/36 @ 100(a)		1,304,376
	947,292	Mosaic Solar Loan Trust, Class A, Series 2022-2A, 4.38%, 1/21/53, Callable 12/20/36 @ 100(a)		863,430
	1,006,000	Mosaic Solar Loan Trust, Class A, Series 2022-D, 6.16%, 6/20/53, Callable 6/20/37 @ 100(a)		1,003,086
	1,044,651	Navient Private Education Loan Trust, Class A1B, Series 2020-lA, 5.32%(US0001M+100bps), 4/15/69, Callable 7/15/31 @ 100(a)		1,016,249
	2,110,400	Navient Private Education Refi Loan Trust, Class A, Series 20-FA, 1.22%, 7/15/69, Callable 1/15/27 @ 100(a)		1,927,900
	4,305,093	Navient Private Education Refi Loan Trust, Class A, Series 2022-BA, 4.16%, 10/15/70, Callable 6/15/29 @ 100(a)		3,986,016
	2,235,496	Navient Private Education Refi Loan Trust, Class A, Series 2021-DA, 5.01%(PRIME-(199)bps), 4/15/60, Callable 5/15/32 @ 100(a)		2,058,585
	452,651	Navient Private Education Refi Loan Trust, Class A, Series 2021-A, 0.84%, 5/15/69, Callable 1/15/28 @ 100(a)		390,699
	6,534,166	Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69, Callable 6/15/29 @ 100(a)		5,524,374
	130,250	Navient Student Loan Trust, Class A2, Series 2018-EA, 4.00%, 12/15/59, Callable 4/15/25 @ 100(a)		126,095
	874,323	Navient Student Loan Trust, Class A2B, Series 2020-CA, 5.92%(US0001M+160bps), 11/15/68, Callable 3/15/31 @ 100(a)		852,748
	1,682,585	Navient Student Loan Trust, Class A2B, Series 2019-D, 5.37%(US0001M+105bps), 12/15/59, Callable 6/15/31 @ 100(a)		1,632,753
	3,719,000	Nelnet Student Loan Trust, Class AFL, Series 2021-CA, 5.09%(US0001M+74bps), 4/20/62, Callable 5/20/31 @ 100(a)		3,573,153
	3,182,955	Nelnet Student Loan Trust, Class APT2, Series 2021-A, 1.36%, 4/20/62, Callable 9/20/29 @ 100(a)		2,806,127
	2,626,243	Nelnet Student Loan Trust, Class AFX, Series 2021-DA, 1.63%, 4/20/62, Callable 8/20/31 @ 100(a)		2,364,547
	6,079,851	Nelnet Student Loan Trust, Class AFL, Series 2021-BA, 5.13%(US0001M+78bps), 4/20/62, Callable 7/20/29 @ 100(a)		5,914,118
	1,400,000	PFS Financing Corp., Class A, Series 2021-A, 0.71%, 4/15/26(a)		1,320,240


Principal Amount			Value
Asset Backed Securities, continued
$	579,907	Prodigy Finance CM2021-1 DAC, Class A, Series 2021-1A, 5.64%(US0001M+125bps), 7/25/51, Callable 2/25/27 @ 100(a)	$	558,581
	2,009,000	Regional Management Issuance Trust, Class A, Series 2021-2, 1.90%, 8/15/33, Callable 8/15/26 @ 100(a)		1,707,856
	1,210,570	SMB Private Education Loan Trust, Class APT1, Series 2021-C, 1.39%, 1/15/53(a)		1,039,018
	339,278	SMB Private Education Loan Trust, Class A2B, Series 2017-B, 5.07%(US0001M+75bps), 10/15/35(a)		335,141
	3,107,843	SMB Private Education Loan Trust, Class APT, Series 2022-A, 2.85%, 11/16/54(a)		2,814,347
	283,747	SMB Private Education Loan Trust, Class A2B, Series 2020-A, 5.15%(US0001M+83bps), 9/15/37(a)		269,833
	3,677,885	SMB Private Education Loan Trust, Class A2A1, Series 2021-A, 5.05%(US0001M+73bps), 1/15/53(a)		3,481,905
	490,000	SMB Private Education Loan Trust, Class B, Series 2021-A, 2.31%, 1/15/53(a)		411,754
	1,956,323	SMB Private Education Loan Trust, Class A1B, Series 2022-C, 5.66%(SOFR30A+185bps), 5/16/50(a)		1,944,691
	1,721,362	SMB Private Education Loan Trust, Class A1A, Series BA, 1.29%, 7/15/53(a)		1,554,606
	469,525	SoFi Professional Loan Program, Class A2FX, Series 2019-B, 3.09%, 8/17/48, Callable 5/15/26 @ 100(a)		441,805
	1,173,484	SoFi Professional Loan Program, Class A2FX, Series 2020-A, 2.54%, 5/15/46, Callable 6/15/27 @ 100(a)		1,042,780
	585,420	SoFi Professional Loan Program, Class AFX, Series 2020-C, 1.95%, 2/15/46, Callable 4/15/28 @ 100(a)		532,018
	9,374	SoFi Professional Loan Program, Class A2B, Series 2016-D, 2.34%, 4/25/33, Callable 11/25/23 @ 100(a)		9,124
	1,235,234	SoFi Professional Loan Program, Class A2FX, Series 2017-F, 2.84%, 1/25/41, Callable 5/25/25 @ 100(a)		1,187,605

	Total Asset Backed Securities (Cost $109,347,988)			102,239,263

Collateralized Mortgage Obligations (8.0%):
	1,930,000	ACRES Commercial Realty, Ltd., Class A, Series 2021-FL2, 5.73%(US0001M+140bps), 1/15/37, Callable 12/15/23 @ 100(a)		1,842,898
	2,000,000	AIMCO CLO, Class AR, Series 2017-AA, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		1,944,258
	2,810,000	Alen Mortgage Trust, Class A, Series 2021-ACEN, 5.47%(US0001M+115bps), 4/15/38(a)		2,722,037
	1,000,000	Anchorage Capital CLO 7, Ltd., Class AR2, Series 2015-7A, 5.46%(US0003M+109bps), 1/28/31, Callable 1/28/23 @ 100(a)		984,531
	2,008,848	Angel Oak Mortgage Trust, Class A1, Series 2022-1, 2.88%, 12/25/66, Callable 1/25/25 @ 100(a)(b)		1,779,332


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,170,000	Apidos CLO XX, Class A1RA, Series 2015-20A, 5.89%(US0003M+110bps), 7/16/31, Callable 1/16/23 @ 100(a)	$	1,144,716
	4,240,000	Arbor Realty Commercial Real Estate Notes, Ltd., Class A, Series 2021-FL4, 5.67%(US0001M+135bps), 11/15/36, Callable 6/15/24 @ 100(a)		4,098,301
	500,894	Ares XL CLO, Ltd., Class A1RA, Series 2016-40A, 5.66%(US0003M+87bps), 1/15/29, Callable 1/15/23 @ 100(a)		494,102
	500,000	Ares XXXIIR CLO, Ltd., Class A1A, Series 2014-32RA, 5.55%(US0003M+94bps), 5/15/30, Callable 2/15/23 @ 100(a)		489,912
	1,635,178	Arroyo Mortgage Trust, Class A1, Series 2022-2, 4.95%, 7/25/57, Callable 7/25/25 @ 100(a)		1,591,800
	1,330,000	BANK, Class A5, Series 2021-BN38, 2.52%, 12/15/64, Callable 12/15/31 @ 100		1,081,181
	3,850,000	Barclays Commercial Mortgage Trust, Class A, Series 2018-TALL, 5.04%(US0001M+72bps), 3/15/37(a)		3,654,183
	1,232,856	Battalion CLO VIII, Ltd., Class A1R2, Series 2015-8A, 5.26%(US0003M+107bps), 7/18/30, Callable 1/18/23 @ 100(a)		1,211,304
	2,290,000	Battalion CLO X, Ltd., Class A1R2, Series 2016-10A, 5.49%(US0003M+117bps), 1/25/35, Callable 1/24/23 @ 100(a)		2,227,783
	4,580,000	BDS, Ltd., Class A, Series 2021-FL10, 5.69%(US0001M+135bps), 12/18/36, Callable 12/16/23 @ 100(a)		4,422,640
	1,040,000	Benchmark Mortgage Trust, Class B, Series 2019-B15, 3.56%, 12/15/72, Callable 12/15/29 @ 100		822,035
	1,540,000	BSPRT Issuer, Ltd., Class A, Series 2021-FL7, 5.64%(US0001M+132bps), 12/15/38, Callable 12/15/23 @ 100(a)		1,471,252
	1,120,000	BX, Class A, Series 2021-MFM1, 5.02%(US0001M+70bps), 1/15/34(a)		1,084,047
	1,810,898	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(a)		1,786,262
	3,350,000	BX Commercial Mortgage Trust, Class A, Series 2020-ViV4, 2.84%, 3/9/44, Callable 3/9/30 @ 100(a)		2,658,577
	2,506,764	BX Commercial Mortgage Trust, Class A, Series 2021-XL2, 5.01%(US0001M+69bps), 10/15/36(a)		2,409,955
	2,110,000	BX Commercial Mortgage Trust, Class A, Series 2021-CIP, 5.24%(US0001M+92bps), 12/15/28(a)		2,036,210
	4,800,000	BX Trust, Class A, Series 2021-ARIA, 5.22%(US0001M+90bps), 10/15/36(a)		4,566,216
	551,000	BX Trust, Class D, Series 2019-OC11, 4.08%, 12/9/41, Callable 12/9/29 @ 100(a)		438,645
	603,000	Cantor Commercial Real Estate Lending, Class B, Series 2019-CF3, 3.50%, 1/15/53, Callable 12/15/29 @ 100(b)		496,172
	615,000	Cantor Commercial Real Estate Lending, Class A4, Series 2019-CF2, 2.62%, 11/15/52, Callable 10/15/29 @ 100		520,639


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	400,000	CARLYLE US CLO, Ltd., Class A1, Series 2021-5A, 5.36%(US0003M+112bps), 7/20/34, Callable 7/20/23 @ 100(a)	$	386,605
	2,235,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		2,161,766
	1,950,000	CEDR Commercial Mortgage Trust, Class A, Series 2022-SNAI, 5.32%(TSFR1M+99bps), 2/15/39(a)		1,832,955
	250,677	Chase Home Lending Mortgage Trust, Class A11, Series 2019-ATR2, 4.94%(US0001M+90bps), 7/25/49, Callable 6/25/36 @ 100(a)		242,403
	1,250,000	CIFC Funding, Ltd., Class A1, Series 2013-3RA, 5.30%(US0003M+98bps), 4/24/31, Callable 1/24/23 @ 100(a)		1,229,288
	731,573	CIM Trust, Class A11, Series 2019-INV3, 4.97%(US0001M+100bps), 8/25/49, Callable 10/25/41 @ 100(a)		672,806
	667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48, Callable 6/10/26 @ 100		633,634
	1,279,058	Commercial Mortgage Loan Trust, Class AM, Series 2013-CR7, 3.31%, 3/10/46, Callable 4/10/23 @ 100(a)		1,268,796
	3,075,000	Commercial Mortgage Loan Trust, Class A4, Series 2015-CCRE26, 3.63%, 10/10/48, Callable 9/10/25 @ 100		2,911,635
	2,253,698	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(a)		2,018,067
	210,000	CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51, Callable 4/15/28 @ 100(b)		195,552
	1,195,000	CSAIL Commercial Mortgage Trust, Class B, Series 2019-C15, 4.48%, 3/15/52, Callable 2/15/29 @ 100		1,054,113
	1,727,569	CSMC, Class A1, Series 2021-NQM8, 1.84%, 10/25/66, Callable 11/25/24 @ 100(a)(b)		1,447,871
	2,335,000	CSMC, Class B, Series 2021-BHAR, 5.82%(US0001M+150bps), 11/15/38(a)		2,190,660
	2,000,000	Dewolf Park CLO, Ltd., Class AR, Series 2017-1A, 5.00%(US0003M+92bps), 10/15/30, Callable 1/15/23 @ 100(a)		1,973,324
	1,440,000	Diameter Capital CLO 1, Ltd., Class A1A, Series 2021-1A, 5.32%(US0003M+124bps), 7/15/36, Callable 10/15/23 @ 100(a)		1,387,069
	2,000,000	Dryden 37 Senior Loan Fund, Class AR, Series 2015-37A, 5.18%(US0003M+110bps), 1/15/31, Callable 1/15/23 @ 100(a)		1,973,604
	2,095,000	Dryden 43 Senior Loan Fund, Class AR2, Series 2016-43A, 5.28%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a)		2,030,968
	800,000	Dryden 75 CLO, Ltd., Class AR2, Series 2019-75A, 5.12%(US0003M+104bps), 4/15/34, Callable 4/15/23 @ 100(a)		772,197
	4,750,000	Elmwood CLO II, Ltd., Class AR, Series 2019-2A, 5.39%(US0003M+115bps), 4/20/34, Callable 4/20/23 @ 100(a)		4,637,634


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	5,281,200	Extended Stay America Trust, Class A, Series 2021-ESH, 5.40%(US0001M+108bps), 7/15/38(a)	$	5,129,205
	515,126	Flagstar Mortgage Trust, Class A11, Series 2019-1, 4.97%(US0001M+95bps), 10/25/49, Callable 3/25/36 @ 100(a)		474,127
	1,050,000	Flatiron CLO 18, Ltd., Class A, Series 2018-1A, 5.87%(TSFR3M+121bps), 4/17/31, Callable 1/17/23 @ 100(a)		1,034,401
	1,045,467	FRESB Multifamily Mortgage Pass Through, Class A10H, Series 2019-SB60, 3.50%(US0001M+350bps), 1/25/39, Callable 12/25/28 @ 100		968,377
	1,230,000	FS RIALTO, Class A, Series 2021-FL2, 5.55%(US0001M+122bps), 4/16/26, Callable 4/16/23 @ 100(a)		1,168,041
	2,720,000	FS Rialto Issuer LLC, Class A, Series 2022-FL4, 5.71%(SOFR30A+190bps), 1/19/39, Callable 4/17/24 @ 100(a)		2,598,040
	1,122,000	Galaxy XXVII CLO, Ltd., Class A, Series 2018-27A, 5.66%(US0003M+102bps), 5/16/31, Callable 2/16/23 @ 100(a)		1,098,313
	3,027,534	GCAT Trust, Class A1, Series 2021-NQM7, 1.92%, 8/25/66, Callable 3/25/40 @ 100(a)(b)		2,607,810
	3,664,911	GS Mortgage Backed Securities Corp. Trust, Class A4, Series 2022-PJ2, 2.50%, 6/25/52, Callable 1/25/46 @ 100(a)(b)		2,947,105
	2,820,000	GS Mortgage Securities Corp. Trust, Class A, Series 2022-SHIP, 5.07%(TSFR1M+73bps), 8/15/24		2,780,101
	1,666,642	GS Mortgage-Backed Securities Trust, Class A2, Series 2021-PJ6, 2.50%, 11/25/51, Callable 11/25/48 @ 100(a)(b)		1,329,407
	1,040,221	Homeward Opportunities Fund Trust, Class A1, Series 2022-1, 5.08%, 7/25/67, Callable 8/25/25 @ 100(a)(b)		1,033,817
	1,525,000	IMT Trust, Class BFX, Series 2017-APTS, 3.50%, 6/15/34(a)(b)		1,443,962
	270,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class D, Series 2022-OPO, 3.45%, 1/5/39(a)(b)		199,043
	2,403,353	J.P. Morgan Mortgage Trust, Class A3B, Series 2022-INV3, 3.00%, 9/25/52, Callable 2/25/41 @ 100(a)(b)		2,010,179
	585,836	JP Morgan Chase Commercial Mortgage Securities Corp., Class A, Series 2021-MHC, 5.12%(US0001M+80bps), 4/15/38(a)		570,476
	3,660,000	JP Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2021-NYAH, 5.08%(US0001M+76bps), 6/15/38		3,545,757
	461,169	JP Morgan Mortgage Trust, Class A11, Series 2019-INV2, 4.94%(US0001M+90bps), 2/25/50, Callable 5/25/32 @ 100(a)		426,661
	421,148	JP Morgan Mortgage Trust, Class A11, Series 2019-INV3, 5.04%(US0001M+100bps), 5/25/50, Callable 3/25/43 @ 100(a)		385,201
	93,896	JP Morgan Mortgage Trust, Class A11, Series 2019-LTV3, 4.89%(US0001M+85bps), 2/25/50, Callable 3/25/33 @ 100(a)		90,369


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	125,568	JP Morgan Mortgage Trust, Class A5, Series 2019-LTV3, 3.50%, 2/25/50, Callable 3/25/33 @ 100(a)(b)	$	120,876
	168,803	JP Morgan Mortgage Trust, Class A11, Series 2019-7, 4.94%(US0001M+90bps), 2/25/50, Callable 12/25/26 @ 100(a)		154,760
	94,397	JP Morgan Mortgage Trust, Class A11, Series 2020-LTV1, 5.04%(US0001M+100bps), 6/25/50, Callable 6/25/28 @ 100(a)		92,087
	700,000	JPMDB Commercial Mortgage Securities Trust, Class A5, Series 2017-C5, 3.69%, 3/15/50, Callable 4/15/27 @ 100		652,812
	2,904,000	KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 5.12%(US0001M+80bps), 5/15/36(a)		2,870,705
	1,000,000	LCM XVIII, LP, Class A1R, Series 18A, 5.26%(US0003M+102bps), 4/20/31, Callable 1/20/23 @ 100(a)		978,332
	1,503,944	Life Mortgage Trust, Class A, Series 2021-BMR, 5.02%(US0001M+70bps), 3/15/38(a)		1,456,776
	1,875,000	LoanCore Issuer, Ltd., Class A, Series 2021-CRE6, 5.62%(US0001M+130bps), 11/15/38, Callable 11/15/23 @ 100(a)		1,791,307
	1,120,000	Madison Park Funding LXII, Ltd., Class A1, Series 2022-62A, 4.76%(TSFR3M+225bps), 7/17/33, Callable 7/17/23 @ 100(a)		1,115,931
	1,000,000	Madison Park Funding XVII, Ltd., Class ARR, Series 2015-18A, 5.22%(US0003M+94bps), 10/21/30, Callable 1/21/23 @ 100(a)		986,000
	1,000,000	Madison Park Funding XXXV, Ltd., Class A1R, Series 2019-35A, 5.23%(US0003M+99bps), 4/20/32, Callable 1/20/23 @ 100(a)		972,106
	2,975,689	Mello Mortgage Capital Acceptance, Class A3, Series 2022-INV2, 3.00%, 4/25/52, Callable 7/25/46 @ 100(a)(b)		2,479,585
	630,000	MF1, Class A, Series 2021-W10, 5.41%(SOFR30A+107bps), 12/15/24(a)		598,076
	3,570,000	MHP, Class A, Series 2021-STOR, 5.02%(US0001M+70bps), 7/15/38(a)		3,444,571
	1,109,959	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48, Callable 8/15/25 @ 100		1,053,944
	1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49, Callable 11/15/26 @ 100		1,405,427
	2,545,000	MTN Commercial Mortgage Trust, Class A, Series 2022-LPFL, 5.73%(TSFR1M+140bps), 3/15/39(a)		2,473,841
	800,000	Neuberger Berman Loan Advisers CLO 32, Ltd., Class AR, Series 2019-32A, 5.79%(US0003M+99bps), 1/20/32, Callable 1/19/23 @ 100(a)		782,532
	1,510,519	OBX Trust, Class A1, Series 2022-INV3, 3.00%, 2/25/52, Callable 2/25/48 @ 100(a)(b)		1,254,911
	1,905,000	Octagon 66, Ltd., Class A, Series 2022-1A, 4.59%(TSFR3M+194bps), 8/16/33, Callable 8/16/23 @ 100(a)		1,880,349
	360,000	Octagon Investment Partners 30, Ltd., Class A1R, Series 2017-1A, 5.24%(US0003M+100bps), 3/17/30, Callable 1/20/23 @ 100(a)		353,318


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,000,000	Octagon Investment Partners XVI, Ltd., Class A1R, Series 2013-1A, 5.10%(US0003M+102bps), 7/17/30, Callable 1/17/23 @ 100(a)	$	984,949
	1,200,000	Octagon Investment Partners XVII, Ltd., Class A2R2, Series 2013-1A, 5.46%(US0003M+110bps), 1/25/31, Callable 1/25/23 @ 100(a)		1,161,458
	2,487,884	One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30, Callable 10/15/23 @ 100(a)(b)		2,490,770
	1,510,000	One New York Plaza Trust, Class A, Series 2020-1NYP, 5.27%(US0001M+95bps), 1/15/26(a)		1,427,102
	2,700,000	Palmer Square CLO, Ltd., Class A1A, Series 2022-4A, 6.22%(TSFR3M+215bps), 10/20/35, Callable 1/20/25 @ 100(a)		2,689,288
	2,260,144	PRKCM Trust, Class A1, Series 2021-AFC2, 2.07%, 11/25/56, Callable 9/25/42 @ 100(a)(b)		1,837,356
	1,250,000	RR 3, Ltd., Class A1R2, Series 2018-3A, 5.17%(US0003M+109bps), 1/15/30, Callable 1/15/23 @ 100(a)		1,233,033
	588,364	Seasoned Credit Risk Transfer Trust, Class MA, Series 2018-2, 3.50%, 11/25/57, Callable 8/25/43 @ 100		563,225
	1,498,975	Seasoned Credit Risk Transfer Trust, Class MA, Series 2019-2, 3.50%, 8/25/58, Callable 7/25/53 @ 100		1,418,607
	125,000	SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48, Callable 7/10/26 @ 100		113,327
	870,344	SG Residential Mortgage Trust, Class A1, Series 2022-2, 5.35%, 9/25/67, Callable 8/25/25 @ 100(a)(b)		881,885
	1,000,000	Signal Peak CLO 5, Ltd., Class A, Series 2018-5A, 5.47%(US0003M+111bps), 4/25/31, Callable 1/25/23 @ 100(a)		981,700
	1,000,000	Signal Peak CLO 8, Ltd., Class A, Series 2020-8A, 5.51%(US0003M+127bps), 4/20/33, Callable 1/20/23 @ 100(a)		972,585
	2,300,000	Taubman Centers Commercial Mortgage Trust, Class A, Series 2022-DPM, 6.52%(TSFR1M+219bps), 5/15/37(a)		2,230,349
	388,839	Tharaldson Hotel Portfolio Trust, Class A, Series 2018-THL, 5.27%(US0001M+75bps), 11/11/34(a)		379,354
	2,788,916	Verus Securitization Trust, Class A1, Series 2022-3, 4.13%, 2/25/67, Callable 3/25/25 @ 100(a)		2,611,504
	725,000	Voya CLO, Ltd., Class AR, Series 2019-1A, 5.14%(US0003M+106bps), 4/15/31, Callable 1/15/23 @ 100(a)		713,554
	1,000,000	Voya CLO, Ltd., Class A1R, Series 2017-3A, 5.28%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a)		969,634
	8,673,210	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 0.83%, 12/15/59, Callable 9/15/26 @ 100(b)		223,747
	775,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48, Callable 5/15/25 @ 100		736,535


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,015,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48, Callable 11/15/25 @ 100	$	963,721
	1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48, Callable 4/15/25 @ 100		1,162,966
	1,500,000	Whitebox CLO III, Ltd., Class A1, Series 2021-3A, 5.30%(US0003M+122bps), 10/15/34, Callable 10/15/23 @ 100(a)		1,460,586

	Total Collateralized Mortgage Obligations (Cost $176,026,489)			165,965,808

Corporate Bonds (24.9%):
Aerospace & Defense (1.2%):
	3,133,000	BAE Systems Holdings, Inc., 3.80%, 10/7/24(a)		3,046,868
	647,000	BAE Systems Holdings, Inc., 3.85%, 12/15/25, Callable 9/15/25 @ 100(a)		622,116
	903,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		834,171
	796,000	General Dynamics Corp., 3.75%, 5/15/28, Callable 2/15/28 @ 100		760,561
	1,249,000	Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,204,043
	1,192,000	Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100		1,075,780
	1,518,000	Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100		1,254,161
	360,000	Huntington Ingalls Industries, Inc., 4.20%, 5/1/30, Callable 2/1/30 @ 100		326,272
	1,315,000	L3Harris Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100		1,255,166
	1,383,000	L3Harris Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,334,493
	305,000	Lockheed Martin Corp., 3.90%, 6/15/32, Callable 3/15/32 @ 100		288,007
	188,000	Lockheed Martin Corp., Series B, 6.15%, 9/1/36		205,589
	1,051,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100		867,650
	259,000	Lockheed Martin Corp., 4.15%, 6/15/53, Callable 12/15/52 @ 100		221,585
	229,000	Lockheed Martin Corp., 4.30%, 6/15/62, Callable 12/15/61 @ 100		194,320
	610,000	Lockheed Martin Corp., 5.90%, 11/15/63, Callable 5/15/63 @ 100		661,807
	217,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		174,236
	1,655,000	Northrop Grumman Corp., 4.03%, 10/15/47, Callable 4/15/47 @ 100		1,378,507
	115,000	Raytheon Technologies Corp., 7.00%, 11/1/28		123,642
	2,427,000	Raytheon Technologies Corp., 4.13%, 11/16/28, Callable 8/16/28 @ 100		2,331,107
	533,000	Raytheon Technologies Corp., 2.25%, 7/1/30, Callable 4/1/30 @ 100		444,786
	852,000	Raytheon Technologies Corp., 2.38%, 3/15/32, Callable 12/15/31 @ 100		693,061
	168,000	Raytheon Technologies Corp., 4.50%, 6/1/42		152,364
	415,000	Raytheon Technologies Corp., 4.20%, 12/15/44, Callable 6/15/44 @ 100		329,243
	709,000	Raytheon Technologies Corp., 4.35%, 4/15/47, Callable 10/15/46 @ 100		609,090


Principal Amount			Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	469,000	Raytheon Technologies Corp., 4.05%, 5/4/47, Callable 11/4/46 @ 100	$	387,059
	1,426,000	Raytheon Technologies Corp., 4.63%, 11/16/48, Callable 5/16/48 @ 100		1,304,838
	405,000	Raytheon Technologies Corp., 2.82%, 9/1/51, Callable 3/1/51 @ 100		266,226
	875,000	Raytheon Technologies Corp., 3.03%, 3/15/52, Callable 9/15/51 @ 100		600,510
	264,000	Textron, Inc., 3.65%, 3/15/27, Callable 12/15/26 @ 100		246,794
	1,098,000	Textron, Inc., 3.90%, 9/17/29, Callable 6/17/29 @ 100		996,293
	661,000	The Boeing Co., 3.95%, 8/1/59, Callable 2/1/59 @ 100		449,044

				24,639,389

Air Freight & Logistics (0.0%^†):
	695,000	United Parcel Service, Inc., 0.38%, 11/15/23, Callable 8/15/23 @ 100		729,054

				729,054

Airlines (0.2%):
	801,857	American Airlines Pass Through Trust, Series 2015-2, Class B, 4.40%, 3/22/25		781,105
	458,859	American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 3/22/29		407,578
	194,985	American Airlines Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29		169,135
	384,907	American Airlines Pass Through Trust, Series 2016-3, Class AA, 3.00%, 4/15/30		329,820
	159,224	American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, 8/15/30		140,871
	635,355	American Airlines Pass Through Trust, Series 2019-1, 3.15%, 8/15/33		527,749
	420,000	Delta Airlines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25		407,032
	5,718	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.65%, 4/7/27		5,043
	234,123	United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, 9/1/27		213,539
	1,027,498	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29		1,008,233
	10,286	United Airlines Pass Through Trust, Series 2015-1, Class AA, 3.45%, 6/1/29		9,145
	330,416	United Airlines Pass Through Trust, Series 2019-2, Class B, 3.50%, 11/1/29		279,561
	42,698	United Airlines Pass Through Trust, Series 2016-2, Class AA, 3.10%, 1/7/30		37,485
	165,530	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.88%, 4/7/30		140,384
	202,278	United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 9/1/31		171,809
	324,747	United Airlines Pass Through Trust, Series 2016-1, Class AA, 4.15%, 2/25/33		289,095
	446,685	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/1/33		362,013

				5,279,597


Principal Amount			Value
Corporate Bonds, continued
Automobiles (0.1%):
$	1,237,000	General Motors Co., 5.40%, 10/15/29, Callable 8/15/29 @ 100	$	1,183,536

Banks (4.0%):
	418,000	Bank of America Corp., 3.55% (US0003M+78 bps), 3/5/24, Callable 3/5/23 @ 100		416,598
	218,000	Bank of America Corp., 0.98% (SOFR+69 bps), 4/22/25, Callable 4/22/24 @ 100		203,610
	77,000	Bank of America Corp., 0.98% (SOFR+91 bps), 9/25/25, Callable 9/25/24 @ 100, MTN		70,729
	6,244,000	Bank of America Corp., 1.32% (SOFR+115 bps), 6/19/26, Callable 6/19/25 @ 100, MTN		5,625,469
	5,787,000	Bank of America Corp., 1.20% (SOFR+101 bps), 10/24/26, Callable 10/24/25 @ 100, MTN		5,163,306
	3,133,000	Bank of America Corp., 3.56% (US0003M+106 bps), 4/23/27, Callable 4/23/26 @ 100, MTN		2,936,270
	1,338,000	Bank of America Corp., 1.73% (SOFR+96 bps), 7/22/27, Callable 7/22/26 @ 100		1,177,346
	2,767,000	Bank of America Corp., 3.82% (US0003M+158 bps), 1/20/28, Callable 1/20/27 @ 100, MTN		2,583,028
	1,925,000	Bank of America Corp., 2.55% (SOFR+105 bps), 2/4/28, Callable 2/4/27 @ 100		1,713,281
	730,000	Bank of America Corp., 6.20% (SOFR+199 bps), 11/10/28, Callable 11/10/27 @ 100		741,421
	3,800,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		3,440,265
	821,000	Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN		759,944
	1,535,000	Bank of America Corp., 4.27% (US0003M+131 bps), 7/23/29, Callable 7/23/28 @ 100		1,435,274
	938,000	Bank of America Corp., 3.97% (US0003M+121 bps), 2/7/30, Callable 2/7/29 @ 100, MTN		851,444
	1,510,000	Bank of America Corp., 3.19% (US0003M+118 bps), 7/23/30, Callable 7/23/29 @ 100, MTN		1,301,904
	2,592,000	Bank of America Corp., 2.88% (US0003M+119 bps), 10/22/30, Callable 10/22/29 @ 100, MTN		2,175,932
	4,778,000	Bank of America Corp., 2.50% (US0003M+99 bps), 2/13/31, Callable 2/13/30 @ 100, MTN		3,891,385
	793,000	Bank of America Corp., 2.59% (SOFR+215 bps), 4/29/31, Callable 4/29/30 @ 100		648,492
	295,000	Bank of America Corp., 1.90% (SOFR+153 bps), 7/23/31, Callable 7/23/30 @ 100, MTN		227,404
	1,134,000	Bank of America Corp., 1.92% (SOFR+137 bps), 10/24/31, Callable 10/24/30 @ 100, MTN		868,116
	111,000	Bank of America Corp., 2.69% (SOFR+132 bps), 4/22/32, Callable 4/22/31 @ 100		88,864
	1,197,000	Bank of America Corp., 2.57% (SOFR+121 bps), 10/20/32, Callable 10/20/31 @ 100		939,746
	2,442,000	Bank of America Corp., 2.97% (SOFR+133 bps), 2/4/33, Callable 2/4/32 @ 100		1,971,480
	4,316,000	Bank of America Corp., 4.57% (SOFR+183 bps), 4/27/33, Callable 4/27/32 @ 100		3,981,329
	591,000	Bank of America Corp., 5.87% (US0003M+293 bps), 12/31/99, Callable 3/15/28 @ 100		518,603
	2,898,000	Citigroup, Inc., 3.07% (SOFR+128 bps), 2/24/28, Callable 2/24/27 @ 100		2,612,593


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	3,659,000	Citigroup, Inc., 3.98% (US0003M+134 bps), 3/20/30, Callable 3/20/29 @ 100	$	3,298,497
	4,621,000	Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100		3,898,807
	479,000	Citigroup, Inc., 2.57% (SOFR+211 bps), 6/3/31, Callable 6/3/30 @ 100		386,211
	412,000	Citigroup, Inc., 3.79% (SOFR+194 bps), 3/17/33, Callable 3/17/32 @ 100		353,483
	525,000	Citigroup, Inc., 6.27% (SOFR+234 bps), 11/17/33, Callable 11/17/32 @ 100		545,239
	1,633,000	JPMorgan Chase & Co., 3.56% (US0003M+73 bps), 4/23/24, Callable 4/23/23 @ 100		1,621,643
	1,702,000	JPMorgan Chase & Co., 5.55% (SOFR+107 bps), 12/15/25, Callable 12/15/24 @ 100		1,702,819
	1,398,000	JPMorgan Chase & Co., 2.60% (SOFR+92 bps), 2/24/26, Callable 2/24/25 @ 100		1,317,184
	956,000	JPMorgan Chase & Co., 2.00% (SOFR+159 bps), 3/13/26, Callable 3/13/25 @ 100		884,203
	2,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100		1,889
	1,962,000	JPMorgan Chase & Co., 3.96% (US0003M+125 bps), 1/29/27, Callable 1/29/26 @ 100		1,868,936
	4,797,000	JPMorgan Chase & Co., 3.78% (US0003M+134 bps), 2/1/28, Callable 2/1/27 @ 100		4,497,859
	1,801,000	JPMorgan Chase & Co., 2.95% (SOFR+117 bps), 2/24/28, Callable 2/24/27 @ 100		1,633,303
	2,224,000	JPMorgan Chase & Co., 2.18% (SOFR+189 bps), 6/1/28, Callable 6/1/27 @ 100		1,947,314
	1,750,000	JPMorgan Chase & Co., 4.01% (US0003M+112 bps), 4/23/29, Callable 4/23/28 @ 100		1,620,537
	1,318,000	JPMorgan Chase & Co., 3.70% (US0003M+116 bps), 5/6/30, Callable 5/6/29 @ 100		1,189,730
	526,000	JPMorgan Chase & Co., 1.76% (TSFR3M+111 bps), 11/19/31, Callable 11/19/30 @ 100		400,442
	1,797,000	JPMorgan Chase & Co., 2.96% (SOFR+126 bps), 1/25/33, Callable 1/25/32 @ 100		1,469,558
	1,878,000	JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100		1,737,240
	3,145,000	JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100^		3,002,330
	1,039,000	Wells Fargo & Co., 2.16% (US0003M+75 bps), 2/11/26, Callable 2/11/25 @ 100, MTN		970,611
	3,030,000	Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100		2,819,173
	798,000	Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN		740,864

				84,251,705

Beverages (0.0%^†):
	556,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		525,865

Biotechnology (0.4%):
	2,680,000	AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100		2,507,521


Principal Amount			Value
Corporate Bonds, continued
Biotechnology, continued
$	1,789,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100	$	1,667,811
	520,000	AbbVie, Inc., 4.40%, 11/6/42		454,370
	992,000	Amgen, Inc., 2.45%, 2/21/30, Callable 11/21/29 @ 100		840,227
	527,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		445,566
	612,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100		524,130
	307,000	Gilead Sciences, Inc., 2.60%, 10/1/40, Callable 4/1/40 @ 100		216,480
	1,178,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		1,091,444

				7,747,549

Building Products (0.0%^†):
	566,000	Owens Corning, 4.40%, 1/30/48, Callable 7/30/47 @ 100		442,625

Capital Markets (2.5%):
	622,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		571,497
	704,000	Ares Capital Corp., 2.15%, 7/15/26, Callable 6/15/26 @ 100		596,677
	215,000	Bank of New York Mellon Corp. (The), 4.62% (US0003M+313 bps), 12/29/49, Callable 9/20/26 @ 100		182,750
	1,291,000	FactSet Research Systems, 3.45%, 3/1/32, Callable 12/1/31 @ 100		1,094,663
	1,234,000	Goldman Sachs Group, Inc. (The), 5.78% (US0003M+117 bps), 5/15/26, Callable 5/15/25 @ 100		1,221,965
	1,623,000	Goldman Sachs Group, Inc. (The), 4.48% (SOFR+173 bps), 8/23/28, Callable 8/23/27 @ 100		1,557,264
	366,000	Goldman Sachs Group, Inc. (The), 1.99% (SOFR+1 bps), 1/27/32, Callable 1/27/31 @ 100		279,489
	9,381,000	Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100		7,674,924
	1,580,000	Goldman Sachs Group, Inc. The, 0.66% (SOFR+51 bps), 9/10/24, Callable 9/10/23 @ 100		1,520,862
	9,080,000	Goldman Sachs Group, Inc. The, 2.64% (SOFR+111 bps), 2/24/28, Callable 2/24/27 @ 100		8,086,357
	331,000	Goldman Sachs Group, Inc. The, 2.62% (SOFR+128 bps), 4/22/32, Callable 4/22/31 @ 100		264,729
	267,000	Moody’s Corp., 2.00%, 8/19/31, Callable 5/19/31 @ 100		211,360
	1,203,000	Moody’s Corp., 4.25%, 8/8/32, Callable 5/8/32 @ 100		1,129,793
	683,000	Moody’s Corp., 3.10%, 11/29/61, Callable 5/29/61 @ 100		433,506
	520,000	Morgan Stanley, 0.73% (SOFR+62 bps), 4/5/24, Callable 4/5/23 @ 100		512,275
	740,000	Morgan Stanley, 3.63%, 1/20/27		697,685
	9,921,000	Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100		8,697,026
	4,092,000	Morgan Stanley, 3.59% (US0003M+134 bps), 7/22/28, Callable 7/22/27 @ 100		3,761,424


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	287,000	Morgan Stanley, 6.30% (SOFR+224 bps), 10/18/28, Callable 10/18/27 @ 100	$	295,820
	1,102,000	Morgan Stanley, 3.77% (US0003M+114 bps), 1/24/29, Callable 1/24/28 @ 100		1,008,378
	6,959,000	Morgan Stanley, 2.70% (SOFR+114 bps), 1/22/31, Callable 1/22/30 @ 100, MTN		5,784,147
	884,000	Morgan Stanley, 1.79% (SOFR+1 bps), 2/13/32, Callable 2/13/31 @ 100, MTN		665,424
	210,000	Morgan Stanley, 1.93% (SOFR+102 bps), 4/28/32, Callable 4/28/31 @ 100, MTN		159,300
	478,000	Morgan Stanley, 2.24% (SOFR+118 bps), 7/21/32, Callable 7/21/31 @ 100, MTN		367,143
	611,000	Morgan Stanley, 2.51% (SOFR+120 bps), 10/20/32, Callable 10/20/31 @ 100, MTN		478,695
	806,000	Morgan Stanley, 2.94% (SOFR+129 bps), 1/21/33, Callable 1/21/32 @ 100		655,115
	1,500,000	Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100		1,576,104
	162,000	S P Global, Inc., 3.90%, 3/1/62, Callable 9/1/61 @ 100(a)		126,737
	661,000	State Street Corp., Series F, 8.37% (US0003M+360 bps), Callable 3/15/23 @ 100		660,174
	1,415,000	State Street Corp., Series H, 5.63% (US0003M+254 bps), 12/31/99, Callable 12/15/23 @ 100^		1,315,950

				51,587,233

Chemicals (0.1%):
	1,150,000	DowDuPont, Inc., 4.49%, 11/15/25, Callable 9/15/25 @ 100		1,132,443
	525,000	Ecolab, Inc., 2.75%, 8/18/55, Callable 2/18/55 @ 100		318,913
	493,000	Westlake Chemical Corp., 3.38%, 8/15/61, Callable 2/15/61 @ 100		295,935

				1,747,291

Commercial Services & Supplies (0.0%^†):
	258,000	Republic Services, Inc., 2.38%, 3/15/33, Callable 12/15/32 @ 100		206,730
	107,000	Waste Management, Inc., 2.95%, 6/1/41, Callable 12/1/40 @ 100		79,874

				286,604

Communications Equipment (0.3%):
	1,085,000	Motorola Solutions, Inc., 4.60%, 2/23/28, Callable 11/23/27 @ 100		1,051,057
	1,662,000	Motorola Solutions, Inc., 4.60%, 5/23/29, Callable 2/23/29 @ 100		1,585,325
	1,835,000	Motorola Solutions, Inc., 2.30%, 11/15/30, Callable 8/15/30 @ 100		1,437,055
	1,822,000	Motorola Solutions, Inc., 2.75%, 5/24/31, Callable 2/24/31 @ 100		1,465,491
	1,115,000	Motorola Solutions, Inc., 5.60%, 6/1/32, Callable 3/1/32 @ 100		1,091,048
	112,000	Motorola Solutions, Inc., 5.50%, 9/1/44		101,918

				6,731,894


Principal Amount			Value
Corporate Bonds, continued
Consumer Discretionary Products (0.0%^†):
$	347,000	General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100	$	311,225

Consumer Finance (0.4%):
	1,731,000	Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100		1,485,987
	2,321,000	General Motors Financial Co., Inc., 4.35%, 4/9/25, Callable 2/9/25 @ 100		2,257,725
	632,000	General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100		532,665
	494,000	General Motors Financial Co., Inc., 2.35%, 1/8/31, Callable 10/8/30 @ 100		373,466
	1,317,000	General Motors Financial Co., Inc., 3.10%, 1/12/32, Callable 10/12/31 @ 100		1,035,855
	2,065,000	Hyundai Capital America, 2.38%, 2/10/23(a)		2,056,484

				7,742,182

Containers & Packaging (0.1%):
	1,876,000	Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100^		1,537,774
	349,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100		305,666

				1,843,440

Diversified Consumer Services (0.0%^†):
	145,000	California Institute of Technology, 4.32%, 8/1/45		128,284
	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		313,037

				441,321

Diversified Financial Services (0.2%):
	355,000	Berkshire Hathaway Finance Corp., 2.50%, 1/15/51, Callable 7/15/50 @ 100		223,542
	2,727,000	Glencore Funding LLC, 1.63%, 4/27/26, Callable 3/27/26 @ 100(a)		2,412,951
	1,032,000	Glencore Funding LLC, 2.50%, 9/1/30, Callable 6/1/30 @ 100(a)		835,642
	536,000	Glencore Funding LLC, 2.85%, 4/27/31, Callable 1/27/31 @ 100(a)		437,770
	316,000	Glencore Funding LLC, 2.63%, 9/23/31, Callable 6/23/31 @ 100(a)		251,860
	331,000	Glencore Funding LLC, 3.38%, 9/23/51, Callable 3/23/51 @ 100(a)		215,758

				4,377,523

Diversified Telecommunication Services (1.3%):
	435,000	AT&T, Inc., 1.65%, 2/1/28, Callable 12/1/27 @ 100		368,533
	375,000	AT&T, Inc., 4.10%, 2/15/28, Callable 11/15/27 @ 100		357,064
	1,173,000	AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,116,135
	2,753,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		2,599,421
	1,859,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100		1,434,338
	935,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		853,721


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	490,000	AT&T, Inc., 2.60%, 5/19/38, Callable 11/19/37 @ 100	$	412,613
	498,000	AT&T, Inc., 3.50%, 6/1/41, Callable 12/1/40 @ 100		374,910
	806,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		688,685
	786,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		547,503
	585,000	AT&T, Inc., 3.65%, 9/15/59, Callable 3/15/59 @ 100		398,122
	190,000	AT&T, Inc., 3.85%, 6/1/60, Callable 12/1/59 @ 100		133,242
	849,000	AT&T, Inc., 3.50%, 2/1/61, Callable 8/1/60 @ 100		561,935
	807,000	Verizon Communications, Inc., 4.33%, 9/21/28		779,914
	2,123,000	Verizon Communications, Inc., 4.02%, 12/3/29, Callable 9/3/29 @ 100		1,994,312
	5,577,000	Verizon Communications, Inc., 3.15%, 3/22/30, Callable 12/22/29 @ 100		4,937,313
	466,000	Verizon Communications, Inc., 1.50%, 9/18/30, Callable 6/18/30 @ 100		361,946
	1,836,000	Verizon Communications, Inc., 1.68%, 10/30/30, Callable 7/30/30 @ 100		1,430,881
	2,604,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		2,145,605
	3,194,000	Verizon Communications, Inc., 2.36%, 3/15/32, Callable 12/15/31 @ 100		2,539,735
	2,288,000	Verizon Communications, Inc., 2.65%, 11/20/40, Callable 5/20/40 @ 100		1,557,062
	760,000	Verizon Communications, Inc., 2.88%, 11/20/50, Callable 5/20/50 @ 100		479,669
	1,224,000	Verizon Communications, Inc., 3.00%, 11/20/60, Callable 5/20/60 @ 100		735,153

				26,807,812

Electric Utilities (1.9%):
	527,000	AEP Texas, Inc., Series H, 3.45%, 1/15/50, Callable 7/15/49 @ 100		375,014
	901,000	AEP Texas, Inc., 3.45%, 5/15/51, Callable 11/15/50 @ 100		634,387
	221,000	AEP Transmission Co. LLC, 3.75%, 12/1/47, Callable 6/1/47 @ 100		172,691
	565,000	AEP Transmission Co. LLC, 3.15%, 9/15/49, Callable 3/15/49 @ 100		394,330
	269,000	AEP Transmission Co. LLC, 3.65%, 4/1/50, Callable 10/1/49 @ 100		204,488
	557,000	AEP Transmission Co. LLC, 2.75%, 8/15/51, Callable 2/15/51 @ 100		356,286
	1,044,000	Alabama Power Co., 3.45%, 10/1/49, Callable 4/1/49 @ 100		752,006
	819,000	American Transmission Systems, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a)		672,702
	1,216,000	Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100		947,530
	335,000	Baltimore Gas & Electric Co., 3.20%, 9/15/49, Callable 3/15/49 @ 100		236,192
	750,000	Commonwealth Edison Co., 3.13%, 3/15/51, Callable 9/15/50 @ 100		519,517


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	119,000	DTE Electric Co., Series A, 4.05%, 5/15/48, Callable 11/15/47 @ 100	$	98,624
	1,088,000	DTE Electric Co., 3.95%, 3/1/49, Callable 9/1/48 @ 100		889,376
	118,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100		92,944
	718,000	Duke Energy Carolinas LLC, 3.88%, 3/15/46, Callable 9/15/45 @ 100		569,421
	287,000	Duke Energy Carolinas LLC, 3.95%, 3/15/48, Callable 9/15/47 @ 100		232,914
	259,000	Duke Energy Carolinas LLC, 3.45%, 4/15/51, Callable 10/15/50 @ 100^		189,838
	160,000	Duke Energy Corp., 5.00%, 12/8/25		159,618
	2,310,000	Duke Energy Corp., 4.30%, 3/15/28, Callable 2/15/28 @ 100		2,230,869
	2,718,000	Duke Energy Florida LLC, 2.50%, 12/1/29, Callable 9/1/29 @ 100		2,325,744
	955,000	Duke Energy Florida LLC, 1.75%, 6/15/30, Callable 3/15/30 @ 100		763,384
	397,000	Duke Energy Florida LLC, 3.40%, 10/1/46, Callable 4/1/46 @ 100		286,023
	393,000	Duke Energy Florida LLC, 5.95%, 11/15/52, Callable 5/15/52 @ 100		421,289
	223,000	Duke Energy Ohio, Inc., 3.65%, 2/1/29, Callable 11/1/28 @ 100		206,581
	95,000	Duke Energy Progress LLC, 3.45%, 3/15/29, Callable 12/15/28 @ 100		87,044
	337,000	Duke Energy Progress LLC, 4.20%, 8/15/45, Callable 2/15/45 @ 100		281,893
	315,000	Duke Energy Progress LLC, 2.90%, 8/15/51, Callable 2/15/51 @ 100		209,179
	220,000	Duke Energy Progress, Inc., 5.70%, 4/1/35		219,379
	471,000	Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100		394,800
	258,000	Edison International, 4.95%, 4/15/25, Callable 3/15/25 @ 100		254,365
	1,210,000	Edison International, 6.95%, 11/15/29, Callable 9/15/29 @ 100		1,270,525
	258,000	Entergy Arkansas LLC, 3.35%, 6/15/52, Callable 12/15/51 @ 100		182,966
	754,000	Entergy Louisiana LLC, 1.60%, 12/15/30, Callable 9/15/30 @ 100		581,165
	386,000	Entergy Louisiana LLC, 2.35%, 6/15/32, Callable 3/15/32 @ 100		306,663
	511,000	Entergy Louisiana LLC, 2.90%, 3/15/51, Callable 9/15/50 @ 100		329,334
	450,000	Entergy Mississippi LLC, 3.85%, 6/1/49, Callable 12/1/48 @ 100		349,522
	180,000	Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100(a)		165,629
	382,000	Exelon Corp., 5.63%, 6/15/35		386,194
	898,000	Exelon Corp., 4.70%, 4/15/50, Callable 10/15/49 @ 100		794,622
	193,000	FirstEnergy Corp., 2.05%, 3/1/25, Callable 2/1/25 @ 100		178,460
	636,000	FirstEnergy Corp., Series C, 3.40%, 3/1/50, Callable 9/1/49 @ 100		420,876


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	505,000	FirstEnergy Transmission LLC, 4.35%, 1/15/25, Callable 10/15/24 @ 100(a)	$	494,045
	637,000	FirstEnergy Transmission LLC, 4.55%, 4/1/49, Callable 10/1/48 @ 100(a)		519,373
	557,000	Florida Power & Light Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100		449,699
	449,000	Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100		374,695
	1,120,000	Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100		817,757
	658,000	MidAmerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100		614,373
	1,639,000	MidAmerican Energy Co., 3.65%, 4/15/29, Callable 1/15/29 @ 100		1,535,323
	399,000	MidAmerican Energy Co., 3.15%, 4/15/50, Callable 10/15/49 @ 100		283,608
	705,000	Northern States Power Co., 2.90%, 3/1/50, Callable 9/1/49 @ 100		489,720
	1,070,000	Northern States Power Co., 2.60%, 6/1/51, Callable 12/1/50 @ 100		690,073
	174,000	Northern States Power Co., 3.20%, 4/1/52, Callable 10/1/51 @ 100		127,019
	1,676,000	NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a)		1,479,070
	362,000	Ohio Power Co., 4.00%, 6/1/49, Callable 12/1/48 @ 100		285,740
	301,000	Ohio Power Co., 2.90%, 10/1/51, Callable 4/1/51 @ 100		197,076
	1,406,000	Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28, Callable 8/15/28 @ 100		1,319,105
	10,000	Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29, Callable 12/15/28 @ 100		10,362
	355,000	Oncor Electric Delivery Co. LLC, 4.55%, 9/15/32, Callable 6/15/32 @ 100(a)		348,302
	271,000	Oncor Electric Delivery Co. LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100		224,001
	383,000	Oncor Electric Delivery Co. LLC, 4.10%, 11/15/48, Callable 5/15/48 @ 100		326,435
	614,000	PECO Energy Co., 3.05%, 3/15/51, Callable 9/15/50 @ 100		421,329
	535,000	Public Service Electric & Gas Co., 3.65%, 9/1/28, Callable 6/1/28 @ 100		502,990
	340,000	Public Service Electric & Gas Co., 2.05%, 8/1/50, Callable 2/1/50 @ 100, MTN		187,101
	705,000	Public Service Electric and Gas Co., 2.45%, 1/15/30, Callable 10/15/29 @ 100, MTN		602,447
	355,000	Public Service Electric and Gas Co., 4.90%, 12/15/32, Callable 9/15/32 @ 100^		356,609
	2,928,000	Southern California Edison Co., Series E, 3.70%, 8/1/25, Callable 6/1/25 @ 100		2,827,918
	1,131,000	Southern California Edison Co., 5.95%, 11/1/32, Callable 8/1/32 @ 100		1,201,691
	869,000	Southwestern Public Service Co., 3.15%, 5/1/50, Callable 11/1/49 @ 100		600,077
	215,000	Tampa Electric Co., 4.20%, 5/15/45, Callable 11/15/44 @ 100		166,713


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	3,000	Tampa Electric Co., 4.45%, 6/15/49, Callable 12/15/48 @ 100	$	2,531
	540,000	Tampa Electric Co., 3.63%, 6/15/50, Callable 12/15/49 @ 100		395,091
	381,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		393,823
	451,000	Virginia Electric & Power Co., Series D, 4.65%, 8/15/43, Callable 2/15/43 @ 100		398,393
	715,000	Virginia Electric and Power Co., Series B, 4.20%, 5/15/45, Callable 11/15/44 @ 100		585,508

				39,372,381

Entertainment (0.0%^†):
	293,000	Electronic Arts, Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100		230,911

Equity Real Estate Investment Trusts (REITs) (1.6%):
	914,000	Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100		679,962
	2,584,000	Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34, Callable 12/15/33 @ 100		2,105,167
	2,748,000	American Tower Corp., 2.95%, 1/15/25, Callable 12/15/24 @ 100		2,620,548
	3,000,000	American Tower Corp., 0.45%, 1/15/27, Callable 11/15/26 @ 100		2,745,697
	810,000	American Tower Corp., 0.40%, 2/15/27, Callable 12/15/26 @ 100		739,102
	244,000	American Tower Corp., 3.65%, 3/15/27, Callable 2/15/27 @ 100		228,263
	861,000	American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100^		712,712
	1,738,000	American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100		1,379,094
	2,165,000	American Tower Corp., 2.30%, 9/15/31, Callable 6/15/31 @ 100		1,689,932
	232,000	Crown Castle International Corp., 3.15%, 7/15/23, Callable 6/15/23 @ 100		229,394
	430,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100		408,387
	592,000	Crown Castle International Corp., 2.90%, 3/15/27, Callable 2/15/27 @ 100		539,224
	829,000	Crown Castle International Corp., 3.10%, 11/15/29, Callable 8/15/29 @ 100		724,002
	1,703,000	Crown Castle International Corp., 2.25%, 1/15/31, Callable 10/15/30 @ 100		1,362,913
	3,819,000	Crown Castle International Corp., 2.50%, 7/15/31, Callable 4/15/31 @ 100		3,084,847
	342,000	Crown Castle International Corp., 5.20%, 2/15/49, Callable 8/15/48 @ 100		310,447
	2,070,000	Equinix, Inc., 2.00%, 5/15/28, Callable 3/15/28 @ 100		1,738,380
	2,299,000	Equinix, Inc., 3.20%, 11/18/29, Callable 8/18/29 @ 100		2,001,916
	278,000	Equinix, Inc., 2.15%, 7/15/30, Callable 4/15/30 @ 100		222,628
	2,242,000	Equinix, Inc., 3.90%, 4/15/32, Callable 1/15/32 @ 100		1,998,709


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (REITs), continued
$	329,000	Invitation Homes Operating Partnership LP, 2.30%, 11/15/28, Callable 9/15/28 @ 100	$	272,620
	265,000	Kimco Realty Corp., 4.60%, 2/1/33, Callable 11/1/32 @ 100^		243,532
	534,000	Kimco Realty OP LLC, 2.25%, 12/1/31, Callable 9/1/31 @ 100		410,739
	593,000	National Retail Properties, Inc., 3.10%, 4/15/50, Callable 10/15/49 @ 100		366,409
	1,548,000	National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100		1,037,555
	402,000	National Retail Properties, Inc., 3.00%, 4/15/52, Callable 10/15/51 @ 100		240,091
	362,000	Prologis LP, 4.00%, 9/15/28, Callable 6/15/28 @ 100		344,865
	403,000	Prologis LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100		337,264
	722,000	Prologis LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100		549,290
	1,892,000	Prologis LP, 1.75%, 2/1/31, Callable 11/1/30 @ 100		1,471,370
	274,000	Prologis LP, 1.63%, 3/15/31, Callable 12/15/30 @ 100		211,401
	1,150,000	Prologis LP, 4.63%, 1/15/33, Callable 10/15/32 @ 100		1,116,658
	1,081,000	Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100		939,119
	350,000	WP Carey, Inc., 2.40%, 2/1/31, Callable 11/1/30 @ 100		279,240

				33,341,477

Financial Services (0.0%^†):
	295,000	Franciscan Missionaries of Our Lady Health System, Inc., Series B, 3.91%, 7/1/49, Callable 1/1/49 @ 100		224,542
	281,000	GE Capital Funding LLC, 4.55%, 5/15/32, Callable 2/15/32 @ 100		267,414

				491,956

Financials (0.1%):
	942,000	Blackstone Private Credit Fund, 3.25%, 3/15/27, Callable 2/15/27 @ 100		792,760
	1,152,000	Blackstone Private Credit Fund, 4.00%, 1/15/29, Callable 11/15/28 @ 100		953,125

				1,745,885

Food Products (0.0%^†):
	420,000	General Mills, Inc., 0.45%, 1/15/26, Callable 10/15/25 @ 100		408,825

Gas Utilities (0.0%^†):
	262,000	Atmos Energy Corp., 4.13%, 10/15/44, Callable 4/15/44 @ 100		216,750
	500,000	Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31, Callable 12/15/30 @ 100		408,313

				625,063

Health Care (0.2%):
	965,000	BHSH System Obligated Group, Series 2019-A, 3.49%, 7/15/49, Callable 1/15/49 @ 100		701,586


Principal Amount			Value
Corporate Bonds, continued
Health Care, continued
$	610,000	City of Hope, Series 2013, 5.62%, 11/15/43	$	590,721
	197,000	Hoag Memorial Hospital Presbyterian, 3.80%, 7/15/52, Callable 1/15/52 @ 100		156,355
	410,000	Mount Nittany Medical Center Obligated Group, Series 2022, 3.80%, 11/15/52		312,486
	462,000	Nationwide Children’s Hospital, Inc., 4.56%, 11/1/52, Callable 5/1/52 @ 100		417,211
	430,000	Presbyterian Healthcare Services, 4.88%, 8/1/52, Callable 2/1/52 @ 100		406,637
	520,000	Queen’s Health Systems (The), 4.81%, 7/1/52, Callable 1/1/52 @ 100		481,613
	300,000	Seattle Children’s Hospital, Series 2021, 2.72%, 10/1/50, Callable 10/1/49 @ 100		188,814

				3,255,423

Health Care Equipment & Supplies (0.1%):
	259,000	Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100		206,319
	525,000	Becton Dickinson & Co., 1.40%, 5/24/23, Callable 4/24/23 @ 100		558,765
	510,000	Becton Dickinson & Co., 0.03%, 8/13/25, Callable 7/13/25 @ 100		495,606
	333,000	Boston Scientific Corp., 2.65%, 6/1/30, Callable 3/1/30 @ 100		285,274

				1,545,964

Health Care Providers & Services (1.2%):
	410,000	Aetna, Inc., 4.75%, 3/15/44, Callable 9/15/43 @ 100		362,630
	275,000	AHS Hospital Corp., 2.78%, 7/1/51, Callable 1/1/51 @ 100		171,936
	448,000	Anthem, Inc., 4.55%, 3/1/48, Callable 9/1/47 @ 100		391,944
	350,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		289,258
	825,000	CommonSpirit Health, 3.82%, 10/1/49, Callable 4/1/49 @ 100		620,401
	498,000	CVS Health Corp., 5.00%, 12/1/24, Callable 9/1/24 @ 100		494,949
	1,470,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		1,396,331
	2,293,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		2,215,393
	1,817,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100		1,670,699
	1,240,000	Duke University Health, 3.92%, 6/1/47, Callable 12/1/46 @ 100		1,004,440
	752,000	Elevance Health, Inc., 6.10%, 10/15/52, Callable 4/15/52 @ 100		811,959
	4,474,000	HCA, Inc., 5.25%, 4/15/25		4,462,815
	3,927,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		3,868,095
	260,000	HCA, Inc., 5.38%, 9/1/26, Callable 3/1/26 @ 100		256,750
	1,461,000	HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(a)		1,240,339
	2,871,000	HCA, Inc., 3.50%, 7/15/51, Callable 1/15/51 @ 100		1,864,482


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	221,000	UnitedHealth Group, Inc., 4.75%, 7/15/45	$	208,736
	957,000	UnitedHealth Group, Inc., 4.20%, 1/15/47, Callable 7/15/46 @ 100		829,160
	530,000	UnitedHealth Group, Inc., 3.75%, 10/15/47, Callable 4/15/47 @ 100		427,940
	1,099,000	UnitedHealth Group, Inc., 2.90%, 5/15/50, Callable 11/15/49 @ 100		752,532
	996,000	UnitedHealth Group, Inc., 6.05%, 2/15/63, Callable 8/15/62 @ 100		1,097,798

				24,438,587

Health Care Technology (0.0%^†):
	744,000	GE HealthCare Technologies, Inc., 5.60%, 11/15/25, Callable 10/15/25 @ 100(a)		749,382

Hotels, Restaurants & Leisure (0.1%):
	1,200,000	McDonald’s Corp., Series G, 1.00%, 11/15/23, MTN(a)		1,265,566

Industrial Conglomerates (0.0%^†):
	785,000	3M Co., Series E, 0.95%, 5/15/23		835,782

Insurance (0.2%):
	348,000	American International Group, Inc., 4.80%, 7/10/45, Callable 1/10/45 @ 100		312,412
	330,000	American International Group, Inc., 4.38%, 6/30/50, Callable 12/30/49 @ 100		284,477
	572,000	Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100		552,503
	1,350,000	Aon Corp., 2.80%, 5/15/30, Callable 2/15/30 @ 100		1,154,419
	378,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		303,842
	480,000	Marsh & McLennan Cos., Inc., 1.35%, 9/21/26, Callable 6/21/26 @ 100		465,220
	433,000	Marsh & McLennan Cos., Inc., 4.38%, 3/15/29, Callable 12/15/28 @ 100		419,814
	833,000	Marsh & McLennan Cos., Inc., 2.25%, 11/15/30, Callable 8/15/30 @ 100^		681,905
	843,000	Marsh McLennan Cos., Inc., 2.38%, 12/15/31, Callable 9/15/31 @ 100		683,806

				4,858,398

Interactive Media & Services (0.1%):
	2,431,000	Meta Platforms, Inc., 4.45%, 8/15/52, Callable 2/15/52 @ 100		1,944,119

Internet & Direct Marketing Retail (0.2%):
	1,117,000	Amazon.com, Inc., 4.70%, 12/1/32, Callable 9/1/32 @ 100		1,113,505
	1,205,000	Amazon.com, Inc., 4.95%, 12/5/44, Callable 6/5/44 @ 100		1,195,412
	657,000	Amazon.com, Inc., 4.25%, 8/22/57, Callable 2/22/57 @ 100		568,696
	256,000	eBay, Inc., 2.60%, 5/10/31, Callable 2/10/31 @ 100		208,654
	1,325,000	eBay, Inc., 6.30%, 11/22/32, Callable 8/22/32 @ 100		1,380,262

				4,466,529


Principal Amount			Value
Corporate Bonds, continued
IT Services (0.3%):
$	1,661,000	Global Payments, Inc., 4.95%, 8/15/27, Callable 7/15/27 @ 100	$	1,615,102
	2,838,000	Global Payments, Inc., 3.20%, 8/15/29, Callable 5/15/29 @ 100		2,427,628
	1,898,000	Global Payments, Inc., 2.90%, 5/15/30, Callable 2/15/30 @ 100		1,563,785
	461,000	Global Payments, Inc., 5.95%, 8/15/52, Callable 2/15/52 @ 100		421,520

				6,028,035

Life Sciences Tools & Services (0.1%):
	958,000	Agilent Technologies, Inc., 2.30%, 3/12/31, Callable 12/12/30 @ 100		775,596
	833,000	Thermo Fisher Scientific, Inc., 2.00%, 10/15/31, Callable 7/15/31 @ 100		677,849

				1,453,445

Media (0.6%):
	2,976,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.95%, 6/30/62, Callable 12/30/61 @ 100		1,760,855
	3,978,000	Comcast Corp., 2.65%, 2/1/30, Callable 11/1/29 @ 100		3,452,263
	999,000	Comcast Corp., 1.95%, 1/15/31, Callable 10/15/30 @ 100		807,575
	1,868,000	Comcast Corp., 5.50%, 11/15/32, Callable 8/15/32 @ 100		1,952,562
	492,000	Comcast Corp., 3.25%, 11/1/39, Callable 5/1/39 @ 100		384,279
	937,000	Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100		690,705
	275,000	Comcast Corp., 3.97%, 11/1/47, Callable 5/1/47 @ 100		219,551
	1,944,000	Comcast Corp., 2.94%, 11/1/56, Callable 5/1/56 @ 100		1,225,328
	799,000	Cox Communications, Inc., 3.60%, 6/15/51, Callable 12/15/50 @ 100(a)		549,453
	1,153,000	Discovery Communications LLC, 1.90%, 3/19/27, Callable 12/19/26 @ 100		1,110,598
	301,000	NBCUniversal Media LLC, 4.45%, 1/15/43		266,212
	844,000	Paramount Global, 4.85%, 7/1/42, Callable 1/1/42 @ 100		633,420

				13,052,801

Metals & Mining (0.0%^†):
	203,000	Newmont Corp., 5.88%, 4/1/35		208,130
	367,000	Nucor Corp., 4.30%, 5/23/27, Callable 4/23/27 @ 100		356,183

				564,313

Multi-Utilities (0.2%):
	762,000	Ameren Illinois Co., 3.25%, 3/15/50, Callable 9/15/49 @ 100		545,366
	176,000	CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100		143,646
	695,000	CenterPoint Energy Houston Electric LLC, 3.35%, 4/1/51, Callable 10/1/50 @ 100		510,822
	1,542,000	CenterPoint Energy Resources Corp., 1.75%, 10/1/30, Callable 7/1/30 @ 100		1,203,933


Principal Amount			Value
Corporate Bonds, continued
Multi-Utilities, continued
$	301,000	Consumers Energy Co., 3.80%, 11/15/28, Callable 8/15/28 @ 100	$	283,621
	430,000	Consumers Energy Co., 4.05%, 5/15/48, Callable 11/15/47 @ 100		361,666
	531,000	Consumers Energy Co., 3.75%, 2/15/50, Callable 8/15/49 @ 100		414,962
	778,000	Consumers Energy Co., 3.10%, 8/15/50, Callable 2/15/50 @ 100		539,433
	180,000	Consumers Energy Co., 3.50%, 8/1/51, Callable 2/1/51 @ 100		137,852
	337,000	Consumers Energy Co., 4.20%, 9/1/52, Callable 3/1/52 @ 100		290,948

				4,432,249

National (0.1%):
	625,000	Federal Farm Credit Banks Funding Corp., 3.50%, 9/1/32		578,238
	1,045,000	Federal Farm Credit Banks Funding Corp., 3.88%, 9/20/32		997,079

				1,575,317

Oil, Gas & Consumable Fuels (2.8%):
	762,000	Cameron LNG LLC, 2.90%, 7/15/31, Callable 4/15/31 @ 100(a)		644,731
	1,695,000	Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a)		1,380,654
	1,037,000	Cameron LNG LLC, 3.40%, 1/15/38, Callable 7/15/37 @ 100(a)		841,253
	4,397,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100		4,342,037
	1,380,000	Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29, Callable 5/18/29 @ 100		1,250,625
	196,000	Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100		152,520
	469,000	Devon Energy Corp., 8.25%, 8/1/23, Callable 6/1/23 @ 100		475,742
	338,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 1/17/23 @ 102.63		333,500
	78,000	Devon Energy Corp., 5.88%, 6/15/28, Callable 6/15/23 @ 102.94		77,350
	3,600,000	Devon Energy Corp., 4.50%, 1/15/30, Callable 1/15/25 @ 102.25		3,368,275
	854,000	Devon Energy Corp., 5.60%, 7/15/41, Callable 1/15/41 @ 100		800,366
	619,000	Devon Energy Corp., 4.75%, 5/15/42, Callable 11/15/41 @ 100		526,376
	4,555,000	Diamondback Energy, Inc., 3.25%, 12/1/26, Callable 10/1/26 @ 100		4,230,456
	6,164,000	Diamondback Energy, Inc., 3.50%, 12/1/29, Callable 9/1/29 @ 100		5,422,304
	530,000	Diamondback Energy, Inc., 4.40%, 3/24/51, Callable 9/24/50 @ 100		402,673
	711,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		693,695
	1,007,000	Energy Transfer LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100		1,009,943
	1,064,000	Energy Transfer LP, 5.95%, 12/1/25, Callable 9/1/25 @ 100		1,072,624


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	270,000	Energy Transfer LP, 4.40%, 3/15/27, Callable 12/15/26 @ 100	$	256,794
	2,400,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		2,313,816
	1,725,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		1,673,057
	236,000	Energy Transfer LP, 8.25%, 11/15/29, Callable 8/15/29 @ 100		259,814
	497,000	Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		438,337
	1,775,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		1,434,186
	266,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		262,551
	269,000	Energy Transfer Operating LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100		260,906
	670,000	Energy Transfer Partners LP, 3.60%, 2/1/23		668,886
	675,000	Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		633,292
	251,000	Enterprise Products Operating LLC, 4.80%, 2/1/49, Callable 8/1/48 @ 100		216,586
	515,000	Enterprise Products Operating LLC, 4.20%, 1/31/50, Callable 7/31/49 @ 100		407,532
	221,000	Enterprise Products Operating LLC, 3.20%, 2/15/52, Callable 8/15/51 @ 100		147,460
	240,000	EQT Corp., 5.70%, 4/1/28, Callable 3/1/28 @ 100		239,100
	1,090,000	Exxon Mobil Corp., 1.41%, 6/26/39, Callable 12/26/38 @ 100		755,809
	228,000	Kinder Morgan Energy Partners LP, SERIES MTN, 6.95%, 1/15/38, MTN		241,299
	37,000	Kinder Morgan Energy Partners LP, 7.50%, 11/15/40		40,814
	639,000	Kinder Morgan, Inc., 3.60%, 2/15/51, Callable 8/15/50 @ 100		444,683
	675,000	Kinder Morgan, Inc., Series MTN, 5.45%, 8/1/52, Callable 2/1/52 @ 100		610,109
	1,313,000	NGPL PipeCo LLC, 3.25%, 7/15/31, Callable 4/15/31 @ 100(a)		1,069,481
	1,292,000	NGPL PipeCo. LLC, 4.88%, 8/15/27, Callable 2/15/27 @ 100(a)		1,229,015
	770,000	Northern Natural Gas Co., 4.30%, 1/15/49, Callable 7/15/48 @ 100(a)		612,484
	596,000	Northern Natural Gas Co., 3.40%, 10/16/51, Callable 4/16/51 @ 100(a)		406,486
	2,523,000	Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100		2,386,041
	2,296,000	Sabine Pass Liquefaction LLC, 5.00%, 3/15/27, Callable 9/15/26 @ 100		2,252,950
	228,000	Sabine Pass Liquefaction LLC, 4.20%, 3/15/28, Callable 9/15/27 @ 100		214,605
	470,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp, 5.00%, 1/15/28, Callable 2/6/23 @ 102.5		452,375
	1,130,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		1,063,613


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	1,110,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44	$	1,000,387
	1,373,000	Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100(a)		1,240,489
	1,702,000	Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100(a)		1,358,606
	2,610,000	Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100		2,784,353
	2,198,000	Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100		2,065,199
	772,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50, Callable 11/15/49 @ 100		603,733
	240,000	Williams Cos., Inc., Series A, 7.50%, 1/15/31		262,331
	911,000	Williams Cos., Inc. (The), 2.60%, 3/15/31, Callable 12/15/30 @ 100		740,553

				58,072,856

Pharmaceuticals (0.1%):
	858,000	Bristol-Myers Squibb Co., 2.95%, 3/15/32, Callable 12/15/31 @ 100		750,833
	312,000	Bristol-Myers Squibb Co., 3.25%, 8/1/42		239,593
	442,000	Bristol-Myers Squibb Co., 4.63%, 5/15/44, Callable 11/15/43 @ 100		407,542

				1,397,968

Power (0.1%):
	1,783,000	Texas Electric Market Stabilization Funding N LLC, 4.26%, 8/1/36(a)		1,687,057

Professional Services (0.4%):
	2,555,000	Leidos, Inc., 4.38%, 5/15/30, Callable 2/15/30 @ 100		2,309,081
	3,657,000	RELX Capital, Inc., 3.50%, 3/16/23, Callable 2/16/23 @ 100		3,643,663
	1,797,000	RELX Capital, Inc., 3.00%, 5/22/30, Callable 2/22/30 @ 100		1,540,013

				7,492,757

Real Estate Management & Development (0.0%^†):
	915,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		813,601

Road & Rail (0.7%):
	1,369,000	Burlington Northern Santa Fe LLC, 4.15%, 12/15/48, Callable 6/15/48 @ 100		1,171,913
	313,000	Burlington Northern Santa Fe LLC, 2.88%, 6/15/52, Callable 12/15/51 @ 100		210,862
	1,849,000	CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100		1,731,927
	293,000	CSX Corp., 4.10%, 3/15/44, Callable 9/15/43 @ 100		247,014
	504,000	CSX Corp., 4.50%, 11/15/52, Callable 5/15/52 @ 100		442,271
	145,000	Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100		136,093
	1,356,000	Norfolk Southern Corp., 2.55%, 11/1/29, Callable 8/1/29 @ 100		1,163,321
	1,101,000	Norfolk Southern Corp., 3.00%, 3/15/32, Callable 12/15/31 @ 100		945,425


Principal Amount			Value
Corporate Bonds, continued
Road & Rail, continued
$	243,000	Norfolk Southern Corp., 3.40%, 11/1/49, Callable 5/1/49 @ 100	$	175,153
	340,000	Norfolk Southern Corp., 4.55%, 6/1/53, Callable 12/1/52 @ 100		299,951
	478,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 3.95%, 3/10/25, Callable 1/10/25 @ 100(a)		461,077
	1,490,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 1.20%, 11/15/25, Callable 10/15/25 @ 100(a)		1,314,968
	397,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.45%, 1/29/26, Callable 11/29/25 @ 100(a)		383,523
	870,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, 2/1/24, Callable 1/1/24 @ 100(a)		852,685
	982,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 5.88%, 11/15/27, Callable 10/15/27 @ 100(a)		992,775
	349,000	Ryder System, Inc., 2.90%, 12/1/26, Callable 10/1/26 @ 100		317,937
	3,066,000	Union Pacific Corp., 2.80%, 2/14/32, Callable 12/15/31 @ 100		2,657,820
	269,000	Union Pacific Corp., 2.89%, 4/6/36, Callable 1/6/36 @ 100		214,874
	2,000	Union Pacific Corp., 4.50%, 9/10/48, Callable 3/10/48 @ 100		1,774
	299,000	Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100		219,168
	366,025	Union Pacific Railroad Co., Series 2014-1, 3.23%, 5/14/26		351,112

				14,291,643

Semiconductors & Semiconductor Equipment (0.7%):
	519,000	Broadcom Corp/Broadcom Cayman Finance, Ltd., 3.50%, 1/15/28, Callable 10/15/27 @ 100		473,903
	195,000	Broadcom, Inc., 3.46%, 9/15/26, Callable 7/15/26 @ 100		183,920
	859,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100		772,482
	5,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a)		3,950
	850,000	Broadcom, Inc., 4.15%, 4/15/32, Callable 1/15/32 @ 100(a)		750,647
	569,000	Broadcom, Inc., 3.42%, 4/15/33, Callable 1/15/33 @ 100(a)		458,790
	1,493,000	Broadcom, Inc., 3.47%, 4/15/34, Callable 1/15/34 @ 100(a)		1,187,447
	2,265,000	Broadcom, Inc., 4.93%, 5/15/37, Callable 2/15/37 @ 100(a)		1,986,396
	5,000	KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100		4,994
	925,000	KLA Corp., 3.30%, 3/1/50, Callable 8/28/49 @ 100		672,850
	1,038,000	KLA Corp., 5.25%, 7/15/62, Callable 1/15/62 @ 100		1,013,632
	1,426,000	KLA-Tencor Corp., 4.10%, 3/15/29, Callable 12/15/28 @ 100		1,381,838
	303,000	Lam Research Corp., 4.88%, 3/15/49, Callable 9/15/48 @ 100		290,693
	627,000	Lam Research Corp., 2.88%, 6/15/50, Callable 12/15/49 @ 100		427,055


Principal Amount			Value
Corporate Bonds, continued
Semiconductors & Semiconductor Equipment, continued
$	689,000	NVIDIA Corp., 3.50%, 4/1/50, Callable 10/1/49 @ 100	$	524,990
	2,209,000	QUALCOMM, Inc., 5.40%, 5/20/33, Callable 2/20/33 @ 100^		2,306,189
	1,205,000	QUALCOMM, Inc., 4.65%, 5/20/35, Callable 11/20/34 @ 100		1,168,545
	470,000	QUALCOMM, Inc., 6.00%, 5/20/53, Callable 11/20/52 @ 100		503,504
	494,000	TSMC Arizona Corp., 4.25%, 4/22/32, Callable 1/22/32 @ 100		477,398

				14,589,223

Software (0.7%):
	1,438,000	Autodesk, Inc., 2.85%, 1/15/30, Callable 10/15/29 @ 100		1,239,357
	1,021,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		897,494
	1,560,000	Oracle Corp., 3.85%, 7/15/36, Callable 1/15/36 @ 100		1,261,063
	3,324,000	Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100		2,643,574
	591,000	Oracle Corp., 6.13%, 7/8/39		592,679
	1,611,000	Oracle Corp., 3.60%, 4/1/40, Callable 10/1/39 @ 100		1,198,834
	1,375,000	Oracle Corp., 5.38%, 7/15/40		1,271,992
	962,000	Oracle Corp., 3.65%, 3/25/41, Callable 9/25/40 @ 100		717,888
	1,147,000	Oracle Corp., 4.00%, 11/15/47, Callable 5/15/47 @ 100		839,756
	1,612,000	Oracle Corp., 3.60%, 4/1/50, Callable 10/1/49 @ 100		1,099,421
	744,000	salesforce.com, Inc., 3.05%, 7/15/61, Callable 1/15/61 @ 100		479,105
	1,419,000	ServiceNow, Inc., 1.40%, 9/1/30, Callable 6/1/30 @ 100		1,088,593
	281,000	Vmware, Inc., 4.65%, 5/15/27, Callable 3/15/27 @ 100		271,778
	427,000	Vmware, Inc., 3.90%, 8/21/27, Callable 5/21/27 @ 100		399,448
	361,000	Vmware, Inc., 1.80%, 8/15/28, Callable 6/15/28 @ 100		295,065
	1,164,000	Vmware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100		888,499
	545,000	Workday, Inc., 3.80%, 4/1/32, Callable 1/1/32 @ 100		483,586

				15,668,132

Specialty Retail (0.1%):
	861,000	Lowe’s Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100		797,735
	1,307,000	Lowe’s Cos., Inc., 2.80%, 9/15/41, Callable 3/15/41 @ 100		896,299

				1,694,034

Technology Hardware, Storage & Peripherals (0.1%):
	592,000	Apple, Inc., 4.10%, 8/8/62, Callable 2/8/62 @ 100		501,294
	98,000	Dell International LLC/EMC Corp., 8.35%, 7/15/46, Callable 1/15/46 @ 100		112,365


Principal Amount			Value
Corporate Bonds, continued
Technology Hardware, Storage & Peripherals, continued
$	541,000	Dell International LLC/EMC Corp., 3.45%, 12/15/51, Callable 6/15/51 @ 100(a)	$	332,706
	344,000	Hp, Inc., 2.65%, 6/17/31, Callable 3/17/31 @ 100		269,929

				1,216,294

Thrifts & Mortgage Finance (0.1%):
	1,708,000	Federal National Mortgage Association, 1.55%, 8/24/35, Callable 8/24/23 @ 100		1,171,464

Tobacco (0.5%):
	415,000	Altria Group, Inc., 2.20%, 6/15/27, Callable 4/15/27 @ 100		398,006
	1,448,000	Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100		1,097,594
	3,327,000	Altria Group, Inc., 5.80%, 2/14/39, Callable 8/14/38 @ 100		3,055,091
	84,000	Altria Group, Inc., 6.20%, 2/14/59, Callable 8/14/58 @ 100		78,432
	562,000	BAT Capital Corp., 2.26%, 3/25/28, Callable 1/25/28 @ 100		467,506
	567,000	BAT Capital Corp., 4.76%, 9/6/49, Callable 3/6/49 @ 100		417,246
	3,745,000	Philip Morris International, Inc., 5.13%, 11/17/27, Callable 10/17/27 @ 100		3,781,207
	1,000,000	Philip Morris International, Inc., 1.88%, 11/6/37, Callable 8/6/37 @ 100		665,907
	1,732,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		1,487,720

				11,448,709

Utilities (0.2%):
	470,000	CenterPoint Ener Houston, 3.60%, 3/1/52, Callable 9/1/51 @ 100		363,884
	919,000	Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/52, Callable 5/15/52 @ 100		996,337
	240,000	PECO Energy Co., 4.38%, 8/15/52, Callable 2/15/52 @ 100		210,493
	3,266,000	Vistra Operations Co. LLC, 5.13%, 5/13/25(a)		3,199,373

				4,770,087

Wireless Telecommunication Services (0.6%):
	11,257,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		10,637,696
	2,779,000	T-Mobile USA, Inc., 3.30%, 2/15/51, Callable 8/15/50 @ 100		1,874,038

				12,511,734

	Total Corporate Bonds (Cost $592,714,177)			520,183,812

Foreign Bonds (0.9%):
Aerospace & Defense (0.0%^†):
	410,000	Airbus SE, 2.38%, 6/9/40, Callable 3/9/40 @ 100, MTN+(a)		328,594

Automobiles (0.0%^†):
	300,000	Volkswagen International Finance NV, 4.13%, 11/16/38+(a)		290,717

Banks (0.3%):
	900,000	Banco de Sabadell SA, 1.12%(EUSA1+155bps), 3/11/27, Callable 3/11/26 @ 100+(a)		859,128


Principal Amount			Value
Foreign Bonds, continued
Banks, continued
$	2,000,000	BNP Paribas SA, 0.25%(EUR003M+70bps), 4/13/27, Callable 4/13/26 @ 100, MTN+(a)	$	1,867,155
	800,000	BNP Paribas SA, 0.50%(EUR0003M+83bps), 1/19/30, Callable 1/19/29 @ 100, MTN+(a)		673,534
	500,000	BPCE SA, 0.25%, 1/15/26+(a)		482,972
	300,000	de Volksbank NV, 1.75%(EUSA5+2.1bps), 10/22/30, Callable 10/22/25 @ 100, MTN+(a)		290,509
	1,013,000	Lloyds Banking Group plc, 4.50%(EUR003M+172.2bps), 3/18/30, Callable 3/18/25 @ 100, MTN+(a)		1,041,124
	1,000,000	Toronto-Dominion Bank (The), Series E, 0.38%, 4/25/24, MTN+(a)		1,029,144

				6,243,566

Beverages (0.0%^†):
	600,000	Pernod Ricard SA, 3.00%, 10/24/23, Callable 9/24/23 @ 100+(a)		626,894

Capital Markets (0.2%):
	700,000	Deutsche Bank AG, 1.00%(EUR003M+1.6bps), 11/19/25, Callable 11/19/24 @ 100+(a)		698,719
	1,200,000	Deutsche Bank AG, 1.88%(EUR003M+138bps), 2/23/28, Callable 2/23/27 @ 100, MTN+(a)		1,121,140
	670,000	SELP Finance Sarl, 0.88%, 5/27/29, Callable 2/27/29 @ 100+(a)		536,562
	1,140,000	Viterra Finance BV, 0.38%, 9/24/25, Callable 8/24/25 @ 100, MTN+(a)		1,082,190

				3,438,611

Chemicals (0.0%^†):
	390,000	Covestro AG, 0.88%, 2/3/26, Callable 11/3/25 @ 100, MTN+(a)		381,076

Diversified Financial Services (0.0%^†):
	515,000	BAT International Finance plc, 1.25%, 3/13/27, Callable 12/13/26 @ 100, MTN+(a)		486,696
	400,000	Total Capital International SA, Series E, 2.13%, 3/15/23, MTN+(a)		427,875

				914,571

Health Care Equipment & Supplies (0.0%^†):
	200,000	DH Europe Finance II Sarl, 1.35%, 9/18/39, Callable 3/18/39 @ 100+		144,238

Health Care Providers & Services (0.0%^†):
	390,000	Fresenius Finance Ireland plc, 0.88%, 10/1/31, Callable 7/1/31 @ 100, MTN+(a)		288,259

Media (0.1%):
	870,000	Informa plc, 2.13%, 10/6/25, Callable 7/6/25 @ 100, MTN+(a)		882,319
	160,000	WPP Finance SA, 2.38%, 5/19/27, MTN^+(a)		159,749

				1,042,068

Oil, Gas & Consumable Fuels (0.1%):
	330,000	Aker BP ASA, 1.13%, 5/12/29, Callable 2/12/29 @ 100, MTN+(a)		284,716
	600,000	Digital Dutch Finco BV, 1.00%, 1/15/32, Callable 10/15/31 @ 100+(a)		443,681
	1,100,000	TotalEnergies SE, 1.75%(EUSA5+176.5bps), 12/31/99, Callable 4/4/24 @ 100, MTN+(a)		1,108,265

				1,836,662


Principal Amount			Value
Foreign Bonds, continued
Pharmaceuticals (0.1%):
$	375,000	Takeda Pharmaceutical Co., Ltd., 2.00%, 7/9/40, Callable 1/9/40 @ 100+	$	281,113
	840,000	Upjohn Finance BV, 1.02%, 6/23/24, Callable 5/23/24 @ 100+(a)		859,159

				1,140,272

Professional Services (0.0%^†):
	520,000	RELX Finance BV, 3.39%, 3/18/24, Callable 2/18/24 @ 100+(a)		534,515

Sovereign Bond (0.1%):
	1,650,000	Mexico Government International Bond, 1.45%, 10/25/33, Callable 7/25/33 @ 100, MTN+		1,236,317
	714,000	Mexico Government International Bond, 2.13%, 10/25/51, Callable 4/25/51 @ 100+		415,568
	57,000	Romanian Government International Bond, 2.88%, 3/11/29, MTN+(a)		50,172
	60,000	Romanian Government International Bond, Registered Shares, 2.50%, 2/8/30, MTN+(a)		49,361

				1,751,418

Tobacco (0.0%^†):
	410,000	Imperial Brands Finance Netherlands BV, 1.75%, 3/18/33, Callable 12/18/32 @ 100, MTN+(a)		302,230

	Total Foreign Bonds (Cost $23,840,619)			19,263,691

Yankee Debt Obligations (3.7%):
Airlines (0.0%^†):
	266,392	Air Canada Pass Through Trust, Series 2017-1, Class A, 3.30%, 7/15/31(a)		225,622

Automobiles (0.1%):
	1,122,000	Nissan Motor Co., Ltd., 4.81%, 9/17/30, Callable 6/17/30 @ 100(a)		956,395

Banks (0.4%):
	278,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 6/6/24(a)		272,269
	200,000	Banco Santander SA, 2.71%, 6/27/24		191,686
	302,000	Barclays plc, 2.89% (H15T1Y+130 bps), 11/24/32, Callable 11/24/31 @ 100		231,030
	1,880,000	Barclays plc, 5.75% (H15T1Y+300 bps), 8/9/33, Callable 8/9/32 @ 100		1,791,251
	1,076,000	HSBC Holdings plc, 2.25% (SOFR+110 bps), 11/22/27, Callable 11/22/26 @ 100		934,147
	726,000	HSBC Holdings plc, 5.21% (SOFR+261 bps), 8/11/28, Callable 8/11/27 @ 100		700,770
	628,000	HSBC Holdings plc, 4.58% (US0003M+153 bps), 6/19/29, Callable 6/19/28 @ 100		579,223
	278,000	HSBC Holdings plc, 2.21% (SOFR+129 bps), 8/17/29, Callable 8/17/28 @ 100		225,683
	2,195,000	HSBC Holdings plc, 5.40% (SOFR+287 bps), 8/11/33, Callable 8/11/32 @ 100		2,046,761
	348,000	Intercorp Peru, Ltd., 3.88%, 8/15/29, Callable 5/15/29 @ 100(a)		290,346
	811,000	Mizuho Financial Group, Inc., 2.26% (H15T1Y+90 bps), 7/9/32, Callable 7/9/31 @ 100		621,393
	965,000	Standard Chartered PLC, 2.61% (H15T1Y+118 bps), 1/12/28, Callable 1/12/27 @ 100(a)		839,642

				8,724,201


Principal Amount			Value
Yankee Debt Obligations, continued
Beverages (0.1%):
$	1,457,000	Suntory Holdings, Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a)	$	1,367,587

Biotechnology (0.2%):
	3,546,000	Shire Acquisitions Investments, 3.20%, 9/23/26, Callable 6/23/26 @ 100		3,331,460

Capital Markets (0.1%):
	2,000	Macquarie Group, Ltd., 4.65% (US0003M+173 bps), 3/27/29, Callable 3/27/28 @ 100(a)		1,890
	958,000	Nomura Holdings, Inc., 2.68%, 7/16/30		762,827
	475,000	Nomura Holdings, Inc., 2.61%, 7/14/31		367,010
	650,000	SA Global Sukuk, Ltd., 2.69%, 6/17/31, Callable 3/17/31 @ 100(a)		557,638

				1,689,365

Chemicals (0.0%^†):
	330,000	Nutrien, Ltd., 5.90%, 11/7/24		333,892
	255,000	Sociedad Quimica y Minera de Chile SA, 4.25%, 1/22/50, Callable 7/22/49 @ 100(a)		216,113

				550,005

Consumer Finance (0.1%):
	1,390,000	Hyundai Capital Services, Inc., 3.75%, 3/5/23(a)		1,385,524

Diversified Financial Services (0.0%^†):
	270,000	Banco Latinoamericano de Comercio Exterior SA, 2.38%, 9/14/25, Callable 8/15/25 @ 100(a)		246,264
	570,000	ORIX Corp., 5.20%, 9/13/32		556,769

				803,033

Diversified Telecommunication Services (0.0%^†):
	389,000	Deutsche Telekom International Finance BV, 2.49%, 9/19/23, Callable 7/19/23 @ 100(a)		381,687

Energy Production (0.0%^†):
	327,000	Kallpa Generacion SA, 4.13%, 8/16/27, Callable 5/16/27 @ 100(a)		301,814

Equity Real Estate Investment Trusts (REITs) (0.0%^†):
	269,000	Trust Fibra Uno, 5.25%, 12/15/24, Callable 9/15/24 @ 100(a)		266,646
	253,000	Trust Fibra Uno, 6.39%, 1/15/50, Callable 7/15/49 @ 100(a)		208,089

				474,735

Financial Services (0.0%^†):
	344,000	Eig Pearl Holdings Sarl, 4.39%, 11/30/46(a)		265,310

Food & Staples Retailing (0.0%^†):
	250,000	Cencosud SA, 5.15%, 2/12/25, Callable 11/12/24 @ 100(a)		248,455

Independent Power and Renewable Electricity Producers (0.0%^†):
	270,000	AES Panama Generation Holdings SRL, 4.38%, 5/31/30, Callable 2/28/30 @ 100(a)		233,550
	210,000	Colbun SA, 3.15%, 1/19/32, Callable 10/19/31 @ 100(a)		179,648

				413,198

Interactive Media & Services (0.2%):
	490,000	Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100		482,037


Principal Amount			Value
Yankee Debt Obligations, continued
Interactive Media & Services, continued
$	475,000	Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100	$	448,964
	1,511,000	Tencent Holdings, Ltd., 2.99%, 1/19/23^(a)		1,508,682
	515,000	Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100(a)		474,535

				2,914,218

Internet & Direct Marketing Retail (0.0%^†):
	320,000	Alibaba Group Holding, Ltd., 2.80%, 6/6/23, Callable 5/6/23 @ 100^		316,372

Machinery (0.1%):
	1,119,000	CNH Industrial N.V., 3.85%, 11/15/27, Callable 8/15/27 @ 100, MTN		1,052,019
	670,000	Trane Technologies Luxembourg Finance SA, 3.50%, 3/21/26, Callable 1/21/26 @ 100		632,811

				1,684,830

Materials (0.1%):
	260,000	Celulosa Arauco y Constitucion SA, 4.20%, 1/29/30, Callable 10/29/29 @ 100(a)		244,313
	366,000	Equate Petrochemical BV, 4.25%, 11/3/26(a)		349,814
	137,000	Fibria Overseas Finance, Ltd., 5.50%, 1/17/27		136,829
	200,000	Freeport Indonesia PT, Registered Shares, 4.76%, 4/14/27, Callable 3/14/27 @ 100(a)		191,966
	240,000	SABIC Capital II BV, 4.50%, 10/10/28(a)		236,567

				1,159,489

Metals & Mining (0.3%):
	2,171,000	Anglo American Capital plc, 4.75%, 4/10/27(a)		2,110,012
	807,000	Anglo American Capital plc, 4.00%, 9/11/27(a)		758,317
	1,332,000	Anglo American Capital plc, 4.50%, 3/15/28, Callable 12/15/27 @ 100(a)		1,265,261
	1,074,000	Anglo American Capital plc, 2.25%, 3/17/28, Callable 1/17/28 @ 100(a)		904,594
	404,000	Corp. Nacional del Cobre de Chile, Registered Shares, 3.63%, 8/1/27, Callable 5/1/27 @ 100(a)		381,025

				5,419,209

National (0.0%^†):
	200,000	Perusahaan Penerbit SBSN Indonesia III, 4.40%, 6/6/27(a)		198,000

Oil, Gas & Consumable Fuels (0.1%):
	1,022,000	Cenovus Energy, Inc., 3.75%, 2/15/52, Callable 8/15/51 @ 100^		725,254
	555,000	Ecopetrol SA, 4.13%, 1/16/25		530,025
	222,302	Galaxy Pipeline Assets Bidco, Ltd., 2.94%, 9/30/40(a)		178,647
	270,000	KazMunayGas National Co. JSC, 3.50%, 4/14/33, Callable 10/14/32 @ 100(a)		200,070
	270,000	Pertamina Persero PT, 3.10%, 1/21/30, Callable 10/21/29 @ 100(a)		234,900
	275,000	Qatar Energy, 2.25%, 7/12/31, Callable 4/12/31 @ 100(a)		228,715
	290,000	Saudi Arabian Oil Co., 3.25%, 11/24/50, Callable 5/24/50 @ 100(a)		204,861
	290,000	Saudi Arabian Oil Co., 3.50%, 11/24/70, Callable 5/24/70 @ 100(a)		197,416


Principal Amount			Value
Yankee Debt Obligations, continued
Oil, Gas & Consumable Fuels, continued
$	298,000	Suncor Energy, Inc., 6.80%, 5/15/38	$	312,974

				2,812,862

Paper & Forest Products (0.0%^†):
	240,000	Suzano Austria GmbH, 5.75%, 7/14/26(a)		241,068
	156,000	Suzano Austria GmbH, 3.75%, 1/15/31, Callable 10/15/30 @ 100		130,784

				371,852

Real Estate Management & Development (0.0%^†):
	250,000	Mitsui Fudosan Co., Ltd., 2.95%, 1/23/23(a)		249,576

Sovereign Bond (1.3%):
	200,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(a)		170,173
	200,000	Chile Government International Bond, 3.24%, 2/6/28, Callable 11/6/27 @ 100		186,026
	1,560,000	Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100^		1,283,426
	200,000	Chile Government International Bond, 3.86%, 6/21/47		157,587
	1,905,000	Colombia Government International Bond, 3.13%, 4/15/31, Callable 1/15/31 @ 100		1,418,804
	860,000	Colombia Government International Bond, 3.25%, 4/22/32, Callable 1/22/32 @ 100		627,773
	114,000	Hungary Government International Bond, 5.38%, 3/25/24		113,858
	200,000	Hungary Government International Bond, 5.25%, 6/16/29(a)		190,998
	236,000	Indonesia Government International Bond, 7.75%, 1/17/38(a)		283,502
	200,000	Indonesia Government International Bond, 6.75%, 1/15/44(a)		224,745
	210,000	Mexico Government International Bond, 3.75%, 1/11/28		198,786
	90,000	Mexico Government International Bond, 4.75%, 4/27/32, Callable 1/27/32 @ 100^		84,616
	108,000	Mexico Government International Bond, 5.75%, 10/12/10		92,061
	393,041	Oriental Republic of Uruguay, 4.50%, 8/14/24^		392,635
	2,265,000	Oriental Republic of Uruguay, 4.38%, 10/27/27		2,290,481
	655,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		564,119
	1,550,000	Panama Government International Bond, 4.50%, 4/1/56, Callable 10/1/55 @ 100		1,143,125
	245,000	Peruvian Government International Bond, 2.78%, 1/23/31, Callable 10/23/30 @ 100		203,859
	129,000	Peruvian Government International Bond, 1.86%, 12/1/32, Callable 9/1/32 @ 100		94,884
	30,000	Peruvian Government International Bond, 3.00%, 1/15/34, Callable 10/15/33 @ 100		23,736
	230,000	Philippine Government International Bond, 1.65%, 6/10/31		184,085
	1,725,000	Philippine Government International Bond, 1.95%, 1/6/32^		1,408,870
	689,000	Province of Manitoba, 3.05%, 5/14/24		673,704
	200,000	Qatar Government International Bond, 4.00%, 3/14/29(a)		196,891


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	200,000	Qatar Government International Bond, 3.75%, 4/16/30(a)	$	194,256
	3,516,000	Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100		3,115,327
	275,000	Republic of Colombia, 4.50%, 3/15/29, Callable 12/15/28 @ 100		237,996
	567,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100		435,709
	581,000	Republic of Indonesia, 4.10%, 4/24/28		568,659
	2,840,000	Republic of Indonesia, 2.85%, 2/14/30		2,541,854
	820,000	Republic of Panama, 3.88%, 3/17/28, Callable 12/17/27 @ 100		770,800
	1,091,000	Republic of Peru, 4.13%, 8/25/27		1,049,157
	1,031,000	Republic of Peru, 5.63%, 11/18/50		1,035,827
	3,200,000	Republic of Philippines, 3.00%, 2/1/28		2,978,611
	124,000	Romanian Government International Bond, 5.25%, 11/25/27(a)		119,260
	236,000	Romanian Government International Bond, 4.00%, 2/14/51(a)		156,496
	212,000	Saudi Government International Bond, 2.75%, 2/3/32(a)		185,294
	200,000	Saudi Government International Bond, 5.00%, 4/17/49(a)		188,604
	200,000	Saudi Government International Bond, 3.25%, 11/17/51, MTN(a)		144,441
	1,034,264	Uruguay Government International Bond, 4.38%, 1/23/31, Callable 10/23/30 @ 100		1,027,800
	209,820	Uruguay Government International Bond, 5.75%, 10/28/34, Callable 7/28/34 @ 100^		232,376

				27,191,211

Technology Hardware & Semiconductors (0.4%):
	1,077,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.15%, 5/1/27, Callable 3/1/27 @ 100		983,983
	4,280,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29, Callable 3/18/29 @ 100		3,979,454
	1,174,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100		1,015,270
	2,838,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, 5/11/31, Callable 2/11/31 @ 100		2,242,403

				8,221,110

Telecommunications (0.0%^†):
	330,000	NTT Finance Corp., 4.14%, 7/26/24(a)		324,882

Transportation Infrastructure (0.0%^†):
	270,000	Adani Ports & Special Economic Zone, Ltd., 3.38%, 7/24/24(a)		255,825

Utilities (0.0%^†):
	200,000	Comision Federal de Electricidad, 4.88%, 1/15/24^(a)		198,216
	285,000	Israel Electric Corp., Ltd., 4.25%, 8/14/28, MTN(a)		268,740

				466,956

Wireless Telecommunication Services (0.2%):
	280,000	Bharti Airtel, Ltd., 3.25%, 6/3/31, Callable 3/5/31 @ 100(a)		237,311
	200,000	Empresa Nacional del Petroleo, 4.38%, 10/30/24(a)		194,250


Principal Amount			Value
Yankee Debt Obligations, continued
Wireless Telecommunication Services, continued
$	235,000	Empresa Nacional del Petroleo, 3.75%, 8/5/26, Callable 5/5/26 @ 100(a)	$	221,543
	3,243,000	Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a)		2,795,365
	209,000	Rogers Communications, Inc., 4.55%, 3/15/52, Callable 9/15/51 @ 100(a)		161,835

				3,610,304

	Total Yankee Debt Obligations (Cost $86,167,174)			76,315,087

Municipal Bonds (0.6%):
California (0.3%):
	905,000	California State University Revenue, Series B, 2.72%, 11/1/52		584,078
	435,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		530,852
	600,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		760,956
	2,545,000	City of San Francisco CA Public Utilities Commission Water Revenue, 2.83%, 11/1/41, Continuously Callable @100		1,793,360
	1,240,000	Los Angeles Department of Water & Power Power System Revenue, 6.57%, 7/1/45		1,454,309
	645,000	Regents of the University of California Medical Center Pooled Revenue, 4.13%, 5/15/32, Continuously Callable @100		596,760
	440,000	University of California Revenue, Series BF, 2.65%, 5/15/50, Continuously Callable @100		277,314
	347,000	University of California Revenue, 4.77%, 5/15/15		287,323
	50,000	University of California Revenue, 4.86%, 5/15/12		42,712

				6,327,664

Michigan (0.0%^†):
	801,000	University of Michigan Revenue, 3.50%, 4/1/52, Continuously Callable @100		633,511

Minnesota (0.0%^†):
	406,000	University of Minnesota Revenue, 4.05%, 4/1/52		349,533

New Jersey (0.1%):
	575,000	New Jersey State Transportation Authority Revenue, Build America Bonds, GO, 6.56%, 12/15/40		617,768
	270,000	New Jersey Transportation Trust Fund Authority Revenue, 4.13%, 6/15/42		214,345
	165,000	New Jersey Turnpike Authority Revenue, Series B, 2.78%, 1/1/40, Continuously Callable @100		117,990

				950,103

New York (0.2%):
	1,420,000	New York State Dormitory Authority Revenue, 2.15%, 3/15/31		1,127,892
	1,045,000	New York State Dormitory Authority Revenue, 2.05%, 3/15/30		854,026
	1,160,000	New York State Dormitory Authority Revenue, 5.00%, 2/15/31, Continuously Callable @100		1,319,848

				3,301,766

Oklahoma (0.0%^†):
	255,000	Oklahoma Development Finance Authority Revenue, Series A2, 4.62%, 6/1/44		236,599


Principal Amount			Value
Municipal Bonds, continued
Texas (0.0%^†):
$	710,000	City of Houston TX, GO, 3.96%, 3/1/47	$	604,778
	430,000	State of Texas, GO, Series B, 2.75%, 10/1/41, Continuously Callable @100		304,092

				908,870

	Total Municipal Bonds (Cost $15,459,386)			12,708,046

U.S. Government Agency Mortgages (32.0%):
Federal National Mortgage Association (16.5%):
	40,650	2.50%, 9/1/27, Pool #AP5205		38,039
	61,385	2.50%, 9/1/27, Pool #AB6194		56,970
	15,752	2.50%, 2/1/28, Pool #AB8446		14,889
	36,291	2.50%, 4/1/28, Pool #AB8870		33,965
	23,912	3.00%, 4/1/28, Pool #AT3121		23,144
	28,094	3.00%, 5/1/28, Pool #AT6033		27,190
	106,966	2.50%, 8/1/28, Pool #AS0190		100,090
	123,951	3.50%, 10/1/28, Pool #AV0198		121,259
	63,867	3.00%, 10/1/28, Pool #AU8774		61,817
	5,703	3.00%, 10/1/28, Pool #AQ4132		5,406
	241,117	3.50%, 11/1/28, Pool #AV1360		235,872
	7,033	3.00%, 11/1/28, Pool #AV0298		6,666
	153,185	3.00%, 4/1/29, Pool #AW0937		147,595
	141,086	3.00%, 5/1/29, Pool #AW2544		135,583
	226,012	3.00%, 6/1/29, Pool #AS2676		217,746
	53,420	3.00%, 7/1/29, Pool #AW1281		51,053
	312,520	3.00%, 7/1/29, Pool #AW4229		300,376
	143,335	3.00%, 9/1/29, Pool #AS3220		138,101
	52,462	3.50%, 9/1/29, Pool #AX0105		50,846
	446,842	3.00%, 9/1/29, Pool #AL6897		429,406
	86,254	3.00%, 10/1/29, Pool #AS3594		82,903
	18,313	3.50%, 10/1/29, Pool #AX2741		17,748
	320,888	3.00%, 1/1/30, Pool #AL6144		309,169
	2,605,000	4.99%, 1/15/30(c)		1,920,552
	11,350	2.50%, 2/1/30, Pool #AS4485		10,800
	12,669	2.50%, 2/1/30, Pool #AS4488		11,833
	40,511	2.50%, 2/1/30, Pool #BM3403		38,045
	86,581	2.50%, 3/1/30, Pool #AS4688		79,447
	66,971	3.00%, 3/1/30, Pool #AL6583		64,504
	33,275	2.50%, 4/1/30, Pool #AY3416		30,540
	54,713	3.00%, 4/1/30, Pool #AL6584		51,848
	18,459	2.50%, 5/1/30, Pool #AY0828		17,215
	31,444	3.00%, 5/1/30, Pool #AL6761		30,216
	3,901,000	5.04%, 5/15/30(c)		2,832,746
	169,525	3.00%, 6/1/30, Pool #AL9381		163,015
	59,868	3.00%, 7/1/30, Pool #AX9701		56,729
	70,672	2.50%, 7/1/30, Pool #AS5403		66,057
	12,019	3.00%, 7/1/30, Pool #AX9700		11,575
	45,869	3.00%, 7/1/30, Pool #AL7139		43,466
	8,293	3.00%, 7/1/30, Pool #AZ2297		7,987
	12,508	2.50%, 7/1/30, Pool #AS5405		11,666
	21,885	2.50%, 7/1/30, Pool #AZ2170		20,078
	55,182	3.00%, 8/1/30, Pool #AS5622		52,295
	11,260	3.00%, 8/1/30, Pool #AZ7833		10,845
	59,285	3.00%, 8/1/30, Pool #AS5623		56,443
	11,291	3.00%, 8/1/30, Pool #AX3298		10,877
	80,143	3.00%, 8/1/30, Pool #AL7225		75,952
	71,057	2.50%, 8/1/30, Pool #AS5616		67,622
	44,200	2.50%, 8/1/30, Pool #AS5614		40,563


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	121,813	2.50%, 8/1/30, Pool #BM3552	$	113,601
	46,360	3.50%, 8/1/30, Pool #AS5708		45,252
	65,398	3.00%, 8/1/30, Pool #AL7227		62,268
	31,955	2.50%, 8/1/30, Pool #AS5548		29,868
	4,567	3.00%, 8/1/30, Pool #AZ8597		4,399
	48,684	3.00%, 9/1/30, Pool #AS5714		46,138
	57,034	2.50%, 9/1/30, Pool #AS5872		52,322
	14,972	3.00%, 9/1/30, Pool #AL7320		14,392
	57,587	3.00%, 9/1/30, Pool #AS5728		55,468
	43,238	2.50%, 9/1/30, Pool #AS5786		40,419
	23,998	3.00%, 9/1/30, Pool #AZ5719		23,114
	47,140	2.50%, 11/1/30, Pool #AS6115		44,858
	41,359	2.50%, 11/1/30, Pool #AS6116		38,584
	55,168	2.50%, 11/1/30, Pool #AS6141		50,609
	44,984	2.50%, 11/1/30, Pool #AS6142		42,048
	7,031	2.50%, 11/1/30, Pool #AL7800		6,691
	779,719	3.00%, 1/1/31, Pool #BM3537		741,215
	65,868	2.50%, 3/1/31, Pool #BM1595		61,570
	84,146	2.50%, 6/1/31, Pool #AS7320		77,194
	141,139	2.50%, 7/1/31, Pool #AS7617		129,501
	136,257	2.50%, 7/1/31, Pool #AS7605		125,017
	5,351	2.50%, 8/1/31, Pool #BC2777		4,910
	15,783	4.00%, 8/1/31, Pool #AY4688		15,573
	22,957	4.00%, 8/1/31, Pool #AY4707		22,809
	957,641	3.00%, 8/1/31, Pool #AL9376		907,558
	94,737	3.00%, 9/1/31, Pool #AL9378		90,818
	241,736	2.50%, 10/1/31, Pool #AS8193		227,434
	584,658	2.50%, 10/1/31, Pool #AS8195		547,595
	47,883	2.00%, 10/1/31, Pool #MA2774		44,367
	339,984	2.50%, 10/1/31, Pool #AS8208		311,912
	1,141,839	2.50%, 10/1/31, Pool #BC4773		1,069,369
	182,794	2.50%, 10/1/31, Pool #AS8009		171,995
	179,421	2.50%, 11/1/31, Pool #BC2631		167,512
	115,972	2.50%, 11/1/31, Pool #BC2628		108,617
	97,457	2.50%, 11/1/31, Pool #AS8245		91,280
	85,712	2.50%, 11/1/31, Pool #BC2629		78,618
	128,127	2.50%, 11/1/31, Pool #AS8241		120,552
	80,515	2.00%, 11/1/31, Pool #BC9040		74,600
	241,289	2.00%, 11/1/31, Pool #AS8251		223,556
	14,774	2.00%, 11/1/31, Pool #AS8291		13,688
	280,288	2.00%, 11/1/31, Pool #BM3054		259,687
	203,956	2.50%, 11/1/31, Pool #AS8240		187,105
	66,423	2.00%, 12/1/31, Pool #MA2845		61,542
	10,886	3.00%, 2/1/32, Pool #BE5670		10,369
	17,827	2.50%, 2/1/32, Pool #BM1036		16,633
	182,269	2.50%, 3/1/32, Pool #AS9317		169,603
	323,816	2.50%, 3/1/32, Pool #AS9321		304,500
	196,311	2.50%, 3/1/32, Pool #AS9316		180,083
	315,403	2.50%, 3/1/32, Pool #AS9318		297,731
	269,442	3.00%, 3/1/32, Pool #AS9327		256,648
	352,327	2.50%, 3/1/32, Pool #AS9319		330,985
	436,777	2.00%, 3/1/32, Pool #BM3061		404,709
	1,353,286	3.50%, 4/1/32, Pool #BM3503		1,313,639
	2,060,000	Class A2 , Series 2022-M1S2.08%, 4/25/32		1,702,280
	985,589	3.50%, 5/1/32, Pool #BM1602		960,681
	1,401,156	3.00%, 6/1/32, Pool #BM1791		1,337,458


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	424,782	2.50%, 8/1/32, Pool #BM3578	$	401,299
	162,107	3.00%, 9/1/32, Pool #BM3240		155,475
	55,340	3.50%, 11/1/32, Pool #BJ2054		53,716
	34,173	3.50%, 1/1/33, Pool #BJ2096		33,232
	58,230	5.50%, 1/1/33, Pool #676661		59,349
	816,495	2.50%, 2/1/33, Pool #BM3793		749,129
	1,833,510	3.00%, 5/1/33, Pool #FM1880		1,741,412
	39,469	5.50%, 5/1/33, Pool #555424		40,313
	50,797	4.00%, 9/1/33, Pool #BK7642		50,072
	162,129	4.00%, 10/1/33, Pool #CA2527		159,324
	156,966	4.00%, 11/1/33, Pool #CA2555		156,268
	299,727	2.50%, 12/1/33, Pool #FM1680		277,596
	3,430,000	Class A3 , Series 2022-M52.37%, 1/1/34		2,762,918
	290,281	5.00%, 2/1/35, Pool #735226		296,266
	96,884	5.50%, 2/1/35, Pool #735989		98,956
	23,334	5.00%, 3/1/35, Pool #735288		23,591
	9,092	6.00%, 4/1/35, Pool #735504		9,200
	171,681	3.00%, 8/1/35, Pool #CA6849		161,755
	167,476	3.00%, 8/1/35, Pool #CA6876		158,125
	44,918	5.00%, 9/1/35, Pool #889974		45,710
	51,992	3.00%, 12/1/35, Pool #CA8391		49,135
	103,179	3.00%, 12/1/35, Pool #CA8389		97,436
	943,372	2.50%, 12/1/35, Pool #CA8387		872,131
	1,068,430	2.50%, 12/1/35, Pool #CA8388		986,063
	108,521	4.00%, 1/1/36, Pool #AB0686		107,719
	649,234	3.50%, 1/25/36, TBA		621,844
	222,855	5.50%, 9/1/36, Pool #995113		227,960
	24,704	3.00%, 10/1/36, Pool #AL9227		22,464
	200,161	3.00%, 11/1/36, Pool #AS8348		178,658
	81,582	3.00%, 11/1/36, Pool #AS8349		74,312
	263,315	3.00%, 12/1/36, Pool #AS8553		239,858
	192,292	3.00%, 12/1/36, Pool #BE1896		174,843
	7,376,000	1.50%, 1/25/37, TBA		6,403,290
	19,981,400	2.00%, 1/25/37, TBA		17,814,667
	1,574,089	2.00%, 3/1/37, Pool #FS1331		1,404,670
	10,869	5.50%, 2/1/38, Pool #961545		11,093
	7,971	6.00%, 3/1/38, Pool #889529		8,109
	22,616	6.00%, 5/1/38, Pool #889466		23,005
	46,076	5.50%, 5/1/38, Pool #889441		46,265
	50,434	5.50%, 5/1/38, Pool #889692		51,742
	33,836	5.50%, 6/1/38, Pool #995018		35,207
	9,749	5.50%, 9/1/38, Pool #889995		9,981
	23,577	6.00%, 10/1/38, Pool #889983		25,000
	136,429	5.50%, 1/1/39, Pool #AB0200		139,231
	42,964	4.50%, 4/1/39, Pool #930922		42,719
	35,788	3.50%, 5/1/39, Pool #MA3660		33,333
	54,751	4.50%, 5/1/39, Pool #AL1472		54,391
	539,221	5.00%, 6/1/39, Pool #AL7521		548,737
	360,228	6.00%, 7/1/39, Pool #BF0056		379,334
	25,362	5.50%, 10/1/39, Pool #AD0362		25,882
	185,292	5.50%, 12/1/39, Pool #AC6680		189,078
	25,783	5.50%, 12/1/39, Pool #AD0571		27,592
	151,374	3.50%, 12/1/39, Pool #MA3869		140,998
	66,147	3.50%, 1/1/40, Pool #MA3891		61,613
	2,458,012	4.50%, 1/1/40, Pool #AC8568		2,434,501
	113,725	3.50%, 2/1/40, Pool #MA3935		104,480


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	19,808	5.50%, 3/1/40, Pool #AL5304	$	21,343
	18,289	4.50%, 4/1/40, Pool #AD4038		18,120
	156,259	6.00%, 4/1/40, Pool #AL4141		165,943
	29,536	6.50%, 5/1/40, Pool #AL1704		31,261
	33,760	4.50%, 7/1/40, Pool #AB1226		33,436
	43,943	4.50%, 7/1/40, Pool #AD7127		42,948
	17,407	6.00%, 9/1/40, Pool #AE0823		18,109
	2,680,000	Class CY , Series 2010-1364.00%, 12/25/40		2,553,223
	18,703	4.00%, 1/1/41, Pool #AL7167		17,929
	2,789,593	Class ZA , Series 2011-84.00%, 2/25/41		2,671,913
	39,443	6.00%, 6/1/41, Pool #AL4142		41,876
	14,666	4.50%, 7/1/41, Pool #AB3314		14,531
	257,792	5.00%, 7/1/41, Pool #AL7524		265,182
	464,210	5.50%, 9/1/41, Pool #AL8430		480,842
	26,703	4.50%, 9/1/41, Pool #AI8961		26,468
	14,811,736	1.50%, 11/1/41, Pool #FS0316		12,034,710
	2,371,809	2.00%, 12/1/41, Pool #MA4501		1,995,769
	7,534,020	1.50%, 12/1/41, Pool #MA4500		6,121,392
	136,019	3.50%, 1/1/42, Pool #AW8154		125,697
	581,329	4.00%, 1/1/42, Pool #AB4307		563,714
	599,272	2.00%, 2/1/42, Pool #MA4540		508,153
	5,783,853	2.00%, 3/1/42, Pool #MA4570		4,904,065
	892,580	2.00%, 3/1/42, Pool #MA4586		756,779
	23,232	3.50%, 4/1/42, Pool #AK7510		22,145
	54,842	3.50%, 4/1/42, Pool #AO0777		49,928
	10,037	3.50%, 5/1/42, Pool #AO2881		9,567
	117,402	4.00%, 5/1/42, Pool #AO2961		113,401
	30,588	4.00%, 5/1/42, Pool #A02114		29,553
	9,248	3.50%, 6/1/42, Pool #AO3048		8,816
	11,345	3.50%, 6/1/42, Pool #AK9225		10,817
	25,034	3.50%, 7/1/42, Pool #AO9707		23,866
	117,539	4.50%, 9/1/42, Pool #AL2482		115,857
	695,318	4.50%, 1/1/43, Pool #AL8206		686,453
	64,547	3.00%, 3/1/43, Pool #AR9218		56,877
	43,697	3.00%, 3/1/43, Pool #AR7568		39,409
	55,059	3.00%, 3/1/43, Pool #AR7576		48,462
	22,688	3.00%, 4/1/43, Pool #AT2037		20,460
	87,592	3.00%, 4/1/43, Pool #AT2040		77,195
	58,741	3.00%, 4/1/43, Pool #AT2043		51,719
	57,665	3.00%, 4/1/43, Pool #AB8923		50,830
	52,004	3.00%, 4/1/43, Pool #AB8924		45,797
	66,789	3.00%, 4/1/43, Pool #AR8630		58,848
	646	3.50%, 4/1/43, Pool #CA1530		599
	7,449	3.00%, 6/1/43, Pool #AB9564		6,826
	468,108	5.00%, 12/1/43, Pool #AL7777		477,901
	240,889	5.00%, 11/1/44, Pool #AL8878		242,990
	603,355	3.50%, 2/1/45, Pool #FM5294		561,097
	195,309	3.50%, 2/1/45, Pool #BM1100		183,772
	140,189	5.00%, 6/1/45, Pool #BM3784		142,698
	98,095	4.50%, 9/1/45, Pool #AL7936		98,631
	2,679,612	3.50%, 9/1/45, Pool #FM3224		2,496,621
	56,861	4.50%, 11/1/45, Pool #AL9501		57,841
	2,989	4.50%, 11/1/45, Pool #AS6233		2,914
	5,676,987	3.50%, 11/1/45, Pool #FM6411		5,299,290
	135,088	4.50%, 12/1/45, Pool #BM1756		131,825
	14,447	3.00%, 6/1/46, Pool #AS7365		12,916


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	966,238	3.50%, 7/1/46, Pool #BA7748	$	902,307
	321,254	4.50%, 7/1/46, Pool #BM3053		329,146
	409,037	4.50%, 7/1/46, Pool #BM1920		413,287
	18,178	3.00%, 8/1/46, Pool #AL9031		16,420
	582,578	Class UF , Series 2016-484.79%(US0001M+40bps), 8/25/46		577,786
	974,472	3.00%, 9/1/46, Pool #BD1469		863,955
	114,399	3.00%, 11/1/46, Pool #BD9643		103,039
	147,940	3.00%, 11/1/46, Pool #BD9645		130,610
	287,244	3.00%, 11/1/46, Pool #BD9644		258,717
	958,347	3.00%, 12/1/46, Pool #AS8486		849,756
	232,035	3.50%, 12/1/46, Pool #BE2103		215,055
	366,096	3.50%, 2/1/47, Pool #BE1534		336,587
	836,281	3.50%, 2/1/47, Pool #AL9920		775,221
	72,057	3.50%, 3/1/47, Pool #BH0158		66,245
	356,691	3.50%, 5/1/47, Pool #BM1174		335,827
	500,298	3.50%, 5/1/47, Pool #BD2417		460,113
	285,263	4.00%, 5/1/47, Pool #BH0398		274,761
	179,081	3.50%, 5/1/47, Pool #BE9375		164,638
	134,694	3.50%, 6/1/47, Pool #BH0567		123,850
	223,473	4.00%, 7/1/47, Pool #BH3401		215,200
	318,430	4.00%, 8/1/47, Pool #BM1619		306,637
	21,252	4.00%, 9/1/47, Pool #MA3121		20,349
	160,100	4.50%, 10/1/47, Pool #BM3052		159,297
	662,832	3.50%, 11/1/47, Pool #MA3182		615,259
	194,606	4.50%, 12/1/47, Pool #BH7067		192,072
	399,918	3.50%, 1/1/48, Pool #MA3238		371,207
	1,410,997	3.50%, 1/1/48, Pool #FM5293		1,317,740
	68,791	4.00%, 2/1/48, Pool #BJ9057		66,134
	305,707	3.50%, 2/1/48, Pool #BH9277		283,350
	76,852	4.00%, 2/1/48, Pool #BJ9058		74,228
	393,345	3.50%, 3/1/48, Pool #BJ4916		364,491
	203,117	3.50%, 3/1/48, Pool #BJ0648		188,268
	129,468	3.50%, 3/1/48, Pool #BK1958		120,002
	38,345	4.00%, 4/1/48, Pool # MA3333		36,639
	239,405	3.50%, 4/1/48, Pool #FM5295		225,431
	3,619,821	4.50%, 4/1/48, Pool #FM7783		3,515,563
	155,055	4.50%, 4/1/48, Pool #BM3846		154,130
	13,858	3.50%, 5/1/48, Pool #MA3356		12,843
	43,161	4.00%, 5/1/48, Pool #CA2708		41,242
	2,102,125	4.50%, 5/1/48, Pool #CA1704		2,070,986
	31,508	4.00%, 6/1/48, Pool # MA3384		30,107
	171,308	5.00%, 6/1/48, Pool #CA2317		170,665
	31,707	4.00%, 7/1/48, Pool #MA3415		30,296
	14,680	4.50%, 7/1/48, Pool #BK4471		14,461
	75,267	4.50%, 7/1/48, Pool #BK6113		74,816
	706,214	5.00%, 9/1/48, Pool #MA3472		703,566
	134,686	5.00%, 10/1/48, Pool #BK7881		134,181
	92,336	4.00%, 10/1/48, Pool #CA2469		87,921
	51,866	5.00%, 10/1/48, Pool #MA3501		51,671
	9,095	3.50%, 11/1/48, Pool #FM1543		8,450
	93,572	5.00%, 11/1/48, Pool #MA3527		93,222
	30,541	5.00%, 12/1/48, Pool #BN4404		30,498
	99,282	5.00%, 1/1/49, Pool #BN3949		98,910
	1,314,637	4.00%, 1/1/49, Pool #FM5296		1,272,926
	28,531	5.00%, 1/1/49, Pool #BN4430		28,490


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	282,580	3.50%, 6/1/49, Pool #FM5315	$	262,569
	837,258	4.00%, 9/1/49, Pool #FM3665		797,280
	665,041	3.50%, 12/1/49, Pool #MA3210		617,301
	4,948,704	3.00%, 3/1/50, Pool #FM5290		4,444,982
	386,175	4.00%, 3/1/50, Pool #CA5368		366,203
	346,078	4.00%, 5/1/50, Pool #FM7973		330,639
	479,171	4.00%, 6/1/50, Pool #CA6106		456,169
	3,086,808	2.50%, 7/1/50, Pool #CA6343		2,667,534
	3,068,533	2.50%, 7/1/50, Pool #CA6341		2,651,802
	3,027,317	2.50%, 7/1/50, Pool #CA6342		2,616,324
	1,792,627	2.50%, 7/1/50, Pool #CA6359		1,563,546
	1,849,252	3.00%, 8/1/50, Pool #FM5292		1,653,908
	286,902	4.00%, 8/1/50, Pool #FM7703		273,661
	3,575,934	2.50%, 8/1/50, Pool #CA6577		3,090,317
	2,926,358	2.50%, 8/1/50, Pool #CA6636		2,529,271
	907,777	2.50%, 8/1/50, Pool #CA6711		784,309
	1,268,541	2.00%, 9/1/50, Pool #MA4119		1,040,341
	394,372	2.00%, 9/1/50, Pool #BQ0697		323,424
	2,283,198	2.00%, 10/1/50, Pool #MA4158		1,872,419
	2,060,755	1.50%, 10/1/50, Pool #MA4157		1,582,344
	585,803	2.50%, 11/1/50, Pool #FM4874		510,972
	328,427	2.00%, 11/1/50, Pool #BQ6334		270,287
	2,052,448	2.50%, 11/1/50, Pool #CA7597		1,789,977
	1,787,256	1.50%, 11/1/50, Pool #MA4181		1,372,338
	445,622	2.00%, 12/1/50, Pool #FM5305		370,319
	1,398,534	2.00%, 12/1/50, Pool #FM5176		1,157,049
	528,984	2.50%, 1/1/51, Pool #CA8592		457,062
	1,747,854	4.00%, 1/1/51, Pool #FM7031		1,664,041
	15,091,064	3.50%, 1/1/51, Pool #FM7599		13,845,487
	2,801,276	2.00%, 2/1/51, Pool #BR1615		2,292,636
	1,483,428	2.50%, 2/1/51, Pool #CA9038		1,270,417
	182,971	2.50%, 3/1/51, Pool #BR4654		156,682
	1,927,881	4.00%, 3/1/51, Pool #FM7460		1,830,621
	2,387,801	1.50%, 3/1/51, Pool #MA4280		1,833,262
	509,683	2.00%, 3/1/51, Pool #BN9004		422,023
	908,112	2.00%, 3/1/51, Pool #BN8997		752,293
	229,838	2.50%, 4/1/51, Pool #BR8896		196,851
	849,130	2.00%, 4/1/51, Pool #BR7802		703,424
	323,632	2.00%, 4/1/51, Pool #FS0599		268,913
	1,292,806	2.00%, 4/1/51, Pool #FM6863		1,074,692
	133,430	2.50%, 4/1/51, Pool #BR8283		114,279
	690,283	2.00%, 4/1/51, Pool #BR7241		571,777
	72,391	2.50%, 5/1/51, Pool #BR8296		61,969
	123,205	2.50%, 5/1/51, Pool #BR8915		105,463
	2,196,830	2.50%, 5/1/51, Pool #CB0383		1,883,424
	4,752,989	4.00%, 5/1/51, Pool #FS1463		4,533,499
	6,432,895	3.00%, 6/1/51, Pool #CB0848		5,691,819
	205,157	2.50%, 7/1/51, Pool #BP3574		175,662
	9,060,657	2.00%, 8/1/51, Pool #CB1310		7,414,790
	10,734,729	2.00%, 8/1/51, Pool #CB1309		8,784,973
	472,620	2.00%, 10/1/51, Pool #MA4465		386,795
	71,593	2.50%, 10/1/51, Pool #BT8452		60,837
	743,584	2.50%, 10/1/51, Pool #CB1806		638,860
	1,104,473	2.00%, 11/1/51, Pool #FM9452		910,745
	2,704,526	3.00%, 11/1/51, Pool #CB2165		2,402,008
	3,142,048	2.00%, 11/1/51, Pool #FS1334		2,571,270


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	2,278,273	2.00%, 11/1/51, Pool #FM9538	$	1,879,548
	1,255,101	2.00%, 11/1/51, Pool #CB2139		1,036,973
	2,568,248	2.00%, 11/1/51, Pool #CB2054		2,121,705
	991,530	2.50%, 11/1/51, Pool #FS0026		854,026
	2,377,260	2.00%, 11/1/51, Pool #CB2079		1,941,748
	6,747,469	2.00%, 12/1/51, Pool #MA4492		5,522,173
	1,210,979	3.00%, 12/1/51, Pool #CB2418		1,078,739
	319,226	2.00%, 12/1/51, Pool #FS0598		264,338
	1,628,524	2.00%, 12/1/51, Pool #FS0211		1,336,957
	1,622,542	2.00%, 12/1/51, Pool #FS0212		1,336,524
	566,771	2.50%, 12/1/51, Pool #CB2372		486,957
	720,686	2.00%, 12/1/51, Pool #FM9730		595,209
	1,076,708	2.00%, 12/1/51, Pool #FM9925		890,505
	1,990,673	2.00%, 1/1/52, Pool #FS0497		1,641,630
	1,291,734	2.00%, 1/1/52, Pool #FS0290		1,065,589
	2,734,520	2.50%, 1/1/52, Pool #FS0378		2,384,147
	1,864,697	2.50%, 1/1/52, Pool #FS0193		1,597,566
	3,678,931	2.50%, 1/1/52, Pool #CB2622		3,159,650
	1,144,129	2.50%, 1/1/52, Pool #CB2633		986,274
	2,436,652	2.50%, 1/1/52, Pool #CB2621		2,094,248
	823,358	2.00%, 1/1/52, Pool #FS1406		673,689
	2,008,324	2.50%, 1/1/52, Pool #CB2620		1,727,924
	2,437,868	2.50%, 1/1/52, Pool #FS0208		2,093,799
	1,485,411	2.00%, 1/1/52, Pool #CB2601		1,225,266
	3,040,166	2.50%, 1/1/52, Pool #FS0209		2,606,256
	1,745,633	2.00%, 2/1/52, Pool #CB2837		1,428,448
	766,308	2.00%, 2/1/52, Pool #CB2836		627,579
	33,463,207	2.00%, 2/1/52, Pool #FS2040		27,370,695
	2,467,149	2.50%, 2/1/52, Pool #CB2856		2,106,496
	405,958	2.50%, 2/1/52, Pool #CB2863		347,925
	3,876,005	2.00%, 2/1/52, Pool #CB2838		3,169,268
	919,253	2.00%, 2/1/52, Pool #FS0646		752,169
	582,718	2.50%, 2/1/52, Pool #CB2854		498,664
	2,077,892	2.50%, 2/1/52, Pool #CB2855		1,776,167
	2,373,772	2.00%, 3/1/52, Pool #CB3101		1,941,054
	1,653,767	2.00%, 3/1/52, Pool #CB3105		1,353,295
	304,544	3.00%, 3/1/52, Pool #CB3115		269,069
	950,115	2.50%, 3/1/52, Pool #FS1661		822,910
	4,352,773	2.00%, 3/1/52, Pool #CB3102		3,557,877
	870,453	3.00%, 4/1/52, Pool #FS1520		769,971
	866,846	4.00%, 4/1/52, Pool #FS1267		822,347
	650,665	3.50%, 5/1/52, Pool #BV8545		597,933
	4,662,972	4.00%, 5/1/52, Pool #FS1133		4,439,263
	1,380,489	3.00%, 5/1/52, Pool #FS1522		1,218,898
	648,267	3.50%, 7/1/52, Pool #FS2812		594,873
	498,854	4.50%, 7/1/52, Pool #MA4656		481,881
	468,736	3.50%, 8/1/52, Pool #CB4324		430,733
	487,961	3.50%, 9/1/52, Pool #CB4661		444,989
	393,611	3.50%, 9/1/52, Pool #CB4660		359,581
	299,827	3.50%, 9/1/52, Pool #CB4658		276,386
	102,082	3.50%, 9/1/52, Pool #CB4657		94,224
	2,713,000	2.50%, 1/25/53, TBA		2,487,482
	10,150,000	5.00%, 1/25/53, TBA		10,008,852
	5,700,000	4.50%, 2/25/53, TBA		5,501,613
	2,500,000	5.00%, 2/25/53, TBA		2,463,672

				344,496,245


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association (6.1%):
$	9,025	4.50%, 9/15/33, Pool #615516	$	9,072
	32,373	5.00%, 12/15/33, Pool #783571		33,344
	10,169	6.50%, 8/20/38, Pool #4223		10,973
	7,802	6.50%, 10/15/38, Pool #673213		7,865
	5,799	6.50%, 11/20/38, Pool #4292		6,257
	10,527	6.50%, 12/15/38, Pool #782510		10,824
	112,602	5.00%, 1/15/39, Pool #782557		114,774
	70,309	5.00%, 4/15/39, Pool #782619		72,425
	53,408	5.00%, 4/15/39, Pool #711939		55,018
	6,895	4.00%, 4/20/39, Pool #4422		6,754
	6,719	5.00%, 6/15/39, Pool #782696		6,921
	23,441	4.00%, 7/20/39, Pool #4494		22,959
	40,491	5.00%, 10/20/39, Pool #4559		41,882
	4,490	4.50%, 12/20/39, Pool #G24598		4,509
	11,442	4.50%, 1/15/40, Pool #728627		11,519
	5,490	4.50%, 1/20/40, Pool #4617		5,512
	4,492	4.50%, 2/20/40, Pool #G24636		4,615
	31,687	5.00%, 5/15/40, Pool #782958		32,637
	287	4.50%, 5/20/40, Pool #G24696		287
	19,591	5.00%, 6/15/40, Pool #697862		20,553
	206,536	4.50%, 7/15/40, Pool #733795		207,920
	27,388	4.50%, 7/15/40, Pool #745793		27,442
	11,163	4.50%, 7/20/40, Pool #4746		11,164
	20,422	4.50%, 8/20/40, Pool #4771		20,425
	13,154	4.50%, 9/20/40, Pool #748948		13,223
	6,143	4.00%, 9/20/40, Pool #G24800		5,975
	45,347	4.50%, 10/15/40, Pool #783609		45,304
	20,663	4.50%, 10/20/40, Pool #4834		20,666
	161,372	4.00%, 10/20/40, Pool #G24833		156,961
	300,721	4.00%, 11/20/40, Pool #4853		298,068
	147,862	4.00%, 12/20/40, Pool #G24882		143,820
	80,758	4.00%, 1/15/41, Pool #759138		78,447
	132,891	4.00%, 1/20/41, Pool #4922		129,258
	12,876	4.50%, 2/15/41, Pool #738019		12,887
	569,439	4.00%, 2/20/41, Pool #742887		545,347
	2,281	4.00%, 2/20/41, Pool #4945		2,219
	44,647	4.00%, 3/15/41, Pool #762838		43,369
	3,340	5.00%, 4/20/41, Pool #5018		3,410
	52,565	4.50%, 6/20/41, Pool #783590		52,215
	7,219	5.00%, 6/20/41, Pool #5083		7,371
	3,842	5.00%, 7/20/41, Pool #5116		3,923
	124,513	4.00%, 7/20/41, Pool #742895		119,231
	123,387	4.50%, 7/20/41, Pool #5115		127,955
	36,611	4.50%, 7/20/41, Pool #783584		36,367
	16,065	4.50%, 7/20/41, Pool #754367		16,173
	37,588	4.50%, 11/15/41, Pool #783610		37,842
	106,736	3.50%, 1/15/42, Pool #553461		101,298
	146,598	4.00%, 4/20/42, Pool #MA0023		142,592
	63,935	5.00%, 7/20/42, Pool #MA0223		65,913
	149,289	3.50%, 4/15/43, Pool #AD2334		145,520
	281,035	3.50%, 4/20/43, Pool #MA0934		268,021
	158,947	3.50%, 5/20/43, Pool #MA1012		151,587
	13,671	4.00%, 7/20/43, Pool #MA1158		13,297
	545,397	4.50%, 6/20/44, Pool #MA1997		547,649
	804	4.00%, 8/20/44, Pool #AI4166		765
	10,085	4.00%, 8/20/44, Pool #AJ2723		9,577


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	442,055	4.00%, 8/20/44, Pool #MA2149	$	429,980
	14,672	4.00%, 8/20/44, Pool #AI4167		13,929
	10,916	4.00%, 8/20/44, Pool #AJ4687		10,365
	257,804	5.00%, 12/20/44, Pool #MA2448		263,269
	21,296	3.00%, 12/20/44, Pool #MA2444		19,515
	250,039	3.00%, 2/15/45, Pool #784439		222,271
	1,127,156	3.50%, 5/20/45, Pool #MA2826		1,057,312
	153,084	5.00%, 12/20/45, Pool #MA3313		155,699
	5,695,262	3.50%, 3/20/46, Pool #MA3521		5,325,957
	1,093,192	3.50%, 5/20/46, Pool #MA3663		1,022,283
	365,467	3.50%, 7/20/46, Pool #MA3803		341,764
	1,482,360	3.50%, 9/20/46, Pool #MA3937		1,386,237
	96,390	3.50%, 10/20/46, Pool #AX4345		91,858
	146,060	3.50%, 10/20/46, Pool #AX4344		137,391
	10,054	4.00%, 10/20/46, Pool #AQ0542		9,747
	72,454	3.50%, 10/20/46, Pool #AX4342		67,895
	56,237	3.50%, 10/20/46, Pool #AX4343		52,103
	65,525	3.50%, 10/20/46, Pool #AX4341		61,283
	79,517	4.50%, 3/15/47, Pool #AZ8560		80,229
	64,044	4.50%, 4/15/47, Pool #AZ8597		64,614
	116,567	4.50%, 4/15/47, Pool #AZ8596		115,094
	65,770	4.50%, 5/15/47, Pool #BA7888		64,941
	1,416,161	4.00%, 6/20/47, Pool #MA4511		1,366,635
	15,370	4.00%, 9/15/47, Pool #BC5919		14,787
	17,470	4.00%, 10/15/47, Pool #BE1031		16,805
	15,903	4.00%, 10/15/47, Pool #BD3187		15,300
	16,968	4.00%, 11/15/47, Pool #BE1030		16,323
	1,101,904	4.00%, 11/20/47, Pool #MA4838		1,063,394
	20,267	4.00%, 12/15/47, Pool #BE4664		19,494
	539,365	4.00%, 12/20/47, Pool #MA4901		520,509
	17,529	4.00%, 1/15/48, Pool #BE0204		16,680
	22,898	4.00%, 1/15/48, Pool #BE0143		22,028
	247,709	4.50%, 9/20/48, Pool #BD0560		245,361
	451,948	4.50%, 3/20/49, Pool #MA5818		445,485
	19,155	4.50%, 4/20/49, Pool #MA5877		18,881
	203,983	4.50%, 5/20/49, Pool #MA5932		201,065
	376,204	4.50%, 4/20/50, Pool #MA6602		367,110
	627,831	3.00%, 4/20/50, Pool #MA6599		563,488
	288,393	4.00%, 5/20/50, Pool #MA6658		277,615
	80,288	3.00%, 5/20/50, Pool #MA6656		72,402
	6,039,786	2.00%, 8/20/50, Pool #MA6818		5,065,891
	1,452,323	3.00%, 10/20/50, Pool #MA6932		1,303,467
	5,627,695	2.00%, 11/20/50, Pool #MA6994		4,751,383
	5,662,000	5.00%, 1/20/51, TBA		5,609,803
	3,124,700	3.00%, 1/20/51, TBA		2,785,377
	1,316,427	3.00%, 1/20/51, Pool #MA7137		1,177,721
	13,235,188	2.00%, 1/20/51, Pool #MA7135		11,100,145
	2,007,281	2.00%, 2/20/51, Pool #MA7192		1,683,489
	6,001,403	2.50%, 4/20/51, Pool #MA7312		5,233,790
	6,847,591	3.00%, 6/20/51, Pool #MA7419		6,107,155
	8,802,401	3.00%, 8/20/51, Pool #MA7535		7,875,637
	6,201,983	2.50%, 10/20/51, Pool #MA7649		5,388,975
	2,206,833	3.00%, 12/20/51, Pool #MA7768		1,974,248
	11,761,318	2.50%, 12/20/51, Pool #MA7767		10,224,296
	92,430	3.00%, 1/20/52, Pool #MA7828		82,419
	2,396,005	2.50%, 5/20/52, Pool #MA8042		2,080,286


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	7,994,297	2.50%, 6/20/52, Pool #MA8097	$	6,941,255
	4,507,308	2.50%, 7/20/52, Pool #MA8147		3,910,446
	249,025	2.50%, 8/20/52, Pool #MA8197		216,239
	6,632,300	2.00%, 1/20/53, TBA		5,561,805
	5,618,000	4.50%, 1/20/53, TBA		5,457,360
	6,501,000	4.00%, 1/20/53, TBA		6,160,713
	7,974,797	3.50%, 1/20/53, TBA		7,331,829

				128,372,728

Federal Home Loan Mortgage Corporation (9.1%):
	3,339,862	Class A2 , Series KC023.37%, 7/25/25, Callable 8/25/25 @ 100.00		3,227,551
	78,664	3.00%, 9/1/27, Pool #U70060		75,075
	44,007	3.00%, 7/1/28, Pool #U79018		41,501
	591,000	4.93%, 9/15/29(c)		442,639
	4,510,000	Class XFX , Series KL061.36%, 12/25/29, Callable 9/25/29 @ 100.00		335,484
	19,975	3.00%, 1/1/30, Pool #V60696		18,956
	24,475	3.00%, 1/1/30, Pool #V60724		23,306
	42,869	2.50%, 3/1/30, Pool #V60770		40,076
	100,931	2.50%, 5/1/30, Pool #J31728		94,474
	88,482	3.00%, 5/1/30, Pool #J31689		85,415
	48,564	2.50%, 5/1/30, Pool #J31418		46,285
	64,932	2.50%, 5/1/30, Pool #V60796		60,689
	174,705	3.00%, 6/1/30, Pool #V60840		166,255
	83,732	3.00%, 7/1/30, Pool #G15520		78,956
	16,504	2.50%, 7/1/30, Pool #J32204		15,421
	3,815	2.50%, 7/1/30, Pool #J32491		3,573
	4,715	2.50%, 7/1/30, Pool #V60905		4,406
	15,251	2.50%, 7/1/30, Pool #J32209		14,540
	11,706	3.00%, 7/1/30, Pool #J32181		11,299
	10,867	3.00%, 8/1/30, Pool #J32436		10,252
	60,498	2.50%, 8/1/30, Pool #V60902		57,606
	18,364	3.00%, 8/1/30, Pool #V60909		17,477
	71,902	2.50%, 8/1/30, Pool #V60886		68,456
	57,272	2.50%, 9/1/30, Pool #V60903		53,538
	181,423	2.50%, 9/1/30, Pool #V60904		169,546
	7,227,133	Class X1 , Series K1211.02%, 10/25/30, Callable 12/25/30 @ 100.00		419,444
	197,000	5.21%, 3/15/31(c)		137,415
	190,000	6.75%, 3/15/31		222,421
	316,486	2.50%, 4/1/31, Pool #G16186		294,440
	570,000	Class A2 , Series K1422.40%, 3/25/32, Callable 3/25/32 @ 100.00		479,424
	2,300,000	Class A2 , Series K1442.45%, 4/25/32, Callable 5/25/32 @ 100.00		1,939,997
	5,130,000	Class A2 , Series K1452.58%, 5/25/32, Callable 6/25/32 @ 100.00		4,372,012
	1,740,000	Class A2 , Series K1462.92%, 6/25/32, Callable 7/25/32 @ 100.00		1,525,432
	6,407	3.00%, 10/1/32, Pool #J37706		6,054
	8,652	3.00%, 11/1/32, Pool #J37835		8,177
	1,480,000	Class A2 , Series K-1523.78%, 11/25/32, Callable 11/25/32 @ 100.00		1,395,049
	6,202	3.00%, 12/1/32, Pool #J38060		5,862
	2,164,746	2.50%, 4/1/33, Pool #ZS8087		2,001,106
	105,938	3.50%, 1/1/34, Pool #ZS9068		96,607


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	64,982	5.50%, 2/1/35, Pool #G04692	$	65,601
	398,474	3.50%, 5/1/35, Pool #SC0063		378,686
	1,550,000	1.46%, 8/17/35, Callable 8/17/23 @ 100.00		1,051,887
	1,226,397	2.00%, 2/1/36, Pool #SB8507		1,100,210
	3,155,000	1.72%, 9/22/36, Callable 3/22/23 @ 100.00		2,146,706
	45,069	3.00%, 9/1/37, Pool #ZA2471		41,118
	928,560	3.00%, 6/1/38, Pool #SC0111		858,277
	104,284	6.00%, 4/1/39, Pool #G07613		113,309
	15,253	4.50%, 12/1/39, Pool #A90196		15,159
	469,399	3.50%, 1/1/40, Pool #RB5028		437,164
	59,023	3.50%, 2/1/40, Pool #RB5034		54,222
	15,579	4.50%, 7/1/40, Pool #A93010		15,430
	16,686	4.00%, 8/1/40, Pool #A93534		16,216
	321,521	4.50%, 9/1/40, Pool #A93700		319,977
	113,310	4.00%, 9/1/40, Pool #A93851		108,466
	22,737	4.00%, 10/1/40, Pool #A95923		22,107
	15,263	4.00%, 11/1/40, Pool #A95144		14,838
	15,994	4.00%, 11/1/40, Pool #A94977		15,548
	16,140	4.00%, 11/1/40, Pool #A94779		15,690
	1,045	4.00%, 4/1/41, Pool #Q00093		1,017
	40,832	4.50%, 5/1/41, Pool #Q00959		40,518
	34,665	4.50%, 5/1/41, Pool #Q00804		34,398
	229,068	Class FL , Series 42484.77%(US0001M+45bps), 5/15/41		228,130
	254,181	5.50%, 6/1/41, Pool #G07553		257,731
	18,259	4.00%, 10/1/41, Pool #Q03841		17,734
	26,187	4.00%, 10/1/41, Pool #Q04022		25,436
	53,785	5.00%, 10/1/41, Pool #G07642		54,478
	365,831	2.00%, 2/1/42, Pool #RB5145		310,192
	1,916,531	2.00%, 3/1/42, Pool #RB5148		1,625,021
	125,067	3.50%, 4/1/42, Pool #Q07417		117,188
	380,587	2.00%, 4/1/42, Pool #RB5153		322,698
	138,873	3.50%, 4/1/42, Pool #C03811		130,782
	11,968	3.50%, 5/1/42, Pool #Q08239		11,281
	4,075	3.50%, 5/1/42, Pool #Q08306		3,841
	17,699	3.50%, 8/1/42, Pool #Q12162		16,582
	108,158	3.50%, 8/1/42, Pool #G07106		101,359
	6,910	3.50%, 10/1/42, Pool #Q11909		6,473
	168,400	3.00%, 1/1/43, Pool #Q14866		156,076
	66,635	3.00%, 3/1/43, Pool #Q16403		60,035
	130,005	3.00%, 3/1/43, Pool #Q16673		117,084
	73,545	3.50%, 6/1/43, Pool #Q18718		68,091
	119,241	3.50%, 7/1/43, Pool #Q20206		109,327
	49,349	4.00%, 9/1/43, Pool #Q21579		47,887
	126,922	4.50%, 12/1/43, Pool #Q23779		124,472
	95,284	4.50%, 12/1/43, Pool #G60018		92,930
	13,266	3.50%, 1/1/44, Pool #Q24368		12,159
	1,029,600	Class XZ , Series 43164.50%, 3/15/44		1,021,802
	55,983	4.00%, 4/1/44, Pool #Q25643		53,864
	559,789	3.50%, 4/1/44, Pool #G07848		520,169
	985,954	Class ZX , Series 43524.00%, 4/15/44		943,883
	13,509	3.50%, 5/1/44, Pool #Q26218		12,763
	67,339	3.50%, 6/1/44, Pool #Q28764		63,093
	1,839,886	3.00%, 6/1/44, Pool #SD0498		1,688,480
	47,292	4.00%, 7/1/44, Pool #G60901		45,636
	12,483	3.50%, 7/1/44, Pool #Q27319		11,792


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	20,912	3.50%, 9/1/44, Pool #Q28604	$	19,754
	1,908,057	3.50%, 9/1/44, Pool #SD0481		1,784,928
	2,111,597	4.00%, 1/1/45, Pool #SD0490		2,046,620
	1,850,876	4.00%, 1/1/45, Pool #SD0478		1,788,893
	15,170	4.00%, 2/1/45, Pool #Q31338		14,760
	7,016	4.00%, 2/1/45, Pool #Q31128		6,825
	2,812,449	4.00%, 9/1/45, Pool #SD0507		2,742,638
	14,510	3.50%, 9/1/45, Pool #Q36302		13,779
	20,421	4.00%, 12/1/45, Pool #Q37955		19,870
	17,132	4.00%, 12/1/45, Pool #Q37957		16,650
	1,291,607	3.50%, 3/1/46, Pool #SD0485		1,208,487
	404,148	Class FB , Series 46064.82%(US0001M+50bps), 8/15/46		400,242
	230,336	3.00%, 9/1/46, Pool #G60718		203,144
	572,850	3.00%, 9/1/46, Pool #Q42979		506,033
	241,615	3.50%, 9/1/46, Pool #SD0486		225,696
	246,750	3.00%, 12/1/46, Pool #Q45064		217,567
	796,234	3.00%, 12/1/46, Pool #V82781		720,144
	66,634	3.00%, 12/1/46, Pool #Q45083		60,271
	136,151	3.00%, 12/1/46, Pool #Q45080		120,754
	659,442	3.00%, 2/1/47, Pool #SD0496		596,985
	380,684	3.50%, 3/1/47, Pool #G60968		371,067
	681,788	4.00%, 7/1/47, Pool #SD0504		656,399
	868,462	4.50%, 7/1/47, Pool #G61047		856,599
	362,367	3.50%, 10/1/47, Pool #G61178		341,248
	449,898	3.50%, 12/1/47, Pool #G61208		423,730
	401,642	3.50%, 1/1/48, Pool #ZS4751		372,450
	92,795	3.50%, 1/1/48, Pool #Q53648		86,996
	60,637	3.50%, 1/1/48, Pool #Q53630		57,105
	408,368	3.50%, 2/1/48, Pool #ZT1353		379,161
	618,843	4.00%, 4/1/48, Pool #SD0489		600,226
	2,954,573	4.00%, 8/1/48, Pool #SD0492		2,862,088
	990,702	4.50%, 8/1/48, Pool #G67715		988,161
	2,317,725	4.00%, 5/1/49, Pool #SD0488		2,227,251
	13,608	3.00%, 7/1/50, Pool #QB1488		12,210
	526,424	2.50%, 7/1/50, Pool #QB1193		453,159
	12,575	3.00%, 7/1/50, Pool #QB1158		11,367
	29,641	3.00%, 7/1/50, Pool #QB1486		26,605
	108,534	3.00%, 7/1/50, Pool #QB1479		97,394
	785,748	1.50%, 8/1/50, Pool #RA3217		603,417
	821,956	3.00%, 8/1/50, Pool #RA3313		725,618
	86,732	3.00%, 8/1/50, Pool #QB2339		77,863
	842,658	3.00%, 8/1/50, Pool #RA3282		745,692
	282,906	2.00%, 8/1/50, Pool #QB2296		234,170
	5,640,416	3.00%, 9/1/50, Pool #SD0592		5,085,219
	1,967,893	1.50%, 10/1/50, Pool #SD8082		1,511,105
	630,669	2.00%, 11/1/50, Pool #SD7528		524,286
	1,089,324	3.00%, 12/1/50, Pool #SD0519		974,998
	920,830	4.00%, 12/1/50, Pool #SD0520		888,293
	3,950,614	2.50%, 2/1/51, Pool #SD7534		3,445,713
	5,483,585	2.00%, 3/1/51, Pool #SD8134		4,488,286
	2,079,084	2.00%, 4/1/51, Pool #SD7539		1,721,907
	8,773,903	2.50%, 5/1/51, Pool #RA5077		7,558,839
	2,479,092	2.50%, 5/1/51, Pool #SD0702		2,140,372
	1,128,154	2.00%, 5/1/51, Pool #SD7541		934,379
	3,636,210	2.00%, 7/1/51, Pool #SD0716		3,029,538


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	1,206,331	3.00%, 7/1/51, Pool #SD7544	$	1,080,346
	785,751	2.00%, 9/1/51, Pool #SD0730		646,754
	795,830	2.00%, 9/1/51, Pool #SD8172		651,312
	1,055,720	2.00%, 9/1/51, Pool #SD0732		866,672
	1,048,070	3.00%, 10/1/51, Pool #RA6015		932,856
	3,458,422	2.00%, 10/1/51, Pool #RA6071		2,824,836
	7,685,663	2.50%, 11/1/51, Pool #SD7548		6,581,718
	2,392,001	2.50%, 11/1/51, Pool #RA6397		2,070,414
	4,679,173	2.50%, 12/1/51, Pool #RA6388		4,013,246
	5,845,455	2.00%, 12/1/51, Pool #SD8182		4,783,809
	208,472	2.00%, 12/1/51, Pool #SD0789		172,094
	424,633	2.00%, 12/1/51, Pool #SD0783		350,739
	1,096,368	2.00%, 12/1/51, Pool #SD0785		910,073
	1,137,252	2.00%, 12/1/51, Pool #SD0786		938,244
	7,303,906	2.50%, 1/1/52, Pool #SD0923		6,208,928
	1,985,206	2.00%, 1/1/52, Pool #SD0894		1,653,079
	2,684,094	2.00%, 1/1/52, Pool #SD0892		2,213,836
	24,169,820	2.50%, 1/1/52, Pool #SD7552		20,816,670
	8,293,273	2.00%, 1/1/52, Pool #SD7549		6,892,585
	889,560	3.00%, 2/1/52, Pool #SD7550		796,496
	1,392,255	2.00%, 2/1/52, Pool #RA6768		1,136,200
	24,165,896	3.00%, 3/1/52, Pool #SD7553		21,563,628
	431,819	3.50%, 6/1/52, Pool #SD1086		395,301
	1,050,761	3.50%, 6/1/52, Pool #SD1053		964,291
	1,137,656	3.50%, 6/1/52, Pool #SD1049		1,041,579
	2,948,867	4.50%, 7/1/52, Pool #RA7506		2,846,270
	469,279	4.50%, 7/1/52, Pool #SD8231		453,427
	908,632	4.50%, 8/1/52, Pool #QE8252		877,377
	3,502,689	3.00%, 8/1/52, Pool #SD7556		3,107,672

				189,328,632

Federal Home Loan Bank (0.3%):
	3,020,000	0.92%, 2/26/27, Callable 2/26/23 @ 100.00		2,623,915
	4,080,000	3.56%, 5/16/33		3,754,852

				6,378,767

	Total U.S. Government Agency Mortgages (Cost $731,059,346)			668,576,372

U.S. Treasury Obligations (19.7%):
U.S. Treasury Bonds (11.2%):
	2,480,000	5.38%, 2/15/31		2,725,287
	14,025,000	4.75%, 2/15/37		15,379,289
	10,000,000	5.00%, 5/15/37		11,212,500
	12,855,000	1.13%, 8/15/40		8,050,444
	35,585,000	1.88%, 2/15/41(d)		25,320,952
	30,115,000	1.75%, 8/15/41		20,765,234
	2,795,000	2.00%, 11/15/41		2,011,090
	29,385,000	3.13%, 11/15/41(d)		25,528,219
	5,045,000	2.38%, 2/15/42		3,878,344
	2,325,000	4.00%, 11/15/42^		2,292,305
	7,022,500	3.63%, 8/15/43		6,498,007
	1,205,000	3.13%, 8/15/44		1,023,685
	15,000	2.50%, 2/15/45		11,377
	955,000	3.00%, 5/15/45		791,755
	1,770,000	2.88%, 8/15/45		1,434,806
	12,235,000	3.00%, 11/15/45		10,128,286


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds, continued
$	22,700,000	2.25%, 8/15/46	$	16,195,031
	6,855,000	2.88%, 11/15/46		5,531,128
	3,105,000	2.75%, 11/15/47		2,442,277
	5,645,000	3.00%, 2/15/48		4,660,653
	30,570,000	3.13%, 5/15/48(d)		25,888,969
	4,055,000	3.38%, 11/15/48		3,603,248
	8,700,000	3.00%, 2/15/49		7,221,000
	125,000	2.88%, 5/15/49		101,328
	10,975,000	1.25%, 5/15/50		5,965,941
	8,590,000	1.38%, 8/15/50		4,821,137
	5,954,000	1.63%, 11/15/50		3,578,912
	1,102,000	1.88%, 11/15/51		704,591
	629,000	2.25%, 2/15/52		441,774
	2,633,000	2.88%, 5/15/52		2,129,027
	6,737,000	3.00%, 8/15/52		5,610,658
	9,073,000	4.00%, 11/15/52		9,170,818

				235,118,072

U.S. Treasury Notes (8.5%):
	1,595,000	1.75%, 3/15/25		1,507,275
	3,164,000	0.50%, 3/31/25		2,906,925
	16,246,000	0.38%, 4/30/25		14,834,629
	13,710,000	0.25%, 5/31/25		12,446,109
	12,997,000	2.88%, 6/15/25		12,566,474
	12,640,000	3.00%, 7/15/25		12,250,925
	890,000	3.00%, 10/31/25		860,241
	1,550,000	2.88%, 11/30/25		1,492,602
	7,810,000	0.38%, 12/31/25		6,982,628
	4,310,000	0.50%, 2/28/26		3,843,308
	2,435,000	2.38%, 4/30/26		2,302,216
	2,033,000	4.13%, 9/30/27		2,043,165
	16,540,000	4.13%, 10/31/27		16,622,700
	22,114,000	3.88%, 11/30/27		22,024,162
	5,585,000	3.88%, 12/31/27		5,563,280
	110,000	1.25%, 6/30/28		95,253
	11,165,000	4.00%, 10/31/29		11,199,891
	998,000	3.88%, 11/30/29		993,634
	29,630,000	3.88%, 12/31/29		29,542,037
	3,120,000	0.63%, 5/15/30		2,475,525
	925,000	0.63%, 8/15/30		730,027
	6,599,000	2.75%, 8/15/32		6,025,712
	7,411,000	4.13%, 11/15/32		7,588,169

			176,896,887

	Total U.S. Treasury Obligations (Cost $486,966,374)			412,014,959

Certificate of Deposit (1.3%):
	26,335,000	MUFG Bank, Ltd., 4.58%, 1/27/23		26,323,676

	Total Certificate of Deposit (Cost $26,335,000)			26,323,676


Shares			Value
Short-Term Security Held as Collateral for Securities on Loan (0.5%):
	10,944,091	BlackRock Liquidity FedFund, Institutional Class , 1.49%(c)(e)		10,944,091

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $10,944,091)			10,944,091


Shares			Value
Unaffiliated Investment Company (9.3%):
Money Markets (9.3%):
	194,947,943	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(c)	$	194,947,943

	Total Unaffiliated Investment Company (Cost $194,947,943)			194,947,943

	Total Investment Securities (Cost $2,453,808,587) — 105.8%(f)			2,209,482,748
	Net other assets (liabilities) — (5.8)%			(121,613,776	)

	Net Assets — 100.0%		$	2,087,868,972

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, 2022:

At December 31, 2022, 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, 2022


Assets:
Investment securities, at cost	$	2,453,808,587

Investment securities, at value(a)	$	2,209,482,748
Cash		61,453
Interest and dividends receivable		13,084,272
Foreign currency, at value (cost $305,468)		301,481
Unrealized appreciation on forward currency contracts		26,816
Receivable for investments sold		144,261
Receivable for TBA investments sold		149,300,034
Prepaid expenses		502

Total Assets		2,372,401,567

Liabilities:
Unrealized depreciation on forward currency contracts		248,582
Payable for investments purchased		43,099,507
Payable for TBA investments purchased		181,315,939
Payable for capital shares redeemed		178,706
Payable for collateral received on loaned securities		10,944,091
Securities sold short (Proceeds received $47,525,797)		47,017,775
Payable for variation margin on futures contracts		432,371
Management fees payable		630,268
Administration fees payable		111,646
Distribution fees payable		450,193
Custodian fees payable		15,014
Administrative and compliance services fees payable		6,908
Transfer agent fees payable		1,286
Trustee fees payable		17,257
Other accrued liabilities		63,052

Total Liabilities		284,532,595

Net Assets	$	2,087,868,972

Net Assets Consist of:
Paid in capital	$	2,428,743,966
Total distributable earnings		(340,874,994	)

Net Assets	$	2,087,868,972

Shares of beneficial interest (unlimited number of shares authorized, no par value)		220,217,104
Net Asset Value (offering and redemption price per share)	$	9.48

(a)	Includes securities on loan of $10,596,798.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Interest	$	60,066,664
Dividends		1,313,286
Income from securities lending		70,209
Foreign withholding tax		(263	)

Total Investment Income		61,449,896

Expenses:
Management fees		8,056,848
Administration fees		375,376
Distribution fees		5,754,904
Custodian fees		79,986
Administrative and compliance services fees		32,430
Transfer agent fees		7,875
Trustee fees		129,733
Professional fees		100,751
Shareholder reports		32,521
Other expenses		62,594

Total expenses		14,633,018

Net Investment Income/(Loss)		46,816,878

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(144,841,769	)
Net realized gains/(losses) on forward currency contracts		6,086,013
Net realized gains/(losses) on futures contracts		(3,985,123	)
Net realized gains/(losses) on securities held short		3,250,619
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(267,671,703	)
Change in net unrealized appreciation/depreciation on forward currency contracts		475,815
Change in net unrealized appreciation/depreciation on futures contracts		1,280,812
Change in net unrealized appreciation/depreciation on securities held short		507,129

Net realized and Change in net unrealized gains/losses on investments		(404,898,207	)

Change in Net Assets Resulting From Operations	$	(358,081,329	)

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL DFA Five-Year Global Fixed Income Fund and costs related to the reorganization will be paid by the Manager.

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 period, 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.

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.

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.

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 $7,062 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $10,944,091 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, 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, 2022, no collateral had been posted by the Fund to counterparties for TBAs.

During the year ended December 31, 2022, 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, 2022, the monthly average notional amount for long contracts was $9.8 million and the monthly average notional amount for short contracts was $65.7 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, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $313.5 million, and the monthly average notional amount for short contracts was $110.2 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, 2022:

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, 2022:

As of December 31, 2022, 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 subadvisory agreement with BlackRock Financial Management, Inc. (“BlackRock Financial”), BlackRock Financial 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, 2024.

For the year ended December 31, 2022, 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022, purchases and sales of long-term U.S. government securities were as follows:

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.

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.

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, 2022 is $2,410,443,059. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this shareholder could have a material impact to the Fund.

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL DFA Five-Year Global Fixed Income Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022, the Fund declared net long-term capital gain distributions of $1,213,608.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares) (the “Fund”) returned (14.56)%. That compared to a (18.11)%, (13.01)% and a (14.89)% 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

The Fund’s investments are managed by its subadviser, FIAM LLC. Approximately 60% of the Fund’s underlying assets are invested primarily in investment-grade fixed income securities, and approximately 40% of the Fund’s underlying assets are invested primarily in large-cap common stocks.

U.S. equity markets declined in 2022, reacting in large part to a slowing economy and a shift away from COVID-era monetary easing. Persistent inflation led to the U.S. Federal Reserve tightening monetary policy. This move, combined with a deceleration in both global manufacturing and profit margins, drove stock prices lower. Eight of 11 sectors posted negative contributions to returns, with communication services and consumer discretionary the largest detractors to the Fund’s absolute performance. The positive contributions from the energy sector only partially offset this negative impact.

Meanwhile, the U.S. bond market posted negative returns in 2022 as the U.S. Federal Reserve took aggressive steps to reign in inflation, which remained elevated due to supply chain challenges and spikes in food and energy prices due to Russia’s invasion of Ukraine, among other factors. This notable strategic shift began in late 2021 when the Fed indicated that it was planning to stop bond purchases as part of its quantitative easing program. The trend continued in 2022 as the Fed made a series of increases to its federal funds target rate, starting in March and continuing through December.

The Fund outperformed its composite benchmark during the period under review, and the Fund’s equity component outperformed its equity benchmark, the S&P 500 Index. The Fund’s investment process looks at multiple viewpoints in determining the attractiveness of a security, which helped

deliver positive relative results during a period of low market performance. In this low-risk market investing environment, the Fund’s defensively postured factors boosted relative returns, with companies exhibiting stable financials and high-quality earnings performing well compared to their peers. The shift to a risk-averse environment was also well captured by the Fund’s momentum factors. Stock selection within health care and information technology contributed to relative returns, as did an overweight position in energy. Meanwhile, stock selection in utilities detracted from the Fund’s performance relative to its equity benchmark, as did modest exposure to growth-oriented companies and economically sensitive cyclical value factors.

The Fund’s fixed income component underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. The fixed income component’s relative return was hurt by an overweight allocation to high-yield corporate bonds, as spreads widened amid growing market concern over the possibility of a recession. The Fund’s fixed income relative performance benefitted from its modestly shorter duration compared to that of the benchmark throughout the period, as bond yields rose materially during the year. An underweight position in mortgage-backed securities also contributed to relative returns as spreads widened considerably.

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, 2022.

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, 2022
	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 1 Shares)		6/21/2021		(14.40	)%		—			—			—			(6.11	)%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares)		10/23/2009		(14.56	)%		2.68	%		4.46	%		5.32	%		5.91	%
S&P 500^® Index		10/23/2009		(18.11	)%		7.66	%		9.42	%		12.56	%		12.30	%
Bloomberg U.S. Aggregate Bond Index		10/23/2009		(13.01	)%		(2.71	)%		0.02	%		1.06	%		2.20	%
Income & Growth Composite Index		10/23/2009		(14.89	)%		1.91	%		4.18	%		5.83	%		6.48	%


Expense Ratios	Gross
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 1 Shares)		0.51	%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares)		0.76	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and acquired fund fees and expenses), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 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 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 (38.7%):
Aerospace & Defense (1.1%):
	10,477	General Dynamics Corp.	$	2,599,448
	8,971	Huntington Ingalls Industries, Inc.		2,069,430
	9,225	Lockheed Martin Corp.		4,487,870
	5,408	Northrop Grumman Corp.		2,950,659
	26,416	Parsons Corp.*		1,221,740
	33,942	Textron, Inc.		2,403,094

				15,732,241

Air Freight & Logistics (0.2%):
	12,084	United Parcel Service, Inc., Class B		2,100,683
	9,300	XPO Logistics, Inc.*		309,597

				2,410,280

Airlines (0.0%^†):
	4,395	Alaska Air Group, Inc.*		188,721

Auto Components (0.0%^†):
	4,000	Gentex Corp.		109,080
	700	Visteon Corp.*		91,581

				200,661

Automobiles (0.4%):
	27,179	Harley-Davidson, Inc.		1,130,646
	40,170	Tesla, Inc.*		4,948,141

				6,078,787

Banks (1.4%):
	156,824	Bank of America Corp.		5,194,011
	204	Citigroup, Inc.		9,227
	3,924	Citizens Financial Group, Inc.		154,488
	1,014	Community Bank System, Inc.		63,831
	2,300	East West Bancorp, Inc.		151,570
	20,384	Fifth Third Bancorp		668,799
	8,450	First Republic Bank		1,029,970
	60,737	JPMorgan Chase & Co.		8,144,832
	7,261	PNC Financial Services Group, Inc. (The)		1,146,802
	27,053	U.S. Bancorp		1,179,781
	32,657	Wells Fargo & Co.		1,348,408

				19,091,719

Beverages (0.9%):
	109,199	Coca-Cola Co. (The)		6,946,148
	284	Coca-Cola Consolidated, Inc.		145,510
	7,091	Constellation Brands, Inc., Class A		1,643,339
	21,940	PepsiCo, Inc.		3,963,681

				12,698,678

Biotechnology (0.9%):
	10,957	AbbVie, Inc.		1,770,761
	10,679	Amgen, Inc.		2,804,733
	3,620	Biogen, Inc.*		1,002,450
	53,611	Gilead Sciences, Inc.		4,602,504
	375	Sarepta Therapeutics, Inc.*		48,593
	4,692	Ultragenyx Pharmaceutical, Inc.*		217,380
	5,722	United Therapeutics Corp.*		1,591,231
	1,754	Vir Biotechnology, Inc.*		44,394

				12,082,046

Building Products (0.1%):
	3,282	Allegion plc		345,463
	25,478	Carrier Global Corp.		1,050,968

				1,396,431


Shares			Value
Common Stocks, continued
Capital Markets (0.6%):
	4,190	Carlyle Group, Inc. (The)	$	125,030
	4,303	Cboe Global Markets, Inc.		539,897
	9,484	Charles Schwab Corp. (The)		789,638
	252	FactSet Research Systems, Inc.		101,105
	7,500	Goldman Sachs Group, Inc. (The)		2,575,350
	6,012	Intercontinental Exchange, Inc.		616,771
	12,448	LPL Financial Holdings, Inc.		2,690,884
	578	MarketAxess Holdings, Inc.		161,198
	85	MSCI, Inc.		39,540
	6,772	Nasdaq, Inc.		415,462
	5,025	Stifel Financial Corp.		293,309
	8,407	Tradeweb Markets, Inc., Class A		545,867

				8,894,051

Chemicals (0.5%):
	23,103	CF Industries Holdings, Inc.		1,968,376
	886	Chemours Co. (The)		27,129
	4,966	Eastman Chemical Co.		404,431
	1,727	Ecolab, Inc.		251,382
	61,583	Ginkgo Bioworks Holdings, Inc.*		104,075
	4,736	Linde plc		1,544,789
	19,427	Olin Corp.		1,028,466
	4,306	Sherwin-Williams Co. (The)		1,021,943
	11,395	Westlake Corp.		1,168,443

				7,519,034

Commercial Services & Supplies (0.3%):
	5,418	Cintas Corp.		2,446,877
	5,256	Republic Services, Inc.		677,971
	3,283	Rollins, Inc.		119,961
	2,083	Waste Management, Inc.		326,781

				3,571,590

Communications Equipment (0.7%):
	26,244	Arista Networks, Inc.*		3,184,710
	130,085	Cisco Systems, Inc.		6,197,249
	5,559	F5, Inc.*		797,772

				10,179,731

Construction & Engineering (0.1%):
	6,005	AECOM		510,005
	1,073	EMCOR Group, Inc.		158,922

				668,927

Construction Materials (0.1%):
	7,840	Eagle Materials, Inc.		1,041,544

Consumer Finance (0.1%):
	8,237	Capital One Financial Corp.		765,711
	2,367	Synchrony Financial		77,780

				843,491

Containers & Packaging (0.2%):
	421	Avery Dennison Corp.		76,201
	35,774	Sealed Air Corp.		1,784,407
	36,731	Westrock Co.		1,291,462

				3,152,070

Distributors (0.1%):
	23,203	LKQ Corp.		1,239,272

Diversified Consumer Services (0.2%):
	37,634	Service Corp. International		2,602,015


Shares			Value
Common Stocks, continued
Diversified Financial Services (0.9%):
	39,802	Berkshire Hathaway, Inc., Class B*	$	12,294,838

Diversified Telecommunication Services (0.4%):
	1,791	Frontier Communications Parent, Inc.*		45,635
	133,529	Verizon Communications, Inc.		5,261,042

				5,306,677

Electric Utilities (0.7%):
	36,829	Duke Energy Corp.		3,793,019
	22,542	FirstEnergy Corp.		945,411
	38,553	Hawaiian Electric Industries, Inc.		1,613,443
	2,320	NextEra Energy, Inc.		193,952
	41,097	Xcel Energy, Inc.		2,881,311

				9,427,136

Electrical Equipment (0.2%):
	3,202	Acuity Brands, Inc.		530,284
	7,743	AMETEK, Inc.		1,081,852
	2,029	Atkore, Inc.*		230,129
	6,303	Emerson Electric Co.		605,466

				2,447,731

Electronic Equipment, Instruments & Components (0.2%):
	9,946	CDW Corp.		1,776,157
	368	Keysight Technologies, Inc.*		62,954
	262	Littelfuse, Inc.		57,692
	41,734	Vontier Corp.		806,718

				2,703,521

Energy Equipment & Services (0.3%):
	14,219	Baker Hughes Co.		419,887
	6,015	Halliburton Co.		236,690
	59,406	Schlumberger, Ltd.		3,175,845

				3,832,422

Entertainment (0.1%):
	3,623	Activision Blizzard, Inc.		277,341
	7,879	Electronic Arts, Inc.		962,656
	9,832	Spotify Technology SA*		776,236

				2,016,233

Equity Real Estate Investment Trusts (REITs) (0.5%):
	561	AvalonBay Communities, Inc.		90,613
	1,914	Crown Castle, Inc.		259,615
	2,421	Kilroy Realty Corp.		93,620
	4,034	National Retail Properties, Inc.		184,596
	8,368	National Storage Affiliates Trust		302,252
	9,197	Public Storage		2,576,908
	29,376	Realty Income Corp.		1,863,320
	1,249	SBA Communications Corp.		350,107
	26,584	Ventas, Inc.		1,197,609

				6,918,640

Food & Staples Retailing (0.7%):
	6,671	Costco Wholesale Corp.		3,045,311
	14,303	Kroger Co. (The)		637,628
	1,526	Sprouts Farmers Market, Inc.*		49,397
	44,294	Walmart, Inc.		6,280,446

				10,012,782


Shares			Value
Common Stocks, continued
Food Products (0.7%):
	12,725	Archer-Daniels-Midland Co.	$	1,181,516
	28,199	Conagra Brands, Inc.		1,091,301
	221	Hershey Co. (The)		51,177
	56,503	Kraft Heinz Co. (The)		2,300,237
	3,804	Lamb Weston Holdings, Inc.		339,926
	67,337	Mondelez International, Inc., Class A		4,488,011

				9,452,168

Health Care Equipment & Supplies (0.8%):
	52,342	Abbott Laboratories		5,746,628
	1,030	Becton Dickinson and Co.		261,929
	7,352	Danaher Corp.		1,951,368
	1,503	Intuitive Surgical, Inc.*		398,821
	11,460	Medtronic plc		890,671
	561	Shockwave Medical, Inc.*		115,347
	2,173	Stryker Corp.		531,277
	2,213	Teleflex, Inc.		552,431
	980	Zimmer Biomet Holdings, Inc.		124,950
	3,144	Zimvie, Inc.*		29,365

				10,602,787

Health Care Providers & Services (1.8%):
	9,856	AmerisourceBergen Corp.		1,633,238
	4,700	Cigna Corp.		1,557,298
	32,931	CVS Health Corp.		3,068,840
	9,783	Elevance Health, Inc.		5,018,385
	576	Humana, Inc.		295,021
	3,800	McKesson Corp.		1,425,456
	5,186	Quest Diagnostics, Inc.		811,298
	21,044	UnitedHealth Group, Inc.		11,157,108

				24,966,644

Health Care Technology (0.0%^†):
	1,638	Veeva Systems, Inc., Class A*		264,340

Hotels, Restaurants & Leisure (1.3%):
	31,403	Airbnb, Inc., Class A*		2,684,956
	2,012	Booking Holdings, Inc.*		4,054,743
	3,435	Caesars Entertainment, Inc.*		142,896
	1,034	Chipotle Mexican Grill, Inc.*		1,434,665
	5,418	Expedia Group, Inc.*		474,617
	8,166	Hyatt Hotels Corp., Class A*		738,615
	16,139	McDonald’s Corp.		4,253,111
	40,637	Starbucks Corp.		4,031,190
	4,725	Yum! Brands, Inc.		605,178

				18,419,971

Household Durables (0.1%):
	5,146	Toll Brothers, Inc.		256,888
	1,749	TopBuild Corp.*		273,701
	2,651	Whirlpool Corp.		375,011

				905,600

Household Products (0.5%):
	11,890	Church & Dwight Co., Inc.		958,453
	18,243	Colgate-Palmolive Co.		1,437,366
	29,504	Procter & Gamble Co. (The)		4,471,626

				6,867,445

Industrial Conglomerates (0.2%):
	25,646	3M Co.		3,075,468
	1,572	Honeywell International, Inc.		336,880

				3,412,348


Shares			Value
Common Stocks, continued
Insurance (0.6%):
	4,421	Aon plc, Class A	$	1,326,919
	15,613	First American Financial Corp.		817,184
	9,536	Hartford Financial Services Group, Inc. (The)		723,115
	118	Kinsale Capital Group, Inc.		30,859
	4,457	Loews Corp.		259,977
	4,037	Marsh & McLennan Cos., Inc.		668,043
	10,297	Progressive Corp. (The)		1,335,624
	12,712	Ryan Specialty Holdings, Inc.*		527,675
	7,199	Travelers Cos., Inc. (The)		1,349,741
	10,393	WR Berkley Corp.		754,220

				7,793,357

Interactive Media & Services (1.7%):
	103,269	Alphabet, Inc., Class A*		9,111,424
	85,667	Alphabet, Inc., Class C*		7,601,233
	62,975	Meta Platforms, Inc., Class A*		7,578,411

				24,291,068

Internet & Direct Marketing Retail (1.1%):
	151,320	Amazon.com, Inc.*		12,710,880
	62,606	eBay, Inc.		2,596,271

				15,307,151

IT Services (1.2%):
	4,871	Accenture plc, Class A		1,299,778
	1,021	Automatic Data Processing, Inc.		243,876
	4,008	FleetCor Technologies, Inc.*		736,190
	1,774	Gartner, Inc.*		596,312
	12,600	GoDaddy, Inc., Class A*		942,732
	17,999	Mastercard, Inc., Class A		6,258,792
	2,313	Paychex, Inc.		267,290
	20,460	PayPal Holdings, Inc.*		1,457,161
	987	Teradata Corp.*		33,222
	10,374	VeriSign, Inc.*		2,131,235
	13,902	Visa, Inc., Class A		2,888,280

				16,854,868

Leisure Products (0.0%^†):
	4,388	Brunswick Corp.		316,287

Life Sciences Tools & Services (0.3%):
	7,864	10X Genomics, Inc., Class A*		286,564
	4,778	Bio-Rad Laboratories, Inc., Class A*		2,009,101
	274	IQVIA Holdings, Inc.*		56,140
	3,892	Medpace Holdings, Inc.*		826,700
	14,160	Sotera Health Co.*		117,953
	2,222	Thermo Fisher Scientific, Inc.		1,223,633

				4,520,091

Machinery (0.8%):
	3,999	AGCO Corp.		554,621
	17,406	Allison Transmission Holdings, Inc.		724,090
	10,321	Caterpillar, Inc.		2,472,499
	4,965	Deere & Co.		2,128,793
	31,547	Fortive Corp.		2,026,895
	7,461	Otis Worldwide Corp.		584,271
	6,423	Parker-Hannifin Corp.		1,869,093
	6,612	Pentair PLC		297,408

				10,657,670


Shares			Value
Common Stocks, continued
Media (0.3%):
	5,200	Altice USA, Inc., Class A*	$	23,920
	118,938	Comcast Corp., Class A		4,159,262
	1,899	New York Times Co. (The), Class A		61,641

				4,244,823

Metals & Mining (0.1%):
	14,371	Newmont Corp.		678,311
	8,552	Nucor Corp.		1,127,239

				1,805,550

Multiline Retail (0.2%):
	12,330	Dollar General Corp.		3,036,263

Multi-Utilities (0.6%):
	30,423	Consolidated Edison, Inc.		2,899,616
	15,493	Public Service Enterprise Group, Inc.		949,256
	11,274	Sempra Energy		1,742,284
	27,308	WEC Energy Group, Inc.		2,560,398

				8,151,554

Oil, Gas & Consumable Fuels (2.3%):
	11,252	APA Corp.		525,243
	816	Cheniere Energy, Inc.		122,367
	1,201	Chesapeake Energy Corp.		113,338
	36,157	Chevron Corp.		6,489,820
	22,119	ConocoPhillips		2,610,042
	10,306	Coterra Energy, Inc.		253,218
	5,526	Denbury, Inc.*		480,873
	4,053	Devon Energy Corp.		249,300
	1,326	Diamondback Energy, Inc.		181,370
	13,925	DT Midstream, Inc.		769,496
	16,173	EOG Resources, Inc.		2,094,727
	11,434	EQT Corp.		386,812
	75,514	Exxon Mobil Corp.		8,329,194
	4,666	Hess Corp.		661,732
	35,455	Kinder Morgan, Inc.		641,026
	25,807	Marathon Oil Corp.		698,596
	16,744	Marathon Petroleum Corp.		1,948,834
	7,772	Murphy Oil Corp.		334,274
	22,161	Occidental Petroleum Corp.		1,395,921
	14,571	Phillips 66		1,516,550
	2,402	Pioneer Natural Resources Co.		548,593
	4,011	Sanchez Energy Corp.*(a)		238,990
	9,145	Targa Resources Corp.		672,158
	5,741	Valero Energy Corp.		728,303

				31,990,777

Pharmaceuticals (2.4%):
	62,926	Bristol-Myers Squibb Co.		4,527,525
	15,013	Eli Lilly & Co.		5,492,356
	56,783	Johnson & Johnson		10,030,717
	54,717	Merck & Co., Inc.		6,070,851
	151,699	Pfizer, Inc.		7,773,057

				33,894,506

Professional Services (0.2%):
	16,743	CoStar Group, Inc.*		1,293,899
	7,665	Leidos Holdings, Inc.		806,281
	7,338	TriNet Group, Inc.*		497,517

				2,597,697


Shares			Value
Common Stocks, continued
Road & Rail (0.5%):
	73,965	CSX Corp.	$	2,291,436
	2,488	Norfolk Southern Corp.		613,093
	7,186	RXO, Inc.*		123,599
	16,009	Union Pacific Corp.		3,314,984

				6,343,112

Semiconductors & Semiconductor Equipment (1.7%):
	2,735	Advanced Micro Devices, Inc.*		177,146
	3,081	Applied Materials, Inc.		300,028
	12,277	Broadcom, Inc.		6,864,439
	161	Enphase Energy, Inc.*		42,658
	2,920	Impinj, Inc.*		318,806
	133,962	Intel Corp.		3,540,616
	30,445	Microchip Technology, Inc.		2,138,761
	436	Micron Technology, Inc.		21,791
	28,771	NVIDIA Corp.		4,204,594
	4,320	NXP Semiconductors NV		682,690
	13,494	Qorvo, Inc.*		1,223,096
	42,859	Qualcomm, Inc.		4,711,918

				24,226,543

Software (3.1%):
	16,589	Adobe, Inc.*		5,582,696
	11,425	Box, Inc.*		355,660
	97,452	Dropbox, Inc., Class A*		2,180,976
	732	Manhattan Associates, Inc.*		88,865
	123,104	Microsoft Corp.		29,522,801
	7,784	New Relic, Inc.*		439,407
	2,919	Palo Alto Networks, Inc.*		407,317
	11,435	Salesforce, Inc.*		1,516,167
	11,322	Splunk, Inc.*		974,711
	5,978	Synopsys, Inc.*		1,908,716
	576	Workday, Inc., Class A*		96,382

				43,073,698

Specialty Retail (1.2%):
	498	AutoZone, Inc.*		1,228,158
	19,139	Home Depot, Inc. (The)		6,045,244
	11,766	Lowe’s Cos., Inc.		2,344,258
	2,447	O’Reilly Automotive, Inc.*		2,065,341
	48,122	TJX Cos., Inc. (The)		3,830,511
	3,139	Ulta Beauty, Inc.*		1,472,411
	2,574	Williams-Sonoma, Inc.		295,804

				17,281,727

Technology Hardware, Storage & Peripherals (2.7%):
	254,440	Apple, Inc.		33,059,389
	7,555	Dell Technologies, Inc., Class C		303,862
	22,231	NetApp, Inc.		1,335,194
	94,436	Pure Storage, Inc., Class A*		2,527,108

				37,225,553

Thrifts & Mortgage Finance (0.0%^†):
	9,502	TFS Financial Corp.		136,924

Tobacco (0.2%):
	34,288	Altria Group, Inc.		1,567,304
	18,019	Philip Morris International, Inc.		1,823,703

				3,391,007


Shares			Value
Common Stocks, continued
Trading Companies & Distributors (0.1%):
	11,937	Fastenal Co.	$	564,859
	8,333	MSC Industrial Direct Co., Inc.		680,806
	8,372	Univar Solutions, Inc.*		266,230

				1,511,895

Water Utilities (0.1%):
	5,324	American Water Works Co., Inc.		811,484

Wireless Telecommunication Services (0.0%^†):
	4,502	T-Mobile US, Inc.*		630,280

	Total Common Stocks (Cost $552,305,235)			539,536,457

Preferred Stock (0.0%^†):
Electric Utilities (0.0%^†):
	1,000	PG&E Corp., 8/16/23		144,240

	Total Preferred Stock (Cost $117,395)			144,240


Contracts			Value
Warrants (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	63	California Resources Corp., 10/27/24*		794
	2,121	Occidental Petroleum Corp., 8/3/27		87,449

				88,243

	Total Warrants (Cost $20,366)			88,243


Principal Amount			Value
Asset Backed Securities (0.6%):
$	619,862	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b)		480,707
	683,761	Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(b)		537,841
	1,386,194	Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(b)		1,115,478
	189,708	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(b)		114,947
	124,544	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(b)		98,117
	138,939	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(b)		59,870
	240,761	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(b)		178,170
	106,581	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(b)		69,546
	59,947	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		55,965
	498,768	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		412,620
	1,002,519	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(b)		834,140
	141,603	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(b)		124,114
	186,315	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(b)		138,092
	208,292	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(b)		176,035


Principal Amount			Value
Asset Backed Securities, continued
$	188,188	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(b)	$	157,503
	362,606	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(b)		312,842
	350,520	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b)		314,234
	198,362	Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(b)		156,038
	197,562	Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(b)		162,097
	213,400	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b)		175,191
	614,358	Planet Fitness Master Issuer LLC, Class A2I, Series 2022-1A, 3.25%, 12/5/51, Callable 12/5/24 @ 100(b)		532,675
	551,830	Planet Fitness Master Issuer LLC, Class A2II, Series 2022-1A, 4.01%, 12/5/51, Callable 12/5/27 @ 100(b)		431,180
	221,745	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(b)		174,792
	233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(b)		136,884
	216,523	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(b)		163,870
	323,003	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(b)		253,642
	207,734	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)		178,720
	287,010	Thunderbolt II Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38, Callable 7/15/2022 @ 100(b)(c)		217,419

	Total Asset Backed Securities (Cost $9,727,162)			7,762,729

Collateralized Mortgage Obligations (6.0%):
	250,000	Aimco CLO, Class AR, Series 2018-BA, 5.18%(US0003M+110bps), 1/15/32, Callable 1/15/23 @ 100(b)		245,514
	523,000	Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 5.21%(US0003M+113bps), 10/17/34, Callable 10/17/23 @ 100(b)		509,093
	387,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A, 5.23%(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(b)		373,093
	250,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 5.38%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(b)		242,971
	2,812,000	Allegro CLO XIV, Ltd., Class A1, Series 2021-2A, 5.24%(US0003M+116bps), 10/15/34, Callable 10/15/23 @ 100(b)		2,737,558
	624,000	Allegro CLO XV, Ltd., Class A, Series 2022-1A, 3.18%(TSFR3M+150bps), 7/20/35, Callable 7/20/24 @ 100(b)		607,024
	256,000	Ares CLO, Ltd., Class A, Series 2019-54A, 5.40%(US0003M+132bps), 10/15/32, Callable 1/15/23 @ 100(b)		251,094


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	853,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 5.21%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(b)	$	833,610
	273,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 5.15%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(b)		264,945
	177,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(b)		163,924
	100,000	BAMLL Commercial Mortgage Securities Trust, Class C, Series 2022-DKLX, 6.49%(TSFR1M+215bps), 1/15/39(b)		94,870
	105,000	BAMLL Commercial Mortgage Securities Trust, Class B, Series 2022-DKLX, 5.89%(TSFR1M+155bps), 1/15/39(b)		100,527
	555,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2022-DKLX, 5.49%(TSFR1M+115bps), 1/15/39(b)		537,018
	30,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 10/15/29 @ 100		25,881
	310,000	Barings CLO, Ltd., Class A, Series 2020-4A, 5.46%(US0003M+122bps), 1/20/32, Callable 1/20/23 @ 100(b)		305,068
	536,000	Barings CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(b)		521,535
	34,000	Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51, Callable 7/15/28 @ 100(c)		32,296
	808,000	Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 5.21%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(b)		784,131
	139,000	BFLD Trust, Class A, Series 2020-OBRK, 6.37%(US0001M+205bps), 11/15/28(b)		137,961
	1,835,000	BPR Trust, Class A, Series 2022-OANA, 6.23%(TSFR1M+190bps), 4/15/37(b)		1,806,979
	488,000	BPR Trust, Class B, Series 2022-OANA, 6.78%(TSFR1M+245bps), 4/15/37(b)		458,075
	296,390	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 5.07%(US0003M+99bps), 4/15/29, Callable 1/15/23 @ 100(b)		292,268
	169,348	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(b)		167,044
	124,100	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 5.53%(US0001M+108bps), 10/15/36(b)		121,934
	155,550	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 5.70%(US0001M+125bps), 10/15/36(b)		151,698
	76,300	BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 6.94%(US0001M+263bps), 9/15/37(b)		68,036
	390,852	BX Commercial Mortgage Trust, Class B, Series 2022-LP2, 5.65%(TSFR1M+131bps), 2/15/39(b)		372,367


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	5,017,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 5.32%(US0001M+100bps), 4/15/34(b)	$	4,899,694
	390,852	BX Commercial Mortgage Trust, Class C, Series 2022-LP2, 5.90%(TSFR1M+156bps), 2/15/39(b)		370,327
	172,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 5.62%(US0001M+130bps), 4/15/34(b)		165,956
	390,852	BX Commercial Mortgage Trust, Class D, Series 2022-LP2, 6.30%(TSFR1M+196bps), 2/15/39(b)		365,897
	113,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 5.92%(US0001M+160bps), 4/15/34(b)		108,128
	119,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 6.22%(US0001M+190bps), 4/15/34(b)		114,072
	220,150	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 5.90%(US0001M+145bps), 10/15/36(b)		213,252
	309,400	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 6.25%(US0001M+180bps), 10/15/36(b)		298,723
	1,297,889	BX Commercial Mortgage Trust, Class A, Series 2022-LP2, 5.35%(TSFR1M+101bps), 2/15/39(b)		1,241,644
	162,000	BX Mortgage Trust, Class B, Series 2021-PAC, 5.22%(US0001M+90bps), 10/15/36(b)		153,300
	216,000	BX Mortgage Trust, Class C, Series 2021-PAC, 5.42%(US0001M+110bps), 10/15/36(b)		203,052
	730,000	BX Mortgage Trust, Class E, Series 2021-PAC, 6.27%(US0001M+195bps), 10/15/36(b)		682,138
	1,081,000	BX Mortgage Trust, Class A, Series 2021-PAC, 5.01%(US0001M+69bps), 10/15/36(b)		1,037,799
	210,000	BX Mortgage Trust, Class D, Series 2021-PAC, 5.62%(US0001M+130bps), 10/15/36(b)		195,460
	472,000	BX Trust, Class A, Series 2022-GPA, 6.50%(TSFR1M+217bps), 10/15/39(b)		467,027
	106,429	BX Trust, Class C, Series 2022-IND, 6.62%(TSFR1M+229bps), 4/15/24(b)		101,640
	88,691	BX Trust, Class D, Series 2022-IND, 7.16%(TSFR1M+284bps), 4/15/24(b)		83,678
	4,962,409	BX Trust, Class A, Series 2021-SOAR, 4.99%(US0001M+67bps), 6/15/38(b)		4,777,185
	922,384	BX Trust, Class A, Series 2022-IND A, 5.82%(TSFR1M+149bps), 4/15/24(b)		901,729
	470,528	BX Trust, Class B, Series 2022-IND, 6.27%(TSFR1M+194bps), 4/15/24(b)		454,438
	445,693	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 1/25/23 @ 100(b)(c)		421,653
	17,105,000	Cedar Funding V CLO, Ltd., Class A1R, Series 2016-5A, 5.18%(US0003M+110bps), 7/17/31, Callable 1/17/23 @ 100(b)		16,838,986


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	235,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(b)	$	227,300
	643,000	Cedar Funding X CLO, Ltd., Class AR, Series 2019-10A, 5.34%(US0003M+110bps), 10/20/32, Callable 1/20/23 @ 100(b)		627,439
	485,000	Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		470,785
	942,000	Cedar Funding XV CLO, Ltd., Class A, Series 2022-15A, 5.28%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(b)		907,238
	99,251	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 6.07%(US0001M+175bps), 6/15/34(b)		92,112
	402,957	CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 5.44%(US0001M+112bps), 6/15/34(b)		393,224
	99,251	CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 5.82%(US0001M+150bps), 6/15/34(b)		97,234
	153,000	CIM Retail Portfolio Trust, Class D, Series 2021-RETL, 7.37%(US0001M+305bps), 8/15/36(b)		147,790
	11,091	CIM Retail Portfolio Trust, Class C, Series 2021-RETL, 6.62%(US0001M+230bps), 8/15/36(b)		10,639
	791,000	Columbia Cent CLO 29, Ltd., Class AR, Series 2020-29A, 5.41%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(b)		767,295
	410,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 5.55%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(b)		401,403
	310,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 5.44%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(b)		301,065
	920,000	Columbia Cent CLO 32, Ltd., Class A1, Series 2022-32A, 4.20%(TSFR3M+170bps), 7/20/34, Callable 1/24/24 @ 100(b)		883,658
	57,000	Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 7/15/24 @ 100		55,198
	3,680,584	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(b)		3,295,767
	243,000	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 5.55%(US0001M+123bps), 5/15/36(b)		238,801
	205,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b)		196,566
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b)		96,320
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b)		95,949
	860,000	CSMC Trust, Class D, Series 2017-PFHP, 6.57%(US0001M+225bps), 12/15/30(b)		813,162
	100,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b)		92,157


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	527,000	Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)	$	512,406
	577,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 5.41%(US0003M+122bps), 1/18/32, Callable 1/18/23 @ 100(b)		567,601
	723,000	Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 5.23%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(b)		702,261
	420,000	Dryden 90 CLO, Ltd., Class A1A, Series 2021-90A, 5.81%(US0003M+113bps), 2/20/35, Callable 2/20/24 @ 100(b)		407,338
	250,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 5.26%(US0003M+118bps), 4/17/33, Callable 1/17/23 @ 100(b)		244,676
	250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 5.33%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(b)		243,866
	363,000	Eaton Vance CLO, Ltd., Class AR, Series 2019-1A, 5.18%(US0003M+110bps), 4/15/31, Callable 1/15/23 @ 100(b)		356,123
	930,000	Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 5.23%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(b)		907,499
	1,469,000	ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 5.02%(US0001M+70bps), 11/15/36(b)		1,406,766
	522,263	Extended Stay America Trust, Class A, Series 2021-ESH, 5.40%(US0001M+108bps), 7/15/38(b)		507,232
	439,287	Extended Stay America Trust, Class D, Series 2021-ESH, 6.57%(US0001M+225bps), 7/15/38(b)		420,719
	297,739	Extended Stay America Trust, Class B, Series 2021-ESH, 5.70%(US0001M+138bps), 7/15/38(b)		286,213
	219,643	Extended Stay America Trust, Class C, Series 2021-ESH, 6.02%(US0001M+170bps), 7/15/38(b)		210,866
	508,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 5.98%(US0003M+130bps), 11/20/33, Callable 2/20/23 @ 100(b)		496,469
	250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 5.34%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(b)		243,887
	643,000	GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 5.27%(US0001M+95bps), 10/15/36(b)		599,474
	100,000	GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 5.47%(US0001M+115bps), 10/15/36(b)		92,449
	100,000	GS Mortgage Securities Corp. Trust, Class C, Series 2021-IP, 5.87%(US0001M+155bps), 10/15/36(b)		92,379


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	800,000	INTOWN STAY Mortgage Trust, Class A, Series 2022, 6.82%(TSFR1M+249bps), 8/15/37, Callable 8/15/24 @ 100(b)	$	790,463
	556,000	Invesco CLO, Ltd., Class A, Series 2021-3A, 5.45%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(b)		539,393
	41,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23, Callable 7/5/23 @ 100(b)		40,304
	64,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23, Callable 7/5/23 @ 100(b)		62,913
	87,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23, Callable 7/5/23 @ 100(b)		85,228
	280,147	Life Mortgage Trust, Class A, Series 2021-BMR, 5.02%(US0001M+70bps), 3/15/38(b)		271,360
	426,000	Life Mortgage Trust, Class D, Series 2022-BMR2, 6.88%(TSFR1M+254bps), 5/15/39, Callable 5/15/24 @ 100(b)		408,022
	98,297	Life Mortgage Trust, Class B, Series 2021-BMR, 5.20%(US0001M+88bps), 3/15/38(b)		93,962
	855,000	Life Mortgage Trust, Class B, Series 2022-BMR2, 6.13%(TSFR1M+179bps), 5/15/39, Callable 5/15/24 @ 100(b)		828,301
	1,420,000	Life Mortgage Trust, Class A1, Series 2022-BMR2, 5.63%(TSFR1M+130bps), 5/15/39, Callable 5/15/24 @ 100(b)		1,384,526
	98,297	Life Mortgage Trust, Class E, Series 2021-BMR, 6.07%(US0001M+175bps), 3/15/38(b)		93,039
	98,297	Life Mortgage Trust, Class D, Series 2021-BMR, 5.72%(US0001M+140bps), 3/15/38(b)		93,173
	98,297	Life Mortgage Trust, Class C, Series 2021-BMR, 5.42%(US0001M+110bps), 3/15/38(b)		93,451
	479,000	Life Mortgage Trust, Class C, Series 2022-BMR2, 6.43%(TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100(b)		463,445
	250,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 5.29%(US0003M+121bps), 1/15/32, Callable 1/15/23 @ 100(b)		246,595
	320,000	Madison Park Funding L, Ltd., Class A, Series 2021-50A, 5.37%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(b)		313,016
	910,000	Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 5.42%(US0003M+110bps), 1/22/35, Callable 1/22/24 @ 100(b)		880,862
	250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 5.20%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(b)		243,722
	229,458	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 5.24%(US0003M+92bps), 1/22/28, Callable 1/22/23 @ 100(b)		226,917
	250,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 5.26%(US0003M+102bps), 4/20/34, Callable 1/20/23 @ 100(b)		242,883


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	280,000	Magnetite XXIX, Ltd., Class A, Series 2021-29A, 5.07%(US0003M+99bps), 1/15/34, Callable 1/15/23 @ 100(b)	$	274,626
	250,000	Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 5.38%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(b)		243,340
	968,000	Magnetite XXX, Ltd., Class A, Series 2021-30A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		942,522
	260,000	MHC Commercial Mortgage Trust, Class A, Series 2021-MHC, 5.12%(US0001M+80bps), 4/15/38(b)		251,975
	315,000	Milos CLO, Ltd., Class AR, Series 2017-1A, 5.31%(US0003M+107bps), 10/20/30, Callable 1/20/23 @ 100(b)		310,496
	56,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)		51,953
	196,000	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 5.57%(US0001M+125bps), 6/15/35(b)		194,107
	385,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(b)		358,332
	132,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 1/15/29 @ 100		124,875
	53,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)(c)		48,327
	471,200	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 5.82%(US0001M+150bps), 6/15/35(b)		438,953
	326,000	Peace Park CLO, Ltd., Class A, Series 2021-1A, 5.37%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(b)		317,419
	17,385	Prima Capital CRE Securitization, Class A, Series 2021-9A, 5.39%(US0001M+145bps), 12/15/37, Callable 10/25/23 @ 100(b)		17,169
	333,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A, 5.36%(US0003M+112bps), 4/20/34, Callable 4/20/23 @ 100(b)		324,962
	130,000	SPGN Mortgage Trust, Class C, Series 2022-TFLM, 6.99%(TSFR1M+265bps), 2/15/39, Callable 2/15/24 @ 100(b)		121,692
	250,000	SPGN Mortgage Trust, Class B, Series 2022-TFLM, 6.34%(TSFR1M+200bps), 2/15/39, Callable 2/15/24 @ 100(b)		235,257
	1,013,000	SREIT Trust, Class A, Series 2021-MFP, 5.05%(US0001M+73bps), 11/15/38(b)		974,139
	360,000	SREIT Trust, Class C, Series 2021-MFP, 5.65%(US0001M+133bps), 11/15/38(b)		341,905
	237,000	SREIT Trust, Class D, Series 2021-MFP, 5.90%(US0001M+158bps), 11/15/38(b)		223,620
	580,000	SREIT Trust, Class B, Series 2021-MFP, 5.40%(US0001M+108bps), 11/15/38(b)		552,278


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	248,046	Stratus CLO, Ltd., Class A, Series 2022-1A, 5.71%(TSFR3M+175bps), 7/20/30, Callable 7/20/23 @ 100(b)	$	244,671
	403,000	Symphony CLO XIX, Ltd., Class A, Series 2018-19A, 5.04%(US0003M+96bps), 4/16/31, Callable 1/16/23 @ 100(b)		394,444
	500,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 5.32%(US0003M+108bps), 4/20/33, Callable 1/20/23 @ 100(b)		485,649
	1,054,000	Symphony CLO XXXII, Ltd., Class A1, Series 2022-32A, 5.36%(TSFR3M+132bps), 4/23/35, Callable 4/23/24 @ 100(b)		1,029,810
	285,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(b)		218,865
	20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(b)		15,134
	551,000	Voya CLO, Ltd., Class A1R, Series 2020-2A, 5.39%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(b)		539,186
	564,000	Voya CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(b)		549,719
	335,000	Voya CLO, Ltd., Class A, Series 2019-2, 5.51%(US0003M+127bps), 7/20/32, Callable 1/20/23 @ 100(b)		329,104
	1,073,000	Voya CLO, Ltd., Class AR, Series 2020-3A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		1,043,940
	155,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100		146,714
	185,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 5.52%(US0001M+120bps), 5/15/31(b)		176,121

	Total Collateralized Mortgage Obligations (Cost $86,698,745)			83,734,497

Convertible Bonds (0.2%):
Entertainment (0.0%^†):
	25,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		24,634

Hotels, Restaurants & Leisure (0.0%^†):
	37,000	Booking Holdings, Inc., 0.75%, 5/1/25		49,515
	27,000	Vail Resorts, Inc., 2.55%, 1/1/26		25,033

				74,548

Leisure Products (0.0%^†):
	19,000	Callaway Golf Co., 2.75%, 5/1/26		24,594

Media (0.1%):
	54,000	DISH Network Corp., 2.38%, 3/15/24		48,843
	846,000	DISH Network Corp., 3.38%, 8/15/26		531,210

				580,053

Oil, Gas & Consumable Fuels (0.1%):
	31,702	Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b)		202,024
	54,850	Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b)		349,537

				551,561


Principal Amount			Value
Convertible Bonds, continued
Professional Services (0.0%^†):
$	16,000	FTI Consulting, Inc., 2.00%, 8/15/23	$	25,192
	23,000	KBR, Inc., 2.50%, 11/1/23		47,738

				72,930

Semiconductors & Semiconductor Equipment (0.0%^†):
	8,000	ON Semiconductor Corp., 1.63%, 10/15/23		23,988

	Total Convertible Bonds (Cost $1,082,922)			1,352,308

Bank Loans (0.0%^†):
Chemicals (0.0%^†):
	14,813	Consolidated Energy Term Incr B 1Ln, 7.82% (LIBOR+350bps ), 5/7/25		14,109
	19,850	Diamond (BC) B.V. Term B 1Ln, 7.07% (LIBOR+275bps ), 9/29/28		19,155

				33,264

Construction & Engineering (0.0%^†):
	35,000	DG Investment Intermediate Holdings Term 2Ln, 11.07% (LIBOR+675bps ), 3/31/29		30,742
	4,938	DG Investment Intermediate Holdings Term B 1Ln, 8.07% (LIBOR+375bps ), 3/31/28		4,715

				35,457

Diversified Consumer Services (0.0%^†):
	15,000	Ascend Learning Term 2Ln, 10.07% (LIBOR+575bps ), 12/10/29		12,806
	163,763	Ascend Learning Term B 1Ln, 7.82% (LIBOR+350bps ), 12/10/28		154,551

				167,357

Hotels, Restaurants & Leisure (0.0%^†):
	248,125	City Football Group Term B 1Ln, 7.32% (LIBOR+300bps ), 7/21/28		231,377
	172,804	Diamond Sports Group Term 2Ln, 7.71% (Term SOFR+335bps ), 8/24/26		19,008
	104,275	Golden Entertainment Term B 1Ln, 7.32% (LIBOR+300bps ), 10/20/24		103,884

				354,269

Industrial Products (0.0%^†):
	120,000	Brookfield WEC Holding Inc. Term 1Ln, 8.11% (Term SOFR+375bps ), 8/1/25		119,363

Media (0.0%^†):
	44,887	ABG Intermediate Holdings 2 LLC Term B1 1LN, 7.86% (Term SOFR+350bps ), 12/21/28		43,373

Software (0.0%^†):
	3,385	Acuris Finance US Inc. Term 1Ln, 8.36% (Term SOFR+400bps ), 2/16/28		3,322

Software & Tech Services (0.0%^†):
	106,617	Athenahealth Term B 1Ln, 7.86% (Term SOFR+350bps ), 2/15/29		95,993
	18,116	Athenahealth Term DD 1Ln, 7.82% (LIBOR+350bps ), 2/15/29+		16,311
	300,000	Nielsen Holdings Term B 1Ln, 4.36% (Term SOFR+0bps ), 4/11/29		267,189

				379,493

	Total Bank Loans (Cost $1,268,042)			1,135,898


Principal Amount			Value
Corporate Bonds (21.5%):
Aerospace & Defense (0.5%):
$	1,145,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100	$	1,134,022
	145,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		141,841
	1,100,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		1,055,568
	100,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		93,944
	1,150,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		1,062,345
	310,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(b)		276,287
	445,000	BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(b)		389,375
	5,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		4,844
	145,000	Moog, Inc., 4.25%, 12/15/27, Callable 2/6/23 @ 103.19(b)		133,400
	40,000	TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 2/6/23 @ 103.44		39,300
	40,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 2/6/23 @ 101.59		38,950
	35,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 2/6/23 @ 103.75		34,606
	1,655,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 2/6/23 @ 102.75		1,539,150
	310,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44		269,700

				6,213,332

Air Freight & Logistics (0.0%^†):
	255,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(b)		229,500
	237,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 2/6/23 @ 103.13(b)		239,370

				468,870

Auto Components (0.0%^†):
	125,000	Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25		101,406

Automobiles (0.2%):
	485,000	Magallanes, Inc., 3.43%, 3/15/24(b)		470,465
	265,000	Magallanes, Inc., 3.64%, 3/15/25(b)		252,195
	519,000	Magallanes, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100(b)		468,676
	180,000	Magallanes, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100(b)		156,306
	753,000	Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(b)		621,853
	391,000	Magallanes, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(b)		301,414
	576,000	Magallanes, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100(b)		423,909
	40,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(b)		32,000
	270,000	Michaels Cos., Inc. (The), 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)		179,550


Principal Amount			Value
Corporate Bonds, continued
Automobiles, continued
$	165,000	Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(b)	$	129,525
	209,000	Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(b)		207,219

				3,243,112

Banks (2.4%):
	410,000	Bank of America Corp., Series L, 3.95%, 4/21/25		398,850
	151,000	Bank of America Corp., Series G, 4.45%, 3/3/26		148,118
	1,300,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		1,176,933
	980,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		756,607
	6,359,000	Bank of America Corp., 5.02% (SOFR+216 bps), 7/22/33, Callable 7/22/32 @ 100		6,069,933
	70,000	CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100		69,212
	165,000	CIT Group, Inc., 6.13%, 3/9/28		168,506
	2,455,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		2,380,977
	1,098,000	Citigroup, Inc., 4.30%, 11/20/26		1,063,292
	1,156,000	Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100		1,064,330
	2,635,000	Citigroup, Inc., 4.91% (SOFR+209 bps), 5/24/33, Callable 5/24/32 @ 100		2,480,752
	2,500,000	JPMorgan Chase & Co., 4.49% (SOFR+379 bps), 3/24/31, Callable 3/24/30 @ 100		2,348,908
	181,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100		149,686
	5,828,000	JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100		5,391,180
	937,000	JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100		894,494
	3,705,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		3,509,976
	1,099,000	Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100		1,022,532
	2,645,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		2,478,138
	1,800,000	Wells Fargo & Co., 5.01% (US0003M+424 bps), 4/4/51, Callable 4/4/50 @ 100, MTN		1,627,096

				33,199,520

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		2,269,922
	3,100,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		2,836,906
	150,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		133,346
	333,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		294,398
	2,445,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		2,553,067


Principal Amount			Value
Corporate Bonds, continued
Beverages, continued
$	285,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(b)	$	228,712

				8,316,351

Biotechnology (0.0%^†):
	555,000	Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94(b)		269,175

Building Products (0.1%):
	795,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 1/23/23 @ 102.5(b)		743,325
	120,000	Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13(b)		97,350
	35,000	Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(b)		30,800

				871,475

Capital Markets (2.1%):
	457,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		442,874
	2,707,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		2,487,208
	888,000	Blackstone Private Credit Fund, 7.05%, 9/29/25(b)		878,983
	315,000	Coinbase Global, Inc., 3.38%, 10/1/28, Callable 10/1/24 @ 101.69(b)		165,375
	380,000	Coinbase Global, Inc., 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		181,450
	2,880,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		2,597,256
	1,263,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100		983,445
	3,062,000	Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100		2,505,130
	128,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		136,977
	50,000	HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(b)		43,250
	55,000	LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(b)		45,100
	380,000	Medline Borrower, LP, 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(b)		304,000
	55,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b)		45,925
	1,100,000	Moody’s Corp., 3.75%, 3/24/25, Callable 2/24/25 @ 100		1,071,457
	1,100,000	Moody’s Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		1,018,328
	6,619,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		6,585,349
	2,534,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		2,219,713
	2,236,000	Morgan Stanley, 4.89% (SOFR+208 bps), 7/20/33, Callable 7/20/32 @ 100		2,111,582
	1,700,000	Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100		1,786,251
	150,000	Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29, Callable 10/1/24 @ 102.63(b)		118,875


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	100,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(b)	$	77,250
	485,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 2/6/23 @ 108.06(b)		460,750
	2,296,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b)		2,125,215
	300,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b)		264,637
	15,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(b)		10,425
	35,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 2/6/23 @ 105.31(b)		7,350
	55,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b)		30,250

				28,704,405

Chemicals (0.2%):
	15,000	CF Industries, Inc., 4.95%, 6/1/43		12,806
	510,000	Chemours Co. (The), 5.38%, 5/15/27, Callable 2/15/27 @ 100		467,287
	915,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(b)		816,638
	60,000	Diamond BC BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31(b)		48,150
	555,000	LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13(b)		499,500
	375,000	Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5		342,187
	650,000	Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(b)		536,250
	135,000	Scotts Miracle-Gro Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19		102,263
	25,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		24,375
	350,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b)		280,000
	350,000	WR Grace Holdings LLC, 5.63%, 10/1/24(b)		345,625
	50,000	WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(b)		44,295
	125,000	WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(b)		100,781

				3,620,157

Commercial Services & Supplies (0.1%):
	125,000	ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(b)		105,938
	430,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/6/23 @ 102.5(b)		400,437
	615,000	CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104.13		627,300
	41,000	GEO Group, Inc. (The), 10.50%, 6/30/28, Callable 1/17/23 @ 103		41,461
	85,000	GEO Group, Inc. (The), 9.50%, 12/31/28, Callable 1/17/23 @ 103(b)		81,388


Principal Amount			Value
Corporate Bonds, continued
Commercial Services & Supplies, continued
$	25,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/6/23 @ 102.5(b)	$	22,156
	25,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(b)		21,344
	45,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(b)		35,156
	270,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(b)		235,575

				1,570,755

Communications Equipment (0.1%):
	405,000	CommScope, Inc., 6.00%, 3/1/26, Callable 2/6/23 @ 103(b)		373,613
	205,000	CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(b)		146,575
	200,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b)		161,250
	250,000	Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(b)		207,500

				888,938

Construction & Engineering (0.1%):
	25,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(b)		21,625
	845,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 2/6/23 @ 102.13(b)		673,887
	270,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(b)		235,575
	55,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(b)		42,763
	25,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(b)		19,156
	785,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(b)		681,969

				1,674,975

Consumer Discretionary Products (0.1%):
	275,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.63%, 1/15/29, Callable 1/15/25 @ 102.31(b)		232,375
	160,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(b)		128,800
	900,000	NCL Corp., Ltd., 5.88%, 3/15/26, Callable 12/15/25 @ 100(b)		711,000

				1,072,175

Consumer Finance (1.7%):
	2,090,000	Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100		2,071,995
	90,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100		87,104
	100,000	Ally Financial, Inc., 5.13%, 9/30/24		98,940
	224,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		222,960
	1,500,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		1,451,806


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	1,000,000	Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100^	$	1,020,833
	590,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100		400,844
	577,000	Capital One Financial Corp., 2.64% (SOFR+129 bps), 3/3/26, Callable 3/3/25 @ 100		540,205
	740,000	Capital One Financial Corp., 4.99% (SOFR+216 bps), 7/24/26, Callable 7/24/25 @ 100		725,466
	2,665,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100		2,515,573
	343,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		320,410
	738,000	Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100		633,541
	1,100,000	Capital One Financial Corp., 5.25% (SOFR+260 bps), 7/26/30, Callable 7/26/29 @ 100		1,054,297
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		240,719
	2,253,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		2,168,569
	174,000	Discover Financial Services, 6.70%, 11/29/32, Callable 8/29/32 @ 100		177,359
	295,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		264,642
	550,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		453,683
	329,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		325,333
	968,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		932,572
	55,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		52,848
	620,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		556,594
	2,100,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		2,038,483
	445,000	OneMain Finance Corp., 6.88%, 3/15/25		427,756
	295,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		243,744
	155,000	OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94		122,837
	430,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		322,500
	244,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		239,729
	797,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		779,267
	3,605,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		3,217,495

				23,708,104

Consumer Staple Products (0.1%):
	475,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.13%, 2/1/28, Callable 1/1/28 @ 100(b)		449,469


Principal Amount			Value
Corporate Bonds, continued
Consumer Staple Products, continued
$	975,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.75%, 4/1/33, Callable 1/1/33 @ 100(b)	$	926,250

				1,375,719

Containers & Packaging (0.0%^†):
	5,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 1/17/23 @ 102.06(b)		4,338
	190,000	Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		152,475
	65,000	Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(b)		54,762

				211,575

Diversified Consumer Services (0.0%^†):
	232,000	Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(b)		211,990
	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)		18,040
	350,000	APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(b)		335,562

				565,592

Diversified Financial Services (0.2%):
	185,000	Acrisure LLC / Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(b)		147,306
	38,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		37,852
	358,000	Jackson Financial, Inc., 5.17%, 6/8/27, Callable 5/8/27 @ 100^		352,046
	452,000	Jackson Financial, Inc., 5.67%, 6/8/32, Callable 3/8/32 @ 100		426,283
	1,530,000	Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 7/1/23 @ 102.13(b)		1,204,875
	15,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b)		10,913
	130,000	OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(b)		114,400
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		481,615
	155,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		134,850
	150,000	Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31, Callable 2/15/31 @ 100(b)		127,125
	125,000	Venture Global Calcasieu Pass LLC, 3.88%, 11/1/33, Callable 5/1/33 @ 100(b)		101,719

				3,138,984

Diversified Telecommunication Services (0.5%):
	138,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		130,301
	400,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		359,103
	1,200,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		835,883
	55,000	Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(b)		49,844


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	25,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(b)	$	18,375
	185,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(b)		105,219
	640,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(b)		594,400
	45,000	Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		39,094
	45,000	Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(b)		37,069
	5,496	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94		4,245
	155,000	Frontier Communications Holdings LLC, 6.00%, 1/15/30, Callable 10/15/24 @ 103(b)		122,256
	3,725,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		3,235,639
	209,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		172,209
	1,250,000	Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100		772,899
	555,000	Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28, Callable 8/15/23 @ 103.88(b)		449,550
	55,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/6/23 @ 100(b)		40,494

				6,966,580

Electric Utilities (0.7%):
	941,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(b)		845,724
	10,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(b)		8,975
	155,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(b)		127,100
	165,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		141,873
	54,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(b)		42,879
	587,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(b)		462,032
	1,000,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100		937,788
	173,000	Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100		159,188
	1,075,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100		1,001,335
	210,000	Exelon Corp., 3.35%, 3/15/32, Callable 12/15/31 @ 100		183,259
	1,278,000	FirstEnergy Corp., 7.38%, 11/15/31		1,423,967
	255,000	Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		239,700
	136,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		131,920


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	17,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b)	$	15,682
	430,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/23/23 @ 102.88		402,587
	20,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(b)		16,025
	40,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(b)		30,350
	202,282	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		195,708
	795,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		625,620
	1,370,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5		1,253,550
	311,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63		283,010
	605,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 1/17/23 @ 102.5(b)		561,138

				9,089,410

Electrical Equipment (0.0%^†):
	55,000	Artera Services LLC, 9.03%, 12/4/25, Callable 2/6/23 @ 104.52(b)		45,650
	65,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)		56,062
	310,000	Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(b)		264,275

				365,987

Electronic Equipment, Instruments & Components (0.0%^†):
	565,000	II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(b)		497,200

Energy Equipment & Services (0.0%^†):
	400,000	Transocean, Inc., 11.50%, 1/30/27, Callable 7/30/23 @ 105.75(b)		400,000

Entertainment (0.0%^†):
	310,000	ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(b)		241,800

Equity Real Estate Investment Trusts (REITs) (1.6%):
	371,000	American Homes 4 Rent LP, 3.63%, 4/15/32, Callable 1/15/32 @ 100		311,315
	536,000	Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100		553,382
	1,039,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		991,796
	1,265,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		1,063,150
	62,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		52,046
	719,000	Brandywine Operating Partnership LP, 7.55%, 3/15/28, Callable 2/15/28 @ 100		706,840
	355,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		340,121
	68,000	Corporate Office Properties LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		59,656


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (REITs), continued
$	93,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100	$	69,776
	10,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100		9,988
	45,000	CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(b)		37,969
	430,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(b)		359,461
	66,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		61,721
	63,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		52,967
	400,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		343,588
	735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		715,088
	535,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 2/6/23 @ 101.75^		486,850
	335,000	MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 2/6/23 @ 102.5		281,400
	114,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		112,497
	101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		97,790
	1,278,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,189,689
	2,482,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		2,082,884
	133,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		102,327
	189,000	Piedmont Operating Partnership LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100		132,408
	15,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		13,203
	1,214,000	Sabra Health Care LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100		906,533
	297,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(b)		279,694
	97,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(b)		86,047
	74,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(b)		61,687
	40,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		31,500
	40,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		34,450
	45,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		31,444
	310,000	Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100		206,150
	96,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		86,291
	1,277,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		977,794


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (REITs), continued
$	212,000	Sun Communities Operating LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100	$	175,400
	272,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		214,869
	2,200,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		1,979,210
	581,000	Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100		422,025
	780,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/6/23 @ 103.94(b)		754,650
	355,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(b)		224,538
	131,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		120,964
	367,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		309,439
	1,430,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		1,341,677
	60,000	Vici Properties, 3.50%, 2/15/25, Callable 2/6/23 @ 101.75(b)		56,550
	335,000	Vici Properties, 4.25%, 12/1/26, Callable 2/6/23 @ 102.13(b)		312,806
	93,000	VICI Properties LP, 4.38%, 5/15/25		90,094
	249,000	VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100		230,325
	72,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		60,635
	400,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		394,861
	3,000,000	WP Carey, Inc., 4.25%, 10/1/26, Callable 7/1/26 @ 100		2,889,762
	66,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		59,507

				22,566,814

Financial Services (0.1%):
	70,000	Clydesdale Acquisition Holdings, Inc., 6.63%, 4/15/29, Callable 4/15/25 @ 103.31(b)		66,675
	120,000	Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(b)		69,600
	640,000	Hightower Holding LLC, 6.75%, 4/15/29, Callable 4/15/24 @ 103.38(b)		535,200
	70,000	Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(b)		61,075

				732,550

Financials (0.1%):
	2,052,000	Blackstone Private Credit Fund, 4.70%, 3/24/25^		1,969,356

				1,969,356

Food & Staples Retailing (0.1%):
	25,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 2/6/23 @ 103.47(b)		23,125


Principal Amount			Value
Corporate Bonds, continued
Food & Staples Retailing, continued
$	50,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(b)	$	41,938
	605,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(b)		539,962
	445,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 3/13/23 @ 103.44(b)		445,000
	335,000	Performance Food Group, Inc., 5.50%, 10/15/27, Callable 2/6/23 @ 102.75(b)		317,831
	70,000	Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(b)		60,463
	93,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		96,668
	140,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		154,046
	45,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(b)		43,031
	160,000	US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(b)		141,400
	60,000	US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		52,800

				1,916,264

Food Products (0.2%):
	110,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(b)		83,050
	154,000	JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(b)		125,125
	880,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)		837,100
	1,375,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(b)		1,055,313
	350,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(b)		296,625
	45,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 1/23/23 @ 102.81(b)		42,356
	69,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(b)		58,305
	270,000	TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102		229,500

				2,727,374

Health Care (0.0%^†):
	200,000	180 Medical, Inc., 3.88%, 10/15/29, Callable 10/7/24 @ 101.94(b)		171,940

Health Care Equipment & Supplies (0.1%):
	400,000	Hologic, Inc., 4.63%, 2/1/28, Callable 2/6/23 @ 102.31(b)		372,000
	350,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(b)		301,000

				673,000


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services (1.4%):
$	140,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(b)	$	110,600
	35,000	Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(b)		19,950
	3,765,000	Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13		3,539,100
	1,485,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		1,247,400
	1,190,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		1,082,900
	245,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		206,413
	610,000	Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100		477,325
	255,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(b)		218,025
	255,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(b)		212,287
	385,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(b)		188,650
	285,000	CHS/Community Health Systems, Inc., 5.25%, 5/15/30, Callable 5/15/25 @ 102.63(b)		215,175
	45,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(b)		32,625
	4,341,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		4,200,030
	605,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 2/6/23 @ 104(b)		547,525
	780,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		627,900
	55,000	Garden Spinco Corp., 8.63%, 7/20/30, Callable 7/20/27 @ 102.16(b)		57,475
	780,000	HCA, Inc., 5.38%, 2/1/25		780,000
	534,000	HCA, Inc., 5.63%, 9/1/28, Callable 3/1/28 @ 100		531,998
	503,000	HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100		501,742
	1,170,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		1,007,663
	99,000	HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(b)		84,048
	50,000	HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(b)		44,250
	314,000	Humana, Inc., 3.70%, 3/23/29, Callable 2/23/29 @ 100		288,989
	40,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b)		34,200
	170,000	Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(b)		144,075
	25,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(b)		19,625
	255,000	Surgery Center Holdings, Inc., 6.75%, 7/1/25, Callable 2/6/23 @ 100(b)		251,175
	600,000	Tenet Healthcare Corp., 4.88%, 1/1/26, Callable 2/6/23 @ 102.44(b)		567,000
	590,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/6/23 @ 101.56(b)		567,875


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	510,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(b)	$	456,450
	295,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(b)		255,175
	140,000	Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19(b)		121,275
	117,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		91,014

				18,729,934

Hotels, Restaurants & Leisure (0.4%):
	15,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(b)		12,713
	445,000	Boyd Gaming Corp., 4.75%, 12/1/27, Callable 1/17/23 @ 102.38^		413,850
	145,000	Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(b)		117,994
	350,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(b)		351,312
	565,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(b)		453,412
	245,000	Carnival Corp., 10.50%, 6/1/30, Callable 6/1/25 @ 105.25^(b)		199,675
	125,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94^(b)		87,187
	765,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 2/6/23 @ 103.81(b)		751,612
	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)		34,700
	75,000	Jacobs Entertainment, Inc., 6.75%, 2/15/29, Callable 2/15/25 @ 103.38(b)		67,313
	45,000	Life Time, Inc., 5.75%, 1/15/26, Callable 2/6/23 @ 102.88(b)		41,625
	40,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(b)		33,100
	170,000	NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94(b)		147,145
	20,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(b)		14,900
	280,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 1/17/23 @ 108.63(b)		300,300
	310,000	Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(b)		261,175
	115,000	Royal Caribbean Cruises, Ltd., 5.38%, 7/15/27, Callable 10/15/26 @ 100(b)		93,438
	510,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(b)		443,700
	255,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 1/23/23 @ 109.75(b)		270,300
	255,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25, Callable 12/1/24 @ 100(b)		241,613
	390,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27, Callable 2/15/27 @ 100^(b)		351,000
	350,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		309,750

				4,997,814


Principal Amount			Value
Corporate Bonds, continued
Household Durables (0.1%):
$	65,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(b)	$	46,150
	70,000	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(b)		55,913
	150,000	Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		117,937
	295,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(b)		187,325
	10,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		8,650
	90,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(b)		79,200
	15,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b)		11,625
	510,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(b)		471,750
	130,000	Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(b)		102,050
	265,000	TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(b)		214,319

				1,294,919

Household Products (0.0%^†):
	55,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(b)		45,100

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)		1,376,869
	1,412,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(b)		1,246,769
	218,000	AES Corp. (The), 2.45%, 1/15/31, Callable 10/15/30 @ 100		173,443
	30,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b)		27,713
	35,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(b)		31,413
	85,000	Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(b)		75,650
	15,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b)		13,500

				2,945,357

Industrial Conglomerates (0.2%):
	1,750,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 2/6/23 @ 103.13		1,680,000
	1,165,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		1,067,431

				2,747,431

Industrial Services (0.0%^†):
	465,000	Minerva Merger Sub, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b)		344,100


Principal Amount			Value
Corporate Bonds, continued
Industrial Services, continued
$	190,000	Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(b)	$	178,125

				522,225

Insurance (0.6%):
	395,000	Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13(b)		325,875
	400,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		376,370
	70,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(b)		59,938
	40,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b)		32,600
	70,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(b)		59,850
	242,000	Corebridge Financial, Inc., 3.50%, 4/4/25, Callable 3/4/25 @ 100(b)		232,123
	824,000	Corebridge Financial, Inc., 3.65%, 4/5/27, Callable 3/5/27 @ 100(b)		769,073
	339,000	Corebridge Financial, Inc., 3.85%, 4/5/29, Callable 2/5/29 @ 100(b)		310,911
	404,000	Corebridge Financial, Inc., 3.90%, 4/5/32, Callable 1/5/32 @ 100(b)		354,901
	92,000	Corebridge Financial, Inc., 4.35%, 4/5/42, Callable 10/5/41 @ 100(b)		75,924
	271,000	Corebridge Financial, Inc., 4.40%, 4/5/52, Callable 10/5/51 @ 100(b)		217,583
	2,771,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(b)		2,324,176
	115,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 1/17/23 @ 101.75(b)		112,556
	105,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(b)		91,875
	436,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		400,735
	185,000	Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(b)		160,719
	227,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		205,898
	1,000,000	Unum Group, 5.75%, 8/15/42		900,987
	685,000	USI, Inc., 6.88%, 5/1/25, Callable 2/6/23 @ 100(b)		670,444

				7,682,538

Interactive Media & Services (0.0%^†):
	190,000	Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		145,588
	25,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(b)		20,312

				165,900

IT Services (0.1%):
	25,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(b)		19,500
	10,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(b)		7,900
	470,000	Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(b)		407,725
	40,000	Block, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100		35,635


Principal Amount			Value
Corporate Bonds, continued
IT Services, continued
$	40,000	Block, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100	$	31,780
	15,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(b)		13,219
	550,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)		539,687
	255,000	Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(b)		237,150
	45,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(b)		38,756
	35,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		28,394
	35,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		27,650

				1,387,396

Leisure Products (0.0%^†):
	202,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		194,185
	5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 2/6/23 @ 104.41(b)		4,888

				199,073

Life Sciences Tools & Services (0.0%^†):
	510,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(b)		463,463
	15,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b)		13,725
	30,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(b)		26,400

				503,588

Machinery (0.1%):
	55,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(b)		44,000
	170,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(b)		143,012
	230,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(b)		192,050
	650,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(b)		448,500
	45,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(b)		39,544

				867,106

Materials (0.0%^†):
	200,000	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 6/15/27, Callable 6/15/24 @ 103(b)		194,750

Media (1.3%):
	615,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28, Callable 11/15/23 @ 103.25(b)		458,944
	255,000	Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 113(b)		104,550
	25,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(b)		19,000
	20,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(b)		16,600


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	15,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(b)	$	11,138
	1,250,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(b)		1,053,125
	1,460,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(b)		1,204,500
	390,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		310,050
	270,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(b)		206,550
	1,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25, Callable 4/23/25 @ 100		1,472,743
	813,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100		698,886
	1,000,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 5/1/47, Callable 11/1/46 @ 100		803,208
	1,064,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100		828,787
	1,064,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.50%, 4/1/63, Callable 10/1/62 @ 100		814,081
	1,130,000	CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(b)		641,275
	335,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(b)		234,500
	845,000	CSC Holdings LLC, 4.63%, 12/1/30, Callable 12/1/25 @ 102.31(b)		464,750
	680,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 1/23/23 @ 102.69(b)		74,800
	2,346,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100		1,945,519
	392,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		271,431
	605,000	DISH DBS Corp., 7.75%, 7/1/26		488,537
	605,000	DISH Network Corp., 11.75%, 11/15/27, Callable 5/15/25 @ 105.88(b)		620,125
	65,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100		64,167
	1,094,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,059,935
	93,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		85,765
	140,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(b)		99,400
	430,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(b)		311,213
	525,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 103.25(b)		215,250
	95,000	Sirius XM Radio, Inc., 3.13%, 9/1/26, Callable 9/1/23 @ 101.56(b)		84,075


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	270,000	Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 2/6/23 @ 102.5(b)	$	249,412
	30,000	Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(b)		27,375
	25,000	Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(b)		20,625
	185,000	Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(b)		144,300
	350,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(b)		339,063
	230,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 1/17/23 @ 104.44(b)		171,925
	69,000	Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100		57,543
	1,620,000	Time Warner Cable, Inc., 6.55%, 5/1/37		1,540,380
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		277,985
	435,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(b)		419,775
	245,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(b)		203,656

				18,114,943

Metals & Mining (0.1%):
	45,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(b)		39,544
	686,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94		655,130
	60,000	Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44		53,024
	45,000	Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56		39,206
	45,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(b)		39,825
	45,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(b)		39,600
	60,000	Commercial Metals Co., 4.13%, 1/15/30, Callable 1/15/25 @ 102.06		52,800
	60,000	Commercial Metals Co., 4.38%, 3/15/32, Callable 3/15/27 @ 102.19		51,900
	485,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(b)		423,769
	125,000	Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(b)		101,250

				1,496,048

Mortgage Real Estate Investment Trusts (REITs) (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)		32,250
	45,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		43,031

				75,281

Multi-Utilities (0.2%):
	1,100,000	NiSource, Inc., 2.95%, 9/1/29, Callable 6/1/29 @ 100		954,780
	1,000,000	NiSource, Inc., 5.25%, 2/15/43, Callable 8/15/42 @ 100		938,541


Principal Amount			Value
Corporate Bonds, continued
Multi-Utilities, continued
$	140,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100	$	125,209
	714,000	Puget Energy, Inc., 4.22%, 3/15/32, Callable 12/15/31 @ 100		634,010

				2,652,540

Oil, Gas & Consumable Fuels (2.4%):
	45,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		37,350
	10,000	Apache Corp., 7.38%, 8/15/47		9,925
	145,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102		123,069
	125,000	Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63		99,219
	247,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(b)		246,329
	375,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(b)		359,531
	50,000	Cnx Midstream Partners LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(b)		41,250
	20,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(b)		18,450
	65,000	Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(b)		55,819
	305,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(b)		274,500
	25,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(b)		21,562
	485,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(b)		449,837
	42,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 2/6/23 @ 101.44		40,845
	795,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(b)		733,388
	605,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 1/23/23 @ 102.63(b)		556,600
	20,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88(b)		17,200
	230,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		227,412
	2,905,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		2,890,475
	700,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b)		680,750
	25,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(b)		22,344
	26,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 1/17/23 @ 102.63		25,654
	40,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(b)		34,000
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		120,982


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	295,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 2/6/23 @ 102.88(b)	$	281,725
	2,229,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		2,148,957
	106,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		102,808
	109,000	Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		96,134
	1,908,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		1,541,649
	52,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 1/23/23 @ 100		51,873
	65,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		64,157
	67,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		66,312
	128,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		118,002
	83,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		75,427
	73,000	Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		68,489
	350,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(b)		333,813
	255,000	EQM Midstream Partners LP, 7.50%, 6/1/27, Callable 6/1/24 @ 103.75(b)		248,944
	50,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(b)		47,687
	45,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(b)		38,081
	295,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100		272,875
	30,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		28,275
	650,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		621,606
	71,000	Hess Corp., 7.30%, 8/15/31		77,348
	50,000	Hess Corp., 7.13%, 3/15/33		54,122
	2,002,000	Hess Corp., 5.60%, 2/15/41		1,888,399
	1,166,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		1,120,414
	405,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/6/23 @ 102.81(b)		392,850
	80,000	Hess Midstream Operations LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		68,400
	110,000	Holly Energy Partners LP / Holly Energy Finance Corp., 6.38%, 4/15/27, Callable 4/15/24 @ 103.19(b)		108,213
	97,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 2/6/23 @ 100		96,738
	125,000	Kinetik Holdings LP, 5.88%, 6/15/30, Callable 6/15/25 @ 102.94(b)		117,567
	125,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(b)		106,250
	113,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		112,539
	159,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		157,801


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	722,000	MPLX, LP, 4.95%, 9/1/32, Callable 6/1/32 @ 100	$	680,398
	390,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94		373,425
	400,000	New Fortress Energy, Inc., 6.75%, 9/15/25, Callable 1/27/23 @ 103.38(b)		382,500
	250,000	New Fortress Energy, Inc., 6.50%, 9/30/26, Callable 3/31/23 @ 103.25(b)		232,188
	375,000	NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/6/23 @ 103.75(b)		332,812
	1,506,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		1,500,352
	310,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		279,000
	255,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		285,600
	1,464,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,566,480
	16,000	Occidental Petroleum Corp., 7.88%, 9/15/31		17,460
	78,000	Occidental Petroleum Corp., 6.45%, 9/15/36		79,560
	30,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		23,925
	25,000	Occidental Petroleum Corp., 6.20%, 3/15/40		24,250
	410,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		421,275
	295,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		235,262
	430,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		331,100
	55,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		42,487
	65,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		51,350
	80,000	PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103		71,400
	20,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/6/23 @ 102.88		18,900
	26,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		25,327
	1,172,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		1,130,251
	270,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		257,175
	335,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		310,713
	278,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/17/23 @ 100(a)(b)		—
	10,000	SM Energy Co., 5.63%, 6/1/25, Callable 2/6/23 @ 100.94		9,550
	50,000	SM Energy Co., 6.75%, 9/15/26, Callable 2/6/23 @ 102.25		48,750
	130,000	Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38		110,013
	5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 2/6/23 @ 103		4,912
	242,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94		228,690
	430,000	Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25		375,175


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	1,200,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.50%, 10/1/25, Callable 2/6/23 @ 105.63(b)	$	1,210,500
	350,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(b)		303,187
	45,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102		37,856
	25,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		23,531
	445,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44		401,056
	43,000	Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30, Callable 2/15/30 @ 100		37,487
	40,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		37,800
	137,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		129,808
	1,000,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		915,000
	66,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		60,555
	1,000,000	Western Midstream Operating LP, 4.35%, 2/1/25, Callable 1/1/25 @ 100		945,000
	525,000	Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100		462,000
	755,000	Williams Cos., Inc. (The), 4.65%, 8/15/32, Callable 5/15/32 @ 100		705,963
	171,000	Williams Cos., Inc. (The), 5.30%, 8/15/52, Callable 2/15/52 @ 100		154,671
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		160,780
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		280,830

				32,910,250

Paper & Forest Products (0.0%^†):
	100,000	Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(b)		60,000
	45,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56		37,462

				97,462

Personal Products (0.0%^†):
	125,000	BellRing Brands, Inc., 7.00%, 3/15/30, Callable 3/15/27 @ 101.75(b)		120,937

Pharmaceuticals (0.3%):
	97,000	Bausch Health Cos., Inc., 11.00%, 9/30/28(b)		75,660
	19,000	Bausch Health Cos., Inc., 14.00%, 10/15/30, Callable 10/15/25 @ 106(b)		11,305
	1,000,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(b)		970,533
	445,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(b)		352,662


Principal Amount			Value
Corporate Bonds, continued
Pharmaceuticals, continued
$	115,000	Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75^(b)	$	90,706
	180,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100		178,841
	76,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100		71,820
	30,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(b)		26,625
	315,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(b)		280,350
	540,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(b)		469,800
	40,000	Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100		36,284
	1,406,000	Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100		1,107,547
	90,000	Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100		60,648

				3,732,781

Professional Services (0.0%^†):
	140,000	Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(b)		126,700

Real Estate (0.2%):
	68,000	Corporate Office Properties, LP, 2.00%, 1/15/29, Callable 11/15/28 @ 100		52,295
	550,000	Invitation Homes Operating Partnership LP, 4.15%, 4/15/32, Callable 1/15/32 @ 100		483,363
	250,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 4/15/30, Callable 4/15/25 @ 102.63(b)		182,187
	731,000	VICI Properties LP, 4.75%, 2/15/28, Callable 1/15/28 @ 100		692,623
	1,082,000	VICI Properties LP, 4.95%, 2/15/30, Callable 12/15/29 @ 100		1,021,137
	25,000	VICI Properties LP / VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b)		23,906
	765,000	VICI Properties LP / VICI Note Co., Inc., 4.50%, 9/1/26, Callable 6/1/26 @ 100(b)		717,188

				3,172,699

Real Estate Management & Development (0.1%):
	210,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		166,030
	175,000	Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38		132,344
	145,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(b)		109,475
	725,000	TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(b)		645,250

				1,053,099

Retail & Wholesale —Discretionary (0.0%^†):
	35,000	MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(b)		28,087

Road & Rail (0.0%^†):
	135,000	Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(b)		117,281


Principal Amount			Value
Corporate Bonds, continued
Semiconductors & Semiconductor Equipment (0.4%):
$	65,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(b)	$	55,138
	4,136,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(b)		3,267,440
	564,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b)		424,840
	1,648,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(b)		1,190,734
	210,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(b)		147,719
	310,000	Entegris, Inc., 4.38%, 4/15/28, Callable 4/15/23 @ 102.19(b)		274,350
	375,000	Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72^(b)		302,813
	50,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(b)		43,625

				5,706,659

Software (0.4%):
	40,000	Acuris Finance US, Inc. / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		31,650
	35,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 2/6/23 @ 103.56(b)		34,038
	25,000	Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(b)		21,312
	25,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(b)		21,187
	65,000	Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(b)		52,000
	150,000	Fair Isaac Corp., 4.00%, 6/15/28, Callable 1/23/23 @ 102(b)		136,125
	220,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(b)		157,300
	253,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100		227,198
	2,200,000	Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100		2,009,951
	400,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		347,278
	2,990,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		2,492,494

				5,530,533

Specialty Retail (0.3%):
	80,000	Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(b)		67,200
	85,000	Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(b)		71,081
	32,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		28,624
	49,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		47,416
	1,229,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		1,137,405
	150,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(b)		58,500


Principal Amount			Value
Corporate Bonds, continued
Specialty Retail, continued
$	20,000	Carvana Co., 4.88%, 9/1/29, Callable 9/1/24 @ 102.44(b)	$	7,700
	125,000	Carvana Co., 10.25%, 5/1/30, Callable 5/1/27 @ 105.13(b)		59,688
	65,000	Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(b)		52,813
	125,000	Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(b)		87,813
	565,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(b)		528,981
	80,000	Lowe’s Cos., Inc., 3.35%, 4/1/27, Callable 3/1/27 @ 100		75,246
	1,003,000	Lowe’s Cos., Inc., 4.25%, 4/1/52, Callable 10/1/51 @ 100		805,750
	1,138,000	Lowe’s Cos., Inc., 4.45%, 4/1/62, Callable 10/1/61 @ 100		892,754
	20,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(b)		5,850
	15,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b)		12,019
	85,000	Victoria’s Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(b)		66,725

				4,005,565

Technology Hardware, Storage & Peripherals (0.1%):
	320,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100		320,048
	55,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		55,434
	83,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		84,812
	101,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		103,901
	87,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		88,722

				652,917

Telecommunications (0.0%^†):
	305,000	Cogent Communications Group, Inc., 7.00%, 6/15/27, Callable 6/15/24 @ 103.5(b)		298,900
	145,000	Frontier Communications Holdings LLC, 8.75%, 5/15/30, Callable 5/15/25 @ 104.38(b)		147,538

				446,438

Textiles, Apparel & Luxury Goods (0.0%^†):
	130,000	Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(b)		105,787
	40,000	Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(b)		32,550
	45,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(b)		35,494
	235,000	Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(b)		174,781

				348,612

Tobacco (0.1%):
	294,000	Altria Group, Inc., 4.25%, 8/9/42		218,400
	191,000	Altria Group, Inc., 4.50%, 5/2/43		144,744


Principal Amount			Value
Corporate Bonds, continued
Tobacco, continued
$	175,000	Altria Group, Inc., 5.38%, 1/31/44	$	155,515
	72,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		64,058
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		227,319
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		108,881
	45,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(b)		38,925

				957,842

Trading Companies & Distributors (0.2%):
	295,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		290,408
	2,465,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		2,326,238
	30,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(b)		22,463
	30,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(b)		26,587
	15,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(b)		12,112
	90,000	SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(b)		71,550

				2,749,358

Wireless Telecommunication Services (0.4%):
	1,155,000	Sprint Capital Corp., 8.75%, 3/15/32		1,374,450
	1,265,000	Sprint Communications, Inc., 6.88%, 11/15/28		1,312,437
	2,860,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		2,702,657
	40,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		39,000
	45,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		39,738
	430,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		389,847
	56,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		48,165
	110,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		91,291

				5,997,585

	Total Corporate Bonds (Cost $347,482,145)			299,909,643

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)		1,842,500
	23,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 2/6/23 @ 101.25(b)		22,799
	35,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(b)		34,037
	620,000	Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b)		572,725

				2,472,061


Principal Amount			Value
Yankee Debt Obligations, continued
Airlines (0.0%^†):
$	240,000	VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.88%, 5/1/27, Callable 5/1/24 @ 103.94(b)	$	216,000
	215,000	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(b)		170,119

				386,119

Banks (1.5%):
	585,000	Barclays plc, 4.38%, 1/12/26		565,564
	2,543,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		2,359,787
	2,377,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		2,189,017
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b)		165,176
	530,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		515,621
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		201,196
	1,000,000	HSBC Holdings plc, 4.95%, 3/31/30		951,613
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(b)		192,679
	6,069,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		5,827,514
	3,200,000	Natwest Group plc, 5.13%, 5/28/24		3,172,080
	680,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(b)		629,749
	3,863,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(b)		3,356,928
	186,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		159,305

				20,286,229

Biotechnology (0.0%^†):
	200,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b)		173,250

Capital Markets (0.8%):
	787,000	Credit Suisse Group AG, 3.80%, 6/9/23		768,398
	4,009,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b)		3,578,129
	2,514,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(b)		1,951,955
	470,000	Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25		423,705
	4,610,000	Deutsche Bank AG, 4.50%, 4/1/25		4,384,175
	774,000	UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(b)		666,738

				11,773,100

Chemicals (0.1%):
	510,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		473,025
	230,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100		204,125
	255,000	Methanex Corp., 5.65%, 12/1/44, Callable 6/1/44 @ 100		196,740
	125,000	SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(b)		107,812

				981,702


Principal Amount			Value
Yankee Debt Obligations, continued
Consumer Discretionary Services (0.0%^†):
$	115,000	Studio City Co., Ltd., 7.00%, 2/15/27, Callable 2/15/24 @ 103.5(b)	$	107,525

Consumer Staple Products (0.1%):
	390,000	Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(b)		385,613
	1,380,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 1/15/27, Callable 12/15/26 @ 100(b)		1,200,630

				1,586,243

Containers & Packaging (0.1%):
	15,000	Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 2/6/23 @ 103(b)		12,150
	740,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 2/6/23 @ 102.75(b)		689,125

				701,275

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)		27,225
	980,000	GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC, 7.13%, 7/31/26, Callable 2/6/23 @ 103.56(b)		940,800

				968,025

Diversified Financial Services (0.3%):
	1,245,000	Altice Financing SA, 5.00%, 1/15/28, Callable 2/6/23 @ 102.5(b)		1,006,894
	711,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 1/17/23 @ 103.44(b)		663,008
	430,000	Dolya Holdco 18 DAC, 5.00%, 7/15/28, Callable 7/15/23 @ 102.5(b)		375,712
	250,000	Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(b)		224,263
	1,355,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		1,338,062
	780,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(b)		624,000

				4,231,939

Diversified Telecommunication Services (0.0%^†):
	365,000	Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103^(b)		215,350
	470,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(b)		373,063
	55,000	Telecom Italia SpA, 6.00%, 9/30/34		42,281

				630,694

Energy Equipment & Services (0.0%^†):
	354,375	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/6/23 @ 103.44(b)		345,516

Hotels, Restaurants & Leisure (0.0%^†):
	35,000	1011778 BC ULC / New Red Finance, Inc., 5.75%, 4/15/25, Callable 2/6/23 @ 102.88(b)		34,737
	525,000	1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(b)		427,875
	45,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(b)		37,519


Principal Amount			Value
Yankee Debt Obligations, continued
Hotels, Restaurants & Leisure, continued
$	40,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(b)	$	32,000

				532,131

Industrial Services (0.0%^†):
	54,000	1375209 BC, Ltd., 9.00%, 1/30/28, Callable 1/17/23 @ 103(b)		52,448

Insurance (0.2%):
	1,414,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(b)		1,254,721
	1,200,000	AIA Group, Ltd., 3.20%, 9/16/40, Callable 3/16/40 @ 100(b)		863,526
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b)		181,300

				2,299,547

Materials (0.1%):
	125,000	Cerdia Finanz GmbH, 10.50%, 2/15/27, Callable 2/15/24 @ 105.25(b)		105,625
	530,000	NOVA Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100(b)		472,362
	500,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30, Callable 1/27/25 @ 102.5(b)		437,500

				1,015,487

Media (0.1%):
	565,000	VZ Secured Financing BV, 5.00%, 1/15/32, Callable 1/15/27 @ 102.5(b)		452,706
	335,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(b)		275,538

				728,244

Metals & Mining (0.1%):
	695,000	ERO Copper Corp., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b)		557,737
	370,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 1/17/23 @ 103.44(b)		350,575
	35,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(b)		32,594
	5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(b)		4,569
	85,000	Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 2/6/23 @ 106(b)		82,450
	180,000	Mineral Resources, Ltd., 8.00%, 11/1/27, Callable 11/1/24 @ 104(b)		183,375

				1,211,300

Multi-Utilities (0.1%):
	1,373,000	InterGen NV, 7.00%, 6/30/23, Callable 2/6/23 @ 100(b)		1,345,540

Oil, Gas & Consumable Fuels (0.9%):
	335,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 1/17/23 @ 101.69(b)		289,775
	510,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 2/6/23 @ 102.13(b)		477,488
	145,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		143,493


Principal Amount			Value
Yankee Debt Obligations, continued
Oil, Gas & Consumable Fuels, continued
$	565,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 2/6/23 @ 103.56(b)	$	577,006
	2,500,000	Petroleos Mexicanos, 4.50%, 1/23/26^		2,265,345
	916,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		758,071
	4,780,000	Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100		3,641,533
	2,228,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,429,616
	5,000,000	Petroleos Mexicanos, 6.35%, 2/12/48		3,069,685
	336,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		212,012
	45,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(b)		40,500

				12,904,524

Pharmaceuticals (0.0%^†):
	295,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 2/6/23 @ 100(b)		250,750

Software (0.0%^†):
	60,000	Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(b)		51,375
	460,000	Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(b)		370,300

				421,675

Sovereign Bond (0.4%):
	300,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(b)		255,260
	37,622	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 2/6/23 @ 100		10,111
	342,505	Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 2/6/23 @ 100		94,189
	627,494	Argentine Republic Government International Bond, 1.50%, 7/9/35, Callable 2/6/23 @ 100		164,717
	300,000	Corp. Andina de Fomento, 2.38%, 5/12/23		297,005
	900,000	Dominican Republic, 5.50%, 1/27/25(b)		893,250
	3,150,000	Dominican Republic, 6.00%, 7/19/28(b)		3,024,000
	375,000	Indonesia Government International Bond, 4.20%, 10/15/50		308,415
	350,000	Qatar Government International Bond, 4.40%, 4/16/50(b)		320,949
	200,000	Saudi Government International Bond, 3.25%, 10/22/30(b)		182,570
	200,000	Saudi Government International Bond, 4.50%, 4/22/60(b)		177,987

				5,728,453

Trading Companies & Distributors (0.4%):
	2,200,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100		2,083,600
	320,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		316,877
	1,379,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100		1,273,729


Principal Amount			Value
Yankee Debt Obligations, continued
Trading Companies & Distributors, continued
$	151,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100	$	152,898
	163,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		155,131
	503,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		439,322
	527,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100		441,276
	564,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		439,699

				5,302,532

Wireless Telecommunication Services (0.1%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)		320,513
	450,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b)		429,750
	295,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(b)		248,906
	562,000	Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100(b)		520,468
	490,000	Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(b)		422,365

				1,942,002

	Total Yankee Debt Obligations (Cost $91,631,185)			78,378,311

Municipal Bonds (0.3%):
California (0.0%^†):
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		12,222
	140,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		177,556

				189,778

Illinois (0.2%):
	34,091	Illinois State, GO, 4.95%, 6/1/23		34,017
	3,235,000	Illinois State, GO, 5.10%, 6/1/33		3,120,643

				3,154,660

New Jersey (0.1%):
	339,000	New Jersey Economic Development Authority Revenue, GO, Series A, 7.43%, 2/15/29		366,283

	Total Municipal Bonds (Cost $3,768,913)			3,710,721

U.S. Government Agency Mortgages (12.2%):
Federal Home Loan Mortgage Corporation (2.1%):
	29,251	2.50%, 6/1/31, Pool #J34501		27,218
	20,620	2.50%, 6/1/31, Pool #G18604		19,332
	36,387	2.50%, 7/1/31, Pool #V61246		33,852
	61,448	2.50%, 8/1/31, Pool #V61273		58,203
	161,298	3.50%, 3/1/32, Pool #C91403		154,807
	484,615	3.50%, 7/1/32, Pool #C91467		465,112
	125,328	2.50%, 12/1/32, Pool #G18669		115,595
	28,281	2.50%, 3/1/33, Pool #G18680		26,457


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	114,760	3.00%, 4/1/33, Pool #G18684	$	108,323
	36,919	3.00%, 5/1/33, Pool #G16550		34,871
	95,007	2.50%, 7/1/33, Pool #G16661		87,970
	26,731	3.00%, 4/1/34, Pool #G16829		25,689
	138,159	3.50%, 10/1/34, Pool #C91793		133,411
	379,109	4.00%, 5/1/37, Pool #C91938		367,444
	166,427	4.00%, 11/1/40, Pool #A95150		159,066
	33,614	1.50%, 12/1/40, Pool #RB5089		27,021
	55,617	1.50%, 2/1/41, Pool #RB5099		45,175
	56,516	1.50%, 3/1/41, Pool #RB5104		45,905
	56,181	1.50%, 4/1/41, Pool #RB5107		45,629
	20,742	2.00%, 4/1/41, Pool #RB5108		17,673
	21,568	2.00%, 7/1/41, Pool #RB5118		18,375
	22,594	2.00%, 10/1/41, Pool #RB5131		18,999
	236,811	3.50%, 1/1/44, Pool #G60271		216,248
	472,493	3.50%, 1/1/44, Pool #G07922		440,157
	59,291	4.00%, 2/1/45, Pool #G07949		57,766
	54,652	3.50%, 11/1/45, Pool #Q37467		51,430
	13,652	4.00%, 4/1/46, Pool #V82292		13,135
	6,013	4.00%, 4/1/46, Pool #Q39975		5,775
	111,069	3.50%, 9/1/46, Pool #Q43257		103,942
	5,777	4.50%, 12/1/46, Pool #Q45028		5,706
	175,528	3.00%, 12/1/46, Pool #G60989		154,440
	5,862	4.50%, 1/1/47, Pool #Q45635		5,789
	10,606	4.50%, 2/1/47, Pool #Q46222		10,475
	8,926	4.50%, 5/1/47, Pool #Q47942		8,815
	17,648	4.50%, 5/1/47, Pool #Q47935		17,431
	27,936	4.50%, 5/1/47, Pool #Q48095		27,590
	222,469	4.00%, 6/1/47, Pool #Q48877		214,447
	36,313	4.50%, 6/1/47, Pool #Q48759		35,862
	18,969	4.50%, 7/1/47, Pool #Q49393		18,734
	85,620	4.50%, 12/1/47, Pool #Q53017		83,428
	11,657	4.00%, 2/1/48, Pool #Q54499		11,228
	26,379	4.00%, 2/1/48, Pool #G61343		25,073
	20,379	4.50%, 4/1/48, Pool #Q55724		19,954
	48,457	4.50%, 4/1/48, Pool #Q55660		47,444
	34,009	4.50%, 4/1/48, Pool #Q55500		33,298
	26,953	4.50%, 5/1/48, Pool #Q55839		26,396
	101,079	4.00%, 5/1/48, Pool #Q55992		97,381
	144,677	4.00%, 6/1/48, Pool #G67713		139,430
	45,782	4.00%, 7/1/48, Pool #Q59935		44,232
	24,849	4.50%, 10/1/48, Pool #G67716		24,517
	147,153	3.00%, 6/1/49, Pool #ZT2090		130,877
	702,934	4.50%, 7/1/49, Pool #RA1171		699,745
	5,969	3.00%, 10/1/49, Pool #QA3907		5,319
	8,819	3.00%, 11/1/49, Pool #QA4483		7,858
	9,562	3.00%, 12/1/49, Pool #QA5521		8,523
	24,316	3.00%, 12/1/49, Pool #QA5154		21,671
	146,379	3.00%, 4/1/50, Pool #QA9049		130,291
	339,335	2.00%, 6/1/50, Pool #RA2677		280,725
	437,306	2.50%, 11/1/50, Pool #SD7530		374,949
	2,221,001	2.50%, 2/1/51, Pool #SD7535		1,909,690
	1,323,106	2.00%, 5/1/51, Pool #SD7541		1,095,845
	2,154,036	2.50%, 5/1/51, Pool #SD7540		1,846,690
	45,612	2.00%, 5/1/51, Pool #QC1514		37,772


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	27,343	2.00%, 7/1/51, Pool #QC4163	$	22,643
	354,748	2.50%, 7/1/51, Pool #RA5574		305,491
	470,293	3.00%, 9/1/51, Pool #QC7496		416,017
	388,150	3.00%, 9/1/51, Pool #QC6608		343,008
	693,376	2.00%, 10/1/51, Pool #RA6076		569,337
	442,515	3.00%, 10/1/51, Pool #QC9077		391,588
	463,608	3.00%, 11/1/51, Pool #QD1240		410,113
	419,731	2.00%, 11/1/51, Pool #RA6302		343,519
	1,213,101	2.00%, 11/1/51, Pool #RA6241		995,794
	440,937	3.00%, 12/1/51, Pool #QD3200		388,229
	2,132,877	2.50%, 12/1/51, Pool #RA6435		1,830,578
	470,516	2.00%, 12/1/51, Pool #RA6510		387,287
	282,706	2.50%, 12/1/51, Pool #RA6496		241,369
	652,712	2.50%, 12/1/51, Pool #RA6434		560,096
	804,167	2.50%, 1/1/52, Pool #RA6622		687,984
	401,376	3.00%, 1/1/52, Pool #RA6604		353,257
	248,710	3.00%, 1/1/52, Pool #QD5561		218,772
	1,045,831	2.00%, 2/1/52, Pool #RA6823		854,105
	1,037,760	2.00%, 2/1/52, Pool #RA6824		848,269
	688,227	3.50%, 3/1/52, Pool #RA6949		630,184
	423,529	3.00%, 3/1/52, Pool #RA6989		372,526
	724,248	3.50%, 3/1/52, Pool #RA6950		661,728
	1,235,114	3.50%, 3/1/52, Pool #RA6987		1,130,510
	2,380,609	3.00%, 3/1/52, Pool #RA6988		2,095,297
	197,018	3.50%, 4/1/52, Pool #SD0927		181,279
	1,549,999	3.00%, 5/1/52, Pool #QE8223		1,362,973
	251,431	2.50%, 8/1/52, Pool #QE8026		213,498
	197,649	5.00%, 9/1/52, Pool #SD1572		197,514
	59,826	3.00%, 9/1/52, Pool #QF0179		52,623
	297,753	5.00%, 11/1/52, Pool # SD1862		301,898
	698,276	5.00%, 12/1/52, Pool # SD1924		697,800
	893,048	3.00%, 1/1/53, Pool #SD8284		787,421

				29,378,912

Federal National Mortgage Association (7.7%):
	31,997	2.50%, 5/1/31, Pool #BC0919		29,928
	46,091	2.50%, 8/1/31, Pool #BC2778		43,110
	32,085	2.50%, 10/1/31, Pool #AS8010		29,947
	204,301	2.50%, 1/1/32, Pool #BE3032		191,549
	35,857	2.50%, 9/1/32, Pool #MA3124		33,206
	19,054	3.00%, 3/1/33, Pool #BM4614		18,193
	620,354	2.00%, 10/1/35, Pool # BK5705		553,004
	450,000	3.00%, 1/25/36, TBA		421,945
	324,061	6.00%, 5/1/36, Pool #745512		342,930
	124,345	2.00%, 12/1/36, Pool #BU1384		110,846
	1,400,000	2.00%, 1/25/37, TBA		1,248,187
	2,100,000	1.50%, 1/25/37, TBA		1,823,062
	5,600,000	1.50%, 2/25/38		4,865,000
	7,200,000	2.00%, 2/25/38		6,427,688
	482,584	2.00%, 10/1/40, Pool #MA4176		410,726
	51,590	1.50%, 11/1/40, Pool #MA4175		41,475
	51,616	1.50%, 12/1/40, Pool #MA4202		41,492
	12,590	3.50%, 12/1/40, Pool #AH1556		11,782
	18,661	2.00%, 12/1/40, Pool #MA4204		15,941
	55,495	1.50%, 1/1/41, Pool #MA4266		45,075
	54,421	1.50%, 1/1/41, Pool #MA4231		43,750


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	56,618	1.50%, 2/1/41, Pool #MA4286	$	45,985
	19,980	2.00%, 2/1/41, Pool #MA4268		17,022
	20,409	2.00%, 3/1/41, Pool #MA4287		17,388
	21,002	2.00%, 4/1/41, Pool #MA4311		17,893
	326,639	2.00%, 5/1/41, Pool #MA4333		278,284
	21,577	2.00%, 6/1/41, Pool #MA4364		18,383
	22,367	2.00%, 10/1/41, Pool #MA4446		18,812
	351,422	2.00%, 2/1/42, Pool #MA4540		297,989
	33,444	4.00%, 10/1/43, Pool #BM1167		32,170
	254,446	4.50%, 3/1/44, Pool #AV0957		250,961
	133,731	4.50%, 7/1/44, Pool #AS3062		133,303
	151,147	4.50%, 12/1/44, Pool #AS4176		147,990
	82,657	4.00%, 5/1/45, Pool #AZ1207		77,795
	58,410	4.00%, 6/1/45, Pool #AY8126		56,576
	124,793	4.00%, 6/1/45, Pool #AY8096		117,382
	22,611	4.00%, 12/1/45, Pool #AS6352		21,904
	7,033	4.50%, 1/1/46, Pool #AY3890		7,013
	59,504	4.00%, 2/1/46, Pool #BC1578		56,018
	2,962	4.50%, 3/1/46, Pool #BC0287		2,915
	19,646	4.00%, 4/1/46, Pool #AS7024		18,669
	226,835	4.00%, 4/1/46, Pool #AL8468		215,268
	22,976	4.50%, 6/1/46, Pool #BD1238		22,677
	152,470	4.00%, 6/1/46, Pool #AL9282		143,565
	87,416	4.00%, 7/1/46, Pool #BC1443		84,255
	96,408	4.00%, 9/1/46, Pool #BC2843		92,913
	26,115	4.00%, 9/1/46, Pool #BD1489		24,581
	39,307	4.50%, 10/1/46, Pool #BE1671		38,715
	90,084	4.00%, 10/1/46, Pool #BC4754		86,818
	17,364	4.00%, 10/1/46, Pool #BD7599		16,345
	50,449	4.50%, 11/1/46, Pool #BE2386		49,640
	241,424	3.50%, 12/1/46, Pool #BC9077		225,522
	4,671	4.50%, 12/1/46, Pool #BC9079		4,597
	100,428	4.50%, 12/1/46, Pool #BE4488		98,815
	18,061	4.50%, 1/1/47, Pool #BE7087		17,771
	29,860	4.50%, 1/1/47, Pool #BE6506		29,471
	347,439	4.00%, 2/1/47, Pool #AL9779		336,415
	47,278	4.50%, 2/1/47, Pool #BE8498		46,661
	45,233	4.00%, 5/1/47, Pool #BM1277		43,564
	5,261	4.00%, 6/1/47, Pool #BH4269		5,066
	19,028	4.50%, 6/1/47, Pool #BH0561		18,739
	50,655	4.50%, 6/1/47, Pool #BE3663		49,845
	8,548	4.50%, 6/1/47, Pool #BE9387		8,411
	42,543	4.50%, 7/1/47, Pool #BE3749		41,863
	24,805	4.00%, 7/1/47, Pool #AS9968		23,890
	19,153	4.50%, 4/1/48, Pool #BJ5454		18,753
	47,616	4.00%, 4/1/48, Pool #BM3700		45,859
	6,065	4.50%, 5/1/48, Pool #BJ5507		5,938
	250,604	4.50%, 10/1/48, Pool #CA2432		244,564
	63,450	4.50%, 10/25/48, Pool #BM4548		62,817
	293,352	4.50%, 12/1/48, Pool #CA2797		289,009
	167,205	4.50%, 9/1/49, Pool #FM1534		168,429
	39,344	3.50%, 11/1/49, Pool #CA4557		36,301
	9,073	3.00%, 11/1/49, Pool #BO8254		8,087
	235,652	4.00%, 11/1/49, Pool #CA4628		225,973
	127,203	3.00%, 1/1/50, Pool #CA5019		113,318


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	170,073	3.00%, 1/1/50, Pool #MA3905	$	151,397
	509,931	4.00%, 3/1/50, Pool #FM3663		485,940
	128,457	3.00%, 4/1/50, Pool #MA3991		114,054
	124,662	2.00%, 7/1/50, Pool #CA6275		102,730
	88,256	2.00%, 7/1/50, Pool #FM3897		73,022
	339,725	2.50%, 8/1/50, Pool #SD0430		291,866
	2,573,230	3.50%, 8/1/50, Pool #FM7147		2,371,167
	571,168	3.00%, 8/1/50, Pool #FM6118		504,232
	51,356	3.00%, 9/1/50, Pool #FM4317		45,505
	132,483	3.00%, 9/1/50, Pool #CA6998		117,425
	131,561	2.00%, 10/1/50, Pool #CA7323		108,925
	156,803	2.50%, 10/1/50, Pool #CA7229		135,505
	87,095	2.00%, 11/1/50, Pool #C47616		71,796
	145,736	3.00%, 12/1/50, Pool #FM7827		129,578
	1,250,000	4.50%, 1/25/51, TBA		1,206,250
	8,500,000	2.50%, 2/25/51, TBA		7,225,664
	7,350,000	3.50%, 2/25/51, TBA		6,693,668
	2,123,852	2.00%, 3/1/51, Pool #MA4281		1,738,392
	2,066,862	2.00%, 4/1/51, Pool #MA4305		1,691,660
	1,053,617	2.50%, 4/1/51, Pool #FM6540		918,795
	4,274,661	3.00%, 4/1/51, Pool #BR9775		3,782,779
	579,263	3.00%, 5/1/51, Pool #CB0531		511,191
	1,338,482	3.00%, 6/1/51, Pool #CB0850		1,185,603
	501,096	3.00%, 7/1/51, Pool #FM8077		443,446
	20,087	2.00%, 7/1/51, Pool #BT1461		16,630
	44,218	2.00%, 7/1/51, Pool #BQ1010		36,346
	500,616	2.50%, 8/1/51, Pool #CB1384		429,649
	367,807	2.50%, 9/1/51, Pool #CB1549		312,662
	489,310	2.00%, 10/1/51, Pool #CB1799		403,590
	645,550	2.00%, 10/1/51, Pool #CB1801		531,413
	47,125	3.00%, 10/1/51, Pool #CB1878		41,539
	824,433	2.00%, 11/1/51, Pool #FM9568		680,972
	522,038	2.00%, 11/1/51, Pool #FM9539		429,806
	1,294,087	2.50%, 11/1/51, Pool #FM9501		1,100,083
	887,471	2.50%, 12/1/51, Pool #CB2289		761,627
	422,502	3.00%, 12/1/51, Pool #BT9503		371,942
	373,394	2.50%, 12/1/51, Pool #CB2320		317,400
	1,576,882	2.50%, 12/1/51, Pool #FM9865		1,340,544
	372,626	2.00%, 12/1/51, Pool #CB2350		305,923
	1,042,714	2.00%, 12/1/51, Pool #CB2349		858,218
	279,837	2.00%, 12/1/51, Pool #CB2348		230,356
	282,653	2.00%, 12/1/51, Pool #CB2347		233,465
	396,505	2.50%, 12/1/51, Pool #CB2321		340,237
	348,923	2.50%, 12/1/51, Pool #CB2376		299,447
	274,106	3.00%, 1/1/52, Pool #CB2662		241,957
	685,938	2.00%, 1/1/52, Pool #FS0288		561,236
	1,581,461	2.00%, 1/1/52, Pool #FS0286		1,292,561
	349,304	3.50%, 1/1/52, Pool #MA4514		318,194
	9,275,000	2.00%, 1/25/52, TBA		7,567,820
	988,550	2.50%, 2/1/52, Pool #FS0605		846,134
	1,621,390	2.00%, 2/1/52, Pool #CB2842		1,323,098
	935,897	3.00%, 2/1/52, Pool #FS0631		826,035
	1,676,469	3.00%, 3/1/52, Pool #CB3169		1,474,192
	646,953	3.00%, 3/1/52, Pool #BV0350		569,484
	446,609	3.50%, 3/1/52, Pool #CB3174		406,731


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	407,388	2.50%, 3/1/52, Pool #BV4139	$	346,986
	2,224,134	2.50%, 4/1/52, Pool #BV4656		1,890,906
	684,676	4.50%, 7/1/52, Pool #CB4064		670,583
	1,633,533	4.00%, 9/1/52, Pool #FS3083		1,539,915
	640,840	5.00%, 9/1/52, Pool #CB4682		640,403
	391,814	5.50%, 10/1/52, Pool #CB4843		394,168
	1,099,998	4.00%, 10/1/52, Pool #MA4783		1,033,868
	49,813	5.00%, 10/1/52, Pool #CB4893		49,779
	497,712	5.00%, 11/1/52, Pool #CB5128		498,454
	149,066	5.00%, 11/1/52, Pool #FS3295		148,454
	1,524,998	4.50%, 11/1/52, Pool #BX1765		1,472,283
	299,112	5.00%, 11/1/52, Pool #FS3248		298,908
	49,995	5.00%, 12/1/52, Pool #BX1076		49,317
	149,911	5.00%, 12/1/52, Pool #CB5273		149,809
	3,000,000	4.00%, 1/1/53, Pool #MA4866		2,819,542
	266,734	2.50%, 1/1/53, Pool #MA4910		226,492
	2,050,000	4.00%, 1/25/53, TBA		1,926,680
	300,000	5.00%, 1/25/53, TBA		295,828
	1,100,000	3.00%, 1/25/53, TBA		967,312
	1,700,000	2.50%, 1/25/53, TBA		1,443,672
	4,900,000	1.50%, 1/25/53, TBA		3,760,750
	12,950,000	2.00%, 2/25/53, TBA		10,578,531

				107,100,264

Government National Mortgage Association (2.4%):
	17,195	4.00%, 10/20/40, Pool #G24833		16,724
	51,655	4.00%, 1/20/41, Pool #4922		50,243
	55,835	4.00%, 8/15/41, Pool #430354		53,418
	588,996	4.00%, 1/20/42, Pool #5280		572,895
	78,317	4.00%, 11/20/42, Pool #MA0535		76,178
	191,960	3.00%, 12/20/42, Pool #AA5872		172,049
	23,834	3.50%, 3/20/43, Pool #AD8884		22,144
	124,940	3.00%, 3/20/43, Pool #AA6146		117,974
	53,856	3.00%, 3/20/43, Pool #AD8812		49,691
	8,868	3.50%, 4/20/43, Pool #AB9891		8,240
	24,311	3.50%, 4/20/43, Pool #AD9075		22,585
	50,663	4.00%, 5/20/46, Pool #MA3664		49,281
	253,857	3.00%, 12/20/46, Pool #MA4126		231,157
	42,259	4.00%, 1/15/47, Pool #AX5857		40,692
	36,997	4.00%, 1/15/47, Pool #AX5831		35,584
	360,725	3.00%, 1/20/47, Pool #MA4195		328,467
	151,301	4.00%, 3/20/47, Pool #MA4322		146,013
	25,711	4.00%, 4/20/47, Pool #MA4383		24,813
	85,915	4.00%, 4/20/47, Pool #784304		81,228
	84,790	4.00%, 4/20/47, Pool #784303		80,147
	27,971	4.00%, 5/20/47, Pool #MA4452		26,993
	18,150	3.50%, 2/20/48, Pool #MA5019		16,792
	16,610	4.00%, 4/20/48, Pool #BG3507		15,842
	14,198	4.00%, 4/20/48, Pool #BG7744		13,538
	2,809	3.50%, 12/20/49, Pool #BR8984		2,596
	7,071	3.50%, 12/20/49, Pool #BR8985		6,591
	3,360	3.50%, 12/20/49, Pool #BR8987		3,170
	3,700,000	3.00%, 2/20/50, TBA		3,300,516
	425,000	3.00%, 1/20/51, TBA		378,848
	578,969	2.00%, 2/20/51, Pool #MA7192		485,576
	6,900,000	2.00%, 2/20/51, TBA		5,789,531


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	2,700,000	3.50%, 2/20/51, TBA	$	2,484,105
	4,000,000	2.50%, 2/20/51, TBA		3,473,437
	1,132,825	2.50%, 7/20/51, Pool #MA7472		986,457
	69,253	2.50%, 12/20/51, Pool #MA7767		60,203
	850,000	2.00%, 3/20/52		713,602
	3,200,000	4.50%, 1/20/53, TBA		3,108,500
	3,750,000	2.00%, 1/20/53, TBA		3,144,727
	1,200,000	4.00%, 1/20/53, TBA		1,137,187
	2,400,000	3.50%, 1/20/53, TBA		2,206,500
	4,675,000	2.50%, 7/20/53, TBA		4,055,562

				33,589,796

	Total U.S. Government Agency Mortgages (Cost $181,514,024)			170,068,972

U.S. Treasury Obligations (14.9%):
U.S. Treasury Bonds (6.0%):
	32,428,000	1.75%, 8/15/41		22,360,120
	3,796,700	3.38%, 8/15/42		3,415,844
	1,605,300	3.00%, 2/15/47		1,323,118
	66,722,000	2.00%, 8/15/51		44,078,221
	6,906,000	1.88%, 11/15/51		4,415,524
	7,300,000	2.25%, 2/15/52		5,127,109
	3,500,000	2.88%, 5/15/52		2,830,078

				83,550,014


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes (8.9%):
$	74,500,000	0.75%, 5/31/26	$	66,502,891
	18,472,000	1.25%, 12/31/26		16,558,416
	5,255,200	1.25%, 5/31/28		4,557,244
	17,310,000	1.25%, 9/30/28		14,894,714
	23,500,000	2.88%, 5/15/32		21,730,156

				124,243,421

	Total U.S. Treasury Obligations (Cost $260,588,509)			207,793,435


Shares			Value
Short-Term Security Held as Collateral for Securities on Loan (0.4%):
	6,021,821	BlackRock Liquidity FedFund, Institutional Class , 1.49%(d)(e)		6,021,821

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $6,021,821)			6,021,821

Unaffiliated Investment Company (5.1%):
Money Markets (5.1%):
	71,683,826	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(e)		71,683,826

	Total Unaffiliated Investment Company (Cost $71,683,826)			71,683,826

	Total Investment Securities (Cost $1,613,910,290) — 105.5%(f)			1,471,321,101
	Net other assets (liabilities) — (5.5)%			(76,221,924	)

	Net Assets — 100.0%		$	1,395,099,177

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	1,613,910,290

Investment securities, at value(a)	$	1,471,321,101
Cash		433,611
Deposit at broker for futures contracts collateral		1,166,000
Interest and dividends receivable		8,430,417
Foreign currency, at value (cost $1)		1
Receivable for capital shares issued		16,395
Receivable for investments sold		8,060,357
Receivable for TBA investments sold		86,575,825
Reclaims receivable		6,405
Prepaid expenses		11,084

Total Assets		1,576,021,196

Liabilities:
Payable for capital shares redeemed		243,974
Payable for investments purchased		829,146
Payable for TBA investments purchased		172,816,827
Payable for collateral received on loaned securities		6,021,821
Payable for variation margin on futures contracts		62,719
Management fees payable		465,856
Administration fees payable		139,677
Distribution fees payable		283,307
Custodian fees payable		10,067
Administrative and compliance services fees payable		3,383
Transfer agent fees payable		1,663
Trustee fees payable		8,452
Other accrued liabilities		35,127

Total Liabilities		180,922,019

Net Assets	$	1,395,099,177

Net Assets Consist of:
Paid in capital	$	1,555,585,319
Total distributable earnings		(160,486,142	)

Net Assets	$	1,395,099,177

Class 1
Net Assets	$	85,004,154
Shares of beneficial interest (unlimited number of shares authorized, no par value)		11,051,223
Net Asset Value (offering and redemption price per share)	$	7.69

Class 2
Net Assets	$	1,310,095,023
Shares of beneficial interest (unlimited number of shares authorized, no par value)		105,770,684
Net Asset Value (offering and redemption price per share)	$	12.39

(a)	Includes securities on loan of $5,795,158.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Interest	$	26,454,673
Dividends		11,130,433
Income from securities lending		48,974
Foreign withholding tax		(34,517	)

Total Investment Income		37,599,563

Expenses:
Management fees		6,723,693
Administration fees		282,790
Distribution fees — Class 2		3,670,925
Custodian fees		64,815
Administrative and compliance services fees		23,449
Transfer agent fees		14,445
Trustee fees		95,048
Professional fees		71,377
Shareholder reports		35,306
Other expenses		45,515

Total expenses before reductions		11,027,363
Less expense contractually waived/reimbursed by the Manager		(228,020	)

Net expenses		10,799,343

Net Investment Income/(Loss)		26,800,220

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(37,348,427	)
Net realized gains/(losses) on futures contracts		(4,309,208	)
Net realized gains/(losses) on securities held short		(2,355	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(247,101,165	)
Change in net unrealized appreciation/depreciation on futures contracts		(460,540	)
Change in net unrealized appreciation/depreciation on securities held short		219

Net realized and Change in net unrealized gains/losses on investments		(289,221,476	)

Change in Net Assets Resulting From Operations	$	(262,421,256	)

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL Gateway Fund and costs related to the reorganization will be paid by the Manager.

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 period, 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.

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.

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.

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 Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio Investments. 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 $4,852 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $6,021,821 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

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 June 30, 2022, no collateral had been posted by the Fund to counterparties for TBAs.

During the year ended December 31, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $17.9 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.

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, 2022:

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, 2022:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization, FIAM LLC (“FIAM”) to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with the Manager, FIAM provides investment advisory services as the subadviser for the

Fund subject to the general supervision of the Trustees and the Manager. Prior to March 18, 2022, pursuant to a separate sub-subadvisory agreement with FIAM, Geode Capital Management, LLC (“Geode”) acted as sub-subadviser, made investment decisions with respect to certain designated assets of the Fund, and was paid a fee by FIAM, not the Fund. 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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

At December 31, 2022, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

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 to 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022, 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, 2022 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.

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.

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.

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 “Reference Rate Reform (Topic 848)”. ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,640,453,507. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this shareholder could have a material impact to the Fund.

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL Gateway Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 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, 2022, 15.38% 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, 2022, the Fund declared net short-term capital gain distributions of $27,144,505.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $77,981,325.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 shares) (the “Fund”) returned (13.37)%. That compared to a (13.01)% total return for its benchmark, the Bloomberg U.S. Aggregate Bond Index.¹

The U.S. bond market posted negative returns in 2022 as the U.S. Federal Reserve took aggressive steps to reign in inflation, which persisted at high levels due to supply chain challenges and spikes in food and energy prices due to Russia’s invasion of Ukraine, among other factors. This notable strategic shift began in late 2021 when the Fed indicated that it was planning to stop bond purchases as part of its quantitative easing program. The trend continued in 2022 as the Fed made a series of increases to its federal funds target rate, starting in March and continuing through December.

The Fund underperformed its benchmark for the period. An overweight allocation to high-yield corporate bonds hurt relative returns, as spreads widened amid growing market concern over the possibility of a recession.

The Fund’s relative performance was helped by its modestly shorter duration compared to that of the benchmark throughout the period, as bond yields rose materially during the year. An underweight position in mortgage-backed securities also contributed to relative returns as spreads widened considerably.

The Fund did not hold derivatives during the period under review.

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, 2022
	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 1 Shares)		10/28/2016		(13.20	)%		(1.60	)%		0.85	%		—			1.03	%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 Shares)		9/5/2012		(13.37	)%		(1.84	)%		0.59	%		1.47	%		1.49	%
Bloomberg U.S. Aggregate Bond Index		9/5/2012		(13.01	)%		(2.71	)%		0.02	%		1.06	%		1.06	%


Expense Ratios	Gross
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 1 Shares)		0.57	%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 Shares)		0.82	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2022. 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, 2024. Additional information pertaining to the December 31, 2022 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 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 (0.2%):
Diversified Telecommunication Services (0.0%^†):
	1,287	Frontier Communications Parent, Inc.*	$	32,793

Hotels, Restaurants & Leisure (0.0%^†):
	1,100	Caesars Entertainment, Inc.*		45,760

Media (0.0%^†):
	2,400	Altice USA, Inc., Class A*		11,040

Oil, Gas & Consumable Fuels (0.2%):
	22	Amplify Energy Corp.*		193
	2,649	Denbury, Inc.*		230,516
	1,400	EQT Corp.		47,362
	5,889	Sanchez Energy Corp.*(a)		350,845

				628,916

Semiconductors & Semiconductor Equipment (0.0%^†):
	698	Micron Technology, Inc.		34,886

	Total Common Stocks (Cost $355,578)			753,395

Preferred Stock (0.0%^†):
Electric Utilities (0.0%^†):
	600	PG&E Corp., 8/16/23		86,544

	Total Preferred Stock (Cost $70,437)			86,544

Contracts			Value
Warrant (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	95	California Resources Corp., 10/27/24*		1,197

	Total Warrant (Cost $–)			1,197

Principal Amount			Value
Asset Backed Securities (2.1%):
$	561,996	Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(b)		452,241
	921,568	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b)		714,681
	209,785	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(b)		127,112
	138,939	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(b)		59,870
	124,544	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(b)		98,117
	164,232	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(b)		107,164
	369,987	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(b)		273,801
	285,174	Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(b)		224,316
	425,027	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(b)		353,642
	521,264	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		431,231
	59,947	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		55,965
	321,244	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(b)		271,494
	186,315	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(b)		138,092
	170,236	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(b)		142,478


Principal Amount			Value
Asset Backed Securities, continued
$	215,893	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(b)	$	189,227
	519,639	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(b)		448,325
	545,783	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b)		489,282
	202,303	Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(b)		165,988
	198,362	Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(b)		156,038
	252,095	Planet Fitness Master Issuer LLC, Class A2I, Series 2022-1A, 3.25%, 12/5/51, Callable 12/5/24 @ 100(b)		218,577
	215,373	Planet Fitness Master Issuer LLC, Class A2II, Series 2022-1A, 4.01%, 12/5/51, Callable 12/5/27 @ 100(b)		168,284
	326,890	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b)		268,361
	342,922	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(b)		270,310
	321,051	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(b)		242,980
	233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(b)		136,884
	314,611	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)		270,670
	495,272	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(b)		388,919
	437,655	Thunderbolt II Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38, Callable 7/15/2022 @ 100(b)(c)		331,537

	Total Asset Backed Securities (Cost $9,058,147)			7,195,586

Collateralized Mortgage Obligations (10.8%):
	250,000	Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 5.21%(US0003M+113bps), 10/17/34, Callable 10/17/23 @ 100(b)		243,352
	460,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A, 5.23%(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(b)		443,470
	273,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 5.38%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(b)		265,325
	254,000	Allegro CLO XV, Ltd., Class A, Series 2022-1A, 3.18%(TSFR3M+150bps), 7/20/35, Callable 7/20/24 @ 100(b)		247,090
	250,000	Ares CLO, Ltd., Class AR2, Series 2015-2A, 5.33%(US0003M+125bps), 4/17/33, Callable 1/17/23 @ 100(b)		244,911
	393,000	Ares CLO, Ltd., Class A, Series 2019-54A, 5.40%(US0003M+132bps), 10/15/32, Callable 1/15/23 @ 100(b)		385,469
	342,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 5.21%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(b)		334,226
	408,000	Ares LVIII CLO, Ltd., Class AR, Series 2020-58A, 5.19%(TSFR3M+133bps), 1/15/35, Callable 1/15/24 @ 100(b)		391,582


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	387,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 5.15%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(b)	$	375,582
	273,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(b)		252,833
	100,000	BAMLL Commercial Mortgage Securities Trust, Class BNM, Series 2019-BPR, 3.47%, 11/5/32(b)		93,181
	227,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2022-DKLX, 5.49%(TSFR1M+115bps), 1/15/39(b)		219,645
	100,000	BAMLL Commercial Mortgage Securities Trust, Class C, Series 2022-DKLX, 6.49%(TSFR1M+215bps), 1/15/39(b)		94,870
	43,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 10/15/29 @ 100		37,096
	250,000	Barings CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(b)		243,253
	440,000	Barings CLO, Ltd., Class A, Series 2020-4A, 5.46%(US0003M+122bps), 1/20/32, Callable 1/20/23 @ 100(b)		433,000
	417,000	Beechwood Park CLO, Ltd., Class A1R, Series 2019-1A, 5.16%(TSFR3M+130bps), 1/17/35, Callable 1/17/24 @ 100(b)		410,348
	49,000	Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51, Callable 7/15/28 @ 100(c)		46,544
	331,000	Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 5.21%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(b)		321,222
	201,000	BFLD Trust, Class A, Series 2020-OBRK, 6.37%(US0001M+205bps), 11/15/28(b)		199,498
	743,000	BPR Trust, Class A, Series 2022-OANA, 6.23%(TSFR1M+190bps), 4/15/37(b)		731,654
	197,000	BPR Trust, Class B, Series 2022-OANA, 6.78%(TSFR1M+245bps), 4/15/37(b)		184,920
	442,187	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 5.07%(US0003M+99bps), 4/15/29, Callable 1/15/23 @ 100(b)		436,038
	238,850	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 5.70%(US0001M+125bps), 10/15/36(b)		232,935
	339,150	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 5.90%(US0001M+145bps), 10/15/36(b)		328,524
	160,611	BX Commercial Mortgage Trust, Class C, Series 2022-LP2, 5.90%(TSFR1M+156bps), 2/15/39(b)		152,177
	476,000	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 6.25%(US0001M+180bps), 10/15/36(b)		459,574
	160,611	BX Commercial Mortgage Trust, Class B, Series 2022-LP2, 5.65%(TSFR1M+131bps), 2/15/39(b)		153,016
	532,896	BX Commercial Mortgage Trust, Class A, Series 2022-LP2, 5.35%(TSFR1M+101bps), 2/15/39(b)		509,802


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	190,400	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 5.53%(US0001M+108bps), 10/15/36(b)	$	187,077
	119,000	BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 6.94%(US0001M+263bps), 9/15/37(b)		106,111
	160,611	BX Commercial Mortgage Trust, Class D, Series 2022-LP2, 6.30%(TSFR1M+196bps), 2/15/39(b)		150,357
	185,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 6.22%(US0001M+190bps), 4/15/34(b)		177,339
	75,266	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(b)		74,242
	266,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 5.62%(US0001M+130bps), 4/15/34(b)		256,653
	400,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 5.32%(US0001M+100bps), 4/15/34(b)		390,647
	176,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 5.92%(US0001M+160bps), 4/15/34(b)		168,411
	447,000	BX Mortgage Trust, Class A, Series 2021-PAC, 5.01%(US0001M+69bps), 10/15/36(b)		429,136
	100,000	BX Mortgage Trust, Class D, Series 2021-PAC, 5.62%(US0001M+130bps), 10/15/36(b)		93,076
	302,000	BX Mortgage Trust, Class E, Series 2021-PAC, 6.27%(US0001M+195bps), 10/15/36(b)		282,200
	100,000	BX Mortgage Trust, Class C, Series 2021-PAC, 5.42%(US0001M+110bps), 10/15/36(b)		94,006
	100,000	BX Mortgage Trust, Class B, Series 2021-PAC, 5.22%(US0001M+90bps), 10/15/36(b)		94,630
	373,434	BX Trust, Class A, Series 2022-IND A, 5.82%(TSFR1M+149bps), 4/15/24(b)		365,072
	190,452	BX Trust, Class B, Series 2022-IND, 6.27%(TSFR1M+194bps), 4/15/24(b)		183,939
	42,945	BX Trust, Class C, Series 2022-IND, 6.62%(TSFR1M+229bps), 4/15/24(b)		41,012
	36,410	BX Trust, Class D, Series 2022-IND, 7.16%(TSFR1M+284bps), 4/15/24(b)		34,352
	187,000	BX Trust, Class A, Series 2022-GPA, 6.50%(TSFR1M+217bps), 10/15/39(b)		185,030
	189,101	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 1/25/23 @ 100(b)(c)		178,901
	336,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(b)		324,990
	264,000	Cedar Funding X CLO, Ltd., Class AR, Series 2019-10A, 5.34%(US0003M+110bps), 10/20/32, Callable 1/20/23 @ 100(b)		257,611
	250,000	Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		242,673


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	387,000	Cedar Funding XV CLO, Ltd., Class A, Series 2022-15A, 5.28%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(b)	$	372,719
	137,958	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 6.07%(US0001M+175bps), 6/15/34(b)		128,035
	122,078	CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 5.82%(US0001M+150bps), 6/15/34(b)		119,598
	622,301	CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 5.44%(US0001M+112bps), 6/15/34(b)		607,270
	75,000	CIM Retail Portfolio Trust, Class D, Series 2021-RETL, 7.37%(US0001M+305bps), 8/15/36(b)		72,446
	6,722	CIM Retail Portfolio Trust, Class C, Series 2021-RETL, 6.62%(US0001M+230bps), 8/15/36(b)		6,448
	328,000	Columbia Cent CLO 29, Ltd., Class AR, Series 2020-29A, 5.41%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(b)		318,170
	580,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 5.55%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(b)		567,838
	440,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 5.44%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(b)		427,317
	83,000	Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 7/15/24 @ 100		80,376
	205,000	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 5.55%(US0001M+123bps), 5/15/36(b)		201,457
	116,301	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(b)		104,141
	128,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b)		117,960
	1,384,000	CSMC Trust, Class D, Series 2017-PFHP, 6.57%(US0001M+225bps), 12/15/30(b)		1,308,624
	309,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b)		296,288
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b)		96,320
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b)		95,949
	250,000	Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		243,077
	382,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 5.41%(US0003M+122bps), 1/18/32, Callable 1/18/23 @ 100(b)		375,778
	296,000	Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 5.23%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(b)		287,509
	250,000	Dryden 90 CLO, Ltd., Class A1A, Series 2021-90A, 5.81%(US0003M+113bps), 2/20/35, Callable 2/20/24 @ 100(b)		242,463
	250,000	Dryden 98 CLO, Ltd., Class A, Series 2022-98A, 5.26%(TSFR3M+130bps), 4/20/35, Callable 4/20/24 @ 100(b)		241,406
	300,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 5.26%(US0003M+118bps), 4/17/33, Callable 1/17/23 @ 100(b)		293,611


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 5.33%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(b)	$	243,866
	378,000	Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 5.23%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(b)		368,854
	612,000	ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 5.02%(US0001M+70bps), 11/15/36(b)		586,073
	131,786	Extended Stay America Trust, Class D, Series 2021-ESH, 6.57%(US0001M+225bps), 7/15/38(b)		126,216
	97,619	Extended Stay America Trust, Class C, Series 2021-ESH, 6.02%(US0001M+170bps), 7/15/38(b)		93,718
	119,095	Extended Stay America Trust, Class B, Series 2021-ESH, 5.70%(US0001M+138bps), 7/15/38(b)		114,485
	209,881	Extended Stay America Trust, Class A, Series 2021-ESH, 5.40%(US0001M+108bps), 7/15/38(b)		203,841
	250,000	Flatiron CLO 19, Ltd., Class AR, Series 2019-1A, 5.72%(US0003M+108bps), 11/16/34, Callable 2/16/23 @ 100(b)		243,929
	430,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 5.98%(US0003M+130bps), 11/20/33, Callable 2/20/23 @ 100(b)		420,240
	250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 5.34%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(b)		243,887
	264,000	GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 5.27%(US0001M+95bps), 10/15/36(b)		246,129
	100,000	GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 5.47%(US0001M+115bps), 10/15/36(b)		92,449
	319,000	INTOWN STAY Mortgage Trust, Class A, Series 2022, 6.82%(TSFR1M+249bps), 8/15/37, Callable 8/15/24 @ 100(b)		315,197
	250,000	Invesco CLO, Ltd., Class A, Series 2021-3A, 5.45%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(b)		242,533
	63,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23, Callable 7/5/23 @ 100(b)		61,930
	97,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23, Callable 7/5/23 @ 100(b)		95,352
	133,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23, Callable 7/5/23 @ 100(b)		130,291
	506,000	KKR CLO 41, Ltd., Class A1, Series 2022-41A, 5.19%(TSFR3M+133bps), 4/15/35, Callable 4/15/24 @ 100(b)		487,365
	388,273	Life Mortgage Trust, Class A, Series 2021-BMR, 5.02%(US0001M+70bps), 3/15/38(b)		376,096


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	173,000	Life Mortgage Trust, Class D, Series 2022-BMR2, 6.88%(TSFR1M+254bps), 5/15/39, Callable 5/15/24 @ 100(b)	$	165,699
	98,297	Life Mortgage Trust, Class D, Series 2021-BMR, 5.72%(US0001M+140bps), 3/15/38(b)		93,173
	580,000	Life Mortgage Trust, Class A1, Series 2022-BMR2, 5.63%(TSFR1M+130bps), 5/15/39, Callable 5/15/24 @ 100(b)		565,511
	98,297	Life Mortgage Trust, Class E, Series 2021-BMR, 6.07%(US0001M+175bps), 3/15/38(b)		93,039
	98,297	Life Mortgage Trust, Class C, Series 2021-BMR, 5.42%(US0001M+110bps), 3/15/38(b)		93,451
	194,000	Life Mortgage Trust, Class C, Series 2022-BMR2, 6.43%(TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100(b)		187,700
	98,297	Life Mortgage Trust, Class B, Series 2021-BMR, 5.20%(US0001M+88bps), 3/15/38(b)		93,962
	347,000	Life Mortgage Trust, Class B, Series 2022-BMR2, 6.13%(TSFR1M+179bps), 5/15/39, Callable 5/15/24 @ 100(b)		336,164
	250,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 5.29%(US0003M+121bps), 1/15/32, Callable 1/15/23 @ 100(b)		246,595
	460,000	Madison Park Funding L, Ltd., Class A, Series 2021-50A, 5.37%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(b)		449,960
	369,000	Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 5.42%(US0003M+110bps), 1/22/35, Callable 1/22/24 @ 100(b)		357,185
	250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 5.20%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(b)		243,722
	270,761	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 5.24%(US0003M+92bps), 1/22/28, Callable 1/22/23 @ 100(b)		267,762
	325,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 5.26%(US0003M+102bps), 4/20/34, Callable 1/20/23 @ 100(b)		315,748
	271,000	Magnetite XXIII, Ltd., Class AR, Series 2019-23A, 5.49%(US0003M+113bps), 1/25/35, Callable 1/25/24 @ 100(b)		263,316
	400,000	Magnetite XXIX, Ltd., Class A, Series 2021-29A, 5.07%(US0003M+99bps), 1/15/34, Callable 1/15/23 @ 100(b)		392,322
	250,000	Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 5.38%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(b)		243,340
	400,000	Magnetite XXX, Ltd., Class A, Series 2021-30A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b)		389,472
	464,000	Milos CLO, Ltd., Class AR, Series 2017-1A, 5.31%(US0003M+107bps), 10/20/30, Callable 1/20/23 @ 100(b)		457,366
	82,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)(c)		74,770
	86,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)		79,784


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	593,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(b)	$	551,924
	200,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 1/15/29 @ 100		189,205
	723,200	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 5.82%(US0001M+150bps), 6/15/35(b)		673,708
	300,000	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 5.57%(US0001M+125bps), 6/15/35(b)		297,103
	250,000	Peace Park CLO, Ltd., Class A, Series 2021-1A, 5.37%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(b)		243,419
	24,835	Prima Capital CRE Securitization, Class A, Series 2021-9A, 5.39%(US0001M+145bps), 12/15/37, Callable 10/25/23 @ 100(b)		24,527
	470,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A, 5.36%(US0003M+112bps), 4/20/34, Callable 4/20/23 @ 100(b)		458,655
	420,000	RR 7, Ltd., Class A1AB, Series 2019-7A, 5.20%(TSFR3M+134bps), 1/15/37, Callable 1/15/23 @ 100(b)		409,589
	103,000	SPGN Mortgage Trust, Class B, Series 2022-TFLM, 6.34%(TSFR1M+200bps), 2/15/39, Callable 2/15/24 @ 100(b)		96,926
	53,000	SPGN Mortgage Trust, Class C, Series 2022-TFLM, 6.99%(TSFR1M+265bps), 2/15/39, Callable 2/15/24 @ 100(b)		49,613
	146,000	SREIT Trust, Class C, Series 2021-MFP, 5.65%(US0001M+133bps), 11/15/38(b)		138,662
	235,000	SREIT Trust, Class B, Series 2021-MFP, 5.40%(US0001M+108bps), 11/15/38(b)		223,768
	410,000	SREIT Trust, Class A, Series 2021-MFP, 5.05%(US0001M+73bps), 11/15/38(b)		394,271
	100,000	SREIT Trust, Class D, Series 2021-MFP, 5.90%(US0001M+158bps), 11/15/38(b)		94,354
	350,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 5.32%(US0003M+108bps), 4/20/33, Callable 1/20/23 @ 100(b)		339,955
	434,000	Symphony CLO XXXII, Ltd., Class A1, Series 2022-32A, 5.36%(TSFR3M+132bps), 4/23/35, Callable 4/23/24 @ 100(b)		424,039
	370,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(b)		284,140
	20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(b)		15,134
	250,000	Voya CLO, Ltd., Class A1R, Series 2020-2A, 5.39%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(b)		244,640
	250,000	Voya CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(b)		243,670
	516,000	Voya CLO, Ltd., Class A, Series 2019-2, 5.51%(US0003M+127bps), 7/20/32, Callable 1/20/23 @ 100(b)		506,919
	444,000	Voya CLO, Ltd., Class AR, Series 2020-3A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b)		431,975


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	261,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 5.52%(US0001M+120bps), 5/15/31(b)	$	248,473
	234,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100		221,491

	Total Collateralized Mortgage Obligations (Cost $37,681,612)			36,302,054

Convertible Bonds (0.4%):
Entertainment (0.0%^†):
	37,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		36,458

Hotels, Restaurants & Leisure (0.0%^†):
	38,000	Booking Holdings, Inc., 0.75%, 5/1/25		50,854
	40,000	Vail Resorts, Inc., 2.55%, 1/1/26		37,085

				87,939

Leisure Products (0.0%^†):
	28,000	Callaway Golf Co., 2.75%, 5/1/26		36,244

Media (0.1%):
	85,000	DISH Network Corp., 2.38%, 3/15/24		76,882
	209,000	DISH Network Corp., 3.38%, 8/15/26		131,233

				208,115

Oil, Gas & Consumable Fuels (0.2%):
	46,865	Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b)		298,652
	79,890	Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b)		509,107

				807,759

Professional Services (0.1%):
	23,000	FTI Consulting, Inc., 2.00%, 8/15/23		36,214
	33,000	KBR, Inc., 2.50%, 11/1/23		68,493

				104,707

Semiconductors & Semiconductor Equipment (0.0%^†):
	13,000	ON Semiconductor Corp., 1.63%, 10/15/23		38,981

				38,981

	Total Convertible Bonds (Cost $626,832)			1,320,203

Bank Loans (0.2%):
Chemicals (0.0%^†):
	24,688	Consolidated Energy Term Incr B 1Ln, 7.82% (LIBOR+350bps ), 5/7/25		23,515
	9,925	Diamond (BC) B.V. Term B 1Ln, 7.07% (LIBOR+275bps ), 9/29/28		9,577

				33,092

Construction & Engineering (0.0%^†):
	50,000	DG Investment Intermediate Holdings Term 2Ln, 11.07% (LIBOR+675bps ), 3/31/29		43,916
	9,875	DG Investment Intermediate Holdings Term B 1Ln, 8.07% (LIBOR+375bps ), 3/31/28		9,431

				53,347

Diversified Consumer Services (0.0%^†):
	5,000	Ascend Learning Term 2Ln, 10.07% (LIBOR+575bps ), 12/10/29		4,269
	74,438	Ascend Learning Term B 1Ln, 7.82% (LIBOR+350bps ), 12/10/28		70,250

				74,519


Principal Amount			Value
Bank Loans, continued
Hotels, Restaurants & Leisure (0.1%):
$	109,175	City Football Group Term B 1Ln, 7.32% (LIBOR+300bps ), 7/21/28	$	101,806
	75,285	Diamond Sports Group Term 2Ln, 7.71% (Term SOFR+335bps ), 8/24/26		8,281
	156,412	Golden Entertainment Term B 1Ln, 7.32% (LIBOR+300bps ), 10/20/24		155,825

				265,912

Industrial Products (0.0%^†):
	50,000	Brookfield WEC Holding Inc. Term 1Ln, 8.11% (Term SOFR+375bps ), 8/1/25		49,735

Media (0.0%^†):
	19,950	ABG Intermediate Holdings 2 LLC Term B1 1LN, 7.86% (Term SOFR+350bps ), 12/21/28		19,277

Software (0.0%^†):
	6,771	Acuris Finance US Inc. Term 1Ln, 8.36% (Term SOFR+400bps ), 2/16/28		6,644

Software & Tech Services (0.1%):
	46,911	Athenahealth Term B 1Ln, 7.86% (Term SOFR+350bps ), 2/15/29		42,237
	7,971	Athenahealth Term DD 1Ln, 7.82% (LIBOR+350bps ), 2/15/29+		7,177
	125,000	Nielsen Holdings Term B 1Ln, 4.36% (Term SOFR+0bps ), 4/11/29		111,329

				160,743

	Total Bank Loans (Cost $725,499)			663,269

Corporate Bonds (37.1%):
Aerospace & Defense (0.6%):
	214,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100		211,948
	214,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		209,339
	200,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		191,922
	200,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		187,888
	210,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		193,993
	125,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(b)		111,406
	170,000	BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(b)		148,750
	5,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		4,844
	65,000	Moog, Inc., 4.25%, 12/15/27, Callable 2/6/23 @ 103.19(b)		59,800
	60,000	TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 2/6/23 @ 103.44		58,950
	60,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 2/6/23 @ 101.59		58,425
	55,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 2/6/23 @ 103.75		54,381
	610,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 2/6/23 @ 102.75		567,300
	115,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44		100,050

				2,158,996


Principal Amount			Value
Corporate Bonds, continued
Air Freight & Logistics (0.1%):
$	100,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(b)	$	90,000
	93,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 2/6/23 @ 103.13(b)		93,930

				183,930

Auto Components (0.0%^†):
	55,000	Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25		44,619

Automobiles (0.5%):
	199,000	Magallanes, Inc., 3.43%, 3/15/24(b)		193,036
	109,000	Magallanes, Inc., 3.64%, 3/15/25(b)		103,733
	213,000	Magallanes, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100(b)		192,347
	74,000	Magallanes, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100(b)		64,259
	310,000	Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(b)		256,009
	155,000	Magallanes, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(b)		119,487
	234,000	Magallanes, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100(b)		172,213
	55,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(b)		44,000
	105,000	Michaels Cos., Inc. (The), 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)		69,825
	75,000	Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(b)		58,875
	309,000	Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(b)		306,366

				1,580,150

Banks (4.0%):
	612,000	Bank of America Corp., Series L, 3.95%, 4/21/25		595,357
	128,000	Bank of America Corp., Series G, 4.45%, 3/3/26		125,557
	930,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		718,005
	2,462,000	Bank of America Corp., 5.02% (SOFR+216 bps), 7/22/33, Callable 7/22/32 @ 100		2,350,082
	100,000	CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100		98,875
	245,000	CIT Group, Inc., 6.13%, 3/9/28		250,206
	393,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		381,150
	1,642,000	Citigroup, Inc., 4.30%, 11/20/26		1,590,096
	954,000	Citigroup, Inc., 4.91% (SOFR+209 bps), 5/24/33, Callable 5/24/32 @ 100		898,155
	200,000	Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100		149,519
	267,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100		220,807
	2,747,000	JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100		2,541,107
	374,000	JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100		357,034
	296,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		280,419


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	449,000	Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100	$	417,759
	938,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		878,825
	1,677,000	Wells Fargo & Co., 4.90% (SOFR+210 bps), 7/25/33, Callable 7/25/32 @ 100		1,596,692

				13,449,645

Beverages (0.5%):
	500,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		457,566
	220,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		195,573
	509,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		449,996
	523,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		546,116
	150,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(b)		120,375

				1,769,626

Biotechnology (0.0%^†):
	245,000	Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94(b)		118,825

Building Products (0.1%):
	255,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 1/23/23 @ 102.5(b)		238,425
	55,000	Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13(b)		44,619
	15,000	Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(b)		13,200

				296,244

Capital Markets (3.6%):
	282,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		279,684
	572,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		548,877
	706,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		684,178
	751,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		690,023
	353,000	Blackstone Private Credit Fund, 7.05%, 9/29/25(b)		349,416
	140,000	Coinbase Global, Inc., 3.38%, 10/1/28, Callable 10/1/24 @ 101.69(b)		73,500
	145,000	Coinbase Global, Inc., 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		69,237
	1,140,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		1,028,080
	510,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100		397,116
	1,009,000	Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100		825,498
	194,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		207,606
	70,000	HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(b)		60,550
	25,000	LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(b)		20,500


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	170,000	Medline Borrower, LP, 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(b)	$	136,000
	25,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b)		20,875
	2,124,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		2,113,202
	632,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		553,614
	891,000	Morgan Stanley, 4.89% (SOFR+208 bps), 7/20/33, Callable 7/20/32 @ 100		841,422
	1,600,000	Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100		1,681,178
	70,000	Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29, Callable 10/1/24 @ 102.63(b)		55,475
	45,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(b)		34,762
	190,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 2/6/23 @ 108.06(b)		180,500
	457,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b)		423,007
	500,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b)		441,062
	20,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(b)		13,900
	50,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 2/6/23 @ 105.31(b)		10,500
	80,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b)		44,000

				11,783,762

Chemicals (0.3%):
	16,000	CF Industries, Inc., 4.95%, 6/1/43		13,660
	170,000	Chemours Co. (The), 5.38%, 5/15/27, Callable 2/15/27 @ 100^		155,762
	355,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(b)		316,838
	25,000	Diamond BC BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31(b)		20,063
	115,000	LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13(b)		103,500
	125,000	Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5		114,062
	200,000	Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(b)		165,000
	60,000	Scotts Miracle-Gro Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19		45,450
	35,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		34,125
	135,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b)		108,000
	80,000	WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(b)		70,871
	55,000	WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(b)		44,344

				1,191,675


Principal Amount			Value
Corporate Bonds, continued
Commercial Services & Supplies (0.3%):
$	55,000	ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(b)	$	46,612
	165,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/6/23 @ 102.5(b)		153,656
	255,000	CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104.13		260,100
	56,000	GEO Group, Inc. (The), 10.50%, 6/30/28, Callable 1/17/23 @ 103		56,630
	95,000	GEO Group, Inc. (The), 9.50%, 12/31/28, Callable 1/17/23 @ 103(b)		90,963
	35,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/6/23 @ 102.5(b)		31,019
	35,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(b)		29,881
	70,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(b)		54,688
	120,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(b)		104,700

				828,249

Communications Equipment (0.1%):
	170,000	CommScope, Inc., 6.00%, 3/1/26, Callable 2/6/23 @ 103(b)		156,825
	90,000	CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(b)		64,350
	90,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b)		72,562
	115,000	Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(b)		95,450

				389,187

Construction & Engineering (0.2%):
	40,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(b)		34,600
	330,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 2/6/23 @ 102.13(b)		263,175
	105,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(b)		91,612
	80,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(b)		62,200
	35,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(b)		26,819
	350,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(b)		304,063

				782,469

Consumer Discretionary Products (0.1%):
	125,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.63%, 1/15/29, Callable 1/15/25 @ 102.31(b)		105,625
	70,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(b)		56,350

				161,975

Consumer Finance (2.9%):
	578,000	Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100		573,021


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	130,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100	$	125,816
	148,000	Ally Financial, Inc., 5.13%, 9/30/24		146,431
	330,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		328,468
	370,000	Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100^		377,708
	200,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100		135,879
	237,000	Capital One Financial Corp., 2.64% (SOFR+129 bps), 3/3/26, Callable 3/3/25 @ 100		221,887
	295,000	Capital One Financial Corp., 4.99% (SOFR+216 bps), 7/24/26, Callable 7/24/25 @ 100		289,206
	833,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100		786,294
	636,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		594,114
	303,000	Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100		260,112
	440,000	Capital One Financial Corp., 5.25% (SOFR+260 bps), 7/26/30, Callable 7/26/29 @ 100		421,719
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		240,719
	383,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		368,647
	355,000	Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100		335,418
	69,000	Discover Financial Services, 6.70%, 11/29/32, Callable 8/29/32 @ 100		70,332
	110,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		98,680
	215,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		177,349
	504,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		498,382
	1,490,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		1,435,467
	80,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		76,869
	240,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		215,456
	175,000	OneMain Finance Corp., 6.88%, 3/15/25		168,219
	110,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		90,887
	100,000	OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94		79,250
	170,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		127,500
	381,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		374,331
	577,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		564,162
	663,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		591,733

				9,774,056


Principal Amount			Value
Corporate Bonds, continued
Consumer Staple Products (0.2%):
$	190,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.13%, 2/1/28, Callable 1/1/28 @ 100(b)	$	179,788
	395,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.75%, 4/1/33, Callable 1/1/33 @ 100(b)		375,250

				555,038

Containers & Packaging (0.0%^†):
	5,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 1/17/23 @ 102.06(b)		4,337
	85,000	Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		68,213
	30,000	Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(b)		25,275

				97,825

Diversified Consumer Services (0.1%):
	89,000	Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(b)		81,323
	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)		26,240
	141,000	APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(b)		135,184

				242,747

Diversified Financial Services (0.5%):
	85,000	Acrisure LLC / Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(b)		67,681
	59,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		58,770
	144,000	Jackson Financial, Inc., 5.17%, 6/8/27, Callable 5/8/27 @ 100^		141,605
	182,000	Jackson Financial, Inc., 5.67%, 6/8/32, Callable 3/8/32 @ 100		171,645
	635,000	Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 7/1/23 @ 102.13(b)		500,063
	20,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b)		14,550
	55,000	OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(b)		48,400
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		481,615
	70,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		60,900
	65,000	Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31, Callable 2/15/31 @ 100(b)		55,088
	55,000	Venture Global Calcasieu Pass LLC, 3.88%, 11/1/33, Callable 5/1/33 @ 100(b)		44,756

				1,645,073

Diversified Telecommunication Services (0.6%):
	215,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		203,006
	500,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		448,880
	351,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		244,496
	80,000	Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(b)		72,500


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	40,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(b)	$	29,400
	30,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(b)		17,062
	60,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(b)		55,725
	65,000	Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		56,469
	70,000	Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(b)		57,662
	8,244	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94		6,368
	70,000	Frontier Communications Holdings LLC, 6.00%, 1/15/30, Callable 10/15/24 @ 103(b)		55,213
	323,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		280,567
	299,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		246,366
	250,000	Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28, Callable 8/15/23 @ 103.88(b)		202,500
	85,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/6/23 @ 100(b)		62,581

				2,038,795

Electric Utilities (0.8%):
	326,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(b)		292,993
	20,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(b)		17,950
	70,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(b)		57,400
	255,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		219,258
	78,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(b)		61,936
	249,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(b)		195,990
	71,000	Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100		65,331
	110,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100		102,462
	86,000	Exelon Corp., 3.35%, 3/15/32, Callable 12/15/31 @ 100		75,049
	100,000	Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		94,000
	211,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		204,670
	29,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b)		26,752
	140,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/23/23 @ 102.88		131,075
	30,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(b)		24,038


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	55,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(b)	$	41,731
	77,445	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		74,928
	310,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		243,953
	575,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5		526,125
	140,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63		127,400
	260,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 1/17/23 @ 102.5(b)		241,150

				2,824,191

Electrical Equipment (0.1%):
	85,000	Artera Services LLC, 9.03%, 12/4/25, Callable 2/6/23 @ 104.52(b)		70,550
	105,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)		90,562
	140,000	Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(b)		119,350

				280,462

Electronic Equipment, Instruments & Components (0.1%):
	255,000	II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(b)		224,400

Entertainment (0.0%^†):
	140,000	ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(b)		109,200

Equity Real Estate Investment Trusts (REITs) (3.4%):
	150,000	American Homes 4 Rent LP, 3.63%, 4/15/32, Callable 1/15/32 @ 100		125,869
	213,000	Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100		219,907
	454,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		433,374
	421,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		353,823
	522,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		438,198
	288,000	Brandywine Operating Partnership LP, 7.55%, 3/15/28, Callable 2/15/28 @ 100		283,129
	98,000	Corporate Office Properties LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		85,976
	85,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		63,774
	35,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100		34,956
	65,000	CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(b)		54,844
	170,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(b)		142,113
	102,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		95,387
	98,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		82,393


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (REITs), continued
$	615,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100	$	528,266
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		131,343
	220,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 2/6/23 @ 101.75^		200,200
	140,000	MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 2/6/23 @ 102.5		117,600
	169,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		166,772
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100		124,355
	281,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		272,070
	1,931,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,797,566
	435,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		365,050
	194,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		149,258
	78,000	Piedmont Operating Partnership LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100		54,645
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		67,224
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		99,493
	22,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		19,364
	498,000	Sabra Health Care LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100		371,873
	458,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(b)		431,313
	146,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(b)		129,515
	111,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(b)		92,531
	65,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		51,187
	55,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		47,369
	60,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		41,925
	125,000	Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100		83,125
	147,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		132,134
	112,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		85,758
	87,000	Sun Communities Operating LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100		71,980
	232,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		183,270
	387,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		348,161
	237,000	Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100		172,151


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (REITs), continued
$	300,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/6/23 @ 103.94(b)	$	290,250
	160,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(b)		101,200
	199,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		183,754
	569,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		479,757
	631,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		592,027
	38,000	VICI Properties LP, 4.38%, 5/15/25		36,812
	100,000	VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100		92,500
	103,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		86,741
	814,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100		792,081
	101,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		91,064

				11,495,427

Financial Services (0.1%):
	30,000	Clydesdale Acquisition Holdings, Inc., 6.63%, 4/15/29, Callable 4/15/25 @ 103.31(b)		28,575
	60,000	Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(b)		34,800
	175,000	Hightower Holding LLC, 6.75%, 4/15/29, Callable 4/15/24 @ 103.38(b)		146,344
	30,000	Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(b)		26,175

				235,894

Financials (0.2%):
	843,000	Blackstone Private Credit Fund, 4.70%, 3/24/25^		809,048

Food & Staples Retailing (0.4%):
	35,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 2/6/23 @ 103.47(b)		32,375
	80,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(b)		67,100
	240,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(b)		214,200
	165,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 3/13/23 @ 103.44(b)		165,000
	125,000	Performance Food Group, Inc., 5.50%, 10/15/27, Callable 2/6/23 @ 102.75(b)		118,594
	30,000	Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(b)		25,912
	140,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		145,521
	210,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		231,069
	65,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(b)		62,156
	90,000	US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(b)		79,538
	25,000	US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)		22,000

				1,163,465


Principal Amount			Value
Corporate Bonds, continued
Food Products (0.3%):
$	170,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(b)	$	128,350
	50,000	JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(b)		40,625
	300,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)		285,375
	550,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(b)		422,125
	135,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(b)		114,412
	55,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 1/23/23 @ 102.81(b)		51,769
	28,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(b)		23,660
	95,000	TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102		80,750

				1,147,066

Health Care Equipment & Supplies (0.0%^†):
	140,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(b)		120,400

Health Care Providers & Services (1.9%):
	65,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(b)		51,350
	15,000	Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(b)		8,550
	405,000	Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13		380,700
	600,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		504,000
	985,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		896,350
	360,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		303,300
	245,000	Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100		191,713
	100,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(b)		85,500
	100,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(b)		83,250
	240,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(b)		117,600
	130,000	CHS/Community Health Systems, Inc., 5.25%, 5/15/30, Callable 5/15/25 @ 102.63(b)		98,150
	70,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(b)		50,750
	526,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		508,919
	315,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 2/6/23 @ 104(b)		285,075
	114,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		108,287
	260,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		238,796


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	310,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b)	$	249,550
	25,000	Garden Spinco Corp., 8.63%, 7/20/30, Callable 7/20/27 @ 102.16(b)		26,125
	235,000	HCA, Inc., 5.38%, 2/1/25		235,000
	217,000	HCA, Inc., 5.63%, 9/1/28, Callable 3/1/28 @ 100		216,186
	203,000	HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100		202,492
	470,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		404,787
	40,000	HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(b)		33,959
	25,000	HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(b)		22,125
	128,000	Humana, Inc., 3.70%, 3/23/29, Callable 2/23/29 @ 100		117,805
	60,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b)		51,300
	75,000	Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(b)		63,563
	40,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(b)		31,400
	105,000	Surgery Center Holdings, Inc., 6.75%, 7/1/25, Callable 2/6/23 @ 100(b)		103,425
	215,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/6/23 @ 101.56(b)		206,937
	195,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(b)		174,525
	110,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(b)		95,150
	65,000	Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19(b)		56,306
	181,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		140,800

				6,343,725

Hotels, Restaurants & Leisure (0.7%):
	25,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(b)		21,187
	175,000	Boyd Gaming Corp., 4.75%, 12/1/27, Callable 1/17/23 @ 102.38		162,750
	65,000	Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(b)		52,894
	130,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(b)		130,487
	220,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(b)		176,550
	100,000	Carnival Corp., 10.50%, 6/1/30, Callable 6/1/25 @ 105.25^(b)		81,500
	55,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94^(b)		38,363
	100,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 2/6/23 @ 103.81(b)		98,250
	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)		47,712
	30,000	Jacobs Entertainment, Inc., 6.75%, 2/15/29, Callable 2/15/25 @ 103.38(b)		26,925
	70,000	Life Time, Inc., 5.75%, 1/15/26, Callable 2/6/23 @ 102.88(b)		64,750


Principal Amount			Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	55,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(b)	$	45,512
	250,000	MGM Resorts International, 5.75%, 6/15/25, Callable 3/15/25 @ 100		242,188
	285,000	NCL Corp., Ltd., 3.63%, 12/15/24, Callable 1/17/23 @ 100.91(b)		243,675
	75,000	NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94(b)		64,917
	25,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(b)		18,625
	117,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 1/17/23 @ 108.63(b)		125,483
	140,000	Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(b)		117,950
	50,000	Royal Caribbean Cruises, Ltd., 5.38%, 7/15/27, Callable 10/15/26 @ 100(b)		40,625
	200,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(b)		174,000
	100,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 1/23/23 @ 109.75(b)		106,000
	100,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25, Callable 12/1/24 @ 100(b)		94,750
	150,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27, Callable 2/15/27 @ 100(b)		135,000
	135,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		119,475

				2,429,568

Household Durables (0.2%):
	30,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(b)		21,300
	35,000	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(b)		27,956
	65,000	Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		51,106
	150,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(b)		95,250
	15,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		12,975
	40,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(b)		35,200
	25,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b)		19,375
	195,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(b)		180,375
	60,000	Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(b)		47,100
	120,000	TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(b)		97,050

				587,687

Household Products (0.0%^†):
	80,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(b)		65,600

Independent Power and Renewable Electricity Producers (0.3%):
	528,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(b)		498,962


Principal Amount			Value
Corporate Bonds, continued
Independent Power and Renewable Electricity Producers, continued
$	461,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(b)	$	407,054
	87,000	AES Corp. (The), 2.45%, 1/15/31, Callable 10/15/30 @ 100(b)		69,218
	45,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b)		41,569
	50,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(b)		44,875
	40,000	Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(b)		35,600
	40,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b)		36,000

				1,133,278

Industrial Conglomerates (0.2%):
	205,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 2/6/23 @ 103.13		196,800
	510,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		467,288

				664,088

Industrial Services (0.1%):
	210,000	Minerva Merger Sub, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b)		155,400
	85,000	Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(b)		79,688

				235,088

Insurance (1.2%):
	175,000	Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13(b)		144,375
	600,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		564,556
	35,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(b)		29,969
	55,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b)		44,825
	30,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(b)		25,650
	98,000	Corebridge Financial, Inc., 3.50%, 4/4/25, Callable 3/4/25 @ 100(b)		94,000
	334,000	Corebridge Financial, Inc., 3.65%, 4/5/27, Callable 3/5/27 @ 100(b)		311,736
	137,000	Corebridge Financial, Inc., 3.85%, 4/5/29, Callable 2/5/29 @ 100(b)		125,649
	163,000	Corebridge Financial, Inc., 3.90%, 4/5/32, Callable 1/5/32 @ 100(b)		143,190
	37,000	Corebridge Financial, Inc., 4.35%, 4/5/42, Callable 10/5/41 @ 100(b)		30,534
	110,000	Corebridge Financial, Inc., 4.40%, 4/5/52, Callable 10/5/51 @ 100(b)		88,318
	686,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(b)		575,382
	55,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 1/17/23 @ 101.75(b)		53,831
	50,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(b)		43,750


Principal Amount			Value
Corporate Bonds, continued
Insurance, continued
$	40,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(b)	$	39,703
	140,000	Liberty Mutual Group, Inc., 4.57%, 2/1/29		131,460
	651,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		598,345
	85,000	Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(b)		73,844
	463,000	Unum Group, 3.88%, 11/5/25		442,904
	349,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		316,557
	260,000	USI, Inc., 6.88%, 5/1/25, Callable 2/6/23 @ 100(b)		254,475

				4,133,053

Interactive Media & Services (0.0%^†):
	85,000	Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b)		65,131
	40,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(b)		32,500

				97,631

IT Services (0.2%):
	40,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(b)		31,200
	15,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(b)		11,850
	175,000	Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(b)		151,812
	55,000	Block, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100		48,998
	55,000	Block, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100		43,698
	20,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(b)		17,625
	215,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)		210,969
	100,000	Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(b)		93,000
	65,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(b)		55,981
	50,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		40,562
	50,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		39,500

				745,195

Leisure Products (0.1%):
	311,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		298,969
	5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 2/6/23 @ 104.41(b)		4,887

				303,856

Life Sciences Tools & Services (0.1%):
	195,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(b)		177,206
	20,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b)		18,300
	45,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(b)		39,600

				235,106


Principal Amount			Value
Corporate Bonds, continued
Machinery (0.1%):
$	80,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(b)	$	64,000
	75,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(b)		63,094
	40,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(b)		33,400
	335,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(b)		231,150
	60,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(b)		52,725

				444,369

Media (2.1%):
	275,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28, Callable 11/15/23 @ 103.25(b)		205,219
	100,000	Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 113(b)		41,000
	35,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(b)		26,600
	30,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(b)		24,900
	25,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(b)		18,563
	105,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 1/23/23 @ 102.5(b)		94,500
	395,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(b)		332,787
	585,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(b)		482,625
	155,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		123,225
	105,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(b)		80,325
	332,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100		285,400
	332,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100		258,606
	332,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.50%, 4/1/63, Callable 10/1/62 @ 100		254,018
	440,000	CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(b)		249,700
	130,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(b)		91,000
	360,000	CSC Holdings LLC, 4.63%, 12/1/30, Callable 12/1/25 @ 102.31(b)		198,000
	280,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 1/23/23 @ 102.69(b)		30,800
	215,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100		178,298
	580,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		401,607
	230,000	DISH DBS Corp., 7.75%, 7/1/26		185,725
	250,000	DISH Network Corp., 11.75%, 11/15/27, Callable 5/15/25 @ 105.88(b)		256,250


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	103,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100	$	101,680
	149,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		144,360
	147,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		135,565
	65,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(b)		46,150
	165,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(b)		119,419
	200,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 103.25(b)		82,000
	45,000	Sirius XM Radio, Inc., 3.13%, 9/1/26, Callable 9/1/23 @ 101.56(b)		39,825
	105,000	Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 2/6/23 @ 102.5(b)		96,994
	45,000	Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(b)		41,062
	40,000	Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(b)		33,000
	85,000	Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(b)		66,300
	140,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(b)		135,625
	80,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 1/17/23 @ 104.44(b)		59,800
	103,000	Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100		85,897
	359,000	Time Warner Cable, Inc., 6.55%, 5/1/37		341,356
	418,000	Time Warner Cable, Inc., 7.30%, 7/1/38		414,992
	1,100,000	Time Warner Cable, Inc., 6.75%, 6/15/39		1,045,505
	55,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(b)		53,075
	65,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(b)		54,031

				6,915,784

Metals & Mining (0.2%):
	70,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(b)		61,512
	265,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94		253,075
	30,000	Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44		26,512
	20,000	Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56		17,425
	70,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(b)		61,950
	70,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(b)		61,600
	25,000	Commercial Metals Co., 4.13%, 1/15/30, Callable 1/15/25 @ 102.06		22,000
	25,000	Commercial Metals Co., 4.38%, 3/15/32, Callable 3/15/27 @ 102.19		21,625
	185,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(b)		161,644
	55,000	Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(b)		44,550

				731,893


Principal Amount			Value
Corporate Bonds, continued
Mortgage Real Estate Investment Trusts (REITs) (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)	$	44,344
	65,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		62,156

				106,500

Multi-Utilities (0.2%):
	207,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		185,131
	292,000	Puget Energy, Inc., 4.22%, 3/15/32, Callable 12/15/31 @ 100		259,287
	110,000	Sempra Energy, 6.00%, 10/15/39		111,338

				555,756

Oil, Gas & Consumable Fuels (5.0%):
	55,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		45,650
	25,000	Apache Corp., 7.38%, 8/15/47		24,813
	70,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102		59,413
	55,000	Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63		43,656
	361,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(b)		360,019
	145,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(b)		139,019
	25,000	Cnx Midstream Partners LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(b)		20,625
	30,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(b)		27,675
	30,000	Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(b)		25,763
	80,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(b)		72,000
	40,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(b)		34,500
	195,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(b)		180,863
	167,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 2/6/23 @ 101.44		162,407
	305,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(b)		281,363
	230,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 1/23/23 @ 102.63(b)		211,600
	25,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88(b)		21,500
	163,000	DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 2/6/23 @ 100		161,777
	105,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		103,819
	160,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		159,200
	750,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b)		729,375
	185,000	DCP Midstream Operating LP, 5.60%, 4/1/44, Callable 10/1/43 @ 100		172,975


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	35,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(b)	$	31,281
	43,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 1/17/23 @ 102.63		42,428
	55,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(b)		46,750
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		120,982
	110,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 2/6/23 @ 102.88(b)		105,050
	350,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		337,432
	167,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		161,971
	161,000	Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		141,996
	427,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		345,013
	81,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 1/23/23 @ 100		80,802
	103,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		101,664
	103,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		101,943
	195,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		179,769
	127,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		115,412
	115,000	Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		107,894
	135,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(b)		128,756
	105,000	EQM Midstream Partners LP, 7.50%, 6/1/27, Callable 6/1/24 @ 103.75(b)		102,506
	80,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(b)		76,300
	70,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(b)		59,237
	115,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100		106,375
	45,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		42,413
	311,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		297,415
	109,000	Hess Corp., 7.30%, 8/15/31		118,746
	78,000	Hess Corp., 7.13%, 3/15/33		84,430
	900,000	Hess Corp., 5.60%, 2/15/41		848,930
	302,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		290,193
	190,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/6/23 @ 102.81(b)		184,300
	35,000	Hess Midstream Operations LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b)		29,925
	45,000	Holly Energy Partners LP / Holly Energy Finance Corp., 6.38%, 4/15/27, Callable 4/15/24 @ 103.19(b)		44,269
	150,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 2/6/23 @ 100		149,594
	63,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		63,032
	50,000	Kinetik Holdings LP, 5.88%, 6/15/30, Callable 6/15/25 @ 102.94(b)		47,027


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	55,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(b)	$	46,750
	172,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		171,298
	242,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		240,174
	70,000	MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100		62,356
	289,000	MPLX, LP, 4.95%, 9/1/32, Callable 6/1/32 @ 100		272,348
	150,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94		143,625
	135,000	NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/6/23 @ 103.75(b)		119,813
	609,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		606,716
	120,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		108,000
	85,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		95,200
	1,047,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,120,290
	25,000	Occidental Petroleum Corp., 7.88%, 9/15/31		27,281
	422,000	Occidental Petroleum Corp., 6.45%, 9/15/36		430,440
	40,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		31,900
	40,000	Occidental Petroleum Corp., 6.20%, 3/15/40		38,800
	712,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		731,580
	120,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		95,700
	165,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		127,050
	80,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		61,800
	95,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		75,050
	120,000	PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103		107,100
	35,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/6/23 @ 102.88		33,075
	39,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		37,991
	110,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		106,082
	110,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		104,775
	493,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		457,258
	408,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/17/23 @ 100(a)(b)		—
	20,000	SM Energy Co., 5.63%, 6/1/25, Callable 2/6/23 @ 100.94		19,100
	75,000	SM Energy Co., 6.75%, 9/15/26, Callable 2/6/23 @ 102.25		73,125
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(b)		319,185
	55,000	Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38		46,544
	5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 2/6/23 @ 103		4,912
	95,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94		89,775


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	165,000	Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25	$	143,962
	135,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(b)		116,944
	70,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102		58,888
	30,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		28,237
	185,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44		166,731
	62,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		58,590
	205,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		194,237
	900,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		823,500
	101,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		92,667
	205,000	Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100		180,400
	301,000	Williams Cos., Inc. (The), 4.65%, 8/15/32, Callable 5/15/32 @ 100		281,450
	68,000	Williams Cos., Inc. (The), 5.30%, 8/15/52, Callable 2/15/52 @ 100		61,507
	242,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		240,177
	426,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		419,767

				16,603,997

Paper & Forest Products (0.0%^†):
	45,000	Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(b)		27,000
	70,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56		58,275

				85,275

Personal Products (0.0%^†):
	55,000	BellRing Brands, Inc., 7.00%, 3/15/30, Callable 3/15/27 @ 101.75(b)		53,212

Pharmaceuticals (0.4%):
	37,000	Bausch Health Cos., Inc., 11.00%, 9/30/28(b)		28,860
	7,000	Bausch Health Cos., Inc., 14.00%, 10/15/30, Callable 10/15/25 @ 106(b)		4,165
	170,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(b)		134,725
	50,000	Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75^(b)		39,438
	275,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100		273,229
	116,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100		109,620
	45,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(b)		39,937


Principal Amount			Value
Corporate Bonds, continued
Pharmaceuticals, continued
$	160,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(b)	$	142,400
	215,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(b)		187,050
	60,000	Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100		54,425
	305,000	Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100		240,257
	133,000	Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100		89,624

				1,343,730

Professional Services (0.0%^†):
	60,000	Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(b)		54,300

Real Estate (0.3%):
	27,000	Corporate Office Properties, LP, 2.00%, 1/15/29, Callable 11/15/28 @ 100		20,764
	225,000	Invitation Homes Operating Partnership LP, 4.15%, 4/15/32, Callable 1/15/32 @ 100		197,739
	115,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 4/15/30, Callable 4/15/25 @ 102.63(b)		83,806
	297,000	VICI Properties LP, 4.75%, 2/15/28, Callable 1/15/28 @ 100		281,408
	441,000	VICI Properties LP, 4.95%, 2/15/30, Callable 12/15/29 @ 100		416,194
	40,000	VICI Properties LP / VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b)		38,250

				1,038,161

Real Estate Management & Development (0.2%):
	301,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		237,976
	85,000	Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38		64,281
	70,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(b)		52,850
	275,000	TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(b)		244,750

				599,857

Retail & Wholesale — Discretionary (0.0%^†):
	15,000	MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(b)		12,038

Road & Rail (0.0%^†):
	60,000	Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(b)		52,125

Semiconductors & Semiconductor Equipment (0.7%):
	92,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(b)		78,042
	899,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(b)		710,210
	797,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b)		600,351
	633,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(b)		457,363
	297,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(b)		208,916


Principal Amount			Value
Corporate Bonds, continued
Semiconductors & Semiconductor Equipment, continued
$	135,000	Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72^(b)	$	109,012
	75,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(b)		65,438

				2,229,332

Software (0.5%):
	55,000	Acuris Finance US, Inc. / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b)		43,519
	60,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 2/6/23 @ 103.56(b)		58,350
	40,000	Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(b)		34,100
	40,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(b)		33,900
	30,000	Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(b)		24,000
	70,000	Fair Isaac Corp., 4.00%, 6/15/28, Callable 1/23/23 @ 102(b)		63,525
	125,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(b)		89,375
	351,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100		315,203
	555,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		481,848
	690,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		575,191

				1,719,011

Specialty Retail (0.5%):
	35,000	Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(b)		29,400
	40,000	Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(b)		33,450
	47,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		42,042
	72,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		69,673
	333,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		308,182
	66,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(b)		25,740
	10,000	Carvana Co., 4.88%, 9/1/29, Callable 9/1/24 @ 102.44(b)		3,850
	55,000	Carvana Co., 10.25%, 5/1/30, Callable 5/1/27 @ 105.13(b)		26,263
	30,000	Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(b)		24,375
	55,000	Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(b)		38,638
	220,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(b)		205,975
	33,000	Lowe’s Cos., Inc., 3.35%, 4/1/27, Callable 3/1/27 @ 100		31,039
	410,000	Lowe’s Cos., Inc., 4.25%, 4/1/52, Callable 10/1/51 @ 100		329,369
	464,000	Lowe’s Cos., Inc., 4.45%, 4/1/62, Callable 10/1/61 @ 100		364,005


Principal Amount			Value
Corporate Bonds, continued
Specialty Retail, continued
$	74,000	O’Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100	$	69,885
	30,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(b)		8,775
	20,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b)		16,025
	40,000	Victoria’s Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(b)		31,400

				1,658,086

Technology Hardware, Storage & Peripherals (0.2%):
	106,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100		106,016
	81,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		81,640
	129,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		131,817
	148,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		152,250
	128,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		130,534

				602,257

Telecommunications (0.1%):
	130,000	Cogent Communications Group, Inc., 7.00%, 6/15/27, Callable 6/15/24 @ 103.5(b)		127,400
	60,000	Frontier Communications Holdings LLC, 8.75%, 5/15/30, Callable 5/15/25 @ 104.38(b)		61,050

				188,450

Textiles, Apparel & Luxury Goods (0.1%):
	60,000	Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(b)		48,825
	20,000	Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(b)		16,275
	70,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(b)		55,212
	105,000	Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(b)		78,094

				198,406

Tobacco (0.5%):
	452,000	Altria Group, Inc., 4.25%, 8/9/42		335,771
	302,000	Altria Group, Inc., 4.50%, 5/2/43		228,862
	262,000	Altria Group, Inc., 5.38%, 1/31/44		232,828
	108,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		96,087
	179,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		162,414
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		612,471
	70,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(b)		60,550

				1,728,983

Trading Companies & Distributors (0.3%):
	467,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		459,730
	393,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		370,877


Principal Amount			Value
Corporate Bonds, continued
Trading Companies & Distributors, continued
$	40,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(b)	$	29,950
	45,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(b)		39,881
	25,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(b)		20,188
	40,000	SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(b)		31,800

				952,426

Wireless Telecommunication Services (0.6%):
	445,000	Sprint Capital Corp., 8.75%, 3/15/32		529,550
	300,000	Sprint Communications, Inc., 6.88%, 11/15/28		311,250
	380,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		359,094
	65,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		63,375
	70,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		61,815
	630,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		571,172
	82,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		70,527
	161,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		133,616

				2,100,399

	Total Corporate Bonds (Cost $138,988,661)			124,450,661

Yankee Debt Obligations (9.4%):
Aerospace & Defense (0.1%):
	38,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 2/6/23 @ 101.25(b)		37,667
	55,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(b)		53,488
	170,000	Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b)		157,037

				248,192

Airlines (0.0%^†):
	100,000	VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.88%, 5/1/27, Callable 5/1/24 @ 103.94(b)		90,000
	95,000	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(b)		75,169

				165,169

Banks (1.9%):
	874,000	Barclays plc, 4.38%, 1/12/26		844,962
	503,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		466,761
	580,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		534,131
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b)		165,176
	791,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		769,539
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		201,196
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(b)		192,679


Principal Amount			Value
Yankee Debt Obligations, continued
Banks, continued
$	1,432,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)	$	1,375,021
	286,000	Royal Bank of Scotland Group plc, 3.07% (H15T1Y+255 bps), 5/22/28, Callable 5/22/27 @ 100		256,227
	980,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(b)		907,580
	513,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(b)		445,795
	289,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		247,522

				6,406,589

Biotechnology (0.1%):
	200,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b)		173,250

Capital Markets (1.4%):
	1,175,000	Credit Suisse Group AG, 3.80%, 6/9/23		1,147,228
	788,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b)		703,309
	602,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(b)		467,413
	720,000	Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25		649,080
	1,462,000	Deutsche Bank AG, 4.50%, 4/1/25		1,390,382
	314,000	UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(b)		270,486

				4,627,898

Chemicals (0.1%):
	130,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 1/17/23 @ 103.25(b)		120,575
	195,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		180,863
	95,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100		84,312
	55,000	SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(b)		47,437

				433,187

Consumer Discretionary Services (0.0%^†):
	55,000	Studio City Co., Ltd., 7.00%, 2/15/27, Callable 2/15/24 @ 103.5(b)		51,425

Consumer Staple Products (0.2%):
	200,000	Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(b)		197,750
	555,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 1/15/27, Callable 12/15/26 @ 100(b)		482,862

				680,612

Containers & Packaging (0.1%):
	25,000	Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 2/6/23 @ 103(b)		20,250
	255,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 2/6/23 @ 102.75(b)		237,469

				257,719


Principal Amount			Value
Yankee Debt Obligations, continued
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)	$	39,600
	225,000	GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC, 7.13%, 7/31/26, Callable 2/6/23 @ 103.56(b)		216,000

				255,600

Diversified Financial Services (0.9%):
	395,000	Altice Financing SA, 5.00%, 1/15/28, Callable 2/6/23 @ 102.5(b)		319,456
	300,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 1/17/23 @ 103.44(b)		279,750
	110,000	Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(b)		98,676
	2,052,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		2,026,350
	305,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(b)		244,000

				2,968,232

Diversified Telecommunication Services (0.1%):
	270,000	Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103^(b)		159,300
	185,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(b)		146,844
	80,000	Telecom Italia SpA, 6.00%, 9/30/34		61,500

				367,644

Energy Equipment & Services (0.0%^†):
	140,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/6/23 @ 103.44(b)		136,500

Hotels, Restaurants & Leisure (0.1%):
	55,000	1011778 BC ULC / New Red Finance, Inc., 5.75%, 4/15/25, Callable 2/6/23 @ 102.88(b)		54,588
	210,000	1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(b)		171,150
	75,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(b)		62,531
	65,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(b)		52,000

				340,269

Industrial Services (0.0%^†):
	21,000	1375209 BC, Ltd., 9.00%, 1/30/28, Callable 1/17/23 @ 103(b)		20,396

Insurance (0.2%):
	465,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(b)		412,620
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b)		181,300

				593,920

Marine (0.0%^†):
	85,000	Seaspan Corp., 5.50%, 8/1/29, Callable 8/1/24 @ 102.75(b)		64,069

Materials (0.1%):
	55,000	Cerdia Finanz GmbH, 10.50%, 2/15/27, Callable 2/15/24 @ 105.25(b)		46,475


Principal Amount			Value
Yankee Debt Obligations, continued
Materials, continued
$	220,000	NOVA Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100(b)	$	196,075
	225,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30, Callable 1/27/25 @ 102.5(b)		196,875

				439,425

Media (0.1%):
	255,000	VZ Secured Financing BV, 5.00%, 1/15/32, Callable 1/15/27 @ 102.5(b)		204,319
	120,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(b)		98,700

				303,019

Metals & Mining (0.1%):
	200,000	ERO Copper Corp., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b)		160,500
	115,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 1/17/23 @ 103.44(b)		108,962
	55,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(b)		51,219
	5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(b)		4,569
	105,000	Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 2/6/23 @ 106(b)		101,850
	75,000	Mineral Resources, Ltd., 8.00%, 11/1/27, Callable 11/1/24 @ 104(b)		76,406

				503,506

Multi-Utilities (0.2%):
	525,000	InterGen NV, 7.00%, 6/30/23, Callable 2/6/23 @ 100(b)		514,500

Oil, Gas & Consumable Fuels (1.3%):
	115,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 1/17/23 @ 101.69(b)		99,475
	205,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 2/6/23 @ 102.13(b)		191,931
	223,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		220,683
	235,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 2/6/23 @ 103.56(b)		239,994
	1,385,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		1,146,210
	120,000	Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100		91,419
	295,000	Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100		232,930
	2,762,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,772,262
	502,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		316,756
	70,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(b)		63,000

				4,374,660

Pharmaceuticals (0.0%^†):
	115,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 2/6/23 @ 100(b)		97,750

Software (0.1%):
	95,000	Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(b)		81,344


Principal Amount			Value
Yankee Debt Obligations, continued
Software, continued
$	115,000	Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(b)	$	92,575

				173,919

Sovereign Bond (1.2%):
	355,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(b)		302,057
	56,434	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 2/6/23 @ 100		15,167
	513,757	Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 2/6/23 @ 100		141,283
	941,242	Argentine Republic Government International Bond, 1.50%, 7/9/35, Callable 2/6/23 @ 100		247,076
	400,000	Corp. Andina de Fomento, 2.38%, 5/12/23		396,006
	1,344,000	Dominican Republic, 5.50%, 1/27/25^(b)		1,333,920
	250,000	Dominican Republic, 6.00%, 7/19/28(b)		240,000
	600,000	Indonesia Government International Bond, 4.20%, 10/15/50		493,464
	470,000	Qatar Government International Bond, 4.40%, 4/16/50(b)		430,989
	230,000	Saudi Government International Bond, 3.25%, 10/22/30(b)		209,956
	200,000	Saudi Government International Bond, 4.50%, 4/22/60(b)		177,987

				3,987,905

Trading Companies & Distributors (0.6%):
	412,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		407,979
	637,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100		588,372
	217,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		219,728
	251,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		238,884
	209,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		182,542
	219,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100		183,376
	234,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		182,428

				2,003,309

Wireless Telecommunication Services (0.4%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)		320,512
	630,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b)		601,650
	135,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(b)		113,906
	230,000	Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100(b)		213,003
	201,000	Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(b)		173,256

				1,422,327

	Total Yankee Debt Obligations (Cost $36,578,822)			31,610,991


Principal Amount			Value
Municipal Bonds (0.7%):
California (0.2%):
$	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39	$	12,222
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		559,314

				571,536

Illinois (0.4%):
	310,000	Chicago Illinois, Taxable Project, GO, Series C1, 7.78%, 1/1/35		326,594
	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		321,300
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		433,220
	295,000	Illinois State, GO, 5.10%, 6/1/33		284,572
	34,091	Illinois State, GO, 4.95%, 6/1/23		34,017

				1,399,703

New Jersey (0.1%):
	504,000	New Jersey Economic Development Authority Revenue, GO, Series A, 7.43%, 2/15/29		544,562

	Total Municipal Bonds (Cost $2,652,682)			2,515,801

U.S. Government Agency Mortgages (20.3%):
Federal National Mortgage Association (11.6%):
	92,143	2.50%, 6/1/29, Pool #MA3734		84,816
	52,473	2.50%, 9/1/31, Pool #AS8012		49,288
	300,333	3.00%, 4/1/32, Pool #BD9809		282,832
	343,347	3.00%, 12/1/32, Pool #BM5345		327,711
	218,661	2.50%, 12/1/32, Pool #CA3748		202,680
	19,054	3.00%, 3/1/33, Pool #BM4614		18,193
	2,513	4.50%, 7/1/33, Pool #729327		2,464
	1,055	4.50%, 7/1/33, Pool #720240		1,043
	2,959	4.50%, 8/1/33, Pool #729713		2,924
	14,628	4.50%, 8/1/33, Pool #729380		14,466
	2,735	4.50%, 8/1/33, Pool #727160		2,703
	2,236	4.50%, 8/1/33, Pool #727029		2,209
	7,362	4.50%, 8/1/33, Pool #726956		7,282
	3,722	4.50%, 8/1/33, Pool #723124		3,681
	9,371	4.50%, 8/1/33, Pool #726928		9,267
	5,501	4.50%, 9/1/33, Pool #734922		5,723
	13,746	4.50%, 9/1/33, Pool #727147		14,299
	22,537	4.50%, 12/1/33, Pool #AL5321		23,445
	392,818	2.50%, 6/1/34, Pool #BN7572		362,329
	17,393	6.00%, 10/1/34, Pool #AL2130		18,334
	34,455	4.50%, 9/1/35, Pool #AB8198		35,847
	190,878	2.00%, 10/1/35, Pool # BK5705		170,155
	324,061	6.00%, 5/1/36, Pool #745512		342,930
	165,186	6.00%, 1/1/37, Pool #932030		174,921
	450,000	1.50%, 1/25/37, TBA		390,656
	500,000	2.00%, 1/25/37, TBA		445,781
	29,116	6.00%, 3/1/37, Pool #889506		30,604
	42,211	6.00%, 1/1/38, Pool #889371		44,234
	1,150,000	1.50%, 2/25/38		999,063
	2,500,000	2.00%, 2/25/38		2,231,836
	15,554	6.00%, 3/1/38, Pool #889219		15,826
	7,279	6.00%, 7/1/38, Pool #889733		7,404
	45,801	4.50%, 3/1/39, Pool #AB0051		47,647
	232,401	4.50%, 4/1/39, Pool #AB0043		241,757


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	143,038	2.50%, 8/1/39, Pool #MA3761	$	127,623
	18,587	4.50%, 11/1/39, Pool #AC5442		18,473
	60,840	6.00%, 5/1/40, Pool #AL2129		61,909
	18,132	2.00%, 10/1/40, Pool #MA4176		15,432
	23,063	4.00%, 12/1/40, Pool #AA4757		22,413
	18,660	2.00%, 12/1/40, Pool #MA4204		15,940
	28,401	4.50%, 2/1/41, Pool #AH5580		28,152
	19,980	2.00%, 2/1/41, Pool #MA4268		17,022
	20,409	2.00%, 3/1/41, Pool #MA4287		17,388
	21,002	2.00%, 4/1/41, Pool #MA4311		17,893
	21,295	2.00%, 5/1/41, Pool #MA4333		18,143
	21,577	2.00%, 6/1/41, Pool #MA4364		18,383
	168,260	2.00%, 10/1/41, Pool #MA4446		141,516
	460,682	1.50%, 11/1/41, Pool #MA4473		374,308
	4,484	6.00%, 1/1/42, Pool #AL2128		4,486
	138,130	2.50%, 2/1/43, Pool #AB8465		118,458
	33,444	4.00%, 10/1/43, Pool #BM1167		32,170
	142,538	4.50%, 3/1/44, Pool #AL5082		137,767
	70,517	4.00%, 12/1/44, Pool #AX8459		66,917
	7,337	4.00%, 12/1/44, Pool #AY0045		7,043
	107,235	4.00%, 3/1/45, Pool #AL6541		101,758
	45,067	3.00%, 5/1/45, Pool #AS4972		40,274
	67,779	4.00%, 5/1/45, Pool #AZ1207		63,791
	47,897	4.00%, 6/1/45, Pool #AY8126		46,393
	102,330	4.00%, 6/1/45, Pool #AY8096		96,253
	28,569	4.00%, 6/1/45, Pool #AZ3341		26,884
	22,027	4.00%, 6/1/45, Pool #AZ2719		20,726
	24,043	5.00%, 6/1/45, Pool #AZ3448		24,505
	113,495	4.00%, 7/1/45, Pool #AZ0833		106,810
	95,970	3.00%, 8/1/45, Pool #AS5634		85,786
	15,395	3.00%, 8/1/45, Pool #AZ3728		13,754
	36,424	3.00%, 8/1/45, Pool #AZ8288		32,570
	273,543	4.00%, 10/1/45, Pool #AL7593		265,690
	50,758	4.00%, 10/1/45, Pool #AL7413		49,293
	14,067	4.00%, 11/1/45, Pool #AZ0560		13,231
	17,921	4.00%, 12/1/45, Pool #AS6350		17,403
	42,084	4.00%, 12/1/45, Pool #BA6404		39,580
	32,595	4.50%, 2/1/46, Pool #BM5199		32,229
	8,021	4.00%, 5/1/46, Pool #BC2276		7,719
	241,164	3.50%, 5/1/46, Pool #BC0880		225,219
	93,722	4.00%, 7/1/46, Pool #BC1443		90,333
	29,400	4.50%, 8/1/46, Pool #AL9111		28,852
	103,351	4.00%, 9/1/46, Pool #BC2843		99,604
	320,501	3.50%, 12/1/46, Pool #BC9077		299,390
	48,617	3.50%, 2/1/47, Pool #BE5696		44,981
	399,519	4.50%, 2/1/47, Pool #AL9846		393,187
	1,071,271	4.00%, 2/1/47, Pool #AL9779		1,037,280
	5,261	4.00%, 6/1/47, Pool #BH4269		5,066
	29,049	3.00%, 5/1/49, Pool #MA3670		25,863
	297,132	4.50%, 9/1/49, Pool #FM1534		299,306
	364,189	4.00%, 11/1/49, Pool #CA4628		349,231
	78,689	3.50%, 11/1/49, Pool #CA4557		72,601
	305,752	2.50%, 8/1/50, Pool #SD0430		262,679
	400,000	4.50%, 1/25/51, TBA		386,000
	629,333	3.50%, 2/1/51, Pool #CA9319		586,599
	3,050,000	2.50%, 2/25/51, TBA		2,592,738
	825,000	3.50%, 2/25/51, TBA		751,330


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	442,500	2.00%, 3/1/51, Pool #MA4281	$	362,191
	263,404	2.50%, 4/1/51, Pool #FM6540		229,699
	441,185	2.00%, 4/1/51, Pool #MA4305		361,095
	535,393	3.00%, 6/1/51, Pool #CB0850		474,241
	10,043	2.00%, 7/1/51, Pool #BT1461		8,315
	45,511	2.50%, 8/1/51, Pool #CB1384		39,060
	87,995	3.00%, 8/1/51, Pool #FM9973		78,423
	183,904	2.50%, 9/1/51, Pool #CB1549		156,331
	322,775	2.00%, 10/1/51, Pool #CB1801		265,707
	244,655	2.00%, 10/1/51, Pool #CB1799		201,795
	739,473	2.50%, 11/1/51, Pool #FM9501		628,614
	341,145	2.00%, 11/1/51, Pool #FM9568		281,782
	183,585	3.00%, 11/1/51, Pool #FM9633		163,205
	216,016	2.00%, 11/1/51, Pool #FM9539		177,851
	197,828	3.00%, 11/1/51, Pool #CB2164		176,085
	147,565	3.00%, 11/1/51, Pool #FM9632		131,275
	141,327	2.00%, 12/1/51, Pool #CB2347		116,732
	186,697	2.50%, 12/1/51, Pool #CB2320		158,700
	513,799	2.50%, 12/1/51, Pool #CB2289		440,942
	148,689	2.50%, 12/1/51, Pool #CB2321		127,589
	521,356	2.00%, 12/1/51, Pool #CB2349		429,108
	139,735	2.00%, 12/1/51, Pool #CB2350		114,721
	130,846	2.50%, 12/1/51, Pool #CB2376		112,293
	62,279	3.00%, 12/1/51, Pool #CB2420		55,427
	1,113,093	2.50%, 12/1/51, Pool #FM9865		946,266
	93,279	2.00%, 12/1/51, Pool #CB2348		76,786
	93,889	3.00%, 12/1/51, Pool #BT9503		82,654
	856,625	2.00%, 1/1/52, Pool #FS0286		700,138
	371,550	2.00%, 1/1/52, Pool #FS0288		304,003
	3,775,000	2.00%, 1/25/52, TBA		3,080,164
	870,700	3.00%, 2/1/52, Pool #FS0671		765,773
	906,071	2.00%, 2/1/52, Pool #CB2842		739,379
	376,590	2.50%, 2/1/52, Pool #FS0605		322,337
	233,974	3.00%, 2/1/52, Pool #FS0631		206,509
	36,457	3.50%, 3/1/52, Pool #CB3174		33,202
	385,630	3.00%, 4/1/52, Pool # BU8933		339,087
	29,858	3.00%, 4/1/52, Pool #CB3242		26,259
	934,512	3.00%, 4/1/52, Pool # BV6599		822,738
	449,999	4.50%, 7/1/52, Pool #MA4656		434,689
	69,844	2.50%, 8/1/52, Pool #MA4743		59,369
	99,001	4.00%, 9/1/52, Pool #FS3083		93,327
	195,907	5.50%, 10/1/52, Pool #CB4843		197,084
	49,812	5.00%, 10/1/52, Pool #CB4893		49,778
	49,688	5.00%, 11/1/52, Pool #FS3295		49,484
	99,704	5.00%, 11/1/52, Pool #FS3248		99,636
	199,085	5.00%, 11/1/52, Pool #CB5128		199,381
	49,970	5.00%, 12/1/52, Pool #CB5273		49,936
	600,000	2.50%, 1/25/53, TBA		509,531
	150,000	5.00%, 1/25/53, TBA		147,914
	2,500,000	1.50%, 1/25/53, TBA		1,918,750
	450,000	3.00%, 1/25/53, TBA		395,719
	150,000	3.50%, 1/25/53, TBA		136,523
	100,000	4.00%, 1/25/53, TBA		93,984
	4,900,000	2.00%, 2/25/53, TBA		4,002,688

				38,684,963


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association (4.2%):
$	4,017	5.00%, 6/15/34, Pool #629493	$	4,043
	2,468	5.00%, 3/15/38, Pool #676766		2,541
	1,577	5.00%, 4/15/38, Pool #672672		1,625
	5,533	5.00%, 8/15/38, Pool #687818		5,700
	48,471	5.00%, 1/15/39, Pool #705997		49,925
	97,196	5.00%, 3/15/39, Pool #646746		100,121
	599	5.00%, 3/15/39, Pool #697946		602
	92,926	4.00%, 10/15/40, Pool #783143		90,387
	25,792	4.00%, 10/20/40, Pool #G24833		25,087
	77,482	4.00%, 1/20/41, Pool #4922		75,364
	213,819	4.50%, 3/20/41, Pool #4978		213,846
	157,019	4.00%, 5/20/41, Pool #5054		152,731
	74,204	4.50%, 5/20/41, Pool #005055		74,213
	73,084	4.50%, 6/15/41, Pool #366975		73,487
	49,466	4.50%, 6/20/41, Pool #005082		49,473
	176,732	4.00%, 10/20/41, Pool #5203		171,902
	199,804	3.50%, 12/20/41, Pool #5258		188,995
	348,045	4.00%, 1/20/42, Pool #5280		338,530
	123,478	3.00%, 12/20/42, Pool #MA0624		112,967
	191,960	3.00%, 12/20/42, Pool #AA5872		172,049
	21,576	3.00%, 1/20/43, Pool #MA0698		19,240
	267,281	3.50%, 2/20/43, Pool #MA0783		254,900
	35,750	3.50%, 3/20/43, Pool #AD8884		33,216
	53,856	3.00%, 3/20/43, Pool #AD8812		49,691
	124,941	3.00%, 3/20/43, Pool #AA6146		117,974
	13,302	3.50%, 4/20/43, Pool #AB9891		12,360
	36,467	3.50%, 4/20/43, Pool #AD9075		33,877
	3,097	4.00%, 7/20/44, Pool #MA2074		3,012
	45,328	4.00%, 5/20/45, Pool #MA2893		44,090
	64,830	4.00%, 8/20/45, Pool #MA3035		63,062
	2,455	4.00%, 9/20/45, Pool #MA3106		2,388
	2,605	4.00%, 10/20/45, Pool #MA3174		2,534
	3,024	4.00%, 12/20/45, Pool #MA3311		2,941
	2,937	4.00%, 1/20/46, Pool #MA3377		2,857
	133,222	4.00%, 4/15/46, Pool #784232		132,272
	177,321	4.00%, 5/20/46, Pool #MA3664		172,484
	20,419	3.50%, 7/20/46, Pool #784391		19,127
	11,298	3.00%, 10/20/46, Pool #MA4003		10,288
	588,986	3.00%, 12/20/46, Pool #MA4126		536,319
	58,106	4.00%, 1/15/47, Pool #AX5857		55,952
	50,871	4.00%, 1/15/47, Pool #AX5831		48,928
	185,661	3.00%, 1/20/47, Pool #MA4195		169,058
	111,732	3.00%, 2/20/47, Pool #MA4261		101,560
	21,614	4.00%, 3/20/47, Pool #MA4322		20,859
	186,540	4.00%, 4/20/47, Pool #784303		176,325
	21,557	4.00%, 4/20/47, Pool #MA4383		20,803
	189,012	4.00%, 4/20/47, Pool #784304		178,702
	13,986	4.00%, 5/20/47, Pool #MA4452		13,497
	59,797	4.00%, 6/20/47, Pool #MA4511		57,706
	66,439	4.00%, 4/20/48, Pool #BG3507		63,367
	56,792	4.00%, 4/20/48, Pool #BG7744		54,151
	800,000	3.00%, 2/20/50, TBA		713,625
	100,000	3.00%, 1/20/51, TBA		89,141
	192,731	2.00%, 2/20/51, Pool #MA7192		161,641
	2,850,000	2.00%, 2/20/51, TBA		2,391,328
	800,000	3.50%, 2/20/51, TBA		736,031
	1,700,000	2.50%, 2/20/51, TBA		1,476,211


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	350,000	2.00%, 3/20/52	$	293,836
	1,250,000	2.00%, 1/20/53, TBA		1,048,242
	700,000	4.50%, 1/20/53, TBA		679,984
	750,000	3.50%, 1/20/53, TBA		689,531
	1,925,000	2.50%, 7/20/53, TBA		1,669,937

				14,326,635

Federal Home Loan Mortgage Corporation (4.5%):
	20,620	2.50%, 6/1/31, Pool #G18604		19,332
	36,387	2.50%, 7/1/31, Pool #V61246		33,853
	61,448	2.50%, 8/1/31, Pool #V61273		58,203
	219,951	3.50%, 3/1/32, Pool #C91403		211,100
	660,839	3.50%, 7/1/32, Pool #C91467		634,243
	5,751	2.50%, 8/1/32, Pool #G18654		5,327
	6,175	2.50%, 11/1/32, Pool #G18665		5,718
	187,992	2.50%, 12/1/32, Pool #G18669		173,393
	28,281	2.50%, 3/1/33, Pool #G18680		26,457
	11,472	2.50%, 4/1/33, Pool #G18683		10,732
	67,833	3.00%, 4/1/33, Pool #G18684		64,029
	5,914	2.50%, 5/1/33, Pool #G18687		5,533
	126,676	2.50%, 7/1/33, Pool #G16661		117,293
	26,731	3.00%, 4/1/34, Pool #G16829		25,689
	241,778	3.50%, 10/1/34, Pool #C91793		233,470
	473,886	4.00%, 5/1/37, Pool #C91938		459,305
	19,147	3.50%, 4/1/40, Pool #V81744		17,884
	39,126	3.50%, 5/1/40, Pool #V81750		36,522
	43,933	3.50%, 6/1/40, Pool #V81792		41,020
	23,761	3.50%, 8/1/40, Pool #V81886		22,180
	16,173	3.50%, 9/1/40, Pool #V81958		15,098
	27,862	4.50%, 1/1/41, Pool #A96051		27,233
	25,844	4.50%, 3/1/41, Pool #A97673		25,645
	40,948	4.50%, 4/1/41, Pool #A97942		40,632
	20,742	2.00%, 4/1/41, Pool #RB5108		17,673
	151,423	5.00%, 6/1/41, Pool #G06596		154,776
	21,568	2.00%, 7/1/41, Pool #RB5118		18,376
	22,594	2.00%, 10/1/41, Pool #RB5131		18,999
	536,548	4.50%, 1/1/42, Pool #G60517		532,187
	74,633	3.00%, 12/1/42, Pool #C04320		68,609
	25,940	4.00%, 5/1/43, Pool #Q18481		24,434
	25,813	4.00%, 7/1/43, Pool #Q19597		24,314
	23,307	4.00%, 10/1/43, Pool #Q22499		21,959
	28,010	4.00%, 1/1/44, Pool #V80950		26,416
	88,803	3.50%, 1/1/44, Pool #G60271		81,092
	177,186	3.50%, 1/1/44, Pool #G07922		165,060
	106,890	4.00%, 1/1/45, Pool #Q30720		102,990
	88,937	4.00%, 2/1/45, Pool #G07949		86,649
	26,779	3.50%, 3/1/45, Pool #Q31974		25,192
	44,285	3.50%, 3/1/45, Pool #Q32008		41,666
	24,140	3.50%, 3/1/45, Pool #Q32328		22,722
	104,188	3.50%, 5/1/45, Pool #Q33547		95,592
	16,124	3.00%, 5/1/45, Pool #Q33468		14,652
	142,566	3.50%, 6/1/45, Pool #Q34164		130,771
	22,188	3.50%, 6/1/45, Pool #Q33791		20,359
	116,908	3.00%, 6/1/45, Pool #Q34156		106,224
	33,528	3.00%, 7/1/45, Pool #Q34759		30,313
	10,040	3.00%, 7/1/45, Pool #Q34979		9,089
	46,650	4.00%, 8/1/45, Pool #Q35845		44,290


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	9,150	4.00%, 9/1/45, Pool #Q37853	$	8,766
	4,190	4.00%, 11/1/45, Pool #Q38812		3,989
	163,945	3.50%, 11/1/45, Pool #Q37467		154,279
	1,755	4.00%, 2/1/46, Pool #Q38879		1,686
	10,275	4.00%, 2/1/46, Pool #Q38782		9,867
	11,554	4.00%, 2/1/46, Pool #Q38783		11,094
	6,013	4.00%, 4/1/46, Pool #Q39975		5,775
	25,561	4.00%, 4/1/46, Pool #V82292		24,593
	63,129	3.50%, 5/1/46, Pool #G60603		59,079
	187,655	3.50%, 5/1/46, Pool #G60553		175,466
	53,368	3.50%, 5/1/46, Pool #Q40647		48,996
	166,603	3.50%, 9/1/46, Pool #Q43257		155,912
	8,094	4.00%, 9/1/47, Pool #Q50433		7,792
	14,628	4.00%, 10/1/47, Pool #Q51189		14,081
	11,026	4.00%, 2/1/48, Pool #Q54192		10,621
	124,477	4.00%, 5/1/48, Pool #Q55992		119,923
	376,161	4.00%, 6/1/48, Pool #G67713		362,517
	45,782	4.00%, 7/1/48, Pool #Q59935		44,232
	355,059	2.50%, 10/1/50, Pool #SD7525		305,215
	510,190	2.50%, 11/1/50, Pool #SD7530		437,440
	40,382	2.50%, 2/1/51, Pool #SD7535		34,722
	132,112	2.00%, 5/1/51, Pool #SD7541		109,420
	597,424	3.00%, 5/1/51, Pool #QC1881		535,925
	13,672	2.00%, 7/1/51, Pool #QC4163		11,322
	141,088	3.00%, 9/1/51, Pool #QC7496		124,805
	323,575	2.00%, 10/1/51, Pool #RA6076		265,690
	139,082	3.00%, 11/1/51, Pool #QD1240		123,034
	466,578	2.00%, 11/1/51, Pool #RA6241		382,998
	186,547	2.00%, 11/1/51, Pool #RA6302		152,675
	1,912,671	3.00%, 12/1/51, Pool #SD8184		1,692,349
	372,978	2.50%, 12/1/51, Pool #RA6434		320,055
	94,235	2.50%, 12/1/51, Pool #RA6496		80,456
	188,206	2.00%, 12/1/51, Pool #RA6510		154,915
	1,112,805	2.50%, 12/1/51, Pool #RA6435		955,084
	331,128	2.50%, 1/1/52, Pool #RA6622		283,288
	285,227	2.00%, 2/1/52, Pool #RA6823		232,938
	570,608	2.00%, 2/1/52, Pool #RA6820		465,717
	241,416	3.50%, 3/1/52, Pool #RA6950		220,576
	173,094	3.50%, 3/1/52, Pool #SD8202		157,565
	618,958	3.00%, 3/1/52, Pool #RA6988		544,777
	229,409	3.50%, 3/1/52, Pool #RA6949		210,061
	1,055,044	2.50%, 4/1/52, Pool #QD9578		896,859
	200,000	4.00%, 7/1/52, Pool #QE5611		188,444
	399,999	3.00%, 7/1/52, Pool #QE5364		351,842


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	99,251	5.00%, 11/1/52, Pool # SD1862	$	100,632
	299,261	5.00%, 12/1/52, Pool # SD1924		299,058

				15,050,825

	Total U.S. Government Agency Mortgages (Cost $73,053,036)			68,062,423

U.S. Treasury Obligations (21.4%):
U.S. Treasury Bills (0.7%):
	2,501,800	3.38%, 8/15/42		2,250,838

U.S. Treasury Bonds (9.9%):
	2,566,000	1.13%, 5/15/40		1,618,184
	7,103,000	1.75%, 8/15/41		4,897,741
	1,600,000	2.00%, 11/15/41		1,151,250
	11,313,000	3.00%, 2/15/47		9,324,387
	18,386,000	2.00%, 8/15/51		12,146,251
	3,222,000	1.88%, 11/15/51		2,060,066
	2,100,000	2.25%, 2/15/52		1,474,922
	600,000	2.88%, 5/15/52		485,156

				33,157,957

U.S. Treasury Notes (10.8%):
	4,700,000	0.38%, 1/31/26		4,184,469
	9,253,000	0.75%, 3/31/26		8,301,676
	3,457,000	1.25%, 12/31/26		3,098,876
	4,965,000	1.25%, 5/31/28		4,305,586
	6,946,000	1.13%, 8/31/28		5,945,342
	1,460,000	1.25%, 9/30/28		1,256,284
	10,012,000	2.88%, 5/15/32		9,257,971

				36,350,204

	Total U.S. Treasury Obligations (Cost $94,198,659)			71,758,999

Shares			Value
Short-Term Security Held as Collateral for Securities on Loan (0.7%):
	2,283,733	BlackRock Liquidity FedFund, Institutional Class , 1.49%(d)(e)		2,283,733

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,283,733)			2,283,733

Unaffiliated Investment Company (4.5%):
Money Markets (4.5%):
	15,095,928	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(e)		15,095,928

	Total Unaffiliated Investment Company (Cost $15,095,928)			15,095,928

	Total Investment Securities (Cost $411,369,626) — 107.8%(f)			362,100,784
	Net other assets (liabilities) — (7.8)%			(26,316,943	)

	Net Assets — 100.0%		$	335,783,841

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, 2022:


Country	Percentage

Argentina		0.1	%
Australia		0.2	%
Brazil		—	%^†
Canada		0.6	%
Cayman Islands		3.7	%
Chile		0.1	%
Colombia		—	%^†
Dominican Republic		0.4	%
France		0.4	%
Germany		0.4	%
Guernsey		0.5	%
Hong Kong		0.2	%
Indonesia		0.1	%
Ireland		0.6	%
Italy		0.4	%
Jersey		0.1	%


Country	Percentage
Luxembourg		0.6	%
Macau		—	%^†
Mexico		1.1	%
Netherlands		0.5	%
Qatar		0.1	%
Saudi Arabia		0.1	%
Spain		—	%
Supranational		0.1	%
Switzerland		0.4	%
United Arab Emirates		0.1	%
United Kingdom		0.9	%
United States		88.3	%
Zambia		—	%^†

		100.0	%

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	411,369,626

Investment securities, at value(a)	$	362,100,784
Cash		339
Interest and dividends receivable		3,390,555
Receivable for capital shares issued		38,101
Receivable for investments sold		856,495
Receivable for TBA investments sold		25,998,582
Prepaid expenses		1,366

Total Assets		392,386,222

Liabilities:
Payable for investments purchased		244,835
Payable for TBA investments purchased		53,677,509
Payable for capital shares redeemed		1,996
Payable for collateral received on loaned securities		2,283,733
Securities sold short (Proceeds received $138,035)		136,523
Management fees payable		145,007
Administration fees payable		23,513
Distribution fees payable		68,927
Custodian fees payable		1,732
Administrative and compliance services fees payable		938
Transfer agent fees payable		1,639
Trustee fees payable		2,342
Other accrued liabilities		13,687

Total Liabilities		56,602,381

Net Assets	$	335,783,841

Net Assets Consist of:
Paid in capital	$	385,147,792
Total distributable earnings		(49,363,951	)

Net Assets	$	335,783,841

Class 1
Net Assets	$	16,552,849
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,972,947
Net Asset Value (offering and redemption price per share)	$	8.39

Class 2
Net Assets	$	319,230,992
Shares of beneficial interest (unlimited number of shares authorized, no par value)		36,730,154
Net Asset Value (offering and redemption price per share)	$	8.69

(a)	Includes securities on loan of $2,190,133.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Interest	$	12,716,102
Dividends		200,073
Income from securities lending		20,560

Total Investment Income		12,936,735

Expenses:
Management fees		1,877,415
Administration fees		135,276
Distribution fees — Class 2		893,284
Custodian fees		10,248
Administrative and compliance services fees		5,295
Transfer agent fees		12,053
Trustee fees		21,193
Professional fees		16,350
Shareholder reports		17,964
Other expenses		10,402

Total expenses		2,999,480

Net Investment Income/(Loss)		9,937,255

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		(10,019,415	)
Net realized gains/(losses) on securities sold short		(1,570	)
Change in net unrealized appreciation/depreciation on securities		(57,360,055	)
Change in net unrealized appreciation/depreciation on securities sold short		1,512

Net realized and Change in net unrealized gains/losses on investments		(67,379,528	)

Change in Net Assets Resulting From Operations	$	(57,442,273	)

(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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL MetWest Total Return Bond Fund and costs related to the reorganization will be paid by the Manager.

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 period, 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.

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.

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 $2,045 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,283,733 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, 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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

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 combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets over of the Funds $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.”

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 to 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.

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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022, 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, 2022 are identified below.

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.

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 “Reference Rate Reform (Topic 848)”. ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $411,273,278. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL MetWest Total Return Bond Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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, 2022, 0.05% 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, 2022, the Fund declared net short-term capital gain distributions of $156,968.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $8,873,521.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

The Fund’s total return for the year was (12.34)%. That compares to a (18.11)% total return for the S&P 500 Index, the Fund’s primary benchmark. 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 12.99% compared to 24.18% 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 as compared to the broad equity markets. To accomplish this goal, the Fund invests in a diversified portfolio of common stocks. In addition, the Fund sells index call options to lower volatility and generate cash flow; the Fund then uses a portion of this cash flow to purchase index put options, which helps mitigate any sharp, sudden price declines in the equity portfolio.

Investor worries over high inflation, the war in Ukraine, and rising interest rates pressured equity markets in 2022. As a result, the S&P 500 Index posted its fourth worst annual return of the last 85 years. The year also ranks as one of the most volatile on record. Realized volatility, as measured by the standard deviation² of daily returns for the S&P 500 Index, was the eighth highest in the last 85 years. The U.S. Federal Reserve raised interest rates seven times during 2022, leaving the federal funds rate target at between 4.25% and 4.5% by the end of the year.

The Fund outperformed its primary benchmark for 2022 and achieved its risk objective by exhibiting significantly less risk than the equity market as measured by standard deviation of daily returns. The Fund’s downside risk-reducing options strategy generated gains that contributed to returns as markets experienced losses during the majority of the year.

Higher-than-normal implied volatility helped support the Fund’s relative returns as Fund managers took advantage of higher volatility priced into longer-dated call option contracts in deteriorating market conditions. Throughout 2022, the Fund’s two-part options 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. Consistent with its investment objective, the measured risk of the Fund was lower than the U.S. equity market. In mitigating downside risk, the derivatives had an overall positive impact on the Fund’s return relative to its benchmark.

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, 2022
	1 Year			3 Year			5 Year			10 Year
AZL^® Gateway Fund		(12.34	)%		1.48	%		2.01	%		3.75	%
S&P 500^® Index		(18.11	)%		7.66	%		9.42	%		12.56	%


Expense Ratio	Gross
AZL^® Gateway Fund		1.12	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. 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, 2024. Additional information pertaining to the December 31, 2022 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 (97.7%):
Aerospace & Defense+ (1.7%):
	2,605	Boeing Co. (The)*	$	496,226
	704	HEICO Corp.		108,163
	1,640	L3harris Technologies, Inc.		341,464
	9,028	Raytheon Technologies Corp.		911,106

				1,856,959

Air Freight & Logistics+ (0.7%):
	555	FedEx Corp.		96,126
	568	GXO Logistics, Inc.*		24,248
	3,591	United Parcel Service, Inc., Class B		624,260
	629	XPO Logistics, Inc.*		20,939

				765,573

Airlines+ (0.3%):
	2,713	Alaska Air Group, Inc.*		116,496
	11,608	JetBlue Airways Corp.*		75,220
	2,475	United Airlines Holdings, Inc.*		93,308

				285,024

Auto Components+ (0.1%):
	659	Autoliv, Inc.		50,466
	1,865	Goodyear Tire & Rubber Co. (The)*		18,930

				69,396

Automobiles+ (1.3%):
	19,487	Ford Motor Co.		226,634
	6,475	General Motors Co.		217,819
	8,451	Tesla, Inc.*		1,040,994

				1,485,447

Banks+ (3.5%):
	4,184	Associated Banc-Corp.		96,609
	34,939	Bank of America Corp.		1,157,180
	12,799	JPMorgan Chase & Co.		1,716,346
	410	Signature Bank		47,240
	21,166	Wells Fargo & Co.		873,944

				3,891,319

Beverages+ (1.8%):
	11,429	Keurig Dr Pepper, Inc.		407,558
	3,501	Monster Beverage Corp.*		355,457
	6,985	PepsiCo, Inc.		1,261,910

				2,024,925

Biotechnology+ (2.3%):
	6,582	AbbVie, Inc.		1,063,717
	129	Alnylam Pharmaceuticals, Inc.*		30,657
	2,225	Amgen, Inc.		584,374
	692	Biogen, Inc.*		191,629
	426	BioMarin Pharmaceutical, Inc.*		44,087
	294	Exact Sciences Corp.*		14,556
	844	Ionis Pharmaceuticals, Inc.*		31,878
	1,259	Moderna, Inc.*		226,141
	451	Seagen, Inc.*		57,958
	1,213	Vertex Pharmaceuticals, Inc.*		350,290

				2,595,287

Building Products+ (0.3%):
	235	Carlisle Cos., Inc.		55,378
	5,718	Carrier Global Corp.		235,867
	357	Lennox International, Inc.		85,405

				376,650


Shares			Value
Common Stocks, continued
Capital Markets+ (2.6%):
	682	Blackstone, Inc., Class A	$	50,597
	6,947	Charles Schwab Corp. (The)		578,407
	481	FactSet Research Systems, Inc.		192,982
	4,074	Intercontinental Exchange, Inc.		417,952
	1,390	KKR & Co., Inc., Class A		64,524
	293	LPL Financial Holdings, Inc.		63,338
	7,751	Morgan Stanley		658,990
	688	MSCI, Inc.		320,037
	1,570	S&P Global, Inc.		525,856

				2,872,683

Chemicals+ (1.6%):
	1,367	Ashland, Inc.		146,994
	1,171	Celanese Corp.		119,723
	5,563	Corteva, Inc.		326,993
	4,853	Dow, Inc.		244,543
	2,128	Eastman Chemical Co.		173,304
	898	Ingevity Corp.*		63,255
	2,694	LyondellBasell Industries NV, Class A		223,683
	2,112	Mosaic Co. (The)		92,653
	609	Nutrien, Ltd.		44,475
	1,087	Olin Corp.		57,546
	1,577	RPM International, Inc.		153,679
	3,199	Valvoline, Inc.		104,447

				1,751,295

Commercial Services & Supplies+ (0.8%):
	3,976	Copart, Inc.*		242,098
	1,178	Waste Connections, Inc.		156,156
	3,368	Waste Management, Inc.		528,372

				926,626

Communications Equipment+ (0.9%):
	465	Ciena Corp.*		23,705
	20,334	Cisco Systems, Inc.		968,712

				992,417

Construction Materials+ (0.2%):
	782	Martin Marietta Materials, Inc.		264,293

Consumer Finance+ (0.5%):
	2,123	Ally Financial, Inc.		51,907
	3,031	Discover Financial Services		296,523
	7,415	Synchrony Financial		243,657

				592,087

Containers & Packaging+ (0.4%):
	876	Avery Dennison Corp.		158,556
	1,000	Crown Holdings, Inc.		82,210
	2,073	Sonoco Products Co.		125,852
	2,157	Westrock Co.		75,840

				442,458

Distributors+ (0.3%):
	1,753	Genuine Parts Co.		304,163

Diversified Consumer Services+ (0.1%):
	1,149	Service Corp. International		79,442

Diversified Financial Services+ (2.1%):
	7,098	Berkshire Hathaway, Inc., Class B*		2,192,572
	2,150	Voya Financial, Inc.		132,204

				2,324,776


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services+ (0.9%):
	5,251	Liberty Global plc, Class C*	$	102,027
	11,761	Lumen Technologies, Inc.		61,392
	19,937	Verizon Communications, Inc.		785,518

				948,937

Electric Utilities+ (1.5%):
	5,329	Alliant Energy Corp.		294,214
	6,782	American Electric Power Co., Inc.		643,951
	1,537	Constellation Energy Corp.		132,505
	2,195	Evergy, Inc.		138,131
	5,905	FirstEnergy Corp.		247,656
	2,651	OGE Energy Corp.		104,847
	8,112	PG&E Corp.*		131,901

				1,693,205

Electrical Equipment+ (0.6%):
	2,943	Eaton Corp. plc		461,904
	237	Generac Holdings, Inc.*		23,856
	850	Hubbell, Inc.		199,478

				685,238

Electronic Equipment, Instruments & Components+ (0.7%):
	1,598	CDW Corp.		285,371
	6,358	Corning, Inc.		203,075
	440	Teledyne Technologies, Inc.*		175,960
	547	Zebra Technologies Corp., Class A*		140,256

				804,662

Energy Equipment & Services+ (0.5%):
	11,765	Halliburton Co.		462,953
	1,692	Helmerich & Payne, Inc.		83,872

				546,825

Entertainment+ (1.2%):
	1,339	Live Nation Entertainment, Inc.*		93,382
	1,836	Netflix, Inc.*		541,400
	111	Roku, Inc.*		4,518
	7,773	Walt Disney Co. (The)*		675,318

				1,314,618

Equity Real Estate Investment Trusts+ (2.3%):
	2,277	American Tower Corp.		482,405
	3,862	American Homes 4 Rent, Class A		116,401
	1,436	Camden Property Trust		160,660
	2,565	CubeSmart		103,241
	2,981	Douglas Emmett, Inc.		46,742
	2,308	Equity Lifestyle Properties, Inc.		149,097
	4,178	Healthcare Realty Trust, Inc.		80,510
	6,940	Invitation Homes, Inc.		205,701
	1,058	Kilroy Realty Corp.		40,913
	7,335	Medical Properties Trust, Inc.		81,712
	3,442	National Retail Properties, Inc.		157,506
	2,875	Prologis, Inc.		324,099
	7,189	Sabra Health Care REIT, Inc.		89,359
	1,102	Sun Communities, Inc.		157,586
	4,534	UDR, Inc.		175,602
	1,711	WP Carey, Inc.		133,715

				2,505,249


Shares			Value
Common Stocks, continued
Food & Staples Retailing+ (1.8%):
	418	Casey’s General Stores, Inc.	$	93,778
	1,779	Costco Wholesale Corp.		812,113
	4,575	Kroger Co. (The)		203,954
	1,996	US Foods Holding Corp.*		67,904
	5,571	Walmart, Inc.		789,912

				1,967,661

Food Products+ (1.2%):
	1,028	Bunge, Ltd.		102,564
	4,697	Hormel Foods Corp.		213,948
	1,292	Lamb Weston Holdings, Inc.		115,453
	11,503	Mondelez International, Inc., Class A		766,675
	905	Post Holdings, Inc.*		81,685

				1,280,325

Gas Utilities+ (0.0%^†):
	1,211	UGI Corp.		44,892

Health Care Equipment & Supplies+ (3.2%):
	7,535	Abbott Laboratories		827,268
	3,051	Baxter International, Inc.		155,510
	9,195	Boston Scientific Corp.*		425,453
	2,451	Danaher Corp.		650,544
	3,594	Edwards Lifesciences Corp.*		268,148
	55	Insulet Corp.*		16,191
	1,792	Intuitive Surgical, Inc.*		475,507
	5,987	Medtronic plc		465,310
	904	STERIS plc		166,960
	405	Teleflex, Inc.		101,100

				3,551,991

Health Care Providers & Services+ (3.5%):
	6,570	CVS Health Corp.		612,258
	1,381	Elevance Health, Inc.		708,412
	1,456	HCA Healthcare, Inc.		349,382
	268	Molina Healthcare, Inc.*		88,499
	3,723	UnitedHealth Group, Inc.		1,973,860
	1,059	Universal Health Services, Inc., Class B		149,202

				3,881,613

Health Care Technology+ (0.1%):
	568	Veeva Systems, Inc., Class A*		91,664

Hotels, Restaurants & Leisure+ (1.8%):
	211	Booking Holdings, Inc.*		425,224
	2,798	Hilton Grand Vacations, Inc.*		107,835
	3,120	Hilton Worldwide Holdings, Inc.		394,243
	3,323	McDonald’s Corp.		875,710
	2,975	Melco Resorts & Entertainment, Ltd., ADR*		34,213
	251	Vail Resorts, Inc.		59,826
	4,006	Wendy’s Co. (The)		90,656

				1,987,707

Household Durables+ (0.3%):
	41	NVR, Inc.*		189,116
	2,068	Toll Brothers, Inc.		103,234

				292,350

Household Products+ (1.6%):
	1,225	Clorox Co. (The)		171,904
	10,789	Procter & Gamble Co. (The)		1,635,181

				1,807,085


Shares			Value
Common Stocks, continued
Industrial Conglomerates+ (1.3%):
	3,306	3M Co.	$	396,455
	3,497	General Electric Co.		293,014
	3,546	Honeywell International, Inc.		759,908

				1,449,377

Insurance (2.3%):
	9,635	Aflac, Inc.+		693,142
	1,031	American Financial Group, Inc.+		141,536
	1,688	Aon plc, Class A+		506,636
	3,886	Arch Capital Group, Ltd.*+		243,963
	3,063	Arthur J. Gallagher & Co.+		577,498
	84	F&G Annuities & Life, Inc.*		1,681
	1,245	Fidelity National Financial, Inc.+		46,837
	2,562	Lincoln National Corp.+		78,705
	50	Markel Corp.*+		65,874
	441	RenaissanceRe Holdings, Ltd.+		81,245
	3,962	Unum Group+		162,561

				2,599,678

Interactive Media & Services+ (4.0%):
	9,322	Alphabet, Inc., Class A*		822,480
	29,397	Alphabet, Inc., Class C*		2,608,396
	810	Match Group, Inc.*		33,607
	7,997	Meta Platforms, Inc., Class A*		962,359
	670	ZoomInfo Technologies, Inc.*		20,173

				4,447,015

Internet & Direct Marketing Retail+ (2.4%):
	29,736	Amazon.com, Inc.*		2,497,824
	746	Etsy, Inc.*		89,356
	58	MercadoLibre, Inc.*		49,082

				2,636,262

IT Services+ (4.7%):
	2,482	Accenture plc, Class A		662,297
	2,332	Automatic Data Processing, Inc.		557,021
	525	Black Knight, Inc.*		32,419
	772	Block, Inc.*		48,512
	1,984	DXC Technology Co.*		52,576
	267	EPAM Systems, Inc.*		87,507
	3,223	Fidelity National Information Services, Inc.		218,680
	634	Gartner, Inc.*		213,113
	3,221	Mastercard, Inc., Class A		1,120,038
	2,660	Paychex, Inc.		307,390
	4,953	PayPal Holdings, Inc.*		352,753
	1,201	Shopify, Inc., Class A*		41,687
	156	Twilio, Inc., Class A*		7,638
	1,176	VeriSign, Inc.*		241,597
	6,174	Visa, Inc., Class A		1,282,710

				5,225,938

Leisure Products+ (0.0%^†):
	331	Polaris, Inc.		33,431

Life Sciences Tools & Services+ (1.1%):
	2,514	Avantor, Inc.*		53,020
	499	ICON plc*		96,931
	868	Illumina, Inc.*		175,510
	1,658	Thermo Fisher Scientific, Inc.		913,044

				1,238,505


Shares			Value
Common Stocks, continued
Machinery+ (2.0%):
	2,720	Caterpillar, Inc.	$	651,603
	1,462	Cummins, Inc.		354,228
	1,299	Deere & Co.		556,959
	1,507	Parker-Hannifin Corp.		438,537
	1,935	Pentair PLC		87,036
	1,101	Timken Co.		77,808

				2,166,171

Media+ (0.7%):
	18,347	Comcast Corp., Class A		641,595
	582	Liberty Broadband Corp., Class C*		44,389
	8,669	Sirius XM Holdings, Inc.		50,627

				736,611

Metals & Mining+ (0.3%):
	491	Alcoa Corp.		22,326
	2,982	Newmont Corp.		140,750
	1,912	Southern Copper Corp.		115,466
	794	Steel Dynamics, Inc.		77,574

				356,116

Mortgage Real Estate Investment Trusts (REITs)+ (0.0%^†):
	2,365	Annaly Capital Management, Inc.		49,854

Multiline Retail+ (0.4%):
	1,768	Nordstrom, Inc.		28,536
	2,484	Target Corp.		370,215

				398,751

Multi-Utilities+ (1.7%):
	5,247	Ameren Corp.		466,563
	5,781	Consolidated Edison, Inc.		550,987
	5,693	Public Service Enterprise Group, Inc.		348,810
	5,050	WEC Energy Group, Inc.		473,488

				1,839,848

Oil, Gas & Consumable Fuels+ (4.7%):
	5,525	Cenovus Energy, Inc.		107,240
	817	Cheniere Energy, Inc.		122,517
	7,078	Chevron Corp.		1,270,430
	7,217	ConocoPhillips		851,606
	652	Enbridge, Inc.		25,493
	2,045	EQT Corp.		69,182
	15,763	Exxon Mobil Corp.		1,738,659
	978	HF Sinclair Corp.		50,749
	3,613	Occidental Petroleum Corp.		227,583
	4,110	ONEOK, Inc.		270,027
	2,069	Suncor Energy, Inc.		65,650
	1,826	Targa Resources Corp.		134,211
	1,744	Valero Energy Corp.		221,244

				5,154,591

Personal Products+ (0.0%^†):
	2,072	Herbalife Nutrition, Ltd.*		30,831

Pharmaceuticals+ (5.2%):
	9,549	Bristol-Myers Squibb Co.		687,051
	3,078	Eli Lilly & Co.		1,126,055
	444	Horizon Therapeutics plc*		50,527
	248	Jazz Pharmaceuticals plc*		39,509
	9,538	Johnson & Johnson		1,684,888
	9,791	Merck & Co., Inc.		1,086,311


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	20,613	Pfizer, Inc.	$	1,056,210

				5,730,551

Professional Services+ (0.3%):
	820	Booz Allen Hamilton Holding Corp.		85,706
	1,659	CoStar Group, Inc.*		128,208
	1,006	ManpowerGroup, Inc.		83,709
	817	TransUnion		46,365

				343,988

Real Estate Management & Development+ (0.0%^†):
	865	Zillow Group, Inc., Class C*		27,862

Road & Rail (0.9%):
	1,878	Canadian Pacific Railway, Ltd.+		140,080
	13,934	CSX Corp.+		431,675
	789	JB Hunt Transport Services, Inc.+		137,570
	809	Lyft, Inc., Class A*+		8,915
	701	Old Dominion Freight Line, Inc.+		198,930
	629	RXO, Inc.*		10,819
	1,740	Uber Technologies, Inc.*+		43,030

				971,019

Semiconductors & Semiconductor Equipment+ (4.9%):
	6,462	Advanced Micro Devices, Inc.*		418,544
	2,821	Analog Devices, Inc.		462,729
	2,601	Applied Materials, Inc.		253,285
	1,642	Broadcom, Inc.		918,091
	258	First Solar, Inc.*		38,646
	15,805	Intel Corp.		417,726
	2,546	Marvell Technology, Inc.		94,304
	5,019	Micron Technology, Inc.		250,850
	8,617	NVIDIA Corp.		1,259,288
	4,387	Qualcomm, Inc.		482,307
	1,753	Teradyne, Inc.		153,124
	4,241	Texas Instruments, Inc.		700,698

				5,449,592

Software+ (8.2%):
	1,990	Adobe, Inc.*		669,695
	230	Aspen Technology, Inc.*		47,242
	2,250	Cadence Design Systems, Inc.*		361,440
	1,350	Ceridian HCM Holding, Inc.*		86,602
	25,832	Microsoft Corp.		6,195,030
	6,835	Oracle Corp.		558,693
	666	Palo Alto Networks, Inc.*		92,934
	3,508	Salesforce, Inc.*		465,126
	876	ServiceNow, Inc.*		340,125


Shares			Value
Common Stocks, continued
Software, continued
	366	SS&C Technologies Holdings, Inc.	$	19,054
	794	VMware, Inc., Class A*		97,471
	458	Workday, Inc., Class A*		76,637
	450	Zoom Video Communications, Inc., Class A*		30,483

				9,040,532

Specialty Retail+ (2.4%):
	2,912	American Eagle Outfitters, Inc.		40,651
	301	Burlington Stores, Inc.*		61,031
	326	Dick’s Sporting Goods, Inc.		39,215
	1,818	Foot Locker, Inc.		68,702
	4,200	Home Depot, Inc. (The)		1,326,612
	3,445	Lowe’s Cos., Inc.		686,382
	447	O’Reilly Automotive, Inc.*		377,281
	287	Williams-Sonoma, Inc.		32,982

				2,632,856

Technology Hardware, Storage & Peripherals+ (6.2%):
	52,380	Apple, Inc.		6,805,733
	1,086	Dell Technologies, Inc., Class C		43,679

				6,849,412

Textiles, Apparel & Luxury Goods+ (0.6%):
	257	Lululemon Athletica, Inc.*		82,338
	5,342	NIKE, Inc., Class B		625,067

				707,405

Tobacco+ (0.6%):
	13,489	Altria Group, Inc.		616,582

Trading Companies & Distributors+ (0.1%):
	679	GATX Corp.		72,205

	Total Common Stocks (Cost $53,298,053)			108,109,825


Contracts			Value
Purchased Options (1.0%)^:
	Total Purchased Options (Cost $1,632,278)			1,069,165


Shares			Value
Unaffiliated Investment Company (2.7%):
Money Markets (2.7%):
	2,983,491	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(a)		2,983,491

	Total Unaffiliated Investment Company (Cost $2,983,491)			2,983,491

	Total Investment Securities (Cost $57,913,822) — 101.4%(b)			112,162,481
	Net other assets (liabilities) — (1.4)%			(1,517,249	)

	Net Assets — 100.0%		$	110,645,232

At December 31, 2022, the Fund’s exchange traded options purchased were as follows:

At December 31, 2022, 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, 2022


Assets:
Investment securities, at cost	$	57,913,822

Investment securities, at value		112,162,481
Interest and dividends receivable		81,550
Receivable for investments sold		561,255
Reclaims receivable		1,747
Prepaid expenses		1,039

Total Assets		112,808,072

Liabilities:
Payable for capital shares redeemed		20,545
Written Options (Premiums received $3,267,549)		2,039,530
Management fees payable		76,127
Administration fees payable		2,848
Distribution fees payable		23,790

Total Liabilities		2,162,840

Net Assets	$	110,645,232

Net Assets Consist of:
Paid in capital	$	58,145,169
Total distributable earnings		52,500,063

Net Assets	$	110,645,232

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,851,175
Net Asset Value (offering and redemption price per share)	$	14.09

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends	$	1,906,367
Interest		333
Foreign withholding tax		(1,699	)

Total Investment Income		1,905,001

Expenses:
Management fees		977,673
Administration fees		33,683
Distribution fees		305,522
Custodian fees		5,117
Administrative and compliance services fees		1,757
Transfer agent fees		6,147
Trustee fees		7,021
Professional fees		5,462
Shareholder reports		3,892
Other expenses		3,820

Total expenses		1,350,094

Net Investment Income/(Loss)		554,907

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		9,374,155
Net realized gains/(losses) on written options contracts		7,539,629
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(35,750,491	)
Change in net unrealized appreciation/depreciation on written options contracts		1,396,504

Net realized and Change in net unrealized gains/losses on investments		(17,440,203	)

Change in Net Assets Resulting From Operations	$	(16,885,296	)

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL Fidelity Institutional Asset Management Multi-Strategy Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

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.

The Fund may purchase or write put and call options on a security or an index of securities. During the year ended December 31, 2022, 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 year ended December 31, 2022, the monthly average notional amount for written options contracts was $1.2 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, 2022:

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, 2022:

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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts waived or reimbursed by the Manager 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, 2022, there were no remaining contractual reimbursements subject to be repayment by the Fund in subsequent years.

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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022 is $55,221,346. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2022, the Fund utilized $18,387,137 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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.

The reorganization, as discussed in Note 1, whereby the AZL Fidelity Institutional Asset Management Multi-Strategy Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian and brokers. 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, 2022, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

(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 2022 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 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. 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”).

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® Government Money Market Fund (the “Fund”) returned 0.77%. That compared to a 2.01% total return for its benchmark, the Three-Month U.S. Treasury Bill Index.¹

The year under review began with a shift by the Federal Open Market Committee (FOMC) to a less accommodative interest rate policy as it sought to cool rising inflation. Consumer prices continued to rise as the year began, driven in part by ongoing supply chain issues and Russia’s invasion of Ukraine in late February.

Despite growing concerns of an economic recession and declining GDP growth in the U.S., the FOMC opted to raise short-term interest rates by 25 basis points at its March 2022 meeting. It was the first such increase since 2018.

Throughout the year, the FOMC remained focused on the consumer price appreciation present across all sectors of the U.S. economy. It announced another rate increase, this time of 50 basis points, at its May meeting. Inflation remained on the rise, however, peaking above 9% in June. The persistently high inflation ushered in a series of 75-basis-point increases throughout the summer and into the fall, with large rate hikes announced at the FOMC’s June, August, September, and November meetings. The FOMC closed out the year with a 50-basis-point increase at its December meeting.

In all, the FOMC raised interest rates by 425 basis points for the year under review, ending 2022 with the federal funds target rate set within a range of 4.25% and 4.50%.

The shift in monetary policy dominated the year for investors, as did concerns about the FOMC’s ability to avoid causing a recession as it sought to bring inflation under control. Against this policy backdrop during the first half of the year, the Fund selectively added longer-term securities that, at the time, we believed fairly compensated for expected additional rate hikes. Those select positions ultimately dragged on relative results, however, as the Fed’s unexpectedly aggressive rate hikes, which began in June, drove yields higher at a faster-than-expected pace.

In the latter half of the year, the Fund repositioned itself to target investments in overnight repurchase agreements and short-dated securities to fully capture the increase in yields that typically followed each FOMC meeting. This positioning added to relative results as the markets underpriced FOMC rate action.

The Fund did not hold derivatives during the period under review.

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, 2022
	1 Year			3 Year			5 Year			10 Year
AZL^® Government Money Market Fund		0.77	%		0.32	%		0.67	%		0.34	%
Three-Month U.S. Treasury Bill Index		2.01	%		0.80	%		1.28	%		0.78	%

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		0.65	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.34% through at least April 30, 2024. 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, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.


Yield as of December 31, 2022
	7 Day Average			7 Day Effective			30 Day Average
AZL^®Government Money Market Fund		3.28	%		3.34	%		3.07	%

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, 2022 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 (36.4%):
Federal Farm Credit Bank (7.7%)
$	4,150,000	4.33%(SOFR+3bps), 1/12/23	$	4,149,994
	1,070,000	4.36%(SOFR+6bps), 1/20/23		1,070,000
	1,290,000	4.32%(SOFR+4bps), 3/10/23		1,290,036
	1,480,000	4.38%, 3/16/23(a)		1,466,858
	3,240,000	4.32%(SOFR+2bps), 5/16/23		3,239,971
	710,000	2.26%, 6/7/23		709,975
	370,000	4.34%(SOFR+4bps), 7/12/23		369,990
	1,420,000	4.33%(SOFR+3bps), 7/25/23		1,419,976
	2,740,000	4.35%(SOFR+5bps), 8/22/23		2,740,000
	1,870,000	4.35%(SOFR+5bps), 9/28/23		1,870,000
	2,955,000	4.34%(SOFR+5bps), 10/16/23		2,955,000
	3,435,000	4.36%(SOFR+6bps), 11/22/23		3,435,000
	580,000	4.36%(SOFR+6bps), 1/10/24		580,000
	3,825,000	4.34%(SOFR+5bps), 2/20/24		3,825,000
	2,425,000	4.35%(SOFR+5bps), 5/9/24		2,425,000
	1,040,000	4.40%(SOFR+10bps), 8/1/24		1,040,000
	4,180,000	4.39%(SOFR+9bps), 8/26/24		4,180,000
	2,885,000	4.44%(SOFR+14bps), 11/7/24		2,885,000

				39,651,800

Federal Home Loan Bank (28.7%)
	10,100,000	4.31%(SOFR+1bps), 1/4/23		10,100,000
	5,895,000	3.27%, 1/9/23		5,894,972
	10,220,000	4.31%(SOFR+1bps), 1/17/23		10,220,000
	16,575,000	4.31%(SOFR+1bps), 1/25/23		16,575,000
	12,500,000	4.33%(SOFR+3bps), 2/3/23		12,500,000
	5,000,000	4.36%(SOFR+6bps), 2/3/23		5,000,000
	7,430,000	4.27%, 2/10/23(a)		7,394,996
	2,410,000	3.46%, 2/10/23		2,409,874
	3,835,000	2.08%, 2/13/23, Callable 1/13/23 @ 100.00		3,835,000
	8,035,000	4.34%(SOFR+4bps), 2/13/23		8,035,000
	5,080,000	4.34%(SOFR+4bps), 2/17/23		5,080,000
	7,820,000	4.32%(SOFR+2bps), 3/2/23		7,820,000
	7,200,000	4.33%(SOFR+3bps), 3/2/23		7,200,000
	3,215,000	4.36%(SOFR+6bps), 3/10/23		3,215,000
	9,100,000	4.32%(SOFR+2bps), 3/13/23		9,100,000
	3,465,000	4.48%, 3/15/23(a)		3,433,874
	5,915,000	4.31%(SOFR+1bps), 3/23/23		5,915,000
	2,210,000	4.37%(SOFR+7bps), 3/27/23		2,210,000
	785,000	4.37%(SOFR+7bps), 3/28/23		785,000
	4,660,000	4.36%(SOFR+6bps), 4/10/23		4,660,000
	10,400,000	4.36%(SOFR+6bps), 4/18/23		10,400,000
	800,000	4.32%(SOFR+2bps), 5/2/23		800,000
	3,040,000	4.39%(SOFR+9bps), 5/23/23		3,040,000
	3,210,000	3.60%, 9/1/23		3,205,376

				148,829,092

	Total U.S. Government Agency Mortgages (Cost $188,480,892)			188,480,892

U.S. Treasury Obligations (9.6%):
U.S. Treasury Bills (4.7%)
	7,960,000	2.75%, 1/12/23(a)		7,953,494
	2,345,000	0.64%, 1/26/23(a)		2,343,974
	5,760,000	4.32%, 2/23/23(a)		5,733,427
	6,825,000	3.58%, 3/16/23(a)		6,776,389
	575,000	2.16%, 5/18/23(a)		570,405


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Bills, continued
$	1,080,000	4.57%, 11/30/23(a)	$	1,036,368

				24,414,057

U.S. Treasury Notes (4.9%)
	5,000,000	4.44%(USBMMY3M+5bps), 1/31/23		5,000,027
	4,260,000	1.31%, 2/28/23(a)		4,268,789
	9,565,000	2.02%, 2/28/23(a)		9,536,560
	635,000	2.12%, 4/30/23(a)		630,918
	1,260,000	2.19%, 5/15/23(a)		1,257,972
	4,660,000	4.43%(USBMMY3M+4bps), 10/31/23		4,660,000

				25,354,266

	Total U.S. Treasury Obligations (Cost $49,768,323)			49,768,323

Repurchase Agreements (49.2%):
	25,000,000	Bank of Montreal, 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $25,011,806, Collateralized by U.S. Treasury Notes, 1.63% — 2.25%, 12/31/24 — 5/15/26, fair value of $25,500,087)		25,000,000
	25,000,000	Bank of Nova Scotia, 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $25,011,806, Collateralized by U.S. Treasury Obligations, 0.88% — 3.38%, 5/31/23 — 11/15/48, fair value of $25,512,062)		25,000,000
	32,000,000	BNP Paribas, 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $32,015,289, Collateralized by U.S. Government Agency Obligations, 0.38% — 6.50%, 7/15/27 — 12/20/52, fair value of $32,800,799)		32,000,000
	30,000,000	Citigroup Global Markets, 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $30,014,333, Collateralized by U.S. Treasury Notes, 0.25% — 2.88%, 5/15/24 — 5/15/32, fair value of $30,600,042)		30,000,000
	38,000,000	Mitsubishi UFJ Securities USA, Inc., 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $38,017,944, Collateralized by U.S. Treasury Obligations, 0.00% — 0.50%, 7/15/27 — 11/15/44, fair value of $38,760,003)		38,000,000
	38,000,000	Morgan Stanley & Co., 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $38,018,156, Collateralized by U.S. Government Agency Obligations, 0.00% — 6.00%, 2/23/23 — 12/1/52, fair value of $38,903,789)		38,000,000
	30,000,000	Natixis, 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $30,014,167, Collateralized by U.S. Treasury Notes, 1.50% — 2.50%, 8/15/23 — 1/31/27, fair value of $30,600,061)		30,000,000
	22,000,000	Toronto Dominion Bank NY, 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $22,010,511, Collateralized by U.S. Government Agency Obligation, 4.50%, 9/20/52, fair value of $22,440,000)		22,000,000


Principal Amount			Value
Repurchase Agreements, continued
$	14,000,000	Toronto Dominion Bank NY, 4.27%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $14,006,642, Collateralized by U.S. Treasury Notes, 0.25% — 2.88%, 1/31/23 — 4/30/29, fair value of $14,280,060)	$	14,000,000

	Total Repurchase Agreements (Cost $254,000,000)			254,000,000

	Total Investment Securities (Cost $492,249,215) — 95.2%(b)			492,249,215
	Net other assets (liabilities) — 4.8%			24,960,379

	Net Assets — 100.0%		$	517,209,594

Percentages indicated are based on net assets as of December 31, 2022.

SOFR—Secured Overnight Financing Rate

USBMMY3M—3 Month Treasury Bill Rate

(a)	The rate represents the effective yield at December 31, 2022.

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

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	238,249,215

Investment securities, at value	$	238,249,215
Repurchase agreements, at value/cost		254,000,000
Cash		582,422
Interest and dividends receivable		1,172,237
Receivable for capital shares issued		23,565,791
Prepaid expenses		4,638

Total Assets		517,574,303

Liabilities:
Management fees payable		239,907
Distribution fees payable		101,512
Custodian fees payable		861
Administrative and compliance services fees payable		1,440
Transfer agent fees payable		948
Trustee fees payable		3,598
Other accrued liabilities		16,443

Total Liabilities		364,709

Net Assets	$	517,209,594

Net Assets Consist of:
Paid in capital	$	517,193,301
Total distributable earnings		16,293

Net Assets	$	517,209,594

Shares of beneficial interest (unlimited number of shares authorized, no par value)		517,193,423
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Interest	$	7,953,070

Total Investment Income		7,953,070

Expenses:
Management fees		1,704,916
Administration fees		54,621
Distribution fees		1,217,800
Custodian fees		7,031
Administrative and compliance services fees		7,029
Transfer agent fees		6,566
Trustee fees		28,372
Professional fees		22,898
Shareholder reports		17,431
Recoupment of prior expenses reimbursed by the Manager		1,189,766
Other expenses		13,633

Total expenses before reductions		4,270,063
Less Management fees contractually waived		(48,718	)

Net expenses		4,221,345

Net Investment Income/(Loss)		3,731,725

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		7,260

Net realized and Change in net unrealized gains/losses on investments		7,260

Change in Net Assets Resulting From Operations	$	3,738,985

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, 2024.

For the year ended December 31, 2022, 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, 2022 are reflected on the Statement of Operations as “Expenses waived/reimbursed by the Manager for minimum daily yield.”

At December 31, 2022, the reimbursements of voluntary minimum daily yield waivers subject to repayment by the Fund in subsequent years 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.”

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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

Market Risk: The market price of securities owned by the underlying funds 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.

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.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $492,249,215. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this 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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian and brokers. 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, 2022, the Fund declared net short-term capital gain distributions of $8,999.

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.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® International Index Fund (the “Fund”) returned (14.52)%. That compared to a (14.45)% total return for its benchmark, the MSCI EAFE Index (net of withholding taxes).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.

The year under review began with concern over rising inflation, a spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine. Investor sentiment declined in the face of these challenges while global central banks focused on bringing inflation under control. The European Central Bank (ECB) announced it planned to end bond repurchasing by September 2022, while the Bank of England (BoE) raised rates 50 basis points in the first quarter of 2022.

Inflation continued to rise in the second quarter, along with growing fears of a recession. These fears weighed on developed market performance, with European countries directly affected by the reduced gas supply from Russia due to the war, which caused energy prices to spike. The BoE raised rates again in June 2022, while the ECB announced its first rate hike for 2022 in July. It also reaffirmed its commitment to end its asset purchasing efforts in the third quarter. For its part, the Bank of Japan (BoJ) maintained its accommodative monetary policies in the face of ongoing weakness in the yen.

In the third quarter, fears of a recession put pressure on developed equity markets, as did the hawkish tone from most central banks. In the eurozone, the intensifying energy crisis added fuel to geopolitical tensions and further weakened the euro. Inflation continued to rise, however, pushing the BoE and the ECB to raise rates again, although the latter chose not to

end its bond repurchasing policy as planned. The BoJ left its interest rates unchanged once again.

Equity markets rallied at the start of the fourth quarter on the hopes that inflation had finally peaked and that central banks would ease their tightening policies. But in December, central banks reiterated their plans for further tightening, pushing markets lower. Both the ECB and BoE raised interest rates over the quarter, while the BoJ surprised markets with its own interest rate increase of 25 basis points. Japanese companies had reported strong earnings thanks to a weaker yen, and the country was dealing with its highest inflation in 40 years.

The energy sector was the only sector in the Index to post a positive performance during the reporting period. The information technology, consumer discretionary, and real estate sectors were the worst performing sectors.

The Fund underperformed its benchmark primarily due to the impacts of fair value adjustments and expenses incurred by the Fund.

The Fund uses exchange traded equity index futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund’s return in 2022. Futures are not used for speculative or leveraged positions in the portfolio. Futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Successful implementation of cash management and cash equitization techniques is critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

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, 2022
	Inception Date		1 Year			3 Year			5 Year			10 Years			Since Inception
AZL^® International Index Fund (Class 1 Shares)		10/17/2016		(14.25	)%		0.76	%		1.42	%		—			4.97	%
AZL^® International Index Fund (Class 2 Shares)		5/1/2009		(14.52	)%		0.49	%		1.16	%		4.07	%		5.89	%
MSCI EAFE Index (gross of withholding taxes)		5/1/2009		(14.01	)%		1.34	%		2.03	%		5.16	%		7.04	%
MSCI EAFE Index (net of withholding taxes)		5/1/2009		(14.45	)%		0.87	%		1.54	%		4.67	%		6.55	%


Expense Ratios	Gross
AZL^® International Index Fund (Class 1 Shares)		0.45	%
AZL^® International Index Fund (Class 2 Shares)		0.70	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2022. 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, 2024. Additional information pertaining to the December 31, 2022 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 (98.8%):
Aerospace & Defense (1.4%):
	53,134	Airbus SE	$	6,316,854
	282,993	BAE Systems plc		2,924,164
	2,166	Dassault Aviation SA		367,450
	2,303	Elbit Systems, Ltd.		375,301
	8,611	Kongsberg Gruppen ASA		365,917
	4,822	MTU Aero Engines AG		1,043,527
	750,647	Rolls-Royce Holdings plc*		840,239
	30,541	Safran SA		3,815,958
	151,200	Singapore Technologies Engineering, Ltd.		378,505
	9,590	Thales SA		1,225,777

				17,653,692

Air Freight & Logistics (0.3%):
	89,568	Deutsche Post AG		3,371,024
	25,000	SG Holdings Co., Ltd.		348,552
	26,400	Yamato Holdings Co., Ltd.		419,752

				4,139,328

Airlines (0.1%):
	15,100	ANA Holdings, Inc.*		321,738
	54,268	Deutsche Lufthansa AG*		450,915
	12,270	Japan Airlines Co., Ltd.*		251,742
	83,673	Qantas Airways, Ltd.*		336,814
	115,850	Singapore Airlines, Ltd.^		477,528

				1,838,737

Auto Components (0.7%):
	12,900	Aisin Sieki Co., Ltd.		343,651
	51,900	Bridgestone Corp.		1,848,010
	61,728	Cie Generale des Etablissements Michelin SCA		1,716,220
	9,545	Continental AG		570,193
	38,900	Denso Corp.		1,907,231
	20,600	Koito Manufacturing Co., Ltd.		306,900
	65,900	Sumitomo Electric Industries, Ltd.		747,663
	13,000	Toyota Industries Corp.		708,880
	17,882	Valeo SA		318,697

				8,467,445

Automobiles (2.7%):
	29,605	Bayerische Motoren Werke AG (BMW)		2,642,023
	72,250	Daimler AG, Registered Shares		4,740,625
	10,242	Dr Ing hc F Porsche AG*		1,038,967
	11,365	Ferrari NV		2,431,263
	147,200	Honda Motor Co., Ltd.		3,366,117
	52,100	Isuzu Motors, Ltd.		608,617
	46,700	Mazda Motor Corp.		353,060
	206,900	Nissan Motor Co., Ltd.		651,057
	17,987	Renault SA*		599,208
	197,452	Stellantis NV		2,798,810
	55,400	Subaru Corp.		850,215
	32,200	Suzuki Motor Corp.		1,036,133
	951,530	Toyota Motor Corp.		13,006,675
	2,783	Volkswagen AG		439,899
	57,386	Volvo Car AB, Class B*^		262,323
	26,300	Yamaha Motor Co., Ltd.		597,759

				35,422,751

Banks (9.7%):
	34,118	ABN AMRO Group NV		471,161
	99,531	AIB Group plc		383,605


Shares			Value
Common Stocks, continued
Banks, continued
	266,879	ANZ Group Holdings, Ltd.*	$	4,298,171
	542,641	Banco Bilbao Vizcaya Argentaria SA		3,276,421
	1,510,037	Banco Santander SA		4,521,668
	114,094	Bank Hapoalim BM		1,030,747
	135,795	Bank Leumi Le-Israel BM		1,133,570
	92,631	Bank of Ireland Group plc		878,174
	2,804	Banque Cantonale Vaudoise		269,379
	1,428,562	Barclays plc		2,745,951
	99,079	BNP Paribas SA		5,637,518
	336,000	BOC Hong Kong Holdings, Ltd.		1,142,234
	396,973	CaixaBank SA		1,558,009
	50,300	Chiba Bank, Ltd. (The)		368,697
	94,893	Commerzbank AG*		897,175
	152,674	Commonwealth Bank of Australia		10,654,432
	93,800	Concordia Financial Group, Ltd.		392,544
	105,605	Credit Agricole SA		1,113,028
	63,093	Danske Bank A/S		1,243,183
	161,600	DBS Group Holdings, Ltd.		4,092,049
	82,278	DNB Bank ASA		1,630,982
	31,508	Erste Group Bank AG		1,004,571
	54,182	Finecobank Banca Fineco SpA		902,844
	70,200	Hang Seng Bank, Ltd.		1,162,415
	1,791,676	HSBC Holdings plc		11,171,356
	339,542	ING Groep NV		4,141,962
	1,505,796	Intesa Sanpaolo SpA		3,358,937
	117,795	Isreal Discount Bank		619,974
	39,400	Japan Post Bank Co., Ltd.		338,584
	22,777	KBC Group NV		1,462,241
	6,084,772	Lloyds Banking Group plc		3,340,638
	50,767	Mediobanca SpA		487,716
	1,075,600	Mitsubishi UFJ Financial Group, Inc.		7,257,135
	14,664	Mizrahi Tefahot Bank, Ltd.		475,721
	215,663	Mizuho Financial Group, Inc.		3,048,587
	283,777	National Australia Bank, Ltd.		5,749,209
	482,703	NatWest Group PLC		1,540,527
	299,061	Nordea Bank AB		3,200,080
	306,299	Oversea-Chinese Banking Corp., Ltd.		2,779,927
	198,987	Resona Holdings, Inc.		1,093,307
	40,300	Shizuoka Financial Group, Inc.		323,962
	144,896	Skandinaviska Enskilda Banken AB, Class A		1,668,419
	71,320	Societe Generale		1,789,174
	226,511	Standard Chartered plc		1,699,767
	117,469	Sumitomo Mitsui Financial Group, Inc.		4,734,049
	30,203	Sumitomo Mitsui Trust Holdings, Inc.		1,054,017
	129,741	Svenska Handelsbanken AB, Class A		1,306,211
	80,939	Swedbank AB, Class A		1,375,809
	173,714	Unicredit SpA		2,469,904
	108,073	United Overseas Bank, Ltd.		2,479,067
	312,463	Westpac Banking Corp.		4,913,325

				124,688,133

Beverages (2.1%):
	78,366	Anheuser-Busch InBev NV		4,710,551
	41,500	Asahi Breweries, Ltd.		1,292,407
	159,300	Budweiser Brewing Co. APAC, Ltd.		501,159
	8,680	Carlsberg A/S, Class B		1,149,226
	18,470	Coca-Cola European Partners plc		1,014,606
	18,675	Coca-Cola HBC AG		445,661


Shares			Value
Common Stocks, continued
Beverages, continued
	47,617	David Campari-Milano NV	$	482,540
	204,309	Diageo plc		9,020,221
	8,848	Heineken Holding NV		681,194
	23,243	Heineken NV		2,183,405
	4,600	ITO EN, Ltd.		167,861
	72,100	Kirin Holdings Co., Ltd.		1,104,759
	18,452	Pernod Ricard SA		3,626,401
	2,253	Remy Cointreau SA		379,817
	12,700	Suntory Beverage & Food, Ltd.		433,403
	61,908	Treasury Wine Estates, Ltd.		571,919

				27,765,130

Biotechnology (1.0%):
	4,897	Argenx SE*		1,845,040
	43,222	CSL, Ltd.		8,426,011
	5,897	Genmab A/S*		2,498,269
	26,848	Grifols SA*		311,290
	16,266	Swedish Orphan Biovitrum AB*		336,255

				13,416,865

Building Products (1.0%):
	16,700	AGC, Inc.		553,308
	89,572	ASSA Abloy AB, Class B		1,928,286
	44,929	Cie de Saint-Gobain		2,205,421
	22,200	Daikin Industries, Ltd.		3,415,536
	3,222	Geberit AG, Registered Shares		1,526,160
	13,496	Kingspan Group plc		726,565
	24,300	Lixil Corp.		370,376
	138,888	Nibe Industrier AB, Class B		1,299,460
	817	ROCKWOOL A/S, Class B		192,763
	12,900	TOTO, Ltd.		436,610
	160,000	Xinyi Glass Holdings, Ltd.		297,479

				12,951,964

Capital Markets (2.6%):
	87,482	3i Group plc		1,420,115
	4,937	Amundi SA		280,483
	17,465	ASX, Ltd.		800,742
	318,467	Credit Suisse Group AG		957,081
	121,000	Daiwa Securities Group, Inc.		536,491
	183,236	Deutsche Bank AG		2,076,594
	17,165	Deutsche Boerse AG		2,961,241
	28,000	EQT AB		597,075
	7,706	Euronext NV		571,123
	5,295	Futu Holdings, Ltd., ADR*		215,242
	32,892	Hargreaves Lansdown plc		340,820
	108,493	Hong Kong Exchanges & Clearing, Ltd.		4,688,811
	44,400	Japan Exchange Group, Inc.		641,784
	19,344	Julius Baer Group, Ltd.		1,124,693
	29,832	London Stock Exchange Group plc		2,573,478
	32,851	Macquarie Group, Ltd.		3,728,586
	262,100	Nomura Holdings, Inc.		975,707
	2,055	Partners Group Holding AG		1,827,163
	21,790	SBI Holdings, Inc.		417,835
	63,588	Schroders PLC		334,190
	73,500	Singapore Exchange, Ltd.		491,630
	47,487	St. James Place plc		628,694
	300,650	UBS Group AG		5,605,507

				33,795,085


Shares			Value
Common Stocks, continued
Chemicals (3.0%):
	46,995	Air Liquide SA	$	6,683,584
	16,362	Akzo Nobel NV		1,091,616
	5,093	Arkema SA		459,325
	112,400	Asahi Kasei Corp.		798,836
	82,947	BASF SE		4,117,251
	9,119	Christian Hansen Holding A/S		657,527
	21,010	Clariant AG		334,430
	17,037	Covestro AG		666,447
	12,204	Croda International plc		975,117
	671	EMS-Chemie Holding AG		453,642
	19,386	Evonik Industries AG		372,152
	826	Givaudan SA, Registered Shares		2,518,934
	64,507	ICL Group, Ltd.		465,843
	15,179	Johnson Matthey plc		390,674
	17,200	JSR Corp.		339,035
	15,561	Koninklijke DSM NV		1,907,437
	109,400	Mitsubishi Chemical Holdings Corp.		565,313
	16,300	Mitsui Chemicals, Inc.		365,581
	74,000	Nippon Paint Holdings Co., Ltd.		585,634
	13,900	Nippon Sanso Holdings Corp.		200,244
	10,600	Nissan Chemical Corp.		466,667
	13,300	Nitto Denko Corp.		765,193
	18,280	Novozymes A/S, Class B		928,466
	10,146	OCI NV		362,004
	40,418	Orica, Ltd.		412,919
	33,700	Shin-Etsu Chemical Co., Ltd.		4,106,482
	13,266	Sika AG		3,201,811
	6,323	Solvay SA		640,811
	138,500	Sumitomo Chemical Co., Ltd.		495,991
	11,605	Symrise AG		1,262,357
	120,500	Toray Industries, Inc.		669,021
	23,300	Tosoh Corp.		276,504
	19,106	Umicore SA		704,779
	15,521	Yara International ASA		683,278

				38,924,905

Commercial Services & Supplies (0.4%):
	125,286	Brambles, Ltd.		1,028,733
	18,700	Dai Nippon Printing Co., Ltd.		374,949
	221,969	Rentokil Initial plc		1,363,995
	19,500	Secom Co., Ltd.		1,112,555
	43,693	Securitas AB, Class B		363,925
	21,700	TOPPAN, INC.		320,406

				4,564,563

Communications Equipment (0.3%):
	489,315	Nokia OYJ		2,273,229
	262,625	Telefonaktiebolaget LM Ericsson, Class B		1,538,877

				3,812,106

Construction & Engineering (0.8%):
	20,051	ACS Actividades de Construccion y Servicios SA		574,428
	21,607	Bouygues SA		648,117
	7,273	Eiffage SA		717,057
	43,699	Ferrovial SA		1,142,975
	36,400	Kajima Corp.		423,491
	58,500	Obayashi Corp.		442,340
	49,500	Shimizu Corp.		263,751
	32,096	Skanska AB, Class B		509,751


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	15,600	Taisei Corp.	$	502,629
	48,123	Vinci SA		4,805,601

				10,030,140

Construction Materials (0.5%):
	68,093	CRH plc		2,695,596
	13,132	HeidelbergCement AG		748,855
	49,543	Holcim, Ltd.		2,555,483
	40,937	James Hardie Industries SE		733,047

				6,732,981

Consumer Finance (0.0%^†):
	—	Isracard, Ltd.		1

Containers & Packaging (0.1%):
	26,202	SIG Group AB		574,421
	22,201	Smurfit Kappa Group plc		822,438

				1,396,859

Distributors (0.0%^†):
	2,056	D’ieteren Group		395,765

Diversified Consumer Services (0.0%^†):
	17,801	IDP Education, Ltd.		328,889

Diversified Financial Services (0.8%):
	3,632	Eurazeo SE		226,672
	9,456	EXOR NV*		690,161
	9,157	Groupe Bruxelles Lambert SA		733,397
	10,704	Industrivarden AB, Class A		261,055
	13,871	Industrivarden AB, Class C		337,684
	43,417	Investor AB		809,984
	163,487	Investor AB, Class B		2,966,844
	23,067	Kinnevik AB, Class B*		318,605
	6,442	L E Lundbergforetagen AB		274,756
	213,077	M&G plc		484,229
	63,300	Mitsubishi HC Capital, Inc.		311,881
	106,100	ORIX Corp.		1,711,103
	1,465	Sofina SA		324,131
	202,311	Standard Life Aberdeen plc		460,717
	2,640	Wendel		247,389

				10,158,608

Diversified Telecommunication Services (1.8%):
	197,570	Bezeq The Israeli Telecommunication Corp., Ltd.		341,334
	624,234	BT Group plc		847,431
	48,630	Cellnex Telecom SAU		1,616,990
	290,782	Deutsche Telekom AG		5,799,249
	13,416	Elisa OYJ		711,022
	345,525	HKT Trust & HKT, Ltd.		422,356
	28,351	Infrastrutture Wireless Italiane SpA		286,345
	305,489	Koninklijke KPN NV		945,037
	106,504	Nippon Telegraph & Telephone Corp.		3,040,522
	180,605	Orange SA		1,795,571
	739,400	Singapore Telecommunications, Ltd.		1,419,858
	171,151	Spark New Zealand, Ltd.		586,466
	2,289	Swisscom AG		1,253,156
	761,503	Telecom Italia SpA*		176,910
	87,057	Telefonica Deutschland Holding AG		214,468
	459,423	Telefonica SA		1,663,644
	60,426	Telenor ASA		565,611
	231,763	Telia Co AB		593,480


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	355,083	Telstra Corp., Ltd.	$	964,026
	9,884	United Internet AG, Registered Shares		199,806

				23,443,282

Electric Utilities (1.9%):
	2,377	Acciona SA		437,125
	1,966	BKW AG		268,328
	55,400	Chubu Electric Power Co., Inc.		573,382
	52,070	CK Infrastructure Holdings, Ltd.		272,566
	146,000	CLP Holdings, Ltd.		1,065,393
	243,578	EDP — Energias de Portugal SA		1,213,283
	50,960	Electricite de France		654,532
	2,922	Elia Group SA/NV		415,148
	29,444	Endesa SA		555,513
	729,162	Enel SpA		3,921,085
	39,135	Fortum OYJ		651,811
	199,000	HK Electric Investments, Ltd.		131,339
	543,373	Iberdrola SA		6,355,199
	60,300	Kansai Electric Power Co., Inc. (The)		585,427
	61,309	Mercury NZ, Ltd.		216,315
	152,435	Origin Energy, Ltd.		800,129
	16,915	Orsted A/S		1,534,909
	131,500	Power Assets Holdings, Ltd.		720,326
	37,548	Red Electrica Corp SA		652,147
	97,449	Scottish & Southern Energy plc		2,009,546
	126,382	Terna SpA		935,317
	141,400	Tokyo Electric Power Co. Holdings, Inc.*		510,593
	5,869	Verbund AG, Class A		494,925

				24,974,338

Electrical Equipment (1.7%):
	139,962	ABB, Ltd.		4,264,084
	11,800	Fuji Electric Co., Ltd.		449,418
	23,792	Legrand SA		1,915,398
	172,600	Mitsubishi Electric Corp.		1,708,843
	40,700	Nidec Corp.		2,119,856
	23,019	Prysmian SpA		852,022
	48,821	Schneider Electric SA		6,865,181
	38,201	Siemens Energy AG		718,653
	91,692	Vestas Wind Systems A/S		2,679,350

				21,572,805

Electronic Equipment, Instruments & Components (1.4%):
	10,300	Azbil Corp.		260,861
	34,714	Halma plc		829,302
	12,900	Hamamatsu Photonics KK		620,636
	176,245	Hexagon AB, Class B		1,853,667
	2,714	Hirose Electric Co., Ltd.		339,541
	9,300	Ibiden Co., Ltd.		338,853
	17,480	Keyence Corp.		6,844,545
	29,200	Kyocera Corp.		1,457,429
	51,200	Murata Manufacturing Co., Ltd.		2,569,059
	17,100	Omron Corp.		834,153
	20,600	Shimadzu Corp.		587,649
	34,200	TDK Corp.		1,110,677
	22,100	Venture Corp., Ltd.		281,817
	21,900	Yokogawa Electric Corp.		347,019

				18,275,208


Shares			Value
Common Stocks, continued
Energy Equipment & Services (0.1%):
	44,339	Tenaris SA	$	778,017

Entertainment (0.9%):
	82,040	Bollore, Inc.		459,688
	15,700	Capcom Co., Ltd.		503,597
	61,516	Embracer Group AB*^		278,230
	11,960	Koei Tecmo Holdings Co., Ltd.		215,593
	8,600	Konami Holdings Corp.		391,123
	43,700	Nexon Co., Ltd.		974,944
	99,600	Nintendo Co., Ltd.		4,171,446
	32,359	Sea, Ltd., ADR*		1,683,639
	8,000	Square Enix Holdings Co., Ltd.		371,490
	9,200	Toho Co., Ltd.		356,060
	8,761	UbiSoft Entertainment SA*		248,645
	65,325	Universal Music Group NV		1,576,667
	65,985	Vivendi Universal SA		631,326

				11,862,448

Equity Real Estate Investment Trusts (REITs) (1.2%):
	71,275	British Land Co. plc		340,736
	301,983	CapitaLand Ascendas REIT		618,415
	481,113	CapitaLand Mall Trust		733,756
	4,592	Covivio		273,384
	206	Daiwahouse Residential Investment Corp.		459,849
	90,412	Dexus		475,171
	4,333	Gecina SA		441,403
	394	GLP J-REIT		453,369
	152,036	Goodman Group		1,785,814
	181,051	GPT Group		517,002
	588	Japan Metropolitan Fund Invest		467,396
	116	Japan Real Estate Investment Corp.		508,127
	20,015	Klepierre		462,890
	67,234	Land Securities Group plc		505,551
	188,100	Link REIT (The)		1,381,208
	323,434	Mapletree Logistics Trust		384,432
	182,400	Mapletree Pan Asia Commercial Trust		227,676
	333,781	Mirvac Group		483,420
	141	Nippon Building Fund, Inc.		629,765
	184	Nippon Prologis REIT, Inc.		430,989
	387	Nomura Real Estate Master Fund, Inc.		480,681
	467,335	Scentre Group		908,510
	107,502	Segro plc		993,593
	223,911	Stockland		552,764
	10,831	Unibail-Rodamco-Westfield*^		565,073
	351,082	Vicinity Centres		477,582
	14,324	Warehouses De Pauw CVA		409,531

				15,968,087

Food & Staples Retailing (1.3%):
	58,000	AEON Co., Ltd.		1,221,069
	52,159	Carrefour SA		872,605
	120,704	Coles Group, Ltd.		1,366,641
	117,755	Endeavour Group, Ltd.		511,274
	13,849	HelloFresh SE*		303,574
	155,527	J Sainsbury plc		408,173
	26,690	Jeronimo Martins SGPS SA		577,035
	25,562	Kesko Oyj, Class B		565,568
	13,900	Kobe Bussan Co., Ltd.		401,296
	94,206	Koninklijke Ahold Delhaize NV		2,706,519


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	54,985	Ocado Group plc*	$	413,684
	67,700	Seven & I Holdings Co., Ltd.		2,896,537
	667,295	Tesco plc		1,808,829
	9,400	Welcia Holdings Co., Ltd.		218,993
	109,158	Woolworths Group, Ltd.		2,492,184

				16,763,981

Food Products (3.3%):
	41,100	Ajinomoto Co., Inc.		1,253,381
	33,925	Associated British Foods plc		646,185
	309	Barry Callebaut AG, Registered Shares		612,370
	9	Chocoladefabriken Lindt & Spruengli AG		927,177
	57,380	Danone SA		3,022,572
	7,602	JDE Peet’s NV		219,698
	14,563	Kerry Group plc, Class A		1,313,939
	12,700	Kikkoman Corp.		671,414
	92	Lindt & Spruengli AG		937,782
	10,252	Meiji Holdings Co., Ltd.		526,526
	35,726	Mowi ASA		610,726
	246,750	Nestle SA		28,503,750
	19,545	Nisshin Seifun Group, Inc.		245,065
	5,900	Nissin Foods Holdings Co., Ltd.		467,201
	70,114	Orkla ASA, Class A		507,201
	5,672	Salmar ASA		223,314
	769,797	WH Group, Ltd.		447,875
	174,600	Wilmar International, Ltd.		544,087
	11,100	Yakult Honsha Co., Ltd.		723,969

				42,404,232

Gas Utilities (0.4%):
	103,955	APA Group		760,951
	22,895	Enagas SA		380,601
	993,135	Hong Kong & China Gas Co., Ltd.		944,264
	11,581	Naturgy Energy Group SA		301,202
	34,500	Osaka Gas Co., Ltd.		558,094
	182,141	Snam SpA		884,205
	34,900	Tokyo Gas Co., Ltd.		686,198

				4,515,515

Health Care Equipment & Supplies (2.1%):
	44,909	Alcon, Inc.		3,085,386
	17,500	Asahi Intecc Co., Ltd.		288,440
	3,676	BioMerieux		386,517
	3,661	Carl Zeiss Meditec AG		462,004
	5,789	Cochlear, Ltd.		803,595
	10,731	Coloplast A/S, Class B		1,257,554
	7,748	Demant A/S*		215,487
	2,417	DiaSorin SpA		338,641
	26,030	EssilorLuxottica SA		4,739,287
	51,659	Fisher & Paykel Healthcare Corp., Ltd.		735,069
	20,226	Getinge AB, Class B		421,399
	32,700	Hoya Corp.		3,164,377
	80,756	Koninklijke Philips NV		1,211,914
	109,000	Olympus Corp.		1,926,945
	2,202	Sartorius AG		870,669
	25,339	Siemens Healthineers AG		1,267,427
	76,825	Smith & Nephew plc		1,026,146
	4,807	Sonova Holding AG		1,144,073
	10,175	Straumann Holding AG, Class R		1,152,561


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	15,500	Sysmex Corp.	$	944,254
	58,100	Terumo Corp.		1,643,251

				27,084,996

Health Care Providers & Services (0.3%):
	10,391	Amplifon SpA		310,366
	17,827	Fresenius Medical Care AG & Co., KGaA		583,005
	37,425	Fresenius SE & Co. KGaA		1,052,798
	17,176	Ramsay Health Care, Ltd.		759,025
	41,271	Sonic Healthcare, Ltd.		841,294

				3,546,488

Health Care Technology (0.1%):
	40,200	M3, Inc.		1,095,261

Hotels, Restaurants & Leisure (1.4%):
	14,861	Accor SA*		369,176
	54,303	Aristocrat Leisure, Ltd.		1,121,176
	158,765	Compass Group plc		3,667,794
	52,885	Entain plc		847,761
	16,267	Evolution AB		1,589,573
	14,886	Flutter Entertainment plc*		2,039,456
	197,000	Galaxy Entertainment Group, Ltd.		1,304,511
	516,457	Genting Singapore, Ltd.		368,644
	16,565	InterContinental Hotels Group plc		953,257
	9,051	La Francaise des Jeux SAEM		363,573
	196,452	Lottery Corp., Ltd. (The)*		598,617
	7,029	McDonald’s Holdings Co., Ltd.		267,488
	18,200	Oriental Land Co., Ltd.		2,651,912
	212,332	Sands China, Ltd.*		703,490
	7,642	Sodexo SA		730,951
	19,102	Whitbread plc		594,121

				18,171,500

Household Durables (1.1%):
	94,382	Barratt Developments plc		453,115
	9,461	Berkeley Group Holdings plc		430,681
	18,646	Electrolux AB, Class B^		252,500
	11,900	Iida Group Holdings Co., Ltd.		179,899
	6,700	Open House Co., Ltd.		243,062
	199,600	Panasonic Holdings Corp.		1,671,756
	26,735	Persimmon plc		394,555
	2,415	SEB SA		202,965
	34,500	Sekisui Chemical Co., Ltd.		480,144
	56,100	Sekisui House, Ltd.		992,334
	16,000	Sharp Corp.^		115,180
	113,600	Sony Group Corp.		8,663,991
	299,279	Taylor Wimpey plc		368,850

				14,449,032

Household Products (0.6%):
	54,943	Essity AB, Class B		1,442,936
	9,738	Henkel AG & Co. KGaA		627,959
	64,295	Reckitt Benckiser Group plc		4,471,990
	36,000	Unicharm Corp.		1,380,714

				7,923,599

Independent Power and Renewable Electricity Producers (0.1%):
	6,129	Corp ACCIONA Energias Renovables SA		236,838
	24,696	EDP Renovaveis SA		545,850
	123,351	Meridian Energy, Ltd.		407,556

				1,190,244


Shares			Value
Common Stocks, continued
Industrial Conglomerates (1.6%):
	244,744	CK Hutchison Holdings, Ltd.	$	1,469,365
	9,292	DCC plc		458,615
	86,620	Hitachi, Ltd.		4,359,803
	12,438	Investment AB Latour, Class B		236,255
	9,200	Jardine Cycle & Carriage, Ltd.		196,607
	13,800	Jardine Matheson Holdings, Ltd.		701,699
	136,400	Keppel Corp., Ltd.		740,081
	19,705	Lifco AB, Class B		328,178
	375,201	Melrose Industries plc		609,839
	3,869	Rheinmetall AG		770,536
	68,488	Siemens AG		9,504,277
	33,896	Smiths Group plc		653,356
	34,300	Toshiba Corp.		1,202,493

				21,231,104

Insurance (5.4%):
	15,361	Admiral Group plc		396,926
	157,912	Aegon NV		800,949
	14,998	Ageas NV		667,196
	1,075,400	AIA Group, Ltd.		11,848,369
	36,791	Allianz SE+		7,909,903
	99,499	Assicurazioni Generali SpA		1,766,788
	252,412	Aviva plc		1,345,106
	168,666	AXA SA		4,700,176
	3,908	Baloise Holding AG		603,828
	87,100	Dai-ichi Life Holdings, Inc.		1,978,212
	19,206	Gjensidige Forsikring ASA		377,363
	5,479	Hannover Rueck SE		1,089,011
	229,877	Insurance Australia Group, Ltd.		742,786
	211,600	Japan Post Holdings Co., Ltd.		1,784,178
	19,500	Japan Post Insurance Co., Ltd.		343,231
	530,811	Legal & General Group plc		1,602,786
	233,167	Medibank Private, Ltd.		464,816
	39,311	MS&AD Insurance Group Holdings, Inc.		1,258,380
	12,526	Muenchener Rueckversicherungs-Gesellschaft AG		4,072,422
	24,342	NN Group NV		994,018
	65,334	Phoenix Group Holdings plc		481,045
	49,390	Poste Italiane SpA		481,581
	245,435	Prudential PLC		3,320,675
	135,506	QBE Insurance Group, Ltd.		1,237,532
	42,823	Sampo Oyj, Class A		2,238,823
	27,725	Sompo Holdings, Inc.		1,231,254
	115,102	Suncorp Group, Ltd.		943,643
	2,780	Swiss Life Holding AG		1,435,460
	27,279	Swiss Re AG		2,559,730
	45,336	T&D Holdings, Inc.		652,605
	165,200	Tokio Marine Holdings, Inc.		3,536,905
	31,291	Tryg A/S		742,306
	13,500	Zurich Insurance Group AG		6,453,062

				70,061,065

Interactive Media & Services (0.2%):
	25,768	Adevinta ASA*		170,409
	82,344	Auto Trader Group plc		513,740
	13,000	Kakaku.com, Inc.		209,123
	4,710	REA Group, Ltd.		354,601
	7,342	Scout24 AG		368,831
	28,451	Seek, Ltd.		404,947
	234,400	Z Holdings Corp.		592,673

				2,614,324


Shares			Value
Common Stocks, continued
Internet & Direct Marketing Retail (0.6%):
	14,920	Delivery Hero SE*	$	714,677
	17,726	Just Eat Takeaway*		377,409
	74,327	Prosus NV		5,102,227
	80,900	Rakuten, Inc.		367,240
	19,666	Zalando SE*		697,081
	10,300	ZOZO, Inc.		255,770

				7,514,404

IT Services (1.4%):
	1,948	Adyen NV*		2,695,290
	40,587	Amadeus IT Group SA*		2,092,776
	6,832	Bechtle AG		241,719
	14,843	Capgemini SA		2,489,022
	48,959	Computershare, Ltd.		873,228
	22,817	Edenred		1,241,391
	17,700	Fujitsu, Ltd.		2,344,334
	3,900	GMO Payment Gateway, Inc.		324,331
	9,500	Itochu Techno-Solutions Corp.		222,539
	54,936	Nexi SpA*		431,772
	32,038	Nomura Research Institute, Ltd.		761,739
	56,900	NTT Data Corp.		837,379
	6,300	Obic Co., Ltd.		931,541
	10,700	Otsuka Corp.		338,671
	13,500	SCSK Corp.		203,798
	20,800	TIS, Inc.		551,416
	5,014	Wix.com, Ltd.*		385,226
	21,734	Worldline SA*		847,947

				17,814,119

Leisure Products (0.2%):
	17,500	Bandai Namco Holdings, Inc.		1,097,619
	6,600	Shimano, Inc.		1,051,724
	12,200	Yamaha Corp.		450,166

				2,599,509

Life Sciences Tools & Services (0.5%):
	3,125	Bachem Holding AG, Registered B		272,628
	11,542	Eurofins Scientific SE		831,044
	6,665	Lonza Group AG		3,281,253
	20,949	Qiagen NV*		1,054,182
	2,518	Sartorius Stedim Biotech		820,233

				6,259,340

Machinery (2.7%):
	25,765	Alfa Laval AB		745,967
	29,752	Alstom SA		730,378
	240,464	Atlas Copco AB, Class A*		2,848,509
	143,529	Atlas Copco AB, Class B		1,534,360
	92,390	CNH Industrial NV		1,483,587
	9,400	Daifuku Co., Ltd.		442,445
	41,344	Daimler Truck Holding AG*		1,280,790
	58,182	Epiroc AB, Class A		1,063,823
	33,372	Epiroc AB, Class B		538,211
	17,100	FANUC Corp.		2,552,426
	12,683	GEA Group AG		518,005
	10,100	Hitachi Construction Machinery Co., Ltd.		227,642
	9,300	Hoshizaki Corp.		327,501
	41,082	Husqvarna AB, Class B		289,619
	6,939	Knorr-Bremse AG		379,126
	83,000	Komatsu, Ltd.		1,800,974


Shares			Value
Common Stocks, continued
Machinery, continued
	30,132	Kone Oyj, Class B	$	1,560,507
	89,500	Kubota Corp.		1,233,080
	9,900	Kurita Water Industries, Ltd.		411,035
	20,900	Makita Corp.		489,423
	30,400	MINEBEA MITSUMI, Inc.		456,321
	25,000	Misumi Group, Inc.		548,099
	28,600	Mitsubishi Heavy Industries, Ltd.		1,131,968
	20,700	NGK Insulators, Ltd.		264,040
	423	Rational AG		250,667
	95,453	Sandvik AB		1,724,376
	3,563	Schindler Holding AG		669,202
	2,261	Schindler Holding AG, Registered Shares		406,222
	36,282	SKF AB, Class B		555,536
	5,200	SMC Corp.		2,201,129
	6,679	Spirax-Sarco Engineering plc		858,006
	122,500	Techtronic Industries Co., Ltd.		1,364,118
	2,473	VAT Group AG		681,288
	18,388	Volvo AB, Class A		350,240
	134,149	Volvo AB, Class B		2,430,329
	44,492	Wartsila Oyj Abp, Class B		375,924
	21,200	Yaskawa Electric Corp.		682,164

				35,407,037

Marine (0.4%):
	270	A.P. Moeller — Maersk A/S, Class A		599,129
	448	A.P. Moeller — Maersk A/S, Class B		1,006,411
	4,755	Kuehne & Nagel International AG		1,105,284
	30,500	Mitsui O.S.K. Lines, Ltd.		764,454
	44,700	Nippon Yusen KK		1,059,120
	104,000	SITC International Holdings Co., Ltd.		229,577
	8,076	ZIM Integrated Shipping Services, Ltd.^		138,826

				4,902,801

Media (0.4%):
	42,100	Cyberagent, Inc.		374,519
	18,577	Dentsu Group, Inc.		586,563
	22,700	Hakuhodo DY Holdings, Inc.		229,952
	134,484	Informa plc		1,008,055
	57,836	Pearson plc		655,430
	19,949	Publicis Groupe SA		1,266,598
	95,596	WPP plc		948,861

				5,069,978

Metals & Mining (3.7%):
	113,580	Anglo American plc		4,441,474
	33,818	Antofagasta plc		627,703
	47,646	ArcelorMittal SA		1,245,571
	453,886	BHP Group, Ltd.		14,049,727
	40,958	BlueScope Steel, Ltd.		466,753
	24,593	Boliden AB		925,320
	150,854	Fortescue Metals Group, Ltd.		2,102,630
	875,149	Glencore plc		5,850,680
	63,434	IGO, Ltd.		576,382
	41,800	JFE Holdings, Inc.		485,422
	15,315	Mineral Resources, Ltd.		805,446
	81,817	Newcrest Mining, Ltd.		1,140,440
	73,348	Nippon Steel Corp.		1,277,254
	120,439	Norsk Hydro ASA		903,155
	107,364	Northern Star Resources, Ltd.		786,012


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	236,133	Pilbara Minerals, Ltd.*	$	601,581
	101,204	Rio Tinto plc		7,099,591
	33,649	Rio Tinto, Ltd.		2,651,295
	412,447	South32, Ltd.		1,116,211
	21,800	Sumitomo Metal & Mining Co., Ltd.		775,650
	11,188	Voestalpine AG		295,274

				48,223,571

Multiline Retail (0.4%):
	12,058	Next plc		848,831
	35,600	Pan Pacific International Holdings Corp.		660,961
	101,115	Wesfarmers, Ltd.		3,156,691

				4,666,483

Multi-Utilities (1.0%):
	199,977	E.ON SE		1,995,572
	164,058	Engie Group		2,349,639
	329,549	National Grid plc		3,957,496
	57,907	RWE AG		2,574,572
	59,255	Veolia Environnement SA		1,522,074

				12,399,353

Oil, Gas & Consumable Fuels (4.9%):
	28,296	Aker BP ASA		883,117
	21,748	Ampol, Ltd.		417,362
	1,683,407	BP plc		9,787,324
	276,620	ENEOS Holdings, Inc.		942,004
	225,291	ENI SpA		3,217,653
	84,643	Equinor ASA		3,039,794
	46,470	Galp Energia SGPS SA		628,717
	17,787	Idemitsu Kosan Co., Ltd.		416,298
	91,700	INPEX Corp.		978,642
	37,846	Neste Oyj		1,747,783
	12,793	OMV AG		660,488
	123,496	Repsol SA		1,968,407
	287,421	Santos, Ltd.		1,409,044
	651,811	Shell plc		18,519,041
	222,860	TotalEnergies SE^		13,907,861
	18,540	Washington H. Soul Pattinson & Co., Ltd.		348,770
	171,980	Woodside Energy Group, Ltd.		4,149,548

				63,021,853

Paper & Forest Products (0.4%):
	9,034	Holmen AB, B Shares		359,603
	43,762	Mondi plc		743,073
	79,100	Oji Holdings Corp.		320,023
	48,220	Stora Enso Oyj, Class R		681,134
	53,376	Svenska Cellulosa AB SCA, Class B		675,276
	47,348	UPM-Kymmene Oyj		1,774,632

				4,553,741

Personal Products (2.0%):
	9,098	Beiersdorf AG		1,043,862
	449,652	Haleon PLC*		1,798,173
	43,500	Kao Corp.		1,741,595
	5,200	Kobayashi Pharmaceutical Co., Ltd.		357,754
	3,000	Kose Corp.		325,964
	21,684	L’Oreal SA		7,777,872
	35,300	Shiseido Co., Ltd.		1,739,871
	228,627	Unilever plc		11,531,547

				26,316,638


Shares			Value
Common Stocks, continued
Pharmaceuticals (9.5%):
	164,900	Astellas Pharma, Inc.	$	2,502,094
	139,031	AstraZeneca plc		18,864,629
	88,858	Bayer AG, Registered Shares		4,587,306
	59,500	Chugai Pharmaceutical Co., Ltd.		1,512,133
	156,400	Daiichi Sankyo Co., Ltd.		5,012,999
	22,200	Eisai Co., Ltd.		1,454,296
	365,743	GSK PLC		6,358,848
	15,559	Hikma Pharmaceuticals plc		292,103
	3,643	Ipsen SA		392,545
	24,800	Kyowa Kirin Co., Ltd.		570,590
	11,623	Merck KGaA		2,250,592
	4,100	Nippon Shinyaku Co., Ltd.		233,634
	194,111	Novartis AG, Registered Shares		17,587,584
	148,538	Novo Nordisk A/S, Class B		20,115,513
	32,700	Ono Pharmaceutical Co., Ltd.		765,058
	10,166	Orion Oyj, Class B		557,152
	34,300	Otsuka Holdings Co., Ltd.		1,116,843
	8,891	Recordati SpA		369,522
	2,402	Roche Holding AG		931,197
	63,039	Roche Holding AG		19,816,110
	102,250	Sanofi		9,892,365
	23,600	Shionogi & Co., Ltd.		1,174,242
	135,373	Takeda Pharmacuetical Co., Ltd.		4,228,899
	97,906	Teva Pharmaceutical Industries, Ltd., ADR*		892,903
	11,480	UCB SA		904,091

				122,383,248

Professional Services (1.5%):
	14,494	Adecco Group AG		476,756
	25,993	Bureau Veritas SA		683,994
	81,578	Experian plc		2,776,616
	14,328	Intertek Group plc		699,170
	24,900	Nihon M&A Center, Inc.		308,904
	16,700	Persol Holdings Co., Ltd.		354,708
	11,087	Randstad NV		676,952
	130,500	Recruit Holdings Co., Ltd.		4,151,036
	172,462	RELX plc		4,777,178
	558	SGS SA, Registered Shares		1,292,298
	5,179	Teleperformance		1,235,662
	23,595	Wolters Kluwer NV		2,464,361

				19,897,635

Real Estate Management & Development (1.4%):
	90,617	Aroundtown SA		211,512
	3,664	Azrieli Group		243,779
	243,900	Capitaland Investment, Ltd.		674,653
	33,900	City Developments, Ltd.		207,637
	182,244	CK Asset Holdings, Ltd.		1,122,105
	5,500	Daito Trust Construction Co., Ltd.		565,352
	53,200	Daiwa House Industry Co., Ltd.		1,220,907
	196,400	ESR Cayman, Ltd.		412,262
	61,620	Fastighets AB Balder, B Shares*		288,516
	170,000	Hang Lung Properties, Ltd.		330,087
	132,956	Henderson Land Development Co., Ltd.		464,256
	95,400	Hongkong Land Holdings, Ltd.		437,516
	38,200	Hulic Co., Ltd.		300,686
	6,876	LEG Immobilien SE		448,020
	61,935	Lend Lease Group		330,105


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	107,600	Mitsubishi Estate Co., Ltd.	$	1,392,631
	81,300	Mitsui Fudosan Co., Ltd.		1,485,491
	138,655	New World Development Co., Ltd.		390,917
	9,400	Nomura Real Estate Holdings, Inc.		200,990
	16,235	Sagax AB, Class B		369,967
	298,601	Sino Land Co., Ltd.		371,927
	26,700	Sumitomo Realty & Development Co., Ltd.		628,777
	128,500	Sun Hung Kai Properties, Ltd.		1,758,575
	41,964	Swire Pacific, Ltd., Class A		368,064
	96,400	Swire Properties, Ltd.		243,890
	6,556	Swiss Prime Site AG		569,418
	36,896	UOL Group, Ltd.		185,328
	64,649	Vonovia SE		1,523,389
	158,300	Wharf Real Estate Investment Co., Ltd.		922,962

				17,669,719

Road & Rail (0.9%):
	165,259	Aurizon Holdings, Ltd.		416,735
	13,100	Central Japan Railway Co.		1,611,841
	16,756	DSV A/S		2,658,063
	27,513	East Japan Railway Co.		1,570,047
	105,487	Grab Holdings, Ltd.*		339,668
	21,100	Hankyu Hanshin Holdings, Inc.		627,392
	10,000	Keio Corp.		367,727
	10,500	Keisei Electric Railway Co., Ltd.		300,395
	14,600	Kintetsu Group Holdings Co., Ltd.		484,007
	135,494	MTR Corp., Ltd.		717,930
	6,800	Nippon Express Holdings Co., Ltd.		387,845
	28,800	Odakyu Electric Railway Co., Ltd.		375,432
	16,900	Tobu Railway Co., Ltd.		395,758
	46,600	Tokyu Corp.		587,006
	20,400	West Japan Railway Co.		890,532

				11,730,378

Semiconductors & Semiconductor Equipment (2.8%):
	16,600	Advantest Corp.		1,071,861
	4,226	ASM International NV		1,069,705
	36,472	ASML Holding NV		19,739,590
	2,700	Disco Corp.		776,281
	116,990	Infineon Technologies AG		3,562,737
	6,900	Lasertec Corp.		1,146,281
	107,000	Renesas Electronics Corp.*		967,161
	7,500	ROHM Co., Ltd.		535,295
	61,754	STMicroelectronics NV		2,195,041
	33,500	SUMCO Corp.		448,318
	13,200	Tokyo Electron, Ltd.		3,921,835
	10,504	Tower Semiconductor, Ltd.*		459,013

				35,893,118

Software (1.4%):
	10,767	AVEVA Group plc		418,106
	9,179	Check Point Software Technologies, Ltd.*		1,158,023
	3,816	CyberArk Software, Ltd.*		494,744
	60,410	Dassault Systemes SE		2,178,502
	5,434	Nemetschek SE		277,508
	5,619	Nice, Ltd.*		1,090,811
	3,700	Oracle Corp.		240,774
	89,961	Sage Group plc (The)		807,756
	93,465	SAP SE		9,644,159


Shares			Value
Common Stocks, continued
Software, continued
	5,103	Temenos AG	$	281,966
	12,600	Trend Micro, Inc.		589,295
	12,712	WiseTech Global, Ltd.		438,261
	11,459	Xero, Ltd.*		546,879

				18,166,784

Specialty Retail (0.7%):
	5,100	Fast Retailing Co., Ltd.		3,091,093
	66,596	Hennes & Mauritz AB, Class B^		719,274
	2,000	Hikari Tsushin, Inc.		281,395
	97,663	Industria de Diseno Textil SA		2,600,215
	250,320	JD Sports Fashion plc		382,024
	178,428	Kingfisher plc		510,539
	7,100	Nitori Co., Ltd.		920,955
	16,600	USS Co., Ltd.		263,111

				8,768,606

Technology Hardware, Storage & Peripherals (0.5%):
	22,600	Brother Industries, Ltd.		342,038
	91,100	Canon, Inc.		1,970,153
	32,400	FUJIFILM Holdings Corp.		1,634,932
	15,826	Logitech International SA, Class R		982,541
	21,500	NEC Corp.		752,345
	52,700	Ricoh Co., Ltd.		404,285
	23,500	Seiko Epson Corp.		341,158

				6,427,452

Textiles, Apparel & Luxury Goods (2.9%):
	15,613	Adidas AG		2,131,030
	36,012	Burberry Group plc		879,767
	46,908	Cie Financiere Richemont SA		6,071,801
	2,833	Hermes International SA		4,371,093
	6,762	Kering		3,460,180
	24,836	LVMH Moet Hennessy Louis Vuitton SA		18,039,417
	18,768	Moncler SpA		998,891
	7,916	Pandora A/S		558,594
	9,076	Puma SE		550,672
	4,961	Swatch Group AG (The)		258,834
	2,728	Swatch Group AG (The), Class B		774,677

				38,094,956

Tobacco (0.9%):
	190,909	British American Tobacco plc		7,572,648
	81,764	Imperial Brands plc, Class A		2,042,405
	109,200	Japan Tobacco, Inc.		2,208,368

				11,823,421

Trading Companies & Distributors (1.7%):
	11,992	AerCap Holdings NV*		699,373
	39,747	Ashtead Group plc		2,270,132
	14,171	Brenntag AG		905,905
	30,751	Bunzl plc		1,026,167
	5,255	IMCD NV		750,495
	23,244	Indutrade AB		472,599
	106,400	Itochu Corp.		3,327,307
	139,600	Marubeni Corp.		1,595,561
	112,600	Mitsubishi Corp.		3,643,360
	128,900	Mitsui & Co., Ltd.		3,748,634
	22,800	MonotaRo Co., Ltd.		322,464
	20,849	Reece, Ltd.		200,457


Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	102,700	Sumitomo Corp.	$	1,703,244
	18,300	Toyota Tsushu Corp.		670,929

				21,336,627

Transportation Infrastructure (0.4%):
	6,729	Aena SME SA*		847,333
	2,693	Aeroports de Paris*		362,110
	118,376	Auckland International Airport, Ltd.*		587,910
	38,510	Getlink SE		617,028
	277,021	Transurban Group		2,445,607

				4,859,988

Water Utilities (0.1%):
	21,868	Severn Trent plc		701,150
	59,837	United Utilities Group plc		717,380

				1,418,530

Wireless Telecommunication Services (1.1%):
	145,500	KDDI Corp.		4,398,280
	254,800	Softbank Corp.		2,881,398
	107,800	SoftBank Group Corp.		4,565,817
	54,662	Tele2 AB		445,638
	2,376,863	Vodafone Group plc		2,408,844

				14,699,977

	Total Common Stocks (Cost $978,537,534)			1,276,328,739


Shares			Value
Preferred Stocks (0.3%):
Automobiles (0.2%):
	5,192	Bayerische Motoren Werke AG (BMW), 7.32%, 5/15/20	$	442,125
	14,102	Porsche Automobil Holding SE, 5.00%, 5/20/20		773,547
	16,779	Volkswagen AG, 6.49%, 5/8/20		2,091,017

				3,306,689

Household Products (0.1%):
	15,577	Henkel AG & Co. KGaA, 2.84%, 4/21/20		1,084,222

	Total Preferred Stocks (Cost $4,681,457)			4,390,911


Shares			Value
Short-Term Security Held as Collateral for Securities on Loan (1.3%):
	16,632,606	BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b)		16,632,606

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $16,632,606)			16,632,606

	Total Investment Securities (Cost $999,851,597) — 100.4%(c)			1,297,352,256
	Net other assets (liabilities) — (0.4)%			(5,225,299	)

	Net Assets — 100.0%		$	1,292,126,957

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, 2022:


Country	Percentage

Italy		1.9	%

Japan		21.7	%

Luxembourg		0.2	%

Netherlands		6.6	%

New Zealand		0.2	%

Norway		0.8	%

Portugal		0.2	%

Singapore		1.5	%

Spain		2.4	%

Sweden		3.0	%

Switzerland		10.5	%

United Kingdom		13.1	%

United States		1.3	%


		100.0	%

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment in non-affiliates, at cost	$	994,700,665
Investments in affiliates, at cost		5,150,932

Investments in non-affiliates, at value(a)	$	1,289,442,353
Investments in affiliates, at value		7,909,903
Deposit at broker for futures contracts collateral		413,513
Interest and dividends receivable		1,355,517
Foreign currency, at value (cost $1,637,324)		1,646,865
Receivable for investments sold		5,454,840
Reclaims receivable		6,154,572
Prepaid expenses		3,223

Total Assets		1,312,380,786

Liabilities:
Cash overdraft		872,871
Payable for investments purchased		157,926
Payable for capital shares redeemed		1,581,495
Payable for collateral received on loaned securities		16,632,606
Payable for variation margin on futures contracts		26,584
Management fees payable		392,767
Administration fees payable		59,698
Distribution fees payable		264,167
Custodian fees payable		44,300
Administrative and compliance services fees payable		5,446
Transfer agent fees payable		2,687
Trustee fees payable		13,607
Other accrued liabilities		199,675

Total Liabilities		20,253,829

Net Assets	$	1,292,126,957

Net Assets Consist of:
Paid in capital	$	1,021,525,693
Total distributable earnings		270,601,264

Net Assets	$	1,292,126,957

Class 1
Net Assets	$	76,241,033
Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,724,401
Net Asset Value (offering and redemption price per share)	$	9.87

Class 2
Net Assets	$	1,215,885,924
Shares of beneficial interest (unlimited number of shares authorized, no par value)		79,662,507
Net Asset Value (offering and redemption price per share)	$	15.26

(a)	Includes securities on loan of $15,603,963.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends from non-affiliates	$	47,962,830
Dividends from affiliates		452,207
Income from securities lending		205,697
Foreign withholding tax		(4,041,958	)

Total Investment Income		44,578,776

Expenses:
Management fees		4,951,310
Administration fees		198,567
Distribution fees — Class 2		3,334,426
Custodian fees		223,246
Administrative and compliance services fees		20,078
Transfer agent fees		12,917
Trustee fees		79,614
Professional fees		61,995
Licensing fees		485,035
Shareholder reports		41,124
Other expenses		39,035

Total expenses		9,447,347

Net Investment Income/(Loss)		35,131,429

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(10,297,251	)
Net realized gains/(losses) on affiliated transactions		79,767
Net realized gains/(losses) on futures contracts		40,706
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(271,155,720	)
Change in net unrealized appreciation/depreciation on affiliated transactions		(939,715	)
Change in net unrealized appreciation/depreciation on futures contracts		(77,365	)

Net realized and Change in net unrealized gains/losses on investments		(282,349,578	)

Change in Net Assets Resulting From Operations	$	(247,218,149	)

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL MSCI Emerging Markets Equity Index Fund and costs related to the reorganization will be paid by the Manager.

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 period, 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.

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 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, 2022 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 $19,962 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $16,632,606 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

During the year ended December 31, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $8.8 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, 2022:

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, 2022:

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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts 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, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

At December 31, 2022, 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 to 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022 is $1,043,866,512. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL MSCI Emerging Markets Equity Index Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022, the Fund declared net short-term capital gain distributions of $2,222,082.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $32,076,789.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

During the 12-month period, the AZL MetWest Total Return Bond Fund returned (14.76)% (net of fees). That compares to a return of (13.01)% for the Bloomberg U.S. Aggregate Bond Index, the Fund’s primary benchmark.¹

High inflation and the Federal Reserve’s response in the form of a series of interest rate hikes were major factors affecting Fund performance during the period. 10-Year yields reached 4.24% in October but stabilized to end 2022 slightly lower at 3.89%. This rise of nearly 240 basis points during the period hurt absolute performance, as bond prices move in the opposite direction of rates. As the rate of rate hikes decreased, reduced rate volatility offset some of this negative impact.

Credit spreads widened in investment-grade and high-yield markets. Non-agency mortgage-backed securities (MBS) outperformed agency MBS, though both ended the year with deeply negative returns.

The Fund underperformed its benchmark for the year. The Fund’s overweight position in agency MBS holdings hurt relative performance as agency MBS underperformed

duration-matched Treasuries during the period. Among corporate bonds, the Fund’s overweight position in communications detracted from relative performance, as communications was one of the worst performing sectors during the period. The Fund’s longer-than-index duration position and bias toward a steepening yield curve also hurt relative performance as Treasury yields continued to rise.

Despite meaningful underperformance for the corporate sector for the year, the Fund’s underweight position early in the year combined with opportunistic additions in the middle of the year provided a boost to the Fund’s relative performance.

The Fund held derivatives in the form of futures and interest rate swaps during the period under review. Neither 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, 2022
	1 Year			3 Year			5 Year			Since Inception (11/17/14)
AZL^® MetWest Total Return Bond Fund		(14.76	)%		(2.98	)%		(0.23	)%		0.58	%
Bloomberg U.S. Aggregate Bond Index		(13.01	)%		(2.71	)%		0.02	%		0.93	%


Expense Ratio	Gross
AZL^® MetWest Total Return Bond Fund		0.91	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2024. 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, 2024. Additional information pertaining to the December 31, 2022 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 (6.1%):
$	666,733	Ajax Mortgage Loan Trust, Class A1, Series 2019-F, 2.86%, 7/25/59, Callable 1/25/23 @ 100(b)(c)	$	627,080
	505,000	AMSR Trust, Class B, Series 2022-SFR3, 4.00%, 10/17/39, Callable 10/17/27 @ 100(b)		454,314
	1,288,000	CWABS Asset-Backed Certificates Trust, Class MV5, Series 2005-7, 5.51%(US0001M+113bps), 11/25/35, Callable 1/25/23 @ 100		1,235,516
	1,354,568	CWABS Asset-Backed Certificates Trust, Class MV4, Series 2004-10, 3.78%(US0001M+158bps), 12/25/34, Callable 1/25/23 @ 100		1,217,522
	582,542	Firstkey Homes 2020 Sfr1 Trust, Class A, Series 2020-SFR1, 1.34%, 8/17/37(b)		520,568
	858,833	Navient Student Loan Trust, Class A3, Series 2016-2, 5.89%(US0001M+150bps), 6/25/65, Callable 2/25/35 @ 100(b)		832,319
	1,352,078	Park Place Securities, Inc. Pass-Through Certificates, Class M5, Series 2004-WWF1, 6.19%(US0001M+180bps), 12/25/34, Callable 1/25/23 @ 100		1,286,089
	330,000	Progress Residential, Class G, Series 2021-SFR1, 3.86%, 4/17/38(b)		282,231
	270,000	Progress Residential Trust, Class F, Series 2020-SFR3, 2.80%, 10/17/27(b)		236,756
	513,590	SLC Student Loan Trust, Class 2A3, Series 2008-1, 6.37%(US0003M+160bps), 12/15/32, Callable 3/15/28 @ 100		507,910
	392,315	SLM Student Loan Trust, Class 2A3, Series 2003-7, 5.34%(US0003M+57bps), 9/15/39, Callable 3/15/29 @ 100		364,360
	452,622	SLM Student Loan Trust, Class A4, Series 2007-7, 4.69%(US0003M+33bps), 1/25/22, Callable 10/25/24 @ 100		446,062
	728,796	SLM Student Loan Trust, Class A4, Series 2008-6, 5.46%(US0003M+110bps), 7/25/23, Callable 1/25/26 @ 100		705,745
	499,280	SLM Student Loan Trust, Class A3, Series 2012-1, 5.34%(US0001M+95bps), 9/25/28, Callable 4/25/30 @ 100		483,946
	47,088	SLM Student Loan Trust, Class A, Series 2009-3, 5.14%(US0001M+75bps), 1/25/45, Callable 10/25/36 @ 100(b)		44,616
	240,000	SLM Student Loan Trust, Class 2A3, Series 2008-9, 6.61%(US0003M+225bps), 10/25/83, Callable 7/25/23 @ 100		229,780
	1,220,000	SLM Student Loan Trust, Class 2A3, Series 2008-5, 6.21%(US0003M+185bps), 7/25/73, Callable 4/25/23 @ 100		1,147,828
	251,393	SLM Student Loan Trust, Class A, Series 2008-9, 5.86%(US0003M+150bps), 4/25/23, Callable 7/25/23 @ 100		247,350
	1,403,612	VOLT XCIX LLC, Class A1, Series 2021-NPL8, 2.12%, 4/25/51, Callable 1/25/23 @ 100(b)(c)		1,244,029
	1,053,574	Wachovia Student Loan Trust, Class 2A3, Series 2006-1, 4.53%(US0003M+17bps), 4/25/40, Callable 10/25/25 @ 100(b)		1,005,865

	Total Asset Backed Securities (Cost $13,813,063)			13,119,886


Principal Amount			Value
Collateralized Mortgage Obligations (11.9%):
$	750,000	AGL CLO 7, Ltd., Class BR, Series 2020-7A, 5.78%(US0003M+170bps), 7/15/34, Callable 7/15/23 @ 100(b)	$	716,875
	725,000	AIG CLO, Ltd., Class BR, Series 2019-2A, 5.96%(US0003M+160bps), 10/25/33, Callable 1/25/23 @ 100(b)		696,898
	850,000	AIMCO CLO, Class AR2, Series 2015-AA, 5.22%(US0003M+114bps), 10/17/34, Callable 10/17/23 @ 100(b)		824,916
	893,935	Alternative Loan Trust, Class 4A1, Series 2005-56, 5.01%(US0001M+31bps), 11/25/35, Callable 1/25/23 @ 100		787,130
	270,094	America Home Mortgage Investment Trust, Class 6A, Series 2005-1, 7.16%(US0006M+200bps), 6/25/45, Callable 1/25/23 @ 100		263,059
	652,090	Angel Oak Mortgage Trust, Class A1, Series 2022-6, 4.30%, 7/25/67, Callable 9/25/24 @ 100(b)(c)		613,488
	166,163	Angel Oak Mortgage Trust, Class A1, Series 2021-7, 1.98%, 10/25/66, Callable 12/25/23 @ 100(b)(c)		129,460
	515,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2018-PARK, 4.09%, 8/10/38(b)(c)		459,553
	140,565	Banc of America Mortgage Trust, Class 2A3, Series 2005-F, 3.94%, 7/25/35, Callable 1/25/23 @ 100(c)		126,463
	525,000	Bx Commercial Mortgage Trust, Class A, Series 2022-CSMO, 6.45%(TSFR1M+211bps), 6/15/27(b)		520,988
	769,970	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(b)		759,495
	155,000	BX Trust, Class A, Series 2019-OC11, 3.20%, 12/9/41, Callable 12/9/29 @ 100(b)		129,518
	355,000	CALI Mortgage Trust, Class A, Series 2019-101C, 3.96%, 3/10/39(b)		305,707
	703,652	C-BASS Mortgage Loan Trust, Class A2E, Series 2007-CB2, 3.55%, 2/25/37, Callable 7/25/23 @ 100(c)		474,996
	300,000	Century Plaza Towers, Class A, Series 2019-CPT, 2.87%, 11/13/39, Callable 11/13/29 @ 100(b)		238,851
	700,000	CIFC Funding VII, Ltd., Class A1, Series 2021-7A, 5.45%(US0003M+113bps), 1/23/35, Callable 1/23/24 @ 100(b)		678,220
	501,863	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 3.54%, 4/25/37, Callable 12/25/35 @ 100(c)		424,492
	595,296	Colt 2021 6 Mortgage Loan Trust, Class A1, Series 2021-6, 1.91%, 12/25/66, Callable 12/25/23 @ 100(b)(c)		481,720
	837,608	COMM Mortgage Trust, Class A3, Series 2015-CR27, 3.35%, 10/10/48, Callable 10/10/25 @ 100		787,862
	850,000	Connecticut Avenue Securities Trust, Class 1M2, Series 2021-R03, 5.58%(SOFR30A+165bps), 12/25/41, Callable 12/25/26 @ 100(b)		801,688
	325,000	DC Office Trust, Class A, Series 2019-MTC, 2.97%, 9/15/45(b)		254,989
	407,850	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 3.86%, 3/25/36, Callable 1/25/23 @ 100(c)		305,523


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	299,830	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 3.94%, 4/25/36, Callable 1/25/23 @ 100(c)	$	259,305
	334,981	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 4.03%, 2/25/36, Callable 1/25/23 @ 100(c)		251,531
	186,811	First Horizon Mortgage Pass-Through Trust, Class 2A1, Series 2005-AR3, 3.87%, 8/25/35, Callable 1/25/23 @ 100(c)		127,966
	460,980	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 2.98%, 4/19/36, Callable 1/19/23 @ 100(c)		345,430
	307,179	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.88%, 9/19/35, Callable 1/19/23 @ 100(c)		258,999
	801,154	GoldenTree Loan Opportunities IX, Ltd., Class AR2, Series 2014-9A, 5.52%(US0003M+111bps), 10/29/29, Callable 1/29/23 @ 100(b)		792,808
	736,269	GreenPoint Mortgage Funding Trust, Class A1A, Series 2006-AR1, 4.97%(US0001M+58bps), 2/25/36, Callable 1/25/23 @ 100		618,476
	1,135,000	GS Mortgage Securities Corp. II, Class A, Series 2021-ARDN, 5.57%(US0001M+125bps), 11/15/26(b)		1,095,853
	1,287,216	GS Mortgage-Backed Securities Trust, Class A4, Series 2022-PJ6, 3.00%, 11/25/52, Callable 1/25/50 @ 100(b)(c)		1,078,340
	1,043,615	HarborView Mortgage Loan Trust, Class 1A1A, Series 2006-10, 4.54%(US0001M+20bps), 11/19/36, Callable 3/19/24 @ 100		818,316
	200,000	Hudson Yards Mortgage Trust, Class A, Series 2019-55HY, 3.04%, 12/10/41(b)(c)		167,365
	330,000	Hudson Yards Mortgage Trust, Class A, Series 2019-30HY, 3.23%, 6/10/37(b)		283,414
	701,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2021-HTL5, 5.43%(US0001M+112bps), 11/15/38(b)		670,361
	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(b)		281,941
	634,001	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 4.51%(US0001M+12bps), 7/25/37, Callable 10/25/23 @ 100		306,390
	220,000	MKT Mortgage Trust, Class A, Series 2020-525M, 2.69%, 2/12/40(b)		171,749
	123,359	MortgageIT Trust, Class 2A3, Series 2005-2, 5.77%(US0001M+165bps), 5/25/35, Callable 1/25/23 @ 100		115,646
	168,152	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 1/25/23 @ 100(c)		161,052
	415,000	One Bryant Park Trust, Class A, Series 2019-OBP, 2.52%, 9/13/49(b)		338,579
	750,000	Palmer Square CLO, Ltd., Class A, Series 2022-1A, 5.28%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(b)		730,189


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	750,000	Park Avenue Institutional Advisers CLO, Ltd., Class A1A, Series 2021-1A, 5.63%(US0003M+139bps), 1/20/34, Callable 1/20/23 @ 100(b)	$	732,826
	560,000	RBS Commercial Funding, Inc. Trust, Class A, Series 2013-GSP, 3.83%, 1/13/32(b)(c)		539,851
	800,000	Recette CLO, Ltd., Class ARR, Series 2015-1A, 5.32%(US0003M+108bps), 1/20/33, Callable 4/20/23 @ 100(b)		774,838
	653,790	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 4.75%(US0001M+18bps), 12/25/36, Callable 1/25/23 @ 100		519,675
	800,000	Rockford Tower CLO, Ltd., Class A1, Series 2021-1A, 5.41%(US0003M+117bps), 7/20/34, Callable 7/20/23 @ 100(b)		779,195
	685,417	Structured Asset Mortgage Investments II Trust, Class 3A1, Series 2006-AR1, 4.85%(US0001M+23bps), 2/25/36, Callable 2/25/23 @ 100		561,997
	571,895	Toorak Mortgage Corp. 2018 1, Ltd., Class A1, Series 2022-INV2, 4.35%, 6/25/57, Callable 5/25/25 @ 100(b)(c)		555,064
	294,205	WaMu Mortgage Pass-Through Certificates Trust, Class 2A1A, Series 2005-AR6, 4.85%(US0001M+23bps), 4/25/45, Callable 1/25/23 @ 100		290,516
	122,579	WaMu Mortgage Pass-Through Certificates Trust, Class A1A, Series 2004-AR10, 5.27%(US0001M+44bps), 7/25/44, Callable 1/25/23 @ 100		117,176
	259,894	WaMu Mortgage Pass-Through Certificates Trust, Class A2, Series 2005-AR3, 2.87%, 3/25/35, Callable 1/25/23 @ 100(c)		242,954
	898,706	WaMu Mortgage Pass-Through Certificates Trust, Class 2A1A, Series 2005-AR8, 4.97%(US0001M+29bps), 7/25/45, Callable 1/25/23 @ 100		818,240
	190,700	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 4.09%, 9/25/36, Callable 1/25/23 @ 100(c)		167,578

	Total Collateralized Mortgage Obligations (Cost $27,685,411)			25,755,511

Corporate Bonds (23.1%):
Aerospace & Defense (0.3%):
	605,000	Boeing Co. (The), 1.17%, 2/4/23		602,157

Airlines (0.2%):
	360,596	U.S. Airways Pass Through Trust, Series 2010-1A, 6.25%, 10/22/24		353,385

Automobiles (0.5%):
	5,000	Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(b)		4,129
	585,000	Magallanes, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(b)		450,966
	733,000	Magallanes, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100(b)		539,454
	290,000	Michaels Cos., Inc. (The), 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)		192,850

				1,187,399


Principal Amount			Value
Corporate Bonds, continued
Banks (5.2%):
$	665,000	Bank of America Corp., 1.66% (SOFR+91 bps), 3/11/27, Callable 3/11/26 @ 100	$	588,054
	415,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		375,713
	470,000	Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN		435,047
	760,000	Bank of America Corp., 2.09% (SOFR+106 bps), 6/14/29, Callable 6/14/28 @ 100		641,554
	100,000	Bank of America Corp., 2.59% (SOFR+215 bps), 4/29/31, Callable 4/29/30 @ 100		81,777
	295,000	Bank of America Corp., 1.92% (SOFR+137 bps), 10/24/31, Callable 10/24/30 @ 100, MTN		225,833
	85,000	Bank of America Corp., 2.69% (SOFR+132 bps), 4/22/32, Callable 4/22/31 @ 100		68,049
	170,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		131,248
	250,000	Bank of America Corp., 2.57% (SOFR+121 bps), 10/20/32, Callable 10/20/31 @ 100		196,271
	150,000	Bank of America Corp., 2.97% (SOFR+133 bps), 2/4/33, Callable 2/4/32 @ 100		121,098
	135,000	Citigroup, Inc., 3.07% (SOFR+128 bps), 2/24/28, Callable 2/24/27 @ 100		121,705
	165,000	Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100		139,213
	140,000	Citigroup, Inc., 2.67% (SOFR+115 bps), 1/29/31, Callable 1/29/30 @ 100		115,022
	630,000	Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100		580,042
	350,000	Citigroup, Inc., 2.57% (SOFR+211 bps), 6/3/31, Callable 6/3/30 @ 100		282,200
	330,000	Citigroup, Inc., 2.56% (SOFR+117 bps), 5/1/32, Callable 5/1/31 @ 100		261,777
	645,000	Citigroup, Inc., 3.06% (SOFR+135 bps), 1/25/33, Callable 1/25/32 @ 100		521,518
	145,000	JPMorgan Chase & Co., 0.70% (SOFR+58 bps), 3/16/24, Callable 3/16/23 @ 100		143,428
	1,210,000	JPMorgan Chase & Co., 0.97% (SOFR+58 bps), 6/23/25, Callable 6/23/24 @ 100		1,128,521
	455,000	JPMorgan Chase & Co., 1.56% (SOFR+61 bps), 12/10/25, Callable 12/10/24 @ 100		422,140
	220,000	JPMorgan Chase & Co., 3.96% (US0003M+125 bps), 1/29/27, Callable 1/29/26 @ 100		209,565
	445,000	JPMorgan Chase & Co., 1.58% (SOFR+89 bps), 4/22/27, Callable 4/22/26 @ 100		390,828
	180,000	JPMorgan Chase & Co., 2.95% (SOFR+117 bps), 2/24/28, Callable 2/24/27 @ 100		163,240
	170,000	JPMorgan Chase & Co., 2.74% (SOFR+151 bps), 10/15/30, Callable 10/15/29 @ 100		142,811
	445,000	JPMorgan Chase & Co., 2.58% (SOFR+125 bps), 4/22/32, Callable 4/22/31 @ 100		358,215
	275,000	JPMorgan Chase & Co., 2.55% (SOFR+118 bps), 11/8/32, Callable 11/8/31 @ 100		217,727
	210,000	PNC Financial Services Group, Inc. (The), 6.04% (SOFRINDX+ bps), 10/28/33, Callable 10/28/32 @ 100		220,396


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	210,000	US Bancorp, 5.85% (SOFR+209 bps), 10/21/33, Callable 10/21/32 @ 100	$	219,691
	790,000	Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100		735,032
	410,000	Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN		380,644
	185,000	Wells Fargo & Co., 2.39% (SOFR+210 bps), 6/2/28, Callable 6/2/27 @ 100, MTN		163,663
	200,000	Wells Fargo & Co., 2.88% (US0003M+117 bps), 10/30/30, Callable 10/30/29 @ 100, MTN		170,592
	1,260,000	Wells Fargo & Co., 3.35% (SOFR+150 bps), 3/2/33, Callable 3/2/32 @ 100, MTN		1,066,110
	300,000	Wells Fargo & Co., 4.90% (SOFR+210 bps), 7/25/33, Callable 7/25/32 @ 100		285,634

				11,304,358

Beverages (0.2%):
	350,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		331,030

Biotechnology (0.0%^†):
	35,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100		30,392

Capital Markets (2.7%):
	735,000	Goldman Sachs Group, Inc. (The), 1.22%, 12/6/23, Callable 1/12/23 @ 100		709,679
	180,000	Goldman Sachs Group, Inc. (The), 1.09% (SOFR+79 bps), 12/9/26, Callable 12/9/25 @ 100		159,050
	885,000	Goldman Sachs Group, Inc. (The), 1.43% (SOFR+80 bps), 3/9/27, Callable 3/9/26 @ 100		776,297
	450,000	Goldman Sachs Group, Inc. (The), 1.54% (SOFR+82 bps), 9/10/27, Callable 9/10/26 @ 100		388,476
	570,000	Goldman Sachs Group, Inc. (The), 1.95% (SOFR+91 bps), 10/21/27, Callable 10/21/26 @ 100		497,668
	115,000	Goldman Sachs Group, Inc. (The), 1.99% (SOFFRATE+1 bps), 1/27/32, Callable 1/27/31 @ 100		87,818
	345,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100		268,637
	170,000	Goldman Sachs Group, Inc. The, 2.65% (SOFR+126 bps), 10/21/32, Callable 10/21/31 @ 100		134,732
	835,000	Morgan Stanley, 0.79% (SOFR+53 bps), 5/30/25, Callable 5/30/24 @ 100		778,023
	195,000	Morgan Stanley, 1.16% (SOFR+56 bps), 10/21/25, Callable 10/21/24 @ 100, MTN		179,593
	445,000	Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100		390,100
	330,000	Morgan Stanley, 1.93% (SOFR+102 bps), 4/28/32, Callable 4/28/31 @ 100, MTN		250,328
	115,000	Morgan Stanley, 2.24% (SOFR+118 bps), 7/21/32, Callable 7/21/31 @ 100, MTN		88,329
	195,000	Morgan Stanley, 2.51% (SOFR+120 bps), 10/20/32, Callable 10/20/31 @ 100, MTN		152,775
	165,000	Morgan Stanley, 2.94% (SOFR+129 bps), 1/21/33, Callable 1/21/32 @ 100		134,112
	320,000	Morgan Stanley, 2.48% (SOFR+136 bps), 9/16/36, Callable 9/16/31 @ 100		233,817


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	255,000	Raymond James Financial, 4.95%, 7/15/46	$	232,748
	295,000	S&P Global, Inc., 4.75%, 8/1/28, Callable 5/1/28 @ 100(b)		292,098

				5,754,280

Chemicals (0.1%):
	312,000	International Flavors & Fragrances, Inc., 2.30%, 11/1/30, Callable 8/1/30 @ 100(b)		246,839
	60,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b)		48,000

				294,839

Commercial Services & Supplies (0.1%):
	150,000	Waste Pro USA, Inc., 5.50%, 2/15/26, Callable 2/6/23 @ 102.75(b)		132,188

Communications Equipment (0.1%):
	275,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b)		221,719

Consumer Discretionary Services (0.0%^†):
	30,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(b)		24,150

Consumer Finance (0.2%):
	385,000	Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100		330,506
	145,000	FirstCash, Inc., 5.63%, 1/1/30, Callable 1/1/25 @ 102.81(b)		129,050

				459,556

Consumer Staple Products (0.2%):
	100,000	Chobani LLC / Chobani Finance Corp., Inc., 4.63%, 11/15/28, Callable 11/15/23 @ 102.31(b)		86,375
	255,000	Jbs USA Lux SA Jbs USA Food Co., 6.50%, 12/1/52, Callable 6/1/52 @ 100(b)		243,525

				329,900

Containers & Packaging (0.5%):
	135,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 2/6/23 @ 102.63(b)		101,925
	135,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 2/6/23 @ 102.63(b)		101,925
	200,000	Ball Corp., 4.00%, 11/15/23		196,500
	500,000	Berry Global, Inc., 1.57%, 1/15/26, Callable 12/15/25 @ 100		445,000
	90,000	Berry Global, Inc., 4.88%, 7/15/26, Callable 2/6/23 @ 102.44(b)		86,580
	110,000	Graphic Packaging International LLC, 4.75%, 7/15/27, Callable 4/15/27 @ 100(b)		103,537
	25,000	Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24, Callable 2/6/23 @ 100(b)		24,188

				1,059,655

Diversified Financial Services (0.7%):
	600,000	Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100		569,734


Principal Amount			Value
Corporate Bonds, continued
Diversified Financial Services, continued
$	32,000	Level 3 Financing, Inc., 3.40%, 3/1/27, Callable 1/1/27 @ 100(b)	$	27,000
	300,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b)		218,250
	425,000	Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100(b)		334,156
	300,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b)		261,000

				1,410,140

Diversified Telecommunication Services (0.7%):
	290,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		264,790
	125,000	AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100		103,098
	125,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		106,806
	510,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		355,250
	50,000	Lumen Technologies, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102(b)		42,313
	175,000	Qwest Corp., 7.25%, 9/15/25		178,639
	305,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		251,309
	147,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/6/23 @ 100(b)		108,229

				1,410,434

Electric Utilities (1.2%):
	25,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(b)		22,469
	280,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(b)		251,146
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		512,740
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		842,338
	355,000	Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100		296,251
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		745,194

				2,670,138

Electrical Equipment (0.0%^†):
	82,000	Artera Services LLC, 9.03%, 12/4/25, Callable 2/6/23 @ 104.52(b)		68,060

Entertainment (0.1%):
	260,000	Take Two Interactive Software, Inc., 4.00%, 4/14/32, Callable 1/14/32 @ 100		231,358

Equity Real Estate Investment Trusts (REITs) (1.0%):
	47,000	Extra Space Storage LP, 3.90%, 4/1/29, Callable 2/1/29 @ 100		42,396
	285,000	Extra Space Storage LP, 2.55%, 6/1/31, Callable 3/1/31 @ 100		223,856
	55,000	Extra Space Storage LP, 2.35%, 3/15/32, Callable 12/15/31 @ 100		41,676
	180,000	GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25, Callable 3/1/25 @ 100		176,952


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (REITs), continued
$	460,000	GLP Capital LP / GLP Financing II, Inc., 5.38%, 4/15/26, Callable 1/15/26 @ 100	$	452,502
	105,000	GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100		102,714
	290,000	GLP Capital LP / GLP Financing II, Inc., 5.30%, 1/15/29, Callable 10/15/28 @ 100		274,824
	5,000	GLP Capital LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100		4,385
	145,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		121,908
	200,000	Hudson Pacific Properties, LP, 5.95%, 2/15/28, Callable 1/15/28 @ 100		187,802
	70,000	Hudson Pacific Properties, LP, 3.25%, 1/15/30, Callable 10/15/29 @ 100		53,704
	5,000	Invitation Homes Operating Partnership LP, 2.70%, 1/15/34, Callable 10/15/33 @ 100		3,659
	170,000	Physicians Realty LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100		132,671
	265,000	VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100		245,125

				2,064,174

Food Products (0.6%):
	265,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 2/2/29, Callable 12/2/28 @ 100(b)		219,950
	30,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)		28,537
	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(b)		105,138
	545,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100		478,422
	25,000	Pilgrim’s Pride Corp., 5.88%, 9/30/27, Callable 2/6/23 @ 102.94(b)		24,312
	367,000	Post Holdings, Inc., 5.75%, 3/1/27, Callable 1/23/23 @ 102.88(b)		354,614
	135,000	Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(b)		110,869

				1,321,842

Health Care Equipment & Supplies (0.3%):
	455,000	Becton Dickinson And Co., 1.96%, 2/11/31, Callable 11/11/30 @ 100		361,403
	280,000	Embecta Corp., 5.00%, 2/15/30, Callable 2/15/27 @ 101.25(b)		238,000

				599,403

Health Care Providers & Services (1.9%):
	200,000	Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100		194,134
	190,000	Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13		178,600


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	83,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100	$	69,720
	569,000	Centene Corp., 3.00%, 10/15/30, Callable 7/15/30 @ 100		466,580
	290,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		239,671
	400,000	CVS Health Corp., 4.88%, 7/20/35, Callable 1/20/35 @ 100		382,287
	525,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100		472,918
	93,000	HCA, Inc., 5.25%, 4/15/25		92,767
	110,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		108,350
	640,000	HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		588,800
	90,000	HCA, Inc., 2.38%, 7/15/31, Callable 4/15/31 @ 100		70,127
	225,000	HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(b)		191,017
	345,000	HCA, Inc., 5.50%, 6/15/47, Callable 12/15/46 @ 100		307,050
	145,000	HCA, Inc., 5.25%, 6/15/49, Callable 12/15/48 @ 100		127,600
	215,000	HCA, Inc., 4.63%, 3/15/52, Callable 9/15/51 @ 100(b)		169,113
	75,000	Humana, Inc., 4.95%, 10/1/44, Callable 4/1/44 @ 100		68,436
	409,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b)		349,695
	150,000	Option Care Health, Inc., 4.38%, 10/31/29, Callable 10/31/24 @ 102.19(b)		131,625

				4,208,490

Hotels, Restaurants & Leisure (0.0%^†):
	125,000	Papa John S International, 3.88%, 9/15/29, Callable 9/15/24 @ 101.94(b)		104,375

Household Products (0.1%):
	135,000	Spectrum Brands, Inc., 5.50%, 7/15/30, Callable 7/15/25 @ 102.75(b)		119,306

Industrial Services (0.0%^†):
	30,000	WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26, Callable 4/15/23 @ 102.88(b)		28,125

Insurance (1.0%):
	125,000	Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13(b)		103,125
	135,000	Aon Corp. / Aon Global Holdings plc, 3.90%, 2/28/52, Callable 8/28/51 @ 100		105,099
	25,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b)		20,375
	225,000	Athene Global Funding, 3.64% (SOFR+70 bps), 5/24/24(b)		220,555
	125,000	Athene Global Funding, 3.21%, 3/8/27(b)		111,721
	375,000	Athene Global Funding, 1.99%, 8/19/28(b)		302,403
	130,000	Athene Global Funding, 2.72%, 1/7/29(b)		107,952
	700,000	Farmers Exchange Capital III, 5.45% (US0003M+345 bps), 10/15/54, Callable 10/15/34 @ 100(b)		617,599


Principal Amount			Value
Corporate Bonds, continued
Insurance, continued
$	670,000	Farmers Insurance Exchange, 4.75% (US0003M+323 bps), 11/1/57, Callable 11/1/37 @ 100(b)	$	532,188

				2,121,017

IT Services (0.1%):
	80,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)		78,500
	115,000	Global Payments, Inc., 5.40%, 8/15/32, Callable 5/15/32 @ 100		110,110
	146,000	Global Payments, Inc., 5.95%, 8/15/52, Callable 2/15/52 @ 100		133,497

				322,107

Media (0.7%):
	345,000	Cable One, Inc., 4.00%, 11/15/30, Callable 11/15/25 @ 102(b)		271,687
	499,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48, Callable 10/1/47 @ 100		412,067
	35,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50, Callable 9/1/49 @ 100		25,685
	380,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100		295,995
	100,000	CSC Holdings LLC, 5.38%, 2/1/28, Callable 2/6/23 @ 102.69(b)		80,625
	25,000	CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75(b)		16,875
	276,000	CSC Holdings LLC, 6.50%, 2/1/29, Callable 2/1/24 @ 103.25(b)		226,320
	465,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 1/23/23 @ 102.69(b)		51,150
	30,000	OT Merger Corp., 7.88%, 10/15/29, Callable 10/15/24 @ 103.94(b)		15,900
	120,000	Time Warner Cable LLC, 5.88%, 11/15/40, Callable 5/15/40 @ 100		105,687
	125,000	Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100		104,244

				1,606,235

Oil, Gas & Consumable Fuels (0.8%):
	210,000	Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		208,537
	209,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		201,495
	670,000	Energy Transfer LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100		569,012
	70,000	Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		65,675
	55,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100		49,709
	37,000	Occidental Petroleum Corp., 7.23%, 10/10/36(d)		18,407
	200,000	Occidental Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		161,000


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	250,000	Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(b)	$	226,250
	250,000	Rockies Express Pipeline LLC, 4.80%, 5/15/30, Callable 2/15/30 @ 100(b)		218,750
	89,000	Sunoco, LP / Sunoco Finance Corp., 4.50%, 4/30/30, Callable 4/30/25 @ 102.25		77,207

				1,796,042

Pharmaceuticals (0.8%):
	1,006,000	Bayer US Finance II LLC, 4.38%, 12/15/28, Callable 9/15/28 @ 100(b)		947,974
	490,000	Bayer US Finance II LLC, 4.63%, 6/25/38, Callable 12/25/37 @ 100(b)		429,328
	160,000	Bayer US Finance II LLC, 4.88%, 6/25/48, Callable 12/25/47 @ 100(b)		138,503
	275,000	Prestige Brands, Inc., 3.75%, 4/1/31, Callable 4/1/26 @ 101.88(b)		226,531

				1,742,336

Real Estate (0.4%):
	22,000	Healthcare Realty Holdings LP, 2.05%, 3/15/31, Callable 12/15/30 @ 100		15,974
	135,000	Healthcare Realty Holdings, LP, 2.40%, 3/15/30, Callable 12/15/29 @ 100		105,454
	160,000	Healthcare Trust of America Holdings, LP, 2.00%, 3/15/31, Callable 12/15/30 @ 100		121,522
	115,000	Invitation Homes Operating Partnership LP, 2.00%, 8/15/31, Callable 5/15/31 @ 100		85,037
	20,000	VICI Properties LP / VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b)		19,125
	75,000	VICI Properties LP / VICI Note Co., Inc., 4.50%, 9/1/26, Callable 6/1/26 @ 100(b)		70,312
	15,000	Vici Properties Vici Note, 3.75%, 2/15/27, Callable 2/15/23 @ 101.88(b)		13,575
	132,000	Vici Properties, LP, 5.63%, 5/15/52, Callable 11/15/51 @ 100		116,160
	90,000	Vici Properties, LP Vici Note Co., Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100(b)		87,750
	45,000	Vici Properties, LP Vici Note Co., Inc., 4.50%, 1/15/28, Callable 10/15/27 @ 100(b)		41,119
	130,000	Vici Properties, LP Vici Note Co., Inc., 3.88%, 2/15/29, Callable 11/15/28 @ 100(b)		113,912

				789,940

Semiconductors & Semiconductor Equipment (0.2%):
	284,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b)		213,927
	140,000	Broadcom, Inc., 3.42%, 4/15/33, Callable 1/15/33 @ 100(b)		112,883

				326,810

Software (0.4%):
	75,000	NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5(b)		63,937
	50,000	NCR Corp., 5.13%, 4/15/29, Callable 4/15/24 @ 102.56(b)		41,500
	70,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		58,353


Principal Amount			Value
Corporate Bonds, continued
Software, continued
$	70,000	Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100	$	55,671
	565,000	Oracle Corp., 3.95%, 3/25/51, Callable 9/25/50 @ 100		407,876
	210,000	Oracle Corp., 6.90%, 11/9/52, Callable 5/9/52 @ 100		228,242

				855,579

Specialty Retail (0.0%^†):
	30,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b)		24,038

Technology Hardware, Storage & Peripherals (0.0%^†):
	25,000	NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63(b)		20,625

Textiles, Apparel & Luxury Goods (0.1%):
	125,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 4/1/26, Callable 2/6/23 @ 103.44		119,844

Tobacco (0.5%):
	625,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100		447,114
	130,000	BAT Capital Corp., 5.65%, 3/16/52, Callable 9/16/51 @ 100		109,840
	610,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		523,966

				1,080,920

Trading Companies & Distributors (0.1%):
	265,000	Air Lease Corp., 5.85%, 12/15/27, Callable 11/15/27 @ 100		266,498

Utilities (0.1%):
	265,000	NextEra Energy Capital Holdings, Inc., 4.63%, 7/15/27, Callable 6/15/27 @ 100		261,374

Wireless Telecommunication Services (1.0%):
	27,000	Sprint Corp., 7.88%, 9/15/23		27,405
	691,875	Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 3/20/25, Callable 3/20/24 @ 100(b)		683,741
	235,000	T-Mobile USA, Inc., 2.25%, 2/15/26, Callable 2/15/23 @ 101.13		214,317
	444,000	T-Mobile USA, Inc., 2.63%, 4/15/26, Callable 4/15/23 @ 101.31		406,694
	418,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		378,968
	459,000	T-Mobile USA, Inc., 2.55%, 2/15/31, Callable 11/15/30 @ 100		376,150
	135,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		116,112

				2,203,387

	Total Corporate Bonds (Cost $56,881,198)			49,857,605

Foreign Bonds (0.2%):
Entertainment (0.1%):
	115,000	Netflix, Inc., 4.63%, 5/15/29+		119,850


Principal Amount			Value
Foreign Bonds, continued
Equity Real Estate Investment Trusts (REITs) (0.1%):
$	140,000	CapitaLand Ascendas REIT, 0.75%, 6/23/28, Callable 3/23/28 @ 100, MTN+	$	115,448

Industrial Services (0.0%^†):
	145,000	Heathrow Funding, Ltd., 1.88%, 3/14/36, MTN+		111,314

	Total Foreign Bonds (Cost $364,361)			346,612

Yankee Debt Obligations (8.1%):
Aerospace & Defense (0.3%):
	345,000	Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(b)		317,831
	355,000	Avolon Holdings Funding, Ltd., 2.53%, 11/18/27, Callable 10/18/27 @ 100(b)		286,219

				604,050

Banks (2.4%):
	450,000	DNB Bank ASA, 1.60% (H15T1Y+68 bps), 3/30/28, Callable 3/30/27 @ 100(b)		381,220
	450,000	HSBC Holdings plc, 2.10% (SOFR+193 bps), 6/4/26, Callable 6/4/25 @ 100		410,825
	440,000	HSBC Holdings plc, 2.01% (SOFR+173 bps), 9/22/28, Callable 9/22/27 @ 100		368,266
	410,000	HSBC Holdings plc, 2.21% (SOFR+129 bps), 8/17/29, Callable 8/17/28 @ 100		332,843
	545,000	HSBC Holdings plc, 2.80% (SOFR+119 bps), 5/24/32, Callable 5/24/31 @ 100		421,345
	295,000	HSBC Holdings PLC, 4.76% (SOFR+211 bps), 6/9/28, Callable 6/9/27 @ 100		279,506
	145,000	Lloyds Banking Group plc, 3.87% (H15T1Y+4 bps), 7/9/25, Callable 7/9/24 @ 100		140,835
	450,000	Lloyds Banking Group plc, 1.63% (H15T1Y+85 bps), 5/11/27, Callable 5/11/26 @ 100		389,836
	200,000	Lloyds Banking Group PLC, 3.57% (US0003M+121 bps), 11/7/28, Callable 11/7/27 @ 100		180,208
	325,000	Lloyds Banking Group PLC, 4.98% (H15T1Y+230 bps), 8/11/33, Callable 8/11/32 @ 100		299,364
	545,000	NatWest Group plc, 4.27% (US0003M+176 bps), 3/22/25, Callable 3/22/24 @ 100		531,457
	390,000	Santander UK Group Holdings plc, 4.80% (US0003M+157 bps), 11/15/24, Callable 11/15/23 @ 100		383,419
	590,000	Santander UK Group Holdings plc, 1.09% (SOFR+79 bps), 3/15/25, Callable 3/15/24 @ 100		551,655
	45,000	Santander UK Group Holdings plc, 1.53% (H15T1Y+125 bps), 8/21/26, Callable 8/21/25 @ 100		39,719
	30,000	Santander UK Group Holdings plc, 1.67% (SOFR+99 bps), 6/14/27, Callable 6/14/26 @ 100		25,481
	410,000	Santander UK plc, 5.00%, 11/7/23(b)		404,801

				5,140,780

Beverages (0.1%):
	275,000	Bacardi, Ltd., 4.45%, 5/15/25, Callable 3/15/25 @ 100(b)		267,523

Biotechnology (0.1%):
	275,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b)		238,219


Principal Amount			Value
Yankee Debt Obligations, continued
Capital Markets (1.5%):
$	185,000	Credit Suisse Group AG, 1.31% (SOFR+98 bps), 2/2/27, Callable 2/2/26 @ 100(b)	$	147,730
	660,000	Credit Suisse Group AG, 3.09% (SOFR+173 bps), 5/14/32, Callable 5/14/31 @ 100(b)		457,141
	1,615,000	Credit Suisse Group AG, 6.54% (SOFR+392 bps), 8/12/33, Callable 8/12/32 @ 100(b)		1,425,694
	260,000	Credit Suisse Group AG, 9.02% (SOFR+502 bps), 11/15/33, Callable 11/15/32 @ 100(b)		267,894
	165,000	Macquarie Group, Ltd., 2.69% (SOFR+144 bps), 6/23/32, Callable 6/23/31 @ 100(b)		126,636
	570,000	Macquarie Group, Ltd., 2.87% (SOFR+153 bps), 1/14/33, Callable 1/14/32 @ 100(b)		438,258
	170,000	Macquarie Group, Ltd., 4.44% (SOFR+241 bps), 6/21/33, Callable 6/21/32 @ 100(b)		148,162
	200,000	UBS Group AG, 4.49% (H15T1Y+155 bps), 5/12/26, Callable 5/12/25 @ 100(b)		195,219

				3,206,734

Consumer Staple Products (0.0%^†):
	80,000	Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(b)		79,100

Consumer Staples Products (0.0%^†):
	15,000	Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100(b)		12,836

Containers & Packaging (0.1%):
	200,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 2/6/23 @ 102.75(b)		186,250

Diversified Financial Services (0.4%):
	465,000	Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(b)		417,128
	285,000	Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(b)		283,932
	72,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		71,100

				772,160

Energy Equipment & Services (0.1%):
	98,800	Transocean Phoenix 2, Ltd., 7.75%, 10/15/24, Callable 2/6/23 @ 101.29(b)		97,812
	105,875	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/6/23 @ 103.44(b)		103,228
	27,600	Transocean Proteus, Ltd., 6.25%, 12/1/24, Callable 2/6/23 @ 101.04(b)		27,324

				228,364

Food & Staples Retailing (0.2%):
	415,000	Alimentation Couche-Tard, Inc., 3.55%, 7/26/27, Callable 4/26/27 @ 100(b)		382,838

Industrial Services (0.0%^†):
	25,000	SK Invictus Intermediate II Sarl, 5.00%, 10/30/29, Callable 10/30/24 @ 102.5(b)		20,031

Interactive Media & Services (0.1%):
	295,000	Tencent Holdings, Ltd., 3.68%, 4/22/41, Callable 10/22/40 @ 100(b)		219,742

National (0.1%):
	200,000	Republic of South Africa Government International, 5.88%, 4/20/32		180,246


Principal Amount			Value
Yankee Debt Obligations, continued
Oil, Gas & Consumable Fuels (0.4%):
$	200,000	KazMunayGas National Co. JSC, 5.38%, 4/24/30	$	181,250
	630,000	Petroleos Mexicanos, 6.75%, 9/21/47		404,245
	120,000	Petroleos Mexicanos, 7.69%, 1/23/50, Callable 7/23/49 @ 100		83,489
	85,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		53,634
	200,000	Petronas Capital, Ltd., 3.50%, 4/21/30, Callable 1/21/30 @ 100(b)		182,753

				905,371

Software (0.0%^†):
	60,000	Open Text Corp., 6.90%, 12/1/27, Callable 11/1/27 @ 100(b)		60,075

Sovereign Bond (1.2%):
	400,000	Abu Dhabi Government International, 2.50%, 9/30/29		358,348
	200,000	Arab Republic of Egypt, 7.60%, 3/1/29(b)		162,497
	200,000	Brazilian Government International Bond, 3.88%, 6/12/30^		173,685
	224,000	Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100^		184,287
	200,000	Colombia Government International Bond, 8.00%, 4/20/33, Callable 1/20/33 @ 100		198,752
	200,000	Dominican Republic International Bond, 4.50%, 1/30/30(b)		170,500
	225,000	Mexico Government International Bond, 3.75%, 1/11/28		212,984
	200,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		172,250
	200,000	Paraguay Government International Bond, 4.70%, 3/27/27		196,750
	200,000	Peruvian Government International Bond, 2.84%, 6/20/30		169,703
	200,000	Qatar Government International Bond, 4.50%, 4/23/28		201,667
	200,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100		153,689
	20,000	Republic of Peru, 4.13%, 8/25/27		19,233
	13,000	Republic of Poland Government International Bond, 5.75%, 11/16/32, Callable 8/16/32 @ 100		13,823
	200,000	Saudi Government International Bond, 3.63%, 3/4/28		190,924

				2,579,092

Telecommunications (0.1%):
	6,202	Intelsat, 0.00%		139,545
	540,000	Intelsat, 9.75%, 7/15/25(a)		—
	111,000	Intelsat, 8.50%, 10/15/24(a)		—

				139,545

Thrifts & Mortgage Finance (0.3%):
	330,000	Nationwide Building Society, 3.77% (US0003M+106 bps), 3/8/24, Callable 3/8/23 @ 100(b)		328,035
	140,000	Nationwide Building Society, 4.36% (US0003M+139 bps), 8/1/24, Callable 8/1/23 @ 100(b)		138,317


Principal Amount			Value
Yankee Debt Obligations, continued
Thrifts & Mortgage Finance, continued
$	245,000	Nationwide Building Society, 2.97% (SOFR+129 bps), 2/16/28, Callable 2/16/27 @ 100(b)	$	216,187

				682,539

Tobacco (0.1%):
	280,000	Imperial Brands Finance plc, 3.13%, 7/26/24, Callable 6/26/24 @ 100(b)		267,737

Trading Companies & Distributors (0.3%):
	140,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		122,276
	580,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		452,173

				574,449

Wireless Telecommunication Services (0.3%):
	345,000	Vodafone Group plc, 5.25%, 5/30/48		308,492
	468,000	Vodafone Group plc, 4.88%, 6/19/49		396,280

				704,772

	Total Yankee Debt Obligations (Cost $19,641,632)			17,452,453

Municipal Bonds (0.6%):
California (0.5%):
	700,000	Los Angeles Unified School District, Build America Bonds, GO, 5.76%, 7/1/29		724,402
	570,000	Regents of the University of California Medical Center Pooled Revenue, Series N, 3.26%, 5/15/60, Continuously Callable @100		371,612

				1,096,014

New York (0.1%):
	420,000	City of New York NY, GO, Series A, 3.00%, 8/1/34, Continuously Callable @100		328,188

	Total Municipal Bonds (Cost $1,814,637)			1,424,202

U.S. Government Agency Mortgages (36.8%):
Federal National Mortgage Association (26.1%):
	365,071	3.50%, 1/1/32, Pool #AB4262		337,162
	45,475	3.00%, 7/1/32, Pool #MA3060		43,345
	263,995	3.00%, 10/1/33, Pool #MA1676		247,534
	485,000	2.46%, 4/1/40, Pool #BL6060		342,915
	923,053	2.00%, 9/1/40, Pool #MA4152		788,495
	1,138,706	2.00%, 10/1/40, Pool #MA4176		969,149
	212,951	2.00%, 5/1/41, Pool #MA4333		181,426
	22,866	4.00%, 8/1/42, Pool #MA1146		21,842
	479,742	3.50%, 4/1/43, Pool #MA1404		450,546
	215,372	4.50%, 2/1/46, Pool #AL9106		209,704
	40,324	Class QA , Series 2018-57, 3.50%, 5/25/46		38,933
	177,535	Class PA , Series 2018-55, 3.50%, 1/25/47		170,189
	111,026	4.00%, 6/1/47, Pool #AS9830		105,891
	108,033	4.00%, 7/1/47, Pool #AS9972		103,019
	8,027	4.00%, 8/1/47, Pool #MA3088		7,687
	31,400	3.50%, 1/1/48, Pool #MA3238		29,146
	676,773	3.50%, 1/1/48, Pool #CA0996		627,149
	368,402	4.50%, 5/1/48, Pool #CA1710		359,583
	33,413	4.50%, 5/1/48, Pool #CA1711		32,612
	276,123	Class CT , Series 2018-43, 3.00%, 6/25/48		244,862


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	221,361	4.50%, 8/1/48, Pool #CA2208	$	213,888
	729,702	3.50%, 6/1/49, Pool #CA3633		678,378
	592,258	3.00%, 9/1/49, Pool #BN7755		530,651
	176,785	3.00%, 10/1/49, Pool #MA3811		154,162
	7,100,000	4.50%, 1/25/51, TBA		6,851,500
	1,753,712	2.00%, 12/1/51, Pool #BQ6913		1,435,233
	1,339,595	2.00%, 12/1/51, Pool #MA4492		1,096,333
	1,374,341	2.00%, 12/1/51, Pool #BU7089		1,124,747
	1,349,627	2.00%, 1/1/52, Pool #CB2767		1,101,187
	1,311,039	2.50%, 1/1/52, Pool #MA4512		1,113,537
	9,050,000	2.00%, 1/25/52, TBA		7,384,234
	1,228,071	2.50%, 2/1/52, Pool #MA4548		1,043,001
	1,284,111	2.50%, 3/1/52, Pool #MA4563		1,090,588
	1,473,066	2.00%, 4/1/52, Pool #FS1598		1,201,990
	2,925,000	4.00%, 1/25/53, TBA		2,749,043
	8,525,000	2.50%, 1/25/53, TBA		7,239,590
	9,850,000	5.00%, 1/25/53, TBA		9,713,023
	5,225,000	3.00%, 1/25/53, TBA		4,594,734
	1,675,000	3.50%, 1/25/53, TBA		1,524,512

				56,151,520

Federal Home Loan Mortgage Corporation (7.2%):
	168,239	3.00%, 3/1/31, Pool #G18592		159,454
	390,894	3.50%, 1/1/34, Pool #G16756		379,509
	891,857	3.50%, 4/1/44, Pool #G07848		828,734
	1,144,771	3.50%, 4/1/45, Pool #G60023		1,061,279
	848,283	4.00%, 12/1/45, Pool #G60344		822,761
	508,023	3.50%, 6/1/46, Pool #G08711		473,127
	326,559	3.00%, 8/1/46, Pool #G08715		293,385
	345,510	3.50%, 8/1/46, Pool #G08716		321,801
	87,254	3.00%, 9/1/46, Pool #G08721		78,390
	140,461	3.50%, 9/1/46, Pool #G08722		130,816
	431,727	3.00%, 10/1/46, Pool #G08726		387,880
	486,979	3.00%, 11/1/46, Pool #G08732		437,489
	615,286	3.00%, 1/1/47, Pool #G08741		552,782
	584,701	3.50%, 4/1/47, Pool #G67703		546,728
	48,388	Class PA , Series 4846, 4.00%, 6/15/47		46,865
	233,983	3.50%, 12/1/47, Pool #G08792		217,180
	767,365	3.50%, 12/1/47, Pool #G67706		715,413
	1,481,396	3.50%, 1/1/48, Pool #G67707		1,393,159
	266,436	3.50%, 2/1/48, Pool #G08800		246,949
	723,328	4.00%, 3/1/48, Pool #G67711		699,554
	357,422	3.50%, 3/1/48, Pool #G67710		331,487
	63,806	Class CA , Series 4818, 3.00%, 4/15/48		56,438
	249,422	3.50%, 6/1/48, Pool #G08816		231,188
	2,693	4.00%, 6/1/48, Pool #G67713		2,595
	74,360	5.00%, 7/1/48, Pool #G08833		73,543
	178,510	4.50%, 10/1/48, Pool #G08843		175,023
	1,225,619	2.50%, 2/1/52, Pool #SD8194		1,040,918
	1,321,517	2.50%, 4/1/52, Pool #SD8205		1,123,343
	673,958	2.00%, 4/1/52, Pool #QE0312		549,995
	1,258,029	2.50%, 5/1/52, Pool #SD8212		1,069,380
	1,388,972	Class HZ , Series 4639, 3.25%, 4/15/53		1,136,789

				15,583,954


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association (3.5%):
$	230,871	3.50%, 3/20/46, Pool #MA3521	$	215,900
	240,362	3.50%, 4/20/46, Pool #MA3597		224,773
	45,550	3.50%, 5/20/46, Pool #MA3663		42,595
	97,693	3.50%, 9/20/46, Pool #MA3937		91,358
	535,032	3.00%, 12/20/46, Pool #MA4126		487,189
	394,810	3.50%, 1/20/47, Pool #MA4196		369,200
	69,712	5.00%, 3/20/47, Pool #MA4324		71,185
	170,558	5.00%, 6/20/47, Pool #MA4513		168,884
	76,142	3.50%, 6/20/47, Pool #MA4510		71,099
	205,478	4.00%, 9/20/47, Pool #MA4720		198,296
	108,642	5.00%, 9/20/47, Pool #MA4722		110,627
	247,540	3.00%, 11/20/47, Pool #MA4836		225,021
	142,315	4.00%, 11/20/47, Pool #MA4838		137,341
	89,076	3.50%, 11/20/47, Pool #MA4837		82,574
	734,929	3.50%, 12/20/47, Pool #MA4900		686,270
	67,440	4.00%, 12/20/47, Pool #MA4901		65,082
	216,290	4.00%, 3/20/48, Pool #MA5078		208,731
	424,006	4.50%, 8/20/48, Pool #MA5399		417,938
	120,949	4.00%, 9/20/48, Pool #MA5466		116,888
	217,684	Class NW , Series 2018-1243.50%, 9/20/48		197,213
	159,267	3.00%, 10/20/49, Pool #MA6209		136,839
	3,775,000	2.50%, 7/20/53, TBA		3,274,812

				7,599,815

	Total U.S. Government Agency Mortgages (Cost $83,397,873)			79,335,289

U.S. Treasury Obligations (27.4%):
U.S. Treasury Bills (1.8%):
	3,960,000	0.00%, 5/25/23(d)		3,889,241

U.S. Treasury Bonds (8.7%):
	14,692,000	2.00%, 11/15/41		10,571,353
	5,610,000	2.38%, 2/15/42		4,312,687
	3,920,000	4.00%, 11/15/52		3,962,263

				18,846,303

U.S. Treasury Inflation Index Bonds (0.1%):
	297,410	0.63%, 7/15/32		273,282

U.S. Treasury Notes (16.8%):
	11,665,000	4.50%, 11/30/24		11,672,291


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$	935,000	4.25%, 12/31/24	$	932,224
	8,080,000	4.00%, 12/15/25		8,037,075
	250,000	4.13%, 10/31/27		251,250
	5,345,000	3.88%, 11/30/27		5,323,286
	7,895,000	3.88%, 12/31/27		7,864,296
	1,980,000	4.13%, 11/15/32		2,027,335

				36,107,757

	Total U.S. Treasury Obligations (Cost $62,199,463)			59,116,583


Shares			Value
Rights (0.0%^†):
Diversified Financial Services (0.0%^†):
	649	Intelsat Jackson Holdings SA, Series A CVR, Expires on 1/2/23*(a)		—
	649	Intelsat Jackson Holdings SA, Series B CVR, Expires on 1/2/23*(a)		—

				—

	Total Rights (Cost $–)			—

Short-Term Security Held as Collateral for Securities on Loan (0.2%):
	348,696	BlackRock Liquidity FedFund, Institutional Class , 1.49%(d)(e)		348,696

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $348,696)			348,696

Unaffiliated Investment Company (9.6%):
Money Markets (9.6%):
	20,675,476	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(d)		20,675,476

	Total Unaffiliated Investment Company (Cost $20,675,476)			20,675,476

	Total Investment Securities (Cost $286,821,810) — 124.0%(f)			267,432,313
	Net other assets (liabilities) — (24.0)%			(51,708,324	)

	Net Assets — 100.0%		$	215,723,989

At December 31, 2022, the Fund’s open forward currency contracts were as follows:

At December 31, 2022, the Fund’s centrally-cleared swap agreements were as follows:

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

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	286,821,810

Investment securities, at value(a)	$	267,432,313
Deposit at broker for futures contracts collateral		1,029,000
Deposit at broker for swaps agreements collateral		328,721
Interest and dividends receivable		1,274,133
Receivable for capital shares issued		743
Receivable for investments sold		243,296
Receivable for TBA investments sold		2,793,109
Prepaid expenses		252

Total Assets		273,101,567

Liabilities:
Cash overdraft		16,461
Unrealized depreciation on forward currency		26,559
Payable for investments purchased		9,662,983
Payable for TBA investments purchased		46,473,483
Payable to Broker		550,000
Payable for collateral received on loaned securities		348,696
Payable for variation margin on futures contracts		36,092
Payable for variation margin on swap agreements		110,378
Management fees payable		93,350
Administration fees payable		9,000
Distribution fees payable		46,675
Custodian fees payable		904
Administrative and compliance services fees payable		209
Transfer agent fees payable		286
Trustee fees payable		521
Other accrued liabilities		1,981

Total Liabilities		57,377,578

Net Assets	$	215,723,989

Net Assets Consist of:
Paid in capital	$	252,972,872
Total distributable earnings		(37,248,883	)

Net Assets	$	215,723,989

Shares of beneficial interest (unlimited number of shares authorized, no par value)		25,418,949
Net Asset Value (offering and redemption price per share)	$	8.49

(a)	Includes securities on loan of $338,761.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Interest	$	7,370,686
Dividends		114,525
Income from securities lending		1,154

Total Investment Income		7,486,365

Expenses:
Management fees		1,453,479
Administration fees		70,327
Distribution fees		605,613
Custodian fees		15,867
Administrative and compliance services fees		3,432
Transfer agent fees		6,104
Trustee fees		13,738
Professional fees		10,578
Shareholder reports		3,970
Other expenses		6,907

Total expenses before reductions		2,190,015
Less Management fees contractually waived		(242,243	)

Net expenses		1,947,772

Net Investment Income/(Loss)		5,538,593

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		(21,015,003	)
Net realized gains/(losses) on forward currency contracts		46,485
Net realized gains/(losses) on futures contracts		(974,698	)
Net realized gains/(losses) on swap agreements		(7,610	)
Net realized gains/(losses) on written options contracts		(562,907	)
Change in net unrealized appreciation/depreciation on securities		(23,504,590	)
Change in net unrealized appreciation/depreciation on forward currency contracts		(51,184	)
Change in net unrealized appreciation/depreciation on futures contracts		40,130
Change in net unrealized appreciation/depreciation on written options contracts		(13,425	)
Change in net unrealized appreciation/depreciation on swap agreements		(528,374	)

Net realized and Change in net unrealized gains/losses on investments		(46,571,176	)

Change in Net Assets Resulting From Operations	$	(41,032,583	)

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL Fidelity Institutional Asset Management Total Bond Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

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 $145 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $348,696 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

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, 2022, the monthly average notional for long contracts was $0.01 million, and the monthly average notional amount for short contracts was $0.4 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, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $26.9 million, and the monthly average notional amount for short contracts was $4.6 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The Fund may purchase or write put and call options on a security or an index of securities. During the year ended December 31, 2022, the Fund purchased and wrote call and put options to increase or decrease its exposure to risk associated with 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.

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. At December 31, 2022, there were no open written options contracts. The monthly average gross notional amount for written options was $0.02 million for the year ended December 31, 2022. 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 pursuant to valuation procedures 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, 2022, 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 $29.1 million for the year ended December 31, 2022.

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, 2022:

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, 2022:


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

Purchased Options Contracts	Net realized gains/(losses) on securities/ Change in net unrealized appreciation/depreciation on securities	$	(100,476	)	$	30,994

Written Options Contracts	Net realized gains/(losses) on written options contracts/ Change in net unrealized appreciation/depreciation on written options contracts		(562,907	)		(13,425	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(974,698	)		40,130

Interest Rate Swap Agreements	Net realized gains/(losses) on swap agreements/ Change in net unrealized appreciation/depreciation on swap agreements		(7,610	)		(528,374	)

Purchased Swaptions Contracts	Net realized gains/(losses) on securities/ Change in net unrealized appreciation/depreciation on securities		(35,990	)		5,397

Foreign Exchange Risk

Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts		46,485			(51,184	)

As of December 31, 2022, 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, 2024.

For the year ended December 31, 2022, 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, 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, 2022, purchases and sales of long-term U.S. government securities were as follows:

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 ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis 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 the transition period, 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.

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.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $287,301,905. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 75% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

The reorganization, as discussed in Note 1, whereby the AZL Fidelity Institutional Asset Management Total Bond Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022, the Fund declared net long-term capital gain distributions of $156,446.

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.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® Mid Cap Index Fund (Class 2 Shares) (the “Fund”) returned (13.55)%. That compared to a (13.06)% 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 2022, the Russian invasion of Ukraine added fuel to existing concerns over rising inflation, interest rate hikes, and rising commodity prices. U.S. economic data, including employment numbers and corporate earnings, remained strong, however. This dynamic complicated matters for the Federal Reserve (the Fed) as it announced a 25-basis-point increase in short-term rates in March to attempt to combat inflation. The Fed also signaled additional rate increases throughout the rest of the year.

During the second quarter, inflation continued to rise, and investors grew increasingly concerned the Fed would not be able to avoid a recession as it sought to check rising consumer prices. Consumer sentiment fell as both prices and the cost of borrowing rose, putting downward pressure on domestic equity market valuations. The Fed added to that pressure with an increasingly hawkish tone, indicating it was willing to accept higher unemployment rates if that was required to rein in inflation.

Equity markets staged a rally in the third quarter as the Fed initially softened its tone in recognition of the many obstacles that threatened economic growth. In support of this shift, data indicated that GDP growth had declined over the first two quarters of 2022. Other data, including employment and wage growth figures, indicated the economy remained resilient, but investors appeared to take the slowdown in GDP growth as a sign the Fed would ease its current policy-tightening trend. By the end of the quarter, however, the Fed’s tone shifted once again, this time toward a more hawkish stance. Inflation data remained stubbornly high during the summer, and Fed Chair Jerome

Powell reaffirmed the Fed’s commitment to fighting inflation. The announcement pushed equity markets lower, erasing the gains from earlier in the quarter.

In the fourth quarter, stocks once again staged a rally despite tighter monetary policies. Markets posted gains in both October and November before giving up those gains during December. The Fed raised interest rates at its December meeting, bringing the total rate increase to 450 basis points for the year, and reiterated its plan to continue tightening into 2023. Equity markets fell in response, closing out the year posting their worst annual returns in over a decade.

The sectors within the Index posted mixed returns over the year, with the energy, utilities, and consumer staples sectors among the best performers, while the health care, consumer discretionary, and real estate sectors lagged.

The Fund uses exchange-traded futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund’s return in 2022. Futures are not used for speculative or leveraged positions in the portfolio and we hold 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.

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 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, 2022
	Inception Date		1 Year			3 Year			5 Year			10 Years			Since Inception
AZL^® Mid Cap Index Fund (Class 1 Shares)		10/14/2016		(13.34	)%		7.26	%		6.62	%		—			9.36	%
AZL^® Mid Cap Index Fund (Class 2 Shares)		5/1/2009		(13.55	)%		6.98	%		6.34	%		10.26	%		12.43	%
S&P MidCap 400 Index		5/1/2009		(13.06	)%		7.23	%		6.71	%		10.78	%		13.08	%


Expense Ratios	Gross
AZL^® Mid Cap Index Fund (Class 1 Shares)		0.32	%
AZL^® Mid Cap Index Fund (Class 2 Shares)		0.57	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2022. 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, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.

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 (98.9%):
Aerospace & Defense (1.2%):
	27,315	Axon Enterprise, Inc.*	$	4,532,378
	15,563	Curtiss-Wright Corp.		2,598,865
	34,275	Hexcel Corp.		2,017,084
	23,187	Mercury Systems, Inc.*		1,037,386

				10,185,713

Air Freight & Logistics (0.4%):
	48,300	GXO Logistics, Inc.*		2,061,927
	46,179	XPO Logistics, Inc.*		1,537,299

				3,599,226

Airlines (0.1%):
	131,062	JetBlue Airways Corp.*		849,282

Auto Components (1.4%):
	38,129	Adient plc*		1,322,695
	52,184	Dana, Inc.		789,544
	17,131	Fox Factory Holding Corp.*		1,562,861
	95,117	Gentex Corp.		2,593,840
	113,679	Goodyear Tire & Rubber Co. (The)*		1,153,842
	23,984	Lear Corp.		2,974,496
	11,393	Visteon Corp.*		1,490,546

				11,887,824

Automobiles (0.5%):
	53,805	Harley-Davidson, Inc.		2,238,288
	21,753	Thor Industries, Inc.		1,642,134

				3,880,422

Banks (7.0%):
	61,028	Associated Banc-Corp.		1,409,137
	16,110	Bank of Hawaii Corp.		1,249,492
	44,752	Bank OZK		1,792,765
	74,360	Cadence Bank		1,833,718
	30,376	Cathay General Bancorp		1,239,037
	46,202	Commerce Bancshares, Inc.		3,144,970
	25,942	Cullen/Frost Bankers, Inc.		3,468,445
	57,005	East West Bancorp, Inc.		3,756,629
	141,832	F.N.B. Corp.		1,850,908
	52,137	First Financial Bankshares, Inc.		1,793,513
	217,074	First Horizon Corp.		5,318,313
	67,743	Fulton Financial Corp.		1,140,115
	44,808	Glacier Bancorp, Inc.		2,214,411
	34,844	Hancock Whitney Corp.		1,686,101
	77,148	Home Bancshares, Inc.		1,758,203
	21,593	International Bancshares Corp.		988,096
	118,339	Old National Bancorp		2,127,735
	47,341	PacWest Bancorp		1,086,476
	30,967	Pinnacle Financial Partners, Inc.		2,272,978
	36,987	Prosperity Bancshares, Inc.		2,688,215
	58,806	Synovus Financial Corp.		2,208,165
	20,314	Texas Capital Bancshares, Inc.*		1,225,137
	17,597	UMB Financial Corp.		1,469,701
	88,426	Umpqua Holdings Corp.		1,578,404
	54,404	United Bankshares, Inc.		2,202,818
	169,481	Valley National Bancorp		1,916,830
	71,130	Webster Financial Corp.		3,367,294
	24,726	Wintrust Financial Corp.		2,089,842

				58,877,448


Shares			Value
Common Stocks, continued
Beverages (0.5%):
	3,836	Boston Beer Co., Inc. (The), Class A*	$	1,264,039
	16,203	Celsius Holdings, Inc.*		1,685,760
	1,884	Coca-Cola Consolidated, Inc.		965,286

				3,915,085

Biotechnology (2.0%):
	42,861	Arrowhead Pharmaceuticals, Inc.*		1,738,442
	129,568	Exelixis, Inc.*		2,078,271
	54,791	Halozyme Therapeutics, Inc.*		3,117,608
	38,689	Neurocrine Biosciences, Inc.*		4,621,014
	18,412	United Therapeutics Corp.*		5,120,193

				16,675,528

Building Products (2.6%):
	59,638	Builders FirstSource, Inc.*		3,869,313
	20,924	Carlisle Cos., Inc.		4,930,741
	51,801	Fortune Brands Innovations, Inc.		2,958,355
	13,021	Lennox International, Inc.		3,115,014
	37,870	Owens Corning		3,230,311
	17,428	Simpson Manufacturing Co., Inc.		1,545,166
	44,936	Trex Co., Inc.*		1,902,141

				21,551,041

Capital Markets (1.7%):
	15,413	Affiliated Managers Group, Inc.		2,441,882
	14,506	Evercore, Inc., Class A		1,582,314
	34,381	Federated Hermes, Inc., Class B		1,248,374
	41,495	Interactive Brokers Group, Inc., Class A		3,002,163
	53,791	Janus Henderson Group plc		1,265,164
	41,655	SEI Investments Co.		2,428,487
	42,843	Stifel Financial Corp.		2,500,746

				14,469,130

Chemicals (2.6%):
	20,062	Ashland, Inc.		2,157,267
	34,538	Avient Corp.		1,166,003
	22,901	Cabot Corp.		1,530,703
	61,155	Chemours Co. (The)		1,872,566
	14,431	Ingevity Corp.*		1,016,520
	2,807	NewMarket Corp.		873,286
	51,614	Olin Corp.		2,732,445
	52,188	RPM International, Inc.		5,085,721
	16,240	Scotts Miracle-Gro Co. (The)		789,102
	17,118	Sensient Technologies Corp.		1,248,244
	71,834	Valvoline, Inc.		2,345,380
	13,925	Westlake Corp.		1,427,869

				22,245,106

Commercial Services & Supplies (1.5%):
	19,258	Brink’s Co. (The)		1,034,347
	20,279	Clean Harbors, Inc.*		2,314,240
	54,447	IAA, Inc.*		2,177,880
	14,989	MSA Safety, Inc.		2,161,264
	37,065	Stericycle, Inc.*		1,849,173
	21,502	Tetra Tech, Inc.		3,121,875

				12,658,779

Communications Equipment (0.8%):
	23,060	Calix, Inc.*		1,577,996
	60,706	Ciena Corp.*		3,094,792


Shares			Value
Common Stocks, continued
Communications Equipment, continued
	27,791	Lumentum Holdings, Inc.*	$	1,449,856
	30,414	ViaSat, Inc.*		962,603

				7,085,247

Construction & Engineering (2.2%):
	56,492	AECOM		4,797,865
	11,969	Dycom Industries, Inc.*		1,120,298
	19,311	EMCOR Group, Inc.		2,860,152
	57,662	Fluor Corp.*		1,998,565
	23,726	MasTec, Inc.*		2,024,540
	82,261	MDU Resources Group, Inc.		2,495,799
	8,637	Valmont Industries, Inc.		2,855,997

				18,153,216

Construction Materials (0.2%):
	14,930	Eagle Materials, Inc.		1,983,451

Consumer Finance (0.4%):
	15,282	FirstCash Holdings, Inc.		1,328,159
	42,863	Navient Corp.		705,096
	101,645	SLM Corp.		1,687,307

				3,720,562

Containers & Packaging (0.9%):
	26,431	AptarGroup, Inc.		2,906,881
	10,728	Greif, Inc., Class A		719,420
	34,078	Silgan Holdings, Inc.		1,766,603
	39,418	Sonoco Products Co.		2,393,067

				7,785,971

Diversified Consumer Services (1.1%):
	1,591	Graham Holdings Co., Class B		961,298
	12,428	Grand Canyon Education, Inc.*		1,313,142
	62,998	H&R Block, Inc.		2,300,057
	62,325	Service Corp. International		4,309,151

				8,883,648

Diversified Financial Services (0.6%):
	75,227	Jefferies Financial Group, Inc.		2,578,782
	39,906	Voya Financial, Inc.		2,453,820

				5,032,602

Diversified Telecommunication Services (0.6%):
	89,808	Frontier Communications Parent, Inc.*		2,288,308
	51,365	Iridium Communications, Inc.*		2,640,161

				4,928,469

Electric Utilities (1.5%):
	23,146	ALLETE, Inc.		1,493,148
	44,278	Hawaiian Electric Industries, Inc.		1,853,034
	20,394	IDACORP, Inc.		2,199,493
	81,363	OGE Energy Corp.		3,217,907
	34,915	PNM Resources, Inc.		1,703,503
	36,242	Portland General Electric Co.		1,775,858

				12,242,943

Electrical Equipment (2.0%):
	13,233	Acuity Brands, Inc.		2,191,517
	16,462	EnerSys		1,215,554
	21,714	Hubbell, Inc.		5,095,842
	67,187	nVent Electric plc		2,584,684
	26,855	Regal Rexnord Corp.		3,222,063


Shares			Value
Common Stocks, continued
Electrical Equipment, continued
	85,746	Sunrun, Inc.*	$	2,059,619
	9,299	Vicor Corp.*		499,821

				16,869,100

Electronic Equipment, Instruments & Components (3.1%):
	24,924	Arrow Electronics, Inc.*		2,606,303
	37,084	Avnet, Inc.		1,541,953
	17,654	Belden, Inc.		1,269,323
	70,050	Cognex Corp.		3,300,055
	56,200	Coherent Corp.*		1,972,620
	13,028	IPG Photonics Corp.		1,233,361
	54,558	Jabil, Inc.		3,720,855
	9,978	Littelfuse, Inc.		2,197,156
	53,359	National Instruments Corp.		1,968,947
	14,504	Novanta, Inc.*		1,970,658
	17,031	TD SYNNEX Corp.		1,613,006
	53,493	Vishay Intertechnology, Inc.		1,153,844
	63,990	Vontier Corp.		1,236,927

				25,785,008

Energy Equipment & Services (0.7%):
	81,847	ChampionX Corp.		2,372,745
	158,899	NOV, Inc.		3,319,400

				5,692,145

Entertainment (0.1%):
	17,480	World Wrestling Entertainment, Inc., Class A		1,197,730

Equity Real Estate Investment Trusts (7.7%):
	60,753	Apartment Income REIT Corp.		2,084,435
	121,224	Brixmor Property Group, Inc.		2,748,148
	45,132	Corporate Office Properties Trust		1,170,724
	61,259	Cousins Properties, Inc.		1,549,240
	91,002	CubeSmart		3,662,830
	71,157	Douglas Emmett, Inc.		1,115,742
	17,583	EastGroup Properties, Inc.		2,603,339
	30,502	EPR Properties		1,150,535
	53,426	First Industrial Realty Trust, Inc.		2,578,339
	154,653	Healthcare Realty Trust, Inc.		2,980,163
	42,854	Highwoods Properties, Inc.		1,199,055
	89,998	Independence Realty Trust, Inc.		1,517,366
	40,879	JBG SMITH Properties		775,883
	42,240	Kilroy Realty Corp.		1,633,421
	88,898	Kite Realty Group Trust		1,871,303
	35,169	Lamar Advertising Co., Class A		3,319,954
	34,124	Life Storage, Inc.		3,361,214
	242,312	Medical Properties Trust, Inc.		2,699,356
	72,426	National Retail Properties, Inc.		3,314,214
	34,546	National Storage Affiliates Trust		1,247,802
	95,103	Omega Healthcare Investors, Inc.		2,658,129
	91,125	Park Hotels & Resorts, Inc.		1,074,364
	52,827	Pebblebrook Hotel Trust		707,354
	91,725	Physicians Realty Trust		1,327,261
	32,666	PotlatchDeltic Corp.		1,436,977
	59,028	Rayonier, Inc.		1,945,563
	74,354	Rexford Industrial Realty, Inc.		4,062,703
	93,456	Sabra Health Care REIT, Inc.		1,161,658
	25,809	SL Green Realty Corp.		870,279
	56,593	Spirit Realty Capital, Inc.		2,259,758


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	107,352	STORE Capital Corp.	$	3,441,705
	86,134	The Macerich Co.		969,869

				64,498,683

Food & Staples Retailing (1.6%):
	54,685	BJ’s Wholesale Club Holdings, Inc.*		3,617,960
	15,059	Casey’s General Stores, Inc.		3,378,487
	35,581	Grocery Outlet Holding Corp.*		1,038,609
	62,653	Performance Food Group Co.*		3,658,309
	43,736	Sprouts Farmers Market, Inc.*		1,415,734

				13,109,099

Food Products (1.5%):
	64,875	Darling Ingredients, Inc.*		4,060,526
	77,959	Flowers Foods, Inc.		2,240,542
	26,505	Ingredion, Inc.		2,595,634
	8,066	Lancaster Colony Corp.		1,591,422
	18,208	Pilgrim’s Pride Corp.*		432,076
	22,149	Post Holdings, Inc.*		1,999,169

				12,919,369

Gas Utilities (1.4%):
	36,876	National Fuel Gas Co.		2,334,251
	38,653	New Jersey Resources Corp.		1,917,962
	21,739	ONE Gas, Inc.		1,646,077
	25,022	Southwest Gas Holdings, Inc.		1,548,361
	21,309	Spire, Inc.		1,467,338
	85,101	UGI Corp.		3,154,694

				12,068,683

Health Care Equipment & Supplies (3.4%):
	19,538	Enovis Corp.*		1,045,674
	65,859	Envista Holdings Corp.*		2,217,473
	31,063	Globus Medical, Inc.*		2,307,049
	20,827	Haemonetics Corp.*		1,638,044
	8,199	ICU Medical, Inc.*		1,291,179
	19,288	Inari Medical, Inc.*		1,225,945
	29,278	Integra LifeSciences Holdings Corp.*		1,641,617
	27,941	Lantheus Holdings, Inc.*		1,423,873
	21,634	LivaNova plc*		1,201,552
	19,550	Masimo Corp.*		2,892,423
	87,476	Neogen Corp.*		1,332,259
	15,327	Penumbra, Inc.*		3,409,644
	22,052	QuidelOrtho Corp.*		1,889,195
	14,533	Shockwave Medical, Inc.*		2,988,130
	19,327	STAAR Surgical Co.*		938,133
	26,356	Tandem Diabetes Care, Inc.*		1,184,702

				28,626,892

Health Care Providers & Services (2.4%):
	36,891	Acadia Healthcare Co., Inc.*		3,036,867
	13,119	Amedisys, Inc.*		1,095,961
	6,053	Chemed Corp.		3,089,633
	40,202	Encompass Health Corp.		2,404,482
	34,111	HealthEquity, Inc.*		2,102,602
	12,578	LHC Group, Inc.*		2,033,737
	62,179	Option Care Health, Inc.*		1,870,966
	35,442	Patterson Cos., Inc.		993,439
	30,565	Progyny, Inc.*		952,100


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	57,184	R1 RCM, Inc.*	$	626,165
	43,381	Tenet Healthcare Corp.*		2,116,559

				20,322,511

Health Care Technology (0.1%):
	17,951	Omnicell, Inc.*		905,089

Hotels, Restaurants & Leisure (2.8%):
	32,144	Boyd Gaming Corp.		1,752,812
	11,231	Choice Hotels International, Inc.		1,265,060
	13,420	Churchill Downs, Inc.		2,837,391
	9,180	Cracker Barrel Old Country Store, Inc.		869,713
	38,038	Light & Wonder, Inc., Class A*		2,229,027
	15,528	Marriott Vacations Worldwide Corp.		2,089,914
	12,987	Papa John’s International, Inc.		1,068,960
	63,853	Penn Entertainment, Inc.*		1,896,434
	27,091	Texas Roadhouse, Inc., Class A		2,463,926
	32,936	Travel + Leisure Co.		1,198,870
	68,443	Wendy’s Co. (The)		1,548,865
	12,072	Wingstop, Inc.		1,661,349
	35,790	Wyndham Hotels & Resorts, Inc.		2,552,185

				23,434,506

Household Durables (1.4%):
	9,734	Helen of Troy, Ltd.*		1,079,598
	34,063	KB Home		1,084,907
	53,269	Leggett & Platt, Inc.		1,716,860
	43,904	Taylor Morrison Home Corp., Class A*		1,332,486
	69,367	Tempur Sealy International, Inc.		2,381,369
	42,709	Toll Brothers, Inc.		2,132,033
	13,032	TopBuild Corp.*		2,039,378

				11,766,631

Household Products (0.1%):
	26,976	Energizer Holdings, Inc.		905,045

Independent Power and Renewable Electricity Producers (0.2%):
	19,828	Ormat Technologies, Inc.		1,714,725

Insurance (4.0%):
	28,250	American Financial Group, Inc.		3,878,160
	28,013	Brighthouse Financial, Inc.*		1,436,227
	46,835	CNO Financial Group, Inc.		1,070,180
	41,963	First American Financial Corp.		2,196,343
	14,364	Hanover Insurance Group, Inc. (The)		1,941,007
	25,581	Kemper Corp.		1,258,585
	8,687	Kinsale Capital Group, Inc.		2,271,824
	114,677	Old Republic International Corp.		2,769,450
	15,084	Primerica, Inc.		2,139,213
	27,106	Reinsurance Group of America, Inc.		3,851,492
	17,628	RenaissanceRe Holdings, Ltd.		3,247,606
	16,456	RLI Corp.		2,160,179
	24,380	Selective Insurance Group, Inc.		2,160,312
	75,843	Unum Group		3,111,838

				33,492,416

Interactive Media & Services (0.3%):
	42,028	TripAdvisor, Inc.*		755,663
	19,018	Ziff Davis, Inc.*		1,504,324

				2,259,987


Shares			Value
Common Stocks, continued
IT Services (2.2%):
	17,195	Concentrix Corp.	$	2,289,686
	19,043	Euronet Worldwide, Inc.*		1,797,278
	13,375	ExlService Holdings, Inc.*		2,266,126
	68,212	Genpact, Ltd.		3,159,580
	83,773	Kyndryl Holdings, Inc.*		931,556
	24,418	Maximus, Inc.		1,790,572
	41,931	Teradata Corp.*		1,411,398
	155,636	Western Union Co. (The.)		2,143,108
	17,665	WEX, Inc.*		2,890,877

				18,680,181

Leisure Products (1.1%):
	29,381	Brunswick Corp.		2,117,782
	142,901	Mattel, Inc.*		2,549,354
	22,077	Polaris, Inc.		2,229,777
	56,038	Topgolf Callaway Brands Corp.*		1,106,750
	34,860	YETI Holdings, Inc.*		1,440,067

				9,443,730

Life Sciences Tools & Services (1.4%):
	30,348	Azenta, Inc.*		1,766,861
	40,651	Bruker Corp.		2,778,496
	10,215	Medpace Holdings, Inc.*		2,169,768
	20,875	Repligen Corp.*		3,534,346
	39,918	Sotera Health Co.*		332,517
	41,655	Syneos Health, Inc.*		1,527,905

				12,109,893

Machinery (4.9%):
	25,047	AGCO Corp.		3,473,769
	16,908	Chart Industries, Inc.*		1,948,309
	19,182	Crane Holdings Co.		1,926,832
	50,185	Donaldson Co., Inc.		2,954,391
	21,041	Esab Corp.		987,244
	53,071	Flowserve Corp.		1,628,218
	68,412	Graco, Inc.		4,601,391
	33,454	ITT, Inc.		2,713,119
	32,812	Kennametal, Inc.		789,457
	23,396	Lincoln Electric Holdings, Inc.		3,380,488
	21,710	Middleby Corp. (The)*		2,906,969
	26,438	Oshkosh Corp.		2,331,567
	27,233	Terex Corp.		1,163,394
	27,212	Timken Co.		1,923,072
	42,302	Toro Co. (The)		4,788,586
	11,109	Watts Water Technologies, Inc., Class A		1,624,469
	24,318	Woodward, Inc.		2,349,362

				41,490,637

Marine (0.2%):
	24,261	Kirby Corp.*		1,561,195

Media (1.1%):
	1,961	Cable One, Inc.		1,395,958
	17,337	John Wiley & Sons, Inc., Class A		694,520
	66,894	New York Times Co. (The), Class A		2,171,379
	15,280	Nexstar Media Group, Inc.		2,674,458
	90,813	TEGNA, Inc.		1,924,328

				8,860,643

Metals & Mining (2.5%):
	71,698	Alcoa Corp.		3,260,108
	210,198	Cleveland-Cliffs, Inc.*		3,386,290


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	47,549	Commercial Metals Co.	$	2,296,617
	37,404	MP Materials Corp.*		908,169
	23,783	Reliance Steel & Aluminum Co.		4,814,631
	26,553	Royal Gold, Inc.		2,993,054
	95,663	United States Steel Corp.		2,396,358
	12,319	Worthington Industries, Inc.		612,377

				20,667,604

Mortgage Real Estate Investment Trusts (REITs) (0.5%):
	189,587	Annaly Capital Management, Inc.		3,996,494

Multiline Retail (0.6%):
	47,264	Kohl’s Corp.		1,193,416
	108,814	Macy’s, Inc.		2,247,009
	45,465	Nordstrom, Inc.		733,805
	23,561	Ollie’s Bargain Outlet Holdings, Inc.*		1,103,597

				5,277,827

Multi-Utilities (0.4%):
	26,501	Black Hills Corp.		1,864,080
	23,413	NorthWestern Corp.		1,389,328

				3,253,408

Oil, Gas & Consumable Fuels (3.2%):
	135,137	Antero Midstream Corp.		1,458,128
	111,891	Antero Resources Corp.*		3,467,502
	73,132	CNX Resources Corp.*		1,231,543
	39,109	DT Midstream, Inc.		2,161,163
	174,172	Equitrans Midstream Corp.		1,166,952
	54,498	HF Sinclair Corp.		2,827,901
	45,244	Matador Resources Co.		2,589,767
	59,343	Murphy Oil Corp.		2,552,343
	46,300	PBF Energy, Inc., Class A		1,888,114
	37,339	PDC Energy, Inc.		2,370,280
	97,915	Range Resources Corp.		2,449,833
	449,328	Southwestern Energy Co.*		2,628,569

				26,792,095

Paper & Forest Products (0.2%):
	29,052	Louisiana-Pacific Corp.		1,719,878

Personal Products (0.3%):
	55,263	BellRing Brands, Inc.*		1,416,943
	145,244	Coty, Inc., Class A*		1,243,289

				2,660,232

Pharmaceuticals (0.7%):
	25,356	Jazz Pharmaceuticals plc*		4,039,464
	54,864	Perrigo Co. plc		1,870,314

				5,909,778

Professional Services (1.8%):
	20,443	ASGN, Inc.*		1,665,696
	9,500	CACI International, Inc., Class A*		2,855,605
	13,922	FTI Consulting, Inc.*		2,210,814
	14,515	Insperity, Inc.		1,648,904
	56,247	KBR, Inc.		2,969,842
	20,487	ManpowerGroup, Inc.		1,704,723
	22,537	Science Applications International Corp.		2,500,029

				15,555,613

Real Estate Management & Development (0.4%):
	19,470	Jones Lang LaSalle, Inc.*		3,102,934


Shares			Value
Common Stocks, continued
Road & Rail (1.6%):
	10,082	Avis Budget Group, Inc.*	$	1,652,742
	64,903	Knight-Swift Transportation Holdings, Inc.		3,401,566
	14,736	Landstar System, Inc.		2,400,495
	46,106	RXO, Inc.*		793,023
	20,759	Ryder System, Inc.		1,734,830
	10,684	Saia, Inc.*		2,240,221
	24,062	Werner Enterprises, Inc.		968,736

				13,191,613

Semiconductors & Semiconductor Equipment (2.6%):
	26,357	Allegro MicroSystems, Inc.*		791,237
	41,049	Amkor Technology, Inc.		984,355
	22,602	Cirrus Logic, Inc.*		1,683,397
	55,439	Lattice Semiconductor Corp.*		3,596,882
	20,821	MACOM Technology Solutions Holdings, Inc.*		1,311,307
	23,121	MKS Instruments, Inc.		1,959,043
	23,131	Power Integrations, Inc.		1,658,955
	13,487	Silicon Laboratories, Inc.*		1,829,781
	6,544	SiTime Corp.*		665,001
	34,442	SunPower Corp.*		620,989
	16,119	Synaptics, Inc.*		1,533,884
	17,464	Universal Display Corp.		1,886,811
	50,014	Wolfspeed, Inc.*		3,452,967

				21,974,609

Software (2.8%):
	46,854	ACI Worldwide, Inc.*		1,077,642
	11,673	Aspen Technology, Inc.*		2,397,634
	17,960	Blackbaud, Inc.*		1,057,126
	18,010	CommVault Systems, Inc.*		1,131,748
	81,366	Dynatrace, Inc.*		3,116,318
	18,183	Envestnet, Inc.*		1,121,891
	10,121	Fair Isaac Corp.*		6,058,228
	25,372	Manhattan Associates, Inc.*		3,080,161
	16,528	Paylocity Holding Corp.*		3,210,729
	14,244	Qualys, Inc.*		1,598,604

				23,850,081

Specialty Retail (2.8%):
	13,860	AutoNation, Inc.*		1,487,178
	22,531	Dick’s Sporting Goods, Inc.		2,710,254
	22,423	Five Below, Inc.*		3,965,956
	32,497	Foot Locker, Inc.		1,228,062
	102,425	GameStop Corp., Class A*^		1,890,765
	86,878	Gap, Inc. (The)		979,984
	11,135	Lithia Motors, Inc.		2,279,780
	8,423	Murphy U.S.A., Inc.		2,354,565
	7,787	RH*		2,080,609
	33,860	Victoria’s Secret & Co.*		1,211,511
	27,032	Williams-Sonoma, Inc.		3,106,517

				23,295,181


Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (0.4%):
	55,237	NCR Corp.*	$	1,293,098
	18,781	Super Micro Computer, Inc.*		1,541,920
	45,813	Xerox Holdings Corp.		668,870

				3,503,888

Textiles, Apparel & Luxury Goods (2.3%):
	52,189	Capri Holdings, Ltd.*		2,991,473
	15,464	Carter’s, Inc.		1,153,769
	14,213	Columbia Sportswear Co.		1,244,775
	24,857	Crocs, Inc.*		2,695,245
	10,733	Deckers Outdoor Corp.*		4,284,184
	140,197	Hanesbrands, Inc.		891,653
	26,977	PVH Corp.		1,904,306
	54,380	Skechers U.S.A., Inc., Class A*		2,281,241
	76,353	Under Armour, Inc., Class A*		775,747
	81,470	Under Armour, Inc., Class C*		726,712

				18,949,105

Thrifts & Mortgage Finance (0.8%):
	43,787	Essent Group, Ltd.		1,702,438
	122,877	MGIC Investment Corp.		1,597,401
	278,185	New York Community Bancorp, Inc.		2,392,391
	26,572	Washington Federal, Inc.		891,491

				6,583,721

Trading Companies & Distributors (1.0%):
	14,345	GATX Corp.		1,525,447
	19,113	MSC Industrial Direct Co., Inc.		1,561,532
	66,118	Univar Solutions, Inc.*		2,102,553
	13,432	Watsco, Inc.		3,349,941

				8,539,473

Water Utilities (0.5%):
	96,473	Essential Utilities, Inc.		4,604,656

	Total Common Stocks (Cost $647,296,246)			831,752,781

Short-Term Security Held as Collateral for Securities on Loan (0.2%):
	1,882,051	BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b)		1,882,051

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,882,051)			1,882,051

Unaffiliated Investment Company (1.0%):
Money Markets (1.0%):
	8,780,122	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b)		8,780,122

	Total Unaffiliated Investment Company (Cost $8,780,122)			8,780,122

	Total Investment Securities (Cost $657,958,419) — 100.1%(c)			842,414,954
	Net other assets (liabilities) — (0.1)%			(1,232,019	)

	Net Assets — 100.0%		$	841,182,935

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	657,958,419

Investment securities, at value(a)	$	842,414,954
Deposit at broker for futures contracts collateral		573,000
Interest and dividends receivable		1,092,162
Prepaid expenses		3,170

Total Assets		844,083,286

Liabilities:
Payable for capital shares redeemed		476,258
Payable for collateral received on loaned securities		1,882,051
Payable for variation margin on futures contracts		56,280
Management fees payable		182,236
Administration fees payable		39,912
Distribution fees payable		172,554
Custodian fees payable		4,519
Administrative and compliance services fees payable		2,816
Transfer agent fees payable		2,077
Trustee fees payable		7,035
Other accrued liabilities		74,613

Total Liabilities		2,900,351

Net Assets	$	841,182,935

Net Assets Consist of:
Paid in capital	$	623,998,405
Total distributable earnings		217,184,530

Net Assets	$	841,182,935

Class 1
Net Assets	$	44,715,862
Shares of beneficial interest (unlimited number of shares authorized, no par value)		19,193,421
Net Asset Value (offering and redemption price per share)	$	2.33

Class 2
Net Assets	$	796,467,073
Shares of beneficial interest (unlimited number of shares authorized, no par value)		41,540,361
Net Asset Value (offering and redemption price per share)	$	19.17

(a)	Includes securities on loan of $1,852,941.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends	$	13,289,880
Interest		3,495
Income from securities lending		290,899
Foreign withholding tax		(2,083	)

Total Investment Income		13,582,191

Expenses:
Management fees		2,358,742
Administration fees		127,610
Distribution fees — Class 2		2,238,108
Custodian fees		26,784
Administrative and compliance services fees		13,427
Transfer agent fees		12,868
Trustee fees		53,525
Professional fees		41,620
Licensing fees		196,390
Shareholder reports		28,193
Other expenses		26,881

Total expenses		5,124,148

Net Investment Income/(Loss)		8,458,043

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		38,051,390
Net realized gains/(losses) on futures contracts		1,252,226
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(201,120,616	)
Change in net unrealized appreciation/depreciation on futures contracts		(223,832	)

Net realized and Change in net unrealized gains/losses on investments		(162,040,832	)

Change in Net Assets Resulting From Operations	$	(153,582,789	)

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.

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. 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 $28,848 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,882,051 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

During the year ended December 31, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $6.5 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, 2022:

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, 2022:

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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

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 to 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $672,331,702. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 50% 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 Mid Cap Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian and brokers. 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, 2022, 39.99% 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, 2022, the Fund declared net short-term capital gain distributions of $22,274,568.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $173,882,020.

Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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.

What factors affected the Fund’s performance during the year ended December 31, 2022?*

For the year ended December 31, 2022, the AZL^® Moderate Index Strategy Fund (the “Fund”) returned (15.37)%. That compared to a (18.11)%, (13.01)% and (15.91)% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index, and the Moderate Composite Index, respectively.¹

The Fund is a fund of funds that pursues broad diversification across four underlying equity sub-portfolios and one fixed income sub-portfolio. The four equity sub-portfolios pursue passive strategies that aim to achieve, before fees, returns similar to the S&P 500 Index (S&P 500), the S&P MidCap 400 Index², the S&P SmallCap 600 Index³ and the MSCI EAFE Index⁴. The fixed-income sub-portfolio is an enhanced bond index strategy that seeks to achieve a return that exceeds that of the Bloomberg U.S. Aggregate Bond Index. Generally, the Fund allocates 50% to 70% of its assets to the underlying equity index funds and 30% to 50% of its assets to the underlying AZL Enhanced Bond Index Fund.

Domestic equities began the year at near all-time highs, but began to decline early in 2022 due to a combination of rising inflation and geopolitical uncertainties. The Federal Reserve (the Fed) shifted to a more hawkish policy approach in an attempt to bring inflation under control, as did many global central banks. The Fed increased the federal funds rate multiple times throughout the year for a combined total of 425 basis points. Russia’s invasion of Ukraine also weighed on global markets, although European countries were particularly hard hit due to their geographic proximity to the conflict and reliance on Russian commodities such as energy and wheat.

Despite strong labor rates throughout developed markets, high inflation and an anticipated economic slowdown had a negative effect on investor sentiment for the year under review. The S&P 500 declined as company valuations struggled under the higher interest rate environment. Investors grew risk averse as fears of an economic recession loomed, selling off equity positions to avoid the volatility in equity markets. By the end of the period under review, U.S. equities had experienced their worst year since the Great Financial Crisis of 2008, and international equities performed only slightly better.

The Fed’s actions made short-term financing more expensive, and the U.S. Treasury yield curve ultimately inverted with 2-year Treasuries yielding more than 10-year Treasuries by 0.55% at the end of 2022. The monetary tightening generated headwinds for domestic fixed income markets as investors demanded higher yields to account for rising rates. Widening credit spreads further weighed on prices on lower-quality bonds as investors demanded to be compensated for rising credit risks. Nearly all fixed income sectors finished the year with negative performance.

The Fund, which invests in both U.S. and international markets, outperformed its blended benchmark during the 12-month period. Its off-benchmark allocation to developed market non-U.S. equities contributed, as these outpaced U.S. equities. In addition, the Fund’s performance relative to its blended benchmark was positively affected by its allocation to mid- and small-cap U.S. equities, which outpaced their large-cap counterparts.

The Fund’s fixed income allocation detracted slightly from the Fund’s performance relative to its fixed income benchmark largely due to the underlying fund’s fees. The Fund’s fixed income allocation benefited from security selection, particularly in mortgage-backed securities and investment-grade credit. Allocation to Treasury Inflation Protected Securities (TIPS) also contributed positively to 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 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, 2022.

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

²	The Standard & Poor’s MidCap 400 Index (S&P 400) 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 Standard & Poor’s SmallCap 600 Index (S&P 600) covers approximately 3% of the domestic equities market. Measuring the small-cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable.

⁴	MSCI EAFE Index (MSCI EAFE) 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 indexes defined above are unmanaged. Investors cannot invest directly in an index.

Fund Objective

The Fund’s investment objective is to seek long-term 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 primarily in a combination of five underlying index funds (the “Index Strategy Underlying Funds”), allocating 50%-70% of its assets in the underlying equity index funds and 30%-50% of its assets in the underlying bond index fund.

Investment Concerns

The Fund invests in underlying funds, so its investment performance is directly related to the performance of those underlying funds. Before investing, investors should assess the risks associated with and types of investments made by each of the underlying funds in which the Fund invests.

Stocks are more volatile and carry more risk and return potential than other forms of investments.

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

The performance of the underlying funds is expected to be lower than that of the Indexes because of fees and expenses. Securities in which the underlying funds will invest may involve substantial risk and may be subject to sudden severe price declines.

Debt securities held by an underlying fund may decline in value due to rising interest rates.

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, an underlying fund’s performance may be more volatile than if it did not hold these securities.

Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss.

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, 2022
	1 Year			3 Year			5 Year			10 Year
AZL^® Moderate Index Strategy Fund		(15.37	)%		2.28	%		3.90	%		7.02	%
S&P 500^® Index		(18.11	)%		7.66	%		9.42	%		12.56	%
Bloomberg U.S. Aggregate Bond Index		(13.01	)%		(2.71	)%		0.02	%		1.06	%
Moderate Composite Index		(15.91	)%		4.00	%		6.07	%		8.14	%


Expense Ratio	Gross
AZL^®Moderate Index Strategy Fund		0.82	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and acquired fund fees and expenses), to 0.20% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.

Acquired fund fees and expenses are incurred indirectly by the Fund through the valuation of the Fund’s investments in the Permitted Underlying Funds. Accordingly, acquired fund fees and expenses affect the Fund’s total returns. Because these fees and expenses are not included in the Fund’s financial highlights, the Fund’s total annual fund operating expenses, as shown in the prospectus, do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights. Without acquired fund fees and expenses the Fund’s gross expense ratio would be 0.22%.

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 Moderate 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 (60%) of the S&P 500^® and (40%) of the 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 Moderate Index 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 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
Affiliated Investment Companies (100.0%):
Domestic Equity Funds (45.1%):
	6,825,616	AZL Mid Cap Index Fund, Class 2	$	130,847,055
	26,556,010	AZL S&P 500 Index Fund, Class 2		449,858,814
	5,756,890	AZL Small Cap Stock Index Fund, Class 2		65,801,250

				646,507,119

Fixed Income Fund (39.8%):
	60,198,702	AZL Enhanced Bond Index Fund		570,683,693

International Equity Fund (15.1%):
	14,173,667	AZL International Index Fund, Class 2		216,290,154

	Total Affiliated Investment Companies (Cost $1,722,909,317)			1,433,480,966

	Total Investment Securities (Cost $1,722,909,317) — 100.0%(a)			1,433,480,966
	Net other assets (liabilities) — 0.0%^†			(257,260	)

	Net Assets — 100.0%		$	1,433,223,706

Percentages indicated are based on net assets as of December 31, 2022.

†	Represents less than 0.05%.

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

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in affiliates, at cost	$	1,722,909,317

Investments in affiliates, at value	$	1,433,480,966
Interest and dividends receivable		106
Foreign currency, at value (cost $105,636)		105,955
Receivable for investments sold		714,807
Prepaid expenses		13,015

Total Assets		1,434,314,849

Liabilities:
Cash overdraft		714,807
Payable for capital shares redeemed		254,484
Management fees payable		62,074
Administration fees payable		8,808
Custodian fees payable		1,316
Administrative and compliance services fees payable		3,602
Transfer agent fees payable		901
Trustee fees payable		8,998
Other accrued liabilities		36,153

Total Liabilities		1,091,143

Net Assets	$	1,433,223,706

Net Assets Consist of:
Paid in capital	$	1,600,736,435
Total distributable earnings		(167,512,729	)

Net Assets	$	1,433,223,706

Shares of beneficial interest (unlimited number of shares authorized, no par value)		119,651,266
Net Asset Value (offering and redemption price per share)	$	11.98

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends from affiliates	$	22,612,596
Dividends from non-affiliates		17

Total Investment Income		22,612,613

Expenses:
Management fees		3,187,647
Administration fees		73,058
Custodian fees		6,660
Administrative and compliance services fees		22,730
Transfer agent fees		7,391
Trustee fees		90,870
Professional fees		70,450
Shareholder reports		31,860
Other expenses		44,874

Total expenses before reductions		3,535,540
Less Management fees contractually waived		(2,390,721	)

Net expenses		1,144,819

Net Investment Income/(Loss)		21,467,794

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		47,905
Net realized gains/(losses) on affiliated underlying funds		(4,916,534	)
Net realized gains distributions from affiliated underlying funds		105,940,985
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(3,637	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(409,825,537	)

Net realized and Change in net unrealized gains/losses on investments		(308,756,818	)

Change in Net Assets Resulting From Operations	$	(287,289,024	)

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 Moderate Index Strategy Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund is a “fund of funds,” which means that the Fund invests primarily in other mutual funds (the “Underlying Funds”). Underlying Funds invest in stocks, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

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. 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, 2022, the Fund did not engage in any Rule 17a-7 transactions.

The Manager provides investment advisory and management services for the Fund. 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, 2024. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Management fees.”

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

Management fees, which the Manager may waive 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 period can be found on the Statement of Operations, as applicable.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At December 31, 2022, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the year ended December 31, 2022 is as follows:

Investments in other investment companies are valued at their published net asset value (“NAV”). 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). The investments utilizing Level 1 valuations represent investments in open-end investment companies.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. 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 other party to a derivatives contract could default.

Foreign Securities Risk: Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies. 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. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Fund of Fund Risk: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds. In addition, the Fund maintains indirect exposure to various types of risk which may exist in the underlying Funds, such as foreign securities risk, fixed income securities risk and other risks.

Interest Rate Risk: Debt securities held by an underlying Fund may decline in value due to rising interest rates.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,731,614,065. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, 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 this 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 Moderate Index Strategy Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the transfer agent. 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, 2022, 23.23% 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, 2022, the Fund declared net short-term capital gain distributions of $334.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $99,641,959.

Subject to the general supervision of the Board of Trustees (the “Board”) and in accordance with the investment objectives and restrictions of the Fund, which is a series of the Allianz Variable Insurance Products Trust (the “Trust”), investment advisory services are provided to the Fund by Allianz Investment Management LLC (the “Manager”). The Manager manages the Fund pursuant to an investment management agreement (the “Management Agreement”) with the Trust. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of the Fund. For management services, the 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 the Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the “Expense Limitation Agreement”).

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 Fund is offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

As required by the Investment Company Act of 1940 (the “1940 Act”), the Board has reviewed and approved the Management Agreement with the Manager. The Board’s decision to approve this contract reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of the contract, the Board considered many factors, among the most material of which are: the Fund’s investment objectives and long-term performance; the Manager’s management philosophy, personnel, processes and investment performance, including its compliance history and the adequacy of its 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 Manager. This includes fees received for services provided to the Fund by employees of the Manager or of affiliates of the Manager and research services received by the Manager 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) payments made by the underlying funds pursuant to Rule 12b-1.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust. 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 Fund and the Manager. 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 Management Agreement occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of the Management Agreement is informed by reports covering such matters as: the Manager’s investment philosophy, personnel and processes, and the Fund’s investment performance (in absolute terms as well as in relationship to its benchmark and certain competitor or “peer group” funds). In connection with comparing the performance of the Fund versus its benchmark, the Board receives reports on the extent to which the Fund’s performance may be attributed to various applicable factors, such as asset class allocation decisions, the performance of the underlying funds, rebalancing decisions, and the impact of cash positions and Fund fees and expenses. The Board also receives reports on 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 any 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 Manager and its affiliates; compliance and audit reports concerning the Fund and the companies that service them; and relevant developments in the mutual fund industry and how the Fund and/or the Manager are responding to them.

The Board also receives financial information about the Manager, including reports on the compensation and benefits the Manager derives from its relationships with the Fund. These reports cover not only the fees under the Management Agreement, but also the fees, if any, received for providing other services to the Fund. The reports also discuss any indirect or “fall-out” benefits the Manager or its affiliates may derive from their relationships with the Fund.

The Management Agreement was most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of the Management Agreement was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as at various other meetings preceding those meetings. Accordingly, the Management Agreement was approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024.

In connection with such meetings, the Board requested and evaluated extensive materials from the Manager, 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 Management Agreement 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 were present. In reaching their determinations relating to the approval of the Management Agreement, in respect of the Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Management Agreement 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 the 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 the investment adviser and the approval of the advisory fee. 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. The Trustees noted that the Manager, subject to the oversight of the Board, administers the Fund’s business and other affairs. The Trustees noted that the Manager also provides the Trust and the 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 Fund) and executive and other personnel as are necessary for the operation of the Trust and the Fund. 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 noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted, for example, that the Manager is responsible for maintaining and monitoring its own compliance program, and this compliance program has been 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 the Fund. 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 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 the Fund under the Management Agreement.

(2) The investment performance of the Fund and the Manager. In connection with every quarterly Board meeting and the summer and fall 2022 contract review process, Trustees received extensive information on the performance results of the Fund. However, the Board also considered the fact that prior to October 14, 2016, the Fund was subadvised by Invesco Advisers, Inc., and managed pursuant to a different strategy. Accordingly, the investment performance of the Fund during the period prior to October 14, 2016, was not deemed relevant to the Board’s assessment of the approval of the Management Agreement in 2022. The performance information considered included performance information on absolute total return, performance versus the appropriate benchmark(s) and performance versus peer groups as reported by Lipper, the contribution to performance of the Manager’s asset class allocation decisions, the performance of the underlying funds, and the impact on performance of rebalancing decisions, cash and Fund fees. This included Lipper performance information on the Fund for the one-, three-, and five-year periods ended December 31, 2021, for which periods the Fund ranked in the top 40% of its Lipper peer group.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Fund, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

At the Board meeting held September 13, 2022, the Trustees determined that the investment performance of the Fund was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and its affiliates from the relationship with the Fund. The Board considered that the Manager receives an advisory fee from the Fund. The Manager reported that the advisory fee paid by the Fund put it in the 7^th percentile of its customized peer group. (A lower percentile reflects lower fund fees and is better for fund shareholders.) Trustees were provided with information on the total expense ratios of the Fund and other funds in the customized peer group, and the Manager reported upon the challenges in making peer group comparisons for the Fund. The Board considered and found that the advisory fee paid to the Manager with respect to the Fund was based on services provided to the Fund that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Fund invests.

The Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2019 through 2021. 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 Fund before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to the Fund.

(4) and (5) The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflect these economies of scale. The Board noted that the advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rate on assets above specified levels. 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 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 Fund, 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 Fund. The Board noted that the total assets in the Fund, as of June 30, 2022, were approximately $1.5 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 Fund assets change. 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 Management Agreement 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 Fund’s advisory fee rate schedule was acceptable under the 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 Management Agreement, the Board concluded that the advisory fees were reasonable, and that the continuation of the Management Agreement was in the best interest of the Fund.


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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® MSCI Emerging Markets Equity Index Fund (Class 2 Shares) (the “Fund”) returned (20.78)%. That compared to a (19.74)% total return for its benchmark, the MSCI Emerging Markets Index (gross of withholding taxes).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 Emerging Markets Index. The Index is designed to provide a comprehensive measure of emerging markets equities. The Fund takes positions in securities that, in combination, should have similar return characteristics as the Index.

The year under review began with concern over rising inflation, a spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine. Western sanctions against Russia pushed commodity prices higher and weighed on the value of the ruble, as well as on Russian equity markets in general. In March, Russian securities were removed from major emerging market indices. Chinese equities also declined as the nation experienced a resurgence of COVID-19 cases. Lockdowns in major cities, including Shanghai, further depressed equity valuations. One bright spot for the quarter was among net oil-exporting countries, which benefited from the spike in energy prices.

Geopolitical tension, rising inflation, and a strengthening U.S. dollar weighed on emerging markets’ performance over the second quarter. Chinese equities were the only market to finish the quarter with a positive return as the government lifted COVID-related lockdowns and officials vowed to support economic growth. However, a souring outlook on global trade weighed on other Asian countries, including Taiwan and South Korean markets, while European emerging markets fell due to the economic effects of a shortage of Russian gas supplies. Elsewhere, political uncertainties and growing recession fears weighed on Latin American markets, most notably Peru, Colombia, and Brazil.

These themes continued into the third quarter, with fears of a global recession, high inflation, and a strong dollar driving most emerging markets lower. One notable shift was the poor performance of Chinese equities, which were among

the worst performers for the quarter within emerging markets. The nation’s zero-COVID policy continued to generate economic headwinds despite new accommodative policies from the People’s Bank of China. By comparison, Turkey was one of the best-performing markets among its peers, as its central bank announced a surprise rate cut in August despite elevated inflation.

Emerging markets equities rallied over the fourth quarter, supported by a weaker dollar and by China’s relaxation of its zero-COVID policy. Hopes that the Federal Reserve would slow its monetary tightening helped buoy optimism among emerging markets investors in October and November 2022. Meanwhile, the meeting between U.S. and Chinese presidents during the G20 summit signaled easing geopolitical tensions and helped boost market sentiment. Net oil exporters lagged their peers for the final quarter of 2022 as energy prices eased.

All sectors of the Index posted negative returns for the year under review. The utilities, financials, and industrials sectors were among the best performers, while the energy, consumer services, and information technology sectors were among the worst performers.

The Fund underperformed its benchmark primarily due to the impacts of fair value adjustments and expenses incurred by the Fund.

The Fund uses exchange traded equity index futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund’s return in 2022. Futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the 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

The Fund’s investment objective is to seek to match the performance of the MSCI Emerging Markets 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 90% of its assets in the securities of the MSCI Emerging Markets Index (the “Underlying Index”) and in depositary receipts representing securities in its Underlying Index.

Investment Concerns

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

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, 2022
	1 Year			3 Year			5 Year			10 Year
AZL^® MSCI Emerging Markets Equity Index Fund (Class 1 Shares)		(20.50	)%		(3.53	)%		(2.22	)%		0.94	%
AZL^® MSCI Emerging Markets Equity Index Fund (Class 2 Shares)		(20.78	)%		(3.78	)%		(2.47	)%		0.69	%
MSCI Emerging Markets Index (gross of withholding taxes)		(19.74	)%		(2.34	)%		(1.03	)%		1.81	%
MSCI Emerging Markets Index (net of withholding taxes)		(20.09	)%		(2.69	)%		(1.40	)%		1.44	%


Expense Ratios	Gross
AZL^® MSCI Emerging Markets Equity Index Fund (Class 1 Shares)		1.09	%
AZL^® MSCI Emerging Markets Equity Index Fund (Class 2 Shares)		1.34	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.45% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.85% for Class 1 Shares and 1.10% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.

The Fund’s performance is measured against the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index, an unmanaged free float-adjusted market capitalization index that is designed to measure equity performance of emerging markets. The Index returns shown 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 MSCI Emerging Markets Equity 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 (98.4%):
Aerospace & Defense (0.2%):
	5,099	Aecc Aviation Power Co., Ltd.	$	31,004
	18,981	Aselsan Elektronik Sanayi Ve Ticaret AS		62,793
	83,000	AviChina Industry & Technology Co., Ltd., Class H		37,313
	106,710	Bharat Electronics, Ltd.		128,883
	2,026	Korea Aerospace Industries, Ltd.		82,043
	7,300	Kuang-Chi Technologies Co., Ltd., Class A		17,880

				359,916

Air Freight & Logistics (0.3%):
	44,036	Agility Public Warehousing Co. KSC		104,091
	572	Hyundai Glovis Co., Ltd.		74,383
	9,300	SF Holding Co., Ltd., Class A		77,307
	7,800	YTO Express Group Co., Ltd., Class A		22,549
	3,900	Yunda Holding Co., Ltd., Class A		8,052
	11,913	ZTO Express Cayman, Inc., ADR		320,102

				606,484

Airlines (0.3%):
	66,000	Air China, Ltd.*		58,780
	69,000	China Airlines, Ltd.		42,627
	39,299	China Eastern Airlines Corp., Ltd.*		31,204
	38,000	China Southern Airlines Co., Ltd.*		41,450
	28,000	China Southern Airlines Co., Ltd., Class H*		18,227
	64,000	Eva Airways Corp.		58,580
	2,989	InterGlobe Aviation, Ltd.*		72,383
	4,761	Korean Air Lines Co., Ltd.*		87,111
	13,203	Turk Hava Yollari AO*		99,452

				509,814

Auto Components (0.5%):
	2,213	Balkrishna Industries, Ltd.		56,859
	6,982	Bharat Forge, Ltd.		74,084
	900	Changzhou Xingyu Automotive Lighting Systems Co., Ltd., Class A		16,508
	47,000	Cheng Shin Rubber Industry Co., Ltd.		51,821
	6,500	Fuyao Glass Industry Group Co., Ltd.		32,801
	12,800	Fuyao Glass Industry Group Co., Ltd., Class H		53,721
	2,479	Hankook Tire & Technology Co., Ltd.		61,453
	5,302	Hanon Systems		34,150
	4,200	Huayu Automotive Systems Co., Ltd.		10,474
	1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A		15,157
	1,665	Hyundai Mobis Co., Ltd.		265,455
	24,000	Minth Group, Ltd.		64,683
	53,980	Motherson Sumi Systems, Ltd.		48,174
	62	MRF, Ltd.		66,246
	1,500	Ningbo Joyson Electronic Corp.*		3,026
	2,300	Ningbo Tuopu Group Co., Ltd., Class A		19,391
	3,600	Shandong Linglong Tyre Co., Ltd., Class A		10,609
	2,876	Tube Investments of India, Ltd.		96,518

				981,130

Automobiles (2.6%):
	564,400	Astra International Tbk PT		205,655
	1,747	Bajaj Auto, Ltd.		76,219
	3,133	BYD Co., Ltd.		115,894
	23,500	BYD Co., Ltd., Class H		577,929
	14,924	Chongqing Changan Automobile Co., Ltd., Class A		26,446
	84,000	Dongfeng Motor Group Co., Ltd., Class H		48,223
	4,135	Eicher Motors, Ltd.		160,734
	2,009	Ford Otomotiv Sanayi AS		56,478


Shares			Value
Common Stocks, continued
Automobiles, continued
	177,000	Geely Automobile Holdings, Ltd.	$	256,033
	4,500	Great Wall Motor Co., Ltd., Class A		19,186
	92,500	Great Wall Motor Co., Ltd., Class H		120,459
	99,200	Guangzhou Automobile Group Co., Ltd.		66,396
	3,348	Hero MotoCorp, Ltd.		110,863
	732	Hyundai Motor Co., Ltd.		42,996
	3,891	Hyundai Motor Co., Ltd.		467,694
	7,403	Kia Corp.		349,191
	30,994	Li Auto, Inc., Class A*		316,074
	24,997	Mahindra & Mahindra, Ltd.		376,229
	3,371	Maruti Suzuki India, Ltd.		340,958
	38,293	NIO, Inc., ADR*		373,357
	19,100	SAIC Motor Corp., Ltd.		39,628
	47,846	Tata Motors, Ltd.*		223,221
	5,185	TVS Motor Co., Ltd.		68,049
	23,258	XPeng, Inc.*		115,612
	36,000	Yadea Group Holdings, Ltd.		59,964

				4,613,488

Banks (15.4%):
	21,458	Absa Group, Ltd.		245,086
	87,807	Abu Dhabi Commercial Bank		215,024
	42,766	Abu Dhabi Islamic Bank Pjsc		105,971
	143,000	Agricultural Bank of China, Ltd.		59,847
	724,000	Agricultural Bank of China, Ltd., Class A		248,623
	87,522	Akbank T.A.S.		91,528
	54,967	Al Rajhi Bank*		1,102,910
	28,624	Alinma Bank		248,490
	49,791	Alpha Services and Holdings SA		53,119
	53,900	AMMB Holdings Berhad		50,742
	16,034	Arab National Bank		136,933
	2,564	AU Small Finance Bank, Ltd.		20,193
	62,674	Axis Bank, Ltd.		704,489
	43,571	Banco Bradesco SA		111,172
	1,298,706	Banco de Chile		134,803
	2,143	Banco de Credito e Inversiones		61,651
	21,062	Banco del Bajio SA		66,541
	24,879	Banco do Brasil SA		163,670
	11,234	Banco Santander Brasil SA		59,988
	2,238,136	Banco Santander Chile		89,626
	7,060	Bancolombia SA		61,904
	10,347	Bancolombia SA		71,620
	20,207	Bandhan Bank, Ltd.*		56,989
	15,757	Bank AlBilad*		186,902
	11,736	Bank Al-Jazira		59,742
	102,800	Bank Jago TBK PT*		24,475
	37,500	Bank of Beijing Co., Ltd., Class A		23,254
	2,247,000	Bank of China, Ltd.		817,676
	72,500	Bank of China, Ltd., Class A		32,947
	75,999	Bank of Communications Co., Ltd., Class A		51,827
	249,000	Bank of Communications Co., Ltd., Class H		142,665
	10,200	Bank of Hangzhou Co., Ltd.		19,197
	36,920	Bank of Jiangsu Co., Ltd.		38,729
	18,200	Bank of Nanjing Co., Ltd.		27,285
	13,970	Bank of Ningbo Co., Ltd.		65,234
	34,470	Bank of Shanghai Co., Ltd., Class A		29,309
	62,666	Bank of the Philippine Islands		114,842
	5,661	Bank Pekao SA		112,410


Shares			Value
Common Stocks, continued
Banks, continued
	17,575	Banque Saudi Fransi	$	190,260
	68,801	BDO Unibank, Inc.		129,970
	36,846	Boubyan Bank KSCP		96,290
	2,330	Capitec Bank Holdings, Ltd.		255,025
	136,746	Chang Hwa Commercial Bank		76,286
	257,000	China Citic Bank Co., Ltd.		113,937
	2,647,000	China Construction Bank		1,658,600
	32,600	China Construction Bank Corp.		26,386
	430,795	China Development Financial Holding Corp.		176,523
	72,500	China Everbright Bank Co., Ltd.		31,995
	52,000	China Everbright Bank Co., Ltd., Class H		15,857
	109,500	China Merchants Bank Co., Ltd.		607,038
	36,144	China Merchants Bank Co., Ltd.		193,817
	69,700	China Minsheng Banking Corp., Ltd., Class A		34,597
	113,300	China Minsheng Banking Corp., Ltd., Class H		39,196
	197,400	CIMB Group Holdings Berhad		260,316
	75,212	Commercial Bank of Qatar Qsc (The)		103,249
	71,388	Commercial International Bank Egypt SAE		119,692
	1,875	Credicorp, Ltd.		254,362
	505,000	CTBC Financial Holding Co., Ltd.		362,997
	66,215	Dubai Islamic Bank		102,789
	385,097	E.Sun Financial Holding Co., Ltd.		301,271
	56,719	Emirates NBD Bank PJSC		200,471
	70,569	Eurobank Ergasias Services and Holdings SA*		79,651
	130,178	First Abu Dhabi Bank PJSC		605,498
	318,999	First Financial Holdings Co., Ltd.		274,970
	73,601	Grupo Financiero Banorte SAB de C.V.		528,563
	58,223	Grupo Financiero Inbursa SAB de C.V., Class O*		98,144
	24,941	Gulf Bank KSCP		25,556
	8,661	Hana Financial Holdings Group, Inc.		289,827
	19,300	Hong Leong Bank Berhad		90,047
	6,400	Hong Leong Financial Group Berhad		27,050
	251,375	Hua Nan Financial Holdings Co., Ltd.		183,558
	26,900	Huaxia Bank Co., Ltd., Class A		20,087
	146,247	ICICI Bank, Ltd.		1,567,643
	108,800	Industrial & Commercial Bank of China, Ltd., Class A		67,935
	1,600,000	Industrial & Commercial Bank of China, Ltd., Class H		824,181
	39,400	Industrial Bank Co., Ltd.		99,734
	8,902	Industrial Bank of Korea (IBK)		68,818
	146,045	Itausa — Investimentos Itau S.A.		235,423
	3,929	KakaoBank Corp.*		76,568
	11,100	Kasikornbank PCL		47,151
	10,140	KB Financial Group, Inc.		386,253
	2,004	Komercni Banka AS^		58,075
	16,130	Kotak Mahindra Bank, Ltd.		354,916
	43,000	Krung Thai Bank		21,934
	209,453	Kuwait Finance House KSCP		565,721
	102,501	Malayan Banking Bhd		202,353
	128,199	Masraf Al Rayan		111,818
	371	mBank SA*		25,141
	317,125	Mega Financial Holdings Co., Ltd.		313,075
	46,592	Metropolitan Bank & Trust		45,179
	10,951	Moneta Money Bank AS		36,917
	10,393	National Bank of Greece SA*		41,559
	203,432	National Bank of Kuwait SAKP		718,300
	64,205	National Commercial Bank		864,546
	13,995	Nedcor, Ltd.		175,213


Shares			Value
Common Stocks, continued
Banks, continued
	5,651	OTP Bank Nyrt	$	153,147
	33,100	Ping An Bank Co., Ltd., Class A		62,692
	38,900	Postal Savings Bank of China Co., Ltd., Class A		25,861
	231,000	Postal Savings Bank of China Co., Ltd., Class H		142,711
	22,657	Powszechna Kasa Oszczednosci Bank Polski SA		157,504
	1,554,500	PT Bank Central Asia Tbk		852,392
	533,300	PT Bank Mandiri Persero Tbk		338,968
	191,700	PT Bank Negara Indonesia Tbk		113,187
	1,819,942	PT Bank Rakyat Indonesia Tbk		577,034
	421,800	Public Bank Berhad		413,642
	27,221	Qatar International Islamic Bank QSC		77,851
	43,180	Qatar Islamic Bank		220,255
	129,909	Qatar National Bank		642,202
	59,900	RHB Bank Bhd		78,758
	41,240	Riyad Bank		349,796
	1,058	Santander Bank Polska SA		62,550
	11,462	Saudi Investment Bank/The		53,000
	317,881	Sberbank of Russia*(a)		4
	28,200	SCB X pcl		86,778
	113,474	Shanghai Commercial & Savings Bank, Ltd. (The)		162,300
	70,100	Shanghai Pudong Development Bank Co., Ltd.		73,427
	12,719	Shinhan Financial Group Co., Ltd.		354,446
	298,758	SinoPac Financial Holdings Co., Ltd.		161,717
	35,548	Standard Bank Group, Ltd.		351,287
	47,953	State Bank of India		354,350
	331,001	Taishin Financial Holding Co., Ltd.		162,555
	118,000	Taiwan Business Bank		49,705
	288,654	Taiwan Cooperative Financial Holding Co., Ltd.		244,112
	3,719	TCS Group Holding plc, GDR*(a)		—
	23,255	The Saudi British Bank		241,607
	102,709	Turkiye Is Bankasi AS, Class C		70,244
	97,280,589	VTB Bank PJSC*(a)		1,342
	15,903	Woori Financial Group, Inc.		146,101
	83,021	Yapi ve Kredi Bankasi AS		52,088
	316,254	Yes Bank, Ltd.*		78,555

				27,301,909

Beverages (1.8%):
	138,132	Ambev SA Com Npv		379,921
	1,100	Anhui Gujing Distillery Co., Ltd., Class A		42,215
	3,000	Anhui Gujing Distillery Co., Ltd., Class B		47,991
	1,300	Anhui Kouzi Distillery Co., Ltd.		10,791
	10,480	Arca Continental SAB de C.V.		85,122
	8,700	Carabao Group pcl		24,221
	42,000	China Resources Beer Holdings Co., Ltd.		293,598
	1,400	Chongqing Brewery Co., Ltd., Class A		25,668
	15,966	Coca-Cola Femsa S.A.B de C.V.		108,046
	3,027	Compania Cervecerias Unidas SA		20,226
	54,785	Fomento Economico Mexicano S.A.B. de C.V.		426,394
	2,800	Jiangsu King’s Luck Brewery JSC, Ltd., Class A		20,495
	3,200	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		73,671
	1,100	JiuGui Liquor Co., Ltd., Class A		21,840
	2,172	Kweichow Moutai Co., Ltd.		537,512
	2,400	Luzhou Laojiao Co., Ltd.		77,130
	51,000	Nongfu Spring Co., Ltd., Class H		288,216
	23,700	Osotspa pcl		19,338
	2,744	Shanghai Bairun Investment Holding Group Co., Ltd., Class A		14,754


Shares			Value
Common Stocks, continued
Beverages, continued
	2,160	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A	$	88,584
	1,400	Sichuan Swellfun Co., Ltd., Class A		16,973
	2,600	Tsingtao Brewery Co., Ltd., Class A		40,225
	14,000	Tsingtao Brewery Co., Ltd., Class H		138,325
	7,920	United Spirits, Ltd.*		84,034
	5,817	Varun Beverages, Ltd.		92,621
	6,800	Wuliangye Yibin Co., Ltd., Class A		176,082

				3,153,993

Biotechnology (0.7%):
	51,000	3SBio, Inc.		54,085
	18,460	BeiGene, Ltd.*		315,352
	1,015	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A		18,462
	600	BGI Genomics Co., Ltd.		4,463
	10,203	Biocon, Ltd.		32,286
	2,862	Celltrion, Inc.		366,188
	3,200	Chongqing Zhifei Biological Products Co., Ltd., Class A		40,445
	3,270	Hualan Biological Engineering, Inc., Class A		10,648
	300	Imeik Technology Development Co., Ltd., Class A		24,453
	28,000	Innovent Biologics, Inc.*		120,220
	1,366	Legend Biotech Corp., ADR*		68,191
	6,000	PharmaEssentia Corp.*		93,079
	1,000	Shanghai Junshi Biosciences Co., Ltd., Class A*		9,008
	21,600	Shanghai Raas Blood Products Co., Ltd.		19,704
	2,560	Shenzhen Kangtai Biological Products Co., Ltd., Class A		11,616
	644	SK Bioscience Co., Ltd.*		37,811
	4,000	Walvax Biotechnology Co., Ltd., Class A		23,137
	2,417	Zai Lab, Ltd., ADR*		74,202

				1,323,350

Building Products (0.0%^†):
	3,000	Beijing New Building Materials plc		11,152
	35,000	China Lesso Group Holdings, Ltd.		36,477
	6,500	Zhuzhou Kibing Group Co., Ltd., Class A		10,655

				58,284

Capital Markets (1.2%):
	173,524	B3 SA- Brasil Bolsa Balcao		434,204
	34,376	Banco BTG Pactual SA		155,888
	23,140	Caitong Securities Co., Ltd.		23,709
	193,000	China Cinda Asset Management Co., Ltd., Class H		26,711
	120,000	China Galaxy Securities Co.		58,588
	44,400	China International Capital Corp., Ltd.		84,781
	14,140	China Merchants Securities Co., Ltd.		27,061
	21,465	Citic Securities Co., Ltd., Class A		61,504
	67,850	Citic Securities Co., Ltd., Class A		137,205
	5,300	CSC Financial Co., Ltd., Class A		18,116
	27,993	East Money Information Co., Ltd., Class A		78,168
	6,600	Everbright Securities Co., Ltd.		14,125
	30,400	GF Securities Co., Ltd.		43,429
	15,400	GF Securities Co., Ltd., Class A		34,331
	12,599	Guosen Securities Co., Ltd., Class A		16,099
	14,600	Guotai Junan Securities Co., Ltd.		28,551
	28,600	Haitong Securities Co., Ltd.		35,762
	78,800	Haitong Securities Co., Ltd.		48,168
	1,000	Hithink RoyalFlush Information Network Co., Ltd., Class A		14,194


Shares			Value
Common Stocks, continued
Capital Markets, continued
	12,900	Huatai Securities Co., Ltd., Class A	$	23,649
	44,600	Huatai Securities Co., Ltd., Class H		50,708
	31,590	Industrial Securities Co., Ltd.		26,094
	1,242	Korea Investment Holdings Co., Ltd.		52,778
	10,139	Meritz Securities Co., Ltd.		50,561
	9,168	Mirae Asset Securities Co., Ltd.		44,345
	2,777	NH Investment & Securities Co., Ltd.		19,348
	26,240	Orient Securities Co., Ltd./China		33,761
	3,779	Reinet Investments SCA		73,144
	1,516	Samsung Securities Co., Ltd.		37,956
	1,027	Saudi Tadawul Group Holding Co.		49,326
	69,900	Shenwan Hongyuan Group Co., Ltd.		40,031
	45,462	The Moscow Exchange*(a)		45
	283,820	Yuanta Financial Holding Co., Ltd.		200,336
	5,300	Zheshang Securities Co., Ltd.		7,574

				2,050,250

Chemicals (3.2%):
	5,052	Advanced Petrochemical Co.		57,250
	11,215	Asian Paints, Ltd.		418,713
	9,301	Berger Paints India, Ltd.		65,182
	42,000	Dongyue Group, Ltd.		46,235
	88,000	Formosa Chemicals & Fibre Corp.		201,309
	112,000	Formosa Plastics Corp.		316,229
	4,600	Guangzhou Tinci Materials Technology Co., Ltd., Class A		28,971
	3,276	Hanwha Chemical Corp.*		111,739
	31,971	Hektas Ticaret TAS*		64,359
	13,400	Hengli Petrochemical Co., Ltd.		29,916
	10,092	Hengyi Petrochemical Co., Ltd., Class A		10,209
	1,300	Hoshine Silicon Industry Co., Ltd.		15,519
	60,600	Indorama Ventures pcl		71,095
	9,200	Jiangsu Eastern Shenghong Co., Ltd., Class A		17,208
	533	Kumho Petrochemical Co., Ltd.		53,453
	1,357	LG Chem, Ltd.		649,200
	226	LG Chem, Ltd.		49,926
	3,900	Lomon Billions Group Co., Ltd., Class A		10,619
	540	Lotte Chemical Corp.		75,697
	135,824	Mesaieed Petrochemical Holding Co.		79,107
	133,000	Nan Ya Plastics Corp.		307,130
	9,868	National Industrialization Co.*		32,551
	14,000	Ningxia Baofeng Energy Group Co., Ltd., Class A		24,281
	29,450	Orbia Advance Corp SAB de CV		52,152
	73,300	Petronas Chemicals Group Berhad		143,323
	1,447	PhosAgro PJSC(a)		—
	27	Phosagro Public Joint Stock Co., GDR*(a)		—
	2,276	PI Industries, Ltd.		93,902
	4,453	Pidilite Industries, Ltd.		136,903
	836,106	PT Barito Pacific Tbk		40,559
	53,800	PTT Global Chemical Public Co., Ltd.		73,428
	6,900	Qinghai Salt Lake Industry Co., Ltd., Class A*		22,492
	19,350	Rongsheng Petro Chemical Co., Ltd., Class A		34,249
	6,039	SABIK Agri-Nutrients Co.		234,971
	8,631	Sahara International Petrochemical Co.		78,209
	12,572	Sasa Polyester Sanayi AS*		73,910
	16,339	Sasol, Ltd.		258,599
	26,296	Saudi Basic Industries Corp.		625,807
	8,430	Saudi Industrial Investment Group		49,317


Shares			Value
Common Stocks, continued
Chemicals, continued
	21,544	Saudi Kayan Petrochemical Co.*	$	78,497
	4,940	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A		23,543
	3,600	Shanghai Putailai New Energy Technology Co., Ltd., Class A		26,831
	264	Shenzhen Dynanonic Co., Ltd., Class A		8,724
	591	SK IE Technology Co., Ltd.*		25,053
	649	SKC Co., Ltd.		45,831
	1,120	Skshu Paint Co., Ltd., Class A*		18,346
	4,172	Sociedad Quimica y Minera de Chile SA		337,579
	3,359	SRF, Ltd.		92,643
	1,900	Tianqi Lithium Corp., Class A*		21,548
	14,118	UPL, Ltd.		122,239
	5,900	Wanhua Chemical Group Co., Ltd.		78,598
	7,713	Yanbu National Petrochemical Co.		85,530

				5,618,681

Commercial Services & Supplies (0.1%):
	108,222	China Everbright International, Ltd.		48,096
	6,265	Indian Railway Catering & Tourism Corp., Ltd.		48,305
	588	S1 Corp.		27,652
	2,200	Shanghai M&G Stationery, Inc., Class A		17,406

				141,459

Communications Equipment (0.2%):
	15,000	Accton Technology Corp.		114,333
	20,500	BYD Electronic International Co., Ltd.		65,946
	1,300	China Zhenhua Group Science & Technology Co., Ltd., Class A		21,368
	1,800	Yealink Network Technology Corp., Ltd., Class A		15,693
	900	Zhongji Innolight Co., Ltd., Class A		3,497
	8,300	ZTE Corp.		30,886
	23,800	ZTE Corp., Class H		52,456

				304,179

Construction & Engineering (0.5%):
	98,000	China Communications Services Corp., Ltd.		35,582
	118,000	China Railway Group, Ltd.		62,296
	53,400	China Railway Group, Ltd., Class A		42,628
	80,500	China State Construction Engineering Corp., Ltd.		62,746
	44,000	China State Construction International Holdings, Ltd.		49,230
	2,127	Hyundai Engineering & Construction Co., Ltd.		59,190
	19,005	Larsen & Toubro, Ltd.		477,983
	35,600	Metallurgical Corp. of China, Ltd.		16,261
	38,400	Power Construction Corp. of China, Ltd.		39,062
	4,331	Samsung Engineering Co., Ltd.*		76,706

				921,684

Construction Materials (1.0%):
	1,353	ACC, Ltd.		39,828
	16,769	Ambuja Cements, Ltd.		106,268
	7,700	Anhui Conch Cement Co., Ltd., Class A		30,339
	33,000	Anhui Conch Cement Co., Ltd., Class H		114,436
	72,000	Asia Cement Corp.		96,021
	25,400	BBMG Corp.		9,269
	437,937	Cemex SAB de C.V.*		177,134
	8,458	China Jushi Co., Ltd., Class A		16,686
	122,000	China National Buildings Material Co., Ltd.		100,222
	78,000	China Resources Cement Holdings, Ltd.		40,957


Shares			Value
Common Stocks, continued
Construction Materials, continued
	7,494	Grasim Industries, Ltd.	$	155,619
	900	Huaxin Cement Co., Ltd.		1,919
	827	POSCO Chemical Co., Ltd.		118,735
	78,729	PT Semen Indonesia (Persero) Tbk		33,260
	298	Shree Cement, Ltd.		83,728
	178,599	Taiwan Cement Corp.		195,484
	19,200	The Siam Cement Public Co., Ltd.		189,431
	3,087	Ultra Tech Cement, Ltd.		259,105

				1,768,441

Consumer Finance (0.6%):
	2,667	360 DigiTech, Inc., ADR		54,300
	7,516	Bajaj Finance, Ltd.		594,904
	12,258	Cholamandalam Investment and Finance Co., Ltd.		106,738
	15,500	JMT Network Services pcl		30,894
	29,000	Krungthai Card pcl		49,458
	17,481	Lufax Holding, Ltd., ADR		33,913
	28,300	Muangthai Capital pcl, Class R		31,068
	4,134	Muthoot Finance, Ltd.		53,002
	4,769	SBI Cards & Payment Services, Ltd.		45,761
	4,836	Shriram Transport Finance		80,347
	27,700	Srisawad Corp pcl		39,011

				1,119,396

Containers & Packaging (0.1%):
	21,248	Klabin SA		80,376
	38,400	SCG Packaging pcl		63,070
	1,500	Yunnan Energy New Material Co., Ltd.		28,342

				171,788

Diversified Consumer Services (0.2%):
	11,500	Koolearn Technology Holding, Ltd.*		76,997
	47,790	New Oriental Education & Technology Group, Inc.*		168,863
	12,817	TAL Education Group, ADR*		90,360

				336,220

Diversified Financial Services (0.9%):
	10,739	Bajaj Finserv, Ltd.		200,121
	654	Bajaj Holdings & Investment, Ltd.		45,285
	41,082	Chailease Holding Co., Ltd.		289,822
	58,000	Far East Horizon, Ltd.		45,334
	145,699	FirstRand, Ltd.		532,491
	213,189	Fubon Financial Holdings Co., Ltd.		390,357
	22,368	Haci Omer Sabanci Holding AS		53,982
	16,878	Remgro, Ltd.		132,137

				1,689,529

Diversified Telecommunication Services (1.4%):
	1,192,000	China Tower Corp., Ltd., Class H		128,305
	104,000	Chunghwa Telecom Co., Ltd.		382,310
	100,092	Emirates Telecommunications Group Co. PJSC		622,399
	6,670	Hellenic Telecommunications Organization SA (OTE)		104,156
	18,250	Indus Towers, Ltd.		41,917
	6,438	LG Uplus Corp.		56,461
	34,613	Ooredoo Qsc		87,435
	34,010	Operadora de Sites Mexicanos SA de CV		33,465
	1,422,900	PT Telekomunikasi Indonesia Tbk		342,845
	497,700	Sarana Menara Nusantara Tbk PT		35,135
	43,150	Saudi Telecom Co.		421,101
	12,522	Telefonica Brasil SA		90,964


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	37,500	Telekom Malaysia Berhad	$	46,048
	285,600	True Corp. pcl		39,869

				2,432,410

Electric Utilities (1.2%):
	7,799	Adani Transmission, Ltd.*		242,897
	7,912	Centrais Eletricas Brasileiras S.A		64,789
	32,586	Centrais Eletricas Brasileiras S.A		259,987
	4,545	CEZ AS		155,112
	46,508	Companhia Energetica de Minas Gerais		98,140
	657,720	ENEL Americas SA		88,053
	1,011,183	ENEL Chile SA		46,504
	6,011	Energisa SA		50,338
	27,877	Equatorial Energia SA		142,680
	952,130	Inter Rao Ues PJSC(a)		13
	15,365	Interconexion Electrica SA ESP		66,570
	7,164	Korea Electric Power Corp., Ltd.*		124,029
	25,730	PGE SA*		40,415
	93,408	Power Grid Corp. of India, Ltd.		240,466
	4,801	Public Power Corp. SA*		33,620
	25,045	Saudi Electricity Co.		153,905
	42,224	Tata Power Co., Ltd. (The)		105,606
	61,000	Tenega Nasional Berhad		133,491

				2,046,615

Electrical Equipment (0.9%):
	1,351	ABB India, Ltd.		43,824
	4,200	Contemporary Amperex Technology Co., Ltd., Class A		237,827
	7,300	Dongfang Electric Corp., Ltd., Class A		22,081
	11,375	Doosan Heavy Industries & Construction Co., Ltd.*		139,834
	1,384	Ecopro BM Co., Ltd.		101,818
	3,801	Eve Energy Co., Ltd., Class A		48,091
	1,050	Ginlong Technologies Co., Ltd., Class A*		27,212
	7,790	Havells India, Ltd.		103,602
	12,500	Jiangsu Zhongtian Technology Co., Ltd., Class A		29,009
	983	LG Energy Solution*		340,626
	4,200	Ming Yang Smart Energy Group, Ltd., Class A		15,271
	13,176	Nari Technology Co., Ltd.		46,084
	1,600	Ningbo Orient Wires & Cables Co., Ltd., Class A		15,619
	1,200	Ningbo Ronbay New Energy Technology Co., Ltd., Class A		11,874
	2,900	Sungrow Power Supply Co., Ltd., Class A		46,673
	3,200	Sunwoda Electronic Co., Ltd., Class A		9,741
	400	Suzhou Maxwell Technologies Co., Ltd., Class A		23,705
	7,200	TBEA Co., Ltd., Class A		20,807
	2,000	Voltronic Power Technology Corp.		100,369
	70,616	Walsin Lihwa Corp.		108,352
	12,400	Xinjiang Goldwind Science & Technology Co., Ltd.		11,043
	16,541	Xinjiang Goldwind Science & Technology Co., Ltd.		26,168
	3,500	Zhejiang Chint Electrics Co., Ltd., Class A		13,943
	15,800	Zhuzhou CRRC Times Electric Co., Ltd., Class H		78,458

				1,622,031

Electronic Equipment, Instruments & Components (2.7%):
	18,500	AAC Technologies Holdings, Inc.*		42,301
	177,600	AU Optronics Corp.		86,628
	4,200	Chaozhou Three-Circle Group Co., Ltd., Class A		18,560
	8,500	Delta Electronics Thailand pcl		203,811
	57,000	Delta Electronics, Inc.		531,061


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	24,000	E Ink Holdings, Inc.	$	125,608
	9,699	Foxconn Industrial Internet Co., Ltd., Class A		12,790
	8,100	GoerTek, Inc., Class A		19,560
	2,100	Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A		17,810
	354,000	Hon Hai Precision Industry Co., Ltd.		1,150,234
	606	Iljin Materials Co., Ltd.		25,081
	48,600	Inari Amertron Berhad		28,873
	240,730	Innolux Corp.		86,501
	19,500	Kingboard Holdings, Ltd.		62,095
	37,500	Kingboard Laminates Holdings, Ltd.		41,229
	659	L&F Co., Ltd.*		91,427
	3,000	Largan Precision Co., Ltd.		198,983
	11,400	Lens Technology Co., Ltd., Class A		17,276
	6,031	LG Display Co., Ltd.		59,892
	404	LG Innotek Co., Ltd.		81,655
	4,700	Lingyi iTech Guangdong Co., Class A*		3,071
	14,559	Luxshare Precision Industry Co., Ltd.		66,548
	864	Maxscend Microelectronics Co., Ltd., Class A		14,222
	7,000	Nan Ya Printed Circuit Board Corp.		51,626
	1,200	NAURA Technology Group Co., Ltd., Class A		38,911
	4,200	OFILM Group Co., Ltd., Class A*		2,841
	1,281	Raytron Technology Co., Ltd., Class A		6,856
	1,474	Samsung Electro-Mechanics Co., Ltd., Series L		153,614
	1,571	Samsung SDI Co., Ltd.		740,319
	3,800	Shengyi Technology Co., Ltd., Class A		7,880
	1,820	Shennan Circuits Co., Ltd., Class A		18,902
	20,800	Sunny Optical Technology Group Co., Ltd.		247,542
	7,000	Suzhou Dongshan Precision Manufacturing Co., Ltd.		24,926
	41,000	Synnex Technology International Corp.		78,947
	14,000	Tianma Microelectronics Co., Ltd., Class A		17,445
	35,000	Unimicron Technology Corp.		136,465
	6,300	Unisplendour Corp., Ltd., Class A		17,706
	1,700	Wingtech Technology Co., Ltd.		12,866
	47,960	WPG Holdings, Ltd.		75,041
	6,350	Wuhan Guide Infrared Co., Ltd.		10,027
	1,650	WUS Printed Circuit Kunshan Co., Ltd., Class A		2,826
	9,851	Yageo Corp.		144,420
	9,200	Zhejiang Dahua Technology Co., Ltd., Class A		14,972
	19,000	Zhen Ding Technology Holding, Ltd.		64,869

				4,854,217

Energy Equipment & Services (0.1%):
	48,000	China Oilfield Services, Ltd.		58,209
	126,200	Dialog Group Berhad		70,334

				128,543

Entertainment (1.0%):
	4,913	Bilibili, Inc., ADR*		116,389
	2,170	CD Projekt SA		64,306
	400	G-Bits Network Technology Xiamen Co., Ltd.		17,963
	455	HYBE Co., Ltd.*		63,143
	9,347	IQIYI, Inc., ADR*		49,539
	870	Kakao Games Corp.*		31,186
	28,000	Kingsoft Corp., Ltd.		93,659
	758	Krafton, Inc.*		101,841
	4,000	Mango Excellent Media Co., Ltd., Class A		17,282
	483	Ncsoft Corp.		172,723


Shares			Value
Common Stocks, continued
Entertainment, continued
	54,975	NetEase, Inc.	$	801,392
	657	Netmarble Corp.		31,661
	810	Pearl Abyss Corp.*		27,159
	7,050	Perfect World Co., Ltd., Class A		12,906
	20,844	Tencent Music Entertainment Group, ADR*		172,588
	4,800	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		12,471
	15,360	Zhejiang Century Huatong Group Co., Ltd., Class A*		8,421

				1,794,629

Equity Real Estate Investment Trusts (REITs) (0.1%):
	79,843	Fibra UNO Amdinistracion SA		94,096
	89,688	Growthpoint Properties, Ltd.		76,284

				170,380

Food & Staples Retailing (1.4%):
	13,933	Atacadao Distribuicao Comercio e Industria, Ltd.		39,008
	4,988	Avenue Supermarts, Ltd.*		244,476
	27,700	Berli Jucker pcl		28,204
	157	BGF Retail Co., Ltd.		26,186
	10,042	Bid Corp., Ltd.		194,969
	12,876	BIM Birlesik Magazalar AS		94,346
	41,302	Cencosud SA		67,960
	7,085	Clicks Group, Ltd.		112,691
	166,700	CP All pcl		328,675
	1,473	Dino Polska SA*		126,601
	631	E-Mart Co., Ltd.		49,166
	2,004	Magnit PJSC*(a)		—
	704	Nahdi Medical Co.*		31,401
	16,000	President Chain Store Corp.		141,388
	32,016	Raia Drogasil SA		143,851
	20,211	Sendas Distribuidora SA		74,539
	14,686	Shoprite Holdings, Ltd.		195,500
	414,900	Sumber Alfaria Trijaya Tbk PT		70,641
	5,844	The Spar Group, Ltd.		39,066
	141,551	Wal-Mart de Mexico SAB de C.V.		498,354
	3,565	X5 Retail Group NV, GDR*(a)		4
	1,456	Yifeng Pharmacy Chain Co., Ltd., Class A		13,376

				2,520,402

Food Products (2.0%):
	4,930	Almarai Co. JSC		70,302
	7,000	Beijing Dabeinong Technology Group Co., Ltd.*		8,944
	15,625	BRF SA*		24,507
	2,902	Britannia Industries, Ltd.		150,891
	107,900	Charoen Pokphand Foods Public Co., Ltd.		77,208
	110,000	China Feihe, Ltd.		92,658
	274,400	China Huishan Dairy Holdings Co., Ltd.*^		—
	86,000	China Mengniu Dairy Co., Ltd.		386,851
	245	CJ CheilJedang Corp.		73,946
	75,500	Dali Foods Group Co., Ltd.		34,340
	7,950	Foshan Haitian Flavouring & Food Co., Ltd.		91,016
	700	Fu Jian Anjoy Foods Co., Ltd., Class A		16,308
	5,255	Gruma, SAB de C.V., Class B		70,331
	38,987	Grupo Bimbo SAB de C.V., Series A, Class A		164,816
	3,800	Guangdong Haid Group Co., Ltd., Class A		33,752
	5,400	Henan Shuanghui Investment & Development Co., Ltd.		20,147
	10,200	Inner Mongolia Yili Indsutrial Group Co., Ltd.		45,359
	90,500	IOI Corp. Berhad		83,301


Shares			Value
Common Stocks, continued
Food Products, continued
	22,213	JBS SA	$	92,526
	1,500	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd.		7,924
	700	Juewei Food Co., Ltd., Class A		6,155
	12,600	Kuala Lumpur Kepong Berhad		64,001
	16,791	Marico, Ltd.		103,497
	179,400	Monde Nissin Corp.		35,802
	9,772	Muyuan Foodstuff Co., Ltd.		68,339
	955	Nestle India, Ltd.		225,862
	2,000	Nestle Malaysia Bhd		63,631
	10,600	New Hope Liuhe Co., Ltd., Class A*		19,632
	721	Orion Corp./ Republic of Korea		73,238
	20,980	PPB Group Berhad		83,122
	213,700	PT Charoen Pokphand Indonesia Tbk		77,559
	76,600	PT Indofood CBP Sukses Makmur Tbk		49,161
	127,500	PT Indofood Sukses Makmur Tbk		55,090
	32,650	QL Resources Berhad		40,881
	59,200	Sime Darby Plantation Bhd		62,581
	18,076	Tata Consumer Products, Ltd.		167,203
	56,100	Thai Union Frozen Products pcl		27,384
	9,830	The Savola Group		71,908
	58,000	Tingyi (Caymen Is) Holding Corp.		102,155
	6,800	Tongwei Co., Ltd., Class A		37,758
	43,000	Uni-President China Holdings, Ltd.		42,847
	137,000	Uni-President Enterprises Corp.		296,799
	32,810	Universal Robina Corp.		80,307
	139,000	Want Want China Holdings, Ltd.		92,824
	13,060	Wens Foodstuffs Group Co., Ltd.		36,696
	16,000	Yihai International Holding, Ltd.		55,893
	2,600	Yihai Kerry Arawana Holdings Co., Ltd., Class A		16,258

				3,601,710

Gas Utilities (0.7%):
	7,970	Adani Total Gas, Ltd.		354,818
	18,500	Beijing Enterprises Holdings, Ltd.		59,263
	77,800	China Gas Holdings, Ltd.		112,287
	26,000	China Resources Gas Group, Ltd.		96,836
	23,200	ENN Energy Holdings, Ltd.		323,678
	60,454	GAIL India, Ltd.		70,056
	8,251	Indraprastha Gas, Ltd.		41,218
	124,000	Kunlun Energy Co., Ltd.		87,951
	25,200	Petronas Gas Berhad		97,963

				1,244,070

Health Care Equipment & Supplies (0.2%):
	54,400	Hartalega Holdings Berhad		21,034
	2,280	Jafron Biomedical Co., Ltd., Class A		10,159
	900	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.		4,126
	7,700	Lepu Medical Technology Beijing Co., Ltd., Class A		25,409
	20,000	Microport Scientific Corp.*		52,676
	1,680	Ovctek China, Inc., Class A		8,631
	548	SD Biosensor, Inc.		13,158
	72,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		117,931
	2,100	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		95,325
	155,200	Top Glove Corp. Berhad*		31,951

				380,400


Shares			Value
Common Stocks, continued
Health Care Providers & Services (0.8%):
	11,515	Aier Eye Hospital Group Co., Ltd., Class A	$	51,489
	3,000	Apollo Hospitals Enterprise, Ltd.		161,959
	301,500	Bangkok Dusit Medical Services Public Co., Ltd.		252,549
	13,700	Bumrungrad Hospital pcl		83,670
	2,746	Celltrion Healthcare Co., Ltd.		127,011
	1,074	Dallah Healthcare Co.		42,339
	2,203	Dr Sulaiman Al Habib Medical Services Group Co.		129,346
	1,400	Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		15,710
	125,780	Hapvida Participacoes e Investimentos SA*		121,034
	3,300	Huadong Medicine Co., Ltd., Class A		22,223
	9,200	Hygeia Healthcare Holdings Co., Ltd.*^		66,025
	60,100	IHH Healthcare Berhad		84,773
	600	Jointown Pharmaceutical Group Co., Ltd.		1,125
	15,300	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A*		13,498
	1,233	Mouwasat Medical Services Co.		68,662
	9,527	Rede D’Or Sao Luiz SA		53,381
	25,500	Shanghai Pharmaceuticals Holding Co., Ltd.		42,414
	1,900	Shanghai Pharmaceuticals Holding Co., Ltd.		4,875
	34,400	Sinopharm Group Co., Series H		87,244
	700	Topchoice Medical Corp., Class A*		15,414

				1,444,741

Hotels, Restaurants & Leisure (1.0%):
	231,900	Asset World Corp. pcl		42,016
	3,600	China International Travel Service Corp., Ltd., Class A		111,949
	67,600	Genting Berhard		68,852
	86,800	Genting Malaysia Berhad		53,076
	92,000	Haichang Ocean Park Holdings, Ltd.*		18,808
	33,000	Haidilao International Holding, Ltd.*		94,743
	5,524	Huazhu Group, Ltd., ADR		234,328
	19,964	Indian Hotels Co., Ltd.		76,621
	20,000	Jiumaojiu International Holdings, Ltd.		52,767
	15,230	Jollibee Foods Corp.		63,034
	11,750	Jubilant Foodworks, Ltd.		72,321
	2,483	Kangwon Land, Inc.*		45,787
	101,900	Minor International pcl*		94,928
	7,104	OPAP SA		100,699
	25,400	Shenzhen Overseas Chinese Town Co., Ltd., Class A		19,412
	6,660	Songcheng Performance Development Co., Ltd., Class A		13,994
	300	Super Hi International Holding, Ltd.*		382
	11,781	Yum China Holdings, Inc.		643,832

				1,807,549

Household Durables (0.4%):
	700	Ecovacs Robotics Co., Ltd., Class A		7,352
	66,800	Haier Smart Home Co., Ltd., Class H		227,734
	2,982	LG Electronics, Inc.		205,847
	5,000	Nien Made Enterprise Co., Ltd.		47,889
	1,400	Oppein Home Group, Inc., Class A		24,502
	11,900	Qingdao Haier Co., Ltd.		41,900
	28,400	TCL Corp., Class A		15,203
	1,515	Woongjin Coway Co., Ltd.		67,277
	1,600	Zhejiang Supor Co., Ltd., Class A		11,386

				649,090


Shares			Value
Common Stocks, continued
Household Products (0.5%):
	23,740	Hindustan Unilever, Ltd.	$	733,114
	38,309	Kimberl- Clark de Mexico SAB de C.V.		65,028
	189,400	PT Unilever Indonesia Tbk		57,131
	15,000	Vinda International Holdings, Ltd.		44,048

				899,321

Independent Power and Renewable Electricity Producers (1.0%):
	211,560	AC Energy Corp.		29,041
	2,070	ACWA Power Co.		83,907
	9,102	Adani Green Energy, Ltd.*		211,450
	21,119	Adani Power, Ltd.*		76,225
	26,100	B Grimm Power pcl		29,969
	213,000	Cgn Power Co., Ltd., Class H		50,587
	96,000	China Longyuan Power Group Corp.		117,449
	41,500	China National Nuclear Power Co., Ltd.		35,829
	136,000	China Power International Develpoment, Ltd.		57,184
	58,000	China Resources Power Holdings Co.		118,620
	38,500	China Three Gorges Renewables Group Co., Ltd.		31,299
	40,400	China Yangtze Power Co., Ltd.		121,868
	2,400	Electricity Genera pcl		11,957
	43,600	Energy Absolute Public Co., Ltd.		121,822
	7,616	Engie Brasil Energia SA		54,647
	47,300	GD Power Development Co., Ltd., Class A*		29,024
	25,400	Global Power Synergy pcl		53,560
	87,800	Gulf Energy Development pcl, Class R		139,648
	13,900	Huadian Power International Corp, Ltd., Class A		11,760
	126,000	Huaneng Power International, Inc., Class H*		59,578
	114,179	NTPC, Ltd.		229,185
	16,900	Ratch Group pcl		20,867
	10,900	Sichuan Chuantou Energy Co., Ltd., Class A		19,181
	1,886	Terna Energy SA		41,078

				1,755,735

Industrial Conglomerates (1.2%):
	58,230	Aboitiz Equity Ventures, Inc.		60,496
	88,657	Alfa SAB de CV, Class A		56,474
	4,280	Ayala Corp.		53,725
	7,824	Bidvest Group, Ltd.		98,668
	158,000	Citic, Ltd.		166,828
	403	CJ Corp.		26,923
	68,000	Far Eastern New Century Corp.		70,557
	86,500	Fosun International, Ltd.		70,492
	15,971	Grupo Carso SAB de C.V.		67,033
	1,948	GS Holdings		67,776
	15,300	Hap Seng Consolidated Berhad		22,232
	44,815	Industries Qatar Q.S.C.		157,847
	101,484	JG Summit Holdings, Inc.		91,999
	20,331	KOC Holdings AS		91,063
	2,559	LG Corp.		158,939
	92,339	Multiply Group PJSC*		116,245
	1,863	Mytilineos SA		40,426
	54,807	Q Holding PJSC*		59,706
	2,613	Samsung C&T Corp.		236,016
	2,019	Siemens, Ltd.		69,008
	62,100	Sime Darby Berhad		32,392
	967	SK, Inc.		145,573
	7,815	SM Investments Corp.		126,860
	31,448	Turkiye Sise ve Cam Fabrikalari AS		72,285

				2,159,563


Shares			Value
Common Stocks, continued
Insurance (2.4%):
	17,305	BB Seguridade Participacoes SA	$	110,500
	2,107	Bupa Arabia For Cooperative Insurance Co.		80,551
	242,426	Cathay Financial Holding Co., Ltd.		315,359
	6,100	China Life Insurance Co., Ltd.		32,583
	204,000	China Life Insurance Co., Ltd.		350,309
	13,000	China Pacific Insurance Group Co., Ltd., Class A		45,871
	75,600	China Pacific Insurance Group Co., Ltd., Class H		166,953
	49,200	China Taiping Insurance Holdings Co., Ltd.		61,282
	1,303	DB Insurance Co., Ltd.		67,584
	14,555	Discovery, Ltd.*		105,750
	22,395	HDFC Life Insurance Co., Ltd.		152,860
	6,280	ICICI Lombard General Insurance Co., Ltd.		93,699
	9,176	ICICI Prudential Life Insurance Co., Ltd.		49,921
	887	Meritz Fire & Marine Insurance Co., Ltd.		35,108
	27,000	New China Life Insurance Co., Ltd.		65,583
	4,500	New China Life Insurance Co., Ltd., Class A		19,478
	145,915	Old Mutual, Ltd.		89,752
	28,100	People’s Insurance Co. Group of China, Ltd. (The)		21,105
	178,000	People’s Insurance Co. Group of China, Ltd. (The)		59,074
	202,000	Picc Property & Casuality Co., Ltd., Class H		191,210
	20,800	Ping An Insurance Group Co. of China, Ltd.		140,687
	174,500	Ping An Insurance Group Co. of China, Ltd.		1,151,800
	17,119	Powszechny Zaklad Ubezpieczen SA		138,991
	846	Samsung Fire & Marine Insurance Co., Ltd.		134,128
	1,838	Samsung Life Insurance Co., Ltd.		103,567
	52,992	Sanlam, Ltd.		151,922
	12,904	SBI Life Insurance Co., Ltd.		192,106
	320,614	Shin Kong Financial Holdings Co., Ltd.		91,457
	16,500	Zhongan Online P&c Insurance Co., Ltd.*		44,826

				4,264,016

Interactive Media & Services (5.4%):
	1,931	Autohome, Inc., ADR		59,089
	62,516	Baidu, Inc., Class A*		898,614
	2,379	Info Edge India, Ltd.		113,113
	1,413	JOYY, Inc., ADR		44,637
	9,048	Kakao Corp.		385,057
	4,751	Kanzhun, Ltd., ADR*		96,778
	3,651	NAVER Corp.		518,588
	175,200	Tencent Holdings, Ltd.		7,446,816
	3,760	VK Co., Ltd., GDR*(a)		—
	1,711	Weibo Corp., ADR*		32,714
	9,068	Yandex NV, Class A*(a)		—

				9,595,406

Internet & Direct Marketing Retail (6.5%):
	415,372	Alibaba Group Holding, Ltd.*		4,586,455
	130,000	Alibaba Health Information Technology, Ltd.*		109,215
	10,438	Allegro.eu SA*		60,265
	13,210	Americanas SA		24,147
	88,000	HengTen Networks Group, Ltd.*^		21,743
	60,200	JD Com, Inc.		1,692,340
	31,600	JD Health International, Inc.*		289,006
	124,200	Meituan*		2,746,392
	2,200	momo.com, Inc.		45,914
	321	Ozon Holdings plc, ADR*(a)		—
	965	Ozon Holdings plc, ADR*(a)		—
	14,174	Pinduoduo, Inc., ADR*		1,155,890


Shares			Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued
	14,300	Ping An Healthcare and Technology Co., Ltd.*	$	38,692
	31,200	Tongcheng Travel Holdings, Ltd.*		75,092
	14,928	Trip.com Group, Ltd., ADR*		513,523
	12,115	Vipshop Holdings, Ltd., ADR*		165,249
	75,297	Zomato, Ltd.*		53,711

				11,577,634

IT Services (2.3%):
	580	Arabian Internet & Co.mmunications Services Co.		37,523
	68,000	Chinasoft International, Ltd.		59,170
	9,100	DHC Software Co., Ltd., Class A		7,389
	533	Elm Co.		47,149
	22,296	GDS Holdings, Ltd., Class A*		57,759
	30,764	HCL Technologies, Ltd.		384,879
	93,637	Infosys, Ltd.		1,696,442
	2,338	Larsen & Toubro Infotech, Ltd.		122,784
	2,194	Mphasis Ltd.		52,338
	1,016	Samsung SDS Co., Ltd.		99,372
	25,961	Tata Consultancy Services, Ltd.		1,022,288
	16,690	Tech Mahindra, Ltd.		203,949
	25,000	Travelsky Technology, Ltd., Series H		52,355
	39,340	Wipro, Ltd.		186,830

				4,030,227

Leisure Products (0.1%):
	8,290	Giant Manufacturing Co., Ltd.		54,054
	3,090	HLB, Inc.*		70,060

				124,114

Life Sciences Tools & Services (1.0%):
	4,021	Divi’s Laboratories, Ltd.		165,521
	36,000	Genscript Biotech Corp.*		114,656
	1,800	Hangzhou Tigermed Consulting Co., Ltd., Class A		27,152
	3,100	Hangzhou Tigermed Consulting Co., Ltd., Class H		35,573
	1,680	Joinn Laboratories China Co., Ltd., Class A		14,124
	3,150	Pharmaron Beijing Co., Ltd., Class A		30,831
	4,800	Pharmaron Beijing Co., Ltd., Class H		32,858
	520	Samsung Biologics Co., Ltd.*		335,433
	5,208	WuXi AppTec Co., Ltd., Class A		60,287
	9,036	WuXi AppTec Co., Ltd., Class H		95,486
	102,000	Wuxi Biologics Cayman, Inc.*		783,106

				1,695,027

Machinery (0.7%):
	4,185	AirTac International Group		126,683
	51,000	China Conch Venture Holdings, Ltd.		110,043
	7,100	China CSSC Holdings, Ltd., Class A		22,740
	45,100	CRRC Corp., Ltd., Class A		33,160
	1,481	Doosan Bobcat, Inc.		40,840
	23,000	Haitian International Holdings, Ltd.		61,518
	378	Hyundai Heavy Industries Co., Ltd.*		34,956
	682	Hyundai Mipo Dockyard Co., Ltd.*		45,904
	3,108	Jiangsu Hengli Hydraulic Co., Ltd., Class A		28,242
	1,191	Korea Shipbuilding & Offshore*		67,023
	500	Ningbo Deye Technology Co., Ltd., Class A		23,831
	4,400	Riyue Heavy Industry Co., Ltd., Class A		12,854
	19,664	Samsung Heavy Industries Co., Ltd., Class R*		79,948
	36,000	Sany Heavy Equipment International Holdings Co., Ltd.		36,812
	15,600	Sany Heavy Industry Co., Ltd.		35,469


Shares			Value
Common Stocks, continued
Machinery, continued
	4,050	Shenzhen Inovance Technology Co., Ltd.	$	40,508
	47,208	WEG SA		344,367
	15,600	Weichai Power Co., Ltd., Class A		22,840
	58,000	Weichai Power Co., Ltd., Class H		77,289
	1,000	Wuxi Shangji Automation Co., Ltd., Class A		15,151
	30,200	XCMG Construction Machinery Co., Ltd.		22,031
	1,400	Zhejiang Dingli Machinery Co., Ltd., Class A		9,632
	14,800	Zoomlion Heavy Industry Science and Technology Co., Ltd., Class A		11,585

				1,303,426

Marine (0.4%):
	351,274	Cia Sud Americana de Vapores SA		27,760
	92,950	COSCO SHIPPING Holdings Co., Ltd.		94,814
	26,260	COSCO SHIPPING Holdings Co., Ltd., Class A		38,840
	28,734	Evergreen Marine Corp., Ltd.		149,907
	8,078	HMM Co., Ltd.		125,985
	36,500	MISC Berhad		62,237
	3,500	Orient Overseas International, Ltd.		63,119
	6,819	Pan Ocean Co., Ltd.		31,148
	21,505	Wan Hai Lines, Ltd.		55,999
	49,000	Yang Ming Marine Transport Corp.		104,338

				754,147

Media (1.0%):
	2,304	Cheil Worldwide, Inc.		42,160
	12,600	China Literature, Ltd.*		48,382
	6,903	Cyfrowy Polsat SA		27,809
	37,199	Focus Media Information Technology Co., Ltd., Class A		35,759
	63,219	Grupo Televisa SAB		57,501
	49,000	Kuaishou Technology*		439,415
	11,118	MultiChoice Group, Ltd.		76,664
	6,070	Naspers, Ltd.		1,001,265
	806	Saudi Research Media Group*		39,158

				1,768,113

Metals & Mining (4.2%):
	3,562	African Rainbow Minerals, Ltd.		60,408
	77,337	Alrosa PAO*(a)		1
	116,000	Aluminum Corp. of China, Ltd.		48,984
	27,600	Aluminum Corp. of China, Ltd., Class A		17,757
	271,200	Aneka Tambang Tbk		34,594
	1,515	Anglo American Platinum, Ltd.		127,177
	11,940	AngloGold Ashanti, Ltd.		232,210
	30,300	Baoshan Iron & Steel Co., Ltd., Class A		24,371
	72,000	China Hongqiao Group, Ltd.		67,417
	58,500	China Molybdenum Co., Ltd., Class A		38,238
	87,000	China Molybdenum Co., Ltd., Class H		40,138
	7,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A		25,956
	323,000	China Steel Corp.		313,079
	6,579	Cia de Minas Buenaventura SA, ADR		49,014
	22,695	Companhia Siderurgica Nacional SA (CSN)		62,550
	41,694	Eregli Demir ve Celik Fabrikalari T.A.S.		92,108
	2,800	Ganfeng Lithium Co., Ltd.		28,018
	10,920	Ganfeng Lithium Co., Ltd., Class H		81,590
	13,600	GEM Co., Ltd., Class A		14,542
	24,663	Gold Fields		255,414
	84,870	Grupo Mexico SAB de C.V., Series B, Class B		298,015


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	17,328	Harmony Gold Mining Co., Ltd.	$	59,791
	38,889	Hindalco Industries, Ltd.		221,319
	2,404	Hyundai Steel Co.		58,687
	24,831	Impala Platinum Holdings, Ltd.		310,649
	4,401	Industrias Penoles SAB de C.V.*		54,139
	88,300	Inner Mongolia Baotou Steel Union Co., Ltd.		24,396
	34,000	Jiangxi Copper Co., Ltd.		50,063
	6,400	Jiangxi Copper Co., Ltd., Class A		16,017
	7,560	Jindal Steel & Power, Ltd.		52,849
	20,924	JSW Steel, Ltd.		193,708
	3,845	KGHM Polska Miedz SA		112,039
	245	Korea Zinc Co.		109,925
	1,769	Kumba Iron Ore, Ltd.		50,885
	326,684	Merdeka Copper Gold Tbk PT*		86,490
	1,857	MMC Norilsk Nickel PJSC(a)		—
	10,071	Northam Platinum Holdings, Ltd.*		110,961
	42,350	Novolipetsk Steel PJSC*(a)		1
	10,301	Polymetal International plc*(a)		—
	1,026	Polyus PJSC*(a)		—
	2,151	POSCO		473,494
	92,000	Press Metal Aluminium Holdings Bhd		102,118
	25,101	Saudi Arabian Mining Co.*		433,472
	6,613	Severstal*(a)		7
	8,120	Shandong Gold Mining Co., Ltd.		22,294
	14,000	Shandong Gold Mining Co., Ltd., Class H		25,866
	39,100	Shandong Nanshan Aluminum Co., Ltd., Class A		18,371
	14,400	Shanxi Meijin Energy Co., Ltd., Class A		18,692
	6,600	Shenghe Resources Holding Co., Ltd., Class A		13,277
	77,036	Sibanye Stillwater, Ltd.		204,661
	1,400	Sinomine Resource Group Co., Ltd., Class A		13,363
	2,541	Southern Copper Corp.		153,451
	196,450	Tata Steel, Ltd.		266,513
	32,700	Tongling Nonferrous Metals Group Co., Ltd., Class A		14,647
	84,297	United Co. RUSAL International PJSC(a)		1
	52,400	Vale Indonesia Tbk PT*		23,838
	107,119	Vale SA		1,803,443
	21,274	Vedanta, Ltd.		78,965
	5,040	Yintai Gold Co., Ltd.		7,974
	1,200	YongXing Special Materials Technology Co., Ltd., Class A		15,919
	24,000	Zhaojin Mining Industry Co., Ltd., Class H*		26,499
	3,380	Zhejiang Huayou Cobalt Co., Ltd., Class A		27,062
	172,000	Zijin Mining Group Co., Ltd.		231,500
	38,700	Zijin Mining Group Co., Ltd.		55,373

				7,454,300

Multiline Retail (0.3%):
	72,375	Central Retail Corp. pcl		96,193
	28,913	Lojas Renner SA		112,164
	218	Lotte Shopping Co., Ltd.		15,574
	84,931	Magazine Luiza SA*		44,081
	2,007	Pepco Group NV*		18,019
	22,077	S.A.C.I. Falabella		42,967
	6,235	Trent, Ltd.		101,585
	30,415	Woolworths Holdings, Ltd.		118,819

				549,402

Multi-Utilities (0.0%^†):
	16,879	Qatar Electricity & Water Co.		81,911


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels (4.8%):
	24,317	Bharat Pertoleum Corp., Ltd.	$	96,981
	45,000	China Coal Energy Co., Ltd., Class H		36,425
	19,100	China Merchants Energy Shipping Co., Ltd., Class A		15,337
	34,000	China Petroleum & Chemical Corp., Class A		21,339
	708,000	China Petroleum & Chemical Corp., Class H		342,192
	10,100	China Shenhua Energy Co., Ltd.		40,001
	97,500	China Shenhua Energy Co., Ltd.		280,692
	38,180	Coal India, Ltd.		103,559
	30,707	Cosan sa industria e Comercio		99,580
	8,500	COSCO SHIPPING Energy Transportation Co., Ltd., Class A*		14,729
	9,515	Empresas Copec SA		71,031
	7,210	Exxaro Resources, Ltd.		91,969
	31,000	Formosa Petrochemical Corp.		80,970
	354,974	Gazprom PJSC(a)		5
	14,700	Guanghui Energy Co., Ltd., Class A		19,089
	16,415	Hindustan Petroleum Corp., Ltd.		46,541
	1,660	Hyundai Heavy Industries Holdings Co., Ltd.		75,301
	74,352	Indian Oil Corp., Ltd.		68,605
	22,700	Inner Mongolia Yitai Coal Co., Ltd., Class B		30,009
	12,219	LUKOIL PJSC(a)		—
	13,557	MOL Hungarian Oil And Gas plc		94,911
	27,220	Novatek PJSC(a)		—
	75,771	Oil & Natural Gas Corp., Ltd.		134,006
	20,015	Petro Rio SA*		141,074
	45,900	PetroChina Co., Ltd., Class A		32,826
	614,000	PetroChina Co., Ltd., Class H		281,089
	107,298	Petroleo Brasileiro SA		569,904
	133,421	Petroleo Brasileiro SA		619,188
	11,400	Petronas Dagangan Berhad		59,584
	21,431	Petronet LNG, Ltd.		55,694
	16,784	Polski Koncern Naftowy Orlen SA		246,042
	427,800	PT Adaro Energy Tbk		105,546
	47,400	PT United Tractors Tbk		79,382
	40,500	PTT Exploration & Production pcl		206,621
	290,200	PTT pcl		278,921
	14,235	Qatar Fuel QSC		70,303
	46,623	Qatar Gas Transport Co., Ltd.		46,905
	13,408	Rabigh Refining & Petrochemical Co.*		38,204
	85,510	Reliance Industries, Ltd.		2,623,275
	34,912	Rosneft Oil Co. PJSC(a)		1
	66,559	Saudi Arabian Oil Co.		569,090
	19,600	Shaanxi Coal Industry Co., Ltd.		52,408
	10,600	Shanxi Coking Coal Energy Group Co., Ltd., Class A		17,773
	7,400	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A		17,943
	1,502	SK Innovation Co., Ltd.*		184,719
	1,367	S-Oil Corp.		91,066
	171,452	Surgutneftegas PJSC(a)		2
	199,091	Surgutneftegas Prefernce(a)		3
	43,241	Tatneft PJSC(a)		1
	34,500	Thai Oil Public Co., Ltd.		56,140
	4,521	Tupras-Turkiye Petrol Rafine*		128,250
	21,910	Ultrapar Participacoes SA		52,335
	50,000	Yankuang Energy Group Co., Ltd.		151,580

				8,539,141


Shares			Value
Common Stocks, continued
Paper & Forest Products (0.2%):
	2,300	Chengxin Lithium Group Co., Ltd., Class A	$	12,384
	33,569	Empresas CMPC SA		56,063
	49,000	Nine Dragons Paper Holdings, Ltd.		44,706
	85,700	PT Indah Kiat Pulp & Paper Corp Tbk		48,044
	21,464	Suzano SA		196,133

				357,330

Personal Products (0.4%):
	819	Amorepacific Corp.		89,816
	2,798	Colgate-Palmolive India, Ltd.		51,844
	16,996	Dabur India, Ltd.		115,098
	11,217	Godrej Consumer Products, Ltd.*		118,368
	18,000	Hengan International Group Co., Ltd.		95,393
	273	LG Household & Health Care, Ltd.		157,097
	24,589	Natura & Co. Holding SA		54,076

				681,692

Pharmaceuticals (1.3%):
	10,803	Aspen Pharmacare Holdings, Ltd.		86,831
	700	Asymchem Laboratories Tianjin Co., Ltd., Class A		14,912
	5,586	Aurobindo Pharma, Ltd.		29,540
	4,000	Beijing Tongrentang Co., Ltd., Class A		25,683
	900	Betta Pharmaceuticals Co., Ltd.		6,371
	560	Celltrion Pharm, Inc.*		29,853
	800	Changchun High & New Technology Industry Group, Inc., Class A		19,163
	43,000	China Medical System Holdings, Ltd.		67,666
	252,000	China Pharmaceutical Enterprise & Investment Corp.		264,807
	44,000	China Resources Pharmaceutical Group, Ltd.		35,633
	2,600	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A		17,464
	54,000	China Traditional Chinese Medicine Holdings Co., Ltd.		24,563
	14,918	Cipla, Ltd.		194,053
	3,142	Dr Reddy’s Laboratories, Ltd.		160,644
	2,900	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A		12,418
	189	Hanmi Pharm Co., Ltd.		44,300
	36,000	Hansoh Pharmaceutical Group Co., Ltd.		67,993
	10,611	Hypera SA		90,850
	10,927	Jiangsu Hengrui Medicine Co., Ltd.		60,585
	2,556	Kangmei Pharmaceutical Co. A*(a)		—
	5,585	Lupin, Ltd.		49,445
	3,515	Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		9,098
	658,200	PT Kalbe Farma Tbk		88,386
	3,821	Richter Gedeon Nyrt		85,085
	17,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.		54,467
	3,300	Shanghai Fosun Pharmaceutical Group Co., Ltd.		16,741
	3,620	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A		15,574
	282,750	Sino Biopharmaceutical, Ltd.		165,588
	798	SK Biopharmaceuticals Co., Ltd.*		45,789
	23,631	Sun Pharmaceutical Industries, Ltd.		286,102
	2,428	Torrent Pharmaceuticals, Ltd.		45,399
	1,750	Yuhan Corp.		79,468
	3,080	Yunnan Baiyao Group Co., Ltd.		24,090
	1,300	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.		53,960
	6,380	Zhejiang Huahai Pharmaceutical Co., Ltd.		20,067
	5,184	Zhejiang NHU Co., Ltd., Class A		13,972
	500	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.		3,964

				2,310,524


Shares			Value
Common Stocks, continued
Real Estate Management & Development (1.8%):
	112,361	Aldar Properties PJSC	$	135,201
	182,900	Ayala Land, Inc.		101,837
	78,422	Barwa Real Estate Co.		61,963
	18,000	C&D International Investment Group, Ltd.		52,477
	58,200	Central Pattana pcl		119,193
	60,000	China Everbright Environment Group, Ltd.*		7,662
	166,000	China Jinmao Holdings Group, Ltd.		35,374
	13,300	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		24,108
	108,500	China Overseas Land & Investment, Ltd.		286,416
	55,000	China Overseas Property Holdings, Ltd.		57,165
	88,000	China Resources Land, Ltd.		399,718
	14,200	China Resources Mixc Lifestyle Services, Ltd.		72,147
	18,800	China Vanke Co., Ltd., Class A		49,041
	50,600	China Vanke Co., Ltd., Class H		101,425
	231,000	Country Garden Holdings Co., Ltd.^		78,031
	55,000	Country Garden Services Holdings Co., Ltd.		136,211
	14,300	Dar Al Arkan Real Estate Development Co.*		44,279
	17,411	DLF, Ltd.		78,944
	9,596	Emaar Economic City*		21,330
	115,979	Emaar Properties PJSC		184,620
	6,000	Future Land Holdings Co., Ltd.*		17,601
	10,300	Gemdale Corp., Class A		15,099
	3,334	Godrej Properties, Ltd.*		49,164
	22,000	Greentown China Holdings, Ltd.		31,801
	44,000	Greentown Service Group Co., Ltd.		28,859
	18,264	KE Holdings, Inc., ADR*		254,965
	227,100	Land & Houses Public Co., Ltd.		64,786
	51,000	Longfor Group Holdings, Ltd.		156,308
	15,107	Mabanee Co KPSC		41,784
	13,626	NEPI Rockcastle NV		82,982
	21,800	Poly Real Estate Group Co., Ltd., Class A		47,456
	46,476	Ruentex Development Co., Ltd.		65,361
	44,500	Shanghai Lujiazue		35,914
	42,000	Shimao Property Holdings, Ltd.*^		9,631
	294,200	SM Prime Holdings, Inc.		186,494
	81,000	Sunac China Holdings, Ltd.*		16,510
	37,600	Yuexiu Property Co., Ltd.		45,149

				3,197,006

Road & Rail (0.2%):
	303,300	BTS Group Holdings pcl		73,552
	7,427	Container Corp. of India, Ltd.		66,122
	17,636	Localiza Rent a Car SA		177,723
	36,591	Rumo SA		128,989

				446,386

Semiconductors & Semiconductor Equipment (8.2%):
	885	Advanced Micro-Fabrication Equipment, Inc., Class A*		12,475
	91,465	ASE Technology Holding Co., Ltd.		279,215
	339	Daqo New Energy Corp., ADR*		13,081
	2,000	eMemory Technology, Inc.		86,740
	17,000	Flat Glass Group Co., Ltd., Class H		40,870
	36,500	GCL System Integration Technology Co., Ltd.*		15,236
	571,000	GCL Technology Holdings, Ltd.		144,892
	756	Gigadevice Semiconductor Beijing, Inc., Class A		11,150
	6,000	Globalwafers Co., Ltd.		83,360
	3,192	Hangzhou First Applied Material Co., Ltd., Class A		30,519


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	2,000	Hangzhou Silan Microelectronics Co., Ltd., Class A	$	9,438
	14,000	Hua Hong Semiconductor, Ltd.*		48,896
	1,000	Ingenic Semiconductor Co., Ltd., Class A		10,142
	4,200	JA Solar Technology Co., Ltd., Class A		36,320
	5,300	JCET Group Co., Ltd., Class A		17,580
	15,288	Longi Green Energy Technology Co., Ltd.		92,987
	43,000	MediaTek, Inc.		873,519
	2,000	Montage Technology Co., Ltd., Class A		18,016
	38,000	Nanya Technology Corp.		63,257
	16,000	Novatek Microelectronics Corp.		164,113
	2,000	Parade Technologies, Ltd.		50,250
	68,000	Powerchip Semiconductor Manufacturing Corp.		70,399
	12,000	Realtek Semiconductor Corp.		109,630
	900	SG Micro Corp., Class A		22,350
	1,579	Shanghai Fudan Microelectronics Group Co., Ltd., Class A		15,821
	7,000	Shanghai Fudan Microelectronics Group Co., Ltd., Class H		26,518
	800	Shenzhen SC New Energy Technology Corp., Class A		13,128
	9,000	Silergy Corp.		127,637
	15,295	SK Hynix, Inc.		920,708
	2,914	SK Square Co., Ltd.*		77,898
	400	StarPower Semiconductor, Ltd., Class A		18,957
	690,000	Taiwan Semiconductor Manufacturing Co., Ltd.		10,057,653
	7,000	Tianjin Zhonghuan Semiconductor Co., Ltd.		37,753
	10,600	Tianshui Huatian Technology Co., Ltd., Class A		12,646
	4,078	Trina Solar Co., Ltd.		37,421
	1,679	Unigroup Guoxin Microelectronics Co., Ltd., Class A		31,851
	323,000	United Microelectronics Corp.		424,407
	28,000	Vanguard International Semiconductor Corp.		70,533
	2,565	Will Semiconductor, Ltd., Class A		28,460
	10,000	Win Semiconductors Corp.		44,366
	84,000	Winbond Electronics Corp.		53,522
	136,000	Xinyi Solar Holdings, Ltd.		150,175
	2,500	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A		22,869

				14,476,758

Software (0.3%):
	8,800	360 Security Technology, Inc., Class A		8,282
	476	Beijing Kingsoft Office Software, Inc., Class A		18,068
	1,960	Beijing Shiji Information Technology Co., Ltd., Class A		4,230
	3,549	Hundsun Technologies, Inc.		20,664
	4,600	Iflytek Co., Ltd.		21,730
	75,000	Kingdee International Software Group Co., Ltd.*		159,670
	13,100	NavInfo Co., Ltd.		20,751
	700	Sangfor Technologies, Inc., Class A		11,338
	5,746	Shanghai Baosight Software Co., Ltd.		37,040
	16,250	Shanghai Baosight Software Co., Ltd., Class B		50,318
	920	Tata Elxsi, Ltd.		69,665
	15,698	TOTVS SA		82,130
	7,150	Yonyou Network Technology Co., Ltd.		24,870

				528,756

Specialty Retail (0.6%):
	69,603	Abu Dhabi National Oil Co. for Distribution PJSC		83,494
	18,000	China Meidong Auto Holdings, Ltd.^		36,856
	1,000	China Tourism Group Duty Free Corp., Ltd., Class H*		29,474


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	51,000	Chow Tai Fook Jewellery Group, Ltd.	$	104,046
	2,316	FF Group*		—
	172,900	Home Product Center Public Co., Ltd.		77,412
	9,000	Hotai Motor Co., Ltd.		172,099
	919	Hotel Shilla Co., Ltd.		60,787
	1,757	Jarir Marketing Co.		70,231
	3,482	Jumbo SA		59,432
	7,531	Mr Price Group, Ltd.		70,536
	47,563	Pepkor Holdings, Ltd.		55,977
	12,600	Pop Mart International Group, Ltd.^		31,530
	80,700	PTT Oil & Retail Business pcl, Class R		55,404
	7,121	The Foschini Group, Ltd.		42,497
	45,000	Topsports International Holdings, Ltd.		35,312
	27,899	Vibra Energia SA		82,177
	15,500	Zhongsheng Group Holdings, Ltd.		79,011

				1,146,275

Technology Hardware, Storage & Peripherals (4.5%):
	77,000	Acer, Inc.		58,979
	11,616	Advantech Co., Ltd.		124,961
	16,000	Asustek Computer, Inc.		139,700
	80,300	BOE Technology Group Co., Ltd., Class A		38,925
	19,000	Catcher Technology Co., Ltd.		104,447
	2,600	China Greatwall Technology Group Co., Ltd., Class A		3,817
	113,000	Compal Electronics, Inc.		84,759
	11,400	GRG Banking Equipment Co., Ltd., Class A		16,305
	3,156	Inspur Electronic Information Industry Co., Ltd., Class A		9,779
	70,000	Inventec Corp.		59,797
	206,000	Lenovo Group, Ltd.		169,223
	60,000	Lite-On Technology Corp.		124,510
	18,000	Micro-Star International Co., Ltd.		69,943
	5,000	Ninestar Corp.		37,155
	57,000	Pegatron Corp.		117,718
	80,000	Quanta Computer, Inc.		188,124
	133,896	Samsung Electronics Co., Ltd.		5,905,024
	943	Shenzhen Transsion Holdings Co., Ltd., Class A		10,793
	2,000	Wiwynn Corp.		51,829
	428,000	Xiaomi Corp., Class B*		595,703

				7,911,491

Textiles, Apparel & Luxury Goods (1.2%):
	33,200	Anta Sports Products, Ltd.		435,298
	116,000	Bosideng International Holdings, Ltd.		55,155
	6,220	Eclat Textile Co., Ltd.		100,206
	380	F&F Co., Ltd.		43,784
	15,000	Feng Tay Enterprise Co., Ltd.		100,702
	68,000	Li Ning Co., Ltd.		583,559
	32	LPP SA		78,164
	167	Page Industries, Ltd.		86,281
	63,000	Pou Chen Corp.		70,072
	23,000	Shenzhou International Group		258,830
	10,688	Titan Co., Ltd.		334,530
	34,500	Xtep International Holdings, Ltd.		38,423

				2,185,004

Thrifts & Mortgage Finance (0.9%):
	48,558	Housing Development Finance Corp., Ltd.		1,546,222


Shares			Value
Common Stocks, continued
Tobacco (0.4%):
	43,949	Eastern Co. SAE	$	25,421
	84,526	ITC, Ltd.		338,829
	2,988	KT&G Corp.		216,074
	52,000	Smoore International Holdings, Ltd.^		79,650

				659,974

Trading Companies & Distributors (0.3%):
	8,010	Adani Enterprises, Ltd.		372,440
	1,900	Beijing United Information Technology Co., Ltd., Class A		24,146
	7,500	BOC Aviation, Ltd.		62,347

				458,933

Transportation Infrastructure (0.8%):
	13,889	Adani Ports & Special Economic Zone, Ltd.		136,842
	127,300	Airports of Thailand Public Co., Ltd.*		275,723
	169,500	Bangkok Expressway & Metro		47,977
	74,000	Beijing Capital International Airport Co., Ltd.*		54,143
	31,993	CCR SA		65,571
	47,228	China Merchants Port Holdings Co., Ltd.		68,843
	38,000	COSCO SHIPPING Ports, Ltd.		30,189
	5,725	Grupo Aeroportuario de Sur		133,606
	10,726	Grupo Aeroporturaio del Pacifico SAB de C.V.		153,688
	29,770	International Container Terminal Services, Inc.		107,218
	36,000	Jiangsu Expressway Co., Ltd., Series H, Class H		32,779
	28,300	Malaysia Airports Holdings Berhad*		42,143
	6,504	Promotora Y Operadora de Infraestructura SAB de CV		53,268
	3,000	Shanghai International Air*		24,915
	35,399	Shanghai International Port Group Co., Ltd.		27,200
	35,000	Shenzhen International Holdings, Ltd.		34,159
	54,000	Taiwan High Speed Rail Corp.		50,503
	42,000	Zhejiang Expressway Co., Ltd.		32,279

				1,371,046

Water Utilities (0.1%):
	94,000	Beijing Enterprises Water Group, Ltd.		24,089
	10,225	Cia Saneamento Basico Do Estado de Sao Paulo		110,710
	92,000	Guangdong Investment, Ltd.		94,192

				228,991

Wireless Telecommunication Services (1.7%):
	35,300	Advanced Info Service Public Co., Ltd.		198,562
	755,432	America Movil SAB de C.V., Series L		685,554
	91,800	Axiata Group Berhad		64,513
	63,135	Bharti Airtel, Ltd.		613,758
	57,500	China United Network Communications, Ltd., Class A		37,038
	100,300	DIGI.com Berhad		91,221
	12,139	Etihad Etisalat Co.		112,437
	45,000	Far EasTone Telecommunications Co., Ltd.		96,472
	1,080	Globe Telecom, Inc.		42,386
	29,450	Intouch Holdings Public Co., Ltd.		65,636
	66,900	Maxis Berhad		58,404
	32,110	Mobile Telecommunications Co KSCP		59,183
	29,884	Mobile TeleSystems PJSC(a)		—
	48,659	MTN Group, Ltd.		364,716
	2,760	PLDT, Inc.		65,464
	49,000	Taiwan Mobile Co., Ltd.		150,966
	27,636	TIM SA		64,913


Shares			Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	40,565	Turkcell Iletisim Hizmetleri AS	$	82,302
	16,855	Vodacom Group, Ltd.		120,987

				2,974,512

	Total Common Stocks (Cost $141,593,926)			174,759,165

Preferred Stocks (1.3%):
Automobiles (0.1%):
	986	Hyundai Motor Co., 6/29/20		57,883

Banks (0.6%):
	155,550	Banco Bradesco SA, 1.30%, 1/3/20		446,390
	142,087	Itau Unibanco Holding SA, 0.06%, 1/5/21		672,863

				1,119,253

Chemicals (0.0%^†):
	5,513	Braskem SA, Class A, 7.14%, 10/7/20		24,812

Metals & Mining (0.1%):
	32,282	Gerdau SA, 13.82%, 3/6/20		179,596

Technology Hardware, Storage & Peripherals (0.5%):
	22,654	Samsung Electronics Co., Ltd., 3/30/20		911,621

	Total Preferred Stocks (Cost $2,560,238)			2,293,165

Rights (0.0%^†):
Chemicals (0.0%^†):
	108	Lotte Chemical Corp., Expires on 1/23/23*		3,032


Shares			Value
Rights, continued
Road & Rail (0.0%^†):
	77	Localiza Rent a Car SA, Expires on 2/1/23*	$	157

	Total Rights (Cost $—)			3,189

Short-Term Security Held as Collateral for Securities on Loan (0.2%):
	422,943	BlackRock Liquidity FedFund, Institutional Class , 1.49%(b)(c)		422,943

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $422,943)			422,943

Unaffiliated Investment Company (0.4%):
Money Markets (0.4%):
	626,386	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(c)		626,386

	Total Unaffiliated Investment Company (Cost $626,386)			626,386

	Total Investment Securities (Cost $145,203,493) — 100.3%(d)			178,104,848
	Net other assets (liabilities) — (0.3)%			(548,719	)

	Net Assets — 100.0%		$	177,556,129

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, 2022:


Country	Percentage

Bermuda		0.1	%

Brazil		5.2	%

Cayman Islands		0.2	%

Chile		0.6	%

China		28.7	%

Colombia		0.1	%

Cyprus		—	%^†

Czech Republic		0.1	%

Egypt		0.1	%

Greece		0.3	%

Hong Kong		2.9	%

Hungary		0.2	%

India		14.3	%

Indonesia		1.9	%

Kuwait		0.9	%

Luxembourg		—	%^†

Malaysia		1.6	%

Mexico		2.3	%


Country	Percentage

Peru		—	%^†

Philippines		0.7	%

Poland		0.7	%

Qatar		1.0	%

Republic of Korea (South)		11.4	%

Romania		—	%^†

Russian Federation		—	%^†

Saudi Arabia		4.1	%

Singapore		—	%^†

South Africa		3.6	%

Switzerland		0.1	%

Taiwan, Province Of China		13.5	%

Thailand		2.2	%

Turkey		0.7	%

United Arab Emirates		1.4	%

United Kingdom		—	%^†

United States		1.1	%

		100.0	%

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investment securities, at cost	$	145,203,493

Investment securities, at value(a)	$	178,104,848
Cash		134
Deposit at broker for futures contracts collateral		80,000
Interest and dividends receivable		439,167
Foreign currency, at value (cost $620,448)		625,878
Receivable for investments sold		4,036
Reclaims receivable		42,883
Prepaid expenses		673

Total Assets		179,297,619

Liabilities:
Payable for capital shares redeemed		33,758
Payable for collateral received on loaned securities		422,943
Payable for variation margin on futures contracts		27,672
Accrued foreign taxes		998,781
Management fees payable		68,558
Administration fees payable		17,595
Distribution fees payable		35,679
Custodian fees payable		58,093
Administrative and compliance services fees payable		905
Transfer agent fees payable		2,975
Trustee fees payable		2,260
Other accrued liabilities		72,271

Total Liabilities		1,741,490

Net Assets	$	177,556,129

Net Assets Consist of:
Paid in capital	$	150,102,703
Total distributable earnings		27,453,426

Net Assets	$	177,556,129

Class 1
Net Assets	$	11,226,941
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,862,094
Net Asset Value (offering and redemption price per share)	$	6.03

Class 2
Net Assets	$	166,329,188
Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,527,725
Net Asset Value (offering and redemption price per share)	$	6.04

(a)	Includes securities on loan of $341,259.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends	$	6,530,944
Income from securities lending		14,524
Foreign withholding tax		(744,706	)

Total Investment Income		5,800,762

Expenses:
Management fees		1,652,456
Administration fees		48,365
Distribution fees — Class 2		454,746
Custodian fees		111,987
Administrative and compliance services fees		1,833
Transfer agent fees		7,735
Trustee fees		7,151
Professional fees		10,723
Licensing fees		37,754
Shareholder reports		9,435
Other expenses		33,163

Total expenses before reductions		2,375,348
Less Management fees contractually waived		(777,625	)

Net expenses		1,597,723

Net Investment Income/(Loss)		4,203,039

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(2,476,736	)
Net realized gains/(losses) on futures contracts		(606,399	)
Net realized gains/(losses) on foreign taxes		(35,639	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(49,117,176	)
Change in net unrealized appreciation/depreciation on futures contracts		(41,045	)
Change in net unrealized appreciation/depreciation on foreign taxes		82,603

Net realized and Change in net unrealized gains/losses on investments		(52,194,392	)

Change in Net Assets Resulting From Operations	$	(47,991,353	)

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 MSCI Emerging Markets Equity Index Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL International Index Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

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 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, 2022 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 $1,435 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $422,943 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

During the year ended December 31, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $2.0 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, 2022:

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, 2022:

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, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts waived or reimbursed by the Manager 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, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive 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 period can be found on the Statement of Operations, as applicable.

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 to 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.

In accordance with valuation procedures approved by the Board, 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. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use 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, 2022 in valuing the Fund’s investments based upon the three levels defined above:

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 “Reference Rate Reform (Topic 848)”. ASU No. 2022- 06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $151,810,625. 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, 2022 was as follows:

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

At December 31, 2022, 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, 2022, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

The reorganization, as discussed in Note 1, whereby the AZL International Index Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

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 MSCI Emerging Markets Equity Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian and brokers. 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, 2022, 0.43% 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, 2022, the Fund declared net long-term capital gain distributions of $4,290,087.

Thus, at the Board meeting held September 13, 2022, 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 2022, 18 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

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	50	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	50	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	50	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	50	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	50	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	50	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; Associate General Counsel, 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 FOF Trust, 2014 to present, and the ETF Trust, 2020 to present.

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, 2022?*

For the year ended December 31, 2022, the AZL^® MSCI Global Equity Index Fund (the “Fund”) returned (18.23)%. That compared to a (18.14)% total return for its benchmark, the MSCI World Index (net of withholding taxes).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 World Index. The Index is designed to provide a comprehensive measure of international equity markets. The Fund takes positions in securities that, in combination, should have similar return characteristics as the Index.

The year under review began with concern over rising inflation, a spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine. Investor sentiment declined in the face of these challenges while global central banks shifted their focus toward bringing inflation under control. The Federal Reserve (the Fed) raised interest rates by 25 basis points in March and signaled its intent to raise rates throughout 2022. European markets declined for the quarter due to inflation concerns and the region’s dependence on Russian gas, while UK equity markets outperformed on their relatively higher exposure to the strongly performing energy and materials sectors.

Inflation and global growth concerns dominated the second quarter. Global geopolitical tensions intensified as the war in Ukraine continued with no sign of a resolution. Reduced gas supplies and higher gas prices pressured European countries, while fears of a recession increased due in part to the hawkish tone of central banks across developed markets. The Fed announced it would raise rates beyond neutral to manage inflation even at the expense of triggering higher unemployment and then proceeded raise rates by 75 basis points in June. The Bank of England (BoE) raised rates as well, while the European Central Bank (ECB) announced its first rate hike for 2022 in July. It also reaffirmed a plan to end its asset repurchasing in the third quarter. For its part, the Bank of Japan (BoJ) maintained its accommodative monetary policies in the face of ongoing weakness in the yen.

In the third quarter, fears of a recession continued to hinder performance in global equity markets, as did the hawkish tone from most central banks. In the eurozone, the intensifying energy crisis added fuel to geopolitical tensions

and further weakened the euro. Inflation continued to rise, however, pushing the BoE and the ECB to raise rates again, although the latter chose not to end its bond repurchasing policy as originally planned. The BoJ left its interest rates unchanged once again. In the U.S., equity markets fared poorly as markets braced for continued monetary tightening, which was underscored by the Fed chair’s August comments at the Jackson Hole Economic Symposium.

Equity markets rallied at the start of the fourth quarter on hopes inflation had finally peaked, and that central banks would ease their tightening. But in December, central banks reiterated their plans for further tightening, pushing markets lower. Both the ECB and BoE raised interest rates over the quarter, as did the Fed. The BoJ surprised markets with an interest rate increase of 25 basis points. Japanese companies had reported strong earnings thanks to a weaker yen, and the country was dealing with its highest inflation in 40 years.

Sectors in the index posted mixed results for the year under review, with energy, utilities, and health care sectors outperforming and information technology, consumer discretionary, and consumer services lagging.

The Fund underperformed its benchmark primarily due to the impacts of fair value adjustments and expenses incurred by the Fund.

The Fund uses exchange traded equity index futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund’s return in 2022. Futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio.

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

The Fund’s investment objective is to seek to match the performance of the MSCI World 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 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World Index (the “Underlying Index”) and in depositary receipts representing securities of the Underlying Index.

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, 2022
	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception
AZL^® MSCI Global Equity Index Fund (Class 1 Shares)		6/21/2021		(18.08	)%		—			—			—			(6.55	)%
AZL^® MSCI Global Equity Index Fund (Class 2 Shares)		5/1/2009		(18.23	)%		4.56	%		5.78	%		4.02	%		6.59	%
MSCI World Index (gross of withholding taxes)		5/1/2009		(17.73	)%		5.45	%		6.69	%		9.44	%		10.81	%
MSCI World Index (net of withholding taxes)		5/1/2009		(18.14	)%		4.94	%		6.14	%		8.85	%		10.21	%


Expense Ratios	Gross
AZL^® MSCI Global Equity Index Fund (Class 1 Shares)		0.84	%
AZL^® MSCI Global Equity Index Fund (Class 2 Shares)		1.09	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.31% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.55% for Class 1 Shares and to 0.80% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Morgan Stanley Capital International World Index (“MSCI World Index”), an unmanaged broad equity benchmark that represents large- and mid-cap equity performance across 23 developed markets countries. 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 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 MSCI Global Equity 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 (99.3%):
Aerospace & Defense (1.7%):
	4,439	Airbus SE	$	527,732
	23,205	BAE Systems plc		239,777
	4,143	Boeing Co. (The)*		789,200
	2,614	CAE, Inc.*		50,569
	196	Dassault Aviation SA		33,250
	169	Elbit Systems, Ltd.		27,541
	1,704	General Dynamics Corp.		422,780
	277	HEICO Corp.		42,558
	499	HEICO Corp., Class A		59,805
	2,863	Howmet Aerospace, Inc.		112,831
	271	Huntington Ingalls Industries, Inc.		62,514
	700	Kongsberg Gruppen ASA		29,746
	1,429	L3harris Technologies, Inc.		297,532
	1,788	Lockheed Martin Corp.		869,844
	368	MTU Aero Engines AG		79,639
	1,072	Northrop Grumman Corp.		584,894
	10,952	Raytheon Technologies Corp.		1,105,276
	61,901	Rolls-Royce Holdings plc*		69,289
	2,562	Safran SA		320,110
	10,000	Singapore Technologies Engineering, Ltd.		25,033
	1,476	Textron, Inc.		104,501
	795	Thales SA		101,616
	382	TransDigm Group, Inc.		240,526

				6,196,563

Air Freight & Logistics (0.5%):
	964	C.H. Robinson Worldwide, Inc.		88,264
	7,478	Deutsche Post AG		281,446
	1,183	Expeditors International of Washington, Inc.		122,937
	1,859	FedEx Corp.		321,979
	1,800	SG Holdings Co., Ltd.		25,096
	5,379	United Parcel Service, Inc., Class B		935,085
	2,800	Yamato Holdings Co., Ltd.		44,519

				1,819,326

Airlines (0.1%):
	990	Air Canada*		14,179
	1,000	ANA Holdings, Inc.*		21,307
	1,475	Delta Air Lines, Inc.*		48,469
	2,412	Deutsche Lufthansa AG*		20,041
	1,000	Japan Airlines Co., Ltd.*		20,517
	5,489	Qantas Airways, Ltd.*		22,095
	8,850	Singapore Airlines, Ltd.^		36,479
	1,365	Southwest Airlines Co.*		45,960

				229,047

Auto Components (0.3%):
	800	Aisin Sieki Co., Ltd.		21,312
	1,981	Aptiv plc*		184,491
	1,648	BorgWarner, Inc.		66,332
	4,100	Bridgestone Corp.		145,989
	4,891	Cie Generale des Etablissements Michelin SCA		135,984
	819	Continental AG		48,925
	3,200	Denso Corp.		156,893
	2,000	Koito Manufacturing Co., Ltd.		29,796
	419	Lear Corp.		51,964
	1,989	Magna Internationl, Inc.		111,747
	5,200	Sumitomo Electric Industries, Ltd.		58,996
	1,100	Toyota Industries Corp.		59,982


Shares			Value
Common Stocks, continued
Auto Components, continued
	2,122	Valeo SA	$	37,819

				1,110,230

Automobiles (1.6%):
	2,407	Bayerische Motoren Werke AG (BMW)		214,807
	5,911	Daimler AG, Registered Shares		387,845
	861	Dr Ing hc F Porsche AG*		87,341
	943	Ferrari NV		201,732
	28,847	Ford Motor Co.		335,491
	10,328	General Motors Co.		347,434
	12,400	Honda Motor Co., Ltd.		283,559
	5,100	Isuzu Motors, Ltd.		59,577
	3,397	Lucid Group, Inc.*^		23,201
	3,600	Mazda Motor Corp.		27,217
	16,900	Nissan Motor Co., Ltd.		53,180
	1,243	Renault SA*		41,408
	2,401	Rivian Automotive, Inc.*		44,250
	16,003	Stellantis NV		226,837
	4,300	Subaru Corp.		65,991
	2,700	Suzuki Motor Corp.		86,881
	19,687	Tesla, Inc.*		2,425,045
	78,200	Toyota Motor Corp.		1,068,933
	201	Volkswagen AG		31,771
	4,663	Volvo Car AB, Class B*		21,315
	2,600	Yamaha Motor Co., Ltd.		59,094

				6,092,909

Banks (6.1%):
	2,602	ABN AMRO Group NV		35,933
	22,179	ANZ Group Holdings, Ltd.*		357,200
	45,320	Banco Bilbao Vizcaya Argentaria SA		273,638
	125,328	Banco Santander SA		375,283
	8,532	Bank Hapoalim BM		77,080
	10,762	Bank Leumi Le-Israel BM		89,838
	53,406	Bank of America Corp.		1,768,807
	7,994	Bank of Ireland Group plc		75,786
	4,966	Bank of Montreal		449,941
	8,971	Bank of Nova Scotia^		439,604
	121,567	Barclays plc		233,673
	8,290	BNP Paribas SA		471,695
	27,500	BOC Hong Kong Holdings, Ltd.		93,486
	33,536	CaixaBank SA		131,620
	6,576	Canadian Imperial Bank of Commerce		266,042
	2,800	Chiba Bank, Ltd. (The)		20,524
	14,516	Citigroup, Inc.		656,559
	3,404	Citizens Financial Group, Inc.		134,016
	9,260	Commerzbank AG*		87,550
	12,623	Commonwealth Bank of Australia		880,902
	8,400	Concordia Financial Group, Ltd.		35,153
	8,923	Credit Agricole SA		94,044
	5,146	Danske Bank A/S		101,397
	14,200	DBS Group Holdings, Ltd.		359,574
	6,459	DNB Bank ASA		128,036
	2,582	Erste Group Bank AG		82,322
	4,869	Fifth Third Bancorp		159,752
	4,171	Finecobank Banca Fineco SpA		69,502
	97	First Citizens BancShares, Inc., Class A		73,561
	4,008	First Horizon Corp.		98,196


Shares			Value
Common Stocks, continued
Banks, continued
	1,332	First Republic Bank	$	162,358
	5,700	Hang Seng Bank, Ltd.		94,384
	146,495	HSBC Holdings plc		913,417
	10,443	Huntington Bancshares, Inc.		147,246
	27,538	ING Groep NV		335,927
	122,214	Intesa Sanpaolo SpA		272,619
	7,605	Isreal Discount Bank		40,026
	1,600	Japan Post Bank Co., Ltd.		13,750
	21,784	JPMorgan Chase & Co.		2,921,234
	1,998	KBC Group NV		128,268
	6,790	KeyCorp		118,282
	501,430	Lloyds Banking Group plc		275,293
	1,325	M&T Bank Corp.		192,205
	3,850	Mediobanca SpA		36,987
	88,200	Mitsubishi UFJ Financial Group, Inc.		595,090
	1,433	Mizrahi Tefahot Bank, Ltd.		46,489
	18,650	Mizuho Financial Group, Inc.		263,634
	23,726	National Australia Bank, Ltd.		480,679
	2,466	National Bank of Canada		166,179
	41,793	NatWest Group PLC		133,381
	25,524	Nordea Bank AB		273,118
	25,500	Oversea-Chinese Banking Corp., Ltd.		231,434
	3,027	PNC Financial Services Group, Inc. (The)		478,084
	6,770	Regions Financial Corp.		145,961
	14,500	Resona Holdings, Inc.		79,668
	10,317	Royal Bank of Canada		970,124
	4,800	Shizuoka Financial Group, Inc.		38,586
	509	Signature Bank		58,647
	13,057	Skandinaviska Enskilda Banken AB, Class A		150,346
	5,883	Societe Generale		147,584
	17,670	Standard Chartered plc		132,598
	10,000	Sumitomo Mitsui Financial Group, Inc.		403,004
	2,300	Sumitomo Mitsui Trust Holdings, Inc.		80,265
	432	SVB Financial Group*		99,421
	11,088	Svenska Handelsbanken AB, Class A		111,632
	7,027	Swedbank AB, Class A		119,446
	13,451	Toronto-Dominion Bank (The)		871,066
	9,882	Truist Financial Corp.		425,222
	10,544	U.S. Bancorp		459,824
	14,061	Unicredit SpA		199,922
	9,604	United Overseas Bank, Ltd.		220,304
	1,465	Webster Financial Corp.		69,353
	28,035	Wells Fargo & Co.		1,157,565
	25,861	Westpac Banking Corp.		406,651

				22,787,987

Beverages (1.9%):
	6,327	Anheuser-Busch InBev NV		380,314
	3,500	Asahi Breweries, Ltd.		108,998
	2,234	Brown-Forman Corp., Class B		146,729
	11,900	Budweiser Brewing Co. APAC, Ltd.		37,437
	797	Carlsberg A/S, Class B		105,522
	30,502	Coca-Cola Co. (The)		1,940,232
	1,428	Coca-Cola European Partners plc		78,444
	1,283	Coca-Cola HBC AG		30,617
	1,177	Constellation Brands, Inc., Class A		272,770
	4,937	David Campari-Milano NV		50,030
	16,943	Diageo plc		748,032


Shares			Value
Common Stocks, continued
Beverages, continued
	771	Heineken Holding NV	$	59,358
	1,959	Heineken NV		184,025
	400	ITO EN, Ltd.		14,597
	5,741	Keurig Dr Pepper, Inc.		204,724
	6,100	Kirin Holdings Co., Ltd.		93,468
	1,309	Molson Coors Brewing Co., Class B		67,440
	2,913	Monster Beverage Corp.*		295,757
	10,264	PepsiCo, Inc.		1,854,294
	1,500	Pernod Ricard SA		294,797
	125	Remy Cointreau SA		21,073
	800	Suntory Beverage & Food, Ltd.		27,301
	4,549	Treasury Wine Estates, Ltd.		42,025

				7,057,984

Biotechnology (2.1%):
	13,047	AbbVie, Inc.		2,108,526
	863	Alnylam Pharmaceuticals, Inc.*		205,092
	3,958	Amgen, Inc.		1,039,529
	423	Argenx SE*		159,373
	1,054	Biogen, Inc.*		291,874
	1,349	BioMarin Pharmaceutical, Inc.*		139,608
	3,536	CSL, Ltd.		689,334
	1,266	Exact Sciences Corp.*		62,680
	491	Genmab A/S*		208,012
	9,249	Gilead Sciences, Inc.		794,027
	2,757	Grifols SA*		31,966
	1,359	Incyte Corp.*		109,155
	2,501	Moderna, Inc.*		449,230
	660	Neurocrine Biosciences, Inc.*		78,830
	804	Regeneron Pharmaceuticals, Inc.*		580,078
	1,099	Seagen, Inc.*		141,232
	1,322	Swedish Orphan Biovitrum AB*		27,329
	1,889	Vertex Pharmaceuticals, Inc.*		545,505

				7,661,380

Building Products (0.6%):
	953	A O Smith Corp.		54,550
	1,800	AGC, Inc.		59,638
	644	Allegion plc		67,787
	7,028	ASSA Abloy AB, Class B		151,297
	397	Carlisle Cos., Inc.		93,553
	6,186	Carrier Global Corp.		255,173
	3,568	Cie de Saint-Gobain		175,142
	1,900	Daikin Industries, Ltd.		292,321
	1,013	Fortune Brands Innovations, Inc.		57,852
	269	Geberit AG, Registered Shares		127,417
	5,204	Johnson Controls International plc		333,056
	1,045	Kingspan Group plc		56,258
	223	Lennox International, Inc.		53,348
	2,500	Lixil Corp.		38,105
	1,532	Masco Corp.		71,498
	11,325	Nibe Industrier AB, Class B		105,959
	729	Owens Corning		62,184
	52	ROCKWOOL A/S, Class B		12,269
	1,300	TOTO, Ltd.		43,999
	1,679	Trane Technologies plc		282,223
	13,000	Xinyi Glass Holdings, Ltd.		24,170

				2,417,799


Shares			Value
Common Stocks, continued
Capital Markets (3.1%):
	7,666	3i Group plc	$	124,444
	820	Ameriprise Financial, Inc.		255,323
	375	Amundi SA		21,305
	1,156	Ares Management Corp., Class A		79,117
	1,391	ASX, Ltd.		63,775
	5,446	Bank of New York Mellon Corp. (The)		247,902
	1,103	BlackRock, Inc., Class A+		781,618
	5,282	Blackstone, Inc., Class A		391,872
	2,652	Brookfield Asset Managmt, Ltd.*		75,948
	10,609	Brookfield Corp.		333,676
	1,473	Carlyle Group, Inc. (The)		43,954
	867	Cboe Global Markets, Inc.		108,783
	10,849	Charles Schwab Corp. (The)		903,288
	2,665	CME Group, Inc.		448,146
	938	Coinbase Global, Inc.*^		33,196
	24,183	Credit Suisse Group AG		72,677
	8,900	Daiwa Securities Group, Inc.		39,461
	14,723	Deutsche Bank AG		166,854
	1,365	Deutsche Boerse AG		235,485
	2,202	EQT AB		46,956
	719	Euronext NV		53,288
	295	FactSet Research Systems, Inc.		118,357
	1,979	Franklin Resources, Inc.		52,206
	458	Futu Holdings, Ltd., ADR*		18,618
	2,511	Goldman Sachs Group, Inc. (The)		862,228
	3,288	Hargreaves Lansdown plc		34,070
	9,200	Hong Kong Exchanges & Clearing, Ltd.		397,602
	217	IGM Financial, Inc.		6,059
	4,213	Intercontinental Exchange, Inc.		432,212
	2,555	Invesco, Ltd.		45,964
	3,400	Japan Exchange Group, Inc.		49,146
	1,702	Julius Baer Group, Ltd.		98,957
	3,976	KKR & Co., Inc., Class A		184,566
	2,521	London Stock Exchange Group plc		217,476
	626	LPL Financial Holdings, Inc.		135,322
	2,685	Macquarie Group, Ltd.		304,747
	287	MarketAxess Holdings, Inc.		80,041
	1,213	Moody’s Corp.		337,966
	9,561	Morgan Stanley		812,876
	589	MSCI, Inc.		273,985
	2,486	Nasdaq, Inc.		152,516
	23,000	Nomura Holdings, Inc.		85,621
	1,388	Northern Trust Corp.		122,824
	177	Partners Group Holding AG		157,376
	1,455	Raymond James Financial, Inc.		155,467
	2,544	S&P Global, Inc.		852,087
	2,400	SBI Holdings, Inc.		46,021
	6,758	Schroders PLC		35,517
	757	SEI Investments Co.		44,133
	3,200	Singapore Exchange, Ltd.		21,404
	3,801	St. James Place plc		50,323
	2,692	State Street Corp.		208,818
	1,699	T. Rowe Price Group, Inc.		185,293
	521	TMX Group, Ltd.		52,154
	641	Tradeweb Markets, Inc., Class A		41,620
	25,011	UBS Group AG		466,321

				11,666,961


Shares			Value
Common Stocks, continued
Chemicals (2.2%):
	3,931	Air Liquide SA	$	559,063
	1,631	Air Products and Chemicals, Inc.		502,772
	1,220	Akzo Nobel NV		81,394
	874	Albemarle Corp.		189,536
	413	Arkema SA		37,247
	9,200	Asahi Kasei Corp.		65,385
	6,672	BASF SE		331,179
	715	Celanese Corp.		73,102
	1,430	CF Industries Holdings, Inc.		121,836
	801	Christian Hansen Holding A/S		57,756
	2,080	Clariant AG		33,109
	5,466	Corteva, Inc.		321,291
	1,415	Covestro AG		55,351
	1,096	Croda International plc		87,572
	5,426	Dow, Inc.		273,416
	3,678	DuPont de Nemours, Inc.		252,421
	797	Eastman Chemical Co.		64,908
	1,885	Ecolab, Inc.		274,381
	62	EMS-Chemie Holding AG		41,916
	1,938	Evonik Industries AG		37,204
	949	FMC Corp.		118,435
	66	Givaudan SA, Registered Shares		201,271
	6,835	ICL Group, Ltd.		49,360
	1,948	International Flavors & Fragrances, Inc.		204,228
	975	Johnson Matthey plc		25,094
	1,200	JSR Corp.		23,654
	1,339	Koninklijke DSM NV		164,132
	3,698	Linde plc		1,206,214
	2,005	LyondellBasell Industries NV, Class A		166,475
	8,000	Mitsubishi Chemical Holdings Corp.		41,339
	1,700	Mitsui Chemicals, Inc.		38,128
	2,710	Mosaic Co. (The)		118,888
	6,600	Nippon Paint Holdings Co., Ltd.		52,232
	1,100	Nippon Sanso Holdings Corp.		15,847
	800	Nissan Chemical Corp.		35,220
	1,000	Nitto Denko Corp.		57,533
	1,580	Novozymes A/S, Class B		80,250
	4,105	Nutrien, Ltd.		299,733
	824	OCI NV		29,400
	2,876	Orica, Ltd.		29,382
	1,700	PPG Industries, Inc.		213,758
	942	RPM International, Inc.		91,798
	1,845	Sherwin-Williams Co. (The)		437,874
	2,700	Shin-Etsu Chemical Co., Ltd.		329,006
	1,096	Sika AG		264,525
	451	Solvay SA		45,707
	13,800	Sumitomo Chemical Co., Ltd.		49,420
	979	Symrise AG		106,493
	9,200	Toray Industries, Inc.		51,079
	2,700	Tosoh Corp.		32,041
	1,822	Umicore SA		67,210
	301	Westlake Corp.		30,864
	1,092	Yara International ASA		48,073

				8,185,502

Commercial Services & Supplies (0.5%):
	10,643	Brambles, Ltd.		87,391


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	657	Cintas Corp.	$	296,714
	3,198	Copart, Inc.*		194,726
	1,800	Dai Nippon Printing Co., Ltd.		36,091
	1,558	GFL Environmental, Inc.		45,504
	18,835	Rentokil Initial plc		115,741
	1,681	Republic Services, Inc.		216,832
	1,016	Ritchie Bros Auctioneers, Inc.		58,695
	1,460	Rollins, Inc.		53,348
	1,500	Secom Co., Ltd.		85,581
	2,601	Securitas AB, Class B		21,664
	1,600	TOPPAN, INC.		23,625
	1,893	Waste Connections, Inc.		250,936
	3,026	Waste Management, Inc.		474,719

				1,961,567

Communications Equipment (0.7%):
	1,856	Arista Networks, Inc.*		225,226
	30,799	Cisco Systems, Inc.		1,467,264
	438	F5, Inc.*		62,857
	2,336	Juniper Networks, Inc.		74,659
	1,261	Motorola Solutions, Inc.		324,972
	38,601	Nokia OYJ		179,330
	22,141	Telefonaktiebolaget LM Ericsson, Class B		129,738

				2,464,046

Construction & Engineering (0.3%):
	1,642	ACS Actividades de Construccion y Servicios SA		47,041
	1,522	Bouygues SA		45,653
	542	Eiffage SA		53,437
	3,697	Ferrovial SA		96,697
	2,700	Kajima Corp.		31,413
	4,900	Obayashi Corp.		37,051
	1,125	Quanta Services, Inc.		160,312
	5,900	Shimizu Corp.		31,437
	3,144	Skanska AB, Class B		49,933
	1,100	Taisei Corp.		35,442
	4,010	Vinci SA		400,442
	868	WSP Global, Inc.		100,719

				1,089,577

Construction Materials (0.2%):
	5,591	CRH plc		221,331
	993	HeidelbergCement AG		56,626
	4,174	Holcim, Ltd.		215,300
	3,417	James Hardie Industries SE		61,187
	447	Martin Marietta Materials, Inc.		151,073
	966	Vulcan Materials Co.		169,156

				874,673

Consumer Finance (0.4%):
	2,642	Ally Financial, Inc.		64,597
	4,668	American Express Co.		689,697
	2,786	Capital One Financial Corp.		258,986
	2,037	Discover Financial Services		199,280
	1	Isracard, Ltd.		2
	3,567	Synchrony Financial		117,212

				1,329,774


Shares			Value
Common Stocks, continued
Containers & Packaging (0.2%):
	10,720	Amcor plc	$	127,675
	648	Avery Dennison Corp.		117,288
	2,201	Ball Corp.		112,559
	1,000	CCL Industries, Inc.		42,724
	998	Crown Holdings, Inc.		82,046
	2,770	International Paper Co.		95,925
	682	Packaging Corp. of America		87,235
	1,076	Sealed Air Corp.		53,671
	2,350	SIG Group AB		51,518
	1,807	Smurfit Kappa Group plc		66,940
	1,935	Westrock Co.		68,035

				905,616

Distributors (0.1%):
	195	D’ieteren Group		37,536
	1,027	Genuine Parts Co.		178,195
	1,796	LKQ Corp.		95,924
	321	Pool Corp.		97,048

				408,703

Diversified Consumer Services (0.0%^†):
	1,753	IDP Education, Ltd.		32,388

Diversified Financial Services (1.1%):
	2,836	Apollo Global Management, Inc.		180,908
	9,603	Berkshire Hathaway, Inc., Class B*		2,966,367
	2,947	Element Fleet Management Corp.		40,163
	2,830	Equitable Holdings, Inc.		81,221
	414	Eurazeo SE		25,838
	740	EXOR NV*		54,010
	823	Groupe Bruxelles Lambert SA		65,915
	885	Industrivarden AB, Class A		21,584
	1,476	Industrivarden AB, Class C		35,933
	3,012	Investor AB		56,192
	13,524	Investor AB, Class B		245,424
	2,236	Kinnevik AB, Class B*		30,884
	418	L E Lundbergforetagen AB		17,828
	15,158	M&G plc		34,447
	4,100	Mitsubishi HC Capital, Inc.		20,201
	353	Onex Corp.		17,024
	8,600	ORIX Corp.		138,694
	142	Sofina SA		31,417
	20,261	Standard Life Aberdeen plc		46,140
	122	Wendel		11,432

				4,121,622

Diversified Telecommunication Services (1.2%):
	52,860	AT&T, Inc.		973,153
	692	BCE, Inc.^		30,408
	15,935	Bezeq The Israeli Telecommunication Corp., Ltd.		27,530
	54,369	BT Group plc		73,809
	4,277	Cellnex Telecom SAU		142,214
	23,758	Deutsche Telekom AG		473,821
	937	Elisa OYJ		49,659
	36,000	HKT Trust & HKT, Ltd.		44,005
	2,027	Infrastrutture Wireless Italiane SpA		20,473
	24,798	Koninklijke KPN NV		76,713
	2,488	Liberty Global plc, Class C*		48,342
	6,467	Lumen Technologies, Inc.		33,758
	9,200	Nippon Telegraph & Telephone Corp.		262,645


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	14,205	Orange SA	$	141,226
	62,100	Singapore Telecommunications, Ltd.		119,250
	17,116	Spark New Zealand, Ltd.		58,650
	191	Swisscom AG		104,566
	92,093	Telecom Italia SpA*		21,395
	3,372	Telefonica Deutschland Holding AG		8,307
	41,617	Telefonica SA		150,702
	5,021	Telenor ASA		46,999
	18,848	Telia Co AB		48,264
	29,855	Telstra Corp., Ltd.		81,054
	3,100	TELUS Corp.		59,834
	476	United Internet AG, Registered Shares		9,622
	31,002	Verizon Communications, Inc.		1,221,479

				4,327,878

Electric Utilities (1.9%):
	193	Acciona SA		35,492
	1,687	Alliant Energy Corp.		93,139
	3,795	American Electric Power Co., Inc.		360,335
	6,000	Chubu Electric Power Co., Inc.		62,099
	7,000	CK Infrastructure Holdings, Ltd.		36,642
	12,500	CLP Holdings, Ltd.		91,215
	2,392	Constellation Energy Corp.		206,214
	5,695	Duke Energy Corp.		586,528
	2,781	Edison International		176,927
	20,856	EDP – Energias de Portugal SA		103,886
	4,958	Electricite de France		63,681
	240	Elia Group SA/NV		34,098
	1,880	Emera, Inc.		71,864
	3,072	Endesa SA		57,959
	59,130	Enel SpA		317,973
	1,457	Entergy Corp.		163,912
	1,705	Evergy, Inc.		107,296
	2,630	Eversource Energy		220,499
	7,537	Exelon Corp.		325,825
	3,881	FirstEnergy Corp.		162,769
	3,796	Fortis, Inc.		151,919
	3,188	Fortum OYJ		53,098
	7,500	HK Electric Investments, Ltd.		4,950
	2,288	Hydro One, Ltd.		61,298
	44,010	Iberdrola SA		514,734
	6,500	Kansai Electric Power Co., Inc. (The)		63,106
	4,873	Mercury NZ, Ltd.		17,193
	14,660	NextEra Energy, Inc.		1,225,576
	1,642	NRG Energy, Inc.		52,248
	12,220	Origin Energy, Ltd.		64,143
	1,522	Orsted A/S		138,110
	11,217	PG&E Corp.*		182,388
	10,000	Power Assets Holdings, Ltd.		54,778
	5,489	PPL Corp.		160,389
	1,850	Red Electrica Corp SA		32,131
	7,497	Scottish & Southern Energy plc		154,600
	8,004	Southern Co. (The)		571,566
	10,285	Terna SpA		76,116
	14,900	Tokyo Electric Power Co. Holdings, Inc.*		53,804
	453	Verbund AG, Class A		38,201
	3,984	Xcel Energy, Inc.		279,318

				7,228,019


Shares			Value
Common Stocks, continued
Electrical Equipment (0.9%):
	11,741	ABB, Ltd.	$	357,702
	1,759	AMETEK, Inc.		245,768
	2,958	Eaton Corp. plc		464,258
	4,354	Emerson Electric Co.		418,245
	1,200	Fuji Electric Co., Ltd.		45,704
	515	Generac Holdings, Inc.*		51,840
	401	Hubbell, Inc.		94,107
	1,991	Legrand SA		160,287
	14,900	Mitsubishi Electric Corp.		147,519
	3,100	Nidec Corp.		161,463
	3,798	Plug Power, Inc.*^		46,981
	1,694	Prysmian SpA		62,701
	833	Rockwell Automation, Inc.		214,556
	4,089	Schneider Electric SA		574,993
	977	Sensata Technologies Holding plc		39,451
	3,694	Siemens Energy AG		69,493
	7,084	Vestas Wind Systems A/S		207,003

				3,362,071

Electronic Equipment, Instruments & Components (0.8%):
	4,344	Amphenol Corp., Class A		330,752
	499	Arrow Electronics, Inc.*		52,180
	800	Azbil Corp.		20,261
	986	CDW Corp.		176,080
	1,304	Cognex Corp.		61,431
	5,855	Corning, Inc.		187,009
	2,865	Halma plc		68,444
	1,300	Hamamatsu Photonics KK		62,545
	14,804	Hexagon AB, Class B		155,702
	205	Hirose Electric Co., Ltd.		25,647
	600	Ibiden Co., Ltd.		21,861
	1,400	Keyence Corp.		548,190
	1,314	Keysight Technologies, Inc.*		224,786
	2,500	Kyocera Corp.		124,780
	4,200	Murata Manufacturing Co., Ltd.		210,743
	1,300	Omron Corp.		63,415
	2,200	Shimadzu Corp.		62,759
	2,900	TDK Corp.		94,180
	2,387	TE Connectivity, Ltd.		274,028
	370	Teledyne Technologies, Inc.*		147,967
	2,027	Trimble, Inc.*		102,485
	1,300	Venture Corp., Ltd.		16,577
	1,000	Yokogawa Electric Corp.		15,846
	416	Zebra Technologies Corp., Class A*		106,667

				3,154,335

Energy Equipment & Services (0.3%):
	7,460	Baker Hughes Co.		220,294
	6,654	Halliburton Co.		261,835
	10,320	Schlumberger, Ltd.		551,707
	3,045	Tenaris SA		53,431

				1,087,267

Entertainment (1.2%):
	5,728	Activision Blizzard, Inc.		438,478
	8,533	Bollore, Inc.		47,812
	1,200	Capcom Co., Ltd.		38,491
	2,124	Electronic Arts, Inc.		259,510
	2,754	Embracer Group AB*		12,456


Shares			Value
Common Stocks, continued
Entertainment, continued
	780	Koei Tecmo Holdings Co., Ltd.	$	14,060
	900	Konami Holdings Corp.		40,931
	1,414	Liberty Media Corp-Liberty Formula One, Class C*		84,529
	1,290	Live Nation Entertainment, Inc.*		89,965
	3,325	Netflix, Inc.*		980,476
	3,600	Nexon Co., Ltd.		80,316
	8,000	Nintendo Co., Ltd.		335,056
	2,750	ROBLOX Corp., Class A*		78,265
	924	Roku, Inc.*		37,607
	2,586	Sea, Ltd., ADR*		134,550
	400	Square Enix Holdings Co., Ltd.		18,574
	1,181	Take-Two Interactive Software, Inc.*		122,978
	600	Toho Co., Ltd.		23,221
	856	UbiSoft Entertainment SA*		24,294
	5,833	Universal Music Group NV		140,784
	5,833	Vivendi Universal SA		55,809
	13,485	Walt Disney Co. (The)*		1,171,577
	17,412	Warner Bros Discovery, Inc.*		165,066

				4,394,805

Equity Real Estate Investment Trusts (2.2%):
	1,112	Alexandria Real Estate Equities, Inc.		161,985
	2,448	American Homes 4 Rent, Class A		73,783
	3,432	American Tower Corp.		727,104
	1,081	AvalonBay Communities, Inc.		174,603
	1,147	Boston Properties, Inc.		77,514
	8,137	British Land Co. plc		38,899
	739	Camden Property Trust		82,679
	815	Canadian Apartment Properties REIT		25,694
	29,744	CapitaLand Ascendas REIT		60,911
	31,506	CapitaLand Mall Trust		48,050
	316	Covivio		18,813
	3,175	Crown Castle, Inc.		430,657
	18	Daiwahouse Residential Investment Corp.		40,181
	6,460	Dexus		33,951
	2,122	Digital Realty Trust, Inc.		212,773
	677	Equinix, Inc.		443,455
	1,394	Equity Lifestyle Properties, Inc.		90,053
	2,712	Equity Residential		160,008
	522	Essex Property Trust, Inc.		110,622
	984	Extra Space Storage, Inc.		144,825
	1,963	Gaming and Leisure Properties, Inc.		102,253
	424	Gecina SA		43,193
	28	GLP J-REIT		32,219
	12,389	Goodman Group		145,521
	11,976	GPT Group		34,198
	2,942	Healthcare Realty Trust, Inc.		56,692
	4,227	Healthpeak Properties, Inc.		105,971
	5,303	Host Hotels & Resorts, Inc.		85,113
	4,453	Invitation Homes, Inc.		131,987
	2,113	Iron Mountain, Inc.		105,333
	43	Japan Metropolitan Fund Invest		34,180
	12	Japan Real Estate Investment Corp.		52,565
	4,981	Kimco Realty Corp.		105,498
	1,908	Klepierre		44,127
	4,161	Land Securities Group plc		31,288
	14,300	Link REIT (The)		105,004
	21,123	Mapletree Logistics Trust		25,107


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	15,100	Mapletree Pan Asia Commercial Trust	$	18,848
	4,192	Medical Properties Trust, Inc.		46,699
	802	Mid-America Apartment Communities, Inc.		125,906
	36,393	Mirvac Group		52,708
	10	Nippon Building Fund, Inc.		44,664
	20	Nippon Prologis REIT, Inc.		46,847
	39	Nomura Real Estate Master Fund, Inc.		48,441
	6,918	Prologis, Inc.		779,866
	1,168	Public Storage		327,262
	4,569	Realty Income Corp.		289,812
	1,170	Regency Centers Corp.		73,125
	480	RioCan REIT		7,492
	819	SBA Communications Corp.		229,574
	36,788	Scentre Group		71,517
	9,532	Segro plc		88,100
	2,406	Simon Property Group, Inc.		282,657
	22,062	Stockland		54,464
	871	Sun Communities, Inc.		124,553
	2,260	UDR, Inc.		87,530
	812	Unibail-Rodamco-Westfield*^		42,364
	3,011	Ventas, Inc.		135,645
	7,034	VICI Properties, Inc.		227,902
	24,703	Vicinity Centres		33,604
	1,164	Warehouses De Pauw CVA		33,279
	3,318	Welltower, Inc.		217,495
	5,617	Weyerhaeuser Co.		174,127
	1,287	WP Carey, Inc.		100,579

				8,161,869

Food & Staples Retailing (1.5%):
	4,900	AEON Co., Ltd.		103,159
	6,060	Alimentation Couche-Tard, Inc.		266,339
	4,522	Carrefour SA		75,652
	10,570	Coles Group, Ltd.		119,676
	3,277	Costco Wholesale Corp.		1,495,951
	848	Empire Co., Ltd., Class A		22,337
	11,695	Endeavour Group, Ltd.		50,778
	528	George Weston, Ltd.		65,518
	1,243	HelloFresh SE*		27,247
	15,420	J Sainsbury plc		40,469
	2,416	Jeronimo Martins SGPS SA		52,234
	2,524	Kesko Oyj, Class B		55,845
	1,000	Kobe Bussan Co., Ltd.		28,870
	7,534	Koninklijke Ahold Delhaize NV		216,450
	5,167	Kroger Co. (The)		230,345
	1,246	Loblaw Cos., Ltd.		110,187
	1,796	Metro, Inc.		99,458
	3,324	Ocado Group plc*		25,008
	5,400	Seven & I Holdings Co., Ltd.		231,038
	3,825	Sysco Corp.		292,421
	57,561	Tesco plc		156,030
	5,277	Walgreens Boots Alliance, Inc.		197,149
	11,142	Walmart, Inc.		1,579,824
	500	Welcia Holdings Co., Ltd.		11,649
	9,047	Woolworths Group, Ltd.		206,552

				5,760,186


Shares			Value
Common Stocks, continued
Food Products (1.8%):
	3,400	Ajinomoto Co., Inc.	$	103,686
	4,175	Archer-Daniels-Midland Co.		387,649
	3,293	Associated British Foods plc		62,723
	33	Barry Callebaut AG, Registered Shares		65,399
	1,032	Bunge, Ltd.		102,963
	1,351	Campbell Soup Co.		76,669
	3,715	Conagra Brands, Inc.		143,771
	4,903	Danone SA		258,272
	1,198	Darling Ingredients, Inc.*		74,983
	4,341	General Mills, Inc.		363,993
	1,108	Hershey Co. (The)		256,580
	2,218	Hormel Foods Corp.		101,030
	476	JDE Peet’s NV		13,756
	815	JM Smucker Co. (The)		129,145
	1,968	Kellogg Co.		140,200
	1,279	Kerry Group plc, Class A		115,397
	1,300	Kikkoman Corp.		68,727
	5,513	Kraft Heinz Co. (The)		224,434
	1,074	Lamb Weston Holdings, Inc.		95,973
	7	Lindt & Spruengli AG		71,353
	1,974	McCormick & Co.		163,625
	800	Meiji Holdings Co., Ltd.		41,087
	10,099	Mondelez International, Inc., Class A		673,098
	3,271	Mowi ASA		55,917
	20,541	Nestle SA		2,372,829
	700	Nisshin Seifun Group, Inc.		8,777
	300	Nissin Foods Holdings Co., Ltd.		23,756
	5,748	Orkla ASA, Class A		41,581
	461	Salmar ASA		18,150
	2,279	Saputo, Inc.		56,428
	2,173	Tyson Foods, Inc., Class A		135,269
	68,033	WH Group, Ltd.		39,582
	18,000	Wilmar International, Ltd.		56,091
	900	Yakult Honsha Co., Ltd.		58,700

				6,601,593

Gas Utilities (0.1%):
	1,545	AltaGas, Ltd.		26,682
	8,525	APA Group		62,403
	960	Atmos Energy Corp.		107,587
	595	Enagas SA		9,891
	83,117	Hong Kong & China Gas Co., Ltd.		79,027
	985	Naturgy Energy Group SA		25,618
	3,600	Osaka Gas Co., Ltd.		58,236
	14,344	Snam SpA		69,633
	3,500	Tokyo Gas Co., Ltd.		68,816
	1,451	UGI Corp.		53,789

				561,682

Health Care Equipment & Supplies (2.9%):
	12,962	Abbott Laboratories		1,423,098
	3,712	Alcon, Inc.		255,026
	536	Align Technology, Inc.*		113,042
	1,400	Asahi Intecc Co., Ltd.		23,075
	3,685	Baxter International, Inc.		187,824
	2,120	Becton Dickinson and Co.		539,116
	245	BioMerieux		25,761
	10,614	Boston Scientific Corp.*		491,110


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	372	Carl Zeiss Meditec AG	$	46,945
	451	Cochlear, Ltd.		62,605
	934	Coloplast A/S, Class B		109,454
	393	Cooper Cos., Inc. (The)		129,953
	5,103	Danaher Corp.		1,354,438
	1,001	Demant A/S*		27,840
	1,576	DENTSPLY SIRONA, Inc.		50,180
	2,837	Dexcom, Inc.*		321,262
	233	DiaSorin SpA		32,645
	4,717	Edwards Lifesciences Corp.*		351,935
	2,119	EssilorLuxottica SA		385,807
	4,138	Fisher & Paykel Healthcare Corp., Ltd.		58,881
	1,920	Getinge AB, Class B		40,002
	1,763	Hologic, Inc.*		131,890
	2,600	Hoya Corp.		251,602
	612	IDEXX Laboratories, Inc.*		249,672
	494	Insulet Corp.*		145,429
	2,671	Intuitive Surgical, Inc.*		708,750
	7,129	Koninklijke Philips NV		106,986
	395	Masimo Corp.*		58,440
	9,868	Medtronic plc		766,941
	595	Novocure, Ltd.*		43,643
	9,700	Olympus Corp.		171,480
	1,066	ResMed, Inc.		221,867
	198	Sartorius AG		78,289
	2,110	Siemens Healthineers AG		105,540
	6,641	Smith & Nephew plc		88,703
	367	Sonova Holding AG		87,347
	703	STERIS plc		129,837
	860	Straumann Holding AG, Class R		97,415
	2,552	Stryker Corp.		623,938
	1,100	Sysmex Corp.		67,012
	354	Teleflex, Inc.		88,369
	4,800	Terumo Corp.		135,759
	551	West Pharmaceutical Services, Inc.		129,678
	1,491	Zimmer Biomet Holdings, Inc.		190,103

				10,708,689

Health Care Providers & Services (2.4%):
	1,101	AmerisourceBergen Corp.		182,447
	845	Amplifon SpA		25,239
	1,945	Cardinal Health, Inc.		149,512
	4,180	Centene Corp.*		342,802
	2,280	Cigna Corp.		755,455
	9,681	CVS Health Corp.		902,172
	457	DaVita, Inc.*		34,124
	1,767	Elevance Health, Inc.		906,418
	1,484	Fresenius Medical Care AG & Co., KGaA		48,532
	3,378	Fresenius SE & Co. KGaA		95,026
	1,683	HCA Healthcare, Inc.		403,853
	997	Henry Schein, Inc.*		79,630
	943	Humana, Inc.		482,995
	647	Laboratory Corp. of America Holdings		152,355
	1,060	McKesson Corp.		397,627
	453	Molina Healthcare, Inc.*		149,590
	904	Quest Diagnostics, Inc.		141,422
	1,328	Ramsay Health Care, Ltd.		58,686
	3,322	Sonic Healthcare, Ltd.		67,718


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	6,915	UnitedHealth Group, Inc.	$	3,666,195
	521	Universal Health Services, Inc., Class B		73,404

				9,115,202

Health Care Technology (0.1%):
	3,600	M3, Inc.		98,083
	1,069	Veeva Systems, Inc., Class A*		172,515

				270,598

Hotels, Restaurants & Leisure (1.8%):
	1,592	Accor SA*		39,548
	2,885	Airbnb, Inc., Class A*		246,667
	1,529	Aramark		63,209
	4,751	Aristocrat Leisure, Ltd.		98,092
	290	Booking Holdings, Inc.*		584,431
	1,690	Caesars Entertainment, Inc.*		70,304
	6,658	Carnival Corp., Class A*		53,663
	200	Chipotle Mexican Grill, Inc.*		277,498
	13,191	Compass Group plc		304,739
	888	Darden Restaurants, Inc.		122,837
	260	Domino’s Pizza, Inc.		90,064
	4,276	Entain plc		68,545
	1,406	Evolution AB		137,391
	1,136	Expedia Group, Inc.*		99,514
	1,257	Flutter Entertainment plc*		172,215
	16,000	Galaxy Entertainment Group, Ltd.		105,950
	25,500	Genting Singapore, Ltd.		18,202
	2,003	Hilton Worldwide Holdings, Inc.		253,099
	1,297	InterContinental Hotels Group plc		74,638
	883	La Francaise des Jeux SAEM		35,470
	2,602	Las Vegas Sands Corp.*		125,078
	14,501	Lottery Corp., Ltd. (The)*		44,187
	2,035	Marriott International, Inc., Class A		302,991
	5,445	McDonald’s Corp.		1,434,921
	300	McDonald’s Holdings Co., Ltd.		11,416
	2,452	MGM Resorts International		82,216
	1,400	Oriental Land Co., Ltd.		203,993
	2,135	Restaurant Brands International, Inc.		138,070
	1,827	Royal Caribbean Cruises, Ltd.*		90,309
	16,000	Sands China, Ltd.*		53,011
	597	Sodexo SA		57,103
	8,516	Starbucks Corp.		844,787
	297	Vail Resorts, Inc.		70,790
	1,244	Whitbread plc		38,692
	739	Wynn Resorts, Ltd.*		60,945
	2,057	Yum! Brands, Inc.		263,461

				6,738,046

Household Durables (0.5%):
	6,179	Barratt Developments plc		29,665
	618	Berkeley Group Holdings plc		28,132
	2,337	DR Horton, Inc.		208,320
	2,085	Electrolux AB, Class B		28,235
	1,046	Garmin, Ltd.		96,535
	600	Iida Group Holdings Co., Ltd.		9,071
	1,999	Lennar Corp., Class A		180,909
	380	Mohawk Industries, Inc.*		38,844
	2,638	Newell Brands, Inc.		34,505
	22	NVR, Inc.*		101,477


Shares			Value
Common Stocks, continued
Household Durables, continued
	700	Open House Co., Ltd.	$	25,394
	15,600	Panasonic Holdings Corp.		130,658
	2,260	Persimmon plc		33,353
	1,687	PulteGroup, Inc.		76,809
	256	SEB SA		21,515
	3,500	Sekisui Chemical Co., Ltd.		48,710
	4,500	Sekisui House, Ltd.		79,599
	1,000	Sharp Corp.^		7,199
	9,400	Sony Group Corp.		716,915
	33,694	Taylor Wimpey plc		41,527
	460	Whirlpool Corp.		65,072

				2,002,444

Household Products (1.2%):
	1,709	Church & Dwight Co., Inc.		137,763
	872	Clorox Co. (The)		122,368
	5,768	Colgate-Palmolive Co.		454,461
	4,830	Essity AB, Class B		126,847
	644	Henkel AG & Co. KGaA		41,529
	2,452	Kimberly-Clark Corp.		332,859
	17,666	Procter & Gamble Co. (The)		2,677,459
	5,357	Reckitt Benckiser Group plc		372,602
	3,000	Unicharm Corp.		115,059

				4,380,947

Independent Power and Renewable Electricity Producers (0.1%):
	4,828	AES Corp. (The)		138,853
	787	Brookfield Renewable Corp., Class A		21,666
	2,012	EDP Renovaveis SA		44,471
	6,904	Meridian Energy, Ltd.		22,811
	2,059	Northland Power, Inc.		56,471
	3,098	Vistra Corp.		71,874

				356,146

Industrial Conglomerates (1.1%):
	4,064	3M Co.		487,355
	21,000	CK Hutchison Holdings, Ltd.		126,077
	654	DCC plc		32,279
	8,166	General Electric Co.		684,229
	7,400	Hitachi, Ltd.		372,461
	5,008	Honeywell International, Inc.		1,073,214
	1,007	Investment AB Latour, Class B		19,128
	1,100	Jardine Matheson Holdings, Ltd.		55,932
	7,500	Keppel Corp., Ltd.		40,694
	1,957	Lifco AB, Class B		32,593
	29,985	Melrose Industries plc		48,737
	340	Rheinmetall AG		67,713
	5,633	Siemens AG		781,708
	2,548	Smiths Group plc		49,113
	3,100	Toshiba Corp.		108,680

				3,979,913

Insurance (3.5%):
	957	Admiral Group plc		24,729
	12,269	Aegon NV		62,230
	4,499	Aflac, Inc.		323,658
	1,180	Ageas NV		52,493
	87,800	AIA Group, Ltd.		967,349


Shares			Value
Common Stocks, continued
Insurance, continued
	3,061	Allianz SE+	$	658,102
	2,054	Allstate Corp. (The)		278,522
	506	American Financial Group, Inc.		69,464
	5,619	American International Group, Inc.		355,346
	1,535	Aon plc, Class A		460,715
	2,711	Arch Capital Group, Ltd.*		170,197
	1,535	Arthur J. Gallagher & Co.		289,409
	8,867	Assicurazioni Generali SpA		157,450
	407	Assurant, Inc.		50,899
	20,405	Aviva plc		108,738
	13,679	AXA SA		381,189
	296	Baloise Holding AG		45,735
	1,810	Brown & Brown, Inc.		103,116
	3,087	Chubb, Ltd.		680,992
	1,198	Cincinnati Financial Corp.		122,663
	6,900	Dai-ichi Life Holdings, Inc.		156,713
	116	Erie Indemnity Co., Class A		28,851
	281	Everest Re Group, Ltd.		93,087
	188	Fairfax Financial Holdings, Ltd.		111,382
	1,917	Fidelity National Financial, Inc.		72,118
	1,848	Gjensidige Forsikring ASA		36,310
	676	Globe Life, Inc.		81,492
	1,806	Great-West Lifeco, Inc.		41,755
	437	Hannover Rueck SE		86,858
	2,337	Hartford Financial Services Group, Inc. (The)		177,215
	648	IA Financial Corp., Inc.		37,943
	16,579	Insurance Australia Group, Ltd.		53,571
	1,266	Intact Financial Corp.		182,269
	18,100	Japan Post Holdings Co., Ltd.		152,616
	1,700	Japan Post Insurance Co., Ltd.		29,923
	41,740	Legal & General Group plc		126,034
	1,326	Lincoln National Corp.		40,735
	1,606	Loews Corp.		93,678
	14,122	Manulife Financial Corp.		251,918
	106	Markel Corp.*		139,654
	3,674	Marsh & McLennan Cos., Inc.		607,973
	25,594	Medibank Private, Ltd.		51,021
	4,938	MetLife, Inc.		357,363
	3,200	MS&AD Insurance Group Holdings, Inc.		102,435
	1,058	Muenchener Rueckversicherungs-Gesellschaft AG		343,974
	2,086	NN Group NV		85,183
	6,201	Phoenix Group Holdings plc		45,657
	4,829	Poste Italiane SpA		47,086
	4,218	Power Corp. of Canada		99,234
	1,871	Principal Financial Group, Inc.		157,014
	4,322	Progressive Corp. (The)		560,607
	2,777	Prudential Financial, Inc.		276,200
	19,927	Prudential PLC		269,607
	10,467	QBE Insurance Group, Ltd.		95,592
	3,651	Sampo Oyj, Class A		190,877
	2,300	Sompo Holdings, Inc.		102,142
	4,504	Sun Life Financial, Inc.		209,098
	9,098	Suncorp Group, Ltd.		74,588
	244	Swiss Life Holding AG		125,990
	2,253	Swiss Re AG		211,411
	3,300	T&D Holdings, Inc.		47,503
	13,500	Tokio Marine Holdings, Inc.		289,033


Shares			Value
Common Stocks, continued
Insurance, continued
	1,770	Travelers Cos., Inc. (The)	$	331,857
	2,488	Tryg A/S		59,022
	797	Willis Towers Watson plc		194,930
	1,540	WR Berkley Corp.		111,758
	1,116	Zurich Insurance Group AG		533,453

				12,937,726

Interactive Media & Services (2.7%):
	1,569	Adevinta ASA*		10,376
	44,394	Alphabet, Inc., Class A*		3,916,883
	41,030	Alphabet, Inc., Class C*		3,640,592
	6,294	Auto Trader Group plc		39,268
	500	Kakaku.com, Inc.		8,043
	2,194	Match Group, Inc.*		91,029
	16,947	Meta Platforms, Inc., Class A*		2,039,402
	3,939	Pinterest, Inc., Class A*		95,639
	488	REA Group, Ltd.		36,740
	483	Scout24 AG		24,264
	3,100	Seek, Ltd.		44,123
	8,297	Snap, Inc., Class A*		74,258
	19,800	Z Holdings Corp.		50,064
	1,887	ZoomInfo Technologies, Inc.*		56,817

				10,127,498

Internet & Direct Marketing Retail (1.9%):
	67,901	Amazon.com, Inc.*		5,703,684
	819	Chewy, Inc., Class A*		30,369
	933	Delivery Hero SE*		44,691
	1,488	DoorDash, Inc., Class A*		72,644
	3,877	eBay, Inc.		160,779
	883	Etsy, Inc.*		105,766
	1,296	Just Eat Takeaway*		27,593
	341	MercadoLibre, Inc.*		288,568
	6,165	Prosus NV		423,201
	8,000	Rakuten, Inc.		36,316
	1,812	Zalando SE*		64,228
	1,200	ZOZO, Inc.		29,798

				6,987,637

IT Services (3.6%):
	4,702	Accenture plc, Class A		1,254,682
	160	Adyen NV*		221,379
	1,478	Affirm Holdings, Inc.*^		14,292
	1,286	Akamai Technologies, Inc.*		108,410
	3,441	Amadeus IT Group SA*		177,427
	3,109	Automatic Data Processing, Inc.		742,616
	589	Bechtle AG		20,839
	1,147	Black Knight, Inc.*		70,827
	3,943	Block, Inc.*		247,778
	921	Broadridge Financial Solutions, Inc.		123,534
	1,256	Capgemini SA		210,619
	1,553	CGI, Inc.*		133,883
	3,973	Cognizant Technology Solutions Corp., Class A		227,216
	3,893	Computershare, Ltd.		69,435
	1,792	Edenred		97,496
	412	EPAM Systems, Inc.*		135,029
	4,410	Fidelity National Information Services, Inc.		299,218
	4,467	Fiserv, Inc.*		451,480
	548	FleetCor Technologies, Inc.*		100,657


Shares			Value
Common Stocks, continued
IT Services, continued
	1,500	Fujitsu, Ltd.	$	198,672
	584	Gartner, Inc.*		196,306
	1,987	Global Payments, Inc.		197,349
	200	GMO Payment Gateway, Inc.		16,632
	1,211	GoDaddy, Inc., Class A*		90,607
	6,667	International Business Machines Corp.		939,314
	800	Itochu Techno-Solutions Corp.		18,740
	546	Jack Henry & Associates, Inc.		95,856
	6,412	Mastercard, Inc., Class A		2,229,645
	523	MongoDB, Inc.*		102,947
	4,062	Nexi SpA*		31,925
	2,520	Nomura Research Institute, Ltd.		59,916
	4,600	NTT Data Corp.		67,697
	340	Nuvei Corp.*		8,642
	400	Obic Co., Ltd.		59,145
	1,193	Okta, Inc.*		81,518
	1,100	Otsuka Corp.		34,817
	2,420	Paychex, Inc.		279,655
	8,255	PayPal Holdings, Inc.*		587,921
	900	SCSK Corp.		13,586
	8,478	Shopify, Inc., Class A*		294,394
	1,688	Snowflake, Inc., Class A*		242,295
	1,600	TIS, Inc.		42,417
	1,365	Twilio, Inc., Class A*		66,830
	709	VeriSign, Inc.*		145,657
	12,108	Visa, Inc., Class A		2,515,558
	2,632	Western Union Co. (The.)		36,243
	514	Wix.com, Ltd.*		39,491
	1,612	Worldline SA*		62,892

				13,463,484

Leisure Products (0.1%):
	1,400	Bandai Namco Holdings, Inc.		87,809
	298	BRP, Inc.		22,723
	961	Hasbro, Inc.		58,631
	600	Shimano, Inc.		95,611
	1,200	Yamaha Corp.		44,279

				309,053

Life Sciences Tools & Services (1.1%):
	2,227	Agilent Technologies, Inc.		333,270
	4,207	Avantor, Inc.*		88,726
	260	Bachem Holding AG, Registered B		22,683
	171	Bio-Rad Laboratories, Inc., Class A*		71,904
	1,220	Bio-Techne Corp.		101,113
	403	Charles River Laboratories International, Inc.*		87,814
	1,012	Eurofins Scientific SE		72,866
	1,164	Illumina, Inc.*		235,361
	1,388	IQVIA Holdings, Inc.*		284,387
	567	Lonza Group AG		279,140
	170	Mettler-Toledo International, Inc.*		245,726
	894	PerkinElmer, Inc.		125,357
	1,659	Qiagen NV*		83,483
	394	Repligen Corp.*		66,708
	206	Sartorius Stedim Biotech		67,104
	2,888	Thermo Fisher Scientific, Inc.		1,590,393
	450	Waters Corp.*		154,161

				3,910,196


Shares			Value
Common Stocks, continued
Machinery (2.0%):
	2,154	Alfa Laval AB	$	62,364
	2,573	Alstom SA		63,164
	19,923	Atlas Copco AB, Class A*		236,006
	11,256	Atlas Copco AB, Class B		120,329
	3,868	Caterpillar, Inc.		926,618
	7,981	CNH Industrial NV		128,158
	1,049	Cummins, Inc.		254,162
	700	Daifuku Co., Ltd.		32,948
	3,580	Daimler Truck Holding AG*		110,904
	2,143	Deere & Co.		918,833
	1,024	Dover Corp.		138,660
	5,056	Epiroc AB, Class A		92,446
	2,200	Epiroc AB, Class B		35,481
	1,400	FANUC Corp.		208,971
	2,617	Fortive Corp.		168,142
	952	GEA Group AG		38,882
	800	Hitachi Construction Machinery Co., Ltd.		18,031
	600	Hoshizaki Corp.		21,129
	2,525	Husqvarna AB, Class B		17,801
	593	IDEX Corp.		135,400
	2,279	Illinois Tool Works, Inc.		502,064
	3,004	Ingersoll-Rand, Inc.		156,959
	670	Knorr-Bremse AG		36,607
	7,100	Komatsu, Ltd.		154,059
	2,390	Kone Oyj, Class B		123,776
	7,000	Kubota Corp.		96,442
	1,000	Kurita Water Industries, Ltd.		41,519
	1,500	Makita Corp.		35,126
	3,400	MINEBEA MITSUMI, Inc.		51,036
	2,600	Misumi Group, Inc.		57,002
	2,300	Mitsubishi Heavy Industries, Ltd.		91,032
	1,400	NGK Insulators, Ltd.		17,858
	411	Nordson Corp.		97,703
	3,212	Otis Worldwide Corp.		251,532
	2,625	PACCAR, Inc.		259,796
	982	Parker-Hannifin Corp.		285,762
	1,194	Pentair PLC		53,706
	32	Rational AG		18,963
	8,277	Sandvik AB		149,526
	275	Schindler Holding AG		51,650
	187	Schindler Holding AG, Registered Shares		33,597
	2,306	SKF AB, Class B		35,309
	400	SMC Corp.		169,318
	388	Snap-On, Inc.		88,654
	556	Spirax-Sarco Engineering plc		71,426
	1,129	Stanley Black & Decker, Inc.		84,811
	10,500	Techtronic Industries Co., Ltd.		116,924
	227	VAT Group AG		62,536
	1,851	Volvo AB, Class A		35,256
	11,010	Volvo AB, Class B		199,464
	4,375	Wartsila Oyj Abp, Class B		36,965
	1,189	Westinghouse Air Brake Technologies Corp.		118,674
	1,271	Xylem, Inc.		140,534
	1,500	Yaskawa Electric Corp.		48,266

				7,502,281


Shares			Value
Common Stocks, continued
Marine (0.1%):
	20	A.P. Moeller — Maersk A/S, Class A	$	44,380
	39	A.P. Moeller — Maersk A/S, Class B		87,611
	408	Kuehne & Nagel International AG		94,838
	2,700	Mitsui O.S.K. Lines, Ltd.		67,673
	3,600	Nippon Yusen KK		85,298
	12,000	SITC International Holdings Co., Ltd.		26,490
	656	ZIM Integrated Shipping Services, Ltd.^		11,277

				417,567

Media (0.7%):
	840	Charter Communications, Inc., Class A*		284,844
	32,350	Comcast Corp., Class A		1,131,279
	3,700	Cyberagent, Inc.		32,915
	2,000	Dentsu Group, Inc.		63,149
	2,260	DISH Network Corp., Class A*		31,730
	2,345	Fox Corp., Class A		71,218
	968	Fox Corp., Class B		27,540
	1,700	Hakuhodo DY Holdings, Inc.		17,221
	10,971	Informa plc		82,236
	2,935	Interpublic Group of Cos., Inc. (The)		97,765
	991	Liberty Broadband Corp., Class C*		75,583
	914	Liberty Global plc, Class A*		17,302
	1,069	Liberty Media Corp.-Liberty SiriusXM, Class C*		41,830
	361	Liberty Media Corp-Liberty SiriusXM, Class A*		14,191
	2,449	News Corp., Class A		44,572
	1,573	Omnicom Group, Inc.		128,310
	4,613	Paramount Global, Class B		77,867
	4,820	Pearson plc		54,623
	1,673	Publicis Groupe SA		106,222
	675	Quebecor, Inc., Class B		15,058
	3,346	Shaw Communications, Inc., Class B		96,416
	6,283	Sirius XM Holdings, Inc.^		36,693
	7,439	WPP plc		73,837

				2,622,401

Metals & Mining (1.7%):
	3,422	Agnico Eagle Mines, Ltd.		177,849
	1,443	Alcoa Corp.		65,613
	9,258	Anglo American plc		362,028
	3,645	Antofagasta plc		67,656
	3,702	ArcelorMittal SA		96,778
	12,771	Barrick Gold Corp.		218,950
	37,510	BHP Group, Ltd.		1,161,096
	2,969	BlueScope Steel, Ltd.		33,834
	2,098	Boliden AB		78,938
	4,103	Cleveland-Cliffs, Inc.*		66,099
	4,279	First Quantum Minerals, Ltd.		89,417
	1,429	Franco-Nevada Corp.		194,822
	12,339	Fortescue Metals Group, Ltd.		171,983
	10,614	Freeport-McMoRan, Inc.		403,332
	71,702	Glencore plc		479,353
	5,091	IGO, Ltd.		46,259
	4,254	Ivanhoe Mines, Ltd., Class A*		33,622
	3,100	JFE Holdings, Inc.		36,000
	11,630	Kinross Gold Corp.		47,420
	4,089	Lundin Mining Corp.		25,100
	1,374	Mineral Resources, Ltd.		72,262
	6,151	Newcrest Mining, Ltd.		85,738
	5,797	Newmont Corp.		273,619


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	6,300	Nippon Steel Corp.	$	109,706
	10,117	Norsk Hydro ASA		75,866
	10,215	Northern Star Resources, Ltd.		74,784
	2,004	Nucor Corp.		264,147
	1,988	Pan American Silver Corp.		32,453
	18,950	Pilbara Minerals, Ltd.*		48,278
	8,309	Rio Tinto plc		582,887
	2,683	Rio Tinto, Ltd.		211,401
	33,569	South32, Ltd.		90,848
	1,344	Steel Dynamics, Inc.		131,309
	1,800	Sumitomo Metal & Mining Co., Ltd.		64,045
	3,432	Teck Cominco, Ltd., Class B		129,720
	522	Voestalpine AG		13,777
	3,566	Wheaton Precious Metals Corp.		139,342

				6,256,331

Mortgage Real Estate Investment Trusts (REITs) (0.0%^†):
	3,231	Annaly Capital Management, Inc.		68,109

Multiline Retail (0.5%):
	380	Canadian Tire Corp., Class A		39,718
	1,656	Dollar General Corp.		407,790
	1,621	Dollar Tree, Inc.*		229,274
	2,154	Dollarama, Inc.		125,997
	1,084	Next plc		76,309
	2,700	Pan Pacific International Holdings Corp.		50,129
	3,445	Target Corp.		513,443
	8,710	Wesfarmers, Ltd.		271,916

				1,714,576

Multi-Utilities (0.9%):
	5,519	Algonquin Power & Utilities Corp.		35,956
	1,818	Ameren Corp.		161,657
	993	Canadian Utilities, Ltd., Class A		26,883
	4,513	CenterPoint Energy, Inc.		135,345
	2,272	CMS Energy Corp.		143,886
	2,627	Consolidated Edison, Inc.		250,379
	5,949	Dominion Energy, Inc.		364,793
	1,419	DTE Energy Co.		166,775
	16,775	E.ON SE		167,398
	13,314	Engie Group		190,683
	27,699	National Grid plc		332,632
	2,801	NiSource, Inc.		76,803
	3,719	Public Service Enterprise Group, Inc.		227,863
	4,789	RWE AG		212,921
	2,386	Sempra Energy		368,733
	5,246	Veolia Environnement SA		134,753
	2,413	WEC Energy Group, Inc.		226,243

				3,223,703

Oil, Gas & Consumable Fuels (5.4%):
	2,453	Aker BP ASA		76,558
	2,317	Ampol, Ltd.		44,465
	2,300	APA Corp.		107,364
	5,374	ARC Resources, Ltd.		72,445
	139,588	BP plc		811,564
	2,896	Cameco Corp.		65,651
	8,377	Canadian Natural Resources, Ltd.		465,258
	10,066	Cenovus Energy, Inc.		195,327
	1,707	Cheniere Energy, Inc.		255,982


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	767	Chesapeake Energy Corp.	$	72,382
	13,771	Chevron Corp.		2,471,757
	9,474	ConocoPhillips		1,117,932
	5,813	Coterra Energy, Inc.		142,825
	4,680	Devon Energy Corp.		287,867
	1,284	Diamondback Energy, Inc.		175,626
	14,781	Enbridge, Inc.		577,789
	22,150	ENEOS Holdings, Inc.		75,430
	18,950	ENI SpA		270,648
	4,358	EOG Resources, Inc.		564,448
	2,651	EQT Corp.		89,683
	7,020	Equinor ASA		252,110
	30,766	Exxon Mobil Corp.		3,393,490
	2,889	Galp Energia SGPS SA		39,087
	2,111	Hess Corp.		299,382
	1,215	HF Sinclair Corp.		63,046
	1,482	Idemitsu Kosan Co., Ltd.		34,686
	1,615	Imperial Oil, Ltd.		78,674
	7,500	INPEX Corp.		80,042
	2,058	Keyera Corp.		44,982
	14,817	Kinder Morgan, Inc.		267,891
	5,059	Marathon Oil Corp.		136,947
	3,724	Marathon Petroleum Corp.		433,436
	2,993	Neste Oyj		138,221
	6,920	Occidental Petroleum Corp.		435,891
	981	OMV AG		50,648
	3,289	ONEOK, Inc.		216,087
	1,899	Ovintiv, Inc.		96,298
	1,471	Parkland Corp.		32,282
	4,263	Pembina Pipeline Corp.		144,724
	3,584	Phillips 66		373,023
	1,647	Pioneer Natural Resources Co.		376,158
	10,226	Repsol SA		162,993
	24,668	Santos, Ltd.		120,932
	53,587	Shell plc		1,522,496
	10,007	Suncor Energy, Inc.		317,477
	1,697	Targa Resources Corp.		124,730
	7,383	TC Energy Corp.^		294,382
	48	Texas Pacific Land Corp.		112,523
	18,465	TotalEnergies SE^		1,152,332
	2,246	Tourmaline Oil Corp.		113,345
	3,011	Valero Energy Corp.		381,975
	1,889	Washington H. Soul Pattinson & Co., Ltd.		35,535
	8,886	Williams Cos., Inc.		292,349
	14,440	Woodside Energy Group, Ltd.		348,410

				19,907,585

Paper & Forest Products (0.1%):
	734	Holmen AB, B Shares		29,217
	3,443	Mondi plc		58,462
	8,500	Oji Holdings Corp.		34,389
	4,244	Stora Enso Oyj, Class R		59,949
	4,358	Svenska Cellulosa AB SCA, Class B		55,134
	3,774	UPM-Kymmene Oyj		141,452
	391	West Fraser Timber Co., Ltd.		28,238

				406,841


Shares			Value
Common Stocks, continued
Personal Products (0.7%):
	702	Beiersdorf AG	$	80,544
	1,725	Estee Lauder Cos., Inc. (The), Class A		427,990
	39,256	Haleon PLC*		156,986
	3,500	Kao Corp.		140,128
	200	Kobayashi Pharmaceutical Co., Ltd.		13,760
	300	Kose Corp.		32,596
	1,774	L’Oreal SA		636,319
	3,200	Shiseido Co., Ltd.		157,722
	18,810	Unilever plc		948,744

				2,594,789

Pharmaceuticals (6.0%):
	14,300	Astellas Pharma, Inc.		216,980
	11,474	AstraZeneca plc		1,556,867
	7,191	Bayer AG, Registered Shares		371,236
	15,874	Bristol-Myers Squibb Co.		1,142,134
	1,386	Catalent, Inc.*		62,384
	5,400	Chugai Pharmaceutical Co., Ltd.		137,235
	12,900	Daiichi Sankyo Co., Ltd.		413,476
	1,700	Eisai Co., Ltd.		111,365
	3,147	Elanco Animal Health, Inc.*		38,456
	5,963	Eli Lilly & Co.		2,181,504
	30,172	GSK PLC		524,574
	1,106	Hikma Pharmaceuticals plc		20,764
	1,722	Horizon Therapeutics plc*		195,964
	283	Ipsen SA		30,494
	423	Jazz Pharmaceuticals plc*		67,388
	19,439	Johnson & Johnson		3,433,899
	2,500	Kyowa Kirin Co., Ltd.		57,519
	18,777	Merck & Co., Inc.		2,083,308
	999	Merck KGaA		193,439
	200	Nippon Shinyaku Co., Ltd.		11,397
	16,021	Novartis AG, Registered Shares		1,451,596
	12,225	Novo Nordisk A/S, Class B		1,655,550
	2,500	Ono Pharmaceutical Co., Ltd.		58,491
	612	Orion Oyj, Class B		33,541
	2,900	Otsuka Holdings Co., Ltd.		94,427
	41,563	Pfizer, Inc.		2,129,688
	990	Recordati SpA		41,146
	5,247	Roche Holding AG		1,649,378
	187	Roche Holding AG		72,495
	2,394	Royalty Pharma plc, Class A		94,611
	8,423	Sanofi		814,899
	2,000	Shionogi & Co., Ltd.		99,512
	11,050	Takeda Pharmacuetical Co., Ltd.		345,189
	5,622	Teva Pharmaceutical Industries, Ltd., ADR*		51,273
	950	UCB SA		74,816
	9,546	Viatris, Inc.		106,247
	3,531	Zoetis, Inc.		517,468

				22,140,710

Professional Services (0.8%):
	1,432	Adecco Group AG		47,103
	973	Booz Allen Hamilton Holding Corp.		101,698
	1,956	Bureau Veritas SA		51,471
	3,091	Clarivate plc*		25,779
	2,990	CoStar Group, Inc.*		231,067
	922	Equifax, Inc.		179,200


Shares			Value
Common Stocks, continued
Professional Services, continued
	6,700	Experian plc	$	228,043
	1,287	Intertek Group plc		62,802
	867	Jacobs Solutions, Inc.		104,101
	995	Leidos Holdings, Inc.		104,664
	2,800	Nihon M&A Center, Inc.		34,736
	1,300	Persol Holdings Co., Ltd.		27,612
	710	Randstad NV		43,351
	10,600	Recruit Holdings Co., Ltd.		337,172
	14,545	RELX plc		402,895
	825	Robert Half International, Inc.		60,910
	47	SGS SA, Registered Shares		108,850
	412	Teleperformance		98,300
	1,201	Thomson Reuters Corp.		137,027
	1,541	TransUnion		87,452
	1,122	Verisk Analytics, Inc.		197,943
	2,011	Wolters Kluwer NV		210,037

				2,882,213

Real Estate Management & Development (0.5%):
	9,234	Aroundtown SA		21,553
	116	Azrieli Group		7,718
	24,400	Capitaland Investment, Ltd.		67,493
	2,310	CBRE Group, Inc., Class A*		177,778
	3,700	City Developments, Ltd.		22,662
	14,000	CK Asset Holdings, Ltd.		86,200
	200	Daito Trust Construction Co., Ltd.		20,558
	4,200	Daiwa House Industry Co., Ltd.		96,387
	18,800	ESR Cayman, Ltd.		39,463
	3,858	Fastighets AB Balder, B Shares*		18,064
	257	FirstService Corp.		31,477
	11,000	Hang Lung Properties, Ltd.		21,358
	13,324	Henderson Land Development Co., Ltd.		46,525
	6,600	Hongkong Land Holdings, Ltd.		30,268
	2,400	Hulic Co., Ltd.		18,891
	666	LEG Immobilien SE		43,395
	4,109	Lend Lease Group		21,900
	9,300	Mitsubishi Estate Co., Ltd.		120,367
	7,400	Mitsui Fudosan Co., Ltd.		135,211
	8,827	New World Development Co., Ltd.		24,886
	1,000	Nomura Real Estate Holdings, Inc.		21,382
	1,352	Sagax AB, Class B		30,810
	24,117	Sino Land Co., Ltd.		30,039
	2,100	Sumitomo Realty & Development Co., Ltd.		49,454
	10,000	Sun Hung Kai Properties, Ltd.		136,854
	5,000	Swire Pacific, Ltd., Class A		43,855
	9,200	Swire Properties, Ltd.		23,276
	702	Swiss Prime Site AG		60,972
	1,769	UOL Group, Ltd.		8,886
	5,641	Vonovia SE		132,925
	15,000	Wharf Real Estate Investment Co., Ltd.		87,457
	1,442	Zillow Group, Inc., Class C*		46,447

				1,724,511

Road & Rail (1.2%):
	11,052	Aurizon Holdings, Ltd.		27,870
	4,338	Canadian National Railway Co.		515,382
	6,840	Canadian Pacific Railway, Ltd.		510,196
	1,100	Central Japan Railway Co.		135,345


Shares			Value
Common Stocks, continued
Road & Rail, continued
	15,840	CSX Corp.	$	490,723
	1,371	DSV A/S		217,487
	2,300	East Japan Railway Co.		131,251
	8,772	Grab Holdings, Ltd.*		28,246
	2,100	Hankyu Hanshin Holdings, Inc.		62,442
	653	JB Hunt Transport Services, Inc.		113,857
	1,000	Keio Corp.		36,773
	900	Keisei Electric Railway Co., Ltd.		25,748
	1,000	Kintetsu Group Holdings Co., Ltd.		33,151
	1,035	Knight-Swift Transportation Holdings, Inc.		54,244
	10,500	MTR Corp., Ltd.		55,635
	700	Nippon Express Holdings Co., Ltd.		39,925
	1,774	Norfolk Southern Corp.		437,149
	2,700	Odakyu Electric Railway Co., Ltd.		35,197
	673	Old Dominion Freight Line, Inc.		190,984
	703	TFI International, Inc.		70,419
	900	Tobu Railway Co., Ltd.		21,076
	4,600	Tokyu Corp.		57,945
	11,124	Uber Technologies, Inc.*		275,097
	612	U-Haul Holding Co.		33,648
	4,628	Union Pacific Corp.		958,320
	1,500	West Japan Railway Co.		65,480

				4,623,590

Semiconductors & Semiconductor Equipment (4.2%):
	12,078	Advanced Micro Devices, Inc.*		782,292
	1,400	Advantest Corp.		90,398
	3,849	Analog Devices, Inc.		631,352
	6,450	Applied Materials, Inc.		628,101
	312	ASM International NV		78,975
	3,024	ASML Holding NV		1,636,667
	2,977	Broadcom, Inc.		1,664,530
	200	Disco Corp.		57,502
	975	Enphase Energy, Inc.*		258,336
	1,138	Entegris, Inc.		74,641
	717	First Solar, Inc.*		107,399
	9,771	Infineon Technologies AG		297,560
	30,676	Intel Corp.		810,767
	1,049	KLA Corp.		395,505
	1,030	Lam Research Corp.		432,909
	500	Lasertec Corp.		83,064
	6,392	Marvell Technology, Inc.		236,760
	4,040	Microchip Technology, Inc.		283,810
	8,041	Micron Technology, Inc.		401,889
	349	Monolithic Power Systems, Inc.		123,410
	18,481	NVIDIA Corp.		2,700,813
	1,996	NXP Semiconductors NV		315,428
	3,139	ON Semiconductor Corp.*		195,779
	710	Qorvo, Inc.*		64,354
	8,315	Qualcomm, Inc.		914,151
	8,700	Renesas Electronics Corp.*		78,638
	800	ROHM Co., Ltd.		57,098
	1,188	Skyworks Solutions, Inc.		108,262
	385	SolarEdge Technologies, Inc.*		109,059
	5,179	STMicroelectronics NV		184,087
	2,600	SUMCO Corp.		34,795
	1,093	Teradyne, Inc.		95,474
	6,748	Texas Instruments, Inc.		1,114,905


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,100	Tokyo Electron, Ltd.	$	326,820
	853	Tower Semiconductor, Ltd.*		37,275
	928	Wolfspeed, Inc.*		64,069

				15,476,874

Software (6.3%):
	3,491	Adobe, Inc.*		1,174,826
	650	ANSYS, Inc.*		157,033
	217	Aspen Technology, Inc.*		44,572
	1,651	Autodesk, Inc.*		308,522
	1,063	AVEVA Group plc		41,279
	1,586	Bentley Systems, Inc., Class B		58,619
	627	Bill.com Holdings, Inc.*		68,318
	2,006	Cadence Design Systems, Inc.*		322,244
	1,003	Ceridian HCM Holding, Inc.*		64,342
	748	Check Point Software Technologies, Ltd.*		94,368
	1,927	Cloudflare, Inc., Class A*		87,120
	146	Constellation Software, Inc.		227,979
	1,478	Crowdstrike Holdings, Inc., Class A*		155,619
	382	CyberArk Software, Ltd.*		49,526
	5,166	Dassault Systemes SE		186,296
	1,767	Datadog, Inc., Class A*		129,874
	633	Descartes Systems GRP The*		44,134
	1,635	DocuSign, Inc.*		90,612
	1,999	Dropbox, Inc., Class A*		44,738
	1,323	Dynatrace, Inc.*		50,671
	188	Fair Isaac Corp.*		112,533
	4,868	Fortinet, Inc.*		237,996
	4,346	Gen Digital, Inc.		93,135
	370	HubSpot, Inc.*		106,978
	1,968	Intuit, Inc.		765,985
	52,469	Microsoft Corp.		12,583,116
	423	Nemetschek SE		21,602
	487	Nice, Ltd.*		94,541
	2,016	Open Text Corp.		59,744
	11,751	Oracle Corp.		960,527
	300	Oracle Corp.		19,522
	12,569	Palantir Technologies, Inc., Class A*		80,693
	2,229	Palo Alto Networks, Inc.*		311,035
	355	Paycom Software, Inc.*		110,160
	310	Paylocity Holding Corp.*		60,221
	818	PTC, Inc.*		98,193
	767	Roper Technologies, Inc.		331,413
	7,580	Sage Group plc (The)		68,060
	7,465	Salesforce, Inc.*		989,784
	7,757	SAP SE		800,404
	1,476	ServiceNow, Inc.*		573,086
	1,311	Splunk, Inc.*		112,864
	1,810	SS&C Technologies Holdings, Inc.		94,229
	1,109	Synopsys, Inc.*		354,093
	617	Temenos AG		34,092
	3,431	The Trade Desk, Inc., Class A*		153,812
	800	Trend Micro, Inc.		37,415
	326	Tyler Technologies, Inc.*		105,106
	1,496	Unity Software, Inc.*^		42,771
	1,648	VMware, Inc., Class A*		202,308
	656	WiseTech Global, Ltd.		22,616
	1,476	Workday, Inc., Class A*		246,979


Shares			Value
Common Stocks, continued
Software, continued
	951	Xero, Ltd.*	$	45,386
	1,593	Zoom Video Communications, Inc., Class A*		107,910
	663	Zscaler, Inc.*		74,190

				23,513,191

Specialty Retail (1.8%):
	492	Advance Auto Parts, Inc.		72,339
	145	AutoZone, Inc.*		357,596
	1,673	Bath & Body Works, Inc.		70,500
	1,401	Best Buy Co., Inc.		112,374
	521	Burlington Stores, Inc.*		105,638
	1,320	CarMax, Inc.*		80,375
	400	Fast Retailing Co., Ltd.		242,439
	5,397	Hennes & Mauritz AB, Class B		58,291
	100	Hikari Tsushin, Inc.		14,070
	7,577	Home Depot, Inc. (The)		2,393,271
	8,388	Industria de Diseno Textil SA		223,325
	17,355	JD Sports Fashion plc		26,486
	12,728	Kingfisher plc		36,419
	4,636	Lowe’s Cos., Inc.		923,677
	700	Nitori Co., Ltd.		90,798
	466	O’Reilly Automotive, Inc.*		393,318
	2,619	Ross Stores, Inc.		303,987
	8,557	TJX Cos., Inc. (The)		681,137
	839	Tractor Supply Co.		188,750
	379	Ulta Beauty, Inc.*		177,777
	1,700	USS Co., Ltd.		26,945

				6,579,512

Technology Hardware, Storage & Peripherals (4.5%):
	119,014	Apple, Inc.		15,463,489
	2,300	Brother Industries, Ltd.		34,809
	7,200	Canon, Inc.		155,709
	2,057	Dell Technologies, Inc., Class C		82,732
	2,500	FUJIFILM Holdings Corp.		126,152
	9,133	Hewlett Packard Enterprise Co.		145,763
	7,570	HP, Inc.		203,406
	1,306	Logitech International SA, Class R		81,082
	1,800	NEC Corp.		62,987
	1,731	NetApp, Inc.		103,964
	3,600	Ricoh Co., Ltd.		27,617
	1,662	Seagate Technology Holdings plc		87,438
	2,200	Seiko Epson Corp.		31,938
	2,418	Western Digital Corp.*		76,288

				16,683,374

Textiles, Apparel & Luxury Goods (1.2%):
	1,353	Adidas AG		184,672
	2,664	Burberry Group plc		65,081
	3,851	Cie Financiere Richemont SA		498,476
	1,244	Gildan Activewear, Inc.		34,073
	229	Hermes International SA		353,329
	558	Kering		285,534
	888	Lululemon Athletica, Inc.*		284,497
	2,053	LVMH Moet Hennessy Louis Vuitton SA		1,491,179
	1,545	Moncler SpA		82,230
	9,301	NIKE, Inc., Class B		1,088,310
	733	Pandora A/S		51,724
	767	Puma SE		46,536


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	116	Swatch Group AG (The)	$	6,052
	267	Swatch Group AG (The), Class B		75,821
	2,243	VF Corp.		61,929

				4,609,443

Tobacco (0.7%):
	13,296	Altria Group, Inc.		607,760
	15,951	British American Tobacco plc		632,717
	6,629	Imperial Brands plc, Class A		165,588
	8,600	Japan Tobacco, Inc.		173,919
	11,583	Philip Morris International, Inc.		1,172,315

				2,752,299

Trading Companies & Distributors (0.7%):
	1,088	AerCap Holdings NV*		63,452
	3,135	Ashtead Group plc		179,054
	1,133	Brenntag AG		72,429
	2,452	Bunzl plc		81,824
	4,413	Fastenal Co.		208,823
	1,574	Ferguson plc		198,822
	478	IMCD NV		68,266
	2,137	Indutrade AB		43,450
	8,600	Itochu Corp.		268,936
	11,600	Marubeni Corp.		132,582
	9,600	Mitsubishi Corp.		310,624
	10,200	Mitsui & Co., Ltd.		296,633
	1,400	MonotaRo Co., Ltd.		19,800
	1,239	Reece, Ltd.		11,913
	9,000	Sumitomo Corp.		149,262
	731	Toromont Industries, Ltd.		52,760
	1,400	Toyota Tsushu Corp.		51,328
	526	United Rentals, Inc.*		186,951
	355	W.W. Grainger, Inc.		197,469

				2,594,378

Transportation Infrastructure (0.1%):
	546	Aena SME SA*		68,754
	215	Aeroports de Paris*		28,910
	8,354	Auckland International Airport, Ltd.*		41,490
	2,993	Getlink SE		47,955
	23,513	Transurban Group		207,578

				394,687

Water Utilities (0.1%):
	1,396	American Water Works Co., Inc.		212,778
	1,666	Essential Utilities, Inc.		79,518


Shares			Value
Common Stocks, continued
Water Utilities, continued
	2,208	Severn Trent plc	$	70,795
	4,770	United Utilities Group plc		57,187

				420,278

Wireless Telecommunication Services (0.5%):
	11,800	KDDI Corp.		356,699
	2,761	Rogers Communications, Inc., Class B		129,240
	21,500	Softbank Corp.		243,132
	9,000	SoftBank Group Corp.		381,191
	4,629	Tele2 AB		37,738
	4,667	T-Mobile US, Inc.*		653,380
	187,324	Vodafone Group plc		189,844

				1,991,224

	Total Common Stocks (Cost $351,911,058)			369,441,405

Preferred Stocks (0.1%):
Automobiles (0.1%):
	526	Bayerische Motoren Werke AG (BMW), 7.32%, 5/15/20		44,791
	1,151	Porsche Automobil Holding SE, 5.00%, 5/20/20		63,137
	1,330	Volkswagen AG, 6.49%, 5/8/20		165,746

				273,674

Household Products (0.0%^†):
	1,314	Henkel AG & Co. KGaA, 2.84%, 4/21/20		91,460

	Total Preferred Stocks (Cost $551,377)			365,134

Short-Term Security Held as Collateral for Securities on Loan (0.6%):
	2,246,682	BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b)		2,246,682

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,246,682)			2,246,682

Unaffiliated Investment Company (0.3%):
Money Markets (0.3%):
	1,059,186	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b)		1,059,186

	Total Unaffiliated Investment Company (Cost $1,059,186)			1,059,186

	Total Investment Securities (Cost $355,768,303) — 100.3%(c)			373,112,407
	Net other assets (liabilities) — (0.3)%			(1,078,286	)

	Net Assets — 100.0%		$	372,034,121

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, 2022:


Country	Percentage

Argentina		0.1	%

Australia		2.2	%

Austria		—	%^†

Belgium		0.3	%

Bermuda		0.1	%

Canada		3.6	%

China		—	%^†

Denmark		0.8	%

Finland		0.4	%

France		3.1	%

Germany		2.3	%

Hong Kong		0.8	%

Ireland		0.9	%

Isle of Man		—	%^†

Israel		0.2	%

Italy		0.6	%


Country	Percentage

Japan		6.2	%

Jersey		—	%^†

Liberia		—	%^†

Luxembourg		0.1	%

Netherlands		2.2	%

New Zealand		0.1	%

Norway		0.2	%

Panama		—	%^†

Portugal		0.1	%

Singapore		0.4	%

Spain		0.7	%

Sweden		0.9	%

Switzerland		3.3	%

United Kingdom		4.4	%

United States		66.0	%

		100.0	%

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in non-affiliates, at cost	$	354,376,395
Investments in affiliates, at cost		1,391,908

Investments in non-affiliates, at value(a)	$	371,672,687
Investments in affiliates, at value		1,439,720
Cash		17,385
Deposit at broker for futures contracts collateral		152,027
Interest and dividends receivable		351,616
Foreign currency, at value (cost $877,736)		902,781
Receivable for investments sold		12,844
Reclaims receivable		259,054
Prepaid expenses		1,240

Total Assets		374,809,354

Liabilities:
Payable for capital shares redeemed		292,187
Payable for collateral received on loaned securities		2,246,682
Payable for variation margin on futures contracts		15,262
Management fees payable		100,083
Administration fees payable		32,263
Distribution fees payable		72,075
Custodian fees payable		3,291
Administrative and compliance services fees payable		448
Transfer agent fees payable		806
Trustee fees payable		1,120
Other accrued liabilities		11,016

Total Liabilities		2,775,233

Net Assets	$	372,034,121

Net Assets Consist of:
Paid in capital	$	351,271,568
Total distributable earnings		20,762,553

Net Assets	$	372,034,121

Class 1
Net Assets	$	39,839,288
Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,456,339
Net Asset Value (offering and redemption price per share)	$	7.30

Class 2
Net Assets	$	332,194,833
Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,553,386
Net Asset Value (offering and redemption price per share)	$	12.51

(a)	Includes securities on loan of $2,128,028.

Statement of Operations

For the Year Ended December 31, 2022


Investment Income:
Dividends from non-affiliates	$	8,929,477
Dividends from affiliates		60,275
Income from securities lending		33,158
Foreign withholding tax		(508,960	)

Total Investment Income		8,513,950

Expenses:
Management fees		2,922,910
Administration fees		93,769
Distribution fees — Class 2		933,419
Custodian fees		49,723
Administrative and compliance services fees		6,264
Transfer agent fees		13,620
Trustee fees		25,441
Professional fees		18,744
Licensing fees		127,049
Shareholder reports		6,158
Other expenses		12,133

Total expenses before reductions		4,209,230
Less Management fees contractually waived		(1,628,472	)

Net expenses		2,580,758

Net Investment Income/(Loss)		5,933,192

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		703,914
Net realized gains/(losses) on affiliated transactions		(14,690	)
Net realized gains/(losses) on futures contracts		(153,739	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(97,479,260	)
Change in net unrealized appreciation/depreciation on affiliated transactions		(325,705	)
Change in net unrealized appreciation/depreciation on futures contracts		(72,467	)

Net realized and Change in net unrealized gains/losses on investments		(97,341,947	)

Change in Net Assets Resulting From Operations	$	(91,408,755	)

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 MSCI Global Equity Index 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 period, 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.

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 $2,844 during the year ended December 31, 2022. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,246,682 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

During the period ended December 31, 2021, the Fund issued 5,301,367 shares valued at $53,013,674, and 10,251,349 shares valued at $162,355,745, of Class 1 and Class 2, respectively, in exchange for $22,088,755 in cash, and securities with a fair market value of $193,280,664, received from shareholders of the Templeton Growth VIP Fund. The Fund did not issue subscriptions in-kind for the year ended December 31, 2022.

During the year ended December 31, 2022, 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 year ended December 31, 2022, the monthly average notional amount for long contracts was $2.9 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.