N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22811

Bridge Builder Trust

(Exact name of registrant as specified in charter)

Bridge Builder Trust

12555 Manchester Road

Des Peres, MO, 63131

(Address of principal executive offices)

Scott K. Richardson, Secretary

Bridge Builder Trust

c/o 12555 Manchester Road

Des Peres, MO 63131

(Name and address of Agent for service)

Registrant’s telephone number, including area code: (314) 515-0790

Date of fiscal year end: June 30

Date of reporting period: June 30, 2021

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORT TO SHAREHOLDERS

The following is a copy of the Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”)(17 CFR 270.30e-1).

Bridge Builder Core Bond Fund Bridge Builder Core Plus Bond Fund Bridge Builder Municipal Bond Fund Bridge Builder Large Cap Growth Fund Bridge Builder Large Cap Value Fund Bridge Builder Small/Mid Cap Growth Fund Bridge Builder Small/Mid Cap Value Fund Bridge Builder International Equity Fund

Table of Contents

	Page
Letter to Shareholders	1
Management’s Discussion of Fund Performance
Bridge Builder Core Bond Fund	2
Bridge Builder Core Plus Bond Fund	4
Bridge Builder Municipal Bond Fund	7
Bridge Builder Large Cap Growth Fund	10
Bridge Builder Large Cap Value Fund	12
Bridge Builder Small/Mid Cap Growth Fund	14
Bridge Builder Small/Mid Cap Value Fund	16
Bridge Builder International Equity Fund	19
Bridge Builder Mutual Funds	22
Fund Expense Examples	24
Summary Schedule of Investments
Bridge Builder Core Bond Fund	25
Bridge Builder Core Plus Bond Fund	29
Bridge Builder Municipal Bond Fund	41
Bridge Builder Large Cap Growth Fund	45
Bridge Builder Large Cap Value Fund	47
Bridge Builder Small/Mid Cap Growth Fund	49
Bridge Builder Small/Mid Cap Value Fund	51
Bridge Builder International Equity Fund	53
Statements of Assets and Liabilities	56
Statements of Operations	58
Statements of Changes in Net Assets	60
Financial Highlights	64
Notes to Financial Statements	66
Report of Independent Registered Public Accounting Firm	97
Trustees and Officers	98
Board Considerations of the Investment Advisory Agreement and Sub-advisory Agreements	101
Liquidity Risk Management Program	113
General Information	115
Privacy Notice	117

Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Letter to Shareholders (Unaudited)

Dear Shareholder,

It is our pleasure to provide you with the Bridge Builder Mutual Funds (“Funds” or individually a “Fund”) annual report for the fiscal year ended June 30, 2021. In this report you will find fund performance information, summaries of portfolio holdings, financial statements and other important information about each of the Funds.

For details about individual fund performance and market commentary, please refer to the Management’s Discussion of Fund Performance section of this report for each Fund.

The Funds are available exclusively through Edward Jones Advisory Solutions^®, an asset allocation program providing investment advisory services. Each Fund uses a multi-manager sub-advised structure, where several leading asset management firms are selected to invest a portion of a Fund’s assets. Each manager within a Fund brings a unique perspective and investment approach. The Funds are managed according to the key tenets of our investment philosophy: diversification, high quality and a long-term approach.

All of the Funds’ sub-advisers are selected by Olive Street Investment Advisers, LLC (“Olive Street” or “Adviser”), an affiliate of Edward Jones, and approved by the Funds’ Board of Trustees. Olive Street strives to combine complementary investment styles, performance patterns and portfolio characteristics that have generally demonstrated a track record of success.

Since the inception of the Funds in 2013, they have provided investors in Edward Jones Advisory Solutions^® with several important benefits. These benefits include: manager selection with oversight by Edward Jones’ Portfolio Solutions and Investment Management Research teams, access to certain institutional managers and investment strategies that are not available in the retail mutual fund marketplace, the ability to make changes among managers within the Funds in a cost-efficient manner, and lower gross expense ratios compared to Morningstar^@ category medians. As a result, your ownership of the Funds as part of the Edward Jones Advisory Solutions^® has played an important role in the performance of your account.

Over the course of the past 12-months, there have been certain changes to the Funds’ lineup of sub-advisers. In January of 2021, MacKay Shields LLC replaced Wells Capital Management, Inc. as a sub-adviser to the Bridge Builder Municipal Bond Fund. In June 2021, Marathon Asset Management LLP replaced Edinburgh Partners Limited as a sub-adviser to the Bridge Builder International Equity Fund and American Century Investment Management, Inc. was added as a sub-adviser to the Bridge Builder Small/Mid Cap Value Fund.

For additional information about the Funds, visit www.bridgebuildermutualfunds.com.

We look forward to playing an important role in helping you pursue your financial goals.

Sincerely,

William Fiala

Chairman, Bridge Builder Trust

Tom Kersting

President, Olive Street Investment Advisers, LLC

Principal, Edward Jones Investment, Protection & Retirement Products

Annual Report  •  June 30, 2021 1

Bridge Builder Core Bond Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Core Bond Fund (the “Fund”) is to provide total return (capital appreciation plus income).

Summary of the Investment Strategy

The Fund’s assets are allocated across different fixed-income market sectors and maturities. Most of the Fund’s investments are fixed-income securities issued or guaranteed by the U.S. government or its agencies, corporate bonds, asset-backed securities, privately-issued securities, floating rate securities and mortgage-related and mortgage-backed securities. The Fund may invest in securities issued by foreign entities, including emerging market securities. The Fund employs a multi-manager sub-advised structure.

Investment Commentary

The Fund returned 1.18% during the fiscal year ended June 30, 2021. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned -0.33% during the same period.

The second half of 2020 saw a continuation of record levels of monetary and fiscal policy support, while the global economy began to recover from the COVID-19 pandemic and its material impact on the economy and financial markets. To help support the recovery, the U.S. Federal Reserve (the “Fed”) maintained short-term interest rates near zero throughout the fiscal year and the U.S. Government continued to implement a variety of fiscal measures to help stabilize the economy.

Toward the end of 2020, optimism about the availability and efficacy of multiple vaccines and confidence in a continued economic recovery helped to support spread sectors, which performed well throughout the fiscal year. Conversely, accommodative monetary policy, a rebound in inflation measures from extreme lows reached during the depths of the COVID-19 sell-off, and higher growth expectations put upward pressure on interest rates throughout the fiscal year. While interest rates remained anchored in the front-end, long-term yields experienced heightened volatility and moved meaningfully higher, resulting in losses for intermediate and long-term U.S. Treasury bonds for the fiscal year. Higher rates spilled over to other high-quality sectors of the market as well, resulting in modest losses for U.S. agency mortgage-backed securities. As a result, the Bloomberg Barclays U.S. Aggregate Bond Index also generated a modestly negative return for the fiscal year. Rate movements were more subdued in other developed non-U.S. bond markets, and foreign government bonds outperformed U.S. Treasury bonds, while the U.S. dollar depreciated relative to most other developed-markets currencies during the period.

Despite the challenging U.S. rate environment, tighter credit spreads across the quality spectrum meant that most other fixed-income sectors posted positive returns during the fiscal year. Lower quality sectors such as below-investment-grade bonds and loans as well as hard-currency emerging market bonds generated strong gains and outperformed the Index by a wide margin. Meanwhile, a strong recovery in inflation expectations throughout the fiscal year supported gains for U.S. Treasury Inflation-Protected Securities (“U.S. TIPS”) which meaningfully outperformed nominal U.S. Treasuries during the period.

Against this backdrop, the Fund outperformed its benchmark by 1.51% over the fiscal year. The outperformance was primarily driven by an overweight to investment grade bonds, asset-backed securities, and commercial mortgage-backed securities. Security selection within those sectors was also a leading driver of outperformance over the fiscal year. Yield-curve positioning added to performance as well as the Fund maintained lower sensitivity to interest rates compared to the benchmark throughout most of the period amid a sell-off in interest-rate sensitive assets.

Investment Sub-advisers

Robert W. Baird & Co. Inc. utilizes a structured, risk-controlled philosophy with a disciplined duration approach to invest its allocated portion of the Fund’s assets. J.P. Morgan Investment Management, Inc. incorporates a bottom-up, value-oriented approach in managing its allocated portion of the Fund’s assets. Loomis, Sayles & Company, L.P. employs an investment philosophy that focuses on relative value investing on a risk-adjusted basis, seeking to add value for clients primarily through security selection while managing top-down risks in the portfolio. PGIM, Inc. uses a team approach to attempt to add value by tilting toward fixed-income sectors that it believes are attractive and by utilizing its extensive research capabilities to choose attractive fixed-income securities within sectors.

2 Annual Report  •  June 30, 2021

Bridge Builder Core Bond Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Core Bond Fund from its inception (October 28, 2013) to June 30, 2021 as compared with the Bloomberg Barclays U.S. Aggregate Bond Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Bloomberg Barclays U.S. Aggregate Bond Index

Average Annual Total Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (10/28/2013)
Bridge Builder Core Bond Fund		1.18	%		3.63	%		3.85	%
Bloomberg Barclays U.S. Aggregate Bond Index		-0.33	%		3.03	%		3.37	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.34%⁽¹⁾ and 0.13%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Portfolio Characteristics ⁽³⁾

Security Type Breakdown	(% of Investments)
Mortgage-Backed Obligations		33.2	%
Corporate Bonds		31.3
Government Related		18.7
Asset-Backed Obligations		10.3
Short-Term Investments		6.5
Preferred Stocks		0.0	*

^*  Amount less than 0.05%.

Annual Report  •  June 30, 2021 3

Bridge Builder Core Plus Bond Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Core Plus Bond Fund (the “Fund”) is to provide total return (capital appreciation plus income).

Summary of the Investment Strategy

The Fund’s assets are allocated across different fixed-income market sectors and maturities. Most of the Fund’s investments are fixed-income securities issued or guaranteed by the U.S. government or its agencies, corporate bonds, asset-backed securities, privately-issued securities, floating rate securities, and mortgage-related and mortgage-backed securities. The Fund may invest in high-yield securities deemed below investment grade, and securities issued by foreign entities, including emerging market securities. The Fund employs a multi-manager sub-advised structure.

Investment Commentary

The Fund returned 3.18% during the fiscal year ended June 30, 2021. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned -0.33% during the same period.

The second half of 2020 saw a continuation of record levels of monetary and fiscal policy support, while the global economy began to recover from the COVID-19 pandemic and its material impact on the economy and financial markets. To help support the recovery, the Fed maintained short-term interest rates near zero throughout the fiscal year and the U.S. Government continued to implement a variety of fiscal measures to help stabilize the economy.

Toward the end of 2020, optimism about the availability and efficacy of multiple vaccines and confidence in a continued economic recovery helped to support spread sectors, which performed well throughout the fiscal year. Conversely, accommodative monetary policy, a rebound in inflation measures from extreme lows reached during the depths of the COVID-19 sell-off, and higher growth expectations put upward pressure on interest rates throughout the fiscal year. While interest rates remained anchored in the front-end, long-term yields experienced heightened volatility and moved meaningfully higher, resulting in losses for intermediate- and long-term U.S. Treasury bonds for the fiscal year. Higher rates spilled over to other high-quality sectors of the market as well, resulting in modest losses for U.S. agency mortgage-backed securities. As a result, the Bloomberg Barclays U.S. Aggregate Bond Index also generated a modestly negative return for the fiscal year. Rate movements were more subdued in other developed non-U.S. bond markets, and foreign government bonds outperformed U.S. Treasury bonds, while the U.S. dollar depreciated relative to most other developed-markets currencies during the period.

Despite the challenging U.S. rate environment, tighter credit spreads across the quality spectrum meant that most other fixed-income sectors posted positive returns during the fiscal year. Lower quality sectors such as below-investment-grade bonds and loans as well as hard-currency emerging market bonds generated strong gains and outperformed the Index by a wide margin. Meanwhile, a strong recovery in inflation expectations throughout the fiscal year supported gains for US TIPS, which meaningfully outperformed nominal U.S. Treasuries during the period.

Against this backdrop, the Fund outperformed its benchmark by 3.51% over the fiscal year. The Fund’s overweight to credit sensitive sectors such as investment-grade and below-investment grade corporate bonds, bank loans, emerging market bonds, as well as non-agency mortgage-backed securities and asset-backed securities were strong contributors to performance during the fiscal year as credit spreads compressed across most risky sectors. Security selection within most sectors was also a very strong contributor to the outperformance relative to the benchmark. Also, the Fund’s lower interest-rate sensitivity compared to the benchmark throughout most of the period contributed to the overall performance as interest rates rose and more interest-rate sensitive instruments sold off.

4 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Investment Sub-advisers

Pacific Investment Management Company LLC seeks to achieve the Fund’s investment objective by investing in a multi-sector portfolio of fixed-income instruments of varying maturities, which may be represented by derivatives such as futures, forwards or swap contracts. Loomis, Sayles & Company, L.P. generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. Loomis Sayles relies primarily on issue selection as the key driver to investment performance. Loomis Sayles also analyzes different sectors of the economy and differences in the yields of various fixed-income securities in an effort to find securities that it believes may produce attractive returns in comparison to these securities’ risks. Metropolitan West Asset Management, LLC employs a value-oriented fixed-income management philosophy and an investment process predicated on a long-term economic outlook. T. Rowe Price Associates, Inc. emphasizes the value of in-depth fundamental research, diversification and risk management practices. T. Rowe Price’s strategy integrates top-down sector allocation with bottom-up security selection in pursuit of the Fund’s investment objective.

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Core Plus Bond

Fund from its inception (July 13, 2015) to June 30, 2021 as compared with the Bloomberg Barclays U.S. Aggregate Bond Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Bloomberg Barclays U.S. Aggregate Bond Index

Average Annual Total Returns of June 30, 2021

	1 Year			5 Years			Since Inception (7/13/2015)
Bridge Builder Core Plus Bond Fund		3.18	%		4.11	%		4.35	%
Bloomberg Barclays U.S. Aggregate Bond Index		-0.33	%		3.03	%		3.59	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.39%⁽¹⁾ and 0.16%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Annual Report  •  June 30, 2021 5

Bridge Builder Core Plus Bond Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Portfolio Characteristics ⁽³⁾

Security Type Breakdown	(% of Investments)
Corporate Bonds		30.4	%
Government Related		23.2
Mortgage-Backed Obligations		22.3
Short-Term Investments		12.5
Asset-Backed Obligations		8.5
Bank Loans		2.6
Convertible Securities		0.2
Convertible Preferred Stocks		0.1
Common Stocks		0.1
Preferred Stocks		0.1
Warrants		0.0	*

^*  Amount less than 0.05%.

6 Annual Report  •  June 30, 2021

Bridge Builder Municipal Bond Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Municipal Bond Fund (the “Fund”) is to provide current income exempt from federal tax, with a secondary goal of preservation of investment principal.

Summary of the Investment Strategy

The Fund invests, under normal conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. These municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes. Interest may be includable in taxable income for certain non-corporate taxpayers subject to the federal alternative minimum tax. The Fund employs a multi-manager sub-advised structure.

Investment Commentary

The Fund returned 5.19% during the fiscal year ended June 30, 2021. The Fund outperformed its benchmark, the Bloomberg Barclays Municipal 1-15 Year Index, which returned 3.08% during the same period.

The second half of 2020 saw a continuation of record levels of monetary and fiscal policy support, while the global economy began to recover from the COVID-19 pandemic and its material impact on the economy and financial markets. To help support the recovery, the Fed maintained short-term interest rates near zero throughout the fiscal year and the U.S. Government continued to implement a variety of fiscal measures to help stabilize the economy.

Toward the end of 2020, optimism about the availability and efficacy of multiple vaccines and confidence in a continued economic recovery helped to support spread sectors, which performed well throughout the fiscal year. Conversely, accommodative monetary policy, a rebound in inflation measures from extreme lows reached during the depths of the COVID-19 sell-off, and higher growth expectations put upward pressure on interest rates throughout the fiscal year. While interest rates remained anchored in the front-end, long-term yields experienced heightened volatility and moved meaningfully higher, resulting in losses for intermediate- and long-term U.S. Treasury bonds for the fiscal year. Municipal bond yields were more stable throughout the period amidst a continuation of fiscal aid to municipalities and a supportive technical environment with continued strong investor demand. As a result, investment-grade municipal bonds fared relatively well and generated modest gains. Given the supportive environment for risk assets and the strong technical backdrop, high-yield municipal bonds outperformed the investment-grade market by a significant margin with double-digit gains for the fiscal year.

Against this backdrop, the Fund outperformed its benchmark by 2.11% over the fiscal year. The Fund’s outperformance was driven by favorable credit positioning and security selection over the year. The Fund’s overweight exposures to lower quality investment grade bonds, as well as below investment grade issues drove outperformance versus the index, as BBB-rated and high-yield bonds outperformed higher quality segments of the market. Security selection across general obligation and revenue sectors also contributed meaningfully to performance.

Annual Report  •  June 30, 2021 7

Bridge Builder Municipal Bond Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Investment Sub-advisers

FlAM LLC allocates assets across different market sectors and maturities, normally investing in investment-grade municipal securities. When selecting investments, FlAM analyzes issuer credit quality, security-specific features, current and potential future valuation and trading opportunities. T. Rowe Price Associates Inc. uses an active investment management approach that emphasizes the value of in-depth fundamental credit research, diversification and risk management practices. By using fundamental research, T. Rowe Price seeks to add value through sector weights and issue selection over a full market cycle. MacKay Shields, LLC is a fundamental relative-value bond management boutique that believes strong long-term performance can be achieved through an actively managed, research-driven, relative-value approach. Their investment strategy combines a macroeconomic view coupled with credit research driven security selection. In doing so, the investment process seeks to identify mispricings and opportunities for total return with an emphasis on risk management. BlackRock Investment Management, LLC takes a top-down, bottom-up approach with a flexible investment framework. Their security selection process is based on the relative value outlook and the quantitative assessment of the security and portfolio. BlackRock seeks total return derived primarily from coupon interest, and secondarily, capital appreciation.

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Municipal Bond Fund from its inception (September 14, 2015) to June 30, 2021 as compared with the Bloomberg Barclays Municipal 1-15 Year Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Bloomberg Barclays Municipal 1-15 Year Index

Average Annual Total Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (9/14/2015)
Bridge Builder Municipal Bond Fund		5.19	%		3.11	%		3.63	%
Bloomberg Barclays Municipal 1-15 Year Index		3.08	%		2.82	%		3.37	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.38%⁽¹⁾ and 0.16%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

8 Annual Report  •  June 30, 2021

Bridge Builder Municipal Bond Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Portfolio Characteristics ⁽³⁾

Security Type Breakdown	(% of Investments)
General Revenue		28.4	%
Transportation		17.0
General Obligation		16.0
Healthcare		12.3
Utilities		8.3
Education		7.9
Short-Term Investments		5.4
Housing		4.7

Breakdown by State	(% of Long-Term Investments)
New York		10.4	%
Texas		8.6
Illinois		8.6
California		6.3
Florida		5.5
Pennsylvania		4.9
New Jersey		4.9
Georgia		3.3
Washington		3.2
Michigan		2.8
Other		41.5

Annual Report  •  June 30, 2021 9

Bridge Builder Large Cap Growth Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Large Cap Growth Fund (the “Fund”) is to provide capital appreciation.

Summary of the Investment Strategy

The Fund primarily invests in equity securities of large-capitalization companies, which are defined by the Fund as those companies whose market capitalizations at the time of purchase typically fall within the range of the Russell 1000^® Index. The Fund follows an investing style that favors growth investments and employs a multi-manager sub-advised structure.

Investment Commentary

For the fiscal year ended June 30, 2021, the Fund returned 41.44%, underperforming its benchmark, the Russell 1000^® Growth Index, which returned 42.50%.

For the year, within large capitalization growth stocks, energy and technology led the broad market. Conversely, utilities and consumer staples were the worst-performing sectors over the trailing year, although all sectors were positive. In addition, within the overall large capitalization portion of the market, value stocks outperformed growth stocks for the one-year period.

Compared to its benchmark, the Fund’s relative underperformance was driven predominantly by the underweight allocation to, and stock selection within, the technology sector. Stock selection within communication services was also another headwind to performance. Given the strong performance over the trailing year, cash drag was a meaningful headwind to relative performance versus the index.

Looking forward, we believe strong GDP and corporate earnings growth may be a tailwind for equities, but inflation fears and the Fed’s pivot toward slightly less aggressive policy stimulus may be potential headwinds. While the first rate hike in the U.S. might be still a way off, we expect global central banks to begin laying out a timeline for tapering monetary policy in late 2021. However, we believe there is still plenty of room for the world economy to expand. Growth will likely be moderate but remain robust, helping extend the economic and market cycles.

Investment Sub-advisers

Lazard Asset Management LLC invests primarily in equity securities of U.S. companies that have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. Sustainable Growth Advisers, LP seeks to identify large- capitalization companies that exhibit characteristics such as pricing power, repeat revenue streams and global reach that seem to have the potential for long-term earnings growth within the context of low business risk. Jennison Associates LLC invests in companies that have strong capital appreciation potential. It follows a highly disciplined investment selection and management process of identifying companies that show superior absolute and relative earnings growth and are believed to be attractively valued. BlackRock Investment Management, LLC invests in equity securities with the objective of approximating the capitalization weighted total rate of return of the segment of the United States market for publicly traded equity securities represented by the 1,000 largest capitalized companies.

10 Annual Report  •  June 30, 2021

Bridge Builder Large Cap Growth Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Large Cap Growth Fund from its inception (April 27, 2015) to June 30, 2021 as compared with the Russell 1000^® Growth Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Russell 1000^® Growth Index

Average Total Annual Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (4/27/2015)
Bridge Builder Large Cap Growth Fund		41.44	%		21.71	%		17.13	%
Russell 1000® Growth Index		42.50	%		23.66	%		18.91	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.46%⁽¹⁾ and 0.22%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Portfolio Characteristics ⁽³⁾

Sector Breakdown	(% of Investments)
Information Technology		34.5	%
Healthcare		15.5
Consumer Discretionary		15.0
Communication Services		11.7
Financials		8.0
Industrials		6.1
Consumer Staples		3.1
Materials		2.1
Real Estate		1.8
Short-Term Investments		1.4
Energy		0.8
Utilities		0.0	*

* Amount less than 0.05%.

Top Ten Equity Holdings	(% of Net Assets)
Microsoft Corp.		6.2	%
Amazon.com, Inc.		3.9
Visa, Inc. – Class A		3.4
Alphabet, Inc. – Class A		3.3
Apple, Inc.		3.0
Facebook, Inc. – Class A		2.7
Salesforce.com, Inc.		2.2
Alphabet, Inc. – Class C		2.1
PayPal Holdings, Inc.		2.1
UnitedHealth Group, Inc.		2.1

Annual Report  •  June 30, 2021 11

Bridge Builder Large Cap Value Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Large Cap Value Fund (the “Fund”) is to provide capital appreciation.

Summary of the Investment Strategy

The Fund primarily invests in equity securities of large capitalization companies, which are defined by the Fund as those companies whose market capitalizations at the time of purchase typically fall within the range of the Russell 1000^® Index. The Fund follows an investing style that favors value investments and employs a multi-manager sub-advised structure.

Investment Commentary

For the fiscal year ended June 30, 2021, the Fund returned 49.10%, outperforming its benchmark, the Russell 1000^® Value Index, which returned 43.68%.

For the year, within large-capitalization value stocks, financials and consumer discretionary sectors were the strongest performing sectors over the trailing year. Conversely, utilities and consumer staples were the worst-performing sectors, significantly underperforming the broad market. In addition, within the overall large capitalization portion of the market, value stocks outperformed growth stocks for the one-year period.

Compared to the benchmark, tailwinds for the Fund’s relative performance were driven by strong stock selection in technology, communication services and industrials as well as overweights to consumer discretionary and industrials and an underweight to utilities. Performance detractors for the year included poor stock selection within health care and cash drag.

Looking forward, we believe strong GDP and corporate earnings growth may be a tailwind for equities, but inflation fears and the Fed’s pivot toward slightly less aggressive policy stimulus may be potential headwinds. While the first rate hike in the U.S. might be still a way off, we expect global central banks to begin laying out a timeline for tapering monetary policy in late 2021. However, we believe there is still plenty of room for the world economy to expand. Growth will likely be moderate but remain robust, helping extend the economic and market cycles.

Investment Sub-advisers

Artisan Partners Limited Partnership employs a fundamental investment process to construct a diversified portfolio of equity securities that are undervalued, in solid financial condition and have attractive business economics.	Barrow, Hanley, Mewhinney & Strauss, LLC believes that equity market inefficiencies can best be exploited through adherence to a value-oriented investment process dedicated to the selection of securities on a bottom-up basis. Barrow Hanley implements this strategy by seeking to construct portfolios of individual stocks that reflect three value characteristics: price/earnings and price/book ratios below the market and dividend yields above the market (as measured by the S&P 500 Index).	Wellington Management Company, LLP uses substantial proprietary, fundamental research resources to identify companies with superior prospects for dividend growth and capital appreciation that sell at reasonable valuation levels. Wellington Management believes that above-average growth in dividends is an effective and often overlooked indicator of higher quality, shareholder-oriented companies that have the ability to produce consistent, above-average returns over the long-term.	BlackRock Investment Management, LLC invests in equity securities with the objective of approximating the capitalization weighted total rate of return of the segment of the United States market for publicly traded equity securities represented by the 1,000 largest capitalized companies.
LSV Asset Management primarily invests in large and medium capitalization U.S. companies and uses a bottom-up investment style, seeking to identify companies that are trading at prices substantially below their intrinsic value. LSV follows an active investment strategy, focusing on using data and financial information and combining such information with the rigor of a quantitative model.	T. Rowe Price Associates, Inc. active investment approach emphasizes the value of large capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. T. Rowe Price’s in-house research team seeks companies that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth.

12 Annual Report  •  June 30, 2021

Bridge Builder Large Cap Value Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Large Cap Value Fund from its inception (April 27, 2015) to June 30, 2021 as compared with the Russell 1000^® Value Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Russell 1000^® Value Index

Average Annual Total Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (4/27/2015)
Bridge Builder Large Cap Value Fund		49.10	%		14.34	%		11.59	%
Russell 1000® Value Index		43.68	%		11.87	%		9.78	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.46%⁽¹⁾ and 0.24%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Portfolio Characteristics ⁽³⁾

Sector Breakdown	(% of Investments)
Financials		19.3	%
Industrials		16.1
Healthcare		14.9
Consumer Discretionary		10.1
Information Technology		9.1
Consumer Staples		7.7
Communication Services		6.5
Materials		4.7
Energy		3.9
Real Estate		3.6
Utilities		2.8
Short-Term Investments		1.3

Top Ten Equity Holdings	(% of Net Assets)
Comcast Corp. – Class A		2.0	%
Merck & Co., Inc.		1.8
Medtronic Plc		1.6
Raytheon Technologies Corp.		1.5
Goldman Sachs Group, Inc.		1.4
Alphabet, Inc. – Class C		1.4
Wells Fargo & Co.		1.4
UnitedHealth Group, Inc.		1.3
Northrop Grumman Corp.		1.3
American Express Co.		1.2

Annual Report  •  June 30, 2021 13

Bridge Builder Small/Mid Cap Growth Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Small/Mid Cap Growth Fund (the “Fund”) is to provide capital appreciation.

Summary of the Investment Strategy

The Fund primarily invests in equity securities of small- and mid-capitalization companies, which are defined by the Fund as those companies whose market capitalizations at the time of purchase typically fall within the range of the Russell MidCap^® Index and the Russell 2000^® Index. The Fund follows an investing style that favors growth investments and employs a multi-manager sub-advised structure.

Investment Commentary

For the fiscal year ended June 30, 2021, the Fund returned 46.08%, while its benchmark, the Russell 2500^® Growth Index, returned 49.63% for the period, which resulted in overall underperformance.

For the year, small capitalization stocks outperformed mid capitalization stocks. Within the investment universe, strongest performers included the energy and consumer discretionary sectors. The utilities sector was the weakest performer. Within both mid capitalization and small capitalization segments of the market, value stocks outperformed growth stocks.

Compared to its benchmark, the Fund’s relative overweight to mid cap stocks was a headwind and underperformance was driven by challenging sector allocation and stock selection within certain sectors. An overweight to financials and an underweight to consumer discretionary detracted from performance, which was partially offset by an underweight to health care. Stock selection within consumer discretionary, information technology, and industrial sectors also detracted from performance. Cash exposure was also a headwind to the Fund’s performance over the year.

Looking forward, we believe strong GDP and corporate earnings growth may be a tailwind for equities, but inflation fears and the Fed’s pivot toward slightly less aggressive policy stimulus may be potential headwinds. While the first rate hike in the U.S. might be still a way off, we expect global central banks to begin laying out a timeline for tapering monetary policy in late 2021. However, we believe there is still plenty of room for the world economy to expand. Growth will likely be moderate but remain robust, helping extend the economic and market cycles.

Investment Sub-advisers

Eagle Asset Management, Inc. invests primarily in small-capitalization companies. The team generally focuses on investing in small-capitalization companies that demonstrate growth potential at a price that does not appear to reflect the company’s true underlying value. The portfolio managers use a three-pronged investment philosophy: quality, valuation and balance. Champlain Investment Partners, LLC seeks capital appreciation by investing mainly in common stocks of medium-sized companies that it believes have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. Champlain expects to identify a diversified universe of medium-sized companies that trade at a discount to their estimated or intrinsic fair values. BlackRock Investment Management, LLC invests in equity securities with the objective of approximating the capitalization-weighted total rate of return of the segments of the United States market for publicly traded equity securities represented by the Russell Midcap^® Growth Index, which tracks the performance of mid-capitalization companies, and the Russell 2000^® Growth Index, which tracks the performance of small-capitalization companies. Stephens Investment Management Group, LLC employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening in an effort to identify companies that exhibit potential for superior earnings growth that is unrecognized by the markets. Artisan Partners Limited Partnership invests primarily in U.S. mid-capitalization growth companies. The team seeks to identify companies that possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value.

14 Annual Report  •  June 30, 2021

Bridge Builder Small/Mid Cap Growth Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Small/Mid Cap Growth Fund from its inception (April 27, 2015) to June 30, 2021 as compared with the Russell 2500^® Growth Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Russell 2500^® Growth Index

Average Annual Total Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (4/27/2015)
Bridge Builder Small/Mid Cap Growth Fund		46.08	%		20.14	%		15.34	%
Russell 2500® Growth Index		49.63	%		20.68	%		14.99	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.66%⁽¹⁾ and 0.38%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Portfolio Characteristics ⁽³⁾

Sector Breakdown	(% of Investments)
Information Technology		25.0	%
Healthcare		22.5
Industrials		14.8
Consumer Discretionary		12.3
Financials		10.3
Consumer Staples		4.8
Communication Services		4.6
Materials		2.3
Short-Term Investments		1.5
Real Estate		1.2
Energy		0.7
Utilities		0.0	*

* Amount less than 0.05%.

Top Ten Equity Holdings	(% of Net Assets)
Veeva Systems, Inc. – Class A		1.6	%
Generac Holdings, Inc.		1.4
Fortive Corp.		1.4
Global Payments, Inc.		1.3
Tradeweb Markets, Inc. – Class A		1.3
HubSpot, Inc.		1.2
SVB Financial Group		1.1
Atlassian Corp. Plc – Class A		1.1
Zscaler, Inc.		1.1
Catalent, Inc.		1.0

Annual Report  •  June 30, 2021 15

Bridge Builder Small/Mid Cap Value Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder Small/Mid Cap Value Fund (the “Fund”) is to provide capital appreciation.

Summary of the Investment Strategy

The Fund primarily invests in equity securities of small-and mid-capitalization companies, which are defined by the Fund as those companies whose market capitalizations at the time of purchase typically fall within the range of the Russell MidCap^® Index and the Russell 2000^® Index. The Fund follows an investing style that favors value investments and employs a multi-manager sub-advised structure.

Investment Commentary

For the fiscal year ended June 30, 2021, the Fund returned 58.63%, underperforming its benchmark, the Russell 2500^® Value Index, which returned 63.23% for the period.

For the year, small capitalization stocks outperformed mid capitalization stocks. Within the investment universe, strongest performers included the energy and consumer discretionary sectors. The utilities sector was the weakest performer. Within both mid capitalization and small capitalization segments of the market, value stocks outperformed growth stocks.

Compared to its benchmark, the Fund’s relative overweight to mid cap stocks was a headwind and underperformance was driven by challenging sector allocation and stock selection within certain sectors. An underweight to communication services and an overweight to utilities detracted from performance, which was partially offset by an underweight to real estate. Stock selection within consumer discretionary, materials, and utilities sectors also detracted from performance. Cash exposure was also a headwind to the Fund performance over the year.

Looking forward, we believe strong GDP and corporate earnings growth may be a tailwind for equities, but inflation fears and the Fed’s pivot toward slightly less aggressive policy stimulus may be potential headwinds. While the first rate hike in the U.S. might be still a way off, we expect global central banks to begin laying out a timeline for tapering monetary policy in late 2021. However, we believe there is still plenty of room for the world economy to expand. Growth will likely moderate but remain robust, helping extend the economic and market cycles.

Investment Sub-advisers

Vaughan Nelson Investment Management, L.P. uses a bottom- up value-oriented investment process. Vaughan Nelson seeks companies than typically possess one or more of the following attributes: companies earning a positive return on capital with stable-to-improving returns, valued at a discount to their asset value and/or having an attractive and sustainable dividend level. Boston Partners Global Investors, Inc. primarily invests in medium-capitalization companies and uses bottom-up fundamental analysis to make investment decisions. Boston Partners’ strategy seeks to add value through bottom-up stock selection. The strategy is designed to identify companies with attractive valuation, sound business fundamentals and improving business momentum. Silvercrest Asset Management Group LLC invests in small- capitalization companies that typically possess one or more of the following attributes: business that results in relatively consistent longer-term earnings and cash flow growth, franchise/asset value that may make the company attractive to potential acquirers, cyclically depressed earnings and/or cash flow that has potential for improvement, or a catalyst that will promote recognition of the company’s undervalued status. BlackRock Investment Management, LLC invests in equity securities with the objective of approximating the capitalization-weighted total rate of return of the segments of the United States market for publicly traded equity securities represented by the Russell Midcap^® Value Index, which tracks the performance of mid-capitalization companies, and the Russell 2000^® Value Index, which tracks the performance of small-capitalization companies.

16 Annual Report  •  June 30, 2021

Bridge Builder Small/Mid Cap Value Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

LSV Asset Management primarily invests in medium-capitalization companies. LSV uses a bottom-up investment style, seeking to identify companies that are trading at prices substantially below their intrinsic value. Diamond Hill Capital Management, Inc. typically invests in U.S. equity securities of small to medium market capitalization companies measured at the time of purchase. Diamond Hill’s objective is to seek long-term capital appreciation by investing in companies selling for less than Diamond Hill’s estimate of intrinsic value. MFS Investment Management primarily invests in securities of companies with small capitalizations. MFS focuses on investing in the stocks of companies that it believes are undervalued compared to their perceived worth (value companies). MFS uses an active bottom-up investment approach to buying and selling investments. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. American Century Investment Management, Inc. looks for equity securities of smaller companies whose stock price may not reflect the company’s value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the value of the company.

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder Small/Mid Cap Value Fund from its inception (April 27, 2015) to June 30, 2021 as compared with the Russell 2500^® Value Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

Russell 2500^® Value Index

Average Annual Total Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (4/27/2015)
Bridge Builder Small/Mid Cap Value Fund		58.63	%		12.42	%		9.16	%
Russell 2500® Value Index		63.23	%		12.29	%		9.66	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.66%⁽¹⁾ and 0.42%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Annual Report  •  June 30, 2021 17

Bridge Builder Small/Mid Cap Value Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Portfolio Characteristics ⁽³⁾

Sector Breakdown	(% of Investments)
Financials		20.9	%
Industrials		18.3
Consumer Discretionary		12.5
Information Technology		9.7
Healthcare		9.1
Materials		7.6
Real Estate		5.8
Energy		5.1
Utilities		4.2
Consumer Staples		3.4
Communication Services		1.8
Short-Term Investments		1.6

Top Ten Equity Holdings	(% of Net Assets)
Skechers USA, Inc. – Class A		0.8	%
Huntington Bancshares, Inc.		0.7
Elanco Animal Health, Inc.		0.7
Oshkosh Corp.		0.7
Ameriprise Financial, Inc.		0.7
Diamondback Energy, Inc.		0.6
AMETEK, Inc.		0.6
Pioneer Natural Resources Co.		0.6
Fifth Third Bancorp		0.6
FMC Corp.		0.6

18 Annual Report  •  June 30, 2021

Bridge Builder International Equity Fund

Management’s Discussion of Fund Performance (Unaudited)

Investment Objective

The investment objective of the Bridge Builder International Equity Fund (the “Fund”) is to provide capital appreciation.

Summary of the Investment Strategy

The Fund primarily invests in non-U.S. dollar denominated securities of large-capitalization companies that derive a majority of their revenues or profits from a country or countries other than the United States. The Fund employs a multi-manager sub-advised structure.

Investment Commentary

For the fiscal year ended June 30, 2021, the Fund returned 36.84%, while its benchmark, the MSCI EAFE Index, returned 32.35%, which resulted in relative outperformance of 4.49%.

International markets saw a strong rebound during the fiscal year after the COVID-19 virus had impacted much of the world. As countries implemented plans to slow its spread and increased the pace of vaccine rollouts, it led to a decrease in COVID-19 infections and loosening of restrictions. The U.S. dollar generally depreciated versus the currencies of other developed regions, contributing towards the returns of international securities for U.S. investors. Emerging markets performed stronger than developed markets. In developed markets, value stocks outperformed growth stocks, and small-capitalization stocks outperformed large-capitalization stocks. Health care and utilities struggled over the year, while consumer discretionary, materials, and financials performed the strongest as vaccine rollouts led to loosening of restrictions and an opening of economies coming out of the COVID-19 virus.

Compared to its benchmark, the Fund’s relative return was aided by underweights to consumer staples and utilities, overweights to consumer discretionary and information technology, and an allocation to emerging markets. Cash drag and an underweight to materials was a headwind to performance for the year. Positive stock selection, particularly in health care, industrials, and information technology supported relative returns and offset the negative stock selection in the financials and communication services.

Looking forward, we believe strong GDP and corporate earnings growth may be a tailwind for equities, but inflation fears and the Fed’s pivot toward slightly less aggressive policy stimulus may be potential headwinds. While the first rate hike in the U.S. might be still a way off, we expect global central banks to begin laying out a timeline for tapering monetary policy in late 2021. However, we believe there is still plenty of room for the world economy to expand. Growth will likely moderate but remain robust, helping extend the economic and market cycles.

Investment Sub-advisers

Baillie Gifford Overseas Limited primarily uses proprietary, fundamental research to identify companies for investment that can exhibit sustained, above-average growth with attractive financial characteristics and sustainable competitive advantages. When evaluating individual companies for investment, Baillie Gifford normally focuses on growth/quality, management, valuation and sell discipline. BlackRock Investment Management, LLC’s equity index strategies invest in portfolios of international equity securities with the objective of approximating as closely as practicable the capitalization weighted total rates of return of the markets in certain countries for value and growth equity securities traded outside the United States, as represented by the MSCI EAFE Growth and MSCI EAFE Value Indices. Marathon Asset Management LLP invests primarily in equity securities of non-U.S. issuers in developed and emerging market countries. Marathon-London focuses on identifying attractive long-term investment opportunities as a result of certain “capital cycle” conditions to invest in stocks in industries where consolidation has occurred and return on investment is expected to rise and/or where barriers to entry exist that may allow elevated return on investment to persist for longer than the market expects. Marathon-London’s portfolio is expected to have low turnover, to be well-diversified, and to have a bias towards the smaller capitalization segments of the market.

Annual Report  •  June 30, 2021 19

Bridge Builder International Equity Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Pzena Investment Management, LLC focuses on deep value investing, seeking to identify international securities that are trading at prices substantially below their intrinsic value but have solid long term prospects. Mondrian Investment Partners Limited employs a long-only, value investment philosophy. Portfolio construction is primarily driven by detailed bottom-up stock selection, based on rigorous dividend discount valuation analysis. WCM Investment Management uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue and earnings, and that show a high probability for superior future growth. WCM’s investment process focuses on seeking industry-leading companies that WCM believes possess growing competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations.

The following chart compares the value of a hypothetical $10,000 investment in the Bridge Builder International Fund from its inception (July 6, 2015) to June 30, 2021 as compared with the MSCI EAFE Index.

Growth of a Hypothetical $10,000 Investment as of June 30, 2021

vs.

MSCI EAFE Index

Average Annual Total Returns as of June 30, 2021

	1 Year			5 Years			Since Inception (7/06/2015)
Bridge Builder International Equity Fund		36.84	%		11.71	%		8.75	%
MSCI EAFE Index		32.35	%		10.28	%		6.81	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.63%⁽¹⁾ and 0.37%⁽²⁾, respectively. Performance data current to the most recent month end may be obtained by calling 1.855.823.3611.

The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

20 Annual Report  •  June 30, 2021

Bridge Builder International Equity Fund

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Portfolio Characteristics ⁽³⁾

Sector Breakdown	(% of Investments)
Consumer Discretionary		17.7	%
Industrials		15.4
Financials		13.8
Healthcare		12.4
Information Technology		12.1
Consumer Staples		7.6
Communication Services		6.8
Materials		5.2
Energy		3.7
Utilities		3.0
Short-Term Investments		2.1
Real Estate		0.2

Country Breakdown	(% of Long-Term Investments)
Japan		19.1	%
United Kingdom		15.4
France		8.0
Germany		7.1
Switzerland		6.1
Netherlands		4.3
China		4.0
Sweden		3.7
Hong Kong		3.4
Taiwan		2.9
Other		26.0

Top Ten Equity Holdings	(% of Net Assets)
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR		1.4	%
Honda Motor Co. Ltd.		1.3
Sanofi SA		1.1
United Overseas Bank Ltd.		1.1
Lloyds Banking Group Plc		1.0
Shopify, Inc. – Class A		1.0
Novartis AG		1.0
LVMH Moet Hennessy Louis Vuitton SE		1.0
Enel SpA		1.0
FUJIFILM Holdings Corp.		1.0

ADR – American Depositary Receipt

Annual Report  •  June 30, 2021 21

Bridge Builder Mutual Funds

Management’s Discussion of Fund Performance (Unaudited)

Disclosures

⁽¹⁾  The Gross Expense Ratio, per the Fund’s prospectus, includes all categories of expenses before any expense reductions or fee waivers.

⁽²⁾  Olive Street has contractually agreed, until at least October 28, 2022 to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s Sub-advisers. This contractual agreement may only be changed or eliminated with the approval of the Board of Trustees. Such waivers are not subject to recoupment by Olive Street.

⁽³⁾  Fund holdings, sector and portfolio characteristics are subject to change at any time and are not recommendations to buy or sell any security.

Mutual fund investing involves risk. The value of your investment in a Fund could go down as well as up. Investing in the bond market is subject to certain risks including market, credit, interest-rate and liquidity. Investments in asset-backed, mortgage-related and mortgage-backed securities may be more sensitive to changes in interest rates, prepayments and impairment of the value of the collateral underlying the security.

Investments in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The risks to the municipal bond market can include unusual volatility, liquidity issues, the inability of the issuer to repay the obligation and a tax risk to the investor if the municipal obligation fails to meet requirements. There is no guarantee that all of the municipal bond income will remain exempt from federal or state income taxes. Investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. Investments in large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies. Investments in small-and mid-cap companies may involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in non-U.S. dollar-denominated foreign securities (including emerging market securities) may be more sensitive to currency fluctuations, political and economic instability, differing government regulations and liquidity risk. Multi-manager and multi-style management may lead to overlapping securities transactions and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them.

You cannot invest directly in an index.

DEFINITIONS

Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of the U.S. dollar-denominated investment grade, fixed-rate taxable bond market.

Bloomberg Barclays Municipal 1-15 Year Index (1-17) is a subset of the Bloomberg Barclays Municipal Bond Index covering only maturities between 1 and 17 years. The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of tax-exempt bonds with maturities greater than one year and a minimum credit rating of Baa.

Duration is a measure of the sensitivity of the price of a fixed-income security (or a portfolio of fixed-income securities) to changes in interest rates.

Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value. Without cash, it’s tough to develop new products, make acquisitions, pay dividends and reduce debt.

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index is an unmanaged index of over 900 companies, and is a generally accepted benchmark for major overseas markets.

Price to Earnings Ratio is a valuation ratio of a company’s current share price compared to its per-share earnings. It is calculated by dividing the current closing price of the stock by the earnings per share of the last four quarters.

Price to Book Ratio is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.

The Russell 1000^® Index consists of the largest 1,000 companies in a group of 3,000 U.S. companies in the Russell 3000^® Index, as ranked by market capitalization.

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

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

The Russell 2000^® Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000^® Index, as ranked by market capitalization.

22 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Management’s Discussion of Fund Performance (Unaudited) (Continued)

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

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

The Russell 2500^® Growth Index measures the performance of the small-to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^® Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2500^® Value Index measures the performance of the small-to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500^® Index companies with lower price-to-book and lower forecasted growth values.

The Russell 3000^® Index measures the performance of the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization.

The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

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

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

The S&P 500 Index, an unmanaged index, consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value.

Annual Report  •  June 30, 2021 23

Bridge Builder Mutual Funds

Fund Expense Examples (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) ongoing costs, including management fees and other Fund expenses; and (2) Edward Jones Advisory Solutions^® program and administrative fees, which are charged outside of the Funds. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses

The Examples are based on $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

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

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs of owning shares of a Fund only and do not reflect annual Edward Jones Advisory Solutions^® program and administrative fees. If fees of Edward Jones Advisory Solutions^® had been included, your costs would have been higher. The second line of the table for each Fund is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

		Beginning account value		Ending account value		Annualized Expense Ratio			Expenses paid during the period*
Bridge Builder Core Bond Fund
	Actual	$	1,000.00	$	988.80		0.13	%	$	0.64
	Hypothetical		1,000.00		1,024.15					0.65
Bridge Builder Core Plus Bond Fund
	Actual		1,000.00		994.50		0.15			0.74
	Hypothetical		1,000.00		1,024.05					0.75
Bridge Builder Municipal Bond Fund
	Actual		1,000.00		1,016.40		0.16			0.80
	Hypothetical		1,000.00		1,024.00					0.80
Bridge Builder Large Cap Growth Fund
	Actual		1,000.00		1,133.70		0.19			1.01
	Hypothetical		1,000.00		1,023.85					0.95
Bridge Builder Large Cap Value Fund
	Actual		1,000.00		1,180.90		0.23			1.24
	Hypothetical		1,000.00		1,023.65					1.15
Bridge Builder Small/Mid Cap Growth Fund
	Actual		1,000.00		1,115.50		0.36			1.89
	Hypothetical		1,000.00		1,023.01					1.81
Bridge Builder Small/Mid Cap Value Fund
	Actual		1,000.00		1,214.80		0.39			2.14
	Hypothetical		1,000.00		1,022.86					1.96
Bridge Builder International Equity Fund
	Actual		1,000.00		1,102.50		0.31			1.62
	Hypothetical		1,000.00		1,023.26					1.56

* Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). Expenses do not include Edward Jones Advisory Solutions^® program and administrative fees, which are charged outside of the Funds.

24 Annual Report  •  June 30, 2021

Bridge Builder Core Bond Fund

Summary Schedule of Investments

June 30, 2021

	Principal Amount		Value
BONDS & NOTES – 97.26%
Asset-Backed Obligations – 10.68%
Zais CLO 8 Ltd., 1.13%, (3 Month LIBOR USD + 0.95%), Apr. 2029, Series 2018-1A, Class A (1)(2)	$	38,682,127	$	38,641,666
Other Securities (1)(2)(3)(4)(5)(11)		1,856,693,759		1,871,681,618
Total Asset-Backed Obligations				1,910,323,284
Corporate Bonds – 32.58%
Basic Materials – 1.03%
Various Securities (1)(6)		160,374,000		183,567,902
Total Basic Materials				183,567,902
Communications – 2.89%
T-Mobile USA, Inc., 3.88%, Apr. 2030		38,285,000		42,795,739
Other Securities (1)		426,979,000		473,849,347
Total Communications				516,645,086
Consumer, Cyclical – 1.63%
Various Securities (1)		281,652,785		292,642,784
Total Consumer, Cyclical				292,642,784
Consumer, Non-cyclical – 4.32%
Cigna Corp., 4.38%, Oct. 2028		30,325,000		35,268,953
Other Securities (1)		668,015,120		736,881,832
Total Consumer, Non-cyclical				772,150,785
Diversified – 0.03%
Various Securities (1)		5,213,742		5,586,750
Total Diversified				5,586,750
Energy – 3.38%
Various Securities (1)		546,434,000		605,443,144
Total Energy				605,443,144
Financials – 12.48%
Citigroup, Inc., 1.12%, (Secured Overnight Financing Rate + 0.77%), Jan. 2027 (2)		36,088,000		35,577,022
Bank of America Corp., 1.66%-7.75%, Dec. 2023-Jul. 2169 (2)		174,030,000		184,643,280
Other Securities (1)(2)(4)(12)		1,887,276,000		2,013,517,186
Total Financials				2,233,737,488
Industrials – 1.89%
Various Securities (1)(3)		314,861,000		337,642,287
Total Industrials				337,642,287
Technology – 1.79%
Microchip Technology, Inc., 0.97%, Feb. 2024 (1)		47,789,000		47,765,456
Other Securities (1)(12)		254,051,000		272,892,705
Total Technology				320,658,161
Utilities – 3.14%
Various Securities (1)(2)		512,191,160		561,251,141
Total Utilities				561,251,141
Total Corporate Bonds				5,829,325,528
Government Related – 19.50%
Other Government Related – 1.73%
Various Securities (1)(2)(4)(7)		270,532,000		309,782,427
Total Other Government Related				309,782,427
U.S. Treasury Obligations – 17.77%
U.S. Treasury Note/Bond, 0.13%, Apr. 2023		43,080,000		42,999,225
U.S. Treasury Note/Bond, 0.13%, May 2023		85,361,000		85,177,607
U.S. Treasury Note/Bond, 0.13%, Jun. 2023		35,760,000		35,674,791
U.S. Treasury Note/Bond, 0.25%, Sep. 2025		41,038,000		40,173,958

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 25

Bridge Builder Core Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
U.S. Treasury Obligations – 17.77% – (continued)
U.S. Treasury Note/Bond, 0.38%, Jan. 2026	$	41,379,000	$	40,549,804
U.S. Treasury Note/Bond, 0.50%, Feb. 2026		61,713,000		60,777,662
U.S. Treasury Note/Bond, 0.63%, Aug. 2030		108,950,000		101,502,246
U.S. Treasury Note/Bond, 0.75%, Mar. 2026		82,999,000		82,626,153
U.S. Treasury Note/Bond, 0.75%, Apr. 2026		49,879,000		49,625,708
U.S. Treasury Note/Bond, 0.75%, May 2026		35,679,000		35,475,518
U.S. Treasury Note/Bond, 0.75%, Jan. 2028		60,000,000		58,413,281
U.S. Treasury Note/Bond, 0.88%, Jun. 2026		36,860,000		36,842,722
U.S. Treasury Note/Bond, 1.25%, Jun. 2028		37,869,000		37,928,170
U.S. Treasury Note/Bond, 1.38%, Nov. 2040		136,649,000		122,749,235
U.S. Treasury Note/Bond, 1.63%, Aug. 2029		48,630,000		49,737,472
U.S. Treasury Note/Bond, 1.63%, May 2031		62,824,000		63,785,993
U.S. Treasury Note/Bond, 1.63%, Nov. 2050		52,856,000		47,471,295
U.S. Treasury Note/Bond, 1.75%, Feb. 2022		37,900,000		38,323,414
U.S. Treasury Note/Bond, 1.75%, Dec. 2024		36,232,800		37,704,758
U.S. Treasury Note/Bond, 1.88%, Feb. 2041		35,542,000		34,792,286
U.S. Treasury Note/Bond, 1.88%, Feb. 2051		64,742,000		61,788,146
U.S. Treasury Note/Bond, 2.00%, Nov. 2026		71,250,000		75,191,016
U.S. Treasury Note/Bond, 2.25%, Nov. 2025		141,771,000		150,831,053
U.S. Treasury Note/Bond, 2.25%, Nov. 2027		130,750,000		139,861,641
U.S. Treasury Note/Bond, 2.25%, May 2041		46,773,000		48,665,845
U.S. Treasury Note/Bond, 2.50%, May 2024		162,263,000		171,878,350
U.S. Treasury Note/Bond, 2.50%, Feb. 2045		132,575,000		143,439,935
U.S. Treasury Note/Bond, 2.88%, May 2043		133,360,000		153,374,418
U.S. Treasury Note/Bond, 2.88%, May 2049		51,136,000		59,879,057
U.S. Treasury Note/Bond, 3.38%, Nov. 2048		48,630,000		62,090,632
U.S. Treasury Strip Coupon, 0.00%, Feb. 2032		46,250,000		38,591,484
U.S. Treasury Note/Bond, 0.25%-8.00%, Aug. 2021-Aug. 2050		720,770,200		760,106,015
U.S. Treasury Strip Coupon, 0.00%, Aug. 2021-Aug. 2041		209,625,000		204,051,200
Other Securities (8)		5,622,443		6,588,525
Total U.S. Treasury Obligations				3,178,668,615
Total Government Related				3,488,451,042
Mortgage-Backed Obligations – 34.50%
Fannie Mae, 2.00%, Jul. 2036 (9)		43,905,000		45,284,749
Fannie Mae, 2.00%, Jul. 2050 (9)		166,850,000		168,466,361
Fannie Mae, 2.50%, Jul. 2051 (9)		52,795,000		54,605,704
Fannie Mae, 2.50%, Aug. 2051 (9)		73,675,000		76,057,926
Fannie Mae, 2.50%, Sep. 2051 (9)		86,690,000		89,300,859
Fannie Mae, 3.00%, Jul. 2051 (9)		110,600,000		115,285,379
Fannie Mae, 3.50%, Jul. 2051 (9)		58,920,000		62,019,054
Fannie Mae Pool, 2.00%, May 2041		39,572,165		40,249,341
Fannie Mae Pool, 2.50%, Oct. 2050		56,934,349		58,942,297
Freddie Mac Pool, 2.50%, Oct. 2050		39,998,869		41,737,206
Ginnie Mae, 2.50%, Jul. 2051 (9)		46,830,000		48,461,733
Ginnie Mae II Pool, 2.50%, Dec. 2050		52,345,792		54,214,581
Ginnie Mae II Pool, 2.50%, Jan. 2051		35,548,703		36,886,634
Ginnie Mae II Pool, 2.50%, Mar. 2051		38,995,685		40,418,556
Fannie Mae, 2.00%-4.50%, Sep. 2036-Jul. 2051 (9)		29,120,000		30,865,677
Fannie Mae Pool, 0.44%-8.50%, Jul. 2021-Jul. 2060 (2)(5)		1,259,428,827		1,340,331,675
Fannie Mae-Aces, 0.67%-3.77%, Aug. 2021-Nov. 2033 (2)(5)		356,225,160		216,778,794
Freddie Mac Gold Pool, 2.00%-10.00%, Mar. 2022-Feb. 2048		308,764,724		333,236,756
Freddie Mac Multifamily Structured Pass Through Certificates, 0.79%-4.03%, May 2022-Oct. 2033 (2)(5)		625,844,137		352,902,926
Freddie Mac Pool, 1.50%-4.50%, Dec. 2034-Jun. 2051		243,231,611		255,988,065
Ginnie Mae, 3.00%-3.50%, Jul. 2051 (9)		17,000,000		17,748,043
Ginnie Mae II Pool, 2.00%-8.50%, Mar. 2025-Dec. 2070 (5)(7)		412,629,977		442,632,435
Other Securities (1)(2)(3)(4)(5)(11)		2,244,686,182		2,249,610,205
Total Mortgage-Backed Obligations				6,172,024,956
Total Bonds & Notes (Cost: $16,781,937,887)				17,400,124,810

The accompanying notes are an integral part of these financial statements.

26 Annual Report  •  June 30, 2021

Bridge Builder Core Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Shares		Value
PREFERRED STOCKS – 0.01%
Financials – 0.01%
State Street Corp., 5.35%		95,000	$	2,858,550
Total Financials				2,858,550
Total Preferred Stocks (Cost: $2,375,000)				2,858,550
SHORT-TERM INVESTMENTS – 6.76%
Money Market Funds – 5.92%
Fidelity Institutional Money Market Government Fund – Class I, 0.01% (10)		1,058,986,391		1,058,986,391
Total Money Market Funds				1,058,986,391
	Principal Amount		Value
U.S. Treasury Bills – 0.01%
U.S. Treasury Bill, 0.00%, Dec. 2021 (7)	$	2,250,000		2,249,502
Total U.S. Treasury Bills				2,249,502
Time Deposits – 0.83%
Citibank, New York, 0.01% due 07/01/2021		98,971,621		98,971,621
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021		49,187,729		49,187,729
Total Time Deposits				148,159,350
Total Short-Term Investments (Cost: $1,209,394,768)				1,209,395,243
TOTAL INVESTMENTS IN SECURITIES – 104.03% (Cost: $17,993,707,655)				18,612,378,603
LIABILITIES IN EXCESS OF OTHER ASSETS – (4.03)%				(721,527,960	)
TOTAL NET ASSETS – 100.00%			$	17,890,850,643

Percentages are stated as a percent of net assets.

⁽¹⁾  Security or includes securities purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $3,751,105,881, which represents 20.97% of total net assets.

⁽²⁾  Variable rate security or includes variable rate securities based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.

⁽³⁾  Includes step-up bonds that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2021.

⁽⁴⁾  Includes inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

⁽⁵⁾  Includes variable rate securities. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2021.

⁽⁶⁾  Includes securities in default as of June 30, 2021. The value of these securities totals $416,175, which represents 0.00% of total net assets.

⁽⁷⁾  Assigned as collateral for certain futures contracts. The value of these pledged issues totals $41,173,639, which represents 0.23% of total net assets.

⁽⁸⁾  Includes inflation protected securities. The value of these securities totals $6,588,525, which represents 0.04% of total net assets.

⁽⁹⁾  Delayed delivery purchase commitment security or includes delayed delivery purchase commitment securities. The value of these securities totals $708,095,485, which represents 3.96% of total net assets.

⁽¹⁰⁾  Represents annualized seven-day yield as of the close of the reporting period.

⁽¹¹⁾  Includes securities categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $162,009,009, which represents 0.91% of total net assets.

⁽¹²⁾  Includes securities restricted at June 30, 2021. The value of the restricted securities totals $34,684,108, which represents 0.19% of total net assets.

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 27

Bridge Builder Core Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
1,761	U.S. 2 Year Note Future		J.P. Morgan		Sep. 2021	$	388,553,968		$	387,984,069		$	(569,899	)
1,887	U.S. 5 Year Note Future		J.P. Morgan		Sep. 2021		233,636,873			232,911,821			(725,052	)
1,135	U.S. Long Bond Future		J.P. Morgan		Sep. 2021		177,733,278			182,451,250			4,717,972
1,584	U.S. Ultra Bond Future		J.P. Morgan		Sep. 2021		292,875,101			305,217,000			12,341,899
													15,764,920
Number of Contracts Sold	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
(72)	U.S. 10 Year Note Future		J.P. Morgan		Sep. 2021	$	(9,523,407	)	$	(9,540,000	)	$	(16,593	)
(487)	U.S. Ultra 10 Year Note Future		J.P. Morgan		Sep. 2021		(70,319,414	)		(71,687,922	)		(1,368,508	)
													(1,385,101	)
												$	14,379,819

The accompanying notes are an integral part of these financial statements.

28 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021

	Principal Amount		Value
BONDS & NOTES – 93.06%
Asset-Backed Obligations – 9.36%
Various Securities *(1)(2)(3)(4)(5)	$	3,113,621,532	$	3,060,468,136
Total Asset-Backed Obligations				3,060,468,136
Corporate Bonds – 33.46%
Basic Materials – 0.76%
Various Securities *(2)		227,093,000		249,085,158
Total Basic Materials				249,085,158
Communications – 4.56%
Various Securities *(2)(6)		1,412,911,001		1,490,166,554
Total Communications				1,490,166,554
Consumer, Cyclical – 3.18%
Various Securities *(1)(2)(5)		986,388,027		1,041,062,182
Total Consumer, Cyclical				1,041,062,182
Consumer, Non-cyclical – 5.10%
Various Securities *(2)		1,534,536,387		1,666,792,253
Total Consumer, Non-cyclical				1,666,792,253
Diversified – 0.02%
CVS Pass-Through Trust Series 2013, 4.70%, Jan. 2036 (2)		4,503,127		5,103,032
Total Diversified				5,103,032
Energy – 2.58%
Various Securities *(1)(2)(6)(7)		784,249,400		842,962,499
Total Energy				842,962,499
Financials – 12.09%
Various Securities *(1)(2)(3)(5)(6)(17)		3,717,032,132		3,952,311,917
Total Financials				3,952,311,917
Government – 0.11%
Various Securities *		9,496,645,000		36,899,669
Total Government				36,899,669
Industrials – 1.58%
Various Securities *(1)(2)		480,098,000		518,072,297
Total Industrials				518,072,297
Technology – 1.48%
Various Securities (1)(2)(17)		454,523,000		482,641,447
Total Technology				482,641,447
Utilities – 2.00%
Various Securities (2)		625,061,000		653,266,656
Total Utilities				653,266,656
Total Corporate Bonds				10,938,363,664
Convertible Securities – 0.21%
Communications – 0.11%
Various Securities (2)		32,305,000		34,600,699
Total Communications				34,600,699
Consumer, Cyclical – 0.03%
Various Securities (2)		8,045,000		9,590,734
Total Consumer, Cyclical				9,590,734

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 29

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
Consumer, Non-cyclical – 0.07%
Various Securities	$	21,230,000	$	23,054,984
Total Consumer, Non-cyclical				23,054,984
Total Convertible Securities				67,246,417
Government Related – 25.54%
Other Government Related – 2.31%
Brazil Letras do Tesouro Nacional, 0.00%, Oct. 2021	BRL	515,000,000		102,292,930
Republic of South Africa Government Bond, 10.50%, Dec. 2026	ZAR	1,668,900,000		132,845,842
Other Securities *(1)(2)(3)(6)(17)	$	4,644,439,893		520,220,018
Total Other Government Related				755,358,790
U.S. Treasury Obligations – 23.23%
U.S. Treasury Note/Bond, 0.13%, Apr. 2022		78,405,000		78,429,502
U.S. Treasury Note/Bond, 0.13%, Sep. 2022		78,645,000		78,632,712
U.S. Treasury Note/Bond, 0.13%, Feb. 2023		241,370,000		241,068,288
U.S. Treasury Note/Bond, 0.13%, Apr. 2023		294,000,000		293,448,750
U.S. Treasury Note/Bond, 0.13%, May 2023		706,508,000		704,990,110
U.S. Treasury Note/Bond, 0.13%, Jun. 2023		214,920,000		214,407,886
U.S. Treasury Note/Bond, 0.13%, Jan. 2024 (8)		194,040,000		192,865,148
U.S. Treasury Note/Bond, 0.13%, Feb. 2024		92,000,000		91,407,031
U.S. Treasury Note/Bond, 0.25%, Mar. 2024		211,835,000		210,990,969
U.S. Treasury Note/Bond, 0.25%, May 2024		124,515,000		123,834,059
U.S. Treasury Note/Bond, 0.25%, Jun. 2024		81,240,000		80,744,944
U.S. Treasury Note/Bond, 0.38%, Mar. 2022		83,370,000		83,552,372
U.S. Treasury Note/Bond, 0.75%, Mar. 2026		342,476,000		340,937,533
U.S. Treasury Note/Bond, 0.75%, Apr. 2026		743,580,000		739,804,012
U.S. Treasury Note/Bond, 0.75%, May 2026		438,415,000		435,914,667
U.S. Treasury Note/Bond, 0.88%, Jun. 2026		86,875,000		86,834,277
U.S. Treasury Note/Bond, 0.88%, Nov. 2030		417,800,000		397,301,687
U.S. Treasury Note/Bond, 1.13%, Aug. 2021		155,800,000		156,078,851
U.S. Treasury Note/Bond, 1.13%, Feb. 2028		76,082,000		75,856,132
U.S. Treasury Note/Bond, 1.13%, Feb. 2031		698,900,000		678,479,016
U.S. Treasury Note/Bond, 1.25%, Mar. 2028		250,000,000		250,986,328
U.S. Treasury Note/Bond, 1.63%, May 2031		143,662,000		145,861,824
U.S. Treasury Note/Bond, 1.88%, Feb. 2041		266,149,000		260,534,920
U.S. Treasury Note/Bond, 1.88%, Feb. 2051		371,850,000		354,884,344
U.S. Treasury Note/Bond, 2.25%, Aug. 2049		116,300,000		120,479,531
U.S. Treasury Note/Bond, 2.38%, May 2051		434,498,000		463,894,505
U.S. Treasury Note/Bond, 2.75%, Aug. 2021		79,300,000		79,566,591
U.S. Treasury Note/Bond, 3.00%, Feb. 2049		64,740,000		77,508,447
U.S. Treasury Note/Bond, 0.13%-3.13%, May 2022-Aug. 2050 (8)		426,820,000		434,854,948
Other Securities (8)(9)		84,843,364		98,993,844
Total U.S. Treasury Obligations				7,593,143,228
Total Government Related				8,348,502,018
Mortgage-Backed Obligations – 24.49%
Extended Stay America Trust, 1.16%, (1 Month LIBOR USD + 1.08%, 1.08% Floor), Jul. 2038 (1)(2)		74,600,000		74,809,678
Fannie Mae, 1.50%, Aug. 2051 (10)		90,950,000		91,927,137
Fannie Mae, 2.00%, Aug. 2036 (10)		141,775,000		146,022,922
Fannie Mae, 2.00%, Jul. 2050 (10)		128,825,000		130,072,993
Fannie Mae, 2.00%, Aug. 2051 (10)		696,625,000		702,012,962
Fannie Mae, 2.00%, Sep. 2051 (10)		99,000,000		99,560,743
Fannie Mae, 2.50%, Jul. 2051 (10)		77,525,000		80,183,866
Fannie Mae, 2.50%, Aug. 2051 (10)		770,225,000		795,136,965
Fannie Mae, 3.00%, Aug. 2051 (10)		105,100,000		109,482,588
Fannie Mae, 4.00%, Jul. 2051 (10)		435,345,000		463,574,402
Fannie Mae, 4.00%, Aug. 2051 (10)		110,500,000		117,760,196
Fannie Mae Pool, 2.00%, Apr. 2051		226,464,889		228,812,435

The accompanying notes are an integral part of these financial statements.

30 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
Mortgage-Backed Obligations – 24.49% – (continued)
Fannie Mae Pool, 2.50%, Feb. 2051	$	77,218,173	$	80,210,028
Freddie Mac Pool, 2.00%, Apr. 2051		93,677,430		94,648,507
Ginnie Mae, 2.50%, Jul. 2051 (10)		73,130,000		75,678,124
Ginnie Mae, 2.50%, Aug. 2051 (10)		121,075,000		125,071,422
Towd Point Mortgage Funding, 0.95%, (3 Month Sterling Overnight Interbank Average Rate + 0.90%), Jul. 2045 (1)(2)	GBP	85,837,655		119,064,571
Towd Point Mortgage Trust 2019-4, 2.90%, Oct. 2059 (2)(4)	$	85,918,655		88,852,167
Fannie Mae, 1.50%-4.50%, Jul. 2036-Sep. 2051 (10)		114,065,000		119,374,325
Fannie Mae Pool, 1.50%-6.50%, Nov. 2027-Jul. 2051		913,687,331		970,309,071
Freddie Mac Gold Pool, 2.50%-8.00%, Jul. 2030-Nov. 2048		309,003,655		333,321,349
Freddie Mac Pool, 2.00%-5.00%, May 2031-Jun. 2051		264,025,745		278,704,341
Ginnie Mae, 2.00%-3.50%, Jul. 2051-Aug. 2051 (10)		103,610,000		106,631,397
Ginnie Mae II Pool, 2.00%-5.50%, Jul. 2036-Apr. 2051		363,588,585		386,088,257
Other Securities *(1)(2)(3)(4)(5)		2,441,366,566		2,187,696,966
Total Mortgage-Backed Obligations				8,005,007,412
Total Bonds & Notes (Cost: $29,812,234,452)				30,419,587,647
BANK LOANS – 2.89%
Various Securities *(1)(17)		942,568,029		944,975,895
Total Bank Loans (Cost: $942,864,063)				944,975,895
	Shares		Value
COMMON STOCKS – 0.11%
Communications – 0.09%
Various Securities (11)(16)		2,929,323		27,745,164
Total Communications				27,745,164
Consumer Discretionary – 0.02%
Neiman Marcus Group, Inc. (11)(16)(17)		62,326		6,887,023
Total Consumer Discretionary				6,887,023
Energy – 0.00% (12)
Various Securities (11)(16)(17)		17,432		426,476
Total Energy				426,476
Financials – 0.00% (12)
Voyager Aviation Holdings LLC (2)(11)(13)(16)		31		—
Total Financials				—
Industrials – 0.00% (12)
AMI Investments LLC (11)(16)(17)		206,310		1,179,062
Total Industrials				1,179,062
Total Common Stocks (Cost: $29,822,378)				36,237,725
CONVERTIBLE PREFERRED STOCKS – 0.15%
Consumer, Non-cyclical – 0.03%
Bunge Ltd., 4.88%		89,011		10,345,748
Total Consumer, Non-cyclical				10,345,748
Financials – 0.12%
Various Securities		25,982		38,144,332
Total Financials				38,144,332
Total Convertible Preferred Stocks (Cost: $45,616,285)				48,490,080

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 31

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Shares		Value
PREFERRED STOCKS – 0.07%
Communications – 0.07%
AT&T Mobility II LLC, 7.00% (11)(16)(17)		1,036,052	$	24,271,694
Total Communications				24,271,694
Financials – 0.00% (12)
Cayenne Aviation Holdings LLC (16)		186		7,400
Total Financials				7,400
Total Preferred Stocks (Cost: $28,083,994)				24,279,094
WARRANTS – 0.00% (12)
Windstream Holdings II LLC, expires 09/21/2055 (11)(16)		9,444		80,664
Total Warrants (Cost: $91,586)				80,664
SHORT-TERM INVESTMENTS – 13.79%
Money Market Funds – 3.92%
Fidelity Institutional Money Market Government Fund-Class I, 0.01% (14)		1,280,070,132		1,280,070,132
Total Money Market Funds				1,280,070,132
	Principal Amount		Value
Government Related – 0.07%
Various Securities*	$	1,408,811,000		22,018,261
Total Government Related				22,018,261
Repurchase Agreements – 1.15%
Bank of America Securities, Inc., 0.04% dated 06/28/2021, due 07/06/2021, repurchase price $150,001,333 (collateralized by U.S. Treasury Bond, value $153,805,419, 4.50%, 05/15/2038)		150,000,000		150,000,000
BNP Paribas SA, 0.03% dated 06/30/2021, due 07/01/2021, repurchase price $226,500,189 (collateralized by U.S. Treasury Note, value $231,309,327, 2.75%, 02/15/2028)		226,500,000		226,500,000
Total Repurchase Agreements				376,500,000
U.S. Treasury Bills – 8.56%
U.S. Cash Management Bill, 0.00%-0.03%, Aug. 2021-Oct. 2021		903,260,000		903,157,835
U.S. Treasury Bill, 0.00%, Jul. 2021-Dec. 2021 (8)		1,893,695,000		1,893,592,297
Total U.S. Treasury Bills				2,796,750,132
Time Deposits – 0.09%
Bank of Montreal, London, 0.01% due 07/01/2021		1,374,027		1,374,027
BBVA, Madrid, 0.01% due 07/01/2021		17,034,139		17,034,139
BNP Paribas, Paris, -1.83% due 07/01/2021	CHF	118,248		127,801
BNP Paribas, Paris, -0.78% due 07/01/2021	EUR	937,807		1,112,005
BNP Paribas, Paris, -0.61% due 07/01/2021	SEK	345		40
Brown Brothers Harriman, -0.60% due 07/01/2021	NZD	88,917		62,153
Brown Brothers Harriman, -0.44% due 07/01/2021	AUD	1,229,930		922,386
Brown Brothers Harriman, 3.90% due 07/01/2021	ZAR	2,861,481		200,384
Citibank, London, 0.01% due 07/01/2021	GBP	5,941,467		8,218,831
Nordea Bank ABP, Oslo, -1.08% due 07/01/2021	NOK	1,549		180
Royal Bank of Canada, Toronto, 0.01% due 07/02/2021	CAD	334,294		269,678
Skandinaviska Enskilda Banken AB, Stockholm, -0.61% due 07/01/2021	SEK	386		45
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021	$	899,888		899,888
Sumitomo, Tokyo, 0.01% due 07/01/2021		560,188		560,188
Total Time Deposits				30,781,745
Total Short-Term Investments (Cost: $4,504,982,344)				4,506,120,270
TOTAL INVESTMENTS IN SECURITIES – 110.07% (Cost: $35,363,695,102)				35,979,771,375

The accompanying notes are an integral part of these financial statements.

32 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount			Value
TBA SALE COMMITMENTS – (1.19)%
Mortgage-Backed Obligations – (1.19)%
Fannie Mae, 3.00%-4.00%, Jul. 2051-Aug. 2051 (15)	$	(364,200,000	)	$	(387,789,070	)
Total TBA Sale Commitments (Proceeds Received: $(388,724,795))					(387,789,070	)
LIABILITIES IN EXCESS OF OTHER ASSETS – (8.88)%					(2,902,130,212	)
TOTAL NET ASSETS – 100.00%				$	32,689,852,093

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

* Includes securities whose principal amounts are denominated in a currency other than the U.S. dollar.

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

ZAR South African Rand

⁽¹⁾  Variable rate security or includes variable rate securities based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.

⁽²⁾  Security or includes securities purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $7,036,178,680, which represents 21.52% of total net assets.

⁽³⁾  Includes step-up bonds that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2021.

⁽⁴⁾  Variable rate security or includes variable rate securities. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2021.

⁽⁵⁾  Includes inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

⁽⁶⁾  Includes securities in default as of June 30, 2021. The value of these securities totals $48,148,298, which represents 0.15% of total net assets.

⁽⁷⁾  Includes payment in-kind security for which part of the income earned may be paid as additional principal.

⁽⁸⁾  Partially assigned as collateral for certain futures contracts, swap contracts and delayed delivery securities. The value of these pledged issues totals $120,933,910, which represents 0.37% of total net assets.

⁽⁹⁾  Includes inflation protected securities. The value of these securities totals $98,993,844, which represents 0.30% of total net assets.

⁽¹⁰⁾  Delayed delivery purchase commitment security. The value of these securities totals $3,162,490,042, which represents 9.67% of total net assets.

⁽¹¹⁾  Non-income producing security or includes securities that are non-income producing.

⁽¹²⁾  Amount calculated is less than 0.005%.

⁽¹³⁾  Amount calculated is less than $0.5.

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 33

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

⁽¹⁴⁾  Represents annualized seven-day yield as of the close of the reporting period.

⁽¹⁵⁾  Delayed delivery sale commitment security. The value of these securities totals $(387,789,070), which represents (1.19)% of total net assets.

⁽¹⁶⁾  Security or includes securities categorized as Level 3 per the Trust’s fair value hierarchy. These securities represent $41,323,088 or 0.13% of the Fund’s net assets.

⁽¹⁷⁾  Security that is restricted or includes securities restricted at June 30, 2021. The value of the restricted securities totals $138,926,835, which represents 0.42% of total net assets.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
275	Australian 10 Year Bond Future		Goldman Sachs		Sep. 2021	AUD	38,893,106		$	29,118,288		$	(49,596	)
621	Euro-Btp Future		Goldman Sachs		Sep. 2021	EUR	93,192,300			111,490,865			988,097
1,932	U.S. 2 Year Note Future		Citigroup Global Markets		Sep. 2021	$	426,443,718			425,658,843			(784,875	)
417	U.S. 2 Year Note Future		Goldman Sachs		Sep. 2021		92,003,883			91,873,570			(130,313	)
3,117	U.S. 5 Year Note Future		Citigroup Global Markets		Sep. 2021		386,140,096			384,730,338			(1,409,758	)
8,287	U.S. 10 Year Note Future		Goldman Sachs		Sep. 2021		1,091,691,297			1,098,027,500			6,336,203
2,693	U.S. Long Bond Future		Goldman Sachs		Sep. 2021		426,251,898			432,899,750			6,647,852
2	U.S. Ultra 10 Year Note Future		Citigroup Global Markets		Sep. 2021		289,250			294,406			5,156
41	U.S. Ultra Bond Future		Citigroup Global Markets		Sep. 2021		7,559,346			7,900,188			340,842
3,590	U.S. Ultra Bond Future		Goldman Sachs		Sep. 2021		662,436,282			691,748,125			29,311,843
													41,255,451
Number of Contracts Sold	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
(304)	Euro-Bund Future		Goldman Sachs		Sep. 2021	EUR	(52,134,470)		$	(62,220,380	)	$	(401,934	)
(2,143)	U.S. 5 Year Note Future		Goldman Sachs		Sep. 2021	$	(265,603,639	)		(264,509,821	)		1,093,818
(330)	U.S. Long Bond Future		Goldman Sachs		Sep. 2021		(51,445,195	)		(53,047,500	)		(1,602,305	)
(1,080)	U.S. Ultra 10 Year Note Future		Goldman Sachs		Sep. 2021		(156,827,039	)		(158,979,375	)		(2,152,336	)
(1,845)	U.S. Ultra 10 Year Note Future		J.P. Morgan		Sep. 2021		(267,602,562	)		(271,589,766	)		(3,987,204	)
(324)	U.S. Ultra Bond Future		Goldman Sachs		Sep. 2021		(59,388,188	)		(62,430,750	)		(3,042,562	)
(415)	U.S. Ultra Bond Future		J.P. Morgan		Sep. 2021		(77,020,363	)		(79,965,313	)		(2,944,950	)
													(13,037,473	)
												$	28,217,978

Over-the-Counter Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date	Counterparty	Unrealized Appreciation/ (Depreciation)
BRL*	224,611,220	USD	42,308,828	07/02/21	Bank Of America	$	2,850,049
BRL*	224,611,220	USD	44,902,487	07/02/21	Goldman Sachs		256,390
BRL*	224,611,220	USD	44,316,876	08/03/21	Goldman Sachs		682,344
CAD	17,427,500	USD	13,910,729	07/23/21	HSBC		148,095
CAD	52,282,500	USD	41,712,875	07/23/21	Morgan Stanley		463,595
MXN	33,876,000	USD	1,612,275	09/03/21	Goldman Sachs		73,551
MXN	1,040,796,152	USD	49,479,256	10/05/21	J.P. Morgan		2,084,673
MXN	265,851,000	USD	13,098,044	10/27/21	Goldman Sachs		31,801
PEN*	28,785,047	USD	7,236,970	07/19/21	Goldman Sachs		249,879
PEN*	50,751,360	USD	12,816,000	07/26/21	Bank Of America		392,963
PEN*	48,141,720	USD	12,157,000	07/26/21	Morgan Stanley		372,757
PEN*	110,306	USD	27,741	08/18/21	Bank Of America		996
PEN*	3,866,780	USD	974,000	09/03/21	Morgan Stanley		33,650
RUB*	1,782,049,781	USD	23,091,174	07/22/21	Goldman Sachs		1,195,576

The accompanying notes are an integral part of these financial statements.

34 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)

Currency Purchased		Currency Sold		Settlement Date	Counterparty	Unrealized Appreciation/ (Depreciation)
RUB*	237,546,219	USD	3,100,721	07/22/21	Morgan Stanley	$	136,689
RUB*	316,270,359	USD	4,206,159	08/20/21	Bank Of America		85,029
RUB*	1,703,325,641	USD	22,733,135	08/20/21	Goldman Sachs		377,760
USD	1,710,802	AUD	2,212,000	07/02/21	BNP Paribas		51,912
USD	490,636,651	EUR	401,059,000	07/02/21	BNP Paribas		15,080,890
USD	134,405	JPY	14,700,000	07/02/21	BNP Paribas		2,086
USD	255,017,218	GBP	180,386,492	07/02/21	Goldman Sachs		5,488,589
USD	237,778,831	GBP	167,992,508	07/02/21	J.P. Morgan		5,394,798
USD	95,298	TRY	814,711	07/02/21	J.P. Morgan		1,725
USD	18,615,978	EUR	15,260,000	07/02/21	Morgan Stanley		521,431
USD	907,683	TRY	7,783,318	07/07/21	BNP Paribas		15,982
USD	19,679	TRY	168,663	07/07/21	J.P. Morgan		356
USD	2,314,981	TRY	19,865,548	07/09/21	BNP Paribas		41,351
USD	264,496	TRY	2,270,568	07/09/21	J.P. Morgan		4,628
USD	490,307	PEN*	1,843,556	07/13/21	J.P. Morgan		11,081
USD	1,180,495	TRY	10,143,398	07/13/21	J.P. Morgan		22,143
USD	1,050,649	MXN	20,757,000	07/14/21	Goldman Sachs		10,936
USD	7,881,240	PEN*	28,785,047	07/19/21	Goldman Sachs		394,391
USD	15,468,944	AUD	20,075,000	07/23/21	Barclays Bank		412,091
USD	8,058,785	CAD	9,900,000	07/23/21	Canadian Imperial Bank of Commerce		72,422
USD	18,937,512	AUD	24,650,000	07/23/21	Citibank		449,272
USD	4,345,561	AUD	5,725,000	07/23/21	Credit Suisse International		51,640
USD	4,089,880	NOK	34,855,000	07/23/21	Credit Suisse International		41,307
USD	4,368,334	NOK	37,125,000	07/23/21	Deutsche Bank		56,089
USD	43,024,430	CAD	52,435,000	07/23/21	HSBC		724,938
USD	25,601,618	NOK	212,855,000	07/23/21	UBS		877,500
USD	434,218,380	EUR	365,911,000	08/03/21	BNP Paribas		45,402
USD	132,478	JPY	14,700,000	08/03/21	BNP Paribas		122
USD	448,490,029	GBP	323,945,000	08/03/21	Morgan Stanley		335,383
USD	11,080,000	PEN*	40,911,353	08/04/21	BNP Paribas		425,267
USD	10,486,141	CAD	12,652,000	08/17/21	Bank Of America		279,837
USD	7,972,153	EUR	6,660,000	08/20/21	Barclays Bank		66,977
USD	20,370,620	GBP	14,615,000	08/20/21	Citibank		151,313
USD	31,020,936	GBP	21,965,000	08/20/21	J.P. Morgan		633,179
USD	12,132,944	EUR	10,165,000	08/20/21	Morgan Stanley		67,462
USD	31,170,610	EUR	25,635,000	08/20/21	UBS		742,804
USD	17,422,217	PEN*	66,627,785	09/03/21	BNP Paribas		59,589
USD	9,194,099	CAD	11,105,000	09/15/21	BNP Paribas		235,838
USD	61,430,529	ZAR	848,986,374	09/15/21	Goldman Sachs		2,557,975
USD	13,917,399	ZAR	197,008,912	09/16/21	Bank Of America		257,795
USD	7,360,701	ZAR	106,384,088	02/18/22	Bank Of America		136,160
USD	28,172,679	ZAR	413,653,000	02/25/22	Deutsche Bank		107,949
					Total Unrealized Appreciation		45,266,407
AUD	50,450,000	USD	39,319,233	07/23/21	Citibank		(1,480,219	)
CAD	13,540,000	USD	11,195,866	07/23/21	Canadian Imperial Bank of Commerce		(273,102	)
EUR	1,716,000	USD	2,044,743	07/02/21	Goldman Sachs		(9,995	)
EUR	40,180,000	USD	48,623,633	07/02/21	J.P. Morgan		(980,193	)
EUR	8,512,000	USD	10,354,362	07/02/21	Morgan Stanley		(261,257	)
EUR	13,736,244	USD	16,694,735	08/20/21	Citibank		(390,316	)
EUR	16,200,000	USD	19,673,685	08/20/21	Goldman Sachs		(444,879	)
EUR	3,791,244	USD	4,609,906	08/20/21	Morgan Stanley		(109,839	)
EUR	3,734,658	USD	4,542,222	08/20/21	State Street		(109,320	)
GBP	8,418,000	USD	11,717,267	07/02/21	Bank Of America		(72,648	)
GBP	3,511,000	USD	4,890,927	07/02/21	Goldman Sachs		(34,161	)
GBP	10,897,000	USD	15,218,274	07/02/21	J.P. Morgan		(144,454	)
GBP	1,608,000	USD	2,255,164	07/02/21	Morgan Stanley		(30,818	)
GBP	10,235,000	USD	14,175,438	08/03/21	Bank Of America		(16,051	)

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 35

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)

Currency Purchased		Currency Sold			Settlement Date		Counterparty	Unrealized Appreciation/ (Depreciation)
GBP	22,405,000		USD	31,567,973		08/20/21	J.P. Morgan	$	(571,492	)
GBP	14,175,000		USD	19,982,852		08/20/21	State Street		(372,269	)
IDR*	393,184,139,000		USD	27,279,826		09/15/21	Bank Of America		(532,606	)
INR*	1,906,559,450		USD	25,895,509		09/15/21	Bank Of America		(492,329	)
INR*	156,988,000		USD	2,081,241		12/15/21	J.P. Morgan		(13,191	)
MXN	132,419,000		USD	6,559,683		11/08/21	BNP Paribas		(30,902	)
NOK	326,110,000		USD	39,454,726		07/23/21	UBS		(1,575,502	)
NOK	330,585,000		USD	39,276,406		08/17/21	BNP Paribas		(872,635	)
PEN*	110,306		USD	28,782		07/06/21	Bank Of America		(124	)
RUB*	915,676,127		USD	12,549,834		09/20/21	Bank Of America		(186,275	)
RUB*	1,103,920,287		USD	15,057,435		09/20/21	Goldman Sachs		(152,182	)
SEK	313,210,000		USD	37,472,391		08/17/21	Morgan Stanley		(858,494	)
TRY	814,711		USD	97,025		07/02/21	Goldman Sachs		(3,453	)
TRY	7,951,981		USD	947,187		07/07/21	J.P. Morgan		(36,163	)
TRY	4,929,000		USD	584,272		07/09/21	Bank Of America		(20,143	)
TRY	12,053,659		USD	1,437,235		07/09/21	BNP Paribas		(57,683	)
TRY	5,153,457		USD	615,822		07/09/21	Goldman Sachs		(26,004	)
TRY	10,143,398		USD	1,198,629		07/13/21	BNP Paribas		(40,277	)
USD	44,902,487		BRL*	224,611,220		07/02/21	Bank Of America		(256,390	)
USD	44,459,861		BRL*	224,611,220		07/02/21	Goldman Sachs		(699,015	)
USD	27,690		PEN*	110,306		07/06/21	Bank Of America		(967	)
USD	16,854,824		CAD	20,915,000		07/23/21	J.P. Morgan		(17,377	)
USD	4,767,421		NOK	41,275,000		07/23/21	UBS		(26,866	)
USD	7,243,890		PEN*	28,785,047		08/31/21	Goldman Sachs		(257,392	)
USD	12,009,812		BRL*	64,381,000		09/02/21	Bank Of America		(834,662	)
USD	91,579,977		BRL*	515,000,000		10/04/21	J.P. Morgan		(10,713,543	)
USD	657,013		ZAR	10,032,066		02/18/22	J.P. Morgan		(24,264	)
USD	323,655		ZAR	5,171,000		02/25/22	Goldman Sachs		(27,177	)
ZAR	43,770,000		USD	3,053,030		09/15/21	Morgan Stanley		(17,820	)
ZAR	43,770,000		USD	2,986,441		02/25/22	Goldman Sachs		(16,818	)
							Total Unrealized Depreciation		(23,091,267	)
							Net Unrealized Appreciation	$	22,175,140

* Non-deliverable forward

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

MXN Mexican Peso

NOK Norwegian Krone

PEN Peruvian Sol

RUB Russian Ruble

SEK Swedish Krona

TRY Turkish Lira

USD United States Dollar

ZAR South African Rand

The accompanying notes are an integral part of these financial statements.

36 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Centrally Cleared Credit Default Swaps – Sell Protection

Reference Entity	Fixed Annual Rate Received by Fund	Maturity Date		Implied Credit Spread at June 30, 2021		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Value
AT&T Inc.	1.00%		12/20/2024		0.40%	$	7,700,000	$	51,050		$	99,716	$	150,766
AT&T Inc.	1.00		6/20/2026		0.62		4,400,000		72,540			9,250		81,790
CDX.EM.28	1.00		12/20/2022		0.87		9,588,000		(201,276	)		223,062		21,786
CDX.EM.29	1.00		6/20/2023		0.84		1,880,000		(31,920	)		38,261		6,341
CDX.EM.30	1.00		12/20/2023		0.97		6,768,000		(184,726	)		192,325		7,599
CDX.EM.31	1.00		6/20/2024		0.95		8,178,000		(283,672	)		297,345		13,673
CDX.EM.32	1.00		12/20/2024		1.03		12,090,000		(547,801	)		539,579		(8,222	)
CDX.EM.34	1.00		12/20/2025		1.82		4,300,000		(244,812	)		96,763		(148,049	)
CDX.EM.35	1.00		6/20/2026		1.56		3,100,000		(103,901	)		23,682		(80,219	)
CDX.NA.HY.34	5.00		6/20/2025		2.36		736,000		53,632			20,090		73,722
CDX.NA.HY.35	5.00		12/20/2025		2.56		40,900,000		3,351,669			837,347		4,189,016
CDX.NA.HY.36	5.00		6/20/2026		2.74		154,250,000		12,632,190			5,209,282		17,841,472
CDX.NA.HY.36	5.00		6/20/2026		2.74		268,000,000		23,451,519			4,196,955		27,648,474
CDX.NA.IG	1.00		6/20/2026		0.48		197,805,000		4,456,675			1,094,389		5,551,064
General Electric Co.	1.00		12/20/2023		0.38		700,000		(18,071	)		28,975		10,904
Indonesia Government International	1.00		6/20/2026		0.75		23,290,000		229,605			124,272		353,877
Mexico Government International	1.00		6/20/2026		0.94		121,686,000		57,208			656,404		713,612
								$	42,739,909		$	13,687,697	$	56,427,606

Over-the-Counter Credit Default Swaps – Sell Protection

Counterparty	Reference Entity	Fixed Annual Rate Received by Fund	Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2021	Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
Deutsche Bank	CMBX.NA.AAA.10	0.50%	Monthly		11/17/2059	0.00%	$	16,450,000	$	(265,483	)		$   436,522		$	171,039
Goldman Sachs	CMBX.NA.AAA.10	0.50	Monthly		12/16/2072	0.00		154,800,000		491,927			511,891			1,003,818
Morgan Stanley	CMBX.NA.AAA.10	0.50	Monthly		12/16/2072	0.00		157,900,000		642,297			381,623			1,023,920
J.P. Morgan	Barclays Bank Plc	1.00	Quarterly		6/20/2024	0.30	EUR	1,000,000		7,703			17,851			25,554
Goldman Sachs	Brazilian Government International	1.00	Quarterly		12/20/2024	1.20	$	3,200,000		(33,524	)		12,546			(20,978	)
Barclays Bank	Chile Government International	1.00	Quarterly		6/20/2026	0.59		10,530,000		234,867			(18,840	)		216,027
Goldman Sachs	Chile Government International	1.00	Quarterly		6/20/2026	0.59		4,770,000		104,039			(6,180	)		97,859
Morgan Stanley	Chile Government International	1.00	Quarterly		6/20/2026	0.59		31,000,000		339,131			691,234			1,030,365
Goldman Sachs	Federative Republic of Brazil	1.00	Quarterly		6/20/2024	1.01		300,000		(5,713	)		5,681			(32	)
Goldman Sachs	Indonesia Government International	1.00	Quarterly		6/20/2026	0.75		35,250,000		233,518			212,978			446,496
Barclays Bank	Mexico Government International	1.00	Quarterly		6/20/2026	0.94		1,591,000		(3,042	)		8,263			5,221
Goldman Sachs	Mexico Government International	1.00	Quarterly		6/20/2026	0.94		3,800,000		(4,740	)		17,208			12,468
J.P. Morgan	Mexico Government International	1.00	Quarterly		6/20/2026	0.94		300,000		(2,123	)		3,099			976
J.P. Morgan	Mexico Government International	1.00	Quarterly		6/20/2026	0.94		4,309,000		(239	)		25,509			25,270
Morgan Stanley	Mexico Government International	1.00	Quarterly		12/20/2024	0.61		300,000		(1,724	)		5,875			4,151

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 37

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Over-the-Counter Credit Default Swaps – Sell Protection (Continued)

Counterparty	Reference Entity	Fixed Annual Rate Received by Fund	Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2021		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Value
Morgan Stanley	Mexico Government International	1.00%	Quarterly		12/20/2025		0.83%	$	700,000	$	(8,139)			$     13,510	$	5,371
Morgan Stanley	Mexico Government International	1.00	Quarterly		6/20/2026		0.94		1,100,000		(5,786	)		9,365		3,579
Goldman Sachs	Republic of South Africa	1.00	Quarterly		6/20/2024		1.20		4,700,000		(118,029	)		91,215		(26,814	)
J.P. Morgan	Republic of South Africa	1.00	Quarterly		6/20/2023		0.81		9,400,000		(300,117	)		337,444		37,327
Goldman Sachs	Russia Emerging Markets SPMYC	1.00	Quarterly		12/20/2022		0.33		1,500,000		(13,373	)		28,871		15,498
J.P. Morgan	Russia Emerging Markets SPMYC	1.00	Quarterly		6/20/2023		0.35		18,200,000		(246,180	)		485,010		238,830
Goldman Sachs	Russian Foreign Bond – Eurobon	1.00	Quarterly		12/20/2024		0.58		16,400,000		66,122			177,977		244,099
Goldman Sachs	Teva Pharmaceutical Finance Ne	1.00	Quarterly		6/20/2022		1.67		210,000		(6,968	)		5,663		(1,305	)
Goldman Sachs	United Mexican States	1.00	Quarterly		6/20/2023		0.35		29,900,000		(112,795	)		505,237		392,442
Goldman Sachs	United Mexican States	1.00	Quarterly		12/20/2023		0.43		9,100,000		(112,452	)		243,276		130,824
J.P. Morgan	United Mexican States	1.00	Quarterly		12/20/2023		0.43		5,400,000		(62,153	)		139,785		77,632
J.P. Morgan	United Mexican States	1.00	Quarterly		6/20/2024		0.49		100,000		(952	)		2,514		1,562
Morgan Stanley	United Mexican States	1.00	Quarterly		12/20/2022		0.32		3,800,000		1,877			37,756		39,633
Morgan Stanley	United Mexican States	1.00	Quarterly		6/20/2026		0.94		26,000,000		(225,003	)		641,087		416,084
										$	592,946			$5,023,970	$	5,616,916

Centrally Cleared Interest Rate Swaps    

Fixed Annual Rate	Floating Rate Index	Floating Rate Paid or Received		Payment Frequency		Maturity Date		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
(0.45)%	6 Month EURIBOR		Received		Semi-Annual		12/29/2023	EUR	2,800,000	$	—		$	6,531		$	6,531
(0.43)	6 Month EURIBOR		Received		Semi-Annual		6/28/2024		2,700,000		—			2,720			2,720
(0.40)	6 Month EURIBOR		Received		Semi-Annual		12/30/2024		1,200,000		—			3,363			3,363
(0.36)	6 Month EURIBOR		Received		Semi-Annual		6/30/2025		2,300,000		—			3,955			3,955
(0.33)	6 Month EURIBOR		Received		Semi-Annual		12/30/2025		1,400,000		—			4,534			4,534
(0.29)	6 Month EURIBOR		Received		Semi-Annual		6/30/2026		700,000		—			1,645			1,645
(0.15)	6 Month EURIBOR		Received		Semi-Annual		3/18/2030		16,100,000		248,856			11,059			259,915
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022	BRL	2,400,000		—			6,101			6,101
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		47,100,000		(50	)		121,008			120,958
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		4,400,000		—			11,031			11,031
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		15,100,000		—			37,290			37,290
—	BRL-CDI-Compounded		Paid		Quarterly		1/3/2022		280,700,000		3,437			(575,257	)		(571,820	)
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		3,000,000		—			7,671			7,671
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		70,000,000		(103,494	)		214,504			111,010
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		57,900,000		—			142,696			142,696
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		12,200,000		—			30,722			30,722
—	BRL-CDI-Compounded		Paid		Quarterly		1/3/2022		46,400,000		—			(51,520	)		(51,520	)
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		23,300,000		—			58,932			58,932
—	BRL-CDI-Compounded		Paid		Quarterly		1/3/2022		870,300,000		(149,981	)		(1,103,393	)		(1,253,374	)
—	BRL-CDI-Compounded		Paid		Quarterly		1/3/2022		400,000		(2	)		(410	)		(412	)

The accompanying notes are an integral part of these financial statements.

38 Annual Report  •  June 30, 2021

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Centrally Cleared Interest Rate Swaps (Continued)

Fixed Annual Rate	Floating Rate Index	Floating Rate Paid or Received		Payment Frequency		Maturity Date		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
—%	BRL-CDI-Compounded		Received		Quarterly		1/3/2022	BRL	17,900,000	$	—		$	43,978		$	43,978
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		12,300,000		—			30,283			30,283
—	BRL-CDI-Compounded		Received		Quarterly		1/3/2022		15,100,000		—			37,593			37,593
—	6 Month EURIBOR		Received		Semi-Annual		9/15/2031	EUR	118,600,000		1,950,256			(100,587	)		1,849,669
0.50	6 Month EURIBOR		Received		Semi-Annual		6/17/2050		9,000,000		(280,454	)		225,153			(55,301	)
0.50	3 Month USD LIBOR		Paid		Quarterly		6/16/2028	$	72,004,000		(3,879,485	)		519,274			(3,360,211	)
0.75	3 Month USD LIBOR		Paid		Quarterly		6/16/2031		286,950,000		(24,198,165	)		6,118,656			(18,079,509	)
0.75	3 Month USD LIBOR		Received		Quarterly		6/16/2031		14,100,000		681,353			206,956			888,309
0.75	Sterling Overnight Index Average		Received		Annual		9/15/2031	GBP	17,100,000		(13,852	)		(35,571	)		(49,423	)
0.75	Sterling Overnight Index Average		Received		Annual		9/15/2051		6,000,000		374,675			(200,491	)		174,184
1.00	3 Month USD LIBOR		Received		Quarterly		12/16/2030	$	3,497,000		16,638			104,223			120,861
1.25	3 Month USD LIBOR		Received		Quarterly		6/17/2027		2,700,000		(17,152	)		(11,308	)		(28,460	)
1.25	3 Month USD LIBOR		Received		Quarterly		12/16/2050		48,900,000		4,876,960			979,860			5,856,820
1.50	3 Month USD LIBOR		Received		Quarterly		6/17/2050		81,200,000		(14,691,221	)		19,459,844			4,768,623
2.25	3 Month USD LIBOR		Received		Quarterly		3/12/2050		3,200,000		(9,657	)		(391,026	)		(400,683	)
2.50	3 Month USD LIBOR		Paid		Quarterly		12/20/2027		107,900,000		(996,154	)		10,372,877			9,376,723
2.50	3 Month USD LIBOR		Paid		Quarterly		12/20/2027		94,300,000		1,568,137			6,626,719			8,194,856
3.00	6 Month Australian Bank Bill		Paid		Semi-Annual		3/21/2027	AUD	109,400,000		558,266			9,132,175			9,690,441
3.00	3 Month USD LIBOR		Paid		Quarterly		6/19/2029	$	47,200,000		3,063,091			3,233,585			6,296,676
4.47	Mexico Interbank TIIE 28 Day		Paid		Lunar		2/27/2023	MXN	65,200,000		—			(77,015	)		(77,015	)
4.50	Mexico Interbank TIIE 28 Day		Paid		Lunar		3/3/2023		416,900,000		(2,390	)		(484,374	)		(486,764	)
4.52	Mexico Interbank TIIE 28 Day		Paid		Lunar		2/27/2023		130,500,000		—			(148,788	)		(148,788	)
4.55	Mexico Interbank TIIE 28 Day		Paid		Lunar		2/27/2023		551,500,000		8,319			(623,515	)		(615,196	)
4.57	Mexico Interbank TIIE 28 Day		Paid		Lunar		2/27/2023		65,200,000		—			(71,927	)		(71,927	)
4.58	Mexico Interbank TIIE 28 Day		Received		Lunar		6/10/2022		4,000,000		—			1,677			1,677
4.65	Mexico Interbank TIIE 28 Day		Received		Lunar		5/10/2022		15,400,000		208			4,581			4,789
4.74	Mexico Interbank TIIE 28 Day		Received		Lunar		6/3/2022		3,900,000		—			1,255			1,255
4.83	Mexico Interbank TIIE 28 Day		Received		Lunar		5/27/2022		1,600,000		—			438			438
4.85	3 Month ZAR SAJIBOR		Paid		Quarterly		1/11/2026	ZAR	151,700,000		(42,203	)		(337,258	)		(379,461	)
4.85	3 Month ZAR SAJIBOR		Paid		Quarterly		1/7/2026		41,600,000		(22	)		(102,362	)		(102,384	)
4.92	3 Month ZAR SAJIBOR		Paid		Quarterly		2/1/2026		103,000,000		(22,482	)		(228,893	)		(251,375	)
5.12	Mexico Interbank TIIE 28 Day		Paid		Lunar		5/6/2025	MXN	2,000,000		(134	)		(4,372	)		(4,506	)
5.16	Mexico Interbank TIIE 28 Day		Paid		Lunar		6/6/2025		1,700,000		—			(3,825	)		(3,825	)
5.28	Mexico Interbank TIIE 28 Day		Paid		Lunar		5/23/2025		700,000		—			(1,414	)		(1,414	)

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 39

Bridge Builder Core Plus Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

Centrally Cleared Interest Rate Swaps (Continued)

Fixed Annual Rate	Floating Rate Index	Floating Rate Paid or Received		Payment Frequency		Maturity Date		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
5.28 %	Mexico Interbank TIIE 28 Day		Paid		Lunar		5/30/2025	MXN	1,600,000	$	—		$	(3,218	)	$	(3,218	)
5.54	Mexico Interbank TIIE 28 Day		Paid		Lunar		5/4/2027		3,400,000		1			(9,668	)		(9,667	)
5.97	3 Month ZAR SAJIBOR		Received		Quarterly		3/10/2026	ZAR	2,100,000		9			(792	)		(783	)
7.15	Mexico Interbank TIIE 28 Day		Paid		Lunar		6/11/2027	MXN	25,800,000		(15,624	)		46,113			30,489
7.36	Mexico Interbank TIIE 28 Day		Received		Lunar		8/21/2037		900,000		3,106			(2,918	)		188
7.37	Mexico Interbank TIIE 28 Day		Paid		Lunar		10/11/2027		40,300,000		(1,702	)		69,596			67,894
7.38	Mexico Interbank TIIE 28 Day		Received		Lunar		8/14/2037		1,300,000		4,378			(4,279	)		99
7.61	Mexico Interbank TIIE 28 Day		Received		Lunar		1/23/2023		222,400,000		92,932			(401,449	)		(308,517	)
7.75	Mexico Interbank TIIE 28 Day		Paid		Lunar		1/5/2023		1,400,000		—			1,993			1,993
7.81	Mexico Interbank TIIE 28 Day		Paid		Lunar		2/6/2023		2,800,000		—			4,167			4,167
7.82	Mexico Interbank TIIE 28 Day		Paid		Lunar		2/6/2023		2,800,000		(251	)		4,452			4,201
7.87	Mexico Interbank TIIE 28 Day		Paid		Lunar		12/27/2022		3,400,000		—			5,240			5,240
7.88	Mexico Interbank TIIE 28 Day		Paid		Lunar		12/16/2022		2,000,000		—			3,166			3,166
7.88	Mexico Interbank TIIE 28 Day		Paid		Lunar		12/27/2022		36,000,000		6,747			49,147			55,894
7.91	Mexico Interbank TIIE 28 Day		Received		Lunar		12/30/2027		800,000		—			(2,537	)		(2,537	)
7.98	Mexico Interbank TIIE 28 Day		Received		Lunar		12/10/2027		3,300,000		(19	)		(11,397	)		(11,416	)
7.99	Mexico Interbank TIIE 28 Day		Received		Lunar		12/21/2027		100,000		—			(343	)		(343	)
8.01	Mexico Interbank TIIE 28 Day		Received		Lunar		12/21/2027		20,200,000		(7,931	)		(62,144	)		(70,075	)
8.03	Mexico Interbank TIIE 28 Day		Received		Lunar		1/31/2028		1,600,000		11			(5,588	)		(5,577	)
8.05	Mexico Interbank TIIE 28 Day		Received		Lunar		1/31/2028		2,400,000		524			(9,021	)		(8,497	)
										$	(30,974,521	)	$	52,880,103		$	21,905,582

The accompanying notes are an integral part of these financial statements.

40 Annual Report  •  June 30, 2021

Bridge Builder Municipal Bond Fund

Summary Schedule of Investments

June 30, 2021

	Principal Amount		Value
MUNICIPAL BONDS – 96.03%
Education – 8.06%
Alabama Public School & College Authority, 5.00%, Nov. 2037	$	47,500,000	$	62,859,928
New Jersey Economic Development Authority, 5.25%, Sep. 2024 (1)(2)		35,925,000		41,177,946
Tennessee State School Bond Authority, 5.00%, Nov. 2040		25,000,000		29,837,107
Illinois Finance Authority, 5.00%, Aug. 2021-Aug. 2049 (2)		6,500,000		7,858,281
New Jersey Economic Development Authority, 5.00%-5.50%, Jun. 2024-Jun. 2054 (1)(2)		28,715,000		32,998,446
New York State Dormitory Authority, 5.00%, Oct. 2021-Oct. 2030 (2)		5,835,000		7,244,684
Tender Option Bond Trust Receipts/Certificates, 0.10%, Dec. 2043-Jul. 2059 (1)(2)(3)		3,100,000		3,100,000
Other Securities (1)(3)		527,420,000		611,726,978
Total Education				796,803,370
General Obligation – 16.27%
Commonwealth of Pennsylvania, 4.00%, Apr. 2033		20,000,000		21,255,776
Maricopa County Special Health Care District, 4.00%, Jul. 2038		19,340,000		22,489,322
Northside Independent School District, 0.70%, Jun. 2050 (3)		24,595,000		24,684,509
State of California, 5.00%, Nov. 2036		25,000,000		33,124,355
State of Hawaii, 5.00%, Jan. 2032		12,800,000		16,413,279
State of Illinois, 5.00%, Nov. 2025 (2)		15,745,000		18,544,708
State of New Jersey, 4.00%, Jun. 2030		15,285,000		18,781,520
State of New Jersey, 5.00%, Jun. 2029		16,450,000		21,301,126
Illinois Finance Authority, 3.00%, Jul. 2035 (2)		2,250,000		2,352,271
State of California, 4.00%-5.00%, Aug. 2022-Nov. 2041		67,875,000		83,395,660
State of Illinois, 4.00%-5.50%, Sep. 2021-Jul. 2038 (2)		116,525,000		132,215,902
Tender Option Bond Trust Receipts/Certificates, 0.10%, Aug. 2055 (1)(2)(3)		1,000,000		1,000,000
Other Securities (1)(3)(4)		1,059,016,500		1,213,175,009
Total General Obligation				1,608,733,437
General Revenue – 28.77%
Buckeye Tobacco Settlement Financing Authority, 5.00%, Jun. 2055		38,820,000		45,347,890
California Infrastructure & Economic Development Bank, 0.00%, Jan. 2050 (1)(3)		26,180,000		26,178,641
Central Plains Energy Project, 4.00%, Dec. 2049 (3)		32,420,000		36,726,229
Chandler Industrial Development Authority, 5.00%, Jun. 2049 (3)		18,960,000		21,394,024
City of Whiting IN, 5.00%, Dec. 2044 (3)		21,625,000		26,247,387
Indiana Finance Authority, 0.12%, May 2028 (3)		19,250,000		19,248,780
Kentucky Public Energy Authority, 4.00%, Dec. 2049 (3)		21,270,000		23,940,858
Kentucky Public Energy Authority, 4.00%, Dec. 2050 (3)		16,560,000		19,092,246
Lower Alabama Gas District, 4.00%, Dec. 2050 (3)		15,610,000		17,753,954
Main Street Natural Gas, Inc., 4.00%, Aug. 2049 (3)		52,070,000		58,030,375
Main Street Natural Gas, Inc., 4.00%, Mar. 2050 (3)		20,000,000		23,123,208
Metropolitan Pier & Exposition Authority, 5.00%, Jun. 2050		16,465,000		20,563,995
New York State Dormitory Authority, 4.00%, Mar. 2032 (2)		20,000,000		22,432,356
Parish of St James LA, 0.09%, Nov. 2040 (3)		16,125,000		16,125,000
Patriots Energy Group Financing Agency, 4.00%, Oct. 2048 (3)		34,175,000		37,094,769
Port of Port Arthur Navigation District, 0.06%, Apr. 2040 (3)		65,725,000		65,725,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.33%, Jul. 2040		31,864,000		35,713,477
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, Jul. 2058		23,235,000		26,781,054
Southeast Energy Authority A Cooperative District, 4.00%, Nov. 2051 (3)		15,000,000		17,919,185
Tennergy Corp., 4.00%, Dec. 2051 (3)		25,000,000		29,994,217
Washington State Convention Center Public Facilities District, 4.00%, Jul. 2031		15,125,000		17,699,304
Illinois Finance Authority, 4.00%-5.25%, May 2023-May 2047 (1)(2)(3)		4,070,000		4,323,941
Main Street Natural Gas, Inc., 0.81%-5.00%, Mar. 2023-Aug. 2048 (3)(5)		29,640,000		32,895,289
Metropolitan Transportation Authority, 0.48%-5.00%, Nov. 2024-Nov. 2036 (2)(5)		5,850,000		6,443,477
New Jersey Economic Development Authority, 3.13%-5.63%, Jun. 2022-Jan. 2052 (2)		47,230,000		54,602,767
New Jersey Transportation Trust Fund Authority, 0.00%-5.50%, Dec. 2021-Jun. 2050 (2)		100,895,000		116,109,116
New York State Dormitory Authority, 3.00%-5.25%, Jul. 2023-Mar. 2038 (2)		56,955,000		68,039,786
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 0.00%-4.78%, Jul. 2024-Jul. 2058		61,638,000		49,536,990
State of Illinois, 5.00%, Jun. 2024-Jun. 2025 (2)		9,095,000		9,875,291
Tender Option Bond Trust Receipts/Certificates, 0.10%-0.25%, Dec. 2028-Oct. 2051 (1)(2)(3)		24,810,000		24,810,000
Other Securities (1)(3)(4)(5)(7)		1,680,462,519		1,871,232,038
Total General Revenue				2,845,000,644

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 41

Bridge Builder Municipal Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
Healthcare – 12.45%
Arizona Health Facilities Authority, 4.00%, Jan. 2043	$	24,000,000	$	24,463,951
Illinois Finance Authority, 5.00%, May 2028 (2)		12,620,000		16,013,076
Kansas Development Finance Authority, 5.00%, Nov. 2054 (3)		14,000,000		18,042,119
Michigan Finance Authority, 1.20%, Oct. 2038 (3)		18,900,000		18,964,441
Illinois Finance Authority, 2.25%-5.25%, Dec. 2022-Jul. 2057 (2)(3)		101,685,000		120,242,243
New Jersey Economic Development Authority, 5.00%, Oct. 2039-Jan. 2040 (1)(2)		895,000		915,122
New York State Dormitory Authority, 5.00%, Dec. 2022-May 2048 (1)(2)(3)		19,560,000		22,109,089
Tender Option Bond Trust Receipts/Certificates, 0.10%-0.27%, May 2022-Sep. 2050 (1)(2)(3)		29,040,000		29,040,000
Other Securities (1)(3)(4)(5)		858,611,958		981,616,595
Total Healthcare				1,231,406,636
Housing – 4.81%
New York City Housing Development Corp., 0.70%, Nov. 2060 (3)		27,525,000		27,552,960
New Jersey Economic Development Authority, 5.00%, Jun. 2026-Jan. 2048 (2)		3,400,000		3,728,075
Tender Option Bond Trust Receipts/Certificates, 0.33%, Apr. 2059-Apr. 2065 (1)(2)(3)		29,850,000		29,850,000
Other Securities (1)(3)(5)		385,173,773		414,598,526
Total Housing				475,729,561
Transportation – 17.27%
Chicago O’Hare International Airport, 5.00%, Jan. 2032		13,995,000		16,221,141
Illinois State Toll Highway Authority, 5.00%, Jan. 2045		12,810,000		16,533,607
Metropolitan Transportation Authority, 5.00%, Sep. 2021 (2)		25,000,000		25,195,010
Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, Oct. 2027		42,565,000		53,015,005
Port of Seattle WA, 5.00%, Aug. 2039		13,380,000		17,357,457
State of Connecticut Special Tax Revenue, 5.00%, Oct. 2031		26,000,000		28,553,452
Metropolitan Transportation Authority, 0.00%-5.25%, Nov. 2021-Nov. 2052 (2)(5)		82,310,000		96,286,659
Metropolitan Washington Airports Authority, 5.00%, Oct. 2021-Oct. 2043		33,130,000		40,165,026
Metropolitan Washington Airports Authority Aviation Revenue, 4.00%-5.00%, Oct. 2030-Oct. 2038		24,545,000		32,684,007
New Jersey Transportation Trust Fund Authority, 0.00%-5.00%, Dec. 2028-Jun. 2032 (2)		3,305,000		3,325,580
Tender Option Bond Trust Receipts/Certificates, 0.06%-0.28%, Jan. 2024-Oct. 2050 (1)(2)(3)		31,225,000		31,225,000
Other Securities (3)(5)		1,165,437,759		1,347,693,175
Total Transportation				1,708,255,119
Utilities – 8.40%
City of Atlanta GA Water & Wastewater Revenue, 5.00%, Nov. 2040		14,595,000		16,963,348
City of San Antonio TX Electric & Gas Systems Revenue, 1.13%, Dec. 2045 (3)		22,440,000		22,768,771
County of King WA Sewer Revenue, 5.00%, Jan. 2047		29,000,000		32,446,229
Energy Northwest, 5.00%, Jul. 2028		15,000,000		19,252,107
Illinois Finance Authority, 5.25%, Jul. 2035 (2)		20,085,000		26,275,295
Nebraska Public Power District, 0.60%, Jan. 2051 (3)		16,920,000		17,023,912
Illinois Finance Authority, 5.00%, Jul. 2022-Jul. 2034 (2)		16,040,000		20,753,500
New Jersey Economic Development Authority, 1.20%-5.00%, Nov. 2034-Aug. 2059 (2)(3)		5,755,000		6,123,727
Tender Option Bond Trust Receipts/Certificates, 0.11%, Aug. 2050 (1)(2)(3)		4,500,000		4,500,000
Other Securities (1)(3)(4)(5)		590,810,000		664,545,589
Total Utilities				830,652,478
Total Municipal Bonds (Cost: $9,079,794,366)				9,496,581,245
	Shares		Value
SHORT-TERM INVESTMENTS – 5.44%
Money Market Funds – 5.02%
Fidelity Institutional Money Market Government Fund – Class I, 0.01% (6)		496,828,340		496,828,340
Total Money Market Funds				496,828,340

The accompanying notes are an integral part of these financial statements.

42 Annual Report  •  June 30, 2021

Bridge Builder Municipal Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
Commercial Paper – 0.18%
California Statewide Communities Development Authority, 0.17%, Dec. 2021	$	17,335,000	$	17,336,536
Total Commercial Paper				17,336,536
Time Deposits – 0.24%
BBVA, Madrid, 0.01% due 07/01/2021		3,156,672		3,156,672
Citibank, New York, 0.01% due 07/01/2021		12,136,012		12,136,012
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021		290		290
Sumitomo, Tokyo, 0.01% due 07/01/2021		7,929,482		7,929,482
Total Time Deposits				23,222,456
Total Short-Term Investments (Cost: $537,385,796)				537,387,332
TOTAL INVESTMENTS IN SECURITIES – 101.47% (Cost: $9,617,180,162)				10,033,968,577
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.47)%				(145,113,130	)
TOTAL NET ASSETS – 100.00%			$	9,888,855,447

Percentages are stated as a percent of net assets.

⁽¹⁾  Security or includes securities purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $541,132,460, which represents 5.47% of total net assets.

⁽²⁾  Issuer includes securities in multiple categories. The market value of the issuer as a whole is greater than 1% of the Fund’s total net assets.

⁽³⁾  Adjustable rate security or includes adjustable rate securities. The rate reported is the rate in effect as of June 30, 2021.

⁽⁴⁾  Includes securities in default as of June 30, 2021. The value of these securities totals $60,325,711, which represents 0.61% of total net assets.

⁽⁵⁾  Includes variable rate securities based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.

⁽⁶⁾  Represents annualized seven-day yield as of the close of the reporting period.

⁽⁷⁾  Includes securities restricted at June 30, 2021. The value of the restricted securities totals $15,217,604, which represents 0.15% of total net assets.

Open Futures Contracts

Number of Contracts Sold	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
(400)	U.S. 5 Year Note Future		Citigroup Global Markets		Sep. 2021	$	(49,478,124	)	$	(49,371,875	)	$	106,249
(332)	U.S. 5 Year Note Future		Bank of America		Sep. 2021		(40,942,895	)		(40,978,656	)		(35,761	)
(357)	U.S. 10 Year Note Future		Bank of America		Sep. 2021		(47,123,976	)		(47,302,500	)		(178,524	)
(200)	U.S. 10 Year Note Future		Citigroup Global Markets		Sep. 2021		(26,347,430	)		(26,500,000	)		(152,570	)
												$	(260,606	)

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 43

Bridge Builder Municipal Bond Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

State/U.S. Territory	Percentage of Net Assets
Alabama		1.98	%
Alaska		0.12
Arizona		2.34
Arkansas		0.12
California		6.01
Colorado		2.04
Connecticut		2.43
Delaware		0.48
District of Columbia		2.37
Florida		5.24
Georgia		3.16
Guam		0.15
Hawaii		0.73
Idaho		0.14
Illinois		8.27
Indiana		1.88
Iowa		0.36
Kansas		0.27
Kentucky		1.44
Louisiana		1.71
Maine		0.15
Maryland		1.52
Massachusetts		1.78
Michigan		2.67
Minnesota		0.34
Mississippi		0.46
Missouri		0.96
Montana		0.03
Nebraska		0.75
Nevada		1.26
New Hampshire		0.48

State/U.S. Territory (Continued)	Percentage of Net Assets
New Jersey		4.67	%
New Mexico		0.28
New York		9.95
North Carolina		1.20
North Dakota		0.11
Ohio		2.13
Oklahoma		0.67
Oregon		0.63
Pennsylvania		4.71
Puerto Rico		2.43
Rhode Island		0.31
South Carolina		1.05
South Dakota		0.24
Tennessee		1.26
Texas		8.29
Utah		0.39
Vermont		0.06
Virgin Islands		0.03
Virginia		1.22
Washington		3.03
West Virginia		0.12
Wisconsin		1.48
Wyoming		0.13
Total Municipal Bonds		96.03
SHORT-TERM INVESTMENTS		5.44
TOTAL INVESTMENTS IN SECURITIES		101.47
LIABILITIES IN EXCESS OF OTHER ASSETS		-1.47
TOTAL NET ASSETS		100.00	%

The accompanying notes are an integral part of these financial statements.

44 Annual Report  •  June 30, 2021

Bridge Builder Large Cap Growth Fund

Summary Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.52%
Communication Services – 11.72%
Alphabet, Inc. – Class A (1)		239,205	$	584,088,377
Alphabet, Inc. – Class C (1)		149,120		373,742,438
Facebook, Inc. – Class A(1)		1,364,161		474,332,421
Netflix, Inc. (1)		231,616		122,341,887
Walt Disney Co. (1)		1,544,006		271,389,935
Other Securities (1)		2,256,216		237,364,423
Total Communication Services				2,063,259,481
Consumer Discretionary – 15.01%
Amazon.com, Inc. (1)		202,047		695,074,007
Lowe’s Companies, Inc.		682,441		132,373,081
McDonald’s Corp.		676,635		156,295,919
NIKE, Inc. – Class B		1,685,180		260,343,458
Tesla, Inc. (1)		345,138		234,590,299
Yum! Brands, Inc.		1,910,232		219,733,987
Other Securities (1)		5,289,049		944,321,029
Total Consumer Discretionary				2,642,731,780
Consumer Staples – 3.06%
Coca-Cola Co.		2,449,730		132,554,890
Other Securities (1)		2,874,798		406,452,818
Total Consumer Staples				539,007,708
Energy – 0.85%
ConocoPhillips		2,359,484		143,692,576
Other Securities (1)		62,893		5,689,919
Total Energy				149,382,495
Financials – 8.01%
American Express Co.		2,184,551		360,953,362
Bank of America Corp.		5,791,947		238,801,975
Intercontinental Exchange, Inc.		1,824,318		216,546,547
JPMorgan Chase & Co.		878,765		136,683,108
MSCI, Inc. – Class A		389,710		207,746,607
Other Securities (1)		1,969,366		249,713,639
Total Financials				1,410,445,238
Healthcare – 15.43%
Abbott Laboratories		1,529,249		177,285,837
Danaher Corp.		1,305,747		350,410,265
Illumina, Inc. (1)		313,354		148,282,246
Intuitive Surgical, Inc. (1)		189,861		174,603,770
Johnson & Johnson		1,526,089		251,407,902
Medtronic Plc		1,729,076		214,630,204
Regeneron Pharmaceuticals, Inc. (1)		330,972		184,861,101
Thermo Fisher Scientific, Inc.		568,769		286,926,897
UnitedHealth Group, Inc.		910,189		364,476,083
Other Securities (1)		4,063,387		564,005,120
Total Healthcare				2,716,889,425
Industrials – 6.10%
Honeywell International, Inc.		901,376		197,716,826
IHS Markit Ltd.		1,692,453		190,671,755
Union Pacific Corp.		797,885		175,478,848
Other Securities (1)		3,844,969		509,752,798
Total Industrials				1,073,620,227

	Shares		Value
Information Technology – 34.48%
Adobe, Inc. (1)		344,734	$	201,890,020
Analog Devices, Inc.		706,344		121,604,183
Apple, Inc.		3,830,950		524,686,912
Autodesk, Inc. (1)		730,899		213,349,418
Cisco Systems, Inc.		2,556,379		135,488,087
FleetCor Technologies, Inc. (1)		743,936		190,492,252
Intuit, Inc.		451,893		221,504,392
Microsoft Corp.		4,024,282		1,090,177,994
NVIDIA Corp.		241,038		192,854,504
PayPal Holdings, Inc. (1)		1,253,141		365,265,539
RingCentral, Inc. – Class A (1)		594,091		172,630,963
Salesforce.com, Inc. (1)		1,619,058		395,487,298
Shopify, Inc. – Class A (1)		119,404		174,446,856
Texas Instruments, Inc.		622,521		119,710,788
Visa, Inc. – Class A		2,589,923		605,575,796
Workday, Inc. – Class A (1)		1,181,534		282,079,427
Other Securities (1)(2)		6,235,374		1,064,139,521
Total Information Technology				6,071,383,950
Materials – 2.06%
Ball Corp.		2,281,183		184,821,447
Linde Plc		398,588		115,231,791
Other Securities (1)		358,734		61,803,669
Total Materials				361,856,907
Real Estate – 1.80%
Equinix, Inc.		218,659		175,495,713
Prologis, Inc.		966,700		115,549,651
Other Securities (1)		152,415		26,275,240
Total Real Estate				317,320,604
Utilities – 0.00% (3)
Various Securities		11,824		480,868
Total Utilities				480,868
Total Common Stocks (Cost: $10,433,540,993)				17,346,378,683
SHORT-TERM INVESTMENTS – 1.36%
Money Market Funds – 1.29%
Goldman Sachs Financial Square Government Fund – Class I, 0.03% (4)		226,383,268		226,383,268
Total Money Market Funds				226,383,268

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 45

Bridge Builder Large Cap Growth Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
Time Deposits – 0.07%
Citibank, New York, 0.01% due 07/01/2021	$	2,299,000	$	2,299,000
National Australia Bank, London, 0.01% due 07/01/2021		9,973,840		9,973,840
Total Time Deposits				12,272,840
Total Short-Term Investments (Cost: $238,656,108)				238,656,108
TOTAL INVESTMENTS IN SECURITIES – 99.88% (Cost: $10,672,197,101)				17,585,034,791
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.12%				20,711,911
TOTAL NET ASSETS – 100.00%			$	17,605,746,702

Percentages are stated as a percent of net assets.

⁽¹⁾  Non-income producing security or includes securities that are non-income producing.

⁽²⁾  Includes securities purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $95,998,952, which represents 0.55% of total net assets.

⁽³⁾  Amount calculated is less than 0.005%.

⁽⁴⁾  Represents annualized seven-day yield as of the close of the reporting period.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
35	NASDAQ 100 E-mini Future		Morgan Stanley		Sep. 2021	$	9,857,234	$	10,184,300	$	327,066
9	S&P 500 E-mini Future		Morgan Stanley		Sep. 2021		1,904,945		1,929,825		24,880
										$	351,946

The accompanying notes are an integral part of these financial statements.

46 Annual Report  •  June 30, 2021

Bridge Builder Large Cap Value Fund

Summary Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.03%
Communication Services – 6.45%
Alphabet, Inc. – Class A (1)		1,753	$	4,280,458
Alphabet, Inc. – Class C (1)		95,863		240,263,354
Comcast Corp. – Class A		6,186,827		352,772,876
Other Securities (1)		9,351,245		524,341,696
Total Communication Services				1,121,658,384
Consumer Discretionary – 9.92%
Booking Holdings, Inc. (1)		54,653		119,585,683
Compass Group Plc (1)		5,182,900		109,192,894
McDonald’s Corp.		620,235		143,268,083
NIKE, Inc. – Class B		731,533		113,014,533
TJX Companies, Inc.		1,944,029		131,066,435
Other Securities (1)		14,756,442		1,109,216,249
Total Consumer Discretionary				1,725,343,877
Consumer Staples – 7.71%
Altria Group, Inc.		2,335,596		111,361,217
Coca-Cola Co.		2,589,644		140,125,637
Colgate-Palmolive Co.		1,432,417		116,527,123
Diageo Plc – ADR		526,185		100,864,403
Philip Morris International, Inc.		1,676,899		166,197,460
Procter & Gamble Co.		889,320		119,995,948
Other Securities (1)		13,322,481		586,141,059
Total Consumer Staples				1,341,212,847
Energy – 3.88%
EOG Resources, Inc.		1,473,506		122,949,341
Hess Corp.		1,163,457		101,593,065
Other Securities (1)		8,954,159		450,831,825
Total Energy				675,374,231
Financials – 19.25%
American Express Co.		1,240,616		204,986,982
American International Group, Inc.		2,660,837		126,655,841
Berkshire Hathaway, Inc. – Class B (1)		393,767		109,435,725
Chubb Ltd.		1,165,894		185,307,192
Goldman Sachs Group, Inc.		634,350		240,754,856
Jefferies Financial Group, Inc.		2,959,092		101,200,946
JPMorgan Chase & Co.		784,330		121,994,688
Marsh & McLennan Companies, Inc.		853,150		120,021,142
Morgan Stanley		2,088,103		191,458,164
PNC Financial Services Group, Inc.		523,269		99,818,794
Synchrony Financial		2,410,383		116,951,783
Wells Fargo & Co.		5,241,882		237,404,836
Other Securities (1)		31,027,147		1,493,845,754
Total Financials				3,349,836,703
Healthcare – 14.81%
Anthem, Inc.		379,841		145,023,294
CVS Health Corp.		1,371,984		114,478,345
Johnson & Johnson		1,147,761		189,082,147
Medtronic Plc		2,195,558		272,534,615
Merck & Co., Inc.		3,930,042		305,639,366
Pfizer, Inc.		3,470,394		135,900,629

	Shares		Value
UnitedHealth Group, Inc.		566,862	$	226,994,219
Other Securities (1)		10,794,201		1,187,263,395
Total Healthcare				2,576,916,010
Industrials – 16.02%
Deere & Co.		397,900		140,343,309
FedEx Corp.		513,163		153,091,918
General Dynamics Corp.		879,288		165,534,759
Honeywell International, Inc.		545,954		119,755,010
Northrop Grumman Corp.		605,287		219,979,454
Raytheon Technologies Corp.		2,957,043		252,265,338
Union Pacific Corp.		530,076		116,579,615
United Parcel Service, Inc. – Class B		845,080		175,751,288
Other Securities (1)		26,446,162		1,444,346,990
Total Industrials				2,787,647,681
Information Technology – 9.12%
Accenture Plc – Class A		326,099		96,130,724
Cisco Systems, Inc.		2,720,883		144,206,799
Microsoft Corp.		584,801		158,422,591
Oracle Corp.		1,606,192		125,025,985
QUALCOMM, Inc.		851,343		121,682,455
Samsung Electronics Co. Ltd.		1,714,628		122,743,628
Other Securities (1)		7,543,627		818,661,160
Total Information Technology				1,586,873,342
Materials – 4.65%
International Flavors & Fragrances, Inc.		687,947		102,779,282
Linde Plc		370,757		107,185,849
Other Securities (1)		11,967,526		598,170,922
Total Materials				808,136,053
Real Estate – 3.62%
Various Securities (1)		12,357,132		629,550,276
Total Real Estate				629,550,276
Utilities – 2.60%
Various Securities (1)		10,359,503		451,916,772
Total Utilities				451,916,772
Total Common Stocks (Cost: $11,222,731,355)				17,054,466,176
CONVERTIBLE PREFERRED STOCKS – 0.25%
Healthcare – 0.06%
Becton Dickinson & Co., 6.00%		202,075		10,813,033
Total Healthcare				10,813,033
Utilities – 0.19%
Various Securities		515,755		31,759,116
Total Utilities				31,759,116
Total Convertible Preferred Stocks (Cost: $40,069,708)				42,572,149

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 47

Bridge Builder Large Cap Value Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Shares		Value
PREFERRED STOCKS – 0.20%
Consumer Discretionary – 0.20%
Volkswagen AG		141,499	$	35,478,255
Total Consumer Discretionary				35,478,255
Total Preferred Stocks (Cost: $24,577,761)				35,478,255
SHORT-TERM INVESTMENTS – 1.30%
Money Market Funds – 1.08%
Goldman Sachs Financial Square Government Fund –Class I, 0.03% (2)		187,295,009		187,295,009
Total Money Market Funds				187,295,009
	Principal Amount		Value
Time Deposits – 0.22%
ANZ, London, 0.01% due 07/01/2021	$	12,162,103		12,162,103
Brown Brothers Harriman, -0.78% due 07/01/2021 (3)	EUR	—		1

	Principal Amount		Value
BNP Paribas, Paris, -0.78% due 07/01/2021	$	217,805	$	258,262
Citibank, New York, 0.01% due 07/01/2021		3,411,483		3,411,483
Skandinaviska Enskilda Banken, Stockholm, 0.01% due 07/01/2021		2,043,212		2,043,212
Sumitomo, Tokyo, 0.01% due 07/01/2021		21,169,852		21,169,852
Total Time Deposits				39,044,913
Total Short-Term Investments (Cost: $226,339,922)				226,339,922
TOTAL INVESTMENTS IN SECURITIES – 99.78% (Cost: $11,513,718,746)				17,358,856,502
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.22%				38,585,049
TOTAL NET ASSETS – 100.00%			$	17,397,441,551

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

EUR Euro

⁽¹⁾  Non-income producing security or includes securities that are non-income producing.

⁽²⁾  Represents annualized seven-day yield as of the close of the reporting period.

⁽³⁾  Principal amount calculated is less than EUR 0.5.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
30	S&P 500 E-mini Future		Morgan Stanley		Sep. 2021	$	6,404,209	$	6,432,750	$	28,541
										$	28,541

The accompanying notes are an integral part of these financial statements.

48 Annual Report  •  June 30, 2021

Bridge Builder Small/Mid Cap Growth Fund

Summary Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.51%
Communication Services – 4.61%
Match Group, Inc. (1)		373,780	$	60,272,025
Roku, Inc. – Class A (1)		96,099		44,133,466
Zynga, Inc. – Class A (1)		5,348,010		56,849,346
Other Securities (1)		2,278,438		114,037,725
Total Communication Services				275,292,562
Consumer Discretionary – 12.34%
Advance Auto Parts, Inc.		232,000		47,592,480
Aptiv Plc (1)		204,871		32,232,354
Burlington Stores, Inc. (1)		133,083		42,851,395
Chegg, Inc. (1)		489,335		40,668,632
Chipotle Mexican Grill, Inc. – Class A (1)		23,647		36,660,890
Wayfair, Inc. – Class A (1)		116,594		36,809,892
Other Securities (1)		7,223,146		500,245,139
Total Consumer Discretionary				737,060,782
Consumer Staples – 4.79%
Clorox Co.		197,229		35,483,469
Hershey Co.		224,621		39,124,486
J.M. Smucker Co.		278,500		36,085,245
Other Securities (1)		2,538,462		175,662,324
Total Consumer Staples				286,355,524
Energy – 0.70%
Various Securities (1)		2,075,522		41,960,496
Total Energy				41,960,496
Financials – 10.31%
Arthur J. Gallagher & Co.		305,000		42,724,400
Everest Re Group Ltd.		173,645		43,760,276
MSCI, Inc. – Class A		73,357		39,105,150
SVB Financial Group (1)		122,154		67,970,150
Tradeweb Markets, Inc. – Class A		902,662		76,329,099
Other Securities (1)		4,888,813		346,002,182
Total Financials				615,891,257
Healthcare – 22.46%
Align Technology, Inc. (1)		67,548		41,271,828
Argenx SE – ADR (1)		113,592		34,199,143
Ascendis Pharma – ADR (1)		258,970		34,067,503
Bio-Techne Corp.		119,775		53,929,891
Catalent, Inc. (1)		571,715		61,813,826
Dentsply Sirona, Inc.		661,000		41,814,860
DexCom, Inc. (1)		130,607		55,769,189
Edwards Lifesciences Corp. (1)		433,000		44,845,810
Exact Sciences Corp. (1)		273,887		34,046,893
Genmab – ADR (1)		852,501		34,807,616
Integra LifeSciences Holdings Corp. (1)		714,439		48,753,317
Veeva Systems, Inc. – Class A (1)		299,856		93,240,223
Waters Corp. (1)		142,136		49,123,623
West Pharmaceutical Services, Inc.		136,900		49,160,790
Other Securities (1)(5)		11,232,944		665,259,472
Total Healthcare				1,342,103,984

	Shares		Value
Industrials – 14.76%
AMETEK, Inc.		403,000	$	53,800,500
Clarivate Plc (1)		1,170,000		32,210,100
Fortive Corp.		1,207,676		84,223,324
Generac Holdings, Inc. (1)		207,369		86,089,240
IDEX Corp.		175,327		38,580,706
Ingersoll Rand, Inc. (1)		742,574		36,245,037
Toro Co.		299,810		32,943,123
Other Securities (1)		6,272,304		517,964,943
Total Industrials				882,056,973
Information Technology – 24.97%
Asana, Inc. – Class A (1)		899,507		55,796,419
Atlassian Corp. Plc – Class A (1)		258,448		66,384,953
Datadog, Inc. – Class A (1)		330,546		34,403,228
Global Payments, Inc.		410,819		77,044,995
HubSpot, Inc. (1)		127,334		74,200,068
Lattice Semiconductor Corp. (1)		596,584		33,516,089
Medallia, Inc. (1)		1,469,507		49,595,861
Palo Alto Networks, Inc. (1)		122,025		45,277,376
Synopsys, Inc. (1)		185,779		51,235,990
Workday, Inc. – Class A (1)		201,500		48,106,110
Zscaler, Inc. (1)		302,479		65,353,613
Other Securities (1)		11,464,469		891,185,033
Total Information Technology				1,492,099,735
Materials – 2.31%
AptarGroup, Inc.		258,500		36,407,140
Other Securities (1)		2,353,259		101,677,456
Total Materials				138,084,596
Real Estate – 1.23%
Various Securities (1)		1,512,641		73,754,139
Total Real Estate				73,754,139
Utilities – 0.03%
Various Securities (1)		53,834		1,982,907
Total Utilities				1,982,907
Total Common Stocks (Cost: $3,703,352,109)				5,886,642,955
	Principal Amount		Value
BONDS & NOTES – 0.00% (2)
Corporate Bonds – 0.00% (2)
Financials – 0.00% (2)
GAMCO Investors, Inc., 4.00%, Jun. 2023 (3)	$	3,000		3,000
Total Financials				3,000
Total Corporate Bonds				3,000
Total Bonds & Notes (Cost: $-)				3,000

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 49

Bridge Builder Small/Mid Cap Growth Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 1.48%
Money Market Funds – 1.06%
Goldman Sachs Financial Square Government Fund – Class I, 0.03% (4)		63,231,943	$	63,231,943
Total Money Market Funds				63,231,943
	Principal Amount		Value
Time Deposits – 0.42%
BBVA, Madrid, 0.01% due 07/01/2021	$	5,029,792		5,029,792
National Australia Bank, London, 0.01% due 07/01/2021		13,873,916		13,873,916
Royal Bank of Canada, Toronto, 0.01% due 07/01/2021		1,557,407		1,557,407

	Principal Amount		Value
Sumitomo, Tokyo, 0.01% due 07/01/2021	$	4,530,662	$	4,530,662
Total Time Deposits				24,991,777
Total Short-Term Investments (Cost: $88,223,720)				88,223,720
TOTAL INVESTMENTS IN SECURITIES – 99.99% (Cost: $3,791,575,829)				5,974,869,675
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.01%				797,201
TOTAL NET ASSETS – 100.00%			$	5,975,666,876

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

⁽¹⁾  Non-income producing security or includes securities that are non-income producing.

⁽²⁾  Amount calculated is less than 0.005%.

⁽³⁾  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2021.

⁽⁴⁾  Represents annualized seven-day yield as of the close of the reporting period.

⁽⁵⁾  Includes securities categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $15,953, which represents 0.00% of total net assets.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty	Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
23	E-mini Russell 2000 Future	Morgan Stanley		Sep. 2021	$	2,635,660	$	2,653,970	$	18,310
2	NASDAQ 100 E-mini Future	Morgan Stanley		Sep. 2021		572,397		581,960		9,563
5	S&P 500 E-mini Future	Morgan Stanley		Sep. 2021		1,067,964		1,072,125		4,161
2	S&P MidCap 400 E-mini Future	Morgan Stanley		Sep. 2021		547,141		538,480		(8,661	)
									$	23,373

The accompanying notes are an integral part of these financial statements.

50 Annual Report  •  June 30, 2021

Bridge Builder Small/Mid Cap Value Fund

Summary Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.19%
Communication Services – 1.80%
Nexstar Media Group, Inc. – Class A		241,704	$	35,743,188
Other Securities (1)		3,325,477		90,125,476
Total Communication Services				125,868,664
Consumer Discretionary – 12.48%
Aramark		787,928		29,350,318
Grand Canyon Education, Inc. (1)		323,518		29,106,914
Red Rock Resorts, Inc. – Class A (1)		575,880		24,474,900
Skechers USA, Inc. – Class A (1)		1,084,873		54,059,222
Whirlpool Corp.		126,290		27,533,746
Other Securities (1)		13,448,455		709,918,709
Total Consumer Discretionary				874,443,809
Consumer Staples – 3.42%
Various Securities (1)		5,209,929		239,924,727
Total Consumer Staples				239,924,727
Energy – 5.07%
ChampionX Corp. (1)		979,282		25,118,583
Diamondback Energy, Inc.		480,701		45,133,017
Magnolia Oil & Gas Corp. – Class A (1)		1,800,576		28,143,003
Matador Resources Co.		731,206		26,330,728
Pioneer Natural Resources Co.		266,799		43,360,173
Other Securities (1)		8,264,639		187,515,618
Total Energy				355,601,122
Financials – 20.82%
American International Group, Inc.		508,968		24,226,877
Ameriprise Financial, Inc.		184,405		45,894,716
Discover Financial Services		294,273		34,809,553
East West Bancorp, Inc.		378,209		27,113,803
Everest Re Group Ltd.		97,743		24,632,213
Fifth Third Bancorp		1,131,779		43,267,911
Huntington Bancshares, Inc.		3,499,834		49,942,631
KeyCorp		1,535,261		31,703,140
Selective Insurance Group, Inc.		360,338		29,241,429
SLM Corp.		1,351,316		28,296,557
Synchrony Financial		686,854		33,326,156
Other Securities (1)(5)		29,000,703		1,086,696,491
Total Financials				1,459,151,477
Healthcare – 9.03%
Avantor, Inc. (1)		904,891		32,132,679
Elanco Animal Health, Inc. (1)		1,437,995		49,884,047
Sotera Health Co. (1)		1,198,275		29,034,203
Other Securities (1)(5)		11,057,464		521,719,762
Total Healthcare				632,770,691
Industrials – 18.21%
Altra Industrial Motion Corp.		386,076		25,102,662
AMETEK, Inc.		329,069		43,930,711
CACI International, Inc. – Class A (1)		135,062		34,457,017
Crane Co.		307,786		28,430,193

	Shares		Value
Dover Corp.		164,875	$	24,830,175
Hubbell, Inc. – Class B		167,398		31,276,642
nVent Electric PLC		1,016,613		31,758,990
Oshkosh Corp.		391,023		48,737,107
Parker-Hannifin Corp.		105,712		32,465,212
Textron, Inc.		376,713		25,906,553
Timken Co.		391,586		31,557,916
WESCO International, Inc. (1)		248,167		25,516,531
WillScot Mobile Mini Holdings Corp. – Class A (1)		1,290,550		35,967,629
Other Securities (1)(2)		16,989,450		856,300,668
Total Industrials				1,276,238,006
Information Technology – 9.72%
Alliance Data Systems Corp.		344,781		35,922,732
Methode Electronics, Inc.		583,010		28,689,922
Motorola Solutions, Inc.		170,602		36,995,044
NXP Semiconductors NV		124,473		25,606,586
Qorvo, Inc. (1)		145,571		28,480,966
SolarWinds Corp. (1)		1,458,815		24,639,385
Other Securities (1)		10,779,279		501,059,274
Total Information Technology				681,393,909
Materials – 7.62%
Avient Corp.		506,899		24,919,155
Constellium SE – Class A (1)		1,992,645		37,760,623
Crown Holdings, Inc.		357,991		36,590,260
Element Solutions, Inc.		1,072,004		25,063,453
FMC Corp.		376,909		40,781,554
Other Securities (1)		8,382,974		368,590,894
Total Materials				533,705,939
Real Estate – 5.82%
Various Securities (1)		14,682,756		407,750,059
Total Real Estate				407,750,059
Utilities – 4.20%
Vistra Corp.		1,671,710		31,010,221
Other Securities (1)		6,279,590		263,284,353
Total Utilities				294,294,574
Total Common Stocks (Cost: $4,668,367,695)				6,881,142,977
WARRANTS – 0.00% (3)
Nabors Industries Ltd., expires 06/11/2026 (1)		120		1,200
Total Warrants (Cost: $309)				1,200
SHORT-TERM INVESTMENTS – 1.61%
Money Market Funds – 0.86%
Goldman Sachs Financial Square Government Fund – Class I, 0.03% (4)		60,192,969		60,192,969
Total Money Market Funds				60,192,969

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 51

Bridge Builder Small/Mid Cap Value Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Principal Amount		Value
Time Deposits – 0.75%
BBVA, Madrid, 0.01% due 07/01/2021	$	9,982,075	$	9,982,075
China Construction Bank, New York, 0.01% due 07/01/2021		9,222,410		9,222,409
Citibank, New York, 0.01% due 07/01/2021		8,651,565		8,651,565
National Australia Bank, London, 0.01% due 07/01/2021		1,847,139		1,847,139
Royal Bank of Canada, Toronto, 0.01% due 07/01/2021		12,973,466		12,973,466
Royal Bank of Canada, Toronto, 0.01% due 07/02/2021	CAD	17		14
Skandinaviska Enskilda Banken, Stockholm, 0.01% due 07/01/2021	$	2,197,994		2,197,994

	Principal Amount		Value
Sumitomo, Tokyo, 0.01% due 07/01/2021	$	7,916,592	$	7,916,592
Total Time Deposits				52,791,254
Total Short-Term Investments (Cost: $112,984,223)				112,984,223
TOTAL INVESTMENTS IN SECURITIES – 99.80% (Cost: $4,781,352,227)				6,994,128,400
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.20%				14,159,583
TOTAL NET ASSETS – 100.00%			$	7,008,287,983

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

CAD Canadian Dollar

⁽¹⁾  Non-income producing security or includes securities that are non-income producing.

⁽²⁾  Security or includes securities purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $11,871,139, which represents 0.17% of total net assets.

⁽³⁾  Amount calculated is less than 0.005%.

⁽⁴⁾  Represents annualized seven-day yield as of the close of the reporting period.

⁽⁵⁾  Includes securities categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $2,970, which represents 0.00% of total net assets.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty	Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
18	E-mini Russell 2000 Future	Morgan Stanley		Sep. 2021	$	2,076,726	$	2,077,020	$	294
1	S&P 500 E-mini Future	Morgan Stanley		Sep. 2021		211,744		214,425		2,681
4	S&P MidCap 400 E-mini Future	Morgan Stanley		Sep. 2021		1,093,744		1,076,960		(16,784	)
									$	(13,809	)

The accompanying notes are an integral part of these financial statements.

52 Annual Report  •  June 30, 2021

Bridge Builder International Equity Fund

Summary Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 97.32%
Communication Services – 6.82%
Nippon Telegraph & Telephone Corp.		5,308,000	$	138,778,664
Rightmove Plc		8,717,880		78,358,101
Telia Co. AB		22,527,003		100,052,875
WPP Plc		7,605,265		102,806,953
Other Securities (1)(2)		87,253,489		617,668,710
Total Communication Services				1,037,665,303
Consumer Discretionary – 17.20%
Continental AG		848,405		124,818,325
Denso Corp.		1,303,220		88,868,539
Honda Motor Co. Ltd.		6,074,399		195,372,370
Kingfisher Plc		23,695,554		119,593,732
LVMH Moet Hennessy Louis Vuitton SE		193,714		152,386,472
MercadoLibre, Inc. (2)		75,048		116,909,024
Sony Corp.		1,035,300		100,390,208
Zalando SE (1)(2)		746,245		90,250,695
Other Securities (1)(2)		81,369,311		1,629,131,916
Total Consumer Discretionary				2,617,721,281
Consumer Staples – 7.59%
Tesco Plc		46,712,531		144,303,544
WH Group Ltd. (1)		125,932,000		113,036,893
Other Securities (1)(2)		100,562,076		896,654,676
Total Consumer Staples				1,153,995,113
Energy – 3.69%
BP Plc		33,474,609		146,799,405
ENI SpA		6,857,306		83,601,135
Royal Dutch Shell Plc – Class A		3,521,209		71,115,146
Royal Dutch Shell Plc – Class B		5,946,356		115,435,396
Other Securities (2)		29,146,650		143,755,026
Total Energy				560,706,108
Financials – 13.79%
AIA Group Ltd.		11,335,127		140,618,810
Allianz SE		427,073		106,579,036
Banco Santander SA		32,106,557		122,809,313
Lloyds Banking Group Plc		245,888,699		159,054,912
Tokio Marine Holdings, Inc.		2,068,700		95,284,890
United Overseas Bank Ltd.		8,503,734		163,759,790
Other Securities (1)(2)		133,380,057		1,310,465,036
Total Financials				2,098,571,787
Healthcare – 12.40%
CSL Ltd.		384,524		82,237,579
GlaxoSmithKline Plc		7,113,749		139,849,880
Mettler-Toledo International, Inc. (2)		90,228		124,996,458
Novartis AG		1,691,545		154,313,874
ResMed, Inc.		333,000		82,091,160
Roche Holding AG		358,154		135,010,789
Sanofi SA		1,654,271		173,802,007
Takeda Pharmaceutical Co. Ltd.		3,863,100		129,647,856

	Shares		Value
Other Securities (1)(2)		18,925,674	$	864,212,021
Total Healthcare				1,886,161,624
Industrials – 15.39%
Atlas Copco AB – Class A		1,947,510		119,593,430
Canadian Pacific Railway Ltd.		1,170,000		89,984,700
Cie de Saint-Gobain		1,864,820		123,070,363
CK Hutchison Holdings Ltd.		17,359,500		135,140,400
DSV Panalpina		389,763		90,985,484
Experian Plc		2,111,814		81,535,387
Mitsubishi Electric Corp.		7,548,300		109,580,475
Other Securities (1)(2)		79,156,516		1,591,235,588
Total Industrials				2,341,125,827
Information Technology – 12.04%
ASML Holding NV		175,894		121,423,004
ASML Holding NV – Class REG		120,000		82,900,800
FUJIFILM Holdings Corp.		2,039,000		150,821,807
Keyence Corp.		196,662		99,043,589
Kyocera Corp.		1,886,100		116,523,995
Shopify, Inc. – Class A (2)		107,194		156,608,290
Taiwan Semiconductor Manufacturing Co. Ltd.		6,519,860		140,424,957
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR		1,732,649		208,195,104
Other Securities (1)(2)		42,319,429		756,246,046
Total Information Technology				1,832,187,592
Materials – 5.19%
BASF SE		1,069,768		84,447,238
Evonik Industries AG		2,817,584		94,595,894
Other Securities (1)(2)		24,265,645		610,717,607
Total Materials				789,760,739
Real Estate – 0.25%
Various Securities (1)(2)		3,961,305		37,570,451
Total Real Estate				37,570,451
Utilities – 2.96%
Enel SpA		16,250,744		151,016,142
SSE Plc		6,066,333		125,990,327
Other Securities (1)(2)		17,868,446		173,548,237
Total Utilities				450,554,706
Total Common Stocks (Cost: $11,648,819,126)				14,806,020,531
PREFERRED STOCKS – 0.46%
Consumer Discretionary – 0.45%
Various Securities		276,054		67,717,681
Total Consumer Discretionary				67,717,681
Consumer Staples – 0.01%
Various Securities		15,101		1,187,520
Total Consumer Staples				1,187,520

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 53

Bridge Builder International Equity Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

	Shares		Value
Healthcare – 0.00% (3)
Sartorius AG		1,198	$	623,569
Total Healthcare				623,569
Materials – 0.00% (3)
Fuchs Petrolub SE		3,372		164,096
Total Materials				164,096
Total Preferred Stocks (Cost: $54,806,798)				69,692,866
RIGHTS – 0.00% (3)
Industrials – 0.00%(3)
ACS Actividades de Construccion y Servicios SA, expires 07/23/2021 (2)		11,768		16,466
Total Industrials				16,466
Total Rights (Cost: $17,813)				16,466
SHORT-TERM INVESTMENTS – 2.09%
Money Market Funds – 1.63%
Goldman Sachs Financial Square Government Fund – Class I, 0.03% (4)		248,534,118		248,534,118
Total Money Market Funds				248,534,118
	Principal Amount		Value
Convertible Securities – 0.00% (3)
Credit Suisse Group Guernsey VII Ltd., 3.00%, Nov. 2021 (1)	CHF	315,000		381,336
Total Convertible Securities				381,336
Time Deposits – 0.46%
ANZ, London, 0.01% due 07/01/2021	$	601,426		601,426
Bank of Montreal, London, 0.01% due 07/01/2021		9,445,838		9,445,838
BNP Paribas, Paris, -1.83% due 07/01/2021	CHF	222,957		240,969
BNP Paribas, Paris, -0.78% due 07/01/2021	EUR	2,803,752		3,324,549
BNP Paribas, Paris, -0.61% due 07/01/2021	SEK	93,844		10,965
BNP Paribas, Paris, -0.48% due 07/01/2021	DKK	92,184		14,699
Brown Brothers Harriman, -0.60% due 07/01/2021	NZD	15,833		11,067
Brown Brothers Harriman, -0.44% due 07/01/2021	AUD	167,268		125,443
Citibank, London, 0.01% due 07/01/2021	GBP	2,025,868		2,802,383
HSBC, Hong Kong, 0.00% due 07/02/2021	HKD	26,387,543		3,398,573

	Principal Amount		Value
HSBC, Singapore, 0.00% due 07/01/2021	SGD	510,838	$	379,890
National Australia Bank, London, 0.01% due 07/01/2021	$	8,384,389		8,384,389
Nordea Bank ABP, Oslo, -1.08% due 07/01/2021	NOK	85,763		9,961
Skandinaviska Enskilda Banken AB, Stockholm, -0.61% due 07/01/2021	SEK	121,665		14,216
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021	$	1,226,544		1,226,544
Sumitomo, Tokyo, -0.31% due 07/01/2021	JPY	1,135,501,865		10,220,999
Sumitomo, Tokyo, 0.01% due 07/01/2021		29,214,818		29,214,818
Total Time Deposits				69,426,729
Total Short-Term Investments (Cost: $318,309,395)				318,342,183
TOTAL INVESTMENTS IN SECURITIES – 99.87% (Cost: $12,021,953,132)				15,194,072,046
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.13%				19,360,980
TOTAL NET ASSETS – 100.00%			$	15,213,433,026

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

The accompanying notes are an integral part of these financial statements.

54 Annual Report  •  June 30, 2021

Bridge Builder International Equity Fund

Summary Schedule of Investments

June 30, 2021 (Continued)

⁽¹⁾  Security or includes securities purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $698,089,003, which represents 4.59% of total net assets.

⁽²⁾  Non-income producing security or includes securities that are non-income producing.

⁽³⁾  Amount calculated is less than 0.005%.

⁽⁴⁾  Represents annualized seven-day yield as of the close of the reporting period.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty	Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
41	Euro Stoxx 50 Future	Morgan Stanley		Sep. 2021	EUR	1,679,231	$	1,971,612	$	(19,537	)
16	FTSE 100 INDEX Future	Morgan Stanley		Sep. 2021	GBP	1,116,804		1,544,980		105
9	TOPIX INDEX Future	Morgan Stanley		Sep. 2021	JPY	176,354,375		1,574,058		(13,361	)
									$	(32,793	)

Country	Percentage of Net Assets
Argentina		0.77	%
Australia		2.26
Austria		0.15
Belgium		0.22
Bermuda		0.02
Brazil		0.74
Canada		2.15
China		3.95
Denmark		2.42
Finland		0.85
France		7.86
Germany		6.95
Hong Kong		3.32
India		1.49
Ireland		1.64
Isle of Man		0.18
Israel		0.03
Italy		2.80
Japan		18.66
Luxembourg		0.59
Macau		0.01
Malaysia		0.01
Mexico		0.09

Country (Continued)	Percentage of Net Assets
Netherlands		4.25	%
New Zealand		0.33
Norway		0.28
Portugal		0.19
Singapore		1.82
South Africa		0.30
South Korea		1.01
Spain		2.42
Sweden		3.62
Switzerland		6.01
Taiwan		2.86
Thailand		0.11
United Kingdom		15.06
United States		2.36
Other (individually each country is less than 0.005%)		0.00
Total Country		97.78
SHORT-TERM INVESTMENTS		2.09
TOTAL INVESTMENTS IN SECURITIES		99.87
OTHER ASSETS IN EXCESS OF LIABILITIES		0.13
TOTAL NET ASSETS		100.00	%

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 55

Bridge Builder Mutual Funds

Statements of Assets and Liabilities

June 30, 2021

	Bridge Builder Core Bond Fund		Bridge Builder Core Plus Bond Fund			Bridge Builder Municipal Bond Fund		Bridge Builder Large Cap Growth Fund
Assets
Investments, at value (1)	$	18,612,378,603	$	35,979,771,375		$	10,033,968,577	$	17,585,034,791
Cash and cash equivalents		553,104		23,678,997			4,852		80
Over-the-counter credit default swap contracts, at value		—		5,666,045			—		—
Receivable for foreign currency transactions		—		—			—		7,936
Receivable for investments sold		193,054,985		3,498,976,065			7,743,208		6,317,070
Receivable for fund shares sold		41,417,783		90,167,700			62,599,576		29,999,023
Unrealized appreciation on forward foreign currency exchange contracts		—		45,266,407			—		—
Dividend and interest receivable		74,375,018		132,490,966			89,208,156		3,602,074
Tax reclaim receivable		—		43,642			—		1,078,450
Deposits at broker for futures contracts		—		38,000			—		—
Variation margin on futures contracts		2,335,962		6,880,989			1,071,023		672,959
Deposits at broker for centrally cleared swap contracts		—		1,236,000			—		—
Variation margin on centrally cleared swap contracts		—		10,067,362			—		—
Prepaid expenses and other assets		101,537		150,868			86,074		62,971
Total Assets		18,924,216,992		39,794,434,416			10,194,681,466		17,626,775,354
Liabilities
TBA sale commitments, at value (2)		—		387,789,070			—		—
Over-the-counter credit default swap contracts, at value		—		49,129			—		—
Due to broker for swap contracts		—		14,410,000			—		—
Due to broker for forward foreign currency exchange contracts		—		16,346,000			—		—
Due to broker for TBA commitments		100,000		800,000			—		—
Payable for investments purchased		1,020,372,680		6,633,590,857			297,152,778		1,287,352
Payable for fund shares redeemed		9,303,082		17,100,176			7,043,295		16,968,988
Payable for swap contracts		—		25,901			—		—
Interest payable		—		28,723			—		—
Payable for foreign currency transactions		—		378,948			—		—
Unrealized depreciation on forward foreign currency exchange contracts		—		23,091,267			—		—
Payable to Sub-advisers for Investment Advisory Fee		1,639,716		3,402,827			1,076,375		2,507,749
Payable to Trustees		14,804		25,508			7,823		15,767
Accrued expenses and other liabilities		1,936,067		7,543,917			545,748		248,796
Total Liabilities		1,033,366,349		7,104,582,323			305,826,019		21,028,652
Net Assets	$	17,890,850,643	$	32,689,852,093		$	9,888,855,447	$	17,605,746,702
Net Assets Consist of
Paid in capital ($0.00 par value common stock unlimited authorized shares)	$	17,307,027,356	$	32,120,222,073		$	9,495,517,564	$	9,815,014,391
Total distributable earnings/(loss)		583,823,287		569,630,020			393,337,883		7,790,732,311
Net Assets	$	17,890,850,643	$	32,689,852,093		$	9,888,855,447	$	17,605,746,702
Net Assets	$	17,890,850,643	$	32,689,852,093		$	9,888,855,447	$	17,605,746,702
Shares Outstanding		1,696,402,880		3,134,556,937			914,905,827		754,991,599
Net Asset Value	$	10.55	$	10.43		$	10.81	$	23.32
(1) Cost of investments		17,993,707,655		35,363,695,102			9,617,180,162		10,672,197,101
(2) Proceeds from TBA sale commitments		—		(388,724,795	)		—		—

The accompanying notes are an integral part of these financial statements.

56 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Statements of Assets and Liabilities

June 30, 2021 (Continued)

	Bridge Builder Large Cap Value Fund		Bridge Builder Small/Mid Cap Growth Fund		Bridge Builder Small/Mid Cap Value Fund		Bridge Builder International Equity Fund
Assets
Investments, at value (1)	$	17,358,856,502	$	5,974,869,675	$	6,994,128,400	$	15,194,072,046
Cash and cash equivalents		154,850		138		215		16,165
Receivable for investments sold		10,158,439		1,693,882		11,101,456		12,566,594
Receivable for fund shares sold		30,674,985		11,436,291		12,734,477		31,759,978
Dividend and interest receivable		22,746,054		1,403,591		7,292,906		22,501,363
Tax reclaim receivable		1,879,545		8,045		22,766		22,187,969
Variation margin on futures contracts		376,750		284,907		332,412		310,334
Prepaid expenses and other assets		8,974		60,405		54,313		54,868
Total Assets		17,424,856,099		5,989,756,934		7,025,666,945		15,283,469,317
Liabilities
Payable for investments purchased		10,986,333		6,797,745		9,179,450		50,161,113
Payable for fund shares redeemed		13,016,174		5,499,468		5,842,083		9,733,868
Payable for foreign currency transactions		1,650		—		—		51,684
Foreign withholding tax payable		—		—		—		6,085,809
Payable to Sub-advisers for Investment Advisory Fee		3,133,871		1,656,861		2,179,971		3,241,590
Payable to Trustees		10,725		5,488		20,916		14,438
Accrued expenses and other liabilities		265,795		130,496		156,542		747,789
Total Liabilities		27,414,548		14,090,058		17,378,962		70,036,291
Net Assets	$	17,397,441,551	$	5,975,666,876	$	7,008,287,983	$	15,213,433,026
Net Assets Consist of
Paid in capital ($0.00 par value common stock unlimited authorized shares)	$	11,117,641,951	$	3,370,381,922	$	4,435,526,647	$	11,204,304,227
Total distributable earnings/(loss)		6,279,799,600		2,605,284,954		2,572,761,336		4,009,128,799
Net Assets	$	17,397,441,551	$	5,975,666,876	$	7,008,287,983	$	15,213,433,026
Net Assets	$	17,397,441,551	$	5,975,666,876	$	7,008,287,983	$	15,213,433,026
Shares Outstanding		1,009,277,457		314,116,215		450,592,149		1,033,079,819
Net Asset Value	$	17.24	$	19.02	$	15.55	$	14.73
(1) Cost of investments	$	11,513,718,746	$	3,791,575,829	$	4,781,352,227	$	12,021,953,132

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 57

Bridge Builder Mutual Funds

Statements of Operations

Year Ended June 30, 2021

	Bridge Builder Core Bond Fund			Bridge Builder Core Plus Bond Fund			Bridge Builder Municipal Bond Fund			Bridge Builder Large Cap Growth Fund
Investment Income
Dividend income	$	345,206		$	3,934,108		$	72,912		$	128,993,741
Less: Foreign taxes withheld and issuance fees		–			(1,180	)		–			(125,371	)
Interest		371,990,463			565,757,387			180,828,423			17,213
Less: Foreign taxes withheld		—			(7,912	)		—			—
Other Income		25,896			898			354			26,674
Total investment income		372,361,565			569,683,301			180,901,689			128,912,257
Expenses
Investment advisory fee		51,420,595			93,123,456			29,729,613			67,631,491
Professional fees		209,884			344,250			145,240			167,011
Administration fee		10,499			10,500			10,500			10,500
Fund accounting fees		1,143,680			1,537,796			658,918			634,438
Transfer agent fees and expenses		42,572			54,391			33,071			43,864
Trustee fees and expenses		207,521			323,998			106,932			201,155
Printing and mailing expense		50,787			43,597			21,609			32,275
Custody fees		377,742			707,709			106,294			191,684
Insurance expenses		62,864			93,205			30,798			63,527
Interest expense		—			8,802			—			—
Registration fees		702,803			1,809,747			559,149			250,829
Other expenses		183,597			273,293			83,818			156,977
Total expenses before fee waivers		54,412,544			98,330,744			31,485,942			69,383,751
Fee waivers by Adviser		(33,299,820	)		(60,420,086	)		(18,506,360	)		(39,637,305	)
Net expenses		21,112,724			37,910,658			12,979,582			29,746,446
Net Investment Income		351,248,841			531,772,643			167,922,107			99,165,811
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation)
Net realized gain/(loss) on:
Investments		120,238,834			152,795,212			5,241,929			1,229,128,526
TBA sale commitments		19,141			(1,721,550	)		—			—
Forward foreign currency exchange contracts		—			(85,866,807	)		—			—
Foreign currency transactions		—			(67,822	)		—			12,188
Futures contracts		(50,596,144	)		(76,210,423	)		1,497,049			904,130
Swap contracts		487,506			56,231,245			—			—
Net realized gain/(loss)		70,149,337			45,159,855			6,738,978			1,230,044,844
Net change in net unrealized appreciation/(depreciation) on:
Investments		(275,843,576	)		135,902,000			234,965,553			3,954,644,194
TBA sale commitments		—			935,725			—			—
Forward foreign currency exchange contracts		—			34,541,896			—			—
Foreign currency transactions		—			(3,026,660	)		—			(33,009	)
Futures contracts		14,619,158			23,655,742			(260,606	)		351,946
Swap contracts		(487,509	)		(4,736,854	)		—			—
Unfunded loan commitments		—			(53,724	)		—			—
Net change in unrealized appreciation/(depreciation)		(261,711,927	)		187,218,125			234,704,947			3,954,963,131
Net realized gain/(loss) and net change in unrealized appreciation/(depreciation)		(191,562,590	)		232,377,980			241,443,925			5,185,007,975
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	159,686,251		$	764,150,623		$	409,366,032		$	5,284,173,786

The accompanying notes are an integral part of these financial statements.

58 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Statements of Operations

Year Ended June 30, 2021 (Continued)

	Bridge Builder Large Cap Value Fund			Bridge Builder Small/Mid Cap Growth Fund			Bridge Builder Small/Mid Cap Value Fund			Bridge Builder International Equity Fund
Investment Income
Dividend income	$	307,643,155		$	26,758,687		$	93,629,520		$	364,565,031
Less: Foreign taxes withheld and issuance fees		(3,756,044	)		(38,838	)		(92,879	)		(28,691,264	)
Interest		821,392			7,042			7,874			25,198
Less: Foreign taxes withheld		—			—			—			—
Other Income		18,741			6,317			6,738			11,291
Total investment income		304,727,244			26,733,208			93,551,253			335,910,256
Expenses
Investment advisory fee		65,884,936			34,336,725			39,393,998			79,692,305
Professional fees		149,484			86,646			106,255			158,007
Administration fee		10,500			10,500			10,500			10,500
Fund accounting fees		605,195			245,544			277,462			640,608
Transfer agent fees and expenses		42,329			29,683			30,624			39,243
Trustee fees and expenses		187,987			72,635			96,442			171,999
Printing and mailing expense		55,422			27,677			19,586			19,752
Custody fees		230,839			140,384			131,771			1,731,371
Insurance expenses		58,048			20,292			22,706			47,555
Registration fees		406,812			136,149			149,333			361,772
Other expenses		408,858			59,590			66,728			297,436
Total expenses before fee waivers		68,040,410			35,165,825			40,305,405			83,170,548
Fee waivers by Adviser		(32,546,761	)		(15,395,075	)		(15,862,794	)		(40,802,180	)
Net expenses		35,493,649			19,770,750			24,442,611			42,368,368
Net Investment Income		269,233,595			6,962,458			69,108,642			293,541,888
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation)
Net realized gain/(loss) on:
Investments		833,504,668			658,420,349			594,597,035			1,176,146,329
Foreign currency transactions		140,961			—			(16,901	)		2,130,431
Futures contracts		706,221			305,397			237,585			346,452
Net realized gain/(loss)		834,351,850			658,725,746			594,817,719			1,178,623,212
Net change in net unrealized appreciation/(depreciation) on:
Investments		4,775,047,827			1,358,090,296			2,139,438,798			2,590,229,872
Foreign currency transactions		(6,085	)		—			(331	)		(258,509	)
Futures contracts		28,541			23,373			(13,809	)		(32,793	)
Net change in unrealized appreciation/(depreciation)		4,775,070,283			1,358,113,669			2,139,424,658			2,589,938,570
Net realized gain/(loss) and net change in unrealized appreciation/(depreciation)		5,609,422,133			2,016,839,415			2,734,242,377			3,768,561,782
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	5,878,655,728		$	2,023,801,873		$	2,803,351,019		$	4,062,103,670

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 59

Bridge Builder Mutual Funds

Statements of Changes in Net Assets

	Bridge Builder Core Bond Fund						Bridge Builder Core Plus Bond Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
Operations
Net investment income	$	351,248,841		$	439,028,731		$	531,772,643		$	580,385,947
Net realized gain/(loss)		70,149,337			385,573,579			45,159,855			645,127,902
Net change in unrealized appreciation/(depreciation)		(261,711,927	)		392,276,914			187,218,125			76,008,602
Net increase/(decrease) in net assets resulting from operations		159,686,251			1,216,879,224			764,150,623			1,301,522,451
Distributions to Shareholders
From distributable earnings		(723,634,455	)		(496,869,340	)		(1,104,123,427	)		(916,052,109	)
Total distributions		(723,634,455	)		(496,869,340	)		(1,104,123,427	)		(916,052,109	)
Capital Transactions
Proceeds from shares sold		5,037,443,160			2,639,120,415			14,765,776,279			5,657,499,290
Reinvestment of dividends		723,634,455			496,869,340			1,104,123,427			916,052,109
Cost of shares redeemed		(1,446,409,512	)		(4,875,422,962	)		(2,273,740,634	)		(5,488,699,292	)
Net increase/(decrease) from capital transactions		4,314,668,103			(1,739,433,207	)		13,596,159,072			1,084,852,107
Net increase/(decrease) in net assets		3,750,719,899			(1,019,423,323	)		13,256,186,268			1,470,322,449
Net Assets
Beginning of period		14,140,130,744			15,159,554,067			19,433,665,825			17,963,343,376
End of period	$	17,890,850,643		$	14,140,130,744		$	32,689,852,093		$	19,433,665,825
Change in Shares Outstanding
Shares outstanding, beginning of period		1,295,679,187			1,465,655,895			1,840,216,577			1,749,665,169
Shares sold		467,888,391			249,438,083			1,405,552,129			545,952,764
Shares issued to holders in reinvestments of dividends		67,316,573			46,958,823			104,725,674			88,969,424
Shares redeemed		(134,481,271	)		(466,373,614	)		(215,937,443	)		(544,370,780	)
Shares outstanding, end of period		1,696,402,880			1,295,679,187			3,134,556,937			1,840,216,577

The accompanying notes are an integral part of these financial statements.

60 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Statements of Changes in Net Assets (Continued)

	Bridge Builder Municipal Bond Fund						Bridge Builder Large Cap Growth Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
Operations
Net investment income	$	167,922,107		$	147,152,108		$	99,165,811		$	70,457,004
Net realized gain/(loss)		6,738,978			(15,719,183	)		1,230,044,844			240,508,338
Net change in unrealized appreciation/(depreciation)		234,704,947			(4,354,918	)		3,954,963,131			1,138,681,250
Net increase/(decrease) in net assets resulting from operations		409,366,032			127,078,007			5,284,173,786			1,449,646,592
Distributions to Shareholders
From distributable earnings		(168,048,197	)		(147,458,539	)		(551,931,872	)		(159,430,743	)
Total distributions		(168,048,197	)		(147,458,539	)		(551,931,872	)		(159,430,743	)
Capital Transactions
Proceeds from shares sold		3,841,023,915			2,765,141,283			2,085,139,354			6,817,284,482
Reinvestment of dividends		168,048,197			147,458,539			551,931,872			159,430,743
Cost of shares redeemed		(881,975,845	)		(1,624,533,291	)		(3,227,851,326	)		(1,801,076,796	)
Net increase/(decrease) from capital transactions		3,127,096,267			1,288,066,531			(590,780,100	)		5,175,638,429
Net increase/(decrease) in net assets		3,368,414,102			1,267,685,999			4,141,461,814			6,465,854,278
Net Assets
Beginning of period		6,520,441,345			5,252,755,346			13,464,284,888			6,998,430,610
End of period	$	9,888,855,447		$	6,520,441,345		$	17,605,746,702		$	13,464,284,888
Change in Shares Outstanding
Shares outstanding, beginning of period		621,864,946			502,003,522			786,808,843			478,108,620
Shares sold		359,858,015			264,228,716			100,774,030			418,654,012
Shares issued to holders in reinvestments of dividends		15,714,990			14,041,244			27,457,026			10,118,058
Shares redeemed		(82,532,124	)		(158,408,536	)		(160,048,300	)		(120,071,847	)
Shares outstanding, end of period		914,905,827			621,864,946			754,991,599			786,808,843

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 61

Bridge Builder Mutual Funds

Statements of Changes in Net Assets (Continued)

	Bridge Builder Large Cap Value Fund						Bridge Builder Small/Mid Cap Growth Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
Operations
Net investment income	$	269,233,595		$	187,702,427		$	6,962,458		$	14,175,859
Net realized gain/(loss)		834,351,850			(269,716,341	)		658,725,746			509,573,835
Net change in unrealized appreciation/(depreciation)		4,775,070,283			(194,550,695	)		1,358,113,669			(97,483,766	)
Net increase/(decrease) in net assets resulting from operations		5,878,655,728			(276,564,609	)		2,023,801,873			426,265,928
Distributions to Shareholders
From distributable earnings		(271,568,333	)		(194,762,192	)		(625,437,454	)		(167,829,927	)
Total distributions		(271,568,333	)		(194,762,192	)		(625,437,454	)		(167,829,927	)
Capital Transactions
Proceeds from shares sold		2,242,789,347			5,698,545,768			760,521,377			1,163,185,513
Reinvestment of dividends		271,568,333			194,762,192			625,437,454			167,829,927
Cost of shares redeemed		(3,222,624,457	)		(1,654,436,523	)		(1,602,803,471	)		(819,377,264	)
Net increase/(decrease) from capital transactions		(708,266,777	)		4,238,871,437			(216,844,640	)		511,638,176
Net increase/(decrease) in net assets		4,898,820,618			3,767,544,636			1,181,519,779			770,074,177
Net Assets
Beginning of period		12,498,620,933			8,731,076,297			4,794,147,097			4,024,072,920
End of period	$	17,397,441,551		$	12,498,620,933		$	5,975,666,876		$	4,794,147,097
Change in Shares Outstanding
Shares outstanding, beginning of period		1,061,950,724			686,911,070			325,517,622			282,304,411
Shares sold		149,992,027			493,237,676			43,912,975			91,152,877
Shares issued to holders in reinvestments of dividends		18,070,645			16,294,653			38,175,888			11,804,558
Shares redeemed		(220,735,939	)		(134,492,675	)		(93,490,270	)		(59,744,224	)
Shares outstanding, end of period		1,009,277,457			1,061,950,724			314,116,215			325,517,622

The accompanying notes are an integral part of these financial statements.

62 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Statements of Changes in Net Assets (Continued)

	Bridge Builder Small/Mid Cap Value Fund						Bridge Builder International Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
Operations
Net investment income	$	69,108,642		$	71,258,154		$	293,541,888		$	239,365,355
Net realized gain/(loss)		594,817,719			(114,065,506	)		1,178,623,212			(301,323,137	)
Net change in unrealized appreciation/(depreciation)		2,139,424,658			(426,338,185	)		2,589,938,570			9,470,257
Net increase/(decrease) in net assets resulting from operations		2,803,351,019			(469,145,537	)		4,062,103,670			(52,487,525	)
Distributions to Shareholders
From distributable earnings		(73,291,870	)		(69,918,972	)		(250,025,369	)		(282,965,029	)
Total distributions		(73,291,870	)		(69,918,972	)		(250,025,369	)		(282,965,029	)
Capital Transactions
Proceeds from shares sold		804,057,442			1,667,232,200			2,494,131,172			4,289,090,074
Reinvestment of dividends		73,291,870			69,918,972			250,025,369			282,965,029
Cost of shares redeemed		(1,700,119,260	)		(906,731,888	)		(2,687,306,478	)		(3,537,454,257	)
Net increase/(decrease) from capital transactions		(822,769,948	)		830,419,284			56,850,063			1,034,600,846
Net increase/(decrease) in net assets		1,907,289,201			291,354,775			3,868,928,364			699,148,292
Net Assets
Beginning of period		5,100,998,782			4,809,644,007			11,344,504,662			10,645,356,370
End of period	$	7,008,287,983		$	5,100,998,782		$	15,213,433,026		$	11,344,504,662
Change in Shares Outstanding
Shares outstanding, beginning of period		514,012,905			416,449,124			1,034,339,075			935,579,086
Shares sold		61,991,565			178,358,173			186,133,918			402,936,047
Shares issued to holders in reinvestments of dividends		5,752,894			5,661,455			18,841,399			23,521,615
Shares redeemed		(131,165,215	)		(86,455,847	)		(206,234,573	)		(327,697,673	)
Shares outstanding, end of period		450,592,149			514,012,905			1,033,079,819			1,034,339,075

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 63

Bridge Builder Mutual Funds

Financial Highlights

	Per Share Operating Performance
	Change in Net Assets Resulting from Operations										Less Distributions
	Net asset value, beginning of period		Net investment income		Net realized and unrealized gain/(loss)			Net increase/ (decrease) in net asset value from operations			Distributions from net investment income			Distributions from net realized gains			Total Distributions
Bridge Builder Core Bond Fund
For the year ended June 30, 2021(4)	$	10.91		0.23		(0.10	)		0.13			(0.26	)		(0.23	)		(0.49	)
For the year ended June 30, 2020(4)	$	10.34		0.31		0.61			0.92			(0.32	)		(0.03	)		(0.35	)
For the year ended June 30, 2019(4)	$	9.87		0.31		0.48			0.79			(0.32	)		—			(0.32	)
For the year ended June 30, 2018	$	10.17		0.27		(0.28	)		(0.01	)		(0.29	)		—			(0.29	)
For the year ended June 30, 2017	$	10.47		0.25		(0.22	)		0.03			(0.26	)		(0.07	)		(0.33	)
Bridge Builder Core Plus Bond Fund
For the year ended June 30, 2021(4)	$	10.56		0.22		0.12			0.34			(0.25	)		(0.22	)		(0.47	)
For the year ended June 30, 2020(4)	$	10.27		0.32		0.47			0.79			(0.36	)		(0.14	)		(0.50	)
For the year ended June 30, 2019(4)	$	9.81		0.35		0.48			0.83			(0.37	)		—			(0.37	)
For the year ended June 30, 2018	$	10.09		0.29		(0.27	)		0.02			(0.30	)		—			(0.30	)
For the year ended June 30, 2017	$	10.28		0.24		(0.15	)		0.09			(0.25	)		(0.03	)		(0.28	)
Bridge Builder Municipal Bond Fund
For the year ended June 30, 2021(4)	$	10.49		0.22		0.32			0.54			(0.22	)		—			(0.22	)
For the year ended June 30, 2020(4)	$	10.46		0.26		0.03			0.29			(0.26	)		—			(0.26	)
For the year ended June 30, 2019(4)	$	10.09		0.27		0.37			0.64			(0.27	)		—			(0.27	)
For the year ended June 30, 2018	$	10.14		0.21		(0.05	)		0.16			(0.21	)		—			(0.21	)
For the year ended June 30, 2017	$	10.38		0.19		(0.23	)		(0.04	)		(0.19	)		(0.01	)		(0.20	)
Bridge Builder Large Cap Growth Fund
For the year ended June 30, 2021(4)	$	17.11		0.13		6.83			6.96			(0.11	)		(0.64	)		(0.75	)
For the year ended June 30, 2020(4)	$	14.64		0.14		2.65			2.79			(0.14	)		(0.18	)		(0.32	)
For the year ended June 30, 2019(4)	$	13.53		0.15		1.60			1.75			(0.14	)		(0.50	)		(0.64	)
For the year ended June 30, 2018	$	11.59		0.12		1.92			2.04			(0.10	)		—			(0.10	)
For the year ended June 30, 2017	$	9.89		0.10		1.69			1.79			(0.09	)		—			(0.09	)
Bridge Builder Large Cap Value Fund
For the year ended June 30, 2021(4)	$	11.77		0.26		5.48			5.74			(0.27	)		—			(0.27	)
For the year ended June 30, 2020(4)	$	12.71		0.24		(0.94	)		(0.70	)		(0.23	)		(0.01	)		(0.24	)
For the year ended June 30, 2019(4)	$	12.12		0.24		0.74			0.98			(0.23	)		(0.16	)		(0.39	)
For the year ended June 30, 2018	$	11.38		0.20		0.82			1.02			(0.19	)		(0.09	)		(0.28	)
For the year ended June 30, 2017	$	9.86		0.18		1.52			1.70			(0.18	)		—			(0.18	)
Bridge Builder Small/Mid Cap Growth Fund
For the year ended June 30, 2021(4)	$	14.73		0.02		6.42			6.44			(0.04	)		(2.11	)		(2.15	)
For the year ended June 30, 2020(4)	$	14.25		0.05		1.01			1.06			(0.05	)		(0.53	)		(0.58	)
For the year ended June 30, 2019(4)	$	13.52		0.05		1.39			1.44			(0.05	)		(0.66	)		(0.71	)
For the year ended June 30, 2018	$	11.49		0.05		2.12			2.17			(0.04	)		(0.10	)		(0.14	)
For the year ended June 30, 2017	$	9.62		0.03		1.88			1.91			(0.04	)		—			(0.04	)
Bridge Builder Small/Mid Cap Value Fund
For the year ended June 30, 2021(4)	$	9.92		0.14		5.64			5.78			(0.15	)		—			(0.15	)
For the year ended June 30, 2020(4)	$	11.55		0.16		(1.63	)		(1.47	)		(0.16	)		—			(0.16	)
For the year ended June 30, 2019(4)	$	11.97		0.17		(0.10	)		0.07			(0.14	)		(0.35	)		(0.49	)
For the year ended June 30, 2018	$	11.15		0.15		0.81			0.96			(0.13	)		(0.01	)		(0.14	)
For the year ended June 30, 2017	$	9.50		0.11		1.63			1.74			(0.09	)		—			(0.09	)
Bridge Builder International Equity Fund
For the year ended June 30, 2021(4)	$	10.97		0.29		3.72			4.01			(0.25	)		—			(0.25	)
For the year ended June 30, 2020(4)	$	11.38		0.23		(0.36	)		(0.13	)		(0.28	)		—			(0.28	)
For the year ended June 30, 2019(4)	$	11.60		0.28		(0.14	)		0.14			(0.22	)		(0.14	)		(0.36	)
For the year ended June 30, 2018	$	11.07		0.21		0.56			0.77			(0.19	)		(0.05	)		(0.24	)
For the year ended June 30, 2017	$	9.45		0.15		1.60			1.75			(0.13	)		—			(0.13	)

⁽¹⁾  Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

⁽²⁾  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

⁽³⁾  Ratios do not include the impact of the expenses of the underlying funds in which the fund invests.

⁽⁴⁾  Per share amounts based on average number of shares outstanding during the year.

⁽⁵⁾  Portfolio turnover rate does not include securities received as part of an in-kind capital contribution.

The accompanying notes are an integral part of these financial statements.

64 Annual Report  •  June 30, 2021

		Ratios/Supplement Data
							Ratios to Average Net Assets of:
Net asset value, end  of period		Total return(1)(2)			Net assets, end of period (millions)		Expenses, before waivers(3)			Expenses, net of waivers(3)			Net investment income/ (loss)			Portfolio turnover rate
$	10.55		1.18	%	$	17,891		0.34	%		0.13	%		2.19	%		153	%
$	10.91		9.01	%	$	14,140		0.34	%		0.13	%		2.91	%		137	%
$	10.34		8.18	%	$	15,160		0.34	%		0.14	%		3.15	%		153	%
$	9.87		(0.15	)%	$	15,805		0.35	%		0.14	%		2.71	%		236	%
$	10.17		0.33	%	$	13,596		0.35	%		0.15	%		2.44	%		232	%
$	10.43		3.18	%	$	32,690		0.38	%		0.15	%		2.06	%		281	%
$	10.56		7.94	%	$	19,434		0.39	%		0.16	%		3.08	%		164	%
$	10.27		8.66	%	$	17,963		0.47	%		0.24	%		3.50	%		242	%
$	9.81		0.18	%	$	11,063		0.41	%		0.18	%		2.93	%		193	%
$	10.09		0.87	%	$	6,423		0.40	%		0.18	%		2.34	%		198	%
$	10.81		5.19	%	$	9,889		0.38	%		0.16	%		2.03	%		18	%
$	10.49		2.80	%	$	6,520		0.38	%		0.16	%		2.47	%		41	%
$	10.46		6.42	%	$	5,253		0.39	%		0.17	%		2.64	%		42	%
$	10.09		1.62	%	$	3,474		0.39	%		0.19	%		2.11	%		27	%
$	10.14		(0.36	)%	$	2,565		0.40	%		0.21	%		1.88	%		23	%
$	23.32		41.44	%	$	17,606		0.45	%		0.19	%		0.65	%		31	%
$	17.11		19.28	%	$	13,464		0.46	%		0.22	%		0.90	%		42	%
$	14.64		13.76	%	$	6,998		0.46	%		0.22	%		1.07	%		31	%
$	13.53		17.66	%	$	6,136		0.47	%		0.24	%		1.01	%		54	%
$	11.59		18.26	%	$	4,202		0.47	%		0.28	%		1.11	%		44	%
$	17.24		49.10	%	$	17,397		0.45	%		0.24	%		1.80	%		26	%
$	11.77		(5.55	)%	$	12,499		0.46	%		0.24	%		1.94	%		36	%(5)
$	12.71		8.46	%	$	8,731		0.46	%		0.25	%		1.95	%		24	%
$	12.12		9.01	%	$	7,102		0.47	%		0.27	%		1.72	%		23	%
$	11.38		17.38	%	$	5,039		0.47	%		0.30	%		1.82	%		23	%
$	19.02		46.08	%	$	5,976		0.66	%		0.37	%		0.13	%		37	%
$	14.73		7.63	%	$	4,794		0.66	%		0.38	%		0.34	%		65	%
$	14.25		11.66	%	$	4,024		0.67	%		0.39	%		0.41	%		23	%
$	13.52		18.96	%	$	3,622		0.67	%		0.41	%		0.38	%		26	%
$	11.49		19.87	%	$	2,530		0.68	%		0.43	%		0.34	%		27	%
$	15.55		58.63	%	$	7,008		0.65	%		0.40	%		1.12	%		34	%
$	9.92		(12.98	)%	$	5,101		0.66	%		0.42	%		1.44	%		50	%
$	11.55		1.22	%	$	4,810		0.67	%		0.43	%		1.47	%		38	%
$	11.97		8.62	%	$	4,186		0.67	%		0.45	%		1.32	%		38	%
$	11.15		18.33	%	$	3,245		0.69	%		0.47	%		1.10	%		48	%
$	14.73		36.84	%	$	15,213		0.63	%		0.32	%		2.21	%		52	%
$	10.97		(1.40	)%	$	11,345		0.63	%		0.33	%		2.10	%		36	%
$	11.38		1.57	%	$	10,645		0.64	%		0.36	%		2.49	%		16	%
$	11.60		6.85	%	$	7,535		0.65	%		0.38	%		2.15	%		20	%
$	11.07		18.78	%	$	5,164		0.67	%		0.42	%		2.17	%		22	%

The accompanying notes are an integral part of these financial statements.

Annual Report  •  June 30, 2021 65

Bridge Builder Mutual Funds

Notes to Financial Statements

1. ORGANIZATION

The Bridge Builder Trust (the “Trust”) is a Delaware statutory trust organized under the laws of the State of Delaware on December 19, 2012, and is registered with the Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2021, the Trust consisted of nine series, of which the eight active series identified below are presented in this report (each a “Fund,” and collectively, the “Funds”). The one remaining series is inactive and currently not available for purchase.

Olive Street Investment Advisers, LLC (the “Adviser”) acts as investment adviser to the Funds.

Fund	Investment Objective
Bridge Builder Core Bond Fund (“Core Bond Fund”)	To provide total return (capital appreciation plus income)
Bridge Builder Core Plus Bond Fund (“Core Plus Bond Fund”)	To provide total return (capital appreciation plus income)
Bridge Builder Municipal Bond Fund (“Municipal Bond Fund”)	To provide current income exempt from federal tax, with a secondary goal of preservation of investment principal
Bridge Builder Large Cap Growth Fund (“Large Cap Growth Fund”)	To provide capital appreciation
Bridge Builder Large Cap Value Fund (“Large Cap Value Fund”)	To provide capital appreciation
Bridge Builder Small/Mid Cap Growth Fund (“Small/Mid Cap Growth Fund”)	To provide capital appreciation
Bridge Builder Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)	To provide capital appreciation
Bridge Builder International Equity Fund (“International Equity Fund”)	To provide capital appreciation

The Funds are diversified and each currently offers a single class of shares. The Funds are available for investment exclusively through Edward Jones Advisory Solutions^® and to current and former Trustees of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.

The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – Investment Companies, which is part of GAAP.

a) Use of Estimates – The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

b) Investment Valuation – All securities and other investments are recorded at their estimated fair value, as described in Note 4.

c) Federal Income Taxes – Each Fund is treated as a separate taxable entity for federal income tax purposes. The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of their net investment income and capital gains to shareholders. Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction. As a result, no provision for federal income tax is recorded in the financial statements.

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

The Adviser has reviewed the Funds’ tax positions for all open tax years (the prior three years of tax filings or since inception, if shorter, are considered open for examination) and has concluded that there is no tax liability/benefit resulting from uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

As of June 30, 2021, the Funds had no tax examinations or audits in progress.

d) Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income for the Core Bond, Core Plus Bond and Municipal Bond Funds are generally declared daily and paid monthly. The Large Cap Value Fund will generally declare and pay distributions of net investment income quarterly. The Large Cap Growth, Small/Mid Cap Growth, Small/Mid Cap Value and International Equity Funds will generally declare and pay distributions of net investment income annually, as necessary. Realized capital gains, if any, are distributed by each Fund at least annually, as necessary. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature, these amounts are reclassified within the capital accounts in the financial statements to reflect their tax character.

e) Indemnifications – In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Trust that have not yet occurred.

f) Investment Transactions, Income and Expense Allocation – Investment transactions are recorded on trade date. Securities gains and losses, net of foreign taxes withheld, if any, are calculated on the basis of identified cost. Dividend income (expense), net of foreign taxes withheld, if any, is recognized on ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as the information becomes available, which may be after the published ex-dividend date. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Issuance fees, if any, are custodial fees on American Depositary Receipts (“ADRs”) charged by ADR agents on ADR dividends and are recorded when paid. Interest income is recognized on an accrual basis, while discounts and premiums on securities purchased are accreted or amortized, respectively, using the constant yield method over the life of the security. Expenses common to multiple Funds are allocated among the respective Funds based upon their relative net asset values or other reasonable allocation methods.

g) Foreign Currency Translation and Transactions – The books and records of the Funds are maintained in U.S. dollars. The Funds’ assets and liabilities in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the valuation date. Transactions denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Funds’ income earned and expense incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments and derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the period. Accordingly, such foreign currency gains/(losses) are included in the reported net realized gains/(losses) on investments in securities and derivatives and net change in unrealized appreciation/(depreciation) on investment securities and derivatives on the Statements of Operations.

h) Regulatory Updates – In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of determining whether the fund should value a security at its market value (as opposed to fair value) under the 1940 Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8,

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

2021. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. At this time, management is evaluating the implications of these changes on the financial statements.

On October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Once implemented, the rule will impose new limits on the amount of derivatives a fund can enter into, replace the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and for Boards of such funds to appoint a derivatives risk manager. The effective date for the rule was February 19, 2021. The SEC adopted an eighteen-month transition period beginning from the effective date for the new rule. At this time, management is evaluating the implications of these changes on the financial statements.

3. SECURITIES AND OTHER INVESTMENTS

a) Delayed Delivery Securities – Certain Funds may enter into contracts to purchase mortgage securities for a fixed price at a future date beyond customary settlement time if the Fund sets aside on its books liquid assets in an amount sufficient to meet the purchase price, or if the Fund enters into offsetting contracts for the forward sale of other securities it owns. In the case of delayed delivery mortgage purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a contract, with the actual principal amount being within a specified range of the estimate. For these obligations, the Fund will earmark liquid assets in an amount sufficient to cover its obligations. Forward commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. This risk is in addition to the risk of decline in the value of the Fund’s other assets. Where such purchases are made through dealers, the Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in a loss to the Fund of an advantageous yield or price. Although the Fund will generally enter into forward commitments with the intention of acquiring securities for its portfolio, the Fund may dispose of a commitment prior to settlement if it deems it appropriate to do so.

A Fund may enter into delayed delivery sale commitments to hedge its portfolio positions or to sell securities it owns under delayed delivery arrangements. Proceeds of the sale commitments are not received until the contractual settlement date. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or (loss) on the commitment without regard to any unrealized appreciation/(depreciation) on the underlying security. If the Fund delivers securities under the commitment, the Fund realizes a gain or (loss) from the sale of the securities based upon the unit price established at the date the commitment was entered into.

b) Derivatives – The Funds invest in derivatives as permitted by their investment strategies and policies. Derivatives are financial instruments whose value is based on the value of another underlying asset, interest rate, index or financial instrument.

Futures Contracts – All Funds may enter into futures contracts, which are agreements between two parties to buy or sell a specified underlying instrument for a fixed price on a specified future date. The Funds buy and sell futures contracts to gain or hedge exposure to certain risk factors. Upon entering into a futures contract, the Funds are required to deposit with the broker cash or securities, which are referred to as initial margin. Securities deposited as initial margin are designated on the Summary Schedule of Investments, and cash deposited is recorded as Deposits at broker for futures contracts on the Statements of Assets and Liabilities. Exchange traded futures are marked to market daily based on the price movement of the contract. This change in value creates either a payable or receivable for the Fund as either more or less margin is required by the clearing agent. This change in value, known as variation margin, is moved daily between the Fund and its counterparty. A change in the market value of an open futures contract is recorded as unrealized appreciation/(depreciation) until the contract is closed. When a contract is closed, the Fund will record a realized gain or (loss) equal to the difference between the proceeds of the

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

closing transaction and the Fund’s basis in the contract. Futures contracts outstanding at period end, if any, are listed within each Fund’s Summary Schedule of Investments. During the period, all Funds participated in futures transactions.

Forward Foreign Currency Exchange Contracts – Core Plus Bond Fund and International Equity Fund may invest in forward foreign currency exchange contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as unrealized appreciation/ (depreciation). When the contract is closed in its foreign currency, the Funds record a realized gain or (loss) equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. The Funds could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Funds are unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed within each Fund’s Summary Schedule of Investments. During the period, the Core Plus Bond Fund participated in transactions of forward foreign currency exchange contracts.

Repurchase Agreements – In a repurchase agreement, a Fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a Fund to counterparty risk, meaning that the Fund could lose money if the other party fails to perform under the terms of the agreement. A Fund mitigates this risk by ensuring that the Fund’s repurchase agreements are collateralized by cash and/or U.S. government securities. All collateral is held by a Fund’s custodian (or, with multiparty agreements, the agent’s bank) and is monitored daily to ensure that its market value is at least equal to the repurchase price under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty. Certain Funds may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian under a Master Repurchase Agreement for investment companies and other clients advised by the Sub-adviser (as defined below) and its affiliates. A Fund may participate with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities. Repurchase agreements are subject to master netting agreements, which are agreements between a Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination. Repurchase agreement amounts, if any, presented on the Summary Schedule of Investments are gross settlement amounts.

Swap Contracts – Certain Funds may invest in swap contracts. Swap contracts are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. Swap contracts may be privately negotiated in the over-the-counter market (“OTC Swaps”) or may be cleared through a third-party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into credit default, interest rate and/or total return swap contracts to manage the Fund’s exposure to credit, interest rate and equity risk. Securities or cash may be used as collateral or margin in accordance with the terms of the swap contract in order to provide assets in the event of a default or bankruptcy.

Centrally Cleared Swaps are marked to market daily and the change, if any, is recorded as variation margin on centrally cleared swap contracts on the Statements of Assets and Liabilities. OTC Swaps are marked to market daily and the change, if any, is included in the over-the-counter swap contracts, at value line item on the Statements of

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Assets and Liabilities. Both OTC and Centrally Cleared Swaps show this component as change in unrealized appreciation/(depreciation) on the Statements of Operations. Swap variation margin is accounted for as unrealized appreciation/(depreciation) until the contract is closed, at which time the gains or (losses) are realized. Upfront premiums received/(paid) represent cash payments made upon the opening of the swap contract to compensate for differences between the stated terms of the contract and the current market value contract. These upfront payments are recorded as assets/(liabilities) and are included within the market value of the swap contract. Upon liquidation or termination of the swap contract, these payments are recorded as realized gain/(loss) on the Statements of Operations. Net periodic payments received/(paid) by the Fund are also included in the realized gain/ (loss) on swap contracts on the Statements of Operations. Swap contracts outstanding, including their respective notional amounts at period end, if any, are listed within each Fund’s Summary Schedule of Investments.

Interest Rate Swaps – Core Bond Fund and Core Plus Bond Fund may enter into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. During the period, the Core Plus Bond Fund entered into interest rate swap contracts.

Credit Default Swap Contracts – Core Plus Bond Fund may enter into credit default swap contracts to provide a measure of protection against risk of loss following a default, or other credit event in respect of issuers within an underlying index or a single issuer, or to gain credit exposure to an underlying index or issuer. In a credit default swap contract, the protection buyer typically makes an upfront payment and a periodic stream of payments to the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or other equally ranked obligations of the reference entity. As a seller of protection on a credit default swap contract, the Fund will generally receive from the protection buyer a fixed rate of income throughout the term of the swap provided there is no credit event. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or (loss).

Implied credit spreads are used to determine the value of credit default swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

Risks of loss may exceed amounts recognized on the Summary Schedule of Investments. A Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the specific Fund and the counterparty. Where a Fund is a seller of protection, the maximum potential amount of future payments the Fund may be required to make is equal to the notional amount of the relevant credit default contract. The Fund’s risk of loss associated with these instruments may exceed their value, as recorded in the Summary Schedule of Investments. During the period, the Core Plus Bond Fund entered into credit default swap contracts.

Total Return Swap Contracts – Core Plus Bond Fund may enter into total return swaps to obtain exposure to the underlying referenced instruments, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, security index or index component during the period of the swap. Total return swap contracts are marked to market daily and the change, if any, is recorded as net change in unrealized appreciation/(depreciation) on swap contracts in the Statements of Operations. Total return swaps normally do not involve the delivery of securities or other underlying assets. If the

70 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

counterparty to a total return swap contract defaults, a Fund’s risk of loss consists of the net amount of payments the Fund is contractually entitled to receive, if any. The use of long total return swap contracts subject the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities. The use of short total return swaps subject the Funds to unlimited loss. Periodic payments received (paid) by the Funds are recorded as net realized gain/(loss) on swap contracts in the Statements of Operations. Total return swap contracts outstanding at period end, if any, are listed after each Fund’s Summary Schedule of Investments.

c) Loan Participation, Assignments and Unfunded Commitments – Certain Funds may enter into loan participations and assignments. When one of the Funds purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or a third party selling such participations (“Selling Participant”), but not the borrower. In this case, the Fund assumes the credit risk of the borrower and the Selling Participant and any other persons inter-positioned between the Fund and the borrower (“Intermediate Participants”). In contrast, when one of the Funds purchases an assignment, the contractual relationship is with the borrower and the credit risk assumed by the Fund is only with the borrower. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor.

The Funds may also enter into unfunded loan commitments, which are contractual obligations for future funding. These unfunded commitments represent a future obligation in full, even though a percentage of the loan may not be utilized by the borrower. These types of investments may include standby financing commitments, such as revolving credit facilities, which obligate the Funds to supply additional cash to the borrower on demand. The value of the unfunded portion of the investment is determined using pro-rata allocation, based on its par value relative to the par value of the entire investment. The unfunded loan commitments are marked daily and any unrealized appreciation/ (depreciation) from unfunded commitments is reported in the Statements of Assets and Liabilities as well as the Statements of Operations. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt of payments by the lender from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of the loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments, and certain loan participations and assignments which were liquid, when purchased, may become illiquid. The Funds did not hold any unfunded loan positions as of June 30, 2021.

d) Restricted Securities – The Funds may own investment securities that are unregistered or have other legal or contractual limitations, and thus are restricted as to resale. These securities are valued after giving due consideration to pertinent factors, including recent private sales, market conditions and the issuer’s financial performance. Where future disposition of these securities requires registration under the Securities Act of 1933, a Fund may have the right to include these securities in such registration, generally without cost to the Fund. A Fund generally has no right to require registration of the unregistered securities it holds. The Funds held the following restricted securities at June 30, 2021.

Core Bond Fund

Issuer Description	Acquisition Date		Acquisition Cost		Market Value at June 30, 2021		% of Net Assets at June 30, 2021
Citigroup, Inc.		4/27/2021	$	19,270,000	$	19,615,931		0.11	%
Deutsche Bank AG/New York NY		11/17/2020 - 5/25/2021		9,162,000		9,302,018		0.05
Oracle Corp.		3/22/2021		5,605,557		5,766,159		0.03
			$	34,037,557	$	34,684,108		0.19	%

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Core Plus Bond Fund

Issuer Description	Acquisition Date		Acquisition Cost		Market Value at June 30, 2021		% of Net Assets at June 30, 2021
ABG Intermediate Holdings 2 LLC		1/13/2021 - 2/4/2021	$	3,035,556	$	2,890,809		0.01	%
AI Alpine U.S. Bidco, Inc.		10/15/2020		1,895,094		786,267		0.00	*
AMI Investments LLC		8/24/2020		1,310,069		1,179,062		0.00	*
AT&T Mobility II LLC		9/24/2020		28,023,048		24,271,694		0.07
CCM Merger, Inc.		10/29/2020		920,975		811,584		0.00	*
Citigroup, Inc.		4/27/2021		25,825,000		16,109,087		0.05
Deutsche Bank AG/New York NY		11/17/2020 - 6/21/2021		18,660,618		18,905,075		0.06
Export-Import Bank of India		12/19/2019		9,520,416		9,600,672		0.03
Mission Broadcasting, Inc.		5/27/2021		2,293,475		2,290,594		0.01
Morgan Stanley		2/11/2020		12,557,800		11,956,389		0.04
Neiman Marcus Group, Inc.		9/25/2020		2,007,193		6,887,023		0.02
Noble Corp.		2/8/2021 - 2/12/2021		226,445		384,922		0.00	*
Oracle Corp.		3/22/2021 - 6/28/2021		41,127,457		42,263,285		0.13
Tacala Investment Corp.		11/13/2020		584,100		590,372		0.00	*
			$	147,987,246	$	138,926,835		0.42	%

* Amount less than 0.005%.

Municipal Bond Fund

Issuer Description	Acquisition Date		Acquisition Cost		Market Value at June 30, 2021		% of Net Assets at June 30, 2021
Mizuho Floater/Residual Trust		8/14/2020	$	8,800,000	$	8,800,000		0.09	%
Public Finance Authority		5/19/2016 - 4/14/2020		6,174,620		6,417,604		0.06
			$	14,974,620	$	15,217,604		0.15	%

e) Defaulted Securities – Certain Funds may hold defaulted securities or other securities which were placed in non-accrual status as the collection of a portion or all of the interest has been deemed to be uncollectible. Debt obligations may be placed on non-accrual status and the related interest income, amortization or accretion may be reduced or stopped entirely. Additionally, current income accruals and interest receivables may be written off when the collection of the interest income has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

f) Sale- buyback and Buy-saleback Transactions – A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the period ended June 30, 2021, the Core Plus Bond Fund participated in sale-buyback transactions. As of June 30, 2021, there were no outstanding sale-buyback transactions. The average amount borrowed was $123,420,044 and incurred interest expense of $24,690 with a weighted average interest rate of 0.14%.

A buy-saleback lending transaction consists of a purchase of a security by a Fund from a counterparty, with a simultaneous agreement to sell the same or substantially the same security at an agreed-upon price and date. The party who sold the security is not entitled to receive principal and interest payments, if any, made on the security during the term of the agreement. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under buy-saleback transactions.

During the period ended June 30, 2021, the Core Plus Bond Fund did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between the Fund and select counterparties. The Master

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Summary Schedule of Investments.

4. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

a) Investment Valuation Policies – The Net Asset Value (“NAV”) of the Funds’ shares are generally valued as of the close of the regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open. The NAV per share of each Fund is computed by dividing the total net assets of the Fund by the total number of shares outstanding. For purposes of calculating the NAV, portfolio securities and derivative instruments are valued using valuation methods adopted by the Trust’s Board of Trustees (the “Board”).

The Board has delegated responsibility for applying approved valuation policies to the Adviser. The Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Adviser performs a series of activities to provide reasonable assurance of the accuracy of the prices utilized including: periodic vendor due diligence meetings and reviewing the results of back testing on a monthly basis. The Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

The Board has approved a Valuation Committee whose function is to monitor the valuation of portfolio securities and derivative instruments and determine in good faith the fair value of the Funds’ holdings after considering all relevant factors. The Valuation Committee is generally responsible for overseeing the day-to-day valuation processes and is authorized to make all necessary determinations to fair value the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers, dealers or independent pricing services are unreliable.

Additionally, the Board has adopted valuation procedures that allow for the use of fair value pricing in appropriate circumstances. For example, such circumstances may arise when trading in a security has been halted or suspended, when a security has been delisted from a national exchange, when a security has not been traded for an extended period of time, or when a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time a Fund calculates its own share price. If there is no price, or in the Adviser’s determination the price provided for a security by an independent pricing agent or broker does not represent fair value, then the security will be fair valued in accordance with procedures adopted by the Board. Thinly traded securities and certain foreign securities may be impacted more by the use of fair valuations than other securities. In using fair value pricing, a Fund attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. When using fair value to price securities, a Fund may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its net asset value.

b) Fair Value Hierarchy – The Funds have performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the following three broad categories:

• Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities.

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include, but are not limited to, quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

markets that are not active, and model-derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets.

• Level 3 – Significant unobservable inputs (including the Fund’s own assumptions).

c) Valuation Techniques – Fixed-income securities, including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds (other than short-term securities) are valued using that day’s bid price provided by an independent pricing service. Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yields and other relevant data relating to investments or securities with similar characteristics. The independent pricing service’s internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, trade information, market color, credit risks/spreads, default rates and quoted prices for similar assets and the securities’ terms and conditions. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 of the fair value hierarchy.

Mortgage- and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data and packaged collateral performance, as available. Mortgage- and asset-backed securities that use such valuation techniques and inputs are typically categorized as Level 2.

Short-term securities without a vendor price and with 60 days or less remaining to maturity when acquired by a Fund are generally valued on an amortized cost basis, which approximates fair value. These securities are typically categorized as Level 2 in the fair value hierarchy.

Equity securities traded on a national securities exchange are valued at the last reported sale price at the close of regular trading on each day the exchange is open for trading. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. These valuations are typically categorized as Level 1 in the fair value hierarchy. Securities traded on an exchange for which there have been no sales are valued at the mean between the last bid and ask price on such days. Securities and financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective securities in accordance with procedures adopted by the Board and are classified as Level 2 or Level 3 depending on the observability of inputs.

Foreign securities, currencies and other assets denominated in currencies other than U.S. dollars are translated to U.S. dollars using exchange rates obtained from independent pricing services. All assets denominated in foreign currencies are converted to U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern time.

Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the NYSE. These securities are generally valued using pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Open-ended mutual funds (including money market funds) are valued at the end of the day’s net asset value and are categorized as Level 1 of the fair value hierarchy.

74 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Exchange traded financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales or settlement price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. If there was no sale activity, the financial derivative is valued at the mean between the highest bid and lowest ask price on the relevant exchange closest to the close of the NYSE and are categorized as Level 2 of the fair value hierarchy.

OTC derivatives, including forward foreign currency exchange contracts and swap contracts, are valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. These securities are typically categorized as Level 2 of the fair value hierarchy.

The U.S. dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.

Centrally cleared credit default and interest rate swap contracts are valued daily based on quotations as provided by an independent pricing service. The independent pricing services aggregate valuation information from various market participants to create a single reference value for each credit default swap contract and interest rate swap contract. These securities are typically categorized as Level 2 of the fair value hierarchy.

The Funds value the repurchase agreements they have entered based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral). These securities are typically categorized as Level 2 of the fair value hierarchy.

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Quantitative Information

The following tables represent each Fund’s valuation inputs as presented in the Summary Schedule of Investment as of June 30, 2021.

Core Bond Fund

	Level 1			Level 2		Level 3		Total
Assets
Asset-Backed Obligations	$	—		$	1,860,407,378	$	49,915,906	$	1,910,323,284
Corporate Bonds
Basic Materials		—			183,567,902		—		183,567,902
Communications		—			516,645,086		—		516,645,086
Consumer, Cyclical		—			292,642,784		—		292,642,784
Consumer, Non-cyclical		—			772,150,785		—		772,150,785
Diversified		—			5,586,750		—		5,586,750
Energy		—			605,443,144		—		605,443,144
Financials		—			2,233,737,488		—		2,233,737,488
Industrials		—			337,642,287		—		337,642,287
Technology		—			320,658,161		—		320,658,161
Utilities		—			561,251,141		—		561,251,141
Government Related
Other Government Related		—			309,782,427		—		309,782,427
U.S. Treasury Obligations		—			3,178,668,615		—		3,178,668,615
Mortgage-Backed Obligations		—			6,059,931,853		112,093,103		6,172,024,956
Preferred Stocks
Financials		2,858,550			—		—		2,858,550
Short-Term Investments
Money Market Funds		1,058,986,391			—		—		1,058,986,391
U.S. Treasury Bills		—			2,249,502		—		2,249,502
Time Deposits		—			148,159,350		—		148,159,350
Futures Contracts (1)		17,059,871			—		—		17,059,871
Total Assets	$	1,078,904,812		$	17,388,524,653	$	162,009,009	$	18,629,438,474
Liabilities
Futures Contracts (1)	$	(2,680,052	)	$	—	$	—	$	(2,680,052	)
Total Liabilities	$	(2,680,052	)	$	—	$	—	$	(2,680,052	)

76 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Core Plus Bond Fund

	Level 1			Level 2			Level 3			Total
Assets
Asset-Backed Obligations	$	—		$	3,060,468,136		$	—		$	3,060,468,136
Corporate Bonds
Basic Materials		—			249,085,158			—			249,085,158
Communications		—			1,490,166,554			—			1,490,166,554
Consumer, Cyclical		—			1,041,062,182			—			1,041,062,182
Consumer, Non-cyclical		—			1,666,792,253			—			1,666,792,253
Diversified		—			5,103,032			—			5,103,032
Energy		—			842,962,499			—			842,962,499
Financials		—			3,952,311,917			—			3,952,311,917
Government		—			36,899,669			—			36,899,669
Industrials		—			518,072,297			—			518,072,297
Technology		—			482,641,447			—			482,641,447
Utilities		—			653,266,656			—			653,266,656
Convertible Securities
Communications		—			34,600,699			—			34,600,699
Consumer, Cyclical		—			9,590,734			—			9,590,734
Consumer, Non-cyclical		—			23,054,984			—			23,054,984
Government Related
Other Government Related		—			755,358,790			—			755,358,790
U.S. Treasury Obligations		—			7,593,143,228			—			7,593,143,228
Mortgage-Backed Obligations		—			8,005,007,412			—			8,005,007,412
Bank Loans		—			944,975,895			—			944,975,895
Common Stocks
Communications		18,889,473			—			8,855,691			27,745,164
Consumer Discretionary		—			—			6,887,023			6,887,023
Energy		384,922			—			41,554			426,476
Financials		—			—			—	(2)		—
Industrials		—			—			1,179,062			1,179,062
Convertible Preferred Stocks
Consumer, Non-cyclical		10,345,748			—			—			10,345,748
Financials		38,144,332			—			—			38,144,332
Preferred Stocks
Communications		—			—			24,271,694			24,271,694
Financials		—			—			7,400			7,400
Warrants		—			—			80,664			80,664
Short-Term Investments
Money Market Funds		1,280,070,132			—			—			1,280,070,132
Government Related		—			22,018,261			—			22,018,261
Repurchase Agreements		—			376,500,000			—			376,500,000
U.S. Treasury Bills		—			2,796,750,132			—			2,796,750,132
Time Deposits		—			30,781,745			—			30,781,745
Futures Contracts (1)		44,723,811			—			—			44,723,811
Forward Foreign Currency Exchange Contracts (1)		—			45,266,407			—			45,266,407
Swap Contracts (1)		—			110,649,721			—			110,649,721
Total Assets	$	1,392,558,418		$	34,746,529,808		$	41,323,088		$	36,180,411,314
Liabilities
TBA Sale Commitments	$	—		$	(387,789,070	)	$	—		$	(387,789,070	)
Futures Contracts (1)		(16,505,833	)		—			—			(16,505,833	)
Forward Foreign Currency Exchange Contracts (1)		—			(23,091,267	)		—			(23,091,267	)
Swap Contracts (1)		—			(26,699,617	)		—			(26,699,617	)
Total Liabilities	$	(16,505,833	)	$	(437,579,954	)	$	—		$	(454,085,787	)

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Municipal Bond Fund

	Level 1			Level 2		Level 3		Total
Assets
Municipal Bonds
Education	$	—		$	796,803,370	$	—	$	796,803,370
General Obligation		—			1,608,733,437		—		1,608,733,437
General Revenue		—			2,845,000,644		—		2,845,000,644
Healthcare		—			1,231,406,636		—		1,231,406,636
Housing		—			475,729,561		—		475,729,561
Transportation		—			1,708,255,119		—		1,708,255,119
Utilities		—			830,652,478		—		830,652,478
Short-Term Investments
Money Market Funds		496,828,340			—		—		496,828,340
Commercial Paper		—			17,336,536		—		17,336,536
Time Deposits		—			23,222,456		—		23,222,456
Futures Contracts (1)		106,249			—		—		106,249
Total Assets	$	496,934,589		$	9,537,140,237	$	—	$	10,034,074,826
Liabilities
Futures Contracts (1)	$	(366,855	)	$	—	$	—	$	(366,855	)
Total Liabilities	$	(366,855	)	$	—	$	—	$	(366,855	)
Large Cap Growth Fund
	Level 1			Level 2		Level 3		Total
Assets
Common Stocks
Communication Services	$	2,063,259,481		$	—	$	—	$	2,063,259,481
Consumer Discretionary		2,556,577,106			86,154,674		—		2,642,731,780
Consumer Staples		539,007,708			—		—		539,007,708
Energy		149,382,495			—		—		149,382,495
Financials		1,410,445,238			—		—		1,410,445,238
Healthcare		2,699,611,958			17,277,467		—		2,716,889,425
Industrials		1,037,758,162			35,862,065		—		1,073,620,227
Information Technology		5,975,384,998			95,998,952		—		6,071,383,950
Materials		361,856,907			—		—		361,856,907
Real Estate		317,320,604			—		—		317,320,604
Utilities		480,868			—		—		480,868
Short-Term Investments
Money Market Funds		226,383,268			—		—		226,383,268
Time Deposits		—			12,272,840		—		12,272,840
Futures Contracts (1)		351,946			—		—		351,946
Total Assets	$	17,337,820,739		$	247,565,998	$	—	$	17,585,386,737

78 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Large Cap Value Fund

	Level 1			Level 2		Level 3		Total
Assets
Common Stocks
Communication Services	$	1,121,658,384		$	—	$	—	$	1,121,658,384
Consumer Discretionary		1,557,710,992			167,632,885		—		1,725,343,877
Consumer Staples		1,321,205,693			20,007,154		—		1,341,212,847
Energy		624,596,035			50,778,196		—		675,374,231
Financials		3,349,836,703			—		—		3,349,836,703
Healthcare		2,405,183,336			171,732,674		—		2,576,916,010
Industrials		2,762,307,498			25,340,183		—		2,787,647,681
Information Technology		1,464,129,714			122,743,628		—		1,586,873,342
Materials		797,301,355			10,834,698		—		808,136,053
Real Estate		629,550,276			—		—		629,550,276
Utilities		451,916,772			—		—		451,916,772
Convertible Preferred Stocks
Healthcare		10,813,033			—		—		10,813,033
Utilities		31,759,116			—		—		31,759,116
Preferred Stocks
Consumer Discretionary		—			35,478,255		—		35,478,255
Short-Term Investments
Money Market Funds		187,295,009			—		—		187,295,009
Time Deposits		—			39,044,913		—		39,044,913
Futures Contracts (1)		28,541			—		—		28,541
Total Assets	$	16,715,292,457		$	643,592,586	$	—	$	17,358,885,043
Small/Mid Cap Growth Fund
	Level 1			Level 2		Level 3		Total
Assets
Common Stocks
Communication Services	$	275,292,562		$	—	$	—	$	275,292,562
Consumer Discretionary		737,060,782			—		—		737,060,782
Consumer Staples		286,355,524			—		—		286,355,524
Energy		41,960,496			—		—		41,960,496
Financials		615,891,257			—		—		615,891,257
Healthcare		1,342,088,031			—		15,953		1,342,103,984
Industrials		882,056,973			—		—		882,056,973
Information Technology		1,492,099,735			—		—		1,492,099,735
Materials		138,084,596			—		—		138,084,596
Real Estate		73,754,139			—		—		73,754,139
Utilities		1,982,907			—		—		1,982,907
Corporate Bonds
Financials		—			3,000		—		3,000
Short-Term Investments
Money Market Funds		63,231,943			—		—		63,231,943
Time Deposits		—			24,991,777		—		24,991,777
Futures Contracts (1)		32,034			—		—		32,034
Total Assets	$	5,949,890,979		$	24,994,777	$	15,953	$	5,974,901,709
Liabilities
Futures Contracts (1)	$	(8,661	)	$	—	$	—	$	(8,661	)
Total Liabilities	$	(8,661	)	$	—	$	—	$	(8,661	)

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Small/Mid Cap Value Fund

	Level 1			Level 2		Level 3			Total
Assets
Common Stocks
Communication Services	$	125,868,664		$	—	$	—		$	125,868,664
Consumer Discretionary		874,443,809			—		—			874,443,809
Consumer Staples		239,924,727			—		—			239,924,727
Energy		355,601,122			—		—			355,601,122
Financials		1,459,151,477			—		—	(2)		1,459,151,477
Healthcare		632,767,721			—		2,970			632,770,691
Industrials		1,276,069,950			168,056		—			1,276,238,006
Information Technology		681,393,909			—		—			681,393,909
Materials		533,705,939			—		—			533,705,939
Real Estate		407,750,059			—		—			407,750,059
Utilities		294,294,574			—		—			294,294,574
Warrants		—			1,200		—			1,200
Short-Term Investments
Money Market Funds		60,192,969			—		—			60,192,969
Time Deposits		—			52,791,254		—			52,791,254
Futures Contracts (1)		2,975			—		—			2,975
Total Assets	$	6,941,167,895		$	52,960,510	$	2,970		$	6,994,131,375
Liabilities
Futures Contracts (1)	$	(16,784	)	$	—	$	—		$	(16,784	)
Total Liabilities	$	(16,784	)	$	—	$	—		$	(16,784	)

80 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

International Equity Fund

	Level 1			Level 2		Level 3		Total
Assets
Common Stocks
Communication Services	$	120,215,172		$	917,450,131	$	—	$	1,037,665,303
Consumer Discretionary		363,369,726			2,254,351,555		—		2,617,721,281
Consumer Staples		112,170,175			1,041,824,938		—		1,153,995,113
Energy		40,100,459			520,605,649		—		560,706,108
Financials		121,098,278			1,977,473,509		—		2,098,571,787
Healthcare		345,585,594			1,540,576,030		—		1,886,161,624
Industrials		117,193,835			2,223,931,992		—		2,341,125,827
Information Technology		574,559,357			1,257,628,235		—		1,832,187,592
Materials		—			789,760,739		—		789,760,739
Real Estate		351,829			37,218,622		—		37,570,451
Utilities		339,480			450,215,226		—		450,554,706
Preferred Stocks
Consumer Discretionary		—			67,717,681		—		67,717,681
Consumer Staples		—			1,187,520		—		1,187,520
Healthcare		—			623,569		—		623,569
Materials		—			164,096		—		164,096
Rights
Industrials		16,466			—		—		16,466
Short-Term Investments
Money Market Funds		248,534,118			—		—		248,534,118
Convertible Securities		—			381,336		—		381,336
Time Deposits		—			69,426,729		—		69,426,729
Futures Contracts (1)		105			—		—		105
Total Assets	$	2,043,534,594		$	13,150,537,557	$	—	$	15,194,072,151
Liabilities
Futures Contracts (1)	$	(32,898	)	$	—	$	—	$	(32,898	)
Total Liabilities	$	(32,898	)	$	—	$	—	$	(32,898	)

(1) Derivative instruments, including futures, total return swap contracts and forward foreign currency exchange contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument within the Funds’ Summary Schedule of Investments. Credit default swaps and interest rate swaps are reported at market value. Only current day’s variation margin is reported within the Statements of Assets and Liabilities for exchange-traded and centrally cleared derivatives.

(2) Includes a security valued at $0.

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Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

The Core Bond, Core Plus Bond, Small/Mid Cap Growth, and Small/Mid Cap Value all held Level 3 securities at the end of the period. In the aggregate, securities classified as Level 3 in the Core Plus Bond, Small/Mid Cap Growth, and Small/Mid Cap Value have been deemed immaterial with respect to each Fund.

Quantitative Information about Level 3 Fair Value Measurements*

Core Bond Fund

Investment Type	Fair Value at 6/30/21		Valuation Methodology	Unobservable Inputs	Input Value/Range	Weighted Average
Asset-Backed Obligations	$	5,700,000	Cost Basis	Purchase Price	$100.00	$	100.00
Mortgage-Backed Obligations	$	15,286,056	Cost Basis	Purchase Price	$99.90-$100.00	$	99.96

* The table above does not include Level 3 securities that were valued by brokers. At June 30, 2021, the value of these securities was $141,022,953 for the Core Bond Fund. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 4. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of pricing vendor and/or broker due diligence, unchanged price review and consideration of macro or security specific events.

The realized and unrealized gains/(losses) from Level 3 transactions are included with the net realized gain/(loss) on investments and net change in unrealized appreciation/(depreciation) on investments on the Statements of Operations, respectively.

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period July 1, 2020 through June 30, 2021:

Core Bond Fund

	Total			Asset-Backed Obligations			Mortgage-Backed Obligations
Balance as of June 30, 2020	$	82,060,788		$	53,398,294		$	28,662,494
Total realized gain/(loss)		21,611			5			21,606
Accrued discounts/(premiums)		25,979			13			25,966
Paydown		(21,140,791	)		(12,252,313	)		(8,888,478	)
Payup		1,029,053			1,029,053			–
Change in unrealized appreciation/(depreciation)		1,596,664			1,381,265			215,399
Purchases		121,166,150			17,950,000			103,216,150
Sales		(26,871,325	)		(15,711,291	)		(11,160,034	)
Transfers in*		4,120,880			4,120,880			–
Transfers out*		–			–			–
Balance as of June 30, 2021	$	162,009,009		$	49,915,906		$	112,093,103
Change in unrealized appreciation/(depreciation) from Investments held as of June 30, 2021	$	1,426,129		$	1,372,187		$	53,942

* Transfers are calculated on the ending of period value. For the period ended June 30, 2021, securities with an aggregate market value of $4,120,880 transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine their value. There were no other transfers between Level 1, 2 and 3.

5. DERIVATIVE INSTRUMENTS

Certain Funds use derivative instruments as part of their investment strategy to achieve their stated investment objective. The Funds’ derivative contracts held at period end are not accounted for as hedging instruments under GAAP. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities across derivative types that are subject to master netting arrangements in the Statements of Assets and Liabilities. There were no financial instruments subject to a netting agreement for which the Funds are not currently netting.

82 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

The following table lists the fair value of derivative instruments held by the Funds, by primary underlying risk and contract type, as included in the Statements of Assets and Liabilities at period end.

	Assets						Liabilities
	Unrealized Appreciation on Futures Contracts*		Swaps at Value*		Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		Unrealized Depreciation on Futures Contracts*			Swaps at Value *			Unrealized Depreciation on Forward Foreign Currency Exchange Contracts
Interest Rate Risk:
Core Bond Fund	$	17,059,871	$	—	$	—	$	(2,680,052	)	$	—		$	—
Core Plus Bond Fund		44,723,811		48,319,580		—		(16,505,833	)		(26,413,998	)		—
Municipal Bond Fund		106,249		—		—		(366,855	)		—			—
Equity Risk:
Large Cap Growth Fund		351,946		—		—		—			—			—
Large Cap Value Fund		28,541		—		—		—			—			—
Small/Mid Cap Growth Fund		32,034		—		—		(8,661	)		—			—
Small/Mid Cap Value Fund		2,975		—		—		(16,784	)		—			—
International Equity Fund		105		—		—		(32,898	)		—			—
Foreign Exchange Risk:
Core Plus Bond Fund		—		—		45,266,407		—			—			(23,091,267	)
Credit Risk:
Core Plus Bond Fund		—		62,330,141		—		—			(285,619	)		—

* May include cumulative unrealized appreciation/(deprecation) as reported on the Summary Schedule of Investments. Only current day’s variation margin is reported on the Statements of Assets and Liabilities for exchange traded derivatives and centrally-cleared derivatives.

The following table lists the effect of derivative instruments held by the Funds, by primary underlying risk and contract type, on the Statements of Operations for the year ended June 30, 2021

	Realized Gain/(Loss) on Derivatives recognized as a result of Operations								Net Change in Unrealized Appreciation / (Depreciation) on Derivatives recognized as a result of Operations
	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps		Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps
Interest Rate Risk:
Core Bond Fund	$	(50,596,144	)	$	—		$	487,506	$	14,619,158		$	—	$	(487,509	)
Core Plus Bond Fund		(76,210,423	)		—			15,549,318		23,655,742			—		(10,196,173	)
Municipal Bond Fund		1,497,049			—			—		(260,606	)		—		—
Equity Risk:
Large Cap Growth Fund		904,130			—			—		351,946			—		—
Large Cap Value Fund		706,221			—			—		28,541			—		—
Small/Mid Cap Growth Fund		305,397			—			—		23,373			—		—
Small/Mid Cap Value Fund		237,585			—			—		(13,809	)		—		—
International Equity Fund		346,452			—			—		(32,793	)		—		—
Foreign Exchange Risk:
Core Plus Bond Fund		—			(85,866,807	)		—		—			34,541,896		—
Credit Risk:
Core Plus Bond Fund		—			—			40,681,927		—			—		5,459,319

Annual Report  •  June 30, 2021 83

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

The following tables present the Funds’ gross OTC derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2021:

Core Plus Bond Fund
		Gross Amounts of Recognized Assets Presented in the Statements of Assets & Liabilities							Gross Amounts not offset in the Statements of Assets & Liabilities
Counterparty	Investment Type			Gross Amounts Available for Offset			Net Amounts		Financial Instruments		Collateral Received			Net Amount
Bank of America	Forward Foreign Currency Exchange Contracts	$	4,002,829	$	(2,412,195	)	$	1,590,634	$	—	$	—		$	1,590,634
Barclays Bank	Credit Default Swap Contracts		221,248		—			221,248		—		—			221,248
Barclays Bank	Forward Foreign Currency Exchange Contracts		479,068		—			479,068		—		—			479,068
BNP Paribas	Forward Foreign Currency Exchange Contracts		15,958,439		(1,001,497	)		14,956,942		—		(13,280,000	)		1,676,942
Canadian Imperial Bank of Commerce	Forward Foreign Currency Exchange Contracts		72,422		(72,422	)		—		—		—			—
Citibank	Forward Foreign Currency Exchange Contracts		600,585		(600,585	)		—		—		—			—
Credit Suisse International	Forward Foreign Currency Exchange Contracts		92,947		—			92,947		—		—			92,947
Deutsche Bank	Credit Default Swap Contracts		171,039		—			171,039		—		(171,039	)		—
Deutsche Bank	Forward Foreign Currency Exchange Contracts		164,038		—			164,038		—		—			164,038
Goldman Sachs	Credit Default Swap Contracts		2,343,504		(49,129	)		2,294,375		—		(2,294,375	)		—
Goldman Sachs	Forward Foreign Currency Exchange Contracts		11,319,192		(1,671,076	)		9,648,116		—		—			9,648,116

84 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Core Plus Bond Fund
			Gross Amounts of Recognized Assets Presented in the Statements of Assets & Liabilities							Gross Amounts not offset in the Statements of Assets & Liabilities
Counterparty	Investment Type				Gross Amounts Available for Offset			Net Amounts		Financial Instruments		Collateral Received			Net Amount
HSBC		Forward Foreign Currency Exchange Contracts		873,033		—			873,033		—		—			873,033
J.P. Morgan		Credit Default Swap Contracts		407,151		—			407,151		—		—			407,151
J.P. Morgan		Forward Foreign Currency Exchange Contracts		8,152,583		(8,152,583	)		—		—		—			—
Morgan Stanley		Credit Default Swap Contracts		2,523,103		—			2,523,103		—		(930,000	)		1,593,103
Morgan Stanley		Forward Foreign Currency Exchange Contracts		1,930,967		(1,278,228	)		652,739		—		—			652,739
UBS		Forward Foreign Currency Exchange Contracts		1,620,304		(1,602,368	)		17,936		—		—			17,936
Total Financial Instruments Subject to a Master Netting Arrangement or Similar Arrangement				50,932,452		(16,840,083	)		34,092,369		—		(16,675,414	)		17,416,955

Annual Report  •  June 30, 2021 85

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Core Plus Bond Fund
			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets & Liabilities							Gross Amounts not offset in the Statements of Assets & Liabilities
Counterparty	Investment Type				Gross Amounts Available for Offset			Net Amounts		Financial Instruments		Collateral Pledged(1)		Net Amount
Bank Of America		Forward Foreign Currency Exchange Contracts	$	2,412,195	$	(2,412,195	)	$	—	$	—	$	—	$	—
BNP Paribas		Forward Foreign Currency Exchange Contracts		1,001,497		(1,001,497	)		—		—		—		—
Canadian Imperial Bank of Commerce		Forward Foreign Currency Exchange Contracts		273,102		(72,422	)		200,680		—		—		200,680
Citibank		Forward Foreign Currency Exchange Contracts		1,870,535		(600,585	)		1,269,950		—		—		1,269,950
Goldman Sachs		Credit Default Swap Contracts		49,129		(49,129	)		—		—		—		—
Goldman Sachs		Forward Foreign Currency Exchange Contracts		1,671,076		(1,671,076	)		—		—		—		—
J.P. Morgan		Forward Foreign Currency Exchange Contracts		12,500,677		(8,152,583	)		4,348,094		—		—		4,348,094
Morgan Stanley		Forward Foreign Currency Exchange Contracts		1,278,228		(1,278,228	)		—		—		—		—
State Street		Forward Foreign Currency Exchange Contracts		481,589		—			481,589		—		—		481,589
UBS		Forward Foreign Currency Exchange Contracts		1,602,368		(1,602,368	)		—		—		—		—
Total Financial Instruments Subject to a Master Netting Arrangement or Similar Arrangement				23,140,396		(16,840,083	)		6,300,313		—		—		6,300,313

⁽¹⁾  In accordance with GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty.

86 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

The Funds’ average monthly notional amount of derivatives during the year ended June 30, 2021 were as follows:

	Core Bond Fund			Core Plus Bond Fund*			Municipal Bond Fund			Large Cap Growth Fund		Large Cap Value Fund		Small/Mid Cap Growth Fund		Small/Mid Cap Value Fund		International Equity Fund
Futures Contracts
Average Notional Balance – Long	$	856,268,662		$	3,027,468,947		$	—		$	3,323,371	$	1,689,664	$	1,387,280	$	1,353,713	$	1,732,270
Average Notional Balance – Short		(115,707,138	)		(763,298,441	)		(54,307,792	)		—		—		—		—		—
Forward Foreign Currency Exchange Contracts
Average Amounts – Purchased		—			1,650,105,003			—			—		—		—		—		—
Average Amounts – Sold		—			(756,916,957	)		—			—		—		—		—		—
Credit Default Swaps
Average Amounts – Buy Protection		—			363,462			—			—		—		—		—		—
Average Amounts – Sell Protection		—			(979,612,758	)		—			—		—		—		—		—
Interest Rate Swaps
Average Amounts – Pays Fixed Rate		—			275,399,872			—			—		—		—		—		—
Average Amounts – Receives Fixed Rate		(2,095,769	)		(757,157,265	)		—			—		—		—		—		—

* Notional amounts shown have been converted to USD.

6. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

The Adviser acts as investment adviser to the Funds pursuant to an investment advisory agreement (the “Advisory Agreement”) with the Trust. The Adviser is a wholly owned subsidiary of The Jones Financial Companies, L.L.L.P. Under the Advisory Agreement, the Adviser furnishes, at its own expense, all services, facilities and personnel necessary in connection with managing the Funds’ investments.

The Adviser provides the Trust with such investment research, advice and investment supervision as the Trust may from time to time consider necessary for the proper management of the assets of the Funds and furnishes continuously an investment program for the Funds. In fulfilling this obligation, the Adviser, among other things, recommends the hiring and termination, and monitors the ongoing performance, of the investment advisers (the “Sub-advisers”) and allocates Fund assets among the Sub-advisers.

In consideration of the services provided by the Adviser pursuant to the Advisory Agreement, the Funds pay the Adviser an investment advisory fee at an annual rate based on a percentage of each Fund’s average daily net assets. For its advisory services, the investment advisory fee shall be accrued daily by the Fund and paid to the Adviser on the first business day of the succeeding month. In an effort to pass along lower fund expenses to shareholders, the Adviser does not retain any portion of the advisory fees. The Adviser has contractually agreed to waive its advisory fees for each Fund to the extent advisory fees paid to the Adviser exceed the aggregate advisory

Annual Report  •  June 30, 2021 87

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

fees the Fund is required to pay its Sub-advisers. The annual advisory fee and amounts of advisory fees waived by the Adviser during the period ended June 30, 2021 are noted in the table below:

Fund	Annual Management Fee			Management Fees Waived by Adviser
Core Bond Fund		0.32	%	$	(33,299,820	)
Core Plus Bond Fund		0.36			(60,420,086	)
Municipal Bond Fund		0.36			(18,506,360	)
Large Cap Growth Fund		0.44			(39,637,305	)
Large Cap Value Fund		0.44			(32,546,761	)
Small/Mid Cap Growth Fund		0.64			(15,395,075	)
Small/Mid Cap Value Fund		0.64			(15,862,794	)
International Equity Fund		0.60			(40,802,180	)

None of the advisory fees waived by the Adviser pursuant to the agreement described above are subject to recoupment by the Adviser.

The Adviser has selected and the Board has approved the following Sub-advisers to sub-advise discrete portions of each of the Fund’s assets:

Fund	Sub-advisers
Core Bond Fund	Robert W. Baird & Co., Inc. J.P. Morgan Investment Management, Inc. Loomis, Sayles & Company, L.P. PGIM, Inc.
Core Plus Bond Fund	Pacific Investment Management Company LLC Loomis, Sayles & Company, L.P. Metropolitan West Asset Management, LLC T. Rowe Price Associates, Inc.
Municipal Bond Fund	FIAM, LLC T. Rowe Price Associates, Inc. BlackRock Investment Management, LLC MacKay Shields LLC
Large Cap Growth Fund	Lazard Asset Management LLC Sustainable Growth Advisers, LP Jennison Associates LLC BlackRock Investment Management, LLC
Large Cap Value Fund	Barrow, Hanley, Mewhinney & Strauss LLC Wellington Management Company LLP Artisan Partners Limited Partnership BlackRock Investment Management, LLC T. Rowe Price Associates, Inc. LSV Asset Management
Small/Mid Cap Growth Fund	Champlain Investment Partners, LLC Eagle Asset Management, Inc. Stephens Investment Management Group, LLC BlackRock Investment Management, LLC Artisan Partners Limited Partnership
Small/Mid Cap Value Fund	Boston Partners Global Investors, Inc. Vaughan Nelson Investment Management, L.P. Silvercrest Asset Management Group LLC BlackRock Investment Management, LLC LSV Asset Management MFS Investment Management Diamond Hill Capital Management, Inc. American Century Investment Management, Inc.
International Equity Fund	Baillie Gifford Overseas Limited Mondrian Investment Partners Limited WCM Investment Management BlackRock Investment Management, LLC Pzena Investment Management, LLC Marathon Asset Management LLP

88 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Subject to the supervision of the Adviser, the Sub-advisers provide the Funds, among other services, a continuous investment program and determine from time to time which securities or other investments shall be purchased, sold or exchanged for the Funds, including providing or obtaining such services as may be necessary in managing, acquiring or disposing of securities, cash or other investments. For their services as Sub-advisers to the Funds, each Sub-adviser is entitled to receive fees directly from each Fund it serves.

Pursuant to an operating expense limitation agreement between the Adviser and the Funds, effective until October 28, 2022 (the “Expense Limitation Agreement”), the Adviser has contractually agreed to waive its fees and/or reimburse Fund expenses (excluding acquired fund fees and expenses, portfolio transaction expenses, interest expense in connection with investment activities, taxes and non-routine expenses) to limit total annual fund operating expenses after fee waivers and/or expense reimbursements to each of the amounts listed below (each an “Expense Cap”).

Fund	Expense Cap
Core Bond Fund	0.48%
Core Plus Bond Fund	0.42
Municipal Bond Fund	0.48
Large Cap Growth Fund	0.51
Large Cap Value Fund	0.51
Small/Mid Cap Growth Fund	0.73
Small/Mid Cap Value Fund	0.73
International Equity Fund	0.67

Any fees waived or Fund expenses paid by the Adviser in connection with the Expense Limitation Agreement are subject to reimbursement by a Fund to the Adviser in the rolling thirty-six (36) month period following such fee waiver and/or expense payment, if (i) requested by the Adviser, and (ii) the aggregate amount actually paid by the Fund toward its aggregate operating expenses (taking into account the reimbursement) does not exceed the applicable Expense Cap (a) at the time of the fee waiver and/or expense payment and (b) at the time of the reimbursement. During the year ended June 30, 2021, the Funds did not exceed their respective Expense Caps, and there are no expense reimbursements currently available for recoupment in future periods.

Administrator – Brown Brothers Harriman & Co. (“BBH”) acts as Administrator to the Trust pursuant to an Administrative Agency Agreement. As Administrator, BBH provides certain services to the Trust, including, among other responsibilities, administrative, tax, legal, accounting services, portfolio compliance monitoring, and financial reporting for the maintenance and operations of the Funds. In addition, BBH makes available the personnel and facilities to provide such services. In its capacity as Administrator, BBH does not have any responsibility or authority for the portfolio management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares. Pursuant to the Administrative Agency Agreement, the Trust has agreed to pay such compensation as is mutually agreed upon from time to time and such out-of-pocket expenses as incurred by BBH in the performance of its duties. The amounts paid directly to the Administrator by the Funds for administrative services are included in the Administration fee in the Statements of Operations.

Custodian – BBH also acts as Custodian to the Trust. In this capacity, BBH holds all cash and, directly or through a book entry system or an agent, securities of each Fund, delivers and receives payment for securities sold by such Fund, collects income from investments of each Fund and performs other duties as set forth in the Custodian Agreement between the Trust, on behalf of the Funds, and BBH. Custodian fees are paid monthly and based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. The amounts paid directly to the Custodian by the Funds for custody services are included in Custody fees in the Statements of Operations.

Annual Report  •  June 30, 2021 89

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

Trustees – Trustee fees and expenses displayed in the Statements of Operations include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined by the 1940 Act (an “Independent Trustee”) of the Trust. The Trustees who are not Independent Trustees of the Trust are not compensated by the Trust.

Affiliated Transactions – The Funds may participate in purchase and sale transactions with other Funds or accounts that have a common investment adviser or Sub-adviser, commonly referred to as “cross trades.” These cross trades are executed in accordance with procedures adopted by the Trust’s Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security.

During the year ended June 30, 2021, the aggregate value of purchases and sales cross trades with other Funds or accounts were as follows:

	Purchases		Sales		Realized Gain/(Loss)
Core Bond Fund	$	—	$	—	$	—
Core Plus Bond Fund		—		—		—
Municipal Bond Fund		5,960		10,000,000		30,300
Large Cap Growth Fund		145,637,860		200,133,160		52,734,486
Large Cap Value Fund		75,977,270		79,960,067		24,682,154
Small/Mid Cap Growth Fund		131,472,455		153,626,478		40,839,113
Small/Mid Cap Value Fund		87,588,696		110,081,237		54,068,107
International Equity Fund		40,082,339		60,686,115		4,980,951

7. INTERFUND LENDING AGREEMENT

On June 1, 2016, the Funds received exemptive relief from the SEC to enter into a master interfund lending agreement with each other that permits each Fund to lend money directly to and borrow money directly from other Funds for temporary purposes. Each Fund may lend, in the aggregate, up to 15% of its current net assets at the time of the loan but no more than 5% of its lending Fund’s net assets may be loaned to a single fund. A loan under the agreement will not exceed duration of seven days and interest is charged on borrowings at a rate determined based on current short-term market interest rates and short-term lending rates available to the Funds. As of June 30, 2021, the Funds have yet to lend under this agreement.

8. INVESTMENT TRANSACTIONS

For the year ended June 30, 2021, purchases and sales of investment securities, other than short-term investments, were as follows:

	Core Bond Fund		Core Plus Bond Fund		Municipal Bond Fund		Large Cap Growth Fund		Large Cap Value Fund		Small/Mid Cap Growth Fund		Small/Mid Cap Value Fund		International Equity Fund
Purchases:
U.S. Government	$	20,966,658,341	$	75,730,989,218	$	—	$	—	$	—	$	—	$	—	$	—
Other		6,615,157,946		12,212,600,378		4,474,050,841		4,665,568,128		3,709,133,443		1,915,247,415		2,052,778,995		6,741,463,013
Sales:
U.S. Government		18,862,090,031		68,278,013,078		8,852		—		—		—		—		—
Other		4,879,424,008		7,053,124,333		1,428,517,962		5,695,040,821		4,241,616,828		2,740,860,064		2,891,523,901		6,566,521,072

9. FEDERAL INCOME TAX INFORMATION

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended June 30, 2021, the Funds made permanent book-to-tax reclassifications primarily related to the treatment of foreign currency, partnership taxable income, passive foreign investment company sales adjustments, paydowns, dividend re-designations, utilization of earnings and profits distributed to shareholders on redemption of shares and differences between book and tax accretion methods for market premium.

90 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Notes to Financial Statements (Continued)

For the fiscal year ended June 30, 2021, the Funds made the following reclassifications between total distributable earnings and paid-in capital:

	Total Distributable Earnings/(Loss)			Paid-in Capital
Core Bond Fund	$	—		$	—
Core Plus Bond Fund		2			(2	)
Municipal Bond Fund		—			—
Large Cap Growth Fund		(65,000,000	)		65,000,000
Large Cap Value Fund		(52,000,000	)		52,000,000
Small/Mid Cap Growth Fund		(88,000,000	)		88,000,000
Small/Mid Cap Value Fund		(53,000,000	)		53,000,000
International Equity Fund		(74,000,000	)		74,000,000

At June 30, 2021, gross unrealized appreciation and (depreciation) of investments and derivative contracts based on cost for federal income tax purposes were as follows:

	Core Bond Fund			Core Plus Bond Fund			Municipal Bond Fund			Large Cap Growth Fund			Large Cap Value Fund			Small/Mid Cap Growth Fund			Small/Mid Cap Value Fund			International Equity Fund
Tax Cost of Portfolio	$	18,037,596,733		$	35,479,966,796		$	9,618,956,127		$	10,712,342,012		$	11,697,391,015		$	3,818,610,395		$	4,897,524,402		$	12,190,430,648
Gross Unrealized App	$	706,368,914		$	1,044,047,229		$	426,240,544		$	6,941,749,156		$	5,867,715,657		$	2,212,352,953		$	2,281,353,967		$	3,648,553,781
Gross Unrealized Dep		(117,207,225	)		(409,899,428	)		(11,488,700	)		(68,704,431	)		(206,221,629	)		(56,070,300	)		(184,763,777	)		(644,945,176	)
Net Unrealized App/(Dep)	$	589,161,689		$	634,147,801		$	414,751,844		$	6,873,044,725		$	5,661,494,028		$	2,156,282,653		$	2,096,590,190		$	3,003,608,605

The differences between book basis and tax basis appreciation/(depreciation) on investments is primarily attributable to wash sale loss deferrals, and differences in the tax treatment of mark to market on passive foreign investment companies, mark to market on derivatives, non-REIT return of capital, outstanding partnership basis, the amortization of premiums and defaulted bond accrual.

As of June 31, 2021, the components of total distributable earnings/(losses) on a tax basis were as follows:

	Core Bond Fund			Core Plus Bond Fund			Municipal Bond Fund			Large Cap Growth Fund			Large Cap Value Fund			Small/Mid Cap Growth Fund			Small/Mid Cap Value Fund		International Equity Fund
Accumulated Capital and Losses (1)	$	(3,091,293	)	$	(36,533,364	)	$	(22,898,835	)	$	—		$	—		$	—		$	—	$	—
Other (2)		(4,775,675	)		(31,513,488	)		(18,354	)		(3,000	)		(1,894	)		(185	)		—		(13,962	)
Undistributed Ordinary Income		—			—			—			615,394,185			219,976,023			178,479,903			249,246,410		554,937,512
Undistributed Tax Exempt Income		—			—			1,503,228			—			—			—			—		—
Undistributed Long Term Capital Gain		2,528,566			2,575,896			—			302,329,188			398,345,543			270,522,583			226,924,843		458,690,323
Unrealized Appreciation/ (Depreciation)		589,161,689			635,100,976			414,751,844			6,873,011,938			5,661,479,928			2,156,282,653			2,096,590,083		2,995,514,926
Total Distributable Earnings/(Loss)	$	583,823,287		$	569,630,020		$	393,337,883		$	7,790,732,311		$	6,279,799,600		$	2,605,284,954		$	2,572,761,336	$	4,009,128,799

⁽¹⁾  Includes capital loss carryforwards and late year loss deferrals.

⁽²⁾ Includes straddle loss deferrals and organizational costs

The differences between book basis and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences including paydowns, organizational costs, straddle loss deferrals, and capital loss carryforwards.

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At June 30, 2021, the Funds had the following capital loss carryforwards. The capital loss carryforwards do not have an expiration date and will retain their character as either short-term or long-term capital losses. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

As of June 30, 2021, the Funds had the following net capital loss carryforwards remaining:

	Core Bond Fund		Core Plus Bond Fund		Municipal Bond Fund		Large Cap Growth Fund		Large Cap Value Fund		Small/Mid Cap Growth Fund		Small/Mid Cap Value Fund		International Equity Fund
Short-Term	$	—	$	—	$	18,099,241	$	—	$	—	$	—	$	—	$	—
Long-Term		—		—		4,799,594		—		—		—		—		—
	$	—	$	—	$	22,898,835	$	—	$	—	$	—	$	—	$	—

At June 30, 2021, the Core Bond Fund and Core Plus Bond Fund deferred, on a tax basis, post-October capital losses of $3,091,293 and $36,533,364, respectively.

The tax character of distributions paid by the Funds during the fiscal periods ended June 30, 2021 and June 30, 2020 were as follows:

	Core Bond Fund				Core Plus Bond Fund				Municipal Bond Fund				Large Cap Growth Fund
	2021		2020		2021		2020		2021		2020		2021		2020
Distributions paid from:
Ordinary Income (1)	$	503,702,624	$	488,061,643	$	897,442,706	$	873,942,340	$	751,189	$	1,934,488	$	355,404,561	$	69,786,448
Tax Exempt Income		—		—		—		—		167,297,008		145,524,051		—		—
Long-term Capital Gains		219,931,831		8,807,697		206,680,721		42,109,769		—		—		196,527,311		89,644,295
Return of Capital		—		—		—		—		—		—		—		—
Total Distributions Paid	$	723,634,455	$	496,869,340	$	1,104,123,427	$	916,052,109	$	168,048,197	$	147,458,539	$	551,931,872	$	159,430,743

	Large Cap Value Fund				Small/Mid Cap Growth Fund				Small/Mid Cap Value Fund				International Equity Fund
	2021		2020		2021		2020		2021		2020		2021		2020
Distributions paid from:
Ordinary Income (1)	$	271,568,333	$	194,762,192	$	200,473,078	$	30,673,688	$	73,291,870	$	69,918,972	$	250,025,369	$	282,965,029
Tax Exempt Income		—		—		—		—		—		—		—		—
Long-term Capital Gains		—		—		424,964,376		137,156,239		—		—		—		—
Return of Capital		—		—		—		—		—		—		—		—
Total Distributions Paid	$	271,568,333	$	194,762,192	$	625,437,454	$	167,829,927	$	73,291,870	$	69,918,972	$	250,025,369	$	282,965,029

⁽¹⁾  Ordinary Income includes net short-term capital gains, if any.

10. RISKS

Investing in the Funds may involve certain risks including, but not limited to, those described below. Please refer to the Funds’ prospectus and statement of additional information for more information on risks associated with investing in the Funds.

a) Interest Rate Risk – Certain Funds invest in fixed-income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Alternatively, if rates fall, the value of these investments generally increases. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed-income markets and result in a decline in the value of the fixed-income investments held by the Funds. The value of a fixed-income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. Duration is

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Notes to Financial Statements (Continued)

a measure of the sensitivity of the price of a fixed-income security (or a portfolio of fixed-income securities) to changes in interest rates. The prices of fixed-income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed-income securities with greater duration. For example, a five-year duration means the fixed-income security is expected to decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%, holding other factors constant. Usually, the changes in the value of fixed-income securities will not affect cash income generated, but may affect the value of an investment in the Fund. Floating rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the benchmark rate chosen, frequency of reset and reset caps or floors, among other things). Zero coupon bonds have longer durations than coupon-bearing bonds with comparable maturities and generally experience greater volatility in response to changing interest rates. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed-income securities with similar durations. Interest rate changes can be sudden and unpredictable, and a wide variety of factors can cause interest rates to rise or fall. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.

b) Liquidity Risk – Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit or prevent a Fund from selling securities or closing derivative positions at desirable times or prices. During times of significant market or economic turmoil, usually liquid markets for certain of a Fund’s investments may experience extreme reductions in buy-side demand, which may result in values of a Fund’s portfolio securities declining significantly over short or extended periods of time. These reductions in value may occur regardless of whether there has been a change in interest rates or a change in the credit rating of the issuer of the security. Under certain adverse market or economic conditions, Fund investments previously determined to be liquid may be deemed to be illiquid, and, because of regulatory limitations on investments in illiquid securities, a Fund may not be able to make or gain the desired level of exposure to certain investments that it otherwise would.

c) Redemption Risk – A Fund may experience losses when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Because the Funds currently are available only to participants in a single asset allocation program, a reduction in the allocation of program assets to the Funds could result in one or more large redemption requests. Moreover, as a result of the requirement that a Fund satisfy redemption requests even during times of significant market or economic turmoil, a Fund may be forced to sell portfolio securities during periods of reduced liquidity when prices are rapidly declining. This may require a Fund to realize investment losses at times that a Sub-adviser believes that it would have been advisable to hold a particular investment until a more orderly sale could occur or the market recovers.

d) Credit Risk – There is a risk that issuers and counterparties will not make payments on securities, repurchase agreements or other investments held by a Fund. Such defaults could result in losses to a Fund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer’s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of a Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. A Fund may invest in securities that are rated in the lowest investment grade category. Such securities may exhibit speculative characteristics similar to high yield securities, and issuers of such securities may be more vulnerable to changes in economic conditions than issuers of higher grade securities.

e) Counterparty Risk – When a Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party will not fulfill its contractual obligations. For example, in a repurchase agreement, there exists the risk that a Fund buys a security from a seller (counterparty) that agrees to repurchase the security at an agreed upon price and time, but the counterparty later fails to repurchase the security.

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f) Market Risk – Various market risks can affect the price or liquidity of an issuer’s securities in which a Fund may invest. Returns from the securities in which a Fund invests may underperform returns from the various general securities markets or different asset classes. Different types of securities tend to go through cycles of outperformance and underperformance in comparison to the general securities markets. Adverse events occurring with respect to an issuer’s performance or financial position can depress the value of the issuer’s securities. The liquidity in a market for a particular security will affect its value and may be affected by factors relating to the issuer, as well as the depth of the market for that security. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets. As a result, a Fund’s value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market. The interconnection of international markets means that events in one country or region may affect the markets in other countries and regions, increasing the likelihood that regulatory events, inflation, interest rates, government defaults, government shutdowns, wars, regional conflicts, social unrest, natural disasters, acts of terrorism, infectious illness or other public health issues and recessions could affect the securities market. Other market risks that can affect value include a market’s current attitudes about types of securities, market reactions to political or economic events, including litigation, and tax and regulatory effects (including lack of adequate regulations for a market or particular type of instrument).

As it pertains to infectious illness, the coronavirus (COVID-19) pandemic and the ongoing responses of the U.S. government and various state, local and foreign governments have adversely affected global business activities and have resulted in significant uncertainty in the global economy and volatility in financial markets. Given the significant global health, market, employment and economic impacts of COVID-19 and the uncertainty of its duration, the Funds cannot reliably predict the ultimate impact of COVID-19 on financial markets or its financial results.

g) Equity Risk – Since certain Funds purchase equity securities, those Funds are subject to equity risk. This is the risk that stock prices will fall over short or extended periods of time. Although the stock market has historically outperformed other asset classes over the long term, the stock market tends to move in cycles. Individual stock prices may fluctuate drastically from day-to-day and may underperform other asset classes over an extended period of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.

h) Multi-Manager and Multi-Style Management Risk – Fund performance is dependent upon the success of the Adviser and the Sub-advisers in implementing a Fund’s investment strategies in pursuit of its objective. To a significant extent, a Fund’s performance will depend on the success of the Adviser’s methodology in allocating the Fund’s assets to Sub-advisers and its selection and oversight of the Sub-advisers and on a Sub-adviser’s skill in executing the relevant strategy and selecting investments for the Fund. There can be no assurance that the Adviser or Sub-advisers will be successful in this regard. In addition, because portions of each Fund’s assets are managed by different Sub-advisers using different styles/strategies, a Fund could experience overlapping security transactions. Certain Sub-advisers may be purchasing securities at the same time that other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. The Adviser’s and the Sub-advisers’ judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that the Adviser’s or a Sub-adviser’s judgment will produce the desired results. In addition, a Fund may allocate its assets so as to under- or over-emphasize certain strategies or investments under market conditions that are not optimal, in which case a Fund’s value may be adversely affected.

i) Foreign Securities Risk – The securities of foreign issuers, including ADRs and GDRs and including securities of issuers in emerging market countries, may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the United States. Additionally, investments in securities of foreign issuers, even those publicly traded in the United States, may involve

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Notes to Financial Statements (Continued)

risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies, particularly in emerging markets, may be less stable than the U.S. Government and the U.S. economy.

j) Currency Risk – While the Funds’ net assets are valued in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are: (1) it may be expensive to convert foreign currencies into U.S. dollars and vice versa; (2) complex political and economic factors may significantly affect the values of various currencies, including U.S. dollars, and their exchange rates; (3) government intervention may increase risks involved in purchasing or selling foreign currency options, forward foreign currency exchange contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces; (4) there may be no systematic reporting of last sale information for foreign currencies or regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis; (5) available quotation information is generally representative of very large round-lot transactions in the inter-bank market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable; and (6) the inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate movements.

k) Geographic Focus Risk – To the extent that a significant portion of a Fund’s portfolio is invested in the securities of companies in a particular country or region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, a Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

l) High Yield Securities Risk – High yield, or “junk”, securities involve greater risks of default or downgrade and are more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in the issuer’s credit worthiness.

m) Cybersecurity Risk – The Funds and their service providers may be susceptible to operational, information, security and related risks. While the Funds’ service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders.

n) LIBOR Replacement Risk – The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit London Inter-Bank Offered Rate (“LIBOR”) rates after 2021. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain investments for which the value is tied to LIBOR. On March 5, 2021, the ICE Benchmark Administration (“IBA”) clarified that the publication of LIBOR on representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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11. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit LIBOR quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

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Bridge Builder Mutual Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Bridge Builder Trust and Shareholders of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund and Bridge Builder International Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments, of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund and Bridge Builder International Equity Fund (eight of the funds constituting Bridge Builder Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021 the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021 and each of the financial highlights for each of the five years in the period ended June 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 June 30, 2021 by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

August 26, 2021

We have served as the auditor of one or more investment companies in the Bridge Builder Trust since 2013.

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Bridge Builder Mutual Funds

Trustees and Officers (Unaudited)

Independent Trustees of the Trust ⁽¹⁾

Name	Role	Term	Principal Occupation	Number of Portfolios in Fund Complex (3) Overseen by Trustees	Other Directorships Held During Past Five Years
Jean E. Carter (Born: 1957)	Trustee	Indefinite Term; Since Inception	Retired; Director of Investment Management Group for Russell Investment Group (1982-2005)	11	Trustee, Brandes U.S. registered mutual funds (2008-2020), eight funds as of December 31, 2020.
Michelle M. Keeley (Born: 1964)	Trustee, Chair of the Governance and Nominating	Indefinite Term; Since August 2015	Retired; Executive Vice President, Ameriprise Financial Services, Inc. (2002-2010)	11	Independent Director, Federal Home Loan Bank of Des Moines. Independent Director, American Equity Life.
William N. Scheffel (Born: 1953)	Trustee, Chair of the Audit Committee	Indefinite Term; Since Inception	Retired; Executive Vice President, Chief Financial Officer and Treasurer, Centene Corporation (2003-2016)	11	None.
John M. Tesoro (Born: 1952)	Lead Independent Trustee	Indefinite Term; Since Inception	Retired; Partner, KPMG LLP (2002-2012)	11	Independent Director; Teton Advisors, Inc. (registered investment adviser). Independent Trustee, BBH Trust (nine U.S. mutual funds).

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Interested Trustees of the Trust ⁽²⁾

Name	Role	Term	Principal Occupation	Number of Portfolios in Fund Complex (3) Overseen by Trustees	Other Directorships Held During Past Five Years
William E. Fiala (Born: 1967)	Trustee, Chairman	Indefinite Term; Chair Since January 2020; Trustee Since Inception	Principal, Edward Jones and General Partner, The Jones Financial Companies, LLLP (1994-Present)	11	None.
Merry L. Mosbacher (Born: 1958)	Trustee	Indefinite Term; Since January 2020	Subordinated Limited Partner, The Jones Financial Companies, LLLP (since 2020); Principal, Edward Jones, and General Partner, The Jones Financial Companies, LLLP (1986-2019); Associate, Edward Jones (1982-1985)	11	None.

Officers of the Trust

Name	Role	Term	Principal Occupation
Julius A. Drelick III (Born: 1966)	President	Indefinite Term; Since May 2017	Director of Fund Administration and Strategic Products, Edward Jones (since 2016); Previously, Vice President of the Trust (2017-2019); Senior Vice President and Chief Compliance Officer at Voya Investment Management, LLC (2013-2016); Vice President, Head of Mutual Fund Product Development and Strategic Planning, Voya Investment Management, LLC (2007-2013)
Aaron J. Masek (Born: 1974)	Treasurer	Indefinite Term; Since July 2016	Director, Finance, Edward Jones (since 2015); Vice President and Treasurer, AQR Funds (2010-2015)
Paul Felsch (Born: 1982)	Chief Compliance Officer and Vice President	Indefinite Term; Since January 2020	Senior Compliance Counsel, Edward Jones (since December 2016); Associate Compliance Counsel, Edward Jones (December 2013-November 2016)
Scott K. Richardson* (Born: 1966)	Secretary	Indefinite Term; Since December 2020	Associate General Counsel, Edward Jones (since July 2020); Senior Vice President and Chief Legal and Regulatory Officer/General Counsel at Foresters Financial Holding Company, Inc. (September 2018-June 2020); Executive Director at Morgan Stanley Wealth Management (2005-2018)
Evan S. Posner** (Born: 1979)	Assistant Secretary	Indefinite Term; Since February 2019	Associate General Counsel at Edward Jones (since October 2018); Previously, Vice President, Counsel at Voya Investment Management (March 2012-September 2018)

⁽¹⁾  The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

⁽²⁾  Mr. Fiala and Ms. Mosbacher are “interested persons” of the Trust as defined by the 1940 Act by virtue of the fact that they are affiliated persons of the Adviser’s parent company, The Jones Financial Companies, L.L.L.P.

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Trustees and Officers (Unaudited) (Continued)

⁽³⁾  The “Fund Complex” is comprised of each Fund offered by the Trust, three of which are not included in this Semiannual Report, and the Edward Jones Money Market Fund. No Trustee oversees, nor receives compensation from, the Edward Jones Money Market Fund, which is advised by Passport Research, Ltd., an affiliate of the Adviser.

* Effective July 21, 2021, Scott K. Richardson resigned as Secretary of the Trust. Effective July 22, 2021, Evan S. Posner was appointed Secretary of the Trust.

** Effective July 21, 2021, Evan S. Posner resigned as Assistant Secretary of the Trust. Effective July 22, 2021, James E. Goundrey was appointed Assistant Secretary of the Trust.

The business address of the Trustees and Officers is the address of the Trust: 12555 Manchester Road, St. Louis, MO 63131.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1-855-823-3611.

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board” or the “Trustees”) of the Bridge Builder Trust (the “Trust”), including a majority of the Trustees who are not parties to the agreements or “interested persons” of any party, as defined in the 1940 Act (the “Independent Trustees”), must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements.

At a meeting held on May 25-26, 2021 via videoconference (the “May Renewal Meeting”) in reliance on and in compliance with the conditions of an SEC order granting relief from the in-person meeting requirement, the Trustees, including the Independent Trustees, considered and approved the continuance of an investment advisory agreement (the “Advisory Agreement”) with Olive Street Investment Advisers, LLC (“Olive Street” or the “Adviser”) for the Bridge Builder Core Bond Fund (the “Core Bond Fund”), the Bridge Builder Core Plus Bond Fund (the “Core Plus Bond Fund”), the Bridge Builder Municipal Bond Fund (the “Municipal Bond Fund”), the Bridge Builder Large Cap Growth Fund (the “Large Cap Growth Fund”), the Bridge Builder Large Cap Value Fund (the “Large Cap Value Fund”), the Bridge Builder Small/Mid Cap Growth Fund (the “Small/Mid Cap Growth Fund”), the Bridge Builder Small/Mid Cap Value Fund (the “Small/Mid Cap Value Fund”), and the Bridge Builder International Equity Fund (the “International Equity Fund”) (collectively, the “Funds”). The Trustees, including the Independent Trustees, also considered and approved the continuance of an investment sub-advisory agreement (each, a “Sub-advisory Agreement” and collectively, the “Sub-advisory Agreements”) with each of the following Fund subadvisers whose Sub-advisory Agreements were subject to renewal at the May Renewal Meeting (listed next to the Fund(s) for which it serves as subadviser (each a “Subadviser” and collectively, the “Subadvisers”):

Bridge Builder Fund	Subadviser
Core Bond Fund	Robert W. Baird & Co. Inc. (“Baird”) J.P. Morgan Investment Management, Inc. (“J.P. Morgan”) Loomis, Sayles & Company, L.P. (“Loomis”) PGIM, Inc. (“PGIM”)
Core Plus Bond Fund	Pacific Investment Management Company LLC (“PIMCO”) Loomis Metropolitan West Asset Management, LLC (“MetWest”) T. Rowe Price Associates, Inc. (“T. Rowe Price”)
Municipal Bond Fund	Fidelity Institutional Asset Management LLC (“FIAM”) T. Rowe Price MacKay Shields LLC* (“MacKay Shields”) BlackRock Investment Management, LLC (“BlackRock”)
Large Cap Growth Fund	Lazard Asset Management, LLC (“Lazard”) Sustainable Growth Advisers, LP (“SGA”) Jennison Associates LLC (“Jennison”) BlackRock
Large Cap Value Fund	Artisan Partners Limited Partnership (“Artisan Partners”) Barrow, Hanley, Mewhinney & Strauss, LLC* (“Barrow Hanley”) Wellington Management Company, LLP (“Wellington”) BlackRock T. Rowe Price LSV Asset Management (“LSV”)
Small/Mid Cap Growth Fund	Eagle Asset Management, Inc. (“Eagle”) Champlain Investment Partners, LLC (“Champlain”) Artisan Partners BlackRock Stephens Investment Management Group, LLC (“Stephens”)
Small/Mid Cap Value Fund	Vaughan Nelson Investment Management, LP (“Vaughn Nelson”) Boston Partners Global Investors, Inc. (“Boston Partners”) Silvercrest Asset Management Group LLC (“Silvercrest”) BlackRock Diamond Hill Capital Management, Inc. (“Diamond Hill”) MFS Investment Management (“MFS”) LSV
International Equity Fund	Baillie Gifford Overseas Limited (“Baillie Gifford”) BlackRock Edinburgh Partners Limited (“Edinburgh”) Pzena Investment Management, LLC (“Pzena”) Mondrian Investment Partners Limited (“Mondrian”) WCM Investment Management (“WCM”)

* Denotes a Sub-advisory Agreement that was not subject to renewal at the May Renewal Meeting.

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements (Unaudited) (Continued)

In connection with the annual review process and in advance of the May Renewal Meeting, the Adviser and the Subadvisers provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board’s evaluation of the Advisory Agreement and Sub-advisory Agreements (collectively, the “Agreements”). The information furnished by the Adviser and the Subadvisers included materials describing, among other matters: (i) the nature, extent, and quality of the services provided by the Adviser and the Subadvisers; (ii) each Fund’s historical investment performance and the historical investment performance of each Subadviser; (iii) the Adviser’s and the Subadvisers’ personnel, including portfolio managers; (iv) the investment practices and techniques used by the Adviser and the Subadvisers in managing the Funds; (v) the advisory fees payable by the Funds to the Adviser and the Funds’ overall fees and operating expenses, compared with those of a category and a peer group of mutual funds; (vi) the sub-advisory fees payable to each Subadviser; (vii) the Adviser’s and the Subadvisers’ compliance policies and procedures; (viii) the Adviser’s and the Subadvisers’ financial health; and (ix) other “fall-out” benefits the Adviser and/or its affiliates and the Subadvisers may receive based on their relationships with the Funds. At a meeting held via videoconference on May 11, 2021 and at the May Renewal Meeting (collectively, the “May Meetings”), representatives of the Adviser made presentations and responded to questions regarding services, fees, and other aspects of the Agreements.

In addition to the May Meetings, the Board met periodically over the course of the year since the most recent annual renewal of the Agreements. At these meetings, representatives of the Adviser and the Subadvisers furnished reports and other information to the Board regarding the performance of the Funds, the services provided to the Funds by the Adviser and the Subadvisers, and compliance and operations matters related to the Trust, the Funds, the Adviser, and the Subadvisers.

At the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received additional advice from their independent legal counsel, including advice regarding the legal standards applicable to the consideration of the approval of advisory arrangements. The Independent Trustees met in executive session, outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadvisers, to discuss the Agreements and the services provided by the Adviser and the Subadvisers.

In considering and approving the Agreements, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board considered not only the specific information presented in connection with the May Meetings, but also the knowledge gained over time through previous interactions with the Adviser and the Subadvisers. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

1. The nature, extent and quality of the services provided by the Adviser and the Subadvisers. The Trustees considered the nature, extent and quality of the services provided to the Funds by the Adviser and each Subadviser, including their respective responsibilities for management of the Funds. In this regard, the Board considered the Adviser’s oversight role and responsibilities with regard to the Subadvisers, and the Subadvisers’ roles in the day-to-day management of each Fund’s portfolio. The Board considered the Adviser’s assumption of business, entrepreneurial and overall managerial risks by advising the Funds. The Board also evaluated the Adviser’s oversight of the Subadvisers, which includes continuous analysis of, and regular discussions with each Subadviser about, the investment strategies and performance of the portion of a Fund’s assets allocated to a particular Subadviser, and periodic on-site or virtual and other meetings with the Subadvisers. The Board also considered the enhanced oversight of the Subadvisers that the Adviser is performing in connection with the novel coronavirus disease (“COVID-19”) pandemic. The Board further considered the Adviser’s processes relating to Subadviser selection, monitoring, termination and allocation adjustments and the impact of the Adviser’s services on each Fund’s investment performance. The Board also took into account the Adviser’s oversight of the Funds’ other service providers, including the enhanced oversight the Adviser is performing in response to the COVID-19 pandemic.

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Bridge Builder Mutual Funds

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements (Unaudited) (Continued)

The Board considered the Adviser’s and each Subadviser’s operations, including resources devoted to supporting such operations, including how the Adviser and each Subadviser continue to service the Funds during the COVID-19 pandemic with no material disruptions. The Board noted key personnel additions and departures from the Adviser and certain Subadvisers. The Board considered the Adviser’s and each Subadviser’s ability to attract and retain qualified investment professionals and the experience and skills of management and investment personnel of the Adviser and the Subadvisers. The Board also noted the compliance programs and compliance experience of the Adviser and the Subadvisers. In addition, the Board considered the administrative and other services that are provided to the Funds by the Adviser, including analytical tools the Adviser employs to help mitigate the Funds’ risks.

Based on the above factors, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Adviser and the Subadvisers are capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Agreements.

2. Fees and Other Expenses. The Board received and reviewed reports prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, comparing each Fund’s advisory fees and gross and net expense ratios (net of fee and expense waivers and reimbursements) to those paid by an independently-selected category and peer group of mutual funds. The Board noted that each of the Funds’ gross and net expenses were below their respective peer group medians. The Board also noted that, except for Core Plus Bond Fund, each Fund’s advisory fee was equal to or below its respective peer group median. The Board noted that the advisory fee before waivers for the Core Plus Bond Fund was higher than the peer group median, but the net expenses were lower than its peer group median. The Board observed that the Adviser had no similarly managed accounts for purposes of comparison. The Board reviewed the information provided by certain of the Subadvisers regarding fees charged to other similarly managed accounts, if any. To the extent provided, the Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such similarly managed accounts and the portion of the Fund’s assets allocated to the particular Subadviser.

The Board noted that the Adviser has contractually agreed to waive its advisory fees to the extent advisory fees payable to the Adviser exceed the sub-advisory fees paid to a Subadviser for management of its allocated portion of a Fund or Funds. The Board noted that the Adviser may terminate this waiver arrangement without Board approval effective upon the end of the then current one-year period, by providing the Board written notice of such termination by April 15. The Board further noted that the Adviser has irrevocably agreed not to exercise its right to terminate the waiver arrangement upon the end of the current one-year period, resulting in the arrangement continuing until at least October 28, 2022.

Based on the above factors, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees payable under the Agreements are reasonable in light of the nature, extent and quality of the services rendered by the Adviser and the Subadvisers.

3. The Funds’ Investment Performance Record. The Board reviewed the investment performance of each Fund on an absolute basis and in comparison to appropriate benchmarks and each Fund’s respective Morningstar category and peer group as independently selected by Broadridge. Each performance time period for the performance of the Funds referenced below ended as of February 28, 2021. The performance time period for the performance of the Subadvisers of the Funds referenced below ended as of March 31, 2021.

The Board observed that the Core Bond Fund underperformed its peer group median for the one-year period, outperformed the peer group median for the three-year period and equaled the performance of the peer group for the five-year period. The Board noted that the Core Bond Fund outperformed its benchmark index for the one- and three-year periods and underperformed the benchmark index for the five-year period. The Board also reviewed the investment performance of each Subadviser of the Core Bond Fund. In so doing, the Board observed that Baird, J.P. Morgan, Loomis, and PGIM each outperformed the benchmark index for the one-, three- and five-year periods.

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements (Unaudited) (Continued)

The Board observed that the Core Plus Bond Fund outperformed its peer group median for the one- and three-year periods and underperformed its peer group median within 10 basis points for the five-year period. The Board observed that the Core Plus Bond Fund outperformed the benchmark index for the one-, three- and five-year periods. The Board also reviewed the investment performance of each Subadviser of the Core Plus Bond Fund. In doing so, the Board observed that: (i) Loomis, T. Rowe Price and MetWest each outperformed the benchmark index for the one-, three- and five-year periods; and (ii) PIMCO outperformed the benchmark index for the one- and three-year periods, but that PIMCO’s performance information for the five-year period was unavailable as PIMCO had not been managing its sleeve of the Fund for five years.

The Board reviewed the performance of the Municipal Bond Fund. The Board observed that the Municipal Bond Fund outperformed its peer group median for the one- and five-year periods and underperformed the peer group median within 3 basis points for the three-year period. The noted that the Municipal Bond Fund underperformed the benchmark index for the one-year period and outperformed the benchmark index for the three- and five-year periods. In reviewing the investment performance of each Subadviser of the Municipal Bond Fund, the Board observed that: (i) BlackRock underperformed its benchmark index for the one-year period, and that BlackRock’s performance information for the three- and five-year periods were unavailable as BlackRock had not been managing its sleeve of the Fund for more than one year; (ii) FIAM outperformed the benchmark index for the one- and five-year periods and underperformed the benchmark index for the three-year period by 3 basis points; and (iii) T. Rowe Price outperformed the benchmark index for the one-, three- and five-year periods.

In reviewing the investment performance of the Large Cap Growth Fund, the Board observed that the Fund outperformed the peer group median for the one- and three-year periods and underperformed its peer group median for the five-year periods. The Board noted that the Large Cap Growth Fund underperformed its benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Large Cap Growth Fund, the Board noted that: (i) Jennison outperformed the benchmark index for the one-, three- and five-year periods; (ii) SGA outperformed the benchmark index for the three- and five-year periods and underperformed the benchmark index for the one-year period; (iii) BlackRock outperformed the benchmark index for the one-year period, equaled the performance of the benchmark index for the three-year period and performed within 3 basis points of its benchmark index for the five-year period; and (iv) Lazard underperformed the benchmark index for the one-, three- and five-year periods.

The Board considered the performance of the Large Cap Value Fund. The Board noted that the Large Cap Value Fund outperformed its peer group median and its benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Large Cap Value Fund, the Board noted that: (i) Artisan Partners and Barrow Hanley each outperformed the benchmark index for the one-, three- and five-year periods; (ii) Wellington underperformed its benchmark index for the one-year period and outperformed the benchmark index for the three- and five-year periods; (iii) BlackRock underperformed its benchmark index for the one-year period, equaled the performance of its benchmark index for the three-year period and performed within 5 basis points of its benchmark index for the five-year period. The Board also observed that neither LSV nor T. Rowe Price had been managing its sleeve of the Fund for an entire one-year period.

In reviewing the investment performance of the Small/Mid Cap Growth Fund, the Board observed that the Fund underperformed its peer group median and its benchmark index for the one- and five-year periods and underperformed its benchmark index, but outperformed its peer group median, for the three-year period. In reviewing the investment performance of each Subadviser of the Small/Mid Cap Growth Fund, the Board observed that: (i) Stephens underperformed the benchmark for the one-year period and outperformed the benchmark index for the three- and five-year periods; (ii) Eagle underperformed its benchmark index for the one-, three- and five-year periods; and (iii) Champlain underperformed the benchmark index for the one-year period, underperformed the benchmark index within 10 basis points for the three-year period and outperformed the benchmark index for the five-year period; and (iv) one BlackRock sleeve underperformed the benchmark index for the one-year period and outperformed the benchmark index for the three- and five-year periods. The other Blackrock sleeve of the Fund underperformed the

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Bridge Builder Mutual Funds

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements (Unaudited) (Continued)

benchmark index for the one-year period and outperformed the benchmark index for the three- and five year periods. The Board also observed that Artisan had not been managing the Fund for an entire one-year period.

The Board reviewed the performance of the Small/Mid Cap Value Fund, observing that it underperformed its peer group median for the one-year period, equaled the performance of the peer group median for the three-year period and underperformed the peer group median by 5 basis points for the five-year period. The Board noted that the Small/Mid Cap Value Fund underperformed its benchmark index for the one-, three- and five-year periods. The Board reviewed the performance of each Subadviser as well, noting that: (i) Silvercrest underperformed the benchmark index for the one-, three- and five-year periods; (ii) Vaughn Nelson underperformed the benchmark index for the one- and five-year periods and outperformed the benchmark index for the three-year period; (iii) Boston Partners underperformed the benchmark index for the one-year period, equaled the performance of the benchmark period for the three-year period and outperformed the benchmark index for the five-year period; (iv) one BlackRock sleeve outperformed the benchmark index for the one-, three- and five-year periods and the other BlackRock sleeve underperformed the benchmark index for the one-, three- and five-year periods; (v) MFS and Diamond Hill underperformed the benchmark index for the one-year period and performance information for the three- and five-year periods were unavailable as neither MFS nor Diamond had been managing its respective sleeve of the Fund for more than one-year; and (vi) LSV outperformed the benchmark index for the one-year period, underperformed the benchmark for the three-year period and had not yet achieved a five-year performance history.

The Board observed that the International Equity Fund outperformed its peer group median and its benchmark index for the one-, three- and five-year periods. In reviewing the performance of each Subadviser of the International Equity Fund, the Board noted that: (i) Baillie Gifford and WCM outperformed their respective benchmark indices for the one-, three- and five-year periods; (ii) Pzena outperformed its benchmark index for the one-year period and underperformed the benchmark index within 10 basis points for the three-year period and had not been managing its sleeve of the Fund for five years; and (iii) one of BlackRock’s sleeve outperformed the benchmark index for the one- and three-year periods and the other BlackRock sleeve outperformed the benchmark index for the one-year period and underperformed the benchmark index for the three-year period. Neither BlackRock sleeve had achieved a five-year performance history; and (iv) Edinburgh and Mondrain each underperformed the benchmark index for the one-, three- and five year periods.

Taking into account the performance information above and other performance information deemed relevant by the Board, including steps being taken to address underperformance as noted above, the Board concluded that the investment performance generated by each Subadviser was generally satisfactory, or that any steps being taken by the Adviser and Subadvisers to address any performance issues were satisfactory.

4. Profitability and Economies of Scale. The Board considered that the Adviser has contractually agreed to waive its advisory fees to the extent advisory fees to be paid to the Adviser exceed the sub-advisory fees to be paid to a Subadviser for management of its allocated portion of a Fund or Funds. Therefore, the Adviser does not profit or receive any differential compensation from allocating assets in any particular manner among the Subadvisers. In addition, the Board did not consider the profitability of the Subadvisers to be a material factor in their determination, given that the Subadvisers are not affiliated with the Adviser and, therefore, the sub-advisory fees are the result of an arms’ length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also considered whether the Funds’ fee structure is designed to share economies of scale with shareholders as the Funds’ assets grow. In this regard, the Board noted that most of the Subadvisers have agreed to contractual breakpoints in their sub-advisory fee schedules, which accrue to the benefit of Fund shareholders in light of the Adviser’s contractual fee waiver.

5. Indirect Benefits. The Board noted that Fund shares are available exclusively to investors participating in Edward Jones Advisory Solutions^®, an investment advisory program (asset-based fee program) sponsored by Edward D. Jones & Co., L.P. (“Edward Jones”), an affiliate of the Adviser, as well as current and former Trustees. Accordingly, the Board received and considered information about asset-based fees received by Edward Jones from participants

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements (Unaudited) (Continued)

in Edward Jones Advisory Solutions^® in connection with their investments in the Funds as an indirect or “fall-out” benefit. In addition, the Board considered that the Adviser, Edward Jones and each Subadviser may derive a benefit to their reputations and standing in the investment community from their relationship with the Funds. The Board also noted that certain Subadvisers use soft dollars generated from executing Fund portfolio trades to purchase research, which could be viewed as a fall-out benefit to such Subadvisers to the extent they use the research generated from such trading activities across their client base.

Based on the Board’s deliberations and its evaluation of the information described above and other information it believed relevant, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Agreements for an additional year.

106 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Board Considerations of New Investment Sub-advisory Agreements with Marathon (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), a fund’s advisory and sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the fund; and (ii) by a vote of a majority of the members of the board who are not parties to the agreements or “interested persons” of any party, as defined in the 1940 Act (the “Independent Trustees”), cast at a meeting called for the purpose of voting on such approval.

At a meeting held on May 25-26, 2021 via videoconference (the “May Proposal Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of the Bridge Builder Trust (the “Trust”), including a majority of the Independent Trustees, considered and approved: (i) a proposed sub-advisory agreement among Olive Street Investment Advisers, LLC (the “Adviser” or “Olive Street”), Marathon Asset Management LLP (“Marathon LLP”), and the Trust, on behalf of the Bridge Builder International Equity Fund (the “Fund”) (the “Marathon LLP Sub-advisory Agreement”) for an initial two-year term and (ii) a proposed sub-advisory agreement among Olive Street, Marathon Asset Management Limited (“Marathon Ltd.” and, together with Marathon LLP, “Marathon-London” or the “Subadviser”), and the Trust, on behalf of the Fund (the “Marathon Ltd. Sub-advisory Agreement” and, together with the Marathon LLP Sub-advisory Agreement, the “Sub-advisory Agreements”) for an initial two-year term that will become effective at the time of an anticipated restructuring of Marathon-London’s parent organization and transfer of the operations of Marathon LLP to Marathon Ltd (the “Restructuring”). The Board noted that, because of the expected timing of the Restructuring, the Marathon Ltd. Sub-advisory Agreement would be subject to renewal in May 2023; the same meeting that the Marathon LLP Sub-advisory Agreement would have been subject to renewal if there was no Restructuring.

Pursuant to an exemptive order obtained by the Adviser and the Trust from the SEC, the Adviser is permitted, subject to certain conditions, to select new subadvisers for the Fund with the approval of the Board but without obtaining shareholder approval.

In advance of the May Proposal Meeting, at a meeting held May 13, 2021 (the “May Review Meeting” and, together with the May Proposal Meeting, the “May Meetings”), the Adviser and the Subadviser furnished information to the Board reasonably necessary for the Board to evaluate the terms of the Sub-advisory Agreements. The Board had the opportunity to ask questions and request further information in connection with its consideration.

In connection with the May Meetings, the Adviser and the Subadviser provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board’s evaluation of the Sub-advisory Agreements. The information furnished by the Adviser and Subadviser included materials describing, among other matters: (i) the nature, extent and quality of the services proposed to be provided by the Subadviser; (ii) the Subadviser’s investment management personnel, including portfolio managers that would be involved in managing the allocated portion of the Fund’s portfolio (“sleeve”); (iii) the Subadviser’s operations; (iv) the Subadviser’s investment philosophy and investment process that would be used to manage the sleeve; (v) the sub-advisory fees proposed to be payable to the Subadviser; (vi) the Subadviser’s policies and compliance procedures; (vii) the investment performance of accounts managed by the Subadviser employing an international equity strategy similar to the Fund’s sleeve proposed to be managed by the Subadviser; and (viii) other “fall out” benefits that the Subadviser may receive based on its relationship with the Fund. The Board also considered information provided for the May Proposal Meeting that detailed the Restructuring and the fact that there is no change of ownership or control of the Subadviser and the operations of the Subadviser are not anticipated to change as a result of the Restructuring. The Board also considered the continuity of services expected to be provided by the Subadviser after the Restructuring. The Board also considered that the terms of the Sub-advisory Agreements were materially the same, including with respect to the services provided by the Subadviser and the fees for those services. The Board further noted that the Marathon Ltd. Sub-advisory Agreement would go into effect at the same time as the consummation of the Restructuring. In addition, at the May Review Meeting, representatives of the Adviser and, at the May Proposal Meeting, representatives of the Adviser and Subadviser made presentations and responded to questions regarding the Subadviser’s proposed services, fees, and other aspects of the proposed sub-advisory relationship.

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Bridge Builder Mutual Funds

Board Considerations of New Investment Sub-advisory Agreements with Marathon (Unaudited) (Continued)

At the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including advice regarding the legal standards applicable to the consideration of the approval of sub-advisory arrangements. The Independent Trustees met in executive session, outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadviser to discuss the Sub-advisory Agreements and the services proposed to be provided by the Subadviser.

In considering and approving the Sub-advisory Agreements, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

1. The nature, extent and quality of the services to be provided by the Subadviser under the Sub-advisory Agreements. The Board reviewed the portfolio management services and investment process proposed to be provided to the sleeve of the Fund by the Subadviser, including how the Subadviser’s investment philosophy and process complement those of the other subadvisers that manage other portions of the Fund. The Board also reviewed the background and experience of the Subadviser’s portfolio management personnel that will have a role in the day-to-day management of a sleeve of the Fund. The Board considered the Subadviser’s ability to attract and retain qualified investment professionals, and the experience and skills of management and investment personnel of the Subadviser. The Board also considered other services to be provided to the sleeve of the Fund to be managed by the Subadviser under the Adviser’s supervision, such as monitoring adherence to the Fund’s investment restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations, monitoring valuation and liquidity, and selecting broker-dealers to execute portfolio transactions. The Board considered the report of the chief compliance officer of the Trust regarding the due diligence review of the Subadviser’s compliance program and other operational matters, and his view that the Subadviser’s compliance program is reasonably designed and effectively implemented to prevent violations of the federal securities laws with respect to its services to be provided to the sleeve of the Fund.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Subadviser is capable of providing services of the nature, extent and quality contemplated by the Sub-advisory Agreements.

2. Fees and Other Expenses. The Board reviewed the sub-advisory fees proposed to be payable to the Subadviser. The Board considered the potential impact of the Subadviser’s fee to the Fund’s overall expenses, given the Adviser’s contractual agreement to waive its advisory fees to the extent advisory fees to be paid to the Adviser exceed the sub-advisory fees to be paid to the Fund’s subadvisers, including the Subadviser for the management of its allocated portion of the Fund until at least October 28, 2022.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the proposed sub-advisory fees are reasonable in light of the nature, extent and quality of the services expected to be rendered by the Subadviser.

3. The Subadviser’s Investment Performance Record. Because the Subadviser, if approved, would be new to the Fund, the Board was not able to evaluate the Subadviser’s actual investment performance record for the sleeve of the Fund to be managed by the Subadviser. The Board did consider information about the performance history of the Subadviser’s international equity strategy to be used in managing the sleeve of the Fund over several relevant time periods. The Board also noted that it would have an opportunity to review the Subadviser’s actual performance record for the sleeve of the Fund managed by the Subadviser at future regular meetings of the Board and in connection with future annual reviews of the Sub-advisory Agreements.

4. Profitability and Economies of Scale. The Board did not consider profitability of the Subadviser to be a material factor in its deliberations, given that the Subadviser is not affiliated with the Adviser and, therefore, the proposed

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Bridge Builder Mutual Funds

Board Considerations of New Investment Sub-advisory Agreements with Marathon (Unaudited) (Continued)

sub-advisory fees were negotiated at arm’s length. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board noted that the sub-advisory fee schedule contains breakpoints that would reduce the fee rate on assets above certain specified asset levels. The Board thus noted that, if the assets of the sleeve of the Fund increase over time, the Fund may benefit from economies of scale.

5. Indirect Benefits. The Board considered that the Subadviser may derive a benefit to its reputation and standing in the investment community from its relationship with the Fund.

CONCLUSION

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant, the full Board, and the Independent Trustees voting separately, unanimously approved the Sub-advisory Agreements. The Board did not identify any particular information or consideration that was all important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

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Bridge Builder Mutual Funds

Board Considerations of New Investment Sub-advisory Agreement with American Century (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), a fund’s advisory and sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the fund; and (ii) by a vote of a majority of the members of the board who are not parties to the agreements or “interested persons” of any party, as defined in the 1940 Act (the “Independent Trustees”), cast at a meeting called for the purpose of voting on such approval.

At a meeting held on May 25-26, 2021 via videoconference (the “May Proposal Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of the Bridge Builder Trust (the “Trust”), including a majority of the Independent Trustees, considered and approved a proposed sub-advisory agreement among Olive Street Investment Advisers, LLC (the “Adviser” or “Olive Street”), American Century Investment Management, Inc. (“American Century” or the “Subadviser”), and the Trust, on behalf of the Bridge Builder Small/Mid Cap Value Fund (the “Fund”) (the “Sub-advisory Agreement”) for an initial two-year term.

Pursuant to an exemptive order obtained by the Adviser and the Trust from the SEC, the Adviser is permitted, subject to certain conditions, to select new subadvisers for the Fund with the approval of the Board but without obtaining shareholder approval.

In advance of the May Proposal Meeting, at a meeting held May 13, 2021 (the “May Review Meeting” and, together with the May Proposal Meeting, the “May Meetings”), the Adviser and the Subadviser furnished information to the Board reasonably necessary for the Board to evaluate the terms of the Sub-advisory Agreement. The Board had the opportunity to ask questions and request further information in connection with its consideration.

In connection with the May Meetings, the Adviser and the Subadviser provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board’s evaluation of the Sub-advisory Agreement. The information furnished by the Adviser and Subadviser included materials describing, among other matters: (i) the nature, extent and quality of the services proposed to be provided by the Subadviser; (ii) the Subadviser’s investment management personnel, including portfolio managers that would be involved in managing the allocated portion of the Fund’s portfolio (“sleeve”); (iii) the Subadviser’s operations; (iv) the Subadviser’s investment philosophy and investment process that would be used to manage the sleeve; (v) the sub-advisory fees proposed to be payable to the Subadviser; (vi) the Subadviser’s policies and compliance procedures; (vii) the investment performance of accounts managed by the Subadviser employing a U.S. small capitalization value strategy similar to the Fund’s sleeve proposed to be managed by the Subadviser; and (viii) other “fall out” benefits that the Subadviser may receive based on its relationship with the Fund. In addition, at the May Review Meeting, representatives of the Adviser and, at the May Proposal Meeting, representatives of the Adviser and Subadviser made presentations and responded to questions regarding the Subadviser’s proposed services, fees, and other aspects of the proposed sub-advisory relationship.

At the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including advice regarding the legal standards applicable to the consideration of the approval of sub-advisory arrangements. The Independent Trustees met in executive session outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadviser to discuss the Sub-advisory Agreement and the services proposed to be provided by the Subadviser.

In considering and approving the Sub-advisory Agreement, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

1. The nature, extent and quality of the services to be provided by the Subadviser under the Sub-advisory Agreement. The Board reviewed the portfolio management services and investment process proposed to be

110 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Board Considerations of New Investment Sub-advisory Agreement with American Century (Unaudited) (Continued)

provided to the sleeve of the Fund by the Subadviser, including how the Subadviser’s investment philosophy and process complement those of the other subadvisers that manage other portions of the Fund. The Board also reviewed the background and experience of the Subadviser’s portfolio management personnel that will have a role in the day-to-day management of a sleeve of the Fund. The Board considered the Subadviser’s ability to attract and retain qualified investment professionals, and the experience and skills of management and investment personnel of the Subadviser. The Board also considered other services to be provided to the sleeve of the Fund to be managed by the Subadviser under the Adviser’s supervision, such as monitoring adherence to the Fund’s investment restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations, monitoring valuation and liquidity, and selecting broker-dealers to execute portfolio transactions. The Board considered the report of the chief compliance officer of the Trust regarding the due diligence review of the Subadviser’s compliance program and other operational matters, and his view that the Subadviser’s compliance program is reasonably designed and effectively implemented to prevent violations of the federal securities laws with respect to its services to be provided to the sleeve of the Fund.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Subadviser is capable of providing services of the nature, extent and quality contemplated by the Sub-advisory Agreement.

2. Fees and Other Expenses. The Board reviewed the sub-advisory fees proposed to be payable to the Subadviser. The Board considered the potential impact of the Subadviser’s fee to the Fund’s overall expenses, given the Adviser’s contractual agreement to waive its advisory fees to the extent advisory fees to be paid to the Adviser exceed the sub-advisory fees to be paid to the Fund’s subadvisers, including the Subadviser for the management of its allocated portion of the Fund until at least October 28, 2022.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the proposed sub-advisory fees are reasonable in light of the nature, extent and quality of the services expected to be rendered by the Subadviser.

3. The Subadviser’s Investment Performance Record. Because the Subadviser, if approved, would be new to the Fund, the Board was not able to evaluate the Subadviser’s actual investment performance record for the sleeve of the Fund to be managed by the Subadviser. The Board did consider information about the performance history of the Subadviser’s U.S. small capitalization value strategy to be used in managing the sleeve of the Fund over several relevant time periods. The Board also noted that it would have an opportunity to review the Subadviser’s actual performance record for the sleeve of the Fund managed by the Subadviser at future regular meetings of the Board and in connection with future annual reviews of the Sub-advisory Agreement.

4. Profitability and Economies of Scale. The Board did not consider profitability of the Subadviser to be a material factor in its deliberations, given that the Subadviser is not affiliated with the Adviser and, therefore, the proposed sub-advisory fees were negotiated at arm’s length. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board noted that the sub-advisory fee schedule contains breakpoints that would reduce the fee rate on assets above certain specified asset levels. The Board thus noted that, if the assets of the sleeve of the Fund increase over time, the Fund may benefit from economies of scale.

5. Indirect Benefits. The Board considered that the Subadviser may derive a benefit to its reputation and standing in the investment community from its relationship with the Fund. The Board also noted that the Subadviser uses soft dollars generated from executing portfolio trades to purchase research, which could be viewed as a fall-out benefit to the extent that the Subadviser uses the research generated from such trading activities across their client base.

Annual Report  •  June 30, 2021 111

Bridge Builder Mutual Funds

Board Considerations of New Investment Sub-advisory Agreement with American Century (Unaudited) (Continued)

CONCLUSION

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant, the full Board, and the Independent Trustees voting separately, unanimously approved the Sub-advisory Agreement. The Board did not identify any particular information or consideration that was all important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

112 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Liquidity Risk Management Program (Unaudited)

As required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended, each of the Bridge Builder mutual funds (the “Funds”) has adopted and implemented a written liquidity risk management program (“LRMP”) including policies and procedures reasonably designed to assess and manage the risk that a Fund may not be able to meet shareholder redemption requests without significantly diluting the interest of shareholders remaining in the Fund.

The Bridge Builder Board of Trustees (the “Board”) designated the Fund’s Investment Adviser, Olive Street Investment Advisers, LLC (the “Adviser”), as the LRMP Administrator (the “Administrator”) for the Funds. The Administrator established a committee made up of representatives from relevant departments within the Adviser and its affiliates (the “Liquidity Committee”) to assist in the implementation and day-to-day administration of the LRMP, and to carry out its liquidity risk management responsibilities.

During the period December 1, 2019 through November 30, 2020 (the “Period”), as required by the LRMP, each Fund classified each of its investments into one of four liquidity categories based on the number of days reasonably needed to sell and convert a reasonably anticipated sized trade of each investment into cash without significantly impacting the price of the investment. The Administrator relied on a third-party data provider to facilitate the classification of each Fund’s investments based on criteria in each Fund’s LRMP. During the Period, the Funds primarily held assets that are classified as highly liquid investments and thus were not required to establish highly liquid investment minimums. During the Period, no Fund held more than 15% of its net assets in illiquid investments that are assets.

During the Period, the Liquidity Committee met monthly or more frequently, as necessary or appropriate in response to relevant market, trading or investment-specific considerations, to, among other things, review and determine liquidity classifications for portfolio investments and monitor the Funds’ liquidity risk. The Liquidity Committee also evaluated the potential influence of ongoing market volatility associated with the COVID-19 pandemic on the Funds’ liquidity classifications, their status as primarily highly liquid funds and each Fund’s ongoing ability to meet shareholder redemption requests without significant dilution of the Fund’s remaining investors.

As required by the LRMP, the Administrator assessed, managed and reviewed each Fund’s liquidity risk (the “Review”) for the Period. As part of this Review, the Administrator considered each Fund’s investment strategy; the liquidity of its investments; long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and its holdings of cash and cash equivalents, borrowing arrangements and other funding sources, as set forth in more detail below.

A. A Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions: The Liquidity Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure. During the Period, none of the Funds changed their strategy, allowed concentrated investments, or relied extensively upon borrowing or derivatives.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: The Liquidity Committee reviewed historical shareholder activity. The Liquidity Committee also considered each Fund’s shareholder ownership, and the degree of confidence associated with a Fund’s short-term and long-term cash flow projections.

Further, the Liquidity Committee considered that each Fund may, under highly unusual circumstances, pay all or part of redemption proceeds in securities with a market value equal to the redemption price (redemption in kind) in order to protect the Fund’s remaining shareholders.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: The Liquidity Committee considered the average and lowest daily cash holdings of each Fund measured against the highest net redemptions during the Period. The Committee also considered other types of borrowing available to the Funds, such as the ability to use interfund lending, as applicable.

Annual Report  •  June 30, 2021 113

Bridge Builder Mutual Funds

Liquidity Risk Management Program (Unaudited) (Continued)

The Administrator reflected the results of its Review in a written report to the Board, which addressed the operation, adequacy and effectiveness of the implementation of the LRMP and described any material changes made to the LRMP (the “Report”). At its meeting on May 26, 2021, the Board received the Report covering the Period. The Report concluded that each Fund’s LRMP is operating as intended and is effective in implementing the requirements of the Liquidity Rule. The Report further concluded that, during the Period, the Funds remained primarily highly liquid and each Fund did not encounter significant challenges meeting shareholder redemption requests without diluting the interests of its remaining shareholders.

There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

114 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

General Information (Unaudited)

Proxy Voting Procedures and Proxy Voting Record

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, free of charge, by calling 1-855-823-3611. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the 12-month period ending June 30 is available without charge, upon request, by calling 1-855-823-3611. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.

Form N-PORT Disclosure

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT filings are available on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding the Trust’s Form N-PORT filings is also available, without charge, by calling, 1-855-823-3611.

Household Delivery of Shareholder Documents

To reduce expenses the Funds may mail only one copy of the prospectus, Statement of Additional Information and each annual and semiannual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving individual copies thirty days after your request is received.

Schedule of Investments

Each Fund’s complete schedule of investments in securities of unaffiliated issuers is available without charge, upon request, by calling 1-855-823-3611, and on the Securities and Exchange Commission website at http://www.sec.gov as a part of Form N-CSR.

Tax Notice

The following table lists the percentages of dividend income distributed by the Funds for the period ended June 30, 2021, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively.

	% of Dividend Income Distributed
Fund	Qualified Dividend Income	Corporate Dividends Received Deduction
Core Bond Fund	—  %	—  %
Core Plus Bond Fund	—	—
Municipal Bond Fund	—	—
Large Cap Growth Fund	40.66	36.93
Large Cap Value Fund	100.00	90.29
Small/Mid Cap Growth Fund	17.84	17.65
Small/Mid Cap Value Fund	100.00	100.00
International Equity Fund	83.01	0.83

Annual Report  •  June 30, 2021 115

Bridge Builder Mutual Funds

General Information (Unaudited) (Continued)

The following table lists the percentages of ordinary income distributions paid by the Funds, for the period ended June 30, 2021, that were designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) and qualify as interest related dividends under Internal Revenue Code Section 871(k)(2)(c), respectively.

	% of Ordinary Income Distribution
Fund	Short Term Capital Gain Distribution
Core Bond Fund	6.00%
Core Plus Bond Fund	15.66
Municipal Bond Fund	0.00
Large Cap Growth Fund	84.13
Large Cap Value Fund	0.97
Small/Mid Cap Growth Fund	95.23
Small/Mid Cap Value Fund	0.00
International Equity Fund	0.00

For the fiscal year ended June 30, 2021, the International Equity Fund earned foreign source income of $363,929,016 which amounts to $0.35 per share, and paid foreign taxes of $27,919,732 which amounts to $0.02 per share, which it intends to pass through to its shareholders pursuant Section 853 of the Internal Revenue Code.

116 Annual Report  •  June 30, 2021

Bridge Builder Mutual Funds

Privacy Notice (Unaudited)

June 2021

FACTS	What Does the Bridge Builder Trust (“Bridge Builder”) Do with Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	* Social Security number	* Investment experience
	* Account balances	* Income and risk tolerance
	* Transaction history	* Assets and account transactions
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Bridge Builder chooses to share; and whether you can limit this sharing.

REASONS WE CAN SHARE YOUR PERSONAL INFORMATION	DOES BRIDGE BUILDER SHARE?	CAN YOU LIMIT THIS SHARING?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

WHO WE ARE
Who is providing this notice?	Bridge Builder Trust

WHAT WE DO
How does Bridge Builder protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Bridge Builder collect my personal information?	We collect your personal information, for example, when you deposit money with us, if you ever were to give us your contact information, open an account with us, provide us account information or make a wire transfer. We also collect your personal information from others, such as credit bureaus, affiliates or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: * Sharing for affiliates’ everyday business purposes – information about your creditworthiness * Affiliates from using your information to market to you * Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See the Other Important Information section for your rights under state law.

DEFINITIONS
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. * Olive Street Investment Advisers, LLC (“Olive Street”), our investment adviser, may be deemed to be affiliated with us. Olive Street is a wholly owned subsidiary of The Jones Financial Companies, L.L.L.P. (“JFC”), and is affiliated with other subsidiaries of JFC, including Edward D. Jones & Co., L.P. and Edward Jones Trust Company.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. * Bridge Builder does not share with non-affiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Bridge Builder does not currently engage in joint marketing efforts.

OTHER IMPORTANT INFORMATION
California residents	We will not share information we collect about you with companies outside of Bridge Builder, unless permitted by law. We also limit sharing among Bridge Builder and our affiliate companies to the extent required by California law.
Nevada residents	We are providing this notice to you pursuant to state law. Nevada law requires us to disclose that you may request to be placed on our internal “Do Not Call” list at any time by calling 800-441-2357, and that you may obtain further information by contacting the Nevada Attorney General, 555 E. Washington Ave., Suite 3900, Las Vegas, NV 89101; phone 702-486-3132; email BCPINFO@ag.state.nv.us.

Questions? Call 855-823-3611 or go to www.bridgebuildermutualfunds.com

Annual Report  •  June 30, 2021 117

Investment Adviser

Olive Street Investment Advisers, LLC

12555 Manchester Road

St. Louis, MO 63131

Administrator & Fund Accountant

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Transfer Agent

ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

Custodian

Brown Brothers Harriman & Co.

140 Broadway

New York, NY 10005

Legal Counsel

Morgan Lewis & Bockius, LLP

1701 Market Street

Philadelphia, PA 19103

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker

Chicago, IL 60606

Bridge Builder Mutual Funds Bridge Builder mutual funds, available exclusively through Edward Jones Advisory Solutions®, provide investors diversified expertise from leading asset management firms. The management of Bridge Builder mutual funds is rooted in our investment philosophy of diversification, a long-term approach and high quality. Visit www.bridgebuildermutualfunds.com for more information. Enroll in e-delivery Add convenience and organization to your financial life by signing up for e-delivery. Visit www.edwardjones.com/edelivery to learn more and enroll. This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus. Investors should carefully consider the investment objectives, risks and charges and expenses of the Funds prior to investing. The prospectus contains this and other important information and should be read carefully before investing.

ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

Incorporated by reference to the Registrant’s Form N-CSR filed December 16, 2015.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that John Tesoro and William Scheffel are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The registrant has engaged its principal accountant to perform audit services, audit-related services, and tax services during the past two fiscal years. “Audit fees” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related fees” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax fees” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 6/30/2021		FYE 6/30/2020
Audit Fees	$	567,000	$	535,300
Audit-Related Fees
Tax Fees	$	64,786	$	62,675
All Other Fees

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X were as follows:

	FYE 6/30/2021			FYE 6/30/2020
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant. The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any entity controlling, controlled by, or under common control with the investment adviser) for the last two years.

Non-Audit Related Fees	FYE 6/30/2021		FYE 6/30/2020
Registrant	$	64,786	$	62,675
Registrant’s Investment Adviser	$	0	$	0

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

ITEM 6. INVESTMENTS.

Bridge Builder Core Bond Fund

Schedule of Investments

June 30, 2021

	Principal Amount		Value
BONDS & NOTES – 97.26%
Asset-Backed Obligations – 10.68%
ABFC 2005-AQ1 Trust
4.59%, 01/25/2034, Series 2005-AQ1, Class A4(1)	$	13,457	$	13,450
ABFC 2006-OPT1 Trust
0.39% (1 Month LIBOR USD + 0.30%, 0.30% Floor), 09/25/2036, Series 2006-OPT1, Class A3C2(2)		1,995,392		1,975,281
Academic Loan Funding Trust 2013-1
0.89% (1 Month LIBOR USD + 0.80%), 12/26/2044, Series 2013-1A, Class A(2)(3)		665,737		657,429
ACC Trust 2021-1
1.43%, 07/22/2024, Series 2021-1, Class B(3)		4,350,000		4,343,994
Ajax Mortgage Loan Trust 2021-B
2.24%, 06/25/2066, Series 2021-B, Class A(1)(3)		8,667,705		8,646,421
Allegro CLO VII Ltd.
1.28% (3 Month LIBOR USD + 1.10%, 1.10% Floor), 06/13/2031, Series 2018-1A, Class A(2)(3)		12,000,000		12,005,364
Ally Auto Receivables Trust 2019-4
1.84%, 06/17/2024, Series 2019-4, Class A3		5,436,856		5,486,154
1.92%, 01/15/2025, Series 2019-4, Class A4		1,987,000		2,036,983
American Credit Acceptance Receivables Trust 2020-2
1.65%, 12/13/2023, Series 2020-2, Class A(3)		868,121		870,343
American Credit Acceptance Receivables Trust 2020-4
1.31%, 12/14/2026, Series 2020-4, Class C(3)		3,665,000		3,699,185
American Credit Acceptance Receivables Trust 2021-2
0.37%, 10/15/2024, Series 2021-2, Class A(3)		5,947,853		5,951,573
American Express Credit Account Master Trust
0.31% (1 Month LIBOR USD + 0.24%), 04/15/2024, Series 2019-4, Class A(2)		8,760,000		8,763,934
American Homes 4 Rent 2014-SFR2 Trust
3.79%, 10/17/2036, Series 2014-SFR2, Class A(3)		3,659,625		3,889,881
4.29%, 10/17/2036, Series 2014-SFR2, Class B(3)		300,000		319,107
6.23%, 10/17/2036, Series 2014-SFR2, Class E(3)		1,000,000		1,098,008
American Homes 4 Rent 2014-SFR3 Trust
4.60%, 12/17/2036, Series 2014-SFR3, Class C(3)		600,000		644,378
6.42%, 12/17/2036, Series 2014-SFR3, Class E(3)		1,000,000		1,094,698
American Homes 4 Rent 2015-SFR1
3.47%, 04/17/2052, Series 2015-SFR1, Class A(3)		1,993,737		2,114,704
5.64%, 04/17/2052, Series 2015-SFR1, Class E(3)		3,900,000		4,269,872
American Homes 4 Rent 2015-SFR2 Trust
3.73%, 10/17/2052, Series 2015-SFR2, Class A(3)		1,737,559		1,867,640
AmeriCredit Automobile Receivables Trust 2017-1
2.71%, 08/18/2022, Series 2017-1, Class C		24,441		24,466
3.13%, 01/18/2023, Series 2017-1, Class D		1,387,000		1,397,661
AmeriCredit Automobile Receivables Trust 2017-2
3.42%, 04/18/2023, Series 2017-2, Class D		6,000,000		6,087,273
AmeriCredit Automobile Receivables Trust 2018-2
3.45%, 06/18/2024, Series 2018-2, Class B		7,636,000		7,724,488
AmeriCredit Automobile Receivables Trust 2019-1
3.13%, 02/18/2025, Series 2019-1, Class B		3,400,000		3,472,685
3.36%, 02/18/2025, Series 2019-1, Class C		3,500,000		3,636,219
AmeriCredit Automobile Receivables Trust 2020-1
1.48%, 01/21/2025, Series 2020-1, Class B		6,100,000		6,201,522
AmeriCredit Automobile Receivables Trust 2020-2

	Principal Amount		Value
0.66%, 12/18/2024, Series 2020-2, Class A3		3,286,000		3,298,005
0.97%, 02/18/2026, Series 2020-2, Class B		1,443,000		1,452,592
AmeriCredit Automobile Receivables Trust 2020-3
1.06%, 08/18/2026, Series 2020-3, Class C		2,950,000		2,970,862
AmeriCredit Automobile Receivables Trust 2021-1
0.37%, 08/18/2025, Series 2021-1, Class A3		6,331,000		6,335,251
AmeriCredit Automobile Receivables Trust 2021-2
1.01%, 01/19/2027, Series 2021-2, Class C		4,600,000		4,627,268
Amortizing Residential Collateral Trust 2002-BC5
1.13% (1 Month LIBOR USD + 1.04%, 1.04% Floor), 07/25/2032, Series 2002-BC5, Class M1(2)		1,315,145		1,315,521
AMSR 2020-SFR3 Trust
2.56%, 09/17/2037, Series 2020-SFR3, Class E1(3)		6,000,000		6,015,451
AMSR 2020-SFR4 Trust
1.86%, 11/17/2037, Series 2020-SFR4, Class C(3)		9,000,000		8,977,227
Anchorage Capital CLO 2013-1 Ltd.
1.44% (3 Month LIBOR USD + 1.25%), 10/13/2030, Series 2013-1A, Class A1R(2)(3)		2,500,000		2,502,250
Apres Static CLO Ltd.
1.25% (3 Month LIBOR USD + 1.07%), 10/15/2028, Series 2019-1A, Class A1R(2)(3)		4,710,249		4,710,456
Ares LVI CLO Ltd.
1.46% (3 Month LIBOR USD + 1.28%, 1.28% Floor), 10/25/2031, Series 2020-56A, Class A1(2)(3)		5,000,000		5,016,900
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3
0.77% (1 Month LIBOR USD + 0.68%, 0.68% Floor), 11/25/2035, Series 2005-W3, Class A2D(2)		499,019		498,498
Asset Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6
0.77% (1 Month LIBOR USD + 0.68%, 0.68% Floor), 11/25/2033, Series 2003-HE6, Class A2(2)		1,862,969		1,829,839
Asset-Backed Pass-Through Certificates Series 2004-R2
0.87% (1 Month LIBOR USD + 0.78%, 0.78% Floor), 04/25/2034, Series 2004-R2, Class A4(2)		49,957		49,950
Atlas Senior Loan Fund III Ltd.
0.99% (3 Month LIBOR USD + 0.83%), 11/17/2027, Series 2013-1A, Class AR(2)(3)		3,695,916		3,696,519
Avis Budget Rental Car Funding AESOP LLC
1.38%, 08/20/2027, Series 2021-1A, Class A(3)		12,000,000		11,981,057
2.33%, 08/20/2026, Series 2020-1A, Class A(3)		6,100,000		6,357,046
2.36%, 03/20/2026, Series 2019-3A, Class A(3)		12,000,000		12,555,355
3.70%, 09/20/2024, Series 2018-1A, Class A(3)		6,200,000		6,587,262
4.00%, 03/20/2025, Series 2018-2A, Class A(3)		5,800,000		6,264,687
BA Credit Card Trust
0.34%, 05/15/2026, Series 2020-A1, Class A1		3,665,000		3,652,664
0.44%, 09/15/2026, Series 2021-A1, Class A1		6,454,000		6,436,363
Barings Clo Ltd. 2020-IIII
1.47% (3 Month LIBOR USD + 1.29%, 1.29% Floor), 10/15/2033, Series 2020-2A, Class A1(2)(3)		15,000,000		15,023,220
Bayview Financial Mortgage Pass-Through Trust 2007-B
6.83%, 08/28/2047, Series 2007-B, Class 1A2(1)		131,663		129,597
Bayview Opportunity Master Fund V Trust 2020-RN3
3.23%, 09/25/2035, Series 2020-RN3, Class A1(1)(3)		1,572,676		1,589,682
Bear Stearns Asset Backed Securities Trust 2003-2
1.59% (1 Month LIBOR USD + 1.50%, 1.50% Floor, 11.00% Cap), 03/25/2043, Series 2003-2, Class A3(2)		2,582,252		2,609,096
BMW Vehicle Owner Trust 2020-A
0.62%, 04/26/2027, Series 2020-A, Class A4		3,009,000		3,021,996
Business Jet Securities 2019-1 LLC
4.21%, 07/15/2034, Series 2019-1, Class A(3)		6,758,614		6,951,021
Business Jet Securities 2020-1 LLC

	Principal Amount		Value
2.98%, 11/15/2035, Series 2020-1A, Class A(3)		8,020,378		8,165,208
Business Jet Securities 2021-1 LLC
2.16%, 04/15/2036, Series 2021-1A, Class A(3)		5,208,309		5,248,344
Camillo Issuer LLC 2016-SFR1 A
5.00%, 12/05/2023(3)(12)		4,853,820		4,843,200
Capital One Multi-Asset Execution Trust
1.72%, 08/15/2024, Series 2019-A2, Class A2		2,808,000		2,856,340
2.06%, 08/15/2028, Series 2019-A3, Class A3		2,000,000		2,097,278
Capital One Prime Auto Receivables Trust 2019-2
1.92%, 05/15/2024, Series 2019-2, Class A3		3,088,871		3,124,629
Carlyle US Clo 2017-1 Ltd.
1.42% (3 Month LIBOR USD + 1.23%), 04/20/2031, Series 2017-1A, Class A1B(2)(3)		5,468,425		5,472,478
CarMax Auto Owner Trust 2018-2
3.16%, 07/17/2023, Series 2018-2, Class A4		2,635,000		2,683,468
CarMax Auto Owner Trust 2019-1
3.26%, 08/15/2024, Series 2019-1, Class A4		1,614,000		1,682,036
CarMax Auto Owner Trust 2020-3
0.77%, 03/16/2026, Series 2020-3, Class A4		2,901,000		2,919,567
Carmax Auto Owner Trust 2021-1
0.34%, 12/15/2025, Series 2021-1, Class A3		3,816,000		3,811,155
0.53%, 10/15/2026, Series 2021-1, Class A4		4,057,000		4,035,460
CarMax Auto Owner Trust 2021-2
0.52%, 02/17/2026, Series 2021-2, Class A3		8,900,000		8,907,994
0.81%, 12/15/2026, Series 2021-2, Class A4		3,142,000		3,143,011
1.34%, 02/16/2027, Series 2021-2, Class C		4,180,000		4,179,733
Carnow Auto Receivables Trust 2019-1
3.36%, 06/17/2024, Series 2019-1A, Class C(3)		3,710,000		3,763,668
Carvana Auto Receivables Trust 2019-3
3.04%, 04/15/2025, Series 2019-3A, Class D(3)		11,005,000		11,376,949
Carvana Auto Receivables Trust 2021-N2
0.75%, 03/10/2028, Series 2021-N2, Class B		2,300,000		2,295,435
Castlelake LP
3.34%, 03/15/2023(4)		15,825,000		15,825,000
CBAM 2019-11 Ltd.
1.55% (3 Month LIBOR USD + 1.36%, 1.36% Floor), 10/20/2032, Series 2019-11A, Class A1(2)(3)		22,000,000		22,020,522
Chase Funding Trust Series 2003-4
5.05%, 05/25/2033, Series 2003-4, Class 1A5(1)		95,969		98,468
Chase Funding Trust Series 2003-6
4.96%, 11/25/2034, Series 2003-6, Class 1A5(1)		115,764		121,392
4.96%, 11/25/2034, Series 2003-6, Class 1A7(1)		197,104		207,090
CIFC Funding 2018-II Ltd.
1.23% (3 Month LIBOR USD + 1.04%), 04/20/2031, Series 2018-2A, Class A1(2)(3)		11,800,000		11,800,897
CIFC Funding Ltd.
0.00% (3 Month LIBOR USD + 1.14%, 1.14% Floor), 07/15/2034, Series 2021-5A, Class A(2)(3)(5)		10,000,000		10,000,000
CIG Auto Receivables Trust 2020-1
2.35%, 01/12/2026, Series 2020-1A, Class D(3)		6,200,000		6,288,260
Colony American Finance 2016-2 Ltd.
2.55%, 11/15/2048, Series 2016-2, Class A(3)		142,679		142,677
Commonbond Student Loan Trust 2017-B-GS
2.68%, 09/25/2042, Series 2017-BGS, Class A1(3)		3,794,557		3,868,475

	Principal Amount		Value
Commonbond Student Loan Trust 2018-A-GS
3.21%, 02/25/2044, Series 2018-AGS, Class A1(3)		3,172,024		3,293,224
Commonbond Student Loan Trust 2018-C-GS
3.87%, 02/25/2046, Series 2018-CGS, Class A1(3)		984,665		1,015,938
Conseco Finance Corp.
6.18%, 04/01/2030, Series 1998-4, Class A5		3,043		3,073
6.22%, 03/01/2030, Series 1998-3, Class A5		2,819		2,824
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2019-HP1
2.59%, 12/15/2026, Series 2019-HP1, Class A(3)		1,313,227		1,324,962
Consumer Loan Underlying Bond Credit Trust 2019-P1
2.94%, 07/15/2026, Series 2019-P1, Class A(3)		66,617		66,673
Continental Finance Credit Card ABS Master Trust
2.24%, 12/15/2028, Series 2020-1A, Class A(3)		4,000,000		4,031,757
COOF Securitization Trust 2014-1 Ltd.
3.02%, 06/25/2040, Series 2014-1, Class A(3)(4)		564,185		63,026
Corevest American Finance 2019-1 Trust
3.88%, 03/15/2052, Series 2019-1, Class B(3)		4,860,000		5,353,655
Corevest American Finance 2019-3 Trust
2.71%, 10/15/2052, Series 2019-3, Class A(3)		4,420,797		4,626,213
3.16%, 10/15/2052, Series 2019-3, Class B(3)		2,250,000		2,392,074
3.27%, 10/15/2052, Series 2019-3, Class C(3)		5,862,000		6,121,128
CoreVest American Finance 2020-3 Trust
2.20%, 08/15/2053, Series 2020-3, Class B(3)		6,314,000		6,117,892
Countrywide Asset-Backed Certificates
4.17%, 02/25/2036, Series 2005-10, Class AF6(4)		19,109		19,675
5.12%, 02/25/2035, Series 2004-S1, Class A3(1)		11,065		11,052
5.43%, 02/25/2033, Series 2005-13, Class AF3(4)		1,775		1,689
5.97%, 09/25/2046, Series 2006-10, Class 1AF3(4)		33,836		32,735
CPS Auto Receivables Trust 2017-B
3.95%, 03/15/2023, Series 2017-B, Class D(3)		166,990		167,213
CPS Auto Receivables Trust 2017-C
3.79%, 06/15/2023, Series 2017-C, Class D(3)		295,732		298,184
CPS Auto Receivables Trust 2020-A
2.09%, 05/15/2023, Series 2020-A, Class A(3)		725,135		725,640
CPS Auto Receivables Trust 2020-B
1.15%, 07/17/2023, Series 2020-B, Class A(3)		402,012		402,459
2.11%, 04/15/2026, Series 2020-B, Class B(3)		1,303,000		1,311,598
CPS Auto Receivables Trust 2021-A
0.35%, 01/16/2024, Series 2021-A, Class A(3)		2,304,557		2,304,812
CPS Auto Receivables Trust 2021-B
0.37%, 03/17/2025, Series 2021-B, Class A(3)		7,119,533		7,123,585
Credit Acceptance Auto Loan Trust 2019-1
3.33%, 02/15/2028, Series 2019-1A, Class A(3)		3,657,972		3,686,313
Credit Acceptance Auto Loan Trust 2020-1
2.39%, 04/16/2029, Series 2020-1A, Class B(3)		6,680,000		6,861,323
Credit Acceptance Auto Loan Trust 2020-2
1.37%, 07/16/2029, Series 2020-2A, Class A(3)		2,850,000		2,884,022
2.73%, 11/15/2029, Series 2020-2A, Class C(3)		3,500,000		3,630,689
Crossroads Asset Trust 2021-A
2.52%, 01/20/2026, Series 2021-A, Class D(3)		1,500,000		1,494,121

	Principal Amount		Value
CWABS Asset-Backed Certificates Trust 2004-15
4.57%, 04/25/2035, Series 2004-15, Class AF6(4)		23		24
CWABS Asset-Backed Certificates Trust 2005-1
5.03%, 07/25/2035, Series 2005-1, Class AF6(4)		167		168
CWABS Asset-Backed Certificates Trust 2005-17
5.56%, 05/25/2036, Series 2005-17, Class 1AF5(4)		11,699		11,987
CWABS, Inc. Asset-Backed Certificates Series 2004-1
0.65% (1 Month LIBOR USD + 0.56%, 0.56% Floor), 04/25/2034, Series 2004-1, Class 3A(2)		1,112		1,029
0.84% (1 Month LIBOR USD + 0.75%, 0.75% Floor), 03/25/2034, Series 2004-1, Class M1(2)		9,931		9,903
0.92% (1 Month LIBOR USD + 0.83%, 0.83% Floor), 03/25/2034, Series 2004-1, Class M2(2)		5,700		5,682
CWABS, Inc. Asset-Backed Certificates Trust 2004-6
0.87% (1 Month LIBOR USD + 0.78%, 0.78% Floor), 11/25/2034, Series 2004-6, Class 2A5(2)		355,288		353,359
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 10/25/2034, Series 2004-6, Class M1(2)		9,424		9,269
DataBank Issuer
2.06%, 02/27/2051, Series 2021-1A, Class A2(3)		6,150,000		6,229,929
Delta Air Lines 2015-1 Class AA Pass Through Trust
3.63%, 07/30/2027		989,349		1,062,344
Diamond Resorts Owner Trust
3.27%, 10/22/2029, Series 2017-1A, Class A(3)		849,855		863,544
Diamond Resorts Owner Trust 2018-1
3.70%, 01/21/2031, Series 2018-1, Class A(3)		1,952,426		2,033,949
Diamond Resorts Owner Trust 2019-1
3.53%, 02/20/2032, Series 2019-1A, Class B(3)		4,531,280		4,680,771
Discover Card Execution Note Trust
3.04%, 07/15/2024, Series 2019-A1, Class A1		3,302,000		3,353,456
Drive Auto Receivables Trust
3.66%, 11/15/2024, Series 2018-4, Class C		184,436		184,715
Drive Auto Receivables Trust 2017-1
3.84%, 03/15/2023, Series 2017-1, Class D		637,475		640,444
Drive Auto Receivables Trust 2017-3
3.53%, 12/15/2023, Series 2017-3, Class D(3)		2,929,661		2,956,220
Drive Auto Receivables Trust 2019-1
4.09%, 06/15/2026, Series 2019-1, Class D		2,645,000		2,745,130
Drive Auto Receivables Trust 2019-3
2.65%, 02/15/2024, Series 2019-3, Class B		2,169,115		2,176,675
Drive Auto Receivables Trust 2019-4
2.23%, 01/16/2024, Series 2019-4, Class B		4,081,401		4,093,652
Drive Auto Receivables Trust 2020-1
2.02%, 11/15/2023, Series 2020-1, Class A3		2,979,604		2,984,525
Drive Auto Receivables Trust 2020-2
1.42%, 03/17/2025, Series 2020-2, Class B		2,260,000		2,282,378
2.28%, 08/17/2026, Series 2020-2, Class C		1,611,000		1,653,158
Drive Auto Receivables Trust 2021-1
0.65%, 07/15/2025, Series 2021-1, Class B		3,800,000		3,806,324
1.02%, 06/15/2027, Series 2021-1, Class C		2,965,000		2,977,729
DT Auto Owner Trust 2019-4
2.73%, 07/15/2025, Series 2019-4A, Class C(3)		7,080,000		7,214,750
DT Auto Owner Trust 2020-1
1.94%, 09/15/2023, Series 2020-1A, Class A(3)		1,165,380		1,168,494
DT Auto Owner Trust 2020-2

	Principal Amount		Value
1.14%, 01/16/2024, Series 2020-2A, Class A(3)		1,482,562		1,487,121
2.08%, 03/16/2026, Series 2020-2A, Class B(3)		951,000		966,418
DT Auto Owner Trust 2021-2
1.10%, 02/16/2027, Series 2021-2A, Class C(3)		1,835,000		1,840,675
Elmwood CLO II Ltd.
1.34% (3 Month LIBOR USD + 1.15%, 1.15% Floor), 04/20/2034, Series 2019-2A, Class AR(2)(3)		20,000,000		19,994,960
Exeter Automobile Receivables Trust 2017-3
3.68%, 07/17/2023, Series 2017-3A, Class C(3)		2,539,200		2,575,988
Exeter Automobile Receivables Trust 2020-2
1.13%, 08/15/2023, Series 2020-2A, Class A(3)		1,275,722		1,276,719
2.08%, 07/15/2024, Series 2020-2A, Class B(3)		2,615,000		2,635,615
First Investors Auto Owner Trust 2017-1
3.60%, 04/17/2023, Series 2017-1A, Class D(3)		2,847,000		2,864,300
First Investors Auto Owner Trust 2019-2
2.21%, 09/16/2024, Series 2019-2A, Class A(3)		1,528,833		1,539,646
FirstKey Homes 2020-SFR1 Trust
1.54%, 08/17/2028, Series 2021-SFR1, Class A(3)		12,500,000		12,499,926
FirstKey Homes 2020-SFR2 Trust
2.67%, 10/19/2037, Series 2020-SFR2, Class E(3)		7,948,000		8,079,183
FirstKey Homes 2021-SFR1 Trust
2.19%, 08/17/2028, Series 2021-SFR1, Class D(3)		7,500,000		7,499,861
Flagship Credit Auto Trust 2017-2
2.96%, 07/15/2023, Series 2017-2, Class C(3)		521,026		521,618
3.62%, 07/15/2023, Series 2017-2, Class D(3)		2,995,000		3,034,609
Flagship Credit Auto Trust 2018-3
3.79%, 12/16/2024, Series 2018-3, Class C(3)		7,710,000		7,897,651
Flagship Credit Auto Trust 2019-1
3.11%, 08/15/2023, Series 2019-1, Class A(3)		895,804		899,764
Flagship Credit Auto Trust 2019-2
2.83%, 10/16/2023, Series 2019-2, Class A(3)		2,325,855		2,340,737
Flagship Credit Auto Trust 2019-4
2.17%, 06/17/2024, Series 2019-4, Class A(3)		4,827,199		4,864,119
3.12%, 01/15/2026, Series 2019-4, Class D(3)		9,275,000		9,712,970
Flagship Credit Auto Trust 2020-1
1.90%, 08/15/2024, Series 2020-1, Class A(3)		4,701,052		4,745,964
Flagship Credit Auto Trust 2020-2
1.49%, 07/15/2024, Series 2020-2, Class A(3)		2,190,799		2,201,962
Flagship Credit Auto Trust 2020-3
0.70%, 04/15/2025, Series 2020-3, Class A(3)		1,737,989		1,742,650
Flagship Credit Auto Trust 2021-2
0.37%, 12/15/2026, Series 2021-2, Class A(3)		9,071,701		9,068,799
Ford Credit Auto Owner Trust 2018-REV1
3.19%, 07/15/2031, Series 2018-1, Class A(3)		24,024,000		25,917,387
Ford Credit Auto Owner Trust 2020-A
1.03%, 10/15/2022, Series 2020-A, Class A2		70,195		70,263
1.04%, 08/15/2024, Series 2020-A, Class A3		3,124,000		3,147,763
1.35%, 07/15/2025, Series 2020-A, Class A4		2,163,000		2,205,976
Ford Credit Auto Owner Trust 2020-B
0.79%, 11/15/2025, Series 2020-B, Class A4		3,711,000		3,737,387
Ford Credit Auto Owner Trust 2020-C

	Principal Amount		Value
0.51%, 08/15/2026, Series 2020-C, Class A4		5,576,000		5,542,252
Ford Credit Auto Owner Trust 2020-REV1
2.04%, 08/15/2031, Series 2020-1, Class A(3)		12,300,000		12,766,273
Ford Credit Auto Owner Trust 2020-REV2
1.06%, 04/15/2033, Series 2020-2, Class A(3)		18,800,000		18,779,059
Ford Credit Auto Owner Trust 2021-REV1
1.61%, 10/17/2033, Series 2021-1, Class B(3)		2,320,000		2,324,425
Ford Credit Floorplan Master Owner Trust A
1.06%, 09/15/2027, Series 2020-2, Class A		14,747,000		14,757,532
FORT CRE 2018-1 LLC
2.93% (1 Month LIBOR USD + 2.83%, 2.83% Floor), 11/16/2035, Series 2018-1A, Class C(2)(3)		11,800,000		11,576,201
Foundation Finance Trust 2017-1
3.30%, 07/15/2033, Series 2017-1A, Class A(3)		758,449		769,478
Foundation Finance Trust 2019-1
3.86%, 11/15/2034, Series 2019-1A, Class A(3)		1,984,635		2,049,516
Foursight Capital Automobile Receivables Trust 2021-1
1.32%, 03/15/2027, Series 2021-1, Class D(3)		900,000		892,339
FREED ABS Trust 2019-2
2.62%, 11/18/2026, Series 2019-2, Class A(3)		243,127		243,486
FTF 2019-1 A FRN
5.50%, 08/15/2024(4)(12)		2,174,193		1,646,952
GE Capital Mortgage Services, Inc. 1999-HE1 Trust
6.27%, 04/25/2029, Series 1999-HE1, Class A7		6		6
6.71%, 04/25/2029, Series 1999-HE1, Class M(4)		14,011		12,647
Genesis Sales Finance Master Trust
1.65%, 09/22/2025, Series 2020-AA, Class A(3)		6,111,000		6,153,265
GLS Auto Receivables Issuer Trust 2021-1
1.68%, 01/15/2027, Series 2021-1A, Class D(3)		1,200,000		1,202,605
GLS Auto Receivables Trust
0.77%, 09/15/2025, Series 2021-2A, Class B(3)		2,318,000		2,318,489
1.42%, 04/15/2027, Series 2021-2A, Class D(3)		2,250,000		2,241,354
GM Financial Automobile Leasing Trust 2020-2
0.80%, 07/20/2023, Series 2020-2, Class A3		3,688,000		3,707,908
1.01%, 07/22/2024, Series 2020-2, Class A4		1,000,000		1,010,250
GM Financial Consumer Automobile Receivables Trust 2018-4
3.62%, 06/17/2024, Series 2018-4, Class C		1,400,000		1,452,734
GM Financial Consumer Automobile Receivables Trust 2020-1
1.84%, 09/16/2024, Series 2020-1, Class A3		8,369,000		8,461,809
GM Financial Consumer Automobile Receivables Trust 2020-2
1.49%, 12/16/2024, Series 2020-2, Class A3		3,095,000		3,133,862
GM Financial Consumer Automobile Receivables Trust 2020-3
0.45%, 04/16/2025, Series 2020-3, Class A3		3,775,000		3,784,487
GM Financial Consumer Automobile Receivables Trust 2020-4
0.50%, 02/17/2026, Series 2020-4, Class A4		5,097,000		5,063,360
GM Financial Consumer Automobile Receivables Trust 2021-1
0.54%, 05/17/2027, Series 2021-1, Class A4		4,174,000		4,168,588
GMF Floorplan Owner Revolving Trust
0.68%, 08/15/2025, Series 2020-1, Class A(3)		4,031,000		4,045,766
2.90%, 04/15/2026, Series 2019-2, Class A(3)		17,200,000		18,246,672
Gold Key Resorts 2014-A LLC

	Principal Amount		Value
3.22%, 03/17/2031, Series 2014-A, Class A(3)		126,928		128,466
Golden Bear 2016-R LLC
5.65%, 09/20/2047, Series 2016-R, Class R(3)		583,259		580,505
Goodgreen 2017-1 Trust
3.74%, 10/15/2052, Series 2017-1A, Class A(3)		1,019,696		1,077,975
Goodgreen 2017-2 Trust
3.26%, 10/15/2053, Series 2017-2A, Class A(3)		2,834,962		2,958,175
Goodgreen 2017-R1 Trust
5.00%, 10/20/2051(3)(12)		4,141,588		4,120,880
Goodgreen 2019-2 Trust
2.76%, 04/15/2055, Series 2019-2A, Class A(3)		4,348,142		4,454,441
Greenwood Park CLO Ltd.
1.19% (3 Month LIBOR USD + 1.01%), 04/15/2031, Series 2018-1A, Class A2(2)(3)		23,000,000		23,016,261
GSAMP Trust 2006-HE7
0.32% (1 Month LIBOR USD + 0.23%, 0.23% Floor), 10/25/2046, Series 2006-HE7, Class A2D(2)		538,005		535,009
Harley-Davidson Motorcycle Trust 2021-A
0.37%, 04/15/2026, Series 2021-A, Class A3		8,820,000		8,812,073
0.53%, 09/15/2028, Series 2021-A, Class A4		4,288,000		4,269,512
Headlands Residential 2018-RPL1 LLC
3.88%, 08/25/2024, Series 2018-RPL1, Class A(1)(3)		8,245,000		8,303,411
HERO Funding 2017-3
3.95%, 09/20/2048, Series 2017-3A, Class A2(3)		2,199,671		2,298,472
HERO Funding II 2016-3B
5.24%, 09/20/2042, Series 2016-3B, Class B(3)		261,057		261,624
HERO Funding Trust 2016-2
3.75%, 09/20/2041, Series 2016-2A, Class A(3)		1,212,838		1,270,440
HERO Funding Trust 2016-3
3.08%, 09/20/2042, Series 2016-3A, Class A1(3)		533,560		551,729
HERO Funding Trust 2016-4A
3.57%, 09/20/2047, Series 2016-4A, Class A1(3)		1,684,129		1,738,171
HERO Funding Trust 2017-1A
4.46%, 09/20/2047, Series 2017-1A, Class A2(3)		3,033,201		3,194,254
HERO Funding Trust 2017-2
3.28%, 09/20/2048, Series 2017-2A, Class A1(3)		2,815,391		2,931,630
Hertz Vehicle Financing III LP
1.68%, 12/27/2027, Series 2021-2A, Class A(3)		7,200,000		7,190,392
Hertz Vehicle Financing LLC
1.21%, 12/26/2025, Series 2021-1A, Class A(3)		8,200,000		8,195,572
Hilton Grand Vacations Trust 2017-A
2.66%, 12/26/2028, Series 2017-AA, Class A(3)		741,938		759,600
HIN Timeshare Trust 2020-A
2.23%, 10/09/2039, Series 2020-A, Class B(3)		3,169,108		3,213,509
Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2006-A
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor), 03/25/2036, Series 2006-A, Class A3(2)		8,230		8,204
Honda Auto Receivables 2020-2 Owner Trust
0.74%, 11/15/2022, Series 2020-2, Class A2		439,888		440,434
0.82%, 07/15/2024, Series 2020-2, Class A3		3,810,000		3,834,604
1.09%, 10/15/2026, Series 2020-2, Class A4		1,022,000		1,037,030
Honda Auto Receivables 2020-3 Owner Trust
0.46%, 04/19/2027, Series 2020-3, Class A4		5,701,000		5,686,122

	Principal Amount		Value
Hyundai Auto Receivables Trust 2020-A
1.41%, 11/15/2024, Series 2020-A, Class A3		4,157,000		4,216,941
1.72%, 06/15/2026, Series 2020-A, Class A4		3,308,000		3,411,902
Hyundai Auto Receivables Trust 2021-A
0.62%, 05/17/2027, Series 2021-A, Class A4		3,352,000		3,341,741
Imc Home Equity Loan Trust 1997-5
6.88%, 11/20/2028, Series 1997-5, Class A10		13		13
KGS-Alpha SBA COOF Trust
0.61%, 05/25/2039, Series 2012-6, Class A(3)(4)		1,726,362		24,416
KGS-Alpha SBA COOF Trust 2012-2
0.76%, 08/25/2038, Series 2012-2, Class A(3)(4)		1,873,081		38,486
KGS-Alpha SBA COOF Trust 2014-2
3.57%, 04/25/2040, Series 2014-2, Class A(3)(4)		579,930		47,451
KKR CLO 11 Ltd.
1.36% (3 Month LIBOR USD + 1.18%), 01/15/2031, Series 11, Class AR(2)(3)		8,500,000		8,503,035
KKR Clo 32 Ltd.
1.50% (3 Month LIBOR USD + 1.32%, 1.32% Floor), 01/15/2032, Series 32A, Class A1(2)(3)		26,000,000		26,090,818
KVK CLO 2018-1 Ltd.
1.09% (3 Month LIBOR USD + 0.93%), 05/20/2029, Series 2018-1A, Class A(2)(3)		14,852,565		14,859,233
Lakeview 2021-CRT2 LLC
0.00%, 11/10/2032, Series 2021-CRT2(3)(4)(12)		4,525,375		4,525,375
Laurel Road Prime Student Loan Trust 2017-C
2.81%, 11/25/2042, Series 2017-C, Class A2B(3)		1,552,233		1,574,407
Laurel Road Prime Student Loan Trust 2018-B
3.54%, 05/26/2043, Series 2018-B, Class A2FX(3)		3,117,645		3,178,866
Legacy Mortgage Asset Trust 2019-GS4
3.44%, 05/25/2059, Series 2019-GS4, Class A1(1)(3)		3,464,652		3,471,494
LendingPoint 2020-REV1 Asset Securitization Trust
2.73%, 10/15/2028, Series 2020-REV1, Class A(3)		8,400,000		8,490,608
LL ABS Trust 2019-1
2.87%, 03/15/2027, Series 2019-1A, Class A(3)		166,699		166,822
LL ABS Trust 2020-1
2.33%, 01/17/2028, Series 2020-1A, Class A(3)		3,578,502		3,603,750
Long Beach Mortgage Loan Trust 2004-1
0.84% (1 Month LIBOR USD + 0.75%, 0.75% Floor), 02/25/2034, Series 2004-1, Class M1(2)		115,651		115,425
Long Beach Mortgage Loan Trust 2004-3
0.95% (1 Month LIBOR USD + 0.86%, 0.86% Floor), 07/25/2034, Series 2004-3, Class M1(2)		30,250		30,023
LP LMS 2021-1
3.23%, 10/15/2028(3)(12)		10,435,992		10,441,283
LV Tower 52 Issuer 2013-1
5.75%, 02/15/2023, Series 2013-1, Class A(3)(12)		1,787,016		1,802,366
7.75%, 02/15/2023, Series 2013-1, Class M(3)(12)		600,161		605,316
Man GLG US CLO 2018-2 Ltd.
1.42% (3 Month LIBOR USD + 1.24%, 1.24% Floor), 10/15/2028, Series 2018-2A, Class A1R(2)(3)		7,660,710		7,663,827
Mariner Finance Issuance Trust 2019-A
2.96%, 07/20/2032, Series 2019-AA, Class A(3)		6,000,000		6,150,827
3.51%, 07/20/2032, Series 2019-AA, Class B(3)		5,235,000		5,396,602
Mariner Finance Issuance Trust 2021-A
2.33%, 03/20/2036, Series 2021-AA, Class B(3)		5,700,000		5,770,847
Mercury Financial Credit Card Master Trust

	Principal Amount		Value
1.54%, 03/20/2026, Series 2021-1A, Class A(3)		5,365,000		5,381,202
MidOcean Credit CLO III
1.31% (3 Month LIBOR USD + 1.12%, 1.12% Floor), 04/21/2031, Series 2014-3A, Class A1R(2)(3)		15,217,777		15,248,060
MidOcean Credit CLO IX
1.34% (3 Month LIBOR USD + 1.15%, 1.15% Floor), 07/20/2031, Series 2018-9A, Class A1(2)(3)		4,000,000		4,003,076
Mid-State Capital Corp. 2006-1 Trust
6.08%, 10/15/2040, Series 2006-1, Class M1(3)		548,904		581,437
Mid-State Capital Trust 2010-1
3.50%, 12/15/2045, Series 2010-1, Class A(3)		62,887		63,675
5.25%, 12/15/2045, Series 2010-1, Class M(3)		113,162		115,479
MMAF Equipment Finance LLC 2019-B
2.29%, 11/12/2041, Series 2019-B, Class A5(3)		7,200,000		7,508,331
Mountain View CLO IX Ltd.
1.30% (3 Month LIBOR USD + 1.12%), 07/15/2031, Series 2015-9A, Class A1R(2)(3)		20,000,000		20,001,800
MRA Issuance Trust 2020-15
1.59% (1 Month LIBOR USD + 1.50%, 1.50% Floor), 07/15/2021, Series 2020-15, Class A(2)(3)		28,240,000		28,241,183
MRA Issuance Trust 2021-EBO7
0.00% (1 Month LIBOR USD + 2.75%, 2.75% Floor), 02/16/2022, Series 2021-EBO7, Class A1X(2)(3)(5)		16,400,000		16,401,279
Nationstar HECM Loan Trust 2020-1
1.27%, 09/25/2030, Series 2020-1A, Class A1(3)(4)		7,316,514		7,334,814
Navient Private Education Refi Loan Trust 2018-A
3.19%, 02/18/2042, Series 2018-A, Class A2(3)		5,865,948		5,944,590
Navient Private Education Refi Loan Trust 2018-C
3.52%, 06/16/2042, Series 2018-CA, Class A2(3)		2,873,859		2,923,982
Navient Private Education Refi Loan Trust 2019-C
3.13%, 02/15/2068, Series 2019-CA, Class A2(3)		5,429,067		5,547,690
Navient Private Education Refi Loan Trust 2020-B
2.12%, 01/15/2069, Series 2020-BA, Class A2(3)		5,254,411		5,332,465
New Century Home Equity Loan Trust Series 2003-5
4.92%, 11/25/2033, Series 2003-5, Class AI6(1)		120,128		122,607
New Residential Mortgage Loan Trust 2018-1
4.00%, 12/25/2057, Series 2018-1A, Class A1A(3)(4)		2,143,848		2,295,981
Nissan Auto Receivables 2020-A Owner Trust
1.38%, 12/16/2024, Series 2020-A, Class A3		3,974,000		4,023,519
Nissan Auto Receivables 2021-A Owner Trust
0.33%, 10/15/2025, Series 2021-A, Class A3		9,768,000		9,757,279
Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2006-FM1
0.55% (1 Month LIBOR USD + 0.46%, 0.46% Floor), 11/25/2035, Series 2006-FM1, Class 1A1(2)		5,513,679		5,488,115
NRZ Excess Spread-Collateralized Notes
3.23%, 05/25/2026, Series 2021-FNT2, Class A(3)		8,534,056		8,515,477
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1
3.84%, 12/25/2025, Series 2020-PLS1, Class A(3)		8,116,084		8,192,536
Oakwood Mortgage Investors, Inc.
6.45%, 12/15/2023, Series 1999-B, Class A3		747		766
Octane Receivables Trust 2021-1
1.53%, 04/20/2027, Series 2021-1A, Class B(3)		700,000		701,334
OL SP 2018-B LLC
4.16%, 02/09/2030, Series 2018, Class A		1,688,119		1,755,081
4.61%, 02/09/2030, Series 2018, Class B		366,983		378,889
OneMain Direct Auto Receivables Trust 2018-1

	Principal Amount		Value
3.43%, 12/16/2024, Series 2018-1A, Class A(3)		5,287,970		5,310,409
OneMain Direct Auto Receivables Trust 2019-1
3.63%, 09/14/2027, Series 2019-1A, Class A(3)		14,600,000		15,736,223
OneMain Financial Issuance Trust 2020-2
1.75%, 09/14/2035, Series 2020-2A, Class A(3)		6,100,000		6,202,317
OneMain Financial Issuance Trust 2020-A
3.84%, 05/14/2032, Series 2020-1A, Class A(3)		3,400,000		3,547,063
OneMain Financial Issuance Trust 2021-1
0.77% (30-day Average Secured Overnight Financing Rate + 0.76%), 06/16/2036, Series 2021-1A, Class A2(2)(3)		9,900,000		10,040,578
Oportun Funding X LLC
4.10%, 10/08/2024, Series 2018-C, Class A(3)		5,900,000		5,904,328
Oportun Funding XII LLC
4.15%, 12/09/2024, Series 2018-D, Class A(3)		4,200,000		4,220,950
Oportun Funding XIV LLC
1.21%, 03/08/2028, Series 2021-A, Class A(3)		3,000,000		3,008,588
1.76%, 03/08/2028, Series 2021-A, Class B(3)		5,625,000		5,602,337
Oportun Issuance Trust 2021-B
1.47%, 05/08/2031, Series 2021-B, Class A(3)		5,610,000		5,624,001
Option One Mortgage Loan Trust 2004-3
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 11/25/2034, Series 2004-3, Class A4(2)		1,691,802		1,605,612
OZLM Funding IV Ltd.
1.43% (3 Month LIBOR USD + 1.25%), 10/22/2030, Series 2013-4A, Class A1R(2)(3)		9,811,675		9,809,202
OZLM XXII Ltd.
1.26% (3 Month LIBOR USD + 1.07%), 01/17/2031, Series 2018-22A, Class A1(2)(3)		6,991,130		6,989,368
P4 SFR 2019-STL
7.25%, 10/11/2022(12)		5,700,000		5,700,000
Pagaya AI Debt Selection Trust 2021-1
1.18%, 11/15/2027, Series 2021-1, Class A(3)		16,492,028		16,526,643
Palmer Square CLO 2014-1 Ltd.
1.32% (3 Month LIBOR USD + 1.13%, 1.13% Floor), 01/17/2031, Series 2014-1A, Class A1R2(2)(3)		4,000,000		4,002,548
Palmer Square CLO 2018-2 Ltd.
1.28% (3 Month LIBOR USD + 1.10%), 07/16/2031, Series 2018-2A, Class A1A(2)(3)		20,000,000		20,021,960
Park Avenue Institutional Advisers CLO Ltd. 2018-1
1.19% (3 Month LIBOR USD + 1.00%, 1.00% Floor), 10/20/2031, Series 2018-1A, Class A1AR(2)(3)		21,500,000		21,494,604
PPM CLO 4 Ltd.
1.61% (3 Month LIBOR USD + 1.42%, 1.42% Floor), 10/18/2031, Series 2020-4A, Class A1(2)(3)		15,000,000		15,028,515
Pretium Mortgage Credit Partners I 2020-NPL3 LLC
3.10%, 06/27/2060, Series 2020-NPL3, Class A1(1)(3)		4,706,291		4,752,190
Progress Residential 2018-SFR2 Trust
4.34%, 08/17/2035, Series 2018-SFR2, Class D(3)		2,390,000		2,386,288
4.66%, 08/17/2035, Series 2018-SFR2, Class E(3)		3,853,000		3,874,456
Progress Residential 2020-SFR3 Trust
2.30%, 10/17/2027, Series 2020-SFR3, Class E(3)		6,000,000		6,005,314
Progress Residential 2021-SFR1
1.56%, 04/17/2038, Series 2021-SFR1, Class C(3)		3,500,000		3,450,467
Progress Residential 2021-SFR3
2.54%, 05/17/2026, Series 2021-SFR3, Class E1(3)		6,250,000		6,303,578
PRPM 2020-1 LLC
2.98%, 02/25/2025, Series 2020-1A, Class A1(1)(3)		4,502,460		4,522,535
RAMP Series 2005-RS1 Trust

	Principal Amount		Value
4.71%, 11/25/2034, Series 2005-RS1, Class AI6		76		77
Regional Management Issuance Trust 2020-1
3.23%, 10/15/2030, Series 2020-1, Class B(3)		2,590,000		2,647,461
Regional Management Issuance Trust 2021-1
1.68%, 03/17/2031, Series 2021-1, Class A(3)		3,183,000		3,179,356
Renaissance Home Equity Loan Trust
5.61%, 04/25/2037, Series 2007-1, Class AF3(1)		298,832		121,994
Renew 2017-1
3.67%, 09/20/2052, Series 2017-1A, Class A(3)		1,301,332		1,367,410
Rockford Tower CLO 2020-1 Ltd.
1.53% (3 Month LIBOR USD + 1.28%), 01/20/2032, Series 2020-1A, Class A(2)(3)		12,000,000		12,042,684
Santander Consumer Auto Receivables Trust 2020-B
0.46%, 08/15/2024, Series 2020-BA, Class A3(3)		7,527,000		7,540,460
Santander Consumer Auto Receivables Trust 2021-A
0.33%, 10/15/2025, Series 2021-AA, Class A3(3)		5,591,000		5,586,631
0.48%, 06/15/2026, Series 2021-AA, Class A4(3)		3,258,000		3,244,870
Santander Drive Auto Receivables Trust 2017-2
3.49%, 07/17/2023, Series 2017-2, Class D		535,291		537,103
Santander Drive Auto Receivables Trust 2019-3
2.49%, 10/15/2025, Series 2019-3, Class C		5,800,000		5,865,262
Santander Drive Auto Receivables Trust 2020-1
2.03%, 02/15/2024, Series 2020-1, Class A3		2,199,457		2,210,180
Santander Drive Auto Receivables Trust 2020-2
0.67%, 04/15/2024, Series 2020-2, Class A3		3,726,000		3,730,650
0.96%, 11/15/2024, Series 2020-2, Class B		2,573,000		2,585,544
Santander Drive Auto Receivables Trust 2020-3
1.12%, 01/15/2026, Series 2020-3, Class C		8,000,000		8,070,786
Santander Drive Auto Receivables Trust 2020-4
1.01%, 01/15/2026, Series 2020-4, Class C		11,568,000		11,635,099
Santander Drive Auto Receivables Trust 2021-1
0.32%, 09/16/2024, Series 2021-1, Class A3		7,623,000		7,629,835
0.75%, 02/17/2026, Series 2021-1, Class C		9,850,000		9,844,767
Santander Drive Auto Receivables Trust 2021-2
0.90%, 06/15/2026, Series 2021-2, Class C		11,577,000		11,595,644
1.35%, 07/15/2027, Series 2021-2, Class D		10,700,000		10,710,564
SART 2017-1
4.75%, 07/15/2024(12)		4,171,827		4,182,256
SART 2018-1
4.76%, 06/15/2025(12)		5,043,235		5,048,278
SCF Equipment Leasing 2021-1 LLC
1.93%, 09/20/2030, Series 2021-1A, Class D(3)		3,600,000		3,580,393
Securitized Asset Backed Receivables LLC Trust 2006-CB1
3.01%, 01/25/2036, Series 2006-CB1, Class AF2(1)		49,301		49,616
Sierra Timeshare 2019-3 Receivables Funding LLC
2.75%, 08/20/2036, Series 2019-3A, Class B(3)		2,411,345		2,477,559
Sierra Timeshare 2020-2 Receivables Funding LLC
1.33%, 07/20/2037, Series 2020-2A, Class A(3)		2,540,601		2,553,800
Sierra Timeshare 2021-1 Receivables Funding LLC
1.34%, 11/20/2037, Series 2021-1A, Class B(3)		6,873,316		6,879,734
Sixth Street CLO XVI Ltd.

	Principal Amount		Value
1.51% (3 Month LIBOR USD + 1.32%, 1.32% Floor), 10/20/2032, Series 2020-16A, Class A1A(2)(3)		20,000,000		20,067,680
SoFi Consumer Loan Program 2019-3 Trust
2.90%, 05/25/2028, Series 2019-3, Class A(3)		642,744		646,098
SoFi Consumer Loan Program 2020-1 Trust
2.02%, 01/25/2029, Series 2020-1, Class A(3)		3,939,570		3,971,987
SoFi Professional Loan Program 2017-F LLC
2.84%, 01/25/2041, Series 2017-F, Class A2FX(3)		8,831,793		9,032,023
SoFi Professional Loan Program 2018-B Trust
3.34%, 08/25/2047, Series 2018-B, Class A2FX(3)		3,895,879		3,994,337
SoFi Professional Loan Program 2019-C LLC
2.37%, 11/16/2048, Series 2019-C, Class A2FX(3)		7,474,569		7,630,628
SoFi Professional Loan Program 2020-ATrust
2.54%, 05/15/2046, Series 2020-A, Class A2FX(3)		7,800,000		8,058,845
Sound Point CLO II Ltd.
1.25% (3 Month LIBOR USD + 1.07%, 1.07% Floor), 01/26/2031, Series 2013-1A, Class A1R(2)(3)		9,000,000		9,000,522
Springleaf Funding Trust 2017-A
2.68%, 07/15/2030, Series 2017-AA, Class A(3)		2,776,913		2,782,902
Structured Asset Securities Corp. Mortgage Loan Trust 2005-7XS
5.94%, 04/25/2035, Series 2005-7XS, Class 1A4B(1)		323		341
Structured Asset Securities Corp. Mortgage Pass-Through Ctfs Series 2004-6XS
6.03%, 03/25/2034, Series 2004-6XS, Class A5A(1)		43,476		43,930
6.05%, 03/25/2034, Series 2004-6XS, Class A5B(1)		34,770		35,132
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1
3.45%, 02/25/2032, Series 2002-AL1, Class A2		12,330		11,811
3.45%, 02/25/2032, Series 2002-AL1, Class A3		37,956		36,084
Synchrony Card Funding LLC
2.95%, 03/15/2025, Series 2019-A1, Class A		12,384,000		12,624,632
Synchrony Card Issuance Trust
3.38%, 09/15/2024, Series 2018-A1, Class A		5,500,000		5,535,757
Towd Point Mortgage Trust 2017-2
2.75%, 04/25/2057, Series 2017-2, Class A1(3)(4)		2,875,857		2,915,917
Towd Point Mortgage Trust 2017-6
2.75%, 10/25/2057, Series 2017-6, Class A1(3)(4)		4,742,745		4,857,404
Towd Point Mortgage Trust 2018-1
3.00%, 01/25/2058, Series 2018-1, Class A1(3)(4)		4,594,907		4,716,359
Towd Point Mortgage Trust 2019-1
3.72%, 03/25/2058, Series 2019-1, Class A1(3)(4)		5,952,903		6,269,464
Towd Point Mortgage Trust 2019-HY3
1.09% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 10/25/2059, Series 2019-HY3, Class A1A(2)(3)		1,591,537		1,603,391
Towd Point Mortgage Trust 2020-4
1.75%, 10/25/2060, Series 2020-4, Class A1(3)		3,630,417		3,670,784
Towd Point Mortgage Trust 2020-MH1
2.25%, 02/25/2060, Series 2020-MH1, Class A1(3)(4)		6,425,970		6,502,922
Toyota Auto Loan Extended Note Trust 2019-1
2.56%, 11/25/2031, Series 2019-1A, Class A(3)		7,675,000		8,092,942
Toyota Auto Loan Extended Note Trust 2020-1
1.35%, 05/25/2033, Series 2020-1A, Class A(3)		7,685,000		7,812,676
Toyota Auto Receivables 2020-A Owner Trust
1.68%, 05/15/2025, Series 2020-A, Class A4		1,196,000		1,227,923
Toyota Auto Receivables 2020-B Owner Trust

	Principal Amount		Value
1.36%, 08/15/2024, Series 2020-B, Class A3		3,481,000		3,522,741
1.66%, 09/15/2025, Series 2020-B, Class A4		3,189,000		3,275,164
Toyota Auto Receivables 2020-D Owner Trust
0.47%, 01/15/2026, Series 2020-D, Class A4		4,856,000		4,858,528
Toyota Auto Receivables 2021-B Owner Trust
0.53%, 10/15/2026, Series 2021-B, Class A4		7,016,000		6,979,627
Trafigura Securitisation Finance Plc 2018-1
3.73%, 03/15/2022, Series 2018-1A, Class A2(3)		12,666,667		12,741,001
Tricolor Auto Securitization Trust 2020-1
4.88%, 11/15/2026, Series 2020-1A, Class A(3)		5,183,579		5,192,974
United Auto Credit Securitization Trust
1.14%, 06/10/2026, Series 2021-1, Class D(3)		850,000		850,499
US Auto Funding 2018-1 LLC
5.50%, 07/15/2023, Series 2018-1A, Class A(3)		650,909		657,315
USAA Auto Owner Trust 2019-1
2.14%, 11/15/2024, Series 2019-1, Class A4		4,004,000		4,069,092
VCAT 2020-NPL1 LLC
3.67%, 08/25/2050, Series 2020-NPL1, Class A1(1)(3)		2,481,160		2,493,170
VCAT 2021-NPL1 LLC
2.29%, 12/26/2050, Series 2021-NPL1, Class A1(1)(3)		3,191,987		3,200,360
Venture 32 CLO Ltd.
1.29% (3 Month LIBOR USD + 1.10%, 1.10% Floor), 07/18/2031, Series 2018-32A, Class A1(2)(3)		6,000,000		6,000,600
Verizon Master Trust
0.50%, 05/20/2027, Series 2021-1, Class A		10,714,000		10,689,249
Verizon Owner Trust 2018-A
3.23%, 04/20/2023, Series 2018-A, Class A1A		2,686,554		2,705,044
Verizon Owner Trust 2019-A
2.93%, 09/20/2023, Series 2019-A, Class A1A		3,682,558		3,726,502
Verizon Owner Trust 2020-A
1.85%, 07/22/2024, Series 2020-A, Class A1A		9,704,000		9,871,397
Veros Auto Receivables Trust 2021-1
0.92%, 10/15/2026, Series 2021-1, Class A(3)		5,655,344		5,655,249
VM DEBT 2019-1
7.50%, 06/15/2024(12)		7,000,000		7,000,000
Volkswagen Auto Loan Enhanced Trust 2020-1
0.98%, 11/20/2024, Series 2020-1, Class A3		5,114,000		5,151,568
1.26%, 08/20/2026, Series 2020-1, Class A4		1,923,000		1,955,469
VOLT XCIX LLC
2.12%, 04/25/2051, Series 2021-NPL8, Class A1(1)(3)		5,506,177		5,519,250
VOLT XCVI LLC
2.12%, 03/27/2051, Series 2021-NPL5, Class A1(1)(3)		14,882,549		14,890,438
VOLT XCVII LLC
2.24%, 04/25/2051, Series 2021-NPL6, Class A1(1)(3)		13,172,329		13,174,831
Voya CLO 2015-1 Ltd.
1.09% (3 Month LIBOR USD + 0.90%, 0.90% Floor), 01/18/2029, Series 2015-1A, Class A1R(2)(3)		5,663,989		5,665,450
VSE 2018-A Voi Mortgage LLC
3.56%, 02/20/2036, Series 2018-A, Class A(3)		1,417,534		1,490,648
Westgate Resorts 2017-1 LLC
3.05%, 12/20/2030, Series 2017-1A, Class A(3)		305,617		305,383
4.05%, 12/20/2030, Series 2017-1A, Class B(3)		543,931		542,456

	Principal Amount		Value
Westgate Resorts 2020-1 LLC
3.96%, 03/20/2034, Series 2020-1A, Class B(3)		4,684,859		4,835,004
Westlake Automobile Receivables Trust 2019-3
2.15%, 02/15/2023, Series 2019-3A, Class A2(3)		1,341,859		1,344,473
Westlake Automobile Receivables Trust 2020-3
0.56%, 05/15/2024, Series 2020-3A, Class A2(3)		9,838,656		9,856,369
1.65%, 02/17/2026, Series 2020-3A, Class D(3)		1,875,000		1,898,528
World Financial Network Credit Card Master Trust
3.14%, 12/15/2025, Series 2019-A, Class A		5,660,000		5,763,425
World Omni Auto Receivables Trust 2018-D
3.33%, 04/15/2024, Series 2018-D, Class A3		8,395,735		8,518,371
World Omni Auto Receivables Trust 2019-B
2.59%, 07/15/2024, Series 2019-B, Class A3		4,045,923		4,093,440
World Omni Auto Receivables Trust 2019-C
1.96%, 12/16/2024, Series 2019-C, Class A3		5,525,000		5,590,422
World Omni Auto Receivables Trust 2020-C
0.48%, 11/17/2025, Series 2020-C, Class A3		2,227,000		2,232,965
0.61%, 10/15/2026, Series 2020-C, Class A4		3,043,000		3,051,340
World Omni Select Auto Trust 2020-A
0.47%, 06/17/2024, Series 2020-A, Class A2		4,511,981		4,515,534
0.55%, 07/15/2025, Series 2020-A, Class A3		3,022,000		3,029,162
York CLO 8 Ltd.
1.69% (3 Month LIBOR USD + 1.50%, 1.50% Floor), 04/20/2032, Series 2020-1A, Class A1(2)(3)		25,000,000		25,082,450
Zais CLO 7 Ltd.
1.47% (3 Month LIBOR USD + 1.29%), 04/15/2030, Series 2017-2A, Class A(2)(3)		9,382,037		9,388,951
Zais CLO 8 Ltd.
1.13% (3 Month LIBOR USD + 0.95%), 04/15/2029, Series 2018-1A, Class A(2)(3)		38,682,127		38,641,666
Total Asset-Backed Obligations (Cost: $1,893,245,863)				1,910,323,284
Corporate Bonds – 32.58%
Basic Materials – 1.03%
Air Liquide Finance SA
2.25%, 09/27/2023(3)		550,000		569,802
Albemarle Corp.
5.45%, 12/01/2044		600,000		758,607
Anglo American Capital Plc
2.63%, 09/10/2030(3)		1,287,000		1,291,868
2.88%, 03/17/2031(3)		6,709,000		6,858,405
3.63%, 09/11/2024(3)		630,000		678,801
4.00%, 09/11/2027(3)		1,020,000		1,130,848
5.63%, 04/01/2030(3)		4,300,000		5,261,157
Barrick Gold Corp.
6.45%, 10/15/2035		203,000		280,388
Barrick North America Finance LLC
5.75%, 05/01/2043		4,480,000		6,315,919
CF Industries, Inc.
5.38%, 03/15/2044		2,040,000		2,527,968
Chevron Phillips Chemical Co. LLC
5.13%, 04/01/2025(3)		1,705,000		1,951,782

	Principal Amount		Value
Dow Chemical Co.
4.55%, 11/30/2025		6,660,000		7,582,204
5.55%, 11/30/2048		3,005,000		4,218,744
DuPont de Nemours, Inc.
5.32%, 11/15/2038		5,665,000		7,492,009
5.42%, 11/15/2048		1,200,000		1,666,142
Ecolab, Inc.
3.25%, 01/14/2023		452,000		470,673
FMC Corp.
3.95%, 02/01/2022		1,725,000		1,744,629
Glencore Finance Canada Ltd.
4.25%, 10/25/2022(3)		5,000,000		5,229,850
4.95%, 11/15/2021(3)		2,030,000		2,063,219
Glencore Funding LLC
1.63%, 09/01/2025(3)		5,200,000		5,259,121
2.50%, 09/01/2030(3)		5,040,000		5,027,685
3.88%, 10/27/2027(3)		875,000		962,325
3.88%, 04/27/2051(3)		1,000,000		1,047,202
4.00%, 03/27/2027(3)		6,300,000		6,982,624
4.13%, 05/30/2023(3)		1,055,000		1,122,137
4.63%, 04/29/2024(3)		1,500,000		1,644,150
Indonesia Asahan Aluminium Persero PT
4.75%, 05/15/2025(3)		2,875,000		3,169,486
6.76%, 11/15/2048(3)		937,000		1,214,240
International Flavors & Fragrances, Inc.
1.83%, 10/15/2027(3)		2,105,000		2,099,020
3.27%, 11/15/2040(3)		1,205,000		1,236,919
3.47%, 12/01/2050(3)		930,000		966,698
4.45%, 09/26/2028		720,000		832,497
International Paper Co.
8.70%, 06/15/2038		350,000		583,854
LYB International Finance BV
4.88%, 03/15/2044		300,000		373,476
5.25%, 07/15/2043		610,000		788,785
LYB International Finance III LLC
1.25%, 10/01/2025		705,000		703,237
3.38%, 05/01/2030		2,170,000		2,351,304
4.20%, 05/01/2050		4,711,000		5,420,540
LyondellBasell Industries NV
5.75%, 04/15/2024		2,550,000		2,854,082
Mosaic Co.
4.25%, 11/15/2023		8,533,000		9,164,864
5.63%, 11/15/2043		2,055,000		2,682,354
Nucor Corp.
2.98%, 12/15/2055(3)		800,000		773,122
Nutrien Ltd.
3.15%, 10/01/2022		875,000		898,154
4.13%, 03/15/2035		1,960,000		2,237,823
4.20%, 04/01/2029		420,000		483,057
5.25%, 01/15/2045		1,900,000		2,530,478
PPG Industries, Inc.

	Principal Amount		Value
1.20%, 03/15/2026		1,355,000		1,351,547
Reliance Steel & Aluminum Co.
2.15%, 08/15/2030		3,100,000		3,054,114
Rio Tinto Alcan, Inc.
5.75%, 06/01/2035		54,000		74,197
Samarco Mineracao SA
5.75%, 10/24/2023(3)(6)		537,000		416,175
Sasol Financing USA LLC
5.88%, 03/27/2024		3,249,000		3,469,932
6.50%, 09/27/2028		1,555,000		1,749,375
Solvay Finance America LLC
4.45%, 12/03/2025(3)		11,810,000		13,247,377
Southern Copper Corp.
5.25%, 11/08/2042		1,000,000		1,280,000
Steel Dynamics, Inc.
1.65%, 10/15/2027		1,637,000		1,631,509
3.45%, 04/15/2030		823,000		895,299
Teck Resources Ltd.
3.90%, 07/15/2030		1,200,000		1,292,983
6.25%, 07/15/2041		2,005,000		2,620,053
Union Carbide Corp.
7.75%, 10/01/2096		681,000		1,131,328
Vale Overseas Ltd.
3.75%, 07/08/2030		4,255,000		4,530,298
6.25%, 08/10/2026		15,503,000		18,650,109
6.88%, 11/21/2036		167,000		228,909
6.88%, 11/10/2039		2,107,000		2,947,208
8.25%, 01/17/2034		2,394,000		3,495,240
Total Basic Materials				183,567,902
Communications – 2.89%
Amazon.com, Inc.
3.10%, 05/12/2051		4,236,000		4,449,634
3.25%, 05/12/2061		5,864,000		6,179,775
3.88%, 08/22/2037		1,700,000		2,027,166
America Movil SAB de CV
3.13%, 07/16/2022		374,000		384,218
3.63%, 04/22/2029		6,036,000		6,656,320
4.38%, 04/22/2049		1,214,000		1,488,937
AT&T, Inc.
1.65%, 02/01/2028		2,075,000		2,059,548
2.25%, 02/01/2032		3,510,000		3,444,924
2.30%, 06/01/2027		12,548,000		12,978,432
2.55%, 12/01/2033(3)		17,519,000		17,355,053
3.10%, 02/01/2043		5,270,000		5,163,812
3.50%, 06/01/2041		1,353,000		1,405,451
3.50%, 09/15/2053(3)		19,761,000		19,853,295
3.55%, 09/15/2055(3)		9,196,000		9,226,833
3.65%, 09/15/2059(3)		1,685,000		1,708,756
3.80%, 12/01/2057(3)		987,000		1,028,338
4.50%, 05/15/2035		5,500,000		6,456,008

	Principal Amount		Value
4.65%, 06/01/2044		2,145,000		2,526,677
6.00%, 08/15/2040		2,275,000		3,083,913
6.38%, 03/01/2041		7,828,000		11,237,155
Booking Holdings, Inc.
2.75%, 03/15/2023		857,000		889,843
Charter Communications Operating LLC
2.30%, 02/01/2032		4,000,000		3,845,687
3.50%, 06/01/2041		7,240,000		7,289,013
3.70%, 04/01/2051		4,320,000		4,272,768
3.75%, 02/15/2028		2,215,000		2,442,827
3.85%, 04/01/2061		3,577,000		3,510,814
3.90%, 06/01/2052		2,310,000		2,352,057
4.91%, 07/23/2025		17,065,000		19,333,125
5.05%, 03/30/2029		9,119,000		10,771,282
5.38%, 04/01/2038		835,000		1,026,029
5.38%, 05/01/2047		4,610,000		5,649,141
6.38%, 10/23/2035		5,867,000		7,842,226
6.48%, 10/23/2045		1,275,000		1,755,907
6.83%, 10/23/2055		690,000		1,015,662
Comcast Cable Holdings LLC
10.13%, 04/15/2022		186,000		200,061
Comcast Corp.
1.95%, 01/15/2031		2,710,000		2,671,581
3.15%, 03/01/2026		1,716,000		1,866,931
3.15%, 02/15/2028		1,500,000		1,646,135
3.25%, 11/01/2039		3,295,000		3,504,683
3.55%, 05/01/2028		886,000		990,993
3.60%, 03/01/2024		542,000		585,629
3.75%, 04/01/2040		2,195,000		2,474,380
3.90%, 03/01/2038		455,000		523,562
3.97%, 11/01/2047		154,000		179,292
4.00%, 11/01/2049		638,000		751,309
4.05%, 11/01/2052		300,000		357,080
4.20%, 08/15/2034		555,000		657,289
4.25%, 01/15/2033		3,107,000		3,702,808
4.60%, 10/15/2038		4,729,000		5,861,132
4.95%, 10/15/2058		2,000,000		2,765,627
Corning, Inc.
5.35%, 11/15/2048		960,000		1,289,708
Cox Communications, Inc.
1.80%, 10/01/2030(3)		2,118,000		2,018,614
2.60%, 06/15/2031(3)		15,920,000		16,158,692
2.95%, 10/01/2050(3)		1,275,000		1,207,778
3.35%, 09/15/2026(3)		369,000		400,700
3.50%, 08/15/2027(3)		8,245,000		9,051,126
3.60%, 06/15/2051(3)		1,250,000		1,316,285
3.85%, 02/01/2025(3)		1,250,000		1,360,326
4.80%, 02/01/2035(3)		6,000,000		7,271,599
Crown Castle Towers LLC
3.22%, 05/15/2022(3)		589,000		590,209

	Principal Amount		Value
3.66%, 05/15/2025(3)		955,000		1,019,879
Deutsche Telekom International Finance BV
4.88%, 03/06/2042(3)		240,000		297,918
8.75%, 06/15/2030		49,000		73,423
Discovery Communications LLC
3.63%, 05/15/2030		2,500,000		2,727,450
5.20%, 09/20/2047		1,375,000		1,708,835
eBay, Inc.
2.60%, 05/10/2031		8,000,000		8,139,691
Grupo Televisa SAB
6.13%, 01/31/2046		382,000		521,128
Level 3 Financing, Inc.
3.40%, 03/01/2027(3)		7,000,000		7,421,050
NBCUniversal Media LLC
4.45%, 01/15/2043		15,000		18,399
5.95%, 04/01/2041		527,000		758,787
NBN Co. Ltd.
2.63%, 05/05/2031(3)		14,200,000		14,545,486
Qwest Corp.
6.75%, 12/01/2021		3,866,000		3,957,818
Rogers Communications, Inc.
4.35%, 05/01/2049		1,335,000		1,571,295
Sky Ltd.
3.75%, 09/16/2024(3)		287,000		313,681
TCI Communications, Inc.
7.13%, 02/15/2028		138,000		184,606
Telecom Italia Capital SA
7.20%, 07/18/2036		1,644,000		2,120,760
Telefonica Emisiones SA
4.10%, 03/08/2027		4,775,000		5,374,518
4.67%, 03/06/2038		1,175,000		1,381,758
4.90%, 03/06/2048		4,575,000		5,478,251
Tencent Holdings Ltd.
3.84%, 04/22/2051(3)		3,088,000		3,324,608
Time Warner Cable LLC
5.50%, 09/01/2041		6,815,000		8,447,053
5.88%, 11/15/2040		1,275,000		1,649,275
6.55%, 05/01/2037		375,000		510,837
6.75%, 06/15/2039		539,000		750,350
7.30%, 07/01/2038		1,418,000		2,070,886
Time Warner Entertainment Co. LP
8.38%, 07/15/2033		529,000		801,557
T-Mobile USA, Inc.
1.50%, 02/15/2026		4,345,000		4,378,196
2.05%, 02/15/2028		5,330,000		5,410,856
3.00%, 02/15/2041		3,230,000		3,190,174
3.30%, 02/15/2051		445,000		444,266
3.50%, 04/15/2025		7,120,000		7,716,976
3.75%, 04/15/2027		8,801,000		9,725,105
3.88%, 04/15/2030		38,285,000		42,795,739

	Principal Amount		Value
TWDC Enterprises 18 Corp.
3.00%, 07/30/2046		160,000		164,885
Verizon Communications, Inc.
1.68%, 10/30/2030		765,000		730,462
2.10%, 03/22/2028		3,415,000		3,486,426
2.55%, 03/21/2031		8,095,000		8,274,102
2.65%, 11/20/2040		2,329,000		2,241,237
2.99%, 10/30/2056		4,507,000		4,236,750
3.15%, 03/22/2030		5,000,000		5,398,856
3.40%, 03/22/2041		1,500,000		1,586,764
3.70%, 03/22/2061		8,818,000		9,444,594
4.02%, 12/03/2029		712,000		816,392
4.13%, 03/16/2027		2,800,000		3,188,749
4.27%, 01/15/2036		7,668,000		9,123,579
4.40%, 11/01/2034		4,843,000		5,769,015
4.50%, 08/10/2033		7,079,000		8,459,179
4.52%, 09/15/2048		1,065,000		1,317,471
4.81%, 03/15/2039		7,941,000		10,058,688
4.86%, 08/21/2046		7,405,000		9,580,507
ViacomCBS, Inc.
2.90%, 01/15/2027		450,000		477,784
3.70%, 08/15/2024		399,000		431,013
3.70%, 06/01/2028		870,000		967,641
4.00%, 01/15/2026		1,000,000		1,112,018
4.38%, 03/15/2043		718,000		830,767
4.90%, 08/15/2044		315,000		382,071
5.85%, 09/01/2043		2,160,000		2,959,450
Vodafone Group Plc
5.00%, 05/30/2038		3,300,000		4,153,565
5.25%, 05/30/2048		3,594,000		4,735,690
6.15%, 02/27/2037		4,600,000		6,365,285
Walt Disney Co.
3.70%, 10/15/2025		380,000		420,014
6.20%, 12/15/2034		150,000		212,949
7.63%, 11/30/2028		310,000		429,499
8.88%, 04/26/2023		108,000		124,122
9.50%, 07/15/2024		175,000		220,796
Total Communications				516,645,086
Consumer, Cyclical – 1.63%
7-Eleven, Inc.
0.95%, 02/10/2026(3)		3,971,000		3,899,579
1.30%, 02/10/2028(3)		1,274,000		1,230,657
2.50%, 02/10/2041(3)		1,298,000		1,208,485
Air Canada 2013-1 Class A Pass Through Trust
4.13%, 05/15/2025(3)		1,459,931		1,503,357
Air Canada 2015-1 Class A Pass Through Trust
3.60%, 03/15/2027(3)		668,811		679,904
Air Canada 2015-2 Class AA Pass Through Trust
3.75%, 12/15/2027(3)		1,081,421		1,123,135
Air Canada 2017-1 Class A Pass Through Trust

	Principal Amount		Value
3.55%, 01/15/2030(3)		2,575,016		2,505,676
Air Canada 2017-1 Class AA Pass Through Trust
3.30%, 01/15/2030(3)		1,470,192		1,487,374
Alimentation Couche-Tard, Inc.
2.95%, 01/25/2030(3)		1,100,000		1,141,356
3.44%, 05/13/2041(3)		2,460,000		2,539,861
3.63%, 05/13/2051(3)		3,500,000		3,657,364
3.80%, 01/25/2050(3)		2,100,000		2,250,680
American Airlines 2014-1 Class A Pass Through Trust
3.70%, 10/01/2026		325,476		330,783
American Airlines 2015-1 Class A Pass Through Trust
3.38%, 05/01/2027		2,971,455		2,950,842
American Airlines 2015-2 Class AA Pass Through Trust
3.60%, 09/22/2027		541,848		560,485
American Airlines 2016-2 Class AA Pass Through Trust
3.20%, 06/15/2028		1,196,240		1,219,623
American Airlines 2016-3 Class AA Pass Through Trust
3.00%, 10/15/2028		2,221,005		2,256,424
American Airlines 2017-1 Class AA Pass Through Trust
3.65%, 02/15/2029		1,873,235		1,929,439
American Honda Finance Corp.
2.30%, 09/09/2026		185,000		194,452
2.90%, 02/16/2024		300,000		317,239
AutoZone, Inc.
1.65%, 01/15/2031		3,800,000		3,615,037
BMW US Capital LLC
2.25%, 09/15/2023(3)		894,000		925,836
British Airways 2018-1 Class A Pass Through Trust
4.13%, 09/20/2031(3)		2,269,557		2,307,549
British Airways 2018-1 Class AA Pass Through Trust
3.80%, 09/20/2031(3)		1,071,636		1,119,820
British Airways 2019-1 Class AA Pass Through Trust
3.30%, 12/15/2032(3)		1,510,090		1,536,101
CK Hutchison International 21 Ltd.
3.13%, 04/15/2041(3)		4,291,000		4,394,384
Continental Airlines 2007-1 Class A Pass Through Trust
5.98%, 04/19/2022		2,709,220		2,770,399
Continental Airlines 2012-1 Class A Pass Through Trust
4.15%, 04/11/2024		1,000,312		1,062,575
Continental Airlines 2012-2 Class A Pass Through Trust
4.00%, 10/29/2024		4,156,505		4,395,228
Daimler Finance North America LLC
3.35%, 02/22/2023(3)		1,000,000		1,045,552
Delta Air Lines 2015-1 Class B Pass Through Trust
4.25%, 07/30/2023		1,790,136		1,825,608
Dollar General Corp.
4.13%, 05/01/2028		835,000		956,233
Dollar Tree, Inc.
4.20%, 05/15/2028		3,695,000		4,215,117
Ford Motor Co.

	Principal Amount		Value
5.29%, 12/08/2046		280,000		312,726
Ford Motor Credit Co. LLC
3.34%, 03/28/2022		3,000,000		3,044,100
3.35%, 11/01/2022		620,000		635,438
3.81%, 10/12/2021		6,200,000		6,246,500
4.25%, 09/20/2022		3,800,000		3,923,766
5.88%, 08/02/2021		4,100,000		4,120,910
General Motors Co.
5.00%, 04/01/2035		4,591,000		5,545,337
5.20%, 04/01/2045		2,750,000		3,398,915
5.95%, 04/01/2049		3,028,000		4,121,968
6.13%, 10/01/2025		1,205,000		1,426,482
6.25%, 10/02/2043		3,100,000		4,279,528
6.60%, 04/01/2036		685,000		940,194
General Motors Financial Co., Inc.
1.25%, 01/08/2026		4,283,000		4,254,457
1.50%, 06/10/2026		9,557,000		9,494,659
2.35%, 01/08/2031		2,862,000		2,823,935
2.70%, 08/20/2027		2,585,000		2,686,135
2.70%, 06/10/2031		2,395,000		2,403,610
3.15%, 06/30/2022		1,120,000		1,146,834
3.45%, 01/14/2022		6,500,000		6,590,619
3.45%, 04/10/2022		4,820,000		4,908,747
3.70%, 05/09/2023		4,180,000		4,388,328
3.95%, 04/13/2024		5,535,000		5,954,579
4.00%, 01/15/2025		2,231,000		2,430,516
4.30%, 07/13/2025		1,765,000		1,950,565
4.35%, 01/17/2027		1,035,000		1,163,642
4.38%, 09/25/2021		5,000,000		5,046,458
Home Depot, Inc.
4.40%, 03/15/2045		268,000		339,967
Hyundai Capital America
1.15%, 11/10/2022(3)		5,552,000		5,588,971
1.30%, 01/08/2026(3)		1,005,000		993,189
1.50%, 06/15/2026(3)		20,760,000		20,597,370
1.80%, 10/15/2025(3)		1,190,000		1,207,407
1.80%, 01/10/2028(3)		2,170,000		2,150,584
2.38%, 10/15/2027(3)		1,200,000		1,226,815
3.00%, 02/10/2027(3)		675,000		715,099
3.10%, 04/05/2022(3)		2,500,000		2,547,591
3.40%, 06/20/2024(3)		1,500,000		1,599,061
Hyundai Capital Services, Inc.
3.00%, 03/06/2022(3)		3,725,000		3,787,058
Kia Corp.
1.75%, 10/16/2026(3)		1,620,000		1,634,489
Kohl’s Corp.
3.38%, 05/01/2031		2,500,000		2,588,166
Lennar Corp.
4.50%, 04/30/2024		880,000		962,500
Lowe’s Companies, Inc.

	Principal Amount		Value
1.70%, 10/15/2030		2,300,000		2,204,841
2.63%, 04/01/2031		19,141,000		19,777,897
3.65%, 04/05/2029		1,701,000		1,902,671
McDonald’s Corp.
4.45%, 03/01/2047		360,000		440,736
4.70%, 12/09/2035		216,000		267,742
6.30%, 10/15/2037		394,000		563,744
MDC Holdings, Inc.
2.50%, 01/15/2031		1,595,000		1,553,753
Nissan Motor Co. Ltd.
4.35%, 09/17/2027(3)		4,222,000		4,640,972
4.81%, 09/17/2030(3)		2,686,000		3,032,602
Nordstrom, Inc.
4.00%, 03/15/2027		2,511,000		2,605,514
4.25%, 08/01/2031(3)		2,871,000		2,990,143
O’Reilly Automotive, Inc.
3.55%, 03/15/2026		500,000		551,118
3.60%, 09/01/2027		802,000		897,741
Ross Stores, Inc.
1.88%, 04/15/2031		11,995,000		11,614,109
Spirit Airlines Pass Through Trust 2017-1AA
3.38%, 02/15/2030		822,302		834,615
Starbucks Corp.
2.55%, 11/15/2030		1,480,000		1,533,504
Toll Brothers Finance Corp.
4.88%, 11/15/2025		1,705,000		1,913,632
United Airlines 2013-1 Class A Pass Through Trust
4.30%, 08/15/2025		542,306		573,553
United Airlines 2014-1 Class A Pass Through Trust
4.00%, 04/11/2026		751,898		792,688
United Airlines 2016-1 Class A Pass Through Trust
3.45%, 07/07/2028		1,447,196		1,471,263
United Airlines 2016-1 Class AA Pass Through Trust
3.10%, 07/07/2028		6,514,394		6,863,053
United Airlines 2016-1 Class B Pass Through Trust
3.65%, 01/07/2026		1,851,694		1,838,591
United Airlines 2016-2 Class A Pass Through Trust
3.10%, 10/07/2028		2,444,949		2,467,580
United Airlines 2016-2 Class AA Pass Through Trust
2.88%, 10/07/2028		1,466,970		1,497,349
United Airlines 2016-2 Class B Pass Through Trust
3.65%, 10/07/2025		2,240,741		2,240,192
United Airlines 2018-1 Class A Pass Through Trust
3.70%, 03/01/2030		3,414,578		3,477,630
United Airlines 2018-1 Class AA Pass Through Trust
3.50%, 03/01/2030		2,233,390		2,335,845
United Airlines 2018-1 Class B Pass Through Trust
4.60%, 03/01/2026		455,393		470,140
United Airlines 2019-1 Class A Pass Through Trust
4.55%, 08/25/2031		1,939,636		2,080,973

	Principal Amount		Value
United Airlines 2019-1 Class AA Pass Through Trust
4.15%, 08/25/2031		2,220,202		2,428,317
United Airlines 2019-2 Class AA Pass Through Trust
2.70%, 05/01/2032		2,791,050		2,797,272
Volkswagen Group of America Finance LLC
1.63%, 11/24/2027(3)		1,670,000		1,649,635
Total Consumer, Cyclical				292,642,784
Consumer, Non-cyclical – 4.32%
Abbott Laboratories
1.15%, 01/30/2028		1,390,000		1,363,692
4.75%, 11/30/2036		5,000,000		6,438,362
AbbVie, Inc.
2.60%, 11/21/2024		8,919,000		9,404,613
2.80%, 03/15/2023		971,000		1,003,187
2.85%, 05/14/2023		4,900,000		5,099,052
3.25%, 10/01/2022		4,000,000		4,112,625
3.45%, 03/15/2022		1,238,000		1,258,876
3.60%, 05/14/2025		12,060,000		13,159,833
3.80%, 03/15/2025		3,000,000		3,281,539
3.85%, 06/15/2024		1,198,000		1,299,297
4.05%, 11/21/2039		9,038,000		10,496,965
4.25%, 11/21/2049		11,691,000		14,011,831
4.40%, 11/06/2042		1,700,000		2,064,243
4.45%, 05/14/2046		425,000		513,239
4.55%, 03/15/2035		6,025,000		7,312,603
4.70%, 05/14/2045		4,415,000		5,497,759
4.88%, 11/14/2048		2,353,000		3,030,897
5.00%, 12/15/2021		3,500,000		3,533,692
Aetna, Inc.
4.50%, 05/15/2042		4,205,000		5,023,896
4.75%, 03/15/2044		1,800,000		2,229,764
6.75%, 12/15/2037		341,000		503,035
Ahold Finance USA LLC
6.88%, 05/01/2029		3,280,000		4,418,949
AHS Hospital Corp.
2.78%, 07/01/2051		2,730,000		2,697,103
Altria Group, Inc.
2.45%, 02/04/2032		3,845,000		3,718,429
3.40%, 02/04/2041		8,495,000		8,099,486
AmerisourceBergen Corp.
4.30%, 12/15/2047		1,080,000		1,258,779
Amgen, Inc.
2.20%, 02/21/2027		1,155,000		1,199,250
2.70%, 05/01/2022		5,600,000		5,675,989
3.15%, 02/21/2040		2,000,000		2,084,003
Anheuser-Busch InBev Finance, Inc.
4.63%, 02/01/2044		455,000		552,563
Anheuser-Busch InBev Worldwide, Inc.
4.35%, 06/01/2040		4,110,000		4,891,886
4.38%, 04/15/2038		2,240,000		2,678,078

	Principal Amount		Value
4.44%, 10/06/2048		590,000		706,166
4.50%, 06/01/2050		5,390,000		6,559,578
4.60%, 06/01/2060		1,910,000		2,351,154
4.70%, 02/01/2036		12,693,000		15,578,670
4.75%, 01/23/2029		1,150,000		1,369,954
4.75%, 04/15/2058		93,000		116,607
4.90%, 02/01/2046		9,520,000		12,049,940
4.95%, 01/15/2042		2,735,000		3,464,515
5.45%, 01/23/2039		7,035,000		9,278,253
Anthem, Inc.
3.13%, 05/15/2022		484,000		495,885
3.30%, 01/15/2023		271,000		282,674
3.50%, 08/15/2024		694,000		747,509
3.60%, 03/15/2051		4,420,000		4,858,284
4.10%, 03/01/2028		920,000		1,051,475
4.38%, 12/01/2047		4,500,000		5,488,454
4.63%, 05/15/2042		400,000		495,926
4.65%, 01/15/2043		391,000		487,144
4.65%, 08/15/2044		395,000		492,914
5.10%, 01/15/2044		1,690,000		2,223,058
Ascension Health
2.53%, 11/15/2029		1,740,000		1,828,996
3.11%, 11/15/2039		2,670,000		2,849,872
AstraZeneca Plc
2.13%, 08/06/2050		1,040,000		908,282
4.00%, 09/18/2042		540,000		642,773
6.45%, 09/15/2037		500,000		747,427
Baptist Healthcare System Obligated Group
3.54%, 08/15/2050		2,280,000		2,455,137
BAT Capital Corp.
2.26%, 03/25/2028		2,000,000		1,984,997
2.73%, 03/25/2031		6,820,000		6,733,231
3.22%, 08/15/2024		7,145,000		7,589,131
3.73%, 09/25/2040		1,240,000		1,211,619
3.98%, 09/25/2050		2,500,000		2,434,847
4.54%, 08/15/2047		635,000		675,273
BAT International Finance Plc
1.67%, 03/25/2026		1,390,000		1,389,221
Baxalta, Inc.
3.60%, 06/23/2022		110,000		112,879
5.25%, 06/23/2045		50,000		66,233
Becton Dickinson & Co.
3.73%, 12/15/2024		1,972,000		2,147,406
Bimbo Bakeries USA, Inc.
4.00%, 05/17/2051(3)		3,755,000		4,032,129
Biogen, Inc.
2.25%, 05/01/2030		2,577,000		2,584,022
3.15%, 05/01/2050		650,000		638,360
Bon Secours Mercy Health, Inc.
3.21%, 06/01/2050		1,730,000		1,791,534

	Principal Amount		Value
Boston Scientific Corp.
4.00%, 03/01/2029		2,317,000		2,635,199
4.55%, 03/01/2039		725,000		885,588
Bristol-Myers Squibb Co.
0.54%, 11/13/2023		5,103,000		5,109,111
2.35%, 11/13/2040		3,651,000		3,516,059
4.13%, 06/15/2039		4,294,000		5,181,986
4.35%, 11/15/2047		7,950,000		10,043,345
4.55%, 02/20/2048		1,770,000		2,308,884
4.63%, 05/15/2044		2,640,000		3,438,224
5.00%, 08/15/2045		653,000		892,501
Bunge Ltd. Finance Corp.
2.75%, 05/14/2031		3,900,000		3,942,787
Campbell Soup Co.
2.38%, 04/24/2030		895,000		901,634
3.13%, 04/24/2050		494,000		480,222
Cargill, Inc.
2.13%, 04/23/2030(3)		2,783,000		2,818,269
3.25%, 03/01/2023(3)		345,000		361,642
Centene Corp.
2.45%, 07/15/2028		4,940,000		5,006,690
2.50%, 03/01/2031		1,618,000		1,595,752
Children’s Health System of Texas
2.51%, 08/15/2050		2,270,000		2,104,359
Children’s Hospital
2.93%, 07/15/2050		1,340,000		1,330,847
Children’s Hospital Corp.
2.59%, 02/01/2050		1,290,000		1,232,570
Cigna Corp.
3.05%, 11/30/2022		9,105,000		9,423,937
3.25%, 04/15/2025		970,000		1,045,747
4.38%, 10/15/2028		30,325,000		35,268,953
4.50%, 02/25/2026		755,000		859,267
4.80%, 07/15/2046		218,000		276,448
Coca-Cola Femsa SAB de CV
1.85%, 09/01/2032		1,500,000		1,449,525
2.75%, 01/22/2030		1,370,000		1,426,280
CommonSpirit Health
1.55%, 10/01/2025		1,290,000		1,301,043
2.78%, 10/01/2030		5,925,000		6,148,388
3.91%, 10/01/2050		1,265,000		1,390,396
Conagra Brands, Inc.
1.38%, 11/01/2027		1,755,000		1,712,617
5.40%, 11/01/2048		1,902,000		2,553,234
7.00%, 10/01/2028		3,250,000		4,329,991
Constellation Brands, Inc.
2.88%, 05/01/2030		3,620,000		3,796,125
4.40%, 11/15/2025		760,000		857,152
4.65%, 11/15/2028		4,780,000		5,614,867
Cottage Health Obligated Group

	Principal Amount		Value
3.30%, 11/01/2049		3,560,000		3,843,710
CVS Health Corp.
2.70%, 08/21/2040		2,500,000		2,423,292
4.30%, 03/25/2028		2,017,000		2,317,345
4.78%, 03/25/2038		7,088,000		8,719,985
4.88%, 07/20/2035		2,515,000		3,062,866
5.05%, 03/25/2048		6,313,000		8,199,802
5.13%, 07/20/2045		4,430,000		5,761,879
5.30%, 12/05/2043		3,260,000		4,323,997
CVS Pass-Through Trust
5.77%, 01/10/2033(3)		717,242		850,130
5.93%, 01/10/2034(3)		537,795		650,227
7.51%, 01/10/2032(3)		793,759		1,005,557
CVS Pass-Through Trust Series 2009
8.35%, 07/10/2031(3)		801,324		1,050,329
DENTSPLY SIRONA, Inc.
3.25%, 06/01/2030		3,000,000		3,208,647
DH Europe Finance II Sarl
3.25%, 11/15/2039		431,000		461,512
Diageo Investment Corp.
8.00%, 09/15/2022		516,000		563,329
Element Fleet Management Corp.
1.60%, 04/06/2024(3)		1,405,000		1,427,858
3.85%, 06/15/2025(3)		3,000,000		3,227,188
ERAC USA Finance LLC
4.50%, 08/16/2021(3)		400,000		402,051
4.50%, 02/15/2045(3)		300,000		365,897
5.63%, 03/15/2042(3)		357,000		486,698
Experian Finance Plc
2.75%, 03/08/2030(3)		9,240,000		9,549,392
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/2050		2,290,000		2,408,530
4.38%, 05/10/2043		526,000		625,183
Ford Foundation
2.82%, 06/01/2070		4,835,000		4,851,151
Fresenius Medical Care US Finance III, Inc.
3.00%, 12/01/2031(3)		8,000,000		8,160,762
General Mills, Inc.
3.00%, 02/01/2051(3)		3,007,000		3,030,323
Gilead Sciences, Inc.
0.75%, 09/29/2023		6,637,000		6,640,275
1.65%, 10/01/2030		1,700,000		1,643,252
2.60%, 10/01/2040		1,855,000		1,785,783
4.60%, 09/01/2035		4,225,000		5,169,560
Global Payments, Inc.
3.20%, 08/15/2029		2,300,000		2,461,830
Grupo Bimbo SAB de CV
3.88%, 06/27/2024(3)		5,000,000		5,389,437
4.70%, 11/10/2047(3)		4,500,000		5,289,231
Hackensack Meridian Health, Inc.

	Principal Amount		Value
2.68%, 09/01/2041		3,780,000		3,705,403
2.88%, 09/01/2050		2,000,000		1,972,197
Hartford HealthCare Corp.
3.45%, 07/01/2054		3,370,000		3,537,939
HCA, Inc.
3.50%, 07/15/2051		245,000		244,888
4.50%, 02/15/2027		7,000,000		7,910,525
5.13%, 06/15/2039		1,715,000		2,142,253
5.25%, 06/15/2026		4,200,000		4,861,751
5.50%, 06/15/2047		1,825,000		2,376,920
Hormel Foods Corp.
3.05%, 06/03/2051		2,564,000		2,658,433
Johnson & Johnson
4.38%, 12/05/2033		1,070,000		1,338,836
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		925,000		981,595
3.43%, 06/15/2027		1,802,000		1,986,449
4.06%, 05/25/2023		2,299,000		2,450,759
4.42%, 05/25/2025		447,000		501,466
4.42%, 12/15/2046		4,032,000		4,836,576
4.99%, 05/25/2038		646,000		823,383
5.09%, 05/25/2048		500,000		659,943
Kimberly-Clark de Mexico SAB de CV
2.43%, 07/01/2031(3)		7,500,000		7,425,675
Kraft Heinz Foods Co.
3.00%, 06/01/2026		3,353,000		3,570,725
4.38%, 06/01/2046		4,425,000		5,014,404
4.88%, 10/01/2049		3,375,000		4,097,086
Kroger Co.
3.95%, 01/15/2050		1,600,000		1,820,673
4.45%, 02/01/2047		1,010,000		1,202,319
5.40%, 07/15/2040		95,000		124,248
Laboratory Corp. of America Holdings
2.95%, 12/01/2029		2,190,000		2,305,867
Mars, Inc.
3.95%, 04/01/2049(3)		3,482,000		4,174,341
Massachusetts Institute of Technology
3.89%, 07/01/2116		2,906,000		3,565,643
4.68%, 07/01/2114		1,645,000		2,392,036
McKesson Corp.
0.90%, 12/03/2025		2,410,000		2,374,613
Mead Johnson Nutrition Co.
4.13%, 11/15/2025		891,000		1,002,385
Memorial Health Services
3.45%, 11/01/2049		3,040,000		3,291,936
MidMichigan Health
3.41%, 06/01/2050		3,480,000		3,737,792
Mondelez International, Inc.
1.50%, 05/04/2025		700,000		712,348
Moody’s Corp.

	Principal Amount		Value
2.55%, 08/18/2060		705,000		624,728
Mount Sinai Hospitals Group, Inc.
3.98%, 07/01/2048		999,000		1,113,101
MultiCare Health System
2.80%, 08/15/2050		3,003,000		2,952,727
Mylan, Inc.
3.13%, 01/15/2023(3)		5,000,000		5,180,209
4.55%, 04/15/2028		700,000		803,886
5.20%, 04/15/2048		7,550,000		9,290,690
5.40%, 11/29/2043		3,770,000		4,652,936
NYU Langone Hospitals
3.38%, 07/01/2055		1,270,000		1,345,227
Orlando Health Obligated Group
4.09%, 10/01/2048		2,605,000		3,179,396
Pepperdine University
3.30%, 12/01/2059		1,440,000		1,439,353
PerkinElmer, Inc.
3.63%, 03/15/2051		3,400,000		3,703,572
Philip Morris International, Inc.
2.50%, 11/02/2022		1,300,000		1,334,792
President & Fellows of Harvard College
2.52%, 10/15/2050		3,480,000		3,481,649
3.30%, 07/15/2056		4,420,000		5,068,550
Providence St Joseph Health Obligated Group
2.75%, 10/01/2026		1,200,000		1,283,069
Quest Diagnostics, Inc.
3.45%, 06/01/2026		223,000		244,875
3.50%, 03/30/2025		4,820,000		5,230,263
Reckitt Benckiser Treasury Services Plc
2.38%, 06/24/2022(3)		1,200,000		1,223,008
Regeneron Pharmaceuticals, Inc.
1.75%, 09/15/2030		2,800,000		2,653,037
2.80%, 09/15/2050		1,655,000		1,506,967
Reynolds American, Inc.
4.45%, 06/12/2025		5,000,000		5,538,881
Royalty Pharma Plc
0.75%, 09/02/2023(3)		7,105,000		7,125,865
1.20%, 09/02/2025(3)		2,080,000		2,061,064
1.75%, 09/02/2027(3)		2,080,000		2,047,108
3.30%, 09/02/2040(3)		1,720,000		1,732,016
3.55%, 09/02/2050(3)		1,765,000		1,755,550
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/2023		668,000		699,048
3.20%, 09/23/2026		3,626,000		3,936,158
Smithfield Foods, Inc.
3.35%, 02/01/2022(3)		14,000,000		14,196,791
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/2040		1,785,000		1,801,839
3.18%, 07/09/2050		1,920,000		1,940,433
3.38%, 07/09/2060		1,210,000		1,241,817

	Principal Amount		Value
Texas Health Resources
2.33%, 11/15/2050		970,000		879,202
4.33%, 11/15/2055		1,000,000		1,306,544
Thermo Fisher Scientific, Inc.
2.95%, 09/19/2026		476,000		513,299
Triton Container International Ltd.
1.15%, 06/07/2024(3)		2,755,000		2,749,551
Tyson Foods, Inc.
4.88%, 08/15/2034		400,000		496,715
5.15%, 08/15/2044		588,000		756,855
Unilever Capital Corp.
3.38%, 03/22/2025		800,000		871,138
UnitedHealth Group, Inc.
2.30%, 05/15/2031		15,160,000		15,525,135
3.10%, 03/15/2026		550,000		599,852
3.25%, 05/15/2051		4,430,000		4,725,779
3.50%, 08/15/2039		1,675,000		1,871,964
4.63%, 07/15/2035		427,000		539,372
Universal Health Services, Inc.
2.65%, 10/15/2030(3)		1,520,000		1,528,406
University of Chicago
2.76%, 04/01/2045		1,575,000		1,597,547
University of Southern California
3.23%, 10/01/2120		1,370,000		1,358,235
Utah Acquisition Sub, Inc.
3.95%, 06/15/2026		532,000		586,017
5.25%, 06/15/2046		275,000		334,919
Verisk Analytics, Inc.
4.00%, 06/15/2025		7,000,000		7,744,154
Viatris, Inc.
2.30%, 06/22/2027(3)		3,525,000		3,598,117
3.85%, 06/22/2040(3)		4,820,000		5,125,981
4.00%, 06/22/2050(3)		4,000,000		4,230,116
Viterra Finance BV
3.20%, 04/21/2031(3)		10,250,000		10,330,005
Yale-New Haven Health Services Corp.
2.50%, 07/01/2050		1,530,000		1,405,407
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		6,000,000		6,509,426
3.55%, 03/20/2030		9,400,000		10,288,431
3.70%, 03/19/2023		407,000		427,818
Zoetis, Inc.
2.00%, 05/15/2030		1,590,000		1,582,655
3.00%, 09/12/2027		4,685,000		5,046,442
Total Consumer, Non-cyclical				772,150,785
Diversified – 0.03%
CK Hutchison International 16 Ltd.
1.88%, 10/03/2021(3)		402,000		403,359
2.75%, 10/03/2026(3)		600,000		636,560
CK Hutchison International 17 II Ltd.

	Principal Amount		Value
2.75%, 03/29/2023(3)		500,000		518,305
CK Hutchison International 17 Ltd.
2.88%, 04/05/2022(3)		800,000		813,848
CK Hutchison International 19 Ltd.
3.63%, 04/11/2029(3)		1,615,000		1,788,402
CVS Pass-Through Trust Series 2013
4.70%, 01/10/2036(3)		846,742		959,544
Hutchison Whampoa International 12 II Ltd.
3.25%, 11/08/2022(3)		450,000		466,732
Total Diversified				5,586,750
Energy – 3.38%
Abu Dhabi Crude Oil Pipeline LLC
4.60%, 11/02/2047(3)		3,856,000		4,545,067
Aker BP ASA
2.88%, 01/15/2026(3)		2,326,000		2,449,932
ANR Pipeline Co.
9.63%, 11/01/2021		337,000		347,170
Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
4.49%, 05/01/2030		1,365,000		1,609,901
Baker Hughes Holdings LLC
5.13%, 09/15/2040		600,000		765,992
Boardwalk Pipelines LP
3.40%, 02/15/2031		1,145,000		1,215,349
4.80%, 05/03/2029		960,000		1,104,741
5.95%, 06/01/2026		3,000,000		3,556,647
BP Capital Markets America, Inc.
2.94%, 06/04/2051		3,935,000		3,767,277
3.02%, 01/16/2027		1,052,000		1,135,211
3.06%, 06/17/2041		7,448,000		7,504,332
3.25%, 05/06/2022		262,000		268,555
3.79%, 02/06/2024		9,145,000		9,864,880
BP Capital Markets Plc
3.28%, 09/19/2027		2,309,000		2,528,657
3.51%, 03/17/2025		45,000		49,226
3.54%, 11/04/2024		700,000		762,312
Buckeye Partners LP
5.60%, 10/15/2044		2,000,000		1,940,000
5.85%, 11/15/2043		591,000		586,568
Canadian Natural Resources Ltd.
6.25%, 03/15/2038		5,000,000		6,683,809
6.50%, 02/15/2037		118,000		158,512
Cenovus Energy, Inc.
5.25%, 06/15/2037		5,270,000		6,309,485
5.38%, 07/15/2025		10,441,000		11,944,847
5.40%, 06/15/2047		3,590,000		4,442,353
6.80%, 09/15/2037		2,100,000		2,748,443
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/2027		377,000		438,371
5.88%, 03/31/2025		5,900,000		6,761,808
Chevron USA, Inc.

	Principal Amount		Value
3.25%, 10/15/2029		1,155,000		1,278,936
5.05%, 11/15/2044		3,740,000		5,015,180
5.25%, 11/15/2043		3,975,000		5,403,338
6.00%, 03/01/2041		386,000		564,681
Cimarex Energy Co.
3.90%, 05/15/2027		3,045,000		3,356,324
CNOOC Finance 2013 Ltd.
2.88%, 09/30/2029		2,245,000		2,319,467
Columbia Pipeline Group, Inc.
5.80%, 06/01/2045		2,700,000		3,644,455
ConocoPhillips
2.40%, 02/15/2031(3)		1,310,000		1,340,836
3.75%, 10/01/2027(3)		1,000,000		1,123,650
ConocoPhillips Co.
4.95%, 03/15/2026		598,000		696,281
Continental Resources, Inc.
4.38%, 01/15/2028		5,065,000		5,603,156
4.50%, 04/15/2023		3,444,000		3,583,758
Devon Energy Corp.
4.75%, 05/15/2042		722,000		814,675
5.60%, 07/15/2041		1,705,000		2,108,188
Diamondback Energy, Inc.
3.25%, 12/01/2026		10,490,000		11,244,247
4.75%, 05/31/2025		2,000,000		2,251,889
Ecopetrol SA
4.13%, 01/16/2025		383,000		403,571
5.38%, 06/26/2026		537,000		592,096
5.88%, 09/18/2023		395,000		426,580
Enable Midstream Partners LP
4.40%, 03/15/2027		900,000		992,228
4.95%, 05/15/2028		1,615,000		1,849,115
5.00%, 05/15/2044		2,000,000		2,179,200
Enbridge Energy Partners LP
7.50%, 04/15/2038		1,000,000		1,483,199
Energy Transfer LP
3.60%, 02/01/2023		1,245,000		1,291,877
4.05%, 03/15/2025		2,250,000		2,439,622
4.75%, 01/15/2026		2,367,000		2,664,792
4.95%, 01/15/2043		1,482,000		1,638,097
5.00%, 05/15/2050		5,545,000		6,408,988
5.25%, 04/15/2029		5,631,000		6,651,167
5.30%, 04/01/2044		200,000		230,605
5.40%, 10/01/2047		1,500,000		1,777,121
5.50%, 06/01/2027		277,000		324,861
6.05%, 06/01/2041		2,000,000		2,536,079
6.13%, 12/15/2045		810,000		1,032,441
6.25%, 04/15/2049		7,273,000		9,543,967
6.50%, 02/01/2042		3,200,000		4,154,642
ENI SpA
4.25%, 05/09/2029(3)		2,825,000		3,213,683

	Principal Amount		Value
5.70%, 10/01/2040(3)		557,000		716,376
ENI USA, Inc.
7.30%, 11/15/2027		400,000		521,836
Enterprise Products Operating LLC
3.70%, 02/15/2026		304,000		336,292
3.90%, 02/15/2024		3,400,000		3,656,872
4.85%, 08/15/2042		4,000,000		4,893,922
4.95%, 10/15/2054		177,000		219,337
5.75%, 03/01/2035		1,075,000		1,387,960
5.95%, 02/01/2041		201,000		277,122
EOG Resources, Inc.
2.63%, 03/15/2023		249,000		257,021
EQM Midstream Partners LP
4.00%, 08/01/2024		2,000,000		2,055,000
4.75%, 07/15/2023		1,684,000		1,757,675
EQT Corp.
3.90%, 10/01/2027		805,000		862,356
Equinor ASA
2.88%, 04/06/2025		665,000		710,639
3.25%, 11/10/2024		508,000		549,760
Exxon Mobil Corp.
2.99%, 03/19/2025		2,800,000		3,003,246
3.00%, 08/16/2039		3,535,000		3,627,059
3.10%, 08/16/2049		2,040,000		2,076,182
3.45%, 04/15/2051		2,645,000		2,878,724
Flex Intermediate Holdco LLC
3.36%, 06/30/2031(3)		1,930,000		1,953,690
4.32%, 12/30/2039(3)		1,365,000		1,388,014
Galaxy Pipeline Assets Bidco Ltd.
2.94%, 09/30/2040(3)		2,450,000		2,431,897
Gazprom PJSC Via Gaz Capital SA
4.95%, 07/19/2022(3)		610,000		634,400
6.51%, 03/07/2022(3)		1,140,000		1,184,551
Gray Oak Pipeline LLC
2.00%, 09/15/2023(3)		1,220,000		1,244,332
2.60%, 10/15/2025(3)		5,580,000		5,732,049
Halliburton Co.
3.25%, 11/15/2021		12,079,000		12,120,685
4.75%, 08/01/2043		565,000		659,464
4.85%, 11/15/2035		200,000		235,404
7.60%, 08/15/2096(3)		258,000		332,683
Helmerich & Payne, Inc.
4.65%, 03/15/2025		4,710,000		5,238,646
Hess Corp.
5.80%, 04/01/2047		3,358,000		4,375,576
6.00%, 01/15/2040		513,000		657,964
HollyFrontier Corp.
2.63%, 10/01/2023		250,000		258,495
5.88%, 04/01/2026		4,573,000		5,289,953
KazMunayGas National Co. JSC

	Principal Amount		Value
4.75%, 04/24/2025(3)		1,590,000		1,780,895
Kinder Morgan Energy Partners LP
4.30%, 05/01/2024		3,700,000		4,031,655
5.00%, 10/01/2021		4,875,000		4,875,000
6.95%, 01/15/2038		2,242,000		3,204,395
7.30%, 08/15/2033		1,650,000		2,329,568
7.50%, 11/15/2040		483,000		712,825
Kinder Morgan, Inc.
2.00%, 02/15/2031		1,290,000		1,240,081
3.25%, 08/01/2050		1,430,000		1,382,869
5.05%, 02/15/2046		600,000		728,582
7.80%, 08/01/2031		4,600,000		6,582,586
Lundin Energy Finance BV
2.00%, 07/15/2026(3)		1,255,000		1,257,009
3.10%, 07/15/2031(3)		3,795,000		3,833,466
Magellan Midstream Partners LP
3.20%, 03/15/2025		386,000		408,206
4.20%, 03/15/2045		5,725,000		6,096,267
Marathon Petroleum Corp.
3.63%, 09/15/2024		1,241,000		1,335,244
4.50%, 05/01/2023		1,919,000		2,046,525
4.50%, 04/01/2048		3,000,000		3,424,461
4.70%, 05/01/2025		11,119,000		12,539,788
4.75%, 12/15/2023		5,537,000		6,041,808
5.13%, 12/15/2026		5,979,000		7,030,281
MPLX LP
2.65%, 08/15/2030		7,390,000		7,458,678
4.50%, 04/15/2038		6,723,000		7,714,343
4.88%, 06/01/2025		3,000,000		3,386,493
5.20%, 03/01/2047		1,018,000		1,253,375
5.20%, 12/01/2047		1,275,000		1,554,905
5.50%, 02/15/2049		950,000		1,229,621
NGPL PipeCo LLC
3.25%, 07/15/2031(3)		2,055,000		2,117,943
Occidental Petroleum Corp.
0.00%, 10/10/2036		4,000,000		2,080,000
3.20%, 08/15/2026		3,000,000		3,022,500
6.45%, 09/15/2036		2,685,000		3,210,186
ONEOK Partners LP
3.38%, 10/01/2022		151,000		155,131
5.00%, 09/15/2023		3,923,000		4,234,974
6.20%, 09/15/2043		2,500,000		3,279,935
6.65%, 10/01/2036		1,050,000		1,414,712
ONEOK, Inc.
2.75%, 09/01/2024		8,370,000		8,811,486
3.10%, 03/15/2030		13,970,000		14,605,682
3.40%, 09/01/2029		925,000		984,631
4.50%, 03/15/2050		915,000		1,018,372
4.95%, 07/13/2047		1,850,000		2,171,143
Petroleos Mexicanos

	Principal Amount		Value
6.35%, 02/12/2048		4,537,000		3,866,431
6.49%, 01/23/2027		1,185,000		1,251,656
6.50%, 03/13/2027		1,090,000		1,150,495
6.50%, 01/23/2029		970,000		997,252
6.75%, 09/21/2047		4,518,000		3,998,430
6.88%, 08/04/2026		2,390,000		2,612,031
Phillips 66
4.88%, 11/15/2044		70,000		87,029
5.88%, 05/01/2042		3,000,000		4,096,312
Phillips 66 Partners LP
3.15%, 12/15/2029		655,000		687,954
3.55%, 10/01/2026		190,000		206,442
3.61%, 02/15/2025		560,000		603,179
4.90%, 10/01/2046		412,000		491,039
Pioneer Natural Resources Co.
1.90%, 08/15/2030		2,330,000		2,244,825
2.15%, 01/15/2031		13,863,000		13,583,904
Plains All American Pipeline LP
3.55%, 12/15/2029		2,800,000		2,948,465
4.70%, 06/15/2044		8,487,000		8,991,142
5.15%, 06/01/2042		2,380,000		2,667,679
Qatar Petroleum
1.38%, 09/12/2026(3)		9,238,000		9,229,224
2.25%, 07/12/2031(3)		3,240,000		3,205,559
3.13%, 07/12/2041(3)		4,183,000		4,167,565
Reliance Industries Ltd.
5.40%, 02/14/2022(3)		1,115,000		1,145,685
S.A. Global Sukuk Ltd.
0.95%, 06/17/2024(3)		1,430,000		1,428,170
1.60%, 06/17/2026(3)		9,473,000		9,466,369
SA Global Sukuk Ltd.
2.69%, 06/17/2031(3)		3,001,000		3,038,212
Sabal Trail Transmission LLC
4.68%, 05/01/2038(3)		10,000,000		11,922,611
Sabine Pass Liquefaction LLC
5.00%, 03/15/2027		1,700,000		1,963,061
5.63%, 03/01/2025		505,000		577,183
5.88%, 06/30/2026		10,000,000		11,837,567
Saudi Arabian Oil Co.
1.25%, 11/24/2023(3)		352,000		355,548
1.63%, 11/24/2025(3)		653,000		659,204
3.25%, 11/24/2050(3)		1,948,000		1,889,560
Schlumberger Finance Canada Ltd.
1.40%, 09/17/2025		2,640,000		2,669,008
Schlumberger Holdings Corp.
3.75%, 05/01/2024(3)		780,000		839,427
3.90%, 05/17/2028(3)		852,000		951,373
Shell International Finance BV
2.75%, 04/06/2030		3,300,000		3,517,590
Sinopec Group Overseas Development 2018 Ltd.

	Principal Amount		Value
3.68%, 08/08/2049(3)		4,318,000		4,615,970
Southern Natural Gas Co. LLC
4.80%, 03/15/2047(3)		428,000		527,159
8.00%, 03/01/2032		446,000		636,484
Spectra Energy Partners LP
4.50%, 03/15/2045		3,000,000		3,514,157
5.95%, 09/25/2043		207,000		281,963
Suncor Energy, Inc.
5.95%, 12/01/2034		1,048,000		1,390,181
5.95%, 05/15/2035		350,000		460,444
6.80%, 05/15/2038		423,000		607,245
7.88%, 06/15/2026		543,000		688,399
TC PipeLines LP
3.90%, 05/25/2027		5,457,000		6,014,376
4.38%, 03/13/2025		8,465,000		9,319,364
Tennessee Gas Pipeline Co. LLC
2.90%, 03/01/2030(3)		1,705,000		1,768,887
Texas Eastern Transmission LP
2.80%, 10/15/2022(3)		714,000		728,767
3.50%, 01/15/2028(3)		450,000		489,431
TotalEnergies Capital International SA
2.99%, 06/29/2041		4,000,000		4,073,490
3.13%, 05/29/2050		2,465,000		2,498,713
3.46%, 07/12/2049		1,905,000		2,063,852
TransCanada PipeLines Ltd.
4.75%, 05/15/2038		1,000,000		1,202,370
6.20%, 10/15/2037		573,000		785,229
Valero Energy Corp.
1.20%, 03/15/2024		2,070,000		2,087,909
2.15%, 09/15/2027		6,870,000		6,978,739
2.70%, 04/15/2023		1,455,000		1,508,453
6.63%, 06/15/2037		5,000,000		6,854,418
7.50%, 04/15/2032		175,000		245,779
Williams Companies, Inc.
3.90%, 01/15/2025		700,000		765,454
4.30%, 03/04/2024		2,500,000		2,715,530
4.85%, 03/01/2048		3,538,000		4,299,862
4.90%, 01/15/2045		7,000,000		8,456,066
5.40%, 03/04/2044		2,750,000		3,475,238
5.75%, 06/24/2044		2,500,000		3,279,080
6.30%, 04/15/2040		333,000		456,443
Woodside Finance Ltd.
3.65%, 03/05/2025(3)		3,300,000		3,523,271
Total Energy				605,443,144
Financials – 12.48%
ABN AMRO Bank NV
1.54% (1 Year CMT Index + 0.80%), 06/16/2027(2)(3)		8,400,000		8,343,363
4.75%, 07/28/2025(3)		6,031,000		6,760,365
AerCap Ireland Capital DAC
1.75%, 01/30/2026		1,140,000		1,126,622

	Principal Amount		Value
2.88%, 08/14/2024		1,060,000		1,108,505
3.50%, 01/15/2025		333,000		352,902
4.45%, 12/16/2021		1,260,000		1,279,132
4.45%, 10/01/2025		3,500,000		3,852,716
4.50%, 09/15/2023		5,280,000		5,661,615
6.50%, 07/15/2025		493,000		578,246
AIA Group Ltd.
3.20%, 03/11/2025(3)		5,545,000		5,893,392
3.20%, 09/16/2040(3)		915,000		943,727
3.60%, 04/09/2029(3)		795,000		880,216
3.90%, 04/06/2028(3)		1,000,000		1,121,670
AIB Group Plc
4.26% (3 Month LIBOR USD + 1.87%), 04/10/2025(2)(3)		1,265,000		1,362,792
4.75%, 10/12/2023(3)		3,500,000		3,801,718
AIG SunAmerica Global Financing X
6.90%, 03/15/2032(3)		955,000		1,362,373
Air Lease Corp.
1.88%, 08/15/2026		3,070,000		3,072,373
2.88%, 01/15/2026		1,300,000		1,365,823
3.25%, 03/01/2025		710,000		756,814
3.25%, 10/01/2029		3,950,000		4,116,683
3.38%, 07/01/2025		1,835,000		1,971,032
3.88%, 07/03/2023		2,500,000		2,651,989
Alexandria Real Estate Equities, Inc.
1.88%, 02/01/2033		1,190,000		1,124,914
2.00%, 05/18/2032		2,180,000		2,123,608
3.00%, 05/18/2051		3,480,000		3,404,402
3.80%, 04/15/2026		338,000		376,353
4.00%, 02/01/2050		1,451,000		1,662,748
American Express Co.
4.20%, 11/06/2025		1,400,000		1,586,004
American Financial Group, Inc.
3.50%, 08/15/2026		1,435,000		1,558,304
American International Group, Inc.
3.88%, 01/15/2035		376,000		425,221
3.90%, 04/01/2026		1,370,000		1,528,839
4.13%, 02/15/2024		107,000		116,512
4.50%, 07/16/2044		5,506,000		6,682,858
American Tower Corp.
1.50%, 01/31/2028		2,660,000		2,586,514
1.88%, 10/15/2030		2,485,000		2,397,183
2.10%, 06/15/2030		1,300,000		1,278,409
2.25%, 01/15/2022		600,000		606,204
2.95%, 01/15/2051		875,000		835,403
3.10%, 06/15/2050		1,340,000		1,309,157
3.38%, 10/15/2026		506,000		551,205
3.70%, 10/15/2049		2,065,000		2,241,217
3.80%, 08/15/2029		2,500,000		2,785,550
American Tower Trust
3.07%, 03/15/2023(3)		2,900,000		2,914,107

	Principal Amount		Value
AmFam Holdings, Inc.
2.81%, 03/11/2031(3)		5,000,000		5,118,825
AmSouth Bancorp
6.75%, 11/01/2025		527,000		637,474
ANZ New Zealand Int’l Ltd.
3.45%, 01/21/2028(3)		500,000		553,194
Aon Corp.
2.80%, 05/15/2030		6,234,000		6,544,576
Aon Plc
3.50%, 06/14/2024		815,000		875,132
4.00%, 11/27/2023		5,000,000		5,358,934
Arthur J Gallagher & Co.
3.50%, 05/20/2051		3,000,000		3,141,921
ASB Bank Ltd.
3.13%, 05/23/2024(3)		2,050,000		2,187,242
Assurant, Inc.
4.20%, 09/27/2023		1,210,000		1,297,471
Athene Global Funding
0.95%, 01/08/2024(3)		3,000,000		3,002,406
1.61%, 06/29/2026(3)		7,691,000		7,691,851
2.67%, 06/07/2031(3)		6,369,000		6,450,833
2.95%, 11/12/2026(3)		8,370,000		8,911,021
Australia & New Zealand Banking Group Ltd.
2.57% (5 Year CMT Index + 1.70%), 11/25/2035(2)(3)		4,590,000		4,458,634
4.40%, 05/19/2026(3)		1,816,000		2,046,540
4.50%, 03/19/2024(3)		9,000,000		9,846,956
Aviation Capital Group LLC
3.88%, 05/01/2023(3)		780,000		817,217
5.50%, 12/15/2024(3)		1,745,000		1,972,425
Avolon Holdings Funding Ltd.
2.13%, 02/21/2026(3)		1,430,000		1,424,078
2.88%, 02/15/2025(3)		1,000,000		1,029,601
3.63%, 05/01/2022(3)		1,000,000		1,023,095
3.95%, 07/01/2024(3)		3,700,000		3,945,984
4.25%, 04/15/2026(3)		1,710,000		1,853,086
4.38%, 05/01/2026(3)		790,000		858,722
5.13%, 10/01/2023(3)		970,000		1,048,672
5.25%, 05/15/2024(3)		2,790,000		3,068,522
5.50%, 01/15/2023(3)		5,969,000		6,339,742
5.50%, 01/15/2026(3)		3,000,000		3,402,789
Banco Nacional de Panama
2.50%, 08/11/2030(3)		2,750,000		2,663,457
Banco Santander SA
1.31% (3 Month LIBOR USD + 1.12%), 04/12/2023(2)		1,000,000		1,013,660
1.85%, 03/25/2026		3,400,000		3,436,262
2.75%, 05/28/2025		1,600,000		1,686,077
2.75%, 12/03/2030		1,400,000		1,386,865
3.13%, 02/23/2023		2,200,000		2,291,700
3.50%, 04/11/2022		5,000,000		5,121,361
3.85%, 04/12/2023		2,400,000		2,539,709

	Principal Amount		Value
5.18%, 11/19/2025		1,500,000		1,714,264
Bank of America Corp.
1.66% (Secured Overnight Financing Rate + 0.91%), 03/11/2027(2)		950,000		957,548
1.73% (Secured Overnight Financing Rate + 0.96%), 07/22/2027(2)		3,131,000		3,155,081
1.90% (Secured Overnight Financing Rate + 1.53%), 07/23/2031(2)		1,285,000		1,249,338
2.09% (Secured Overnight Financing Rate + 1.06%), 06/14/2029(2)		15,630,000		15,756,473
2.46% (3 Month LIBOR USD + 0.87%), 10/22/2025(2)		2,000,000		2,092,190
2.50% (3 Month LIBOR USD + 0.99%), 02/13/2031(2)		2,965,000		3,027,246
2.59% (Secured Overnight Financing Rate + 2.15%), 04/29/2031(2)		11,813,000		12,178,461
2.68% (Secured Overnight Financing Rate + 1.93%), 06/19/2041(2)		13,584,000		13,183,261
2.69% (Secured Overnight Financing Rate + 1.32%), 04/22/2032(2)		17,025,000		17,515,227
2.88% (3 Month LIBOR USD + 1.19%), 10/22/2030(2)		5,130,000		5,403,894
3.00% (3 Month LIBOR USD + 0.79%), 12/20/2023(2)		15,679,000		16,248,902
3.09% (3 Month LIBOR USD + 1.09%), 10/01/2025(2)		5,000,000		5,326,338
3.25%, 10/21/2027		2,668,000		2,894,085
3.37% (3 Month LIBOR USD + 0.81%), 01/23/2026(2)		1,500,000		1,617,293
3.42% (3 Month LIBOR USD + 1.04%), 12/20/2028(2)		1,640,000		1,786,139
3.55% (3 Month LIBOR USD + 0.78%), 03/05/2024(2)		4,105,000		4,313,028
3.56% (3 Month LIBOR USD + 1.06%), 04/23/2027(2)		6,509,000		7,128,811
3.59% (3 Month LIBOR USD + 1.37%), 07/21/2028(2)		7,800,000		8,587,379
3.71% (3 Month LIBOR USD + 1.51%), 04/24/2028(2)		4,500,000		4,976,018
3.82% (3 Month LIBOR USD + 1.58%), 01/20/2028(2)		10,000,000		11,096,273
3.86% (3 Month LIBOR USD + 0.94%), 07/23/2024(2)		8,174,000		8,715,596
3.95%, 04/21/2025		5,201,000		5,707,834
3.97% (3 Month LIBOR USD + 1.21%), 02/07/2030(2)		2,820,000		3,197,826
4.00%, 01/22/2025		5,349,000		5,870,329
4.20%, 08/26/2024		4,140,000		4,538,414
4.27% (3 Month LIBOR USD + 1.31%), 07/23/2029(2)		1,500,000		1,723,184
4.30% (3 Month LIBOR USD + 2.66%), 07/28/2169(2)		3,075,000		3,179,550
4.45%, 03/03/2026		7,140,000		8,109,575
6.11%, 01/29/2037		3,580,000		4,891,757
7.75%, 05/14/2038		137,000		216,230
Bank of Montreal
1.85%, 05/01/2025		1,950,000		2,011,416
3.30%, 02/05/2024		1,200,000		1,285,019
3.80% (5 Year Swap Rate USD + 1.43%), 12/15/2032(2)		7,167,000		7,901,542
4.34% (5 Year Swap Rate USD + 1.28%), 10/05/2028(2)		2,070,000		2,223,286
Bank of New York Mellon Corp.
2.95%, 01/29/2023		1,000,000		1,039,554
3.00%, 02/24/2025		5,360,000		5,765,861
3.30%, 08/23/2029		241,000		267,382
Bank of New Zealand
3.50%, 02/20/2024(3)		950,000		1,018,364
Bank of Nova Scotia
1.63%, 05/01/2023		4,092,000		4,181,839
2.20%, 02/03/2025		2,478,000		2,582,168
Banque Federative du Credit Mutuel SA
3.75%, 07/20/2023(3)		1,650,000		1,758,195
Barclays Plc
1.01% (1 Year CMT Index + 0.80%), 12/10/2024(2)		3,434,000		3,446,248

	Principal Amount		Value
3.65%, 03/16/2025		2,522,000		2,730,771
3.68%, 01/10/2023		10,650,000		10,832,174
3.81% (1 Year CMT Index + 1.70%), 03/10/2042(2)		3,458,000		3,648,134
3.93% (3 Month LIBOR USD + 1.61%), 05/07/2025(2)		4,500,000		4,857,765
4.34%, 01/10/2028		2,360,000		2,638,784
4.61% (3 Month LIBOR USD + 1.40%), 02/15/2023(2)		2,300,000		2,358,886
4.97% (3 Month LIBOR USD + 1.90%), 05/16/2029(2)		2,450,000		2,868,892
5.20%, 05/12/2026		500,000		571,070
BBVA USA
2.50%, 08/27/2024		1,615,000		1,699,476
3.88%, 04/10/2025		7,840,000		8,637,949
Berkshire Hathaway Finance Corp.
2.85%, 10/15/2050		5,473,000		5,463,149
4.30%, 05/15/2043		322,000		401,238
4.40%, 05/15/2042		1,524,000		1,913,305
Blackstone Holdings Finance Co. LLC
4.45%, 07/15/2045(3)		170,000		209,275
Blackstone Secured Lending Fund
3.65%, 07/14/2023(3)		2,110,000		2,199,441
BNP Paribas SA
1.32% (Secured Overnight Financing Rate + 1.00%), 01/13/2027(2)(3)		8,178,000		8,078,925
1.68% (Secured Overnight Financing Rate + 0.91%), 06/30/2027(2)(3)		2,660,000		2,657,536
1.90% (Secured Overnight Financing Rate + 1.61%), 09/30/2028(2)(3)		6,280,000		6,237,228
2.22% (Secured Overnight Financing Rate + 2.07%), 06/09/2026(2)(3)		782,000		805,935
2.59% (5 Year CMT Index + 2.05%), 08/12/2035(2)(3)		5,764,000		5,630,926
2.82% (3 Month LIBOR USD + 1.11%), 11/19/2025(2)(3)		4,000,000		4,208,566
2.82%, 01/26/2041(3)		1,136,000		1,074,288
2.87% (Secured Overnight Financing Rate + 1.39%), 04/19/2032(2)(3)		3,560,000		3,656,015
3.38%, 01/09/2025(3)		10,725,000		11,503,232
3.50%, 03/01/2023(3)		430,000		451,056
3.80%, 01/10/2024(3)		1,600,000		1,716,152
BNZ International Funding Ltd.
2.65%, 11/03/2022(3)		1,516,000		1,564,179
3.38%, 03/01/2023(3)		6,000,000		6,296,127
BOC Aviation Ltd.
2.38%, 09/15/2021(3)		3,550,000		3,555,183
2.75%, 09/18/2022(3)		780,000		793,933
BOC Aviation USA Corp.
1.63%, 04/29/2024(3)		2,170,000		2,187,073
Boston Properties LP
3.13%, 09/01/2023		300,000		314,567
3.20%, 01/15/2025		1,139,000		1,220,223
3.65%, 02/01/2026		557,000		613,751
BPCE SA
1.00%, 01/20/2026(3)		3,225,000		3,180,335
1.65% (Secured Overnight Financing Rate + 1.52%), 10/06/2026(2)(3)		1,566,000		1,572,911
2.28% (Secured Overnight Financing Rate + 1.31%), 01/20/2032(2)(3)		10,100,000		9,907,579
2.75%, 01/11/2023(3)		1,000,000		1,036,384
3.25%, 01/11/2028(3)		7,815,000		8,485,640
4.50%, 03/15/2025(3)		2,000,000		2,203,596

	Principal Amount		Value
4.63%, 07/11/2024(3)		1,300,000		1,428,789
5.15%, 07/21/2024(3)		2,800,000		3,119,735
5.70%, 10/22/2023(3)		3,645,000		4,035,255
Brixmor Operating Partnership LP
2.25%, 04/01/2028		1,930,000		1,927,693
3.85%, 02/01/2025		1,100,000		1,196,482
4.05%, 07/01/2030		2,286,000		2,557,709
Brookfield Finance, Inc.
3.90%, 01/25/2028		770,000		859,300
4.70%, 09/20/2047		769,000		938,192
4.85%, 03/29/2029		875,000		1,030,281
Brown & Brown, Inc.
2.38%, 03/15/2031		4,150,000		4,146,454
Canadian Imperial Bank of Commerce
1.25%, 06/22/2026		17,574,000		17,488,659
Capital One Bank USA N.A.
3.38%, 02/15/2023		6,000,000		6,278,008
Capital One Financial Corp.
3.20%, 02/05/2025		726,000		780,287
3.75%, 04/24/2024		824,000		890,201
3.75%, 07/28/2026		960,000		1,059,002
3.90%, 01/29/2024		8,512,000		9,186,321
3.95% (5 Year CMT Index + 3.16%), 09/01/2169(2)		2,435,000		2,486,744
4.20%, 10/29/2025		400,000		446,673
Cboe Global Markets, Inc.
1.63%, 12/15/2030		10,880,000		10,474,925
Charles Schwab Corp.
1.65%, 03/11/2031		11,130,000		10,804,267
3.20%, 03/02/2027		1,700,000		1,854,943
3.23%, 09/01/2022		165,000		170,372
4.00% (10 year CMT Index + 3.08%), 03/01/2170(2)		1,190,000		1,217,370
4.00% (5 Year CMT Index + 3.17%), 06/01/2170(2)		3,225,000		3,362,063
Citigroup, Inc.
1.12% (Secured Overnight Financing Rate + 0.77%), 01/28/2027(2)		36,088,000		35,577,022
2.56% (Secured Overnight Financing Rate + 1.17%), 05/01/2032(2)(13)		19,270,000		19,615,931
2.57% (Secured Overnight Financing Rate + 2.11%), 06/03/2031(2)		6,311,000		6,487,848
2.88% (3 Month LIBOR USD + 0.95%), 07/24/2023(2)		2,500,000		2,564,187
3.14% (3 Month LIBOR USD + 0.72%), 01/24/2023(2)		2,276,000		2,310,439
3.20%, 10/21/2026		905,000		980,351
3.52% (3 Month LIBOR USD + 1.15%), 10/27/2028(2)		3,846,000		4,211,700
3.67% (3 Month LIBOR USD + 1.39%), 07/24/2028(2)		4,625,000		5,100,823
3.70%, 01/12/2026		9,150,000		10,118,649
3.88% (5 Year CMT Index + 3.42%), 05/18/2170(2)		3,970,000		4,054,362
3.89% (3 Month LIBOR USD + 1.56%), 01/10/2028(2)		14,855,000		16,532,811
3.98% (3 Month LIBOR USD + 1.34%), 03/20/2030(2)		3,490,000		3,952,937
4.08% (3 Month LIBOR USD + 1.19%), 04/23/2029(2)		1,111,000		1,260,036
4.30%, 11/20/2026		5,442,000		6,143,246
4.40%, 06/10/2025		12,181,000		13,603,975
4.45%, 09/29/2027		10,467,000		11,958,506
6.63%, 01/15/2028		387,000		495,628

	Principal Amount		Value
Citizens Bank N.A.
3.70%, 03/29/2023		1,370,000		1,442,012
Citizens Financial Group, Inc.
2.64%, 09/30/2032		343,000		343,007
3.25%, 04/30/2030		5,000,000		5,417,283
CNA Financial Corp.
3.45%, 08/15/2027		820,000		898,663
3.95%, 05/15/2024		303,000		327,847
7.25%, 11/15/2023		7,470,000		8,584,050
Comerica, Inc.
4.00%, 02/01/2029		1,900,000		2,179,889
Commonwealth Bank of Australia
3.74%, 09/12/2039(3)		5,000,000		5,508,872
Cooperatieve Rabobank UA
4.38%, 08/04/2025		570,000		636,456
4.63%, 12/01/2023		5,635,000		6,161,762
Credit Agricole SA
1.25% (Secured Overnight Financing Rate + 0.89%), 01/26/2027(2)(3)		27,806,000		27,375,941
1.91% (Secured Overnight Financing Rate + 1.68%), 06/16/2026(2)(3)		6,715,000		6,846,217
2.81%, 01/11/2041(3)		1,485,000		1,408,975
4.00% (5 Year Swap Rate USD + 1.64%), 01/10/2033(2)(3)		5,000,000		5,428,755
4.38%, 03/17/2025(3)		305,000		335,394
Credit Suisse AG/New York NY
0.50%, 02/02/2024		3,100,000		3,087,221
Credit Suisse Group AG
1.31% (Secured Overnight Financing Rate + 0.98%), 02/02/2027(2)(3)		4,075,000		3,991,261
2.19% (Secured Overnight Financing Rate + 2.04%), 06/05/2026(2)(3)		1,020,000		1,044,389
2.59% (Secured Overnight Financing Rate + 1.56%), 09/11/2025(2)(3)		1,450,000		1,508,543
3.09% (Secured Overnight Financing Rate + 1.73%), 05/14/2032(2)(3)		2,915,000		3,003,184
3.57%, 01/09/2023(3)		3,216,000		3,266,927
3.80%, 06/09/2023		8,500,000		9,008,098
3.87% (3 Month LIBOR USD + 1.41%), 01/12/2029(2)(3)		2,000,000		2,202,348
4.28%, 01/09/2028(3)		3,973,000		4,419,513
4.55%, 04/17/2026		1,500,000		1,698,918
Crown Castle International Corp.
2.25%, 01/15/2031		2,585,000		2,551,468
2.50%, 07/15/2031		6,359,000		6,404,267
4.00%, 03/01/2027		261,000		292,082
Dai-ichi Life Insurance Co. Ltd.
4.00% (3 Month LIBOR USD + 3.66%), 01/24/2170(2)(3)		1,179,000		1,274,794
Daiwa Securities Group, Inc.
3.13%, 04/19/2022(3)		854,000		872,956
Danske Bank
1.17% (1 Year CMT Index + 1.03%), 12/08/2023(2)(3)		4,448,000		4,470,315
2.70%, 03/02/2022(3)		542,000		550,592
Deutsche Bank AG
3.30%, 11/16/2022		3,000,000		3,107,910
3.70%, 05/30/2024		850,000		910,641
3.70%, 05/30/2024		2,063,000		2,214,891
4.25%, 10/14/2021		4,165,000		4,210,163

	Principal Amount		Value
Deutsche Bank AG/New York NY
0.90%, 05/28/2024		2,826,000		2,813,132
2.13% (Secured Overnight Financing Rate + 1.87%), 11/24/2026(2)(13)		6,700,000		6,798,538
2.22% (Secured Overnight Financing Rate + 2.16%), 09/18/2024(2)		2,835,000		2,911,604
3.04% (Secured Overnight Financing Rate + 1.72%), 05/28/2032(2)(13)		2,462,000		2,503,480
3.95%, 02/27/2023		5,000,000		5,250,288
Dexia Credit Local SA
3.25%, 09/26/2023(3)		500,000		530,603
Digital Realty Trust LP
3.70%, 08/15/2027		462,000		517,113
Discover Bank
3.35%, 02/06/2023		2,000,000		2,083,511
3.45%, 07/27/2026		4,802,000		5,242,119
4.20%, 08/08/2023		6,305,000		6,788,965
4.65%, 09/13/2028		4,000,000		4,694,191
Discover Financial Services
3.75%, 03/04/2025		2,920,000		3,191,704
4.10%, 02/09/2027		3,471,000		3,883,913
DNB Bank ASA
1.13% (1 Year CMT Index + 0.85%), 09/16/2026(2)(3)		4,000,000		3,969,031
Duke Realty LP
2.88%, 11/15/2029		800,000		841,540
3.25%, 06/30/2026		203,000		219,971
3.63%, 04/15/2023		7,744,000		8,102,259
Equinix, Inc.
2.00%, 05/15/2028		4,467,000		4,486,223
2.90%, 11/18/2026		2,580,000		2,759,793
Essex Portfolio LP
1.65%, 01/15/2031		910,000		852,293
1.70%, 03/01/2028		10,042,000		9,860,749
2.65%, 03/15/2032		1,740,000		1,765,324
F&G Global Funding
1.75%, 06/30/2026(3)		1,905,000		1,912,839
Federation des Caisses Desjardins du Quebec
2.05%, 02/10/2025(3)		5,000,000		5,164,636
Fifth Third Bancorp
3.65%, 01/25/2024		1,420,000		1,520,952
FMR LLC
4.95%, 02/01/2033(3)		250,000		313,891
6.45%, 11/15/2039(3)		258,000		376,543
GAIF Bond Issuer Pty Ltd.
3.40%, 09/30/2026(3)		1,000,000		1,088,181
GE Capital Funding LLC
4.05%, 05/15/2027		4,000,000		4,527,147
4.40%, 05/15/2030		9,673,000		11,272,261
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/2035		23,743,000		28,455,546
Globe Life, Inc.
4.55%, 09/15/2028		3,000,000		3,512,488
Goldman Sachs Capital I

	Principal Amount		Value
6.35%, 02/15/2034		127,000		177,993
Goldman Sachs Group, Inc.
0.86% (Secured Overnight Financing Rate + 0.61%), 02/12/2026(2)		2,395,000		2,377,425
1.43% (Secured Overnight Financing Rate + 0.80%), 03/09/2027(2)		5,125,000		5,110,551
1.54% (Secured Overnight Financing Rate + 0.82%), 09/10/2027(2)		6,340,000		6,322,155
1.99% (Secured Overnight Financing Rate + 1.09%), 01/27/2032(2)		7,395,000		7,181,983
2.62% (Secured Overnight Financing Rate + 1.28%), 04/22/2032(2)		9,805,000		10,016,466
2.88% (3 Month LIBOR USD + 0.82%), 10/31/2022(2)		6,425,000		6,475,562
2.91% (3 Month LIBOR USD + 0.99%), 07/24/2023(2)		6,350,000		6,509,336
3.27% (3 Month LIBOR USD + 1.20%), 09/29/2025(2)		5,590,000		5,980,090
3.50%, 01/23/2025		6,509,000		7,037,503
3.50%, 11/16/2026		1,700,000		1,848,583
3.69% (3 Month LIBOR USD + 1.51%), 06/05/2028(2)		9,911,000		10,942,820
3.75%, 05/22/2025		1,305,000		1,427,599
3.75%, 02/25/2026		9,005,000		9,962,159
3.80% (5 Year CMT Index + 2.97%), 11/10/2169(2)		1,845,000		1,877,841
4.22% (3 Month LIBOR USD + 1.30%), 05/01/2029(2)		6,655,000		7,589,998
4.41% (3 Month LIBOR USD + 1.43%), 04/23/2039(2)		8,453,000		10,291,827
5.15%, 05/22/2045		4,000,000		5,348,556
6.75%, 10/01/2037		2,170,000		3,159,894
Goodman US Finance Four LLC
4.50%, 10/15/2037(3)		200,000		230,376
Goodman US Finance Three LLC
3.70%, 03/15/2028(3)		862,000		934,151
Great-West Lifeco Finance 2018 LP
4.58%, 05/17/2048(3)		650,000		818,353
GTP Acquisition Partners I LLC
3.48%, 06/16/2025(3)		1,824,000		1,937,299
Guardian Life Insurance Co. of America
4.85%, 01/24/2077(3)		5,610,000		7,183,756
Hanover Insurance Group, Inc.
2.50%, 09/01/2030		5,610,000		5,612,117
Hartford Financial Services Group, Inc.
3.60%, 08/19/2049		1,000,000		1,096,437
4.30%, 04/15/2043		1,080,000		1,274,277
Healthcare Trust of America Holdings LP
2.00%, 03/15/2031		1,380,000		1,332,706
3.75%, 07/01/2027		1,734,000		1,926,869
Healthpeak Properties, Inc.
1.35%, 02/01/2027		3,776,000		3,771,356
3.40%, 02/01/2025		41,000		44,036
3.50%, 07/15/2029		1,742,000		1,923,537
HSBC Holdings Plc
1.59% (Secured Overnight Financing Rate + 1.29%), 05/24/2027(2)		2,500,000		2,504,819
2.01% (Secured Overnight Financing Rate + 1.73%), 09/22/2028(2)		3,585,000		3,597,213
2.36% (Secured Overnight Financing Rate + 1.95%), 08/18/2031(2)		2,580,000		2,581,760
2.80% (Secured Overnight Financing Rate + 1.19%), 05/24/2032(2)		4,708,000		4,831,581
3.60%, 05/25/2023		1,000,000		1,058,836
3.80% (3 Month LIBOR USD + 1.21%), 03/11/2025(2)		11,147,000		11,986,194
3.95% (3 Month LIBOR USD + 0.99%), 05/18/2024(2)		1,301,000		1,382,031

	Principal Amount		Value
3.97% (3 Month LIBOR USD + 1.61%), 05/22/2030(2)		1,000,000		1,119,276
4.04% (3 Month LIBOR USD + 1.55%), 03/13/2028(2)		3,161,000		3,505,736
4.25%, 03/14/2024		1,000,000		1,083,257
4.25%, 08/18/2025		1,009,000		1,117,931
4.29% (3 Month LIBOR USD + 1.35%), 09/12/2026(2)		7,000,000		7,790,174
4.30%, 03/08/2026		1,000,000		1,127,937
6.10%, 01/14/2042		1,060,000		1,544,240
Industrial & Commercial Bank of China Ltd.
2.45%, 10/20/2021		1,150,000		1,155,509
ING Groep NV
1.40% (1 Year CMT Index + 1.10%), 07/01/2026(2)(3)		1,940,000		1,944,751
1.73% (Secured Overnight Financing Rate + 1.01%), 04/01/2027(2)		705,000		711,020
4.10%, 10/02/2023		3,175,000		3,423,977
Intact US Holdings, Inc.
4.60%, 11/09/2022		1,500,000		1,572,254
International Lease Finance Corp.
5.88%, 08/15/2022		438,000		463,502
8.63%, 01/15/2022		1,200,000		1,251,077
Intesa Sanpaolo SpA
4.00%, 09/23/2029(3)		10,590,000		11,619,384
Invesco Finance Plc
3.75%, 01/15/2026		4,249,000		4,697,040
4.00%, 01/30/2024		2,489,000		2,694,441
Jackson National Life Global Funding
2.50%, 06/27/2022(3)		800,000		817,144
3.05%, 04/29/2026(3)		473,000		508,016
3.25%, 01/30/2024(3)		460,000		489,797
Jefferies Group LLC
5.13%, 01/20/2023		9,100,000		9,723,900
6.25%, 01/15/2036		155,000		207,151
6.45%, 06/08/2027		428,000		532,996
John Hancock Life Insurance Co.
7.38%, 02/15/2024(3)		731,000		850,529
JP Morgan Chase & Co.
0.97% (Secured Overnight Financing Rate + 0.58%), 06/23/2025(2)		11,993,000		12,007,172
1.58% (Secured Overnight Financing Rate + 0.89%), 04/22/2027(2)		5,000,000		5,025,905
1.95% (Secured Overnight Financing Rate + 1.07%), 02/04/2032(2)		12,266,000		11,912,723
2.07% (Secured Overnight Financing Rate + 1.02%), 06/01/2029(2)		13,527,000		13,633,336
2.18% (Secured Overnight Financing Rate + 1.89%), 06/01/2028(2)		3,244,000		3,321,796
2.58% (Secured Overnight Financing Rate + 1.25%), 04/22/2032(2)		6,390,000		6,558,311
2.95%, 10/01/2026		5,000,000		5,380,385
3.11% (Secured Overnight Financing Rate + 2.44%), 04/22/2051(2)		1,474,000		1,520,735
3.13%, 01/23/2025		13,475,000		14,460,154
3.16% (Secured Overnight Financing Rate + 1.46%), 04/22/2042(2)		1,506,000		1,567,641
3.20%, 06/15/2026		3,989,000		4,342,326
3.30%, 04/01/2026		1,870,000		2,045,384
3.38%, 05/01/2023		3,800,000		4,000,086
3.56% (3 Month LIBOR USD + 0.73%), 04/23/2024(2)		8,000,000		8,435,670
3.96% (3 Month LIBOR USD + 1.38%), 11/15/2048(2)		5,770,000		6,771,006
4.00% (Secured Overnight Financing Rate + 2.75%), 10/01/2169(2)		4,275,000		4,331,430

	Principal Amount		Value
4.01% (3 Month LIBOR USD + 1.12%), 04/23/2029(2)		2,320,000		2,622,849
4.26% (3 Month LIBOR USD + 1.58%), 02/22/2048(2)		5,140,000		6,238,589
4.45% (3 Month LIBOR USD + 1.33%), 12/05/2029(2)		9,660,000		11,295,976
4.60% (Secured Overnight Financing Rate + 3.13%), 08/01/2169(2)		1,985,000		2,057,056
5.00% (Secured Overnight Financing Rate + 3.38%), 02/01/2170(2)		5,010,000		5,295,320
KeyBank N.A.
3.18%, 05/22/2022		567,000		581,643
KeyCorp
4.15%, 10/29/2025		950,000		1,069,528
LeasePlan Corp. NV
2.88%, 10/24/2024(3)		5,500,000		5,776,194
Liberty Mutual Group, Inc.
3.95%, 10/15/2050(3)		6,769,000		7,540,012
4.25%, 06/15/2023(3)		72,000		76,901
4.57%, 02/01/2029(3)		2,301,000		2,687,908
Liberty Mutual Insurance Co.
7.70%, 10/15/2097(3)		100,000		155,459
8.50%, 05/15/2025(3)		700,000		860,852
Life Storage LP
2.20%, 10/15/2030		2,630,000		2,597,378
4.00%, 06/15/2029		1,831,000		2,050,822
Lincoln National Corp.
7.00%, 06/15/2040		1,715,000		2,620,364
Lloyds Banking Group Plc
1.63% (1 Year CMT Index + 0.85%), 05/11/2027(2)		2,280,000		2,281,178
2.91% (3 Month LIBOR USD + 0.81%), 11/07/2023(2)		8,950,000		9,228,447
3.57% (3 Month LIBOR USD + 1.21%), 11/07/2028(2)		1,000,000		1,093,774
3.75%, 01/11/2027		2,000,000		2,208,967
4.05%, 08/16/2023		3,000,000		3,216,276
4.38%, 03/22/2028		949,000		1,089,873
4.45%, 05/08/2025		855,000		959,454
4.50%, 11/04/2024		2,010,000		2,223,515
4.58%, 12/10/2025		550,000		618,000
LSEGA Financing Plc
2.00%, 04/06/2028(3)		4,565,000		4,616,391
Macquarie Bank Ltd.
3.05% (5 Year CMT Index + 1.70%), 03/03/2036(2)(3)		2,090,000		2,077,010
4.00%, 07/29/2025(3)		500,000		555,014
Macquarie Group Ltd.
3.19% (3 Month LIBOR USD + 1.02%), 11/28/2023(2)(3)		6,000,000		6,214,257
4.15% (3 Month LIBOR USD + 1.33%), 03/27/2024(2)(3)		2,000,000		2,116,873
5.03% (3 Month LIBOR USD + 1.75%), 01/15/2030(2)(3)		4,445,000		5,271,684
Manulife Financial Corp.
4.06% (5 Year 1100 Run ICE Swap Rate USD + 1.65%), 02/24/2032(2)		1,910,000		2,107,585
Markel Corp.
3.63%, 03/30/2023		400,000		420,160
4.15%, 09/17/2050		655,000		756,689
5.00%, 04/05/2046		1,265,000		1,626,210
Massachusetts Mutual Life Insurance Co.
3.73%, 10/15/2070(3)		2,690,000		2,853,171

	Principal Amount		Value
4.90%, 04/01/2077(3)		5,000,000		6,488,829
7.63%, 11/15/2023(3)		550,000		608,323
MassMutual Global Funding II
2.75%, 06/22/2024(3)		700,000		742,312
MBIA Insurance Corp.
11.44% (3 Month LIBOR USD + 11.26%), 01/15/2033(2)(3)		86,000		25,263
MetLife, Inc.
4.88%, 11/13/2043		3,000,000		3,953,116
6.40%, 12/15/2036		3,530,000		4,533,659
Metropolitan Life Global Funding I
3.00%, 01/10/2023(3)		407,000		423,161
3.00%, 09/19/2027(3)		1,180,000		1,272,060
3.88%, 04/11/2022(3)		1,480,000		1,522,332
Mid-America Apartments LP
1.70%, 02/15/2031		1,330,000		1,263,286
4.00%, 11/15/2025		1,500,000		1,665,245
Mitsubishi HC Capital, Inc.
2.65%, 09/19/2022(3)		764,000		781,306
3.96%, 09/19/2023(3)		2,730,000		2,910,767
Mitsubishi UFJ Financial Group, Inc.
0.85% (1 Year CMT Index + 0.68%), 09/15/2024(2)		16,402,000		16,488,804
2.05%, 07/17/2030		2,940,000		2,929,776
2.19%, 02/25/2025		5,000,000		5,203,667
2.53%, 09/13/2023		481,000		502,575
2.67%, 07/25/2022		800,000		819,843
3.00%, 02/22/2022		206,000		209,652
3.41%, 03/07/2024		2,520,000		2,700,495
3.46%, 03/02/2023		4,000,000		4,201,262
3.75%, 07/18/2039		1,615,000		1,839,079
Mizuho Bank Ltd.
3.60%, 09/25/2024(3)		1,250,000		1,355,826
Mizuho Financial Group, Inc.
1.23% (1 Year CMT Index + 0.67%), 05/22/2027(2)		2,378,000		2,343,089
1.24% (Secured Overnight Financing Rate + 1.25%), 07/10/2024(2)(5)		1,480,000		1,500,396
2.17% (1 Year CMT Index + 0.87%), 05/22/2032(2)		9,000,000		8,939,262
2.23% (3 Month LIBOR USD + 0.83%), 05/25/2026(2)		1,740,000		1,800,238
2.60%, 09/11/2022		3,500,000		3,594,337
2.87% (Secured Overnight Financing Rate + 1.57%), 09/13/2030(2)		1,620,000		1,700,617
2.95%, 02/28/2022		2,000,000		2,035,775
Morgan Stanley
0.53% (Secured Overnight Financing Rate + 0.46%), 01/25/2024(2)		3,170,000		3,168,393
1.59% (Secured Overnight Financing Rate + 0.88%), 05/04/2027(2)		8,112,000		8,169,395
1.79% (Secured Overnight Financing Rate + 1.03%), 02/13/2032(2)		2,440,000		2,344,381
1.93% (Secured Overnight Financing Rate + 1.02%), 04/28/2032(2)		13,945,000		13,554,934
2.19% (Secured Overnight Financing Rate + 1.99%), 04/28/2026(2)		9,020,000		9,365,481
2.72% (Secured Overnight Financing Rate + 1.15%), 07/22/2025(2)		873,000		918,201
3.22% (Secured Overnight Financing Rate + 1.49%), 04/22/2042(2)		7,010,000		7,430,913
3.59% (3 Month LIBOR USD + 1.34%), 07/22/2028(2)		5,882,000		6,515,794
3.63%, 01/20/2027		9,380,000		10,400,731
3.70%, 10/23/2024		2,029,000		2,213,638

	Principal Amount		Value
3.74% (3 Month LIBOR USD + 0.85%), 04/24/2024(2)		1,468,000		1,552,565
3.77% (3 Month LIBOR USD + 1.14%), 01/24/2029(2)		4,371,000		4,905,694
3.88%, 04/29/2024		2,050,000		2,229,628
3.88%, 01/27/2026		3,125,000		3,493,736
3.95%, 04/23/2027		14,190,000		15,855,455
4.10%, 05/22/2023		3,460,000		3,684,171
4.35%, 09/08/2026		930,000		1,053,008
4.43% (3 Month LIBOR USD + 1.63%), 01/23/2030(2)		2,304,000		2,697,732
5.00%, 11/24/2025		4,959,000		5,717,112
MUFG Bank Ltd.
3.75%, 03/10/2024(3)		3,215,000		3,474,490
4.10%, 09/09/2023(3)		239,000		257,854
National Australia Bank Ltd.
2.33%, 08/21/2030(3)		7,300,000		7,085,094
2.65%, 01/14/2041(3)		1,255,000		1,173,894
3.93% (5 Year CMT Index + 1.88%), 08/02/2034(2)(3)		2,330,000		2,524,252
National Retail Properties, Inc.
3.50%, 10/15/2027		400,000		432,152
3.60%, 12/15/2026		700,000		764,162
3.90%, 06/15/2024		1,310,000		1,414,262
Nationwide Building Society
1.00%, 08/28/2025(3)		1,085,000		1,074,866
4.00%, 09/14/2026(3)		9,650,000		10,637,194
Nationwide Mutual Insurance Co.
9.38%, 08/15/2039(3)		7,150,000		12,454,136
Natwest Group Plc
1.64% (1 Year CMT Index + 0.90%), 06/14/2027(2)		11,094,000		11,092,612
3.75% (5 Year CMT Index + 2.10%), 11/01/2029(2)		1,833,000		1,947,563
3.88%, 09/12/2023		1,300,000		1,388,719
4.45% (3 Month LIBOR USD + 1.87%), 05/08/2030(2)		1,500,000		1,717,073
4.52% (3 Month LIBOR USD + 1.55%), 06/25/2024(2)		555,000		595,837
4.80%, 04/05/2026		3,017,000		3,454,268
4.89% (3 Month LIBOR USD + 1.75%), 05/18/2029(2)		5,490,000		6,429,390
5.08% (3 Month LIBOR USD + 1.91%), 01/27/2030(2)		7,000,000		8,298,278
NatWest Markets Plc
0.80%, 08/12/2024(3)		2,195,000		2,184,940
New York Life Global Funding
3.00%, 01/10/2028(3)		2,022,000		2,197,702
New York Life Insurance Co.
4.45%, 05/15/2069(3)		4,225,000		5,283,632
Nomura Holdings, Inc.
1.85%, 07/16/2025		5,000,000		5,110,981
2.65%, 01/16/2025		2,597,000		2,728,317
2.68%, 07/16/2030		1,550,000		1,574,254
Nordea Bank Abp
3.75%, 08/30/2023(3)		4,000,000		4,269,862
4.25%, 09/21/2022(3)		12,865,000		13,437,033
Northern Trust Corp.
3.38% (3 Month LIBOR USD + 1.13%), 05/08/2032(2)		411,000		446,902
Northwestern Mutual Global Funding

	Principal Amount		Value
1.70%, 06/01/2028(3)		1,995,000		1,996,906
Office Properties Income Trust
4.00%, 07/15/2022		1,255,000		1,295,902
Ontario Teachers’ Cadillac Fairview Properties Trust
3.13%, 03/20/2022(3)		1,003,000		1,021,594
3.88%, 03/20/2027(3)		1,044,000		1,150,329
ORIX Corp.
3.25%, 12/04/2024		1,500,000		1,617,086
Pacific Life Insurance Co.
4.30% (3 Month LIBOR USD + 2.80%), 10/24/2067(2)(3)		743,000		853,685
Park Aerospace Holdings Ltd.
4.50%, 03/15/2023(3)		655,000		688,521
5.25%, 08/15/2022(3)		9,135,000		9,558,978
5.50%, 02/15/2024(3)		1,960,000		2,154,635
People’s United Bank N.A.
4.00%, 07/15/2024		4,350,000		4,683,998
PNC Bank N.A.
4.20%, 11/01/2025		322,000		364,654
Principal Life Global Funding II
3.00%, 04/18/2026(3)		2,000,000		2,159,767
Private Export Funding Corp.
2.80%, 05/15/2022		1,200,000		1,227,820
3.25%, 06/15/2025		1,280,000		1,391,836
3.55%, 01/15/2024		2,489,000		2,680,098
Progressive Corp.
5.38% (3 Month LIBOR USD + 2.54%), 09/15/2169(2)		780,000		817,822
Prologis LP
1.25%, 10/15/2030		10,115,000		9,517,178
2.25%, 04/15/2030		305,000		311,527
Protective Life Corp.
4.30%, 09/30/2028(3)		4,500,000		5,042,569
Prudential Financial, Inc.
3.91%, 12/07/2047		1,231,000		1,429,780
6.63%, 06/21/2040		5,995,000		9,035,580
Prudential Insurance Co. of America
8.30%, 07/01/2025(3)		1,691,000		2,124,575
Realty Income Corp.
1.80%, 03/15/2033		1,320,000		1,254,938
3.25%, 01/15/2031		1,740,000		1,895,623
Regency Centers LP
2.95%, 09/15/2029		2,200,000		2,316,745
Safehold Operating Partnership LP
2.80%, 06/15/2031		7,000,000		6,997,388
Sammons Financial Group, Inc.
3.35%, 04/16/2031(3)		7,000,000		7,204,565
Santander UK Group Holdings Plc
1.67% (Secured Overnight Financing Rate + 0.99%), 06/14/2027(2)		2,290,000		2,286,497
3.82% (3 Month LIBOR USD + 1.40%), 11/03/2028(2)		800,000		879,713
4.75%, 09/15/2025(3)		1,810,000		2,030,963
Santander UK Plc

	Principal Amount		Value
5.00%, 11/07/2023(3)		4,150,000		4,524,247
Scentre Group Trust 1 / Scentre Group Trust 2
3.50%, 02/12/2025(3)		1,390,000		1,493,479
Scentre Group Trust 2
4.75% (5 Year CMT Index + 4.38%), 09/24/2080(2)(3)		1,865,000		1,990,888
SITE Centers Corp.
4.70%, 06/01/2027		368,000		407,515
Societe Generale SA
1.49% (1 Year CMT Index + 1.10%), 12/14/2026(2)(3)		19,302,000		19,126,642
1.79% (1 Year CMT Index + 1.00%), 06/09/2027(2)(3)		7,100,000		7,082,740
2.63%, 01/22/2025(3)		9,980,000		10,411,295
2.89% (1 Year CMT Index + 1.30%), 06/09/2032(2)(3)		8,975,000		9,081,982
3.00%, 01/22/2030(3)		1,689,000		1,759,237
3.25%, 01/12/2022(3)		7,000,000		7,108,611
3.63%, 03/01/2041(3)		6,000,000		6,091,425
4.25%, 04/14/2025(3)		2,880,000		3,127,379
5.00%, 01/17/2024(3)		860,000		935,981
SouthTrust Bank
7.69%, 05/15/2025		253,000		307,549
Standard Chartered Plc
1.21% (1 Year CMT Index + 0.88%), 03/23/2025(2)(3)		1,789,000		1,795,384
1.46% (1 Year CMT Index + 1.00%), 01/14/2027(2)(3)		8,645,000		8,562,301
2.74% (3 Month LIBOR USD + 1.20%), 09/10/2022(2)(3)		800,000		803,326
2.82% (3 Month LIBOR USD + 1.21%), 01/30/2026(2)(3)		1,360,000		1,427,370
4.25% (3 Month LIBOR USD + 1.15%), 01/20/2023(2)(3)		3,230,000		3,295,843
4.87% (5 Year 1100 Run ICE Swap Rate USD + 1.97%), 03/15/2033(2)(3)		800,000		887,337
5.20%, 01/26/2024(3)		609,000		667,687
State Bank of India
4.38%, 01/24/2024(3)		6,475,000		6,956,436
State Street Corp.
2.20%, 03/03/2031		14,130,000		14,243,511
Sumitomo Life Insurance Co.
4.00% (3 Month LIBOR USD + 2.99%), 09/14/2077(2)(3)		1,000,000		1,078,750
Sumitomo Mitsui Banking Corp.
3.95%, 07/19/2023		250,000		267,866
Sumitomo Mitsui Financial Group, Inc.
1.47%, 07/08/2025		3,668,000		3,704,040
2.13%, 07/08/2030		2,650,000		2,664,347
2.63%, 07/14/2026		644,000		684,294
2.78%, 10/18/2022		5,650,000		5,826,027
3.04%, 07/16/2029		5,005,000		5,371,313
3.10%, 01/17/2023		1,033,000		1,076,647
Sumitomo Mitsui Trust Bank Ltd.
1.55%, 03/25/2026(3)		3,871,000		3,923,423
SVB Financial Group
4.00% (5 Year CMT Index + 3.20%), 08/15/2169(2)		4,330,000		4,407,074
Svenska Handelsbanken AB
1.42% (1 Year CMT Index + 0.63%), 06/11/2027(2)(3)		18,040,000		17,978,686
Synchrony Financial
3.95%, 12/01/2027		1,500,000		1,672,064

	Principal Amount		Value
4.50%, 07/23/2025		4,000,000		4,473,244
Teachers Insurance & Annuity Association of America
4.27%, 05/15/2047(3)		3,360,000		4,016,962
4.90%, 09/15/2044(3)		200,000		259,261
6.85%, 12/16/2039(3)		218,000		330,571
Trinity Acquisition Plc
4.40%, 03/15/2026		2,300,000		2,599,283
6.13%, 08/15/2043		5,000,000		7,025,484
Truist Bank
3.30%, 05/15/2026		1,000,000		1,095,511
Truist Financial Corp.
2.85%, 10/26/2024		1,000,000		1,069,258
4.00%, 05/01/2025		424,000		471,427
4.80% (5 Year CMT Index + 3.00%), 12/31/2099(2)		5,630,000		5,911,500
UBS Group AG
1.36% (1 Year CMT Index + 1.08%), 01/30/2027(2)(3)		6,550,000		6,504,148
2.10% (1 Year CMT Index + 1.00%), 02/11/2032(2)(3)		6,420,000		6,289,236
2.86% (3 Month LIBOR USD + 0.95%), 08/15/2023(2)(3)		7,367,000		7,559,976
3.49%, 05/23/2023(3)		9,790,000		10,054,803
4.13%, 09/24/2025(3)		2,510,000		2,800,231
4.25%, 03/23/2028(3)		3,000,000		3,394,231
UDR, Inc.
1.90%, 03/15/2033		2,025,000		1,891,213
2.10%, 08/01/2032		1,430,000		1,372,911
2.95%, 09/01/2026		276,000		294,815
3.00%, 08/15/2031		415,000		436,551
3.20%, 01/15/2030		1,565,000		1,691,681
UniCredit SpA
1.98% (1 Year CMT Index + 1.20%), 06/03/2027(2)(3)		1,135,000		1,130,756
2.57% (1 Year CMT Index + 2.30%), 09/22/2026(2)(3)		2,330,000		2,362,259
5.86% (5 Year 1100 Run ICE Swap Rate USD + 3.70%), 06/19/2032(2)(3)		1,400,000		1,545,866
6.57%, 01/14/2022(3)		2,500,000		2,577,155
7.30% (5 Year 1100 Run ICE Swap Rate USD + 4.91%), 04/02/2034(2)(3)		715,000		859,659
Ventas Realty LP
3.25%, 10/15/2026		323,000		350,103
3.50%, 02/01/2025		251,000		270,868
3.75%, 05/01/2024		382,000		409,834
3.85%, 04/01/2027		677,000		756,656
4.13%, 01/15/2026		126,000		140,796
Vornado Realty LP
3.50%, 01/15/2025		800,000		851,674
WEA Finance LLC
3.15%, 04/05/2022(3)		1,243,000		1,261,403
Wells Fargo & Co.
2.16% (3 Month LIBOR USD + 0.75%), 02/11/2026(2)		4,525,000		4,696,564
2.57% (Secured Overnight Financing Rate + 1.26%), 02/11/2031(2)		12,110,000		12,532,194
3.00%, 04/22/2026		5,000,000		5,376,288
3.07% (Secured Overnight Financing Rate + 2.53%), 04/30/2041(2)		3,900,000		4,000,164
3.20% (3 Month LIBOR USD + 1.17%), 06/17/2027(2)		11,319,000		12,215,733
3.55%, 09/29/2025		700,000		769,372

	Principal Amount		Value
3.58% (3 Month LIBOR USD + 1.31%), 05/22/2028(2)		7,238,000		7,974,032
3.90% (5 Year CMT Index + 3.45%), 03/15/2170(2)		2,240,000		2,319,072
4.10%, 06/03/2026		3,749,000		4,210,090
4.30%, 07/22/2027		729,000		831,126
4.40%, 06/14/2046		626,000		754,588
4.65%, 11/04/2044		675,000		831,628
4.75%, 12/07/2046		1,343,000		1,699,489
4.90%, 11/17/2045		3,064,000		3,929,674
5.38%, 11/02/2043		317,000		422,763
Welltower, Inc.
2.70%, 02/15/2027		497,000		527,406
3.10%, 01/15/2030		1,085,000		1,155,489
6.50%, 03/15/2041		700,000		990,585
Westpac Banking Corp.
4.42%, 07/24/2039		1,010,000		1,194,910
Weyerhaeuser Co.
7.38%, 03/15/2032		500,000		721,518
Willis North America, Inc.
5.05%, 09/15/2048		7,500,000		9,828,264
WP Carey, Inc.
2.40%, 02/01/2031		1,800,000		1,790,559
4.25%, 10/01/2026		3,404,000		3,823,667
WR Berkley Corp.
4.75%, 08/01/2044		3,445,000		4,318,649
XLIT Ltd.
5.25%, 12/15/2043		2,700,000		3,733,325
Total Financials				2,233,737,488
Industrials – 1.89%
Airbus SE
3.15%, 04/10/2027(3)		736,000		791,178
3.95%, 04/10/2047(3)		150,000		170,208
Allegion US Holding Co., Inc.
3.20%, 10/01/2024		2,000,000		2,126,129
Amphenol Corp.
3.20%, 04/01/2024		8,135,000		8,630,834
Arrow Electronics, Inc.
3.25%, 09/08/2024		219,000		233,083
3.50%, 04/01/2022		965,000		980,940
3.88%, 01/12/2028		221,000		247,456
4.50%, 03/01/2023		183,000		192,458
BAE Systems Plc
1.90%, 02/15/2031(3)		6,886,000		6,636,280
3.00%, 09/15/2050(3)		754,000		737,648
5.80%, 10/11/2041(3)		400,000		555,759
Berry Global, Inc.
1.57%, 01/15/2026(3)		17,410,000		17,415,223
Boeing Co.
1.17%, 02/04/2023		2,040,000		2,048,457
1.43%, 02/04/2024		4,150,000		4,160,983
1.95%, 02/01/2024		2,080,000		2,129,845

	Principal Amount		Value
2.20%, 02/04/2026		19,535,000		19,721,720
2.75%, 02/01/2026		2,010,000		2,099,557
2.85%, 10/30/2024		3,650,000		3,842,015
3.10%, 05/01/2026		1,529,000		1,616,399
3.25%, 03/01/2028		2,061,000		2,162,463
3.30%, 03/01/2035		1,410,000		1,426,735
3.63%, 02/01/2031		4,745,000		5,103,381
3.95%, 08/01/2059		4,825,000		5,048,081
4.51%, 05/01/2023		4,899,000		5,222,798
4.88%, 05/01/2025		1,165,000		1,305,346
5.04%, 05/01/2027		1,185,000		1,367,286
5.15%, 05/01/2030		10,544,000		12,485,730
5.71%, 05/01/2040		1,555,000		2,002,658
5.81%, 05/01/2050		3,525,000		4,746,874
Burlington Northern Santa Fe LLC
3.30%, 09/15/2051		5,056,000		5,521,366
3.55%, 02/15/2050		517,000		584,634
4.38%, 09/01/2042		462,000		575,362
5.15%, 09/01/2043		389,000		533,310
5.40%, 06/01/2041		542,000		743,814
5.75%, 05/01/2040		373,000		529,989
6.15%, 05/01/2037		320,000		462,513
7.29%, 06/01/2036		134,000		207,055
Canadian National Railway Co.
2.45%, 05/01/2050		1,500,000		1,348,565
Canadian Pacific Railway Co.
2.90%, 02/01/2025		644,000		683,516
Carlisle Companies, Inc.
3.50%, 12/01/2024		3,025,000		3,264,504
CH Robinson Worldwide, Inc.
4.20%, 04/15/2028		6,000,000		6,851,458
CNH Industrial Capital LLC
1.45%, 07/15/2026		8,831,000		8,773,303
CRH America Finance, Inc.
3.40%, 05/09/2027(3)		200,000		219,643
CRH America, Inc.
3.88%, 05/18/2025(3)		354,000		387,945
5.13%, 05/18/2045(3)		230,000		299,686
CSX Corp.
3.35%, 09/15/2049		305,000		323,413
4.65%, 03/01/2068		2,000,000		2,617,856
4.75%, 05/30/2042		175,000		220,500
4.75%, 11/15/2048		1,280,000		1,655,662
5.50%, 04/15/2041		402,000		546,371
Eaton Corp.
4.00%, 11/02/2032		143,000		166,544
5.80%, 03/15/2037		500,000		633,436
7.63%, 04/01/2024		206,000		242,839
Embraer Netherlands Finance BV
5.05%, 06/15/2025		2,202,000		2,325,642

	Principal Amount		Value
Embraer Overseas Ltd.
5.70%, 09/16/2023(3)		4,000,000		4,264,920
Empresa de Transporte de Pasajeros Metro SA
4.70%, 05/07/2050(3)		1,179,000		1,332,270
FedEx Corp.
4.95%, 10/17/2048		3,000,000		3,869,360
Flex Ltd.
3.75%, 02/01/2026		4,000,000		4,374,529
General Electric Co.
3.63%, 05/01/2030		1,535,000		1,711,647
Graphic Packaging International LLC
0.82%, 04/15/2024(3)		6,170,000		6,124,337
1.51%, 04/15/2026(3)		11,485,000		11,426,720
JB Hunt Transport Services, Inc.
3.85%, 03/15/2024		650,000		696,614
3.88%, 03/01/2026		1,380,000		1,534,827
Johnson Controls International Plc
3.75%, 12/01/2021		12,000		12,062
4.95%, 07/02/2064(1)		928,000		1,262,671
Keysight Technologies, Inc.
4.60%, 04/06/2027		13,000,000		15,105,166
L3Harris Technologies, Inc.
1.80%, 01/15/2031		1,970,000		1,910,299
3.83%, 04/27/2025		1,820,000		1,992,881
4.85%, 04/27/2035		1,000,000		1,252,476
Lennox International, Inc.
1.70%, 08/01/2027		2,000,000		1,999,641
Martin Marietta Materials, Inc.
3.45%, 06/01/2027		811,000		885,745
3.50%, 12/15/2027		6,165,000		6,786,389
4.25%, 07/02/2024		1,705,000		1,858,470
6.25%, 05/01/2037		107,000		140,646
Masco Corp.
2.00%, 10/01/2030		760,000		741,098
6.50%, 08/15/2032		1,240,000		1,649,455
Mexico City Airport Trust
3.88%, 04/30/2028(3)		3,950,000		4,127,750
5.50%, 07/31/2047(3)		3,902,000		3,955,848
Norfolk Southern Corp.
3.95%, 10/01/2042		332,000		381,437
4.05%, 08/15/2052		1,100,000		1,300,567
4.80%, 08/15/2043		1,273,000		1,521,740
5.59%, 05/17/2025		6,000		7,024
7.80%, 05/15/2027		1,705,000		2,289,517
Northrop Grumman Corp.
3.20%, 02/01/2027		849,000		924,083
3.25%, 01/15/2028		250,000		273,062
3.85%, 04/15/2045		195,000		224,210
nVent Finance Sarl
4.55%, 04/15/2028		3,625,000		3,981,532

	Principal Amount		Value
Otis Worldwide Corp.
2.57%, 02/15/2030		3,430,000		3,552,272
Pactiv LLC
7.95%, 12/15/2025		34,000		38,250
Parker-Hannifin Corp.
4.10%, 03/01/2047		583,000		690,882
4.45%, 11/21/2044		333,000		410,506
Penske Truck Leasing Co. LP
1.20%, 11/15/2025(3)		7,300,000		7,230,411
2.70%, 03/14/2023(3)		220,000		227,116
3.95%, 03/10/2025(3)		7,000,000		7,654,227
Precision Castparts Corp.
4.20%, 06/15/2035		75,000		88,962
4.38%, 06/15/2045		415,000		499,807
Raytheon Technologies Corp.
3.20%, 03/15/2024		409,000		435,088
3.75%, 11/01/2046		1,130,000		1,273,791
4.15%, 05/15/2045		1,683,000		2,002,308
4.35%, 04/15/2047		970,000		1,192,242
4.50%, 06/01/2042		1,823,000		2,269,689
Republic Services, Inc.
1.45%, 02/15/2031		1,970,000		1,845,607
Siemens Financieringsmaatschappij NV
2.35%, 10/15/2026(3)		700,000		734,986
3.13%, 03/16/2024(3)		800,000		853,721
4.40%, 05/27/2045(3)		513,000		655,138
Teledyne Technologies, Inc.
2.75%, 04/01/2031		21,360,000		21,939,871
Textron, Inc.
3.65%, 03/15/2027		4,975,000		5,511,168
Timken Co.
3.88%, 09/01/2024		1,000,000		1,070,494
TTX Co.
3.60%, 01/15/2025(3)		2,000,000		2,183,706
Union Pacific Corp.
2.97%, 09/16/2062		3,668,000		3,524,911
4.10%, 09/15/2067		200,000		231,208
Vontier Corp.
2.40%, 04/01/2028(3)		8,000,000		7,946,400
Vulcan Materials Co.
4.70%, 03/01/2048		2,054,000		2,588,538
Weir Group Plc
2.20%, 05/13/2026(3)		4,874,000		4,893,914
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/2026		5,000,000		5,366,381
4.38%, 08/15/2023		322,000		341,062
WestRock MWV LLC
8.20%, 01/15/2030		537,000		759,710
WRKCo, Inc.
3.75%, 03/15/2025		1,300,000		1,418,205

	Principal Amount		Value
Xylem, Inc.
1.95%, 01/30/2028		2,170,000		2,189,587
2.25%, 01/30/2031		960,000		966,401
3.25%, 11/01/2026		192,000		210,285
Total Industrials				337,642,287
Technology – 1.79%
Analog Devices, Inc.
3.13%, 12/05/2023		476,000		503,499
4.50%, 12/05/2036		1,020,000		1,201,883
Apple, Inc.
2.45%, 08/04/2026		1,111,000		1,181,740
3.00%, 06/20/2027		1,462,000		1,607,419
3.20%, 05/13/2025		1,010,000		1,101,549
3.45%, 02/09/2045		1,357,000		1,515,613
3.85%, 08/04/2046		776,000		923,315
Broadcom Cayman Finance Ltd.
3.13%, 01/15/2025		7,000,000		7,472,036
Broadcom, Inc.
2.45%, 02/15/2031(3)		4,393,000		4,316,977
3.46%, 09/15/2026		4,111,000		4,476,868
3.50%, 02/15/2041(3)		5,589,000		5,717,708
4.11%, 09/15/2028		2,092,000		2,353,369
4.15%, 11/15/2030		5,085,000		5,702,395
4.25%, 04/15/2026		2,300,000		2,578,382
4.75%, 04/15/2029		24,765,000		28,808,058
Citrix Systems, Inc.
1.25%, 03/01/2026		855,000		844,265
Dell International LLC / EMC Corp.
4.90%, 10/01/2026		6,591,000		7,606,566
5.30%, 10/01/2029		1,100,000		1,327,295
5.45%, 06/15/2023		6,070,000		6,585,121
6.02%, 06/15/2026		8,889,000		10,671,479
8.35%, 07/15/2046		3,268,000		5,345,152
DXC Technology Co.
4.25%, 04/15/2024		9,435,000		10,233,741
4.75%, 04/15/2027		4,500,000		5,181,185
Fidelity National Information Services, Inc.
2.25%, 03/01/2031		10,715,000		10,695,830
Fiserv, Inc.
3.20%, 07/01/2026		890,000		963,138
3.85%, 06/01/2025		5,000,000		5,500,775
4.40%, 07/01/2049		2,850,000		3,437,563
Genpact Luxembourg Sarl
3.38%, 12/01/2024		7,000,000		7,478,141
Hewlett Packard Enterprise Co.
4.40%, 10/15/2022		7,500,000		7,826,062
HP, Inc.
3.00%, 06/17/2027		1,380,000		1,477,832
Leidos, Inc.
2.30%, 02/15/2031		1,075,000		1,048,792

	Principal Amount		Value
3.63%, 05/15/2025		3,500,000		3,803,450
Microchip Technology, Inc.
0.97%, 02/15/2024(3)		47,789,000		47,765,456
0.98%, 09/01/2024(3)		3,000,000		2,985,455
2.67%, 09/01/2023		5,353,000		5,575,254
Microsoft Corp.
2.40%, 08/08/2026		600,000		639,524
2.53%, 06/01/2050		9,330,000		9,166,547
2.68%, 06/01/2060		1,180,000		1,168,605
2.92%, 03/17/2052		231,000		245,171
3.04%, 03/17/2062		589,000		628,317
3.50%, 02/12/2035		318,000		369,010
NVIDIA Corp.
1.55%, 06/15/2028		10,176,000		10,134,516
2.00%, 06/15/2031		11,502,000		11,514,265
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/2031(3)		3,495,000		3,529,570
3.25%, 05/11/2041(3)		10,011,000		10,293,007
4.30%, 06/18/2029(3)		7,077,000		8,113,924
Oracle Corp.
2.30%, 03/25/2028(13)		5,620,000		5,766,159
2.40%, 09/15/2023		757,000		784,924
3.60%, 04/01/2040		4,953,000		5,224,216
3.60%, 04/01/2050		3,353,000		3,443,036
3.80%, 11/15/2037		600,000		657,989
3.85%, 07/15/2036		1,065,000		1,170,800
3.90%, 05/15/2035		936,000		1,042,328
3.95%, 03/25/2051		1,928,000		2,104,390
4.30%, 07/08/2034		221,000		256,200
4.38%, 05/15/2055		400,000		460,514
Roper Technologies, Inc.
1.40%, 09/15/2027		3,050,000		2,999,646
2.00%, 06/30/2030		1,150,000		1,132,463
salesforce.com, Inc.
2.70%, 07/15/2041		5,841,000		5,865,143
2.90%, 07/15/2051		2,429,000		2,452,675
Seagate HDD Cayman
4.75%, 06/01/2023		1,500,000		1,595,985
ServiceNow, Inc.
1.40%, 09/01/2030		6,530,000		6,126,571
SK Hynix, Inc.
1.50%, 01/19/2026(3)		2,000,000		1,972,840
VMware, Inc.
2.95%, 08/21/2022		2,321,000		2,381,129
4.65%, 05/15/2027		1,370,000		1,572,317
Xilinx, Inc.
2.38%, 06/01/2030		2,000,000		2,033,017
Total Technology				320,658,161
Utilities – 3.14%
Abu Dhabi National Energy Co. PJSC

	Principal Amount		Value
2.00%, 04/29/2028(3)		2,015,000		2,026,284
AEP Texas, Inc.
3.80%, 10/01/2047		3,715,000		4,065,471
AEP Transmission Co. LLC
3.15%, 09/15/2049		580,000		604,096
3.75%, 12/01/2047		2,600,000		2,952,013
4.00%, 12/01/2046		2,020,000		2,377,755
4.25%, 09/15/2048		4,790,000		5,897,049
Alabama Power Co.
2.80%, 04/01/2025		2,025,000		2,140,465
3.75%, 03/01/2045		182,000		205,919
4.10%, 01/15/2042		233,000		267,358
4.15%, 08/15/2044		205,000		245,748
6.13%, 05/15/2038		219,000		312,951
Alexander Funding Trust
1.84%, 11/15/2023(3)		2,000,000		2,036,535
Ameren Corp.
2.50%, 09/15/2024		3,468,000		3,646,802
Ameren Illinois Co.
3.25%, 03/15/2050		617,000		666,960
American Electric Power Co., Inc.
0.75%, 11/01/2023		3,032,000		3,033,578
American Water Capital Corp.
3.45%, 06/01/2029		590,000		653,761
3.85%, 03/01/2024		500,000		537,920
4.00%, 12/01/2046		2,350,000		2,745,602
6.59%, 10/15/2037		386,000		569,838
Appalachian Power Co.
6.70%, 08/15/2037		430,000		609,095
APT Pipelines Ltd.
4.20%, 03/23/2025(3)		2,100,000		2,302,917
4.25%, 07/15/2027(3)		1,098,000		1,239,987
Arizona Public Service Co.
3.35%, 06/15/2024		676,000		722,120
3.75%, 05/15/2046		2,290,000		2,589,873
5.05%, 09/01/2041		349,000		455,116
Atmos Energy Corp.
0.63%, 03/09/2023		990,000		990,304
4.13%, 10/15/2044		1,860,000		2,182,520
4.15%, 01/15/2043		830,000		973,984
Ausgrid Finance Pty Ltd.
4.35%, 08/01/2028(3)		10,275,000		11,563,074
Avangrid, Inc.
3.15%, 12/01/2024		610,000		652,162
Baltimore Gas & Electric Co.
2.90%, 06/15/2050		950,000		945,792
3.20%, 09/15/2049		1,105,000		1,155,978
3.50%, 08/15/2046		375,000		413,979
Berkshire Hathaway Energy Co.
2.85%, 05/15/2051		7,650,000		7,401,221

	Principal Amount		Value
3.50%, 02/01/2025		625,000		675,140
6.13%, 04/01/2036		366,000		514,624
Boston Gas Co.
4.49%, 02/15/2042(3)		253,000		297,182
Brooklyn Union Gas Co.
3.87%, 03/04/2029(3)		1,125,000		1,243,333
4.27%, 03/15/2048(3)		1,100,000		1,251,660
4.50%, 03/10/2046(3)		2,000,000		2,364,910
CenterPoint Energy Houston Electric LLC
3.95%, 03/01/2048		151,000		180,309
China Southern Power Grid International Finance BVI Co. Ltd.
3.50%, 05/08/2027(3)		1,910,000		2,093,047
Cleveland Electric Illuminating Co.
3.50%, 04/01/2028(3)		1,333,000		1,424,577
CMS Energy Corp.
2.95%, 02/15/2027		348,000		367,130
3.00%, 05/15/2026		110,000		117,629
3.45%, 08/15/2027		350,000		386,644
Comision Federal de Electricidad
4.88%, 01/15/2024(3)		322,000		350,178
Commonwealth Edison Co.
3.65%, 06/15/2046		364,000		413,891
3.75%, 08/15/2047		1,000,000		1,157,880
4.00%, 03/01/2048		4,615,000		5,535,711
Connecticut Light & Power Co.
3.20%, 03/15/2027		600,000		659,333
Consolidated Edison Co. of New York, Inc.
3.85%, 06/15/2046		2,940,000		3,245,183
4.13%, 05/15/2049		4,293,000		5,003,535
4.30%, 12/01/2056		3,050,000		3,590,065
4.50%, 05/15/2058		538,000		649,570
4.65%, 12/01/2048		1,607,000		1,984,752
5.70%, 06/15/2040		318,000		428,567
Consolidated Edison, Inc.
0.65%, 12/01/2023		7,561,000		7,562,036
Consumers Energy Co.
3.25%, 08/15/2046		190,000		203,653
4.35%, 08/31/2064		191,000		241,806
Delmarva Power & Light Co.
4.00%, 06/01/2042		170,000		192,767
Dominion Energy, Inc.
2.45%, 01/15/2023(3)		7,054,000		7,262,811
2.85%, 08/15/2026		304,000		323,552
3.30%, 04/15/2041		4,036,000		4,237,444
3.38%, 04/01/2030		2,570,000		2,798,500
4.90%, 08/01/2041		212,000		267,430
5.25%, 08/01/2033		1,161,000		1,457,834
7.00%, 06/15/2038		124,000		184,246
DTE Electric Co.
2.65%, 06/15/2022		194,000		197,218

	Principal Amount		Value
3.25%, 04/01/2051		3,047,000		3,299,290
DTE Energy Co.
1.05%, 06/01/2025		5,110,000		5,108,582
2.53%, 10/01/2024		6,316,000		6,648,625
Duke Energy Carolinas LLC
3.70%, 12/01/2047		878,000		989,776
4.25%, 12/15/2041		141,000		171,073
6.00%, 12/01/2028		235,000		300,087
Duke Energy Corp.
3.75%, 09/01/2046		10,300,000		11,001,196
3.95%, 08/15/2047		3,432,000		3,769,116
Duke Energy Florida LLC
4.20%, 07/15/2048		3,636,000		4,464,604
Duke Energy Indiana LLC
3.75%, 05/15/2046		600,000		671,947
Duke Energy Progress LLC
3.70%, 10/15/2046		506,000		571,276
4.10%, 05/15/2042		217,000		254,544
4.10%, 03/15/2043		181,000		214,551
4.15%, 12/01/2044		129,000		155,703
4.20%, 08/15/2045		325,000		391,755
4.38%, 03/30/2044		132,000		162,894
Duquesne Light Holdings, Inc.
2.53%, 10/01/2030(3)		2,500,000		2,455,997
3.62%, 08/01/2027(3)		1,675,000		1,816,743
Eastern Energy Gas Holdings LLC
4.60%, 12/15/2044		1,300,000		1,516,615
Edison International
3.13%, 11/15/2022		4,014,000		4,134,325
3.55%, 11/15/2024		3,606,000		3,832,661
5.75%, 06/15/2027		15,522,000		17,661,432
EDP Finance BV
3.63%, 07/15/2024(3)		700,000		752,546
Electricite de France SA
4.75%, 10/13/2035(3)		5,000,000		6,098,554
Emera US Finance LP
3.55%, 06/15/2026		3,895,000		4,254,119
4.75%, 06/15/2046		900,000		1,068,867
Enel Finance International NV
2.65%, 09/10/2024(3)		1,440,000		1,513,647
3.50%, 04/06/2028(3)		5,845,000		6,399,707
3.63%, 05/25/2027(3)		12,505,000		13,736,192
4.63%, 09/14/2025(3)		1,787,000		2,026,718
4.75%, 05/25/2047(3)		5,575,000		6,844,717
4.88%, 06/14/2029(3)		215,000		256,584
6.00%, 10/07/2039(3)		307,000		429,359
Engie Energia Chile SA
3.40%, 01/28/2030(3)		1,600,000		1,640,000
Entergy Arkansas LLC
2.65%, 06/15/2051		960,000		908,386

	Principal Amount		Value
3.50%, 04/01/2026		307,000		337,217
Entergy Corp.
2.95%, 09/01/2026		310,000		330,628
Entergy Louisiana LLC
2.40%, 10/01/2026		650,000		679,855
2.90%, 03/15/2051		1,570,000		1,546,381
3.05%, 06/01/2031		440,000		476,510
3.12%, 09/01/2027		370,000		403,345
4.00%, 03/15/2033		2,610,000		3,058,070
Entergy Texas, Inc.
4.50%, 03/30/2039		11,000,000		13,057,285
Evergy Kansas Central, Inc.
4.13%, 03/01/2042		4,175,000		4,921,492
Evergy Metro, Inc.
3.15%, 03/15/2023		375,000		389,619
4.20%, 03/15/2048		500,000		603,412
5.30%, 10/01/2041		1,032,000		1,352,748
Evergy, Inc.
2.90%, 09/15/2029		2,190,000		2,320,779
Exelon Corp.
3.50%, 06/01/2022		10,180,000		10,436,997
4.05%, 04/15/2030		6,026,000		6,863,233
4.70%, 04/15/2050		2,827,000		3,570,828
4.95%, 06/15/2035		1,500,000		1,841,909
Exelon Generation Co. LLC
3.40%, 03/15/2022		1,180,000		1,201,098
5.75%, 10/01/2041		192,000		225,977
6.25%, 10/01/2039		300,000		369,657
FirstEnergy Corp.
4.75%, 03/15/2023		3,810,000		4,021,650
FirstEnergy Transmission LLC
2.87%, 09/15/2028(3)		1,550,000		1,604,432
4.35%, 01/15/2025(3)		6,061,000		6,649,646
5.45%, 07/15/2044(3)		1,702,000		2,123,682
Florida Power & Light Co.
3.70%, 12/01/2047		2,538,000		2,985,092
5.40%, 09/01/2035		700,000		927,544
Fortis, Inc.
3.06%, 10/04/2026		2,291,000		2,456,692
Indiana Michigan Power Co.
3.20%, 03/15/2023		991,000		1,029,335
3.25%, 05/01/2051		1,570,000		1,645,270
Israel Electric Corp. Ltd.
4.25%, 08/14/2028(3)		7,000,000		7,836,640
5.00%, 11/12/2024(3)		3,288,000		3,674,373
6.88%, 06/21/2023(3)		2,340,000		2,610,378
ITC Holdings Corp.
2.70%, 11/15/2022		10,512,000		10,806,586
2.95%, 05/14/2030(3)		890,000		936,694
Jersey Central Power & Light Co.

	Principal Amount		Value
2.75%, 03/01/2032(3)		3,990,000		4,050,214
4.30%, 01/15/2026(3)		740,000		819,006
6.15%, 06/01/2037		400,000		517,151
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/2042		419,772		507,188
KeySpan Gas East Corp.
2.74%, 08/15/2026(3)		538,000		564,081
Massachusetts Electric Co.
4.00%, 08/15/2046(3)		624,000		694,123
MidAmerican Energy Co.
3.50%, 10/15/2024		317,000		342,782
Mid-Atlantic Interstate Transmission LLC
4.10%, 05/15/2028(3)		9,900,000		11,141,212
Monongahela Power Co.
5.40%, 12/15/2043(3)		1,650,000		2,159,609
National Rural Utilities Cooperative Finance Corp.
8.00%, 03/01/2032		791,000		1,195,052
Nevada Power Co.
5.38%, 09/15/2040		261,000		339,742
5.45%, 05/15/2041		386,000		511,875
New England Power Co.
3.80%, 12/05/2047(3)		5,108,000		5,541,176
New York State Electric & Gas Corp.
3.25%, 12/01/2026(3)		804,000		874,972
NextEra Energy Capital Holdings, Inc.
0.65%, 03/01/2023		7,671,000		7,702,306
2.80%, 01/15/2023		3,671,000		3,793,999
Niagara Mohawk Power Corp.
1.96%, 06/27/2030(3)		2,150,000		2,115,247
3.51%, 10/01/2024(3)		258,000		277,451
NiSource, Inc.
1.70%, 02/15/2031		1,640,000		1,549,685
2.95%, 09/01/2029		1,520,000		1,610,051
3.95%, 03/30/2048		4,480,000		5,106,126
5.80%, 02/01/2042		774,000		1,048,275
Northern States Power Co.
3.60%, 09/15/2047		2,395,000		2,710,268
4.13%, 05/15/2044		1,480,000		1,805,112
NRG Energy, Inc.
2.00%, 12/02/2025(3)		2,685,000		2,723,592
2.45%, 12/02/2027(3)		6,215,000		6,254,972
4.45%, 06/15/2029(3)		1,155,000		1,274,865
OGE Energy Corp.
0.70%, 05/26/2023		1,300,000		1,300,348
Ohio Power Co.
4.15%, 04/01/2048		1,190,000		1,423,567
Oklahoma Gas & Electric Co.
0.55%, 05/26/2023		1,690,000		1,690,054
Oncor Electric Delivery Co. LLC
3.10%, 09/15/2049		1,895,000		1,992,205

	Principal Amount		Value
5.75%, 03/15/2029		124,000		155,812
Pacific Gas & Electric Co.
1.37%, 03/10/2023		3,235,000		3,235,150
1.53% (3 Month LIBOR USD + 1.38%), 11/15/2021(2)		3,645,000		3,652,468
1.75%, 06/16/2022		7,041,000		7,037,116
2.95%, 03/01/2026		990,000		1,012,326
3.45%, 07/01/2025		1,570,000		1,645,645
3.75%, 02/15/2024		676,000		708,627
3.75%, 08/15/2042		376,000		342,078
4.00%, 12/01/2046		2,043,000		1,912,091
4.25%, 08/01/2023		2,482,000		2,629,570
4.30%, 03/15/2045		638,000		612,227
4.45%, 04/15/2042		1,905,000		1,886,040
4.50%, 07/01/2040		1,233,000		1,233,597
PECO Energy Co.
2.80%, 06/15/2050		860,000		857,578
3.70%, 09/15/2047		2,120,000		2,423,716
3.90%, 03/01/2048		5,235,000		6,257,765
4.15%, 10/01/2044		353,000		427,176
Pennsylvania Electric Co.
3.25%, 03/15/2028(3)		2,386,000		2,505,425
Pepco Holdings LLC
7.45%, 08/15/2032		222,000		312,167
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 05/15/2027(3)		2,756,000		2,988,882
4.88%, 07/17/2049(3)		1,541,000		1,677,841
5.50%, 11/22/2021(3)		1,959,000		1,989,756
Potomac Electric Power Co.
6.50%, 11/15/2037		136,000		200,689
PPL Electric Utilities Corp.
3.00%, 10/01/2049		2,105,000		2,172,069
4.13%, 06/15/2044		208,000		247,680
Progress Energy, Inc.
3.15%, 04/01/2022		389,000		394,593
Public Service Co. of Colorado
3.55%, 06/15/2046		353,000		383,015
4.10%, 06/15/2048		2,515,000		3,067,040
Public Service Co. of Oklahoma
6.63%, 11/15/2037		649,000		925,670
Public Service Electric & Gas Co.
3.15%, 08/15/2024		1,000,000		1,067,993
3.60%, 12/01/2047		1,605,000		1,823,602
5.38%, 11/01/2039		117,000		156,475
Public Service Enterprise Group, Inc.
1.60%, 08/15/2030		8,395,000		7,955,381
Puget Energy, Inc.
2.38%, 06/15/2028(3)		4,023,000		4,064,142
3.65%, 05/15/2025		1,200,000		1,291,242
RGS I&M Funding Corp.
9.82%, 06/07/2022		12,388		12,567

	Principal Amount		Value
San Diego Gas & Electric Co.
3.75%, 06/01/2047		3,506,000		4,000,755
3.95%, 11/15/2041		310,000		347,800
4.15%, 05/15/2048		1,693,000		2,051,481
5.35%, 05/15/2040		3,430,000		4,565,025
6.00%, 06/01/2026		213,000		258,652
Sempra Energy
4.05%, 12/01/2023		5,000,000		5,368,705
6.00%, 10/15/2039		752,000		1,040,746
Southern California Edison Co.
1.85%, 02/01/2022		48,000		48,025
2.95%, 02/01/2051		6,220,000		5,632,268
3.50%, 10/01/2023		328,000		346,683
3.65%, 03/01/2028		1,200,000		1,319,151
3.90%, 12/01/2041		392,000		403,487
4.05%, 03/15/2042		800,000		858,786
4.13%, 03/01/2048		1,880,000		2,003,488
6.05%, 03/15/2039		253,000		340,075
Southern California Gas Co.
2.55%, 02/01/2030		2,621,000		2,707,255
Southern Co.
3.25%, 07/01/2026		218,000		236,588
Southern Co. Gas Capital Corp.
2.45%, 10/01/2023		230,000		239,056
3.25%, 06/15/2026		225,000		243,771
3.95%, 10/01/2046		282,000		313,559
4.40%, 06/01/2043		160,000		189,924
5.88%, 03/15/2041		1,210,000		1,668,558
Southern Power Co.
4.95%, 12/15/2046		3,064,000		3,678,488
5.15%, 09/15/2041		746,000		909,780
Southwest Gas Corp.
3.80%, 09/29/2046		508,000		549,376
Southwestern Public Service Co.
4.50%, 08/15/2041		350,000		431,599
Talent Yield Investments Ltd.
4.50%, 04/25/2022(3)		715,000		733,740
Toledo Edison Co.
2.65%, 05/01/2028(3)		1,450,000		1,490,681
6.15%, 05/15/2037		680,000		931,857
Tri-State Generation & Transmission Association, Inc.
4.25%, 06/01/2046		371,000		398,910
Union Electric Co.
2.95%, 06/15/2027		715,000		772,922
3.65%, 04/15/2045		1,370,000		1,532,207
Virginia Electric & Power Co.
3.45%, 02/15/2024		191,000		203,363
3.50%, 03/15/2027		4,955,000		5,485,920
4.45%, 02/15/2044		126,000		156,179
4.65%, 08/15/2043		3,500,000		4,439,967

	Principal Amount		Value
Vistra Operations Co. LLC
3.55%, 07/15/2024(3)		8,460,000		8,932,666
WEC Energy Group, Inc.
3.55%, 06/15/2025		726,000		793,480
Wisconsin Electric Power Co.
3.10%, 06/01/2025		285,000		306,306
Xcel Energy, Inc.
3.35%, 12/01/2026		5,105,000		5,552,729
Total Utilities				561,251,141
Total Corporate Bonds (Cost: $5,490,268,862)				5,829,325,528
Government Related – 19.50%
Other Government Related – 1.73%
Alabama Economic Settlement Authority
4.26%, 09/15/2032		610,000		705,327
American Municipal Power, Inc.
7.50%, 02/15/2050		1,350,000		2,199,992
Atlanta Independent School System
5.56%, 03/01/2026		535,000		634,033
Bay Area Toll Authority
2.57%, 04/01/2031		6,700,000		7,066,826
6.26%, 04/01/2049		1,650,000		2,676,899
Bermuda Government International Bond
2.38%, 08/20/2030(3)		1,765,000		1,760,587
California Qualified School Bond Joint Powers Authority
7.16%, 03/01/2027		805,000		946,725
Chile Government International Bond
2.55%, 01/27/2032		1,398,000		1,428,756
City of Houston TX Combined Utility System Revenue
3.83%, 05/15/2028		1,850,000		2,104,006
City of Los Angeles Department of Airports
6.58%, 05/15/2039		1,650,000		2,215,697
Clark County School District
5.51%, 06/15/2024		2,350,000		2,572,800
Colombia Government International Bond
3.88%, 02/15/2061		1,500,000		1,342,125
4.00%, 02/26/2024		737,000		780,630
4.50%, 01/28/2026		1,192,000		1,301,020
5.00%, 06/15/2045		2,872,000		3,050,638
5.63%, 02/26/2044		200,000		226,460
7.38%, 09/18/2037		2,150,000		2,824,627
Corp. Andina de Fomento
2.13%, 09/27/2021		2,630,000		2,640,546
2.75%, 01/06/2023		1,125,000		1,161,371
3.25%, 02/11/2022		1,230,000		1,250,824
4.38%, 06/15/2022		2,735,000		2,833,241
County of Cuyahoga OH
9.13%, 10/01/2023		105,000		113,758
Curators of the University of Missouri
5.96%, 11/01/2039		3,445,000		4,606,314

	Principal Amount		Value
District of Columbia Water & Sewer Authority
4.81%, 10/01/2114		875,000		1,240,246
Eaton Community City School District
5.39%, 08/25/2027		275,000		275,523
Export-Import Bank of India
3.88%, 02/01/2028(3)		3,480,000		3,764,868
Fannie Mae
0.88%, 08/05/2030		3,585,000		3,394,333
1.63%, 01/07/2025		6,247,000		6,467,431
1.88%, 09/24/2026		425,000		445,576
2.25%, 04/12/2022		6,542,000		6,650,604
2.63%, 09/06/2024		5,221,000		5,579,098
6.25%, 05/15/2029		630,000		857,880
6.63%, 11/15/2030(7)		2,300,000		3,327,659
7.13%, 01/15/2030		1,500,000		2,191,288
Federal Home Loan Banks
4.00%, 10/24/2029		2,000,000		2,405,741
Federal Home Loan Mortgage Corp.
6.25%, 07/15/2032		3,709,000		5,448,518
Finnvera OYJ
2.38%, 06/04/2025(3)		600,000		636,320
Hydro-Quebec
8.05%, 07/07/2024		638,000		774,495
8.40%, 01/15/2022		826,000		861,054
Idaho Energy Resources Authority
2.86%, 09/01/2046		3,175,000		3,270,898
Indonesia Government International Bond
4.13%, 01/15/2025(3)		1,325,000		1,462,143
4.45%, 02/11/2024		1,130,000		1,236,482
5.88%, 01/15/2024(3)		1,300,000		1,467,135
Israel Government AID Bond
0.00%, 09/15/2023		1,837,000		1,809,309
0.00%, 11/01/2024		1,000,000		969,811
5.50%, 09/18/2033		619,000		873,120
Japan Finance Organization for Municipalities
1.75%, 09/05/2024(3)		200,000		206,162
2.13%, 10/25/2023(3)		3,400,000		3,520,938
2.63%, 04/20/2022(3)		6,000,000		6,112,359
3.25%, 04/24/2023(3)		1,000,000		1,049,851
Los Angeles Department of Water & Power Power System Revenue
6.60%, 07/01/2050		2,400,000		4,088,790
Mexico Government International Bond
2.66%, 05/24/2031		2,579,000		2,519,399
3.60%, 01/30/2025		868,000		953,533
3.75%, 01/11/2028		3,517,000		3,828,923
3.77%, 05/24/2061		3,240,000		3,011,580
4.13%, 01/21/2026		1,014,000		1,144,177
4.28%, 08/14/2041		7,480,000		7,851,307
4.35%, 01/15/2047		42,000		43,817
4.50%, 01/31/2050		1,275,000		1,355,070

	Principal Amount		Value
4.60%, 01/23/2046		1,494,000		1,604,989
4.60%, 02/10/2048		1,482,000		1,588,956
4.75%, 03/08/2044		450,000		496,665
5.75%, 10/12/2110		588,000		702,319
New Hampshire Housing Finance Authority
3.75%, 07/01/2034		40,000		41,139
New Jersey Transportation Trust Fund Authority
5.75%, 12/15/2028		5,100,000		6,076,690
New Jersey Turnpike Authority
7.10%, 01/01/2041		5,870,000		9,392,185
New York State Dormitory Authority
2.20%, 03/15/2034		4,165,000		4,206,173
5.60%, 03/15/2040		260,000		351,185
New York State Urban Development Corp.
5.84%, 03/15/2040		2,000,000		2,628,965
North American Development Bank
2.40%, 10/26/2022		684,000		697,246
North Carolina Housing Finance Agency
3.00%, 01/01/2033		890,000		906,227
North Carolina State Education Assistance Authority
0.00% (3 Month LIBOR USD + 0.80%), 07/25/2036(2)(5)		8,600,000		8,615,279
Ohio State University
4.05%, 12/01/2056		406,000		516,982
4.80%, 06/01/2111		1,102,000		1,562,565
Panama Government International Bond
4.50%, 04/16/2050		1,610,000		1,825,982
Peruvian Government International Bond
5.63%, 11/18/2050		190,000		261,229
Philippine Government International Bond
3.20%, 07/06/2046		4,951,000		4,944,770
Port Authority of New York & New Jersey
4.46%, 10/01/2062		2,065,000		2,709,124
5.65%, 11/01/2040		435,000		612,933
5.65%, 11/01/2040		1,260,000		1,775,392
Province of Manitoba Canada
2.13%, 06/22/2026		400,000		419,924
Qatar Government International Bond
4.40%, 04/16/2050(3)		2,951,000		3,591,804
4.82%, 03/14/2049(3)		1,200,000		1,543,500
5.10%, 04/23/2048(3)		3,140,000		4,168,664
Regents of the University of California Medical Center Pooled Revenue
3.71%, 05/15/2120		3,270,000		3,531,552
Republic of South Africa Government International Bond
5.88%, 09/16/2025		403,000		454,866
Resolution Funding Corp. Principal Strip
0.00%, 04/15/2030		929,000		803,534
Romanian Government International Bond
5.13%, 06/15/2048(3)		5,000,000		6,113,540
6.75%, 02/07/2022		250,000		259,425
Saudi Government International Bond

	Principal Amount		Value
2.25%, 02/02/2033(3)		1,533,000		1,489,233
2.88%, 03/04/2023(3)		5,560,000		5,766,832
3.45%, 02/02/2061(3)		3,338,000		3,330,256
4.00%, 04/17/2025(3)		3,200,000		3,532,000
St Johns County Industrial Development Authority
2.54%, 10/01/2030		10,000,000		10,249,742
State of California
7.30%, 10/01/2039		3,685,000		5,897,503
7.50%, 04/01/2034		5,540,000		8,729,998
State of Illinois
5.00%, 10/01/2022		685,000		725,145
5.00%, 11/01/2022		10,340,000		10,984,382
5.10%, 06/01/2033		8,755,000		10,294,500
Tennessee Valley Authority
0.75%, 05/15/2025		5,562,000		5,595,238
2.88%, 02/01/2027		805,000		884,306
4.25%, 09/15/2065		1,720,000		2,412,517
4.63%, 09/15/2060		1,308,000		1,922,647
5.50%, 06/15/2038		57,000		83,026
5.88%, 04/01/2036		2,967,000		4,410,072
7.13%, 05/01/2030		1,615,000		2,350,016
Tennessee Valley Authority Generic Strip
0.00%, 07/15/2028		2,000,000		1,814,196
0.00%, 03/15/2032		1,514,000		1,257,055
Tennessee Valley Authority Principal Strip
0.00%, 11/01/2025		1,847,000		1,776,374
0.00%, 06/15/2035		258,000		190,127
Texas Private Activity Bond Surface Transportation Corp.
3.92%, 12/31/2049		1,810,000		2,016,403
Three Rivers Local School District
5.21%, 09/15/2027		285,000		285,763
Tokyo Metropolitan Government
2.50%, 06/08/2022(3)		5,000,000		5,087,301
3.25%, 06/01/2023(3)		1,200,000		1,258,879
University of Virginia
4.18%, 09/01/2117		1,540,000		1,931,081
Uruguay Government International Bond
4.98%, 04/20/2055		2,590,000		3,338,510
5.10%, 06/18/2050		1,150,000		1,504,695
West Contra Costa Unified School District
6.25%, 08/01/2030		215,000		290,910
Westlake City School District
5.23%, 12/01/2026		430,000		431,276
Total Other Government Related				309,782,427
U.S. Treasury Obligations – 17.77%
U.S. Treasury Inflation Indexed Bonds
0.13%, 01/15/2022(8)		2,621,760		2,680,750
1.75%, 01/15/2028(8)		764,844		924,286
2.50%, 01/15/2029(8)		513,710		661,643
3.63%, 04/15/2028(8)		1,722,129		2,321,846

	Principal Amount		Value
U.S. Treasury Note/Bond
0.13%, 04/30/2023		43,080,000		42,999,225
0.13%, 05/31/2023		85,361,000		85,177,607
0.13%, 06/30/2023		35,760,000		35,674,791
0.25%, 05/15/2024		100,000		99,453
0.25%, 06/15/2024		34,476,000		34,265,912
0.25%, 07/31/2025		23,299,000		22,858,503
0.25%, 08/31/2025		14,022,000		13,740,465
0.25%, 09/30/2025		41,038,000		40,173,958
0.38%, 11/30/2025		34,650,000		34,026,029
0.38%, 12/31/2025		16,736,000		16,418,931
0.38%, 01/31/2026		41,379,000		40,549,804
0.50%, 02/28/2026		61,713,000		60,777,662
0.63%, 08/15/2030		108,950,000		101,502,246
0.75%, 03/31/2026		82,999,000		82,626,153
0.75%, 04/30/2026		49,879,000		49,625,708
0.75%, 05/31/2026		35,679,000		35,475,518
0.75%, 01/31/2028		60,000,000		58,413,281
0.88%, 06/30/2026		36,860,000		36,842,722
0.88%, 11/15/2030		21,490,000		20,435,647
1.13%, 02/15/2031		1,404,000		1,362,977
1.13%, 05/15/2040		6,910,000		5,965,273
1.13%, 08/15/2040		9,056,000		7,790,990
1.25%, 03/31/2028		22,075,000		22,162,093
1.25%, 04/30/2028		15,086,000		15,133,144
1.25%, 06/30/2028		37,869,000		37,928,170
1.25%, 05/15/2050		20,092,000		16,405,589
1.38%, 08/31/2023		12,000,000		12,283,594
1.38%, 11/15/2040		136,649,000		122,749,235
1.38%, 08/15/2050		21,271,000		17,931,619
1.50%, 01/31/2022		1,250,000		1,260,547
1.50%, 09/30/2024		26,000,000		26,823,672
1.63%, 10/31/2023		25,000,000		25,759,766
1.63%, 05/15/2026		20,000,000		20,730,469
1.63%, 08/15/2029		48,630,000		49,737,472
1.63%, 05/15/2031		62,824,000		63,785,993
1.63%, 11/15/2050		52,856,000		47,471,295
1.75%, 02/28/2022		37,900,000		38,323,414
1.75%, 01/31/2023		12,000,000		12,293,906
1.75%, 05/15/2023		17,221,000		17,705,341
1.75%, 12/31/2024		36,232,800		37,704,758
1.75%, 12/31/2026		2,230,000		2,324,252
1.88%, 11/30/2021		11,500,000		11,587,148
1.88%, 04/30/2022		2,000,000		2,029,688
1.88%, 02/15/2041		35,542,000		34,792,286
1.88%, 02/15/2051		64,742,000		61,788,146
2.00%, 06/30/2024		543,000		567,859
2.00%, 08/15/2025		150,100		157,957
2.00%, 11/15/2026		71,250,000		75,191,016
2.00%, 02/15/2050		34,679,000		34,069,408

	Principal Amount		Value
2.13%, 08/15/2021		2,805,000		2,812,251
2.13%, 12/31/2022		20,000,000		20,581,250
2.13%, 02/29/2024		10,842,000		11,343,866
2.25%, 11/15/2024		20,529,000		21,701,398
2.25%, 11/15/2025		141,771,000		150,831,053
2.25%, 11/15/2027		130,750,000		139,861,641
2.25%, 05/15/2041		46,773,000		48,665,845
2.25%, 08/15/2046		26,502,100		27,402,757
2.25%, 08/15/2049		9,259,000		9,591,745
2.38%, 11/15/2049		20,832,000		22,182,825
2.50%, 05/15/2024		162,263,000		171,878,350
2.50%, 02/15/2045		132,575,000		143,439,935
2.63%, 01/31/2026		25,000,000		27,042,969
2.75%, 05/31/2023		1,737,000		1,820,322
2.75%, 02/15/2024		1,000,000		1,061,992
2.75%, 11/15/2042		13,300,000		14,976,527
2.75%, 08/15/2047		6,887,000		7,833,963
2.75%, 11/15/2047		6,648,000		7,567,813
2.88%, 04/30/2025		840,000		911,072
2.88%, 05/31/2025		5,392,000		5,853,690
2.88%, 05/15/2043		133,360,000		153,374,418
2.88%, 08/15/2045		7,800,000		9,016,922
2.88%, 05/15/2049		51,136,000		59,879,057
3.00%, 11/15/2044		1,585,000		1,865,966
3.00%, 05/15/2047		3,861,000		4,591,121
3.00%, 02/15/2048		870,000		1,037,067
3.00%, 02/15/2049		2,144,000		2,566,854
3.13%, 11/15/2028		11,575,000		13,094,671
3.13%, 02/15/2043		18,100,000		21,626,672
3.13%, 05/15/2048		24,938,000		30,413,644
3.38%, 11/15/2048		48,630,000		62,090,632
3.63%, 08/15/2043		16,350,000		21,058,289
3.63%, 02/15/2044		10,150,000		13,119,272
3.75%, 11/15/2043		14,450,000		18,967,883
4.38%, 11/15/2039		11,454,000		15,934,035
4.38%, 05/15/2041		1,500,000		2,107,441
4.75%, 02/15/2037		6,162,000		8,747,152
5.00%, 05/15/2037		8,604,000		12,539,658
8.00%, 11/15/2021		4,414,000		4,544,696
U.S. Treasury Strip Coupon
0.00%, 08/15/2021		9,469,000		9,468,470
0.00%, 11/15/2021		4,679,000		4,678,405
0.00%, 02/15/2022		25,367,000		25,357,735
0.00%, 05/15/2022		18,154,000		18,143,214
0.00%, 08/15/2022		4,975,000		4,968,951
0.00%, 11/15/2022		25,950,000		25,888,364
0.00%, 08/15/2023		22,550,000		22,417,891
0.00%, 11/15/2023		23,218,000		23,033,197
0.00%, 02/15/2024		12,206,000		12,080,857
0.00%, 05/15/2024		21,322,000		21,040,449

	Principal Amount		Value
0.00%, 08/15/2024		1,834,000		1,804,615
0.00%, 11/15/2024		6,105,000		5,990,092
0.00%, 02/15/2025		799,000		779,965
0.00%, 05/15/2025		3,279,000		3,189,063
0.00%, 08/15/2027		4,314,000		4,009,506
0.00%, 11/15/2027		4,607,000		4,261,404
0.00%, 02/15/2031		12,590,000		10,775,177
0.00%, 02/15/2032		46,250,000		38,591,484
0.00%, 11/15/2034		2,487,000		1,938,981
0.00%, 02/15/2035		1,824,000		1,414,094
0.00%, 05/15/2035		1,920,000		1,479,188
0.00%, 08/15/2035		175,000		133,857
0.00%, 05/15/2036		121,000		90,757
0.00%, 05/15/2039		455,000		314,130
0.00%, 08/15/2041		1,225,000		792,838
Total U.S. Treasury Obligations				3,178,668,615
Total Government Related (Cost: $3,399,445,465)				3,488,451,042
Mortgage-Backed Obligations – 34.50%
20 Times Square Trust 2018-20TS
3.20%, 05/15/2035, Series 2018-20TS, Class D(3)(4)		5,204,000		5,124,901
510 Asset Backed 2021-NPL1 Trust
2.24%, 06/25/2061, Series 2021-NPL1, Class A1(1)(3)		2,200,000		2,200,000
ACRC Holdings LLC
7.08% (1 Month LIBOR USD + 4.60%), 12/22/2021(2)(12)		3,553,636		3,553,636
ACRE Commercial Mortgage 2021-FL4 Ltd.
1.18% (1 Month LIBOR USD + 1.10%, 1.10% Floor), 12/18/2037, Series 2021-FL4, Class AS(2)(3)		3,990,000		3,970,206
Alternative Loan Trust 2003-22CB
6.00%, 12/25/2033, Series 2003-22CB, Class 3A1		1,620,509		1,685,422
Alternative Loan Trust 2004-2CB
5.75%, 03/25/2034, Series 2004-2CB, Class 1A9		384,517		386,854
Alternative Loan Trust 2005-1CB
7.01% (1 Month LIBOR USD + 7.10%, 7.10% Cap), 03/25/2035, Series 2005-1CB, Class 1A6(2)(5)		115,103		17,422
Alternative Loan Trust 2005-20CB
4.66% (1 Month LIBOR USD + 4.75%, 4.75% Cap), 07/25/2035, Series 2005-20CB, Class 3A8(2)(5)		388,884		51,413
Alternative Loan Trust 2005-22T1
4.98% (1 Month LIBOR USD + 5.07%, 5.07% Cap), 06/25/2035, Series 2005-22T1, Class A2(2)(5)		491,309		75,675
Alternative Loan Trust 2005-28CB
5.50%, 08/25/2035, Series 2005-28CB, Class 1A4		167,911		167,803
6.00%, 08/25/2035, Series 2005-28CB, Class 3A5		6,196		4,178
Alternative Loan Trust 2005-37T1
4.96% (1 Month LIBOR USD + 5.05%, 5.05% Cap), 09/25/2035, Series 2005-37T1, Class A2(2)(5)		1,632,495		243,729
Alternative Loan Trust 2005-54CB
4.76% (1 Month LIBOR USD + 4.85%, 4.85% Cap), 11/25/2035, Series 2005-54CB, Class 1A2(2)(5)		562,332		82,115
5.50%, 11/25/2035, Series 2005-54CB, Class 1A7		1,995		1,937
5.50%, 11/25/2035, Series 2005-54CB, Class 1A11		142,319		134,012
Alternative Loan Trust 2005-64CB
5.50%, 12/25/2035, Series 2005-64CB, Class 1A9		64,363		63,800
Alternative Loan Trust 2006-28CB
6.00%, 10/25/2036, Series 2006-28CB, Class A17		56,236		40,802

	Principal Amount		Value
Alternative Loan Trust 2006-43CB
6.00%, 02/25/2022, Series 2006-43CB, Class 2A1		1,591		1,594
American General Mortgage Loan Trust 2006-1
5.75%, 12/25/2035, Series 2006-1, Class A5(3)(4)		1,198		1,258
Anchor Mortgage Trust 2021-RTL1
2.60%, 10/25/2026, Series 2021-1, Class A1(3)		13,200,000		13,224,585
ASG Resecuritization Trust 2011-1
6.00%, 09/28/2036, Series 2011-1, Class 2A35(3)(4)		89,924		82,713
Assurant Commercial Mortgage Trust 2016-1
3.17%, 05/15/2049, Series 2016-1A, Class AS(3)		9,100,000		9,571,335
BAMLL Commercial Mortgage Securities Trust 2012-PARK
2.96%, 12/10/2030, Series 2012-PARK, Class A(3)		809,000		834,651
BAMLL Commercial Mortgage Securities Trust 2014-520M
4.35%, 08/15/2046, Series 2014-520M, Class C(3)(4)		1,200,000		1,283,675
BAMLL Re-REMIC Trust 2013-FRR2
0.00%, 09/26/2022, Series 2013-FRR2, Class A(3)		4,000,000		3,880,531
BAMLL Re-REMIC Trust 2014-FRR5
0.00%, 06/27/2045, Series 2014-FRR5, Class AK30(3)		6,300,000		6,083,752
Banc of America Alternative Loan Trust 2004-6
0.00%, 07/25/2049, Series 2004-6, Class 15PO		944		624
Banc of America Alternative Loan Trust 2005-11
5.50%, 12/25/2035, Series 2005-11, Class 1CB4		6,299		6,240
Banc of America Alternative Loan Trust 2006-5
6.00%, 06/25/2046, Series 2006-5, Class CB7		25,860		25,354
Banc of America Alternative Loan Trust 2007-1
4.42%, 04/25/2022, Series 2007-1, Class 1A1(4)		11,239		11,025
Banc of America Commercial Mortgage Trust 2006-5
0.92%, 09/10/2047, Series 2006-5, Class XC(3)(4)		115,666		1,222
Banc of America Funding 2004-1 Trust
0.00%, 03/25/2034, Series 2004-1, Class PO		16,706		13,278
Banc of America Funding 2004-2 Trust
5.75%, 09/20/2034, Series 2004-2, Class 1CB1		1,216,697		1,310,213
Banc of America Funding 2004-C Trust
3.23%, 12/20/2034, Series 2004-C, Class 1A1(4)		32,416		33,581
Banc of America Funding 2005-6 Trust
5.50%, 10/25/2035, Series 2005-6, Class 2A7		18,841		19,019
Banc of America Funding 2005-7 Trust
0.00%, 11/25/2035, Series 2005-7, Class 30PO		16,820		16,131
Banc of America Funding 2005-8 Trust
0.00%, 01/25/2036, Series 2005-8, Class 30PO		5,800		4,320
Banc of America Funding 2005-C Trust
0.33% (1 Month LIBOR USD + 0.24%, 0.24% Floor, 11.00% Cap), 05/20/2035, Series 2005-C, Class A1(2)		1,070,222		1,083,410
Banc of America Funding 2005-E Trust
2.98%, 03/20/2035, Series 2005-E, Class 4A1(4)		309		309
Banc of America Funding 2006-1 Trust
0.00%, 01/25/2036, Series 2006-1, Class XPO		5,257		3,759
Banc of America Mortgage 2003-C Trust
2.37%, 04/25/2033, Series 2003-C, Class 3A1(4)		10,664		10,893
BANK 2017-BNK4
3.63%, 05/15/2050, Series 2017-BNK4, Class A4		6,790,000		7,537,631

	Principal Amount		Value
BANK 2017-BNK8
3.49%, 11/15/2050, Series 2017-BNK8, Class A4		12,745,000		14,115,404
BANK 2017-BNK9
3.54%, 11/15/2054, Series 2017-BNK9, Class A4		6,100,000		6,775,210
BANK 2018-BNK10
3.69%, 02/15/2061, Series 2018-BN10, Class A5		4,000,000		4,476,204
BANK 2019-BNK21
2.85%, 10/17/2052, Series 2019-BN21, Class A5		2,742,000		2,929,320
BANK 2020-BNK27
2.14%, 04/15/2063, Series 2020-BN27, Class A5		1,538,000		1,557,521
BANK 2020-BNK28
1.84%, 03/15/2063, Series 2020-BN28, Class A4		2,047,000		2,020,602
BANK 2020-BNK29
2.00%, 11/15/2053, Series 2020-BN29, Class A4		10,775,000		10,751,704
BANK 2021-BNK33
2.56%, 05/15/2064, Series 2021-BN33, Class A5		1,967,000		2,053,359
BANK 2021-BNK34
2.44%, 06/15/2063, Series 2021-BN34, Class A5		5,471,000		5,652,735
Bayview Financing Trust
3.15%, 11/10/2022, Series 2020-3F, Class A(3)(4)(12)		8,884,294		8,884,294
BBCMS Mortgage Trust 2018-C2
4.05%, 12/15/2051, Series 2018-C2, Class A4		20,000,000		22,852,436
BB-UBS Trust 2012-SHOW
3.43%, 11/05/2036, Series 2012-SHOW, Class A(3)		4,602,000		4,874,444
Bear Stearns ARM Trust 2003-2
2.55%, 01/25/2033, Series 2003-2, Class A5(3)(4)		80,621		83,286
Bear Stearns ARM Trust 2003-7
2.19%, 10/25/2033, Series 2003-7, Class 3A(4)		2,534		2,518
Bear Stearns ARM Trust 2004-2
2.78%, 05/25/2034, Series 2004-2, Class 14A(4)		36,462		35,967
Bear Stearns ARM Trust 2006-1
2.37% (1 Year CMT Index + 2.25%, 2.25% Floor, 9.90% Cap), 02/25/2036, Series 2006-1, Class A1(2)		94,087		95,509
Bear Stearns Asset Backed Securities I Trust 2004-AC2
5.00%, 05/25/2034, Series 2004-AC2, Class 2A		13,381		13,004
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14
0.76%, 12/11/2038, Series 2006-PW14, Class X1(3)(4)		292,333		4
Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26
0.01%, 01/12/2045, Series 2007-T26, Class X1(3)(4)		10,604,177		1,714
Bellemeade Re 2018-1 Ltd.
1.69% (1 Month LIBOR USD + 1.60%), 04/25/2028, Series 2018-1A, Class M1B(2)(3)		1,650,270		1,651,332
Bellemeade Re 2018-3 Ltd.
1.94% (1 Month LIBOR USD + 1.85%, 1.85% Floor), 10/25/2028, Series 2018-3A, Class M1B(2)(3)		1,833,624		1,838,470
Bellemeade Re 2019-3 Ltd.
1.19% (1 Month LIBOR USD + 1.10%, 1.10% Floor), 07/25/2029, Series 2019-3A, Class M1A(2)(3)		1,211,147		1,212,677
1.69% (1 Month LIBOR USD + 1.60%, 1.60% Floor), 07/25/2029, Series 2019-3A, Class M1B(2)(3)		3,600,000		3,609,176
Bellemeade Re 2020-1 Ltd.
3.49% (1 Month LIBOR USD + 3.40%), 06/25/2030, Series 2020-1A, Class M1B(2)(3)		117,702		117,747
Bellemeade Re 2020-2 Ltd.
2.39% (1 Month LIBOR USD + 2.30%, 2.30% Floor), 08/26/2030, Series 2020-2A, Class M1A(2)(3)		84,759		84,795
3.29% (1 Month LIBOR USD + 3.20%, 3.20% Floor), 08/26/2030, Series 2020-2A, Class M1B(2)(3)		625,000		629,116

	Principal Amount		Value
Benchmark 2018-B6 Mortgage Trust
4.26%, 10/10/2051, Series 2018-B6, Class A4		6,230,000		7,212,159
Benchmark 2019-B15 Mortgage Trust
2.67%, 12/15/2072, Series 2019-B15, Class A4		30,000,000		31,500,675
Benchmark 2020-B16 Mortgage Trust
2.73%, 02/15/2053, Series 2020-B16, Class A5		511,000		540,675
Benchmark 2020-B17 Mortgage Trust
2.29%, 03/15/2053, Series 2020-B17, Class A5		3,637,000		3,724,735
Benchmark 2020-B19 Mortgage Trust
1.55%, 09/15/2053, Series 2020-B19, Class A4		21,500,000		20,976,658
1.85%, 09/15/2053, Series 2020-B19, Class A5		9,420,000		9,304,720
Benchmark 2020-B20 Mortgage Trust
2.03%, 10/15/2053, Series 2020-B20, Class A5		3,735,000		3,736,782
Benchmark 2020-B21 Mortgage Trust
1.98%, 12/17/2053, Series 2020-B21, Class A5		8,664,000		8,619,321
Benchmark 2020-B22 Mortgage Trust
1.97%, 01/15/2054, Series 2020-B22, Class A5		4,844,000		4,818,786
Benchmark 2021-B24 Mortgage Trust
2.01%, 03/15/2054, Series 2021-B24, Class A3		10,000,000		10,155,857
2.26%, 03/15/2054, Series 2021-B24, Class A4		20,000,000		20,309,124
2.58%, 03/15/2054, Series 2021-B24, Class A5		3,000,000		3,136,988
Benchmark 2021-B25 Mortgage Trust
2.58%, 04/15/2054, Series 2021-B25, Class A5		2,119,000		2,216,321
Benchmark 2021-B26 Mortgage Trust
2.61%, 06/15/2054, Series 2021-B26, Class A5		2,650,000		2,779,869
Benchmark 2021-B27 Mortgage Trust
2.10%, 07/15/2054, Series 2021-B27, Class A4		22,500,000		22,714,533
2.39%, 07/15/2054, Series 2021-B27, Class A5		3,309,000		3,404,554
BX Commercial Mortgage Trust 2020-BXLP
0.87% (1 Month LIBOR USD + 0.80%, 0.80% Floor), 12/15/2036, Series 2020-BXLP, Class A(2)(3)		13,101,593		13,118,012
CD 2006-CD3 Mortgage Trust
0.89%, 10/15/2048, Series 2006-CD3, Class XS(3)(4)		666,649		1,587
CD 2019-CD8 Mortgage Trust
2.66%, 08/15/2057, Series 2019-CD8, Class A3		20,000,000		20,640,726
Central Park Funding Trust 2021-1
2.85% (1 Month LIBOR USD + 2.75%, 2.75% Floor), 08/29/2022, Series 2021-1, Class PT(2)(3)		11,937,507		12,211,010
Chase Mortgage Finance Trust Series 2006-A1
3.06%, 09/25/2036, Series 2006-A1, Class 2A3(4)		87,434		80,755
Chase Mortgage Finance Trust Series 2007-A1
2.48%, 02/25/2037, Series 2007-A1, Class 2A1(4)		41,072		41,560
2.48%, 02/25/2037, Series 2007-A1, Class 1A3(4)		20,237		20,515
2.68%, 02/25/2037, Series 2007-A1, Class 9A1(4)		25,315		25,741
2.86%, 02/25/2037, Series 2007-A1, Class 7A1(4)		7,001		7,177
Chase Mortgage Finance Trust Series 2007-A2
2.28%, 06/25/2035, Series 2007-A2, Class 1A1(4)		14,688		14,339
2.77%, 06/25/2035, Series 2007-A2, Class 2A1(4)		32,696		33,226
CHL Mortgage Pass-Through Trust 2002-18
0.00%, 11/25/2032, Series 2002-18, Class PO		5,357		4,864
CHL Mortgage Pass-Through Trust 2004-3
5.50%, 04/25/2034, Series 2004-3, Class A26		20,007		20,790

	Principal Amount		Value
5.75%, 04/25/2034, Series 2004-3, Class A4		13,631		14,190
CHL Mortgage Pass-Through Trust 2004-5
5.50%, 06/25/2034, Series 2004-5, Class 1A4		85,654		87,939
CHL Mortgage Pass-Through Trust 2004-7
2.45%, 06/25/2034, Series 2004-7, Class 2A1(4)		5,626		5,695
CHL Mortgage Pass-Through Trust 2004-8
4.50%, 06/25/2022, Series 2004-8, Class 2A1		1,517		1,600
CHL Mortgage Pass-Through Trust 2004-HYB1
2.59%, 05/20/2034, Series 2004-HYB1, Class 2A(4)		7,581		7,780
CHL Mortgage Pass-Through Trust 2004-HYB3
2.10%, 06/20/2034, Series 2004-HYB3, Class 2A(4)		45,722		46,862
CHL Mortgage Pass-Through Trust 2004-HYB6
2.76%, 11/20/2034, Series 2004-HYB6, Class A3(4)		28,493		29,389
CHL Mortgage Pass-Through Trust 2005-14
5.50%, 07/25/2035, Series 2005-14, Class A2		14,575		11,800
CHL Mortgage Pass-Through Trust 2005-16
5.50%, 09/25/2035, Series 2005-16, Class A23		6,480		5,635
CHL Mortgage Pass-Through Trust 2005-22
2.61%, 11/25/2035, Series 2005-22, Class 2A1(4)		107,071		101,965
Citicorp Mortgage Securities Trust Series 2006-1
5.00%, 02/25/2022, Series 2006-1, Class 2A1		1,372		1,373
Citicorp Mortgage Securities Trust Series 2006-4
6.00%, 08/25/2036, Series 2006-4, Class 1A2		31,652		32,270
Citigroup Commercial Mortgage Trust 2014-GC19
3.75%, 03/10/2047, Series 2014-GC19, Class A3		3,833,033		4,072,355
Citigroup Commercial Mortgage Trust 2014-GC21
3.58%, 05/10/2047, Series 2014-GC21, Class A4		2,828,555		2,963,147
Citigroup Commercial Mortgage Trust 2014-GC23
3.36%, 07/10/2047, Series 2014-GC23, Class A3		6,873,866		7,247,018
Citigroup Commercial Mortgage Trust 2015-GC29
2.94%, 04/10/2048, Series 2015-GC29, Class A3		9,951,564		10,464,356
Citigroup Commercial Mortgage Trust 2015-GC33
3.78%, 09/10/2058, Series 2015-GC33, Class A4		717,000		787,956
Citigroup Commercial Mortgage Trust 2016-C1
2.94%, 05/10/2049, Series 2016-C1, Class A3		10,100,000		10,662,508
Citigroup Commercial Mortgage Trust 2016-C3
3.15%, 11/15/2049, Series 2016-C3, Class A4		2,764,000		2,998,187
Citigroup Commercial Mortgage Trust 2016-GC37
3.05%, 04/10/2049, Series 2016-GC37, Class A3		10,676,882		11,154,931
Citigroup Commercial Mortgage Trust 2016-P6
3.72%, 12/10/2049, Series 2016-P6, Class A5(4)		2,783,000		3,099,339
Citigroup Commercial Mortgage Trust 2017-P7
3.44%, 04/14/2050, Series 2017-P7, Class A3		16,000,000		17,509,854
Citigroup Commercial Mortgage Trust 2017-P8
3.20%, 09/15/2050, Series 2017-P8, Class A3		21,000,000		22,494,478
Citigroup Commercial Mortgage Trust 2018-B2
3.74%, 03/10/2051, Series 2018-B2, Class A3		22,000,000		24,387,040
Citigroup Commercial Mortgage Trust 2019-C7
2.86%, 12/15/2072, Series 2019-C7, Class A3		7,850,000		8,364,648
3.10%, 12/15/2072, Series 2019-C7, Class A4		5,196,000		5,649,984

	Principal Amount		Value
Citigroup Commercial Mortgage Trust 2020-GC46
2.72%, 02/15/2053, Series 2020-GC46, Class A5		13,520,000		14,278,669
Citigroup Global Markets Mortgage Securities VII, Inc.
0.00%, 06/25/2033, Series 2003-UP2, Class PO1		140		128
2.59%, 09/25/2033, Series 2003-HYB1, Class A(4)		32,248		33,622
Citigroup Mortgage Loan Trust 2009-10
2.75%, 09/25/2033, Series 2009-10, Class 1A1(3)(4)		100,990		101,989
Citigroup Mortgage Loan Trust 2015-A
4.50%, 06/25/2058, Series 2015-A, Class B2(3)(4)		364,871		382,784
Citigroup Mortgage Loan Trust 2018-A
4.00%, 01/25/2068, Series 2018-A, Class A1(3)(4)		2,005,507		2,007,349
Citigroup Mortgage Loan Trust, Inc.
0.00%, 09/25/2033, Series 2003-1, Class PO3		3,741		3,387
0.00%, 10/25/2033, Series 2003-1, Class PO2		449		395
1.95%, 08/25/2034, Series 2004-UST1, Class A6(4)		5,691		5,514
2.38%, 02/25/2035, Series 2005-1, Class 2A1A(4)		19,311		18,528
2.82%, 08/25/2035, Series 2005-5, Class 1A2(4)		54,348		43,974
5.25%, 10/25/2033, Series 2003-1, Class 2A5		8,793		8,974
5.50%, 05/25/2035, Series 2005-2, Class 2A11		81,079		83,250
5.50%, 11/25/2035, Series 2005-9, Class 2A2		1,145		1,037
6.00%, 11/25/2035, Series 2005-9, Class 22A2		1,591,716		1,613,676
7.00%, 09/25/2033, Series 2003-UP3, Class A3		2,615		2,654
COMM 2012-CCRE1 Mortgage Trust
3.39%, 05/15/2045, Series 2012-CR1, Class A3		3,284,087		3,330,775
COMM 2012-CCRE2 Mortgage Trust
1.78%, 08/15/2045, Series 2012-CR2, Class XA(4)		2,580,399		25,250
3.15%, 08/15/2045, Series 2012-CR2, Class A4		9,614,464		9,797,393
COMM 2013-300P Mortgage Trust
4.35%, 08/10/2030, Series 2013-300P, Class A1(3)		516,000		546,570
COMM 2013-CCRE10 Mortgage Trust
3.92%, 08/10/2046, Series 2013-CR10, Class A3		1,952,547		2,063,531
COMM 2013-CCRE11 Mortgage Trust
4.26%, 08/10/2050, Series 2013-CR11, Class A4		8,100,000		8,688,577
COMM 2013-CCRE12 Mortgage Trust
3.77%, 10/10/2046, Series 2013-CR12, Class A3		9,308,032		9,764,598
COMM 2013-CCRE7 Mortgage Trust
3.21%, 03/10/2046, Series 2013-CR7, Class A4		1,225,913		1,271,887
COMM 2013-CCRE9 Mortgage Trust
4.02%, 07/10/2045, Series 2013-CR9, Class A3		862,477		893,200
COMM 2013-SFS Mortgage Trust
3.09%, 04/12/2035, Series 2013-SFS, Class A2(3)(4)		708,000		725,467
COMM 2014-CCRE15 Mortgage Trust
2.93%, 02/10/2047, Series 2014-CR15, Class A2		148,038		147,246
COMM 2014-CCRE19 Mortgage Trust
3.80%, 08/10/2047, Series 2014-CR19, Class A5		17,769,300		19,233,151
COMM 2014-CCRE20 Mortgage Trust
3.33%, 11/10/2047, Series 2014-CR20, Class A3		11,066,592		11,703,748
COMM 2015-CCRE24 Mortgage Trust
3.43%, 08/10/2048, Series 2015-CR24, Class A4		7,114,134		7,556,920
3.70%, 08/10/2048, Series 2015-CR24, Class A5		770,833		842,849

	Principal Amount		Value
COMM 2015-CCRE25 Mortgage Trust
3.51%, 08/10/2048, Series 2015-CR25, Class A3		10,328,327		10,975,909
3.76%, 08/10/2048, Series 2015-CR25, Class A4		2,437,000		2,678,235
COMM 2015-LC23 Mortgage Trust
3.77%, 10/10/2048, Series 2015-LC23, Class A4		4,039,090		4,443,998
COMM 2018-HOME Mortgage Trust
3.94%, 04/10/2033, Series 2018-HOME, Class A(3)(4)		10,975,000		12,025,707
COMM 2020-CBM Mortgage Trust
3.40%, 02/10/2037, Series 2020-CBM, Class C(3)		6,090,000		6,028,487
Credit Suisse Commercial Mortgage Trust Series 2007-C2
0.05%, 01/15/2049, Series 2007-C2, Class AX(3)(4)		1,814,042		1
Credit Suisse First Boston Mortgage Securities Corp.
0.00%, 10/25/2033, Series 2003-23, Class 1P		31,932		26,861
2.30%, 06/25/2033, Series 2003-AR15, Class 3A1(4)		14,992		15,446
5.25%, 09/25/2033, Series 2003-21, Class 1A4		34,572		35,510
5.25%, 09/25/2034, Series 2004-5, Class 3A1		9,388		8,653
6.70%, 02/25/2033, Series 2003-1, Class DB1(4)		58,899		59,571
CSAIL 2015-C4 Commercial Mortgage Trust
3.54%, 11/15/2048, Series 2015-C4, Class A3		7,447,431		8,027,079
CSAIL 2016-C7 Commercial Mortgage Trust
3.50%, 11/15/2049, Series 2016-C7, Class A5		1,882,000		2,052,274
CSAIL 2017-C8 Commercial Mortgage Trust
3.13%, 06/15/2050, Series 2017-C8, Class A3		15,525,000		16,403,909
CSAIL 2019-C16 Commercial Mortgage Trust
3.33%, 06/15/2052, Series 2019-C16, Class A3		1,299,000		1,418,897
CSAIL 2021-C20 Commercial Mortgage Trust
2.49%, 03/15/2054, Series 2021-C20, Class A2		22,125,000		22,924,655
2.80%, 03/15/2054, Series 2021-C20, Class A3		1,700,000		1,798,003
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27
5.25%, 11/25/2033, Series 2003-27, Class 5A4		16,347		16,563
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4
5.50%, 09/25/2034, Series 2004-4, Class 2A4		26,679		27,868
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8
5.50%, 12/25/2034, Series 2004-8, Class 1A4		73,769		74,978
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10
0.00%, 11/25/2035, Series 2005-10, Class AP		6,766		4,740
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9
0.00%, 10/25/2035, Series 2005-9, Class AP		11,353		9,443
5.50%, 10/25/2035, Series 2005-9, Class DX		145,685		16,964
CSMA SFR Holdings II A-1
3.50%, 07/25/2023(12)		6,408,170		6,401,762
CSMC 2014-USA OA LLC
4.37%, 09/15/2037, Series 2014-USA, Class D(3)		3,000,000		2,877,688
CSMC 2018-RPL9 Trust
3.85%, 09/25/2057, Series 2018-RPL9, Class A(3)(4)		5,811,385		6,071,415
CSMC 2020-RPL3 Trust
2.69%, 03/25/2060, Series 2020-RPL3, Class A1(3)(4)		3,093,507		3,133,359
CSMC 2020-RPL6 Trust
2.69%, 03/25/2059, Series 2020-RPL6, Class A1(3)(4)		4,735,577		4,794,625
CSMC SER 2020-11R

	Principal Amount		Value
0.00%, 04/28/2038(3)(4)		4,620,092		4,709,438
CSMCM 2018-RPL4 Trust
0.00%, 05/25/2058(3)(4)		2,456,528		2,512,780
CSMCM 2018-RPL9 Trust
4.52%, 09/25/2057, Series 2018-RPL9, Class CERT(3)(4)(12)		2,495,325		2,495,325
DBJPM 16-C1 Mortgage Trust
3.02%, 05/10/2049, Series 2016-C1, Class A3A		13,367,513		13,989,772
DBJPM 20-C9 Mortgage Trust
1.64%, 09/15/2053, Series 2020-C9, Class A4		20,600,000		20,215,964
Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust Series 2005-1
4.35%, 02/25/2022, Series 2005-1, Class 2A1(4)		5,601		5,563
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust 2004-4
6.15%, 04/25/2034, Series 2004-4, Class 1A6(1)		48		48
Eagle RE 2018-1 Ltd.
1.79% (1 Month LIBOR USD + 1.70%, 1.70% Floor), 11/25/2028, Series 2018-1, Class M1(2)(3)		1,514,166		1,515,184
Eagle RE 2019-1 Ltd.
1.89% (1 Month LIBOR USD + 1.80%), 04/25/2029, Series 2019-1, Class M1B(2)(3)		866,253		869,112
Eagle RE 2021-1 Ltd.
1.72% (30-day Average Secured Overnight Financing Rate + 1.70%, 1.70% Floor), 10/25/2033, Series 2021-1, Class M1A(2)(3)		16,710,000		16,761,801
Fannie Mae
2.00%, 07/01/2036(9)		43,905,000		45,284,749
2.00%, 09/01/2036(9)		8,310,000		8,547,302
2.00%, 07/01/2050(9)		166,850,000		168,466,361
2.50%, 07/01/2051(9)		52,795,000		54,605,704
2.50%, 08/01/2051(9)		73,675,000		76,057,926
2.50%, 09/01/2051(9)		86,690,000		89,300,859
3.00%, 07/01/2051(9)		110,600,000		115,285,379
3.50%, 07/01/2051(9)		58,920,000		62,019,054
4.00%, 07/01/2051(9)		6,275,000		6,681,895
4.50%, 07/01/2051(9)		14,535,000		15,636,480
Fannie Mae Grantor Trust 1999-T2
7.50%, 01/19/2039, Series 1999-T2, Class A1(4)		49,526		53,606
Fannie Mae Grantor Trust 2001-T3
7.50%, 11/25/2040, Series 2001-T3, Class A1		80,992		90,862
Fannie Mae Grantor Trust 2002-T16
7.00%, 07/25/2042, Series 2002-T16, Class A2		93,436		112,370
Fannie Mae Grantor Trust 2004-T1
6.50%, 01/25/2044, Series 2004-T1, Class 1A2		18,221		21,281
Fannie Mae Grantor Trust 2004-T2
3.61%, 07/25/2043, Series 2004-T2, Class 2A(4)		77,650		81,353
7.50%, 11/25/2043, Series 2004-T2, Class 1A4		157,078		183,424
Fannie Mae Grantor Trust 2004-T3
6.50%, 02/25/2044, Series 2004-T3, Class 1A2		236,872		276,918
7.00%, 02/25/2044, Series 2004-T3, Class 1A3		101,302		120,348
10.24%, 01/25/2044, Series 2004-T3, Class PT1(4)		19,176		23,206
Fannie Mae Grantor Trust 2017-T1
2.90%, 06/25/2027, Series 2017-T1, Class A		6,521,327		7,096,166
Fannie Mae Interest Strip
0.00%, 09/25/2024, Series 300, Class 1		21,456		21,089
0.00%, 01/25/2033, Series 329, Class 1		5,928		5,624

	Principal Amount		Value
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 08/25/2042, Series 412, Class F2(2)		397,692		401,212
0.64% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap), 08/25/2042, Series 411, Class F1(2)		905,117		909,594
5.00%, 12/25/2033, Series 345, Class 6(4)		8,084		1,076
5.50%, 05/25/2036, Series 365, Class 8		30,336		6,050
5.50%, 08/25/2036, Series 374, Class 5		21,796		3,815
5.50%, 04/25/2037, Series 393, Class 6		8,952		1,261
6.00%, 01/25/2038, Series 383, Class 33		20,902		4,000
7.50%, 04/25/2023, Series 218, Class 2		204		10
9.00%, 03/25/2024, Series 265, Class 2		183		194
Fannie Mae Pool
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor, 97.76% Cap), 01/01/2023(2)		1,308,704		1,307,145
0.57% (1 Month LIBOR USD + 0.48%, 0.48% Floor, 98.56% Cap), 09/01/2024(2)		3,364,704		3,363,310
0.89% (1 Month LIBOR USD + 0.80%, 0.80% Floor, 98.04% Cap), 03/01/2022(2)		841,421		840,914
1.45% (6 Month LIBOR USD + 1.20%, 1.20% Floor, 10.34% Cap), 08/01/2034(2)		19,996		20,112
1.48% (6 Month LIBOR USD + 1.23%, 1.23% Floor, 12.61% Cap), 09/01/2036(2)		76,119		78,214
1.50%, 01/01/2031		10,000,000		9,965,656
1.50%, 10/01/2050		2,284,078		2,240,177
1.50%, 11/01/2050		5,215,293		5,115,032
1.50%, 12/01/2050		16,137,118		15,826,497
1.52% (1 Year LIBOR USD + 1.27%, 1.27% Floor, 9.89% Cap), 05/01/2035(2)		8,568		8,606
1.55% (6 Month LIBOR USD + 1.30%, 1.30% Floor, 11.97% Cap), 07/01/2037(2)		42,165		43,526
1.56%, 01/01/2031		2,275,000		2,279,408
1.66% (6 Month LIBOR USD + 1.41%, 1.41% Floor, 9.28% Cap), 09/01/2033(2)		26,970		27,106
1.71% (6 Month LIBOR USD + 1.46%, 1.48% Floor, 12.68% Cap), 02/01/2037(2)		40,123		41,662
1.74% (6 Month LIBOR USD + 1.49%, 1.49% Floor, 12.66% Cap), 01/01/2037(2)		29,846		31,025
1.76% (6 Month LIBOR USD + 1.51%, 1.51% Floor, 10.88% Cap), 01/01/2035(2)		103,767		107,667
1.80% (6 Month LIBOR USD + 1.55%, 1.55% Floor, 10.98% Cap), 02/01/2035(2)		2,989		3,105
1.85% (6 Month LIBOR USD + 1.60%, 1.60% Floor, 10.27% Cap), 09/01/2036(2)		26,210		27,343
1.88% (1 Year LIBOR USD + 1.51%, 1.51% Floor, 9.70% Cap), 03/01/2035(2)		14,425		14,539
1.88% (1 Year LIBOR USD + 1.51%, 1.51% Floor, 10.24% Cap), 01/01/2035(2)		6,885		6,951
1.95% (1 Year LIBOR USD + 1.70%, 1.70% Floor, 11.41% Cap), 05/01/2036(2)		4,524		4,572
1.97% (1 Year LIBOR USD + 1.60%, 1.60% Floor, 10.91% Cap), 05/01/2035(2)		5,347		5,406
1.98% (1 Year LIBOR USD + 1.60%, 1.60% Floor, 10.89% Cap), 04/01/2037(2)		11,027		11,200
1.99% (1 Year LIBOR USD + 1.49%, 1.49% Floor, 10.29% Cap), 11/01/2033(2)		28,024		28,194
2.00%, 08/01/2031		1,811,073		1,875,270
2.00%, 01/01/2036		15,417,871		15,958,861
2.00%, 06/01/2040		3,791,783		3,849,650
2.00%, 07/01/2040		3,668,992		3,739,646
2.00%, 09/01/2040		2,030,163		2,057,487
2.00%, 02/01/2041		9,079,738		9,269,295
2.00%, 05/01/2041		39,572,165		40,249,341
2.00%, 09/01/2050		7,995,935		8,078,697
2.00%, 10/01/2050		30,053,816		30,364,829
2.00%, 11/01/2050		17,828,079		18,012,897
2.00%, 01/01/2051		4,392,652		4,438,187
2.00%, 01/01/2051		15,575,657		15,736,974
2.00%, 02/01/2051		8,212,931		8,318,431
2.01% (1 Year LIBOR USD + 1.47%, 1.47% Floor, 9.99% Cap), 10/01/2034(2)		6,798		7,118
2.05% (1 Year CMT Index + 1.86%, 2.04% Floor, 10.05% Cap), 07/01/2035(2)		6,044		6,015
2.06% (1 Year LIBOR USD + 1.36%, 1.36% Floor, 11.27% Cap), 11/01/2037(2)		69,562		72,711

	Principal Amount		Value
2.06% (1 Year LIBOR USD + 1.71%, 1.71% Floor, 8.87% Cap), 01/01/2034(2)		5,317		5,405
2.08% (1 Year LIBOR USD + 1.58%, 1.58% Floor, 10.45% Cap), 09/01/2035(2)		13,155		13,432
2.09% (1 Year LIBOR USD + 1.49%, 1.49% Floor, 10.60% Cap), 09/01/2037(2)		16,468		16,745
2.11% (1 Year LIBOR USD + 1.49%, 1.49% Floor, 11.86% Cap), 09/01/2037(2)		3,410		3,392
2.12% (1 Year CMT Index + 2.00%, 2.00% Floor, 9.11% Cap), 11/01/2034(2)		3,911		3,923
2.13% (12 Month U.S. Treasury Average + 1.93%, 1.93% Floor, 8.54% Cap), 01/01/2036(2)		56,660		59,911
2.13% (1 Year LIBOR USD + 1.60%, 1.60% Floor, 9.34% Cap), 08/01/2033(2)		17,643		18,519
2.14% (1 Year LIBOR USD + 1.64%, 1.64% Floor, 9.94% Cap), 08/01/2034(2)		10,495		10,644
2.16% (1 Year LIBOR USD + 1.57%, 1.57% Floor, 11.38% Cap), 09/01/2036(2)		27,766		28,934
2.16% (1 Year LIBOR USD + 1.79%, 1.79% Floor, 10.19% Cap), 01/01/2038(2)		16,787		16,792
2.17% (1 Year CMT Index + 2.05%, 2.05% Floor, 9.42% Cap), 07/01/2034(2)		385		387
2.22% (1 Year LIBOR USD + 1.47%, 1.47% Floor, 10.72% Cap), 07/01/2037(2)		7,565		7,604
2.23% (1 Year LIBOR USD + 1.82%, 1.82% Floor, 10.94% Cap), 12/01/2036(2)		43,187		43,843
2.23% (1 Year LIBOR USD + 1.73%, 1.73% Floor, 9.88% Cap), 11/01/2034(2)		5,577		5,596
2.25% (11th District Cost of Funds Index + 1.25%, 1.95% Floor, 12.65% Cap), 09/01/2027(2)		2,299		2,338
2.26% (1 Year CMT Index + 2.03%, 2.03% Floor, 10.72% Cap), 11/01/2037(2)		39,697		42,492
2.27% (1 Year LIBOR USD + 1.64%, 1.64% Floor, 10.97% Cap), 09/01/2034(2)		750		755
2.28% (6 Month LIBOR USD + 2.03%, 2.03% Floor, 10.79% Cap), 02/01/2037(2)		37,320		39,365
2.29%, 10/01/2026		9,780,805		10,304,048
2.29% (1 Year LIBOR USD + 1.94%, 1.94% Floor, 10.91% Cap), 01/01/2037(2)		12,514		12,764
2.31% (1 Year LIBOR USD + 1.94%, 1.94% Floor, 10.31% Cap), 12/01/2036(2)		10,970		10,996
2.32% (1 Year LIBOR USD + 1.69%, 1.67% Floor, 10.95% Cap), 09/01/2036(2)		66,001		68,491
2.32%, 12/01/2022		337,046		343,303
2.32% (1 Year LIBOR USD + 1.82%, 1.82% Floor, 11.20% Cap), 09/01/2036(2)		13,414		13,550
2.32% (1 Year LIBOR USD + 1.95%, 1.95% Floor, 12.32% Cap), 11/01/2036(2)		387		387
2.32% (1 Year LIBOR USD + 1.86%, 1.86% Floor, 10.47% Cap), 06/01/2036(2)		19,881		20,233
2.34% (1 Year LIBOR USD + 1.65%, 1.66% Floor, 10.86% Cap), 07/01/2037(2)		79,341		83,772
2.34%, 12/01/2022		1,982,923		2,020,206
2.34%, 01/01/2023		1,231,132		1,256,125
2.36% (1 Year CMT Index + 2.23%, 2.23% Floor, 9.68% Cap), 01/01/2036(2)		19,571		20,751
2.37%, 01/01/2023		979,821		999,621
2.38% (1 Year LIBOR USD + 1.77%, 1.77% Floor, 11.62% Cap), 10/01/2036(2)		26,932		27,021
2.38%, 11/01/2022		777,219		790,978
2.39% (1 Year LIBOR USD + 1.81%, 1.81% Floor, 9.16% Cap), 09/01/2033(2)		7,704		8,125
2.40% (1 Year LIBOR USD + 1.77%, 1.77% Floor, 10.84% Cap), 08/01/2036(2)		39,163		41,101
2.40% (1 Year CMT Index + 2.23%, 2.23% Floor, 9.63% Cap), 04/01/2035(2)		22,450		22,798
2.41%, 11/01/2022		140,041		142,558
2.42%, 12/01/2022		1,055,023		1,075,711
2.42%, 06/01/2023		807,348		830,339
2.42% (1 Year CMT Index + 2.30%, 2.30% Floor, 9.19% Cap), 06/01/2034(2)		23,610		25,133
2.43% (1 Year CMT Index + 2.12%, 2.12% Floor, 10.49% Cap), 08/01/2036(2)		9,820		9,927
2.44% (1 Year LIBOR USD + 1.75%, 1.75% Floor, 10.00% Cap), 08/01/2034(2)		4,272		4,321
2.45%, 11/01/2022		1,357,341		1,382,340
2.45%, 02/01/2023		1,290,000		1,320,231
2.46% (1 Year CMT Index + 2.26%, 2.26% Floor, 10.76% Cap), 12/01/2037(2)		63,603		67,101
2.49%, 03/01/2023		726,891		744,640
2.50%, 04/01/2023		1,445,000		1,485,362
2.50%, 09/01/2027		241,902		253,438
2.50%, 04/01/2028		2,347,720		2,459,938
2.50%, 04/01/2030		1,384,009		1,458,147

	Principal Amount		Value
2.50%, 05/01/2030		1,604,494		1,684,620
2.50%, 11/01/2031		2,299,777		2,414,743
2.50%, 12/01/2034		12,539,163		13,177,119
2.50%, 08/01/2035		2,493,155		2,624,781
2.50%, 08/01/2035		5,665,403		5,969,840
2.50%, 09/01/2035		7,739,186		8,150,869
2.50%, 12/01/2036		2,051,287		2,129,173
2.50%, 05/01/2041		18,052,665		18,787,147
2.50%, 01/01/2043		1,676,559		1,751,147
2.50%, 02/01/2043		757,605		791,311
2.50%, 10/01/2043		1,571,052		1,640,922
2.50%, 05/01/2046		720,502		748,018
2.50%, 07/01/2046		1,869,652		1,943,423
2.50%, 08/01/2046		682,327		708,505
2.50%, 10/01/2046		553,649		574,898
2.50%, 11/01/2049		289,209		299,409
2.50%, 03/01/2050		934,470		968,796
2.50%, 06/01/2050		1,292,631		1,343,596
2.50%, 06/01/2050		2,925,538		3,040,877
2.50%, 06/01/2050		4,968,489		5,164,425
2.50%, 06/01/2050		18,848,358		19,513,098
2.50%, 07/01/2050		2,855,733		2,968,317
2.50%, 07/01/2050		7,593,880		7,893,284
2.50%, 08/01/2050		3,110,260		3,232,882
2.50%, 08/01/2050		23,537,429		24,367,542
2.50%, 09/01/2050		70,937		73,439
2.50%, 09/01/2050		3,782,026		3,949,224
2.50%, 09/01/2050		7,897,199		8,153,725
2.50%, 10/01/2050		56,934,349		58,942,297
2.50%, 11/01/2050		2,397,328		2,485,195
2.50%, 11/01/2050		7,822,655		8,098,543
2.50%, 12/01/2050		14,395,620		14,919,127
2.50%, 03/01/2051		2,727,730		2,834,643
2.50%, 04/01/2051		19,597,716		20,288,884
2.50%, 05/01/2051		3,684,723		3,829,156
2.52% (1 Year CMT Index + 2.32%, 2.32% Floor, 11.02% Cap), 09/01/2037(2)		13,854		14,843
2.52%, 05/01/2023		3,302,000		3,397,906
2.52%, 11/01/2029		14,602,209		15,668,219
2.52% (1 Year LIBOR USD + 1.77%, 1.77% Floor, 11.10% Cap), 07/01/2036(2)		22,457		22,839
2.53% (1 Year LIBOR USD + 1.88%, 1.88% Floor, 11.53% Cap), 08/01/2036(2)		15,347		15,501
2.54% (1 Year LIBOR USD + 1.91%, 1.91% Floor, 12.16% Cap), 09/01/2037(2)		4,283		4,249
2.55%, 11/01/2022		360,027		366,963
2.55%, 11/01/2022		1,127,076		1,148,790
2.55%, 10/01/2028		9,193,678		9,876,716
2.56% (1 Year LIBOR USD + 1.80%, 1.80% Floor, 10.20% Cap), 07/01/2037(2)		30,937		31,099
2.58% (1 Year LIBOR USD + 2.08%, 2.08% Floor, 10.93% Cap), 10/01/2036(2)		48,244		51,666
2.58%, 09/01/2028		3,830,000		4,122,943
2.59%, 09/01/2028		7,552,000		8,137,757
2.60%, 06/01/2022		742,019		750,134
2.62% (1 Year LIBOR USD + 2.08%, 2.08% Floor, 11.15% Cap), 10/01/2036(2)		32,288		33,088

	Principal Amount		Value
2.62%, 10/01/2028		9,132,686		9,789,711
2.63% (1 Year CMT Index + 2.38%, 2.38% Floor, 10.19% Cap), 10/01/2034(2)		23,266		24,848
2.64% (1 Year LIBOR USD + 1.86%, 1.86% Floor, 11.11% Cap), 06/01/2036(2)		70,686		75,069
2.64%, 04/01/2023		322,926		331,944
2.64%, 07/01/2023		413,000		427,059
2.65%, 08/01/2022		1,032,000		1,047,337
2.67%, 07/01/2022		624,000		632,309
2.68%, 05/01/2025		1,777,587		1,893,963
2.70%, 04/01/2023(4)		374,032		384,985
2.70%, 04/01/2025		4,698,021		5,006,725
2.71% (1 Year CMT Index + 2.47%, 2.47% Floor, 10.44% Cap), 10/01/2035(2)		37,521		37,761
2.75%, 03/01/2022		153,068		154,860
2.75% (6 Month LIBOR USD + 2.50%, 2.50% Floor, 10.63% Cap), 02/01/2036(2)		4,361		4,402
2.75% (6 Month LIBOR USD + 2.50%, 2.50% Floor, 11.25% Cap), 03/01/2036(2)		148,705		159,147
2.77%, 06/01/2023		881,863		911,772
2.78% (1 Year LIBOR USD + 2.28%, 2.28% Floor, 10.53% Cap), 11/01/2036(2)		8,198		8,292
2.79%, 06/01/2023(4)		1,405,028		1,450,537
2.81%, 04/01/2025		2,900,000		3,107,103
2.81%, 05/01/2027		1,886,908		2,043,237
2.83%, 05/01/2027		8,000,000		8,683,024
2.90%, 12/01/2024		2,000,000		2,138,145
2.90%, 10/01/2029		3,364,597		3,703,503
2.91%, 03/01/2027		9,605,671		10,443,209
2.93%, 01/01/2025		1,820,406		1,827,749
2.97%, 01/01/2022		671,150		672,508
3.00%, 01/01/2027		1,870,806		1,968,068
3.00%, 06/01/2027		2,000,000		2,189,559
3.00%, 10/01/2027		1,473,121		1,556,136
3.00%, 08/01/2028		716,973		758,504
3.00%, 09/01/2028		1,237,677		1,309,207
3.00%, 12/01/2028		428,147		452,907
3.00%, 05/01/2030		1,117,010		1,179,579
3.00%, 09/01/2030		4,972,009		5,260,295
3.00%, 04/01/2032		8,405,069		8,879,441
3.00%, 02/01/2034		3,838,848		4,051,056
3.00%, 04/01/2036		895,195		941,910
3.00%, 08/01/2036		817,757		861,480
3.00%, 05/01/2038		11,209,758		11,772,429
3.00%, 05/01/2042		299,243		317,080
3.00%, 10/01/2042		2,677,703		2,834,444
3.00%, 11/01/2042		1,539,700		1,637,456
3.00%, 12/01/2042		62,662		66,386
3.00%, 12/01/2042		584,805		618,922
3.00%, 12/01/2042		921,214		980,466
3.00%, 01/01/2043		581,616		616,128
3.00%, 01/01/2043		892,914		945,084
3.00%, 01/01/2043		993,120		1,052,086
3.00%, 01/01/2043		1,062,329		1,133,496
3.00%, 02/01/2043		590,696		630,267
3.00%, 04/01/2043		1,281,482		1,357,461

	Principal Amount		Value
3.00%, 04/01/2043		2,142,744		2,278,526
3.00%, 04/01/2043		2,837,055		3,014,506
3.00%, 05/01/2043		62,834		66,074
3.00%, 05/01/2043		182,484		193,081
3.00%, 05/01/2043		1,609,916		1,706,707
3.00%, 05/01/2043		5,945,413		6,297,374
3.00%, 06/01/2043		56,433		59,675
3.00%, 06/01/2043		265,877		282,661
3.00%, 06/01/2043		280,958		297,298
3.00%, 06/01/2043		1,856,825		1,984,018
3.00%, 06/01/2043		3,456,237		3,657,027
3.00%, 07/01/2043		45,286		47,844
3.00%, 07/01/2043		186,296		197,086
3.00%, 07/01/2043		258,796		275,026
3.00%, 07/01/2043		751,901		804,829
3.00%, 07/01/2043		1,114,434		1,183,726
3.00%, 07/01/2043		5,223,016		5,569,510
3.00%, 08/01/2043		47,967		51,000
3.00%, 08/01/2043		921,493		979,635
3.00%, 08/01/2043		2,843,619		3,024,043
3.00%, 08/01/2043		3,686,559		3,902,922
3.00%, 10/01/2043		69,391		73,644
3.00%, 10/01/2043		9,677,505		10,336,286
3.00%, 02/01/2044		4,304,057		4,575,435
3.00%, 03/01/2044		464,277		495,371
3.00%, 04/01/2045		4,997,031		5,310,646
3.00%, 05/01/2046		4,623,674		4,870,954
3.00%, 09/01/2046		648,013		686,636
3.00%, 11/01/2046		1,456,842		1,529,306
3.00%, 11/01/2046		4,227,689		4,481,818
3.00%, 11/01/2046		5,178,276		5,476,956
3.00%, 01/01/2047		3,037,321		3,184,434
3.00%, 02/01/2047		1,146,960		1,219,208
3.00%, 02/01/2047		1,430,932		1,520,503
3.00%, 03/01/2047		506,127		532,824
3.00%, 08/01/2049		17,608,451		18,707,985
3.00%, 12/01/2049		308,415		327,308
3.00%, 12/01/2049		1,094,081		1,159,172
3.00%, 12/01/2049		6,543,845		6,871,210
3.00%, 02/01/2050		7,685,079		8,015,065
3.00%, 03/01/2050		2,328,905		2,428,134
3.00%, 03/01/2050		3,419,565		3,604,249
3.00%, 06/01/2050		905,141		945,005
3.00%, 06/01/2050		3,631,157		3,787,308
3.00%, 08/01/2050		8,202,822		8,546,911
3.00%, 09/01/2050		7,222,857		7,657,013
3.00%, 12/01/2050		15,889,242		17,120,753
3.00%, 07/01/2060		11,335,581		12,027,533
3.02%, 05/01/2022		596,531		603,028
3.02%, 07/01/2029		8,200,000		9,104,436

	Principal Amount		Value
3.03%, 12/01/2021		835,111		834,950
3.03%, 01/01/2022		726,502		728,009
3.07%, 02/01/2025		4,995,000		5,367,873
3.08%, 04/01/2022		927,304		935,429
3.08%, 12/01/2024		1,807,201		1,939,458
3.08%, 01/01/2028		8,000,000		8,798,407
3.09%, 09/01/2029		7,484,000		8,349,311
3.10%, 09/01/2025		4,790,326		5,201,084
3.10%, 01/01/2028		6,703,277		7,404,817
3.11%, 12/01/2024		2,436,279		2,617,954
3.12%, 11/01/2026		939,000		1,028,198
3.12%, 06/01/2035		3,400,000		3,835,890
3.13%, 03/01/2027		6,835,000		7,533,439
3.14%, 03/01/2022		263,119		264,907
3.14%, 12/01/2026		1,751,531		1,919,101
3.19%, 01/01/2033		4,210,430		4,653,936
3.19%, 03/01/2036		2,408,723		2,670,434
3.20%, 01/01/2022		764,007		765,711
3.20% (1 Year LIBOR USD + 2.37%, 2.37% Floor, 11.23% Cap), 08/01/2037(2)		48,708		49,894
3.21%, 03/01/2022		310,000		312,075
3.22%, 09/01/2032		6,000,000		6,306,173
3.24%, 10/01/2026		1,755,692		1,929,086
3.25%, 09/01/2026		1,427,795		1,570,093
3.25%, 02/01/2027		5,525,197		6,084,373
3.26%, 12/01/2026		921,179		1,012,007
3.29%, 08/01/2026		2,957,311		3,241,238
3.31%, 12/01/2021		342,987		342,912
3.34%, 02/01/2027		1,500,000		1,659,375
3.38%, 12/01/2023		2,354,634		2,515,003
3.40%, 10/01/2021		309,018		308,951
3.45%, 01/01/2024		1,672,323		1,782,681
3.45%, 04/01/2035		1,795,233		2,065,506
3.50%, 12/01/2023		2,150,892		2,292,102
3.50%, 11/01/2029		329,567		353,276
3.50%, 12/01/2029		1,938,436		2,086,009
3.50%, 05/01/2030		376,780		405,983
3.50%, 08/01/2030		1,153,543		1,250,461
3.50%, 12/01/2030		1,175,713		1,269,978
3.50%, 07/01/2032		88,024		94,809
3.50%, 11/01/2032		586,078		632,942
3.50%, 12/01/2032		227,183		243,845
3.50%, 12/01/2032		9,404,151		10,230,103
3.50%, 02/01/2033		323,707		348,419
3.50%, 02/01/2033		357,539		383,771
3.50%, 03/01/2033		1,859,728		2,005,918
3.50%, 04/01/2033		1,442,167		1,545,523
3.50%, 06/01/2033		147,573		158,391
3.50%, 10/01/2033		6,323,783		6,812,915
3.50%, 06/01/2040		1,289,098		1,382,475
3.50%, 12/01/2040		57,964		62,422

	Principal Amount		Value
3.50%, 02/01/2041		4,883,709		5,258,642
3.50%, 06/01/2041		10,677,785		11,508,332
3.50%, 11/01/2041		202,146		218,406
3.50%, 11/01/2041		1,963,708		2,122,175
3.50%, 12/01/2041		149,185		160,766
3.50%, 12/01/2041		308,804		331,255
3.50%, 12/01/2041		3,829,883		4,127,171
3.50%, 02/01/2042		5,387		5,821
3.50%, 02/01/2042		169,155		183,326
3.50%, 02/01/2042		263,407		284,582
3.50%, 04/01/2042		137,456		148,126
3.50%, 05/01/2042		4,173,759		4,497,783
3.50%, 06/01/2042		954,049		1,028,115
3.50%, 07/01/2042		771,549		836,113
3.50%, 07/01/2042		2,343,488		2,525,453
3.50%, 07/01/2042		12,693,188		13,767,263
3.50%, 08/01/2042		436,501		472,944
3.50%, 09/01/2042		392,396		424,069
3.50%, 09/01/2042		426,112		459,193
3.50%, 09/01/2042		536,272		578,709
3.50%, 09/01/2042		2,985,035		3,225,962
3.50%, 10/01/2042		198,010		213,383
3.50%, 10/01/2042		229,887		247,735
3.50%, 10/01/2042		439,642		476,433
3.50%, 10/01/2042		725,409		783,956
3.50%, 11/01/2042		1,860,807		2,016,003
3.50%, 11/01/2042		4,722,282		5,103,452
3.50%, 01/01/2043		459,547		495,915
3.50%, 01/01/2043		576,406		622,894
3.50%, 02/01/2043		37,293		40,286
3.50%, 02/01/2043		46,770		50,687
3.50%, 03/01/2043		348,868		376,477
3.50%, 03/01/2043		991,108		1,072,412
3.50%, 03/01/2043		2,490,048		2,672,783
3.50%, 04/01/2043		1,124,371		1,211,517
3.50%, 04/01/2043		2,553,927		2,759,661
3.50%, 05/01/2043		47,792		51,500
3.50%, 05/01/2043		356,234		381,654
3.50%, 05/01/2043		1,064,865		1,149,132
3.50%, 05/01/2043		1,236,631		1,334,506
3.50%, 07/01/2043		5,834,261		6,322,737
3.50%, 06/01/2044		4,112,054		4,437,432
3.50%, 06/01/2044		4,489,091		4,840,897
3.50%, 02/01/2045		4,513,859		4,861,418
3.50%, 04/01/2045		6,867,026		7,369,685
3.50%, 06/01/2045		1,160,021		1,237,432
3.50%, 06/01/2045		4,577,844		4,899,491
3.50%, 11/01/2045		1,915,477		2,053,790
3.50%, 12/01/2045		333,737		356,956
3.50%, 01/01/2046		5,372,482		5,794,694

	Principal Amount		Value
3.50%, 04/01/2046		776,110		841,500
3.50%, 08/01/2046		3,284,515		3,495,712
3.50%, 09/01/2046		2,707,302		2,920,929
3.50%, 11/01/2046		7,234,179		7,742,588
3.50%, 12/01/2046		2,397,755		2,545,986
3.50%, 12/01/2046		4,974,972		5,357,516
3.50%, 02/01/2047		4,579,068		4,915,407
3.50%, 06/01/2047		408,285		437,044
3.50%, 11/01/2047		4,509,169		4,769,986
3.50%, 12/01/2047		3,087,708		3,258,177
3.50%, 10/01/2048		3,842,358		4,100,221
3.50%, 05/01/2049		10,628,870		11,480,379
3.50%, 01/01/2050		10,249,517		11,039,613
3.50%, 03/01/2060		9,638,104		10,472,979
3.55%, 02/01/2030		1,500,000		1,695,567
3.57%, 06/01/2028		8,361,000		9,515,749
3.59%, 08/01/2023		1,135,000		1,192,345
3.61%, 04/01/2028		2,915,348		3,303,254
3.64%, 01/01/2025		525,576		572,821
3.66%, 03/01/2027		2,264,055		2,538,951
3.67%, 07/01/2023		4,850,000		5,091,266
3.68%, 09/01/2026		3,375,467		3,770,539
3.74%, 07/01/2023		527,686		554,142
3.76%, 03/01/2024		1,265,000		1,364,095
3.77%, 12/01/2025		3,359,841		3,729,073
3.81%, 12/01/2028		7,000,000		8,127,549
3.85%, 09/01/2021		768,292		768,134
3.91% (11th District Cost of Funds Index + 1.25%, 3.83% Floor, 13.49% Cap), 03/01/2029(2)		1,411		1,437
3.92%, 09/01/2021		588,236		588,117
3.94%, 07/01/2021		1,032,000		1,032,018
4.00%, 11/01/2031		2,876,670		3,134,257
4.00%, 06/01/2033		641,008		685,261
4.00%, 12/01/2033		43,397		47,122
4.00%, 03/01/2035		4,984,631		5,365,586
4.00%, 05/01/2037		5,698,045		6,170,908
4.00%, 10/01/2037		1,114,402		1,199,574
4.00%, 07/01/2040		2,866,951		3,134,659
4.00%, 08/01/2040		93,562		102,395
4.00%, 09/01/2040		699,858		764,187
4.00%, 12/01/2040		136,086		148,651
4.00%, 12/01/2040		686,054		749,672
4.00%, 01/01/2041		125,168		136,737
4.00%, 01/01/2041		289,225		316,055
4.00%, 01/01/2041		565,964		618,451
4.00%, 01/01/2041		580,184		637,944
4.00%, 01/01/2041		772,053		843,666
4.00%, 01/01/2041		967,132		1,058,512
4.00%, 01/01/2041		969,774		1,061,400
4.00%, 02/01/2041		25,487		27,738
4.00%, 02/01/2041		1,265,561		1,385,247

	Principal Amount		Value
4.00%, 03/01/2041		4,421,392		4,861,312
4.00%, 04/01/2041		336,144		366,354
4.00%, 05/01/2041		268,287		292,726
4.00%, 09/01/2041		134,309		146,741
4.00%, 10/01/2041		457,349		502,760
4.00%, 10/01/2041		720,165		791,826
4.00%, 12/01/2041		849,595		929,887
4.00%, 12/01/2041		1,160,123		1,267,526
4.00%, 01/01/2042		937,428		1,025,814
4.00%, 01/01/2042		1,625,007		1,786,808
4.00%, 03/01/2042		51,030		53,383
4.00%, 07/01/2042		253,960		276,995
4.00%, 07/01/2042		281,292		309,485
4.00%, 07/01/2042		291,639		320,589
4.00%, 07/01/2042		359,076		391,641
4.00%, 08/01/2042		3,765,051		4,140,117
4.00%, 11/01/2042		474,121		520,547
4.00%, 12/01/2042		327,055		359,512
4.00%, 04/01/2043		5,064,082		5,645,727
4.00%, 07/01/2043		621,228		678,644
4.00%, 11/01/2043		1,734,493		1,889,460
4.00%, 12/01/2043		75,308		82,037
4.00%, 12/01/2043		1,044,005		1,147,859
4.00%, 02/01/2044		632,849		695,664
4.00%, 06/01/2044		2,638,968		2,882,008
4.00%, 07/01/2044		1,342,575		1,469,167
4.00%, 08/01/2044		3,001,846		3,283,733
4.00%, 09/01/2044		621,710		676,853
4.00%, 01/01/2045		4,947,297		5,385,593
4.00%, 07/01/2045		4,191,281		4,579,511
4.00%, 10/01/2045		477,180		517,973
4.00%, 12/01/2045		679,179		734,671
4.00%, 12/01/2045		2,689,527		2,916,865
4.00%, 01/01/2046		1,560,923		1,690,359
4.00%, 08/01/2046		2,400,701		2,586,631
4.00%, 09/01/2046		1,490,888		1,627,702
4.00%, 03/01/2047		431,958		466,977
4.00%, 03/01/2047		4,467,466		4,841,438
4.00%, 03/01/2047		4,538,954		4,903,265
4.00%, 05/01/2047		588,924		637,852
4.00%, 05/01/2047		955,094		1,034,312
4.00%, 05/01/2047		2,413,896		2,608,653
4.00%, 06/01/2047		2,362,901		2,579,782
4.00%, 08/01/2047		5,302,268		5,713,332
4.00%, 11/01/2047		4,521,082		4,846,529
4.00%, 01/01/2048		4,611,525		4,923,800
4.00%, 01/01/2048		6,847,883		7,473,565
4.00%, 02/01/2048		755,275		819,572
4.00%, 03/01/2048		2,070,250		2,211,571
4.00%, 03/01/2048		8,144,838		8,924,542

	Principal Amount		Value
4.00%, 09/01/2048		614,821		654,812
4.00%, 10/01/2048		507,207		540,740
4.00%, 10/01/2048		1,655,227		1,797,715
4.00%, 03/01/2049		6,616,385		7,033,058
4.00%, 07/01/2049		2,728,389		2,932,114
4.00%, 10/01/2049		5,280,432		5,704,859
4.03%, 09/01/2022		1,122,921		1,152,460
4.05%, 08/01/2021		147,070		147,041
4.06%, 07/01/2021		918,881		918,685
4.11%, 07/01/2021(4)		80,779		80,768
4.18%, 09/01/2021(4)		308,708		308,768
4.50%, 08/01/2029		90,837		97,696
4.50%, 09/01/2029		104,433		112,607
4.50%, 01/01/2030		164,621		178,681
4.50%, 10/01/2033		2,863,547		3,150,680
4.50%, 11/01/2033		7,871		8,637
4.50%, 09/01/2034		20,183		22,082
4.50%, 04/01/2039		4,437,254		4,926,816
4.50%, 11/01/2039		13,239		14,711
4.50%, 08/01/2040		1,991,585		2,210,442
4.50%, 08/01/2040		2,033,349		2,259,454
4.50%, 12/01/2040		926,965		1,030,345
4.50%, 12/01/2040		2,918,823		3,217,630
4.50%, 03/01/2041		689,931		761,364
4.50%, 04/01/2041		496,756		548,056
4.50%, 05/01/2041		1,119,177		1,248,038
4.50%, 05/01/2041		4,563,100		5,090,936
4.50%, 07/01/2041		200,043		220,767
4.50%, 08/01/2041		1,657,631		1,848,592
4.50%, 01/01/2042		1,463,115		1,628,171
4.50%, 11/01/2042		4,436,897		4,892,724
4.50%, 02/01/2046		5,011,881		5,562,986
4.50%, 08/01/2047		622,454		675,266
4.50%, 05/01/2048		1,970,153		2,146,562
4.50%, 08/01/2048		6,496,327		7,086,852
4.50%, 03/01/2049		4,260,037		4,657,035
4.50%, 07/01/2049		5,710,394		6,220,313
4.50%, 09/01/2050		3,080,999		3,351,057
4.55%, 08/01/2026		799,347		889,996
4.63%, 12/01/2026(4)		854,383		957,170
4.76%, 08/01/2026		950,948		1,085,105
4.77%, 08/01/2026		604,985		688,116
5.00%, 11/01/2021		7		7
5.00%, 05/01/2023		1,464		1,524
5.00%, 08/01/2024		10,456		10,898
5.00%, 05/01/2028		11,515		12,612
5.00%, 04/01/2031		72,087		79,310
5.00%, 12/01/2032		543		558
5.00%, 06/01/2033		9,629		10,834
5.00%, 07/01/2033		10,095		11,450

	Principal Amount		Value
5.00%, 07/01/2033		11,346		12,877
5.00%, 11/01/2033		3,161		3,605
5.00%, 11/01/2033		27,672		31,546
5.00%, 11/01/2033		2,135,933		2,433,198
5.00%, 04/01/2034		74,403		84,797
5.00%, 05/01/2034		23,977		27,421
5.00%, 12/01/2034		18,453		21,045
5.00%, 01/01/2035		10,720		11,770
5.00%, 02/01/2035		355,905		405,577
5.00%, 02/01/2035		1,876,087		2,143,207
5.00%, 06/01/2035		332,440		380,039
5.00%, 07/01/2035		9,330		10,595
5.00%, 07/01/2035		1,579,504		1,803,024
5.00%, 07/01/2035		1,790,938		2,047,387
5.00%, 09/01/2035		37,841		43,338
5.00%, 10/01/2035		158,543		181,514
5.00%, 11/01/2035		358,637		410,291
5.00%, 01/01/2036		30,013		34,362
5.00%, 02/01/2036		24,107		27,607
5.00%, 07/01/2037		464,908		528,634
5.00%, 01/01/2039		1,419,401		1,601,967
5.00%, 09/01/2039		89,200		102,155
5.00%, 04/01/2040		171,172		194,836
5.00%, 08/01/2040		162,089		183,741
5.00%, 05/01/2041		86,158		98,576
5.00%, 05/01/2042		1,284,675		1,469,813
5.00%, 09/01/2043		628,305		699,989
5.00%, 01/01/2048		793,588		876,936
5.00%, 05/01/2048		2,185,264		2,414,048
5.00%, 01/01/2049		6,076,907		6,801,803
5.50%, 07/01/2025		15,377		17,108
5.50%, 11/01/2032		42,150		48,619
5.50%, 02/01/2033		1,135		1,308
5.50%, 03/01/2033		51,995		59,984
5.50%, 04/01/2033		34,598		39,906
5.50%, 07/01/2033		8,054		9,242
5.50%, 09/01/2033		136,782		157,636
5.50%, 11/01/2033		2,179		2,461
5.50%, 12/01/2033		59,245		68,866
5.50%, 01/01/2034		6,148		7,153
5.50%, 03/01/2034		6,069		6,859
5.50%, 09/01/2034		11,716		13,561
5.50%, 10/01/2034		12,580		13,079
5.50%, 02/01/2035		39,387		45,621
5.50%, 12/01/2035		15,806		17,493
5.50%, 04/01/2036		43,418		50,300
5.50%, 05/01/2036		37,748		43,721
5.50%, 05/01/2036		59,070		68,411
5.50%, 11/01/2036		14,477		16,767
5.50%, 03/01/2037		292,005		339,171

	Principal Amount		Value
5.50%, 04/01/2037		96,072		110,724
5.50%, 05/01/2037		106,911		123,253
5.50%, 01/01/2038		78,594		90,819
5.50%, 05/01/2038		11,901		13,487
5.50%, 06/01/2038		1,143		1,330
5.50%, 06/01/2038		82,921		96,453
5.50%, 06/01/2038		605,797		704,935
5.50%, 09/01/2038		515,123		591,733
5.50%, 06/01/2039		16,597		18,149
5.50%, 09/01/2039		51,322		57,984
5.50%, 12/01/2039		35,147		39,466
5.50%, 01/01/2040		383,100		443,356
6.00%, 08/01/2021		85		85
6.00%, 12/01/2021		147		147
6.00%, 02/01/2023		16,487		16,853
6.00%, 01/01/2024		7,951		8,226
6.00%, 01/01/2024		21,392		22,092
6.00%, 07/01/2024		6,677		6,921
6.00%, 07/01/2026		16,569		18,558
6.00%, 07/01/2027		22,770		25,510
6.00%, 11/01/2027		10,719		12,010
6.00%, 12/01/2027		31,718		35,541
6.00%, 01/01/2028		58,482		65,530
6.00%, 10/01/2028		41,358		46,338
6.00%, 12/01/2028		1,319		1,478
6.00%, 01/01/2029		2,087		2,379
6.00%, 09/01/2029		27,562		30,881
6.00%, 12/01/2032		11,725		13,200
6.00%, 12/01/2032		94,755		111,723
6.00%, 03/01/2033		750		840
6.00%, 03/01/2033		1,369		1,536
6.00%, 03/01/2033		3,029		3,447
6.00%, 03/01/2033		3,168		3,664
6.00%, 03/01/2033		5,163		5,805
6.00%, 05/01/2033		13,571		16,102
6.00%, 08/01/2033		3,060		3,441
6.00%, 09/01/2033		7,669		8,889
6.00%, 09/01/2033		12,772		14,176
6.00%, 11/01/2034		3,278		3,885
6.00%, 04/01/2035		60,997		70,374
6.00%, 02/01/2036		3,788		4,287
6.00%, 09/01/2036		211,639		248,064
6.00%, 11/01/2036		30,718		36,451
6.00%, 03/01/2037		51,332		57,645
6.00%, 09/01/2037		53,515		63,454
6.00%, 04/01/2038		10,149		11,382
6.00%, 05/01/2038		151,661		179,829
6.00%, 11/01/2038		41,810		48,440
6.00%, 12/01/2039		759,088		897,432
6.00%, 10/01/2040		992,036		1,174,325

	Principal Amount		Value
6.00%, 07/01/2041		2,554,331		2,988,368
6.00%, 11/01/2048		30,830		33,524
6.50%, 04/01/2022		53		53
6.50%, 05/01/2022		378		423
6.50%, 12/01/2022		933		1,044
6.50%, 02/01/2024		12,626		13,051
6.50%, 07/01/2024		2,624		2,938
6.50%, 04/01/2025		522		584
6.50%, 08/01/2026		29,223		32,719
6.50%, 03/01/2029		9,184		10,156
6.50%, 11/01/2029		288,696		326,628
6.50%, 08/01/2031		8,445		9,949
6.50%, 02/01/2032		40,638		45,499
6.50%, 01/01/2036		179,389		201,522
6.50%, 04/01/2036		930		940
6.50%, 07/01/2036		3,897		4,494
6.50%, 08/01/2036		113,549		130,354
6.50%, 10/01/2036		25,073		30,976
6.50%, 01/01/2037		53,862		63,289
6.50%, 08/01/2037		24,693		29,331
6.50%, 08/01/2037		25,997		29,615
6.50%, 10/01/2037		44,912		53,386
6.50%, 10/01/2038		53,951		62,435
6.50%, 10/01/2038		213,499		248,373
7.00%, 01/01/2024		103		109
7.00%, 04/01/2026		605		607
7.00%, 09/01/2027		401		445
7.00%, 01/01/2029		754		757
7.00%, 06/01/2032		4,417		4,762
7.00%, 02/01/2033		1,141		1,197
7.00%, 06/01/2033		56,615		66,359
7.00%, 02/01/2036		7,365		7,655
7.00%, 03/01/2036		1,452		1,630
7.00%, 12/01/2036		7,190		8,150
7.00%, 03/01/2037		5,088		5,616
7.00%, 04/01/2037		7,468		8,533
7.00%, 09/01/2037		25,294		27,135
7.00%, 09/01/2038		37,132		46,018
7.00%, 10/01/2038		63,235		77,820
7.00%, 11/01/2038		47,096		55,840
7.00%, 12/01/2038		117,393		141,239
7.00%, 01/01/2039		175,550		212,981
7.50%, 11/01/2022		201		202
7.50%, 10/01/2024		190		202
7.50%, 01/01/2035		25,170		29,523
7.50%, 03/01/2035		28,322		33,915
7.50%, 05/01/2037		24,900		30,837
7.50%, 10/01/2037		109,641		132,658
7.50%, 11/01/2037		35,104		41,176
7.50%, 11/01/2038		30,860		37,618

	Principal Amount		Value
7.50%, 04/01/2039		113,563		141,875
8.00%, 05/01/2024		71		75
8.00%, 03/01/2027		4,421		4,840
8.00%, 06/01/2027		3,854		4,241
8.00%, 06/01/2028		623		668
8.00%, 09/01/2028		5,153		5,668
8.00%, 11/01/2028		13,383		15,236
8.00%, 11/01/2037		9,043		9,952
8.00%, 01/01/2038		3,935		4,620
8.50%, 07/01/2024		464		498
8.50%, 05/01/2025		43		43
Fannie Mae REMIC Trust 2003-W1
5.11%, 12/25/2042, Series 2003-W1, Class 1A1(4)		82,480		89,961
5.58%, 12/25/2042, Series 2003-W1, Class 2A(4)		22,180		24,560
Fannie Mae REMIC Trust 2003-W4
5.63%, 10/25/2042, Series 2003-W4, Class 2A(4)		11,358		12,969
Fannie Mae REMIC Trust 2004-W10
5.75%, 08/25/2034, Series 2004-W10, Class A6		373,733		408,450
Fannie Mae REMIC Trust 2004-W11
6.00%, 05/25/2044, Series 2004-W11, Class 1A1		65,368		77,969
Fannie Mae REMIC Trust 2005-W1
6.50%, 10/25/2044, Series 2005-W1, Class 1A2		115,300		137,057
Fannie Mae REMIC Trust 2006-W3
6.00%, 09/25/2046, Series 2006-W3, Class 2A		85,957		96,845
Fannie Mae REMIC Trust 2007-W1
6.30%, 08/25/2047, Series 2007-W10, Class 2A(4)		9,559		10,887
Fannie Mae REMIC Trust 2007-W3
6.75%, 04/25/2037, Series 2007-W3, Class 1A3		21,862		24,038
Fannie Mae REMIC Trust 2007-W5
0.00%, 06/25/2037, Series 2007-W5, Class PO		14,443		13,372
Fannie Mae REMIC Trust 2007-W7
38.63% (1 Month LIBOR USD + 39.18%, 39.18% Cap), 07/25/2037, Series 2007-W7, Class 1A4(2)(5)		13,450		23,443
Fannie Mae REMIC Trust 2009-W1
6.00%, 12/25/2049, Series 2009-W1, Class A		362,462		418,957
Fannie Mae REMICS
0.00%, 03/25/2022, Series 2007-15, Class NO		622		621
0.00%, 10/25/2022, Series G92-62, Class B		200		200
0.00%, 04/25/2023, Series 1998-4, Class C		269		268
0.00%, 09/25/2023, Series G93-37, Class H		160		159
0.00%, 09/25/2023, Series 1993-205, Class H		660		654
0.00%, 11/25/2023, Series 1994-9, Class E		65		65
0.00%, 01/25/2032, Series 2001-81, Class LO		1,258		1,222
0.00%, 04/25/2032, Series 2002-21, Class LO		1,123		1,092
0.00%, 12/25/2032, Series 2004-59, Class BG		7,223		6,785
0.00%, 05/25/2033, Series 2003-35, Class EA		4,517		4,223
0.00%, 08/25/2033, Series 2003-132, Class OA		2,205		2,150
0.00%, 12/25/2033, Series 2006-44, Class P		60,991		57,039
0.00%, 03/25/2034, Series 2004-46, Class EP		56,900		56,025
0.00%, 09/25/2035, Series 2005-90, Class PO		6,439		6,348
0.00%, 10/25/2035, Series 2010-39, Class OT		16,142		15,511

	Principal Amount		Value
0.00%, 03/25/2036, Series 2006-16, Class OA		12,769		11,951
0.00%, 03/25/2036, Series 2006-8, Class WQ		131,992		118,942
0.00%, 04/25/2036, Series 2006-23, Class KO		14,191		13,736
0.00%, 04/25/2036, Series 2006-27, Class OH		27,856		26,142
0.00%, 04/25/2036, Series 2006-22, Class AO		43,919		41,061
0.00%, 06/25/2036, Series 2006-43, Class PO		11,229		10,817
0.00%, 06/25/2036, Series 2006-44, Class GO		22,553		21,125
0.00%, 06/25/2036, Series 2006-43, Class DO		35,488		32,690
0.00%, 06/25/2036, Series 2006-50, Class JO		81,628		75,738
0.00%, 06/25/2036, Series 2006-50, Class PS		98,611		94,927
0.00%, 07/25/2036, Series 2006-58, Class AP		6,497		5,999
0.00%, 07/25/2036, Series 2006-58, Class PO		13,402		12,500
0.00%, 07/25/2036, Series 2006-65, Class QO		25,923		24,401
0.00%, 08/25/2036, Series 2006-72, Class TO		8,547		7,826
0.00%, 08/25/2036, Series 2006-79, Class DO		18,833		18,138
0.00%, 08/25/2036, Series 2006-79, Class OP		27,126		24,565
0.00%, 08/25/2036, Series 2006-72, Class GO		46,415		44,725
0.00%, 09/25/2036, Series 2008-42, Class AO		10,456		9,603
0.00%, 09/25/2036, Series 2006-90, Class AO		20,664		19,492
0.00%, 09/25/2036, Series 2006-86, Class OB		26,541		24,673
0.00%, 11/25/2036, Series 2006-109, Class PO		6,789		6,223
0.00%, 11/25/2036, Series 2006-111, Class EO		19,598		17,907
0.00%, 11/25/2036, Series 2006-110, Class PO		39,227		36,604
0.00%, 12/25/2036, Series 2006-119, Class PO		10,179		9,689
0.00%, 12/25/2036, Series 2006-115, Class OK		23,930		21,842
0.00%, 01/25/2037, Series 2006-128, Class PO		23,582		21,775
0.00%, 01/25/2037, Series 2009-70, Class CO		64,483		59,699
0.00%, 03/25/2037, Series 2007-14, Class OP		18,792		17,708
0.00%, 04/25/2037, Series 2007-28, Class EO		62,050		56,881
0.00%, 05/25/2037, Series 2007-42, Class AO		5,335		4,934
0.00%, 07/25/2037, Series 2007-67, Class PO		42,332		39,170
0.00%, 10/25/2037, Series 2009-86, Class OT		392,520		358,097
0.00%, 05/25/2038, Series 2008-44, Class PO		1,431		1,293
0.00%, 01/25/2040, Series 2009-113, Class AO		33,863		29,920
0.00%, 06/25/2040, Series 2010-63, Class AP		53,676		50,083
0.00%, 09/25/2043, Series 2013-92, Class PO		865,501		787,657
0.00%, 10/25/2043, Series 2013-101, Class DO		655,664		570,279
0.00%, 12/25/2043, Series 2013-128, Class PO		1,546,679		1,374,021
0.11% (1 Month LIBOR USD + 0.02%, 0.02% Floor, 9.32% Cap), 09/25/2022, Series G92-52, Class FD(2)		59		58
0.15% (1 Month LIBOR USD + 0.06%, 0.06% Floor), 12/25/2036, Series 2006-118, Class A1(2)		41,488		41,252
0.15% (1 Month LIBOR USD + 0.06%, 0.06% Floor), 12/25/2036, Series 2006-118, Class A2(2)		183,079		181,431
0.34% (1 Month LIBOR USD + 0.25%, 0.25% Floor, 7.00% Cap), 08/25/2034, Series 2005-93, Class MF(2)		20,168		20,210
0.34% (1 Month LIBOR USD + 0.25%, 0.25% Floor, 7.00% Cap), 04/25/2036, Series 2006-23, Class FK(2)		68,663		68,775
0.34% (1 Month LIBOR USD + 0.25%, 0.25% Floor, 6.50% Cap), 02/25/2037, Series 2007-10, Class FD(2)		47,344		47,473
0.35% (1 Month LIBOR USD + 0.25%, 0.25% Floor), 06/27/2036, Series 2007-101, Class A2(2)		277,030		272,988
0.38% (1 Month LIBOR USD + 0.29%, 0.29% Floor, 7.50% Cap), 07/25/2036, Series 2006-56, Class FC(2)		221,274		222,170
0.39% (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.75% Cap), 05/25/2037, Series 2007-43, Class FL(2)		30,444		30,566
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.75% Cap), 04/25/2035, Series 2005-25, Class PF(2)		78,074		78,596

	Principal Amount		Value
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.50% Cap), 08/25/2036, Series 2006-79, Class DF(2)		79,453		79,914
0.46% (1 Month LIBOR USD + 0.37%, 0.37% Floor, 7.50% Cap), 07/25/2037, Series 2007-64, Class FB(2)		44,243		44,760
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap), 03/25/2034, Series 2004-28, Class PF(2)		52,188		52,408
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap), 05/25/2034, Series 2004-36, Class FA(2)		161,977		162,819
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.00% Cap), 06/25/2036, Series 2006-46, Class FW(2)		25,472		25,606
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.00% Cap), 06/25/2037, Series 2007-54, Class FA(2)		162,875		165,435
0.54% (1 Month LIBOR USD + 0.45%, 6.50% Cap), 06/25/2037, Series 2007-98, Class FB(2)		16,072		16,706
0.54% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap), 04/25/2039, Series 2012-89, Class FD(2)		4,959		4,960
0.54% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap), 09/25/2042, Series 2012-99, Class FA(2)		245,661		248,113
0.55% (1 Month LIBOR USD + 0.46%, 0.46% Floor, 7.00% Cap), 07/25/2036, Series 2006-58, Class FL(2)		21,636		21,828
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap), 03/25/2037, Series 2007-77, Class FG(2)		43,214		43,901
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap), 07/25/2037, Series 2007-97, Class FC(2)		26,062		26,488
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 07/25/2041, Series 2011-149, Class EF(2)		38,280		38,546
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 11/25/2041, Series 2011-149, Class MF(2)		128,897		130,027
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 09/25/2042, Series 2012-101, Class FC(2)		109,093		107,110
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 09/25/2042, Series 2012-97, Class FB(2)		855,826		868,155
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 10/25/2042, Series 2012-108, Class F(2)		327,970		331,858
0.64% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 7.00% Cap), 01/25/2041, Series 2011-101, Class FM(2)		28,111		28,223
0.64% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap), 08/25/2041, Series 2011-75, Class FA(2)		84,945		85,697
0.69% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.00% Cap), 04/25/2040, Series 2010-40, Class FJ(2)		30,872		31,143
0.69% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.00% Cap), 05/25/2040, Series 2010-43, Class FD(2)		50,022		50,857
0.69% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 9.00% Cap), 12/25/2023, Series 1993-230, Class FA(2)		431		429
0.84% (1 Month LIBOR USD + 0.75%, 0.75% Floor, 8.00% Cap), 01/25/2034, Series 2004-87, Class F(2)		89,442		91,266
0.84% (1 Month LIBOR USD + 0.75%, 6.50% Cap), 03/25/2037, Series 2007-16, Class FC(2)		27,847		28,990
0.89% (1 Month LIBOR USD + 0.80%, 0.80% Floor, 8.00% Cap), 11/25/2032, Series 2004-61, Class FH(2)		191,995		195,849
0.97% (1 Month LIBOR USD + 0.88%, 0.88% Floor, 9.50% Cap), 08/25/2023, Series G93-27, Class FD(2)		715		715
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor, 6.75% Cap), 03/25/2038, Series 2008-18, Class FA(2)		29,298		30,009
1.04% (11th District Cost of Funds Index + 0.70%, 0.70% Floor, 10.00% Cap), 10/25/2022, Series G92-59, Class F(2)		66		66
1.09% (1 Month LIBOR USD + 1.00%, 1.00% Floor, 9.50% Cap), 12/25/2023, Series 1993-247, Class FE(2)		1,028		1,036
1.45%, 01/25/2038, Series 2007-116, Class HI(4)		244,696		10,349
1.60% (1 Month LIBOR USD + 8.10%, 1.60% Cap), 03/25/2032, Series 2002-13, Class SJ(2)(5)		32,651		1,149
1.61%, 04/25/2041, Series 2011-30, Class LS(4)		401,192		26,095
1.72%, 06/25/2038, Series 2008-46, Class HI(4)		85,558		6,076
1.84%, 03/25/2027, Series 1997-20, Class IB(4)		1,116		19
1.84%, 03/25/2027, Series 1997-20, Class IO(4)		2,782		45
2.12%, 12/25/2039, Series 2009-103, Class MB(4)		122,071		127,813
2.50%, 12/25/2042, Series 2012-134, Class ZC		6,527,414		6,942,178
3.00%, 12/25/2028, Series 2013-118, Class YL		1,237,521		1,303,460

	Principal Amount		Value
3.00%, 10/25/2033, Series 2013-100, Class WB		908,000		963,708
3.00%, 02/25/2043, Series 2013-81, Class TA		904,246		933,211
3.00%, 01/25/2046, Series 2016-38, Class NA		1,491,433		1,603,441
3.00%, 02/25/2047, Series 2017-51, Class CP		1,675,530		1,762,678
3.50%, 04/25/2031, Series 2011-31, Class DB		582,155		627,872
3.50%, 09/25/2033, Series 2013-90, Class DL		1,500,000		1,679,400
3.50%, 03/25/2042, Series 2013-136, Class QB		950,567		1,028,414
3.50%, 02/25/2043, Series 2013-4, Class AJ		245,758		259,072
3.50%, 11/25/2057, Series 2019-7, Class CA		5,423,052		5,782,357
4.00%, 04/25/2033, Series 2003-22, Class UD		138,650		152,252
4.00%, 05/25/2033, Series 2003-42, Class GB		9,177		10,188
4.35% (1 Month LIBOR USD + 4.44%, 4.44% Cap), 11/25/2040, Series 2010-125, Class SA(2)(5)		281,679		34,924
4.50%, 07/25/2023, Series 2008-61, Class BH		14,527		14,903
4.50%, 10/25/2036, Series 2009-19, Class PW		116,841		130,843
4.50%, 02/25/2039, Series 2009-4, Class BD		4,338		4,842
4.50%, 12/25/2040, Series 2010-134, Class DB		5,359,402		6,180,523
4.50%, 01/25/2042, Series 2011-141, Class MZ		1,831,302		2,048,546
4.50%, 04/25/2042, Series 2014-11, Class VB		1,500,000		1,695,788
5.00%, 11/25/2024, Series 2004-81, Class JG		71,899		75,319
5.00%, 03/25/2029, Series 2009-11, Class NB		96,328		102,225
5.00%, 11/25/2032, Series 2002-71, Class AP		8,219		8,975
5.00%, 03/25/2033, Series 2003-14, Class TI		12,484		621
5.00%, 03/25/2037, Series 2009-63, Class P		2,662		3,006
5.00%, 07/25/2038, Series 2008-56, Class AC		27,264		30,832
5.00%, 07/25/2038, Series 2008-60, Class JC		33,517		38,096
5.00%, 07/25/2039, Series 2009-52, Class PI		57,651		8,553
5.00%, 08/25/2039, Series 2009-59, Class HB		213,738		242,512
5.00%, 09/25/2039, Series 2009-65, Class MT		68,904		74,812
5.00%, 06/25/2040, Series 2010-64, Class DM		363,594		409,149
5.00%, 09/25/2040, Series 2010-102, Class PN		206,000		234,464
5.50%, 07/25/2051, Series 2011-58, Class WA(4)		19,837		23,162
5.50%, 09/25/2022, Series 1992-143, Class MA		150		153
5.50%, 03/25/2023, Series 2003-17, Class EQ		25,098		25,843
5.50%, 04/25/2023, Series 1993-58, Class H		1,798		1,853
5.50%, 04/25/2023, Series 2003-23, Class EQ		48,797		50,332
5.50%, 05/25/2023, Series 2003-39, Class LW		12,361		12,734
5.50%, 07/25/2024, Series 2004-53, Class NC		3,588		3,725
5.50%, 08/25/2024, Series 2004-65, Class EY		43,903		45,911
5.50%, 08/25/2025, Series 2005-67, Class EY		58,725		62,968
5.50%, 01/25/2026, Series 2005-121, Class DX		34,021		36,174
5.50%, 04/18/2029, Series 1999-18, Class Z		6,203		6,748
5.50%, 12/25/2032, Series 2002-78, Class Z		84,926		98,075
5.50%, 08/25/2033, Series 2003-72, Class IE		138,207		22,671
5.50%, 08/25/2033, Series 2003-73, Class HC		69,694		80,358
5.50%, 10/25/2033, Series 2003-105, Class AZ		507,931		585,586
5.50%, 04/25/2034, Series 2004-17, Class H		158,939		185,305
5.50%, 07/25/2034, Series 2004-50, Class VZ		264,184		300,626
5.50%, 08/25/2035, Series 2005-68, Class PG		63,688		72,505
5.50%, 08/25/2035, Series 2005-73, Class ZB		445,105		513,520
5.50%, 12/25/2035, Series 2006-46, Class UC		23,476		25,160

	Principal Amount		Value
5.50%, 12/25/2035, Series 2005-110, Class GL		340,049		387,652
5.50%, 01/25/2036, Series 2006-39, Class WC		15,279		16,218
5.50%, 03/25/2036, Series 2006-16, Class HZ		41,095		47,150
5.50%, 03/25/2036, Series 2006-12, Class BZ		148,519		170,113
5.50%, 03/25/2036, Series 2006-8, Class JZ		173,036		202,294
5.50%, 01/25/2037, Series 2006-128, Class BP		11,912		13,045
5.50%, 07/25/2037, Series 2007-70, Class Z		92,929		106,698
5.50%, 08/25/2037, Series 2007-76, Class AZ		35,203		40,403
5.50%, 07/25/2038, Series 2011-47, Class ZA		134,719		156,185
5.50%, 10/25/2039, Series 2009-86, Class IP		133,472		22,902
5.50%, 06/25/2040, Series 2010-58, Class MB		620,952		698,603
5.50%, 07/25/2040, Series 2010-71, Class HJ		212,534		246,185
5.50%, 10/25/2040, Series 2010-111, Class AM		729,764		863,428
5.69% (1 Month LIBOR USD + 5.78%, 5.78% Cap), 06/25/2037, Series 2007-92, Class YS(2)(5)		29,466		5,141
5.75%, 06/25/2033, Series 2003-47, Class PE		43,659		49,909
5.75%, 07/25/2035, Series 2005-66, Class ZH		1,294,254		1,529,801
5.75%, 10/25/2035, Series 2005-84, Class XM		53,440		60,418
5.76% (1 Month LIBOR USD + 5.85%, 5.85% Cap), 09/25/2038, Series 2008-81, Class SB(2)(5)		111,803		18,642
5.76% (1 Month LIBOR USD + 5.85%, 5.85% Cap), 09/25/2038, Series 2008-80, Class SA(2)(5)		146,048		26,549
5.81% (1 Month LIBOR USD + 5.90%, 5.90% Cap), 10/25/2039, Series 2009-84, Class WS(2)(5)		35,608		5,638
5.82% (1 Month LIBOR USD + 5.91%, 5.91% Cap), 02/25/2038, Series 2008-1, Class BI(2)(5)		118,704		22,988
5.85%, 02/25/2051, Series 2011-2, Class WA(4)		67,626		77,438
5.91% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 02/25/2038, Series 2008-4, Class SD(2)(5)		305,807		49,161
5.99% (1 Month LIBOR USD + 6.08%, 6.08% Cap), 03/25/2037, Series 2007-22, Class SC(2)(5)		2,921		110
6.00%, 02/25/2022, Series 2002-5, Class PK		3,050		3,078
6.00%, 08/25/2022, Series 1992-136, Class PK		374		383
6.00%, 09/25/2022, Series 2002-54, Class PG		10,800		11,035
6.00% (1 Month LIBOR USD + 28.70%, 6.00% Cap), 04/25/2023, Series G93-17, Class SI(2)(5)		928		961
6.00%, 07/25/2023, Series 1993-136, Class ZB(4)		8,519		8,922
6.00%, 07/18/2028, Series 1998-36, Class ZB		4,638		5,169
6.00%, 12/25/2028, Series 1998-66, Class C		1,576		1,667
6.00%, 07/25/2031, Series 2001-33, Class ID		20,241		2,788
6.00%, 11/25/2031, Series 2001-60, Class PX		34,040		39,187
6.00%, 04/25/2032, Series 2002-15, Class ZA		92,506		105,074
6.00%, 11/25/2032, Series 2011-39, Class ZA		263,075		304,124
6.00%, 05/25/2033, Series 2003-39, Class IO(4)		6,332		1,027
6.00%, 05/25/2033, Series 2003-34, Class AX		20,760		24,185
6.00%, 05/25/2033, Series 2003-34, Class GE		53,174		61,285
6.00%, 05/25/2033, Series 2003-34, Class ED		108,776		126,544
6.00%, 12/25/2035, Series 2005-109, Class PC		8,937		10,020
6.00%, 12/25/2035, Series 2005-109, Class YE		43,865		43,929
6.00%, 07/25/2036, Series 2006-71, Class ZL		289,500		338,938
6.00%, 03/25/2037, Series 2007-18, Class MZ		181,041		204,729
6.00%, 05/25/2037, Series 2007-42, Class B		92,117		108,009
6.00%, 08/25/2037, Series 2007-78, Class CB		10,628		12,513
6.00%, 08/25/2037, Series 2007-76, Class ZG		34,289		40,267
6.00%, 08/25/2037, Series 2007-78, Class PE		38,778		45,801
6.00%, 08/25/2037, Series 2007-81, Class GE		51,626		59,831
6.00%, 08/25/2039, Series 2009-60, Class HT		277,002		324,743
6.01% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 04/25/2037, Series 2007-35, Class SI(2)(5)		50,359		5,517

	Principal Amount		Value
6.01% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 06/25/2037, Series 2007-54, Class WI(2)(5)		33,136		6,522
6.01% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 06/25/2037, Series 2007-53, Class SH(2)(5)		90,816		14,059
6.01% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 11/25/2049, Series 2010-103, Class SB(2)(5)		74,613		9,129
6.02%, 09/25/2039, Series 2009-69, Class WA(4)		98,083		111,772
6.09% (1 Month LIBOR USD + 6.18%, 6.18% Cap), 12/25/2039, Series 2009-99, Class SC(2)(5)		42,791		6,792
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 03/25/2038, Series 2008-16, Class IS(2)(5)		35,677		5,938
6.14% (1 Month LIBOR USD + 6.23%, 6.23% Cap), 03/25/2038, Series 2008-10, Class XI(2)(5)		45,100		8,398
6.16% (1 Month LIBOR USD + 6.25%, 6.25% Cap), 01/25/2040, Series 2009-112, Class ST(2)(5)		98,024		17,739
6.18%, 03/25/2040, Series 2010-16, Class WB(4)		163,732		187,573
6.22%, 02/25/2040, Series 2010-1, Class WA(4)		42,528		48,415
6.25%, 10/25/2037, Series 2007-106, Class A7(4)		37,961		44,511
6.27% (1 Month LIBOR USD + 6.36%, 6.36% Cap), 12/25/2037, Series 2007-108, Class SA(2)(5)		5,198		736
6.29%, 12/25/2039, Series 2009-99, Class WA(4)		226,973		260,187
6.31% (1 Month LIBOR USD + 6.40%, 6.40% Cap), 07/25/2037, Series 2007-72, Class EK(2)(5)		290,093		56,133
6.31% (1 Month LIBOR USD + 6.40%, 6.40% Cap), 12/25/2037, Series 2007-109, Class AI(2)(5)		129,117		18,812
6.31% (1 Month LIBOR USD + 6.40%, 6.40% Cap), 05/25/2040, Series 2010-42, Class S(2)(5)		45,249		7,502
6.33% (1 Month LIBOR USD + 6.42%, 6.42% Cap), 04/25/2040, Series 2010-35, Class SB(2)(5)		80,007		12,882
6.35% (1 Month LIBOR USD + 6.44%, 6.44% Cap), 03/25/2037, Series 2007-14, Class ES(2)(5)		154,983		28,124
6.35%, 04/25/2029, Series 1999-17, Class C		3,039		3,423
6.36% (1 Month LIBOR USD + 6.45%, 6.45% Cap), 10/25/2037, Series 2007-100, Class SM(2)(5)		101,463		20,619
6.36% (1 Month LIBOR USD + 6.45%, 6.45% Cap), 12/25/2037, Series 2007-112, Class SA(2)(5)		147,853		32,765
6.37% (1 Month LIBOR USD + 6.46%, 6.46% Cap), 10/25/2037, Series 2007-91, Class ES(2)(5)		148,178		31,493
6.41% (1 Month LIBOR USD + 6.50%, 6.50% Cap), 06/25/2023, Series 2008-47, Class SI(2)(5)		404		3
6.41% (1 Month LIBOR USD + 6.50%, 6.50% Cap), 08/25/2036, Series 2007-7, Class SG(2)(5)		93,197		25,516
6.43% (1 Month LIBOR USD + 6.52%, 6.52% Cap), 07/25/2036, Series 2006-58, Class IG(2)(5)		48,609		8,713
6.44%, 03/25/2040, Series 2010-16, Class WA(4)		160,820		182,533
6.44% (1 Month LIBOR USD + 6.53%, 6.53% Cap), 01/25/2041, Series 2010-147, Class SA(2)(5)		483,116		105,311
6.45% (1 Month LIBOR USD + 6.54%, 6.54% Cap), 09/25/2037, Series 2007-88, Class VI(2)(5)		144,031		31,129
6.46% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 02/25/2039, Series 2009-6, Class GS(2)(5)		88,861		19,905
6.49% (1 Month LIBOR USD + 6.58%, 6.58% Cap), 06/25/2036, Series 2006-53, Class US(2)(5)		95,185		18,317
6.50%, 09/25/2021, Series 2001-48, Class Z		382		383
6.50%, 02/25/2022, Series 2002-1, Class HC		314		316
6.50%, 08/25/2022, Series 1996-59, Class J		375		384
6.50%, 02/25/2023, Series G93-5, Class Z		568		586
6.50%, 03/25/2023, Series G93-14, Class J		418		432
6.50%, 07/25/2023, Series 1993-122, Class M		351		368
6.50%, 09/25/2023, Series 1993-178, Class PK		823		866
6.50%, 10/25/2023, Series 1993-189, Class PL		4,276		4,514
6.50%, 10/25/2023, Series 1993-183, Class KA		12,076		12,746
6.50%, 11/25/2023, Series 1995-19, Class Z		4,868		5,205
6.50%, 12/25/2023, Series 1993-225, Class UB		1,377		1,461
6.50%, 03/25/2024, Series 1994-37, Class L		4,200		4,451
6.50%, 03/25/2024, Series 1994-40, Class Z		26,513		28,247
6.50%, 04/25/2027, Series 1997-32, Class PG		9,785		10,949
6.50%, 07/18/2027, Series 1997-42, Class ZC		774		857
6.50%, 09/25/2031, Series 2001-49, Class Z		5,036		5,862
6.50%, 10/25/2031, Series 2001-52, Class KB		3,748		4,298
6.50%, 04/25/2032, Series 2002-21, Class PE		15,873		18,646
6.50%, 05/25/2032, Series 2002-28, Class PK		31,486		36,721
6.50%, 06/25/2032, Series 2002-37, Class Z		14,374		16,497

	Principal Amount		Value
6.50%, 07/25/2032, Series 2006-130, Class GI		59,399		8,335
6.50%, 08/25/2032, Series 2002-48, Class GH		39,465		46,640
6.50%, 02/25/2033, Series 2003-9, Class NZ		13,777		16,122
6.50%, 05/25/2033, Series 2003-33, Class IA		60,937		12,573
6.50%, 07/25/2036, Series 2006-63, Class ZH		133,960		160,289
6.50%, 07/25/2036, Series 2011-19, Class ZY		177,553		212,020
6.50%, 08/25/2036, Series 2006-78, Class BZ		14,030		16,701
6.50%, 08/25/2036, Series 2006-77, Class PC		76,047		87,732
6.50%, 09/25/2036, Series 2006-85, Class MZ		7,509		8,916
6.50%, 06/25/2037, Series 2007-92, Class YA		17,674		20,945
6.50%, 12/25/2037, Series 2007-112, Class MJ		112,765		135,049
6.50%, 06/25/2042, Series 2002-90, Class A1		46,783		54,729
6.53% (1 Month LIBOR USD + 6.62%, 6.62% Cap), 07/25/2037, Series 2007-65, Class KI(2)(5)		108,221		19,441
6.56% (1 Month LIBOR USD + 6.65%, 6.65% Cap), 12/25/2036, Series 2006-117, Class GS(2)(5)		83,566		12,797
6.56% (1 Month LIBOR USD + 6.65%, 6.65% Cap), 03/25/2039, Series 2009-17, Class QS(2)(5)		33,452		5,401
6.61% (1 Month LIBOR USD + 6.70%, 6.70% Cap), 03/25/2036, Series 2006-8, Class WN(2)(5)		483,971		101,391
6.62% (1 Month LIBOR USD + 6.71%, 6.71% Cap), 07/25/2035, Series 2005-56, Class S(2)(5)		44,225		8,818
6.76% (1 Month LIBOR USD + 6.85%, 6.85% Cap), 04/25/2038, Series 2008-32, Class SA(2)(5)		27,224		4,489
6.81% (1 Month LIBOR USD + 6.90%, 6.90% Cap), 04/25/2038, Series 2008-27, Class SN(2)(5)		56,672		9,982
6.88%, 08/25/2023, Series 2002-83, Class CS		8,818		9,215
6.90% (1 Month LIBOR USD + 6.99%, 6.99% Cap), 03/25/2038, Series 2008-20, Class SA(2)(5)		59,226		12,123
7.00%, 07/25/2022, Series G92-42, Class Z		20		20
7.00%, 10/25/2022, Series G92-61, Class Z		173		177
7.00%, 02/25/2023, Series 1997-61, Class ZC		6,150		6,364
7.00%, 03/25/2023, Series 1993-37, Class PX		4,728		4,890
7.00%, 04/25/2023, Series 1993-54, Class Z		1,454		1,505
7.00%, 05/25/2023, Series 1993-56, Class PZ		18,475		19,340
7.00%, 07/25/2023, Series 2002-1, Class G		5,813		6,063
7.00%, 07/25/2023, Series 1993-99, Class Z		9,269		9,707
7.00%, 08/25/2023, Series 1993-141, Class Z		14,821		15,519
7.00%, 04/25/2024, Series 1994-63, Class PK		16,832		17,959
7.00%, 04/25/2024, Series 1994-62, Class PK		41,546		43,925
7.00%, 11/25/2026, Series 1996-48, Class Z		10,998		11,892
7.00%, 12/18/2027, Series 1997-81, Class PI		4,143		302
7.00%, 03/25/2031, Series 2001-7, Class PF		3,443		4,085
7.00%, 07/25/2031, Series 2001-30, Class PM		10,730		12,801
7.00%, 08/25/2031, Series 2001-36, Class DE		21,872		25,716
7.00%, 09/25/2031, Series 2001-44, Class PU		3,861		4,601
7.00%, 09/25/2031, Series 2001-44, Class PD		5,894		6,920
7.00%, 09/25/2031, Series 2001-44, Class MY		28,905		34,417
7.00%, 11/25/2031, Series 2001-61, Class Z		40,854		48,782
7.00%, 05/25/2033, Series 2007-97, Class KI		107,817		10,952
7.00%, 07/25/2039, Series 2009-47, Class MT		1,675		1,990
7.00%, 11/25/2041, Series 2011-118, Class LB		655,468		798,352
7.00%, 11/25/2041, Series 2011-118, Class NT		685,713		826,365
7.00%, 11/25/2041, Series 2011-118, Class MT		815,610		988,926
7.01% (1 Month LIBOR USD + 7.10%, 7.10% Cap), 06/25/2033, Series 2004-4, Class QI(2)(5)		15,765		521
7.06% (1 Month LIBOR USD + 7.15%, 7.15% Cap), 07/25/2037, Series 2007-60, Class AX(2)(5)		463,266		117,126
7.11% (1 Month LIBOR USD + 7.20%, 7.20% Cap), 07/25/2038, Series 2008-53, Class CI(2)(5)		33,428		6,231
7.34% (1 Month LIBOR USD + 7.47%, 7.47% Cap), 08/25/2033, Series 2003-71, Class DS(2)(5)		69,612		77,228

	Principal Amount		Value
7.50%, 06/25/2022, Series 1992-101, Class J		17		18
7.50%, 07/25/2022, Series G92-35, Class E		604		618
7.50%, 09/25/2022, Series G92-54, Class ZQ		203		207
7.50%, 10/25/2022, Series 1992-188, Class PZ		1,335		1,377
7.50%, 03/25/2023, Series 1993-25, Class J		1,494		1,560
7.50%, 04/18/2027, Series 1997-27, Class J		2,961		3,406
7.50%, 04/20/2027, Series 1997-29, Class J		4,430		5,053
7.50%, 05/20/2027, Series 1997-39, Class PD		15,081		17,069
7.50%, 12/18/2029, Series 1999-62, Class PB		4,803		5,505
7.50%, 02/25/2030, Series 2000-2, Class ZE		25,851		30,129
7.51% (1 Month LIBOR USD + 7.60%, 7.60% Cap), 07/25/2028, Series 2008-55, Class S(2)(5)		142,231		18,076
7.51% (1 Month LIBOR USD + 7.60%, 7.60% Cap), 11/25/2033, Series 2003-116, Class SB(2)(5)		76,844		14,789
7.70%, 03/25/2023, Series 1993-21, Class KA		650		677
7.75%, 09/25/2022, Series 1992-163, Class M		490		505
7.90%, 01/25/2023, Series G93-1, Class KA		888		920
7.96% (1 Month LIBOR USD + 8.05%, 8.05% Cap), 08/25/2023, Series 1999-38, Class SK(2)(5)		218		12
8.00%, 07/25/2022, Series G92-44, Class ZQ		9		9
8.00%, 07/25/2022, Series 1992-117, Class MA		1,816		1,868
8.00%, 09/25/2022, Series 1992-150, Class M		1,974		2,031
8.06% (1 Month LIBOR USD + 8.15%, 8.15% Cap), 12/25/2028, Series 1998-66, Class SB(2)(5)		1,316		60
8.50%, 01/25/2025, Series 1995-2, Class Z		909		999
8.50%, 01/25/2031, Series 2000-52, Class IO		1,474		252
8.50% (1 Month LIBOR USD + 51.00%, 8.50% Cap), 11/25/2032, Series 2004-61, Class SK(2)(5)		12,535		14,615
8.80%, 01/25/2025, Series G95-1, Class C		2,094		2,340
9.01% (1 Month LIBOR USD + 9.10%, 9.10% Cap), 07/25/2030, Series 2000-20, Class SA(2)(5)		6,874		758
9.11% (10 year CMT Index + 10.75%, 10.00% Cap), 08/25/2023, Series 1996-14, Class SE(2)(5)		8,007		537
10.00% (1 Month LIBOR USD + 54.00%, 10.00% Cap), 03/25/2032, Series 2002-13, Class ST(2)(5)		441		534
10.01% (1 Month LIBOR USD + 10.17%, 10.17% Cap), 08/25/2033, Series 2003-74, Class SH(2)(5)		9,385		10,863
10.50% (11th District Cost of Funds Index + 63.39%, 10.50% Cap), 10/25/2023, Series 1993-179, Class SC(2)(5)		277		300
11.38% (1 Month LIBOR USD + 11.52%, 11.52% Cap), 01/25/2034, Series 2003-130, Class SX(2)(5)		1,905		2,174
12.35% (1 Month LIBOR USD + 12.50%, 12.50% Cap), 09/25/2033, Series 2003-91, Class SD(2)(5)		10,996		13,230
12.48% (1 Month LIBOR USD + 12.66%, 12.66% Cap), 03/25/2040, Series 2010-49, Class SC(2)(5)		167,244		213,674
12.50% (1 Month LIBOR USD + 77.31%, 12.50% Cap), 09/25/2023, Series 1993-165, Class SK(2)(5)		568		605
12.61% (11th District Cost of Funds Index + 12.95%, 4.00% Floor, 12.95% Cap), 12/25/2023, Series 1993-247, Class SU(2)(5)		478		515
13.52% (1 Month LIBOR USD + 13.75%, 13.75% Cap), 07/25/2033, Series 2003-64, Class SX(2)(5)		16,135		20,224
13.82% (1 Month LIBOR USD + 14.00%, 14.00% Cap), 03/25/2038, Series 2008-18, Class SP(2)(5)		17,856		21,278
14.02% (1 Month LIBOR USD + 14.20%, 14.20% Cap), 06/25/2033, Series 2004-4, Class QM(2)(5)		11,727		12,315
14.06% (1 Month LIBOR USD + 14.24%, 14.24% Cap), 07/25/2034, Series 2004-51, Class SY(2)(5)		9,961		11,971
14.13% (11th District Cost of Funds Index + 14.86%, 14.86% Cap), 09/25/2023, Series 1993-165, Class SD(2)(5)		458		482
14.32% (1 Month LIBOR USD + 14.48%, 14.48% Cap), 12/25/2032, Series 2002-77, Class S(2)(5)		5,930		7,354
15.34% (1 Month LIBOR USD + 15.50%, 15.50% Cap), 11/25/2031, Series 2004-74, Class SW(2)(5)		11,776		15,061
15.50% (1 Month LIBOR USD + 58.37%, 15.50% Cap), 02/25/2023, Series 1993-27, Class SA(2)(5)		230		258
15.92% (1 Month LIBOR USD + 16.15%, 16.15% Cap), 09/25/2037, Series 2007-85, Class SL(2)(5)		8,779		11,689
16.02% (1 Month LIBOR USD + 16.20%, 16.20% Cap), 01/25/2034, Series 2003-131, Class SK(2)(5)		5,184		5,696
16.25% (1 Month LIBOR USD + 16.50%, 16.50% Cap), 05/25/2034, Series 2004-46, Class SK(2)(5)		8,290		10,905
16.27% (1 Month LIBOR USD + 16.50%, 16.50% Cap), 07/25/2037, Series 2007-62, Class SE(2)(5)		21,927		28,403
16.47% (1 Month LIBOR USD + 16.70%, 16.70% Cap), 08/25/2035, Series 2005-73, Class PS(2)(5)		25,576		33,488
16.65% (1 Month LIBOR USD + 16.88%, 16.88% Cap), 08/25/2035, Series 2005-72, Class SB(2)(5)		20,147		26,887
16.65% (1 Month LIBOR USD + 16.88%, 16.88% Cap), 10/25/2035, Series 2005-90, Class ES(2)(5)		25,050		34,234
16.77% (1 Month LIBOR USD + 17.00%, 17.00% Cap), 05/25/2035, Series 2005-42, Class PS(2)(5)		3,299		4,122

	Principal Amount		Value
17.15% (1 Month LIBOR USD + 17.38%, 17.38% Cap), 07/25/2035, Series 2005-66, Class SG(2)(5)		22,110		31,790
17.25% (1 Month LIBOR USD + 17.47%, 17.47% Cap), 12/25/2031, Series 2001-72, Class SX(2)(5)		1,065		1,413
17.36% (1 Month LIBOR USD + 17.67%, 17.67% Cap), 04/25/2040, Series 2010-35, Class SJ(2)(5)		94,046		125,427
17.88% (1 Month LIBOR USD + 18.15%, 18.15% Cap), 08/25/2033, Series 2005-56, Class TP(2)(5)		14,490		17,791
19.27% (7 year CMT Index + 22.30%, 21.83% Cap), 04/25/2023, Series 1998-43, Class SA(2)(5)		1,190		134
19.27% (1 Month LIBOR USD + 19.53%, 19.53% Cap), 04/25/2034, Series 2004-25, Class SA(2)(5)		30,559		43,426
19.27% (1 Month LIBOR USD + 19.53%, 19.53% Cap), 05/25/2034, Series 2004-36, Class SA(2)(5)		69,253		100,890
19.73% (11th District Cost of Funds Index + 20.53%, 20.53% Cap), 04/25/2023, Series 1993-62, Class SA(2)(5)		697		755
19.77% (1 Month LIBOR USD + 20.02%, 20.02% Cap), 05/25/2035, Series 2005-74, Class CS(2)(5)		57,781		71,462
19.88% (1 Month LIBOR USD + 20.13%, 20.13% Cap), 05/25/2035, Series 2005-74, Class SK(2)(5)		39,722		49,346
20.43% (1 Month LIBOR USD + 20.70%, 20.70% Cap), 04/25/2038, Series 2008-28, Class QS(2)(5)		20,048		28,414
22.36% (1 Month LIBOR USD + 22.67%, 22.67% Cap), 04/25/2037, Series 2007-29, Class SG(2)(5)		30,868		47,958
22.68% (1 Month LIBOR USD + 22.95%, 22.95% Cap), 10/25/2031, Series 2003-52, Class SX(2)(5)		8,854		12,742
23.12% (1 Month LIBOR USD + 23.38%, 23.38% Cap), 10/25/2023, Series 1999-52, Class NS(2)(5)		771		932
23.63% (1 Month LIBOR USD + 24.00%, 24.00% Cap), 05/25/2034, Series 2004-46, Class QB(2)(5)		13,257		19,613
23.68% (1 Month LIBOR USD + 24.02%, 24.02% Cap), 08/25/2037, Series 2007-79, Class SB(2)(5)		40,870		67,197
23.83% (1 Month LIBOR USD + 24.20%, 24.20% Cap), 09/25/2035, Series 2005-75, Class SV(2)(5)		5,560		7,993
23.86% (1 Month LIBOR USD + 24.20%, 24.20% Cap), 06/25/2036, Series 2006-46, Class SW(2)(5)		4,068		6,539
24.18% (1 Month LIBOR USD + 24.50%, 24.50% Cap), 12/25/2023, Series 2002-1, Class UD(2)(5)		1,028		1,266
24.18% (1 Month LIBOR USD + 24.50%, 24.50% Cap), 09/25/2031, Series 2001-60, Class QS(2)(5)		15,315		20,747
24.23% (1 Month LIBOR USD + 24.57%, 24.57% Cap), 11/25/2035, Series 2005-106, Class US(2)(5)		116,299		166,973
24.23% (1 Month LIBOR USD + 24.57%, 24.57% Cap), 03/25/2036, Series 2006-11, Class PS(2)(5)		12,270		19,896
24.41% (1 Month LIBOR USD + 24.75%, 24.75% Cap), 05/25/2035, Series 2005-74, Class CP(2)(5)		13,264		16,737
24.89% (1 Month LIBOR USD + 25.19%, 25.19% Cap), 02/25/2032, Series 2002-1, Class SA(2)(5)		2,690		4,003
25.04% (1 Month LIBOR USD + 25.50%, 25.50% Cap), 06/25/2035, Series 2005-59, Class SU(2)(5)		21,212		33,194
25.83% (1 Month LIBOR USD + 26.20%, 26.20% Cap), 10/25/2036, Series 2006-95, Class SG(2)(5)		15,079		24,655
26.19% (1 Month LIBOR USD + 26.56%, 26.56% Cap), 12/25/2036, Series 2006-115, Class ES(2)(5)		3,041		4,644
26.49% (7 year CMT Index + 30.01%, 29.59% Cap), 12/25/2021, Series G-51, Class SA(2)(5)		2		2
28.25% (11th District Cost of Funds Index + 29.75%, 29.75% Cap), 10/25/2023, Series 1993-179, Class SB(2)(5)		415		464
28.43% (1 Month LIBOR USD + 28.80%, 28.80% Cap), 07/25/2036, Series 2006-60, Class AK(2)(5)		13,753		20,211
29.49% (11th District Cost of Funds Index + 31.01%, 31.01% Cap), 12/25/2023, Series 1993-247, Class SA(2)(5)		1,264		1,425
29.74% (1 Month LIBOR USD + 30.15%, 30.15% Cap), 05/25/2036, Series 2006-33, Class LS(2)(5)		13,119		20,837
32.79% (1 Month LIBOR USD + 33.25%, 33.25% Cap), 10/25/2026, Series 2006-94, Class GK(2)(5)		8,681		12,099
38.45% (1 Month LIBOR USD + 39.00%, 39.00% Cap), 02/25/2037, Series 2007-1, Class SD(2)(5)		8,374		24,833
39.35% (1 Month LIBOR USD + 39.90%, 39.90% Cap), 07/25/2036, Series 2006-62, Class PS(2)(5)		9,682		19,317
1184.78%, 07/25/2022, Series G92-35, Class G		2		8
Fannie Mae Trust 2003-W2
5.90%, 07/25/2042, Series 2003-W2, Class 2A9		44,044		50,794
6.50%, 07/25/2042, Series 2003-W2, Class 1A1		75,796		88,416
Fannie Mae Trust 2003-W6
5.20%, 09/25/2042, Series 2003-W6, Class 2A4		272,708		302,454
6.50%, 09/25/2042, Series 2003-W6, Class 3A		99,585		115,841
Fannie Mae Trust 2003-W8
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 8.00% Cap), 05/25/2042, Series 2003-W8, Class 3F1(2)		23,137		23,112
7.00%, 10/25/2042, Series 2003-W8, Class 2A		106,146		123,013
Fannie Mae Trust 2004-W1
7.00%, 12/25/2033, Series 2004-W1, Class 2A2		173,643		204,173
Fannie Mae Trust 2004-W15
0.34% (1 Month LIBOR USD + 0.25%, 0.25% Floor), 08/25/2044, Series 2004-W15, Class 2AF(2)		96,485		95,973
Fannie Mae Trust 2004-W2

	Principal Amount		Value
7.00%, 02/25/2044, Series 2004-W2, Class 2A2		33,098		38,868
Fannie Mae Trust 2004-W8
7.50%, 06/25/2044, Series 2004-W8, Class 3A		32,143		38,319
Fannie Mae Trust 2005-W3
0.31% (1 Month LIBOR USD + 0.22%, 0.22% Floor, 9.50% Cap), 03/25/2045, Series 2005-W3, Class 2AF(2)		816,143		813,204
Fannie Mae Trust 2005-W4
6.00%, 08/25/2045, Series 2005-W4, Class 1A1		45,126		51,747
Fannie Mae Trust 2006-W2
0.31% (1 Month LIBOR USD + 0.22%, 0.22% Floor, 9.50% Cap), 02/25/2046, Series 2006-W2, Class 1AF1(2)		357,527		357,511
2.72%, 11/25/2045, Series 2006-W2, Class 2A(4)		108,690		114,845
Fannie Mae Whole Loan
0.35% (1 Month LIBOR USD + 0.26%, 0.26% Floor, 9.50% Cap), 11/25/2046, Series 2007-W1, Class 1AF1(2)		841,842		835,555
Fannie Mae-Aces
0.67%, 10/25/2030, Series 2020-M50, Class A1		3,046,164		2,986,522
0.75%, 09/25/2028, Series 2020-M39, Class 1A1		24,407,602		23,970,869
1.00%, 11/25/2033, Series 2021-M3, Class 1A1		6,891,526		6,819,315
1.03% (1 Month LIBOR USD + 0.93%, 0.93% Floor), 11/25/2022, Series 2015-M17, Class FA(2)		479,667		480,316
1.20%, 10/25/2030, Series 2020-M50, Class A2		1,055,000		1,042,876
1.59%, 11/25/2028, Series 2020-M38, Class 2A1		2,970,000		2,982,575
1.99%, 12/25/2029, Series 2019-M30, Class 2A1		25,253,961		25,948,715
2.02%, 10/25/2030, Series 2020-M50, Class X1(4)		17,846,182		1,984,788
2.10%, 08/25/2029, Series 2019-M22, Class A1		20,285,530		21,264,364
2.11%, 11/25/2028, Series 2020-M38, Class X2(4)		12,600,000		1,565,177
2.12%, 07/25/2030, Series 2020-M39, Class X1(4)		111,554,919		14,471,339
2.12%, 11/25/2033, Series 2021-M3, Class X1(4)		30,766,567		4,224,360
2.28%, 12/27/2022, Series 2013-M7, Class A2		628,502		642,705
2.39%, 01/25/2023, Series 2013-M9, Class A2(4)		516,988		528,974
2.53%, 09/25/2024, Series 2015-M1, Class A2		1,258,801		1,314,472
2.56%, 12/25/2026, Series 2017-M3, Class A2(4)		1,512,023		1,614,785
2.59%, 12/25/2024, Series 2015-M7, Class A2		1,350,393		1,422,123
2.67%, 12/25/2026, Series 2017-M4, Class A2(4)		8,654,202		9,278,231
2.90%, 01/25/2025, Series 2015-M8, Class A2(4)		2,000,000		2,128,045
2.92%, 08/25/2021, Series 2011-M8, Class A2		59,032		59,085
2.96%, 02/25/2027, Series 2017-M7, Class A2(4)		3,535,000		3,838,446
2.98%, 08/25/2029, Series 2017-M11, Class A2		2,200,000		2,441,541
3.02%, 08/25/2024, Series 2014-M13, Class A2(4)		1,122,786		1,193,616
3.06%, 05/25/2027, Series 2017-M8, Class A2(4)		5,130,000		5,631,453
3.09%, 04/25/2027, Series 2015-M10, Class A2(4)		13,183,167		14,454,483
3.10%, 07/25/2024, Series 2014-M9, Class A2(4)		946,498		1,007,469
3.15%, 03/25/2028, Series 2018-M4, Class A2(4)		3,891,000		4,317,948
3.18%, 06/25/2027, Series 2017-M12, Class A2(4)		5,319,800		5,870,815
3.19%, 02/25/2030, Series 2018-M3, Class A2(4)		2,791,000		3,138,647
3.28%, 04/25/2029, Series 2017-M5, Class A2(4)		4,540,000		5,094,127
3.44%, 06/25/2028, Series 2018-M8, Class A2(4)		5,160,000		5,810,139
3.48%, 07/25/2028, Series 2018-M10, Class A1(4)		4,503,993		4,895,658
3.48%, 07/25/2028, Series 2018-M10, Class A2(4)		6,977,000		7,876,642
3.50%, 01/25/2024, Series 2014-M3, Class A2(4)		9,078,209		9,646,436
3.51%, 12/25/2023, Series 2014-M2, Class A2(4)		1,788,307		1,900,419
3.67%, 09/25/2028, Series 2019-M1, Class A2(4)		7,310,000		8,351,957
3.77%, 08/25/2030, Series 2018-M12, Class A2(4)		5,611,341		6,579,362

	Principal Amount		Value
FHLMC-Ginnie Mae
6.25%, 11/25/2023, Series 24, Class ZE		1,921		2,019
7.00%, 03/25/2023, Series 8, Class ZA		1,530		1,571
7.50%, 04/25/2024, Series 29, Class L		13,825		14,644
First Horizon Alternative Mortgage Securities Trust 2005-FA8
5.50%, 11/25/2035, Series 2005-FA8, Class 1A19		67,495		48,821
First Horizon Alternative Mortgage Securities Trust 2006-FA6
5.75%, 11/25/2021, Series 2006-FA6, Class 3A1		758		602
First Horizon Alternative Mortgage Securities Trust 2006-FA8
5.75%, 02/25/2037, Series 2006-FA8, Class 2A1		5,835		1,684
First Horizon Alternative Mortgage Securities Trust 2007-FA4
5.56% (1 Month LIBOR USD + 5.65%, 5.65% Cap), 08/25/2037, Series 2007-FA4, Class 1A2(2)(5)		661,323		147,678
FMC GMSR Issuer Trust
3.69%, 02/25/2024, Series 2021-SAT1(3)(12)		16,000,000		16,001,936
4.45%, 01/25/2026, Series 2020-GT1, Class A(3)(4)		9,700,000		9,745,453
Freddie Mac Gold Pool
2.00%, 01/01/2032		3,757,357		3,890,923
2.50%, 04/01/2028		1,196,774		1,254,246
2.50%, 06/01/2028		475,401		500,054
2.50%, 03/01/2030		992,531		1,043,546
2.50%, 07/01/2030		2,334,143		2,458,039
2.50%, 07/01/2031		2,051,994		2,157,840
2.50%, 08/01/2031		1,282,635		1,348,685
2.50%, 11/01/2046		1,739,463		1,809,856
3.00%, 07/01/2028		914,257		966,400
3.00%, 08/01/2028		554,852		588,109
3.00%, 09/01/2028		1,918,165		2,030,516
3.00%, 10/01/2028		765,063		811,450
3.00%, 05/01/2029		753,826		799,463
3.00%, 04/01/2031		3,832,920		4,063,453
3.00%, 09/01/2031		817,978		864,972
3.00%, 02/01/2032		4,093,815		4,339,052
3.00%, 02/01/2032		6,248,805		6,637,069
3.00%, 07/01/2035		5,258,162		5,574,448
3.00%, 09/01/2036		2,063,703		2,173,498
3.00%, 08/01/2042		1,036,789		1,098,981
3.00%, 10/01/2042		2,667,362		2,827,269
3.00%, 11/01/2042		404,046		429,955
3.00%, 11/01/2042		4,333,672		4,620,472
3.00%, 02/01/2043		231,957		245,828
3.00%, 03/01/2043		1,543,123		1,641,781
3.00%, 03/01/2043		3,120,027		3,319,504
3.00%, 04/01/2043		56,741		60,129
3.00%, 04/01/2043		8,524,376		9,071,936
3.00%, 06/01/2043		20,881		22,094
3.00%, 07/01/2043		17,065		18,151
3.00%, 07/01/2043		201,674		213,717
3.00%, 08/01/2043		349,338		371,388
3.00%, 08/01/2043		4,190,413		4,457,055
3.00%, 05/01/2045		694,047		732,790

	Principal Amount		Value
3.00%, 05/01/2045		1,734,873		1,849,336
3.00%, 06/01/2045		374,983		395,547
3.00%, 10/01/2045		2,943,417		3,130,091
3.00%, 10/01/2046		4,875,409		5,134,282
3.00%, 10/01/2046		14,509,908		15,530,113
3.00%, 01/01/2047		1,274,588		1,348,244
3.00%, 02/01/2047		7,034,364		7,452,410
3.00%, 03/01/2047		886,504		931,876
3.00%, 05/01/2047		10,614,891		11,282,341
3.50%, 01/01/2032		327,962		349,817
3.50%, 03/01/2032		128,698		137,275
3.50%, 02/01/2033		140,401		150,749
3.50%, 05/01/2033		168,430		180,842
3.50%, 05/01/2033		502,933		540,049
3.50%, 01/01/2034		4,743,893		5,058,080
3.50%, 04/01/2037		5,366,278		5,751,359
3.50%, 11/01/2037		1,461,621		1,550,095
3.50%, 05/01/2042		519,231		561,264
3.50%, 06/01/2042		228,114		245,918
3.50%, 06/01/2042		1,668,980		1,801,823
3.50%, 08/01/2042		471,319		510,821
3.50%, 09/01/2042		2,095,282		2,271,289
3.50%, 09/01/2042		3,109,976		3,352,741
3.50%, 10/01/2042		1,549,826		1,675,575
3.50%, 10/01/2042		7,555,199		8,191,673
3.50%, 11/01/2042		87,082		93,411
3.50%, 11/01/2042		666,826		720,930
3.50%, 11/01/2042		1,732,717		1,867,977
3.50%, 12/01/2042		1,903,386		2,051,665
3.50%, 01/01/2043		4,635,117		4,996,683
3.50%, 03/01/2043		440,434		476,049
3.50%, 05/01/2043		192,242		207,547
3.50%, 06/01/2043		514,622		552,253
3.50%, 06/01/2043		925,142		997,309
3.50%, 07/01/2043		331,522		357,384
3.50%, 10/01/2043		166,799		180,491
3.50%, 05/01/2044		10,405,800		11,298,651
3.50%, 01/01/2045		8,536,518		9,251,130
3.50%, 06/01/2045		843,147		908,255
3.50%, 12/01/2045		2,435,202		2,604,782
3.50%, 01/01/2046		5,262,814		5,679,287
3.50%, 05/01/2046		1,503,072		1,607,364
3.50%, 07/01/2046		2,432,911		2,596,108
3.50%, 08/01/2046		4,850,012		5,266,484
3.50%, 08/01/2046		5,172,192		5,572,163
3.50%, 12/01/2046		4,689,847		5,051,892
3.50%, 01/01/2047		1,903,098		2,023,642
3.50%, 10/01/2047		4,846,978		5,136,784
4.00%, 09/01/2040		355,375		387,273
4.00%, 11/01/2040		21,652		23,668

	Principal Amount		Value
4.00%, 11/01/2040		958,340		1,044,310
4.00%, 12/01/2040		270,832		297,937
4.00%, 12/01/2040		535,888		586,763
4.00%, 12/01/2040		648,614		710,177
4.00%, 12/01/2040		719,182		786,121
4.00%, 12/01/2040		767,081		839,808
4.00%, 01/01/2041		514,485		563,431
4.00%, 10/01/2041		2,397,046		2,624,313
4.00%, 11/01/2041		6,371		6,974
4.00%, 01/01/2042		120,382		131,783
4.00%, 05/01/2042		9,562		10,516
4.00%, 06/01/2042		1,183,191		1,301,164
4.00%, 10/01/2042		41,107		43,182
4.00%, 01/01/2043		165,068		181,681
4.00%, 09/01/2043		54,016		57,922
4.00%, 09/01/2043		4,152,106		4,566,022
4.00%, 11/01/2043		44,345		48,479
4.00%, 11/01/2043		87,201		95,031
4.00%, 12/01/2043		121,340		132,164
4.00%, 12/01/2043		166,034		176,885
4.00%, 12/01/2043		793,941		865,232
4.00%, 01/01/2044		89,795		98,742
4.00%, 01/01/2044		265,387		289,216
4.00%, 03/01/2044		1,373,171		1,496,256
4.00%, 10/01/2044		4,198,922		4,588,821
4.00%, 01/01/2045		228,507		248,840
4.00%, 10/01/2045		308,224		334,176
4.00%, 10/01/2045		4,326,154		4,699,695
4.00%, 11/01/2045		6,179,028		6,700,125
4.00%, 01/01/2046		2,703,292		2,973,588
4.00%, 05/01/2046		161,901		174,910
4.00%, 06/01/2046		6,176,497		6,722,139
4.00%, 08/01/2046		1,525,750		1,650,892
4.00%, 01/01/2047		8,699,488		9,543,344
4.00%, 04/01/2047		293,874		318,668
4.00%, 06/01/2047		2,454,827		2,635,147
4.00%, 09/01/2047		4,653,615		5,057,098
4.50%, 11/01/2035		9,292		10,209
4.50%, 07/01/2039		127,676		142,494
4.50%, 10/01/2039		929,788		1,034,110
4.50%, 11/01/2039		997,791		1,101,892
4.50%, 11/01/2039		1,395,022		1,551,537
4.50%, 05/01/2040		497,673		553,516
4.50%, 08/01/2040		209,735		231,898
4.50%, 09/01/2040		181,041		201,341
4.50%, 09/01/2040		664,819		734,064
4.50%, 03/01/2041		138,105		153,569
4.50%, 05/01/2041		1,220,051		1,361,580
4.50%, 08/01/2041		330,531		364,938
4.50%, 12/01/2043		4,073,997		4,527,469

	Principal Amount		Value
4.50%, 03/01/2044		335,792		370,099
4.50%, 05/01/2044		478,393		527,251
4.50%, 07/01/2044		22,962		24,825
4.50%, 07/01/2044		175,807		194,229
4.50%, 09/01/2044		1,033,419		1,136,763
4.50%, 09/01/2046		2,194,089		2,391,216
4.50%, 10/01/2046		1,872,099		2,040,593
4.50%, 11/01/2046		7,519,440		8,351,747
4.50%, 07/01/2047		880,988		956,796
4.50%, 07/01/2047		1,289,444		1,404,713
4.50%, 11/01/2047		650,126		705,210
5.00%, 01/01/2034		18,436		21,026
5.00%, 06/01/2034		51,828		58,360
5.00%, 09/01/2034		63,351		72,591
5.00%, 03/01/2035		17,673		19,593
5.00%, 08/01/2035		835,056		951,660
5.00%, 03/01/2036		1,734,025		1,985,833
5.00%, 07/01/2036		1,640		1,878
5.00%, 11/01/2036		42,843		48,739
5.00%, 03/01/2037		139,469		159,839
5.00%, 06/01/2037		145,054		166,204
5.00%, 08/01/2037		128,712		147,489
5.00%, 02/01/2038		192,051		220,108
5.00%, 03/01/2038		44,929		51,459
5.00%, 03/01/2038		148,891		170,634
5.00%, 03/01/2038		164,622		188,454
5.00%, 03/01/2038		189,801		217,531
5.00%, 04/01/2038		94,248		107,303
5.00%, 09/01/2038		20,369		23,324
5.00%, 09/01/2038		117,419		134,460
5.00%, 11/01/2038		884		1,012
5.00%, 11/01/2038		43,180		49,488
5.00%, 12/01/2038		471		540
5.00%, 12/01/2038		140,857		161,315
5.00%, 02/01/2039		284,368		325,476
5.00%, 05/01/2039		5,789		6,635
5.00%, 10/01/2039		320,811		367,187
5.00%, 01/01/2040		78,487		89,877
5.00%, 03/01/2040		130,283		148,690
5.00%, 03/01/2040		1,395,287		1,588,934
5.00%, 08/01/2040		179,408		203,601
5.00%, 04/01/2041		600,345		687,176
5.00%, 06/01/2041		285,953		327,319
5.00%, 12/01/2047		2,688,048		2,944,666
5.00%, 02/01/2048		1,137,361		1,259,717
5.50%, 02/01/2024		1,020		1,043
5.50%, 01/01/2033		33,631		38,513
5.50%, 10/01/2033		26,335		30,632
5.50%, 07/01/2035		58,520		67,527
5.50%, 01/01/2036		12,736		14,763

	Principal Amount		Value
5.50%, 12/01/2036		23,627		27,407
5.50%, 05/01/2038		36,050		41,968
5.50%, 08/01/2038		47,992		55,829
5.50%, 01/01/2039		1,839,420		2,122,688
5.50%, 03/01/2040		18,126		21,068
5.50%, 05/01/2040		1,193,847		1,389,313
5.50%, 08/01/2040		502,107		583,661
6.00%, 10/01/2029		7,400		8,342
6.00%, 12/01/2033		10,533		11,850
6.00%, 01/01/2034		5,697		5,980
6.00%, 01/01/2034		20,325		23,998
6.00%, 11/01/2036		6,792		7,348
6.00%, 12/01/2036		4,711		5,570
6.00%, 12/01/2036		11,565		13,730
6.50%, 03/01/2022		81		81
6.50%, 01/01/2028		21,793		23,760
6.50%, 06/01/2029		8,289		9,424
6.50%, 08/01/2029		69,724		79,833
6.50%, 11/01/2034		5,839		6,823
6.50%, 01/01/2035		68,655		77,050
6.50%, 12/01/2035		10,913		11,432
6.50%, 12/01/2035		43,326		49,635
6.50%, 11/01/2036		12,619		14,815
6.50%, 11/01/2036		100,652		116,347
6.50%, 11/01/2036		143,865		166,428
6.50%, 12/01/2036		76,610		91,268
6.50%, 12/01/2036		177,169		211,352
6.50%, 01/01/2037		5,886		6,098
6.50%, 01/01/2037		11,869		12,846
6.50%, 02/01/2037		8,072		8,415
6.50%, 06/01/2037		5,143		5,368
6.50%, 11/01/2037		32,197		38,242
6.50%, 03/01/2038		43,474		51,857
7.00%, 04/01/2026		637		701
7.00%, 12/01/2028		23,266		26,033
7.00%, 07/01/2029		791		876
7.00%, 01/01/2031		22,409		25,185
7.00%, 07/01/2032		2,786		3,126
7.00%, 08/01/2032		3,876		4,487
7.00%, 02/01/2037		5,817		6,847
7.50%, 08/01/2025		569		616
7.50%, 01/01/2032		57,483		65,877
7.50%, 12/01/2036		182,179		206,001
7.50%, 01/01/2038		30,333		36,584
7.50%, 01/01/2038		46,689		54,768
7.50%, 09/01/2038		24,520		28,279
8.00%, 08/01/2024		264		283
8.00%, 11/01/2024		181		193
8.50%, 07/01/2028		1,469		1,655
10.00%, 03/17/2026		15		15

	Principal Amount		Value
10.00%, 10/01/2030		5,295		5,736
Freddie Mac Multifamily Structured Pass Through Certificates
0.79% (1 Month LIBOR USD + 0.70%, 0.70% Floor), 09/25/2022, Series KF12, Class A(2)		61,371		61,435
0.81%, 12/25/2030, Series K124, Class X1(4)		40,682,526		2,457,001
0.91%, 10/25/2022, Series K025, Class X1(4)		20,203,752		179,133
1.31%, 10/25/2030, Series K120, Class XAM(4)		31,375,053		3,232,735
1.47%, 05/25/2022, Series K020, Class X1(4)		47,361,070		405,908
1.48%, 01/25/2030, Series K106, Class X1(4)		134,761,668		13,802,843
1.49%, 03/25/2026, Series K055, Class X1(4)		26,972,634		1,502,066
1.64%, 01/25/2030, Series K107, Class A2		1,890,000		1,914,018
1.68%, 05/25/2030, Series K111, Class X1(4)		28,156,187		3,425,603
2.31%, 12/25/2022, Series KJ07, Class A2		3,226,959		3,299,801
2.36%, 08/25/2022, Series KJ08, Class A2		1,471,936		1,486,107
2.52%, 01/25/2023, Series KS01, Class A2		1,616,383		1,649,337
2.57%, 07/25/2026, Series K057, Class A2		10,075,000		10,772,492
2.77%, 05/25/2025, Series KPLB, Class A		4,250,000		4,557,523
2.81%, 09/25/2024, Series KJ14, Class A2		6,287,000		6,656,209
2.84%, 09/25/2022, Series KJ09, Class A2		704,537		719,292
2.86%, 08/25/2022, Series KJ13, Class A2		3,423,073		3,486,703
2.91%, 04/25/2024, Series K726, Class A2		8,538,947		8,970,562
3.04%, 07/25/2024, Series K727, Class AM		10,000,000		10,596,453
3.07%, 08/25/2022, Series KJ18, Class A2		1,037,913		1,057,741
3.08%, 01/25/2031, Series K152, Class A2		4,126,000		4,622,191
3.10%, 02/25/2024, Series K725, Class AM(4)		11,250,000		11,951,205
3.11%, 02/25/2023, Series K028, Class A2		2,950,000		3,068,399
3.12%, 06/25/2027, Series K066, Class A2		4,263,000		4,704,411
3.19%, 09/25/2027, Series K069, Class A2(4)		11,650,000		12,944,717
3.19%, 07/25/2027, Series K067, Class A2		9,215,128		10,224,163
3.22%, 03/25/2027, Series K064, Class A2		14,175,000		15,693,711
3.24%, 04/25/2027, Series K065, Class A2		7,030,000		7,798,776
3.24%, 08/25/2027, Series K068, Class A2		2,846,000		3,168,010
3.30%, 11/25/2027, Series K070, Class A2(4)		4,589,000		5,134,478
3.33%, 05/25/2027, Series K065, Class AM		1,779,000		1,979,256
3.33%, 08/25/2025, Series K050, Class A2(4)		10,000,000		10,916,125
3.34%, 04/25/2028, Series W5FX, Class AFX(4)		3,315,000		3,691,947
3.35%, 11/25/2026, Series K061, Class A2(4)		14,450,000		16,049,421
3.36%, 11/25/2027, Series K071, Class AM(4)		18,922,000		21,071,587
3.36%, 12/25/2026, Series KW02, Class A2(4)		27,000,000		29,909,763
3.39%, 03/25/2024, Series K038, Class A2		4,286,000		4,585,179
3.41%, 12/25/2026, Series K062, Class A2		15,125,000		16,863,932
3.49%, 01/25/2024, Series K037, Class A2		18,300,000		19,538,357
3.51%, 03/25/2029, Series K091, Class A2		2,527,000		2,891,767
3.76%, 01/25/2029, Series K088, Class AM(4)		11,600,000		13,402,431
3.85%, 05/25/2028, Series K077, Class AM(4)		3,550,000		4,108,589
3.85%, 06/25/2028, Series K078, Class A2		7,875,000		9,122,391
3.90%, 04/25/2028, Series K076, Class AM		4,125,000		4,771,979
3.90%, 10/25/2033, Series K158, Class A3(4)		6,500,000		7,891,502
3.99%, 05/25/2033, Series K157, Class A2(4)		16,700,000		20,014,516
4.03%, 10/25/2028, Series K083, Class AM(4)		5,600,000		6,551,161
Freddie Mac Non Gold Pool

	Principal Amount		Value
1.83% (6 Month LIBOR USD + 1.55%, 1.55% Floor, 11.83% Cap), 05/01/2037(2)		52,076		54,258
1.92% (6 Month LIBOR USD + 1.67%, 1.67% Floor, 10.58% Cap), 01/01/2037(2)		10,567		10,619
1.95% (6 Month LIBOR USD + 1.70%, 1.70% Floor, 12.39% Cap), 10/01/2036(2)		28,761		29,215
1.96% (6 Month LIBOR USD + 1.71%, 1.71% Floor, 13.03% Cap), 08/01/2036(2)		74,046		77,191
1.97% (6 Month LIBOR USD + 1.72%, 1.72% Floor, 12.79% Cap), 08/01/2036(2)		31,228		32,556
1.98% (6 Month LIBOR USD + 1.73%, 1.74% Floor, 13.12% Cap), 10/01/2036(2)		69,568		72,552
2.02% (1 Year LIBOR USD + 1.64%, 1.64% Floor, 10.90% Cap), 11/01/2036(2)		36,081		37,707
2.02% (6 Month LIBOR USD + 1.77%, 1.77% Floor, 12.55% Cap), 07/01/2036(2)		29,501		30,776
2.04% (1 Year LIBOR USD + 1.58%, 1.58% Floor, 11.23% Cap), 12/01/2036(2)		110,847		116,814
2.07% (1 Year LIBOR USD + 1.69%, 1.69% Floor, 11.32% Cap), 12/01/2036(2)		4,065		4,083
2.07% (1 Year LIBOR USD + 1.67%, 1.67% Floor, 11.05% Cap), 11/01/2036(2)		12,080		12,236
2.07% (1 Year LIBOR USD + 1.75%, 1.75% Floor, 9.19% Cap), 04/01/2034(2)		12,301		12,480
2.07% (1 Year LIBOR USD + 1.70%, 1.70% Floor, 11.06% Cap), 02/01/2037(2)		8,691		9,183
2.09% (6 Month LIBOR USD + 1.84%, 1.88% Floor, 12.42% Cap), 10/01/2036(2)		28,394		29,715
2.14% (6 Month LIBOR USD + 1.89%, 1.89% Floor, 12.24% Cap), 03/01/2037(2)		63,206		66,273
2.15% (1 Year LIBOR USD + 1.60%, 1.60% Floor, 11.32% Cap), 10/01/2036(2)		13,051		13,143
2.16% (1 Year LIBOR USD + 1.78%, 1.78% Floor, 10.73% Cap), 01/01/2037(2)		19,179		19,520
2.20% (1 Year LIBOR USD + 1.71%, 1.71% Floor, 10.10% Cap), 02/01/2036(2)		9,211		9,739
2.21% (1 Year LIBOR USD + 1.87%, 1.87% Floor, 10.72% Cap), 05/01/2038(2)		9,301		9,480
2.24% (1 Year CMT Index + 2.11%, 2.11% Floor, 12.20% Cap), 01/01/2027(2)		2,406		2,408
2.24% (1 Year LIBOR USD + 1.87%, 1.87% Floor, 11.71% Cap), 07/01/2037(2)		11,425		11,554
2.26% (1 Year LIBOR USD + 1.88%, 1.88% Floor, 10.80% Cap), 02/01/2037(2)		4,165		4,212
2.26% (6 Month LIBOR USD + 2.01%, 2.01% Floor, 12.12% Cap), 05/01/2037(2)		14,528		15,316
2.26% (6 Month LIBOR USD + 2.01%, 2.01% Floor, 12.45% Cap), 05/01/2037(2)		45,367		45,730
2.26% (1 Year LIBOR USD + 1.93%, 1.93% Floor, 10.96% Cap), 06/01/2036(2)		121,281		129,119
2.27% (1 Year LIBOR USD + 1.99%, 1.99% Floor, 10.89% Cap), 06/01/2036(2)		58,464		58,505
2.27% (1 Year LIBOR USD + 1.67%, 1.67% Floor, 11.99% Cap), 12/01/2036(2)		132,499		140,086
2.28% (1 Year LIBOR USD + 1.90%, 1.90% Floor, 11.34% Cap), 02/01/2037(2)		15,453		15,657
2.29% (1 Year LIBOR USD + 1.91%, 1.91% Floor, 10.91% Cap), 04/01/2037(2)		1,640		1,642
2.29% (1 Year LIBOR USD + 1.67%, 1.67% Floor, 11.29% Cap), 08/01/2035(2)		5,572		5,584
2.31% (1 Year LIBOR USD + 1.93%, 1.93% Floor, 11.12% Cap), 12/01/2036(2)		43,773		45,788
2.33% (1 Year LIBOR USD + 1.78%, 1.78% Floor, 11.39% Cap), 11/01/2036(2)		28,763		29,157
2.35% (1 Year LIBOR USD + 1.98%, 1.98% Floor, 10.62% Cap), 04/01/2037(2)		26,425		26,521
2.36% (1 Year CMT Index + 2.23%, 2.23% Floor, 9.36% Cap), 12/01/2033(2)		13,520		13,690
2.36% (6 Month LIBOR USD + 2.11%, 2.11% Floor, 12.44% Cap), 02/01/2037(2)		26,960		27,591
2.37% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.66% Cap), 05/01/2036(2)		43,340		46,337
2.37% (6 Month LIBOR USD + 2.12%, 2.12% Floor, 11.05% Cap), 05/01/2037(2)		2,609		2,632
2.37% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.29% Cap), 05/01/2033(2)		72,039		76,471
2.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 9.98% Cap), 01/01/2035(2)		22,580		23,739
2.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.07% Cap), 01/01/2035(2)		82,412		87,741
2.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.57% Cap), 05/01/2036(2)		25,103		26,616
2.38% (1 Year LIBOR USD + 1.75%, 1.75% Floor, 11.75% Cap), 11/01/2037(2)		5,068		5,078
2.38% (6 Month LIBOR USD + 2.14%, 2.14% Floor, 12.14% Cap), 12/01/2035(2)		17,706		17,998
2.40% (1 Year CMT Index + 2.24%, 2.24% Floor, 9.78% Cap), 11/01/2036(2)		19,886		20,891
2.41% (1 Year LIBOR USD + 2.04%, 2.04% Floor, 10.90% Cap), 05/01/2037(2)		44,534		45,105
2.41% (1 Year CMT Index + 2.26%, 2.26% Floor, 11.74% Cap), 04/01/2030(2)		813		812
2.41% (1 Year LIBOR USD + 2.05%, 2.05% Floor, 10.98% Cap), 04/01/2038(2)		32,237		34,477
2.41% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.01% Cap), 02/01/2036(2)		31,200		32,846
2.42% (1 Year LIBOR USD + 2.04%, 2.04% Floor, 10.75% Cap), 03/01/2036(2)		48,265		51,558
2.43% (1 Year LIBOR USD + 2.18%, 2.18% Floor, 11.07% Cap), 05/01/2037(2)		37,372		40,114

	Principal Amount		Value
2.47% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.29% Cap), 07/01/2036(2)		22,364		23,794
2.47% (1 Year LIBOR USD + 1.88%, 1.88% Floor, 11.07% Cap), 09/01/2036(2)		77,619		82,539
2.48% (1 Year LIBOR USD + 2.10%, 2.10% Floor, 10.23% Cap), 02/01/2037(2)		2,630		2,615
2.48% (1 Year CMT Index + 2.36%, 2.36% Floor, 11.29% Cap), 10/01/2036(2)		22,697		22,871
2.48% (1 Year LIBOR USD + 1.85%, 1.85% Floor, 9.14% Cap), 07/01/2040(2)		26,953		28,523
2.50% (1 Year CMT Index + 2.25%, 2.25% Floor, 11.30% Cap), 11/01/2036(2)		74,037		78,920
2.50% (1 Year CMT Index + 2.13%, 2.13% Floor, 12.13% Cap), 07/01/2026(2)		2,548		2,556
2.52% (1 Year CMT Index + 2.37%, 2.37% Floor, 10.24% Cap), 09/01/2032(2)		3,228		3,242
2.55% (1 Year LIBOR USD + 1.74%, 1.74% Floor, 11.44% Cap), 09/01/2036(2)		39,921		42,291
2.56% (1 Year CMT Index + 2.37%, 2.37% Floor, 10.67% Cap), 09/01/2034(2)		63,447		67,591
2.58% (1 Year LIBOR USD + 2.13%, 2.13% Floor, 11.20% Cap), 12/01/2036(2)		1,822		1,840
2.61% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.87% Cap), 07/01/2036(2)		15,167		16,182
2.61% (1 Year LIBOR USD + 2.33%, 2.33% Floor, 11.00% Cap), 05/01/2036(2)		6,786		7,201
2.74% (1 Year LIBOR USD + 2.20%, 2.20% Floor, 10.78% Cap), 10/01/2036(2)		22,918		23,084
2.80% (1 Year LIBOR USD + 2.36%, 2.36% Floor, 11.99% Cap), 03/01/2037(2)		3,969		4,026
2.89% (1 Year LIBOR USD + 2.47%, 2.47% Floor, 11.94% Cap), 03/01/2036(2)		23,617		25,274
Freddie Mac Pool
1.50%, 11/01/2050		8,874,512		8,703,498
2.00%, 06/01/2040		1,962,957		2,006,568
2.00%, 09/01/2050		6,087,392		6,150,421
2.00%, 10/01/2050		4,738,490		4,799,309
2.00%, 12/01/2050		1,942,945		1,963,088
2.00%, 04/01/2051		4,162,277		4,206,466
2.50%, 07/01/2050		1,777,453		1,834,851
2.50%, 09/01/2050		982,870		1,023,592
2.50%, 10/01/2050		9,047,582		9,370,827
2.50%, 10/01/2050		30,951,287		32,366,379
2.50%, 11/01/2050		3,076,877		3,185,392
2.50%, 02/01/2051		15,223,804		15,835,526
2.50%, 02/01/2051		15,231,883		15,965,390
2.50%, 03/01/2051		894,684		928,714
2.50%, 04/01/2051		32,483,319		33,641,047
2.50%, 05/01/2051		524,856		543,564
2.50%, 05/01/2051		1,395,599		1,445,343
2.50%, 06/01/2051		1,596,500		1,654,620
3.00%, 12/01/2034		414,822		441,826
3.00%, 11/01/2042		407,136		433,091
3.00%, 01/01/2046		10,537,818		11,320,758
3.00%, 08/01/2048		3,244,394		3,419,221
3.00%, 10/01/2049		2,446,050		2,588,346
3.00%, 11/01/2049		1,569,944		1,661,310
3.00%, 12/01/2049		685,571		726,676
3.00%, 01/01/2050		2,207,752		2,326,882
3.00%, 01/01/2050		2,361,510		2,506,665
3.00%, 01/01/2050		3,058,013		3,230,741
3.00%, 02/01/2050		11,718,552		12,350,201
3.00%, 02/01/2050		16,115,510		16,822,811
3.00%, 06/01/2050		867,993		905,976
3.00%, 06/01/2050		11,405,176		12,109,864
3.00%, 07/01/2050		7,084,910		7,545,203

	Principal Amount		Value
3.50%, 08/01/2035		5,668,950		6,041,217
3.50%, 02/01/2042		1,294,574		1,395,064
3.50%, 07/01/2045		6,316,722		6,821,721
3.50%, 08/01/2046		316,362		340,694
3.50%, 10/01/2047		297,360		320,518
3.50%, 03/01/2048		6,507,788		7,018,733
3.50%, 10/01/2049		2,122,442		2,234,341
4.00%, 02/01/2046		6,234,913		6,805,862
4.00%, 04/01/2047		477,893		518,679
4.00%, 05/01/2047		2,775,113		3,009,352
4.00%, 01/01/2048		154,632		167,541
4.00%, 06/01/2048		127,763		138,410
4.00%, 01/01/2049		5,993,098		6,387,678
4.00%, 07/01/2049		11,571,688		12,640,314
4.00%, 02/01/2051		6,339,709		6,900,785
4.50%, 06/01/2048		4,726,687		5,197,324
4.50%, 12/01/2048		6,818,275		7,328,371
4.50%, 04/01/2049		406,073		444,501
Freddie Mac Reference REMIC
6.00%, 04/15/2036, Series R006, Class ZA		218,467		258,507
6.00%, 05/15/2036, Series R007, Class ZA		289,119		340,927
Freddie Mac REMICS
0.00%, 02/15/2024, Series 1700, Class GA		172		171
0.00%, 02/15/2024, Series 1865, Class D		3,831		3,806
0.00%, 05/15/2024, Series 2306, Class K		1,709		1,693
0.00%, 09/15/2032, Series 3393, Class JO		755,747		701,071
0.00%, 12/15/2032, Series 2835, Class QO		14,177		13,252
0.00%, 07/15/2034, Series 3611, Class PO		76,543		71,819
0.00%, 02/15/2035, Series 2990, Class GO		24,374		22,383
0.00%, 04/15/2035, Series 3077, Class TO		27,993		27,301
0.00%, 08/15/2035, Series 3014, Class OD		5,862		5,263
0.00%, 09/15/2035, Series 3029, Class SO		17,418		16,927
0.00%, 02/15/2036, Series 3117, Class OG		15,388		14,444
0.00%, 02/15/2036, Series 3117, Class OK		17,860		16,563
0.00%, 02/15/2036, Series 3117, Class EO		20,325		18,840
0.00%, 02/15/2036, Series 3117, Class AO		48,085		46,761
0.00%, 03/15/2036, Series 3134, Class PO		4,856		4,614
0.00%, 03/15/2036, Series 3122, Class OP		27,565		26,808
0.00%, 03/15/2036, Series 3122, Class OH		29,667		27,572
0.00%, 04/15/2036, Series 3138, Class PO		22,748		20,982
0.00%, 04/15/2036, Series 3607, Class AO		47,878		43,539
0.00%, 04/15/2036, Series 3147, Class PO		56,080		54,530
0.00%, 04/15/2036, Series 3607, Class BO		87,843		82,097
0.00%, 05/15/2036, Series 3233, Class OP		6,642		6,157
0.00%, 05/15/2036, Series 3149, Class SO		12,620		11,320
0.00%, 05/15/2036, Series 3151, Class PO		28,356		26,386
0.00%, 05/15/2036, Series 3153, Class EO		37,730		34,385
0.00%, 06/15/2036, Series 3171, Class MO		60,681		58,692
0.00%, 07/15/2036, Series 3179, Class OA		15,564		14,090
0.00%, 08/15/2036, Series 3200, Class PO		24,472		22,792

	Principal Amount		Value
0.00%, 09/15/2036, Series 3218, Class AO		12,070		10,261
0.00%, 09/15/2036, Series 3213, Class OA		15,224		13,846
0.00%, 10/15/2036, Series 3225, Class EO		29,990		27,866
0.00%, 12/15/2036, Series 3256, Class PO		15,775		14,566
0.00%, 01/15/2037, Series 3261, Class OA		16,032		14,700
0.00%, 02/15/2037, Series 3274, Class JO		3,696		3,523
0.00%, 02/15/2037, Series 3510, Class OD		44,812		43,191
0.00%, 03/15/2037, Series 3286, Class PO		4,627		3,958
0.00%, 04/15/2037, Series 3373, Class TO		16,789		15,543
0.00%, 05/15/2037, Series 3318, Class AO		925		868
0.00%, 05/15/2037, Series 3316, Class PO		29,400		26,417
0.00%, 05/15/2037, Series 3607, Class PO		162,926		148,190
0.00%, 06/15/2037, Series 3326, Class JO		2,642		2,460
0.00%, 06/15/2037, Series 3331, Class PO		16,352		15,250
0.00%, 07/15/2037, Series 3607, Class OP		232,068		208,564
0.00%, 09/15/2037, Series 3365, Class PO		22,339		20,071
0.00%, 10/15/2039, Series 3607, Class TO		79,143		72,137
0.00%, 01/15/2040, Series 3621, Class BO		71,934		66,938
0.00%, 10/15/2049, Series 3582, Class PO		282,358		271,044
0.37% (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap), 06/15/2035, Series 2988, Class AF(2)		57,356		57,548
0.47% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap), 05/15/2035, Series 2981, Class FA(2)		37,638		37,948
0.47% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap), 04/15/2039, Series 4095, Class FB(2)		68,895		68,996
0.47% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.00% Cap), 10/15/2041, Series 4048, Class FB(2)		365,386		367,234
0.47% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.00% Cap), 09/15/2042, Series 4106, Class DF(2)		417,101		418,534
0.51% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 9999.00% Cap), 07/15/2037, Series 4048, Class FJ(2)		452,900		452,940
0.51% (1 Month LIBOR USD + 0.44%, 0.44% Floor, 6.50% Cap), 02/15/2037, Series 3275, Class FL(2)		27,855		28,136
0.52% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap), 05/15/2036, Series 3998, Class GF(2)		18,648		18,655
0.52% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap), 08/15/2042, Series 4091, Class TF(2)		1,357,361		1,371,875
0.57% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap), 10/15/2040, Series 3966, Class BF(2)		42,628		42,781
0.57% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap), 03/15/2042, Series 4012, Class FN(2)		561,273		566,938
0.57% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 07/15/2042, Series 4077, Class FB(2)		241,249		244,390
0.62% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap), 12/15/2040, Series 3996, Class XF(2)		650,089		654,074
0.62% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap), 03/15/2041, Series 4013, Class QF(2)		430,361		433,332
0.67% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 8.50% Cap), 01/15/2029, Series 2388, Class FB(2)		8,667		8,736
0.67% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 9.50% Cap), 12/15/2033, Series 2722, Class PF(2)		111,852		113,514
0.67% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.00% Cap), 09/15/2037, Series 3371, Class FA(2)		11,676		11,882
0.70% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 9.00% Cap), 03/15/2024, Series 1699, Class FC(2)		350		351
0.75% (1 Month LIBOR USD + 0.68%, 0.68% Floor, 7.00% Cap), 11/15/2037, Series 3386, Class KF(2)		433,775		442,501
0.77% (1 Month LIBOR USD + 0.70%, 0.70% Floor, 9.00% Cap), 02/15/2027, Series 1935, Class FL(2)		302		305
0.79% (10 year CMT Index + -0.85%, 10.00% Cap), 03/15/2024, Series 1709, Class FA(2)		137		135
0.82% (1 Month LIBOR USD + 0.75%, 0.75% Floor, 8.50% Cap), 12/15/2032, Series 2571, Class FY(2)		29,186		29,786
0.87% (1 Month LIBOR USD + 0.80%, 0.80% Floor, 7.50% Cap), 08/15/2035, Series 3085, Class WF(2)		37,407		38,210
0.90% (10 year CMT Index + -0.70%, 10.00% Cap), 07/15/2023, Series 1541, Class O(2)		1,983		1,959
0.97% (1 Month LIBOR USD + 0.90%, 0.90% Floor, 9.00% Cap), 02/15/2032, Series 2418, Class FO(2)		44,259		44,804
1.22% (1 Month LIBOR USD + 1.15%, 1.15% Floor, 10.00% Cap), 09/15/2022, Series 1370, Class JA(2)		323		323
1.22% (1 Month LIBOR USD + 1.15%, 1.15% Floor, 10.00% Cap), 04/15/2023, Series 1498, Class I(2)		2,632		2,649
1.27% (1 Month LIBOR USD + 1.20%, 1.20% Floor, 7.00% Cap), 07/15/2039, Series 3549, Class FA(2)		17,100		17,448
1.38% (11th District Cost of Funds Index + 1.00%, 1.00% Floor, 10.00% Cap), 02/15/2023, Series 1470, Class F(2)		59		60
1.79%, 01/15/2040, Series 3802, Class LS(4)		407,609		18,884
1.84% (11th District Cost of Funds Index + 1.50%, 1.50% Floor, 9.00% Cap), 08/15/2023, Series 1570, Class F(2)		103		104

	Principal Amount		Value
1.88%, 02/15/2039, Series 3546, Class A(4)		48,696		50,508
2.29% (1 Month LIBOR USD + 2.22%, 8.32% Cap), 07/15/2034, Series 3305, Class MG(2)		30,478		31,993
3.00%, 08/15/2033, Series 4238, Class WY		439,406		470,785
3.00%, 06/15/2043, Series 4217, Class KY		206,000		221,456
3.00%, 12/15/2047, Series 4740, Class P		1,705,119		1,791,686
3.50%, 01/15/2026, Series 3793, Class AB		849,292		892,774
3.50%, 08/15/2039, Series 4219, Class JA		77,809		78,545
3.50%, 01/15/2042, Series 3989, Class JW		1,700,000		1,847,976
3.50%, 12/15/2046, Series 4640, Class CZ		6,568,299		7,116,133
3.50%, 02/15/2047, Series 4661, Class KZ		11,582,443		12,569,106
3.50%, 08/15/2047, Series 4710, Class KZ		15,315,672		16,628,737
3.50%, 11/15/2047, Series 4739, Class Z		1,774,926		1,921,530
3.50%, 12/15/2047, Series 4746, Class ZN		5,650,588		6,101,126
3.50%, 06/15/2048, Series 4305, Class A		667,514		672,460
3.50%, 10/15/2053, Series 4821, Class MA		4,274,256		4,486,582
4.00%, 12/15/2024, Series 3614, Class QB		81,482		85,146
4.00%, 11/15/2041, Series 3957, Class B		274,225		301,922
4.00%, 12/15/2041, Series 3966, Class NA		206,304		229,133
4.50%, 06/15/2025, Series 3684, Class CY		286,996		303,338
4.50%, 07/15/2039, Series 3680, Class MA		185,619		193,979
4.50%, 12/15/2039, Series 3610, Class CA		2,300,559		2,580,210
4.50%, 05/15/2041, Series 3852, Class CE		582,864		654,138
4.50%, 09/15/2043, Series 4247, Class AY		1,000,000		1,206,150
4.62% (1 Month LIBOR USD + 4.68%, 4.68% Cap), 12/15/2022, Series 1455, Class WB(2)(5)		374		383
5.00%, 05/15/2023, Series 1798, Class F		4,151		4,269
5.00%, 11/15/2023, Series 2709, Class PG		61,052		63,526
5.00%, 12/15/2023, Series 2720, Class PC		6,102		6,344
5.00%, 12/15/2024, Series 2903, Class Z		19,475		21,054
5.00%, 04/15/2030, Series 3654, Class DC		702,000		794,256
5.00%, 07/15/2033, Series 2653, Class PZ		298,721		331,500
5.00%, 01/15/2034, Series 3920, Class LP		180,408		203,936
5.00%, 10/15/2039, Series 3795, Class EI		106,068		5,758
5.00%, 12/15/2040, Series 3770, Class ZB		899,467		1,024,835
5.00%, 05/15/2041, Series 3860, Class PZ		1,404,137		1,629,067
5.50%, 10/15/2022, Series 2512, Class PG		8,585		8,779
5.50%, 12/15/2022, Series 2535, Class BK		2,399		2,439
5.50%, 03/15/2023, Series 2586, Class HD		39,181		40,473
5.50%, 04/15/2023, Series 2595, Class HC		43,337		44,853
5.50%, 11/15/2023, Series 2710, Class HB		12,221		12,605
5.50%, 02/15/2034, Series 2744, Class PE		1,545		1,643
5.50%, 08/15/2036, Series 3645, Class KZ		39,471		45,670
5.50%, 08/15/2036, Series 3200, Class AY		110,701		128,988
5.50%, 03/15/2038, Series 3423, Class PB		316,839		366,415
5.50%, 05/15/2038, Series 3453, Class B		15,372		17,679
5.50%, 01/15/2039, Series 3501, Class CB		121,375		139,899
5.50% (1 Month LIBOR USD + 27.21%, 5.50% Cap), 05/15/2041, Series 3852, Class QN(2)(5)		142,095		153,835
5.50% (1 Month LIBOR USD + 27.50%, 5.50% Cap), 05/15/2041, Series 3852, Class TP(2)(5)		370,161		398,454
5.60%, 06/15/2023, Series 2033, Class J		7,099		7,366
5.70%, 10/15/2038, Series 3895, Class WA(4)		67,494		78,072
5.78% (1 Month LIBOR USD + 5.85%, 5.85% Cap), 08/15/2038, Series 3481, Class SJ(2)(5)		150,819		28,460

	Principal Amount		Value
5.93% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 01/15/2038, Series 3404, Class SC(2)(5)		231,454		45,247
5.93% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 02/15/2039, Series 3511, Class SA(2)(5)		68,096		10,455
5.93% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 10/15/2040, Series 3740, Class SB(2)(5)		218,700		33,308
5.93% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 10/15/2040, Series 3740, Class SC(2)(5)		184,249		35,636
6.00%, 11/15/2023, Series 1642, Class PJ		5,525		5,798
6.00%, 06/15/2024, Series 1737, Class L		6,354		6,745
6.00%, 05/15/2027, Series 1981, Class Z		8,671		9,427
6.00%, 07/15/2028, Series 2070, Class C		6,553		7,360
6.00%, 09/15/2028, Series 2086, Class GB		3,969		4,457
6.00%, 11/15/2028, Series 2095, Class PE		17,875		20,108
6.00%, 12/15/2028, Series 2106, Class ZD		35,420		39,863
6.00%, 01/15/2029, Series 2110, Class PG		49,029		55,346
6.00%, 02/15/2029, Series 2125, Class JZ		10,595		11,774
6.00%, 09/15/2032, Series 2500, Class MC		29,873		34,678
6.00%, 12/15/2032, Series 2544, Class HC		24,293		29,051
6.00%, 12/15/2032, Series 2543, Class YX		56,567		65,285
6.00%, 01/15/2033, Series 2552, Class ME		35,651		41,580
6.00%, 02/15/2033, Series 2567, Class QD		35,222		41,236
6.00%, 02/15/2033, Series 2575, Class ME		142,243		164,687
6.00%, 03/15/2033, Series 2596, Class QG		22,315		25,220
6.00%, 05/15/2034, Series 2802, Class OH		82,847		92,617
6.00%, 04/15/2035, Series 2968, Class EH		906,995		1,030,919
6.00%, 01/15/2036, Series 3101, Class UZ		91,576		107,279
6.00%, 03/15/2036, Series 3122, Class ZB		2,786		4,145
6.00%, 04/15/2036, Series 3219, Class DI		45,613		9,495
6.00%, 04/15/2036, Series 3137, Class XP		55,934		66,096
6.00%, 04/15/2036, Series 3819, Class ZQ		474,084		560,320
6.00%, 06/15/2036, Series 3164, Class MG		13,403		14,659
6.00%, 02/15/2037, Series 3274, Class B		31,391		35,742
6.00%, 04/15/2037, Series 3302, Class UT		45,558		53,828
6.00%, 05/15/2037, Series 3315, Class HZ		42,839		49,509
6.00%, 06/15/2038, Series 3461, Class LZ		12,707		14,898
6.00%, 06/15/2038, Series 3461, Class Z		258,675		298,742
6.03% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 05/15/2039, Series 3531, Class SM(2)(5)		11,695		1,995
6.07% (1 Month LIBOR USD + 6.14%, 6.14% Cap), 01/15/2037, Series 3260, Class CS(2)(5)		25,415		5,023
6.13% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 06/15/2038, Series 3455, Class SE(2)(5)		87,545		13,760
6.18% (1 Month LIBOR USD + 6.25%, 6.25% Cap), 12/15/2039, Series 3608, Class SC(2)(5)		70,227		11,374
6.23% (1 Month LIBOR USD + 6.30%, 6.30% Cap), 05/15/2039, Series 3531, Class SA(2)(5)		75,760		6,502
6.25%, 10/15/2023, Series 1591, Class PV		1,949		2,050
6.25%, 08/15/2028, Series 2075, Class PM		23,011		25,771
6.25%, 02/15/2029, Series 2126, Class CB		50,601		56,262
6.35% (1 Month LIBOR USD + 6.42%, 6.42% Cap), 11/15/2037, Series 3387, Class SA(2)(5)		177,913		32,820
6.38%, 02/15/2032, Series 2410, Class OE		8,742		9,409
6.38% (1 Month LIBOR USD + 6.45%, 6.45% Cap), 03/15/2037, Series 3290, Class SB(2)(5)		46,377		8,155
6.38% (1 Month LIBOR USD + 6.45%, 6.45% Cap), 11/15/2037, Series 3383, Class SA(2)(5)		122,409		24,322
6.50%, 09/15/2023, Series 1608, Class L		14,024		14,857
6.50%, 12/15/2023, Series 1983, Class Z		3,638		3,856
6.50%, 12/15/2023, Series 2283, Class K		4,006		4,219
6.50%, 03/15/2026, Series 1829, Class ZB		966		1,025
6.50%, 07/15/2026, Series 1863, Class Z		7,062		7,484

	Principal Amount		Value
6.50%, 01/15/2027, Series 1927, Class ZA		6,614		7,404
6.50%, 12/15/2027, Series 2019, Class Z		5,700		6,399
6.50%, 06/15/2028, Series 2063, Class PG		9,843		11,176
6.50%, 08/15/2028, Series 2075, Class PH		21,496		24,382
6.50%, 05/15/2031, Series 2313, Class LA		3,555		4,066
6.50%, 08/15/2031, Series 2345, Class NE		8,484		9,926
6.50%, 08/15/2031, Series 2351, Class PZ		10,402		11,967
6.50%, 08/15/2031, Series 2344, Class ZJ		12,609		14,889
6.50%, 08/15/2031, Series 2344, Class ZD		116,425		134,638
6.50%, 10/15/2031, Series 2367, Class ME		10,897		12,332
6.50%, 01/15/2032, Series 2399, Class OH		14,596		16,545
6.50%, 01/15/2032, Series 2399, Class TH		17,226		20,173
6.50%, 02/15/2032, Series 2410, Class NG		19,464		22,795
6.50%, 02/15/2032, Series 2420, Class XK		24,380		28,506
6.50%, 03/15/2032, Series 2430, Class WF		29,176		34,383
6.50%, 03/15/2032, Series 2423, Class TB		32,345		36,781
6.50%, 04/15/2032, Series 2441, Class GF		6,902		8,078
6.50%, 04/15/2032, Series 2435, Class CJ		47,907		55,856
6.50%, 04/15/2032, Series 2434, Class ZA		60,438		68,361
6.50%, 05/15/2032, Series 2455, Class GK		21,566		24,507
6.50%, 06/15/2032, Series 2466, Class DH		10,166		11,964
6.50%, 06/15/2032, Series 2458, Class ZM		18,736		21,220
6.50%, 06/15/2032, Series 2466, Class PH		25,860		30,256
6.50%, 07/15/2032, Series 2474, Class NR		23,021		26,618
6.50%, 07/15/2032, Series 2484, Class LZ		31,884		38,046
6.50%, 03/15/2033, Series 2586, Class WI		14,802		2,814
6.50%, 07/15/2036, Series 3195, Class PD		49,876		56,892
6.50%, 07/15/2036, Series 3181, Class AZ		67,326		80,318
6.53% (1 Month LIBOR USD + 6.60%, 6.60% Cap), 07/15/2037, Series 3344, Class SL(2)(5)		33,571		5,757
6.58% (1 Month LIBOR USD + 6.65%, 6.65% Cap), 08/15/2036, Series 3202, Class HI(2)(5)		384,536		80,208
6.61%, 11/15/2021, Series 3688, Class CU(4)		407		408
6.63% (1 Month LIBOR USD + 6.70%, 6.70% Cap), 10/15/2036, Series 3232, Class ST(2)(5)		44,913		9,161
6.73% (1 Month LIBOR USD + 6.80%, 6.80% Cap), 04/15/2038, Series 3424, Class PI(2)(5)		107,318		25,571
6.75% (1 Month LIBOR USD + 6.80%, 4.00% Floor, 6.80% Cap), 07/15/2033, Series 2642, Class SL(2)(5)		462		505
7.00%, 03/15/2022, Series 1206, Class IA		45		46
7.00%, 05/15/2022, Series 1250, Class J		96		98
7.00%, 04/15/2023, Series 1502, Class PX		4,008		4,175
7.00%, 05/15/2023, Series 1505, Class Q		510		534
7.00%, 09/15/2023, Series 1573, Class PZ		3,281		3,457
7.00%, 01/15/2024, Series 1658, Class GZ		2,081		2,204
7.00%, 02/15/2024, Series 1671, Class L		1,064		1,117
7.00%, 03/15/2024, Series 1695, Class EB		1,809		1,916
7.00%, 03/15/2024, Series 1706, Class K		9,912		10,477
7.00%, 03/15/2028, Series 2038, Class PN		6,481		885
7.00%, 06/15/2028, Series 2064, Class TE		1,379		1,588
7.00%, 10/15/2028, Series 2089, Class PJ		8,652		826
7.00%, 04/15/2029, Series 2141, Class IO		674		62
7.00%, 06/15/2029, Series 2169, Class TB		45,456		52,093
7.00%, 07/15/2029, Series 2172, Class QC		25,589		29,777
7.00%, 08/15/2029, Series 2176, Class OJ		11,790		13,741

	Principal Amount		Value
7.00%, 01/15/2030, Series 2208, Class PG		22,824		26,775
7.00%, 10/15/2030, Series 2259, Class ZM		16,270		19,099
7.00%, 03/15/2031, Series 2296, Class PD		9,870		11,601
7.00%, 06/15/2031, Series 2325, Class PM		8,581		10,163
7.00%, 07/15/2031, Series 2332, Class ZH		19,577		23,115
7.00%, 03/15/2032, Series 2423, Class MC		18,416		21,781
7.00%, 03/15/2032, Series 2423, Class MT		22,432		26,646
7.00%, 04/15/2032, Series 2436, Class MC		10,843		12,363
7.00%, 04/15/2032, Series 2434, Class TC		38,818		46,026
7.00%, 05/15/2032, Series 2450, Class GZ		20,511		24,558
7.00%, 12/15/2036, Series 3704, Class CT		896,306		1,083,036
7.03% (1 Month LIBOR USD + 7.10%, 7.10% Cap), 07/15/2036, Series 3194, Class SA(2)(5)		6,998		1,429
7.25%, 07/15/2027, Series 1970, Class PG		407		464
7.25%, 09/15/2030, Series 2256, Class MC		13,056		15,519
7.25%, 12/15/2030, Series 2271, Class PC		17,323		20,510
7.41%, 11/15/2046, Series 3688, Class GT(4)		456,805		542,746
7.50%, 08/15/2022, Series 1343, Class LB		170		175
7.50%, 02/15/2023, Series 1466, Class PZ		3,788		3,944
7.50%, 04/15/2023, Series 1491, Class I		808		844
7.50%, 04/15/2024, Series 1720, Class PL		6,146		6,491
7.50%, 08/15/2024, Series 1745, Class D		2,945		3,185
7.50%, 09/15/2026, Series 1890, Class H		1,466		1,637
7.50%, 01/15/2027, Series 1963, Class Z		4,180		4,769
7.50%, 01/15/2027, Series 1927, Class PH		10,949		12,438
7.50%, 09/15/2027, Series 1987, Class PE		3,995		4,533
7.50%, 03/15/2028, Series 2040, Class PE		19,720		22,767
7.50%, 05/15/2028, Series 2054, Class PV		6,941		7,957
7.50%, 06/15/2029, Series 2163, Class PC		3,525		357
7.50%, 11/15/2029, Series 2196, Class TL		64		76
7.50%, 05/15/2030, Series 2234, Class PZ		5,100		6,061
7.50%, 08/15/2030, Series 2247, Class Z		5,494		6,461
7.50%, 10/15/2030, Series 2262, Class Z		1,261		1,511
7.50%, 11/15/2036, Series 3704, Class DT		372,695		454,740
7.50%, 12/15/2036, Series 3704, Class ET		318,964		393,171
7.88% (1 Month LIBOR USD + 7.95%, 7.95% Cap), 03/15/2032, Series 2444, Class ES(2)(5)		19,931		3,441
7.93% (1 Month LIBOR USD + 8.00%, 8.00% Cap), 02/15/2032, Series 2475, Class S(2)(5)		46,561		9,168
7.93% (1 Month LIBOR USD + 8.00%, 8.00% Cap), 03/15/2032, Series 2450, Class SW(2)(5)		13,002		2,240
7.94% (1 Month LIBOR USD + 8.01%, 8.01% Cap), 10/15/2033, Series 2733, Class SB(2)(5)		387,623		445,007
8.00%, 08/15/2022, Series 1343, Class LA		427		440
8.00%, 09/15/2026, Series 1899, Class ZE		4,424		5,065
8.00%, 11/15/2029, Series 2201, Class C		9,085		10,391
8.00%, 01/15/2030, Series 2209, Class TC		6,281		7,440
8.00%, 01/15/2030, Series 2210, Class Z		22,140		26,548
8.00%, 03/15/2030, Series 2224, Class CB		5,441		6,490
8.00%, 04/15/2030, Series 2230, Class Z		7,215		8,529
8.50%, 09/15/2021, Series 1144, Class KB		59		59
8.50%, 06/15/2031, Series 2359, Class ZB		19,307		23,497
8.53% (1 Month LIBOR USD + 8.60%, 3.00% Floor, 8.60% Cap), 07/15/2023, Series 2638, Class DS(2)(5)		2,701		2,826
8.58% (1 Month LIBOR USD + 8.65%, 8.65% Cap), 02/15/2032, Series 2410, Class QX(2)(5)		9,343		1,848
8.88% (3 Month CMT Index + 8.90%, 8.90% Cap), 05/15/2023, Series 1518, Class G(2)(5)		1,838		1,937

	Principal Amount		Value
8.96% (10 year CMT Index + 10.60%, 10.00% Cap), 05/15/2024, Series 2306, Class SE(2)(5)		4,093		408
9.00% (1 Month LIBOR USD + 70.64%, 9.00% Cap), 03/15/2037, Series 3443, Class SY(2)(5)		14,732		17,770
10.00% (11th District Cost of Funds Index + 44.15%, 10.00% Cap), 02/15/2024, Series 1671, Class QC(2)(5)		1,392		1,513
13.14% (1 Month LIBOR USD + 13.29%, 13.29% Cap), 07/15/2033, Series 2692, Class SC(2)(5)		17,536		23,006
14.62% (1 Month LIBOR USD + 14.76%, 14.76% Cap), 09/15/2033, Series 2671, Class S(2)(5)		14,712		19,500
14.72% (1 Month LIBOR USD + 14.85%, 14.85% Cap), 06/15/2033, Series 2631, Class SA(2)(5)		52,723		67,409
15.95% (1 Month LIBOR USD + 16.10%, 16.10% Cap), 02/15/2032, Series 2412, Class SP(2)(5)		25,476		33,249
16.34% (1 Month LIBOR USD + 16.50%, 16.50% Cap), 11/15/2033, Series 2780, Class SY(2)(5)		7,263		9,637
16.69% (1 Month LIBOR USD + 16.88%, 16.88% Cap), 08/15/2025, Series 3022, Class SX(2)(5)		2,778		3,296
16.77% (1 Month LIBOR USD + 17.03%, 17.03% Cap), 06/15/2035, Series 2990, Class WP(2)(5)		1,003		1,327
17.26% (1 Month LIBOR USD + 17.50%, 17.50% Cap), 02/15/2040, Series 3632, Class BS(2)(5)		229,629		315,935
17.27% (1 Month LIBOR USD + 17.45%, 17.45% Cap), 02/15/2038, Series 3422, Class SE(2)(5)		9,096		13,146
18.43% (1 Month LIBOR USD + 18.60%, 18.60% Cap), 12/15/2032, Series 2571, Class SY(2)(5)		17,207		23,973
19.01% (1 Month LIBOR USD + 10.13%, 19.24% Cap), 02/15/2024, Series 1686, Class SH(2)		227		258
19.31% (1 Month LIBOR USD + 19.50%, 19.50% Cap), 02/15/2032, Series 2410, Class QS(2)(5)		23,934		34,575
19.46% (1 Month LIBOR USD + 19.66%, 19.66% Cap), 06/15/2036, Series 3523, Class SD(2)(5)		16,060		20,931
19.76% (1 Month LIBOR USD + 20.00%, 20.00% Cap), 11/15/2035, Series 3064, Class SG(2)(5)		25,155		35,664
22.42% (1 Month LIBOR USD + 22.75%, 22.75% Cap), 10/15/2023, Series 1602, Class SA(2)(5)		1,572		1,847
24.23% (1 Month LIBOR USD + 24.49%, 24.49% Cap), 06/15/2034, Series 2990, Class SL(2)(5)		19,545		23,391
24.30% (1 Month LIBOR USD + 24.57%, 24.57% Cap), 01/15/2036, Series 3102, Class HS(2)(5)		4,636		6,649
25.99% (11th District Cost of Funds Index + 27.47%, 27.47% Cap), 07/15/2023, Series 1541, Class M(2)(5)		416		463
27.71% (1 Month LIBOR USD + 28.03%, 28.03% Cap), 10/15/2025, Series 3051, Class DP(2)(5)		8,908		11,841
27.84% (1 Month LIBOR USD + 28.16%, 28.16% Cap), 02/15/2035, Series 2929, Class MS(2)(5)		32,721		45,989
29.89% (11th District Cost of Funds Index + 31.43%, 31.43% Cap), 03/15/2024, Series 2033, Class SN(2)(5)		1,185		178
30.15% (1 Month LIBOR USD + 30.55%, 30.55% Cap), 03/15/2029, Series 2132, Class SB(2)(5)		1,311		2,002
33.42% (1 Month LIBOR USD + 33.83%, 33.83% Cap), 04/15/2025, Series 2967, Class S(2)(5)		6,503		8,064
34.19% (1 Month LIBOR USD + 34.50%, 34.50% Cap), 09/15/2023, Series 2571, Class SK(2)(5)		1,503		1,897
Freddie Mac STACR REMIC Trust 2021-DNA3
2.12% (30-day Average Secured Overnight Financing Rate + 2.10%), 10/25/2033, Series 2021-DNA3, Class M2(2)(3)		10,610,000		10,837,136
Freddie Mac Strips
0.00%, 04/01/2028, Series 197, Class PO		36,690		35,449
0.00%, 09/15/2043, Series 310, Class PO		582,292		506,971
0.57% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 08/15/2042, Series 270, Class F1(2)		761,194		773,530
0.62% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap), 07/15/2042, Series 264, Class F1(2)		1,219,376		1,237,693
0.62% (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap), 08/15/2042, Series 272, Class F2(2)		631,582		643,764
3.00%, 08/15/2042, Series 267, Class 30		933,820		965,170
3.00%, 01/15/2043, Series 299, Class 300		226,752		235,471
3.50%, 07/15/2042, Series 262, Class 35		3,425,312		3,702,568
5.00%, 09/15/2035, Series 233, Class 12		68,558		10,116
5.00%, 09/15/2035, Series 233, Class 11		80,813		14,935
5.00%, 09/15/2035, Series 233, Class 13		127,388		23,346
7.63% (1 Month LIBOR USD + 7.70%, 7.70% Cap), 08/15/2036, Series 239, Class S30(2)(5)		242,318		59,980
Freddie Mac Structured Pass-Through Certificates
0.00%, 07/25/2043, Series T-57, Class 1AP		16,800		14,602
0.00%, 09/25/2043, Series T-58, Class APO		18,212		15,450
0.00%, 10/25/2043, Series T-59, Class 1AP		21,461		14,956
1.32% (12 Month U.S. Treasury Average + 1.20%, 1.20% Floor), 10/25/2044, Series T-62, Class 1A1(2)		345,732		355,056
1.70%, 10/25/2037, Series T-76, Class 2A(4)		915,412		928,292
4.70%, 07/25/2033, Series T-48, Class 1A(4)		139,701		154,328
5.05%, 07/25/2032, Series T-41, Class 3A(4)		46,670		52,237

	Principal Amount		Value
5.23%, 05/25/2043, Series T-56, Class A5		449,077		512,129
6.50%, 02/25/2043, Series T-54, Class 2A		204,976		243,727
7.00%, 02/25/2043, Series T-54, Class 3A		65,623		78,811
7.00%, 10/25/2043, Series T-59, Class 1A2		246,672		292,399
7.50%, 02/25/2042, Series T-42, Class A5		191,127		233,188
7.50%, 08/25/2042, Series T-51, Class 2A(4)		34,336		44,324
7.50%, 07/25/2043, Series T-57, Class 1A3		44,531		56,312
7.50%, 09/25/2043, Series T-58, Class 4A		246,648		289,560
FREMF 2013-K25 Mortgage Trust
3.74%, 11/25/2045, Series 2013-K25, Class C(3)(4)		2,000,000		2,066,767
FREMF 2013-K35 Mortgage Trust
4.07%, 12/25/2046, Series 2013-K35, Class C(3)(4)		2,951,000		3,122,400
FREMF 2014-K40 Mortgage Trust
4.21%, 11/25/2047, Series 2014-K40, Class C(3)(4)		2,273,000		2,446,585
FREMF 2014-K41 Mortgage Trust
3.96%, 11/25/2047, Series 2014-K41, Class C(3)(4)		6,000,000		6,459,343
FREMF 2015-K44 Mortgage Trust
3.81%, 01/25/2048, Series 2015-K44, Class B(3)(4)		3,510,000		3,787,143
FREMF 2015-K45 Mortgage Trust
3.71%, 04/25/2048, Series 2015-K45, Class B(3)(4)		2,135,000		2,302,973
FREMF 2015-K49 Mortgage Trust
3.85%, 10/25/2048, Series 2015-K49, Class C(3)(4)		4,000,000		4,220,567
FREMF 2015-K51 Mortgage Trust
4.09%, 10/25/2048, Series 2015-K51, Class C(3)(4)		1,500,000		1,600,005
FREMF 2015-K720 Mortgage Trust
3.51%, 07/25/2022, Series 2015-K720, Class C(3)(4)		4,000,000		4,097,802
FREMF 2016-K52 Mortgage Trust
4.06%, 01/25/2049, Series 2016-K52, Class B(3)(4)		4,750,000		5,221,712
FREMF 2016-K59 Mortgage Trust
3.70%, 11/25/2049, Series 2016-K59, Class B(3)(4)		2,450,000		2,662,969
FREMF 2016-K722 Mortgage Trust
3.99%, 07/25/2049, Series 2016-K722, Class B(3)(4)		1,845,000		1,942,358
GCAT 2020-4 LLC
2.61%, 12/25/2025, Series 2020-4, Class A1(1)(3)		5,495,974		5,523,659
Ginnie Mae
0.00%, 03/16/2033, Series 2003-24, Class PO		5,138		5,083
0.00%, 06/16/2033, Series 2003-52, Class AP		27,165		25,877
0.00%, 10/20/2033, Series 2003-90, Class PO		4,104		4,004
0.00%, 06/20/2034, Series 2004-46, Class PO		45,885		44,965
0.00%, 08/20/2035, Series 2010-14, Class CO		105,579		98,604
0.00%, 10/20/2035, Series 2005-82, Class PO		23,457		21,166
0.00%, 11/20/2035, Series 2010-14, Class BO		34,747		32,434
0.00%, 03/20/2036, Series 2006-16, Class OP		30,073		28,051
0.00%, 05/20/2036, Series 2006-22, Class AO		41,714		40,597
0.00%, 07/20/2036, Series 2006-34, Class PO		5,763		5,543
0.00%, 03/20/2037, Series 2007-57, Class PO		76,561		74,156
0.00%, 04/16/2037, Series 2007-17, Class JO		56,584		51,157
0.00%, 05/20/2037, Series 2007-28, Class BO		8,495		7,899
0.00%, 06/16/2037, Series 2007-36, Class HO		14,557		13,599
0.00%, 06/16/2037, Series 2007-35, Class PO		147,419		140,162

	Principal Amount		Value
0.00%, 09/20/2037, Series 2008-20, Class PO		5,750		5,732
0.00%, 11/16/2037, Series 2009-79, Class OK		152,940		144,213
0.00%, 01/20/2038, Series 2008-1, Class PO		5,938		5,592
0.00%, 12/20/2040, Series 2010-157, Class OP		334,342		316,255
0.37% (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap), 05/16/2037, Series 2007-25, Class FN(2)		43,439		43,503
0.41% (1 Month LIBOR USD + 0.30%, 0.30% Floor, 5.59% Cap), 08/20/2060, Series 2013-H03, Class FA(2)		782		783
0.41% (1 Month LIBOR USD + 0.30%, 0.30% Floor), 11/20/2062, Series 2013-H02, Class HF(2)		4,420		4,423
0.43% (1 Month LIBOR USD + 0.32%, 0.32% Floor, 10.50% Cap), 01/20/2063, Series 2013-H01, Class JA(2)		734,360		734,946
0.45% (1 Month LIBOR USD + 0.34%, 0.34% Floor, 11.00% Cap), 12/20/2062, Series 2012-H31, Class FD(2)		1,547,949		1,550,323
0.52% (1 Month LIBOR USD + 0.41%, 0.41% Floor, 11.00% Cap), 03/20/2063, Series 2013-H07, Class HA(2)		606,364		608,106
0.53% (1 Month LIBOR USD + 0.42%, 0.42% Floor, 10.50% Cap), 02/20/2063, Series 2013-H04, Class SA(2)		168,117		168,885
0.54% (1 Month LIBOR USD + 0.43%, 0.43% Floor, 5.59% Cap), 04/20/2060, Series 2012-H24, Class FG(2)		8,582		8,622
0.55% (1 Month LIBOR USD + 0.44%, 0.44% Floor, 11.00% Cap), 07/20/2065, Series 2015-H16, Class FL(2)		2,819,279		2,834,632
0.56% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 5.50% Cap), 03/20/2060, Series 2012-H24, Class FA(2)		18,725		18,828
0.56% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 5.50% Cap), 05/20/2062, Series 2012-H15, Class FA(2)		91		91
0.56% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 11.00% Cap), 06/20/2065, Series 2015-H18, Class FA(2)		1,150,705		1,155,421
0.56% (1 Month LIBOR USD + 0.45%, 0.45% Floor, 11.00% Cap), 08/20/2067, Series 2017-H19, Class FA(2)		2,187,258		2,193,403
0.58% (1 Month LIBOR USD + 0.47%, 0.47% Floor), 08/20/2061, Series 2011-H19, Class FA(2)		374,632		376,100
0.58% (1 Month LIBOR USD + 0.47%, 0.47% Floor, 10.50% Cap), 03/20/2063, Series 2013-H07, Class GA(2)		200,958		201,654
0.58% (1 Month LIBOR USD + 0.47%, 0.47% Floor, 11.00% Cap), 06/20/2063, Series 2013-H14, Class FD(2)		1,476,800		1,482,245
0.58% (1 Month LIBOR USD + 0.47%, 0.47% Floor, 11.00% Cap), 07/20/2064, Series 2014-H14, Class GF(2)		2,439,323		2,448,599
0.58% (1 Month LIBOR USD + 0.47%, 0.47% Floor, 11.00% Cap), 09/20/2064, Series 2014-H19, Class FE(2)		3,198,949		3,217,644
0.58% (1 Month LIBOR USD + 0.47%, 0.47% Floor, 11.00% Cap), 08/20/2065, Series 2015-H20, Class FA(2)		461,245		464,197
0.58% (1 Month LIBOR USD + 0.47%, 11.00% Cap), 02/20/2065, Series 2015-H07, Class ES(2)		1,346,460		1,349,488
0.59% (1 Month LIBOR USD + 0.48%, 0.48% Floor, 11.00% Cap), 02/20/2065, Series 2015-H05, Class FC(2)		3,073,006		3,066,530
0.59% (1 Month LIBOR USD + 0.48%, 0.48% Floor, 11.00% Cap), 03/20/2065, Series 2015-H08, Class FC(2)		5,935,929		5,973,114
0.59% (1 Month LIBOR USD + 0.48%, 11.00% Cap), 04/20/2065, Series 2015-H10, Class FC(2)		4,607,592		4,638,424
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 10.66% Cap), 03/20/2061, Series 2011-H11, Class FA(2)		1,311,795		1,318,538
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor), 01/20/2063, Series 2013-H01, Class TA(2)		9,243		9,288
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.00% Cap), 06/20/2064, Series 2014-H11, Class VA(2)		1,857,617		1,871,928
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.00% Cap), 07/20/2064, Series 2014-H15, Class FA(2)		1,473,813		1,484,887
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.00% Cap), 07/20/2064, Series 2014-H17, Class FC(2)		1,772,908		1,777,326
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.00% Cap), 12/20/2064, Series 2015-H03, Class FA(2)		2,053,167		2,062,409
0.61% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.00% Cap), 06/20/2067, Series 2017-H14, Class FV(2)		4,966,100		5,001,781
0.62% (1 Month LIBOR USD + 0.52%, 0.52% Floor, 11.50% Cap), 10/20/2062, Series 2012-H29, Class FA(2)		1,356,564		1,362,303
0.66% (1 Month LIBOR USD + 0.55%, 0.55% Floor), 10/20/2061, Series 2012-H26, Class JA(2)		2,295		2,305
0.66% (1 Month LIBOR USD + 0.55%, 0.55% Floor), 04/20/2062, Series 2013-H07, Class MA(2)		1,061		1,065

	Principal Amount		Value
0.66% (1 Month LIBOR USD + 0.55%, 0.55% Floor), 07/20/2062, Series 2012-H26, Class MA(2)		4,739		4,773
0.67% (1 Month LIBOR USD + 0.56%, 0.56% Floor, 11.00% Cap), 03/20/2067, Series 2017-H09, Class DF(2)		4,937,364		4,984,915
0.69% (1 Month LIBOR USD + 0.58%, 0.58% Floor), 09/20/2062, Series 2012-H28, Class FA(2)		14,838		14,910
0.71% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 4.60% Cap), 10/20/2062, Series 2012-H24, Class FE(2)		9,681		9,764
0.71% (1 Month LIBOR USD + 0.60%, 0.60% Floor), 04/20/2064, Series 2014-H10, Class TA(2)		2,409,546		2,435,582
0.71% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 11.00% Cap), 04/20/2064, Series 2014-H09, Class TA(2)		2,714,456		2,731,346
0.71% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 11.00% Cap), 05/20/2064, Series 2014-H07, Class FA(2)		4,571,804		4,622,576
0.71% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.00% Cap), 10/20/2064, Series 2014-H20, Class LF(2)		1,186,423		1,199,758
0.76% (1 Month LIBOR USD + 0.65%, 0.65% Floor), 05/20/2061, Series 2012-H21, Class DF(2)		13,373		13,505
0.76% (1 Month LIBOR USD + 0.65%, 0.65% Floor, 11.00% Cap), 01/20/2064, Series 2014-H01, Class FD(2)		2,128,200		2,144,014
0.76% (1 Month LIBOR USD + 0.65%, 0.65% Floor, 11.00% Cap), 02/20/2064, Series 2014-H04, Class FB(2)		4,259,923		4,291,944
0.76% (1 Month LIBOR USD + 0.65%, 0.65% Floor, 11.00% Cap), 03/20/2064, Series 2014-H06, Class HB(2)		1,726,924		1,740,441
0.80% (1 Month LIBOR USD + 0.69%, 0.69% Floor, 11.00% Cap), 02/20/2064, Series 2014-H05, Class FA(2)		2,320,521		2,352,275
0.81% (1 Month LIBOR USD + 0.70%, 0.70% Floor), 05/20/2061, Series 2012-H21, Class CF(2)		13,116		13,263
0.81% (1 Month LIBOR USD + 0.70%, 0.70% Floor, 11.00% Cap), 04/20/2062, Series 2012-H08, Class FS(2)		724,447		733,248
0.91% (1 Month LIBOR USD + 0.82%, 0.82% Floor, 7.00% Cap), 07/20/2038, Series 2008-58, Class FA(2)		251,872		256,364
1.37% (1 Month LIBOR USD + 1.28%, 1.28% Floor), 02/20/2071, Series 2021-H03, Class LF(2)		15,094,328		16,101,142
1.45%, 06/20/2067, Series 2017-H14, Class XI(4)		11,318,908		853,447
1.65%, 01/20/2063, Series 2013-H01, Class FA		92,816		93,000
1.65%, 02/20/2063, Series 2013-H04, Class BA		94,183		94,679
1.65%, 04/20/2063, Series 2013-H09, Class HA		34,272		34,510
2.18%, 05/20/2067, Series 2017-H11, Class LI(4)		11,293,919		1,251,502
2.50%, 07/20/2047, Series 2017-101, Class AB		3,229,857		3,377,292
2.50%, 07/01/2051(9)		46,830,000		48,461,733
3.00%, 12/20/2041, Series 2011-157, Class UY		1,000,000		1,076,737
3.00%, 10/20/2045, Series 2015-144, Class HP		990,414		1,060,275
3.00%, 02/20/2047, Series 2018-7, Class GA		1,727,134		1,784,438
3.00%, 09/20/2047, Series 2017-139, Class BA		1,359,292		1,441,144
3.00%, 11/20/2047, Series 2017-163, Class PT		5,295,842		5,619,992
3.00%, 07/01/2051(9)		15,335,000		16,000,216
3.50%, 07/20/2046, Series 2018-160, Class PA		2,547,454		2,647,930
3.50%, 09/20/2046, Series 2018-34, Class DL		1,266,381		1,368,071
3.50%, 07/01/2051(9)		1,665,000		1,747,827
3.66%, 01/20/2042, Series 2012-141, Class WC(4)		218,428		238,598
3.99%, 09/16/2042, Series 2012-141, Class WB(4)		142,353		158,554
4.48%, 04/20/2043, Series 2013-91, Class WA(4)		173,086		191,117
4.53%, 11/16/2041, Series 2012-141, Class WA(4)		253,679		282,981
4.60%, 10/20/2041, Series 2014-188, Class W(4)		387,663		430,963
4.69%, 10/20/2042, Series 2014-41, Class W(4)		776,040		872,418
4.70%, 09/20/2041, Series 2013-26, Class AK(4)		226,081		256,587
4.76%, 03/20/2048, Series 2020-30, Class PT(4)		8,991,088		10,174,476
4.86%, 11/20/2042, Series 2013-54, Class WA(4)		145,828		165,610
5.14%, 06/20/2040, Series 2013-75, Class WA(4)		111,013		126,389
5.21%, 07/20/2060, Series 2010-H17, Class XQ(4)		4,984		5,253
5.40%, 01/20/2039, Series 2014-6, Class W(4)		488,197		558,738
5.50%, 01/16/2033, Series 2011-43, Class ZQ		257,911		275,469
5.50%, 04/20/2033, Series 2003-25, Class PZ		140,828		149,858
5.50%, 03/16/2034, Series 2004-17, Class MZ		2,054,926		2,277,313

	Principal Amount		Value
5.50%, 07/20/2035, Series 2005-56, Class IC		18,142		2,984
5.50%, 09/20/2035, Series 2005-72, Class AZ		99,390		112,433
5.50%, 10/16/2037, Series 2008-32, Class PI		67,487		3,066
5.50%, 02/20/2038, Series 2008-17, Class IO		19,996		1,096
5.50%, 05/20/2039, Series 2009-33, Class CI		23,077		3,115
5.50%, 09/20/2039, Series 2009-75, Class MN		317,000		375,247
5.50%, 10/20/2039, Series 2009-87, Class BE		583,317		668,825
5.52%, 01/20/2038, Series 2015-137, Class WA(4)		453,717		531,362
5.56%, 10/20/2036, Series 2006-57, Class PZ		105,173		114,675
5.58%, 08/20/2038, Series 2012-59, Class WA(4)		168,193		193,214
5.58%, 07/20/2040, Series 2011-137, Class WA(4)		164,474		192,280
5.61% (1 Month LIBOR USD + 5.70%, 5.70% Cap), 12/20/2038, Series 2008-93, Class AS(2)(5)		143,236		18,272
5.70%, 08/20/2034, Series 2010-103, Class WA(4)		53,453		61,046
5.75%, 02/20/2036, Series 2006-20, Class QA		11,090		11,526
5.75%, 07/20/2038, Series 2008-69, Class QD		76,717		81,867
5.80% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 12/16/2033, Series 2003-112, Class SA(2)(5)		52,638		5,522
5.81% (1 Month LIBOR USD + 5.90%, 5.90% Cap), 09/20/2038, Series 2008-76, Class US(2)(5)		134,270		21,497
5.83%, 10/20/2033, Series 2010-41, Class WA(4)		96,954		108,921
5.86% (1 Month LIBOR USD + 5.95%, 5.95% Cap), 02/20/2039, Series 2009-10, Class SA(2)(5)		109,138		15,308
5.86% (1 Month LIBOR USD + 5.95%, 5.95% Cap), 06/20/2039, Series 2009-43, Class SA(2)(5)		104,962		13,273
5.87%, 02/20/2037, Series 2011-22, Class WA(4)		36,075		41,424
5.88%, 12/20/2038, Series 2011-163, Class WA(4)		394,860		458,931
5.91% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 11/20/2037, Series 2007-73, Class MI(2)(5)		98,794		11,859
5.91% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 02/20/2038, Series 2009-106, Class ST(2)(5)		830,530		130,764
5.91% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 08/20/2038, Series 2008-71, Class SC(2)(5)		38,606		5,127
5.91% (1 Month LIBOR USD + 6.00%, 6.00% Cap), 12/20/2038, Series 2008-96, Class SL(2)(5)		80,167		7,110
5.94%, 04/20/2037, Series 2010-129, Class AW(4)		67,059		77,019
5.95% (1 Month LIBOR USD + 6.04%, 6.04% Cap), 02/20/2039, Series 2009-6, Class SH(2)(5)		65,963		9,334
5.99% (1 Month LIBOR USD + 6.08%, 6.08% Cap), 11/20/2034, Series 2004-96, Class SC(2)(5)		150,890		537
5.99% (1 Month LIBOR USD + 6.08%, 6.08% Cap), 06/20/2039, Series 2009-42, Class SC(2)(5)		146,492		21,135
6.00% (1 Month LIBOR USD + 6.09%, 6.09% Cap), 09/20/2039, Series 2009-81, Class SB(2)(5)		277,124		52,660
6.00%, 02/20/2029, Series 1999-4, Class ZB		54,021		54,025
6.00%, 11/20/2032, Series 2002-75, Class PB		90,647		90,568
6.00%, 09/16/2033, Series 2003-75, Class ZX		80,155		90,157
6.00%, 06/20/2034, Series 2004-49, Class Z		180,538		204,033
6.00%, 12/20/2035, Series 2005-91, Class PI		36,852		5,410
6.00%, 06/20/2038, Series 2008-50, Class KB		67,575		77,701
6.00%, 12/20/2038, Series 2009-65, Class IQ		15,459		477
6.00%, 05/20/2039, Series 2009-33, Class TI		31,907		5,636
6.01% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 10/20/2034, Series 2004-90, Class SI(2)(5)		268,374		40,990
6.03% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 02/16/2039, Series 2009-6, Class SA(2)(5)		59,715		5,733
6.03% (1 Month LIBOR USD + 6.10%, 6.10% Cap), 07/16/2039, Series 2009-64, Class SN(2)(5)		163,312		21,142
6.06% (1 Month LIBOR USD + 6.15%, 6.15% Cap), 07/20/2038, Series 2008-60, Class CS(2)(5)		108,232		13,173
6.08% (1 Month LIBOR USD + 6.15%, 6.15% Cap), 02/16/2039, Series 2009-11, Class SC(2)(5)		85,322		7,685
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 03/20/2037, Series 2007-9, Class CI(2)(5)		105,643		16,063
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 04/20/2037, Series 2007-19, Class SD(2)(5)		55,741		5,479
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 05/20/2037, Series 2007-27, Class SD(2)(5)		105,999		15,498
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 05/20/2037, Series 2007-26, Class SC(2)(5)		98,354		15,943
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 06/20/2038, Series 2008-55, Class SA(2)(5)		31,011		4,828
6.11% (1 Month LIBOR USD + 6.20%, 6.20% Cap), 09/20/2038, Series 2008-81, Class S(2)(5)		278,407		25,680

	Principal Amount		Value
6.12%, 11/20/2038, Series 2011-97, Class WA(4)		110,377		129,009
6.16% (1 Month LIBOR USD + 6.25%, 6.25% Cap), 06/20/2037, Series 2007-36, Class SJ(2)(5)		83,440		8,487
6.18% (1 Month LIBOR USD + 6.25%, 6.25% Cap), 08/16/2039, Series 2009-72, Class SM(2)(5)		163,275		24,244
6.18% (1 Month LIBOR USD + 6.27%, 6.27% Cap), 04/20/2039, Series 2009-22, Class SA(2)(5)		191,830		29,662
6.21% (1 Month LIBOR USD + 6.30%, 6.30% Cap), 09/20/2035, Series 2005-68, Class KI(2)(5)		369,700		74,702
6.21% (1 Month LIBOR USD + 6.30%, 6.30% Cap), 04/20/2038, Series 2008-36, Class SH(2)(5)		130,023		509
6.21% (1 Month LIBOR USD + 6.30%, 6.30% Cap), 03/20/2039, Series 2009-31, Class TS(2)(5)		88,793		6,512
6.33% (1 Month LIBOR USD + 6.40%, 6.40% Cap), 05/16/2038, Series 2008-40, Class SA(2)(5)		441,898		78,516
6.33% (1 Month LIBOR USD + 6.40%, 6.40% Cap), 11/16/2039, Series 2009-106, Class AS(2)(5)		221,230		39,943
6.40% (1 Month LIBOR USD + 6.47%, 6.47% Cap), 06/16/2037, Series 2007-36, Class SE(2)(5)		62,420		7,462
6.41% (1 Month LIBOR USD + 6.50%, 6.50% Cap), 06/20/2036, Series 2006-38, Class SW(2)(5)		3,132		165
6.41% (1 Month LIBOR USD + 6.50%, 6.50% Cap), 11/20/2037, Series 2007-76, Class SB(2)(5)		191,666		19,741
6.42% (1 Month LIBOR USD + 6.51%, 6.51% Cap), 11/20/2037, Series 2007-67, Class SI(2)(5)		105,629		18,961
6.46% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 09/20/2037, Series 2007-53, Class ES(2)(5)		88,807		12,309
6.46% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 11/20/2037, Series 2007-72, Class US(2)(5)		86,612		11,008
6.46% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 12/20/2037, Series 2007-79, Class SY(2)(5)		127,685		17,846
6.47% (1 Month LIBOR USD + 6.54%, 6.54% Cap), 11/16/2037, Series 2007-74, Class SL(2)(5)		99,822		11,934
6.48% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 11/16/2033, Series 2003-97, Class SA(2)(5)		51,256		4,885
6.48% (1 Month LIBOR USD + 6.55%, 6.55% Cap), 09/16/2034, Series 2004-73, Class JL(2)(5)		187,137		35,677
6.50%, 07/20/2032, Series 2002-52, Class GH		46,704		46,708
6.50%, 01/20/2033, Series 2003-58, Class BE		65,964		70,708
6.50%, 03/20/2033, Series 2003-46, Class TC		38,373		41,740
6.50%, 03/20/2033, Series 2003-40, Class TJ		130,771		141,087
6.50%, 05/20/2033, Series 2003-46, Class MG		50,964		56,612
6.50%, 07/20/2036, Series 2006-33, Class Z		178,404		206,238
6.50%, 08/20/2036, Series 2006-38, Class ZK		237,900		266,238
6.50%, 03/20/2039, Series 2009-14, Class KI		36,819		6,572
6.50%, 03/20/2039, Series 2009-14, Class NI		82,099		18,109
6.51% (1 Month LIBOR USD + 6.60%, 6.60% Cap), 05/20/2041, Series 2011-75, Class SM(2)(5)		202,564		27,305
6.55% (1 Month LIBOR USD + 6.64%, 6.64% Cap), 07/20/2037, Series 2007-45, Class QA(2)(5)		124,287		17,888
6.59% (1 Month LIBOR USD + 6.68%, 6.68% Cap), 07/20/2037, Series 2007-40, Class SN(2)(5)		121,158		21,561
6.61% (1 Month LIBOR USD + 6.70%, 6.70% Cap), 10/20/2036, Series 2006-59, Class SD(2)(5)		54,430		7,673
6.66% (1 Month LIBOR USD + 6.75%, 6.75% Cap), 01/20/2035, Series 2005-3, Class SK(2)(5)		178,134		38,330
6.66% (1 Month LIBOR USD + 6.75%, 6.75% Cap), 07/20/2037, Series 2007-40, Class SD(2)(5)		84,377		13,369
6.68% (1 Month LIBOR USD + 6.78%, 6.78% Cap), 08/20/2037, Series 2007-50, Class AI(2)(5)		29,262		830
6.71% (1 Month LIBOR USD + 6.80%, 6.80% Cap), 06/20/2035, Series 2008-79, Class CS(2)(5)		91,290		98,628
6.71% (1 Month LIBOR USD + 6.80%, 6.80% Cap), 11/20/2036, Series 2006-65, Class SA(2)(5)		94,714		11,711
6.74% (1 Month LIBOR USD + 6.81%, 6.81% Cap), 04/16/2037, Series 2007-17, Class JI(2)(5)		145,827		31,793
6.77% (1 Month LIBOR USD + 7.70%, 7.70% Cap), 02/20/2033, Series 2003-12, Class SP(2)(5)		15,415		1,742
7.00% (1 Month LIBOR USD + 44.50%, 7.00% Cap), 09/20/2034, Series 2004-71, Class ST(2)(5)		19,613		21,190
7.00%, 08/16/2039, Series 2009-104, Class AB		62,877		67,861
7.00%, 10/16/2040, Series 2010-130, Class CP		291,665		348,044
7.21% (1 Month LIBOR USD + 7.30%, 7.30% Cap), 12/20/2038, Series 2008-95, Class DS(2)(5)		246,570		37,377
7.51% (1 Month LIBOR USD + 7.60%, 7.60% Cap), 09/20/2038, Series 2009-25, Class SE(2)(5)		58,046		9,047
7.63% (1 Month LIBOR USD + 7.70%, 7.70% Cap), 04/16/2038, Series 2008-33, Class XS(2)(5)		56,003		9,392
8.18% (1 Month LIBOR USD + 8.25%, 8.25% Cap), 08/16/2031, Series 2001-35, Class SA(2)(5)		10,789		46
13.21% (1 Month LIBOR USD + 13.40%, 13.40% Cap), 10/20/2037, Series 2008-7, Class SP(2)(5)		14,742		16,813
14.09% (1 Month LIBOR USD + 14.26%, 14.26% Cap), 10/16/2034, Series 2004-83, Class AP(2)(5)		1,007		1,097
14.70% (1 Month LIBOR USD + 14.86%, 14.86% Cap), 08/17/2034, Series 2004-73, Class AE(2)(5)		3,186		3,262
16.25% (1 Month LIBOR USD + 16.43%, 16.43% Cap), 06/17/2035, Series 2005-68, Class DP(2)(5)		57,636		71,722

	Principal Amount		Value
16.56% (1 Month LIBOR USD + 16.72%, 16.72% Cap), 05/18/2034, Series 2005-7, Class JM(2)(5)		1,412		1,728
19.46% (1 Month LIBOR USD + 19.66%, 19.66% Cap), 04/16/2034, Series 2004-28, Class S(2)(5)		27,718		38,994
19.67% (1 Month LIBOR USD + 19.95%, 19.95% Cap), 11/20/2037, Series 2008-7, Class SK(2)(5)		10,391		13,251
19.92% (1 Month LIBOR USD + 20.21%, 20.21% Cap), 09/20/2037, Series 2007-53, Class SW(2)(5)		20,591		26,873
20.58% (1 Month LIBOR USD + 20.83%, 20.83% Cap), 08/16/2035, Series 2005-66, Class SP(2)(5)		10,422		15,440
22.38% (1 Month LIBOR USD + 22.73%, 22.73% Cap), 08/20/2035, Series 2005-65, Class SA(2)(5)		3,093		4,984
24.11% (1 Month LIBOR USD + 24.38%, 24.38% Cap), 10/16/2034, Series 2004-89, Class LS(2)(5)		15,601		24,483
29.01% (1 Month LIBOR USD + 29.46%, 29.46% Cap), 09/20/2034, Series 2004-71, Class SB(2)(5)		19,613		30,379
Ginnie Mae I Pool
3.00%, 05/15/2043		358,153		380,678
3.00%, 07/15/2045		971,688		1,018,408
3.50%, 01/15/2042		2,896,305		3,109,081
3.50%, 03/15/2043		906,355		1,005,625
3.50%, 04/15/2043		2,350,006		2,525,845
3.50%, 06/15/2043		1,350,582		1,451,738
3.50%, 07/15/2043		411,271		456,328
4.00%, 06/15/2039		273,048		300,380
4.00%, 10/15/2040		133,951		148,344
4.50%, 04/15/2040		1,077,217		1,209,550
5.50%, 04/15/2033		192,288		224,002
5.50%, 06/15/2033		1,728		1,973
5.50%, 12/15/2033		7,739		9,017
5.50%, 07/15/2034		2,731		3,071
5.50%, 09/15/2034		2,970		3,313
6.00%, 11/15/2028		4,576		5,123
6.50%, 01/15/2024		1,620		1,805
6.50%, 03/15/2028		5,856		6,525
6.50%, 09/15/2028		12,422		13,842
6.50%, 10/15/2028		522		581
6.50%, 01/15/2032		40,158		46,960
6.50%, 07/15/2032		2,066		2,302
6.50%, 02/15/2033		7,836		8,820
6.50%, 04/15/2033		5,464		6,159
6.50%, 12/15/2035		46,056		53,845
7.00%, 08/15/2023		83		84
7.00%, 09/15/2023		3,238		3,338
7.00%, 11/15/2023		195		204
7.00%, 02/15/2024		655		657
7.00%, 09/15/2031		51,573		60,073
7.00%, 02/15/2033		5,100		5,788
7.00%, 06/15/2033		13,852		16,671
7.00%, 06/15/2035		126,058		147,617
7.00%, 04/15/2037		12,731		14,061
7.50%, 03/15/2023		59		60
7.50%, 11/15/2026		295		297
7.50%, 07/15/2027		706		709
7.50%, 07/15/2028		508		515
7.50%, 09/15/2028		2,143		2,338
7.50%, 10/15/2037		26,493		31,035
8.00%, 08/15/2028		751		754

	Principal Amount		Value
9.00%, 11/15/2024		2		2
9.50%, 10/15/2024		137		139
9.50%, 12/15/2025		2		2
Ginnie Mae II Pool
2.00%, 03/20/2051		5,848,203		5,959,032
2.50%, 12/20/2046		1,626,087		1,695,595
2.50%, 01/20/2050		4,203,803		4,352,008
2.50%, 09/20/2050		3,908,231		4,048,356
2.50%, 09/20/2050		6,232,020		6,514,404
2.50%, 12/20/2050		10,577,389		10,958,651
2.50%, 12/20/2050		41,768,403		43,255,930
2.50%, 01/20/2051		35,548,703		36,886,634
2.50%, 03/20/2051		17,125,471		17,764,268
2.50%, 03/20/2051		21,870,214		22,654,288
2.93%, 10/20/2070(4)		8,694,211		9,287,028
3.00%, 06/20/2042		202,003		214,568
3.00%, 08/20/2042		2,649,972		2,816,318
3.00%, 11/20/2042		1,484,260		1,578,910
3.00%, 12/20/2042		758,183		808,863
3.00%, 01/20/2043		754,910		804,964
3.00%, 04/20/2043		1,881,442		1,999,651
3.00%, 09/20/2043		585,394		622,651
3.00%, 10/20/2043		90,714		96,484
3.00%, 01/20/2044		509,209		541,571
3.00%, 07/20/2044		206,749		219,480
3.00%, 12/20/2044		348,498		368,842
3.00%, 04/20/2045		3,226,166		3,423,907
3.00%, 05/20/2045		578,115		612,115
3.00%, 07/20/2045		1,360,303		1,442,265
3.00%, 10/20/2045		1,541,379		1,631,622
3.00%, 11/20/2045		369,722		391,482
3.00%, 02/20/2046		542,492		574,937
3.00%, 04/20/2046		3,382,396		3,563,600
3.00%, 05/20/2046		143,149		151,328
3.00%, 07/20/2046		2,801,160		2,956,124
3.00%, 08/20/2046		3,228,182		3,404,675
3.00%, 09/20/2046		975,187		1,028,559
3.00%, 01/20/2047		2,217,408		2,337,714
3.00%, 02/20/2047		3,181,179		3,343,564
3.00%, 03/20/2047		344,321		364,873
3.00%, 12/20/2049(7)		13,189,628		13,767,263
3.00%, 01/20/2050		1,552,717		1,628,548
3.00%, 04/20/2050		2,161,879		2,264,055
3.00%, 06/20/2050		2,380,963		2,485,753
3.00%, 09/20/2050		3,508,480		3,720,298
3.00%, 09/20/2050		9,574,698		10,372,313
3.00%, 12/20/2070(4)		3,811,560		4,115,317
3.05%, 09/20/2070(4)		5,025,754		5,434,867
3.08%, 06/20/2070(4)		5,616,050		6,078,834
3.50%, 10/20/2042		2,986,698		3,203,098

	Principal Amount		Value
3.50%, 11/20/2042		1,028,696		1,104,352
3.50%, 05/20/2043		712,666		764,891
3.50%, 03/20/2045		822,129		876,365
3.50%, 04/20/2045		6,355,450		6,776,164
3.50%, 10/20/2045		5,351,852		5,702,442
3.50%, 01/20/2046		3,232,422		3,444,149
3.50%, 02/20/2046		11,573,015		12,335,790
3.50%, 03/20/2046		944,008		1,005,826
3.50%, 04/20/2046		20,924,115		22,214,942
3.50%, 05/20/2046		6,230,244		6,640,325
3.50%, 06/20/2046		2,869,374		3,054,555
3.50%, 07/20/2046(7)		6,158,850		6,554,545
3.50%, 08/20/2046		906,066		964,659
3.50%, 09/20/2046		711,618		756,798
3.50%, 11/20/2046		1,089,658		1,158,026
3.50%, 12/20/2046		4,707,617		5,011,994
3.50%, 01/20/2047		344,762		367,397
3.50%, 02/20/2047		3,757,812		3,994,629
3.50%, 03/20/2047		2,951,191		3,130,507
3.50%, 04/20/2047		505,950		532,798
3.50%, 05/20/2047		5,075,802		5,385,951
3.50%, 06/20/2047		2,694,442		2,853,986
3.50%, 08/20/2047		463,436		491,431
3.50%, 11/20/2047		9,327,472		9,899,509
3.50%, 12/20/2047		1,558,622		1,648,362
3.50%, 04/20/2048		4,373,353		4,635,328
3.50%, 06/20/2049		1,681,272		1,766,056
3.50%, 11/20/2049		4,927,603		5,225,284
3.50%, 08/20/2050		9,518,308		10,434,763
3.50%, 01/20/2051		10,924,797		12,002,389
4.00%, 10/20/2040		1,277,478		1,397,705
4.00%, 06/20/2042		1,706,241		1,880,797
4.00%, 10/20/2042		3,985,677		4,367,799
4.00%, 12/20/2042		1,929,731		2,114,741
4.00%, 02/20/2043		828,117		907,388
4.00%, 10/20/2043		2,413,262		2,606,387
4.00%, 11/20/2044		1,366,021		1,490,452
4.00%, 12/20/2044		995,803		1,085,860
4.00%, 03/20/2045		261,334		285,709
4.00%, 05/20/2045		3,195,798		3,465,022
4.00%, 06/20/2045		654,994		708,439
4.00%, 08/20/2045		7,770,093		8,391,564
4.00%, 10/20/2045		2,055,633		2,221,759
4.00%, 11/20/2045		2,926,133		3,172,070
4.00%, 12/20/2045		75,934		82,095
4.00%, 01/20/2046		965,580		1,044,329
4.00%, 02/20/2046		326,289		353,438
4.00%, 03/20/2046		630,500		683,221
4.00%, 04/20/2046		1,654,126		1,790,499
4.00%, 05/20/2046		2,798,904		3,011,496

	Principal Amount		Value
4.00%, 06/20/2046		1,336,885		1,445,123
4.00%, 11/20/2046		1,204,260		1,301,146
4.00%, 02/20/2047		1,873,021		2,010,050
4.00%, 03/20/2047		3,819,684		4,097,583
4.00%, 05/20/2047		305,591		327,047
4.00%, 05/20/2047		319,333		341,787
4.00%, 06/20/2047		1,169,382		1,252,655
4.00%, 07/20/2047		5,691,166		6,072,428
4.00%, 09/20/2047		1,794,138		1,913,270
4.00%, 12/20/2047		2,592,724		2,767,544
4.00%, 01/20/2048		1,421,523		1,512,721
4.00%, 06/20/2048		4,544,167		4,836,846
4.00%, 01/20/2050		6,001,143		6,348,266
4.25%, 12/20/2047		1,438,737		1,612,031
4.39%, 05/20/2063(4)		1,366		1,406
4.50%, 06/20/2040		442,633		489,520
4.50%, 01/20/2041		381,338		427,335
4.50%, 03/20/2041		338,148		373,972
4.50%, 05/20/2041		168,216		186,037
4.50%, 06/20/2041		1,199,100		1,326,141
4.50%, 09/20/2041		400,124		442,517
4.50%, 09/20/2043		974,355		1,077,543
4.50%, 10/20/2043		1,872,515		2,070,920
4.50%, 12/20/2043		1,022,131		1,130,420
4.50%, 10/20/2045		11,526,083		12,682,967
4.50%, 01/20/2046		1,556,234		1,720,471
4.50%, 07/20/2046		821,726		908,327
4.50%, 09/20/2046		1,360,105		1,503,998
4.50%, 11/20/2046		2,308,695		2,547,953
4.50%, 03/20/2047		441,089		477,882
4.50%, 07/20/2047		4,392,415		4,753,960
4.50%, 08/20/2047		1,118,975		1,208,459
4.50%, 09/20/2047		5,744,448		6,186,879
4.50%, 01/20/2048		879,008		949,707
4.50%, 02/20/2048		4,140,180		4,413,695
4.50%, 03/20/2048		435,923		468,633
4.50%, 04/20/2048		379,489		407,039
4.50%, 04/20/2048		1,775,793		1,938,759
4.50%, 04/20/2048		2,577,808		2,794,707
4.50%, 04/20/2048		2,591,129		2,854,856
4.50%, 05/20/2048		1,580,373		1,698,379
4.50%, 05/20/2048		4,211,977		4,502,749
4.50%, 05/20/2048		4,470,394		4,931,058
4.50%, 09/20/2048		945,194		1,015,599
4.50%, 11/20/2049		8,250,418		9,005,634
5.00%, 10/20/2037		197,002		222,110
5.00%, 07/20/2040		114,480		129,214
5.00%, 06/20/2044		508,948		576,327
5.00%, 07/20/2044		444,666		503,548
5.00%, 08/20/2045		539,093		606,104

	Principal Amount		Value
5.00%, 09/20/2046		1,248,212		1,413,451
5.00%, 10/20/2047		224,713		245,548
5.00%, 11/20/2047		1,085,583		1,188,210
5.00%, 06/20/2048		1,691,693		1,849,047
5.00%, 07/20/2048		636,264		702,832
5.00%, 07/20/2048		3,244,475		3,516,811
5.00%, 02/20/2049		8,201,400		8,850,993
5.00%, 07/20/2049		515,125		572,594
5.00%, 08/20/2049		8,353,498		9,233,549
5.50%, 09/20/2039		80,693		93,501
6.00%, 03/20/2028		4,029		4,547
6.00%, 11/20/2033		3,112		3,644
6.00%, 09/20/2038		290,518		331,272
6.00%, 11/20/2038		1,408		1,565
6.00%, 08/20/2039		130,457		149,110
6.50%, 07/20/2029		47,027		53,620
7.00%, 08/20/2038		12,524		14,635
7.50%, 02/20/2028		814		902
7.50%, 09/20/2028		2,201		2,445
8.00%, 12/20/2025		296		321
8.00%, 06/20/2026		702		769
8.00%, 08/20/2026		535		595
8.00%, 09/20/2026		645		720
8.00%, 11/20/2026		571		641
8.00%, 10/20/2027		1,337		1,485
8.00%, 11/20/2027		1,263		1,399
8.00%, 12/20/2027		744		834
8.00%, 06/20/2028		432		436
8.00%, 08/20/2028		32		32
8.00%, 09/20/2028		216		217
8.50%, 03/20/2025		149		152
8.50%, 04/20/2025		584		608
8.50%, 05/20/2025		1,675		1,809
GMACM Mortgage Loan Trust 2005-AR3
3.11%, 06/19/2035, Series 2005-AR3, Class 3A4(4)		53,547		51,781
GS Mortgage Securities Corp. II
4.26%, 07/10/2051, Series 2018-GS10, Class A3(4)		28,521,000		31,294,254
GS Mortgage Securities Corp. Trust 2012-ALOHA
3.55%, 04/10/2034, Series 2012-ALOH, Class A(3)		4,200,000		4,246,159
GS Mortgage Securities Corp. Trust 2021-RENT
0.79% (1 Month LIBOR USD + 0.70%, 0.70% Floor), 11/21/2035, Series 2021-RENT, Class A(2)(3)		5,125,000		5,127,456
GS Mortgage Securities Trust 2006-GG8
1.27%, 11/10/2039, Series 2006-GG8, Class X(3)(4)		1,200,464		2,967
GS Mortgage Securities Trust 2012-GCJ9
2.77%, 11/10/2045, Series 2012-GCJ9, Class A3		12,826,934		13,103,919
GS Mortgage Securities Trust 2013-GC13
3.87%, 07/10/2046, Series 2013-GC13, Class A4(4)		5,880,000		6,139,790
GS Mortgage Securities Trust 2013-GC16
1.19%, 11/10/2046, Series 2013-GC16, Class XA(4)		15,886,288		315,966
GS Mortgage Securities Trust 2013-GCJ12

	Principal Amount		Value
3.14%, 06/10/2046, Series 2013-GC12, Class A4		1,260,000		1,310,468
GS Mortgage Securities Trust 2014-GC18
4.07%, 01/10/2047, Series 2014-GC18, Class A4		8,419,000		9,011,278
GS Mortgage Securities Trust 2014-GC26
3.36%, 11/10/2047, Series 2014-GC26, Class A4		7,918,981		8,399,123
GS Mortgage Securities Trust 2015-GC28
3.14%, 02/10/2048, Series 2015-GC28, Class A4		8,722,029		9,205,957
GS Mortgage Securities Trust 2016-GS4
3.18%, 11/10/2049, Series 2016-GS4, Class A3		12,000,000		12,647,539
3.44%, 11/10/2049, Series 2016-GS4, Class A4(4)		1,317,000		1,443,033
GS Mortgage Securities Trust 2020-GC45
2.91%, 02/13/2053, Series 2020-GC45, Class A5		2,550,000		2,733,635
GSMPS Mortgage Loan Trust 2004-4
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor), 06/25/2034, Series 2004-4, Class 1AF(2)(3)		45,096		40,752
GSMPS Mortgage Loan Trust 2005-RP2
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor), 03/25/2035, Series 2005-RP2, Class 1AF(2)(3)		77,973		72,743
GSMPS Mortgage Loan Trust 2005-RP3
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.50% Cap), 09/25/2035, Series 2005-RP3, Class 1AF(2)(3)		516,397		441,687
4.25%, 09/25/2035, Series 2005-RP3, Class 1AS(3)(4)		380,722		44,108
GSR Mortgage Loan Trust 2003-3F
5.75%, 04/25/2033, Series 2003-3F, Class 4A3		7,084		7,326
GSR Mortgage Loan Trust 2004-13F
6.00%, 11/25/2034, Series 2004-13F, Class 3A3		39,960		41,576
GSR Mortgage Loan Trust 2004-6F
5.50%, 05/25/2034, Series 2004-6F, Class 2A4		41,621		43,238
6.50%, 05/25/2034, Series 2004-6F, Class 3A4		27,899		30,096
GSR Mortgage Loan Trust 2005-5F
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap), 06/25/2035, Series 2005-5F, Class 8A3(2)		13,832		13,387
GSR Mortgage Loan Trust 2005-7F
6.00%, 09/25/2035, Series 2005-7F, Class 3A9		67,439		70,055
GSR Mortgage Loan Trust 2005-AR6
2.75%, 09/25/2035, Series 2005-AR6, Class 3A1(4)		4,278		4,246
GSR Mortgage Loan Trust 2006-1F
5.50%, 02/25/2036, Series 2006-1F, Class 1A3		25,218		38,522
6.00%, 02/25/2036, Series 2006-1F, Class 2A4		234,797		169,276
Headlands Residential 2019-RPL1 LLC
3.97%, 06/25/2024, Series 2019-RPL1(1)(3)		9,000,000		9,034,568
Headlands Residential LLC
3.88%, 11/25/2024, Series 2017-RPL1, Class A(1)(3)		6,170,000		6,219,884
Home Re 2018-1 Ltd.
1.69% (1 Month LIBOR USD + 1.60%), 10/25/2028, Series 2018-1, Class M1(2)(3)		556,358		556,549
Home RE 2019-1 Ltd.
1.74% (1 Month LIBOR USD + 1.65%), 05/25/2029, Series 2019-1, Class M1(2)(3)		513,119		513,476
HomeBanc Mortgage Trust 2005-3
0.57% (1 Month LIBOR USD + 0.48%, 0.48% Floor, 11.50% Cap), 07/25/2035, Series 2005-3, Class A1(2)		47,392		47,442
Impac CMB Trust Series 2004-4
5.18%, 09/25/2034, Series 2004-4, Class 2A2(1)		7,292		7,586
Impac CMB Trust Series 2004-7
0.83% (1 Month LIBOR USD + 0.74%, 11.25% Cap), 11/25/2034, Series 2004-7, Class 1A1(2)		553,898		559,429
Impac CMB Trust Series 2005-4

	Principal Amount		Value
0.69% (1 Month LIBOR USD + 0.30%, 0.60% Floor, 10.25% Cap), 05/25/2035, Series 2005-4, Class 2A1(2)		83,501		83,403
Impac Secured Assets CMN Owner Trust
5.50%, 08/25/2033, Series 2003-2, Class A1		51,222		50,279
Impac Secured Assets Trust 2006-1
0.79% (1 Month LIBOR USD + 0.70%, 0.70% Floor, 11.50% Cap), 05/25/2036, Series 2006-1, Class 2A1(2)		67,321		67,105
Independence Plaza Trust 2018-INDP
3.76%, 07/10/2035, Series 2018-INDP, Class A(3)		5,445,000		5,771,012
JP Morgan Alternative Loan Trust
3.17%, 03/25/2036, Series 2006-A1, Class 2A1(4)		20,733		19,888
JP Morgan Chase Commercial Mortgage Securities Trust 2005-CIBC11
0.22%, 08/12/2037, Series 2005-CB11, Class X1(3)(4)		862,442		165
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC15
7.69%, 06/12/2043, Series 2006-CB15, Class X1(4)		1,472,399		461
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12
0.00%, 02/15/2051, Series 2007-LD12, Class X(4)		853,777		9
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11
2.96%, 04/15/2046, Series 2013-LC11, Class A5		7,152,087		7,414,582
JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD
1.07% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 09/15/2029, Series 2019-BKWD, Class A(2)(3)		9,200,000		9,211,778
JP Morgan Mortgage Trust 2004-A3
2.30%, 07/25/2034, Series 2004-A3, Class 4A1(4)		3,558		3,675
JP Morgan Mortgage Trust 2004-A4
2.53%, 09/25/2034, Series 2004-A4, Class 1A1(4)		13,708		13,502
JP Morgan Mortgage Trust 2004-S1
5.00%, 09/25/2034, Series 2004-S1, Class 1A7		4,197		4,355
JP Morgan Mortgage Trust 2005-A1
2.70%, 02/25/2035, Series 2005-A1, Class 3A4(4)		51,149		50,595
JP Morgan Mortgage Trust 2005-A4
2.70%, 07/25/2035, Series 2005-A4, Class 1A1(4)		44,934		46,572
JP Morgan Mortgage Trust 2006-A2
2.47%, 08/25/2034, Series 2006-A2, Class 4A1(4)		288,735		303,138
2.51%, 11/25/2033, Series 2006-A2, Class 5A3(4)		146,861		148,320
JP Morgan Mortgage Trust 2006-A3
2.80%, 08/25/2034, Series 2006-A3, Class 6A1(4)		44,670		44,911
JP Morgan Mortgage Trust 2006-A7
3.09%, 01/25/2037, Series 2006-A7, Class 2A2(4)		38,742		36,217
3.09%, 01/25/2037, Series 2006-A7, Class 2A4R(4)		67,959		63,530
JP Morgan Mortgage Trust 2007-A1
2.58%, 07/25/2035, Series 2007-A1, Class 5A1(4)		35,367		36,127
2.58%, 07/25/2035, Series 2007-A1, Class 5A2(4)		539,491		551,097
JP Morgan Mortgage Trust 2007-A2
3.08%, 04/25/2037, Series 2007-A2, Class 2A3(4)		139,853		125,486
JPMBB Commercial Mortgage Securities Trust 2013-C17
3.93%, 01/15/2047, Series 2013-C17, Class A3		2,138,291		2,217,564
JPMBB Commercial Mortgage Securities Trust 2014-C19
3.67%, 04/15/2047, Series 2014-C19, Class A3		669,544		674,451
JPMBB Commercial Mortgage Securities Trust 2014-C25
3.41%, 11/15/2047, Series 2014-C25, Class A4A1		7,391,436		7,848,495
JPMCC Commercial Mortgage Securities Trust 2017-JP5
3.46%, 03/15/2050, Series 2017-JP5, Class A4		12,460,000		13,548,296

	Principal Amount		Value
JPMCC Commercial Mortgage Securities Trust 2017-JP7
3.19%, 09/15/2050, Series 2017-JP7, Class A4		20,000,000		21,503,846
Ladder Capital Commercial Mortgage 2013-GCP Mortgage Trust
3.99%, 02/15/2036, Series 2013-GCP, Class A2(3)		1,027,000		1,149,202
LB-UBS Commercial Mortgage Trust 2007-C2
0.34%, 02/15/2040, Series 2007-C2, Class XW(4)		285,872		12
LCCM 2017-LC26
3.29%, 07/12/2050, Series 2017-LC26, Class A3(3)		20,300,000		21,617,032
Legacy Mortgage Asset Trust 2019-GS6
3.00%, 06/25/2059, Series 2019-GS6, Class A1(1)(3)		818,783		821,169
Legacy Mortgage Asset Trust 2019-PR1
3.86%, 09/25/2059, Series 2019-PR1, Class A1(1)(3)		14,851,484		14,934,836
Legacy Mortgage Asset Trust 2020-GS1
2.88%, 10/25/2059, Series 2020-GS1, Class A1(1)(3)		5,203,279		5,240,705
Legacy Mortgage Asset Trust 2021-GS1
1.89%, 10/25/2066, Series 2021-GS1, Class A1(1)(3)		6,226,037		6,237,922
Legacy Mortgage Asset Trust 2021-GS2
1.75%, 04/25/2061, Series 2021-GS2, Class A1(1)(3)		6,596,251		6,602,972
Lehman Mortgage Trust 2006-2
5.95%, 04/25/2036, Series 2006-2, Class 1A1(4)		43,033		36,346
Lehman Mortgage Trust 2007-6
6.00%, 07/25/2037, Series 2007-6, Class 1A8		14,620		14,457
Lehman Mortgage Trust 2008-2
6.00%, 03/25/2038, Series 2008-2, Class 1A6		253,890		135,945
LHOME Mortgage Trust 2019-RTL3
3.87%, 07/25/2024, Series 2019-RTL3, Class A1(3)		9,210,000		9,288,230
LHOME Mortgage Trust 2021-RTL1
2.09%, 09/25/2026, Series 2021-RTL1, Class A1(3)(4)		4,790,000		4,782,562
MASTR Adjustable Rate Mortgages Trust 2004-13
2.70%, 04/21/2034, Series 2004-13, Class 2A1(4)		77,293		77,459
MASTR Adjustable Rate Mortgages Trust 2004-15
2.62%, 12/25/2034, Series 2004-15, Class 3A1(4)		8,891		8,726
MASTR Adjustable Rate Mortgages Trust 2004-3
2.26%, 04/25/2034, Series 2004-3, Class 4A2(4)		19,187		19,281
MASTR Alternative Loan Trust 2003-9
6.00%, 12/25/2033, Series 2003-9, Class 2A1		23,631		24,476
6.00%, 01/25/2034, Series 2003-9, Class 8A1		15,451		15,982
MASTR Alternative Loan Trust 2004-10
4.50%, 09/25/2021, Series 2004-10, Class 1A1		747		748
MASTR Alternative Loan Trust 2004-13
5.50%, 01/25/2025, Series 2004-13, Class 2A1		1,059		617
MASTR Alternative Loan Trust 2004-3
6.00%, 04/25/2034, Series 2004-3, Class 3A1		154,767		156,756
6.25%, 04/25/2034, Series 2004-3, Class 2A1		32,034		32,483
MASTR Alternative Loan Trust 2004-6
0.00%, 07/25/2034, Series 2004-6, Class 30PO		23,430		19,766
6.00%, 07/25/2034, Series 2004-6, Class 7A1		16,060		16,731
MASTR Alternative Loan Trust 2004-7
0.00%, 08/25/2034, Series 2004-7, Class 30PO		14,023		11,876
MASTR Alternative Loan Trust 2004-8

	Principal Amount		Value
5.50%, 09/25/2021, Series 2004-8, Class 6A1		291		303
MASTR Alternative Loan Trust 2005-6
5.50%, 12/25/2035, Series 2005-6, Class 3A1		13,614		13,003
MASTR Asset Securitization Trust 2003-12
0.00%, 12/25/2033, Series 2003-12, Class 30PO		1,703		1,542
5.00%, 12/25/2033, Series 2003-12, Class 6A1		8,041		8,104
MASTR Asset Securitization Trust 2004-1
0.00%, 02/25/2034, Series 2004-1, Class 30PO		1,337		1,112
MASTR Asset Securitization Trust 2004-4
5.25%, 12/26/2033, Series 2004-4, Class 1A6		27,549		28,418
MASTR Asset Securitization Trust 2004-6
0.00%, 07/25/2021, Series 2004-6, Class 15PO		37		37
MASTR Reperforming Loan Trust 2005-2
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.50% Cap), 05/25/2035, Series 2005-2, Class 1A1F(2)(3)		746,145		403,682
MASTR Reperforming Loan Trust 2006-2
4.23%, 05/25/2036, Series 2006-2, Class 1A1(3)(4)		85,570		78,918
MASTR Resecuritization Trust 2005-PO
0.00%, 05/28/2035, Series 2005-PO, Class 3PO(3)		15,041		11,268
Mello Warehouse Securitization Trust 2020-1
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 10/25/2053, Series 2020-1, Class A(2)(3)		5,585,000		5,584,851
Mello Warehouse Securitization Trust 2021-1
0.81% (1 Month LIBOR USD + 0.70%, 0.70% Floor), 02/25/2055, Series 2021-1, Class A(2)(3)		8,500,000		8,499,999
Merrill Lynch Mortgage Backed Securities Trust Series 2007-3
1.26%, 06/25/2037, Series 2007-3, Class 1A3(4)		55,585		52,940
Merrill Lynch Mortgage Investors Trust Series 2003-A5
2.20%, 08/25/2033, Series 2003-A5, Class 2A6(4)		18,605		18,704
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E
0.71% (1 Month LIBOR USD + 0.62%, 0.62% Floor, 11.75% Cap), 10/25/2028, Series 2003-E, Class A1(2)		48,774		49,322
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-F
0.73% (1 Month LIBOR USD + 0.64%, 0.64% Floor, 11.75% Cap), 10/25/2028, Series 2003-F, Class A1(2)		50,881		51,143
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-1
2.12%, 12/25/2034, Series 2004-1, Class 2A1(4)		50,885		51,722
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A
0.55% (1 Month LIBOR USD + 0.46%, 0.46% Floor, 11.75% Cap), 04/25/2029, Series 2004-A, Class A1(2)		19,859		19,718
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C
0.76% (6 Month LIBOR USD + 0.60%, 0.60% Floor, 11.75% Cap), 07/25/2029, Series 2004-C, Class A2(2)		36,334		36,142
Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A4
2.73%, 08/25/2034, Series 2004-A4, Class A2(4)		42,740		44,262
Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A2
2.81%, 02/25/2035, Series 2005-A2, Class A1(4)		81,444		82,103
MFA 2021-RPL1 Trust
1.13%, 07/25/2060, Series 2021-RPL1, Class A1(3)(4)		15,365,731		15,315,938
MHC Commercial Mortgage Trust 2021-MHC
1.42% (1 Month LIBOR USD + 1.35%, 1.35% Floor), 04/15/2038, Series 2021-MHC, Class C(2)(3)		11,300,000		11,310,646
Mill City Mortgage Loan Trust 2021-NMR1
1.13%, 11/25/2060, Series 2021-NMR1, Class A1(3)(4)		3,317,907		3,330,847
ML-CFC Commercial Mortgage Trust 2006-4
1.39%, 12/12/2049, Series 2006-4, Class XC(3)(4)		25,227		1
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6
2.86%, 11/15/2045, Series 2012-C6, Class A4		6,874,059		7,014,131

	Principal Amount		Value
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20
3.25%, 02/15/2048, Series 2015-C20, Class A4		3,652,000		3,903,611
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23
3.45%, 07/15/2050, Series 2015-C23, Class A3		17,606,533		18,978,883
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24
3.48%, 05/15/2048, Series 2015-C24, Class A3		4,921,008		5,279,511
3.73%, 05/15/2048, Series 2015-C24, Class A4		6,507,000		7,120,006
Morgan Stanley Capital I Trust 2006-IQ12
0.29%, 12/15/2043, Series 2006-IQ12, Class X1(3)(4)		184,417		1
Morgan Stanley Capital I Trust 2007-IQ13
0.65%, 03/15/2044, Series 2007-IQ13, Class X(3)(4)		419,401		640
Morgan Stanley Capital I Trust 2016-UB11
2.53%, 08/15/2049, Series 2016-UB11, Class A3		20,000,000		21,040,120
Morgan Stanley Capital I Trust 2018-H4
4.31%, 12/15/2051, Series 2018-H4, Class A4		2,552,000		2,939,642
Morgan Stanley Capital I Trust 2021-L5
2.73%, 05/15/2054, Series 2021-L5, Class A4		4,023,000		4,253,450
Morgan Stanley Mortgage Loan Trust 2004-3
5.64%, 04/25/2034, Series 2004-3, Class 4A(4)		120,742		127,801
Morgan Stanley Mortgage Loan Trust 2004-9
3.23%, 10/25/2021, Series 2004-9, Class 4A(4)		7,698		7,571
Mortgage Repurchase Agreement Financing Trust
0.58% (1 Month LIBOR USD + 0.50%), 03/10/2022, Series 2021-1, Class A2(2)(3)		13,800,000		13,801,994
Mortgage Repurchase Agreement Financing Trust Series 2020-4
1.43% (1 Month LIBOR USD + 1.35%), 04/23/2023, Series 2020-4, Class A1(2)(3)		1,605,000		1,605,769
1.43% (1 Month LIBOR USD + 1.35%), 04/23/2023, Series 2020-4, Class A2(2)(3)		3,110,000		3,111,490
Mortgage Repurchase Agreement Financing Trust Series 2020-5
1.08% (1 Month LIBOR USD + 1.00%), 08/10/2023, Series 2020-5, Class A1(2)(3)		4,890,000		4,893,050
1.08% (1 Month LIBOR USD + 1.00%), 08/10/2023, Series 2020-5, Class A2(2)(3)		10,000,000		10,006,238
MortgageIT Trust 2005-2
0.61% (1 Month LIBOR USD + 0.52%, 0.52% Floor, 11.50% Cap), 05/25/2035, Series 2005-2, Class 1A1(2)		345,022		346,986
MRA Issuance Trust 2020-7
1.69% (1 Month LIBOR USD + 1.60%, 1.60% Floor), 12/11/2021, Series 2020-7, Class A(2)(3)		30,440,000		30,460,349
MRA Issuance Trust 2021-10
0.00% (1 Month LIBOR USD + 1.50%, 1.50% Floor), 02/22/2023, Series 2021-10, Class A1X(2)(3)(5)(12)		13,860,000		13,860,000
MRA Issuance Trust 2021-9
1.29% (1 Month LIBOR USD + 1.20%, 1.20% Floor), 11/15/2021, Series 2021-9, Class A1X(2)(3)(12)		9,000,000		8,976,150
MRA Issuance Trust 2021-EBO2
0.00%, 04/01/2022, Series 2021-EBO2(3)(4)(12)		14,100,000		14,100,000
MRA Issuance Trust 2021-EBO3
1.86% (1 Month LIBOR USD + 1.75%, 1.75% Floor), 03/31/2023, Series 2021-EBO3, Class A1X(2)(3)(12)		11,810,000		11,810,000
2.86% (1 Month LIBOR USD + 2.75%, 2.75% Floor), 03/31/2023, Series 2021-EBO3, Class A2(2)(3)(12)		12,910,000		12,910,000
MRA Issuance Trust 2021-EBO5
1.84% (1 Month LIBOR USD + 1.75%, 1.75% Floor), 02/16/2022, Series 2021-EBO5, Class A1X(2)(3)		16,400,000		16,406,937
MRCD 2019-MARK Mortgage Trust
2.72%, 12/15/2036, Series 2019-PARK, Class D(3)		6,108,000		6,154,049
2.72%, 12/15/2036, Series 2019-PARK, Class A(3)		9,990,000		10,407,599
MRFC Mortgage Pass-Through Trust Series 1999-TBC2
0.55% (1 Month LIBOR USD + 0.48%, 0.24% Floor, 10.00% Cap), 06/15/2030, Series 2000-TBC2, Class A1(2)		115,416		115,848
MRFC Mortgage Pass-Through Trust Series 2000-TBC3

	Principal Amount		Value
0.51% (1 Month LIBOR USD + 0.44%, 0.22% Floor, 10.00% Cap), 12/15/2030, Series 2000-TBC3, Class A1(2)		29,619		29,019
MSG III Securitization Trust 2021-1
0.84% (1 Month LIBOR USD + 0.75%, 0.75% Floor), 06/25/2054, Series 2021-1, Class A(2)(3)		9,535,000		9,533,246
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 06/25/2054, Series 2021-1, Class B(2)(3)		1,480,000		1,479,728
1.19% (1 Month LIBOR USD + 1.10%, 1.10% Floor), 06/25/2054, Series 2021-1, Class C(2)(3)		1,255,000		1,254,759
1.39% (1 Month LIBOR USD + 1.30%, 1.30% Floor), 06/25/2054, Series 2021-1, Class D(2)(3)		520,000		519,896
NACC Reperforming Loan REMIC Trust 2004-R2
6.50%, 10/25/2034, Series 2004-R2, Class A1(3)(4)		42,874		42,393
New Residential Mortgage Loan Trust 2017-2
4.00%, 03/25/2057, Series 2017-2A, Class A3(3)(4)		2,268,362		2,421,607
New Residential Mortgage Loan Trust 2017-3
4.00%, 04/25/2057, Series 2017-3A, Class A1(3)(4)		3,844,346		4,114,479
New Residential Mortgage Loan Trust 2017-4
4.00%, 05/25/2057, Series 2017-4A, Class A1(3)(4)		2,378,902		2,532,259
New Residential Mortgage Loan Trust 2020-RPL2
3.58%, 08/25/2025, Series 2020-RPL2, Class A1(3)(4)		316,219		322,095
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A1
5.50%, 05/25/2033, Series 2003-A1, Class A1		2,308		2,366
6.00%, 05/25/2033, Series 2003-A1, Class A2		8,884		8,964
7.00%, 04/25/2033, Series 2003-A1, Class A5		7,930		8,132
Oaktown Re II Ltd.
1.64% (1 Month LIBOR USD + 1.55%), 07/25/2028, Series 2018-1A, Class M1(2)(3)		547,366		547,495
Oaktown Re III Ltd.
1.49% (1 Month LIBOR USD + 1.40%, 1.40% Floor), 07/25/2029, Series 2019-1A, Class M1A(2)(3)		145,680		145,722
PMT Credit Risk Transfer Trust 2020-2R
3.91% (1 Month LIBOR USD + 3.82%, 3.82% Floor), 12/25/2022, Series 2020-2R, Class A(2)(3)		9,472,322		9,600,047
PMT Credit Risk Transfer Trust 2021-1R
3.01% (1 Month LIBOR USD + 2.90%, 2.90% Floor), 02/27/2024, Series 2021-1R, Class A(2)(3)		17,998,605		18,163,474
Pretium Mortgage Credit Partners I 2021-NPL1 LLC
2.24%, 09/27/2060, Series 2021-NPL1, Class A1(1)(3)		11,884,426		11,881,800
Prime Mortgage Trust 2004-CL1
6.00%, 02/25/2034, Series 2004-CL1, Class 1A1		40,925		41,519
Provident Funding Mortgage Warehouse Securitization Trust 2021-1
0.79% (1 Month LIBOR USD + 0.70%, 0.70% Floor), 02/25/2055, Series 2021-1, Class A(2)(3)		11,710,000		11,673,603
PRPM 2020-3 LLC
2.86%, 09/25/2025, Series 2020-3, Class A1(1)(3)		2,242,609		2,254,516
PRPM 2020-5 LLC
3.10%, 11/25/2025, Series 2020-5, Class A1(1)(3)		2,240,714		2,255,571
PRPM 2021-1 LLC
2.12%, 01/25/2026, Series 2021-1, Class A1(3)(4)		8,936,739		8,952,884
PRPM 2021-2 LLC
2.12%, 03/25/2026, Series 2021-2, Class A1(3)(4)		9,675,843		9,693,056
PRPM 2021-3 LLC
1.87%, 04/25/2026, Series 2021-3, Class A1(1)(3)		2,619,156		2,632,011
PRPM 2021-5 LLC
1.79%, 06/25/2026, Series 2021-5, Class A1(1)(3)		3,000,000		3,000,521
Radnor Re 2018-1 Ltd.
1.49% (1 Month LIBOR USD + 1.40%), 03/25/2028, Series 2018-1, Class M1(2)(3)		191,943		191,984
Radnor RE 2020-1 Ltd.
1.04% (1 Month LIBOR USD + 0.95%, 0.95% Floor), 01/25/2030, Series 2020-1, Class M1A(2)(3)		1,100,000		1,100,116

	Principal Amount		Value
RALI Series 2002-QS16 Trust
16.43% (1 Month LIBOR USD + 16.62%, 16.62% Cap), 10/25/2049, Series 2002-QS16, Class A3(2)(5)		102		80
RALI Series 2003-QS14 Trust
5.00%, 07/25/2021, Series 2003-QS14, Class A1		995		988
RALI Series 2003-QS9 Trust
0.00% (1 Month LIBOR USD + 7.55%, 7.55% Cap), 05/25/2049, Series 2003-QS9, Class A3(2)(5)(10)		712		0
RALI Series 2004-QS6 Trust
5.00%, 05/25/2023, Series 2004-QS6, Class A1		956		900
RALI Series 2005-QA6 Trust
3.60%, 05/25/2035, Series 2005-QA6, Class A32(4)		85,998		58,363
RALI Series 2007-QS1 Trust
6.00%, 01/25/2037, Series 2007-QS1, Class 1A1		11,816		11,512
RBS Commercial Funding, Inc. 2013-SMV Trust
3.26%, 03/11/2031, Series 2013-SMV, Class A(3)		512,000		523,886
RBSSP Resecuritization Trust 2009-1
6.50%, 02/26/2036, Series 2009-1, Class 1A1(3)(4)		38,959		39,322
RBSSP Resecuritization Trust 2009-12
5.21%, 11/25/2033, Series 2009-12, Class 1A1(3)(4)		25,708		25,642
RCO V Mortgage LLC 2020-1
3.10%, 09/25/2025, Series 2020-1, Class A1(1)(3)		10,221,948		10,303,826
Reperforming Loan REMIC Trust 2005-R1
0.00%, 03/25/2035, Series 2005-R1, Class 2APO(3)		5,602		3,859
Residential Asset Securitization Trust 2003-A8
4.25%, 10/25/2021, Series 2003-A8, Class A5		1,399		1,356
Residential Asset Securitization Trust 2004-A7
5.50%, 10/25/2034, Series 2004-A7, Class A6		1,356,699		1,400,526
Residential Asset Securitization Trust 2005-A2
4.96% (1 Month LIBOR USD + 5.05%, 5.05% Cap), 03/25/2035, Series 2005-A2, Class A4(2)(5)		537,336		96,703
Residential Asset Securitization Trust 2006-A4IP
6.00%, 05/25/2036, Series 2006-A4, Class 2A5		43,432		42,474
RFMSI Series 2005-SA4 Trust
2.80%, 09/25/2035, Series 2005-SA4, Class 1A1(4)		18,061		16,207
Seasoned Credit Risk Transfer Trust 2017-4
3.50%, 06/25/2057, Series 2017-4, Class MT		3,371,407		3,675,947
Seasoned Credit Risk Transfer Trust Series 2018-1
3.50%, 05/25/2057, Series 2018-1, Class M60C		14,350,074		15,276,993
Seasoned Credit Risk Transfer Trust Series 2018-4
3.50%, 03/25/2058, Series 2018-4, Class MZ		8,781,428		10,178,836
Seasoned Credit Risk Transfer Trust Series 2019-1
3.50%, 07/25/2058, Series 2019-1, Class MT		8,816,315		9,613,444
Seasoned Credit Risk Transfer Trust Series 2019-3
3.50%, 10/25/2058, Series 2019-3, Class MB		3,880,000		4,428,173
Seasoned Credit Risk Transfer Trust Series 2019-4
4.00%, 02/25/2059, Series 2019-4, Class M55D		6,346,641		6,974,484
Seasoned Credit Risk Transfer Trust Series 2020-1
3.00%, 08/25/2059, Series 2020-1, Class M55G		7,462,455		7,900,437
Seasoned Credit Risk Transfer Trust Series 2020-3
2.00%, 05/25/2060, Series 2020-3, Class MT		6,524,182		6,599,997
3.00%, 05/25/2060, Series 2020-3, Class M5TW		8,250,331		8,754,208
Sequoia Mortgage Trust 2004-10

	Principal Amount		Value
0.71% (1 Month LIBOR USD + 0.62%, 0.62% Floor, 11.50% Cap), 11/20/2034, Series 2004-10, Class A1A(2)		30,679		30,312
Sequoia Mortgage Trust 2004-11
0.69% (1 Month LIBOR USD + 0.60%, 0.60% Floor, 11.50% Cap), 12/20/2034, Series 2004-11, Class A1(2)		82,228		84,257
Sequoia Mortgage Trust 2004-12
0.48% (6 Month LIBOR USD + 0.32%, 0.32% Floor, 11.50% Cap), 01/20/2035, Series 2004-12, Class A3(2)		76,490		74,144
Sequoia Mortgage Trust 2004-8
0.79% (1 Month LIBOR USD + 0.70%, 0.70% Floor, 11.50% Cap), 09/20/2034, Series 2004-8, Class A1(2)		494,837		490,352
0.94% (6 Month LIBOR USD + 0.74%, 0.74% Floor, 11.50% Cap), 09/20/2034, Series 2004-8, Class A2(2)		87,148		88,599
Series RR 2014-1 Trust
0.00%, 05/25/2047, Series 2014-1, Class A(3)		1,603,000		1,503,637
SLG Office Trust 2021-OVA
2.59%, 07/15/2041, Series 2021-OVA, Class A(3)		11,326,000		11,797,602
Station Place Securitization Trust 2021-WL1
0.74% (1 Month LIBOR USD + 0.65%, 0.65% Floor), 01/26/2054, Series 2021-WL1, Class A(2)(3)		11,000,000		11,005,891
Station Place Securitization Trust Series 2021-4
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 04/11/2022, Series 2021-4, Class A(2)(3)(12)		13,100,000		13,100,000
Station Place Securitization Trust Series 2021-8
0.90% (1 Month LIBOR USD + 0.80%, 0.80% Floor), 06/20/2022, Series 2021-8, Class A(2)(3)		11,010,000		11,014,955
Structured Asset Mortgage Investments II Trust 2004-AR5
0.75% (1 Month LIBOR USD + 0.66%, 0.66% Floor, 11.00% Cap), 10/19/2034, Series 2004-AR5, Class 1A1(2)		89,570		88,014
Structured Asset Mortgage Investments II Trust 2005-AR5
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.00% Cap), 07/19/2035, Series 2005-AR5, Class A3(2)		289,847		293,728
Structured Asset Mortgage Investments Trust 2003-CL1
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor, 8.00% Cap), 07/25/2032, Series 2003-CL1, Class 1F1(2)		188,888		186,491
Structured Asset Securities Corp.
0.44% (1 Month LIBOR USD + 0.35%, 0.35% Floor), 06/25/2035, Series 2005-RF3, Class 1A(2)(3)		58,842		52,513
2.24%, 12/25/2033, Series 2003-37A, Class 2A(4)		100,969		101,189
2.68%, 12/25/2033, Series 2003-37A, Class 8A2(4)		966,929		982,542
5.15%, 02/25/2034, Series 2004-4XS, Class 1A5(1)		143,062		145,729
Structured Asset Securities Corp. Mortgage Pass-Through Ctfs Series 2003-34A
2.74%, 11/25/2033, Series 2003-34A, Class 3A3(4)		16,519		16,793
Thornburg Mortgage Securities Trust 2003-4
0.73% (1 Month LIBOR USD + 0.64%, 0.64% Floor, 11.50% Cap), 09/25/2043, Series 2003-4, Class A1(2)		347,456		353,727
Thornburg Mortgage Securities Trust 2003-5
2.23%, 10/25/2043, Series 2003-5, Class 3A(4)		1,667,642		1,680,314
Thornburg Mortgage Securities Trust 2004-4
1.94%, 12/25/2044, Series 2004-4, Class 3A(4)		156,043		155,914
Thornburg Mortgage Securities Trust 2005-1
2.18%, 04/25/2045, Series 2005-1, Class A3(4)		403,842		410,722
Toorak Mortgage Corp. 2019-2 Ltd.
3.72%, 09/25/2022, Series 2019-2, Class A1(1)		6,665,000		6,747,103
Towd Point Mortgage Trust 2021-R1
2.92%, 11/30/2060, Series 2021-R1, Class A1(3)(4)		14,843,822		15,191,761
UBS Commercial Mortgage Trust 2012-C1
2.24%, 05/10/2045, Series 2012-C1, Class XA(3)(4)		1,256,633		8,310
UBS Commercial Mortgage Trust 2017-C2
3.26%, 08/15/2050, Series 2017-C2, Class ASB		10,114,000		10,844,427
UBS Commercial Mortgage Trust 2017-C5
3.21%, 11/15/2050, Series 2017-C5, Class A4		21,500,000		23,046,392

	Principal Amount		Value
UBS Commercial Mortgage Trust 2018-C9
3.85%, 03/15/2051, Series 2018-C9, Class A3		9,650,000		10,641,681
UBS-BAMLL Trust
3.66%, 06/10/2030, Series 2012-WRM, Class A(3)		1,787,000		1,799,244
UBS-Barclays Commercial Mortgage Trust 2012-C2
1.44%, 05/10/2063, Series 2012-C2, Class XA(3)(4)		4,990,512		45,639
3.53%, 05/10/2063, Series 2012-C2, Class A4		1,073,000		1,094,994
UBS-Barclays Commercial Mortgage Trust 2013-C6
3.24%, 04/10/2046, Series 2013-C6, Class A4		271,000		280,518
Vendee Mortgage Trust 1993-1
7.25%, 02/15/2023, Series 1993-1, Class ZB		51,367		53,506
Vendee Mortgage Trust 1994-1
5.14%, 02/15/2024, Series 1994-1, Class 1(4)		22,277		23,242
6.50%, 02/15/2024, Series 1994-1, Class 2ZB		67,591		71,559
Vendee Mortgage Trust 1996-1
6.75%, 02/15/2026, Series 1996-1, Class 1Z		57,735		64,583
Vendee Mortgage Trust 1996-2
6.75%, 06/15/2026, Series 1996-2, Class 1Z		25,835		28,785
Vendee Mortgage Trust 1997-1
7.50%, 02/15/2027, Series 1997-1, Class 2Z		88,279		99,193
Vendee Mortgage Trust 1998-1
7.00%, 03/15/2028, Series 1998-1, Class 2E		59,240		65,684
VNDO 2012-6AVE Mortgage Trust
3.00%, 11/15/2030, Series 2012-6AVE, Class A(3)		2,283,000		2,345,174
VOLT XCII LLC
1.89%, 02/27/2051, Series 2021-NPL1, Class A1(1)(3)		7,777,377		7,777,838
VOLT XCIII LLC
1.89%, 02/27/2051, Series 2021-NPL2, Class A1(1)(3)		15,379,286		15,361,691
VOLT XCIV LLC
2.24%, 02/27/2051, Series 2021-NPL3, Class A1(1)(3)		14,939,296		14,953,972
Wachovia Bank Commercial Mortgage Trust Series 2006-C24
0.00%, 03/15/2045, Series 2006-C24, Class XC(3)(4)		335,600		3
WaMu Mortgage Pass-Through Certificates Series 2003-AR11 Trust
2.81%, 10/25/2033, Series 2003-AR11, Class A6(4)		125,544		126,948
WaMu Mortgage Pass-Through Certificates Series 2003-AR7 Trust
2.66%, 08/25/2033, Series 2003-AR7, Class A7(4)		41,452		42,389
WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust
2.75%, 09/25/2033, Series 2003-AR9, Class 1A6(4)		232,838		236,822
2.79%, 09/25/2033, Series 2003-AR9, Class 2A(4)		33,387		33,290
WaMu Mortgage Pass-Through Certificates Series 2003-S1 Trust
5.50%, 04/25/2033, Series 2003-S1, Class A5		42,522		43,669
WaMu Mortgage Pass-Through Certificates Series 2003-S4
17.21% (1 Month LIBOR USD + 17.46%, 17.46% Cap), 06/25/2033, Series 2003-S4, Class 2A10(2)(5)		13,269		15,745
WaMu Mortgage Pass-Through Certificates Series 2003-S9 Trust
0.00%, 10/25/2033, Series 2003-S9, Class P		2,807		2,474
5.25%, 10/25/2033, Series 2003-S9, Class A8		175,753		179,974
WaMu Mortgage Pass-Through Certificates Series 2004-AR14 Trust
2.79%, 01/25/2035, Series 2004-AR14, Class A1(4)		1,377,445		1,395,698
WaMu Mortgage Pass-Through Certificates Series 2004-AR3 Trust
2.58%, 06/25/2034, Series 2004-AR3, Class A2(4)		68,725		70,616

	Principal Amount		Value
2.58%, 06/25/2034, Series 2004-AR3, Class A1(4)		1,219,637		1,256,078
WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust
6.00%, 08/25/2034, Series 2004-CB2, Class 3A		504,117		546,115
WaMu Mortgage Pass-Through Certificates Series 2004-CB3 Trust
6.50%, 10/25/2034, Series 2004-CB3, Class 2A		1,534,434		1,597,702
WaMu Mortgage Pass-Through Certificates Series 2004-RS2
5.00%, 11/25/2033, Series 2004-RS2, Class A4		23,928		24,573
WaMu Mortgage Pass-Through Certificates Series 2004-S2 Trust
5.50%, 06/25/2034, Series 2004-S2, Class 2A4		141,360		145,263
WaMu Mortgage Pass-Through Certificates Series 2004-S3 Trust
5.00%, 07/25/2034, Series 2004-S3, Class 1A5		12,419		12,529
WaMu Mortgage Pass-Through Certificates Series 2006-AR10 Trust
3.08%, 09/25/2036, Series 2006-AR10, Class 2P(4)		6,036		5,087
WaMu Mortgage Pass-Through Certificates Series 2006-AR8 Trust
3.08%, 08/25/2046, Series 2006-AR8, Class 1A2(4)		36,696		36,486
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-1 Trust
0.00%, 03/25/2035, Series 2005-1, Class CP		6,663		5,279
5.50%, 03/25/2035, Series 2005-1, Class 1A1		61,729		62,708
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-2 Trust
4.91% (1 Month LIBOR USD + 5.00%, 5.00% Cap), 04/25/2035, Series 2005-2, Class 2A3(2)(5)		131,214		18,626
4.96% (1 Month LIBOR USD + 5.05%, 5.05% Cap), 04/25/2035, Series 2005-2, Class 1A4(2)(5)		469,890		61,801
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-4 Trust
5.50%, 06/25/2035, Series 2005-4, Class CX		166,020		28,302
5.50%, 06/25/2035, Series 2005-4, Class CB7		164,176		165,341
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-6 Trust
5.50%, 08/25/2035, Series 2005-6, Class 2A4		26,713		26,450
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-1 Trust
5.75%, 02/25/2036, Series 2006-1, Class 3A2		13,416		12,889
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2003-MS7 Trust
0.00%, 03/25/2033, Series 2003-MS7, Class P		65		57
Wells Fargo Alternative Loan 2003-1 Trust
0.00%, 09/25/2033, Series 2003-1, Class APO		3,743		3,218
Wells Fargo Alternative Loan 2007-PA3 Trust
5.75%, 07/25/2037, Series 2007-PA3, Class 1A2		14,677		14,654
Wells Fargo Commercial Mortgage Trust 2015-C26
2.99%, 02/15/2048, Series 2015-C26, Class ASB		6,864,173		7,133,527
Wells Fargo Commercial Mortgage Trust 2015-C29
3.37%, 06/15/2048, Series 2015-C29, Class A3		9,481,249		10,237,324
Wells Fargo Commercial Mortgage Trust 2015-C30
3.66%, 09/15/2058, Series 2015-C30, Class A4		729,000		797,747
Wells Fargo Commercial Mortgage Trust 2015-C31
3.70%, 11/15/2048, Series 2015-C31, Class A4		3,280,000		3,602,418
Wells Fargo Commercial Mortgage Trust 2015-NXS2
3.50%, 07/15/2058, Series 2015-NXS2, Class A4		15,000,000		16,013,343
Wells Fargo Commercial Mortgage Trust 2015-P2
3.81%, 12/15/2048, Series 2015-P2, Class A4		7,272,631		8,032,537
Wells Fargo Commercial Mortgage Trust 2016-C34
3.10%, 06/15/2049, Series 2016-C34, Class A4		3,698,000		3,888,467
Wells Fargo Commercial Mortgage Trust 2016-NXS6
2.64%, 11/15/2049, Series 2016-NXS6, Class A3		20,000,000		21,104,988

	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust 2017-C38
3.19%, 07/15/2050, Series 2017-C38, Class A4		13,800,000		14,987,144
Wells Fargo Commercial Mortgage Trust 2017-RC1
3.63%, 01/15/2060, Series 2017-RC1, Class A4		10,000,000		11,059,275
Wells Fargo Commercial Mortgage Trust 2018-C47
4.44%, 09/15/2061, Series 2018-C47, Class A4		8,850,000		10,347,125
Wells Fargo Commercial Mortgage Trust 2019-C54
3.15%, 12/15/2052, Series 2019-C54, Class A4		3,079,000		3,349,937
Wells Fargo Commercial Mortgage Trust 2020-C57
1.86%, 08/15/2053, Series 2020-C57, Class A3		19,500,000		19,327,002
2.12%, 08/15/2053, Series 2020-C57, Class A4		1,003,000		1,011,176
Wells Fargo Commercial Mortgage Trust 2020-C58
1.81%, 07/15/2053, Series 2020-C58, Class A3		23,000,000		22,733,011
Wells Fargo Commercial Mortgage Trust 2021-SAVE
1.22% (1 Month LIBOR USD + 1.15%, 1.15% Floor), 02/15/2040, Series 2021-SAVE, Class A(2)(3)		4,981,440		5,001,975
Wells Fargo Mortgage Backed Securities 2007-7 Trust
6.00%, 06/25/2037, Series 2007-7, Class A7		9,728		9,689
WFRBS Commercial Mortgage Trust 2012-C6
3.44%, 04/15/2045, Series 2012-C6, Class A4		4,093,147		4,103,321
WFRBS Commercial Mortgage Trust 2013-C11
4.38%, 03/15/2045, Series 2013-C11, Class D(3)(4)		300,000		294,754
WFRBS Commercial Mortgage Trust 2013-C14
3.34%, 06/15/2046, Series 2013-C14, Class A5		229,750		240,657
WFRBS Commercial Mortgage Trust 2014-C21
3.68%, 08/15/2047, Series 2014-C21, Class A5		7,000,000		7,547,564
WFRBS Commercial Mortgage Trust 2014-C23
3.64%, 10/15/2057, Series 2014-C23, Class ASB		2,324,782		2,435,559
WFRBS Commercial Mortgage Trust 2014-C25
3.63%, 11/15/2047, Series 2014-C25, Class A5		3,846,000		4,161,189
WFRBS Commercial Mortgage Trust 2014-LC14
3.77%, 03/15/2047, Series 2014-LC14, Class A4		9,613,677		10,168,960
Total Mortgage-Backed Obligations (Cost: $5,998,977,697)				6,172,024,956
Total Bonds & Notes (Cost: $16,781,937,887)				17,400,124,810
	Shares		Value
PREFERRED STOCKS – 0.01%
Financials – 0.01%
State Street Corp., 5.35%		95,000		2,858,550
Total Financials				2,858,550
Total Preferred Stocks (Cost: $2,375,000)				2,858,550
SHORT-TERM INVESTMENTS – 6.76%
Money Market Funds – 5.92%
Fidelity Institutional Money Market Government Fund—Class I, 0.01%(11)		1,058,986,391		1,058,986,391
Total Money Market Funds (Cost: $1,058,986,391)				1,058,986,391

	Principal Amount		Value
U.S. Treasury Bills – 0.01%
U.S. Treasury Bill, 0.00%, 12/02/2021(7)	$	2,250,000		2,249,502
Total U.S. Treasury Bills (Cost: $2,249,027)				2,249,502
Time Deposits – 0.83%
Citibank, New York, 0.01% due 07/01/2021		98,971,621		98,971,621
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021		49,187,729		49,187,729
Total Time Deposits (Cost: $148,159,350)				148,159,350
Total Short-Term Investments (Cost: $1,209,394,768)				1,209,395,243
TOTAL INVESTMENTS IN SECURITIES – 104.03% (Cost: $17,993,707,655)				18,612,378,603
LIABILITIES IN EXCESS OF OTHER ASSETS – (4.03)%				(721,527,960	)
TOTAL NET ASSETS – 100.00%			$	17,890,850,643

Percentages are stated as a percent of net assets.

(1) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2021.

(2) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.

(3) Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $3,751,105,881, which represents 20.97% of total net assets.

(4) Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2021.

(5) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

(6) Security in default as of June 30, 2021. The value of these securities totals $416,175, which represents 0.00% of total net assets.

(7) Assigned as collateral for certain futures contracts. The value of these pledged issues totals $41,173,639, which represents 0.23% of total net assets.

(8) Inflation protected security. The value of these securities totals $6,588,525, which represents 0.04% of total net assets.

(9) Delayed delivery purchase commitment security. The value of these securities totals $708,095,485, which represents 3.96% of total net assets.

(10) Amount calculated is less than $0.5.

(11) Represents annualized seven-day yield as of the close of the reporting period.

(12) Security is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $162,009,009, which represents 0.91% of total net assets.

(13) Security that is restricted at June 30, 2021. The value of the restricted securities totals $34,684,108, which represents 0.19% of total net assets.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
1,761	U.S. 2 Year Note Future		J.P. Morgan		Sep. 2021	$	388,553,968		$	387,984,069		$	(569,899	)
1,887	U.S. 5 Year Note Future		J.P. Morgan		Sep. 2021		233,636,873			232,911,821			(725,052	)
1,135	U.S. Long Bond Future		J.P. Morgan		Sep. 2021		177,733,278			182,451,250			4,717,972
1,584	U.S. Ultra Bond Future		J.P. Morgan		Sep. 2021		292,875,101			305,217,000			12,341,899
													15,764,920
Number of Contracts Sold	Reference Entity	Counterparty		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
(72)	U.S. 10 Year Note Future		J.P. Morgan		Sep. 2021	$	(9,523,407	)	$	(9,540,000	)	$	(16,593	)
(487)	U.S. Ultra 10 Year Note Future		J.P. Morgan		Sep. 2021		(70,319,414	)		(71,687,922	)		(1,368,508	)
													(1,385,101	)
												$	14,379,819

Bridge Builder Core Plus Bond Fund

Schedule of Investments

June 30, 2021

	Principal Amount		Value
BONDS & NOTES – 93.06%
Asset-Backed Obligations – 9.36%
ABFC 2005-WMC1 Trust
0.83% (1 Month LIBOR USD + 0.74%, 0.74% Floor), 06/25/2035, Series 2005-WMC1, Class M3(1)	$	6,613,901	$	6,535,337
ABFC 2007-NC1 Trust
0.39% (1 Month LIBOR USD + 0.30%, 0.30% Floor), 05/25/2037, Series 2007-NC1, Class A2(1)(2)		5,753,059		5,528,605
Accredited Mortgage Loan Trust 2003-2
0.79% (1 Month LIBOR USD + 0.35%, 0.70% Floor, 13.00% Cap), 10/25/2033, Series 2003-2, Class A2(1)		985,710		981,426
Accredited Mortgage Loan Trust 2006-2
0.35% (1 Month LIBOR USD + 0.26%, 0.26% Floor), 09/25/2036, Series 2006-2, Class A4(1)		368,027		362,319
ACE Securities Corp. Home Equity Loan Trust Series 2004-HE3
1.02% (1 Month LIBOR USD + 0.93%, 0.93% Floor), 11/25/2034, Series 2004-HE3, Class M1(1)		6,220,476		6,227,013
ACE Securities Corp. Home Equity Loan Trust Series 2005-HE3
0.80% (1 Month LIBOR USD + 0.71%, 0.71% Floor), 05/25/2035, Series 2005-HE3, Class M3(1)		6,186,265		6,164,304
Adams Outdoor Advertising LP
5.65%, 11/15/2048, Series 2018-1, Class B(2)		1,475,000		1,529,502
Aegis Asset Backed Securities Trust 2005-5
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor), 12/25/2035, Series 2005-5, Class 2A(1)		456,064		456,107
Aimco CLO 11 Ltd.
1.56% (3 Month LIBOR USD + 1.38%, 1.38% Floor), 10/15/2031, Series 2020-11A, Class A1(1)(2)		2,900,000		2,904,628
Ajax Mortgage Loan Trust 2019-F
2.86%, 07/25/2059, Series 2019-F, Class A1(2)(3)		19,548,016		19,734,617
Ally Auto Receivables Trust 2018-2
2.92%, 11/15/2022, Series 2018-2, Class A3		385,493		386,307
Ally Auto Receivables Trust 2019-2
2.23%, 01/16/2024, Series 2019-2, Class A3		8,536,163		8,621,629
ALME Loan Funding II DAC
0.75% (3 Month EURIBOR + 0.75%), 01/15/2031, Series 2A, Class ARR(1)(2)	EUR	23,695,722		27,995,040
Ambac LSNI LLC
6.00% (3 Month LIBOR USD + 5.00%), 02/12/2023(1)(2)	$	4,161,208		4,161,208
American Credit Acceptance Receivables Trust 2019-3
2.89%, 09/12/2025, Series 2019-3, Class D(2)		3,810,000		3,905,735
American Credit Acceptance Receivables Trust 2020-3
2.40%, 06/15/2026, Series 2020-3, Class D(2)		105,000		108,183
American Credit Acceptance Receivables Trust 2020-4
1.77%, 12/14/2026, Series 2020-4, Class D(2)		2,785,000		2,826,360
American Express Credit Account Master Trust
2.87%, 10/15/2024, Series 2019-1, Class A		805,000		820,244
3.18%, 04/15/2024, Series 2018-8, Class A		2,420,000		2,435,180
American Homes 4 Rent 2014-SFR2 Trust
6.23%, 10/17/2036, Series 2014-SFR2, Class E(2)		515,000		565,474
American Homes 4 Rent 2015-SFR1
5.64%, 04/17/2052, Series 2015-SFR1, Class E(2)		6,400,000		7,006,969
5.89%, 04/17/2052, Series 2015-SFR1, Class F(2)		2,378,000		2,609,177
Americredit Automobile Receivables Trust 2018-2
4.01%, 07/18/2024, Series 2018-2, Class D		2,940,000		3,079,740
Americredit Automobile Receivables Trust 2018-3
4.04%, 11/18/2024, Series 2018-3, Class D		4,310,000		4,539,956
AmeriCredit Automobile Receivables Trust 2019-3
2.58%, 09/18/2025, Series 2019-3, Class D		1,330,000		1,381,931

	Principal Amount		Value
AmeriCredit Automobile Receivables Trust 2020-1
1.59%, 10/20/2025, Series 2020-1, Class C		5,410,000		5,501,935
1.80%, 12/18/2025, Series 2020-1, Class D		8,440,000		8,615,034
AmeriCredit Automobile Receivables Trust 2020-2
2.13%, 03/18/2026, Series 2020-2, Class D		5,720,000		5,865,501
AmeriCredit Automobile Receivables Trust 2020-3
1.49%, 09/18/2026, Series 2020-3, Class D		7,135,000		7,192,421
AmeriCredit Automobile Receivables Trust 2021-1
0.89%, 10/19/2026, Series 2021-1, Class C		4,735,000		4,727,299
1.21%, 12/18/2026, Series 2021-1, Class D		5,425,000		5,409,361
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Ctfs Series 2005-R5
0.83% (1 Month LIBOR USD + 0.74%, 0.74% Floor), 07/25/2035, Series 2005-R5, Class M3(1)		1,578,962		1,579,447
Ammc Clo 19 Ltd.
1.32% (3 Month LIBOR USD + 1.14%, 1.14% Floor), 10/16/2028, Series 2016-19A, Class AR(1)(2)		5,727,547		5,733,166
Applebee’s Funding LLC / IHOP Funding LLC
4.19%, 06/07/2049, Series 2019-1A, Class A2I(2)		6,689,450		6,856,218
Arbor Realty Commercial Real Estate Notes 2019-FL1 Ltd.
1.22% (1 Month LIBOR USD + 1.15%), 05/15/2037, Series 2019-FL1, Class A(1)(2)		5,000,000		5,001,560
Ares European CLO
0.66% (3 Month EURIBOR + 0.66%), 10/15/2030, Series 7A, Class A1RR(1)(2)	EUR	26,500,000		31,279,560
Ares LIX CLO Ltd.
1.21% (3 Month LIBOR USD + 1.03%, 1.03% Floor), 04/25/2034, Series 2021-59A, Class A(1)(2)	$	6,590,000		6,588,287
1.58% (3 Month LIBOR USD + 1.40%, 1.40% Floor), 04/25/2034, Series 2021-59A, Class B1(1)(2)		4,500,000		4,497,673
Ares LVII CLO Ltd.
1.50% (3 Month LIBOR USD + 1.32%, 1.32% Floor), 10/25/2031, Series 2020-57A, Class A(1)(2)		7,630,000		7,634,577
Ares LVIII CLO Ltd.
1.46% (3 Month LIBOR USD + 1.22%, 1.22% Floor), 01/15/2033, Series 2020-58A, Class A(1)(2)		3,170,000		3,169,195
Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC 2006-HE3
0.26% (1 Month LIBOR USD + 0.17%, 0.17% Floor), 03/25/2036, Series 2006-HE3, Class A4(1)		6,537		6,536
Aurium CLO III DAC
0.67% (3 Month EURIBOR + 0.67%), 04/16/2030, Series 3A, Class AR(1)(2)	EUR	900,000		1,068,039
Avis Budget Rental Car Funding AESOP LLC
2.02%, 02/20/2027, Series 2020-2A, Class A(2)	$	9,740,000		10,029,461
2.33%, 08/20/2026, Series 2020-1A, Class A(2)		2,585,000		2,693,929
2.36%, 03/20/2026, Series 2019-3A, Class A(2)		11,675,000		12,215,314
2.68%, 08/20/2026, Series 2020-1A, Class B(2)		1,410,000		1,464,870
3.35%, 09/22/2025, Series 2019-2A, Class A(2)		1,245,000		1,335,228
Bain Capital Credit CLO 2017-2 Ltd.
1.43% (3 Month LIBOR USD + 1.25%), 07/25/2030, Series 2017-2A, Class AR(1)(2)		2,498,890		2,498,265
Bain Capital Euro 2018-2 DAC
0.74% (3 Month EURIBOR + 0.74%), 01/20/2032, Series 2018-2A, Class AR(1)(2)	EUR	24,900,000		29,367,746
Ballyrock CLO 15 Ltd.
1.23% (3 Month LIBOR USD + 1.06%, 1.06% Floor), 04/15/2034, Series 2021-1A, Class A1(1)(2)	$	10,050,000		10,047,407
Barings CLO Ltd. 2013-I
0.99% (3 Month LIBOR USD + 0.80%, 0.80% Floor), 01/20/2028, Series 2013-IA, Class AR(1)(2)		4,576,730		4,579,170
Barings CLO Ltd. 2016-II
1.27% (3 Month LIBOR USD + 1.08%, 1.08% Floor), 07/20/2028, Series 2016-2A, Class AR(1)(2)		2,880,399		2,880,808
Bayview Opportunity Master Fund IVa Trust 2017-RT1
3.00%, 03/28/2057, Series 2017-RT1, Class A1(2)(4)		82,869		84,061

	Principal Amount		Value
Bayview Opportunity Master Fund IVb Trust 2017-RT2
3.50%, 08/28/2057, Series 2017-RT2, Class A(2)(4)		632,061		632,775
Bayview Opportunity Master Fund IVb Trust 2017-SPL4
4.75%, 01/28/2055, Series 2017-SPL4, Class B2(2)(4)		655,000		700,656
Bayview Opportunity Master Fund IVb Trust 2019-RN4
3.28%, 10/28/2034, Series 2019-RN4, Class A1(2)(3)		221,507		222,301
Bayview Opportunity Master Fund V Trust 2020-RN3
3.23%, 09/25/2035, Series 2020-RN3, Class A1(2)(3)		1,563,845		1,580,756
BCMSC Trust 1999-B
6.61%, 12/15/2029, Series 1999-B, Class A1B(4)		3,594,315		721,657
Bear Stearns Asset Backed Securities I Trust 2005-EC1
0.87% (1 Month LIBOR USD + 0.78%, 0.78% Floor), 11/25/2035, Series 2005-EC1, Class M3(1)		11,482,281		11,456,587
Bear Stearns Asset Backed Securities I Trust 2007-HE2
0.25% (1 Month LIBOR USD + 0.16%, 0.16% Floor), 02/25/2037, Series 2007-HE2, Class 2A3(1)		8,576,475		8,475,846
Benefit Street Partners CLO IV Ltd.
1.74% (3 Month LIBOR USD + 1.55%, 1.55% Floor), 01/20/2032, Series 2014-IVA, Class A2AR(1)(2)		9,595,000		9,590,174
Benefit Street Partners CLO X Ltd.
1.40% (3 Month LIBOR USD + 1.21%, 1.21% Floor), 04/20/2034, Series 2016-10A, Class A1RR(1)(2)		12,795,000		12,791,776
Blackbird Capital Aircraft Lease Securitization Ltd. 2016-1
4.21%, 12/16/2041, Series 2016-1A, Class A(2)(3)		1,078,698		1,076,469
BlueMountain CLO 2012-2 Ltd.
1.21% (3 Month LIBOR USD + 1.05%, 1.05% Floor), 11/20/2028, Series 2012-2A, Class AR2(1)(2)		5,547,601		5,553,098
BlueMountain CLO 2013-1 Ltd.
1.42% (3 Month LIBOR USD + 1.23%, 1.23% Floor), 01/20/2029, Series 2013-1A, Class A1R2(1)(2)		2,456,589		2,461,055
BlueMountain CLO 2015-2 Ltd.
1.12% (3 Month LIBOR USD + 0.93%, 0.93% Floor), 07/18/2027, Series 2015-2A, Class A1R(1)(2)		1,711,018		1,711,896
1.69% (3 Month LIBOR USD + 1.50%, 1.50% Floor), 07/18/2027, Series 2015-2A, Class BR(1)(2)		490,397		493,247
BMW Vehicle Owner Trust 2018-A
2.51%, 06/25/2024, Series 2018-A, Class A4		2,636,602		2,656,343
BRE Grand Islander Timeshare Issuer 2019-A LLC
3.28%, 09/26/2033, Series 2019-A, Class A(2)		1,943,571		2,037,924
Brex Commercial Charge Card Master Trust
2.09%, 07/15/2024, Series 2021-1, Class A(2)		3,335,000		3,356,259
BSPRT 2018-FL4 Issuer Ltd.
1.12% (1 Month LIBOR USD + 1.05%, 1.05% Floor), 09/15/2035, Series 2018-FL4, Class A(1)(2)		8,810,616		8,810,616
Business Jet Securities 2021-1 LLC
2.16%, 04/15/2036, Series 2021-1A, Class A(2)		3,478,577		3,505,316
California Republic Auto Receivables Trust 2017-1
3.76%, 12/15/2023, Series 2017-1, Class C		1,300,000		1,301,853
California Republic Auto Receivables Trust 2018-1
4.33%, 04/15/2025, Series 2018-1, Class D		2,050,000		2,122,979
Capital One Multi-Asset Execution Trust
2.43%, 01/15/2025, Series 2017-A3, Class A3		8,440,000		8,574,139
2.84%, 12/15/2024, Series 2019-A1, Class A1		1,290,000		1,311,692
Capitalsource Real Estate Loan Trust
0.58% (3 Month LIBOR USD + 0.39%), 01/20/2037, Series 2006-1A, Class B(1)(2)		83,954		83,859
0.84% (3 Month LIBOR USD + 0.65%), 01/20/2037, Series 2006-1A, Class C(1)(2)		3,400,000		3,112,754
0.94% (3 Month LIBOR USD + 0.75%), 01/20/2037, Series 2006-1A, Class D(1)(2)		1,200,000		1,011,596
1.04% (3 Month LIBOR USD + 0.85%), 01/20/2037, Series 2006-1A, Class E(1)(2)		700,000		413,102
Carlyle Euro CLO 2019-2 DAC

	Principal Amount		Value
1.11% (3 Month EURIBOR + 1.11%), 08/15/2032, Series 2019-2A, Class A1A(1)(2)	EUR	2,000,000		2,369,321
Carlyle Global Market Strategies CLO 2015-3 Ltd.
1.18% (3 Month LIBOR USD + 1.00%), 07/28/2028, Series 2015-3A, Class A1R(1)(2)	$	5,659,274		5,661,452
Carmax Auto Owner Trust 2019-2
3.41%, 10/15/2025, Series 2019-2, Class D		2,055,000		2,143,354
Carmax Auto Owner Trust 2019-3
2.85%, 01/15/2026, Series 2019-3, Class D		1,120,000		1,160,598
Carmax Auto Owner Trust 2020-1
2.64%, 07/15/2026, Series 2020-1, Class D		2,622,000		2,704,737
CarMax Auto Owner Trust 2020-3
2.53%, 01/15/2027, Series 2020-3, Class D		1,510,000		1,558,253
CarMax Auto Owner Trust 2020-4
1.75%, 04/15/2027, Series 2020-4, Class D		1,875,000		1,896,542
Carmax Auto Owner Trust 2021-1
1.28%, 07/15/2027, Series 2021-1, Class D		825,000		820,171
Castlelake Aircraft Securitization Trust
3.97%, 07/15/2042, Series 2017-1, Class A		652,320		651,850
Castlelake Aircraft Securitization Trust 2018-1
4.13%, 06/15/2043, Series 2018-1, Class A(2)		4,975,081		4,956,842
CBAM 2017-3 Ltd.
1.42% (3 Month LIBOR USD + 1.23%), 10/17/2029, Series 2017-3A, Class A(1)(2)		8,900,000		8,897,775
CBAM 2019-9 Ltd.
1.46% (3 Month LIBOR USD + 1.28%, 1.28% Floor), 02/12/2030, Series 2019-9A, Class A(1)(2)		12,395,000		12,403,205
Centex Home Equity Loan Trust 2005-B
0.74% (1 Month LIBOR USD + 0.65%, 0.65% Floor), 03/25/2035, Series 2005-B, Class M2(1)		5,182,714		5,167,434
Centex Home Equity Loan Trust 2005-D
1.05% (1 Month LIBOR USD + 0.96%, 0.96% Floor), 10/25/2035, Series 2005-D, Class M5(1)		2,131,000		2,128,812
CHEC Loan Trust 2004-2
1.05% (1 Month LIBOR USD + 0.96%, 0.96% Floor), 06/25/2034, Series 2004-2, Class M1(1)		1,094,779		1,096,444
CIFC Funding 2015-IV Ltd.
1.18% (3 Month LIBOR USD + 1.07%, 1.07% Floor), 04/20/2034, Series 2015-4A, Class A1A2(1)(2)		19,600,000		19,619,698
CIFC Funding 2015-V Ltd.
1.04% (3 Month LIBOR USD + 0.86%), 10/25/2027, Series 2015-5A, Class A1R(1)(2)		2,520,988		2,513,289
CIFC Funding 2020-III Ltd.
1.54% (3 Month LIBOR USD + 1.35%, 1.35% Floor), 10/20/2031, Series 2020-3A, Class A1(1)(2)		5,945,000		5,949,839
Citibank Credit Card Issuance Trust
2.19%, 11/20/2023, Series 2016-A2, Class A2		3,010,000		3,033,358
Citigroup Mortgage Loan Trust 2007-AHL1
0.23% (1 Month LIBOR USD + 0.14%, 0.14% Floor), 12/25/2036, Series 2007-AHL1, Class A2B(1)		1,216,909		1,210,828
Citigroup Mortgage Loan Trust, Inc.
0.72% (1 Month LIBOR USD + 0.63%, 0.63% Floor), 02/25/2035, Series 2005-OPT1, Class M1(1)		2,227,635		2,180,686
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 09/25/2035, Series 2005-HE3, Class M4(1)		7,900,000		7,715,260
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 10/25/2035, Series 2005-HE4, Class M4(1)		14,327,000		13,702,422
CLI Funding VI LLC
2.07%, 10/18/2045, Series 2020-3A, Class A(2)		4,228,021		4,261,078
CLI Funding VIII LLC
1.64%, 02/18/2046, Series 2021-1A, Class A(2)		4,379,971		4,341,684
College Ave Student Loans 2021-A LLC
2.92%, 07/25/2051, Series 2021-A, Class C(2)		480,000		489,347

	Principal Amount		Value
College Avenue Student Loans 2018-A LLC
1.29% (1 Month LIBOR USD + 1.20%), 12/26/2047, Series 2018-A, Class A1(1)(2)		1,697,222		1,708,299
4.13%, 12/26/2047, Series 2018-A, Class A2(2)		2,314,394		2,436,791
College Avenue Student Loans LLC
1.74% (1 Month LIBOR USD + 1.65%, 1.65% Floor), 11/26/2046, Series 2017-A, Class A1(1)(2)		3,196,790		3,256,732
Commonbond Student Loan Trust 2020-1
1.69%, 10/25/2051, Series 2020-1, Class A(2)		3,063,719		3,060,875
Conseco Finance Securitizations Corp.
7.97%, 05/01/2032, Series 2000-4, Class A5		733,953		212,548
8.06%, 09/01/2029, Series 2000-1, Class A5(4)		13,032,095		4,053,301
8.31%, 05/01/2032, Series 2000-4, Class A6(4)		8,504,715		2,567,974
Conseco Financial Corp.
7.70%, 05/15/2027(4)		4,877,095		4,780,394
CoreVest American Finance 2018-1 Trust
3.80%, 06/15/2051, Series 2018-1, Class A(2)		897,475		933,009
CoreVest American Finance 2018-2 Trust
4.03%, 11/15/2052, Series 2018-2, Class A(2)		18,470,606		19,408,484
Corevest American Finance 2019-3 Trust
2.71%, 10/15/2052, Series 2019-3, Class A(2)		2,184,765		2,286,282
3.16%, 10/15/2052, Series 2019-3, Class B(2)		1,470,000		1,562,822
Corevest American Finance 2021-1 Trust
2.80%, 04/15/2053, Series 2021-1, Class C(2)		1,525,000		1,550,531
Countrywide Asset-Backed Certificates
0.27% (1 Month LIBOR USD + 0.18%, 0.18% Floor), 06/25/2047, Series 2007-10, Class 1A1(1)		33,653,448		32,086,621
0.31% (1 Month LIBOR USD + 0.22%, 0.22% Floor), 08/25/2037, Series 2007-2, Class 2A4(1)		25,730,000		24,042,781
0.31% (1 Month LIBOR USD + 0.22%, 0.22% Floor), 05/25/2047, Series 2006-22, Class 2A4(1)		10,860,853		10,459,252
0.34% (1 Month LIBOR USD + 0.25%, 0.25% Floor), 02/25/2036, Series 2007-9, Class 2A4(1)		990,000		958,366
0.34% (1 Month LIBOR USD + 0.25%, 0.25% Floor), 01/25/2046, Series 2006-8, Class 2A4(1)		22,393,946		21,592,104
0.38% (1 Month LIBOR USD + 0.29%, 0.29% Floor), 06/25/2037, Series 2007-BC2, Class 2A4(1)		8,265,343		8,110,210
0.43% (1 Month LIBOR USD + 0.34%, 0.34% Floor), 03/25/2037, Series 2006-BC5, Class 2A3(1)		902,353		901,285
0.57% (1 Month LIBOR USD + 0.48%, 0.48% Floor), 03/25/2036, Series 2005-AB4, Class 1A(1)		2,299,947		2,226,017
0.68% (1 Month LIBOR USD + 0.59%, 0.59% Floor), 04/25/2036, Series 2006-BC1, Class M3(1)		1,000,000		887,376
0.72% (1 Month LIBOR USD + 0.63%, 0.63% Floor), 06/25/2036, Series 2006-2, Class M2(1)		23,500,000		22,810,461
0.83% (1 Month LIBOR USD + 0.74%, 0.74% Floor), 02/25/2036, Series 2005-12, Class M2(1)		2,588,103		2,585,456
1.52% (1 Month LIBOR USD + 1.43%, 1.43% Floor), 06/25/2035, Series 2004-14, Class M4(1)		5,735,523		5,780,099
CPS Auto Receivables Trust 2017-C
3.79%, 06/15/2023, Series 2017-C, Class D(2)		572,022		576,766
CPS Auto Receivables Trust 2017-D
3.73%, 09/15/2023, Series 2017-D, Class D(2)		432,128		436,533
CPS Auto Receivables Trust 2018-B
4.26%, 03/15/2024, Series 2018-B, Class D(2)		1,715,000		1,749,570
CPS Auto Receivables Trust 2020-C
1.71%, 08/17/2026, Series 2020-C, Class C(2)		1,070,000		1,087,176
Credit Acceptance Auto Loan Trust 2018-2
4.16%, 09/15/2027, Series 2018-2A, Class C(2)		3,045,000		3,072,809
Credit Acceptance Auto Loan Trust 2018-3
4.04%, 12/15/2027, Series 2018-3A, Class C(2)		3,110,000		3,167,748
Credit Acceptance Auto Loan Trust 2019-1
3.94%, 06/15/2028, Series 2019-1A, Class C(2)		9,810,000		10,114,824
Credit Acceptance Auto Loan Trust 2020-2

	Principal Amount		Value
2.73%, 11/15/2029, Series 2020-2A, Class C(2)		1,935,000		2,007,252
Credit Acceptance Auto Loan Trust 2021-3
1.63%, 09/16/2030, Series 2021-3A, Class C(2)		2,360,000		2,359,203
Crown City CLO II
1.63% (3 Month LIBOR USD + 1.38%, 1.38% Floor), 01/20/2032, Series 2020-2A, Class A1A(1)(2)		1,000,000		999,743
CVS Pass-Through Trust
6.94%, 01/10/2030		910,680		1,107,678
CWABS Asset-Backed Certificates Trust 2005-7
1.14% (1 Month LIBOR USD + 1.05%, 1.05% Floor), 11/25/2035, Series 2005-7, Class MV4(1)		356,656		356,796
CWABS Asset-Backed Certificates Trust 2007-12
0.83% (1 Month LIBOR USD + 0.74%, 0.74% Floor), 08/25/2047, Series 2007-12, Class 1A1(1)		4,626,685		4,545,022
CWABS Revolving Home Equity Loan Trust Series 2004-T
0.31% (1 Month LIBOR USD + 0.24%, 0.24% Floor, 16.00% Cap), 02/15/2030, Series 2004-T, Class 2A(1)		4,775,348		4,720,489
DB Master Finance LLC
4.03%, 11/20/2047, Series 2017-1A, Class A2II(2)		1,562,513		1,664,310
4.35%, 05/20/2049, Series 2019-1A, Class A23(2)		3,698,130		4,084,659
Dell Equipment Finance Trust 2020-2
1.37%, 01/22/2024, Series 2020-2, Class C(2)		500,000		506,405
1.92%, 03/23/2026, Series 2020-2, Class D(2)		500,000		508,174
Denali Capital CLO X LLC
1.23% (3 Month LIBOR USD + 1.05%), 10/26/2027, Series 2013-1A, Class A1LR(1)(2)		3,342,883		3,344,223
Domino’s Pizza Master Issuer LLC
2.66%, 04/25/2051, Series 2021-1A, Class A2I(2)		11,625,000		12,028,271
3.67%, 10/25/2049, Series 2019-1A, Class A2(2)		2,066,838		2,235,574
4.12%, 07/25/2047, Series 2017-1A, Class A23(2)		4,208,625		4,541,275
4.33%, 07/25/2048, Series 2018-1A, Class A2II(2)		2,427,750		2,640,639
Drive Auto Receivables Trust
4.30%, 09/16/2024, Series 2018-3, Class D		2,621,283		2,682,108
Drive Auto Receivables Trust 2018-5
4.30%, 04/15/2026, Series 2018-5, Class D		2,685,000		2,802,608
Drive Auto Receivables Trust 2019-1
4.09%, 06/15/2026, Series 2019-1, Class D		3,590,000		3,725,904
Drive Auto Receivables Trust 2021-1
1.45%, 01/16/2029, Series 2021-1, Class D		6,530,000		6,568,481
Driven Brands Funding LLC
3.24%, 01/20/2051, Series 2020-2A, Class A2(2)		6,379,013		6,559,794
4.64%, 04/20/2049, Series 2019-1A, Class A2(2)		2,258,025		2,430,967
Dryden 30 Senior Loan Fund
0.98% (3 Month LIBOR USD + 0.82%), 11/15/2028, Series 2013-30A, Class AR(1)(2)		1,151,794		1,152,255
Dryden 36 Senior Loan Fund
1.20% (3 Month LIBOR USD + 1.02%, 1.02% Floor), 04/15/2029, Series 2014-36A, Class AR3(1)(2)		10,100,000		10,110,787
Dryden 86 CLO Ltd.
0.00% (3 Month LIBOR USD + 1.10%, 1.10% Floor), 07/17/2034, Series 2020-86A, Class A1R(1)(2)(5)		8,050,000		8,050,000
1.84% (3 Month LIBOR USD + 1.65%, 1.65% Floor), 07/17/2030, Series 2020-86A, Class A(1)(2)		12,585,000		12,581,854
Dryden XXVI Senior Loan Fund
1.08% (3 Month LIBOR USD + 0.90%), 04/15/2029, Series 2013-26A, Class AR(1)(2)		4,500,000		4,499,631
DT Auto Owner Trust 2018-2
4.15%, 03/15/2024, Series 2018-2A, Class D(2)		1,110,722		1,129,647
DT Auto Owner Trust 2019-3

	Principal Amount		Value
2.96%, 04/15/2025, Series 2019-3A, Class D(2)		1,635,000		1,690,140
DT Auto Owner Trust 2020-3
1.47%, 06/15/2026, Series 2020-3A, Class C(2)		1,650,000		1,664,140
DT Auto Owner Trust 2021-1
1.16%, 11/16/2026, Series 2021-1A, Class D(2)		2,650,000		2,640,142
DT Auto Owner Trust 2021-2
1.50%, 02/16/2027, Series 2021-2A, Class D(2)		2,250,000		2,261,605
Earnest Student Loan Program 2017-A LLC
2.65%, 01/25/2041, Series 2017-A, Class A2(2)		1,207,173		1,212,531
Eaton Vance CLO 2019-1 Ltd.
1.22% (3 Month LIBOR USD + 1.10%, 1.10% Floor), 04/15/2031, Series 2019-1A, Class AR(1)(2)		23,000,000		22,994,227
ECAF I Ltd.
3.47%, 06/15/2040, Series 2015-1A, Class A1(2)		304,932		293,293
ECMC Group Student Loan Trust
1.09% (1 Month LIBOR USD + 1.00%), 07/25/2069, Series 2019-1A, Class A1B(1)(2)		950,529		963,558
ECMC Group Student Loan Trust 2017-2
1.14% (1 Month LIBOR USD + 1.05%), 05/25/2067, Series 2017-2A, Class A(1)(2)		7,605,225		7,733,946
ELFI Graduate Loan Program 2019-A LLC
2.54%, 03/25/2044, Series 2019-A, Class A(2)		2,713,261		2,764,072
Ellington Loan Acquisition Trust 2007-1
1.19% (1 Month LIBOR USD + 1.10%, 1.10% Floor), 05/25/2037, Series 2007-1, Class A1(1)(2)		842,740		844,177
Exeter Automobile Receivables Trust 2020-2
4.73%, 04/15/2026, Series 2020-2A, Class D(2)		3,090,000		3,311,508
Exeter Automobile Receivables Trust 2020-3
1.73%, 07/15/2026, Series 2020-3A, Class D		1,175,000		1,194,908
Exeter Automobile Receivables Trust 2021-2
1.08%, 11/16/2026, Series 2021-1A, Class D		2,515,000		2,500,709
Fieldstone Mortgage Investment Trust Series 2005-1
1.22% (1 Month LIBOR USD + 1.13%, 1.13% Floor, 12.25% Cap), 03/25/2035, Series 2005-1, Class M5(1)		1,663,003		1,658,399
Fieldstone Mortgage Investment Trust Series 2006-3
0.37% (1 Month LIBOR USD + 0.28%, 0.28% Floor, 12.25% Cap), 11/25/2036, Series 2006-3, Class 1A(1)		5,917,521		5,554,280
First Franklin Mortgage Loan Trust 2002-FF4
1.22% (1 Month LIBOR USD + 1.13%, 1.13% Floor), 02/25/2033, Series 2002-FF4, Class 1A2(1)		4,625,909		4,633,583
First Franklin Mortgage Loan Trust 2003-FFH2
1.74% (1 Month LIBOR USD + 1.65%, 1.65% Floor), 02/25/2034, Series 2003-FFH2, Class M1A(1)		6,528,109		6,511,513
First Franklin Mortgage Loan Trust 2004-FF7
2.27% (1 Month LIBOR USD + 2.18%, 2.18% Floor), 09/25/2034, Series 2004-FF7, Class M5(1)		854,074		901,467
First Franklin Mortgage Loan Trust 2006-FF16
0.30% (1 Month LIBOR USD + 0.21%, 0.21% Floor), 12/25/2036, Series 2006-FF16, Class 2A4(1)		6,022,089		3,530,104
First Franklin Mortgage Loan Trust 2006-FF17
0.24% (1 Month LIBOR USD + 0.15%, 0.15% Floor), 12/25/2036, Series 2006-FF17, Class A5(1)		4,122,885		3,865,881
First Franklin Mortgage Loan Trust 2006-FF2
0.69% (1 Month LIBOR USD + 0.60%, 0.60% Floor), 02/25/2036, Series 2006-FF2, Class A5(1)		11,526,047		11,048,487
First Investors Auto Owner Trust 2018-1
4.11%, 06/17/2024, Series 2018-1A, Class D(2)		605,000		618,052
First Investors Auto Owner Trust 2019-2
2.71%, 12/15/2025, Series 2019-2A, Class C(2)		1,254,000		1,287,228
FirstKey Homes 2020-SFR1 Trust
2.24%, 09/17/2025, Series 2020-SFR1, Class D(2)		1,590,000		1,604,049
2.39%, 08/17/2028, Series 2021-SFR1, Class E1(2)		4,795,000		4,794,914

	Principal Amount		Value
2.49%, 08/17/2028, Series 2021-SFR1, Class E2(2)		4,055,000		4,054,915
2.79%, 08/17/2037, Series 2020-SFR1, Class E(2)		805,000		820,675
Flagship Credit Auto Trust 2017-1
4.23%, 05/15/2023, Series 2017-1, Class D(2)		174,642		176,701
Flagship Credit Auto Trust 2018-1
3.86%, 04/15/2024, Series 2018-1, Class D(2)		1,285,000		1,327,086
Flagship Credit Auto Trust 2018-2
4.23%, 09/16/2024, Series 2018-2, Class D(2)		1,580,000		1,658,320
Flagship Credit Auto Trust 2019-3
2.86%, 12/15/2025, Series 2019-3, Class D(2)		2,235,000		2,319,574
Flagship Credit Auto Trust 2020-4
2.18%, 02/16/2027, Series 2020-4, Class D(2)		8,135,000		8,301,696
Flagship Credit Auto Trust 2021-1
1.27%, 03/15/2027, Series 2021-1, Class D(2)		1,480,000		1,463,723
Flagship Credit Auto Trust 2021-2
1.59%, 06/15/2027, Series 2021-2, Class D(2)		3,085,000		3,095,112
Ford Auto Securitization Trust
2.47%, 02/15/2025, Series 2019-BA, Class A3(2)	CAD	4,925,000		4,077,706
2.55%, 09/15/2024, Series 2019-AA, Class A3(2)		5,725,000		4,725,721
2.76%, 04/15/2028, Series 2020-AA, Class C(2)		290,000		239,007
Ford Credit Auto Owner Trust 2018-A
3.16%, 10/15/2023, Series 2018-A, Class A4	$	8,225,000		8,343,612
Ford Credit Auto Owner Trust 2020-B
0.56%, 10/15/2024, Series 2020-B, Class A3		10,520,000		10,557,524
Ford Credit Auto Owner Trust 2020-C
0.41%, 07/15/2025, Series 2020-C, Class A3		9,560,000		9,570,483
Ford Credit Auto Owner Trust 2021-A
0.30%, 08/15/2025, Series 2021-A, Class A3		17,415,000		17,401,186
Ford Credit Floorplan Master Owner Trust A
1.32%, 09/15/2027, Series 2020-2, Class B		4,235,000		4,238,227
Foursight Capital Automobile Receivables Trust 2021-1
1.32%, 03/15/2027, Series 2021-1, Class D(2)		4,230,000		4,193,996
FREED ABS Trust 2021-2
1.94%, 06/19/2028, Series 2021-2, Class C(2)		885,000		883,802
Fremont Home Loan Trust 2004-4
0.89% (1 Month LIBOR USD + 0.80%, 0.80% Floor), 03/25/2035, Series 2004-4, Class M1(1)		26,846,377		26,472,909
Fremont Home Loan Trust 2004-C
1.07% (1 Month LIBOR USD + 0.98%, 0.98% Floor), 08/25/2034, Series 2004-C, Class M1(1)		8,613,329		8,567,733
Fremont Home Loan Trust 2005-1
1.25% (1 Month LIBOR USD + 1.16%, 1.16% Floor), 06/25/2035, Series 2005-1, Class M6(1)		3,072,000		2,909,147
Fremont Home Loan Trust 2005-2
0.84% (1 Month LIBOR USD + 0.75%, 0.75% Floor), 06/25/2035, Series 2005-2, Class M3(1)		3,699,915		3,683,736
Fremont Home Loan Trust 2005-C
1.02% (1 Month LIBOR USD + 0.93%, 0.93% Floor), 07/25/2035, Series 2005-C, Class M4(1)		6,748,528		6,355,820
Gallatin CLO IX 2018-1 Ltd.
1.24% (3 Month LIBOR USD + 1.05%, 1.05% Floor), 01/21/2028, Series 2018-1A, Class A(1)(2)		9,915,436		9,920,612
GLS Auto Receivables Issuer Trust 2019-3
2.58%, 07/17/2023, Series 2019-3A, Class A(2)		1,829,620		1,836,318
GLS Auto Receivables Issuer Trust 2020-1

	Principal Amount		Value
2.17%, 02/15/2024, Series 2020-1A, Class A(2)		3,910,562		3,932,731
GLS Auto Receivables Trust
1.42%, 04/15/2027, Series 2021-2A, Class D(2)		5,235,000		5,214,884
GM Financial Automobile Leasing Trust 2020-3
1.11%, 10/21/2024, Series 2020-3, Class C		2,675,000		2,694,935
GM Financial Consumer Automobile Receivables Trust 2017-3
2.33%, 03/16/2023, Series 2017-3A, Class B(2)		155,000		155,160
GM Financial Consumer Automobile Receivables Trust 2019-4
1.75%, 07/16/2024, Series 2019-4, Class A3		4,850,531		4,897,065
GM Financial Consumer Automobile Receivables Trust 2021-1
0.35%, 10/16/2025, Series 2021-1, Class A3		6,540,000		6,543,449
GM Financial Consumer Automobile Receivables Trust 2021-2
0.51%, 04/16/2026, Series 2021-2, Class A3		16,035,000		16,059,678
GM Financial Leasing Trust
1.01%, 07/21/2025, Series 2021-1, Class D		3,055,000		3,050,073
GMF Floorplan Owner Revolving Trust
1.31%, 10/15/2025, Series 2020-2, Class C(2)		3,040,000		3,063,709
1.48%, 08/15/2025, Series 2020-1, Class C(2)		735,000		746,105
3.06%, 04/15/2024, Series 2019-1, Class C(2)		3,180,000		3,243,421
3.30%, 04/15/2026, Series 2019-2, Class C(2)		6,875,000		7,287,388
GoldenTree Loan Opportunities IX Ltd.
1.29% (3 Month LIBOR USD + 1.11%, 1.11% Floor), 10/29/2029, Series 2014-9A, Class AR2(1)(2)		11,000,000		11,012,331
Golub Capital Partners CLO 39B Ltd.
1.34% (3 Month LIBOR USD + 1.15%, 1.15% Floor), 10/20/2028, Series 2018-39A, Class A1(1)(2)		4,723,124		4,725,131
Golub Capital Partners CLO Ltd.
0.00% (3 Month LIBOR USD + 1.55%, 1.55% Floor), 05/05/2034, Series 2021-51A, Class A(1)(2)(5)		25,300,000		25,293,093
Greystone Commercial Real Estate Notes 2019-FL2 Ltd.
1.25% (1 Month LIBOR USD + 1.18%, 1.18% Floor), 09/15/2037, Series 2019-FL2, Class A(1)(2)		1,900,000		1,900,000
GSAMP Trust 2005-AHL
1.07% (1 Month LIBOR USD + 0.98%, 0.98% Floor), 04/25/2035, Series 2005-AHL, Class M2(1)		4,910,651		4,879,293
GSAMP Trust 2007-FM2
0.15% (1 Month LIBOR USD + 0.06%, 0.06% Floor), 01/25/2037, Series 2007-FM2, Class A2A(1)		1,810,507		1,301,208
Hardee’s Funding LLC
2.87%, 06/20/2051, Series 2021-1A, Class A2(2)		3,970,000		3,977,036
3.98%, 12/20/2050, Series 2020-1A, Class A2(2)		179,100		189,527
4.96%, 06/20/2048, Series 2018-1A, Class A2II(2)		4,191,475		4,444,347
Harley Marine Financing LLC
5.68%, 05/15/2043, Series 2018-1A, Class A2(2)		901,973		875,577
Harvest CLO XXI DAC
0.76% (3 Month EURIBOR + 0.76%), 07/15/2031, Series 21A, Class A1R(1)(2)		EUR 34,400,000		40,824,022
1.04%, 07/15/2031, Series 21A, Class A2R(2)		4,100,000		4,862,275
Harvest SBA Loan Trust 2018-1
2.34% (1 Month LIBOR USD + 2.25%), 08/25/2044, Series 2018-1, Class A(1)(2)	$	6,281,071		6,090,740
Hilton Grand Vacations Trust 2017-A
2.66%, 12/26/2028, Series 2017-AA, Class A(2)		108,818		111,408
2.96%, 12/26/2028, Series 2017-AA, Class B(2)		49,463		50,475
Home Partners of America 2019-1 Trust
3.41%, 09/17/2039, Series 2019-1, Class D(2)		1,303,112		1,305,395
Home Partners of America 2019-2 Trust
3.12%, 10/19/2039, Series 2019-2, Class D(2)		1,237,420		1,219,155

	Principal Amount		Value
Honda Auto Receivables 2019-4 Owner Trust
1.83%, 01/18/2024, Series 2019-4, Class A3		1,775,000		1,795,869
Honda Auto Receivables 2020-1 Owner Trust
1.61%, 04/22/2024, Series 2020-1, Class A3		9,675,000		9,810,100
Honda Auto Receivables 2020-3 Owner Trust
0.37%, 10/18/2024, Series 2020-3, Class A3		7,490,000		7,500,216
Honda Auto Receivables 2021-1 Owner Trust
0.27%, 04/21/2025, Series 2021-1, Class A3		10,365,000		10,358,367
Horizon Aircraft Finance II Ltd.
3.72%, 07/15/2039, Series 2019-1, Class A(2)		1,276,186		1,254,474
HPEFS Equipment Trust
2.00%, 07/22/2030, Series 2020-2A, Class C(2)		1,030,000		1,050,816
HPEFS Equipment Trust 2019-1
2.49%, 09/20/2029, Series 2019-1A, Class C(2)		970,000		985,631
HPEFS Equipment Trust 2020-1
2.26%, 02/20/2030, Series 2020-1A, Class D(2)		1,900,000		1,940,348
HPEFS Equipment Trust 2021-1
1.03%, 03/20/2031, Series 2021-1A, Class D(2)		1,775,000		1,769,948
Huntington CDO Ltd.
0.75% (3 Month LIBOR USD + 0.50%), 11/05/2040, Series 2005-1A, Class A2(1)(2)		13,882,402		13,491,113
Hyundai Auto Receivables Trust 2020-C
1.08%, 12/15/2027, Series 2020-C, Class C		4,960,000		4,926,385
Invitation Homes 2018-SFR2 Trust
1.15% (1 Month LIBOR USD + 1.08%, 1.08% Floor), 06/17/2037, Series 2018-SFR2, Class B(1)(2)		1,740,000		1,743,851
Invitation Homes 2018-SFR3 Trust
1.23% (1 Month LIBOR USD + 1.15%, 1.15% Floor), 07/17/2037, Series 2018-SFR3, Class B(1)(2)		860,000		862,540
Invitation Homes 2018-SFR4 Trust
1.73% (1 Month LIBOR USD + 1.65%, 1.65% Floor), 01/17/2038, Series 2018-SFR4, Class D(1)(2)		614,342		615,490
IXIS Real Estate Capital Trust 2005-HE2
1.07% (1 Month LIBOR USD + 0.98%, 0.98% Floor), 09/25/2035, Series 2005-HE2, Class M5(1)		7,042,277		6,907,094
Jack In The Box Funding LLC
3.98%, 08/25/2049, Series 2019-1A, Class A2I(2)		4,992,275		5,108,096
JP Morgan Mortgage Acquisition Corp. 2005-FRE1
0.74% (1 Month LIBOR USD + 0.65%, 0.65% Floor), 10/25/2035, Series 2005-FRE1, Class M2(1)		7,044,106		6,478,249
JP Morgan Mortgage Acquisition Corp. 2006-FRE2
0.63% (1 Month LIBOR USD + 0.54%, 0.54% Floor), 02/25/2036, Series 2006-FRE2, Class M2(1)		8,467,499		7,827,006
JP Morgan Mortgage Acquisition Trust 2006-CW1
0.53% (1 Month LIBOR USD + 0.44%, 0.44% Floor), 05/25/2036, Series 2006-CW1, Class M2(1)		11,322,000		10,206,649
JP Morgan Mortgage Acquisition Trust 2006-WMC4
0.21% (1 Month LIBOR USD + 0.12%, 0.12% Floor), 12/25/2036, Series 2006-WMC4, Class A3(1)		21,786,381		13,817,540
0.24% (1 Month LIBOR USD + 0.15%, 0.15% Floor), 12/25/2036, Series 2006-WMC4, Class A4(1)		19,841,877		12,648,086
JP Morgan Mortgage Acquisition Trust 2007-CH3
0.35% (1 Month LIBOR USD + 0.26%, 0.26% Floor), 03/25/2037, Series 2007-CH3, Class A5(1)		23,235,564		23,061,365
JPMorgan Chase Bank N.A.—CACLN
1.17%, 09/25/2028, Series 2021-1, Class D(2)		2,185,000		2,185,485
Kestrel Aircraft Funding Ltd.
4.25%, 12/15/2038, Series 2018-1A, Class A(2)		3,044,249		3,029,322
KKR CLO 13 Ltd.
0.98% (3 Month LIBOR USD + 0.80%, 0.80% Floor), 01/16/2028, Series 13, Class A1R(1)(2)		1,974,686		1,969,455

	Principal Amount		Value
KKR CLO 29 Ltd.
1.64% (3 Month LIBOR USD + 1.50%, 1.50% Floor), 01/15/2032, Series 29A, Class B(1)(2)		8,540,000		8,535,696
Laurel Road Prime Student Loan Trust 2020-A
1.40%, 11/25/2050, Series 2020-A, Class A2FX(2)		4,680,000		4,670,047
Legacy Mortgage Asset Trust 2019-GS2
3.75%, 01/25/2059, Series 2019-GS2, Class A1(2)(3)		221,775		222,161
Legacy Mortgage Asset Trust 2019-GS3
3.75%, 04/25/2059, Series 2019-GS3, Class A1(2)(3)		2,254,134		2,272,882
Legacy Mortgage Asset Trust 2019-GS4
3.44%, 05/25/2059, Series 2019-GS4, Class A1(2)(3)		4,605,727		4,614,824
Lehman XS Trust 2007-6
0.51% (1 Month LIBOR USD + 0.42%, 0.42% Floor), 05/25/2037, Series 2007-6, Class 2A1(1)		9,734,271		8,550,224
LoanCore 2019-CRE2 Issuer Ltd.
1.20% (1 Month LIBOR USD + 1.13%, 1.13% Floor), 05/15/2036, Series 2019-CRE2, Class A(1)(2)		3,600,000		3,598,884
Long Beach Mortgage Loan Trust 2004-6
1.29% (1 Month LIBOR USD + 1.20%, 1.20% Floor), 11/25/2034, Series 2004-6, Class M1(1)		23,036,995		22,248,913
Long Beach Mortgage Loan Trust 2005-WL2
0.87% (1 Month LIBOR USD + 0.78%, 0.78% Floor), 08/25/2035, Series 2005-WL2, Class M3(1)		10,000,000		9,884,344
Long Beach Mortgage Loan Trust 2006-WL1
0.72% (1 Month LIBOR USD + 0.63%, 0.63% Floor), 01/25/2046, Series 2006-WL1, Class M1(1)		15,000,000		14,530,101
LP Credit Card ABS Master Trust
1.66% (1 Month LIBOR USD + 1.55%), 08/20/2024, Series 2018-1, Class A(1)(2)		3,799,029		3,795,063
Madison Park Funding XVIII Ltd.
1.38% (3 Month LIBOR USD + 1.19%), 10/21/2030, Series 2015-18A, Class A1R(1)(2)		4,815,000		4,817,740
Madison Park Funding XXXIII Ltd.
1.51% (3 Month LIBOR USD + 1.33%, 1.33% Floor), 10/15/2032, Series 2019-33A, Class A(1)(2)		4,180,000		4,201,669
Madison Park Funding XXXVII Ltd.
1.48% (3 Month LIBOR USD + 1.30%), 07/15/2032, Series 2019-37A, Class A1(1)(2)		1,185,000		1,185,384
Magnetite XXIII Ltd.
1.48% (3 Month LIBOR USD + 1.30%, 1.30% Floor), 10/25/2032, Series 2019-23A, Class A(1)(2)		1,255,000		1,254,682
Magnetite XXV Ltd.
1.45% (3 Month LIBOR USD + 1.20%, 1.20% Floor), 01/25/2032, Series 2020-25A, Class A(1)(2)		18,000,000		18,033,313
1.80% (3 Month LIBOR USD + 1.55%, 1.55% Floor), 01/25/2032, Series 2020-25A, Class B(1)(2)		3,170,000		3,168,380
MAPS 2018-1 Ltd.
4.21%, 05/15/2043, Series 2018-1A, Class A(2)		6,234,050		6,243,284
MAPS 2019-1 Ltd.
4.46%, 03/15/2044, Series 2019-1A, Class A(2)		1,556,631		1,560,550
MAPS 2021-1 Trust
2.52%, 06/15/2046, Series 2021-1A, Class A(2)		14,050,000		14,084,198
Marlette Funding Trust 2019-4
2.39%, 12/17/2029, Series 2019-4A, Class A(2)		740,084		743,822
MASTR Asset Backed Securities Trust 2004-WMC1
0.87% (1 Month LIBOR USD + 0.78%, 0.78% Floor), 02/25/2034, Series 2004-WMC1, Class M1(1)		1,288,830		1,286,901
MASTR Specialized Loan Trust
0.61% (1 Month LIBOR USD + 0.52%, 0.52% Floor), 02/25/2036, Series 2006-2, Class A(1)(2)		702,925		681,781
Mercury Financial Credit Card Master Trust
1.54%, 03/20/2026, Series 2021-1A, Class A(2)		4,880,000		4,894,737
Merlin Aviation Holdings DAC
4.50%, 12/15/2032, Series 2016-1, Class A(2)(3)		1,556,325		1,495,005
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2

	Principal Amount		Value
0.33% (1 Month LIBOR USD + 0.24%, 0.24% Floor), 05/25/2037, Series 2007-2, Class A2C(1)		2,513,234		1,960,441
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5
1.09% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 10/25/2037, Series 2007-5, Class 2A2(1)		18,881,054		18,282,559
Merrill Lynch Mortgage Investors Trust Series 2006-OPT1
0.24% (1 Month LIBOR USD + 0.15%, 0.15% Floor), 08/25/2037, Series 2006-OPT1, Class A1(1)		15,702,527		15,138,902
METAL 2017-1 LLC
4.58%, 10/15/2042, Series 2017-1, Class A(2)		3,212,691		2,861,929
MF1 2020-FL4 Ltd.
1.82% (1 Month LIBOR USD + 1.70%, 1.70% Floor), 11/15/2035, Series 2020-FL4, Class A(1)(2)		29,500,000		29,739,186
Midocean Credit Clo VIII
1.21% (3 Month LIBOR USD + 1.05%, 1.05% Floor), 02/20/2031, Series 2018-8A, Class A1R(1)(2)		27,400,000		27,376,628
Mill City Mortgage Loan Trust 2016-1
2.50%, 04/25/2057, Series 2016-1, Class A1(2)(4)		65,310		65,653
Mill City Mortgage Loan Trust 2017-2
2.75%, 07/25/2059, Series 2017-2, Class A1(2)(4)		225,589		228,755
Mill City Mortgage Loan Trust 2018-1
3.25%, 05/25/2062, Series 2018-1, Class A1(2)(4)		3,047,090		3,126,056
Mill City Mortgage Loan Trust 2018-2
3.75%, 05/25/2058, Series 2018-2, Class M1(2)(4)		494,254		525,449
Mill City Mortgage Loan Trust 2018-3
3.47%, 08/25/2058, Series 2018-3, Class A1(2)(4)		1,764,094		1,835,104
Morgan Stanley ABS Capital I, Inc. Trust 2005-WMC2
1.02% (1 Month LIBOR USD + 0.93%, 0.93% Floor), 02/25/2035, Series 2005-WMC2, Class M4(1)		1,568,504		1,562,874
Morgan Stanley ABS Capital I, Inc. Trust 2006-HE8
0.22% (1 Month LIBOR USD + 0.13%, 0.13% Floor), 10/25/2036, Series 2006-HE8, Class A1(1)		583,506		552,837
Morgan Stanley Capital I, Inc. Trust 2006-HE1
0.67% (1 Month LIBOR USD + 0.58%, 0.58% Floor), 01/25/2036, Series 2006-HE1, Class A4(1)		8,445,139		8,311,748
Morgan Stanley Mortgage Loan Trust 2006-15XS
6.20%, 11/25/2036, Series 2006-15XS, Class A4A(3)		13,201,302		4,669,276
Morgan Stanley Mortgage Loan Trust 2007-8XS
0.62% (1 Month LIBOR USD + 0.53%, 0.53% Floor, 6.25% Cap), 04/25/2037, Series 2007-8XS, Class A5(1)		21,493,158		9,543,996
0.63% (1 Month LIBOR USD + 0.54%, 0.54% Floor, 6.26% Cap), 04/25/2037, Series 2007-8XS, Class A9(1)		2,075,470		922,395
Mountain View CLO 2014-1 Ltd.
0.98% (3 Month LIBOR USD + 0.80%, 0.80% Floor), 10/15/2026, Series 2014-1A, Class ARR(1)(2)		807,641		807,408
Mountain View CLO 2017-1 LLC
1.27% (3 Month LIBOR USD + 1.09%, 1.09% Floor), 10/16/2029, Series 2017-1A, Class AR(1)(2)		13,900,000		13,904,893
Mountain View CLO X Ltd.
1.01% (3 Month LIBOR USD + 0.82%, 0.82% Floor), 10/13/2027, Series 2015-10A, Class AR(1)(2)		830,747		831,123
MVW 2020-1 LLC
4.21%, 10/20/2037, Series 2020-1A, Class C(2)		545,095		577,207
MVW 2021-1W LLC
1.94%, 01/22/2041, Series 2021-1WA, Class C(2)		666,346		667,264
MVW Owner Trust 2017-1
2.75%, 12/20/2034, Series 2017-1A, Class B(2)		57,847		58,943
MVW Owner Trust 2019-1
3.33%, 11/20/2036, Series 2019-1A, Class C(2)		315,804		323,208
Nassau 2017-I Ltd.
1.33% (3 Month LIBOR USD + 1.15%), 10/15/2029, Series 2017-IA, Class A1AS(1)(2)		15,200,000		15,227,877
National Collegiate Student Loan Trust 2004-2

	Principal Amount		Value
0.57% (1 Month LIBOR USD + 0.48%), 12/26/2033, Series 2004-2, Class A51(1)		2,949,972		2,945,024
National Collegiate Student Loan Trust 2005-3
0.47% (1 Month LIBOR USD + 0.29%), 10/25/2033, Series 2005-3W, Class A51(1)(2)		7,660,135		7,541,700
Navient Private Education Loan Trust 2017-A
2.88%, 12/16/2058, Series 2017-A, Class A2A(2)		333,561		338,381
3.91%, 12/16/2058, Series 2017-A, Class B(2)		440,000		448,649
Navient Private Education Loan Trust 2018-B
3.61%, 12/15/2059, Series 2018-BA, Class A2A(2)		1,441,470		1,504,571
Navient Private Education Loan Trust 2020-I
1.07% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 04/15/2069, Series 2020-IA, Class A1B(1)(2)		20,091,450		20,224,032
1.33%, 04/15/2069, Series 2020-IA, Class A1A(2)		11,653,904		11,629,982
Navient Private Education Refi Loan Trust 2018-A
3.19%, 02/18/2042, Series 2018-A, Class A2(2)		1,659,446		1,681,693
Navient Private Education Refi Loan Trust 2018-C
3.52%, 06/16/2042, Series 2018-CA, Class A2(2)		655,441		666,873
Navient Private Education Refi Loan Trust 2019-F
2.60%, 08/15/2068, Series 2019-FA, Class A2(2)		5,336,845		5,439,681
Navient Private Education Refi Loan Trust 2019-G
2.40%, 10/15/2068, Series 2019-GA, Class A(2)		5,873,971		5,993,826
Navient Private Education Refi Loan Trust 2020-B
2.12%, 01/15/2069, Series 2020-BA, Class A2(2)		5,483,075		5,564,526
Navient Private Education Refi Loan Trust 2020-C
2.15%, 11/15/2068, Series 2020-CA, Class A2A(2)		4,795,000		4,926,137
2.83%, 11/15/2068, Series 2020-CA, Class B(2)		4,665,000		4,734,819
Navient Private Education Refi Loan Trust 2020-D
1.69%, 05/15/2069, Series 2020-DA, Class A(2)		9,606,545		9,702,933
Navient Private Education Refi Loan Trust 2020-G
1.17%, 09/16/2069, Series 2020-GA, Class A(2)		6,502,469		6,529,495
Navient Private Education Refi Loan Trust 2020-H
1.31%, 01/15/2069, Series 2020-HA, Class A(2)		4,948,856		4,981,761
Navient Private Education Refi Loan Trust 2021-A
0.84%, 05/15/2069, Series 2021-A, Class A(2)		5,559,997		5,549,828
2.24%, 05/15/2069, Series 2021-A, Class B(2)		360,000		362,205
Navient Student Loan Trust 2014-3
0.71% (1 Month LIBOR USD + 0.62%), 03/25/2083, Series 2014-3, Class A(1)		260,462		257,339
Navient Student Loan Trust 2016-2
1.59% (1 Month LIBOR USD + 1.50%), 06/25/2065, Series 2016-2A, Class A3(1)(2)		6,200,000		6,428,663
Navient Student Loan Trust 2018-2
0.84% (1 Month LIBOR USD + 0.75%), 03/25/2067, Series 2018-2A, Class A3(1)(2)		15,000,000		15,159,579
Nelnet Student Loan Trust 2014-2
0.94% (1 Month LIBOR USD + 0.85%), 07/27/2037, Series 2014-2A, Class A3(1)(2)		4,250,000		4,276,889
Nelnet Student Loan Trust 2020-1
0.83% (1 Month LIBOR USD + 0.74%, 0.74% Floor), 03/26/2068, Series 2020-1A, Class A(1)(2)		2,318,700		2,312,753
Neuberger Berman CLO XVI-S Ltd.
1.24% (3 Month LIBOR USD + 1.04%, 1.04% Floor), 04/15/2034, Series 2017-16SA, Class AR(1)(2)		18,770,000		18,787,437
Neuberger Berman Loan Advisers CLO 32 Ltd.
1.18% (3 Month LIBOR USD + 0.99%, 0.99% Floor), 01/20/2032, Series 2019-32A, Class AR(1)(2)		15,740,000		15,753,804
Neuberger Berman Loan Advisers CLO 38 Ltd.
1.49% (3 Month LIBOR USD + 1.30%, 1.30% Floor), 10/20/2032, Series 2020-38A, Class A(1)(2)		6,440,000		6,442,299
Neuberger Berman Loan Advisers Clo 43 Ltd.

	Principal Amount		Value
0.00% (3 Month LIBOR USD + 1.13%, 1.13% Floor), 07/17/2035, Series 2021-43A, Class A(1)(2)(5)		29,715,000		29,715,000
New Century Home Equity Loan Trust 2005-1
0.77% (1 Month LIBOR USD + 0.68%, 0.68% Floor, 12.50% Cap), 03/25/2035, Series 2005-1, Class M1(1)		8,757,903		8,719,076
Nissan Auto Receivables 2018-B Owner Trust
3.06%, 03/15/2023, Series 2018-B, Class A3		1,741,586		1,760,713
Nissan Auto Receivables 2019-C Owner Trust
1.93%, 07/15/2024, Series 2019-C, Class A3		5,940,000		6,014,029
Nissan Auto Receivables 2020-A Owner Trust
1.38%, 12/16/2024, Series 2020-A, Class A3		7,765,000		7,861,757
Nissan Auto Receivables 2020-B Owner Trust
0.55%, 07/15/2024, Series 2020-B, Class A3		5,470,000		5,487,739
Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2006-HE1
0.71% (1 Month LIBOR USD + 0.62%, 0.62% Floor), 02/25/2036, Series 2006-HE1, Class M1(1)		2,096,297		2,089,997
OAK Hill European Credit Partners V Designated Activity Co.
0.72% (3 Month EURIBOR + 0.72%), 02/21/2030, Series 2016-5A, Class A1R(1)(2)		EUR 30,947,179		36,653,086
OCP CLO 2014-7 Ltd.
1.31% (3 Month LIBOR USD + 1.12%), 07/20/2029, Series 2014-7A, Class A1RR(1)(2)	$	14,635,000		14,631,312
OCP CLO 2020-19 Ltd.
1.94% (3 Month LIBOR USD + 1.75%, 1.75% Floor), 07/20/2031, Series 2020-19A, Class A1(1)(2)		3,735,000		3,736,389
Octagon Investment Partners 29 Ltd.
1.36% (3 Month LIBOR USD + 1.18%), 01/24/2033, Series 2016-1A, Class AR(1)(2)		7,880,000		7,929,486
OHA Credit Funding 3 LTD
0.00% (3 Month LIBOR USD + 1.14%, 1.14% Floor), 07/02/2035, Series 2019-3A, Class AR(1)(2)(5)		8,770,000		8,767,807
OneMain Financial Issuance Trust 2015-3
4.16%, 11/20/2028, Series 2015-3A, Class B(2)		710,000		710,716
OneMain Financial Issuance Trust 2016-3
3.83%, 06/18/2031, Series 2016-3A, Class A(2)		997,164		1,005,549
Onemain Financial Issuance Trust 2018-1
4.08%, 03/14/2029, Series 2018-1A, Class D(2)		1,220,000		1,250,251
OneMain Financial Issuance Trust 2019-1
4.22%, 02/14/2031, Series 2019-1A, Class D(2)		3,360,000		3,379,381
OneMain Financial Issuance Trust 2020-2
1.75%, 09/14/2035, Series 2020-2A, Class A(2)		3,465,000		3,523,119
OneMain Financial Issuance Trust 2020-A
4.83%, 05/14/2032, Series 2020-1A, Class B(2)		2,425,000		2,592,007
OneMain Financial Issuance Trust 2021-1
2.47%, 06/16/2036, Series 2021-1A, Class D(2)		2,470,000		2,486,758
Option One Mortgage Loan Trust 2004-2
0.89% (1 Month LIBOR USD + 0.80%, 0.80% Floor), 05/25/2034, Series 2004-2, Class M1(1)		6,262,238		6,218,118
Option One Mortgage Loan Trust 2005-2
0.75% (1 Month LIBOR USD + 0.66%, 0.66% Floor), 05/25/2035, Series 2005-2, Class M1(1)		339,472		339,156
Option One Mortgage Loan Trust 2006-1
0.53% (1 Month LIBOR USD + 0.44%, 0.44% Floor), 01/25/2036, Series 2006-1, Class 1A1(1)		2,930,831		2,924,528
0.69% (1 Month LIBOR USD + 0.60%, 0.60% Floor), 01/25/2036, Series 2006-1, Class 2A4(1)		12,988,112		12,928,479
Option One Mortgage Loan Trust 2006-3
0.23% (1 Month LIBOR USD + 0.14%, 0.14% Floor), 02/25/2037, Series 2006-3, Class 1A1(1)		19,131,954		14,555,874
Option One Mortgage Loan Trust 2007-4
0.27% (1 Month LIBOR USD + 0.18%, 0.18% Floor), 04/25/2037, Series 2007-4, Class 2A2(1)		16,874,746		11,646,769
OSAT 2020-RPL1 Trust

	Principal Amount		Value
3.07%, 12/26/2059, Series 2020-RPL1, Class A1(2)(3)		2,623,411		2,643,377
Oscar US Funding XI LLC
2.49%, 08/10/2022, Series 2019-2A, Class A2(2)		20,736		20,782
OZLM VII Ltd.
1.20% (3 Month LIBOR USD + 1.01%, 1.01% Floor), 07/17/2029, Series 2014-7RA, Class A1R(1)(2)		7,030,173		7,033,597
OZLM VIII Ltd.
1.36% (3 Month LIBOR USD + 1.17%, 1.17% Floor), 10/17/2029, Series 2014-8A, Class A1RR(1)(2)		2,892,237		2,893,310
1.99% (3 Month LIBOR USD + 1.80%, 1.80% Floor), 10/17/2029, Series 2014-8A, Class A2RR(1)(2)		2,955,000		2,957,231
Palmer Square CLO 2020-2 Ltd.
1.88% (3 Month LIBOR USD + 1.70%, 1.70% Floor), 07/15/2031, Series 2020-2A, Class A1A(1)(2)		2,380,000		2,380,002
Palmer Square CLO 2020-3 Ltd.
1.53% (3 Month LIBOR USD + 1.37%, 1.37% Floor), 11/15/2031, Series 2020-3A, Class A1A(1)(2)		23,860,000		23,934,061
Palmer Square CLO Ltd.
1.26% (3 Month LIBOR USD + 1.15%, 1.15% Floor), 07/15/2034, Series 2021-2A, Class A(1)(2)		9,020,000		9,017,700
Palmer Square Loan Funding 2019-4 Ltd.
1.08% (3 Month LIBOR USD + 0.90%, 0.90% Floor), 10/24/2027, Series 2019-4A, Class A1(1)(2)		1,007,549		1,005,703
Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Series 2005-WHQ4
0.87% (1 Month LIBOR USD + 0.78%, 0.78% Floor), 09/25/2035, Series 2005-WHQ4, Class M3(1)		8,000,000		7,701,097
Planet Fitness Master Issuer LLC
3.86%, 12/05/2049, Series 2019-1A, Class A2(2)		783,075		791,673
4.26%, 09/05/2048, Series 2018-1A, Class A2I(2)		5,538,388		5,558,880
Prestige Auto Receivables Trust 2018-1
3.75%, 10/15/2024, Series 2018-1A, Class C(2)		2,765,000		2,794,658
Prestige Auto Receivables Trust 2020-1
3.67%, 02/15/2028, Series 2020-1A, Class E(2)		3,270,000		3,376,522
Progress Residential 2018-SFR2 Trust
4.66%, 08/17/2035, Series 2018-SFR2, Class E(2)		2,890,000		2,906,093
Progress Residential 2018-SFR3 Trust
4.43%, 10/17/2035, Series 2018-SFR3, Class D(2)		2,430,000		2,446,081
4.87%, 10/17/2035, Series 2018-SFR3, Class E(2)		1,340,000		1,355,590
Progress Residential 2019-SFR1 Trust
4.17%, 08/17/2035, Series 2019-SFR1, Class D(2)		1,190,000		1,207,590
Progress Residential 2019-SFR2 Trust
3.79%, 05/17/2036, Series 2019-SFR2, Class D(2)		2,165,000		2,198,500
Progress Residential 2019-SFR4 Trust
3.14%, 10/17/2036, Series 2019-SFR4, Class D(2)		1,915,000		1,943,459
Progress Residential 2020-SFR3 Trust
1.50%, 10/17/2027, Series 2020-SFR3, Class B(2)		345,000		343,060
2.30%, 10/17/2027, Series 2020-SFR3, Class E(2)		545,000		545,483
Progress Residential 2021-SFR3
2.54%, 05/17/2026, Series 2021-SFR3, Class E1(2)		1,815,000		1,830,559
2.69%, 05/17/2026, Series 2021-SFR3, Class E2(2)		1,510,000		1,519,449
Progress Residential 2021-SFR4
2.41%, 05/17/2038, Series 2021-SFR4, Class E1(2)		955,000		953,206
2.56%, 05/17/2038, Series 2021-SFR4, Class E2(2)		640,000		638,803
Progress Residential 2021-SFR2 Trust
2.55%, 04/19/2038, Series 2021-SFR2, Class E1(2)		4,365,000		4,406,284
Progress Residential 2021-SFR5 Trust
2.21%, 07/17/2038, Series 2021-SFR5, Class E1(2)		2,185,000		2,183,186
2.36%, 07/17/2038, Series 2021-SFR5, Class E2(2)		545,000		544,544

	Principal Amount		Value
Progress Residential Trust
2.43%, 07/17/2038, Series 2021-SFR6, Class E1(2)		2,730,000		2,729,888
2.53%, 07/17/2038, Series 2021-SFR6, Class E2(2)		1,375,000		1,374,796
PRPM 2020-1 LLC
2.98%, 02/25/2025, Series 2020-1A, Class A1(2)(3)		4,168,527		4,187,114
PRPM 2020-4 LLC
2.95%, 10/25/2025, Series 2020-4, Class A1(2)(3)		3,149,126		3,162,442
RAMP Series 2005-RS5 Trust
1.11% (1 Month LIBOR USD + 0.68%, 1.02% Floor, 14.00% Cap), 05/25/2035, Series 2005-RS5, Class M5(1)		500,000		498,159
RASC Series 2005-KS10 Trust
0.75% (1 Month LIBOR USD + 0.66%, 0.66% Floor, 14.00% Cap), 11/25/2035, Series 2005-KS10, Class M2(1)		6,331,349		6,310,890
RASC Series 2006-KS9 Trust
0.25% (1 Month LIBOR USD + 0.16%, 0.16% Floor, 14.00% Cap), 11/25/2036, Series 2006-KS9, Class AI3(1)		1,082,867		1,174,359
RASC Series 2007-KS3 Trust
0.43% (1 Month LIBOR USD + 0.34%, 0.34% Floor, 14.00% Cap), 04/25/2037, Series 2007-KS3, Class AI4(1)		31,155,046		30,030,626
Reese Park CLO Ltd.
1.50% (3 Month LIBOR USD + 1.32%, 1.32% Floor), 10/15/2032, Series 2020-1A, Class A1(1)(2)		6,435,000		6,444,659
Rockford Tower CLO 2019-2 Ltd.
1.49% (3 Month LIBOR USD + 1.33%, 1.33% Floor), 08/20/2032, Series 2019-2A, Class A(1)(2)		13,850,000		13,865,166
Rockford Tower CLO 2021-1 Ltd.
1.25% (3 Month LIBOR USD + 1.17%, 1.17% Floor), 07/20/2034, Series 2021-1A, Class A1(1)(2)		25,790,000		25,786,518
Santander Drive Auto Receivables Trust 2018-4
3.98%, 12/15/2025, Series 2018-4, Class D		3,390,000		3,484,036
Santander Drive Auto Receivables Trust 2018-5
4.19%, 12/16/2024, Series 2018-5, Class D		3,070,000		3,138,795
Santander Drive Auto Receivables Trust 2019-1
3.65%, 04/15/2025, Series 2019-1, Class D		11,435,000		11,761,236
Santander Drive Auto Receivables Trust 2019-3
2.68%, 10/15/2025, Series 2019-3, Class D		4,095,000		4,195,227
Santander Drive Auto Receivables Trust 2020-1
4.11%, 12/15/2025, Series 2020-1, Class C		840,000		881,313
5.35%, 03/15/2028, Series 2020-1, Class D		7,195,000		7,856,765
Santander Drive Auto Receivables Trust 2020-4
1.48%, 01/15/2027, Series 2020-4, Class D		3,345,000		3,386,361
Santander Drive Auto Receivables Trust 2021-1
1.13%, 11/16/2026, Series 2021-1, Class D		3,280,000		3,284,979
Santander Drive Auto Receivables Trust 2021-2
1.35%, 07/15/2027, Series 2021-2, Class D		7,115,000		7,122,025
Santander Retail Auto Lease Trust 2019-B
3.31%, 06/20/2024, Series 2019-B, Class D(2)		6,610,000		6,809,503
Santander Retail Auto Lease Trust 2019-C
2.88%, 06/20/2024, Series 2019-C, Class D(2)		10,280,000		10,566,347
Santander Retail Auto Lease Trust 2021-A
1.38%, 03/22/2027, Series 2021-A, Class D(2)		8,685,000		8,669,066
Saxon Asset Securities Trust 2006-1
0.56% (1 Month LIBOR USD + 0.47%, 0.47% Floor, 12.25% Cap), 03/25/2036, Series 2006-1, Class M1(1)		1,563,408		1,554,699
Saxon Asset Securities Trust 2007-2
0.29% (1 Month LIBOR USD + 0.20%, 0.20% Floor), 05/25/2047, Series 2007-2, Class A1(1)		22,789,250		21,144,639
Saxon Asset Securities Trust 2007-3

	Principal Amount		Value
0.40% (1 Month LIBOR USD + 0.31%, 0.31% Floor), 09/25/2037, Series 2007-3, Class 1A(1)		22,798,243		22,419,061
SCF Equipment Leasing 2021-1 LLC
1.93%, 09/20/2030, Series 2021-1A, Class D(2)		340,000		338,148
Securitized Asset Backed Receivables LLC Trust 2004-OP1
0.86% (1 Month LIBOR USD + 0.77%, 0.77% Floor), 02/25/2034, Series 2004-OP1, Class M1(1)		12,563,819		12,425,254
Securitized Asset Backed Receivables LLC Trust 2005-HE1
0.74% (1 Month LIBOR USD + 0.65%, 0.65% Floor), 10/25/2035, Series 2005-HE1, Class M1(1)		3,384,936		3,109,586
Securitized Asset Backed Receivables LLC Trust 2006-CB5
0.37% (1 Month LIBOR USD + 0.28%, 0.28% Floor), 06/25/2036, Series 2006-CB5, Class A3(1)		4,820,950		3,720,332
ServiceMaster Funding LLC
2.84%, 01/30/2051, Series 2020-1, Class A2I(2)		8,782,988		9,082,400
Shackleton 2016-IX CLO Ltd.
1.32% (3 Month LIBOR USD + 1.13%, 1.13% Floor), 10/20/2028, Series 2016-9A, Class AR(1)(2)		1,300,553		1,301,641
Sierra Timeshare 2019-1 Receivables Funding LLC
3.20%, 01/20/2036, Series 2019-1A, Class A(2)		1,105,394		1,143,159
Sierra Timeshare 2019-2 Receivables Funding LLC
3.12%, 05/20/2036, Series 2019-2A, Class C(2)		2,089,807		2,138,797
Sierra Timeshare 2019-3 Receivables Funding LLC
3.00%, 08/20/2036, Series 2019-3A, Class C(2)		1,441,835		1,472,869
Sierra Timeshare 2021-1 Receivables Funding LLC
1.34%, 11/20/2037, Series 2021-1A, Class B(2)		4,579,341		4,583,617
1.79%, 11/20/2037, Series 2021-1A, Class C(2)		1,269,648		1,273,989
Sierra Timeshare Conduit Receivables Funding LLC
2.91%, 03/20/2034, Series 2017-1A, Class A(2)		62,220		62,944
S-Jets 2017-1 Ltd.
3.97%, 08/15/2042, Series 2017-1, Class A(2)		16,227,249		16,048,539
Slam 2021-1 Ltd.
2.43%, 06/15/2046, Series 2021-1A, Class A(2)		9,930,000		9,924,913
SLM Private Credit Student Loan Trust 2003-B
0.00%, 03/15/2033, Series 2003-B, Class A3(4)		1,954,000		1,901,205
SLM Student Loan Trust 2003-7
1.32% (3 Month LIBOR USD + 1.20%, 1.20% Floor), 12/15/2033, Series 2003-7A, Class A5A(1)(2)		8,089,643		8,094,569
SLM Student Loan Trust 2005-4
0.35% (3 Month LIBOR USD + 0.17%), 07/25/2040, Series 2005-4, Class A4(1)		11,000,000		10,628,732
SLM Student Loan Trust 2006-10
0.40% (3 Month LIBOR USD + 0.22%), 03/25/2044, Series 2006-10, Class B(1)		1,828,677		1,700,806
SLM Student Loan Trust 2007-2
0.35% (3 Month LIBOR USD + 0.17%), 07/25/2025, Series 2007-2, Class B(1)		6,950,000		6,244,950
SLM Student Loan Trust 2007-3
0.24% (3 Month LIBOR USD + 0.06%), 01/25/2022, Series 2007-3, Class A4(1)		3,018,412		2,939,451
SLM Student Loan Trust 2007-7
0.51% (3 Month LIBOR USD + 0.33%), 01/25/2022, Series 2007-7, Class A4(1)		2,237,309		2,193,998
SLM Student Loan Trust 2008-2
0.93% (3 Month LIBOR USD + 0.75%), 04/25/2023, Series 2008-2, Class A3(1)		7,463,263		7,375,017
SLM Student Loan Trust 2008-5
1.88% (3 Month LIBOR USD + 1.70%, 1.70% Floor), 07/25/2023, Series 2008-5, Class A4(1)		3,369,469		3,401,438
2.03% (3 Month LIBOR USD + 1.85%, 1.85% Floor), 07/25/2073, Series 2008-5, Class B(1)		7,350,000		7,254,416
SLM Student Loan Trust 2008-6
1.28% (3 Month LIBOR USD + 1.10%), 07/25/2023, Series 2008-6, Class A4(1)		11,391,709		11,420,192
SLM Student Loan Trust 2008-7

	Principal Amount		Value
1.08% (3 Month LIBOR USD + 0.90%), 07/25/2023, Series 2008-7, Class A4(1)		8,857,458		8,778,244
SLM Student Loan Trust 2012-1
1.04% (1 Month LIBOR USD + 0.95%, 0.95% Floor), 09/25/2028, Series 2012-1, Class A3(1)		11,105,442		10,979,759
SLM Student Loan Trust 2012-2
0.79% (1 Month LIBOR USD + 0.70%), 01/25/2029, Series 2012-2, Class A(1)		12,997,134		12,771,327
SLM Student Loan Trust 2012-7
0.74% (1 Month LIBOR USD + 0.65%, 0.65% Floor), 05/26/2026, Series 2012-7, Class A3(1)		4,355,226		4,267,858
1.89% (1 Month LIBOR USD + 1.80%, 1.80% Floor), 09/25/2043, Series 2012-7, Class B(1)		2,220,000		2,219,999
SLM Student Loan Trust 2014-1
0.69% (1 Month LIBOR USD + 0.60%), 02/26/2029, Series 2014-1, Class A3(1)		2,656,764		2,573,956
SMB Private Education Loan Trust 2014-A
3.05%, 05/15/2026, Series 2014-A, Class A2A(2)		20,887		20,924
SMB Private Education Loan Trust 2015-B
1.82% (1 Month LIBOR USD + 1.75%), 05/17/2032, Series 2015-B, Class A3(1)(2)		1,685,000		1,706,550
2.98%, 07/15/2027, Series 2015-B, Class A2A(2)		56,487		57,121
SMB Private Education Loan Trust 2015-C
3.50%, 09/15/2043, Series 2015-C, Class B(2)		1,295,000		1,349,407
SMB Private Education Loan Trust 2016-A
2.70%, 05/15/2031, Series 2016-A, Class A2A(2)		208,447		213,690
SMB Private Education Loan Trust 2016-B
2.43%, 02/17/2032, Series 2016-B, Class A2A(2)		1,192,861		1,222,163
SMB Private Education Loan Trust 2016-C
2.34%, 09/15/2034, Series 2016-C, Class A2A(2)		369,526		377,696
SMB Private Education Loan Trust 2017-A
2.88%, 09/15/2034, Series 2017-A, Class A2A(2)		1,054,257		1,084,797
SMB Private Education Loan Trust 2017-B
2.82%, 10/15/2035, Series 2017-B, Class A2A(2)		2,091,491		2,164,495
SMB Private Education Loan Trust 2018-A
3.50%, 02/15/2036, Series 2018-A, Class A2A(2)		10,654,769		11,217,153
SMB Private Education Loan Trust 2018-B
0.82% (1 Month LIBOR USD + 0.72%), 01/15/2037, Series 2018-B, Class A2B(1)(2)		1,483,742		1,488,078
3.60%, 01/15/2037, Series 2018-B, Class A2A(2)		4,498,736		4,762,267
4.00%, 07/15/2042, Series 2018-B, Class B(2)		285,000		303,364
SMB Private Education Loan Trust 2018-C
3.63%, 11/15/2035, Series 2018-C, Class A2A(2)		10,616,931		11,179,175
4.00%, 11/17/2042, Series 2018-C, Class B(2)		770,000		820,247
SMB Private Education Loan Trust 2019-A
3.44%, 07/15/2036, Series 2019-A, Class A2A(2)		7,189,106		7,536,779
SMB Private Education Loan Trust 2019-B
2.84%, 06/15/2037, Series 2019-B, Class A2A(2)		6,909,752		7,205,824
SMB Private Education Loan Trust 2020-A
2.23%, 09/15/2037, Series 2020-A, Class A2A(2)		12,400,000		12,745,879
SMB Private Education Loan Trust 2020-PTB
1.60%, 09/15/2054, Series 2020-PTB, Class A2A(2)		8,385,000		8,447,672
SMB Private Education Loan Trust 2021-A
1.07%, 01/15/2053, Series 2021-A, Class APT1(2)		12,108,599		11,926,411
SoFi Consumer Loan Program 2017-6 LLC
3.52%, 11/25/2026, Series 2017-6, Class B(2)		1,300,028		1,313,781
SoFi Consumer Loan Program 2018-2 Trust

	Principal Amount		Value
3.79%, 04/26/2027, Series 2018-2, Class B(2)		1,191,114		1,204,329
SoFi Consumer Loan Program 2018-3 Trust
4.02%, 08/25/2027, Series 2018-3, Class B(2)		1,076,828		1,090,713
SoFi Consumer Loan Program 2018-4 Trust
4.17%, 11/26/2027, Series 2018-4, Class C(2)		2,745,000		2,800,705
SoFi Consumer Loan Program 2019-1 Trust
3.73%, 02/25/2028, Series 2019-1, Class C(2)		5,690,000		5,812,922
SoFi Consumer Loan Program 2019-2 Trust
3.01%, 04/25/2028, Series 2019-2, Class A(2)		639,400		641,130
3.46%, 04/25/2028, Series 2019-2, Class C(2)		3,145,000		3,223,061
SoFi Consumer Loan Program 2019-3 Trust
3.35%, 05/25/2028, Series 2019-3, Class C(2)		5,965,000		6,110,917
SoFi Consumer Loan Program 2020-1 Trust
2.02%, 01/25/2029, Series 2020-1, Class A(2)		2,504,223		2,524,829
SoFi Professional Loan Program 2015-D LLC
3.59%, 10/26/2037, Series 2015-D, Class B(2)		371,230		374,567
SoFi Professional Loan Program 2016-B LLC
3.80%, 04/25/2037, Series 2016-B, Class B(2)		195,000		199,313
SoFi Professional Loan Program 2016-C LLC
3.35%, 05/25/2037, Series 2016-C, Class B(2)(4)		310,000		314,770
SoFi Professional Loan Program 2016-D LLC
3.23%, 01/25/2039, Series 2016-D, Class B(2)(4)		490,000		500,745
SoFi Professional Loan Program 2016-E LLC
3.44%, 07/25/2040, Series 2016-E, Class B(2)(4)		1,600,000		1,648,057
SoFi Professional Loan Program 2017-A LLC
4.43%, 03/26/2040, Series 2017-A, Class C(2)(4)		165,000		174,612
SoFi Professional Loan Program 2017-C LLC
0.69% (1 Month LIBOR USD + 0.60%), 07/25/2040, Series 2017-C, Class A1(1)(2)		1,260,711		1,261,503
SoFi Professional Loan Program 2017-D LLC
2.65%, 09/25/2040, Series 2017-D, Class A2FX(2)		1,870,322		1,910,658
SoFi Professional Loan Program 2017-E LLC
4.16%, 11/26/2040, Series 2017-E, Class C(2)		695,000		727,435
SoFi Professional Loan Program 2017-F LLC
3.62%, 01/25/2041, Series 2017-F, Class BFX(2)		1,405,000		1,465,621
SoFi Professional Loan Program 2018-C Trust
4.13%, 01/25/2048, Series 2018-C, Class BFX(2)		1,875,000		1,985,026
Sound Point Clo XIV Ltd.
1.16% (3 Month LIBOR USD + 0.99%, 0.99% Floor), 01/23/2029, Series 2016-3A, Class AR2(1)(2)		3,347,550		3,348,176
Sound Point Clo XV Ltd.
1.07% (3 Month LIBOR USD + 0.90%, 0.90% Floor), 01/23/2029, Series 2017-1A, Class ARR(1)(2)		2,750,000		2,750,305
Southwick Park CLO LLC
1.49% (3 Month LIBOR USD + 1.30%), 07/20/2032, Series 2019-4A, Class A1(1)(2)		11,400,000		11,416,678
Specialty Underwriting & Residential Finance Trust Series 2006-BC2
3.64%, 02/25/2037, Series 2006-BC2, Class A2C(3)		12,271,196		6,427,451
Specialty Underwriting & Residential Finance Trust Series 2006-BC5
0.23% (1 Month LIBOR USD + 0.14%, 0.14% Floor), 11/25/2037, Series 2006-BC5, Class A1(1)		12,733,581		11,418,825
Springleaf Funding Trust 2017-A
2.68%, 07/15/2030, Series 2017-AA, Class A(2)		2,215,921		2,220,700
3.86%, 07/15/2030, Series 2017-AA, Class C(2)		1,270,000		1,272,493
Sprite 2017-1 Ltd.

	Principal Amount		Value
4.25%, 12/15/2037, Series 2017-1, Class A(2)		896,499		890,741
Stack Infrastructure Issuer LLC Series 2019-1
4.54%, 02/25/2044, Series 2019-1A, Class A2(2)		7,271,283		7,697,358
Structured Adjustable Rate Mortgage Loan Trust
2.82%, 02/25/2035, Series 2005-1, Class 1A1(4)		5,234,306		5,318,000
Structured Asset Investment Loan Trust 2004-8
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 09/25/2034, Series 2004-8, Class M1(1)		768,628		750,773
Structured Asset Investment Loan Trust 2005-HE2
0.84% (1 Month LIBOR USD + 0.75%, 0.75% Floor), 07/25/2035, Series 2005-HE2, Class M2(1)		3,656,857		3,617,582
Structured Asset Mortgage Investments II Trust 2007-AR3
0.28% (1 Month LIBOR USD + 0.19%, 0.19% Floor, 10.50% Cap), 09/25/2047, Series 2007-AR3, Class 2A1(1)		22,666,856		21,651,009
Structured Asset Securities Corp. Mortgage Loan Trust 2007-WF2
1.09% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 08/25/2037, Series 2007-WF2, Class A1(1)		396,686		400,496
STWD 2019-FL1 Ltd.
1.20% (1 Month LIBOR USD + 1.08%, 1.08% Floor), 07/15/2038, Series 2019-FL1, Class A(1)(2)		22,600,000		22,600,000
Symphony CLO XVII Ltd.
1.06% (3 Month LIBOR USD + 0.88%), 04/15/2028, Series 2016-17A, Class AR(1)(2)		3,447,527		3,443,400
Symphony CLO XX Ltd.
1.83% (3 Month LIBOR USD + 1.65%, 1.65% Floor), 01/16/2032, Series 2018-20A, Class BR(1)(2)		11,220,000		11,214,356
Symphony CLO XXIII Ltd.
1.50% (3 Month LIBOR USD + 1.32%, 1.32% Floor), 01/15/2034, Series 2020-23A, Class A(1)(2)		14,200,000		14,236,909
Symphony CLO XXVI Ltd.
1.19% (3 Month LIBOR USD + 1.08%, 1.08% Floor), 04/20/2033, Series 2021-26A, Class AR(1)(2)		4,650,000		4,648,828
TCI-Flatiron CLO 2016-1 Ltd.
1.34% (3 Month LIBOR USD + 1.15%, 1.15% Floor), 01/17/2032, Series 2016-1A, Class AR2(1)(2)		10,000,000		10,003,470
Textainer Marine Containers VII Ltd.
1.68%, 02/20/2046, Series 2021-1A, Class A(2)		4,044,200		4,000,178
TIF Funding II LLC
1.65%, 02/20/2046, Series 2021-1A, Class A(2)		4,243,401		4,177,215
Tikehau CLO II BV
0.88% (3 Month EURIBOR + 0.88%), 12/07/2029, Series 2A, Class AR(1)(2)	EUR	1,822,787		2,162,803
Towd Point Mortgage Trust 2015-4
3.75%, 04/25/2055, Series 2015-4, Class M1(2)(4)	$	960,000		986,619
Towd Point Mortgage Trust 2015-5
2.75%, 05/25/2055, Series 2015-5, Class A1B(2)(4)		8,267		8,266
Towd Point Mortgage Trust 2016-1
2.75%, 02/25/2055, Series 2016-1, Class A1B(2)(4)		113,553		113,739
3.00%, 02/25/2055, Series 2016-1, Class A3B(2)(4)		85,885		86,576
Towd Point Mortgage Trust 2016-2
2.75%, 08/25/2055, Series 2016-2, Class A1A(2)(4)		56,181		56,675
Towd Point Mortgage Trust 2016-3
2.25%, 04/25/2056, Series 2016-3, Class A1(2)(4)		61,682		61,906
Towd Point Mortgage Trust 2016-4
2.25%, 07/25/2056, Series 2016-4, Class A1(2)(4)		221,026		222,683
Towd Point Mortgage Trust 2017-1
2.75%, 10/25/2056, Series 2017-1, Class A1(2)(4)		208,511		211,702
3.75%, 10/25/2056, Series 2017-1, Class M1(2)(4)		6,315,000		6,671,154
Towd Point Mortgage Trust 2017-2
2.75%, 04/25/2057, Series 2017-2, Class A1(2)(4)		99,574		100,961

	Principal Amount		Value
Towd Point Mortgage Trust 2017-4
3.25%, 06/25/2057, Series 2017-4, Class M2(2)(4)		2,465,000		2,613,542
Towd Point Mortgage Trust 2017-5
0.69% (1 Month LIBOR USD + 0.60%), 02/25/2057, Series 2017-5, Class A1(1)(2)		304,885		304,900
1.59% (1 Month LIBOR USD + 1.50%), 02/25/2057, Series 2017-5, Class M2(1)(2)		3,310,000		3,357,246
Towd Point Mortgage Trust 2018-3
3.75%, 05/25/2058, Series 2018-3, Class A1(2)(4)		4,816,455		5,076,810
Towd Point Mortgage Trust 2018-4
3.00%, 06/25/2058, Series 2018-4, Class A2(2)(4)		1,015,000		1,072,849
Towd Point Mortgage Trust 2018-5
3.25%, 07/25/2058, Series 2018-5, Class M1(2)(4)		1,515,000		1,580,608
Towd Point Mortgage Trust 2019-1
3.72%, 03/25/2058, Series 2019-1, Class A1(2)(4)		8,571,563		9,027,378
Towd Point Mortgage Trust 2019-2
3.75%, 12/25/2058, Series 2019-2, Class M1(2)(4)		9,810,000		10,380,337
Towd Point Mortgage Trust 2019-MH1
3.00%, 11/25/2058, Series 2019-MH1, Class A1(2)(4)		367,572		374,203
Towd Point Mortgage Trust 2019-SJ1
4.17%, 11/25/2058, Series 2019-SJ1, Class A2(2)(4)		5,327,165		5,341,445
5.50%, 11/25/2058, Series 2019-SJ1, Class B2(2)(4)		9,826,000		10,354,012
Towd Point Mortgage Trust 2019-SJ2
4.50%, 11/25/2058, Series 2019-SJ2, Class M1(2)(4)		12,971,000		13,174,349
Towd Point Mortgage Trust 2019-SJ3
3.00%, 11/25/2059, Series 2019-SJ3, Class A1(2)(4)		2,908,330		2,926,871
Toyota Auto Receivables 2020-C Owner Trust
0.44%, 10/15/2024, Series 2020-C, Class A3		9,070,000		9,092,322
Toyota Auto Receivables 2021-A Owner Trust
0.16%, 07/17/2023, Series 2021-A, Class A2		6,110,000		6,110,045
Tralee CLO V Ltd.
1.30% (3 Month LIBOR USD + 1.11%, 1.11% Floor), 10/20/2028, Series 2018-5A, Class A1(1)(2)		1,970,891		1,970,654
Tricon American Homes 2019-SFR1 Trust
3.20%, 03/17/2038, Series 2019-SFR1, Class D(2)		1,270,000		1,313,403
Tricon American Homes 2020-SFR1
2.55%, 07/17/2038, Series 2020-SFR1, Class D(2)		1,220,000		1,235,656
Tricon American Homes 2020-SFR2 Trust
2.73%, 11/17/2039, Series 2020-SFR2, Class E1(2)		1,855,000		1,842,672
Triton Container Finance VIII LLC
1.86%, 03/20/2046, Series 2021-1A, Class A(2)		8,456,400		8,402,472
Upstart Securitization Trust 2019-2
2.90%, 09/20/2029, Series 2019-2, Class A(2)		34,593		34,662
Upstart Securitization Trust 2019-3
2.68%, 01/21/2030, Series 2019-3, Class A(2)		1,369,065		1,376,801
Upstart Securitization Trust 2020-1
2.32%, 04/22/2030, Series 2020-1, Class A(2)		1,157,588		1,165,365
VCAT 2021-NPL1 LLC
2.29%, 12/26/2050, Series 2021-NPL1, Class A1(2)(3)		3,362,657		3,371,477
Venture XIV CLO Ltd.
1.17% (3 Month LIBOR USD + 1.03%, 1.03% Floor), 08/28/2029, Series 2013-14A, Class ARR(1)(2)		15,300,000		15,294,660
Venture Xxv Clo Ltd.
1.21% (3 Month LIBOR USD + 1.02%, 1.02% Floor), 04/20/2029, Series 2016-25A, Class ARR(1)(2)		36,499,849		36,490,687

	Principal Amount		Value
VOLT XCVI LLC
2.12%, 03/27/2051, Series 2021-NPL5, Class A1(2)(3)		4,104,786		4,106,962
VOLT XCVII LLC
2.24%, 04/25/2051, Series 2021-NPL6, Class A1(2)(3)		7,976,102		7,977,617
WaMu Mortgage Pass-Through Certificates Series 2007-HY1 Trust
3.03%, 02/25/2037, Series 2007-HY1, Class 4A1(4)		7,748,385		7,673,693
WAVE 2017-1 Trust
3.84%, 11/15/2042, Series 2017-1A, Class A(2)		2,087,291		2,045,815
Wellfleet CLO 2017-2A Ltd.
1.25% (3 Month LIBOR USD + 1.06%), 10/20/2029, Series 2017-2A, Class A1R(1)(2)		6,900,000		6,900,628
Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 10/25/2034, Series 2004-2, Class M1(1)		1,368,769		1,346,874
Wendy’s Funding LLC
2.37%, 06/15/2051, Series 2021-1A, Class A2I(2)		4,975,000		5,018,233
Westlake Automobile Receivables Trust 2018-2
4.00%, 01/16/2024, Series 2018-2A, Class D(2)		992,189		1,000,793
Westlake Automobile Receivables Trust 2018-3
4.00%, 10/16/2023, Series 2018-3A, Class D(2)		1,215,000		1,235,433
Westlake Automobile Receivables Trust 2019-1
3.67%, 03/15/2024, Series 2019-1A, Class D(2)		6,545,000		6,715,918
Westlake Automobile Receivables Trust 2020-3
1.24%, 11/17/2025, Series 2020-3A, Class C(2)		1,030,000		1,039,550
Westlake Automobile Receivables Trust 2021-2
1.23%, 12/15/2026, Series 2021-2A, Class D(2)		5,075,000		5,074,567
Wind River 2016-1 CLO Ltd.
1.83% (3 Month LIBOR USD + 1.65%), 07/15/2028, Series 2016-1A, Class BR(1)(2)		1,320,000		1,325,173
2.28% (3 Month LIBOR USD + 2.10%), 07/15/2028, Series 2016-1A, Class CR(1)(2)		1,395,000		1,382,259
Wingstop Funding LLC
2.84%, 12/05/2050, Series 2020-1A, Class A2(2)		1,012,463		1,050,035
World Omni Auto Receivables Trust
1.64%, 08/17/2026, Series 2020-A, Class C		3,190,000		3,241,473
World Omni Select Auto Trust 2019-A
2.17%, 12/15/2025, Series 2019-A, Class B		4,785,000		4,880,288
Zais CLO 1 Ltd.
1.33% (3 Month LIBOR USD + 1.15%), 04/15/2028, Series 2014-1A, Class A1AR(1)(2)		6,575,818		6,572,793
Total Asset-Backed Obligations (Cost: $3,058,910,068)				3,060,468,136
Corporate Bonds – 33.46%
Basic Materials – 0.76%
Alcoa Nederland Holding BV
5.50%, 12/15/2027(2)	$	2,745,000	$	2,977,776
Alpek SAB de CV
3.25%, 02/25/2031(2)		2,835,000		2,869,048
Anglo American Capital Plc
2.63%, 09/10/2030(2)		23,410,000		23,498,545
4.00%, 09/11/2027(2)		1,000,000		1,108,675
4.13%, 09/27/2022(2)		3,883,000		4,042,546
4.50%, 03/15/2028(2)		19,220,000		21,965,093
Antofagasta Plc
2.38%, 10/14/2030(2)		9,085,000		8,753,397

	Principal Amount		Value
Arconic Corp.
6.13%, 02/15/2028(2)		1,275,000		1,367,718
Braskem Netherlands Finance BV
4.50%, 01/31/2030(2)		5,210,000		5,428,403
5.88%, 01/31/2050(2)		4,160,000		4,555,242
Celulosa Arauco y Constitucion SA
3.88%, 11/02/2027		860,000		924,500
CF Industries, Inc.
4.50%, 12/01/2026(2)		5,145,000		5,905,560
Corp. Nacional del Cobre de Chile
3.15%, 01/14/2030		4,005,000		4,200,939
4.50%, 09/16/2025		203,000		228,775
Equate Petrochemical BV
4.25%, 11/03/2026		1,060,000		1,176,600
First Quantum Minerals Ltd.
6.88%, 10/15/2027(2)		3,530,000		3,846,641
FMC Corp.
3.45%, 10/01/2029		1,850,000		2,011,225
4.50%, 10/01/2049		1,025,000		1,245,049
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/2031(2)		4,760,000		5,092,391
Freeport-McMoRan, Inc.
4.38%, 08/01/2028		1,505,000		1,589,656
4.63%, 08/01/2030		1,010,000		1,105,950
5.40%, 11/14/2034		5,945,000		7,180,401
5.45%, 03/15/2043		1,215,000		1,485,119
Glencore Finance Canada Ltd.
4.95%, 11/15/2021(2)		1,170,000		1,189,146
Glencore Funding LLC
2.85%, 04/27/2031(2)		9,525,000		9,686,304
3.88%, 10/27/2027(2)		11,555,000		12,708,189
4.00%, 04/16/2025(2)		4,450,000		4,858,332
4.00%, 03/27/2027(2)		1,000,000		1,108,353
4.13%, 03/12/2024(2)		4,920,000		5,303,993
4.88%, 03/12/2029(2)		8,160,000		9,489,528
Hudbay Minerals, Inc.
4.50%, 04/01/2026(2)		1,345,000		1,350,044
6.13%, 04/01/2029(2)		1,890,000		2,012,850
Huntsman International LLC
2.95%, 06/15/2031		1,800,000		1,825,702
ICL Group Ltd.
6.38%, 05/31/2038(2)		10,200,000		12,954,000
IMCD NV
2.50%, 03/26/2025	EUR	1,000,000		1,236,476
Indonesia Asahan Aluminium Persero PT
5.45%, 05/15/2030(2)	$	1,400,000		1,626,632
6.53%, 11/15/2028		200,000		245,000
6.53%, 11/15/2028(2)		1,800,000		2,205,000
International Flavors & Fragrances, Inc.
3.47%, 12/01/2050(2)		5,860,000		6,091,237

	Principal Amount		Value
5.00%, 09/26/2048		9,965,000		12,887,074
LYB International Finance III LLC
4.20%, 10/15/2049		4,050,000		4,602,806
Methanex Corp.
5.13%, 10/15/2027		4,150,000		4,482,000
Newcrest Finance Pty Ltd.
3.25%, 05/13/2030(2)		2,260,000		2,428,660
Newmont Corp.
3.70%, 03/15/2023		430,000		448,882
Orbia Advance Corp. SAB de CV
2.88%, 05/11/2031(2)		9,280,000		9,338,000
4.00%, 10/04/2027(2)		1,255,000		1,375,794
Reliance Steel & Aluminum Co.
2.15%, 08/15/2030		960,000		945,790
Steel Dynamics, Inc.
3.25%, 01/15/2031		200,000		214,592
3.45%, 04/15/2030		7,590,000		8,256,764
Suzano Austria GmbH
3.75%, 01/15/2031		6,505,000		6,822,119
Syngenta Finance NV
4.44%, 04/24/2023(2)		200,000		211,139
4.89%, 04/24/2025(2)		550,000		609,442
5.18%, 04/24/2028(2)		500,000		571,399
Vale Overseas Ltd.
6.25%, 08/10/2026		1,299,000		1,562,697
6.88%, 11/21/2036		1,132,000		1,551,644
6.88%, 11/10/2039		316,000		442,011
Volcan Compania Minera SAA
4.38%, 02/11/2026(2)		1,290,000		1,277,100
Westlake Chemical Corp.
1.63%, 07/17/2029	EUR	2,025,000		2,509,195
3.60%, 08/15/2026	$	1,925,000		2,098,015
Total Basic Materials				249,085,158
Communications – 4.56%
Alibaba Group Holding Ltd.
3.40%, 12/06/2027		2,590,000		2,830,128
Altice Financing SA
2.25%, 01/15/2025	EUR	2,700,000		3,105,511
3.00%, 01/15/2028		4,600,000		5,185,393
5.00%, 01/15/2028(2)	$	700,000		686,119
Altice France SA
5.50%, 01/15/2028(2)		3,615,000		3,751,285
7.38%, 05/01/2026(2)		643,000		668,675
8.13%, 02/01/2027(2)		700,000		762,650
Amazon.com, Inc.
2.88%, 05/12/2041		10,000,000		10,317,561
AT&T, Inc.
1.65%, 02/01/2028		1,610,000		1,598,010
2.25%, 02/01/2032		9,366,000		9,192,353

	Principal Amount		Value
2.30%, 06/01/2027		12,975,000		13,420,079
2.55%, 12/01/2033(2)		42,476,000		42,078,500
2.75%, 06/01/2031		11,655,000		12,115,239
3.10%, 02/01/2043		5,980,000		5,859,506
3.30%, 02/01/2052		6,550,000		6,372,538
3.50%, 06/01/2041		6,608,000		6,864,170
3.50%, 09/15/2053(2)		24,964,000		25,080,595
3.50%, 02/01/2061		7,324,000		7,225,099
3.65%, 06/01/2051		6,235,000		6,472,875
3.80%, 12/01/2057(2)		26,047,000		27,137,912
3.85%, 06/01/2060		6,797,000		7,163,718
4.30%, 02/15/2030		9,630,000		11,130,598
4.30%, 12/15/2042		2,000,000		2,277,206
4.35%, 03/01/2029		7,181,000		8,314,571
4.50%, 05/15/2035		1,637,000		1,921,543
4.50%, 03/09/2048		6,420,000		7,571,441
4.75%, 05/15/2046		1,950,000		2,368,325
5.25%, 03/01/2037		6,052,000		7,624,188
Baidu, Inc.
2.88%, 07/06/2022		5,105,000		5,213,535
3.88%, 09/29/2023		11,655,000		12,384,807
4.38%, 03/29/2028		2,500,000		2,840,685
Bharti Airtel Ltd.
3.25%, 06/03/2031(2)		4,410,000		4,374,831
Booking Holdings, Inc.
4.63%, 04/13/2030		18,790,000		22,421,654
C&W Senior Financing DAC
6.88%, 09/15/2027(2)		600,000		640,290
CCO Holdings LLC
4.25%, 02/01/2031(2)		12,100,000		12,326,875
4.50%, 08/15/2030(2)		1,660,000		1,728,415
4.50%, 05/01/2032		185,000		191,706
4.50%, 06/01/2033(2)		7,428,000		7,600,775
5.38%, 06/01/2029(2)		1,370,000		1,497,547
Charter Communications Operating LLC
2.30%, 02/01/2032		10,000,000		9,614,219
2.80%, 04/01/2031		9,935,000		10,156,665
3.70%, 04/01/2051		36,255,000		35,858,608
3.75%, 02/15/2028		19,855,000		21,897,218
3.85%, 04/01/2061		29,795,000		29,243,693
3.90%, 06/01/2052		8,900,000		9,062,038
4.20%, 03/15/2028		10,000,000		11,316,784
4.40%, 12/01/2061		12,000,000		12,893,824
4.80%, 03/01/2050		7,125,000		8,183,411
5.38%, 04/01/2038		980,000		1,204,202
5.38%, 05/01/2047		6,800,000		8,332,790
5.75%, 04/01/2048		6,670,000		8,489,181
6.48%, 10/23/2045		1,015,000		1,397,839
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027(2)		1,335,000		1,368,669

	Principal Amount		Value
Comcast Corp.
3.25%, 11/01/2039		5,115,000		5,440,501
CommScope Technologies LLC
5.00%, 03/15/2027(2)		835,000		854,831
CommScope, Inc.
6.00%, 03/01/2026(2)		2,205,000		2,327,818
7.13%, 07/01/2028(2)		3,740,000		4,053,225
Connect Finco SARL
6.75%, 10/01/2026(2)		646,000		683,145
Crown Castle Towers LLC
3.22%, 05/15/2022(2)		700,000		701,437
3.66%, 05/15/2025(2)		1,300,000		1,388,317
CSC Holdings LLC
5.38%, 02/01/2028(2)		530,000		560,713
5.50%, 04/15/2027(2)		2,300,000		2,415,115
6.50%, 02/01/2029(2)		660,000		731,016
Diamond Sports Group LLC
5.38%, 08/15/2026(2)		13,000,000		8,417,500
Expedia Group, Inc.
2.95%, 03/15/2031		27,370,000		27,734,401
3.25%, 02/15/2030		8,125,000		8,486,943
4.63%, 08/01/2027		1,800,000		2,034,262
6.25%, 05/01/2025(2)		6,780,000		7,886,868
Frontier Communications Holdings LLC
5.00%, 05/01/2028(2)		3,600,000		3,721,788
HKT Capital No 2 Ltd.
3.63%, 04/02/2025		605,000		646,624
HKT Capital No 4 Ltd.
3.00%, 07/14/2026		12,895,000		13,664,335
iHeartCommunications, Inc.
4.75%, 01/15/2028(2)		785,000		807,569
5.25%, 08/15/2027(2)		3,710,000		3,878,434
6.38%, 05/01/2026		5,266,000		5,601,707
8.38%, 05/01/2027		8,029,000		8,601,066
Informa Plc
2.13%, 10/06/2025	EUR	6,700,000		8,460,093
Intelsat Connect Finance SA
9.50%, 02/15/2023(2)(6)	$	710,000		234,300
Intelsat Jackson Holdings SA
5.50%, 08/01/2023(6)		12,702,000		7,271,895
8.00%, 02/15/2024(2)(6)		10,156,000		10,488,812
8.50%, 10/15/2024(2)(6)		18,280,000		10,785,200
9.75%, 07/15/2025(2)(6)		15,687,000		9,137,677
Intelsat Luxembourg SA
7.75%, 06/01/2049(6)		8,455,000		279,015
Level 3 Financing, Inc.
3.88%, 11/15/2029(2)		13,170,000		14,105,465
4.63%, 09/15/2027(2)		510,000		529,339
Lumen Technologies, Inc.

	Principal Amount		Value
4.00%, 02/15/2027(2)		1,158,000		1,181,160
Motorola Solutions, Inc.
2.30%, 11/15/2030		7,753,000		7,613,702
NBN Co. Ltd.
2.63%, 05/05/2031(2)		6,460,000		6,617,172
Netflix, Inc.
3.63%, 05/15/2027	EUR	15,245,000		20,785,308
3.63%, 06/15/2030		12,461,000		17,553,449
3.88%, 11/15/2029		2,000,000		2,854,693
4.63%, 05/15/2029		5,400,000		7,995,809
4.88%, 04/15/2028	$	1,445,000		1,679,812
4.88%, 06/15/2030(2)		8,430,000		10,025,799
5.38%, 11/15/2029(2)		1,056,000		1,282,614
5.88%, 11/15/2028		1,385,000		1,699,991
6.38%, 05/15/2029		1,635,000		2,088,304
Nokia OYJ
3.38%, 06/12/2022		280,000		285,347
4.38%, 06/12/2027		4,255,000		4,700,116
NTT Finance Corp.
1.59%, 04/03/2028(2)		8,740,000		8,714,956
2.07%, 04/03/2031(2)		1,170,000		1,185,901
Ooredoo International Finance Ltd.
2.63%, 04/08/2031(2)		7,865,000		7,957,178
SES GLOBAL Americas Holdings GP
5.30%, 03/25/2044(2)		10,000,000		11,662,706
Sinclair Television Group, Inc.
4.13%, 12/01/2030(2)		5,050,000		4,961,625
Sirius XM Radio, Inc.
4.00%, 07/15/2028(2)		1,175,000		1,210,250
4.63%, 07/15/2024(2)		275,000		282,260
5.00%, 08/01/2027(2)		1,385,000		1,451,134
5.38%, 07/15/2026(2)		510,000		526,575
5.50%, 07/01/2029(2)		115,000		125,315
Sprint Capital Corp.
6.88%, 11/15/2028		3,445,000		4,418,212
Sprint Communications, Inc.
6.00%, 11/15/2022		4,570,000		4,838,487
11.50%, 11/15/2021		700,000		726,101
Sprint Corp.
7.13%, 06/15/2024		11,500,000		13,268,125
7.25%, 09/15/2021		19,338,000		19,623,816
7.63%, 02/15/2025		11,900,000		14,138,747
7.63%, 03/01/2026		137,000		167,140
7.88%, 09/15/2023		28,058,000		31,876,020
Sprint Spectrum Co. LLC
3.36%, 09/20/2021(2)		1,112,938		1,119,081
4.74%, 03/20/2025(2)		40,079,063		42,999,223
5.15%, 03/20/2028(2)		38,628,000		44,410,612
Telefonica Emisiones SA
5.21%, 03/08/2047		8,450,000		10,547,921

	Principal Amount		Value
5.52%, 03/01/2049		10,675,000		13,890,443
Tencent Holdings Ltd.
1.81%, 01/26/2026		5,757,000		5,846,061
3.58%, 04/11/2026		5,678,000		6,197,423
3.84%, 04/22/2051(2)		16,095,000		17,328,226
3.94%, 04/22/2061(2)		15,200,000		16,789,312
Time Warner Cable LLC
4.50%, 09/15/2042		13,975,000		15,533,865
5.50%, 09/01/2041		11,204,000		13,887,129
T-Mobile USA, Inc.
2.05%, 02/15/2028		2,720,000		2,761,262
2.25%, 02/15/2026		10,909,000		10,990,818
2.25%, 02/15/2026(2)		13,200,000		13,299,000
2.55%, 02/15/2031		10,666,000		10,785,459
3.38%, 04/15/2029(2)		5,800,000		5,985,563
3.38%, 04/15/2029		18,720,000		19,318,920
3.50%, 04/15/2025		11,245,000		12,187,837
3.50%, 04/15/2031(2)		5,800,000		6,000,390
3.50%, 04/15/2031		13,495,000		13,961,252
3.75%, 04/15/2027		41,685,000		46,061,925
3.88%, 04/15/2030		36,925,000		41,275,503
4.50%, 02/01/2026		1,238,000		1,261,671
4.50%, 04/15/2050		2,613,000		3,111,386
4.75%, 02/01/2028		3,143,000		3,366,939
Uber Technologies, Inc.
6.25%, 01/15/2028(2)		7,305,000		7,861,714
7.50%, 09/15/2027(2)		1,395,000		1,533,077
United Group BV
4.88%, 07/01/2024	EUR	8,500,000		10,187,223
Univision Communications, Inc.
5.13%, 02/15/2025(2)	$	7,686,000		7,841,257
6.63%, 06/01/2027(2)		6,678,000		7,235,947
Verizon Communications, Inc.
1.75%, 01/20/2031		30,000,000		28,750,144
2.10%, 03/22/2028		10,040,000		10,249,989
2.55%, 03/21/2031		25,540,000		26,105,074
2.65%, 11/20/2040		5,480,000		5,273,498
2.88%, 11/20/2050		2,071,000		1,967,279
2.99%, 10/30/2056		14,710,000		13,827,954
3.00%, 11/20/2060		13,329,000		12,441,143
3.55%, 03/22/2051		15,330,000		16,378,062
4.52%, 09/15/2048		895,000		1,107,170
4.75%, 11/01/2041		685,000		864,157
4.86%, 08/21/2046		1,175,000		1,520,202
ViacomCBS, Inc.
4.20%, 05/19/2032		2,355,000		2,717,964
4.95%, 01/15/2031		10,430,000		12,571,473
Virgin Media Secured Finance Plc
4.50%, 08/15/2030(2)		8,680,000		8,745,100

	Principal Amount		Value
5.50%, 08/15/2026(2)		1,285,000		1,325,156
5.50%, 05/15/2029(2)		6,899,000		7,416,425
Vmed O2 UK Financing I Plc
4.25%, 01/31/2031(2)		2,915,000		2,863,879
Vodafone Group Plc
4.25%, 09/17/2050		3,955,000		4,619,462
4.38%, 05/30/2028		8,820,000		10,260,044
4.88%, 06/19/2049		6,963,000		8,782,115
5.25%, 05/30/2048		15,065,000		19,850,632
Walt Disney Co.
3.60%, 01/13/2051		7,500,000		8,501,304
Windstream Escrow LLC
7.75%, 08/15/2028(2)		222,000		228,660
Ziggo BV
5.50%, 01/15/2027(2)		5,255,000		5,459,945
Total Communications				1,490,166,554
Consumer, Cyclical – 3.18%
7-Eleven, Inc.
0.80%, 02/10/2024(2)		24,535,000		24,474,252
Air Canada 2015-2 Class B Pass Through Trust
5.00%, 12/15/2023(2)		1,309,334		1,325,981
Air Canada 2017-1 Class B Pass Through Trust
3.70%, 01/15/2026(2)		11,170,754		10,890,077
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027(2)		1,484,445		1,642,415
Alimentation Couche-Tard, Inc.
3.55%, 07/26/2027(2)		3,000,000		3,297,097
3.80%, 01/25/2050(2)		4,513,000		4,836,819
American Airlines 2015-1 Class A Pass Through Trust
3.38%, 05/01/2027		491,150		487,742
American Airlines 2015-2 Class B Pass Through Trust
4.40%, 09/22/2023		7,496,454		7,335,381
American Airlines 2016-1 Class B Pass Through Trust
5.25%, 01/15/2024		363,225		356,899
American Airlines 2016-2 Class B Pass Through Trust
4.38%, 06/15/2024(2)		2,891,700		2,834,512
American Airlines 2016-3 Class B Pass Through Trust
3.75%, 10/15/2025		2,448,382		2,363,569
American Airlines 2017-2 Class A Pass Through Trust
3.60%, 10/15/2029		196,844		194,468
American Airlines 2017-2 Class B Pass Through Trust
3.70%, 10/15/2025		1,313,244		1,273,460
American Airlines 2019-1 Class B Pass Through Trust
3.85%, 02/15/2028		10,568,445		10,075,983
American Airlines, Inc.
5.50%, 04/20/2026(2)		2,130,000		2,255,137
5.75%, 04/20/2029(2)		3,898,000		4,214,712
American Honda Finance Corp.
0.55%, 07/12/2024		47,945,000		47,789,665
AutoNation, Inc.

	Principal Amount		Value
4.75%, 06/01/2030		1,030,000		1,218,185
AutoZone, Inc.
3.63%, 04/15/2025		5,645,000		6,178,000
4.00%, 04/15/2030		8,465,000		9,621,032
British Airways 2018-1 Class AA Pass Through Trust
3.80%, 09/20/2031(2)		1,996,838		2,086,622
British Airways 2019-1 Class A Pass Through Trust
3.35%, 06/15/2029(2)		2,951,158		2,954,449
British Airways 2019-1 Class AA Pass Through Trust
3.30%, 12/15/2032(2)		385,966		392,614
Caesars Entertainment, Inc.
6.25%, 07/01/2025(2)		5,600,000		5,936,000
Caesars Resort Collection LLC
5.75%, 07/01/2025(2)		1,100,000		1,159,125
Carnival Corp.
11.50%, 04/01/2023(2)		2,025,000		2,278,935
Continental Airlines 2007-1 Class A Pass Through Trust
5.98%, 04/19/2022		2,222,572		2,272,762
Daimler Finance North America LLC
1.06% (3 Month LIBOR USD + 0.90%), 02/15/2022(1)(2)		4,620,000		4,644,234
1.45%, 03/02/2026(2)		7,990,000		8,025,742
2.45%, 03/02/2031(2)		3,005,000		3,078,777
Delta Air Lines, Inc.
3.63%, 03/15/2022		3,757,000		3,809,881
7.00%, 05/01/2025(2)		6,960,000		8,122,239
Diamond Resorts International, Inc.
7.75%, 09/01/2023(2)		4,234,000		4,352,552
Dillard’s, Inc.
7.00%, 12/01/2028		380,000		454,445
7.75%, 07/15/2026		135,000		163,605
7.75%, 05/15/2027		85,000		102,737
Dollar General Corp.
3.50%, 04/03/2030		3,125,000		3,433,043
Ferguson Finance Plc
3.25%, 06/02/2030(2)		1,720,000		1,856,319
Ford Motor Co.
9.00%, 04/22/2025		445,000		548,627
9.63%, 04/22/2030		175,000		251,125
Ford Motor Credit Co. LLC
0.00% (3 Month EURIBOR + 0.37%), 12/01/2021(1)(5)	EUR	610,000		722,228
0.00% (3 Month EURIBOR + 0.42%), 12/07/2022(1)(5)		2,600,000		3,062,541
0.16% (3 Month EURIBOR + 0.70%), 12/01/2024(1)(5)		2,000,000		2,306,284
0.19% (3 Month EURIBOR + 0.73%), 11/15/2023(1)(5)		1,600,000		1,869,144
1.07% (3 Month LIBOR USD + 0.88%), 10/12/2021(1)	$	3,390,000		3,385,672
1.39% (3 Month LIBOR USD + 1.24%), 02/15/2023(1)		500,000		498,125
1.42% (3 Month LIBOR USD + 1.27%), 03/28/2022(1)		350,000		349,155
1.51%, 02/17/2023	EUR	1,400,000		1,684,951
1.74%, 07/19/2024		2,200,000		2,644,597
2.33%, 11/25/2025		1,400,000		1,714,885

	Principal Amount		Value
2.39%, 02/17/2026		300,000		368,914
2.75%, 06/14/2024	GBP	200,000		280,458
2.98%, 08/03/2022	$	800,000		811,000
3.02%, 03/06/2024	EUR	4,400,000		5,467,856
3.09%, 01/09/2023	$	22,700,000		23,154,000
3.10%, 05/04/2023		3,600,000		3,672,000
3.22%, 01/09/2022		8,485,000		8,575,789
3.25%, 09/15/2025	EUR	3,090,000		3,925,025
3.34%, 03/28/2022	$	33,362,000		33,852,421
3.35%, 11/01/2022		4,100,000		4,202,090
3.37%, 11/17/2023		1,000,000		1,036,682
3.38%, 11/13/2025		1,800,000		1,866,510
3.55%, 10/07/2022		4,200,000		4,310,250
3.66%, 09/08/2024		5,850,000		6,131,619
3.81%, 01/09/2024		2,900,000		3,032,327
3.81%, 10/12/2021		4,810,000		4,846,075
4.25%, 09/20/2022		2,100,000		2,168,397
4.38%, 08/06/2023		2,000,000		2,112,000
4.39%, 01/08/2026		3,400,000		3,672,000
4.54%, 03/06/2025	GBP	1,800,000		2,667,348
5.13%, 06/16/2025	$	2,500,000		2,753,125
5.58%, 03/18/2024		3,000,000		3,285,600
5.60%, 01/07/2022		18,964,000		19,353,141
5.88%, 08/02/2021		8,300,000		8,342,330
Gap, Inc.
8.38%, 05/15/2023(2)		1,225,000		1,380,207
8.63%, 05/15/2025(2)		5,413,000		5,938,061
8.88%, 05/15/2027(2)		2,759,000		3,192,715
General Motors Co.
1.03% (3 Month LIBOR USD + 0.90%), 09/10/2021(1)		3,000,000		3,003,996
5.20%, 04/01/2045		28,550,000		35,286,921
5.40%, 04/01/2048		1,330,000		1,694,066
6.25%, 10/02/2043		65,000		89,732
General Motors Financial Co., Inc.
1.05%, 03/08/2024		5,995,000		6,029,381
3.15%, 06/30/2022		3,715,000		3,804,008
3.45%, 04/10/2022		1,470,000		1,497,066
4.00%, 10/06/2026		1,590,000		1,755,389
4.20%, 11/06/2021		2,110,000		2,137,635
4.30%, 07/13/2025		540,000		596,773
4.35%, 04/09/2025		4,495,000		4,966,943
4.38%, 09/25/2021		8,020,000		8,094,518
5.10%, 01/17/2024		13,185,000		14,515,409
Genm Capital Labuan Ltd.
3.88%, 04/19/2031(2)		10,990,000		10,940,105
Goodyear Tire & Rubber Co.
5.00%, 07/15/2029(2)		1,500,000		1,570,500
Hasbro, Inc.
3.55%, 11/19/2026		5,270,000		5,776,530
Hilton Domestic Operating Co., Inc.

	Principal Amount		Value
3.63%, 02/15/2032(2)		7,388,000		7,295,650
3.75%, 05/01/2029(2)		18,012,000		18,192,120
4.00%, 05/01/2031(2)		16,300,000		16,444,581
Hyatt Hotels Corp.
3.13% (3 Month LIBOR USD + 3.00%), 09/01/2022(1)		5,000,000		5,018,930
Hyundai Capital America
0.80%, 04/03/2023(2)		27,900,000		27,894,886
1.15%, 11/10/2022(2)		30,000,000		30,199,772
1.80%, 10/15/2025(2)		5,395,000		5,473,916
2.38%, 02/10/2023(2)		4,575,000		4,696,009
InterContinental Hotels Group Plc
2.13%, 08/24/2026	GBP	400,000		562,652
2.13%, 05/15/2027	EUR	200,000		255,218
JetBlue 2019-1 Class AA Pass Through Trust
2.75%, 05/15/2032	$	657,325		675,014
JetBlue 2020-1 Class A Pass Through Trust
4.00%, 11/15/2032		3,385,485		3,732,219
JMH Co. Ltd.
2.50%, 04/09/2031		7,704,000		7,797,292
L Brands, Inc.
6.63%, 10/01/2030(2)		3,790,000		4,386,925
Las Vegas Sands Corp.
3.20%, 08/08/2024		1,200,000		1,259,436
3.50%, 08/18/2026		1,965,000		2,089,279
Lennar Corp.
4.75%, 11/29/2027		4,275,000		4,941,336
4.88%, 12/15/2023		510,000		555,130
Lithia Motors, Inc.
3.88%, 06/01/2029(2)		3,540,000		3,669,387
Magic Mergeco, Inc.
5.25%, 05/01/2028(2)		8,945,000		9,176,944
Magna International, Inc.
4.15%, 10/01/2025		665,000		742,857
Marriott International, Inc.
2.85%, 04/15/2031		7,650,000		7,768,503
3.13%, 02/15/2023		1,360,000		1,396,544
3.50%, 10/15/2032		6,200,000		6,586,273
4.63%, 06/15/2030		11,174,000		12,869,120
5.75%, 05/01/2025		13,280,000		15,329,095
Marriott International, Inc./MD
3.75%, 10/01/2025		880,000		948,050
Marriott Ownership Resorts, Inc.
4.50%, 06/15/2029(2)		745,000		755,244
6.13%, 09/15/2025(2)		590,000		627,436
MDC Holdings, Inc.
6.00%, 01/15/2043		7,970,000		10,270,939
Melco Resorts Finance Ltd.
5.38%, 12/04/2029(2)		2,900,000		3,059,500
Meritage Homes Corp.

	Principal Amount		Value
3.88%, 04/15/2029(2)		4,635,000		4,797,225
MGM China Holdings Ltd.
5.25%, 06/18/2025(2)		2,100,000		2,181,375
5.88%, 05/15/2026(2)		700,000		735,000
MGM Resorts International
7.75%, 03/15/2022		9,879,000		10,325,531
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50%, 06/20/2027(2)		9,040,000		9,953,040
Mitchells & Butlers Finance Plc
0.57% (3 Month LIBOR USD + 0.45%), 12/15/2030(1)		8,193,451		7,669,070
6.01%, 12/15/2028	GBP	296,658		450,386
NCL Corp. Ltd.
5.88%, 03/15/2026(2)	$	1,420,000		1,487,450
New Red Finance, Inc.
4.25%, 05/15/2024(2)		66,000		66,726
Nissan Motor Acceptance Corp.
1.08% (3 Month LIBOR USD + 0.89%), 01/13/2022(1)(2)		791,000		792,893
1.90%, 09/14/2021(2)		650,000		651,784
2.00%, 03/09/2026(2)		20,300,000		20,428,268
2.75%, 03/09/2028(2)		14,600,000		14,731,355
3.65%, 09/21/2021(2)		300,000		301,991
Nissan Motor Co. Ltd.
3.52%, 09/17/2025(2)		1,400,000		1,494,955
4.35%, 09/17/2027(2)		10,500,000		11,541,972
4.81%, 09/17/2030(2)		53,700,000		60,629,459
PetSmart, Inc. / PetSmart Finance Corp.
4.75%, 02/15/2028(2)		2,840,000		2,950,050
QVC, Inc.
4.38%, 03/15/2023		920,000		970,131
Ross Stores, Inc.
1.88%, 04/15/2031		5,120,000		4,957,419
Royal Caribbean Cruises Ltd.
5.50%, 04/01/2028(2)		2,075,000		2,173,148
9.13%, 06/15/2023(2)		370,000		406,075
10.88%, 06/01/2023(2)		5,469,000		6,227,824
11.50%, 06/01/2025(2)		5,306,000		6,115,165
Sands China Ltd.
3.80%, 01/08/2026		2,000,000		2,135,940
4.38%, 06/18/2030		1,000,000		1,081,170
4.60%, 08/08/2023		4,200,000		4,460,820
5.13%, 08/08/2025		10,423,000		11,645,931
5.40%, 08/08/2028		2,000,000		2,321,540
Shea Homes LP
4.75%, 04/01/2029(2)		1,415,000		1,453,035
Southwest Airlines Co.
5.13%, 06/15/2027		1,458,000		1,715,295
Southwest Airlines Co. 2007-1 Pass Through Trust
6.65%, 08/01/2022		41,960		42,719
Tenneco, Inc.
5.13%, 04/15/2029(2)		130,000		133,587

	Principal Amount		Value
Toyota Motor Credit Corp.
2.65%, 04/12/2022		17,580,000		17,915,801
Travel + Leisure Co.
4.25%, 03/01/2022		40,000		40,450
6.00%, 04/01/2027		6,035,000		6,629,870
6.60%, 10/01/2025		1,120,000		1,258,869
United Airlines 2016-1 Class AA Pass Through Trust
3.10%, 07/07/2028		163,064		171,791
United Airlines 2018-1 Class A Pass Through Trust
3.70%, 03/01/2030		565,415		575,856
United Airlines 2018-1 Class B Pass Through Trust
4.60%, 03/01/2026		5,283,184		5,454,267
United Airlines 2019-1 Class AA Pass Through Trust
4.15%, 08/25/2031		589,807		645,094
United Airlines 2019-2 Class A Pass Through Trust
2.90%, 05/01/2028		1,428,747		1,422,584
United Airlines 2019-2 Class AA Pass Through Trust
2.70%, 05/01/2032		893,828		895,820
United Airlines 2020-1 Class A Pass Through Trust
5.88%, 10/15/2027		14,560,245		16,155,784
United Airlines, Inc.
4.38%, 04/15/2026(2)		775,000		802,265
4.63%, 04/15/2029(2)		5,850,000		6,054,750
US Airways 2011-1 Class A Pass Through Trust
7.13%, 10/22/2023		1,228,172		1,296,263
US Airways 2013-1 Class A Pass Through Trust
3.95%, 11/15/2025		1,235,175		1,244,039
Vail Resorts, Inc.
6.25%, 05/15/2025(2)		330,000		353,225
Volkswagen Group of America Finance LLC
0.88%, 11/22/2023(2)		35,590,000		35,684,495
1.63%, 11/24/2027(2)		4,030,000		3,980,857
2.50%, 09/24/2021(2)		2,350,000		2,361,671
2.70%, 09/26/2022(2)		6,040,000		6,207,442
2.85%, 09/26/2024(2)		2,640,000		2,787,735
3.20%, 09/26/2026(2)		2,970,000		3,211,266
3.35%, 05/13/2025(2)		16,230,000		17,513,914
4.63%, 11/13/2025(2)		6,525,000		7,432,663
Wynn Las Vegas LLC
5.25%, 05/15/2027(2)		900,000		966,690
Wynn Macau Ltd.
5.13%, 12/15/2029(2)		600,000		618,000
5.50%, 01/15/2026(2)		2,600,000		2,725,164
5.50%, 10/01/2027(2)		2,000,000		2,080,000
Wynn Resorts Finance LLC
7.75%, 04/15/2025(2)		1,800,000		1,939,500
Yum! Brands, Inc.
4.75%, 01/15/2030(2)		750,000		811,883
7.75%, 04/01/2025(2)		1,050,000		1,141,875

	Principal Amount		Value
Total Consumer, Cyclical				1,041,062,182
Consumer, Non-cyclical – 5.10%
AA Bond Co. Ltd.
2.88%, 01/31/2022	GBP	5,547,000		7,705,469
4.88%, 07/31/2024		1,000,000		1,471,040
AbbVie, Inc.
2.85%, 05/14/2023	$	1,000,000		1,040,623
2.95%, 11/21/2026		27,000,000		29,023,552
3.20%, 11/21/2029		8,770,000		9,524,609
3.45%, 03/15/2022		29,820,000		30,322,844
3.80%, 03/15/2025		3,618,000		3,957,536
4.05%, 11/21/2039		8,254,000		9,586,407
4.25%, 11/14/2028		4,500,000		5,210,898
4.25%, 11/21/2049		11,305,000		13,549,205
4.40%, 11/06/2042		7,147,000		8,678,319
4.45%, 05/14/2046		2,355,000		2,843,947
4.50%, 05/14/2035		2,925,000		3,523,153
4.55%, 03/15/2035		3,300,000		4,005,243
4.70%, 05/14/2045		5,020,000		6,251,132
4.88%, 11/14/2048		8,355,000		10,762,066
Adani Ports & Special Economic Zone Ltd.
4.20%, 08/04/2027(2)		4,985,000		5,193,271
Aetna, Inc.
2.80%, 06/15/2023		2,000,000		2,081,528
3.50%, 11/15/2024		3,370,000		3,645,680
Albertsons Companies, Inc.
7.50%, 03/15/2026(2)		1,640,000		1,799,900
Anheuser-Busch InBev Worldwide, Inc.
4.50%, 06/01/2050		17,795,000		21,656,343
4.60%, 04/15/2048		7,200,000		8,790,073
4.90%, 02/01/2046		4,455,000		5,638,916
Anthem, Inc.
1.50%, 03/15/2026		11,000,000		11,123,594
2.55%, 03/15/2031		2,000,000		2,061,066
3.65%, 12/01/2027		2,580,000		2,887,569
Ascension Health
3.95%, 11/15/2046		825,000		1,007,378
Ashtead Capital, Inc.
5.25%, 08/01/2026(2)		4,585,000		4,780,046
Astrazeneca Finance LLC
1.75%, 05/28/2028		5,860,000		5,854,339
2.25%, 05/28/2031		1,895,000		1,922,200
AstraZeneca Plc
3.00%, 05/28/2051		4,610,000		4,752,722
Bacardi Ltd.
4.45%, 05/15/2025(2)		13,995,000		15,554,559
4.70%, 05/15/2028(2)		2,047,000		2,381,444
5.30%, 05/15/2048(2)		2,730,000		3,559,128
Baptist Healthcare System Obligated Group
3.54%, 08/15/2050		8,700,000		9,368,288

	Principal Amount		Value
BAT Capital Corp.
2.73%, 03/25/2031		29,370,000		28,996,333
3.56%, 08/15/2027		17,990,000		19,264,633
4.39%, 08/15/2037		1,020,000		1,099,848
4.54%, 08/15/2047		10,555,000		11,224,413
4.70%, 04/02/2027		4,000,000		4,520,012
BAT International Finance Plc
1.67%, 03/25/2026		1,870,000		1,868,952
Bausch Health Americas, Inc.
8.50%, 01/31/2027(2)		1,395,000		1,516,226
Bausch Health Companies, Inc.
4.88%, 06/01/2028(2)		570,000		583,395
7.25%, 05/30/2029(2)		2,120,000		2,166,449
Bayer US Finance II LLC
2.75%, 07/15/2021(2)		3,100,000		3,102,435
2.85%, 04/15/2025(2)		8,635,000		8,969,954
3.38%, 07/15/2024(2)		915,000		974,917
4.25%, 12/15/2025(2)		5,060,000		5,638,593
4.38%, 12/15/2028(2)		6,085,000		6,971,330
4.40%, 07/15/2044(2)		4,200,000		4,791,527
4.88%, 06/25/2048(2)		11,025,000		13,842,851
Bayer US Finance LLC
3.38%, 10/08/2024(2)		5,000,000		5,370,850
Becton Dickinson & Co.
1.96%, 02/11/2031		7,035,000		6,864,003
2.82%, 05/20/2030		31,645,000		33,144,176
3.36%, 06/06/2024		1,907,000		2,043,140
3.70%, 06/06/2027		9,547,000		10,608,442
3.73%, 12/15/2024		1,560,000		1,698,760
3.79%, 05/20/2050		5,285,000		5,909,311
4.67%, 06/06/2047		3,490,000		4,347,854
7.00%, 08/01/2027		361,000		466,807
Block Financial LLC
2.50%, 07/15/2028		9,800,000		9,839,881
Bon Secours Mercy Health, Inc.
3.21%, 06/01/2050		4,000,000		4,142,274
Cardinal Health, Inc.
3.75%, 09/15/2025		3,935,000		4,327,935
4.37%, 06/15/2047		4,120,000		4,613,406
4.50%, 11/15/2044		905,000		1,035,722
4.90%, 09/15/2045		960,000		1,147,158
Centene Corp.
2.45%, 07/15/2028		34,638,000		35,105,613
2.50%, 03/01/2031		17,385,000		17,145,956
3.00%, 10/15/2030		18,908,000		19,423,810
3.38%, 02/15/2030		7,485,000		7,824,220
4.25%, 12/15/2027		9,430,000		9,936,863
4.63%, 12/15/2029		4,275,000		4,701,517
5.38%, 06/01/2026(2)		3,100,000		3,239,500

	Principal Amount		Value
5.38%, 08/15/2026(2)		5,000,000		5,225,000
China Mengniu Dairy Co. Ltd.
2.50%, 06/17/2030		1,870,000		1,863,002
Chobani LLC
4.63%, 11/15/2028(2)		4,020,000		4,165,725
Cigna Corp.
2.38%, 03/15/2031		5,735,000		5,815,367
3.40%, 03/01/2027		6,858,000		7,520,812
3.40%, 03/15/2051		2,368,000		2,472,311
4.38%, 10/15/2028		24,030,000		27,947,665
4.50%, 02/25/2026		16,415,000		18,681,955
4.80%, 08/15/2038		2,350,000		2,926,757
CommonSpirit Health
1.55%, 10/01/2025		3,450,000		3,479,532
2.78%, 10/01/2030		7,175,000		7,445,516
3.35%, 10/01/2029		3,390,000		3,671,460
3.91%, 10/01/2050		8,700,000		9,562,409
Community Health Systems, Inc.
4.75%, 02/15/2031(2)		6,600,000		6,624,750
5.63%, 03/15/2027(2)		17,710,000		18,905,425
6.00%, 01/15/2029(2)		3,730,000		3,991,100
6.63%, 02/15/2025(2)		3,869,000		4,091,429
8.00%, 03/15/2026(2)		4,312,000		4,646,180
Constellation Brands, Inc.
3.75%, 05/01/2050		5,000,000		5,533,059
CoStar Group, Inc.
2.80%, 07/15/2030(2)		11,000,000		11,174,466
CVS Health Corp.
1.30%, 08/21/2027		14,125,000		13,855,294
1.88%, 02/28/2031		4,335,000		4,204,766
2.70%, 08/21/2040		1,640,000		1,589,680
3.25%, 08/15/2029		6,270,000		6,803,208
4.30%, 03/25/2028		10,000,000		11,489,067
4.75%, 12/01/2022(2)		56,000		58,722
5.05%, 03/25/2048		35,290,000		45,837,323
5.13%, 07/20/2045		2,250,000		2,926,463
CVS Pass-Through Trust
5.77%, 01/10/2033(2)		60,898		72,181
5.77%, 01/10/2033		2,236,289		2,650,620
6.04%, 12/10/2028		1,193,895		1,398,126
CVS Pass-Through Trust Series 2014
4.16%, 08/11/2036(2)		9,992,070		11,129,607
DP World Crescent Ltd.
4.85%, 09/26/2028		1,250,000		1,436,830
Elanco Animal Health, Inc.
5.27%, 08/28/2023		2,840,000		3,054,676
Element Fleet Management Corp.
1.60%, 04/06/2024(2)		2,195,000		2,230,710
Equifax, Inc.
3.60%, 08/15/2021		2,285,000		2,294,084

	Principal Amount		Value
ERAC USA Finance LLC
3.80%, 11/01/2025(2)		4,605,000		5,083,175
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/2050		8,105,000		8,524,515
Ford Foundation
2.82%, 06/01/2070		880,000		882,940
Fresenius Medical Care US Finance III, Inc.
1.88%, 12/01/2026(2)		18,645,000		18,645,534
2.38%, 02/16/2031(2)		20,000,000		19,512,300
3.00%, 12/01/2031(2)		8,600,000		8,772,819
Gilead Sciences, Inc.
4.60%, 09/01/2035		9,201,000		11,258,017
GlaxoSmithKline Capital Plc
0.53%, 10/01/2023		35,910,000		36,039,513
Greene King Finance Plc
4.06%, 03/15/2035	GBP	3,491,235		5,264,430
5.11%, 03/15/2034		450,000		717,994
Hackensack Meridian Health, Inc.
2.88%, 09/01/2050	$	5,750,000		5,670,067
HCA, Inc.
3.50%, 09/01/2030		8,364,000		8,910,755
4.13%, 06/15/2029		26,998,000		30,401,806
4.50%, 02/15/2027		5,000,000		5,650,375
5.00%, 03/15/2024		9,880,000		10,916,658
5.25%, 04/15/2025		6,314,000		7,223,649
5.25%, 06/15/2049		29,940,000		38,164,276
5.88%, 05/01/2023		844,000		917,175
7.58%, 09/15/2025		1,322,000		1,593,010
7.69%, 06/15/2025		840,000		1,020,558
Hologic, Inc.
4.63%, 02/01/2028(2)		3,215,000		3,375,750
Humana, Inc.
3.15%, 12/01/2022		1,302,000		1,342,539
3.85%, 10/01/2024		4,014,000		4,353,846
3.95%, 03/15/2027		6,255,000		7,013,469
4.88%, 04/01/2030		14,535,000		17,535,770
IHS Markit Ltd.
4.00%, 03/01/2026(2)		6,401,000		7,095,509
4.25%, 05/01/2029		2,585,000		2,991,362
4.75%, 02/15/2025(2)		5,920,000		6,627,440
4.75%, 08/01/2028		3,425,000		4,038,418
5.00%, 11/01/2022(2)		10,211,000		10,696,419
Illumina, Inc.
2.55%, 03/23/2031		11,640,000		11,815,743
Imperial Brands Finance Plc
3.13%, 07/26/2024(2)		10,790,000		11,357,875
3.50%, 07/26/2026(2)		8,675,000		9,286,691
4.25%, 07/21/2025(2)		4,170,000		4,593,871
Integris Baptist Medical Center, Inc.

	Principal Amount		Value
3.88%, 08/15/2050		7,000,000		7,895,306
IQVIA, Inc.
2.88%, 09/15/2025(2)	EUR	100,000		120,057
2.88%, 06/15/2028		4,000,000		4,885,669
JBS USA LUX SA
3.75%, 12/01/2031(2)	$	3,090,000		3,161,843
5.50%, 01/15/2030(2)		5,532,000		6,186,878
6.50%, 04/15/2029(2)		6,985,000		7,849,464
6.75%, 02/15/2028(2)		2,130,000		2,340,338
Kimberly-Clark de Mexico SAB de CV
2.43%, 07/01/2031(2)		8,765,000		8,678,139
Kraft Heinz Foods Co.
3.00%, 06/01/2026		1,691,000		1,800,804
3.88%, 05/15/2027		23,873,000		26,231,018
4.25%, 03/01/2031		11,316,000		12,854,849
4.38%, 06/01/2046		21,930,000		24,851,048
4.88%, 10/01/2049		7,855,000		9,535,588
5.00%, 06/04/2042		7,936,000		9,690,637
5.50%, 06/01/2050		1,086,000		1,409,359
Kroger Co.
5.40%, 01/15/2049		3,561,000		4,857,248
Mass General Brigham, Inc.
3.34%, 07/01/2060		3,500,000		3,835,712
Massachusetts Institute of Technology
4.68%, 07/01/2114		45,000		65,436
5.60%, 07/01/2111		72,000		122,653
Molina Healthcare, Inc.
3.88%, 11/15/2030(2)		2,706,000		2,817,623
4.38%, 06/15/2028(2)		4,418,000		4,605,765
5.38%, 11/15/2022		1,913,000		2,001,476
Mylan, Inc.
5.20%, 04/15/2048		1,145,000		1,408,985
Natura Cosmeticos SA
4.13%, 05/03/2028(2)		5,270,000		5,401,750
NBM US Holdings, Inc.
7.00%, 05/14/2026(2)		8,095,000		8,726,491
Nestle Holdings, Inc.
0.38%, 01/15/2024(2)		48,380,000		48,144,810
New York & Presbyterian Hospital
3.56%, 08/01/2036		2,630,000		2,975,959
Organon & Co.
4.13%, 04/30/2028(2)		6,785,000		6,919,343
Ortho-Clinical Diagnostics, Inc.
7.25%, 02/01/2028(2)		566,000		618,214
7.38%, 06/01/2025(2)		230,000		246,963
PepsiCo, Inc.
0.40%, 10/07/2023		2,043,000		2,044,993
PerkinElmer, Inc.
2.55%, 03/15/2031		12,115,000		12,422,799
3.30%, 09/15/2029		1,865,000		2,017,045

	Principal Amount		Value
Perrigo Finance Unlimited Co.
3.15%, 06/15/2030		7,590,000		7,755,468
3.90%, 12/15/2024		9,225,000		9,935,373
4.38%, 03/15/2026		13,577,000		14,941,075
Pilgrim’s Pride Corp.
5.88%, 09/30/2027(2)		530,000		564,450
Pomona College
2.89%, 01/01/2051		3,570,000		3,680,791
Post Holdings, Inc.
4.50%, 09/15/2031(2)		2,500,000		2,495,875
4.63%, 04/15/2030(2)		2,710,000		2,755,609
5.75%, 03/01/2027(2)		3,220,000		3,368,925
Prime Security Services Borrower LLC
5.75%, 04/15/2026(2)		1,360,000		1,502,351
Reynolds American, Inc.
4.45%, 06/12/2025		10,905,000		12,080,299
5.70%, 08/15/2035		6,650,000		8,030,756
5.85%, 08/15/2045		9,235,000		11,307,846
Rockefeller Foundation
2.49%, 10/01/2050		7,900,000		7,690,645
Shanghai Port Group BVI Development 2 Co. Ltd.
2.38%, 07/13/2030		1,910,000		1,917,717
Shanghai Port Group BVI Development Co. Ltd.
2.85%, 09/11/2029		3,765,000		3,933,766
3.38%, 06/18/2029		4,690,000		5,073,457
Shift4 Payments LLC
4.63%, 11/01/2026(2)		1,140,000		1,189,875
Smithfield Foods, Inc.
3.00%, 10/15/2030(2)		925,000		932,609
4.25%, 02/01/2027(2)		1,290,000		1,410,096
Sutter Health
3.16%, 08/15/2040		4,700,000		4,933,430
3.36%, 08/15/2050		11,400,000		12,098,326
Tenet Healthcare Corp.
4.63%, 07/15/2024		61,000		61,897
4.63%, 09/01/2024(2)		4,500,000		4,618,620
7.50%, 04/01/2025(2)		2,325,000		2,511,302
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/2022		1,350,000		1,356,750
Teva Pharmaceutical Finance Netherlands II BV
1.25%, 03/31/2023	EUR	300,000		347,721
3.25%, 04/15/2022		1,300,000		1,554,886
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/2021	$	11,174,000		11,169,530
2.80%, 07/21/2023		4,490,000		4,474,240
3.15%, 10/01/2026		10,685,000		10,164,106
4.10%, 10/01/2046		7,075,000		6,199,469
7.13%, 01/31/2025		745,000		821,363
Transurban Finance Co. Pty Ltd.

	Principal Amount		Value
2.45%, 03/16/2031(2)		2,915,000		2,931,597
3.38%, 03/22/2027(2)		2,635,000		2,855,419
Unilever Capital Corp.
2.60%, 05/05/2024		28,544,000		30,097,559
3.00%, 03/07/2022		5,625,000		5,733,782
UnitedHealth Group, Inc.
2.00%, 05/15/2030		17,695,000		17,826,691
3.05%, 05/15/2041		5,225,000		5,472,315
3.88%, 12/15/2028		1,070,000		1,230,540
3.88%, 08/15/2059		1,367,000		1,621,256
4.20%, 01/15/2047		1,288,000		1,571,110
Universal Health Services, Inc.
5.00%, 06/01/2026(2)		7,497,000		7,684,425
US Renal Care, Inc.
10.63%, 07/15/2027(2)		558,000		585,203
Utah Acquisition Sub, Inc.
5.25%, 06/15/2046		4,075,000		4,962,891
Verisk Analytics, Inc.
4.13%, 03/15/2029		3,835,000		4,349,904
Viatris, Inc.
4.00%, 06/22/2050(2)		4,035,000		4,267,130
Yili Holding Investment Ltd.
1.63%, 11/19/2025		14,000,000		13,946,848
Total Consumer, Non-cyclical				1,666,792,253
Diversified – 0.02%
CVS Pass-Through Trust Series 2013
4.70%, 01/10/2036(2)		4,503,127		5,103,032
Total Diversified				5,103,032
Energy – 2.58%
Aker BP ASA
2.88%, 01/15/2026(2)		1,685,000		1,774,778
3.00%, 01/15/2025(2)		1,645,000		1,726,637
3.75%, 01/15/2030(2)		15,485,000		16,709,633
4.00%, 01/15/2031(2)		14,110,000		15,498,208
Antero Resources Corp.
8.38%, 07/15/2026(2)		1,250,000		1,421,875
Boardwalk Pipelines LP
3.38%, 02/01/2023		330,000		340,581
3.40%, 02/15/2031		8,651,000		9,182,516
4.95%, 12/15/2024		2,655,000		2,967,632
5.95%, 06/01/2026		8,415,000		9,976,394
BP Capital Markets America, Inc.
2.11%, 09/16/2021		5,210,000		5,221,733
Cameron LNG LLC
2.90%, 07/15/2031(2)		1,630,000		1,737,048
3.30%, 01/15/2035(2)		1,785,000		1,916,709
3.40%, 01/15/2038(2)		500,000		528,035
3.70%, 01/15/2039(2)		1,330,000		1,479,591
Canadian Natural Resources Ltd.
6.25%, 03/15/2038		1,345,000		1,797,945

	Principal Amount		Value
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		16,815,000		18,366,723
5.13%, 06/30/2027		1,300,000		1,511,623
5.88%, 03/31/2025		3,220,000		3,690,343
7.00%, 06/30/2024		2,800,000		3,207,490
Cheniere Energy, Inc.
4.63%, 10/15/2028(2)		5,005,000		5,280,275
Continental Resources, Inc.
3.80%, 06/01/2024		4,910,000		5,192,325
5.75%, 01/15/2031(2)		5,720,000		6,849,700
DCP Midstream Operating LP
6.75%, 09/15/2037(2)		1,830,000		2,200,575
8.13%, 08/16/2030		205,000		272,137
Diamondback Energy, Inc.
3.13%, 03/24/2031		3,525,000		3,653,155
3.25%, 12/01/2026		4,940,000		5,295,193
Energean Israel Finance Ltd.
5.38%, 03/30/2028(2)		4,950,000		5,086,125
5.88%, 03/30/2031(2)		6,495,000		6,673,613
Energy Transfer LP
2.90%, 05/15/2025		6,950,000		7,314,730
4.00%, 10/01/2027		6,885,000		7,574,692
4.05%, 03/15/2025		415,000		449,975
4.50%, 04/15/2024		985,000		1,072,399
4.75%, 01/15/2026		4,720,000		5,313,823
4.95%, 06/15/2028		7,845,000		9,063,946
5.00%, 05/15/2050		10,034,000		11,597,437
5.15%, 03/15/2045		2,700,000		3,122,729
5.25%, 04/15/2029		2,155,000		2,545,421
5.30%, 04/01/2044		600,000		691,814
5.35%, 05/15/2045		2,250,000		2,603,539
5.40%, 10/01/2047		19,719,000		23,362,032
5.50%, 06/01/2027		4,105,000		4,814,281
5.88%, 01/15/2024		3,180,000		3,523,771
6.00%, 06/15/2048		3,990,000		5,043,391
6.25%, 04/15/2049		7,520,000		9,868,092
6.50%, 02/01/2042		1,000,000		1,298,326
Energy Transfer Partners LP
4.50%, 11/01/2023		20,385,000		21,877,963
5.88%, 03/01/2022		1,521,000		1,553,538
ENI SpA
4.75%, 09/12/2028(2)		4,075,000		4,771,526
EQT Corp.
3.13%, 05/15/2026(2)		700,000		717,297
3.63%, 05/15/2031(2)		1,490,000		1,553,325
5.00%, 01/15/2029		1,355,000		1,510,784
8.50%, 02/01/2030		1,175,000		1,530,919
Exxon Mobil Corp.
3.45%, 04/15/2051		640,000		696,553

	Principal Amount		Value
4.23%, 03/19/2040		2,505,000		2,990,957
4.33%, 03/19/2050		12,045,000		14,950,448
Galaxy Pipeline Assets Bidco Ltd.
2.16%, 03/31/2034(2)		1,711,000		1,679,002
2.94%, 09/30/2040(2)		9,830,000		9,757,367
Gazprom Neft OAO Via GPN Capital SA
4.38%, 09/19/2022		3,400,000		3,525,487
Gazprom PJSC Via Gaz Capital SA
4.95%, 07/19/2022		3,000,000		3,120,000
4.95%, 03/23/2027		20,900,000		23,324,400
6.51%, 03/07/2022		4,045,000		4,203,079
Gazprom PJSC via Gaz Finance Plc
2.95%, 04/15/2025	EUR	15,000,000		18,876,547
2.95%, 01/27/2029(2)	$	28,600,000		28,028,000
3.00%, 06/29/2027		10,000,000		10,146,680
Gray Oak Pipeline LLC
2.00%, 09/15/2023(2)		510,000		520,172
2.60%, 10/15/2025(2)		1,575,000		1,617,917
3.45%, 10/15/2027(2)		1,420,000		1,492,466
Greenko Dutch BV
3.85%, 03/29/2026(2)		7,800,000		7,979,400
Hess Corp.
4.30%, 04/01/2027		4,305,000		4,791,313
5.60%, 02/15/2041		11,125,000		13,887,061
KazMunayGas National Co. JSC
3.50%, 04/14/2033(2)		600,000		621,989
3.50%, 04/14/2033		1,621,000		1,680,406
5.38%, 04/24/2030		1,367,000		1,634,112
5.75%, 04/19/2047		934,000		1,166,062
KazTransGas JSC
4.38%, 09/26/2027		600,000		666,060
Kinder Morgan Energy Partners LP
5.00%, 08/15/2042		30,000		35,914
Kinder Morgan, Inc.
4.30%, 06/01/2025		14,500,000		16,144,254
5.05%, 02/15/2046		150,000		182,145
5.30%, 12/01/2034		2,450,000		3,026,162
5.55%, 06/01/2045		960,000		1,242,835
Leviathan Bond Ltd.
6.13%, 06/30/2025(2)		8,515,000		9,355,856
Lundin Energy Finance BV
2.00%, 07/15/2026(2)		7,715,000		7,727,347
3.10%, 07/15/2031(2)		5,635,000		5,692,116
MPLX LP
4.25%, 12/01/2027		5,655,000		6,408,133
NGL Energy Operating LLC
7.50%, 02/01/2026(2)		3,760,000		3,948,000
NGPL PipeCo LLC
4.88%, 08/15/2027(2)		4,268,000		4,888,307
Noble Finance Co.

	Principal Amount		Value
11.00%, 02/15/2028(2)(7)		24,887		27,376
11.00%, 02/15/2028(7)		34,836		38,320
NuStar Logistics LP
5.75%, 10/01/2025		2,345,000		2,550,187
Occidental Petroleum Corp.
1.61% (3 Month LIBOR USD + 1.45%), 08/15/2022(1)		313,000		311,446
2.90%, 08/15/2024		4,145,000		4,238,262
5.55%, 03/15/2026		2,820,000		3,116,100
8.00%, 07/15/2025		2,830,000		3,388,925
8.50%, 07/15/2027		1,705,000		2,146,936
8.88%, 07/15/2030		640,000		855,930
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 12/01/2021		12,608		12,482
Odebrecht Offshore Drilling Finance Ltd.
6.72%, 12/01/2022		22,691		22,407
ONEOK, Inc.
4.25%, 02/01/2022		470,000		475,987
Pertamina Persero PT
3.10%, 08/27/2030(2)		3,663,000		3,755,668
Petrobras Global Finance BV
6.25%, 12/14/2026	GBP	4,359,000		6,897,373
Petroleos de Venezuela SA
5.38%, 04/12/2027(6)	$	2,052,000		87,210
5.50%, 04/12/2037(6)		2,500,000		106,250
6.00%, 05/16/2024(6)		2,312,000		98,260
6.00%, 11/15/2026(6)		4,600,000		195,500
9.00%, 11/17/2021(6)		200,000		8,600
9.75%, 05/17/2035(6)		830,000		35,275
Petroleos Mexicanos
5.35%, 02/12/2028		274,000		269,465
5.95%, 01/28/2031		8,650,000		8,403,475
6.49%, 01/23/2027		1,540,000		1,626,625
6.50%, 03/13/2027		1,566,000		1,652,913
6.50%, 01/23/2029		21,083,000		21,675,327
6.63%, 06/15/2035		940,000		907,805
6.75%, 09/21/2047		13,741,000		12,160,785
6.84%, 01/23/2030		7,010,000		7,223,805
6.95%, 01/28/2060		3,895,000		3,446,685
7.69%, 01/23/2050		3,502,000		3,370,675
Petronas Capital Ltd.
2.48%, 01/28/2032(2)		1,700,000		1,708,197
3.50%, 04/21/2030(2)		2,900,000		3,176,570
4.55%, 04/21/2050(2)		1,400,000		1,723,091
Plains All American Pipeline LP
3.55%, 12/15/2029		800,000		842,418
3.80%, 09/15/2030		4,120,000		4,408,639
4.30%, 01/31/2043		4,600,000		4,646,933
4.70%, 06/15/2044		4,880,000		5,169,880
4.90%, 02/15/2045		390,000		423,844

	Principal Amount		Value
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/2027		5,600,000		5,799,413
Reliance Industries Ltd.
3.67%, 11/30/2027		8,195,000		8,942,794
4.13%, 01/28/2025		1,385,000		1,512,323
Rio Oil Finance Trust Series 2014-1
9.25%, 07/06/2024		218,717		241,683
Rio Oil Finance Trust Series 2014-3
9.75%, 01/06/2027		205,033		241,685
Rio Oil Finance Trust Series 2018-1
8.20%, 04/06/2028(2)		480,000		553,440
Rockies Express Pipeline LLC
4.95%, 07/15/2029(2)		5,700,000		5,878,410
6.88%, 04/15/2040(2)		3,535,000		3,738,263
Ruby Pipeline LLC
8.00%, 04/01/2022(2)		2,878,788		2,621,412
SA Global Sukuk Ltd.
2.69%, 06/17/2031(2)		11,400,000		11,541,360
Sabine Pass Liquefaction LLC
4.50%, 05/15/2030		10,255,000		11,834,803
5.00%, 03/15/2027		6,865,000		7,927,303
5.63%, 03/01/2025		15,539,000		17,760,103
5.75%, 05/15/2024		1,982,000		2,224,171
5.88%, 06/30/2026		6,040,000		7,149,890
6.25%, 03/15/2022		1,125,000		1,153,961
Santos Finance Ltd.
3.65%, 04/29/2031(2)		10,000,000		10,235,439
Saudi Arabian Oil Co.
1.63%, 11/24/2025		400,000		403,800
2.25%, 11/24/2030(2)		1,800,000		1,766,466
3.25%, 11/24/2050(2)		12,530,000		12,154,100
3.50%, 04/16/2029(2)		6,300,000		6,819,750
Southern Gas Corridor CJSC
6.88%, 03/24/2026		1,584,000		1,893,197
Southern Natural Gas Co. LLC
4.80%, 03/15/2047(2)		1,000,000		1,231,680
Tallgrass Energy Partners LP
7.50%, 10/01/2025(2)		2,785,000		3,049,575
Targa Resources Partners LP
4.88%, 02/01/2031(2)		325,000		351,813
6.88%, 01/15/2029		2,170,000		2,444,787
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.00%, 01/15/2032(2)		1,685,000		1,733,275
TC PipeLines LP
4.38%, 03/13/2025		3,330,000		3,666,094
Tengizchevroil Finance Co. International Ltd.
4.00%, 08/15/2026		5,100,000		5,535,336
Texas Eastern Transmission LP
2.80%, 10/15/2022(2)		6,320,000		6,450,709
Thaioil Treasury Center Co. Ltd.

	Principal Amount		Value
4.63%, 11/20/2028		1,020,000		1,163,473
Topaz Solar Farms LLC
4.88%, 09/30/2039(2)		463,589		502,869
5.75%, 09/30/2039(2)		3,550,251		4,108,433
TransCanada PipeLines Ltd.
4.10%, 04/15/2030		8,355,000		9,601,148
Transcontinental Gas Pipe Line Co. LLC
3.25%, 05/15/2030		1,610,000		1,741,924
4.00%, 03/15/2028		5,410,000		6,121,030
4.60%, 03/15/2048		3,995,000		4,867,745
TransMontaigne Partners LP
6.13%, 02/15/2026		2,540,000		2,597,150
Transocean Phoenix 2 Ltd.
7.75%, 10/15/2024(2)		1,151,700		1,192,010
Transocean Pontus Ltd.
6.13%, 08/01/2025(2)		1,802,350		1,823,465
Transocean Poseidon Ltd.
6.88%, 02/01/2027(2)		2,280,000		2,291,400
Transocean Proteus Ltd.
6.25%, 12/01/2024(2)		3,139,950		3,171,350
Transocean, Inc.
7.25%, 11/01/2025(2)		100,000		87,000
8.00%, 02/01/2027(2)		70,000		58,936
USA Compression Partners LP
6.88%, 09/01/2027		1,310,000		1,399,447
Valero Energy Corp.
2.15%, 09/15/2027		1,915,000		1,945,311
Valero Energy Partners LP
4.50%, 03/15/2028		5,370,000		6,108,722
Williams Companies, Inc.
2.60%, 03/15/2031		13,680,000		13,853,377
3.35%, 08/15/2022		1,000,000		1,023,992
3.90%, 01/15/2025		125,000		136,688
4.00%, 09/15/2025		420,000		465,012
4.55%, 06/24/2024		6,990,000		7,700,958
4.85%, 03/01/2048		5,361,000		6,515,422
6.30%, 04/15/2040		1,323,000		1,813,437
Woodside Finance Ltd.
3.65%, 03/05/2025(2)		5,610,000		5,989,561
3.70%, 09/15/2026(2)		2,885,000		3,117,848
3.70%, 03/15/2028(2)		2,659,000		2,853,598
4.50%, 03/04/2029(2)		3,845,000		4,307,643
Total Energy				842,962,499
Financials – 12.09%
AerCap Ireland Capital DAC
3.50%, 05/26/2022		1,687,000		1,727,407
3.50%, 01/15/2025		6,586,000		6,979,624
3.65%, 07/21/2027		5,120,000		5,469,607
3.88%, 01/23/2028		10,445,000		11,179,975

	Principal Amount		Value
3.95%, 02/01/2022		12,762,000		12,977,572
4.13%, 07/03/2023		8,300,000		8,806,093
4.63%, 07/01/2022		450,000		467,928
4.88%, 01/16/2024		4,345,000		4,730,140
6.50%, 07/15/2025		740,000		867,956
AIA Group Ltd.
3.90%, 04/06/2028(2)		2,945,000		3,303,318
AIB Group Plc
4.26% (3 Month LIBOR USD + 1.87%), 04/10/2025(1)(2)		2,400,000		2,585,534
Air Lease Corp.
3.00%, 02/01/2030		4,635,000		4,701,397
3.13%, 12/01/2030		14,900,000		15,136,990
3.25%, 10/01/2029		1,250,000		1,302,748
3.38%, 07/01/2025		5,360,000		5,757,347
3.50%, 01/15/2022		6,690,000		6,800,623
3.88%, 07/03/2023		4,000,000		4,243,182
4.63%, 10/01/2028		30,000		33,798
Aircastle Ltd.
4.13%, 05/01/2024		5,440,000		5,800,378
5.00%, 04/01/2023		5,090,000		5,444,543
Alexandria Real Estate Equities, Inc.
3.80%, 04/15/2026		2,215,000		2,466,335
3.95%, 01/15/2027		3,440,000		3,832,639
3.95%, 01/15/2028		4,952,000		5,592,293
4.30%, 01/15/2026		5,995,000		6,715,574
4.70%, 07/01/2030		575,000		684,087
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		2,490,000		2,733,707
Ally Financial, Inc.
3.88%, 05/21/2024		15,000		16,163
4.63%, 03/30/2025		16,915,000		18,938,998
5.13%, 09/30/2024		400,000		450,629
5.75%, 11/20/2025		1,315,000		1,509,827
5.80%, 05/01/2025		9,805,000		11,394,211
8.00%, 11/01/2031		5,000		7,026
8.00%, 11/01/2031		13,313,000		19,131,424
American Campus Communities Operating Partnership LP
2.85%, 02/01/2030		7,225,000		7,435,178
3.30%, 07/15/2026		19,400,000		20,803,227
3.63%, 11/15/2027		3,733,000		4,061,766
3.75%, 04/15/2023		2,000,000		2,095,588
4.13%, 07/01/2024		2,750,000		2,993,460
American Homes 4 Rent LP
2.38%, 07/15/2031		1,690,000		1,664,870
American International Group, Inc.
3.90%, 04/01/2026		5,715,000		6,377,601
4.20%, 04/01/2028		2,522,000		2,899,240
American Tower Corp.
1.60%, 04/15/2026		3,690,000		3,728,973
2.10%, 06/15/2030		4,100,000		4,031,905

	Principal Amount		Value
2.70%, 04/15/2031		30,000,000		30,939,146
AmFam Holdings, Inc.
2.81%, 03/11/2031(2)		5,500,000		5,630,707
Ares Capital Corp.
2.88%, 06/15/2028		18,340,000		18,615,467
Athene Global Funding
0.74% (Secured Overnight Financing Rate + 0.70%), 05/24/2024(1)(2)		14,300,000		14,415,401
1.61%, 06/29/2026(2)		9,100,000		9,101,007
2.55%, 11/19/2030(2)		3,300,000		3,318,222
Athene Holding Ltd.
3.50%, 01/15/2031		1,835,000		1,956,382
4.13%, 01/12/2028		11,630,000		12,970,655
Athora Netherlands NV
2.38%, 05/17/2024	EUR	500,000		618,808
Aviation Capital Group LLC
1.95%, 01/30/2026(2)	$	2,130,000		2,130,575
2.88%, 01/20/2022(2)		8,869,000		8,959,123
3.88%, 05/01/2023(2)		100,000		104,771
4.13%, 08/01/2025(2)		168,000		181,436
4.88%, 10/01/2025(2)		3,007,000		3,338,890
5.50%, 12/15/2024(2)		3,900,000		4,408,286
Avolon Holdings Funding Ltd.
2.88%, 02/15/2025(2)		8,154,000		8,395,370
3.95%, 07/01/2024(2)		2,449,000		2,611,815
4.25%, 04/15/2026(2)		1,525,000		1,652,606
4.38%, 05/01/2026(2)		3,202,000		3,480,540
5.13%, 10/01/2023(2)		19,938,000		21,555,077
5.50%, 01/15/2023(2)		6,425,000		6,824,065
5.50%, 01/15/2026(2)		3,165,000		3,589,942
Banco Bradesco SA
3.20%, 01/27/2025(2)		1,600,000		1,643,488
Banco de Bogota SA
4.38%, 08/03/2027		4,700,000		4,955,210
Banco Nacional de Comercio Exterior SNC/Cayman Islands
3.80% (5 Year CMT Index + 3.00%), 08/11/2026(1)(2)		500,000		498,750
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/2025(2)		5,395,000		6,121,383
Banco Santander SA
0.70% (1 Year CMT Index + 0.45%), 06/30/2024(1)		20,600,000		20,641,135
2.75%, 12/03/2030		3,200,000		3,169,977
3.49%, 05/28/2030		2,000,000		2,159,623
5.18%, 11/19/2025		2,400,000		2,742,822
6.75% (5 Year Swap Rate EUR + 6.80%), 07/25/2169(1)(5)	EUR	500,000		618,072
Bangkok Bank PCL
4.45%, 09/19/2028	$	1,260,000		1,451,295
Bank of America Corp.
1.66% (Secured Overnight Financing Rate + 0.91%), 03/11/2027(1)		32,940,000		33,201,727
1.73% (Secured Overnight Financing Rate + 0.96%), 07/22/2027(1)		24,835,000		25,026,011
1.90% (Secured Overnight Financing Rate + 1.53%), 07/23/2031(1)		11,605,000		11,282,936

	Principal Amount		Value
1.92% (Secured Overnight Financing Rate + 1.37%), 10/24/2031(1)		9,000,000		8,770,998
2.09% (Secured Overnight Financing Rate + 1.06%), 06/14/2029(1)		16,210,000		16,341,167
2.50% (3 Month LIBOR USD + 0.99%), 02/13/2031(1)		25,075,000		25,601,418
2.59% (Secured Overnight Financing Rate + 2.15%), 04/29/2031(1)		6,285,000		6,479,440
2.65% (Secured Overnight Financing Rate + 1.22%), 03/11/2032(1)		5,000,000		5,134,746
2.69% (Secured Overnight Financing Rate + 1.32%), 04/22/2032(1)		20,000,000		20,575,890
2.88% (3 Month LIBOR USD + 1.19%), 10/22/2030(1)		4,100,000		4,318,902
4.18%, 11/25/2027		16,659,000		18,664,700
4.20%, 08/26/2024		9,485,000		10,397,790
4.25%, 10/22/2026		21,015,000		23,729,370
4.27% (3 Month LIBOR USD + 1.31%), 07/23/2029(1)		17,970,000		20,643,744
4.45%, 03/03/2026		855,000		971,105
Barclays Bank Plc
7.63%, 11/21/2022		3,311,000		3,610,778
Barclays Plc
2.85% (Secured Overnight Financing Rate + 2.71%), 05/07/2026(1)		5,450,000		5,757,777
3.25%, 02/12/2027	GBP	6,200,000		9,327,518
3.56% (5 Year CMT Index + 2.90%), 09/23/2035(1)	$	29,545,000		30,781,163
3.93% (3 Month LIBOR USD + 1.61%), 05/07/2025(1)		16,730,000		18,060,092
4.38%, 01/12/2026		2,670,000		2,989,575
4.97% (3 Month LIBOR USD + 1.90%), 05/16/2029(1)		3,700,000		4,332,613
5.09% (3 Month LIBOR USD + 3.05%), 06/20/2030(1)		1,570,000		1,829,815
5.88% (5 Year Swap Rate GBP + 4.91%), 12/15/2169(1)	GBP	2,400,000		3,560,614
6.13% (5 Year CMT Index + 5.87%), 12/15/2169(1)	$	4,700,000		5,208,164
6.38% (UK Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 03/15/2169(1)	GBP	4,100,000		6,344,548
7.13% (UK Government Bonds 5 Year Note Generic Bid Yield + 6.58%), 09/15/2169(1)		3,200,000		5,057,345
7.25% (5 Year Swap Rate GBP + 6.46%), 06/15/2169(1)		18,283,000		27,282,530
7.75% (5 Year Swap Rate USD + 4.84%), 12/15/2169(1)	$	5,150,000		5,658,562
7.88% (5 Year Swap Rate GBP + 6.10%), 12/15/2169(1)	GBP	1,600,000		2,373,486
7.88% (5 Year Swap Rate USD + 6.77%), 12/15/2169(1)	$	7,895,000		8,230,537
BBVA Bancomer SA
1.88%, 09/18/2025(2)		9,010,000		9,112,263
Berkshire Hathaway Finance Corp.
4.40%, 05/15/2042		1,000,000		1,255,450
BGC Partners, Inc.
5.38%, 07/24/2023		380,000		411,443
BNP Paribas SA
1.32% (Secured Overnight Financing Rate + 1.00%), 01/13/2027(1)(2)		20,205,000		19,960,220
1.68% (Secured Overnight Financing Rate + 0.91%), 06/30/2027(1)(2)		17,105,000		17,089,157
2.87% (Secured Overnight Financing Rate + 1.39%), 04/19/2032(1)(2)		16,200,000		16,636,923
BOC Aviation Ltd.
1.27% (3 Month LIBOR USD + 1.13%), 09/26/2023(1)(2)		500,000		499,184
2.75%, 09/18/2022(2)		300,000		305,359
Boston Properties LP
3.25%, 01/30/2031		14,015,000		15,007,870
3.85%, 02/01/2023		3,245,000		3,388,439
Brixmor Operating Partnership LP
1.23% (3 Month LIBOR USD + 1.05%), 02/01/2022(1)		4,860,000		4,878,795
2.25%, 04/01/2028		925,000		923,895
3.65%, 06/15/2024		3,624,000		3,903,865

	Principal Amount		Value
3.85%, 02/01/2025		1,680,000		1,827,355
3.90%, 03/15/2027		7,198,000		7,897,780
4.05%, 07/01/2030		5,460,000		6,108,964
4.13%, 06/15/2026		2,980,000		3,316,458
4.13%, 05/15/2029		12,860,000		14,407,459
Brookfield Finance, Inc.
2.72%, 04/15/2031		2,900,000		2,985,353
Capital One Financial Corp.
3.65%, 05/11/2027		9,310,000		10,333,871
4.20%, 10/29/2025		195,000		217,753
4.25%, 04/30/2025		2,880,000		3,209,014
CBL & Associates LP
5.95%, 12/15/2026(6)		132,000		74,250
CBRE Services, Inc.
2.50%, 04/01/2031		4,900,000		4,962,390
4.88%, 03/01/2026		445,000		514,514
CDBL Funding 2
3.00%, 08/01/2022		1,700,000		1,729,057
Charles Schwab Corp.
2.00%, 03/20/2028		9,305,000		9,545,256
4.00% (10 year CMT Index + 3.08%), 03/01/2170(1)		700,000		716,100
4.00% (5 Year CMT Index + 3.17%), 06/01/2170(1)		16,600,000		17,305,500
5.38% (5 Year CMT Index + 4.97%), 09/01/2169(1)		1,049,000		1,159,460
China Construction Bank New Zealand Ltd.
0.88% (3 Month LIBOR USD + 0.75%), 12/20/2021(1)		7,100,000		7,111,608
CIT Bank N.A.
2.97% (Secured Overnight Financing Rate + 1.72%), 09/27/2025(1)		1,700,000		1,778,625
CIT Group, Inc.
5.00%, 08/15/2022		250,000		261,250
Citigroup, Inc.
0.98% (Secured Overnight Financing Rate + 0.67%), 05/01/2025(1)		6,840,000		6,856,278
1.46% (Secured Overnight Financing Rate + 0.77%), 06/09/2027(1)		20,615,000		20,526,247
2.56% (Secured Overnight Financing Rate + 1.17%), 05/01/2032(1)(17)		15,825,000		16,109,087
2.88% (3 Month LIBOR USD + 0.95%), 07/24/2023(1)		1,290,000		1,323,120
3.11% (Secured Overnight Financing Rate + 2.84%), 04/08/2026(1)		5,200,000		5,565,003
4.13%, 07/25/2028		1,675,000		1,886,958
4.41% (Secured Overnight Financing Rate + 3.91%), 03/31/2031(1)		6,395,000		7,467,233
CNO Financial Group, Inc.
5.25%, 05/30/2025		1,718,000		1,948,282
5.25%, 05/30/2029		3,840,000		4,563,761
Cooperatieve Rabobank UA
4.38%, 08/04/2025		1,225,000		1,367,821
Corporate Office Properties LP
2.75%, 04/15/2031		3,155,000		3,178,807
CPI Property Group SA
1.63%, 04/23/2027	EUR	100,000		121,895
4.75%, 03/08/2023	$	800,000		852,666
Credit Agricole SA
4.00% (5 Year Swap Rate USD + 1.64%), 01/10/2033(1)(2)		21,168,000		22,983,179

	Principal Amount		Value
4.38%, 03/17/2025(2)		1,717,000		1,888,102
Credit Suisse AG
6.50%, 08/08/2023(2)		1,400,000		1,546,496
Credit Suisse AG/New York NY
0.50%, 02/02/2024		10,025,000		9,983,676
Credit Suisse Group AG
1.31% (Secured Overnight Financing Rate + 0.98%), 02/02/2027(1)(2)		22,465,000		22,003,357
2.19% (Secured Overnight Financing Rate + 2.04%), 06/05/2026(1)(2)		9,550,000		9,778,344
3.09% (Secured Overnight Financing Rate + 1.73%), 05/14/2032(1)(2)		20,870,000		21,501,352
3.75%, 03/26/2025		830,000		900,306
4.19% (Secured Overnight Financing Rate + 3.73%), 04/01/2031(1)(2)		18,725,000		21,043,691
4.28%, 01/09/2028(2)		3,290,000		3,659,753
4.55%, 04/17/2026		1,015,000		1,149,601
5.25% (5 Year CMT Index + 4.89%), 02/11/2170(1)(2)		1,100,000		1,163,250
6.25% (5 Year Swap Rate USD + 3.46%), 12/18/2169(1)(2)		700,000		766,500
7.13% (5 Year Swap Rate USD + 5.11%), 07/29/2169(1)		1,800,000		1,878,750
7.25% (5 Year 1100 Run ICE Swap Rate USD + 4.33%), 03/12/2170(1)(2)		1,100,000		1,243,550
7.50% (5 Year Swap Rate USD + 4.60%), 01/17/2170(1)(2)		2,900,000		3,153,750
7.50% (5 Year Swap Rate USD + 4.60%), 06/11/2170(1)		1,400,000		1,553,076
7.50% (5 Year Swap Rate USD + 4.60%), 06/11/2170(1)(2)		1,800,000		1,996,812
Crown Castle International Corp.
2.50%, 07/15/2031		25,000,000		25,177,964
3.30%, 07/01/2030		1,085,000		1,162,353
3.65%, 09/01/2027		7,580,000		8,357,656
3.80%, 02/15/2028		3,220,000		3,577,678
4.15%, 07/01/2050		215,000		245,473
4.30%, 02/15/2029		11,875,000		13,657,363
4.45%, 02/15/2026		7,275,000		8,220,176
CTR Partnership LP
5.25%, 06/01/2025		194,000		199,092
CyrusOne LP
1.45%, 01/22/2027	EUR	1,300,000		1,570,516
2.15%, 11/01/2030	$	10,250,000		9,724,331
CyrusOne LP / CyrusOne Finance Corp.
2.90%, 11/15/2024		3,525,000		3,722,506
Danske Bank
1.62% (1 Year CMT Index + 1.35%), 09/11/2026(1)(2)		10,000,000		10,009,361
3.00% (3 Month LIBOR USD + 1.25%), 09/20/2022(1)(2)		8,535,000		8,576,760
3.24% (3 Month LIBOR USD + 1.59%), 12/20/2025(1)(2)		9,618,000		10,236,381
3.88%, 09/12/2023(2)		2,003,000		2,131,475
5.00%, 01/12/2022(2)		7,540,000		7,714,938
5.38%, 01/12/2024(2)		9,455,000		10,484,219
Deutsche Bank AG
0.11% (3 Month EURIBOR + 0.65%), 09/10/2021(1)(5)	EUR	1,700,000		2,017,351
1.00% (3 Month EURIBOR + 1.60%), 11/19/2025(1)(5)		10,400,000		12,585,624
1.75% (3 Month EURIBOR + 2.05%), 11/19/2030(1)(5)		2,500,000		3,130,605
2.63%, 12/16/2024	GBP	900,000		1,299,714
5.63% (5 Year Swap Rate EUR + 6.00%), 05/19/2031(1)(5)	EUR	1,800,000		2,524,936
Deutsche Bank AG/New York NY
1.35% (3 Month LIBOR USD + 1.19%), 11/16/2022(1)	$	100,000		100,842

	Principal Amount		Value
2.13% (Secured Overnight Financing Rate + 1.87%), 11/24/2026(1)(17)		11,000,000		11,161,778
2.22% (Secured Overnight Financing Rate + 2.16%), 09/18/2024(1)		4,895,000		5,027,267
3.04% (Secured Overnight Financing Rate + 1.72%), 05/28/2032(1)(17)		7,615,000		7,743,297
3.55% (Secured Overnight Financing Rate + 3.04%), 09/18/2031(1)		16,820,000		17,904,343
3.96% (Secured Overnight Financing Rate + 2.58%), 11/26/2025(1)		15,420,000		16,670,441
Digital Realty Trust LP
4.75%, 10/01/2025		1,640,000		1,864,242
Discover Bank
4.65%, 09/13/2028		2,640,000		3,098,166
Discover Financial Services
3.75%, 03/04/2025		8,845,000		9,668,021
3.95%, 11/06/2024		6,058,000		6,602,393
4.10%, 02/09/2027		18,075,000		20,225,216
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A Pass Through Trust
5.13%, 11/30/2022(2)		1,517,260		1,524,229
EPR Properties
4.75%, 12/15/2026		140,000		151,729
4.95%, 04/15/2028		414,000		447,138
Equinix, Inc.
2.15%, 07/15/2030		17,645,000		17,532,359
2.50%, 05/15/2031		13,224,000		13,449,181
3.20%, 11/18/2029		8,645,000		9,272,665
Equitable Financial Life Global Funding
1.80%, 03/08/2028(2)		13,720,000		13,648,723
Equitable Holdings, Inc.
4.35%, 04/20/2028		1,820,000		2,086,699
Erste Group Bank AG
4.25% (5 Year Swap Rate EUR + 4.65%), 04/15/2170(1)(5)	EUR	600,000		761,251
8.88% (5 Year Swap Rate EUR + 9.02%), 10/15/2169(1)(5)		1,600,000		1,942,619
Essential Properties LP
2.95%, 07/15/2031	$	2,800,000		2,797,569
Essex Portfolio LP
3.63%, 05/01/2027		2,785,000		3,074,468
4.00%, 03/01/2029		8,860,000		9,996,733
Fairfax Financial Holdings Ltd.
2.75%, 03/29/2028	EUR	800,000		1,040,447
4.63%, 04/29/2030	$	4,361,000		4,996,343
4.70%, 12/16/2026	CAD	2,300,000		2,057,791
4.85%, 04/17/2028	$	138,000		158,745
Farmers Exchange Capital II
6.15% (3 Month LIBOR USD + 3.74%), 11/01/2053(1)(2)		280,000		361,835
Farmers Exchange Capital III
5.45% (3 Month LIBOR USD + 3.45%), 10/15/2054(1)(2)		5,000,000		6,257,157
Farmers Insurance Exchange
4.75% (3 Month LIBOR USD + 3.23%), 11/01/2057(1)(2)		3,000,000		3,381,693
8.63%, 05/01/2024(2)		4,480,000		5,366,202
Fidelity & Guaranty Life Holdings, Inc.
5.50%, 05/01/2025(2)		2,360,000		2,717,304
Fidelity National Financial, Inc.

	Principal Amount		Value
2.45%, 03/15/2031		6,840,000		6,810,801
3.40%, 06/15/2030		5,874,000		6,323,197
4.50%, 08/15/2028		15,455,000		17,729,911
Fifth Third Bancorp
2.55%, 05/05/2027		6,835,000		7,225,631
GE Capital Funding LLC
4.05%, 05/15/2027		2,225,000		2,518,225
4.40%, 05/15/2030		24,770,000		28,865,286
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		3,985,000		4,348,146
4.42%, 11/15/2035		46,410,000		55,621,525
Global Atlantic Finance Co.
4.40%, 10/15/2029(2)		2,987,000		3,296,283
Global Bank Corp.
5.25% (3 Month LIBOR USD + 3.30%), 04/16/2029(1)		750,000		785,625
GLP Capital LP
4.00%, 01/15/2030		2,665,000		2,860,371
5.25%, 06/01/2025		2,536,000		2,854,648
5.30%, 01/15/2029		5,325,000		6,203,625
5.38%, 11/01/2023		6,254,000		6,795,847
5.38%, 04/15/2026		4,285,000		4,932,078
5.75%, 06/01/2028		4,034,000		4,799,890
GLP Capital LP / GLP Financing II, Inc.
3.35%, 09/01/2024		11,085,000		11,742,528
Goldman Sachs Group, Inc.
0.48%, 01/27/2023		15,315,000		15,323,445
0.63% (Secured Overnight Financing Rate + 0.54%), 11/17/2023(1)		21,965,000		21,971,536
1.43% (Secured Overnight Financing Rate + 0.80%), 03/09/2027(1)		28,015,000		27,936,019
1.54% (Secured Overnight Financing Rate + 0.82%), 09/10/2027(1)		18,755,000		18,702,210
2.62% (Secured Overnight Financing Rate + 1.28%), 04/22/2032(1)		20,000,000		20,431,344
3.27% (3 Month LIBOR USD + 1.20%), 09/29/2025(1)		1,011,000		1,081,551
Goodman US Finance Three LLC
3.70%, 03/15/2028(2)		463,000		501,754
Growthpoint Properties International Pty Ltd.
5.87%, 05/02/2023(2)		200,000		214,068
Healthcare Realty Trust, Inc.
2.05%, 03/15/2031		6,095,000		5,891,750
3.63%, 01/15/2028		8,955,000		9,812,285
Healthcare Trust of America Holdings LP
2.00%, 03/15/2031		4,500,000		4,345,782
Healthpeak Properties, Inc.
2.88%, 01/15/2031		5,865,000		6,136,234
3.25%, 07/15/2026		610,000		661,788
3.40%, 02/01/2025		160,000		171,850
3.50%, 07/15/2029		685,000		756,385
Highwoods Realty LP
4.13%, 03/15/2028		4,875,000		5,460,872
Howard Hughes Corp.
4.13%, 02/01/2029(2)		2,635,000		2,635,053
5.38%, 08/01/2028(2)		455,000		483,042

	Principal Amount		Value
HSBC Holdings Plc
0.98% (Secured Overnight Financing Rate + 0.71%), 05/24/2025(1)		12,680,000		12,669,350
1.59% (Secured Overnight Financing Rate + 1.29%), 05/24/2027(1)		8,510,000		8,526,403
1.65% (Secured Overnight Financing Rate + 1.54%), 04/18/2026(1)		8,240,000		8,350,479
1.75% (Sterling Overnight Index Average + 1.31%), 07/24/2027(1)	GBP	13,200,000		18,458,662
2.01% (Secured Overnight Financing Rate + 1.73%), 09/22/2028(1)	$	16,010,000		16,064,541
2.10% (Secured Overnight Financing Rate + 1.93%), 06/04/2026(1)		4,570,000		4,696,437
2.36% (Secured Overnight Financing Rate + 1.95%), 08/18/2031(1)		2,300,000		2,301,569
2.63% (Secured Overnight Financing Rate + 1.40%), 11/07/2025(1)		4,085,000		4,287,343
2.85% (Secured Overnight Financing Rate + 2.39%), 06/04/2031(1)		34,320,000		35,629,942
3.00% (1 Year Swap Rate GBP + 1.77%), 05/29/2030(1)	GBP	2,400,000		3,582,194
3.97% (3 Month LIBOR USD + 1.61%), 05/22/2030(1)	$	13,200,000		14,774,449
4.29% (3 Month LIBOR USD + 1.35%), 09/12/2026(1)		13,975,000		15,552,526
4.58% (3 Month LIBOR USD + 1.53%), 06/19/2029(1)		3,200,000		3,698,430
4.95%, 03/31/2030		9,900,000		11,947,431
5.88% (5 Year Swap Rate GBP + 4.28%), 03/28/2170(1)	GBP	6,400,000		9,925,976
6.00% (5 Year Swap Rate EUR + 5.34%), 03/29/2170(1)	EUR	600,000		779,479
6.50% (5 Year 1100 Run ICE Swap Rate USD + 3.61%), 09/23/2169(1)	$	3,420,000		3,922,330
Hudson Pacific Properties LP
3.25%, 01/15/2030		1,300,000		1,371,883
3.95%, 11/01/2027		7,907,000		8,660,217
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.38%, 02/01/2029(2)		2,375,000		2,363,125
5.25%, 05/15/2027		4,930,000		5,090,200
IMMOFINANZ AG
2.63%, 01/27/2023	EUR	4,200,000		5,133,748
Industrial & Commercial Bank of China Ltd.
0.88% (3 Month LIBOR USD + 0.75%), 12/21/2021(1)	$	3,500,000		3,501,321
ING Groep NV
1.73% (Secured Overnight Financing Rate + 1.01%), 04/01/2027(1)		3,490,000		3,519,799
2.73% (Secured Overnight Financing Rate + 1.32%), 04/01/2032(1)		6,100,000		6,273,372
6.88% (5 Year 1100 Run ICE Swap Rate USD + 5.12%), 04/16/2170(1)		1,400,000		1,454,600
Intercontinental Exchange, Inc.
1.85%, 09/15/2032		35,404,000		33,505,177
2.10%, 06/15/2030		11,715,000		11,609,670
2.65%, 09/15/2040		4,200,000		4,025,154
3.00%, 09/15/2060		9,700,000		9,351,993
International Lease Finance Corp.
8.63%, 01/15/2022		1,056,000		1,100,947
Itau Unibanco Holding SA
2.90%, 01/24/2023(2)		5,500,000		5,616,050
3.25%, 01/24/2025(2)		3,800,000		3,908,300
JAB Holdings BV
2.20%, 11/23/2030(2)		9,100,000		8,836,985
Jefferies Group LLC
4.15%, 01/23/2030		7,180,000		8,040,593
4.85%, 01/15/2027		1,500,000		1,744,765
6.25%, 01/15/2036		1,430,000		1,911,130
6.45%, 06/08/2027		3,660,000		4,557,865

	Principal Amount		Value
6.50%, 01/20/2043		1,125,000		1,551,667
JP Morgan Chase & Co.
0.97% (Secured Overnight Financing Rate + 0.58%), 06/23/2025(1)		24,260,000		24,288,668
1.58% (Secured Overnight Financing Rate + 0.89%), 04/22/2027(1)		36,775,000		36,965,533
1.76% (Secured Overnight Financing Rate + 1.11%), 11/19/2031(1)		6,670,000		6,396,607
1.95% (Secured Overnight Financing Rate + 1.07%), 02/04/2032(1)		15,000,000		14,567,980
2.01% (Secured Overnight Financing Rate + 1.59%), 03/13/2026(1)		8,481,000		8,755,783
2.08% (Secured Overnight Financing Rate + 1.85%), 04/22/2026(1)		8,375,000		8,660,120
2.18% (Secured Overnight Financing Rate + 1.89%), 06/01/2028(1)		7,115,000		7,285,627
2.52% (Secured Overnight Financing Rate + 2.04%), 04/22/2031(1)		29,710,000		30,571,382
2.58% (Secured Overnight Financing Rate + 1.25%), 04/22/2032(1)		40,000,000		41,053,588
2.74% (Secured Overnight Financing Rate + 1.51%), 10/15/2030(1)		4,350,000		4,552,737
2.95%, 10/01/2026		2,340,000		2,518,020
2.96% (Secured Overnight Financing Rate + 2.52%), 05/13/2031(1)		13,240,000		13,908,708
4.49% (Secured Overnight Financing Rate + 3.79%), 03/24/2031(1)		13,825,000		16,372,623
Kilroy Realty LP
2.50%, 11/15/2032		3,600,000		3,546,312
3.05%, 02/15/2030		200,000		208,310
3.45%, 12/15/2024		1,845,000		1,967,879
4.38%, 10/01/2025		2,345,000		2,598,852
Kookmin Bank
2.50%, 11/04/2030(2)		4,800,000		4,773,648
2.50%, 11/04/2030		7,100,000		7,061,022
Lloyds Banking Group Plc
1.63% (1 Year CMT Index + 0.85%), 05/11/2027(1)		14,105,000		14,112,286
2.91% (3 Month LIBOR USD + 0.81%), 11/07/2023(1)		12,390,000		12,775,471
3.57% (3 Month LIBOR USD + 1.21%), 11/07/2028(1)		420,000		459,385
3.87% (1 Year CMT Index + 3.50%), 07/09/2025(1)		1,675,000		1,814,647
4.45%, 05/08/2025		3,665,000		4,112,749
4.95% (CMS 5 Year Rate EUR + 5.29%), 06/27/2170(1)(5)	EUR	7,781,000		10,172,314
7.50% (5 Year Swap Rate USD + 4.76%), 06/27/2169(1)	$	3,330,000		3,787,875
7.50% (5 Year Swap Rate USD + 4.50%), 12/27/2169(1)		4,300,000		5,031,000
7.63% (5 Year Swap Rate GBP + 5.01%), 06/27/2170(1)	GBP	1,900,000		2,874,775
7.88% (5 Year Swap Rate GBP + 4.83%), 06/27/2170(1)		900,000		1,585,780
LSEGA Financing Plc
2.00%, 04/06/2028(2)	$	61,565,000		62,258,074
2.50%, 04/06/2031(2)		47,960,000		49,144,637
3.20%, 04/06/2041(2)		6,070,000		6,362,213
Macquarie Group Ltd.
1.34% (Secured Overnight Financing Rate + 1.07%), 01/12/2027(1)(2)		10,480,000		10,391,998
1.63% (Secured Overnight Financing Rate + 0.91%), 09/23/2027(1)(2)		4,085,000		4,053,981
Marsh & McLennan Companies, Inc.
2.25%, 11/15/2030		1,965,000		1,990,255
MGIC Investment Corp.
5.25%, 08/15/2028		875,000		927,500
MGM Growth Properties Operating Partnership LP
5.75%, 02/01/2027		400,000		445,048
Morgan Stanley
0.53% (Secured Overnight Financing Rate + 0.46%), 01/25/2024(1)		19,380,000		19,370,176
1.59% (Secured Overnight Financing Rate + 0.88%), 05/04/2027(1)		22,995,000		23,157,698

	Principal Amount		Value
1.79% (Secured Overnight Financing Rate + 1.03%), 02/13/2032(1)		11,405,000		10,958,061
2.70% (Secured Overnight Financing Rate + 1.14%), 01/22/2031(1)		10,000,000		10,468,026
3.22% (Secured Overnight Financing Rate + 1.49%), 04/22/2042(1)		2,225,000		2,358,599
3.95%, 04/23/2027		31,330,000		35,007,146
4.00%, 07/23/2025		8,000,000		8,898,046
4.35%, 09/08/2026		8,350,000		9,454,423
5.00%, 11/24/2025		10,320,000		11,897,680
7.50%, 04/02/2032(3)(17)		14,800,000		11,956,389
MPT Operating Partnership LP
3.50%, 03/15/2031		17,400,000		17,573,826
Nasdaq, Inc.
0.45%, 12/21/2022		5,405,000		5,403,234
National General Holdings Corp.
6.75%, 05/15/2024(2)		12,910,000		15,021,852
National Securities Clearing Corp.
0.40%, 12/07/2023(2)		18,840,000		18,859,329
Nationwide Building Society
0.55%, 01/22/2024(2)		16,400,000		16,333,993
3.62% (3 Month LIBOR USD + 1.18%), 04/26/2023(1)(2)		4,250,000		4,358,083
3.77% (3 Month LIBOR USD + 1.06%), 03/08/2024(1)(2)		9,627,000		10,109,691
3.96% (3 Month LIBOR USD + 1.86%), 07/18/2030(1)(2)		5,650,000		6,343,296
4.30% (3 Month LIBOR USD + 1.45%), 03/08/2029(1)(2)		8,600,000		9,707,430
4.36% (3 Month LIBOR USD + 1.39%), 08/01/2024(1)(2)		4,000,000		4,290,632
Nationwide Mutual Insurance Co.
2.41% (3 Month LIBOR USD + 2.29%), 12/15/2024(1)(2)		6,180,000		6,185,110
Natwest Group Plc
1.64% (1 Year CMT Index + 0.90%), 06/14/2027(1)		12,170,000		12,168,477
3.88%, 09/12/2023		8,643,000		9,232,845
4.27% (3 Month LIBOR USD + 1.76%), 03/22/2025(1)		9,095,000		9,865,199
4.45% (3 Month LIBOR USD + 1.87%), 05/08/2030(1)		4,390,000		5,025,300
4.60% (5 Year CMT Index + 3.10%), 09/30/2169(1)		3,600,000		3,616,920
4.89% (3 Month LIBOR USD + 1.75%), 05/18/2029(1)		2,900,000		3,396,217
5.08% (3 Month LIBOR USD + 1.91%), 01/27/2030(1)		6,600,000		7,824,091
6.00% (5 Year CMT Index + 5.63%), 09/30/2169(1)		8,300,000		9,251,014
8.00% (5 Year Swap Rate USD + 5.72%), 09/30/2169(1)		7,151,000		8,456,558
8.63% (5 Year Swap Rate USD + 7.60%), 09/30/2169(1)		6,100,000		6,144,042
Navient Corp.
5.00%, 03/15/2027		1,997,000		2,066,396
5.50%, 01/25/2023		3,000,000		3,164,100
5.88%, 10/25/2024		30,000		32,362
6.13%, 03/25/2024		14,000		15,110
6.50%, 06/15/2022		3,941,000		4,109,281
6.75%, 06/15/2026		5,089,000		5,680,596
7.25%, 01/25/2022		15,500,000		16,076,600
7.25%, 09/25/2023		221,000		243,929
NE Property BV
1.88%, 10/09/2026	EUR	1,200,000		1,461,461
New York Life Global Funding
0.85%, 01/15/2026(2)	$	12,430,000		12,284,430

	Principal Amount		Value
1.70%, 09/14/2021(2)		6,775,000		6,796,024
2.35%, 07/14/2026(2)		1,000,000		1,046,828
New York Life Insurance Co.
3.75%, 05/15/2050(2)		8,801,000		9,827,893
Newmark Group, Inc.
6.13%, 11/15/2023		602,000		662,238
Nomura Holdings, Inc.
2.68%, 07/16/2030		16,300,000		16,555,060
Northwestern Mutual Life Insurance Co.
3.45%, 03/30/2051(2)		2,760,000		2,955,218
Oaktree Specialty Lending Corp.
2.70%, 01/15/2027		5,960,000		5,962,458
Old Republic International Corp.
3.88%, 08/26/2026		5,155,000		5,758,083
4.88%, 10/01/2024		335,000		374,086
Omega Healthcare Investors, Inc.
3.25%, 04/15/2033		8,700,000		8,681,483
4.50%, 01/15/2025		5,050,000		5,515,247
OneAmerica Financial Partners, Inc.
4.25%, 10/15/2050(2)		1,000,000		1,036,864
OneMain Finance Corp.
5.63%, 03/15/2023		3,658,000		3,900,342
6.13%, 05/15/2022		3,548,000		3,685,485
6.13%, 03/15/2024		2,400,000		2,583,000
Owl Rock Capital Corp.
2.63%, 01/15/2027		9,165,000		9,188,602
2.88%, 06/11/2028		9,375,000		9,304,657
Owl Rock Technology Finance Corp.
2.50%, 01/15/2027		10,635,000		10,499,529
Park Aerospace Holdings Ltd.
4.50%, 03/15/2023(2)		6,564,000		6,899,927
5.25%, 08/15/2022(2)		6,248,000		6,537,985
5.50%, 02/15/2024(2)		4,459,000		4,901,796
Physicians Realty LP
3.95%, 01/15/2028		177,000		194,294
Prologis LP
1.25%, 10/15/2030		1,985,000		1,867,681
QNB Finance Ltd.
1.61% (3 Month LIBOR USD + 1.45%), 08/11/2021(1)		3,400,000		3,405,099
1.76% (3 Month LIBOR USD + 1.57%), 07/19/2021(1)		2,400,000		2,400,888
2.63%, 05/12/2025		2,450,000		2,560,078
2.75%, 02/12/2027		4,950,000		5,180,838
Quicken Loans LLC
3.63%, 03/01/2029(2)		4,010,000		3,959,875
3.88%, 03/01/2031(2)		13,355,000		13,455,029
5.25%, 01/15/2028(2)		3,595,000		3,774,750
Raymond James Financial, Inc.
4.95%, 07/15/2046		4,420,000		5,712,437
Rayonier LP
2.75%, 05/17/2031		3,900,000		3,937,111

	Principal Amount		Value
Regency Centers LP
3.60%, 02/01/2027		4,271,000		4,731,425
3.70%, 06/15/2030		4,025,000		4,452,462
4.13%, 03/15/2028		970,000		1,089,952
Retail Opportunity Investments Partnership LP
4.00%, 12/15/2024		895,000		966,276
Royal Bank of Canada
0.50%, 10/26/2023		15,460,000		15,478,178
Sabra Health Care LP
3.90%, 10/15/2029		200,000		211,362
Santander Holdings USA, Inc.
3.24%, 10/05/2026		6,255,000		6,681,094
3.50%, 06/07/2024		50,000		53,486
4.40%, 07/13/2027		153,000		171,943
Santander UK Group Holdings Plc
1.09% (Secured Overnight Financing Rate + 0.79%), 03/15/2025(1)		31,335,000		31,435,188
1.53% (1 Year CMT Index + 1.25%), 08/21/2026(1)		10,900,000		10,918,617
1.67% (Secured Overnight Financing Rate + 0.99%), 06/14/2027(1)		10,625,000		10,608,747
2.90% (Secured Overnight Financing Rate + 1.48%), 03/15/2032(1)		24,900,000		25,656,565
3.57%, 01/10/2023		7,450,000		7,569,319
3.82% (3 Month LIBOR USD + 1.40%), 11/03/2028(1)		4,990,000		5,487,212
4.75%, 09/15/2025(2)		1,025,000		1,150,131
4.80% (3 Month LIBOR USD + 1.57%), 11/15/2024(1)		13,465,000		14,722,492
6.75% (5 Year Swap Rate GBP + 5.79%), 06/24/2169(1)	GBP	5,800,000		8,945,801
7.38% (5 Year Swap Rate GBP + 5.54%), 09/24/2169(1)		5,647,000		8,240,893
SBA Communications Corp.
3.13%, 02/01/2029(2)	$	14,200,000		13,689,739
SBA Tower Trust
1.63%, 11/15/2026(2)		4,185,000		4,183,989
2.33%, 01/15/2028(2)		1,555,000		1,611,327
2.84%, 01/15/2025(2)		3,250,000		3,409,470
3.45%, 03/15/2023(2)		430,000		438,239
3.72%, 04/11/2023(2)		3,515,000		3,553,094
3.87%, 10/08/2024(2)		10,196,000		10,711,557
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/2022		1,300,000		1,357,590
Shimao Group Holdings Ltd.
4.75%, 07/03/2022		8,900,000		8,993,454
Shinhan Bank Co. Ltd.
3.88%, 03/24/2026		1,385,000		1,522,170
4.00%, 04/23/2029		4,574,000		5,103,635
Simon Property Group LP
2.65%, 07/15/2030		7,550,000		7,819,886
3.30%, 01/15/2026		1,515,000		1,646,912
3.80%, 07/15/2050		2,570,000		2,839,589
Sirius International Group Ltd.
4.60%, 11/01/2026(2)		2,520,000		2,585,495
SITE Centers Corp.
3.63%, 02/01/2025		1,914,000		2,022,079

	Principal Amount		Value
4.25%, 02/01/2026		2,500,000		2,707,077
4.70%, 06/01/2027		8,000,000		8,859,029
Sitka Holdings LLC
4.64% (3 Month LIBOR USD + 4.50%), 07/06/2026(1)(2)		4,167,000		4,167,000
SL Green Operating Partnership LP
3.25%, 10/15/2022		6,000,000		6,175,678
SL Green Realty Corp.
4.50%, 12/01/2022		850,000		885,152
Societe Generale SA
2.89% (1 Year CMT Index + 1.30%), 06/09/2032(1)(2)		10,400,000		10,523,968
3.65% (5 Year CMT Index + 3.00%), 07/08/2035(1)(2)		7,705,000		7,994,708
4.25%, 04/14/2025(2)		2,340,000		2,540,995
4.75%, 11/24/2025(2)		9,285,000		10,353,258
6.75% (5 Year Swap Rate USD + 3.93%), 10/06/2169(1)(2)		400,000		452,752
7.38% (5 Year Swap Rate USD + 6.24%), 03/13/2170(1)(2)		2,100,000		2,118,480
7.38% (5 Year Swap Rate USD + 4.30%), 04/04/2170(1)(2)		4,300,000		4,697,750
Standard Chartered Plc
1.21% (1 Year CMT Index + 0.88%), 03/23/2025(1)(2)		2,500,000		2,508,921
1.34% (3 Month LIBOR USD + 1.15%), 01/20/2023(1)(2)		5,565,000		5,594,196
2.68% (1 Year CMT Index + 1.20%), 06/29/2032(1)(2)		50,000,000		50,165,536
2.82% (3 Month LIBOR USD + 1.21%), 01/30/2026(1)(2)		3,241,000		3,401,548
3.27% (5 Year CMT Index + 2.30%), 02/18/2036(1)(2)		24,180,000		24,253,817
4.64% (1 Year CMT Index + 3.85%), 04/01/2031(1)(2)		22,853,000		26,725,557
Stichting AK Rabobank Certificaten
2.19%, 03/29/2170(3)	EUR	3,876,300		6,184,812
STORE Capital Corp.
2.75%, 11/18/2030	$	2,500,000		2,516,538
Sumitomo Mitsui Financial Group, Inc.
0.51%, 01/12/2024		3,125,000		3,112,073
Sun Hung Kai Properties Capital Market Ltd.
2.75%, 05/13/2030		1,000,000		1,035,964
2.88%, 01/21/2030		11,350,000		11,865,114
Synchrony Financial
2.85%, 07/25/2022		3,720,000		3,807,807
4.25%, 08/15/2024		6,100,000		6,665,647
4.38%, 03/19/2024		10,823,000		11,779,788
Teachers Insurance & Annuity Association of America
3.30%, 05/15/2050(2)		7,205,000		7,432,117
4.27%, 05/15/2047(2)		515,000		615,695
4.38% (3 Month LIBOR USD + 2.66%), 09/15/2054(1)(2)		7,500,000		7,922,693
4.90%, 09/15/2044(2)		1,505,000		1,950,941
Toronto-Dominion Bank
0.25%, 01/06/2023		19,175,000		19,156,199
UBS AG
5.13%, 05/15/2024		200,000		220,500
UBS Group AG
2.10% (1 Year CMT Index + 1.00%), 02/11/2032(1)(2)		6,800,000		6,661,496
5.75% (5 Year Swap Rate EUR + 5.29%), 02/19/2170(1)	EUR	4,100,000		5,007,422
7.00% (5 Year Swap Rate USD + 4.87%), 02/19/2170(1)	$	200,000		230,500
7.13% (5 Year Swap Rate USD + 5.88%), 08/10/2169(1)		300,000		301,500

	Principal Amount		Value
UniCredit SpA
2.57% (1 Year CMT Index + 2.30%), 09/22/2026(1)(2)		2,600,000		2,635,997
6.75% (5 Year Swap Rate EUR + 6.10%), 03/10/2170(1)	EUR	4,200,000		5,035,181
7.83%, 12/04/2023(2)	$	13,400,000		15,453,684
Unique Pub Finance Co. Plc
5.66%, 06/30/2027	GBP	2,893,393		4,453,029
7.40%, 03/28/2024		2,873,354		4,195,035
Uniti Group LP
7.13%, 12/15/2024(2)	$	3,000,000		3,101,250
Ventas Realty LP
3.00%, 01/15/2030		1,765,000		1,844,705
3.25%, 10/15/2026		7,052,000		7,643,735
3.85%, 04/01/2027		1,485,000		1,659,726
4.40%, 01/15/2029		3,000,000		3,441,468
4.88%, 04/15/2049		1,895,000		2,338,227
VEREIT Operating Partnership LP
2.20%, 06/15/2028		1,250,000		1,268,295
2.85%, 12/15/2032		11,498,000		12,011,012
3.40%, 01/15/2028		4,060,000		4,415,339
3.95%, 08/15/2027		4,155,000		4,680,189
4.60%, 02/06/2024		6,215,000		6,771,890
4.63%, 11/01/2025		14,740,000		16,688,706
4.88%, 06/01/2026		4,800,000		5,531,390
Voyager Aviation Holdings LLC
8.50%, 05/09/2026(2)		66,825		60,894
WEA Finance LLC
3.15%, 04/05/2022(2)		3,000,000		3,044,417
Weingarten Realty Investors
3.25%, 08/15/2026		1,665,000		1,772,450
Wells Fargo & Co.
2.16% (3 Month LIBOR USD + 0.75%), 02/11/2026(1)		31,720,000		32,922,654
2.19% (Secured Overnight Financing Rate + 2.00%), 04/30/2026(1)		13,760,000		14,285,540
2.39% (Secured Overnight Financing Rate + 2.10%), 06/02/2028(1)		19,655,000		20,384,110
2.57% (Secured Overnight Financing Rate + 1.26%), 02/11/2031(1)		14,225,000		14,720,930
2.88% (Secured Overnight Financing Rate + 1.43%), 10/30/2030(1)		32,492,000		34,407,979
3.07% (Secured Overnight Financing Rate + 2.53%), 04/30/2041(1)		12,455,000		12,774,884
3.20% (3 Month LIBOR USD + 1.17%), 06/17/2027(1)		17,000,000		18,346,803
3.75%, 01/24/2024		2,905,000		3,124,180
3.90% (5 Year CMT Index + 3.45%), 03/15/2170(1)		14,500,000		15,011,850
4.30%, 07/22/2027		3,980,000		4,537,559
Welltower, Inc.
4.00%, 06/01/2025		4,690,000		5,169,373
4.50%, 01/15/2024		650,000		704,417
Weyerhaeuser Co.
4.00%, 04/15/2030		9,630,000		10,957,887
Total Financials				3,952,311,917
Government – 0.11%
Asian Development Bank
4.70%, 03/12/2024	MXN	12,200,000		611,900

	Principal Amount		Value
European Investment Bank
0.25%, 09/15/2023	$	30,865,000		30,803,887
International Finance Corp.
5.85%, 11/25/2022	INR	353,580,000		4,818,735
8.00%, 10/09/2023	IDR	9,100,000,000		665,147
Total Government				36,899,669
Industrials – 1.58%
Amcor Finance USA, Inc.
3.63%, 04/28/2026	$	2,990,000		3,277,227
Arrow Electronics, Inc.
4.00%, 04/01/2025		3,622,000		3,929,192
Associated Materials LLC
9.00%, 09/01/2025(2)		540,000		572,400
Avnet, Inc.
4.63%, 04/15/2026		10,485,000		11,785,201
4.88%, 12/01/2022		5,855,000		6,192,998
BAE Systems Plc
3.40%, 04/15/2030(2)		7,045,000		7,657,242
Berry Global, Inc.
1.57%, 01/15/2026(2)		3,800,000		3,801,140
4.88%, 07/15/2026(2)		7,385,000		7,814,512
Boeing Co.
1.43%, 02/04/2024		16,015,000		16,057,382
2.20%, 02/04/2026		19,000,000		19,181,606
2.25%, 06/15/2026		2,170,000		2,215,354
2.95%, 02/01/2030		2,790,000		2,856,677
3.10%, 05/01/2026		370,000		391,150
3.20%, 03/01/2029		1,855,000		1,946,819
3.25%, 02/01/2035		600,000		606,674
3.38%, 06/15/2046		9,940,000		9,566,759
3.63%, 03/01/2048		1,941,000		1,939,377
3.75%, 02/01/2050		11,354,000		11,711,084
3.83%, 03/01/2059		1,023,000		1,043,858
3.85%, 11/01/2048		1,840,000		1,888,191
3.90%, 05/01/2049		3,893,000		4,099,511
3.95%, 08/01/2059		4,835,000		5,058,543
4.88%, 05/01/2025		4,424,000		4,956,952
5.04%, 05/01/2027		6,560,000		7,569,111
5.15%, 05/01/2030		7,103,000		8,411,053
5.71%, 05/01/2040		7,091,000		9,132,378
5.81%, 05/01/2050		30,234,000		40,714,043
5.93%, 05/01/2060		8,416,000		11,621,306
Bombardier, Inc.
6.00%, 10/15/2022(2)		248,000		248,310
6.13%, 01/15/2023(2)		4,600,000		4,844,375
7.88%, 04/15/2027(2)		1,492,000		1,547,950
Boral Finance Pty Ltd.
3.00%, 11/01/2022(2)		4,439,000		4,549,317
3.75%, 05/01/2028(2)		3,520,000		3,796,253
Carrier Global Corp.

	Principal Amount		Value
2.72%, 02/15/2030		7,345,000		7,614,682
Cemex SAB de CV
3.88%, 07/11/2031(2)		23,050,000		23,430,325
5.13% (5 Year CMT Index + 4.53%), 09/08/2169(1)(2)		5,670,000		5,852,574
5.20%, 09/17/2030(2)		8,900,000		9,786,440
5.45%, 11/19/2029(2)		3,460,000		3,804,270
DAE Funding LLC
4.50%, 08/01/2022(2)		183,000		183,275
5.00%, 08/01/2024(2)		8,307,000		8,530,458
5.25%, 11/15/2021(2)		6,844,000		6,888,075
Embraer Netherlands Finance BV
5.05%, 06/15/2025		1,630,000		1,721,525
5.40%, 02/01/2027		960,000		1,023,014
Empresa de los Ferrocarriles del Estado
3.07%, 08/18/2050(2)		2,075,000		1,791,057
Empresa de Transporte de Pasajeros Metro SA
4.70%, 05/07/2050(2)		1,400,000		1,582,000
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/2025(2)		1,561,000		1,621,489
General Electric Co.
3.45% (3 Month LIBOR USD + 3.33%), 06/15/2170(1)		6,184,000		6,060,320
3.63%, 05/01/2030		6,765,000		7,543,511
5.55%, 01/05/2026		3,610,000		4,277,591
6.75%, 03/15/2032		5,231,000		7,250,888
6.88%, 01/10/2039		1,004,000		1,502,041
Graphic Packaging International LLC
4.13%, 08/15/2024		50,000		53,625
4.75%, 07/15/2027(2)		1,500,000		1,620,570
Guangzhou Metro Investment Finance Ltd.
2.31%, 09/17/2030		6,650,000		6,325,953
Heathrow Funding Ltd.
4.88%, 07/15/2021(2)		7,220,000		7,230,480
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025		3,995,000		4,353,436
4.20%, 05/01/2030		2,465,000		2,815,305
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/2031(2)		7,545,000		7,292,164
Jabil, Inc.
1.70%, 04/15/2026		4,870,000		4,906,076
3.00%, 01/15/2031		2,470,000		2,542,487
4.70%, 09/15/2022		3,685,000		3,865,374
John Deere Capital Corp.
0.61% (3 Month LIBOR USD + 0.48%), 09/08/2022(1)		10,000,000		10,050,482
0.70%, 01/15/2026		1,350,000		1,336,956
2.95%, 04/01/2022		7,475,000		7,630,706
Keysight Technologies, Inc.
3.00%, 10/30/2029		5,800,000		6,132,122
4.60%, 04/06/2027		585,000		679,732
Madison IAQ LLC

	Principal Amount		Value
4.13%, 06/30/2028(2)		385,000		388,850
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024(2)		510,000		515,100
OI European Group BV
4.00%, 03/15/2023(2)		216,000		222,556
Pelabuhan Indonesia III Persero PT
4.50%, 05/02/2023		200,000		212,400
PowerTeam Services LLC
9.03%, 12/04/2025(2)		2,000,000		2,200,000
Rolls-Royce Plc
1.63%, 05/09/2028	EUR	16,946,000		18,712,276
5.75%, 10/15/2027	GBP	1,700,000		2,573,790
Sealed Air Corp.
4.00%, 12/01/2027(2)	$	505,000		537,194
5.25%, 04/01/2023(2)		1,000,000		1,056,885
SF Holding Investment Ltd.
2.88%, 02/20/2030		6,170,000		6,291,796
Siemens Financieringsmaatschappij NV
0.73% (3 Month LIBOR USD + 0.61%), 03/16/2022(1)(2)		13,690,000		13,746,368
1.70%, 03/11/2028(2)		2,625,000		2,640,407
2.15%, 03/11/2031(2)		9,365,000		9,468,878
SMBC Aviation Capital Finance DAC
2.65%, 07/15/2021(2)		200,000		200,148
4.13%, 07/15/2023(2)		10,715,000		11,394,540
Spirit AeroSystems, Inc.
4.60%, 06/15/2028		2,125,000		2,082,500
Standard Industries, Inc.
2.25%, 11/21/2026	EUR	2,000,000		2,358,796
3.38%, 01/15/2031(2)	$	3,500,000		3,350,235
4.38%, 07/15/2030(2)		5,114,000		5,273,813
5.00%, 02/15/2027(2)		2,500,000		2,589,063
Textron, Inc.
3.00%, 06/01/2030		23,695,000		24,923,327
TK Elevator US Newco, Inc.
5.25%, 07/15/2027(2)		3,445,000		3,630,169
TransDigm, Inc.
6.25%, 03/15/2026(2)		2,115,000		2,231,325
8.00%, 12/15/2025(2)		1,470,000		1,588,335
Triumph Group, Inc.
6.25%, 09/15/2024(2)		751,000		762,265
Vulcan Materials Co.
3.50%, 06/01/2030		1,400,000		1,543,221
Wabtec Transportation Netherlands BV
1.25%, 12/03/2027	EUR	300,000		358,585
Waste Pro USA, Inc.
5.50%, 02/15/2026(2)	$	567,000		585,286
Weekley Homes LLC / Weekley Finance Corp.
4.88%, 09/15/2028(2)		1,115,000		1,154,025
Westinghouse Air Brake Technologies Corp.
4.40%, 03/15/2024		1,000,000		1,083,488

	Principal Amount		Value
4.95%, 09/15/2028		3,200,000		3,711,957
WRKCo, Inc.
3.00%, 06/15/2033		1,445,000		1,512,666
3.75%, 03/15/2025		815,000		889,105
Total Industrials				518,072,297
Technology – 1.48%
Amdocs Ltd.
2.54%, 06/15/2030		15,503,000		15,501,224
Apple, Inc.
3.85%, 05/04/2043		1,250,000		1,485,422
4.65%, 02/23/2046		1,250,000		1,658,659
Broadcom Corp. / Broadcom Cayman Finance Ltd.
3.88%, 01/15/2027		4,327,000		4,781,239
Broadcom, Inc.
2.45%, 02/15/2031(2)		7,100,000		6,977,131
2.60%, 02/15/2033(2)		11,395,000		11,142,814
3.46%, 09/15/2026		8,340,000		9,082,237
3.47%, 04/15/2034(2)		23,723,000		25,093,111
4.11%, 09/15/2028		3,068,000		3,451,308
4.15%, 11/15/2030		7,207,000		8,082,038
4.30%, 11/15/2032		19,722,000		22,457,945
4.75%, 04/15/2029		1,392,000		1,619,254
5.00%, 04/15/2030		8,892,000		10,490,530
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
5.75%, 03/01/2025(2)		248,000		252,030
Citrix Systems, Inc.
3.30%, 03/01/2030		2,300,000		2,419,778
Clarivate Science Holdings Corp.
3.88%, 06/30/2028(2)		1,365,000		1,377,435
Dell International LLC / EMC Corp.
5.30%, 10/01/2029		3,695,000		4,458,503
6.02%, 06/15/2026		8,100,000		9,724,264
6.20%, 07/15/2030		1,900,000		2,443,116
Exela Intermediate LLC / Exela Finance, Inc.
10.00%, 07/15/2023(2)		300,000		196,500
Hewlett Packard Enterprise Co.
0.91% (3 Month LIBOR USD + 0.72%), 10/05/2021(1)		2,500,000		2,500,581
Leidos, Inc.
2.30%, 02/15/2031		8,800,000		8,585,456
4.38%, 05/15/2030		212,000		240,732
Marvell Technology, Inc.
2.45%, 04/15/2028(2)		46,622,000		47,517,606
2.95%, 04/15/2031(2)		53,202,000		55,137,008
Microchip Technology, Inc.
0.98%, 09/01/2024(2)		4,290,000		4,269,201
4.33%, 06/01/2023		22,025,000		23,487,507
Micron Technology, Inc.
4.19%, 02/15/2027		8,539,000		9,631,814
4.64%, 02/06/2024		6,512,000		7,138,259

	Principal Amount		Value
4.66%, 02/15/2030		15,005,000		17,441,069
5.33%, 02/06/2029		7,324,000		8,846,428
NXP BV
5.35%, 03/01/2026(2)		1,945,000		2,269,509
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.70%, 05/01/2025(2)		500,000		527,311
3.15%, 05/01/2027(2)		15,705,000		16,800,064
4.30%, 06/18/2029(2)		566,000		648,930
Open Text Corp.
3.88%, 02/15/2028(2)		445,000		451,141
Open Text Holdings, Inc.
4.13%, 02/15/2030(2)		1,715,000		1,748,957
Oracle Corp.
2.30%, 03/25/2028(17)		39,355,000		40,378,506
2.88%, 03/25/2031		8,595,000		8,939,473
3.60%, 04/01/2050		14,135,000		14,514,559
3.85%, 07/15/2036		6,000,000		6,596,057
3.85%, 04/01/2060		6,563,000		6,968,146
3.95%, 03/25/2051		9,505,000		10,374,600
4.00%, 07/15/2046		1,909,000		2,070,068
4.10%, 03/25/2061(17)		1,700,000		1,884,779
Roper Technologies, Inc.
2.95%, 09/15/2029		1,930,000		2,063,545
Seagate HDD Cayman
3.13%, 07/15/2029(2)		6,000,000		5,813,490
4.09%, 06/01/2029(2)		4,079,000		4,176,080
4.13%, 01/15/2031(2)		11,000,000		11,220,000
4.88%, 06/01/2027		431,000		475,177
5.75%, 12/01/2034		1,122,000		1,290,300
Skyworks Solutions, Inc.
1.80%, 06/01/2026		3,440,000		3,483,337
3.00%, 06/01/2031		1,500,000		1,533,164
TSMC Global Ltd.
1.00%, 09/28/2027(2)		5,575,000		5,362,927
VMware, Inc.
4.70%, 05/15/2030		4,700,000		5,561,128
Total Technology				482,641,447
Utilities – 2.00%
AEP Transmission Co. LLC
3.75%, 12/01/2047		2,190,000		2,486,503
AES Corp.
2.45%, 01/15/2031(2)		4,485,000		4,437,508
3.95%, 07/15/2030(2)		2,040,000		2,230,740
Alliant Energy Finance LLC
1.40%, 03/15/2026(2)		925,000		911,123
American Transmission Systems, Inc.
5.25%, 01/15/2022(2)		100,000		102,395
American Water Capital Corp.
3.45%, 05/01/2050		1,148,000		1,240,452
4.15%, 06/01/2049		1,425,000		1,728,471

	Principal Amount		Value
Appalachian Power Co.
2.70%, 04/01/2031		21,700,000		22,431,356
APT Pipelines Ltd.
4.25%, 07/15/2027(2)		11,420,000		12,896,763
Ausgrid Finance Pty Ltd.
3.85%, 05/01/2023(2)		9,410,000		9,826,298
Black Hills Corp.
4.35%, 05/01/2033		6,250,000		7,277,904
Calpine Corp.
3.75%, 03/01/2031(2)		9,495,000		9,042,563
China Southern Power Grid International Finance BVI 2018 Co. Ltd.
4.25%, 09/18/2028		1,180,000		1,343,281
Cleco Power LLC
6.00%, 12/01/2040		1,000,000		1,349,702
CLP Power Hong Kong Financing Ltd.
3.38%, 10/26/2027		5,000,000		5,458,503
DPL, Inc.
4.13%, 07/01/2025		1,525,000		1,635,562
Duke Energy Carolinas LLC
2.55%, 04/15/2031		4,610,000		4,786,060
3.70%, 12/01/2047		2,500,000		2,818,268
3.88%, 03/15/2046		2,750,000		3,171,799
4.25%, 12/15/2041		1,650,000		2,001,917
Duke Energy Corp.
2.55%, 06/15/2031		46,855,000		47,413,668
Duke Energy Progress LLC
4.10%, 03/15/2043		900,000		1,066,827
4.20%, 08/15/2045		1,000,000		1,205,399
Duquesne Light Holdings, Inc.
5.90%, 12/01/2021(2)		1,500,000		1,533,098
Edison International
4.95%, 04/15/2025		13,131,000		14,537,785
Empresas Publicas de Medellin ESP
4.38%, 02/15/2031		1,400,000		1,381,688
Enel Finance International NV
3.50%, 04/06/2028(2)		1,505,000		1,647,829
3.63%, 05/25/2027(2)		16,020,000		17,597,265
4.63%, 09/14/2025(2)		7,000,000		7,939,020
FirstEnergy Corp.
3.35%, 07/15/2022		2,075,000		2,109,237
3.40%, 03/01/2050		6,330,000		6,187,575
FirstEnergy Transmission LLC
2.87%, 09/15/2028(2)		16,876,000		17,468,641
4.35%, 01/15/2025(2)		7,535,000		8,266,802
IPALCO Enterprises, Inc.
4.25%, 05/01/2030		1,245,000		1,398,209
ITC Holdings Corp.
3.25%, 06/30/2026		2,000,000		2,166,232
4.05%, 07/01/2023		3,812,000		4,032,841

	Principal Amount		Value
Jersey Central Power & Light Co.
2.75%, 03/01/2032(2)		2,000,000		2,030,182
4.30%, 01/15/2026(2)		2,000,000		2,213,531
4.70%, 04/01/2024(2)		150,000		163,196
KeySpan Gas East Corp.
2.74%, 08/15/2026(2)		4,500,000		4,718,146
Metropolitan Edison Co.
4.00%, 04/15/2025(2)		4,000,000		4,235,502
4.30%, 01/15/2029(2)		5,000,000		5,598,045
Mid-Atlantic Interstate Transmission LLC
4.10%, 05/15/2028(2)		700,000		787,762
Mong Duong Finance Holdings BV
5.13%, 05/07/2029		1,150,000		1,152,875
NextEra Energy Capital Holdings, Inc.
0.65%, 03/01/2023		5,370,000		5,391,915
Northern States Power Co.
3.60%, 09/15/2047		1,800,000		2,036,944
4.00%, 08/15/2045		1,000,000		1,192,770
NRG Energy, Inc.
4.45%, 06/15/2029(2)		7,405,000		8,173,485
5.25%, 06/15/2029(2)		2,120,000		2,255,150
5.75%, 01/15/2028		1,990,000		2,119,350
Pacific Gas & Electric Co.
2.10%, 08/01/2027		13,063,000		12,686,570
2.50%, 02/01/2031		6,150,000		5,765,911
2.95%, 03/01/2026		3,312,000		3,386,691
3.00%, 06/15/2028		13,949,000		14,011,743
3.15%, 01/01/2026		6,569,000		6,775,463
3.25%, 06/15/2023		2,670,000		2,759,418
3.25%, 06/01/2031		2,300,000		2,261,646
3.30%, 03/15/2027		2,052,000		2,123,234
3.30%, 12/01/2027		3,700,000		3,803,234
3.30%, 08/01/2040		4,970,000		4,488,273
3.40%, 08/15/2024		2,476,000		2,598,639
3.45%, 07/01/2025		7,759,500		8,133,365
3.50%, 06/15/2025		10,754,000		11,276,632
3.50%, 08/01/2050		9,498,000		8,465,195
3.75%, 02/15/2024		2,914,000		3,054,642
3.75%, 07/01/2028		18,443,500		19,309,568
3.75%, 08/15/2042		1,883,000		1,713,119
3.85%, 11/15/2023		1,259,000		1,319,349
3.95%, 12/01/2047		4,606,000		4,283,876
4.00%, 12/01/2046		13,182,000		12,337,336
4.25%, 08/01/2023		15,600,000		16,527,512
4.25%, 03/15/2046		409,000		388,876
4.30%, 03/15/2045		12,052,000		11,565,144
4.45%, 04/15/2042		7,667,000		7,590,692
4.50%, 07/01/2040		11,103,000		11,108,375
4.50%, 12/15/2041		3,353,000		3,263,143
4.55%, 07/01/2030		40,929,500		43,776,527

	Principal Amount		Value
4.60%, 06/15/2043		1,248,000		1,236,766
4.65%, 08/01/2028		100,000		110,049
4.75%, 02/15/2044		11,506,000		11,616,964
4.95%, 07/01/2050		4,972,500		5,114,547
Pennsylvania Electric Co.
3.25%, 03/15/2028(2)		200,000		210,011
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.45%, 05/21/2028(2)		11,800,000		13,747,000
Piedmont Natural Gas Co., Inc.
2.50%, 03/15/2031		25,000,000		25,391,675
Public Service Co. of New Mexico
3.85%, 08/01/2025		7,000,000		7,572,404
San Diego Gas & Electric Co.
3.75%, 06/01/2047		24,000		27,387
Sempra Energy
3.25%, 06/15/2027		8,634,000		9,365,460
Southern California Edison Co.
3.65%, 02/01/2050		1,595,000		1,595,135
4.00%, 04/01/2047		455,000		478,615
4.13%, 03/01/2048		570,000		607,440
6.65%, 04/01/2029		192,000		239,728
Southern California Gas Co.
5.13%, 11/15/2040		12,000		15,617
Southern Co.
3.25%, 07/01/2026		8,000,000		8,682,114
Southern Co. Gas Capital Corp.
4.40%, 05/30/2047		1,915,000		2,253,737
5.88%, 03/15/2041		1,920,000		2,647,629
Southwestern Electric Power Co.
4.10%, 09/15/2028		10,000,000		11,370,289
Spire, Inc.
3.54%, 02/27/2024		5,000,000		5,162,863
State Grid Overseas Investment 2016 Ltd.
2.75%, 05/04/2022(2)		404,000		410,157
3.50%, 05/04/2027		5,330,000		5,863,351
3.75%, 05/02/2023(2)		4,235,000		4,456,321
TNB Global Ventures Capital Bhd
3.24%, 10/19/2026		4,030,000		4,309,360
Tucson Electric Power Co.
3.05%, 03/15/2025		3,000,000		3,207,724
5.15%, 11/15/2021		678,000		681,861
Vistra Operations Co. LLC
3.55%, 07/15/2024(2)		8,385,000		8,853,476
3.70%, 01/30/2027(2)		14,530,000		15,524,016
4.38%, 05/01/2029(2)		2,530,000		2,542,650
Total Utilities				653,266,656
Total Corporate Bonds (Cost: $10,490,212,975)				10,938,363,664
Convertible Securities – 0.21%
Communications – 0.11%

	Principal Amount		Value
DISH Network Corp.
2.38%, 03/15/2024		7,520,000		7,289,700
3.38%, 08/15/2026		10,045,000		10,250,923
Expedia Group, Inc.
0.00%, 02/15/2026(2)		2,735,000		2,953,800
Palo Alto Networks, Inc.
0.38%, 06/01/2025		6,175,000		8,398,000
Twitter, Inc.
0.00%, 03/15/2026(2)		3,375,000		3,218,906
Uber Technologies, Inc.
0.00%, 12/15/2025(2)		2,455,000		2,489,370
Total Communications				34,600,699
Consumer, Cyclical – 0.03%
Peloton Interactive, Inc.
0.00%, 02/15/2026(2)		4,735,000		4,578,153
Southwest Airlines Co.
1.25%, 05/01/2025		3,310,000		5,012,581
Total Consumer, Cyclical				9,590,734
Consumer, Non-cyclical – 0.07%
BioMarin Pharmaceutical, Inc.
0.60%, 08/01/2024		2,545,000		2,637,384
1.25%, 05/15/2027		10,100,000		10,119,464
Livongo Health, Inc.
0.88%, 06/01/2025		950,000		1,499,217
Neurocrine Biosciences, Inc.
2.25%, 05/15/2024		1,160,000		1,550,804
Teladoc Health, Inc.
1.25%, 06/01/2027		6,475,000		7,248,115
Total Consumer, Non-cyclical				23,054,984
Total Convertible Securities (Cost: $65,107,214)				67,246,417
Government Related – 25.54%
Other Government Related – 2.31%
Abu Dhabi Government International Bond
2.50%, 09/30/2029		2,541,000		2,653,160
2.70%, 09/02/2070(2)		6,469,000		5,858,326
3.88%, 04/16/2050		200,000		230,250
3.88%, 04/16/2050(2)		5,400,000		6,216,750
Africa Finance Corp.
3.88%, 04/13/2024(2)		1,085,000		1,150,100
Argentina Bocon
34.07% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 0.00%), 10/04/2022(1)	ARS	3,284,783		29,945
Argentina Treasury Bond BONCER
1.00%, 08/05/2021		135,001,300		2,335,186
Argentine Bonos del Tesoro
15.50%, 10/17/2026		110,804,000		504,773
Argentine Republic Government International Bond
0.13%, 07/09/2030(3)	$	25,483,672		9,128,506
0.13%, 07/09/2035(3)		4,446,707		1,407,427
0.13%, 01/09/2038(3)		261,019		98,360
0.13%, 07/09/2041(3)		12,427,204		4,430,298

	Principal Amount		Value
0.13%, 07/09/2046(3)		114,993		36,913
1.00%, 07/09/2029		1,108,815		419,886
Bonos del Tesoro Nacional en Pesos Badlar
36.10% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 2.00%), 04/03/2022(1)	ARS	219,181,000		2,436,682
Brazil Letras do Tesouro Nacional
0.00%, 10/01/2021	BRL	515,000,000		102,292,930
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/2025		119,192,000		25,274,900
Brazilian Government International Bond
2.88%, 06/06/2025	$	500,000		513,835
3.88%, 06/12/2030		4,400,000		4,436,960
Chile Government International Bond
2.45%, 01/31/2031		2,500,000		2,544,125
2.55%, 01/27/2032		1,770,000		1,808,940
City of New York NY
1.92%, 08/01/2031		4,350,000		4,319,457
2.05%, 03/01/2032		2,480,000		2,502,721
3.55%, 12/01/2028		3,645,000		4,074,962
City of San Francisco CA Public Utilities Commission Water Revenue
2.19%, 11/01/2032		1,610,000		1,647,395
2.83%, 11/01/2041		6,510,000		6,605,200
Ciudad Autonoma de Buenos Aires/Government Bonds
37.37% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.25%), 03/29/2024(1)	ARS	314,346,000		2,918,231
37.88% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.75%), 02/22/2028(1)		401,380,000		3,738,792
39.12% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 5.00%), 01/23/2022(1)		566,081,000		6,370,134
Colombia Government International Bond
3.00%, 01/30/2030	$	5,200,000		5,094,128
4.50%, 01/28/2026		1,892,000		2,065,042
Commonwealth of Puerto Rico
5.00%, 07/01/2021(6)		240,000		210,600
4.13%, 07/01/2022(6)		100,000		85,375
5.00%, 07/01/2028(6)		20,000		18,350
5.00%, 07/01/2041(6)		395,000		331,306
5.13%, 07/01/2028(6)		30,000		27,450
5.13%, 07/01/2031(6)		2,590,000		2,369,850
5.13%, 07/01/2037(6)		190,000		163,162
5.25%, 07/01/2026(6)		200,000		184,000
5.25%, 07/01/2037(6)		100,000		92,000
5.38%, 07/01/2030(6)		165,000		147,056
5.50%, 07/01/2032(6)		1,610,000		1,465,100
5.50%, 07/01/2039(6)		520,000		457,600
5.70%, 07/01/2023(6)		170,000		151,725
5.75%, 07/01/2038(6)		80,000		72,000
5.75%, 07/01/2041(6)		100,000		89,250
6.00%, 07/01/2038(6)		610,000		565,775
6.00%, 07/01/2039(6)		55,000		49,981
6.50%, 07/01/2040(6)		30,000		27,412
8.00%, 07/01/2035(6)		800,000		662,000
County of Miami-Dade FL Aviation Revenue

	Principal Amount		Value
2.61%, 10/01/2032		900,000		932,800
2.71%, 10/01/2033		1,290,000		1,341,051
3.45%, 10/01/2030		600,000		655,333
Croatia Government International Bond
6.00%, 01/26/2024		1,253,000		1,420,175
Dominican Republic International Bond
4.50%, 01/30/2030(2)		3,330,000		3,404,958
4.88%, 09/23/2032		2,500,000		2,575,000
Egypt Government International Bond
5.25%, 10/06/2025		400,000		421,520
7.60%, 03/01/2029(2)		1,550,000		1,701,435
Export Credit Bank of Turkey
8.25%, 01/24/2024(2)		1,000,000		1,085,000
Export Import Bank of Thailand
1.46%, 10/15/2025		3,184,000		3,184,518
Export-Import Bank of India
1.17% (3 Month LIBOR USD + 1.02%), 03/28/2022(1)(17)		9,600,000		9,600,672
Export-Import Bank of Korea
6.75%, 08/09/2022	INR	306,900,000		4,196,617
Guatemala Government Bond
5.38%, 04/24/2032(2)	$	600,000		696,000
6.13%, 06/01/2050(2)		800,000		978,000
Hazine Mustesarligi Varlik Kiralama AS
5.80%, 02/21/2022(2)		7,960,000		8,105,350
Indonesia Government International Bond
2.85%, 02/14/2030		3,000,000		3,110,390
Israel Government International Bond
3.88%, 07/03/2050		3,000,000		3,469,662
4.50%, 04/03/2120		1,400,000		1,767,500
Korea Electric Power Corp.
7.00%, 02/01/2027		1,335,000		1,703,113
Korea National Oil Corp.
1.63%, 10/05/2030(2)		4,180,000		3,989,694
Korea South-East Power Co. Ltd.
1.00%, 02/03/2026		1,260,000		1,243,485
Los Angeles Department of Water & Power Water System Revenue
6.01%, 07/01/2039		675,000		924,188
Metropolitan Transportation Authority
5.18%, 11/15/2049		2,065,000		2,787,680
Mexican Bonos
6.75%, 03/09/2023	MXN	436,703,400		22,299,170
Mexico Government International Bond
2.66%, 05/24/2031	$	7,776,000		7,596,297
3.75%, 01/11/2028		2,000,000		2,177,380
3.77%, 05/24/2061		19,008,000		17,667,936
4.28%, 08/14/2041		17,695,000		18,573,380
4.50%, 04/22/2029		773,000		873,444
4.75%, 04/27/2032		1,100,000		1,259,500
New Jersey Turnpike Authority
1.86%, 01/01/2031		2,370,000		2,352,858

	Principal Amount		Value
New York City Transitional Finance Authority Future Tax Secured Revenue
2.40%, 11/01/2032		2,580,000		2,644,169
2.69%, 05/01/2033		1,275,000		1,333,259
2.80%, 02/01/2026		1,850,000		1,989,832
3.95%, 08/01/2032		1,900,000		2,147,522
5.27%, 05/01/2027		5,820,000		7,049,293
New York State Dormitory Authority
5.05%, 09/15/2027		1,800,000		2,143,293
5.29%, 03/15/2033		830,000		1,011,030
Panama Government International Bond
2.25%, 09/29/2032		2,200,000		2,108,810
3.16%, 01/23/2030		6,109,000		6,406,875
3.88%, 03/17/2028		800,000		877,200
Paraguay Government International Bond
4.70%, 03/27/2027		2,030,000		2,301,025
4.95%, 04/28/2031(2)		1,200,000		1,377,012
Peru Government Bond
5.94%, 02/12/2029	PEN	21,282,000		6,042,981
6.15%, 08/12/2032		17,826,000		4,853,855
6.95%, 08/12/2031		5,192,000		1,514,133
Peruvian Government International Bond
2.84%, 06/20/2030	$	1,370,000		1,409,004
4.13%, 08/25/2027		1,541,000		1,723,115
5.94%, 02/12/2029	PEN	11,140,000		3,163,180
5.94%, 02/12/2029(2)		11,637,000		3,304,303
6.15%, 08/12/2032(2)		2,151,000		583,815
6.35%, 08/12/2028(2)		12,544,000		3,646,471
6.90%, 08/12/2037(2)		780,000		214,765
6.95%, 08/12/2031		1,183,000		344,996
6.95%, 08/12/2031(2)		10,939,000		3,190,119
8.20%, 08/12/2026(2)		15,908,000		5,131,649
Philippine Government International Bond
1.65%, 06/10/2031	$	563,000		543,366
1.95%, 01/06/2032		1,000,000		986,815
2.46%, 05/05/2030		887,000		921,603
Province of Quebec Canada
0.60%, 07/23/2025		7,535,000		7,461,428
Provincia de Buenos Aires/Government Bonds
37.85% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.75%), 04/12/2025(1)(2)	ARS	1,284,476,000		12,528,370
37.95% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.83%), 05/31/2022(1)		52,056,000		535,749
Puerto Rico Electric Power Authority
6.05%, 07/01/2032(6)	$	100,000		95,125
Qatar Government International Bond
3.75%, 04/16/2030		2,700,000		3,054,915
4.50%, 04/23/2028		2,759,000		3,255,620
4.63%, 06/02/2046		257,000		318,513
5.10%, 04/23/2048		600,000		796,560
Regents of the University of California Medical Center Pooled Revenue
3.26%, 05/15/2060		15,790,000		16,774,135

	Principal Amount		Value
Republic of South Africa Government Bond
8.00%, 01/31/2030	ZAR	43,000,000		2,855,460
8.25%, 03/31/2032		60,400,000		3,862,649
8.75%, 02/28/2048		16,700,000		989,838
8.88%, 02/28/2035		43,200,000		2,745,973
10.50%, 12/21/2026		1,668,900,000		132,845,842
Republic of South Africa Government International Bond
4.30%, 10/12/2028	$	1,534,000		1,583,855
4.85%, 09/30/2029		11,735,000		12,443,794
4.88%, 04/14/2026		700,000		759,724
5.75%, 09/30/2049		5,200,000		5,314,088
Romanian Government International Bond
2.75%, 04/14/2041(2)	EUR	8,300,000		9,768,581
3.00%, 02/14/2031	$	2,700,000		2,795,634
Saudi Government International Bond
2.38%, 10/26/2021		17,900,000		18,007,400
2.75%, 02/03/2032(2)		1,900,000		1,949,636
3.25%, 10/26/2026		900,000		980,359
3.25%, 10/22/2030		700,000		753,375
3.63%, 03/04/2028		2,780,000		3,071,622
3.75%, 01/21/2055(2)		300,000		316,651
4.00%, 04/17/2025		10,900,000		12,030,875
4.50%, 10/26/2046		275,000		322,094
5.00%, 04/17/2049		1,000,000		1,261,900
Serbia International Bond
1.65%, 03/03/2033(2)	EUR	3,200,000		3,711,227
3.13%, 05/15/2027(2)		1,998,000		2,634,542
State of Illinois
5.10%, 06/01/2033	$	225,000		264,565
6.73%, 04/01/2035		70,000		88,163
7.35%, 07/01/2035		55,000		71,051
State of Israel
3.38%, 01/15/2050		8,400,000		8,973,384
3.80%, 05/13/2060		16,900,000		19,236,898
Texas Public Finance Authority
8.25%, 07/01/2024		3,300,000		3,330,902
Turkey Government International Bond
3.25%, 03/23/2023		2,050,000		2,045,408
4.63%, 03/31/2025	EUR	6,300,000		7,754,870
5.75%, 03/22/2024	$	600,000		622,003
5.75%, 05/11/2047		2,800,000		2,390,360
6.35%, 08/10/2024		1,782,000		1,868,445
7.25%, 12/23/2023		4,000,000		4,313,120
7.63%, 04/26/2029		11,900,000		13,026,930
Uruguay Government International Bond
4.38%, 01/23/2031		1,800,000		2,094,318
Venezuela Government International Bond
6.00%, 12/09/2049(6)		30,000		2,895
7.00%, 03/31/2038(6)		187,000		19,541
7.65%, 04/21/2025(6)		534,000		53,400

	Principal Amount		Value
7.75%, 04/13/2022(6)		100,000		10,250
8.25%, 10/13/2024(6)		7,294,000		751,282
9.00%, 05/07/2023(6)		110,000		10,945
9.00%, 05/07/2023(6)		7,405,000		736,798
9.25%, 09/15/2027(6)		1,049,000		109,096
9.25%, 05/07/2028(6)		420,000		43,050
11.75%, 10/21/2026(6)		120,000		12,480
11.95%, 08/05/2031(6)		3,200,000		331,200
Total Other Government Related				755,358,790
U.S. Treasury Obligations – 23.23%
U.S. Treasury Inflation Indexed Bond
0.13%, 07/15/2030(8)		10,728,377		11,834,182
0.25%, 07/15/2029(8)(9)		45,728,076		50,868,912
0.25%, 02/15/2050(8)		4,570,456		5,169,555
0.63%, 02/15/2043(8)		348,465		416,007
0.75%, 02/15/2042(8)		590,930		719,426
0.75%, 02/15/2045(8)		4,309,504		5,312,137
0.88%, 02/15/2047(8)		4,867,764		6,259,133
1.00%, 02/15/2046(8)		2,254,140		2,944,441
1.00%, 02/15/2048(8)		3,573,768		4,763,628
1.00%, 02/15/2049(8)		6,686,001		8,996,937
1.38%, 02/15/2044(8)		572,930		790,203
2.13%, 02/15/2040(8)		247,112		368,216
2.13%, 02/15/2041(8)		365,841		551,067
U.S. Treasury Note/Bond
0.13%, 04/30/2022		78,405,000		78,429,502
0.13%, 05/31/2022		57,150,000		57,167,859
0.13%, 08/31/2022		61,755,000		61,757,412
0.13%, 09/30/2022		78,645,000		78,632,712
0.13%, 12/31/2022(9)		57,430,000		57,380,646
0.13%, 02/28/2023		241,370,000		241,068,288
0.13%, 04/30/2023		294,000,000		293,448,750
0.13%, 05/31/2023		706,508,000		704,990,110
0.13%, 06/30/2023		214,920,000		214,407,886
0.13%, 01/15/2024(9)		194,040,000		192,865,148
0.13%, 02/15/2024		92,000,000		91,407,031
0.25%, 03/15/2024		211,835,000		210,990,969
0.25%, 05/15/2024		124,515,000		123,834,059
0.25%, 06/15/2024		81,240,000		80,744,944
0.38%, 03/31/2022		83,370,000		83,552,372
0.75%, 03/31/2026		342,476,000		340,937,533
0.75%, 04/30/2026		743,580,000		739,804,012
0.75%, 05/31/2026		438,415,000		435,914,667
0.88%, 06/30/2026		86,875,000		86,834,277
0.88%, 11/15/2030		417,800,000		397,301,687
1.13%, 08/31/2021		155,800,000		156,078,851
1.13%, 02/29/2028		76,082,000		75,856,132
1.13%, 02/15/2031		698,900,000		678,479,016
1.25%, 03/31/2028		250,000,000		250,986,328

	Principal Amount		Value
1.38%, 08/15/2050		73,900,000		62,298,277
1.63%, 05/15/2031		143,662,000		145,861,824
1.88%, 02/15/2041		266,149,000		260,534,920
1.88%, 02/15/2051		371,850,000		354,884,344
2.25%, 05/15/2041		57,950,000		60,295,164
2.25%, 08/15/2049		116,300,000		120,479,531
2.38%, 05/15/2051		434,498,000		463,894,505
2.50%, 02/15/2045		49,400,000		53,448,484
2.75%, 08/15/2021		79,300,000		79,566,591
2.75%, 11/15/2047		250,000		284,590
3.00%, 05/15/2045		30,000,000		35,378,906
3.00%, 02/15/2048		15,800,000		18,834,094
3.00%, 08/15/2048(9)		10,405,000		12,423,407
3.00%, 02/15/2049		64,740,000		77,508,447
3.13%, 05/15/2048		12,780,000		15,586,109
Total U.S. Treasury Obligations				7,593,143,228
Total Government Related (Cost: $8,280,554,363)				8,348,502,018
Mortgage-Backed Obligations – 24.49%
280 Park Avenue 2017-280P Mortgage Trust
0.95% (1 Month LIBOR USD + 0.88%, 0.88% Floor), 09/15/2034, Series 2017-280P, Class A(1)(2)		1,315,632		1,315,633
Alen 2021-ACEN Mortgage Trust
1.22% (1 Month LIBOR USD + 1.15%, 1.15% Floor), 04/15/2034, Series 2021-ACEN, Class A(1)(2)		11,160,000		11,163,320
Alternative Loan Trust 2003-22CB
5.75%, 12/25/2033, Series 2003-22CB, Class 1A1		466,759		482,044
6.00%, 12/25/2033, Series 2003-22CB, Class 3A1		146,675		152,550
Alternative Loan Trust 2004-16CB
5.50%, 07/25/2034, Series 2004-16CB, Class 1A1		248,110		254,582
5.50%, 08/25/2034, Series 2004-16CB, Class 3A1		285,635		293,277
Alternative Loan Trust 2005-56
1.55% (1 Month LIBOR USD + 1.46%, 1.46% Floor), 11/25/2035, Series 2005-56, Class 1A1(1)		4,187,695		4,165,829
Alternative Loan Trust 2005-74T1
6.00%, 01/25/2036, Series 2005-74T1, Class A1		10,015,262		7,882,422
Alternative Loan Trust 2006-HY12
3.06%, 08/25/2036, Series 2006-HY12, Class A5(4)		197,557		197,852
Alternative Loan Trust 2006-OA17
0.29% (1 Month LIBOR USD + 0.20%, 0.20% Floor), 12/20/2046, Series 2006-OA17, Class 1A1A(1)		13,973,064		12,163,998
Alternative Loan Trust 2006-OA22
0.30% (1 Month LIBOR USD + 0.21%, 0.21% Floor), 02/25/2047, Series 2006-OA22, Class A2(1)		12,348,300		11,479,334
Alternative Loan Trust 2006-OA3
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor), 05/25/2036, Series 2006-OA3, Class 1A1(1)		4,806,214		4,264,279
Alternative Loan Trust 2006-OA7
1.06% (12 Month U.S. Treasury Average + 0.94%, 0.94% Floor), 06/25/2046, Series 2006-OA7, Class 2A1(1)		10,207,861		9,140,415
Alternative Loan Trust 2006-OC5
0.61% (1 Month LIBOR USD + 0.52%, 0.52% Floor), 06/25/2046, Series 2006-OC5, Class 2A3(1)		7,839,685		7,324,808
Alternative Loan Trust 2007-5CB
6.00%, 04/25/2037, Series 2007-5CB, Class 1A4		15,226,135		12,012,788
Alternative Loan Trust 2007-HY7C
0.23% (1 Month LIBOR USD + 0.14%, 0.14% Floor), 08/25/2037, Series 2007-HY7C, Class A1(1)		2,447,192		2,398,334
Alternative Loan Trust 2007-OA2
0.22% (1 Month LIBOR USD + 0.13%, 0.13% Floor), 03/25/2047, Series 2007-OA2, Class 2A1(1)		11,596,583		9,837,652

	Principal Amount		Value
0.96% (12 Month U.S. Treasury Average + 0.84%, 0.84% Floor), 03/25/2047, Series 2007-OA2, Class 1A1(1)		22,344,949		19,584,602
Alternative Loan Trust 2007-OA4
0.26% (1 Month LIBOR USD + 0.17%, 0.17% Floor), 05/25/2047, Series 2007-OA4, Class A1(1)		1,693,099		1,602,776
Angel Oak Mortgage Trust 2019-3
3.24%, 05/25/2059, Series 2019-3, Class A3(2)(4)		1,822,916		1,829,075
Angel Oak Mortgage Trust 2021-1
1.22%, 01/25/2066, Series 2021-1, Class A3(2)(4)		7,286,922		7,271,547
Angel Oak Mortgage Trust I LLC 2019-1
3.92%, 11/25/2048, Series 2019-1, Class A1(2)(4)		2,681,969		2,718,343
4.02%, 11/25/2048, Series 2019-1, Class A2(2)(4)		702,841		711,158
Angel Oak Mortgage Trust I LLC 2019-2
3.63%, 03/25/2049, Series 2019-2, Class A1(2)(4)		997,675		1,009,379
3.78%, 03/25/2049, Series 2019-2, Class A2(2)(4)		1,164,899		1,182,627
4.07%, 03/25/2049, Series 2019-2, Class M1(2)(4)		3,460,000		3,504,156
Angel Oak Mortgage Trust 2020-3
1.69%, 04/25/2065, Series 2020-3, Class A1(2)(4)		3,333,720		3,366,374
Angel Oak Mortgage Trust LLC 2020-5
2.04%, 05/25/2065, Series 2020-5, Class A3(2)(4)		1,763,342		1,775,454
2.97%, 05/25/2065, Series 2020-5, Class M1(2)(4)		2,480,000		2,535,815
Ashford Hospitality Trust 2018-ASHF
1.32% (1 Month LIBOR USD + 1.25%, 1.25% Floor), 04/15/2035, Series 2018-ASHF, Class B(1)(2)		1,530,000		1,527,066
Ashford Hospitality Trust 2018-KEYS
1.52% (1 Month LIBOR USD + 1.45%, 1.45% Floor), 06/15/2035, Series 2018-KEYS, Class B(1)(2)		3,000,000		2,999,425
Austin Fairmont Hotel Trust 2019-FAIR
1.32% (1 Month LIBOR USD + 1.25%, 1.25% Floor), 09/15/2032, Series 2019-FAIR, Class B(1)(2)		2,155,000		2,154,999
1.52% (1 Month LIBOR USD + 1.45%, 1.45% Floor), 09/15/2032, Series 2019-FAIR, Class C(1)(2)		5,500,000		5,498,279
Aventura Mall Trust
4.25%, 07/05/2040, Series 2018-AVM, Class A(2)(4)		5,325,000		6,048,735
BAMLL Commercial Mortgage Securities Trust 2018-PARK
4.23%, 08/10/2038, Series 2018-PARK, Class A(2)(4)		6,575,000		7,528,198
BAMLL Re-REMIC Trust 2016-RRLD11
6.01%, 06/17/2050, Series 2016-LD11, Class AJB(2)(4)		100,000		48,728
6.01%, 06/17/2050, Series 2016-LD11, Class AJA(2)(4)		229,739		229,638
Banc of America Commercial Mortgage Trust 2007-5
6.02%, 02/10/2051, Series 2007-5, Class AJ(4)		5,803,744		5,993,783
Banc of America Funding 2015-R7 Trust
1.05% (12 Month U.S. Treasury Average + 0.92%), 09/26/2046, Series 2015-R7, Class 1A1(1)(2)		700,960		712,441
Banc of America Funding 2015-R8 Trust
0.97%, 11/26/2046, Series 2015-R8, Class 1A1(2)(4)		888,373		905,358
Banc of America Funding 2015-R9 Trust
0.30% (1 Month LIBOR USD + 0.21%, 0.21% Floor), 02/26/2037, Series 2015-R9, Class 2A1(1)(2)		9,848,262		9,600,033
BBCCRE Trust 2015-GTP
4.70%, 08/10/2033, Series 2015-GTP, Class C(2)(4)		2,715,000		2,836,466
BBCMS 2019-BWAY Mortgage Trust
2.23% (1 Month LIBOR USD + 2.16%, 2.16% Floor), 11/15/2034, Series 2019-BWAY, Class D(1)(2)		2,025,000		1,964,309
BBCMS Trust 2013-TYSN
3.76%, 09/05/2032, Series 2013-TYSN, Class A2(2)		101,347		101,463
BBCMS Trust 2018-CBM
1.07% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 07/15/2037, Series 2018-CBM, Class A(1)(2)		2,305,000		2,304,963

	Principal Amount		Value
BB-UBS Trust
2.89%, 06/05/2030, Series 2012-TFT, Class A(2)		932,733		933,121
BCAP LLC 2014-RR2
0.57% (1 Month LIBOR USD + 0.24%, 0.24% Floor), 10/26/2036, Series 2014-RR2, Class 6A8(1)(2)		16,314,782		15,975,737
Bear Stearns ALT-A Trust 2005-1
1.22% (1 Month LIBOR USD + 1.13%, 1.13% Floor, 11.50% Cap), 01/25/2035, Series 2005-1, Class M2(1)		6,013,434		6,360,793
Bear Stearns ARM Trust 2003-3
2.86%, 05/25/2033, Series 2003-3, Class 3A1(4)		413,545		417,374
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24
5.66%, 10/12/2041, Series 2006-T24, Class B(2)(4)		7,839,709		7,868,338
Bear Stearns Mortgage Funding Trust 2007-AR4
0.30% (1 Month LIBOR USD + 0.21%, 0.21% Floor, 10.50% Cap), 06/25/2037, Series 2007-AR4, Class 2A1(1)		12,411,764		12,105,164
Benchmark 2018-B1 Mortgage Trust
3.88%, 01/15/2051, Series 2018-B1, Class AM(4)		3,095,000		3,444,152
BFLD 2019-DPLO
1.61% (1 Month LIBOR USD + 1.54%, 1.54% Floor), 10/15/2034, Series 2019-DPLO, Class C(1)(2)		4,650,000		4,648,541
BFLD Trust 2020-OBRK
2.12% (1 Month LIBOR USD + 2.05%, 2.05% Floor), 11/15/2028, Series 2020-OBRK, Class A(1)(2)		13,350,000		13,517,843
Braemar Hotels & Resorts Trust 2018-Prime
1.12% (1 Month LIBOR USD + 1.05%, 1.05% Floor), 06/15/2035, Series 2018-PRME, Class B(1)(2)		3,000,000		2,985,161
Brass NO 8 Plc
0.86% (3 Month LIBOR USD + 0.70%), 11/16/2066, Series 8A, Class A1(1)(2)		1,321,424		1,326,831
BX Commercial Mortgage Trust 2019-IMC
1.37% (1 Month LIBOR USD + 1.30%, 1.30% Floor), 04/15/2034, Series 2019-IMC, Class B(1)(2)		4,870,000		4,867,070
2.22% (1 Month LIBOR USD + 2.15%, 2.15% Floor), 04/15/2034, Series 2019-IMC, Class E(1)(2)		4,215,000		4,193,855
BX Trust 2018-GW
0.87% (1 Month LIBOR USD + 0.80%, 0.80% Floor), 05/15/2035, Series 2018-GW, Class A(1)(2)		2,485,000		2,489,625
BX Trust 2019-CALM
0.95% (1 Month LIBOR USD + 0.88%, 0.88% Floor), 11/15/2032, Series 2019-CALM, Class A(1)(2)		10,000,000		10,008,976
BX Trust 2019-OC11
3.20%, 12/09/2041, Series 2019-OC11, Class A(2)		2,755,000		2,967,860
BXP Trust 2017-GM
3.38%, 06/13/2039, Series 2017-GM, Class A(2)		3,800,000		4,153,408
CALI Mortgage Trust 2019-101C
3.96%, 03/10/2039, Series 2019-101C, Class A(2)		5,010,000		5,702,890
Cantor Commercial Real Estate Lending 2019-CF2
3.27%, 11/15/2052, Series 2019-CF2, Class B		2,780,000		2,917,935
Century Plaza Towers 2019-CPT
2.87%, 11/13/2039, Series 2019-CPT, Class A(2)		5,185,000		5,522,991
CHL Mortgage Pass-Through Trust Resecuritization 2008-3R
6.00%, 08/25/2037, Series 2008-3R, Class 1A1(2)		5,322,836		3,923,928
CIM Trust
2.57%, 07/25/2059, Series 2021-NR2, Class A1(2)(3)		9,826,569		9,870,367
CIM Trust 2018-R5
3.75%, 07/25/2058, Series 2018-R5, Class A1(2)(4)		8,829,296		8,828,019
CIM Trust 2018-R6
1.17% (1 Month LIBOR USD + 1.08%, 1.08% Floor), 09/25/2058, Series 2018-R6, Class A1(1)(2)		11,432,760		11,344,711
CIM Trust 2019-R3
2.63%, 06/25/2058, Series 2019-R3, Class A(2)(4)		17,445,108		17,179,205
CIM Trust 2019-R4

	Principal Amount		Value
3.00%, 10/25/2059, Series 2019-R4, Class A1(2)(4)		20,941,057		20,441,935
CIM Trust 2020-R1
2.85%, 10/27/2059, Series 2020-R1, Class A1(2)(4)		26,096,265		22,216,453
CIM Trust 2020-R6
2.25%, 12/25/2060, Series 2020-R6, Class A1A(2)(4)		16,353,456		16,234,520
CIM Trust 2020-R7
2.25%, 12/27/2061, Series 2020-R7, Class A1A(2)(4)		28,073,004		28,046,250
CIM Trust 2021-NR3
2.57%, 06/25/2057, Series 2021-NR3, Class A1(2)(3)		18,458,449		18,452,975
CIM Trust 2021-R1
2.40%, 08/25/2056, Series 2021-R1, Class A2(2)(4)		29,094,501		29,082,325
CIM Trust 2021-R2
2.50%, 01/25/2057, Series 2021-R2, Class A2(2)(4)		13,406,965		13,432,208
CIM Trust 2021-R3
1.95%, 06/25/2057, Series 2021-R3, Class A1A(2)(4)		44,319,596		44,761,338
CIM Trust 2021-R4
0.00%, 05/01/2061, Series 2021-R4, Class A1A(2)(4)		43,750,000		43,968,750
Citigroup Commercial Mortgage Trust 2013-375P
3.63%, 05/10/2035, Series 2013-375P, Class D(2)(4)		3,120,000		3,164,472
3.63%, 05/10/2035, Series 2013-375P, Class C(2)(4)		4,250,000		4,356,964
Citigroup Commercial Mortgage Trust 2015-GC27
3.57%, 02/10/2048, Series 2015-GC27, Class AS		430,000		454,873
Citigroup Commercial Mortgage Trust 2015-GC33
4.11%, 09/10/2058, Series 2015-GC33, Class AS		1,350,000		1,473,263
Citigroup Commercial Mortgage Trust 2017-P7
3.92%, 04/14/2050, Series 2017-P7, Class AS		2,140,000		2,358,665
Citigroup Commercial Mortgage Trust 2018-B2
4.83%, 03/10/2051, Series 2018-B2, Class C(4)		1,195,000		1,227,577
Citigroup Commercial Mortgage Trust 2020-555
2.83%, 12/10/2041, Series 2020-555, Class B(2)		2,150,000		2,157,434
3.03%, 12/10/2041, Series 2020-555, Class C(2)		1,530,000		1,502,183
Citigroup Mortgage Loan Trust 2018-A
4.00%, 01/25/2068, Series 2018-A, Class A1(2)(4)		1,305,917		1,307,116
Citigroup Mortgage Loan Trust 2019-B
3.26%, 04/25/2066, Series 2019-B, Class A1(2)(4)		2,942,005		2,966,837
Citigroup Mortgage Loan Trust 2019-RP1
3.50%, 01/25/2066, Series 2019-RP1, Class A1(2)(4)		2,527,228		2,621,502
Citigroup Mortgage Loan Trust, Inc.
2.50%, 08/25/2050, Series 2020-EXP2, Class A4(2)(4)		2,102,127		2,133,405
Clavis Securities Plc
0.25% (3 Month LIBOR GBP + 0.17%), 12/15/2032, Series 2007-1, Class A3A(1)	GBP	871,960		1,181,174
Cold Storage Trust 2020-ICE5
1.72% (1 Month LIBOR USD + 1.65%, 1.43% Floor), 11/15/2037, Series 2020-ICE5, Class C(1)(2)	$	3,533,851		3,544,926
COLT 2019-3 Mortgage Loan Trust
2.76%, 08/25/2049, Series 2019-3, Class A1(2)(4)		1,190,180		1,190,125
COLT 2020-3 Mortgage Loan Trust
1.51%, 04/27/2065, Series 2020-3, Class A1(2)(4)		1,778,948		1,785,826
COMM 2012-CCRE3 Mortgage Trust
3.42%, 10/15/2045, Series 2012-CR3, Class AM(2)		4,535,000		4,570,860

	Principal Amount		Value
Comm 2013-CCRE13 Mortgage Trust
5.05%, 11/10/2046, Series 2013-CR13, Class C(4)		7,470,000		8,035,749
COMM 2014-CR14 Mortgage Trust
4.76%, 02/10/2047, Series 2014-CR14, Class C(4)		6,770,000		7,119,825
COMM 2014-UBS2 Mortgage Trust
5.14%, 03/10/2047, Series 2014-UBS2, Class C(4)		800,000		835,833
COMM 2015-CCRE24 Mortgage Trust
3.70%, 08/10/2048, Series 2015-CR24, Class A5		1,990,000		2,175,917
COMM 2015-DC1 Mortgage Trust
3.72%, 02/10/2048, Series 2015-DC1, Class AM		2,495,000		2,676,050
COMM 2017-COR2 Mortgage Trust
3.51%, 09/10/2050, Series 2017-COR2, Class A3		3,110,000		3,430,538
COMM 2017-PANW Mortgage Trust
3.53%, 10/10/2029, Series 2017-PANW, Class B(2)(4)		1,285,000		1,334,830
COMM 2020-CBM Mortgage Trust
3.40%, 02/10/2037, Series 2020-CBM, Class C(2)		5,150,000		5,097,982
Commercial Mortgage Pass Through Certificates
3.40%, 10/05/2030, Series 2012-LTRT, Class A2(2)		770,000		768,189
CRSNT Trust 2021-MOON
1.28% (1 Month LIBOR USD + 1.20%, 1.20% Floor), 04/15/2036, Series 2021-MOON, Class B(1)(2)		20,000,000		19,999,994
1.63% (1 Month LIBOR USD + 1.55%, 1.55% Floor), 04/15/2036, Series 2021-MOON, Class C(1)(2)		12,000,000		11,999,994
Csail 2015-C2 Commercial Mortgage Trust
3.85%, 06/15/2057, Series 2015-C2, Class AS(4)		8,560,000		8,986,265
CSAIL 2016-C6 Commercial Mortgage Trust
3.09%, 01/15/2049, Series 2016-C6, Class A5		840,000		898,446
CSAIL 2016-C7 Commercial Mortgage Trust
3.96%, 11/15/2049, Series 2016-C7, Class AS(4)		6,160,000		6,807,104
CSAIL 2019-C17 Commercial Mortgage Trust
2.76%, 09/15/2052, Series 2019-C17, Class A4		6,050,000		6,353,205
3.28%, 09/15/2052, Series 2019-C17, Class AS		2,625,000		2,819,318
3.48%, 09/15/2052, Series 2019-C17, Class B		3,015,000		3,175,484
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27
5.75%, 11/25/2033, Series 2003-27, Class 4A4		79,837		85,148
CSMC 2014-USA OA LLC
4.37%, 09/15/2037, Series 2014-USA, Class D(2)		6,175,000		5,923,240
CSMC 2020-NET
2.26%, 08/15/2037, Series 2020-NET, Class A(2)		2,800,000		2,890,627
3.53%, 08/15/2037, Series 2020-NET, Class C(2)		4,405,000		4,655,560
CSMC 2020-RPL3 Trust
2.69%, 03/25/2060, Series 2020-RPL3, Class A1(2)(4)		10,991,729		11,133,329
CSMC 2020-RPL5 Trust
3.02%, 08/25/2060, Series 2020-RPL5, Class A1(2)(4)		3,411,902		3,463,884
CSMC 2021-RPL3 Trust
3.75%, 01/25/2060, Series 2021-RPL3, Class M2(2)		995,000		1,076,376
CSMC 2021-RPL4 Trust
1.80%, 12/27/2060, Series 2021-RPL4, Class A1(2)(4)		11,780,365		11,796,846
CSMC Trust 2013-5R
0.59% (1 Month LIBOR USD + 0.25%, 0.25% Floor), 02/27/2036, Series 2013-5R, Class 1A6(1)(2)		3,026,791		2,909,700
DBCG 2017-BBG Mortgage Trust
0.77% (1 Month LIBOR USD + 0.70%, 0.70% Floor), 06/15/2034, Series 2017-BBG, Class A(1)(2)		2,645,000		2,645,000

	Principal Amount		Value
DBJPM 17-C6 Mortgage Trust
3.79%, 06/10/2050, Series 2017-C6, Class B(4)		2,750,000		2,981,711
DBUBS 2017-BRBK Mortgage Trust
3.65%, 10/10/2034, Series 2017-BRBK, Class D(2)(4)		2,540,000		2,648,745
DC Office Trust 2019-MTC
2.97%, 09/15/2045, Series 2019-MTC, Class A(2)		5,545,000		5,920,889
3.17%, 09/15/2045, Series 2019-MTC, Class D(2)(4)		4,450,000		4,434,727
Deephaven Residential Mortgage Trust 2021-2
1.21%, 04/25/2066, Series 2021-2, Class A2(2)(4)		3,685,000		3,681,563
Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust Series 2005-2
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor), 04/25/2035, Series 2005-2, Class 1A1(1)		3,872,267		3,490,229
Durham Mortgages Plc
0.69% (3 Month LIBOR GBP + 0.60%), 03/31/2054, Series 2018-BX, Class A(1)	GBP	18,266,161		25,263,259
Eleven Madison Trust 2015-11MD Mortgage Trust
3.67%, 09/10/2035, Series 2015-11MD, Class A(2)(4)	$	3,110,000		3,370,046
Ellington Financial Mortgage Trust 2019-2
2.74%, 11/25/2059, Series 2019-2, Class A1(2)(4)		3,404,284		3,463,758
3.05%, 11/25/2059, Series 2019-2, Class A3(2)(4)		2,089,178		2,122,112
Ellington Financial Mortgage Trust 2020-2
1.18%, 10/25/2065, Series 2020-2, Class A1(2)(4)		8,283,170		8,298,697
Ellington Financial Mortgage Trust 2021-2
0.93%, 06/25/2066, Series 2021-2, Class A1(2)(4)		5,215,000		5,202,708
1.09%, 06/25/2066, Series 2021-2, Class A2(2)(4)		6,836,000		6,819,890
EOS European Loan Conduit No 35 DAC
1.00% (3 Month EURIBOR + 1.00%), 04/23/2029(1)(2)	EUR	686,188		816,230
Eurosail-UK 2007-5np Plc
0.85% (3 Month LIBOR GBP + 0.77%), 09/13/2045, Series 2007-5X, Class A1A(1)	GBP	8,915,687		11,856,914
Eurosail-UK 2007-6nc Plc
0.78% (3 Month LIBOR GBP + 0.70%, 0.70% Floor), 09/13/2045, Series 2007-6NCX, Class A3A(1)		213,228		290,459
Extended Stay America Trust
1.16% (1 Month LIBOR USD + 1.08%, 1.08% Floor), 07/15/2038, Series 2021-ESH, Class A(1)(2)	$	74,600,000		74,809,678
2.33% (1 Month LIBOR USD + 2.25%, 2.25% Floor), 07/15/2038, Series 2021-ESH, Class D(1)(2)		1,860,000		1,873,363
Fannie Mae
1.50%, 07/01/2036(10)		17,715,000		17,928,480
1.50%, 08/01/2051(10)		90,950,000		91,927,137
2.00%, 08/01/2036(10)		141,775,000		146,022,922
2.00%, 07/01/2050(10)		128,825,000		130,072,993
2.00%, 08/01/2051(10)		696,625,000		702,012,962
2.00%, 09/01/2051(10)		99,000,000		99,560,743
2.50%, 07/01/2051(10)		77,525,000		80,183,866
2.50%, 08/01/2051(10)		770,225,000		795,136,965
3.00%, 07/01/2051(10)		34,475,000		35,935,474
3.00%, 08/01/2051(10)		105,100,000		109,482,588
3.00%, 09/01/2051(10)		23,000,000		23,937,520
3.50%, 08/01/2051(10)		11,000,000		11,585,449
4.00%, 07/01/2051(10)		435,345,000		463,574,402
4.00%, 08/01/2051(10)		110,500,000		117,760,196
4.50%, 07/01/2051(10)		27,875,000		29,987,402
Fannie Mae Connecticut Avenue Securities

	Principal Amount		Value
0.94% (1 Month LIBOR USD + 0.85%, 0.85% Floor), 07/25/2030, Series 2018-C01, Class 1ED2(1)		5,668,184		5,668,184
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 08/25/2030, Series 2018-C02, Class 2EB2(1)		2,850,211		2,802,523
1.09% (1 Month LIBOR USD + 1.00%, 1.00% Floor), 02/25/2030, Series 2017-C06, Class 2ED1(1)		3,531,773		3,515,888
1.19% (1 Month LIBOR USD + 1.10%), 11/25/2029, Series 2017-C04, Class 2ED2(1)		6,687,340		6,604,728
1.44% (1 Month LIBOR USD + 1.35%), 09/25/2029, Series 2017-C02, Class 2ED3(1)		5,823,844		5,861,586
3.64% (1 Month LIBOR USD + 3.55%), 07/25/2029, Series 2017-C01, Class 1M2(1)		2,246,557		2,332,297
4.64% (1 Month LIBOR USD + 4.55%), 02/25/2025, Series 2015-C01, Class 2M2(1)		65,622		66,015
Fannie Mae Pool
1.50%, 04/01/2036		17,322,296		17,541,953
2.00%, 04/01/2036		16,729,763		17,269,641
2.00%, 05/01/2036		15,146,880		15,684,561
2.00%, 10/01/2040		7,915,654		8,080,752
2.00%, 11/01/2040		24,147,399		24,569,796
2.00%, 05/01/2041		7,614,455		7,744,757
2.00%, 06/01/2041		29,890,703		30,337,828
2.00%, 04/01/2051		226,464,889		228,812,435
2.46%, 04/01/2040		8,775,000		9,269,882
2.50%, 07/01/2030		388,297		408,320
2.50%, 07/01/2030		516,719		543,346
2.50%, 08/01/2030		949,675		998,595
2.50%, 11/01/2031		1,318,056		1,385,577
2.50%, 01/01/2032		1,360,237		1,427,358
2.50%, 02/01/2035		3,971,474		4,174,977
2.50%, 11/01/2050		6,580,230		6,812,300
2.50%, 11/01/2050		8,024,747		8,307,762
2.50%, 11/01/2050		10,961,619		11,348,211
2.50%, 12/01/2050		289,111		299,307
2.50%, 12/01/2050		9,343,437		9,672,959
2.50%, 02/01/2051		5,574,110		5,792,511
2.50%, 02/01/2051		8,889,177		9,202,679
2.50%, 02/01/2051		26,311,323		27,342,706
2.50%, 02/01/2051		36,443,563		37,872,132
2.50%, 04/01/2051		9,614,710		9,953,799
2.50%, 06/01/2051		4,960,000		5,145,231
2.50%, 07/01/2051		8,935,400		9,269,091
3.00%, 11/01/2027		175,942		186,151
3.00%, 06/01/2028		16,437		17,372
3.00%, 09/01/2028		12,222		12,928
3.00%, 10/01/2028		218,068		230,682
3.00%, 11/01/2028		350,296		370,545
3.00%, 02/01/2030		5,953,631		6,253,535
3.00%, 03/01/2030		6,280,987		6,600,093
3.00%, 05/01/2030		116,421		123,080
3.00%, 09/01/2030		1,648,260		1,744,470
3.00%, 12/01/2030		538,728		569,969
3.00%, 09/01/2031		432,530		456,546
3.00%, 06/01/2032		906,118		957,552
3.00%, 09/01/2032		1,800,329		1,896,977
3.00%, 10/01/2032		6,691,447		7,066,708
3.00%, 12/01/2032		1,752,851		1,865,379

	Principal Amount		Value
3.00%, 12/01/2032		3,800,071		4,014,893
3.00%, 02/01/2033		9,618		10,151
3.00%, 06/01/2033		3,750		3,887
3.00%, 10/01/2033		1,459,307		1,548,443
3.00%, 11/01/2033		4,928,840		5,254,965
3.00%, 02/01/2034		2,958,032		3,121,550
3.00%, 07/01/2034		268,075		283,080
3.00%, 12/01/2034		3,995,876		4,249,557
3.00%, 01/01/2035		1,324,322		1,413,669
3.00%, 01/01/2035		2,655,232		2,818,105
3.00%, 02/01/2035		2,289,837		2,430,560
3.00%, 11/01/2036		175,184		186,371
3.00%, 11/01/2036		1,123,478		1,192,080
3.00%, 11/01/2036		1,427,285		1,518,424
3.00%, 12/01/2036		204,425		217,479
3.00%, 12/01/2036		1,521,322		1,614,275
3.00%, 10/01/2037		18,760		19,613
3.00%, 03/01/2038		1,391,255		1,451,110
3.00%, 04/01/2040		3,579,042		3,801,550
3.00%, 04/01/2040		3,774,495		4,012,212
3.00%, 04/01/2040		4,570,147		4,821,460
3.00%, 01/01/2043		1,624,390		1,726,801
3.00%, 02/01/2043		2,551,003		2,711,477
3.00%, 04/01/2043		1,839,259		1,957,086
3.00%, 05/01/2043		710,887		753,177
3.00%, 06/01/2043		2,032,446		2,160,877
3.00%, 07/01/2043		196,694		209,743
3.00%, 08/01/2043		121,509		130,309
3.00%, 08/01/2043		5,655,012		6,017,306
3.00%, 09/01/2043		982,177		1,051,639
3.00%, 02/01/2044		32,297		34,632
3.00%, 05/01/2045		409,229		434,902
3.00%, 05/01/2045		850,112		904,369
3.00%, 07/01/2045		3,896,666		4,157,713
3.00%, 05/01/2046		5,650,852		5,951,870
3.00%, 06/01/2046		273,065		290,491
3.00%, 07/01/2046		1,294,696		1,359,963
3.00%, 08/01/2046		80,517		84,273
3.00%, 09/01/2046		3,980,149		4,229,750
3.00%, 10/01/2046		1,402,970		1,492,976
3.00%, 11/01/2046		319,679		338,118
3.00%, 11/01/2046		349,673		371,901
3.00%, 11/01/2046		631,406		670,344
3.00%, 11/01/2046		1,106,009		1,164,386
3.00%, 11/01/2046		1,324,799		1,404,684
3.00%, 11/01/2046		1,392,466		1,474,606
3.00%, 11/01/2046		1,521,501		1,614,534
3.00%, 11/01/2046		3,441,463		3,644,395
3.00%, 12/01/2046		28,052		29,514

	Principal Amount		Value
3.00%, 01/01/2047		1,711,542		1,800,232
3.00%, 01/01/2047		11,156,283		11,696,637
3.00%, 04/01/2047		1,414,686		1,490,794
3.00%, 04/01/2047		1,850,096		1,940,693
3.00%, 06/01/2047		1,816,438		1,940,712
3.00%, 08/01/2047		8,402,853		8,938,717
3.00%, 11/01/2047		3,455,861		3,661,199
3.00%, 04/01/2048		15,811,736		16,773,025
3.00%, 09/01/2048		549,917		577,892
3.00%, 09/01/2048		1,150,977		1,211,510
3.00%, 02/01/2049		1,770,176		1,867,494
3.00%, 08/01/2049		1,491,731		1,591,263
3.00%, 09/01/2049		26,672,769		28,162,963
3.00%, 10/01/2049		42,372,506		44,752,130
3.00%, 11/01/2049		30,996,187		32,762,907
3.00%, 03/01/2050		1,983,431		2,067,939
3.00%, 03/01/2050		11,790,061		12,465,451
3.00%, 04/01/2050		258,093		273,957
3.00%, 07/01/2050		2,930,465		3,106,521
3.00%, 07/01/2050		36,015,771		38,073,347
3.00%, 08/01/2050		1,645,126		1,738,949
3.00%, 08/01/2050		3,079,298		3,256,857
3.00%, 09/01/2050		296,285		313,188
3.00%, 10/01/2050		5,383,986		5,710,321
3.50%, 11/01/2032		1,176,587		1,267,136
3.50%, 09/01/2033		4,837,540		5,166,885
3.50%, 12/01/2033		3,913,615		4,187,673
3.50%, 07/01/2034		3,710,923		3,984,017
3.50%, 02/01/2035		86,488		93,140
3.50%, 01/01/2036		774,332		829,194
3.50%, 01/01/2038		3,316,457		3,507,091
3.50%, 12/01/2041		48,913		53,398
3.50%, 06/01/2042		32,781		35,162
3.50%, 06/01/2042		61,267		66,116
3.50%, 07/01/2042		38,732		41,546
3.50%, 07/01/2042		275,608		295,276
3.50%, 08/01/2042		92,718		99,695
3.50%, 09/01/2042		112,617		121,529
3.50%, 09/01/2042		148,897		160,680
3.50%, 12/01/2042		738,419		796,854
3.50%, 12/01/2042		1,106,996		1,187,387
3.50%, 01/01/2043		64,182		69,261
3.50%, 01/01/2043		184,566		199,173
3.50%, 03/01/2043		741,005		799,650
3.50%, 04/01/2043		44,412		47,638
3.50%, 06/01/2043		110,031		119,970
3.50%, 06/01/2043		637,845		691,254
3.50%, 06/01/2043		1,056,974		1,141,818
3.50%, 06/01/2043		1,565,524		1,689,432
3.50%, 07/01/2043		73,199		78,769

	Principal Amount		Value
3.50%, 07/01/2043		129,097		140,758
3.50%, 08/01/2043		69,248		74,115
3.50%, 08/01/2043		72,902		78,672
3.50%, 09/01/2043		355,201		386,226
3.50%, 01/01/2044		354,341		382,379
3.50%, 01/01/2044		501,344		541,007
3.50%, 01/01/2044		739,832		802,830
3.50%, 01/01/2044		3,559,985		3,841,727
3.50%, 03/01/2044		171,350		187,420
3.50%, 07/01/2044		431,499		464,502
3.50%, 12/01/2044		250,915		270,761
3.50%, 02/01/2045		310,131		334,650
3.50%, 04/01/2045		37,333		40,334
3.50%, 04/01/2045		722,451		773,485
3.50%, 05/01/2045		908,354		972,570
3.50%, 06/01/2045		1,098,541		1,171,881
3.50%, 06/01/2045		1,342,676		1,448,649
3.50%, 07/01/2045		1,592,604		1,715,020
3.50%, 08/01/2045		30,291		32,427
3.50%, 09/01/2045		2,496,274		2,688,234
3.50%, 10/01/2045		201,627		218,522
3.50%, 11/01/2045		211,551		227,534
3.50%, 11/01/2045		3,088,726		3,304,009
3.50%, 12/01/2045		636,235		681,323
3.50%, 01/01/2046		20,793		22,479
3.50%, 01/01/2046		43,954		47,011
3.50%, 02/01/2046		6,086,533		6,508,616
3.50%, 04/01/2046		261,905		279,191
3.50%, 05/01/2046		401,157		432,857
3.50%, 06/01/2046		312,673		333,938
3.50%, 06/01/2046		799,482		852,344
3.50%, 06/01/2046		1,751,326		1,900,518
3.50%, 06/01/2046		2,150,143		2,321,073
3.50%, 06/01/2046		2,478,978		2,648,799
3.50%, 07/01/2046		593,709		631,161
3.50%, 09/01/2046		2,853,090		3,039,233
3.50%, 12/01/2046		1,022,940		1,086,917
3.50%, 01/01/2047		497,925		530,599
3.50%, 01/01/2047		803,909		852,959
3.50%, 01/01/2047		2,971,011		3,213,917
3.50%, 01/01/2047		10,056,835		10,669,618
3.50%, 02/01/2047		526,801		558,964
3.50%, 02/01/2047		627,585		664,866
3.50%, 03/01/2047		95,847		101,699
3.50%, 07/01/2047		4,738,872		5,010,512
3.50%, 08/01/2047		8,897,662		9,599,765
3.50%, 11/01/2047		4,892,363		5,175,345
3.50%, 12/01/2047		2,589,514		2,789,706
3.50%, 12/01/2047		2,646,115		2,798,759

	Principal Amount		Value
3.50%, 12/01/2047		2,917,621		3,147,132
3.50%, 01/01/2048		2,573,890		2,787,547
3.50%, 01/01/2048		5,334,382		5,746,779
3.50%, 01/01/2048		7,806,475		8,253,434
3.50%, 02/01/2048		1,179,211		1,259,426
3.50%, 02/01/2048		7,511,054		7,937,319
3.50%, 06/01/2049		8,269,756		8,946,090
3.50%, 07/01/2049		6,899,442		7,262,754
3.50%, 08/01/2049		191,347		201,399
3.50%, 09/01/2049		2,583,712		2,719,516
3.50%, 09/01/2049		3,432,077		3,694,733
3.50%, 10/01/2049		1,351,551		1,422,667
3.50%, 10/01/2049		2,356,324		2,480,105
3.50%, 02/01/2050		494,581		520,648
3.50%, 07/01/2050		7,282,576		7,707,890
4.00%, 02/01/2039		153,453		163,686
4.00%, 11/01/2040		52,991		57,901
4.00%, 11/01/2040		192,838		210,726
4.00%, 11/01/2040		1,680,288		1,828,908
4.00%, 12/01/2040		122,247		133,167
4.00%, 01/01/2041		98,291		107,406
4.00%, 02/01/2041		103,913		113,740
4.00%, 02/01/2041		335,465		368,763
4.00%, 02/01/2041		425,940		465,169
4.00%, 09/01/2041		190,985		208,470
4.00%, 01/01/2042		28,889		31,613
4.00%, 01/01/2042		1,664,374		1,818,684
4.00%, 02/01/2042		44,824		48,931
4.00%, 03/01/2042		1,964,593		2,162,063
4.00%, 06/01/2042		7,191,419		7,919,962
4.00%, 08/01/2042		1,691,148		1,855,280
4.00%, 09/01/2043		869,591		947,280
4.00%, 12/01/2043		1,710,062		1,862,850
4.00%, 06/01/2045		3,571,116		3,880,565
4.00%, 07/01/2045		467,629		507,445
4.00%, 09/01/2045		54,022		58,621
4.00%, 09/01/2045		83,622		91,275
4.00%, 10/01/2045		1,749,005		1,906,548
4.00%, 12/01/2045		185,999		200,922
4.00%, 12/01/2045		3,029,372		3,302,283
4.00%, 03/01/2046		8,274,034		8,990,864
4.00%, 09/01/2046		42,865		46,436
4.00%, 09/01/2046		1,006,298		1,084,683
4.00%, 12/01/2046		3,074,903		3,315,043
4.00%, 02/01/2047		1,183,468		1,284,274
4.00%, 02/01/2047		2,501,173		2,700,176
4.00%, 03/01/2047		1,090,370		1,172,808
4.00%, 04/01/2047		365,903		392,067
4.00%, 04/01/2047		1,165,168		1,252,116
4.00%, 05/01/2047		25,910		27,784

	Principal Amount		Value
4.00%, 05/01/2047		1,238,862		1,329,837
4.00%, 06/01/2047		621,814		665,710
4.00%, 06/01/2047		1,318,382		1,414,099
4.00%, 07/01/2047		1,287,368		1,379,390
4.00%, 08/01/2047		84,954		90,962
4.00%, 08/01/2047		1,206,884		1,290,497
4.00%, 08/01/2047		1,844,145		1,987,114
4.00%, 08/01/2047		10,503,259		11,224,122
4.00%, 10/01/2047		5,588,610		5,999,772
4.00%, 12/01/2047		741,875		794,972
4.00%, 01/01/2048		86,162		92,359
4.00%, 03/01/2048		195,356		208,483
4.00%, 04/01/2048		88,931		94,828
4.00%, 06/01/2048		6,380,055		6,810,168
4.00%, 07/01/2048		283,966		302,621
4.00%, 07/01/2048		6,065,674		6,456,986
4.00%, 08/01/2048		18,956		20,194
4.00%, 08/01/2048		80,807		86,114
4.00%, 08/01/2048		348,311		371,983
4.00%, 09/01/2048		44,901		47,866
4.00%, 09/01/2048		15,808,045		17,406,260
4.00%, 10/01/2048		266,363		293,288
4.00%, 12/01/2048		1,141,835		1,216,514
4.00%, 01/01/2049		5,175,616		5,740,947
4.00%, 02/01/2049		578,154		615,633
4.00%, 02/01/2049		5,279,580		5,727,208
4.00%, 11/01/2049		1,458,588		1,555,223
4.00%, 12/01/2049		256,658		273,308
4.00%, 12/01/2049		357,271		380,703
4.00%, 12/01/2049		979,509		1,043,222
4.00%, 02/01/2050		7,685,092		8,240,463
4.00%, 05/01/2050		1,271,130		1,354,975
4.00%, 06/01/2050		1,377,645		1,467,682
4.50%, 11/01/2035		207,235		227,223
4.50%, 08/01/2040		53,350		59,296
4.50%, 09/01/2040		21,177		23,371
4.50%, 11/01/2040		1,436,419		1,596,018
4.50%, 01/01/2041		15,185		16,762
4.50%, 02/01/2041		187,755		207,026
4.50%, 05/01/2041		2,167,399		2,409,431
4.50%, 05/01/2041		3,630,249		4,031,292
4.50%, 08/01/2041		25,962		28,935
4.50%, 11/01/2041		401,408		446,204
4.50%, 02/01/2045		341,897		380,880
4.50%, 06/01/2045		253,940		281,868
4.50%, 02/01/2046		1,523,606		1,676,305
4.50%, 03/01/2046		1,144,850		1,269,578
4.50%, 09/01/2046		1,500,741		1,665,756
4.50%, 02/01/2047		5,290,886		5,870,975

	Principal Amount		Value
4.50%, 05/01/2047		3,084,418		3,420,817
4.50%, 11/01/2047		2,134,365		2,361,839
4.50%, 04/01/2048		1,719,314		1,844,777
4.50%, 05/01/2048		3,626,078		3,915,696
4.50%, 05/01/2048		8,458,364		9,117,720
4.50%, 08/01/2048		548,381		591,031
4.50%, 08/01/2048		969,262		1,039,992
4.50%, 08/01/2048		6,819,934		7,355,150
4.50%, 09/01/2048		2,262,565		2,438,168
4.50%, 11/01/2048		1,243,179		1,342,160
4.50%, 12/01/2048		2,913,436		3,136,655
4.50%, 03/01/2049		13,864,751		14,876,498
4.50%, 05/01/2049		4,194,241		4,557,988
4.50%, 01/01/2050		351,357		379,474
4.50%, 01/01/2050		6,693,187		7,181,607
4.50%, 05/01/2050		2,198,956		2,381,055
5.00%, 07/01/2035		554,199		632,163
5.00%, 02/01/2036		875,272		1,002,362
5.00%, 05/01/2040		19,970		22,701
5.00%, 06/01/2040		6,491		7,394
5.00%, 06/01/2040		528,250		600,094
5.00%, 02/01/2041		442,036		503,594
5.00%, 07/01/2041		652,212		745,363
5.00%, 08/01/2041		209,402		239,584
5.00%, 03/01/2042		343,925		393,502
5.00%, 11/01/2044		2,151,340		2,456,955
5.00%, 02/01/2045		722,225		803,412
5.00%, 07/01/2045		402,238		457,273
5.00%, 12/01/2047		801,041		906,223
5.50%, 05/01/2034		1,171,612		1,352,385
5.50%, 07/01/2034		283,773		328,384
5.50%, 07/01/2036		109,209		126,518
5.50%, 12/01/2039		220,176		255,270
5.50%, 03/01/2040		1,294,185		1,494,958
5.50%, 06/01/2041		209,572		240,453
5.50%, 02/01/2042		492,920		565,835
5.50%, 02/01/2042		837,148		965,108
5.50%, 10/01/2043		417,016		481,011
5.50%, 05/01/2044		307,942		356,238
5.50%, 05/01/2044		4,720,509		5,460,845
6.00%, 03/01/2034		1,396,056		1,651,112
6.00%, 06/01/2036		9,242		10,967
6.00%, 07/01/2038		991,907		1,175,015
6.00%, 10/01/2038		55,156		65,454
6.00%, 07/01/2041		4,403,555		5,216,738
6.50%, 05/01/2040		315,988		363,579
Fannie Mae REMICS
0.59% (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap), 01/25/2050, Series 2019-79, Class FA(1)		3,073,207		3,108,186
3.00%, 09/25/2049, Series 2019-52, Class PA		837,162		870,996
3.50%, 03/25/2042, Series 2012-20, Class ZT		3,912,959		4,128,757

	Principal Amount		Value
3.50%, 01/25/2047, Series 2018-55, Class PA		7,387,844		7,698,392
3.50%, 06/25/2047, Series 2018-38, Class PA		7,357,454		7,660,721
4.00%, 06/25/2044, Series 2018-44, Class PC		252,612		255,903
4.00%, 05/25/2047, Series 2018-86, Class JA		3,056,804		3,176,053
Feldspar 2016-1 Plc
0.78% (3 Month LIBOR GBP + 0.70%), 09/15/2045, Series 2016-1, Class A(1)	GBP	604,120		836,174
Finsbury Square 2018-2 Plc
1.03% (3 Month LIBOR GBP + 0.95%), 09/12/2068, Series 2018-2, Class A(1)		1,147,677		1,592,224
Finsbury Square 2019-1 Plc
1.05% (3 Month LIBOR GBP + 0.97%), 06/16/2069, Series 2019-1, Class A(1)		2,612,058		3,624,118
Flagstar Mortgage Trust
2.50%, 12/31/2049, Series 2021-5INV, Class A2(2)(4)	$	6,675,000		6,755,743
2.50%, 06/25/2051, Series 2021-5INV, Class A16(2)(4)		4,615,000		4,646,094
Flagstar Mortgage Trust 2017-2
4.11%, 10/25/2047, Series 2017-2, Class B1(2)(4)		1,257,720		1,288,324
Flagstar Mortgage Trust 2018-6RR
4.00%, 09/25/2048, Series 2018-6RR, Class 2A4(2)(4)		615,575		624,879
Flagstar Mortgage Trust 2020-1NV
0.94% (1 Month LIBOR USD + 0.85%), 03/25/2050, Series 2020-1INV, Class A11(1)(2)		1,407,724		1,407,774
Fontainebleau Miami Beach Trust 2019-FBLU
3.75%, 12/10/2036, Series 2019-FBLU, Class C(2)		7,500,000		7,904,240
Freddie Mac Gold Pool
2.50%, 07/01/2030		761,732		798,325
2.50%, 02/01/2032		6,016,486		6,341,039
3.00%, 03/01/2031		442,126		467,558
3.00%, 12/01/2032		1,465,294		1,549,371
3.00%, 06/01/2033		615,094		648,430
3.00%, 02/01/2038		2,147,503		2,239,169
3.00%, 02/01/2043		510,375		543,025
3.00%, 04/01/2046		93,111		98,107
3.00%, 06/01/2046		3,435,825		3,621,283
3.00%, 08/01/2046		4,185,050		4,407,742
3.00%, 09/01/2046		12,782,474		13,460,834
3.00%, 10/01/2046		4,112,710		4,353,462
3.00%, 11/01/2046		4,556,323		4,824,561
3.00%, 12/01/2046		3,012,211		3,174,511
3.00%, 01/01/2047		5,513,536		5,832,152
3.00%, 02/01/2047		5,402,219		5,723,268
3.00%, 03/01/2047		3,139,706		3,300,399
3.00%, 04/01/2047		1,946,982		2,043,955
3.50%, 05/01/2033		326,204		349,782
3.50%, 08/01/2033		2,708,922		2,900,685
3.50%, 08/01/2033		7,964,972		8,525,310
3.50%, 11/01/2033		5,019,304		5,371,685
3.50%, 09/01/2042		199,362		213,939
3.50%, 11/01/2042		29,123		31,441
3.50%, 07/01/2043		244,278		263,722
3.50%, 10/01/2043		446,403		480,864
3.50%, 01/01/2044		597,302		645,583

	Principal Amount		Value
3.50%, 10/01/2045		7,210,334		7,829,461
3.50%, 03/01/2046		652,059		708,042
3.50%, 06/01/2046		3,246,706		3,442,931
3.50%, 08/01/2046		5,159,429		5,530,141
3.50%, 08/01/2046		12,951,613		14,063,771
3.50%, 11/01/2046		1,199,996		1,277,389
3.50%, 02/01/2047		586,089		622,984
3.50%, 04/01/2047		2,328,149		2,466,502
3.50%, 04/01/2047		10,042,119		10,902,346
3.50%, 09/01/2047		8,293,933		8,749,893
3.50%, 10/01/2047		1,776,932		1,881,429
3.50%, 11/01/2047		1,225,870		1,293,386
3.50%, 11/01/2047		1,926,834		2,040,262
3.50%, 12/01/2047		23,778,241		25,815,252
3.50%, 01/01/2048		1,478,558		1,563,945
3.50%, 01/01/2048		15,736,376		17,201,260
3.50%, 02/01/2048		1,342,956		1,421,396
3.50%, 03/01/2048		20,248,558		21,846,773
3.50%, 03/01/2048		21,226,164		22,879,618
3.50%, 03/01/2048		24,919,365		26,999,250
4.00%, 01/01/2045		1,209,119		1,335,674
4.00%, 07/01/2045		299,357		326,194
4.00%, 12/01/2045		2,554,584		2,813,721
4.00%, 03/01/2048		6,174,119		6,758,918
4.00%, 07/01/2048		6,826,435		7,432,531
4.00%, 11/01/2048		26,478,587		28,975,679
4.50%, 07/01/2042		401,126		447,106
4.50%, 05/01/2044		247,675		275,029
4.50%, 06/01/2045		524,009		589,116
4.50%, 02/01/2046		573,162		644,380
4.50%, 05/01/2046		598,802		673,209
4.50%, 06/01/2046		639,924		714,025
4.50%, 02/01/2047		505,622		568,931
4.50%, 12/01/2047		2,135,923		2,315,962
4.50%, 10/01/2048		5,316,950		5,736,003
5.00%, 11/01/2041		644,171		734,119
5.00%, 07/01/2048		1,173,524		1,290,706
5.00%, 08/01/2048		535,073		587,926
5.00%, 09/01/2048		356,823		392,353
5.00%, 10/01/2048		1,527,308		1,675,998
5.00%, 11/01/2048		2,411,301		2,648,005
5.50%, 08/01/2041		4,719,397		5,463,232
8.00%, 04/01/2032		145,756		176,299
Freddie Mac Multifamily Structured Pass Through Certificates
0.86%, 01/25/2031, Series KLU1, Class X1(4)		290,489,411		8,723,746
1.05%, 04/25/2034, Series K-1512, Class X1(4)		18,931,569		1,661,404
3.04%, 12/25/2047, Series Q010, Class APT2(4)		374,593		385,320
3.04%, 10/25/2046, Series Q010, Class APT3(4)		292,273		297,936
3.75%, 04/25/2033, Series K155, Class A3		5,505,000		6,585,930
Freddie Mac Pool

	Principal Amount		Value
2.00%, 01/01/2036		14,143,477		14,626,632
2.00%, 09/01/2040		12,895,663		13,143,818
2.00%, 10/01/2040		9,852,338		10,002,739
2.00%, 04/01/2051		93,677,430		94,648,507
2.50%, 04/01/2051		8,385,067		8,683,916
2.50%, 06/01/2051		2,320,000		2,406,641
3.00%, 05/01/2031		5,596,138		5,900,225
3.00%, 02/01/2033		201,198		212,110
3.00%, 11/01/2034		1,393,581		1,484,367
3.00%, 09/01/2046		10,881,457		11,490,065
3.00%, 12/01/2046		764,898		804,794
3.00%, 05/01/2047		3,904,426		4,163,955
3.00%, 09/01/2049		1,695,969		1,809,124
3.00%, 11/01/2049		12,245,335		13,009,994
3.00%, 01/01/2050		9,493,661		10,030,810
3.00%, 01/01/2050		37,733,654		39,988,550
3.00%, 02/01/2050		6,515,211		6,637,758
3.00%, 02/01/2050		10,541,415		11,171,880
3.00%, 03/01/2050		1,492,230		1,558,752
3.00%, 04/01/2050		6,688,599		6,987,013
3.00%, 04/01/2050		7,622,778		8,057,734
3.00%, 07/01/2050		30,876,019		32,881,976
3.00%, 08/01/2050		6,406,812		6,809,746
3.00%, 12/01/2050		10,886,988		11,591,831
3.50%, 06/01/2033		5,928,236		6,383,095
3.50%, 06/01/2046		468,766		501,760
3.50%, 11/01/2047		15,140,156		16,225,453
3.50%, 12/01/2047		312,068		329,967
3.50%, 03/01/2048		5,446,928		5,874,581
3.50%, 01/01/2050		698,125		752,570
4.00%, 08/01/2038		583,602		624,910
4.00%, 04/01/2048		386,541		413,876
4.00%, 08/01/2048		683,474		728,614
4.00%, 08/01/2048		7,006,997		7,457,769
4.00%, 12/01/2049		2,549,062		2,766,224
4.00%, 01/01/2050		4,231,377		4,501,362
4.00%, 02/01/2050		2,313,174		2,470,499
4.00%, 03/01/2050		290,808		309,758
4.00%, 05/01/2050		191,424		204,336
4.00%, 12/01/2050		2,185,835		2,326,418
4.50%, 04/01/2049		646,162		705,548
4.50%, 05/01/2050		1,190,316		1,287,452
5.00%, 12/01/2041		991,316		1,100,636
5.00%, 03/01/2042		244,464		285,083
Freddie Mac REMICS
3.00%, 01/15/2049, Series 4896, Class DA		1,690,525		1,790,622
3.00%, 04/15/2049, Series 4879, Class BC		5,097,740		5,265,538
4.50%, 05/25/2050, Series 4977, Class IO		3,881,280		631,482
Freddie Mac STACR REMIC Trust 2020-DNA5

	Principal Amount		Value
2.82% (30-day Average Secured Overnight Financing Rate + 2.80%), 10/25/2050, Series 2020-DNA5, Class M2(1)(2)		8,895,000		9,028,063
Freddie Mac STACR REMIC Trust 2020-DNA6
0.92% (30-day Average Secured Overnight Financing Rate + 0.90%), 12/25/2050, Series 2020-DNA6, Class M1(1)(2)		2,132,658		2,133,329
Freddie Mac STACR Remic Trust 2020-HQA2
1.19% (1 Month LIBOR USD + 1.10%), 03/25/2050, Series 2020-HQA2, Class M1(1)(2)		1,019,686		1,020,005
Freddie Mac STACR REMIC Trust 2021-DNA1
0.67% (30-day Average Secured Overnight Financing Rate + 0.65%), 01/25/2051, Series 2021-DNA1, Class M1(1)(2)		3,482,905		3,482,905
Freddie Mac STACR REMIC Trust 2021-HQA1
0.72% (30-day Average Secured Overnight Financing Rate + 0.70%), 08/25/2033, Series 2021-HQA1, Class M1(1)(2)		12,745,000		12,744,999
Freddie Mac STACR Trust 2018-DNA2
0.89% (1 Month LIBOR USD + 0.80%), 12/25/2030, Series 2018-DNA2, Class M1(1)(2)		497,685		497,685
1.04% (1 Month LIBOR USD + 0.95%), 12/25/2030, Series 2018-DNA2, Class M2AS(1)(2)		6,800,000		6,806,242
Freddie Mac STACR Trust 2018-HQA2
0.84% (1 Month LIBOR USD + 0.75%), 10/25/2048, Series 2018-HQA2, Class M1(1)(2)		257,540		257,540
Freddie Mac STACR Trust 2019-HRP1
1.49% (1 Month LIBOR USD + 1.40%), 02/25/2049, Series 2019-HRP1, Class M2(1)(2)		3,730,536		3,754,543
Freddie Mac Strips
3.00%, 09/15/2044, Series 337, Class 300		61,359,543		64,171,473
Freddie Mac Structured Agency Credit Risk Debt Notes
0.82% (30-day Average Secured Overnight Financing Rate + 0.80%), 08/25/2033, Series 2021-DNA2, Class M1(1)(2)		8,720,000		8,746,280
0.84% (1 Month LIBOR USD + 0.75%), 03/25/2030, Series 2017-DNA3, Class M1(1)		151,910		151,910
1.12% (30-day Average Secured Overnight Financing Rate + 1.10%), 11/25/2050, Series 2020-HQA5, Class M1(1)(2)		1,800,743		1,801,313
1.14% (1 Month LIBOR USD + 1.05%), 07/25/2030, Series 2018-DNA1, Class M2AT(1)		4,186,948		4,170,482
1.29% (1 Month LIBOR USD + 1.20%), 10/25/2029, Series 2017-DNA2, Class M1(1)		848,526		849,188
4.79% (1 Month LIBOR USD + 4.70%, 4.70% Floor), 04/25/2028, Series 2015-DNA3, Class M3(1)		3,723,110		3,852,709
Freddie Mac Whole Loan Securities Trust
3.61%, 12/25/2046, Series 2017-SC01, Class M1(2)(4)		2,525,177		2,550,596
FREMF 2018-K731 Mortgage Trust
4.06%, 02/25/2025, Series 2018-K731, Class B(2)(4)		4,525,000		4,903,930
FREMF 2019-K736 Mortgage Trust
3.88%, 07/25/2026, Series 2019-K736, Class B(2)(4)		5,440,000		5,896,128
FREMF 2019-K94 Mortgage Trust
4.10%, 07/25/2052, Series 2019-K94, Class B(2)(4)		2,800,000		3,126,297
FREMF 2019-K98 Mortgage Trust
3.86%, 10/25/2052, Series 2019-K98, Class B(2)(4)		2,895,000		3,185,908
FREMF K-100 Mortgage Trust
3.61%, 11/25/2052, Series 2019-K100, Class B(2)(4)		6,980,000		7,530,675
Galton Funding Mortgage Trust 2017-1
3.50%, 11/25/2057, Series 2018-1, Class A23(2)(4)		796,556		808,328
Galton Funding Mortgage Trust 2018-2
4.00%, 10/25/2058, Series 2018-2, Class A22(2)(4)		1,717,858		1,752,615
Galton Funding Mortgage Trust 2019-1
4.00%, 02/25/2059, Series 2019-1, Class A42(2)(4)		22,539		22,525
4.00%, 02/25/2059, Series 2019-1, Class A22(2)(4)		1,668,856		1,692,047
Galton Funding Mortgage Trust 2019-2
3.50%, 06/25/2059, Series 2019-2, Class A42(2)(4)		269,711		270,008
Galton Funding Mortgage Trust 2019-H1
2.66%, 10/25/2059, Series 2019-H1, Class A1(2)(4)		1,452,984		1,478,275
2.96%, 10/25/2059, Series 2019-H1, Class A3(2)(4)		4,332,573		4,378,381
Galton Funding Mortgage Trust 2020-H1

	Principal Amount		Value
2.31%, 01/25/2060, Series 2020-H1, Class A1(2)(4)		3,917,835		3,988,299
GCAT 2019-RPL1 Trust
2.65%, 10/25/2068, Series 2019-RPL1, Class A1(2)(4)		3,174,666		3,270,307
GCT Commercial Mortgage Trust 2021-GCT
1.77% (1 Month LIBOR USD + 1.70%, 1.70% Floor), 02/15/2038, Series 2021-GCT, Class C(1)(2)		3,000,000		2,999,999
Ginnie Mae
2.00%, 08/01/2051(10)		59,175,000		60,157,398
2.50%, 07/01/2051(10)		73,130,000		75,678,124
2.50%, 08/01/2051(10)		121,075,000		125,071,422
3.00%, 11/20/2047, Series 2018-8, Class DA		302,303		313,945
3.00%, 12/20/2047, Series 2017-184, Class JH		195,227		199,964
3.00%, 07/20/2049, Series 2019-90, Class HE		407,020		423,691
3.00%, 09/20/2049, Series 2019-119, Class JE		3,613,533		3,730,634
3.00%, 07/01/2051(10)		26,930,000		28,098,194
3.50%, 05/20/2043, Series 2013-82, Class IG		179,287		28,343
3.50%, 08/20/2048, Series 2018-115, Class DE		4,439,622		4,743,100
3.50%, 09/20/2048, Series 2018-124, Class NW		3,031,230		3,249,370
3.50%, 12/20/2048, Series 2019-44, Class CA		297,946		308,566
3.50%, 07/01/2051(10)		17,505,000		18,375,805
Ginnie Mae I Pool
3.00%, 10/15/2042		103,402		109,888
3.00%, 11/15/2042		67,681		71,842
3.00%, 12/15/2042		22,043		23,397
3.00%, 04/15/2043		592,952		629,433
3.00%, 05/15/2043		66,192		70,260
3.00%, 06/15/2043		4,507		4,778
3.00%, 06/15/2043		5,060		5,379
3.50%, 12/15/2042		5,900		6,313
3.50%, 01/15/2043		62,777		67,182
3.50%, 10/15/2043		41,714		44,227
3.50%, 02/15/2045		390,445		418,002
4.50%, 05/15/2041		363,553		409,280
4.50%, 09/15/2045		129,079		145,497
5.00%, 09/15/2039		23,217		26,793
5.00%, 10/15/2039		139,472		159,816
5.00%, 12/15/2039		313,448		362,638
5.00%, 02/15/2040		47,255		54,695
5.00%, 02/15/2040		47,255		54,695
5.00%, 06/15/2040		117,286		135,332
5.00%, 09/15/2041		126,683		146,722
5.00%, 07/15/2044		116,317		132,316
7.50%, 08/15/2033		158,130		180,600
Ginnie Mae II Pool
2.00%, 03/20/2051		21,539,249		21,947,439
3.00%, 02/20/2043		1,606,969		1,719,216
3.00%, 03/20/2043		143,882		153,239
3.00%, 12/20/2044		288,092		304,910
3.00%, 06/20/2045		21,036,186		22,297,349
3.00%, 05/20/2046		23,571		25,234

	Principal Amount		Value
3.00%, 05/20/2046		64,701		69,428
3.00%, 05/20/2046		6,777,584		7,164,839
3.00%, 06/20/2046		143,032		151,865
3.00%, 07/20/2046		40,969		43,860
3.00%, 07/20/2046		66,914		71,813
3.00%, 07/20/2046		91,963		98,140
3.00%, 07/20/2046		118,069		126,394
3.00%, 07/20/2046		191,380		203,945
3.00%, 07/20/2046		192,763		206,352
3.00%, 07/20/2046		8,429,106		8,895,417
3.00%, 08/20/2046		27,681		29,194
3.00%, 08/20/2046		61,693		65,928
3.00%, 08/20/2046		85,196		91,419
3.00%, 08/20/2046		88,162		94,413
3.00%, 09/20/2046		43,798		46,801
3.00%, 09/20/2046		50,720		54,324
3.00%, 10/20/2046		1,325,297		1,392,772
3.00%, 11/20/2046		97,945		103,422
3.00%, 12/20/2046		3,161,819		3,335,326
3.00%, 03/20/2047		823,750		872,916
3.00%, 09/20/2047		8,716,949		9,188,016
3.00%, 11/20/2047		3,101,016		3,261,555
3.00%, 01/20/2048		3,861,345		4,059,277
3.00%, 09/20/2049		1,099,512		1,129,856
3.00%, 10/20/2049		10,828,573		11,127,451
3.00%, 12/20/2049		849,866		873,307
3.00%, 03/20/2050		6,059,678		6,226,893
3.00%, 04/20/2051		18,845,114		19,751,024
3.50%, 05/20/2042		6,600		7,066
3.50%, 08/20/2042		33,765		36,149
3.50%, 12/20/2042		4,790		5,128
3.50%, 02/20/2043		13,307		14,274
3.50%, 04/20/2043		4,116		4,414
3.50%, 05/20/2043		52,142		55,963
3.50%, 06/20/2043		1,768,101		1,898,326
3.50%, 07/20/2043		1,183,969		1,271,302
3.50%, 08/20/2043		29,504		31,645
3.50%, 09/20/2043		82,034		88,177
3.50%, 10/20/2044		40,087		43,334
3.50%, 10/20/2044		238,939		256,027
3.50%, 12/20/2044		5,419		5,808
3.50%, 01/20/2045		1,495,002		1,606,290
3.50%, 03/20/2045		214,945		229,126
3.50%, 05/20/2045		9,225		9,889
3.50%, 07/20/2045		293,694		314,176
3.50%, 10/20/2045		59,634		63,721
3.50%, 10/20/2045		89,411		95,719
3.50%, 12/20/2045		1,559,950		1,668,747
3.50%, 01/20/2046		1,080,618		1,151,400
3.50%, 02/20/2046		428,634		458,835

	Principal Amount		Value
3.50%, 03/20/2046		10,350,036		11,027,797
3.50%, 04/20/2046		4,021,795		4,269,903
3.50%, 05/20/2046		3,623		3,805
3.50%, 05/20/2046		18,841		20,247
3.50%, 05/20/2046		46,448		49,505
3.50%, 05/20/2046		1,872,826		1,996,097
3.50%, 06/20/2046		58,522		62,659
3.50%, 06/20/2046		2,686,444		2,858,568
3.50%, 07/20/2046		377,434		401,683
3.50%, 09/20/2046		706,684		751,551
3.50%, 10/20/2046		924,304		985,755
3.50%, 12/20/2046		2,735,532		2,912,401
3.50%, 01/20/2047		3,405,635		3,629,232
3.50%, 04/20/2047		4,626,932		4,872,449
3.50%, 05/20/2047		203,331		215,755
3.50%, 06/20/2047		12,420,971		13,156,447
3.50%, 07/20/2047		3,625,397		3,842,133
3.50%, 08/20/2047		3,225,735		3,420,592
3.50%, 09/20/2047		8,888,846		9,405,932
3.50%, 10/20/2047		662,035		704,114
3.50%, 11/20/2047		11,426,227		12,126,977
3.50%, 12/20/2047		7,610,627		8,048,819
3.50%, 01/20/2048		5,336,913		5,653,051
3.50%, 02/20/2048		2,212,543		2,374,240
3.50%, 02/20/2048		5,833,562		6,336,506
3.50%, 04/20/2048		310,805		333,566
3.50%, 05/20/2048		5,897,646		6,249,647
3.50%, 01/20/2049		2,093		2,216
3.50%, 06/20/2049		874,135		898,874
3.50%, 07/20/2049		3,970,381		4,096,595
3.50%, 03/20/2050		1,359,585		1,444,901
4.00%, 09/20/2045		1,178,654		1,274,824
4.00%, 05/20/2046		625,957		673,501
4.00%, 11/20/2046		17,132		18,510
4.00%, 03/20/2047		1,434,655		1,539,033
4.00%, 04/20/2047		3,081,978		3,296,416
4.00%, 05/20/2047		2,365,645		2,531,982
4.00%, 06/20/2047		2,679,864		2,870,700
4.00%, 07/20/2047		589,931		629,452
4.00%, 08/20/2047		501,230		536,340
4.00%, 09/20/2047		2,637,094		2,812,199
4.00%, 11/20/2047		2,000,265		2,136,497
4.00%, 12/20/2047		1,735,482		1,852,501
4.00%, 01/20/2048		556,221		603,728
4.00%, 01/20/2048		2,396,043		2,549,762
4.00%, 06/20/2048		9,693,406		10,317,736
4.00%, 08/20/2048		4,016,204		4,271,114
4.00%, 09/20/2048		2,021,014		2,153,704
4.00%, 10/20/2048		795,647		847,591

	Principal Amount		Value
4.00%, 10/20/2050		17,253,311		18,267,227
4.50%, 07/20/2045		2,385,874		2,637,906
4.50%, 12/20/2045		46,421		51,324
4.50%, 01/20/2046		400,243		442,482
4.50%, 09/20/2046		2,869,691		3,173,289
4.50%, 01/20/2047		2,010,608		2,201,888
4.50%, 05/20/2047		3,805,187		4,123,316
4.50%, 06/20/2047		5,228,520		5,653,020
4.50%, 07/20/2047		612,240		662,635
4.50%, 08/20/2047		1,538,102		1,661,102
4.50%, 09/20/2047		1,493,824		1,608,876
4.50%, 11/20/2047		572,483		618,845
4.50%, 08/20/2048		7,013,713		7,546,551
4.50%, 09/20/2048		619,090		659,978
4.50%, 09/20/2048		772,934		830,508
4.50%, 06/20/2050		771,501		820,966
5.00%, 05/20/2040		111,548		126,315
5.00%, 06/20/2040		61,063		69,147
5.00%, 08/20/2040		46,926		53,139
5.00%, 09/20/2040		41,679		47,197
5.00%, 12/20/2044		210,598		237,658
5.00%, 06/20/2047		3,006,105		3,297,044
5.00%, 07/20/2047		410,357		450,027
5.00%, 08/20/2047		271,231		297,689
5.00%, 09/20/2047		2,752,474		3,007,958
5.00%, 10/20/2047		246,192		269,018
5.00%, 11/20/2047		538,299		589,188
5.00%, 12/20/2047		1,052,264		1,149,688
5.00%, 01/20/2048		1,335,018		1,458,120
5.00%, 02/20/2048		1,124,879		1,226,389
5.00%, 06/20/2048		444,897		483,621
5.00%, 08/20/2048		2,761,322		2,983,071
5.00%, 10/20/2048		2,445,703		2,641,693
5.00%, 11/20/2048		2,959,297		3,190,268
5.00%, 12/20/2048		5,035,832		5,426,182
5.00%, 05/20/2049		5,934,168		6,393,348
5.50%, 07/20/2036		66,006		77,209
5.50%, 01/20/2040		141,053		164,382
5.50%, 06/20/2045		170,017		199,415
5.50%, 10/20/2047		502,741		572,598
5.50%, 03/20/2048		1,035,199		1,142,920
5.50%, 04/20/2048		766,816		845,313
5.50%, 05/20/2048		2,068,204		2,279,921
5.50%, 09/20/2048		10,324		11,449
5.50%, 10/20/2048		254,555		280,613
5.50%, 11/20/2048		1,114,525		1,228,616
5.50%, 12/20/2048		4,209,064		4,639,936
5.50%, 01/20/2049		829,179		913,314
5.50%, 03/20/2049		1,638,568		1,809,441
Gosforth Funding 2018-1 Plc

	Principal Amount		Value
0.60% (3 Month LIBOR USD + 0.45%), 08/25/2060, Series 2018-1A, Class A1(1)(2)		737,237		738,576
Great Wolf Trust 2019-WOLF
1.11% (1 Month LIBOR USD + 1.03%, 1.03% Floor), 12/15/2036, Series 2019-WOLF, Class A(1)(2)		13,655,000		13,663,461
2.01% (1 Month LIBOR USD + 1.93%, 1.93% Floor), 12/15/2036, Series 2019-WOLF, Class D(1)(2)		3,400,000		3,378,815
Grifonas Finance No 1 Plc
0.00% (6 Month EURIBOR + 0.28%), 08/28/2039, Series 1, Class A(1)(5)	EUR	4,049,654		4,717,993
GS Mortgage Securities Corp. Trust 2013-PEMB
3.67%, 03/05/2033, Series 2013-PEMB, Class A(2)(4)	$	3,430,000		3,579,110
3.67%, 03/05/2033, Series 2013-PEMB, Class D(2)(4)		5,150,000		4,379,650
GS Mortgage Securities Corp. Trust 2017-SLP
3.92%, 10/10/2032, Series 2017-SLP, Class C(2)		8,029,000		8,202,723
GS Mortgage Securities Corp. Trust 2019-SOHO
1.37% (1 Month LIBOR USD + 1.30%, 1.30% Floor), 06/15/2036, Series 2019-SOHO, Class C(1)(2)		7,090,000		7,076,523
GS Mortgage Securities Trust 2011-GC3
5.58%, 03/10/2044, Series 2011-GC3, Class D(2)(4)		1,487,510		1,486,233
GS Mortgage Securities Trust 2011-GC5
5.43%, 08/10/2044, Series 2011-GC5, Class D(2)(4)		265,912		146,257
GS Mortgage Securities Trust 2013-GC16
5.16%, 11/10/2046, Series 2013-GC16, Class B(4)		7,561,000		8,089,604
GS Mortgage Securities Trust 2014-GC18
3.80%, 01/10/2047, Series 2014-GC18, Class A3		18,500,626		19,281,778
4.38%, 01/10/2047, Series 2014-GC18, Class AS		2,355,000		2,478,416
4.89%, 01/10/2047, Series 2014-GC18, Class B(4)		9,523,000		9,333,805
GS Mortgage Securities Trust 2017-GS6
3.87%, 05/10/2050, Series 2017-GS6, Class B		5,840,000		6,380,577
GS Mortgage Securities Trust 2017-GS8
4.48%, 11/10/2050, Series 2017-GS8, Class C(4)		5,365,000		5,840,562
GS Mortgage-Backed Securities Corp. Trust 2019-PJ1
4.00%, 08/25/2049, Series 2019-PJ1, Class A8(2)(4)		1,854,489		1,878,093
GS Mortgage-Backed Securities Trust 2020-INV1
2.99%, 10/25/2050, Series 2020-INV1, Class A14(2)(4)		6,323,853		6,422,575
GS Mortgage-Backed Securities Trust 2021-GR1
2.50%, 11/25/2051, Series 2021-GR1, Class A4(2)(4)		6,736,000		6,790,696
HarborView Mortgage Loan Trust 2005-9
0.99% (1 Month LIBOR USD + 0.90%, 0.90% Floor, 11.00% Cap), 06/20/2035, Series 2005-9, Class 2A1C(1)		6,284,340		6,221,518
HarborView Mortgage Loan Trust 2006-10
0.29% (1 Month LIBOR USD + 0.20%, 0.20% Floor), 11/19/2036, Series 2006-10, Class 1A1A(1)		8,647,965		8,043,292
HarborView Mortgage Loan Trust 2006-12
0.30% (1 Month LIBOR USD + 0.21%, 0.21% Floor), 12/19/2036, Series 2006-12, Class 1A1A(1)		29,571,831		27,673,112
HarborView Mortgage Loan Trust 2006-7
0.49% (1 Month LIBOR USD + 0.40%, 0.40% Floor), 09/19/2046, Series 2006-7, Class 2A1A(1)		3,334,731		3,054,154
HarborView Mortgage Loan Trust 2007-6
0.29% (1 Month LIBOR USD + 0.20%, 10.50% Cap), 08/19/2037, Series 2007-6, Class 1A1A(1)		8,048,636		7,575,181
Harvest Commercial Capital Loan Trust 2019-1
3.29%, 09/25/2046, Series 2019-1, Class A(2)(4)		7,291,775		7,328,113
Hawksmoor Mortgages
1.10% (3 Month Sterling Overnight Interbank Average Rate + 1.05%), 05/25/2053, Series 2019-1A, Class A(1)(2)	GBP	18,315,480		25,443,379
Hilton Orlando Trust 2018-ORL
1.27% (1 Month LIBOR USD + 1.20%, 1.05% Floor), 12/15/2034, Series 2018-ORL, Class B(1)(2)	$	350,000		350,209

	Principal Amount		Value
Homeward Opportunities Fund I Trust 2019-2
2.70%, 09/25/2059, Series 2019-2, Class A1(2)(4)		2,734,494		2,743,282
Homeward Opportunities Fund I Trust 2019-3
3.03%, 11/25/2059, Series 2019-3, Class A3(2)(4)		3,277,761		3,299,428
Homeward Opportunities Fund I Trust 2020-2
1.66%, 05/25/2065, Series 2020-2, Class A1(2)(4)		3,005,194		3,023,092
HSI Asset Securitization Corp. Trust 2005-NC1
1.05% (1 Month LIBOR USD + 0.96%, 0.96% Floor), 07/25/2035, Series 2005-NC1, Class M3(1)		6,336,000		6,304,397
Hudson Yards 2019-30HY Mortgage Trust
3.23%, 07/10/2039, Series 2019-30HY, Class A(2)		6,570,000		7,151,844
Hudson Yards 2019-55HY Mortgage Trust
3.04%, 12/10/2041, Series 2019-55HY, Class A(2)(4)		5,545,000		5,969,399
Hudsons Bay Simon JV Trust 2015-HBS
4.15%, 08/05/2034, Series 2015-HB10, Class A10(2)		3,540,000		3,204,461
ILPT Trust 2019-SURF
4.15%, 02/11/2041, Series 2019-SURF, Class A(2)		7,575,000		8,681,455
Impac CMB Trust Series 2004-7
0.73% (1 Month LIBOR USD + 0.64%, 11.25% Cap), 11/25/2034, Series 2004-7, Class 2A(1)		3,971,025		4,040,324
Independence Plaza Trust 2018-INDP
3.76%, 07/10/2035, Series 2018-INDP, Class A(2)		3,265,000		3,460,487
3.91%, 07/10/2035, Series 2018-INDP, Class B(2)		2,780,000		2,929,461
IndyMac INDX Mortgage Loan Trust 2006-AR19
3.23%, 08/25/2036, Series 2006-AR19, Class 5A2(4)		18,815,662		16,812,692
IndyMac INDX Mortgage Loan Trust 2007-AR15
2.95%, 08/25/2037, Series 2007-AR15, Class 1A1(4)		4,048,597		3,592,048
InTown Hotel Portfolio Trust 2018-STAY
1.37% (1 Month LIBOR USD + 1.30%, 1.05% Floor), 01/15/2033, Series 2018-STAY, Class B(1)(2)		430,000		431,309
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9
4.57%, 12/15/2047, Series 2012-LC9, Class D(2)(4)		215,000		211,593
4.57%, 12/15/2047, Series 2012-LC9, Class C(2)(4)		6,150,000		6,274,952
JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2
3.06%, 08/15/2049, Series 2016-JP2, Class AS		1,993,000		2,092,759
JP Morgan Chase Commercial Mortgage Securities Trust 2016-NINE
2.95%, 09/06/2038, Series 2016-NINE, Class B(2)(4)		910,000		956,358
2.95%, 09/06/2038, Series 2016-NINE, Class A(2)(4)		3,597,500		3,835,527
JP Morgan Chase Commercial Mortgage Securities Trust 2018-ASH8
1.02% (1 Month LIBOR USD + 0.95%, 0.84% Floor), 02/15/2035, Series 2018-ASH8, Class A(1)(2)		7,500,000		7,514,613
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ
1.67% (1 Month LIBOR USD + 1.60%, 1.60% Floor), 06/15/2032, Series 2018-LAQ, Class C(1)(2)		1,600,000		1,601,985
2.17% (1 Month LIBOR USD + 2.10%, 2.10% Floor), 06/15/2032, Series 2018-LAQ, Class D(1)(2)		14,480,000		14,502,490
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
4.25%, 07/05/2033, Series 2018-WPT, Class AFX(2)		965,000		1,016,610
JP Morgan Chase Commercial Mortgage Securities Trust 2019-OSB
3.40%, 06/05/2039, Series 2019-OSB, Class A(2)		8,012,500		8,827,997
JP Morgan Chase Commercial Mortgage Securities Trust 2021-1440
1.37% (1 Month LIBOR USD + 1.30%, 1.30% Floor), 03/15/2036, Series 2021-1440, Class A(1)(2)		5,000,000		5,002,278
JP Morgan Mortgage Trust 2019-INV3
3.50%, 05/25/2050, Series 2019-INV3, Class A15(2)(4)		1,910,821		1,945,475
3.50%, 05/25/2050, Series 2019-INV3, Class A3(2)(4)		2,236,585		2,279,914
JP Morgan Mortgage Trust 2020-7

	Principal Amount		Value
3.00%, 01/25/2051, Series 2020-7, Class A15(2)(4)		5,770,807		5,826,731
JP Morgan Mortgage Trust 2020-INV1
0.92% (1 Month LIBOR USD + 0.83%, 6.00% Cap), 08/25/2050, Series 2020-INV1, Class A11(1)(2)		1,104,414		1,112,736
3.50%, 08/25/2050, Series 2020-INV1, Class A3(2)(4)		1,833,664		1,874,476
JP Morgan Mortgage Trust 2020-INV2
3.00%, 10/25/2050, Series 2020-INV2, Class A15(2)(4)		2,447,733		2,478,234
JP Morgan Seasoned Mortgage Trust 2010-1
0.00%, 03/25/2050, Series 2010-1, Class B(2)(4)		9,632,093		8,799,783
JPMBB Commercial Mortgage Securities Trust 2014-C24
2.94%, 11/15/2047, Series 2014-C24, Class A2		584,332		584,122
JPMBB Commercial Mortgage Securities Trust 2015-C30
3.82%, 07/15/2048, Series 2015-C30, Class A5		2,780,000		3,053,355
JPMBB Commercial Mortgage Securities Trust 2015-C31
3.80%, 08/15/2048, Series 2015-C31, Class A3		5,065,000		5,522,487
JPMCC Commercial Mortgage Securities Trust 2017-JP5
3.88%, 03/15/2050, Series 2017-JP5, Class AS(4)		4,990,000		5,510,310
JPMDB Commercial Mortgage Securities Trust 2016-C4
3.38%, 12/15/2049, Series 2016-C4, Class AS		4,040,000		4,365,443
Lanark Master Issuer Plc
2.28%, 12/22/2069, Series 2020-1A, Class 1A(2)(4)		695,000		709,089
2.71%, 12/22/2069, Series 2019-2A, Class 1A(2)(3)		3,285,000		3,329,900
Legacy Mortgage Asset Trust 2019-GS7
3.25%, 11/25/2059, Series 2019-GS7, Class A1(2)(3)		5,208,749		5,238,990
Legacy Mortgage Asset Trust 2020-GS1
2.88%, 10/25/2059, Series 2020-GS1, Class A1(2)(3)		3,889,230		3,917,205
Legacy Mortgage Asset Trust 2020-GS5
3.25%, 06/25/2060, Series 2020-GS5, Class A1(2)		1,000,990		1,019,857
Legacy Mortgage Asset Trust 2020-SL1
2.73%, 01/25/2060, Series 2020-SL1, Class A(2)(3)		1,835,804		1,851,410
Legacy Mortgage Asset Trust 2021-GS2
1.75%, 04/25/2061, Series 2021-GS2, Class A1(2)(3)		5,701,678		5,707,487
Legacy Mortgage Asset Trust 2021-GS3
1.75%, 07/25/2061, Series 2021-GS3, Class A1(2)(3)		11,082,732		11,055,011
Lehman XS Trust Series 2005-5N
0.45% (1 Month LIBOR USD + 0.36%, 0.36% Floor), 11/25/2035, Series 2005-5N, Class 3A2(1)		9,083,533		8,721,373
Mansard Mortgages 2007-1 Plc
0.38% (3 Month LIBOR GBP + 0.30%), 04/15/2049, Series 2007-1X, Class M1(1)	GBP	5,402,759		7,082,825
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-HB1
1.93%, 04/25/2029, Series 2004-HB1, Class A3(4)	$	478,275		468,358
Metlife Securitization Trust 2018-1
3.75%, 03/25/2057, Series 2018-1A, Class A(2)(4)		10,832,024		11,288,629
MF1 Multifamily Housing Mortgage Loan Trust
1.32% (1 Month LIBOR USD + 1.20%, 1.20% Floor), 07/15/2036, Series 2021-FL5, Class AS(1)(2)		15,000,000		14,985,945
Mill City Mortgage Loan Trust 2019-1
3.25%, 10/25/2069, Series 2019-1, Class A1(2)(4)		1,758,346		1,854,426
3.50%, 10/25/2069, Series 2019-1, Class M1(2)(4)		1,187,812		1,290,497
Mill City Mortgage Loan Trust 2019-GS1
2.75%, 07/25/2059, Series 2019-GS1, Class A1(2)(4)		4,384,935		4,512,359
Mill City Mortgage Loan Trust 2019-GS2

	Principal Amount		Value
2.75%, 08/25/2059, Series 2019-GS2, Class A1(2)(4)		10,578,101		10,960,314
Mill City Mortgage Loan Trust 2021-NMR1
2.50%, 11/25/2060, Series 2021-NMR1, Class M2(2)(4)		1,000,000		1,009,370
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12
4.92%, 10/15/2046, Series 2013-C12, Class C(4)		900,000		904,645
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15
4.26%, 04/15/2047, Series 2014-C15, Class AS		1,940,000		2,087,493
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17
3.74%, 08/15/2047, Series 2014-C17, Class A5		974,000		1,046,570
4.46%, 08/15/2047, Series 2014-C17, Class B(4)		1,655,000		1,782,414
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24
3.73%, 05/15/2048, Series 2015-C24, Class A4		6,000,000		6,565,243
4.04%, 05/15/2048, Series 2015-C24, Class AS(4)		190,000		207,562
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30
2.86%, 09/15/2049, Series 2016-C30, Class A5		3,220,000		3,419,008
Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34
4.32%, 11/15/2052, Series 2017-C34, Class C(4)		845,000		907,919
Morgan Stanley Capital I Trust 2011-C2
5.42%, 06/15/2044, Series 2011-C2, Class E(2)(4)		1,415,000		1,075,126
Morgan Stanley Capital I Trust 2018-H4
4.31%, 12/15/2051, Series 2018-H4, Class A4		4,030,000		4,642,146
Morgan Stanley Resecuritization Trust 2013-R7
0.63% (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap), 12/26/2046, Series 2013-R7, Class 4B(1)(2)		4,178,802		4,182,072
Motel 6 Trust 2017-MTL6
2.22% (1 Month LIBOR USD + 2.15%, 2.15% Floor), 08/15/2034, Series 2017-MTL6, Class D(1)(2)		336,389		337,017
MSBAM Commercial Mortgage Securities Trust 2012-CKSV
3.28%, 10/15/2030, Series 2012-CKSV, Class A2(2)		605,000		601,603
MSCG Trust 2018-SELF
0.97% (1 Month LIBOR USD + 0.90%, 0.90% Floor), 10/15/2037, Series 2018-SELF, Class A(1)(2)		4,110,000		4,112,559
Mulcair Securities DAC
0.46% (3 Month EURIBOR + 1.00%), 04/24/2071, Series 1, Class A	EUR	1,637,813		1,951,341
Natixis Commercial Mortgage Securities Trust 2020-2PAC
2.97%, 12/15/2038, Series 2020-2PAC, Class A(2)	$	6,668,500		6,973,417
New Orleans Hotel Trust 2019-HNLA
1.06% (1 Month LIBOR USD + 0.99%, 0.99% Floor), 04/15/2032, Series 2019-HNLA, Class A(1)(2)		5,000,000		4,987,448
1.36% (1 Month LIBOR USD + 1.29%, 1.29% Floor), 04/15/2032, Series 2019-HNLA, Class B(1)(2)		6,425,000		6,388,853
New Residential Mortgage Loan Trust 2019-NQM5
2.71%, 11/25/2059, Series 2019-NQM5, Class A1(2)(4)		2,251,656		2,277,957
New Residential Mortgage Loan Trust 2019-RPL3
2.75%, 07/25/2059, Series 2019-RPL3, Class A1(2)(4)		29,354,846		30,585,915
New Residential Mortgage Loan Trust 2020-NQM1
2.46%, 01/26/2060, Series 2020-NQM1, Class A1(2)(4)		2,704,114		2,731,903
New Residential Mortgage Loan Trust 2021-NQM1R
1.10%, 07/25/2055, Series 2021-NQ1R, Class A2(2)(4)		2,443,169		2,444,555
1.20%, 07/25/2055, Series 2021-NQ1R, Class A3(2)(4)		3,001,608		3,003,277
OBX 2018-EXP1 Trust
0.94% (1 Month LIBOR USD + 0.85%, 0.85% Floor), 04/25/2048, Series 2018-EXP1, Class 2A1(1)(2)		942,704		948,807
4.00%, 04/25/2048, Series 2018-EXP1, Class 1A3(2)(4)		675,366		688,889
OBX 2019-EXP2 Trust
4.00%, 06/25/2059, Series 2019-EXP2, Class 1A3(2)(4)		1,857,095		1,926,628

	Principal Amount		Value
OBX 2019-EXP3 Trust
3.50%, 10/25/2059, Series 2019-EXP3, Class 1A8(2)(4)		1,389,057		1,415,462
OBX 2020-EXP1 Trust
0.84% (1 Month LIBOR USD + 0.75%), 02/25/2060, Series 2020-EXP1, Class 2A1(1)(2)		673,489		674,036
3.50%, 02/25/2060, Series 2020-EXP1, Class 1A8(2)(4)		2,001,267		2,058,103
OBX 2020-EXP2 Trust
3.00%, 05/25/2060, Series 2020-EXP2, Class A8(2)(4)		5,836,944		5,951,749
OBX 2020-EXP3 Trust
3.00%, 01/25/2060, Series 2020-EXP3, Class 1A9(2)(4)		4,392,775		4,446,794
OBX 2020-INV1 Trust
3.50%, 12/25/2049, Series 2020-INV1, Class A5(2)(4)		2,726,893		2,766,122
OBX 2021-NQM1 Trust
1.33%, 02/25/2066, Series 2021-NQM1, Class A3(2)(4)		9,767,996		9,743,691
One Bryant Park Trust 2019-OBP
2.52%, 09/15/2054, Series 2019-OBP, Class A(2)		7,390,000		7,652,058
Precise Mortgage Funding 2018-2B Plc
0.76% (3 Month LIBOR GBP + 0.68%), 03/12/2055, Series 2018-2B, Class A(1)	GBP	3,136,239		4,346,650
PRPM 2020-2 LLC
3.67%, 08/25/2025, Series 2020-2, Class A1(2)(3)	$	1,021,090		1,028,004
PRPM 2020-3 LLC
2.86%, 09/25/2025, Series 2020-3, Class A1(2)(3)		3,275,901		3,293,296
PRPM 2020-5 LLC
3.10%, 11/25/2025, Series 2020-5, Class A1(2)(3)		7,484,055		7,533,680
PRPM 2021-1 LLC
2.12%, 01/25/2026, Series 2021-1, Class A1(2)(4)		7,413,650		7,427,043
PRPM 2021-2 LLC
2.12%, 03/25/2026, Series 2021-2, Class A1(2)(4)		3,629,035		3,635,491
PRPM 2021-3 LLC
1.87%, 04/25/2026, Series 2021-3, Class A1(2)(3)		6,979,566		7,013,823
Queens Center Mortgage Trust 2013-QC
3.28%, 01/11/2037, Series 2013-QCA, Class A(2)		3,915,000		4,136,240
RALI Series 2006-QS9 Trust
6.00%, 07/25/2036, Series 2006-QS9, Class 1A3		3,535,127		3,364,397
RALI Series 2007-QH8 Trust
1.02%, 10/25/2037, Series 2007-QH8, Class A(4)		1,074,046		1,031,799
RALI Series 2007-QS2 Trust
6.25%, 01/25/2037, Series 2007-QS2, Class A4		20,280,188		19,387,570
RBS Commercial Funding, Inc. 2013-GSP Trust
3.96%, 01/15/2032, Series 2013-GSP, Class A(2)(4)		4,490,000		4,759,138
RCO V Mortgage LLC 2020-1
3.10%, 09/25/2025, Series 2020-1, Class A1(2)(3)		1,665,892		1,679,236
Real Estate Asset Liquidity Trust
2.42%, 06/12/2054, Series 2019-1A, Class A1(2)(4)	CAD	10,109,502		8,346,578
RESIMAC Bastille Trust Series 2018-1NC
0.93% (1 Month LIBOR USD + 0.85%), 12/05/2059, Series 2018-1NCA, Class A1(1)(2)	$	896,501		897,754
Seasoned Credit Risk Transfer Trust Series 2016-1
3.00%, 09/25/2055, Series 2016-1, Class M1(2)(4)		81,677		81,748
Sequoia Mortgage Trust 2003-2
0.75% (1 Month LIBOR USD + 0.66%, 0.66% Floor, 11.50% Cap), 06/20/2033, Series 2003-2, Class A1(1)		375,454		373,793

	Principal Amount		Value
Sequoia Mortgage Trust 2004-9
0.92% (6 Month LIBOR USD + 0.72%, 0.72% Floor, 11.50% Cap), 10/20/2034, Series 2004-9, Class A2(1)		933,113		914,941
Sequoia Mortgage Trust 2013-4
3.47%, 04/25/2043, Series 2013-4, Class B1(4)		1,304,032		1,330,262
Sequoia Mortgage Trust 2017-CH1
4.00%, 08/25/2047, Series 2017-CH1, Class A1(2)(4)		2,931,595		2,974,638
Sequoia Mortgage Trust 2017-CH2
4.00%, 12/25/2047, Series 2017-CH2, Class A1(2)(4)		578,957		588,322
4.00%, 12/25/2047, Series 2017-CH2, Class A19(2)(4)		599,989		609,104
Sequoia Mortgage Trust 2018-CH1
3.50%, 02/25/2048, Series 2018-CH1, Class A2(2)(4)		165,287		166,669
Sequoia Mortgage Trust 2018-CH2
4.00%, 06/25/2048, Series 2018-CH2, Class A21(2)(4)		492,970		499,198
Sequoia Mortgage Trust 2018-CH3
4.00%, 08/25/2048, Series 2018-CH3, Class A2(2)(4)		1,536,080		1,567,035
4.50%, 08/25/2048, Series 2018-CH3, Class A19(2)(4)		643,720		659,406
4.50%, 08/25/2048, Series 2018-CH3, Class A13(2)(4)		3,813,506		3,877,816
Sequoia Mortgage Trust 2018-CH4
4.00%, 10/25/2048, Series 2018-CH4, Class A2(2)(4)		501,224		506,224
Sequoia Mortgage Trust 2019-CH2
4.50%, 08/25/2049, Series 2019-CH2, Class A1(2)(4)		732,731		738,692
SFAVE Commercial Mortgage Securities Trust 2015-5AVE
4.14%, 01/05/2043, Series 2015-5AVE, Class A2B(2)(4)		295,000		322,657
SG Residential Mortgage Trust 2019-3
2.70%, 09/25/2059, Series 2019-3, Class A1(2)(4)		1,290,376		1,296,030
SLM Student Loan Trust 2008-9
1.68% (3 Month LIBOR USD + 1.50%), 04/25/2023, Series 2008-9, Class A(1)		6,436,372		6,490,714
Southern Pacific Securities 06-1 Plc
0.38% (3 Month LIBOR GBP + 0.30%), 03/10/2044, Series 2006-1X, Class B1C(1)	GBP	826,146		1,139,181
STACR Trust 2018-DNA3
0.99% (1 Month LIBOR USD + 0.90%), 09/25/2048, Series 2018-DNA3, Class M2AS(1)(2)	$	4,965,000		4,966,590
STACR Trust 2018-HRP2
1.34% (1 Month LIBOR USD + 1.25%), 02/25/2047, Series 2018-HRP2, Class M2(1)(2)		2,653,673		2,653,672
Starwood Mortgage Residential Trust 2018-IMC2
4.12%, 10/25/2048, Series 2018-IMC2, Class A1(2)(4)		2,482,437		2,515,400
Starwood Mortgage Residential Trust 2019-1
2.94%, 06/25/2049, Series 2019-1, Class A1(2)(4)		2,981,136		2,997,401
Starwood Mortgage Residential Trust 2019-INV1
2.61%, 09/27/2049, Series 2019-INV1, Class A1(2)(4)		2,497,715		2,528,783
Starwood Mortgage Residential Trust 2020-INV
1.59%, 11/25/2055, Series 2020-INV1, Class A3(2)(4)		2,369,065		2,368,977
2.50%, 11/25/2055, Series 2020-INV1, Class M1(2)		1,545,000		1,550,007
Stratton Mortgage Funding
0.95% (3 Month Sterling Overnight Interbank Average Rate + 0.90%), 07/20/2060, Series 2021-2A, Class A(1)(2)	GBP	19,205,629		26,627,586
Sutherland Commercial Mortgage Loans 2017-SBC6
3.19%, 05/25/2037, Series 2017-SBC6, Class A(2)(4)	$	1,807,277		1,798,860
Toorak Mortgage Corp. 2021-1 Ltd.
2.24%, 06/25/2024, Series 2021-1, Class A1(2)(3)		7,160,000		7,163,763
Towd Point Mortgage Funding
0.95% (3 Month Sterling Overnight Interbank Average Rate + 0.90%), 07/20/2045, Series 2019-A13A, Class A1(1)(2)	GBP	85,837,655		119,064,571

	Principal Amount		Value
Towd Point Mortgage Funding 2018—Auburn 12 Plc
0.88% (3 Month LIBOR GBP + 0.80%), 02/20/2045, Series 2018-A12X, Class A(1)		2,246,725		3,111,434
Towd Point Mortgage Funding 2019—Granite4 Plc
1.11% (3 Month LIBOR GBP + 1.03%), 10/20/2051, Series 2019-GR4A, Class A1(1)(2)		23,168,774		32,229,866
Towd Point Mortgage Trust 2019-4
2.90%, 10/25/2059, Series 2019-4, Class A1(2)(4)	$	85,918,655		88,852,167
Trinity Square 2021-1 Plc
(3 Month Sterling Overnight Interbank Average Rate + 2.75%), 07/15/2059, Series 2021-1A, Class E(1)(2)(5)	GBP	1,143,000		1,587,356
(3 Month Sterling Overnight Interbank Average Rate + 2.00%), 07/15/2059, Series 2021-1A, Class D(1)(2)(5)		2,364,000		3,285,020
(3 Month Sterling Overnight Interbank Average Rate + 1.70%), 07/15/2059, Series 2021-1A, Class C(1)(2)(5)		3,286,000		4,556,960
(3 Month Sterling Overnight Interbank Average Rate + 1.40%), 07/15/2059, Series 2021-1A, Class B(1)(2)(5)		11,459,000		15,891,132
UBS Commercial Mortgage Trust 2018-C9
4.32%, 03/15/2051, Series 2018-C9, Class AS(4)	$	1,718,000		1,962,838
UBS-Barclays Commercial Mortgage Trust 2012-C2
5.04%, 05/10/2063, Series 2012-C2, Class E(2)(4)		3,235,000		485,250
5.04%, 05/10/2063, Series 2012-C2, Class D(2)(4)		1,135,000		658,242
VASA Trust 2021-VASA
1.32% (1 Month LIBOR USD + 1.25%, 1.25% Floor), 07/15/2039, Series 2021-VASA, Class B(1)(2)		10,000,000		10,003,013
1.82% (1 Month LIBOR USD + 1.75%, 1.75% Floor), 07/15/2039, Series 2021-VASA, Class C(1)(2)		12,000,000		12,003,624
Verus Securitization Trust 2019-3
3.04%, 07/25/2059, Series 2019-3, Class A3(2)(3)		2,302,370		2,327,864
Verus Securitization Trust 2019-4
2.64%, 11/25/2059, Series 2019-4, Class A1(2)(3)		3,091,134		3,142,813
2.85%, 11/25/2059, Series 2019-4, Class A2(2)(3)		2,074,390		2,108,873
3.00%, 11/25/2059, Series 2019-4, Class A3(2)(3)		3,603,999		3,661,717
Verus Securitization Trust 2019-INV2
3.12%, 07/25/2059, Series 2019-INV2, Class A2(2)(4)		4,954,854		5,041,638
Verus Securitization Trust 2019-INV3
2.69%, 11/25/2059, Series 2019-INV3, Class A1(2)(4)		5,194,047		5,289,879
Verus Securitization Trust 2020-1
2.72%, 01/25/2060, Series 2020-1, Class A3(2)(3)		4,383,330		4,433,799
Verus Securitization Trust 2020-INV1
3.89%, 03/25/2060, Series 2020-INV1, Class A3(2)(4)		805,000		840,893
Verus Securitization Trust 2021-1
1.16%, 01/25/2066, Series 2021-1, Class A3(2)(4)		5,363,098		5,356,826
Verus Securitization Trust 2021-R1
1.26%, 10/25/2063, Series 2021-R1, Class A3(2)(4)		4,617,843		4,610,369
Verus Securitization Trust 2021-R2
1.23%, 02/25/2064, Series 2021-R2, Class A3(2)(4)		5,528,450		5,546,391
Vista Point Securitization Trust 2020-1
1.76%, 03/25/2065, Series 2020-1, Class A1(2)(4)		2,164,741		2,185,066
3.20%, 03/25/2065, Series 2020-1, Class A3(2)(4)		3,765,000		3,865,428
Vista Point Securitization Trust 2020-2
1.48%, 04/25/2065, Series 2020-2, Class A1(2)(4)		2,937,976		2,953,747
VOLT XCII LLC
1.89%, 02/27/2051, Series 2021-NPL1, Class A1(2)(3)		1,992,085		1,992,203
VOLT XCIII LLC
1.89%, 02/27/2051, Series 2021-NPL2, Class A1(2)(3)		5,374,526		5,368,377
VOLT XCIV LLC

	Principal Amount		Value
2.24%, 02/27/2051, Series 2021-NPL3, Class A1(2)(3)		4,764,287		4,768,967
Wachovia Bank Commercial Mortgage Trust Series 2006-C29
5.44%, 11/15/2048, Series 2006-C29, Class C(4)		283,572		284,537
Wachovia Bank Commercial Mortgage Trust Series 2007-C33
5.84%, 02/15/2051, Series 2007-C33, Class AJ(4)		2,626,518		1,972,663
WaMu Mortgage Pass-Through Certificates Series 2005-AR11 Trust
0.73% (1 Month LIBOR USD + 0.64%, 0.64% Floor, 10.50% Cap), 08/25/2045, Series 2005-AR11, Class A1A(1)		2,059,965		2,043,419
WaMu Mortgage Pass-Through Certificates Series 2005-AR13 Trust
0.67% (1 Month LIBOR USD + 0.58%, 0.58% Floor, 10.50% Cap), 10/25/2045, Series 2005-AR13, Class A1A1(1)		2,964,837		2,962,607
WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust
0.61% (1 Month LIBOR USD + 0.52%, 0.52% Floor, 10.50% Cap), 11/25/2045, Series 2005-AR15, Class A1A1(1)		4,142,312		4,075,632
WaMu Mortgage Pass-Through Certificates Series 2005-AR2 Trust
0.75% (1 Month LIBOR USD + 0.66%, 0.66% Floor, 10.50% Cap), 01/25/2045, Series 2005-AR2, Class 1A1A(1)		4,327,021		4,303,928
WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust
0.87% (12 Month U.S. Treasury Average + 0.75%, 0.75% Floor), 06/25/2047, Series 2007-OA5, Class 1A(1)		10,638,298		10,116,138
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust
5.50%, 04/25/2037, Series 2007-2, Class 2A1		6,687,608		6,889,234
Wells Fargo Commercial Mortgage Trust 2013-LC12
4.43%, 07/15/2046, Series 2013-LC12, Class B(4)		1,940,000		1,947,745
Wells Fargo Commercial Mortgage Trust 2014-LC16
4.02%, 08/15/2050, Series 2014-LC16, Class AS		3,015,000		3,151,999
Wells Fargo Commercial Mortgage Trust 2016-C33
3.16%, 03/15/2059, Series 2016-C33, Class A3		1,075,367		1,143,609
4.51%, 03/15/2059, Series 2016-C33, Class B(4)		4,317,000		4,770,110
Wells Fargo Commercial Mortgage Trust 2016-C35
3.18%, 07/15/2048, Series 2016-C35, Class AS		3,155,000		3,355,966
Wells Fargo Commercial Mortgage Trust 2016-LC24
3.37%, 10/15/2049, Series 2016-LC24, Class AS		6,000,000		6,415,981
Wells Fargo Commercial Mortgage Trust 2017-C38
3.45%, 07/15/2050, Series 2017-C38, Class A5		1,695,000		1,867,332
Wells Fargo Commercial Mortgage Trust 2017-HSDB
0.92% (1 Month LIBOR USD + 0.85%, 0.85% Floor), 12/13/2031, Series 2017-HSDB, Class A(1)(2)		8,100,000		7,983,949
1.17% (1 Month LIBOR USD + 1.10%, 1.10% Floor), 12/13/2031, Series 2017-HSDB, Class B(1)(2)		6,700,000		6,503,561
1.92% (1 Month LIBOR USD + 1.84%, 1.85% Floor), 12/13/2031, Series 2017-HSDB, Class D(1)(2)		100,000		94,156
Wells Fargo Commercial Mortgage Trust 2019-C50
4.19%, 05/15/2052, Series 2019-C50, Class B		2,085,000		2,353,603
Wells Fargo Commercial Mortgage Trust 2019-C54
3.67%, 12/15/2052, Series 2019-C54, Class B		4,420,000		4,842,093
Wells Fargo Commercial Mortgage Trust 2019-JWDR
2.58%, 09/15/2031, Series 2019-JWDR, Class A(2)(4)		6,560,000		6,669,755
Wells Fargo Commercial Mortgage Trust 2020-C55
2.73%, 02/15/2053, Series 2020-C55, Class A5		11,075,000		11,712,218
3.14%, 02/15/2053, Series 2020-C55, Class B		1,177,018		1,238,563
Wells Fargo Commercial Mortgage Trust 2021-SAVE
1.52% (1 Month LIBOR USD + 1.45%, 1.45% Floor), 02/15/2040, Series 2021-SAVE, Class B(1)(2)		1,499,886		1,505,573
Wells Fargo Mortgage Backed Securities 2021-RR1 Trust
2.50%, 12/25/2050, Series 2021-RR1, Class A1(2)(4)		7,010,000		7,115,150
WFRBS Commercial Mortgage Trust 2011-C5
5.90%, 11/15/2044, Series 2011-C5, Class D(2)(4)		115,000		114,555
WFRBS Commercial Mortgage Trust 2012-C6

	Principal Amount		Value
3.84%, 04/15/2045, Series 2012-C6, Class AS		1,945,000		1,970,449
WFRBS Commercial Mortgage Trust 2012-C7
3.43%, 06/15/2045, Series 2012-C7, Class A2		11,699,619		11,885,955
4.96%, 06/15/2045, Series 2012-C7, Class E(2)(4)		690,000		155,250
WFRBS Commercial Mortgage Trust 2013-C15
4.65%, 08/15/2046, Series 2013-C15, Class B(4)		1,525,000		1,522,832
WFRBS Commercial Mortgage Trust 2014-C20
4.38%, 05/15/2047, Series 2014-C20, Class B		2,365,000		2,482,155
WFRBS Commercial Mortgage Trust 2014-C22
4.07%, 09/15/2057, Series 2014-C22, Class AS(4)		4,250,000		4,595,964
WFRBS Commercial Mortgage Trust 2014-C24
4.20%, 11/15/2047, Series 2014-C24, Class B(4)		825,000		836,988
Worldwide Plaza Trust 2017-WWP
3.53%, 11/10/2036, Series 2017-WWP, Class A(2)		1,740,000		1,899,213
3.72%, 11/10/2036, Series 2017-WWP, Class C(2)(4)		320,000		333,242
Total Mortgage-Backed Obligations (Cost: $7,917,449,832)				8,005,007,412
Total Bonds & Notes (Cost: $29,812,234,452)				30,419,587,647
BANK LOANS – 2.89%
1011778 BC ULC
1.85% (LIBOR + 1.75%), 11/19/2026(1)	$	1,567,446	$	1,544,671
AAdvantage Loyality IP Ltd.
5.50% (LIBOR + 4.75%), 04/20/2028(1)		7,731,000		8,053,769
ABG Intermediate Holdings 2 LLC
4.00% (LIBOR + 3.25%), 09/27/2024(1)(17)		2,894,427		2,890,809
Acrisure LLC
3.60% (LIBOR + 3.50%), 02/15/2027(1)		2,468,750		2,439,940
Acuity Specialty Products, Inc.
5.00% (LIBOR + 4.00%), 08/12/2024(1)		6,542,309		6,440,642
ADMI Corp.
0.00%, 12/23/2027		800,000		798,504
3.25% (LIBOR + 2.75%), 12/23/2027(1)		2,763,075		2,730,277
AI Alpine U.S. Bidco, Inc.
3.20% (LIBOR + 3.00%), 10/31/2025(1)(17)		810,585		786,267
Aldevron LLC
4.25% (LIBOR + 3.25%), 10/12/2026(1)		4,496,015		4,494,621
Alliant Holdings Intermediate LLC
3.35% (LIBOR + 3.25%), 05/09/2025(1)		4,833,864		4,778,951
4.25% (LIBOR + 3.75%), 11/05/2027(1)		5,546,750		5,551,354
Alphabet Holding Co., Inc.
3.60% (LIBOR + 3.50%), 09/26/2024(1)		96,250		96,096
Altice France SA
4.15% (LIBOR + 4.00%), 08/14/2026(1)		1,365,000		1,361,342
American Airlines, Inc.
1.85% (LIBOR + 1.75%), 01/29/2027(1)		350,000		334,131
AmWINS Group, Inc.
3.00% (LIBOR + 2.25%), 02/19/2028(1)		8,333,125		8,277,543
Apex Tool Group LLC
6.50% (LIBOR + 5.25%), 08/01/2024(1)		4,082,891		4,095,915
Applied Systems, Inc.

	Principal Amount		Value
3.75% (LIBOR + 3.25%), 09/19/2024(1)		16,408,572		16,365,581
Aramark Intermediate HoldCo Corp.
1.85% (LIBOR + 1.75%), 03/11/2025(1)		186,533		184,356
2.60% (LIBOR + 2.50%), 04/06/2028(1)		2,771,055		2,755,814
Ascend Learning LLC
4.00% (LIBOR + 3.00%), 07/12/2024(1)		11,429,990		11,418,103
4.75% (LIBOR + 3.75%), 07/12/2024(1)		2,034,625		2,034,625
Asurion LLC
3.10% (LIBOR + 3.00%), 11/03/2023(1)		293,670		292,020
3.10% (LIBOR + 3.00%), 11/03/2024(1)		9,484,681		9,380,919
3.35% (LIBOR + 3.25%), 12/23/2026(1)		3,781,000		3,736,120
5.35% (LIBOR + 5.25%), 01/31/2028(1)		452,394		455,597
athenahealth, Inc.
4.41% (LIBOR + 4.25%), 02/11/2026(1)		3,710,700		3,718,826
Avantor Funding, Inc.
3.00% (LIBOR + 2.00%), 11/21/2024(1)		38,366		38,334
3.25% (LIBOR + 2.25%), 11/08/2027(1)		5,422,750		5,420,472
Avolon TLB Borrower 1 U.S. LLC
2.25% (LIBOR + 1.50%), 02/12/2027(1)		702,113		692,788
2.50% (LIBOR + 1.75%), 01/15/2025(1)		281,300		280,450
Axalta Coating Systems Dutch Holding B BV
1.90% (LIBOR + 1.75%), 06/01/2024(1)		67,523		67,054
Azalea TopCo, Inc.
0.00%, 07/24/2026		3,940,000		3,944,925
3.69% (LIBOR + 3.50%), 07/24/2026(1)		1,606,003		1,595,965
Bausch Health Companies, Inc.
2.85% (LIBOR + 2.75%), 11/27/2025(1)		1,274,605		1,264,447
3.10% (LIBOR + 3.00%), 06/02/2025(1)		2,527,021		2,515,346
Berry Global, Inc.
1.83% (LIBOR + 1.75%), 07/01/2026(1)		1,371,682		1,360,393
Brookfield WEC Holdings, Inc.
3.25% (LIBOR + 2.75%), 08/01/2025(1)		8,583,442		8,495,205
Buckeye Partners LP
2.35% (LIBOR + 2.25%), 11/01/2026(1)		3,569,948		3,543,173
Caesars Resort Collection LLC
2.85% (LIBOR + 2.75%), 12/23/2024(1)		25,683,430		25,449,454
4.60% (LIBOR + 4.50%), 07/21/2025(1)		9,021,825		9,044,380
Camelot U.S. Acquisition 1 Co.
3.10% (LIBOR + 3.00%), 10/30/2026(1)		5,806,028		5,776,998
4.00% (LIBOR + 3.00%), 10/30/2026(1)		2,735,979		2,735,979
Carnival Corp.
0.00%, 06/30/2025	EUR	4,950,000		5,875,743
0.00%, 06/30/2025	$	10,692,000		10,681,308
3.75% (EURIBOR + 3.75%), 06/30/2025(1)	EUR	4,950,000		5,990,608
CCC Information Services, Inc.
4.00% (LIBOR + 3.00%), 04/29/2024(1)	$	9,205,744		9,200,681
CCI Buyer, Inc.
4.75% (LIBOR + 4.00%), 12/17/2027(1)		2,453,850		2,456,476
CCM Merger, Inc.
4.50% (LIBOR + 3.75%), 11/04/2025(1)(17)		812,600		811,584

	Principal Amount		Value
CenturyLink, Inc.
2.10% (LIBOR + 2.00%), 01/31/2025(1)		1,387,500		1,375,706
2.35% (LIBOR + 2.25%), 03/15/2027(1)		5,457,298		5,379,531
Change Healthcare Holdings LLC
3.50% (LIBOR + 2.50%), 03/01/2024(1)		1,804,527		1,802,181
Charter Communications Operating LLC
1.86% (LIBOR + 1.75%), 02/01/2027(1)		7,383,897		7,328,518
Charter Nex U.S., Inc.
0.00%, 12/01/2027		125,000		125,156
0.00%, 12/01/2027		9,464,381		9,476,211
Chobani LLC
4.50% (LIBOR + 3.50%), 10/25/2027(1)		1,588,000		1,590,652
Churchill Downs, Inc.
2.11% (LIBOR + 2.00%), 12/27/2024(1)		484,925		480,832
2.11% (LIBOR + 2.00%), 03/17/2028(1)		6,877,763		6,808,985
CityCenter Holdings LLC
3.00% (LIBOR + 2.25%), 04/18/2024		3,775,169		3,742,136
Clarios Global LP
3.35% (LIBOR + 3.25%), 04/30/2026(1)		7,135,308		7,063,955
Clean Harbors, Inc.
1.85% (LIBOR + 1.75%), 06/28/2024(1)		484,848		485,353
Clear Channel Outdoor Holdings, Inc.
3.69% (LIBOR + 3.50%), 08/21/2026(1)		5,076,977		4,952,185
CNT Holdings I Corp.
4.50% (LIBOR + 3.75%), 11/08/2027(1)		3,591,000		3,591,000
CommScope, Inc.
3.35% (LIBOR + 3.25%), 04/06/2026(1)		5,841,636		5,808,280
Core & Main LP
3.75% (LIBOR + 2.75%), 08/01/2024(1)		96,500		96,349
CoreLogic, Inc.
4.00% (LIBOR + 3.50%), 06/02/2028(1)		4,330,000		4,314,845
Cornerstone Building Brands, Inc.
3.75% (LIBOR + 3.25%), 04/12/2028(1)		1,135,924		1,134,220
CPI Holdco LLC
3.85% (LIBOR + 3.75%), 11/04/2026(1)		6,421,307		6,424,774
CSC Holdings LLC
2.32% (LIBOR + 2.25%), 07/17/2025(1)		3,730,570		3,674,611
Dell International LLC
2.00% (LIBOR + 1.75%), 09/19/2025(1)		62,705		62,677
Delta Topco, Inc.
4.50% (LIBOR + 3.75%), 12/01/2027(1)		4,640,000		4,648,723
Diamond (BC) BV
3.19% (LIBOR + 3.00%), 09/06/2024(1)		3,294,383		3,274,485
Diamond Resorts International, Inc.
4.75% (LIBOR + 3.75%), 09/02/2023(1)		6,254,252		6,252,938
Diamond Sports Group LLC
3.36% (LIBOR + 3.25%), 08/24/2026(1)		1,745,558		1,045,380
Dun & Bradstreet Corp.
3.35% (LIBOR + 3.25%), 02/06/2026(1)		5,412,551		5,384,622

	Principal Amount		Value
Dynasty Acquisition Co., Inc.
3.65% (LIBOR + 3.50%), 04/06/2026(1)		1,352,902		1,316,820
3.65% (LIBOR + 3.50%), 04/06/2026(1)		2,516,398		2,449,285
E.W. Scripps Co.
0.00%, 01/07/2028		2,363,888		2,360,933
Eagle Broadband Investments LLC
3.75% (LIBOR + 3.00%), 11/12/2027(1)		3,855,313		3,851,689
Elanco Animal Health, Inc.
1.84% (LIBOR + 1.75%), 08/01/2027(1)		6,536,694		6,433,218
Envision Healthcare Corp.
3.85% (LIBOR + 3.75%), 10/10/2025(1)		4,666,615		3,983,656
Epicor Software Corp.
4.00% (LIBOR + 3.25%), 07/30/2027(1)		9,409,844		9,395,353
ExamWorks Group, Inc.
4.25% (LIBOR + 3.25%), 07/27/2023(1)		3,065,430		3,066,381
Filtration Group Corp.
3.10% (LIBOR + 3.00%), 03/31/2025(1)		11,079,189		10,979,919
4.50% (LIBOR + 3.75%), 03/29/2025(1)		908,138		908,138
Forest City Enterprises LP
3.60% (LIBOR + 3.50%), 12/08/2025(1)		560,000		546,235
Formula One Management Ltd.
3.50% (LIBOR + 2.50%), 02/01/2024(1)		11,855,000		11,782,803
Four Seasons Holdings, Inc.
2.10% (LIBOR + 2.00%), 11/30/2023(1)		3,989,556		3,974,595
Gentiva Health Services, Inc.
2.88% (LIBOR + 2.75%), 07/02/2025(1)		6,734,436		6,715,512
GFL Environmental, Inc.
3.50% (LIBOR + 3.00%), 05/30/2025(1)		3,762,552		3,763,079
Grifols Worldwide Operations Ltd.
2.09% (LIBOR + 2.00%), 11/15/2027(1)		6,462,197		6,395,959
Harbor Freight Tools USA, Inc.
3.75% (LIBOR + 3.00%), 10/19/2027(1)		4,825,750		4,822,517
HCA, Inc.
0.00%, 06/23/2028		2,020,000		2,023,535
HIG Finance 2 Ltd.
4.75% (LIBOR + 3.75%), 11/12/2027(1)		3,260,636		3,268,787
Hilton Worldwide Finance LLC
1.84% (LIBOR + 1.75%), 06/22/2026(1)		7,631,741		7,563,589
Horizon Therapeutics USA, Inc.
2.50% (LIBOR + 2.00%), 03/15/2028(1)		7,301,700		7,249,201
Hostess Brands LLC
3.00% (LIBOR + 2.25%), 08/03/2025(1)		1,674,436		1,666,064
Hub International Ltd.
4.00% (LIBOR + 3.25%), 04/25/2025(1)		9,393,944		9,387,368
HUB International Ltd.
2.93% (LIBOR + 2.75%), 04/25/2025(1)		6,320,212		6,246,834
Hyland Software, Inc.
4.25% (LIBOR + 3.50%), 07/01/2024(1)		5,471,005		5,475,545
ICON Luxembourg SARL
0.00%, 06/16/2028		968,359		969,724

	Principal Amount		Value
0.00%, 06/16/2028		7,301,641		7,311,936
Ineos Finance Plc
2.50% (EURIBOR + 2.00%), 04/01/2024(1)	EUR	21,705,632		25,594,868
Intelsat Jackson Holdings SA
0.00%, 01/02/2024	$	1,500,000		1,524,105
6.50% (LIBOR + 5.50%), 07/13/2022(1)		5,261,520		5,291,142
8.00% (LIBOR + 5.75%), 11/27/2023(1)		17,270,000		17,514,716
8.75% (LIBOR + 6.50%), 01/02/2024(1)		880,000		894,854
IPS Acquisition LLC
4.25% (LIBOR + 3.25%), 11/07/2024(1)		3,094,664		3,089,836
IQVIA, Inc.
1.85% (LIBOR + 1.75%), 01/17/2025(1)		727,330		722,420
1.90% (LIBOR + 1.75%), 06/11/2025(1)		1,230,964		1,222,606
IRB Holding Corp.
3.75% (LIBOR + 2.75%), 02/05/2025(1)		96,750		96,518
4.25% (LIBOR + 3.25%), 12/15/2027(1)		6,852,071		6,847,823
Iridium Satellite LLC
3.75% (LIBOR + 2.75%), 11/04/2026(1)		3,737,250		3,740,875
Jazz Pharmaceuticals Public Ltd. Co.
4.00% (LIBOR + 3.50%), 05/05/2028(1)		4,500,000		4,512,645
KFC Holding Co.
1.83% (LIBOR + 1.75%), 03/15/2028(1)		6,655,202		6,652,806
Lamar Media Corp.
1.58% (LIBOR + 1.50%), 02/05/2027(1)		2,815,000		2,765,738
Lealand Finance Co. BV
1.10% (LIBOR + 1.00%), 06/30/2025(1)		602,859		267,772
3.10% (LIBOR + 3.00%), 06/28/2024(1)		148,837		89,302
Level 3 Financing, Inc.
1.85% (LIBOR + 1.75%), 03/01/2027(1)		17,499,795		17,220,848
LifePoint Health, Inc.
3.85% (LIBOR + 3.75%), 11/16/2025(1)		6,575,581		6,556,644
LogMeIn, Inc.
4.83% (LIBOR + 4.75%), 08/31/2027(1)		4,581,975		4,573,407
Loire UK Midco 3 Ltd.
3.10% (LIBOR + 3.00%), 04/21/2027(1)		3,728,696		3,663,444
LS Group Opco Acquisition LLC
4.25% (LIBOR + 3.50%), 11/02/2027(1)		2,656,650		2,653,329
Madison IAQ LLC
3.75% (LIBOR + 3.25%), 06/21/2028(1)		275,000		275,000
Maravai Intermediate Holdings LLC
4.75% (LIBOR + 3.75%), 10/19/2027(1)		3,528,150		3,541,381
Marriott Ownership Resorts, Inc.
1.85% (LIBOR + 1.75%), 08/29/2025(1)		261,439		257,191
MH Sub I LLC
3.60% (LIBOR + 3.50%), 09/13/2024(1)		3,988,790		3,967,729
Milano Acquisition Corp.
4.75% (LIBOR + 4.00%), 10/01/2027(1)		10,563,459		10,587,226
Mileage Plus Holdings LLC
6.25% (LIBOR + 5.25%), 06/21/2027(1)		10,923,738		11,657,377

	Principal Amount		Value
Mission Broadcasting, Inc.
0.00%, 06/02/2028(17)		2,305,000		2,290,594
NASCAR Holdings LLC
2.85% (LIBOR + 2.75%), 10/19/2026(1)		607,604		604,566
Navistar, Inc.
3.60% (LIBOR + 3.50%), 11/06/2024(1)		7,665,193		7,665,193
Nouryon Finance BV
3.13% (LIBOR + 2.75%), 10/01/2025(1)		2,448,016		2,428,138
Option Care Health, Inc.
3.85% (LIBOR + 3.75%), 08/06/2026(1)		3,283,333		3,282,644
Organon & Co.
3.50% (LIBOR + 3.00%), 06/02/2028(1)		12,485,000		12,492,866
Parexel International Corp.
2.85% (LIBOR + 2.75%), 09/27/2024(1)		27,485,552		27,318,165
Penn National Gaming, Inc.
3.00% (LIBOR + 2.25%), 10/15/2025(1)		436,559		434,978
Peraton Corp.
4.50% (LIBOR + 3.75%), 02/01/2028(1)		5,815,425		5,827,521
PetSmart LLC
4.50% (LIBOR + 3.75%), 02/11/2028(1)		18,300,000		18,304,575
PetVet Care Centers LLC
4.25% (LIBOR + 3.50%), 02/14/2025(1)		3,781,265		3,786,936
PG&E Corp.
3.50% (LIBOR + 3.00%), 06/23/2025(1)		5,472,362		5,393,724
Pike Corp.
3.11% (LIBOR + 3.00%), 01/21/2028(1)		1,764,384		1,759,726
Polaris Newco LLC
4.50% (LIBOR + 4.00%), 06/02/2028(1)		585,000		586,392
RealPage, Inc.
3.75% (LIBOR + 3.25%), 04/24/2028(1)		11,835,000		11,793,578
Ryan Specialty Group LLC
3.75% (LIBOR + 3.00%), 09/01/2027(1)		5,486,784		5,481,626
SBA Senior Finance II LLC
1.86% (LIBOR + 1.75%), 04/11/2025(1)		1,552,000		1,537,458
Scientific Games International, Inc.
2.85% (LIBOR + 2.75%), 08/14/2024(1)		3,979,434		3,949,589
Seaworld Parks & Entertainment, Inc.
3.75% (LIBOR + 3.00%), 04/01/2024(1)		518,646		514,756
Sequa Mezzanine Holdings LLC
7.75% (LIBOR + 6.75%), 11/28/2023(1)		12,051,018		12,121,275
11.75% (LIBOR + 10.75%), 04/28/2024(1)		688,043		675,575
Sigma Holdco BV
3.50% (EURIBOR + 3.50%), 07/02/2025(1)	EUR	7,690,000		8,875,229
Simply Good Foods USA, Inc.
4.75% (LIBOR + 3.75%), 07/07/2024(1)	$	1,180,811		1,185,487
Sinclair Television Group, Inc.
3.11% (LIBOR + 3.00%), 04/01/2028(1)		3,750,000		3,712,500
Sotera Health Holdings LLC
3.25% (LIBOR + 2.75%), 12/11/2026(1)		12,000,000		11,945,040
Spin Holdco, Inc.

	Principal Amount		Value
4.75% (LIBOR + 4.00%), 03/04/2028(1)		3,640,875		3,641,348
SS&C Technologies Holdings, Inc.
1.85% (LIBOR + 1.75%), 04/16/2025(1)		364,914		360,353
1.85% (LIBOR + 1.75%), 04/16/2025(1)		471,932		466,033
Staples, Inc.
5.18% (LIBOR + 5.00%), 04/16/2026(1)		3,978,227		3,871,332
Sunshine Luxembourg VII SARL
4.50% (LIBOR + 3.75%), 10/01/2026(1)		11,141,681		11,175,775
Surgery Center Holdings, Inc.
4.50% (LIBOR + 3.75%), 08/31/2026(1)		3,791,142		3,804,752
Syniverse Holdings, Inc.
6.00% (LIBOR + 5.00%), 03/09/2023(1)		456,283		451,323
Tacala Investment Corp.
4.50% (LIBOR + 3.75%), 02/05/2027(1)		3,934,832		3,932,983
8.25% (LIBOR + 7.50%), 02/04/2028(1)(17)		590,000		590,372
Telenet Financing USD LLC
2.07% (LIBOR + 2.00%), 04/30/2028(1)		1,250,000		1,231,875
TransDigm, Inc.
2.35% (LIBOR + 2.25%), 08/22/2024(1)		9,816,599		9,687,314
2.35% (LIBOR + 2.25%), 12/09/2025(1)		20,740,051		20,417,750
2.35% (LIBOR + 2.25%), 05/30/2025(1)		26,160,516		25,772,817
U.S. Renal Care, Inc.
0.00%, 06/26/2026		3,304,647		3,316,346
Uber Technologies, Inc.
3.60% (LIBOR + 3.50%), 04/04/2025(1)		17,122,551		17,107,312
3.60% (LIBOR + 3.50%), 02/25/2027(1)		10,472,513		10,462,669
UFC Holdings LLC
3.75% (LIBOR + 3.00%), 04/29/2026(1)		14,539,445		14,514,438
UKG, Inc.
4.00% (LIBOR + 3.25%), 05/04/2026(1)		19,088,428		19,099,500
7.50% (LIBOR + 6.75%), 05/03/2027(1)		605,000		614,577
United AirLines, Inc.
4.50% (LIBOR + 3.75%), 04/21/2028(1)		3,890,250		3,937,789
Univision Communications, Inc.
0.00%, 05/05/2028		3,400,000		3,384,428
3.75% (LIBOR + 2.75%), 03/15/2024(1)		3,779,266		3,772,652
USI, Inc.
3.15% (LIBOR + 3.00%), 05/16/2024(1)		3,096,875		3,066,402
3.40% (LIBOR + 3.25%), 12/02/2026(1)		3,591,135		3,555,870
Vertical Midco GmbH
0.00%, 07/29/2027		795,000		795,334
4.48% (LIBOR + 4.25%), 07/30/2027(1)		8,487,391		8,490,956
VICI Properties 1 LLC
1.84% (LIBOR + 1.75%), 12/20/2024		10,500,000		10,406,970
Western Digital Corp.
1.84% (LIBOR + 1.75%), 04/29/2023(1)		2,113,006		2,109,984
Whatabrands LLC
2.83% (LIBOR + 2.75%), 07/31/2026(1)		213,156		212,139
Windstream Services LLC

	Principal Amount		Value
7.25% (LIBOR + 6.25%), 09/21/2027(1)		73,257		73,386
Woof Holdings, Inc.
4.50% (LIBOR + 3.75%), 12/21/2027(1)		3,705,713		3,702,637
Wyndham Hotels & Resorts, Inc.
1.85% (LIBOR + 1.75%), 05/30/2025(1)		194,500		192,798
Zayo Group Holdings, Inc.
3.10% (LIBOR + 3.00%), 03/09/2027(1)		8,610,592		8,514,412
Total Bank Loans (Cost: $942,864,063)				944,975,895
	Shares		Value
COMMON STOCKS – 0.11%
Communications – 0.09%
Clear Channel Outdoor Holdings, Inc. - Class A(11)		2,064,946		5,451,457
iHeartMedia, Inc. - Class A(11)		498,998		13,438,016
iHeartMedia, Inc. - Class B(11)(16)		365,379		8,855,691
Total Communications				27,745,164
Consumer Discretionary – 0.02%
Neiman Marcus Group, Inc.(11)(16)(17)		62,326		6,887,023
Total Consumer Discretionary				6,887,023
Energy – 0.00%(12)
Noble Corp.(11)(16)		1,867		41,554
Noble Corp.(11)(17)		15,565		384,922
Total Energy				426,476
Financials – 0.00%(12)
Voyager Aviation Holdings LLC(2)(11)(13)(16)		31		–
Total Financials				–
Industrials – 0.00%(12)
AMI Investments LLC(11)(16)(17)		206,310		1,179,062
Total Industrials				1,179,062
Total Common Stocks (Cost: $29,822,378)				36,237,725
CONVERTIBLE PREFERRED STOCKS – 0.15%
Consumer, Non-cyclical – 0.03%
Bunge Ltd., 4.88%		89,011		10,345,748
Total Consumer, Non-cyclical				10,345,748
Financials – 0.12%
Bank of America Corp., 7.25%		13,698		19,396,368
Wells Fargo & Co., 7.50%		12,284		18,747,964
Total Financials				38,144,332
Total Convertible Preferred Stocks (Cost: $45,616,285)				48,490,080
PREFERRED STOCKS – 0.07%
Communications – 0.07%
AT&T Mobility II LLC, 7.00%(11)(16)(17)		1,036,052		24,271,694
Total Communications				24,271,694
Financials – 0.00%(12)
Cayenne Aviation Holdings LLC(2)(11)(16)		186		7,400
Total Financials				7,400
Total Preferred Stocks (Cost: $28,083,994)				24,279,094
WARRANTS – 0.00%(12)
Communications – 0.00%(12)
Windstream Holdings II LLC, expires 09/21/2055(11)(16)		9,444		80,664
Total Communications				80,664
Total Warrants (Cost: $91,586)				80,664

	Shares		Value
SHORT-TERM INVESTMENTS – 13.79%
Money Market Funds – 3.92%
Fidelity Institutional Money Market Government Fund—Class I, 0.01%(14)		1,280,070,132		1,280,070,132
Total Money Market Funds (Cost: $1,280,070,132)				1,280,070,132
	Principal Amount		Value
Government Related – 0.07%
Federal Home Loan Bank Discount Notes, 0.00%, 08/25/2021		4,300,000		4,299,737
Republic of Argentina, -11.79%, 03/31/2022	ARS	297,048,000		3,454,334
Republic of Argentina, -10.45%, 02/28/2022		439,700,000		5,179,971
Republic of Argentina, -3.49%, 09/13/2021		667,763,000		9,084,219
Total Government Related (Cost: $20,823,945)				22,018,261
Repurchase Agreements – 1.15%
Bank of America Securities, Inc., 0.04% dated 06/28/2021, due 07/06/2021, repurchase price $150,001,333 (collateralized by U.S. Treasury Bond, value $153,805,419, 4.50%, 05/15/2038)	$	150,000,000		150,000,000
BNP Paribas SA, 0.03% dated 06/30/2021, due 07/01/2021, repurchase price $226,500,189 (collateralized by U.S. Treasury Note, value $231,309,327, 2.75%, 02/15/2028)		226,500,000		226,500,000
Total Repurchase Agreements (Cost: $376,500,000)				376,500,000
U.S. Treasury Bills – 8.56%
U.S. Cash Management Bill, 0.00%, 08/31/2021		200,000,000		199,982,226
U.S. Cash Management Bill, 0.00%, 10/05/2021		703,260,000		703,175,609
U.S. Treasury Bill, 0.00%, 07/01/2021		25,135,000		25,135,000
U.S. Treasury Bill, 0.00%, 07/08/2021		326,660,000		326,657,540
U.S. Treasury Bill, 0.00%, 07/20/2021(9)		395,105,000		395,094,573
U.S. Treasury Bill, 0.00%, 07/29/2021		70,700,000		70,697,374
U.S. Treasury Bill, 0.00%, 08/03/2021(9)		17,178,000		17,177,263
U.S. Treasury Bill, 0.00%, 08/05/2021		27,170,000		27,168,763
U.S. Treasury Bill, 0.00%, 08/12/2021(9)		350,087,000		350,063,516
U.S. Treasury Bill, 0.00%, 08/19/2021		184,100,000		184,088,724
U.S. Treasury Bill, 0.00%, 08/24/2021(9)		48,060,000		48,056,756
U.S. Treasury Bill, 0.00%, 09/02/2021		338,100,000		338,068,936
U.S. Treasury Bill, 0.00%, 09/23/2021(9)		800,000		799,907
U.S. Treasury Bill, 0.00%, 09/30/2021(9)		96,600,000		96,587,180
U.S. Treasury Bill, 0.00%, 12/09/2021		14,000,000		13,996,765
Total U.S. Treasury Bills (Cost: $2,796,806,522)				2,796,750,132
Time Deposits – 0.09%
Bank of Montreal, London, 0.01% due 07/01/2021		1,374,027		1,374,027
BBVA, Madrid, 0.01% due 07/01/2021		17,034,139		17,034,139
BNP Paribas, Paris, -1.83% due 07/01/2021	CHF	118,248		127,801
BNP Paribas, Paris, -0.78% due 07/01/2021	EUR	937,807		1,112,005
BNP Paribas, Paris, -0.61% due 07/01/2021	SEK	345		40
Brown Brothers Harriman, -0.60% due 07/01/2021	NZD	88,917		62,153
Brown Brothers Harriman, -0.44% due 07/01/2021	AUD	1,229,930		922,386
Brown Brothers Harriman, 3.90% due 07/01/2021	ZAR	2,861,481		200,384
Citibank, London, 0.01% due 07/01/2021	GBP	5,941,467		8,218,831
Nordea Bank ABP, Oslo, -1.08% due 07/01/2021	NOK	1,549		180
Royal Bank of Canada, Toronto, 0.01% due 07/02/2021	CAD	334,294		269,678

	Principal Amount			Value
Skandinaviska Enskilda Banken AB, Stockholm, -0.61% due 07/01/2021	SEK	386			45
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021	$	899,888			899,888
Sumitomo, Tokyo, 0.01% due 07/01/2021		560,188			560,188
Total Time Deposits (Cost: $30,781,745)					30,781,745
Total Short-Term Investments (Cost: $4,504,982,344)					4,506,120,270
TOTAL INVESTMENTS IN SECURITIES – 110.07%
(Cost: $35,363,695,102)					35,979,771,375
TBA SALE COMMITMENTS – (1.19)%
Mortgage-Backed Obligations – (1.19)%
Fannie Mae
3.00%, 07/01/2051(15)		(13,500,000	)		(14,071,904	)
4.00%, 07/01/2051(15)		(29,000,000	)		(30,880,469	)
4.00%, 08/01/2051(15)		(321,700,000	)		(342,836,697	)
Total TBA Sale Commitments (Proceeds Received: $(388,724,795))					(387,789,070	)
LIABILITIES IN EXCESS OF OTHER ASSETS – (8.88)%					(2,902,130,212	)
TOTAL NET ASSETS – 100.00%				$	32,689,852,093

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

INR Indian Rupee

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

SEK Swedish Krona

ZAR South African Rand

(1) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.

(2) Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $7,036,178,680, which represents 21.52% of total net assets.

(3) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2021.

(4) Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2021.

(5) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

(6) Security in default as of June 30, 2021. The value of these securities totals $48,148,298, which represents 0.15% of total net assets.

(7) Payment in-kind security for which part of the income earned may be paid as additional principal.

(8) Inflation protected security. The value of these securities totals $98,993,844, which represents 0.30% of total net assets.

(9) Partially assigned as collateral for certain futures contracts, swap contracts and delayed delivery securities. The value of these pledged issues totals $120,933,910, which represents 0.37% of total net assets.

(10) Delayed delivery purchase commitment security. The value of these securities totals $3,162,490,042, which represents 9.67% of total net assets.

(11) Non-income producing security.

(12) Amount calculated is less than 0.005%.

(13) Amount calculated is less than $0.5.

(14) Represents annualized seven-day yield as of the close of the reporting period.

(15) Delayed delivery sale commitment security. The value of these securities totals $(387,789,070), which represents (1.19)% of total net assets.

(16) Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $41,323,088, which represents 0.13% of total net assets.

(17) Security that is restricted at June 30, 2021. The value of the restricted securities totals $138,926,835, which represents 0.42% of total net assets.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased		Reference Entity	Counterparty	Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
	275	Australian 10 Year Bond Future	Goldman Sachs		Sep. 2021	AUD	38,893,106	$	29,118,288	$	(49,596	)
	621	Euro-Btp Future	Goldman Sachs		Sep. 2021	EUR	93,192,300		111,490,865		988,097
	1,932	U.S. 2 Year Note Future	Citigroup Global Markets		Sep. 2021	$	426,443,718		425,658,843		(784,875	)
	417	U.S. 2 Year Note Future	Goldman Sachs		Sep. 2021		92,003,883		91,873,570		(130,313	)
	3,117	U.S. 5 Year Note Future	Citigroup Global Markets		Sep. 2021		386,140,096		384,730,338		(1,409,758	)
	8,287	U.S. 10 Year Note Future	Goldman Sachs		Sep. 2021		1,091,691,297		1,098,027,500		6,336,203
	2,693	U.S. Long Bond Future	Goldman Sachs		Sep. 2021		426,251,898		432,899,750		6,647,852
	2	U.S. Ultra 10 Year Note Future	Citigroup Global Markets		Sep. 2021		289,250		294,406		5,156
	41	U.S. Ultra Bond Future	Citigroup Global Markets		Sep. 2021		7,559,346		7,900,188		340,842
	3,590	U.S. Ultra Bond Future	Goldman Sachs		Sep. 2021		662,436,282		691,748,125		29,311,843
											41,255,451

Number of Contracts Sold	Reference Entity	Counterparty	Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
(304)	Euro-Bund Future	Goldman Sachs		Sep. 2021	EUR	(52,134,470	)	$	(62,220,380	)	$	(401,934	)
(2,143)	U.S. 5 Year Note Future	Goldman Sachs		Sep. 2021	$	(265,603,639	)		(264,509,821	)		1,093,818
(330)	U.S. Long Bond Future	Goldman Sachs		Sep. 2021		(51,445,195	)		(53,047,500	)		(1,602,305	)
(1,080)	U.S. Ultra 10 Year Note Future	Goldman Sachs		Sep. 2021		(156,827,039	)		(158,979,375	)		(2,152,336	)
(1,845)	U.S. Ultra 10 Year Note Future	J.P. Morgan		Sep. 2021		(267,602,562	)		(271,589,766	)		(3,987,204	)
(324)	U.S. Ultra Bond Future	Goldman Sachs		Sep. 2021		(59,388,188	)		(62,430,750	)		(3,042,562	)
(415)	U.S. Ultra Bond Future	J.P. Morgan		Sep. 2021		(77,020,363	)		(79,965,313	)		(2,944,950	)
												(13,037,473	)
											$	28,217,978

Over-the-Counter Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold				Settlement Date		Counterparty	Unrealized Appreciation/ (Depreciation)
BRL*	224,611,220		USD		42,308,828		07/02/21	Bank Of America	$	2,850,049
BRL*	224,611,220		USD		44,902,487		07/02/21	Goldman Sachs		256,390
BRL*	224,611,220		USD		44,316,876		08/03/21	Goldman Sachs		682,344
CAD	17,427,500		USD		13,910,729		07/23/21	HSBC		148,095
CAD	52,282,500		USD		41,712,875		07/23/21	Morgan Stanley		463,595
MXN	33,876,000		USD		1,612,275		09/03/21	Goldman Sachs		73,551
MXN	1,040,796,152		USD		49,479,256		10/05/21	J.P. Morgan		2,084,673
MXN	265,851,000		USD		13,098,044		10/27/21	Goldman Sachs		31,801
PEN*	28,785,047		USD		7,236,970		07/19/21	Goldman Sachs		249,879
PEN*	50,751,360		USD		12,816,000		07/26/21	Bank Of America		392,963
PEN*	48,141,720		USD		12,157,000		07/26/21	Morgan Stanley		372,757
PEN*	110,306		USD		27,741		08/18/21	Bank Of America		996
PEN*	3,866,780		USD		974,000		09/03/21	Morgan Stanley		33,650
RUB*	1,782,049,781		USD		23,091,174		07/22/21	Goldman Sachs		1,195,576
RUB*	237,546,219		USD		3,100,721		07/22/21	Morgan Stanley		136,689
RUB*	316,270,359		USD		4,206,159		08/20/21	Bank Of America		85,029
RUB*	1,703,325,641		USD		22,733,135		08/20/21	Goldman Sachs		377,760
USD	1,710,802		AUD		2,212,000		07/02/21	BNP Paribas		51,912
USD	490,636,651		EUR		401,059,000		07/02/21	BNP Paribas		15,080,890
USD	134,405		JPY		14,700,000		07/02/21	BNP Paribas		2,086
USD	255,017,218		GBP		180,386,492		07/02/21	Goldman Sachs		5,488,589
USD	237,778,831		GBP		167,992,508		07/02/21	J.P. Morgan		5,394,798
USD	95,298		TRY		814,711		07/02/21	J.P. Morgan		1,725
USD	18,615,978		EUR		15,260,000		07/02/21	Morgan Stanley		521,431
USD	907,683		TRY		7,783,318		07/07/21	BNP Paribas		15,982
USD	19,679		TRY		168,663		07/07/21	J.P. Morgan		356
USD	2,314,981		TRY		19,865,548		07/09/21	BNP Paribas		41,351
USD	264,496		TRY		2,270,568		07/09/21	J.P. Morgan		4,628
USD	490,307		PEN	*	1,843,556		07/13/21	J.P. Morgan		11,081
USD	1,180,495		TRY		10,143,398		07/13/21	J.P. Morgan		22,143
USD	1,050,649		MXN		20,757,000		07/14/21	Goldman Sachs		10,936
USD	7,881,240		PEN	*	28,785,047		07/19/21	Goldman Sachs		394,391
USD	15,468,944		AUD		20,075,000		07/23/21	Barclays Bank		412,091
USD	8,058,785		CAD		9,900,000		07/23/21	Canadian Imperial Bank of Commerce		72,422
USD	18,937,512		AUD		24,650,000		07/23/21	Citibank		449,272
USD	4,345,561		AUD		5,725,000		07/23/21	Credit Suisse International		51,640
USD	4,089,880		NOK		34,855,000		07/23/21	Credit Suisse International		41,307
USD	4,368,334		NOK		37,125,000		07/23/21	Deutsche Bank		56,089
USD	43,024,430		CAD		52,435,000		07/23/21	HSBC		724,938
USD	25,601,618		NOK		212,855,000		07/23/21	UBS		877,500
USD	434,218,380		EUR		365,911,000		08/03/21	BNP Paribas		45,402
USD	132,478		JPY		14,700,000		08/03/21	BNP Paribas		122
USD	448,490,029		GBP		323,945,000		08/03/21	Morgan Stanley		335,383
USD	11,080,000		PEN	*	40,911,353		08/04/21	BNP Paribas		425,267
USD	10,486,141		CAD		12,652,000		08/17/21	Bank Of America		279,837
USD	7,972,153		EUR		6,660,000		08/20/21	Barclays Bank		66,977
USD	20,370,620		GBP		14,615,000		08/20/21	Citibank		151,313

Currency Purchased		Currency Sold				Settlement Date		Counterparty	Unrealized Appreciation/ (Depreciation)
USD	31,020,936		GBP		21,965,000		08/20/21	J.P. Morgan		633,179
USD	12,132,944		EUR		10,165,000		08/20/21	Morgan Stanley		67,462
USD	31,170,610		EUR		25,635,000		08/20/21	UBS		742,804
USD	17,422,217		PEN	*	66,627,785		09/03/21	BNP Paribas		59,589
USD	9,194,099		CAD		11,105,000		09/15/21	BNP Paribas		235,838
USD	61,430,529		ZAR		848,986,374		09/15/21	Goldman Sachs		2,557,975
USD	13,917,399		ZAR		197,008,912		09/16/21	Bank Of America		257,795
USD	7,360,701		ZAR		106,384,088		02/18/22	Bank Of America		136,160
USD	28,172,679		ZAR		413,653,000		02/25/22	Deutsche Bank		107,949
					Total Unrealized Appreciation					45,266,407
AUD	50,450,000		USD		39,319,233		07/23/21	Citibank		(1,480,219	)
CAD	13,540,000		USD		11,195,866		07/23/21	Canadian Imperial Bank of Commerce		(273,102	)
EUR	1,716,000		USD		2,044,743		07/02/21	Goldman Sachs		(9,995	)
EUR	40,180,000		USD		48,623,633		07/02/21	J.P. Morgan		(980,193	)
EUR	8,512,000		USD		10,354,362		07/02/21	Morgan Stanley		(261,257	)
EUR	13,736,244		USD		16,694,735		08/20/21	Citibank		(390,316	)
EUR	16,200,000		USD		19,673,685		08/20/21	Goldman Sachs		(444,879	)
EUR	3,791,244		USD		4,609,906		08/20/21	Morgan Stanley		(109,839	)
EUR	3,734,658		USD		4,542,222		08/20/21	State Street		(109,320	)
GBP	8,418,000		USD		11,717,267		07/02/21	Bank Of America		(72,648	)
GBP	3,511,000		USD		4,890,927		07/02/21	Goldman Sachs		(34,161	)
GBP	10,897,000		USD		15,218,274		07/02/21	J.P. Morgan		(144,454	)
GBP	1,608,000		USD		2,255,164		07/02/21	Morgan Stanley		(30,818	)
GBP	10,235,000		USD		14,175,438		08/03/21	Bank Of America		(16,051	)
GBP	22,405,000		USD		31,567,973		08/20/21	J.P. Morgan		(571,492	)
GBP	14,175,000		USD		19,982,852		08/20/21	State Street		(372,269	)
IDR*	393,184,139,000		USD		27,279,826		09/15/21	Bank Of America		(532,606	)
INR*	1,906,559,450		USD		25,895,509		09/15/21	Bank Of America		(492,329	)
INR*	156,988,000		USD		2,081,241		12/15/21	J.P. Morgan		(13,191	)
MXN	132,419,000		USD		6,559,683		11/08/21	BNP Paribas		(30,902	)
NOK	326,110,000		USD		39,454,726		07/23/21	UBS		(1,575,502	)
NOK	330,585,000		USD		39,276,406		08/17/21	BNP Paribas		(872,635	)
PEN*	110,306		USD		28,782		07/06/21	Bank Of America		(124	)
RUB*	915,676,127		USD		12,549,834		09/20/21	Bank Of America		(186,275	)
RUB*	1,103,920,287		USD		15,057,435		09/20/21	Goldman Sachs		(152,182	)
SEK	313,210,000		USD		37,472,391		08/17/21	Morgan Stanley		(858,494	)
TRY	814,711		USD		97,025		07/02/21	Goldman Sachs		(3,453	)
TRY	7,951,981		USD		947,187		07/07/21	J.P. Morgan		(36,163	)
TRY	4,929,000		USD		584,272		07/09/21	Bank Of America		(20,143	)
TRY	12,053,659		USD		1,437,235		07/09/21	BNP Paribas		(57,683	)
TRY	5,153,457		USD		615,822		07/09/21	Goldman Sachs		(26,004	)
TRY	10,143,398		USD		1,198,629		07/13/21	BNP Paribas		(40,277	)
USD	44,902,487		BRL	*	224,611,220		07/02/21	Bank Of America		(256,390	)
USD	44,459,861		BRL	*	224,611,220		07/02/21	Goldman Sachs		(699,015	)
USD	27,690		PEN	*	110,306		07/06/21	Bank Of America		(967	)
USD	16,854,824		CAD		20,915,000		07/23/21	J.P. Morgan		(17,377	)
USD	4,767,421		NOK		41,275,000		07/23/21	UBS		(26,866	)
USD	7,243,890		PEN	*	28,785,047		08/31/21	Goldman Sachs		(257,392	)
USD	12,009,812		BRL	*	64,381,000		09/02/21	Bank Of America		(834,662	)
USD	91,579,977		BRL	*	515,000,000		10/04/21	J.P. Morgan		(10,713,543	)

Currency Purchased		Currency Sold			Settlement Date		Counterparty	Unrealized Appreciation/ (Depreciation)
USD	657,013		ZAR	10,032,066		02/18/22	J.P. Morgan		(24,264	)
USD	323,655		ZAR	5,171,000		02/25/22	Goldman Sachs		(27,177	)
ZAR	43,770,000		USD	3,053,030		09/15/21	Morgan Stanley		(17,820	)
ZAR	43,770,000		USD	2,986,441		02/25/22	Goldman Sachs		(16,818	)
				Total Unrealized Depreciation					(23,091,267	)
				Net Unrealized Appreciation				$	22,175,140

* Non-deliverable forward

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
PEN	Peruvian Sol
RUB	Russian Ruble
SEK	Swedish Krona
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand

Centrally Cleared Credit Default Swaps – Sell Protection

Reference Entity	Fixed Annual Rate Received by Fund			Maturity Date		Implied Credit Spread at June 30, 2021			Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Value
AT&T Inc.		1.00	%		12/20/2024		0.40	%	$	7,700,000	$	51,050		$	99,716	$	150,766
AT&T Inc.		1.00			6/20/2026		0.62			4,400,000		72,540			9,250		81,790
CDX.EM.28		1.00			12/20/2022		0.87			9,588,000		(201,276	)		223,062		21,786
CDX.EM.29		1.00			6/20/2023		0.84			1,880,000		(31,920	)		38,261		6,341
CDX.EM.30		1.00			12/20/2023		0.97			6,768,000		(184,726	)		192,325		7,599
CDX.EM.31		1.00			6/20/2024		0.95			8,178,000		(283,672	)		297,345		13,673
CDX.EM.32		1.00			12/20/2024		1.03			12,090,000		(547,801	)		539,579		(8,222	)
CDX.EM.34		1.00			12/20/2025		1.82			4,300,000		(244,812	)		96,763		(148,049	)
CDX.EM.35		1.00			6/20/2026		1.56			3,100,000		(103,901	)		23,682		(80,219	)
CDX.NA.HY.34		5.00			6/20/2025		2.36			736,000		53,632			20,090		73,722
CDX.NA.HY.35		5.00			12/20/2025		2.56			40,900,000		3,351,669			837,347		4,189,016
CDX.NA.HY.36		5.00			6/20/2026		2.74			154,250,000		12,632,190			5,209,282		17,841,472
CDX.NA.HY.36		5.00			6/20/2026		2.74			268,000,000		23,451,519			4,196,955		27,648,474
CDX.NA.IG		1.00			6/20/2026		0.48			197,805,000		4,456,675			1,094,389		5,551,064
General Electric Co.		1.00			12/20/2023		0.38			700,000		(18,071	)		28,975		10,904
Indonesia Government International		1.00			6/20/2026		0.75			23,290,000		229,605			124,272		353,877
Mexico Government International		1.00			6/20/2026		0.94			121,686,000		57,208			656,404		713,612
											$	42,739,909		$	13,687,697	$	56,427,606

Over-the-Counter Credit Default Swaps – Sell Protection

Counterparty	Reference Entity		Fixed Annual Rate Received by Fund			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2021			Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
Deutsche Bank		CMBX.NA.AAA.10		0.50	%		Monthly		11/17/2059		0.00	%	$	16,450,000	$	(265,483	)	$	436,522		$	171,039
Goldman Sachs		CMBX.NA.AAA.10		0.50			Monthly		12/16/2072		0.00			154,800,000		491,927			511,891			1,003,818
Morgan Stanley		CMBX.NA.AAA.10		0.50			Monthly		12/16/2072		0.00			157,900,000		642,297			381,623			1,023,920
J.P. Morgan		Barclays Bank Plc		1.00			Quarterly		6/20/2024		0.30		EUR	1,000,000		7,703			17,851			25,554
Goldman Sachs		Brazilian Government International		1.00			Quarterly		12/20/2024		1.20		$	3,200,000		(33,524	)		12,546			(20,978	)
Barclays Bank		Chile Government International		1.00			Quarterly		6/20/2026		0.59			10,530,000		234,867			(18,840	)		216,027
Goldman Sachs		Chile Government International		1.00			Quarterly		6/20/2026		0.59			4,770,000		104,039			(6,180	)		97,859
Morgan Stanley		Chile Government International		1.00			Quarterly		6/20/2026		0.59			31,000,000		339,131			691,234			1,030,365
Goldman Sachs		Federative Republic of Brazil		1.00			Quarterly		6/20/2024		1.01			300,000		(5,713	)		5,681			(32	)
Goldman Sachs		Indonesia Government International		1.00			Quarterly		6/20/2026		0.75			35,250,000		233,518			212,978			446,496
Barclays Bank		Mexico Government International		1.00			Quarterly		6/20/2026		0.94			1,591,000		(3,042	)		8,263			5,221
Goldman Sachs		Mexico Government International		1.00			Quarterly		6/20/2026		0.94			3,800,000		(4,740	)		17,208			12,468
J.P. Morgan		Mexico Government International		1.00			Quarterly		6/20/2026		0.94			300,000		(2,123	)		3,099			976
J.P. Morgan		Mexico Government International		1.00			Quarterly		6/20/2026		0.94			4,309,000		(239	)		25,509			25,270
Morgan Stanley		Mexico Government International		1.00			Quarterly		12/20/2024		0.61			300,000		(1,724	)		5,875			4,151
Morgan Stanley		Mexico Government International		1.00			Quarterly		12/20/2025		0.83			700,000		(8,139	)		13,510			5,371
Morgan Stanley		Mexico Government International		1.00			Quarterly		6/20/2026		0.94			1,100,000		(5,786	)		9,365			3,579
Goldman Sachs		Republic of South Africa		1.00			Quarterly		6/20/2024		1.20			4,700,000		(118,029	)		91,215			(26,814	)
J.P. Morgan		Republic of South Africa		1.00			Quarterly		6/20/2023		0.81			9,400,000		(300,117	)		337,444			37,327
Goldman Sachs		Russia Emerging Markets SPMYC		1.00			Quarterly		12/20/2022		0.33			1,500,000		(13,373	)		28,871			15,498
J.P. Morgan		Russia Emerging Markets SPMYC		1.00			Quarterly		6/20/2023		0.35			18,200,000		(246,180	)		485,010			238,830
Goldman Sachs		Russian Foreign Bond—Eurobon		1.00			Quarterly		12/20/2024		0.58			16,400,000		66,122			177,977			244,099
Goldman Sachs		Teva Pharmaceutical Finance Ne		1.00			Quarterly		6/20/2022		1.67			210,000		(6,968	)		5,663			(1,305	)
Goldman Sachs		United Mexican States		1.00			Quarterly		6/20/2023		0.35			29,900,000		(112,795	)		505,237			392,442
Goldman Sachs		United Mexican States		1.00			Quarterly		12/20/2023		0.43			9,100,000		(112,452	)		243,276			130,824
J.P. Morgan		United Mexican States		1.00			Quarterly		12/20/2023		0.43			5,400,000		(62,153	)		139,785			77,632
J.P. Morgan		United Mexican States		1.00			Quarterly		6/20/2024		0.49			100,000		(952	)		2,514			1,562
Morgan Stanley		United Mexican States		1.00			Quarterly		12/20/2022		0.32			3,800,000		1,877			37,756			39,633
Morgan Stanley		United Mexican States		1.00			Quarterly		6/20/2026		0.94			26,000,000		(225,003	)		641,087			416,084
															$	592,946		$	5,023,970		$	5,616,916

Centrally Cleared Interest Rate Swaps

Fixed Annual Rate	Floating Rate Index	Floating Rate Paid or Received	Payment Frequency		Maturity Date		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
(0.45)%	6 Month EURIBOR	Received		Semi-Annual		12/29/2023	EUR	2,800,000	$	—		$	6,531		$	6,531
(0.43)	6 Month EURIBOR	Received		Semi-Annual		6/28/2024		2,700,000		—			2,720			2,720
(0.40)	6 Month EURIBOR	Received		Semi-Annual		12/30/2024		1,200,000		—			3,363			3,363
(0.36)	6 Month EURIBOR	Received		Semi-Annual		6/30/2025		2,300,000		—			3,955			3,955
(0.33)	6 Month EURIBOR	Received		Semi-Annual		12/30/2025		1,400,000		—			4,534			4,534
(0.29)	6 Month EURIBOR	Received		Semi-Annual		6/30/2026		700,000		—			1,645			1,645
(0.15)	6 Month EURIBOR	Received		Semi-Annual		3/18/2030		16,100,000		248,856			11,059			259,915
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022	BRL	2,400,000		—			6,101			6,101
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		47,100,000		(50	)		121,008			120,958
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		4,400,000		—			11,031			11,031
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		15,100,000		—			37,290			37,290
–	BRL-CDI-Compounded	Paid		Quarterly		1/3/2022		280,700,000		3,437			(575,257	)		(571,820	)
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		3,000,000		—			7,671			7,671
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		70,000,000		(103,494	)		214,504			111,010
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		57,900,000		—			142,696			142,696
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		12,200,000		—			30,722			30,722
–	BRL-CDI-Compounded	Paid		Quarterly		1/3/2022		46,400,000		—			(51,520	)		(51,520	)
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		23,300,000		—			58,932			58,932
–	BRL-CDI-Compounded	Paid		Quarterly		1/3/2022		870,300,000		(149,981	)		(1,103,393	)		(1,253,374	)
–	BRL-CDI-Compounded	Paid		Quarterly		1/3/2022		400,000		(2	)		(410	)		(412	)
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022	BRL	17,900,000		—			43,978			43,978
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		12,300,000		—			30,283			30,283
–	BRL-CDI-Compounded	Received		Quarterly		1/3/2022		15,100,000		—			37,593			37,593
–	6 Month EURIBOR	Received		Semi-Annual		9/15/2031	EUR	118,600,000		1,950,256			(100,587	)		1,849,669
0.50	6 Month EURIBOR	Received		Semi-Annual		6/17/2050		9,000,000		(280,454	)		225,153			(55,301	)
0.50	3 Month USD LIBOR	Paid		Quarterly		6/16/2028	$	72,004,000		(3,879,485	)		519,274			(3,360,211	)
0.75	3 Month USD LIBOR	Paid		Quarterly		6/16/2031		286,950,000		(24,198,165	)		6,118,656			(18,079,509	)
0.75	3 Month USD LIBOR	Received		Quarterly		6/16/2031		14,100,000		681,353			206,956			888,309
0.75	Sterling Overnight Index Average	Received		Annual		9/15/2031	GBP	17,100,000		(13,852	)		(35,571	)		(49,423	)
0.75	Sterling Overnight Index Average	Received		Annual		9/15/2051		6,000,000		374,675			(200,491	)		174,184
1.00	3 Month USD LIBOR	Received		Quarterly		12/16/2030	$	3,497,000		16,638			104,223			120,861
1.25	3 Month USD LIBOR	Received		Quarterly		6/17/2027		2,700,000		(17,152	)		(11,308	)		(28,460	)
1.25	3 Month USD LIBOR	Received		Quarterly		12/16/2050		48,900,000		4,876,960			979,860			5,856,820
1.50	3 Month USD LIBOR	Received		Quarterly		6/17/2050		81,200,000		(14,691,221	)		19,459,844			4,768,623
2.25	3 Month USD LIBOR	Received		Quarterly		3/12/2050		3,200,000		(9,657	)		(391,026	)		(400,683	)
2.50	3 Month USD LIBOR	Paid		Quarterly		12/20/2027		107,900,000		(996,154	)		10,372,877			9,376,723
2.50	3 Month USD LIBOR	Paid		Quarterly		12/20/2027		94,300,000		1,568,137			6,626,719			8,194,856
3.00	6 Month Australian Bank Bill	Paid		Semi-Annual		3/21/2027	AUD	109,400,000		558,266			9,132,175			9,690,441
3.00	3 Month USD LIBOR	Paid		Quarterly		6/19/2029	$	47,200,000		3,063,091			3,233,585			6,296,676
4.47	Mexico Interbank TIIE 28 Day	Paid		Lunar		2/27/2023	MXN	65,200,000		—			(77,015	)		(77,015	)
4.50	Mexico Interbank TIIE 28 Day	Paid		Lunar		3/3/2023		416,900,000		(2,390	)		(484,374	)		(486,764	)
4.52	Mexico Interbank TIIE 28 Day	Paid		Lunar		2/27/2023		130,500,000		—			(148,788	)		(148,788	)

Fixed Annual Rate	Floating Rate Index	Floating Rate Paid or Received	Payment Frequency		Maturity Date		Notional Amount		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Value
4.55	Mexico Interbank TIIE 28 Day	Paid		Lunar		2/27/2023		551,500,000		8,319			(623,515	)		(615,196	)
4.57	Mexico Interbank TIIE 28 Day	Paid		Lunar		2/27/2023		65,200,000		—			(71,927	)		(71,927	)
4.58	Mexico Interbank TIIE 28 Day	Received		Lunar		6/10/2022		4,000,000		—			1,677			1,677
4.65	Mexico Interbank TIIE 28 Day	Received		Lunar		5/10/2022		15,400,000		208			4,581			4,789
4.74	Mexico Interbank TIIE 28 Day	Received		Lunar		6/3/2022		3,900,000		—			1,255			1,255
4.83	Mexico Interbank TIIE 28 Day	Received		Lunar		5/27/2022		1,600,000		—			438			438
4.85	3 Month ZAR SAJIBOR	Paid		Quarterly		1/11/2026	ZAR	151,700,000		(42,203	)		(337,258	)		(379,461	)
4.85	3 Month ZAR SAJIBOR	Paid		Quarterly		1/7/2026		41,600,000		(22	)		(102,362	)		(102,384	)
4.92	3 Month ZAR SAJIBOR	Paid		Quarterly		2/1/2026		103,000,000		(22,482	)		(228,893	)		(251,375	)
5.12	Mexico Interbank TIIE 28 Day	Paid		Lunar		5/6/2025	MXN	2,000,000		(134	)		(4,372	)		(4,506	)
5.16	Mexico Interbank TIIE 28 Day	Paid		Lunar		6/6/2025		1,700,000		—			(3,825	)		(3,825	)
5.28	Mexico Interbank TIIE 28 Day	Paid		Lunar		5/23/2025		700,000		—			(1,414	)		(1,414	)
5.28	Mexico Interbank TIIE 28 Day	Paid		Lunar		5/30/2025		1,600,000		—			(3,218	)		(3,218	)
5.54	Mexico Interbank TIIE 28 Day	Paid		Lunar		5/4/2027		3,400,000		1			(9,668	)		(9,667	)
5.97	3 Month ZAR SAJIBOR	Received		Quarterly		3/10/2026	ZAR	2,100,000		9			(792	)		(783	)
7.15	Mexico Interbank TIIE 28 Day	Paid		Lunar		6/11/2027	MXN	25,800,000		(15,624	)		46,113			30,489
7.36	Mexico Interbank TIIE 28 Day	Received		Lunar		8/21/2037		900,000		3,106			(2,918	)		188
7.37	Mexico Interbank TIIE 28 Day	Paid		Lunar		10/11/2027		40,300,000		(1,702	)		69,596			67,894
7.38	Mexico Interbank TIIE 28 Day	Received		Lunar		8/14/2037		1,300,000		4,378			(4,279	)		99
7.61	Mexico Interbank TIIE 28 Day	Received		Lunar		1/23/2023	MXN	222,400,000		92,932			(401,449	)		(308,517	)
7.75	Mexico Interbank TIIE 28 Day	Paid		Lunar		1/5/2023		1,400,000		—			1,993			1,993
7.81	Mexico Interbank TIIE 28 Day	Paid		Lunar		2/6/2023		2,800,000		—			4,167			4,167
7.82	Mexico Interbank TIIE 28 Day	Paid		Lunar		2/6/2023		2,800,000		(251	)		4,452			4,201
7.87	Mexico Interbank TIIE 28 Day	Paid		Lunar		12/27/2022		3,400,000		—			5,240			5,240
7.88	Mexico Interbank TIIE 28 Day	Paid		Lunar		12/16/2022		2,000,000		—			3,166			3,166
7.88	Mexico Interbank TIIE 28 Day	Paid		Lunar		12/27/2022		36,000,000		6,747			49,147			55,894
7.91	Mexico Interbank TIIE 28 Day	Received		Lunar		12/30/2027		800,000		—			(2,537	)		(2,537	)
7.98	Mexico Interbank TIIE 28 Day	Received		Lunar		12/10/2027		3,300,000		(19	)		(11,397	)		(11,416	)
7.99	Mexico Interbank TIIE 28 Day	Received		Lunar		12/21/2027		100,000		—			(343	)		(343	)
8.01	Mexico Interbank TIIE 28 Day	Received		Lunar		12/21/2027		20,200,000		(7,931	)		(62,144	)		(70,075	)
8.03	Mexico Interbank TIIE 28 Day	Received		Lunar		1/31/2028		1,600,000		11			(5,588	)		(5,577	)
8.05	Mexico Interbank TIIE 28 Day	Received		Lunar		1/31/2028		2,400,000		524			(9,021	)		(8,497	)
									$	(30,974,521	)	$	52,880,103		$	21,905,582

Bridge Builder Municipal Bond Fund

Schedule of Investments

June 30, 2021

	Principal Amount		Value
MUNICIPAL BONDS – 96.03%
Alabama – 1.98%
Alabama Federal Aid Highway Finance Authority
5.00%, 09/01/2031	$	4,845,000	$	5,532,216
5.00%, 09/01/2036		10,000,000		12,108,205
Alabama Public School & College Authority
5.00%, 11/01/2025		5,000,000		5,976,095
5.00%, 06/01/2035		4,000,000		4,632,124
5.00%, 11/01/2037		47,500,000		62,859,928
Birmingham Airport Authority
5.00%, 07/01/2028		700,000		894,602
5.00%, 07/01/2030		1,000,000		1,331,658
5.00%, 07/01/2031		350,000		464,043
5.00%, 07/01/2032		300,000		396,663
5.00%, 07/01/2034		800,000		1,051,494
Black Belt Energy Gas District
4.00%, 10/01/2049(1)		2,000,000		2,330,292
Butler County Board of Education
3.00%, 07/01/2021		150,000		150,000
City of Montgomery AL
4.00%, 12/01/2036		400,000		490,571
4.00%, 12/01/2037		500,000		610,476
County of Jefferson AL
5.00%, 04/01/2023		1,550,000		1,676,881
County of Jefferson AL Sewer Revenue
5.00%, 10/01/2044		1,500,000		1,674,633
5.25%, 10/01/2048		1,650,000		1,850,822
5.50%, 10/01/2053		715,000		805,505
Health Care Authority of the City of Huntsville
4.00%, 06/01/2045		2,500,000		2,927,162
5.00%, 06/01/2036		2,600,000		3,361,211
5.00%, 06/01/2037		3,300,000		4,248,472
Homewood Educational Building Authority
4.00%, 12/01/2038		1,385,000		1,595,440
5.00%, 12/01/2041		2,750,000		2,934,648
Industrial Development Board of the City of Mobile Alabama
1.00%, 06/01/2034(1)		3,870,000		3,922,526
2.90%, 07/15/2034(1)		200,000		212,033
Lower Alabama Gas District
4.00%, 12/01/2050(1)		15,610,000		17,753,954
5.00%, 09/01/2027		2,710,000		3,330,070
Mobile County Board of School Commissioners
5.00%, 03/01/2028		1,030,000		1,225,901
Montgomery Medical Clinic Board
5.00%, 03/01/2029		1,000,000		1,141,553
Southeast Alabama Gas Supply District
0.91% (1 Month LIBOR USD + 0.85%), 06/01/2049(2)		5,365,000		5,415,393
4.00%, 06/01/2049(1)		11,010,000		12,082,671
Southeast Energy Authority A Cooperative District
4.00%, 11/01/2051(1)		15,000,000		17,919,185

	Principal Amount		Value
Tuscaloosa County Industrial Development Authority
4.50%, 05/01/2032(3)		2,787,000		3,028,045
5.25%, 05/01/2044(3)		6,700,000		7,851,931
University of Alabama
4.00%, 06/01/2033		1,070,000		1,278,163
Water Works Board of the City of Birmingham
5.00%, 01/01/2023		430,000		460,175
Total Alabama				195,524,741
Alaska – 0.12%
Alaska Industrial Development & Export Authority
5.00%, 10/01/2030		1,385,000		1,758,473
Northern Tobacco Securitization Corp.
0.50%, 06/01/2031		965,000		966,866
4.00%, 06/01/2034		1,000,000		1,227,886
4.00%, 06/01/2050		3,570,000		4,188,125
5.00%, 06/01/2030		500,000		662,642
5.00%, 06/01/2031		875,000		1,181,015
5.00%, 06/01/2032		875,000		1,167,880
5.00%, 06/01/2033		750,000		996,061
Total Alaska				12,148,948
Arizona – 2.34%
Apache County Industrial Development Authority
4.50%, 03/01/2030		1,000,000		1,026,405
Arizona Health Facilities Authority
4.00%, 01/01/2043		24,000,000		24,463,951
5.00%, 02/01/2042		2,000,000		2,054,730
Arizona Industrial Development Authority
3.00%, 12/15/2031(3)		400,000		423,289
4.00%, 07/01/2031		310,000		367,508
4.00%, 12/15/2041(3)		600,000		662,889
4.00%, 07/15/2050(3)		1,500,000		1,605,309
4.00%, 12/15/2051(3)		925,000		1,007,297
5.00%, 07/15/2040(3)		835,000		960,360
5.00%, 07/01/2049(3)		650,000		725,023
5.00%, 07/15/2049(3)		500,000		568,726
5.00%, 07/15/2050(3)		2,365,000		2,688,656
5.50%, 07/01/2052(3)		655,000		712,281
Arizona State University
5.00%, 07/01/2023		735,000		770,584
Chandler Industrial Development Authority
5.00%, 06/01/2049(1)		18,960,000		21,394,024
City of Glendale AZ
5.00%, 07/01/2030		1,780,000		2,205,680
City of Mesa AZ
4.00%, 07/01/2028		1,265,000		1,506,253
City of Phoenix AZ
4.00%, 07/01/2022		900,000		934,890
City of Phoenix Civic Improvement Corp.
4.00%, 07/01/2045		5,000,000		5,443,539
5.00%, 07/01/2025		1,295,000		1,528,977

	Principal Amount		Value
5.00%, 07/01/2026		1,675,000		2,020,830
5.00%, 07/01/2027		4,600,000		5,694,160
5.00%, 07/01/2028		1,070,000		1,288,492
5.00%, 07/01/2028		4,440,000		5,626,113
5.00%, 07/01/2029		725,000		935,856
5.00%, 07/01/2029		12,865,000		13,960,551
5.00%, 07/01/2030		1,000,000		1,212,841
5.00%, 07/01/2030		1,500,000		1,627,423
5.00%, 07/01/2031		725,000		875,876
5.00%, 07/01/2032		120,000		144,618
5.00%, 07/01/2032		800,000		982,703
5.00%, 07/01/2036		3,000,000		3,674,967
5.00%, 07/01/2042		540,000		656,809
5.00%, 07/01/2045		635,000		745,082
County of Pima AZ Sewer System Revenue
5.00%, 07/01/2022		10,000,000		10,487,310
Glendale Industrial Development Authority
4.00%, 07/01/2028		300,000		317,070
5.00%, 07/01/2033		435,000		471,995
5.00%, 07/01/2038		450,000		484,388
5.00%, 07/01/2048		915,000		972,865
5.00%, 05/15/2056		1,375,000		1,557,270
Industrial Development Authority of the City of Phoenix
5.00%, 07/01/2030		700,000		851,785
5.00%, 07/01/2033		415,000		509,341
5.00%, 07/01/2034		765,000		936,365
5.00%, 07/01/2037		4,750,000		5,669,325
5.00%, 07/01/2038		1,295,000		1,566,965
5.00%, 07/01/2049		525,000		622,949
Industrial Development Authority of the County of Pima
4.75%, 06/15/2037(3)		2,250,000		2,289,232
Industrial Development Authority of the County of Yavapai
0.12%, 04/01/2029(1)		3,125,000		3,124,802
2.20%, 03/01/2028(1)		2,100,000		2,210,229
Maricopa County Industrial Development Authority
5.00%, 01/01/2046(1)		3,210,000		3,880,779
5.00%, 07/01/2047		1,000,000		1,249,439
5.00%, 01/01/2048(1)		1,300,000		1,378,328
5.75%, 01/01/2036(3)		600,000		626,666
6.00%, 01/01/2048(3)		635,000		658,099
Maricopa County Special Health Care District
4.00%, 07/01/2038		19,340,000		22,489,322
5.00%, 07/01/2025		5,000,000		5,894,667
5.00%, 07/01/2026		7,000,000		8,487,375
5.00%, 07/01/2033		6,555,000		8,799,611
McAllister Academic Village LLC
5.00%, 07/01/2021		200,000		200,000
Salt River Project Agricultural Improvement & Power District
5.00%, 01/01/2022		1,200,000		1,229,229
5.00%, 01/01/2024		1,600,000		1,790,005

	Principal Amount		Value
5.00%, 01/01/2033		1,000,000		1,250,300
Salt Verde Financial Corp.
5.00%, 12/01/2032		5,020,000		6,654,442
5.00%, 12/01/2037		3,500,000		4,934,534
State of Arizona
5.00%, 10/01/2021		740,000		748,831
5.00%, 10/01/2024		1,075,000		1,236,360
Tempe Industrial Development Authority
5.00%, 12/01/2050		500,000		541,072
5.00%, 12/01/2054		750,000		810,066
Tender Option Bond Trust Receipts/Certificates
0.13%, 03/01/2029(1)(3)		1,515,000		1,515,000
0.18%, 07/01/2049(1)(3)		2,950,000		2,950,000
0.33%, 01/01/2061(1)(3)		1,000,000		1,000,000
University of Arizona
5.00%, 06/01/2038		1,955,000		2,491,135
5.00%, 06/01/2039		860,000		1,093,558
Western Maricopa Education Center District No 402
5.00%, 07/01/2022		2,000,000		2,096,430
5.00%, 07/01/2024		320,000		364,453
5.00%, 07/01/2025		1,410,000		1,662,296
Yuma & La Paz Counties Community College District
4.00%, 07/01/2031		345,000		429,381
4.00%, 07/01/2032		355,000		440,471
4.00%, 07/01/2033		370,000		457,490
4.00%, 07/01/2034		375,000		462,192
4.00%, 07/01/2035		350,000		430,691
4.00%, 07/01/2036		315,000		386,493
Total Arizona				231,207,298
Arkansas – 0.12%
Arkansas Development Finance Authority
1.20%, 03/01/2024(1)		5,000,000		5,051,310
4.50%, 09/01/2049(3)		2,900,000		3,245,212
4.75%, 09/01/2049(3)		2,500,000		2,872,841
Arkansas Development Finance Authority Public Safety Charges Revenue
4.00%, 06/01/2029		930,000		1,109,990
Total Arkansas				12,279,353
California – 6.01%
Abag Finance Authority for Nonprofit Corps
5.00%, 08/01/2033		1,300,000		1,413,072
Alameda Corridor Transportation Authority
5.00%, 10/01/2036		2,500,000		2,950,741
5.00%, 10/01/2037		2,000,000		2,354,433
Alisal Union School District
5.25%, 08/01/2042		740,000		930,276
Anaheim Public Financing Authority
5.00%, 09/01/2029		1,860,000		2,359,018
Apple Valley Public Financing Authority
4.00%, 06/01/2031		585,000		715,408
Bay Area Toll Authority

	Principal Amount		Value
0.48% (SIFMA Municipal Swap Index Yield + 0.45%), 04/01/2056(2)		10,000,000		10,012,501
1.28% (SIFMA Municipal Swap Index Yield + 1.25%), 04/01/2036(2)		1,000,000		1,037,680
2.10%, 04/01/2045(1)		2,790,000		2,803,240
2.85%, 04/01/2047(1)		1,000,000		1,079,391
2.95%, 04/01/2047(1)		1,170,000		1,283,884
California Community Housing Agency
4.00%, 02/01/2056(3)		7,400,000		8,032,767
5.00%, 02/01/2050(3)		1,600,000		1,856,217
California County Tobacco Securitization Agency
4.00%, 06/01/2034		400,000		494,586
4.00%, 06/01/2036		275,000		337,432
4.00%, 06/01/2037		275,000		336,184
4.00%, 06/01/2038		275,000		335,142
5.00%, 06/01/2025		175,000		206,637
5.00%, 06/01/2026		215,000		262,442
5.00%, 06/01/2026		1,090,000		1,329,868
5.00%, 06/01/2027		325,000		408,366
California Health Facilities Financing Authority
4.00%, 04/01/2035		1,930,000		2,327,208
5.00%, 11/01/2032(1)		1,400,000		1,489,198
5.00%, 07/01/2034(1)		1,710,000		1,815,797
5.00%, 08/15/2034		125,000		151,396
California Housing Finance
3.50%, 11/20/2035		1,285,435		1,504,855
4.00%, 03/20/2033		3,419,637		4,031,228
4.25%, 01/15/2035		515,989		632,799
California Infrastructure & Economic Development Bank
0.00%, 01/01/2050(1)(3)		26,180,000		26,178,641
0.45%, 01/01/2050(1)(3)		16,000,000		16,000,000
California Municipal Finance Authority
0.00%, 07/01/2051(1)		5,000,000		5,000,029
0.16%, 09/01/2021		6,450,000		6,450,000
0.70%, 12/01/2044(1)		3,550,000		3,580,696
4.00%, 05/15/2032		750,000		924,107
4.00%, 05/15/2036		1,750,000		2,124,606
4.00%, 08/15/2037		1,560,000		1,734,354
4.00%, 08/15/2042		1,635,000		1,804,034
5.00%, 08/15/2029		1,000,000		1,236,736
5.00%, 05/15/2031		200,000		267,761
5.00%, 08/15/2034		1,065,000		1,306,559
5.00%, 12/31/2043		12,725,000		15,492,551
5.00%, 12/31/2047		555,000		673,728
5.00%, 05/15/2049		1,000,000		1,218,921
5.00%, 10/01/2049(3)		515,000		555,586
5.00%, 10/01/2057(3)		1,000,000		1,074,173
California Pollution Control Financing Authority
0.15%, 08/01/2024(1)(3)		15,655,000		15,655,017
5.00%, 07/01/2037(3)		5,000,000		5,286,072
California Public Finance Authority
2.13%, 11/15/2027(3)		1,875,000		1,899,983

	Principal Amount		Value
2.38%, 11/15/2028(3)		500,000		506,919
5.00%, 07/01/2027(3)		180,000		162,122
5.00%, 11/15/2036(3)		250,000		297,012
5.00%, 07/01/2047(3)		140,000		126,096
5.00%, 10/15/2047		1,775,000		2,090,680
California School Finance Authority
2.00%, 10/01/2024(3)		285,000		292,999
3.00%, 10/01/2031(3)		215,000		232,320
California State Public Works Board
4.00%, 05/01/2036		350,000		432,517
4.00%, 05/01/2037		500,000		613,992
4.00%, 05/01/2038		525,000		643,114
5.00%, 03/01/2024		2,500,000		2,812,600
5.00%, 03/01/2025		3,340,000		3,898,735
5.00%, 11/01/2037		235,000		249,159
5.00%, 09/01/2039		10,705,000		12,129,305
California Statewide Communities Development Authority
4.00%, 09/02/2022		500,000		518,086
4.00%, 09/02/2025		375,000		410,732
4.00%, 09/02/2029		200,000		227,825
4.00%, 09/02/2029		300,000		339,271
4.00%, 09/02/2031		300,000		341,917
4.00%, 04/01/2036		675,000		807,243
4.00%, 04/01/2037		700,000		834,899
4.00%, 09/02/2051		1,000,000		1,104,828
5.00%, 10/01/2028		1,100,000		1,164,736
5.00%, 11/01/2032(3)		1,135,000		1,374,033
5.00%, 04/01/2035		1,300,000		1,683,708
5.00%, 01/01/2038		750,000		893,674
5.00%, 09/02/2039		745,000		909,004
5.00%, 05/15/2040		400,000		464,681
5.00%, 11/01/2041(3)		875,000		1,037,770
5.00%, 04/01/2042		2,000,000		2,071,806
5.00%, 01/01/2043		1,000,000		1,185,278
5.00%, 09/02/2044		500,000		603,828
5.00%, 09/02/2044		700,000		845,359
5.00%, 09/02/2044		1,350,000		1,639,331
5.00%, 02/01/2045		1,175,000		1,234,307
5.00%, 04/01/2046(1)		4,300,000		5,669,759
5.00%, 01/01/2048		2,840,000		3,349,398
5.00%, 09/02/2049		700,000		840,868
5.25%, 12/01/2048(3)		800,000		943,967
5.25%, 12/01/2056(3)		6,635,000		7,490,923
5.38%, 11/01/2049(3)		100,000		107,832
5.50%, 12/01/2054		2,270,000		2,577,767
5.50%, 12/01/2058(3)		6,315,000		7,512,112
City of Long Beach CA Harbor Revenue
4.00%, 07/15/2021		6,000,000		6,008,498
City of Los Angeles Department of Airports
4.75%, 05/15/2035		8,340,000		9,452,438

	Principal Amount		Value
5.00%, 05/15/2022		200,000		208,480
5.00%, 05/15/2025		2,000,000		2,339,370
5.00%, 05/15/2026		520,000		626,997
5.00%, 05/15/2026		1,455,000		1,755,937
5.00%, 05/15/2027		1,325,000		1,639,991
5.00%, 05/15/2028		1,150,000		1,455,698
5.00%, 05/15/2031		10,000,000		12,753,832
5.00%, 05/15/2033		1,325,000		1,660,463
5.00%, 05/15/2037		9,795,000		12,587,722
5.00%, 05/15/2038		2,000,000		2,612,855
5.00%, 05/15/2039		2,150,000		2,801,772
5.00%, 05/15/2040		1,095,000		1,260,344
5.25%, 05/15/2031		4,805,000		6,104,016
5.25%, 05/15/2032		3,210,000		4,080,509
County of Sacramento CA Airport System Revenue
5.00%, 07/01/2034		3,000,000		3,706,598
CSCDA Community Improvement Authority
4.00%, 08/01/2056(3)		1,240,000		1,374,467
4.00%, 09/01/2056(3)		825,000		914,331
4.00%, 10/01/2056(3)		5,125,000		5,621,489
4.00%, 12/01/2056(3)		3,750,000		4,090,215
Cucamonga Valley Water District
5.38%, 09/01/2035		3,320,000		3,348,408
Deutsche Bank Spears/Lifers Trust
0.49%, 12/01/2052(1)(3)		10,000,000		10,000,000
Elk Grove Unified School District
5.00%, 08/01/2021		150,000		150,592
Foothill-de Anza Community College District
5.00%, 04/01/2035		250,000		288,468
5.00%, 04/01/2036		200,000		230,774
Foothill-Eastern Transportation Corridor Agency
4.00%, 01/15/2046		9,975,000		11,815,252
Fresno Unified School District
0.00%, 08/01/2034		500,000		205,169
Golden State Tobacco Securitization Corp.
0.00%, 06/01/2024		1,000,000		984,710
5.00%, 06/01/2022		400,000		417,599
5.00%, 06/01/2023		455,000		496,255
5.00%, 06/01/2024		255,000		289,228
5.00%, 06/01/2047		1,160,000		1,199,177
5.25%, 06/01/2047		3,935,000		4,080,475
5.30%, 06/01/2037		6,000,000		6,240,031
Huntington Beach Union High School District
5.00%, 08/01/2022		200,000		210,575
Irvine Unified School District
5.00%, 03/01/2057		800,000		946,284
Los Angeles County Public Works Financing Authority
5.00%, 12/01/2029		1,200,000		1,431,212
5.00%, 12/01/2030		2,520,000		3,001,900
Los Angeles Regional Airports Improvement Corp.

	Principal Amount		Value
4.50%, 01/01/2027		845,000		862,111
Los Angeles Unified School District
4.00%, 07/01/2033		5,000,000		6,152,053
4.00%, 07/01/2036		1,190,000		1,451,645
4.00%, 07/01/2037		3,000,000		3,643,897
5.00%, 07/01/2021		200,000		200,000
5.00%, 07/01/2027		2,385,000		2,996,661
Mendocino-Lake Community College District
5.00%, 08/01/2027		1,700,000		2,001,439
5.00%, 08/01/2028		1,000,000		1,174,662
5.00%, 08/01/2029		775,000		910,363
5.00%, 08/01/2030		2,530,000		2,971,896
Merced Union High School District
0.00%, 08/01/2051		1,000,000		112,385
Metropolitan Water District of Southern California
0.17% (SIFMA Municipal Swap Index Yield + 0.14%), 07/01/2037(2)		6,650,000		6,650,011
0.28% (SIFMA Municipal Swap Index Yield + 0.14%), 07/01/2037(2)		2,530,000		2,530,004
Mizuho Floater/Residual Trust
0.28%, 12/01/2039(1)(3)(6)		8,800,000		8,800,000
Municipal Improvement Corp. of Los Angeles
5.00%, 11/01/2021		300,000		304,848
Natomas Unified School District
4.00%, 08/01/2045		4,000,000		4,555,388
Norman Y Mineta San Jose International Airport SJC
4.00%, 03/01/2034		4,000,000		4,870,021
5.00%, 03/01/2022		1,675,000		1,727,738
5.00%, 03/01/2028		1,340,000		1,639,920
5.00%, 03/01/2030		1,700,000		2,067,247
Ontario International Airport Authority
4.00%, 05/15/2037		695,000		839,160
4.00%, 05/15/2039		850,000		1,021,160
4.00%, 05/15/2040		635,000		761,486
4.00%, 05/15/2041		400,000		478,382
Orange County Community Facilities District
5.25%, 08/15/2045		975,000		1,109,356
Orchard School District
0.00%, 08/01/2022		2,940,000		2,930,093
Port of Los Angeles
5.00%, 08/01/2027		1,810,000		2,046,491
Port of Oakland
5.00%, 05/01/2022		2,400,000		2,489,199
5.00%, 05/01/2023		2,420,000		2,615,293
5.00%, 05/01/2024		2,070,000		2,324,533
5.00%, 05/01/2025		9,600,000		11,147,201
5.00%, 05/01/2026		1,170,000		1,399,283
5.00%, 05/01/2026		4,450,000		4,627,159
5.00%, 05/01/2027		3,970,000		4,875,858
5.00%, 05/01/2028		1,875,000		2,354,449
5.00%, 05/01/2029		1,875,000		2,402,863
5.00%, 11/01/2029		1,875,000		2,425,445

	Principal Amount		Value
Riverside County Community Facilities Districts
4.00%, 09/01/2040		1,500,000		1,790,305
Sacramento City Financing Authority
5.00%, 12/01/2033		875,000		1,032,269
San Diego County Regional Airport Authority
5.00%, 07/01/2030		205,000		267,276
San Francisco City & County Airport Comm-San Francisco International Airport
5.00%, 05/01/2027		3,000,000		3,117,913
5.00%, 05/01/2037		945,000		1,188,709
San Mateo Foster City Public Financing Authority
5.00%, 08/01/2025		890,000		1,052,556
Santa Ana Unified School District
5.50%, 08/01/2022		200,000		211,632
Santa Monica-Malibu Unified School District
4.00%, 08/01/2021		300,000		300,945
Southern California Public Power Authority
4.00%, 07/01/2021		250,000		250,000
State of California
4.00%, 12/01/2022		2,485,000		2,620,592
4.00%, 03/01/2025		3,500,000		3,963,793
4.00%, 03/01/2026		375,000		435,778
4.00%, 11/01/2035		1,750,000		2,172,800
4.00%, 03/01/2036		2,385,000		2,915,015
4.00%, 11/01/2036		2,735,000		3,386,838
4.00%, 11/01/2037		1,625,000		2,006,568
4.00%, 11/01/2041		2,000,000		2,262,592
5.00%, 08/01/2022		1,535,000		1,615,819
5.00%, 12/01/2022		1,115,000		1,191,583
5.00%, 08/01/2023		3,000,000		3,300,997
5.00%, 12/01/2023		2,980,000		3,324,267
5.00%, 05/01/2024		1,945,000		2,204,750
5.00%, 12/01/2024		1,255,000		1,453,940
5.00%, 09/01/2026		2,000,000		2,453,795
5.00%, 08/01/2027		620,000		734,070
5.00%, 11/01/2028		8,000,000		10,353,661
5.00%, 08/01/2029		935,000		1,142,179
5.00%, 09/01/2029		370,000		453,106
5.00%, 11/01/2029		3,170,000		3,987,063
5.00%, 04/01/2030		5,130,000		6,824,862
5.00%, 08/01/2030		3,500,000		4,271,606
5.00%, 08/01/2030		3,910,000		4,880,024
5.00%, 11/01/2032		11,555,000		15,439,962
5.00%, 11/01/2036		25,000,000		33,124,355
State of California Department of Water Resources Power Supply Revenue
5.00%, 05/01/2022		215,000		223,744
Tender Option Bond Trust Receipts/Certificates
0.10%, 08/01/2055(1)(3)		1,000,000		1,000,000
0.11%, 10/01/2049(1)(3)		1,060,000		1,060,000
Tobacco Securitization Authority of Southern California
5.00%, 06/01/2023		1,000,000		1,092,551

	Principal Amount		Value
Transbay Joint Powers Authority
5.00%, 10/01/2033		250,000		320,529
5.00%, 10/01/2034		250,000		319,753
5.00%, 10/01/2035		240,000		306,449
5.00%, 10/01/2038		600,000		761,038
Tustin Unified School District
4.00%, 09/01/2034		125,000		138,627
4.00%, 09/01/2035		255,000		282,236
Total California				594,726,210
Colorado – 2.04%
Adams 12 Five Star Schools
5.00%, 12/15/2028		2,050,000		2,522,989
Amber Creek Metropolitan District
5.00%, 12/01/2037		750,000		792,631
5.13%, 12/01/2047		1,050,000		1,106,543
Arapahoe County School District No 6 Littleton
5.50%, 12/01/2033		1,150,000		1,524,077
Aurora Crossroads Metropolitan District No 2
5.00%, 12/01/2040		500,000		551,754
5.00%, 12/01/2050		1,000,000		1,092,591
Belleview Station Metropolitan District No 2
5.00%, 12/01/2036		500,000		519,062
Berthoud-Heritage Metropolitan District No 1
5.63%, 12/01/2048		1,400,000		1,533,639
Brighton Crossing Metropolitan District No 4
5.00%, 12/01/2037		525,000		556,937
Brighton Crossing Metropolitan District No 6
5.00%, 12/01/2040		515,000		574,812
5.00%, 12/01/2050		1,340,000		1,481,693
Broadway Station Metropolitan District No 2
5.00%, 12/01/2035		730,000		803,742
5.13%, 12/01/2048		1,450,000		1,584,644
Canyons Metropolitan District No 5
6.00%, 12/01/2037		500,000		529,207
City & County of Denver CO
5.00%, 10/01/2032		9,405,000		10,049,161
City & County of Denver CO Airport System Revenue
4.00%, 11/15/2023		4,465,000		4,837,483
5.00%, 11/15/2025		4,390,000		5,209,606
5.00%, 11/15/2029		3,105,000		3,852,500
5.00%, 12/01/2029		1,130,000		1,427,030
5.00%, 11/15/2031(1)		1,000,000		1,186,698
5.00%, 12/01/2031		7,045,000		8,837,188
5.00%, 11/15/2032		2,175,000		2,899,673
5.00%, 12/01/2032		385,000		482,687
5.00%, 12/01/2035		5,520,000		6,878,826
City of Colorado Springs CO Utilities System Revenue
5.00%, 11/15/2035		1,500,000		1,992,722
Colorado Educational & Cultural Facilities Authority
4.00%, 08/01/2023		135,000		145,185

	Principal Amount		Value
4.00%, 08/01/2024		165,000		182,698
4.00%, 05/01/2026		80,000		89,521
4.00%, 05/01/2029		70,000		80,432
4.00%, 05/01/2030		65,000		74,565
4.00%, 05/01/2036		75,000		85,137
4.00%, 07/01/2036		1,295,000		1,559,645
Colorado Health Facilities Authority
0.00%, 07/15/2022		980,000		977,264
2.80%, 05/15/2042(1)		3,695,000		3,814,221
4.00%, 11/01/2039		3,775,000		4,495,961
4.00%, 08/01/2044		1,520,000		1,732,757
5.00%, 12/01/2022		1,855,000		1,980,923
5.00%, 11/01/2023		1,350,000		1,496,846
5.00%, 11/01/2024		1,125,000		1,293,328
5.00%, 11/01/2025		1,715,000		2,037,611
5.00%, 11/01/2026		1,330,000		1,626,534
5.00%, 01/01/2031		100,000		108,277
5.00%, 11/15/2036(1)		6,770,000		7,535,024
5.00%, 01/01/2037		250,000		268,535
5.00%, 10/01/2038(1)		630,000		640,516
5.00%, 08/01/2044		6,110,000		7,591,373
5.00%, 09/01/2046		1,000,000		1,150,816
5.00%, 08/01/2049(1)		3,830,000		4,591,335
5.00%, 11/15/2049(1)		2,585,000		3,170,315
5.25%, 01/01/2040		540,000		579,817
6.13%, 12/01/2045(3)		375,000		406,305
6.25%, 12/01/2050(3)		205,000		222,706
Colorado High Performance Transportation Enterprise
5.00%, 12/31/2047		645,000		739,133
5.00%, 12/31/2051		2,150,000		2,459,767
5.00%, 12/31/2056		4,790,000		5,471,216
Colorado Housing & Finance Authority
4.25%, 11/01/2049		535,000		599,266
4.25%, 11/01/2049		1,000,000		1,119,230
Colorado International Center Metropolitan District No 14
5.88%, 12/01/2046		635,000		689,985
Copperleaf Metropolitan District No 4
5.00%, 12/01/2039		775,000		851,533
5.00%, 12/01/2049		1,500,000		1,634,282
Cornerstar Metropolitan District
5.13%, 12/01/2037		500,000		529,226
Cottonwood Highlands Metropolitan District No 1
5.00%, 12/01/2049		900,000		970,214
County of El Paso CO
4.00%, 12/01/2033		800,000		954,302
4.00%, 12/01/2035		910,000		1,077,225
5.00%, 12/01/2031		600,000		782,033
Denver Convention Center Hotel Authority
5.00%, 12/01/2022		4,950,000		5,266,639
Denver Gateway Center Metropolitan District

	Principal Amount		Value
5.50%, 12/01/2038		1,360,000		1,475,168
5.63%, 12/01/2048		2,130,000		2,303,500
Denver Health & Hospital Authority
5.00%, 12/01/2048		1,800,000		2,178,825
Denver International Business Center Metropolitan District No 1
6.00%, 12/01/2048		500,000		543,801
Denver Urban Renewal Authority
5.25%, 12/01/2039(3)		1,000,000		1,099,758
E-470 Public Highway Authority
0.38% (Secured Overnight Financing Rate + 0.35%), 09/01/2039(2)		2,195,000		2,196,792
5.00%, 09/01/2040		5,165,000		5,843,222
Eagle County Airport Terminal Corp.
5.00%, 05/01/2033		2,000,000		2,370,487
Lewis Pointe Metropolitan District
4.00%, 12/01/2029		270,000		326,650
Mesa County Valley School District No 51 Grand Junction CO
5.25%, 12/01/2033		2,000,000		2,541,538
Mirabelle Metropolitan District No 2
5.00%, 12/01/2039		700,000		766,335
Mizuho Floater/Residual Trust
0.28%, 07/01/2034(1)(3)		300,000		300,000
Painted Prairie Metropolitan District No 2
5.25%, 12/01/2048		500,000		528,321
Park Creek Metropolitan District
5.00%, 12/01/2045		1,775,000		2,030,934
Peak Metropolitan District No 1
4.00%, 12/01/2035(3)		500,000		539,223
5.00%, 12/01/2041(3)		1,000,000		1,112,979
Pueblo Urban Renewal Authority
0.00%, 12/01/2025(3)		250,000		217,029
4.75%, 12/01/2045(3)		900,000		1,032,979
Rampart Range Metropolitan District No 1
5.00%, 12/01/2047		650,000		788,236
Regional Transportation District
4.00%, 01/15/2033		850,000		1,032,122
4.00%, 07/15/2033		270,000		338,601
4.00%, 07/15/2034		750,000		904,994
5.00%, 06/01/2031		1,315,000		1,685,621
5.00%, 07/15/2032		600,000		784,005
Reunion Metropolitan District
3.63%, 12/01/2044		1,205,000		1,199,317
Serenity Ridge Metropolitan District No 2
5.13%, 12/01/2037		1,290,000		1,393,073
Sierra Ridge Metropolitan District No 2
4.50%, 12/01/2031		749,000		777,123
5.50%, 12/01/2046		1,500,000		1,558,697
Solaris Metropolitan District No 3
5.00%, 12/01/2036		850,000		887,008
5.00%, 12/01/2046		1,880,000		1,960,153
Southglenn Metropolitan District

	Principal Amount		Value
5.00%, 12/01/2046		500,000		518,601
Southlands Metropolitan District No 1
3.00%, 12/01/2022		219,000		222,899
3.50%, 12/01/2027		500,000		542,357
St Vrain Lakes Metropolitan District No 2
5.00%, 12/01/2037		500,000		533,918
STC Metropolitan District No 2
3.00%, 12/01/2025		555,000		583,997
5.00%, 12/01/2038		500,000		549,553
University of Colorado
2.00%, 06/01/2054(1)		5,955,000		6,249,351
5.00%, 06/01/2047		500,000		608,264
University of Colorado Hospital Authority
5.00%, 11/15/2038(1)		1,020,000		1,027,984
5.00%, 11/15/2047(1)		9,530,000		10,766,197
Vauxmont Metropolitan District
5.00%, 12/15/2021		100,000		102,023
5.00%, 12/01/2024		200,000		228,910
5.00%, 12/15/2024		135,000		154,671
5.00%, 12/01/2025		180,000		212,524
5.00%, 12/15/2025		85,000		99,822
5.00%, 12/01/2026		195,000		236,721
5.00%, 12/01/2027		205,000		255,040
5.00%, 12/01/2028		210,000		266,939
5.00%, 12/15/2028		130,000		151,935
5.00%, 12/01/2029		210,000		272,062
5.00%, 12/15/2029		5,000		5,823
5.00%, 12/15/2030		500,000		580,651
5.00%, 12/01/2031		230,000		296,167
5.00%, 12/01/2032		250,000		321,045
5.00%, 12/01/2035		100,000		127,554
Willow Bend Metropolitan District
5.00%, 12/01/2039		600,000		652,704
5.00%, 12/01/2049		1,000,000		1,082,112
Total Colorado				201,275,908
Connecticut – 2.43%
City of Bridgeport CT
4.00%, 06/01/2037		2,460,000		2,853,917
5.00%, 09/15/2029		2,600,000		3,381,180
5.00%, 09/15/2030		2,250,000		2,906,327
5.00%, 06/01/2033		1,985,000		2,525,202
City of Hartford CT
5.00%, 07/15/2021		3,300,000		3,305,767
5.00%, 07/15/2022		2,250,000		2,362,671
5.00%, 07/15/2023		2,000,000		2,194,845
5.00%, 07/15/2026		2,430,000		2,854,230
City of New Britain CT
5.00%, 03/01/2027		1,260,000		1,532,464
5.00%, 03/01/2028		1,490,000		1,802,434
5.00%, 03/01/2033		1,900,000		2,255,572

	Principal Amount		Value
City of New Haven CT
5.00%, 08/15/2023		900,000		990,510
5.00%, 08/15/2029		2,000,000		2,400,065
5.00%, 08/15/2031		1,000,000		1,193,960
5.25%, 08/01/2023		1,115,000		1,227,735
City of Norwalk CT
4.00%, 07/01/2024		250,000		250,000
City of West Haven CT
5.00%, 08/01/2021		2,495,000		2,504,414
Connecticut Housing Finance Authority
2.25%, 11/15/2023		1,250,000		1,291,676
3.00%, 11/15/2050		7,335,000		7,948,183
3.40%, 11/15/2042		760,000		767,708
Connecticut State Health & Educational Facilities Authority
0.38%, 07/01/2035(1)		5,885,000		5,887,356
0.55%, 07/01/2037(1)		4,500,000		4,518,201
1.10%, 07/01/2048(1)		9,000,000		9,127,197
1.80%, 07/01/2049(1)		2,005,000		2,077,307
2.00%, 07/01/2042(1)		4,370,000		4,666,431
2.05%, 07/01/2035(1)		6,570,000		6,573,435
4.00%, 07/01/2021(3)		875,000		875,000
4.00%, 07/01/2022(3)		1,010,000		1,021,147
4.00%, 07/01/2044		710,000		796,779
4.00%, 07/01/2046		880,000		957,710
4.00%, 07/01/2049		3,370,000		3,766,887
5.00%, 07/01/2021		250,000		250,000
5.00%, 07/01/2022		150,000		157,047
5.00%, 07/01/2023		325,000		354,922
5.00%, 11/01/2023		695,000		770,083
5.00%, 07/01/2024		365,000		414,179
5.00%, 11/01/2024		475,000		545,561
5.00%, 07/01/2025		150,000		176,058
5.00%, 07/01/2025(3)		435,000		465,078
5.00%, 06/01/2027		200,000		248,747
5.00%, 06/01/2028		400,000		510,524
5.00%, 11/01/2028		1,245,000		1,589,940
5.00%, 06/01/2029		250,000		326,150
5.00%, 07/01/2029(3)		440,000		482,203
5.00%, 07/01/2029		1,000,000		1,255,182
5.00%, 06/01/2031		600,000		789,312
5.00%, 07/01/2032		700,000		909,617
5.00%, 07/01/2032		2,000,000		2,569,456
5.00%, 07/01/2033		600,000		777,268
5.00%, 07/01/2034		700,000		904,238
5.00%, 07/01/2035		525,000		677,217
5.00%, 07/01/2036		1,000,000		1,286,599
5.00%, 07/01/2043		1,750,000		1,981,570
5.00%, 07/01/2049(3)		1,550,000		1,627,647
5.00%, 07/01/2053(1)		2,625,000		3,206,539
5.00%, 07/01/2053(1)		3,445,000		3,967,077

	Principal Amount		Value
Mattabassett District
5.00%, 08/01/2021		245,000		245,935
5.00%, 08/01/2022		195,000		204,874
Mohegan Tribe of Indians of Connecticut
5.25%, 02/01/2022(3)		450,000		458,266
State of Connecticut
3.00%, 01/15/2022		475,000		482,332
3.00%, 01/15/2023		525,000		548,026
3.00%, 01/15/2024		450,000		481,001
4.00%, 01/15/2024		290,000		317,303
5.00%, 07/15/2022		1,455,000		1,522,381
5.00%, 09/01/2022		5,725,000		6,049,425
5.00%, 11/01/2022		315,000		320,046
5.00%, 04/15/2023		3,200,000		3,476,690
5.00%, 07/15/2023		1,160,000		1,269,196
5.00%, 01/15/2026		850,000		1,021,041
5.00%, 04/15/2026		1,500,000		1,816,000
5.00%, 06/15/2027		1,680,000		1,974,074
5.00%, 09/15/2027		1,000,000		1,258,516
5.00%, 03/01/2029		1,500,000		1,677,967
5.00%, 04/15/2030		565,000		729,800
5.00%, 06/15/2032		710,000		826,458
5.00%, 11/15/2032		200,000		236,044
5.00%, 04/15/2034		645,000		823,332
5.00%, 09/15/2034		1,000,000		1,258,910
5.00%, 10/15/2034		1,620,000		1,958,964
5.00%, 04/15/2035		3,250,000		4,142,293
State of Connecticut Special Tax Revenue
4.00%, 05/01/2036		3,260,000		3,940,165
4.00%, 05/01/2038		2,070,000		2,544,189
4.00%, 05/01/2039		4,600,000		5,564,451
5.00%, 09/01/2023		900,000		992,704
5.00%, 05/01/2030		2,000,000		2,653,115
5.00%, 10/01/2031		26,000,000		28,553,452
5.00%, 05/01/2033		3,000,000		3,942,519
5.00%, 05/01/2034		3,400,000		4,455,472
5.00%, 05/01/2035		10,715,000		14,241,338
5.00%, 05/01/2037		5,000,000		6,506,019
5.00%, 01/01/2038		4,400,000		5,399,926
Town of Hamden CT
5.00%, 08/15/2026		500,000		567,181
5.00%, 08/15/2026		1,335,000		1,604,263
5.00%, 08/01/2028		500,000		624,660
5.00%, 08/01/2030		500,000		643,128
5.00%, 08/01/2032		500,000		637,660
5.00%, 01/01/2040		1,875,000		2,045,815
University of Connecticut
5.00%, 11/01/2028		1,290,000		1,664,230
5.00%, 02/15/2036		1,000,000		1,288,373
5.00%, 02/15/2037		1,500,000		1,927,569

	Principal Amount		Value
5.25%, 11/15/2034		3,705,000		4,722,640
Total Connecticut				240,676,267
Delaware – 0.48%
County of Kent DE
5.00%, 07/01/2040		1,020,000		1,168,100
5.00%, 07/01/2048		2,305,000		2,610,186
County of Sussex DE
5.00%, 01/01/2036		2,330,000		2,550,250
Delaware Municipal Electric Corp.
4.00%, 07/01/2036		365,000		441,451
5.00%, 07/01/2032		235,000		314,197
Delaware State Economic Development Authority
1.05%, 01/01/2031(1)		4,630,000		4,726,133
4.00%, 09/01/2030		180,000		207,515
5.00%, 09/01/2036		1,225,000		1,404,963
5.00%, 08/01/2039		715,000		828,738
5.00%, 09/01/2040		250,000		304,115
5.00%, 09/01/2046		700,000		791,585
5.00%, 11/15/2048		2,000,000		2,313,984
5.00%, 08/01/2049		900,000		1,029,374
5.00%, 09/01/2050		250,000		299,361
5.00%, 08/01/2054		835,000		952,274
Delaware State Health Facilities Authority
5.00%, 06/01/2037		1,385,000		1,676,623
5.00%, 06/01/2043		1,000,000		1,197,363
5.00%, 06/01/2048		500,000		595,338
Delaware Transportation Authority
5.00%, 07/01/2032		3,210,000		4,279,761
5.00%, 09/01/2032		3,245,000		4,276,932
5.00%, 09/01/2033		2,750,000		3,613,294
5.00%, 09/01/2034		6,750,000		8,845,515
5.00%, 09/01/2035		2,200,000		2,878,244
Total Delaware				47,305,296
District of Columbia – 2.37%
District of Columbia
5.00%, 10/01/2022		3,730,000		3,957,305
5.00%, 03/01/2024		455,000		511,893
5.00%, 10/01/2029		5,000,000		6,595,486
5.00%, 12/01/2033		5,000,000		6,453,167
5.00%, 06/01/2034		1,000,000		1,167,589
5.00%, 06/01/2034		2,100,000		2,594,063
5.00%, 06/01/2035		3,000,000		3,377,968
5.00%, 12/01/2036		250,000		255,015
5.00%, 12/01/2036		420,000		428,018
5.00%, 07/01/2042		780,000		840,396
5.00%, 06/01/2046		3,370,000		3,831,072
5.00%, 07/01/2052		1,230,000		1,319,351
District of Columbia Housing Finance Agency
0.70%, 06/01/2024(1)		10,000,000		10,033,732
District of Columbia Tobacco Settlement Financing Corp.

	Principal Amount		Value
0.00%, 06/15/2046		2,000,000		358,563
0.00%, 06/15/2046		10,000,000		2,153,427
District of Columbia Water & Sewer Authority
1.75%, 10/01/2054(1)		9,340,000		9,730,164
Metropolitan Washington Airports Authority
5.00%, 10/01/2021		420,000		424,970
5.00%, 10/01/2022		1,000,000		1,060,160
5.00%, 10/01/2023		850,000		940,344
5.00%, 10/01/2024		1,325,000		1,521,564
5.00%, 10/01/2024		1,500,000		1,725,154
5.00%, 10/01/2025		1,185,000		1,410,792
5.00%, 10/01/2027		500,000		623,072
5.00%, 10/01/2030		1,735,000		1,834,426
5.00%, 10/01/2030		5,280,000		6,570,379
5.00%, 10/01/2031		5,335,000		6,753,947
5.00%, 10/01/2032		5,000,000		6,042,648
5.00%, 10/01/2037		1,000,000		1,235,691
5.00%, 10/01/2043		8,000,000		10,021,879
Metropolitan Washington Airports Authority Aviation Revenue
4.00%, 10/01/2037		570,000		694,581
4.00%, 10/01/2038		635,000		771,833
5.00%, 10/01/2027		42,565,000		53,015,005
5.00%, 10/01/2030		2,530,000		3,341,729
5.00%, 10/01/2031		4,305,000		5,795,640
5.00%, 10/01/2032		6,330,000		8,495,030
5.00%, 10/01/2033		6,230,000		8,332,636
5.00%, 10/01/2034		1,520,000		2,027,374
5.00%, 10/01/2035		1,350,000		1,797,187
5.00%, 10/01/2036		1,075,000		1,427,997
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
0.00%, 10/01/2035		6,025,000		4,572,394
0.00%, 10/01/2037		1,000,000		717,110
4.00%, 10/01/2038		415,000		484,795
5.00%, 10/01/2033		1,250,000		1,584,844
5.00%, 10/01/2034		1,500,000		1,897,432
5.00%, 10/01/2053		4,890,000		5,042,744
6.50%, 10/01/2041		2,000,000		2,564,654
Tender Option Bond Trust Receipts/Certificates
0.06%, 10/01/2050(1)(3)		7,305,000		7,305,000
0.13%, 07/01/2042(1)(3)		1,765,000		1,765,000
Washington Convention & Sports Authority
5.00%, 10/01/2023		1,330,000		1,468,825
5.00%, 10/01/2024		1,030,000		1,180,639
Washington Metropolitan Area Transit Authority
4.00%, 07/15/2034		2,935,000		3,656,771
4.00%, 07/15/2035		2,190,000		2,724,039
5.00%, 07/15/2023		1,665,000		1,828,644
5.00%, 07/01/2024		2,115,000		2,407,444
5.00%, 07/15/2024		1,100,000		1,257,486
5.00%, 07/01/2032		3,250,000		4,009,243

	Principal Amount		Value
5.00%, 07/15/2035		3,675,000		4,838,570
5.00%, 07/15/2037		1,530,000		2,049,588
5.00%, 07/15/2037		2,500,000		3,274,472
Total District of Columbia				234,100,941
Florida – 5.24%
Alachua County Health Facilities Authority
4.00%, 12/01/2049		5,000,000		5,827,884
5.00%, 12/01/2036		1,000,000		1,137,280
5.00%, 12/01/2044		3,350,000		3,755,763
6.00%, 11/15/2034		35,000		35,294
6.25%, 11/15/2044		400,000		401,526
6.38%, 11/15/2049		300,000		301,637
Alachua County School Board
5.00%, 07/01/2021		1,000,000		1,000,000
5.00%, 07/01/2027		1,155,000		1,430,490
5.00%, 07/01/2030		2,140,000		2,811,231
Artisan Lakes East Community Development District
2.75%, 05/01/2031(3)		250,000		249,567
2.75%, 05/01/2031(3)		270,000		269,533
Babcock Ranch Community Independent Special District
2.38%, 05/01/2026		125,000		125,120
2.88%, 05/01/2031		250,000		250,786
Berry Bay Community Development District
2.63%, 05/01/2026		250,000		252,987
Brevard County Health Facilities Authority
5.00%, 04/01/2039		1,335,000		1,476,525
Capital Projects Finance Authority
5.00%, 10/01/2024		550,000		620,488
5.00%, 10/01/2025		2,630,000		3,053,245
5.00%, 10/01/2026		1,275,000		1,520,652
5.00%, 10/01/2027		1,750,000		2,134,926
5.00%, 10/01/2034		500,000		627,970
5.00%, 10/01/2035		500,000		625,570
Capital Trust Agency, Inc.
3.38%, 07/01/2031(3)		1,440,000		1,550,066
5.25%, 12/01/2058(3)		2,150,000		2,519,238
Celebration Pointe Community Development District
4.00%, 05/01/2022(3)		90,000		91,578
Central Florida Expressway Authority
4.00%, 07/01/2038		2,000,000		2,452,900
4.00%, 07/01/2039		1,755,000		2,146,797
5.00%, 07/01/2026		1,375,000		1,671,696
5.00%, 07/01/2035		5,000,000		6,419,606
CFM Community Development District
2.88%, 05/01/2031		420,000		422,802
Citizens Property Insurance, Inc.
5.00%, 06/01/2022		2,150,000		2,244,600
City of Jacksonville FL
5.00%, 10/01/2021		450,000		455,393
5.00%, 08/15/2028		3,045,000		3,875,866

	Principal Amount		Value
5.00%, 08/15/2029		2,500,000		3,248,151
5.00%, 08/15/2030		1,700,000		2,193,373
5.00%, 08/15/2031		2,250,000		2,891,927
5.00%, 08/15/2032		1,200,000		1,538,439
5.00%, 08/15/2033		1,200,000		1,534,130
5.00%, 06/01/2053(3)		1,485,000		1,755,529
City of Miami Gardens FL
5.00%, 07/01/2034		1,725,000		1,965,061
City of Orlando FL
5.00%, 10/01/2031		1,120,000		1,435,811
5.00%, 10/01/2032		1,300,000		1,586,120
5.00%, 10/01/2032		1,680,000		2,148,654
5.00%, 10/01/2035		1,200,000		1,517,887
5.00%, 10/01/2036		1,000,000		1,261,277
City of Orlando FL Tourist Development Tax Revenue
5.00%, 11/01/2029		2,000,000		2,512,687
City Of South Miami Health Facilities Authority, Inc.
5.00%, 08/15/2023		250,000		274,631
5.00%, 08/15/2024		400,000		456,549
5.00%, 08/15/2025		700,000		825,459
City of Tallahassee FL
5.00%, 12/01/2026		1,380,000		1,638,289
City of Tampa FL
0.00%, 09/01/2036		800,000		524,526
0.00%, 09/01/2037		800,000		501,549
5.00%, 04/01/2040		1,115,000		1,274,668
County of Broward FL
5.00%, 04/01/2028		560,000		600,732
County of Broward FL Airport System Revenue
5.00%, 10/01/2022		1,185,000		1,255,981
5.00%, 10/01/2022		1,500,000		1,590,824
5.00%, 10/01/2023		3,620,000		3,998,718
5.00%, 10/01/2025		2,125,000		2,512,180
5.00%, 10/01/2026		1,000,000		1,214,914
5.00%, 10/01/2026		3,665,000		4,452,658
5.00%, 10/01/2027		1,650,000		2,055,005
5.00%, 10/01/2027		3,500,000		4,359,101
5.00%, 10/01/2028		1,500,000		1,911,000
5.00%, 10/01/2029		500,000		585,367
5.00%, 10/01/2029		1,150,000		1,491,593
5.00%, 10/01/2030		405,000		499,828
5.00%, 10/01/2031		1,525,000		1,961,807
5.00%, 10/01/2036		1,350,000		1,719,839
5.00%, 10/01/2036		1,500,000		1,834,815
5.00%, 10/01/2040		10,000,000		11,634,620
5.00%, 10/01/2042		110,000		116,659
County of Broward FL Port Facilities Revenue
5.00%, 09/01/2030		310,000		403,442
5.00%, 09/01/2030		1,780,000		2,310,096
5.00%, 09/01/2032		265,000		342,694

	Principal Amount		Value
5.00%, 09/01/2034		1,925,000		2,469,555
5.00%, 09/01/2035		2,000,000		2,561,948
County of Clay FL Sales Surtax Revenue
5.00%, 10/01/2026		1,170,000		1,427,508
5.00%, 10/01/2030		1,680,000		2,196,745
5.00%, 10/01/2031		1,375,000		1,795,096
5.00%, 10/01/2035		1,805,000		2,332,874
County of Hillsborough FL Community Investment Tax Revenue
5.00%, 11/01/2025		1,800,000		2,128,430
County of Lee FL Solid Waste System Revenue
5.00%, 10/01/2025		3,045,000		3,587,187
County of Miami-Dade FL
5.00%, 07/01/2023		1,000,000		1,095,439
5.00%, 07/01/2023		7,135,000		7,815,960
5.00%, 10/01/2024		1,785,000		2,046,683
County of Miami-Dade FL Aviation Revenue
4.00%, 10/01/2034		3,200,000		3,865,893
4.00%, 10/01/2039		300,000		358,313
4.00%, 10/01/2040		1,450,000		1,728,880
4.00%, 10/01/2041		1,500,000		1,783,929
5.00%, 10/01/2021		690,000		698,112
5.00%, 10/01/2024		2,510,000		2,883,238
5.00%, 10/01/2029		625,000		709,028
5.00%, 10/01/2030		250,000		331,114
5.00%, 10/01/2031		3,000,000		3,177,719
5.00%, 10/01/2031		7,500,000		8,487,667
5.00%, 10/01/2033		7,000,000		7,907,387
5.00%, 10/01/2034		5,520,000		6,235,539
5.00%, 10/01/2035		1,000,000		1,130,657
5.00%, 10/01/2037		2,990,000		3,404,401
County of Miami-Dade FL Transit System
4.00%, 07/01/2036		1,755,000		2,005,339
County of Miami-Dade FL Water & Sewer System Revenue
4.00%, 10/01/2035		1,540,000		1,909,022
4.00%, 10/01/2038		1,250,000		1,531,546
4.00%, 10/01/2039		4,535,000		5,478,666
4.00%, 10/01/2040		8,880,000		10,707,781
4.00%, 10/01/2048		3,670,000		4,392,963
5.00%, 10/01/2031		4,000,000		4,754,730
5.00%, 10/01/2032		1,275,000		1,514,978
County of Miami-Dade Seaport Department
6.00%, 10/01/2038		7,000,000		7,783,407
6.25%, 10/01/2038		2,000,000		2,238,732
County of Palm Beach FL
5.00%, 05/01/2029		1,915,000		2,313,500
Crossings At Fleming Island Community Development District
4.50%, 05/01/2030		180,000		187,329
East Nassau Stewardship District
2.40%, 05/01/2026		195,000		196,134
3.00%, 05/01/2031		245,000		247,749

	Principal Amount		Value
Epperson North Community Development District
2.50%, 05/01/2026		140,000		141,202
3.00%, 05/01/2031		215,000		218,939
Escambia County Health Facilities Authority
4.00%, 08/15/2045		1,305,000		1,514,443
Esplanade Lake Club Community Development District
3.25%, 11/01/2025		150,000		154,732
3.25%, 11/01/2025		250,000		257,896
Florida Department of Environmental Protection
5.00%, 07/01/2021		610,000		610,000
Florida Development Finance Corp.
3.00%, 06/01/2032		2,085,000		2,200,926
4.00%, 06/01/2024		105,000		112,892
4.00%, 06/01/2026		110,000		121,877
5.00%, 04/01/2028		315,000		392,508
5.00%, 04/01/2029		250,000		317,754
5.00%, 05/01/2029(3)		2,625,000		2,832,914
5.00%, 02/15/2031		710,000		790,460
5.00%, 06/01/2031		140,000		166,422
5.00%, 06/01/2035		125,000		147,269
5.00%, 02/15/2038		600,000		665,446
5.00%, 02/15/2048		1,600,000		1,767,920
Florida Higher Educational Facilities Financial Authority
5.00%, 10/01/2029		1,000,000		1,277,667
5.00%, 10/01/2033		1,000,000		1,244,211
5.00%, 06/01/2048(3)		2,310,000		2,738,976
Florida Housing Finance Corp.
3.50%, 07/01/2051		2,750,000		3,041,661
Florida Municipal Power Agency
3.00%, 10/01/2032		750,000		829,155
3.00%, 10/01/2033		700,000		770,829
5.00%, 10/01/2025		3,475,000		4,125,834
Greater Orlando Aviation Authority
5.00%, 10/01/2021		535,000		541,357
5.00%, 10/01/2022		1,000,000		1,059,121
5.00%, 10/01/2024		8,935,000		10,241,757
5.00%, 10/01/2026		500,000		607,457
5.00%, 10/01/2030		1,000,000		1,234,143
5.00%, 10/01/2031		2,000,000		2,336,001
5.00%, 10/01/2033		2,020,000		2,359,361
5.00%, 10/01/2033		6,705,000		8,608,851
Halifax Hospital Medical Center
5.00%, 06/01/2036		3,000,000		3,526,714
Harbor Bay Community Development District
3.10%, 05/01/2024		90,000		92,338
3.10%, 05/01/2024		300,000		307,769
3.10%, 05/01/2024		355,000		364,207
Hernando County School District
5.00%, 07/01/2024		805,000		911,658
Hillsborough County Aviation Authority

	Principal Amount		Value
5.00%, 10/01/2032		375,000		479,610
5.00%, 10/01/2033		465,000		593,963
5.00%, 10/01/2034		2,150,000		2,740,591
5.00%, 10/01/2035		2,275,000		2,895,781
5.00%, 10/01/2036		2,650,000		3,367,647
5.00%, 10/01/2040		12,500,000		14,228,114
Hillsborough County Port District
5.00%, 06/01/2038		900,000		1,089,257
Hillsborough County School Board
5.00%, 07/01/2029		1,795,000		2,326,573
JEA Electric System Revenue
5.00%, 10/01/2026		1,120,000		1,352,376
5.00%, 10/01/2031		1,360,000		1,767,918
5.00%, 10/01/2033		2,130,000		2,745,002
5.00%, 10/01/2034		1,215,000		1,560,867
Lakes of Sarasota Community Development District
3.63%, 05/01/2031		130,000		133,005
3.88%, 05/01/2031		1,700,000		1,741,187
3.90%, 05/01/2041		285,000		294,163
4.10%, 05/01/2051		265,000		272,996
4.13%, 05/01/2031		2,000,000		2,057,788
4.13%, 05/01/2041		200,000		205,945
4.30%, 05/01/2051		325,000		333,377
Lakewood Ranch Stewardship District
2.50%, 05/01/2025(3)		510,000		518,548
3.13%, 05/01/2025		260,000		271,584
3.13%, 05/01/2030(3)		310,000		324,052
3.40%, 05/01/2030		370,000		393,541
4.00%, 05/01/2022		155,000		157,964
4.00%, 05/01/2040		600,000		652,002
4.00%, 05/01/2050		1,000,000		1,061,874
4.35%, 05/01/2024		975,000		1,016,087
4.55%, 05/01/2024(3)		595,000		620,499
Lee County Industrial Development Authority
5.00%, 11/15/2039		1,850,000		2,182,107
5.63%, 12/01/2037(3)		250,000		263,373
5.75%, 12/01/2052(3)		750,000		780,105
Lee County School Board
5.00%, 08/01/2028		3,275,000		4,159,998
Lee Memorial Health System
5.00%, 04/01/2033(1)		2,850,000		3,349,620
5.00%, 04/01/2035		6,575,000		8,305,619
5.00%, 04/01/2037		2,060,000		2,589,350
Live Oak Lake Community Development District
3.80%, 05/01/2030		1,745,000		1,860,580
LT Ranch Community Development District
3.00%, 05/01/2025		625,000		639,677
Manatee County School District
5.00%, 10/01/2025		520,000		615,465
Marion County School Board

	Principal Amount		Value
5.00%, 06/01/2026		1,455,000		1,699,457
Martin County Health Facilities Authority
5.00%, 11/15/2023		800,000		889,916
Miami-Dade County Educational Facilities Authority
5.00%, 04/01/2040		2,855,000		3,272,905
5.00%, 04/01/2045		1,010,000		1,151,942
Miami-Dade County Expressway Authority
5.00%, 07/01/2030		1,225,000		1,469,265
Miami-Dade County Health Facilities Authority
5.00%, 08/01/2025		110,000		129,456
5.00%, 08/01/2026		155,000		188,045
5.00%, 08/01/2027		345,000		430,022
5.00%, 08/01/2028		400,000		498,104
5.00%, 08/01/2029		480,000		594,031
5.00%, 08/01/2030		680,000		836,899
5.00%, 08/01/2032		750,000		918,461
Mirada II Community Development District
2.50%, 05/01/2026		500,000		504,573
Monroe County School District
5.00%, 06/01/2033		540,000		662,786
5.00%, 06/01/2035		500,000		612,455
North AR-1 Pasco Community Development District
2.63%, 05/01/2026		350,000		351,156
Orange County Convention Center
5.00%, 10/01/2023		1,510,000		1,665,817
Orange County Health Facilities Authority
5.00%, 10/01/2039		750,000		901,771
Orange County School Board
5.00%, 08/01/2029		1,000,000		1,173,338
Orlando Utilities Commission
1.25%, 10/01/2046(1)		1,190,000		1,206,402
Palm Beach County Health Facilities Authority
5.00%, 12/01/2023		105,000		116,860
5.00%, 05/15/2024		615,000		689,990
5.00%, 12/01/2024		105,000		121,399
5.00%, 06/01/2055		2,500,000		2,721,732
7.50%, 06/01/2049		100,000		106,755
7.50%, 06/01/2049		1,875,000		2,001,934
Palm Beach County School District
5.00%, 08/01/2023		500,000		549,174
5.00%, 08/01/2024		220,000		251,262
5.00%, 08/01/2026		1,065,000		1,296,806
5.00%, 08/01/2026		3,750,000		4,566,217
5.00%, 08/01/2030		4,520,000		5,313,470
5.00%, 08/01/2032		3,000,000		3,520,014
Pasco County School Board
5.00%, 08/01/2030		450,000		598,962
5.00%, 08/01/2033		1,000,000		1,317,564
Portico Community Development District
2.80%, 05/01/2025		810,000		825,426

	Principal Amount		Value
Rivers Edge II Community Development District
2.40%, 05/01/2026		350,000		352,035
3.00%, 05/01/2031		300,000		304,644
Sarasota County Health Facilities Authority
5.00%, 01/01/2042		750,000		813,003
5.00%, 01/01/2047		875,000		946,052
School Board of Miami-Dade County
5.00%, 05/01/2025		3,000,000		3,503,337
5.00%, 05/01/2026		1,000,000		1,168,609
5.00%, 05/01/2028		2,785,000		3,231,556
5.00%, 02/01/2030		500,000		590,505
5.00%, 05/01/2031(1)		5,000,000		5,632,891
5.00%, 05/01/2031		5,000,000		5,787,335
School District of Broward County
5.00%, 07/01/2022		1,000,000		1,048,628
5.00%, 07/01/2028		1,500,000		1,867,916
5.00%, 07/01/2029		2,545,000		3,159,828
5.00%, 07/01/2030		3,955,000		5,227,021
5.00%, 07/01/2030		5,500,000		6,426,946
5.00%, 07/01/2031		1,000,000		1,315,854
5.00%, 07/01/2033		5,000,000		6,541,031
Seminole County Industrial Development Authority
3.75%, 11/15/2025		2,690,000		2,709,422
Southern Groves Community Development District No 5
2.40%, 05/01/2026		215,000		215,204
2.80%, 05/01/2031		300,000		299,226
St Johns County Industrial Development Authority
4.00%, 12/15/2025		170,000		188,316
4.00%, 12/15/2026		185,000		207,581
4.00%, 12/15/2027		215,000		243,973
St Johns County School Board
5.00%, 07/01/2029		1,250,000		1,616,856
5.00%, 07/01/2030		1,500,000		1,940,636
5.00%, 07/01/2031		1,000,000		1,288,649
State of Florida
5.00%, 06/01/2023		2,425,000		2,648,928
5.00%, 06/01/2024		2,415,000		2,746,357
5.00%, 07/01/2024		2,460,000		2,807,287
State of Florida Lottery Revenue
5.00%, 07/01/2024		1,400,000		1,597,191
5.00%, 07/01/2024		4,000,000		4,563,403
Stillwater Community Development District
2.38%, 06/15/2026(3)		300,000		302,212
Sunshine Skyway Bridge
4.00%, 07/01/2037		2,355,000		2,791,836
Tampa Bay Water
5.50%, 10/01/2022		1,000,000		1,067,039
Tender Option Bond Trust Receipts/Certificates
0.10%, 10/01/2051(1)(3)		3,200,000		3,200,000
0.15%, 01/01/2028(1)(3)		6,300,000		6,300,000

	Principal Amount		Value
Tolomato Community Development District
2.00%, 05/01/2022		605,000		612,465
2.00%, 05/01/2023		1,250,000		1,282,220
2.00%, 05/01/2024		1,300,000		1,347,232
2.10%, 05/01/2025		1,345,000		1,406,879
3.50%, 05/01/2024		370,000		384,296
Town of Davie FL
5.00%, 04/01/2048		1,440,000		1,712,513
V-Dana Community Development District
2.60%, 05/01/2026		125,000		126,370
3.13%, 05/01/2031		125,000		127,500
Verano No 3 Community Development District
2.38%, 05/01/2026		100,000		100,945
3.00%, 05/01/2031		120,000		122,883
Village Community Development District No 13
3.00%, 05/01/2029		990,000		1,062,346
3.38%, 05/01/2034		995,000		1,085,199
Volusia County Educational Facility Authority
4.00%, 10/15/2037		740,000		864,339
5.00%, 10/15/2044		390,000		483,731
5.00%, 10/15/2049		730,000		900,555
Volusia County School Board
5.00%, 08/01/2024		2,100,000		2,397,014
West Villages Improvement District
4.00%, 05/01/2024		305,000		316,581
Westside Community Development District
3.50%, 05/01/2024(3)		465,000		477,188
Total Florida				518,313,585
Georgia – 3.16%
Athens-Clarke County Unified Government Development Authority
5.25%, 07/01/2027		190,000		190,000
Atlanta Development Authority
6.75%, 01/01/2035		2,200,000		1,542,776
7.00%, 01/01/2040		985,000		690,627
Augusta GA Airport Revenue
5.00%, 01/01/2027		370,000		414,671
Bartow County Development Authority
1.55%, 08/01/2043(1)		3,000,000		3,041,789
Brookhaven Development Authority
5.00%, 07/01/2025		1,400,000		1,652,948
5.00%, 07/01/2031		650,000		848,577
5.00%, 07/01/2032		1,000,000		1,302,269
5.00%, 07/01/2033		1,135,000		1,473,937
5.00%, 07/01/2037		1,800,000		2,314,213
City of Atlanta GA Airport Passenger Facility Charge
5.00%, 07/01/2021		450,000		450,000
City of Atlanta GA Department of Aviation
5.00%, 07/01/2021		300,000		300,000
5.00%, 07/01/2024		1,530,000		1,738,111
5.00%, 07/01/2025		2,580,000		3,030,436

	Principal Amount		Value
5.00%, 07/01/2025		5,735,000		6,768,680
5.00%, 07/01/2026		6,945,000		8,462,719
5.00%, 07/01/2027		2,635,000		3,296,685
City of Atlanta GA Water & Wastewater Revenue
5.00%, 11/01/2040		14,595,000		16,963,348
City of East Point GA
5.00%, 08/01/2021		250,000		250,896
Cobb County Kennestone Hospital Authority
4.00%, 04/01/2033		500,000		603,454
5.00%, 04/01/2047		1,150,000		1,373,018
Columbus Medical Center Hospital Authority
5.00%, 07/01/2054(1)		2,700,000		3,437,825
5.00%, 07/01/2054(1)		3,330,000		3,951,057
DeKalb Private Hospital Authority
5.00%, 07/01/2027		1,235,000		1,547,599
Development Authority for Fulton County
5.00%, 04/01/2023		300,000		324,558
5.00%, 06/15/2044		580,000		728,337
5.00%, 04/01/2047		1,750,000		2,089,375
Development Authority of Burke County
0.04%, 07/01/2049(1)		12,000,000		12,000,000
0.06%, 11/01/2052(1)		12,195,000		12,195,000
1.50%, 01/01/2040(1)		4,000,000		4,094,842
1.70%, 12/01/2049(1)		2,400,000		2,482,377
2.25%, 10/01/2032(1)		2,800,000		2,895,380
2.93%, 11/01/2053(1)		2,940,000		3,129,096
3.25%, 11/01/2045(1)		3,000,000		3,256,251
Development Authority Of The City Of Marietta
5.00%, 11/01/2037(3)		625,000		705,010
5.00%, 11/01/2047(3)		500,000		554,813
Fayette County Hospital Authority
5.00%, 07/01/2054(1)		1,300,000		1,446,433
Fulton County Residential Care Facilities for the Elderly Authority
5.00%, 04/01/2047(3)		700,000		743,799
5.00%, 04/01/2054(3)		550,000		579,923
Gainesville & Hall County Hospital Authority
5.50%, 02/15/2042		650,000		792,130
George L Smith II Congress Center Authority
2.38%, 01/01/2031		1,250,000		1,335,676
4.00%, 01/01/2036		1,500,000		1,789,558
4.00%, 01/01/2054		2,115,000		2,465,851
5.00%, 01/01/2054(3)		5,500,000		6,590,574
Georgia State Road & Tollway Authority
5.00%, 06/01/2022		1,500,000		1,566,709
5.00%, 06/01/2022		3,500,000		3,654,992
5.00%, 06/01/2023		1,000,000		1,091,937
5.00%, 06/01/2023		3,250,000		3,548,796
5.00%, 06/01/2031		2,000,000		2,650,852
5.00%, 06/01/2032		2,000,000		2,641,326
Griffin-Spalding County Hospital Authority

	Principal Amount		Value
3.00%, 04/01/2027		635,000		713,844
LaGrange-Troup County Hospital Authority
5.00%, 04/01/2024		500,000		562,877
Macon-Bibb County Urban Development Authority
5.75%, 06/15/2037(3)		1,000,000		1,170,866
Main Street Natural Gas, Inc.
0.81% (1 Month LIBOR USD + 0.75%), 04/01/2048(2)		6,400,000		6,431,885
0.89% (1 Month LIBOR USD + 0.83%), 08/01/2048(2)		1,700,000		1,713,145
4.00%, 03/01/2023		545,000		579,236
4.00%, 04/01/2048(1)		3,000,000		3,218,177
4.00%, 08/01/2048(1)		7,975,000		8,612,124
4.00%, 08/01/2049(1)		52,070,000		58,030,375
4.00%, 03/01/2050(1)		20,000,000		23,123,208
5.00%, 05/15/2027		3,000,000		3,697,709
5.00%, 05/15/2028		2,500,000		3,151,308
5.00%, 05/15/2043		4,520,000		5,491,705
Municipal Electric Authority of Georgia
3.00%, 11/01/2021		730,000		736,753
3.00%, 11/01/2022		600,000		622,210
4.00%, 11/01/2023		805,000		873,493
4.00%, 01/01/2034		1,800,000		2,158,275
4.00%, 01/01/2035		1,500,000		1,794,462
5.00%, 01/01/2024		830,000		922,833
5.00%, 01/01/2025		350,000		402,998
5.00%, 01/01/2025		900,000		1,036,280
5.00%, 01/01/2025		950,000		1,093,852
5.00%, 01/01/2026		300,000		356,536
5.00%, 01/01/2026		320,000		380,306
5.00%, 01/01/2026		1,000,000		1,188,455
5.00%, 01/01/2027		300,000		366,779
5.00%, 01/01/2027		1,500,000		1,833,895
5.00%, 11/01/2027		200,000		250,708
5.00%, 01/01/2028		25,000		31,251
5.00%, 01/01/2028		750,000		937,524
5.00%, 11/01/2028		275,000		352,755
5.00%, 11/01/2029		300,000		392,770
5.00%, 01/01/2030		1,000,000		1,258,736
5.00%, 01/01/2031		685,000		861,349
5.00%, 01/01/2034		1,080,000		1,403,507
5.00%, 01/01/2049		3,610,000		4,402,251
Private Colleges & Universities Authority
4.00%, 09/01/2037		8,350,000		10,189,119
4.00%, 09/01/2038		4,665,000		5,679,360
5.00%, 10/01/2023		300,000		331,231
5.00%, 09/01/2025		1,810,000		2,148,962
5.00%, 04/01/2027		1,900,000		2,127,649
5.00%, 04/01/2044		1,000,000		1,094,770
Savannah Economic Development Authority
7.25%, 01/01/2049		120,000		140,208
State of Georgia

	Principal Amount		Value
4.00%, 08/01/2034		6,455,000		7,986,827
5.00%, 07/01/2023		1,000,000		1,096,707
5.00%, 07/01/2029		125,000		125,000
Total Georgia				312,073,500
Guam – 0.15%
Guam Department of Education
3.63%, 02/01/2025		750,000		790,399
Guam Government Waterworks Authority
5.00%, 07/01/2035		1,550,000		1,693,752
Territory of Guam
4.00%, 01/01/2042		2,040,000		2,324,133
5.00%, 11/01/2027		430,000		526,255
5.00%, 01/01/2028		375,000		456,711
5.00%, 11/01/2028		485,000		603,886
5.00%, 01/01/2029		850,000		1,053,147
5.00%, 11/01/2029		485,000		612,939
5.00%, 01/01/2030		750,000		943,189
5.00%, 11/01/2030		250,000		320,284
5.00%, 01/01/2031		625,000		797,814
5.00%, 11/15/2031		2,260,000		2,637,229
5.00%, 11/01/2035		875,000		1,111,889
5.00%, 11/01/2040		1,000,000		1,251,389
Total Guam				15,123,016
Hawaii – 0.73%
City & County of Honolulu HI
5.00%, 09/01/2024		1,275,000		1,463,666
5.00%, 10/01/2029		2,000,000		2,370,874
5.00%, 07/01/2034		810,000		1,066,247
5.00%, 07/01/2035		1,345,000		1,767,978
State of Hawaii
5.00%, 08/01/2023		1,925,000		2,116,866
5.00%, 01/01/2030		2,330,000		3,012,859
5.00%, 01/01/2032		12,800,000		16,413,279
5.00%, 01/01/2033		9,500,000		12,151,345
State of Hawaii Airports System Revenue
5.00%, 07/01/2031		1,275,000		1,598,916
5.00%, 07/01/2032		1,500,000		1,879,222
State of Hawaii Department of Budget & Finance
4.00%, 03/01/2037		1,090,000		1,208,806
State of Hawaii Harbor System Revenue
4.00%, 07/01/2034		2,000,000		2,397,341
4.00%, 07/01/2035		2,320,000		2,776,871
4.00%, 07/01/2036		545,000		663,287
4.00%, 07/01/2039		1,000,000		1,208,050
University of Hawaii
5.00%, 10/01/2028		4,015,000		5,183,105
5.00%, 10/01/2028		4,445,000		5,738,207
5.00%, 10/01/2029		1,225,000		1,613,622
5.00%, 10/01/2030		5,350,000		7,168,599
Total Hawaii				71,799,140

	Principal Amount		Value
Idaho – 0.14%
Idaho Health Facilities Authority
5.00%, 03/01/2034		3,155,000		3,489,866
Idaho Housing & Finance Association
4.00%, 07/15/2036		500,000		609,732
4.00%, 07/15/2037		645,000		784,185
4.00%, 07/15/2038		2,500,000		3,031,922
4.00%, 07/15/2039		2,750,000		3,326,390
4.00%, 01/01/2050		250,000		278,247
5.00%, 07/15/2034		600,000		800,317
5.00%, 07/15/2035		875,000		1,165,250
Total Idaho				13,485,909
Illinois – 8.27%
Champaign County Community Unit School District No 4 Champaign
0.00%, 01/01/2025		485,000		471,207
Chicago Board of Education
0.00%, 12/01/2025		265,000		251,999
0.00%, 12/01/2025		345,000		325,922
5.00%, 12/01/2021		1,000,000		1,019,092
5.00%, 12/01/2022		500,000		531,756
5.00%, 12/01/2023		2,000,000		2,210,724
5.00%, 12/01/2024		130,000		148,858
5.00%, 12/01/2024		2,175,000		2,490,511
5.00%, 12/01/2025		2,500,000		2,957,687
5.00%, 12/01/2026		145,000		176,137
5.00%, 12/01/2026		3,660,000		4,445,950
5.00%, 12/01/2028		310,000		394,358
5.00%, 12/01/2028		1,270,000		1,615,595
5.00%, 12/01/2029		540,000		700,166
5.00%, 12/01/2030		2,000,000		2,582,971
5.00%, 12/01/2030		2,430,000		3,138,310
5.00%, 12/01/2031		2,185,000		2,812,527
5.00%, 12/01/2031		5,000,000		6,546,198
5.00%, 12/01/2032		710,000		925,929
5.00%, 12/01/2033		300,000		376,979
5.00%, 12/01/2033		3,400,000		4,423,424
5.00%, 12/01/2034		250,000		311,450
5.00%, 12/01/2034		5,990,000		7,775,350
5.00%, 12/01/2035		1,380,000		1,787,597
5.00%, 12/01/2036		500,000		645,915
5.00%, 12/01/2036		1,300,000		1,679,379
5.00%, 12/01/2037		1,380,000		1,778,188
5.00%, 12/01/2038		400,000		514,205
5.00%, 12/01/2040		500,000		640,070
5.00%, 12/01/2041		785,000		798,888
5.00%, 12/01/2042		200,000		210,274
5.00%, 12/01/2046		1,455,000		1,792,668
5.25%, 12/01/2041		3,000,000		3,056,167
6.50%, 12/01/2046		100,000		125,474
6.75%, 12/01/2030(3)		1,500,000		2,018,050

	Principal Amount		Value
7.00%, 12/01/2046(3)		400,000		531,374
Chicago Midway International Airport
5.00%, 01/01/2027		1,800,000		2,124,801
5.00%, 01/01/2030		865,000		953,551
5.00%, 01/01/2032		2,000,000		2,204,219
5.00%, 01/01/2034		1,000,000		1,102,109
5.00%, 01/01/2041		835,000		983,072
5.00%, 01/01/2046		300,000		353,107
5.50%, 01/01/2028		5,000,000		5,374,865
Chicago O’Hare International Airport
4.00%, 01/01/2035		4,060,000		4,839,198
4.00%, 01/01/2036		3,285,000		3,902,851
5.00%, 01/01/2022		520,000		532,107
5.00%, 01/01/2023		1,000,000		1,070,643
5.00%, 01/01/2024		1,865,000		2,074,088
5.00%, 01/01/2025		415,000		477,529
5.00%, 01/01/2026		1,500,000		1,793,709
5.00%, 01/01/2027		520,000		634,187
5.00%, 01/01/2028		1,000,000		1,212,610
5.00%, 01/01/2028		1,500,000		1,889,020
5.00%, 01/01/2030		520,000		658,203
5.00%, 01/01/2030		2,000,000		2,302,845
5.00%, 01/01/2030		3,105,000		3,541,543
5.00%, 01/01/2031		660,000		792,085
5.00%, 01/01/2031		700,000		797,896
5.00%, 01/01/2031		835,000		1,052,677
5.00%, 01/01/2032		1,140,000		1,435,610
5.00%, 01/01/2032		1,300,000		1,480,842
5.00%, 01/01/2032		11,555,000		13,304,689
5.00%, 01/01/2033		345,000		408,041
5.00%, 01/01/2033		1,200,000		1,507,410
5.00%, 01/01/2033		2,520,000		2,901,585
5.00%, 07/01/2033		550,000		674,934
5.00%, 01/01/2034		400,000		473,103
5.00%, 01/01/2035		1,285,000		1,607,165
5.00%, 01/01/2036		430,000		508,541
5.00%, 01/01/2037		1,200,000		1,493,195
5.00%, 01/01/2042		500,000		595,049
5.00%, 01/01/2048		1,025,000		1,254,200
5.00%, 01/01/2053		615,000		756,940
Chicago Park District
4.00%, 01/01/2022		500,000		508,960
5.00%, 01/01/2029		3,000,000		3,246,367
5.00%, 01/01/2036		480,000		487,758
Chicago Transit Authority
5.00%, 06/01/2022		265,000		276,510
5.00%, 06/01/2023		240,000		261,484
5.00%, 06/01/2024		200,000		226,628
5.00%, 06/01/2025		200,000		234,450
5.00%, 06/01/2026		160,000		193,262

	Principal Amount		Value
5.00%, 06/01/2026		8,275,000		9,995,261
Chicago Transit Authority Capital Grant Receipts Revenue
5.00%, 06/01/2029		1,500,000		1,939,721
City of Chicago IL
5.00%, 01/01/2022		460,000		471,061
5.00%, 01/01/2023		1,000,000		1,065,428
5.00%, 01/01/2027		500,000		579,797
5.00%, 01/01/2027		2,000,000		2,431,215
5.00%, 01/01/2031		1,000,000		1,283,767
5.00%, 01/01/2035		750,000		863,700
5.00%, 01/01/2035		2,650,000		2,880,498
5.00%, 01/01/2039		1,200,000		1,482,078
5.25%, 01/01/2027		2,435,000		2,797,620
5.50%, 01/01/2035		1,000,000		1,143,230
5.63%, 01/01/2031		1,500,000		1,861,551
5.75%, 01/01/2034		2,000,000		2,480,267
City of Chicago IL Motor Fuel Tax Revenue
5.00%, 01/01/2025		2,000,000		2,134,244
City of Chicago IL Wastewater Transmission Revenue
5.00%, 01/01/2023		450,000		480,665
5.00%, 01/01/2024		500,000		555,791
5.00%, 01/01/2028		3,000,000		3,071,393
5.00%, 01/01/2028		2,900,000		3,220,522
5.00%, 01/01/2029		1,300,000		1,440,252
5.00%, 01/01/2030		1,000,000		1,221,099
5.00%, 01/01/2030		1,310,000		1,510,333
5.00%, 01/01/2033		2,000,000		2,297,595
5.00%, 01/01/2039		1,000,000		1,141,708
5.00%, 01/01/2044		5,000,000		5,521,029
City of Chicago IL Waterworks Revenue
4.00%, 11/01/2023		1,025,000		1,076,843
5.00%, 11/01/2021		1,525,000		1,548,096
5.00%, 11/01/2022		1,000,000		1,060,666
5.00%, 11/01/2023		650,000		717,975
5.00%, 11/01/2024		250,000		286,332
5.00%, 11/01/2024		1,000,000		1,145,329
5.00%, 11/01/2024		1,150,000		1,317,129
5.00%, 11/01/2025		1,000,000		1,146,528
5.00%, 11/01/2026		1,000,000		1,144,942
5.00%, 11/01/2033		500,000		564,764
City of Springfield IL
5.00%, 12/01/2024		340,000		388,280
5.00%, 12/01/2025		395,000		464,119
5.00%, 12/01/2026		160,000		184,359
City of Sterling IL
4.00%, 11/01/2031		500,000		612,575
4.00%, 11/01/2032		500,000		610,727
City of Waukegan IL
4.00%, 12/30/2024		540,000		597,138
City of Waukegan IL Water & Sewer System Revenue

	Principal Amount		Value
4.00%, 12/30/2036		500,000		575,168
5.00%, 12/30/2031		635,000		833,426
Community Unit School District Number 427 DeKalb & Kane Counties Illinois
4.00%, 02/01/2032		700,000		828,984
4.00%, 02/01/2035		350,000		410,682
4.00%, 02/01/2037		535,000		623,231
4.00%, 02/01/2039		415,000		480,939
4.00%, 02/01/2041		475,000		547,069
Cook County Community College District No 508
5.25%, 12/01/2028		1,150,000		1,270,052
Cook County School District No 87 Berkeley
3.00%, 12/01/2034		1,000,000		1,114,839
3.00%, 12/01/2037		1,000,000		1,104,648
3.00%, 12/01/2038		1,000,000		1,101,972
Cook Kane Lake & McHenry Counties Community College District No 512
5.00%, 12/01/2024		850,000		978,470
County of Cook IL
3.00%, 11/15/2021		175,000		176,822
5.00%, 11/15/2022		1,200,000		1,279,002
5.00%, 11/15/2023		350,000		388,580
5.00%, 11/15/2023		3,090,000		3,434,499
5.00%, 11/15/2024		375,000		431,149
5.00%, 11/15/2025		375,000		444,300
5.00%, 11/15/2026		750,000		914,224
5.00%, 11/15/2026		1,450,000		1,767,500
5.00%, 11/15/2029		1,000,000		1,217,440
5.00%, 11/15/2030		500,000		608,177
5.00%, 11/15/2032		2,000,000		2,653,882
5.00%, 11/15/2033		2,350,000		3,096,511
5.00%, 11/15/2034		1,200,000		1,454,837
5.25%, 11/15/2028		1,035,000		1,053,679
County of Cook IL Sales Tax Revenue
5.00%, 11/15/2029		1,085,000		1,155,501
5.00%, 11/15/2033		2,795,000		3,490,101
5.25%, 11/15/2035		3,000,000		3,803,894
County of Kendall IL
5.00%, 12/15/2024		2,190,000		2,508,133
Illinois Finance Authority
2.25%, 11/15/2042(1)		500,000		508,574
3.00%, 07/01/2035		2,250,000		2,352,271
3.63%, 02/15/2032		355,000		401,312
3.75%, 02/15/2034		200,000		226,535
4.00%, 05/15/2023		20,000		21,367
4.00%, 05/15/2023		170,000		178,448
4.00%, 11/01/2030		2,500,000		2,822,842
4.00%, 09/01/2032		40,000		41,420
4.00%, 02/15/2036		800,000		917,071
4.00%, 08/15/2037		4,350,000		5,313,935
4.00%, 08/15/2038		4,100,000		4,995,993
4.00%, 02/15/2041		5,000		5,862

	Principal Amount		Value
4.00%, 02/15/2041		130,000		152,423
4.13%, 08/15/2037		1,090,000		1,206,190
4.75%, 05/15/2033		125,000		135,288
4.75%, 05/15/2033		835,000		874,239
4.75%, 10/15/2040(1)(3)		2,625,000		2,801,638
5.00%, 08/01/2021		445,000		446,492
5.00%, 07/01/2022		1,000,000		1,048,421
5.00%, 12/01/2022		325,000		331,588
5.00%, 11/15/2023		1,680,000		1,864,338
5.00%, 12/01/2023		1,880,000		2,084,164
5.00%, 01/01/2024		250,000		278,624
5.00%, 02/15/2024		215,000		241,822
5.00%, 05/15/2024		350,000		395,723
5.00%, 02/15/2025		695,000		809,715
5.00%, 07/15/2025		230,000		271,707
5.00%, 08/01/2025		1,605,000		1,826,865
5.00%, 02/15/2026		360,000		434,305
5.00%, 02/15/2026		1,345,000		1,617,827
5.00%, 08/15/2026		1,500,000		1,834,481
5.00%, 08/15/2027		2,000,000		2,508,879
5.00%, 03/01/2028		15,000		17,853
5.00%, 05/15/2028		12,620,000		16,013,076
5.00%, 09/01/2028		500,000		638,324
5.00%, 01/01/2029		1,650,000		2,033,905
5.00%, 02/15/2029		1,445,000		1,774,664
5.00%, 10/01/2029		505,000		656,846
5.00%, 12/01/2029		340,000		408,433
5.00%, 02/15/2030		1,240,000		1,520,580
5.00%, 07/01/2030		275,000		328,646
5.00%, 07/15/2030		710,000		888,856
5.00%, 08/01/2030		870,000		1,012,748
5.00%, 09/01/2030		430,000		555,930
5.00%, 10/01/2030		565,000		730,023
5.00%, 11/01/2030		1,455,000		1,738,124
5.00%, 11/15/2030		2,000,000		2,335,182
5.00%, 01/01/2031		3,545,000		4,269,106
5.00%, 02/15/2031		300,000		367,216
5.00%, 05/15/2031		5,000,000		6,309,587
5.00%, 07/01/2031		1,420,000		1,741,553
5.00%, 08/15/2031		1,525,000		2,026,034
5.00%, 08/15/2032		730,000		984,943
5.00%, 05/15/2033		795,000		847,033
5.00%, 08/15/2033		250,000		304,669
5.00%, 10/01/2033		500,000		638,660
5.00%, 10/01/2033		700,000		896,247
5.00%, 01/01/2034		605,000		724,120
5.00%, 02/15/2034		1,890,000		2,303,907
5.00%, 07/01/2034		300,000		355,144
5.00%, 07/01/2034		11,970,000		15,929,621
5.00%, 08/15/2034		2,310,000		3,097,053

	Principal Amount		Value
5.00%, 08/15/2034		2,500,000		3,097,055
5.00%, 10/01/2034		430,000		547,857
5.00%, 11/15/2034		300,000		349,275
5.00%, 11/15/2034		3,000,000		3,492,751
5.00%, 08/15/2035		100,000		116,368
5.00%, 08/15/2035		600,000		731,205
5.00%, 10/01/2035		400,000		508,743
5.00%, 02/15/2036		905,000		1,099,476
5.00%, 07/01/2036		830,000		979,470
5.00%, 08/15/2036		1,000,000		1,218,675
5.00%, 10/01/2036		620,000		789,300
5.00%, 01/01/2037		2,785,000		3,398,400
5.00%, 05/15/2037		395,000		453,467
5.00%, 05/15/2037		1,050,000		1,226,440
5.00%, 08/15/2037		1,000,000		1,218,675
5.00%, 11/15/2038		3,795,000		4,405,693
5.00%, 02/15/2041		1,075,000		1,300,133
5.00%, 05/15/2041		400,000		477,941
5.00%, 08/01/2042		120,000		141,525
5.00%, 01/01/2044		4,145,000		5,000,903
5.00%, 08/15/2044		200,000		230,981
5.00%, 12/01/2046		5,950,000		7,035,738
5.00%, 05/15/2047		100,000		112,867
5.00%, 08/01/2049		140,000		163,981
5.00%, 05/15/2050(1)		1,625,000		1,833,299
5.00%, 05/15/2050(1)		2,170,000		2,602,673
5.00%, 05/15/2051		1,000,000		1,174,489
5.00%, 05/15/2056		1,630,000		1,903,125
5.00%, 07/15/2057(1)		11,305,000		12,087,095
5.13%, 05/15/2038		1,000,000		1,064,565
5.25%, 08/15/2031		500,000		615,621
5.25%, 07/01/2035		20,085,000		26,275,295
5.25%, 02/15/2037		380,000		412,523
5.25%, 05/15/2047		35,000		38,206
5.25%, 05/15/2047		245,000		256,902
5.25%, 05/15/2054		1,000,000		1,059,453
Illinois Housing Development Authority
3.75%, 04/01/2050		715,000		793,047
Illinois Municipal Electric Agency
5.00%, 02/01/2022		1,280,000		1,315,408
5.00%, 02/01/2023		285,000		306,330
5.00%, 02/01/2031		470,000		551,676
Illinois Sports Facilities Authority
5.25%, 06/15/2032		1,735,000		1,922,030
Illinois State Toll Highway Authority
5.00%, 01/01/2024		935,000		1,042,303
5.00%, 01/01/2025		1,250,000		1,445,396
5.00%, 01/01/2026		1,550,000		1,851,975
5.00%, 01/01/2028		3,000,000		3,788,852
5.00%, 12/01/2031		235,000		279,516

	Principal Amount		Value
5.00%, 12/01/2032		425,000		504,886
5.00%, 01/01/2034		1,300,000		1,616,201
5.00%, 01/01/2036		1,000,000		1,324,155
5.00%, 01/01/2037		1,260,000		1,471,269
5.00%, 01/01/2041		2,190,000		2,865,786
5.00%, 01/01/2044		2,270,000		2,851,686
5.00%, 01/01/2045		12,810,000		16,533,607
Illinois State University
5.00%, 04/01/2032		1,745,000		2,170,886
Kane & DeKalb Counties Community Unit School District No 302 Kaneland
5.00%, 02/01/2025		4,125,000		4,731,126
5.00%, 02/01/2026		1,930,000		2,280,300
Lake County Community Unit School District No 60 Waukegan
5.00%, 01/01/2026		1,000,000		1,134,457
5.00%, 01/01/2027		100,000		115,770
5.00%, 01/01/2027		2,100,000		2,372,723
Macon County School District No 61 Decatur
4.00%, 01/01/2029		1,240,000		1,430,551
4.00%, 01/01/2033		1,950,000		2,203,010
4.00%, 01/01/2034		1,750,000		1,963,372
McHenry County Community Unit School District No 12 Johnsburg
5.00%, 01/01/2026		925,000		1,030,173
McHenry County Community Unit School District No 200 Woodstock
0.00%, 01/15/2024		1,000,000		977,427
0.00%, 01/15/2025		1,000,000		961,566
0.00%, 01/15/2026		1,000,000		943,891
Metropolitan Pier & Exposition Authority
0.00%, 12/15/2023		165,000		161,232
0.00%, 06/15/2028		14,270,000		12,661,233
0.00%, 06/15/2029		2,540,000		2,189,879
0.00%, 12/15/2030		11,000,000		9,069,523
0.00%, 12/15/2034		550,000		402,902
0.00%, 12/15/2035		10,000,000		7,100,893
5.00%, 12/15/2026		2,000,000		2,088,773
5.00%, 12/15/2028		1,000,000		1,243,907
5.00%, 12/15/2028		2,815,000		2,939,395
5.00%, 12/15/2032		550,000		678,767
5.00%, 06/15/2042		4,090,000		4,269,129
5.00%, 06/15/2042		4,500,000		5,773,507
5.00%, 06/15/2050		16,465,000		20,563,995
5.00%, 06/15/2057		3,275,000		3,931,042
Metropolitan Water Reclamation District of Greater Chicago
5.00%, 12/01/2031		5,700,000		5,815,328
5.25%, 12/01/2032		1,800,000		2,515,586
Northern Illinois University
4.00%, 10/01/2032		515,000		617,777
4.00%, 10/01/2034		1,000,000		1,188,427
4.00%, 10/01/2039		875,000		1,030,126
4.00%, 10/01/2040		800,000		940,923
4.00%, 10/01/2041		800,000		939,965

	Principal Amount		Value
4.00%, 10/01/2043		975,000		1,141,025
Peoria Metropolitan Airport Authority
5.00%, 12/01/2026		1,375,000		1,697,001
Peoria Public Building Commission
5.00%, 12/01/2022		1,500,000		1,594,849
Railsplitter Tobacco Settlement Authority
5.00%, 06/01/2023		2,265,000		2,469,122
5.00%, 06/01/2024		5,275,000		5,977,319
Regional Transportation Authority
5.00%, 07/01/2021		400,000		400,000
Sales Tax Securitization Corp.
5.00%, 01/01/2025		1,000,000		1,152,174
5.00%, 01/01/2025		4,000,000		4,608,696
5.00%, 01/01/2026		2,000,000		2,376,910
5.00%, 01/01/2029		1,000,000		1,281,526
Sangamon Logan & Menard Counties Community Unit School Distributors No 15 Williamsville
5.00%, 12/01/2027		325,000		403,192
5.00%, 12/01/2029		710,000		916,557
5.00%, 12/01/2031		600,000		764,405
5.00%, 12/01/2032		400,000		508,220
5.00%, 12/01/2033		375,000		475,116
Southern Illinois University
4.00%, 04/01/2029		200,000		238,703
4.00%, 04/01/2030		525,000		631,788
4.00%, 04/01/2035		300,000		357,503
4.00%, 04/01/2039		500,000		589,728
5.00%, 04/01/2032		240,000		311,596
5.00%, 04/01/2033		300,000		388,876
Southwestern Illinois Development Authority
4.00%, 04/15/2031		1,000,000		1,208,595
State of Illinois
4.00%, 03/01/2022		7,665,000		7,857,349
4.00%, 01/01/2023		330,000		336,179
4.00%, 03/01/2023		5,000,000		5,301,688
4.00%, 03/01/2024		4,000,000		4,364,415
5.00%, 09/01/2021		1,365,000		1,375,788
5.00%, 10/01/2021		2,000,000		2,023,791
5.00%, 11/01/2021		1,930,000		1,960,644
5.00%, 03/01/2022		590,000		608,717
5.00%, 08/01/2022		3,000,000		3,157,027
5.00%, 09/01/2022		1,340,000		1,413,522
5.00%, 11/01/2022		570,000		605,522
5.00%, 02/01/2023		200,000		214,661
5.00%, 02/01/2023		235,000		252,227
5.00%, 03/01/2023		2,320,000		2,498,434
5.00%, 09/01/2023		1,365,000		1,498,250
5.00%, 06/15/2024		4,905,000		5,325,355
5.00%, 09/01/2024		1,365,000		1,552,018
5.00%, 11/01/2024		4,825,000		5,517,096
5.00%, 02/01/2025		455,000		507,388

	Principal Amount		Value
5.00%, 05/01/2025		3,050,000		3,413,506
5.00%, 06/01/2025		880,000		1,023,719
5.00%, 06/15/2025		4,190,000		4,549,936
5.00%, 10/01/2025		355,000		417,076
5.00%, 10/01/2025		10,000,000		11,748,614
5.00%, 11/01/2025		2,040,000		2,402,711
5.00%, 11/01/2025		13,705,000		16,141,997
5.00%, 06/01/2026		125,000		149,388
5.00%, 10/01/2026		2,270,000		2,734,291
5.00%, 01/01/2027		2,000,000		2,349,765
5.00%, 02/01/2027		1,635,000		1,983,715
5.00%, 11/01/2027		1,040,000		1,280,207
5.00%, 02/01/2028		1,000,000		1,204,893
5.00%, 05/01/2028		265,000		295,267
5.00%, 11/01/2028		3,000,000		3,674,408
5.00%, 02/01/2029		1,000,000		1,197,298
5.00%, 04/01/2029		605,000		670,338
5.00%, 11/01/2029		2,290,000		2,794,708
5.00%, 10/01/2030		3,575,000		4,644,990
5.00%, 01/01/2031		11,000,000		11,258,356
5.00%, 10/01/2031		1,750,000		2,258,882
5.00%, 10/01/2031		7,300,000		9,012,297
5.00%, 05/01/2032		800,000		881,280
5.00%, 05/01/2034		2,500,000		2,749,339
5.00%, 05/01/2038		1,200,000		1,443,344
5.13%, 05/01/2022		325,000		338,206
5.25%, 02/01/2029		3,720,000		4,122,820
5.25%, 02/01/2030		100,000		110,653
5.25%, 12/01/2030		11,685,000		14,418,764
5.25%, 02/01/2031		760,000		839,474
5.50%, 07/01/2024		1,000,000		1,102,301
5.50%, 05/01/2025		840,000		990,823
5.50%, 07/01/2025		400,000		439,835
5.50%, 07/01/2038		1,500,000		1,622,629
Tender Option Bond Trust Receipts/Certificates
0.10%, 08/15/2048(1)(3)		2,900,000		2,900,000
0.15%, 01/01/2037(1)(3)		3,900,000		3,900,000
0.15%, 12/01/2049(1)(3)		1,900,000		1,900,000
0.15%, 12/01/2049(1)(3)		5,700,000		5,700,000
0.18%, 06/15/2036(1)(3)		2,100,000		2,100,000
0.18%, 06/15/2048(1)(3)		700,000		700,000
University of Illinois
3.00%, 04/01/2034		3,400,000		3,788,701
4.00%, 04/01/2036		1,500,000		1,742,726
Upper Illinois River Valley Development Authority
5.25%, 12/01/2037(3)		2,005,000		2,179,885
Village of Bolingbrook IL
4.00%, 03/01/2023		500,000		529,254
4.00%, 03/01/2025		500,000		558,686
4.00%, 03/01/2027		1,000,000		1,160,809

	Principal Amount		Value
Village of Hillside IL
5.00%, 01/01/2024		625,000		653,117
Will County Community Unit School District No 365 Valley View
0.00%, 11/01/2025		1,520,000		1,461,806
0.00%, 11/01/2026		905,000		859,599
5.00%, 11/01/2023		420,000		463,095
5.00%, 11/01/2024		2,390,000		2,728,817
5.00%, 11/01/2026		1,800,000		2,179,287
Woodford Lasalle Livingston Etc Counties Community Unit Distributors No 6 Fieldcrest
4.00%, 12/01/2034		1,000,000		1,175,642
4.00%, 12/01/2036		1,095,000		1,283,079
Total Illinois				818,011,921
Indiana – 1.88%
Ball State University
5.00%, 07/01/2033		955,000		1,173,664
City of Whiting IN
5.00%, 12/01/2044(1)		21,625,000		26,247,387
5.00%, 11/01/2045(1)		3,000,000		3,194,575
County of St Joseph IN
5.00%, 04/01/2033		1,245,000		1,552,250
Indiana Finance Authority
0.12%, 05/01/2028(1)		19,250,000		19,248,780
0.65%, 08/01/2025		2,250,000		2,249,553
0.70%, 12/01/2046(1)		8,525,000		8,522,835
0.75%, 12/01/2038(1)		500,000		499,615
0.95%, 12/01/2038(1)		900,000		901,394
1.40%, 08/01/2029		1,000,000		1,000,605
1.65%, 12/01/2042(1)		2,145,000		2,160,771
2.25%, 12/01/2058(1)		1,285,000		1,363,451
4.00%, 10/01/2035		1,550,000		1,918,756
4.00%, 10/01/2036		1,100,000		1,356,318
4.13%, 12/01/2026		7,055,000		7,714,298
5.00%, 12/01/2024		3,000,000		3,474,442
5.00%, 05/01/2026		1,100,000		1,330,655
5.00%, 11/01/2026		1,200,000		1,473,192
5.00%, 05/01/2027		700,000		871,409
5.00%, 05/01/2029		685,000		893,314
5.00%, 11/01/2029		2,350,000		2,884,058
5.00%, 09/01/2031		440,000		520,096
5.00%, 06/01/2032		2,750,000		2,830,725
5.00%, 03/01/2036		4,000,000		4,491,684
5.00%, 09/01/2036		1,000,000		1,185,208
5.00%, 06/01/2039		1,200,000		1,232,227
5.00%, 07/01/2048		3,840,000		4,163,839
5.25%, 02/01/2033		2,500,000		2,956,408
5.25%, 10/01/2038		15,010,000		15,199,106
5.25%, 01/01/2051		5,450,000		5,934,439
Indiana Health & Educational Facilities Financing Authority
1.75%, 11/15/2031(1)		45,000		45,193
1.75%, 11/15/2031(1)		2,765,000		2,779,654

	Principal Amount		Value
Indiana Health Facility Financing Authority
2.00%, 11/15/2036(1)		2,070,000		2,123,708
Indiana Housing & Community Development Authority
3.00%, 07/01/2050		915,000		1,003,200
3.00%, 07/01/2051		1,000,000		1,093,809
3.50%, 01/01/2049		1,170,000		1,280,576
5.00%, 01/01/2022		655,000		670,721
5.00%, 07/01/2022		560,000		586,942
5.00%, 01/01/2023		575,000		616,250
5.00%, 01/01/2024		285,000		318,389
5.00%, 01/01/2024		500,000		558,311
5.00%, 07/01/2024		295,000		335,790
5.00%, 07/01/2024		500,000		568,814
5.00%, 01/01/2025		300,000		347,122
5.00%, 01/01/2025		1,245,000		1,440,555
5.00%, 01/01/2026		300,000		357,711
5.00%, 01/01/2026		600,000		715,421
5.00%, 07/01/2026		320,000		386,768
5.00%, 07/01/2026		400,000		483,460
5.00%, 01/01/2027		300,000		367,683
5.00%, 01/01/2027		575,000		704,726
5.00%, 07/01/2027		300,000		371,951
5.00%, 07/01/2027		400,000		496,199
5.00%, 01/01/2028		600,000		751,734
5.00%, 07/01/2028		500,000		633,185
Indianapolis Local Public Improvement Bond Bank
5.00%, 01/01/2022		755,000		772,315
5.00%, 06/01/2022		250,000		260,811
5.00%, 01/01/2023		285,000		304,421
5.00%, 06/01/2023		435,000		473,676
5.00%, 07/15/2023		300,000		328,581
5.00%, 07/15/2024		1,000,000		1,139,900
5.00%, 01/01/2025		1,195,000		1,378,646
5.00%, 06/01/2025		3,600,000		4,179,061
5.00%, 07/15/2025		750,000		882,376
5.00%, 01/15/2026		720,000		858,097
5.00%, 06/01/2026		3,300,000		3,934,905
5.00%, 01/15/2027		700,000		857,119
5.00%, 01/15/2028		500,000		626,645
5.00%, 01/01/2029		1,000,000		1,192,853
5.00%, 01/01/2030		3,000,000		3,306,329
5.00%, 01/01/2031		1,000,000		1,193,187
5.00%, 01/01/2032		5,000,000		5,691,841
5.00%, 02/01/2054		2,020,000		2,494,270
Lebanon Middle School Building Corp.
5.00%, 01/10/2023		1,065,000		1,140,116
5.00%, 07/10/2023		1,740,000		1,901,726
Muncie Sanitary District
5.00%, 07/01/2029		525,000		672,617
5.00%, 01/01/2030		665,000		859,114

	Principal Amount		Value
Tender Option Bond Trust Receipts/Certificates
0.10%, 12/01/2028(1)(3)		1,700,000		1,700,000
Westfield-Washington Multi-School Building Corp.
5.00%, 01/15/2028		390,000		463,236
5.00%, 01/15/2029		540,000		639,899
5.00%, 01/15/2030		700,000		829,119
Total Indiana				185,663,786
Iowa – 0.36%
City of Coralville IA
4.00%, 05/01/2030		905,000		932,889
Dubuque Community School District
3.00%, 07/01/2036		600,000		656,065
3.00%, 07/01/2037		675,000		735,150
3.00%, 07/01/2038		500,000		542,641
Iowa Finance Authority
1.50%, 01/01/2042(1)		1,370,000		1,384,514
2.88%, 05/15/2049		895,000		904,384
3.13%, 12/01/2022		4,060,000		4,143,314
4.75%, 08/01/2042		1,180,000		1,217,197
5.00%, 05/15/2043		270,000		313,505
5.00%, 05/15/2048		335,000		387,175
5.25%, 12/01/2025		3,000,000		3,283,678
Iowa Student Loan Liquidity Corp.
5.00%, 12/01/2025		1,000,000		1,175,934
5.00%, 12/01/2025		1,775,000		2,072,189
5.00%, 12/01/2028		1,640,000		2,032,091
Iowa Tobacco Settlement Authority
0.38%, 06/01/2030		215,000		215,176
PEFA, Inc.
5.00%, 09/01/2049(1)		13,000,000		15,629,988
Total Iowa				35,625,890
Kansas – 0.27%
City of Lenexa KS
5.00%, 05/15/2039		325,000		360,558
Johnson County Unified School District No 232 de Soto
5.00%, 09/01/2022		350,000		369,791
Kansas Development Finance Authority
5.00%, 11/15/2032		7,325,000		7,628,345
5.00%, 11/15/2054(1)		14,000,000		18,042,119
Total Kansas				26,400,813
Kentucky – 1.44%
City of Ashland KY
4.00%, 02/01/2034		500,000		574,121
4.00%, 02/01/2038		620,000		704,924
5.00%, 02/01/2028		255,000		312,091
5.00%, 02/01/2032		395,000		492,428
City of Berea KY
0.03%, 06/01/2032(1)		1,700,000		1,700,000
City of Russell KY
5.00%, 11/01/2022		3,200,000		3,399,997

	Principal Amount		Value
County of Carroll KY
1.55%, 09/01/2042(1)		10,750,000		10,821,682
1.75%, 10/01/2034(1)		1,045,000		1,053,094
County of Trimble KY
1.30%, 09/01/2044(1)		3,000,000		3,025,460
Kentucky Asset Liability Commission
5.00%, 09/01/2024		1,000,000		1,143,200
5.00%, 09/01/2025		1,250,000		1,477,841
Kentucky Economic Development Finance Authority
5.00%, 08/01/2030		2,160,000		2,772,988
5.00%, 05/15/2031		350,000		368,814
5.00%, 06/01/2037		325,000		375,643
5.00%, 06/01/2041		225,000		258,924
5.00%, 06/01/2045		1,000,000		1,143,930
5.00%, 12/01/2045		300,000		365,895
5.00%, 05/15/2046		500,000		511,895
5.00%, 12/01/2047		375,000		397,982
5.00%, 05/15/2051		325,000		332,018
5.25%, 06/01/2041		725,000		849,545
6.00%, 11/15/2036		275,000		290,572
6.25%, 11/15/2046		2,325,000		2,463,580
6.38%, 11/15/2051		250,000		266,358
Kentucky Housing Corp.
1.16%, 02/01/2023(1)		3,000,000		3,017,594
Kentucky Public Energy Authority
4.00%, 04/01/2048(1)		5,000,000		5,463,401
4.00%, 01/01/2049(1)		12,500,000		13,883,942
4.00%, 12/01/2049(1)		10,000,000		11,250,508
4.00%, 12/01/2049(1)		11,270,000		12,690,350
4.00%, 02/01/2050(1)		6,500,000		7,745,031
4.00%, 12/01/2050(1)		16,560,000		19,092,246
Kentucky Public Transportation Infrastructure Authority
5.75%, 07/01/2049		1,000,000		1,102,091
6.00%, 07/01/2053		970,000		1,073,015
Kentucky State Property & Building Commission
5.00%, 11/01/2026		1,495,000		1,828,322
5.00%, 04/01/2027		1,000,000		1,231,270
5.00%, 11/01/2027		2,435,000		2,972,723
5.00%, 05/01/2029		1,000,000		1,222,866
5.00%, 05/01/2029		1,025,000		1,286,627
5.00%, 11/01/2031		1,685,000		2,130,929
5.00%, 05/01/2032		270,000		337,420
Louisville & Jefferson County Metropolitan Government
5.00%, 10/01/2023		1,565,000		1,729,100
5.00%, 12/01/2028		430,000		448,713
5.00%, 12/01/2029		1,250,000		1,304,400
5.00%, 10/01/2030		2,500,000		3,001,418
5.00%, 10/01/2032		430,000		515,031
Louisville/Jefferson County Metropolitan Government
5.00%, 10/01/2037		1,200,000		1,521,751

	Principal Amount		Value
5.00%, 10/01/2047(1)		740,000		903,261
5.00%, 10/01/2047(1)		1,100,000		1,427,924
5.00%, 10/01/2047(1)		2,165,000		2,393,337
Tender Option Bond Trust Receipts/Certificates
0.11%, 07/01/2037(1)(3)		800,000		800,000
0.13%, 02/15/2026(1)(3)		2,400,000		2,400,000
0.33%, 11/01/2060(1)(3)		2,900,000		2,900,000
University of Louisville
3.00%, 09/01/2021		1,230,000		1,235,498
Total Kentucky				142,011,750
Louisiana – 1.71%
City of Youngsville LA
4.00%, 05/01/2036		250,000		300,305
4.00%, 05/01/2038		250,000		298,687
4.00%, 05/01/2040		250,000		296,891
East Baton Rouge Sewerage Commission
5.00%, 02/01/2031		1,000,000		1,314,735
Greater New Orleans Expressway Commission
5.00%, 11/01/2034		1,000,000		1,181,003
Greater Ouachita Water Co.
5.00%, 09/01/2027		1,000,000		1,247,017
5.00%, 09/01/2028		960,000		1,225,428
5.00%, 09/01/2029		365,000		475,640
Jefferson Parish Economic Development & Port District
5.50%, 06/15/2038(3)		600,000		689,435
5.63%, 06/15/2048(3)		700,000		796,173
Louisiana Local Government Environmental Facilities & Community Development Auth
0.88%, 02/01/2046(1)		7,420,000		7,439,626
3.50%, 11/01/2032		6,000,000		6,683,648
5.00%, 10/01/2028		1,045,000		1,332,167
Louisiana Offshore Terminal Authority
1.65%, 09/01/2027(1)		2,500,000		2,536,848
1.65%, 09/01/2034(1)		4,500,000		4,566,326
Louisiana Public Facilities Authority
0.00%, 10/01/2027		2,000,000		2,077,091
4.00%, 10/01/2036		765,000		927,880
4.00%, 10/01/2037		1,005,000		1,216,297
4.00%, 10/01/2038		310,000		374,229
4.00%, 10/01/2039		725,000		872,138
4.00%, 10/01/2040		400,000		480,282
4.00%, 10/01/2041		375,000		449,013
5.00%, 12/15/2022		230,000		245,668
5.00%, 12/15/2023		335,000		372,801
5.00%, 12/15/2024		330,000		380,996
5.00%, 12/15/2025		275,000		328,118
5.00%, 12/15/2026		300,000		368,135
5.00%, 12/15/2028		250,000		313,659
5.00%, 12/15/2029		200,000		250,048
5.00%, 12/15/2030		150,000		187,170
5.00%, 05/15/2031		1,250,000		1,521,097

	Principal Amount		Value
5.00%, 12/15/2031		390,000		485,320
5.00%, 05/15/2032		1,000,000		1,214,415
5.00%, 10/01/2032		275,000		365,072
5.00%, 10/01/2035		760,000		999,162
5.00%, 05/15/2050(1)		7,500,000		8,774,504
Louisiana State Citizens Property Insurance Corp.
5.00%, 06/01/2022		2,635,000		2,750,940
Mizuho Floater/Residual Trust
0.28%, 06/01/2033(1)(3)		1,200,000		1,200,000
New Orleans Aviation Board
5.00%, 01/01/2023		50,000		53,275
5.00%, 01/01/2024		55,000		61,166
5.00%, 01/01/2024		1,525,000		1,695,970
5.00%, 01/01/2027		850,000		978,390
5.00%, 01/01/2028		155,000		187,955
5.00%, 01/01/2029		810,000		927,498
5.00%, 01/01/2030		275,000		330,560
5.00%, 01/01/2033		740,000		890,906
5.00%, 01/01/2033		2,600,000		3,213,920
5.00%, 01/01/2034		170,000		204,272
5.00%, 01/01/2034		750,000		901,201
5.00%, 01/01/2034		2,750,000		3,391,722
5.00%, 01/01/2036		500,000		598,677
5.00%, 01/01/2037		500,000		597,633
5.00%, 01/01/2040		1,540,000		1,764,541
5.00%, 01/01/2040		9,890,000		11,269,459
Parish of St James LA
0.09%, 11/01/2040(1)		16,125,000		16,125,000
6.10%, 06/01/2038(1)(3)		1,000,000		1,320,744
6.10%, 12/01/2040(1)(3)		1,930,000		2,549,036
6.35%, 07/01/2040(3)		3,015,000		4,042,942
6.35%, 10/01/2040(3)		440,000		590,015
Parish of St John the Baptist LA
2.00%, 06/01/2037(1)		5,785,000		5,917,384
2.10%, 06/01/2037(1)		5,995,000		6,203,656
2.13%, 06/01/2037(1)		8,175,000		8,465,559
2.20%, 06/01/2037(1)		2,475,000		2,587,333
2.38%, 06/01/2037(1)		1,000,000		1,053,837
Port New Orleans Board of Commissioners
5.00%, 04/01/2034		750,000		950,434
5.00%, 04/01/2035		420,000		530,937
5.00%, 04/01/2037		500,000		627,694
Regional Transit Authority Sales Tax Revenue
5.00%, 01/01/2035		6,080,000		7,964,826
State of Louisiana
4.00%, 05/01/2032		5,000,000		5,615,761
4.00%, 05/01/2034		10,685,000		11,971,367
5.00%, 07/15/2021		1,695,000		1,697,975
5.00%, 09/01/2030		1,200,000		1,600,089
5.00%, 09/01/2031		1,475,000		1,970,670

	Principal Amount		Value
5.00%, 09/01/2032		1,480,000		1,970,215
5.00%, 09/01/2033		1,300,000		1,718,616
Total Louisiana				169,079,199
Maine – 0.15%
Maine Health & Higher Educational Facilities Authority
4.00%, 07/01/2035		250,000		305,560
4.00%, 07/01/2036		250,000		304,671
4.00%, 07/01/2041		1,480,000		1,614,832
4.00%, 07/01/2046		330,000		357,999
5.00%, 07/01/2030		110,000		145,709
5.00%, 07/01/2031		115,000		155,110
5.00%, 07/01/2032		550,000		740,226
5.00%, 07/01/2034		850,000		1,136,576
5.00%, 07/01/2034		1,000,000		1,304,486
5.00%, 07/01/2041		1,235,000		1,415,963
5.00%, 07/01/2043		610,000		667,175
5.00%, 07/01/2046		1,735,000		1,978,001
Maine Municipal Bond Bank
5.00%, 11/01/2033		650,000		809,408
Maine Turnpike Authority
5.00%, 07/01/2032		885,000		1,170,156
5.00%, 07/01/2034		900,000		1,182,931
Tender Option Bond Trust Receipts/Certificates
0.13%, 07/01/2028(1)(3)		1,900,000		1,900,000
Total Maine				15,188,803
Maryland – 1.52%
City of Baltimore MD
5.00%, 09/01/2023		1,000,000		1,025,795
5.00%, 07/01/2026		720,000		876,154
5.00%, 07/01/2029		4,770,000		5,834,265
5.00%, 09/01/2030		3,000,000		3,141,407
5.00%, 09/01/2032		1,000,000		1,048,728
5.00%, 09/01/2036		1,790,000		1,881,683
5.00%, 09/01/2046		2,500,000		2,634,142
City of Gaithersburg MD
5.00%, 01/01/2027		1,335,000		1,517,740
5.00%, 01/01/2033		130,000		146,052
5.00%, 01/01/2036		85,000		95,156
City of Rockville MD
5.00%, 11/01/2042		1,250,000		1,341,400
5.00%, 11/01/2047		1,230,000		1,315,492
City of Westminster MD
6.25%, 07/01/2044		1,100,000		1,220,759
County of Baltimore MD
4.00%, 03/01/2033		2,000,000		2,393,416
5.00%, 10/01/2023		2,495,000		2,763,166
5.00%, 03/01/2024		1,100,000		1,239,742
County of Montgomery MD
5.00%, 10/01/2024		1,210,000		1,394,599
5.38%, 07/01/2048		625,000		665,818

	Principal Amount		Value
County of Prince George’s MD
4.00%, 08/01/2029		4,035,000		4,354,063
5.13%, 07/01/2039(3)		1,500,000		1,685,740
Deutsche Bank Spears/Lifers Trust
0.10%, 03/01/2023(1)(3)		2,880,000		2,880,000
Maryland Community Development Administration
2.06%, 09/01/2021		3,000,000		3,009,043
2.60%, 09/01/2022		2,630,000		2,700,351
2.70%, 03/01/2023		3,195,000		3,318,601
2.75%, 09/01/2023		1,010,000		1,061,188
2.85%, 03/01/2024		2,560,000		2,712,347
2.95%, 03/01/2025		3,025,000		3,255,220
3.00%, 09/01/2051		2,500,000		2,735,965
3.10%, 03/01/2026		1,445,000		1,569,056
3.25%, 03/01/2027		2,325,000		2,569,563
3.50%, 03/01/2050		1,190,000		1,301,591
4.00%, 09/01/2049		1,380,000		1,527,384
Maryland Economic Development Corp.
3.25%, 09/01/2030		1,225,000		1,389,300
4.00%, 06/01/2038		350,000		344,072
4.00%, 09/01/2040		410,000		480,293
4.00%, 09/01/2050		2,245,000		2,587,775
5.00%, 07/01/2021		500,000		500,000
5.00%, 06/01/2023		215,000		232,521
5.00%, 03/31/2024		3,305,000		3,368,207
5.00%, 07/01/2027		1,100,000		1,140,195
5.00%, 09/30/2027		50,000		59,894
5.00%, 06/01/2028		2,000,000		2,465,025
5.00%, 07/01/2028		100,000		114,082
5.00%, 07/01/2029		75,000		85,025
5.00%, 09/30/2030		905,000		1,078,750
5.00%, 06/01/2035		1,415,000		1,691,288
5.00%, 07/01/2036		100,000		110,614
5.00%, 03/31/2046		1,680,000		1,971,746
5.00%, 06/01/2049		1,000,000		1,174,992
5.00%, 03/31/2051		2,600,000		3,046,162
5.00%, 06/01/2058		600,000		649,845
Maryland Health & Higher Educational Facilities Authority
4.00%, 07/01/2042		120,000		131,926
4.00%, 06/01/2046		860,000		980,103
4.00%, 06/01/2051		1,435,000		1,630,068
4.00%, 06/01/2055		895,000		1,013,294
5.00%, 07/01/2024		535,000		608,593
5.00%, 07/01/2024		745,000		846,335
5.00%, 07/01/2030		600,000		703,291
5.00%, 07/01/2032		750,000		892,667
5.00%, 07/01/2035		75,000		88,755
5.00%, 08/15/2038		1,945,000		2,237,969
5.00%, 07/01/2043		500,000		573,509
5.00%, 07/01/2045		2,000,000		2,261,754

	Principal Amount		Value
5.00%, 07/01/2045(1)		2,075,000		2,518,231
5.00%, 07/01/2048		1,000,000		1,143,241
5.50%, 01/01/2029		1,500,000		1,828,688
5.50%, 01/01/2030		1,750,000		2,121,951
5.50%, 01/01/2046		1,290,000		1,523,356
Maryland Stadium Authority
5.00%, 05/01/2032		765,000		917,602
5.00%, 05/01/2041		5,000,000		6,064,497
Maryland State Transportation Authority
5.00%, 07/01/2023		500,000		548,036
5.00%, 07/01/2024		1,000,000		1,140,851
5.00%, 07/01/2030		4,655,000		5,752,901
5.00%, 07/01/2031		1,665,000		2,277,525
5.00%, 07/01/2034		1,550,000		2,054,277
Prince George’s County Revenue Authority
5.00%, 05/01/2030		1,085,000		1,376,769
State of Maryland
5.00%, 08/01/2024		1,450,000		1,660,858
State of Maryland Department of Transportation
5.00%, 10/01/2026		11,570,000		14,243,953
Washington Suburban Sanitary Commission
3.00%, 06/01/2026		5,000,000		5,587,944
Total Maryland				150,434,356
Massachusetts – 1.78%
Boston Water & Sewer Commission
3.75%, 11/01/2037		13,450,000		14,089,656
Bridgewater-Raynham Regional School District/MA
4.00%, 02/01/2027		1,655,000		1,952,712
City of Boston MA
5.00%, 04/01/2023		2,095,000		2,273,427
City of Worcester MA
3.00%, 02/15/2031		1,655,000		1,880,085
Commonwealth of Massachusetts
1.70%, 08/01/2043(1)		1,750,000		1,778,651
4.00%, 11/01/2037		2,500,000		3,079,629
5.00%, 07/01/2022		485,000		508,584
5.00%, 11/01/2022		1,900,000		2,022,901
5.00%, 07/01/2028		350,000		424,497
5.00%, 12/01/2030		1,500,000		1,842,999
5.00%, 07/01/2036		12,630,000		14,798,930
5.00%, 03/01/2046		205,000		229,450
5.00%, 05/01/2049		2,665,000		3,375,414
5.50%, 01/01/2022		1,000,000		1,025,670
5.50%, 12/01/2022		1,195,000		1,285,515
Commonwealth of Massachusetts Transportation Fund Revenue
5.00%, 06/01/2034		4,930,000		6,242,181
5.00%, 06/01/2035		4,000,000		5,058,443
5.00%, 06/01/2036		3,845,000		4,851,874
5.00%, 06/01/2040		7,435,000		9,338,248
Massachusetts Bay Transportation Authority

	Principal Amount		Value
4.00%, 07/01/2051		1,865,000		2,258,364
Massachusetts Development Finance Agency
5.00%, 07/15/2022		355,000		373,006
5.00%, 07/01/2023		900,000		985,895
5.00%, 10/01/2024		2,020,000		2,316,840
5.00%, 07/01/2025		1,090,000		1,278,412
5.00%, 10/01/2025		905,000		1,067,808
5.00%, 07/01/2026		1,140,000		1,378,483
5.00%, 10/01/2026		955,000		1,160,791
5.00%, 10/01/2028		475,000		599,856
5.00%, 10/01/2029		405,000		521,264
5.00%, 07/01/2030		590,000		739,137
5.00%, 01/01/2031		475,000		566,437
5.00%, 10/01/2031		355,000		463,959
5.00%, 01/01/2032		635,000		755,864
5.00%, 07/01/2032		500,000		633,160
5.00%, 01/01/2033		540,000		641,566
5.00%, 07/15/2033(3)		315,000		382,540
5.00%, 01/01/2034		710,000		842,327
5.00%, 07/01/2034		500,000		629,347
5.00%, 07/15/2034(3)		270,000		326,987
5.00%, 01/01/2035		745,000		882,196
5.00%, 07/15/2035(3)		275,000		332,558
5.00%, 01/01/2036		1,100,000		1,299,775
5.00%, 07/15/2036(3)		465,000		560,939
5.00%, 07/15/2037(3)		490,000		589,530
5.00%, 10/01/2037(3)		500,000		549,210
5.00%, 07/01/2038(1)		8,525,000		9,548,740
5.00%, 01/01/2040		755,000		909,236
5.00%, 10/01/2041		825,000		937,981
5.00%, 07/15/2046(3)		1,000,000		1,185,266
5.00%, 10/01/2047(3)		1,375,000		1,506,461
5.00%, 10/01/2048		1,750,000		1,914,648
5.00%, 10/01/2057(3)		1,000,000		1,094,272
5.13%, 11/15/2046(3)		800,000		891,230
Massachusetts Educational Financing Authority
2.00%, 07/01/2037		2,700,000		2,698,442
5.00%, 01/01/2022		2,000,000		2,047,595
5.00%, 07/01/2023		200,000		218,245
5.00%, 07/01/2024		575,000		650,449
5.00%, 07/01/2024		2,190,000		2,477,361
5.00%, 07/01/2025		825,000		961,878
5.00%, 07/01/2025		850,000		992,889
5.00%, 07/01/2026		5,000,000		5,996,999
5.00%, 07/01/2027		1,500,000		1,841,064
5.00%, 07/01/2028		1,250,000		1,565,719
5.00%, 07/01/2029		1,600,000		2,035,946
5.00%, 07/01/2030		1,425,000		1,841,168
Massachusetts Housing Finance Agency
0.58% (SIFMA Municipal Swap Index Yield + 0.55%), 11/01/2048(2)		9,670,000		9,670,000

	Principal Amount		Value
Massachusetts Port Authority
5.00%, 07/01/2024		835,000		948,309
Massachusetts School Building Authority
5.00%, 08/15/2021		275,000		276,609
5.00%, 01/15/2028		1,500,000		1,736,376
5.00%, 08/15/2030		2,000,000		2,108,684
5.00%, 10/15/2032		1,000,000		1,014,012
5.00%, 08/15/2037		10,000,000		11,788,889
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue
5.00%, 01/01/2039(1)		4,055,000		4,343,995
Metropolitan Boston Transit Parking Corp.
5.00%, 07/01/2041		5,000,000		5,000,000
Total Massachusetts				176,397,580
Michigan – 2.67%
Avondale School District
5.00%, 11/01/2022		600,000		638,145
5.00%, 11/01/2023		680,000		753,967
5.00%, 11/01/2024		800,000		920,849
5.00%, 11/01/2025		785,000		934,151
5.00%, 11/01/2026		765,000		938,259
Calhoun County Hospital Finance Authority
5.00%, 02/15/2028		750,000		864,328
5.00%, 02/15/2037		1,695,000		1,897,218
City of Detroit MI
5.00%, 04/01/2022		835,000		859,859
5.00%, 04/01/2023		750,000		801,565
5.00%, 04/01/2024		900,000		994,635
5.00%, 04/01/2025		900,000		1,022,588
5.00%, 04/01/2034		1,000,000		1,186,438
5.00%, 04/01/2035		1,700,000		2,118,463
5.00%, 04/01/2036		300,000		372,679
5.50%, 04/01/2031		560,000		719,200
5.50%, 04/01/2033		470,000		600,078
5.50%, 04/01/2035		350,000		444,870
5.50%, 04/01/2037		465,000		587,866
5.50%, 04/01/2039		645,000		811,898
5.50%, 04/01/2045		750,000		940,747
5.50%, 04/01/2050		605,000		756,071
City of Detroit MI Sewage Disposal System Revenue
5.25%, 07/01/2039		4,050,000		4,256,164
City of Detroit MI Water Supply System Revenue
5.25%, 07/01/2041		1,000,000		1,000,000
City of Greenville MI
4.00%, 06/01/2025		245,000		276,000
4.00%, 06/01/2029		285,000		341,767
4.00%, 06/01/2035		715,000		865,494
City of Royal Oak MI
5.00%, 04/01/2029		500,000		636,923
5.00%, 04/01/2031		1,045,000		1,319,476
City of Saginaw MI Water Supply System Revenue

	Principal Amount		Value
4.00%, 07/01/2034		355,000		439,027
4.00%, 07/01/2035		185,000		228,230
4.00%, 07/01/2036		195,000		239,663
City of Taylor MI
4.00%, 03/01/2030		490,000		601,672
4.00%, 03/01/2031		390,000		484,769
4.00%, 03/01/2034		570,000		695,692
City of Wyandotte MI Electric System Revenue
5.00%, 10/01/2021		750,000		758,286
5.00%, 10/01/2022		800,000		844,397
5.00%, 10/01/2023		500,000		547,453
5.00%, 10/01/2024		765,000		864,427
Clarkston Community Schools
5.00%, 05/01/2022		445,000		462,796
County of Jackson MI
4.00%, 05/01/2034		610,000		728,125
County of Kent MI
5.00%, 06/01/2028		700,000		853,476
Detroit City School District
5.25%, 05/01/2030		3,345,000		4,530,935
Detroit Downtown Development Authority
5.00%, 07/01/2037		540,000		605,706
5.00%, 07/01/2038		1,000,000		1,121,361
Grand Rapids Public Schools
5.00%, 05/01/2025		1,075,000		1,259,829
5.00%, 11/01/2037		1,750,000		2,229,489
5.00%, 11/01/2038		1,000,000		1,269,789
Great Lakes Water Authority Sewage Disposal System Revenue
5.00%, 07/01/2030		3,000,000		3,629,229
5.00%, 07/01/2036		1,000,000		1,201,026
Great Lakes Water Authority Water Supply System Revenue
5.00%, 07/01/2023		1,000,000		1,094,174
Karegnondi Water Authority
5.00%, 11/01/2036		1,300,000		1,607,263
5.25%, 11/01/2040		130,000		144,283
Kentwood Economic Development Corp.
4.00%, 11/15/2043		1,000,000		1,076,920
4.00%, 11/15/2045		750,000		830,803
Lake Orion Community School District
5.00%, 05/01/2025		3,275,000		3,835,359
Lansing Board of Water & Light
2.00%, 07/01/2051(1)		2,450,000		2,612,409
Michigan Finance Authority
1.20%, 10/15/2038(1)		18,900,000		18,964,441
1.25%, 06/01/2030		395,000		397,750
3.50%, 11/01/2023		5,500,000		5,696,668
3.75%, 11/01/2024		5,500,000		5,703,643
3.75%, 11/15/2049(1)		3,600,000		4,097,858
4.00%, 06/01/2023		1,000,000		1,074,241
4.00%, 12/01/2035		1,500,000		1,812,284

	Principal Amount		Value
5.00%, 07/01/2022		1,235,000		1,294,035
5.00%, 11/15/2022		275,000		292,869
5.00%, 10/01/2023		1,000,000		1,059,712
5.00%, 10/01/2024		3,000,000		3,455,575
5.00%, 11/01/2024		750,000		859,801
5.00%, 11/01/2025		400,000		473,736
5.00%, 11/01/2025		1,000,000		1,184,341
5.00%, 06/01/2026		2,000,000		2,441,362
5.00%, 11/01/2026		500,000		609,723
5.00%, 12/01/2026		1,190,000		1,467,962
5.00%, 06/01/2027		690,000		867,187
5.00%, 11/01/2027		500,000		625,721
5.00%, 06/01/2028		2,380,000		3,069,526
5.00%, 06/01/2029		1,500,000		1,974,290
5.00%, 12/01/2029		500,000		629,499
5.00%, 06/01/2030		1,725,000		2,314,200
5.00%, 07/01/2030		600,000		703,713
5.00%, 10/01/2030		800,000		914,972
5.00%, 06/01/2031		2,895,000		3,908,092
5.00%, 06/01/2032		280,000		375,362
5.00%, 11/15/2032		1,445,000		1,757,164
5.00%, 06/01/2033		510,000		679,415
5.00%, 07/01/2033		350,000		408,987
5.00%, 12/01/2044(1)		2,550,000		2,956,059
5.00%, 06/01/2049		2,500,000		3,051,811
Michigan Mathematics & Science Initiative
4.00%, 01/01/2031		500,000		571,034
Michigan State Building Authority
5.00%, 10/15/2021		1,750,000		1,774,374
5.00%, 04/15/2022		1,250,000		1,297,720
5.00%, 04/15/2035		1,250,000		1,622,059
Michigan State Hospital Finance Authority
2.40%, 11/15/2047(1)		850,000		881,221
4.00%, 11/15/2047(1)		4,505,000		4,998,012
4.00%, 11/15/2047(1)		9,750,000		10,460,205
5.00%, 12/01/2022		125,000		133,530
5.00%, 12/01/2023		1,150,000		1,281,375
5.00%, 12/01/2024		275,000		318,287
5.00%, 12/01/2025		700,000		838,258
5.00%, 12/01/2027		415,000		524,827
Michigan State Housing Development Authority
3.50%, 12/01/2050		1,065,000		1,178,320
Michigan Strategic Fund
1.45%, 09/01/2030(1)		1,260,000		1,262,477
1.80%, 10/01/2049(1)		2,075,000		2,143,781
5.00%, 06/30/2025		2,000,000		2,333,425
5.00%, 12/31/2025		2,595,000		3,073,923
5.00%, 06/30/2026		2,800,000		3,362,615
5.00%, 12/31/2026		355,000		432,103
5.00%, 06/30/2032		150,000		186,983

	Principal Amount		Value
Michigan Technological University
4.00%, 10/01/2051		1,255,000		1,477,726
5.00%, 10/01/2025		400,000		473,426
5.00%, 10/01/2026		270,000		329,052
5.00%, 10/01/2027		595,000		742,987
5.00%, 10/01/2028		890,000		1,137,083
5.00%, 10/01/2029		2,000,000		2,601,590
5.00%, 10/01/2030		355,000		469,662
Michigan Tobacco Settlement Finance Authority
0.00%, 06/01/2052		2,300,000		254,524
Milan Area Schools
5.00%, 05/01/2023		245,000		265,805
Oakland University
5.00%, 03/01/2041		2,190,000		2,567,256
Portage Public Schools
5.00%, 11/01/2028		1,000,000		1,209,156
Richfield Public School Academy
2.50%, 09/01/2025		250,000		249,755
Royal Oak Hospital Finance Authority
5.00%, 09/01/2039		10,320,000		11,478,951
Royal Oak School District
5.00%, 05/01/2023		600,000		652,918
5.00%, 05/01/2024		600,000		676,853
Saginaw City School District
4.00%, 05/01/2028		1,035,000		1,246,850
4.00%, 05/01/2031		1,290,000		1,624,828
4.00%, 05/01/2034		1,035,000		1,285,396
Saginaw Hospital Finance Authority
5.00%, 07/01/2027		825,000		1,017,981
5.00%, 07/01/2028		435,000		548,529
State of Michigan
5.00%, 03/15/2022		1,170,000		1,209,087
5.00%, 03/15/2023		2,000,000		2,159,625
5.00%, 03/15/2025		1,145,000		1,337,880
State of Michigan Trunk Line Revenue
5.00%, 11/15/2036		7,550,000		10,036,713
Tender Option Bond Trust Receipts/Certificates
0.13%, 11/15/2024(1)(3)		1,400,000		1,400,000
University of Michigan
5.00%, 04/01/2024		1,670,000		1,888,364
Wayne County Airport Authority
5.00%, 12/01/2022		200,000		213,501
5.00%, 12/01/2023		250,000		278,495
5.00%, 12/01/2023		400,000		445,593
5.00%, 12/01/2023		550,000		609,729
5.00%, 12/01/2024		375,000		433,889
5.00%, 12/01/2024		500,000		574,653
5.00%, 12/01/2025		600,000		710,419
5.00%, 12/01/2025		1,000,000		1,185,467
5.00%, 12/01/2027		4,055,000		4,799,307

	Principal Amount		Value
5.00%, 12/01/2031		350,000		431,417
5.00%, 12/01/2032		1,400,000		1,589,660
5.00%, 12/01/2033		325,000		403,368
5.00%, 12/01/2034		1,310,000		1,737,719
5.00%, 12/01/2039		1,675,000		2,187,928
5.00%, 12/01/2040		2,000,000		2,663,642
5.00%, 12/01/2040		4,000,000		4,713,233
5.00%, 12/01/2041		1,000,000		1,328,154
5.00%, 12/01/2041		1,845,000		2,396,924
5.00%, 12/01/2042		1,000,000		1,063,527
5.00%, 12/01/2042		900,000		1,089,139
5.00%, 12/01/2046		4,250,000		5,584,332
5.00%, 12/01/2047		1,000,000		1,206,559
Wayne-Westland Community Schools
5.00%, 11/01/2022		190,000		202,105
5.00%, 11/01/2023		80,000		88,742
5.00%, 11/01/2024		185,000		213,146
5.00%, 11/01/2025		95,000		113,230
5.00%, 11/01/2026		1,000,000		1,228,839
5.00%, 11/01/2027		600,000		757,608
5.00%, 11/01/2029		585,000		756,012
Total Michigan				263,801,148
Minnesota – 0.34%
City of Deephaven MN
5.00%, 10/01/2037		1,250,000		1,308,972
5.00%, 10/01/2049		2,200,000		2,287,313
City of Minneapolis MN/St Paul Housing & Redevelopment Authority
5.00%, 11/15/2022		1,100,000		1,172,419
City of Moorhead MN
5.00%, 12/01/2025		775,000		866,465
City of Rochester MN
5.00%, 12/01/2025		900,000		957,777
5.25%, 12/01/2038		1,000,000		1,049,647
City of Shakopee MN Senior Housing Revenue
5.85%, 11/01/2058(1)(3)		2,280,000		2,474,654
Duluth Economic Development Authority
5.00%, 02/15/2033		500,000		613,576
5.00%, 02/15/2034		750,000		918,292
5.00%, 02/15/2037		1,250,000		1,521,418
Minnesota Housing Finance Agency
3.00%, 07/01/2051		780,000		854,552
3.00%, 01/01/2052		2,915,000		3,202,969
Minnesota Rural Water Finance Authority, Inc.
0.25%, 08/01/2022		1,500,000		1,500,235
Roseville Independent School District No 623
5.00%, 02/01/2025		3,895,000		4,519,757
5.00%, 02/01/2026		2,315,000		2,775,466
Shakopee Independent School District No 720
5.00%, 02/01/2024		3,185,000		3,561,050
State of Minnesota

	Principal Amount		Value
5.00%, 08/01/2023		1,465,000		1,611,017
Tender Option Bond Trust Receipts/Certificates
0.15%, 11/15/2026(1)(3)		2,025,000		2,025,000
Total Minnesota				33,220,579
Mississippi – 0.46%
Mississippi Business Finance Corp.
0.01%, 12/01/2030(1)		16,000,000		16,000,000
0.01%, 11/01/2035(1)		12,500,000		12,500,000
Mississippi Hospital Equipment & Facilities Authority
0.65%, 09/01/2036(1)		1,720,000		1,720,169
5.00%, 01/01/2029		910,000		1,145,291
5.00%, 01/01/2033		1,750,000		2,206,690
5.00%, 10/01/2035		700,000		880,979
5.00%, 10/01/2036		2,000,000		2,512,553
5.00%, 10/01/2040(1)		4,215,000		5,011,303
5.00%, 09/01/2044(1)		2,000,000		2,292,766
State of Mississippi
5.00%, 10/01/2030		1,000,000		1,253,351
Total Mississippi				45,523,102
Missouri – 0.96%
Belton School District No 124
5.00%, 03/01/2028		250,000		318,870
5.50%, 03/01/2033		500,000		629,653
5.50%, 03/01/2036		500,000		630,137
Cape Girardeau County Industrial Development Authority
5.00%, 03/01/2032		500,000		592,064
City of Kansas City MO Sanitary Sewer System Revenue
5.00%, 01/01/2026		285,000		341,506
5.00%, 01/01/2031		135,000		169,231
City of St Louis MO Airport Revenue
5.00%, 07/01/2025		400,000		468,969
Hannibal Industrial Development Authority
5.00%, 10/01/2047		1,580,000		1,877,593
Health & Educational Facilities Authority of the State of Missouri
4.00%, 08/01/2031		310,000		379,329
4.00%, 07/01/2035		1,500,000		1,858,371
4.00%, 02/01/2040		100,000		109,946
5.00%, 06/01/2025		7,000,000		8,208,712
5.00%, 04/01/2027		1,705,000		2,039,651
5.00%, 02/01/2029		1,000,000		1,164,990
5.00%, 02/01/2035		1,000,000		1,148,148
5.00%, 02/01/2036		200,000		228,158
5.00%, 08/01/2040		1,145,000		1,266,650
5.00%, 10/01/2042		6,370,000		7,672,757
5.00%, 10/01/2046		6,000,000		7,383,484
Industrial Development Authority of the City of St Louis Missouri
3.88%, 11/15/2029		90,000		91,661
4.38%, 11/15/2035		230,000		234,185
4.75%, 11/15/2047		1,250,000		1,286,620
Kansas City Industrial Development Authority

	Principal Amount		Value
4.00%, 03/01/2050		3,750,000		4,296,342
4.00%, 03/01/2057		6,250,000		7,182,182
5.00%, 03/01/2025		1,250,000		1,455,628
5.00%, 03/01/2025		2,000,000		2,313,186
5.00%, 03/01/2026		4,395,000		5,238,025
5.00%, 03/01/2027		2,955,000		3,648,927
5.00%, 03/01/2028		3,350,000		4,203,513
Missouri Development Finance Board
0.01%, 06/01/2037(1)		13,275,000		13,275,000
Missouri Housing Development Commission
3.25%, 05/01/2051		3,680,000		4,057,572
4.00%, 05/01/2050		295,000		328,139
Mizuho Floater/Residual Trust
0.28%, 06/01/2033(1)(3)		405,000		405,000
St Louis County Industrial Development Authority
5.00%, 12/01/2025		745,000		802,383
5.00%, 09/01/2038		500,000		567,581
5.13%, 08/15/2045		200,000		209,309
5.13%, 09/01/2048		2,590,000		2,926,139
5.50%, 09/01/2033		1,000,000		1,082,153
St Louis Land Clearance for Redevelopment Authority
5.00%, 06/01/2029		1,000,000		1,155,475
5.38%, 06/01/2043		2,000,000		2,298,154
Tender Option Bond Trust Receipts/Certificates
0.16%, 05/15/2041(1)(3)		1,100,000		1,100,000
Total Missouri				94,645,393
Montana – 0.03%
City of Kalispell MT
5.25%, 05/15/2037		765,000		844,609
5.25%, 05/15/2047		500,000		546,043
Mizuho Floater/Residual Trust
0.28%, 06/01/2034(1)(3)		1,000,000		1,000,000
Montana Board of Housing
4.00%, 12/01/2047		270,000		285,910
4.00%, 06/01/2050		155,000		175,572
Total Montana				2,852,134
Nebraska – 0.75%
Central Plains Energy Project
4.00%, 12/01/2049(1)		32,420,000		36,726,229
5.00%, 09/01/2033		1,500,000		2,040,481
5.00%, 09/01/2035		930,000		1,301,594
5.00%, 03/01/2050(1)		5,000,000		5,532,141
City of Omaha NE
5.00%, 01/15/2026		1,700,000		2,040,390
Douglas County Hospital Authority No 2
4.00%, 11/15/2036		425,000		511,711
Lincoln County Hospital Authority No 1
5.00%, 11/01/2024		1,000,000		1,015,851
Nebraska Investment Finance Authority
3.00%, 09/01/2045		2,120,000		2,319,933

	Principal Amount		Value
3.50%, 09/01/2050		940,000		1,038,621
3.75%, 09/01/2049		990,000		1,065,949
4.00%, 09/01/2049		810,000		887,009
Nebraska Public Power District
0.60%, 01/01/2051(1)		16,920,000		17,023,912
Omaha Airport Authority
5.00%, 12/15/2031		515,000		624,055
Tender Option Bond Trust Receipts/Certificates
0.10%, 07/15/2059(1)(3)		2,500,000		2,500,000
Total Nebraska				74,627,876
Nevada – 1.26%
City of Carson City NV
5.00%, 09/01/2026		550,000		662,334
City of Henderson NV
4.00%, 06/01/2035		900,000		1,096,662
4.00%, 06/01/2036		925,000		1,124,008
4.00%, 06/01/2038		3,540,000		4,263,839
5.00%, 06/01/2037		3,230,000		4,198,959
City of Las Vegas NV Special Improvement District No 814
4.00%, 06/01/2039		450,000		494,863
4.00%, 06/01/2049		1,100,000		1,189,362
City of Las Vegas NV Special Improvement District No 815
4.75%, 12/01/2040		900,000		1,034,919
City of North Las Vegas NV
4.00%, 06/01/2029		665,000		809,152
4.00%, 06/01/2030		695,000		856,617
5.00%, 06/01/2027		605,000		749,694
5.00%, 06/01/2028		635,000		803,640
City of Reno NV
0.00%, 07/01/2058(3)		2,000,000		344,970
5.00%, 06/01/2038		150,000		181,016
City of Sparks NV
2.50%, 06/15/2024(3)		1,300,000		1,323,549
Clark County School District
4.00%, 06/15/2034		5,000,000		5,765,692
4.00%, 06/15/2038		775,000		926,958
5.00%, 06/15/2023		370,000		404,160
5.00%, 06/15/2023		1,665,000		1,818,719
5.00%, 06/15/2024		4,500,000		5,110,775
5.00%, 06/15/2025		25,000		29,365
5.00%, 06/15/2025		6,060,000		7,118,025
5.00%, 06/15/2026		3,670,000		4,437,943
5.00%, 06/15/2029		4,080,000		5,162,932
5.00%, 06/15/2035		500,000		651,629
County of Clark Department of Aviation
5.00%, 07/01/2021		845,000		845,000
5.00%, 07/01/2024		3,320,000		3,773,721
5.00%, 07/01/2028		475,000		541,444
5.00%, 07/01/2035		7,000,000		9,376,384
5.00%, 07/01/2036		2,250,000		3,002,812

	Principal Amount		Value
County of Clark NV
1.65%, 01/01/2036(1)		1,560,000		1,594,771
5.00%, 11/01/2028		3,000,000		3,682,980
5.00%, 06/01/2032		3,000,000		3,757,216
5.00%, 12/01/2032		5,385,000		6,860,127
5.00%, 06/01/2035		2,070,000		2,577,084
County of Clark NV Passenger Facility Charge Revenue
5.00%, 07/01/2024		1,370,000		1,557,228
5.00%, 07/01/2025		2,220,000		2,607,585
County of Washoe NV
2.05%, 03/01/2036(1)		4,500,000		4,560,025
2.05%, 03/01/2036(1)		5,000,000		5,066,695
3.00%, 03/01/2036(1)		700,000		717,240
Las Vegas Convention & Visitors Authority
5.00%, 07/01/2031		600,000		723,708
5.00%, 07/01/2043		2,500,000		3,042,087
Las Vegas Redevelopment Agency
5.00%, 06/15/2030		1,000,000		1,158,113
5.00%, 06/15/2040		685,000		779,386
Las Vegas Valley Water District
4.00%, 06/01/2028		1,000,000		1,132,033
5.00%, 06/01/2039		2,815,000		3,210,634
Nevada Housing Division
4.00%, 10/01/2049		485,000		538,126
State of Nevada Department of Business & Industry
0.25%, 12/01/2026(1)(3)		700,000		700,090
0.50%, 01/01/2050(1)(3)		10,000,000		10,000,000
Tahoe-Douglas Visitors Authority
4.00%, 07/01/2025		500,000		547,393
4.00%, 07/01/2026		1,540,000		1,709,053
Total Nevada				124,620,717
New Hampshire – 0.48%
New Hampshire Business Finance Authority
0.20%, 09/01/2021(1)		9,700,000		9,700,020
0.78% (SIFMA Municipal Swap Index Yield + 0.75%), 10/01/2033(2)		9,500,000		9,503,718
3.75%, 07/01/2045(1)(3)		1,000,000		1,072,084
4.00%, 01/01/2041		2,000,000		2,239,038
4.00%, 01/01/2051		3,000,000		3,325,321
4.13%, 01/20/2034		5,022,745		6,045,874
5.00%, 01/01/2024		720,000		800,307
5.25%, 07/01/2039(3)		240,000		253,355
5.63%, 07/01/2046(3)		125,000		133,041
5.75%, 07/01/2054(3)		315,000		335,729
New Hampshire Health & Education Facilities Authority Act
4.00%, 10/01/2038		115,000		128,182
5.00%, 07/01/2023		500,000		547,720
5.00%, 08/01/2027		1,575,000		1,968,445
5.00%, 10/01/2028		1,580,000		1,907,508
5.00%, 07/01/2030		390,000		488,582
5.00%, 08/01/2030		305,000		380,082

	Principal Amount		Value
5.00%, 10/01/2032		2,825,000		3,362,976
5.00%, 10/01/2038		425,000		500,097
5.00%, 07/01/2044		3,040,000		3,547,977
5.25%, 07/01/2027(3)(4)		550,000		407,000
6.13%, 07/01/2052(3)(4)		245,000		181,300
6.25%, 07/01/2042(3)(4)		700,000		518,000
Total New Hampshire				47,346,356
New Jersey – 4.67%
Atlantic County Improvement Authority
4.00%, 07/01/2037		460,000		558,440
Borough of Morris Plains NJ
1.50%, 11/01/2021		4,000,000		4,017,200
Borough of Mountainside NJ
2.00%, 04/29/2022		2,400,000		2,433,919
Borough of Roseland NJ
1.50%, 07/20/2022		2,345,519		2,374,249
2.00%, 04/29/2022		3,300,000		3,348,294
Camden County Improvement Authority
5.00%, 01/15/2028		500,000		614,150
5.00%, 01/15/2029		1,000,000		1,226,066
5.00%, 01/15/2033		500,000		607,699
City of Millville NJ
2.00%, 05/04/2022		5,300,000		5,379,766
City of Newark NJ
5.00%, 10/01/2026		700,000		842,448
5.00%, 10/01/2027		750,000		924,871
County of Hudson NJ
3.00%, 11/15/2025		4,000,000		4,431,982
County of Union NJ
3.00%, 03/01/2026		3,000,000		3,308,483
Essex County Improvement Authority
4.00%, 08/01/2038		305,000		368,586
4.00%, 08/01/2039		320,000		385,043
4.00%, 08/01/2040		335,000		402,350
4.00%, 08/01/2041		350,000		419,211
Garden State Preservation Trust
5.75%, 11/01/2028		2,000,000		2,465,215
Gloucester County Improvement Authority
4.00%, 07/01/2039		750,000		893,529
4.00%, 07/01/2040		525,000		624,424
5.00%, 07/01/2037		1,130,000		1,458,725
Hudson County Improvement Authority
4.00%, 01/01/2036		1,125,000		1,336,753
4.00%, 01/01/2037		855,000		1,013,549
5.00%, 10/01/2026		1,500,000		1,832,737
5.00%, 10/01/2027		1,000,000		1,255,120
New Brunswick Parking Authority
5.00%, 09/01/2039		2,000,000		2,395,084
New Jersey Economic Development Authority
1.20%, 11/01/2034(1)		3,000,000		3,034,458

	Principal Amount		Value
2.20%, 10/01/2039(1)		1,400,000		1,490,095
3.13%, 07/01/2029		445,000		449,077
4.00%, 06/15/2035		500,000		596,682
4.00%, 06/15/2037		600,000		712,603
4.00%, 06/15/2038		600,000		711,608
4.00%, 11/01/2038		825,000		961,136
4.00%, 06/15/2040		1,000,000		1,181,072
4.00%, 11/01/2044		1,000,000		1,152,862
4.00%, 08/01/2059		355,000		393,538
5.00%, 06/15/2022		200,000		208,997
5.00%, 06/15/2022		1,200,000		1,253,509
5.00%, 01/01/2023		400,000		428,041
5.00%, 03/01/2023		4,160,000		4,483,121
5.00%, 03/01/2024		2,405,000		2,535,691
5.00%, 06/15/2024		2,000,000		2,267,371
5.00%, 06/15/2025		5,190,000		6,076,760
5.00%, 06/01/2026		900,000		1,085,162
5.00%, 06/15/2026		470,000		549,457
5.00%, 06/15/2028		605,000		624,089
5.00%, 06/15/2029		1,000,000		1,030,435
5.00%, 06/15/2029		1,000,000		1,277,621
5.00%, 01/01/2030		500,000		535,537
5.00%, 06/15/2030		4,000,000		5,044,739
5.00%, 11/01/2030		1,315,000		1,681,246
5.00%, 01/01/2031		500,000		559,487
5.00%, 11/01/2031		2,200,000		2,801,268
5.00%, 06/15/2033		5,000,000		6,360,910
5.00%, 07/01/2033		2,875,000		3,413,165
5.00%, 06/15/2034		1,000,000		1,268,544
5.00%, 06/15/2035		1,595,000		1,991,584
5.00%, 10/01/2037		3,185,000		3,749,562
5.00%, 06/15/2038		10,200,000		11,145,316
5.00%, 10/01/2039(3)		355,000		363,650
5.00%, 01/01/2040(3)		540,000		551,472
5.00%, 10/01/2047		3,450,000		3,991,227
5.00%, 01/01/2048		2,000,000		2,107,376
5.00%, 06/15/2054(3)		3,250,000		3,542,355
5.00%, 08/01/2059		1,000,000		1,205,636
5.13%, 01/01/2034		705,000		786,005
5.13%, 06/15/2043		2,450,000		2,532,263
5.25%, 09/01/2024(3)		35,925,000		41,177,946
5.25%, 09/01/2025(3)		1,605,000		1,898,738
5.25%, 01/01/2044		190,000		195,464
5.50%, 01/01/2027		500,000		564,771
5.50%, 06/15/2030		2,000,000		2,473,710
5.63%, 11/15/2030		2,095,000		2,350,016
5.63%, 11/15/2030		2,230,000		2,501,449
5.63%, 01/01/2052		2,000,000		2,249,262
New Jersey Educational Facilities Authority
5.00%, 06/01/2023		930,000		1,014,187

	Principal Amount		Value
5.00%, 07/01/2023		3,390,000		3,685,054
5.00%, 07/01/2029		1,500,000		1,744,875
5.00%, 07/01/2032		4,920,000		5,716,647
New Jersey Health Care Facilities Financing Authority
5.00%, 07/01/2021		40,000		40,000
5.00%, 07/01/2022		540,000		564,035
5.00%, 07/01/2023		140,000		152,097
5.00%, 07/01/2023		530,000		580,695
5.00%, 07/01/2024		110,000		123,908
5.00%, 07/01/2024		3,970,000		4,159,774
5.00%, 07/01/2025		120,000		139,554
5.00%, 07/01/2026		40,000		47,868
5.00%, 07/01/2027		60,000		71,557
5.00%, 07/01/2028		155,000		188,873
5.00%, 07/01/2030		165,000		193,612
5.00%, 07/01/2033		500,000		596,999
5.00%, 07/01/2041		815,000		950,066
5.00%, 07/01/2042(1)		2,755,000		3,233,533
5.00%, 07/01/2043(1)		2,250,000		2,555,621
5.00%, 07/01/2045(1)		3,705,000		4,476,986
5.00%, 07/01/2046		2,375,000		2,746,360
New Jersey Higher Education Student Assistance Authority
3.35%, 12/01/2029		1,290,000		1,349,142
5.00%, 12/01/2021		660,000		673,242
5.00%, 12/01/2023		300,000		332,349
5.00%, 12/01/2023		460,000		511,133
5.00%, 12/01/2024		745,000		856,780
5.00%, 12/01/2024		1,000,000		1,147,108
5.00%, 12/01/2025		490,000		579,707
5.00%, 12/01/2025		535,000		630,395
5.00%, 12/01/2025		1,000,000		1,180,689
5.00%, 12/01/2025		2,600,000		3,063,602
5.00%, 12/01/2026		1,330,000		1,607,522
5.00%, 12/01/2026		1,550,000		1,873,428
5.00%, 12/01/2027		1,455,000		1,793,907
5.00%, 12/01/2027		1,470,000		1,812,401
5.00%, 12/01/2044		1,000,000		1,058,427
5.50%, 12/01/2021		2,260,000		2,308,290
New Jersey Housing & Mortgage Finance Agency
3.55%, 04/01/2027		1,925,000		2,106,697
3.65%, 04/01/2028		1,390,000		1,528,155
New Jersey Infrastructure Bank
5.00%, 09/01/2025		1,665,000		1,981,365
New Jersey Transportation Trust Fund Authority
0.00%, 12/15/2026		2,600,000		2,410,567
0.00%, 12/15/2026		3,000,000		2,798,045
0.00%, 12/15/2027		3,260,000		2,949,199
0.00%, 12/15/2028		780,000		687,262
0.00%, 12/15/2028		1,020,000		898,727
0.00%, 12/15/2030		2,000,000		1,662,952

	Principal Amount		Value
0.00%, 12/15/2030		2,000,000		1,686,476
0.00%, 12/15/2031		2,075,000		1,701,095
4.00%, 06/15/2037		2,250,000		2,672,262
4.00%, 06/15/2038		2,000,000		2,372,025
4.00%, 06/15/2039		1,050,000		1,194,214
4.00%, 06/15/2040		1,820,000		2,149,725
4.00%, 06/15/2040		6,000,000		6,801,053
4.00%, 06/15/2042		1,140,000		1,284,595
4.00%, 06/15/2050		4,030,000		4,679,032
5.00%, 06/15/2022		700,000		731,627
5.00%, 06/15/2023		900,000		981,054
5.00%, 12/15/2023		2,720,000		3,030,187
5.00%, 06/15/2024		2,500,000		2,726,688
5.00%, 12/15/2024		1,335,000		1,541,569
5.00%, 06/15/2025		450,000		490,738
5.00%, 12/15/2025		1,255,000		1,494,058
5.00%, 12/15/2026		2,000,000		2,443,254
5.00%, 06/15/2027		235,000		281,819
5.00%, 12/15/2028		5,510,000		7,006,853
5.00%, 06/15/2029		665,000		694,844
5.00%, 06/15/2029		1,200,000		1,424,107
5.00%, 12/15/2029		820,000		1,056,832
5.00%, 12/15/2030		2,000,000		2,515,911
5.00%, 06/15/2031		4,545,000		5,353,632
5.00%, 06/15/2032		235,000		269,427
5.00%, 06/15/2032		1,860,000		1,943,474
5.00%, 06/15/2032		2,725,000		3,426,493
5.00%, 06/15/2032		7,440,000		9,781,169
5.00%, 12/15/2032		1,340,000		1,682,512
5.00%, 06/15/2033		4,210,000		5,337,954
5.00%, 12/15/2033		2,200,000		2,758,257
5.00%, 06/15/2034		4,040,000		5,098,390
5.00%, 06/15/2037		1,780,000		2,283,673
5.00%, 06/15/2038		1,675,000		2,076,036
5.00%, 06/15/2040		2,040,000		2,601,171
5.00%, 06/15/2050		905,000		1,135,119
5.25%, 12/15/2021		3,000,000		3,067,569
5.25%, 12/15/2022		1,760,000		1,887,067
5.25%, 12/15/2023		3,940,000		4,413,390
5.25%, 06/15/2043		3,000,000		3,738,605
5.50%, 12/15/2023		190,000		213,988
New Jersey Turnpike Authority
4.00%, 01/01/2042		6,565,000		7,886,951
4.00%, 01/01/2051		725,000		860,382
5.00%, 01/01/2028		1,540,000		1,887,041
5.00%, 01/01/2033		5,000,000		5,755,236
State of New Jersey
4.00%, 06/01/2030		15,285,000		18,781,520
4.00%, 06/01/2031		3,845,000		4,788,043
4.00%, 06/01/2032		2,370,000		2,989,833

	Principal Amount		Value
5.00%, 06/01/2025		2,635,000		3,092,233
5.00%, 06/01/2026		3,420,000		4,136,498
5.00%, 06/01/2027		5,000,000		6,208,866
5.00%, 06/01/2029		16,450,000		21,301,126
Tender Option Bond Trust Receipts/Certificates
0.18%, 01/01/2024(1)(3)		2,800,000		2,800,000
0.18%, 12/15/2028(1)(3)		900,000		900,000
0.25%, 12/15/2034(1)(3)		1,600,000		1,600,000
Tobacco Settlement Financing Corp.
5.00%, 06/01/2023		570,000		621,242
5.00%, 06/01/2024		1,000,000		1,133,388
5.00%, 06/01/2026		1,050,000		1,271,342
Township of Lacey NJ
1.50%, 05/19/2022		2,231,000		2,255,208
Township of Montclair NJ
4.00%, 03/01/2023		800,000		851,224
4.00%, 03/01/2027		325,000		385,915
Township of Saddle Brook NJ
1.50%, 05/13/2022		1,715,000		1,733,707
Village of Ridgewood NJ
1.50%, 01/26/2022		7,100,000		7,153,321
Total New Jersey				461,668,388
New Mexico – 0.28%
Albuquerque Bernalillo County Water Utility Authority
5.00%, 07/01/2027		2,400,000		2,921,835
5.00%, 07/01/2028		1,700,000		2,064,020
Albuquerque Municipal School District No 12
5.00%, 08/01/2025		800,000		945,405
City of Farmington NM
1.88%, 04/01/2033(1)		10,500,000		10,537,712
City of Santa Fe NM
2.25%, 05/15/2024		555,000		557,198
2.63%, 05/15/2025		995,000		1,000,089
Farmington Municipal School District No 5
5.00%, 09/01/2024		490,000		561,503
New Mexico Hospital Equipment Loan Council
5.00%, 08/01/2049(1)		2,360,000		2,772,155
New Mexico Mortgage Finance Authority
3.75%, 01/01/2050		685,000		757,035
New Mexico Municipal Energy Acquisition Authority
5.00%, 11/01/2039(1)		5,140,000		5,977,369
Total New Mexico				28,094,321
New York – 9.95%
Albany County Airport Authority
5.00%, 12/15/2021		800,000		816,226
Broome County Local Development Corp.
4.00%, 04/01/2034		1,000,000		1,191,659
Buffalo Sewer Authority
4.00%, 06/15/2034		175,000		207,121
4.00%, 06/15/2036		265,000		312,579

	Principal Amount		Value
5.00%, 06/15/2030		150,000		190,767
5.00%, 06/15/2032		150,000		189,534
Build NYC Resource Corp.
4.88%, 05/01/2031(3)		750,000		867,615
5.00%, 08/01/2022		200,000		208,083
5.00%, 08/01/2023		515,000		554,899
5.00%, 01/01/2035(3)		3,900,000		4,398,925
5.00%, 12/01/2041(3)		1,250,000		1,455,865
5.00%, 12/01/2055(3)		430,000		490,431
5.50%, 05/01/2048(3)		1,350,000		1,577,871
City of Geneva NY
1.50%, 05/05/2022		10,140,500		10,251,731
City of Long Beach NY
5.00%, 09/01/2028		2,000,000		2,465,797
5.00%, 09/01/2029		2,800,000		3,468,316
City of New York NY
5.00%, 03/01/2023		505,000		545,106
5.00%, 08/01/2025		1,600,000		1,892,948
5.00%, 08/01/2026		2,575,000		3,139,794
5.00%, 08/01/2027		400,000		464,625
5.00%, 08/01/2027		2,975,000		3,514,402
5.00%, 08/01/2028		400,000		478,961
5.00%, 08/01/2028		700,000		852,361
5.00%, 08/01/2028		3,975,000		4,688,648
5.00%, 08/01/2029		1,305,000		1,643,507
5.00%, 08/01/2029		1,500,000		1,889,088
5.00%, 08/01/2031		1,000,000		1,247,892
5.00%, 08/01/2032		1,745,000		2,163,559
5.00%, 11/01/2032		9,070,000		12,062,890
5.00%, 08/01/2034		1,690,000		2,218,873
5.00%, 12/01/2036		1,300,000		1,640,828
5.00%, 12/01/2037		1,880,000		2,367,501
5.00%, 12/01/2037		7,360,000		8,960,760
5.00%, 04/01/2039		5,000,000		6,170,371
5.00%, 03/01/2050		575,000		737,655
City of Yonkers NY
5.00%, 09/01/2022		2,350,000		2,480,610
5.00%, 09/01/2025		1,015,000		1,200,007
County of Broome NY
1.50%, 04/29/2022		10,300,000		10,410,752
County of Erie NY
5.00%, 09/15/2021		225,000		227,226
5.00%, 06/01/2025		1,000,000		1,176,504
County of Nassau NY
5.00%, 10/01/2024		3,000,000		3,439,803
County of Suffolk NY
4.00%, 02/01/2028		1,865,000		2,231,795
Erie County Fiscal Stability Authority
5.00%, 09/01/2033		525,000		651,753
Glen Cove Local Economic Assistance Corp.

	Principal Amount		Value
0.00%, 01/01/2045		3,550,000		1,390,167
0.00%, 01/01/2055		710,000		753,661
5.00%, 01/01/2056		1,485,000		1,644,776
Hempstead Town Local Development Corp.
4.00%, 07/01/2039		575,000		703,962
4.00%, 07/01/2041		620,000		755,590
5.00%, 07/01/2022		1,230,000		1,290,066
5.00%, 07/01/2023		1,160,000		1,272,671
5.53%, 02/01/2040		3,500,000		4,005,727
5.89%, 02/01/2032		1,250,000		1,432,939
6.24%, 02/01/2047		1,000,000		1,141,634
6.47%, 02/01/2033		1,000,000		1,203,593
Hempstead Union Free School District
1.00%, 06/30/2022		1,000,000		1,006,740
1.00%, 07/13/2022		2,875,000		2,895,096
Hudson Yards Infrastructure Corp.
5.00%, 02/15/2032		12,325,000		15,030,387
5.00%, 02/15/2035		1,700,000		2,060,295
5.00%, 02/15/2037		1,335,000		1,611,702
Long Island Power Authority
0.85%, 09/01/2050(1)		6,125,000		6,132,424
1.00%, 09/01/2025		9,250,000		9,358,514
1.65%, 09/01/2049(1)		4,395,000		4,535,108
5.00%, 09/01/2023		550,000		606,905
5.00%, 09/01/2024		565,000		648,412
5.00%, 09/01/2025		1,000,000		1,188,184
5.00%, 09/01/2026		2,000,000		2,449,219
5.00%, 09/01/2027		6,500,000		8,176,715
5.00%, 09/01/2039		1,725,000		2,180,767
Madrid-Waddington Central School District
1.50%, 06/24/2022		1,250,000		1,265,426
Metropolitan Transportation Authority
0.00%, 11/15/2033		1,600,000		1,236,451
0.48% (SIFMA Municipal Swap Index Yield + 0.45%), 11/01/2026(2)		2,485,000		2,484,843
0.83% (Secured Overnight Financing Rate + 0.80%), 11/01/2032(2)		2,700,000		2,751,009
4.00%, 02/01/2022		5,455,000		5,572,787
4.00%, 11/15/2045		3,375,000		3,939,710
4.00%, 11/15/2047		3,610,000		4,204,662
4.00%, 11/15/2052		4,455,000		5,124,894
5.00%, 09/01/2021		25,000,000		25,195,010
5.00%, 11/15/2021		500,000		508,612
5.00%, 11/15/2021		640,000		651,033
5.00%, 09/01/2022		1,900,000		2,004,109
5.00%, 11/15/2022		200,000		212,665
5.00%, 11/15/2022		3,830,000		4,075,618
5.00%, 02/01/2023		4,915,000		5,274,111
5.00%, 11/15/2024		1,500,000		1,731,107
5.00%, 11/15/2024		1,885,000		2,091,050
5.00%, 11/15/2025		1,155,000		1,371,098
5.00%, 11/15/2026		1,600,000		1,955,310

	Principal Amount		Value
5.00%, 11/15/2026		2,350,000		2,871,475
5.00%, 11/15/2028		2,970,000		3,745,537
5.00%, 11/15/2028		4,000,000		5,111,624
5.00%, 11/15/2029		2,220,000		2,596,316
5.00%, 11/15/2029		6,190,000		8,088,098
5.00%, 11/15/2030		5,000,000		6,648,821
5.00%, 11/15/2031		1,055,000		1,263,279
5.00%, 11/15/2033		1,025,000		1,189,864
5.00%, 11/15/2033		1,715,000		2,125,525
5.00%, 11/15/2033		3,645,000		4,517,515
5.00%, 11/15/2034		4,000,000		4,948,684
5.00%, 11/15/2035		1,750,000		2,030,214
5.00%, 11/15/2036		1,865,000		2,227,527
5.00%, 11/15/2039		2,000,000		2,245,984
5.25%, 11/15/2030		1,570,000		1,857,479
5.25%, 11/15/2036		5,000,000		6,073,125
Monroe County Industrial Development Corp.
5.00%, 07/01/2025		885,000		1,046,058
5.00%, 12/01/2032		1,000,000		1,292,317
5.00%, 12/01/2033		1,000,000		1,287,316
5.00%, 12/01/2034		1,100,000		1,414,961
5.00%, 01/01/2050		490,000		552,696
MTA Hudson Rail Yards Trust Obligations
5.00%, 11/15/2051		1,500,000		1,522,507
5.00%, 11/15/2056		4,380,000		4,722,055
Nassau County Industrial Development Agency
6.50%, 01/01/2034(4)		672,500		538,000
6.70%, 01/01/2049(4)		793,750		635,000
New York City Health & Hospitals Corp.
4.00%, 02/15/2025		1,060,000		1,194,463
New York City Housing Development Corp.
0.60%, 05/01/2061(1)		9,915,000		9,881,609
0.70%, 11/01/2060(1)		7,205,000		7,205,634
0.70%, 11/01/2060(1)		20,320,000		20,347,326
1.13%, 05/01/2060(1)		7,500,000		7,542,096
2.75%, 05/01/2050(1)		6,500,000		6,721,902
5.00%, 05/01/2026		110,000		130,924
5.00%, 05/01/2027		600,000		730,819
5.00%, 11/01/2027		855,000		1,053,404
5.00%, 05/01/2028		875,000		1,090,917
5.00%, 11/01/2028		600,000		755,628
5.00%, 05/01/2029		300,000		381,378
5.00%, 11/01/2029		875,000		1,116,785
5.00%, 11/01/2030		500,000		646,554
New York City Industrial Development Agency
4.00%, 03/01/2045		3,500,000		4,097,316
5.00%, 01/01/2024		2,250,000		2,511,801
5.00%, 01/01/2028		1,250,000		1,573,284
5.00%, 03/01/2028		850,000		1,061,597
5.00%, 01/01/2029		1,500,000		1,929,766

	Principal Amount		Value
New York City Transitional Finance Authority Building Aid Revenue
5.00%, 07/15/2024		200,000		228,468
5.00%, 07/15/2025		1,695,000		2,004,946
5.00%, 07/15/2026		1,995,000		2,434,316
5.00%, 07/15/2027		1,940,000		2,431,550
5.00%, 07/15/2032		2,000,000		2,487,183
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00%, 05/01/2036		2,000,000		2,437,384
4.00%, 11/01/2038		4,000,000		4,830,275
4.00%, 02/01/2040		9,900,000		11,905,999
4.00%, 11/01/2040		5,000,000		5,912,436
5.00%, 11/01/2023		2,165,000		2,405,864
5.00%, 11/01/2024		4,215,000		4,866,895
5.00%, 11/01/2025		5,355,000		6,395,307
5.00%, 11/01/2028		1,500,000		1,783,584
5.00%, 11/01/2029		2,000,000		2,338,878
5.00%, 02/01/2030		4,480,000		5,375,592
5.00%, 02/01/2031		2,720,000		2,920,419
5.00%, 11/01/2032		6,750,000		9,005,388
5.00%, 05/01/2033		2,535,000		3,200,224
5.00%, 08/01/2034		700,000		887,656
5.00%, 08/01/2035		1,600,000		2,026,412
5.00%, 08/01/2036		1,000,000		1,264,051
5.00%, 11/01/2036		7,000,000		9,217,226
5.00%, 11/01/2037		10,000,000		13,120,856
5.00%, 08/01/2038		1,975,000		2,488,082
5.00%, 02/01/2041		200,000		229,923
New York City Water & Sewer System
4.00%, 06/15/2039		5,290,000		6,337,397
5.00%, 06/15/2031		6,075,000		7,117,413
5.00%, 06/15/2032		10,000,000		13,646,717
5.00%, 06/15/2034		4,800,000		5,021,124
5.00%, 06/15/2035		9,025,000		10,698,295
5.00%, 06/15/2036		5,000,000		5,919,799
5.00%, 06/15/2037		6,000,000		6,988,592
5.00%, 06/15/2039		8,320,000		9,676,713
5.00%, 06/15/2046		9,785,000		10,614,133
New York Convention Center Development Corp.
5.00%, 11/15/2033		3,000,000		3,538,784
5.00%, 11/15/2040		1,085,000		1,274,242
New York Liberty Development Corp.
2.63%, 09/15/2069		400,000		413,381
2.80%, 09/15/2069		1,025,000		1,051,703
5.00%, 09/15/2031		4,000,000		4,131,894
5.00%, 11/15/2044(3)		1,300,000		1,439,433
5.25%, 10/01/2035		2,285,000		3,291,060
5.38%, 11/15/2040(3)		6,200,000		6,995,129
5.75%, 11/15/2051		2,000,000		2,038,550
New York State Dormitory Authority
3.00%, 03/15/2038		3,860,000		4,231,745

	Principal Amount		Value
4.00%, 03/15/2032		20,000,000		22,432,356
4.00%, 02/15/2037		5,000,000		5,977,107
5.00%, 10/01/2021		300,000		303,633
5.00%, 12/01/2022(3)		900,000		958,232
5.00%, 07/01/2023		5,000		5,464
5.00%, 07/01/2023		245,000		268,383
5.00%, 07/01/2023		1,000,000		1,095,439
5.00%, 12/15/2023		430,000		460,270
5.00%, 12/15/2023		570,000		609,843
5.00%, 03/15/2024		3,700,000		4,172,591
5.00%, 05/01/2024		4,870,000		5,502,637
5.00%, 07/01/2024		5,000		5,681
5.00%, 07/01/2024		345,000		392,926
5.00%, 03/15/2025		500,000		584,927
5.00%, 07/01/2025		5,000		5,878
5.00%, 07/01/2025		255,000		300,406
5.00%, 12/01/2026(3)		300,000		346,601
5.00%, 12/01/2026(3)		1,500,000		1,832,462
5.00%, 03/15/2027		2,500,000		2,917,114
5.00%, 07/01/2027		200,000		239,308
5.00%, 12/01/2027(3)		500,000		577,950
5.00%, 07/01/2028		110,000		133,992
5.00%, 10/01/2028		1,735,000		2,188,820
5.00%, 12/01/2028(3)		600,000		692,614
5.00%, 03/15/2029		3,700,000		4,159,325
5.00%, 10/01/2029		1,430,000		1,798,703
5.00%, 12/01/2029(3)		450,000		519,233
5.00%, 07/01/2030		150,000		187,650
5.00%, 10/01/2030		1,910,000		2,392,578
5.00%, 12/01/2030(3)		1,000,000		1,153,165
5.00%, 03/15/2031		6,090,000		8,152,911
5.00%, 02/15/2032		8,610,000		8,867,947
5.00%, 12/01/2033(3)		700,000		848,459
5.00%, 03/15/2036		10,000,000		13,242,962
5.00%, 05/01/2048(1)		1,145,000		1,162,728
5.00%, 05/01/2048(1)		1,040,000		1,230,248
5.00%, 05/01/2048(1)		5,695,000		6,306,022
5.25%, 03/15/2033		6,000,000		7,150,837
5.25%, 03/15/2037		3,065,000		3,939,244
5.25%, 03/15/2038		1,930,000		2,477,524
New York State Environmental Facilities Corp.
5.00%, 05/15/2026		335,000		364,766
New York State Housing Finance Agency
0.55%, 11/01/2024		4,015,000		4,027,172
0.65%, 11/01/2056(1)		7,645,000		7,643,854
0.75%, 05/01/2025		10,450,000		10,483,664
0.75%, 11/01/2025		2,785,000		2,789,512
0.75%, 11/01/2025		4,870,000		4,877,889
New York State Thruway Authority
5.00%, 01/01/2032		2,835,000		3,254,718

	Principal Amount		Value
New York State Urban Development Corp.
3.00%, 03/15/2048		1,000,000		1,073,337
4.00%, 03/15/2034		4,475,000		5,413,996
4.00%, 03/15/2039		10,000,000		11,899,923
5.00%, 03/15/2022		360,000		372,339
5.00%, 03/15/2023		700,000		757,747
5.00%, 03/15/2024		400,000		450,975
5.00%, 03/15/2035		2,800,000		3,130,683
5.00%, 03/15/2035		3,000,000		3,944,084
5.00%, 03/15/2036		8,560,000		11,227,854
5.00%, 03/15/2047		12,160,000		15,578,543
New York Transportation Development Corp.
2.25%, 08/01/2026		1,175,000		1,205,146
4.00%, 10/01/2030		3,860,000		4,664,342
4.00%, 12/01/2039		450,000		542,397
4.00%, 12/01/2040		500,000		601,132
4.00%, 12/01/2041		450,000		540,048
4.00%, 12/01/2042		500,000		588,910
4.00%, 12/01/2042		500,000		596,981
5.00%, 01/01/2023		270,000		287,769
5.00%, 12/01/2023		1,350,000		1,497,298
5.00%, 08/01/2026		1,000,000		1,003,617
5.00%, 12/01/2028		300,000		386,011
5.00%, 12/01/2028		400,000		509,106
5.00%, 12/01/2029		300,000		394,533
5.00%, 12/01/2030		250,000		334,861
5.00%, 01/01/2031		1,015,000		1,249,588
5.00%, 08/01/2031		5,105,000		5,123,127
5.00%, 12/01/2031		300,000		400,923
5.00%, 12/01/2032		1,775,000		2,352,057
5.00%, 01/01/2033		5,500,000		6,737,667
5.00%, 12/01/2033		400,000		528,395
5.00%, 12/01/2033		700,000		908,188
5.00%, 12/01/2034		400,000		517,756
5.00%, 12/01/2034		500,000		656,888
5.00%, 10/01/2035		9,000,000		11,665,169
5.00%, 12/01/2035		500,000		655,582
5.00%, 12/01/2035		800,000		1,033,459
5.00%, 12/01/2036		550,000		720,009
5.00%, 12/01/2037		500,000		643,112
5.00%, 12/01/2037		600,000		783,280
5.00%, 12/01/2038		500,000		651,236
5.00%, 10/01/2040		2,200,000		2,805,788
5.00%, 07/01/2041		2,300,000		2,586,872
5.00%, 07/01/2046		800,000		898,859
5.25%, 08/01/2031		500,000		602,058
5.38%, 08/01/2036		800,000		1,025,466
Oneida County Local Development Corp.
5.00%, 12/01/2025		320,000		354,483
5.00%, 12/01/2027		1,425,000		1,571,260

	Principal Amount		Value
5.00%, 12/01/2028		1,000,000		1,099,674
Onondaga Civic Development Corp.
5.00%, 12/01/2033		1,000,000		1,318,707
Port Authority of New York & New Jersey
4.00%, 07/15/2034		2,000,000		2,462,343
4.00%, 07/15/2037		2,500,000		3,001,247
5.00%, 09/15/2024		5,115,000		5,848,496
5.00%, 09/15/2026		1,000,000		1,213,975
5.00%, 10/15/2028		4,000,000		4,708,536
5.00%, 09/15/2029		1,500,000		1,879,095
5.00%, 10/15/2029		1,000,000		1,219,309
5.00%, 09/15/2032		1,500,000		1,856,416
5.00%, 07/15/2033		2,500,000		3,309,119
5.00%, 10/15/2033		3,500,000		3,963,337
5.00%, 10/15/2033		6,000,000		7,232,854
5.00%, 12/01/2033		5,070,000		5,605,068
5.00%, 10/15/2037		4,665,000		5,259,888
State of New York Mortgage Agency
2.20%, 10/01/2029		1,000,000		1,050,332
3.45%, 04/01/2026		2,185,000		2,399,407
5.00%, 04/01/2022		355,000		367,609
5.00%, 10/01/2023		920,000		1,014,497
Suffolk County Economic Development Corp.
5.00%, 07/01/2028		1,750,000		1,750,000
5.38%, 11/01/2054(3)		2,210,000		2,306,209
Tender Option Bond Trust Receipts/Certificates
0.10%, 11/15/2044(1)(3)		1,700,000		1,700,000
0.13%, 11/15/2026(1)(3)		1,600,000		1,600,000
0.13%, 01/01/2028(1)(3)		500,000		500,000
0.18%, 01/01/2028(1)(3)		2,900,000		2,900,000
0.18%, 01/01/2044(1)(3)		3,700,000		3,700,000
0.28%, 05/15/2028(1)(3)		700,000		700,000
Tompkins County Development Corp.
5.00%, 07/01/2044		115,000		125,409
Town of Hempstead NY
4.00%, 06/15/2028		3,665,000		4,253,153
Town of Oyster Bay NY
2.00%, 03/01/2022		950,000		959,437
4.00%, 03/01/2023		875,000		924,842
Triborough Bridge & Tunnel Authority
0.06%, 01/01/2032(1)		2,100,000		2,100,000
2.00%, 05/15/2045(1)		2,425,000		2,616,350
2.00%, 05/15/2045(1)		6,375,000		6,804,250
5.00%, 11/15/2030		4,000,000		5,377,926
5.00%, 11/15/2033		8,000,000		10,699,088
5.00%, 11/15/2035		5,270,000		6,716,655
5.00%, 05/15/2051		3,100,000		4,043,108
TSASC, Inc.
5.00%, 06/01/2028		2,025,000		2,505,172
Utility Debt Securitization Authority

	Principal Amount		Value
5.00%, 12/15/2032		640,000		713,719
5.00%, 12/15/2041		5,000,000		6,263,967
Westchester County Local Development Corp.
5.50%, 05/01/2042		150,000		165,090
Total New York				984,163,478
North Carolina – 1.20%
Charlotte-Mecklenburg Hospital Authority
5.00%, 01/15/2031		1,500,000		1,538,733
5.00%, 01/15/2048(1)		5,000,000		5,155,414
5.00%, 01/15/2050(1)		8,500,000		10,986,195
City of Charlotte NC Airport Special Facilities Revenue
4.00%, 07/01/2038		1,525,000		1,842,092
4.00%, 07/01/2039		1,670,000		2,011,986
4.00%, 07/01/2040		2,030,000		2,441,233
4.00%, 07/01/2041		1,500,000		1,798,945
County of New Hanover NC
5.00%, 10/01/2023		1,125,000		1,240,918
5.00%, 10/01/2027		100,000		124,989
5.00%, 10/01/2034		1,000,000		1,249,890
5.00%, 10/01/2047		840,000		1,049,908
Mecklenburg County Public Facilities Corp.
5.00%, 02/01/2023		2,160,000		2,322,729
North Carolina Capital Facilities Finance Agency
0.12%, 07/01/2034(1)		6,275,000		6,274,602
4.00%, 05/01/2023		265,000		282,672
4.00%, 05/01/2024		190,000		208,377
5.00%, 05/01/2031		1,000,000		1,318,375
North Carolina Medical Care Commission
2.20%, 12/01/2048(1)		2,285,000		2,323,974
2.55%, 06/01/2048(1)		3,955,000		4,234,452
4.00%, 03/01/2024		110,000		118,200
4.00%, 03/01/2025		135,000		147,846
4.00%, 03/01/2029		140,000		160,015
4.00%, 03/01/2030		145,000		165,438
4.00%, 03/01/2031		145,000		164,366
4.00%, 09/01/2033		180,000		214,624
4.00%, 03/01/2041		2,225,000		2,458,983
4.00%, 03/01/2042		1,500,000		1,606,476
4.88%, 07/01/2040		550,000		593,523
5.00%, 10/01/2023		110,000		120,969
5.00%, 10/01/2024		300,000		338,224
5.00%, 10/01/2025		250,000		269,199
5.00%, 03/01/2026		125,000		144,634
5.00%, 03/01/2027		150,000		176,884
5.00%, 03/01/2028		155,000		185,582
5.00%, 10/01/2030		420,000		452,810
5.00%, 10/01/2030		2,100,000		2,310,470
5.00%, 01/01/2031		625,000		719,742
5.00%, 10/01/2031		2,950,000		3,238,816
5.00%, 02/01/2032		500,000		670,692

	Principal Amount		Value
5.00%, 09/01/2037		3,000,000		3,246,673
5.00%, 10/01/2037		250,000		272,089
5.00%, 01/01/2039		1,225,000		1,389,591
5.00%, 07/01/2039		800,000		905,254
5.00%, 10/01/2040		900,000		1,104,437
5.00%, 09/01/2041		440,000		476,308
5.00%, 10/01/2043		2,000,000		2,221,416
5.00%, 07/01/2049		900,000		1,007,120
5.00%, 02/01/2051(1)		1,000,000		1,200,411
6.25%, 07/01/2035		1,000,000		1,079,325
North Carolina Turnpike Authority
4.00%, 01/01/2055		3,550,000		4,025,928
5.00%, 02/01/2024		11,390,000		12,741,066
5.00%, 01/01/2027		530,000		649,574
5.00%, 01/01/2032		1,000,000		1,190,336
5.00%, 07/01/2051		1,700,000		1,939,891
Raleigh Durham Airport Authority
5.00%, 05/01/2024		2,000,000		2,257,993
5.00%, 05/01/2025		3,000,000		3,507,071
State of North Carolina
5.00%, 03/01/2022		1,000,000		1,032,449
5.00%, 03/01/2023		2,335,000		2,517,589
5.00%, 05/01/2026		4,750,000		5,761,172
5.00%, 05/01/2027		7,500,000		9,365,694
Total North Carolina				118,554,364
North Dakota – 0.11%
Cass County Joint Water Resource District
0.48%, 05/01/2024		2,065,000		2,060,872
North Dakota Housing Finance Agency
3.00%, 07/01/2051		6,500,000		7,092,439
3.00%, 01/01/2052		1,500,000		1,647,496
Total North Dakota				10,800,807
Ohio – 2.13%
Akron Bath Copley Joint Township Hospital District
4.00%, 11/15/2033		425,000		508,729
4.00%, 11/15/2034		500,000		597,042
4.00%, 11/15/2036		2,000,000		2,379,370
4.00%, 11/15/2037		1,600,000		1,898,100
5.25%, 11/15/2031		530,000		636,493
5.25%, 11/15/2032		645,000		773,193
5.25%, 11/15/2033		1,770,000		2,117,755
5.25%, 11/15/2046		1,255,000		1,480,709
American Municipal Power, Inc.
1.00%, 02/15/2048(1)		2,015,000		2,045,493
2.30%, 02/15/2038(1)		2,900,000		2,906,955
Buckeye Tobacco Settlement Financing Authority
4.00%, 06/01/2038		1,000,000		1,201,092
5.00%, 06/01/2055		38,820,000		45,347,890
City of Cleveland OH Airport System Revenue
5.00%, 01/01/2024		2,450,000		2,738,333

	Principal Amount		Value
5.00%, 01/01/2048		2,000,000		2,468,045
City of Columbus OH
5.00%, 04/01/2033		1,345,000		1,736,930
City of Dayton OH Airport Revenue
5.00%, 12/01/2021		1,050,000		1,068,360
City of Hamilton OH Electric System Revenue
4.00%, 10/01/2037		1,000,000		1,175,668
Clermont County Port Authority
5.00%, 12/01/2029		750,000		883,731
5.00%, 12/01/2030		850,000		1,000,350
5.00%, 12/01/2031		650,000		764,974
Cleveland-Cuyahoga County Port Authority
5.50%, 12/01/2043		125,000		151,077
5.50%, 12/01/2053		900,000		1,080,991
County of Allen OH Hospital Facilities Revenue
4.00%, 05/01/2033		9,620,000		9,929,750
5.00%, 12/01/2029		585,000		767,691
5.00%, 12/01/2030		585,000		774,152
5.00%, 08/01/2047(1)		500,000		519,438
County of Cuyahoga OH
5.00%, 12/01/2026		2,500,000		2,784,203
5.00%, 02/15/2042		2,525,000		2,940,930
5.50%, 02/15/2052		1,790,000		2,125,864
5.50%, 02/15/2057		1,245,000		1,475,690
County of Fairfield OH
4.25%, 06/15/2024		1,470,000		1,547,977
County of Franklin OH
5.00%, 11/15/2033(1)		12,880,000		13,988,951
County of Hamilton OH
5.00%, 01/01/2022		465,000		474,766
5.00%, 09/15/2034		1,050,000		1,344,598
5.25%, 06/01/2026		660,000		684,898
County of Marion OH
5.13%, 12/01/2049		575,000		630,787
County of Montgomery OH
5.00%, 08/01/2025		515,000		608,376
County of Muskingum OH
4.00%, 02/15/2023		1,700,000		1,772,348
5.00%, 02/15/2048		2,080,000		2,156,304
County of Scioto OH
5.00%, 02/15/2029		1,300,000		1,525,973
County of Wood OH
5.00%, 12/01/2032		40,000		40,760
5.00%, 12/01/2032		75,000		79,981
5.00%, 12/01/2042		50,000		50,538
5.00%, 12/01/2042		95,000		101,309
Franklin County Convention Facilities Authority
5.00%, 12/01/2044		1,550,000		1,836,302
5.00%, 12/01/2051		2,135,000		2,511,609
Lancaster Port Authority

	Principal Amount		Value
5.00%, 08/01/2049(1)		2,000,000		2,303,388
Miami University/Oxford OH
5.00%, 09/01/2030		475,000		636,787
5.00%, 09/01/2032		1,000,000		1,329,183
5.00%, 09/01/2034		700,000		844,823
Mizuho Floater/Residual Trust
0.28%, 04/01/2034(1)(3)		700,000		700,000
Ohio Air Quality Development Authority
2.10%, 12/01/2027(1)		5,000,000		5,220,384
2.10%, 07/01/2028(1)		12,500,000		13,055,603
2.10%, 10/01/2028(1)		15,000,000		15,667,236
2.88%, 02/01/2026		5,400,000		5,714,680
3.25%, 09/01/2029		2,995,000		3,278,869
4.50%, 01/15/2048(3)		2,000,000		2,346,374
5.00%, 07/01/2049(3)		2,800,000		3,187,015
Ohio Higher Educational Facility Commission
5.00%, 05/01/2028		1,535,000		1,935,571
5.00%, 10/01/2032		1,000,000		1,262,587
5.00%, 05/01/2033		995,000		1,291,189
Ohio Housing Finance Agency
4.50%, 03/01/2050		220,000		247,184
Ohio Turnpike & Infrastructure Commission
5.00%, 02/15/2051		795,000		1,034,494
Port of Greater Cincinnati Development Authority
3.75%, 12/01/2031(3)		485,000		497,849
Southeastern Ohio Port Authority
5.50%, 12/01/2043		1,000,000		1,089,000
5.75%, 12/01/2032		445,000		467,523
6.00%, 12/01/2042		550,000		576,521
State of Ohio
4.00%, 01/15/2050		450,000		519,620
5.00%, 10/01/2022		1,000,000		1,060,419
5.00%, 08/01/2024		2,500,000		2,861,054
5.00%, 01/01/2030		1,170,000		1,474,427
5.00%, 10/01/2035		1,410,000		1,731,934
5.00%, 01/15/2050		1,000,000		1,246,076
Tender Option Bond Trust Receipts/Certificates
0.10%, 12/01/2043(1)(3)		600,000		600,000
United Local School District
4.00%, 12/01/2026		165,000		191,707
4.00%, 12/01/2029		120,000		144,966
4.00%, 12/01/2030		175,000		213,797
4.00%, 12/01/2032		320,000		386,970
University of Akron
4.00%, 01/01/2027		2,780,000		3,261,237
5.00%, 01/01/2037		6,675,000		7,977,921
University of Cincinnati
5.00%, 06/01/2028		250,000		308,692
5.00%, 06/01/2029		400,000		492,974
Total Ohio				210,792,529

	Principal Amount		Value
Oklahoma – 0.67%
Cache Educational Facilities Authority
5.00%, 09/01/2023		500,000		547,503
Canadian County Educational Facilities Authority
4.00%, 09/01/2025		1,500,000		1,713,766
5.00%, 09/01/2026		1,725,000		2,102,623
5.00%, 09/01/2028		1,120,000		1,353,569
Cleveland County Educational Facilities Authority
5.00%, 09/01/2024		440,000		499,431
5.00%, 09/01/2025		300,000		350,898
5.00%, 09/01/2026		375,000		451,171
Dewey County Educational Facilities Authority
5.00%, 09/01/2030		2,470,000		2,965,299
Garvin County Educational Facilities Authority
5.00%, 12/01/2024		515,000		586,633
5.00%, 12/01/2025		545,000		639,077
5.00%, 12/01/2026		820,000		986,310
Grady County School Finance Authority
5.00%, 09/01/2028		375,000		477,196
5.00%, 09/01/2030		1,235,000		1,557,654
Grand River Dam Authority
5.00%, 06/01/2023		1,000,000		1,090,524
Muskogee Industrial Trust
4.00%, 09/01/2030		2,000,000		2,320,270
Norman Regional Hospital Authority
4.00%, 09/01/2045		1,750,000		1,994,500
Oklahoma City Airport Trust
5.00%, 07/01/2025		2,040,000		2,392,624
5.00%, 07/01/2026		2,195,000		2,648,192
5.00%, 07/01/2030		1,350,000		1,695,845
5.00%, 07/01/2032		2,960,000		3,708,331
5.00%, 07/01/2035		3,240,000		4,035,120
5.00%, 07/01/2043		1,065,000		1,303,798
Oklahoma County Finance Authority
5.13%, 04/01/2042		1,900,000		1,720,725
5.70%, 04/01/2025		335,000		335,247
Oklahoma Department of Transportation
5.00%, 09/01/2030		1,015,000		1,303,476
Oklahoma Development Finance Authority
3.00%, 06/01/2022		1,015,000		1,041,226
4.00%, 12/01/2022		530,000		558,531
4.00%, 06/01/2023		1,305,000		1,398,234
5.00%, 08/01/2023		515,000		556,006
5.00%, 08/01/2026		75,000		87,758
5.00%, 08/15/2029		420,000		521,410
5.00%, 08/01/2030		1,010,000		1,236,694
5.00%, 02/15/2042		400,000		411,981
5.25%, 08/15/2048		2,500,000		3,055,455
5.50%, 08/15/2052		830,000		1,025,752
5.50%, 08/15/2057		1,000,000		1,232,853

	Principal Amount		Value
Oklahoma State University
5.00%, 09/01/2031		1,500,000		1,994,851
Oklahoma Turnpike Authority
5.00%, 01/01/2025		700,000		812,069
5.00%, 01/01/2026		2,500,000		2,998,136
5.00%, 01/01/2027		3,000,000		3,705,947
5.00%, 01/01/2028		2,905,000		3,683,588
Tulsa Airports Improvement Trust
5.00%, 06/01/2031		1,120,000		1,399,151
5.00%, 06/01/2033		1,240,000		1,546,399
Tulsa County Industrial Authority
5.00%, 11/15/2023		230,000		251,828
5.00%, 11/15/2029		400,000		462,229
Total Oklahoma				66,759,880
Oregon – 0.63%
City of Eugene OR Electric Utility System Revenue
4.00%, 08/01/2036		300,000		365,674
Hillsboro School District No 1J
5.00%, 06/15/2028		1,525,000		1,914,993
Klamath Falls Intercommunity Hospital Authority
5.00%, 09/01/2031		200,000		237,066
5.00%, 09/01/2032		270,000		319,490
5.00%, 09/01/2046		1,000,000		1,163,649
Medford Hospital Facilities Authority
4.00%, 08/15/2045		2,500,000		2,959,140
5.00%, 08/15/2036		1,145,000		1,498,829
Oregon State Business Development Commission
5.00%, 03/01/2049(1)		10,000,000		10,303,330
Oregon State Lottery
5.00%, 04/01/2036		2,500,000		3,045,948
Port of Portland OR Airport Revenue
4.00%, 07/01/2040		5,800,000		6,813,882
5.00%, 07/01/2026		1,700,000		2,045,437
5.00%, 07/01/2027		1,000,000		1,235,230
5.00%, 07/01/2027		2,000,000		2,470,460
5.00%, 07/01/2028		2,000,000		2,528,119
5.00%, 07/01/2028		2,190,000		2,768,290
5.00%, 07/01/2029		750,000		946,486
5.00%, 07/01/2031		1,000,000		1,201,372
5.00%, 07/01/2032		1,000,000		1,120,729
5.00%, 07/01/2033		3,485,000		3,905,742
State of Oregon
4.00%, 05/01/2039		2,000,000		2,474,451
4.00%, 05/01/2040		1,000,000		1,233,952
State of Oregon Housing & Community Services Department
3.50%, 01/01/2051		1,325,000		1,469,058
Yamhill County Hospital Authority
1.75%, 11/15/2026		2,000,000		2,002,567
2.13%, 11/15/2027		1,000,000		1,002,074
2.50%, 11/15/2028		1,000,000		1,002,714

	Principal Amount		Value
5.00%, 11/15/2046		1,540,000		1,804,043
5.00%, 11/15/2051		1,005,000		1,099,012
5.00%, 11/15/2051		1,100,000		1,282,954
5.00%, 11/15/2056		1,940,000		2,244,316
Total Oregon				62,459,007
Pennsylvania – 4.71%
Allegheny County Hospital Development Authority
5.00%, 07/15/2025		2,370,000		2,791,427
5.00%, 07/15/2034		5,100,000		6,540,346
Allentown City School District
1.00%, 03/31/2022		1,375,000		1,375,004
5.00%, 02/01/2031		500,000		647,271
5.00%, 02/01/2033		470,000		604,913
Allentown Neighborhood Improvement Zone Development Authority
5.00%, 05/01/2022(3)		1,525,000		1,576,922
5.00%, 05/01/2025		1,000,000		1,038,390
5.00%, 05/01/2027(3)		1,250,000		1,497,986
5.00%, 05/01/2032(3)		2,025,000		2,388,239
5.00%, 05/01/2042(3)		1,750,000		2,087,281
5.00%, 05/01/2042(3)		4,345,000		5,051,098
6.00%, 05/01/2042(3)		450,000		568,281
Bucks County Industrial Development Authority
5.00%, 07/01/2025		375,000		427,372
5.00%, 07/01/2026		475,000		554,520
5.00%, 07/01/2027		475,000		566,256
5.00%, 07/01/2028		925,000		1,122,669
5.00%, 07/01/2029		500,000		616,226
5.00%, 07/01/2030		675,000		843,163
5.00%, 07/01/2033		640,000		806,544
5.00%, 07/01/2034		1,580,000		1,985,035
5.00%, 07/01/2035		435,000		545,673
5.00%, 07/01/2036		665,000		831,852
5.00%, 07/01/2037		1,410,000		1,758,673
5.00%, 07/01/2038		1,460,000		1,816,691
5.00%, 07/01/2039		1,510,000		1,874,186
Capital Region Water Revenue
5.00%, 07/15/2023		1,750,000		1,906,976
5.00%, 07/15/2025		1,000,000		1,158,694
Capital Region Water Sewer Revenue
5.00%, 07/15/2024		430,000		483,200
5.00%, 07/15/2028		350,000		438,860
Chester County Industrial Development Authority
4.38%, 03/01/2028(3)		175,000		197,026
5.00%, 03/01/2038(3)		425,000		508,848
5.13%, 03/01/2048(3)		1,047,000		1,242,237
City of Philadelphia PA
5.00%, 08/01/2022		2,940,000		3,093,145
5.00%, 08/01/2023		4,000,000		4,384,602
5.00%, 07/15/2026		2,475,000		2,763,836
5.00%, 08/01/2027		1,500,000		1,885,869

	Principal Amount		Value
5.00%, 08/01/2028		6,000,000		7,053,279
5.00%, 02/01/2029		3,175,000		4,075,782
5.00%, 08/01/2031		500,000		673,896
5.00%, 08/01/2031		8,000,000		9,895,760
5.00%, 08/01/2033		2,000,000		2,453,087
City of Philadelphia PA Airport Revenue
5.00%, 07/01/2024		10,745,000		12,209,992
5.00%, 07/01/2025		10,000,000		11,715,570
5.00%, 07/01/2026		1,155,000		1,402,319
5.00%, 06/15/2027		2,315,000		2,335,331
5.00%, 07/01/2027		1,520,000		1,893,605
5.00%, 07/01/2029		230,000		295,073
5.00%, 07/01/2030		1,000,000		1,226,040
5.00%, 07/01/2031		2,000,000		2,444,554
5.00%, 07/01/2032		1,745,000		2,128,775
5.00%, 07/01/2033		1,000,000		1,220,512
City of Philadelphia PA Water & Wastewater Revenue
5.00%, 11/01/2026		1,165,000		1,435,037
5.00%, 11/01/2027		1,540,000		1,941,269
5.00%, 07/01/2030		4,000,000		4,691,419
5.00%, 11/01/2032		1,000,000		1,248,020
City of Reading PA
5.00%, 11/01/2027		2,330,000		2,854,743
Coatesville School District
5.00%, 08/01/2025		875,000		1,029,765
Commonwealth Financing Authority
5.00%, 06/01/2023		750,000		816,532
5.00%, 06/01/2027		750,000		930,351
5.00%, 06/01/2027		1,500,000		1,855,817
5.00%, 06/01/2027		2,165,000		2,685,613
5.00%, 06/01/2028		2,555,000		3,229,647
5.00%, 06/01/2030		1,750,000		2,305,946
5.00%, 06/01/2031		1,255,000		1,662,162
Commonwealth of Pennsylvania
3.00%, 05/15/2034		590,000		668,955
4.00%, 11/15/2028		6,325,000		6,416,087
4.00%, 04/01/2033		20,000,000		21,255,776
4.00%, 03/15/2035		2,500,000		2,797,934
5.00%, 08/15/2021		1,015,000		1,020,865
5.00%, 11/01/2021		2,000,000		2,030,019
5.00%, 02/01/2023		895,000		963,020
5.00%, 01/01/2024		5,800,000		6,479,496
5.00%, 01/01/2027		2,095,000		2,586,710
County of Lancaster PA
4.00%, 11/01/2029		625,000		755,179
4.00%, 11/01/2030		560,000		672,501
County of Luzerne PA
5.00%, 12/15/2029		750,000		938,746
County of Mercer PA
4.00%, 10/01/2030		175,000		214,288

	Principal Amount		Value
Cumberland County Municipal Authority
4.00%, 01/01/2033		210,000		235,450
4.00%, 01/01/2033		1,290,000		1,396,266
4.50%, 01/01/2040(3)		3,500,000		3,646,615
Dauphin County General Authority
5.00%, 06/01/2035		1,000,000		1,172,153
Delaware County Authority
5.00%, 08/01/2030		1,150,000		1,340,482
Delaware River Joint Toll Bridge Commission
5.00%, 07/01/2042		1,100,000		1,334,400
Doylestown Hospital Authority
4.00%, 07/01/2045		750,000		826,719
5.00%, 07/01/2046		3,700,000		4,176,911
5.00%, 07/01/2049		3,620,000		4,288,326
Easton Area School District
5.00%, 04/01/2029		1,000,000		1,204,529
5.00%, 04/01/2030		2,805,000		3,369,957
Franklin County Industrial Development Authority
5.00%, 12/01/2053		500,000		537,915
Geisinger Authority
5.00%, 04/01/2035		3,000,000		3,896,942
5.00%, 02/15/2039		1,500,000		1,797,331
General Authority of Southcentral Pennsylvania
5.00%, 06/01/2038		1,970,000		2,481,592
5.00%, 06/01/2044		1,085,000		1,351,161
Hospitals & Higher Education Facilities Authority of Philadelphia
5.00%, 07/01/2021		275,000		275,000
5.00%, 07/01/2023		325,000		349,107
5.00%, 07/01/2030		780,000		917,149
5.00%, 07/01/2034		2,000,000		2,326,658
Lancaster City Parking Authority
4.00%, 09/01/2035		1,100,000		1,261,807
Lancaster County Hospital Authority
5.00%, 08/15/2021		215,000		216,255
5.00%, 07/01/2023		775,000		827,066
5.00%, 12/01/2032		250,000		275,480
5.00%, 12/01/2037		820,000		894,316
5.00%, 07/01/2045		1,970,000		2,154,670
5.00%, 12/01/2047		2,010,000		2,156,420
Latrobe Industrial Development Authority
4.00%, 03/01/2037		450,000		498,358
4.00%, 03/01/2039		320,000		352,950
4.00%, 03/01/2040		500,000		550,962
4.00%, 03/01/2046		750,000		820,537
4.00%, 03/01/2051		800,000		872,462
Lehigh County Industrial Development Authority
1.80%, 02/15/2027(1)		1,025,000		1,041,541
1.80%, 09/01/2029(1)		1,925,000		1,957,256
Luzerne County Industrial Development Authority
5.00%, 12/15/2027		1,000,000		1,185,407

	Principal Amount		Value
Montgomery County Higher Education & Health Authority
5.00%, 09/01/2023		460,000		504,331
5.00%, 10/01/2023		50,000		54,021
5.00%, 09/01/2024		410,000		466,210
5.00%, 10/01/2028		1,000,000		1,150,227
5.00%, 09/01/2032		1,000,000		1,275,342
5.00%, 09/01/2033		305,000		387,889
5.00%, 10/01/2036		1,320,000		1,488,796
5.00%, 10/01/2040		1,595,000		1,789,129
Montgomery County Industrial Development Authority
5.25%, 01/15/2036		2,500,000		2,827,073
5.25%, 01/01/2040		1,510,000		1,631,385
5.38%, 01/01/2050		500,000		538,458
North Allegheny School District
4.00%, 05/01/2035		1,000,000		1,200,884
4.00%, 05/01/2036		705,000		844,440
Northampton County General Purpose Authority
1.11% (1 Month LIBOR USD + 1.04%), 08/15/2048(2)		1,625,000		1,634,693
5.00%, 08/15/2036		455,000		537,826
Pennsylvania Economic Development Financing Authority
0.15%, 12/01/2030(1)		2,525,000		2,525,000
0.40%, 10/01/2023		10,000,000		10,001,421
0.43% (SIFMA Municipal Swap Index Yield + 0.40%), 06/01/2041(2)		3,085,000		3,085,021
1.75%, 08/01/2038(1)		10,000,000		10,382,449
2.15%, 11/01/2021		2,405,000		2,419,854
3.25%, 08/01/2039(3)		625,000		649,362
4.00%, 04/15/2037		1,000,000		1,193,511
4.00%, 11/15/2042		7,500,000		8,597,759
5.00%, 04/15/2026		2,500,000		3,010,893
5.00%, 04/15/2027		4,600,000		5,692,898
5.00%, 04/15/2031		2,095,000		2,760,751
9.00%, 04/01/2051(1)(3)		3,030,000		3,768,703
Pennsylvania Higher Educational Facilities Authority
5.00%, 06/15/2022		2,000,000		2,092,727
5.00%, 06/15/2024		3,005,000		3,410,007
5.00%, 06/15/2025		1,855,000		2,179,664
5.00%, 08/15/2029		1,600,000		1,996,003
Pennsylvania Housing Finance Agency
3.50%, 04/01/2051		795,000		860,762
Pennsylvania State University
5.00%, 09/01/2021		1,400,000		1,411,217
5.00%, 09/01/2022		2,295,000		2,425,331
Pennsylvania Turnpike Commission
4.00%, 12/01/2039		4,000,000		4,822,386
4.00%, 12/01/2045		2,000,000		2,364,912
4.00%, 12/01/2046		2,000,000		2,362,742
5.00%, 06/01/2028		2,085,000		2,504,682
5.00%, 06/01/2032		2,000,000		2,441,994
5.00%, 06/01/2033		3,155,000		3,848,085
5.00%, 12/01/2034		1,240,000		1,545,106

	Principal Amount		Value
Philadelphia Authority for Industrial Development
5.00%, 07/01/2031		205,000		233,746
5.00%, 07/01/2032		600,000		682,700
5.00%, 07/01/2037		150,000		169,339
5.00%, 06/15/2039		500,000		556,331
5.00%, 06/15/2040(3)		900,000		1,064,819
5.00%, 08/01/2040		620,000		740,807
5.00%, 06/15/2050		1,375,000		1,510,184
5.00%, 06/15/2050(3)		1,700,000		1,984,041
5.00%, 08/01/2050		1,050,000		1,233,345
Philadelphia Gas Works Co.
4.00%, 08/01/2036		1,000,000		1,197,263
5.00%, 08/01/2022		750,000		788,647
5.00%, 08/01/2024		425,000		483,564
5.00%, 08/01/2024		500,000		568,899
5.00%, 08/01/2025		450,000		528,399
5.00%, 08/01/2027		750,000		925,812
5.00%, 08/01/2028		625,000		788,538
5.00%, 08/01/2029		1,000,000		1,286,697
5.00%, 08/01/2031		1,755,000		2,308,341
5.00%, 08/01/2032		1,000,000		1,310,636
5.00%, 08/01/2033		1,250,000		1,630,750
5.00%, 08/01/2034		1,410,000		1,821,948
5.00%, 08/01/2035		1,000,000		1,289,209
5.00%, 08/01/2036		1,690,000		2,173,555
Pittsburgh Water & Sewer Authority
0.68% (SIFMA Municipal Swap Index Yield + 0.65%), 09/01/2040(2)		15,000,000		15,137,034
5.00%, 09/01/2038		1,000,000		1,277,989
Reading School District
5.00%, 02/01/2022		1,920,000		1,972,769
5.00%, 03/01/2035		1,100,000		1,333,521
5.00%, 03/01/2036		1,250,000		1,512,251
Redevelopment Authority of the City of Philadelphia
5.00%, 04/15/2023		1,335,000		1,429,758
School District of Philadelphia
5.00%, 09/01/2026		1,625,000		1,977,043
5.00%, 09/01/2029		1,500,000		1,960,139
5.00%, 09/01/2030		15,000		18,351
5.00%, 09/01/2030		3,985,000		4,805,611
5.00%, 09/01/2031		1,000,000		1,205,364
5.00%, 09/01/2031		1,200,000		1,517,815
5.00%, 09/01/2032		1,200,000		1,514,328
5.00%, 09/01/2032		2,200,000		2,839,074
5.00%, 09/01/2033		960,000		1,238,830
5.00%, 09/01/2033		1,500,000		1,928,957
Scranton School District
5.00%, 06/01/2033		530,000		660,563
5.00%, 06/01/2035		515,000		639,618
Southeastern Pennsylvania Transportation Authority
5.00%, 03/01/2026		875,000		1,051,738

	Principal Amount		Value
St Mary Hospital Authority
5.00%, 11/15/2022		1,900,000		2,026,718
State Public School Building Authority
5.00%, 12/01/2022		1,355,000		1,445,981
5.00%, 12/01/2022		6,015,000		6,371,561
5.00%, 04/01/2023		2,500,000		2,591,088
5.00%, 12/01/2024		625,000		709,670
5.00%, 12/01/2024		625,000		722,614
5.00%, 06/15/2025		3,000,000		3,493,021
5.00%, 12/01/2025		425,000		491,741
5.00%, 12/01/2025		1,145,000		1,323,829
5.00%, 06/01/2026		180,000		210,242
5.00%, 12/01/2026		605,000		699,490
5.00%, 12/01/2026		645,000		743,672
5.00%, 06/01/2029		665,000		841,528
5.00%, 12/01/2032		725,000		892,066
5.00%, 12/01/2032		2,335,000		2,835,957
5.25%, 09/15/2030		1,000,000		1,249,003
Susquehanna Area Regional Airport Authority
5.00%, 01/01/2035		1,000,000		1,178,084
5.00%, 01/01/2038		4,125,000		4,829,823
Tender Option Bond Trust Receipts/Certificates
0.11%, 08/01/2050(1)(3)		4,500,000		4,500,000
0.33%, 12/01/2060(1)(3)		5,900,000		5,900,000
Upper Merion Area School District
5.00%, 01/15/2030		600,000		715,970
Upper Merion Area School District/PA
3.00%, 01/15/2040		250,000		275,331
Waverly Township Municipal Authority
4.00%, 02/15/2029		1,030,000		1,211,198
York County School of Technology Authority
5.00%, 02/15/2023		1,200,000		1,289,130
5.00%, 02/15/2028		400,000		453,213
Total Pennsylvania				465,462,130
Puerto Rico – 2.43%
Commonwealth of Puerto Rico
3.70%, 07/01/2016(4)		1,000,000		848,750
5.00%, 07/01/2041(4)		10,845,000		9,096,244
5.13%, 07/01/2028(4)		2,230,000		2,040,450
5.13%, 07/01/2037(4)		2,550,000		2,189,812
5.25%, 07/01/2031(4)		1,760,000		1,619,200
5.30%, 07/01/2025(4)		1,000,000		911,250
5.50%, 07/01/2039(4)		1,735,000		1,526,800
5.75%, 07/01/2028(4)		915,000		807,487
5.75%, 07/01/2036(4)		3,180,000		2,675,175
5.75%, 07/01/2038(4)		2,550,000		2,295,000
5.75%, 07/01/2041(4)		3,820,000		3,409,350
5.90%, 07/01/2028(4)		660,000		589,875
6.00%, 07/01/2039(4)		2,500,000		2,271,875
6.50%, 07/01/2037(4)		420,000		387,975

	Principal Amount		Value
8.00%, 07/01/2035(4)		10,920,000		9,036,300
Puerto Rico Commonwealth Aqueduct & Sewer Authority
4.00%, 07/01/2022		140,000		145,741
4.50%, 07/01/2027		1,195,000		1,251,107
5.00%, 07/01/2022		300,000		315,868
5.00%, 07/01/2030		260,000		273,752
5.00%, 07/01/2030(3)		5,000,000		6,257,637
5.00%, 07/01/2033		5,740,000		6,043,601
5.00%, 07/01/2035(3)		3,000,000		3,670,974
5.00%, 07/01/2047(3)		8,000,000		9,572,080
5.13%, 07/01/2037		1,770,000		1,866,248
5.25%, 07/01/2029		1,560,000		1,647,145
5.25%, 07/01/2042		3,040,000		3,209,814
5.75%, 07/01/2037		4,730,000		5,022,330
6.13%, 07/01/2024		230,000		252,848
Puerto Rico Electric Power Authority
3.70%, 07/01/2050(4)		20,000		18,475
5.00%, 07/01/2024(4)		340,000		329,800
5.00%, 07/01/2026(4)		30,000		29,100
5.00%, 07/01/2027(4)		15,000		14,550
5.00%, 07/01/2027(4)		25,000		24,250
5.00%, 07/01/2028(4)		30,000		29,100
5.00%, 07/01/2028(4)		50,000		48,500
5.00%, 07/01/2037(4)		2,300,000		2,231,000
5.05%, 07/01/2042(4)		120,000		116,400
5.25%, 07/01/2023(4)		3,495,000		3,398,887
5.25%, 07/01/2024(4)		25,000		24,312
5.25%, 07/01/2026(4)		555,000		539,737
5.25%, 07/01/2027(4)		30,000		29,175
5.25%, 07/01/2027(4)		210,000		204,225
5.25%, 07/01/2027(4)		315,000		306,337
5.25%, 07/01/2028(4)		60,000		58,350
5.25%, 07/01/2033(4)		95,000		92,388
5.25%, 07/01/2040(4)		3,075,000		2,990,438
5.25%, 07/01/2050(4)		270,000		260,550
5.50%, 07/01/2038(4)		4,000,000		3,900,000
5.75%, 07/01/2036(4)		1,300,000		1,272,375
6.75%, 07/01/2036(4)		1,560,000		1,550,250
7.25%, 07/01/2030(4)		265,000		264,669
Puerto Rico Housing Finance Authority
5.00%, 12/01/2021		9,560,000		9,748,972
5.00%, 12/01/2022		5,735,000		6,107,757
5.00%, 12/01/2023		4,300,000		4,769,170
5.00%, 12/01/2024		9,270,000		10,647,271
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
0.00%, 07/01/2024		2,400,000		2,305,129
0.00%, 07/01/2024		6,650,000		6,387,129
0.00%, 07/01/2027		407,000		372,596
0.00%, 07/01/2027		2,061,000		1,886,784
0.00%, 07/01/2029		2,569,000		2,240,607

	Principal Amount		Value
0.00%, 07/01/2031		5,167,000		4,165,456
0.00%, 07/01/2033		12,567,000		9,436,824
0.00%, 07/01/2046		13,706,000		4,507,363
4.33%, 07/01/2040		6,839,000		7,665,217
4.33%, 07/01/2040		25,025,000		28,048,260
4.50%, 07/01/2034		2,582,000		2,859,931
4.55%, 07/01/2040		3,500,000		3,974,750
4.75%, 07/01/2053		7,529,000		8,553,234
4.78%, 07/01/2058		2,500,000		2,847,187
5.00%, 07/01/2058		23,235,000		26,781,054
Total Puerto Rico				240,272,247
Rhode Island – 0.31%
Providence Redevelopment Agency
5.00%, 04/01/2028		1,200,000		1,316,857
Rhode Island Health & Educational Building Corp.
4.00%, 05/15/2034		1,750,000		2,161,934
5.00%, 09/01/2031		710,000		814,013
5.00%, 09/01/2036		100,000		114,005
5.00%, 05/15/2039		700,000		801,247
Rhode Island Housing & Mortgage Finance Corp.
3.15%, 10/01/2044		8,000,000		8,502,586
3.50%, 10/01/2050		1,185,000		1,307,949
4.00%, 10/01/2049		565,000		624,251
Rhode Island Student Loan Authority
3.50%, 12/01/2034		355,000		368,192
4.00%, 12/01/2027		1,215,000		1,326,450
5.00%, 12/01/2024		600,000		686,730
5.00%, 12/01/2025		500,000		588,679
5.00%, 12/01/2025		1,000,000		1,177,358
5.00%, 12/01/2026		750,000		905,619
5.00%, 12/01/2026		1,000,000		1,207,491
5.00%, 12/01/2027		800,000		985,230
5.00%, 12/01/2027		1,000,000		1,231,538
5.00%, 12/01/2028		750,000		940,641
5.00%, 12/01/2029		625,000		795,989
5.00%, 12/01/2030		550,000		709,502
State of Rhode Island
4.00%, 04/01/2034		2,000,000		2,379,168
Tobacco Settlement Financing Corp.
5.00%, 06/01/2024		1,455,000		1,656,587
Total Rhode Island				30,602,016
South Carolina – 1.05%
Aiken County Consolidated School District
4.00%, 04/01/2034		2,415,000		2,912,026
Connector 2000 Association, Inc.
0.00%, 01/01/2032		3,500,000		1,800,694
0.00%, 01/01/2042		2,790,222		715,257
0.00%, 07/22/2051		19,902,537		2,398,960
County of Richland SC
5.00%, 03/01/2025		2,900,000		3,393,224

	Principal Amount		Value
Lancaster County School District
5.00%, 03/01/2023		445,000		480,497
Lexington County Health Services District, Inc.
5.00%, 11/01/2022		250,000		265,824
5.00%, 11/01/2023		300,000		332,633
5.00%, 11/01/2024		780,000		897,548
Patriots Energy Group Financing Agency
4.00%, 10/01/2048(1)		34,175,000		37,094,769
Scago Educational Facilities Corp. for Sumter County School 17
4.00%, 12/01/2021		1,895,000		1,922,311
Scago Educational Facilities Corp. for Union School District
5.00%, 12/01/2023		1,060,000		1,177,012
South Carolina Jobs-Economic Development Authority
5.00%, 11/01/2028		700,000		744,720
5.00%, 04/01/2031		510,000		632,131
5.00%, 05/01/2037		500,000		529,987
5.00%, 05/01/2042		500,000		525,482
5.00%, 11/15/2042		585,000		665,037
5.00%, 05/01/2043		4,675,000		5,649,062
5.00%, 04/01/2047		2,000,000		2,169,754
5.00%, 04/01/2052		1,750,000		1,896,584
5.00%, 11/15/2054		1,000,000		1,125,587
6.00%, 02/01/2035(3)(4)		525,000		210,000
6.25%, 02/01/2045(3)(4)		995,000		398,000
South Carolina Ports Authority
5.00%, 07/01/2026		1,940,000		2,329,990
5.00%, 07/01/2027		3,120,000		3,845,729
5.00%, 07/01/2028		1,100,000		1,387,084
South Carolina Public Service Authority
5.00%, 12/01/2022		1,185,000		1,264,116
5.00%, 12/01/2032		1,500,000		1,794,428
5.00%, 12/01/2032		8,020,000		10,560,860
5.00%, 12/01/2035		1,500,000		1,817,043
5.00%, 12/01/2041		3,000,000		3,613,002
5.00%, 12/01/2049		1,900,000		2,127,360
5.75%, 12/01/2043		2,000,000		2,264,558
South Carolina State Housing Finance & Development Authority
4.00%, 01/01/2050		820,000		923,534
4.00%, 07/01/2050		750,000		847,158
South Carolina Transportation Infrastructure Bank
5.00%, 10/01/2025		305,000		362,973
Tender Option Bond Trust Receipts/Certificates
0.27%, 05/30/2022(1)(3)		3,220,000		3,220,000
Total South Carolina				104,294,934
South Dakota – 0.24%
City of Sioux Falls SD
5.00%, 11/01/2042		750,000		827,632
County of Lincoln SD
4.00%, 08/01/2051		2,060,000		2,318,695
Rapid City Area School District No 51-4

	Principal Amount		Value
3.00%, 08/01/2021		400,000		400,908
South Dakota Health & Educational Facilities Authority
5.00%, 09/01/2024		355,000		406,440
5.00%, 09/01/2025		880,000		1,039,204
5.00%, 09/01/2026		2,000,000		2,428,753
5.00%, 11/01/2029		800,000		940,354
5.00%, 11/01/2030		1,000,000		1,174,510
5.00%, 07/01/2033(1)		2,630,000		2,925,487
5.00%, 11/01/2042		145,000		153,137
5.00%, 11/01/2045		1,500,000		1,740,949
South Dakota Housing Development Authority
3.00%, 11/01/2051		1,230,000		1,345,325
4.00%, 11/01/2047		5,740,000		6,225,347
Tender Option Bond Trust Receipts/Certificates
0.13%, 09/01/2050(1)(3)		1,480,000		1,480,000
Total South Dakota				23,406,741
Tennessee – 1.26%
Blount County Health & Educational Facilities Board
5.00%, 01/01/2037		1,240,000		1,109,091
Chattanooga Health Educational & Housing Facility Board
5.00%, 10/01/2021		1,000,000		1,004,544
5.00%, 10/01/2022		325,000		342,488
5.00%, 10/01/2030		500,000		568,200
5.00%, 10/01/2032		1,215,000		1,373,259
5.00%, 10/01/2035		2,260,000		2,543,524
Greeneville Health & Educational Facilities Board
5.00%, 07/01/2025		1,850,000		2,025,001
5.00%, 07/01/2035		1,275,000		1,572,550
Johnson City Health & Educational Facilities Board
5.00%, 08/15/2042		2,000,000		2,083,220
Knox County Health Educational & Housing Facility Board
5.00%, 04/01/2023		1,825,000		1,966,045
5.00%, 04/01/2024		1,000,000		1,119,320
5.00%, 04/01/2027		1,740,000		2,121,667
Memphis-Shelby County Airport Authority
5.00%, 07/01/2022		1,000,000		1,047,493
Memphis-Shelby County Industrial Development Board
4.75%, 07/01/2027		200,000		200,807
5.50%, 07/01/2037		600,000		606,386
Metropolitan Government of Nashville & Davidson County TN
5.00%, 07/01/2031		1,100,000		1,299,972
Nashville Metropolitan Development & Housing Agency
4.50%, 06/01/2028(3)		1,050,000		1,164,937
5.13%, 06/01/2036(3)		3,290,000		3,801,258
New Memphis Arena Public Building Authority
0.00%, 04/01/2029		625,000		642,481
0.00%, 04/01/2030		750,000		780,637
0.00%, 04/01/2031		650,000		686,450
Shelby County Health Educational & Housing Facilities Board
5.00%, 09/01/2037(3)		1,590,000		1,426,262

	Principal Amount		Value
Tender Option Bond Trust Receipts/Certificates
0.33%, 12/01/2060(1)(3)		3,200,000		3,200,000
Tennergy Corp.
4.00%, 12/01/2051(1)		25,000,000		29,994,217
5.00%, 02/01/2050(1)		11,590,000		13,198,857
Tennessee Energy Acquisition Corp.
4.00%, 05/01/2048(1)		7,135,000		7,574,913
4.00%, 11/01/2049(1)		7,070,000		8,002,567
5.00%, 02/01/2027		2,725,000		3,281,192
Tennessee State School Bond Authority
5.00%, 11/01/2040		25,000,000		29,837,107
Total Tennessee				124,574,445
Texas – 8.29%
Alamito Public Facility Corp.
1.51%, 05/01/2037(1)		5,000,000		5,017,489
Alamo Community College District
4.00%, 02/15/2022		665,000		681,060
4.00%, 02/15/2023		1,000,000		1,063,022
Arlington Higher Education Finance Corp.
5.00%, 08/15/2022		55,000		57,518
5.00%, 08/15/2023		55,000		59,626
Austin Community College District Public Facility Corp.
5.00%, 08/01/2024		430,000		491,245
5.00%, 08/01/2028		310,000		386,030
5.00%, 08/01/2031		300,000		369,099
5.00%, 08/01/2031		580,000		713,592
Austin Convention Enterprises, Inc.
5.00%, 01/01/2022		250,000		253,407
5.00%, 01/01/2023		250,000		259,995
5.00%, 01/01/2025		150,000		162,553
5.00%, 01/01/2028		820,000		948,208
5.00%, 01/01/2029		425,000		487,945
5.00%, 01/01/2030		720,000		778,743
5.00%, 01/01/2032		1,700,000		1,923,420
5.00%, 01/01/2034		730,000		782,462
Austin-Bergstrom Landhost Enterprises, Inc.
5.00%, 10/01/2023		1,425,000		1,548,212
5.00%, 10/01/2025		1,780,000		2,046,949
5.00%, 10/01/2026		1,400,000		1,646,471
5.00%, 10/01/2028		1,925,000		2,290,938
5.00%, 10/01/2030		2,175,000		2,553,557
5.00%, 10/01/2033		2,000,000		2,327,672
5.00%, 10/01/2034		2,000,000		2,323,486
5.00%, 10/01/2036		1,000,000		1,158,670
Baytown Area Water Authority
5.00%, 05/01/2023		1,000,000		1,082,807
5.00%, 05/01/2024		1,000,000		1,125,673
5.00%, 05/01/2025		1,000,000		1,164,881
Birdville Independent School District
5.00%, 02/15/2026		725,000		871,695

	Principal Amount		Value
Board of Managers Joint Guadalupe County-City of Seguin Hospital
5.00%, 12/01/2045		290,000		312,356
5.25%, 12/01/2035		525,000		582,846
Board of Regents of the University of Texas System
2.50%, 08/15/2036(1)		2,630,000		2,630,000
4.00%, 08/15/2036		10,785,000		11,870,113
5.00%, 08/15/2021		505,000		507,974
Brenham Independent School District
0.00%, 02/15/2026		300,000		259,815
Central Texas Regional Mobility Authority
4.00%, 01/01/2022		5,000,000		5,014,596
4.00%, 01/01/2033		965,000		1,154,240
4.00%, 01/01/2033		1,000,000		1,191,714
4.00%, 01/01/2036		500,000		592,734
4.00%, 01/01/2037		620,000		733,072
5.00%, 01/01/2022		500,000		511,746
5.00%, 01/01/2024		175,000		194,296
5.00%, 01/01/2025		225,000		258,479
5.00%, 01/01/2025		11,045,000		12,498,190
5.00%, 01/01/2028		300,000		352,732
5.00%, 01/01/2029		750,000		954,951
5.00%, 01/01/2031		500,000		654,257
5.00%, 01/01/2031		600,000		785,108
5.00%, 01/01/2032		500,000		652,515
5.00%, 01/01/2034		1,475,000		1,687,560
5.00%, 01/01/2035		600,000		790,980
5.00%, 01/01/2036		600,000		785,762
5.00%, 01/01/2037		1,055,000		1,374,508
5.00%, 01/01/2038		400,000		519,937
5.00%, 01/01/2039		500,000		648,342
5.00%, 01/01/2040		2,250,000		2,605,138
5.00%, 01/01/2046		1,600,000		1,853,395
Central Texas Turnpike System
5.00%, 08/15/2037		2,500,000		2,788,583
5.00%, 08/15/2042		1,400,000		1,554,854
City of Arlington TX Special Tax Revenue
4.00%, 02/15/2044		1,250,000		1,427,833
5.00%, 02/15/2045		250,000		250,803
City of Austin TX Airport System Revenue
5.00%, 11/15/2026		1,140,000		1,389,621
5.00%, 11/15/2028		1,000,000		1,139,631
5.00%, 11/15/2044		255,000		288,692
City of Crandall TX
3.38%, 09/15/2026(3)		50,000		50,037
4.00%, 09/15/2031(3)		100,000		100,135
City of Dallas TX
5.00%, 02/15/2023		1,225,000		1,261,504
5.00%, 02/15/2024		1,055,000		1,184,547
5.00%, 02/15/2027		8,125,000		10,015,579
City of Dallas TX Waterworks & Sewer System Revenue

	Principal Amount		Value
5.00%, 10/01/2027		530,000		629,510
5.00%, 10/01/2031		800,000		977,460
City of El Paso TX
5.00%, 08/15/2025		2,245,000		2,653,401
City of Elgin TX
4.00%, 07/15/2031		295,000		361,787
4.00%, 07/15/2033		240,000		292,411
4.00%, 07/15/2034		175,000		212,369
4.00%, 07/15/2037		280,000		336,693
4.00%, 07/15/2039		270,000		322,744
4.00%, 07/15/2039		305,000		364,581
4.00%, 07/15/2040		315,000		375,527
City of Fort Worth TX
5.00%, 03/01/2023		1,125,000		1,214,739
City of Garland TX Water & Sewer System Revenue
5.00%, 03/01/2028		700,000		861,454
City of Houston TX
5.00%, 03/01/2023		1,975,000		2,133,578
5.00%, 03/01/2025		750,000		874,271
5.00%, 03/01/2029		1,000,000		1,228,379
City of Houston TX Airport System Revenue
4.00%, 07/01/2035		1,100,000		1,335,402
4.00%, 07/01/2036		2,500,000		3,026,188
4.00%, 07/01/2041		1,510,000		1,798,769
4.75%, 07/01/2024		2,000,000		2,097,054
5.00%, 07/01/2027		1,250,000		1,308,584
5.00%, 07/01/2027		1,625,000		1,938,864
5.00%, 07/01/2027		3,000,000		3,749,344
5.00%, 07/15/2027		2,325,000		2,776,069
5.00%, 07/01/2029		1,000,000		1,255,946
5.00%, 07/01/2030		1,000,000		1,046,867
5.00%, 07/01/2031		1,750,000		2,193,257
5.00%, 07/01/2032		1,750,000		2,192,426
5.00%, 07/01/2033		1,770,000		2,346,893
5.00%, 07/01/2034		1,750,000		2,313,174
5.00%, 07/15/2035		800,000		889,388
City of Houston TX Combined Utility System Revenue
0.00%, 12/01/2028		5,000,000		4,623,066
4.00%, 11/15/2035		300,000		376,020
4.00%, 11/15/2036		300,000		374,657
5.00%, 11/15/2022		200,000		213,253
5.00%, 11/15/2023		225,000		250,596
5.00%, 05/15/2028		410,000		462,179
5.00%, 11/15/2033		400,000		487,586
City of Houston TX Hotel Occupancy Tax & Special Revenue
5.00%, 09/01/2036		2,100,000		2,535,359
City of Mission TX
5.00%, 02/15/2027		230,000		280,543
5.00%, 02/15/2027		335,000		408,618
5.00%, 02/15/2028		250,000		312,283

	Principal Amount		Value
5.00%, 02/15/2029		125,000		159,430
City of Pearland TX
5.00%, 03/01/2024		650,000		731,832
City of San Antonio TX Airport System
5.00%, 07/01/2027		2,000,000		2,475,722
5.00%, 07/01/2028		1,750,000		2,212,104
5.00%, 07/01/2030		1,000,000		1,277,952
City of San Antonio TX Electric & Gas Systems Revenue
1.13%, 12/01/2045(1)		22,440,000		22,768,771
1.75%, 02/01/2049(1)		4,000,000		4,187,040
2.00%, 02/01/2033(1)		1,115,000		1,116,544
5.00%, 02/01/2030		1,000,000		1,246,024
5.00%, 02/01/2037		800,000		1,055,083
5.00%, 02/01/2038		1,530,000		2,013,144
5.00%, 02/01/2039		1,700,000		2,231,339
5.00%, 02/01/2040		1,465,000		1,919,577
5.00%, 02/01/2041		570,000		744,948
City of Temple TX
4.00%, 08/01/2031		225,000		268,866
4.00%, 08/01/2033		200,000		237,006
4.00%, 08/01/2034		240,000		283,389
4.00%, 08/01/2035		215,000		253,079
4.00%, 08/01/2039		220,000		256,817
4.00%, 08/01/2041		170,000		198,079
City of Waco TX
5.00%, 02/01/2025		1,710,000		1,914,249
Clifton Higher Education Finance Corp.
2.38%, 08/15/2046		1,000,000		988,226
3.00%, 08/15/2032		370,000		420,263
3.00%, 08/15/2033		260,000		292,968
3.00%, 08/15/2034		655,000		732,515
3.00%, 08/15/2035		680,000		757,078
3.00%, 08/15/2036		330,000		365,786
3.00%, 08/15/2037		730,000		806,632
3.00%, 08/15/2038		380,000		418,808
3.00%, 08/15/2039		780,000		856,571
3.00%, 08/15/2040		935,000		1,023,930
3.00%, 08/15/2041		965,000		1,052,855
5.00%, 08/15/2030		170,000		223,880
5.00%, 08/15/2031		100,000		133,768
6.13%, 08/15/2048		4,750,000		5,545,569
Coppell Independent School District
4.00%, 08/15/2034		2,310,000		2,729,220
4.00%, 08/15/2036		2,580,000		3,038,440
5.00%, 08/15/2033		2,985,000		3,806,980
County of Comal TX
4.00%, 02/01/2023		1,000,000		1,058,913
County of El Paso TX
5.00%, 02/15/2029		1,500,000		1,877,993
5.00%, 02/15/2031		1,280,000		1,525,436

	Principal Amount		Value
County of Harris TX
5.00%, 10/01/2027		5,000,000		6,313,869
Cypress-Fairbanks Independent School District
1.25%, 02/15/2036(1)		390,000		394,514
1.25%, 02/15/2036(1)		1,190,000		1,203,774
2.13%, 02/15/2040(1)		10,000,000		10,023,149
5.00%, 02/15/2025		1,000,000		1,125,036
5.00%, 02/15/2025		1,205,000		1,403,422
5.00%, 02/15/2027		470,000		564,385
Dallas Area Rapid Transit
5.00%, 12/01/2024		550,000		636,778
Dallas County Utility & Reclamation District
5.00%, 02/15/2024		1,125,000		1,254,361
Dallas Fort Worth International Airport
4.00%, 11/01/2034		1,930,000		2,379,871
4.00%, 11/01/2035		3,870,000		4,762,887
5.00%, 11/01/2031		2,310,000		3,086,132
5.00%, 11/01/2032		1,600,000		1,753,204
5.00%, 11/01/2037		10,100,000		10,260,091
5.00%, 11/01/2038		3,110,000		3,159,295
5.00%, 11/01/2042		8,710,000		8,848,059
5.00%, 11/01/2044		300,000		317,951
Dallas Independent School District
4.00%, 02/15/2023		1,250,000		1,327,304
4.00%, 02/15/2025		1,655,000		1,871,957
4.00%, 02/15/2026		1,000,000		1,159,774
5.00%, 02/15/2036(1)		85,000		87,546
5.00%, 02/15/2036		1,045,000		1,076,300
5.00%, 02/15/2036(1)		2,175,000		2,240,147
5.00%, 02/15/2036(1)		2,180,000		2,245,991
Denton Independent School District
0.00%, 08/15/2025		500,000		488,420
2.00%, 08/01/2044(1)		1,275,000		1,337,892
Deutsche Bank Spears/Lifers Trust
0.10%, 10/01/2021(1)(3)		3,300,000		3,300,000
El Paso County Hospital District
5.00%, 08/15/2027		1,260,000		1,358,797
5.00%, 08/15/2029		50,000		53,667
Fort Bend Independent School District
0.72%, 08/01/2051(1)		6,155,000		6,139,996
0.88%, 08/01/2050(1)		3,540,000		3,572,730
1.50%, 08/01/2042(1)		940,000		941,038
Fort Worth Independent School District
5.00%, 02/15/2022		450,000		463,625
5.00%, 02/15/2026		1,365,000		1,639,809
Grand Parkway Transportation Corp.
5.00%, 02/01/2023		1,580,000		1,694,854
5.00%, 10/01/2031		2,630,000		3,310,319
5.00%, 10/01/2033		1,205,000		1,514,236
5.00%, 10/01/2034		1,500,000		1,881,275

	Principal Amount		Value
5.00%, 10/01/2052(1)		9,610,000		10,576,552
Greater Texoma Utility Authority
5.00%, 10/01/2022		140,000		148,149
Gregg County Health Facilities Development Corp.
4.50%, 07/01/2032		635,000		661,927
5.00%, 07/01/2042		25,000		26,185
Gulf Coast Industrial Development Authority
4.88%, 05/01/2025		2,250,000		2,302,836
Harlandale Independent School District
5.00%, 08/01/2030		1,305,000		1,600,934
Harris County Cultural Education Facilities Finance Corp.
0.90%, 05/15/2050(1)		1,630,000		1,630,630
5.00%, 01/01/2043		180,000		187,732
5.00%, 07/01/2049(1)		1,390,000		1,479,511
5.00%, 07/01/2049(1)		1,480,000		1,703,704
5.00%, 07/01/2049(1)		5,000,000		6,112,235
Hays Consolidated Independent School District
2.70%, 08/15/2042(1)		240,000		246,295
2.70%, 08/15/2042(1)		2,660,000		2,715,472
Houston Higher Education Finance Corp.
3.38%, 10/01/2037		1,000,000		1,000,424
Houston Independent School District
2.25%, 06/01/2039(1)		5,000,000		5,089,411
4.00%, 06/01/2029(1)		1,200,000		1,284,537
4.00%, 06/01/2039(1)		4,415,000		4,726,024
5.00%, 02/15/2030		1,000,000		1,192,249
Irving Hospital Authority
5.00%, 10/15/2035		625,000		734,254
Lake Houston Redevelopment Authority
3.00%, 09/01/2039		350,000		369,889
4.00%, 09/01/2035		250,000		297,983
5.00%, 09/01/2026		230,000		276,461
5.00%, 09/01/2030		250,000		321,071
Love Field Airport Modernization Corp.
5.00%, 11/01/2028		1,250,000		1,325,626
5.00%, 11/01/2035		1,000,000		1,204,890
5.25%, 11/01/2040		3,015,000		3,082,971
Lower Colorado River Authority
5.00%, 05/15/2022		300,000		312,505
5.00%, 05/15/2022		565,000		588,550
5.00%, 05/15/2022		1,025,000		1,067,724
5.00%, 05/15/2025		1,190,000		1,392,923
5.00%, 05/15/2026		1,000,000		1,205,763
5.00%, 05/15/2036		1,425,000		1,809,428
5.00%, 05/15/2038		3,480,000		4,495,775
5.00%, 05/15/2039		5,750,000		7,411,298
Midlothian Independent School District
2.00%, 08/01/2051(1)		1,065,000		1,113,853
Mission Economic Development Corp.
0.20%, 07/01/2040(1)		5,000,000		5,000,010

	Principal Amount		Value
4.63%, 10/01/2031(3)		3,955,000		4,184,583
Montgomery County Toll Road Authority
5.00%, 09/15/2032		50,000		57,259
5.00%, 09/15/2033		270,000		308,719
5.00%, 09/15/2034		55,000		62,806
5.00%, 09/15/2035		1,145,000		1,306,389
5.00%, 09/15/2036		75,000		85,482
5.00%, 09/15/2037		1,245,000		1,417,060
5.00%, 09/15/2038		125,000		142,115
5.00%, 09/15/2043		380,000		429,821
5.00%, 09/15/2048		1,070,000		1,206,651
Needville Independent School District
5.00%, 08/15/2025		1,175,000		1,388,751
New Hope Cultural Education Facilities Finance Corp.
5.00%, 08/15/2024		730,000		832,713
5.00%, 08/15/2026		200,000		243,356
5.00%, 08/15/2027		375,000		468,886
5.00%, 04/01/2029		1,000,000		1,077,825
5.00%, 08/15/2030		3,500,000		4,302,693
5.00%, 04/01/2031		335,000		402,488
5.00%, 10/01/2031		160,000		177,303
5.00%, 11/01/2031		1,750,000		1,990,777
5.00%, 04/01/2034		475,000		534,636
5.00%, 10/01/2034		185,000		204,141
5.00%, 07/01/2035		2,100,000		1,816,500
5.00%, 04/01/2036		820,000		985,195
5.00%, 04/01/2037		1,310,000		1,618,434
5.00%, 10/01/2039		250,000		273,859
5.00%, 07/01/2040		4,000,000		4,545,635
5.00%, 11/01/2040		1,100,000		1,232,084
5.00%, 07/01/2047		1,075,000		924,500
5.00%, 04/01/2048		1,250,000		1,501,822
5.00%, 07/01/2058		275,000		333,923
5.25%, 10/01/2049		610,000		670,362
5.50%, 11/15/2052		250,000		268,321
Newark Higher Education Finance Corp.
5.00%, 04/01/2029		505,000		593,297
North East Independent School District
1.42%, 08/01/2040(1)		440,000		440,457
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System
5.00%, 06/01/2027		1,025,000		1,281,556
5.00%, 06/01/2028		1,050,000		1,315,748
5.00%, 06/01/2029		600,000		749,642
North Texas Tollway Authority
4.00%, 01/01/2033		1,000,000		1,230,456
4.00%, 01/01/2034		1,000,000		1,226,531
4.00%, 01/01/2035		1,000,000		1,223,724
4.00%, 01/01/2036		1,350,000		1,646,162
4.00%, 01/01/2037		1,650,000		2,006,185
4.00%, 01/01/2038		1,250,000		1,516,229

	Principal Amount		Value
4.00%, 01/01/2040		1,250,000		1,504,911
5.00%, 01/01/2023		90,000		96,511
5.00%, 01/01/2023		145,000		155,402
5.00%, 01/01/2025		705,000		817,069
5.00%, 01/01/2025		860,000		996,708
5.00%, 01/01/2030		75,000		88,370
5.00%, 01/01/2030		6,250,000		6,930,880
5.00%, 01/01/2031		105,000		123,301
5.00%, 01/01/2031		500,000		589,321
5.00%, 01/01/2031		1,100,000		1,364,054
5.00%, 01/01/2031		1,900,000		2,105,986
5.00%, 01/01/2032		1,100,000		1,360,403
5.00%, 01/01/2033		500,000		603,444
5.00%, 01/01/2033		1,250,000		1,544,274
5.00%, 01/01/2033		3,150,000		3,605,763
5.00%, 01/01/2034		1,400,000		1,725,712
5.00%, 01/01/2035		1,500,000		1,846,005
5.00%, 01/01/2036		550,000		651,238
5.00%, 01/01/2039		170,000		201,127
5.00%, 01/01/2040		2,000,000		2,137,226
5.50%, 09/01/2041		5,840,000		5,891,167
Northside Independent School District
0.70%, 06/01/2050(1)		24,595,000		24,684,509
1.60%, 08/01/2049(1)		15,030,000		15,535,889
Old Spanish Trail-Alemda Corridors Redevelopment Authority
4.00%, 09/01/2033		1,360,000		1,591,427
Pasadena Independent School District
1.50%, 02/15/2044(1)		4,295,000		4,430,158
Permanent University Fund - University of Texas System
5.00%, 07/01/2029		235,000		281,859
Pflugerville Independent School District
2.50%, 02/15/2039(1)		1,340,000		1,400,456
Plano Independent School District
5.00%, 02/15/2022		1,000,000		1,030,086
Port Beaumont Navigation District
4.00%, 01/01/2050(3)		1,035,000		1,074,083
Port of Port Arthur Navigation District
0.06%, 04/01/2040(1)		32,635,000		32,635,000
0.06%, 04/01/2040(1)		33,090,000		33,090,000
0.07%, 04/01/2040(1)		6,165,000		6,165,000
Rockwall Independent School District
0.00%, 02/15/2024		1,005,000		990,106
San Antonio Water System
2.00%, 05/01/2044(1)		900,000		919,906
4.00%, 05/15/2039		4,500,000		5,485,242
5.00%, 05/15/2032		3,000,000		3,257,118
Southwest Houston Redevelopment Authority
4.00%, 09/01/2031		400,000		468,157
4.00%, 09/01/2032		400,000		466,076
4.00%, 09/01/2033		425,000		492,106

	Principal Amount		Value
4.00%, 09/01/2034		355,000		409,947
4.00%, 09/01/2035		225,000		259,391
4.00%, 09/01/2036		700,000		805,819
5.00%, 09/01/2028		350,000		429,651
5.00%, 09/01/2029		345,000		429,757
5.00%, 09/01/2030		300,000		378,588
State of Texas
1.85%, 08/01/2029(1)		515,000		515,492
4.00%, 10/01/2032		1,200,000		1,310,545
5.00%, 08/01/2025		2,035,000		2,240,523
5.00%, 08/01/2026		1,000,000		1,146,751
5.00%, 04/01/2027		5,000,000		6,020,043
5.00%, 04/01/2039		10,000,000		11,299,611
5.50%, 08/01/2026		1,000,000		1,238,092
5.50%, 08/01/2032		1,000,000		1,235,276
Tarrant County Cultural Education Facilities Finance Corp.
5.00%, 11/15/2022		300,000		317,914
5.00%, 07/01/2026		1,775,000		2,137,608
5.00%, 11/15/2035		1,015,000		977,659
5.00%, 11/15/2035		1,750,000		1,950,706
5.00%, 11/15/2037		4,400,000		5,228,137
5.00%, 11/15/2040		1,650,000		1,907,235
5.00%, 11/15/2040		1,800,000		1,993,774
5.00%, 11/15/2045		1,175,000		1,060,159
5.00%, 11/15/2046		1,615,000		1,856,218
5.75%, 12/01/2054		530,708		568,252
Tender Option Bond Trust Receipts/Certificates
0.13%, 01/01/2029(1)(3)		1,155,000		1,155,000
0.13%, 01/01/2029(1)(3)		1,850,000		1,850,000
0.13%, 01/01/2029(1)(3)		2,250,000		2,250,000
0.15%, 01/01/2040(1)(3)		800,000		800,000
0.33%, 04/01/2059(1)(3)		3,300,000		3,300,000
0.33%, 11/01/2060(1)(3)		3,400,000		3,400,000
0.33%, 01/01/2061(1)(3)		1,000,000		1,000,000
0.33%, 01/01/2061(1)(3)		2,550,000		2,550,000
Texas A&M University
3.00%, 05/15/2028		2,300,000		2,532,155
Texas Department of Housing & Community Affairs
2.95%, 07/01/2036		1,637,375		1,726,310
3.50%, 03/01/2051		6,730,000		7,552,942
4.00%, 03/01/2050		1,690,000		1,914,763
Texas Municipal Gas Acquisition & Supply Corp. I
5.25%, 12/15/2022		450,000		481,874
5.25%, 12/15/2025		3,000,000		3,581,726
6.25%, 12/15/2026		6,600,000		7,776,681
Texas Municipal Gas Acquisition & Supply Corp. III
5.00%, 12/15/2022		1,000,000		1,067,211
5.00%, 12/15/2023		1,250,000		1,388,769
5.00%, 12/15/2028		7,000,000		8,933,516
5.00%, 12/15/2029		5,050,000		6,561,064

	Principal Amount		Value
5.00%, 12/15/2030		10,850,000		14,238,776
5.00%, 12/15/2031		1,025,000		1,366,205
5.00%, 12/15/2032		6,150,000		8,308,516
Texas Municipal Power Agency
3.00%, 09/01/2034		785,000		836,457
3.00%, 09/01/2038		2,900,000		3,054,512
3.00%, 09/01/2040		1,800,000		1,885,842
5.00%, 09/01/2033		920,000		923,395
5.00%, 09/01/2034		945,000		948,527
5.00%, 09/01/2035		1,200,000		1,204,359
Texas Private Activity Bond Surface Transportation Corp.
4.00%, 12/31/2032		2,500,000		3,021,791
4.00%, 12/31/2033		2,040,000		2,455,951
4.00%, 06/30/2036		1,175,000		1,402,953
5.00%, 12/31/2050		5,410,000		6,097,811
5.00%, 12/31/2055		2,755,000		3,097,760
Texas Public Finance Authority
5.00%, 02/01/2028		2,300,000		2,914,033
Texas State University System
5.00%, 03/15/2026		800,000		963,553
5.00%, 03/15/2029		610,000		751,595
5.00%, 03/15/2032		1,325,000		1,619,792
Texas Transportation Commission
0.00%, 08/01/2034		1,060,000		713,477
0.00%, 08/01/2037		725,000		414,759
0.00%, 08/01/2038		800,000		433,291
0.00%, 08/01/2039		710,000		364,273
0.00%, 08/01/2040		1,500,000		727,175
5.00%, 08/01/2057		2,930,000		3,431,321
Texas Transportation Commission State Highway Fund
5.00%, 10/01/2023		5,020,000		5,564,358
Texas Water Development Board
5.00%, 04/15/2028		1,500,000		1,921,212
5.00%, 10/15/2028		2,370,000		3,071,901
5.00%, 04/15/2029		2,000,000		2,619,729
5.00%, 10/15/2029		4,100,000		5,427,897
5.00%, 04/15/2030		2,000,000		2,670,611
5.00%, 10/15/2030		3,060,000		4,129,201
University of Houston
5.00%, 02/15/2030		860,000		1,022,802
Uptown Development Authority
5.00%, 09/01/2033		715,000		827,829
Viridian Municipal Management District
4.00%, 12/01/2029		520,000		568,795
4.00%, 12/01/2031		560,000		609,798
4.00%, 12/01/2032		580,000		630,563
4.00%, 12/01/2033		605,000		656,897
Total Texas				819,529,953

	Principal Amount		Value
Utah – 0.39%
Salt Lake City Corp. Airport Revenue
5.00%, 07/01/2025		1,000,000		1,169,398
5.00%, 07/01/2026		1,700,000		2,045,437
5.00%, 07/01/2026		3,000,000		3,609,595
5.00%, 07/01/2030		1,000,000		1,244,781
5.00%, 07/01/2042		2,500,000		2,992,838
5.25%, 07/01/2048		3,000,000		3,682,367
State of Utah
5.00%, 07/01/2023		1,760,000		1,929,832
Tender Option Bond Trust Receipts/Certificates
0.33%, 04/01/2065(1)(3)		6,600,000		6,600,000
Utah Charter School Finance Authority
4.00%, 04/15/2040		2,440,000		2,812,425
4.00%, 10/15/2040		2,130,000		2,475,791
4.50%, 06/15/2027(3)		1,000,000		1,083,132
Utah Infrastructure Agency
3.00%, 10/15/2026		500,000		551,551
4.00%, 10/15/2028		350,000		414,514
4.00%, 10/15/2029		610,000		731,046
4.00%, 10/15/2033		500,000		593,769
4.00%, 10/15/2034		1,410,000		1,668,588
4.00%, 10/15/2036		500,000		588,390
4.00%, 10/15/2038		1,335,000		1,562,602
Utah Transit Authority
4.00%, 12/15/2031		2,880,000		3,248,871
Total Utah				39,004,927
Vermont – 0.06%
Vermont Educational & Health Buildings Financing Agency
5.00%, 10/15/2027		1,000,000		1,190,146
5.00%, 10/15/2029		890,000		1,047,240
Vermont Student Assistance Corp.
5.00%, 06/15/2025		800,000		923,019
5.00%, 06/15/2026		100,000		118,300
5.00%, 06/15/2026		500,000		591,499
5.00%, 06/15/2027		700,000		822,200
5.00%, 06/15/2030		450,000		562,620
5.00%, 06/15/2031		500,000		632,132
Total Vermont				5,887,156
Virgin Islands – 0.03%
Virgin Islands Public Finance Authority
5.00%, 10/01/2032		3,000,000		3,135,302
Total Virgin Islands				3,135,302
Virginia – 1.22%
Arlington County Industrial Development Authority
5.00%, 07/01/2027		905,000		1,128,644
Chesapeake Bay Bridge & Tunnel District
5.00%, 11/01/2023		7,700,000		8,518,534
5.00%, 07/01/2046		4,535,000		5,395,634
5.00%, 07/01/2051		1,670,000		1,985,192
City of Norfolk VA Water Revenue
5.00%, 11/01/2022		1,645,000		1,751,864

	Principal Amount		Value
County of Botetourt VA
4.75%, 07/01/2023		60,000		62,434
6.00%, 07/01/2034		1,500,000		1,699,471
County of Loudoun VA
5.00%, 12/01/2023		825,000		920,309
Deutsche Bank Spears/Lifers Trust
0.10%, 05/15/2030(1)(3)		5,135,000		5,135,000
Fairfax County Economic Development Authority
5.00%, 12/01/2042		1,290,000		1,385,161
Fairfax County Industrial Development Authority
5.00%, 05/15/2035		1,175,000		1,220,922
5.00%, 05/15/2044		975,000		1,087,822
Farmville Industrial Development Authority
5.00%, 01/01/2032		1,255,000		1,552,337
5.00%, 01/01/2033		1,320,000		1,628,544
Fredericksburg Economic Development Authority
5.00%, 06/15/2031		500,000		556,442
Hampton Roads Sanitation District
5.00%, 07/01/2021		150,000		150,000
Hampton Roads Transportation Accountability Commission
5.00%, 07/01/2027		835,000		1,050,826
5.50%, 07/01/2057		1,275,000		1,588,953
Hanover County Economic Development Authority
5.00%, 07/01/2042		1,120,000		1,146,849
5.00%, 07/01/2047		2,080,000		2,127,585
Norfolk Airport Authority
4.00%, 07/01/2022		240,000		248,886
4.00%, 07/01/2023		235,000		252,013
5.00%, 07/01/2024		325,000		368,165
5.00%, 07/01/2025		490,000		572,794
Norfolk Redevelopment & Housing Authority
4.00%, 01/01/2025		3,870,000		3,871,404
5.00%, 01/01/2046		240,000		250,467
5.00%, 01/01/2049		500,000		533,744
Salem Economic Development Authority
5.00%, 04/01/2030		710,000		899,091
5.00%, 04/01/2031		400,000		503,934
5.00%, 04/01/2032		700,000		879,201
5.00%, 04/01/2033		350,000		438,321
5.00%, 04/01/2034		925,000		1,155,154
Stafford County Economic Development Authority
4.00%, 06/15/2037		50,000		55,749
5.00%, 06/15/2030		150,000		177,637
5.00%, 06/15/2033		150,000		176,546
5.00%, 06/15/2034		500,000		587,492
Tobacco Settlement Financing Corp.
0.00%, 06/01/2047		3,000,000		704,589
Virginia Beach Development Authority
5.00%, 07/15/2021		170,000		170,301
Virginia College Building Authority

	Principal Amount		Value
5.00%, 02/01/2022		150,000		154,248
5.00%, 06/01/2022		150,000		156,260
5.00%, 02/01/2023		700,000		753,664
5.00%, 06/01/2023		125,000		135,812
5.00%, 09/01/2023		1,000,000		1,103,005
5.00%, 02/01/2026		1,000,000		1,202,422
5.00%, 02/01/2030		1,500,000		1,891,980
5.00%, 07/01/2030(3)		500,000		550,873
5.00%, 06/01/2031		175,000		229,371
5.00%, 02/01/2034		1,000,000		1,309,650
5.00%, 07/01/2045(3)		500,000		538,382
5.00%, 07/01/2045(3)		1,000,000		1,076,763
5.25%, 07/01/2035(3)		1,000,000		1,098,396
Virginia Commonwealth Transportation Board
5.00%, 09/15/2022		1,000,000		1,034,269
5.00%, 09/15/2023		2,500,000		2,763,057
Virginia Port Authority
5.00%, 07/01/2023		1,000,000		1,089,968
Virginia Public Building Authority
5.00%, 08/01/2022		1,050,000		1,105,166
5.00%, 08/01/2022		1,490,000		1,568,283
5.00%, 08/01/2023		1,425,000		1,567,973
5.00%, 08/01/2024		2,245,000		2,570,719
Virginia Public School Authority
5.00%, 08/01/2022		2,505,000		2,636,891
5.00%, 08/01/2022		3,275,000		3,445,595
Virginia Small Business Financing Authority
5.00%, 01/01/2026		750,000		883,689
5.00%, 01/01/2027		1,000,000		1,212,412
5.00%, 07/01/2034		1,000,000		1,023,243
5.00%, 01/01/2040		3,540,000		3,621,705
5.00%, 01/01/2040		4,135,000		4,230,437
5.00%, 01/01/2044		1,160,000		1,186,538
5.00%, 01/01/2048(1)(3)		500,000		531,859
5.00%, 07/01/2049		5,860,000		5,993,169
5.00%, 12/31/2049		3,105,000		3,738,845
5.00%, 12/31/2052		1,500,000		1,797,987
5.00%, 12/31/2056		4,705,000		5,635,945
5.50%, 01/01/2042		6,590,000		6,908,537
Wise County Industrial Development Authority
1.20%, 11/01/2040(1)		3,355,000		3,432,760
York County Economic Development Authority
1.90%, 05/01/2033(1)		600,000		614,641
Total Virginia				120,732,525
Washington – 3.03%
Adams County Public Hospital District No 2
5.13%, 12/01/2044		1,000,000		1,090,267
Auburn School District No 408 of King & Pierce Counties
4.00%, 12/01/2034		1,225,000		1,455,588
4.00%, 12/01/2036		1,140,000		1,354,162

	Principal Amount		Value
5.00%, 12/01/2033		2,000,000		2,509,024
Central Puget Sound Regional Transit Authority
5.00%, 11/01/2035		960,000		1,135,613
City of Seattle WA Municipal Light & Power Revenue
0.52% (SIFMA Municipal Swap Index Yield + 0.49%), 11/01/2046(2)		5,000,000		5,013,895
4.00%, 01/01/2032		3,385,000		3,993,924
City of Tacoma WA Electric System Revenue
5.00%, 01/01/2039		675,000		812,357
City of Tacoma WA Solid Waste Utility Revenue
5.00%, 12/01/2031		460,000		549,723
Clark County Public Utility District No 1
5.00%, 01/01/2022		425,000		435,309
5.00%, 01/01/2023		375,000		401,961
5.00%, 01/01/2023		750,000		803,921
5.00%, 01/01/2024		395,000		441,486
County of King WA Sewer Revenue
5.00%, 01/01/2047		29,000,000		32,446,229
East Pierce Fire & Rescue
5.00%, 12/01/2029		635,000		811,205
5.00%, 12/01/2031		925,000		1,172,237
Energy Northwest
4.00%, 07/01/2044		8,000,000		8,224,866
5.00%, 07/01/2028		15,000,000		19,252,107
5.00%, 07/01/2034		6,890,000		9,124,688
King & Snohomish Counties School District No 417 Northshore
4.00%, 12/01/2033		5,500,000		6,034,924
King County Housing Authority
4.00%, 06/01/2026		450,000		516,207
4.00%, 06/01/2027		620,000		722,851
4.00%, 06/01/2028		1,115,000		1,316,435
4.00%, 06/01/2029		840,000		1,004,528
4.00%, 06/01/2030		400,000		483,636
4.00%, 06/01/2031		650,000		776,215
4.00%, 11/01/2031		1,640,000		1,971,955
4.00%, 06/01/2032		625,000		739,653
4.00%, 11/01/2032		1,705,000		2,044,507
4.00%, 06/01/2033		500,000		588,988
4.00%, 06/01/2034		525,000		616,641
4.00%, 06/01/2035		735,000		861,958
5.00%, 11/01/2027		1,000,000		1,241,702
5.00%, 11/01/2028		1,430,000		1,814,652
5.00%, 11/01/2029		750,000		970,178
King County Public Hospital District No 1
5.00%, 12/01/2032		4,500,000		5,405,043
King County School District No 210 Federal Way
4.00%, 12/01/2035		2,000,000		2,377,099
King County School District No 412 Shoreline
4.00%, 12/01/2036		2,000,000		2,416,331
King County School District No 414 Lake Washington
5.00%, 12/01/2035		1,600,000		2,002,040

	Principal Amount		Value
5.00%, 12/01/2036		3,205,000		4,005,501
5.00%, 12/01/2037		1,425,000		1,777,109
5.00%, 12/01/2038		865,000		1,076,834
Pierce County School District No 10 Tacoma
5.00%, 12/01/2034		2,800,000		3,242,487
Port of Seattle WA
5.00%, 07/01/2024		595,000		648,656
5.00%, 04/01/2029		5,050,000		6,439,984
5.00%, 04/01/2030		2,000,000		2,257,195
5.00%, 04/01/2034		1,000,000		1,122,104
5.00%, 04/01/2036		3,130,000		3,896,861
5.00%, 01/01/2037		3,500,000		4,245,526
5.00%, 08/01/2039		13,380,000		17,357,457
Seattle Housing Authority
0.18%, 06/01/2040(1)		600,000		600,000
1.00%, 06/01/2026		4,720,000		4,715,506
Snohomish County Housing Authority
5.00%, 04/01/2031		1,135,000		1,416,139
State of Washington
5.00%, 09/01/2021		2,670,000		2,691,347
5.00%, 08/01/2027		235,000		287,204
5.00%, 08/01/2027		550,000		650,946
5.00%, 08/01/2028		235,000		287,072
5.00%, 08/01/2030		235,000		286,018
5.00%, 08/01/2030		1,830,000		2,285,233
5.00%, 06/01/2034		660,000		837,686
5.00%, 07/01/2036		1,505,000		1,930,398
Tender Option Bond Trust Receipts/Certificates
0.13%, 03/01/2028(1)(3)		3,000,000		3,000,000
Thurston & Pierce Counties Community Schools
5.00%, 12/01/2031		1,100,000		1,411,978
Tobacco Settlement Authority
5.00%, 06/01/2023		1,000,000		1,090,200
5.00%, 06/01/2024		1,000,000		1,090,957
Washington Health Care Facilities Authority
1.08% (SIFMA Municipal Swap Index Yield + 1.05%), 01/01/2042(2)		5,000,000		5,035,703
5.00%, 08/15/2022		1,200,000		1,264,872
5.00%, 08/15/2023		650,000		715,644
5.00%, 10/01/2024		465,000		493,518
5.00%, 07/01/2025		360,000		420,828
5.00%, 08/01/2028		1,005,000		1,278,152
5.00%, 07/01/2029		115,000		142,167
5.00%, 07/01/2030		410,000		503,779
5.00%, 08/01/2030		3,500,000		4,493,267
5.00%, 08/15/2030		1,000,000		1,196,619
5.00%, 08/15/2031		845,000		1,008,143
5.00%, 09/01/2031		185,000		246,032
5.00%, 08/15/2032		480,000		571,539
5.00%, 09/01/2032		180,000		238,702
5.00%, 09/01/2033		225,000		297,453

	Principal Amount		Value
5.00%, 07/01/2034		105,000		127,755
5.00%, 09/01/2034		450,000		593,329
5.00%, 09/01/2035		365,000		480,464
5.00%, 10/01/2038		11,320,000		12,795,150
5.00%, 07/01/2042		2,415,000		2,899,066
5.00%, 08/01/2049(1)		10,000,000		11,616,428
5.00%, 09/01/2050		500,000		640,540
Washington Higher Education Facilities Authority
4.00%, 05/01/2045		1,000,000		1,149,226
4.00%, 05/01/2050		950,000		1,086,717
5.00%, 05/01/2025		100,000		115,174
5.00%, 05/01/2026		375,000		443,218
5.00%, 05/01/2028		420,000		518,063
5.00%, 05/01/2029		180,000		226,087
5.00%, 10/01/2029		1,855,000		2,209,767
5.00%, 10/01/2033		735,000		865,139
Washington State Convention Center Public Facilities District
4.00%, 07/01/2031		15,125,000		17,699,304
Washington State Housing Finance Commission
0.58% (SIFMA Municipal Swap Index Yield + 0.55%), 12/01/2048(2)		10,000,000		10,067,004
1.55%, 07/01/2022(1)		10,000,000		10,066,614
2.38%, 01/01/2026(3)		600,000		600,479
3.50%, 12/20/2035		2,147,592		2,504,990
3.70%, 07/01/2030		5,000,000		5,678,914
4.00%, 07/01/2026(3)		1,055,000		1,108,237
5.00%, 01/01/2024(3)		180,000		194,739
5.00%, 01/01/2025(3)		375,000		416,844
5.00%, 01/01/2026(3)		300,000		341,712
5.00%, 07/01/2031(3)		1,000,000		1,090,020
5.00%, 07/01/2053(3)		400,000		436,138
5.00%, 01/01/2055(3)		775,000		866,856
Washington State University
5.00%, 04/01/2029		425,000		475,877
5.00%, 04/01/2029		860,000		970,500
Total Washington				299,775,272
West Virginia – 0.12%
Monongalia County Commission Excise Tax District
4.13%, 06/01/2043(3)		750,000		845,176
4.88%, 06/01/2043(3)		250,000		272,622
Monongalia County Commission Special District
5.50%, 06/01/2037(3)		200,000		231,006
5.75%, 06/01/2043(3)		200,000		231,355
Ohio County Board of Education
3.00%, 06/01/2028		2,150,000		2,442,261
State of West Virginia
5.00%, 12/01/2036		2,910,000		3,676,459
West Virginia Economic Development Authority
5.00%, 07/01/2045(1)		900,000		970,199
West Virginia Hospital Finance Authority
5.00%, 01/01/2031		620,000		772,615

	Principal Amount		Value
West Virginia State School Building Authority Lottery Revenue
5.00%, 07/01/2022		695,000		728,653
5.00%, 07/01/2024		500,000		568,653
5.00%, 07/01/2032		940,000		1,136,130
Total West Virginia				11,875,129
Wisconsin – 1.48%
Milwaukee Redevelopment Authority
5.00%, 11/15/2031		570,000		689,805
5.00%, 11/15/2032		500,000		604,509
Public Finance Authority
3.00%, 04/01/2025(3)		325,000		337,850
4.00%, 08/01/2035(6)		6,250,000		6,417,604
4.13%, 05/01/2026(3)		635,000		658,374
5.00%, 06/01/2022		175,000		182,634
5.00%, 06/01/2023		195,000		212,338
5.00%, 06/01/2024		200,000		226,566
5.00%, 06/01/2025		450,000		527,703
5.00%, 12/01/2025		1,000,000		1,167,570
5.00%, 06/01/2026		385,000		465,451
5.00%, 06/01/2027		410,000		509,127
5.00%, 12/01/2027		4,065,000		4,598,979
5.00%, 05/15/2028(3)		200,000		220,627
5.00%, 05/01/2029(3)		2,330,000		2,177,177
5.00%, 06/15/2034		500,000		597,328
5.00%, 07/01/2035		5,000,000		6,287,897
5.00%, 07/01/2036		305,000		392,262
5.00%, 01/01/2037		500,000		634,235
5.00%, 06/15/2037(3)		1,130,000		1,189,466
5.00%, 07/01/2037		825,000		885,755
5.00%, 01/01/2038		350,000		442,399
5.00%, 07/01/2038		375,000		479,835
5.00%, 06/15/2039(3)		410,000		452,037
5.00%, 06/15/2039		500,000		590,136
5.00%, 04/01/2040(3)		400,000		483,005
5.00%, 01/01/2042		600,000		648,360
5.00%, 10/01/2043(3)		170,000		188,602
5.00%, 10/01/2048(3)		1,865,000		2,061,924
5.00%, 06/15/2049(3)		420,000		457,781
5.00%, 06/15/2049(3)		750,000		802,145
5.00%, 06/15/2049		1,100,000		1,280,446
5.00%, 04/01/2050(3)		550,000		654,555
5.00%, 10/01/2053(3)		1,305,000		1,440,022
5.00%, 06/15/2054(3)		455,000		494,838
5.00%, 05/01/2055(3)		3,400,000		3,049,217
5.00%, 07/01/2055(3)		550,000		612,355
5.20%, 06/01/2037		500,000		528,957
5.25%, 05/15/2037(3)		500,000		551,643
5.25%, 05/15/2042(3)		60,000		66,081
5.25%, 10/01/2043		2,105,000		2,462,121
5.25%, 05/15/2047(3)		60,000		66,081

	Principal Amount		Value
5.25%, 10/01/2048		2,105,000		2,451,797
5.25%, 05/15/2052(3)		115,000		126,655
5.30%, 06/01/2047		500,000		524,863
State of Wisconsin
5.00%, 05/01/2023		2,000,000		2,177,552
5.00%, 05/01/2023		4,000,000		4,348,926
5.00%, 05/01/2024		7,470,000		8,453,982
5.00%, 05/01/2025		520,000		600,424
5.00%, 05/01/2025		1,730,000		2,033,219
5.00%, 05/01/2025		5,335,000		6,247,829
5.00%, 05/01/2030		1,000,000		1,215,546
5.00%, 05/01/2032		450,000		571,837
5.00%, 05/01/2033		9,790,000		12,418,200
5.00%, 05/01/2034		2,400,000		2,882,934
Tender Option Bond Trust Receipts/Certificates
0.13%, 06/01/2028(1)(3)		1,800,000		1,800,000
0.18%, 12/15/2050(1)(3)		500,000		500,000
Wisconsin Center District
0.00%, 12/15/2028		1,025,000		924,076
0.00%, 12/15/2030		550,000		470,788
0.00%, 12/15/2030		1,045,000		894,496
0.00%, 12/15/2032		1,400,000		1,113,974
0.00%, 12/15/2033		1,500,000		1,149,364
Wisconsin Department of Transportation
4.00%, 07/01/2021		400,000		400,000
Wisconsin Health & Educational Facilities Authority
0.68% (SIFMA Municipal Swap Index Yield + 0.65%), 08/15/2054(2)		4,000,000		4,034,443
2.55%, 11/01/2027		390,000		390,693
2.83%, 11/01/2028		605,000		606,400
4.00%, 02/15/2025		270,000		303,749
4.00%, 02/15/2026		510,000		581,119
4.00%, 02/15/2031		460,000		524,147
4.00%, 02/15/2033		550,000		626,697
5.00%, 05/01/2022		550,000		569,504
5.00%, 10/01/2022		330,000		348,783
5.00%, 12/01/2022		560,000		597,223
5.00%, 11/01/2024		155,000		166,635
5.00%, 04/01/2025		2,000,000		2,340,508
5.00%, 04/01/2026		1,000,000		1,208,179
5.00%, 02/15/2027		300,000		354,032
5.00%, 04/01/2027		1,700,000		2,112,573
5.00%, 10/01/2027		580,000		720,773
5.00%, 04/01/2028		900,000		1,146,212
5.00%, 10/01/2028		700,000		883,998
5.00%, 11/01/2029		760,000		849,367
5.00%, 04/01/2030		1,670,000		2,136,000
5.00%, 12/15/2033		1,450,000		1,873,061
5.00%, 09/01/2036		400,000		497,573
5.00%, 09/15/2037		650,000		678,118
5.00%, 09/15/2050		645,000		690,377

	Principal Amount		Value
5.00%, 08/15/2054(1)		830,000		1,011,419
5.00%, 08/15/2054(1)		1,260,000		1,292,851
Wisconsin Housing & Economic Development Authority
0.40%, 05/01/2045(1)		5,000,000		5,001,201
0.50%, 11/01/2050(1)		2,350,000		2,347,904
1.55%, 11/01/2038(1)		1,750,000		1,751,874
1.60%, 11/01/2048(1)		6,000,000		6,026,291
3.00%, 03/01/2052		1,520,000		1,670,563
3.50%, 09/01/2050		2,385,000		2,637,293
Wisconsin Rapids School District
2.00%, 01/06/2022		2,750,000		2,758,664
Total Wisconsin				146,840,483
Wyoming – 0.13%
County of Laramie WY
4.00%, 05/01/2026		200,000		230,775
4.00%, 05/01/2031		500,000		612,632
4.00%, 05/01/2033		500,000		607,544
4.00%, 05/01/2035		500,000		604,502
4.00%, 05/01/2038		1,365,000		1,633,547
Wyoming Community Development Authority
3.00%, 06/01/2049		8,000,000		8,714,696
Total Wyoming				12,403,696
Total Municipal Bonds (Cost: $9,079,794,366)				9,496,581,245
	Shares		Value
SHORT-TERM INVESTMENTS – 5.44%
Money Market Funds – 5.02%
Fidelity Institutional Money Market Government Fund - Class I, 0.01%(5)		496,828,340		496,828,340
Total Money Market Funds (Cost: $496,828,340)				496,828,340
	Principal Amount		Value
Commercial Paper – 0.18%
California Statewide Communities Development Authority, 0.17%, 12/09/2021	$	17,335,000		17,336,536
Total Commercial Paper (Cost: $17,335,000)				17,336,536
Time Deposits – 0.24%
BBVA, Madrid, 0.01% due 07/01/2021		3,156,672		3,156,672
Citibank, New York, 0.01% due 07/01/2021		12,136,012		12,136,012
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021		290		290
Sumitomo, Tokyo, 0.01% due 07/01/2021		7,929,482		7,929,482
Total Time Deposits (Cost: $23,222,456)				23,222,456
Total Short-Term Investments (Cost: $537,385,796)				537,387,332
TOTAL INVESTMENTS IN SECURITIES – 101.47% (Cost: $9,617,180,162)				10,033,968,577
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.47)%				(145,113,130	)
TOTAL NET ASSETS – 100.00%			$	9,888,855,447

Percentages are stated as a percent of net assets.

(1) Adjustable rate security. The rate reported is the rate in effect as of June 30, 2021.

(2) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.

(3) Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $541,132,460, which represents 5.47% of total net assets.

(4) Security in default as of June 30, 2021. The value of these securities totals $60,325,711, which represents 0.61% of total net assets.

(5) Represents annualized seven-day yield as of the close of the reporting period.

(6) Security that is restricted or includes securities restricted at June 30, 2021. The value of the restricted securities totals $15,217,604, which represents 0.15% of total net assets.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Sold	Reference Entity	Counterparty	Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
(400)	U.S. 5 Year Note Future	Citigroup Global Markets		Sep. 2021	$	(49,478,124	)	$	(49,371,875	)	$	106,249
(332)	U.S. 5 Year Note Future	Bank of America		Sep. 2021		(40,942,895	)		(40,978,656	)		(35,761	)
(357)	U.S. 10 Year Note Future	Bank of America		Sep. 2021		(47,123,976	)		(47,302,500	)		(178,524	)
(200)	U.S. 10 Year Note Future	Citigroup Global Markets		Sep. 2021		(26,347,430	)		(26,500,000	)		(152,570	)
											$	(260,606	)

MUNICIPAL BONDS	Percentage of Net Assets
Education		8.06	%
General Obligation		16.27	%
General Revenue		28.77	%
Healthcare		12.45	%
Housing		4.81	%
Transportation		17.27	%
Utilities		8.40	%
Total Municipal Bonds		96.03	%
SHORT-TERM INVESTMENTS		5.44	%
TOTAL INVESTMENTS		101.47	%
LIABILITIES IN EXCESS OF OTHER ASSETS		-1.47	%
TOTAL NET ASSETS		100	%

The accompanying notes are an integral part of this Schedule of Investments.

Bridge Builder Large Cap Growth Fund

Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.52%
Communication Services – 11.72%
Alphabet, Inc. - Class A(1)		239,205	$	584,088,377.00
Alphabet, Inc. - Class C(1)		149,120		373,742,438
Altice USA, Inc. - Class A(1)		12,417		423,916
Bumble, Inc. - Class A(1)		228,061		13,136,314
Cable One, Inc.		237		453,336
Charter Communications, Inc. - Class A(1)		10,343		7,461,957
Facebook, Inc. - Class A(1)		1,364,161		474,332,421
Live Nation Entertainment, Inc.(1)		4,267		373,747
Madison Square Garden Sports Corp. - Class A(1)		601		103,715
Match Group, Inc.(1)		451,400		72,788,250
Netflix, Inc.(1)		231,616		122,341,887
Nexstar Media Group, Inc. - Class A		232		34,308
Pinterest, Inc. - Class A(1)		45,370		3,581,962
Playtika Holding Corp.(1)		6,316		150,573
Roku, Inc. - Class A(1)		9,564		4,392,267
Skillz, Inc. - Class A(1)		24,432		530,663
Snap, Inc. - Class A(1)		1,204,726		82,090,030
Spotify Technology SA(1)		172,004		47,402,582
Take-Two Interactive Software, Inc.(1)		1,886		333,860
TripAdvisor, Inc.(1)		5,004		201,661
Twitter, Inc.(1)		6,799		467,839
Vimeo, Inc.(1)		10,380		508,620
Walt Disney Co.(1)		1,544,006		271,389,935
World Wrestling Entertainment, Inc. - Class A		4,195		242,849
Zillow Group, Inc. - Class A(1)		4,928		603,828
Zillow Group, Inc. - Class C(1)		13,605		1,662,803
Zynga, Inc. - Class A(1)		39,449		419,343
Total Communication Services				2,063,259,481
Consumer Discretionary – 15.01%
Airbnb, Inc. - Class A(1)		271,425		41,566,024
Amazon.com, Inc.(1)		202,047		695,074,007
Aptiv Plc(1)		355,852		55,986,195
AutoZone, Inc.(1)		391		583,458
Best Buy Co., Inc.		4,773		548,800
Booking Holdings, Inc.(1)		3,451		7,551,099
Boyd Gaming Corp.(1)		1,451		89,222
Bright Horizons Family Solutions, Inc.(1)		4,023		591,824
Brunswick Corp.		826		82,286
Burlington Stores, Inc.(1)		5,187		1,670,162
Caesars Entertainment, Inc.(1)		10,276		1,066,135
CarMax, Inc.(1)		1,115		144,002
Carvana Co. - Class A(1)		124,095		37,454,353
Chegg, Inc.(1)		8,860		736,355
Chipotle Mexican Grill, Inc. - Class A(1)		2,353		3,647,950
Choice Hotels International, Inc.		2,889		343,387
Churchill Downs, Inc.		3,059		606,477
Darden Restaurants, Inc.		7,328		1,069,815
Deckers Outdoor Corp.(1)		315		120,982

	Shares		Value
Dollar General Corp.		513,753		111,171,012
Dollar Tree, Inc.(1)		726,986		72,335,107
Domino’s Pizza, Inc.		2,183		1,018,348
DoorDash, Inc. - Class A(1)		6,124		1,092,093
DR Horton, Inc.		11,401		1,030,308
DraftKings, Inc. - Class A(1)		25,200		1,314,684
eBay, Inc.		56,559		3,971,007
Etsy, Inc.(1)		10,510		2,163,378
Expedia Group, Inc.(1)		11,716		1,918,026
Five Below, Inc.(1)		4,547		878,799
Floor & Decor Holdings, Inc. - Class A(1)		8,088		854,902
Frontdoor, Inc.(1)		4,860		242,125
GameStop Corp. - Class A(1)		4,909		1,051,213
H&R Block, Inc.		10,701		251,259
Hanesbrands, Inc.		17,216		321,423
Hilton Worldwide Holdings, Inc.(1)		15,237		1,837,887
Home Depot, Inc.		360,086		114,827,825
L Brands, Inc.		11,291		813,629
Las Vegas Sands Corp.(1)		27,449		1,446,288
Leslie’s, Inc.(1)		8,012		220,250
Lowe’s Companies, Inc.		682,441		132,373,081
Lululemon Athletica, Inc.(1)		196,077		71,562,223
LVMH Moet Hennessy Louis Vuitton SE		109,520		86,154,674
Marriott International, Inc. - Class A(1)		22,581		3,082,758
Mattel, Inc.(1)		28,930		581,493
McDonald’s Corp.		676,635		156,295,919
MercadoLibre, Inc.(1)		55,582		86,585,084
NIKE, Inc. - Class B		1,685,180		260,343,458
Nordstrom, Inc.(1)		7,729		282,650
NVR, Inc.(1)		183		910,114
O’Reilly Automotive, Inc.(1)		1,746		988,603
Peloton Interactive, Inc. - Class A(1)		21,912		2,717,526
Petco Health & Wellness Co., Inc. - Class A(1)		2,118		47,464
Planet Fitness, Inc. - Class A(1)		4,160		313,040
Polaris, Inc.		3,321		454,844
Pool Corp.		3,326		1,525,503
PulteGroup, Inc.		6,326		345,210
QuantumScape Corp. - Class A(1)		6,889		201,572
RH(1)		1,424		966,896
Ross Stores, Inc.		397,308		49,266,192
Six Flags Entertainment Corp.(1)		2,451		106,079
Starbucks Corp.		862,757		96,464,860
Tapestry, Inc.(1)		2,316		100,700
Target Corp.		18,503		4,472,915
Tempur Sealy International, Inc.		15,099		591,730
Tesla, Inc.(1)		345,138		234,590,299
Thor Industries, Inc.		1,797		203,061
TJX Companies, Inc.		778,328		52,474,874
Toll Brothers, Inc.		3,775		218,233

	Shares		Value
TopBuild Corp.(1)		2,266		448,169
Tractor Supply Co.		9,807		1,824,690
Travel + Leisure Co.		4,675		277,929
Ulta Beauty, Inc.(1)		4,465		1,543,863
Vail Resorts, Inc.(1)		3,312		1,048,314
VF Corp.		17,281		1,417,733
Vroom, Inc.(1)		2,388		99,962
Wayfair, Inc. - Class A(1)		3,470		1,095,514
Wendy’s Co.		15,068		352,893
Williams-Sonoma, Inc.		4,722		753,867
Wyndham Hotels & Resorts, Inc.		4,800		346,992
Wynn Resorts Ltd.(1)		8,768		1,072,326
YETI Holdings, Inc.(1)		7,098		651,738
Yum China Holdings, Inc.		2,274		150,652
Yum! Brands, Inc.		1,910,232		219,733,987
Total Consumer Discretionary				2,642,731,780
Consumer Staples – 3.06%
Altria Group, Inc.		85,525		4,077,832
Beyond Meat, Inc.(1)		4,170		656,733
Boston Beer, Inc. - Class A(1)		740		755,392
Brown-Forman Corp. - Class A		3,295		232,297
Brown-Forman Corp. - Class B		7,549		565,722
Church & Dwight Co., Inc.		1,079		91,952
Clorox Co.		8,365		1,504,947
Coca-Cola Co.		2,449,730		132,554,890
Colgate-Palmolive Co.		36,756		2,990,101
Costco Wholesale Corp.		136,495		54,006,977
Estee Lauder Companies, Inc. - Class A		247,466		78,713,985
Freshpet, Inc.(1)		3,386		551,783
Herbalife Nutrition Ltd.(1)		1,078		56,843
Hershey Co.		10,420		1,814,956
Kellogg Co.		9,276		596,725
Kimberly-Clark Corp.		14,081		1,883,756
Lamb Weston Holdings, Inc.		3,585		289,166
Monster Beverage Corp.(1)		28,613		2,613,798
PepsiCo, Inc.		451,560		66,907,645
Pilgrim’s Pride Corp.(1)		749		16,613
Procter & Gamble Co.		814,501		109,900,620
Sysco Corp.		1,006,109		78,224,975
Total Consumer Staples				539,007,708
Energy – 0.85%
Cabot Oil & Gas Corp.		3,876		67,675
Cheniere Energy, Inc.(1)		19,432		1,685,532
Cimarex Energy Co.		1,668		120,846
ConocoPhillips		2,359,484		143,692,576
Diamondback Energy, Inc.		7,105		667,088
EOG Resources, Inc.		5,764		480,948
Halliburton Co.		3,898		90,122
Hess Corp.		1,565		136,656
New Fortress Energy, Inc. - Class A		2,198		83,260

	Shares		Value
Occidental Petroleum Corp.		8,909		278,584
Pioneer Natural Resources Co.		7,990		1,298,535
Texas Pacific Land Corp.		488		780,673
Total Energy				149,382,495
Financials – 8.01%
Alleghany Corp.(1)		108		72,044
American Express Co.		2,184,551		360,953,362
Ameriprise Financial, Inc.		5,408		1,345,943
Aon Plc - Class A		10,945		2,613,228
Apollo Global Management, Inc. - Class A		14,812		921,306
Arch Capital Group Ltd.(1)		7,708		300,149
Ares Management Corp. - Class A		10,028		637,680
Bank of America Corp.		5,791,947		238,801,975
Blackstone Group, Inc. - Class A		56,558		5,494,044
Brown & Brown, Inc.		936		49,739
Citizens Financial Group, Inc.		6,241		286,275
Commerce Bancshares, Inc.		706,401		52,669,259
Credit Acceptance Corp.(1)		61		27,701
Discover Financial Services		13,909		1,645,296
Erie Indemnity Co. - Class A		1,221		236,080
Everest Re Group Ltd.		747		188,251
FactSet Research Systems, Inc.		3,075		1,032,001
Goldman Sachs Group, Inc.		1,508		572,331
Intercontinental Exchange, Inc.		1,824,318		216,546,547
JPMorgan Chase & Co.		878,765		136,683,108
Lincoln National Corp.		2,183		137,180
LPL Financial Holdings, Inc.		6,605		891,543
Markel Corp.(1)		187		221,915
MarketAxess Holdings, Inc.		3,090		1,432,493
Marsh & McLennan Companies, Inc.		717,751		100,973,211
Moody’s Corp.		12,776		4,629,639
Morningstar, Inc.		1,523		391,578
MSCI, Inc. - Class A		389,710		207,746,607
PNC Financial Services Group, Inc.		338,119		64,499,580
RenaissanceRe Holdings Ltd.		1,466		218,170
Rocket Companies, Inc. - Class A		11,226		217,223
S&P Global, Inc.		14,159		5,811,562
Synchrony Financial		9,006		436,971
T Rowe Price Group, Inc.		6,190		1,225,434
Upstart Holdings, Inc.(1)		1,019		127,273
Western Alliance Bancorp		4,400		408,540
Total Financials				1,410,445,238
Healthcare – 15.43%
10X Genomics, Inc. - Class A(1)		6,939		1,358,795
Abbott Laboratories		1,529,249		177,285,837
AbbVie, Inc.		146,780		16,533,299
ABIOMED, Inc.(1)		3,704		1,156,055
Acceleron Pharma, Inc.(1)		3,944		494,933
Adaptive Biotechnologies Corp.(1)		8,044		328,678

	Shares		Value
Agilent Technologies, Inc.		22,630		3,344,940
agilon health, Inc.(1)		3,901		158,264
Align Technology, Inc.(1)		6,609		4,038,099
Alnylam Pharmaceuticals, Inc.(1)		9,708		1,645,700
Amedisys, Inc.(1)		2,763		676,742
Amgen, Inc.		39,295		9,578,156
Avantor, Inc.(1)		48,113		1,708,493
Bio-Techne Corp.		3,011		1,355,733
Boston Scientific Corp.(1)		1,553,188		66,414,319
Bruker Corp.		8,489		644,994
Cardinal Health, Inc.		14,247		813,361
Catalent, Inc.(1)		3,167		342,416
Certara, Inc.(1)		1,841		52,156
Charles River Laboratories International, Inc.(1)		3,874		1,433,070
Chemed Corp.		341		161,804
CureVac NV(1)		4,407		323,826
Danaher Corp.		1,305,747		350,410,265
DaVita, Inc.(1)		4,082		491,595
DexCom, Inc.(1)		7,779		3,321,633
Edwards Lifesciences Corp.(1)		52,277		5,414,329
Eli Lilly & Co.		322,116		73,932,064
Encompass Health Corp.		4,640		362,059
Exact Sciences Corp.(1)		13,105		1,629,083
Exelixis, Inc.(1)		21,983		400,530
Guardant Health, Inc.(1)		7,451		925,340
HCA Healthcare, Inc.		21,613		4,468,272
Horizon Therapeutics Plc(1)		3,388		317,252
Humana, Inc.		158,105		69,996,246
IDEXX Laboratories, Inc.(1)		7,088		4,476,426
Illumina, Inc.(1)		313,354		148,282,246
Incyte Corp.(1)		13,122		1,103,954
Insulet Corp.(1)		5,566		1,527,923
Intuitive Surgical, Inc.(1)		189,861		174,603,770
Ionis Pharmaceuticals, Inc.(1)		10,717		427,501
Iovance Biotherapeutics, Inc.(1)		3,662		95,285
IQVIA Holdings, Inc.(1)		298,287		72,280,906
Johnson & Johnson		1,526,089		251,407,902
Laboratory Corp. of America Holdings(1)		152,822		42,155,949
Maravai LifeSciences Holdings, Inc. - Class A(1)		280,541		11,706,976
Masimo Corp.(1)		3,010		729,774
McKesson Corp.		1,906		364,503
Medtronic Plc		1,729,076		214,630,204
Mettler-Toledo International, Inc.(1)		1,905		2,639,073
Mirati Therapeutics, Inc.(1)		2,716		438,715
Moderna, Inc.(1)		28,103		6,603,643
Molina Healthcare, Inc.(1)		728		184,228
Natera, Inc.(1)		6,051		686,970
Neurocrine Biosciences, Inc.(1)		7,800		759,096
Novavax, Inc.(1)		6,128		1,301,036
Novocure Ltd.(1)		8,535		1,893,234

	Shares		Value
Oak Street Health, Inc.(1)		7,776		455,440
Penumbra, Inc.(1)		2,790		764,627
PPD, Inc.(1)		5,436		250,545
Regeneron Pharmaceuticals, Inc.(1)		330,972		184,861,101
Repligen Corp.(1)		4,610		920,248
ResMed, Inc.		10,748		2,649,597
Royalty Pharma Plc - Class A		15,976		654,856
Sarepta Therapeutics, Inc.(1)		6,525		507,253
Sartorius Stedim Biotech		36,505		17,277,467
Seagen, Inc.(1)		10,662		1,683,317
Sotera Health Co.(1)		6,501		157,519
STERIS Plc		1,457		300,579
Stryker Corp.		12,367		3,212,081
Syneos Health, Inc. - Class A(1)		612		54,768
Tandem Diabetes Care, Inc.(1)		4,622		450,183
Teleflex, Inc.		687		276,030
Thermo Fisher Scientific, Inc.		568,769		286,926,897
Ultragenyx Pharmaceutical, Inc.(1)		3,978		379,302
UnitedHealth Group, Inc.		910,189		364,476,083
Veeva Systems, Inc. - Class A(1)		11,449		3,560,067
Vertex Pharmaceuticals, Inc.(1)		8,608		1,735,631
Waters Corp.(1)		4,719		1,630,934
West Pharmaceutical Services, Inc.		6,246		2,242,939
Zai Lab Ltd. - ADR(1)		108,850		19,265,362
Zoetis, Inc. - Class A		442,042		82,378,947
Total Healthcare				2,716,889,425
Industrials – 6.10%
3M Co.		7,015		1,393,389
Advanced Drainage Systems, Inc.		4,668		544,149
AGCO Corp.		507		66,103
Allegion Plc		5,669		789,692
Allison Transmission Holdings, Inc.		6,671		265,106
Armstrong World Industries, Inc.		1,611		172,796
Axon Enterprise, Inc.(1)		5,391		953,129
AZEK Co., Inc. - Class A(1)		4,974		211,196
Booz Allen Hamilton Holding Corp. - Class A		11,307		963,130
BWX Technologies, Inc.		4,939		287,055
Carlisle Companies, Inc.		1,632		312,332
Carrier Global Corp.		33,780		1,641,708
Caterpillar, Inc.		261,932		57,004,261
CH Robinson Worldwide, Inc.		1,902		178,160
Cintas Corp.		6,932		2,648,024
Copart, Inc.(1)		17,275		2,277,363
CoStar Group, Inc.(1)		25,230		2,089,549
Deere & Co.		23,420		8,260,468
Delta Air Lines, Inc.(1)		53,043		2,294,640
Donaldson Co., Inc.		1,195		75,918
Equifax, Inc.		3,841		919,958
Expeditors International of Washington, Inc.		10,180		1,288,788

	Shares		Value
Fastenal Co.		42,244		2,196,688
FedEx Corp.		229,656		68,513,274
Fortune Brands Home & Security, Inc.		2,923		291,160
Generac Holdings, Inc.(1)		5,090		2,113,113
Graco, Inc.		8,651		654,881
HEICO Corp.		1,197		166,886
HEICO Corp. - Class A		2,101		260,902
Honeywell International, Inc.		901,376		197,716,826
Howmet Aerospace, Inc.(1)		2,406		82,935
IAA, Inc.(1)		11,190		610,303
IHS Markit Ltd.		1,692,453		190,671,755
Illinois Tool Works, Inc.		23,437		5,239,576
JB Hunt Transport Services, Inc.		6,195		1,009,475
Kansas City Southern		2,008		569,007
Landstar System, Inc.		2,669		421,755
Lincoln Electric Holdings, Inc.		4,763		627,335
Lockheed Martin Corp.		17,983		6,803,868
Lyft, Inc. - Class A(1)		23,271		1,407,430
Middleby Corp.(1)		1,376		238,406
MSA Safety, Inc.		738		122,198
Nordson Corp.		824		180,876
Norfolk Southern Corp.		385,942		102,432,866
Northrop Grumman Corp.		1,091		396,502
Old Dominion Freight Line, Inc.		7,814		1,983,193
Parker-Hannifin Corp.		1,772		544,199
Plug Power, Inc.(1)		41,531		1,419,945
Robert Half International, Inc.		7,993		711,137
Rockwell Automation, Inc.		5,849		1,672,931
Rollins, Inc.		16,461		562,966
Safran SA		258,404		35,862,065
SiteOne Landscape Supply, Inc.(1)		1,905		322,440
Spirit AeroSystems Holdings, Inc. - Class A		2,537		119,721
Toro Co.		8,312		913,323
Trane Technologies Plc		9,648		1,776,583
TransDigm Group, Inc.(1)		1,236		800,050
TransUnion		10,849		1,191,329
Trex Co., Inc.(1)		9,665		987,860
Uber Technologies, Inc.(1)		1,411,981		70,768,488
Union Pacific Corp.		797,885		175,478,848
United Parcel Service, Inc. - Class B		60,126		12,504,404
United Rentals, Inc.(1)		2,083		664,498
Verisk Analytics, Inc. - Class A		8,392		1,466,250
Vertiv Holdings Co. - Class A		23,331		636,936
Virgin Galactic Holdings, Inc.(1)		10,963		504,298
Waste Management, Inc.		655,702		91,870,407
WW Grainger, Inc.		3,201		1,402,038
XPO Logistics, Inc.(1)		6,555		916,979
Xylem, Inc.		9,790		1,174,408
Total Industrials				1,073,620,227

	Shares		Value
Information Technology – 34.48%
Accenture Plc - Class A		264,516		77,976,672
Adobe, Inc.(1)		344,734		201,890,020
Advanced Micro Devices, Inc.(1)		100,546		9,444,286
Adyen NV(1)(2)		39,146		95,998,952
Affirm Holdings, Inc. - Class A(1)		435,631		29,339,748
Allegro MicroSystems, Inc.(1)		1,023		28,337
Alteryx, Inc. - Class A(1)		4,661		400,939
Amphenol Corp. - Class A		1,052,018		71,968,551
Analog Devices, Inc.		706,344		121,604,183
Anaplan, Inc.(1)		11,420		608,686
ANSYS, Inc.(1)		3,007		1,043,609
Apple, Inc.		3,830,950		524,686,912
Applied Materials, Inc.		312,223		44,460,555
Arista Networks, Inc.(1)		4,468		1,618,801
Aspen Technology, Inc.(1)		5,203		715,621
Atlassian Corp. Plc - Class A(1)		171,554		44,065,360
Autodesk, Inc.(1)		730,899		213,349,418
Automatic Data Processing, Inc.		32,505		6,456,143
Avalara, Inc.(1)		7,030		1,137,454
Bentley Systems, Inc. - Class B		11,187		724,694
Bill.com Holdings, Inc.(1)		6,300		1,154,034
Broadcom, Inc.		33,165		15,814,399
Broadridge Financial Solutions, Inc.		9,645		1,557,957
Brooks Automation, Inc.		5,004		476,781
C3.ai, Inc. - Class A(1)		1,089		68,095
Cadence Design Systems, Inc.(1)		23,342		3,193,652
CDK Global, Inc.		1,413		70,212
CDW Corp.		202,183		35,311,261
Cisco Systems, Inc.		2,556,379		135,488,087
Citrix Systems, Inc.		3,659		429,091
Cloudflare, Inc. - Class A(1)		19,669		2,081,767
Cognex Corp.		14,042		1,180,230
Coherent, Inc.(1)		1,692		447,263
CommScope Holding Co., Inc.(1)		16,651		354,833
Corning, Inc.		21,348		873,133
Coupa Software, Inc.(1)		5,930		1,554,312
Crowdstrike Holdings, Inc. - Class A(1)		248,873		62,544,274
Datadog, Inc. - Class A(1)		18,808		1,957,537
Dell Technologies, Inc. - Class C(1)		11,089		1,105,241
DocuSign, Inc. - Class A(1)		15,832		4,426,152
Dropbox, Inc. - Class A(1)		25,292		766,601
Duck Creek Technologies, Inc.(1)		5,076		220,857
Dynatrace, Inc.(1)		15,767		921,108
Elastic NV(1)		5,604		816,839
Enphase Energy, Inc.(1)		10,945		2,009,830
Entegris, Inc.		10,617		1,305,572
EPAM Systems, Inc.(1)		4,493		2,295,743
Euronet Worldwide, Inc.(1)		2,974		402,531
Everbridge, Inc.(1)		2,863		389,597

	Shares		Value
Fair Isaac Corp.(1)		2,360		1,186,325
Fidelity National Information Services, Inc.		421,164		59,666,304
FireEye, Inc.(1)		4,526		91,516
Fiserv, Inc.(1)		3,378		361,074
Five9, Inc.(1)		5,283		968,849
FleetCor Technologies, Inc.(1)		743,936		190,492,252
Fortinet, Inc.(1)		11,170		2,660,582
Gartner, Inc.(1)		7,265		1,759,583
Genpact Ltd.		760		34,527
Globant SA(1)		3,181		697,212
GoDaddy, Inc. - Class A(1)		1,421		123,570
HP, Inc.		35,928		1,084,666
HubSpot, Inc.(1)		3,698		2,154,899
Intuit, Inc.		451,893		221,504,392
IPG Photonics Corp.(1)		119		25,082
Jabil, Inc.		9,527		553,709
Jack Henry & Associates, Inc.		1,599		261,452
Jamf Holding Corp.(1)		2,028		68,080
Keysight Technologies, Inc.(1)		6,755		1,043,040
KLA Corp.		13,144		4,261,416
Lam Research Corp.		11,833		7,699,733
Manhattan Associates, Inc.(1)		2,799		405,407
Mastercard, Inc. - Class A		276,107		100,803,905
Maxim Integrated Products, Inc.		21,040		2,216,774
McAfee Corp. - Class A		1,566		43,879
Medallia, Inc.(1)		7,484		252,585
Microchip Technology, Inc.		17,443		2,611,915
Micron Technology, Inc.(1)		12,844		1,091,483
Microsoft Corp.		4,024,282		1,090,177,994
MKS Instruments, Inc.		3,871		688,844
MongoDB, Inc. - Class A(1)		4,337		1,567,912
Monolithic Power Systems, Inc.		3,727		1,391,848
nCino, Inc.(1)		3,226		193,302
NCR Corp.(1)		3,595		163,968
NetApp, Inc.		12,244		1,001,804
New Relic, Inc.(1)		4,602		308,196
NortonLifeLock, Inc.		12,087		329,008
Nuance Communications, Inc.(1)		8,984		489,089
Nutanix, Inc. - Class A(1)		16,286		622,451
NVIDIA Corp.		241,038		192,854,504
NXP Semiconductors NV		7,027		1,445,594
Okta, Inc. - Class A(1)		77,780		19,031,210
ON Semiconductor Corp.(1)		19,009		727,665
Oracle Corp.		134,788		10,491,898
Palantir Technologies, Inc. - Class A(1)		134,832		3,554,172
Palo Alto Networks, Inc.(1)		91,885		34,093,929
Paychex, Inc.		23,312		2,501,378
Paycom Software, Inc.(1)		4,150		1,508,400
Paylocity Holding Corp.(1)		3,271		624,107
PayPal Holdings, Inc.(1)		1,253,141		365,265,539

	Shares		Value
Pegasystems, Inc.		3,056		425,365
Proofpoint, Inc.(1)		4,775		829,704
PTC, Inc.(1)		8,806		1,243,936
Pure Storage, Inc. - Class A(1)		20,702		404,310
QUALCOMM, Inc.		93,718		13,395,114
RingCentral, Inc. - Class A(1)		594,091		172,630,963
Sabre Corp.(1)		26,330		328,598
Salesforce.com, Inc.(1)		1,619,058		395,487,298
ServiceNow, Inc.(1)		16,492		9,063,179
Shift4 Payments, Inc. - Class A(1)		3,562		333,831
Shopify, Inc. - Class A(1)		119,404		174,446,856
Skyworks Solutions, Inc.		6,461		1,238,897
Slack Technologies, Inc. - Class A(1)		41,814		1,852,360
Smartsheet, Inc. - Class A(1)		9,299		672,504
Snowflake, Inc. - Class A(1)		90,673		21,924,731
Splunk, Inc.(1)		13,765		1,990,144
Square, Inc. - Class A(1)		300,721		73,315,780
StoneCo Ltd. - Class A(1)		16,971		1,138,075
Switch, Inc. - Class A		6,316		133,331
Synopsys, Inc.(1)		7,985		2,202,183
Teradata Corp.(1)		7,242		361,883
Teradyne, Inc.		13,919		1,864,589
Texas Instruments, Inc.		622,521		119,710,788
Trade Desk, Inc. - Class A(1)		639,090		49,440,002
Twilio, Inc. - Class A(1)		118,043		46,527,829
Tyler Technologies, Inc.(1)		2,893		1,308,706
Ubiquiti, Inc.		582		181,695
Unity Software, Inc.(1)		12,211		1,341,134
Universal Display Corp.		3,612		803,056
Visa, Inc. - Class A		2,589,923		605,575,796
VMware, Inc. - Class A(1)		2,475		395,926
Vontier Corp.		7,589		247,250
Western Union Co.		7,233		166,142
WEX, Inc.(1)		2,487		482,229
Wix.com Ltd.(1)		4,424		1,284,199
Workday, Inc. - Class A(1)		1,181,534		282,079,427
Xilinx, Inc.		20,837		3,013,864
Zebra Technologies Corp. - Class A(1)		4,418		2,339,287
Zendesk, Inc.(1)		9,854		1,422,326
Zoom Video Communications, Inc. - Class A(1)		47,979		18,569,312
Zscaler, Inc.(1)		6,102		1,318,398
Total Information Technology				6,071,383,950
Materials – 2.06%
Avery Dennison Corp.		215,876		45,385,770
Axalta Coating Systems Ltd.(1)		3,066		93,482
Ball Corp.		2,281,183		184,821,447
Celanese Corp. - Class A		3,403		515,895
Chemours Co.		7,032		244,714
Crown Holdings, Inc.		1,220		124,696

	Shares		Value
Dow, Inc.		4,470		282,862
Ecolab, Inc.		18,208		3,750,302
FMC Corp.		2,705		292,681
Freeport-McMoRan, Inc.		35,599		1,321,079
Graphic Packaging Holding Co.		5,537		100,441
Linde Plc		398,588		115,231,791
LyondellBasell Industries NV - Class A		2,683		276,000
PPG Industries, Inc.		8,292		1,407,733
RPM International, Inc.		6,186		548,574
Scotts Miracle-Gro Co.		3,221		618,174
Sealed Air Corp.		6,829		404,618
Sherwin-Williams Co.		20,256		5,518,747
Southern Copper Corp.		6,371		409,783
Steel Dynamics, Inc.		3,113		185,535
WR Grace & Co.		4,667		322,583
Total Materials				361,856,907
Real Estate – 1.80%
American Tower Corp.		37,494		10,128,629
Brookfield Property REIT, Inc. - Class A		2,966		56,028
CBRE Group, Inc. - Class A(1)		1,469		125,937
CoreSite Realty Corp.		2,762		371,765
Crown Castle International Corp.		35,786		6,981,849
Equinix, Inc.		218,659		175,495,713
Equity LifeStyle Properties, Inc.		7,613		565,722
Extra Space Storage, Inc.		969		158,742
Iron Mountain, Inc.		16,736		708,267
Lamar Advertising Co. - Class A		6,248		652,416
Opendoor Technologies, Inc.(1)		5,782		102,515
Prologis, Inc.		966,700		115,549,651
Public Storage		9,562		2,875,198
SBA Communications Corp. - Class A		1,501		478,369
Simon Property Group, Inc.		23,527		3,069,803
Total Real Estate				317,320,604
Utilities – 0.00%(3)
Brookfield Renewable Corp. - Class A		2,659		111,518
NRG Energy, Inc.		9,165		369,350
Total Utilities				480,868
Total Common Stocks (Cost: $10,433,540,993)				17,346,378,683
SHORT-TERM INVESTMENTS – 1.36%
Money Market Funds – 1.29%
Goldman Sachs Financial Square Government Fund - Class I, 0.03%(4)		226,383,268		226,383,268
Total Money Market Funds (Cost: $226,383,268)				226,383,268
	Principal Amount		Value
Time Deposits – 0.07%
Citibank, New York, 0.01% due 07/01/2021	$	2,299,000		2,299,000
National Australia Bank, London, 0.01% due 07/01/2021		9,973,840		9,973,840
Total Time Deposits (Cost: $12,272,840)				12,272,840
Total Short-Term Investments (Cost: $238,656,108)				238,656,108
TOTAL INVESTMENTS IN SECURITIES – 99.88% (Cost: $10,672,197,101)				17,585,034,791
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.12%				20,711,911
TOTAL NET ASSETS – 100.00%			$	17,605,746,702

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

(1) Non-income producing security.

(2) Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of the security totals $95,998,952, which represents 0.55% of total net assets.

(3) Amount calculated is less than 0.005%.

(4) Represents annualized seven-day yield as of the close of the reporting period.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty	Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
35	NASDAQ 100 E-mini Future	Morgan Stanley		Sep. 2021	$	9,857,234	$	10,184,300	$	327,066
9	S&P 500 E-mini Future	Morgan Stanley		Sep. 2021		1,904,945		1,929,825		24,880
									$	351,946

Bridge Builder Large Cap Value Fund

Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.03%
Communication Services – 6.45%
Activision Blizzard, Inc.		32,486	$	3,100,464
Alphabet, Inc. - Class A(1)		1,753		4,280,458
Alphabet, Inc. - Class C(1)		95,863		240,263,354
Altice USA, Inc. - Class A(1)		1,985,955		67,800,504
AT&T, Inc.		1,481,940		42,650,233
Cable One, Inc.		103		197,019
Charter Communications, Inc. - Class A(1)		283		204,170
Comcast Corp. - Class A		6,186,827		352,772,876
Discovery, Inc. - Class A(1)		6,935		212,766
Discovery, Inc. - Class C(1)		12,860		372,683
DISH Network Corp. - Class A(1)		10,209		426,736
Electronic Arts, Inc.		466,059		67,033,266
Facebook, Inc. - Class A(1)		215,178		74,819,542
Fox Corp. - Class A		221,866		8,237,885
Fox Corp. - Class B		591,871		20,833,859
IAC/InterActiveCorp(1)		3,105		478,698
Interpublic Group of Companies, Inc.		17,267		561,005
Liberty Broadband Corp. - Class A(1)		989		166,320
Liberty Broadband Corp. - Class C(1)		6,501		1,128,964
Liberty Media Corp.-Liberty Formula One - Class A(1)		893		38,069
Liberty Media Corp.-Liberty Formula One - Class C(1)		8,947		431,335
Liberty Media Corp.-Liberty SiriusXM - Class A(1)		3,152		146,820
Liberty Media Corp.-Liberty SiriusXM - Class C(1)		6,604		306,360
Live Nation Entertainment, Inc.(1)		3,365		294,740
Lumen Technologies, Inc.		486,059		6,605,542
Madison Square Garden Sports Corp. - Class A(1)		472		81,453
New York Times Co. - Class A		6,914		301,105
News Corp. - Class A		1,470,587		37,897,027
News Corp. - Class B		4,934		120,143
Nexstar Media Group, Inc. - Class A		44,504		6,581,252
Omnicom Group, Inc.		9,167		733,268
Sirius XM Holdings, Inc.		36,610		239,429
Take-Two Interactive Software, Inc.(1)		3,716		657,806
TEGNA, Inc.		274,622		5,151,909
T-Mobile US, Inc.(1)		511,151		74,029,999
TripAdvisor, Inc.(1)		1,547		62,344
Twitter, Inc.(1)		29,361		2,020,330
Verizon Communications, Inc.		874,045		48,972,741
ViacomCBS, Inc. - Class A		401		19,429
ViacomCBS, Inc. - Class B		279,406		12,629,151
Vimeo, Inc.(1)		407		19,943
Walt Disney Co.(1)		219,238		38,535,463
World Wrestling Entertainment, Inc. - Class A		275		15,920
Zynga, Inc. - Class A(1)		21,261		226,004
Total Communication Services				1,121,658,384
Consumer Discretionary – 9.92%
Advance Auto Parts, Inc.		344,181		70,605,290
Aptiv Plc(1)		9,341		1,469,620

	Shares		Value
Aramark		1,159,481		43,190,667
AutoNation, Inc.(1)		821,130		77,851,335
AutoZone, Inc.(1)		743		1,108,719
Best Buy Co., Inc.		55,922		6,429,912
Booking Holdings, Inc.(1)		54,653		119,585,683
BorgWarner, Inc.		153,543		7,452,977
Boyd Gaming Corp.(1)		2,624		161,350
Bright Horizons Family Solutions, Inc.(1)		498		73,261
Brunswick Corp.		2,756		274,553
Burlington Stores, Inc.(1)		156		50,230
Caesars Entertainment, Inc.(1)		3,070		318,512
Capri Holdings Ltd.(1)		5,957		340,681
CarMax, Inc.(1)		6,299		813,516
Carnival Corp.(1)		36,006		949,118
Carter’s, Inc.		1,703		175,699
Chegg, Inc.(1)		1,355		112,614
Cie Generale des Etablissements Michelin SCA		366,176		58,439,991
Columbia Sportswear Co.		1,521		149,606
Compass Group Plc(1)		5,182,900		109,192,894
Darden Restaurants, Inc.		1,696		247,599
Deckers Outdoor Corp.(1)		1,079		414,412
Dick’s Sporting Goods, Inc.		94,672		9,485,188
Dollar General Corp.		5,780		1,250,734
Dollar Tree, Inc.(1)		9,414		936,693
Domino’s Pizza, Inc.		503		234,644
DoorDash, Inc. - Class A(1)		409		72,937
DR Horton, Inc.		8,470		765,434
eBay, Inc.		197,400		13,859,454
Foot Locker, Inc.		129,263		7,966,479
Ford Motor Co.(1)		164,507		2,444,574
Frontdoor, Inc.(1)		1,104		55,001
Gap, Inc.		8,176		275,122
Garmin Ltd.		6,507		941,172
General Motors Co.(1)		417,684		24,714,362
Gentex Corp.		9,797		324,183
Genuine Parts Co.		6,119		773,870
Grand Canyon Education, Inc.(1)		1,898		170,763

	Shares		Value
H&R Block, Inc.		1,378		32,355
Hanesbrands, Inc.		452,250		8,443,507
Harley-Davidson, Inc.		180,473		8,269,273
Hasbro, Inc.		5,614		530,635
Hayward Holdings, Inc.(1)		1,558		40,539
Hilton Worldwide Holdings, Inc.(1)		3,980		480,068
Home Depot, Inc.		271,234		86,493,810
Hyatt Hotels Corp. - Class A(1)		1,643		127,563
Kohl’s Corp.		512,764		28,258,424
L Brands, Inc.		4,052		291,987
Las Vegas Sands Corp.(1)		1,576,181		83,048,977
La-Z-Boy, Inc.		116,724		4,323,457
Lear Corp.		41,687		7,306,897
Leggett & Platt, Inc.		6,095		315,782
Lennar Corp. - Class A		511,677		50,835,110
Lennar Corp. - Class B		561		45,693
Leslie’s, Inc.(1)		505		13,882
Lithia Motors, Inc. - Class A		1,068		367,008
LKQ Corp.(1)		12,196		600,287
Lowe’s Companies, Inc.		211,655		41,054,720
Marriott International, Inc. - Class A(1)		598,175		81,662,851
Marriott Vacations Worldwide Corp.(1)		427,840		68,154,912
Mattel, Inc.(1)		977,067		19,639,047
McDonald’s Corp.		620,235		143,268,083
MGM Resorts International		1,767,784		75,395,988
Mohawk Industries, Inc.(1)		2,298		441,653
Murphy USA, Inc.		940		125,368
Newell Brands, Inc.		356,583		9,795,335
NIKE, Inc. - Class B		731,533		113,014,533
Nordstrom, Inc.(1)		90,105		3,295,140
Norwegian Cruise Line Holdings Ltd.(1)		15,118		444,620
NVR, Inc.(1)		45		223,799
Ollie’s Bargain Outlet Holdings, Inc.(1)		2,650		222,945
O’Reilly Automotive, Inc.(1)		2,068		1,170,922
Penn National Gaming, Inc.(1)		5,942		454,504
Penske Automotive Group, Inc.		92,422		6,976,937
Petco Health & Wellness Co., Inc. - Class A(1)		2,840		63,644
Planet Fitness, Inc. - Class A(1)		1,056		79,464

	Shares		Value
Polaris, Inc.		717		98,200
PulteGroup, Inc.		165,521		9,032,481
PVH Corp.(1)		2,933		315,561
QuantumScape Corp. - Class A(1)		1,351		39,530
Qurate Retail, Inc.		14,984		196,141
Ralph Lauren Corp. - Class A		493,592		58,150,074
Royal Caribbean Cruises Ltd.(1)		9,331		795,748
SeaWorld Entertainment, Inc.(1)		1,489,101		74,365,704
Service Corp. International		6,645		356,106
Six Flags Entertainment Corp.(1)		1,933		83,660
Skechers USA, Inc. - Class A(1)		4,751		236,742
Sleep Number Corp.(1)		72,800		8,004,360
Tapestry, Inc.(1)		10,204		443,670
Target Corp.		66,419		16,056,129
Terminix Global Holdings, Inc.(1)		5,305		253,102
Thor Industries, Inc.		1,282		144,866
TJX Companies, Inc.		1,944,029		131,066,435
Toll Brothers, Inc.		2,715		156,954
TopBuild Corp.(1)		230		45,489
Travel + Leisure Co.		1,153		68,546
Under Armour, Inc. - Class A(1)		7,413		156,785
Under Armour, Inc. - Class C(1)		8,117		150,733
VF Corp.		4,697		385,342
Vroom, Inc.(1)		3,507		146,803
Wayfair, Inc. - Class A(1)		1,362		429,997
Whirlpool Corp.		57,671		12,573,431
Williams-Sonoma, Inc.		730		116,545
Wyndham Hotels & Resorts, Inc.		1,374		99,326
Yum China Holdings, Inc.		15,767		1,044,564
Yum! Brands, Inc.		11,669		1,342,285
Total Consumer Discretionary				1,725,343,877
Consumer Staples – 7.71%
Albertsons Companies, Inc. - Class A		6,306		123,976
Altria Group, Inc.		2,335,596		111,361,217
Archer-Daniels-Midland Co.		23,606		1,430,524
Beyond Meat, Inc.(1)		286		45,042
Brown-Forman Corp. - Class A		932		65,706
Brown-Forman Corp. - Class B		3,755		281,400

	Shares		Value
Bunge Ltd.		170,193		13,300,583
Campbell Soup Co.		7,927		361,392
Casey’s General Stores, Inc.		1,526		297,021
Church & Dwight Co., Inc.		9,981		850,581
Clorox Co.		961		172,893
Coca-Cola Co.		2,589,644		140,125,637
Coca-Cola European Partners Plc		1,178,125		69,886,375
Colgate-Palmolive Co.		1,432,417		116,527,123
Conagra Brands, Inc.		1,271,709		46,264,773
Constellation Brands, Inc. - Class A		6,841		1,600,041
Costco Wholesale Corp.		206,935		81,877,971
Coty, Inc. - Class A(1)		12,140		113,388
Darling Ingredients, Inc.(1)		6,216		419,580
Diageo Plc - ADR		526,185		100,864,403
Edgewell Personal Care Co.		115,316		5,062,372
Flowers Foods, Inc.		7,584		183,533
General Mills, Inc.		153,540		9,355,192
Grocery Outlet Holding Corp.(1)		3,549		123,008
Hain Celestial Group, Inc.(1)		3,324		133,359
Herbalife Nutrition Ltd.(1)		3,642		192,043
Hershey Co.		844		147,008
Hormel Foods Corp.		11,564		552,181
Ingredion, Inc.		71,029		6,428,124
J.M. Smucker Co.		88,505		11,467,593
Kellogg Co.		5,687		365,845
Keurig Dr Pepper, Inc.		29,718		1,047,262
Kimberly-Clark Corp.		277,960		37,185,489
Kraft Heinz Co.		424,960		17,329,869
Kroger Co.		465,861		17,847,135
Lamb Weston Holdings, Inc.		4,175		336,755
McCormick & Co., Inc.		10,711		945,995
Molson Coors Beverage Co. - Class B(1)		140,236		7,529,271
Mondelez International, Inc. - Class A		87,051		5,435,464
Monster Beverage Corp.(1)		1,087		99,297
PepsiCo, Inc.		581,477		86,157,447
Philip Morris International, Inc.		1,676,899		166,197,460
Pilgrim’s Pride Corp.(1)		139,883		3,102,605
Post Holdings, Inc.(1)		2,798		303,499

	Shares		Value
Procter & Gamble Co.		889,320		119,995,948
Reynolds Consumer Products, Inc.		2,268		68,834
Seaboard Corp.		9		34,819
Spectrum Brands Holdings, Inc.		1,696		144,228
Sprouts Farmers Market, Inc.(1)		295,300		7,338,205
Swedish Match AB		2,346,020		20,007,154
Swedish Match AB - ADR		3,866,910		32,907,404
Tyson Foods, Inc. - Class A		817,177		60,274,976
US Foods Holding Corp.(1)		8,831		338,757
Walgreens Boots Alliance, Inc.		297,889		15,671,940
Walmart, Inc.		148,441		20,933,150
Total Consumer Staples				1,341,212,847
Energy – 3.88%
Antero Midstream Corp.		13,578		141,075
APA Corp.		15,617		337,796
Baker Hughes Co. - Class A		31,568		721,960
Cabot Oil & Gas Corp.		14,050		245,313
Chevron Corp.		143,663		15,047,263
Cimarex Energy Co.		3,267		236,694
ConocoPhillips		126,686		7,715,177
Continental Resources, Inc.		2,369		90,093
Devon Energy Corp.		28,702		837,811
Diamondback Energy, Inc.		3,860		362,415
EOG Resources, Inc.		1,473,506		122,949,341
EQT Corp.(1)		11,154		248,288
Exxon Mobil Corp.		632,597		39,904,219
Halliburton Co.		580,783		13,427,703
Hess Corp.		1,163,457		101,593,065
HollyFrontier Corp.		128,846		4,239,033
Kinder Morgan, Inc.		441,130		8,041,800
Marathon Oil Corp.		33,982		462,835
Marathon Petroleum Corp.		192,726		11,644,505
NOV, Inc.(1)		15,671		240,080
Occidental Petroleum Corp.		244,210		7,636,447
ONEOK, Inc.		18,752		1,043,361
Phillips 66		897,290		77,005,428
Pioneer Natural Resources Co.		423,557		68,836,484
Schlumberger Ltd.		2,759,153		88,320,488

	Shares		Value
Targa Resources Corp.		209,074		9,293,339
TC Energy Corp.		467,490		23,150,105
TotalEnergies SE - ADR		220,925		9,999,065
TotalEnergies SE		1,120,887		50,778,196
Valero Energy Corp.		121,154		9,459,704
Williams Companies, Inc.		51,418		1,365,148
Total Energy				675,374,231
Financials – 19.25%
Affiliated Managers Group, Inc.		36,407		5,614,323
Aflac, Inc.		236,928		12,713,556
AGNC Investment Corp.		20,882		352,697
Alleghany Corp.(1)		488		325,530
Allstate Corp.		103,663		13,521,802
Ally Financial, Inc.		15,049		750,042
American Express Co.		1,240,616		204,986,982
American Financial Group, Inc.		83,917		10,466,128
American International Group, Inc.		2,660,837		126,655,841
Ameriprise Financial, Inc.		81,684		20,329,514
Annaly Capital Management, Inc.		566,710		5,032,385
Aon Plc - Class A		3,739		892,724
Arch Capital Group Ltd.(1)		2,446,164		95,253,626
Ares Management Corp. - Class A		676		42,987
Arthur J. Gallagher & Co.		8,560		1,199,085
Assurant, Inc.		2,418		377,643
Assured Guaranty Ltd.		2,999		142,393
Athene Holding Ltd. - Class A(1)		4,757		321,098
Axis Capital Holdings Ltd.		599,051		29,359,490
Bank of America Corp.		1,040,105		42,883,529
Bank of Hawaii Corp.		1,648		138,795
Bank of New York Mellon Corp.		584,445		29,941,117
Bank OZK		4,955		208,903
Berkshire Hathaway, Inc. - Class B(1)		393,767		109,435,725
BlackRock, Inc. - Class A		5,995		5,245,445
Blackstone Group, Inc. - Class A		737,327		71,623,945
BOK Financial Corp.		1,286		111,368
Brighthouse Financial, Inc.(1)		3,513		159,982
Brown & Brown, Inc.		9,638		512,163
Capital One Financial Corp.		144,924		22,418,294

	Shares		Value
Carlyle Group, Inc.		7,404		344,138
CBOE Global Markets, Inc.		4,320		514,296
Charles Schwab Corp.		271,509		19,768,570
Chubb Ltd.		1,165,894		185,307,192
Cincinnati Financial Corp.		6,028		702,985
Citigroup, Inc.		984,674		69,665,685
Citizens Financial Group, Inc.		666,205		30,558,823
CME Group, Inc. - Class A		376,362		80,044,670
CNA Financial Corp.		139,317		6,337,530
Comerica, Inc.		5,722		408,207
Commerce Bancshares, Inc.		4,365		325,454
Credit Acceptance Corp.(1)		338		153,489
Cullen/Frost Bankers, Inc.		2,415		270,480
Discover Financial Services		686,207		81,171,426
East West Bancorp, Inc.		5,793		415,300
Equitable Holdings, Inc.		1,103,691		33,607,391
Erie Indemnity Co. - Class A		314		60,712
Essent Group Ltd.		99,290		4,463,086
Evercore, Inc. - Class A		1,643		231,285
Everest Re Group Ltd.		33,195		8,365,472
FactSet Research Systems, Inc.		214		71,821
Fidelity National Financial, Inc.		952,753		41,406,645
Fifth Third Bancorp		1,571,104		60,063,306
First American Financial Corp.		4,238		264,239
First Citizens BancShares, Inc. - Class A		242		201,523
First Hawaiian, Inc.		5,134		145,498
First Horizon Corp.		283,623		4,901,005
First Republic Bank		7,176		1,343,132
FNB Corp.		517,600		6,382,008
Franklin Resources, Inc.		274,425		8,778,856
Globe Life, Inc.		4,433		422,243
GoHealth, Inc. - Class A(1)		151		1,693
Goldman Sachs Group, Inc.		634,350		240,754,856
Hanover Insurance Group, Inc.		1,475		200,069
Hartford Financial Services Group, Inc.		357,026		22,124,901
Huntington Bancshares, Inc.		1,681,765		23,998,787
Interactive Brokers Group, Inc. - Class A		3,368		221,379
Intercontinental Exchange, Inc.		23,361		2,772,951

	Shares		Value
Invesco Ltd.		13,549		362,165
Janus Henderson Group Plc		3,305		128,267
Jefferies Financial Group, Inc.		2,959,092		101,200,946
JPMorgan Chase & Co.		784,330		121,994,688
Kemper Corp.		2,453		181,277
KeyCorp		636,538		13,144,510
KKR & Co., Inc. - Class Miscella		23,263		1,378,100
Lazard Ltd. - Class A		4,793		216,883
Lemonade, Inc.(1)		1,491		163,130
Lincoln National Corp.		148,062		9,304,216
Loews Corp.		860,051		47,001,787
M&T Bank Corp.		5,159		749,654
Markel Corp.(1)		457		542,326
Marsh & McLennan Companies, Inc.		853,150		120,021,142
Mercury General Corp.		955		62,027
MetLife, Inc.		1,208,582		72,333,633
MGIC Investment Corp.		13,296		180,826
Moody’s Corp.		343		124,293
Morgan Stanley		2,088,103		191,458,164
Morningstar, Inc.		58		14,912
MSCI, Inc. - Class A		948		505,360
Nasdaq, Inc.		4,908		862,826
Navient Corp.		2,149,376		41,547,438
New Residential Investment Corp.		20,589		218,038
New York Community Bancorp, Inc.		17,924		197,522
Northern Trust Corp.		559,842		64,728,932
Old Republic International Corp.		13,104		326,421
OneMain Holdings, Inc. - Class A		3,597		215,496
PacWest Bancorp		4,837		199,091
People’s United Financial, Inc.		17,252		295,699
Pinnacle Financial Partners, Inc.		3,399		300,098
PNC Financial Services Group, Inc.		523,269		99,818,794
Popular, Inc.		3,806		285,640
Primerica, Inc.		1,591		243,646
Principal Financial Group, Inc.		11,468		724,663
PROG Holdings, Inc.		932,970		44,903,846
Progressive Corp.		24,470		2,403,199
Prospect Capital Corp.		501,395		4,206,704

	Shares		Value
Prosperity Bancshares, Inc.		3,662		262,932
Prudential Financial, Inc.		96,084		9,845,727
Radian Group, Inc.		223,750		4,978,437
Raymond James Financial, Inc.		141,864		18,428,134
Regions Financial Corp.		676,974		13,661,335
Reinsurance Group of America, Inc. - Class A		2,711		309,054
RenaissanceRe Holdings Ltd.		1,114		165,785
S&P Global, Inc.		2,970		1,219,036
Santander Consumer USA Holdings, Inc.		2,252		81,793
SEI Investments Co.		4,569		283,141
Signature Bank		2,312		567,943
SLM Corp.		3,342,500		69,991,950
Starwood Property Trust, Inc.		295,596		7,735,747
State Street Corp.		347,455		28,588,597
Sterling Bancorp		8,603		213,268
Stifel Financial Corp.		4,721		306,204
SVB Financial Group(1)		2,285		1,271,443
Synchrony Financial		2,410,383		116,951,783
Synovus Financial Corp.		6,333		277,892
T Rowe Price Group, Inc.		6,388		1,264,632
TFS Financial Corp.		2,082		42,265
Tradeweb Markets, Inc. - Class A		4,263		360,479
Travelers Companies, Inc.		10,594		1,586,028
Truist Financial Corp.		56,329		3,126,259
Umpqua Holdings Corp.		10,691		197,249
Unum Group		8,314		236,118
US Bancorp		1,198,240		68,263,733
UWM Holdings Corp.		1,790		15,126
Virtu Financial, Inc. - Class A		3,790		104,718
Voya Financial, Inc.		72,965		4,487,348
Webster Financial Corp.		3,687		196,665
Wells Fargo & Co.		5,241,882		237,404,836
Western Alliance Bancorp		1,941		180,222
White Mountains Insurance Group Ltd.		136		156,132
Willis Towers Watson Plc		240,950		55,423,319
Wintrust Financial Corp.		2,730		206,470
WR Berkley Corp.		5,688		423,358
Zions Bancorp N.A.		202,175		10,686,971
Total Financials				3,349,836,703

	Shares		Value
Healthcare – 14.81%
Abbott Laboratories		36,426		4,222,866
AbbVie, Inc.		832,309		93,751,286
Acadia Healthcare Co., Inc.(1)		3,495		219,311
Adaptive Biotechnologies Corp.(1)		482		19,695
Agilent Technologies, Inc.		1,286		190,084
Alexion Pharmaceuticals, Inc.(1)		113,461		20,843,920
Amedisys, Inc.(1)		151		36,984
AmerisourceBergen Corp. - Class A		5,965		682,933
Amgen, Inc.		203,594		49,626,038
Anthem, Inc.		379,841		145,023,294
AstraZeneca Plc - ADR		143,400		8,589,660
Baxter International, Inc.		1,132,021		91,127,691
Becton Dickinson & Co.		194,718		47,353,470
Biogen, Inc.(1)		47,827		16,561,055
BioMarin Pharmaceutical, Inc.(1)		7,860		655,838
Bio-Rad Laboratories, Inc. - Class A(1)		861		554,734
Boston Scientific Corp.(1)		59,705		2,552,986
Bristol Myers Squibb Co.		444,690		29,714,186
Cardinal Health, Inc.		278,879		15,921,202
Catalent, Inc.(1)		5,397		583,524
Centene Corp.(1)		136,568		9,959,904
Cerner Corp.		12,752		996,696
Certara, Inc.(1)		819		23,202
Change Healthcare, Inc.(1)		10,020		230,861
Charles River Laboratories International, Inc.(1)		127		46,980
Chemed Corp.		466		221,117
Cigna Corp.		261,688		62,038,374
Cooper Companies, Inc.		2,071		820,675
CVS Health Corp.		1,371,984		114,478,345
Danaher Corp.		278,315		74,688,613
DaVita, Inc.(1)		71,748		8,640,612
Dentsply Sirona, Inc.		9,422		596,036
Elanco Animal Health, Inc.(1)		18,083		627,299
Eli Lilly & Co.		7,480		1,716,810
Encompass Health Corp.		1,693		132,105
Envista Holdings Corp.(1)		1,007,261		43,523,748

	Shares		Value
Exact Sciences Corp.(1)		520		64,641
Exelixis, Inc.(1)		1,810		32,978
Fresenius Medical Care AG & Co. KGaA		887,436		73,742,607
Gilead Sciences, Inc.		301,354		20,751,236
GlaxoSmithKline Plc		310,781		6,109,674
Globus Medical, Inc. - Class A(1)		2,963		229,721
HCA Healthcare, Inc.		67,464		13,947,507
Henry Schein, Inc.(1)		5,686		421,844
Hill-Rom Holdings, Inc.		2,702		306,920
Hologic, Inc.(1)		507,792		33,879,882
Horizon Therapeutics Plc(1)		7,210		675,144
Humana, Inc.		97,961		43,369,294
ICU Medical, Inc.(1)		809		166,492
Incyte Corp.(1)		1,081		90,945
Integra LifeSciences Holdings Corp.(1)		2,961		202,059
Ionis Pharmaceuticals, Inc.(1)		450		17,951
Iovance Biotherapeutics, Inc.(1)		4,105		106,812
IQVIA Holdings, Inc.(1)		4,112		996,420
Jazz Pharmaceuticals Plc(1)		77,180		13,710,255
Johnson & Johnson		1,147,761		189,082,147
Laboratory Corp. of America Holdings(1)		4,147		1,143,950
LivaNova Plc(1)		674,159		56,703,514
Masimo Corp.(1)		559		135,530
McKesson Corp.		54,196		10,364,443
Medtronic Plc		2,195,558		272,534,615
Merck & Co., Inc.		3,930,042		305,639,366
Mirati Therapeutics, Inc.(1)		265		42,805
Molina Healthcare, Inc.(1)		1,986		502,577
Natera, Inc.(1)		216		24,522
Nektar Therapeutics - Class A(1)		7,652		131,308
Oak Street Health, Inc.(1)		404		23,662
Organon & Co.(1)		157,415		4,763,378
PerkinElmer, Inc.		4,800		741,168
Perrigo Co. Plc		5,358		245,664
Pfizer, Inc.		3,470,394		135,900,629
PPD, Inc.(1)		3,845		177,216
Premier, Inc. - Class A		4,868		169,358
QIAGEN NV(1)		9,162		443,258

	Shares		Value
Quest Diagnostics, Inc.		55,991		7,389,132
Quidel Corp.(1)		1,526		195,511
Regeneron Pharmaceuticals, Inc.(1)		11,341		6,334,402
Repligen Corp.(1)		129		25,751
ResMed, Inc.		585		144,214
Royalty Pharma Plc - Class A		5,390		220,936
Sage Therapeutics, Inc.(1)		2,231		126,743
Sanofi - ADR		92,800		4,886,848
Sanofi SA		874,530		91,880,393
Seagen, Inc.(1)		580		91,570
Select Medical Holdings Corp.		169,600		7,167,296
Signify Health, Inc. - Class A(1)		1,125		34,234
STERIS Plc		3,463		714,417
Stryker Corp.		255,473		66,354,002
Syneos Health, Inc. - Class A(1)		3,616		323,596
Tandem Diabetes Care, Inc.(1)		228		22,207
Teladoc Health, Inc.(1)		6,187		1,028,836
Teleflex, Inc.		1,655		664,962
Thermo Fisher Scientific, Inc.		15,012		7,573,104
Ultragenyx Pharmaceutical, Inc.(1)		670		63,885
United Therapeutics Corp.(1)		38,959		6,989,634
UnitedHealth Group, Inc.		566,862		226,994,219
Universal Health Services, Inc. - Class B		56,618		8,290,574
Vertex Pharmaceuticals, Inc.(1)		427,350		86,166,581
Viatris, Inc.		119,626		1,709,456
Waters Corp.(1)		174		60,136
Zimmer Biomet Holdings, Inc.		103,685		16,674,622
Zoetis, Inc. - Class A		1,208		225,123
Total Healthcare				2,576,916,010
Industrials – 16.02%
3M Co.		53,873		10,700,794
Acuity Brands, Inc.		47,328		8,851,756
ADT, Inc.		6,227		67,189
AECOM(1)		1,060,373		67,142,818
AerCap Holdings NV(1)		1,351,465		69,208,523
AGCO Corp.		85,032		11,086,472
Air Lease Corp. - Class A		2,015,809		84,139,868
Airbus SE(1)		138,218		17,809,782

	Shares		Value
Airbus SE - ADR(1)		2,722,108		87,651,878
Alaska Air Group, Inc.(1)		67,178		4,051,505
Allegion Plc		872		121,470
Allison Transmission Holdings, Inc.		110,940		4,408,756
AMERCO		369		217,489
American Airlines Group, Inc.(1)		26,176		555,193
AMETEK, Inc.		9,781		1,305,763
AO Smith Corp.		5,868		422,848
Armstrong World Industries, Inc.		998		107,045
Atkore, Inc.(1)		142,000		10,082,000
AZEK Co., Inc. - Class A(1)		2,016		85,599
Boeing Co.(1)		163,986		39,284,486
Builders FirstSource, Inc.(1)		8,324		355,102
BWX Technologies, Inc.		652,190		37,905,283
CACI International, Inc. - Class A(1)		944		240,833
Canadian National Railway Co.		810,961		85,572,605
Carlisle Companies, Inc.		1,287		246,306
Carrier Global Corp.		19,631		954,067
Caterpillar, Inc.		37,076		8,068,850
CH Robinson Worldwide, Inc.		4,307		403,437
ChargePoint Holdings, Inc.(1)		5,082		176,549
Cintas Corp.		228		87,096
Clarivate Plc(1)		16,739		460,825
Clean Harbors, Inc.(1)		2,444		227,634
Colfax Corp.(1)		4,818		220,713
Copa Holdings SA - Class A(1)		1,275		96,046
CoStar Group, Inc.(1)		3,570		295,667
Crane Co.		89,355		8,253,721
CSX Corp.		95,226		3,054,850
Cummins, Inc.		54,526		13,293,984
Curtiss-Wright Corp.		54,400		6,460,544
Deere & Co.		397,900		140,343,309
Delta Air Lines, Inc.(1)		145,357		6,288,144
Donaldson Co., Inc.		4,524		287,410
Dover Corp.		6,188		931,913
Driven Brands Holdings, Inc.(1)		1,314		40,629
Dun & Bradstreet Holdings, Inc.(1)		6,504		138,990
Eaton Corp. Plc		16,749		2,481,867

	Shares		Value
Emerson Electric Co.		458,903		44,164,825
Equifax, Inc.		3,042		728,589
Expeditors International of Washington, Inc.		1,853		234,590
Fastenal Co.		2,635		137,020
FedEx Corp.		513,163		153,091,918
Flowserve Corp.		84,011		3,387,323
Fortive Corp.		13,820		963,807
Fortune Brands Home & Security, Inc.		4,181		416,469
FTI Consulting, Inc.(1)		1,311		179,096
Gates Industrial Corp. Plc(1)		2,900		52,403
General Dynamics Corp.		879,288		165,534,759
General Electric Co.		6,791,083		91,407,977
Graco, Inc.		3,093		234,140
HEICO Corp.		1,234		172,044
HEICO Corp. - Class A		2,166		268,974
Hexcel Corp.(1)		3,434		214,282
Hillenbrand, Inc.		110,100		4,853,208
Honeywell International, Inc.		545,954		119,755,010
Howmet Aerospace, Inc.(1)		14,740		508,088
Hubbell, Inc. - Class B		2,391		446,734
Huntington Ingalls Industries, Inc.		39,100		8,240,325
IDEX Corp.		3,120		686,556
IHS Markit Ltd.		15,775		1,777,211
Illinois Tool Works, Inc.		1,317		294,428
Ingersoll Rand, Inc.(1)		16,024		782,131
ITT, Inc.		3,977		364,253
Jacobs Engineering Group, Inc.		334,291		44,601,105
JB Hunt Transport Services, Inc.		404,666		65,940,325
JetBlue Airways Corp.(1)		384,068		6,444,661
Johnson Controls International Plc		30,110		2,066,449
Kansas City Southern		2,832		802,504
Kirby Corp.(1)		2,355		142,807
Knight-Swift Transportation Holdings, Inc. - Class A		6,531		296,899
L3Harris Technologies, Inc.		253,690		54,835,093
Landstar System, Inc.		153		24,177
Leidos Holdings, Inc.		5,735		579,808
Lennox International, Inc.		1,366		479,193
Lockheed Martin Corp.		185,323		70,116,957

	Shares		Value
ManpowerGroup, Inc.		2,206		262,315
Masco Corp.		10,398		612,546
MasTec, Inc.(1)		71,391		7,574,585
Mercury Systems, Inc.(1)		2,243		148,666
Middleby Corp.(1)		1,564		270,979
Moog, Inc. - Class A		64,788		5,446,079
MSA Safety, Inc.		1,062		175,846
MSC Industrial Direct Co., Inc. - Class A		1,752		157,207
Nielsen Holdings Plc		929,375		22,927,681
Nordson Corp.		1,955		429,142
Norfolk Southern Corp.		10,510		2,789,459
Northrop Grumman Corp.		605,287		219,979,454
nVent Electric Plc		7,807		243,891
Old Dominion Freight Line, Inc.		328		83,246
Oshkosh Corp.		75,629		9,426,399
Otis Worldwide Corp.		385,458		31,518,901
Owens Corning		480,877		47,077,858
PACCAR, Inc.		126,136		11,257,638
Parker-Hannifin Corp.		4,540		1,394,279
Pentair Plc		6,766		456,637
Quanta Services, Inc.		463,179		41,950,122
Raytheon Technologies Corp.		2,957,043		252,265,338
Regal Beloit Corp.		1,614		215,485
Republic Services, Inc. - Class A		8,972		987,010
Robert Half International, Inc.		549		48,845
Rockwell Automation, Inc.		1,854		530,281
Rollins, Inc.		653		22,333
Roper Technologies, Inc.		4,417		2,076,873
Ryder System, Inc.		2,079		154,532
Schneider National, Inc. - Class B		1,978		43,061
Science Applications International Corp.		41,594		3,649,042
Sensata Technologies Holding Plc(1)		6,411		371,646
Shoals Technologies Group, Inc. - Class A(1)		3,273		116,191
Siemens AG		47,427		7,530,401
SiteOne Landscape Supply, Inc.(1)		857		145,056
Snap-on, Inc.		123,653		27,627,790
Southwest Airlines Co.(1)		140,196		7,443,006
Spirit AeroSystems Holdings, Inc. - Class A		3,011		142,089

	Shares		Value
Stanley Black & Decker, Inc.		330,625		67,774,819
Stericycle, Inc.(1)		286,459		20,496,141
Sunrun, Inc.(1)		8,098		451,706
Teledyne Technologies, Inc.(1)		1,976		827,608
Textron, Inc.		106,405		7,317,472
Timken Co.		2,583		208,164
Toro Co.		226		24,833
Trane Technologies Plc		5,191		955,871
TransDigm Group, Inc.(1)		1,567		1,014,303
TransUnion		2,465		270,682
TuSimple Holdings, Inc. - Class A(1)		1,287		91,686
Uber Technologies, Inc.(1)		9,449		473,584
Union Pacific Corp.		530,076		116,579,615
United Airlines Holdings, Inc.(1)		13,986		731,328
United Parcel Service, Inc. - Class B		845,080		175,751,288
United Rentals, Inc.(1)		41,557		13,257,099
Univar Solutions, Inc.(1)		244,196		5,953,498
Valmont Industries, Inc.		872		205,836
Verisk Analytics, Inc. - Class A		2,341		409,020
Vertiv Holdings Co. - Class A		3,075,322		83,956,291
Virgin Galactic Holdings, Inc.(1)		301		13,846
Wabtec Corp.		7,822		643,751
Waste Management, Inc.		14,965		2,096,746
Watsco, Inc.		1,304		373,779
Woodward, Inc.		2,361		290,120
WW Grainger, Inc.		321		140,598
XPO Logistics, Inc.(1)		535		74,841
Xylem, Inc.		2,480		297,501
Total Industrials				2,787,647,681
Information Technology – 9.12%
Accenture Plc - Class A		326,099		96,130,724
Akamai Technologies, Inc.(1)		6,531		761,515
Alliance Data Systems Corp.		1,941		202,233
Amdocs Ltd.		74,506		5,763,784
Amkor Technology, Inc.		211,100		4,996,737
Amphenol Corp. - Class A		7,419		507,534
Analog Devices, Inc.		13,274		2,285,252
ANSYS, Inc.(1)		2,180		756,591

	Shares		Value
Applied Materials, Inc.		430,013		61,233,851
Arista Networks, Inc.(1)		259		93,838
Arrow Electronics, Inc.(1)		110,389		12,565,580
Automatic Data Processing, Inc.		349,499		69,417,491
Avnet, Inc.		4,289		171,903
Black Knight, Inc.(1)		6,661		519,425
Broadcom, Inc.		150,163		71,603,725
Broadridge Financial Solutions, Inc.		432		69,781
Brooks Automation, Inc.		523		49,831
C3.ai, Inc. - Class A(1)		548		34,266
CDK Global, Inc.		4,325		214,909
Ceridian HCM Holding, Inc.(1)		5,636		540,605
Ciena Corp.(1)		64,176		3,650,973
Cirrus Logic, Inc.(1)		2,257		192,116
Cisco Systems, Inc.		2,720,883		144,206,799
Citrix Systems, Inc.		224,589		26,337,552
Cloudflare, Inc. - Class A(1)		582		61,599
Cognizant Technology Solutions Corp. - Class A		972,057		67,324,668
Coherent, Inc.(1)		88		23,262
Concentrix Corp.(1)		1,708		274,646
Corning, Inc.		21,402		875,342
Cree, Inc.(1)		4,685		458,802
Datto Holding Corp.(1)		1,053		29,316
Dell Technologies, Inc. - Class C(1)		81,973		8,170,249
Diodes, Inc.(1)		100		7,977
Dolby Laboratories, Inc. - Class A		2,608		256,340
Duck Creek Technologies, Inc.(1)		2,263		98,463
DXC Technology Co.(1)		176,958		6,890,745
Dynatrace, Inc.(1)		441		25,763
Euronet Worldwide, Inc.(1)		600		81,210
F5 Networks, Inc.(1)		2,419		451,531
Fastly, Inc. - Class A(1)		4,294		255,922
Fidelity National Information Services, Inc.		26,078		3,694,470
FireEye, Inc.(1)		6,937		140,266
First Solar, Inc.(1)		4,305		389,646
Fiserv, Inc.(1)		23,509		2,512,877
FleetCor Technologies, Inc.(1)		2,703		692,130
Genpact Ltd.		7,899		358,852

	Shares		Value
Global Payments, Inc.		12,386		2,322,870
GoDaddy, Inc. - Class A(1)		6,563		570,718
Guidewire Software, Inc.(1)		3,408		384,150
Hewlett Packard Enterprise Co.		528,088		7,699,523
HP, Inc.		543,347		16,403,646
Intel Corp.		851,317		47,792,936
International Business Machines Corp.		109,601		16,066,411
IPG Photonics Corp.(1)		1,412		297,607
J2 Global, Inc.(1)		57,100		7,854,105
Jabil, Inc.		1,225		71,197
Jack Henry & Associates, Inc.		2,217		362,502
Jamf Holding Corp.(1)		329		11,045
Juniper Networks, Inc.		14,364		392,855
Keysight Technologies, Inc.(1)		4,508		696,080
Lam Research Corp.		12,200		7,938,540
Littelfuse, Inc.		1,014		258,357
Lumentum Holdings, Inc.(1)		3,073		252,078
Manhattan Associates, Inc.(1)		1,200		173,808
Marvell Technology, Inc.		34,016		1,984,153
Maxim Integrated Products, Inc.		565		59,528
McAfee Corp. - Class A		218		6,108
Medallia, Inc.(1)		1,905		64,294
Methode Electronics, Inc.		117,120		5,763,475
Microchip Technology, Inc.		371,954		55,696,392
Micron Technology, Inc.(1)		40,643		3,453,842
Microsoft Corp.		584,801		158,422,591
MKS Instruments, Inc.		350		62,283
Motorola Solutions, Inc.		7,028		1,524,022
National Instruments Corp.		5,211		220,321
NCR Corp.(1)		3,416		155,804
NetApp, Inc.		3,047		249,306
NETGEAR, Inc.(1)		141,400		5,418,448
NortonLifeLock, Inc.		16,412		446,735
Nuance Communications, Inc.(1)		7,177		390,716
NXP Semiconductors NV		434,829		89,453,022
ON Semiconductor Corp.(1)		7,895		302,221
Oracle Corp.		1,606,192		125,025,985
Paychex, Inc.		1,675		179,728

	Shares		Value
Paysafe Ltd.(1)		12,530		151,738
Pegasystems, Inc.		142		19,765
Pure Storage, Inc. - Class A(1)		693		13,534
Qorvo, Inc.(1)		4,849		948,707
QUALCOMM, Inc.		851,343		121,682,455
Salesforce.com, Inc.(1)		31,344		7,656,399
Samsung Electronics Co. Ltd.		1,714,628		122,743,628
Seagate Technology Holdings Plc		145,413		12,786,165
Skyworks Solutions, Inc.		3,538		678,412
Snowflake, Inc. - Class A(1)		286		69,155
SolarWinds Corp.(1)		2,835		47,883
SS&C Technologies Holdings, Inc.		9,104		656,034
StoneCo Ltd. - Class A(1)		620		41,577
SYNNEX Corp.		1,776		216,246
Synopsys, Inc.(1)		2,421		667,688
TE Connectivity Ltd.		62,200		8,410,062
Teradata Corp.(1)		572		28,583
Texas Instruments, Inc.		306,492		58,938,412
Trimble, Inc.(1)		10,751		879,754
Twilio, Inc. - Class A(1)		4,909		1,934,931
Tyler Technologies, Inc.(1)		219		99,069
Ubiquiti, Inc.		4		1,249
VeriSign, Inc.(1)		4,216		959,941
Viasat, Inc.(1)		2,749		137,010
Visa, Inc. - Class A		375,286		87,749,373
VMware, Inc. - Class A(1)		2,054		328,578
Vontier Corp.		3,152		102,692
Western Digital Corp.(1)		12,508		890,194
Western Union Co.		172,562		3,963,749
WEX, Inc.(1)		597		115,758
Xerox Holdings Corp.		6,220		146,108
Total Information Technology				1,586,873,342
Materials – 4.65%
Air Products & Chemicals, Inc.		9,262		2,664,492
Akzo Nobel NV		87,503		10,834,698
Albemarle Corp.		4,773		804,060
Alcoa Corp.(1)		7,586		279,468
Amcor Plc		62,604		717,442

	Shares		Value
AptarGroup, Inc.		2,923		411,675
Ardagh Group SA - Class A		788		19,322
Ashland Global Holdings, Inc.		2,303		201,513
Atotech Ltd.(1)		2,702,479		68,994,289
Avery Dennison Corp.		1,577		331,549
Axalta Coating Systems Ltd.(1)		6,980		212,820
Ball Corp.		9,655		782,248
Berry Global Group, Inc.(1)		93,786		6,116,723
Celanese Corp. - Class A		397,089		60,198,692
CF Industries Holdings, Inc.		1,038,784		53,445,437
Chemours Co.		3,242		112,822
Cleveland-Cliffs, Inc.(1)		18,506		398,989
Corteva, Inc.		1,221,820		54,187,717
Crown Holdings, Inc.		46,066		4,708,406
Diversey Holdings Ltd.(1)		930		16,656
Dow, Inc.		29,276		1,852,585
DuPont de Nemours, Inc.		251,113		19,438,657
Eagle Materials, Inc.		1,700		241,587
Eastman Chemical Co.		103,063		12,032,605
Ecolab, Inc.		396,963		81,762,469
Element Solutions, Inc.		3,134,559		73,285,989
FMC Corp.		4,250		459,850
Freeport-McMoRan, Inc.		43,715		1,622,264
Graphic Packaging Holding Co.		8,648		156,875
Huntsman Corp.		131,404		3,484,834
Ingevity Corp.(1)		71,312		5,801,944
International Flavors & Fragrances, Inc.		687,947		102,779,282
International Paper Co.		912,251		55,930,109
Linde Plc		370,757		107,185,849
Louisiana-Pacific Corp.		144,838		8,732,283
LyondellBasell Industries NV - Class A		126,575		13,020,770
Martin Marietta Materials, Inc.		2,653		933,352
Mosaic Co.		14,063		448,750
NewMarket Corp.		272		87,579
Newmont Corp.		33,632		2,131,596
Nucor Corp.		12,638		1,212,363
Olin Corp.		5,396		249,619
Packaging Corp. of America		3,791		513,377

	Shares		Value
PPG Industries, Inc.		42,475		7,210,981
Reliance Steel & Aluminum Co.		47,867		7,223,130
Royal Gold, Inc.		2,661		303,620
RPM International, Inc.		2,157		191,283
Sealed Air Corp.		193,264		11,450,892
Silgan Holdings, Inc.		3,574		148,321
Sonoco Products Co.		4,048		270,811
Southern Copper Corp.		301		19,360
Steel Dynamics, Inc.		7,296		434,842
United States Steel Corp.		10,860		260,640
Valvoline, Inc.		271,164		8,801,984
Vulcan Materials Co.		5,612		976,881
Westlake Chemical Corp.		1,077		97,027
Westrock Co.		224,402		11,942,675
Total Materials				808,136,053
Real Estate – 3.62%
Alexandria Real Estate Equities, Inc.		5,943		1,081,269
American Assets Trust, Inc.		89,600		3,341,184
American Campus Communities, Inc.		1,165,528		54,453,468
American Homes 4 Rent - Class A		11,492		446,464
American Tower Corp.		218,464		59,015,865
Americold Realty Trust		10,255		388,152
Apartment Income REIT Corp.		6,450		305,923
AvalonBay Communities, Inc.		5,881		1,227,306
Boston Properties, Inc.		6,401		733,491
Brandywine Realty Trust		330,419		4,530,044
Brixmor Property Group, Inc.		11,829		270,766
Camden Property Trust		4,204		557,745
CBRE Group, Inc. - Class A(1)		13,369		1,146,124
CoreSite Realty Corp.		377		50,744
Corporate Office Properties Trust		1,199,840		33,583,522
Cousins Properties, Inc.		90,595		3,332,084
CubeSmart		9,066		419,937
CyrusOne, Inc.		53,940		3,857,789
Digital Realty Trust, Inc.		11,762		1,769,711
Douglas Emmett, Inc.		6,973		234,432
Duke Realty Corp.		15,966		755,990
EPR Properties(1)		3,098		163,203

	Shares		Value
Equinix, Inc.		1,053		845,138
Equity LifeStyle Properties, Inc.		3,332		247,601
Equity Residential		551,280		42,448,560
Essex Property Trust, Inc.		2,747		824,127
Extra Space Storage, Inc.		4,854		795,182
Federal Realty Investment Trust		3,114		364,867
First Industrial Realty Trust, Inc.		5,895		307,896
Gaming & Leisure Properties, Inc.		93,953		4,352,842
Healthcare Trust of America, Inc. - Class A		8,814		235,334
Healthpeak Properties, Inc.		23,319		776,290
Highwoods Properties, Inc.		4,187		189,127
Host Hotels & Resorts, Inc.(1)		252,667		4,318,079
Howard Hughes Corp.(1)		600,904		58,564,104
Hudson Pacific Properties, Inc.		5,913		164,500
Invitation Homes, Inc.		24,246		904,133
Iron Mountain, Inc.		138,898		5,878,163
JBG SMITH Properties		4,806		151,437
Jones Lang LaSalle, Inc.(1)		2,054		401,475
Kilroy Realty Corp.		4,663		324,731
Kimco Realty Corp.		16,746		349,154
Lamar Advertising Co. - Class A		441		46,049
Life Storage, Inc.		3,129		335,898
Medical Properties Trust, Inc.		229,435		4,611,644
MGM Growth Properties LLC - Class A		2,063,878		75,579,212
Mid-America Apartment Communities, Inc.		4,938		831,658
National Retail Properties, Inc.		7,156		335,473
Office Properties Income Trust		104,183		3,053,604
Omega Healthcare Investors, Inc.		9,799		355,606
Opendoor Technologies, Inc.(1)		11,253		199,516
Park Hotels & Resorts, Inc.(1)		9,885		203,730
Prologis, Inc.		30,932		3,697,302
Public Storage		274,577		82,562,558
Rayonier, Inc.		686,304		24,658,903
Realty Income Corp.		15,870		1,059,164
Regency Centers Corp.		6,941		444,710
Rexford Industrial Realty, Inc.		5,625		320,344
SBA Communications Corp. - Class A		3,667		1,168,673
Simon Property Group, Inc.		1,736		226,513

	Shares		Value
SL Green Realty Corp.		2,757		220,560
Spirit Realty Capital, Inc.		5,385		257,618
STORE Capital Corp.		10,086		348,068
Sun Communities, Inc.		4,737		811,922
UDR, Inc.		12,764		625,181
Ventas, Inc.		15,920		909,032
VEREIT, Inc.		113,659		5,220,358
VICI Properties, Inc.		2,163,919		67,124,767
Vornado Realty Trust		7,259		338,778
Weingarten Realty Investors		4,919		157,752
Welltower, Inc.		145,331		12,077,006
Weyerhaeuser Co.		1,368,103		47,090,105
WP Carey, Inc.		7,647		570,619
Total Real Estate				629,550,276
Utilities – 2.60%
AES Corp.		27,034		704,776
Alliant Energy Corp.		10,930		609,457
Ameren Corp.		228,496		18,288,820
American Electric Power Co., Inc.		20,975		1,774,275
American Water Works Co., Inc.		7,706		1,187,726
Atmos Energy Corp.		5,219		501,598
Avangrid, Inc.		2,339		120,295
Brookfield Renewable Corp. - Class A		3,885		162,937
CenterPoint Energy, Inc.		2,773,330		68,002,052
CMS Energy Corp.		11,791		696,612
Consolidated Edison, Inc.		14,024		1,005,801
Dominion Energy, Inc.		160,125		11,780,396
DTE Energy Co.		8,255		1,069,848
Duke Energy Corp.		32,292		3,187,866
Edison International		1,025,575		59,298,747
Entergy Corp.		89,409		8,914,077
Essential Utilities, Inc.		9,153		418,292
Evergy, Inc.		9,824		593,664
Eversource Energy		14,479		1,161,795
Exelon Corp.		1,166,189		51,673,835
FirstEnergy Corp.		23,117		860,184
Hawaiian Electric Industries, Inc.		4,233		178,971
IDACORP, Inc.		2,117		206,408

	Shares		Value
MDU Resources Group, Inc.		241,360		7,564,222
National Fuel Gas Co.		102,543		5,357,872
NextEra Energy, Inc.		306,512		22,461,199
NiSource, Inc.		1,529,474		37,472,113
NRG Energy, Inc.		191,344		7,711,163
OGE Energy Corp.		9,223		310,354
PG&E Corp.(1)		61,363		624,062
Pinnacle West Capital Corp.		4,662		382,144
PPL Corp.		259,604		7,261,124
Public Service Enterprise Group, Inc.		21,402		1,278,556
Sempra Energy		348,448		46,162,391
Southern Co.		1,201,846		72,723,701
UGI Corp.		8,563		396,553
Vistra Corp.		387,225		7,183,024
WEC Energy Group, Inc.		12,799		1,138,471
Xcel Energy, Inc.		22,638		1,491,391
Total Utilities				451,916,772
Total Common Stocks (Cost: $11,222,731,355)				17,054,466,176
CONVERTIBLE PREFERRED STOCKS – 0.25%
Healthcare – 0.06%
Becton Dickinson & Co., 6.00%		202,075		10,813,033
Total Healthcare				10,813,033
Utilities – 0.19%
NextEra Energy, Inc., 5.28%		173,175		8,478,648
NiSource, Inc., 7.75%		81,438		8,371,012
Sempra Energy, 6.75%		35,061		3,462,975
Southern Co., 6.75%		226,081		11,446,481
Total Utilities				31,759,116
Total Convertible Preferred Stocks (Cost: $40,069,708)				42,572,149
PREFERRED STOCKS – 0.20%
Consumer Discretionary – 0.20%
Volkswagen AG		141,499		35,478,255
Total Consumer Discretionary				35,478,255
Total Preferred Stocks (Cost: $24,577,761)				35,478,255
SHORT-TERM INVESTMENTS – 1.30%
Money Market Funds – 1.08%
Goldman Sachs Financial Square Government Fund - Class I, 0.03%(2)		187,295,009	$	187,295,009
Total Money Market Funds (Cost: $187,295,009)				187,295,009

	Principal Amount		Value
Time Deposits – 0.22%
ANZ, London, 0.01% due 07/01/2021	$	12,162,103		12,162,103
Brown Brothers Harriman, -0.78% due 07/01/2021(3)	EUR	—		1
BNP Paribas, Paris, -0.78% due 07/01/2021		217,805		258,262
Citibank, New York, 0.01% due 07/01/2021	$	3,411,483		3,411,483
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021		2,043,212		2,043,212
Sumitomo, Tokyo, 0.01% due 07/01/2021		21,169,852		21,169,852
Total Time Deposits (Cost: $39,044,913)				39,044,913
Total Short-Term Investments (Cost: $226,339,922)				226,339,922
TOTAL INVESTMENTS IN SECURITIES – 99.78% (Cost: $11,513,718,746)				17,358,856,502
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.22%				38,585,049
TOTAL NET ASSETS – 100.00%			$	17,397,441,551

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

EUR Euro

(1) Non-income producing security.

(2) Represents annualized seven-day yield as of the close of the reporting period.

(3) Principal amount calculated is less than EUR 0.5.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
30	S&P 500 E-mini Future	Morgan Stanley	Sep. 2021	$	6,404,209	$	6,432,750	$	28,541
								$	28,541

Bridge Builder Small/Mid Cap Growth Fund

Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.51%
Communication Services – 4.61%
Altice USA, Inc. - Class A(1)		10,760	$	367,346
AMC Networks, Inc. - Class A(1)		5,484		366,331
Anterix, Inc.(1)		1,219		73,128
Bandwidth, Inc. - Class A(1)		8,633		1,190,663
Cable One, Inc.		205		392,126
Cardlytics, Inc.(1)		12,018		1,525,445
Cargurus, Inc. - Class A(1)		35,072		919,939
Cars.com, Inc.(1)		3,659		52,433
Chicken Soup For The Soul Entertainment, Inc. - Class A(1)		1,147		47,486
Cincinnati Bell, Inc.(1)		6,092		93,939
Cinemark Holdings, Inc.(1)		34,270		752,227
Clear Channel Outdoor Holdings, Inc. - Class A(1)		12,195		32,195
Cogent Communications Holdings, Inc.		16,072		1,235,776
CuriosityStream, Inc.(1)		1,691		23,065
Digital Media Solutions, Inc. - Class A(1)		515		4,985
Electronic Arts, Inc.		34,539		4,967,744
Eventbrite, Inc. - Class A(1)		29,209		554,971
EverQuote, Inc. - Class A(1)		6,963		227,551
fuboTV, Inc.(1)		49,358		1,584,885
Globalstar, Inc.(1)		195,532		348,047
Gogo, Inc.(1)		1,686		19,187
IAC/InterActiveCorp(1)		34,307		5,289,110
IDT Corp. - Class B(1)		5,616		207,567
iHeartMedia, Inc. - Class A(1)		18,914		509,354
IMAX Corp.(1)		1,824		39,216
Iridium Communications, Inc.(1)		33,937		1,357,141
John Wiley & Sons, Inc. - Class A		325,714		19,601,469
Liberty Media Corp.-Liberty Braves - Class A(1)		3,529		99,588
Liberty Media Corp.-Liberty Braves - Class C(1)		14,404		399,999
Liberty TripAdvisor Holdings, Inc. - Class A(1)		20,985		85,409
Live Nation Entertainment, Inc.(1)		83,762		7,336,714
LiveXLive Media, Inc.(1)		19,666		92,824
Loral Space & Communications, Inc.		4,711		183,022
Madison Square Garden Sports Corp. - Class A(1)		513		88,528
Magnite, Inc.(1)		39,556		1,338,575
Match Group, Inc.(1)		373,780		60,272,025
MDC Partners, Inc. - Class A(1)		2,645		15,473
MediaAlpha, Inc. - Class A(1)		7,015		295,332
Meredith Corp.(1)		9,444		410,247
National CineMedia, Inc.		1,932		9,795
New York Times Co. - Class A		500,357		21,790,547
Nexstar Media Group, Inc. - Class A		216		31,942
Ooma, Inc.(1)		4,674		88,152
ORBCOMM, Inc.(1)		27,606		310,291
Pinterest, Inc. - Class A(1)		39,442		3,113,946
Playtika Holding Corp.(1)		5,432		129,499
QuinStreet, Inc.(1)		18,321		340,404
Roku, Inc. - Class A(1)		96,099		44,133,466

	Shares		Value
Shenandoah Telecommunications Co.		5,988		290,478
Sinclair Broadcast Group, Inc. - Class A		2,914		96,803
Skillz, Inc. - Class A(1)		21,126		458,857
Spotify Technology SA(1)		9,879		2,722,554
Take-Two Interactive Software, Inc.(1)		42,054		7,444,399
TechTarget, Inc.(1)		9,436		731,196
Thryv Holdings, Inc.(1)		1,948		69,680
TripAdvisor, Inc.(1)		4,325		174,298
Twitter, Inc.(1)		5,880		404,603
Vimeo, Inc.(1)		28,708		1,406,692
Warner Music Group Corp. - Class A		118,481		4,270,055
WideOpenWest, Inc.(1)		12,272		254,153
World Wrestling Entertainment, Inc. - Class A		2,763		159,950
Yelp, Inc. - Class A(1)		25,532		1,020,259
Zillow Group, Inc. - Class A(1)		4,280		524,428
Zillow Group, Inc. - Class C(1)		11,870		1,450,751
ZoomInfo Technologies, Inc. - Class A(1)		280,141		14,614,956
Zynga, Inc. - Class A(1)		5,348,010		56,849,346
Total Communication Services				275,292,562
Consumer Discretionary – 12.34%
1-800-Flowers.com, Inc. - Class A(1)		267,105		8,512,636
2U, Inc.(1)		22,374		932,325
Abercrombie & Fitch Co. - Class A(1)		2,028		94,160
Accel Entertainment, Inc. - Class A(1)		20,341		241,448
Acushnet Holdings Corp.		3,822		188,807
Adient Plc(1)		4,544		205,389
Advance Auto Parts, Inc.		232,000		47,592,480
American Axle & Manufacturing Holdings, Inc.(1)		20,954		216,874
American Eagle Outfitters, Inc.		57,208		2,147,016
America’s Car-Mart, Inc.(1)		1,906		270,118
AMMO, Inc.(1)		24,420		239,072
Aptiv Plc(1)		204,871		32,232,354
Arcimoto, Inc.(1)		10,127		174,083
Arko Corp.(1)		7,236		66,499
Asbury Automotive Group, Inc.(1)		7,316		1,253,743
At Home Group, Inc.(1)		24,907		917,574
Aterian, Inc.(1)		7,369		107,808

	Shares		Value
AutoZone, Inc.(1)		339		505,863
Bally’s Corp.(1)		12,040		651,484
Bed Bath & Beyond, Inc.(1)		4,654		154,932
Best Buy Co., Inc.		4,126		474,407
BJ’s Restaurants, Inc.(1)		7,712		378,968
Blink Charging Co.(1)		14,021		577,245
Bloomin’ Brands, Inc.(1)		32,807		890,382
Boot Barn Holdings, Inc.(1)		10,652		895,301
Boyd Gaming Corp.(1)		1,262		77,600
Bright Horizons Family Solutions, Inc.(1)		90,129		13,258,877
Brinker International, Inc.(1)		16,749		1,035,926
Brunswick Corp.		716		71,328
Buckle, Inc.		10,424		518,594
Burlington Stores, Inc.(1)		133,083		42,851,395
Caesars Entertainment, Inc.(1)		8,888		922,130
Caleres, Inc.		13,789		376,302
Camping World Holdings, Inc. - Class A		15,762		646,084
Canoo, Inc.(1)		13,386		133,057
CarMax, Inc.(1)		1,006		129,925
CarParts.com, Inc.(1)		17,534		356,992
Carriage Services, Inc. - Class A		1,263		46,693
Carvana Co. - Class A(1)		5,584		1,685,363
Casper Sleep, Inc.(1)		10,815		89,116
Cavco Industries, Inc.(1)		2,390		531,034
Century Casinos, Inc.(1)		10,126		135,992
Century Communities, Inc.		7,148		475,628
Cheesecake Factory, Inc.(1)		16,537		895,975
Chegg, Inc.(1)		489,335		40,668,632
Chewy, Inc. - Class A(1)		126,270		10,064,982
Chico’s FAS, Inc.(1)		10,439		68,689
Children’s Place, Inc.(1)		5,222		485,959
Chipotle Mexican Grill, Inc. - Class A(1)		23,647		36,660,890
Choice Hotels International, Inc.		2,491		296,080
Churchill Downs, Inc.		2,641		523,605
Chuy’s Holdings, Inc.(1)		3,455		128,733
Citi Trends, Inc.(1)		3,313		288,231
Clarus Corp.		9,327		239,704
Columbia Sportswear Co.		175		17,213

	Shares		Value
Core-Mark Holding Co., Inc.		5,327		239,768
Cracker Barrel Old Country Store, Inc.		8,943		1,327,678
Crocs, Inc.(1)		24,227		2,822,930
Dana, Inc.		30,077		714,630
Darden Restaurants, Inc.		6,441		940,322
Dave & Buster’s Entertainment, Inc.(1)		7,367		299,100
Deckers Outdoor Corp.(1)		272		104,467
Denny’s Corp.(1)		19,185		316,361
Designer Brands, Inc. - Class A(1)		22,275		368,651
Dine Brands Global, Inc.(1)		6,015		536,839
Dollar Tree, Inc.(1)		58,226		5,793,487
Domino’s Pizza, Inc.		19,862		9,265,424
DoorDash, Inc. - Class A(1)		5,368		957,275
Dorman Products, Inc.(1)		10,107		1,047,793
DR Horton, Inc.		10,025		905,959
DraftKings, Inc. - Class A(1)		190,798		9,953,932
Drive Shack, Inc.(1)		14,920		49,385
Duluth Holdings, Inc. - Class B(1)		4,614		95,279
Escalade, Inc.		1,191		27,333
Esports Technologies, Inc.(1)		807		16,995
Etsy, Inc.(1)		9,170		1,887,553
Everi Holdings, Inc.(1)		30,975		772,516
Expedia Group, Inc.(1)		10,219		1,672,952
Farfetch Ltd. - Class A(1)		218,686		11,013,027
Fisker, Inc.(1)		54,806		1,056,660
Five Below, Inc.(1)		4,032		779,265
Floor & Decor Holdings, Inc. - Class A(1)		68,921		7,284,950
Fox Factory Holding Corp.(1)		78,083		12,154,400
Franchise Group, Inc.		1,519		53,575
Frontdoor, Inc.(1)		4,170		207,749
Full House Resorts, Inc.(1)		12,228		121,546
Funko, Inc. - Class A(1)		9,859		209,800
GameStop Corp. - Class A(1)		4,246		909,238
GAN Ltd.(1)		1,638		26,929
Garmin Ltd.		32,788		4,742,456
Gentherm, Inc.(1)		254,927		18,112,563
Golden Entertainment, Inc.(1)		6,290		281,792
Golden Nugget Online Gaming, Inc.(1)		11,717		149,509

	Shares		Value
GoPro, Inc. - Class A(1)		46,228		538,556
Green Brick Partners, Inc.(1)		3,176		72,222
Greenlane Holdings, Inc. - Class A(1)		6,635		29,658
Groupon, Inc. - Class A(1)		7,373		318,219
GrowGeneration Corp.(1)		20,632		992,399
Guess?, Inc.		2,081		54,938
H&R Block, Inc.		10,497		246,470
Hamilton Beach Brands Holding Co. - Class A		1,122		24,987
Hanesbrands, Inc.		14,887		277,940
Haverty Furniture Companies, Inc.		2,718		116,222
Helen of Troy Ltd.(1)		76,627		17,480,151
Hibbett Sports, Inc.(1)		4,991		447,343
Hilton Grand Vacations, Inc.(1)		32,420		1,341,864
Hilton Worldwide Holdings, Inc.(1)		13,323		1,607,020
Hooker Furniture Corp.		614		21,269
Houghton Mifflin Harcourt Co.(1)		44,233		488,332
Installed Building Products, Inc.		8,996		1,100,751
International Game Technology Plc(1)		36,945		885,202
iRobot Corp.(1)		9,376		875,625
Jack in the Box, Inc.		1,137		126,707
JOANN, Inc.		4,402		69,331
Johnson Outdoors, Inc. - Class A		1,226		148,346
KB Home		5,880		239,434
Kirkland’s, Inc.(1)		5,245		120,006
Kontoor Brands, Inc.		19,597		1,105,467
Kura Sushi USA, Inc. - Class A(1)		1,280		48,653
L Brands, Inc.		9,765		703,666
Latham Group, Inc.(1)		8,369		267,473
LCI Industries		9,191		1,207,881
Leslie’s, Inc.(1)		1,166,886		32,077,696
LGI Homes, Inc.(1)		8,348		1,351,875
Lindblad Expeditions Holdings, Inc.(1)		11,256		180,209
Liquidity Services, Inc.(1)		9,794		249,257
Lithia Motors, Inc. - Class A		189		64,948
Lordstown Motors Corp. - Class A(1)		3,921		43,366
Lovesac Co.(1)		4,744		378,524
Lululemon Athletica, Inc.(1)		48,592		17,734,622
Malibu Boats, Inc. - Class A(1)		7,679		563,101

	Shares		Value
Marine Products Corp.		3,207		49,516
MarineMax, Inc.(1)		4,108		200,224
MasterCraft Boat Holdings, Inc.(1)		7,059		185,581
Mattel, Inc.(1)		24,991		502,319
MDC Holdings, Inc.		6,363		321,968
Meritage Homes Corp.(1)		761		71,595
Modine Manufacturing Co.(1)		2,329		38,638
Monarch Casino & Resort, Inc.(1)		3,864		255,681
Monro, Inc.		7,945		504,587
Murphy USA, Inc.		9,266		1,235,806
Nathan’s Famous, Inc.		669		47,713
National Vision Holdings, Inc.(1)		240,947		12,319,620
Nautilus, Inc.(1)		2,996		50,483
NEOGAMES SA(1)		2,056		126,382
Noodles & Co. - Class A(1)		15,101		188,460
Nordstrom, Inc.(1)		6,684		244,434
NVR, Inc.(1)		158		785,781
Ollie’s Bargain Outlet Holdings, Inc.(1)		162,135		13,640,418
ONE Group Hospitality, Inc.(1)		7,324		80,710
OneSpaWorld Holdings Ltd.(1)		9,748		94,458
OneWater Marine, Inc. - Class A		3,827		160,849
O’Reilly Automotive, Inc.(1)		1,513		856,676
Overstock.com, Inc.(1)		16,188		1,492,534
Oxford Industries, Inc.		556		54,955
Papa John’s International, Inc.		55,889		5,837,047
Party City Holdco, Inc.(1)		40,934		381,914
Patrick Industries, Inc.		8,411		614,003
Peloton Interactive, Inc. - Class A(1)		197,365		24,477,207
Penn National Gaming, Inc.(1)		710		54,308
Petco Health & Wellness Co., Inc. - Class A(1)		363		8,135
PetMed Express, Inc.		6,240		198,744
Planet Fitness, Inc. - Class A(1)		139,122		10,468,930
PlayAGS, Inc.(1)		10,398		102,940
PLBY Group, Inc.(1)		4,003		155,677
Polaris, Inc.		2,873		393,486
Pool Corp.		13,192		6,050,643
Porch Group, Inc.(1)		5,834		112,830
PulteGroup, Inc.		5,488		299,480

	Shares		Value
Purple Innovation, Inc. - Class A(1)		18,566		490,328
QuantumScape Corp. - Class A(1)		5,960		174,390
Quotient Technology, Inc.(1)		32,773		354,276
Ralph Lauren Corp. - Class A		44,421		5,233,238
RCI Hospitality Holdings, Inc.		3,086		204,293
RealReal, Inc.(1)		29,015		573,336
Red Robin Gourmet Burgers, Inc.(1)		5,808		192,303
Red Rock Resorts, Inc. - Class A(1)		23,489		998,282
Regis Corp.(1)		7,792		72,933
Rent-A-Center, Inc.		22,832		1,211,694
Revolve Group, Inc. - Class A(1)		120,027		8,269,860
RH(1)		1,250		848,750
Rocky Brands, Inc.		208		11,565
Rush Street Interactive, Inc.(1)		19,154		234,828
Ruth’s Hospitality Group, Inc.(1)		12,459		286,931
Sally Beauty Holdings, Inc.(1)		42,570		939,520
Scientific Games Corp.(1)		36,016		2,789,079
SeaWorld Entertainment, Inc.(1)		10,502		524,470
Shake Shack, Inc. - Class A(1)		14,073		1,506,092
Shift Technologies, Inc.(1)		4,440		38,095
Shoe Carnival, Inc.		3,066		219,495
Shutterstock, Inc.		8,875		871,259
Signet Jewelers Ltd.(1)		15,313		1,237,137
Six Flags Entertainment Corp.(1)		2,128		92,100
Skechers USA, Inc. - Class A(1)		1,060		52,820
Skyline Champion Corp.(1)		19,911		1,061,256
Sleep Number Corp.(1)		4,294		472,125
Smith & Wesson Brands, Inc.		19,658		682,133
Sonos, Inc.(1)		45,226		1,593,312
Sportsman’s Warehouse Holdings, Inc.(1)		16,091		285,937
Stamps.com, Inc.(1)		4,444		890,089
Steven Madden Ltd.		348,150		15,235,044
Stitch Fix, Inc. - Class A(1)		22,172		1,336,972
Stoneridge, Inc.(1)		1,407		41,506
Stride, Inc.(1)		811		26,057
Sturm Ruger & Co., Inc.		5,902		531,062
Superior Group of Companies, Inc.		1,103		26,373
Tapestry, Inc.(1)		2,012		87,482

	Shares		Value
Target Hospitality Corp.(1)		20,480		75,981
Taylor Morrison Home Corp. - Class A(1)		5,566		147,054
Tempur Sealy International, Inc.		13,456		527,341
Tenneco, Inc. - Class A(1)		23,959		462,888
Terminix Global Holdings, Inc.(1)		449,030		21,423,221
Texas Roadhouse, Inc. - Class A		163,136		15,693,683
Thor Industries, Inc.		1,556		175,828
Toll Brothers, Inc.		3,284		189,848
TopBuild Corp.(1)		1,959		387,451
Tractor Supply Co.		171,336		31,878,776
Travel + Leisure Co.		4,044		240,416
TRI Pointe Group, Inc.(1)		3,276		70,205
Ulta Beauty, Inc.(1)		90,145		31,169,437
Urban Outfitters, Inc.(1)		17,842		735,447
Vail Resorts, Inc.(1)		2,907		920,124
VF Corp.		15,107		1,239,378
Visteon Corp.(1)		10,523		1,272,652
Vivint Smart Home, Inc.(1)		9,021		119,077
Vroom, Inc.(1)		2,073		86,776
Vuzix Corp.(1)		21,710		398,379
Wayfair, Inc. - Class A(1)		116,594		36,809,892
Wendy’s Co.		12,829		300,455
Williams-Sonoma, Inc.		4,083		651,851
Wingstop, Inc.		58,564		9,231,443
Winmark Corp.		423		81,250
Winnebago Industries, Inc.		11,990		814,840
Wolverine World Wide, Inc.		31,011		1,043,210
Workhorse Group, Inc.(1)		4,142		68,716
WW International, Inc.(1)		5,918		213,877
Wyndham Hotels & Resorts, Inc.		4,152		300,148
Wynn Resorts Ltd.(1)		7,706		942,444
XL Fleet Corp.(1)		1,791		14,919
XPEL, Inc.(1)		6,626		555,723
YETI Holdings, Inc.(1)		127,124		11,672,526
Yum China Holdings, Inc.		2,350		155,688
Yum! Brands, Inc.		1,801		207,169
Total Consumer Discretionary				737,060,782

	Shares		Value
Consumer Staples – 4.79%
22nd Century Group, Inc.(1)		55,976		259,169
AppHarvest, Inc.(1)		17,642		282,272
Beauty Health Co.(1)		15,664		263,155
BellRing Brands, Inc. - Class A(1)		10,554		330,762
Beyond Meat, Inc.(1)		3,607		568,066
BJ’s Wholesale Club Holdings, Inc.(1)		38,381		1,826,168
Boston Beer, Inc. - Class A(1)		9,255		9,447,504
Brown-Forman Corp. - Class A		1,700		119,850
Brown-Forman Corp. - Class B		6,470		484,862
Calavo Growers, Inc.		148,637		9,426,559
Celsius Holdings, Inc.(1)		17,099		1,301,063
Central Garden & Pet Co. - Class A(1)		1,276		67,539
Central Garden & Pet Co. - Class A(1)		5,923		286,081
Church & Dwight Co., Inc.		258,457		22,025,706
Clorox Co.		197,229		35,483,469
Coca-Cola Consolidated, Inc.		1,736		698,098
Darling Ingredients, Inc.(1)		614		41,445
Duckhorn Portfolio, Inc.(1)		4,906		108,226
elf Beauty, Inc.(1)		17,854		484,558
Energizer Holdings, Inc.		25,918		1,113,956
Freshpet, Inc.(1)		3,007		490,021
Herbalife Nutrition Ltd.(1)		1,267		66,809
Hershey Co.		224,621		39,124,486
Honest Co., Inc.(1)		6,358		102,936
Hormel Foods Corp.		367,000		17,524,250
Inter Parfums, Inc.		111,401		8,020,872
J&J Snack Foods Corp.		5,602		977,045
J.M. Smucker Co.		278,500		36,085,245
John B Sanfilippo & Son, Inc.		2,240		198,397
Kellogg Co.		7,989		513,932
Laird Superfood, Inc.(1)		1,612		48,150
Lamb Weston Holdings, Inc.		312,099		25,173,905
Lancaster Colony Corp.		51,118		9,891,844
Limoneira Co.		1,815		31,853
McCormick & Co., Inc.		255,000		22,521,600
MedAvail Holdings, Inc.(1)		4,243		51,977
Medifast, Inc.		4,384		1,240,584
MGP Ingredients, Inc.		59,986		4,057,453

	Shares		Value
Mission Produce, Inc.(1)		1,670		34,586
Molson Coors Beverage Co. - Class B(1)		450,000		24,160,500
Monster Beverage Corp.(1)		29,228		2,669,978
National Beverage Corp.		8,649		408,492
NewAge, Inc.(1)		28,591		63,758
Nu Skin Enterprises, Inc. - Class A		8,194		464,190
Performance Food Group Co.(1)		49,645		2,407,286
Pilgrim’s Pride Corp.(1)		1,861		41,277
PriceSmart, Inc.		619		56,335
Revlon, Inc. - Class A(1)		114		1,464
Sanderson Farms, Inc.		6,426		1,207,895
Simply Good Foods Co.(1)		1,931		70,501
Sprouts Farmers Market, Inc.(1)		19,394		481,941
Tattooed Chef, Inc.(1)		17,193		368,790
The Andersons, Inc.		4,851		148,101
The Chefs’ Warehouse, Inc.(1)		826		26,292
Turning Point Brands, Inc.		5,368		245,693
United Natural Foods, Inc.(1)		1,336		49,405
USANA Health Sciences, Inc.(1)		4,673		478,655
Utz Brands, Inc.		22,756		495,853
Vector Group Ltd.		7,487		105,866
Veru, Inc.(1)		16,802		135,592
Vital Farms, Inc.(1)		8,927		178,183
WD-40 Co.		5,131		1,315,024
Total Consumer Staples				286,355,524
Energy – 0.70%
Altus Midstream Co. - Class A		123		8,304
Antero Resources Corp.(1)		12,973		194,984
Arch Resources, Inc.(1)		1,092		62,222
Aspen Aerogels, Inc.(1)		8,006		239,539
Cabot Oil & Gas Corp.		126,268		2,204,639
Cactus, Inc. - Class A		21,068		773,617
Callon Petroleum Co.(1)		12,770		736,701
Centennial Resource Development, Inc. - Class A(1)		8,940		60,613
ChampionX Corp.(1)		819,853		21,029,229
Cheniere Energy, Inc.(1)		16,994		1,474,059
Cimarex Energy Co.		1,446		104,763
Contango Oil & Gas Co.(1)		53,931		232,982

	Shares		Value
Continental Resources, Inc.		488		18,559
Denbury, Inc.(1)		18,992		1,458,206
Diamondback Energy, Inc.		6,144		576,860
DMC Global, Inc.(1)		6,834		384,139
Dorian LPG Ltd.(1)		1,938		27,365
Earthstone Energy, Inc. - Class A(1)		1,573		17,413
Energy Fuels, Inc.(1)		44,598		269,818
Extraction Oil & Gas, Inc.(1)		2,280		125,195
Falcon Minerals Corp.		11,734		59,609
Frank’s International NV(1)		9,072		27,488
Halliburton Co.		3,390		78,377
Hess Corp.		1,355		118,319
Kosmos Energy Ltd.(1)		149,576		517,533
Laredo Petroleum, Inc.(1)		1,280		118,771
Liberty Oilfield Services, Inc. - Class A(1)		11,179		158,295
Magnolia Oil & Gas Corp. - Class A(1)		53,288		832,891
Matador Resources Co.		41,662		1,500,249
New Fortress Energy, Inc. - Class A		1,894		71,745
NexTier Oilfield Solutions, Inc.(1)		7,268		34,596
Oasis Petroleum, Inc.		6,336		637,085
Occidental Petroleum Corp.		7,714		241,217
Ovintiv, Inc.		5,651		177,837
Par Pacific Holdings, Inc.(1)		14,279		240,173
Pioneer Natural Resources Co.		23,624		3,839,372
Riley Exploration Permian, Inc.		399		11,563
Solaris Oilfield Infrastructure, Inc. - Class A		3,429		33,398
Southwestern Energy Co.(1)		254,779		1,444,597
Talos Energy, Inc.(1)		2,222		34,752
Tellurian, Inc.(1)		116,637		542,362
TETRA Technologies, Inc.(1)		35,408		153,671
Texas Pacific Land Corp.		422		675,090
Uranium Energy Corp.(1)		77,815		206,988
Ur-Energy, Inc.(1)		61,117		85,564
Vine Energy, Inc. - Class A(1)		7,681		119,747
Total Energy				41,960,496
Financials – 10.31%
Alleghany Corp.(1)		106		70,709
Altabancorp		1,029		44,566

	Shares		Value
Ameriprise Financial, Inc.		4,728		1,176,705
AMERISAFE, Inc.		100,996		6,028,451
Apollo Global Management, Inc. - Class A		13,018		809,720
Arch Capital Group Ltd.(1)		6,642		258,640
Ares Management Corp. - Class A		8,665		551,007
Argo Group International Holdings Ltd.		228,772		11,857,253
Arthur J. Gallagher & Co.		305,000		42,724,400
Artisan Partners Asset Management, Inc. - Class A		21,764		1,106,047
Atlanticus Holdings Corp.(1)		2,041		81,028
Axos Financial, Inc.(1)		2,019		93,661
Blucora, Inc.(1)		7,103		122,953
Bridgewater Bancshares, Inc.(1)		3,426		55,330
Brightsphere Investment Group, Inc.		21,499		503,722
Brown & Brown, Inc.		1,034		54,947
BRP Group, Inc. - Class A(1)		17,083		455,262
Bryn Mawr Bank Corp.		266,134		11,228,193
Cadence BanCorp - Class A		16,180		337,838
Camden National Corp.		109,344		5,222,269
Citizens Financial Group, Inc.		5,418		248,524
Coastal Financial Corp.(1)		2,391		68,287
Cohen & Steers, Inc.		189,024		15,516,980
Columbia Banking System, Inc.		513,759		19,810,547
Columbia Financial, Inc.(1)		7,040		121,229
Credit Acceptance Corp.(1)		56		25,430
CrossFirst Bankshares, Inc.(1)		8,451		116,201
Cullen/Frost Bankers, Inc.		191,500		21,448,000
Curo Group Holdings Corp.		8,048		136,816
Customers Bancorp, Inc.(1)		876		34,155
Discover Financial Services		12,150		1,437,224
Donnelley Financial Solutions, Inc.(1)		861		28,413
Eastern Bankshares, Inc.		14,746		303,325
eHealth, Inc.(1)		2,694		157,330
Erie Indemnity Co. - Class A		1,241		239,947
Everest Re Group Ltd.		173,645		43,760,276
FactSet Research Systems, Inc.		2,345		787,005
FB Financial Corp.		1,752		65,385
First Financial Bankshares, Inc.		45,249		2,223,083
First Merchants Corp.		298,772		12,449,829

	Shares		Value
First Republic Bank		142,176		26,611,082
FirstCash, Inc.		1,125		85,995
Five Star Bancorp(1)		1,848		44,629
Focus Financial Partners, Inc. - Class A(1)		19,191		930,764
GAMCO Investors, Inc. - Class A		1,838		46,134
GCM Grosvenor, Inc. - Class A		10,665		111,129
Glacier Bancorp, Inc.		4,496		247,640
GoHealth, Inc. - Class A(1)		2,923		32,767
Goosehead Insurance, Inc. - Class A		1,041		132,519
Great Western Bancorp, Inc.		259,840		8,520,154
Green Dot Corp. - Class A(1)		1,472		68,963
Greenhill & Co., Inc.		5,632		87,634
Hamilton Lane, Inc. - Class A		12,627		1,150,572
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,666		93,546
Heritage Insurance Holdings, Inc.		1,110		9,524
Hingham Institution for Savings		129		37,475
Houlihan Lokey, Inc. - Class A		255,610		20,906,342
Investors Bancorp, Inc.		29,578		421,782
Investors Title Co.		115		20,082
James River Group Holdings Ltd.		1,983		74,402
Kearny Financial Corp.		10,269		122,715
Kinsale Capital Group, Inc.		7,948		1,309,592
Lakeland Financial Corp.		1,057		65,154
Lemonade, Inc.(1)		285		31,182
LendingTree, Inc.(1)		4,393		930,789
Lincoln National Corp.		2,080		130,707
Live Oak Bancshares, Inc.		11,644		686,996
LPL Financial Holdings, Inc.		121,014		16,334,470
Luther Burbank Corp.		2,721		32,271
Markel Corp.(1)		160		189,874
MarketAxess Holdings, Inc.		16,148		7,486,051
Meta Financial Group, Inc.		3,396		171,939
Metrocity Bankshares, Inc.		3,445		60,322
Metropolitan Bank Holding Corp.(1)		637		38,360
Moelis & Co. - Class A		12,584		715,904
Morningstar, Inc.		1,517		390,036
MSCI, Inc. - Class A		73,357		39,105,150
Nasdaq, Inc.		177,604		31,222,783

	Shares		Value
NMI Holdings, Inc. - Class A(1)		2,064		46,399
Northern Trust Corp.		227,500		26,303,550
Open Lending Corp. - Class A(1)		39,127		1,685,982
Origin Bancorp, Inc.		1,389		58,977
PacWest Bancorp		239,414		9,854,280
Palomar Holdings, Inc. - Class A(1)		72,175		5,446,326
PennyMac Mortgage Investment Trust		7,117		149,884
Piper Sandler Companies		34,829		4,512,445
PJT Partners, Inc. - Class A		7,563		539,847
PRA Group, Inc.(1)		155,582		5,985,240
PROG Holdings, Inc.		148,365		7,140,807
Prosperity Bancshares, Inc.		261,000		18,739,800
Pzena Investment Management, Inc. - Class A		6,528		71,873
Raymond James Financial, Inc.		448		58,195
RBB Bancorp		1,763		42,700
Regional Management Corp.		1,414		65,808
RenaissanceRe Holdings Ltd.		1,558		231,862
RLI Corp.		13,684		1,431,210
Rocket Companies, Inc. - Class A		9,703		187,753
Selectquote, Inc.(1)		50,597		974,498
ServisFirst Bancshares, Inc.		15,363		1,044,377
Silvergate Capital Corp. - Class A(1)		43,743		4,956,957
Southern First Bancshares, Inc.(1)		888		45,430
StepStone Group, Inc. - Class A		13,776		473,894
Sterling Bancorp		1,098		27,219
Stock Yards Bancorp, Inc.		1,372		69,821
StoneX Group, Inc.(1)		660		40,042
SVB Financial Group(1)		122,154		67,970,150
Synchrony Financial		7,795		378,213
Synovus Financial Corp.		798		35,016
T Rowe Price Group, Inc.		5,426		1,074,185
Texas Capital Bancshares, Inc.(1)		7,062		448,366
Tradeweb Markets, Inc. - Class A		902,662		76,329,099
Triumph Bancorp, Inc.(1)		8,095		601,054
Trupanion, Inc.(1)		14,216		1,636,262
UMB Financial Corp.		161,249		15,005,832
Upstart Holdings, Inc.(1)		880		109,912
UWM Holdings Corp.		1,445		12,210

	Shares		Value
Value Line, Inc.		302		9,362
Veritex Holdings, Inc.		2,498		88,454
Virtus Investment Partners, Inc.		2,733		759,145
Walker & Dunlop, Inc.		1,363		142,270
Waterstone Financial, Inc.		1,927		37,885
West Bancorporation, Inc.		2,144		59,496
Western Alliance Bancorp		3,799		352,737
WisdomTree Investments, Inc.		38,438		238,316
Total Financials				615,891,257
Healthcare – 22.46%
10X Genomics, Inc. - Class A(1)		6,067		1,188,040
1Life Healthcare, Inc.(1)		43,845		1,449,516
4D Molecular Therapeutics, Inc.(1)		365		8,789
9 Meters Biopharma, Inc.(1)		77,905		85,696
Abcam Plc - ADR(1)		334,000		6,359,360
ABIOMED, Inc.(1)		3,182		993,134
Acadia Healthcare Co., Inc.(1)		127,339		7,990,522
ACADIA Pharmaceuticals, Inc.(1)		45,173		1,101,769
Accelerate Diagnostics, Inc.(1)		12,197		98,308
Acceleron Pharma, Inc.(1)		3,787		475,231
Accolade, Inc.(1)		19,095		1,037,049
Accuray, Inc.(1)		34,646		156,600
Aclaris Therapeutics, Inc.(1)		16,004		281,030
Acutus Medical, Inc.(1)		5,697		96,735
Adaptive Biotechnologies Corp.(1)		6,949		283,936
Addus HomeCare Corp.(1)		2,406		209,899
Aduro Bioteech, Inc.(1)(5)		5,254		15,762
Aerie Pharmaceuticals, Inc.(1)		15,521		248,491
Affimed NV(1)		42,921		364,829
Agenus, Inc.(1)		72,644		398,816
Agilent Technologies, Inc.		171,633		25,369,074
Agiliti, Inc.(1)		8,317		181,893
agilon health, Inc.(1)		3,297		133,759
Akebia Therapeutics, Inc.(1)		25,488		96,600
Akero Therapeutics, Inc.(1)		7,143		177,218
Akoya Biosciences, Inc.(1)		2,691		52,044
Albireo Pharma, Inc.(1)		4,933		173,543
Aldeyra Therapeutics, Inc.(1)		17,928		203,124

	Shares		Value
Alector, Inc.(1)		21,235		442,325
Align Technology, Inc.(1)		67,548		41,271,828
Alignment Healthcare, Inc.(1)		9,615		224,703
Aligos Therapeutics, Inc.(1)		6,862		139,882
Alkermes Plc(1)		60,501		1,483,485
Allakos, Inc.(1)		13,174		1,124,664
Allogene Therapeutics, Inc.(1)		10,078		262,834
Allovir, Inc.(1)		10,817		213,528
Alnylam Pharmaceuticals, Inc.(1)		8,504		1,441,598
Alphatec Holdings, Inc.(1)		23,471		359,576
Alpine Immune Sciences, Inc.(1)		4,237		38,133
ALX Oncology Holdings, Inc.(1)		6,531		357,115
Amedisys, Inc.(1)		2,036		498,677
Amicus Therapeutics, Inc.(1)		99,745		961,542
AMN Healthcare Services, Inc.(1)		18,012		1,746,804
Amneal Pharmaceuticals, Inc.(1)		37,150		190,208
Amphastar Pharmaceuticals, Inc.(1)		4,135		83,362
Ampio Pharmaceuticals, Inc.(1)		70,163		117,172
Anavex Life Sciences Corp.(1)		23,745		542,811
Angion Biomedica Corp.(1)		2,118		27,576
Antares Pharma, Inc.(1)		61,788		269,396
Apellis Pharmaceuticals, Inc.(1)		24,436		1,544,355
Apollo Medical Holdings, Inc.(1)		13,392		841,152
Applied Molecular Transport, Inc.(1)		9,063		414,542
Applied Therapeutics, Inc.(1)		4,967		103,214
Apria, Inc.(1)		1,423		39,844
Apyx Medical Corp.(1)		11,466		118,214
AquaBounty Technologies, Inc.(1)		6,623		35,499
Arbutus Biopharma Corp.(1)		2,844		8,617
Arcutis Biotherapeutics, Inc.(1)		1,045		28,518
Ardelyx, Inc.(1)		23,777		180,230
Arena Pharmaceuticals, Inc.(1)		2,105		143,561
Argenx SE - ADR(1)		113,592		34,199,143
Arrowhead Pharmaceuticals, Inc.(1)		37,985		3,145,918
Arvinas, Inc.(1)		16,476		1,268,652
Ascendis Pharma - ADR(1)		258,970		34,067,503
Asensus Surgical, Inc.(1)		27,021		85,657
Aspira Women’s Health, Inc.(1)		27,059		152,072

	Shares		Value
Atara Biotherapeutics, Inc.(1)		2,624		40,803
Atea Pharmaceuticals, Inc.(1)		2,151		46,203
Athenex, Inc.(1)		18,852		87,096
Athersys, Inc.(1)		63,511		91,456
Atossa Therapeutics, Inc.(1)		3,126		19,756
AtriCure, Inc.(1)		16,868		1,338,138
Atrion Corp.		514		319,158
Avantor, Inc.(1)		42,023		1,492,237
Aveanna Healthcare Holdings, Inc.(1)		14,323		177,176
Avid Bioservices, Inc.(1)		22,024		564,916
Avidity Biosciences, Inc.(1)		1,946		48,086
Avita Medical, Inc.(1)		8,743		179,406
Axogen, Inc.(1)		14,096		304,615
Axonics, Inc.(1)		15,765		999,659
Axsome Therapeutics, Inc.(1)		10,633		717,302
Beam Therapeutics, Inc.(1)		17,642		2,270,702
Berkeley Lights, Inc.(1)		18,105		811,285
Beyondspring, Inc.(1)		8,186		85,462
BioAtla, Inc.(1)		4,466		189,269
BioCryst Pharmaceuticals, Inc.(1)		6,804		107,571
BioDelivery Sciences International, Inc.(1)		33,212		118,899
Biodesix, Inc.(1)		4,403		58,164
Biohaven Pharmaceutical Holding Co. Ltd.(1)		13,663		1,326,404
BioLife Solutions, Inc.(1)		9,014		401,213
Biomea Fusion, Inc.(1)		3,120		48,703
Bionano Genomics, Inc.(1)		103,689		760,040
BioNTech SE - ADR(1)		80,633		18,052,116
Bio-Rad Laboratories, Inc. - Class A(1)		36,000		23,194,440
Bio-Techne Corp.		119,775		53,929,891
Bioventus, Inc. - Class A(1)		2,656		46,746
Bioxcel Therapeutics, Inc.(1)		5,575		162,009
Blueprint Medicines Corp.(1)		20,528		1,805,643
Bridgebio Pharma, Inc.(1)		27,193		1,657,685
Brooklyn ImmunoTherapeutics, Inc.(1)		7,646		137,704
Bruker Corp.		7,498		569,698
Butterfly Network, Inc.(1)		11,926		172,688
C4 Therapeutics, Inc.(1)		13,294		503,045
Cardinal Health, Inc.		12,340		704,491

	Shares		Value
Cardiovascular Systems, Inc.(1)		171,971		7,334,563
CareDx, Inc.(1)		18,952		1,734,487
Cassava Sciences, Inc.(1)		14,103		1,204,960
Castle Biosciences, Inc.(1)		7,225		529,809
Catalent, Inc.(1)		571,715		61,813,826
Celcuity, Inc.(1)		2,934		70,416
Celldex Therapeutics, Inc.(1)		11,360		379,878
CEL-SCI Corp.(1)		11,943		103,665
Cerecor, Inc.(1)		18,619		60,884
Cerevel Therapeutics Holdings, Inc.(1)		12,895		330,370
Cerner Corp.		50,444		3,942,703
Certara, Inc.(1)		1,311		37,141
Cerus Corp.(1)		61,746		364,919
Charles River Laboratories International, Inc.(1)		3,391		1,254,399
Chemed Corp.		298		141,401
ChemoCentryx, Inc.(1)		1,426		19,094
Chimerix, Inc.(1)		19,294		154,352
ChromaDex Corp.(1)		17,369		171,258
ClearPoint Neuro, Inc.(1)		6,978		133,210
Clene, Inc.(1)		5,499		61,809
Clovis Oncology, Inc.(1)		36,562		212,060
Codexis, Inc.(1)		23,512		532,782
Codiak Biosciences, Inc.(1)		5,726		106,103
Cogent Biosciences, Inc.(1)		4,055		32,886
Coherus Biosciences, Inc.(1)		25,398		351,254
Collegium Pharmaceutical, Inc.(1)		13,013		307,627
Community Health Systems, Inc.(1)		41,431		639,695
CONMED Corp.		156,555		21,515,354
Cooper Companies, Inc.		64,500		25,559,415
Corcept Therapeutics, Inc.(1)		36,657		806,454
CorMedix, Inc.(1)		1,674		11,484
Cortexyme, Inc.(1)		7,348		389,444
CorVel Corp.(1)		3,269		439,027
Crinetics Pharmaceuticals, Inc.(1)		11,503		216,832
Cross Country Healthcare, Inc.(1)		1,985		32,772
CryoLife, Inc.(1)		12,438		353,239
CryoPort, Inc.(1)		15,319		966,629
Cue Biopharma, Inc.(1)		10,963		127,719
Cullinan Oncology, Inc.(1)		309		7,957
CureVac NV(1)		3,806		279,665
Curis, Inc.(1)		27,795		224,306

	Shares		Value
Cutera, Inc.(1)		6,516		319,479
Cytokinetics, Inc.(1)		24,528		485,409
CytomX Therapeutics, Inc.(1)		20,259		128,239
CytoSorbents Corp.(1)		15,176		114,579
DaVita, Inc.(1)		3,526		424,636
Deciphera Pharmaceuticals, Inc.(1)		12,498		457,552
Denali Therapeutics, Inc.(1)		34,088		2,673,863
Dentsply Sirona, Inc.		661,000		41,814,860
DermTech, Inc.(1)		8,739		363,280
Design Therapeutics, Inc.(1)		2,847		56,627
DexCom, Inc.(1)		130,607		55,769,189
Dicerna Pharmaceuticals, Inc.(1)		26,186		977,262
Durect Corp.(1)		83,612		136,288
Dynavax Technologies Corp. - Class A(1)		39,814		392,168
Eagle Pharmaceuticals, Inc.(1)		1,951		83,503
Eargo, Inc.(1)		7,080		282,563
Edgewise Therapeutics, Inc.(1)		4,504		96,070
Editas Medicine, Inc. - Class A(1)		25,902		1,467,089
Edwards Lifesciences Corp.(1)		433,000		44,845,810
Enanta Pharmaceuticals, Inc.(1)		1,177		51,800
Encompass Health Corp.		4,190		326,946
Ensign Group, Inc.		19,770		1,713,466
Epizyme, Inc.(1)		32,896		273,366
Esperion Therapeutics, Inc.(1)		9,640		203,886
Evelo Biosciences, Inc.(1)		11,306		155,344
Evolent Health, Inc. - Class A(1)		5,950		125,664
Evolus, Inc.(1)		11,977		151,509
Exact Sciences Corp.(1)		273,887		34,046,893
Exagen, Inc.(1)		1,409		21,121
Exelixis, Inc.(1)		253,583		4,620,282
Fate Therapeutics, Inc.(1)		30,067		2,609,515
FibroGen, Inc.(1)		29,915		796,636
Finch Therapeutics Group, Inc.(1)		306		4,305
Flexion Therapeutics, Inc.(1)		17,633		145,120
Fluidigm Corp.(1)		2,523		15,542
Foghorn Therapeutics, Inc.(1)		1,110		11,844
Forian, Inc.(1)		6,213		78,097
Forte Biosciences, Inc.(1)		4,158		139,792

	Shares		Value
Fortress Biotech, Inc.(1)		26,935		96,158
Fulgent Genetics, Inc.(1)		954		87,987
G1 Therapeutics, Inc.(1)		8,494		186,358
Gemini Therapeutics, Inc. - Class A(1)		1,230		7,958
Generation Bio Co.(1)		15,120		406,728
Genmab - ADR(1)		852,501		34,807,616
Glaukos Corp.(1)		16,937		1,436,766
Global Blood Therapeutics, Inc.(1)		22,923		802,763
Globus Medical, Inc. - Class A(1)		240,211		18,623,559
Greenwich Lifesciences, Inc.(1)		1,493		67,095
GT Biopharma, Inc.(1)		8,790		136,245
Guardant Health, Inc.(1)		6,446		800,529
Haemonetics Corp.(1)		13,020		867,653
Halozyme Therapeutics, Inc.(1)		147,001		6,675,315
Hanger, Inc.(1)		13,882		350,937
Harmony Biosciences Holdings, Inc.(1)		8,209		231,740
Harpoon Therapeutics, Inc.(1)		6,806		94,399
Harvard Bioscience, Inc.(1)		12,489		104,033
Health Catalyst, Inc.(1)		17,009		944,170
HealthEquity, Inc.(1)		86,678		6,975,845
Heron Therapeutics, Inc.(1)		34,008		527,804
Heska Corp.(1)		3,659		840,582
Hologic, Inc.(1)		73,839		4,926,538
Hookipa Pharma, Inc.(1)		4,287		39,269
Horizon Therapeutics Plc(1)		2,938		275,114
Humanigen, Inc.(1)		16,468		286,214
iCAD, Inc.(1)		8,133		140,782
ICON Plc(1)		36,669		7,579,849
ICU Medical, Inc.(1)		61,355		12,626,859
Ideaya Biosciences, Inc.(1)		2,530		53,105
IDEXX Laboratories, Inc.(1)		25,226		15,931,480
IGM Biosciences, Inc.(1)		2,975		247,520
Illumina, Inc.(1)		6,192		2,930,116
ImmunityBio, Inc.(1)		2,774		39,613
ImmunoGen, Inc.(1)		39,040		257,274
Immunovant, Inc.(1)		8,877		93,830
Impel Neuropharma, Inc.(1)		1,230		10,885
Inari Medical, Inc.(1)		12,824		1,196,223

	Shares		Value
Incyte Corp.(1)		11,510		968,336
Infinity Pharmaceuticals, Inc.(1)		29,342		87,733
InfuSystem Holdings, Inc.(1)		6,634		137,921
Inhibrx, Inc.(1)		10,260		282,355
Innovage Holding Corp.(1)		6,661		141,946
Innoviva, Inc.(1)		2,499		33,512
Inogen, Inc.(1)		7,197		469,028
Inotiv, Inc.(1)		4,797		127,984
Inovalon Holdings, Inc. - Class A(1)		28,581		974,040
Insmed, Inc.(1)		39,035		1,110,936
Inspire Medical Systems, Inc.(1)		10,082		1,948,447
Instil Bio, Inc.(1)		2,925		56,511
Insulet Corp.(1)		4,795		1,316,275
Integra LifeSciences Holdings Corp.(1)		714,439		48,753,317
Intellia Therapeutics, Inc.(1)		23,967		3,880,497
Intercept Pharmaceuticals, Inc.(1)		10,416		208,008
Intersect ENT, Inc.(1)		12,306		210,310
Intra-Cellular Therapies, Inc.(1)		26,627		1,086,914
Invitae Corp.(1)		19,695		664,312
Ionis Pharmaceuticals, Inc.(1)		9,247		368,863
Iovance Biotherapeutics, Inc.(1)		3,184		82,848
IQVIA Holdings, Inc.(1)		6,827		1,654,319
iRadimed Corp.(1)		2,321		68,261
iRhythm Technologies, Inc.(1)		32,992		2,189,019
Ironwood Pharmaceuticals, Inc. - Class A(1)		55,652		716,241
IVERIC bio, Inc.(1)		6,577		41,501
Joint Corp.(1)		5,078		426,146
Kadmon Holdings, Inc.(1)		63,285		244,913
Kala Pharmaceuticals, Inc.(1)		11,920		63,176
Kaleido BioSciences, Inc.(1)		6,643		49,424
KalVista Pharmaceuticals, Inc.(1)		7,319		175,363
Karuna Therapeutics, Inc.(1)		8,403		957,858
Karyopharm Therapeutics, Inc.(1)		26,423		272,685
KemPharm, Inc.(1)		5,272		67,587
Keros Therapeutics, Inc.(1)		5,749		244,160
Kiniksa Pharmaceuticals Ltd. - Class A(1)		4,908		68,368
Kinnate Biopharma, Inc.(1)		262		6,099
Kodiak Sciences, Inc.(1)		12,604		1,172,172

	Shares		Value
Kronos Bio, Inc.(1)		1,709		40,931
Krystal Biotech, Inc.(1)		2,380		161,840
Kymera Therapeutics, Inc.(1)		10,630		515,555
Landos Biopharma, Inc.(1)		2,334		26,958
Lantheus Holdings, Inc.(1)		3,665		101,301
LeMaitre Vascular, Inc.		6,649		405,722
Lexicon Pharmaceuticals, Inc.(1)		10,199		46,813
LHC Group, Inc.(1)		74,234		14,866,101
Ligand Pharmaceuticals, Inc.(1)		30,720		4,030,157
LivaNova Plc(1)		14,926		1,255,426
Luminex Corp.		17,437		641,682
MacroGenics, Inc.(1)		20,837		559,682
Madrigal Pharmaceuticals, Inc.(1)		4,401		428,701
Magenta Therapeutics, Inc.(1)		9,792		95,766
MannKind Corp.(1)		9,790		53,355
Maravai LifeSciences Holdings, Inc. - Class A(1)		478,560		19,970,309
Marinus Pharmaceuticals, Inc.(1)		13,637		244,648
Masimo Corp.(1)		129,606		31,422,975
McKesson Corp.		1,651		315,737
MEDNAX, Inc.(1)		14,989		451,918
Medpace Holdings, Inc.(1)		108,399		19,146,515
MEI Pharma, Inc.(1)		39,603		112,869
MeiraGTx Holdings Plc(1)		854		13,237
Meridian Bioscience, Inc.(1)		1,759		39,015
Merit Medical Systems, Inc.(1)		17,280		1,117,325
Mersana Therapeutics, Inc.(1)		17,845		242,335
Mesa Laboratories, Inc.		52,589		14,260,559
Mettler-Toledo International, Inc.(1)		1,662		2,302,435
MiMedx Group, Inc.(1)		27,439		343,262
Mind Medicine MindMed, Inc.(1)		125,024		431,333
Mirati Therapeutics, Inc.(1)		2,345		378,788
Mirum Pharmaceuticals, Inc.(1)		662		11,446
Misonix, Inc.(1)		2,475		54,895
ModivCare, Inc.(1)		1,541		262,078
Molecular Templates, Inc.(1)		13,569		106,110
Molina Healthcare, Inc.(1)		639		161,705
Morphic Holding, Inc.(1)		7,658		439,493
Multiplan Corp.(1)		22,921		218,208

	Shares		Value
NanoString Technologies, Inc.(1)		15,822		1,025,107
NantHealth, Inc.(1)		5,717		13,263
Natera, Inc.(1)		5,344		606,704
National Research Corp.		5,074		232,897
Neogen Corp.(1)		140,723		6,478,887
NeoGenomics, Inc.(1)		42,587		1,923,655
Neoleukin Therapeutics, Inc.(1)		3,098		28,595
Neurocrine Biosciences, Inc.(1)		6,714		653,406
Neuronetics, Inc.(1)		8,333		133,495
NeuroPace, Inc.(1)		2,470		58,761
Nevro Corp.(1)		12,980		2,151,954
NexImmune, Inc.(1)		1,581		25,802
NGM Biopharmaceuticals, Inc.(1)		1,136		22,402
Novavax, Inc.(1)		5,299		1,125,031
Novocure Ltd.(1)		7,407		1,643,021
Nurix Therapeutics, Inc.(1)		10,517		279,016
NuVasive, Inc.(1)		67,984		4,607,956
Nuvation Bio, Inc.(1)		10,880		101,293
Oak Street Health, Inc.(1)		6,720		393,590
Ocugen, Inc.(1)		67,844		544,787
Ocular Therapeutix, Inc.(1)		28,315		401,507
Olema Pharmaceuticals, Inc.(1)		2,070		57,919
Omeros Corp.(1)		22,168		328,973
Omnicell, Inc.(1)		167,613		25,384,989
OncoCyte Corp.(1)		19,943		114,473
Oncternal Therapeutics, Inc.(1)(5)		207		191
Ontrak, Inc.(1)		3,203		104,033
OptimizeRx Corp.(1)		6,271		388,175
Oramed Pharmaceuticals, Inc.(1)		9,847		131,753
Organogenesis Holdings, Inc. - Class A(1)		14,059		233,661
ORIC Pharmaceuticals, Inc.(1)		1,505		26,623
Ortho Clinical Diagnostics Holdings Plc(1)		32,492		695,654
OrthoPediatrics Corp.(1)		5,087		321,397
Outlook Therapeutics, Inc.(1)		32,167		80,096
Outset Medical, Inc.(1)		17,396		869,452
Owens & Minor, Inc.		22,698		960,806
Oyster Point Pharma, Inc.(1)		261		4,487
Pacific Biosciences of California, Inc.(1)		33,474		1,170,586

	Shares		Value
Pacira BioSciences, Inc.(1)		92,129		5,590,388
Paratek Pharmaceuticals, Inc.(1)		16,858		114,972
Patterson Companies, Inc.		8,213		249,593
PAVmed, Inc.(1)		26,628		170,419
Pennant Group, Inc.(1)		9,482		387,814
Penumbra, Inc.(1)		2,424		664,321
Personalis, Inc.(1)		1,070		27,071
PetIQ, Inc. - Class A(1)		10,490		404,914
Phathom Pharmaceuticals, Inc.(1)		7,429		251,472
Phibro Animal Health Corp. - Class A		7,556		218,217
Phreesia, Inc.(1)		14,598		894,857
Pliant Therapeutics, Inc.(1)		8,118		236,396
PMV Pharmaceuticals, Inc.(1)		9,627		328,858
Portage Biotech, Inc.(1)		216		4,527
PPD, Inc.(1)		4,704		216,807
PRA Health Sciences, Inc.(1)		37,788		6,242,955
Praxis Precision Medicines, Inc.(1)		753		13,765
Precigen, Inc.(1)		30,544		199,147
Precision BioSciences, Inc.(1)		17,588		220,202
Prelude Therapeutics, Inc.(1)		3,958		113,318
Prestige Consumer Healthcare, Inc.(1)		224,842		11,714,268
Privia Health Group, Inc.(1)		7,187		318,887
Progyny, Inc.(1)		23,722		1,399,598
Prometheus Biosciences, Inc.(1)		534		13,115
Protagonist Therapeutics, Inc.(1)		15,239		683,926
Prothena Corp. Plc(1)		10,161		522,377
PTC Therapeutics, Inc.(1)		26,601		1,124,424
Pulmonx Corp.(1)		9,354		412,698
Pulse Biosciences, Inc.(1)		5,195		85,198
Puma Biotechnology, Inc.(1)		11,980		109,976
Quanterix Corp.(1)		11,745		688,962
Quotient Ltd.(1)		28,719		104,537
R1 RCM, Inc.(1)		49,863		1,108,953
Radius Health, Inc.(1)		17,244		314,531
RadNet, Inc.(1)		16,565		558,075
Rain Therapeutics, Inc.(1)		1,786		27,754
RAPT Therapeutics, Inc.(1)		6,626		210,641
Reata Pharmaceuticals, Inc. - Class A(1)		8,941		1,265,420

	Shares		Value
Recursion Pharmaceuticals, Inc. - Class A(1)		5,159		188,304
REGENXBIO, Inc.(1)		8,367		325,058
Relay Therapeutics, Inc.(1)		19,219		703,223
Relmada Therapeutics, Inc.(1)		5,521		176,727
Reneo Pharmaceuticals, Inc.(1)		1,437		13,407
Repligen Corp.(1)		86,859		17,338,794
Replimune Group, Inc.(1)		6,915		265,674
ResMed, Inc.		40,230		9,917,500
Retractable Technologies, Inc.(1)		6,480		74,909
Revance Therapeutics, Inc.(1)		26,783		793,848
REVOLUTION Medicines, Inc.(1)		3,099		98,362
Rigel Pharmaceuticals, Inc.(1)		63,254		274,522
Rocket Pharmaceuticals, Inc.(1)		15,209		673,607
Royalty Pharma Plc - Class A		14,127		579,066
Rubius Therapeutics, Inc.(1)		16,634		406,036
Sage Therapeutics, Inc.(1)		114,032		6,478,158
Sana Biotechnology, Inc.(1)		9,241		181,678
Sangamo Therapeutics, Inc.(1)		38,870		465,274
Sarepta Therapeutics, Inc.(1)		5,480		426,015
Scholar Rock Holding Corp.(1)		8,640		249,696
Schrodinger, Inc.(1)		17,081		1,291,494
Seagen, Inc.(1)		8,638		1,363,767
SeaSpine Holdings Corp.(1)		5,939		121,809
Seelos Therapeutics, Inc.(1)		27,556		72,748
Seer, Inc. - Class A(1)		2,122		69,559
Select Medical Holdings Corp.		41,555		1,756,114
Selecta Biosciences, Inc.(1)		3,578		14,956
Senseonics Holdings, Inc.(1)		153,123		587,992
Seres Therapeutics, Inc.(1)		25,650		611,753
Sesen Bio, Inc.(1)		63,016		291,134
Sharps Compliance Corp.(1)		5,388		55,496
Shattuck Labs, Inc.(1)		8,001		231,949
Shockwave Medical, Inc.(1)		12,653		2,400,654
SI-BONE, Inc.(1)		12,702		399,732
Sientra, Inc.(1)		18,847		150,022
SIGA Technologies, Inc.(1)		17,873		112,242
Sigilon Therapeutics, Inc.(1)		138		1,481
Silk Road Medical, Inc.(1)		13,011		622,706

	Shares		Value
Simulations Plus, Inc.		5,619		308,539
SOC Telemed, Inc. - Class A(1)		11,644		66,254
Soliton, Inc.(1)		3,472		78,085
Sorrento Therapeutics, Inc.(1)		93,322		904,290
Sotera Health Co.(1)		5,589		135,421
Spectrum Pharmaceuticals, Inc.(1)		56,974		213,653
Spero Therapeutics, Inc.(1)		8,369		116,831
SpringWorks Therapeutics, Inc.(1)		11,105		915,163
STAAR Surgical Co.(1)		17,599		2,683,848
Stereotaxis, Inc.(1)		18,368		177,068
STERIS Plc		137,970		28,463,211
Stoke Therapeutics, Inc.(1)		7,030		236,630
Summit Therapeutics, Inc.(1)		8,183		61,045
Supernus Pharmaceuticals, Inc.(1)		94,948		2,923,449
Surgery Partners, Inc.(1)		12,087		805,236
Surmodics, Inc.(1)		4,979		270,111
Sutro Biopharma, Inc.(1)		1,197		22,252
Syndax Pharmaceuticals, Inc.(1)		4,083		70,105
Syneos Health, Inc. - Class A(1)		939		84,031
Syros Pharmaceuticals, Inc.(1)		10,363		56,478
Tabula Rasa HealthCare, Inc.(1)		8,283		414,150
Tactile Systems Technology, Inc.(1)		7,048		366,496
Talaris Therapeutics, Inc.(1)		2,134		31,348
Tandem Diabetes Care, Inc.(1)		270,767		26,372,706
Tarsus Pharmaceuticals, Inc.(1)		2,480		71,870
Taysha Gene Therapies, Inc.(1)		6,745		142,994
Teladoc Health, Inc.(1)		8,144		1,354,266
Teleflex, Inc.		598		240,270
Tenet Healthcare Corp.(1)		4,736		317,265
Terns Pharmaceuticals, Inc.(1)		2,201		26,984
TG Therapeutics, Inc.(1)		48,096		1,865,644
TherapeuticsMD, Inc.(1)		133,174		158,477
Theravance Biopharma, Inc.(1)		17,852		259,211
Tivity Health, Inc.(1)		9,693		255,023
Translate Bio, Inc.(1)		12,842		353,669
TransMedics Group, Inc.(1)		9,591		318,229
Travere Therapeutics, Inc. - Class Preferred(1)		1,434		20,922
Treace Medical Concepts, Inc.(1)		3,984		124,540

	Shares		Value
Trevena, Inc.(1)		20,355		34,400
Trillium Therapeutics, Inc.(1)		5,531		53,651
Turning Point Therapeutics, Inc.(1)		1,900		148,238
Twist Bioscience Corp.(1)		17,736		2,363,322
Ultragenyx Pharmaceutical, Inc.(1)		3,434		327,432
UroGen Pharma Ltd.(1)		5,062		77,297
US Physical Therapy, Inc.		4,960		574,715
Utah Medical Products, Inc.		100		8,504
Vapotherm, Inc.(1)		8,420		199,049
Varex Imaging Corp.(1)		1,972		52,889
Vaxart, Inc.(1)		40,027		299,802
Vaxcyte, Inc.(1)		4,257		95,825
VBI Vaccines, Inc.(1)		60,674		203,258
Veeva Systems, Inc. - Class A(1)		299,856		93,240,223
Verastem, Inc.(1)		63,854		259,886
Vericel Corp.(1)		22,389		1,175,423
Verrica Pharmaceuticals, Inc.(1)		4,663		52,692
Viemed Healthcare, Inc.(1)		2,120		15,158
ViewRay, Inc.(1)		50,348		332,297
Vincerx Pharma, Inc.(1)		1,652		21,459
Vir Biotechnology, Inc.(1)		22,633		1,070,088
Viracta Therapeutics, Inc.(1)		2,877		32,625
VistaGen Therapeutics, Inc.(1)		59,026		185,932
Vocera Communications, Inc.(1)		12,620		502,907
Vor BioPharma, Inc.(1)		411		7,665
Waters Corp.(1)		142,136		49,123,623
WaVe Life Sciences Ltd.(1)		13,786		91,815
Werewolf Therapeutics, Inc.(1)		1,763		30,747
West Pharmaceutical Services, Inc.		136,900		49,160,790
Xencor, Inc.(1)		21,785		751,365
XOMA Corp.(1)		224		7,616
Y-mAbs Therapeutics, Inc.(1)		12,863		434,769
Zentalis Pharmaceuticals, Inc.(1)		12,245		651,434
ZIOPHARM Oncology, Inc.(1)		76,888		202,984
Zynex, Inc.(1)		7,318		113,649
Total Healthcare				1,342,103,984
Industrials – 14.76%
AAON, Inc.		15,462		967,767

	Shares		Value
Advanced Drainage Systems, Inc.		120,356		14,029,899
Advent Technologies Holdings, Inc.(1)		4,514		43,515
Aerojet Rocketdyne Holdings, Inc.		22,548		1,088,843
Aerovironment, Inc.(1)		8,290		830,243
AGCO Corp.		444		57,889
AgEagle Aerial Systems, Inc.(1)		15,764		83,076
Alamo Group, Inc.		3,200		488,576
Albany International Corp. - Class A		173,516		15,488,038
Allegiant Travel Co. - Class A(1)		5,620		1,090,280
Allegion Plc		4,903		682,988
Allied Motion Technologies, Inc.		4,080		140,882
Allison Transmission Holdings, Inc.		5,944		236,215
Alta Equipment Group, Inc.(1)		1,565		20,799
Altra Industrial Motion Corp.		362,645		23,579,178
Ameresco, Inc. - Class A(1)		69,716		4,372,588
AMETEK, Inc.		403,000		53,800,500
Applied Industrial Technologies, Inc.		14,725		1,340,858
Armstrong World Industries, Inc.		1,649		176,872
Array Technologies, Inc.(1)		10,977		171,241
ASGN, Inc.(1)		17,124		1,659,829
Atkore, Inc.(1)		17,675		1,254,925
Atlas Technical Consultants, Inc.(1)		7,003		67,789
Axon Enterprise, Inc.(1)		47,742		8,440,786
AZEK Co., Inc. - Class A(1)		97,206		4,127,367
Babcock & Wilcox Enterprises, Inc.(1)		6,275		49,447
Beacon Roofing Supply, Inc.(1)		226,978		12,086,578
Beam Global(1)		2,798		107,191
Bloom Energy Corp. - Class A(1)		52,427		1,408,713
Blue Bird Corp.(1)		2,846		70,752
BlueLinx Holdings, Inc.(1)		3,333		167,583
Boise Cascade Co.		3,181		185,611
Booz Allen Hamilton Holding Corp. - Class A		9,740		829,653
Brink’s Co.		18,333		1,408,708
BWX Technologies, Inc.		5,124		297,807
Byrna Technologies, Inc.(1)		3,928		89,244
CAI International, Inc.		1,462		81,872
Carlisle Companies, Inc.		1,409		269,654
Carrier Global Corp.		29,499		1,433,651

	Shares		Value
Casella Waste Systems, Inc. - Class A(1)		17,162		1,088,586
CH Robinson Worldwide, Inc.		1,864		174,601
Chart Industries, Inc.(1)		8,092		1,184,021
Cimpress Plc(1)		6,462		700,545
Cintas Corp.		6,036		2,305,752
CIRCOR International, Inc.(1)		6,863		223,734
Clarivate Plc(1)		1,170,000		32,210,100
Comfort Systems USA, Inc.		13,519		1,065,162
Commercial Vehicle Group, Inc.(1)		4,529		48,143
Construction Partners, Inc. - Class A(1)		10,490		329,386
Copart, Inc.(1)		15,116		1,992,742
Cornerstone Building Brands, Inc.(1)		20,621		374,890
CoStar Group, Inc.(1)		201,179		16,661,645
Covanta Holding Corp.		44,462		782,976
CRA International, Inc.		2,301		196,966
CSW Industrials, Inc.		5,033		596,209
Custom Truck One Source, Inc.(1)		1,877		17,869
Daseke, Inc.(1)		16,067		104,114
Delta Air Lines, Inc.(1)		46,223		1,999,607
Desktop Metal, Inc. - Class A(1)		24,321		279,692
Donaldson Co., Inc.		1,308		83,097
Douglas Dynamics, Inc.		8,543		347,615
Dycom Industries, Inc.(1)		9,002		670,919
Echo Global Logistics, Inc.(1)		3,292		101,196
EMCOR Group, Inc.		2,023		249,213
Energy Recovery, Inc.(1)		15,682		357,236
Enerpac Tool Group Corp. - Class A		23,296		620,140
EnerSys		1,773		173,275
Eos Energy Enterprises, Inc.(1)		6,473		116,255
Equifax, Inc.		3,324		796,131
ESCO Technologies, Inc.		771		72,328
EVI Industries, Inc.(1)		2,093		59,441
Evoqua Water Technologies Corp.(1)		43,555		1,471,288
ExOne Co.(1)		442		9,565
Expeditors International of Washington, Inc.		8,796		1,113,574
Exponent, Inc.		19,422		1,732,637
Fastenal Co.		36,833		1,915,316
Federal Signal Corp.		22,895		921,066

	Shares		Value
Forrester Research, Inc.(1)		5,514		252,541
Fortive Corp.		1,207,676		84,223,324
Fortune Brands Home & Security, Inc.		2,529		251,914
Forward Air Corp.		10,399		933,310
Franklin Covey Co.(1)		4,992		161,491
Franklin Electric Co., Inc.		17,383		1,401,417
Frontier Group Holdings, Inc.(1)		12,550		213,852
FTC Solar, Inc.(1)		6,802		90,535
FuelCell Energy, Inc.(1)		92,377		822,155
Generac Holdings, Inc.(1)		207,369		86,089,240
Gibraltar Industries, Inc.(1)		3,459		263,956
Global Industrial Co.		3,660		134,359
Gorman-Rupp Co.		1,327		45,702
Graco, Inc.		78,433		5,937,378
GrafTech International Ltd.		55,451		644,341
H&E Equipment Services, Inc.		12,081		401,935
Harsco Corp.(1)		12,280		250,758
Healthcare Services Group, Inc.		14,624		461,680
HEICO Corp.		1,024		142,766
HEICO Corp. - Class A		45,883		5,697,751
Heidrick & Struggles International, Inc.		3,213		143,139
Helios Technologies, Inc.		11,916		930,044
Herc Holdings, Inc.(1)		9,531		1,068,139
Heritage-Crystal Clean, Inc.(1)		2,303		68,353
Hillenbrand, Inc.		15,972		704,046
HireQuest, Inc.		1,697		31,411
HNI Corp.		1,920		84,422
Howmet Aerospace, Inc.(1)		2,082		71,767
Huron Consulting Group, Inc.(1)		977		48,020
Hydrofarm Holdings Group, Inc.(1)		4,144		244,952
Hyliion Holdings Corp.(1)		8,296		96,648
HyreCar, Inc.(1)		6,539		136,796
IAA, Inc.(1)		61,014		3,327,704
IDEX Corp.		175,327		38,580,706
IES Holdings, Inc.(1)		3,217		165,225
Infrastructure & Energy Alternatives, Inc.(1)		3,285		42,245
Ingersoll Rand, Inc.(1)		742,574		36,245,037
Insperity, Inc.		13,737		1,241,413

	Shares		Value
Insteel Industries, Inc.		618		19,869
Interface, Inc. - Class A		5,383		82,360
JB Hunt Transport Services, Inc.		24,142		3,933,939
JELD-WEN Holding, Inc.(1)		12,438		326,622
John Bean Technologies Corp.		11,765		1,677,924
Kadant, Inc.		4,421		778,494
Kansas City Southern		1,736		491,930
Karat Packaging, Inc.(1)		1,717		34,975
KBR, Inc.		46,479		1,773,174
Kforce, Inc.		7,709		485,127
Kornit Digital Ltd.(1)		83,464		10,377,079
Kratos Defense & Security Solutions, Inc.(1)		224,241		6,388,626
Landstar System, Inc.		61,422		9,705,904
Lawson Products, Inc.(1)		1,738		93,000
Lincoln Electric Holdings, Inc.		4,202		553,445
Lindsay Corp.		3,823		631,865
Luxfer Holdings Plc		4,422		98,390
Lydall, Inc.(1)		2,946		178,292
Lyft, Inc. - Class A(1)		402,879		24,366,122
Macquarie Infrastructure Corp.		7,957		304,514
Masonite International Corp.(1)		9,320		1,041,883
McGrath RentCorp		6,094		497,088
Mercury Systems, Inc.(1)		81,279		5,387,172
Meritor, Inc.(1)		21,814		510,884
Meta Materials, Inc.(1)		22,660		169,723
Middleby Corp.(1)		1,189		206,006
Miller Industries, Inc.		135		5,324
Montrose Environmental Group, Inc.(1)		9,371		502,848
MSA Safety, Inc.		748		123,854
MSC Industrial Direct Co., Inc. - Class A		186,722		16,754,565
Mueller Industries, Inc.		8,040		348,212
Mueller Water Products, Inc. - Class A		3,562		51,364
MYR Group, Inc.(1)		4,611		419,232
Navistar International Corp.(1)		3,121		138,885
Nikola Corp.(1)		75,394		1,361,616
Nordson Corp.		131,723		28,914,516
NV5 Global, Inc.(1)		1,181		111,616
Old Dominion Freight Line, Inc.		6,812		1,728,886

	Shares		Value
Omega Flex, Inc.		1,148		168,423
PAE, Inc.(1)		32,021		284,987
PAM Transportation Services, Inc.(1)		135		7,121
Parker-Hannifin Corp.		1,534		471,107
PGT Innovations, Inc.(1)		10,230		237,643
Pitney Bowes, Inc.		26,481		232,238
Plug Power, Inc.(1)		36,317		1,241,678
Primoris Services Corp.		313,989		9,240,696
Proto Labs, Inc.(1)		1,629		149,542
Raven Industries, Inc.		13,636		788,843
RBC Bearings, Inc.(1)		123,883		24,704,748
Rekor Systems, Inc.(1)		13,242		134,539
Resideo Technologies, Inc.(1)		6,336		190,080
REV Group, Inc.		1,686		26,453
Rexnord Corp.		23,220		1,161,929
Robert Half International, Inc.		6,898		613,715
Rockwell Automation, Inc.		103,084		29,484,086
Rollins, Inc.		15,421		527,398
Romeo Power, Inc.(1)		12,048		98,071
Saia, Inc.(1)		9,936		2,081,493
Shoals Technologies Group, Inc. - Class A(1)		158,415		5,623,733
Shyft Group, Inc.		12,760		477,352
Simpson Manufacturing Co., Inc.		125,813		13,894,788
SiteOne Landscape Supply, Inc.(1)		46,279		7,833,184
SP Plus Corp.(1)		8,606		263,258
Spirit AeroSystems Holdings, Inc. - Class A		2,197		103,676
SPX Corp.(1)		13,856		846,324
SPX FLOW, Inc.		1,313		85,660
Stem, Inc.(1)		23,089		831,435
Sterling Construction Co., Inc.(1)		2,209		53,303
Sun Country Airlines Holdings, Inc.(1)		6,482		239,899
Teledyne Technologies, Inc.(1)		55,496		23,243,390
Tennant Co.		6,771		540,664
Terex Corp.		25,917		1,234,168
Tetra Tech, Inc.		20,165		2,460,937
Textainer Group Holdings Ltd.(1)		2,462		83,142
Titan International, Inc.(1)		3,221		27,314
Toro Co.		299,810		32,943,123

	Shares		Value
TPI Composites, Inc.(1)		13,193		638,805
Trane Technologies Plc		8,427		1,551,748
Transcat, Inc.(1)		2,711		153,199
TransDigm Group, Inc.(1)		1,090		705,546
TransUnion		259,712		28,518,975
Trex Co., Inc.(1)		152,244		15,560,859
TriNet Group, Inc.(1)		15,707		1,138,443
TuSimple Holdings, Inc. - Class A(1)		294		20,945
UFP Industries, Inc.		20,083		1,492,970
UniFirst Corp.		54,396		12,763,477
United Rentals, Inc.(1)		1,801		574,537
Universal Logistics Holdings, Inc.		2,459		57,295
Upwork, Inc.(1)		43,673		2,545,699
US Ecology, Inc.(1)		1,472		55,229
Verisk Analytics, Inc. - Class A		147,447		25,761,940
Vertiv Holdings Co. - Class A		20,184		551,023
Viad Corp.(1)		7,488		373,277
Vicor Corp.(1)		8,038		849,938
Virgin Galactic Holdings, Inc.(1)		9,484		436,264
Wabash National Corp.		1,890		30,240
Watts Water Technologies, Inc. - Class A		5,602		817,388
Welbilt, Inc.(1)		49,230		1,139,675
Werner Enterprises, Inc.		2,681		119,358
WESCO International, Inc.(1)		2,973		305,684
Willdan Group, Inc.(1)		3,327		125,228
Willis Lease Finance Corp.(1)		113		4,843
WillScot Mobile Mini Holdings Corp. - Class A(1)		70,328		1,960,041
WW Grainger, Inc.		2,801		1,226,838
XPO Logistics, Inc.(1)		5,761		805,906
Xylem, Inc.		8,596		1,031,176
Yellow Corp.(1)		1,544		10,051
Total Industrials				882,056,973
Information Technology – 24.97%
3D Systems Corp.(1)		41,721		1,667,588
8x8, Inc.(1)		138,941		3,857,002
908 Devices, Inc.(1)		2,663		103,191
A10 Networks, Inc.(1)		18,754		211,170
ACI Worldwide, Inc.(1)		44,195		1,641,402

	Shares		Value
ADTRAN, Inc.		1,410		29,117
Advanced Energy Industries, Inc.		14,474		1,631,365
Agilysys, Inc.(1)		6,316		359,191
Akoustis Technologies, Inc.(1)		16,117		172,613
Alarm.com Holdings, Inc.(1)		17,774		1,505,458
Alkami Technology, Inc.(1)		2,354		83,967
Allegro MicroSystems, Inc.(1)		3,667		101,576
Alpha & Omega Semiconductor Ltd.(1)		6,473		196,714
Altair Engineering, Inc. - Class A(1)		189,414		13,063,884
Alteryx, Inc. - Class A(1)		4,220		363,004
Ambarella, Inc.(1)		13,166		1,403,891
American Software, Inc. - Class A		219,656		4,823,646
Amkor Technology, Inc.		7,910		187,230
Amphenol Corp. - Class A		30,139		2,061,809
Anaplan, Inc.(1)		345,082		18,392,871
ANSYS, Inc.(1)		13,687		4,750,210
Appfolio, Inc. - Class A(1)		6,884		972,021
Appian Corp. - Class A(1)		14,740		2,030,435
Arista Networks, Inc.(1)		79,632		28,851,470
Arlo Technologies, Inc.(1)		30,322		205,280
Asana, Inc. - Class A(1)		899,507		55,796,419
Aspen Technology, Inc.(1)		32,388		4,454,646
Atlassian Corp. Plc - Class A(1)		258,448		66,384,953
Atomera, Inc.(1)		7,539		161,636
Avalara, Inc.(1)		6,173		998,791
Avaya Holdings Corp.(1)		30,623		823,759
Avid Technology, Inc.(1)		13,387		524,101
Axcelis Technologies, Inc.(1)		12,335		498,581
Badger Meter, Inc.		11,157		1,094,725
Benefitfocus, Inc.(1)		6,939		97,840
Bentley Systems, Inc. - Class B		9,666		626,164
BigCommerce Holdings, Inc.(1)		243,348		15,798,152
Bill.com Holdings, Inc.(1)		74,994		13,737,401
Blackbaud, Inc.(1)		18,207		1,394,110
Blackline, Inc.(1)		20,166		2,243,871
BM Technologies, Inc.(1)		132		1,642
Bottomline Technologies DE, Inc.(1)		2,805		104,009
Box, Inc. - Class A(1)		55,177		1,409,772

	Shares		Value
Brightcove, Inc.(1)		14,945		214,461
Broadridge Financial Solutions, Inc.		7,630		1,232,474
Brooks Automation, Inc.		40,139		3,824,444
BTRS Holdings, Inc.(1)		17,442		220,118
C3.ai, Inc. - Class A(1)		353		22,073
Cadence Design Systems, Inc.(1)		95,969		13,130,479
CalAmp Corp.(1)		13,001		165,373
Calix, Inc.(1)		17,197		816,858
Cambium Networks Corp.(1)		3,321		160,570
Cantaloupe, Inc.(1)		21,561		255,713
Casa Systems, Inc.(1)		11,813		104,781
Cass Information Systems, Inc.		1,075		43,806
CDK Global, Inc.		1,323		65,740
CDW Corp.		10,148		1,772,348
Cerence, Inc.(1)		14,229		1,518,377
Ceridian HCM Holding, Inc.(1)		250,323		24,010,982
CEVA, Inc.(1)		8,291		392,164
ChannelAdvisor Corp.(1)		7,644		187,354
Ciena Corp.(1)		73,607		4,187,502
Citrix Systems, Inc.		3,159		370,456
Clearfield, Inc.(1)		4,243		158,900
Cloudera, Inc.(1)		52,207		828,003
Cloudflare, Inc. - Class A(1)		17,150		1,815,156
CMC Materials, Inc.		10,956		1,651,507
Cognex Corp.		264,870		22,262,324
Coherent, Inc.(1)		1,574		416,071
Cohu, Inc.(1)		15,408		566,860
CommScope Holding Co., Inc.(1)		14,376		306,353
CommVault Systems, Inc.(1)		15,979		1,249,078
Cornerstone OnDemand, Inc.(1)		23,814		1,228,326
Corning, Inc.		18,786		768,347
Corsair Gaming, Inc.(1)		10,119		336,862
Coupa Software, Inc.(1)		13,613		3,568,103
Crowdstrike Holdings, Inc. - Class A(1)		11,585		2,911,426
CSG Systems International, Inc.		5,641		266,142
CTS Corp.		2,633		97,842
CyberArk Software Ltd.(1)		30,984		4,036,286
Datadog, Inc. - Class A(1)		330,546		34,403,228

	Shares		Value
Diebold Nixdorf, Inc.(1)		27,480		352,843
Digimarc Corp.(1)		4,667		156,345
Digital Turbine, Inc.(1)		31,645		2,405,969
DigitalOcean Holdings, Inc.(1)		4,484		249,266
Diodes, Inc.(1)		12,787		1,020,019
DocuSign, Inc. - Class A(1)		31,177		8,716,154
Domo, Inc. - Class B(1)		10,467		846,048
DoubleVerify Holdings, Inc.(1)		1,075		45,516
Dropbox, Inc. - Class A(1)		21,859		662,546
Duck Creek Technologies, Inc.(1)		308,507		13,423,140
Dynatrace, Inc.(1)		12,430		726,161
DZS, Inc.(1)		2,817		58,453
Eastman Kodak Co.(1)		15,931		132,546
eGain Corp.(1)		3,576		41,052
Elastic NV(1)		4,904		714,807
EMCORE Corp.(1)		2,217		20,441
Endava Plc - ADR(1)		92,058		10,437,536
Enphase Energy, Inc.(1)		9,551		1,753,850
Entegris, Inc.		121,625		14,956,226
Envestnet, Inc.(1)		109,227		8,285,960
EPAM Systems, Inc.(1)		3,893		1,989,167
Euronet Worldwide, Inc.(1)		2,565		347,173
Everbridge, Inc.(1)		2,696		366,872
EVERTEC, Inc.		22,987		1,003,383
Evo Payments, Inc. - Class A(1)		18,249		506,227
ExlService Holdings, Inc.(1)		172,071		18,284,264
Extreme Networks, Inc.(1)		48,584		542,197
Fabrinet(1)		12,088		1,158,877
Fair Isaac Corp.(1)		2,028		1,019,435
FARO Technologies, Inc.(1)		3,400		264,418
FireEye, Inc.(1)		244,453		4,942,840
Five9, Inc.(1)		28,284		5,187,003
FleetCor Technologies, Inc.(1)		1,345		344,401
FormFactor, Inc.(1)		25,156		917,188
Fortinet, Inc.(1)		32,222		7,674,958
Gartner, Inc.(1)		6,068		1,469,670
Genpact Ltd.		677		30,756
Global Payments, Inc.		410,819		77,044,995

	Shares		Value
Globant SA(1)		2,789		611,293
GoDaddy, Inc. - Class A(1)		1,242		108,004
GreenBox POS(1)		6,541		78,034
GreenSky, Inc. - Class A(1)		26,668		148,007
Grid Dynamics Holdings, Inc.(1)		11,339		170,425
Guidewire Software, Inc.(1)		25,940		2,923,957
Hackett Group, Inc.		8,744		157,567
Harmonic, Inc.(1)		6,566		55,942
HP, Inc.		31,510		951,287
HubSpot, Inc.(1)		127,334		74,200,068
I3 Verticals, Inc. - Class A(1)		7,616		230,156
IBEX Holdings Ltd.(1)		4,924		96,116
Ichor Holdings Ltd.(1)		6,759		363,634
Identiv, Inc.(1)		7,162		121,754
II-VI, Inc.(1)		36,419		2,643,655
Impinj, Inc.(1)		6,928		357,416
Infinera Corp.(1)		65,972		672,914
Inseego Corp.(1)		6,659		67,189
Insight Enterprises, Inc.(1)		4,781		478,148
Intelligent Systems Corp.(1)		2,700		84,942
InterDigital, Inc.		4,571		333,820
International Money Express, Inc.(1)		11,777		174,888
IPG Photonics Corp.(1)		92,346		19,463,766
Iteris, Inc.(1)		15,793		105,023
Itron, Inc.(1)		13,714		1,371,126
J2 Global, Inc.(1)		16,280		2,239,314
Jabil, Inc.		8,237		478,734
Jack Henry & Associates, Inc.		1,386		226,625
Jamf Holding Corp.(1)		3,195		107,256
JFrog Ltd.(1)		235,834		10,735,164
Keysight Technologies, Inc.(1)		5,934		916,269
Kimball Electronics, Inc.(1)		591		12,848
Kopin Corp.(1)		28,770		235,339
Kulicke & Soffa Industries, Inc.		23,064		1,411,517
Lattice Semiconductor Corp.(1)		596,584		33,516,089
Littelfuse, Inc.		30,465		7,762,177
LivePerson, Inc.(1)		24,081		1,522,882
Luna Innovations, Inc.(1)		11,467		124,188

	Shares		Value
MACOM Technology Solutions Holdings, Inc.(1)		18,509		1,186,057
Manhattan Associates, Inc.(1)		139,816		20,250,949
Marathon Digital Holdings, Inc.(1)		2,111		66,222
Maxim Integrated Products, Inc.		18,372		1,935,674
MAXIMUS, Inc.		23,244		2,044,775
MaxLinear, Inc. - Class A(1)		26,503		1,126,112
McAfee Corp. - Class A		2,522		70,666
Medallia, Inc.(1)		1,469,507		49,595,861
Microchip Technology, Inc.		65,421		9,796,141
MicroStrategy, Inc. - Class A(1)		2,949		1,959,611
MicroVision, Inc.(1)		59,741		1,000,662
Mimecast Ltd.(1)		21,987		1,166,410
Mitek Systems, Inc.(1)		15,569		299,859
MKS Instruments, Inc.		3,348		595,777
Model N, Inc.(1)		11,753		402,775
Momentive Global, Inc.(1)		48,664		1,025,350
MongoDB, Inc. - Class A(1)		3,836		1,386,791
Monolithic Power Systems, Inc.		3,220		1,202,509
Napco Security Technologies, Inc.(1)		5,384		195,816
National Instruments Corp.		85,775		3,626,567
nCino, Inc.(1)		106,715		6,394,363
NCR Corp.(1)		3,109		141,802
NetApp, Inc.		10,590		866,474
New Relic, Inc.(1)		257,928		17,273,438
Nice Ltd. - ADR(1)		34,798		8,611,113
nLight, Inc.(1)		15,693		569,342
NortonLifeLock, Inc.		10,471		285,021
Novanta, Inc.(1)		13,241		1,784,357
Nuance Communications, Inc.(1)		7,765		422,727
Nutanix, Inc. - Class A(1)		13,826		528,430
NVE Corp.		1,677		124,182
Okta, Inc. - Class A(1)		126,979		31,069,222
ON Semiconductor Corp.(1)		16,835		644,444
ON24, Inc.(1)		2,159		76,601
OneSpan, Inc.(1)		12,974		331,356
Onto Innovation, Inc.(1)		259,218		18,933,283
OSI Systems, Inc.(1)		666		67,692
Ouster, Inc.(1)		10,658		133,118

	Shares		Value
PagerDuty, Inc.(1)		30,426		1,295,539
Palantir Technologies, Inc. - Class A(1)		117,191		3,089,155
Palo Alto Networks, Inc.(1)		122,025		45,277,376
PAR Technology Corp.(1)		8,761		612,744
Paya Holdings, Inc. - Class A(1)		30,105		331,757
Paychex, Inc.		20,321		2,180,443
Paycom Software, Inc.(1)		3,676		1,336,116
Paylocity Holding Corp.(1)		2,692		513,634
Pegasystems, Inc.		2,816		391,959
Perficient, Inc.(1)		12,392		996,565
Plantronics, Inc.(1)		5,337		222,713
Plexus Corp.(1)		9,258		846,274
Power Integrations, Inc.		87,924		7,215,043
Priority Technology Holdings, Inc.(1)		3,681		28,123
Progress Software Corp.		16,845		779,081
Proofpoint, Inc.(1)		4,070		707,203
PROS Holdings, Inc.(1)		96,615		4,402,746
PTC, Inc.(1)		52,363		7,396,797
Pure Storage, Inc. - Class A(1)		1,154,630		22,549,924
Q2 Holdings, Inc.(1)		63,449		6,508,598
QAD, Inc. - Class A		3,905		339,813
Qualys, Inc.(1)		106,291		10,702,441
Rackspace Technology, Inc.(1)		14,444		283,247
Rapid7, Inc.(1)		67,168		6,356,108
Repay Holdings Corp. - Class A(1)		153,976		3,701,583
Rimini Street, Inc.(1)		16,231		99,983
RingCentral, Inc. - Class A(1)		26,588		7,725,941
Riot Blockchain, Inc.(1)		31,081		1,170,821
Rogers Corp.(1)		6,212		1,247,370
Sabre Corp.(1)		22,749		283,908
Sailpoint Technologies Holdings, Inc.(1)		34,120		1,742,508
Sapiens International Corp. NV		11,339		297,876
Semtech Corp.(1)		124,955		8,596,904
ServiceNow, Inc.(1)		28,500		15,662,175
Shift4 Payments, Inc. - Class A(1)		3,076		288,283
ShotSpotter, Inc.(1)		3,156		153,918
Silicon Laboratories, Inc.(1)		121,612		18,637,039
SiTime Corp.(1)		4,944		625,861

	Shares		Value
SkyWater Technology, Inc.(1)		2,640		75,636
Skyworks Solutions, Inc.		153,754		29,482,330
Slack Technologies, Inc. - Class A(1)		35,884		1,589,661
SMART Global Holdings, Inc.(1)		5,496		262,049
Smartsheet, Inc. - Class A(1)		395,624		28,611,528
Splunk, Inc.(1)		108,867		15,739,991
Sprout Social, Inc. - Class A(1)		16,634		1,487,412
SPS Commerce, Inc.(1)		219,933		21,960,310
StoneCo Ltd. - Class A(1)		14,980		1,004,559
Sumo Logic, Inc.(1)		30,094		621,441
SunPower Corp. - Class A(1)		24,198		707,066
Switch, Inc. - Class A		8,217		173,461
Synaptics, Inc.(1)		13,359		2,078,393
Synopsys, Inc.(1)		185,779		51,235,990
Telos Corp.(1)		6,360		216,304
Tenable Holdings, Inc.(1)		34,098		1,409,952
Teradata Corp.(1)		6,642		331,901
Teradyne, Inc.		12,056		1,615,022
Trade Desk, Inc. - Class A(1)		30,955		2,394,679
Trimble, Inc.(1)		321,002		26,267,594
TTEC Holdings, Inc.		7,294		751,938
Tucows, Inc. - Class A(1)		3,474		279,032
Turtle Beach Corp.(1)		4,558		145,491
Tyler Technologies, Inc.(1)		56,530		25,572,476
Ubiquiti, Inc.		419		130,808
Ultra Clean Holdings, Inc.(1)		16,131		866,557
Unisys Corp.(1)		18,993		480,713
Unity Software, Inc.(1)		32,145		3,530,485
Universal Display Corp.		3,111		691,669
Upland Software, Inc.(1)		11,324		466,209
Varonis Systems, Inc. - Class B(1)		100,230		5,775,253
Velodyne Lidar, Inc.(1)		26,007		276,714
Veritone, Inc.(1)		10,548		207,901
Verra Mobility Corp. - Class A(1)		51,366		789,495
Viant Technology, Inc. - Class A(1)		3,952		117,691
Viavi Solutions, Inc.(1)		77,134		1,362,186
Vishay Intertechnology, Inc.		7,057		159,135
Vonage Holdings Corp.(1)		91,366		1,316,584

	Shares		Value
Vontier Corp.		6,557		213,627
Western Union Co.		7,231		166,096
WEX, Inc.(1)		32,941		6,387,260
Wix.com Ltd.(1)		16,897		4,904,861
Workday, Inc. - Class A(1)		201,500		48,106,110
Workiva, Inc. - Class A(1)		15,835		1,762,911
Xilinx, Inc.		17,819		2,577,340
Yext, Inc.(1)		43,062		615,356
Zebra Technologies Corp. - Class A(1)		3,851		2,039,066
Zendesk, Inc.(1)		134,546		19,420,370
Zix Corp.(1)		20,108		141,761
Zscaler, Inc.(1)		302,479		65,353,613
Zuora, Inc. - Class A(1)		40,396		696,831
Total Information Technology				1,492,099,735
Materials – 2.31%
Allegheny Technologies, Inc.(1)		28,640		597,144
American Vanguard Corp.		2,658		46,542
Amyris, Inc.(1)		6,939		113,591
AptarGroup, Inc.		258,500		36,407,140
Avery Dennison Corp.		3,150		662,256
Avient Corp.		3,590		176,484
Axalta Coating Systems Ltd.(1)		2,650		80,799
Balchem Corp.		35,801		4,699,239
Ball Corp.		243,695		19,744,169
Berry Global Group, Inc.(1)		199,182		12,990,650
Cabot Corp.		21,480		1,222,856
Celanese Corp. - Class A		3,036		460,258
Century Aluminum Co.(1)		1,119		14,424
Chase Corp.		90,516		9,287,847
Chemours Co.		6,074		211,375
Coeur Mining, Inc.(1)		63,538		564,217
Compass Minerals International, Inc.		13,141		778,736
Crown Holdings, Inc.		1,148		117,337
Danimer Scientific, Inc.(1)		25,379		635,744
Diversey Holdings Ltd.(1)		2,756		49,360
Ferro Corp.(1)		25,168		542,874
FMC Corp.		2,339		253,080
Forterra, Inc.(1)		10,842		254,895

	Shares		Value
Gatos Silver, Inc.(1)		10,654		186,338
Graphic Packaging Holding Co.		841,822		15,270,651
Greif, Inc. - Class A		1,499		90,764
Greif, Inc. - Class B		249		14,691
Hawkins, Inc.		4,734		155,039
HB Fuller Co.		3,512		223,398
Hecla Mining Co.		57,884		430,657
Ingevity Corp.(1)		132,993		10,820,310
Innospec, Inc.		102,088		9,250,194
Kaiser Aluminum Corp.		708		87,431
Kronos Worldwide, Inc.		1,543		22,096
Livent Corp.(1)		55,785		1,079,998
Louisiana-Pacific Corp.		536		32,315
LyondellBasell Industries NV - Class A		2,326		239,276
Marrone Bio Innovations, Inc.(1)		36,750		61,005
Materion Corp.		2,867		216,028
MP Materials Corp.(1)		27,547		1,015,382
Myers Industries, Inc.		6,234		130,914
Novagold Resources, Inc.(1)		87,329		699,505
O-I Glass, Inc.(1)		58,332		952,562
Olin Corp.		787		36,407
Orion Engineered Carbons SA(1)		22,340		424,237
Perpetua Resources Corp.(1)		9,852		71,920
PolyMet Mining Corp.(1)		3,476		12,548
PPG Industries, Inc.		7,259		1,232,360
PureCycle Technologies, Inc.(1)		12,141		287,135
Quaker Chemical Corp.		4,962		1,176,937
Ranpak Holdings Corp. - Class A(1)		2,240		56,067
RPM International, Inc.		5,383		477,364
Ryerson Holding Corp.(1)		3,993		58,298
Schnitzer Steel Industries, Inc. - Class A		857		42,036
Scotts Miracle-Gro Co.		2,948		565,780
Sealed Air Corp.		5,899		349,516
Sensient Technologies Corp.		8,029		694,990
Steel Dynamics, Inc.		2,695		160,622
Stepan Co.		724		87,075
Tredegar Corp.		8,040		110,711
Trinseo SA		14,403		861,876

	Shares		Value
UFP Technologies, Inc.(1)		191		10,967
United States Lime & Minerals, Inc.		55		7,650
US Concrete, Inc.(1)		570		42,066
Warrior Met Coal, Inc.		1,779		30,599
Westlake Chemical Corp.		479		43,153
WR Grace & Co.		4,043		279,452
Zymergen, Inc.(1)		1,881		75,259
Total Materials				138,084,596
Real Estate – 1.23%
Agree Realty Corp.		128,839		9,081,861
Alexander’s, Inc.		790		211,680
American Finance Trust, Inc.		4,310		36,549
Brookfield Property REIT, Inc. - Class A		2,350		44,391
CatchMark Timber Trust, Inc. - Class A		13,148		153,832
CBRE Group, Inc. - Class A(1)		1,270		108,877
Clipper Realty, Inc.		4,626		34,001
Community Healthcare Trust, Inc.		5,552		263,498
CoreSite Realty Corp.		42,307		5,694,522
Corporate Office Properties Trust		306,042		8,566,116
Cushman & Wakefield Plc(1)		43,461		759,264
EastGroup Properties, Inc.		14,803		2,434,353
Equity LifeStyle Properties, Inc.		6,792		504,713
eXp World Holdings, Inc.(1)		22,912		888,298
Extra Space Storage, Inc.		849		139,083
Fathom Holdings, Inc.(1)		1,876		61,514
FirstService Corp.		45,942		7,868,027
Forestar Group, Inc.(1)		1,471		30,759
Gladstone Commercial Corp.		3,883		87,600
Gladstone Land Corp.		5,512		132,619
Indus Realty Trust, Inc.		1,207		79,240
Innovative Industrial Properties, Inc. - Class A		4,735		904,480
Iron Mountain, Inc.		14,477		612,667
Lamar Advertising Co. - Class A		5,522		576,607
Marcus & Millichap, Inc.(1)		914		35,527
Monmouth Real Estate Investment Corp.		5,426		101,575
National Storage Affiliates Trust		26,471		1,338,374
Newmark Group, Inc. - Class A		55,323		664,429
NexPoint Residential Trust, Inc.		1,558		85,659

	Shares		Value
Opendoor Technologies, Inc.(1)		5,004		88,721
Outfront Media, Inc.(1)		11,855		284,876
Pebblebrook Hotel Trust		390,465		9,195,451
PS Business Parks, Inc.		6,289		931,275
QTS Realty Trust, Inc. - Class A		10,658		823,863
Rafael Holdings, Inc. - Class B(1)		3,594		183,474
Redfin Corp.(1)		38,144		2,418,711
RMR Group, Inc. - Class A		594		22,952
Ryman Hospitality Properties, Inc.(1)		18,645		1,472,209
Safehold, Inc.		4,408		346,028
Saul Centers, Inc.		4,135		187,936
SBA Communications Corp. - Class A		1,294		412,398
Simon Property Group, Inc.		20,484		2,672,752
St Joe Co.		12,258		546,829
Tanger Factory Outlet Centers, Inc.		10,322		194,570
Terreno Realty Corp.		184,731		11,918,844
UMH Properties, Inc.		13,023		284,162
Universal Health Realty Income Trust		4,370		268,973
Total Real Estate				73,754,139
Utilities – 0.03%
American States Water Co.		7,073		562,728
Brookfield Renewable Corp. - Class A		2,288		95,959
Cadiz, Inc.(1)		371		5,046
Clearway Energy, Inc. - Class A		3,820		96,340
Clearway Energy, Inc. - Class C		7,138		189,014
Global Water Resources, Inc.		4,475		76,433
Middlesex Water Co.		2,338		191,085
NRG Energy, Inc.		7,930		319,579
Pure Cycle Corp.(1)		6,364		87,950
Spark Energy, Inc. - Class A		4,428		50,169
Sunnova Energy International, Inc.(1)		4,723		177,868
York Water Co.		2,886		130,736
Total Utilities				1,982,907
Total Common Stocks (Cost: $3,703,352,109)				5,886,642,955

	Principal Amount		Value
BONDS & NOTES – 0.00%(2)
Corporate Bonds – 0.00%(2)
Financials – 0.00%(2)
GAMCO Investors, Inc., 4.00%, 06/15/2023(3)	$	3,000		3,000
Total Financials				3,000
Total Corporate Bonds (Cost: $-)				3,000
Total Bonds & Notes (Cost: $-)				3,000
	Shares		Value
SHORT-TERM INVESTMENTS – 1.48%
Money Market Funds – 1.06%
Goldman Sachs Financial Square Government Fund - Class I, 0.03%(4)		63,231,943		63,231,943
Total Money Market Funds (Cost: $63,231,943)				63,231,943
	Principal Amount		Value
Time Deposits – 0.42%
BBVA, Madrid, 0.01% due 07/01/2021	$	5,029,792		5,029,792
National Australia Bank, London, 0.01% due 07/01/2021		13,873,916		13,873,916
Royal Bank of Canada, Toronto, 0.01% due 07/01/2021		1,557,407		1,557,407
Sumitomo, Tokyo, 0.01% due 07/01/2021		4,530,662		4,530,662
Total Time Deposits (Cost: $24,991,777)				24,991,777
Total Short-Term Investments (Cost: $88,223,720)				88,223,720
TOTAL INVESTMENTS IN SECURITIES – 99.99% (Cost: $3,791,575,829)				5,974,869,675
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.01%				797,201
TOTAL NET ASSETS – 100.00%			$	5,975,666,876

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

(1) Non-income producing security.

(2) Amount calculated is less than 0.005%.

(3) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2021.

(4) Represents annualized seven-day yield as of the close of the reporting period.

(5) Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $15,953, which represents 0.00% of total net assets.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
23	E-mini Russell 2000 Future	Morgan Stanley	Sep. 2021	$	2,635,660	$	2,653,970	$	18,310
2	NASDAQ 100 E-mini Future	Morgan Stanley	Sep. 2021		572,397		581,960		9,563
5	S&P 500 E-mini Future	Morgan Stanley	Sep. 2021		1,067,964		1,072,125		4,161
2	S&P MidCap 400 E-mini Future	Morgan Stanley	Sep. 2021		547,141		538,480		(8,661	)
								$	23,373

Bridge Builder Small/Mid Cap Value Fund

Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 98.19%
Communication Services – 1.80%
Advantage Solutions, Inc.(1)		28,519	$	307,720
Altice USA, Inc. - Class A(1)		231,601		7,906,858
AMC Entertainment Holdings, Inc. - Class A(1)		153,457		8,697,943
AMC Networks, Inc. - Class A(1)		71,272		4,760,970
Anterix, Inc.(1)		2,921		175,231
ATN International, Inc.		4,250		193,332
Boston Omaha Corp. - Class A(1)		6,524		206,876
Cable One, Inc.		75		143,461
Cars.com, Inc.(1)		22,274		319,186
Chicken Soup For The Soul Entertainment, Inc. - Class A(1)		3,041		125,897
Cincinnati Bell, Inc.(1)		11,450		176,559
Cinemark Holdings, Inc.(1)		7,131		156,525
Clear Channel Outdoor Holdings, Inc. - Class A(1)		124,372		328,342
comScore, Inc.(1)		25,838		129,190
Consolidated Communications Holdings, Inc.(1)		27,240		239,440
CuriosityStream, Inc.(1)		8,001		109,134
Daily Journal Corp.(1)		453		153,340
Digital Media Solutions, Inc. - Class A(1)		1,149		11,122
Discovery, Inc. - Class A(1)		4,946		151,743
Discovery, Inc. - Class C(1)		9,408		272,644
DISH Network Corp. - Class A(1)		7,410		309,738
Emerald Holding, Inc.(1)		8,635		46,543
Entercom Communications Corp. - Class A(1)		44,294		190,907
Entravision Communications Corp. - Class A		51,521		344,160
Eros STX Global Corp.(1)		118,068		180,644
EW Scripps Co. - Class A		21,415		436,652
Fluent, Inc.(1)		15,046		44,085
Fox Corp. - Class A		9,693		359,901
Fox Corp. - Class B		4,490		158,048
Gannett Co., Inc.(1)		52,559		288,549
Globalstar, Inc.(1)		28,235		50,258
Gogo, Inc.(1)		20,458		232,812
Gray Television, Inc.		32,068		750,391
Hemisphere Media Group, Inc. - Class A(1)		6,633		78,269
IAC/InterActiveCorp(1)		2,283		351,970
IDT Corp. - Class B(1)		1,908		70,520
iHeartMedia, Inc. - Class A(1)		22,817		614,462
IMAX Corp.(1)		242,396		5,211,514
Interpublic Group of Companies, Inc.		12,070		392,154
Iridium Communications, Inc.(1)		11,087		443,369
John Wiley & Sons, Inc. - Class A		16,599		998,928
Liberty Broadband Corp. - Class A(1)		744		125,118
Liberty Broadband Corp. - Class C(1)		4,533		787,201
Liberty Latin America Ltd. - Class A(1)		17,293		239,681
Liberty Latin America Ltd. - Class C(1)		56,570		797,637
Liberty Media Corp.-Liberty Formula One - Class A(1)		748		31,887
Liberty Media Corp.-Liberty Formula One - Class C(1)		148,989		7,182,760
Liberty Media Corp.-Liberty SiriusXM - Class A(1)		2,362		110,022

	Shares		Value
Liberty Media Corp.-Liberty SiriusXM - Class C(1)		4,847		224,852
Liberty TripAdvisor Holdings, Inc. - Class A(1)		6,683		27,200
Lions Gate Entertainment Corp. - Class A(1)		22,985		475,789
Lions Gate Entertainment Corp. - Class B(1)		41,852		765,892
Live Nation Entertainment, Inc.(1)		89,363		7,827,305
Lumen Technologies, Inc.		33,151		450,522
Madison Square Garden Entertainment Corp.(1)		7,139		599,462
Madison Square Garden Sports Corp. - Class A(1)		350		60,400
Marcus Corp.(1)		8,479		179,840
MDC Partners, Inc. - Class A(1)		20,461		119,697
MediaAlpha, Inc. - Class A(1)		678		28,544
Meredith Corp.(1)		5,605		243,481
MSG Networks, Inc. - Class A(1)		11,844		172,686
National CineMedia, Inc.		22,211		112,610
New York Times Co. - Class A		4,954		215,747
News Corp. - Class A		11,973		308,544
News Corp. - Class B		3,451		84,032
Nexstar Media Group, Inc. - Class A		241,704		35,743,188
Omnicom Group, Inc.		6,505		520,335
Ooma, Inc.(1)		3,468		65,406
Radius Global Infrastructure, Inc. - Class A(1)		16,572		240,294
Scholastic Corp.		10,992		416,487
Shenandoah Telecommunications Co.		12,018		582,993
Sinclair Broadcast Group, Inc. - Class A		14,743		489,762
Sirius XM Holdings, Inc.		26,877		175,776
Take-Two Interactive Software, Inc.(1)		2,732		483,619
TEGNA, Inc.		843,769		15,829,106
Telephone & Data Systems, Inc.		38,066		862,576
Thryv Holdings, Inc.(1)		414		14,809
Townsquare Media, Inc. - Class A(1)		1,585		20,209
TripAdvisor, Inc.(1)		1,144		46,103
TrueCar, Inc.(1)		38,122		215,389
Twitter, Inc.(1)		20,872		1,436,202
United States Cellular Corp.(1)		5,766		209,363
ViacomCBS, Inc. - Class A		331		16,037
ViacomCBS, Inc. - Class B		112,935		5,104,662
Vimeo, Inc.(1)		295		14,455
WideOpenWest, Inc.(1)		7,436		154,000
World Wrestling Entertainment, Inc. - Class A		185		10,710
Yelp, Inc. - Class A(1)		144,168		5,760,953
Zynga, Inc. - Class A(1)		15,610		165,934
Total Communication Services				125,868,664
Consumer Discretionary – 12.48%
1-800-Flowers.com, Inc. - Class A(1)		360,750		11,497,103
2U, Inc.(1)		4,181		174,222
Aaron’s Co., Inc.		37,780		1,208,582
Abercrombie & Fitch Co. - Class A(1)		21,632		1,004,374
Academy Sports & Outdoors, Inc.(1)		23,213		957,304
Accel Entertainment, Inc. - Class A(1)		13,450		159,652

	Shares		Value
Acushnet Holdings Corp.		9,024		445,786
Adient Plc(1)		31,547		1,425,924
Adtalem Global Education, Inc.(1)		18,764		668,749
Advance Auto Parts, Inc.		26,584		5,453,442
American Axle & Manufacturing Holdings, Inc.(1)		231,606		2,397,122
American Outdoor Brands, Inc.(1)		5,186		182,236
American Public Education, Inc.(1)		6,970		197,530
America’s Car-Mart, Inc.(1)		372		52,720
Aptiv Plc(1)		6,650		1,046,245
Aramark		787,928		29,350,318
Asbury Automotive Group, Inc.(1)		63,225		10,834,868
AutoNation, Inc.(1)		1,519		144,016
AutoZone, Inc.(1)		16,218		24,200,824
Barnes & Noble Education, Inc.(1)		14,173		102,187
Bassett Furniture Industries, Inc.		3,295		80,233
Beazer Homes USA, Inc.(1)		10,447		201,523
Bed Bath & Beyond, Inc.(1)		36,609		1,218,714
Best Buy Co., Inc.		109,737		12,617,560
Big 5 Sporting Goods Corp.		7,728		198,455
Big Lots, Inc.		57,260		3,779,733
Biglari Holdings, Inc. - Class B(1)		321		51,190
BJ’s Restaurants, Inc.(1)		2,372		116,560
Bluegreen Vacations Holding Corp. - Class A(1)		5,366		96,588
BorgWarner, Inc.		332,784		16,153,335
Boyd Gaming Corp.(1)		1,919		117,999
Bright Horizons Family Solutions, Inc.(1)		370		54,431
Brinker International, Inc.(1)		148,560		9,188,436
Brunswick Corp.		123,013		12,254,555
Buckle, Inc.		697		34,676
Burlington Stores, Inc.(1)		115		37,029
Caesars Entertainment, Inc.(1)		2,256		234,060
Callaway Golf Co.(1)		43,374		1,463,005
Canoo, Inc.(1)		16,381		162,827
Capri Holdings Ltd.(1)		4,416		252,551
CarLotz, Inc.(1)		16,451		89,822
CarMax, Inc.(1)		4,454		575,234
Carnival Corp.(1)		25,448		670,809
Carriage Services, Inc. - Class A		5,009		185,183
Carrols Restaurant Group, Inc.(1)		12,875		77,379
Carter’s, Inc.		116,773		12,047,470
Cato Corp. - Class A		7,254		122,375
Cavco Industries, Inc.(1)		1,018		226,189
Century Communities, Inc.		3,942		262,301
Chegg, Inc.(1)		995		82,694
Chico’s FAS, Inc.(1)		35,680		234,774
Chuy’s Holdings, Inc.(1)		3,965		147,736
Columbia Sportswear Co.		1,117		109,868
Conn’s, Inc.(1)		6,566		167,433
Container Store Group, Inc.(1)		11,774		153,533
Cooper-Standard Holdings, Inc.(1)		6,207		180,003

	Shares		Value
Core-Mark Holding Co., Inc.		11,455		515,590
Coursera, Inc.(1)		4,518		178,732
Dana, Inc.		180,453		4,287,563
Darden Restaurants, Inc.		52,966		7,732,506
Dave & Buster’s Entertainment, Inc.(1)		13,966		567,020
Deckers Outdoor Corp.(1)		719		276,146
Del Taco Restaurants, Inc.		12,859		128,719
Denny’s Corp.(1)		5,683		93,713
Dick’s Sporting Goods, Inc.		85,051		8,521,260
Dillard’s, Inc. - Class A		2,360		426,877
Dine Brands Global, Inc.(1)		25,100		2,240,175
Dollar Tree, Inc.(1)		50,609		5,035,596
Domino’s Pizza, Inc.		369		172,135
DoorDash, Inc. - Class A(1)		302		53,856
DR Horton, Inc.		5,837		527,490
Drive Shack, Inc.(1)		16,636		55,065
eBay, Inc.		313,248		21,993,142
El Pollo Loco Holdings, Inc.(1)		6,883		125,890
Escalade, Inc.		2,930		67,244
Ethan Allen Interiors, Inc.		9,142		252,319
Expedia Group, Inc.(1)		53,590		8,773,219
Fiesta Restaurant Group, Inc.(1)		6,228		83,642
Fisker, Inc.(1)		4,921		94,877
Flexsteel Industries, Inc.		2,324		93,866
Foot Locker, Inc.		230,979		14,235,236
Fossil Group, Inc.(1)		17,886		255,412
Franchise Group, Inc.		9,169		323,391
Frontdoor, Inc.(1)		827		41,201
Funko, Inc. - Class A(1)		199,683		4,249,254
GAN Ltd.(1)		13,364		219,704
Gap, Inc.		6,014		202,371
Garmin Ltd.		4,532		655,508
Genesco, Inc.(1)		5,445		346,738
Genius Brands International, Inc.(1)		105,847		194,759
Gentex Corp.		240,872		7,970,455
Genuine Parts Co.		4,259		538,636
G-III Apparel Group Ltd.(1)		17,203		565,291
Goodyear Tire & Rubber Co.(1)		248,847		4,267,726
Graham Holdings Co. - Class B		1,448		917,887
Grand Canyon Education, Inc.(1)		323,518		29,106,914
Green Brick Partners, Inc.(1)		8,231		187,173
Group 1 Automotive, Inc.		40,600		6,269,858
Groupon, Inc. - Class A(1)		1,290		55,676
Guess?, Inc.		13,190		348,216
H&R Block, Inc.		159,001		3,733,344
Hall of Fame Resort & Entertainment Co.(1)		20,964		82,389
Hamilton Beach Brands Holding Co. - Class A		1,592		35,454
Hanesbrands, Inc.		812,994		15,178,598
Harley-Davidson, Inc.		457,022		20,940,748

	Shares		Value
Hasbro, Inc.		102,294		9,668,829
Haverty Furniture Companies, Inc.		3,611		154,406
Hayward Holdings, Inc.(1)		7,517		195,592
Hibbett Sports, Inc.(1)		1,053		94,380
Hilton Worldwide Holdings, Inc.(1)		2,708		326,639
Hooker Furniture Corp.		3,935		136,308
Houghton Mifflin Harcourt Co.(1)		2,986		32,965
Hovnanian Enterprises, Inc. - Class A(1)		1,879		199,719
Hyatt Hotels Corp. - Class A(1)		1,200		93,168
Installed Building Products, Inc.		102,684		12,564,414
International Game Technology Plc(1)		661,696		15,854,236
iRobot Corp.(1)		981		91,616
Jack in the Box, Inc.		7,474		832,903
Johnson Outdoors, Inc. - Class A		748		90,508
KB Home		27,554		1,121,999
Kohl’s Corp.		4,705		259,293
L Brands, Inc.		2,984		215,027
Lands’ End, Inc.(1)		5,373		220,562
Landsea Homes Corp.(1)		3,189		26,692
Las Vegas Sands Corp.(1)		172,948		9,112,630
Laureate Education, Inc. - Class A(1)		39,951		579,689
La-Z-Boy, Inc.		512,327		18,976,592
Lazydays Holdings, Inc.(1)		2,584		56,848
Lear Corp.		80,173		14,052,723
Legacy Housing Corp.(1)		3,026		51,170
Leggett & Platt, Inc.		3,961		205,219
Lennar Corp. - Class A		8,095		804,238
Lennar Corp. - Class B		487		39,666
Leslie’s, Inc.(1)		729,776		20,061,542
Lifetime Brands, Inc.		4,434		66,377
Lithia Motors, Inc. - Class A		785		269,757
LKQ Corp.(1)		447,359		22,019,010
Lordstown Motors Corp. - Class A(1)		38,025		420,557
Lumber Liquidators Holdings, Inc.(1)		10,765		227,142
M/I Homes, Inc.(1)		11,031		647,189
Macy’s, Inc.(1)		116,106		2,201,370
Malibu Boats, Inc. - Class A(1)		3,631		266,261
MarineMax, Inc.(1)		9,566		466,247
Marriott International, Inc. - Class A(1)		61,358		8,376,594
Marriott Vacations Worldwide Corp.(1)		1,239		197,373
MDC Holdings, Inc.		138,438		7,004,963
Meritage Homes Corp.(1)		13,124		1,234,706
MGM Resorts International		12,201		520,373
Modine Manufacturing Co.(1)		16,550		274,565
Mohawk Industries, Inc.(1)		71,166		13,677,394
Monarch Casino & Resort, Inc.(1)		998		66,038
Monro, Inc.		4,905		311,517
Motorcar Parts of America, Inc.(1)		6,928		155,464
Movado Group, Inc.		5,815		182,998
Nathan’s Famous, Inc.		454		32,379

	Shares		Value
Nautilus, Inc.(1)		8,275		139,434
Newell Brands, Inc.		240,635		6,610,243
Nordstrom, Inc.(1)		75,520		2,761,766
Norwegian Cruise Line Holdings Ltd.(1)		10,935		321,598
NVR, Inc.(1)		3,038		15,108,885
ODP Corp.(1)		86,923		4,173,173
Ollie’s Bargain Outlet Holdings, Inc.(1)		1,949		163,969
OneSpaWorld Holdings Ltd.(1)		10,458		101,338
OneWater Marine, Inc. - Class A		4,482		188,378
O’Reilly Automotive, Inc.(1)		1,449		820,438
Oxford Industries, Inc.		177,149		17,509,407
Penn National Gaming, Inc.(1)		4,367		334,032
Penske Automotive Group, Inc.		50,031		3,776,840
Perdoceo Education Corp.(1)		26,585		326,198
Petco Health & Wellness Co., Inc. - Class A(1)		2,079		46,590
PetMed Express, Inc.		1,178		37,519
Planet Fitness, Inc. - Class A(1)		773		58,168
Polaris, Inc.		99,986		13,694,083
PulteGroup, Inc.		116,153		6,338,469
PVH Corp.(1)		94,535		10,171,021
QuantumScape Corp. - Class A(1)		989		28,938
Qurate Retail, Inc.		11,349		148,558
Ralph Lauren Corp. - Class A		1,414		166,583
Red Robin Gourmet Burgers, Inc.(1)		6,681		221,208
Red Rock Resorts, Inc. - Class A(1)		575,880		24,474,900
Regis Corp.(1)		426,009		3,987,444
Rent-A-Center, Inc.		1,698		90,113
Revolve Group, Inc. - Class A(1)		5,016		345,602
Rocky Brands, Inc.		2,416		134,330
Ross Stores, Inc.		88,676		10,995,824
Royal Caribbean Cruises Ltd.(1)		6,548		558,413
SeaWorld Entertainment, Inc.(1)		8,714		435,177
Service Corp. International		4,898		262,484
Shift Technologies, Inc.(1)		18,646		159,983
Shoe Carnival, Inc.		328		23,482
Signet Jewelers Ltd.(1)		4,342		350,790
Six Flags Entertainment Corp.(1)		1,428		61,804
Skechers USA, Inc. - Class A(1)		1,084,873		54,059,222
Skyline Champion Corp.(1)		194,780		10,381,774
Sleep Number Corp.(1)		50,020		5,499,699
Sonic Automotive, Inc. - Class A		8,263		369,687
Stamps.com, Inc.(1)		45,231		9,059,317
Standard Motor Products, Inc.		7,852		340,384
StoneMor, Inc.(1)		11,201		29,347
Stoneridge, Inc.(1)		139,812		4,124,454
Strategic Education, Inc.		9,206		700,208
Stride, Inc.(1)		14,317		460,005
Sturm Ruger & Co., Inc.		11,011		990,770
Superior Group of Companies, Inc.		3,348		80,051

	Shares		Value
Tapestry, Inc.(1)		14,678		638,199
Target Hospitality Corp.(1)		4,509		16,728
Taylor Morrison Home Corp. - Class A(1)		41,318		1,091,622
Tempur Sealy International, Inc.		140,965		5,524,418
Tenneco, Inc. - Class A(1)		2,348		45,363
Terminix Global Holdings, Inc.(1)		3,788		180,726
Thor Industries, Inc.		944		106,672
Tilly’s, Inc. - Class A		8,643		138,115
Toll Brothers, Inc.		220,221		12,730,976
TopBuild Corp.(1)		168		33,227
Travel + Leisure Co.		165,887		9,861,982
TravelCenters of America, Inc.(1)		4,639		135,644
TRI Pointe Group, Inc.(1)		41,725		894,167
Tupperware Brands Corp.(1)		18,744		445,170
Ulta Beauty, Inc.(1)		25,997		8,988,983
Under Armour, Inc. - Class A(1)		5,628		119,032
Under Armour, Inc. - Class C(1)		6,313		117,232
Unifi, Inc.(1)		4,767		116,124
Universal Electronics, Inc.(1)		4,965		240,803
Urban Outfitters, Inc.(1)		292,378		12,051,821
Vail Resorts, Inc.(1)		36,224		11,465,621
Vera Bradley, Inc.(1)		9,581		118,709
VF Corp.		86,409		7,088,994
Vista Outdoor, Inc.(1)		21,906		1,013,810
Visteon Corp.(1)		41,013		4,960,112
Vivint Smart Home, Inc.(1)		25,296		333,907
VOXX International Corp. - Class A(1)		5,800		81,258
Vroom, Inc.(1)		2,579		107,957
Wayfair, Inc. - Class A(1)		1,002		316,341
Whirlpool Corp.		126,290		27,533,746
Williams-Sonoma, Inc.		29,139		4,652,041
Winmark Corp.		873		167,686
Wolverine World Wide, Inc.		456,861		15,368,804
Workhorse Group, Inc.(1)		42,133		698,986
WW International, Inc.(1)		13,743		496,672
Wyndham Hotels & Resorts, Inc.		227,562		16,450,457
XL Fleet Corp.(1)		12,610		105,041
Yum China Holdings, Inc.		11,599		768,434
Yum! Brands, Inc.		8,251		949,113
Zumiez, Inc.(1)		284,979		13,961,121
Total Consumer Discretionary				874,443,809
Consumer Staples – 3.42%
Albertsons Companies, Inc. - Class A		4,611		90,652
Archer-Daniels-Midland Co.		251,248		15,225,629
B&G Foods, Inc.		24,062		789,234
Beauty Health Co.(1)		1,527		25,654
BellRing Brands, Inc. - Class A(1)		5,357		167,888
Beyond Meat, Inc.(1)		212		33,388
BJ’s Wholesale Club Holdings, Inc.(1)		13,058		621,300
Brown-Forman Corp. - Class A		648		45,684

	Shares		Value
Brown-Forman Corp. - Class B		2,775		207,958
Bunge Ltd.		4,106		320,884
Cal-Maine Foods, Inc.		13,505		489,016
Campbell Soup Co.		5,817		265,197
Casey’s General Stores, Inc.		1,095		213,131
Central Garden & Pet Co. - Class A(1)		2,254		119,304
Central Garden & Pet Co. - Class A(1)		259,590		12,538,197
Church & Dwight Co., Inc.		7,031		599,182
Clorox Co.		706		127,016
Coca-Cola European Partners Plc		230,618		13,680,260
Conagra Brands, Inc.		217,611		7,916,688
Constellation Brands, Inc. - Class A		49,660		11,614,977
Coty, Inc. - Class A(1)		8,614		80,455
Darling Ingredients, Inc.(1)		4,566		308,205
Duckhorn Portfolio, Inc.(1)		2,866		63,224
Edgewell Personal Care Co.		28,860		1,266,954
Energizer Holdings, Inc.		133,222		5,725,881
Flowers Foods, Inc.		258,361		6,252,336
Fresh Del Monte Produce, Inc.		12,546		412,512
Grocery Outlet Holding Corp.(1)		2,604		90,255
Hain Celestial Group, Inc.(1)		2,565		102,908
Herbalife Nutrition Ltd.(1)		2,678		141,211
Hershey Co.		627		109,211
HF Foods Group, Inc.(1)		13,505		71,441
Honest Co., Inc.(1)		5,388		87,232
Hormel Foods Corp.		8,454		403,678
Hostess Brands, Inc. - Class A(1)		587,704		9,514,928
Ingles Markets, Inc. - Class A		5,262		306,617
Ingredion, Inc.		72,585		6,568,942
J.M. Smucker Co.		58,752		7,612,497
John B Sanfilippo & Son, Inc.		1,253		110,978
Kellogg Co.		4,214		271,087
Kroger Co.		393,056		15,057,975
Laird Superfood, Inc.(1)		545		16,279
Lamb Weston Holdings, Inc.		3,074		247,949
Lancaster Colony Corp.		71,696		13,873,893
Landec Corp.(1)		9,129		102,701
Limoneira Co.		4,730		83,011
McCormick & Co., Inc.		7,550		666,816
MGP Ingredients, Inc.		904		61,147
Mission Produce, Inc.(1)		12,308		254,899
Molson Coors Beverage Co. - Class B(1)		241,333		12,957,169
Natural Grocers by Vitamin Cottage, Inc.		3,417		36,699
Nature’s Sunshine Products, Inc.		4,199		72,937
NewAge, Inc.(1)		20,044		44,698
Nomad Foods Ltd.(1)		509,532		14,404,470
Nu Skin Enterprises, Inc. - Class A		10,369		587,404
Oil-Dri Corp. of America		1,956		66,856
Performance Food Group Co.(1)		184,145		8,929,191

	Shares		Value
Pilgrim’s Pride Corp.(1)		133,237		2,955,197
Post Holdings, Inc.(1)		202,995		22,018,868
PriceSmart, Inc.		8,221		748,193
Primo Water Corp.		59,324		992,490
Revlon, Inc. - Class A(1)		2,608		33,487
Reynolds Consumer Products, Inc.		1,625		49,319
Rite Aid Corp.(1)		20,939		341,306
Sanderson Farms, Inc.		1,107		208,083
Seaboard Corp.		7		27,081
Seneca Foods Corp. - Class A(1)		2,315		118,250
Simply Good Foods Co.(1)		408,146		14,901,410
SpartanNash Co.		13,908		268,563
Spectrum Brands Holdings, Inc.		7,355		625,469
Sprouts Farmers Market, Inc.(1)		24,913		619,088
The Andersons, Inc.		7,091		216,488
The Chefs’ Warehouse, Inc.(1)		11,167		355,446
Tootsie Roll Industries, Inc.		5,934		201,222
TreeHouse Foods, Inc.(1)		19,480		867,250
Tyson Foods, Inc. - Class A		117,599		8,674,102
United Natural Foods, Inc.(1)		48,137		1,780,106
Universal Corp.		53,560		3,051,313
US Foods Holding Corp.(1)		195,522		7,500,224
Vector Group Ltd.		46,778		661,441
Veru, Inc.(1)		6,630		53,504
Village Super Market, Inc. - Class A		3,223		75,773
Weis Markets, Inc.		6,327		326,853
Whole Earth Brands, Inc.(1)		13,677		198,316
Total Consumer Staples				239,924,727
Energy – 5.07%
Aemetis, Inc.(1)		8,645		96,565
Alto Ingredients, Inc.(1)		26,776		163,601
Altus Midstream Co. - Class A		1,106		74,666
Antero Midstream Corp.		9,991		103,806
Antero Resources Corp.(1)		94,217		1,416,082
APA Corp.		11,366		245,847
Arch Resources, Inc.(1)		4,568		260,285
Archrock, Inc.		50,564		450,525
Baker Hughes Co. - Class A		21,989		502,888
Berry Petroleum Corp.		25,363		170,439
Bonanza Creek Energy, Inc.		11,565		544,365
Brigham Minerals, Inc. - Class A		16,692		355,373
Bristow Group, Inc.(1)		2,469		63,231
Cabot Oil & Gas Corp.		10,318		180,152
California Resources Corp.(1)		31,635		953,479
Callon Petroleum Co.(1)		2,006		115,726
Centennial Resource Development, Inc. - Class A(1)		59,059		400,420
Centrus Energy Corp. - Class A(1)		3,464		87,916
ChampionX Corp.(1)		979,282		25,118,583
Chesapeake Energy Corp.		37,103		1,926,388
Cimarex Energy Co.		164,040		11,884,698

	Shares		Value
Clean Energy Fuels Corp.(1)		52,178		529,607
CNX Resources Corp.(1)		82,030		1,120,530
Comstock Resources, Inc.(1)		34,303		228,801
ConocoPhillips		270,816		16,492,694
CONSOL Energy, Inc.(1)		12,834		237,044
Continental Resources, Inc.		1,744		66,324
CVR Energy, Inc.		11,994		215,412
Delek US Holdings, Inc.		24,897		538,273
Devon Energy Corp.		226,875		6,622,481
DHT Holdings, Inc.		54,519		353,828
Diamond S Shipping, Inc.(1)		11,575		115,287
Diamondback Energy, Inc.		480,701		45,133,017
Dorian LPG Ltd.(1)		9,108		128,605
Dril-Quip, Inc.(1)		13,305		450,108
Earthstone Energy, Inc.—Class A(1)		11,092		122,788
Energy Fuels, Inc.(1)		7,487		45,296
Enviva Partners LP		3,850		201,779
EQT Corp.(1)		8,354		185,960
Equitrans Midstream Corp.		153,592		1,307,068
Extraction Oil & Gas, Inc.(1)		3,536		194,162
Falcon Minerals Corp.		4,119		20,925
Frank’s International NV(1)		1,342,868		4,068,890
Frontline Ltd./Bermuda		45,533		409,797
FTS International, Inc.—Class A(1)		3,230		91,377
Gevo, Inc.(1)		76,406		555,472
Golar LNG Ltd.(1)		38,870		515,027
Green Plains, Inc.(1)		13,056		438,943
Halliburton Co.		454,259		10,502,468
Helix Energy Solutions Group, Inc.(1)		52,966		302,436
Helmerich & Payne, Inc.		275,853		9,001,083
Hess Corp.		7,720		674,110
HighPeak Energy, Inc.(1)		1,451		14,844
HollyFrontier Corp.		343,472		11,300,229
International Seaways, Inc.		9,176		175,996
Kinder Morgan, Inc.		311,200		5,673,176
Laredo Petroleum, Inc.(1)		3,438		319,012
Liberty Oilfield Services, Inc.—Class A(1)		21,249		300,886
Magnolia Oil & Gas Corp.—Class A(1)		1,800,576		28,143,003
Marathon Oil Corp.		23,455		319,457
Marathon Petroleum Corp.		306,080		18,493,354
Matador Resources Co.		731,206		26,330,728
Murphy Oil Corp.		55,974		1,303,075
Nabors Industries Ltd.(1)		2,598		296,796
National Energy Services Reunited, Inc.(1)		10,812		154,071
NCS Multistage Holdings, Inc.(1)		99		3,007
Newpark Resources, Inc.(1)		34,330		118,782
NexTier Oilfield Solutions, Inc.(1)		58,107		276,589
Nordic American Tankers Ltd.		57,663		189,135
Northern Oil & Gas, Inc.		17,934		372,489

	Shares		Value
NOV, Inc.(1)		11,624		178,080
Oasis Petroleum, Inc.		1,145		115,130
Occidental Petroleum Corp.		22,056		689,691
Oceaneering International, Inc.(1)		37,521		584,202
Oil States International, Inc.(1)		23,361		183,384
ONEOK, Inc.		13,307		740,401
Ovintiv, Inc.		93,921		2,955,694
Par Pacific Holdings, Inc.(1)		3,045		51,217
Patterson-UTI Energy, Inc.		72,392		719,576
PBF Energy, Inc.—Class A(1)		36,234		554,380
PDC Energy, Inc.		38,037		1,741,714
Peabody Energy Corp.(1)		25,828		204,816
Penn Virginia Corp.(1)		5,601		132,240
Phillips 66		13,186		1,131,623
Pioneer Natural Resources Co.		266,799		43,360,173
Plains GP Holdings LP—Class A(1)		986,615		11,780,183
ProPetro Holding Corp.(1)		31,864		291,874
Range Resources Corp.(1)		89,581		1,501,378
Renewable Energy Group, Inc.(1)		16,800		1,047,312
REX American Resources Corp.(1)		1,995		179,909
Riley Exploration Permian, Inc.		757		21,938
RPC, Inc.(1)		24,959		123,547
Schlumberger Ltd.		586,205		18,764,422
Scorpio Tankers, Inc.		18,328		404,132
Select Energy Services, Inc.—Class A(1)		23,008		138,968
SFL Corp. Ltd.		39,549		302,550
SM Energy Co.		43,717		1,076,750
Solaris Oilfield Infrastructure, Inc.—Class A		8,882		86,511
Talos Energy, Inc.(1)		11,747		183,723
Targa Resources Corp.		6,765		300,704
Teekay Corp.(1)		25,513		94,908
Teekay Tankers Ltd.—Class A(1)		8,869		127,891
TETRA Technologies, Inc.(1)		9,674		41,985
Tidewater, Inc.(1)		14,777		178,063
Ur-Energy, Inc.(1)		6,963		9,748
US Silica Holdings, Inc.(1)		27,774		321,067
Valero Energy Corp.		176,077		13,748,092
Viper Energy Partners LP		371,424		6,993,914
W&T Offshore, Inc.(1)		36,567		177,350
Whiting Petroleum Corp.(1)		14,813		808,049
Williams Companies, Inc.		36,389		966,128
World Fuel Services Corp.		88,826		2,818,449
Total Energy				355,601,122
Financials – 20.82%
1st Source Corp.		6,825		317,090
AFC Gamma, Inc.		2,693		55,610
Affiliated Managers Group, Inc.		1,240		191,220
Aflac, Inc.		138,275		7,419,836
AGNC Investment Corp.		15,693		265,055
Alerus Financial Corp.		5,676		164,661

	Shares		Value
Alleghany Corp.(1)		30,608		20,417,679
Allegiance Bancshares, Inc.		6,986		268,542
Allstate Corp.		110,120		14,364,053
Ally Financial, Inc.		192,342		9,586,325
Altabancorp		6,389		276,708
Amalgamated Financial Corp.		5,369		83,917
A-Mark Precious Metals, Inc.		4,263		198,229
Ambac Financial Group, Inc.(1)		17,455		273,345
Amerant Bancorp, Inc.—Class A(1)		7,991		170,848
American Equity Investment Life Holding Co.		32,199		1,040,672
American Financial Group, Inc.		47,449		5,917,839
American International Group, Inc.		508,968		24,226,877
American National Bankshares, Inc.		4,199		130,547
American National Group, Inc.		2,803		416,386
Ameriprise Financial, Inc.		184,405		45,894,716
Ameris Bancorp		29,444		1,490,750
AMERISAFE, Inc.		7,491		447,138
Annaly Capital Management, Inc.		329,917		2,929,663
Aon Plc—Class A		40,232		9,605,792
Apollo Commercial Real Estate Finance, Inc.		52,462		836,769
Arbor Realty Trust, Inc.		47,796		851,725
Arch Capital Group Ltd.(1)		8,830		343,840
Ares Commercial Real Estate Corp.		16,084		236,274
Ares Management Corp.—Class A		202,144		12,854,337
Argo Group International Holdings Ltd.		12,095		626,884
ARMOUR Residential REIT, Inc.		26,528		302,950
Arrow Financial Corp.		5,314		191,038
Arthur J. Gallagher & Co.		81,009		11,347,741
Assetmark Financial Holdings, Inc.(1)		7,009		175,646
Associated Banc-Corp.		363,454		7,443,538
Associated Capital Group, Inc.—Class A		732		28,446
Assurant, Inc.		1,803		281,593
Assured Guaranty Ltd.		2,175		103,269
Athene Holding Ltd.—Class A(1)		356,202		24,043,635
Atlantic Capital Bancshares, Inc.(1)		7,413		188,735
Atlantic Union Bankshares Corp.		29,836		1,080,660
Axis Capital Holdings Ltd.		84,043		4,118,947
Axos Financial, Inc.(1)		19,425		901,126
B. Riley Financial, Inc.		7,415		559,832
Banc of California, Inc.		16,503		289,463
BancFirst Corp.		6,732		420,279
Banco Latinoamericano de Comercio Exterior SA—Class E		12,334		189,574
BancorpSouth Bank		699,560		19,818,535
Bank First Corp.		2,365		165,006
Bank of Hawaii Corp.		113,282		9,540,610
Bank of Marin Bancorp		5,056		161,286
Bank of NT Butterfield & Son Ltd.		485,827		17,222,567
Bank OZK		272,080		11,470,893
BankUnited, Inc.		278,308		11,880,969

	Shares		Value
Banner Corp.		12,750		691,177
Bar Harbor Bankshares		5,558		159,070
Berkshire Hills Bancorp, Inc.		16,988		465,641
BGC Partners, Inc.—Class A		124,978		708,625
Blackstone Mortgage Trust, Inc.—Class A		52,117		1,662,011
Blucora, Inc.(1)		11,928		206,474
Blue Ridge Bankshares, Inc.		6,307		110,499
BOK Financial Corp.		94,474		8,181,448
Boston Private Financial Holdings, Inc.		30,539		450,450
Bridgewater Bancshares, Inc.(1)		6,586		106,364
Brighthouse Financial, Inc.(1)		152,098		6,926,543
Brightsphere Investment Group, Inc.		896,380		21,002,183
BrightSpire Capital, Inc.		33,470		314,618
Broadmark Realty Capital, Inc.		49,285		521,928
Brookline Bancorp, Inc.		592,950		8,864,602
Brown & Brown, Inc.		6,642		352,956
Bryn Mawr Bank Corp.		8,075		340,684
Business First Bancshares, Inc.		7,380		169,371
Byline Bancorp, Inc.		9,612		217,520
Cadence BanCorp—Class A		29,684		619,802
Cambridge Bancorp		2,490		206,645
Camden National Corp.		5,835		278,680
Cannae Holdings, Inc.(1)		32,880		1,114,961
Capital Bancorp, Inc.(1)		2,921		59,734
Capital City Bank Group, Inc.		5,383		138,828
Capital One Financial Corp.		50,724		7,846,496
Capitol Federal Financial, Inc.		48,857		575,535
Capstar Financial Holdings, Inc.		7,615		156,107
Capstead Mortgage Corp.		36,396		223,471
Carlyle Group, Inc.		4,895		227,520
Carter Bankshares, Inc.(1)		9,600		120,096
Cathay General Bancorp		449,976		17,711,055
CBOE Global Markets, Inc.		3,187		379,412
CBTX, Inc.		7,080		193,355
Central Pacific Financial Corp.		8,489		221,223
Century Bancorp, Inc.—Class A		1,030		117,420
Chimera Investment Corp.		235,375		3,544,747
Cincinnati Financial Corp.		4,472		521,525
CIT Group, Inc.		37,277		1,923,120
Citizens & Northern Corp.		5,986		146,657
Citizens Financial Group, Inc.		269,504		12,362,148
Citizens, Inc.—Class A(1)		18,319		96,908
City Holding Co.		5,751		432,705
Civista Bancshares, Inc.		5,872		129,771
CNA Financial Corp.		105,975		4,820,803
CNB Financial Corporation, Inc.		6,102		139,248
CNO Financial Group, Inc.		478,021		11,290,856
Coastal Financial Corp.(1)		1,252		35,757
Columbia Banking System, Inc.		26,923		1,038,151
Columbia Financial, Inc.(1)		10,298		177,332

	Shares		Value
Comerica, Inc.		4,201		299,699
Commerce Bancshares, Inc.		3,157		235,386
Community Bank System, Inc.		19,608		1,483,345
Community Trust Bancorp, Inc.		6,150		248,337
Compass Diversified Holdings		16,196		412,998
ConnectOne Bancorp, Inc.		14,994		392,393
Cowen, Inc.—Class A		9,677		397,241
Crawford & Co.—Class A		6,650		60,315
Credit Acceptance Corp.(1)		266		120,793
CrossFirst Bankshares, Inc.(1)		9,785		134,544
Cullen/Frost Bankers, Inc.		1,731		193,872
Customers Bancorp, Inc.(1)		9,889		385,572
CVB Financial Corp.		832,971		17,150,873
Diamond Hill Investment Group, Inc.		1,205		201,609
Dime Community Bancshares, Inc.		13,125		441,262
Discover Financial Services		294,273		34,809,553
Donegal Group, Inc.—Class A		5,823		84,841
Donnelley Financial Solutions, Inc.(1)		21,566		711,678
Dynex Capital, Inc.		11,405		212,817
Eagle Bancorp, Inc.		11,667		654,285
East West Bancorp, Inc.		378,209		27,113,803
Eastern Bankshares, Inc.		50,994		1,048,947
eHealth, Inc.(1)		6,461		377,322
Element Fleet Management Corp.		844,893		9,855,722
Ellington Financial, Inc.		15,701		300,674
Employers Holdings, Inc.		10,664		456,419
Encore Capital Group, Inc.(1)		279,492		13,245,126
Enova International, Inc.(1)		13,656		467,172
Enstar Group Ltd.(1)		24,446		5,840,638
Enterprise Bancorp, Inc.		3,547		116,164
Enterprise Financial Services Corp.		11,496		533,299
Equitable Holdings, Inc.		11,530		351,089
Equity Bancshares, Inc.—Class A(1)		4,954		151,047
Erie Indemnity Co.—Class A		232		44,857
Essent Group Ltd.		207,496		9,326,945
Evercore, Inc.—Class A		1,176		165,546
Everest Re Group Ltd.		97,743		24,632,213
EZCORP, Inc.—Class A(1)		18,693		112,719
FactSet Research Systems, Inc.		162		54,369
Farmers National Banc Corp.		10,308		159,877
FB Financial Corp.		11,546		430,897
Federal Agricultural Mortgage Corp.—Class C		3,430		339,227
Federated Hermes, Inc.—Class B		35,993		1,220,523
Ferroglobe Representation & Warranty Insurance Trust(1)(5)(6)		11,189		—
Fidelity D&D Bancorp, Inc.		1,522		82,340
Fidelity National Financial, Inc.		8,197		356,242
Fifth Third Bancorp		1,131,779		43,267,911
Finance Of America Companies, Inc.—Class A(1)		12,253		93,490
Financial Institutions, Inc.		6,162		184,860

	Shares		Value
First American Financial Corp.		103,525		6,454,784
First Bancorp NC		10,456		427,755
First BanCorp PR		84,983		1,012,997
First Bancorp, Inc.		4,106		120,922
First Bancshares, Inc.		7,713		288,698
First Bank/Hamilton NJ		5,539		74,998
First Busey Corp.		19,924		491,326
First Choice Bancorp		4,029		122,683
First Citizens BancShares, Inc.—Class A		179		149,060
First Commonwealth Financial Corp.		35,406		498,162
First Community Bankshares, Inc.		6,927		206,771
First Financial Bancorp		35,955		849,617
First Financial Bankshares, Inc.		3,426		168,319
First Financial Corp.		4,854		198,140
First Foundation, Inc.		14,850		334,274
First Hawaiian, Inc.		441,658		12,516,588
First Horizon Corp.		16,283		281,370
First Internet Bancorp		3,515		108,895
First Interstate BancSystem, Inc.—Class A		15,625		653,594
First Merchants Corp.		20,590		857,985
First Mid Bancshares, Inc.		7,282		294,994
First Midwest Bancorp, Inc.		42,146		835,755
First of Long Island Corp.		9,156		194,382
First Republic Bank		102,806		19,242,199
FirstCash, Inc.		14,097		1,077,575
Five Star Bancorp(1)		1,579		38,133
Flagstar Bancorp, Inc.		19,556		826,632
Flushing Financial Corp.		12,388		265,475
FNB Corp.		28,618		352,860
Franklin Resources, Inc.		8,681		277,705
FS Bancorp, Inc.		1,288		91,796
FS KKR Capital Corp.		122,125		2,626,909
Fulton Financial Corp.		60,722		958,193
GAMCO Investors, Inc.—Class A		249		6,250
GCM Grosvenor, Inc.—Class A		1,345		14,015
Genworth Financial, Inc.—Class A(1)		186,548		727,537
German American Bancorp, Inc.		9,467		352,172
Glacier Bancorp, Inc.		411,394		22,659,582
Globe Life, Inc.		94,354		8,987,219
GoHealth, Inc.—Class A(1)		221		2,477
Goosehead Insurance, Inc.—Class A		5,614		714,662
Granite Point Mortgage Trust, Inc.		20,093		296,372
Great Ajax Corp.		8,766		113,783
Great Southern Bancorp, Inc.		4,194		226,057
Great Western Bancorp, Inc.		19,401		636,159
Green Dot Corp.—Class A(1)		17,481		818,985
Greenlight Capital Re Ltd.—Class A(1)		10,683		97,536
Guaranty Bancshares, Inc.		2,868		97,713
Hancock Whitney Corp.		33,211		1,475,897
Hanmi Financial Corp.		345,321		6,581,818

	Shares		Value
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		27,337		1,534,973
Hanover Insurance Group, Inc.		62,555		8,484,960
HarborOne Bancorp, Inc.		19,417		278,440
Hartford Financial Services Group, Inc.		295,274		18,298,130
Hawthorn Bancshares, Inc.		71		1,628
HBT Financial, Inc.		3,767		65,583
HCI Group, Inc.		2,151		213,874
Heartland Financial USA, Inc.		15,360		721,766
Heritage Commerce Corp.		23,131		257,448
Heritage Financial Corp.		13,141		328,788
Heritage Insurance Holdings, Inc.		8,109		69,575
Hilltop Holdings, Inc.		26,382		960,305
Hingham Institution for Savings		493		143,217
Home Bancorp, Inc.		2,959		112,767
Home Bancshares, Inc.		69,252		1,709,139
Home Point Capital, Inc.(1)		2,238		13,271
HomeStreet, Inc.		7,673		312,598
HomeTrust Bancshares, Inc.		5,590		155,961
Hope Bancorp, Inc.		43,284		613,767
Horace Mann Educators Corp.		286,433		10,718,323
Horizon Bancorp, Inc.		16,837		293,469
Houlihan Lokey, Inc.—Class A		2,662		217,725
Howard Bancorp, Inc.(1)		4,568		73,682
Huntington Bancshares, Inc.		3,499,834		49,942,631
Independence Holding Co.		1,684		78,003
Independent Bank Corp.		280,428		21,172,314
Independent Bank Corp. MI		8,376		181,843
Independent Bank Group, Inc.		18,600		1,376,028
Interactive Brokers Group, Inc.—Class A		2,406		158,146
International Bancshares Corp.		20,417		876,706
Invesco Ltd.		10,041		268,396
Invesco Mortgage Capital, Inc.		93,461		364,498
Investors Bancorp, Inc.		55,639		793,412
Investors Title Co.		462		80,679
James River Group Holdings Ltd.		7,274		272,920
Janus Henderson Group Plc		2,432		94,386
Jefferies Financial Group, Inc.		6,525		223,155
Kearny Financial Corp.		20,544		245,501
Kemper Corp.		1,846		136,419
KeyCorp		1,535,261		31,703,140
KKR & Co., Inc.—Class Miscella		16,440		973,906
KKR Real Estate Finance Trust, Inc.		12,307		266,200
Ladder Capital Corp.—Class A		42,881		494,847
Lakeland Bancorp, Inc.		18,956		331,351
Lakeland Financial Corp.		362,548		22,347,459
Lazard Ltd.—Class A		110,666		5,007,637
Lemonade, Inc.(1)		995		108,863
LendingClub Corp.(1)		36,254		657,285
Lincoln National Corp.		84,210		5,291,756

	Shares		Value
Loews Corp.		383,447		20,955,379
Luther Burbank Corp.		6,110		72,465
M&T Bank Corp.		3,839		557,845
Macatawa Bank Corp.		10,980		96,075
Maiden Holdings Ltd.(1)		25,362		85,470
Markel Corp.(1)		336		398,735
Marlin Business Services Corp.		3,188		72,559
MBIA, Inc.(1)		18,664		205,304
Mercantile Bank Corp.		6,376		192,555
Merchants Bancorp		3,601		141,303
Mercury General Corp.		797		51,765
Meridian Bancorp, Inc.		17,619		360,485
Meta Financial Group, Inc.		8,349		422,710
Metrocity Bankshares, Inc.		5,970		104,535
MetroMile, Inc.(1)		13,932		127,478
Metropolitan Bank Holding Corp.(1)		2,734		164,641
MFA Financial, Inc.		164,996		757,332
MGIC Investment Corp.		220,064		2,992,870
Mid Penn Bancorp, Inc.		3,674		100,851
Midland States Bancorp, Inc.		8,183		214,967
MidWestOne Financial Group, Inc.		5,781		166,319
Moelis & Co.—Class A		10,510		597,914
Morningstar, Inc.		74		19,026
Mr Cooper Group, Inc.(1)		239,174		7,907,092
MSCI, Inc.—Class A		700		373,156
MVB Financial Corp.		3,620		154,429
Nasdaq, Inc.		77,135		13,560,333
National Bank Holdings Corp.—Class A		9,997		377,287
National Western Life Group, Inc.—Class A		972		218,107
Navient Corp.		290,253		5,610,590
NBT Bancorp, Inc.		15,811		568,722
Nelnet, Inc.—Class A		6,440		484,481
New Residential Investment Corp.		925,728		9,803,460
New York Community Bancorp, Inc.		13,546		149,277
New York Mortgage Trust, Inc.		141,275		631,499
NI Holdings, Inc.(1)		3,926		74,633
Nicolet Bankshares, Inc.(1)		3,451		242,743
NMI Holdings, Inc.—Class A(1)		29,728		668,285
Northern Trust Corp.		6,241		721,584
Northfield Bancorp, Inc.		17,977		294,823
Northrim BanCorp, Inc.		2,313		98,881
Northwest Bancshares, Inc.		43,658		595,495
OceanFirst Financial Corp.		22,829		475,756
Ocwen Financial Corp.(1)		2,990		92,630
OFG Bancorp		18,503		409,286
Old National Bancorp		73,787		1,299,389
Old Republic International Corp.		141,556		3,526,160
Old Second Bancorp, Inc.		11,467		142,191
OneMain Holdings, Inc.—Class A		2,672		160,080
Oportun Financial Corp.(1)		8,010		160,440

	Shares		Value
Oppenheimer Holdings, Inc.—Class A		3,572		181,600
Orchid Island Capital, Inc.—Class A		36,441		189,129
Origin Bancorp, Inc.		9,890		419,929
Orrstown Financial Services, Inc.		4,134		95,371
Pacific Premier Bancorp, Inc.		36,441		1,541,090
PacWest Bancorp		573,674		23,612,422
Park National Corp.		5,332		626,083
PCSB Financial Corp.		5,299		96,283
Peapack Gladstone Financial Corp.		7,031		218,453
PennantPark Investment Corp.		163,500		1,092,180
PennyMac Financial Services, Inc.		13,218		815,815
PennyMac Mortgage Investment Trust		29,831		628,241
Peoples Bancorp, Inc.		7,156		211,961
Peoples Financial Services Corp.		2,766		117,832
People’s United Financial, Inc.		12,761		218,724
Pinnacle Financial Partners, Inc.		2,208		194,944
Pioneer Bancorp, Inc.(1)		4,579		55,040
Piper Sandler Companies		6,695		867,404
PJT Partners, Inc.—Class A		1,524		108,783
Popular, Inc.		43,030		3,229,402
PRA Group, Inc.(1)		17,177		660,799
Preferred Bank Los Angeles		5,045		319,197
Premier Financial Bancorp, Inc.		4,752		80,071
Premier Financial Corp.		16,394		465,754
Primerica, Inc.		1,163		178,102
Primis Financial Corp.		9,595		146,420
Principal Financial Group, Inc.		80,900		5,112,071
ProAssurance Corp.		22,619		514,582
PROG Holdings, Inc.		182,651		8,790,993
ProSight Global, Inc.(1)		7,267		92,727
Prospect Capital Corp.		295,600		2,480,084
Prosperity Bancshares, Inc.		155,768		11,184,142
Provident Bancorp, Inc.		5,933		96,767
Provident Financial Services, Inc.		32,422		742,140
Prudential Financial, Inc.		54,699		5,605,007
QCR Holdings, Inc.		7,076		340,285
Radian Group, Inc.		72,392		1,610,722
Raymond James Financial, Inc.		159,939		20,776,076
RBB Bancorp		5,229		126,646
Ready Capital Corp.		23,032		365,518
Red River Bancshares, Inc.		1,818		91,827
Redwood Trust, Inc.		42,406		511,840
Regional Management Corp.		1,943		90,427
Regions Financial Corp.		409,325		8,260,179
Reinsurance Group of America, Inc.—Class A		194,331		22,153,734
Reliant Bancorp, Inc.		5,622		155,898
RenaissanceRe Holdings Ltd.		71,254		10,604,020
Renasant Corp.		21,679		867,160
Republic Bancorp, Inc.—Class A		3,810		175,755

	Shares		Value
Republic First Bancorp, Inc.(1)		18,033		71,952
RLI Corp.		1,217		127,286
S&T Bancorp, Inc.		14,370		449,781
Safety Insurance Group, Inc.		5,329		417,154
Sandy Spring Bancorp, Inc.		129,904		5,732,664
Santander Consumer USA Holdings, Inc.		140,848		5,115,599
Sculptor Capital Management, Inc.—Class A		8,203		201,712
Seacoast Banking Corp. of Florida		18,996		648,713
SEI Investments Co.		3,314		205,369
Selective Insurance Group, Inc.		360,338		29,241,429
Selectquote, Inc.(1)		366,420		7,057,249
ServisFirst Bancshares, Inc.		3,248		220,799
Sierra Bancorp		5,470		139,212
Signature Bank		32,006		7,862,274
Simmons First National Corp.—Class A		40,173		1,178,676
SiriusPoint Ltd.(1)		454,240		4,574,197
SLM Corp.		1,351,316		28,296,557
SmartFinancial, Inc.		5,254		126,149
South Plains Financial, Inc.		4,225		97,724
South State Corp.		252,145		20,615,375
Southern First Bancshares, Inc.(1)		2,180		111,529
Southern Missouri Bancorp, Inc.		2,964		133,261
Southside Bancshares, Inc.		11,666		445,991
Spirit of Texas Bancshares, Inc.		5,020		114,657
Starwood Property Trust, Inc.		8,550		223,754
State Auto Financial Corp.		6,860		117,443
State Street Corp.		211,114		17,370,460
Sterling Bancorp		694,419		17,214,647
Stewart Information Services Corp.		9,880		560,097
Stifel Financial Corp.		208,793		13,542,314
Stock Yards Bancorp, Inc.		6,642		338,011
StoneX Group, Inc.(1)		5,806		352,250
Summit Financial Group, Inc.		4,507		99,199
SVB Financial Group(1)		33,443		18,608,688
Synchrony Financial		686,854		33,326,156
Synovus Financial Corp.		4,124		180,961
T Rowe Price Group, Inc.		4,532		897,200
Texas Capital Bancshares, Inc.(1)		11,911		756,229
TFS Financial Corp.		1,460		29,638
The Bancorp, Inc.(1)		19,221		442,275
Tiptree, Inc.		8,125		75,563
Tompkins Financial Corp.		5,462		423,633
Towne Bank/Portsmouth VA		30,645		932,221
TPG RE Finance Trust, Inc.		22,562		303,459
Tradeweb Markets, Inc.—Class A		3,146		266,026
Travelers Companies, Inc.		41,855		6,266,112
Trean Insurance Group, Inc.(1)		6,623		99,875
TriCo Bancshares		10,478		446,153
TriState Capital Holdings, Inc.(1)		10,908		222,414
Triumph Bancorp, Inc.(1)		627		46,555

	Shares		Value
Truist Financial Corp.		352,418		19,559,199
TrustCo Bank Corp. NY		6,985		240,144
Trustmark Corp.		24,280		747,824
Two Harbors Investment Corp.		1,808,386		13,671,398
UMB Financial Corp.		167,650		15,601,509
Umpqua Holdings Corp.		762,796		14,073,586
United Bankshares, Inc.		407,244		14,864,406
United Community Banks, Inc.		28,832		922,912
United Fire Group, Inc.		7,744		214,741
United Insurance Holdings Corp.		7,549		43,029
Universal Insurance Holdings, Inc.		100,051		1,388,708
Univest Financial Corp.		11,324		298,614
Unum Group		103,644		2,943,490
UWM Holdings Corp.		827		6,988
Valley National Bancorp		182,649		2,452,976
Velocity Financial, Inc.(1)		2,997		37,433
Veritex Holdings, Inc.		15,263		540,463
Virtu Financial, Inc.—Class A		2,801		77,392
Voya Financial, Inc.		56,593		3,480,470
Walker & Dunlop, Inc.		9,890		1,032,318
Washington Federal, Inc.		27,712		880,687
Washington Trust Bancorp, Inc.		6,740		346,099
Waterstone Financial, Inc.		8,539		167,877
Watford Holdings Ltd.(1)		6,762		236,602
Webster Financial Corp.		2,646		141,138
WesBanco, Inc.		24,876		886,332
West Bancorporation, Inc.		5,294		146,909
Westamerica Bancorporation		9,472		549,660
Western Alliance Bancorp		1,438		133,518
White Mountains Insurance Group Ltd.		90		103,323
Willis Towers Watson Plc		30,558		7,028,951
Wintrust Financial Corp.		125,645		9,502,531
WisdomTree Investments, Inc.		14,704		91,165
World Acceptance Corp.(1)		1,655		265,197
WR Berkley Corp.		4,085		304,047
WSFS Financial Corp.		17,565		818,353
Zions Bancorp N.A.		329,520		17,418,427
Total Financials				1,459,151,477
Healthcare – 9.03%
4D Molecular Therapeutics, Inc.(1)		3,279		78,958
89bio, Inc.(1)		3,612		67,544
Acadia Healthcare Co., Inc.(1)		2,623		164,593
AdaptHealth Corp.—Class A(1)		446,229		12,231,137
Adaptive Biotechnologies Corp.(1)		356		14,546
Addus HomeCare Corp.(1)		3,391		295,831
Adicet Bio, Inc.(1)		7,598		78,183
Aduro Bioteech, Inc.(1)(6)		990		2,970
Adverum Biotechnologies, Inc.(1)		32,716		114,506
Aeglea BioTherapeutics, Inc.—Class Savings(1)		14,836		103,259

	Shares		Value
Agilent Technologies, Inc.		63,916		9,447,424
Agiliti, Inc.(1)		358,561		7,841,729
agilon health, Inc.(1)		179		7,262
Agios Pharmaceuticals, Inc.(1)		23,101		1,273,096
Akebia Therapeutics, Inc.(1)		34,633		131,259
Akero Therapeutics, Inc.(1)		2,399		59,519
Akouos, Inc.(1)		8,871		111,331
Albireo Pharma, Inc.(1)		1,399		49,217
Alexion Pharmaceuticals, Inc.(1)		23,806		4,373,400
Allogene Therapeutics, Inc.(1)		15,241		397,485
Allscripts Healthcare Solutions, Inc.(1)		52,764		976,662
Alphatec Holdings, Inc.(1)		2,047		31,360
Altimmune, Inc.(1)		12,121		119,392
Amedisys, Inc.(1)		110		26,942
American Well Corp.—Class A(1)		73,083		919,384
AmerisourceBergen Corp.—Class A		124,354		14,237,289
AMN Healthcare Services, Inc.(1)		194,895		18,900,917
Amphastar Pharmaceuticals, Inc.(1)		9,869		198,959
AnaptysBio, Inc.(1)		7,265		188,381
AngioDynamics, Inc.(1)		13,794		374,231
ANI Pharmaceuticals, Inc.(1)		3,643		127,687
Anika Therapeutics, Inc.(1)		5,443		235,628
Annexon, Inc.(1)		11,613		261,409
Applied Therapeutics, Inc.(1)		1,708		35,492
Apria, Inc.(1)		5,393		151,004
AquaBounty Technologies, Inc.(1)		13,085		70,136
Arbutus Biopharma Corp.(1)		26,402		79,998
Arcturus Therapeutics Holdings, Inc.(1)		7,899		267,302
Arcus Biosciences, Inc.(1)		16,960		465,722
Arcutis Biotherapeutics, Inc.(1)		9,341		254,916
Ardelyx, Inc.(1)		7,848		59,488
Arena Pharmaceuticals, Inc.(1)		20,788		1,417,742
Asensus Surgical, Inc.(1)		60,780		192,673
Atara Biotherapeutics, Inc.(1)		28,389		441,449
Atea Pharmaceuticals, Inc.(1)		22,085		474,386
Athenex, Inc.(1)		13,548		62,592
Athersys, Inc.(1)		10,809		15,565
Athira Pharma, Inc.(1)		12,035		123,238
Atossa Therapeutics, Inc.(1)		41,016		259,221
Atreca, Inc.—Class A(1)		9,716		82,780
Avanos Medical, Inc.(1)		18,217		662,552
Avantor, Inc.(1)		904,891		32,132,679
Aveanna Healthcare Holdings, Inc.(1)		1,550,035		19,173,933
Avid Bioservices, Inc.(1)		1,344		34,474
Avidity Biosciences, Inc.(1)		9,423		232,842
Avrobio, Inc.(1)		13,637		121,233
BioCryst Pharmaceuticals, Inc.(1)		59,788		945,248
Biohaven Pharmaceutical Holding Co. Ltd.(1)		6,674		647,912
BioMarin Pharmaceutical, Inc.(1)		5,447		454,498
Bio-Rad Laboratories, Inc.—Class A(1)		644		414,923

	Shares		Value
Bioventus, Inc.—Class A(1)		775		13,640
Black Diamond Therapeutics, Inc.(1)		8,508		103,713
Bluebird Bio, Inc.(1)		25,390		811,972
Blueprint Medicines Corp.(1)		1,462		128,598
Bolt Biotherapeutics, Inc.(1)		4,293		66,370
Boston Scientific Corp.(1)		389,943		16,673,963
Bridgebio Pharma, Inc.(1)		13,248		807,598
Brookdale Senior Living, Inc.(1)		69,881		552,060
Brooklyn ImmunoTherapeutics, Inc.(1)		1,027		18,496
Cara Therapeutics, Inc.(1)		16,784		239,508
Cardiff Oncology, Inc.(1)		13,317		88,558
Cardinal Health, Inc.		80,655		4,604,594
Castle Biosciences, Inc.(1)		659		48,325
Castlight Health, Inc.—Class B(1)		43,420		114,195
Catalent, Inc.(1)		3,714		401,558
Catalyst Pharmaceuticals, Inc.(1)		36,776		211,462
Celldex Therapeutics, Inc.(1)		3,079		102,962
CEL-SCI Corp.(1)		1,106		9,600
Centene Corp.(1)		163,415		11,917,856
Cerecor, Inc.(1)		3,183		10,408
Cerner Corp.		8,992		702,815
Certara, Inc.(1)		454		12,862
Change Healthcare, Inc.(1)		7,373		169,874
Charles River Laboratories International, Inc.(1)		96		35,512
Chemed Corp.		340		161,330
ChemoCentryx, Inc.(1)		19,074		255,401
Chimerix, Inc.(1)		7,906		63,248
Chinook Therapeutics, Inc.(1)		11,716		165,430
Citius Pharmaceuticals, Inc.(1)		42,454		147,740
Clene, Inc.(1)		2,918		32,798
Cogent Biosciences, Inc.(1)		9,826		79,689
Community Health Systems, Inc.(1)		6,273		96,855
Computer Programs & Systems, Inc.		5,423		180,206
Constellation Pharmaceuticals, Inc.(1)		13,706		463,263
Cooper Companies, Inc.		30,073		11,917,028
CorMedix, Inc.(1)		12,811		87,883
Covetrus, Inc.(1)		39,078		1,055,106
Crinetics Pharmaceuticals, Inc.(1)		1,999		37,681
Cross Country Healthcare, Inc.(1)		11,442		188,907
CryoLife, Inc.(1)		1,792		50,893
Cullinan Oncology, Inc.(1)		4,624		119,068
Curis, Inc.(1)		3,933		31,739
Cymabay Therapeutics, Inc.(1)		27,411		119,512
Cytokinetics, Inc.(1)		1,851		36,631
CytomX Therapeutics, Inc.(1)		3,582		22,674
DarioHealth Corp.(1)		5,037		107,590
DaVita, Inc.(1)		65,623		7,902,978
Deciphera Pharmaceuticals, Inc.(1)		2,122		77,686
Dentsply Sirona, Inc.		6,532		413,214

	Shares		Value
Design Therapeutics, Inc.(1)		2,143		42,624
Dyne Therapeutics, Inc.(1)		11,238		236,448
Eagle Pharmaceuticals, Inc.(1)		2,433		104,132
Eiger BioPharmaceuticals, Inc.(1)		11,906		101,439
Elanco Animal Health, Inc.(1)		1,437,995		49,884,047
Emergent BioSolutions, Inc.(1)		18,414		1,159,898
Enanta Pharmaceuticals, Inc.(1)		6,745		296,847
Encompass Health Corp.		1,247		97,303
Endo International Plc(1)		86,187		403,355
Envista Holdings Corp.(1)		289,228		12,497,542
Evolent Health, Inc.—Class A(1)		23,160		489,139
Exact Sciences Corp.(1)		386		47,984
Exagen, Inc.(1)		2,808		42,092
Exelixis, Inc.(1)		1,350		24,597
EyePoint Pharmaceuticals, Inc.(1)		7,782		69,960
FibroGen, Inc.(1)		2,920		77,760
Finch Therapeutics Group, Inc.(1)		2,506		35,259
Fluidigm Corp.(1)		25,904		159,569
Foghorn Therapeutics, Inc.(1)		6,198		66,133
Forian, Inc.(1)		864		10,861
Forma Therapeutics Holdings, Inc.(1)		12,049		299,900
Frequency Therapeutics, Inc.(1)		11,993		119,450
Fulcrum Therapeutics, Inc.(1)		8,015		83,997
Fulgent Genetics, Inc.(1)		6,667		614,897
G1 Therapeutics, Inc.(1)		6,132		134,536
Gemini Therapeutics, Inc.—Class A(1)		6,747		43,653
Generation Bio Co.(1)		1,095		29,456
Geron Corp.(1)		113,600		160,176
Globus Medical, Inc.—Class A(1)		2,194		170,101
Gossamer Bio, Inc.(1)		23,376		189,813
Gritstone Oncology, Inc.(1)		15,178		138,575
Haemonetics Corp.(1)		6,047		402,972
Harvard Bioscience, Inc.(1)		2,186		18,209
HCA Healthcare, Inc.		85,421		17,659,938
HealthStream, Inc.(1)		9,553		266,911
Henry Schein, Inc.(1)		4,249		315,233
Hill-Rom Holdings, Inc.		1,984		225,363
Hologic, Inc.(1)		255,471		17,045,025
Homology Medicines, Inc.(1)		15,852		115,244
Hookipa Pharma, Inc.(1)		2,609		23,898
Horizon Therapeutics Plc(1)		5,297		496,011
Humana, Inc.		34,811		15,411,526
iBio, Inc.(1)		81,178		122,579
ICON Plc(1)		65,058		13,448,139
ICU Medical, Inc.(1)		61,856		12,729,965
Ideaya Biosciences, Inc.(1)		7,946		166,787
Ikena Oncology, Inc.(1)		2,978		41,811
Immunic, Inc.(1)		5,749		70,483
ImmunityBio, Inc.(1)		22,113		315,774
ImmunoGen, Inc.(1)		33,936		223,638

	Shares		Value
Immunovant, Inc.(1)		5,004		52,892
Incyte Corp.(1)		795		66,883
Infinity Pharmaceuticals, Inc.(1)		3,428		10,250
Innoviva, Inc.(1)		168,802		2,263,635
Inovio Pharmaceuticals, Inc.(1)		77,730		720,557
Inozyme Pharma, Inc.(1)		5,230		89,119
Instil Bio, Inc.(1)		3,475		67,137
Integer Holdings Corp.(1)		190,334		17,929,463
Integra LifeSciences Holdings Corp.(1)		2,210		150,810
Invacare Corp.(1)		13,479		108,776
Invitae Corp.(1)		56,581		1,908,477
Ionis Pharmaceuticals, Inc.(1)		345		13,762
Iovance Biotherapeutics, Inc.(1)		3,014		78,424
IQVIA Holdings, Inc.(1)		92,208		22,343,843
Ironwood Pharmaceuticals, Inc.—Class A(1)		369,500		4,755,465
iTeos Therapeutics, Inc.(1)		7,556		193,811
IVERIC bio, Inc.(1)		27,126		171,165
Jazz Pharmaceuticals Plc(1)		107,606		19,115,130
Jounce Therapeutics, Inc.(1)		12,338		83,898
Kala Pharmaceuticals, Inc.(1)		6,264		33,199
KemPharm, Inc.(1)		5,518		70,741
Kezar Life Sciences, Inc.(1)		12,757		69,271
Kiniksa Pharmaceuticals Ltd.—Class A(1)		6,022		83,886
Kinnate Biopharma, Inc.(1)		4,792		111,558
Kronos Bio, Inc.(1)		12,778		306,033
Krystal Biotech, Inc.(1)		4,282		291,176
Kura Oncology, Inc.(1)		23,770		495,605
Laboratory Corp. of America Holdings(1)		43,864		12,099,884
Lannett Co., Inc.(1)		57,700		269,459
Lantheus Holdings, Inc.(1)		68,069		1,881,427
Lexicon Pharmaceuticals, Inc.(1)		15,227		69,892
Ligand Pharmaceuticals, Inc.(1)		4,990		654,638
Lineage Cell Therapeutics, Inc.(1)		45,113		128,572
LivaNova Plc(1)		3,619		304,394
MacroGenics, Inc.(1)		1,823		48,966
Magellan Health, Inc.(1)		8,847		833,387
Magenta Therapeutics, Inc.(1)		1,191		11,648
MannKind Corp.(1)		82,623		450,295
Masimo Corp.(1)		409		99,162
McKesson Corp.		49,074		9,384,912
MEDNAX, Inc.(1)		13,629		410,914
MeiraGTx Holdings Plc(1)		10,323		160,007
Meridian Bioscience, Inc.(1)		14,216		315,311
Merit Medical Systems, Inc.(1)		2,213		143,093
Mersana Therapeutics, Inc.(1)		7,743		105,150
Mesa Laboratories, Inc.		1,916		519,562
MiMedx Group, Inc.(1)		13,739		171,875
Mirati Therapeutics, Inc.(1)		195		31,498
Mirum Pharmaceuticals, Inc.(1)		1,198		20,713

	Shares		Value
Misonix, Inc.(1)		2,270		50,349
ModivCare, Inc.(1)		102,145		17,371,800
Molina Healthcare, Inc.(1)		34,482		8,726,015
Multiplan Corp.(1)		126,462		1,203,918
Mustang Bio, Inc.(1)		26,467		87,870
Myriad Genetics, Inc.(1)		28,738		878,808
NanoString Technologies, Inc.(1)		1,393		90,253
NantHealth, Inc.(1)		4,404		10,217
Natera, Inc.(1)		160		18,165
National HealthCare Corp.		6,182		432,122
Natus Medical, Inc.(1)		12,689		329,660
Nektar Therapeutics—Class A(1)		5,283		90,656
Neogen Corp.(1)		2,653		122,144
Neoleukin Therapeutics, Inc.(1)		10,017		92,457
Neuronetics, Inc.(1)		900		14,418
NexImmune, Inc.(1)		504		8,225
NextGen Healthcare, Inc.(1)		21,387		354,810
NGM Biopharmaceuticals, Inc.(1)		10,570		208,440
Nkarta, Inc.(1)		5,255		166,531
Nurix Therapeutics, Inc.(1)		1,121		29,740
Nuvation Bio, Inc.(1)		2,138		19,905
Oak Street Health, Inc.(1)		301		17,630
Olema Pharmaceuticals, Inc.(1)		2,514		70,342
OncoCyte Corp.(1)		6,602		37,896
Oncorus, Inc.(1)		7,588		104,714
Oncternal Therapeutics, Inc.(1)		16,488		78,318
OPKO Health, Inc.(1)		148,719		602,312
Option Care Health, Inc.(1)		41,737		912,788
OraSure Technologies, Inc.(1)		26,838		272,137
Organon & Co.(1)		129,722		3,925,388
ORIC Pharmaceuticals, Inc.(1)		9,425		166,728
Orthofix Medical, Inc.(1)		7,243		290,517
Owens & Minor, Inc.		4,783		202,464
Oyster Point Pharma, Inc.(1)		3,884		66,766
Pacific Biosciences of California, Inc.(1)		39,554		1,383,203
Passage Bio, Inc.(1)		13,897		183,996
Patterson Companies, Inc.		24,135		733,463
PerkinElmer, Inc.		3,346		516,656
Perrigo Co. Plc		3,970		182,025
Personalis, Inc.(1)		12,334		312,050
Pliant Therapeutics, Inc.(1)		807		23,500
Portage Biotech, Inc.(1)		1,095		22,951
Poseida Therapeutics, Inc.(1)		10,685		107,064
PPD, Inc.(1)		2,832		130,527
PRA Health Sciences, Inc.(1)		71,572		11,824,410
Praxis Precision Medicines, Inc.(1)		8,385		153,278
Precigen, Inc.(1)		5,561		36,258
Premier, Inc.—Class A		285,331		9,926,666
Prestige Consumer Healthcare, Inc.(1)		303,404		15,807,348
Prometheus Biosciences, Inc.(1)		3,690		90,626

	Shares		Value
Prothena Corp. Plc(1)		3,012		154,847
Provention Bio, Inc.(1)		20,965		176,735
QIAGEN NV(1)		6,713		324,775
Quest Diagnostics, Inc.		3,896		514,155
Quidel Corp.(1)		36,562		4,684,323
Rain Therapeutics, Inc.(1)		966		15,012
Reata Pharmaceuticals, Inc.—Class A(1)		1,366		193,330
Recursion Pharmaceuticals, Inc.—Class A(1)		2,686		98,039
REGENXBIO, Inc.(1)		7,148		277,700
Relay Therapeutics, Inc.(1)		2,494		91,255
Reneo Pharmaceuticals, Inc.(1)		1,219		11,373
Repligen Corp.(1)		95		18,964
Replimune Group, Inc.(1)		2,997		115,145
ResMed, Inc.		431		106,250
REVOLUTION Medicines, Inc.(1)		19,162		608,202
Rhythm Pharmaceuticals, Inc.(1)		16,481		322,698
Royalty Pharma Plc—Class A		3,972		162,812
Sage Therapeutics, Inc.(1)		1,552		88,169
Sana Biotechnology, Inc.(1)		647		12,720
Sangamo Therapeutics, Inc.(1)		4,700		56,259
Scholar Rock Holding Corp.(1)		1,609		46,500
Seagen, Inc.(1)		426		67,257
SeaSpine Holdings Corp.(1)		6,008		123,224
Seer, Inc.—Class A(1)		3,537		115,943
Select Medical Holdings Corp.		99,700		4,213,322
Selecta Biosciences, Inc.(1)		30,449		127,277
Sensei Biotherapeutics, Inc.(1)		2,905		28,353
Shattuck Labs, Inc.(1)		1,794		52,008
Sientra, Inc.(1)		2,864		22,797
Sigilon Therapeutics, Inc.(1)		2,443		26,213
Signify Health, Inc.—Class A(1)		677		20,601
Silverback Therapeutics, Inc.(1)		4,754		146,851
SOC Telemed, Inc.—Class A(1)		3,415		19,431
Solid Biosciences, Inc.(1)		22,369		81,871
Sorrento Therapeutics, Inc.(1)		10,074		97,617
Sotera Health Co.(1)		1,198,275		29,034,203
Spero Therapeutics, Inc.(1)		1,080		15,077
Spruce Biosciences, Inc.(1)		3,007		33,709
SQZ Biotechnologies Co.(1)		8,480		122,536
STERIS Plc		2,545		525,034
Supernus Pharmaceuticals, Inc.(1)		18,521		570,262
Surface Oncology, Inc.(1)		12,543		93,571
Sutro Biopharma, Inc.(1)		15,039		279,575
Syndax Pharmaceuticals, Inc.(1)		12,681		217,733
Syneos Health, Inc.—Class A(1)		141,421		12,655,765
Syros Pharmaceuticals, Inc.(1)		11,323		61,710
Talaris Therapeutics, Inc.(1)		1,190		17,481
Talis Biomedical Corp.(1)		5,378		59,319
Tandem Diabetes Care, Inc.(1)		100		9,740

	Shares		Value
Tarsus Pharmaceuticals, Inc.(1)		536		15,533
Taysha Gene Therapies, Inc.(1)		1,473		31,228
TCR2 Therapeutics, Inc.(1)		11,438		187,698
Teladoc Health, Inc.(1)		4,380		728,350
Teleflex, Inc.		1,170		470,094
Tenet Healthcare Corp.(1)		35,155		2,355,033
Terns Pharmaceuticals, Inc.(1)		1,389		17,029
Theravance Biopharma, Inc.(1)		1,864		27,065
Tivity Health, Inc.(1)		6,960		183,118
Tonix Pharmaceuticals Holding Corp.(1)		122,783		136,289
Translate Bio, Inc.(1)		12,187		335,630
Travere Therapeutics, Inc.—Class Preferre(1)		20,305		296,250
Trevena, Inc.(1)		40,449		68,359
Trillium Therapeutics, Inc.(1)		31,092		301,592
Triple-S Management Corp.—Class B(1)		9,732		216,732
Turning Point Therapeutics, Inc.(1)		15,634		1,219,765
Ultragenyx Pharmaceutical, Inc.(1)		492		46,912
United Therapeutics Corp.(1)		23,826		4,274,623
Universal Health Services, Inc.—Class B		152,676		22,356,347
UroGen Pharma Ltd.(1)		2,276		34,755
Utah Medical Products, Inc.		1,180		100,347
Vanda Pharmaceuticals, Inc.(1)		20,755		446,440
Varex Imaging Corp.(1)		12,588		337,610
Vaxart, Inc.(1)		4,029		30,177
Vaxcyte, Inc.(1)		10,601		238,629
VBI Vaccines, Inc.(1)		8,676		29,065
Veracyte, Inc.(1)		25,292		1,011,174
Viatris, Inc.		269,044		3,844,639
Viemed Healthcare, Inc.(1)		11,525		82,404
Viking Therapeutics, Inc.(1)		25,965		155,530
Viracta Therapeutics, Inc.(1)		10,708		121,429
VistaGen Therapeutics, Inc.(1)		11,193		35,258
Vor BioPharma, Inc.(1)		3,838		71,579
Waters Corp.(1)		129		44,584
Werewolf Therapeutics, Inc.(1)		998		17,405
XBiotech, Inc.(1)		5,432		89,954
XOMA Corp.(1)		2,027		68,918
Zimmer Biomet Holdings, Inc.		99,276		15,965,566
Zogenix, Inc.(1)		21,065		364,003
Total Healthcare				632,770,691
Industrials – 18.21%
AAR Corp.(1)		13,448		521,110
ABM Industries, Inc.		305,922		13,567,641
Acacia Research Corp.(1)		19,174		129,616
ACCO Brands Corp.		35,931		310,085
Acuity Brands, Inc.		33,668		6,296,926
ADT, Inc.		4,562		49,224
Advent Technologies Holdings, Inc.(1)		1,471		14,180
AECOM(1)		4,217		267,020
Aerojet Rocketdyne Holdings, Inc.		5,753		277,812

	Shares		Value
AerSale Corp.(1)		2,990		37,255
AGCO Corp.		71,682		9,345,899
AgEagle Aerial Systems, Inc.(1)		8,861		46,697
Air Lease Corp.—Class A		127,084		5,304,486
Air Transport Services Group, Inc.(1)		22,069		512,663
Alamo Group, Inc.		488		74,508
Alaska Air Group, Inc.(1)		330,054		19,905,557
Albany International Corp.—Class A		11,561		1,031,935
Allegion Plc		64,333		8,961,587
Allied Motion Technologies, Inc.		343		11,844
Allison Transmission Holdings, Inc.		350,639		13,934,394
Alta Equipment Group, Inc.(1)		5,701		75,766
Altra Industrial Motion Corp.		386,076		25,102,662
AMERCO		260		153,244
American Airlines Group, Inc.(1)		131,149		2,781,670
American Superconductor Corp.(1)		9,837		171,065
American Woodmark Corp.(1)		6,329		517,016
AMETEK, Inc.		329,069		43,930,711
AO Smith Corp.		3,914		282,043
API Group Corp.(1)(2)		568,269		11,871,139
Apogee Enterprises, Inc.		9,476		385,957
ArcBest Corp.		53,301		3,101,585
Arcosa, Inc.		164,437		9,659,029
Argan, Inc.		5,645		269,775
Armstrong World Industries, Inc.		40,754		4,371,274
Array Technologies, Inc.(1)		36,768		573,581
ASGN, Inc.(1)		115,222		11,168,468
Astec Industries, Inc.		8,483		533,920
Astronics Corp.(1)		9,318		163,158
Atkore, Inc.(1)		68,700		4,877,700
Atlas Air Worldwide Holdings, Inc.(1)		72,675		4,949,894
Atlas Technical Consultants, Inc.(1)		3,992		38,643
Avis Budget Group, Inc.(1)		19,469		1,516,440
AZEK Co., Inc.—Class A(1)		1,492		63,350
AZZ, Inc.		9,324		482,797
Babcock & Wilcox Enterprises, Inc.(1)		14,598		115,032
Barnes Group, Inc.		17,977		921,321
Barrett Business Services, Inc.		4,547		330,158
Beacon Roofing Supply, Inc.(1)		9,781		520,838
Beam Global(1)		417		15,975
Blue Bird Corp.(1)		3,074		76,420
Boise Cascade Co.		102,434		5,977,024
Brady Corp.—Class A		17,829		999,137
BrightView Holdings, Inc.(1)		257,812		4,155,929
Brink’s Co.		247,100		18,987,164
Builders FirstSource, Inc.(1)		6,115		260,866
BWX Technologies, Inc.		173,986		10,112,066
CACI International, Inc.—Class A(1)		135,062		34,457,017
Caesarstone Ltd.		8,425		124,353

	Shares		Value
CAI International, Inc.		4,650		260,400
Carlisle Companies, Inc.		953		182,385
Carrier Global Corp.		13,847		672,964
Casella Waste Systems, Inc.—Class A(1)		214,601		13,612,141
CBIZ, Inc.(1)		396,497		12,993,207
CECO Environmental Corp.(1)		17,901		128,171
CH Robinson Worldwide, Inc.		3,177		297,590
Charah Solutions, Inc.(1)		6,959		35,143
ChargePoint Holdings, Inc.(1)		3,742		129,997
Chart Industries, Inc.(1)		5,470		800,370
Cintas Corp.		170		64,940
Clarivate Plc(1)		12,300		338,619
Clean Harbors, Inc.(1)		1,538		143,249
Colfax Corp.(1)		498,091		22,817,549
Columbus McKinnon Corp.		10,324		498,030
Commercial Vehicle Group, Inc.(1)		7,274		77,323
CompX International, Inc.		512		10,634
Concrete Pumping Holdings, Inc.(1)		10,032		84,971
Copa Holdings SA—Class A(1)		989		74,501
CoreCivic, Inc.(1)		202,845		2,123,787
Cornerstone Building Brands, Inc.(1)		8,096		147,185
Costamare, Inc.		19,895		234,960
CoStar Group, Inc.(1)		2,620		216,988
Covenant Logistics Group, Inc.—Class A(1)		4,457		92,171
CRA International, Inc.		464		39,718
Crane Co.		307,786		28,430,193
Cummins, Inc.		86,063		20,983,020
Curtiss-Wright Corp.		89,677		10,650,041
Custom Truck One Source, Inc.(1)		3,422		32,577
Delta Air Lines, Inc.(1)		153,100		6,623,106
Deluxe Corp.		83,291		3,978,811
Desktop Metal, Inc.—Class A(1)		6,390		73,485
DIRTT Environmental Solutions(1)		12,940		55,318
Donaldson Co., Inc.		3,304		209,903
Dover Corp.		164,875		24,830,175
Driven Brands Holdings, Inc.(1)		982		30,363
Ducommun, Inc.(1)		3,976		216,931
Dun & Bradstreet Holdings, Inc.(1)		4,810		102,790
DXP Enterprises, Inc.(1)		11,317		376,856
Dycom Industries, Inc.(1)		5,388		401,568
Eagle Bulk Shipping, Inc.(1)		3,099		146,645
Eaton Corp. Plc		151,764		22,488,390
Echo Global Logistics, Inc.(1)		6,640		204,114
EMCOR Group, Inc.		58,452		7,200,702
Encore Wire Corp.		7,474		566,454
Enerpac Tool Group Corp.—Class A		123,400		3,284,908
EnerSys		14,437		1,410,928
Ennis, Inc.		10,374		223,248
EnPro Industries, Inc.		9,054		879,596
Equifax, Inc.		2,240		536,502

	Shares		Value
ESCO Technologies, Inc.		158,037		14,825,451
ExOne Co.(1)		5,915		128,001
Expeditors International of Washington, Inc.		63,601		8,051,887
Fastenal Co.		1,948		101,296
Flowserve Corp.		3,882		156,522
Fluor Corp.(1)		53,332		943,976
Fortive Corp.		9,761		680,732
Fortune Brands Home & Security, Inc.		3,082		306,998
Forward Air Corp.		199,886		17,939,768
FTI Consulting, Inc.(1)		994		135,790
FuelCell Energy, Inc.(1)		27,980		249,022
Gates Industrial Corp. Plc(1)		12,751		230,411
GATX Corp.		13,240		1,171,343
Genco Shipping & Trading Ltd.		11,985		226,277
General Dynamics Corp.		56,812		10,695,427
Gibraltar Industries, Inc.(1)		204,255		15,586,699
Global Industrial Co.		1,153		42,327
GMS, Inc.(1)		96,424		4,641,851
Gorman-Rupp Co.		7,239		249,311
GP Strategies Corp.(1)		4,324		67,973
Graco, Inc.		1,923		145,571
GrafTech International Ltd.		7,411		86,116
Graham Corp.		2,715		37,358
Granite Construction, Inc.		17,741		736,784
Great Lakes Dredge & Dock Corp.(1)		24,337		355,564
Greenbrier Companies, Inc.		12,136		528,887
Griffon Corp.		17,546		449,704
Harsco Corp.(1)		565,309		11,543,610
Hawaiian Holdings, Inc.(1)		19,199		467,880
HC2 Holdings, Inc.(1)		17,296		68,838
Healthcare Services Group, Inc.		16,424		518,506
Heartland Express, Inc.		18,939		324,425
HEICO Corp.		909		126,733
HEICO Corp.—Class A		1,587		197,074
Heidrick & Struggles International, Inc.		4,268		190,139
Heritage-Crystal Clean, Inc.(1)		3,779		112,161
Herman Miller, Inc.		217,796		10,266,903
Hexcel Corp.(1)		182,821		11,408,030
Hillenbrand, Inc.		101,860		4,489,989
HNI Corp.		15,000		659,550
Howmet Aerospace, Inc.(1)		493,223		17,001,397
Hub Group, Inc.—Class A(1)		12,391		817,558
Hubbell, Inc.—Class B		167,398		31,276,642
Huntington Ingalls Industries, Inc.		75,558		15,923,849
Hurco Companies, Inc.		181		6,335
Huron Consulting Group, Inc.(1)		7,477		367,495
Hyliion Holdings Corp.(1)		35,646		415,276
Hyster-Yale Materials Handling, Inc.		3,671		267,910
ICF International, Inc.		162,238		14,254,231

	Shares		Value
IDEX Corp.		2,300		506,115
IHS Markit Ltd.		11,237		1,265,960
Infrastructure & Energy Alternatives, Inc.(1)		4,480		57,613
Ingersoll Rand, Inc.(1)		11,200		546,672
Insteel Industries, Inc.		6,405		205,921
Interface, Inc.—Class A		17,124		261,997
ITT, Inc.		138,069		12,645,740
Jacobs Engineering Group, Inc.		3,919		522,873
JB Hunt Transport Services, Inc.		289		47,093
JELD-WEN Holding, Inc.(1)		19,118		502,039
JetBlue Airways Corp.(1)		106,768		1,791,567
Kaman Corp.		10,443		526,327
Kansas City Southern		1,988		563,340
KAR Auction Services, Inc.(1)		63,429		1,113,179
Karat Packaging, Inc.(1)		1,332		27,133
KBR, Inc.		340,480		12,989,312
Kelly Services, Inc.—Class A(1)		13,159		315,421
Kennametal, Inc.		32,167		1,155,439
Kimball International, Inc.—Class B		14,259		187,506
Kirby Corp.(1)		220,993		13,401,016
Knight-Swift Transportation Holdings, Inc.—Class A		4,802		218,299
Knoll, Inc.		400,062		10,397,611
Korn Ferry		24,592		1,784,150
Kratos Defense & Security Solutions, Inc.(1)		36,548		1,041,253
L3Harris Technologies, Inc.		57,684		12,468,397
Landstar System, Inc.		134		21,175
Leidos Holdings, Inc.		112,427		11,366,370
Lennox International, Inc.		1,009		353,957
Lindsay Corp.		373		61,649
Loomis AB—Class B		5,372		168,056
Luxfer Holdings Plc		9,146		203,499
Lydall, Inc.(1)		3,616		218,840
Macquarie Infrastructure Corp.		19,775		756,789
Manitowoc Co., Inc.(1)		12,897		315,977
ManpowerGroup, Inc.		44,129		5,247,379
ManTech International Corp.—Class A		10,337		894,564
Marten Transport Ltd.		22,492		370,893
Masco Corp.		135,721		7,995,324
MasTec, Inc.(1)		54,774		5,811,521
Matrix Service Co.(1)		9,544		100,212
Matson, Inc.		16,130		1,032,320
Matthews International Corp.—Class A		11,662		419,366
Maxar Technologies, Inc.		192,345		7,678,412
Mayville Engineering Co., Inc.(1)		3,214		64,634
McGrath RentCorp		2,963		241,692
Mercury Systems, Inc.(1)		1,646		109,097
Meritor, Inc.(1)		4,085		95,671
Mesa Air Group, Inc.(1)		12,550		117,092
Middleby Corp.(1)		1,152		199,596
Miller Industries, Inc.		4,033		159,062

	Shares		Value
Mistras Group, Inc.(1)		7,037		69,174
Moog, Inc.—Class A		62,361		5,242,066
MRC Global, Inc.(1)		29,898		281,041
MSA Safety, Inc.		785		129,980
MSC Industrial Direct Co., Inc.—Class A		1,351		121,225
Mueller Industries, Inc.		13,324		577,062
Mueller Water Products, Inc.—Class A		56,132		809,423
MYR Group, Inc.(1)		1,554		141,290
National Presto Industries, Inc.		1,948		198,014
Navistar International Corp.(1)		15,634		695,713
Nielsen Holdings Plc		10,574		260,861
NL Industries, Inc.		2,716		17,654
NN, Inc.(1)		15,135		111,242
Nordson Corp.		1,436		315,216
Northwest Pipe Co.(1)		3,619		102,237
NOW, Inc.(1)		40,669		385,949
NV5 Global, Inc.(1)		5,231		494,382
nVent Electric Plc		1,016,613		31,758,990
Old Dominion Freight Line, Inc.		245		62,181
Oshkosh Corp.		391,023		48,737,107
Otis Worldwide Corp.		224,803		18,382,141
Owens Corning		196,449		19,232,357
PACCAR, Inc.		10,181		908,654
PAE, Inc.(1)		1,069,470		9,518,283
PAM Transportation Services, Inc.(1)		580		30,595
Park Aerospace Corp.		7,587		113,046
Parker-Hannifin Corp.		105,712		32,465,212
Park-Ohio Holdings Corp.		3,292		105,805
Parsons Corp.(1)		9,916		390,294
Pentair Plc		4,974		335,695
PGT Innovations, Inc.(1)		11,554		268,399
Powell Industries, Inc.		3,612		111,791
Preformed Line Products Co.		1,072		79,542
Primoris Services Corp.		19,905		585,804
Proto Labs, Inc.(1)		8,762		804,352
Quanex Building Products Corp.		12,549		311,717
Quanta Services, Inc.		53,127		4,811,712
Radiant Logistics, Inc.(1)		14,024		97,186
RBC Bearings, Inc.(1)		7,926		1,580,603
Regal Beloit Corp.		27,607		3,685,811
Rekor Systems, Inc.(1)		3,735		37,948
Republic Services, Inc.—Class A		6,375		701,314
Resideo Technologies, Inc.(1)		47,901		1,437,030
Resources Connection, Inc.		12,832		184,268
REV Group, Inc.		8,908		139,767
Rexnord Corp.		118,588		5,934,144
Robert Half International, Inc.		139,854		12,442,810
Rockwell Automation, Inc.		1,367		390,989
Rollins, Inc.		503		17,203

	Shares		Value
Romeo Power, Inc.(1)		3,463		28,189
RR Donnelley & Sons Co.(1)		26,496		166,395
Rush Enterprises, Inc.—Class A		15,883		686,781
Rush Enterprises, Inc.—Class B		2,405		91,727
Ryder System, Inc.		1,534		114,022
Safe Bulkers, Inc.(1)		18,803		75,400
Schneider National, Inc.—Class B		243,999		5,311,858
Science Applications International Corp.		85,671		7,515,917
Sensata Technologies Holding Plc(1)		355,277		20,595,408
Shoals Technologies Group, Inc.—Class A(1)		2,445		86,798
SiteOne Landscape Supply, Inc.(1)		630		106,634
SkyWest, Inc.(1)		18,800		809,716
Snap-on, Inc.		25,308		5,654,566
Southwest Airlines Co.(1)		119,066		6,321,214
Spirit AeroSystems Holdings, Inc.—Class A		2,224		104,951
Spirit Airlines, Inc.(1)		37,794		1,150,449
SPX Corp.(1)		2,871		175,361
SPX FLOW, Inc.		14,560		949,894
Standex International Corp.		127,492		12,100,266
Stanley Black & Decker, Inc.		4,822		988,462
Steelcase, Inc.—Class A		33,940		512,833
Stericycle, Inc.(1)		137,196		9,816,374
Sterling Construction Co., Inc.(1)		8,174		197,239
Sunrun, Inc.(1)		5,956		332,226
Team, Inc.(1)		9,834		65,888
Tecnoglass, Inc.		5,933		126,966
Teledyne Technologies, Inc.(1)		1,372		574,635
Textainer Group Holdings Ltd.(1)		430,359		14,533,223
Textron, Inc.		376,713		25,906,553
Thermon Group Holdings, Inc.(1)		12,359		210,597
Timken Co.		391,586		31,557,916
Titan International, Inc.(1)		15,440		130,931
Titan Machinery, Inc.(1)		7,291		225,584
Toro Co.		180		19,778
Trane Technologies Plc		3,668		675,426
TransDigm Group, Inc.(1)		1,101		712,666
TransUnion		1,811		198,866
TriMas Corp.(1)		293,845		8,912,319
Trinity Industries, Inc.		32,524		874,570
Triton International Ltd.		126,506		6,621,324
Triumph Group, Inc.(1)		19,571		406,098
TrueBlue, Inc.(1)		13,183		370,574
TuSimple Holdings, Inc.—Class A(1)		949		67,607
Tutor Perini Corp.(1)		15,751		218,151
UFP Industries, Inc.		2,159		160,500
UniFirst Corp.		5,693		1,335,806
United Airlines Holdings, Inc.(1)		77,420		4,048,292
United Rentals, Inc.(1)		29,911		9,541,908
Univar Solutions, Inc.(1)		292,388		7,128,419
Universal Logistics Holdings, Inc.		538		12,535

	Shares		Value
US Ecology, Inc.(1)		356,039		13,358,583
US Xpress Enterprises, Inc.—Class A(1)		9,881		84,977
Valmont Industries, Inc.		621		146,587
Vectrus, Inc.(1)		4,340		206,541
Verisk Analytics, Inc.—Class A		1,715		299,645
Veritiv Corp.(1)		5,776		354,762
Vertiv Holdings Co.—Class A		310,554		8,478,124
View, Inc.(1)		31,781		269,503
Virgin Galactic Holdings, Inc.(1)		479		22,034
VSE Corp.		3,947		195,416
Wabash National Corp.		85,093		1,361,488
Wabtec Corp.		5,411		445,325
Watsco, Inc.		974		279,187
Watts Water Technologies, Inc.—Class A		4,595		670,456
Werner Enterprises, Inc.		20,792		925,660
WESCO International, Inc.(1)		248,167		25,516,531
Willdan Group, Inc.(1)		778		29,284
Willis Lease Finance Corp.(1)		1,086		46,546
WillScot Mobile Mini Holdings Corp.—Class A(1)		1,290,550		35,967,629
Woodward, Inc.		1,724		211,845
WW Grainger, Inc.		236		103,368
XPO Logistics, Inc.(1)		401		56,096
Xylem, Inc.		1,839		220,606
Yellow Corp.(1)		17,478		113,782
Total Industrials				1,276,238,006
Information Technology – 9.72%
3D Systems Corp.(1)		4,044		161,639
8x8, Inc.(1)		162,731		4,517,413
A10 Networks, Inc.(1)		3,891		43,813
ACI Worldwide, Inc.(1)		354,360		13,160,930
ADTRAN, Inc.		16,892		348,820
Advanced Energy Industries, Inc.		816		91,971
Aeva Technologies, Inc.(1)		9,417		99,538
Agilysys, Inc.(1)		737		41,913
Akamai Technologies, Inc.(1)		4,801		559,797
Alkami Technology, Inc.(1)		309		11,022
Alliance Data Systems Corp.		344,781		35,922,732
Alpha & Omega Semiconductor Ltd.(1)		1,431		43,488
Amdocs Ltd.		155,429		12,023,987
American Software, Inc.—Class A		2,667		58,567
Amkor Technology, Inc.		393,883		9,323,211
Amphenol Corp.—Class A		5,057		345,949
Analog Devices, Inc.		55,910		9,625,466
ANSYS, Inc.(1)		1,519		527,184
Arista Networks, Inc.(1)		194		70,288
Arrow Electronics, Inc.(1)		72,683		8,273,506
Asana, Inc.—Class A(1)		2,263		140,374
Avaya Holdings Corp.(1)		157,862		4,246,488
Aviat Networks, Inc.(1)		2,488		81,532

	Shares		Value
Avnet, Inc.		83,773		3,357,622
AXT, Inc.(1)		15,137		166,204
Belden, Inc.		18,879		954,711
Benchmark Electronics, Inc.		13,383		380,880
Benefitfocus, Inc.(1)		2,534		35,729
Black Knight, Inc.(1)		4,537		353,795
BM Technologies, Inc.(1)		1,573		19,568
Bottomline Technologies DE, Inc.(1)		14,407		534,212
Broadridge Financial Solutions, Inc.		317		51,205
Brooks Automation, Inc.		66,153		6,303,058
C3.ai, Inc.—Class A(1)		406		25,387
Calix, Inc.(1)		3,499		166,202
Cass Information Systems, Inc.		4,355		177,466
CDK Global, Inc.		3,220		160,002
CDW Corp.		33,725		5,890,071
Ceridian HCM Holding, Inc.(1)		3,856		369,868
ChannelAdvisor Corp.(1)		3,176		77,844
Check Point Software Technologies Ltd.(1)		156,762		18,204,771
Ciena Corp.(1)		4,569		259,930
Cirrus Logic, Inc.(1)		33,836		2,880,120
Citrix Systems, Inc.		2,385		279,689
Cleanspark, Inc.(1)		12,125		201,760
Cloudera, Inc.(1)		34,003		539,288
Cloudflare, Inc.—Class A(1)		432		45,723
CMC Materials, Inc.		40,320		6,077,837
Cognizant Technology Solutions Corp.—Class A		115,554		8,003,270
Coherent, Inc.(1)		1,451		383,557
Cohu, Inc.(1)		2,416		88,885
CommScope Holding Co., Inc.(1)		251,787		5,365,581
Comtech Telecommunications Corp.		9,570		231,211
Concentrix Corp.(1)		17,941		2,884,913
Conduent, Inc.(1)		62,809		471,067
Corning, Inc.		15,069		616,322
Cree, Inc.(1)		3,444		337,271
CSG Systems International, Inc.		6,705		316,342
CTS Corp.		9,302		345,662
Daktronics, Inc.(1)		12,686		83,601
Datto Holding Corp.(1)		715		19,906
Digi International, Inc.(1)		12,566		252,702
DigitalOcean Holdings, Inc.(1)		297		16,510
Diodes, Inc.(1)		37,329		2,977,734
Dolby Laboratories, Inc.—Class A		1,922		188,913
DSP Group, Inc.(1)		7,951		117,675
Duck Creek Technologies, Inc.(1)		1,665		72,444
DXC Technology Co.(1)		122,221		4,759,286
Dynatrace, Inc.(1)		334		19,512
DZS, Inc.(1)		3,658		75,903
E2open Parent Holdings, Inc.(1)		15,666		178,906
Eastman Kodak Co.(1)		965		8,029
Ebix, Inc.		9,976		338,186

	Shares		Value
EchoStar Corp.—Class A(1)		15,490		376,252
eGain Corp.(1)		4,510		51,775
EMCORE Corp.(1)		11,431		105,394
Entegris, Inc.		63,255		7,778,467
Envestnet, Inc.(1)		1,309		99,301
ePlus, Inc.(1)		4,887		423,654
Euronet Worldwide, Inc.(1)		446		60,366
EVERTEC, Inc.		225,283		9,833,603
F5 Networks, Inc.(1)		17,874		3,336,361
Fabrinet(1)		1,946		186,563
FARO Technologies, Inc.(1)		3,386		263,329
Fastly, Inc.—Class A(1)		3,160		188,336
FireEye, Inc.(1)		4,893		98,936
First Solar, Inc.(1)		3,165		286,464
FleetCor Technologies, Inc.(1)		1,874		479,856
Flex Ltd.(1)		396,802		7,090,852
FormFactor, Inc.(1)		3,679		134,136
Genpact Ltd.		5,193		235,918
Global Payments, Inc.		46,155		8,655,909
GoDaddy, Inc.—Class A(1)		4,497		391,059
GTY Technology Holdings, Inc.(1)		12,398		88,150
Guidewire Software, Inc.(1)		2,512		283,153
Hackett Group, Inc.		1,362		24,543
Harmonic, Inc.(1)		27,723		236,200
Hewlett Packard Enterprise Co.		471,718		6,877,648
HP, Inc.		440,549		13,300,174
IBEX Holdings Ltd.(1)		2,934		57,272
Ichor Holdings Ltd.(1)		3,564		191,743
Ideanomics, Inc.(1)		152,729		433,750
Identiv, Inc.(1)		699		11,883
II-VI, Inc.(1)		10,222		742,015
Inseego Corp.(1)		24,571		247,921
Insight Enterprises, Inc.(1)		8,857		885,789
InterDigital, Inc.		7,045		514,496
IPG Photonics Corp.(1)		992		209,084
Itron, Inc.(1)		3,016		301,540
J2 Global, Inc.(1)		34,750		4,779,862
Jabil, Inc.		122,825		7,138,589
Jack Henry & Associates, Inc.		1,630		266,521
Jamf Holding Corp.(1)		265		8,896
Juniper Networks, Inc.		133,651		3,655,355
Keysight Technologies, Inc.(1)		83,911		12,956,698
Kimball Electronics, Inc.(1)		8,524		185,312
KLA Corp.		23,805		7,717,819
Knowles Corp.(1)		33,450		660,303
Kulicke & Soffa Industries, Inc.		4,375		267,750
KVH Industries, Inc.(1)		5,561		68,400
Limelight Networks, Inc.(1)		46,722		147,174
Littelfuse, Inc.		711		181,156

	Shares		Value
LiveRamp Holdings, Inc.(1)		24,409		1,143,562
Lumentum Holdings, Inc.(1)		2,263		185,634
Manhattan Associates, Inc.(1)		884		128,039
Marathon Digital Holdings, Inc.(1)		33,663		1,056,008
Marvell Technology, Inc.		24,129		1,407,445
Maxim Integrated Products, Inc.		441		46,464
MAXIMUS, Inc.		203,110		17,867,587
McAfee Corp.—Class A		250		7,005
Medallia, Inc.(1)		1,407		47,486
Methode Electronics, Inc.		583,010		28,689,922
Microchip Technology, Inc.		1,181		176,843
MKS Instruments, Inc.		260		46,267
Model N, Inc.(1)		1,044		35,778
MoneyGram International, Inc.(1)		29,199		294,326
Motorola Solutions, Inc.		170,602		36,995,044
National Instruments Corp.		4,009		169,501
NCR Corp.(1)		108,115		4,931,125
NeoPhotonics Corp.(1)		18,806		192,009
NetApp, Inc.		190,313		15,571,410
NETGEAR, Inc.(1)		11,298		432,939
NetScout Systems, Inc.(1)		26,489		755,996
nLight, Inc.(1)		100,004		3,628,145
NortonLifeLock, Inc.		293,470		7,988,253
Nuance Communications, Inc.(1)		5,287		287,824
NVE Corp.		123		9,108
NXP Semiconductors NV		124,473		25,606,586
ON Semiconductor Corp.(1)		5,818		222,713
ON24, Inc.(1)		1,245		44,173
Onto Innovation, Inc.(1)		12,584		919,135
OSI Systems, Inc.(1)		5,601		569,286
Paya Holdings, Inc.—Class A(1)		604,708		6,663,882
Paychex, Inc.		1,249		134,018
Paysafe Ltd.(1)		9,199		111,400
PC Connection, Inc.		4,184		193,594
PDF Solutions, Inc.(1)		10,827		196,835
Pegasystems, Inc.		74		10,300
Perficient, Inc.(1)		226,440		18,210,305
Photronics, Inc.(1)		23,014		304,015
Ping Identity Holding Corp.(1)		16,339		374,163
Plantronics, Inc.(1)		7,477		312,015
Plexus Corp.(1)		258,177		23,599,960
Pure Storage, Inc.—Class A(1)		554		10,820
QAD, Inc.—Class A		573		49,862
Qorvo, Inc.(1)		145,571		28,480,966
Quantum Corp.(1)		20,504		141,273
Rackspace Technology, Inc.(1)		5,598		109,777
Rambus, Inc.(1)		561,530		13,313,876
Repay Holdings Corp.—Class A(1)		16,081		386,587
Ribbon Communications, Inc.(1)		26,823		204,123
Rogers Corp.(1)		77,228		15,507,382

	Shares		Value
Sanmina Corp.(1)		79,286		3,088,983
ScanSource, Inc.(1)		9,407		264,619
Seagate Technology Holdings Plc		125,200		11,008,836
SecureWorks Corp.—Class A(1)		3,771		69,877
Semtech Corp.(1)		118,959		8,184,379
SkyWater Technology, Inc.(1)		414		11,861
Skyworks Solutions, Inc.		2,606		499,700
Smith Micro Software, Inc.(1)		16,157		84,340
Softchoice Corp.(1)		412,461		7,316,890
SolarWinds Corp.(1)		1,458,815		24,639,385
SS&C Technologies Holdings, Inc.		6,695		482,442
StarTek, Inc.(1)		5,692		40,584
StoneCo Ltd.—Class A(1)		458		30,713
SunPower Corp.—Class A(1)		6,153		179,791
Super Micro Computer, Inc.(1)		16,142		567,876
Sykes Enterprises, Inc.(1)		80,426		4,318,876
SYNNEX Corp.		115,314		14,040,633
Synopsys, Inc.(1)		1,698		468,291
TaskUS, Inc.—Class A(1)		2,416		82,724
TE Connectivity Ltd.		154,391		20,875,207
Teradata Corp.(1)		9,713		485,359
Trimble, Inc.(1)		7,576		619,944
TTM Technologies, Inc.(1)		215,919		3,087,642
Turtle Beach Corp.(1)		1,051		33,548
Tyler Technologies, Inc.(1)		162		73,284
Ubiquiti, Inc.		23		7,180
Unisys Corp.(1)		5,364		135,763
Veeco Instruments, Inc.(1)		18,689		449,284
Verint Systems, Inc.(1)		213,757		9,634,028
VeriSign, Inc.(1)		2,982		678,972
Viasat, Inc.(1)		1,794		89,413
Viavi Solutions, Inc.(1)		9,691		171,143
VirnetX Holding Corp.(1)		23,802		101,635
Vishay Intertechnology, Inc.		141,801		3,197,613
Vishay Precision Group, Inc.(1)		4,662		158,694
Vontier Corp.		2,334		76,042
Western Digital Corp.(1)		188,101		13,387,148
Western Union Co.		194,122		4,458,982
WEX, Inc.(1)		443		85,898
WNS Holdings Ltd.—ADR(1)		47,108		3,762,516
Xerox Holdings Corp.		336,070		7,894,284
Xperi Holding Corp.		39,437		877,079
Total Information Technology				681,393,909
Materials – 7.62%
AdvanSix, Inc.(1)		10,309		307,827
Albemarle Corp.		3,472		584,893
Alcoa Corp.(1)		5,567		205,088
Allegheny Technologies, Inc.(1)		18,822		392,439
Amcor Plc		46,022		527,412

	Shares		Value
American Vanguard Corp.		8,552		149,745
Amyris, Inc.(1)		55,608		910,303
AptarGroup, Inc.		1,980		278,863
Arconic Corp.(1)		310,742		11,068,630
Ardagh Group SA—Class A		456		11,181
Ashland Global Holdings, Inc.		140,040		12,253,500
Atotech Ltd.(1)		322,764		8,240,165
Avery Dennison Corp.		98,685		20,747,534
Avient Corp.		506,899		24,919,155
Axalta Coating Systems Ltd.(1)		720,032		21,953,776
Ball Corp.		6,739		545,994
Berry Global Group, Inc.(1)		316,100		20,616,042
Cabot Corp.		62,000		3,529,660
Carpenter Technology Corp.		18,033		725,287
Celanese Corp.—Class A		38,146		5,782,934
Century Aluminum Co.(1)		18,064		232,845
CF Industries Holdings, Inc.		6,384		328,457
Chase Corp.		2,052		210,556
Chemours Co.		122,613		4,266,932
Clearwater Paper Corp.(1)		6,284		182,047
Cleveland-Cliffs, Inc.(1)		13,599		293,194
Coeur Mining, Inc.(1)		29,108		258,479
Commercial Metals Co.		45,158		1,387,254
Compass Minerals International, Inc.		120,939		7,166,845
Constellium SE—Class A(1)		1,992,645		37,760,623
Corteva, Inc.		292,404		12,968,117
Crown Holdings, Inc.		357,991		36,590,260
Diversey Holdings Ltd.(1)		446,059		7,988,917
Domtar Corp.(1)		18,713		1,028,466
DuPont de Nemours, Inc.		159,118		12,317,324
Eagle Materials, Inc.		45,749		6,501,390
Eastman Chemical Co.		74,033		8,643,353
Element Solutions, Inc.		1,072,004		25,063,453
Ferro Corp.(1)		5,236		112,940
FMC Corp.		376,909		40,781,554
FutureFuel Corp.		9,553		91,709
Gatos Silver, Inc.(1)		2,169		37,936
GCP Applied Technologies, Inc.(1)		18,454		429,240
Glatfelter Corp.		16,687		233,117
Graphic Packaging Holding Co.		944,504		17,133,303
Greif, Inc.—Class A		111,821		6,770,762
Greif, Inc.—Class B		2,081		122,779
Hawkins, Inc.		2,557		83,742
Haynes International, Inc.		4,762		168,480
HB Fuller Co.		235,907		15,006,044
Hecla Mining Co.		140,565		1,045,804
Huntsman Corp.		143,081		3,794,508
Ingevity Corp.(1)		146,496		11,918,915
Innospec, Inc.		6,659		603,372
International Flavors & Fragrances, Inc.		7,482		1,117,811

	Shares		Value
International Paper Co.		91,263		5,595,335
Intrepid Potash, Inc.(1)		3,519		112,115
Kaiser Aluminum Corp.		134,501		16,609,528
Koppers Holdings, Inc.(1)		7,607		246,086
Kraton Corp.(1)		11,746		379,278
Kronos Worldwide, Inc.		7,463		106,870
Louisiana-Pacific Corp.		2,819		169,957
LyondellBasell Industries NV—Class A		84,579		8,700,642
Martin Marietta Materials, Inc.		1,862		655,070
Materion Corp.		4,725		356,029
Minerals Technologies, Inc.		15,649		1,231,107
Mosaic Co.		240,087		7,661,176
Myers Industries, Inc.		7,622		160,062
Neenah, Inc.		6,396		320,887
NewMarket Corp.		196		63,108
Nucor Corp.		8,934		857,039
O-I Glass, Inc.(1)		178,400		2,913,272
Olin Corp.		3,975		183,883
Olympic Steel, Inc.		3,568		104,863
Packaging Corp. of America		2,818		381,614
Pactiv Evergreen, Inc.		643,041		9,690,628
PolyMet Mining Corp.(1)		6,919		24,978
PPG Industries, Inc.		54,928		9,325,127
PQ Group Holdings, Inc.		19,082		293,100
Ranpak Holdings Corp.—Class A(1)		10,826		270,975
Rayonier Advanced Materials, Inc.(1)		22,568		150,980
Reliance Steel & Aluminum Co.		45,986		6,939,287
Royal Gold, Inc.		1,947		222,153
RPM International, Inc.		1,571		139,316
Ryerson Holding Corp.(1)		2,362		34,485
Schnitzer Steel Industries, Inc.—Class A		8,895		436,300
Schweitzer-Mauduit International, Inc.		60,994		2,462,938
Sealed Air Corp.		113,788		6,741,939
Sensient Technologies Corp.		7,788		674,129
Silgan Holdings, Inc.		306,084		12,702,486
Sonoco Products Co.		2,974		198,961
Steel Dynamics, Inc.		167,164		9,962,974
Stepan Co.		7,343		883,143
Summit Materials, Inc.—Class A(1)		43,997		1,533,295
SunCoke Energy, Inc.		30,583		218,363
TimkenSteel Corp.(1)		16,720		236,588
Tredegar Corp.		2,018		27,788
Trinseo SA		39,500		2,363,680
Tronox Holdings Plc—Class A		42,816		959,078
UFP Technologies, Inc.(1)		2,335		134,076
United States Lime & Minerals, Inc.		704		97,919
United States Steel Corp.		7,975		191,400
US Concrete, Inc.(1)		5,549		409,516
Valhi, Inc.		730		17,761

	Shares		Value
Valvoline, Inc.		251,210		8,154,277
Verso Corp.—Class A		11,439		202,470
Vulcan Materials Co.		3,967		690,536
Warrior Met Coal, Inc.		17,488		300,794
Westlake Chemical Corp.		799		71,982
Westrock Co.		77,322		4,115,077
Worthington Industries, Inc.		12,995		795,034
WR Grace & Co.		124,119		8,579,105
Zymergen, Inc.(1)		6,359		254,424
Total Materials				533,705,939
Real Estate – 5.82%
Acadia Realty Trust		31,332		688,051
Agree Realty Corp.		25,232		1,778,604
Alexander & Baldwin, Inc.		28,652		524,905
Alexandria Real Estate Equities, Inc.		4,362		793,622
American Assets Trust, Inc.		19,477		726,297
American Campus Communities, Inc.		4,090		191,085
American Finance Trust, Inc.		41,467		351,640
American Homes 4 Rent—Class A		250,701		9,739,734
American Realty Investors, Inc.(1)		104		968
Americold Realty Trust		7,528		284,935
Apartment Income REIT Corp.		4,643		220,217
Apartment Investment & Management Co.—Class A		55,882		374,968
Apple Hospitality REIT, Inc.		80,951		1,235,312
Armada Hoffler Properties, Inc.		22,402		297,723
Ashford Hospitality Trust, Inc.(1)		42,531		193,941
AvalonBay Communities, Inc.		4,165		869,194
Boston Properties, Inc.		4,661		534,104
Braemar Hotels & Resorts, Inc.(1)		17,297		107,414
Brandywine Realty Trust		388,519		5,326,595
Brixmor Property Group, Inc.		508,932		11,649,453
Broadstone Net Lease, Inc.—Class A		419,335		9,816,632
BRT Apartments Corp.		4,951		85,850
Camden Property Trust		2,891		383,549
CareTrust REIT, Inc.		34,334		797,579
CatchMark Timber Trust, Inc.—Class A		7,763		90,827
CBRE Group, Inc.—Class A(1)		9,442		809,463
Centerspace		5,320		419,748
Chatham Lodging Trust(1)		124,192		1,598,351
City Office REIT, Inc.		133,894		1,664,302
Clipper Realty, Inc.		1,244		9,143
Columbia Property Trust, Inc.		44,603		775,646
Community Healthcare Trust, Inc.		3,739		177,453
CorePoint Lodging, Inc.(1)		15,930		170,451
CoreSite Realty Corp.		278		37,419
Corporate Office Properties Trust		6,909		193,383
Cousins Properties, Inc.		251,268		9,241,637
CTO Realty Growth, Inc.		2,576		137,868
CubeSmart		450,034		20,845,575
CyrusOne, Inc.		104,838		7,498,014

	Shares		Value
DiamondRock Hospitality Co.(1)		227,120		2,203,064
DigitalBridge Group, Inc.(1)		183,569		1,450,195
Diversified Healthcare Trust		353,424		1,477,312
Douglas Emmett, Inc.		318,545		10,709,483
Duke Realty Corp.		306,371		14,506,667
Easterly Government Properties, Inc.		32,947		694,523
Empire State Realty Trust, Inc.—Class A		716,174		8,594,088
EPR Properties(1)		2,212		116,528
Equity Commonwealth		45,024		1,179,629
Equity LifeStyle Properties, Inc.		2,439		181,242
Equity Residential		192,602		14,830,354
Essential Properties Realty Trust, Inc.		44,615		1,206,390
Essex Property Trust, Inc.		36,742		11,022,967
Extra Space Storage, Inc.		3,561		583,363
Farmland Partners, Inc.		10,484		126,332
Federal Realty Investment Trust		2,320		271,834
First Industrial Realty Trust, Inc.		3,804		198,683
Forestar Group, Inc.(1)		5,020		104,968
Four Corners Property Trust, Inc.		12,831		354,264
Franklin Street Properties Corp.		250,696		1,318,661
FRP Holdings, Inc.(1)		2,692		149,891
Gaming & Leisure Properties, Inc.		96,756		4,482,705
Getty Realty Corp.		18,022		561,385
Gladstone Commercial Corp.		11,077		249,897
Gladstone Land Corp.		4,182		100,619
Global Medical REIT, Inc.		23,128		341,369
Global Net Lease, Inc.		191,347		3,539,919
Healthcare Realty Trust, Inc.		55,711		1,682,472
Healthcare Trust of America, Inc.—Class A		6,506		173,710
Healthpeak Properties, Inc.		264,711		8,812,229
Hersha Hospitality Trust—Class A(1)		12,427		133,715
Highwoods Properties, Inc.		5,299		239,356
Host Hotels & Resorts, Inc.(1)		20,902		357,215
Hudson Pacific Properties, Inc.		4,399		122,380
Independence Realty Trust, Inc.		39,851		726,484
Indus Realty Trust, Inc.		453		29,739
Industrial Logistics Properties Trust		557,656		14,577,128
Innovative Industrial Properties, Inc.—Class A		4,340		829,027
Invitation Homes, Inc.		16,988		633,483
Iron Mountain, Inc.		95,037		4,021,966
iStar, Inc.		26,842		556,435
JBG SMITH Properties		3,718		117,154
Jones Lang LaSalle, Inc.(1)		20,376		3,982,693
Kennedy-Wilson Holdings, Inc.		46,452		923,001
Kilroy Realty Corp.		123,083		8,571,500
Kimco Realty Corp.		12,491		260,437
Kite Realty Group Trust		37,950		835,279
Lamar Advertising Co.—Class A		68,300		7,131,886
Lexington Realty Trust		823,057		9,835,531

	Shares		Value
Life Storage, Inc.		86,039		9,236,287
LTC Properties, Inc.		15,329		588,480
Macerich Co.		74,478		1,359,223
Mack-Cali Realty Corp.		34,591		593,236
Marcus & Millichap, Inc.(1)		8,443		328,179
Medical Properties Trust, Inc.		256,796		5,161,600
Mid-America Apartment Communities, Inc.		22,260		3,749,029
Monmouth Real Estate Investment Corp.		32,142		601,698
National Health Investors, Inc.		18,454		1,237,341
National Retail Properties, Inc.		5,283		247,667
National Storage Affiliates Trust		118,760		6,004,506
NETSTREIT Corp.		17,483		403,158
New Senior Investment Group, Inc.		32,772		287,738
NexPoint Residential Trust, Inc.		7,162		393,767
Office Properties Income Trust		320,451		9,392,419
Omega Healthcare Investors, Inc.		195,533		7,095,893
One Liberty Properties, Inc.		6,952		197,367
Opendoor Technologies, Inc.(1)		8,268		146,592
Outfront Media, Inc.(1)		44,483		1,068,926
Paramount Group, Inc.		466,838		4,701,059
Park Hotels & Resorts, Inc.(1)		7,101		146,352
Pebblebrook Hotel Trust		466,867		10,994,718
Physicians Realty Trust		748,571		13,826,106
Piedmont Office Realty Trust, Inc.—Class A		241,484		4,460,209
Plymouth Industrial REIT, Inc.		11,667		233,573
Postal Realty Trust, Inc.—Class A		5,137		93,699
PotlatchDeltic Corp.		25,091		1,333,587
Preferred Apartment Communities, Inc.—Class A		19,902		194,044
PS Business Parks, Inc.		1,322		195,762
QTS Realty Trust, Inc.—Class A		15,188		1,174,032
Rayonier, Inc.		99,648		3,580,353
Re/Max Holdings, Inc.—Class A		6,944		231,444
Realogy Holdings Corp.(1)		42,594		776,063
Realty Income Corp.		11,185		746,487
Regency Centers Corp.		211,328		13,539,785
Retail Opportunity Investments Corp.		45,189		798,038
Retail Properties of America, Inc.—Class A		82,037		939,324
Retail Value, Inc.		21,193		460,948
Rexford Industrial Realty, Inc.		4,033		229,679
RLJ Lodging Trust		62,497		951,829
RMR Group, Inc.—Class A		5,790		223,726
RPT Realty		31,619		410,415
Ryman Hospitality Properties, Inc.(1)		1,777		140,312
Sabra Health Care REIT, Inc.		373,670		6,800,794
Safehold, Inc.		2,379		186,751
Saul Centers, Inc.		760		34,542
SBA Communications Corp.—Class A		2,688		856,666
Seritage Growth Properties(1)		13,982		257,269
Service Properties Trust		177,441		2,235,757
Simon Property Group, Inc.		1,279		166,884

	Shares		Value
SITE Centers Corp.		66,315		998,704
SL Green Realty Corp.		2,100		168,000
Spirit Realty Capital, Inc.		3,462		165,622
STAG Industrial, Inc.		228,319		8,545,980
STORE Capital Corp.		7,330		252,958
Summit Hotel Properties, Inc.(1)		52,383		488,733
Sun Communities, Inc.		3,290		563,906
Sunstone Hotel Investors, Inc.(1)		82,637		1,026,352
Tanger Factory Outlet Centers, Inc.		215,629		4,064,607
Tejon Ranch Co.(1)		9,118		138,685
Terreno Realty Corp.		26,146		1,686,940
The GEO Group, Inc.		42,769		304,515
The Howard Hughes Corp.(1)		1,237		120,558
UDR, Inc.		71,241		3,489,384
UMH Properties, Inc.		3,275		71,461
Uniti Group, Inc.		253,838		2,688,144
Universal Health Realty Income Trust		761		46,840
Urban Edge Properties		44,518		850,294
Urstadt Biddle Properties, Inc.—Class A		12,579		243,781
Ventas, Inc.		11,178		638,264
VEREIT, Inc.		6,837		314,023
VICI Properties, Inc.		16,035		497,406
Vornado Realty Trust		5,239		244,504
Washington Real Estate Investment Trust		33,002		759,046
Weingarten Realty Investors		4,539		145,566
Welltower, Inc.		199,562		16,583,602
Weyerhaeuser Co.		190,203		6,546,787
Whitestone REIT—Class B		17,559		144,862
WP Carey, Inc.		5,303		395,710
Xenia Hotels & Resorts, Inc.(1)		42,750		800,708
Total Real Estate				407,750,059
Utilities – 4.20%
AES Corp.		19,791		515,951
ALLETE, Inc.		19,916		1,393,722
Alliant Energy Corp.		114,069		6,360,487
Ameren Corp.		95,294		7,627,332
American Electric Power Co., Inc.		74,480		6,300,263
American States Water Co.		6,724		534,961
American Water Works Co., Inc.		5,428		836,618
Artesian Resources Corp.—Class A		3,086		113,472
Atmos Energy Corp.		3,860		370,985
Avangrid, Inc.		1,656		85,168
Avista Corp.		25,071		1,069,780
Black Hills Corp.		208,412		13,678,080
Brookfield Infrastructure Corp.—Class A		14,053		1,059,596
Brookfield Renewable Corp.—Class A		2,847		119,403
Cadiz, Inc.(1)		6,815		92,684
California Water Service Group		19,592		1,088,140
CenterPoint Energy, Inc.		811,080		19,887,682

	Shares		Value
Chesapeake Utilities Corp.		6,420		772,519
Clearway Energy, Inc.—Class A		10,658		268,795
Clearway Energy, Inc.—Class C		22,584		598,024
CMS Energy Corp.		80,554		4,759,130
Consolidated Edison, Inc.		10,294		738,286
DTE Energy Co.		84,712		10,978,675
Edison International		201,738		11,664,491
Entergy Corp.		106,672		10,635,198
Essential Utilities, Inc.		6,650		303,905
Evergy, Inc.		265,237		16,028,272
Eversource Energy		10,212		819,411
Exelon Corp.		83,600		3,704,316
FirstEnergy Corp.		152,791		5,685,353
Hawaiian Electric Industries, Inc.		3,198		135,211
IDACORP, Inc.		1,494		145,665
MDU Resources Group, Inc.		199,101		6,239,825
MGE Energy, Inc.		123,120		9,165,053
Middlesex Water Co.		4,054		331,333
National Fuel Gas Co.		95,326		4,980,783
New Jersey Resources Corp.		271,365		10,737,913
NiSource, Inc.		11,718		287,091
Northwest Natural Holding Co.		11,610		609,757
NorthWestern Corp.		19,407		1,168,690
NRG Energy, Inc.		179,782		7,245,215
OGE Energy Corp.		6,007		202,136
ONE Gas, Inc.		184,700		13,689,964
Ormat Technologies, Inc.		16,999		1,181,940
Otter Tail Corp.		16,083		785,011
PG&E Corp.(1)		700,680		7,125,916
Pinnacle West Capital Corp.		3,364		275,747
PNM Resources, Inc.		32,350		1,577,709
Portland General Electric Co.		277,032		12,765,635
PPL Corp.		265,757		7,433,223
Public Service Enterprise Group, Inc.		15,210		908,645
Pure Cycle Corp.(1)		816		11,277
SJW Group		10,422		659,713
South Jersey Industries, Inc.		817,708		21,203,168
Southwest Gas Holdings, Inc.		21,879		1,448,171
Spark Energy, Inc.—Class A		1,017		11,523
Spire, Inc.		19,122		1,381,947
Sunnova Energy International, Inc.(1)		27,501		1,035,688
UGI Corp.		435,491		20,167,588
Unitil Corp.		5,613		297,321
Vistra Corp.		1,671,710		31,010,221
WEC Energy Group, Inc.		9,492		844,313
Xcel Energy, Inc.		16,069		1,058,626
York Water Co.		1,807		81,857
Total Utilities				294,294,574
Total Common Stocks (Cost: $4,668,367,695)				6,881,142,977

	Shares		Value
WARRANTS – 0.00%(3)
Nabors Industries Ltd., expires 06/11/2026(1)		120		1,200
Total Warrants (Cost: $309)				1,200
SHORT-TERM INVESTMENTS – 1.61%
Money Market Funds – 0.86%
Goldman Sachs Financial Square Government Fund—Class I, 0.03%(4)		60,192,969		60,192,969
Total Money Market Funds (Cost: $60,192,969)				60,192,969
	Principal Amount		Value
Time Deposits – 0.75%
BBVA, Madrid, 0.01% due 07/01/2021	$	9,982,075		9,982,075
China Construction Bank, New York, 0.01% due 07/01/2021		9,222,410		9,222,409
Citibank, New York, 0.01% due 07/01/2021		8,651,565		8,651,565
National Australia Bank, London, 0.01% due 07/01/2021		1,847,139		1,847,139
Royal Bank of Canada, Toronto, 0.01% due 07/01/2021		12,973,466		12,973,466
Royal Bank of Canada, Toronto, 0.01% due 07/02/2021	CAD	17		14
Skandinaviska Enskilda Banken, Stockholm, 0.01% due 07/01/2021	$	2,197,994		2,197,994
Sumitomo, Tokyo, 0.01% due 07/01/2021		7,916,592		7,916,592
Total Time Deposits (Cost: $52,791,254)				52,791,254
Total Short-Term Investments (Cost: $112,984,223)				112,984,223
TOTAL INVESTMENTS IN SECURITIES – 99.80% (Cost: $4,781,352,227)				6,994,128,400
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.20%				14,159,583
TOTAL NET ASSETS – 100.00%			$	7,008,287,983

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

CAD Canadian Dollar

(1) Non-income producing security.

(2) Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of the security totals $11,871,139, which represents 0.17% of total net assets.

(3) Amount calculated is less than 0.005%.

(4) Represents annualized seven-day yield as of the close of the reporting period.

(5) Amount calculated is less than $0.5.

(6) Security is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $2,970, which represents 0.00% of total net assets.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
18	E-mini Russell 2000 Future		Morgan Stanley		Sep. 2021	$	2,076,726	$	2,077,020	$	294
1	S&P 500 E-mini Future		Morgan Stanley		Sep. 2021		211,744		214,425		2,681
4	S&P MidCap 400 E-mini Future		Morgan Stanley		Sep. 2021		1,093,744		1,076,960		(16,784	)
										$	(13,809	)

Bridge Builder International Equity Fund

Schedule of Investments

June 30, 2021

	Shares		Value
COMMON STOCKS – 97.32%
Argentina – 0.77%
MercadoLibre, Inc.(1)		75,048		116,909,024
Total Argentina				116,909,024
Australia – 2.26%
Afterpay Ltd.(1)		10,398		922,929
AGL Energy Ltd.		31,949		196,289
ALS Ltd.		707,977		6,918,588
AMP Ltd.		2,221,741		1,874,586
Ampol Ltd.		88,175		1,866,280
APA Group		58,897		392,998
Aristocrat Leisure Ltd.		74,313		2,399,012
Asaleo Care Ltd.		2,343		2,460
ASX Ltd.		9,989		582,316
Aurizon Holdings Ltd.		852,533		2,374,601
AusNet Services—Class Miscella		100,013		131,084
Australia & New Zealand Banking Group Ltd.		557,318		11,763,818
Beach Energy Ltd.		1,866,453		1,734,888
BHP Group Ltd.		440,290		16,017,885
BHP Group Plc		106,658		3,156,114
BlueScope Steel Ltd.		394,763		6,486,641
Brambles Ltd.		925,826		7,945,392
carsales.com Ltd.		410,254		6,075,472
Challenger Ltd.		284,659		1,153,308
Cleanaway Waste Management Ltd.		4,327,429		8,571,717
Cochlear Ltd.		270,007		50,941,436
Coles Group Ltd.		62,697		803,133
Commonwealth Bank of Australia		89,591		6,708,811
Computershare Ltd.		25,640		324,966
Crown Resorts Ltd.(1)		16,518		147,439
CSL Ltd.		384,524		82,237,579
Dexus		54,789		436,762
Domain Holdings Australia Ltd.(1)		429,240		1,663,644
Domino’s Pizza Enterprises Ltd.		2,863		258,896
Endeavour Group Ltd./Australia(1)		59,759		281,894
Evolution Mining Ltd.		799,341		2,700,755
Fortescue Metals Group Ltd.		86,014		1,502,572
Goodman Group		77,709		1,229,798
GPT Group		95,469		349,239
GUD Holdings Ltd.		212,962		1,913,856
GWA Group Ltd.		500,649		1,040,076
Insurance Australia Group Ltd.		1,593,769		6,162,241
IPH Ltd.		237,335		1,388,792
Lendlease Corp. Ltd.		34,632		297,584
Macquarie Group Ltd.		51,314		6,012,023
Magellan Financial Group Ltd.		7,249		292,770
Medibank Pvt Ltd.		130,771		310,035
Metcash Ltd.		548,598		1,645,113
Mirvac Group		201,266		438,831
National Australia Bank Ltd.		166,503		3,273,252

	Shares		Value
Newcrest Mining Ltd.		252,132		4,781,382
Nine Entertainment Co. Holdings Ltd.		359,107		784,382
Northern Star Resources Ltd.		51,063		375,013
Oil Search Ltd.		821,542		2,347,060
Orica Ltd.		642,105		6,385,930
Origin Energy Ltd.		89,277		301,508
Qantas Airways Ltd.(1)		612,787		2,139,232
QBE Insurance Group Ltd.		1,654,350		13,349,878
Ramsay Health Care Ltd.		8,681		409,576
REA Group Ltd.		2,592		328,431
Reece Ltd.		13,795		244,292
Rio Tinto Ltd.		18,824		1,784,620
Santos Ltd.		89,546		475,625
Scentre Group		265,555		543,411
Seek Ltd.		1,453,337		36,128,484
Sonic Healthcare Ltd.		21,256		612,501
South32 Ltd.		225,874		495,338
Stockland		120,149		418,389
Suncorp Group Ltd.		65,584		546,004
Sydney Airport(1)		62,876		272,820
Tabcorp Holdings Ltd.		112,882		437,976
Telstra Corp. Ltd.		1,184,332		3,340,275
Transurban Group		129,817		1,384,509
Treasury Wine Estates Ltd.		34,455		301,698
Vicinity Centres		190,731		219,905
Washington H Soul Pattinson & Co. Ltd.		118,866		3,005,965
Wesfarmers Ltd.		53,471		2,370,533
Westpac Banking Corp.		185,261		3,585,134
WiseTech Global Ltd.		6,677		159,558
Woodside Petroleum Ltd.		48,072		800,480
Woolworths Group Ltd.		59,759		1,710,089
Total Australia				342,967,873
Austria – 0.15%
Andritz AG		61,940		3,483,631
Erste Group Bank AG		14,303		525,798
Oesterreichische Post AG		101,913		5,425,265
OMV AG		7,562		431,545

	Shares		Value
Raiffeisen Bank International AG		6,906		156,756
Verbund AG		3,239		298,380
Voestalpine AG		5,527		225,442
Wienerberger AG		327,300		12,616,161
Total Austria				23,162,978
Belgium – 0.22%
Ageas SA		8,993		499,752
Anheuser-Busch InBev SA		188,376		13,579,802
Elia Group SA		1,433		151,263
Etablissements Franz Colruyt NV		2,642		147,817
Groupe Bruxelles Lambert SA		5,635		630,958
KBC Group NV		218,380		16,673,601
Proximus		7,431		143,634
Sofina SA		756		326,634
Solvay SA		3,681		468,530
UCB SA		6,357		665,779
Umicore SA		9,402		575,197
Total Belgium				33,862,967
Bermuda – 0.02%
Hiscox Ltd.(1)		304,730		3,509,957
Total Bermuda				3,509,957
Brazil – 0.74%
Ambev SA		12,514,804		42,950,602
Magazine Luiza SA		9,500,000		40,396,678
Raia Drogasil SA		5,967,910		29,648,771
Total Brazil				112,996,051
Canada – 2.15%
Canadian Pacific Railway Ltd.		1,170,000		89,984,700
Fairfax Financial Holdings Ltd.		37,128		16,281,688
Lululemon Athletica, Inc.(1)		175,000		63,869,750
Shopify, Inc.—Class A(1)		107,194		156,608,290
Total Canada				326,744,428
Chile – 0.00%(2)
Antofagasta Plc		19,122		380,257
Total Chile				380,257
China – 3.95%
Alibaba Group Holding Ltd.—ADR(1)		287,658		65,235,081
Baidu, Inc.—ADR(1)		167,479		34,148,968
BeiGene Ltd.—ADR(1)		72,506		24,883,334

	Shares		Value
Burning Rock Biotech Ltd.—ADR(1)		572,212		16,857,366
Contemporary Amperex Technology Co. Ltd.—Class A(1)		368,200		30,344,708
Li Ning Co. Ltd.		5,440,667		66,366,953
Meituan—Class B(1)(3)		1,392,936		57,460,232
Ping An Insurance Group Co. of China Ltd.—Class H		2,481,194		24,254,659
Shenzhou International Group Holdings Ltd.		2,248,500		56,780,908
Tencent Holdings Ltd.		762,956		57,444,872
Tingyi Cayman Islands Holding Corp.		2,382,000		4,755,493
Trip.com Group Ltd.—ADR(1)		494,261		17,526,495
Tsingtao Brewery Co. Ltd.—Class H(1)		4,620,581		49,690,533
Uni-President China Holdings Ltd.		433,000		477,747
Want Want China Holdings Ltd.		4,055,000		2,871,193
Wuxi Biologics Cayman, Inc.(1)(3)		3,799,961		69,578,399
Yatsen Holding Ltd.—ADR(1)		1,500,107		14,056,003
Yum China Holdings, Inc.		131,790		8,731,088
Total China				601,464,032
Denmark – 2.42%
Ambu—Class B		7,840		301,667
AP Moller—Maersk—Class A		154		428,367
AP Moller—Maersk—Class B		20,241		58,272,012
Carlsberg AS—Class B		72,509		13,531,345
Chr Hansen Holding		5,040		454,780
Coloplast—Class B		182,781		30,009,569
Danske Bank		1,337,780		23,559,535
Demant(1)		347,443		19,579,957
DSV Panalpina		389,763		90,985,484
Genmab(1)		3,111		1,274,710
GN Store Nord AS		254,925		22,293,180
Novo Nordisk—Class B		547,054		45,793,152
Novozymes—Class B		9,885		745,820
Orsted AS(3)		115,352		16,190,962
Pandora		4,674		630,588
ROCKWOOL International—Class B		395		192,374
Tryg		18,379		451,439
Vestas Wind Systems		1,112,196		43,455,736
Total Denmark				368,150,677
Finland – 0.85%
Elisa OYJ		7,083		422,682

	Shares		Value
Fortum OYJ		22,366		616,999
Kesko OYJ—Class B		12,661		467,525
Kone OYJ—Class B		449,331		36,671,800
Neste OYJ		20,975		1,286,649
Nokia OYJ(1)		10,752,531		57,609,445
Nordea Bank Abp		164,086		1,827,248
Orion OYJ—Class B		5,183		222,840
Sampo OYJ—Class A		465,003		21,382,955
Stora Enso OYJ—Class R		28,955		528,745
UPM-Kymmene OYJ		27,096		1,025,798
Wartsila OYJ Abp		431,234		6,406,913
Total Finland				128,469,599
France – 7.86%
Accor SA(1)		8,560		320,175
Aeroports de Paris(1)		1,331		173,738
Air Liquide SA		23,205		4,068,998
Airbus SE(1)		108,047		13,922,163
Alstom SA(1)		13,166		665,222
Alten SA		62,260		8,263,739
Amundi SA(3)		511,633		45,125,466
Arkema SA		3,122		392,386
Atos SE		5,093		310,125
AXA SA		811,659		20,609,923
BioMerieux		2,029		235,751
BNP Paribas SA		529,845		33,252,883
Bollore SA		43,145		231,445
Bouygues SA		566,251		20,973,871
Bureau Veritas SA(1)		14,074		445,632
Capgemini SE		7,602		1,461,968
Carrefour SA		30,708		604,316
Cie de Saint-Gobain		1,864,820		123,070,363
Cie Generale des Etablissements Michelin SCA		372,082		59,382,561
CNP Assurances		8,661		147,613
Covivio		2,612		223,606
Credit Agricole SA		59,286		831,165
Danone SA		32,952		2,318,336
Dassault Aviation SA		115		135,468
Dassault Systemes		6,263		1,520,006

	Shares		Value
Edenred		296,075		16,881,235
Eiffage SA		4,149		422,603
Electricite de France SA		24,406		333,535
Elis SA(1)		103,545		1,953,830
Engie SA		91,421		1,253,618
EssilorLuxottica SA		141,807		26,196,461
Eurazeo SE		1,974		172,108
Faurecia SE		5,463		268,563
Gecina SA		2,261		346,412
Getlink SE		422,057		6,591,330
Hermes International		1,495		2,181,671
Iliad SA		711		104,175
Imerys SA		23,451		1,097,674
Ipsen SA		1,731		180,123
JCDecaux SA(1)		351,185		9,736,543
Kering SA		44,106		38,646,461
Klepierre SA		10,078		259,647
La Francaise des Jeux SAEM(3)		4,614		271,384
Legrand SA		244,962		25,961,888
L’Oreal SA		11,918		5,322,506
LVMH Moet Hennessy Louis Vuitton SE		193,714		152,386,472
Natixis SA		45,309		215,254
Orange SA		99,992		1,141,187
Orpea SA(1)		2,464		313,700
Pernod Ricard SA		237,024		52,681,503
Publicis Groupe SA		502,428		32,152,889
Quadient SA		82,289		2,474,601
Remy Cointreau SA		221,112		45,664,611
Renault SA(1)		9,462		383,566
Rexel SA		3,120,922		65,346,355
Safran SA		16,113		2,236,209
Sanofi SA		1,654,271		173,802,007
Sartorius Stedim Biotech		138,309		65,460,327
Schneider Electric SE		280,423		44,207,149
SCOR SE(1)		530,259		16,880,873
SEB SA		1,314		237,707
Societe Generale SA		40,615		1,201,449
Sodexo SA(1)		4,267		398,792

	Shares		Value
Suez SA		17,518		416,778
Technip Energies NV(1)		23,968		328,536
Technip Energies NV—ADR(1)		710,718		9,694,194
Teleperformance		24,037		9,761,178
Thales SA		56,267		5,749,189
TotalEnergies SE		126,165		5,715,501
Ubisoft Entertainment SA(1)		308,071		21,524,215
Unibail-Rodamco-Westfield(1)		6,297		545,925
Valeo SA		11,592		349,655
Veolia Environnement SA		27,470		830,442
Vicat SA		36,625		1,771,360
Vinci SA		26,431		2,825,418
Vivendi SE		36,232		1,217,364
Wendel SE		1,313		176,691
Worldline SA(1)(3)		11,210		1,050,428
Total France				1,196,010,211
Germany – 6.49%
Adidas AG		176,474		65,852,662
Allianz SE		427,073		106,579,036
Auto1 Group SE(1)(3)		362,872		15,941,706
BASF SE		1,069,768		84,447,238
Bayer AG		49,612		3,016,173
Bayerische Motoren Werke AG		136,584		14,480,026
Bechtle AG		276,648		51,417,833
Beiersdorf AG		4,799		579,268
Brenntag SE		214,454		19,959,753
Carl Zeiss Meditec AG		1,962		379,265
Commerzbank AG(1)		50,668		359,828
Continental AG		848,405		124,818,325
Covestro AG(3)		946,099		61,173,346
CTS Eventim AG & Co. KGaA(1)		105,828		6,610,711
Daimler AG—Class REGISTERED		41,865		3,740,999
Delivery Hero SE(1)(3)		7,443		983,415
Deutsche Bank AG(1)		105,067		1,369,831
Deutsche Boerse AG		9,075		1,584,007
Deutsche Lufthansa AG(1)		13,927		156,618
Deutsche Post AG		50,057		3,409,118
Deutsche Telekom AG		507,998		10,744,160

	Shares		Value
Deutsche Wohnen SE		16,180		990,023
E.ON SE		110,900		1,283,077
Evonik Industries AG		2,817,584		94,595,894
Fresenius Medical Care AG & Co. KGaA		651,371		54,126,490
Fresenius SE & Co. KGaA		21,162		1,104,443
GEA Group AG		67,469		2,733,854
Gerresheimer AG		30,040		3,322,647
Hannover Rueck SE		26,389		4,417,730
HeidelbergCement AG		7,196		617,824
HelloFresh SE(1)		381,777		37,112,212
Henkel AG & Co. KGaA		5,359		493,506
Infineon Technologies AG		61,538		2,475,259
KION Group AG		3,371		359,890
Knorr-Bremse AG		3,457		397,751
LANXESS AG		4,271		293,115
LEG Immobilien SE		3,418		492,044
Merck KGaA		6,070		1,164,689
MTU Aero Engines AG		2,561		634,985
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,955		1,906,093
Nemetschek SE		257,561		19,715,400
Puma SE		4,956		591,503
Rational AG		31,335		28,388,787
RWE AG		32,309		1,171,434
SAP SE		50,575		7,103,752
Scout24 AG(1)(3)		4,292		362,132
Siemens AG		211,416		33,568,375
Siemens Energy AG(1)		19,651		591,948
Siemens Healthineers AG(3)		12,727		780,334
Symrise AG—Class A		6,051		843,248
TeamViewer AG(1)(3)		7,652		287,386
Telefonica Deutschland Holding AG		49,213		129,909
TUI AG(1)		2,109,338		10,785,148
Uniper SE		4,899		180,495
United Internet AG—Class REG		5,184		212,010
Volkswagen AG		1,653		543,284
Vonovia SE		27,239		1,760,335
Zalando SE(1)(3)		2,165		261,721
Zalando SE(1)(3)		744,080		89,988,974

	Shares		Value
zooplus AG(1)		11,415		3,697,854
Total Germany				987,088,873
Hong Kong – 3.32%
AIA Group Ltd.		11,335,127		140,618,810
Ajisen China Holdings Ltd.		1,345,000		307,772
ASM Pacific Technology Ltd.		116,000		1,571,362
Bank of East Asia Ltd.		62,000		115,137
BOC Hong Kong Holdings Ltd.		186,500		632,107
Budweiser Brewing Co. APAC Ltd.(3)		82,200		258,827
China Mengniu Dairy Co. Ltd.(1)		531,000		3,207,906
Chow Tai Fook Jewellery Group Ltd.		104,800		239,449
CK Asset Holdings Ltd.		101,000		695,184
CK Hutchison Holdings Ltd.		17,359,500		135,140,400
CK Infrastructure Holdings Ltd.		32,500		193,600
CLP Holdings Ltd.		84,500		835,101
Esprit Holdings Ltd.(1)		5,822,500		569,889
ESR Cayman Ltd.(1)(3)		99,400		335,151
First Pacific Co. Ltd.		2,764,000		943,689
Futu Holdings Ltd.—ADR(1)		2,576		461,336
Galaxy Entertainment Group Ltd.(1)		3,254,000		26,019,282
Hang Lung Properties Ltd.		102,000		247,379
Hang Seng Bank Ltd.		38,400		765,993
Henderson Land Development Co. Ltd.		70,758		334,844
HK Electric Investments & HK Electric Investments Ltd.		141,500		143,386
HKT Trust & HKT Ltd.—Class Miscella		196,000		266,967
Hong Kong & China Gas Co. Ltd.		569,800		884,742
Hong Kong Exchanges & Clearing Ltd.		52,499		3,125,254
Hongkong Land Holdings Ltd.		59,000		280,984
Jardine Matheson Holdings Ltd.		183,100		11,703,661
Johnson Electric Holdings Ltd.		330,000		850,312
Link Real Estate Investment Trust		105,400		1,019,781
Melco Resorts & Entertainment Ltd.—ADR(1)		10,262		170,041
MTR Corp. Ltd.		78,000		434,304
New World Development Co. Ltd.		74,853		388,184
Power Assets Holdings Ltd.		71,500		438,728
Sino Land Co. Ltd.		170,490		268,766
SJM Holdings Ltd.(1)		116,000		126,622
Stella International Holdings Ltd.(1)		1,166,500		1,803,655

	Shares		Value
Sun Hung Kai Properties Ltd.		66,000		980,889
Swire Pacific Ltd.—Class A		320,500		2,171,580
Swire Properties Ltd.		59,600		177,529
Techtronic Industries Co. Ltd.		3,017,849		52,591,972
WH Group Ltd.(3)		125,932,000		113,036,893
Wharf Real Estate Investment Co. Ltd.		84,000		488,296
Xinyi Glass Holdings Ltd.		94,000		382,998
Total Hong Kong				505,228,762
India – 1.49%
Asian Paints Ltd.		1,478,696		59,613,639
Axis Bank Ltd.(1)		579,675		5,850,762
Bharti Airtel Ltd.		1,064,784		7,540,525
HDFC Bank Ltd.—ADR(1)		845,690		61,836,853
Housing Development Finance Corp. Ltd.		1,386,380		46,313,664
ICICI Lombard General Insurance Co. Ltd.(3)		716,191		15,112,243
Mahindra & Mahindra Ltd.		302,139		3,167,739
MakeMyTrip Ltd.(1)		335,018		10,067,291
Shriram Transport Finance Co. Ltd.		173,231		3,137,902
United Spirits Ltd.(1)		1,532,660		13,670,074
Total India				226,310,692
Ireland – 1.64%
Accenture Plc—Class A		223,000		65,738,170
Bank of Ireland Group Plc(1)		2,624,728		14,084,652
CRH Plc		105,535		5,337,044
DCC Plc		137,478		11,261,469
Experian Plc		2,111,814		81,535,387
Flutter Entertainment Plc(1)		176,775		32,053,946
ICON Plc(1)		146,000		30,179,660
Irish Continental Group Plc(1)		830,311		4,253,218
James Hardie Industries Plc		94,071		3,192,026
Kerry Group Plc—Class A		7,496		1,048,020
Kingspan Group Plc		7,352		694,862
Smurfit Kappa Group Plc		12,450		677,072
Total Ireland				250,055,526
Isle of Man – 0.18%
Entain Plc(1)		1,073,808		25,947,101
Playtech Plc(1)		203,535		1,197,151
Total Isle of Man				27,144,252
Israel – 0.03%

	Shares		Value
Azrieli Group Ltd.		2,187		154,099
Bank Hapoalim BM(1)		56,401		452,822
Bank Leumi Le-Israel BM(1)		69,280		526,440
Check Point Software Technologies Ltd.(1)		5,219		606,082
CyberArk Software Ltd.(1)		2,092		272,525
Elbit Systems Ltd.		1,349		174,759
ICL Group Ltd.		34,178		231,914
Israel Discount Bank Ltd.—Class A(1)		53,676		255,703
Mizrahi Tefahot Bank Ltd.(1)		7,266		223,826
Nice Ltd.(1)		2,965		731,861
Teva Pharmaceutical Industries Ltd.—ADR(1)		55,734		551,767
Wix.com Ltd.(1)		2,699		783,466
Total Israel				4,965,264
Italy – 2.80%
Amplifon SpA		112,609		5,567,811
Assicurazioni Generali SpA		55,823		1,120,742
Atlantia SpA(1)		22,991		417,471
Davide Campari-Milano NV		554,691		7,435,183
DiaSorin SpA		1,229		232,546
Enel SpA		16,250,744		151,016,142
ENI SpA		6,857,306		83,601,135
Ferrari NV		296,993		61,313,116
FinecoBank Banca Fineco SpA(1)		27,532		480,470
Infrastrutture Wireless Italiane SpA(3)		15,063		170,098
Intesa Sanpaolo SpA		1,920,648		5,313,164
Mediobanca Banca di Credito Finanziario SpA(1)		31,895		373,176
Moncler SpA		9,299		630,360
Nexi SpA(1)(3)		21,062		462,843
Poste Italiane SpA(3)		26,962		356,857
Prysmian SpA		11,865		425,788
Recordati Industria Chimica e Farmaceutica SpA		5,168		295,621
Reply SpA		25,515		4,190,618
Saipem SpA(1)		4,259,848		10,335,556
Snam SpA		12,679,873		73,349,971
Telecom Italia SpA		308,299		163,536
Telecom Italia SpA		504,963		251,253
Terna Rete Elettrica Nazionale SpA		72,007		537,006

	Shares		Value
UniCredit SpA		1,528,660		18,072,886
Total Italy				426,113,349
Japan – 18.66%
ABC-Mart, Inc.		56,200		3,232,371
Acom Co. Ltd.		18,100		78,977
Advantest Corp.		9,500		852,975
Aeon Co. Ltd.		30,800		826,818
Aeon Delight Co. Ltd.		41,100		1,288,068
AGC, Inc.		9,500		397,959
Air Water, Inc.		367,700		5,664,101
Aisin Seiki Co. Ltd.		7,000		300,142
Ajinomoto Co., Inc.		23,165		601,818
Alfresa Holdings Corp.		250,500		3,741,436
ANA Holdings, Inc.(1)		7,800		183,316
Asahi Group Holdings Ltd.		75,400		3,524,100
Asahi Intecc Co. Ltd.		9,500		227,131
Asahi Kasei Corp.		62,500		686,949
Asics Corp.		230,700		5,849,545
Astellas Pharma, Inc.		312,200		5,440,604
Azbil Corp.		6,100		252,764
Bandai Namco Holdings, Inc.		113,900		7,882,954
Bridgestone Corp.		760,900		34,584,715
Brother Industries Ltd.		11,600		231,692
Calbee, Inc.		52,100		1,202,436
Canon, Inc.		50,400		1,139,140
Capcom Co. Ltd.		8,500		248,443
Casio Computer Co. Ltd.		226,300		3,797,231
Central Japan Railway Co.		7,400		1,124,434
Chiba Bank Ltd.		27,900		168,628
Chubu Electric Power Co., Inc.		33,200		406,190
Chugai Pharmaceutical Co. Ltd.		31,700		1,256,480
Concordia Financial Group Ltd.		57,300		210,565
Cosmos Pharmaceutical Corp.		900		132,237
CyberAgent, Inc.		19,400		415,491
Dai Nippon Printing Co. Ltd.		11,800		249,705
Daifuku Co. Ltd.		42,900		3,892,238
Dai-ichi Life Holdings, Inc.		1,018,100		18,732,239
Daiichi Sankyo Co. Ltd.		81,800		1,764,679
Daikin Industries Ltd.		11,900		2,217,563

	Shares		Value
Daito Trust Construction Co. Ltd.		20,800		2,269,333
Daiwa House Industry Co. Ltd.		229,100		6,888,693
Daiwa House REIT Investment Corp.		99		291,324
Daiwa Securities Group, Inc.		420,000		2,307,309
Denso Corp.		1,303,220		88,868,539
Dentsu Group, Inc.		10,600		380,305
Disco Corp.		1,400		425,669
East Japan Railway Co.		130,100		9,277,956
Eisai Co. Ltd.		11,200		1,100,705
ENEOS Holdings, Inc.		154,950		649,365
FANUC Corp.		9,100		2,182,160
Fast Retailing Co. Ltd.		2,800		2,104,727
Fuji Electric Co. Ltd.		6,600		308,069
Fuji Media Holdings, Inc.		615,700		6,874,155
Fuji Oil Holdings, Inc.		107,400		2,555,164
FUJIFILM Holdings Corp.		2,039,000		150,821,807
Fujitsu Ltd.		9,900		1,852,280
Fukuoka Financial Group, Inc.		1,068,500		18,713,849
GLP J-REIT		204		351,829
GMO Payment Gateway, Inc.		1,900		246,760
Hakuhodo DY Holdings, Inc.		183,000		2,850,151
Hamamatsu Photonics KK		6,600		397,579
Hankyu Hanshin Holdings, Inc.		11,310		349,115
Harmonic Drive Systems, Inc.		2,000		109,917
Hikari Tsushin, Inc.		1,100		193,321
Hino Motors Ltd.		15,300		135,330
Hirose Electric Co. Ltd.		1,515		221,636
Hisamitsu Pharmaceutical Co., Inc.		2,300		113,561
Hitachi Construction Machinery Co. Ltd.		5,400		165,380
Hitachi Ltd.		893,700		51,215,426
Hitachi Metals Ltd.		1,518,600		29,020,360
Honda Motor Co. Ltd.		6,074,399		195,372,370
Hoshizaki Corp.		23,400		1,987,894
Hoya Corp.		42,700		5,647,944
Hulic Co. Ltd.		12,100		135,929
Ibiden Co. Ltd.		5,200		279,882
Idemitsu Kosan Co. Ltd.		10,165		245,594
Iida Group Holdings Co. Ltd.		847,700		21,804,555

	Shares		Value
Inpex Corp.		52,500		392,931
Isuzu Motors Ltd.		2,570,100		34,104,349
Ito En Ltd.		2,500		148,375
ITOCHU Corp.		218,400		6,301,868
Itochu Techno-Solutions Corp.		4,700		145,398
JAFCO Group Co. ltd		69,800		4,352,203
Japan Airlines Co. Ltd.(1)		6,800		147,242
Japan Exchange Group, Inc.		88,800		1,978,106
Japan Lifeline Co. Ltd.		159,700		1,942,015
Japan Metropolitan Fund Invest		344		372,886
Japan Post Bank Co. Ltd.		21,700		182,505
Japan Post Holdings Co. Ltd.(1)		1,047,600		8,604,706
Japan Post Insurance Co. Ltd.		11,900		220,187
Japan Real Estate Investment Corp.		64		393,055
Japan Tobacco, Inc.		175,400		3,314,765
JFE Holdings, Inc.		24,200		283,912
JSR Corp.		9,600		291,621
Kajima Corp.		22,400		284,252
Kakaku.com, Inc.		834,356		25,100,861
Kansai Electric Power Co., Inc.		35,100		334,918
Kansai Paint Co. Ltd.		8,200		209,313
Kao Corp.		377,640		23,285,312
KDDI Corp.		438,000		13,646,191
Keio Corp.		4,900		288,441
Keisei Electric Railway Co. Ltd.		6,000		191,811
Keyence Corp.		196,662		99,043,589
Kikkoman Corp.		6,900		455,043
Kintetsu Group Holdings Co. Ltd.		8,600		302,283
Kirin Holdings Co. Ltd.		1,087,100		21,215,664
Kobayashi Pharmaceutical Co. Ltd.		2,500		213,762
Kobe Bussan Co. Ltd.		6,400		201,641
Koei Tecmo Holdings Co. Ltd.		2,600		126,405
Koito Manufacturing Co. Ltd.		68,800		4,280,925
Komatsu Ltd.		2,159,500		53,498,505
Konami Holdings Corp.		41,900		2,509,387
Kose Corp.		12,200		1,916,585
Kubota Corp.		50,600		1,023,623
Kurita Water Industries Ltd.		4,800		230,729

	Shares		Value
Kyocera Corp.		1,886,100		116,523,995
Kyowa Kirin Co. Ltd.		13,100		465,908
Lasertec Corp.		304,800		58,955,965
Lawson, Inc.		2,400		111,160
Lion Corp.		94,400		1,600,141
Lixil Corp.		377,000		9,755,771
M3, Inc.		21,000		1,530,025
Mabuchi Motor Co. Ltd.		33,000		1,247,532
Maeda Corp.		491,600		4,264,609
Makita Corp.		49,900		2,349,646
Mandom Corp.		60,500		1,127,319
Marubeni Corp.		79,900		695,805
Marui Group Co. Ltd.		183,900		3,469,730
Matsumotokiyoshi Holdings Co. Ltd.		63,700		2,819,954
Mazda Motor Corp.		27,600		260,392
McDonald’s Holdings Co. Japan Ltd.		3,550		156,437
Medipal Holdings Corp.		299,640		5,728,682
Megmilk Snow Brand Co. Ltd.		189,500		3,606,947
MEIJI Holdings Co. Ltd.		46,900		2,810,480
Mercari, Inc.(1)		5,000		264,317
Minebea Mitsumi, Inc.		16,900		446,521
MISUMI Group, Inc.		13,400		453,480
Mitsubishi Chemical Holdings Corp.		62,450		525,454
Mitsubishi Corp.		61,900		1,690,876
Mitsubishi Electric Corp.		7,548,300		109,580,475
Mitsubishi Estate Co. Ltd.		188,800		3,051,683
Mitsubishi Gas Chemical Co., Inc.		8,100		171,638
Mitsubishi Heavy Industries Ltd.		16,240		479,441
Mitsubishi Logistics Corp.		136,000		4,028,330
Mitsubishi UFJ Financial Group, Inc.		617,300		3,324,937
Mitsubishi UFJ Lease & Finance Co. Ltd.		34,500		185,006
Mitsui & Co. Ltd.		1,100,400		24,787,285
Mitsui Chemicals, Inc.		9,100		314,567
Mitsui Fudosan Co. Ltd.		46,200		1,068,314
Miura Co. Ltd.		4,000		173,692
Mizuho Financial Group, Inc.		121,790		1,745,556
Monotaro Co. Ltd.		12,100		285,132
MS&AD Insurance Group Holdings, Inc.		508,040		14,688,559

	Shares		Value
Murata Manufacturing Co. Ltd.		598,407		45,583,582
Nabtesco Corp.		5,200		196,181
NEC Corp.		190,500		9,802,059
NET One Systems Co. Ltd.		154,900		5,106,369
Nexon Co. Ltd.		86,700		1,929,467
NGK Insulators Ltd.		13,400		225,519
NH Foods Ltd.		83,700		3,253,616
Nidec Corp.		452,639		52,049,065
Nihon M&A Center, Inc.		14,300		370,376
Nintendo Co. Ltd.		10,800		6,249,669
Nippon Building Fund, Inc.		76		473,522
Nippon Express Co. Ltd.		4,000		305,019
Nippon Paint Holdings Co. Ltd.		33,800		457,250
Nippon Prologis Real Estate Investment Trust, Inc.		105		333,912
Nippon Sanso Holdings Corp.		7,200		147,802
Nippon Shinyaku Co. Ltd.		2,500		198,894
Nippon Shokubai Co. Ltd.		13,900		669,881
Nippon Steel Corp.		425,500		7,194,435
Nippon Suisan Kaisha Ltd.		380,800		1,815,943
Nippon Telegraph & Telephone Corp.		5,308,000		138,778,664
Nippon Television Holdings, Inc.		578,700		6,750,226
Nippon Yusen KK		8,000		405,985
Nissan Chemical Corp.		125,000		6,110,005
Nissan Motor Co. Ltd.(1)		117,700		586,345
Nisshin Seifun Group, Inc.		10,600		155,402
Nissin Foods Holdings Co. Ltd.		2,900		208,820
Nitori Holdings Co. Ltd.		3,800		671,069
Nitto Denko Corp.		33,100		2,464,972
Nomura Co. Ltd.		215,800		1,855,284
Nomura Holdings, Inc.		1,858,900		9,460,845
Nomura Real Estate Holdings, Inc.		5,900		149,440
Nomura Real Estate Master Fund, Inc.		215		344,094
Nomura Research Institute Ltd.		60,514		1,998,574
NS Solutions Corp.		113,900		3,665,461
NSK Ltd.		216,000		1,827,022
NTT Data Corp.		882,500		13,776,540
Obayashi Corp.		1,351,600		10,775,983
Obic Co. Ltd.		3,300		613,731

	Shares		Value
Odakyu Electric Railway Co. Ltd.		14,400		364,230
Oji Holdings Corp.		1,312,700		7,543,733
Olympus Corp.		2,474,370		49,217,532
Omron Corp.		42,900		3,396,688
Ono Pharmaceutical Co. Ltd.		17,300		385,793
Onward Holdings Co. Ltd.		361,700		1,092,867
Oracle Corp.		8,500		649,474
Oriental Land Co. Ltd.		9,500		1,353,423
ORIX Corp.		62,200		1,051,280
Orix JREIT, Inc.		130		249,563
Osaka Gas Co. Ltd.		19,900		371,312
Otsuka Corp.		44,300		2,322,219
Otsuka Holdings Co. Ltd.		100,000		4,152,201
Pan Pacific International Holdings Corp.		19,300		401,343
Panasonic Corp.		4,076,600		46,940,105
Penta-Ocean Construction Co. Ltd.		791,600		5,516,036
PeptiDream, Inc.(1)		4,700		229,693
Persol Holdings Co. Ltd.		126,100		2,490,034
Pigeon Corp.		452,551		12,763,735
Pola Orbis Holdings, Inc.		4,400		116,019
Rakuten, Inc.		40,700		459,550
Recruit Holdings Co. Ltd.		673,974		33,050,874
Renesas Electronics Corp.(1)		532,100		5,742,616
Resona Holdings, Inc.		7,941,300		30,618,892
Ricoh Co. Ltd.		30,800		346,686
Rinnai Corp.		29,100		2,769,799
Rohm Co. Ltd.		101,500		9,340,818
Rohto Pharmaceutical Co. Ltd.		43,700		1,174,593
Ryohin Keikaku Co. Ltd.		11,500		241,248
Santen Pharmaceutical Co. Ltd.		18,600		256,710
Sawai Group Holdings Co. Ltd.		26,800		1,195,713
SBI Holdings, Inc.		12,225		288,763
SCSK Corp.		134,400		8,008,053
Secom Co. Ltd.		70,700		5,388,795
Sega Sammy Holdings, Inc.		449,400		5,902,182
Seiko Epson Corp.		13,900		244,334
Sekisui Chemical Co. Ltd.		185,900		3,182,981
Sekisui House Ltd.		31,100		638,632

	Shares		Value
Senko Group Holdings Co. Ltd.		207,400		2,026,630
Seven & i Holdings Co. Ltd.		279,300		13,378,704
SG Holdings Co. Ltd.		15,500		407,018
Sharp Corp.		9,705		160,111
Shimadzu Corp.		47,000		1,816,116
Shimano, Inc.		161,298		38,376,655
Shimizu Corp.		26,500		203,652
Shin-Etsu Chemical Co. Ltd.		45,495		7,609,525
Shionogi & Co. Ltd.		13,400		698,355
Ship Healthcare Holdings, Inc.		93,500		2,184,672
Shiseido Co. Ltd.		610,373		45,020,360
Shizuoka Bank Ltd.		21,800		169,172
SMC Corp.		83,473		49,382,189
SoftBank Corp.		145,400		1,901,104
SoftBank Group Corp.		471,755		32,901,054
Sohgo Security Services Co. Ltd.		77,700		3,540,070
Sompo Holdings, Inc.		254,700		9,433,640
Sony Corp.		1,035,300		100,390,208
Square Enix Holdings Co. Ltd.		4,100		202,478
Stanley Electric Co. Ltd.		6,500		187,793
Subaru Corp.		31,580		625,900
Sugi Holdings Co. Ltd.		215,927		15,753,856
Sumco Corp.		13,000		318,449
Sumitomo Bakelite Co. Ltd.		58,500		2,588,291
Sumitomo Chemical Co. Ltd.		72,000		382,670
Sumitomo Corp.		57,000		764,281
Sumitomo Dainippon Pharma Co. Ltd.		9,000		188,768
Sumitomo Electric Industries Ltd.		203,100		2,999,772
Sumitomo Metal Mining Co. Ltd.		69,600		2,706,797
Sumitomo Mitsui Financial Group, Inc.		977,000		33,679,120
Sumitomo Mitsui Trust Holdings, Inc.		242,000		7,719,851
Sumitomo Realty & Development Co. Ltd.		15,500		554,354
Sundrug Co. Ltd.		87,100		2,768,528
Suntory Beverage & Food Ltd.		89,900		3,388,540
Suzuki Motor Corp.		867,443		36,761,882
Sysmex Corp.		485,544		57,602,385
T&D Holdings, Inc.		1,099,000		14,261,602
Taiheiyo Cement Corp.		462,900		10,175,267

	Shares		Value
Taisei Corp.		9,500		311,794
Taisho Pharmaceutical Holdings Co. Ltd.		1,760		94,217
Takeda Pharmaceutical Co. Ltd.		3,863,100		129,647,856
TDK Corp.		51,800		6,270,633
TechnoPro Holdings, Inc.		64,800		1,532,249
Terumo Corp.		30,500		1,235,326
THK Co. Ltd.		6,000		179,056
TIS, Inc.		10,900		278,182
Tobu Railway Co. Ltd.		9,030		233,733
Toho Co. Ltd.		109,100		4,498,406
Toho Gas Co. Ltd.		3,700		181,648
Tohoku Electric Power Co., Inc.		23,400		183,466
Tokio Marine Holdings, Inc.		2,068,700		95,284,890
Tokyo Century Corp.		2,000		107,528
Tokyo Electric Power Co. Holdings, Inc.(1)		75,400		224,524
Tokyo Electron Ltd.		7,100		3,069,929
Tokyo Gas Co. Ltd.		63,500		1,197,716
Tokyo Ohka Kogyo Co. Ltd.		62,000		3,902,456
Tokyu Corp.		25,400		345,696
Toppan Printing Co. Ltd.		12,700		204,240
Toray Industries, Inc.		69,400		462,618
Toshiba Corp.		19,500		842,420
Tosoh Corp.		12,600		217,259
TOTO Ltd.		6,900		357,512
Toyo Seikan Group Holdings Ltd.		427,200		5,848,707
Toyo Suisan Kaisha Ltd.		214,550		8,269,301
Toyota Industries Corp.		56,700		4,903,143
Toyota Motor Corp.		455,494		39,816,597
Toyota Tsusho Corp.		10,635		504,777
Trend Micro, Inc.		6,400		335,126
Tsumura & Co.		207,100		6,509,852
Tsuruha Holdings, Inc.		1,900		221,132
Unicharm Corp.		19,000		765,325
United Urban Investment Corp.		151		218,088
USS Co. Ltd.		152,900		2,672,755
Welcia Holdings Co. Ltd.		4,700		153,683
West Japan Railway Co.		7,700		440,017
Yakult Honsha Co. Ltd.		90,100		5,101,674

	Shares		Value
Yamada Holdings Co. Ltd.		31,640		146,307
Yamaha Corp.		6,200		336,582
Yamaha Motor Co. Ltd.		14,300		388,419
Yamato Holdings Co. Ltd.		13,700		389,272
Yaskawa Electric Corp.		11,600		566,490
Yokogawa Electric Corp.		11,600		173,483
Z Holdings Corp.		124,000		620,553
ZOZO, Inc.		74,100		2,512,414
Total Japan				2,839,209,613
Jordan – 0.00%(2)
Hikma Pharmaceuticals Plc		8,115		274,627
Total Jordan				274,627
Luxembourg – 0.59%
ArcelorMittal SA		1,919,916		59,108,567
Aroundtown SA		46,921		366,089
Eurofins Scientific SE(1)		173,062		19,794,613
L’Occitane International SA		164,000		600,594
Stabilus SA		119,801		9,758,655
Tenaris SA		22,305		244,023
Total Luxembourg				89,872,541
Macau – 0.01%
Sands China Ltd.(1)		121,200		510,150
Wynn Macau Ltd.(1)		80,000		125,832
Total Macau				635,982
Malaysia – 0.01%
Sime Darby Bhd		2,454,700		1,289,081
Total Malaysia				1,289,081
Mexico – 0.09%
Wal-Mart de Mexico SAB de CV		4,088,205		13,353,217
Total Mexico				13,353,217
Netherlands – 4.25%
ABN AMRO Bank NV(1)(3)		21,986		266,412
Adyen NV(1)(3)		21,731		53,291,607
Aegon NV		91,397		380,131
Akzo Nobel NV		8,932		1,105,968
Argenx SE(1)		2,237		674,937
ASM International NV		2,238		738,153
ASML Holding NV		175,894		121,423,004
ASML Holding NV—Class REG		120,000		82,900,800

	Shares		Value
Boskalis Westminster		199,782		6,420,999
EXOR NV		5,563		446,450
Heineken Holding NV		5,420		546,926
Heineken NV		187,912		22,812,414
IMCD NV		199,840		31,841,511
ING Groep NV		3,388,260		44,976,953
JDE Peet’s NV(1)		3,324		120,650
Just Eat Takeaway(1)(3)		109,431		10,120,577
Koninklijke Ahold Delhaize NV		477,651		14,224,239
Koninklijke DSM NV		8,167		1,526,683
Koninklijke KPN NV		6,481,389		20,271,542
Koninklijke Philips NV		315,566		15,662,859
Koninklijke Vopak NV		3,700		168,194
NN Group NV		13,909		657,052
Prosus NV(1)		221,570		21,706,681
QIAGEN NV(1)		11,121		537,572
Randstad NV		50,229		3,850,568
Royal Dutch Shell Plc—Class A		207,110		4,152,115
Royal Dutch Shell Plc—Class A		3,314,099		66,963,031
Royal Dutch Shell Plc—Class B		5,946,356		115,435,396
Stellantis NV		22,719		446,810
Stellantis NV		73,073		1,437,594
Wolters Kluwer NV		12,713		1,277,832
Total Netherlands				646,385,660
New Zealand – 0.33%
a2 Milk Co. Ltd.(1)		34,466		155,082
Auckland International Airport Ltd.(1)		68,063		345,783
Fisher & Paykel Healthcare Corp. Ltd.		27,019		587,783
Fletcher Building Ltd.		685,031		3,600,022
Mercury NZ Ltd.		34,398		160,308
Meridian Energy Ltd.		62,974		234,797
Ryman Healthcare Ltd.		21,270		195,187
SKY Network Television Ltd.(1)		3,404,659		414,071
Spark New Zealand Ltd.		91,558		307,332
Xero Ltd.(1)		426,847		43,905,381
Total New Zealand				49,905,746
Norway – 0.28%
Adevinta ASA—Class B(1)		12,965		248,707

	Shares		Value
DNB ASA		420,720		9,169,266
Equinor ASA		1,065,828		22,561,997
Gjensidige Forsikring ASA		9,638		212,503
Mowi ASA		21,026		535,312
Norsk Hydro ASA		68,889		439,815
Orkla ASA		37,923		386,479
Schibsted ASA—Class A		106,686		5,146,659
Schibsted ASA—Class B		48,709		2,024,734
Telenor ASA		35,289		595,151
Yara International ASA		8,833		465,449
Total Norway				41,786,072
Poland – 0.00%(2)
InPost SA(1)		9,823		197,669
Total Poland				197,669
Portugal – 0.19%
EDP—Energias de Portugal SA		139,027		737,736
Galp Energia SGPS SA		25,313		275,220
Jeronimo Martins SGPS SA		1,530,844		27,934,140
Total Portugal				28,947,096
Singapore – 1.82%
Ascendas Real Estate Investment Trust		162,976		358,143
CapitaLand Integrated Commercial Trust		225,593		351,230
CapitaLand Ltd.		130,000		359,090
City Developments Ltd.		22,900		124,360
DBS Group Holdings Ltd.		1,503,675		33,452,723
Genting Singapore Ltd.		4,885,500		3,043,038
Haw Par Corp. Ltd.		45,100		459,842
Keppel Corp. Ltd.		73,800		300,943
Mapletree Commercial Trust		106,400		171,149
Mapletree Logistics Trust		150,219		229,643
Oversea-Chinese Banking Corp. Ltd.		169,500		1,510,540
Sea Ltd.—ADR(1)		677		185,904
Singapore Airlines Ltd.(1)		63,600		229,350
Singapore Exchange Ltd.		33,100		275,686
Singapore Technologies Engineering Ltd.		77,800		224,486
Singapore Telecommunications Ltd.		23,629,900		40,241,296
United Overseas Bank Ltd.		8,503,734		163,759,790
UOL Group Ltd.		23,700		128,888

	Shares		Value
Venture Corp. Ltd.		12,600		180,255
Wilmar International Ltd.		9,464,300		31,731,482
Total Singapore				277,317,838
South Africa – 0.30%
Naspers Ltd.—Class N		219,041		46,184,137
Total South Africa				46,184,137
South Korea – 1.01%
Amorepacific Group		20,684		1,176,202
Coupang, Inc.—Class A(1)		368,318		15,403,059
Hana Financial Group, Inc.		76,735		3,144,708
Hankook Tire & Technology Co. Ltd.		28,475		1,306,554
Hyundai Motor Co.		8,521		1,813,108
LG Corp.		26,484		2,409,511
LX Holdings Corp.(1)		12,877		128,639
NAVER Corp.		88,816		32,956,840
POSCO		179,459		55,461,747
S-1 Corp.		23,237		1,689,926
Samsung Electronics Co. Ltd.		192,954		13,812,835
Samsung Fire & Marine Insurance Co. Ltd.		13,581		2,659,991
Shinhan Financial Group Ltd.		549,231		19,829,704
SK Hynix, Inc.		21,381		2,413,244
Total South Korea				154,206,068
Spain – 2.42%
Acerinox SA		520,003		6,296,473
ACS Actividades de Construccion y Servicios SA		11,768		315,482
Aena SME SA(1)(3)		3,715		609,562
Amadeus IT Group SA(1)		755,030		53,227,074
Banco Bilbao Vizcaya Argentaria SA		337,922		2,096,126
Banco Santander SA		32,106,557		122,809,313
CaixaBank SA		12,197,297		37,551,893
Cellnex Telecom SA(3)		24,143		1,539,871
EDP Renovaveis SA		14,652		339,480
Enagas SA		8,839		204,295
Endesa SA		16,037		389,311
Ferrovial SA		109,435		3,216,120
Fluidra SA		370,853		14,733,826
Gestamp Automocion SA(1)(3)		1,037,007		5,499,826
Grifols SA		13,969		378,796

	Shares		Value
Iberdrola SA		291,701		3,557,194
Industria de Diseno Textil SA		1,192,366		42,098,649
Mediaset Espana Comunicacion SA(1)		175,475		1,098,622
Naturgy Energy Group SA		2,296,881		59,113,657
Red Electrica Corp. SA		140,878		2,615,567
Repsol SA		76,035		955,197
Siemens Gamesa Renewable Energy SA		11,224		375,260
Telefonica SA		263,815		1,231,350
Viscofan SA		120,653		8,409,912
Total Spain				368,662,856
Sweden – 3.62%
Alfa Laval AB		14,821		523,852
Assa Abloy AB—Class B		923,660		27,846,429
Atlas Copco AB—Class A		1,947,510		119,593,430
Atlas Copco AB—Class B		18,624		980,860
Boliden AB		13,503		519,589
Electrolux AB		10,270		284,602
Embracer Group AB—Class B(1)		12,612		341,008
Epiroc AB—Class A		1,560,663		35,526,398
Epiroc AB—Class B		18,320		359,670
EQT AB		11,622		422,178
Essity AB—Class B		28,798		955,235
Evolution Gaming Group AB(3)		308,055		48,728,781
Fastighets AB Balder—Class B(1)		5,074		318,078
Getinge AB—Class B		205,040		7,734,639
Hennes & Mauritz AB—Class B(1)		34,213		812,539
Hexagon AB—Class B		93,456		1,384,679
Husqvarna AB—Class B		19,958		265,247
ICA Gruppen AB		5,294		246,441
Industrivarden AB—Class A		5,782		224,880
Industrivarden AB—Class C		7,850		287,358
Investment AB Latour—Class B		6,754		221,749
Investor AB—Class B		1,650,120		38,035,946
Kinnevik AB—Class B(1)		11,538		462,027
L E Lundbergforetagen AB—Class B		3,525		227,506
Lundin Energy AB		9,279		328,964
Modern Times Group MTG AB—Class B(1)		231,802		3,134,097
Nibe Industrier AB—Class B		5,833,444		61,469,324

	Shares		Value
Nordic Entertainment Group AB—Class B(1)		169,893		7,493,872
Sandvik AB		655,635		16,764,361
Securitas AB—Class B		15,565		245,879
Sinch AB(1)(3)		24,325		409,322
Skandinaviska Enskilda Banken AB—Class A		82,271		1,063,443
Skanska AB—Class B		17,293		459,114
SKF AB—Class B		19,649		500,817
Spotify Technology SA(1)		156,233		43,056,252
Svenska Cellulosa AB SCA—Class B		28,835		472,957
Svenska Handelsbanken AB—Class A		1,299,491		14,668,588
Swedbank AB		45,151		840,573
Swedish Match AB		1,075,310		9,170,379
Tele2 AB—Class B		24,549		334,700
Telefonaktiebolaget LM Ericsson—Class B		138,152		1,737,110
Telia Co. AB		22,527,003		100,052,875
Volvo AB—Class A		9,425		233,927
Volvo AB—Class B		67,582		1,628,687
Total Sweden				550,368,362
Switzerland – 6.01%
ABB Ltd.		1,924,514		65,384,690
Adecco Group AG		278,819		18,971,344
Alcon, Inc.		833,536		58,462,169
Baloise Holding AG		2,404		375,355
Banque Cantonale Vaudoise		1,646		147,907
Barry Callebaut AG		160		371,852
Chocoladefabriken Lindt & Spruengli AG		50		497,433
Chocoladefabriken Lindt & Spruengli AG—REG		6		628,371
Cie Financiere Richemont SA		215,710		2,624,703
Cie Financiere Richemont SA		615,930		74,668,343
Clariant AG		10,360		206,291
Coca-Cola HBC AG		10,391		376,119
Credit Suisse Group AG—Class A		1,564,524		16,377,321
DKSH Holding AG		21,641		1,657,880
EMS-Chemie Holding AG		348		342,052
Geberit AG		35,322		26,532,874
Givaudan SA		437		2,034,328
Glencore Plc(1)		5,527,612		23,725,012
Helvetia Holding AG		20,655		2,224,113

	Shares		Value
Julius Baer Group Ltd.		174,251		11,380,896
Kuehne & Nagel International AG		2,496		854,279
LafargeHolcim Ltd.(1)		258,514		15,538,787
Logitech International SA		96,605		11,731,940
Lonza Group AG		90,609		64,237,863
Nestle SA		604,285		75,322,362
Novartis AG		1,691,545		154,313,874
Partners Group Holding AG		1,075		1,629,643
Roche Holding AG		1,497		608,831
Roche Holding AG		356,657		134,401,958
Schindler Holding AG		963		281,789
Schindler Holding AG		1,875		573,817
SGS SA		296		913,890
Sika AG		224,690		73,616,972
Sonova Holding AG		34,994		13,180,659
STMicroelectronics NV		31,942		1,161,622
Straumann Holding AG		488		778,381
Swatch Group AG—BR		1,459		501,042
Swatch Group AG—REG		2,620		173,000
Swiss Life Holding AG		1,601		778,812
Swiss Prime Site AG		3,748		371,978
Swiss Re AG		15,095		1,363,421
Swisscom AG		1,302		743,948
Temenos AG		3,163		508,530
UBS Group AG		3,077,506		47,138,854
Vifor Pharma AG		2,336		302,671
Zurich Insurance Group AG		16,752		6,728,699
Total Switzerland				914,746,675
Taiwan – 2.86%
Catcher Technology Co. Ltd.		2,552,000		16,668,658
Chroma ATE, Inc.		857,000		5,886,651
Delta Electronics, Inc.		596,000		6,474,861
Giant Manufacturing Co. Ltd.		660,000		7,543,315
Hon Hai Precision Industry Co. Ltd.		11,001,400		44,170,697
King Slide Works Co. Ltd.		134,000		1,887,663
Merida Industry Co. Ltd.		35,000		392,974
Taiwan Semiconductor Manufacturing Co. Ltd.		6,519,860		140,424,957
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		1,732,649		208,195,104

	Shares		Value
Uni-President Enterprises Corp.		1,359,000		3,568,660
Total Taiwan				435,213,540
Thailand – 0.11%
Bangkok Bank PCL		405,700		1,431,680
Kasikornbank PCL		371,900		1,377,852
Major Cineplex Group PCL(1)		2,738,000		2,032,726
Thai Beverage PCL		23,036,677		11,584,946
Total Thailand				16,427,204
United Kingdom – 15.06%
3i Group Plc		1,336,061		21,682,756
Admiral Group Plc		302,848		13,177,574
Anglo American Plc		65,395		2,602,340
Ashtead Group Plc		21,287		1,582,226
ASOS Plc(1)		301,751		20,737,359
Associated British Foods Plc		16,761		514,510
AstraZeneca Plc		62,097		7,460,596
Auto Trader Group Plc(1)(3)		6,113,615		53,543,074
AVEVA Group Plc		5,278		270,899
Aviva Plc		4,085,009		22,933,059
BAE Systems Plc		1,516,355		10,957,214
Barclays Plc		23,527,690		55,833,029
Barratt Developments Plc		412,444		3,971,293
Berkeley Group Holdings Plc		6,092		387,358
BP Plc		33,474,609		146,799,405
British American Tobacco Plc		168,516		6,542,732
British Land Co. Plc		43,594		298,210
BT Group Plc—Class A(1)		448,239		1,204,575
Bunzl Plc		489,946		16,208,023
Burberry Group Plc(1)		819,847		23,446,966
Capita Plc(1)		9,311,442		4,811,543
Close Brothers Group Plc		154,211		3,231,893
CNH Industrial NV		1,494,764		24,794,661
Coca-Cola European Partners Plc		135,848		8,058,503
Compass Group Plc(1)		1,243,088		26,189,272
ConvaTec Group Plc(3)		4,589,856		15,276,049
Croda International Plc		6,482		661,126
Daily Mail & General Trust Plc		193,682		2,582,752
Devro Plc		856,864		2,285,258

	Shares		Value
Diageo Plc		544,683		26,105,854
Direct Line Insurance Group Plc		67,591		266,593
DS Smith Plc		2,222,428		12,867,068
easyJet Plc(1)		565,275		7,010,911
Euromoney Institutional Investor Plc		172,823		2,438,250
Evraz Plc		24,944		204,646
Ferguson Plc		10,668		1,484,210
Games Workshop Group Plc		221,073		34,863,874
GlaxoSmithKline Plc		7,113,749		139,849,880
Halma Plc		17,968		669,402
Hargreaves Lansdown Plc		1,904,932		41,916,907
Hays Plc(1)		7,424,111		16,287,859
HomeServe Plc		2,551,215		33,741,041
HSBC Holdings Plc		442,800		2,553,615
HSBC Holdings Plc		8,241,203		47,564,180
IG Group Holdings Plc		603,798		7,075,494
Imperial Brands Plc		1,378,964		29,734,241
Inchcape Plc		1,042,415		11,093,941
Informa Plc(1)		557,099		3,871,704
InterContinental Hotels Group Plc(1)		48,161		3,209,959
International Personal Finance Plc(1)		1,366,872		2,526,101
Intertek Group Plc		749,457		57,359,225
ITV Plc(1)		9,284,816		16,137,012
J Sainsbury Plc		13,550,318		51,001,720
JD Sports Fashion Plc		24,424		310,811
John Wood Group Plc(1)		15,915,678		48,487,746
Johnson Matthey Plc		577,821		24,601,438
Jupiter Fund Management Plc		1,953,407		7,623,548
Kingfisher Plc		23,695,554		119,593,732
Land Securities Group Plc		36,633		341,884
Legal & General Group Plc		299,589		1,068,810
Lloyds Banking Group Plc		245,888,699		159,054,912
London Stock Exchange Group Plc		15,529		1,716,117
M&G Plc		131,987		418,122
Melrose Industries Plc		228,835		492,573
Mondi Plc		24,393		642,226
National Express Group Plc(1)		662,939		2,444,838
National Grid Plc		179,445		2,282,481

	Shares		Value
Natwest Group Plc		7,929,837		22,316,767
Next Plc(1)		6,319		687,721
Ocado Group Plc(1)		24,179		669,949
Pagegroup Plc(1)		508,324		3,935,963
Pearson Plc		37,691		434,046
Persimmon Plc		15,969		654,148
Petrofac Ltd.(1)		188,278		287,254
Pets at Home Group Plc		970,976		6,137,656
Phoenix Group Holdings Plc		30,824		288,544
Provident Financial Plc(1)		993,208		3,188,705
Prudential Plc		289,166		5,501,608
Rathbone Brothers Plc		82,328		2,064,485
Reckitt Benckiser Group Plc		272,501		24,075,521
RELX Plc		756,096		20,049,172
Rentokil Initial Plc		86,666		593,591
Rightmove Plc		8,717,880		78,358,101
Rio Tinto Plc		351,286		29,011,842
Rolls-Royce Holdings Plc(1)		6,300,659		8,625,712
Rotork Plc		536,459		2,530,154
RWS Holdings Plc		308,491		2,404,655
Sage Group Plc		55,417		524,923
Schroders Plc		6,056		294,526
Segro Plc		60,186		911,113
Serco Group Plc		4,876,033		9,154,552
Severn Trent Plc		12,193		422,094
Smith & Nephew Plc		185,311		4,018,884
Smiths Group Plc		19,818		436,469
Spirax-Sarco Engineering Plc		3,440		647,913
SSE Plc		6,066,333		125,990,327
SSP Group Plc(1)		4,817,077		17,774,566
St James’s Place Plc		588,338		12,029,574
Standard Chartered Plc		5,512,771		35,181,420
Standard Life Aberdeen Plc		110,981		416,346
Taylor Wimpey Plc		3,259,673		7,173,689
TechnipFMC Plc(1)		117,223		1,058,533
TechnipFMC Plc(1)		3,323,506		30,077,729
Tesco Plc		46,712,531		144,303,544
Trainline Plc(1)(3)		4,532,365		18,395,204

	Shares		Value
Travis Perkins Plc(1)		2,393,077		55,991,568
Unilever Plc		462,637		27,033,541
United Utilities Group Plc		34,092		460,147
Vodafone Group Plc		20,175,242		33,814,306
Weir Group Plc(1)		678,584		17,419,673
WH Smith Plc(1)		469,539		10,462,156
Whitbread Plc(1)		9,874		426,833
Wickes Group Plc(1)		1,241,437		4,224,508
Wm Morrison Supermarkets Plc		120,179		410,123
WPP Plc		7,605,265		102,806,953
Total United Kingdom				2,290,633,988
United States – 2.36%
Aon Plc—Class A		167,500		39,992,300
Carnival Plc(1)		174,999		4,016,906
EPAM Systems, Inc.(1)		103,500		52,884,360
Genpact Ltd.		72,600		3,298,218
Mettler-Toledo International, Inc.(1)		90,228		124,996,458
ResMed, Inc.		333,000		82,091,160
Samsonite International SA(1)(3)		410,100		838,585
STERIS Plc		246,000		50,749,800
Total United States				358,867,787
Total Common Stocks (Cost: $11,648,819,126)				14,806,020,531
PREFERRED STOCKS – 0.46%
Germany – 0.46%
Bayerische Motoren Werke AG		2,811		252,875
Fuchs Petrolub SE		3,372		164,096
Henkel AG & Co. KGaA		8,808		930,248
Porsche Automobil Holding SE		7,294		783,017
Sartorius AG		1,198		623,569
Volkswagen AG		265,949		66,681,789
Total Germany				69,435,594
South Korea – 0.00%(2)
Amorepacific Group		6,293		257,272
Total South Korea				257,272
Total Preferred Stocks (Cost: $54,806,798)				69,692,866

	Shares		Value
RIGHTS – 0.00%(2)
Spain – 0.00%(2)
ACS Actividades de Construccion y Servicios SA, expires 07/23/2021(1)		11,768		16,466
Total Spain				16,466
Total Rights (Cost: $17,813)				16,466
SHORT-TERM INVESTMENTS – 2.09%
Money Market Funds – 1.63%
Goldman Sachs Financial Square Government Fund—Class I, 0.03%(4)		248,534,118		248,534,118
Total Money Market Funds (Cost: $248,534,118)				248,534,118

	Principal Amount		Value
Convertible Securities – 0.00%(2)
Credit Suisse Group Guernsey VII Ltd., 3.00%, 11/12/2021(3)	CHF	315,000		381,336
Total Convertible Securities (Cost: $348,548)				381,336
Time Deposits – 0.46%
ANZ, London, 0.01% due 07/01/2021	$	601,426		601,426
Bank of Montreal, London, 0.01% due 07/01/2021		9,445,838		9,445,838
BNP Paribas, Paris, -1.83% due 07/01/2021	CHF	222,957		240,969
BNP Paribas, Paris, -0.78% due 07/01/2021	EUR	2,803,752		3,324,549
BNP Paribas, Paris, -0.61% due 07/01/2021	SEK	93,844		10,965
BNP Paribas, Paris, -0.48% due 07/01/2021	DKK	92,184		14,699
Brown Brothers Harriman, -0.60% due 07/01/2021	NZD	15,833		11,067
Brown Brothers Harriman, -0.44% due 07/01/2021	AUD	167,268		125,443
Citibank, London, 0.01% due 07/01/2021	GBP	2,025,868		2,802,383
HSBC, Hong Kong, 0.00% due 07/02/2021	HKD	26,387,543		3,398,573
HSBC, Singapore, 0.00% due 07/01/2021	SGD	510,838		379,890
National Australia Bank, London, 0.01% due 07/01/2021	$	8,384,389		8,384,389
Nordea Bank ABP, Oslo, -1.08% due 07/01/2021	NOK	85,763		9,961
Skandinaviska Enskilda Banken AB, Stockholm, -0.61% due 07/01/2021	SEK	121,665		14,216
Skandinaviska Enskilda Banken AB, Stockholm, 0.01% due 07/01/2021	$	1,226,544		1,226,544
Sumitomo, Tokyo, -0.31% due 07/01/2021	JPY	1,135,501,865		10,220,999
Sumitomo, Tokyo, 0.01% due 07/01/2021	$	29,214,818		29,214,818
Total Time Deposits (Cost: $69,426,729)				69,426,729
Total Short-Term Investments (Cost: $318,309,395)				318,342,183
TOTAL INVESTMENTS IN SECURITIES – 99.87% (Cost: $12,021,953,132)				15,194,072,046
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.13%				19,360,980
TOTAL NET ASSETS – 100.00%			$	15,213,433,026

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

(1) Non-income producing security.

(2) Amount calculated is less than 0.005%.

(3) Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $698,089,003, which represents 4.59% of total net assets.

(4) Represents annualized seven-day yield as of the close of the reporting period.

The accompanying notes are an integral part of this Schedule of Investments.

Open Futures Contracts

Number of Contracts Purchased	Reference Entity	Counterparty		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
41	Euro Stoxx 50 Future		Morgan Stanley		Sep. 2021	EUR	1,679,231	$	1,971,612	$	(19,537	)
16	FTSE 100 INDEX Future		Morgan Stanley		Sep. 2021	GBP	1,116,804		1,544,980		105
9	TOPIX INDEX Future		Morgan Stanley		Sep. 2021	JPY	176,354,375		1,574,058		(13,361	)
										$	(32,793	)

	Percentage of Net Assets
COMMON STOCKS
Consumer Discretionary		17.20	%
Industrials		15.39
Financials		13.79
Healthcare		12.40
Information Technology		12.04
Consumer Staples		7.59
Communication Services		6.82
Materials		5.19
Energy		3.69
Utilities		2.96
Real Estate		0.25
Total Common Stocks		97.32
PREFERRED STOCKS
Consumer Discretionary		0.45
Consumer Staples		0.01
Healthcare		0.00	(1)
Materials		0.00	(1)
Total Preferred Stocks		0.46
RIGHTS
Industrials		0.00	(1)
Total Rights		0.00	(1)
BONDS & NOTES		0.00	(1)
SHORT-TERM INVESTMENTS		2.09
TOTAL INVESTMENTS		99.87
OTHER ASSETS IN EXCESS OF LIABILITIES		0.13
TOTAL NET ASSETS		100.00	%

(1) Amount calculated is less than 0.005%.

The accompanying notes are an integral part of this Schedule of Investments.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Bridge Builder Trust and Shareholders of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund and Bridge Builder International Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments, of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund and Bridge Builder International Equity Fund (eight of the funds constituting Bridge Builder Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2021 the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2021 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of June 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021 and each of the financial highlights for each of the five years in the period ended June 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 June 30, 2021 by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

August 26, 2021

We have served as the auditor of one or more investment companies in the Bridge Builder Trust since 2013.

PricewaterhouseCoopers LLP, One North Wacker, Chicago, IL 60606

T: (312) 298 2000, www.pwc.com/us

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not applicable to open-end investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 13. EXHIBITS.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.
	(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
	(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
	(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Bridge Builder Trust
By:	/s/ Julius A. Drelick III
	Julius A. Drelick III
Title:	Principal Executive Officer
Date:	August 30, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Julius A. Drelick III
	Julius A. Drelick III
Title:	Principal Executive Officer
Date:	August 30, 2021

By:	/s/ Aaron Masek
	Aaron Masek
Title:	Principal Financial Officer
Date:	August 30, 2021

EX-99.CERT

Exhibit 13(a)(2)

CERTIFICATION

I, Julius A. Drelick III, certify that:

1. I have reviewed this report on Form N-CSR of Bridge Builder Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting.

Date: August 30, 2021	/s/ Julius A. Drelick III
	Julius A. Drelick III Principal Executive Officer

Exhibit 13(a)(2)

CERTIFICATION

I, Aaron Masek, certify that:

1. I have reviewed this report on Form N-CSR of Bridge Builder Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting.

Date: August 30, 2021	/s/ Aaron Masek
	Aaron Masek
	Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Bridge Builder Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Trust for the period ended June 30, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

/s/ Julius A. Drelick III	/s/ Aaron Masek
Julius A. Drelick III	Aaron Masek
Principal Executive Officer, Bridge Builder Trust	Principal Financial Officer, Bridge Builder Trust

Dated: August 30, 2021

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Bridge Builder Trust for purposes of Section 18 of the Securities Exchange Act of 1934.