Goldman Sachs Trust


Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – 39.8%
Bank Loans^(a) – 18.5%
Automotive^(b) – 1.8%
Navistar International Corp. (B+/Ba3)(1M LIBOR + 3.500%)
$	3,843,628		5.530	%	11/06/24	$ 3,841,245

Chemicals^(b)(c) – 1.1%
Consolidated Energy Finance SA (NR/NR)(3M LIBOR + 2.500%)
	2,387,732		4.525		05/07/25	2,369,824

Commercial Services^(b) – 0.4%
Monitronics International, Inc. (B-/Caa1)(3M LIBOR + 5.500%)
	900,280		7.834		09/30/22	857,517

Construction Machinery^(b) – 1.1%
Accudyne Industries LLC (B/B3)(1M LIBOR + 3.750%)
	975,619		5.344		08/18/24	972,419
Pisces Midco, Inc. (NR/NR)(3M LIBOR + 3.750%)
	1,325,323		6.089		04/12/25	1,321,188

						2,293,607

Consumer Cyclical Services^(b) – 0.9%
TKC Holdings, Inc. (B-/B2)(2M LIBOR + 4.250%)
	2,018,584		5.600		02/01/23	2,011,640

Consumer Products^(b) – 0.2%
Bombardier Recreational Products, Inc. (BB/Ba3)(1M LIBOR + 2.500%)
	452,960		4.090		05/23/25	448,770

Diversified Manufacturing^(b) – 0.3%
AI Aqua Merger Sub, Inc. (B/B2)
(1M LIBOR + 3.250%)
	136,654		5.344		12/13/23	135,886
(1M LIBOR + 3.500%)
	406,955		5.344		12/13/23	404,668

						540,554

Electric^(b) – 0.3%
Frontera Generation Holdings LLC (NR/NR)(3M LIBOR + 4.250%)
	679,000		6.233		05/02/25	677,642

Energy-Oil & Gas Services & Equipment - 0.5%
Apergy Corp. (NR/NR)(1M LIBOR + 2.500%)
	1,158,567		4.563		05/09/25	1,158,567

Entertainment^(b) – 0.4%
Lions Gate Entertainment Corp. (NR/NR)(1M LIBOR + 2.250%)
	824,977		4.341		03/24/25	820,852

Environmental^(b) – 0.6%
Core & Main LP (B+/B2)(6M LIBOR + 3.000%)
	1,396,491		5.211		08/01/24	1,394,746

Food & Beverage^(b) – 0.7%
Dole Food Co., Inc. (B-/B1)(1M LIBOR + 2.750%)
	1,618,139		4.841		04/06/24	1,608,608

Health Care^(b) – 0.8%
Owens & Minor, Inc. (NR/NR)(1M LIBOR + 4.500%)
	923,000		6.480		05/01/25	901,466
BW NHHC Holdco, Inc. (NR/NR)(1M LIBOR + 5.000%)
	916,000		7.073		05/15/25	903,982

						1,805,448


Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations– (continued)
Health Care - Services^(b) – 1.0%
Community Health Systems, Inc. (B-/B3)(3M LIBOR + 3.250%)
$	440,000		4.250	%	01/27/21	$ 429,057
Greenway Health LLC (B/B3)(3M LIBOR + 4.250%)
	1,747,729		6.550		02/14/24	1,744,461

						2,173,518

Industrials-Manufactured Goods^(b)– 0.2%
Tecomet, Inc. (B/B2)(3M LIBOR + 3.750%)
	506,880		7.250		05/01/24	505,299

Insurance – 0.3%
Acrisure LLC (NR/NR)
	585,928		5.750		11/22/23	580,801

Machinery^(b) – 0.2%
Apex Tool Group LLC (B/B2)(1M LIBOR + 3.750%)
	371,603		5.844		02/01/22	371,254

Media - Cable^(b) – 0.8%
CSC Holdings LLC (BB-/Ba2)(1M LIBOR + 2.500%)
	1,630,000		4.573		01/25/26	1,623,203

Media - Non Cable – 1.7%
CBS Radio, Inc. (BB-/Ba3)^(b)(3M LIBOR + 2.750%)
	1,160,865		6.250		11/17/24	1,143,452
Sinclair Television Group, Inc. (BB+/Ba1)
	990,867		2.500		12/12/24	986,537
Univision Communications, Inc. (BB-/B2)^(b)(1M LIBOR + 2.750%)
	1,678,076		4.844		03/15/24	1,620,048

						3,750,037

Pipelines^(b) – 0.5%
HFOTCO LLC (NR/NR)
	203,652		3.000		06/19/25	202,888
Oryx Southern Delaware Holdings LLC (NR/NR)(1M LIBOR + 3.250%)
	964,583		5.344		02/09/25	952,525

						1,155,413

Real Estate Investment Trust – 1.1%
GGP, Inc. (NR/NR)
	646,000		2.500		05/04/25	633,888
iStar, Inc. (NR/NR)
	1,760,202		2.750		06/19/23	1,753,601

						2,387,489

Restaurant^(b)– 0.5%
1011778 B.C. Unlimited Liability Co. (B+/Ba3)(1M LIBOR + 2.250%)
	1,018,000		3.476		02/16/24	1,012,910

Retailers^(b) – 0.6%
JC Penney Corp., Inc. (B+/Ba3)(3M LIBOR + 4.250%)
	1,299,245		6.569		06/23/23	1,238,077


Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations– (continued)
Technology^(b) – 0.5%
Flexential Intermediate Corp. (B/B2)(3M LIBOR + 3.500%)
$	1,028,230		5.834	%	08/01/24	$ 1,015,058

Technology - Software – 0.4%
Ensono LP (NR/NR)
	812,862		5.250		04/25/25	810,488

Telecommunications^(b) – 1.0%
ConvergeOne Holdings Corp. (NR/NR)(3M LIBOR + 3.750%)
	1,162,031		5.844		04/04/25	1,156,953
Shutterfly, Inc. (BB-/Ba3)(1M LIBOR + 2.750%)
	1,022,000		4.850		08/17/24	1,022,429

						2,179,382

Telecommunications - Wireless^(b) – 0.4%
Intelsat Jackson Holdings SA (B/B1)(1M LIBOR + 3.750%)
	818,000		4.750		11/27/23	815,309

Telecommunications-Wirelines^(b) – 0.2%
GTT Communications, Inc. (NR/NR)(3M LIBOR + 2.750%)
	487,000		4.875		05/31/25	479,330

TOTAL BANK LOANS						$ 39,926,588

Other Secured Debt Obligations – 21.3%
Automotive^(d)(e) – 0.4%
Mclaren Finance PLC (B/B2)
$	809,000		5.750	%	08/01/22	$ 806,978

Building Materials^(d)(e) – 0.2%
Builders FirstSource, Inc. (BB-/B3)
	424,000		5.625		09/01/24	413,400

Commercial Services^(d) – 2.8%
APX Group, Inc. (B-/B1)
	3,770,000		7.875		12/01/22	3,732,300
Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)^(e)
	2,103,000		9.250		05/15/23	2,234,437

						5,966,737

Consumer Discretionary^(d)(e) – 1.5%
The Hertz Corp. (BB-/B1)
	3,272,000		7.625		06/01/22	3,137,030

Financial Services^(d)(e) – 0.4%
VFH Parent LLC/Orchestra Co-Issuer, Inc. (B-/B1)
	772,000		6.750		06/15/22	799,020

Health Care - Services – 1.4%
HCA, Inc. (BBB-/Ba1)
	2,060,000		5.875		03/15/22	2,147,550
Tenet Healthcare Corp.(BB-/Ba3)
	928,000		6.000		10/01/20	953,520

						3,101,070

Industrials^(d)(e) – 0.8%
Ashtead Capital, Inc. (BBB-/Ba2)
	794,000		4.125		08/15/25	740,405
Titan International, Inc. (B-/B3)
	903,000		6.500		11/30/23	898,485

						1,638,890


Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations– (continued)
Media - Cable^(d)(e) – 3.7%
Altice France SA (B/B1)
$	1,838,000		6.000	%	05/15/22	$ 1,849,488
Altice US Finance I Corp. (BB/Ba3)
	2,587,000		5.500		05/15/26	2,489,987
Ziggo Secured Finance BV (BB-/B1)
	3,842,000		5.500		01/15/27	3,582,665

						7,922,140

Media - Non Cable^(d)(e) – 0.7%
Univision Communications, Inc. (BB-/B2)
	1,623,000		5.125		02/15/25	1,495,189

Oil Field Service^(d)(e) – 0.6%
Transocean Proteus Ltd. (BB-/NR)
	1,277,550		6.250		12/01/24	1,285,535

Packaging & Containers^(d) – 3.8%
ARD Finance SA (B-/Caa2)^(f)(PIK 7.875%, Cash 7.125%)
	2,037,000		7.125		09/15/23	2,031,908
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB/Ba3)^(e)
	1,081,000		4.250		09/15/22	1,059,380
BWAY Holding Co. (B/B2)^(e)
	1,974,000		5.500		04/15/24	1,919,715
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)^(e)
	3,217,000		5.125		07/15/23	3,176,787

						8,187,790

Pipelines^(d) – 1.2%
Cheniere Corpus Christi Holdings LLC (BB-/Ba3)
	2,445,000		5.125		06/30/27	2,420,550
Cheniere Energy Partners LP (BB/Ba2)^(e)
	291,000		5.250		10/01/25	283,361

						2,703,911

Retailing^(d)(e) – 0.7%
JC Penney Corp., Inc. (B-/B3)
	1,915,000		8.625		03/15/25	1,622,963

Software^(d)(e) – 0.8%
First Data Corp. (BB/Ba2)
	1,761,000		5.000		01/15/24	1,745,591

Telecommunications^(e) – 0.4%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (NR/Baa2)
	909,000		5.152		03/20/28	890,820

Telecommunications - Wireless – 0.9%
Hughes Satellite Systems Corp. (BBB-/Ba2)
	1,710,000		5.250		08/01/26	1,603,125


Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations– (continued)
Telecommunications - Wireless – (continued)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (NR/Baa2)^(e)
$	353,438		3.360	%	09/20/21	$ 349,461

						1,952,586

Telecommunications-Wirelines^(d)(e) – 1.0%
Frontier Communications Corp. (B+/B3)
	2,299,000		8.500		04/01/26	2,218,535

TOTAL OTHER SECURED DEBT OBLIGATIONS						$ 45,888,185

TOTAL SECURED DEBT OBLIGATIONS (Cost $87,826,013)						$ 85,814,773


Unsecured Debt Obligations – 52.7%
Aero Leasing^(e) – 2.0%
Avolon Holdings Funding Ltd. (BB/Ba3)^(d)
$	446,000		5.500	%	01/15/23	$ 442,655
DAE Funding LLC (BB/Ba3)^(d)
	1,387,000		5.000		08/01/24	1,328,052
Park Aerospace Holdings Ltd. (BB/Ba3)
	2,365,000		5.250		08/15/22	2,356,271
	177,000		4.500	^(d)	03/15/23	168,593

						4,295,571

Aerospace & Defense – 2.3%
Bombardier, Inc. (B-/Caa1)^(e)
	993,000		6.000	^(d)	10/15/22	989,276
	581,000		6.125		01/15/23	582,453
Triumph Group, Inc. (B-/B3)^(d)
	1,723,000		4.875		04/01/21	1,662,695
	1,778,000		7.750		08/15/25	1,760,220

						4,994,644

Automotive – 7.0%
Adient Global Holdings Ltd. (BB-/Ba3)^(d)(e)
	3,788,000		4.875		08/15/26	3,404,465
Cooper-Standard Automotive, Inc. (B+/B1)^(d)(e)
	2,129,000		5.625		11/15/26	2,102,388
Dana Financing Luxembourg Sarl (BB/B1)^(d)(e)
	1,977,000		5.750		04/15/25	1,952,288
Dana, Inc. (BB/B1)^(d)
	243,000		6.000		09/15/23	252,416
Delphi Technologies PLC (BB/B1)^(e)
	3,291,000		5.000		10/01/25	3,145,943
General Motors Financial Co., Inc. (BBB/Baa3)^(d)
	463,000		5.250		03/01/26	479,774
Jaguar Land Rover Automotive PLC (BB+/Ba1)^(d)(e)
	463,000		5.625		02/01/23	471,858
	442,000		4.500		10/01/27	394,485
Tesla, Inc. (B-/Caa1)^(d)(e)
	2,178,000		5.300		08/15/25	1,938,420
ZF North America Capital, Inc. (BBB-/Baa3)^(e)
	947,000		4.750		04/29/25	946,875

						15,088,912

Chemicals^(d)(e) – 1.9%
NOVA Chemicals Corp. (BB+/Ba2)
	650,000		5.250		08/01/23	648,375
	779,000		4.875		06/01/24	741,024
Platform Specialty Products Corp. (B+/Caa1)
	1,819,000		5.875		12/01/25	1,775,798
Tronox Finance PLC (B-/B3)
	882,000		5.750		10/01/25	855,540

						4,020,737


Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Commercial Services^(d) – 1.3%
APX Group, Inc. (CCC/Caa2)
$	420,000		7.625	%	09/01/23	$ 365,925
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (BB/B1)
	1,130,000		5.500		04/01/23	1,096,100
Booz Allen Hamilton, Inc. (B+/B1)^(e)
	1,439,000		5.125		05/01/25	1,406,622

						2,868,647

Diversified Financial Services – 3.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. (B/B1)^(d)(e)
	872,000		7.500		04/15/21	885,080
	1,096,000		6.875		04/15/22	1,087,780
Lions Gate Capital Holdings LLC (B-/B2)^(d)(e)
	306,000		5.875		11/01/24	309,825
Navient Corp. (B+/Ba3)
	122,000		8.000		03/25/20	128,710
	1,147,000		6.625		07/26/21	1,178,542
	996,000		7.250		01/25/22	1,040,820
Quicken Loans, Inc. (BB/Ba1)^(d)(e)
	2,204,000		5.250		01/15/28	2,066,250

						6,697,007

Energy^(d)(e) – 0.4%
Parkland Fuel Corp. (BB-/B1)
	976,000		6.000		04/01/26	965,020

Engineering & Construction^(d) – 0.5%
AECOM (BB-/Ba3)
	696,000		5.125		03/15/27	654,240
TopBuild Corp. (NR/B1)^(e)
	430,000		5.625		05/01/26	412,263

						1,066,503

Exploration and Production^(d) – 4.1%
CrownRock LP/CrownRock Finance, Inc. (BB-/B3)^(e)
	3,040,000		5.625		10/15/25	2,918,400
Gulfport Energy Corp. (BB-/B1)
	1,406,000		6.625		05/01/23	1,418,302
Indigo Natural Resources LLC (B+/B3)^(e)
	1,998,000		6.875		02/15/26	1,928,070
Jagged Peak Energy LLC (B/B3)^(e)
	447,000		5.875		05/01/26	439,736
Parsley Energy LLC/Parsley Finance Corp. (BB-/B2)^(e)
	1,387,000		5.375		01/15/25	1,376,598
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. (CCC+/Caa2)^(e)
	877,000		8.750		04/15/23	809,033

						8,890,139

Food & Drug Retailing^(d)(e) – 2.1%
Dean Foods Co. (BB-/B3)
	1,762,000		6.500		03/15/23	1,691,520
FAGE International SA/FAGE USA Dairy Industry, Inc. (BB-/B1)
	3,046,000		5.625		08/15/26	2,794,705

						4,486,225

Gaming^(d)(e) – 0.6%
Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)
	917,000		5.250		10/15/25	867,712
Churchill Downs, Inc. (NR/NR)
	513,000		4.750		01/15/28	475,166

						1,342,878

Home Builders^(d) – 1.0%
AV Homes, Inc. (B-/B3)
	2,050,000		6.625		05/15/22	2,111,500

Household Products^(d) – 0.8%
HRG Group, Inc. (B/Caa1)
	970,000		7.750		01/15/22	1,000,313
Spectrum Brands, Inc. (B+/B2)
	712,000		5.750		07/15/25	702,210

						1,702,523


Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Insurance^(e) – 1.5%
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)^(d)
$	1,031,000		7.000	%	11/15/25	$ 938,210
HUB International Ltd. (CCC+/Caa2)^(d)
	1,264,000		7.000		05/01/26	1,248,200
Wand Merger Corp. (NR/NR)
	1,036,000		8.125		07/15/23	1,050,245

						3,236,655

Iron/Steel^(d) – 0.4%
United States Steel Corp. (B/B2)
	880,000		6.250		03/15/26	867,900


Machinery - Construction & Mining^(d)(e) – 0.7%
Terex Corp. (BB/B2)
	1,450,000		5.625		02/01/25	1,439,125

Media – 5.1%
AMC Networks, Inc. (BB/Ba3)^(d)
	2,559,000		4.750		08/01/25	2,456,640
CBS Radio, Inc. (B-/B3)^(d)(e)
	1,254,000		7.250		11/01/24	1,191,300
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)(e)
	1,065,000		4.000		03/01/23	999,769
	2,816,000		5.000		02/01/28	2,580,160
CSC Holdings LLC (B-/B2)^(d)(e)
	1,598,000		10.875		10/15/25	1,845,690
DISH DBS Corp. (B/B1)
	1,123,000		5.000		03/15/23	974,202
Sirius XM Radio, Inc. (BB/Ba3)^(d)(e)
	1,054,000		5.375		07/15/26	1,011,840

						11,059,601

Oil Field Services^(d) – 5.1%
Archrock Partners LP/Archrock Partners Finance Corp. (B-/B3)
	1,472,000		6.000		10/01/22	1,453,600
Ensco PLC (BB-/B3)
	1,609,000		5.200		03/15/25	1,331,447
Noble Holding International Ltd. (NR/NR)^(e)
	314,000		7.875		02/01/26	323,420
Rowan Cos., Inc. (B/B2)
	1,451,000		4.750		01/15/24	1,251,488
Transocean, Inc. (NR/B3)^(e)
	2,121,000		7.500		01/15/26	2,152,815
Transocean, Inc. (B/Caa2)
	1,152,000		5.800		10/15/22	1,143,360


Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Oil Field Services^(d) – (continued)
Weatherford International LLC (B-/Caa1)^(e)
$	2,460,000		9.875	%	03/01/25	$ 2,472,300
Weatherford International Ltd. (B-/Caa1)
	826,000		8.250		06/15/23	813,610

						10,942,040

Packaging^(d)(e) – 0.3%
Flex Acquisition Co, Inc. (NR/Caa1)
	572,000		7.875		07/15/26	567,710

Pharmaceuticals – 0.5%
Teva Pharmaceutical Finance Co. BV (BB/Ba2)
	1,245,000		2.950		12/18/22	1,129,718

Pipelines^(d) – 2.7%
CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)^(e)
	1,573,000		6.500		03/15/26	1,525,810
Genesis Energy LP/Genesis Energy Finance Corp. (BB-/B1)
	382,000		6.750		08/01/22	387,730
	248,000		5.625		06/15/24	231,260
	644,000		6.250		05/15/26	603,750
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB+/Ba3)^(e)
	1,991,000		5.500		09/15/24	2,025,842
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB-/Ba3)^(e)
	1,089,000		5.875		04/15/26	1,094,445

						5,868,837

Real Estate Investment Trust^(d) – 1.1%
iStar, Inc. (BB-/B1)
	2,432,000		5.250		09/15/22	2,352,960

Refining & Marketing^(d)(e) – 0.2%
Sunoco LP/Sunoco Finance Corp. (BB-/B1)
	469,000		4.875		01/15/23	449,068

Retailing^(d)(e) – 1.8%
Rite Aid Corp. (B-/B3)
	3,889,000		6.125		04/01/23	3,947,335

Software^(d) – 0.5%
Donnelley Financial Solutions, Inc. (B/B3)
	1,103,000		8.250		10/15/24	1,147,120

Telecommunication Services – 4.6%
Inmarsat Finance PLC (BB+/Ba3)^(d)(e)
	1,786,000		4.875		05/15/22	1,754,745
Sprint Capital Corp. (B/B3)
	666,000		6.875		11/15/28	636,030
Sprint Corp. (B/B3)^(d)
	2,913,000		7.625		03/01/26	2,963,977
ViaSat, Inc. (BB-/B3)^(d)(e)
	4,293,000		5.625		09/15/25	4,013,955
Vodafone Group PLC (BBB+/Baa1)
	457,000		4.375		05/30/28	451,568

						9,820,275

Transportation^(d)(e) – 1.1%
XPO Logistics, Inc. (BB-/B1)
	2,231,000		6.125		09/01/23	2,283,986


Principal Amount	Interest Rate	Maturity Date	Value
Unsecured Debt Obligations – (continued)
TOTAL UNSECURED DEBT OBLIGATIONS (Cost $116,529,272)			$113,642,636



Shares		Description	Value
	*Common Stock – 0.1%**
	Oil, Gas & Consumable Fuels – 0.1%
	1,141,924	Prairie Provident Resources, Inc. (Cost $2,946,424)	$ 300,372

Principal

Amount

Interest
Rate

Maturity
Date

Value

U.S. Treasury Obligation^(g) – 4.0%

United States Treasury Bill

8,500,000

0.000

07/26/18

$ 8,489,776

(Cost $8,492,192)



Units		Expiration Date	Value
	*Warrant^(c) – 0.0%**
	Jack Cooper Enterprises, Inc. (NR/NR)
	1,734	10/29/17	$ 17
	(Cost $0)



Shares		Distribution Rate	Value
	Investment Company^(h) – 6.5%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	13,959,316	1.869%	$ 13,959,316
	(Cost $13,959,316)

	TOTAL INVESTMENTS – 103.1% (Cost $229,753,217)		$222,206,890

	LIABILITIES IN EXCESS OF OTHER ASSETS – (3.1)%		(6,725,577)

	NET ASSETS – 100.0%		$215,481,313



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.



(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on June 30, 2018. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $112,593,742, which represents approximately 52.3% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(f)		Pay-in-kind securities.

(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(h)		Represents an affiliated issuer.



Investment Abbreviations:
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

Level 1 and Level 2 Fair Value Investments —The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2018:

For further information regarding security characteristics, see the Schedules of Investments.

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

(including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and may be relatively illiquid and difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Fund to the markets and therefore could magnify changes to the Fund’s NAV.


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 28.0%
Aerospace & Defense – 0.7%
General Dynamics Corp.
$	850,000		3.000	%	05/11/21	$ 847,269
	275,000		3.375	^(a)	05/15/23	275,556
(3M USD LIBOR + 0.380%)
	475,000		2.736	^(b)	05/11/21	476,654
Northrop Grumman Corp.^(a)
	1,250,000		2.930		01/15/25	1,186,704
	1,275,000		3.250		01/15/28	1,197,815

						3,983,998

Agriculture – 0.3%
BAT Capital Corp.^(a)(c)
	990,000		3.222		08/15/24	937,761
	275,000		3.557		08/15/27	255,861
Reynolds American, Inc.
	700,000		4.850		09/15/23	727,608

						1,921,230

Banks – 9.9%
Banco Santander SA
	1,000,000		3.125		02/23/23	948,910
	600,000		4.250		04/11/27	570,306
	400,000		4.379		04/12/28	382,451
Bank of America Corp.
	625,000		4.125		01/22/24	635,288
	311,000		4.000		04/01/24	313,725
	1,300,000		3.248	^(a)	10/21/27	1,211,561
	925,000		4.183	^(a)	11/25/27	900,856
	100,000		6.110		01/29/37	114,870
(3M USD LIBOR + 1.040%)
	279,000		3.419	^(a)(b)	12/20/28	262,727
(3M USD LIBOR + 1.575%)
	1,250,000		3.824	^(a)(b)	01/20/28	1,219,308
Barclays PLC
	225,000		4.950		01/10/47	210,938
(5 year USD Swap + 5.022%)
	200,000		6.625	^(a)(b)(d)	09/15/66	200,250
BNP Paribas SA^(c)
	1,525,000		3.500		03/01/23	1,486,423
	550,000		3.375		01/09/25	519,575
BNP Paribas/BNP Paribas US Medium-Term Note Program LLC
	800,000		3.250		03/03/23	790,148
CIT Group, Inc.^(a)
	1,450,000		5.250		03/07/25	1,466,313
Citibank NA^(a)
	1,450,000		3.050		05/01/20	1,449,471
Citigroup, Inc.
	125,000		4.300		11/20/26	121,974
	1,200,000		4.125		07/25/28	1,148,866
Cooperatieve Rabobank UA
	875,000		3.125		04/26/21	871,647
(3M USD LIBOR + 0.430%)
	750,000		2.792	^(b)	04/26/21	750,555


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Banks – (continued)
Credit Suisse Group AG^(a)(c)
$	875,000		4.282	%	01/09/28	$ 851,153
(3M USD LIBOR + 1.410%)
	525,000		3.869	^(b)	01/12/29	493,672
Credit Suisse Group Funding Guernsey Ltd.
	307,000		4.550		04/17/26	306,976
Deutsche Bank AG
	225,000		2.500		02/13/19	223,438
	1,275,000		2.700		07/13/20	1,243,639
HSBC Holdings PLC^(a)(b)
(3M USD LIBOR + 1.000%)
	450,000		3.326		05/18/24	448,650
(3M USD LIBOR + 1.055%)
	1,150,000		3.262		03/13/23	1,126,451
Huntington Bancshares, Inc.^(a)
	825,000		4.000		05/15/25	827,421
ING Bank NV^(a)(b)(5 year USD ICE Swap + 2.700%)
	700,000		4.125		11/21/23	701,680
Intesa Sanpaolo SpA^(c)
	1,575,000		3.375		01/12/23	1,447,733
JPMorgan Chase & Co.^(a)
	1,075,000		2.972		01/15/23	1,047,007
	1,200,000		3.625		12/01/27	1,128,223
(3M USD LIBOR + 0.945%)
	875,000		3.509	^(b)	01/23/29	829,023
(3M USD LIBOR + 1.337%)
	350,000		3.782	^(b)	02/01/28	341,479
(3M USD LIBOR + 1.360%)
	425,000		3.882	^(b)	07/24/38	392,527
(3M USD LIBOR + 3.800%)
	1,075,000		5.300	^(b)	05/01/49	1,094,888
Kreditanstalt fuer Wiederaufbau
	12,490,000		1.500		09/09/19	12,336,373
Mitsubishi UFJ Financial Group, Inc.
	302,000		2.950		03/01/21	298,740
Morgan Stanley, Inc.
	325,000		3.875		04/29/24	325,575
	1,050,000		3.700		10/23/24	1,036,608
	50,000		4.000		07/23/25	49,848
(3M USD LIBOR + 0.847%)
	750,000		3.737	^(a)(b)	04/24/24	745,500
(3M USD LIBOR + 1.400%)
	1,550,000		3.759	^(a)(b)	10/24/23	1,585,470
Royal Bank of Canada
	850,000		3.200		04/30/21	849,633
(3M USD LIBOR + 0.390%)
	875,000		2.749	^(b)	04/30/21	874,704
Royal Bank of Scotland Group PLC
	826,000		3.875		09/12/23	802,394
(3M USD LIBOR + 1.480%)
	1,525,000		3.498	^(a)(b)	05/15/23	1,477,280


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3M USD LIBOR + 1.550%)
$	700,000		4.519	%^(a)(b)	06/25/24	$ 700,502
SunTrust Bank^(a)(b)(3M USD LIBOR + 0.298%)
	1,295,000		2.590		01/29/21	1,283,532
UniCredit SpA^(c)
	250,000		3.750		04/12/22	238,599
	225,000		4.625		04/12/27	209,176
Wells Fargo & Co.
	2,750,000		3.000		10/23/26	2,539,173

						53,433,229

Beverages^(a) – 0.8%
Anheuser-Busch InBev Finance, Inc.
	325,000		4.700		02/01/36	329,403
	725,000		4.900		02/01/46	745,574
Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.000		04/13/28	1,995,355
	350,000		4.600		04/15/48	344,839
Bacardi Ltd.^(c)
	100,000		5.300		05/15/48	94,773
Maple Escrow Subsidiary, Inc.^(c)
	750,000		4.057		05/25/23	751,829

						4,261,773

Chemicals – 1.0%
LyondellBasell Industries NV^(a)
	300,000		5.000		04/15/19	302,966
Syngenta Finance NV^(c)
	1,210,000		3.698		04/24/20	1,205,607
	1,485,000		3.933		04/23/21	1,481,235
	540,000		4.441	^(a)	04/24/23	536,977
	800,000		4.892	^(a)	04/24/25	784,382
The Sherwin-Williams Co.^(a)
	225,000		2.750		06/01/22	218,024
	500,000		3.450		06/01/27	472,385
	300,000		4.500		06/01/47	286,324

						5,287,900

Commercial Services – 0.1%
Rensselaer Polytechnic Institute
	350,000		5.600		09/01/20	365,705

Computers^(a) – 0.2%
Dell International LLC/EMC Corp.^(c)
	375,000		5.450		06/15/23	392,489
Hewlett Packard Enterprise Co.
	525,000		4.900		10/15/25	535,866

						928,355

Diversified Financial Services – 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625		07/01/22	1,172,711
	850,000		3.300	^(a)	01/23/23	817,005
Huarong Finance 2017 Co. Ltd.
	360,000		4.750		04/27/27	346,389
International Lease Finance Corp.^(c)
	575,000		7.125		09/01/18	578,751


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Synchrony Financial^(a)
$	100,000		4.250	%	08/15/24	$ 98,031
	1,298,000		4.500		07/23/25	1,274,779

						4,287,666

Electrical – 1.2%
Alliant Energy Finance LLC^(a)(c)
	375,000		3.750		06/15/23	374,931
	100,000		4.250		06/15/28	99,974
Berkshire Hathaway Energy Co.^(a)
	475,000		3.250		04/15/28	451,748
Consumers Energy Co.^(a)
	850,000		3.950		05/15/43	839,021
Duke Energy Carolinas LLC^(a)
	475,000		3.950		03/15/48	460,013
Duke Energy Corp.^(a)
	1,175,000		3.150		08/15/27	1,090,641
Florida Power & Light Co.^(a)
	450,000		3.950		03/01/48	441,862
Pacific Gas & Electric Co.
	225,000		3.300	^(a)	03/15/27	203,287
	150,000		6.050		03/01/34	161,981
	350,000		4.000	^(a)	12/01/46	301,630
Sempra Energy^(a)(b)(3M USD LIBOR + 0.500%)
	1,125,000		2.848		01/15/21	1,125,566
The Southern Co.^(a)
	1,050,000		3.250		07/01/26	985,606

						6,536,260

Gas^(a)(c) – 0.1%
NiSource, Inc.
	575,000		3.650		06/15/23	574,412

Healthcare Providers & Services^(a) – 0.7%
Becton Dickinson & Co.
	1,525,000		2.894		06/06/22	1,475,031
	300,000		3.363		06/06/24	288,175
	475,000		4.685		12/15/44	460,407
	175,000		4.669		06/06/47	169,124
(3M USD LIBOR + 0.875%)
	1,225,000		3.211	^(b)	12/29/20	1,227,002

						3,619,739

Insurance – 0.7%
American International Group, Inc.^(a)
	375,000		4.200		04/01/28	366,889
AXA Equitable Holdings, Inc.^(a)(c)
	325,000		3.900		04/20/23	322,440
	125,000		4.350		04/20/28	119,496
Great-West Lifeco Finance 2018 LP^(a)(c)
	325,000		4.047		05/17/28	327,556
MetLife, Inc.
	150,000		4.050		03/01/45	139,311
Prudential Financial, Inc.^(a)
	525,000		3.878		03/27/28	518,976
Teachers Insurance & Annuity Association of America^(c)
	295,000		4.900		09/15/44	310,540
The Northwestern Mutual Life Insurance Co.^(c)
	800,000		6.063		03/30/40	994,752


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
XLIT Ltd.
$	775,000		4.450	%	03/31/25	$ 762,509

						3,862,469

Internet^(a) – 0.2%
Amazon.com, Inc.
	400,000		3.875		08/22/37	390,445
Symantec Corp.^(c)
	600,000		5.000		04/15/25	579,829

						970,274

Iron & Steel – 0.0%
ABJA Investment Co. Pte Ltd.
	200,000		5.450		01/24/28	169,500

Machinery - Construction & Mining^(a) – 0.1%
Oshkosh Corp.
	425,000		4.600		05/15/28	423,937

Media – 1.3%
21st Century Fox America, Inc.
	1,125,000		4.000		10/01/23	1,139,705
Altice Financing SA^(a)(c)
	600,000		6.625		02/15/23	589,500
Altice France SA^(a)(c)
	1,000,000		6.000		05/15/22	1,006,250
Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	1,075,000		3.579		07/23/20	1,073,635
	1,175,000		4.464		07/23/22	1,189,437
	825,000		4.500		02/01/24	824,188
	700,000		4.908		07/23/25	706,919
NBCUniversal Media LLC
	458,000		4.450		01/15/43	432,960

						6,962,594

Mining^(c) – 0.2%
Glencore Finance Canada Ltd.
	650,000		4.250		10/25/22	657,339
Glencore Funding LLC
	325,000		4.125		05/30/23	324,288

						981,627

Oil Field Services – 1.7%
Anadarko Petroleum Corp.
	475,000		8.700		03/15/19	493,468
	330,000		3.450	^(a)	07/15/24	317,095
	300,000		5.550	^(a)	03/15/26	321,515
	250,000		6.450		09/15/36	288,914
Canadian Natural Resources Ltd.^(a)
	775,000		3.850		06/01/27	756,136
Concho Resources, Inc.^(a)
	475,000		4.300		08/15/28	476,104
Continental Resources, Inc.^(a)
	1,100,000		4.500		04/15/23	1,117,875
Devon Energy Corp.^(a)
	250,000		3.250		05/15/22	245,755
	380,000		5.600		07/15/41	409,896


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Gazprom OAO Via Gaz Capital SA
$	240,000		7.288	%	08/16/37	$ 270,000
Halliburton Co.^(a)
	125,000		3.800		11/15/25	124,106
	250,000		4.850		11/15/35	258,516
Marathon Oil Corp.^(a)
	600,000		4.400		07/15/27	602,122
Petroleos de Venezuela SA
	4,440,000		6.000		10/28/22	821,400
	1,660,000		5.375	^(e)	04/12/27	374,636
Petroleos Mexicanos
EUR	410,000		5.125		03/15/23	524,882
$	300,000		6.500		03/13/27	307,626
Phillips 66^(a)
	925,000		3.900		03/15/28	902,782
Pioneer Natural Resources Co.^(a)
	410,000		3.950		07/15/22	414,687
Reliance Industries Ltd.^(c)
	320,000		3.667		11/30/27	294,000

						9,321,515

Pharmaceuticals^(a) – 1.6%
Allergan Funding SCS
	150,000		4.850		06/15/44	144,885
Bayer US Finance II LLC^(c)
	950,000		3.875		12/15/23	950,040
	1,875,000		4.250		12/15/25	1,885,033
	1,375,000		4.375		12/15/28	1,377,615
CVS Health Corp.
	425,000		3.500		07/20/22	421,255
	1,025,000		3.375		08/12/24	989,458
	1,550,000		3.875		07/20/25	1,501,847
	175,000		5.125		07/20/45	177,324
	725,000		5.050		03/25/48	737,830
Valeant Pharmaceuticals International, Inc.^(c)
	450,000		7.000		03/15/24	471,375

						8,656,662

Pipelines – 1.9%
Energy Transfer Partners LP^(a)
	350,000		4.650		06/01/21	358,400
	875,000		4.200		09/15/23	874,570
	275,000		5.300		04/15/47	252,106
Enterprise Products Operating LLC^(a)(b)(3M USD LIBOR + 3.708%)
	1,075,000		6.066		08/01/66	1,077,687
EQT Midstream Partners LP^(a)
	1,125,000		4.750		07/15/23	1,123,187
Kinder Morgan Energy Partners LP^(a)
	1,025,000		3.500		09/01/23	995,962
Kinder Morgan, Inc.
	500		7.750		01/15/32	611
MPLX LP^(a)
	425,000		4.500		04/15/38	392,550
	175,000		4.700		04/15/48	162,261
Plains All American Pipeline LP/PAA Finance Corp.^(a)
	600,000		3.650		06/01/22	588,145
	925,000		3.850		10/15/23	901,526


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Sabine Pass Liquefaction LLC^(a)
$	800,000		6.250	%	03/15/22	$ 860,610
	900,000		5.625		03/01/25	955,125
Sunoco Logistics Partners Operations LP^(a)
	200,000		4.250		04/01/24	198,108
Williams Partners LP^(a)
	915,000		3.600		03/15/22	910,528
	600,000		3.900		01/15/25	585,314

						10,236,690

Real Estate Investment Trust – 1.1%
American Campus Communities Operating Partnership LP^(a)
	800,000		3.750		04/15/23	795,728
American Homes 4 Rent LP^(a)
	290,000		4.250		02/15/28	277,724
American Tower Corp.
	300,000		3.400		02/15/19	300,807
China Evergrande Group^(a)
	480,000		8.750		06/28/25	421,973
Crown Castle International Corp.
	575,000		5.250		01/15/23	601,867
	1,275,000		3.150	^(a)	07/15/23	1,220,527
	150,000		3.650	^(a)	09/01/27	139,523
Kaisa Group Holdings Ltd.^(a)
	200,000		9.375		06/30/24	152,250
National Retail Properties, Inc.^(a)
	400,000		4.000		11/15/25	392,439
Trust F/1401^(a)(c)
	300,000		5.250		12/15/24	294,375
VEREIT Operating Partnership LP^(a)
	575,000		3.000		02/06/19	574,876
	750,000		4.125		06/01/21	760,372

						5,932,461

Retailing^(a) – 0.2%
Dollar Tree, Inc.
	775,000		4.000		05/15/25	757,410
Walmart, Inc.
	375,000		4.050		06/29/48	377,621

						1,135,031

Semiconductors – 0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,100,000		3.000		01/15/22	1,069,927
Microchip Technology, Inc.^(c)
	525,000		3.922		06/01/21	525,872

						1,595,799

Software^(a) – 0.2%
Microsoft Corp.
	800,000		3.125		11/03/25	785,924
Oracle Corp.
	600,000		4.000		07/15/46	566,148

						1,352,072

Telecommunication Services – 2.6%
AT&T, Inc.^(a)
	1,375,000		3.000		06/30/22	1,334,845
	400,000		4.450		04/01/24	403,824
	1,700,000		3.400		05/15/25	1,594,157


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
AT&T, Inc.^(a) – (continued)
$	600,000		4.125	%	02/17/26	$ 586,449
	250,000		5.450		03/01/47	245,396
Digicel Ltd.^(a)(c)
	200,000		6.000		04/15/21	180,500
	800,000		6.750		03/01/23	664,000
Nokia OYJ
	579,000		4.375		06/12/27	541,977
Sprint Communications, Inc.^(c)
	250,000		7.000		03/01/20	259,375
T-Mobile USA, Inc.^(a)
	550,000		4.500		02/01/26	513,562
Telecom Italia Capital SA
	50,000		7.200		07/18/36	51,500
Telefonica Emisiones SAU
	150,000		5.462		02/16/21	156,984
Verizon Communications, Inc.
	975,000		2.625		08/15/26	865,352
	2,455,000		4.329	^(c)	09/21/28	2,433,153
	300,000		5.250		03/16/37	308,100
	50,000		4.125		08/15/46	42,893
	50,000		4.862		08/21/46	47,779
	1,030,000		5.012		04/15/49	1,003,066
Vodafone Group PLC
	1,525,000		3.750		01/16/24	1,511,968
Wind Tre SpA^(a)(c)
	1,600,000		5.000		01/20/26	1,260,000

						14,004,880

Transportation^(a) – 0.1%
Union Pacific Corp.
	725,000		3.950		09/10/28	728,461

TOTAL CORPORATE OBLIGATIONS (Cost $156,086,466)						$151,534,239


Mortgage-Backed Obligations – 31.1%
Collateralized Mortgage Obligations – 4.5%
Interest Only^(f) – 1.1%
FHLMC REMIC Series 4314, Class SE^(b)(-1x1M LIBOR + 6.050%)
$	939,534		4.131	%	03/15/44	$ 148,162
FHLMC REMIC Series 4320, Class SD^(b)(-1x1M LIBOR + 6.100%)
	4,363,409		4.181		07/15/39	559,001
FHLMC REMIC Series 4431, Class ST^(b)(-1x1M LIBOR + 6.100%)
	687,019		4.181		01/15/45	102,967
FHLMC REMIC Series 4583, Class ST^(b)(-1x1M LIBOR + 6.000%)
	1,870,193		3.927		05/15/46	307,545
FHLMC STRIPS Series 304, Class C45
	325,034		3.000		12/15/27	28,043
FNMA REMIC Series 2011-124, Class SC^(b)(-1x1M LIBOR + 6.550%)
	508,164		4.590		12/25/41	81,020
FNMA REMIC Series 2012-5, Class SA^(b)(-1x1M LIBOR + 5.950%)
	697,863		3.990		02/25/42	97,170
FNMA REMIC Series 2012-88, Class SB^(b)(-1x1M LIBOR + 6.670%)
	467,548		4.710		07/25/42	80,182
FNMA REMIC Series 2013-121, Class SA^(b)(-1x1M LIBOR + 6.100%)
	582,621		4.140		12/25/43	75,503
FNMA REMIC Series 2013-130, Class SN^(b)(-1x1M LIBOR + 6.650%)
	943,057		4.690		10/25/42	142,400
FNMA REMIC Series 2014-6, Class SA^(b)(-1x1M LIBOR + 6.600%)
	538,530		4.640		02/25/44	90,842


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
FNMA REMIC Series 2014-87, Class MS^(b)(-1x1M LIBOR + 6.250%)
$	910,621		4.290	%	01/25/45	$ 122,803
FNMA REMIC Series 2015-28, Class PS^(b)(-1x1M LIBOR + 5.600%)
	1,587,081		3.640		08/25/44	209,687
FNMA REMIC Series 2015-79, Class SA^(b)(-1x1M LIBOR + 6.250%)
	471,692		4.290		11/25/45	63,649
FNMA REMIC Series 2015-86, Class BS^(b)(-1x1M LIBOR + 5.700%)
	282,791		3.740		11/25/45	31,976
FNMA REMIC Series 2016-1, Class SJ^(b)(-1x1M LIBOR + 6.150%)
	1,344,327		4.059		02/25/46	230,329
FNMA REMIC Series 2016-69, Class BS^(b)(-1x1M LIBOR + 6.100%)
	2,888,237		4.140		10/25/46	374,473
GNMA REMIC Series 2010-101, Class S^(b)(-1x1M LIBOR + 6.000%)
	505,855		4.052		08/20/40	72,372
GNMA REMIC Series 2010-20, Class SE^(b)(-1x1M LIBOR + 6.250%)
	1,061,516		4.302		02/20/40	157,877
GNMA REMIC Series 2010-31, Class SA^(b)(-1x1M LIBOR + 5.750%)
	397,832		3.803		03/20/40	50,898
GNMA REMIC Series 2012-149, Class MS^(b)(-1x1M LIBOR + 6.250%)
	112,536		4.166		12/20/42	16,299
GNMA REMIC Series 2013-134, Class DS^(b)(-1x1M LIBOR + 6.100%)
	144,658		4.016		09/20/43	20,516
GNMA REMIC Series 2013-152, Class SG^(b)(-1x1M LIBOR + 6.150%)
	452,659		4.066		06/20/43	63,911
GNMA REMIC Series 2013-167, Class SG^(b)(-1x1M LIBOR + 6.150%)
	210,558		4.202		11/20/43	29,734
GNMA REMIC Series 2013-181, Class SA^(b)(-1x1M LIBOR + 6.100%)
	601,796		4.152		11/20/43	86,906
GNMA REMIC Series 2014-132, Class SL^(b)(-1x1M LIBOR + 6.100%)
	738,054		4.016		10/20/43	96,880
GNMA REMIC Series 2014-133, Class BS^(b)(-1x1M LIBOR + 5.600%)
	364,124		3.652		09/20/44	43,388
GNMA REMIC Series 2014-162, Class SA^(b)(-1x1M LIBOR + 5.600%)
	344,382		3.652		11/20/44	41,923
GNMA REMIC Series 2014-188, Class IB
	864,631		4.000		12/20/44	145,852
GNMA REMIC Series 2014-41, Class SA^(b)(-1x1M LIBOR + 6.100%)
	164,890		4.016		03/20/44	24,245
GNMA REMIC Series 2015-110, Class MS^(b)(-1x1M LIBOR + 5.710%)
	2,441,927		3.626		08/20/45	316,555
GNMA REMIC Series 2015-111, Class IM
	1,049,532		4.000		08/20/45	180,043
GNMA REMIC Series 2015-117, Class KI
	1,639,758		5.000		08/20/45	368,854
GNMA REMIC Series 2015-119, Class SN^(b)(-1x1M LIBOR + 6.250%)
	495,704		4.302		08/20/45	75,384
GNMA REMIC Series 2015-123, Class SP^(b)(-1x1M LIBOR + 6.250%)
	524,727		4.166		09/20/45	77,796
GNMA REMIC Series 2015-126, Class HS^(b)(-1x1M LIBOR + 6.200%)
	229,639		4.116		09/20/45	33,486
GNMA REMIC Series 2015-14, Class IO
	789,659		5.000		10/20/44	178,214
GNMA REMIC Series 2015-167, Class AS^(b)(-1x1M LIBOR + 6.250%)
	375,850		4.166		11/20/45	55,746
GNMA REMIC Series 2015-168, Class SD^(b)(-1x1M LIBOR + 6.200%)
	245,644		4.116		11/20/45	36,555
GNMA REMIC Series 2015-57, Class AS^(b)(-1x1M LIBOR + 5.600%)
	2,005,604		3.652		04/20/45	247,875
GNMA REMIC Series 2015-64, Class SG^(b)(-1x1M LIBOR + 5.600%)
	1,290,733		3.516		05/20/45	184,503
GNMA REMIC Series 2016-109, Class IH
	1,495,547		4.000		10/20/45	268,984


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
GNMA REMIC Series 2016-27, Class IA
$	778,845		4.000	%	06/20/45	$ 123,118
GNMA REMIC Series 2016-6, Class SB^(b)(-1x1M LIBOR + 5.650%)
	695,388		3.702		01/20/46	85,617

						5,829,283

Regular Floater^(b) – 0.0%
FNMA REMIC Series 2011-63, Class FG(1M LIBOR + 0.450%)
	125,093		2.410		07/25/41	125,860

Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2005-70, Class PA
	66,536		5.500		08/25/35	72,403
FNMA REMIC Series 2011-52, Class GB
	509,715		5.000		06/25/41	543,685
FNMA REMIC Series 2012-111, Class B
	45,431		7.000		10/25/42	51,231
FNMA REMIC Series 2012-153, Class B
	121,337		7.000		07/25/42	137,361

						804,680

Sequential Floating Rate^(b) – 3.3%
Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3(1M USD LIBOR + 0.250%)
	1,871,083		2.210		11/25/36	1,403,169
Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(c)(g)(3M EURIBOR + 2.750%)
EUR	889,457		2.750		04/20/20	1,035,592
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1(1M LIBOR + 0.140%)
$	384,121		2.100		07/25/47	375,128
DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A(1M USD LIBOR + 0.200%)
	1,659,163		2.148		10/19/36	1,520,990
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(c)(1M LIBOR + 0.830%)
	2,000,000		2.791		06/15/35	1,996,998
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3(1M USD LIBOR + 3.300%)
	260,000		5.260		10/25/27	290,035
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3(1M USD LIBOR + 3.250%)
	1,000,000		5.210		05/25/25	1,129,240
Harben Finance PLC Series 2017-1X, Class A(3M GBP LIBOR + 0.800%)
GBP	963,168		1.423		08/20/56	1,274,977
London Wall Mortgage Capital PLC Series 2017-FL1, Class A(3M GBP LIBOR + 0.850%)
	2,333,362		1.397		11/15/49	3,083,871
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B(12M MTA + 1.200%)
$	211,490		2.664		12/25/46	209,219
Ripon Mortgages PLC Series 1X, Class A1(3M GBP LIBOR + 0.800%)
GBP	338,954		1.423		08/20/56	449,435
Ripon Mortgages PLC Series 1X, Class A2(3M GBP LIBOR + 0.800%)
	2,943,545		1.423		08/20/56	3,897,141


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
Station Place Securitization Trust Series 2015-2, Class A^(c)(1M USD LIBOR + 0.550%)
$	950,000		2.468	%	07/15/19	$ 950,000

						17,615,795

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 24,375,618

Federal Agencies – 26.6%
Adjustable Rate FHLMC^(b) – 0.0%
FHLMC(12M USD LIBOR + 1.768%)
	36,964		3.517		09/01/35	38,044

FHLMC – 0.3%
	154,660		6.000		08/01/27	169,020
	15,735		5.000		08/01/33	16,779
	3,043		5.000		09/01/33	3,245
	4,132		5.000		10/01/33	4,406
	2,074		6.000		12/01/33	2,321
	4,010		5.000		11/01/34	4,276
	230,927		5.000		12/01/34	246,259
	5,955		5.000		07/01/35	6,350
	3,195		5.000		11/01/35	3,407
	24,191		6.500		08/01/37	27,331
	98,474		6.500		10/01/37	111,743
	21,109		6.500		09/01/38	23,844
	152,395		6.000		01/01/39	169,883
	150,972		7.000		02/01/39	172,556
	43,151		5.000		03/01/39	46,086
	9,268		5.000		05/01/39	9,898
	29,970		5.000		04/01/40	32,038
	5,056		5.000		08/01/40	5,403
	590,378		5.500		08/01/40	644,430
	66,300		4.000		02/01/41	68,159
	801		5.000		04/01/41	859
	4,544		5.000		06/01/41	4,854

						1,773,147

FNMA – 16.1%
	7,450		6.000		06/01/21	7,706
	22,529		5.000		08/01/23	23,338
	10,193		5.500		09/01/23	10,577
	6,269		5.500		10/01/23	6,512
	43,690		5.000		02/01/24	45,007
	34,868		5.500		05/01/25	35,419
	41,118		6.000		12/01/32	45,421
	784		5.500		03/01/33	848
	80,054		5.500		04/01/33	87,054
	207		6.000		05/01/33	228
	2,136		5.000		08/01/33	2,279
	593		5.500		09/01/33	645
	19,599		5.500		12/01/33	21,347
	104		6.000		12/01/33	116
	696		5.500		02/01/34	758
	8,671		6.000		02/01/34	9,592
	1,229		5.500		03/01/34	1,342
	142		5.500		04/01/34	154
	3,715		5.500		09/01/34	4,051
	1,299		5.500		10/01/34	1,413
	4,566		5.500		12/01/34	4,979


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	27,858		5.000	%		04/01/35		$ 29,808
	152		6.000			04/01/35		169
	3,174		5.500			05/01/35		3,452
	1,500		5.500			07/01/35		1,634
	99,979		6.000			07/01/35		111,062
	874		5.500			09/01/35		951
	119,278		6.000			09/01/35		131,505
	3,286		6.000			03/01/36		3,648
	4,953		6.000			04/01/36		5,496
	62		5.500			02/01/37		67
	99		5.500			04/01/37		108
	3,416		5.000			02/01/38		3,628
	8,589		5.500			02/01/38		9,264
	184		5.500			03/01/38		201
	53		5.500			06/01/38		58
	117		5.500			07/01/38		127
	136		5.500			08/01/38		148
	108		5.500			09/01/38		118
	118,120		6.000			11/01/38		129,246
	39		5.500			12/01/38		42
	46,645		6.000			12/01/38		51,718
	11,390		4.500			02/01/39		11,935
	93,007		7.000			03/01/39		105,348
	10,549		4.500			04/01/39		11,099
	2,444		5.500			06/01/39		2,665
	28,256		5.000			07/01/39		30,274
	11,269		4.500			08/01/39		11,856
	408,727		5.000			10/01/39		437,912
	2,184		5.500			11/01/39		2,381
	155,496		4.500			12/01/39		163,599
	142,490		4.500			06/01/40		149,798
	63,216		4.500			08/01/41		66,461
	139,976		5.000			12/01/41		149,074
	79,264		3.000			12/01/42		77,605
	188,586		3.000			01/01/43		184,638
	53,600		3.000			02/01/43		52,528
	18,327		3.000			03/01/43		17,961
	263,159		3.000			04/01/43		257,896
	42,494		3.000			05/01/43		41,643
	61,986		3.000			06/01/43		60,746
	17,812		3.000			07/01/43		17,439
	61,425		5.000			06/01/44		65,266
	26,478		3.500			03/01/45		26,442
	626,236		3.000			04/01/45		609,504
	2,687,303		4.500			04/01/45		2,828,597
	307,674		4.500			05/01/45		323,851
	1,790,202		4.500			06/01/45		1,876,775
	813,285		4.000			11/01/45		832,164
	99,114		4.000			01/01/46		101,415
	256,814		4.000			03/01/46		262,484
	178,075		4.000			06/01/46		181,826
	45,215		4.000			08/01/46		46,167
	286,257		4.000			10/01/46		292,285
	12,990,690		4.500			04/01/47		13,551,928
	977,881		4.500			07/01/47		1,019,670
	1,882,409		4.500			08/01/47		1,962,853
	9,000,003		4.500			06/01/48		9,376,878
	1,000,000		3.500			TBA-30yr	^(h)	995,156
	24,000,000		4.500			TBA-30yr	^(h)	24,990,000
	13,000,000		5.000			TBA-30yr	^(h)	13,771,875


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	11,000,000		4.000	%		TBA-30yr	^(h)	$ 11,214,843

								86,974,073

GNMA – 10.2%
	34,675		5.500			11/15/32		37,503
	20,374		5.500			01/15/33		22,001
	51,851		5.500			02/15/33		56,283
	51,818		5.500			03/15/33		56,248
	52,827		5.500			07/15/33		57,320
	24,656		5.500			08/15/33		26,764
	16,227		5.500			09/15/33		17,615
	35,214		5.500			04/15/34		38,228
	8,595		5.500			05/15/34		9,330
	228,717		5.500			09/15/34		248,293
	224,175		5.500			12/15/34		243,362
	163,503		5.500			01/15/35		177,497
	901		5.500			05/15/36		970
	9,266		4.000			02/20/41		9,576
	14,114		4.000			11/20/41		14,587
	2,339		4.000			01/20/42		2,416
	7,502		4.000			04/20/42		7,751
	4,199		4.000			10/20/42		4,336
	1,304,643		4.000			08/20/43		1,347,503
	1,623,507		4.000			10/20/43		1,675,827
	8,060		4.000			03/20/44		8,310
	9,749		4.000			05/20/44		10,051
	675,464		4.000			11/20/44		696,387
	153,504		4.000			12/20/44		158,259
	44,821		4.000			05/20/45		46,168
	176,444		4.000			07/20/45		181,689
	1,497,565		4.000			08/20/45		1,541,614
	1,129,453		4.000			09/20/45		1,162,675
	1,984,588		4.000			10/20/45		2,042,963
	1,018,258		4.000			01/20/46		1,048,209
	246,082		4.000			02/20/46		253,320
	734,348		4.000			07/20/47		753,653
	19,000,000		4.000			TBA-30yr	^(h)	19,440,859
	23,000,000		4.500			TBA-30yr	^(h)	23,903,829

								55,301,396

TOTAL FEDERAL AGENCIES								$144,086,660

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $167,682,098)								$168,462,278


Agency Debentures – 2.7%
FHLB
$	2,400,000		4.625	%		09/11/20		$ 2,499,857
	400,000		5.375			08/15/24		454,428
FNMA
	4,000,000		1.875			09/24/26		3,646,920
	800,000		6.250			05/15/29		1,026,368
Hashemite Kingdom of Jordan Government AID Bond⁽ⁱ⁾
	1,600,000		2.503			10/30/20		1,589,232
Israel Government AID Bond⁽ⁱ⁾
	2,000,000		5.500			09/18/23		2,251,700
	300,000		5.500			12/04/23		338,316
	877,000		5.500			04/26/24		994,597
	40,000		5.500			09/18/33		50,499


Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
NCUA Guaranteed Notes Series A4⁽ⁱ⁾
$	600,000		3.000	%	06/12/19	$ 602,967
Tennessee Valley Authority
	1,200,000		3.875		02/15/21	1,235,436

TOTAL AGENCY DEBENTURES (Cost $14,997,982)						$ 14,690,320


Asset-Backed Securities^(b) – 15.8%
Collateralized Loan Obligations^(c) – 7.3%
ACIS CLO Ltd. Series 2013-1A, Class A1(3M USD LIBOR + 0.870%)
$	718,920		2.604	%	04/18/24	$ 718,896
ACIS CLO Ltd. Series 2013-1A, Class B(3M USD LIBOR + 1.950%)
	597,200		3.684		04/18/24	597,268
ACIS CLO Ltd. Series 2013-1A, Class C(3M USD LIBOR + 2.950%)
	377,200		4.684		04/18/24	377,279
BlueMountain CLO Ltd. Series 2014-2A, Class AR(3M USD LIBOR + 0.930%)
	3,050,000		2.675		07/20/26	3,050,265
CBAM Ltd. Series 2017-3A, Class A(3M USD LIBOR + 1.230%)
	3,450,000		2.762		10/17/29	3,453,491
Crown Point CLO Ltd. Series 2015-3A, Class A1AR(3M USD LIBOR + 0.910%)
	3,200,000		2.632		12/31/27	3,199,965
Cutwater Ltd. Series 2014-1A, Class A1AR(3M USD LIBOR + 1.250%)
	3,000,000		2.972		07/15/26	3,000,432
Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR(3M USD LIBOR + 0.900%)
	2,150,000		3.248		04/15/29	2,143,647
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(3M USD LIBOR + 1.390%)
	1,800,000		3.135		07/25/27	1,799,978
Madison Park Funding XXX Ltd. Series 2018-30A, Class A(3M USD LIBOR + 0.750%)
	4,050,000		3.089		04/15/29	4,006,523
NewMark Capital Funding CLO Ltd. Series 2013-1A, Class A2(3M USD LIBOR + 1.120%)
	1,057,669		3.137		06/02/25	1,057,711
OCP CLO Ltd. Series 2012-2A, Class A1R(3M USD LIBOR + 1.400%)
	1,500,000		3.304		11/22/25	1,502,213
OFSI Fund V Ltd. Series 2013-5A, Class A1LA(3M USD LIBOR + 0.930%)
	290,114		2.652		04/17/25	290,104
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A(1M USD LIBOR + 0.850%)
	850,000		2.830		06/25/35	850,272
Recette CLO Ltd. Series 2015-1A, Class AR(3M USD LIBOR + 0.920%)
	4,350,000		2.665		10/20/27	4,344,850
Regatta IV Funding Ltd. Series 2014-1A, Class A1R(3M USD LIBOR + 1.020%)
	1,550,000		2.765		07/25/26	1,550,122
Voya CLO Ltd. Series 2014-4A, Class A1R(3M USD LIBOR + 0.950%)
	4,450,000		2.672		10/14/26	4,445,439
Whitehorse Ltd. Series 2014-9A, Class AR(3M USD LIBOR + 1.160%)
	3,450,000		2.891		07/17/26	3,450,355

						39,838,810

Home Equity – 0.7%
Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2(1M LIBOR + 0.800%)
	6,264		2.760		10/27/32	6,152


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Home Equity – (continued)
Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1(1M USD LIBOR + 0.660%)
$	2,011		2.620	%	10/25/32	$ 2,008
CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1(1M USD LIBOR + 0.620%)
	1,210		2.580		01/25/32	1,190
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	24,400		6.951		09/25/37	24,621
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	28,192		6.804		09/25/37	28,801
Home Equity Asset Trust Series 2002-1, Class A4(1M USD LIBOR + 0.600%)
	257		2.560		11/25/32	248
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3(1M USD LIBOR + 0.230%)
	1,400,000		2.190		04/25/37	1,293,938
Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A(1M USD LIBOR + 0.220%)
	3,267,806		2.180		04/25/37	1,369,334
Renaissance Home Equity Loan Trust Series 2003-2, Class A(1M USD LIBOR + 0.880%)
	1,069		2.840		08/25/33	1,047
Renaissance Home Equity Loan Trust Series 2003-3, Class A(1M USD LIBOR + 0.500%)
	2,910		2.960		12/25/33	2,871
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC6, Class A4(1M USD LIBOR + 0.170%)
	1,025,724		2.130		01/25/37	998,667

						3,728,877

Student Loan – 7.8%
Academic Loan Funding Trust Series 2012-1A, Class A2^(c)(1M USD LIBOR + 1.100%)
	2,604,824		3.060		12/27/44	2,610,958
Access Group, Inc. Series 2004-1, Class A2(3M USD LIBOR + 0.210%)
	2,057,739		2.496		09/26/33	2,013,501
ECMC Group Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.350%)
	1,952,290		3.310		07/26/66	1,984,184
Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(c)(1M USD LIBOR + 0.800%)
	1,164,071		2.760		10/25/56	1,168,416
EFS Volunteer No. 2 LLC Series 2012-1, Class A2^(c)(1M USD LIBOR + 1.350%)
	2,600,000		3.310		03/25/36	2,644,838
EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(c)(1M USD LIBOR + 1.000%)
	1,650,000		2.960		04/25/33	1,660,066
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3(1M USD LIBOR + 1.050%)
	1,500,000		2.998		07/20/43	1,507,453
Navient Student Loan Trust Series 2016-5A, Class A^(c)(1M USD LIBOR + 1.250%)
	4,348,673		3.210		06/25/65	4,462,462
Navient Student Loan Trust Series 2016-7A, Class A^(c)(1M USD LIBOR + 1.150%)
	2,182,467		3.110		03/25/66	2,223,364
Navient Student Loan Trust Series 2017-2A, Class A^(c)(1M USD LIBOR + 1.050%)
	4,604,777		3.010		12/27/66	4,674,370


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
Nelnet Student Loan Trust Series 2006-1, Class A6^(c)(3M USD LIBOR + 0.450%)
$	2,600,000		2.370	%	08/23/36	$ 2,543,673
PHEAA Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.150%)
	2,001,323		3.110		09/25/65	2,031,915
Scholar Funding Trust Series 2010-A, Class A^(c)(3M USD LIBOR + 0.750%)
	493,606		2.510		10/28/41	491,788
SLM Student Loan Trust Series 2003-7A, Class A5A^(c)(3M USD LIBOR + 1.200%)
	1,858,417		3.325		12/15/33	1,880,688
SLM Student Loan Trust Series 2004-8A, Class A6^(c)(3M USD LIBOR + 0.630%)
	1,300,000		2.375		01/25/40	1,307,346
SLM Student Loan Trust Series 2005-4, Class A3(3M USD LIBOR + 0.120%)
	309,173		1.865		01/25/27	308,044
SLM Student Loan Trust Series 2005-5, Class A4(3M USD LIBOR + 0.140%)
	1,650,000		1.885		10/25/28	1,644,086
SLM Student Loan Trust Series 2006-10, Class A5A(3M USD LIBOR + 0.100%)
	660,728		1.845		04/25/27	660,010
SLM Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.110%)
	271,954		1.855		07/25/25	271,954
SLM Student Loan Trust Series 2007-7, Class A4(3M USD LIBOR + 0.330%)
	938,234		2.075		01/25/22	922,717
SLM Student Loan Trust Series 2008-2, Class A3(3M USD LIBOR + 0.750%)
	258,303		2.495		04/25/23	257,415
SLM Student Loan Trust Series 2008-4, Class A4(3M USD LIBOR + 1.650%)
	615,898		3.395		07/25/22	629,670
SLM Student Loan Trust Series 2008-5, Class A4(3M USD LIBOR + 1.700%)
	1,899,345		3.445		07/25/23	1,947,852
SLM Student Loan Trust Series 2008-6, Class A4(3M USD LIBOR + 1.100%)
	1,314,018		2.845		07/25/23	1,324,778
SLM Student Loan Trust Series 2008-8, Class A4(3M USD LIBOR + 1.500%)
	850,000		3.245		04/25/23	865,797

						42,037,345

TOTAL ASSET-BACKED SECURITIES (Cost $84,382,181)						$ 85,605,032


Foreign Debt Obligations – 1.0%
Sovereign – 1.0%
Dominican Republic
DOP	100,000		10.375	%	03/04/22	$ 2,100
	300,000		14.500		02/10/23	7,059
	100,000		11.375		07/06/29	2,142


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Ecuador Government International Bond
$	360,000		9.625	%	06/02/27	$ 334,800
Perusahaan Penerbit SBSN^(c)
	220,000		4.150		03/29/27	212,025
Republic of Argentina
EUR	410,000		5.250		01/15/28	408,774
	40,000		2.260	^(j)	12/31/38	27,373
$	200,000		2.500	^(j)	12/31/38	113,400
EUR	100,000		6.250		11/09/47	90,797
$	1,100,000		6.875		01/11/48	827,750
	70,000		7.125	^(k)	06/28/17	53,445
Republic of Ecuador^(c)
	300,000		8.875		10/23/27	266,250
	260,000		7.875		01/23/28	217,750
Republic of Indonesia^(c)
EUR	250,000		2.150		07/18/24	294,140
$	1,060,000		4.750		01/08/26	1,074,575
Republic of South Africa
ZAR	1,650,000		8.000		01/31/30	109,848
	4,340,000		7.000		02/28/31	262,096
	4,894,000		8.250		03/31/32	324,900
	1,520,000		8.875		02/28/35	104,635
	2,515,000		6.250		03/31/36	132,439
	40,000		9.000		01/31/40	2,742
	870,000		6.500		02/28/41	45,174
	2,330,000		8.750		01/31/44	155,043
Republic of Sri Lanka
$	200,000		6.850		11/03/25	193,250
Republic of Venezuela^(e)
	140,000		6.000		12/09/20	36,400
United Mexican States
MXN	3,046,400		6.500		06/10/21	148,402
	404,700		8.000		12/07/23	20,641
	1,125,400		7.750		11/23/34	56,999
	48,700		8.000		11/07/47	2,523

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $5,960,310)						$ 5,527,472


Structured Notes^(c)(l) – 0.5%
Arab Republic of Egypt (Issuer Citibank NA)
$	10,000,000		0.000		11/01/18	$ 525,070
	34,100,000		0.000		01/17/19	1,723,451
Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA)
	11,525,000		0.000		02/07/19	576,604

TOTAL STRUCTURED NOTES (Cost $2,880,178)						$ 2,825,125


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.3%
California^(a) – 0.4%
California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%	04/01/39	$ 309,674
California State GO Bonds Build America Taxable Series 2010
	625,000		7.950		03/01/36	674,175
East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874		06/01/40	1,141,056

						2,124,905

Illinois – 0.3%
Illinois State GO Bonds Build America Series 2010^(a)
	115,000		6.630		02/01/35	121,855
	730,000		7.350		07/01/35	815,125
Illinois State GO Bonds Taxable-Pension Series 2003
	965,000		5.100		06/01/33	913,238

						1,850,218

Minnesota^(a)(b) – 0.1%
Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1(3M USD LIBOR + 0.100%)
	387,565		1.860		04/28/30	385,846

New York^(a) – 0.1%
Port Authority of New York & New Jersey Consolidated Bonds-192 Series 2015
	375,000		4.810		10/15/65	422,032

Ohio^(a) – 0.1%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270		02/15/50	318,863

Puerto Rico – 0.3%
Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A^(a)
	10,000		5.750		07/01/41	4,200
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A^(a)
	15,000		5.500		07/01/32	6,375
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B^(a)
	10,000		5.750		07/01/38	4,250
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A^(a)
	860,000		5.750		07/01/28	361,200
	170,000		5.000		07/01/41	68,850
Puerto Rico Commonwealth GO Bonds Series 2014 A^(a)
	445,000		8.000		07/01/35	180,225
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A^(a)
	10,000		5.250		07/01/27	4,250
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B^(a)
	40,000		6.050		08/01/37	34,350
	15,000		6.050		08/01/39	12,881
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C^(a)
	190,000		6.000		08/01/31	163,162
	35,000		6.000		08/01/32	30,056
	95,000		6.000		08/01/38	81,581


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A^(a)
$	10,000		6.130	%	08/01/28	$ 8,588
	35,000		6.130		08/01/29	30,056
	45,000		6.130		08/01/30	38,644
	40,000		6.130		08/01/37	34,350
	70,000		6.130		08/01/38	60,112
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C^(a)
	25,000		5.750		08/01/57	21,500
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	20,000		5.000		08/01/21	17,200
	90,000		5.000	^(a)	08/01/40	77,400
	195,000		5.250	^(a)	08/01/40	167,700
	95,000		5.000	^(a)	08/01/46	81,700
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D^(a)
	20,000		4.850		08/01/36	16,825
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A^(a)
	70,000		6.750		08/01/32	31,325
	35,000		5.750		08/01/37	15,662
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A^(a)
	25,000		4.500		08/01/21	11,188
	5,000		5.500		08/01/37	2,238
	40,000		5.500		08/01/42	17,900
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C^(a)
	15,000		5.375		08/01/38	6,713
	290,000		6.000		08/01/39	129,775
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1^(a)
	150,000		5.000		08/01/43	67,125
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A^(a)
	15,000		5.500		08/01/28	6,713

						1,794,094

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $6,664,452)						$ 6,895,958


U.S. Treasury Obligations – 23.4%
United States Treasury Bonds
$	3,960,000		2.750	%	11/15/42	$ 3,805,995
	5,990,000		3.625	^(m)	02/15/44	6,678,910
	4,120,000		3.125		08/15/44	4,228,315
	2,080,000		3.000		11/15/44	2,087,446
	9,410,000		2.875	^(m)	11/15/46	9,214,084
	4,400,000		3.000		05/15/47	4,413,288
	4,390,000		2.750		11/15/47	4,188,850
United States Treasury Notes
	68,060,000		2.125		07/31/24	65,524,086
	1,210,000		2.375		08/15/24	1,181,480
	9,190,000		2.125		11/30/24	8,825,341
	4,240,000		2.875		04/30/25	4,257,215
	3,980,000		2.000		11/15/26	3,730,732
	7,300,000		2.250		02/15/27	6,968,361
United States Treasury Strip Coupon^(l)
	2,800,000		0.000		02/15/35	1,703,184

TOTAL U.S. TREASURY OBLIGATIONS (Cost $129,783,192)						$126,807,287


Shares	Distribution Rate	Value
Investment Company⁽ⁿ⁾ – 0.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,507,330	1.869%	$ 1,507,330
(Cost $1,507,330)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $569,944,189)		$563,855,041


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 10.8%
Certificates of Deposit^(b) – 1.4%
Mizuho Bank Ltd.
$	5,000,000		2.445	%	10/05/18	$ 5,003,015
Sumitomo Mitsui Trust Bank Ltd.
	2,787,000		2.452		10/12/18	2,787,538

						7,790,553

Commercial Paper – 9.4%
AT&T, Inc.^(l)
	1,150,000		0.000		10/09/18	1,141,431
	2,500,000		0.000		05/28/19	2,430,024
Australia & New Zealand Banking Group Ltd.^(b)
	1,700,000		2.200		07/09/18	1,700,132
BAT International Finance PLC^(l)
	4,000,000		0.000		08/07/18	3,989,674
BPCE SA^(l)
	5,000,000		0.000		08/06/18	4,989,275
Ciesco LLC^(l)
	2,801,000		0.000		07/12/18	2,798,969
CRC Funding LLC^(l)
	2,801,000		0.000		07/11/18	2,799,153
Duke Energy Corp.^(l)
	1,500,000		0.000		08/27/18	1,493,984
Eastman Chemical Co.^(l)
	1,250,000		0.000		07/06/18	1,249,453
Fairway Finance Corp.^(l)
	1,150,000		0.000		07/18/18	1,148,766
Hewlett Packard Enterprise Co.^(l)
	1,362,000		0.000		07/10/18	1,361,193
	1,363,000		0.000		07/11/18	1,362,117
HP, Inc.^(l)
	1,500,000		0.000		07/23/18	1,498,026
Mondelez International, Inc.^(l)
	2,400,000		0.000		10/01/18	2,383,945
Nutrien Ltd.^(l)
	548,000		0.000		07/16/18	547,352
	807,000		0.000		07/18/18	805,930


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Old Line Funding LLC^(l)
$	5,602,000		0.000	%	07/16/18	$ 5,596,622
Schlumberger Holdings^(l)
	3,000,000		0.000		09/21/18	2,982,822
Schlumberger Holdings Corp.^(l)
	1,000,000		0.000		08/22/18	996,502
Sempra Energy Holdings^(l)
	538,000		0.000		07/31/18	536,873
Suncor Energy, Inc.^(l)
	817,000		0.000		07/03/18	816,797
	700,000		0.000		08/21/18	697,497
The Southern Co.^(l)
	1,091,000		0.000		08/30/18	1,086,383
Thunder Bay Funding LLC^(l)
	2,800,000		0.000		08/15/18	2,792,225
VW Credit, Inc.^(l)
	1,809,000		0.000		08/13/18	1,803,562
	1,900,000		0.000		09/20/18	1,888,930

						50,897,637

TOTAL SHORT-TERM INVESTMENTS (Cost $58,684,127)						$ 58,688,190

TOTAL INVESTMENTS – 114.9% (Cost $628,628,316)						$622,543,231

LIABILITIES IN EXCESS OF OTHER ASSETS – (14.9)%						(80,756,894)

NET ASSETS – 100.0%						$541,786,337



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $107,537,974, which represents approximately 19.9% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		Actual maturity date is September 15, 2166.

(e)		Security is currently in default and/or non-income producing.

(f)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(g)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.



(h)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $94,316,562 which represents approximately 17.4% of the Fund’s net assets as of June 30, 2018.

(i)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,827,311, which represents approximately 1.1% of the Fund’s net assets as of June 30, 2018.

(j)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.

(k)		Actual maturity date is June 28, 2117.

(l)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(m)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(n)		Represents an affiliated issuer.



Currency Abbreviations:
ARS		— Argentine Peso
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
COP		— Colombian Peso
CZK		— Czech Koruna
DOP		— Dominican Peso
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thai Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
ZAR		— South African Rand

Investment Abbreviations:
AUDOR		— Australian Dollar Offered Rate
CDOR		— Canadian Dollar Offered Rate
CHFOR		— Swiss Franc Offered Rate
CLO		— Collateralized Loan Obligation
EURO		— Euro Offered Rate
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GMAC		— General Motors Acceptance Corporation
GNMA		— Government National Mortgage Association
GO		— General Obligation
JIBAR		— Johannesburg Interbank Agreed Rate
JYOR		— Japanese Yen Offered Rate
KWCDC		— South Korean Won Certificate of Deposit
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company


LP		— Limited Partnership
MTA		— Monthly Treasury Average
NCUA		— National Credit Union Administration
NIBOR		— Norwegian Interbank Offered Rate
NZDOR		— New Zealand Dollar Offered Rate
PLC		— Public Limited Company
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
STIBOR		— Stockholm Interbank Offered Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FORWARD SALES CONTRACTS — At June 30, 2018, the Fund had the following forward sales contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

WRITTEN AND PURCHASED OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following written and purchased options:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 29.9%
Aerospace & Defense – 0.9%
General Dynamics Corp.
$	1,725,000		3.000	%	05/11/21	$ 1,719,458
	550,000		3.375	^(a)	05/15/23	551,111
(3M USD LIBOR + 0.380%)
	900,000		2.736	^(b)	05/11/21	903,135
Northrop Grumman Corp.^(a)
	3,175,000		2.930		01/15/25	3,014,229
	4,400,000		3.250		01/15/28	4,133,636

						10,321,569

Agriculture – 0.9%
BAT Capital Corp.^(a)(c)
	1,960,000		3.222		08/15/24	1,856,578
	175,000		3.557		08/15/27	162,820
	800,000		4.390		08/15/37	750,513
BAT International Finance PLC^(c)
	4,875,000		2.750		06/15/20	4,821,825
Reynolds American, Inc.^(a)
	3,125,000		4.450		06/12/25	3,145,010

						10,736,746

Airlines – 0.4%
Delta Air Lines, Inc.
	4,250,000		3.400		04/19/21	4,229,762

Automotive – 0.3%
Ford Motor Credit Co. LLC
	3,250,000		5.875		08/02/21	3,445,387

Banks – 7.2%
Banco Santander SA
	2,600,000		3.125		02/23/23	2,467,166
	400,000		4.250		04/11/27	380,204
	600,000		4.379		04/12/28	573,676
Bank of America Corp.
	3,050,000		4.125		01/22/24	3,100,203
	1,243,000		4.000		04/01/24	1,253,889
	1,700,000		3.248	^(a)	10/21/27	1,584,350
	725,000		4.183	^(a)	11/25/27	706,076
	350,000		6.110		01/29/37	402,043
(3M USD LIBOR + 1.040%)
	2,820,000		3.419	^(a)(b)	12/20/28	2,655,521
(3M USD LIBOR + 1.575%)
	100,000		3.824	^(a)(b)	01/20/28	97,545
Barclays PLC
	400,000		4.950		01/10/47	375,002
BNP Paribas SA^(c)
	2,500,000		3.500		03/01/23	2,436,760
	900,000		3.375		01/09/25	850,214
BNP Paribas/BNP Paribas US Medium-Term Note Program LLC
	1,375,000		3.250		03/03/23	1,358,067
BPCE SA
	925,000		2.650		02/03/21	906,086
Capital One NA^(a)
	1,700,000		2.650		08/08/22	1,631,211
Citibank NA^(a)
	2,550,000		3.050		05/01/20	2,549,070


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.
$	1,300,000		4.600	%	03/09/26	$ 1,298,133
	1,150,000		4.125		07/25/28	1,100,997
Cooperatieve Rabobank UA
	1,550,000		3.125		04/26/21	1,544,061
(3M USD LIBOR + 0.430%)
	1,300,000		2.792	^(b)	04/26/21	1,300,962
Credit Agricole SA^(c)
	1,050,000		3.250		10/04/24	988,778
Credit Suisse Group AG^(a)(b)(c)(3M USD LIBOR + 1.410%)
	2,175,000		3.869		01/12/29	2,045,214
Credit Suisse Group Funding Guernsey Ltd.
	683,000		4.550		04/17/26	682,947
Deutsche Bank AG
	425,000		2.500		02/13/19	422,049
	4,775,000		2.700		07/13/20	4,657,549
HSBC Holdings PLC^(a)(b)
(3M USD LIBOR + 1.000%)
	850,000		3.326		05/18/24	847,450
(3M USD LIBOR + 1.055%)
	2,200,000		3.262		03/13/23	2,154,949
Huntington Bancshares, Inc.^(a)
	1,625,000		4.000		05/15/25	1,629,768
ING Bank NV^(a)(b)(5 year USD ICE Swap + 2.700%)
	2,025,000		4.125		11/21/23	2,029,860
Intesa Sanpaolo SpA^(c)
	2,525,000		3.375		01/12/23	2,320,969
JPMorgan Chase & Co.^(a)
	346,000		3.625		12/01/27	325,304
(3M USD LIBOR + 0.945%)
	650,000		3.509	^(b)	01/23/29	615,846
(3M USD LIBOR + 1.337%)
	3,750,000		3.782	^(b)	02/01/28	3,658,705
(3M USD LIBOR + 1.360%)
	800,000		3.882	^(b)	07/24/38	738,875
(3M USD LIBOR + 3.800%)
	2,250,000		5.300	^(b)	12/29/49	2,291,625
Lloyds Bank PLC^(b)(3M USD LIBOR + 0.490%)
	1,550,000		2.853		05/07/21	1,552,191
Morgan Stanley, Inc.
	4,700,000		3.700		10/23/24	4,640,057
	700,000		4.000		07/23/25	697,871
	175,000		3.625		01/20/27	168,040
(3M USD LIBOR + 0.847%)
	3,725,000		3.737	^(a)(b)	04/24/24	3,702,649
(3M USD LIBOR + 1.400%)
	2,575,000		3.759	^(a)(b)	10/24/23	2,633,926
Royal Bank of Canada
	1,475,000		3.200		04/30/21	1,474,363
(3M USD LIBOR + 0.390%)
	1,525,000		2.749	^(b)	04/30/21	1,524,484
Royal Bank of Scotland Group PLC
	1,336,000		3.875		09/12/23	1,297,819


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3M USD LIBOR + 1.480%)
$	2,475,000		3.498	%^(a)(b)	05/15/23	$ 2,397,552
(3M USD LIBOR + 1.550%)
	1,525,000		4.519	^(a)(b)	06/25/24	1,526,093
(3M USD LIBOR + 1.754%)
	200,000		4.892	^(a)(b)	05/18/29	199,110
Santander Holdings USA, Inc.^(a)
	650,000		2.650		04/17/20	644,274
The Bank of New York Mellon Corp.^(a)
	825,000		3.300		08/23/29	766,951
UBS Group Funding Switzerland AG^(c)
	2,550,000		4.125		09/24/25	2,532,181
UniCredit SpA^(c)
	600,000		3.750		04/12/22	572,638
Wells Fargo & Co.
	2,700,000		3.000		10/23/26	2,493,006

						82,804,329

Beverages^(a) – 0.7%
Anheuser-Busch InBev Finance, Inc.
	850,000		4.700		02/01/36	861,515
	1,175,000		4.900		02/01/46	1,208,344
Anheuser-Busch InBev Worldwide, Inc.
	3,225,000		4.000		04/13/28	3,217,509
	550,000		4.600		04/15/48	541,890
Bacardi Ltd.^(c)
	975,000		5.300		05/15/48	924,041
Maple Escrow Subsidiary, Inc.^(c)
	1,400,000		4.057		05/25/23	1,403,414

						8,156,713

Chemicals – 0.9%
Syngenta Finance NV^(c)
	2,115,000		3.698		04/24/20	2,107,321
	2,590,000		3.933		04/23/21	2,583,434
	650,000		4.441	^(a)	04/24/23	646,361
	1,375,000		4.892	^(a)	04/24/25	1,348,157
	425,000		5.182	^(a)	04/24/28	410,477
The Sherwin-Williams Co.^(a)
	400,000		2.750		06/01/22	387,598
	325,000		3.125		06/01/24	310,417
	1,900,000		3.450		06/01/27	1,795,063
	525,000		4.500		06/01/47	501,067

						10,089,895

Commercial Services – 0.3%
Ecolab, Inc.
	133,000		5.500		12/08/41	156,410
	1,081,000		3.950	^(a)	12/01/47	1,033,529
Rensselaer Polytechnic Institute
	2,600,000		5.600		09/01/20	2,716,665

						3,906,604

Computers^(a) – 0.2%
Dell International LLC/EMC Corp.^(c)
	1,100,000		5.450		06/15/23	1,151,301


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers^(a) – (continued)
Hewlett Packard Enterprise Co.
$	1,025,000		4.900	%	10/15/25	$ 1,046,214

						2,197,515

Diversified Financial Services – 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625		07/01/22	2,115,979
	1,450,000		3.300	^(a)	01/23/23	1,393,714
American Express Co.^(a)
	700,000		3.625		12/05/24	689,436
Huarong Finance 2017 Co. Ltd.
	200,000		4.750		04/27/27	192,438
International Lease Finance Corp.^(c)
	1,400,000		7.125		09/01/18	1,409,133
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
	50,000		4.150		01/23/30	44,121
Synchrony Financial^(a)
	175,000		4.250		08/15/24	171,555
	2,327,000		4.500		07/23/25	2,285,371
TD Ameritrade Holding Corp.^(a)
	1,950,000		2.950		04/01/22	1,915,921

						10,217,668

Electrical – 1.7%
Alliant Energy Finance LLC^(a)(c)
	825,000		3.750		06/15/23	824,849
	225,000		4.250		06/15/28	224,941
Arizona Public Service Co.^(a)
	1,175,000		2.950		09/15/27	1,104,926
Berkshire Hathaway Energy Co.^(a)
	800,000		3.250		04/15/28	760,839
Duke Energy Carolinas LLC^(a)
	800,000		3.950		03/15/48	774,758
Duke Energy Corp.^(a)
	2,100,000		3.150		08/15/27	1,949,232
Emera US Finance LP^(a)
	950,000		2.700		06/15/21	924,647
Enel Finance International NV^(c)
	1,375,000		2.875		05/25/22	1,310,137
Entergy Corp.^(a)
	1,025,000		2.950		09/01/26	935,205
Exelon Corp.^(a)
	1,125,000		3.497		06/01/22	1,111,984
Florida Power & Light Co.^(a)
	1,532,000		4.125		02/01/42	1,547,514
	750,000		3.950		03/01/48	736,436
Pacific Gas & Electric Co.^(a)
	975,000		3.500		06/15/25	909,577
Ruwais Power Co. PJSC^(c)
	740,000		6.000		08/31/36	796,425
Sempra Energy^(a)(b)(3M USD LIBOR + 0.500%)
	1,900,000		2.848		01/15/21	1,900,956
Southern California Edison Co.^(a)
	1,950,000		4.050		03/15/42	1,830,193
The Southern Co.^(a)
	1,730,000		3.250		07/01/26	1,623,904

						19,266,523


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical Components & Equipment^(a) – 0.1%
Hubbell, Inc.
$	1,250,000		3.500	%	02/15/28	$ 1,196,446

Food & Drug Retailing – 0.3%
Kraft Heinz Foods Co.^(a)
	250,000		5.200		07/15/45	243,207
	125,000		4.375		06/01/46	108,138
Smithfield Foods, Inc.^(c)
	1,200,000		2.700		01/31/20	1,182,782
	2,350,000		2.650	^(a)	10/03/21	2,238,917

						3,773,044

Gas^(a) – 0.3%
NiSource, Inc.
	1,275,000		3.650	^(c)	06/15/23	1,273,695
	2,500,000		3.490		05/15/27	2,390,524

						3,664,219

Healthcare Providers & Services – 1.0%
Aetna, Inc.^(a)
	750,000		2.800		06/15/23	714,622
Becton Dickinson & Co.^(a)
	2,575,000		2.894		06/06/22	2,490,626
	2,475,000		3.363		06/06/24	2,377,446
	825,000		4.685		12/15/44	799,654
	300,000		4.669		06/06/47	289,926
(3M USD LIBOR + 0.875%)
	2,225,000		3.209	^(b)	12/29/20	2,228,635
Stryker Corp.^(a)
	575,000		2.625		03/15/21	565,251
	475,000		3.375		11/01/25	456,309
Thermo Fisher Scientific, Inc.^(a)
	450,000		3.000		04/15/23	437,534
UnitedHealth Group, Inc.
	650,000		4.625		07/15/35	683,625

						11,043,628

Household Products – 0.1%
Kimberly-Clark Corp.
	825,000		3.700		06/01/43	775,756

Insurance – 0.9%
AIA Group Ltd.^(a)(c)
	875,000		3.900		04/06/28	872,754
American International Group, Inc.^(a)
	750,000		4.200		04/01/28	733,778
Arch Capital Finance LLC^(a)
	1,200,000		4.011		12/15/26	1,185,584
Arch Capital Group Ltd.
	1,125,000		7.350		05/01/34	1,442,588
AXA Equitable Holdings, Inc.^(a)(c)
	600,000		3.900		04/20/23	595,273
	275,000		4.350		04/20/28	262,891
Great-West Lifeco Finance 2018 LP^(a)(c)
	1,125,000		4.047		05/17/28	1,133,846
MetLife, Inc.
	250,000		4.050		03/01/45	232,186


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Prudential Financial, Inc.^(a)
$	1,825,000		3.878	%	03/27/28	$ 1,804,060
Teachers Insurance & Annuity Association of America^(c)
	560,000		4.900		09/15/44	589,500
The Hartford Financial Services Group, Inc.
	250,000		5.125		04/15/22	263,829
The Northwestern Mutual Life Insurance Co.^(c)
	1,200,000		6.063		03/30/40	1,492,127

						10,608,416

Internet^(a) – 0.5%
Amazon.com, Inc.
	2,300,000		5.200		12/03/25	2,528,425
	1,300,000		4.800		12/05/34	1,424,333
	700,000		3.875		08/22/37	683,279
Expedia Group, Inc.
	825,000		3.800		02/15/28	755,492

						5,391,529

Investment Companies – 0.0%
Huarong Finance II Co. Ltd.
	210,000		5.000		11/19/25	208,425

Machinery - Construction & Mining^(a) – 0.1%
Oshkosh Corp.
	875,000		4.600		05/15/28	872,813

Media – 0.8%
21st Century Fox America, Inc.
	500,000		6.150		03/01/37	586,457
Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	2,024,000		3.579		07/23/20	2,021,430
	2,300,000		4.464		07/23/22	2,328,260
	1,750,000		4.500		02/01/24	1,748,277
	1,975,000		4.908		07/23/25	1,994,521
Time Warner Cable LLC^(a)
	275,000		5.875		11/15/40	269,035

						8,947,980

Mining^(c) – 0.1%
Glencore Funding LLC
	625,000		4.125		05/30/23	623,631

Oil Field Services – 1.7%
Anadarko Petroleum Corp.
	950,000		8.700		03/15/19	986,936
	190,000		3.450	^(a)	07/15/24	182,570
	475,000		5.550	^(a)	03/15/26	509,065
	925,000		6.450		09/15/36	1,068,981
BP Capital Markets PLC^(a)
	1,775,000		3.224		04/14/24	1,741,617
Canadian Natural Resources Ltd.^(a)
	1,225,000		3.850		06/01/27	1,195,183
Concho Resources, Inc.^(a)
	1,050,000		4.300		08/15/28	1,052,441
Continental Resources, Inc.^(a)
	1,900,000		4.500		04/15/23	1,930,875
Devon Energy Corp.^(a)
	400,000		5.600		07/15/41	431,470


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Dolphin Energy Ltd. LLC^(c)
$	142,680		5.888	%	06/15/19	$ 144,642
Halliburton Co.^(a)
	1,600,000		3.250		11/15/21	1,599,410
Marathon Oil Corp.^(a)
	1,775,000		4.400		07/15/27	1,781,278
Petroleos Mexicanos
	628,000		6.375		02/04/21	660,970
EUR	1,250,000		5.125		03/15/23	1,600,251
$	560,000		6.500		03/13/27	574,235
	10,000		6.625		06/15/35	9,800
	53,000		6.750		09/21/47	49,900
	201,000		6.350	^(c)	02/12/48	181,403
Phillips 66^(a)
	1,600,000		3.900		03/15/28	1,561,568
Pioneer Natural Resources Co.^(a)
	295,000		3.950		07/15/22	298,372
Reliance Industries Ltd.
	250,000		4.125		01/28/25	243,136
	450,000		3.667	^(c)	11/30/27	413,438
Valero Energy Corp.
	950,000		3.650		03/15/25	927,884

						19,145,425

Pharmaceuticals – 1.6%
Allergan Funding SCS^(a)
	150,000		4.850		06/15/44	144,884
Bayer US Finance II LLC^(a)(c)
	2,075,000		3.875		12/15/23	2,075,087
	4,100,000		4.250		12/15/25	4,121,939
	2,975,000		4.375		12/15/28	2,980,658
CVS Health Corp.^(a)
	1,100,000		4.125		05/15/21	1,119,444
	2,100,000		3.500		07/20/22	2,081,497
	2,625,000		3.875		07/20/25	2,543,451
	350,000		5.125		07/20/45	354,648
	2,075,000		5.050		03/25/48	2,111,720
Teva Pharmaceutical Finance Netherlands III BV
	920,000		2.800		07/21/23	794,650

						18,327,978

Pipelines – 2.6%
Abu Dhabi Crude Oil Pipeline LLC^(c)
	1,190,000		4.600		11/02/47	1,094,800
Columbia Pipeline Group, Inc.^(a)
	925,000		3.300		06/01/20	921,172
Enbridge, Inc.^(a)
	1,100,000		2.900		07/15/22	1,068,410
Energy Transfer Partners LP^(a)
	1,375,000		4.650		06/01/21	1,408,000
	775,000		5.200		02/01/22	803,753
	1,950,000		4.200		09/15/23	1,949,043
	575,000		5.300		04/15/47	527,130
Enterprise Products Operating LLC^(a)
	215,000		3.350		03/15/23	211,842
	85,000		3.750		02/15/25	84,171


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
(3M USD LIBOR + 2.778%)
$	1,350,000		5.078	%^(b)	06/01/67	$ 1,338,187
(3M USD LIBOR + 3.708%)
	2,125,000		6.066	^(b)	08/01/66	2,130,312
EQT Midstream Partners LP^(a)
	2,375,000		4.750		07/15/23	2,371,174
Kinder Morgan Energy Partners LP^(a)
	4,500,000		3.450		02/15/23	4,342,500
	175,000		5.400		09/01/44	169,315
MPLX LP^(a)
	700,000		4.500		04/15/38	646,553
	325,000		4.700		04/15/48	301,342
ONEOK, Inc.^(a)
	1,575,000		4.550		07/15/28	1,588,844
Plains All American Pipeline LP/PAA Finance Corp.^(a)
	525,000		3.650		06/01/22	514,627
	1,100,000		3.850		10/15/23	1,072,085
	650,000		4.500		12/15/26	636,266
Sabine Pass Liquefaction LLC^(a)
	1,475,000		6.250		03/15/22	1,586,751
	1,650,000		5.625		03/01/25	1,751,062
Western Gas Partners LP^(a)
	900,000		3.950		06/01/25	848,764
Williams Partners LP^(a)
	785,000		3.600		03/15/22	781,163
	1,400,000		3.900		01/15/25	1,365,732
	800,000		4.000		09/15/25	781,902

						30,294,900

Real Estate Investment Trust – 1.4%
American Campus Communities Operating Partnership LP^(a)
	2,575,000		3.750		04/15/23	2,561,250
American Homes 4 Rent LP^(a)
	505,000		4.250		02/15/28	483,622
Crown Castle International Corp.^(a)
	2,150,000		3.150		07/15/23	2,058,144
CubeSmart LP^(a)
	1,500,000		4.000		11/15/25	1,474,433
Digital Realty Trust LP^(a)
	1,525,000		2.750		02/01/23	1,452,568
Healthcare Trust of America Holdings LP^(a)
	2,275,000		3.700		04/15/23	2,236,473
Kilroy Realty LP
	2,375,000		6.625		06/01/20	2,512,550
	1,500,000		3.800	^(a)	01/15/23	1,491,197
National Retail Properties, Inc.^(a)
	1,150,000		4.000		11/15/25	1,128,261
Ventas Realty LP^(a)
	975,000		3.500		02/01/25	933,605

						16,332,103

Retailing^(a) – 0.3%
Dollar Tree, Inc.
	1,400,000		4.000		05/15/25	1,368,224
	1,400,000		4.200		05/15/28	1,351,377


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing^(a) – (continued)
Walmart, Inc.
$	800,000		4.050	%	06/29/48	$ 805,592

						3,525,193

Semiconductors – 0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,200,000		3.000		01/15/22	1,167,193
	775,000		2.650		01/15/23	729,847
Microchip Technology, Inc.^(c)
	1,025,000		3.922		06/01/21	1,026,702
NXP BV/NXP Funding LLC^(c)
	725,000		4.125		06/15/20	732,250
	1,975,000		4.125		06/01/21	1,970,063
	225,000		4.625		06/01/23	227,531

						5,853,586

Software^(a) – 0.2%
Oracle Corp.
	1,200,000		3.250		11/15/27	1,147,411
	1,000,000		4.000		07/15/46	943,581

						2,090,992

Telecommunication Services – 2.6%
AT&T, Inc.
	2,875,000		3.800		03/15/22	2,879,904
	2,400,000		3.000	^(a)	06/30/22	2,329,911
	1,354,000		3.600	^(a)	02/17/23	1,333,976
	3,100,000		3.400	^(a)	05/15/25	2,906,991
	100,000		4.125	^(a)	02/17/26	97,742
	1,975,000		4.250	^(a)	03/01/27	1,932,962
	425,000		5.450	^(a)	03/01/47	417,174
Verizon Communications, Inc.
	6,125,000		3.500	^(a)	11/01/24	5,924,283
	7,366,000		4.329	^(c)	09/21/28	7,300,449
	500,000		5.250		03/16/37	513,499
	25,000		4.125		08/15/46	21,446
	50,000		4.862		08/21/46	47,779
	693,000		5.012		04/15/49	674,879
Vodafone Group PLC
	2,925,000		3.750		01/16/24	2,900,003

						29,280,998

Transportation^(a) – 0.2%
Burlington Northern Santa Fe LLC
	800,000		4.050		06/15/48	773,541
Union Pacific Corp.
	1,575,000		3.950		09/10/28	1,582,518

						2,356,059

Trucking & Leasing^(c) – 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	^(a)	02/01/22	1,207,421
	1,425,000		4.250		01/17/23	1,448,931

						2,656,352

TOTAL CORPORATE OBLIGATIONS (Cost $348,588,304)						$ 342,342,184


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 27.5%
Collateralized Mortgage Obligations – 0.5%
Interest Only^(b)(d)(e) – 0.0%
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(1 year CMT + 2.912%)
$	90,156		0.000	%	08/25/33	$ —
CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X(1 year CMT + 2.999%)
	160,091		0.000		07/25/33	—

						—

Inverse Floaters^(b) – 0.0%
GNMA REMIC Series 2002-13, Class SB(-1x1M LIBOR + 37.567%)
	47,809		28.543		02/16/32	65,911

Sequential Fixed Rate – 0.5%
FHLMC REMIC Series 2755, Class ZA
	546,339		5.000		02/15/34	581,652
FHLMC REMIC Series 4273, Class PD
	1,235,982		6.500		11/15/43	1,395,298
FNMA REMIC Series 2003-134, Class ME
	4,899		4.500		06/25/33	4,910
FNMA REMIC Series 2011-52, Class GB
	1,178,008		5.000		06/25/41	1,256,517
FNMA REMIC Series 2011-99, Class DB
	1,176,029		5.000		10/25/41	1,253,316
FNMA REMIC Series 2012-111, Class B
	196,868		7.000		10/25/42	222,003
FNMA REMIC Series 2012-153, Class B
	687,579		7.000		07/25/42	778,379

						5,492,075

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 5,557,986

Commercial Mortgage-Backed Securities^(b) – 2.3%
Sequential Floating Rate – 2.3%
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7(1 year CMT + 2.592%)
$	30,948		3.425	%	02/25/33	$ 31,829
Station Place Securitization Trust Series 2015-2, Class A^(c)(1M USD LIBOR + 0.550%)
	1,800,000		2.468		07/15/19	1,800,000
Sequoia Mortgage Trust Series 2003-4, Class 1A2(6M USD LIBOR + 0.660%)
	595,737		2.586		07/20/33	588,066
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(c)(1M LIBOR + 0.830%)
	4,300,000		2.791		06/15/35	4,293,546
Ripon Mortgages PLC Series 1X, Class A2(3M GBP LIBOR + 0.800%)
GBP	5,432,179		1.353		08/20/56	7,191,997
Ripon Mortgages PLC Series 1X, Class A1(3M GBP LIBOR + 0.800%)
	517,350		1.353		08/20/56	685,980
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
$	845,961		2.314		12/25/46	797,448
London Wall Mortgage Capital PLC Series 2017-FL1, Class A(3M GBP LIBOR + 0.850%)
GBP	5,226,730		1.397		11/15/49	6,907,871


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Impac CMB Trust Series 2004-08, Class 1A(1M USD LIBOR + 0.720%)
$	212,755		2.680	%	10/25/34	$ 207,361
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A(1M USD LIBOR + 0.480%)
	435,858		2.428		01/19/36	365,450
Harben Finance PLC Series 2017-1X, Class A(3M GBP LIBOR + 0.800%)
GBP	2,187,973		1.353		08/20/56	2,896,292
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
$	689,552		6.047		12/10/49	688,819

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 26,454,659

Federal Agencies – 24.7%
Adjustable Rate FNMA^(b) – 0.3%
FNMA(1 year CMT + 2.217%)
$	5,017		3.990	%	06/01/33	$ 5,262
FNMA(12M USD LIBOR + 1.233%)
	167,863		3.490		06/01/35	172,077
FNMA(12M USD LIBOR + 1.554%)
	1,434,771		3.470		09/01/34	1,502,732
FNMA(12M USD LIBOR + 1.669%)
	780,965		3.930		07/01/34	814,669
FNMA(12M USD LIBOR + 1.739%)
	1,328,288		3.915		05/01/35	1,397,141

						3,891,881

FHLMC – 0.3%
	41		5.000		07/01/18	41
	43		5.000		08/01/18	43
	640		4.500		09/01/18	640
	121		5.000		10/01/18	121
	200		5.000		11/01/18	200
	8,360		5.000		06/01/19	8,421
	46,105		5.000		05/01/23	48,677
	141,366		4.500		10/01/23	147,194
	43,782		5.500		10/01/25	46,921
	3,480		7.000		06/01/26	3,635
	10,703		7.500		12/01/30	11,067
	12,206		7.500		01/01/31	12,942
	268,872		5.500		03/01/33	290,129
	14,175		5.000		10/01/33	15,116
	54,638		6.500		10/01/33	61,079
	514		5.500		12/01/33	561
	20,496		5.500		09/01/34	22,280
	1,223		5.500		12/01/34	1,324
	1,123		5.500		03/01/35	1,216
	2,549		5.000		04/01/35	2,718
	20,392		5.000		07/01/35	21,746
	18,606		5.500		11/01/35	20,070
	110,497		5.000		12/01/35	118,264
	251		5.500		02/01/36	273
	45,071		5.500		06/01/36	48,512
	32,844		5.500		08/01/37	35,294
	220,568		5.000		01/01/38	235,313
	88,414		5.500		03/01/38	96,302
	35,293		5.500		04/01/38	38,442


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	65,938		5.500	%	08/01/38	$ 71,800
	1,541		5.500		09/01/38	1,678
	6,162		6.500		09/01/38	6,961
	7,477		5.500		11/01/38	8,184
	11,890		5.500		12/01/38	12,797
	540,710		5.000		01/01/39	577,444
	629,050		7.000		02/01/39	718,981
	3,184		5.500		03/01/39	3,476
	168,288		5.000		06/01/39	179,734
	4,204		5.500		10/01/39	4,577
	12,027		5.500		03/01/40	13,106
	22,939		4.000		06/01/40	23,508
	22,552		5.500		06/01/40	24,557
	15,022		5.000		08/01/40	16,054
	4,310		4.500		11/01/40	4,529
	229,968		4.000		02/01/41	236,416
	2,381		5.000		04/01/41	2,553
	13,501		5.000		06/01/41	14,423
	15,669		4.000		11/01/41	16,120

						3,225,439

FNMA – 14.0%
	1,620		4.500		07/01/18	1,619
	146		4.500		08/01/18	146
	18		6.500		10/01/18	20
	58,739		5.500		09/01/23	60,963
	18,806		5.500		10/01/23	19,537
	174,759		5.000		02/01/24	180,030
	33,159		7.000		08/01/27	36,429
	1,474		6.500		09/01/27	1,614
	135,442		7.000		03/01/28	149,080
	1,965		6.500		05/01/28	2,148
	17,132		8.000		02/01/31	19,285
	54,674		7.000		03/01/31	58,923
	626		5.500		05/01/33	682
	21,907		5.000		07/01/33	23,372
	33,791		5.000		08/01/33	36,042
	1,203		5.000		09/01/33	1,283
	7,099		5.500		09/01/33	7,728
	1,469		6.500		09/01/33	1,618
	14,574		5.000		12/01/33	15,553
	412		5.500		12/01/33	445
	748		5.500		01/01/34	815
	9,240		5.500		02/01/34	10,062
	1,695		5.500		04/01/34	1,846
	6,396		5.500		05/01/34	6,978
	1,880		6.000		07/01/34	2,075
	2,314		5.500		08/01/34	2,519
	5,123		5.500		10/01/34	5,575
	4,054		5.500		11/01/34	4,423
	54,682		5.500		12/01/34	59,626
	149,367		5.000		04/01/35	159,822
	6,372		5.500		04/01/35	6,922
	5,193		5.500		07/01/35	5,649
	209		5.500		08/01/35	227
	800,957		5.000		09/01/35	855,699
	13,653		5.500		09/01/35	14,859
	941		5.500		12/01/35	1,027
	201		5.500		02/01/36	219
	77,251		5.500		03/01/36	83,862
	16,428		6.000		03/01/36	18,241
	742		5.500		04/01/36	806
	3,858		6.000		04/01/36	4,276


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	84,410		6.000	%	07/01/36	$ 93,101
	189,698		6.000		09/01/36	210,156
	1,385		5.500		01/01/37	1,508
	2,959		6.000		01/01/37	3,290
	700		5.500		02/01/37	762
	11,482		6.000		02/01/37	12,888
	23,198		6.000		03/01/37	25,748
	1,204		5.500		04/01/37	1,313
	704		5.500		05/01/37	766
	364		5.500		06/01/37	398
	326		5.500		07/01/37	357
	265,149		6.000		07/01/37	294,136
	4,200		6.000		08/01/37	4,665
	89,114		6.000		09/01/37	98,533
	224,071		6.000		10/01/37	247,847
	318,878		6.000		11/01/37	353,623
	413		5.500		12/01/37	451
	791		5.500		02/01/38	869
	4,211		5.500		03/01/38	4,591
	20,756		6.000		03/01/38	23,098
	43,703		5.000		04/01/38	46,821
	151,443		6.000		04/01/38	167,689
	996		5.500		05/01/38	1,085
	333,101		6.000		05/01/38	368,407
	3,370		5.500		06/01/38	3,690
	31,897		6.000		06/01/38	35,284
	3,045		5.500		07/01/38	3,320
	1,628		5.500		08/01/38	1,775
	1,359		5.500		09/01/38	1,482
	159,055		6.000		10/01/38	175,980
	194,856		6.000		11/01/38	215,470
	2,503		5.500		12/01/38	2,716
	42,755		5.000		02/01/39	45,593
	52,548		6.000		02/01/39	58,156
	372,029		7.000		03/01/39	421,390
	27,976		4.500		04/01/39	29,433
	239,721		6.000		04/01/39	266,081
	10,064		4.500		05/01/39	10,589
	9,377		5.500		06/01/39	10,225
	7,232		4.500		07/01/39	7,608
	437,637		5.000		07/01/39	468,887
	46,432		4.500		08/01/39	48,852
	264,258		6.000		09/01/39	292,322
	8,390		5.500		11/01/39	9,149
	249,869		6.000		11/01/39	276,459
	412,374		4.500		12/01/39	433,862
	34,878		6.000		04/01/40	38,592
	387,945		5.000		06/01/40	414,190
	78,854		5.000		07/01/40	84,189
	387,211		6.000		10/01/40	428,313
	223,717		5.000		11/01/40	239,692
	232,655		6.000		04/01/41	258,237
	848,707		4.500		05/01/41	891,348
	172,561		6.000		05/01/41	190,976
	133,456		4.500		08/01/41	140,306
	314,413		5.000		07/01/42	335,683
	30,490		3.000		11/01/42	29,851
	678,069		3.000		12/01/42	663,519
	986,356		3.000		01/01/43	965,879
	149,229		3.000		02/01/43	146,244
	997,493		3.000		03/01/43	977,543
	1,706,127		3.000		04/01/43	1,672,005
	1,208,623		3.000		05/01/43	1,184,448
	120,983		3.000		06/01/43	118,562


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	1,046,759		3.000	%		07/01/43		$ 1,024,843
	1,135,951		5.000			05/01/44		1,208,318
	4,030,956		4.500			04/01/45		4,242,896
	461,511		4.500			05/01/45		485,776
	1,790,202		4.500			06/01/45		1,876,775
	99,114		4.000			01/01/46		101,415
	256,814		4.000			03/01/46		262,484
	178,075		4.000			06/01/46		181,826
	45,215		4.000			08/01/46		46,167
	286,257		4.000			10/01/46		292,285
	1,924,759		4.500			04/01/47		2,007,013
	4,889,404		4.500			07/01/47		5,098,350
	802,263		4.500			10/01/47		836,548
	3,875,943		4.500			01/01/48		4,040,065
	15,197,744		4.500			06/01/48		15,834,150
	1,000,000		3.500			TBA-30yr	^(f)	995,156
	5,000,000		4.000			TBA-30yr	^(f)	5,097,656
	68,000,000		4.500			TBA-30yr	^(f)	70,805,000
	28,000,000		5.000			TBA-30yr	^(f)	29,662,500

								159,521,270

GNMA – 10.1%
	9,815		6.000			11/15/38		10,933
	143,734		5.000			07/15/40		152,314
	154,947		5.000			01/15/41		164,195
	9,266		4.000			02/20/41		9,576
	14,114		4.000			11/20/41		14,587
	2,339		4.000			01/20/42		2,416
	7,502		4.000			04/20/42		7,751
	4,199		4.000			10/20/42		4,337
	77,758		4.000			08/20/43		80,312
	13,269,522		4.000			10/20/43		13,697,154
	8,060		4.000			03/20/44		8,310
	9,749		4.000			05/20/44		10,051
	675,464		4.000			11/20/44		696,387
	44,821		4.000			05/20/45		46,168
	6,580,962		4.000			07/20/45		6,776,591
	1,497,565		4.000			08/20/45		1,541,614
	553,618		4.000			09/20/45		569,903
	2,150,945		4.000			10/20/45		2,214,213
	222,919		4.000			02/20/46		229,476
	1,835,868		4.000			07/20/47		1,884,131
	33,000,000		4.000			TBA-30yr	^(f)	33,765,702
	52,000,000		4.500			TBA-30yr	^(f)	54,043,439

								115,929,560

TOTAL FEDERAL AGENCIES								$ 282,568,150

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $315,837,783)								$ 314,580,795


Agency Debentures – 5.1%
FHLB
$	6,800,000		2.125	%		06/09/23		$ 6,607,315
	3,500,000		3.375			09/08/23		3,585,690
	750,000		3.375			12/08/23		769,202
	2,400,000		5.000			09/28/29		2,771,350


Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
FNMA
$	3,700,000		1.875	%	09/24/26	$ 3,373,401
	4,200,000		6.250		05/15/29	5,388,432
Hashemite Kingdom of Jordan Government AID Bond^(g)
	7,400,000		2.503		10/30/20	7,350,198
Israel Government AID Bond^(g)
	7,827,000		5.500		09/18/23	8,812,028
	1,200,000		5.500		12/04/23	1,353,264
	2,400,000		5.500		04/26/24	2,721,816
	4,700,000		5.500		09/18/33	5,933,609
NCUA Guaranteed Notes Series A4
	3,500,000		3.000		06/12/19	3,517,310
Qatar Government Bond^(c)
	210,000		3.875		04/23/23	209,738
	230,000		4.500		04/23/28	232,300
Tennessee Valley Authority
	5,400,000		3.875		02/15/21	5,559,462

TOTAL AGENCY DEBENTURES (Cost $57,974,970)						$ 58,185,115


Asset-Backed Securities^(b) – 10.9%
Collateralized Loan Obligations^(c) – 4.9%
BlueMountain CLO Ltd. Series 2014-2A, Class AR(3M USD LIBOR + 0.930%)
$	5,150,000		2.675	%	07/20/26	$ 5,150,448
Catamaran CLO Ltd. Series 2013-1A, Class AR(3M USD LIBOR + 0.850%)
	5,000,000		2.363		01/27/28	4,984,705
Cutwater Ltd. Series 2014-1A, Class A1AR(3M USD LIBOR + 1.250%)
	5,000,000		2.972		07/15/26	5,000,720
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R(3M USD LIBOR + 1.130%)
	3,400,000		2.864		04/18/26	3,400,371
Madison Park Funding XXX Ltd. Series 2018-30A, Class A(3M USD LIBOR + 0.750%)
	6,900,000		3.089		04/15/29	6,825,929
Nassau Ltd. Series 2017-IIA, Class AL(3M USD LIBOR + 1.250%)
	5,100,000		2.913		01/15/30	5,107,676
Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1(3M USD LIBOR + 0.740%)
	4,071,744		2.462		10/15/25	4,071,703
Recette CLO Ltd. Series 2015-1A, Class AR(3M USD LIBOR + 0.920%)
	7,000,000		2.665		10/20/27	6,991,712
Voya CLO Ltd. Series 2014-4A, Class A1R(3M USD LIBOR + 0.950%)
	7,500,000		2.672		10/14/26	7,492,312
WhiteHorse VIII Ltd. Series 2014-1A, Class AR(3M USD LIBOR + 0.900%)
	7,500,000		2.673		05/01/26	7,499,947

						56,525,523

Other^(c) – 0.7%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A(1M USD LIBOR + 1.150%)
	5,700,000		3.059		06/15/28	5,700,382


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Other^(c) – (continued)
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A(1M USD LIBOR + 0.850%)
$	1,850,000		2.830	%	06/25/35	$ 1,850,591

						7,550,973

Student Loan – 5.3%
Access Group, Inc. Series 2004-1, Class A2(3M USD LIBOR + 0.210%)
	3,464,560		2.496		09/26/33	3,390,078
Access Group, Inc. Series 2015-1, Class A^(c)(1M USD LIBOR + 0.700%)
	1,648,194		2.660		07/25/56	1,645,914
Chase Education Loan Trust Series 2007-A, Class A3(3M USD LIBOR + 0.070%)
	234,749		2.365		12/28/23	234,244
ECMC Group Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.350%)
	3,660,544		3.310		07/26/66	3,720,345
Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(c)(1M USD LIBOR + 0.800%)
	2,402,443		2.760		10/25/56	2,411,411
Education Loan Asset-Backed Trust I Series 2013-1, Class A2^(c)(1M USD LIBOR + 0.800%)
	8,200,000		2.760		04/26/32	8,239,487
Educational Funding of the South, Inc. Series 2011-1, Class A2(3M USD LIBOR + 0.650%)
	2,435,612		2.395		04/25/35	2,437,453
EFS Volunteer No. 3 LLC Series 2012-1, Class A2^(c)(1M USD LIBOR + 1.000%)
	709,028		2.960		02/25/25	710,107
Higher Education Funding I Series 2014-1, Class A^(c)(3M USD LIBOR + 1.050%)
	4,091,055		2.994		05/25/34	4,112,545
Navient Student Loan Trust Series 2016-5A, Class A^(c)(1M USD LIBOR + 1.250%)
	8,148,864		3.210		06/25/65	8,362,091
Navient Student Loan Trust Series 2016-7A, Class A^(c)(1M USD LIBOR + 1.150%)
	4,041,605		3.110		03/25/66	4,117,341
Nelnet Student Loan Trust Series 2006-1, Class A5(3M USD LIBOR + 0.110%)
	1,993,679		2.030		08/23/27	1,991,163
Nelnet Student Loan Trust Series 2006-1, Class A6^(c)(3M USD LIBOR + 0.450%)
	5,200,000		2.370		08/23/36	5,087,347
Nelnet Student Loan Trust Series 2013-5A, Class A^(c)(1M USD LIBOR + 0.630%)
	550,538		2.590		01/25/37	550,974
North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	1,891,062		2.645		07/25/41	1,886,923
PHEAA Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.150%)
	3,931,171		3.110		09/25/65	3,991,261
Scholar Funding Trust Series 2010-A, Class A^(c)(3M USD LIBOR + 0.750%)
	1,316,284		2.150		10/28/41	1,311,435
SLC Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.100%)
	2,338,497		2.225		09/15/26	2,333,961
SLM Student Loan Trust Series 2004-8A, Class A6^(c)(3M USD LIBOR + 0.630%)
	2,550,000		2.375		01/25/40	2,564,410


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
SLM Student Loan Trust Series 2005-3, Class A5(3M USD LIBOR + 0.090%)
$	1,042,210		1.835	%	10/25/24	$ 1,041,416

						60,139,906

TOTAL ASSET-BACKED SECURITIES (Cost $123,095,904)						$ 124,216,402


Foreign Debt Obligations – 1.3%
Sovereign – 1.3%
Abu Dhabi Government International Bond
$	460,000		2.500	%^(c)	10/11/22	$ 440,450
	420,000		3.125	^(c)	10/11/27	391,125
	240,000		4.125	^(c)	10/11/47	219,600
	450,000		4.125		10/11/47	411,750
Perusahaan Penerbit SBSN Indonesia III
	2,030,000		4.550		03/29/26	2,017,312
Qatar Government International Bond^(c)
	2,210,000		5.103		04/23/48	2,204,475
Republic of Chile^(a)
	241,000		3.240		02/06/28	230,456
Republic of Indonesia
	790,000		3.700	^(c)	01/08/22	783,088
	200,000		5.875		01/15/24	214,500
EUR	280,000		2.150	^(c)	07/18/24	329,436
$	420,000		4.125	^(c)	01/15/25	413,175
	380,000		4.125		01/15/25	373,825
	1,380,000		4.350	^(c)	01/08/27	1,362,750
	510,000		6.750		01/15/44	607,538
	380,000		5.250	^(c)	01/08/47	381,425
Republic of Kuwait
	4,120,000		3.500		03/20/27	4,006,700

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $14,522,636)						$ 14,387,605


Municipal Debt Obligations – 1.2%
California^(a) – 0.5%
California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%	04/01/34	$ 1,334,265
	1,650,000		7.550		04/01/39	2,433,156
California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950		03/01/36	1,774,429

						5,541,850

Illinois – 0.2%
Illinois State GO Bonds Build America Series 2010^(a)
	160,000		6.630		02/01/35	169,538
	1,595,000		7.350		07/01/35	1,780,993
Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100		06/01/33	1,107,241

						3,057,772


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
New Hampshire^(a)(b) – 0.3%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	3,500,000		3.210	%	10/25/37	$ 3,522,857

Ohio^(a) – 0.2%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270		02/15/50	2,168,265

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $12,558,258)						$ 14,290,744


U.S. Treasury Obligations – 26.8%
United States Treasury Bonds
$	3,670,000		2.750	%	11/15/42	$ 3,527,274
	8,320,000		3.625		02/15/44	9,276,883
	3,830,000		3.125		08/15/44	3,930,690
	31,750,000		3.000	^(h)	11/15/44	31,863,663
	7,700,000		2.875		11/15/46	7,539,686
	1,190,000		3.000		05/15/47	1,193,594
	11,300,000		2.750		11/15/47	10,782,234
United States Treasury Notes
	118,110,000		1.375		09/30/19	116,581,658
	800,000		1.375		03/31/20	784,504
	5,880,000		1.125		06/30/21	5,626,690
	23,870,000		1.750		05/31/22	23,037,414
	52,350,000		2.125		07/31/24	50,399,440
	1,010,000		2.375		08/15/24	986,194
	11,120,000		2.125		09/30/24	10,691,769
	5,590,000		2.125		11/30/24	5,368,189
	17,900,000		2.875		04/30/25	17,972,675
	4,570,000		2.250		02/15/27	4,362,385
United States Treasury Strip Coupon^(e)
	3,200,000		0.000		02/15/36	1,890,752

TOTAL U.S. TREASURY OBLIGATIONS (Cost $307,834,979)						$ 305,815,694


Shares		Distribution Rate				Value
Investment Company⁽ⁱ⁾ – 7.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	84,487,863		1.869%			$ 84,487,863
(Cost $84,487,863)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $1,264,900,697)						$1,258,306,402


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 6.8%
Certificate of Deposit^(e) – 0.2%
The Southern Co.
$	2,330,000		0.000	%	08/30/18	$ 2,320,141


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper^(e) – 6.6%
AT&T, Inc.
$	900,000		0.000	%	12/06/18	$ 889,212
	2,550,000		0.000		10/09/18	2,530,998
	5,000,000		0.000		05/28/19	4,860,048
BAT International Finance PLC
	8,000,000		0.000		08/07/18	7,979,347
Dominion Resources, Inc
	5,000,000		0.000		09/12/18	4,973,958
Duke Energy Corp.
	2,500,000		0.000		08/27/18	2,489,974
Eastman Chemical Co.
	2,000,000		0.000		07/06/18	1,999,125
Hewlett Packard Enterprise Co.
	2,500,000		0.000		07/10/18	2,498,518
	3,027,000		0.000		07/11/18	3,025,040
HP, Inc.
	2,000,000		0.000		07/02/18	1,999,680
	4,000,000		0.000		07/23/18	3,994,736
Mondelez International, Inc.
	5,250,000		0.000		10/01/18	5,214,879
Nutrien Ltd.
	1,057,000		0.000		07/16/18	1,055,750
	1,250,000		0.000		07/18/18	1,248,343
Schlumberger Holdings
	6,000,000		0.000		09/21/18	5,965,644
Schlumberger Holdings Corp.
	1,500,000		0.000		08/22/18	1,494,753
Sempra Energy Holdings
	1,056,000		0.000		07/31/18	1,053,788
	1,550,000		0.000		08/30/18	1,543,441
Suncor Energy, Inc.
	1,400,000		0.000		08/21/18	1,394,994
	1,577,000		0.000		07/03/18	1,576,608
United Overseas Bank Ltd.
	4,909,000		0.000		07/27/18	4,901,150
Versailles Commercial Paper LLC
	5,359,000		0.000		07/09/18	5,355,963
VW Credit, Inc.
	3,512,000		0.000		08/13/18	3,501,442
	4,200,000		0.000		09/20/18	4,175,530

						75,722,921

TOTAL SHORT-TERM INVESTMENTS (Cost $78,044,702)						$ 78,043,062

TOTAL INVESTMENTS – 116.9% (Cost $1,342,945,399)						$1,336,349,464

LIABILITIES IN EXCESS OF OTHER ASSETS – (16.9)%						(193,117,349)

NET ASSETS – 100.0%						$1,143,232,115



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $193,631,483, which represents approximately 16.9% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $194,369,453 which represents approximately 17.0% of the Fund’s net assets as of June 30, 2018.

(g)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $26,170,915, which represents approximately 2.3% of the Fund’s net assets as of June 30, 2018.

(h)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(i)		Represents an affiliated issuer.



Currency Abbreviations:
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
EUR		— Euro
GBP		— British Pound
JPY		— Japanese Yen
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
SEK		— Swedish Krona
USD		— U.S. Dollar


Investment Abbreviations:
AUDOR		— Australian Dollar Offered Rate
BP		— British Pound Offered Rate
CDOR		— Canadian Dollar Offered Rate
CHFOR		— Swiss Franc Offered Rate
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
EURO		— Euro Offered Rate
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
JYOR		— Japanese Yen Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
MTA		— Monthly Treasury Average
NCUA		— National Credit Union Administration
NIBOR		— Norwegian Interbank Offered Rate
NZDOR		— New Zealand Dollar Offered Rate
PLC		— Public Limited Company
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
STIBOR		— Stockholm Interbank Offered Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FORWARD SALES CONTRACTS — At June 30, 2018, the Fund had the following forward sales contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – 34.0%
British Pound – 2.2%
United Kingdom Treasury
GBP	2,000,000		4.500	%	09/07/34	$ 3,712,828
	90,000		4.250		03/07/36	165,736
	3,970,000		3.500		01/22/45	7,169,136
	1,270,000		3.500		07/22/68	2,790,913

						13,838,613

Canadian Dollar – 2.4%
British Columbia Province of Canada
CAD	800,000		3.250		12/18/21	627,324
	2,600,000		2.850		06/18/25	2,009,653
	2,000,000		4.950		06/18/40	2,023,048
Canadian Government Bond
	1,760,000		2.750		12/01/48	1,500,080
Ontario Province of Canada
	1,800,000		4.400		06/02/19	1,400,595
	3,700,000		2.850		06/02/23	2,854,768
	1,700,000		2.600		06/02/25	1,285,439
	2,300,000		4.650		06/02/41	2,218,228
Quebec Province of Canada
	1,800,000		4.250		12/01/21	1,454,965

						15,374,100

Czech Koruna – 0.1%
Czech Republic Government Bond
CZK	11,190,000		1.500		10/29/19	507,325

Danish Krone – 0.1%
Kingdom of Denmark
DKK	3,000,000		4.500		11/15/39	815,583

Euro – 6.4%
French Republic Government Bond OAT^(a)
EUR	800,000		1.750		05/25/66	945,937
Government of France
	1,700,000		4.500		04/25/41	3,245,126
Ireland Government Bond
	1,030,000		0.900		05/15/28	1,213,720
Italy Buoni Poliennali Del Tesoro
	940,000		0.300		10/15/18	1,098,467
	3,440,000		1.200		04/01/22	3,984,371
	7,790,000		1.450		11/15/24	8,712,625
	1,750,000		2.950	^(a)	09/01/38	1,974,534
	970,000		2.800	^(a)	03/01/67	984,555
Kingdom of Belgium^(a)
	1,800,000		0.800		06/22/27	2,147,780
	910,000		2.150		06/22/66	1,158,745
Republic of Austria^(a)
	450,000		1.500		11/02/86	485,429
	460,000		2.100	^(b)	09/20/17	610,557
Republic of Indonesia^(a)
	650,000		2.625		06/14/23	788,484
	240,000		2.150		07/18/24	282,374
	420,000		3.750		06/14/28	541,363
Republic of Ireland
	860,000		4.500		04/18/20	1,096,192


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
Spain Government Bond^(a)
EUR	2,230,000		3.800	%	04/30/24	$ 3,082,663
	1,250,000		2.750		10/31/24	1,649,226
	1,215,000		5.900		07/30/26	1,951,878
	1,800,000		1.500		04/30/27	2,157,176
	1,370,000		1.450		10/31/27	1,628,364
	1,110,000		3.450		07/30/66	1,526,862

						41,266,428

Indonesian Rupiah – 0.4%
Indonesia Treasury Bond
IDR	36,684,000,000		8.750		05/15/31	2,665,542

Israeli Shekel – 0.1%
Israel Government Bond
ILS	2,430,000		2.000		03/31/27	665,057

Japanese Yen – 15.9%
Government of Japan
JPY	2,549,500,000		1.300		06/20/20	23,678,353
	436,000,000		2.200		03/20/31	4,948,343
	225,000,000		1.700		09/20/32	2,449,567
	214,000,000		1.400		09/20/34	2,259,936
	2,029,200,000		2.500		09/20/34	24,605,161
	454,000,000		1.400		09/20/45	4,846,111
	181,600,000		2.000		03/20/52	2,236,330
	312,700,000		1.400		03/20/55	3,348,882
Japan Government Five Year Bond
	1,624,000,000		0.100		09/20/21	14,773,609
Japanese Government CPI Linked Bond
	815,068,800		0.100		03/10/25	7,711,553
	1,145,867,002		0.100		03/10/26	10,903,409

						101,761,254

Mexican Peso – 0.2%
United Mexican States
MXN	3,957,000		6.500		06/10/21	192,761
	1,339,300		8.000		12/07/23	68,308
	2,098,900		7.750		11/23/34	106,305
	13,763,300		10.000		11/20/36	848,884
	2,436,600		8.500		11/18/38	132,550
	94,300		8.000		11/07/47	4,886

						1,353,694

Russian Ruble – 0.1%
Russian Federation Bond
RUB	26,160,000		7.050		01/19/28	402,973

South African Rand – 0.5%
Republic of South Africa
ZAR	47,650,000		7.750		02/28/23	3,409,680


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
South African Rand – (continued)
ZAR	290,000		8.750	%	01/31/44	$ 19,297

						3,428,977

South Korean Won – 1.8%
Inflation Linked Korea Treasury Bond
KRW	13,376,001,411		1.000		06/10/26	11,411,364

Swedish Krona – 0.4%
Sweden Government Bond
SEK	21,290,000		3.500		06/01/22	2,733,525

Thai Baht – 0.6%
Thailand Government Bond
THB	126,490,000		1.875		06/17/22	3,796,430

United States Dollar – 2.8%
Abu Dhabi Government International Bond
$	500,000		2.500	^(a)	10/11/22	478,750
	790,000		3.125	^(a)	10/11/27	735,688
	600,000		4.125	^(a)	10/11/47	549,000
	1,370,000		4.125		10/11/47	1,253,550
Qatar Government International Bond^(a)
	1,820,000		5.103		04/23/48	1,815,450
Republic of Indonesia
	970,000		5.875		01/15/24	1,040,325
	200,000		4.125	^(a)	01/15/25	196,750
	4,340,000		4.125		01/15/25	4,269,475
	790,000		3.850	^(a)	07/18/27	750,500
	300,000		4.750	^(a)	07/18/47	283,500
Republic of Korea
	660,000		7.125		04/16/19	681,581
Republic of Kuwait
	6,250,000		3.500		03/20/27	6,078,125

						18,132,694

TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS (Cost $213,234,417)						$218,153,559


Corporate Obligations – 28.3%
Aerospace & Defense – 0.6%
General Dynamics Corp.
$	850,000		2.875	%	05/11/20	$ 849,076
	850,000		3.000		05/11/21	847,269
	400,000		3.375	^(c)	05/15/23	400,808
Northrop Grumman Corp.^(c)
	1,700,000		2.930		01/15/25	1,613,918

						3,711,071

Agriculture – 0.5%
BAT Capital Corp.^(a)(c)
	450,000		3.222		08/15/24	426,255
	900,000		3.557		08/15/27	837,361
BAT International Finance PLC^(a)
	800,000		2.750		06/15/20	791,274
	200,000		3.500		06/15/22	198,098
Reynolds American, Inc.
	108,000		3.250		06/12/20	107,889
	150,000		4.000		06/12/22	150,934


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Agriculture – (continued)
$	650,000		5.850	%^(c)	08/15/45	$ 709,602

						3,221,413

Banks – 14.6%
Banco Santander SA
	600,000		4.379		04/12/28	573,676
Bank of America Corp.
	1,400,000		2.600		01/15/19	1,399,112
	600,000		2.650		04/01/19	599,363
(3M USD LIBOR + 0.630%)
	900,000		3.499	^(c)(d)	05/17/22	899,691
	1,450,000		4.125		01/22/24	1,473,867
	150,000		3.875		08/01/25	149,249
	2,300,000		3.248	^(c)	10/21/27	2,143,532
	650,000		4.183	^(c)	11/25/27	633,034
	100,000		6.110		01/29/37	114,870
Barclays PLC^(c)
	900,000		3.684		01/10/23	875,215
BNP Paribas SA
	1,450,000		3.375	^(a)	01/09/25	1,369,790
	1,250,000		3.375		01/09/25	1,180,853
	200,000		4.375	^(a)	09/28/25	195,196
Capital One Financial Corp.^(c)
	1,600,000		2.500		05/12/20	1,577,310
Citigroup, Inc.^(c)
	1,300,000		3.200		10/21/26	1,208,908
Credit Agricole SA^(a)
	1,200,000		3.375		01/10/22	1,174,861
Credit Suisse AG
	750,000		6.500		08/08/23	797,750
Credit Suisse Group AG^(a)(c)(d)(3M USD LIBOR + 1.410%)
	1,600,000		3.869		01/12/29	1,504,526
Credit Suisse Group Funding Guernsey Ltd.
	650,000		4.550		04/17/26	649,949
Deutsche Bank AG
	150,000		2.850		05/10/19	148,683
	3,400,000		2.700		07/13/20	3,316,370
	100,000		3.125		01/13/21	96,700
Dexia Credit Local SA
	3,500,000		1.875	^(a)	03/28/19	3,479,498
GBP	5,900,000		1.125		06/15/22	7,703,601
HSBC Holdings PLC
$	200,000		4.250		08/18/25	196,357
	450,000		6.800		06/01/38	541,590
Intesa Sanpaolo SpA
	900,000		3.875		01/15/19	901,655
Kreditanstalt fuer Wiederaufbau^(e)
AUD	3,000,000		6.000		08/20/20	2,388,726
EUR	11,000,000		0.000	^(f)	05/25/21	12,977,727
	3,100,000		3.500		07/04/21	4,039,976
	7,300,000		2.500		01/17/22	9,362,601
	14,900,000		0.000	^(f)	12/15/22	17,486,177
Morgan Stanley, Inc.
$	500,000		5.625		09/23/19	515,227


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, Inc. – (continued)
EUR	900,000		2.375	%	03/31/21	$ 1,111,716
$	50,000		3.875		04/29/24	50,089
	1,700,000		3.700		10/23/24	1,678,318
	300,000		4.000		07/23/25	299,088
	350,000		4.300		01/27/45	331,157
Royal Bank of Scotland Group PLC
(3M USD LIBOR + 1.480%)
	1,200,000		3.498	^(c)(d)	05/15/23	1,162,450
	200,000		3.875		09/12/23	194,284
(3M USD LIBOR + 1.550%)
	900,000		4.519	^(c)(d)	06/25/24	900,645
(3M USD LIBOR + 1.754%)
	2,150,000		4.892	^(c)(d)	05/18/29	2,140,431
The Huntington National Bank^(c)
	1,950,000		3.250		05/14/21	1,945,421
UBS Group Funding Switzerland AG^(a)
	2,400,000		3.000		04/15/21	2,363,318

						93,852,557

Beverages^(c) – 0.2%
Anheuser-Busch InBev Finance, Inc.
	500,000		4.900		02/01/46	514,189
Anheuser-Busch InBev Worldwide, Inc.
	700,000		4.600		04/15/48	689,678

						1,203,867

Biotechnology^(c) – 0.1%
Gilead Sciences, Inc.
	800,000		4.150		03/01/47	764,702

Chemicals – 0.7%
CNAC HK Finbridge Co. Ltd.
	200,000		4.125		07/19/27	184,250
LyondellBasell Industries NV^(c)
	252,000		5.000		04/15/19	254,492
Syngenta Finance NV^(a)(c)
	750,000		4.441		04/24/23	745,801
	600,000		4.892		04/24/25	588,287
	200,000		5.182		04/24/28	193,165
	200,000		5.676		04/24/48	186,991
The Sherwin-Williams Co.^(c)
	2,300,000		3.450		06/01/27	2,172,971

						4,325,957

Diversified Financial Services – 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,550,000		3.750		05/15/19	2,565,202
	1,400,000		3.500	^(c)	05/26/22	1,369,404
	2,149,000		4.625		07/01/22	2,191,441
GE Capital International Funding Co.
	1,100,000		3.373		11/15/25	1,055,804
Huarong Finance 2017 Co. Ltd.
	200,000		4.750		04/27/27	192,438


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Synchrony Financial^(c)
$	250,000		3.000	%	08/15/19	$ 249,469

						7,623,758

Electrical – 0.4%
innogy Finance BV
GBP	900,000		6.250		06/03/30	1,561,521
Ruwais Power Co. PJSC^(a)
$	520,000		6.000		08/31/36	559,650
Sempra Energy^(c)
	700,000		3.400		02/01/28	656,721

						2,777,892

Food & Drug Retailing^(c) – 0.1%
Kraft Heinz Foods Co.
	600,000		2.800		07/02/20	595,705

Healthcare Providers & Services^(c) – 0.3%
Becton Dickinson & Co.
	1,600,000		2.894		06/06/22	1,547,573
	275,000		3.363		06/06/24	264,161

						1,811,734

Insurance – 1.2%
Aviva PLC^(c)(d)
(5 year UK Government Bond + 2.850%)
GBP	450,000		6.125		11/14/36	661,727
(5 year EUR Swap + 5.130%)
EUR	450,000		6.125		07/05/43	620,412
(6M GBP LIBOR + 1.880%)
GBP	300,000		5.902		11/29/49	413,378
AXA SA^(c)(d)(3M USD LIBOR + 1.449%)
$	2,450,000		6.463		12/29/49	2,394,875
Chubb INA Holdings, Inc.^(c)
EUR	1,550,000		2.500		03/15/38	1,829,024
Cloverie PLC for Zurich Insurance Co. Ltd.^(c)(d)(3M USD LIBOR + 4.918%)
$	500,000		5.625		06/24/46	502,927
MetLife, Inc.
	500,000		4.368		09/15/23	518,094
	110,000		3.600		04/10/24	109,096
NN Group NV^(c)(d)(3M Euribor + 3.950%)
EUR	800,000		4.625		04/08/44	1,004,261

						8,053,794

Internet^(c) – 0.4%
Amazon.com, Inc.
$	2,700,000		3.875		08/22/37	2,635,505

Investment Companies – 0.1%
Huarong Finance II Co. Ltd.
	570,000		5.000		11/19/25	565,725


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital^(c)
$	150,000		3.579	%	07/23/20	$ 149,810
	650,000		4.500		02/01/24	649,360
	2,400,000		4.908		07/23/25	2,423,722
Comcast Corp.
	300,000		6.400		03/01/40	354,594
Time Warner Cable LLC
	300,000		6.750		07/01/18	300,000
	450,000		5.000		02/01/20	459,395
	100,000		4.125	^(c)	02/15/21	100,509
	28,000		7.300		07/01/38	31,738

						4,469,128

Mining^(a) – 0.2%
Glencore Funding LLC
	1,400,000		4.125		05/30/23	1,396,934

Oil Field Services – 0.8%
Anadarko Petroleum Corp.
	50,000		3.450	^(c)	07/15/24	48,045
	650,000		6.450		09/15/36	751,176
BP Capital Markets PLC
	250,000		3.814		02/10/24	252,553
Devon Energy Corp.^(c)
	500,000		3.250		05/15/22	491,509
	200,000		5.600		07/15/41	215,735
	500,000		4.750		05/15/42	488,131
	300,000		5.000		06/15/45	305,185
Dolphin Energy Ltd. LLC
	114,800		5.888	^(a)	06/15/19	116,379
	77,080		5.888		06/15/19	78,140
Gazprom OAO Via Gaz Capital SA
	240,000		8.625	^(g)	04/28/34	297,000
	310,000		7.288		08/16/37	348,750
Petroleos Mexicanos
	32,000		6.375		02/04/21	33,680
EUR	820,000		5.125		03/15/23	1,049,765
Reliance Industries Ltd.^(a)
$	510,000		3.667		11/30/27	468,562

						4,944,610

Pharmaceuticals – 1.2%
AbbVie, Inc.^(c)
	750,000		4.450		05/14/46	717,190
Allergan Funding SCS
	50,000		2.450		06/15/19	49,758
	250,000		3.000	^(c)	03/12/20	248,815
Bayer AG^(c)(d)(5 year EUR Swap + 2.176%)
EUR	1,400,000		3.000		07/01/75	1,680,828
Bayer US Finance II LLC^(a)(c)
$	750,000		3.875		12/15/23	750,031
	1,000,000		4.250		12/15/25	1,005,351
	550,000		4.375		12/15/28	551,046
CVS Health Corp.^(c)
	550,000		2.800		07/20/20	544,807
	950,000		4.300		03/25/28	937,089


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
$	750,000		4.780	%	03/25/38	$ 737,679
	250,000		5.050		03/25/48	254,424

						7,477,018

Pipelines – 1.8%
Abu Dhabi Crude Oil Pipeline LLC^(a)
	1,260,000		4.600		11/02/47	1,159,200
Enterprise Products Operating LLC^(c)
	700,000		2.850		04/15/21	691,295
	500,000		3.750		02/15/25	495,122
Kinder Morgan Energy Partners LP^(c)
	470,000		3.950		09/01/22	469,938
Kinder Morgan, Inc.^(c)
	350,000		3.050		12/01/19	348,918
	3,000,000		5.000	^(a)	02/15/21	3,102,714
	300,000		4.300		06/01/25	299,257
MPLX LP^(c)
	400,000		4.500		04/15/38	369,459
	500,000		4.700		04/15/48	463,603
Plains All American Pipeline LP/PAA Finance Corp.^(c)
	1,200,000		4.500		12/15/26	1,174,645
	300,000		4.700		06/15/44	263,583
Sabine Pass Liquefaction LLC^(c)
	1,500,000		5.625		03/01/25	1,591,875
Williams Partners LP^(c)
	550,000		3.600		03/15/22	547,312
	450,000		3.900		01/15/25	438,986

						11,415,907

Real Estate Investment Trust^(c) – 0.3%
American Tower Corp.
	450,000		3.300		02/15/21	449,513
HCP, Inc.
	100,000		2.625		02/01/20	98,807
	273,000		5.375		02/01/21	283,792
Ventas Realty LP/Ventas Capital Corp.
	200,000		3.250		08/15/22	196,142
WEA Finance LLC/Westfield UK & Europe Finance PLC^(a)
	350,000		2.700		09/17/19	348,549
	400,000		3.750		09/17/24	395,178

						1,771,981

Retailing^(c) – 0.3%
Dollar Tree, Inc.
	900,000		4.000		05/15/25	879,573
	1,100,000		4.200		05/15/28	1,061,796

						1,941,369

Semiconductors^(c) – 0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd.
	500,000		3.000		01/15/22	486,330

Software^(c) – 0.5%
Oracle Corp.
	1,650,000		2.650		07/15/26	1,521,684
	700,000		3.250		11/15/27	669,323
	800,000		3.800		11/15/37	756,728


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software^(c) – (continued)
$	650,000		4.000	%	11/15/47	$ 611,826

						3,559,561

Supranational – 0.8%
European Financial Stability Facility^(e)
EUR	900,000		1.375		05/31/47	1,005,542
European Investment Bank
	3,400,000		0.875		01/14/28	4,041,076

						5,046,618

Telecommunication Services – 1.2%
America Movil SAB de CV
MXN	5,260,000		6.000		06/09/19	257,870
AT&T, Inc.^(c)
$	2,000,000		2.800		02/17/21	1,968,156
	1,450,000		3.200		03/01/22	1,422,899
	250,000		3.000		06/30/22	242,699
Verizon Communications, Inc.
	1,884,000		4.329	^(a)	09/21/28	1,867,234
	450,000		4.862		08/21/46	430,007
	650,000		5.012		04/15/49	633,003
Vodafone Group PLC
	1,050,000		3.750		01/16/24	1,041,027

						7,862,895

TOTAL CORPORATE OBLIGATIONS (Cost $184,736,248)						$181,516,031


Asset-Backed Securities^(d) – 21.0%
Collateralized Loan Obligations^(a) – 12.9%
AIMCO CLO Series 2014-AA, Class AR(3M USD LIBOR + 1.100%)
$	4,250,000		2.845	%	07/20/26	$ 4,250,463
Apex Credit CLO II LLC Series 2017-2A, Class A(3M USD LIBOR + 1.270%)
	8,400,000		3.472		09/20/29	8,414,549
Atrium X CLO Series 2017-10A, Class AR(3M USD LIBOR + 0.950%)
	3,535,828		2.672		07/16/25	3,535,821
Catamaran CLO Ltd. Series 2013-1A, Class AR(3M USD LIBOR + 0.850%)
	3,800,000		2.363		01/27/28	3,788,376
GoldentTree Loan Management US CLO 1 Ltd. Series 2017-1A, Class A(3M USD LIBOR + 1.220%)
	4,650,000		2.965		04/20/29	4,653,697
Halcyon Loan Advisors Funding Ltd. Series 2013-1A, Class A1(3M USD LIBOR + 1.150%)
	1,519,821		2.872		04/15/25	1,519,838
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R(3M USD LIBOR + 1.130%)
	5,600,000		2.864		04/18/26	5,600,610
Madison Park Funding XII Ltd. Series 2014-12A, Class AR(3M USD LIBOR + 1.260%)
	3,900,000		3.005		07/20/26	3,900,788
Madison Park Funding XXX Ltd. Series 2018-30A, Class A(3M USD LIBOR + 0.750%)
	5,300,000		3.089		04/15/29	5,243,104
Oak Hill Credit Partners X Ltd. Series 2014-10A, Class AR(3M USD LIBOR + 1.130%)
	4,650,000		2.875		07/20/26	4,650,586


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(d) – (continued)
Collateralized Loan Obligations^(a) – (continued)
OCP CLO Ltd. Series 2016-12A, Class A1(3M USD LIBOR + 1.570%)
$	4,650,000		3.304	%	10/18/28	$ 4,656,608
Octagon Investment Partners 24 Ltd. Series 2015-1A, Class A1R(3M USD LIBOR + 0.900%)
	8,450,000		2.792		05/21/27	8,439,488
OFSI Fund VII Ltd. Series 2014-7A, Class AR(3M USD LIBOR + 0.900%)
	2,250,000		2.634		10/18/26	2,249,973
OHA Credit Partners VIII Ltd. Series 2013-8A, Class A(3M USD LIBOR + 1.120%)
	3,647,091		2.865		04/20/25	3,647,317
Sound Point CLO XI Ltd. Series 2016-1A, Class A(3M USD LIBOR + 1.650%)
	8,350,000		3.395		07/20/28	8,362,316
Sound Point CLO XI Ltd. Series 2016-1A, Class B1(3M USD LIBOR + 2.400%)
	1,700,000		4.145		07/20/28	1,704,530
Trinitas CLO II Ltd. Series 2014-2A, Class A1R(3M USD LIBOR + 1.180%)
	1,000,000		2.902		07/15/26	1,000,116
Tryon Park CLO Ltd. Series 2013-1A, Class A1SR(3M USD LIBOR + 0.890%)
	3,700,000		3.238		04/15/29	3,683,439
WhiteHorse VIII Ltd. Series 2014-1A, Class AR(3M USD LIBOR + 0.900%)
	3,500,000		2.673		05/01/26	3,499,975

						82,801,594

Home Equity – 0.0%
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	14,418		6.951		09/25/37	14,549
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	61,084		6.804		09/25/37	62,402

						76,951

Student Loans – 8.1%
Chase Education Loan Trust Series 2007-A, Class A3(3M USD LIBOR + 0.070%)
	140,849		2.365		12/28/23	140,546
ECMC Group Student Loan Trust Series 2017-1A, Class A^(a)(1M USD LIBOR + 1.200%)
	6,292,067		3.160		12/27/66	6,397,003
Education Loan Asset-Backed Trust I Series 2013-1, Class A2^(a)(1M USD LIBOR + 0.800%)
	6,750,000		2.760		04/26/32	6,782,505
Educational Services of America, Inc. Series 2010-1, Class A1^(a)(3M USD LIBOR + 0.850%)
	318,460		2.595		07/25/23	318,998
Educational Services of America, Inc. Series 2015-2, Class A^(a)(1M USD LIBOR + 1.000%)
	1,574,062		2.960		12/25/56	1,586,546
Higher Education Funding I Series 2014-1, Class A^(a)(3M USD LIBOR + 1.050%)
	3,363,757		2.994		05/25/34	3,381,426
Knowledgeworks Foundation Student Loan Series 2010-1, Class A(3M USD LIBOR + 0.950%)
	459,798		2.894		02/25/42	461,146
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3(1M USD LIBOR + 1.050%)
	2,450,000		2.998		07/20/43	2,462,174


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(d) – (continued)
Student Loans – (continued)
Navient Student Loan Trust Series 2017-2A, Class A^(a)(1M USD LIBOR + 1.050%)
$	6,614,134		3.010	%	12/27/66	$ 6,714,095
Navient Student Loan Trust Series 2017-5A, Class A^(a)(1M USD LIBOR + 0.800%)
	7,283,457		2.760		07/26/66	7,350,607
Nelnet Student Loan Trust Series 2006-1, Class A6^(a)(3M USD LIBOR + 0.450%)
	4,300,000		2.370		08/23/36	4,206,844
Nelnet Student Loan Trust Series 2006-2, Class A7^(a)(3M Euribor + 0.580%)
	4,050,000		2.325		01/25/37	3,967,219
Nelnet Student Loan Trust Series 2011-1A, Class A^(a)(1M USD LIBOR + 0.850%)
	229,479		2.810		02/25/48	231,673
North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	1,565,017		2.645		07/25/41	1,561,591
PHEAA Student Loan Trust Series 2016-1A, Class A^(a)(1M USD LIBOR + 1.150%)
	3,216,413		3.110		09/25/65	3,265,577
Scholar Funding Trust Series 2010-A, Class A^(a)(3M USD LIBOR + 0.750%)
	781,543		2.510		10/28/41	778,665
SLM Student Loan Trust Series 2004-8A, Class A6^(a)(3M USD LIBOR + 0.630%)
	2,100,000		2.375		01/25/40	2,111,867

						51,718,482

TOTAL ASSET-BACKED SECURITIES (Cost $133,438,168)						$134,597,027


Mortgage-Backed Obligations – 21.1%
Collateralized Mortgage Obligations – 3.5%
Interest Only – 0.9%
$	555,750		4.081	%	05/15/41	$ 75,551
	431,419		4.131		03/15/44	68,034
	329,466		4.181		07/15/39	42,208
	1,525,206		3.927		05/15/46	250,813
	390,040		3.000		12/15/27	33,652
	523,110		4.590		12/25/41	83,403
	697,863		3.990		02/25/42	97,170
	702,133		4.140		12/25/43	90,991
	1,421,122		4.690		10/25/42	214,587
	558,113		4.640		02/25/44	94,146
	1,308,363		4.290		01/25/45	176,441
	471,692		4.290		11/25/45	63,649
	296,930		3.740		11/25/45	33,575
	1,344,327		4.059		02/25/46	230,329
	1,077,470		4.052		08/20/40	154,153
	800,545		4.302		02/20/40	119,063
	461,485		3.802		03/20/40	59,042
	602,066		4.166		12/20/42	87,197
	848,830		4.102		08/20/43	130,347
	175,112		4.016		09/20/43	24,835
	316,143		4.066		06/20/43	44,636
	323,688		4.016		06/20/43	45,364
	159,734		4.202		11/20/43	22,557


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
$	1,013,150		4.152	%	11/20/43	$ 146,309
	2,456,541		3.516		08/20/44	319,233
	738,054		4.016		10/20/43	96,880
	364,124		3.652		09/20/44	43,388
	1,158,782		3.666		10/16/44	148,856
	864,631		4.000		12/20/44	145,852
	208,282		4.016		03/20/44	30,625
	2,157,982		3.626		08/20/45	279,746
	1,034,955		4.000		08/20/45	177,542
	3,034,110		5.000		08/20/45	682,505
	524,727		4.166		09/20/45	77,796
	803,737		4.116		09/20/45	117,199
	424,090		4.500		09/16/45	86,601
	1,579,318		5.000		10/20/44	356,428
	375,850		4.166		11/20/45	55,746
	245,644		4.116		11/20/45	36,555
	1,707,096		3.652		04/20/45	210,982
	1,290,733		3.516		05/20/45	184,503
	481,613		4.116		01/20/46	70,789
	1,132,826		4.000		10/20/46	207,845
	663,933		4.000		06/20/45	104,953
	709,580		3.702		01/20/46	87,365

						5,909,441

Sequential Fixed Rate – 0.2%
	509,715		5.000		06/25/41	543,685
	484,247		5.000		10/25/41	516,071
	60,575		7.000		10/25/42	68,309
	242,675		7.000		07/25/42	274,722

						1,402,787

Sequential Floating Rate^(d) – 2.4%
(12M MTA + 1.500%)
	97,708		2.965		09/25/35	97,934
(1M USD LIBOR + 0.210%)
	568,103		2.158		03/20/46	514,512
	47,271		3.480		04/20/35	46,975
(3M GBP LIBOR + 0.800%)
GBP	1,006,624		1.423		08/20/56	1,332,501
$	452,741		3.990		08/19/36	423,405
(3M GBP LIBOR + 0.850%)
GBP	1,026,679		1.490		11/15/49	1,356,903
(12M MTA + 1.000%)
$	690,003		2.465		01/25/46	627,296
(3M GBP LIBOR + 0.800%)
GBP	437,072		1.423		08/20/56	579,535
(3M GBP LIBOR + 0.800%)
	3,844,448		1.423		08/20/56	5,089,902
(6M USD LIBOR + 0.660%)
$	100,716		3.163		11/20/34	101,413
(1M USD LIBOR + 0.550%)
	1,400,000		2.468		07/15/19	1,400,000
(3M GBP LIBOR + 0.850%)
GBP	2,643,665		1.473		05/20/45	3,503,767

						15,074,143

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						22,386,371


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 17.6%
FHLMC – 0.1%
$	44		5.000	%	07/01/18		$ 44
	75		5.000		08/01/18		75
	75		5.000		09/01/18		75
	2,036		5.000		10/01/18		2,044
	1,683		5.000		11/01/18		1,689
	2,139		5.000		12/01/18		2,149
	1,291		5.000		01/01/19		1,298
	194		5.000		02/01/19		195
	526		5.000		03/01/19		529
	3,345		5.000		01/01/33		3,546
	528		5.000		06/01/33		563
	5,593		5.000		07/01/33		5,964
	6,777		5.000		08/01/33		7,227
	1,198		5.000		10/01/33		1,277
	3,433		5.000		11/01/33		3,661
	1,661		5.000		12/01/33		1,772
	5,020		5.000		02/01/34		5,352
	1,937		5.000		03/01/34		2,066
	2,932		5.000		04/01/34		3,126
	5,913		5.000		05/01/34		6,305
	86,045		5.000		06/01/34		91,753
	1,050		5.000		11/01/34		1,120
	22,878		5.000		04/01/35		24,395
	2,569		5.000		11/01/35		2,739
	7,864		5.000		02/01/37		8,433
	581		5.000		11/01/37		618
	201,296		7.000		02/01/39		230,074
	34,481		5.000		01/01/40		36,865
	17,204		4.000		06/01/40		17,631
	172,476		4.000		02/01/41		177,312
	11,752		4.000		11/01/41		12,090

							651,987

FNMA – 9.0%
	47		5.000		11/01/18		48
	270		5.000		03/01/19		271
	279		5.000		04/01/19		281
	2,136		5.000		08/01/33		2,279
	1,330		5.500		02/01/34		1,447
	3,278		5.500		05/01/34		3,577
	1,446		5.500		10/01/34		1,577
	10,773		5.500		12/01/34		11,752
	3,290		5.500		04/01/35		3,574
	2,617		5.500		07/01/35		2,846
	371,818		4.500		07/01/36		390,612
	40,036		4.500		12/01/36		42,035
	36,064		4.500		05/01/38		37,925
	116,259		7.000		03/01/39		131,684
	26,649		4.500		05/01/39		28,036
	16,072		4.500		06/01/39		16,910
	11,269		4.500		08/01/39		11,856
	17,722		4.500		09/01/39		18,623
	25,394		4.500		10/01/39		26,685
	10,171		4.500		03/01/40		10,688
	143,255		4.500		04/01/40		150,603
	125,082		5.000		06/01/40		133,544
	9,660		4.500		12/01/40		10,156
	162,645		4.500		01/01/41		170,968
	43,138		4.500		04/01/41		45,345
	75,029		4.500		06/01/41		78,799
	58,068		4.500		07/01/41		61,003
	51,852		5.000		07/01/41		55,518
	89,845		4.500		08/01/41		94,428
	268,410		4.500		09/01/41		282,157


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	230,364		4.500	%		10/01/41		$ 242,008
	185,704		4.500			11/01/41		194,975
	106,628		4.500			12/01/41		111,986
	112,415		4.500			01/01/42		118,054
	26,883		4.500			03/01/42		28,216
	49,089		4.500			04/01/42		51,530
	111,524		3.000			12/01/42		109,189
	282,204		3.000			01/01/43		276,313
	336,532		3.000			04/01/43		329,800
	895,101		4.500			06/01/45		938,388
	111,491		4.500			03/01/47		116,290
	2,083,763		4.500			01/01/48		2,171,998
	742,718		4.500			05/01/48		773,819
	29,000,000		4.000			TBA-30yr	^(h)	29,566,405
	20,000,000		4.500			TBA-30yr	^(h)	20,825,000

								57,679,198

GNMA – 8.5%
	6,881,592		4.000			10/20/43		7,103,362
	675,464		4.000			11/20/44		696,387
	64,131		4.000			05/20/45		66,057
	3,088,895		4.000			07/20/45		3,180,717
	2,396,103		4.000			08/20/45		2,466,583
	562,855		4.000			09/20/45		579,411
	1,971,306		4.000			10/20/45		2,029,290
	1,175,769		4.000			01/20/46		1,210,353
	300,734		4.000			02/20/46		309,579
	19,000,000		4.000			TBA-30yr	^(h)	19,440,859
	17,000,000		4.500			TBA-30yr	^(h)	17,668,047

								54,750,645

TOTAL FEDERAL AGENCIES								$113,081,830

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $136,513,894)								$135,468,201


Agency Debentures – 1.0%
Canada Housing Trust No. 1^(a)(e)
CAD	5,200,000		2.350	%		12/15/18		$ 3,968,439
FHLMC
$	1,800,000		6.750			03/15/31		2,456,730

TOTAL AGENCY DEBENTURES (Cost $6,677,636)								$ 6,425,169


Municipal Debt Obligation^(c)(d) – 0.4%
Ohio – 0.4%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3
$	2,900,000		2.600	%		10/25/37		$ 2,918,939
(Cost $2,875,088)



Shares		Distribution Rate	Value
Investment Company⁽ⁱ⁾ – 4.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	28,090,008	1.869%	$ 28,090,008
(Cost $28,090,008)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $705,565,459)			$707,168,934


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment^(f) – 0.1%
Commercial Paper – 0.1%
HP, Inc.
$	1,000,000		0.000	%	07/02/18	$ 999,840
(Cost $999,930)

TOTAL INVESTMENTS – 110.3% (Cost $706,565,389)						$708,168,774

LIABILITIES IN EXCESS OF OTHER ASSETS – (10.3)%						(66,261,068)

NET ASSETS – 100.0%						$641,907,706



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $187,763,872, which represents approximately 29.3% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(b)		Actual maturity date is September 20, 2117.

(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(e)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $51,229,188, which representsapproximately 8.0% of the Fund’s net assets as of June 30, 2018

(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at June 30, 2018.

(h)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $87,500,311, which represents approximately 13.6% of the Fund’s net assets as of June 30, 2018.

(i)		Represents an affiliated issuer.



Currency Abbreviations:
ARS		— Argentine Peso
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
COP		— Colombian Peso
CZK		— Czech Koruna
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
ILS		— Israeli Shekel
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thai Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
ZAR		— South African Rand

Investment Abbreviations:
AUDOR		— Australian Dollar Offered Rate
BP		— British Pound Offered Rate
CDOR		— Canadian Dollar Offered Rate
CHFOR		— Swiss Franc Offered Rate
CLO		— Collateralized Loan Obligation
CPI		— Consumer Price Index
EURO		— Euro Offered Rate
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GMAC		— General Motors Acceptance Corporation
GNMA		— Government National Mortgage Association
JYOR		— Japanese Yen Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
MTA		— Monthly Treasury Average
NIBOR		— Norwegian Interbank Offered Rate
NZDOR		— New Zealand Dollar Offered Rate
PLC		— Public Limited Company
REMIC		— Real Estate Mortgage Investment Conduit
STIBOR		— Stockholm Interbank Offered Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
TIIE		— La Tasa de Interbank Equilibrium Interest Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FORWARD SALES CONTRACTS — At June 30, 2018, the Fund had the following forward sales contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following purchased and written options:


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – 1.7%
Environmental^(b) – 0.1%
EnergySolutions LLC(3M LIBOR + 3.750%)
$	5,425,000		6.084	%	05/09/25	$ 5,431,781

Food & Beverages^(b)(c) – 0.3%
Shearer’s Foods, Inc.(1M LIBOR + 6.750%)
	14,295,736		8.844		06/30/22	13,473,731

Media - Broadcasting & Radio^(b) – 0.2%
Getty Images, Inc.(1M LIBOR + 3.500%)
	9,180,667		5.594		10/18/19	8,851,724

Noncaptive - Financial^(b) – 0.4%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.(1M LIBOR + 2.000%)
	14,675,035		4.088		01/15/25	14,485,434

Semiconductors^(b) – 0.0%
Microchip Technology, Inc.(1M LIBOR + 2.000%)
	1,850,000		4.100		05/29/25	1,846,152

Technology - Software/Services – 0.5%
Ion Trading Technologies S.A.R.L.
	3,550,000					3,514,500
MA FinanceCo. LLC^(b)(1M LIBOR + 2.750%)
	984,217		4.844		06/21/24	978,686
Seattle SpinCo, Inc.^(b)(1M LIBOR + 2.750%)
	6,646,658		4.844		06/21/24	6,609,304
SS&C Technologies Holdings Europe S.a.r.l.^(b)(1M LIBOR + 2.500%)
	2,443,236		4.594		04/16/25	2,441,868
SS&C Technologies, Inc.^(b)(1M LIBOR + 2.500%)
	6,458,238		4.594		04/16/25	6,454,621

						19,998,979

Telecommunications - Satellites^(b) – 0.2%
Windstream Corp.(1M LIBOR + 4.000%)
	6,401,274		6.090		03/29/21	6,067,511

TOTAL BANK LOANS (Cost $70,872,189)						$ 70,155,312


Corporate Obligations – 11.6%
Banks^(d) – 0.8%
CIT Group, Inc.
$	5,950,000		4.125	%	03/09/21	$ 5,920,250
Popular, Inc.
	13,218,000		7.000		07/01/19	13,445,111
SMFG Preferred Capital USD 3 Ltd.^(b)(6M USD LIBOR + 5.890%)
	13,157,000		9.500		07/25/49	13,195,945

						32,561,306

Chemicals – 0.4%
CNAC HK Finbridge Co. Ltd.
	3,040,000		4.125		07/19/27	2,800,600
	14,740,000		5.125		03/14/28	14,537,325

						17,337,925

Computers^(d) – 0.2%
Western Digital Corp.
	6,475,000		4.750		02/15/26	6,296,938


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – 0.3%
Huarong Finance 2017 Co. Ltd.
$	2,410,000		4.750	%	04/27/27	$ 2,318,878
Huarong Finance II Co. Ltd.
	2,090,000		5.500		01/16/25	2,137,824
	1,190,000		5.000		11/19/25	1,181,075
Nationstar Mortgage LLC/Nationstar Capital Corp.^(d)
	6,450,000		6.500		08/01/18	6,458,063

						12,095,840

Electrical^(d)(e) – 0.1%
Calpine Corp.
	4,325,000		5.875		01/15/24	4,292,563

Healthcare Providers & Services – 0.3%
HCA, Inc.
	7,050,000		3.750		03/15/19	7,076,437
	2,975,000		6.500		02/15/20	3,088,422

						10,164,859

Insurance^(d) – 0.1%
AXA SA^(b)(3M USD LIBOR + 1.449%)
	3,250,000		6.463		12/14/49	3,176,875
Wand Merger Corp.^(e)
	1,600,000		8.125		07/15/23	1,622,000

						4,798,875

Iron/Steel – 0.1%
ABJA Investment Co. Pte Ltd.
	560,000		5.950		07/31/24	537,600
	4,689,000		5.450		01/24/28	3,973,928

						4,511,528

Lodging – 0.1%
MGM Resorts International
	5,000,000		8.625		02/01/19	5,137,500

Media – 0.4%
Altice Financing SA^(d)(e)
	8,500,000		6.625		02/15/23	8,351,250
Cablevision Systems Corp.
	1,850,000		8.000		04/15/20	1,933,250
DISH DBS Corp.
	1,200,000		7.875		09/01/19	1,245,000
	4,400,000		5.875		07/15/22	4,114,000
Meredith Corp.^(d)(e)
	2,000,000		6.875		02/01/26	1,970,000

						17,613,500

Mining^(d)(e) – 0.2%
First Quantum Minerals Ltd.
	5,950,000		7.250		04/01/23	5,950,000

Oil Field Services – 1.9%
Carrizo Oil & Gas, Inc.^(d)
	4,182,000		7.500		09/15/20	4,202,910
Laredo Petroleum, Inc.^(d)
	4,050,000		5.625		01/15/22	3,989,250


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Petroleos de Venezuela SA^(f)
$	223,560,000		6.000	%	10/28/22	$ 41,358,600
	11,610,000		5.375		04/12/27	2,620,196
Petroleos Mexicanos
EUR	7,630,000		5.125		03/15/23	9,767,932
Reliance Industries Ltd.
$	280,000		4.125		01/28/25	272,313
	11,260,000		3.667	^(e)	11/30/27	10,345,125
Whiting Petroleum Corp.
	2,950,000		1.250		04/01/20	2,815,571

						75,371,897

Packaging^(d) – 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(e)
	4,275,000		6.000		02/15/25	4,146,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
	5,087,815		5.750		10/15/20	5,087,815

						9,234,565

Pharmaceuticals^(d)(e) – 1.0%
Bayer US Finance II LLC
	16,575,000		3.875		12/15/23	16,575,695
	15,425,000		4.375		12/15/28	15,454,335
Valeant Pharmaceuticals International, Inc.
	5,900,000		6.500		03/15/22	6,106,500
	1,675,000		7.000		03/15/24	1,754,563

						39,891,093

Pipelines^(d) – 1.3%
DCP Midstream Operating LP
	6,200,000		2.700		04/01/19	6,138,000
Enterprise Products Operating LLC^(b)(3M USD LIBOR + 3.708%)
	29,675,000		6.066		08/01/66	29,749,187
Plains All American Pipeline LP/PAA Finance Corp.
	7,725,000		3.600		11/01/24	7,315,936
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	10,850,000		4.125		11/15/19	10,850,000

						54,053,123

Real Estate Investment Trust – 0.6%
China Evergrande Group^(d)
	11,680,000		8.750		06/28/25	10,268,005
Corporacion Geo SA^(c)
	492,130		8.000		04/13/21	—
istar, Inc.^(d)
	2,350,000		5.000		07/01/19	2,344,125
Kaisa Group Holdings Ltd.^(d)
	4,810,000		8.500		06/30/22	3,854,013
	6,930,000		9.375		06/30/24	5,275,462
Trust F/1401^(d)(e)
	4,470,000		5.250		12/15/24	4,386,187

						26,127,792

Semiconductors^(e) – 0.1%
NXP BV/NXP Funding LLC
	3,750,000		4.125		06/01/21	3,740,625


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software^(d)(e) – 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
$	7,000,000		5.750	%	03/01/25	$ 6,580,000
CURO Financial Technologies Corp.
	6,975,000		12.000		03/01/22	7,567,875

						14,147,875

Telecommunication Services – 3.1%
America Movil SAB de CV
MXN	256,740,000		6.000		06/09/19	12,586,630
Digicel Group Ltd.^(d)(e)
$	8,150,000		8.250		09/30/20	5,990,250
Frontier Communications Corp.
	16,107,000		8.125		10/01/18	16,147,267
	2,475,000		8.500	^(d)(e)	04/01/26	2,388,375
Intelsat Jackson Holdings SA^(d)
	1,600,000		7.250		10/15/20	1,586,000
	9,850,000		7.500		04/01/21	9,776,125
Nokia OYJ
	3,500,000		3.375		06/12/22	3,408,125
Sprint Communications, Inc.
	7,700,000		9.000	^(e)	11/15/18	7,854,000
	11,000,000		7.000		08/15/20	11,385,000
Sprint Corp.
	13,500,000		7.125		06/15/24	13,567,500
Telecom Italia Capital SA
	5,550,000		6.375		11/15/33	5,445,938
	5,600,000		7.200		07/18/36	5,768,000
	7,450,000		7.721		06/04/38	8,064,625
Wind Tre SpA^(d)(e)
	11,335,000		5.000		01/20/26	8,926,313
Windstream Services LLC/Windstream Finance Corp.^(d)(e)
	13,537,000		8.625		10/31/25	12,826,307

						125,720,455

TOTAL CORPORATE OBLIGATIONS (Cost $517,819,965)						$ 469,048,259


Mortgage-Backed Obligations – 15.0%
Collateralized Mortgage Obligations – 12.6%
Interest Only^(g) – 3.6%
FHLMC REMIC Series 3753, Class SK^(b)(-1x1M LIBOR + 6.050%)
$	11,044,172		4.131	%	11/15/38	$ 727,248
FHLMC REMIC Series 3852, Class SW^(b)(-1x1M LIBOR + 6.000%)
	4,404,316		4.081		05/15/41	598,745
FHLMC REMIC Series 4273, Class PS^(b)(-1x1M LIBOR + 6.100%)
	34,170,199		4.027		11/15/43	4,727,809
FHLMC REMIC Series 4320, Class SD^(b)(-1x1M LIBOR + 6.100%)
	10,761,468		4.181		07/15/39	1,378,662
FHLMC REMIC Series 4431, Class ST^(b)(-1x1M LIBOR + 6.100%)
	16,488,445		4.181		01/15/45	2,471,214
FHLMC REMIC Series 4468, Class SY^(b)(-1x1M LIBOR + 6.100%)
	12,598,973		4.181		05/15/45	1,865,388
FHLMC STRIPS Series 304, Class C45
	26,333,670		3.000		12/15/27	2,272,035
FNMA REMIC Series 2011-100, Class S^(b)(-1x1M LIBOR + 6.450%)
	11,122,673		4.490		10/25/41	1,600,335


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
FNMA REMIC Series 2012-88, Class SB^(b)(-1x1M LIBOR + 6.670%)
$	9,350,950		4.710	%	07/25/42	$ 1,603,650
FNMA REMIC Series 2013-121, Class SA^(b)(-1x1M LIBOR + 6.100%)
	18,255,450		4.140		12/25/43	2,365,771
FNMA REMIC Series 2013-130, Class SN^(b)(-1x1M LIBOR + 6.650%)
	21,355,900		4.690		10/25/42	3,224,704
FNMA REMIC Series 2014-19, Class MS^(b)(-1x1M LIBOR + 6.600%)
	18,365,011		4.640		11/25/39	1,287,150
FNMA REMIC Series 2014-87, Class MS^(b)(-1x1M LIBOR + 6.250%)
	13,795,379		4.290		01/25/45	1,860,391
FNMA REMIC Series 2015-20, Class ES^(b)(-1x1M LIBOR + 6.150%)
	42,557,949		4.190		04/25/45	6,536,633
FNMA REMIC Series 2015-22, Class DS^(b)(-1x1M LIBOR + 6.200%)
	10,150,380		4.109		04/25/45	1,587,497
FNMA REMIC Series 2015-24, Class SG^(b)(-1x1M LIBOR + 5.600%)
	17,416,138		3.640		04/25/45	2,310,562
FNMA REMIC Series 2015-34, Class LS^(b)(-1x1M LIBOR + 6.100%)
	27,819,705		4.009		06/25/45	4,199,062
FNMA REMIC Series 2015-79, Class SA^(b)(-1x1M LIBOR + 6.250%)
	26,414,765		4.290		11/25/45	3,564,353
FNMA REMIC Series 2015-79, Class SE^(b)(-1x1M LIBOR + 6.250%)
	10,624,060		4.290		11/25/45	1,464,622
FNMA REMIC Series 2015-86, Class BS^(b)(-1x1M LIBOR + 5.700%)
	20,657,873		3.740		11/25/45	2,335,856
GNMA REMIC Series 2010-1, Class SD^(b)(-1x1M LIBOR + 5.790%)
	6,456,989		3.842		01/20/40	849,279
GNMA REMIC Series 2010-162, Class SE^(b)(-1x1M LIBOR + 6.550%)
	11,543,891		4.602		12/20/40	901,249
GNMA REMIC Series 2010-20, Class SC^(b)(-1x1M LIBOR + 6.150%)
	9,136,646		4.202		02/20/40	1,337,322
GNMA REMIC Series 2010-20, Class SD^(b)(-1x1M LIBOR + 5.680%)
	8,300,410		3.732		02/20/40	1,046,115
GNMA REMIC Series 2010-31, Class SA^(b)(-1x1M LIBOR + 5.750%)
	302,352		3.802		03/20/40	38,683
GNMA REMIC Series 2010-35, Class DS^(b)(-1x1M LIBOR + 5.680%)
	9,970,543		3.732		03/20/40	1,259,422
GNMA REMIC Series 2010-37, Class SG^(b)(-1x1M LIBOR + 5.700%)
	20,664,208		3.752		03/20/40	2,623,999
GNMA REMIC Series 2010-58, Class AI^(b)(-1x1M LIBOR + 5.770%)
	3,269,853		3.822		05/20/40	415,853
GNMA REMIC Series 2010-59, Class SA^(b)(-1x1M LIBOR + 6.500%)
	5,779,221		4.552		05/20/40	921,093
GNMA REMIC Series 2010-85, Class SN^(b)(-1x1M LIBOR + 5.940%)
	12,232,096		3.992		07/20/40	1,836,796
GNMA REMIC Series 2010-9, Class XD^(b)(-1x1M LIBOR + 6.600%)
	20,701,983		4.666		01/16/40	3,294,197
GNMA REMIC Series 2010-9, Class YD^(b)(-1x1M LIBOR + 6.800%)
	27,728,270		4.866		01/16/40	4,698,694
GNMA REMIC Series 2010-90, Class ES^(b)(-1x1M LIBOR + 5.950%)
	19,443,787		4.002		07/20/40	2,627,729
GNMA REMIC Series 2011-50, Class PS^(b)(-1x1M LIBOR + 6.100%)
	22,793,272		4.152		02/20/41	3,069,784
GNMA REMIC Series 2012-149, Class MS^(b)(-1x1M LIBOR + 6.250%)
	5,041,597		4.166		12/20/42	730,173
GNMA REMIC Series 2013-103, Class DS^(b)(-1x1M LIBOR + 6.150%)
	12,279,412		4.066		07/20/43	1,779,526
GNMA REMIC Series 2013-111, Class SA^(b)(-1x1M LIBOR + 6.700%)
	13,106,983		4.752		07/20/43	2,185,340
GNMA REMIC Series 2013-117, Class PS^(b)(-1x1M LIBOR + 6.150%)
	17,237,901		4.202		04/20/43	2,173,997
GNMA REMIC Series 2013-134, Class DS^(b)(-1x1M LIBOR + 6.100%)
	106,590		4.016		09/20/43	15,117


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
GNMA REMIC Series 2013-152, Class SJ^(b)(-1x1M LIBOR + 6.150%)
$	19,148,795		4.066	%	05/20/41	$ 2,739,398
GNMA REMIC Series 2013-152, Class TS^(b)(-1x1M LIBOR + 6.100%)
	323,688		4.016		06/20/43	45,364
GNMA REMIC Series 2013-167, Class SG^(b)(-1x1M LIBOR + 6.150%)
	15,719,241		4.202		11/20/43	2,219,767
GNMA REMIC Series 2013-182, Class PI
	11,804,516		4.500		12/20/43	2,513,988
GNMA REMIC Series 2014-11, Class NI
	9,286,703		4.500		12/16/42	1,272,368
GNMA REMIC Series 2014-132, Class SL^(b)(-1x1M LIBOR + 6.100%)
	21,640,776		4.016		10/20/43	2,840,666
GNMA REMIC Series 2014-133, Class BS^(b)(-1x1M LIBOR + 5.600%)
	9,831,339		3.652		09/20/44	1,171,484
GNMA REMIC Series 2014-180, Class PI
	11,441,322		4.000		08/20/44	2,079,502
GNMA REMIC Series 2014-3, Class TS^(b)(-1x1M LIBOR + 5.550%)
	7,570,304		3.602		01/20/44	903,628
GNMA REMIC Series 2014-41, Class SA^(b)(-1x1M LIBOR + 6.100%)
	22,772,115		4.016		03/20/44	3,348,368
GNMA REMIC Series 2014-5, Class SA^(b)(-1x1M LIBOR + 5.550%)
	11,839,695		3.466		01/20/44	1,456,736
GNMA REMIC Series 2014-56, Class ST^(b)(-1x1M LIBOR + 6.100%)
	16,709,777		4.166		12/16/39	2,278,228
GNMA REMIC Series 2014-76, Class SA^(b)(-1x1M LIBOR + 5.600%)
	25,664,281		3.652		01/20/40	3,185,943
GNMA REMIC Series 2015-110, Class MS^(b)(-1x1M LIBOR + 5.710%)
	15,287,597		3.626		08/20/45	1,981,779
GNMA REMIC Series 2015-111, Class IW
	13,009,053		4.000		06/20/45	2,115,648
GNMA REMIC Series 2015-111, Class SM^(b)(-1x1M LIBOR + 6.200%)
	13,178,323		4.116		08/20/45	1,918,925
GNMA REMIC Series 2015-112, Class SB^(b)(-1x1M LIBOR + 5.740%)
	25,441,469		3.656		08/20/45	3,239,414
GNMA REMIC Series 2015-123, Class SE^(b)(-1x1M LIBOR + 5.720%)
	15,695,504		3.636		09/20/45	1,961,122
GNMA REMIC Series 2015-126, Class HS^(b)(-1x1M LIBOR + 6.200%)
	27,648,739		4.116		09/20/45	4,031,678
GNMA REMIC Series 2015-126, Class LS^(b)(-1x1M LIBOR + 6.200%)
	8,581,014		4.116		09/20/45	1,249,500
GNMA REMIC Series 2015-129, Class IC
	4,240,901		4.500		09/16/45	866,008
GNMA REMIC Series 2015-133, Class SA^(b)(-1x1M LIBOR + 5.700%)
	4,878,955		3.752		09/20/45	600,789
GNMA REMIC Series 2015-133, Class SB^(b)(-1x1M LIBOR + 5.700%)
	6,882,367		3.752		09/20/45	868,559
GNMA REMIC Series 2015-144, Class QS^(b)(-1x1M LIBOR + 5.700%)
	13,708,269		3.752		10/20/45	1,445,958
GNMA REMIC Series 2015-167, Class SA^(b)(-1x1M LIBOR + 6.250%)
	15,542,924		4.166		11/20/45	2,375,632
GNMA REMIC Series 2015-168, Class SD^(b)(-1x1M LIBOR + 6.200%)
	24,159,077		4.116		11/20/45	3,595,156
GNMA REMIC Series 2015-95, Class GI
	38,289,582		4.500		07/16/45	8,412,669
GNMA REMIC Series 2016-6, Class S^(b)(-1x1M LIBOR + 5.650%)
	17,541,996		3.702		01/20/46	2,158,837
GNMA REMIC Series 2016-6, Class SB^(b)(-1x1M LIBOR + 5.650%)
	36,046,645		3.702		01/20/46	4,438,128

						147,101,297


Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater^(b) – 0.2%
FHLMC REMIC Series 3231, Class FB(1M LIBOR + 0.350%)
$	442,677		2.269	%		10/15/36		$ 444,171
FHLMC REMIC Series 3314, Class FC(1M LIBOR + 0.400%)
	266,717		2.473			12/15/36		268,054
FHLMC REMIC Series 3371, Class FA(1M LIBOR + 0.600%)
	372,479		2.519			09/15/37		376,646
FHLMC REMIC Series 3545, Class FA(1M LIBOR + 0.850%)
	298,967		2.769			06/15/39		302,814
FHLMC REMIC Series 3827, Class KF(1M LIBOR + 0.370%)
	695,829		2.289			03/15/41		698,425
FNMA REMIC Series 2006-45, Class TF(1M LIBOR + 0.400%)
	834,718		2.360			06/25/36		839,169
FNMA REMIC Series 2006-76, Class QF(1M LIBOR + 0.400%)
	882,263		2.360			08/25/36		886,934
FNMA REMIC Series 2006-79, Class PF(1M LIBOR + 0.400%)
	936,826		2.360			08/25/36		939,949
FNMA REMIC Series 2007-33, Class HF(1M LIBOR + 0.350%)
	1,149,336		2.310			04/25/37		1,152,614
FNMA REMIC Series 2007-75, Class VF(1M LIBOR + 0.450%)
	326,151		2.410			08/25/37		328,371
FNMA REMIC Series 2009-84, Class WF(1M LIBOR + 1.100%)
	122,221		3.060			10/25/39		124,542

								6,361,689

Sequential Fixed Rate – 0.4%
Banc of America Funding Trust Series 2007-8, Class 2A1
	1,478,318		7.000			10/25/37		1,130,396
BCAP LLC Trust Series 2007-AA2, Class 2A7
	1,405,464		6.000			04/25/37		1,148,343
Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	60,017		5.500			05/25/22		59,405
Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	1,715,311		6.000			02/25/36		1,387,237
Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-1, Class A4
	991,627		6.000			03/25/37		851,134
Countrywide Home Mortgage Loan Pass-Through Trust Series 2007-10, Class A5
	1,470,076		6.000			07/25/37		1,241,330
Countrywide Home Mortgage Pass-Through Trust Series 2007-10, Class A22
	2,763,012		6.000			07/25/37		2,333,084
Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	254,804		5.000			08/25/35		252,377
Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	520,131		5.500			02/25/36		473,837
Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	805,387		6.000			06/25/36		733,206
Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	1,528,147		6.500			07/25/36		1,344,485
Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	1,221,994		6.000			08/25/36		1,117,438
Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	3,931,191		6.000			10/25/37		3,290,319

								15,362,591


Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – 8.4%
American Home Mortgage Assets Trust Series 2006-2, Class 2A1(1M USD LIBOR + 0.190%)
$	7,445,771		2.150	%		09/25/46		$ 7,016,966
American Home Mortgage Investment Trust Series 2007-2, Class 11A1(1M USD LIBOR + 0.230%)
	4,078,526		2.420			03/25/47		2,690,092
Banc of America Funding Trust Series 2006-H, Class 6A1(1M USD LIBOR + 0.190%)
	17,468,330		2.138			10/20/36		15,380,271
Banc of America Funding Trust Series 2007-2, Class 2A1
	54,312		4.668			03/25/37		54,241
Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1(1M USD LIBOR + 0.200%)
	3,356,304		2.160			09/25/47		3,252,594
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-4A, Class A1^(e)(1M LIBOR + 0.200%)
	4,447,465		2.160			10/25/36		4,269,972
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-1A, Class A1^(e)(1M USD LIBOR + 0.150%)
	20,711,736		2.110			12/25/46		19,894,907
Citigroup Mortgage Loan Trust Series 2006-AR6, Class 2A2(1M USD LIBOR + 0.160%)
	5,851,399		2.120			09/25/36		5,595,809
Countrywide Alternative Loan Trust Series 2005-26CB, Class A1(1M USD LIBOR + 0.500%)
	621,616		2.460			07/25/35		533,189
Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A(1M USD LIBOR + 0.310%)
	5,137,250		2.270			08/25/35		4,547,114
Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12(1M USD LIBOR + 0.800%)
	828,159		2.760			12/25/35		765,182
Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5(1M USD LIBOR + 0.500%)
	645,940		2.460			05/25/35		584,221
Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B(1M USD LIBOR + 0.170%)
	1,491,503		2.130			11/25/36		1,481,288
Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1(1M USD LIBOR + 0.210%)
	257,847		2.158			03/20/46		233,523
Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3(1M USD LIBOR + 0.500%)
	4,067,274		2.460			08/25/37		3,510,039
Countrywide Alternative Loan Trust Series 2007-19, Class 1A11(1M USD LIBOR + 0.500%)
	9,234,479		2.460			08/25/37		5,784,223
Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(c)(e)(3M EURIBOR + 2.750%)
EUR	13,675,406		2.750			04/20/20		15,922,229
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A(1M LIBOR + 0.200%)
$	2,733,326		2.160			08/25/47		2,602,589
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1B(1M LIBOR + 0.220%)
	3,411,413		2.180			08/25/47		3,246,651
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3(1M USD LIBOR + 3.300%)
	4,930,000		5.260			10/25/27		5,499,503


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA2, Class M3(1M USD LIBOR + 4.650%)
$	4,852,000		6.610	%	10/25/28	$ 5,596,291
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA3, Class M3(1M USD LIBOR + 5.000%)
	2,000,000		6.960		12/25/28	2,329,659
GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1(1M USD LIBOR + 0.180%)
	1,215,028		2.140		01/25/37	1,141,647
GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2(1M USD LIBOR + 0.260%)
	24,354,344		2.220		08/25/46	13,659,231
Harben Finance PLC Series 2017-1X, Class A(3M GBP LIBOR + 0.800%)
GBP	6,017,566		1.353		08/20/56	7,965,653
HarborView Mortgage Loan Trust Series 2006-11, Class A1A(1M USD LIBOR + 0.170%)
$	4,178,044		2.118		12/19/36	3,735,181
Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1(1M USD LIBOR + 0.260%)
	3,853,905		2.480		06/25/35	3,759,215
Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	2,538,450		3.504		11/25/35	2,422,488
JPMorgan Alternative Loan Trust Series 2006-A2, Class 2A2
	5,117,629		3.841		05/25/36	4,465,402
Lehman XS Trust Series 2005-7N, Class 1A1A(1M USD LIBOR + 0.270%)
	7,538,092		2.230		12/25/35	7,494,021
Lehman XS Trust Series 2006-14N, Class 1A1A(1M USD LIBOR + 0.190%)
	10,809,506		2.150		09/25/46	10,084,125
Lehman XS Trust Series 2006-16N, Class A321(1M USD LIBOR + 0.200%)
	5,112,345		2.160		11/25/46	4,707,782
Lehman XS Trust Series 2006-GP1, Class A2A(1M USD LIBOR + 0.170%)
	55		2.130		05/25/46	4,349
Lehman XS Trust Series 2007-16N, Class 2A2(1M LIBOR + 0.850%)
	9,292,241		2.810		09/25/47	9,117,647
Lehman XS Trust Series 2007-4N, Class 3A2A(12M MTA + 0.750%)
	4,356,169		2.215		03/25/47	4,313,424
Lehman XS Trust Series 2007-5H, Class 3A4
	4,919,531		3.349		05/25/37	4,939,241
London Wall Mortgage Capital PLC Series 2017-FL1, Class A(3M GBP LIBOR + 0.850%)
GBP	18,573,559		1.397		11/15/49	24,547,614
Luminent Mortgage Trust Series 2007-2, Class 2A1(1M USD LIBOR + 0.230%)
$	1,172,193		2.190		05/25/37	1,121,572
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
	6,735,572		2.264		12/25/46	6,647,517
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	2,643,629		2.314		12/25/46	2,492,025
Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1(1M USD LIBOR + 0.150%)
	2,743,502		2.110		03/25/47	2,612,413
Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1(1M LIBOR + 0.200%)
	1,311,229		2.160		05/25/47	1,219,345


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A(1M USD LIBOR + 0.240%)
$	1,823,026		2.200	%	12/25/36	$ 1,675,116
Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	3,950,414		4.590		12/25/35	3,658,942
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	3,855,391		2.465		01/25/46	3,505,015
Residential Accredit Loans, Inc. Series 2006-QA2, Class 2A1
	3,610,810		5.073		02/25/36	3,120,552
Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1(1M USD LIBOR + 0.270%)
	2,108,811		2.230		02/25/46	1,593,420
Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	4,458,893		2.265		09/25/46	4,026,044
Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2(1M USD LIBOR + 0.205%)
	195,998		2.165		09/25/46	188,001
Residential Accredit Loans, Inc. Series 2007-QO4, Class A1A(1M USD LIBOR + 0.190%)
	1,495,258		2.150		05/25/47	1,463,528
Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	1,843,593		4.183		11/25/35	1,750,165
Ripon Mortgages PLC Series 1X, Class A1(3M GBP LIBOR + 0.800%)
GBP	2,604,591		1.353		08/20/56	3,453,553
Ripon Mortgages PLC Series 1X, Class A2(3M GBP LIBOR + 0.800%)
	26,572,184		1.353		08/20/56	35,180,556
Station Place Securitization Trust Series 2015-2, Class A^(e)(1M USD LIBOR + 0.550%)
$	15,350,000		2.468		05/15/18	15,350,000
Structured Adjustable Rate Mortgage Loan Trust Series 2006-11, Class 1A1(1M USD LIBOR + 0.160%)
	3,473,927		2.120		12/25/36	3,413,010
Structured Adjustable Rate Mortgage Loan Trust Series 2006-9, Class 3A1
	2,586,059		3.623		10/25/36	1,973,302
Structured Asset Mortgage Investments II Trust Series 2006-AR3, Class 21A1(1M USD LIBOR + 0.200%)
	2,496,111		2.360		02/25/36	2,184,112
Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A4A(1M USD LIBOR + 0.180%)
	5,163,111		2.140		09/25/47	5,031,273
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 3A1
	13,455,256		6.500		05/25/47	9,852,743
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1, Class A2A1(1M USD LIBOR + 0.680%)
	5,734,954		2.640		01/25/45	5,739,021
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1(1M USD LIBOR + 0.270%)
	346,551		2.500		12/25/45	350,527
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A(1M USD LIBOR + 0.540%)
	218,893		2.500		07/25/45	220,286
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A(1M USD LIBOR + 0.580%)
	784,466		2.540		07/25/45	782,018
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A(1M USD LIBOR + 0.640%)
	2,722,734		2.600		07/25/45	2,758,987


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA6, Class 2A(COF + 1.250%)
$	3,970,886		2.047	%	07/25/47	$ 3,333,113

						337,843,729

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 506,669,306

Commercial Mortgage-Backed Securities – 1.8%
Sequential Fixed Rate – 0.6%
CSMC Trust Series 2014-USA, Class E^(e)
$	9,050,000		4.373	%	09/15/37	$ 8,159,972
FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	14,464,063		2.779		09/25/22	14,412,923
WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697		04/15/45	2,568,813

						25,141,708

Sequential Floating Rate^(b)(e) – 1.2%
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class E
	12,450,000		3.786		04/10/28	12,372,755
Citigroup Commercial Mortgage Trust Series 2015-SSHP, Class D(1M LIBOR + 3.050%)
	10,013,500		5.124		09/15/27	10,043,244
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A(1M LIBOR + 0.830%)
	15,900,000		2.791		06/15/35	15,876,134
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CBM, Class E(1M LIBOR + 3.850%)
	9,600,000		5.924		10/15/29	9,601,144

						47,893,277

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 73,034,985

Federal Agencies – 0.6%
FHLMC – 0.0%
$	20,333		5.000	%	01/01/33	$ 21,552
	1,688		5.000		03/01/33	1,800
	9,370		5.000		04/01/33	9,992
	1,461		5.000		05/01/33	1,558
	5,451		5.000		06/01/33	5,812
	33,996		5.000		07/01/33	36,250
	47,430		5.000		08/01/33	50,572
	5,856		5.000		09/01/33	6,246
	10,381		5.000		10/01/33	11,069
	20,867		5.000		11/01/33	22,250
	11,997		5.000		12/01/33	12,793
	11,302		5.000		01/01/34	12,051
	33,869		5.000		02/01/34	36,116
	13,951		5.000		03/01/34	14,877
	22,454		5.000		04/01/34	23,945
	38,563		5.000		05/01/34	41,122
	523,035		5.000		06/01/34	557,729
	8,054		5.000		11/01/34	8,589
	139,065		5.000		04/01/35	148,289
	15,613		5.000		11/01/35	16,648

						1,039,260


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – 0.6%
$	31		5.500	%	01/01/19	$ 31
	3,543		5.500		02/01/19	3,556
	4,628		5.500		03/01/19	4,647
	3,393		5.500		04/01/19	3,413
	2,621		5.500		05/01/19	2,639
	11,972		5.500		06/01/19	12,047
	42,209		5.500		07/01/19	42,497
	43,756		5.500		08/01/19	44,033
	40,420		5.500		09/01/19	40,848
	12,357		5.500		10/01/19	12,475
	14,727		5.500		11/01/19	14,878
	22,112		5.500		12/01/19	22,357
	2,364		5.500		01/01/20	2,391
	403		5.500		06/01/20	405
	235,701		5.500		07/01/20	238,565
	1,313,084		3.416		10/01/20	1,325,940
	1,032,880		3.619		12/01/20	1,047,760
	3,730,288		4.381		06/01/21	3,856,878
	2,571		6.000		01/01/24	2,810
	51,743		6.000		04/01/24	56,549
	200,494		5.500		05/01/25	203,660
	3,200		4.500		09/01/29	3,355
	5,902		6.000		12/01/32	6,528
	524		6.000		01/01/33	577
	2,806		6.000		04/01/33	3,103
	126,872		6.000		10/01/33	141,087
	4,306		6.000		02/01/34	4,764
	32,147		6.000		03/01/34	35,541
	84,679		6.000		08/01/34	93,853
	23,405		6.000		11/01/34	25,923
	223,901		6.000		05/01/35	248,895
	35,596		6.000		06/01/35	39,610
	136,968		6.000		10/01/35	151,994
	17,192		6.000		11/01/35	19,102
	24,537		6.000		12/01/35	27,156
	92,241		6.000		02/01/36	102,158
	5,108		6.000		05/01/36	5,677
	509,308		6.000		08/01/36	564,904
	24,993		6.000		09/01/36	27,783
	12,336		6.000		10/01/36	13,711
	120,399		6.000		11/01/36	134,260
	263,128		6.000		12/01/36	291,691
	859,143		6.000		01/01/37	951,711
	1,452,021		6.000		02/01/37	1,607,993
	67,820		6.000		04/01/37	75,296
	411,888		6.000		05/01/37	456,361
	775,727		6.000		07/01/37	862,919
	49,328		4.500		08/01/37	51,616
	816,359		6.000		08/01/37	903,839
	23,216		6.000		09/01/37	25,699
	347,943		6.000		10/01/37	385,610
	3,325		6.000		11/01/37	3,689
	214,313		6.000		12/01/37	237,193
	732,979		6.000		01/01/38	810,411
	58,962		5.000		03/01/38	63,416
	56,748		6.000		03/01/38	63,077
	160,865		6.000		05/01/38	178,196
	14,260		6.000		07/01/38	15,871
	14,663		6.000		08/01/38	16,229


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	426,001		6.000	%	09/01/38	$ 473,279
	264,814		6.000		10/01/38	292,968
	1,136,036		6.000		11/01/38	1,246,557
	3,587,892		6.000		12/01/38	3,912,324
	844		6.000		01/01/39	920
	11,388		4.500		04/01/39	11,982
	5,091		6.000		04/01/39	5,663
	81,290		6.000		07/01/39	90,382
	17,561		4.000		08/01/39	18,000
	9,408		4.000		09/01/39	9,643
	58,549		6.000		09/01/39	64,575
	49,435		4.500		10/01/39	52,057
	539,487		6.000		10/01/39	598,581
	169,412		6.000		10/01/40	187,375
	7,710		4.500		05/01/41	8,106
	905,382		6.000		05/01/41	1,003,769
	28,453		4.500		06/01/41	29,900
	91,315		6.000		07/01/41	101,334
	36,775		4.500		08/01/41	38,978
	9,389		4.500		10/01/41	9,868
	298,488		5.000		11/01/41	317,890
	8,504		6.000		01/01/42	9,406
	3,819		4.500		11/01/42	4,009
	46,513		4.500		12/01/43	48,856

						24,125,599

TOTAL FEDERAL AGENCIES						$ 25,164,859

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $559,670,446)						$ 604,869,150


Agency Debentures – 0.3%
FFCB
$	11,000,000		2.850	%	02/10/31	$ 10,378,863
	3,000,000		3.020		04/09/31	2,879,433

TOTAL AGENCY DEBENTURES (Cost $13,264,502)						$ 13,258,296


Asset-Backed Securities – 39.3%
Collateralized Loan Obligations^(e) – 21.3%
ACIS CLO Ltd. Series 2013-1A, Class A1^(b)(3M USD LIBOR + 0.870%)
$	4,232,639		2.604	%	04/18/24	$ 4,232,499
ACIS CLO Ltd. Series 2013-1A, Class B^(b)(3M USD LIBOR + 1.950%)
	3,516,015		3.684		04/18/24	3,516,412
ACIS CLO Ltd. Series 2013-1A, Class C^(b)(3M USD LIBOR + 2.950%)
	2,220,765		4.684		04/18/24	2,221,229
ACIS CLO Ltd. Series 2014-4A, Class A^(b)(3M USD LIBOR + 1.420%)
	109,000,000		3.193		05/01/26	109,014,606
BlueMountain CLO Ltd. Series 2014-2A, Class AR^(b)(3M USD LIBOR + 0.930%)
	28,750,000		2.675		07/20/26	28,752,501
Catamaran CLO Ltd. Series 2013-1A, Class AR^(b)(3M USD LIBOR + 0.850%)
	9,150,000		2.363		01/27/28	9,122,010
CBAM CLO Management LLC Series 2017-2A, Class A^(b)(3M USD LIBOR + 1.240%)
	18,350,000		2.631		10/17/29	18,370,937
Cedar Funding V CLO Ltd. Series 2016-5A, Class A1^(b)(3M USD LIBOR + 1.610%)
	850,000		3.341		07/17/28	850,029


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(e) – (continued)
Crown Point CLO Ltd. Series 2015-3A, Class A1AR^(b)(3M USD LIBOR + 0.910%)
$	31,350,000		2.632	%	12/31/27	$ 31,349,655
Cutwater Ltd. Series 2014-1A, Class A1AR^(b)(3M USD LIBOR + 1.250%)
	38,250,000		2.972		07/15/26	38,255,508
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A^(b)(3M USD LIBOR + 1.390%)
	62,450,000		3.135		07/25/27	62,449,251
Madison Park Funding XXX Ltd. Series 2018-30A, Class A^(b)(3M USD LIBOR + 0.750%)
	36,000,000		3.089		04/15/29	35,613,540
Nassau Ltd. Series 2017-IIA, Class AL^(b)(3M USD LIBOR + 1.250%)
	10,000,000		2.913		01/15/30	10,015,050
OCP CLO Ltd. Series 2012-2A, Class A1R^(b)(3M USD LIBOR + 1.400%)
	10,850,000		3.304		11/22/25	10,866,004
OCP CLO Ltd. Series 2014-5A, Class A1R^(b)(3M USD LIBOR + 1.080%)
	65,150,000		2.832		04/26/31	65,077,032
OCP CLO Ltd. Series 2014-5A, Class A2R^(b)(3M USD LIBOR + 1.400%)
	2,950,000		3.152		04/26/31	2,927,315
OCP CLO Ltd. Series 2014-5A, Class BR^(b)(3M USD LIBOR + 1.800%)
	2,200,000		3.552		04/26/31	2,164,459
OCP CLO Ltd. Series 2015-10A, Class A1R^(b)(3M USD LIBOR + 0.820%)
	27,800,000		2.572		10/26/27	27,720,464
OCP CLO Ltd. Series 2015-8A, Class A1R^(b)(3M USD LIBOR + 0.850%)
	30,550,000		2.581		04/17/27	30,440,478
OCP CLO Ltd. Series 2015-8A, Class A2AR^(b)(3M USD LIBOR + 1.450%)
	850,000		3.181		04/17/27	846,265
Octagon Investment Partners 24 Ltd. Series 2015-1A, Class A1R^(b)(3M USD LIBOR + 0.900%)
	74,550,000		2.792		05/21/27	74,457,260
OFSI Fund V Ltd. Series 2013-5A, Class A1LA^(b)(3M USD LIBOR + 0.930%)
	2,101,130		2.652		04/17/25	2,101,053
OFSI Fund VII Ltd. Series 2014-7A, Class AR^(b)(3M USD LIBOR + 0.900%)
	84,050,000		2.634		10/18/26	84,048,991
Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1^(b)(3M USD LIBOR + 0.740%)
	20,478,711		2.462		10/15/25	20,478,506
Recette CLO Ltd. Series 2015-1A, Class AR^(b)(3M USD LIBOR + 0.920%)
	45,100,000		2.665		10/20/27	45,046,602
TCW CLO Ltd. Series 2017-1A, Class A^(b)(3M USD LIBOR + 1.280%)
	19,000,000		3.040		07/29/29	19,039,596
The Bank of New York Mellon SA^(c)(f)
	1,630,000		9.625		05/02/21	—
Trinitas CLO II Ltd. Series 2014-2A, Class A1R^(b)(3M USD LIBOR + 1.180%)
	46,550,000		2.902		07/15/26	46,555,400
Zais CLO 1 Ltd. Series 2014-1A, Class A1^(b)(3M USD LIBOR + 1.400%)
	77,111,170		3.122		04/15/26	77,115,565

						862,648,217


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity – 1.4%
ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C^(b)(1M USD LIBOR + 0.260%)
$	9,169,966		2.220	%	03/25/37	$ 5,860,172
ACE Securities Corp. Home Equity Loan Trust Series 2007-HE2, Class A2D^(b)(1M USD LIBOR + 0.270%)
	16,641,000		2.230		05/25/36	15,314,050
Bayview Financial Mortgage Pass-Through Trust Series 2006-A, Class M3^(b)(1M USD LIBOR + 0.650%)
	10,095,000		2.618		02/28/41	9,989,215
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF2^(h)
	6,112		3.741		12/25/35	6,119
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3^(h)
	9,006,000		3.741		12/25/35	8,989,210
Lehman XS Trust Series 2007-3, Class 1BA2^(b)(6M USD LIBOR + 0.500%)
	223,268		2.960		03/25/37	225,159
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A^(b)(1M USD LIBOR + 0.170%)
	866,172		2.130		11/25/36	319,841
Morgan Stanley Mortgage Loan Trust Series 2007-1XS, Class 2A1^(b)(1M USD LIBOR + 0.080%)
	6,834,879		2.040		09/25/46	2,879,292
Saxon Asset Securities Trust Series 2007-2, Class A2C^(b)(1M USD LIBOR + 0.240%)
	5,482,272		2.200		05/25/47	4,492,534
Securitized Asset Backed Receivables LLC Trust Series 2004-DO1, Class M1^(b)(1M USD LIBOR + 0.975%)
	3,180,395		2.935		07/25/34	3,272,229
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1^(b)(1M USD LIBOR + 0.215%)
	4,364,596		2.175		03/25/37	3,374,902
Wachovia Mortgage Loan Trust Series 2005-WMC1, Class M1^(b)(1M USD LIBOR + 0.660%)
	1,934,163		2.620		10/25/35	1,937,352

						56,660,075

Other^(b)(e) – 0.2%
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A(1M USD LIBOR + 0.850%)
	6,950,000		2.830		06/25/35	6,952,222

Student Loan^(b) – 16.4%
Academic Loan Funding Trust Series 2012-1A, Class A2^(e)(1M USD LIBOR + 1.100%)
	44,139,922		3.060		12/27/44	44,243,867
Access Group, Inc. Series 2015-1, Class A^(e)(1M USD LIBOR + 0.700%)
	25,794,236		2.660		07/25/56	25,758,550
Bank of America Student Loan Trust Series 2010-1A, Class A^(e)(3M USD LIBOR + 0.800%)
	95,925		2.545		02/25/43	96,298
EFS Volunteer No. 2 LLC Series 2012-1, Class A2^(e)(1M USD LIBOR + 1.350%)
	40,450,000		3.310		03/25/36	41,147,576
EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(e)(1M USD LIBOR + 1.000%)
	25,300,000		2.960		04/25/33	25,454,345


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
GCO Education Loan Funding Trust Series 2006-1, Class A8L(3M USD LIBOR + 0.130%)
$	1,042,086		2.074	%	05/25/25	$ 1,040,429
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3(1M USD LIBOR + 1.050%)
	22,700,000		2.998		07/20/43	22,812,794
Nelnet Student Loan Trust Series 2006-1, Class A6^(e)(3M USD LIBOR + 0.450%)
	40,900,000		2.370		08/23/36	40,013,938
Nelnet Student Loan Trust Series 2006-2, Class A7^(e)(3M Euribor + 0.580%)
	28,300,000		2.325		01/25/37	27,721,554
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2(3M USD LIBOR + 0.950%)
	1,944,941		2.645		07/01/24	1,948,174
Scholar Funding Trust Series 2010-A, Class A^(e)(3M USD LIBOR + 0.750%)
	24,652,895		2.510		10/28/41	24,562,093
SLC Student Loan Trust Series 2005-3, Class A3(3M USD LIBOR + 0.120%)
	7,801,123		2.245		06/15/29	7,759,885
SLM Student Loan Trust Series 2003-14, Class A5(3M USD LIBOR + 0.230%)
	2,796,881		1.975		01/25/23	2,796,963
SLM Student Loan Trust Series 2003-7A, Class A5A^(e)(3M USD LIBOR + 1.200%)
	29,631,927		3.325		12/15/33	29,987,036
SLM Student Loan Trust Series 2004-8A, Class A6^(e)(3M USD LIBOR + 0.630%)
	20,350,000		2.375		01/25/40	20,464,996
SLM Student Loan Trust Series 2005-4, Class A3(3M USD LIBOR + 0.120%)
	45,499,042		1.865		01/25/27	45,332,862
SLM Student Loan Trust Series 2005-5, Class A4(3M USD LIBOR + 0.140%)
	12,900,000		1.885		10/25/28	12,853,762
SLM Student Loan Trust Series 2006-10, Class A5A(3M USD LIBOR + 0.100%)
	206,478		1.845		04/25/27	206,253
SLM Student Loan Trust Series 2007-1, Class A5(3M USD LIBOR + 0.090%)
	30,503,125		1.835		01/26/26	30,432,828
SLM Student Loan Trust Series 2007-2, Class A4(3M USD LIBOR + 0.060%)
	81,200,000		1.805		07/25/22	79,404,765
SLM Student Loan Trust Series 2008-2, Class A3(3M USD LIBOR + 0.750%)
	14,091,848		2.495		04/25/23	14,043,410
SLM Student Loan Trust Series 2008-3, Class A3(3M USD LIBOR + 1.000%)
	15,235,536		2.745		10/25/21	15,375,066
SLM Student Loan Trust Series 2008-4, Class A4(3M USD LIBOR + 1.650%)
	39,900,040		3.395		07/25/22	40,792,245
SLM Student Loan Trust Series 2008-5, Class A4(3M USD LIBOR + 1.700%)
	62,128,256		3.445		07/25/23	63,714,937
SLM Student Loan Trust Series 2008-6, Class A4(3M USD LIBOR + 1.100%)
	21,202,614		2.845		07/25/23	21,376,232


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
SLM Student Loan Trust Series 2008-8, Class A4(3M USD LIBOR + 1.500%)
$	13,600,000		3.245	%	04/25/23	$ 13,852,742
South Texas Higher Education Authority, Inc. Series 2013-1, Class A1(1M USD LIBOR + 0.600%)
	7,726,742		2.507		12/03/29	7,723,728
Wachovia Student Loan Trust Series 2005-1, Class A5(3M USD LIBOR + 0.130%)
	4,027,062		1.875		01/26/26	4,024,573

						664,941,901

TOTAL ASSET-BACKED SECURITIES (Cost $1,564,090,364)						$1,591,202,415


Foreign Debt Obligations – 11.3%
Sovereign – 11.3%
Dominican Republic
DOP	61,100,000		10.375	%	03/04/22	$ 1,282,878
	98,700,000		14.500		02/10/23	2,322,469
$	2,380,000		6.600	^(e)	01/28/24	2,499,000
	2,860,000		6.600		01/28/24	3,003,000
	1,604,000		8.625		04/20/27	1,802,968
DOP	30,000,000		18.500		02/04/28	852,824
	58,700,000		11.375		07/06/29	1,257,097
Ecuador Government International Bond
$	2,720,000		9.625		06/02/27	2,529,600
	15,390,000		9.650		12/13/26	14,389,650
	10,400,000		9.625	^(e)	06/02/27	9,672,000
	4,100,000		7.875	^(e)	01/23/28	3,433,750
Japanese Government CPI Linked Bond
JPY	16,320,799,831		0.100		03/10/26	155,299,306
Republic of Argentina
ARS	680,275,000		1.000		09/19/18	21,445,641
	2,543,450,000		32.223	^(b)	06/21/20	89,794,935
EUR	20,240,000		3.375		01/15/23	21,449,917
	16,660,000		5.250		01/15/28	16,610,174
	460,000		2.260	^(h)	12/31/38	314,792
$	4,650,000		2.500	^(h)	12/31/38	2,636,550
EUR	3,090,000		6.250		11/09/47	2,805,610
$	43,620,000		6.875		01/11/48	32,824,050
	2,580,000		7.125	⁽ⁱ⁾	06/28/17	1,969,830
Republic of Indonesia^(e)
EUR	5,950,000		2.150		07/18/24	7,000,523


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of South Africa
ZAR	68,590,000		8.000	%	01/31/30	$ 4,566,367
	190,720,000		7.000		02/28/31	11,517,722
	73,460,000		8.250		03/31/32	4,876,823
	70,190,000		8.875		02/28/35	4,831,815
	101,925,000		6.250		03/31/36	5,367,344
	1,310,000		9.000		01/31/40	89,814
	39,710,000		6.500		02/28/41	2,061,909
	9,890,000		8.750		01/31/44	658,101
Republic of Sri Lanka
$	4,613,000		6.850		11/03/25	4,457,311
	2,000,000		6.825		07/18/26	1,915,000
Republic of Venezuela^(f)
	120,000		6.000		12/09/20	31,200
United Mexican States
MXN	352,713,800		6.500		06/10/21	17,182,080
	68,477,500		8.000		12/07/23	3,492,524
	1,546,000		7.750		11/23/34	78,302
	15,377,700		8.500		11/18/38	836,544
	2,663,200		8.000		11/07/47	137,979

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $532,948,769)						$ 457,297,399


Structured Notes^(e)(j) – 1.1%
Arab Republic of Egypt (Issuer Citibank NA)
$	197,000,000		0.000	%	11/01/18	$ 10,343,877
	238,100,000		0.000		01/17/19	12,033,832
Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA)
	127,600,000		0.000		07/26/18	7,048,099
	307,625,000		0.000		02/07/19	15,390,707

TOTAL STRUCTURED NOTES (Cost $45,652,693)						$ 44,816,515


Municipal Debt Obligations – 1.8%
Illinois – 0.4%
Illinois State GO Bonds Build America Series 2010^(d)
$	4,470,000		7.350	%	07/01/35	$ 4,991,247
Illinois State GO Bonds Taxable-Pension Series 2003
	13,800,000		5.100		06/01/33	13,059,768

						18,051,015

Minnesota^(b)(d) – 0.2%
Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1(3M USD LIBOR + 0.100%)
	6,341,969		2.459		04/28/30	6,313,849

Puerto Rico^(f) – 1.2%
Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A^(d)
	3,035,000		5.750		07/01/41	1,274,700
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A^(d)
	1,495,000		5.500		07/01/32	635,375
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B^(d)
	1,160,000		5.875		07/01/36	493,000
	3,340,000		5.750		07/01/38	1,419,500
	2,170,000		6.000		07/01/39	922,250


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico^(f) – (continued)
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A^(d)
$	1,120,000		6.000	%	07/01/34	$ 470,400
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E^(d)
	1,010,000		5.625		07/01/32	424,200
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A^(d)
	515,000		5.500		07/01/26	216,300
	1,975,000		5.500		07/01/39	829,500
	2,115,000		5.000		07/01/41	856,575
Puerto Rico Commonwealth GO Bonds Series 2014 A^(d)
	7,455,000		8.000		07/01/35	3,019,275
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A^(d)
	1,960,000		5.125		07/01/31	833,000
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A^(d)
	455,000		5.000		07/01/34	193,375
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A^(d)
	605,000		5.250		07/01/27	257,125
Puerto Rico Commonwealth GO Unrefunded Balance Refunding for Public Improvement 2006 B^(d)
	670,000		5.000		07/01/35	284,750
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B^(d)
	185,000		6.050		08/01/37	158,869
	95,000		6.050		08/01/39	81,581
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C^(d)
	2,905,000		6.000		08/01/31	2,494,669
	210,000		6.000		08/01/32	180,338
	2,285,000		6.000		08/01/38	1,962,244
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A^(d)
	75,000		6.130		08/01/28	64,406
	1,520,000		6.130		08/01/29	1,305,300
	260,000		6.130		08/01/30	223,275
	255,000		6.130		08/01/37	218,981
	465,000		6.130		08/01/38	399,319
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C^(d)
	1,100,000		5.750		08/01/57	946,000
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	80,000		5.000		08/01/21	68,800
	2,175,000		5.000	^(d)	08/01/40	1,870,500
	8,365,000		5.250	^(d)	08/01/40	7,193,900
	3,610,000		5.000	^(d)	08/01/46	3,104,600
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D^(d)
	75,000		4.850		08/01/36	63,094
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A^(d)
	12,920,000		6.750		08/01/32	5,781,700
	6,045,000		5.750		08/01/37	2,705,137
	155,000		6.375		08/01/39	69,363
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A^(d)
	470,000		5.500		08/01/37	210,325
	3,010,000		5.500		08/01/42	1,346,975
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C^(d)
	5,990,000		5.375		08/01/38	2,680,525
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1^(d)
	4,910,000		5.000		08/01/43	2,197,225


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico^(f) – (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A^(d)
$	2,325,000		5.500	%	08/01/28	$ 1,040,437

						48,496,888

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $81,312,892)						$ 72,861,752


U.S. Treasury Obligations – 0.6%
United States Treasury Bonds
$	10,000		2.750	%	11/15/47	$ 9,542
	5,280,000		3.000	^(k)	02/15/48	5,298,058
United States Treasury Notes^(k)
	15,000,000		2.250		11/15/24	14,516,400
	2,370,000		2.750		02/28/25	2,361,871

TOTAL U.S. TREASURY OBLIGATIONS (Cost $22,400,020)						$ 22,185,871


Shares		Description				Value
Common Stock^(f)(l)(m) – 1.2%
Oil, Gas & Consumable Fuels – 1.2%
7,667,598			Blue Ridge Mountain Resources, Inc. (Cost $76,509,670)			$ 46,005,588


Units		Expiration Date				Value
Warrant^(f) – 0.0%
True Religion Warrant (NR/NR)
	1,890		10/27/22			$ —
True Religion Warrant (NR/NR)
	8,897		10/27/22			—

TOTAL WARRANT (Cost $0)						$ —


Shares		Distribution Rate				Value
Investment Company^(m) – 0.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
68,177			1.869%			$ 68,177
(Cost $68,177)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $3,484,609,687)						$3,391,768,734


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 11.6%
Certificates of Deposit – 2.6%
Credit Suisse AG^(b) (3M USD LIBOR + 0.320%)
$	18,500,000		2.641	%	03/08/19	$ 18,514,985
Societe Generale SA^(j)
	4,000,000		1.580		07/10/18	3,998,484


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Standard Chartered Bank^(b)
$	9,000,000		2.541	%	05/16/19	$ 9,003,047
Sumitomo Mitsui Banking Corp.^(b)
(1M USD LIBOR + 0.330%)
	9,800,000		2.428		10/26/18	9,801,994
(3M USD LIBOR + 0.060%)
	20,000,000		2.420		10/25/18	20,001,169
Suncor Energy, Inc.
	11,864,000		0.010		07/03/18	11,861,054
The Southern Co.^(j)
	10,823,000		0.000		08/30/18	10,777,202
UBS AG London^(b)(e) (1M USD LIBOR + 0.300%)
	20,000,000		2.313		12/05/18	20,005,168

						103,963,103

Commercial Paper – 9.0%
Alpine Securitization Ltd.^(e)
	10,000,000		2.330		10/18/18	9,999,777
	20,350,000		2.330		10/01/18	20,351,153
AT&T, Inc.
	19,900,000		0.000	^(j)	10/05/18	19,757,527
	10,800,000		0.000	^(j)	10/09/18	10,719,522
	5,100,000		0.000	^(j)	05/28/19	4,957,248
Barton Capital Corp.^(j)
	4,300,000		0.000		08/14/18	4,287,962
BAT International Finance PLC^(j)
	20,000,000		0.000		09/10/18	19,898,895
Bedford Row Funding Corp.
	2,000,000		0.000	^(j)	09/04/18	1,991,867
	10,000,000		0.000	^(j)	04/25/19	9,780,000
Collateralized Commercial Paper Co. Ltd.^(b) (1M USD LIBOR + 0.280%)
	10,000,000		2.293		03/01/19	10,000,259
Ford Motor Credit Co. LLC^(j)
	25,000,000		0.000		02/20/19	24,557,664
Hewlett Packard Enterprise Co. ^(j)
	1,179,000		0.000		07/10/18	1,178,301
	10,466,000		0.000		07/11/18	10,459,221
HP, Inc.^(j)
	18,200,000		0.000		07/02/18	18,197,088
	8,409,000		0.000		07/23/18	8,397,934
LMA-Americas LLC^(j)
	18,000,000		0.000		07/11/18	17,988,186
Macquarie Bank Ltd.^(j)
	18,550,000		0.000		09/05/18	18,472,038
Marriott International, Inc.^(j)
	5,250,000		0.000		07/05/18	5,248,036
	10,000,000		0.000		07/27/18	9,981,784
	7,750,000		0.000		08/21/18	7,722,286


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Mondelez International, Inc.^(j)
$	19,500,000		0.000	%	10/01/18	$ 19,369,551
	2,800,000		0.000		10/02/18	2,781,047
Nutrien Ltd.^(j)
	8,765,000		0.000		07/16/18	8,754,632
	3,500,000		0.000		07/18/18	3,495,362
	10,100,000		0.000		07/26/18	10,080,820
Old Line Funding LLC^(j)
	1,660,000		0.000		08/20/18	1,654,862
Schlumberger Holdings^(j)
	4,000,000		0.000		09/21/18	3,977,096
Schlumberger Holdings Corp.^(j)
	9,610,000		0.000		03/05/19	9,423,953
	3,000,000		0.000		03/06/19	2,941,646
Sempra Energy Holdings^(j)
	4,834,000		0.000		07/31/18	4,823,872
	2,250,000		0.000		08/13/18	2,243,236
Tyco International Holding S.a.r.l^(j)
	11,589,000		0.000		07/09/18	11,581,696
VW Credit, Inc.^(j)
	9,765,000		0.000		08/13/18	9,735,644
	26,120,000		0.000		08/15/18	26,037,782
	15,550,000		0.000		09/20/18	15,459,404

						366,307,351

TOTAL SHORT-TERM INVESTMENTS (Cost $470,238,664)						$ 470,270,454

TOTAL INVESTMENTS – 95.5% (Cost $3,954,848,351)						$3,862,039,188

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.5%						183,410,202

NET ASSETS – 100.0%						$4,045,449,390



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on June 30, 2018. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.



(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,515,147,648, which represents approximately 37.5% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(f)		Security is currently in default and/or non-income producing.

(g)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(h)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.

(i)		Actual maturity date is June 28, 2117.

(j)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(k)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(l)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $46,005,588, which represents approximately 1.2% of the Fund’s net assets as of June 30, 2018.


Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc. (Common Stocks)		05/06/16 - 08/18/16	$	76,509,670



(m)		Represents an affiliated issuer.



Currency Abbreviations:
ARS		— Argentine Peso
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
COP		— Colombian Peso
CZK		— Czech Koruna
DOP		— Dominican Peso
EGP		— Egyptian Pound
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint


IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thai Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
ZAR		— South African Rand

Investment Abbreviations:
AUDOR		— Australian Dollar Offered Rate
CDOR		— Canadian Dollar Offered Rate
CHFOR		— Swiss Franc Offered Rate
CLO		— Collateralized Loan Obligation
COF		— Cost of Funds
CPI		— Consumer Price Index
EURO		— Euro Offered Rate
FFCB		— Federal Farm Credit Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
JIBAR		— Johannesburg Interbank Agreed Rate
JYOR		— Japanese Yen Offered Rate
KWCDC		— South Korean Won Certificate of Deposit
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
MTA		— Monthly Treasury Average
NIBOR		— Norwegian Interbank Offered Rate
NZDOR		— New Zealand Dollar Offered Rate
PI		— Private Investment
PLC		— Public Limited Company
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
STIBOR		— Stockholm Interbank Offered Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

WRITTEN AND PURCHASED OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following written and purchased options:

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value

Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Mortgage Dollar Rolls —Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions

Structured Notes —The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

Treasury Inflation Protected Securities —TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to the Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that a Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2018:

The following is a reconciliation of Level 3 investments for the period ended June 30, 2018:

Transfers of the above instruments into or out of Level 3 can be attributable to changes in the availability of valid pricing sources or in the observability of significant inputs used to measure the fair value of those instruments.

For further information regarding security characteristics, see the Schedules of Investments.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls(including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Non-Diversification Risk — The Global Income Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – 96.4%
Alabama – 2.1%
Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)^(a)
$	2,500,000		5.750	%	10/01/2020	$ 2,714,450
Black Belt Energy Gas District RB Series 2016 A (NR/A1)^(b)(c)
	5,000,000		4.000		06/01/2021	5,230,750
Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000		5.000		11/15/2021	100,303
Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB/NR)
	150,000		5.000		10/01/2024	167,776
	150,000		5.000		10/01/2025	166,713
	725,000		5.000		10/01/2030	788,938
Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	700,000		5.000		10/01/2044	766,500
Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,000,000		5.000		10/01/2021	1,072,880
	13,500,000		6.000		10/01/2042	15,552,270
	6,900,000		6.500		10/01/2053	8,112,123
The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A3)
	3,820,000		4.000		06/01/2024	4,099,815
The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)^(b)
(1 Mo. LIBOR + 0.85%, 12.00% Cap),
	10,000,000		2.246		06/01/2024	9,994,600

						48,767,118

Alaska – 0.2%
Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)^(d)
	37,350,000		0.000		06/01/2046	4,171,621

Arizona – 2.0%
Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(e)
(3 Mo. LIBOR + 0.81%),
	14,575,000		2.359		01/01/2037	13,776,727
Arizona State University System RB Refunding Series 2015 B (AA/Aa2)
	3,000,000		5.000		07/01/2019	3,102,360
City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000		07/01/2030	8,167,110
Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	9,288,000		4.000		07/01/2037	9,350,880
Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa1)
	2,200,000		7.250		02/01/2040	2,265,846
Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	4,360,000		4.000		01/01/2041	4,509,853
Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(b)(c)
	4,000,000		2.800		06/01/2021	4,018,880

						45,191,656


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Arkansas – 0.8%
Arkansas State Development Finance Authority Hospital RB Refunding for Washington Regional Medical Center Series 2015 B (NR/A3)
$	1,845,000		3.000	%	02/01/2019	$ 1,858,081
Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA) (FNMA) (AA+/NR)
	305,000		5.500		07/01/2023	305,695
City of Little Rock Sewer RB Refunding Series 2015 (NR/Aa3)
	1,000,000		4.000		04/01/2021	1,051,480
Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000		02/01/2023	5,549,621
	5,185,000		3.000		02/01/2024	5,313,225
Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000		02/01/2023	3,388,860

						17,466,962

California – 13.3%
Adelanto Public Utility Authority RB Refunding for Utility System Project Series 2009 A (NR/NR)^(a)
	7,725,000		6.750		07/01/2019	8,126,159
Alameda County Oakland Unified School District GO Refunding Bonds Series 2015 (AA-/NR)
	1,500,000		5.000		08/01/2019	1,557,540
Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(d)
	1,000,000		0.000		08/01/2037	495,940
Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)
	875,000		4.000		09/01/2024	936,573
	745,000		4.000		09/01/2025	796,137
	535,000		4.000		09/01/2026	573,456
	590,000		4.000		09/01/2027	627,571
	575,000		4.000		09/01/2028	607,367
	465,000		4.000		09/01/2029	488,106
Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	785,000		5.000		05/01/2040	888,369
California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)^(d)
	31,220,000		0.000		06/01/2055	2,550,362
California Educational Facilities Authority RB for California Institute of Technology Series 2009 (AA-/Aa2)^(a)
	5,000,000		5.000		11/01/2019	5,234,500
California Educational Facilities Authority RB for Stanford University Series 2007 T-1 (AAA/Aaa)
	5,750,000		5.000		03/15/2039	7,338,035
California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
	5,000,000		5.250		04/01/2040	6,615,500
California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000		02/01/2042	567,435
California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	375,000		5.000		11/15/2028	446,291
	350,000		5.000		11/15/2029	414,309
	565,000		5.000		11/15/2030	666,774
	1,000,000		5.000		11/15/2042	1,152,520
	12,000,000		5.000		11/15/2056	13,652,520
California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA-/Aa3)^(a)
	1,000,000		6.500		10/01/2018	1,012,690


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/Baa1)
$	1,300,000		5.000	%	02/01/2034	$ 1,461,837
	1,150,000		5.000		02/01/2035	1,287,689
	450,000		5.000		02/01/2042	497,174
	1,450,000		5.000		02/01/2047	1,596,377
California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB+/NR)
	2,000,000		5.000		06/30/2028	2,328,100
	1,600,000		5.000		12/31/2028	1,858,000
California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000		06/01/2035	435,256
California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (A-/NR)
	4,100,000		3.000		11/01/2025	4,126,773
California State Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	5,000,000		5.250		10/01/2025	5,230,200
California State Various Purpose GO Bonds Series 2010 (AA-/Aa3)
	1,250,000		6.000		03/01/2033	1,340,412
	1,500,000		5.500		03/01/2040	1,592,670
California State Various Purpose GO Bonds Series 2017 (AA-/Aa3)
	1,500,000		5.000		08/01/2046	1,727,700
California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	345,000		5.000		09/01/2030	381,656
	375,000		5.000		09/01/2037	409,099
California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CAL MTG INS) (AA-/NR)^(a)
	1,435,000		5.750		08/15/2018	1,442,462
California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	250,000		5.000		08/01/2028	296,150
	300,000		5.000		08/01/2029	353,172
	315,000		5.000		08/01/2030	369,678
California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)^(a)
	2,000,000		6.000		08/15/2020	2,185,020
California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000		04/01/2030	172,668
	70,000		5.000		04/01/2031	80,405
	385,000		4.000		04/01/2032	399,672
	455,000		4.000		04/01/2034	467,840
California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB/NR)^(f)
	1,725,000		5.000		12/01/2031	1,868,917
California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	975,000		5.000		05/15/2042	1,098,289
	1,000,000		5.000		05/15/2047	1,123,180
	800,000		5.000		05/15/2050	895,296
California Statewide Community Development Authority Water & Wastewater RB Balance Series 2004 (AGM) (AA/A2)
	10,000		5.250		10/01/2019	10,027


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)^(d)
$	22,000,000		0.000	%	06/01/2046	$ 3,215,520
Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)^(d)
	3,500,000		0.000		06/01/2034	1,990,100
City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(f)
	625,000		4.000		09/01/2028	632,144
Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125		08/01/2035	265,606
County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A+/A2)
	1,225,000		5.000		07/01/2039	1,408,946
Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (BBB-/Baa3)
	1,300,000		3.950		01/15/2053	1,302,925
Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Subseries B-3 (BBB-/Baa3)^(b)(c)
	675,000		5.500		01/15/2023	755,804
Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A-/NR)
	500,000		5.000		09/01/2032	545,370
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(d)
	18,000,000		0.000		06/01/2047	3,124,080
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(d)
	19,500,000		0.000		06/01/2047	3,034,005
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	10,000,000		5.000		06/01/2045	11,193,400
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	2,440,000		5.000		06/01/2047	2,505,221
	10,080,000		5.250		06/01/2047	10,487,232
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B+/B3)
	3,915,000		5.300		06/01/2037	4,093,759
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000		09/01/2025	748,098
	650,000		5.000		09/01/2026	754,689
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000		09/01/2025	552,442
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000		09/01/2026	499,256
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000		4.000		09/01/2025	193,923
	175,000		4.000		09/01/2026	188,500
Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (AA/NR)
	3,000,000		3.500		09/01/2035	2,984,550


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA+/Aa1)^(a)
$	5,000,000		5.250	%	08/01/2020	$ 5,383,150
Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (AA-/A1)
	7,000,000		5.250		05/15/2048	8,192,730
Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)^(d)
	2,000,000		0.000		08/01/2037	977,140
	4,500,000		0.000		08/01/2038	2,105,055
	4,500,000		0.000		08/01/2039	2,010,195
Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)^(d)
	1,205,000		0.000		08/01/2026	954,191
M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000		6.500		11/01/2039	2,494,380
M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,500,000		6.125		11/01/2029	4,345,495
	2,000,000		6.500		11/01/2039	2,850,720
Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa2)^(g)
	5,000,000		0.000		08/01/2035	4,742,900
Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,335,000		5.000		11/01/2047	12,802,769
Palomar Pomerado Health COPS Series 2009 (NR/WR)^(a)
	2,500,000		6.750		11/01/2019	2,672,875
Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(d)
	2,150,000		0.000		08/01/2031	1,351,791
	4,150,000		0.000		08/01/2032	2,497,470
	3,500,000		0.000		08/01/2033	2,007,775
Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(g)
	6,450,000		0.000		08/01/2038	7,986,390
Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000		5.000		05/01/2031	4,352,040
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	590,000		4.000		09/01/2023	635,253
	320,000		4.000		09/01/2024	345,914
	400,000		4.000		09/01/2025	431,208
	490,000		4.000		09/01/2026	525,221
	305,000		4.000		09/01/2027	324,422
	500,000		4.000		09/01/2028	527,410
River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,980,000		5.000		09/01/2027	5,220,335
	1,000,000		5.375		09/01/2031	1,071,530
	485,000		5.250		09/01/2034	515,841
Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	750,000		5.000		09/01/2025	858,968
	1,000,000		5.000		09/01/2027	1,157,390
Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Series 2017 (NR/NR)
	1,075,000		5.000		09/01/2026	1,240,507
Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(e)
(3 Mo. LIBOR + 0.53%),
	13,150,000		2.071		12/01/2035	12,724,729


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)^(d)
$	5,000,000		0.000	%	07/01/2039	$ 2,277,900
San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000		4.000		07/01/2042	3,631,565
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A+/A1)
	3,800,000		5.000		05/01/2021	4,126,002
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A+/A1)
	2,000,000		5.500		05/01/2028	2,276,080
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2018 A (AMT) (A+/A1)
	10,000,000		5.000		05/01/2023	11,304,900
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2018 D (AMT) (A+/A1)
	20,000,000		5.000		05/01/2048	22,815,000
San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (A-/NR)
	1,000,000		5.000		08/01/2033	1,152,570
San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (BBB/Baa2)^(d)
	1,605,000		0.000		01/15/2026	1,248,706
San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (BBB/NR)
	1,000,000		5.000		01/15/2029	1,116,590
State of California Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	2,285,000		6.500		04/01/2033	2,368,859
	1,775,000		6.000		04/01/2038	1,832,244
State of California Various Purpose GO Bonds Series 2009 (AA+/Aaa)^(a)
	975,000		6.000		04/01/2019	1,008,745
	2,715,000		6.500		04/01/2019	2,818,984
Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A2)
	2,735,000		5.000		08/01/2025	3,210,835
Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B-/B3)
	1,650,000		5.375		06/01/2038	1,652,772
University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(e)
(3 Mo. LIBOR + 0.74%),
	5,000,000		2.309		05/15/2043	4,420,850
Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (NR/Baa2)
	725,000		5.250		09/01/2019	725,522
West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)^(d)
	1,175,000		0.000		08/01/2025	967,789

						302,521,150

Colorado – 3.1%
Adams County School District No. 1 GO Bonds for Mapleton Public Schools Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	7,235,000		5.250		12/01/2040	8,431,163


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Colorado – (continued)
Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
$	1,295,000		4.500	%	12/01/2029	$ 1,308,610
Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000		12/01/2037	540,367
Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)^(f)
	4,000,000		5.000		12/01/2029	4,291,360
	500,000		5.000		12/01/2047	509,895
Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	2,455,000		6.000		12/15/2029	3,150,330
	7,565,000		6.000		12/15/2030	9,685,772
Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Project Series 2016 (NR/NR)
	200,000		4.000		01/01/2019	201,840
Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (BBB+/NR)
	625,000		4.000		12/01/2019	641,062
Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	1,150,000		5.000		06/01/2047	1,260,745
Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	500,000		3.500		12/01/2021	507,550
	500,000		4.500		12/01/2027	517,830
Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000		5.500		11/15/2029	5,721,800
Denver City & County COPS Series 2008 A-1 (AA+/Aa1)^(b)(c)
	2,545,000		1.550		07/04/2018	2,545,000
Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)
	1,750,000		5.000		10/01/2032	1,881,635
Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(f)
	4,995,000		5.000		12/01/2025	5,580,414
	2,490,000		5.000		12/01/2026	2,783,098
Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)^(e)
(3 Mo. LIBOR + 1.10%),
	5,000,000		2.641		12/01/2033	4,673,450
E-470 Public Highway Authority RB Series 2010 A (A/A3)^(d)
	6,000,000		0.000		09/01/2040	2,549,220
E-470 Public Highway Authority Senior RB Series 2017 B (A/A3)^(b)
(1 Mo. LIBOR + 1.05%),
	2,000,000		2.458		09/01/2021	2,019,980
North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)^(h)
	500,000		5.500		12/01/2048	499,830
Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	500,000		4.375		12/01/2031	488,325
	500,000		5.000		12/01/2046	504,890
Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A3)
	2,000,000		6.250		11/15/2028	2,488,440
Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	565,000		4.500		12/01/2028	569,848
Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	275,000		3.000		12/01/2022	274,656
	1,000,000		5.000		12/01/2037	1,072,880


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Colorado – (continued)
Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
$	115,000		3.000	%	12/01/2022	$ 114,856
	100,000		3.500		12/01/2027	99,205
	115,000		5.000		12/01/2037	123,755
	325,000		5.000		12/01/2047	346,590
St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000		12/01/2037	997,490
Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa2)
	350,000		5.000		12/01/2032	391,181
Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	1,000,000		5.000		12/01/2030	1,030,350
	500,000		5.000		12/01/2047	506,540
Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bond Series 2018 A (NR/NR)
	1,250,000		5.375		12/01/2048	1,252,875

						69,562,832

Connecticut – 2.2%
Connecticut State GO Bonds Series 2016 D (A/A1)
	2,490,000		5.000		08/15/2020	2,635,491
Connecticut State GO Bonds Series 2018 C (A/A1)
	680,000		5.000		06/15/2028	775,499
Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	5,000,000		5.000		04/15/2028	5,696,550
Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)^(b)(c)
	3,575,000		5.000		02/01/2028	4,304,979
Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)^(b)(c)
	18,260,000		5.000		02/01/2023	20,550,900
Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000		11/01/2026	6,502,464
Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)^(f)
	3,760,000		7.000		02/01/2045	3,865,994
State of Connecticut GO Bonds Series 2018 (A/A1)
	1,770,000		5.000		06/15/2027	2,004,437
	755,000		5.000		06/15/2029	855,558
	165,000		5.000		06/15/2032	185,346
West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000		11/01/2025	347,578
	325,000		5.000		11/01/2026	348,046
	325,000		5.000		11/01/2027	348,767
West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000		11/01/2024	688,512
	240,000		5.000		11/01/2026	257,018

						49,367,139

Delaware – 0.3%
New Castle County Delaware GO Bonds Series 2015 (AAA/Aaa)
	5,000,000		5.000		10/01/2026	5,855,950
University of Delaware RB Series 2015 (AA+/Aa1)
	1,805,000		5.000		11/01/2033	2,061,003

						7,916,953

District of Columbia – 1.4%
District of Columbia GO Bonds Series 2007 A (NATL-RE) (AA/Aa1)
	10,080,000		3.000		06/01/2030	9,901,080


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
District of Columbia – (continued)
District of Columbia GO Refunding Bonds Series 2017 A (AA/Aa1)
$	10,000,000		5.000	%	06/01/2035	$ 11,621,400
	1,300,000		4.000		06/01/2037	1,363,583
District of Columbia RB Series 2011 G (AAA/Aa1)
	2,240,000		5.000		12/01/2028	2,447,312
District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	750,000		6.500		05/15/2033	849,195
District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AAA/Aa1)^(a)
	5,000,000		6.000		10/01/2018	5,056,400

						31,238,970

Florida – 9.4%
Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB/NR)
	360,000		2.500		05/01/2024	351,378
	370,000		3.000		05/01/2025	366,381
	380,000		3.000		05/01/2026	371,412
	395,000		3.125		05/01/2027	385,880
Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	365,000		4.250		05/01/2027	349,152
	410,000		4.750		05/01/2036	384,170
Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A/NR)
	225,000		5.000		05/01/2019	230,715
Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	1,000,000		4.125		05/01/2023	1,000,100
Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	210,000		5.000		05/01/2028	210,708
Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	605,000		5.375		05/01/2028	599,718
Avelar Creek Community Development District Special Assessment Refunding Series 2016 (BBB+/NR)
	175,000		2.250		05/01/2022	174,743
	175,000		2.500		05/01/2023	174,996
	180,000		2.500		05/01/2024	177,206
	185,000		3.000		05/01/2025	184,428
	195,000		3.000		05/01/2026	192,446
Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	100,000		4.500		11/01/2025	103,756
	185,000		5.000		11/01/2036	197,928
	320,000		5.000		11/01/2048	339,408
Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB+/NR)
	495,000		4.250		05/01/2029	521,661
	490,000		4.500		05/01/2035	509,237
Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	135,000		2.500		05/01/2023	134,997
	140,000		2.750		05/01/2024	139,698
	90,000		3.000		05/01/2025	89,722


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
$	315,000		3.500	%	05/01/2023	$ 328,066
	325,000		3.500		05/01/2024	337,678
	340,000		3.500		05/01/2025	350,839
	350,000		3.500		05/01/2026	357,942
	365,000		3.500		05/01/2027	369,701
Bellagio Community Development District Special Assessment Bond Series 2016 (BBB-/NR)
	160,000		2.500		11/01/2022	158,440
	160,000		2.750		11/01/2023	158,195
	170,000		3.000		11/01/2025	166,483
Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500		05/01/2023	232,777
	245,000		2.500		05/01/2024	238,490
	250,000		3.000		05/01/2025	246,043
	255,000		3.000		05/01/2026	248,033
	535,000		4.250		05/01/2037	550,777
Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(f)
	1,250,000		5.500		10/01/2036	1,220,362
City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000		10/01/2034	1,034,300
City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000		10/01/2042	17,235,900
Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	770,000		5.375		05/01/2036	770,162
Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	880,000		2.375		05/01/2023	861,643
	900,000		2.500		05/01/2024	876,555
	925,000		2.750		05/01/2025	901,292
	915,000		3.000		05/01/2026	895,556
	980,000		3.200		05/01/2027	964,399
	1,015,000		3.250		05/01/2028	991,543
	1,500,000		3.750		05/01/2046	1,449,570
Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(f)
	400,000		3.750		11/01/2023	399,600
	700,000		4.500		11/01/2028	696,528
Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000		05/01/2023	130,679
	133,000		3.250		05/01/2024	134,762
	138,000		3.500		05/01/2025	140,008
	143,000		3.625		05/01/2026	145,191
Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	190,000		2.875		05/01/2021	194,176
	200,000		3.000		05/01/2022	204,580
	205,000		3.250		05/01/2023	211,099
	210,000		3.375		05/01/2024	215,535
	220,000		3.500		05/01/2025	226,191
	215,000		4.125		05/01/2035	222,693
County of Broward Airport System RB Series 2017 (AMT) (A+/A1)
	1,550,000		5.000		10/01/2047	1,741,316


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A-/A2)
$	5,550,000		2.600	%	06/01/2023	$ 5,547,391
Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	2,000,000		4.000		05/01/2024	2,086,020
Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	300,000		3.750		11/01/2023	300,183
	730,000		4.500		11/01/2028	730,482
Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	700,000		3.750		05/01/2034	695,016
	965,000		4.000		05/01/2037	974,988
East Central Regional Wastewater Treatment Facilities Operation Board RB Refunding for Wastewater Treatment Facilities Series 2017 (AA+/NR)
	3,535,000		5.000		10/01/2044	4,071,118
Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Passenger Rail Project Series 2017 (AMT) (BB-/NR)^(b)(c)(f)
	2,800,000		5.625		01/01/2028	2,881,816
Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(f)
	2,000,000		4.500		06/01/2033	2,051,440
	250,000		4.750		06/01/2038	258,380
	4,500,000		5.000		06/01/2048	4,722,165
Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-1 (AMBAC) (A/A2)^(b)(c)
	3,925,000		2.770		10/01/2021	3,925,000
Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-2 (AMBAC) (A/A2)^(c)
	15,475,000		2.702		10/01/2021	15,475,000
Florida State Municipal Power Agency RB Series 2009 A (A+/A2)^(a)
	1,000,000		6.250		10/01/2019	1,057,550
Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000		11/01/2028	198,154
	500,000		5.000		11/01/2038	528,485
Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
	840,000		4.250		05/01/2026	854,482
Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	920,000		5.000		11/15/2036	970,683
Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	2,150,000		5.000		10/01/2021	2,343,091
Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	280,000		3.375		05/01/2021	278,463
	550,000		3.875		05/01/2026	543,004
Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)^(f)
	265,000		4.000		05/01/2024	282,130
	265,000		4.000		05/01/2025	280,402
	140,000		4.000		05/01/2026	147,795
Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000		05/01/2024	224,071
	225,000		4.000		05/01/2025	233,991
	235,000		4.000		05/01/2026	243,791
	240,000		4.000		05/01/2027	249,406
	250,000		4.000		05/01/2028	259,220


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
$	585,000		3.375	%	05/01/2023	$ 605,159
	605,000		3.500		05/01/2024	624,318
	630,000		3.625		05/01/2025	647,848
	650,000		3.750		05/01/2026	664,930
	1,000,000		4.200		05/01/2031	1,049,590
Highlands Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	1,225,000		4.250		05/01/2031	1,294,261
Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	260,000		4.250		11/01/2022	262,540
	420,000		4.875		11/01/2027	432,764
	960,000		5.375		11/01/2037	1,001,049
	870,000		5.500		11/01/2047	906,001
Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)
	85,000		4.875		11/01/2027	87,583
	365,000		5.500		11/01/2047	380,104
Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000		11/01/2028	782,708
	700,000		4.500		11/01/2038	691,691
K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)^(f)
	1,175,000		4.500		05/01/2038	1,165,800
	1,855,000		4.625		05/01/2048	1,838,564
Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(f)
	510,000		3.650		05/01/2022	512,065
	520,000		4.300		05/01/2027	522,148
Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,630,000		4.250		05/01/2025	1,650,929
	1,675,000		4.875		05/01/2035	1,705,552
	970,000		4.875		05/01/2045	976,373
Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	425,000		4.000		05/01/2022	427,575
	940,000		4.625		05/01/2027	970,024
	1,000,000		5.250		05/01/2037	1,061,560
Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	325,000		4.000		05/01/2021	329,053
	230,000		4.250		05/01/2026	233,843
	5,100,000		5.000		05/01/2036	5,314,200
	5,060,000		5.125		05/01/2046	5,252,887
Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	250,000		3.625		11/01/2023	249,152
	560,000		4.125		11/01/2028	554,865
Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)
	330,000		3.500		05/01/2025	340,729
	340,000		3.500		05/01/2026	347,949
Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	880,000		5.375		05/01/2030	880,783
Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A-/NR)
	750,000		4.450		05/01/2030	794,948


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
$	250,000		3.500	%	05/01/2023	$ 249,440
Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)^(a)
	2,700,000		6.000		02/01/2021	2,981,475
Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)^(f)
	9,500,000		5.000		03/01/2030	10,485,625
Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	250,000		4.000		11/01/2023	255,262
	250,000		4.750		11/01/2027	260,258
	850,000		5.125		11/01/2039	890,715
	2,350,000		5.250		11/01/2049	2,488,744
Miami-Dade County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2008 (A-/NR)^(b)(c)
	4,000,000		1.450		08/01/2018	3,999,080
Miromar Lakes Community Development District Capital Improvement RB Refunding Series 2015 (NR/NR)
	385,000		3.500		05/01/2020	386,844
North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375		10/01/2040	1,337,825
Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875		11/01/2037	3,547,767
	3,500,000		6.000		11/01/2047	3,712,555
Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (BBB/NR)^(f)
	215,000		3.500		11/01/2025	220,451
	225,000		3.500		11/01/2026	228,575
	230,000		3.500		11/01/2027	232,185
	240,000		3.500		11/01/2028	240,406
	585,000		4.000		11/01/2033	599,420
Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	520,000		2.500		05/01/2022	519,615
	530,000		2.750		05/01/2023	530,944
	350,000		3.750		05/01/2031	351,638
	1,045,000		4.000		05/01/2036	1,052,649
Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	410,000		3.500		05/01/2021	410,804
	300,000		4.000		05/01/2027	300,345
Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500		11/01/2033	1,349,538
Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	715,000		4.250		11/01/2025	719,748
River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	890,000		4.000		05/01/2035	893,524
South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	425,000		3.000		05/01/2023	426,891
	435,000		3.250		05/01/2024	439,603
	450,000		3.450		05/01/2025	455,184
	465,000		3.625		05/01/2026	469,887
	1,000,000		4.125		05/01/2036	1,006,210


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
$	475,000		4.000	%	05/01/2024	$ 475,670
	590,000		4.625		05/01/2029	580,837
South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	350,000		2.500		11/01/2023	345,342
	355,000		2.750		11/01/2024	350,516
	370,000		3.000		11/01/2025	365,667
	585,000		4.250		11/01/2037	601,509
St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (NR/Aa3)^(a)
	2,000,000		6.500		11/15/2019	2,129,660
Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500		05/01/2023	260,468
	270,000		2.500		05/01/2024	262,146
	280,000		3.000		05/01/2025	279,821
	290,000		3.000		05/01/2026	287,790
Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500		05/01/2023	189,996
	190,000		2.500		05/01/2024	187,051
	200,000		3.000		05/01/2025	199,382
	205,000		3.000		05/01/2026	202,315
	1,135,000		3.500		05/01/2031	1,143,478
	1,370,000		4.000		05/01/2036	1,407,045
Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	120,000		3.625		05/01/2021	121,751
Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (BBB+/NR)
	205,000		3.000		05/01/2027	199,397
	215,000		3.125		05/01/2028	210,090
Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	350,000		3.500		05/01/2032	345,076
Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(f)
	585,000		5.200		05/01/2028	584,953
Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625		05/01/2028	301,851
Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	505,000		4.250		06/15/2028	505,677
TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	265,000		3.625		11/01/2020	265,424
	530,000		4.375		11/01/2025	530,869
Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (BBB/NR)
	1,000,000		4.250		05/01/2031	1,047,640
Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (BBB/NR)
	355,000		2.125		05/01/2022	349,526
	365,000		2.250		05/01/2023	357,769
	370,000		2.500		05/01/2024	363,477
	380,000		2.625		05/01/2025	371,484
	395,000		3.000		05/01/2026	391,449
	405,000		3.125		05/01/2027	402,979
	420,000		3.250		05/01/2028	418,236


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(f)
$	500,000		4.000	%	05/01/2024	$ 502,865
	1,000,000		4.625		05/01/2029	1,001,050
	1,000,000		5.000		05/01/2038	1,004,690
Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,565,000		3.750		05/01/2026	1,534,733
Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(f)
	345,000		3.250		05/01/2024	349,571
	360,000		3.500		05/01/2025	365,238
	370,000		3.625		05/01/2026	375,669
Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	680,000		4.750		11/01/2025	692,519
Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A+/NR)
	500,000		4.250		05/01/2030	525,350
Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(f)
	1,000,000		3.250		05/01/2023	1,006,460
	1,000,000		3.800		05/01/2028	1,012,250
	2,000,000		4.000		05/01/2033	2,025,900
Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	355,000		4.000		05/01/2026	371,756
	350,000		4.000		05/01/2027	364,528
	360,000		4.000		05/01/2028	372,172
	375,000		4.000		05/01/2029	385,673
Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,965,000		3.500		05/01/2032	1,939,455
	2,345,000		4.000		05/01/2037	2,367,512
Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750		11/01/2024	215,974
	225,000		3.000		11/01/2025	220,921
	230,000		3.200		11/01/2026	226,189
Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	780,000		5.500		05/01/2034	832,720
	925,000		5.750		05/01/2044	993,432
Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	2,150,000		4.000		05/01/2031	2,201,557
Waterset Central Community Development District Special Assessment Bond Series 2018 (NR/NR)^(f)
	500,000		5.125		11/01/2038	504,355
Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,420,000		5.500		11/01/2045	2,561,352
Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875		05/01/2036	138,480
	250,000		5.000		05/01/2047	256,630
Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,465,000		4.500		05/01/2036	1,508,042

						212,706,797


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Georgia – 1.1%
Atlanta Airport RB Refunding Series 2012 C (AMT) (AA-/Aa3)
$	1,250,000		5.000	%	01/01/2027	$ 1,358,312
Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/A3)^(b)(c)
	3,500,000		1.650		06/18/2021	3,409,805
Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)^(b)(c)
	9,475,000		3.000		02/01/2023	9,438,711
Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	700,000		5.000		03/01/2027	767,417
Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/Aa2)^(a)
	4,075,000		5.250		07/01/2019	4,224,023
Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(e)
(3 Mo. LIBOR + 0.65%),
	5,200,000		2.199		10/01/2033	4,805,684
Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(f)
	875,000		4.000		01/01/2038	884,660

						24,888,612

Guam – 1.2%
Guam Government Business Privilege Tax RB Refunding Series 2015 D (A/NR)
	3,000,000		5.000		11/15/2022	3,319,200
Guam Government Business Privilege Tax RB Series 2012 B-1 (A/NR)
	2,980,000		5.000		01/01/2029	3,147,923
Guam Government Limited Obligation RB Section 30 Series 2009 A (BBB+/NR)^(a)
	850,000		5.625		12/01/2019	896,673
	750,000		5.750		12/01/2019	792,488
Guam Government Limited Obligation RB Section 30 Series 2016 A (BBB+/NR)
	2,755,000		5.000		12/01/2025	3,098,108
	2,255,000		5.000		12/01/2026	2,546,549
	2,000,000		5.000		12/01/2027	2,241,320
Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000		5.000		10/01/2024	1,636,185
Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
	325,000		5.000		10/01/2039	354,276
	250,000		5.000		10/01/2044	272,137
Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000		5.000		01/01/2046	1,120,104
Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000		07/01/2025	394,881
	525,000		5.000		07/01/2026	595,833
	350,000		5.000		07/01/2027	399,203
	370,000		5.000		07/01/2028	420,150
	725,000		5.000		07/01/2029	819,634
	700,000		5.000		07/01/2030	789,047
	700,000		5.000		07/01/2031	786,730
	700,000		5.000		07/01/2032	784,413


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Guam – (continued)
Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)^(h)
$	400,000		5.000	%	07/01/2029	$ 449,780
	600,000		5.000		07/01/2031	665,076
	250,000		5.000		07/01/2033	274,052
	225,000		5.000		07/01/2034	245,869
	425,000		5.000		07/01/2036	462,213

						26,511,844

Hawaii – 0.4%
City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	3,000,000		4.000		07/01/2042	3,120,270
Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (A-/Baa2)
	5,025,000		4.000		03/01/2037	5,083,541

						8,203,811

Idaho – 0.1%
Idaho Health Facilities Authority RB for St. Luke’s Health System Project Series 2008 (A-/A3)
	1,000,000		6.750		11/01/2037	1,016,600
Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BB+/Baa3)
	2,000,000		2.750		10/01/2024	1,973,920

						2,990,520

Illinois – 10.6%
Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	3,550,000		6.000		04/01/2046	4,153,571
Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	760,000		5.000		04/01/2034	828,453
	575,000		5.000		04/01/2035	624,559
	525,000		5.000		04/01/2036	569,436
	490,000		5.000		04/01/2037	530,337
Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (B/Baa2)^(d)
	1,895,000		0.000		12/01/2026	1,313,008
	2,880,000		0.000		12/01/2029	1,715,904
Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)^(d)
	510,000		0.000		01/01/2031	278,542
Chicago Illinois Board of Education GO Bonds Series 2015 C (B/NR)
	2,500,000		6.000		12/01/2035	2,699,500
Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (B/Baa2)^(d)
	3,395,000		0.000		12/01/2023	2,727,068
Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (B/B3)
	4,235,000		5.000		12/01/2042	4,234,831
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (B/B3)
	2,300,000		6.038		12/01/2029	2,249,193
	2,500,000		6.138		12/01/2039	2,402,550
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (B/NR)
	5,160,000		7.000		12/01/2044	6,007,427
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (B/NR)
	7,125,000		6.500		12/01/2046	8,156,273


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
$	1,825,000		5.000	%	12/01/2025	$ 2,026,188
	2,190,000		5.000		12/01/2026	2,446,099
	2,375,000		5.000		12/01/2027	2,668,621
	7,445,000		5.000		12/01/2028	8,419,104
	1,000,000		5.000		12/01/2031	1,117,870
	1,000,000		5.000		12/01/2032	1,116,030
	1,250,000		5.000		12/01/2033	1,389,312
Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(d)
	750,000		0.000		01/01/2032	387,698
Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	300,000		5.500		01/01/2037	319,161
	2,720,000		5.500		01/01/2040	2,885,838
Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250		01/01/2033	1,577,310
	630,000		5.000		01/01/2034	652,938
	490,000		5.000		01/01/2036	506,141
Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	3,375,000		6.000		01/01/2038	3,800,115
Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000		01/01/2040	659,575
Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	150,000		5.000		01/01/2034	152,691
Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	1,120,000		7.517		01/01/2040	1,260,078
Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500		01/01/2039	1,401,246
Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	1,883,000		7.375		01/01/2033	2,093,651
Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,405,000		5.000		01/01/2030	4,415,968
Chicago Illinois GO Refunding Bonds for Taxable Project Series 2014 B (BBB+/Ba1)
	5,650,000		6.314		01/01/2044	5,763,961
Chicago Illinois GO Refunding Bonds Series 2009 C (BBB+/Ba1)
	805,000		5.000		01/01/2040	807,528
Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,650,000		5.432		01/01/2042	2,464,050
Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,545,000		5.000		01/01/2024	2,715,948
	4,435,000		5.000		01/01/2025	4,743,986
	1,200,000		5.000		01/01/2038	1,239,348
Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A/A3)
	2,500,000		5.500		01/01/2029	2,784,325
Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2012 A (AMT) (A/A2)
	4,550,000		5.000		01/01/2020	4,752,066
Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	1,270,000		5.000		01/01/2023	1,409,319
Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	9,105,000		5.000		01/01/2037	10,125,306
Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	3,000,000		5.250		01/01/2035	3,473,610


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)^(a)
$	1,000,000		5.000	%	01/01/2025	$ 1,156,790
Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A/NR)
	1,135,000		5.000		06/01/2020	1,197,641
Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250		01/01/2042	536,370
	1,330,000		4.000		01/01/2052	1,341,451
Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	600,000		5.000		11/01/2029	670,476
Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,500,000		5.000		11/01/2026	1,707,705
Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	840,000		4.000		12/01/2023	898,111
Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000		05/15/2027	1,472,823
Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000		10/01/2041	2,398,515
Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000		06/15/2027	4,532,112
Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)
	1,780,000		7.350		07/01/2035	1,987,566
Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	4,165,000		5.100		06/01/2033	3,941,589
Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	1,505,000		5.000		03/01/2021	1,567,262
Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500		07/01/2024	5,381,000
	5,500,000		5.250		07/01/2028	5,777,970
	5,120,000		5.500		07/01/2038	5,377,075
Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	375,000		4.500		12/01/2041	369,116
Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	10,000,000		5.000		11/01/2019	10,313,500
Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	12,830,000		5.000		11/01/2029	13,574,012
Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	2,000,000		5.000		11/01/2025	2,128,460
	2,995,000		5.000		11/01/2027	3,192,460
Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	16,375,000		5.000		05/01/2031	17,298,386
	1,760,000		5.000		05/01/2042	1,836,278
	1,760,000		5.000		05/01/2043	1,834,853
Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,950,000		4.000		02/01/2030	4,098,125
	1,185,000		4.000		02/01/2031	1,226,771
Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BB+/Baa2)^(d)
	2,685,000		0.000		12/15/2031	1,483,489
Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BB+/NR)
	1,555,000		5.700		06/15/2024	1,729,627


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)^(a)
$	460,000		5.700	%	06/15/2022	$ 527,822
Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BB+/NR)
	4,340,000		5.000		12/15/2028	4,560,168
Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BB+/NR)
	2,000,000		5.000		12/15/2028	2,195,680
	300,000		5.000		12/15/2032	325,128
	600,000		5.000		12/15/2033	647,796
	500,000		5.000		12/15/2034	536,980
	1,260,000		0.000	^(g)	12/15/2037	696,440
	3,500,000		0.000	^(g)	12/15/2042	1,895,705
	3,850,000		0.000	^(g)	12/15/2047	2,059,057
Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)^(a)
	1,125,000		6.000		06/01/2021	1,255,680
Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)^(d)
	6,000,000		0.000		12/01/2025	4,549,260
Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500		03/01/2030	4,016,400
State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	635,000		6.630		02/01/2035	672,852
State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	570,000		5.000		02/01/2024	604,952
Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)^(h)
	210,000		4.125		10/01/2041	207,976
	420,000		4.125		10/01/2046	412,070

						242,259,232

Indiana – 0.2%
Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 C (NATL-RE) (BBB+/Baa1)
	650,000		5.850		04/01/2019	668,317
Whiting City Environmental Facilities RB for BP Products North America Inc. Project Series 2015 (AMT) (A-/A1)^(b)(c)
	3,000,000		5.000		11/01/2022	3,331,770

						4,000,087

Iowa – 0.2%
Board of Regents Academic Building RB Refunding for Iowa State University of Science & Technology Series 2017 A (AA/Aa2)
	1,480,000		3.000		07/01/2028	1,489,309
	1,500,000		3.000		07/01/2029	1,488,885
Coralville Iowa COPS Series 2016 E (BBB/NR)
	300,000		4.000		06/01/2019	306,483
	460,000		4.000		06/01/2020	478,304
	500,000		4.000		06/01/2021	525,670

						4,288,651

Kentucky – 1.8%
Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(e)
(3 Mo. LIBOR + 0.53%, 15.00% Cap),
	6,440,000		2.110		11/01/2027	6,288,982


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Kentucky – (continued)
Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
$	1,200,000		4.000	%	06/01/2037	$ 1,214,340
	400,000		4.000		06/01/2045	400,584
Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)^(b)(c)
	8,500,000		4.000		04/01/2024	9,060,745
Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A-/NR)
	3,175,000		4.000		10/01/2034	3,223,927
	4,600,000		4.000		10/01/2036	4,635,190
Louisville & Jefferson County Metropolitan Government PCRB for Louisville Gas & Electric Company Project Series 2001 B (AMT) (NR/A1)^(b)(c)
	3,080,000		2.550		05/03/2021	3,079,938
Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (AA/Aa3)
	10,000,000		4.000		05/15/2038	10,533,400
University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000		04/01/2026	3,546,880

						41,983,986

Louisiana – 1.7%
East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AA/A2)^(a)
	1,230,000		5.250		08/01/2019	1,278,031
Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB/Baa3)
	9,515,000		3.500		11/01/2032	9,374,178
Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)
	6,250,000		4.375		02/01/2039	6,547,375
Louisiana Local Government Environmental Facilities and Community Development Authority RB for Southeastern Louisiana Student Series 2004 B (NATL-RE) (NR/A3)^(c)
	2,925,000		2.643		08/01/2034	2,740,549
Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	900,000		2.750		10/01/2023	918,090
	670,000		5.000		10/01/2023	759,224
Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	2,125,000		3.375		09/01/2028	2,139,748
Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000		3.500		06/01/2030	1,637,058
Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A-/A3)
	3,695,000		4.000		05/15/2042	3,714,066
	3,000,000		5.000		05/15/2046	3,311,490
New Orleans Aviation Board GARBs Series 2015 B (AMT) (A-/A3)
	3,750,000		5.000		01/01/2034	4,113,038
New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A3)
	1,000,000		5.000		01/01/2048	1,103,990


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Louisiana – (continued)
New Orleans Louisiana Aviation Board RB Refunding for Restructuring GARBs Series 2009 A-1 (ASSURED GTY) (AA/A3)^(a)
$	1,350,000		6.000	%	01/01/2019	$ 1,380,294
Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (AMT) (A-/A3)
	500,000		5.000		04/01/2030	540,215

						39,557,346

Maine – 0.1%
Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,565,000		5.000		07/01/2026	1,808,123

Maryland – 0.8%
Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	2,300,000		5.000		09/01/2046	2,526,665
Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000		09/01/2027	439,335
	650,000		4.500		09/01/2033	675,708
City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000		4.000		08/01/2027	1,922,081
Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	120,000		5.600		07/01/2020	120,360
	555,000		5.700		07/01/2029	556,704
Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)
	10,000,000		5.000		03/15/2025	11,694,400

						17,935,253

Massachusetts – 2.5%
Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series 2018 A (AA/Aa1)
	10,000,000		5.000		01/01/2048	11,499,100
Massachusetts Bay Transportation Authority Sales Tax RB Refunding for Capital Appreciation Senior Series 2016 A (AA/Aa2)^(d)
	2,000,000		0.000		07/01/2021	1,883,180
Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)^(a)
	5,000,000		5.250		02/01/2021	5,433,850
Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000		5.000		07/15/2036	6,320,700
	16,500,000		5.000		07/15/2040	21,323,115
Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (AA+/Aa1)^(e)
(3 Mo. LIBOR + 0.57%),
	5,000,000		2.150		05/01/2037	4,815,950
Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 B (BBB/Baa2)^(a)
	2,575,000		5.750		07/01/2018	2,575,000
Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 B (NR/NR)^(a)
	315,000		5.750		07/01/2018	315,000
Massachusetts State Health & Educational Facilities Authority RB for Tufts University Issue Project Series 2012 G (AA-/Aa2)^(b)(c)
	1,700,000		1.480		07/04/2018	1,700,000

						55,865,895


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Michigan – 1.6%
Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA-/NR)
$	2,700,000		5.000	%	05/01/2023	$ 3,041,739
City of Detroit Financial Recovery Series 2014 B-1 (NR/NR)^(c)
	12,203,183		4.000		04/01/2034	10,065,063
City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)^(c)
	331,114		4.000		04/01/2034	273,100
Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (A/NR)
	1,000,000		3.875		10/01/2023	1,032,800
Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (A-/A3)
	1,000,000		5.000		07/01/2034	1,096,330
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (BBB+/Baa1)
	650,000		5.000		07/01/2036	708,175
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-1 (A-/A3)
	1,000,000		5.000		07/01/2044	1,084,560
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	325,000		5.000		07/01/2032	362,684
	250,000		5.000		07/01/2033	278,260
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage disposal System Second Lien Series 2015 C (BBB+/Baa1)
	1,945,000		5.000		07/01/2033	2,143,643
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	400,000		5.000		07/01/2035	443,128
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A-/A3)
	1,000,000		5.000		07/01/2029	1,119,320
Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(b)(c)
	1,115,000		1.450		09/01/2021	1,072,697
Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(d)
	9,500,000		0.000		06/01/2052	585,200
Roseville Community School District GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	1,000,000		5.000		05/01/2020	1,054,660
Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (AA-/NR)
	1,145,000		5.000		05/01/2025	1,312,777
	1,215,000		5.000		05/01/2026	1,404,455
	3,705,000		5.000		05/01/2027	4,243,410
Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA-/NR)
	1,860,000		5.000		05/01/2022	2,040,792


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Michigan – (continued)
Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A2)
$	400,000		5.000	%	12/01/2033	$ 453,232
	1,065,000		5.000		12/01/2034	1,200,308
	650,000		5.000		12/01/2035	730,912
	800,000		5.000		12/01/2036	897,536
	880,000		5.000		12/01/2037	985,785

						37,630,566

Minnesota – 0.2%
Minneapolis Minnesota Health Care System RB for Fairview Health Services Series 2008 A (A+/A2)^(a)
	1,500,000		6.750		11/15/2018	1,529,325
Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	500,000		5.000		05/01/2047	543,055
Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AA+/Aa1)
	1,680,000		3.000		10/01/2029	1,693,490

						3,765,870

Mississippi – 0.3%
Jackson County PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (AA-/Aa2)^(b)(c)
	2,500,000		1.650		07/04/2018	2,500,000
Mississippi Business Finance Corp. Gulf Opportunity Zone RB for Chevron U.S.A, Inc. Project Series 2010 G (AA-/Aa2)^(b)(c)
	2,500,000		1.530		07/04/2018	2,500,000
Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (AA/A1)^(a)
	1,095,000		5.375		10/01/2019	1,146,257
Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000		11/01/2035	1,047,190

						7,193,447

Missouri – 0.6%
Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	250,000		3.000		11/01/2018	250,905
	400,000		3.000		11/01/2019	403,424
	400,000		3.000		11/01/2020	403,764
	350,000		3.000		11/01/2021	351,536
	350,000		4.000		11/01/2022	362,943
Missouri Health & Educational Facilities Authority RB Series 1996 D (AA+/Aa1)^(b)(c)
	2,300,000		1.440		07/04/2018	2,300,000
Missouri Health & Educational Facilities Authority RB Series 2000 B (AA+/Aa1)^(b)(c)
	2,500,000		1.510		07/04/2018	2,500,000
Missouri Health & Educational Facilities Authority RB Series 2000 C (AA+/Aa1)^(b)(c)
	2,500,000		1.440		07/04/2018	2,500,000
Missouri Health & Educational Facilities Authority RB Series 2003 B (AA+/Aa1)^(b)(c)
	2,500,000		1.600		07/04/2018	2,500,000
St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,405,000		4.375		11/15/2035	1,443,104

						13,015,676

Montana – 0.0%
City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000		07/01/2029	675,970


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Nevada – 0.4%
City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
$	50,000		3.000	%	06/01/2019	$ 50,462
	100,000		3.000		06/01/2020	101,488
	135,000		3.000		06/01/2021	136,997
	245,000		3.000		06/01/2022	247,888
Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR)
	1,285,000		4.000		09/01/2025	1,340,242
State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA/Aa2)
	5,000,000		5.000		11/01/2026	5,790,150
Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)^(b)(c)
	1,800,000		3.000		06/01/2022	1,838,034

						9,505,261

New Hampshire – 0.6%
New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (AA-/A1)^(c)
	11,150,000		3.064		05/01/2021	11,150,000
New Hampshire Health & Education Facilities Authority RB Refunding for Dartmouth College Issue Series 2017 (AA+/Aa1)
	2,170,000		5.000		06/01/2028	2,639,328

						13,789,328

New Jersey – 5.6%
Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000		5.000		03/01/2024	333,489
	250,000		5.000		03/01/2026	282,707
New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000		07/01/2032	549,305
New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA+/A3)^(a)
	1,000,000		6.000		12/15/2018	1,020,233
New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 AA (BBB+/Baa1)
	1,315,000		5.500		12/15/2029	1,351,794
New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (BBB+/Baa1)^(a)
	360,000		5.000		09/01/2019	373,806
New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,000,000		5.500		06/15/2033	4,509,040
New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Ba1)
	4,325,000		5.000		10/01/2047	4,663,172
New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,300,000		5.000		06/01/2042	1,441,830
New Jersey Economic Development Authority RB Refunding for School Facilities Construction Bonds Series 2009 AA (NR/Baa1)^(a)
	2,685,000		5.500		06/15/2019	2,783,835
New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc.-2017 Project Series 2017 (A/NR)
	785,000		3.000		06/01/2032	736,424
	1,545,000		5.000		06/01/2032	1,792,555


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
$	5,380,000		5.000	%	06/15/2037	$ 5,804,213
New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000		5.000		07/01/2033	3,172,791
New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A/A2)
	1,250,000		3.000		07/01/2040	1,109,500
New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (NR/Baa3)^(a)
	2,500,000		6.625		07/01/2018	2,500,000
New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)^(b)
(1 Mo. LIBOR + 0.46%, 8.00% Cap),
	5,000,000		1.848		01/01/2021	5,020,400
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(d)
	24,175,000		0.000		12/15/2035	11,215,508
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)^(d)
	5,900,000		0.000		12/15/2038	2,309,201
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(d)
	9,735,000		0.000		12/15/2026	6,908,735
	3,085,000		0.000		12/15/2029	1,895,393
	1,155,000		0.000		12/15/2031	645,760
	1,475,000		0.000		12/15/2037	606,712
New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-2 (A+/Baa1)
	10,000,000		5.000		06/15/2029	10,022,100
New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	755,000		5.000		06/15/2046	796,185
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(d)
	4,675,000		0.000		12/15/2027	3,224,394
	5,000,000		0.000		12/15/2031	2,866,300
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)
	1,325,000		5.250		12/15/2022	1,466,351
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	2,535,000		5.000		06/15/2020	2,660,787
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)^(d)
	25,925,000		0.000		12/15/2036	11,222,414
	12,000,000		0.000		12/15/2037	4,935,960
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(d)
	15,000,000		0.000		12/15/2038	5,882,700
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	6,515,000		5.500		06/15/2041	6,804,527
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	1,000,000		5.000		06/15/2042	1,029,510


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
$	6,650,000		5.000	%	06/15/2031	$ 6,664,630
South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BBB-/Baa1)
	1,670,000		4.000		01/01/2023	1,731,189
	730,000		4.000		01/01/2024	751,798
Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	2,000,000		5.000		06/01/2046	2,148,700
Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	2,575,000		3.200		06/01/2027	2,600,879
Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000		2.000		07/15/2022	1,533,818

						127,368,645

New Mexico – 0.2%
Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 A (BBB+/Baa2)^(b)(c)
	1,200,000		5.200		06/01/2020	1,264,908
Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	2,500,000		5.900		06/01/2040	2,662,925

						3,927,833

New York – 5.6%
Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	1,075,000		5.000		07/15/2042	1,178,103
Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BB+/Baa3)
	200,000		5.875		04/01/2042	207,472
City of New Rochelle Corp. for Local Development RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000		5.000		07/01/2025	362,479
	335,000		5.000		07/01/2026	372,523
	425,000		5.000		07/01/2027	471,478
Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 (AAA/Aaa)^(e)(f)
(1 Mo. LIBOR + 0.50%),
	7,327,983		2.591		01/25/2033	7,468,839
Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A+/A1)^(b)
(1 Mo. LIBOR + 0.70%, 9.00% Cap),
	5,000,000		2.028		02/01/2020	5,032,150
Metropolitan Transportation Authority RB Refunding Series 2016 C-2B (A+/A1)^(b)(c)
	3,250,000		5.000		02/15/2020	3,415,458
Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A+/A1)^(b)
(1 Mo. LIBOR + 0.55%, 9.00% Cap),
	7,635,000		1.878		11/01/2022	7,619,959
Metropolitan Transportation Authority RB Series 2011 B (A+/A1)^(b)
(1 Mo. LIBOR + 0.55%, 9.00% Cap),
	7,510,000		1.878		11/01/2022	7,495,205
New York City GO Bonds Fiscal 2006 Series H Subseries H1 (AA/Aa2)^(b)(c)
	2,500,000		1.530		07/04/2018	2,500,000
New York City GO Bonds Fiscal 2006 Series H Subseries H2 (AA/Aa2)^(b)(c)
	2,500,000		1.530		07/04/2018	2,500,000


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa2)^(b)(c)
$	2,525,000		1.530	%	07/04/2018	$ 2,525,000
New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa2)^(b)(c)
	2,500,000		1.530		07/04/2018	2,500,000
New York City Housing Development Corp. Multi-Family Housing RB For Sustainable Neighborhood RMKT 06/29/16 Series 2016 C-2 (AA+/Aa2)^(b)(c)
	2,000,000		1.450		04/29/2020	1,979,680
New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2011 Subseries DD-2 (AA+/Aa1)^(b)(c)
	2,155,000		1.530		07/04/2018	2,155,000
New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)^(b)(c)
	2,430,000		1.530		07/04/2018	2,430,000
New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2015 Subseries E-3 (AAA/Aa1)^(b)(c)
	2,425,000		1.530		07/04/2018	2,425,000
New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2016 Subseries E-4 (AAA/Aa1)^(b)(c)
	2,500,000		1.530		07/04/2018	2,500,000
New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	4,840,000		3.500		02/15/2048	4,843,049
New York Liberty Development Corporation RB for 3 World Trade Center Project Series 2014 (NR/NR)^(f)
	515,000		5.150		11/15/2034	566,320
	2,825,000		5.000		11/15/2044	2,995,291
New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AAA/Aa1)
	1,400,000		5.000		02/15/2027	1,655,640
New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AAA/Aa1)
	6,190,000		5.000		02/15/2027	7,320,294
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1985 B (AMBAC) (A/Aa3)^(c)
	1,190,000		5.255		12/01/2025	1,190,000
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1987 B (AMBAC) (A/Aa3)^(c)
	1,300,000		5.183		07/01/2027	1,300,000
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1987 B-2 (AMBAC) (A/Aa3)^(c)
	1,630,000		5.234		07/01/2027	1,630,000
New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1986 A (AMT) (AMBAC) (NR/Aa3)^(c)
	2,890,000		5.180		12/01/2026	2,890,000
New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1987 A (AMBAC) (A/Aa3)^(c)
	1,370,000		5.244		03/01/2027	1,370,000
New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A2)^(c)
	5,400,000		2.562		07/01/2034	5,293,026
New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	1,000,000		5.000		05/01/2019	1,028,580
New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AAA/Aa1)
	5,000,000		5.000		03/15/2031	5,677,100


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
$	1,700,000		5.000	%	01/01/2033	$ 1,911,786
	1,200,000		5.000		01/01/2034	1,344,336
	4,560,000		4.000		01/01/2036	4,632,094
	2,450,000		5.000		01/01/2036	2,734,200
New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM) (AA/A2)
	5,500,000		4.000		07/01/2046	5,549,665
New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (NR/Baa3)
	700,000		5.000		07/01/2041	756,728
	3,250,000		5.250		01/01/2050	3,536,813
New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (BB-/NR)
	3,265,000		5.000		08/01/2021	3,507,296
	2,250,000		5.000		08/01/2031	2,360,340
New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (NR/Baa3)
	700,000		5.000		07/01/2046	754,761
Suffolk County New York GO Bonds for Public Improvement Series 2016 A (AGM) (AA/NR)
	4,080,000		2.000		06/15/2019	4,096,850
Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB/Baa2)
	1,000,000		5.000		11/01/2023	1,118,650
	1,000,000		5.000		11/01/2024	1,130,440

						126,331,605

North Carolina – 0.2%
Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000		5.000		07/01/2038	2,122,400
North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ETM) (ASSURED GTY) (AA/WR)^(a)
	100,000		6.000		01/01/2019	102,218
North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Pennybyrn at Maryfield Series 2015 (NR/NR)
	885,000		5.000		10/01/2018	890,965
North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	620,000		4.000		09/01/2025	632,127

						3,747,710

Ohio – 3.0%
Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)^(d)
	53,450,000		0.000		06/01/2047	4,367,399
Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)^(d)
	132,000,000		0.000		06/01/2052	5,417,280
Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	1,000,000		6.500		06/01/2047	1,025,610
	2,400,000		5.875		06/01/2047	2,410,248


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Ohio – (continued)
Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
$	22,650,000		5.125	%	06/01/2024	$ 22,596,546
	1,650,000		5.875		06/01/2030	1,658,233
Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa1)
	1,700,000		6.250		06/01/2037	1,775,004
Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	275,000		5.000		11/01/2020	288,849
	285,000		5.000		11/01/2021	302,633
	400,000		5.000		11/01/2022	428,864
	420,000		5.000		11/01/2023	453,327
City of Columbus Various Purpose Unlimited Tax Bonds Series 2017 A (AAA/Aaa)
	11,470,000		4.000		04/01/2033	12,355,255
Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	10,000,000		8.223		02/15/2040	12,347,400
Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500		02/15/2057	3,120,988
Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(f)
	700,000		4.500		01/15/2048	725,256

						69,272,892

Oklahoma – 0.5%
Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	3,670,000		4.000		08/15/2048	3,727,949
Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	5,000,000		5.250		08/15/2048	5,617,450
Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000		01/01/2042	1,456,280
Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(b)(c)
	1,500,000		5.000		06/01/2025	1,614,120

						12,415,799

Oregon – 1.0%
Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (NR/A2)^(a)
	1,500,000		8.250		01/01/2019	1,549,230
Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500		03/01/2029	1,364,336
	1,540,000		3.750		03/01/2032	1,528,542
Oregon State Department of Transportation Highway User Tax RB Refunding Series 2015 A (AAA/Aa1)
	3,140,000		5.000		11/15/2025	3,653,516
Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)
	2,000,000		5.000		06/15/2026	2,259,260
Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	7,090,000		4.000		04/01/2029	7,719,663
Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000		5.000		06/15/2029	4,917,484

						22,992,031


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – 4.2%
Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba1)^(f)
$	2,420,000		5.000	%	05/01/2027	$ 2,687,700
	1,600,000		5.000		05/01/2032	1,745,280
Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba1)^(f)
	750,000		5.000		05/01/2023	806,092
	750,000		5.000		05/01/2028	838,868
Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000		5.000		08/01/2025	1,143,100
Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	19,755,000		4.000		06/01/2039	20,110,985
Commonwealth of Pennsylvania COP Series 2018 A (A/A2)
	1,250,000		4.000		07/01/2046	1,256,900
Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	3,925,000		5.000		08/15/2025	4,489,454
Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	855,000		3.000		07/01/2019	862,113
	1,155,000		5.000		07/01/2020	1,214,760
	900,000		5.000		07/01/2022	976,815
Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 10/01/10 Series 2008 (A/A1)
	2,500,000		4.000		10/01/2023	2,604,650
Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (AMT) (BBB/NR)
	750,000		5.000		06/30/2042	817,463
Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2011 (AMT) (A-/NR)^(b)(c)
	5,000,000		2.250		07/01/2019	4,991,200
Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)^(e)
(3 Mo. LIBOR + 0.60%),
	1,685,000		2.149		07/01/2027	1,627,997
Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	4,000,000		5.000		09/15/2019	4,156,040
Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM) (AA/Aa3)
	4,000,000		5.000		09/15/2025	4,592,520
Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000		5.000		08/15/2023	7,485,278
Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)^(a)
	1,720,000		5.500		12/01/2023	2,019,538
Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	10,000,000		5.250		12/01/2044	11,841,700
Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000		5.500		12/01/2042	4,022,620
Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	5,000,000		5.250		06/01/2047	5,636,150
Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,500,000		5.000		07/01/2028	5,013,315


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(b)
(1 Mo. LIBOR + 0.64%, 12.00% Cap),
$	2,500,000		2.028	%	12/01/2020	$ 2,504,175
Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	300,000		5.000		11/15/2021	309,156
	450,000		5.000		11/15/2028	456,138
Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000		5.000		01/01/2035	1,218,250

						95,428,257

Puerto Rico – 2.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CC/Ca)
	3,275,000		6.125		07/01/2024	2,751,000
	2,000,000		6.000		07/01/2038	1,675,000
	2,500,000		6.000		07/01/2044	2,093,750
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CC/Ca)
	1,060,000		5.750		07/01/2037	887,750
Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)⁽ⁱ⁾
	5,175,000		8.000		07/01/2035	2,095,875
Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2009 B (D/Ca)⁽ⁱ⁾
	3,000,000		6.500		07/01/2037	1,275,000
Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)⁽ⁱ⁾
	3,955,000		5.000		07/01/2041	1,601,775
Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,000,000		6.000		07/01/2027	2,045,300
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	215,000		5.250		07/01/2041	239,461
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	1,650,000		5.250		07/01/2038	1,737,697
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	2,050,000		5.250		07/01/2033	2,285,258
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 1998 A (AMBAC) (NR/C)^(d)
	265,000		0.000		07/01/2018	265,000
Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(e)
(3 Mo. LIBOR + 0.52%),
	17,625,000		2.069		07/01/2029	15,421,875
Puerto Rico Electric Power Authority RB Series 2007 VV (NATL-RE) (D/Baa2)
	2,065,000		5.250		07/01/2034	2,094,055
Puerto Rico Electric Power Authority RB Series 2013 A (D/Ca)⁽ⁱ⁾
	3,000,000		6.750		07/01/2036	1,342,500
Puerto Rico Electric Power Authority RB Series 2016 E-1 (NR/NR)⁽ⁱ⁾
	590,915		10.000		01/01/2021	264,434
Puerto Rico Electric Power Authority RB Series 2016 E-2 (NR/NR)⁽ⁱ⁾
	590,915		10.000		07/01/2021	264,434
Puerto Rico Electric Power Authority RB Series 2016 E-3 (NR/NR)⁽ⁱ⁾
	196,972		10.000		01/01/2022	88,145
Puerto Rico Electric Power Authority RB Series 2016 E-4 (NR/NR)⁽ⁱ⁾
	196,972		10.000		07/01/2022	88,145


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
$	180,000		5.250	%	07/01/2039	$ 200,151
Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM) (AGC) (AA/A2)
	120,000		5.250		07/01/2034	133,675
Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	625,000		5.250		07/01/2030	665,687
	915,000		5.250		07/01/2031	974,530
Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	165,000		5.250		07/01/2034	183,804
	165,000		5.250		07/01/2036	183,262
Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	1,500,000		4.750		07/01/2038	1,428,915
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (COMWLTH GTD) (NR/Ca)^(c)
	3,240,000		10.000		07/01/2035	3,430,512
Puerto Rico Public Buildings Authority RB Series 2003 H (AMBAC) (COMWLTH GTD) (NR/Ca)
	110,000		5.500		07/01/2019	112,620
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (D/Ca)⁽ⁱ⁾
	2,660,000		6.000		08/01/2042	1,190,350
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (D/Ca)⁽ⁱ⁾
	195,000		5.375		08/01/2039	87,262
	1,255,000		5.500		08/01/2042	561,613
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (D/Ca)⁽ⁱ⁾
	13,000,000		6.750		08/01/2032	5,817,500
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (D/Ca)^(d)(i)
	7,000,000		0.000		08/01/2035	884,380
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2009 A (D/Ca)^(d)(i)
	6,500,000		0.000		08/01/2034	826,345
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2010 C (D/Ca)^(d)(i)
	1,400,000		0.000		08/01/2037	159,096
Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (D/Ca)⁽ⁱ⁾
	5,960,000		5.000		08/01/2024	2,667,100
	3,950,000		6.500		08/01/2044	1,767,625
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Subseries A (D/Ca)⁽ⁱ⁾
	1,755,000		5.750		08/01/2037	785,363
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2010 A (D/Ca)⁽ⁱ⁾
	400,000		4.500		08/01/2021	179,000
	225,000		5.625		08/01/2030	100,688
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2010 C (D/Ca)⁽ⁱ⁾
	3,500,000		6.500		08/01/2035	1,566,250

						62,422,182

Rhode Island – 0.0%
Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM) (MUN GOVT GTD) (AA/Aa3)
	500,000		5.000		05/15/2024	561,415


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
South Carolina – 0.4%
Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
$	1,385,000		4.000	%	05/01/2025	$ 1,521,007
	1,570,000		4.000		05/01/2026	1,695,427
Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,520,000		5.000		03/01/2031	5,314,119
	1,590,000		4.000		03/01/2032	1,701,666

						10,232,219

South Dakota – 0.2%
Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	630,000		5.000		01/01/2024	714,540
	1,075,000		5.000		01/01/2025	1,235,186
	730,000		5.000		01/01/2026	845,376
South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (AA-/A1)^(a)
	300,000		5.250		07/01/2018	300,000
	500,000		5.500		07/01/2018	500,000

						3,595,102

Tennessee – 0.2%
Bristol Industrial Development Board RB for The Pinnacle Project Series 2016 A (NR/NR)^(f)
	1,250,000		5.000		12/01/2035	1,217,350
Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	1,800,000		4.000		07/01/2040	1,814,778
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA) (NR/NR)^(b)(c)
	970,000		4.850		06/01/2025	981,077
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	400,000		5.000		07/01/2040	444,472
	700,000		5.000		07/01/2046	774,725

						5,232,402

Texas – 7.0%
Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (BBB+/Baa2)
	250,000		5.000		01/01/2040	274,360
	435,000		5.000		01/01/2046	475,585
City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)
	250,000		4.200		09/01/2027	240,767
	575,000		4.800		09/01/2037	553,346
	650,000		5.250		09/01/2046	622,336
City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000		02/15/2024	9,439,536
City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	425,000		4.125		09/01/2027	420,032
City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	200,000		3.250		09/01/2022	199,378
	570,000		4.500		09/01/2027	581,075


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB/NR)
$	425,000		4.000	%	09/01/2024	$ 451,188
	440,000		4.000		09/01/2025	464,086
	460,000		4.000		09/01/2026	480,511
	480,000		4.000		09/01/2027	500,952
City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	1,415,000		4.000		09/01/2025	1,484,915
City of Round Rock Utility Revenue System RB Refunding Series 2017 (AAA/NR)
	1,000,000		5.000		08/01/2024	1,151,090
Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)
	4,370,000		4.000		08/15/2036	4,546,067
	3,875,000		4.000		08/15/2037	4,021,940
Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000		5.250		11/01/2030	2,778,850
Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(f)
	395,000		5.000		09/01/2027	409,370
	225,000		5.000		09/01/2032	228,123
	330,000		5.125		09/01/2037	331,775
Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(g)
	2,500,000		0.000		10/01/2046	2,319,800
	3,450,000		0.000		10/01/2047	3,204,877
Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)^(b)(c)
	1,500,000		1.450		07/04/2018	1,500,000
Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(e)
(SIFMA Municipal Swap Index Yield + 0.95%, 18.00% Cap),
	6,770,000		2.460		06/01/2023	6,898,088
Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(e)
(3 Mo. LIBOR + 0.67%),
	8,120,000		2.240		08/15/2035	7,565,891
Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000		3.000		09/01/2024	95,905
	100,000		3.500		09/01/2025	102,743
	100,000		3.500		09/01/2026	101,418
	105,000		3.500		09/01/2027	105,242
Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)
	2,495,000		5.000		07/15/2028	2,786,940
Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB/NR)
	2,500,000		5.000		07/15/2020	2,632,300
Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
	10,000,000		5.500		07/01/2034	10,029,500
Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	350,000		5.000		07/01/2031	410,721
	325,000		5.000		07/01/2032	379,854
Houston Airport System RB Tranche II Series 2000 P-2 (AMT) (AGM) (AA/A1)^(c)
	900,000		3.801		07/01/2030	900,000


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
$	3,425,000		4.000	%	02/15/2042	$ 3,582,481
Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,550,000		5.000		12/01/2018	1,561,361
	1,545,000		5.000		12/01/2019	1,582,173
Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(f)
	1,315,000		5.000		09/01/2038	1,319,077
Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	455,000		3.000		09/01/2023	460,210
	280,000		3.000		09/01/2024	281,563
	505,000		3.000		09/01/2025	499,844
	530,000		4.000		09/01/2026	558,662
	560,000		4.000		09/01/2027	587,009
	490,000		4.000		09/01/2028	511,491
Lamar Consolidated Independent School District Unlimited Tax Schoolhouse Bonds RMKT 08/15/16 Series 2014 A (PSF-GTD) (AAA/Aaa)^(b)(c)
	1,500,000		1.050		08/15/2018	1,499,025
Lower Neches Valley Authority Industrial Development Corp RB for Exxon Capital Ventures, Inc. Project Series 2012 (AA+/Aaa)^(b)(c)
	2,500,000		1.530		07/04/2018	2,500,000
Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (A-/Baa1)
	1,300,000		6.300		11/01/2029	1,380,262
Mission Economic Development Corp. RB for Waste Management, Inc. Series 2008 (A-/NR)
	2,500,000		2.500		08/01/2020	2,507,125
Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000		5.000		09/15/2032	1,507,041
	710,000		5.000		09/15/2033	778,650
	750,000		5.000		09/15/2034	819,517
	790,000		5.000		09/15/2035	861,132
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BBB-/Baa3)
	765,000		5.000		04/01/2027	867,403
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (BBB-/NR)
	1,000,000		5.000		04/01/2039	1,034,720
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BBB-/Ba2)
	645,000		4.000		04/01/2022	670,445
	320,000		4.000		04/01/2023	333,610
	275,000		4.000		04/01/2024	287,774
	365,000		4.000		04/01/2025	382,348
	375,000		4.000		04/01/2026	391,493
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	250,000		5.000		04/01/2030	274,230
North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA/NR)^(a)(g)
	1,000,000		0.000		09/01/2031	1,093,610
North Texas Tollway Authority RB First Tier Series 2009 A (A/A1)
	205,000		6.250		01/01/2039	209,399


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
North Texas Tollway Authority RB First Tier Series 2009 A (A/NR)
$	470,000		6.250	%	01/01/2024	$ 480,345
North Texas Tollway Authority RB First Tier Series 2009 A (NR/NR)^(a)
	2,925,000		6.250		01/01/2019	2,994,206
North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A/A1)
	1,750,000		5.000		01/01/2038	2,007,705
North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A-/A2)
	2,000,000		5.000		01/01/2032	2,285,080
North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)^(a)
	1,000,000		5.500		09/01/2021	1,106,670
	1,000,000		6.000		09/01/2021	1,121,910
North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A/A1)
	1,500,000		5.000		01/01/2022	1,649,025
North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A/A1)
	6,000,000		6.500		01/01/2043	7,234,800
Port of Houston Authority Harris County Unlimited Tax GO Refunding Bonds Series 2008 A (AMT) (AAA/Aaa)
	3,000,000		6.125		10/01/2033	3,033,240
Round Rock Texas Independent School District Unlimited Tax GO Bonds for School Building Series 2009 (AA/Aaa)
	2,730,000		5.250		08/01/2034	2,739,091
Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,375,000		4.000		05/15/2019	2,404,284
	2,475,000		5.000		05/15/2020	2,574,198
	2,100,000		5.000		05/15/2021	2,214,471
	2,730,000		5.000		05/15/2022	2,911,381
Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A3)
	4,950,000		6.250		12/15/2026	5,761,850
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A3)^(e)
(SIFMA Municipal Swap Index Yield + 0.55%),
	3,495,000		2.060		09/15/2027	3,455,297
Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	8,505,000		6.875		12/31/2039	9,043,622
Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	1,380,000		5.000		08/15/2042	1,490,676
Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(f)
	425,000		4.500		09/01/2027	418,396
University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000		3.250		02/15/2041	7,867,855

						159,824,318

Utah – 0.5%
Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	4,500,000		5.000		07/01/2033	5,136,300
	2,650,000		5.000		07/01/2047	2,976,189
Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AAA/Aa2)
	3,065,000		4.000		06/15/2034	3,228,395

						11,340,884


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Vermont – 0.1%
Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
$	745,000		5.000	%	05/01/2025	$ 810,426
	585,000		5.000		05/01/2026	636,246

						1,446,672

Virgin Islands – 0.4%
Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	1,000,000		5.000		10/01/2020	980,000
	1,410,000		5.000		10/01/2029	1,286,625
Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000		5.000		10/01/2032	635,250
Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	1,450,000		5.000		10/01/2039	1,179,937
Virgin Islands Public Finance Authority RB Series 2014 A (AGM) (AA/A2)^(f)
	5,000,000		5.000		10/01/2034	5,269,550

						9,351,362

Virginia – 1.4%
Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(b)(c)
	2,500,000		2.125		04/01/2020	2,508,725
Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (BBB/NR)
	1,250,000		4.000		10/01/2042	1,264,837
Newport News Economic Development Authority Residential Care Facilities RB Refunding For Lifespire of Virginia Series 2016 (NR/NR)
	450,000		2.000		12/01/2018	449,883
Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)^(d)
	122,865,000		0.000		06/01/2047	13,923,062
Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)^(a)
	2,750,000		5.000		07/01/2025	3,181,035
Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
	2,580,000		5.000		12/31/2047	2,826,287
Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	950,000		5.000		07/01/2034	1,009,014
	3,325,000		5.000		01/01/2040	3,514,625
Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB/NR)
	750,000		5.500		01/01/2042	810,690
Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)^(b)(c)(f)
	300,000		5.000		07/01/2038	305,166
Washington County IDA RB for Mountain States Health Alliance Series 2009 C (A-/Baa1)^(a)
	1,000,000		7.750		01/01/2019	1,030,770

						30,824,094


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Washington – 3.1%
City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
$	3,340,000		4.000	%	01/01/2033	$ 3,591,302
	6,715,000		4.000		01/01/2034	7,157,518
Seattle City RB Refunding for Municipal Light & Power Improvement Series 2017 C (AA/Aa2)
	8,465,000		4.000		09/01/2037	8,957,324
University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000		07/01/2029	2,772,350
Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)^(a)
	250,000		6.000		08/15/2019	262,178
Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)^(a)
	250,000		6.000		08/15/2019	262,035
Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aa1)^(d)
	6,855,000		0.000		06/01/2028	5,123,084
Washington State Various Purpose GO Bonds Series 2018 C (AA+/Aa1)
	32,785,000		5.000		02/01/2043	37,941,425
Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aa1)
	2,475,000		5.000		01/01/2023	2,589,766
	2,595,000		5.000		01/01/2024	2,714,941

						71,371,923

West Virginia – 0.5%
State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,490,000		5.000		06/01/2035	9,968,109
West Virginia Hospital Finance Authority Hospital RB Refunding and Improvement for West Virginia United Health System Obligated Group Series 2009 C (A/WR)^(a)
	1,000,000		5.500		06/01/2019	1,034,840

						11,002,949

Wisconsin – 0.4%
Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	1,000,000		4.300		11/01/2030	1,037,650
Public Finance Authority RB for Denver International Airport Great Hall Project Series 2017 (AMT) (BBB-/NR)
	1,000,000		5.000		09/30/2037	1,109,180
Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200		12/01/2037	529,345
Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB/NR)
	2,000,000		5.250		07/01/2028	2,156,480
Public Finance Authority Senior Living RB Refunding for Mary’s Woods at Marylhurst Project Series 2017 B-3 (BB/NR)^(f)
	1,900,000		3.000		11/15/2022	1,904,142
Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)
	275,000		4.000		09/15/2021	284,256
	225,000		4.000		09/15/2022	233,539
	250,000		4.000		09/15/2023	259,868
	365,000		4.000		09/15/2024	376,220


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Wisconsin – (continued)
Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB+/NR)
$	285,000		4.000	%	05/01/2019	$ 289,084
	410,000		5.000		05/01/2020	428,938

						8,608,702

TOTAL MUNICIPAL BONDS (Cost $2,163,826,116)						$2,192,079,672


Corporate Bonds – 0.3%
Commercial & Professional Services – 0.0%
Catholic Health Initiatives
$	470,000		4.350	%	11/01/2042	$ 444,752

Health Care Equipment & Services – 0.3%
Prime Healthcare Foundation, Inc. Series B
	4,975,000		7.000		12/01/2027	5,412,805

TOTAL CORPORATE BONDS (Cost $5,311,371)						$ 5,857,557

TOTAL INVESTMENTS – 96.7% (Cost $2,169,137,487)						$2,197,937,229

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3%						75,749,235

NET ASSETS – 100.0%						$2,273,686,464



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Variable Rate Demand Instruments – rate shown is that which is in effect on June 30, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(e)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(f)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $89,712,294, which represents approximately 3.9% of net assets as of June 30, 2018. The liquidity determination is unaudited.

(g)		Zero coupon bond until next reset date.

(h)		When-issued security.

(i)		Security is currently in default.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
AGC-ICC		— Agency Insured Custody Certificate
AGM		— Insured by Assured Guaranty Municipal Corp.
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		— Alternative Minimum Tax
ASSURED GTY		— Insured by Assured Guaranty
BAM		— Build America Mutual Assurance Co.
BHAC-CR		— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CAL MTG INS		— Insured by California Mortgage Insurance
COMWLTH GTD		— Commonwealth Guaranteed
COPS		— Certificates of Participation
ETM		— Escrowed to Maturity
FNMA		— Federal National Mortgage Association
GARB		— General Airport Revenue Bond
GNMA		— Government National Mortgage Association
GO		— General Obligation
IDA		— Industrial Development Authority
LIBOR		— London Interbank Offered Rate
Mo.		— Month
MUN GOVT GTD		— Municipal Government Guaranteed
NATL-RE		— Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		— Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		— Not Rated
PCRB		— Pollution Control Revenue Bond
PILOT		— Payment in Lieu of Taxes
PSF-GTD		— Guaranteed by Permanent School Fund
Q-SBLF		— Qualified School Board Loan Fund
RB		— Revenue Bond
RMKT		— Remarketed
SCH BD GTY		— School Bond Guaranty
SCSDE		— South Carolina State Department of Education
SIFMA		— The Securities Industry and Financial Markets Association
ST AID WITHHLDG		— State Aid Withholding
ST APPROP		— State Appropriation
USD		— United States Dollar
WR		— Withdrawn Rating
XLCA		— Insured by XL Capital Assurance, Inc.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – 97.2%
Alabama – 2.4%
Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB/NR)
$	850,000		5.000	%	10/01/2024	$ 950,733
	850,000		5.000		10/01/2025	944,707
	4,125,000		5.000		10/01/2030	4,488,784
Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	5,750,000		0.000		10/01/2038	5,048,615
	6,000,000		0.000		10/01/2042	5,246,460
Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	8,300,000		6.000		10/01/2042	9,561,766
	19,850,000		7.000		10/01/2051	23,967,486
	78,270,000		6.500		10/01/2053	92,019,691

						142,228,242

Alaska – 0.1%
Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (NR/B3)
	4,865,000		5.000		06/01/2046	4,864,952
Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)^(b)
	6,780,000		0.000		06/01/2046	757,258

						5,622,210

Arizona – 1.9%
Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000		4.500		03/01/2030	4,809,600
Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(c)
(3 Mo. LIBOR + 0.81%),
	59,530,000		2.359		01/01/2037	56,269,542
City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250		12/01/2042	1,341,687
	1,325,000		6.250		12/01/2046	1,420,440
Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa1)
	8,800,000		7.250		02/01/2040	9,063,384
Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB+/Baa2)
	5,000,000		6.250		01/01/2038	5,338,350
Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	16,075,000		4.000		01/01/2041	16,627,498
Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000		4.500		06/01/2030	5,742,101
Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000		4.000		09/01/2029	3,552,890
The Industrial Development Authority of the City of Phoenix RB for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	1,000,000		5.000		07/01/2042	1,101,640
The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	850,000		5.000		07/01/2037	941,622
University Medical Center Corp. RB Series 2009 (NR/WR)^(d)
	500,000		6.250		07/01/2019	522,695
	1,360,000		6.500		07/01/2019	1,425,062


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Arizona – (continued)
University Medical Center Corp. RB Series 2011 (NR/WR)^(d)
$	3,500,000		6.000	%	07/01/2021	$ 3,907,120

						112,063,631

California – 13.7%
ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (A+/Aa3)^(b)
	1,600,000		0.000		08/01/2026	1,262,944
Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2016 B (BBB+/Baa2)
	5,825,000		5.000		10/01/2036	6,476,584
	4,850,000		5.000		10/01/2037	5,392,521
Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (AA-/Aa3)
	3,000,000		5.000		08/01/2040	3,408,660
Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(b)
	4,995,000		0.000		08/01/2037	2,477,220
Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)^(b)
	1,210,000		0.000		08/01/2036	580,631
Atascadero Unified School District GO Bonds for 2014 Election Series 2014 B (NATL-RE) (NR/Aa3)
	3,000,000		4.000		08/01/2042	3,120,480
Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000		5.000		05/01/2040	526,231
	1,000,000		5.000		05/01/2043	1,129,230
Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)^(b)
	1,055,000		0.000		08/01/2025	868,339
California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)^(b)
	130,120,000		0.000		06/01/2055	10,629,503
California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000		02/01/2042	1,702,305
	4,000,000		5.000		02/01/2047	4,523,440
California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/Baa1)
	1,800,000		5.000		02/01/2042	1,988,694
	17,675,000		5.000		02/01/2047	19,459,291
California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB+/NR)
	3,790,000		5.000		12/31/2047	4,248,855
California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 B (AMT) (BBB+/NR)
	1,895,000		5.000		06/01/2048	2,117,795
California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	2,000,000		5.000		09/01/2030	2,212,500
	2,125,000		5.000		09/01/2037	2,318,226
California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875		11/01/2043	2,080,969
California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	500,000		5.000		08/01/2038	575,060
	3,000,000		4.000		08/01/2045	3,059,370


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)^(e)
$	2,000,000		3.000	%	11/01/2022	$ 2,004,180
	935,000		5.000		11/01/2032	1,026,228
	1,875,000		5.000		11/01/2041	2,018,156
California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CAL MTG INS) (AA-/NR)
	2,850,000		5.000		08/15/2038	3,247,945
California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	1,200,000		5.000		04/01/2047	1,339,308
California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB/NR)
	6,235,000		5.500		12/01/2054	6,766,409
California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	3,750,000		5.000		05/15/2042	4,224,187
	3,850,000		5.000		05/15/2047	4,324,243
	3,075,000		5.000		05/15/2050	3,441,294
California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)^(b)
	35,000,000		0.000		06/01/2046	5,115,600
Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)^(b)
	7,000,000		0.000		09/01/2033	3,874,290
City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500		12/01/2026	857,797
	2,830,000		7.000		12/01/2036	3,288,149
City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR)
	3,000,000		5.000		09/01/2045	3,274,770
City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750		12/01/2031	672,553
	5,000,000		8.000		06/01/2044	5,020,250
City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)
	600,000		5.000		09/02/2030	649,554
City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(e)
	280,000		5.000		09/01/2032	299,289
	700,000		5.000		09/01/2037	739,998
	1,745,000		5.000		09/01/2047	1,837,939
Coachella Valley Unified School District GO Bonds Capital Appreciation Series 2012 D (AGM) (AA/WR)^(b)
	2,500,000		0.000		08/01/2043	912,400
Coronado Community Development Agency Tax Allocation for Coronado Community Development Project Series 2005 (AMBAC) (A+/NR)
	175,000		5.000		09/01/2020	175,490
Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)^(b)
	1,305,000		0.000		08/01/2027	948,161


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
$	640,000		5.000	%	09/01/2027	$ 708,576
	2,285,000		5.000		09/01/2037	2,542,085
	6,680,000		5.000		09/01/2047	7,338,314
El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)^(b)
	5,400,000		0.000		08/01/2032	3,214,026
Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)^(b)
	4,180,000		0.000		04/01/2029	2,990,832
Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa3)^(b)
	3,360,000		0.000		10/01/2032	2,046,845
Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)^(b)
	12,000,000		0.000		01/15/2035	6,204,240
Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (BBB-/Baa3)
	16,080,000		3.950		01/15/2053	16,116,180
Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (BBB-/Baa3)
	13,535,000		6.000		01/15/2053	15,673,124
Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Subseries B-3 (BBB-/Baa3)^(f)(g)
	4,425,000		5.500		01/15/2023	4,954,717
Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000		09/01/2027	201,114
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(b)
	77,260,000		0.000		06/01/2047	13,409,246
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(b)
	307,000,000		0.000		06/01/2047	47,766,130
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	7,975,000		5.000		06/01/2040	8,942,527
	28,010,000		5.000		06/01/2045	31,352,713
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	6,370,000		5.000		06/01/2047	6,540,270
	4,775,000		5.250		06/01/2047	4,967,910
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B+/B3)
	27,780,000		5.300		06/01/2037	29,048,435
Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(b)
	101,195,000		0.000		06/01/2036	31,491,884
Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)^(b)
	71,235,000		0.000		06/01/2047	10,451,599
Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)^(b)
	260,660,000		0.000		06/01/2057	16,004,524


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
$	1,655,000		5.000	%	09/01/2047	$ 1,849,429
	1,925,000		5.000		03/01/2057	2,141,582
Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)
	2,750,000		6.000		09/01/2043	3,164,287
Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625		08/01/2024	215,608
Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)^(b)
	49,925,000		0.000		08/01/2050	12,984,993
Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A-/NR)
	1,625,000		6.750		09/01/2026	1,854,872
	1,500,000		7.000		09/01/2031	1,725,600
	875,000		7.250		09/01/2038	1,013,259
Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(b)
	3,750,000		0.000		08/01/2035	2,018,512
M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	8,250,000		6.500		11/01/2039	11,759,220
M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500		11/01/2039	2,850,720
M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	10,000,000		6.125		11/01/2029	12,415,700
	21,765,000		6.500		11/01/2039	31,022,960
Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa2)^(a)
	7,000,000		0.000		08/01/2030	6,632,080
Natomas Unified School District GO Bonds Election of 2014 Series 2013 (BAM) (AA/A1)
	14,535,000		4.000		08/01/2042	15,198,523
New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)^(b)
	860,000		0.000		08/01/2025	711,315
	1,105,000		0.000		08/01/2026	877,801
	5,550,000		0.000		08/01/2030	3,711,174
	7,830,000		0.000		08/01/2032	4,790,942
	7,000,000		0.000		08/01/2034	3,882,480
Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)
	3,000,000		5.250		08/15/2045	3,320,130
Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR)
	250,000		5.000		08/15/2027	287,463
	200,000		5.000		08/15/2028	231,084
	2,900,000		5.000		08/15/2047	3,225,989
Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000		5.000		11/01/2047	12,989,135
Palomar Pomerado Health COPS Series 2009 (NR/WR)^(d)
	16,000,000		6.750		11/01/2019	17,106,400
Palomar Pomerado Health COPS Series 2010 (BBB-/Ba1)^(d)
	6,500,000		6.000		11/01/2020	7,160,205
Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(a)
	10,750,000		0.000		08/01/2038	13,310,650
Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)^(b)
	1,805,000		0.000		08/01/2025	1,503,385


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
$	500,000		4.000	%	09/01/2029	$ 524,480
	500,000		4.000		09/01/2030	520,845
	650,000		4.000		09/01/2031	674,277
	900,000		3.000		09/01/2032	833,841
	820,000		3.000		09/01/2033	751,136
	750,000		3.000		09/01/2034	680,558
Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/A1)^(b)
	6,170,000		0.000		08/01/2036	2,953,949
River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,835,000		5.375		09/01/2031	5,180,848
	880,000		5.250		09/01/2034	935,959
	6,815,000		5.500		09/01/2045	7,307,588
River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)
	22,500,000		5.500		09/01/2045	24,126,300
Riverside County Public Financing Authority Tax Allocation RB Refunding Series 2017 A (BAM) (AA/NR)
	4,245,000		4.000		10/01/2040	4,377,317
Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)^(b)
	2,220,000		0.000		10/01/2033	1,237,606
	2,220,000		0.000		10/01/2035	1,121,344
	1,840,000		0.000		10/01/2037	848,976
	5,100,000		0.000		10/01/2038	2,251,446
	8,425,000		0.000		10/01/2039	3,549,874
	13,395,000		0.000		10/01/2040	5,407,160
	7,275,000		0.000		10/01/2041	2,812,951
	6,360,000		0.000		10/01/2042	2,355,044
Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)
	1,225,000		6.500		10/01/2025	1,393,144
	1,950,000		6.750		10/01/2030	2,235,519
Riverside County Redevelopment Successor Agency Tax Allocation Refunding for Mid-County Redevelopment Project Area Series 2017 C (BAM) (AA/NR)
	3,355,000		4.000		10/01/2040	3,480,980
Riverside County Redevelopment Successor Agency Tax Allocation Refunding Series 2017 A (BAM) (AA/NR)
	8,585,000		4.000		10/01/2039	8,955,700
Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (BBB-/NR)
	2,000,000		5.750		06/01/2048	2,210,860
Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	770,000		5.000		09/01/2029	876,645
	1,865,000		5.000		09/01/2033	2,077,908
Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(c)
(3 Mo. LIBOR + 0.53%),
	6,375,000		2.071		12/01/2035	6,168,833
Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(c)
(3 Mo. LIBOR + 0.55%),
	3,920,000		2.091		06/01/2034	3,763,239


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A2)^(b)
$	1,420,000		0.000	%	08/01/2025	$ 1,147,758
San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	10,000,000		4.27000		07/01/2042	10,375,900
San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)^(b)
	10,000,000		0.000		07/01/2030	6,793,000
	3,000,000		0.000		07/01/2031	1,945,710
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2018 D (AMT) (A+/A1)
	17,250,000		5.000		05/01/2048	19,677,938
San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)^(d)
	500,000		6.750		02/01/2021	565,170
San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB+/NR)^(d)
	750,000		6.250		08/01/2019	789,015
	555,000		6.375		08/01/2019	584,609
	305,000		6.500		08/01/2019	321,678
	1,000,000		6.625		08/01/2019	1,056,020
San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB+/NR)^(d)
	435,000		6.625		02/01/2021	490,332
	2,500,000		7.000		02/01/2021	2,841,600
San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (BBB/NR)
	3,000,000		5.000		01/15/2029	3,349,770
San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)^(b)
	1,580,000		0.000		08/01/2024	1,365,104
	1,595,000		0.000		08/01/2025	1,332,208
San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)
	2,000,000		5.000		09/01/2042	2,127,100
San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)
	2,000,000		5.500		09/01/2044	2,175,360
Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000		07/01/2032	2,167,480
	2,000,000		5.000		07/01/2042	2,159,620
Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)^(d)
	3,000,000		7.000		02/01/2021	3,405,810
Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)^(b)
	88,700,000		0.000		06/01/2056	6,776,680
Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A/A3)
	2,000,000		6.250		10/01/2040	2,362,080
Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)
	4,000,000		5.250		09/01/2042	4,193,160
Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (BBB+/NR)^(d)
	1,000,000		6.750		08/01/2021	1,150,140
	2,100,000		7.000		08/01/2021	2,430,960


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (BB+/B2)
$	2,235,000		5.000	%	06/01/2037	$ 2,240,588
Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR)
	750,000		5.000		09/01/2040	824,168
	1,000,000		5.000		09/01/2045	1,095,570
Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)^(d)
	1,500,000		6.875		12/01/2021	1,756,170
University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(c)
(3 Mo. LIBOR + 0.74%),
	12,000,000		2.309		05/15/2043	10,610,040
West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)
	1,000,000		7.250		09/01/2031	1,165,360
	5,000,000		7.500		09/01/2042	5,848,200
William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)^(b)
	8,360,000		0.000		08/01/2034	4,666,134
Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)^(a)
	19,135,000		0.000		08/01/2042	13,498,786

						801,041,372

Colorado – 4.1%
Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	750,000		5.000		12/01/2037	749,970
	1,065,000		5.125		12/01/2047	1,064,148
Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000		5.125		12/01/2046	2,421,004
Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000		12/15/2047	661,417
Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375		12/15/2047	1,001,750
Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000		12/01/2037	1,769,687
	4,000,000		6.125		12/01/2047	4,045,960
Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125		12/01/2047	2,001,640
Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)^(e)
	6,500,000		5.000		12/01/2047	6,628,635
Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375		12/15/2047	503,465
Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	790,000		4.375		12/01/2032	798,698
	1,000,000		5.000		12/01/2047	1,014,800
Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)
	7,390,000		7.500		12/01/2047	7,411,283


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Colorado – (continued)
Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (BBB+/NR)
$	3,500,000		4.500	%	12/01/2033	$ 3,543,820
	3,500,000		5.000		12/01/2033	3,745,280
Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (BBB+/NR)
	3,000,000		5.750		12/01/2036	3,413,970
Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (BBB/Baa2)
	3,000,000		5.625		06/01/2043	3,309,450
Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	4,410,000		5.000		06/01/2047	4,834,683
Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000		12/31/2047	1,046,108
	965,000		5.000		12/31/2051	1,043,194
	1,925,000		5.000		12/31/2056	2,077,518
Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB+/Baa3)
	12,860,000		6.000		01/15/2041	13,488,082
Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750		12/01/2047	3,003,780
Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding Series 2015 (NR/NR)
	500,000		5.250		12/01/2030	524,910
	2,000,000		5.750		12/01/2045	2,099,220
Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
	500,000		5.000		12/01/2037	494,470
	700,000		5.125		12/01/2047	691,061
Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000		7.625		12/15/2047	500,115
Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125		12/01/2037	1,037,060
	2,100,000		5.250		12/01/2047	2,174,151
Cross Creek Metropolitan District No. 2 GO Refunding Bonds Limited Tax Series 2006 (NR/NR)^(g)
	4,500,000		6.125		12/01/2037	4,461,885
Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)
	11,310,000		5.000		10/01/2032	12,160,738
Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(e)
	2,655,000		5.000		12/01/2026	2,967,520
	5,285,000		5.000		12/01/2027	5,929,347
	5,555,000		5.000		12/01/2028	6,246,487
	7,200,000		5.000		12/01/2034	7,943,976
	4,800,000		4.000		12/01/2035	4,630,320
	4,800,000		4.000		12/01/2036	4,594,368
Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)^(c)
(3 Mo. LIBOR + 1.10%),
	16,520,000		2.641		12/01/2033	15,441,079
Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000		5.375		08/01/2047	2,478,102
Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,269,000		8.000		08/01/2047	1,268,036


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Colorado – (continued)
Denver Gateway Center Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)^(h)
$	1,360,000		5.500	%	12/01/2038	$ 1,355,131
	2,130,000		5.625		12/01/2048	2,120,948
E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A3)^(b)
	3,000,000		0.000		09/01/2039	1,154,940
E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A3)^(b)
	15,000,000		0.000		09/01/2028	10,638,450
	4,100,000		0.000		09/01/2034	2,242,044
E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A3)^(b)
	1,715,000		0.000		09/01/2028	1,037,112
E-470 Public Highway Authority RB Series 2010 A (A/A3)^(b)
	20,000,000		0.000		09/01/2040	8,497,400
High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)
	2,400,000		4.000		12/01/2047	2,413,032
Lakes at Centerra Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,695,000		5.125		12/01/2037	1,715,137
	3,445,000		5.250		12/01/2047	3,482,171
Leyden Rock Metropolitan District No. 10 Limited Tax GO Refunding & Improvement Bonds Series 2016 A (NR/NR)
	1,250,000		5.000		12/01/2045	1,273,962
North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)^(h)
	1,260,000		5.500		12/01/2048	1,259,572
North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625		12/01/2037	3,298,384
	5,380,000		5.750		12/01/2047	5,428,097
Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	2,135,000		4.375		12/01/2031	2,085,148
	1,825,000		5.000		12/01/2046	1,842,848
Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)^(e)
	1,000,000		5.000		12/01/2040	1,033,090
Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)^(e)
	3,000,000		5.000		12/15/2041	3,074,700
Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A3)
	4,000,000		6.500		11/15/2038	5,563,760
Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125		12/01/2037	566,451
	1,000,000		5.125		12/01/2043	1,023,620
Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250		12/15/2035	636,562
Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	750,000		4.500		12/01/2031	737,370
	1,500,000		5.500		12/01/2046	1,537,335
St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125		12/01/2047	2,561,577
Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa2)
	650,000		5.000		12/01/2039	707,453


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Colorado – (continued)
Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
$	3,250,000		5.000	%	12/01/2038	$ 3,312,270
	5,750,000		5.000		12/01/2047	5,825,210
Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625		12/01/2047	2,011,200
Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250		12/01/2037	884,118
	2,400,000		5.375		12/01/2047	2,411,976
Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)^(d)(g)
	1,725,000		9.500		12/01/2021	2,177,123
Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)
	880,000		5.000		12/01/2047	871,922
Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,490,000		7.375		12/15/2047	1,486,379
Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000		12/01/2037	1,012,930
	2,500,000		5.000		12/01/2047	2,516,825
Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bond Series 2018 A (NR/NR)
	3,470,000		5.375		12/01/2048	3,477,981
Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500		12/01/2047	1,630,725

						240,126,140

Connecticut – 0.5%
Connecticut State GO Bonds Series 2018 C (A/A1)
	1,850,000		5.000		06/15/2028	2,109,814
Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)^(e)
	20,265,000		7.000		02/01/2045	20,836,270
State of Connecticut GO Bonds Series 2018 (A/A1)
	4,860,000		5.000		06/15/2027	5,503,707
	2,100,000		5.000		06/15/2029	2,379,699
	450,000		5.000		06/15/2032	505,490
Town of Hamden Refunding GO Series 2013 (AGM) (AA/A2)
	500,000		5.000		08/15/2023	554,095

						31,889,075

Delaware – 0.4%
Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	5,112,000		5.450		07/01/2035	5,111,591
Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (BBB+/Baa1)
	3,000,000		5.400		02/01/2031	3,183,180
Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)
	3,785,000		5.000		11/15/2048	4,217,588
Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa3)
	2,050,000		5.375		10/01/2045	2,124,292
Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (AA-/NR)
	6,130,000		4.000		07/01/2043	6,232,003

						20,868,654


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
District of Columbia – 1.3%
Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (BBB+/Baa1)^(a)
$	37,100,000		0.000	%	10/01/2044	$ 46,839,492
Metropolitan Washington DC Airports Authority Dulles Toll Road RB Third Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 C (ASSURED GTY) (AA/A3)
	25,000,000		6.500		10/01/2041	31,640,000

						78,479,492

Florida – 11.3%
Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,530,000		6.300		05/01/2035	3,532,647
Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB/NR)
	1,725,000		3.500		05/01/2031	1,696,882
Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	4,000,000		3.500		05/01/2032	3,909,640
	6,755,000		3.700		05/01/2036	6,599,297
Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	755,000		4.625		05/01/2028	754,660
	2,000,000		5.000		05/01/2036	2,002,940
Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	7,785,000		6.900		05/01/2025	8,808,727
Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,860,000		6.900		05/01/2036	4,302,742
Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	990,000		6.900		05/01/2036	1,091,871
Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	750,000		5.750		05/01/2048	764,947
Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	1,850,000		6.000		05/01/2048	1,861,340
Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-2 (NR/NR)
	1,435,000		6.000		05/01/2029	1,429,217
Avelar Creek Community Development District Special Assessment Refunding Series 2016 (BBB+/NR)
	1,070,000		3.625		05/01/2031	1,087,120
Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	2,375,000		5.250		11/01/2046	2,407,965
Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	375,000		4.500		11/01/2025	389,085
	1,000,000		5.000		11/01/2036	1,069,880
	1,100,000		5.000		11/01/2048	1,166,715
Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB+/NR)
	1,970,000		4.250		05/01/2029	2,076,104
Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	1,000,000		5.000		05/01/2035	1,043,000


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
$	985,000		3.750	%	05/01/2031	$ 1,013,338
	1,130,000		4.000		05/01/2037	1,131,616
Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	1,610,000		4.250		05/01/2031	1,676,106
	2,810,000		4.250		05/01/2037	2,901,831
Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB-/NR)
	710,000		6.000		11/01/2027	789,492
	490,000		3.750		11/01/2031	485,414
	3,000,000		6.500		11/01/2043	3,598,260
	1,500,000		4.125		11/01/2046	1,488,765
Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	775,000		6.125		11/01/2033	885,538
	1,000,000		6.500		11/01/2043	1,149,880
Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	315,000		3.500		05/01/2021	315,907
	500,000		4.100		05/01/2026	504,185
	1,755,000		4.700		05/01/2036	1,788,608
	3,200,000		4.875		05/01/2047	3,265,568
Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A/A2)^(d)
	4,750,000		7.000		04/01/2019	4,940,000
Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	7,575,000		5.750		05/01/2035	8,151,457
Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)^(e)
	600,000		3.875		11/01/2023	600,648
	755,000		4.625		11/01/2028	758,896
	1,500,000		5.125		11/01/2038	1,520,460
	2,600,000		5.250		11/01/2048	2,637,960
Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	355,000		4.000		05/01/2024	354,986
	440,000		4.750		05/01/2029	439,234
	500,000		5.125		05/01/2038	501,110
	1,000,000		5.250		05/01/2049	1,002,970
Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125		12/15/2027	369,941
	500,000		4.500		12/15/2032	506,145
	975,000		4.700		12/15/2037	989,762
Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	200,000		3.500		11/01/2020	208,040
	210,000		3.750		11/01/2021	221,352
	215,000		3.875		11/01/2022	226,365
	25,000		4.000		11/01/2023	26,426
	1,705,000		4.500		11/01/2031	1,798,673
Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(e)
	500,000		5.500		10/01/2036	488,145
City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000		10/01/2034	1,810,025
City of Jacksonville RB for Jacksonville University Project Series 2018 B (NR/NR)^(e)
	3,000,000		5.000		06/01/2053	3,126,060


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
$	2,250,000		5.000	%	05/01/2026	$ 2,502,967
Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	2,990,000		3.500		05/01/2032	2,922,456
	1,500,000		3.625		05/01/2035	1,463,880
	1,750,000		3.750		05/01/2046	1,691,165
Concorde Estates Community Development District Capital Improvement Series 2017 B (NR/NR)
	2,943,614		5.000		11/01/2027	2,620,023
Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)⁽ⁱ⁾
	3,305,000		5.850		05/01/2035	33
Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)⁽ⁱ⁾
	3,980,000		5.000		05/01/2011	40
Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,450,000		5.850		05/01/2035	3,454,657
Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,215,000		5.850		05/01/2035	1,974,207
Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)^(b)(i)
	2,939,931		0.000		05/01/2017	1,558,163
Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(e)
	1,900,000		5.000		11/01/2038	1,897,150
	4,300,000		5.125		11/01/2050	4,301,849
Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000		05/01/2031	802,465
	1,407,000		4.250		05/01/2038	1,449,787
Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	960,000		3.750		05/01/2029	967,450
County of Broward Airport System RB Series 2017 (AMT) (A+/A1)
	4,250,000		5.000		10/01/2047	4,774,577
Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(e)
	1,980,000		5.000		11/01/2038	1,969,863
	3,170,000		5.125		11/01/2048	3,167,337
Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,110,000		3.750		05/01/2034	3,087,857
	4,300,000		4.000		05/01/2037	4,344,505
Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (A-/A3)
	27,000,000		6.000		08/15/2036	29,016,630
Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,095,000		6.375		11/01/2026	1,223,126
	3,245,000		7.000		11/01/2045	3,890,625
Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	1,000,000		5.250		11/01/2035	1,043,040
	1,500,000		5.375		11/01/2046	1,567,260
Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375		05/01/2034	1,515,831


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Florida Development Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)^(e)(f)(g)
$	1,850,000		5.000	%	08/01/2022	$ 1,921,743
Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Passenger Rail Project Series 2017 (AMT) (BB-/NR)^(e)(f)(g)
	18,800,000		5.625		01/01/2028	19,349,336
Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(e)
	1,750,000		4.750		06/01/2038	1,808,660
	3,000,000		5.000		06/01/2048	3,148,110
Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)
	600,000		5.000		04/01/2032	649,698
	5,820,000		5.250		04/01/2042	6,351,424
Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000		11/01/2047	763,831
Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000		05/01/2031	717,003
	1,000,000		4.125		05/01/2038	1,010,970
Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	3,165,000		5.000		11/15/2026	3,390,253
	5,000,000		5.000		11/15/2036	5,275,450
Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,525,000		4.500		05/01/2036	1,527,547
	2,305,000		4.625		05/01/2046	2,311,869
Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)^(e)
	1,725,000		4.000		05/01/2031	1,794,345
	1,335,000		4.250		05/01/2035	1,385,370
	1,810,000		4.250		05/01/2039	1,868,336
Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,000,000		5.000		05/01/2034	1,077,510
	2,170,000		5.125		05/01/2045	2,388,801
Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (A/NR)
	500,000		5.050		05/01/2031	540,125
	500,000		5.150		05/01/2034	538,630
Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	1,540,000		3.400		05/01/2037	1,449,710
Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	2,050,000		5.700		05/01/2036	2,061,357
Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200		05/01/2031	2,314,346
	2,000,000		4.350		05/01/2036	2,066,740
Highlands Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	1,000,000		4.250		05/01/2031	1,056,540
	2,150,000		4.250		05/01/2036	2,219,294
Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000		11/01/2048	2,390,357
Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125		05/01/2035	2,540,950


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
$	1,000,000		5.000	%	11/01/2047	$ 1,023,140
Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,120,000		6.700		05/01/2033	2,308,701
	4,765,000		7.000		05/01/2043	5,254,842
Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600		05/01/2044	6,886,714
Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(e)
	1,000,000		5.000		05/01/2037	1,044,930
	2,375,000		5.125		05/01/2047	2,483,775
Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,370,000		8.000		05/01/2040	22,231,336
Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	675,000		4.000		05/01/2022	679,090
	1,125,000		4.625		05/01/2027	1,160,933
	2,500,000		5.250		05/01/2037	2,653,900
	5,820,000		5.375		05/01/2047	6,169,840
Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	1,665,000		4.000		05/01/2021	1,685,763
	1,335,000		4.250		05/01/2026	1,357,308
	3,715,000		5.000		05/01/2036	3,871,030
	14,585,000		5.125		05/01/2046	15,140,980
Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BBB+/NR)
	2,600,000		6.500		11/15/2031	2,928,328
Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)
	1,435,000		4.000		05/01/2031	1,473,645
	1,860,000		4.000		05/01/2036	1,894,596
Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	4,000,000		5.400		05/01/2030	3,580,960
Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,960,000		5.375		05/01/2030	1,961,744
Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000		05/01/2032	1,971,273
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)⁽ⁱ⁾
	880,000		5.250		05/01/2015	44,000
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)⁽ⁱ⁾
	1,380,000		6.150		11/01/2014	69,000
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
	400,000		6.000		05/01/2036	392,580
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	775,000		6.250		05/01/2038	808,371
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 B (NR/NR)
	335,000		6.810		05/01/2020	336,095
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	610,000		7.250		05/01/2035	671,476


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 B (NR/NR)
$	325,000		7.250	%	05/01/2022	$ 350,392
Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)⁽ⁱ⁾
	1,075,000		5.250		05/01/2015	53,750
Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	1,000,000		4.750		05/01/2037	1,011,900
	1,700,000		5.000		05/01/2048	1,721,573
Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (A-/Baa1)
	1,500,000		5.000		11/15/2039	1,595,640
Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)^(e)
	11,760,000		5.000		03/01/2030	12,980,100
Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	600,000		4.000		11/01/2023	612,630
	600,000		4.750		11/01/2027	624,618
	4,000,000		5.125		11/01/2039	4,191,600
	4,135,000		5.250		11/01/2049	4,379,130
Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000		04/01/2053	10,231,031
Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,450,000		5.000		05/01/2029	3,649,582
	3,265,000		5.000		05/01/2037	3,440,592
Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,975,000		5.000		05/01/2028	3,136,959
	1,800,000		5.000		05/01/2035	1,873,224
Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500		05/01/2036	1,772,735
Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	745,000		5.250		11/01/2035	783,784
	1,245,000		5.625		11/01/2045	1,323,485
Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(e)
	710,000		5.000		11/01/2038	709,049
	1,185,000		5.125		11/01/2048	1,186,327
New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)
	1,855,000		5.750		05/01/2038	1,855,983
New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)
	25,000		5.000		05/01/2019	25,026
New River Community Development District Special Assessment Series 2006 B (NR/NR)⁽ⁱ⁾
	3,260,000		5.000		05/01/2013	33
Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,680,000		5.000		04/01/2024	1,824,161
	1,765,000		5.000		04/01/2025	1,907,276
	1,005,000		5.000		04/01/2026	1,081,179
Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)⁽ⁱ⁾
	210,000		6.125		05/01/2035	17,850


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)⁽ⁱ⁾
$	1,200,000		5.125	%	05/01/2009	$ 102,000
Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-1 (NR/NR)
	915,000		6.125		05/01/2035	916,199
Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-2 (NR/NR)
	1,270,000		6.125		05/01/2035	1,271,664
Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (BBB/NR)^(e)
	400,000		4.000		11/01/2038	397,776
	1,850,000		4.200		11/01/2048	1,863,801
Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	3,155,000		3.750		05/01/2031	3,169,765
	2,040,000		4.000		05/01/2036	2,054,933
Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000		05/01/2027	700,805
	2,380,000		5.000		05/01/2039	2,444,760
Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125		05/01/2035	542,174
Paseo Community Development District Capital Improvement Revenue Bonds Capital Appreciation Series 2011 A-2 (NR/NR)^(b)
	14,740,000		0.000		05/01/2036	4,965,464
Paseo Community Development District Capital Improvement Revenue Bonds Special Assessment Series 2011 A-1 (NR/NR)
	1,870,000		5.400		05/01/2036	1,873,871
Paseo Community Development District RB for Capital Improvement Series 2005 A (NR/NR)⁽ⁱ⁾
	6,355,000		5.400		05/01/2036	64
Paseo Community Development District RB for Capital Improvement Series 2005 B (NR/NR)⁽ⁱ⁾
	3,670,000		4.875		05/01/2010	37
Paseo Community Development District RB for Capital Improvement Series 2006 (NR/NR)⁽ⁱ⁾
	2,600,000		5.000		02/01/2011	26
Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB-/NR)
	2,805,000		4.750		05/01/2033	2,916,358
Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	3,015,000		6.600		05/01/2033	3,075,933
Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	835,000		6.600		05/01/2036	851,875
Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,465,000		6.600		05/01/2033	2,514,818
Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000		05/01/2025	3,232,649
	6,830,000		5.000		05/01/2033	7,122,187
Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)⁽ⁱ⁾
	2,170,000		7.200		05/01/2022	22
River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	2,395,000		4.000		05/01/2031	2,453,175
River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,630,000		5.450		05/01/2036	4,630,185


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
$	1,215,000		5.500	%	05/01/2020	$ 1,212,813
Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
	1,500,000		5.625		07/01/2039	1,555,695
South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000		05/01/2038	1,300,948
	2,505,000		5.375		05/01/2049	2,520,005
South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	1,345,000		4.250		11/01/2037	1,382,956
	330,000		4.125		11/01/2040	331,023
South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	805,000		3.500		05/01/2032	798,866
	505,000		3.625		05/01/2035	499,021
	1,715,000		3.750		05/01/2038	1,703,063
South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	560,000		4.350		05/01/2026	564,558
	490,000		4.875		05/01/2035	496,169
	95,000		5.000		05/01/2038	96,407
South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250		05/01/2034	2,183,765
Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,855,000		5.800		05/01/2035	3,854,769
Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,880,000		5.800		05/01/2035	2,639,462
Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(e)
	1,250,000		5.125		11/01/2037	1,300,562
	1,790,000		5.250		11/01/2047	1,880,825
Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,245,000		4.800		05/01/2035	1,216,813
Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)⁽ⁱ⁾
	418,112		5.500		11/01/2010	267,592
Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,160,000		5.000		05/01/2034	2,304,655
Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)
	1,500,000		5.125		11/01/2034	1,619,745
	3,500,000		5.500		11/01/2044	4,012,085
Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)
	2,440,000		6.500		05/01/2039	2,746,244
Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	505,000		3.250		05/01/2021	501,344
	965,000		3.750		05/01/2026	948,884
	1,600,000		4.000		05/01/2033	1,566,608


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
$	1,370,000		5.250	%	11/01/2034	$ 1,403,757
	2,360,000		6.000		11/01/2044	2,544,410
Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250		05/01/2026	400,589
	1,110,000		4.800		05/01/2036	1,152,091
	1,715,000		5.000		05/01/2046	1,789,345
Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (BBB+/NR)
	700,000		3.375		05/01/2032	676,263
	1,345,000		3.600		05/01/2037	1,314,321
Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,650,000		3.500		05/01/2032	1,626,785
	1,800,000		3.750		05/01/2040	1,770,894
Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(e)
	410,000		5.625		05/01/2040	410,730
Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125		05/01/2039	304,260
Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	415,000		5.750		11/01/2027	453,831
	1,965,000		6.250		11/01/2044	2,241,908
Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(e)
	1,560,000		4.625		06/15/2038	1,561,810
	2,445,000		4.750		06/15/2048	2,450,721
Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,680,000		5.250		11/01/2027	1,739,741
	2,745,000		6.125		11/01/2046	2,927,323
TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	745,000		3.500		11/01/2021	746,818
	1,340,000		4.000		11/01/2027	1,337,762
	3,160,000		4.625		11/01/2037	3,167,394
	2,790,000		4.750		11/01/2047	2,798,426
TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	325,000		4.250		11/01/2021	329,381
	2,430,000		5.625		11/01/2045	2,597,694
Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (BBB/NR)
	2,270,000		4.375		05/01/2035	2,374,148
Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (BBB/NR)
	1,725,000		3.500		05/01/2032	1,730,813
	2,580,000		3.625		05/01/2037	2,591,275
Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
	625,000		4.750		05/01/2037	626,456
Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)^(e)
	1,880,000		3.250		12/15/2022	1,873,025
	2,000,000		4.000		12/15/2028	1,993,200
	1,000,000		5.000		12/15/2032	1,053,870
	1,705,000		5.000		12/15/2037	1,776,372
	3,800,000		5.000		12/15/2047	3,922,550


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)^(e)
$	2,425,000		5.500	%	11/01/2047	$ 2,519,721
Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500		05/01/2034	516,305
	750,000		6.125		05/01/2042	782,453
Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	545,000		6.000		11/01/2027	613,109
	2,050,000		6.500		11/01/2043	2,674,553
Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	780,000		6.375		11/01/2027	843,110
	2,300,000		7.125		11/01/2044	2,692,541
Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(e)
	335,000		4.000		05/01/2024	336,920
	725,000		4.625		05/01/2029	725,761
	5,340,000		5.125		05/01/2049	5,372,093
Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,080,000		3.375		05/01/2021	1,079,244
	2,455,000		3.750		05/01/2026	2,407,520
	4,360,000		4.000		05/01/2031	4,257,061
	1,750,000		4.125		05/01/2034	1,711,080
	1,000,000		4.250		05/01/2037	979,630
Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(e)
	1,985,000		4.000		05/01/2031	2,036,947
	2,940,000		4.000		05/01/2037	2,959,463
Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	750,000		5.125		11/01/2035	790,103
	1,000,000		5.250		11/01/2046	1,065,830
Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,565,000		7.000		05/01/2041	5,196,066
Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,600,000		5.000		05/01/2032	2,851,732
	6,105,000		5.125		05/01/2043	6,735,647
Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,700,000		6.000		05/01/2044	5,434,281
Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(e)
	1,000,000		4.250		05/01/2043	1,014,820
	13,800,000		4.375		05/01/2050	14,008,794
Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,590,000		4.000		05/01/2033	1,618,636
Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,245,000		4.000		05/01/2034	1,267,983
Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	7,595,000		6.125		05/01/2039	8,111,764
Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,890,000		5.500		05/01/2042	2,037,571


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
$	1,000,000		3.750	%	11/01/2031	$ 1,002,800
	1,000,000		4.000		11/01/2036	998,670
	1,300,000		4.125		11/01/2046	1,285,999
Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	3,080,000		5.500		05/01/2034	3,288,177
	3,825,000		5.750		05/01/2044	4,107,974
Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350		05/01/2039	13,740
Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	385,000		6.600		05/01/2039	385,597
Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	3,235,000		4.200		05/01/2036	3,313,999
Waterset Central Community Development District Special Assessment Bond Series 2018 (NR/NR)^(e)
	440,000		4.000		11/01/2024	441,399
	1,640,000		5.125		11/01/2038	1,654,285
	2,800,000		5.250		11/01/2049	2,826,460
Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,240,000		5.125		11/01/2035	1,301,678
	2,000,000		5.500		11/01/2045	2,116,820
Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)^(e)
	550,000		5.000		05/01/2038	549,346
	600,000		5.200		05/01/2048	603,624
Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	205,000		4.000		11/01/2020	206,499
	400,000		4.375		11/01/2025	410,964
	1,770,000		5.000		11/01/2045	1,825,560
Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	455,000		5.375		05/01/2035	480,339
	3,050,000		5.625		05/01/2045	3,243,614
Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000		4.875		05/01/2036	800,109
	1,445,000		5.000		05/01/2047	1,483,321

						662,492,242

Georgia – 1.3%
Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/Aa3)
	1,500,000		5.250		07/01/2040	1,716,600
	5,500,000		5.250		07/01/2044	6,279,295
Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A1)
	1,000,000		4.000		07/01/2040	1,020,190
Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB+/Baa3)
	11,700,000		8.750		06/01/2029	13,016,367
Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	1,800,000		5.250		11/01/2028	1,740,006


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Georgia – (continued)
Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
$	900,000		5.000	%	03/01/2047	$ 941,787
	900,000		5.125		03/01/2052	946,485
Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(c)
(3 Mo. LIBOR + 0.65%),
	49,820,000		2.199		10/01/2033	46,042,149
Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(e)
	3,000,000		4.000		01/01/2038	3,033,120

						74,735,999

Guam – 1.3%
A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)
	1,500,000		5.750		10/01/2043	1,700,430
Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B+/NR)
	2,500,000		6.625		12/01/2030	2,579,600
	3,355,000		6.875		12/01/2040	3,473,700
Guam Government Limited Obligation RB Section 30 Series 2016 A (BBB+/NR)
	500,000		5.000		12/01/2031	552,590
	3,410,000		5.000		12/01/2046	3,696,167
Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125		10/01/2043	8,354,047
Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB/Baa2)
	2,000,000		6.375		10/01/2043	2,266,140
Guam Power Authority RB Series 2010 A (BBB/Baa2)^(d)
	10,000,000		5.500		10/01/2020	10,798,500
Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (A-/Baa2)^(d)
	10,365,000		5.625		07/01/2020	11,148,905
Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)
	13,705,000		5.500		07/01/2043	14,877,463
Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	4,880,000		5.000		01/01/2046	5,306,903
Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,150,000		5.000		07/01/2033	1,283,952
	960,000		5.000		07/01/2035	1,066,329
	1,920,000		5.000		07/01/2036	2,127,955
	1,440,000		5.000		07/01/2037	1,593,634
	4,800,000		5.000		07/01/2040	5,288,784
Port Authority of Guam RB Series 2018 A (A/Baa2)^(h)
	2,500,000		5.000		07/01/2048	2,770,200

						78,885,299

Idaho – 0.0%
Idaho Health Facilities Authority RB Refunding for Madison Memorial Hospital Project Series 2016 (BB+/NR)
	1,000,000		5.000		09/01/2037	1,066,840

Illinois – 15.0%
Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	16,000,000		6.000		04/01/2046	18,720,320


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
$	1,700,000		5.000	%	04/01/2042	$ 1,830,798
	1,625,000		5.000		04/01/2046	1,745,055
Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (B/Baa2)^(b)
	3,525,000		0.000		12/01/2027	2,321,001
	350,000		0.000		12/01/2028	219,324
	8,925,000		0.000		12/01/2029	5,317,515
	405,000		0.000		12/01/2030	229,477
Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (B/Baa2)^(b)
	125,000		0.000		12/01/2029	74,475
	150,000		0.000		12/01/2030	84,991
Chicago Illinois Board of Education GO Bonds Capital Appreciation Refunding for School Reform Series 1999 A (NATL-RE) (B/Baa2)^(b)
	15,550,000		0.000		12/01/2031	8,350,661
Chicago Illinois Board of Education GO Bonds Series 2017 A (B/NR)^(e)
	5,500,000		7.000		12/01/2046	6,582,565
Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (B/Baa2)
	9,685,000		5.500		12/01/2026	10,579,894
Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (B/B3)
	8,965,000		5.500		12/01/2029	9,935,372
Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (B/B3)
	1,060,000		5.000		12/01/2031	1,066,402
Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (B/NR)
	19,705,000		5.250		12/01/2035	20,090,430
	10,235,000		5.250		12/01/2039	10,384,635
Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (B/B3)
	315,000		5.500		12/01/2039	321,152
	765,000		5.000		12/01/2041	767,578
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (B/B3)
	2,300,000		5.500		12/01/2030	2,544,513
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (B/B3)
	9,750,000		6.038		12/01/2029	9,534,622
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (B/NR)
	54,475,000		7.000		12/01/2044	63,421,429
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (B/NR)
	61,135,000		6.500		12/01/2046	69,983,680
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,500,000		5.000		12/01/2029	1,685,100
	1,250,000		5.000		12/01/2030	1,400,787
	1,025,000		5.000		12/01/2031	1,145,817
	1,000,000		5.000		12/01/2032	1,116,030
	1,250,000		5.000		12/01/2034	1,382,475
	1,000,000		5.000		12/01/2035	1,103,260
Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(b)
	11,415,000		0.000		01/01/2032	5,900,756
Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,700,000		5.500		01/01/2037	1,808,579


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
$	8,375,000		5.250	%	01/01/2033	$ 8,806,647
	6,295,000		5.000		01/01/2034	6,524,201
	10,500,000		5.000		01/01/2036	10,845,870
Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	6,100,000		6.000		01/01/2038	6,868,356
Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,170,000		5.250		01/01/2035	6,310,182
	3,000,000		5.000		01/01/2040	3,044,190
Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000		01/01/2033	18,689,484
	3,850,000		5.000		01/01/2034	3,919,069
Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517		01/01/2040	3,538,345
Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500		01/01/2039	4,437,279
Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	5,243,000		7.375		01/01/2033	5,829,534
Chicago Illinois GO Refunding & Project Bonds Series 2009 C (BBB+/Ba1)
	1,170,000		5.000		01/01/2034	1,174,528
Chicago Illinois GO Refunding Bonds for Taxable Project Series 2014 B (BBB+/Ba1)
	7,350,000		6.314		01/01/2044	7,498,250
Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500		01/01/2042	3,998,631
Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500		01/01/2042	2,648,100
Chicago Illinois GO Refunding Bonds Series 2009 C (BBB+/Ba1)
	3,825,000		5.000		01/01/2040	3,837,010
Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	7,350,000		5.432		01/01/2042	6,834,250
Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	4,230,000		5.000		01/01/2035	4,375,597
Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	13,300,000		5.000		01/01/2038	13,736,107
Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	1,500,000		5.000		01/01/2039	1,607,190
Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250		01/01/2042	2,201,940
	5,460,000		4.000		01/01/2052	5,507,011
Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,500,000		5.000		11/01/2028	1,683,135
	1,050,000		5.000		11/01/2029	1,173,333
	1,000,000		5.000		11/01/2030	1,115,150
Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	2,033,000		5.800		03/01/2037	2,033,244
Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,349,000		5.625		03/01/2036	1,349,971
Illinois Finance Authority Multifamily Housing RB for Better Housing Foundation Ernst Portfolio Project Series 2018 A (A-/NR)
	1,500,000		5.100		12/01/2043	1,557,660
	2,150,000		5.250		12/01/2053	2,240,988
Illinois Finance Authority RB for Blue Island LLC Series 2018 A-1 (BBB+/NR)
	1,400,000		5.000		12/01/2053	1,390,732


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Illinois Finance Authority RB for Christian Homes, Inc. Series 2007 A (BBB-/NR)
$	2,780,000		5.750	%	05/15/2031	$ 2,787,033
Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	805,000		6.125		05/15/2027	849,098
Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)^(d)
	445,000		6.125		05/15/2020	479,563
Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)^(e)
	32,960,000		6.750		10/01/2046	32,963,955
Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000		05/15/2027	1,700,206
	2,825,000		5.000		05/15/2037	3,041,932
	1,055,000		5.000		05/15/2047	1,123,069
Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250		05/15/2047	4,742,235
Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	490,000		5.000		09/01/2036	529,474
	3,470,000		5.000		09/01/2046	3,726,919
Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A2)
	3,395,000		6.000		05/15/2039	3,597,376
Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (B+/B2)^(g)
	15,650,000		6.750		10/15/2040	16,592,913
Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000		03/01/2031	512,735
	750,000		5.000		03/01/2037	764,513
Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500		07/01/2038	5,303,561
Illinois State GO Bonds Series 2014 (AGM) (AA/A2)
	20,000,000		5.000		02/01/2039	21,465,800
Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,500,000		5.000		05/01/2029	2,600,975
	10,000,000		5.000		05/01/2030	10,383,000
	2,000,000		5.000		04/01/2031	2,073,560
	5,000,000		5.000		05/01/2031	5,183,650
	5,000,000		5.000		05/01/2039	5,142,100
Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	4,415,000		5.000		11/01/2021	4,632,439
Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		5.000		12/01/2035	9,957,425
	1,770,000		4.500		12/01/2041	1,742,229
	4,730,000		5.000		12/01/2042	4,928,092
Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	44,000,000		5.000		11/01/2029	46,551,560
Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	5,845,000		5.000		11/01/2025	6,220,425
	59,810,000		5.000		11/01/2027	63,753,273
	9,440,000		5.000		11/01/2028	10,024,808
Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	5,280,000		5.000		05/01/2042	5,508,835
	5,280,000		5.000		05/01/2043	5,504,559
Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,300,000		5.000		08/01/2021	7,638,355
Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000		02/01/2030	20,931,563
Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	2,013,000		6.250		03/01/2034	2,016,744


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)^(b)(d)
$	530,000		0.000	%	06/15/2030	$ 375,267
Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BB+/NR)^(b)
	9,370,000		0.000		06/15/2030	5,563,625
Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)^(b)
	3,200,000		0.000		06/15/2044	983,104
Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2010 B2 (ST APPROP) (BB+/Ba1)
	50,000,000		5.000		06/15/2050	50,871,500
Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BB+/NR)^(b)
	66,700,000		0.000		12/15/2056	9,393,361
Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)^(b)
	18,400,000		0.000		12/15/2056	3,037,656
Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BB+/NR)^(b)
	64,400,000		0.000		12/15/2054	10,115,308
Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)⁽ⁱ⁾
	4,555,000		6.000		03/01/2036	2,915,200
Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750		10/01/2029	894,004
	1,010,000		4.750		10/01/2032	1,056,096
Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000		4.000		06/01/2046	7,903,539
Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)^(d)
	19,200,000		7.125		11/01/2023	23,950,464
	5,000,000		7.625		11/01/2023	6,362,200
Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (B/B2)
	12,505,000		5.750		08/01/2042	12,635,302
Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	13,625,000		4.000		03/01/2040	13,863,846
State of Illinois GO Bonds Series 2010 (BBB-/Baa3)
	7,500,000		5.250		02/01/2028	7,554,900
State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)
	3,500,000		4.000		01/01/2021	3,554,845
Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)^(h)
	540,000		4.125		10/01/2041	534,794
	1,080,000		4.125		10/01/2046	1,059,610

						882,023,272

Indiana – 0.5%
Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000		5.000		02/01/2029	1,437,514
	1,250,000		5.250		02/01/2034	1,386,662
	1,500,000		5.000		02/01/2039	1,627,320


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Indiana – (continued)
Indiana Finance Authority Environmental Improvement RB for United States Steel Corp. Project Series 2012 (AMT) (B/B2)
$	795,000		5.750	%	08/01/2042	$ 803,284
Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA/Aa2)^(d)
	2,000,000		5.125		03/01/2021	2,168,720
Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BBB-/Ba1)
	6,825,000		5.000		06/01/2039	6,853,460
Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (BBB+/NR)
	6,250,000		5.000		07/01/2048	6,649,625
Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)
	7,750,000		5.000		01/01/2042	8,767,963
Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/WR)⁽ⁱ⁾
	7,520,823		6.500		11/15/2031	75

						29,694,623

Iowa – 0.0%
Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
	1,355,000		5.750		05/15/2031	1,358,428

Kentucky – 1.1%
Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BB+/Baa3)^(d)
	8,000,000		6.375		06/01/2020	8,679,680
	8,250,000		6.500		06/01/2020	8,970,142
Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (AA/A2)
	900,000		4.000		12/01/2041	921,987
Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	3,300,000		4.000		06/01/2037	3,339,435
	3,000,000		4.000		06/01/2045	3,004,380
Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,000,000		4.000		06/01/2037	1,011,950
Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (A-/NR)
	5,000,000		5.750		10/01/2042	5,654,600
Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A-/NR)
	17,575,000		4.000		10/01/2034	17,845,831
	15,205,000		4.000		10/01/2036	15,321,318

						64,749,323

Louisiana – 2.6%
Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB/Baa3)
	5,000,000		6.500		11/01/2035	5,483,900
Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (A/A2)^(d)
	19,265,000		6.000		10/01/2020	21,022,931


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Louisiana – (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
$	2,600,000		5.000	%	10/01/2039	$ 2,925,312
	4,850,000		4.000		10/01/2041	5,008,886
Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	14,475,000		3.375		09/01/2028	14,575,456
Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	13,950,000		3.500		06/01/2030	14,053,509
Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A-/A3)
	12,725,000		4.000		05/15/2042	12,790,661
	4,825,000		5.000		05/15/2042	5,341,420
	21,250,000		5.000		05/15/2046	23,456,387
New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A3)
	32,395,000		5.000		01/01/2045	35,117,800
New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A3)
	4,850,000		5.000		01/01/2048	5,354,352
New Orleans Aviation Board Gulf Opportunity Zone RB for Consolidated Rental Car Project Series 2009 A (A-/Baa1)
	7,470,000		6.500		01/01/2040	7,623,359
Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000		04/01/2048	2,259,900

						155,013,873

Maryland – 1.0%
Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	2,000,000		5.000		09/01/2039	2,213,480
	1,725,000		5.000		09/01/2042	1,900,639
	11,880,000		5.000		09/01/2046	13,050,774
Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500		09/01/2033	3,066,673
	1,500,000		5.000		09/01/2038	1,606,890
Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)
	2,980,000		7.250		07/01/2043	3,126,944
Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)^(e)
	8,850,000		7.125		07/01/2043	9,542,601
Maryland Stadium Authority RB for Baltimore City Public Schools Construction & Revitalization Program Series 2016 (AA-/Aa3)
	10,000,000		5.000		05/01/2046	11,237,200
Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (NR/Baa3)^(d)
	9,500,000		5.750		07/01/2020	10,235,775
Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000		5.000		07/01/2031	2,235,807

						58,216,783

Massachusetts – 0.5%
Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000		5.000		10/01/2036	2,129,127


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Massachusetts – (continued)
Massachusetts Development Finance Agency RB for Suffolk University Issue Series 2009 A (BBB/Baa2)
$	4,215,000		5.750	%	07/01/2039	$ 4,341,576
Massachusetts Development Finance Agency RB for Suffolk University Issue Series 2009 A (NR/NR)^(d)
	8,285,000		5.750		07/01/2019	8,628,745
Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)^(d)(e)
	2,250,000		6.500		11/15/2023	2,739,690
Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(c)
(3 Mo. LIBOR + 0.57%),
	4,810,000		2.150		05/01/2037	4,632,944
Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (AA+/Aa1)^(c)
(3 Mo. LIBOR + 0.57%),
	3,000,000		2.150		05/01/2037	2,889,570
Massachusetts State Health & Educational Facilities Authority RB for Tufts University Issue Project Series 2008 N-2 (AA-/Aa2)^(f)(g)
	1,500,000		1.480		07/04/2018	1,500,000

						26,861,652

Michigan – 1.4%
City of Detroit Financial Recovery Series 2014 B-1 (NR/NR)^(g)
	32,780,536		4.000		04/01/2034	27,037,058
City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)^(g)
	971,333		4.000		04/01/2034	801,146
Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC-Q-SBLF) (AA-/Aa1)
	3,500,000		6.000		05/01/2020	3,753,190
	3,000,000		6.000		05/01/2021	3,290,850
Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)^(c)
(3 Mo. LIBOR + 0.60%, 15.00% Cap),
	4,675,000		2.149		07/01/2032	4,463,503
Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (A-/A3)
	2,000,000		5.250		07/01/2039	2,149,480
Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000		5.000		11/01/2045	1,575,865
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	2,175,000		5.000		07/01/2032	2,427,191
	1,750,000		5.000		07/01/2033	1,947,820
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (BBB+/Baa1)
	355,000		5.000		07/01/2033	391,256
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	2,600,000		5.000		07/01/2035	2,880,332
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (A-/A3)
	1,250,000		5.000		07/01/2034	1,381,763


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Michigan – (continued)
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (BBB+/Baa1)
$	2,100,000		5.000	%	07/01/2034	$ 2,298,030
Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A-/A3)
	750,000		5.000		07/01/2035	827,580
Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)^(b)
	238,600,000		0.000		06/01/2052	16,525,436
Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(b)
	180,100,000		0.000		06/01/2052	11,094,160

						82,844,660

Minnesota – 0.2%
Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)
	2,500,000		5.750		06/15/2032	2,724,075
	3,750,000		6.000		06/15/2039	4,138,087
Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	2,400,000		5.000		05/01/2047	2,606,664

						9,468,826

Mississippi – 0.3%
Jackson County PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (AA-/Aa2)^(f)(g)
	5,000,000		1.650		07/04/2018	5,000,000
Mississippi Business Finance Corp. Gulf Opportunity Zone RB for Chevron U.S.A, Inc. Project Series 2010 G (AA-/Aa2)^(f)(g)
	7,500,000		1.530		07/04/2018	7,500,000
Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)^(e)(f)(g)
	2,000,000		5.000		08/01/2022	2,077,560

						14,577,560

Missouri – 0.2%
Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)^(e)(g)
	438,396		5.000		04/01/2023	91,866
Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)^(e)(g)
	2,213,400		5.000		04/01/2023	463,818
Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
	1,925,000		5.000		03/01/2036	2,071,935
Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR)^(e)
	1,000,000		5.000		04/01/2036	1,033,640
	1,150,000		5.000		04/01/2046	1,170,608
Missouri Health & Educational Facilities Authority RB Series 2003 B (AA+/Aa1)^(f)(g)
	5,675,000		1.600		07/04/2018	5,675,000
St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750		11/15/2047	1,956,772
Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)⁽ⁱ⁾
	1,250,000		5.750		04/01/2027	306,250

						12,769,889


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Nevada – 0.2%
City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
$	665,000		4.000	%	06/01/2019	$ 671,996
	565,000		4.000		06/01/2020	577,097
	725,000		4.000		06/01/2021	745,257
	395,000		5.000		06/01/2022	421,982
	345,000		5.000		06/01/2023	370,571
	200,000		4.250		06/01/2024	205,572
	225,000		5.000		06/01/2024	240,766
City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	325,000		4.250		06/01/2037	319,595
	475,000		4.375		06/01/2042	469,770
	550,000		4.500		06/01/2047	549,978
Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,860,000		5.000		03/01/2020	1,842,535
	1,860,000		5.100		03/01/2021	1,833,774
	970,000		5.100		03/01/2022	947,971
	2,615,000		5.125		03/01/2025	2,506,870
Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000		09/01/2035	2,149,114

						13,852,848

New Jersey – 6.7%
Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	725,000		5.000		03/01/2032	815,415
	965,000		5.000		03/01/2037	1,071,546
	1,205,000		5.000		03/01/2042	1,331,404
New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000		06/15/2026	2,666,650
	1,000,000		5.000		06/15/2028	1,062,080
New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa3)
	1,000,000		4.750		06/15/2032	1,034,150
	1,000,000		5.000		06/15/2037	1,035,810
	1,000,000		5.125		06/15/2043	1,037,380
New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
	6,000,000		4.000		07/01/2032	5,980,860
New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB-/NR)
	1,000,000		5.375		01/01/2043	1,090,370
New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000		07/01/2037	541,700
	1,150,000		5.000		07/01/2047	1,237,273
New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (BBB+/Baa1)^(d)
	1,640,000		5.000		09/01/2019	1,702,894
New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,500,000		5.000		06/15/2041	4,806,585
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB/Ba3)
	7,500,000		5.500		04/01/2028	7,512,300


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (BB/Ba3)
$	8,500,000		5.250	%	09/15/2029	$ 9,229,640
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (BB/Ba3)
	5,000,000		5.625		11/15/2030	5,640,950
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (BB/Ba3)
	5,000,000		5.625		11/15/2030	5,640,950
New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000		5.000		07/01/2028	1,123,080
	1,000,000		5.000		07/01/2029	1,117,110
	900,000		5.000		07/01/2030	1,001,394
New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (AA/A2)
	9,700,000		4.125		07/01/2038	10,018,451
	5,600,000		5.000		07/01/2046	6,164,592
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(b)
	134,115,000		0.000		12/15/2035	62,219,972
	63,370,000		0.000		12/15/2036	27,931,595
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)^(b)
	41,545,000		0.000		12/15/2035	18,947,844
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(b)
	12,000,000		0.000		12/15/2026	8,516,160
	9,180,000		0.000		12/15/2029	5,640,100
	1,900,000		0.000		12/15/2034	912,285
	4,875,000		0.000		12/15/2036	2,110,290
New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-1 (A+/Baa1)
	3,335,000		5.000		06/15/2030	3,638,385
New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	26,070,000		5.000		06/15/2038	27,451,710
New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	2,500,000		5.250		06/15/2041	2,681,650
	5,075,000		5.000		06/15/2045	5,354,988
	1,750,000		5.000		06/15/2046	1,845,462
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)^(b)
	11,150,000		0.000		12/15/2033	6,001,264
	25,400,000		0.000		12/15/2034	12,986,258
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(b)
	25,900,000		0.000		12/15/2027	17,863,489
	10,055,000		0.000		12/15/2030	6,044,362
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)^(b)
	52,985,000		0.000		12/15/2036	22,936,147
	48,000,000		0.000		12/15/2037	19,743,840
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(b)
	2,550,000		0.000		12/15/2033	1,291,881
	25,000,000		0.000		12/15/2038	9,804,500
	740,000		0.000		12/15/2039	274,333


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
$	4,350,000		5.500	%	06/15/2041	$ 4,543,314
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	12,875,000		5.000		06/15/2042	13,254,941
Newark New Jersey Housing Authority RB for South Ward Police Facility Series 2009 A (ASSURED GTY) (NR/A3)^(d)
	2,000,000		6.750		12/01/2019	2,143,120
South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	18,025,000		5.000		01/01/2048	19,585,785
Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	15,250,000		5.000		06/01/2046	16,383,838

						392,970,097

New Mexico – 0.3%
Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	14,000,000		5.900		06/01/2040	14,912,380
Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 F (AMT) (BBB+/Baa2)
	1,500,000		6.250		06/01/2040	1,609,245

						16,521,625

New York – 3.4%
Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/A2)
	1,240,000		3.000		07/15/2043	1,103,898
Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	7,725,000		5.000		07/15/2042	8,465,905
Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BB+/Baa3)
	2,650,000		5.875		04/01/2042	2,749,004
Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000		07/01/2030	723,335
	865,000		5.000		07/01/2033	962,261
	815,000		5.000		07/01/2035	903,330
	640,000		5.000		07/01/2036	708,320
	455,000		5.000		07/01/2038	501,733
New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa2)^(f)(g)
	7,000,000		1.530		07/04/2018	7,000,000
New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa2)^(f)(g)
	5,450,000		1.530		07/04/2018	5,450,000
New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)
	2,000,000		4.500		02/15/2048	2,075,660
New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA/A3)
	1,000,000		6.125		01/01/2029	1,022,750
	3,000,000		6.375		01/01/2039	3,067,560
	5,000,000		6.500		01/01/2046	5,117,150
New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2011 Subseries DD-2 (AA+/Aa1)^(f)(g)
	1,700,000		1.530		07/04/2018	1,700,000
New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)^(f)(g)
	7,800,000		1.530		07/04/2018	7,800,000


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (A-/Baa1)
$	1,000,000		5.000	%	08/01/2040	$ 1,087,410
New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)^(f)(g)
	3,175,000		1.530		07/04/2018	3,175,000
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1987 B (AMBAC) (A/Aa3)^(g)
	14,480,000		5.183		07/01/2027	14,480,000
New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1986 A (AMT) (AMBAC) (NR/Aa3)^(g)
	10,330,000		5.180		12/01/2026	10,330,000
New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	5,025,000		5.000		01/01/2033	5,651,014
	3,600,000		5.000		01/01/2034	4,033,008
	12,475,000		4.000		01/01/2036	12,672,230
	7,175,000		5.000		01/01/2036	8,007,300
New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	5,000,000		4.000		07/01/2035	5,096,150
	12,600,000		4.000		01/01/2051	12,680,136
New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	9,480,000		4.000		07/01/2033	9,662,300
	5,000,000		5.000		07/01/2034	5,444,700
New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (NR/Baa3)
	4,540,000		5.000		07/01/2041	4,907,922
	33,450,000		5.250		01/01/2050	36,401,962
Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750		06/15/2035	1,705,881
Onondaga Civic Development Corp. RB for St. Joseph’s Hospital Health Center Project Series 2014 A (NR/WR)^(d)
	1,750,000		5.125		07/01/2019	1,812,037
Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)
	5,000,000		5.125		09/01/2040	5,254,850
Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB/Baa2)
	4,375,000		5.000		11/01/2046	4,699,144

						196,451,950

North Carolina – 0.2%
Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa2)
	1,000,000		5.700		05/01/2034	1,067,360
North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)
	3,800,000		4.750		03/01/2032	3,961,728
	1,000,000		5.000		03/01/2037	1,051,080
	1,000,000		5.000		03/01/2042	1,047,570
North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	1,000,000		4.500		09/01/2030	1,028,210
	2,000,000		5.000		09/01/2037	2,122,740

						10,278,688


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Ohio – 5.1%
Bowling Green City Student Housing RB for CFP I LLC - Bowling Green State University Project Series 2010 (NR/NR)^(d)
$	7,000,000		6.000	%	06/01/2020	$ 7,559,370
Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)^(b)
	216,100,000		0.000		06/01/2047	17,657,531
Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)^(b)
	685,130,000		0.000		06/01/2052	28,117,735
Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	62,445,000		5.125		06/01/2024	62,297,630
	31,815,000		5.875		06/01/2030	31,973,757
	5,800,000		5.750		06/01/2034	5,807,192
Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa1)
	23,905,000		6.250		06/01/2037	24,959,689
Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250		11/01/2037	2,565,912
	2,700,000		5.250		11/01/2047	2,850,579
	2,320,000		5.250		11/01/2050	2,440,362
Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (BB/Ba3)
	22,320,000		5.375		09/15/2027	22,386,067
Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223		02/15/2040	36,424,830
Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000		02/15/2037	6,682,687
	7,500,000		5.000		02/15/2042	7,968,750
	7,500,000		4.750		02/15/2047	7,680,825
	1,500,000		5.000		02/15/2057	1,568,280
	1,000,000		5.500		02/15/2057	1,089,350
Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000		01/01/2042	2,110,980
	1,610,000		5.000		01/01/2046	1,696,618
Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000		02/15/2048	8,350,960
Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(e)
	2,400,000		3.750		01/15/2028	2,434,632
	2,880,000		4.250		01/15/2038	2,948,054
	10,310,000		4.500		01/15/2048	10,681,985

						298,253,775

Oklahoma – 1.4%
Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	3,900,000		4.000		08/15/2052	3,932,214
	2,500,000		4.125		08/15/2057	2,540,275
Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	10,000,000		5.500		08/15/2052	11,425,400
	9,500,000		5.500		08/15/2057	10,811,285


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Oklahoma – (continued)
Oklahoma Development Finance Authority RB Provident Oklahoma Education Resources Inc., Cross Village Student Housing Project Series 2017 A (BB/NR)
$	6,220,000		5.000	%	08/01/2047	$ 6,033,400
	14,075,000		5.000		08/01/2052	13,652,750
	3,875,000		5.250		08/01/2057	3,758,750
Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500		12/01/2035	2,876,069
Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500		12/01/2035	26,077,788
Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(f)(g)
	3,500,000		5.000		06/01/2025	3,766,280

						84,874,211

Oregon – 0.1%
University of Oregon RB Series 2015 A (AA-/Aa2)
	7,345,000		5.000		04/01/2045	8,288,171

Pennsylvania – 3.0%
Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000		09/01/2030	1,579,230
	1,000,000		5.000		09/01/2035	1,044,170
Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba1)^(e)
	2,000,000		5.000		05/01/2027	2,221,240
	1,400,000		5.000		05/01/2032	1,527,120
	6,950,000		5.000		05/01/2042	7,499,814
Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba1)^(e)
	250,000		5.000		05/01/2028	279,622
	1,000,000		5.000		05/01/2033	1,097,600
	2,750,000		5.000		05/01/2042	2,990,158
Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000		5.000		05/01/2042	18,677,340
Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Baa3)
	500,000		5.000		08/01/2035	531,490
	1,000,000		5.000		08/01/2045	1,047,380
City of Philadelphia GO Bonds Series 2011 (A/A2)^(d)
	4,000,000		6.000		08/01/2020	4,350,480
Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000		5.000		12/01/2042	1,064,580
Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000		5.000		06/01/2034	2,141,984
	1,900,000		5.000		06/01/2035	2,136,892
Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000		4.000		06/01/2039	6,108,120
County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)^(c)
(3 Mo. LIBOR + 0.55%),
	915,000		2.130		11/01/2026	901,861
Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000		5.000		01/01/2038	1,622,460


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)^(c)
(3 Mo. LIBOR + 0.77%),
$	49,750,000		2.350	%	05/01/2037	$ 45,516,773
Lancaster County Hospital Authority Health Facilities RB for St. Anne’s Retirement Community, Inc. Project Series 2012 (BB+/NR)
	1,400,000		5.000		04/01/2027	1,451,604
	1,500,000		5.000		04/01/2033	1,537,425
Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (AMT) (BBB/NR)
	8,500,000		5.000		06/30/2042	9,264,575
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB+/Baa3)
	7,400,000		6.250		01/01/2032	7,754,460
Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (BB-/B1)
	2,460,000		8.000		05/01/2029	2,677,021
Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)^(c)
(3 Mo. LIBOR + 0.60%),
	13,095,000		2.149		07/01/2027	12,651,996
(3 Mo. LIBOR + 0.65%),
	10,750,000		2.199		07/01/2039	9,195,228
Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)
	4,000,000		5.000		05/01/2042	4,160,520
Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)
	400,000		5.000		07/01/2035	427,420
Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000		5.250		06/01/2047	4,368,016
Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	500,000		5.000		07/01/2028	557,035
	2,000,000		5.000		07/01/2029	2,218,380
	3,000,000		5.000		07/01/2030	3,317,850
	1,500,000		5.000		07/01/2031	1,655,280
	1,000,000		5.000		07/01/2032	1,101,100
	500,000		5.000		07/01/2033	548,545
	500,000		5.000		07/01/2034	546,145
Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	1,700,000		5.000		11/15/2021	1,751,884
	2,450,000		5.000		11/15/2028	2,483,418
State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,400,000		5.000		06/01/2031	2,706,864
Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000		5.000		01/01/2035	1,218,250
	2,325,000		5.000		01/01/2038	2,561,220
Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (BB/NR)
	1,000,000		5.000		07/01/2028	1,042,810
	1,000,000		5.000		07/01/2035	1,025,840

						178,561,200


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico – 5.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CC/Ca)
$	56,440,000		6.000	%	07/01/2038	$ 47,268,500
	25,995,000		6.000		07/01/2044	21,770,813
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CC/Ca)
	115,000		4.500		07/01/2027	96,313
	370,000		5.000		07/01/2030	309,875
Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)⁽ⁱ⁾
	115,000		5.250		07/01/2030	48,875
Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)⁽ⁱ⁾
	27,960,000		8.000		07/01/2035	11,323,800
Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)⁽ⁱ⁾
	5,185,000		5.500		07/01/2039	2,177,700
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000		5.250		07/01/2041	400,957
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	27,545,000		5.250		07/01/2038	29,009,017
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	300,000		5.250		07/01/2033	334,428
	680,000		5.250		07/01/2034	757,493
	1,025,000		5.250		07/01/2036	1,138,570
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)⁽ⁱ⁾
	215,000		5.000		07/01/2028	9,514
Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,500,000		5.500		07/01/2023	1,596,720
	1,000,000		5.500		07/01/2027	1,079,440
Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (D/Ca)⁽ⁱ⁾
	4,000,000		5.250		07/01/2032	1,700,000
	4,000,000		5.250		07/01/2037	1,700,000
Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2009 B (D/Ca)⁽ⁱ⁾
	645,000		5.875		07/01/2036	274,125
Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 A (D/Ca)⁽ⁱ⁾
	1,260,000		5.750		07/01/2041	529,200
Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (D/Ca)⁽ⁱ⁾
	155,000		6.000		07/01/2035	65,100
	205,000		6.500		07/01/2040	86,100
Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(c)
(3 Mo. LIBOR + 0.52%),
	52,372,000		2.069		07/01/2029	45,825,500
Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD (D/Ca)⁽ⁱ⁾
	215,000		3.300		07/01/2019	96,212
	80,000		3.500		07/01/2020	35,800
	155,000		3.625		07/01/2021	69,363
	60,000		3.750		07/01/2022	26,850
	390,000		3.875		07/01/2023	174,525


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/Ca)⁽ⁱ⁾
$	145,000		4.250	%	07/01/2018	$ 64,887
	3,130,000		5.000		07/01/2019	1,400,675
	1,650,000		5.250		07/01/2019	738,375
	245,000		4.250		07/01/2020	109,637
	25,000		5.250		07/01/2020	11,188
	80,000		4.375		07/01/2021	35,800
	100,000		4.375		07/01/2022	44,750
	65,000		5.000		07/01/2022	29,088
	190,000		4.500		07/01/2023	85,025
	126,000		5.000		07/01/2024	56,385
	90,000		4.625		07/01/2025	40,275
	9,700,000		5.250		07/01/2026	4,340,750
Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/WR)⁽ⁱ⁾
	65,000		3.700		07/01/2017	29,087
	1,230,000		5.000		07/01/2017	550,425
Puerto Rico Electric Power Authority RB Refunding Series 2012 A (D/Ca)⁽ⁱ⁾
	19,720,000		5.000		07/01/2042	8,824,700
Puerto Rico Electric Power Authority RB Series 2005 SS (D/Ca)⁽ⁱ⁾
	130,000		4.625		07/01/2030	58,175
Puerto Rico Electric Power Authority RB Series 2007 TT (D/Ca)⁽ⁱ⁾
	275,000		4.200		07/01/2019	123,062
	1,295,000		5.000		07/01/2032	579,512
	1,385,000		5.000		07/01/2037	619,788
Puerto Rico Electric Power Authority RB Series 2008 WW (D/Ca)⁽ⁱ⁾
	2,000,000		5.500		07/01/2020	895,000
	3,275,000		5.000		07/01/2028	1,465,562
	3,765,000		5.250		07/01/2033	1,684,838
Puerto Rico Electric Power Authority RB Series 2010 AAA (D/Ca)⁽ⁱ⁾
	130,000		5.250		07/01/2023	58,175
	1,489,000		5.250		07/01/2027	666,327
	2,119,000		5.250		07/01/2028	948,253
Puerto Rico Electric Power Authority RB Series 2010 BBB (D/Ca)⁽ⁱ⁾
	90,000		5.400		07/01/2028	37,350
Puerto Rico Electric Power Authority RB Series 2010 CCC (D/Ca)⁽ⁱ⁾
	80,000		5.000		07/01/2022	35,800
	90,000		4.250		07/01/2023	40,275
	60,000		4.500		07/01/2023	26,850
	50,000		4.600		07/01/2024	22,375
	195,000		4.625		07/01/2025	87,262
	900,000		5.000		07/01/2025	402,750
	25,000		5.000		07/01/2026	11,188
	40,000		4.800		07/01/2027	17,900
Puerto Rico Electric Power Authority RB Series 2010 EEE (D/Ca)⁽ⁱ⁾
	1,175,000		5.950		07/01/2030	487,625
	4,620,000		6.050		07/01/2032	1,917,300
	115,000		6.250		07/01/2040	47,725
Puerto Rico Electric Power Authority RB Series 2010 XX (D/Ca)⁽ⁱ⁾
	10,000		4.875		07/01/2027	4,475
	7,590,000		5.250		07/01/2040	3,396,525
Puerto Rico Electric Power Authority RB Series 2010 YY (D/Ca)⁽ⁱ⁾
	3,945,000		6.125		07/01/2040	1,637,175
Puerto Rico Electric Power Authority RB Series 2012 A (D/Ca)⁽ⁱ⁾
	1,905,000		4.800		07/01/2029	852,487
Puerto Rico Electric Power Authority RB Series 2013 A (D/Ca)⁽ⁱ⁾
	435,000		7.250		07/01/2030	194,663
	5,210,000		7.000		07/01/2033	2,331,475
	5,205,000		6.750		07/01/2036	2,329,237
	5,440,000		7.000		07/01/2040	2,434,400
Puerto Rico Electric Power Authority RB Series 2016 A-4 (NR/NR)⁽ⁱ⁾
	747,236		10.000		07/01/2019	334,388


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
Puerto Rico Electric Power Authority RB Series 2016 B-4 (NR/NR)⁽ⁱ⁾
$	747,235		10.000	%	07/01/2019	$ 334,388
Puerto Rico Electric Power Authority RB Series 2016 E-1 (NR/NR)⁽ⁱ⁾
	5,036,850		10.000		01/01/2021	2,253,990
Puerto Rico Electric Power Authority RB Series 2016 E-2 (NR/NR)⁽ⁱ⁾
	5,036,850		10.000		07/01/2021	2,253,990
Puerto Rico Electric Power Authority RB Series 2016 E-3 (NR/NR)⁽ⁱ⁾
	1,678,950		10.000		01/01/2022	751,330
Puerto Rico Electric Power Authority RB Series 2016 E-4 (NR/NR)⁽ⁱ⁾
	1,678,950		10.000		07/01/2022	751,330
Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,395,000		5.250		07/01/2031	3,615,879
Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	265,000		5.250		07/01/2034	295,199
	960,000		5.250		07/01/2036	1,066,253
Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(b)
	4,785,000		0.000		07/01/2034	1,932,518
	3,750,000		0.000		07/01/2035	1,431,112
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)⁽ⁱ⁾
	1,000,000		6.125		07/01/2023	435,000
Puerto Rico Sales Tax Financing Corp Sales Tax RB Series 2009 A (D/Ca)⁽ⁱ⁾
	25,000		4.625		08/01/2019	11,187
Puerto Rico Sales Tax Financing Corp Sales Tax RB Series 2009 B (D/Ca)⁽ⁱ⁾
	130,000		6.050		08/01/2029	56,875
Puerto Rico Sales Tax Financing Corp Sales Tax RB Series 2011 B (D/Ca)⁽ⁱ⁾
	50,000		5.150		08/01/2036	21,875
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (D/Ca)⁽ⁱ⁾
	13,730,000		6.000		08/01/2042	6,144,175
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (D/Ca)⁽ⁱ⁾
	550,000		5.000		08/01/2026	246,125
	1,000,000		5.375		08/01/2039	447,500
	8,600,000		5.500		08/01/2042	3,848,500
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (D/Ca)^(b)(i)
	25,000,000		0.000		08/01/2039	2,493,750
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (D/Ca)⁽ⁱ⁾
	23,135,000		5.250		08/01/2041	10,352,913
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1 (D/Ca)⁽ⁱ⁾
	1,500,000		5.000		08/01/2043	671,250
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (D/Ca)⁽ⁱ⁾
	23,300,000		6.750		08/01/2032	10,426,750
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (D/Ca)^(a)(i)
	10,130,000		0.000		08/01/2033	3,662,805
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (D/Ca)^(b)(i)
	10,000,000		0.000		08/01/2033	1,450,700
	35,085,000		0.000		08/01/2035	4,432,639
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2009 A (D/Ca)^(b)(i)
	35,100,000		0.000		08/01/2034	4,462,263


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2010 C (D/Ca)^(b)(i)
$	8,400,000		0.000	%	08/01/2037	$ 954,576
Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (D/Ca)⁽ⁱ⁾
	400,000		5.000		08/01/2024	179,000
	32,290,000		6.500		08/01/2044	14,449,775
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding First Subseries 2010 C (D/Ca)⁽ⁱ⁾
	9,580,000		5.500		08/01/2040	4,287,050
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 A-1 (D/Ca)⁽ⁱ⁾
	510,000		5.250		08/01/2043	228,225
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 C (D/Ca)⁽ⁱ⁾
	500,000		5.000		08/01/2040	430,000
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Subseries A (D/Ca)⁽ⁱ⁾
	2,600,000		5.750		08/01/2037	1,163,500
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2010 A (D/Ca)⁽ⁱ⁾
	375,000		4.375		08/01/2020	167,813
	150,000		5.250		08/01/2030	67,125
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2010 C (D/Ca)⁽ⁱ⁾
	5,000,000		6.500		08/01/2035	2,237,500
	235,000		5.000		08/01/2035	105,163

						296,133,777

Rhode Island – 0.3%
Rhode Island Health and Educational Building Corp. RB Refunding for Care New England Series 2013 A (BB-/NR)^(d)
	2,500,000		6.000		09/01/2023	2,969,075
Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)^(b)
	124,220,000		0.000		06/01/2052	13,076,639

						16,045,714

South Carolina – 0.3%
Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,375,000		6.875		11/01/2035	3,385,091
South Carolina Jobs - Economic Development Authority Hospital RB Refunding for Palmetto Health Series 2011 A (AGM) (AA/WR)^(d)
	4,000,000		6.500		08/01/2021	4,542,320
South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (A-/NR)
	2,365,000		5.000		11/15/2047	2,628,769
South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A+/A1)
	7,750,000		5.250		12/01/2055	8,422,700

						18,978,880

Tennessee – 0.5%
Bristol Industrial Development Board RB for The Pinnacle Project Series 2016 A (NR/NR)^(e)
	7,150,000		5.000		12/01/2035	6,963,242
Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	5,230,000		4.000		07/01/2040	5,272,938
Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/Baa1)
	1,500,000		5.000		08/15/2042	1,583,160


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Tennessee – (continued)
Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (A-/Baa1)^(d)
$	5,500,000		6.500	%	07/01/2020	$ 6,012,160
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	2,500,000		5.000		07/01/2040	2,777,950
	4,200,000		5.000		07/01/2046	4,648,350
Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)
	2,000,000		5.375		12/01/2047	2,074,080

						29,331,880

Texas – 5.7%
Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)^(e)
	850,000		4.250		09/01/2023	848,402
	550,000		4.625		09/01/2028	546,447
	2,285,000		5.125		09/01/2038	2,276,294
	2,680,000		5.250		09/01/2047	2,671,853
Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)^(d)
	3,250,000		6.200		07/01/2020	3,523,585
Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (BB/NR)
	1,950,000		5.250		12/01/2035	2,076,614
	2,435,000		5.000		12/01/2040	2,487,815
Brazos River Authority Bonds Series 2003 (NR/NR)^(i)(j)
	9,275,000		6.750		10/01/2038	—
Brazos River Authority Bonds Series 2006 (NR/NR)^(i)(j)
	4,740,000		5.000		03/01/2041	—
Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (BBB+/Baa2)
	3,900,000		5.000		01/01/2045	4,255,095
Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (BBB+/Baa2)
	1,600,000		5.000		01/01/2040	1,755,904
	2,465,000		5.000		01/01/2046	2,694,984
Central Texas Regional Mobility Authority RB Refunding Subordinate Lien Series 2016 (BBB/Baa3)
	6,750,000		4.000		01/01/2041	6,700,455
City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,920,000		7.500		09/01/2045	4,252,220
City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,845,000		6.250		09/01/2045	1,907,564
City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	2,000,000		5.000		09/01/2047	2,041,140
City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	1,390,000		4.500		09/01/2037	1,375,836
	1,175,000		5.000		09/01/2044	1,201,802
City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB/NR)
	2,235,000		4.500		09/01/2032	2,359,251
	4,715,000		4.500		09/01/2038	4,906,611


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)^(e)
$	2,465,000		4.875	%	09/01/2048	$ 2,482,526
City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	500,000		4.500		09/01/2023	499,060
	780,000		5.000		09/01/2028	775,039
	1,935,000		5.600		09/01/2038	1,927,899
	2,550,000		5.700		09/01/2047	2,542,579
Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)^(e)
	3,250,000		5.000		04/01/2032	3,359,167
Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa3)
	1,545,000		4.750		05/01/2038	1,583,749
Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa3)
	5,685,000		4.750		11/01/2042	5,811,775
Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(e)
	1,575,000		5.000		09/01/2027	1,632,298
	895,000		5.000		09/01/2032	907,423
	1,315,000		5.125		09/01/2037	1,322,075
Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(a)
	10,370,000		0.000		10/01/2046	9,622,530
	11,100,000		0.000		10/01/2047	10,311,345
Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,850,000		5.500		04/01/2053	13,258,846
Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)^(f)(g)
	4,000,000		1.450		07/04/2018	4,000,000
Harris County Cultural Education Facilities Finance Corp. RB First Mortgage for Brazos Presbyterian Homes, Inc. Project Series 2013 B (BB+/NR)^(d)
	3,030,000		7.000		01/01/2023	3,657,816
Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(c)
(3 Mo. LIBOR + 0.67%),
	23,855,000		2.240		08/15/2035	22,227,135
Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000		3.750		09/01/2032	595,434
	510,000		3.875		09/01/2037	510,954
	955,000		4.000		09/01/2047	958,600
Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)
	15,935,000		5.000		07/15/2028	17,799,554
Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB/Ba3)
	9,000,000		6.625		07/15/2038	9,875,970
Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (BB/Ba3)
	9,250,000		5.000		07/01/2029	10,009,980
Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB/NR)
	7,500,000		5.000		07/15/2035	8,070,000
Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,950,000		5.000		12/01/2045	1,983,735


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(e)
$	510,000		4.500	%	09/01/2023	$ 509,969
	785,000		5.000		09/01/2028	784,325
	1,170,000		5.375		09/01/2038	1,173,545
	1,930,000		5.125		09/01/2047	1,937,450
	1,500,000		5.500		09/01/2047	1,505,670
Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	525,000		4.000		09/01/2029	544,609
	1,100,000		3.000		09/01/2032	1,007,688
	1,400,000		4.000		09/01/2035	1,417,472
Lower Neches Valley Authority Industrial Development Corp RB for Exxon Capital Ventures, Inc. Project Series 2012 (AA+/Aaa)^(f)(g)
	6,565,000		1.530		07/04/2018	6,565,000
Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (A-/Baa1)
	5,200,000		6.300		11/01/2029	5,521,048
Mission Economic Development Corp. RB for Natgasoline Project Senior Lien Series 2016 A (AMT) (BB-/NR)^(e)
	14,000,000		5.750		10/01/2031	14,488,180
Mission Economic Development Corp. RB for Natgasoline Project Senior Lien Series 2016 B (AMT) (BB-/NR)^(e)
	9,500,000		5.750		10/01/2031	9,831,265
Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000		5.000		09/15/2043	2,006,788
	2,800,000		5.000		09/15/2048	3,028,088
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BBB-/Baa3)
	1,150,000		5.000		04/01/2037	1,261,654
	1,900,000		5.000		04/01/2042	2,072,615
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BBB-/Ba2)
	335,000		5.000		04/01/2031	350,511
	300,000		5.000		04/01/2036	310,092
	1,250,000		5.000		04/01/2048	1,275,650
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	1,000,000		5.000		04/01/2047	1,072,590
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/Baa3)
	1,385,000		4.750		04/01/2046	1,431,301
North Texas Tollway Authority RB First Tier Series 2009 A (A/A1)
	4,790,000		6.250		01/01/2039	4,892,793
North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A-/A2)
	8,500,000		5.000		01/01/2048	9,496,115
North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A/A1)
	3,000,000		5.000		01/01/2039	3,361,530
Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000		5.750		09/15/2036	169,801
	460,000		6.000		09/15/2046	444,792
Sabine River Authority Tax Bonds Series 2005 (NR/NR)^(i)(j)
	5,950,000		5.200		05/01/2028	—


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
$	7,300,000		5.000	%	05/15/2045	$ 7,617,842
Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A3)^(c)
(3 Mo. LIBOR + 0.70%),
	7,825,000		2.268		12/15/2026	7,753,323
Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A3)
	18,785,000		6.250		12/15/2026	21,865,928
Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (NR/Baa3)
	3,900,000		5.000		12/31/2050	4,202,718
	3,900,000		5.000		12/31/2055	4,194,840
Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,500,000		6.875		12/31/2039	7,974,975
Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
	5,000,000		6.750		06/30/2043	5,843,200
Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	7,850,000		5.000		08/15/2042	8,479,570
Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(e)
	1,400,000		5.000		09/01/2047	1,380,862
Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	245,000		4.000		12/01/2021	252,722
	500,000		4.000		12/01/2027	491,515
	1,547,000		4.750		12/01/2035	1,557,984

						331,683,381

Utah – 0.5%
Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	15,515,000		7.100		08/15/2023	16,777,456
Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	11,000,000		5.000		07/01/2047	12,353,990

						29,131,446

Vermont – 0.1%
Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	1,000,000		5.000		05/01/2047	1,049,410
Vermont Educational & Health Buildings Financing Agency RB for St. Michael’s College Project Series 2012 (BBB/Baa1)
	2,250,000		5.000		10/01/2042	2,343,150

						3,392,560

Virgin Islands – 0.6%
Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	10,775,000		5.000		10/01/2025	10,020,750
	7,910,000		5.000		10/01/2029	7,217,875
Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000		10/01/2032	5,517,600
Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	8,350,000		5.000		10/01/2039	6,794,813


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Virgin Islands – (continued)
Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM) (AA/A2)
$	3,515,000		5.000	%	10/01/2039	$ 3,740,909
Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)
	2,000,000		6.000		10/01/2039	1,650,000

						34,941,947

Virginia – 1.3%
Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB/NR)
	2,700,000		5.000		10/01/2045	2,964,276
Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	2,535,000		6.250		03/01/2021	2,733,288
	2,000,000		6.625		03/01/2026	2,162,660
	7,000,000		6.875		03/01/2036	7,602,350
Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)^(b)
	236,845,000		0.000		06/01/2047	26,839,275
Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
	9,600,000		5.000		12/31/2056	10,462,848
Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	3,900,000		5.000		07/01/2034	4,142,268
	13,650,000		5.000		01/01/2040	14,428,460
Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)^(e)(f)(g)
	1,000,000		5.000		07/01/2038	1,017,220
Washington County IDA RB for Mountain States Health Alliance Series 2009 C (A-/Baa1)^(d)
	4,000,000		7.750		01/01/2019	4,123,080

						76,475,725

Washington – 0.9%
Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax RB Series 2016 S-1 (AAA/Aa1)
	10,000,000		5.000		11/01/2046	13,045,200
Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	4,000,000		5.750		12/01/2035	4,219,520
Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/WR)^(d)
	3,000,000		5.000		12/01/2021	3,298,410
Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)^(d)
	750,000		6.000		08/15/2019	786,532
Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)^(d)
	1,750,000		6.000		08/15/2019	1,834,245
Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aa1)
	14,015,000		5.000		01/01/2023	14,664,876
	14,700,000		5.000		01/01/2024	15,379,434

						53,228,217


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
West Virginia – 0.1%
Monongalia County Commission Special District Excise Tax RB Refunding and Improvement for University Town Center Economic Opportunity Development District Series 2017 A (NR/NR)^(e)
$	900,000		5.750	%	06/01/2043	$ 939,456
West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. - Amos Project Series 2010 A (A-/Baa1)
	4,000,000		5.375		12/01/2038	4,278,040

						5,217,496

Wisconsin – 0.3%
Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	5,900,000		4.300		11/01/2030	6,122,135
Public Finance Authority RB for Denver International Airport Great Hall Project Series 2017 (AMT) (BBB-/NR)
	4,000,000		5.000		09/30/2037	4,436,720
Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	1,600,000		5.200		12/01/2037	1,693,904
	1,525,000		5.350		12/01/2045	1,628,319
Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (BBB-/NR)
	3,250,000		5.250		07/01/2047	3,448,900

						17,329,978

TOTAL MUNICIPAL BONDS (Cost $5,452,139,048)						$5,699,021,651


Corporate Bonds – 0.3%
Commercial & Professional Services – 0.0%
Catholic Health Initiatives
$	1,293,000		4.350	%	11/01/2042	$ 1,223,542

Health Care Equipment & Services – 0.3%
Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000		12/01/2027	17,979,217

TOTAL CORPORATE BONDS (Cost $17,376,014)						$ 19,202,759

TOTAL INVESTMENTS – 97.5% (Cost $5,469,515,062)						$5,718,224,410

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.5%						147,851,103

NET ASSETS – 100.0%						$5,866,075,513



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


(a)		Zero coupon bond until next reset date.

(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(d)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $345,451,144, which represents approximately 5.9% of net assets as of June 30, 2018. The liquidity determination is unaudited.

(f)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on June 30, 2018.

(g)		Variable Rate Demand Instruments – rate shown is that which is in effect on June 30, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(h)		When-issued security.

(i)		Security is currently in default.

(j)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
AGC-ICC		— Agency Insured Custody Certificate
AGM		— Insured by Assured Guaranty Municipal Corp.
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		— Alternative Minimum Tax
ASSURED GTY		— Insured by Assured Guaranty
BAM		— Build America Mutual Assurance Co.
BHAC-CR		— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CAL MTG INS		— Insured by California Mortgage Insurance
COMWLTH GTD		— Commonwealth Guaranteed
COPS		— Certificates of Participation
ETM		— Escrowed to Maturity
GO		— General Obligation
IDA		— Industrial Development Authority
LIBOR		— London Interbank Offered Rate
Mo.		— Month
MUN GOVT GTD		— Municipal Government Guaranteed
NATL-RE		— Insured by National Public Finance Guarantee Corp.
NR		— Not Rated
PCRB		— Pollution Control Revenue Bond
PILOT		— Payment in Lieu of Taxes
Q-SBLF		— Qualified School Board Loan Fund
RB		— Revenue Bond
RMKT		— Remarketed
ST AID WITHHLDG		— State Aid Withholding
ST APPROP		— State Appropriation
USD		— United States Dollar
WR		— Withdrawn Rating
XLCA		— Insured by XL Capital Assurance, Inc.

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – 98.1%
Alabama – 2.0%
Auburn University General Fee RB Series 2011 A (AA-/Aa2)^(a)
$	35,345,000		5.000	%	06/01/2021	$ 38,506,610
Black Belt Energy Gas District RB Series 2016 A (NR/A1)^(b)(c)
	20,000,000		4.000		06/01/2021	20,923,000
Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB/NR)
	210,000		3.000		10/01/2018	210,426
	160,000		3.000		10/01/2019	161,207
	75,000		4.000		10/01/2020	77,571
	85,000		4.000		10/01/2021	88,866
	85,000		4.000		10/01/2022	89,645
Industrial Development Board PCRB for Alabama Power Company Barry Plant Project RMKT 03/20/17 Series 2007 A (A-/A1)^(b)(c)
	6,000,000		1.850		03/24/2020	5,955,540
Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	1,275,000		5.000		09/15/2019	1,326,918
	3,000,000		5.000		09/15/2021	3,271,680
	1,200,000		5.000		09/15/2022	1,333,032
	2,000,000		5.000		09/15/2023	2,254,800
Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,875,000		5.000		10/01/2018	1,887,825
	1,300,000		5.000		10/01/2021	1,394,744
	1,745,000		5.000		10/01/2022	1,894,634
The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)^(b)
(1 Mo. LIBOR + 0.85%, 12.00% Cap),
	25,000,000		2.246		06/01/2024	24,986,500

						104,362,998

Alaska – 0.0%
Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/Ba2)
	890,000		4.625		06/01/2023	911,761

Arizona – 2.9%
Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(d)
(3 Mo. LIBOR + 0.81%),
	59,270,000		2.359		01/01/2037	56,023,782
Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2013 A (A-/NR)^(b)
(SIFMA Municipal Swap Index Yield + 1.85%, 12.00% Cap),
	5,000,000		3.360		02/05/2020	5,074,650
Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa3)
	8,000,000		5.000		09/01/2020	8,543,600
Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000		5.000		07/01/2021	6,348,107
City of Phoenix Civic Improvement Corporation RB Refunding Junior Lien Series 2010 A (A+/A1)^(a)
	20,145,000		5.000		07/01/2020	21,451,403
Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	365,000		4.000		07/01/2018	365,000
	1,600,000		4.000		07/01/2019	1,638,048
	3,000,000		4.000		07/01/2020	3,128,130
	3,400,000		4.000		07/01/2021	3,599,750
	1,665,000		5.000		07/01/2022	1,851,780


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Arizona – (continued)
Maricopa County Arizona COPS Series 2015 (AA+/Aa1)
$	9,000,000		3.000	%	07/01/2018	$ 9,000,000
Maricopa County Arizona School Improvement Refunding for Peoria Unified School District No. 11 Series 2015 (AGM) (AA/A2)
	3,000,000		4.000		07/01/2019	3,071,340
Maricopa County Community College District GO Bonds Series 2013 (AAA/Aaa)
	10,010,000		3.000		07/01/2019	10,156,646
Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	16,400,000		5.000		07/01/2023	18,719,124
Maricopa County Phoenix High School District No. 210 School Improvement GO Refunding Bonds Series 2014 (AA/Aa2)
	1,000,000		3.000		07/01/2019	1,014,250

						149,985,610

Arkansas – 0.6%
Arkansas State GO Bonds for Four-Lane Highway Construction & Improvement Series 2013 (AA/Aa1)
	17,775,000		3.250		06/15/2022	18,434,274
Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
	1,240,000		3.000		04/01/2020	1,265,854
	1,075,000		3.000		10/01/2020	1,099,650
Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	6,000,000		3.000		02/01/2021	6,139,320
Springdale Arkansas Sales and Use Tax RB Series 2012 (AA-/NR)
	1,465,000		2.000		11/01/2018	1,467,564
	720,000		2.000		11/01/2019	723,384

						29,130,046

California – 7.6%
Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)^(e)
	745,000		0.000		10/01/2019	720,989
	255,000		0.000		10/01/2020	239,730
Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (AAA/Aaa)^(a)(e)
	9,420,000		0.000		10/01/2019	9,246,389
	12,300,000		0.000		10/01/2020	11,859,906
Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	220,000		5.000		05/01/2020	233,046
	500,000		5.000		05/01/2021	545,065
	325,000		5.000		05/01/2022	360,873
	300,000		5.000		05/01/2023	339,147
	265,000		5.000		05/01/2024	302,874
Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)^(b)
(SIFMA Municipal Swap Index Yield + 0.90%),
	10,000,000		2.410		05/01/2023	10,180,600
Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)^(b)
(SIFMA Municipal Swap Index Yield + 0.90%),
	7,000,000		2.410		05/01/2023	7,126,420


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 12/20/12 Series 2007 E-3 (AA/Aa3)^(b)
(SIFMA Municipal Swap Index Yield + 0.70%, 12.00% Cap),
$	1,225,000		2.210	%	10/01/2019	$ 1,229,557
Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)^(b)
(SIFMA Municipal Swap Index Yield + 1.25%, 12.00% Cap),
	15,000,000		2.760		04/01/2027	15,787,050
Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 E (AA/Aa3)^(b)(c)
	14,430,000		1.375		04/01/2020	14,342,266
Benicia Unified School District GO Refunding Bonds Series 1997 A (NATL-RE) (A+/Aa3)^(e)
	1,510,000		0.000		08/01/2018	1,508,309
California Municipal Finance Authority RB for Anaheim Electric System Distribution Facilities 2nd Lien Qualified Obligations Series 2015 (A+/NR)^(b)
(SIFMA Municipal Swap Index Yield + 0.35%),
	10,000,000		1.860		12/01/2020	10,007,600
California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/Baa1)
	1,000,000		5.000		02/01/2019	1,017,360
	1,100,000		5.000		02/01/2020	1,151,161
California Municipal Finance Authority RB Refunding for NorthBay Healthcare Group Series 2016 A (BBB-/NR)
	750,000		2.000		11/01/2018	749,760
California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	150,000		3.000		06/01/2020	151,810
	100,000		4.000		06/01/2022	105,363
California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa3)^(b)
(SIFMA Municipal Swap Index Yield + 0.38%, 8.00% Cap),
	15,000,000		1.890		12/01/2022	15,038,400
California State Various Purpose GO Bonds Series 2011 (AA-/Aa3)
	5,070,000		5.000		10/01/2019	5,291,711
California State Various Purpose GO Bonds Series 2016 (AA-/Aa3)^(b)(c)
	52,000,000		4.000		12/01/2021	55,367,000
California State Various Purpose GO Refunding Bonds Series 2012 (AA-/Aa3)
	2,055,000		5.000		09/01/2019	2,139,132
California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)
	1,150,000		5.000		05/15/2020	1,215,918
California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	1,750,000		5.000		05/15/2022	1,930,635
City of Los Angeles RB for Wastewater System Series 2009 A (NR/NR)^(a)
	8,135,000		5.750		06/01/2019	8,448,848
City of Los Angeles RB Series 2018 (SP-1+/MIG1)^(f)
	40,000,000		4.000		06/27/2019	40,933,600


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
City of Upland COPS for San Antonio Regional Hospital Project Series 2017 (BBB+/Baa2)
$	425,000		5.000	%	01/01/2022	$ 459,748
	450,000		5.000		01/01/2023	492,732
Corona-Norco Unified School District Public Financing Authority Special Tax Refunding Senior Lien Series 2013 A (A-/NR)
	275,000		4.000		09/01/2018	276,141
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (A/NR)
	6,000,000		5.000		06/01/2020	6,354,360
	5,000,000		5.000		06/01/2021	5,405,850
	6,000,000		5.000		06/01/2022	6,614,340
	6,000,000		5.000		06/01/2023	6,721,500
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB/NR)
	7,500,000		3.500		06/01/2036	7,558,050
Irvine City Limited Obligation Improvement Bond Reassessment District No. 12-1 Series 2012 Act 1915 (A+/NR)
	1,250,000		4.000		09/02/2018	1,255,425
	1,895,000		4.000		09/02/2019	1,948,761
Irvine City Limited Obligation Improvement Bond Reassessment District No. 15-2 Series 2015 (NR/NR)
	500,000		4.000		09/02/2018	501,910
	1,000,000		4.000		09/02/2019	1,024,270
	725,000		4.000		09/02/2020	755,696
	775,000		5.000		09/02/2021	843,425
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,765,000		5.000		09/01/2022	1,955,249
	1,135,000		5.000		09/01/2023	1,277,409
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000		4.000		09/01/2023	646,020
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000		4.000		09/01/2023	558,054
Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000		3.000		09/01/2022	262,040
	415,000		4.000		09/01/2023	445,789
Lake Elsinore Public Financing Authority Local Agency RB Refunding for Community Facilities District No. 88-3 Series 2015 B (AGM) (AA/NR)
	1,235,000		5.000		09/01/2020	1,318,918
Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	1,495,000		4.000		09/01/2018	1,500,098
	1,000,000		4.000		09/01/2019	1,022,590
	840,000		5.000		09/01/2021	909,544
Los Angeles County Public Works Financing Authority Lease RB for Multiple Capital Projects II Series 2012 (AA/Aa2)
	1,500,000		5.000		08/01/2018	1,504,425
Miramar Ranch North California Special Tax Refunding for Community Facilities District No.1 Series 2012 (A/NR)
	3,075,000		4.000		09/01/2019	3,160,239
Mountain View California Shoreline Regional Park Community Tax Allocation Series 2011 A (A/NR)
	350,000		5.000		08/01/2018	350,976
Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (A/NR)
	1,965,000		5.000		09/01/2018	1,976,495
	1,000,000		5.000		09/01/2019	1,036,820


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
$	410,000		3.000	%	09/01/2018	$ 411,144
	730,000		4.000		09/01/2020	766,741
	650,000		4.000		09/01/2021	693,946
Orange County Sanitation District COPS RB Refunding Certificate Anticipation Notes Series 2016 B (AAA/NR)
	21,065,000		2.000		12/15/2018	21,126,931
Palo Alto Limited Obligation Refunding & Improvement for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)
	385,000		3.000		09/02/2018	385,978
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	450,000		3.000		09/01/2018	450,904
	650,000		4.000		09/01/2020	677,489
	380,000		4.000		09/01/2022	405,798
Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	175,000		2.000		09/01/2018	175,135
	725,000		3.000		09/01/2019	733,852
	1,000,000		4.000		09/01/2020	1,039,920
	675,000		5.000		09/01/2021	732,389
	800,000		5.000		09/01/2022	883,880
	1,835,000		5.000		09/01/2023	2,058,613
Sacramento County Regional Transit District Farebox RB Series 2012 (ETM) (A-/A3)^(a)
	730,000		5.000		03/01/2019	747,513
Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(d)
(3 Mo. LIBOR + 0.53%),
	47,675,000		2.071		12/01/2035	46,133,191
Salida Area Public Facilities Financing Agency Community Facilities District No. 1988-1 Special Tax Bonds Series 2011 (AGM) (AA/NR)
	1,310,000		3.000		09/01/2018	1,313,760
San Bernardino City Unified School District GO Refunding Bonds Series 2013 A (A+/A2)
	800,000		5.000		08/01/2018	802,312
San Bernardino City Unified School District GO Refunding Bonds Series 2013 A (AGM) (AA/A2)
	150,000		5.000		08/01/2019	155,673
San Diego Public Facilities Financing Authority Sewer RB Series 2009 B (AA+/Aa2)^(a)
	11,195,000		5.000		05/15/2019	11,542,717
San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AA+/Aaa)
	2,750,000		4.000		06/15/2019	2,820,125
San Juan Unified School District Election of 2012 GO Bonds Series 2014 B (NR/Aa2)
	2,000,000		3.000		08/01/2019	2,034,100
San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (A-/NR)
	1,000,000		4.000		09/01/2019	1,027,130
San Ramon Valley Unified School District GO Bonds Series 1998 A (NATL-RE) (AA/Aa1)^(e)
	2,000,000		0.000		07/01/2018	2,000,000
Simi Valley Community Development Agency Tax Allocation Refunding for Tapo Canyon and West End Project Series 2003 (NATL-RE) (AA-/Baa2)
	600,000		5.250		09/01/2018	601,770


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Stockton Public Financing Authority RB Refunding Series 2016 A (A-/NR)
$	710,000		2.000	%	09/02/2018	$ 710,653
	410,000		2.000		09/02/2019	411,739
Stockton Unified School District GO Refunding Bonds Series 2012 (AGM) (AA/A2)
	1,090,000		5.000		07/01/2019	1,128,281
Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (BB+/Baa3)
	970,000		4.750		06/01/2023	970,204
University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(d)
(3 Mo. LIBOR + 0.61%),
	3,500,000		2.179		05/15/2030	3,384,535
(3 Mo. LIBOR + 0.74%),
	15,000,000		2.309		05/15/2043	13,262,550
Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM) (AA/Aa3)^(e)
	1,775,000		0.000		08/01/2020	1,713,301

						397,009,667

Colorado – 1.8%
City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)
	1,000,000		5.000		12/01/2020	1,077,620
Colorado E-470 Public Highway Authority Senior RB Refunding Series 2015 A (A/A3)
	1,000,000		5.000		09/01/2020	1,062,900
Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (BBB+/NR)
	500,000		4.000		12/01/2018	504,375
	1,000,000		5.000		12/01/2020	1,062,470
Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	500,000		5.000		06/01/2019	512,870
	400,000		5.000		06/01/2020	421,844
	700,000		5.000		06/01/2021	753,116
	500,000		5.000		06/01/2022	547,655
Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa2)^(a)
	4,045,000		5.000		12/01/2021	4,461,433
Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(g)
	2,000,000		5.000		12/01/2018	2,024,900
	2,000,000		5.000		12/01/2019	2,079,060
	2,415,000		5.000		12/01/2020	2,568,787
	4,110,000		5.000		12/01/2021	4,445,294
	4,315,000		5.000		12/01/2022	4,734,418
	4,530,000		5.000		12/01/2023	5,010,316
	4,760,000		5.000		12/01/2024	5,293,739
Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)^(d)
(3 Mo. LIBOR + 1.10%),
	16,355,000		2.641		12/01/2033	15,286,855
E-470 Public Highway Authority Senior RB Series 2017 A (A/A3)^(b)
(1 Mo. LIBOR + 0.90%),
	5,250,000		2.303		09/01/2019	5,267,955


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Colorado – (continued)
Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa2)^(a)
$	5,925,000		4.000	%	12/15/2022	$ 6,434,965
	12,000,000		5.000		12/15/2022	13,541,760
University of Colorado Hospital Authority RB Series 2017 C-1 (AA-/Aa3)^(b)(c)
	6,360,000		4.000		03/01/2020	6,516,265
University of Colorado Hospital Authority RB Series 2017 C-2 (AA-/Aa3)^(b)(c)
	7,215,000		5.000		03/01/2022	7,828,419

						91,437,016

Connecticut – 3.2%
Connecticut State GO Bonds Series 2013 A (A/A1)
	5,195,000		5.000		10/15/2023	5,792,997
Connecticut State GO Bonds Series 2013 C (A/A1)
	7,555,000		5.000		07/15/2019	7,797,440
Connecticut State GO Bonds Series 2015 C (A/A1)^(d)
(SIFMA Municipal Swap Index Yield + 0.80%, 10.00% Cap),
	10,000,000		2.310		06/15/2020	10,058,900
Connecticut State GO Bonds Series 2015 F (A/A1)
	6,500,000		5.000		11/15/2021	7,045,480
	5,685,000		5.000		11/15/2022	6,264,358
	4,435,000		5.000		11/15/2023	4,950,702
Connecticut State GO Bonds Series 2017 A (A/A1)
	1,705,000		5.000		04/15/2022	1,859,183
Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	18,110,000		3.000		04/15/2022	18,421,492
Connecticut State Health & Educational Facilities Authority RB for Sacred Heart University Series 2012 H (ETM) (AGM) (AA/A2)^(a)
	1,260,000		4.000		07/01/2018	1,260,000
Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)^(b)(c)
	11,250,000		1.800		02/09/2021	11,210,175
Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 B-1 (AAA/Aaa)^(b)(c)
	4,925,000		5.000		07/01/2020	5,244,386
Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)^(b)(c)
	50,000,000		5.000		02/01/2023	56,273,000
Hartford County Metropolitan District GO Refunding Bonds Series 2017 B (SP-1+/NR)
	12,000,000		3.000		08/01/2018	12,008,760
New Haven GO Refunding Bonds Series 2015 B (BAM) (AA/Baa1)
	6,115,000		5.000		08/15/2021	6,624,013
Town of Hamden GO Refunding Bonds Series 2013 (A/Baa2)
	1,685,000		5.000		08/15/2018	1,691,251
	2,000,000		5.000		08/15/2019	2,066,560
University of Connecticut RB Refunding Series 2010 A (AA-/A1)
	2,775,000		5.000		02/15/2021	2,909,005
West Haven GO Bonds Series 2017 A (BBB/Baa3)
	220,000		3.000		11/01/2018	220,240
	300,000		3.000		11/01/2019	300,381
	400,000		4.000		11/01/2020	407,648
	400,000		4.000		11/01/2021	407,604
	415,000		5.000		11/01/2022	439,609
	400,000		5.000		11/01/2023	426,112
West Haven GO Bonds Series 2017 B (BBB/Baa3)
	200,000		3.000		11/01/2019	200,254
	390,000		4.000		11/01/2020	397,457
	790,000		5.000		11/01/2022	836,847


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Connecticut – (continued)
West Haven GO Refunding Bonds Series 2012 (AGM) (AA/A2)
$	2,100,000		4.000	%	08/01/2018	$ 2,103,444

						167,217,298

Delaware – 0.5%
Delaware State GO Bonds Series 2014 (AAA/Aaa)^(a)
	15,000,000		5.000		03/01/2022	16,631,100
Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,250,000		5.000		02/01/2021	3,513,347
	3,500,000		5.000		02/01/2022	3,876,075
	1,750,000		5.000		02/01/2023	1,980,178
Delaware Transportation Authority Transportation System Senior RB Refunding Series 2010 A (AA+/Aa2)
	1,900,000		5.000		07/01/2019	1,965,588

						27,966,288

District of Columbia – 0.1%
District of Columbia RB for National Public Radio, Inc. Series 2010 A (A+/A2)^(a)
	3,200,000		5.000		04/01/2020	3,374,432

Florida – 4.4%
Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB/NR)
	320,000		2.000		05/01/2019	319,632
	325,000		2.000		05/01/2020	322,914
	335,000		2.250		05/01/2021	333,174
	340,000		2.250		05/01/2022	335,073
	350,000		2.500		05/01/2023	345,905
Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,065,000		2.000		05/01/2019	1,065,075
	1,085,000		2.000		05/01/2020	1,082,277
	1,110,000		2.125		05/01/2021	1,100,188
	1,135,000		2.250		05/01/2022	1,121,005
	1,160,000		2.500		05/01/2023	1,149,548
Atlantic Beach Health Care Facilities RB Refunding for Fleet Landing Project Series 2013 A (BBB/NR)
	970,000		4.000		11/15/2018	977,634
Avelar Creek Community Development District Special Assessment Refunding Series 2016 (BBB+/NR)
	165,000		2.000		05/01/2019	165,309
	170,000		2.000		05/01/2020	170,029
	170,000		2.000		05/01/2021	169,580
Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB+/NR)
	580,000		2.300		05/01/2019	582,505
	600,000		2.600		05/01/2020	606,528
	615,000		3.000		05/01/2021	630,277
	500,000		3.125		05/01/2022	515,205
	500,000		3.250		05/01/2023	516,945
Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	105,000		2.000		05/01/2019	105,196
	130,000		2.250		05/01/2020	130,602
	130,000		2.250		05/01/2021	130,567
	135,000		2.250		05/01/2022	134,802


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
$	275,000		3.500	%	05/01/2019	$ 278,228
	285,000		3.500		05/01/2020	291,700
	295,000		3.500		05/01/2021	304,877
	305,000		3.500		05/01/2022	316,401
Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (BBB-/NR)
	175,000		2.000		05/01/2019	174,984
	180,000		2.000		05/01/2020	179,646
	185,000		2.100		05/01/2021	184,493
	185,000		2.375		05/01/2022	184,023
	190,000		2.500		05/01/2023	188,117
Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,015,000		5.000		07/01/2023	2,279,449
Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	990,000		1.900		09/01/2020	981,773
	1,240,000		2.125		09/01/2022	1,209,769
	1,095,000		2.250		09/01/2023	1,071,392
Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	215,000		2.000		05/01/2019	215,015
	220,000		2.000		05/01/2020	219,175
	225,000		2.250		05/01/2021	224,690
Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	190,000		3.000		11/01/2018	190,969
	195,000		3.250		11/01/2019	199,052
CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	1,890,000		5.000		05/01/2019	1,940,841
Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	810,000		2.000		05/01/2019	808,995
	830,000		2.000		05/01/2020	825,120
	840,000		2.000		05/01/2021	829,265
	860,000		2.125		05/01/2022	842,422
Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	117,000		2.125		05/01/2019	117,128
	119,000		2.375		05/01/2020	119,349
	122,000		2.625		05/01/2021	123,077
	126,000		2.750		05/01/2022	127,140
Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015 A-1 (A-/NR)
	180,000		2.500		05/01/2019	181,236
	185,000		2.750		05/01/2020	187,877
County of Escambia Solid Waste Disposal System RB for Gulf Power Company First Series 2009 (A/A2)^(b)(c)
	14,400,000		1.800		11/19/2020	14,188,176
County of Miami-Dade RB for Water & Sewer System Series 2010 (A+/Aa3)^(a)
	17,800,000		5.000		10/01/2020	19,075,548
Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	250,000		2.700		05/01/2019	252,125
	250,000		3.000		05/01/2020	255,005
Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	1,445,000		2.000		05/01/2019	1,447,355
	1,475,000		2.000		05/01/2020	1,466,814
	1,505,000		2.125		05/01/2021	1,492,915


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (A-/Baa1)
$	500,000		5.000	%	04/01/2019	$ 511,200
Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2008 C (AAA/Aaa)
	2,990,000		5.000		06/01/2020	3,083,467
Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2011 A (AAA/Aaa)
	5,810,000		5.000		06/01/2021	6,158,774
Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-1 (AMBAC) (A/A2)^(b)(c)
	12,550,000		2.770		10/01/2021	12,550,000
Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-2 (AMBAC) (A/A2)^(c)
	5,550,000		2.702		10/01/2021	5,550,000
Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-3 (AMBAC) (A/A2)^(c)
	54,175,000		2.770		10/01/2021	54,175,000
Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	220,000		2.000		05/01/2019	220,411
	225,000		2.000		05/01/2020	225,038
	230,000		2.000		05/01/2021	229,432
	235,000		2.500		05/01/2022	236,795
	245,000		2.500		05/01/2023	244,995
	245,000		2.500		05/01/2024	241,198
	255,000		2.750		05/01/2025	250,311
	260,000		3.000		05/01/2026	256,594
Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)^(g)
	215,000		3.500		05/01/2019	218,094
	225,000		3.500		05/01/2020	231,187
	235,000		3.500		05/01/2021	244,047
	245,000		3.500		05/01/2022	255,800
	250,000		3.500		05/01/2023	261,298
Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	175,000		4.000		05/01/2019	178,147
	185,000		4.000		05/01/2020	190,123
	190,000		4.000		05/01/2021	196,623
	200,000		4.000		05/01/2022	208,132
	205,000		4.000		05/01/2023	213,862
Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	425,000		2.250		05/01/2019	425,897
	535,000		2.500		05/01/2020	538,140
Highlands Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	280,000		2.000		05/01/2019	279,678
	285,000		2.250		05/01/2020	284,439
	290,000		2.250		05/01/2021	288,419
	295,000		2.250		05/01/2022	290,725
	305,000		2.500		05/01/2023	301,432
	315,000		2.750		05/01/2024	311,642
	320,000		3.000		05/01/2025	316,870
Hillsborough County School Board COPS Refunding for Florida Master Lease Program Series 2017 C (AA-/Aa2)
	1,350,000		5.000		07/01/2019	1,396,197
Lakeland Hospital RB for Lakeland Regional Health System Series 2011 (NR/A2)
	6,250,000		5.000		11/15/2018	6,327,937


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)
$	270,000		3.500	%	05/01/2019	$ 273,191
	275,000		3.500		05/01/2020	281,515
	290,000		3.500		05/01/2021	299,790
	300,000		3.500		05/01/2022	311,325
	305,000		3.500		05/01/2023	317,795
	320,000		3.500		05/01/2024	332,659
Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Series 2012 (A-/Baa1)
	2,220,000		4.000		11/15/2018	2,235,829
Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (A+/Aa3)^(g)
	2,390,000		5.000		03/01/2019	2,444,946
	2,510,000		5.000		03/01/2020	2,646,318
	2,635,000		5.000		03/01/2021	2,809,806
	2,770,000		5.000		03/01/2022	3,007,721
Miami-Dade County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2006 (A-/NR)
	6,000,000		1.500		10/01/2018	5,994,480
North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	750,000		5.000		01/01/2019	760,867
	1,000,000		5.000		01/01/2020	1,041,540
	1,000,000		5.000		01/01/2021	1,064,340
	1,000,000		5.000		01/01/2022	1,084,550
Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,305,000		5.000		04/01/2019	1,336,399
	1,375,000		5.000		04/01/2020	1,447,751
Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)^(b)(c)
	7,340,000		3.000		10/01/2020	7,450,027
Palm Beach County Health Facilities Authority Hospital RB Refunding for Jupiter Medical Center, Inc. Project Series 2013 A (BBB+/Baa2)
	630,000		4.000		11/01/2018	634,095
Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (BBB/NR)^(g)
	185,000		3.000		11/01/2020	188,380
	190,000		3.000		11/01/2021	193,439
	195,000		3.000		11/01/2022	198,329
	205,000		3.000		11/01/2023	207,316
	210,000		3.000		11/01/2024	210,838
Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	485,000		2.000		05/01/2019	484,597
Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A/NR)
	140,000		2.875		05/01/2019	141,449
Portofino Isles Community Development District Special Assessment Refunding Series 2013 (BBB-/NR)
	230,000		3.000		05/01/2019	231,610
Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,310,000		4.000		05/01/2020	1,335,506


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB+/NR)
$	360,000		2.000	%	05/01/2019	$ 360,673
	365,000		2.000		05/01/2020	365,062
	375,000		2.000		05/01/2021	374,074
	385,000		2.500		05/01/2022	387,942
	395,000		2.500		05/01/2023	394,992
	405,000		2.500		05/01/2024	398,714
	415,000		2.750		05/01/2025	407,368
	425,000		3.000		05/01/2026	419,433
Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	90,000		2.750		05/01/2019	90,802
	100,000		3.000		05/01/2020	102,002
South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	380,000		2.125		05/01/2019	379,886
	390,000		2.250		05/01/2020	389,025
	400,000		2.625		05/01/2021	401,568
	405,000		2.875		05/01/2022	407,552
South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	320,000		2.000		11/01/2018	320,086
	325,000		2.000		11/01/2019	324,402
	330,000		2.250		11/01/2020	330,294
	330,000		2.250		11/01/2021	328,004
	335,000		2.250		11/01/2022	329,955
South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	300,000		2.000		05/01/2019	300,021
	310,000		2.000		05/01/2020	308,838
	100,000		2.000		05/01/2021	99,182
	100,000		2.125		05/01/2022	98,638
	100,000		2.375		05/01/2023	98,492
	100,000		2.500		05/01/2024	97,710
	100,000		2.750		05/01/2025	97,919
	100,000		3.000		05/01/2026	98,418
South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
	345,000		4.125		05/01/2019	350,582
	375,000		4.375		05/01/2021	394,594
	390,000		4.500		05/01/2022	416,087
Spicewood Community Development District Special Assessment Refunding Series 2013 (BBB+/NR)
	115,000		2.875		05/01/2019	116,038
Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	245,000		2.000		05/01/2019	245,299
	250,000		2.000		05/01/2020	250,220
	255,000		2.250		05/01/2021	251,680
	260,000		2.250		05/01/2022	254,176
Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	175,000		2.000		05/01/2019	175,327
	175,000		2.000		05/01/2020	175,030
	180,000		2.250		05/01/2021	180,785
	185,000		2.250		05/01/2022	184,728


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
$	960,000		2.000	%	05/01/2019	$ 960,144
	980,000		2.000		05/01/2020	977,540
	1,000,000		2.125		05/01/2021	992,780
	1,020,000		2.250		05/01/2022	1,009,627
	1,045,000		2.500		05/01/2023	1,037,925
Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	110,000		3.250		05/01/2019	111,430
	115,000		3.500		05/01/2020	118,329
	115,000		3.750		05/01/2021	120,277
	125,000		3.875		05/01/2022	131,843
	125,000		4.000		05/01/2023	131,380
	135,000		4.125		05/01/2024	142,754
	140,000		4.150		05/01/2025	147,279
	145,000		4.250		05/01/2026	152,630
Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (BBB/NR)
	400,000		2.300		05/01/2019	401,008
	125,000		2.600		05/01/2020	125,866
Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (BBB/NR)
	160,000		2.000		05/01/2019	160,142
	160,000		2.000		05/01/2020	159,685
	350,000		2.250		05/01/2021	349,517
Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A+/NR)
	235,000		2.875		05/01/2019	237,277
	240,000		3.000		05/01/2020	244,935
Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(g)
	300,000		2.250		05/01/2019	300,633
	305,000		2.500		05/01/2020	306,571
	315,000		2.750		05/01/2021	318,852
	325,000		3.000		05/01/2022	330,889
	335,000		3.100		05/01/2023	340,866
Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	760,000		4.500		05/01/2023	807,698
Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	250,000		4.000		05/01/2019	254,640
	345,000		4.000		05/01/2020	358,010
	355,000		4.000		05/01/2021	368,259
	375,000		4.000		05/01/2022	392,048
	395,000		4.000		05/01/2023	415,157
	415,000		4.000		05/01/2024	436,115
	320,000		4.000		05/01/2025	334,979
Village Community Development District No. 7 Special Assessment RB Refunding Series 2015 (A/NR)
	1,410,000		3.000		05/01/2019	1,424,861
Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	195,000		2.000		11/01/2018	194,988
	195,000		2.000		11/01/2019	194,388
	200,000		2.250		11/01/2020	199,726
	205,000		2.250		11/01/2021	203,112
	210,000		2.250		11/01/2022	205,993
	215,000		2.500		11/01/2023	211,091


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
$	385,000		2.000	%	05/01/2019	$ 385,720
	390,000		2.375		05/01/2020	392,675
	400,000		2.625		05/01/2021	405,840
Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	95,000		2.875		05/01/2019	95,943

						228,139,443

Georgia – 3.8%
Atlanta Water & Wastewater RB Refunding Series 2009 A (AA-/Aa2)^(a)
	5,645,000		6.000		11/01/2019	5,971,394
Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/A3)^(b)(c)
	6,500,000		1.850		08/22/2019	6,489,795
Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)^(b)(c)
	29,150,000		3.000		02/01/2023	29,038,356
City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
	575,000		5.000		12/01/2021	625,841
	500,000		5.000		12/01/2022	552,770
	500,000		5.000		12/01/2023	562,080
City of Augusta GO Bonds Series 2016 (NR/Aa2)
	12,810,000		5.000		10/01/2019	13,350,710
	12,135,000		5.000		10/01/2020	12,990,639
De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	34,820,000		4.000		10/01/2020	36,551,947
	31,115,000		4.000		10/01/2021	33,191,304
	18,845,000		4.000		10/01/2022	20,395,001
Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)
	9,265,000		5.000		09/01/2021	10,168,893
Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(d)
(3 Mo. LIBOR + 0.60%),
	12,800,000		2.149		10/01/2024	12,790,656
Public Gas Partners Inc., Gas Project RB for Gas Supply Pool No. 1 Series 2009 A (A+/WR)
	5,950,000		5.000		10/01/2019	6,189,131
Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)^(a)(e)
	10,130,000		0.000		12/01/2021	9,452,404

						198,320,921

Guam – 0.4%
Guam Government Limited Obligation RB Section 30 Series 2016 A (BBB+/NR)
	1,000,000		5.000		12/01/2018	1,012,030
	1,500,000		5.000		12/01/2019	1,559,295
Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (A/NR)
	265,000		4.000		11/15/2018	267,027
	3,775,000		5.000		11/15/2021	4,100,707
Guam Power Authority RB Series 2010 A (BBB/Baa2)^(a)
	7,495,000		5.500		10/01/2020	8,093,476


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Guam – (continued)
Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
$	310,000		5.000	%	07/01/2021	$ 333,433
	500,000		5.000		07/01/2022	548,035
Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	100,000		5.000		07/01/2019	102,899
	400,000		5.000		07/01/2021	430,236
	400,000		5.000		07/01/2022	438,428
	500,000		5.000		07/01/2023	555,360
	400,000		5.000		07/01/2024	448,660
Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)^(f)
	250,000		5.000		07/01/2019	257,110
	800,000		5.000		07/01/2022	872,328
	500,000		5.000		07/01/2023	551,945

						19,570,969

Hawaii – 0.5%
Hawaii Pacific Health RB for Hawaii Pacific Health Obligated Group Series 2010 A (AA-/A1)^(a)
	11,500,000		5.500		07/01/2020	12,358,130
Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa1)
	7,545,000		3.000		10/01/2021	7,816,846
Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,000,000		5.000		11/01/2022	3,373,920
Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000		5.000		09/01/2021	4,787,860

						28,336,756

Illinois – 8.7%
Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL-RE-IBC FGIC) (B/Baa2)
	1,600,000		5.250		12/01/2020	1,687,680
Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (B/Baa2)^(e)
	6,595,000		0.000		12/01/2019	6,332,453
Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	500,000		5.000		12/01/2022	542,955
	2,000,000		5.000		12/01/2023	2,194,180
	4,100,000		5.000		12/01/2024	4,532,099
Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series C (BBB+/Ba1)^(e)
	4,645,000		0.000		01/01/2023	3,848,382
Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	10,020,000		5.500		01/01/2023	10,783,524
Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,980,000		5.000		01/01/2023	5,277,555
Chicago Illinois GO Bonds Project and Refunding Series 2009 A (BBB+/Ba1)
	5,400,000		5.000		01/01/2022	5,535,972
Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000		5.000		01/01/2022	2,233,991
Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,400,000		5.000		01/01/2030	4,410,956
Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,445,000		5.000		01/01/2022	15,185,884


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
$	1,495,000		5.000	%	01/01/2020	$ 1,539,700
	2,000,000		5.000		01/01/2021	2,090,040
	16,000,000		5.000		01/01/2022	16,820,640
	13,405,000		5.000		01/01/2023	14,205,949
Chicago Illinois Midway Airport Second Lien RB Refunding Series 2014 B (A/A3)
	400,000		5.000		01/01/2019	406,752
Chicago Illinois Modern Schools Across Chicago Program GO Bonds Series 2010 A (BBB+/Ba1)
	1,080,000		5.000		12/01/2019	1,110,197
Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)
	4,000,000		5.000		01/01/2021	4,283,480
Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)^(a)
	1,250,000		5.000		01/01/2021	1,344,925
Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)
	1,000,000		5.000		01/01/2021	1,067,100
Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	2,050,000		5.000		01/01/2021	2,187,555
	1,450,000		5.000		01/01/2022	1,579,209
Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	600,000		5.000		01/01/2021	640,260
	1,660,000		5.000		01/01/2022	1,807,923
Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	2,500,000		5.000		11/01/2020	2,664,975
Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
	2,500,000		5.000		11/01/2019	2,599,050
	1,400,000		5.000		11/01/2020	1,492,386
	1,000,000		5.000		11/01/2021	1,085,990
Cook County Illinois GO Refunding Bonds Series 2012 C (AA-/A2)
	1,500,000		5.000		11/15/2019	1,560,750
	1,000,000		4.000		11/15/2020	1,043,620
Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	690,000		4.000		12/01/2019	710,562
	675,000		4.000		12/01/2020	703,856
	710,000		4.000		12/01/2021	749,128
	800,000		4.000		12/01/2022	849,120
Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-1 (AA-/Aa2)^(b)(c)
	7,625,000		1.800		02/13/2020	7,605,709
Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA-/Aa2)^(b)(c)
	6,000,000		1.550		02/13/2020	5,961,120
Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	125,000		3.000		12/01/2018	125,584
	200,000		3.000		12/01/2019	202,348
	400,000		4.000		12/01/2020	414,900
	425,000		4.000		12/01/2021	442,739
	300,000		5.000		12/01/2022	324,351
	450,000		5.000		12/01/2023	489,474
Illinois Finance Authority RB for Prairie Power, Inc. Project RMKT 05/08/17 Series 2017 A (A/NR)^(b)(c)
	6,825,000		1.750		05/06/2020	6,772,243


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)^(a)
$	6,960,000		5.000	%	12/01/2021	$ 7,640,201
Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	2,055,000		3.250		05/15/2022	2,088,168
Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	255,000		4.000		09/01/2020	264,848
	500,000		4.000		09/01/2021	523,890
Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)^(b)(c)
	3,365,000		5.000		12/15/2022	3,763,820
Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA/NR)
	300,000		5.000		01/01/2020	313,323
	500,000		5.000		01/01/2021	534,555
	1,000,000		5.000		01/01/2022	1,090,510
	1,500,000		5.000		01/01/2023	1,662,525
Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	14,360,000		4.000		01/01/2019	14,474,305
	2,475,000		5.000		03/01/2019	2,516,209
Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	3,645,000		5.000		07/01/2019	3,732,844
	3,990,000		5.500		07/01/2024	4,294,038
Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	3,775,000		5.000		02/01/2019	3,831,361
Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	8,600,000		5.000		12/01/2020	8,942,022
Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	8,000,000		5.000		11/01/2019	8,250,800
	4,750,000		5.000		12/01/2020	4,938,907
	9,000,000		5.000		12/01/2021	9,453,870
Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	10,630,000		5.000		11/01/2021	11,153,528
	21,810,000		5.000		11/01/2022	23,058,404
	15,000,000		5.000		11/01/2023	15,919,500
	44,500,000		5.000		11/01/2024	47,347,555
Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	12,500,000		5.000		05/01/2021	13,041,125
Illinois State GO Bonds Series 2018 B (BBB-/Baa3)
	5,000,000		5.000		05/01/2019	5,101,200
	5,000,000		5.000		05/01/2021	5,216,450
Illinois State GO Refunding Bonds Series 2009 A (BBB-/Baa3)
	16,000,000		4.000		09/01/2020	16,018,400
Illinois State GO Refunding Bonds Series 2010 (BBB-/Baa3)
	16,490,000		5.000		01/01/2020	16,939,188
Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,295,000		5.000		08/01/2019	7,483,649
	1,000,000		5.000		08/01/2021	1,046,350
Illinois State GO Refunding Bonds Series 2016 (BBB-/Baa3)
	20,000,000		5.000		02/01/2020	20,570,800
Illinois State Sales Tax RB Junior Obligation Series 2016 A (AA-/NR)
	1,475,000		5.000		06/15/2022	1,609,948
Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (AA-/NR)
	675,000		4.000		06/15/2021	704,592
	2,875,000		5.000		06/15/2022	3,138,034
Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (AA-/NR)
	3,185,000		4.000		06/15/2021	3,324,630
Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,000,000		5.000		06/01/2022	5,492,250


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
$	2,000,000		5.000	%	03/01/2021	$ 2,143,920
State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,245,000		5.000		02/01/2023	3,426,655
State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,000,000		5.000		02/01/2019	2,029,860
	2,360,000		5.000		02/01/2023	2,492,113
University of Illinois Board Trustees COP RB Refunding Series 2016 A (A-/A1)
	5,250,000		5.000		08/15/2020	5,550,038
	5,000,000		5.000		08/15/2021	5,384,900
Will & Kendall Counties Community Consolidated School District No. 202 GO Refunding Bonds Series 2017 (NR/Aa2)
	9,650,000		2.000		01/01/2019	9,668,914

						453,625,465

Indiana – 0.8%
City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2008 (A-/A1)^(b)(c)
	15,000,000		1.850		10/01/2019	14,957,700
Delaware County Indiana Hospital Authority RB Refunding for Ball Memorial Hospital, Inc. Obligated Group Series 2009 A (ETM) (NR/WR)^(a)
	4,585,000		5.625		08/01/2018	4,599,764
Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	855,000		5.000		05/01/2020	902,846
Indiana Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (A+/NR)
	500,000		5.000		03/01/2019	511,160
	650,000		5.000		03/01/2020	683,871
Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB RMKT 08/01/17 Series 2005 A-5 (AA/Aa3)^(b)(c)
	5,535,000		1.350		08/04/2020	5,454,023
Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (AA+/Aa3)^(b)(c)
	4,505,000		1.375		05/01/2020	4,450,670
Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (NR/NR)^(a)(b)(c)
	95,000		1.375		05/01/2020	93,686
Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	375,000		5.000		07/15/2020	398,385
	465,000		3.000		01/15/2021	474,346
	250,000		5.000		07/15/2021	270,200
	405,000		3.000		01/15/2022	414,704
	200,000		5.000		07/15/2022	220,522
	300,000		5.000		01/15/2023	333,996
	375,000		3.000		07/15/2023	384,173
Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000		3.050		06/01/2025	10,030,800

						44,180,846

Iowa – 0.1%
Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)^(a)
	5,000,000		5.000		08/01/2021	5,462,750


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Kansas – 0.5%
Johnson County Public Building Commission RB Refunding for Kansas Lease Purchase Series 2015 B (AAA/Aaa)
$	2,735,000		2.000	%	09/01/2019	$ 2,749,714
	3,810,000		2.000		09/01/2020	3,834,918
Johnson County Unified School District No. 229 GO Bonds for Kansas Blue Valley Series 2015 B (AA+/Aaa)
	4,725,000		5.000		10/01/2019	4,921,466
Johnson County Unified School District No. 229 GO Bonds for Kansas Blue Valley Series 2017 A (AA+/Aaa)
	5,955,000		5.000		10/01/2020	6,387,154
Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
	3,455,000		4.000		10/01/2020	3,623,742
	3,000,000		4.000		10/01/2021	3,196,260

						24,713,254

Kentucky – 0.8%
Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)
	350,000		5.000		06/01/2019	357,476
	500,000		5.000		06/01/2020	520,605
	1,100,000		5.000		06/01/2021	1,163,382
	2,450,000		5.000		06/01/2022	2,628,556
	1,000,000		5.000		06/01/2023	1,085,440
Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)
	655,000		4.000		04/01/2019	665,840
	785,000		4.000		04/01/2020	812,177
	775,000		4.000		04/01/2021	812,572
	1,210,000		4.000		04/01/2022	1,282,467
Kentucky State Property and Buildings Commission for Project 117 RB Refunding Series 2017 D (A+/A1)
	4,000,000		5.000		05/01/2021	4,306,440
Kentucky State Property and Buildings Commission for Project 99 RB Refunding Series 2010 A (A-/A1)
	4,480,000		5.000		11/01/2018	4,531,117
Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (AA-/Aa3)^(a)
	3,490,000		5.000		07/01/2022	3,891,454
Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2016 A (AA-/Aa3)
	950,000		2.000		07/01/2020	952,774
Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Company Project RMKT 06/01/17 Series 2017 A (A/A1)^(b)(c)
	4,000,000		1.250		06/03/2019	3,977,920
Louisville & Jefferson County Metropolitan Sewer District RB for Sewer & Drainage System Series 2009 B (AA/Aa3)
	2,000,000		5.000		05/15/2019	2,060,900
Louisville & Jefferson County PCRB for Louisville Gas & Electric Company Project RMKT 04/03/17 Series 2003 A (A/A1)^(b)(c)
	6,000,000		1.500		04/01/2019	5,984,520
University of Louisville General Receipts RB Refunding Series 2016 C (A+/A1)
	4,680,000		3.000		09/01/2021	4,813,895

						39,847,535

Louisiana – 0.7%
City of Shreveport Louisiana Water and Sewer RB Refunding Series 2014 A (BAM) (AA/A3)
	3,000,000		5.000		12/01/2019	3,141,300


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Louisiana – (continued)
Ernest N. Morial New Orleans Exhibition Hall Authority Special Tax Refunding Bonds Series 2012 (AA+/A1)
$	680,000		2.000	%	07/15/2018	$ 680,116
	1,040,000		4.000		07/15/2018	1,040,863
	1,000,000		5.000		07/15/2019	1,033,440
Louisiana Local Government Environmental Facilities and Community Development Authority RB for Southeastern Louisiana Student Series 2004 B (NATL-RE) (NR/A3)^(c)
	10,675,000		2.643		08/01/2034	10,001,834
Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	735,000		2.250		10/01/2021	739,123
	815,000		5.000		10/01/2021	889,532
	800,000		2.500		10/01/2022	809,008
	950,000		5.000		10/01/2022	1,056,381
Louisiana State GO Bonds Series 2011 A (NR/Aa3)
	6,000,000		5.000	^(a)	09/01/2020	6,410,340
	2,750,000		5.000	^(a)	08/01/2022	3,077,195
	5,000,000		5.000		08/01/2022	5,561,700

						34,440,832

Maine – 0.1%
Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	685,000		5.000		10/01/2019	713,564
	1,985,000		4.000		10/01/2020	2,080,141
	1,345,000		4.000		10/01/2021	1,429,937
Maine Turnpike Authority RB Refunding Series 2014 (AA-/Aa3)
	1,430,000		5.000		07/01/2020	1,521,277

						5,744,919

Maryland – 2.9%
Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	200,000		3.000		09/01/2018	200,438
	350,000		4.000		09/01/2019	357,987
	500,000		5.000		09/01/2020	529,375
	500,000		5.000		09/01/2021	540,125
	500,000		5.000		09/01/2022	548,885
Carroll County Maryland Consolidated Public Improvement and Refunding Bonds Series 2011 (AAA/Aa1)
	3,055,000		4.000		11/01/2018	3,081,029
City of Baltimore RB for Water Projects Series 2002 Subseries B (NATL-RE) (AA/Aa3)^(c)
	11,350,000		2.912		07/01/2037	10,289,229
City of Baltimore RB for Water Projects Series 2002 Subseries C (AA-/A1)^(c)
	7,025,000		2.912		07/05/2018	6,298,896
County of Anne Arundel GO Refunding Bonds for Consolidated General Improvements Series 2015 (AAA/Aa1)
	6,220,000		5.000		04/01/2019	6,382,777
County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,000,000		5.000		08/01/2022	2,237,960
County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000		03/01/2023	3,197,617
County of Baltimore GO Bonds Series 2018 (SP-1+/MIG1)
	25,000,000		4.000		03/18/2019	25,447,250


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Maryland – (continued)
County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)^(a)
$	14,455,000		5.000	%	11/01/2023	$ 16,588,558
Howard County GO Bonds Consolidated Public Improvement Project & Refunding Series 2014 A (AAA/Aaa)
	2,590,000		5.000		02/15/2022	2,867,389
Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	600,000		4.000		06/01/2020	624,336
	660,000		4.000		06/01/2021	696,755
Maryland State GO Bonds for State & Local Facilities Loan First Series 2018 A (AAA/Aaa)
	10,470,000		5.000		03/15/2022	11,620,130
Maryland State GO Bonds for State & Local Facilities Loan Second Series 2012 B (AAA/Aaa)^(a)
	17,850,000		4.000		08/01/2020	18,688,236
Maryland State GO Bonds for State & Local Facilities Loan Second Series 2014 B (AAA/Aaa)^(a)
	19,845,000		5.000		08/01/2022	22,164,881
Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)^(a)
	5,140,000		5.000		03/01/2021	5,550,069
Montgomery County GO Consolidated Public Improvement Refunding Bonds Series 2017 D (AAA/Aaa)
	8,200,000		3.000		11/01/2022	8,548,582
University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,560,000		5.000		04/01/2020	1,649,185
	1,595,000		5.000		04/01/2022	1,770,402
	1,075,000		5.000		04/01/2023	1,218,169

						151,098,260

Massachusetts – 4.8%
City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)
	4,105,000		5.000		01/15/2021	4,426,750
Massachusetts Bay Transportation Authority RB Series 2017 (AA/Aa3)
	50,000,000		4.000		12/01/2021	53,468,500
Massachusetts Bay Transportation Authority Sales Tax RB Refunding for Capital Appreciation Senior Series 2016 A (AA/Aa2)^(e)
	7,000,000		0.000		07/01/2021	6,591,130
Massachusetts Commonwealth GO Refunding Bonds Series 2017 A (AA/Aa1)^(d)
(SIFMA Municipal Swap Index Yield + 0.47%),
	40,000,000		1.980		02/01/2019	40,015,600
Massachusetts Commonwealth Transportation Fund RB for Accelerated Bridge Program Series 2012 A (AAA/Aa1)^(a)
	10,000,000		5.000		06/01/2021	10,894,500
Massachusetts Commonwealth Transportation Fund RB for Rail Enhancement Program Series 2015 A (AAA/Aa1)
	11,155,000		5.000		06/01/2021	12,156,161
Massachusetts Development Finance Agency RB for Harvard University Series 2009 A (NR/NR)^(a)
	28,790,000		5.500		11/15/2018	29,221,562
Massachusetts State Development Finance Agency RB Refunding for Boston University Issue Series Z-1 (A+/Aa3)
	10,000,000		1.500		08/01/2019	9,993,600


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Massachusetts – (continued)
Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(d)
(3 Mo. LIBOR + 0.57%),
$	14,660,000		2.150	%	05/01/2037	$ 14,120,365
Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (AA+/Aa1)^(d)
(3 Mo. LIBOR + 0.57%),
	33,240,000		2.150		05/01/2037	32,016,436
Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)^(d)
(3 Mo. LIBOR + 0.55%),
	38,000,000		2.130		11/01/2025	37,822,920
Massachusetts State Health & Educational Facilities Authority RB for Foundation of Massachusetts Eye & Ear Obligated Group Series 2010 C (NR/WR)^(a)
	1,500,000		5.375		07/01/2020	1,605,210

						252,332,734

Michigan – 2.5%
Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA-/NR)
	3,635,000		5.000		05/01/2021	3,936,378
Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA-/NR)
	2,500,000		5.000		05/01/2022	2,767,200
	1,275,000		5.000		11/01/2022	1,424,366
Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)
	3,015,000		5.250		07/01/2020	3,216,040
Detroit Michigan Sewage Disposal System RB Senior Lien RMKT 06/17/09 Series 2003 B (AGM) (AA/NR)^(a)
	1,800,000		7.500		07/01/2019	1,903,806
Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (AA-/NR)
	1,250,000		5.000		05/01/2020	1,320,650
Macomb County Michigan Roseville Community Schools Unlimited Tax GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	900,000		5.000		05/01/2019	925,650
Michigan Finance Authority Hospital Project RB Refunding Ascension Senior Credit Series 2016 E-1 (AA+/Aa2)^(b)(c)
	3,000,000		1.100		08/15/2019	2,974,890
Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)
	2,300,000		4.000		08/01/2020	2,399,360
	3,635,000		5.000		08/01/2021	3,955,462
Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A3)
	200,000		5.000		11/15/2020	213,558
	500,000		5.000		11/15/2021	544,330
Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (MUN GOVT GTD) (A+/Aa2)
	3,500,000		5.000		04/01/2020	3,661,175
	1,510,000		5.000		04/01/2021	1,611,125
Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (A/NR)
	500,000		3.400		10/01/2020	508,105
	500,000		3.600		10/01/2021	511,995
	500,000		3.800		10/01/2022	515,410


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Michigan – (continued)
Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A2)
$	5,125,000		5.000	%	07/01/2021	$ 5,544,840
Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-5 (NATL-RE) (A-/A3)
	1,500,000		5.000		07/01/2018	1,500,000
Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	3,165,000		5.000		07/01/2020	3,349,108
	10,000,000		5.000		07/01/2021	10,819,200
	9,225,000		5.000		07/01/2022	10,188,920
	5,000,000		5.000		07/01/2023	5,628,500
Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-3 (NATL-RE) (A-/A3)
	7,410,000		5.000		07/01/2018	7,410,000
	5,000,000		5.000		07/01/2019	5,159,500
	1,390,000		5.000		07/01/2020	1,470,578
Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (A-/A3)
	700,000		5.000		07/01/2019	722,330
	375,000		5.000		07/01/2020	396,739
	750,000		5.000		07/01/2021	811,215
Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (A-/NR)
	1,400,000		4.000		07/01/2018	1,400,000
	1,125,000		5.000		07/01/2019	1,162,136
	1,200,000		5.000		07/01/2020	1,262,328
Michigan Finance Authority Local Government Loan Program RB Refunding for Regional Convention Facility Local Project Series 2014 H-1 (AA-/NR)
	1,135,000		5.000		10/01/2018	1,144,852
	825,000		5.000		10/01/2019	857,736
	1,140,000		5.000		10/01/2020	1,181,656
Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 B (AAA/Aaa)
	4,085,000		5.000		01/01/2020	4,222,705
Michigan Flushing Community Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (NR/Aa1)
	1,040,000		4.000		05/01/2019	1,060,166
	500,000		4.000		05/01/2020	519,315
Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)^(b)(c)
	2,600,000		1.900		04/01/2021	2,592,382
Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)^(b)(c)
	4,400,000		2.400		03/15/2023	4,425,300
Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)^(b)(c)
	2,000,000		1.450		09/01/2021	1,924,120


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Michigan – (continued)
Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(b)(c)
$	4,000,000		1.450	%	09/01/2021	$ 3,848,240
Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	2,475,000		5.000		05/01/2020	2,614,887
Rochester Community School District GO Refunding Bonds Series 2012 (Q-SBLF) (AA-/NR)
	700,000		4.000		05/01/2019	714,448
Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2014 D (A+/A1)
	1,500,000		5.000		09/01/2019	1,555,755
St. Clair County Michigan East China School District 2015 School Bus GO Refunding Bonds Series I (Q-SBLF) (AA-/NR)
	3,170,000		3.000		05/01/2019	3,205,536
University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)^(b)
(SIFMA Municipal Swap Index Yield + 0.27%, 12.00% Cap),
	3,980,000		1.330		04/01/2022	3,979,881
Warren Consolidated School District Unlimited Tax GO Refunding Bonds Series 2016 B (BAM) (AA/NR)
	1,790,000		5.000		05/01/2019	1,838,616
Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 A (Q-SBLF) (AA-/NR)
	1,420,000		4.000		05/01/2019	1,446,937
Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA-/NR)
	1,000,000		5.000		05/01/2021	1,075,190
	1,000,000		5.000		05/01/2022	1,097,200
Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,270,000		5.000		12/01/2018	1,287,971
	1,385,000		5.000		12/01/2019	1,447,851
Western Township Utilities Authority Sewage Disposal System Limited Tax RB for Series 2012 (MUN GOVT GTD) (AA/NR)
	1,000,000		4.000		01/01/2019	1,011,670

						132,267,308

Minnesota – 0.7%
Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AA+/NR)^(e)
	675,000		0.000		02/01/2021	636,768
Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corporation Series 2017 (NR/Baa1)
	500,000		4.000		05/01/2021	524,250
	500,000		4.000		05/01/2022	530,020
	500,000		5.000		05/01/2023	557,220
Minneapolis Minnesota Various Purpose GO Improvement Bonds Series 2016 (AAA/Aa1)
	10,000,000		2.000		12/01/2020	10,051,600
Minnesota State Trunk Highway GO Bonds Series 2017 B (AA+/Aa1)
	5,700,000		5.000		10/01/2022	6,409,650
Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AA+/Aa1)
	9,800,000		5.000		08/01/2021	10,728,550
Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AA+/Aa1)
	6,295,000		5.000		08/01/2021	6,891,451


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Minnesota – (continued)
University of Minnesota GO Bonds Series 2017 (AA/Aa1)
$	1,700,000		4.000	%	09/01/2019	$ 1,748,314

						38,077,823

Mississippi – 0.4%
Jackson County PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (AA-/Aa2)^(b)(c)
	7,000,000		1.650		07/04/2018	7,000,000
Mississippi Business Finance Corp. Gulf Opportunity Zone RB for Chevron U.S.A, Inc. Project Series 2010 G (AA-/Aa2)^(b)(c)
	7,695,000		1.530		07/04/2018	7,695,000
Mississippi State GO Refunding Bonds Series 2017 B (AA/Aa2)^(b)
(1 Mo. LIBOR + 0.33%, 11.00% Cap),
	7,000,000		1.658		09/01/2020	7,013,790

						21,708,790

Missouri – 0.6%
Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
	300,000		5.000		03/01/2019	305,514
	325,000		5.000		03/01/2020	338,887
	400,000		5.000		03/01/2021	423,880
Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	960,000		4.000		06/01/2019	979,862
	1,000,000		4.000		06/01/2020	1,039,980
Missouri State Highways and Transportation Commission Second Lien GO Refunding State Road Bonds Series 2014 B (AAA/Aa1)
	24,275,000		5.000		05/01/2019	24,985,044
St. Louis Airport RB Refunding for Lambert St. Louis International Airport Series 2013 (A-/A3)
	765,000		5.000		07/01/2018	765,000
St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)
	3,995,000		5.000		02/01/2021	4,319,754

						33,157,921

Montana – 0.2%
City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	275,000		4.000		07/01/2019	281,622
	240,000		4.000		07/01/2020	250,490
	210,000		4.000		07/01/2021	222,338
	310,000		5.000		07/01/2022	345,405
Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,750,000		2.000		08/01/2023	8,506,750
Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	500,000		4.000		12/01/2020	525,835
	510,000		4.000		12/01/2021	544,506
	260,000		5.000		06/01/2022	289,198
	445,000		5.000		12/01/2022	500,287

						11,466,431

Nebraska – 0.5%
City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000		5.000		09/01/2021	2,863,347
Gas Supply RB Refunding for Central Plains Energy Project Series 2014 (NR/A1)^(b)(c)
	20,000,000		5.000		12/01/2019	20,870,400


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Nebraska – (continued)
Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A-/NR)
$	750,000		4.000	%	11/01/2019	$ 771,540
	690,000		4.000		11/01/2020	717,379

						25,222,666

Nevada – 0.9%
Clark County Pollution Control RB Refunding for Nevada Power Company Project Series 2017 (A+/A2)^(b)(c)
	1,850,000		1.600		05/21/2020	1,833,331
Clark County School District Limited Tax GO Refunding Bonds Series 2015 B (A+/A1)
	10,300,000		5.000		06/15/2019	10,626,819
Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000		5.000		07/01/2022	4,060,202
Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA+/Aa1)
	9,010,000		5.000		06/01/2021	9,807,926
Nevada State Limited Tax GO Refunding Bonds for Capital Improvement Series 2015 D (AA/Aa2)
	18,085,000		5.000		04/01/2021	19,592,023

						45,920,301

New Hampshire – 1.0%
New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (AA-/A1)^(c)
	50,475,000		3.064		05/01/2021	50,475,000

New Jersey – 6.2%
Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	220,000		5.000		03/01/2020	229,988
	500,000		5.000		03/01/2023	549,570
Burlington County New Jersey GO Bonds Series 2015 A (AA/Aa2)
	1,275,000		2.000		05/01/2019	1,280,737
East Brunswick Township Board of Education Refunding Bonds Series 2012 (SCH BD RES FD) (NR/Aa2)
	1,130,000		4.000		11/01/2018	1,139,582
	1,300,000		5.000		11/01/2019	1,357,460
Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	725,000		4.000		02/15/2020	750,527
	1,025,000		4.000		02/15/2021	1,077,531
Mercer County New Jersey GO Bonds Series 2016 (AA+/NR)
	2,000,000		1.500		07/15/2021	1,975,360
New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)
	180,000		4.000		07/01/2021	186,531
	220,000		4.000		01/01/2022	228,582
	225,000		4.000		07/01/2022	234,531
	270,000		4.000		01/01/2023	282,199
	275,000		4.000		07/01/2023	288,057
	320,000		4.000		01/01/2024	335,270
	325,000		4.000		07/01/2024	340,889
New Jersey Economic Development Authority RB for School Facilities Construction Bonds Series 2011 GG (ETM) (ST APPROP) (NR/Baa1)^(a)
	4,485,000		5.000		09/01/2019	4,659,646


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
New Jersey Economic Development Authority RB for School Facilities Construction Series 2017 DDD (BBB+/Baa1)
$	500,000		5.000	%	06/15/2019	$ 513,945
	600,000		5.000		06/15/2020	628,134
New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,835,000		4.000		06/01/2021	1,925,502
	1,000,000		4.000		06/01/2022	1,058,610
New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB+/Baa1)^(d)
(SIFMA Municipal Swap Index Yield + 1.25%),
	13,315,000		2.760		09/01/2025	13,063,746
New Jersey Educational Facilities Authority RB for Rider University Series 2012 A (BBB-/Baa2)
	1,265,000		4.000		07/01/2018	1,265,000
New Jersey Educational Facilities Authority RB Refunding for New Jersey City University Series 2016 D (AGM) (AA/A2)
	2,150,000		3.000		07/01/2020	2,201,600
	2,210,000		3.000		07/01/2021	2,268,079
New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (A-/NR)
	630,000		4.000		07/01/2018	630,000
	315,000		5.000		07/01/2020	333,894
	485,000		5.000		07/01/2021	525,318
	440,000		5.000		07/01/2022	486,332
New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (AA/Aa3)
	750,000		5.000		07/01/2021	816,225
New Jersey Health Care Facilities Financing Authority RB Refunding for Barnabas Health Series 2012 A (A+/A1)
	400,000		5.000		07/01/2018	400,000
New Jersey Health Care Facilities Financing Authority RB Refunding for Robert Wood Johnson University Hospital Series 2010 (NR/WR)^(a)
	5,000,000		5.000		01/01/2020	5,240,950
New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	4,300,000		5.000		07/01/2018	4,300,000
	1,530,000		5.000		07/01/2019	1,572,059
	1,000,000		5.000		07/01/2020	1,053,540
	1,000,000		5.000		07/01/2021	1,075,590
	1,240,000		5.000		07/01/2022	1,360,119
New Jersey State Transit Corp. Refunding Grant Anticipation Notes Series 2014 A (A/A3)
	7,500,000		5.000		09/15/2018	7,549,275
New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A2)
	22,000,000		5.000		01/01/2020	23,033,560
New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (A+/A2)^(d)
(1 Mo. LIBOR + 0.34%, 8.00% Cap),
	1,290,000		1.728		01/01/2021	1,290,942
New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)^(d)
(1 Mo. LIBOR + 0.48%, 8.00% Cap),
	5,000,000		1.868		01/01/2022	5,015,100


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)^(d)
(1 Mo. LIBOR + 0.60%, 8.00% Cap),
$	15,565,000		1.988	%	01/01/2023	$ 15,622,591
New Jersey State Turnpike Authority RB Series 2012 B (A+/A2)
	10,000,000		5.000		01/01/2019	10,171,800
New Jersey State Turnpike Authority RB Series 2013 A (NR/NR)^(a)
	5,930,000		5.000		07/01/2022	6,624,225
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(e)
	24,355,000		0.000		12/15/2028	15,726,024
New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-2 (A+/Baa1)
	20,000,000		5.000		06/15/2029	20,044,200
New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2012 AA (ST APPROP) (BBB+/Baa1)
	2,945,000		5.000		06/15/2019	3,027,136
New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	10,000,000		5.000		06/15/2021	10,639,100
New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	1,000,000		5.000		06/15/2021	1,063,910
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)
	15,550,000		5.250		12/15/2020	16,536,959
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(e)
	10,000,000		0.000		12/15/2025	7,494,000
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(e)
	15,000,000		0.000		12/15/2027	10,345,650
	14,390,000		0.000		12/15/2030	8,650,261
	5,000,000		0.000		12/15/2031	2,866,300
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)
	3,015,000		5.000		12/15/2023	3,295,425
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	1,485,000		5.000		06/15/2020	1,558,686
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	5,115,000		5.000		06/15/2023	5,447,884
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2013 A (BBB+/Baa1)
	6,235,000		5.000		12/15/2019	6,492,755
New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)
	26,545,000		5.250		12/15/2023	29,344,170
New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000		5.000		06/15/2023	12,234,487
	8,560,000		5.000		06/15/2030	8,578,832
	23,985,000		5.000		06/15/2031	24,037,767
Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,000,000		2.000		08/01/2022	1,000,380
Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	7,350,000		3.200		06/01/2027	7,423,868


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New Jersey – (continued)
Township of Old Bridge GO Bonds Series 2017 (NR/Aa1)
$	2,600,000		2.000	%	04/01/2019	$ 2,610,140
Union County New Jersey GO Bonds Series B (AA+/Aaa)
	1,240,000		3.000		03/01/2019	1,252,673
Union County New Jersey GO Refunding Bonds Series B (ETM) (NR/NR)^(a)
	25,000		3.000		03/01/2019	25,237

						324,638,440

New Mexico – 1.3%
City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa2)
	6,480,000		5.000		07/01/2019	6,699,089
	6,480,000		5.000		07/01/2020	6,894,979
	6,480,000		5.000		07/01/2021	7,071,948
	5,480,000		5.000		07/01/2022	6,119,297
Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB+/Baa2)^(b)(c)
	4,000,000		1.875		10/01/2021	3,902,960
Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB+/Baa2)^(b)(c)
	11,000,000		1.875		10/01/2021	10,733,140
Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B (BBB+/Baa2)^(b)(c)
	3,750,000		2.125		06/01/2022	3,670,425
New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AAA/Aa1)
	4,000,000		5.000		06/15/2022	4,453,520
New Mexico Finance Authority Senior Lien Public Project Revolving Fund RB Series 2017 E (AAA/Aa1)
	2,550,000		5.000		06/01/2020	2,707,539
	2,885,000		5.000		06/01/2021	3,140,495
New Mexico Severance Tax RB Series 2017 A (AA-/Aa2)
	1,830,000		5.000		07/01/2019	1,891,872
New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa2)
	9,485,000		5.000		03/01/2021	10,262,296

						67,547,560

New York – 10.9%
Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	1,250,000		5.000		07/15/2021	1,354,062
	500,000		5.000		07/15/2022	551,715
	500,000		5.000		07/15/2023	559,525
City of Yonkers New York School GO Refunding Bonds Series 2014 A (AGM) (AA/A2)
	3,135,000		5.000		09/01/2019	3,256,701
Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A+/A1)^(b)
(1 Mo. LIBOR + 0.70%, 9.00% Cap),
	20,000,000		2.028		02/01/2020	20,128,600
Metropolitan Transportation Authority RB Refunding Series 2008 B-4 (A+/A1)^(b)(c)
	20,725,000		5.000		11/15/2019	21,659,076
Metropolitan Transportation Authority RB Refunding Series 2016 C-2B (A+/A1)^(b)(c)
	13,675,000		5.000		02/15/2020	14,371,194


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A+/A1)^(b)
(1 Mo. LIBOR + 0.55%, 9.00% Cap),
$	27,065,000		1.878	%	11/01/2022	$ 27,011,682
Metropolitan Transportation Authority RB Series 2011 B (A+/A1)^(b)
(1 Mo. LIBOR + 0.55%, 9.00% Cap),
	26,625,000		1.878		11/01/2022	26,572,549
Metropolitan Transportation Authority RB Series 2018 A-1 (SP-1+/MIG1)
	54,235,000		4.000		08/15/2019	55,641,856
Metropolitan Transportation Authority RB Series 2018 B-1A (SP-1+/MIG1)
	10,000,000		5.000		05/15/2020	10,553,200
Metropolitan Transportation Authority RB Subseries 2014 D-2 (A+/A1)^(b)
(SIFMA Municipal Swap Index Yield + 0.45%, 9.00% Cap),
	15,000,000		1.960		11/15/2022	14,986,350
New York City GO Bonds Fiscal 2006 Series H Subseries H1 (AA/Aa2)^(b)(c)
	6,100,000		1.530		07/04/2018	6,100,000
New York City GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa2)^(b)(c)
	5,555,000		1.530		07/04/2018	5,555,000
New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa2)^(b)(c)
	6,350,000		1.530		07/04/2018	6,350,000
New York City GO Bonds Series 2014 J (AA/Aa2)
	19,795,000		5.000		08/01/2018	19,851,812
New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)^(b)(c)
	6,605,000		1.530		07/04/2018	6,605,000
New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)^(b)(c)
	4,870,000		2.000		12/31/2021	4,865,081
New York State Dormitory Authority General Purpose Personal Income Tax RB Refunding Series 2016 D (AAA/Aa1)
	7,790,000		5.000		02/15/2022	8,632,956
New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AAA/Aa1)
	1,885,000		4.000		02/15/2021	1,992,483
New York State Dormitory Authority Personal Income Tax RB Series 2017 A (NR/NR)^(a)
	14,225,000		5.000		02/15/2019	14,535,389
New York State Dormitory Authority RB Refunding for Long Island University Series 2012 A (BBB/Baa2)
	3,665,000		5.000		09/01/2018	3,683,105
New York State Dormitory Authority State Sales Tax RB Series 2015 B (AAA/Aa1)
	24,440,000		5.000		03/15/2021	26,518,378
New York State Energy Research & Development Authority Facilities RB Refunding for Consolidated Edison Co. Subseries 1999 A-2 (AMT) (AMBAC) (A-/A2)^(c)
	70,250,000		2.696		05/01/2034	70,028,010
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1985 B (AMBAC) (A/Aa3)^(c)
	310,000		5.255		12/01/2025	310,000


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 2003 C (AMBAC) (A/Aa3)^(c)
$	585,000		5.250	%	12/01/2025	$ 585,000
New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. Series 2004 A (XLCA) (A/Aa3)^(c)
	20,000		5.230		07/01/2029	20,000
New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corp. Project Series 2004 C (A-/NR)^(b)(c)
	17,000,000		2.625		07/03/2023	16,996,090
New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1987 A (AMBAC) (A/Aa3)^(c)
	4,430,000		5.244		03/01/2027	4,430,000
New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A2)^(c)
	27,750,000		2.562		07/01/2034	27,200,272
New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	29,525,000		5.000		05/01/2019	30,368,824
New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2015 A (AAA/Aa1)
	23,370,000		5.000		03/15/2021	25,351,075
New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	11,150,000		5.000		01/01/2022	12,084,927
	15,000,000		5.000		01/01/2023	16,484,250
New York Transportation Development Corp. Special Facility RB Refunding for Terminal One Group Association L.P. Project Series 2015 (AMT) (A-/Baa1)
	4,800,000		5.000		01/01/2020	5,020,416
	2,310,000		5.000		01/01/2021	2,459,203
Niagara Frontier Transportation Authority RB Refunding for Buffalo International Airport Series 2014 B (BBB+/Baa1)
	300,000		5.000		04/01/2019	307,218
Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa3)
	9,385,000		4.000		02/15/2021	9,753,737
Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)
	2,250,000		5.000		03/01/2019	2,301,570
	3,000,000		5.000		03/01/2020	3,159,870
Rockland County New York GO Refunding Bonds Series 2014 (BAM) (AA/A2)
	1,500,000		3.000		02/15/2019	1,513,830
	635,000		3.000		02/15/2020	647,897
Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,105,000		2.000		10/15/2020	5,127,666
	5,200,000		2.000		10/15/2021	5,195,008
Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	4,955,000		5.000		06/01/2021	5,379,148
	5,005,000		5.000		06/01/2022	5,551,146
Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000		4.000		02/01/2023	7,577,117
Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000		4.000		10/15/2023	6,904,734
Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	575,000		5.000		06/01/2019	593,825
	620,000		5.000		06/01/2020	660,846


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
$	2,000,000		5.000	%	06/01/2020	$ 2,108,440
	1,000,000		5.000		06/01/2021	1,076,170
TSASC Inc., Tobacco Settlement RB Subordinated Series 2017 B (BBB+/NR)
	1,000,000		5.000		06/01/2020	1,050,950

						571,582,953

North Carolina – 0.6%
County of Mecklenburg GO Refunding Bonds Series 2011 C (AAA/Aaa)
	7,980,000		5.000		12/01/2019	8,366,152
North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2012 B (ETM) (AAA/WR)^(a)
	4,900,000		5.000		01/01/2019	4,984,672
North Carolina Eastern Municipal Power Agency Power System RB Series 2012 A (ETM) (AAA/WR)^(a)
	2,000,000		3.000		01/01/2019	2,014,920
	1,000,000		5.000		01/01/2019	1,017,280
North Carolina Medical Care Commission Health Care Facilities RB Refunding for Wake Forest Baptist Obligated Group Series 2012 B (A/A2)
	1,375,000		5.000		12/01/2018	1,394,057
North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)^(a)
	10,745,000		5.000		05/01/2020	11,386,262

						29,163,343

Ohio – 1.2%
American Municipal Power, Inc., RB for Hydroelectric Projects Series 2009 C (A/A2)^(a)
	4,000,000		5.000		02/15/2020	4,207,560
Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	13,140,000		5.125		06/01/2024	13,108,990
	3,265,000		5.375		06/01/2024	3,265,000
Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)
	1,455,000		5.000		12/01/2020	1,563,645
County of Franklin Hospital Facilities RB Refunding Series 2011 B (AA+/Aa2)^(b)(c)
	11,490,000		4.000		11/01/2018	11,575,715
Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000		5.000		02/15/2023	1,895,863
	3,000,000		5.000		02/15/2024	3,277,110
	1,500,000		5.000		02/15/2025	1,646,670
Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	415,000		4.000		01/01/2019	419,000
	435,000		4.000		01/01/2020	445,997
New Albany Community Authority RB Refunding Series 2012 C (NR/Aa3)
	800,000		4.000		10/01/2018	805,120
Northmont City School District School Improvement GO Bonds Series 2012 A (SD CRED PROG) (NR/Aa2)^(a)
	3,500,000		5.000		11/01/2021	3,851,750
Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)^(a)
	1,685,000		5.000		05/01/2022	1,871,647
Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)^(a)
	7,400,000		4.000		05/01/2021	7,832,012


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Ohio – (continued)
University of Akron General Receipts Bonds Series 2015 A (A+/A1)
$	1,100,000		4.000	%	01/01/2019	$ 1,113,112
University of Cincinnati RB Series 2018 C (SP-1+/Aa3)^(d)
(1 Mo. LIBOR + 0.34%),
	5,000,000		1.743		06/01/2020	4,999,950
University of Toledo General Receipts RB Series 2011 B (A/A1)^(a)
	355,000		5.000		06/01/2021	386,755

						62,265,896

Oklahoma – 0.8%
Edmond Public Works Authority Sales Tax and Utility System RB Series 2017 (AA-/NR)
	2,000,000		3.000		07/01/2021	2,056,680
	1,295,000		3.000		07/01/2022	1,338,421
Oklahoma County Independent School District No. 1 Combined Purpose GO Bonds for Putnam City Board of Education District Series 2016 (A+/NR)
	3,585,000		2.000		01/01/2019	3,591,847
	2,900,000		2.000		01/01/2021	2,899,304
Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2017 (AA+/NR)
	4,250,000		2.000		08/01/2019	4,269,423
	4,800,000		2.000		08/01/2020	4,818,480
	4,900,000		2.000		08/01/2022	4,884,712
Oklahoma County Independent School District No. 89 GO Bonds Series 2015 (AA/Aa3)
	6,200,000		3.000		07/01/2019	6,285,932
Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	500,000		5.000		08/15/2022	544,710
	500,000		5.000		08/15/2023	551,330
	500,000		5.000		08/15/2024	556,080
Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,745,000		4.000		01/01/2023	2,974,921
Tulsa County Independent School District No. 3 GO Bonds Series 2017 (AA/NR)
	5,800,000		2.000		04/01/2020	5,826,738

						40,598,578

Oregon – 1.4%
Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	300,000		4.000		03/01/2019	303,777
	995,000		4.000		03/01/2021	1,032,651
	385,000		5.000		03/01/2023	421,405
	200,000		5.000		03/01/2024	221,004
	200,000		5.000		03/01/2025	222,958
Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)^(e)
	3,740,000		0.000		06/15/2020	3,606,707
	3,780,000		0.000		06/15/2021	3,562,385
Oregon Coast Community College District GO Refunding Bonds Series 2012 (SCH BD GTY) (NR/Aa1)
	1,445,000		3.000		06/15/2019	1,465,230
Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)
	3,500,000		4.000		06/15/2019	3,581,865
	10,240,000		4.000		06/15/2020	10,693,836
	12,520,000		4.000		06/15/2021	13,289,229


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Oregon – (continued)
Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
$	1,500,000		5.000	%	06/15/2020	$ 1,595,130
	1,900,000		5.000		06/15/2021	2,071,038
	2,300,000		5.000		06/15/2022	2,566,340
Portland Oregon Sewer System RB Refunding Second Lien Series 2016 B (AA-/Aa2)
	6,960,000		5.000		06/15/2022	7,771,606
Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	10,845,000		5.000		04/01/2019	11,127,187
	2,130,000		5.000		04/01/2022	2,368,326
State of Oregon GO Bonds Series 2018 A (AA+/Aa1)
	5,480,000		4.000		05/01/2020	5,713,886

						71,614,560

Pennsylvania – 4.3%
Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000		5.000		10/01/2021	1,505,735
	1,950,000		5.000		10/01/2022	2,180,958
Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	750,000		5.000		09/01/2018	753,202
Allentown School District GO Refunding Series 2016 (AGM) (ST AID WITHHLDG) (AA/NR)
	500,000		2.000		02/15/2019	500,670
Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)^(b)
(1 Mo. LIBOR + 0.48%, 10.00% Cap),
	6,000,000		1.951		11/01/2021	6,008,460
Butler County Hospital Authority RB for Health System Project Series 2015 A (A-/Baa1)
	1,265,000		3.000		07/01/2018	1,265,000
	310,000		3.000		07/01/2019	312,579
	265,000		4.000		07/01/2020	274,100
	1,000,000		4.000		07/01/2021	1,046,260
Chester County Downingtown Area School District GO Bonds Series 2010 (ST AID WITHHLDG) (NR/Aaa)^(b)
(SIFMA Municipal Swap Index Yield + 0.70%, 12.00% Cap),
	5,000,000		2.210		05/01/2019	5,005,900
Chester County IDA RB for University Student Housing, LLC Project at West Chester University Series 2013 A (NR/Baa3)
	530,000		3.000		08/01/2018	530,148
City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	1,000,000		5.000		09/01/2019	1,036,470
	4,000,000		5.000		09/01/2020	4,253,360
	4,000,000		5.000		09/01/2021	4,331,160
City of Philadelphia GO Bonds Series 2017 (A/A2)
	4,500,000		5.000		08/01/2019	4,658,850
Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	325,000		4.000		08/01/2020	337,350
	1,270,000		5.000		08/01/2021	1,372,489
	1,125,000		5.000		08/01/2022	1,239,795


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
$	950,000		5.000	%	06/01/2020	$ 1,000,407
	2,250,000		5.000		06/01/2023	2,501,798
Cumberland County Municipal Authority RB Refunding for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	535,000		4.000		01/01/2019	540,425
	1,000,000		4.000		01/01/2020	1,026,170
Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)^(b)(c)
	9,000,000		1.800		08/15/2022	8,838,090
Montgomery County Higher Education and Health Authority RB Refunding for Holy Redeemer Health System Series 2014 A (BBB/Baa3)
	1,000,000		4.000		10/01/2018	1,004,670
	1,000,000		4.000		10/01/2019	1,021,210
Montgomery County IDA Pollution Control RB Refunding for PECO Energy Company Project Series 1999 B (BBB/Baa2)^(b)(c)
	30,425,000		2.500		04/01/2020	30,419,219
Pennsylvania Economic Development Financing Authority Unemployment Compensation RB Series 2012 B (AA+/Aaa)
	16,335,000		5.000		07/01/2020	16,880,752
Pennsylvania Higher Educational Facilities Authority RB for LA Salle University Series 2012 (BBB-/NR)
	360,000		5.000		05/01/2019	368,964
Pennsylvania Higher Educational Facilities Authority RB for LA Salle University Series 2012 (ETM) (NR/NR)^(a)
	640,000		5.000		05/01/2019	657,325
Pennsylvania State Commonwealth GO Bonds Second Series 2015 (A+/Aa3)
	2,175,000		5.000		08/15/2020	2,310,916
Pennsylvania State Commonwealth GO Refunding Bonds First Series 2015 (A+/Aa3)
	8,115,000		5.000		08/15/2020	8,622,106
Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	13,670,000		5.000		09/15/2020	14,554,039
Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,455,000		5.000		01/01/2023	37,125,014
Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2010 A (A+/Aa3)^(a)
	7,520,000		5.000		05/01/2020	7,968,794
Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,500,000		5.000		01/15/2022	4,911,615
Pennsylvania State GO Bonds First Refunding Series 2015 (AGM) (AA/Aa3)
	5,000,000		5.000		08/15/2022	5,531,400
Pennsylvania Turnpike Commission RB Series 2009 D (A/A3)^(a)
	5,000,000		5.300		12/01/2019	5,253,450
Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)^(d)
(SIFMA Municipal Swap Index Yield + 0.88%, 12.00% Cap),
	7,000,000		2.390		12/01/2020	7,069,790
Pennsylvania Turnpike Commission RB Subordinate Series 2009 B (A/A3)^(a)
	10,000,000		5.750		06/01/2019	10,380,200
Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A/A3)^(a)
	1,400,000		5.000		12/01/2020	1,505,560


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
$	500,000		5.000	%	07/01/2019	$ 512,900
	1,000,000		5.000		07/01/2020	1,047,550
	1,250,000		5.000		07/01/2021	1,331,800
	2,000,000		5.000		07/01/2022	2,163,620
Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A-/NR)
	530,000		4.000		12/15/2019	546,531
	365,000		4.000		12/15/2020	382,188
	600,000		4.000		12/15/2021	635,484
	280,000		5.000		12/15/2022	311,175
Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(b)
(1 Mo. LIBOR + 0.64%, 12.00% Cap),
	10,000,000		2.028		12/01/2020	10,016,700
Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	500,000		5.000		06/01/2019	512,320
	645,000		5.000		06/01/2020	676,005
	680,000		5.000		06/01/2021	721,915
Westmoreland County Municipal Authority RB Series 2013 (A+/A1)^(a)
	1,965,000		5.000		08/15/2023	2,240,041

						227,202,629

Puerto Rico – 1.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CC/Ca)
	7,285,000		5.000		07/01/2019	6,101,188
Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (D/WR)^(h)
	772,500		5.500		07/01/2017	631,519
Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(d)
(3 Mo. LIBOR + 0.52%),
	46,695,000		2.069		07/01/2029	40,858,125
Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (D/Ca)^(d)(h)
(3 Mo. LIBOR + 0.70%),
	25,850,000		2.249		07/01/2031	11,277,062
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)
	654,385		5.500		07/01/2016	283,840
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (COMWLTH GTD) (NR/Ca)^(c)
	1,000,000		10.000		07/01/2035	1,058,800
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)^(b)(h)
	10,835,000		10.000		07/01/2034	4,713,225
Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (D/Ca)^(h)
	19,315,000		5.500		08/01/2023	8,643,462

						73,567,221

Rhode Island – 0.3%
Providence GO Bonds Series 2013 A (A-/Baa1)
	1,545,000		5.000		01/15/2019	1,570,786


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Rhode Island – (continued)
Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB-/Baa2)
$	150,000		3.000	%	09/15/2018	$ 150,303
	250,000		4.000		09/15/2019	255,385
	200,000		5.000		09/15/2020	212,488
	1,210,000		5.000		09/15/2021	1,310,188
Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,770,000		5.000		09/01/2021	5,219,954
Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for University of Rhode Island Auxiliary Enterprise Series 2013 C (A+/A1)
	500,000		4.000		09/15/2018	502,495
Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	815,000		4.000		05/15/2020	841,822
	820,000		5.000		05/15/2021	877,523
	1,415,000		5.000		05/15/2022	1,542,378
Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
	5,605,000		2.250		06/01/2041	5,605,112

						18,088,434

South Carolina – 0.6%
City of Florence Waterworks & Sewerage System RB Refunding Series 2016 (AA-/Aa2)
	1,560,000		2.000		09/01/2020	1,561,295
	1,000,000		2.000		09/01/2021	996,030
Colleton County South Carolina GO Bonds for Capital Project Sales Series 2015 (AA-/Aa3)
	725,000		1.500		07/01/2018	725,000
	2,985,000		2.000		07/01/2019	2,998,194
County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000		5.000		11/01/2021	11,020,708
Richland County South Carolina School District No. 1 GO Refunding Bonds Series 2014 B (SCSDE) (AA/Aa1)
	3,165,000		5.000		03/01/2020	3,337,429
Richland County South Carolina School District No. 2 GO Bonds Series 2017 A (SCSDE) (AA/Aa1)
	1,765,000		5.000		03/01/2019	1,805,683
South Carolina Public Service Authority RB Tax-Exempt Series 2010 C (A+/A1)
	9,645,000		5.000		12/01/2019	10,068,801
South Carolina Public Service Authority RB Tax-Exempt Series 2014 A (A+/A1)^(a)(c)
	1,000,000		2.500		06/01/2019	1,010,680

						33,523,820

South Dakota – 0.1%
Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	1,000,000		4.000		01/01/2020	1,032,900
	1,055,000		5.000		01/01/2021	1,130,042
	570,000		5.000		01/01/2022	624,002

						2,786,944


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Tennessee – 0.8%
City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
$	2,720,000		5.000	%	06/01/2021	$ 2,962,515
	2,400,000		5.000		06/01/2022	2,676,240
County of Rutherford GO School Bonds Series 2017 (AA+/Aa1)
	2,420,000		5.000		04/01/2021	2,625,724
County of Williamson District GO Public Improvement & School Bonds Series 2017 (NR/Aaa)
	1,700,000		5.000		04/01/2022	1,890,859
County of Williamson District School GO Bonds Series 2017 (NR/Aaa)
	1,450,000		5.000		04/01/2022	1,612,791
Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	2,000,000		5.000		07/01/2019	2,063,000
	2,500,000		5.000		07/01/2020	2,645,925
	3,500,000		5.000		07/01/2021	3,784,620
Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	6,185,000		5.000		04/01/2020	6,541,875
	7,860,000		5.000		04/01/2022	8,742,442
Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	335,000		4.000		04/01/2019	339,643
	350,000		5.000		04/01/2020	365,873
	750,000		4.000		04/01/2021	779,640
	1,420,000		5.000		04/01/2022	1,540,785
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Series 2009 B (AA+/Aa2)^(a)
	4,000,000		5.500		10/01/2019	4,193,360

						42,765,292

Texas – 9.6%
Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,400,000		3.000		08/15/2022	6,649,024
Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BBB-/NR)
	600,000		5.000		01/01/2019	608,334
	500,000		5.000		01/01/2020	523,035
	500,000		5.000		01/01/2021	535,815
	465,000		5.000		01/01/2022	508,236
	750,000		5.000		01/01/2023	831,600
Austin Texas Water and Wastewater System RB Refunding Series 2014 (AA/Aa2)
	1,675,000		5.000		11/15/2019	1,752,351
Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (BBB+/Baa2)^(b)(c)
	7,500,000		5.000		01/07/2021	7,903,050
Central Texas Regional Mobility Authority RB Senior Lien Series 2011 (BBB+/Baa2)^(a)
	5,455,000		6.000		01/01/2021	5,987,572
City of Arlington for Permanent Improvement Bonds Series 2015 A (AAA/Aa1)
	1,075,000		2.500		08/15/2018	1,076,440
	725,000		3.000		08/15/2019	736,745


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)^(e)
$	80,000		0.000	%	09/01/2018	$ 79,521
	70,000		0.000		09/01/2019	67,022
	70,000		0.000		09/01/2020	64,449
	70,000		0.000		09/01/2021	61,801
	70,000		0.000		09/01/2022	59,123
	70,000		0.000		09/01/2023	56,456
City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB/NR)
	200,000		0.000	^(e)	09/01/2018	199,294
	685,000		0.000	^(e)	09/01/2019	666,594
	685,000		0.000	^(e)	09/01/2020	650,579
	685,000		0.000	^(e)	09/01/2021	630,104
	685,000		0.000	^(e)	09/01/2022	607,910
	405,000		4.000		09/01/2023	429,592
City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	250,000		3.000		09/01/2018	250,535
	375,000		3.000		09/01/2019	379,928
City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)^(b)(c)
	6,475,000		2.000		11/01/2022	6,400,602
Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)^(a)
	2,000,000		5.000		01/01/2021	2,156,960
Corpus Christi Independent School District GO Bonds for School Building Series 2017 A (PSF-GTD) (AAA/Aaa)^(b)(c)
	5,500,000		2.000		08/15/2019	5,515,070
Cypress-Fairbanks Independent School District GO Bonds for School Building Series 2017 A-3 (PSF-GTD) (AAA/Aaa)^(b)(c)
	9,325,000		3.000		08/17/2020	9,521,571
Dallas Area Rapid Transit Senior Lien RB Series 2009 A (AA+/Aa2)^(a)
	7,660,000		5.000		06/01/2019	7,899,452
Dallas County Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,425,000		5.000		02/15/2019	6,565,193
Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	1,750,000		5.000		11/01/2018	1,770,247
Fort Bend Independent School District GO Bonds for School Building RMKT 08/01/17 Series 2015 B (PSF-GTD) (AAA/NR)^(b)(c)
	7,145,000		1.350		08/01/2019	7,114,562
Fort Worth Texas GO Refunding and Improvement Bonds Series 2012 (AA+/Aa3)
	2,000,000		4.000		03/01/2019	2,031,940
Garland Independent School District Unlimited Tax Refunding Bonds Series 2015 A (PSF-GTD) (AAA/Aaa)
	4,710,000		3.000		02/15/2019	4,754,604
Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)^(b)(c)
	9,895,000		1.450		07/04/2018	9,895,000
Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(d)
(SIFMA Municipal Swap Index Yield + 1.05%, 18.00% Cap),
	5,685,000		2.560		06/01/2024	5,814,504


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(d)
(3 Mo. LIBOR + 0.67%),
$	21,945,000		2.240	%	08/15/2035	$ 20,447,473
Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	80,000		3.000		09/01/2018	80,152
	85,000		3.000		09/01/2019	85,960
	85,000		3.000		09/01/2020	86,697
	90,000		3.000		09/01/2021	91,881
	90,000		3.000		09/01/2022	91,731
	95,000		3.000		09/01/2023	96,362
Houston Airport System RB Subordinate Lien Series 2002 C (AMT) (XLCA) (A+/A1)^(c)
	14,550,000		4.180		07/01/2032	14,550,000
Houston Independent School District Limited Tax GO Refunding Bonds RMKT 01/06/17 Series 2017 (PSF-GTD) (AAA/Aaa)^(b)(c)
	10,420,000		1.450		06/01/2020	10,351,749
Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	16,990,000		3.000		02/15/2021	17,508,705
	24,000,000		3.000		02/15/2022	24,892,560
Houston Independent School District Limited Tax Schoolhouse GO Bonds RMKT 06/01/17 Series 2017 A-2 (PSF-GTD) (AAA/Aaa)^(b)(c)
	10,000,000		3.000		06/01/2019	10,112,400
Houston Independent School District Limited Tax Schoolhouse GO Bonds RMKT 06/01/17 Series 2017 B (PSF-GTD) (AAA/Aaa)^(b)(c)
	15,000,000		1.450		06/01/2020	14,901,750
Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (AAA/Aaa)^(b)
	4,935,000		2.400		06/01/2021	4,973,789
Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2014 A-1B (PSF-GTD) (AAA/Aaa)^(b)
	4,520,000		2.200		06/01/2020	4,543,594
Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	370,000		3.000		09/01/2019	374,862
	390,000		3.000		09/01/2020	395,222
	310,000		3.000		09/01/2021	314,014
	330,000		3.000		09/01/2022	335,561
Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2015 A (PSF-GTD) (AAA/NR)^(e)
	2,000,000		0.000		08/15/2019	1,963,860
	1,500,000		0.000		08/15/2020	1,441,140
Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)^(e)
	2,500,000		0.000		08/16/2020	2,400,850
	5,000,000		0.000		08/16/2021	4,677,550
Lower Neches Valley Authority Industrial Development Corp. RB for Exxon Capital Ventures, Inc. Project Series 2012 (AA+/Aaa)^(b)(c)
	6,700,000		1.530		07/04/2018	6,700,000
Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)^(b)(c)
	8,250,000		2.500		08/01/2021	8,357,663
Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 06/01/15 Series 2006 (A-/NR)
	5,000,000		1.800		12/01/2018	4,997,100


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BBB-/Baa3)
$	500,000		4.000	%	04/01/2019	$ 507,155
	770,000		4.000		04/01/2020	792,900
	810,000		4.000		04/01/2021	843,105
	855,000		4.000		04/01/2022	897,416
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Project Series 2014 A (AGM) (AA/A2)
	170,000		4.000		04/01/2020	174,939
	400,000		4.000		04/01/2021	415,160
New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BBB-/Ba2)
	145,000		4.000		04/01/2019	146,536
	300,000		4.000		04/01/2020	306,696
	620,000		4.000		04/01/2021	640,162
North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)^(b)(c)
	5,000,000		2.375		08/01/2022	5,026,100
North Texas Tollway Authority RB Refunding First Tier Series 2010 (A/A1)^(a)
	5,000,000		6.000		01/01/2021	5,507,400
North Texas Tollway Authority RB Refunding for First Tier Series 2012 C (A/A1)^(b)(c)
	18,000,000		1.950		01/01/2019	17,995,680
North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A/A1)
	3,250,000		5.000		01/01/2021	3,493,490
	4,525,000		5.000		01/01/2022	4,974,559
North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A-/A2)
	3,630,000		5.000		01/01/2023	4,059,393
	1,000,000		5.000		01/01/2024	1,114,210
North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)^(a)
	16,800,000		5.500		09/01/2021	18,592,056
North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A/A1)
	3,000,000		5.000		01/01/2019	3,052,140
North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A/A1)
	2,000,000		5.000		01/01/2020	2,097,580
North Texas Tollway Authority System RB Refunding First Tier Series 2014 C (A/A1)^(b)
(SIFMA Municipal Swap Index Yield + 0.67%, 9.00% Cap),
	5,000,000		2.180		01/01/2020	5,005,450
North Texas Tollway Authority System RB Refunding for Second Tier Series 2015 A (A-/A2)
	1,000,000		5.000		01/01/2019	1,017,380
Northside Texas Independent School District GO Refunding Bonds Series 2018 (PSF-GTD) (AAA/Aaa)
	10,820,000		5.000		08/15/2019	11,232,675
Northside Texas Independent School District Unlimited Tax School Building GO Bonds Series 2017 (PSF-GTD) (AAA/Aaa)^(b)(c)
	15,000,000		1.450		06/01/2020	14,873,850
Plano Independent School District Unlimited Tax Refunding Bonds Series 2016 B (PSF-GTD) (AAA/Aaa)
	10,580,000		5.000		02/15/2020	11,141,163


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF-GTD) (AAA/Aaa)^(b)(c)
$	19,575,000		1.500	%	08/01/2021	$ 19,197,986
Round Rock Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (AAA/Aaa)
	4,595,000		4.000		08/01/2019	4,712,310
	1,900,000		5.000		08/01/2020	2,025,837
Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
	2,315,000		5.000		10/01/2019	2,396,372
San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 A (AA-/NR)^(b)(c)
	5,000,000		2.000		12/01/2018	5,006,900
San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2015 B (AA-/Aa2)^(b)(c)
	8,000,000		2.000		12/01/2021	7,971,120
Spring Branch Independent School District Schoolhouse GO Bonds RMKT 06/15/17 Series 2013 (PSF-GTD) (AAA/Aaa)^(b)(c)
	22,095,000		3.000		06/18/2019	22,356,163
Tarrant Regional Water District RB Refunding for Water Control & Improvement District Series 2015 (AAA/NR)
	6,000,000		5.000		03/01/2021	6,485,160
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A3)^(d)
(SIFMA Municipal Swap Index Yield + 0.55%),
	11,955,000		2.060		09/15/2027	11,819,191
Texas Municipal Gas Acquisition & Supply Corp. III RB Series 2012 D (BBB/A3)
	4,500,000		5.000		12/15/2018	4,565,835
Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,800,000		6.875		12/31/2039	8,293,974
Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A-/A3)^(b)(c)
	5,000,000		5.000		04/01/2020	5,250,450
Texas Transportation Commission Highway Improvement GO Bonds Series 2014 (AAA/Aaa)
	2,500,000		5.000		04/01/2021	2,710,425
Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000		5.000		04/01/2022	7,681,279
Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)
	1,800,000		5.000		03/15/2020	1,901,574
	1,800,000		5.000		03/15/2021	1,946,628
Texas Water Development Board RB for Water Implementation Series 2018 A (AAA/NR)
	10,000,000		5.000		04/15/2019	10,273,700
University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000		5.000		02/15/2022	7,016,873

						501,046,412

Utah – 0.8%
Board of Education of Alpine School District GO Refunding Bonds for Utah SCH BD GTY Program Series 2017 (SCH BD GTY) (AAA/Aaa)
	7,800,000		5.000		03/15/2021	8,459,022
	8,000,000		5.000		03/15/2022	8,887,920


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Utah – (continued)
State of Utah GO Refunding Bonds Series 2015 (AAA/Aaa)
$	19,000,000		5.000	%	07/01/2019	$ 19,653,980
Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A/NR)
	500,000		5.000		09/01/2018	502,770
	500,000		5.000		09/01/2019	518,705
Washington County School District GO Refunding Bonds for Utah School Bond Guaranty Program Series 2016 (SCH BD GTY) (AAA/Aaa)
	3,470,000		5.000		03/01/2019	3,550,678

						41,573,075

Vermont – 0.0%
Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A2)
	450,000		4.000		12/01/2019	463,981
	400,000		4.000		12/01/2020	419,508
	350,000		5.000		12/01/2021	383,478

						1,266,967

Virgin Islands – 0.1%
Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)^(g)
	250,000		5.000		09/01/2018	250,990
	645,000		5.000		09/01/2019	661,822
	825,000		5.000		09/01/2020	861,184
	2,015,000		5.000		09/01/2021	2,129,976
Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)
	2,085,000		4.000		10/01/2022	2,025,056

						5,929,028

Virginia – 1.9%
City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000		5.000		07/01/2022	397,430
Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,255,000		4.000		10/01/2021	10,959,313
Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (AAA/Aaa)^(a)
	8,450,000		5.000		10/01/2021	9,267,368
Louisa IDA Pollution Control RB Refunding for Virginia Electric & Power Company Project RMKT 12/01/16 Series 2008 C (BBB+/A2)^(b)(c)
	8,000,000		1.850		05/16/2019	7,997,840
Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/NR)^(b)(c)
	2,750,000		1.550		10/01/2019	2,742,905
Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (ST APPROP) (AA+/Aa1)^(a)
	4,055,000		5.250		05/15/2021	4,441,685
Virginia Commonwealth Transportation Board RB Refunding for Northern Virginia Transportation District Program Series 2014 A (AA+/Aa1)
	8,375,000		5.000		05/15/2019	8,627,087
Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)
	20,650,000		5.000		05/15/2019	21,271,565
	11,680,000		5.000		05/15/2020	12,396,101


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Virginia – (continued)
Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
$	2,285,000		5.000	%	05/15/2023	$ 2,593,384
Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 08/13/15 Series 2009 A (BBB+/A2)^(b)(c)
	6,000,000		2.150		09/01/2020	5,997,420
Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 11/02/15 Series 2010 A (BBB+/A2)^(b)(c)
	4,500,000		1.875		06/01/2020	4,475,250
Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)^(a)
	5,375,000		5.000		08/01/2021	5,880,895
York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (BBB+/A2)^(b)(c)
	2,000,000		1.875		05/16/2019	1,999,900

						99,048,143

Washington – 0.6%
County of King GO Bonds Series 2017 B (AAA/Aaa)
	1,750,000		5.000		06/01/2019	1,805,353
King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)^(a)
	5,000,000		5.000		06/01/2021	5,447,250
Port of Seattle Intermediate Lien RB Series 2017 D (AMT) (A+/A1)
	2,000,000		5.000		05/01/2019	2,053,300
State of Washington GO Bonds Various Purpose Series 2011 B (AA+/Aa1)^(a)
	5,000,000		5.000		02/01/2021	5,402,500
Washington State COPS for State and Local Agency Real and Personal Property Series 2014 B (NR/Aa2)
	3,020,000		5.000		07/01/2019	3,120,898
Washington State COPS for State and Local Agency Real and Personal Property Series 2015 B (NR/Aa2)
	5,745,000		5.000		01/01/2020	6,023,575
Washington State COPS Refunding for State and Local Agency Real and Personal Property Series 2016 A (NR/Aa2)
	6,420,000		5.000		07/01/2020	6,824,588
Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 R-D (AA+/Aa1)
	1,700,000		5.000		07/01/2019	1,757,817

						32,435,281

West Virginia – 0.2%
Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (A-/Baa1)^(b)(c)
	3,000,000		1.625		10/01/2018	2,996,190
Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB+/NR)
	1,565,000		5.000		05/01/2019	1,600,181
West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/NR)^(b)(c)
	2,900,000		2.625		06/01/2022	2,901,044
West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. - Amos Project Series 2011 A (AMT) (A-/Baa1)^(b)(c)
	2,375,000		1.700		09/01/2020	2,343,128

						9,840,543

Wisconsin – 1.0%
Wisconsin State GO Bonds Series 2014 B (AA/Aa1)
	2,575,000		5.000		05/01/2021	2,801,110


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Wisconsin – (continued)
Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
$	16,090,000		5.000	%	05/01/2021	$ 17,502,863
	16,555,000		5.000		05/01/2022	18,447,071
	9,495,000		5.000		05/01/2023	10,790,023
Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2009 A (AAA/NR)^(a)
	3,425,000		7.625		09/15/2019	3,667,045

						53,208,112

TOTAL INVESTMENTS – 98.1% (Cost $5,128,592,948)						$5,125,199,271

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						100,999,798

NET ASSETS – 100.0%						$5,226,199,069



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Variable Rate Demand Instruments – rate shown is that which is in effect on June 30, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(d)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(f)		When-issued security.

(g)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $44,775,816, which represents approximately 0.9% of net assets as of June 30, 2018. The liquidity determination is unaudited.

(h)		Security is currently in default.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
AGM		— Insured by Assured Guaranty Municipal Corp.
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		— Alternative Minimum Tax
BAM		— Build America Mutual Assurance Co.
BHAC-CR		— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD		— Commonwealth Guaranteed
COPS		— Certificates of Participation
ETM		— Escrowed to Maturity
FGIC		— Insured by Financial Guaranty Insurance Co.
GO		— General Obligation
IDA		— Industrial Development Authority
LIBOR		— London Interbank Offered Rate
Mo.		— Month
MUN GOVT GTD		— Municipal Government Guaranteed
NATL-RE		— Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		— Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		— Not Rated
PCRB		— Pollution Control Revenue Bond
PILOT		— Payment in Lieu of Taxes
PSF-GTD		— Guaranteed by Permanent School Fund
Q-SBLF		— Qualified School Board Loan Fund
RB		— Revenue Bond
RMKT		— Remarketed
SCH BD GTY		— School Bond Guaranty
SCH BD RES FD		— School Bond Reserve Fund
SCSDE		— South Carolina State Department of Education
SD CRED PROG		— School District Credit Program
SIFMA		— The Securities Industry and Financial Markets Association
ST AID WITHHLDG		— State Aid Withholding
ST APPROP		— State Appropriation
U.S.		— United States
USD		— United States Dollar
WR		— Withdrawn Rating
XLCA		— Insured by XL Capital Assurance, Inc.

SWAP CONTRACTS — At June 30, 2018, the Fund has the following swap contracts:

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — The accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management, L.P. (“GSAM”)’s assumptions in determining fair value measurement).

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

i. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

ii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments.

ii. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are

executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s net asset value (“NAV”). Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in United States (“U.S.”) or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2018:

For further information regarding security characteristics, see the Schedules of Investments.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

State/Territory Specific Risk — A Funds’ investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 45.3%
Aerospace & Defense – 0.8%
General Dynamics Corp.
$	1,750,000		2.875	%	05/11/20	$ 1,748,098
	1,700,000		3.000		05/11/21	1,694,539
Northrop Grumman Corp.
	1,188,000		3.500		03/15/21	1,200,314

						4,642,951

Agriculture – 1.4%
BAT Capital Corp.^(a)
	7,625,000		2.297		08/14/20	7,451,347
Philip Morris International, Inc.
	575,000		1.375		02/25/19	570,762

						8,022,109

Automotive – 0.7%
BMW US Capital LLC^(a)
	1,050,000		1.500		04/11/19	1,041,846
Daimler Finance North America LLC^(a)
	775,000		3.350		05/04/21	771,990
(3M USD LIBOR + 0.390%)
	800,000		2.753	^(b)	05/04/20	799,719
Ford Motor Credit Co. LLC
	1,350,000		2.425		06/12/20	1,323,297

						3,936,852

Banks – 15.8%
ABN AMRO Bank NV^(a)
	2,100,000		2.650		01/19/21	2,062,282
Bank of America Corp.
	1,150,000		2.625		10/19/20	1,135,855
	3,050,000		2.151	^(c)	11/09/20	2,979,743
(3M USD LIBOR + 0.630%)
	850,000		3.499	^(b)(c)	05/17/22	849,708
(3M USD LIBOR + 0.660%)
	1,375,000		2.369	^(b)(c)	07/21/21	1,347,905
Banque Federative du Credit Mutuel SA^(a)
	1,150,000		2.000		04/12/19	1,141,323
	700,000		2.200		07/20/20	683,806
BNP Paribas SA
	900,000		2.375		05/21/20	887,196
BPCE SA
	1,725,000		2.650		02/03/21	1,689,727
Capital One Financial Corp.^(c)
	1,600,000		3.450		04/30/21	1,596,309
(3M USD LIBOR + 0.720%)
	1,300,000		3.079	^(b)	01/30/23	1,292,456
Capital One NA^(c)
	625,000		1.850		09/13/19	616,184
Citibank NA^(c)
	5,050,000		2.125		10/20/20	4,928,828
Citigroup, Inc.
	875,000		2.400		02/18/20	863,845
Citizens Bank NA/Providence RI^(b)(c)(3M USD LIBOR + 0.540%)
	1,175,000		2.861		03/02/20	1,177,414


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Banks – (continued)
Cooperatieve Rabobank UA
$	550,000		3.125	%	04/26/21	$ 547,893
(3M USD LIBOR + 0.430%)
	450,000		2.792	^(b)	04/26/21	450,333
Deutsche Bank AG
	2,225,000		2.700		07/13/20	2,170,272
Discover Bank^(c)
	1,600,000		2.600		11/13/18	1,599,074
HSBC Holdings PLC^(b)(c)(3M USD LIBOR + 0.600%)
	1,600,000		2.926		05/18/21	1,602,331
ING Bank NV^(a)
	1,000,000		2.000		11/26/18	997,367
	1,725,000		2.750		03/22/21	1,694,461
(3M USD LIBOR + 1.130%)
	1,500,000		3.462	^(b)	03/22/19	1,510,179
JPMorgan Chase & Co.
	1,275,000		2.200		10/22/19	1,262,947
	1,775,000		2.750	^(c)	06/23/20	1,759,219
(3M USD LIBOR + 0.610%)
	2,150,000		2.945	^(b)(c)	06/18/22	2,149,226
(3M USD LIBOR + 0.610%)
	1,900,000		3.514	^(b)(c)	06/18/22	1,901,463
Kreditanstalt fuer Wiederaufbau^(d)
	17,200,000		1.500		02/06/19	17,110,570
Lloyds Bank PLC
	1,050,000		3.300		05/07/21	1,048,137
(3M USD LIBOR + 0.490%)
	1,025,000		2.853	^(b)	05/07/21	1,026,449
Macquarie Bank Ltd.^(a)(b)(3M USD LIBOR + 0.350%)
	3,000,000		2.691		03/15/19	3,001,635
Morgan Stanley, Inc.
	1,425,000		2.500		04/21/21	1,391,780
(3M USD LIBOR + 1.180%)
	4,575,000		3.539	^(b)(c)	01/20/22	4,634,663
MUFG Bank Ltd.^(a)
	1,625,000		2.300		03/05/20	1,599,534
MUFG Union Bank NA^(c)
	2,250,000		2.625		09/26/18	2,249,492
Nordea Bank AB^(a)
	1,900,000		2.500		09/17/20	1,868,568
Santander UK PLC
	1,825,000		2.125		11/03/20	1,771,687
	775,000		2.500		01/05/21	756,967
Sumitomo Mitsui Trust Bank Ltd.^(a)
	1,175,000		2.050		03/06/19	1,168,666
The Huntington National Bank^(b)(3M USD LIBOR + 0.510%)
	1,175,000		2.837		03/10/20	1,177,482
The Toronto-Dominion Bank^(b)(3M USD LIBOR + 0.300%)
	3,000,000		2.700		05/01/20	2,987,634
UBS AG^(a)
	2,600,000		2.200	^(c)	06/08/20	2,546,417
(3M USD LIBOR + 0.320%)
	3,000,000		2.639	^(b)	05/28/19	3,003,204
US Bank NA^(c)
	1,175,000		1.400		04/26/19	1,163,466


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Banks – (continued)
Westpac Banking Corp.
$	2,425,000		2.300	%	05/26/20	$ 2,385,775

						91,789,472

Beverages – 1.6%
Anheuser-Busch InBev Finance, Inc.^(c)
	3,975,000		3.300		02/01/23	3,941,764
Constellation Brands, Inc.
	1,550,000		2.250		11/06/20	1,512,658
Diageo Capital PLC
	1,350,000		3.000		05/18/20	1,351,825
Molson Coors Brewing Co.
	975,000		1.900		03/15/19	968,050
	1,375,000		1.450		07/15/19	1,353,262

						9,127,559

Chemicals – 1.0%
E.I. du Pont de Nemours & Co.^(b)(3M USD LIBOR + 0.530%)
	825,000		2.888		05/01/20	827,820
Syngenta Finance NV^(a)
	1,210,000		3.698		04/24/20	1,205,607
	1,485,000		3.933		04/23/21	1,481,235
The Sherwin-Williams Co.
	1,175,000		2.250		05/15/20	1,155,480
	1,300,000		2.750	^(c)	06/01/22	1,259,694

						5,929,836

Computers – 1.0%
Dell International LLC/EMC Corp.^(a)
	2,600,000		3.480		06/01/19	2,606,546
DXC Technology Co.
	550,000		2.875		03/27/20	546,060
Hewlett Packard Enterprise Co.^(c)
	2,550,000		3.600		10/15/20	2,562,116

						5,714,722

Diversified Financial Services – 3.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,900,000		3.750		05/15/19	1,911,327
	1,500,000		4.125	^(c)	07/03/23	1,491,939
AIG Global Funding^(a)
	1,950,000		1.950		10/18/19	1,923,726
	675,000		2.150		07/02/20	661,508
	675,000		3.350		06/25/21	675,984
(3M USD LIBOR + 0.460%)
	525,000		2.797	^(b)	06/25/21	525,299
American Express Co.^(c)
	1,350,000		3.375		05/17/21	1,351,610
American Express Credit Corp.^(c)
	3,675,000		2.375		05/26/20	3,621,664
International Lease Finance Corp.
	600,000		6.250		05/15/19	615,163
National Rural Utilities Cooperative Finance Corp.
	2,725,000		10.375		11/01/18	2,794,766
The Charles Schwab Corp.^(c)
	1,125,000		3.250		05/21/21	1,129,496


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Diversified Financial Services – (continued)
(3M USD LIBOR + 0.320%)
$	1,100,000		2.649	%^(b)	05/21/21	$ 1,104,465

						17,806,947

Electrical – 2.0%
American Electric Power Co., Inc.
	1,475,000		2.150		11/13/20	1,438,968
Commonwealth Edison Co.^(c)
	525,000		2.150		01/15/19	523,741
Dominion Energy, Inc.
	300,000		1.600		08/15/19	295,371
Emera US Finance LP
	1,375,000		2.150		06/15/19	1,360,647
Pinnacle West Capital Corp.
	575,000		2.250		11/30/20	560,933
Public Service Enterprise Group, Inc.
	1,950,000		1.600		11/15/19	1,907,159
Sempra Energy^(b)(c)(3M USD LIBOR + 0.500%)
	1,700,000		2.848		01/15/21	1,700,855
Southern Power Co.^(c)
	1,150,000		2.500		12/15/21	1,117,435
The Southern Co.
	1,300,000		1.850		07/01/19	1,287,073
WEC Energy Group, Inc.
	1,400,000		3.375		06/15/21	1,403,979

						11,596,161

Electronics^(c) – 0.2%
Honeywell International, Inc.
	1,400,000		1.850		11/01/21	1,341,710

Food & Drug Retailing – 0.4%
General Mills, Inc.
	475,000		3.200		04/16/21	472,536
(3M USD LIBOR + 0.540%)
	1,350,000		2.893	^(b)	04/16/21	1,352,006
Sysco Corp.^(c)
	625,000		2.600		10/01/20	617,385

						2,441,927

Gas^(c) – 0.1%
NiSource Corp.
	525,000		2.650		11/17/22	507,462

Healthcare Providers & Services – 1.7%
Abbott Laboratories^(c)
	1,275,000		2.900		11/30/21	1,254,949
Becton Dickinson & Co.
	1,250,000		2.133		06/06/19	1,243,895
	675,000		2.404		06/05/20	662,886
(3M USD LIBOR + 0.875%)
	2,700,000		3.209	^(b)(c)	12/29/20	2,704,411
Danaher Corp.
	850,000		1.650		09/15/18	848,838
Humana, Inc.
	1,550,000		2.500		12/15/20	1,521,348


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Healthcare Providers & Services – (continued)
UnitedHealth Group, Inc.
$	1,500,000		1.950	%	10/15/20	$ 1,463,422

						9,699,749

Insurance – 2.2%
Chubb INA Holdings, Inc.^(c)
	875,000		2.300		11/03/20	859,429
Jackson National Life Global Funding^(a)(b)(3M USD LIBOR + 0.300%)
	3,500,000		2.666		04/27/20	3,500,389
MetLife, Inc.
	1,150,000		7.717		02/15/19	1,184,312
Principal Life Global Funding II^(a)(b)(3M USD LIBOR + 0.300%)
	6,000,000		2.629		02/22/19	6,008,020
Reliance Standard Life Global Funding II^(a)
	1,375,000		2.500		04/24/19	1,370,021

						12,922,171

Internet – 0.3%
Amazon.com, Inc.
	1,825,000		1.900		08/21/20	1,787,130

Mining^(a)(c) – 0.1%
Glencore Funding LLC
	575,000		3.000		10/27/22	551,086

Miscellaneous Manufacturing^(a) – 0.4%
Siemens Financieringsmaatschappij NV
	2,750,000		1.300		09/13/19	2,701,440

Multi-National – 4.6%
African Development Bank
	7,250,000		2.625		03/22/21	7,219,478
European Bank for Reconstruction & Development
	8,310,000		2.750		04/26/21	8,299,862
European Investment Bank
	11,440,000		2.375		05/13/21	11,303,978

						26,823,318

Oil Field Services – 0.6%
EOG Resources, Inc.
	1,125,000		5.625		06/01/19	1,151,674
Phillips 66^(a)(b)(c)(3M USD LIBOR + 0.750%)
	750,000		3.098		04/15/20	750,317
Schlumberger Finance Canada Ltd.^(a)
	850,000		2.200		11/20/20	829,177
Valero Energy Corp.
	868,000		6.125		02/01/20	906,660

						3,637,828

Pharmaceuticals – 1.8%
Bayer US Finance II LLC^(a)(c)
	2,175,000		3.500		06/25/21	2,179,326
(3M USD LIBOR + 0.630%)
	2,225,000		2.965	^(b)	06/25/21	2,228,126
CVS Health Corp.
	275,000		1.900		07/20/18	274,942
	925,000		3.125		03/09/20	923,805
	1,325,000		2.800	^(c)	07/20/20	1,312,489


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Pharmaceuticals – (continued)
$	475,000		3.350	%	03/09/21	$ 474,478
	2,200,000		2.125	^(c)	06/01/21	2,114,842
(3M USD LIBOR + 0.630%)
	525,000		2.957	^(b)	03/09/20	527,023
(3M USD LIBOR + 0.720%)
	375,000		3.047	^(b)	03/09/21	376,890

						10,411,921

Pipelines – 1.8%
Enbridge Energy Partners LP
	846,000		5.200		03/15/20	869,946
Enterprise Products Operating LLC
	1,450,000		5.250		01/31/20	1,497,229
Kinder Morgan Energy Partners LP
	2,325,000		6.850		02/15/20	2,448,155
Kinder Morgan, Inc.^(c)
	625,000		3.050		12/01/19	623,068
Magellan Midstream Partners LP
	1,075,000		6.400		07/15/18	1,076,241
	1,225,000		6.550		07/15/19	1,268,927
Sabine Pass Liquefaction LLC^(c)
	2,300,000		6.250		03/15/22	2,474,255

						10,257,821

Real Estate Investment Trust^(c) – 0.4%
American Tower Corp.
	1,125,000		3.300		02/15/21	1,123,782
Digital Realty Trust LP
	1,125,000		3.400		10/01/20	1,124,606

						2,248,388

Retailing – 0.8%
Alimentation Couche-Tard, Inc.^(a)
	1,800,000		2.350		12/13/19	1,777,983
Dollar Tree, Inc.^(b)(c)(3M USD LIBOR + 0.700%)
	2,850,000		3.055		04/17/20	2,855,825

						4,633,808

Software^(c) – 0.2%
Fiserv, Inc.
	1,025,000		2.700		06/01/20	1,015,225

Telecommunication Services – 1.8%
AT&T, Inc.
	825,000		2.800	^(c)	02/17/21	811,864
	425,000		3.875		08/15/21	429,425
	1,625,000		3.000		02/15/22	1,586,625
(3M USD LIBOR + 0.950%)
	2,745,000		3.298	^(b)	07/15/21	2,771,128
Verizon Communications, Inc.
	676,000		2.625		02/21/20	673,774
	4,050,000		1.750		08/15/21	3,870,940
	425,000		3.000	^(c)	11/01/21	418,068

						10,561,824


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations– (continued)
Transportation – 0.2%
Union Pacific Corp.
$	1,250,000		3.200	%	06/08/21	$ 1,253,868

Trucking & Leasing^(a) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,625,000		2.875		07/17/18	1,625,209

TOTAL CORPORATE OBLIGATIONS (Cost $265,631,728)						$262,988,494


Mortgage-Backed Obligations^(a)(b) – 0.2%
Mortgages – 0.2%
Station Place Securitization Trust Series 2015-2, Class A(1M USD LIBOR + 0.550%)
$	950,000		2.468	%	07/15/19	$ 950,000
(Cost $950,000)


Asset-Backed Securities – 18.4%
Automotive – 5.1%
Ally Master Owner Trust Series 2015-2, Class A2
$	4,000,000		1.830	%	01/15/21	$ 3,982,966
Ally Master Owner Trust Series 2017-3, Class A2
	3,750,000		2.040		06/15/22	3,677,217
Ally Master Owner Trust Series 2018-1, Class A2
	5,900,000		2.700		01/17/23	5,843,494
Chesapeake Funding II LLC Series 2016-2A, Class A1^(a)
	1,861,542		1.880		06/15/28	1,848,403
Ford Credit Auto Owner Trust Series 2016-2, Class A^(a)
	500,000		2.030		12/15/27	483,901
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1
	5,200,000		2.160		09/15/22	5,100,546
GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1^(a)
	1,550,000		1.960		05/17/21	1,539,546
NextGear Floorplan Master Owner Trust Series 2018-1A, Class A1^(a)(b)(1M USD LIBOR + 0.640%)
	1,750,000		2.713		02/15/23	1,752,694
Nissan Master Owner Receivables Trust Series 2016-A, Class A2
	1,200,000		1.540		06/15/21	1,186,046
Nissan Master Owner Trust Receivables Series 2017-C, Class A^(b)(1M LIBOR + 0.320%)
	3,100,000		2.293		10/17/22	3,101,953
Tesla Auto Lease Trust Series 2018-A, Class A^(a)
	1,437,047		2.320		12/20/19	1,432,656

						29,949,422

Credit Card – 5.0%
Bank of America Credit Card Trust Series 2014-A1, Class A^(b)(1M LIBOR + 0.380%)
	7,000,000		2.453		06/15/21	7,010,970
Barclays Dryrock Issuance Trust Series 2015-1, Class A
	3,450,000		2.200		12/15/22	3,406,217
Barclays Dryrock Issuance Trust Series 2016-1, Class A
	1,600,000		1.520		05/16/22	1,579,583
Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660		06/17/24	2,013,646
CARDS II Trust Series 2016-1A, Class A^(a)(b)(1M LIBOR + 0.700%)
	2,150,000		2.773		07/15/21	2,150,485


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities– (continued)
Credit Card – (continued)
Chase Issuance Trust Series 2016-A2, Class A
$	2,900,000		1.370	%	06/15/21	$ 2,863,744
Chase Issuance Trust Series 2016-A5, Class A5
	3,950,000		1.270		07/15/21	3,892,191
Golden Credit Card Trust Series 2016-5A, Class A^(a)
	2,800,000		1.600		09/15/21	2,756,868
Golden Credit Card Trust Series 2017-2A, Class A^(a)
	800,000		1.980		04/15/22	785,255
Master Credit Card Trust II Series 2017-1A, Class A^(a)
	2,600,000		2.260		07/21/21	2,571,390

						29,030,349

Home Equity^(b) – 0.0%
Amresco Residential Securities Mortgage Loan Trust Series 1998-2, Class M1F(3M USD LIBOR + 0.320%)
	341		6.745		06/25/28	618
Centex Home Equity Series 2004-D, Class MV3(1M USD LIBOR + 1.000%)
	63,498		3.460		09/25/34	65,568
Morgan Stanley ABS Capital I Series 2004-HE4, Class M3(1M USD LIBOR + 2.250%)
	25,367		4.210		05/25/34	25,650

						91,836

Manufactured Housing – 0.0%
Lehman ABS Manufactured Housing Contract Series 2001-B, Class A3
	4,478		4.350		04/15/40	4,493

Student Loan^(b) – 8.3%
Access Group, Inc. Series 2013-1, Class A^(a)(1M USD LIBOR + 0.500%)
	1,455,503		2.460		02/25/36	1,439,654
ECMC Group Student Loan Trust Series 2016-1A, Class A^(a)(1M USD LIBOR + 1.350%)
	3,765,131		3.310		07/26/66	3,826,641
ECMC Group Student Loan Trust Series 2017-1A, Class A^(a)(1M USD LIBOR + 1.200%)
	3,205,393		3.160		12/27/66	3,258,850
Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(a)(1M USD LIBOR + 0.800%)
	1,367,131		2.760		06/25/26	1,367,703
Educational Services of America, Inc. Series 2010-1, Class A1^(a)(3M USD LIBOR + 0.850%)
	767,843		2.595		07/25/23	769,140
Educational Services of America, Inc. Series 2014-1, Class A^(a)(1M USD LIBOR + 0.700%)
	1,741,961		2.660		02/25/39	1,741,959
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(a)(3M LIBOR + 0.110%)
	1,901,725		2.440		11/25/26	1,891,185
Illinois Student Assistance Commission Series 2010-1, Class A3(3M USD LIBOR + 0.900%)
	1,450,000		2.645		07/25/45	1,465,296
Missouri Higher Education Loan Authority Series 2011-1, Class A1(3M USD LIBOR + 0.850%)
	2,945,668		3.136		06/25/36	2,960,289
Navient Student Loan Trust Series 2016-5A, Class A^(a)(1M USD LIBOR + 1.250%)
	4,270,318		3.210		06/25/65	4,382,058


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities– (continued)
Student Loan^(b) – (continued)
Navient Student Loan Trust Series 2016-7A, Class A^(a)(1M USD LIBOR + 1.150%)
$	2,142,051		3.110	%	03/25/66	$ 2,182,191
Navient Student Loan Trust Series 2017-2A, Class A^(a)(1M USD LIBOR + 1.050%)
	3,432,652		3.010		12/27/66	3,484,530
Nelnet Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.100%)
	1,377,447		1.845		01/25/30	1,376,204
Northstar Education Finance, Inc. Series 2012-1, Class A^(a)(1M USD LIBOR + 0.700%)
	1,330,792		2.660		12/26/31	1,336,184
PHEAA Student Loan Trust Series 2014-3A, Class A^(a)(1M USD LIBOR + 0.590%)
	6,710,130		2.681		08/25/40	6,697,957
SLC Student Loan Center Series 2011-1, Class A^(a)(1M USD LIBOR + 1.220%)
	5,560,284		3.180		10/25/27	5,626,268
SLM Student Loan Trust Series 2003-14, Class A5(3M USD LIBOR + 0.230%)
	64,393		1.975		01/25/23	64,394
SLM Student Loan Trust Series 2004-1, Class A3(3M USD LIBOR + 0.210%)
	246,435		1.955		04/25/23	246,450
SLM Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.110%)
	309,039		1.855		07/25/25	309,039
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2(3M USD LIBOR + 0.850%)
	686,745		2.545		10/01/24	689,891
Utah State Board of Regents Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	1,100,000		2.623		05/01/35	1,105,731
Utah State Board of Regents Series 2016-1, Class A(1M USD LIBOR + 0.750%)
	1,781,634		2.710		09/25/56	1,781,632
Wachovia Student Loan Trust Series 2005-1, Class A5(3M USD LIBOR + 0.130%)
	108,840		1.875		01/26/26	108,772

						48,112,018

TOTAL ASSET-BACKED SECURITIES (Cost $107,428,150)						$107,188,118


Municipal Debt Obligation^(b)(c) – 0.1%
Utah – 0.1%
Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2
$	668,546		3.208	%	05/01/29	$ 670,438
(Cost $669,747)


U.S. Treasury Obligation^(e) – 0.4%
United States Treasury Note
	2,240,000		1.375		04/30/21	2,164,960
(Cost $2,232,484)


Shares		Distribution Rate	Value
Investment Company^(f) – 3.3%
U.S. Treasury Obligation^(e) – (continued)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	19,343,921	1.869%	$ 19,343,921
(Cost $19,343,921)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $396,256,030)			$393,305,931


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 31.6%
Certificates of Deposit – 12.6%
AT&T, Inc.^(g)
$	4,500,000		0.000	%	10/05/18	$ 4,467,782
	1,250,000		0.000		10/09/18	1,240,685
Chariot Funding LLC^(g)
	3,000,000		0.000		10/09/18	2,980,076
Credit Agricole Corporate & Investment Bank^(b)
	2,600,000		2.754		05/11/20	2,599,748
Credit Suisse New York^(b)
(1M USD LIBOR + 0.320%)
	3,000,000		2.411		09/20/18	3,001,622
(3M USD LIBOR + 0.340%)
	3,000,000		2.677		04/09/19	3,002,721
Federation des Caisses Desjardins du Quebec^(a)(b)^(g)
	5,000,000		0.000		03/26/19	4,998,922
HSBC Bank PLC^(a)(b)
	3,000,000		2.565		04/18/19	3,000,460
Mizuho Bank Ltd.^(b)
(3M USD LIBOR + 0.500%)
	1,500,000		2.835		09/24/18	1,500,544
(1M USD LIBOR + 0.440%)
	5,000,000		2.445		10/05/18	5,003,014
National Bank of Canada^(b)
	2,500,000		2.318		09/21/18	2,500,822
Natixis NY^(b)
	3,000,000		2.555		11/14/18	3,002,659
Nordea Bank AB NY^(b)
	3,200,000		2.702		03/27/20	3,205,958
Nutrien Ltd.^(g)
	950,000		0.000		07/26/18	948,196
Standard Chartered Bank^(b)
	3,000,000		2.542		10/31/18	3,002,255
Svenska Handelsbanken AB^(b)
(3M USD LIBOR + 0.270%)
	4,250,000		2.629		10/21/19	4,253,780


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments– (continued)
Certificates of Deposit – (continued)
(3M USD LIBOR + 0.400%)
$	4,000,000		2.721	%	04/01/20	$ 4,003,406
The Southern Co.^(g)
	1,162,000		0.000		08/30/18	1,157,083
The Toronto Dominion Bank
	4,000,000		1.981		02/08/19	4,000,313
Thunder Bay Funding LLC^(g)
	6,000,000		0.000		07/10/18	5,996,342
	3,800,000		0.000		08/15/18	3,789,448
Wells Fargo Bank NA^(b)
	5,500,000		2.581		04/05/19	5,504,923

						73,160,759

Commercial Paper – 19.0%
Alpine Securitizaton Ltd.^(a)
	2,000,000		2.330		10/01/18	2,000,113
Atlantic Asset Securitization Corp.^(g)
	5,000,000		0.000		09/13/18	4,976,134
Bayerische Landesbank^(g)
	1,550,000		0.000		07/20/18	1,548,103
	2,000,000		0.000		08/13/18	1,994,537
	2,500,000		0.000		08/23/18	2,498,004
BNZ International Funding Ltd.^(a)(b)
	5,672,000		2.575		04/05/19	5,676,654
Cafco LLC^(g)
	6,000,000		0.000		10/01/18	5,964,123
Canadian Imperial Bank of Commerce^(b)
	2,500,000		2.800		05/02/20	2,502,375
Ciesco LLC^(g)
	5,500,000		0.000		07/12/18	5,496,012
Collateralized Commercial Paper Co. Ltd.^(b)
	3,000,000		2.293		03/01/19	3,000,078
CRC Funding LLC^(g)
	5,500,000		0.000		07/11/18	5,496,374
Duke Energy Corp.^(g)
	2,904,000		0.000		08/27/18	2,892,354
Ford Motor Credit Co. LLC^(g)
	3,000,000		0.000		02/20/19	2,946,920
	2,800,000		0.000		04/08/19	2,739,381
Hewlett Packard Enterprise Co.^(g)
	500,000		0.000		07/10/18	499,704
	1,453,000		0.000		07/11/18	1,452,059
HP, Inc.^(g)
	2,300,000		0.000		07/02/18	2,299,632
	1,250,000		0.000		07/23/18	1,248,355
Kellogg Co.^(g)
	4,750,000		0.000		07/16/18	4,745,936


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments– (continued)
Commercial Paper – (continued)
LMA SA LMA Americas^(g)
$	4,000,000		0.000	%	09/13/18	$ 3,981,000
	4,000,000		0.000		10/31/18	3,966,864
Macquarie Bank Ltd.^(g)
	5,000,000		0.000		09/05/18	4,978,986
	2,000,000		0.000		11/07/18	1,982,621
Marriott International, Inc.^(g)
	1,000,000		0.000		07/05/18	999,626
Mondelez International, Inc.^(g)
	2,600,000		0.000		10/01/18	2,582,607
National Australia Bank Ltd.^(a)(b)
	4,000,000		2.525		04/05/19	4,002,984
NRW. Bank^(g)
	6,000,000		0.000		07/05/18	5,997,984
Nutrien Ltd.^(g)
	551,000		0.000		07/16/18	550,348
QUALCOMM, Inc.^(g)
	6,000,000		0.000		09/11/18	5,971,831
Schlumberger Holdings^(g)
	1,381,000		0.000		07/27/18	1,378,581
	3,000,000		0.000		09/21/18	2,982,822
Suncor Energy, Inc.
	2,800,000		0.000		08/31/18	2,787,946
Tyco International Holding S.a.r.l.^(g)
	2,331,000		0.000		07/09/18	2,329,531
UBS AG^(a)(b)
	2,000,000		2.524		06/04/19	1,999,262
VW Credit, Inc.^(g)
	1,822,000		0.000		08/15/18	1,816,265
	2,050,000		0.000		09/20/18	2,038,056

						110,324,162

TOTAL SHORT-TERM INVESTMENTS (Cost $183,441,371)						$183,484,921

TOTAL INVESTMENTS – 99.3% (Cost $579,697,401)						$576,790,852

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%						3,900,652

NET ASSETS – 100.0%						$580,691,504



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $139,897,256, which represents approximately 24.1% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.


(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $17,110,570, which representsapproximately 2.95% of the Fund’s net assets as of June 30, 2018.

(e)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(f)		Represents an affiliated issuer.

(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Currency Abbreviations:
USD		— U.S. Dollar

Investment Abbreviations:
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company
RB		— Revenue Bond


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 39.7%
Collateralized Mortgage Obligations – 2.3%
Interest Only^(a) – 0.0%
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X^(b)(c)(1 year CMT + 2.912%)
$	7,840		0.000	%	08/25/33	$ —
CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X^(b)(c)(1 year CMT + 2.999%)
	13,921		0.000		07/25/33	—
FNMA STRIPS Series 151, Class 2
	452		9.500		07/25/22	41
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(b)(6M USD LIBOR + 3.592%)
	11,646		0.123		08/25/33	60
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(b)(6M USD LIBOR + 3.176%)
	2,797		0.320		07/25/33	46

						147

Inverse Floaters^(b) – 0.0%
GNMA REMIC Series 2002-13, Class SB(-1x1M LIBOR + 37.567%)
	28,617		28.543		02/16/32	39,453

Principal Only^(c) – 0.0%
FNMA REMIC Series G-35, Class N
	1,163		0.000		10/25/21	1,136

Regular Floater^(b) – 0.8%
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(1M LIBOR + 0.450%)
	981,051		2.537		10/07/20	983,465
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(1M LIBOR + 0.470%)
	1,622,536		2.393		11/05/20	1,627,859

						2,611,324

Sequential Fixed Rate – 1.4%
FHLMC REMIC Series 2329, Class ZA
	435,472		6.500		06/15/31	478,325
FHLMC REMIC Series 4273, Class PD
	689,025		6.500		11/15/43	777,838
FNMA REMIC Series 2011-52, Class GB
	679,620		5.000		06/25/41	724,914
FNMA REMIC Series 2011-99, Class DB
	677,946		5.000		10/25/41	722,500
FNMA REMIC Series 2012-111, Class B
	90,862		7.000		10/25/42	102,463
FNMA REMIC Series 2012-153, Class B
	384,235		7.000		07/25/42	434,976
GNMA REMIC Series 2002-42, Class KZ
	1,151,775		6.000		06/16/32	1,249,669

						4,490,685

Sequential Floating Rate^(b) – 0.1%
FHLMC REMIC Series 1760, Class ZB(10Y - 0.600%)
	62,955		2.280		05/15/24	61,905


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
Sequential Floating Rate^(b) – (continued)
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B(6M USD LIBOR + 0.720%)
$	231,276		3.167	%	11/25/29	$ 232,202

						294,107

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 7,436,852

Commercial Mortgage-Backed Securities^(b) – 0.1%
Sequential Floating Rate – 0.1%
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
$	353,468		6.047	%	12/10/49	$ 353,092

Federal Agencies – 37.3%
Adjustable Rate FHLMC^(b) – 0.2%
(1 Year CMT + 2.224%)
	32,337		3.474		11/01/32	33,378
(1 year CMT + 2.250%)
	476,124		3.438		09/01/33	500,968

						534,346

Adjustable Rate FNMA^(b) – 0.6%
(12M USD LIBOR + 1.670%)
	19,438		3.420		11/01/32	20,190
(12M USD LIBOR + 1.591%)
	36,198		3.466		12/01/32	37,487
(6M USD LIBOR + 1.413%)
	505,955		3.913		05/01/33	513,938
(1 year CMT + 2.217%)
	15,050		3.990		06/01/33	15,788
(12M USD LIBOR + 1.660%)
	476,953		3.412		10/01/33	494,096
(1 year CMT + 2.196%)
	511,634		3.607		02/01/35	537,510
(12M USD LIBOR + 1.492%)
	459,864		3.240		09/01/35	476,833

						2,095,842

Adjustable Rate GNMA^(b) – 0.6% (1 year CMT + 1.500%)
	29,923		2.625		06/20/23	30,235
	15,839		2.750		07/20/23	15,989
	14,632		2.750		08/20/23	14,773
	37,670		2.750		09/20/23	38,040
	13,280		3.375		03/20/24	13,413
	112,750		2.625		04/20/24	114,616
	13,208		2.625		05/20/24	13,537
	111,146		2.625		06/20/24	112,555
	67,881		2.750		07/20/24	68,658


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
Adjustable Rate GNMA^(b) – (continued)
$	91,499		2.750	%	08/20/24	$ 92,560
	27,926		2.750		09/20/24	28,259
	38,070		3.125		11/20/24	38,510
	40,521		3.125		12/20/24	40,996
	26,437		3.375		01/20/25	26,740
	14,391		3.375		02/20/25	14,558
	53,035		2.625		05/20/25	53,812
	42,895		2.750		07/20/25	43,465
	18,307		3.375		02/20/26	18,548
	1,017		2.750		07/20/26	1,032
	51,090		3.375		01/20/27	51,830
	20,026		3.375		02/20/27	20,328
	149,864		2.625		04/20/27	152,508
	14,269		2.625		05/20/27	14,518
	20,314		2.625		06/20/27	20,683
	7,842		3.125		11/20/27	7,970
	23,378		3.125		12/20/27	23,763
	53,544		3.375		01/20/28	54,418
	18,326		3.375		02/20/28	18,617
	19,908		3.375		03/20/28	20,226
	81,879		2.750		07/20/29	83,434
	53,617		2.750		08/20/29	54,681
	10,233		2.750		09/20/29	10,429
	44,874		3.125		10/20/29	45,715
	59,566		3.125		11/20/29	60,716
	12,583		3.125		12/20/29	12,822
	17,667		3.375		01/20/30	17,985
	7,633		3.375		02/20/30	7,771
	46,586		3.375		03/20/30	47,430
	54,137		2.625		04/20/30	55,282
	142,621		2.625		05/20/30	145,652
	14,576		2.625		06/20/30	14,898
	133,268		2.750		07/20/30	135,950
	20,472		2.750		09/20/30	20,904
	44,979		3.125		10/20/30	45,909
	73,669		3.375		03/20/32	75,077

						1,999,812


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
FHLMC – 1.0%
$	161		4.500	%	09/01/18	$ 161
	8,360		5.000		06/01/19	8,421
	14,432		6.500		07/01/21	15,099
	1,287		6.500		08/01/22	1,342
	25,064		9.000		10/01/22	26,822
	70,683		4.500		10/01/23	73,597
	350,488		5.000		08/01/24	364,094
	33,153		6.500		07/01/28	34,472
	383,726		4.500		03/01/29	399,548
	4,026		8.000		07/01/30	4,696
	2,552		7.500		12/01/30	2,555
	28,373		7.000		04/01/31	30,584
	15,757		5.000		08/01/33	16,802
	3,047		5.000		09/01/33	3,249
	6,835		5.000		10/01/33	7,289
	13,415		5.500		09/01/34	14,583
	4,015		5.000		11/01/34	4,282
	231,248		5.000		12/01/34	246,599
	733		5.500		03/01/35	794
	11,352		5.000		07/01/35	12,106
	1,610		5.500		07/01/35	1,737
	3,200		5.000		11/01/35	3,412
	2,857		5.500		11/01/35	3,106
	22,099		5.000		12/01/35	23,653
	45,698		5.500		01/01/36	49,702
	168		5.500		02/01/36	182
	1,540		6.000		06/01/36	1,667
	29,451		5.000		02/01/37	31,279
	2,939		5.000		03/01/38	3,136
	64,274		5.500		03/01/38	70,008
	25,657		5.500		04/01/38	27,946
	5,436		5.500		11/01/38	5,949
	7,782		5.500		12/01/38	8,376
	327,106		7.000		02/01/39	373,870
	2,084		5.500		03/01/39	2,275
	144,925		5.000		07/01/39	154,967
	3,056		5.500		10/01/39	3,328
	7,872		5.500		03/01/40	8,578
	17,204		4.000		06/01/40	17,631
	16,394		5.500		06/01/40	17,852


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
FHLMC – (continued)
$	8,363		5.000	%	08/01/40	$ 8,937
	590,378		5.500		08/01/40	644,430
	2,396		4.500		11/01/40	2,517
	172,476		4.000		02/01/41	177,312
	1,325		5.000		04/01/41	1,421
	7,516		5.000		06/01/41	8,029
	322,405		5.000		07/01/41	342,286
	11,752		4.000		11/01/41	12,090
	18,522		3.000		05/01/42	18,093
	18,244		3.000		08/01/42	17,821
	21,054		3.000		01/01/43	20,554
	73,827		3.000		02/01/43	72,123

						3,401,362

FNMA – 21.6%
	109		4.500		08/01/18	109
	763		5.000		09/01/18	763
	18,960		5.000		10/01/18	18,975
	6,781		6.500		08/01/19	7,475
	4,555		9.500		10/01/20	4,574
	126,364		5.500		02/01/23	135,429
	224,142		5.500		08/01/23	240,221
	68,663		6.000		11/01/28	75,464
	4,184		6.500		11/01/28	4,375
	46,939		7.000		07/01/31	50,743
	784		5.500		03/01/33	848
	3,733		6.000		03/01/33	4,138
	2,694,446		5.500		04/01/33	2,926,221
	1,783		6.000		05/01/33	1,965
	5,001		5.000		07/01/33	5,335
	515,679		5.500		07/01/33	546,455
	19,942		5.000		08/01/33	21,270
	4,141		5.500		09/01/33	4,508
	19,599		5.500		12/01/33	21,347
	899		6.000		12/01/33	1,000
	4,863		5.500		02/01/34	5,297
	1,229		5.500		03/01/34	1,342
	989		5.500		04/01/34	1,077
	6,422		5.500		05/01/34	7,006
	46		5.500		06/01/34	50
	6,936		5.500		08/01/34	7,550
	3,715		5.500		09/01/34	4,051
	2,959		5.500		10/01/34	3,221
	2,139		5.500		11/01/34	2,334
	31,898		5.500		12/01/34	34,782
	6,398		5.500		04/01/35	6,950
	156,254		6.000		04/01/35	172,702
	4,496		5.000		05/01/35	4,826
	3,174		5.500		05/01/35	3,452
	6,561		5.000		07/01/35	7,009
	6,965		5.500		07/01/35	7,579
	1,782		5.000		08/01/35	1,910
	627		5.500		08/01/35	681
	6,104		5.500		09/01/35	6,643
	69,897		6.000		10/01/35	77,828
	35,884		6.000		11/01/35	39,790
	2,821		5.500		12/01/35	3,077
	117		5.500		02/01/36	128
	32,858		6.000		03/01/36	36,483
	51,334		6.000		04/01/36	56,951
	2,365		4.500		07/01/36	2,485
	405		5.500		02/01/37	441
	13,702		5.500		04/01/37	14,942


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
FNMA – (continued)
$	155		5.500	%	06/01/37	$ 169
	680,695		5.500		08/01/37	734,189
	192,819		6.000		10/01/37	213,692
	239		5.500		12/01/37	261
	9,047		5.500		02/01/38	9,767
	3,443		5.500		03/01/38	3,755
	6,329		6.000		03/01/38	7,043
	16,115		5.500		04/01/38	17,572
	5,004		5.500		05/01/38	5,457
	532		5.500		06/01/38	581
	1,074		5.500		07/01/38	1,171
	1,000		5.500		08/01/38	1,089
	1,016		5.500		09/01/38	1,108
	286		5.500		12/01/38	312
	6,285		5.500		02/01/39	6,854
	209,266		7.000		03/01/39	237,032
	2,765		4.500		04/01/39	2,905
	10,064		4.500		05/01/39	10,589
	4,950		5.500		06/01/39	5,397
	5,318		4.000		08/01/39	5,451
	22,538		4.500		08/01/39	23,712
	49,352		5.000		09/01/39	52,876
	4,429		5.500		11/01/39	4,830
	412,374		4.500		12/01/39	433,862
	230,240		5.000		07/01/40	249,037
	19,107		4.500		01/01/41	20,087
	293,751		5.000		03/01/41	312,845
	69,995		5.000		04/01/41	74,944
	187,989		4.500		05/01/41	197,433
	12,646		5.000		06/01/41	13,686
	115,197		5.000		07/01/41	122,684
	133,456		4.500		08/01/41	140,306
	142,531		5.000		10/01/41	151,795
	236,621		5.000		04/01/42	252,001
	154,967		4.500		08/01/42	162,873
	17,031		3.000		11/01/42	16,674
	203,070		3.000		12/01/42	198,819
	524,506		3.000		01/01/43	513,611
	99,486		3.000		02/01/43	97,497
	608,210		3.000		03/01/43	596,046
	996,433		3.000		04/01/43	976,505
	673,558		3.000		05/01/43	660,087
	120,983		3.000		06/01/43	118,562
	1,046,759		3.000		07/01/43	1,024,842
	2,600,313		4.500		10/01/44	2,724,438
	1,343,652		4.500		04/01/45	1,414,299
	153,837		4.500		05/01/45	161,925
	895,101		4.500		06/01/45	938,388
	813,285		4.000		11/01/45	832,164
	99,114		4.000		01/01/46	101,415
	256,814		4.000		03/01/46	262,484
	25,138		4.500		05/01/46	26,259
	178,075		4.000		06/01/46	181,826
	45,215		4.000		08/01/46	46,167
	308,557		4.500		08/01/46	321,840
	286,257		4.000		10/01/46	292,285
	620,651		4.500		03/01/47	647,368
	45,747		4.500		05/01/47	47,702
	70,792		4.500		06/01/47	74,426
	977,881		4.500		07/01/47	1,019,670
	1,486,002		4.500		09/01/47	1,549,505
	476,545		4.500		10/01/47	497,282
	5,906,956		4.500		01/01/48	6,159,423
	950,065		4.500		04/01/48	989,849


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations– (continued)
FNMA – (continued)
$	233,234		4.500	%		05/01/48		$ 243,001
	4,702,326		4.500			06/01/48		4,899,236
	2,000,000		3.500			TBA-30yr	^(d)	1,990,312
	12,000,000		4.000			TBA-30yr	^(d)	12,234,374
	13,000,000		4.500			TBA-30yr	^(d)	13,536,250
	8,000,000		5.000			TBA-30yr	^(d)	8,475,000

								71,928,698

GNMA – 13.3%
	66,726		7.000			12/15/27		71,660
	13,167		6.500			08/15/28		14,521
	84,987		6.000			01/15/29		93,454
	146,060		7.000			10/15/29		163,859
	39,008		5.500			11/15/32		42,191
	670,964		5.500			12/15/32		728,120
	22,921		5.500			01/15/33		24,752
	58,332		5.500			02/15/33		63,319
	58,295		5.500			03/15/33		63,278
	59,430		5.500			07/15/33		64,485
	27,738		5.500			08/15/33		30,110
	18,256		5.500			09/15/33		19,817
	39,616		5.500			04/15/34		43,007
	9,669		5.500			05/15/34		10,496
	370,258		5.500			06/15/34		401,948
	257,306		5.500			09/15/34		279,329
	252,197		5.500			12/15/34		273,782
	183,941		5.500			01/15/35		199,685
	147,855		5.000			03/15/38		156,521
	1,564		5.000			11/15/38		1,678
	9,266		4.000			02/20/41		9,576
	14,114		4.000			11/20/41		14,587
	2,339		4.000			01/20/42		2,416
	7,502		4.000			04/20/42		7,751
	4,199		4.000			10/20/42		4,336
	560,758		4.000			08/20/43		579,180
	5,659,917		4.000			10/20/43		5,842,317
	8,060		4.000			03/20/44		8,310
	9,749		4.000			05/20/44		10,051
	675,464		4.000			11/20/44		696,387
	3,039,128		4.000			06/20/45		3,129,470
	2,193,276		4.000			07/20/45		2,258,474
	506,337		4.000			09/20/45		521,231
	1,605,735		4.000			10/20/45		1,652,966
	784,779		4.000			01/20/46		807,863
	353,876		4.000			02/20/46		364,285
	764,641		4.000			04/20/47		785,699
	1,835,868		4.000			07/20/47		1,884,131
	134,817		4.000			10/20/47		138,319
	7,000,000		4.000			TBA-30yr	^(d)	7,162,422


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
GNMA – (continued)
$	15,000,000		4.500	%	TBA-30yr^(d)	$ 15,589,453

						44,215,236

TOTAL FEDERAL AGENCIES						$124,175,296

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $131,919,340)						$131,965,240


Agency Debentures – 11.2%
FHLB
$	2,200,000		1.875	%	03/13/20	$ 2,175,118
	3,700,000		2.125		06/09/23	3,595,157
	2,100,000		3.375		09/08/23	2,151,414
	300,000		3.375		12/08/23	307,681
FNMA
	1,400,000		1.875		09/24/26	1,276,422
	2,600,000		6.250		05/15/29	3,335,696
	4,000,000		6.625		11/15/30	5,373,000
Hashemite Kingdom of Jordan Government AID Bond^(e)
	4,600,000		2.503		10/30/20	4,569,042
Israel Government AID Bond^(e)
	1,400,000		5.500		09/18/23	1,576,190
	500,000		5.500		12/04/23	563,860
	700,000		5.500		04/26/24	793,863
NCUA Guaranteed Notes Series A4
	3,400,000		3.000		06/12/19	3,416,816
New Valley Generation V
	1,408,789		4.929		01/15/21	1,461,941
Tennessee Valley Authority
	6,500,000		3.875		02/15/21	6,691,945

TOTAL AGENCY DEBENTURES (Cost $37,877,011)						$ 37,288,145


Asset-Backed Securities – 11.1%
Automotive – 3.4%
Ally Master Owner Trust Series 2018-1, Class A2
$	4,100,000		2.700	%	01/17/23	$ 4,060,733
Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A^(f)
	2,150,000		2.630		12/20/21	2,123,381
Chesapeake Funding II LLC Series 2017-2A, Class A1^(f)
	1,590,443		1.990		05/15/29	1,567,670
Ford Credit Auto Owner Trust Series 2016-2, Class A^(f)
	400,000		2.030		12/15/27	387,121
GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1^(f)
	1,250,000		1.960		05/17/21	1,241,569
Mercedes-Benz Master Owner Trust Series 2017-BA, Class A^(b)(f)(1M LIBOR + 0.420%)
	1,850,000		2.493		05/16/22	1,854,791

						11,235,265

Student Loan^(b) – 7.7%
Access Group, Inc. Series 2005-2, Class A3(3M USD LIBOR + 0.180%)
	304,706		2.084		11/22/24	304,705
Access Group, Inc. Series 2015-1, Class A^(f)(1M USD LIBOR + 0.700%)
	549,398		2.660		07/25/56	548,638
ECMC Group Student Loan Trust Series 2016-1A, Class A^(f)(1M USD LIBOR + 1.350%)
	1,429,355		3.310		07/26/66	1,452,706


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities– (continued)
Student Loan^(b) – (continued)
Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(f)(1M USD LIBOR + 0.800%)
$	1,164,071		2.760	%	10/25/56	$ 1,168,416
Education Loan Asset-Backed Trust I Series 2013-1, Class A2^(f)(1M USD LIBOR + 0.800%)
	2,750,000		2.760		04/26/32	2,763,243
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(f)(3M LIBOR + 0.110%)
	1,353,150		2.440		11/25/26	1,345,651
Higher Education Funding I Series 2014-1, Class A^(f)(3M USD LIBOR + 1.050%)
	1,363,685		2.994		05/25/34	1,370,848
Navient Student Loan Trust Series 2016-5A, Class A^(f)(1M USD LIBOR + 1.250%)
	3,212,533		3.210		06/25/65	3,296,594
Navient Student Loan Trust Series 2016-7A, Class A^(f)(1M USD LIBOR + 1.150%)
	1,495,394		3.110		03/25/66	1,523,416
Navient Student Loan Trust Series 2017-4A, Class A2^(f)(1M USD LIBOR + 0.500%)
	850,000		2.460		09/27/66	852,460
Navient Student Loan Trust Series 2017-5A, Class A^(f)(1M USD LIBOR + 0.800%)
	3,108,792		2.760		07/26/66	3,137,454
Nelnet Student Loan Trust Series 2013-5A, Class A^(f)(1M USD LIBOR + 0.630%)
	296,444		2.590		01/25/37	296,678
North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	630,354		2.645		07/25/41	628,974
PHEAA Student Loan Trust Series 2016-1A, Class A^(f)(1M USD LIBOR + 1.150%)
	1,500,993		3.110		09/25/65	1,523,936
Scholar Funding Trust Series 2013-A, Class A^(f)(1M USD LIBOR + 0.650%)
	1,767,143		2.618		01/30/45	1,759,856
SLM Student Loan Trust Series 2003-14, Class A5(3M USD LIBOR + 0.230%)
	53,194		1.975		01/25/23	53,196
SLM Student Loan Trust Series 2004-8A, Class A6^(f)(3M USD LIBOR + 0.630%)
	850,000		2.375		01/25/40	854,803
SLM Student Loan Trust Series 2008-5, Class A4(3M USD LIBOR + 1.700%)
	1,763,678		3.445		07/25/23	1,808,720
Utah State Board of Regents Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	800,000		2.623		05/01/35	804,168
Wachovia Student Loan Trust Series 2005-1, Class A5(3M USD LIBOR + 0.130%)
	97,956		2.490		01/26/26	97,895

						25,592,357

TOTAL ASSET-BACKED SECURITIES (Cost $36,589,934)						$36,827,622


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.9%
Alaska^(b) – 0.6%
Alaska State Student Loan Corp. Series 2013, Class A(1M USD LIBOR + 0.500%)
$	2,179,067		2.591	%	08/25/31	$ 2,181,397

New Hampshire^(b)(g) – 0.4%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	1,200,000		3.210		10/25/37	1,207,837

New Jersey – 0.7%
New Jersey Economic Development Authority Series A
	2,000,000		7.425		02/15/29	2,434,860

Texas^(b)(g) – 0.2%
Brazos Higher Education Authority, Inc. Series 2005-2, Class I-A12(3M USD LIBOR + 0.160%)
	659,389		2.495		03/27/23	657,605

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $6,012,197)						$ 6,481,699


U.S. Treasury Obligations – 42.3%
United States Treasury Bonds
$	3,830,000		3.625	%^(h)	02/15/44	$ 4,270,488
	3,320,000		3.125		08/15/44	3,407,283
	3,200,000		3.000		11/15/44	3,211,456
	1,570,000		2.875		08/15/45	1,538,318
	11,110,000		2.875		11/15/46	10,878,690
	60,000		3.000		05/15/47	60,181
	5,080,000		2.750		11/15/47	4,847,234
United States Treasury Notes
	820,000		1.875		01/31/22	797,794
	5,920,000		1.875		04/30/22	5,745,005
	1,540,000		1.750		05/31/22	1,486,285
	500,000		2.000	^(h)	07/31/22	486,495
	51,010,000		1.875		10/31/22	49,278,722
	19,300,000		2.125		07/31/24	18,580,882
	5,670,000		2.125		09/30/24	5,451,648
	3,600,000		2.125		11/30/24	3,457,152
	3,660,000		2.875		04/30/25	3,674,860
	500,000		2.125		05/15/25	478,535
	400,000		2.000		08/15/25	379,000
	9,180,000		1.625		05/15/26	8,399,057
	4,570,000		2.250		02/15/27	4,362,385
United States Treasury Strip Coupon^(c)
	6,400,000		0.000		11/15/35	3,806,272
	3,200,000		0.000		02/15/36	1,890,752
	1,300,000		0.000		05/15/36	762,333
	6,000,000		0.000		11/15/37	3,364,200

TOTAL U.S. TREASURY OBLIGATIONS (Cost $142,436,648)						$140,615,027


Shares		Distribution Rate				Value
Investment Company⁽ⁱ⁾ – 6.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	22,290,305		1.869%			$ 22,290,305
(Cost $22,290,305)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $377,125,435)						$375,468,038


	Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 3.4%
Commercial Paper^(c) – 3.4%
AT&T, Inc.
$		1,831,000		0.000	%	10/05/18	$ 1,817,891
		700,000		0.000		10/09/18	694,784
Duke Energy Corp.
		1,665,000		0.000		08/27/18	1,658,323
Hewlett Packard Enterprise Co.
		830,000		0.000		07/10/18	829,508
		831,000		0.000		07/11/18	830,462
HP, Inc.
		500,000		0.000		07/23/18	499,342
Mondelez International, Inc.
		1,500,000		0.000		10/02/18	1,489,847
Southern Co.
		665,000		0.000		08/30/18	662,186
Versailles Commercial Paper LLC
		1,866,000		0.000		07/09/18	1,864,942
VW Credit, Inc.
		1,150,000		0.000		09/20/18	1,143,300

TOTAL SHORT-TERM INVESTMENTS (Cost $11,491,205)							$ 11,490,585

TOTAL INVESTMENTS – 116.3% (Cost $388,616,640)							$386,958,623

LIABILITIES IN EXCESS OF OTHER ASSETS – (16.3)%							(54,279,709)

NET ASSETS – 100.0%							$332,678,914



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $58,987,811 which represents approximately 17.7% of net assets as of June 30, 2018.

(e)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,502,955, which represents approximately 2.3% of net assets as of June 30, 2018.


(f)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $29,069,231, which represents approximately 8.7% of net assets as of June 30, 2018. The liquidity determination is unaudited.

(g)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(h)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(i)		Represents an affiliated issuer.



Currency Abbreviations:
USD		— U.S. Dollar

Investment Abbreviations:
CMT		— Constant Maturity Treasury Indexes
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
NCUA		— National Credit Union Administration
REMIC		— Real Estate Mortgage Investment Conduit
STRIPS		— Separate Trading of Registered Interest and Principal of Securities


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD SALES CONTRACTS — At June 30, 2018, the Fund had the following forward sales contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 32.9%
Collateralized Mortgage Obligations – 23.0%
Interest Only^(a) – 0.0%
FNMA REMIC Series 1990-145, Class B
$	21		1,004.961	%	12/25/20	$ 58

Regular Floater^(b) – 21.7%
FHLMC REMIC Series 1826, Class F(1M LIBOR + 0.400%)
	9,349		2.319		09/15/21	9,365
FHLMC REMIC Series 3049, Class FP(1M LIBOR + 0.350%)
	3,276,514		2.269		10/15/35	3,284,892
FHLMC REMIC Series 3208, Class FB(1M LIBOR + 0.400%)
	429,828		2.319		08/15/36	430,899
FHLMC REMIC Series 3208, Class FD(1M LIBOR + 0.400%)
	1,048,591		2.319		08/15/36	1,054,707
FHLMC REMIC Series 3208, Class FG(1M LIBOR + 0.400%)
	1,020,251		2.319		08/15/36	1,026,202
FHLMC REMIC Series 3307, Class FA(1M LIBOR + 0.430%)
	7,618,577		2.349		07/15/34	7,659,060
FHLMC REMIC Series 3312, Class HF(1M LIBOR + 0.300%)
	3,481,156		2.219		08/15/33	3,487,938
FHLMC REMIC Series 3371, Class FA(1M LIBOR + 0.600%)
	689,717		2.519		09/15/37	697,433
FHLMC REMIC Series 3374, Class FT(1M LIBOR + 0.300%)
	133,460		2.219		04/15/37	133,460
FHLMC REMIC Series 3471, Class FB(1M LIBOR + 1.000%)
	1,496,424		2.919		08/15/35	1,530,757
FHLMC REMIC Series 3545, Class FA(1M LIBOR + 0.850%)
	230,689		2.769		06/15/39	233,658
FHLMC REMIC Series 4039, Class FA(1M LIBOR + 0.500%)
	2,396,543		2.419		05/15/42	2,418,930
FHLMC REMIC Series 4272, Class FD(1M LIBOR + 0.350%)
	4,285,271		2.269		11/15/43	4,296,751
FHLMC REMIC Series 4316, Class FY(1M LIBOR + 0.400%)
	1,381,697		2.319		11/15/39	1,385,772
FHLMC REMIC Series 4477, Class FG(1M LIBOR + 0.300%)
	4,333,315		2.282		10/15/40	4,325,816
FHLMC REMIC Series 4508, Class CF(1M LIBOR + 0.400%)
	10,420,929		2.319		09/15/45	10,463,569
FHLMC REMIC Series 4751, Class EF(1M LIBOR + 0.250%)
	12,286,882		2.323		05/15/41	12,276,407
FHLMC REMIC Series 4751, Class FA(1M LIBOR + 0.250%)
	9,714,384		2.323		03/15/39	9,710,337
FHLMC STRIPS Series 237, Class F23(1M LIBOR + 0.400%)
	281,292		2.473		05/15/36	282,082
FHLMC STRIPS Series 350, Class F2(1M LIBOR + 0.350%)
	15,455,049		2.332		09/15/40	15,402,440
FNMA REMIC Series 1998-66, Class FC(1M LIBOR + 0.500%)
	33,131		2.439		11/17/28	33,284
FNMA REMIC Series 2006-42, Class CF(1M LIBOR + 0.450%)
	6,836,998		2.410		06/25/36	6,885,103
FNMA REMIC Series 2006-72, Class XF(1M LIBOR + 0.500%)
	329,681		2.460		08/25/36	331,542
FNMA REMIC Series 2007-33, Class HF(1M LIBOR + 0.350%)
	44,464		2.310		04/25/37	44,591
FNMA REMIC Series 2007-36, Class F(1M LIBOR + 0.230%)
	905,654		2.190		04/25/37	904,174
FNMA REMIC Series 2007-92, Class OF(1M LIBOR + 0.570%)
	334,974		2.530		09/25/37	338,359
FNMA REMIC Series 2008-22, Class FD(1M LIBOR + 0.840%)
	422,416		2.931		04/25/48	430,375


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
Regular Floater^(b) – (continued)
FNMA REMIC Series 2009-75, Class MF(1M LIBOR + 1.150%)
$	617,462		3.110	%	09/25/39	$ 633,983
FNMA REMIC Series 2010-123, Class FL(1M LIBOR + 0.430%)
	1,416,706		2.390		11/25/40	1,423,563
FNMA REMIC Series 2010-8, Class FE(1M LIBOR + 0.790%)
	7,511,048		2.750		02/25/40	7,628,716
FNMA REMIC Series 2011-110, Class FE(1M LIBOR + 0.400%)
	2,314,718		2.360		04/25/41	2,324,062
FNMA REMIC Series 2011-53, Class FT(1M LIBOR + 0.580%)
	534,295		2.671		06/25/41	540,173
FNMA REMIC Series 2011-63, Class FG(1M LIBOR + 0.450%)
	510,798		2.410		07/25/41	513,928
FNMA REMIC Series 2012-110, Class MF(1M LIBOR + 0.460%)
	4,823,452		2.420		10/25/42	4,861,892
FNMA REMIC Series 2012-56, Class FG(1M LIBOR + 0.500%)
	1,648,855		2.591		03/25/39	1,656,275
FNMA REMIC Series 2013-96, Class FW(1M LIBOR + 0.400%)
	132,014		2.360		09/25/43	132,680
FNMA REMIC Series 2014-19, Class FA(1M LIBOR + 0.400%)
	1,254,552		2.360		11/25/39	1,258,125
FNMA REMIC Series 2014-19, Class FJ(1M LIBOR + 0.400%)
	1,429,181		2.360		11/25/39	1,433,337
FNMA REMIC Series 2016-1, Class FT(1M LIBOR + 0.350%)
	5,456,789		2.441		02/25/46	5,471,571
FNMA REMIC Series 2016-23, Class FT(1M LIBOR + 0.500%)
	1,085,982		2.460		11/25/45	1,096,657
FNMA REMIC Series 2017-45, Class FA(1M LIBOR + 0.320%)
	9,701,478		2.302		06/25/47	9,712,113
FNMA REMIC Series 2017-96, Class FC(1M LIBOR + 0.400%)
	13,938,781		2.491		12/25/57	14,006,510
GNMA REMIC Series 2008-51, Class FG(1M LIBOR + 0.770%)
	1,714,760		2.704		06/16/38	1,747,794
GNMA REMIC Series 2010-53, Class FC(1M LIBOR + 0.820%)
	718,504		2.768		04/20/40	729,843
GNMA REMIC Series 2011-101, Class EF(1M LIBOR + 0.860%)
	6,103,639		2.945		10/16/39	6,220,484
GNMA REMIC Series 2011-117, Class FJ(1M LIBOR + 0.870%)
	4,171,039		2.818		08/20/41	4,259,814
GNMA REMIC Series 2012-12, Class HF(1M LIBOR + 0.400%)
	954,620		2.484		01/20/42	955,879
NCUA Guaranteed Notes Series 2011-R1, Class 1A(1M LIBOR + 0.450%)
	332,890		2.373		01/08/20	333,293
NCUA Guaranteed Notes Series 2011-R2, Class 1A(1M LIBOR + 0.400%)
	1,108,904		2.425		02/06/20	1,109,943
NCUA Guaranteed Notes Series 2011-R3, Class 1A(1M LIBOR + 0.400%)
	888,702		2.478		03/11/20	889,501
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(1M LIBOR + 0.450%)
	1,391,631		2.537		10/07/20	1,395,056
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(1M LIBOR + 0.470%)
	3,203,582		2.393		11/05/20	3,214,094

						162,627,189

Sequential Fixed Rate – 0.1%
FHLMC REMIC Series 4248, Class LM
	606,796		6.500		05/15/41	684,003


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
Sequential Floating Rate^(b) – 1.2%
FHLMC REMIC Series 3588, Class CW(1M USD LIBOR + 0.000%)
$	1,145,506		3.645	%	10/15/37	$ 1,202,621
FNMA REMIC Series 1990-145, Class A(1 year CMT + 0.000%)
	8,568		2.686		12/25/20	8,580
FNMA REMIC Series 1997-20, Class F(1 year CMT + 0.000%)
	90,217		2.115		03/25/27	90,160
Holmes Master Issuer PLC Series 2018-1A, Class A2^(c)(3M USD LIBOR + 0.360%)
	3,200,000		2.146		10/15/54	3,198,150
Permanent Master Issuer PLC Series 2018-1A, Class 1A1^(c)(3M USD LIBOR + 0.380%)
	4,500,000		2.747		07/15/58	4,500,954

						9,000,465

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$172,311,715

Commercial Mortgage-Backed Securities^(b) – 6.9%
Sequential Floating Rate – 6.9%
FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL(1M LIBOR + 0.350%)
$	8,680,125		2.351	%	08/25/25	$ 8,702,553
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A(1M LIBOR + 0.340%)
	2,325,580		2.341		01/25/21	2,326,316
FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A(1M LIBOR + 0.450%)
	4,360,770		2.451		06/25/23	4,366,185
FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A(1M LIBOR + 0.370%)
	6,803,748		2.371		04/25/24	6,814,401
FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A(1M LIBOR + 0.370%)
	10,775,867		2.371		05/25/24	10,792,676
FHLMC Multifamily Structured Pass-Through Certificates Series KF42, Class A(1M LIBOR + 0.250%)
	4,099,468		2.251		12/25/24	4,108,310
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A(1M LIBOR + 0.380%)
	4,925,337		2.381		08/25/23	4,926,941
FNMA ACES Series 2017-M13, Class FA(1M LIBOR + 0.400%)
	9,719,741		2.348		10/25/24	9,862,777

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 51,900,159

Federal Agencies – 3.0%
Adjustable Rate FHLMC^(b) – 0.6%
FHLMC(1 year CMT + 2.134%)
$	19,309		6.882	%	11/01/19	$ 19,464
FHLMC(1 year CMT + 2.277%)
	1,801,547		3.460		01/01/38	1,890,576
FHLMC(12M MTA + 2.155%)
	6,290		3.248		06/01/31	6,544
FHLMC(12M USD LIBOR + 1.750%)
	782,213		3.549		05/01/35	820,756


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
Adjustable Rate FHLMC^(b) – (continued)
FHLMC(12M USD LIBOR + 1.860%)
$	854,417		3.714	%	05/01/34	$ 894,724
FHLMC(3 year CMT + 2.286%)
	31,005		4.647		05/01/35	31,691
FHLMC(3 year CMT + 2.553%)
	357,930		4.002		08/01/28	365,500
FHLMC(6M CMT + 2.235%)
	112,445		3.958		05/01/29	115,527
FHLMC(6M USD LIBOR + 2.268%)
	59,952		3.816		12/01/30	62,156
FHLMC(COF + 1.102%)
	1,421		1.936		06/01/19	1,418
FHLMC(COF + 1.198%)
	5,258		2.448		02/01/31	5,280
FHLMC(COF + 1.249%)
	14,460		4.410		06/01/30	15,318
FHLMC(COF + 1.250%)
	808		2.027		03/01/19	806
FHLMC(COF + 1.250%)
	1,971		3.955		01/01/20	1,973
FHLMC(COF + 1.250%)
	5,069		2.027		05/01/21	5,066
FHLMC(COF + 1.250%)
	1,554		2.027		10/01/26	1,559
FHLMC(COF + 1.250%)
	7,276		4.086		06/01/29	7,708
FHLMC(COF + 1.250%)
	19,492		1.996		04/01/30	19,571
FHLMC(COF + 1.625%)
	164		2.375		02/01/19	164
FHLMC(COF + 1.645%)
	271		2.395		07/01/19	271
FHLMC(COF + 1.921%)
	15,441		2.644		11/01/19	15,434
FHLMC(COF + 1.936%)
	823		2.679		08/01/18	822
FHLMC(COF + 2.000%)
	721		2.750		11/01/18	720

						4,283,048

Adjustable Rate FNMA^(b) – 0.9%
FNMA
	11,792		3.111		05/20/22	11,755
FNMA
	72,608		2.909		06/20/24	72,341
FNMA(1 year CMT + 2.000%)
	1,672		6.865		02/01/22	1,718
FNMA(1 year CMT + 2.270%)
	956,397		3.895		07/01/33	1,001,842
FNMA(1 year CMT + 2.359%)
	237,919		3.583		11/01/34	250,847
FNMA(1 year CMT + 3.105%)
	7,656		7.056		05/01/20	7,793
FNMA(12M MTA + 1.200%)
	4,526		2.664		02/01/41	4,575
FNMA(12M MTA + 1.400%)
	51,885		2.864		06/01/40	52,731


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
Adjustable Rate FNMA^(b) – (continued)
FNMA(12M USD LIBOR + 1.550%)
$	2,220,611		2.615	%	09/01/44	$ 2,247,651
FNMA(12M USD LIBOR + 1.580%)
	1,022,908		2.511		04/01/44	1,052,175
FNMA(12M USD LIBOR + 1.825%)
	184,058		3.575		09/01/37	193,778
FNMA(12M USD LIBOR + 1.949%)
	1,170,349		3.811		03/01/37	1,240,005
FNMA(6M H15 + 2.063%)
	440		6.090		07/01/19	440
FNMA(6M USD LIBOR + 1.774%)
	30,141		3.878		02/01/23	30,617
FNMA(6M USD LIBOR + 1.869%)
	133,377		3.614		01/01/24	136,056
FNMA(6M USD LIBOR + 1.925%)
	123,381		3.724		03/01/24	126,001
FNMA(COF + 1.250%)
	622		2.001		10/01/18	622
FNMA(COF + 1.250%)
	235		2.758		10/01/18	235
FNMA(COF + 1.250%)
	2,987		2.000		01/01/19	2,984
FNMA(COF + 1.250%)
	1,420		6.057		04/01/19	1,426
FNMA(COF + 1.250%)
	41,100		2.000		05/01/19	41,085
FNMA(COF + 1.250%)
	17,562		2.000		06/01/20	17,555
FNMA(COF + 1.250%)
	6,351		3.385		06/01/27	6,415
FNMA(COF + 1.250%)
	4,210		4.250		12/01/27	4,460
FNMA(COF + 1.250%)
	5,025		4.487		01/01/28	5,323
FNMA(COF + 1.250%)
	4,397		2.000		06/01/29	4,428
FNMA(COF + 1.250%)
	6,041		2.156		06/01/29	6,077
FNMA(COF + 1.254%)
	3,222		3.967		05/01/36	3,279
FNMA(COF + 1.650%)
	4,185		3.928		04/01/19	4,194
FNMA(COF + 1.650%)
	3,598		4.242		08/01/19	3,607

						6,532,015

Adjustable Rate GNMA^(b) – 0.2%
GNMA(1 year CMT + 1.500%)
	702,971		2.625		04/20/33	719,200
GNMA(1 year CMT + 1.500%)
	156,605		2.625		05/20/33	162,471
GNMA(1 year CMT + 1.500%)
	306,024		2.750		08/20/34	313,254

						1,194,925

FHLMC – 0.0%
	15,459		5.500		01/01/20	15,643
	25,981		7.000		04/01/21	26,548
	15,157		7.000		08/01/21	15,594
	53,541		7.000		05/01/22	55,525
	149,689		7.000		06/01/22	154,586


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations– (continued)
FHLMC – (continued)
$	1,250		4.500	%	05/01/23	$ 1,292

						269,188

FNMA – 1.3%
	519		5.000		09/01/19	525
	1,590		5.000		01/01/20	1,617
	16,408		7.000		07/01/21	16,863
	43,767		7.000		11/01/21	45,221
	27,636		7.000		12/01/21	27,803
	66,978		7.000		01/01/22	68,095
	9,295		7.000		02/01/22	9,593
	43,607		7.000		01/01/28	46,506
	19,023		6.500		04/01/33	21,427
	19,294		6.000		05/01/38	21,339
	23,914		6.000		11/01/38	26,456
	54,231		6.000		09/01/39	59,990
	20,383		6.000		10/01/39	22,589
	14,058		6.000		10/01/40	15,548
	20,083		6.000		05/01/41	22,291
	8,350,910		4.000		10/01/42	8,584,261
	699,138		3.500		05/01/46	697,543

						9,687,667

GNMA – 0.0%
	21,755		7.000		04/15/26	23,203

TOTAL FEDERAL AGENCIES						$ 21,990,046

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $246,222,625)						$246,201,920


Agency Debenture^(d) – 0.5%
Hashemite Kingdom of Jordan Government AID Bond
$	4,000,000		2.503	%	10/30/20	$ 3,973,080
(Cost $ 4,000,000)


Asset-Backed Securities^(b) – 50.2%
Automotive – 6.4%
Ally Master Owner Trust Series 2017-3, Class A1(1M LIBOR + 0.430%)
$	11,500,000		2.503	%	06/15/22	$ 11,530,212
Chesapeake Funding II LLC Series 2016-2A, Class A2^(c)(1M USD LIBOR + 1.000%)
	1,569,014		2.919		06/15/28	1,573,648
Chesapeake Funding II LLC Series 2017-3A, Class A2^(c)(1M USD LIBOR + 0.340%)
	4,700,052		2.259		08/15/29	4,697,020
GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2^(c)(1M LIBOR + 0.430%)
	9,650,000		2.503		07/15/22	9,675,226
Mercedes-Benz Master Owner Trust Series 2018-AA, Class A^(c)
	16,500,000		2.333		05/16/22	16,499,984
Nissan Master Owner Trust Receivables Series 2017-C, Class A(1M LIBOR + 0.320%)
	4,100,000		2.393		10/17/22	4,102,583

						48,078,673

Collateralized Loan Obligations^(c) – 15.5%
ACIS CLO Ltd. Series 2013-1A, Class A1(3M USD LIBOR + 0.870%)
	273,254		2.604		04/18/24	273,245


Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(c) – (continued)
AIMCO CLO Series 2014-AA, Class AR(3M USD LIBOR + 1.100%)
$	2,650,000		2.845	%		07/20/26	$ 2,650,289
Anchorage Capital CLO Ltd. Series 2014-4RA, Class A(3M USD LIBOR + 1.050%)
	3,600,000		2.810			01/28/31	3,590,014
Apex Credit CLO II LLC Series 2017-2A, Class A(3M USD LIBOR + 1.270%)
	3,000,000		3.472			09/20/29	3,005,196
Atrium X CLO Series 2017-10A, Class AR(3M USD LIBOR + 0.950%)
	2,215,217		2.672			07/16/25	2,215,213
Barings CLO Ltd. Series 2018-3A, Class A1
	4,000,000		3.020			07/20/29	3,994,716
Benefit Street Partners CLO II Ltd. Series 2013-IIA, Class A1R(3M USD LIBOR + 1.250%)
	6,000,000		2.972			07/15/29	6,019,800
Carlyle Global Market Strategies CLO Ltd. Series 2015-2A, Class A1R
	5,450,000		3.146			04/27/27	5,426,352
CBAM CLO Management LLC Series 2017-2A, Class A(3M USD LIBOR + 1.240%)
	3,500,000		2.631			10/17/29	3,503,994
Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R(3M USD LIBOR + 1.230%)
	1,700,000		3.287			06/09/30	1,704,782
Cutwater Ltd. Series 2014-1A, Class A1AR(3M USD LIBOR + 1.250%)
	2,500,000		2.972			07/15/26	2,500,360
ICG US CLO Ltd. Series 2014-1A, Class A1R(3M USD LIBOR + 1.220%)
	4,000,000		2.804			01/20/30	4,002,392
Jamestown CLO X Ltd. Series 2017-10A, Class A1(3M USD LIBOR + 1.250%)
	4,750,000		2.981			07/17/29	4,753,885
LCM XVI LP Series 2017-16A, Class AR(3M USD LIBOR + 1.030%)
	3,650,000		2.752			07/15/26	3,650,182
Madison Park Funding XXX Ltd. Series 2018-30A, Class A(3M USD LIBOR + 0.750%)
	5,200,000		3.089			04/15/29	5,144,178
Newfleet CLO Ltd. Series 2016-1A, Class A1R
	5,450,000		3.309			04/20/28	5,429,519
OCP CLO Ltd. Series 2012-2A, Class A1R(3M USD LIBOR + 1.400%)
	650,000		3.304			11/22/25	650,959
OCP CLO Ltd. Series 2014-5A, Class A1R(3M USD LIBOR + 1.080%)
	10,000,000		2.832			04/26/31	9,988,800
OCP CLO Ltd. Series 2015-8A, Class A1R(3M USD LIBOR + 0.850%)
	3,650,000		2.581			04/17/27	3,636,915
OCP CLO Ltd. Series 2017-13A, Class A1A(3M USD LIBOR + 1.260%)
	3,150,000		2.982			07/15/30	3,156,180
OFSI Fund V Ltd. Series 2013-5A, Class A1LA(3M USD LIBOR + 0.930%)
	227,476		2.652			04/17/25	227,468
OFSI Fund VII Ltd. Series 2014-7A, Class AR(3M USD LIBOR + 0.900%)
	3,550,000		2.634			10/18/26	3,549,957
Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1(3M USD LIBOR + 0.740%)
	2,959,814		2.462			10/15/25	2,959,784
Regatta III Funding Ltd. Series 2014-1A, Class A1AR(3M USD LIBOR + 1.050%)
	4,900,000		2.772			04/15/26	4,900,294
Sound Point CLO VI Ltd. Series 2014-2A, Class A2R(3M USD LIBOR + 1.140%)
	2,250,000		2.885			10/20/26	2,250,284


Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(c) – (continued)
TRESTLES CLO Ltd. Series 2017-1A, Class A1A(3M USD LIBOR + 1.290%)
$	6,350,000		3.035	%		07/25/29	$ 6,359,315
Trinitas CLO II Ltd. Series 2014-2A, Class A1R(3M USD LIBOR + 1.180%)
	6,250,000		2.902			07/15/26	6,250,725
Voya CLO Ltd. Series 2017-3A, Class A1A(3M USD LIBOR + 1.230%)
	8,750,000		2.975			07/20/30	8,760,001
WhiteHorse X Ltd. Series 2015-10A, Class A1R
	3,750,000		3.010			04/17/27	3,746,895
Zais CLO 1 Ltd. Series 2014-1A, Class A1(3M USD LIBOR + 1.400%)
	1,700,000		3.122			04/15/26	1,700,097

116,001,791

Credit Card – 11.6%
Bank of America Credit Card Trust Series 2014-A1, Class A(1M LIBOR + 0.380%)
	5,650,000		2.453			06/15/21	5,658,855
CARDS II Trust Series 2016-1A, Class A^(c)(1M LIBOR + 0.700%)
	1,500,000		2.773			07/15/21	1,500,338
CARDS II Trust Series 2017-1A, Class A^(c)(1M LIBOR + 0.370%)
	2,500,000		2.443			04/18/22	2,501,412
CARDS II Trust Series 2017-2A, Class A^(c)(1M LIBOR + 0.260%)
	3,600,000		2.333			10/17/22	3,598,290
CARDS II Trust Series 2018-1A, Class A^(c)
	22,500,000		2.423			04/17/23	22,500,000
Chase Issuance Trust Series 2013-A9, Class A(1M LIBOR + 0.420%)
	10,000,000		2.493			11/16/20	10,013,051
Chase Issuance Trust Series 2018-A1, Class A1
	12,000,000		2.273			04/17/23	11,996,382
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5(1M LIBOR + 0.620%)
	10,100,000		2.704			04/22/26	10,232,682
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7(1M LIBOR + 0.370%)
	7,650,000		2.400			08/08/24	7,663,297
Golden Credit Card Trust Series 2017-4A, Class A^(c)(1M LIBOR + 0.520%)
	11,200,000		2.593			07/15/24	11,212,748

							86,877,055

Other^(c) – 0.1%
Mill City Mortgage Loan Trust Series 2016-1, Class A1
	758,883		2.500			04/25/57	743,607

Student Loan – 16.6%
Academic Loan Funding Trust Series 2013-1, Class A^(c)(1M USD LIBOR + 0.800%)
	2,461,606		2.760			12/26/44	2,465,068
Access Group, Inc. Series 2005-2, Class A3(3M USD LIBOR + 0.180%)
	354,733		2.084			11/22/24	354,732
Access Group, Inc. Series 2013-1, Class A^(c)(1M USD LIBOR + 0.500%)
	1,052,171		2.460			02/25/36	1,040,714
Access Group, Inc. Series 2015-1, Class A^(c)(1M USD LIBOR + 0.700%)
	1,181,206		2.660			07/25/56	1,179,571
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A(1M USD LIBOR + 0.800%)
	2,021,186		2.697			02/25/41	2,018,983


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
ALG Student Loan Trust I Series 2006-1A, Class A3^(c)(3M USD LIBOR + 0.150%)
$	5,920,200		1.910	%	10/28/23	$ 5,909,013
Bank of America Student Loan Trust Series 2010-1A, Class A^(c)(3M USD LIBOR + 0.800%)
	1,106,831		2.545		02/25/43	1,111,135
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2(3M USD LIBOR + 0.800%)
	7,155,467		2.746		02/25/30	7,191,659
ECMC Group Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.350%)
	1,359,631		3.310		07/26/66	1,381,843
Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(c)(1M USD LIBOR + 0.800%)
	1,606,379		2.760		06/25/26	1,607,051
Education Loan Asset-Backed Trust I Series 2013-1, Class A2^(c)(1M USD LIBOR + 0.800%)
	3,000,000		2.760		04/26/32	3,014,446
Educational Funding of the South, Inc. Series 2012-1, Class A(1M USD LIBOR + 1.050%)
	1,912,967		3.010		03/25/36	1,921,220
Educational Services of America, Inc. Series 2010-1, Class A1^(c)(3M USD LIBOR + 0.850%)
	973,073		2.595		07/25/23	974,717
Educational Services of America, Inc. Series 2012-1, Class A1^(c)(1M USD LIBOR + 1.150%)
	2,013,264		3.110		09/25/40	2,045,967
Educational Services of America, Inc. Series 2014-1, Class A^(c)(1M USD LIBOR + 0.700%)
	1,947,999		2.660		02/25/39	1,947,997
EFS Volunteer No. 2 LLC Series 2012-1, Class A2^(c)(1M USD LIBOR + 1.350%)
	1,950,000		3.310		03/25/36	1,983,628
EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(c)(1M USD LIBOR + 1.000%)
	1,200,000		2.960		04/25/33	1,207,321
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(c)(3M LIBOR + 0.110%)
	1,499,437		2.440		11/25/26	1,491,126
GCO Education Loan Funding Trust Series 2006-1, Class A8L(3M USD LIBOR + 0.130%)
	3,048,102		2.074		05/25/25	3,043,254
Goal Capital Funding Trust Series 2010-1, Class A^(c)(3M USD LIBOR + 0.700%)
	50,220		2.644		08/25/48	50,168
Higher Education Funding I Series 2014-1, Class A^(c)(3M USD LIBOR + 1.050%)
	1,500,054		2.994		05/25/34	1,507,933
Illinois Student Assistance Commission Series 2010-1, Class A3(3M USD LIBOR + 0.900%)
	1,150,000		2.645		07/25/45	1,162,132
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1(1M USD LIBOR + 0.750%)
	4,131,995		2.657		12/01/31	4,126,500
Knowledgeworks Foundation Student Loan Series 2010-1, Class A(3M USD LIBOR + 0.950%)
	1,510,763		2.894		02/25/42	1,515,194
Massachusetts Educational Financing Authority Series 2008-1, Class A1(3M USD LIBOR + 0.950%)
	480,306		2.695		04/25/38	482,171


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
Missouri Higher Education Loan Authority Series 2010-2, Class A1(3M USD LIBOR + 0.850%)
$	2,545,346		2.794	%	08/27/29	$ 2,586,445
Missouri Higher Education Loan Authority Series 2011-1, Class A1(3M USD LIBOR + 0.850%)
	4,082,068		3.136		06/25/36	4,102,330
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(1M USD LIBOR + 1.000%)
	2,779,477		2.948		05/20/30	2,810,698
Navient Student Loan Trust Series 2016-5A, Class A^(c)(1M USD LIBOR + 1.250%)
	2,938,292		3.210		06/25/65	3,015,177
Navient Student Loan Trust Series 2016-7A, Class A^(c)(1M USD LIBOR + 1.150%)
	1,454,978		3.110		03/25/66	1,482,243
NCUA Guaranteed Notes Series 2010-A1, Class A(1M LIBOR + 0.350%)
	198,374		2.428		12/07/20	198,622
Nelnet Student Loan Trust Series 2006-1, Class A5(3M USD LIBOR + 0.110%)
	4,106,030		2.030		08/23/27	4,100,847
Nelnet Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.100%)
	1,295,456		1.845		01/25/30	1,294,287
Nelnet Student Loan Trust Series 2013-5A, Class A^(c)(1M USD LIBOR + 0.630%)
	592,887		2.590		01/25/37	593,357
Nelnet Student Loan Trust Series 2014-4A, Class A1^(c)(1M USD LIBOR + 0.540%)
	9,083,801		2.500		11/27/39	9,110,250
North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	695,563		2.645		07/25/41	694,041
Northstar Education Finance, Inc. Series 2012-1, Class A^(c)(1M USD LIBOR + 0.700%)
	581,265		2.660		12/26/31	583,621
PHEAA Student Loan Trust Series 2014-3A, Class A^(c)(1M USD LIBOR + 0.590%)
	7,147,747		2.550		08/25/40	7,134,780
Rhode Island Student Loan Authority Series 2012-1, Class A1(1M USD LIBOR + 0.900%)
	1,890,761		2.807		07/01/31	1,903,344
Scholar Funding Trust Series 2010-A, Class A^(c)(3M USD LIBOR + 0.750%)
	904,945		2.510		10/28/41	901,612
Scholar Funding Trust Series 2013-A, Class A^(c)(1M USD LIBOR + 0.650%)
	2,355,704		2.618		01/30/45	2,345,990
SLC Student Loan Center Series 2011-1, Class A^(c)(1M USD LIBOR + 1.220%)
	974,064		3.180		10/25/27	985,624
SLC Student Loan Trust Series 2005-1, Class A3(3M USD LIBOR + 0.100%)
	5,146,979		1.939		02/15/25	5,141,449
SLC Student Loan Trust Series 2010-1, Class A(3M USD LIBOR + 0.875%)
	726,990		2.819		11/25/42	735,723


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities ^(b) – (continued)
Student Loan – (continued)
SLM Student Loan Trust Series 2003-14, Class A5(3M USD LIBOR + 0.230%)
$	61,593		1.975	%	01/25/23	$ 61,595
SLM Student Loan Trust Series 2004-1, Class A3(3M USD LIBOR + 0.210%)
	262,683		1.955		04/25/23	262,700
SLM Student Loan Trust Series 2004-8A, Class A5(c)(3M USD LIBOR + 0.500%)
	746,221		2.245		04/25/24	747,659
SLM Student Loan Trust Series 2005-5, Class A4(3M USD LIBOR + 0.140%)
	11,250,000		1.885		10/25/28	11,209,677
SLM Student Loan Trust Series 2005-9, Class A6(3M USD LIBOR + 0.550%)
	917,334		2.295		10/26/26	918,534
SLM Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.110%)
	145,248		1.855		07/25/25	145,248
SLM Student Loan Trust Series 2008-2, Class A3(3M USD LIBOR + 0.750%)
	574,006		2.495		04/25/23	572,033
SLM Student Loan Trust Series 2008-5, Class A4(3M USD LIBOR + 1.700%)
	576,587		3.445		07/25/23	591,312
SLM Student Loan Trust Series 2012-3, Class A(1M USD LIBOR + 0.650%)
	1,022,155		2.610		12/27/38	1,027,601
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2(3M USD LIBOR + 0.850%)
	523,234		2.545		10/01/24	525,631
Utah State Board of Regents Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	900,000		2.623		05/01/35	904,689
Utah State Board of Regents Series 2015-1, Class A(1M USD LIBOR + 0.600%)
	2,303,412		2.560		02/25/43	2,296,425
Utah State Board of Regents Series 2016-1, Class A(1M USD LIBOR + 0.750%)
	4,401,684		2.710		09/25/56	4,401,679
Wachovia Student Loan Trust Series 2005-1, Class A5(3M USD LIBOR + 0.130%)
	108,840		1.875		01/26/26	108,772

						124,227,538

TOTAL ASSET-BACKED SECURITIES (Cost $375,351,235)						$375,928,664


Municipal Debt Obligations^(b) – 2.0%
Alaska – 0.2%
Alaska State Student Loan Corp. Series 2013, Class A(1M USD LIBOR + 0.500%)
$	1,688,009		2.460	%	08/25/31	$ 1,689,815

New Hampshire^(e) – 0.5%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3
	1,300,000		2.600		10/25/37	1,308,490


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations ^(b⁾ – (continued)
New Hampshire^(e) – (continued)
New Hampshire State Higher Education Loan Corp. (Taxable-Student Loan) Series 2012-1(1M USD LIBOR + 0.500%)
$	2,402,455		2.460	%	10/25/28	$ 2,401,638

						3,710,128

Rhode Island^(e) – 0.1%
Rhode Island Student Loan Authority RB (Taxable - FFELP Loan Backed) Series 2014-1(1M USD LIBOR + 0.700%)
	494,401		2.607		10/02/28	491,529

Utah – 1.2%
Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1(1M USD LIBOR + 0.750%)
	8,338,155		2.647		12/26/31	8,342,825
Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2^(e)(3M USD LIBOR + 0.850%)
	525,286		2.623		05/01/29	526,772

						8,869,597

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $14,756,800)						$ 14,761,069


U.S. Treasury Obligation^(b) – 1.4%
United States Treasury Floating Rate Note
$	10,350,000		1.942	%	04/30/20	$ 10,350,517
(Cost $10,350,896)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $650,681,556)						$651,215,250


Short-term Investments – 12.9%
Commercial Paper^(f) – 7.7%
AT&T, Inc.
$	2,500,000		0.000	%	10/05/18	$ 2,482,101
	3,200,000		0.000		10/09/18	3,176,155
BAT International Finance PLC
	4,000,000		0.000		08/07/18	3,989,674
Duke Energy Corp.
	3,734,000		0.000		08/27/18	3,719,025
Eastman Chemical Co.
	1,500,000		0.000		07/06/18	1,499,344
Hewlett Packard Enterprise Co.
	1,863,000		0.000		07/10/18	1,861,896
	1,864,000		0.000		07/11/18	1,862,793
HP, Inc.
	3,000,000		0.000		07/23/18	2,996,052
Manhattan Asset Funding Co. LLC
	3,600,000		0.000		08/06/18	3,592,008
Marriott International, Inc.
	2,000,000		0.000		07/05/18	1,999,252
	2,500,000		0.000		07/31/18	2,494,762


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper^(f) – (continued)
Mondelez International, Inc.
$	3,300,000		0.000	%	10/02/18	$ 3,277,663
Nutrien Ltd.
	727,000		0.000		07/16/18	726,140
	1,090,000		0.000		07/18/18	1,088,555
	250,000		0.000		07/26/18	249,525
Schlumberger Holdings
	1,891,000		0.000		07/27/18	1,887,688
Schlumberger Holdings Corp.
	710,000		0.000		08/22/18	707,516
Sempra Energy Holdings
	727,000		0.000		07/31/18	725,477
Suncor Energy, Inc.
	1,600,000		0.000		07/16/18	1,598,264
The Southern Co.
	1,491,000		0.000		08/30/18	1,484,691
Versailles Commercial Paper LLC
	4,341,000		0.000		07/09/18	4,338,540
Victory Receivables Corp.
	7,000,000		0.000		10/02/18	6,957,274
VW Credit, Inc.
	2,398,000		0.000		08/13/18	2,390,791
	2,650,000		0.000		09/20/18	2,634,561

						57,739,747

Repurchase Agreements^(g) – 5.2%
Joint Repurchase Agreement Account II
	38,500,000		2.120		07/02/18	38,500,000

TOTAL SHORT-TERM INVESTMENTS (Cost $96,243,113)						$ 96,239,747

TOTAL INVESTMENTS – 99.9% (Cost $746,924,669)						$747,454,997

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%						583,954

NET ASSETS – 100.0%						$748,038,951



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.



(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $254,021,179, which represents approximately 34.0% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $3,973,080, which represents approximately 0.5% of the Fund’s net assets as of June 30, 2018.

(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(g)		Joint repurchase agreement was entered into on June 29, 2018. Additional information appears in the Notes to the Schedule of Investments section.



Currency Abbreviations:
USD		— U.S. Dollar

Investment Abbreviations:
ACES		— Alternative Credit Enhancement Securities
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
COF		— Cost of Funds
FFELP		— Federal Family Education Loan Program
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
MTA		— Monthly Treasury Average
NCUA		— National Credit Union Administration
PLC		— Public Limited Company
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
STRIPS		— Separate Trading of Registered Interest and Principal of Securities


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount			Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 87.8%
United States Treasury Inflation Indexed Bonds
$	22,558,221	^(a)		0.125	%	04/15/19	$ 22,426,932
	56,400,679			1.250		07/15/20	57,327,342
	23,118,992			0.625		07/15/21	23,211,930
	51,504,500			0.125		04/15/22	50,458,959
	16,224,940			0.375		07/15/25	15,943,275
	11,966,305			0.625		01/15/26	11,908,388
	23,096,710			0.125		07/15/26	22,136,349
	10,957,870			0.375		07/15/27	10,665,843
	29,858,640			0.500		01/15/28	29,222,352
	38,096,347	^(a)		2.500		01/15/29	44,813,494
	30,860,092			1.375		02/15/44	34,471,649
	21,808,747			0.750		02/15/45	21,179,565

TOTAL U.S. TREASURY OBLIGATIONS (Cost $344,537,943)							$343,766,078


Shares		Distribution Rate	Value
Investment Company^(b) – 9.9%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	38,759,193	1.869%	$ 38,759,193
(Cost $38,759,193)

TOTAL INVESTMENTS – 97.7% (Cost $383,297,136)			$382,525,271

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%			8,977,191

NET ASSETS – 100.0%			$391,502,462



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(b)		Represents an affiliated issuer.



Investment Abbreviations:
LIBOR		— London Interbank Offered Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 37.6%
Collateralized Mortgage Obligations – 4.3%
Interest Only^(a) – 0.0%
FHLMC REMIC Series 1161, Class U
$	63		1,172.807	%	11/15/21	$ 711
FHLMC REMIC Series 4273, Class PS(b)(-1x1M LIBOR + 6.100%)
	1,441,979		4.027		11/15/43	199,513

						200,224

Inverse Floaters^(b) – 0.0%
FNMA REMIC Series 1990-134, Class SC(-1x1M LIBOR + 21.600%)
	3,218		18.660		11/25/20	3,605

Regular Floater^(b) – 1.9%
FNMA REMIC Series 2007-33, Class HF(1M LIBOR + 0.350%)
	382,663		2.310		04/25/37	383,754
NCUA Guaranteed Notes Series 2011-R1, Class 1A(1M LIBOR + 0.450%)
	1,949,786		2.373		01/08/20	1,952,147
NCUA Guaranteed Notes Series 2011-R2, Class 1A(1M LIBOR + 0.400%)
	7,429,654		2.425		02/06/20	7,436,620
NCUA Guaranteed Notes Series 2011-R3, Class 1A(1M LIBOR + 0.400%)
	6,023,426		2.446		03/11/20	6,028,837
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(1M LIBOR + 0.450%)
	1,697,593		2.475		10/07/20	1,701,770

						17,503,128

Sequential Fixed Rate^(c) – 0.3%
FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A
	2,700,787		3.250		04/25/38	2,668,968

Sequential Fixed Rate – 2.1%
FHLMC REMIC Series 108, Class G
	2,903		8.500		12/15/20	2,976
FHLMC REMIC Series 1980, Class Z
	333,217		7.000		07/15/27	368,027
FHLMC REMIC Series 2019, Class Z
	264,420		6.500		12/15/27	285,615
FHLMC REMIC Series 2755, Class ZA
	682,924		5.000		02/15/34	727,066
FHLMC REMIC Series 3530, Class DB
	3,364,275		4.000		05/15/24	3,433,058
FHLMC REMIC Series 4273, Class PD
	1,108,122		6.500		11/15/43	1,250,957
FHLMC REMIC Series 4619, Class NA
	4,365,097		3.000		03/15/44	4,317,946
FNMA REMIC Series 1989-66, Class J
	10,572		7.000		09/25/19	10,668
FNMA REMIC Series 1990-16, Class E
	23,639		9.000		03/25/20	24,489
FNMA REMIC Series 2012-111, Class B
	461,883		7.000		10/25/42	520,852
FNMA REMIC Series 2012-153, Class B
	1,627,943		7.000		07/25/42	1,842,926


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
FNMA REMIC Series 2015-30, Class EA
$	7,190,098		3.000	%	05/25/45	$ 7,116,868

						19,901,448

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 40,277,373

Commercial Mortgage-Backed Securities – 7.2%
Sequential Fixed Rate – 3.7%
FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
$	16,100,000		3.130	%	06/25/21	$ 16,143,304
FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	18,600,000		2.991		09/25/21	18,571,159

						34,714,463

Sequential Floating Rate^(b) – 3.5%
FNMA ACES Series 2014-M1, Class ASQ2
	12,519,396		2.323		11/25/18	12,492,994
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A(1M LIBOR + 0.340%)
	1,774,431		2.341		01/25/21	1,774,993
FHLMC Multifamily Structured Pass Through Certificates Series KP02, Class A2
	19,009,314		2.355		04/25/21	18,901,096

						33,169,083

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 67,883,546

Federal Agencies – 26.1%
Adjustable Rate FHLMC^(b) – 1.0%
FHLMC(1 year CMT + 2.250%)
$	1,172,171		3.501	%	06/01/35	$ 1,228,360
FHLMC(12M USD LIBOR + 1.611%)
	6,569,311		2.549		11/01/44	6,627,908
FHLMC(12M USD LIBOR + 1.720%)
	640,989		2.505		06/01/42	655,393
FHLMC(12M USD LIBOR + 1.840%)
	355,119		3.628		11/01/34	374,652
FHLMC(12M USD LIBOR + 2.000%)
	28,770		3.750		11/01/36	29,745
FHLMC(12M USD LIBOR + 2.298%)
	90,923		4.091		05/01/36	96,366
FHLMC(3 year CMT + 2.221%)
	1,017		3.123		10/01/25	1,012
FHLMC(6M USD LIBOR + 1.867%)
	31,940		3.735		10/01/36	33,182

						9,046,618

Adjustable Rate FNMA^(b) – 1.4%
FNMA(1 year CMT + 2.048%)
	4,927		4.165		02/01/27	4,938
FNMA(1 year CMT + 2.055%)
	317,070		3.278		10/01/35	332,713
FNMA(1 year CMT + 2.220%)
	487,205		3.339		06/01/34	513,712


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(b) – (continued)
FNMA(1 year CMT + 2.255%)
$	43,679		3.380	%	07/01/32	$ 46,028
FNMA(1 year CMT + 2.288%)
	545,511		3.785		02/01/34	575,089
FNMA(1 year CMT + 3.105%)
	3,797		7.056		05/01/20	3,865
FNMA(12M MTA + 2.331%)
	577,348		3.800		06/01/36	606,205
FNMA(12M MTA + 2.339%)
	352,845		3.806		04/01/36	370,448
FNMA(12M MTA + 2.342%)
	1,170,154		3.813		07/01/36	1,228,912
FNMA(12M USD LIBOR + 1.225%)
	19,828		2.975		01/01/33	20,245
FNMA(12M USD LIBOR + 1.325%)
	647,721		3.501		04/01/35	659,170
FNMA(12M USD LIBOR + 1.430%)
	196,040		3.556		05/01/35	204,134
FNMA(12M USD LIBOR + 1.506%)
	329,542		3.421		02/01/35	336,716
FNMA(12M USD LIBOR + 1.525%)
	42,539		4.150		05/01/35	44,164
FNMA(12M USD LIBOR + 1.556%)
	82,198		3.388		02/01/35	85,158
FNMA(12M USD LIBOR + 1.648%)
	228,183		3.736		03/01/35	237,276
FNMA(12M USD LIBOR + 1.664%)
	334,733		3.414		10/01/34	348,927
FNMA(12M USD LIBOR + 1.691%)
	206,559		3.441		10/01/34	212,431
FNMA(12M USD LIBOR + 1.695%)
	264,564		4.320		05/01/34	276,130
FNMA(12M USD LIBOR + 1.706%)
	657,780		3.713		03/01/36	690,143
FNMA(12M USD LIBOR + 1.720%)
	464,267		4.033		05/01/34	484,079
FNMA(12M USD LIBOR + 1.720%)
	348,301		3.720		03/01/35	357,916
FNMA(12M USD LIBOR + 1.720%)
	320,558		4.095		04/01/35	334,702
FNMA(12M USD LIBOR + 1.755%)
	32,043		3.505		07/01/32	33,472
FNMA(12M USD LIBOR + 1.775%)
	853,202		3.715		07/01/37	901,543
FNMA(12M USD LIBOR + 1.800%)
	814,898		4.338		05/01/33	856,566
FNMA(12M USD LIBOR + 1.820%)
	38,700		3.636		12/01/46	40,876
FNMA(12M USD LIBOR + 1.907%)
	909,128		3.651		06/01/36	959,351
FNMA(12M USD LIBOR + 1.935%)
	186,333		3.685		11/01/36	196,139
FNMA(12M USD LIBOR + 1.944%)
	950,339		4.195		04/01/36	1,004,443
FNMA(6M USD LIBOR + 2.250%)
	133,703		4.125		08/01/33	140,379
FNMA(COF + 1.250%)
	724,871		4.611		08/01/33	767,897
FNMA(COF + 1.796%)
	37,345		2.610		08/01/29	37,944

						12,911,711


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – 0.4%
GNMA(1 year CMT + 1.500%)
$	190,391		2.625	%	05/20/34	$ 195,095
GNMA(1 year CMT + 1.500%)
	394,379		2.750		07/20/34	403,659
GNMA(1 year CMT + 1.500%)
	267,940		2.750		08/20/34	274,271
GNMA(1 year CMT + 1.500%)
	2,089,061		2.750		09/20/34	2,138,395
GNMA(1 year CMT + 1.500%)
	249,618		3.125		10/20/34	255,399
GNMA(1 year CMT + 1.500%)
	383,526		3.125		12/20/34	392,900

						3,659,719

FHLMC – 1.1%
	76,522		5.500		01/01/20	77,430
	76,008		7.000		04/01/22	78,339
	1,250		4.500		05/01/23	1,292
	12,206		7.500		01/01/31	12,942
	42,293		4.500		07/01/33	44,283
	1,227,625		4.500		08/01/33	1,285,401
	2,466,403		4.500		09/01/33	2,582,484
	244,249		4.500		10/01/33	255,744
	6,024		4.500		04/01/34	6,280
	5,715		4.500		04/01/35	5,974
	3,007		4.500		07/01/35	3,140
	11,148		4.500		08/01/35	11,645
	51,189		4.500		09/01/35	53,479
	21,308		4.500		10/01/35	22,229
	2,322		4.500		12/01/35	2,419
	1,534		4.500		05/01/36	1,603
	1,540		6.000		06/01/36	1,667
	140,875		4.500		01/01/38	147,224
	2,288		4.500		04/01/38	2,384
	641		4.500		05/01/38	669
	8,399		4.500		06/01/38	8,758
	220,573		4.500		09/01/38	231,964
	4,934		4.500		01/01/39	5,157
	129,174		4.500		02/01/39	135,452
	1,484,559		7.000		02/01/39	1,696,795
	60,580		4.500		03/01/39	63,625
	12,791		4.500		04/01/39	13,433
	385,966		4.500		05/01/39	405,361
	1,050,798		4.500		06/01/39	1,103,600
	22,321		4.500		07/01/39	23,442
	53,274		4.500		08/01/39	55,950
	70,717		4.500		09/01/39	74,270
	13,826		4.500		10/01/39	14,520
	26,003		4.500		11/01/39	27,310
	51,405		4.500		12/01/39	53,988
	42,073		4.500		01/01/40	44,187
	10,919		4.500		02/01/40	11,471
	32,475		4.500		04/01/40	34,119
	51,033		4.500		05/01/40	53,622
	59,136		4.500		06/01/40	62,134
	57,034		4.500		07/01/40	59,925
	49,822		4.500		08/01/40	52,348
	31,250		4.500		09/01/40	32,835
	12,019		4.500		10/01/40	12,628
	22,271		4.500		02/01/41	23,395


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	40,035		4.500	%	03/01/41	$ 42,024
	113,406		4.500		04/01/41	119,039
	99,519		4.500		05/01/41	104,463
	194,076		4.500		06/01/41	203,714
	14,234		4.500		07/01/41	14,941
	487,320		4.500		08/01/41	511,537
	496,729		4.500		09/01/41	521,903
	29,391		4.500		12/01/41	30,851
	360,955		4.500		03/01/42	378,885

						10,824,274

FNMA – 20.7%
	902		5.500		07/01/18	902
	1,956		5.500		09/01/18	1,956
	15,800,000		2.960		11/01/18	15,776,573
	1,196		5.500		12/01/18	1,201
	1,409		5.500		01/01/19	1,415
	960		5.500		03/01/19	967
	185		5.500		08/01/19	185
	872		5.000		09/01/19	882
	1,975		7.000		11/01/19	1,980
	33,053,082		4.313		07/01/21	34,133,353
	645,278		5.500		09/01/23	669,710
	169,252		5.500		10/01/23	175,837
	1,261,234		6.000		02/01/24	1,378,398
	1,953		7.000		12/01/24	2,107
	584,939		6.000		08/01/26	639,278
	94,522		6.000		10/01/26	103,103
	740		7.000		08/01/27	821
	186,066		6.000		11/01/27	202,957
	1,354,816		6.000		02/01/28	1,480,758
	623,359		6.000		07/01/28	681,267
	163,545		6.000		08/01/28	178,738
	255,213		6.000		09/01/28	279,010
	920		7.000		10/01/28	970
	14,759		6.000		01/01/29	16,130
	649		7.000		01/01/29	708
	46,037		6.000		03/01/29	50,216
	601,572		4.500		09/01/29	630,688
	346		7.000		11/01/29	347
	473		7.000		04/01/31	505
	23,958		6.000		12/01/31	26,358
	5,499		7.000		05/01/32	6,013
	5,177		7.000		06/01/32	5,523
	1,038		7.000		08/01/32	1,188
	77,524		6.000		09/01/32	85,566
	43,091		6.000		10/01/32	47,733
	40,390		6.000		11/01/32	44,530
	15,372		6.000		02/01/33	16,977
	11,886		6.000		03/01/33	13,203
	4,193		6.000		04/01/33	4,646
	985,943		6.500		04/01/33	1,105,921
	3,006		6.000		11/01/33	3,332
	950		7.000		04/01/34	1,086
	27,633,694		6.000		05/01/34	30,552,845
	61,047		6.000		07/01/34	67,719
	4,558		6.000		10/01/34	5,049
	114,528		6.000		01/01/35	127,099
	89,096		6.000		03/01/35	98,430
	1,679,726		6.000		04/01/35	1,856,548
	180,060		6.000		05/01/35	199,571
	248,369		6.000		06/01/35	276,073
	34,356		6.000		08/01/35	38,263


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	90,590		6.000	%	09/01/35	$ 100,621
	694,219		6.000		11/01/35	771,313
	767,032		6.000		12/01/35	850,484
	1,550,208		6.000		01/01/36	1,722,680
	561,063		6.000		02/01/36	621,659
	304,687		6.000		03/01/36	337,499
	2,326,891		6.000		04/01/36	2,575,349
	382,309		6.000		05/01/36	423,771
	405,465		6.000		06/01/36	449,203
	846,908		6.000		07/01/36	938,516
	4,171,335		6.000		08/01/36	4,627,427
	1,010,887		6.000		09/01/36	1,113,796
	1,842,982		6.000		10/01/36	2,043,669
	594,630		4.500		11/01/36	624,505
	2,883,411		6.000		11/01/36	3,202,006
	543,787		6.000		12/01/36	603,226
	7,527		6.000		01/01/37	8,358
	210,439		6.000		02/01/37	233,219
	520,455		6.000		03/01/37	577,891
	299,236		6.000		04/01/37	331,940
	8,022,449		6.000		05/01/37	8,888,569
	481,238		6.000		07/01/37	534,223
	785,644		6.000		08/01/37	873,091
	617,695		6.000		09/01/37	687,040
	211,615		6.000		10/01/37	234,961
	235,406		7.500		10/01/37	258,361
	412,479		6.000		11/01/37	457,843
	3,171,263		6.000		12/01/37	3,509,425
	3,613,442		6.000		01/01/38	3,997,326
	2,397,822		6.000		02/01/38	2,659,533
	396,547		6.000		03/01/38	441,525
	5,755		6.000		04/01/38	6,372
	7,891,191		6.000		05/01/38	8,754,574
	81,592		6.000		06/01/38	90,737
	9,010,469		6.000		07/01/38	9,967,081
	179,815		6.000		08/01/38	198,359
	788,505		6.000		09/01/38	871,775
	117,584		6.000		10/01/38	130,448
	1,030,888		6.000		11/01/38	1,132,913
	881,747		6.000		12/01/38	963,491
	131,377		6.000		01/01/39	145,484
	145,337		4.500		02/01/39	152,825
	837,066		7.000		03/01/39	948,128
	143,603		4.500		04/01/39	150,906
	248,345		6.000		04/01/39	275,160
	11,367		4.500		08/01/39	11,959
	550,527		6.000		08/01/39	608,466
	4,017,625		6.000		09/01/39	4,444,277
	952,007		6.000		10/01/39	1,053,342
	35,344		6.000		11/01/39	39,105
	878,507		6.000		01/01/40	971,385
	2,141		6.000		02/01/40	2,370
	93,772		6.000		03/01/40	103,803
	14,317		6.000		04/01/40	15,841
	986,331		6.000		06/01/40	1,091,784
	445,094		6.000		07/01/40	492,235
	95,281		6.000		09/01/40	105,129
	706,063		6.000		10/01/40	780,952
	558,490		6.000		11/01/40	621,232
	27,577		6.000		04/01/41	30,581
	10,810		4.500		05/01/41	11,353
	21,841,077		6.000		05/01/41	24,138,299
	1,358,977		6.000		07/01/41	1,506,902
	533,825		4.500		08/01/41	561,225


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	133,958		4.500	%	10/01/41	$ 140,689
	122,171		5.000		02/01/42	130,808

						196,343,654

GNMA – 1.5%
	37,745		5.500		07/15/20	38,308
	1,352		6.500		01/15/32	1,491
	7,153		6.500		02/15/32	7,888
	7,019		6.500		08/15/34	7,753
	13,276		6.500		05/15/35	14,985
	3,971		6.500		06/15/35	4,449
	11,825		6.500		07/15/35	13,360
	3,131		6.500		08/15/35	3,542
	6,694		6.500		09/15/35	7,543
	4,609		6.500		10/15/35	5,210
	22,100		6.500		11/15/35	24,995
	13,067		6.500		12/15/35	14,641
	27,617		6.500		01/15/36	31,172
	39,232		6.500		02/15/36	44,339
	29,436		6.500		03/15/36	33,269
	65,006		6.500		04/15/36	73,160
	112,384		6.500		05/15/36	126,985
	90,762		6.500		06/15/36	102,569
	335,472		6.500		07/15/36	378,929
	302,604		6.500		08/15/36	339,609
	591,816		6.500		09/15/36	667,146
	221,425		6.500		10/15/36	249,954
	285,305		6.500		11/15/36	318,937
	143,007		6.500		12/15/36	161,390
	66,293		6.500		01/15/37	75,103
	25,217		6.500		02/15/37	28,525
	11,074		6.500		03/15/37	12,534
	34,835		6.500		04/15/37	39,501
	17,648		6.500		05/15/37	19,462
	17,349		6.500		08/15/37	19,640
	75,607		6.500		09/15/37	85,414
	83,898		6.500		10/15/37	96,386
	49,340		6.500		11/15/37	55,449
	20,417		6.500		05/15/38	23,223
	72,590		6.000		11/15/38	80,861
	14,070		6.500		11/15/38	15,999
	10,482		6.500		01/15/39	11,679
	18,549		6.500		02/15/39	20,965
	10,333,212		4.000		10/20/43	10,666,217
	545,835		4.000		10/20/45	561,890

						14,484,472

TOTAL FEDERAL AGENCIES						$247,270,448

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $364,409,491)						$355,431,367


Agency Debentures – 8.8%
FHLB
$	2,200,000		2.026	%^(b)	03/22/19	$ 2,199,653
	13,500,000		2.077	^(b)	10/11/19	13,503,264
	7,000,000		1.875		03/13/20	6,920,830
	1,800,000		5.375		08/15/24	2,044,926
FNMA
	5,200,000		6.250		05/15/29	6,671,392
	16,080,000		7.125		01/15/30	22,125,598


Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
Hashemite Kingdom of Jordan Government AID Bond(d)
$	19,300,000		2.503	%	10/30/20	$ 19,170,111
NCUA Guaranteed Notes Series A4
	11,000,000		3.000		06/12/19	11,054,404

TOTAL AGENCY DEBENTURES (Cost $84,319,351)						$ 83,690,178


Asset-Backed Securities^(b) – 0.1%
Student Loan – 0.1%
NCUA Guaranteed Notes Series 2010-A1, Class A
$	1,223,304		2.428	%	12/07/20	$ 1,224,838
(Cost $1,223,304)


U.S. Treasury Obligations – 48.3%
United States Treasury Bills^(e)
$	26,325,000		0.000	%	09/27/18	$ 26,203,700
	9,600,000		0.000		11/01/18	9,535,450
	9,600,000		0.000		11/08/18	9,531,291
	4,800,000		0.000		12/13/18	4,755,318
United States Treasury Bonds^(f)
	210,000		3.000		11/15/45	210,729
	920,000		3.000		05/15/47	922,778
	110,000		3.000		02/15/48	110,376
United States Treasury Notes
	100,300,000		1.875		02/28/22	97,512,664
	130,900,000		1.875	^(f)	03/31/22	127,148,410
	103,400,000		1.875	^(f)	04/30/22	100,343,495
	59,000,000		1.875		10/31/22	56,997,542
	5,470,000		2.125		11/30/24	5,252,950
United States Treasury Strip Coupon^(e)
	28,900,000		0.000		11/15/35	17,187,698
	2,800,000		0.000		05/15/36	1,641,948

TOTAL U.S. TREASURY OBLIGATIONS (Cost $465,224,242)						$457,354,349


Shares		Distribution Rate	Value
Investment Company^(g) – 0.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	8,311	1.869%	$ 8,311
(Cost $8,311)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $915,184,699)			$897,709,043


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments^(e) – 4.3%
Commercial Paper – 4.3%
AT&T, Inc.
$	2,050,000		0.000	%	10/09/18	$ 2,034,724
	7,174,000		0.000		10/05/18	7,122,638
Duke Energy Corp.
	4,752,000		0.000		08/27/18	4,732,943


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments^(e) – (continued)
Commercial Paper – (continued)
Hewlett Packard Enterprise Co.
$	2,000,000		0.000	%	07/10/18	$ 1,998,815
	2,374,000		0.000		07/11/18	2,372,462
HP, Inc.
	2,500,000		0.000		07/23/18	2,496,710
Marriott International, Inc.
	3,300,000		0.000		07/27/18	3,293,989
	4,500,000		0.000		07/05/18	4,498,316
Mondelez International, Inc.
	4,250,000		0.000		10/01/18	4,221,569
Schlumberger Holdings
	2,413,000		0.000		07/27/18	2,408,774
The Southern Co.
	1,899,000		0.000		08/30/18	1,890,964
VW Credit, Inc.
	3,400,000		0.000		09/20/18	3,380,191

TOTAL SHORT-TERM INVESTMENTS (Cost $40,454,358)						$ 40,452,095

TOTAL INVESTMENTS – 99.1% (Cost $955,639,057)						$938,161,138

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%						8,107,315

NET ASSETS – 100.0%						$946,268,453



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,668,968, which represents approximately 0.3% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $19,170,111, which represents approximately 2.0% of the Fund’s net assets as of June 30, 2018.

(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(f)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(g)		Represents an affiliated issuer.



Currency Abbreviations:
USD		— U.S. Dollar

Investment Abbreviations:
ACES		— Alternative Credit Enhancement Securities
CMT		— Constant Maturity Treasury Indexes
COF		— Cost of Funds
FDIC		— Federal Deposit Insurance Corp.
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
LIBOR		— London Interbank Offered Rate
MTA		— Monthly Treasury Average
NCUA		— National Credit Union Administration
REMIC		— Real Estate Mortgage Investment Conduit


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 56.7%
Aerospace & Defense – 1.2%
General Dynamics Corp.
$	1,475,000		3.375	%^(a)	05/15/23	$ 1,477,980
(3M USD LIBOR + 0.290%)
	700,000		2.646	^(b)	05/11/20	701,726
(3M USD LIBOR + 0.380%)
	500,000		2.736	^(b)	05/11/21	501,741
Northrop Grumman Corp.
	3,900,000		2.080		10/15/20	3,810,342

						6,491,789

Agriculture – 1.6%
BAT Capital Corp.^(c)
	3,225,000		2.297		08/14/20	3,151,553
	4,925,000		2.764	^(a)	08/15/22	4,722,562
Reynolds American, Inc.
	975,000		3.250		06/12/20	973,999

						8,848,114

Airlines – 0.5%
Delta Air Lines, Inc.
	2,575,000		3.400		04/19/21	2,562,738

Automotive – 1.3%
Daimler Finance North America LLC^(c)
	1,500,000		2.450		05/18/20	1,477,951
Ford Motor Credit Co. LLC
	5,575,000		8.125		01/15/20	5,970,191

						7,448,142

Banks – 18.9%
Banco Bilbao Vizcaya Argentaria SA
	1,025,000		3.000		10/20/20	1,017,257
Banco Santander SA
	1,800,000		3.848		04/12/23	1,760,386
(3M USD LIBOR + 1.120%)
	1,600,000		3.459	^(b)	04/12/23	1,598,037
Bank of America Corp.
	1,025,000		2.625		10/19/20	1,012,393
	8,175,000		2.151	^(a)	11/09/20	7,986,688
	1,250,000		2.625		04/19/21	1,227,972
	3,075,000		2.503	^(a)	10/21/22	2,945,383
(3M USD LIBOR + 0.630%)
	1,800,000		3.499	^(a)(b)	05/17/22	1,799,382
Bank of Montreal
	925,000		3.100		04/13/21	921,305
Barclays Bank PLC
	1,100,000		5.140		10/14/20	1,126,448
	1,600,000		2.650	^(a)	01/11/21	1,564,169
Barclays PLC^(a)(b)(3M USD LIBOR + 1.380%)
	2,550,000		3.710		05/16/24	2,528,962
BNP Paribas SA^(c)
	1,600,000		2.950		05/23/22	1,544,521
	550,000		3.500		03/01/23	536,087
BPCE SA^(c)
	2,425,000		3.000		05/22/22	2,342,208


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Capital One Financial Corp.^(a)
$	1,525,000		2.400	%	10/30/20	$ 1,487,464
	3,325,000		3.450		04/30/21	3,317,330
(3M USD LIBOR + 0.720%)
	1,475,000		3.079	^(b)	01/30/23	1,466,441
Citibank NA^(a)
	2,275,000		3.050		05/01/20	2,274,170
	925,000		2.125		10/20/20	902,805
Citigroup, Inc.
	5,500,000		2.350		08/02/21	5,312,776
(3M USD LIBOR + 0.950%)
	3,750,000		2.876	^(a)(b)	07/24/23	3,616,066
Credit Suisse Group Funding Guernsey Ltd.
	1,425,000		2.750		03/26/20	1,409,422
HSBC Holdings PLC
	1,050,000		2.950		05/25/21	1,033,756
(3M USD LIBOR + 1.000%)
	1,300,000		3.326	^(a)(b)	05/18/24	1,296,100
JPMorgan Chase & Co.
	1,250,000		2.295	^(a)	08/15/21	1,207,639
	6,000,000		3.200		01/25/23	5,886,676
(3M USD LIBOR + 0.730%)
	7,125,000		3.559	^(a)(b)	04/23/24	7,058,243
JPMorgan Chase Bank NA^(a)(b)(3M USD LIBOR + 0.290%)
	2,900,000		2.648		02/01/21	2,902,490
Lloyds Bank PLC
	1,975,000		3.300		05/07/21	1,971,496
(3M USD LIBOR + 0.490%)
	1,875,000		2.853	^(b)	05/07/21	1,877,650
Morgan Stanley
	3,250,000		2.500		04/21/21	3,174,235
	7,550,000		2.625		11/17/21	7,329,572
(3M USD LIBOR + 0.850%)
	3,375,000		3.737	^(a)(b)	04/24/24	3,354,749
Royal Bank of Scotland Group PLC(a)(b)(3M USD LIBOR + 1.550%)
	2,525,000		4.519		06/25/24	2,526,810
Santander UK PLC
	1,600,000		2.375		03/16/20	1,575,738
	2,575,000		2.125		11/03/20	2,499,778
Sumitomo Mitsui Financial Group, Inc.
	4,650,000		2.784		07/12/22	4,501,562
The Bank of New York Mellon Corp.
	2,950,000		3.500		04/28/23	2,951,290
UBS AG^(a)(c)
	925,000		2.450		12/01/20	904,203
UBS Group Funding Switzerland AG^(c)
	3,450,000		3.000		04/15/21	3,397,270

						105,146,929

Beverages – 2.5%
Anheuser-Busch InBev Finance, Inc.^(a)
	3,899,000		2.650		02/01/21	3,845,261
	2,625,000		3.300		02/01/23	2,603,052
Anheuser-Busch InBev Worldwide, Inc.(b)(3M USD LIBOR + 0.740%)
	2,725,000		3.052		01/12/24	2,749,190


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages – (continued)
Constellation Brands, Inc.^(a)
$	3,025,000		2.650	%	11/07/22	$ 2,899,183
Diageo Capital PLC^(a)
	1,975,000		3.500		09/18/23	1,981,696

						14,078,382

Chemicals – 2.2%
E.I. du Pont de Nemours & Co.(b)(3M USD LIBOR + 0.530%)
	2,100,000		2.888		05/01/20	2,107,178
Syngenta Finance NV^(c)
	2,470,000		3.698		04/24/20	2,461,032
	3,055,000		3.933		04/23/21	3,047,256
	1,920,000		4.441	^(a)	04/24/23	1,909,251
The Sherwin-Williams Co.
	2,275,000		2.250		05/15/20	2,237,206
	700,000		2.750	^(a)	06/01/22	678,297

						12,440,220

Computers^(a)(b) – 0.3%
DXC Technology Co.(3M USD LIBOR + 0.950%)
	1,425,000		3.250		03/01/21	1,425,376

Diversified Financial Services – 2.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500		05/15/21	254,719
	1,500,000		4.125	^(a)	07/03/23	1,491,939
AIG Global Funding^(c)
	1,100,000		3.350		06/25/21	1,101,603
(3M USD LIBOR + 0.460%)
	825,000		2.797	^(b)	06/25/21	825,469
Air Lease Corp.
	1,725,000		2.125		01/15/20	1,693,125
American Express Co.^(a)
	2,850,000		3.375		05/17/21	2,853,398
Citigroup Global Markets Holdings, Inc.^(c)(d)
EGP	16,100,000		0.000		01/17/19	813,712
International Lease Finance Corp.
$	2,125,000		8.625		01/15/22	2,437,936
The Charles Schwab Corp.^(a)
	1,750,000		3.250		05/21/21	1,756,994
(3M USD LIBOR + 0.320%)
	1,750,000		2.649	^(b)	05/21/21	1,757,103

						14,985,998

Electrical – 2.1%
Dominion Energy, Inc.
	1,350,000		2.579		07/01/20	1,330,201
Duke Energy Corp.^(a)
	950,000		1.800		09/01/21	909,342
Exelon Corp.^(a)
	750,000		2.450		04/15/21	728,885
ITC Holdings Corp.^(a)
	1,925,000		2.700		11/15/22	1,853,837
Sempra Energy
	1,700,000		2.400		02/01/20	1,679,452
	1,100,000		2.400	^(a)	03/15/20	1,084,727


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
(3M USD LIBOR + 0.500%)
$	1,350,000		2.848	%^(a)(b)	01/15/21	$ 1,350,679
WEC Energy Group, Inc.
	2,800,000		3.375		06/15/21	2,807,959

						11,745,082

Entertainment^(a) – 0.1%
GLP Capital LP/GLP Financing II, Inc.
	450,000		4.875		11/01/20	455,062

Food & Drug Retailing – 1.8%
Conagra Brands, Inc.
	61,000		4.950		08/15/20	62,194
General Mills, Inc.
	1,500,000		3.700	^(a)	10/17/23	1,484,712
(3M USD LIBOR + 0.540%)
	2,000,000		2.893	^(b)	04/16/21	2,002,972
(3M USD LIBOR + 1.010%)
	2,175,000		3.363	^(b)	10/17/23	2,193,444
Mondelez International Holdings Netherlands BV^(a)(c)
	1,975,000		2.000		10/28/21	1,884,265
Smithfield Foods, Inc.^(a)(c)
	2,350,000		2.650		10/03/21	2,238,917

						9,866,504

Gaming – 0.2%
MGM Resorts International
	975,000		8.625		02/01/19	1,001,812

Gas^(a) – 0.2%
NiSource Corp.
	1,100,000		2.650		11/17/22	1,063,254

Healthcare Providers & Services – 2.7%
Acadia Healthcare Co., Inc.^(a)
	500,000		6.125		03/15/21	505,000
Becton Dickinson & Co.
	959,000		2.675		12/15/19	951,808
	2,625,000		2.404		06/05/20	2,577,891
	4,375,000		2.894	^(a)	06/06/22	4,231,646
(3M USD LIBOR + 0.875%)
	1,525,000		3.209	^(a)(b)	12/29/20	1,527,492
HCA, Inc.
	1,600,000		5.875		03/15/22	1,668,000
Humana, Inc.
	1,675,000		2.500		12/15/20	1,644,037
SSM Health Care Corp.^(a)
	1,775,000		3.688		06/01/23	1,784,548

						14,890,422

Internet^(a) – 0.5%
Amazon.com, Inc.
	2,975,000		2.400		02/22/23	2,861,063


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron & Steel – 0.0%
ABJA Investment Co. Pte Ltd.
$	200,000		5.450	%	01/24/28	$ 169,500

Media – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	3,400,000		3.579		07/23/20	3,395,682
	725,000		4.500		02/01/24	724,287
(3M USD LIBOR + 1.650%)
	1,275,000		3.986		02/01/24	1,277,792
Time Warner Cable LLC
	775,000		5.000		02/01/20	791,180

						6,188,941

Mining^(a) – 0.2%
Glencore Funding LLC^(c)
	625,000		3.000		10/27/22	599,007
Teck Resources Ltd.
	450,000		4.750		01/15/22	451,125

						1,050,132

Oil Field Services – 1.4%
Devon Energy Corp.^(a)
	1,400,000		4.000		07/15/21	1,417,687
Marathon Oil Corp.^(a)
	624,000		2.700		06/01/20	614,559
Petroleos Mexicanos
EUR	170,000		5.125		03/15/23	217,634
Phillips 66(a)(b)(c)(3M USD LIBOR + 0.750%)
$	950,000		3.098		04/15/20	950,401
Range Resources Corp.^(a)
	500,000		5.750		06/01/21	510,000
Reliance Industries Ltd.^(c)
	300,000		3.667		11/30/27	275,625
Schlumberger Finance Canada Ltd.^(c)
	1,775,000		2.200		11/20/20	1,731,518
Valero Energy Corp.
	1,932,000		6.125		02/01/20	2,018,049

						7,735,473

Pharmaceuticals – 6.3%
Allergan Funding SCS^(a)
	6,900,000		3.450		03/15/22	6,789,516
Bayer US Finance II LLC^(a)(c)
	2,125,000		3.875		12/15/23	2,125,089
(3M USD LIBOR + 1.010%)
	4,150,000		3.345	^(b)	12/15/23	4,149,784
Cardinal Health, Inc.
	905,000		4.625		12/15/20	929,971
CVS Health Corp.
	2,775,000		3.350		03/09/21	2,771,947
	3,348,000		2.125	^(a)	06/01/21	3,218,405
	6,075,000		3.700	^(a)	03/09/23	6,044,193
(3M USD LIBOR + 0.630%)
	625,000		2.957	^(b)	03/09/20	627,409


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
(3M USD LIBOR + 0.720%)
$	425,000		3.047	%^(b)	03/09/21	$ 427,142
EMD Finance LLC^(a)(c)
	1,600,000		2.400		03/19/20	1,577,737
McKesson Corp.^(a)
	675,000		2.700		12/15/22	648,205
Mylan NV
	1,554,000		2.500		06/07/19	1,546,925
Teva Pharmaceutical Finance Netherlands III BV
	4,575,000		2.200		07/21/21	4,237,594

						35,093,917

Pipelines – 3.3%
Enbridge Energy Partners LP
	2,114,000		5.200		03/15/20	2,173,838
Enbridge, Inc.^(a)
	1,325,000		2.900		07/15/22	1,286,948
Enterprise Products Operating LLC
	1,550,000		5.200		09/01/20	1,615,216
(3M USD LIBOR + 3.708%)
	1,150,000		6.066	^(a)(b)	08/01/66	1,152,875
Kinder Morgan Energy Partners LP
	1,250,000		6.850		02/15/20	1,316,213
Kinder Morgan, Inc.^(a)
	1,450,000		3.050		12/01/19	1,445,517
NGPL PipeCo LLC^(a)(c)
	215,000		4.375		08/15/22	212,850
	410,000		4.875		08/15/27	404,875
Plains All American Pipeline LP/PAA Finance Corp.
	1,690,000		5.750		01/15/20	1,744,431
	990,000		3.650	^(a)	06/01/22	970,439
Sabine Pass Liquefaction LLC(a)
	3,185,000		5.625		02/01/21	3,328,557
Texas Eastern Transmission LP^(a)(c)
	1,225,000		4.125		12/01/20	1,241,825
Williams Partners LP
	1,300,000		5.250		03/15/20	1,340,150

						18,233,734

Real Estate^(a) – 0.0%
China Evergrande Group
	250,000		8.750		06/28/25	219,777

Real Estate Investment Trust^(a) – 0.8%
Equinix, Inc.
	450,000		5.375		01/01/22	463,500
Public Storage
	850,000		2.370		09/15/22	816,272
Senior Housing Properties Trust
	750,000		3.250		05/01/19	749,473
SL Green Operating Partnership LP
	2,575,000		3.250		10/15/22	2,502,295

						4,531,540

Retailing^(a) – 0.8%
Alimentation Couche-Tard, Inc.^(c)
	425,000		2.700		07/26/22	408,478


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing^(a) – (continued)
Dollar Tree, Inc.(b)(3M USD LIBOR + 0.700%)
$	3,075,000		3.055	%	04/17/20	$ 3,081,286
New Red Finance, Inc.^(c)
	1,000,000		4.625		01/15/22	998,750

						4,488,514

Semiconductors – 1.2%
Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	4,000,000		3.000		01/15/22	3,890,643
Microchip Technology, Inc.^(c)
	1,125,000		3.922		06/01/21	1,126,868
NXP BV/NXP Funding LLC^(c)
	325,000		4.125		06/15/20	328,250
	1,250,000		4.125		06/01/21	1,246,875

						6,592,636

Software^(a)(c) – 0.2%
First Data Corp.
	850,000		7.000		12/01/23	885,062

Telecommunication Services – 2.1%
America Movil SAB de CV
MXN	2,760,000		6.000		06/09/19	135,309
AT&T, Inc.
$	2,225,000		2.450	^(a)	06/30/20	2,191,349
	2,925,000		5.000		03/01/21	3,032,260
	900,000		3.000		02/15/22	878,746
CenturyLink, Inc.
	650,000		6.450		06/15/21	667,875
Sprint Corp.
	1,000,000		7.250		09/15/21	1,040,000
Verizon Communications, Inc.
	2,475,000		1.750		08/15/21	2,365,574
Wind Tre SpA(a)(b)(c)(3M EURIBOR + 2.750%)
EUR	1,250,000		2.750		01/20/24	1,211,184

						11,522,297

Transportation – 0.5%
Union Pacific Corp.
$	2,475,000		3.200		06/08/21	2,482,659

TOTAL CORPORATE OBLIGATIONS (Cost $319,956,358)						$314,505,069


Mortgage-Backed Obligations – 10.4%
Collateralized Mortgage Obligations – 4.3%
Interest Only^(e) – 0.9%
FHLMC REMIC Series 3852, Class SW(b)(-1x1M LIBOR + 6.000%)
$	1,111,499		4.081	%	05/15/41	$ 151,103
FHLMC REMIC Series 4314, Class SE(b)(-1x1M LIBOR + 6.050%)
	766,967		4.131		03/15/44	120,949
FHLMC REMIC Series 4320, Class SD(b)(-1x1M LIBOR + 6.100%)
	192,858		4.181		07/15/39	24,707
FHLMC REMIC Series 4583, Class ST(b)(-1x1M LIBOR + 6.000%)
	871,546		3.927		05/15/46	143,322
FHLMC STRIPS Series 304, Class C45
	325,034		3.000		12/15/27	28,044


Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only^(e) – (continued)
FNMA REMIC Series 2010-135, Class AS^(b)(-1x1M LIBOR + 5.950%)
$	314,200		3.859	%		12/25/40	$ 39,892
FNMA REMIC Series 2013-121, Class SA^(b)(-1x1M LIBOR + 6.100%)
	2,278,197		4.140			12/25/43	295,237
FNMA REMIC Series 2013-130, Class SN^(b⁾(-1x1M LIBOR + 6.650%)
	822,667		4.690			10/25/42	124,221
FNMA REMIC Series 2014-19, Class MS^(b)(-1x1M LIBOR + 6.600%)
	294,451		4.640			11/25/39	20,637
FNMA REMIC Series 2014-87, Class MS^(b)(-1x1M LIBOR + 6.250%)
	115,136		4.290			01/25/45	15,527
FNMA REMIC Series 2015-20, Class ES^(b)(-1x1M LIBOR + 6.150%)
	654,738		4.190			04/25/45	100,564
FNMA REMIC Series 2015-28, Class PS^(b)(-1x1M LIBOR + 5.600%)
	1,632,426		3.640			08/25/44	215,678
FNMA REMIC Series 2015-79, Class SA^(b)(-1x1M LIBOR + 6.250%)
	471,692		4.290			11/25/45	63,649
FNMA REMIC Series 2016-1, Class SJ^(b)(-1x1M LIBOR + 6.150%)
	1,344,327		4.059			02/25/46	230,329
GNMA REMIC Series 2010-1, Class SD^(b)(-1x1M LIBOR + 5.790%)
	24,424		3.842			01/20/40	3,212
GNMA REMIC Series 2010-20, Class SE^(b)(-1x1M LIBOR + 6.250%)
	141,065		4.302			02/20/40	20,980
GNMA REMIC Series 2010-31, Class SA^(b)(-1x1M LIBOR + 5.750%)
	246,656		3.802			03/20/40	31,557
GNMA REMIC Series 2010-98, Class QS^(b)(-1x1M LIBOR + 6.600%)
	133,840		4.652			01/20/40	15,243
GNMA REMIC Series 2011-17, Class SA^(b)(-1x1M LIBOR + 6.100%)
	173,003		4.152			09/20/40	21,179
GNMA REMIC Series 2011-61, Class CS^(b)(-1x1M LIBOR + 6.680%)
	29,468		4.732			12/20/35	543
GNMA REMIC Series 2013-113, Class SD^(b)(-1x1M LIBOR + 6.700%)
	139,494		4.615			08/16/43	21,539
GNMA REMIC Series 2013-124, Class CS^(b)(-1x1M LIBOR + 6.050%)
	800,325		4.102			08/20/43	122,899
GNMA REMIC Series 2013-134, Class DS^(b)(-1x1M LIBOR + 6.100%)
	91,363		4.016			09/20/43	12,957
GNMA REMIC Series 2013-152, Class TS^(b⁾(-1x1M LIBOR + 6.100%)
	323,688		4.016			06/20/43	45,364
GNMA REMIC Series 2014-117, Class SJ^(b)(-1x1M LIBOR + 5.600%)
	2,314,133		3.516			08/20/44	300,726
GNMA REMIC Series 2014-132, Class SL^(b)(-1x1M LIBOR + 6.100%)
	848,763		4.016			10/20/43	111,412
GNMA REMIC Series 2014-133, Class BS^(b)(-1x1M LIBOR + 5.600%)
	728,247		3.652			09/20/44	86,777
GNMA REMIC Series 2014-158, Class SA^(b)(-1x1M LIBOR + 5.600%)
	1,085,705		3.666			10/16/44	139,469
GNMA REMIC Series 2014-162, Class SA^(b)(-1x1M LIBOR + 5.600%)
	320,355		3.652			11/20/44	38,999
GNMA REMIC Series 2014-188, Class IB
	864,631		4.000			12/20/44	145,852
GNMA REMIC Series 2014-41, Class SA^(b)(-1x1M LIBOR + 6.100%)
	104,141		4.016			03/20/44	15,313
GNMA REMIC Series 2015-110, Class MS^(b)(-1x1M LIBOR + 5.710%)
	7,352,855		3.626			08/20/45	953,173
GNMA REMIC Series 2015-111, Class IM
	597,650		4.000			08/20/45	102,524
GNMA REMIC Series 2015-123, Class SP^(b)(-1x1M LIBOR + 6.250%)
	524,727		4.166			09/20/45	77,796
GNMA REMIC Series 2015-126, Class HS^(b)(-1x1M LIBOR + 6.200%)
	1,148,196		4.116			09/20/45	167,427
GNMA REMIC Series 2015-57, Class AS^(b)(-1x1M LIBOR + 5.600%)
	1,305,975		3.652			04/20/45	161,407


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only^(e) – (continued)
GNMA REMIC Series 2015-95, Class GI
$	590,036		4.500	%	07/16/45	$ 129,638
GNMA REMIC Series 2016-109, Class IH
	2,487,160		4.000		10/20/45	447,332
GNMA REMIC Series 2016-27, Class IA
	510,718		4.000		06/20/45	80,733

						4,827,910

Regular Floater^(b) – 0.0%
FNMA REMIC Series 2007-33, Class HF(1M LIBOR + 0.350%)
	22,906		2.310		04/25/37	22,971

Sequential Fixed Rate – 2.6%
FHLMC REMIC Series 4619, Class NA
	2,437,788		3.000		03/15/44	2,411,456
FHLMC REMIC Series 4630, Class MC
	1,421,236		4.000		08/15/54	1,459,107
FHLMC REMIC Series 4649, Class ML
	10,043,359		4.000		11/15/54	10,319,247
FNMA REMIC Series 2012-111, Class B
	30,287		7.000		10/25/42	34,154
FNMA REMIC Series 2012-153, Class B
	101,114		7.000		07/25/42	114,468

						14,338,432

Sequential Floating Rate^(b)(c) – 0.8%
Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(f)(3M EURIBOR + 2.750%)
EUR	592,972		2.750		04/20/20	690,395
Holmes Master Issuer PLC Series 2018-1A, Class A2(3M USD LIBOR + 0.360%)
$	2,600,000		2.146		10/15/54	2,598,497
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	357,082		3.750		05/28/52	357,894
Station Place Securitization Trust Series 2015-2, Class A(1M USD LIBOR + 0.550%)
	850,000		2.468		07/15/19	850,000

						4,496,786

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$23,686,099

Commercial Mortgage-Backed Securities – 0.4%
Sequential Fixed Rate – 0.1%
FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
$	178,907		2.779	%	09/25/22	$ 178,275
FHLMC Multifamily Structured Pass-Through Certificates Series K707, Class A2
	100,000		2.220		12/25/18	99,721
FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	99,401		1.883		05/25/19	98,906

						376,902

Sequential Floating Rate^(b)(c) – 0.3%
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A(1M LIBOR + 0.830%)
	2,100,000		2.791		06/15/35	2,096,848

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 2,473,750


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 5.7%
FHLMC – 0.0%
$	125,810		7.000	%	02/01/39	$ 143,796

FNMA – 5.1%
	4,278		6.000		11/01/23	4,675
	1,503,785		6.000		02/01/24	1,643,481
	1,094,712		6.000		01/01/28	1,196,619
	764,778		6.000		08/01/28	835,824
	17,529		6.000		01/01/29	19,158
	40,722		6.000		01/01/32	45,397
	8,411		6.000		11/01/32	9,277
	581,937		6.000		12/01/32	633,795
	4,737,130		6.000		05/01/34	5,237,548
	8,214		6.000		11/01/34	9,113
	42,735		6.000		06/01/35	47,409
	478,087		6.000		10/01/35	531,225
	1,866,626		6.000		11/01/35	2,071,870
	97,530		6.000		12/01/35	108,038
	2,124		6.000		01/01/36	2,347
	7,003		6.000		02/01/36	7,751
	2,489		6.000		03/01/36	2,756
	1,128,687		6.000		05/01/36	1,249,391
	66,898		6.000		06/01/36	74,261
	771,049		6.000		07/01/36	853,302
	75,214		6.000		08/01/36	83,381
	1,198,457		6.000		09/01/36	1,328,081
	2,328,916		6.000		10/01/36	2,582,479
	47,874		6.000		11/01/36	53,105
	538,789		6.000		02/01/37	598,222
	10,968		6.000		03/01/37	12,180
	47,757		6.000		05/01/37	52,913
	423,124		6.000		11/01/37	469,028
	96,649		6.000		12/01/37	106,994
	179,270		6.000		03/01/38	198,604
	197,935		6.000		05/01/38	218,916
	8,403		6.000		07/01/38	9,295
	5,171		6.000		09/01/38	5,723
	192,899		6.000		10/01/38	214,106
	730,352		6.000		11/01/38	807,103
	642,633		6.000		01/01/39	713,342
	69,755		7.000		03/01/39	79,011
	130,862		6.000		09/01/39	144,760
	15,027		6.000		06/01/40	16,682
	988,571		6.000		10/01/40	1,093,486
	4,511,041		6.000		05/01/41	4,995,771
	47,279		6.000		06/01/41	52,457

						28,418,876

GNMA – 0.6%
	2,637,197		4.000		10/20/43	2,722,185


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	545,835		4.000	%	10/20/45	$ 561,890

						3,284,075

TOTAL FEDERAL AGENCIES						$31,846,747

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $59,120,482)						$58,006,596


Asset-Backed Securities – 23.8%
Automotive – 1.4%
Ally Master Owner Trust Series 2015-2, Class A2
$	2,050,000		1.830	%	01/15/21	$ 2,041,270
Ford Credit Auto Owner Trust Series 2016-2, Class A^(c)
	450,000		2.030		12/15/27	435,511
Ford Credit Floorplan Master Owner Trust Series 2016-5, Class A1
	3,850,000		1.950		11/15/21	3,799,989
GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1(c)
	1,350,000		1.960		05/17/21	1,340,895

						7,617,665

Collateralized Loan Obligations^(b)(c) – 13.4%
ACIS CLO Ltd. Series 2013-1A, Class A1(3M USD LIBOR + 0.870%)
	377,433		2.604		04/18/24	377,420
ACIS CLO Ltd. Series 2013-1A, Class B(3M USD LIBOR + 1.950%)
	313,530		3.684		04/18/24	313,565
ACIS CLO Ltd. Series 2013-1A, Class C(3M USD LIBOR + 2.950%)
	198,030		4.684		04/18/24	198,071
AIMCO CLO Series 2017-AA, Class A(3M USD LIBOR + 1.260%)
	3,150,000		3.005		07/20/29	3,154,596
Atrium X CLO Series 2017-10A, Class AR(3M USD LIBOR + 0.950%)
	2,598,620		2.672		07/16/25	2,598,615
BlueMountain CLO Ltd. Series 2014-2A, Class AR(3M USD LIBOR + 0.930%)
	3,150,000		2.675		07/20/26	3,150,274
Bowman Park CLO Ltd. Series 2014-1A, Class AR(3M USD LIBOR + 1.180%)
	1,650,000		3.100		11/23/25	1,650,698
Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R(3M USD LIBOR + 1.230%)
	3,100,000		3.287		06/09/30	3,108,720
Cedar Funding V CLO Ltd. Series 2016-5A, Class A1(3M USD LIBOR + 1.610%)
	3,400,000		3.341		07/17/28	3,400,116
Cutwater Ltd. Series 2014-1A, Class A1AR(3M USD LIBOR + 1.250%)
	3,050,000		2.972		07/15/26	3,050,439
Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR(3M USD LIBOR + 0.900%)
	2,900,000		3.248		04/15/29	2,891,431
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(3M USD LIBOR + 1.390%)
	1,650,000		3.135		07/25/27	1,649,980
ICG US CLO Ltd. Series 2014-1A, Class A1R(3M USD LIBOR + 1.220%)
	3,100,000		2.804		01/20/30	3,101,854
Jamestown CLO X Ltd. Series 2017-10A, Class A1(3M USD LIBOR + 1.250%)
	6,250,000		2.981		07/17/29	6,255,112
LCM XVI LP Series 2017-16A, Class AR(3M USD LIBOR + 1.030%)
	6,250,000		2.752		07/15/26	6,250,313


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(b)(c) – (continued)
Madison Park Funding XXX Ltd. Series 2018-30A, Class A(3M USD LIBOR + 0.750%)
$	4,200,000		3.089	%	04/15/29	$ 4,154,913
OCP CLO Ltd. Series 2012-2A, Class A1R(3M USD LIBOR + 1.400%)
	200,000		3.304		11/22/25	200,295
OCP CLO Ltd. Series 2014-5A, Class A1R(3M USD LIBOR + 1.080%)
	1,200,000		2.581		04/26/31	1,198,656
OCP CLO Ltd. Series 2015-8A, Class A1R(3M USD LIBOR + 0.850%)
	3,250,000		2.581		04/17/27	3,238,349
OFSI Fund V Ltd. Series 2013-5A, Class A1LA(3M USD LIBOR + 0.930%)
	52,748		2.652		04/17/25	52,746
Parallel Ltd. Series 2015-1A, Class AR(3M USD LIBOR + 0.850%)
	1,250,000		2.595		07/20/27	1,248,526
Parallel Ltd. Series 2017-1A, Class A1(3M USD LIBOR + 1.310%)
	2,700,000		3.055		07/20/29	2,705,360
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A(1M USD LIBOR + 0.850%)
	850,000		2.830		06/25/35	850,272
Recette CLO Ltd. Series 2015-1A, Class AR(3M USD LIBOR + 0.920%)
	4,550,000		2.665		10/20/27	4,544,613
Regatta IV Funding Ltd. Series 2014-1A, Class A1R(3M USD LIBOR + 1.020%)
	3,000,000		2.765		07/25/26	3,000,237
Sound Point CLO XI Ltd. Series 2016-1A, Class A(3M USD LIBOR + 1.650%)
	4,150,000		3.395		07/20/28	4,156,121
TICP CLO VI Ltd. Series 2016-6A, Class A(3M USD LIBOR + 1.550%)
	2,600,000		3.272		01/15/29	2,604,235
Whitehorse Ltd. Series 2014-9A, Class AR(3M USD LIBOR + 1.160%)
	3,600,000		2.891		07/17/26	3,600,371
WhiteHorse VIII Ltd. Series 2014-1A, Class AR(3M USD LIBOR + 0.900%)
	1,250,000		2.673		05/01/26	1,249,991
Zais CLO 1 Ltd. Series 2014-1A, Class A1(3M USD LIBOR + 1.400%)
	661,898		3.122		04/15/26	661,936

						74,617,825

Credit Card^(c) – 0.7%
Golden Credit Card Trust Series 2016-5A, Class A
	2,600,000		1.600		09/15/21	2,559,949
Golden Credit Card Trust Series 2017-2A, Class A
	1,050,000		1.980		04/15/22	1,030,647

						3,590,596

Student Loan^(b) – 8.3%
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A(1M USD LIBOR + 0.800%)
	585,851		2.697		02/25/41	585,212
ECMC Group Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.350%)
	1,708,254		3.310		07/26/66	1,736,161
Education Loan Asset-Backed Trust I Series 2013-1, Class A2^(c)(1M USD LIBOR + 0.800%)
	4,200,000		2.760		04/26/32	4,220,225
Educational Funding of the South, Inc. Series 2012-1, Class A(1M USD LIBOR + 1.050%)
	2,650,256		3.010		03/25/36	2,661,690


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
Educational Services of America, Inc. Series 2012-1, Class A1^(c)(1M USD LIBOR + 1.150%)
$	52,981		3.110	%	09/25/40	$ 53,841
Educational Services of America, Inc. Series 2014-1, Class A^(c)(1M USD LIBOR + 0.700%)
	824,154		2.660		02/25/39	824,153
Educational Services of America, Inc. Series 2015-2, Class A^(c)(1M USD LIBOR + 1.000%)
	817,695		2.960		12/25/56	824,180
EFS Volunteer No. 2 LLC Series 2012-1, Class A2^(c)(1M USD LIBOR + 1.350%)
	2,700,000		3.310		03/25/36	2,746,563
EFS Volunteer No. 3 LLC Series 2012-1, Class A2^(c)(1M USD LIBOR + 1.000%)
	74,635		2.960		02/25/25	74,748
EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(c)(1M USD LIBOR + 1.000%)
	1,700,000		2.960		04/25/33	1,710,371
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(c)(3M LIBOR + 0.110%)
	2,084,583		2.440		11/25/26	2,073,029
Illinois Student Assistance Commission Series 2010-1, Class A3(3M USD LIBOR + 0.900%)
	1,900,000		2.645		07/25/45	1,920,044
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1(1M USD LIBOR + 0.750%)
	2,107,595		2.657		12/01/31	2,104,792
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(1M USD LIBOR + 1.000%)
	2,084,608		2.948		05/20/30	2,108,023
Navient Student Loan Trust Series 2016-5A, Class A^(c)(1M USD LIBOR + 1.250%)
	3,525,951		3.210		06/25/65	3,618,213
Navient Student Loan Trust Series 2016-7A, Class A^(c)(1M USD LIBOR + 1.150%)
	1,778,306		3.110		03/25/66	1,811,630
North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	978,135		6.645		07/25/41	975,995
Northstar Education Finance, Inc. Series 2012-1, Class A^(c)(1M USD LIBOR + 0.700%)
	107,075		2.660		12/26/31	107,509
Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1^(c)(1M USD LIBOR + 0.550%)
	55,194		2.510		05/25/57	55,253
PHEAA Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.150%)
	1,786,896		3.110		09/25/65	1,814,209
SLC Student Loan Center Series 2011-1, Class A^(c)(1M USD LIBOR + 1.220%)
	6,114,960		3.180		10/25/27	6,187,526
SLC Student Loan Trust Series 2005-3, Class A3(3M USD LIBOR + 0.120%)
	1,241,088		2.245		06/15/29	1,234,527
SLM Student Loan Trust Series 2003-14, Class A5(3M USD LIBOR + 0.230%)
	41,995		1.975		01/25/23	41,996
SLM Student Loan Trust Series 2004-1, Class A3(3M USD LIBOR + 0.210%)
	162,485		1.955		04/25/23	162,495


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
SLM Student Loan Trust Series 2004-8A, Class A5^(c)(3M USD LIBOR + 0.500%)
$	497,481		2.245	%	04/25/24	$ 498,439
SLM Student Loan Trust Series 2005-5, Class A4(3M USD LIBOR + 0.140%)
	1,400,000		1.885		10/25/28	1,394,982
SLM Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.110%)
	197,785		1.855		07/25/25	197,785
SLM Student Loan Trust Series 2007-7, Class A4(3M USD LIBOR + 0.330%)
	974,320		2.075		01/25/22	958,206
SLM Student Loan Trust Series 2008-4, Class A4(3M USD LIBOR + 1.650%)
	362,293		3.395		07/25/22	370,394
SLM Student Loan Trust Series 2012-3, Class A(1M USD LIBOR + 0.650%)
	1,165,257		2.610		12/27/38	1,171,466
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2(3M USD LIBOR + 0.850%)
	752,149		2.545		10/01/24	755,594
Utah State Board of Regents Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	1,200,000		2.623		05/01/35	1,206,252
Wachovia Student Loan Trust Series 2005-1, Class A5(3M USD LIBOR + 0.130%)
	76,188		1.875		01/26/26	76,141

						46,281,644

TOTAL ASSET-BACKED SECURITIES (Cost $131,521,719)						$132,107,730


Foreign Debt Obligations – 1.0%
Sovereign – 1.0%
Dominican Republic
$	1,210,000		7.500	%	05/06/21	$ 1,271,825
Ecuador Government International Bond
	200,000		9.625	^(c)	06/02/27	186,000
	390,000		9.625		06/02/27	362,700
	350,000		7.875	^(c)	01/23/28	293,125
Republic of Argentina
EUR	440,000		3.375		01/15/23	466,303
	320,000		5.250		01/15/28	319,043
	40,000		2.260	^(g)	12/31/38	27,373
	$70,000		2.500	^(g)	12/31/38	39,690
EUR	100,000		6.250		11/09/47	90,797
Republic of Indonesia
	$200,000		5.875		01/15/24	214,500
EUR	250,000		2.150	^(c)	07/18/24	294,140


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of South Africa
ZAR	1,590,000		8.000	%	01/31/30	$ 105,854
	4,500,000		7.000		02/28/31	271,758
	6,879,000		8.250		03/31/32	456,679
	1,570,000		8.875		02/28/35	108,077
	2,330,000		6.250		03/31/36	122,697
	45,000		9.000		01/31/40	3,085
	900,000		6.500		02/28/41	46,732
	1,450,000		8.750		01/31/44	96,486
Republic of Sri Lanka
$	200,000		6.850		11/03/25	193,250
United Mexican States
MXN	10,679,700		6.500		06/10/21	520,250
	1,292,300		8.000		12/07/23	65,911
	46,900		8.000		11/07/47	2,430

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $5,887,624)						$ 5,558,705


Structured Notes^(c)(d)– 0.1%
Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA)
$	5,100,000		0.000	%	07/26/18	$ 281,703
	6,950,000		0.000		02/07/19	347,714

TOTAL STRUCTURED NOTES (Cost $640,377)						$ 629,417


Municipal Debt Obligations – 3.2%
Connecticut – 0.5%
Connecticut State GO Bonds Series A
$	3,000,000		3.130	%	01/15/24	$ 2,938,530

Florida^(a) – 2.3%
Florida State Board of Administration Finance Corp. Series 2016, Class A
	12,625,000		2.638		07/01/21	12,507,082

New Hampshire^(a)(b) – 0.3%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	1,800,000		2.600		10/25/37	1,811,755

Utah^(a)(b) – 0.1%
Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2(3M USD LIBOR + 0.850%)
	740,176		2.623		05/01/29	742,271

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $18,120,010)						$17,999,638


U.S. Treasury Obligation^(h) – 0.2%
United States Treasury Note
$	1,020,000		2.250	%	12/31/24	$ 986,575
(Cost $1,012,668)


Shares		Distribution Rate				Value
Investment Company⁽ⁱ⁾ – 0.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	1,693		1.869%			$ 1,693
(Cost $1,693)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $536,260,931)						$529,795,423


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 1.5%
Certificate of Deposit^(b) – 0.3%
Nordea Bank AB NY
$	1,500,000		2.702	%	03/27/20	$ 1,502,793

Commercial Paper^(d) – 1.2%
AT&T, Inc.
	1,250,000		0.000		10/09/18	1,240,685
	1,500,000		0.000		10/05/18	1,489,261
Ford Motor Credit Co. LLC
	4,000,000		0.000		02/20/19	3,929,226

						6,659,172

TOTAL SHORT-TERM INVESTMENTS (Cost $8,157,769)						$ 8,161,965

TOTAL INVESTMENTS – 96.9% (Cost $544,418,700)						$537,957,388

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.1%						17,102,658

NET ASSETS – 100.0%						$555,060,046


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $168,169,231, which represents approximately 30.3% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(e)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(f)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(g)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.



(h)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(i)		Represents an affiliated issuer.


Currency Abbreviations:
ARS		— Argentine Peso
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
COP		— Colombian Peso
CZK		— Czech Koruna
EGP		— Egyptian Pound
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thai Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
ZAR		— South African Rand

Investment Abbreviations:
AUDOR		— Australian Dollar Offered Rate
CDOR		— Canadian Dollar Offered Rate
CHFOR		— Swiss Franc Offered Rate
CLO		— Collateralized Loan Obligation
EURIBOR		— Euro Interbank Offered Rate
EURO		— Euro Offered Rate
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
JIBAR		— Johannesburg Interbank Agreed Rate
JYOR		— Japanese Yen Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
NIBOR		— Norwegian Interbank Offered Rate
NZDOR		— New Zealand Dollar Offered Rate
PLC		— Public Limited Company
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
STIBOR		— Stockholm Interbank Offered Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FUTURES CONTRACTS – At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS – At June 30, 2018, the Fund had the following swap contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following purchased and written options:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 40.6%
Aerospace & Defense^(a) – 0.3%
General Dynamics Corp.(3M USD LIBOR + 0.380%)
$	5,000,000		2.736	%	05/11/21	$ 5,017,414

Agriculture – 1.2%
BAT Capital Corp.^(a)(b)(3M USD LIBOR + 0.590%)
	13,400,000		2.945		08/14/20	13,444,666
Philip Morris International, Inc.
	5,500,000		1.875		11/01/19	5,428,928

						18,873,594

Automotive^(a)(b) – 2.1%
BMW US Capital LLC(3M USD LIBOR + 0.410%)
	15,000,000		2.749		04/12/21	15,050,714
Daimler Finance North America LLC(3M USD LIBOR + 0.550%)
	13,000,000		2.913		05/04/21	13,032,684
Harley-Davidson Financial Services, Inc.(3M USD LIBOR + 0.500%)
	5,000,000		2.831		05/21/20	5,010,387

						33,093,785

Banks – 26.0%
ABN AMRO Bank NV^(b)
	15,857,000		2.500		10/30/18	15,853,559
(3M USD LIBOR + 0.640%)
	5,000,000		2.995	^(a)	01/18/19	5,013,450
Australia & New Zealand Banking Group Ltd.^(a)(b)
(3M USD LIBOR + 0.660%)
	5,000,000		2.995		09/23/19	5,024,596
(3M USD LIBOR + 0.460%)
	15,000,000		2.781		05/17/21	14,975,100
Banque Federative du Credit Mutuel SA^(b)
	4,200,000		2.750		01/22/19	4,198,198
(3M USD LIBOR + 0.490%)
	13,000,000		2.849	^(a)	07/20/20	13,044,062
Barclays Bank PLC^(a)(3M USD LIBOR + 0.550%)
	8,000,000		2.913		08/07/19	8,023,506
BNZ International Funding Ltd.^(a)(b)(3M USD LIBOR + 0.700%)
	6,450,000		3.031		02/21/20	6,484,927
BPCE SA
	7,000,000		2.500		12/10/18	6,996,088
Capital One Financial Corp.^(a)(c)(3M USD LIBOR + 0.760%)
	3,190,000		3.115		05/12/20	3,203,397
Capital One NA^(a)(c)(3M USD LIBOR + 0.765%)
	5,075,000		3.098		09/13/19	5,102,351
Citizens Bank NA/Providence RI^(a)(3M USD LIBOR + 0.570%)
	5,000,000		2.889		05/26/20	5,013,868
Commonwealth Bank of Australia^(a)(b)(3M USD LIBOR + 0.400%)
	12,500,000		2.735		09/18/20	12,524,325
Credit Agricole SA^(b)
	2,200,000		2.625		10/03/18	2,200,307
(3M USD LIBOR + 0.800%)
	8,462,000		3.148	^(a)	04/15/19	8,500,318
Credit Suisse AG
	3,000,000		2.300		05/28/19	2,985,581
DBS Group Holdings Ltd.^(a)(b)(3M USD LIBOR + 0.490%)
	10,000,000		2.811		06/08/20	10,018,967


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Dexia Credit Local SA^(a)(b)(3M USD LIBOR + 0.500%)
$	10,000,000		2.843	%	02/15/19	$ 10,028,283
DNB Bank ASA^(a)(b)(3M USD LIBOR + 0.370%)
	10,000,000		2.707		10/02/20	10,017,379
HSBC Holdings PLC^(a)(c)(3M USD LIBOR + 0.600%)
	18,000,000		2.926		05/18/21	18,026,226
HSBC USA, Inc.^(a)(3M USD LIBOR + 0.880%)
	2,610,000		3.215		09/24/18	2,614,628
ING Bank NV^(b)
	3,000,000		2.050		08/17/18	2,998,160
	1,400,000		2.000		11/26/18	1,396,314
	5,625,000		2.300		03/22/19	5,603,341
(3M USD LIBOR + 0.610%)
	3,250,000		2.953	^(a)	08/15/19	3,262,321
JPMorgan Chase Bank NA^(a)(c)(3M USD LIBOR + 0.250%)
	10,000,000		2.605		02/13/20	9,997,388
Lloyds Bank PLC^(a)(3M USD LIBOR + 0.490%)
	16,685,000		2.853		05/07/21	16,708,581
Macquarie Bank Ltd.^(b)
	1,380,000		2.350		01/15/19	1,376,588
(3M USD LIBOR + 1.180%)
	1,100,000		3.528	^(a)	01/15/19	1,105,673
	4,500,000		1.870		02/28/19	4,467,586
Morgan Stanley^(a)(c)(3M USD LIBOR + 0.550%)
	10,000,000		2.903		02/10/21	10,019,588
MUFG Bank Ltd.^(b)
	6,000,000		2.700		09/09/18	6,001,527
MUFG Bank Ltd.^(b)
	3,815,000		2.300		03/10/19	3,801,234
MUFG Union Bank NA^(c)
	10,000,000		2.625		09/26/18	9,997,743
National Australia Bank Ltd.^(a)(b)(3M USD LIBOR + 0.350%)
	10,000,000		2.689		01/12/21	9,989,646
National Bank of Canada^(a)(3M USD LIBOR + 0.600%)
	4,000,000		2.953		01/17/20	4,019,997
Nordea Bank AB^(b)
	4,050,000		1.875		09/17/18	4,044,739
PNC Bank NA^(c)
	2,175,000		1.700		12/07/18	2,166,661
Regions Bank^(c)
	9,410,000		2.250		09/14/18	9,405,483
Santander UK PLC
	13,500,000		3.050		08/23/18	13,510,921
(3M USD LIBOR + 0.850%)
	1,185,000		3.180	^(a)	08/24/18	1,186,588
(3M USD LIBOR + 0.620%)
	10,650,000		2.920	^(a)	06/01/21	10,643,949
Skandinaviska Enskilda Banken AB^(a)(b)(3M USD LIBOR + 0.430%)
	17,600,000		2.751		05/17/21	17,584,318
Societe Generale SA^(a)(b)(3M USD LIBOR + 1.330%)
	4,000,000		3.661		04/08/21	4,098,128
Standard Chartered PLC^(b)
	8,067,000		2.100		08/19/19	7,957,608
(3M USD LIBOR + 1.130%)
	5,000,000		3.461	^(a)	08/19/19	5,045,023
Sumitomo Mitsui Trust Bank Ltd.^(b)
	4,595,000		2.050		03/06/19	4,570,230


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3M USD LIBOR + 0.440%)
$	9,300,000		2.766	%^(a)	09/19/19	$ 9,311,590
(3M USD LIBOR + 0.910%)
	8,967,000		3.265	^(a)	10/18/19	9,038,827
Swedbank AB^(b)
	7,000,000		2.375		02/27/19	6,983,186
The Toronto-Dominion Bank^(a)
(3M USD LIBOR + 0.430%)
	4,000,000		2.756		09/19/18	4,003,681
(3M USD LIBOR + 0.300%)
	6,100,000		2.700		05/01/20	6,074,855
UBS AG^(a)(b)(c)
(3M USD LIBOR + 0.580%)
	9,800,000		2.901		06/08/20	9,826,852
(3M USD LIBOR + 0.480%)
	7,000,000		2.780		12/01/20	7,001,162
Westpac Banking Corp.^(a)
(3M USD LIBOR + 0.560%)
	2,274,000		2.891		08/19/19	2,283,977
(3M USD LIBOR + 0.360%)
	5,000,000		2.660	^(b)	09/01/20	5,006,073

						400,338,654

Computers – 0.6%
International Business Machines Corp.
	9,451,000		7.625		10/15/18	9,585,509

Diversified Financial Services – 2.0%
AIG Global Funding^(a)(b)(3M USD LIBOR + 0.480%)
	13,000,000		2.817		07/02/20	13,007,793
Federation des Caisses Desjardins du Quebec^(a)(b)(3M USD LIBOR + 0.330%)
	13,000,000		2.689		10/30/20	13,000,117
National Rural Utilities Cooperative Finance Corp.
	5,223,000		10.375		11/01/18	5,356,720

						31,364,630

Electrical^(c) – 0.6%
Public Service Electric & Gas Co.
	1,500,000		2.000		08/15/19	1,485,664
Sempra Energy^(a)(3M USD LIBOR + 0.500%)
	7,000,000		2.848		01/15/21	7,003,520

						8,489,184

Food & Drug Retailing^(a) – 0.9%
Conagra Brands, Inc.(3M USD LIBOR + 0.500%)
	5,000,000		2.831		10/09/20	4,975,950


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing^(a) – (continued)
Mondelez International Holdings Netherlands BV^(b)(3M USD LIBOR + 0.610%)
$	9,021,000		2.969	%	10/28/19	$ 9,054,939

						14,030,889

Insurance – 2.7%
Jackson National Life Global Funding^(a)(b)(3M USD LIBOR + 0.300%)
	11,000,000		2.666		04/27/20	11,001,222
Metropolitan Life Global Funding I^(b)
	4,000,000		2.300		04/10/19	3,986,679
(3M USD LIBOR + 0.400%)
	4,000,000		2.726	^(a)	06/12/20	4,019,901
New York Life Global Funding^(b)
	1,345,000		2.150		06/18/19	1,337,636
Protective Life Global Funding^(b)
(3M USD LIBOR + 0.420%)
	5,000,000		2.762	^(a)	03/29/19	5,007,204
	7,000,000		1.722		04/15/19	6,937,226
XLIT Ltd.
	9,650,000		2.300		12/15/18	9,611,044

						41,900,912

Media – 0.1%
RELX Capital, Inc.
	1,854,000		8.625		01/15/19	1,909,085

Oil Field Services^(b) – 0.3%
Schlumberger Holdings Corp.
	4,150,000		2.350		12/21/18	4,141,861

Pharmaceuticals^(a) – 2.0%
Bayer US Finance II LLC^(b)(c)(3M USD LIBOR + 0.630%)
	20,000,000		2.965		06/25/21	20,028,094
CVS Health Corp.(3M USD LIBOR + 0.720%)
	10,000,000		3.047		03/09/21	10,050,409

						30,078,503

Pipeline^(a) – 0.7%
Spectra Energy Partners LP(3M USD LIBOR + 0.700%)
	10,000,000		3.018		06/05/20	10,049,451

Retailing^(a)(b)(c) – 0.6%
Alimentation Couche-Tard, Inc.(3M USD LIBOR + 0.500%)
	9,000,000		2.833		12/13/19	9,007,030

Telecommunication Services^(a) – 0.5%
AT&T, Inc.(3M USD LIBOR + 0.930%)
	7,960,000		3.264		06/30/20	8,048,932

TOTAL CORPORATE OBLIGATIONS (Cost $626,055,030)						$ 625,929,433


Municipal Debt Obligation^(a)(b)(d) – 1.5%
Ohio – 1.5%
JPMorgan Chase Putters/Drivers Trust RB Series T0012
$	22,500,000		2.050	%	01/02/19	$ 22,500,000
(Cost $22,500,000)


Shares	Distribution Rate			Value
Investment Company^(e) – 3.6%
Goldman Sachs Financial Square Government Fund - Institutional Shares
55,010,258		1.869	%	$ 55,010,258
(Cost $55,010,258)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $703,565,288)				$ 703,439,691


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 54.7%
Certificates of Deposit – 21.2%
Banco Del Estado De Chile^(a)
$	12,000,000		2.433	%	11/15/18	$ 12,000,381
Bank of Montreal^(a)
(1M USD LIBOR + 0.240%)
	5,000,000		2.325		10/17/18	5,001,295
(3M USD LIBOR + 0.330%)
	6,000,000		2.667		07/11/19	6,008,440
Bank of Nova Scotia
	9,000,000		22.000		12/30/19	8,990,595
Barclays Bank PLC^(a)
	7,000,000		2.579		02/22/19	7,002,636
Bayerische Landesbank
	2,600,000		0.000	^(f)	08/13/18	2,593,023
	8,000,000		2.339		08/13/18	7,978,150
	5,000,000		1.000		08/23/18	4,996,008
(3M USD LIBOR + 0.250%)
	12,000,000		2.587		^(a)01/11/19	12,018,002
Can Ast & Can, Ltd. Jt^(f)
	14,000,000		0.000		09/06/18	13,939,706
Canadian Imperial Bank of Commerce^(a)
(3M USD LIBOR + 0.330%)
	10,000,000		2.667		07/11/19	10,013,132
(3M USD LIBOR + 0.400%)
	6,000,000		2.800		05/02/20	6,005,701
Cooperatieve Rabobank UA^(a)
	7,250,000		2.665		03/24/20	7,247,541
Credit Agricole Corporate & Investment Bank^(a)
	6,530,000		2.754		05/11/20	6,529,367
Credit Suisse New York^(a)
(1M USD LIBOR + 0.210%)
	4,000,000		2.107		10/16/18	4,000,386
(1M USD LIBOR + 0.350%)
	4,800,000		2.435		01/16/19	4,801,532
(3M USD LIBOR + 0.340%)
	8,100,000		2.678		04/09/19	8,107,346
DG Bank NY^(a)


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
(3M USD LIBOR + 0.370%)
$	1,175,000		2.701	%	08/16/18	$ 1,175,342
(3M USD LIBOR + 0.450%)
	1,000,000		2.803		01/17/19	1,000,643
DnB NOR Bank ASA
	10,000,000		1.560		09/19/18	9,985,754
First Abu Dhabi Bank PJSC^(f)
	15,000,000		0.000		07/05/18	14,995,130
	13,000,000		0.000		08/02/18	12,974,192
Landesbank Baden-Wuerttemberg
	7,000,000		1.850		11/07/18	6,986,607
Mizuho Bank Ltd.^(a)
(3M USD LIBOR + 0.380%)
	6,500,000		2.715		06/25/20	6,498,734
(3M USD LIBOR + 0.400%)
	9,000,000		2.712		10/04/19	9,011,097
(3M USD LIBOR + 0.400%)
	5,000,000		2.719		11/27/19	4,996,543
National Bank of Canada^(a)
(3M USD LIBOR + 0.200%)
	1,750,000		2.563		05/08/19	1,749,844
(3M USD LIBOR + 0.240%)
	750,000		2.577		10/11/18	750,323
National Bank of Kuwait SAKP
	10,000,000		2.450		07/05/18	10,000,646
	3,000,000		2.500		10/01/18	3,000,563
	8,000,000		2.600		10/26/18	8,002,154
Natixis NY^(a)
	13,000,000		2.555		11/14/18	13,011,522
Nordea Bank AB NY^(a)
	15,000,000		2.702		03/27/20	15,027,929
Royal Bank of Canada^(a)
	3,000,000		2.285		07/16/18	3,000,393
Societe Generale SA^(a)
	5,000,000		2.361		12/03/18	5,001,567
Standard Chartered Bank^(a)
	8,000,000		2.542		10/31/18	8,006,012
Sumitomo Mitsui Banking Corp.
	1,750,000		2.050		05/03/19	1,742,571
(3M USD LIBOR + 0.370%)
	5,100,000		2.707		^(a)07/11/19	5,107,685
(3M USD LIBOR + 0.370%)
	11,000,000		2.728		^(a)01/31/20	11,008,440
Svenska Handelsbanken AB^(a)


	Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
(3M USD LIBOR + 0.400%)
$		2,000,000		2.755	%	02/12/19	$ 2,003,650
(3M USD LIBOR + 0.400%)
		15,000,000		2.737		04/01/20	15,012,772
Swedbank AB^(a)
(3M USD LIBOR + 0.320%)
		1,000,000		2.650		08/24/20	998,333
(3M USD LIBOR + 0.380%)
		1,000,000		2.718		07/10/18	1,000,055
The Bank of Nova Scotia^(a)
(3M USD LIBOR + 0.200%)
		3,500,000		2.569		11/09/18	3,501,208
(3M USD LIBOR + 0.300%)
		2,000,000		2.643		05/15/19	2,002,905
The Bank of Tokyo-Mitsubishi UFJ Ltd.^(f)
		7,700,000		0.000		07/10/18	7,695,386
		2,300,000		0.000		07/11/18	2,298,493
The Toronto-Dominion Bank
		3,300,000		1.600		07/20/18	3,299,161
		3,400,000		1.600		08/22/18	3,397,307
		5,000,000		1.730		11/05/18	4,989,005

							326,465,207

Commercial Paper – 26.3%
ABN AMRO Funding USA LLC^(f)
		5,000,000		0.000		10/22/18	4,961,858
Albion Capital Corp.^(f)
		5,000,000		0.000		07/06/18	4,998,124
AT&T, Inc.^(f)
		2,847,000		0.000		10/05/18	2,826,617
		7,400,000		0.000		12/06/18	7,311,299
		5,000,000		0.000		05/28/19	4,860,047
Atlantic Asset Securitization Corp.^(f)
		10,000,000		0.000		09/13/18	9,952,268
		12,000,000		0.000		10/05/18	11,923,201
Autozone, Inc.^(f)
		5,000,000		0.000		07/25/18	4,991,572
Bank of China Ltd.^(f)
		9,800,000		0.000		07/23/18	9,786,489
		10,000,000		0.000		09/05/18	9,954,874
Barton Capital Corp.^(f)
		10,000,000		0.000		07/03/18	9,997,878
Bayerische Landesbank^(f)
		6,500,000		0.000		07/20/18	6,492,045
Bedford Row Funding Corp.^(a)(b)
		9,000,000		2.440		12/17/18	8,999,480
BPCE SA^(f)
		6,000,000		0.000		10/31/18	5,950,793


	Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Cafco LLC^(f)
$		9,000,000		0.000	%	10/01/18	$ 8,946,185
CNPC Finance (HK) Ltd.^(f)
		15,000,000		0.000		07/19/18	14,981,983
Collateralized Commercial Paper Co. Ltd.^(a)(b)
		10,000,000		2.228		11/19/18	10,003,449
Ford Motor Credit Co. LLC^(f)
		9,000,000		0.000		02/20/19	8,840,759
		5,000,000		0.000		04/08/19	4,891,752
Hewlett Packard Enterprise Co.^(f)
		3,742,000		0.000		07/10/18	3,739,782
HP, Inc.^(f)
		3,500,000		0.000		07/23/18	3,495,141
		2,994,000		0.000		07/23/18	2,990,060
Liberty Funding LLC^(f)
		42,000,000		0.000		07/02/18	41,995,482
		10,000,000		0.000		09/20/18	9,947,318
LMA SA LMA Americas^(f)
		3,000,000		0.000		08/06/18	2,993,359
		15,000,000		0.000		09/13/18	14,928,750
		6,700,000		0.000		10/31/18	6,644,498
Macquarie Bank Ltd.^(f)
		5,000,000		0.000		09/05/18	4,978,986
		2,500,000		0.000		10/11/18	2,483,078
Matchpoint Finance PLC^(f)
		10,000,000		0.000		10/04/18	9,934,956
		14,000,000		0.000		10/15/18	13,897,688
Mondelez International, Inc.
		6,500,000		0.000		10/01/18	6,456,517
NRW. Bank^(f)
		8,750,000		0.000		07/05/18	8,747,060
Nutrien Ltd.^(f)
		1,292,000		0.000		07/16/18	1,290,472
Oversea-Chinese Banking Corp. Ltd.^(f)
		11,900,000		0.000		04/17/19	11,652,517
QUALCOMM, Inc.^(f)
		1,000,000		0.000		08/09/18	997,565
		15,000,000		0.000		09/11/18	14,929,577
Sheffield Receivables Corp.^(f)
		10,101,000		0.000		12/17/18	9,981,147
Suncor Energy, Inc.^(f)
		6,500,000		0.000		08/20/18	6,477,223
Toyota Motor Finance Netherlands BV^(a)
		10,000,000		2.420		03/18/19	9,999,275
Tyco International Holding S.a.r.l.^(f)
		5,842,000		0.000		07/09/18	5,838,318


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
United Overseas Bank Ltd.^(f)
$	16,000,000		0.000	%	10/17/18	$ 15,884,964
Versailles Commercial Paper LLC^(f)
	15,000,000		0.000		09/04/18	14,935,233
Victory Receivables^(f)
	15,000,000		0.000		10/01/18	14,909,486
Victory Receivables Corp.^(f)
	5,000,000		0.000		10/02/18	4,969,481
VW Credit, Inc.^(f)
	4,251,000		0.000		08/13/18	4,238,220
	5,200,000		0.000		09/20/18	5,169,704

						405,176,530

Repurchase Agreement – 7.2%
Bank of America Corp.
	15,000,000		2.640		10/25/18	15,000,000
Maturity Value: $15,096,800
Next Reset Date: 07/30/2018
Collateralized by various common stocks and ETF units. The aggregate market value of the collateral, was 16,200,086.

BNP Paribas SA
	35,000,000		2.150		07/02/18	35,000,000
Maturity Value: $35,006,271
Next Reset Date: 07/02/2018
Collateralized by various corporate obligations and Government bonds, 1.700% to 10.625%, due 07/15/19 to 02/10/48. The aggregate market value of the collateral, including accrued interest, was $38,477,226.

Citigroup Global Markets, Inc.
	19,000,000		2.960		08/16/18	19,000,000
Maturity Value: $19,154,660
Next Reset Date: 08/16/2018
Collateralized by various Government securities, 1.625%, due 10/31/23. The aggregate market value of the collateral, including accrued interest, was $19,380,084.

Mizuho Securities USA
	3,000,000		3.313		11/06/18	3,000,000
Maturity Value: $3,025,401
Next Reset Date: 08/08/2018
Collateralized by various Government securities, 2.380% to 10.890%, due 06/25/21 to 01/25/50. The aggregate market value of the collateral, including accrued interest, was $3,060,014.

Nomura
	19,000,000		3.018		08/24/18	19,000,000
Maturity Value: $19,178,383
Next Reset Date: 05/25/2018
Collateralized by various mortgage obligations, 1.906% to 10.093%, due 09/25/22 to 12/25/57. The aggregate market value of the collateral, including accrued interest, was $25,910,846.

Wells Fargo
	20,000,000		2.790		07/12/18	20,000,000
Maturity Value: $20,184,450
Next Reset Date: 08/13/2018
Collateralized by various mortgage obligations, 2.688% to 6.055%, due 09/01/27 to 02/25/58. The aggregate market value of the collateral, including accrued interest, was $23,326,570.

						111,000,000

TOTAL SHORT-TERM INVESTMENTS (Cost $842,514,423)						$ 842,641,737

TOTAL INVESTMENTS – 100.4% (Cost $1,546,079,711)						$1,546,081,428

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%						(6,488,244)

NET ASSETS – 100.0%						$1,539,593,184



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $436,924,679, which represents approximately 28.4% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at June 30, 2018.

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

ii. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value

iii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

iv. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions

v. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

vi. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

vii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2018:

For further information regarding security characteristics, see the Schedules of Investments.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At June 30,2018, the Goldman Sachs High Quality Floating Rate Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of July 2, 2018, as follows:

REPURCHASE AGREEMENTS — At June 30, 2018, the Principal Amounts of the Goldman Sachs High Quality Floating Rate Fund’s interest in the Joint Repurchase Agreement Account II were as follows:

At June 30, 2018, the Joint Repurchase Agreement Account II was fully collateralized by:

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund’s NAV.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 68.2%
Angola^(a) – 1.1%
Republic of Angola (NR/B3)
$	20,730,000		8.250	%	05/09/28	$ 20,755,913
	5,720,000		9.375		05/08/48	5,755,750

						26,511,663

Argentina – 7.8%
Bonos de la Nacion Argentina con Ajuste por CER (NR/NR)
ARS	52,742,065		3.750		02/08/19	1,734,673
	13,000,000		4.000		03/06/20	452,591
Bonos De La Nacion Argentina En Moneda Dua (NR/NR)
$	2,125,000		4.500		06/21/19	2,158,469
Province of Santa Fe (NR/B2)
	2,670,000		7.000	^(a)	03/23/23	2,449,725
	1,850,000		7.000		03/23/23	1,697,375
Provincia de Buenos Aires (B+/B2)^(b)
EUR	179,999		4.000		05/01/20	206,104
Provincia de Cordoba (B+/B2)
$	2,090,000		7.450		09/01/24	1,901,900
Provincia de la Rioja (B+/NR)^(a)
	5,880,000		9.750		02/24/25	5,350,800
Republic of Argentina (NR/NR)
ARS	82,400,000		0.010		07/18/18	2,785,365
	92,425,000		0.010		08/15/18	3,023,328
	84,225,000		1.000		09/19/18	2,655,189
	315,290,000		32.223	^(c)	06/21/20	11,131,119
$	1,540,000		7.125	^(d)	06/28/17	1,175,790
Republic of Argentina (NR/B2)
ARS	3,715,897		2.500		07/22/21	110,264
Republic of Argentina (B+/NR)
EUR	13,417,011		7.820		12/31/33	15,433,360
$	5,005,276		8.280		12/31/33	4,504,748
Republic of Argentina (B+/B2)
EUR	13,360,000		3.375		01/15/23	14,158,641
$	12,400,000		7.500		04/22/26	11,451,400
EUR	4,410,000		5.000		01/15/27	4,396,811
$	18,240,000		6.875		01/26/27	16,096,800
	12,430,000		5.875		01/11/28	10,130,450
EUR	13,560,000		5.250		01/15/28	13,519,446
	2,559,553		7.820		12/31/33	2,977,837
$	20,500,000		7.125		07/06/36	16,400,000
EUR	2,710,000		2.260	^(b)	12/31/38	1,854,536
$	27,660,000		2.500	^(b)	12/31/38	15,683,220
EUR	2,050,000		6.250		11/09/47	1,861,327
$	18,370,000		6.875		01/11/48	13,823,425
Republic of Argentina (NR/NR)^(c)(Argentina Deposit Rates + 2.000%)
ARS	50,805,000		27.947		04/03/22	1,589,577
Republic of Argentina (B+/NR)^(c)(Argentina Deposit Rates + 2.500%)
	15,600,000		26.892		03/11/19	530,648
Republic of Argentina (NR/B2)^(c)(Argentina Deposit Rates + 3.250%)
	87,700,000		29.171		03/29/24	2,383,493
Republic of Argentina (B+/NR)^(c)(Argentina Deposit Rates + 3.250%)
	18,350,000		27.041		03/01/20	600,848
Republic of Argentina (NR/B2)^(c)(Argentina Deposit Rates + 3.830%)
	32,930,000		27.500		05/31/22	931,471

						185,160,730


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Azerbaijan – 0.1%
Republic of Azerbaijan (NR/Ba2)
$	3,160,000		3.500	%	09/01/32	$ 2,599,100

Belize^(a)(b) – 0.1%
Republic of Belize (B-/B3)
	2,446,500		4.938		02/20/34	1,455,239

Bermuda^(a)(e) – 0.2%
Bermuda Government Bond (A+/A2)
	4,600,000		3.717		01/25/27	4,308,245

Brazil – 0.1%
Brazil Notas do Tesouro Nacional (BB-/Ba2)
BRL	2,900,000		10.000		01/01/27	683,922
	7,634,667		6.000		08/15/40	1,970,875

						2,654,797

Bulgaria – 0.3%
Republic of Bulgaria (BBB-/Baa2)
EUR	5,426,000		3.125		03/26/35	6,740,434

Chile – 0.5%
Republic of Chile (A+/NR)
$	5,620,000		3.860		06/21/47	5,346,025
Republic of Chile (A+/Aa3)^(e)
	5,770,000		3.240		02/06/28	5,517,563

						10,863,588

Colombia^(e) – 0.5%
Republic of Colombia (BBB-/Baa2)
	9,380,000		2.625		03/15/23	8,892,240
	3,340,000		4.500		01/28/26	3,406,800

						12,299,040

Costa Rica – 0.9%
Republic of Costa Rica (BB-/Ba2)
	390,000		9.995		08/01/20	426,563
	2,750,000		5.625	^(a)	04/30/43	2,337,500
	2,190,000		5.625		04/30/43	1,861,500
	9,280,000		7.158	^(a)	03/12/45	9,210,400
	6,770,000		7.158		03/12/45	6,719,225

						20,555,188

Croatia – 0.2%
Republic of Croatia (BB+/Ba2)
EUR	1,157,000		3.875		05/30/22	1,491,326
$	280,000		5.500		04/04/23	294,350
EUR	2,160,000		3.000		03/20/27	2,601,274

						4,386,950

Dominican Republic – 3.1%
Dominican Republic (NR/NR)
DOP	20,700,000		16.000		07/10/20	475,036
	13,900,000		11.500		05/10/24	306,390
	8,900,000		18.500	^(a)	02/04/28	253,005
	134,200,000		11.375		07/06/29	2,873,975
Dominican Republic (BB-/Ba3)
$	1,532,000		7.500		05/06/21	1,610,277


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Dominican Republic – (continued)
$	1,250,000		6.600	%	01/28/24	$ 1,312,500
	12,530,000		5.875		04/18/24	12,811,925
	1,740,000		6.875	^(a)	01/29/26	1,837,414
	2,140,000		6.875		01/29/26	2,259,808
	1,500,000		8.625		04/20/27	1,686,067
	5,050,000		7.450	^(a)	04/30/44	5,327,750
	4,376,000		7.450		04/30/44	4,616,680
	15,860,000		6.850	^(a)	01/27/45	15,691,329
	6,599,000		6.850		01/27/45	6,528,820
	17,070,000		6.500	^(a)	02/15/48	16,271,039

						73,862,015

Ecuador – 3.5%
Republic of Ecuador (B-/NR)
	210,000		10.750		03/28/22	214,462
	15,464,000		7.950		06/20/24	13,685,640
	12,740,000		9.650	^(a)	12/13/26	11,911,900
	3,540,000		9.650		12/13/26	3,309,900
	16,260,000		9.625	^(a)	06/02/27	15,121,800
	25,470,000		8.875	^(a)	10/23/27	22,604,625
	17,620,000		7.875	^(a)	01/23/28	14,756,750
	1,160,000		7.875		01/23/28	971,500

						82,576,577

Egypt – 1.7%
Republic of Egypt (NR/B3)
	8,240,000		8.500		01/31/47	7,951,600
Republic of Egypt (B/B3)^(a)
EUR	8,360,000		4.750		04/16/26	8,945,173
	10,810,000		5.625		04/16/30	11,266,847
$	12,010,000		7.903		02/21/48	10,899,075

						39,062,695

El Salvador – 0.4%
Republic of El Salvador (CCC+/B3)
	1,550,000		7.375		12/01/19	1,590,122
	2,650,000		7.750	^(f)	01/24/23	2,782,500
	10,000		5.875		01/30/25	9,388
	2,310,000		6.375		01/18/27	2,174,287
	800,000		8.625	^(a)	02/28/29	859,660
	1,580,000		8.250		04/10/32	1,635,300

						9,051,257

Gabon – 0.4%
Republic of Gabon (NR/NR)
	10,415,000		6.375		12/12/24	9,295,388

Ghana – 0.7%
Republic of Ghana (NR/B1)
	3,330,000		10.750		10/14/30	4,029,300
Republic of Ghana (B-/B3)
	1,500,000		7.875		08/07/23	1,531,875
	3,890,000		7.625	^(a)	05/16/29	3,792,750
	7,280,000		8.627	^(a)	06/16/49	7,079,800

						16,433,725


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Guatemala – 1.9%
Republic of Guatemala (BB-/Ba1)
$	3,300,000		5.750	%^(a)	06/06/22	$ 3,427,875
	5,740,000		5.750		06/06/22	5,962,425
	6,440,000		4.500	^(a)	05/03/26	6,155,191
	7,730,000		4.500		05/03/26	7,388,141
	11,300,000		4.375	^(a)	06/05/27	10,485,213
	750,000		4.375		06/05/27	695,921
	10,350,000		4.875		02/13/28	9,858,375

						43,973,141

Honduras – 0.7%
Republic of Honduras (BB-/B1)
	8,410,000		8.750	^(a)	12/16/20	9,103,825
	6,018,000		8.750		12/16/20	6,514,485
	1,310,000		7.500	^(a)	03/15/24	1,398,425
	200,000		7.500		03/15/24	213,500

						17,230,235

Hungary – 1.2%
Hungary Government Bond (BBB-/Baa3)
	21,770,000		6.250		01/29/20	22,776,862
	2,950,000		5.750		11/22/23	3,174,938
MFB Magyar Fejlesztesi Bank Zrt (NR/Baa3)^(a)(g)
	2,510,000		6.250		10/21/20	2,622,950

						28,574,750

Indonesia – 9.2%
Perusahaan Penerbit SBSN (NR/Baa2)
	2,550,000		3.400	^(a)	03/29/22	2,489,438
	3,190,000		4.350		09/10/24	3,174,050
	25,210,000		4.150	^(a)	03/29/27	24,296,137
	1,440,000		4.150		03/29/27	1,387,800
Perusahaan Penerbit SBSN (BBB-/Baa2)
	360,000		3.300		11/21/22	347,850
	6,720,000		4.325	^(a)	05/28/25	6,661,200
	3,359,000		4.325		05/28/25	3,329,609
	1,130,000		4.550	^(a)	03/29/26	1,122,938
Perusahaan Penerbit SBSN Indonesia III (BBB-/Baa2)
	15,550,000		4.550		03/29/26	15,452,812
	41,520,000		4.400	^(a)	03/01/28	40,482,000
Republic of Indonesia (NR/Baa2)
	5,850,000		4.350	^(a)	01/08/27	5,776,875
	850,000		5.250	^(a)	01/08/47	853,188
	5,450,000		5.250		01/08/47	5,470,438
Republic of Indonesia (BBB-/Baa2)
	8,785,000		5.875		03/13/20	9,147,381
EUR	620,000		2.625	^(a)	06/14/23	752,092
$	610,000		5.375		10/17/23	640,500
	24,054,000		5.875		01/15/24	25,797,915
	13,070,000		4.125		01/15/25	12,857,612
EUR	11,110,000		3.375		07/30/25	13,931,110
$	15,380,000		4.750	^(a)	01/08/26	15,591,475
EUR	2,430,000		3.750	^(a)	06/14/28	3,132,171
	9,760,000		3.750		06/14/28	12,580,242
$	330,000		6.625		02/17/37	378,675
	7,249,000		5.250		01/17/42	7,294,306
	1,340,000		4.625		04/15/43	1,242,850
	1,560,000		6.750		01/15/44	1,858,350
	1,510,000		5.125		01/15/45	1,493,013
	552,000		5.950		01/08/46	605,820

						218,147,847


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Iraq – 0.1%
Republic of Iraq (NR/NR)^(e)
$	1,410,000		5.800	%	01/15/28	$ 1,258,425
Republic of Iraq (B-/Caa1)
	1,640,000		6.752		03/09/23	1,564,150

						2,822,575

Ivory Coast – 0.5%
Republic of Ivory Coast (NR/Ba3)
EUR	3,030,000		5.250		03/22/30	3,379,204
Republic of Ivory Coast (NR/Ba3)
$	1,510,000		6.375		03/03/28	1,421,287
	2,250,000		6.125		06/15/33	1,977,300
EUR	2,370,000		6.625	^(a)	03/22/48	2,601,625
	1,830,000		6.625		03/22/48	2,008,850

						11,388,266

Kenya – 1.2%
Republic of Kenya (B+/NR)
$	720,000		6.875	^(a)	06/24/24	709,200
	23,911,000		6.875		06/24/24	23,552,335
	750,000		7.250	^(a)	02/28/28	718,125
	3,350,000		8.250	^(a)	02/28/48	3,119,687

						28,099,347

Kuwait – 0.2%
Republic of Kuwait (AA/NR)
	1,540,000		3.500	^(a)	03/20/27	1,497,650
	2,880,000		3.500		03/20/27	2,800,800

						4,298,450

Lebanon – 0.1%
Republic of Lebanon (B-/NR)
	2,690,000		6.600		11/27/26	2,084,750
	1,370,000		6.850		03/23/27	1,072,025
	160,000		6.650		11/03/28	120,000
	80,000		6.650		02/26/30	59,600

						3,336,375

Macedonia – 1.3%
Republic of Macedonia (BB-/NR)
EUR	216,000		3.975		07/24/21	267,380
	5,640,000		5.625	^(a)	07/26/23	7,483,162
	5,220,000		5.625		07/26/23	6,925,485
	10,480,000		2.750	^(a)	01/18/25	11,993,773
	4,130,000		2.750		01/18/25	4,726,554

						31,396,354

Mexico – 0.5%
United Mexican States (BBB+/A3)
$	2,118,000		4.750		03/08/44	1,983,507
	10,285,000		4.600		02/10/48	9,462,200

						11,445,707

Mongolia – 0.1%
Republic of Mongolia (B-/B3)
	2,049,000		5.125		12/05/22	1,915,815
	1,140,000		5.625	^(a)	05/01/23	1,074,450

						2,990,265


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Nigeria – 2.3%
Republic of Nigeria (B/NR)
$	493,000		6.750	%	01/28/21	$ 500,149
	4,770,000		6.375		07/12/23	4,704,413
Republic of Nigeria (B/B2)
	2,560,000		5.625		06/27/22	2,505,600
	8,510,000		6.500	^(a)	11/28/27	7,893,025
	7,970,000		7.143	^(a)	02/23/30	7,521,687
	2,260,000		7.875	^(a)	02/16/32	2,211,975
	12,490,000		7.875		02/16/32	12,224,587
	13,190,000		7.696	^(a)	02/23/38	12,448,062
	1,650,000		7.696		02/23/38	1,557,188
	4,060,000		7.625	^(a)	11/28/47	3,704,750

						55,271,436

Oman^(a) – 1.5%
Oman Government International Bond (NR/Baa3)
	6,700,000		5.625		01/17/28	6,298,000
	32,630,000		6.750		01/17/48	29,530,150

						35,828,150

Pakistan – 1.2%
Islamic Republic of Pakistan (B/B3)
	2,290,000		8.250		04/15/24	2,195,537
	30,920,000		6.875	^(a)	12/05/27	26,900,400

						29,095,937

Panama – 0.2%
Panama Notas del Tesoro (BBB/NR)
	920,000		4.875		02/05/21	948,244
Republic of Panama (BBB/Baa2)^(e)
	3,780,000		4.500		04/16/50	3,647,700

						4,595,944

Paraguay – 1.9%
Republic of Paraguay (BB/NR)
	4,900,000		5.600	^(a)	03/13/48	4,795,875
	2,080,000		5.600		03/13/48	2,035,800
Republic of Paraguay (BB/Ba1)
	12,098,000		4.625		01/25/23	12,294,593
	3,930,000		5.000	^(a)	04/15/26	3,956,822
	3,445,000		5.000		04/15/26	3,468,512
	11,550,000		4.700	^(a)	03/27/27	11,290,125
	6,470,000		6.100		08/11/44	6,664,100

						44,505,827

Philippines – 0.1%
Republic of Philippines (BBB/Baa2)
	3,270,000		3.000		02/01/28	3,020,663

Qatar^(a) – 0.8%
Qatar Government Bond (AA-/Aa3)
	11,490,000		5.103		04/23/48	11,461,275
Qatar Government Bond (AA-/Aa3)
	3,860,000		3.875		04/23/23	3,855,175
	4,200,000		4.500		04/23/28	4,242,000

						19,558,450


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Romania – 1.6%
Republic of Romania (BBB-/Baa3)
$	4,090,000		6.750	%	02/07/22	$ 4,458,100
	1,850,000		4.375		08/22/23	1,863,875
EUR	4,370,000		2.375	^(a)	04/19/27	5,103,286
	2,280,000		3.875		10/29/35	2,715,836
	9,740,000		3.875	^(a)	10/29/35	11,601,859
	3,940,000		3.375	^(a)	02/08/38	4,359,573
$	7,620,000		5.125	^(a)	06/15/48	7,372,350

						37,474,879

Russia – 1.0%
Russian Federation Bond (NR/NR)
	19,200,000		4.750		05/27/26	19,238,400
Russian Federation Bond (BBB-/Ba1)
	800,000		4.500	^(a)	04/04/22	814,000
	2,000,000		4.875	^(a)	09/16/23	2,078,000
	200,000		4.875		09/16/23	207,800

						22,338,200

Senegal^(a) – 0.4%
Republic of Senegal (B+/Ba3)
EUR	9,260,000		4.750		03/13/28	10,056,860

South Africa – 3.8%
Republic of South Africa (NR/Baa3)
$	7,960,000		4.850		09/27/27	7,522,200
	26,350,000		5.650		09/27/47	23,682,063
Republic of South Africa (BB/Baa3)
	2,700,000		4.665		01/17/24	2,649,375
	29,125,000		5.875		09/16/25	29,853,125
	260,000		4.300		10/12/28	231,725
Republic of South Africa (BB+/Baa3)
ZAR	32,070,000		8.000		01/31/30	2,135,054
	80,030,000		7.000		02/28/31	4,833,071
	124,552,000		8.250		03/31/32	8,268,691
	28,560,000		8.875		02/28/35	1,966,044
	40,875,000		6.250		03/31/36	2,152,467
	9,680,000		9.000		01/31/40	663,667
	16,040,000		6.500		02/28/41	832,864
	60,020,000		8.750		01/31/44	3,993,851

						88,784,197

Sri Lanka – 3.9%
Republic of Sri Lanka (NR/B1)^(a)
$	18,660,000		6.750		04/18/28	17,587,050
Republic of Sri Lanka (B+/B1)
	1,180,000		6.000	^(a)	01/14/19	1,182,950
	360,000		6.000		01/14/19	360,900
	1,222,000		6.250	^(a)	10/04/20	1,237,275
	1,260,000		6.250		10/04/20	1,275,750
	7,814,000		6.250		07/27/21	7,862,838
	7,300,000		5.750	^(a)	01/18/22	7,172,250
	19,380,000		5.750	^(a)	04/18/23	18,604,800
	12,000,000		6.125		06/03/25	11,220,000
	7,600,000		6.850	^(a)	11/03/25	7,343,500
	14,070,000		6.850		11/03/25	13,595,137
	4,620,000		6.825		07/18/26	4,423,650
	280,000		6.200		05/11/27	255,500

						92,121,600


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Suriname – 0.5%
Republic of Suriname (B/B2)
$	5,346,000		9.250	%	10/26/26	$ 5,092,626
	6,370,000		9.250	^(a)	10/26/26	6,068,094

						11,160,720

Tunisia – 0.0%
Banque Centrale de Tunisie International Bond (NR/B2)
EUR	610,000		5.625		02/17/24	694,549

Turkey – 6.3%
Republic of Turkey (NR/Ba2)
$	2,990,000		3.250		03/23/23	2,649,888
	21,863,000		5.750		03/22/24	21,097,795
EUR	8,370,000		3.250		06/14/25	9,090,272
$	4,346,000		4.250		04/14/26	3,715,830
	5,050,000		4.875		10/09/26	4,431,375
	6,791,000		6.000		03/25/27	6,366,563
	960,000		5.125		02/17/28	844,800
	24,010,000		6.125		10/24/28	22,509,375
	17,130,000		4.875		04/16/43	12,761,850
	27,520,000		5.750		05/11/47	22,188,000
	6,700,000		7.000		06/05/20	6,859,125
	18,866,000		6.250		09/26/22	18,936,747
	10,539,000		7.375		02/05/25	10,894,691
	3,100,000		6.875		03/17/36	2,917,875
	450,000		6.750		05/30/40	410,625
	3,380,000		6.000		01/14/41	2,864,550

						148,539,361

Ukraine – 1.8%
Ukraine Government Bond (B-/Caa2)
	1,440,000		7.750		09/01/21	1,415,520
	2,260,000		7.750		09/01/22	2,198,415
	7,910,000		7.750		09/01/23	7,593,600
	14,000,000		7.750		09/01/24	13,198,500
	8,710,000		7.750		09/01/25	8,124,253
	4,230,000		7.750		09/01/26	3,903,232
	6,050,000		7.750		09/01/27	5,535,750

						41,969,270

United Arab Emirates – 1.1%
Abu Dhabi Government International Bond (AA/NR)
	9,110,000		3.125		05/03/26	8,654,500
	13,520,000		3.125	^(a)	10/11/27	12,590,500
	4,110,000		4.125	^(a)	10/11/47	3,760,650

						25,005,650

Uruguay – 0.2%
Republic of Uruguay (NR/Baa2)
	5,010,000		4.975		04/20/55	4,803,338


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Venezuela^(h) – 0.1%
Republic of Venezuela (D/C)
$	410,000		6.000	%	12/09/20	$ 106,600
	9,275,600		8.250		10/13/24	2,504,412
	1,375,000		9.250		05/07/28	371,250

						2,982,262

Vietnam – 0.2%
Debt and Asset Trading Corp. (NR/NR)^(e)(g)
	1,140,000		1.000		10/10/25	784,155
Socialist Republic of Vietnam (BB-/B1)^(a)
	4,540,000		6.750		01/29/20	4,698,900

						5,483,055

Zambia – 0.7%
Republic of Zambia (B/NR)
	8,164,000		5.375		09/20/22	6,776,120
	3,530,000		8.500		04/14/24	3,124,050
	8,460,000		8.970		07/30/27	7,465,950
						17,366,120

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,722,491,215)						$1,612,176,411


Corporate Obligations – 25.3%
Argentina^(e) – 0.1%
Cablevision SA (NR/B1)
$	1,600,000		6.500	%^(a)	06/15/21	$ 1,590,080
	1,210,000		6.500		06/15/21	1,202,498

						2,792,578

Brazil – 0.7%
Embraer Overseas Ltd. (BBB/Ba1)
	890,000		5.696		09/16/23	932,720
Banco do Brasil SA (CCC+/NR)^(c)(e)(10 Year CMT + 4.398%)
	6,550,000		6.250		10/29/49	5,068,062
Banco do Brasil SA (CCC+/B2)^(c)(e)(10 Year CMT + 6.362%)
	8,890,000		9.000		06/29/49	8,509,508
Samarco Mineracao SA (NR/WR)^(h)
	2,735,000		4.125		11/01/22	1,989,713
	780,000		5.750		10/24/23	569,400
	220,000		5.375		09/26/24	160,050

						17,229,453

British Virgin Islands – 0.3%
Huarong Finance 2017 Co. Ltd. (NR/Baa1)^(c)(e)
(5 Year CMT + 6.983%)
	2,140,000		4.000		12/31/99	2,022,300
(5 Year CMT + 7.773%)
	1,000,000		4.500		12/31/99	977,500
Huarong Finance II Co. Ltd.
	1,670,000		5.500		01/16/25	1,708,214
	1,000,000		5.000		11/19/25	992,500
Wanda Properties International Co. Ltd. (B+/Ba3)
	280,000		7.250		01/29/24	273,350

						5,973,864


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Burundi – 0.2%
Eastern and Southern African Trade and Development Bank (NR/Baa3)
$	3,990,000		5.375	%	03/14/22	$ 3,954,728

Chile – 0.8%
Embotelladora Andina SA (BBB/NR)^(a)
	980,000		5.000		10/01/23	1,014,300
Engie Energia Chile SA (BBB/NR)
	1,270,000		5.625	^(a)	01/15/21	1,317,625
	430,000		5.625		01/15/21	446,125
GNL Quintero SA (BBB/Baa2)
	5,920,000		4.634	^(a)	07/31/29	5,795,680
	740,000		4.634		07/31/29	724,460
Inversiones CMPC SA (BBB-/NR)^(e)
	375,000		4.375		05/15/23	372,844
Itau CorpBanca (BBB+/A3)
	4,071,000		3.875	^(a)	09/22/19	4,085,249
	690,000		3.875		09/22/19	692,415
Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)
	793,000		3.625		04/03/23	768,179
	3,991,000		4.375	^(a)(e)	01/28/25	3,947,797
	290,000		4.375	^(e)	01/28/25	286,861

						19,451,535

China^(e) – 0.6%
China Evergrande Group (NR/B2)
	2,930,000		8.250		03/23/22	2,798,150
China Evergrande Group (B-/B2)
	3,150,000		8.750		06/28/25	2,769,197
Kaisa Group Holdings Ltd. (NR/NR)
	5,250,000		8.500		06/30/22	4,206,563
	6,410,000		9.375		06/30/24	4,879,612

						14,653,522

Colombia^(a) – 0.6%
Banco de Bogota SA (NR/Ba2)
	13,770,000		6.250		05/12/26	14,077,071

Costa Rica – 0.4%
Banco de Costa Rica (NR/Ba2)^(g)
	4,870,000		5.250	^(a)	08/12/18	4,865,130
	1,010,000		5.250		08/12/18	1,008,990
Banco Nacional de Costa Rica (NR/Ba2)
	3,000,000		4.875	^(a)	11/01/18	2,997,000
	380,000		4.875		11/01/18	379,620
	1,030,000		6.250	^(a)	11/01/23	1,049,313

						10,300,053

Dominican Republic^(a)(e) – 0.3%
Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	6,150,000		6.750		03/30/29	6,396,000

Ecuador^(g) – 0.1%
EP PetroEcuador via Noble Sovereign Funding I Ltd. (B-/NR)^(c)(3M USD LIBOR + 5.630%)
	1,122,368		7.966		09/24/19	1,099,921
Petroamazonas EP (NR/NR)^(a)
	1,120,000		4.625		11/06/20	1,013,600

						2,113,521


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
France^(a)(e) – 0.1%
CMA CGM SA (B-/B3)
EUR	1,430,000		5.250	%	01/15/25	$ 1,352,913

Guatemala^(a)(e) – 0.1%
Central American Bottling Corp. (BB/Ba2)
$	2,990,000		5.750		01/31/27	2,963,838

Hong Kong – 0.3%
CNAC HK Finbridge Co. Ltd. (BBB/NR)
	5,400,000		4.125		07/19/27	4,974,750
Huarong Finance 2017 Co. Ltd. (NR/Baa1)
	1,680,000		4.750		04/27/27	1,616,479

						6,591,229

India – 0.9%
Greenko Investment Co. (B+/NR)
	4,260,000		4.875	^(a)(e)	08/16/23	3,839,325
	200,000		4.875		08/16/23	180,250
Hindustan Petroleum Corp. Ltd. (NR/Baa2)
	4,600,000		4.000		07/12/27	4,226,250
NTPC Ltd. (BBB-/NR)
EUR	2,000,000		2.750		02/01/27	2,336,663
Reliance Industries Ltd. (BBB+/Baa2)
$	1,380,000		4.125		01/28/25	1,342,112
	7,640,000		3.667	^(a)	11/30/27	7,019,250
	1,430,000		3.667		11/30/27	1,313,812

						20,257,662

Ireland – 0.7%
Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)^(a)
	3,010,000		5.550		02/14/23	2,863,262
Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)^(c)(e)(5 Year USD Swap + 5.416%)
	710,000		7.500		10/05/27	568,000
Credit Bank of Moscow Via CBOM Finance PLC (NR/Caa2)^(c)(e)(5 Year USD Swap + 6.942%)
	5,740,000		8.875		08/10/66	4,649,400
Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)^(a)
	9,810,000		3.949		04/24/23	9,286,146

						17,366,808

Isle Of Man – 0.3%
Gohl Capital Ltd. (NR/Baa1)
	8,510,000		4.250		01/24/27	8,041,950

Israel^(a) – 0.0%
Delek & Avner Tamar Bond Ltd. (BBB-/Baa3)
	960,000		3.839		12/30/18	960,000

Italy^(e) – 0.8%
Wind Tre SpA (BB-/B1)
EUR	7,200,000		2.625	^(a)	01/20/23	7,057,053
	2,830,000		2.625		01/20/23	2,773,814
$	10,835,000		5.000	^(a)	01/20/26	8,532,562

						18,363,429


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Ivory Coast – 0.6%
Agromercantil Senior Trust (BB-/NR)^(a)
$	3,420,000		6.250	%	04/10/19	$ 3,453,875
Brazil Minas SPE via State of Minas Gerais (BB-/NR)^(a)(g)
	4,980,000		5.333		02/15/28	4,798,230
Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)^(e)
	810,000		6.875	^(a)	02/06/24	832,761
	4,390,000		6.875		02/06/24	4,513,359
Independencia International Ltd. (NR/NR)^(a)(h)(i)
	1,277,436		12.000		12/30/16	—

						13,598,225

Jamaica^(e) – 0.5%
Digicel Group Ltd. (NR/Caa1)
	880,000		8.250		09/30/20	664,400
Digicel Ltd. (NR/B1)
	3,860,000		6.000	^(a)	04/15/21	3,483,650
	2,760,000		6.000		04/15/21	2,490,900
	4,300,000		6.750	^(a)	03/01/23	3,569,000
	2,740,000		6.750		03/01/23	2,274,200

						12,482,150

Japan^(e) – 0.4%
SoftBank Group Corp. (BB+/Ba1)
EUR	1,175,000		3.125		09/19/25	1,251,071
SoftBank Group Corp. (B+/Ba3)^(c)(5 Year USD ICE Swap + 4.226%)
$	8,670,000		6.000		12/31/99	7,553,738

						8,804,809

Kazakhstan – 0.5%
KazMunayGas National Co. JSC (BB-/Baa3)
	11,640,000		9.125		07/02/18	11,640,000

Luxembourg – 1.5%
Altice Financing SA (B+/B1)^(e)
	1,160,000		6.625	^(a)	02/15/23	1,139,700
	1,590,000		6.625		02/15/23	1,562,175
	1,700,000		7.500	^(a)	05/15/26	1,640,500
	11,480,000		7.500		05/15/26	11,078,200
Gazprom OAO Via Gaz Capital SA (BBB-/Baa3)
	6,400,000		9.250	^(f)	04/23/19	6,668,800
	410,000		8.625	^(f)	04/28/34	507,375
	5,560,000		7.288		08/16/37	6,255,000
Millicom International Cellular SA (NR/Ba2)^(a)(e)
	1,070,000		5.125		01/15/28	974,770
Sberbank of Russia Via SB Capital SA (NR/NR)^(c)(e)(5 Year CMT + 4.023%)
	4,490,000		5.500		02/26/24	4,501,225
Tupy Overseas SA (BB-/NR)^(e)
	1,600,000		6.625	^(a)	07/17/24	1,603,840
	219,000		6.625		07/17/24	219,526

						36,151,111


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mauritius – 0.4%
MTN Mauritius Investment Ltd. (BB+/Ba1)
$	1,120,000		5.373	%	02/13/22	$ 1,103,200
	2,040,000		6.500	^(a)	10/13/26	2,037,450
	283,000		6.500		10/13/26	282,646
Neerg Energy Ltd. (NR/Ba3)^(e)
	3,440,000		6.000	^(a)	02/13/22	3,139,000
	3,650,000		6.000		02/13/22	3,330,625

						9,892,921

Mexico – 3.5%
America Movil SAB de CV (A-/A3)
MXN	19,010,000		6.000		06/09/19	931,962
Banco Mercantil del Norte SA (BB/Ba2)^(a)(c)(e)(10 Year CMT + 5.353%)
$	3,040,000		7.625		12/31/99	2,987,408
BBVA Bancomer SA (BB+/NR)^(a)(c)(e)(5 Year CMT + 2.650%)
	3,930,000		5.125		01/18/33	3,482,963
Corporacion Geo SA (NR/NR)⁽ⁱ⁾
	277,766		8.000		04/13/21	—
Gruma SAB de CV (BBB/NR)^(a)(e)
	2,220,000		4.875		12/01/24	2,244,975
Petroleos Mexicanos (BBB+/Baa3)
	7,349,000		6.375		02/04/21	7,734,822
	35,000		4.875		01/24/22	35,308
	2,610,000		5.375		03/13/22	2,671,335
	290,000		3.500		01/30/23	274,534
EUR	15,380,000		5.125		03/15/23	19,689,488
$	7,549,000		6.875		08/04/26	7,933,999
	14,960,000		6.500		03/13/27	15,340,283
EUR	2,650,000		4.875		02/21/28	3,210,720
$	610,000		6.375		01/23/45	561,810
	7,887,000		6.750		09/21/47	7,425,611
	1,922,000		6.350	^(a)	02/12/48	1,734,605
Unifin Financiera SAB de CV SOFOM ENR (BB/NR)^(a)(e)
	6,720,000		7.375		02/12/26	6,133,344

						82,393,167

Netherlands – 2.7%
Embraer Netherlands Finance BV (BBB/NR)
	330,000		5.400		02/01/27	340,494
Embraer Netherlands Finance BV (BBB/Ba1)
	654,000		5.050		06/15/25	662,502
Greenko Dutch BV (NR/Ba2)^(a)(e)
	1,670,000		4.875		07/24/22	1,544,750
	6,890,000		5.250		07/24/24	6,226,838
Listrindo Capital BV (BB/Ba2)^(a)(e)
	750,000		4.950		09/14/26	671,250
Lukoil International Finance BV (BBB/NR)
	1,590,000		4.750		11/02/26	1,574,100
Lukoil International Finance BV (BBB/Baa3)
	1,650,000		6.125		11/09/20	1,728,375
	1,450,000		4.563		04/24/23	1,464,500
Metinvest BV (B-/NR)^(a)(e)
	6,400,000		7.750		04/23/23	5,952,000
Minejesa Capital BV (NR/Baa3)
	1,310,000		4.625		08/10/30	1,194,805
Petrobras Global Finance BV (BB-/Ba2)
	4,683,000		6.125		01/17/22	4,769,636


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Netherlands – (continued)
Syngenta Finance NV (BBB-/Ba2)^(e)
EUR	2,200,000		1.250	%	09/10/27	$ 2,229,080
$	28,840,000		5.182	^(a)	04/24/28	27,854,463
	8,480,000		5.676	^(a)	04/24/48	7,928,420
Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2)
	980,000		1.700		07/19/19	956,704

						65,097,917

Pakistan^(a) – 0.3%
The Third Pakistan International Sukuk Co. Ltd. (B/B3)
	8,610,000		5.625		12/05/22	7,749,000

Panama^(a) – 0.0%
Autoridad del Canal de Panama (A-/A2)
	380,000		4.950		07/29/35	395,675

Paraguay – 0.4%
Banco Regional SAECA (BB/Ba1)
	4,670,000		8.125	^(a)	01/24/19	4,748,900
	905,000		8.125		01/24/19	920,290
Telefonica Celular del Paraguay SA (NR/Ba2)^(e)
	2,700,000		6.750		12/13/22	2,754,000

						8,423,190

Peru – 0.5%
ABY Transmision Sur SA (BBB/NR)^(a)
	5,114,076		6.875		04/30/43	5,491,239
Corp. Lindley SA (BBB/NR)
	1,630,000		6.750	^(a)	11/23/21	1,740,163
	3,560,000		6.750		11/23/21	3,800,603
	120,000		4.625	^(a)	04/12/23	120,916

						11,152,921

Singapore – 0.2%
ABJA Investment Co. Pte Ltd. (BB-/NR)
	510,000		5.950		07/31/24	489,600
	4,806,000		5.450		01/24/28	4,073,085
Medco Platinum Road Pte Ltd. (B/B2)^(a)(e)
	1,320,000		6.750		01/30/25	1,166,550

						5,729,235

South Africa – 0.9%
Eskom Holdings SOC Ltd. (CCC+/B3)
	1,930,000		5.750		01/26/21	1,866,310
	6,640,000		6.750		08/06/23	6,336,220
	7,660,000		7.125		02/11/25	7,305,725
ZAR Sovereign Capital Fund Pty Ltd. (BB/Baa3)
	5,440,000		3.903		06/24/20	5,419,600

						20,927,855

Turkey – 1.3%
Hazine Mustesarligi Varlik Kiralama AS (NR/Ba2)
	18,880,000		5.004	^(a)	04/06/23	17,818,000
	10,280,000		5.004		04/06/23	9,701,750
TC Ziraat Bankasi AS (NR/Ba3)
	1,000,000		5.125		05/03/22	925,000
	2,370,000		5.125	^(a)	09/29/23	2,103,375

						30,548,125


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
United Arab Emirates – 1.4%
Aabar Investments PJSC
EUR	100,000		1.000	%	03/27/22	$ 99,749
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)^(a)
$	650,000		3.650		11/02/29	601,250
	23,260,000		4.600		11/02/47	21,399,200
Dolphin Energy Ltd. LLC (NR/A2)
	114,800		5.888		06/15/19	116,378
	3,580,000		5.500		12/15/21	3,772,425
Oztel Holdings SPC Ltd. (NR/Baa3)^(a)
	2,560,000		6.625		04/24/28	2,428,800
Ruwais Power Co. PJSC (A-/A3)^(a)
	3,700,000		6.000		08/31/36	3,982,125

						32,399,927

United States – 0.6%
Brazil Loan Trust 1 (BB-/NR)^(a)(g)
	7,735,785		5.477		07/24/23	7,996,867
CEMEX Finance LLC (BB/NR)^(e)
EUR	3,950,000		4.625		06/15/24	4,849,217
Reliance Holding USA, Inc. (BBB+/Baa2)
$	290,000		5.400		02/14/22	301,286
The Bank of New York Mellon SA (NR/NR)⁽ⁱ⁾
	400,000		9.625		05/02/21	—
	520,000		9.625		05/03/21	—

						13,147,370

Venezuela – 2.3%
Petroleos de Venezuela SA (NR/NR)
	145,930,000		6.000		10/28/22	26,997,050
Petroleos de Venezuela SA (D/NR)^(h)
	84,190,000		6.000		05/16/24	17,873,537
	20,167,934		6.000		11/15/26	4,235,266
	19,170,000		5.375		04/12/27	4,326,370
	2,180,000		5.500		04/12/37	493,225

						53,925,448

TOTAL CORPORATE OBLIGATIONS (Cost $663,337,051)						$ 597,299,200


Shares		Description				Value
Common Stock^(h)(i) – 0.0%
Media – 0.0%
	3		New Cotai Class B Shares
(Cost $—)						$ —


Principal Amount		Interest Rate			Maturity Date	Value
Structured Notes^(a)(j) – 0.8%
United States – 0.8%
Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)
$	54,300,000		0.000	%	10/11/18	$ 2,873,226
	94,000,000		0.000		11/01/18	4,935,657
	77,000,000		0.000		11/29/18	3,980,069
	18,700,000		0.000		01/17/19	945,118
Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)
	52,300,000		0.000		07/26/18	2,888,837
	74,550,000		0.000		02/07/19	3,729,792

TOTAL STRUCTURED NOTES (Cost $19,717,826)						$ 19,352,699


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations^(h) – 0.7%
Puerto Rico – 0.7%
Puerto Rico Commonwealth GO Bonds Public Improvement Series 2006 A (NR/Ca)^(e)
$	105,000		5.250	%	07/01/26	$ 44,625
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (NR/Ca)^(e)
	135,000		5.500		07/01/32	57,375
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (NR/Ca)^(e)
	135,000		6.000		07/01/39	57,375
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (NR/Ca)
	110,000		4.000		07/01/21	46,200
	140,000		4.500	^(e)	07/01/26	58,800
	1,210,000		5.500	^(e)	07/01/26	508,200
	390,000		5.000	^(e)	07/01/41	157,950
Puerto Rico Commonwealth GO Bonds Refunding Public Improvement Series 2009 B (NR/Ca)^(e)
	1,385,000		5.750		07/01/38	588,625
Puerto Rico Commonwealth GO Bonds Series 2008 A (NR/Ca)^(e)
	1,315,000		5.375		07/01/33	558,875
Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)^(e)
	5,875,000		8.000		07/01/35	2,379,375
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B (NR/Ca)^(e)
	325,000		6.050		08/01/37	279,094
	155,000		6.050		08/01/39	133,106
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C (NR/Ca)^(e)
	1,435,000		6.000		08/01/31	1,232,306
	345,000		6.000		08/01/32	296,269
	1,075,000		6.000		08/01/38	923,156
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A (NR/Ca)^(e)
	125,000		6.130		08/01/28	107,344
	65,000		6.130		08/01/29	55,819
	420,000		6.130		08/01/30	360,675
	415,000		6.130		08/01/37	356,381
	730,000		6.130		08/01/38	626,887
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C (NR/Ca)^(e)
	50,000		5.750		08/01/57	43,000
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C (NR/Ca)
	135,000		5.000		08/01/21	116,100
	855,000		5.000	^(e)	08/01/40	735,300
	725,000		5.250	^(e)	08/01/40	623,500
	290,000		5.000	^(e)	08/01/46	249,400
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D (NR/Ca)^(e)
	130,000		4.850		08/01/36	109,363
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (NR/Ca)^(e)
	4,600,000		5.500		08/01/22	2,058,500
	4,210,000		5.250		08/01/27	1,883,975
	1,430,000		6.750		08/01/32	639,925
	1,085,000		5.750		08/01/37	485,537
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (NR/Ca)^(e)
	40,000		4.500		08/01/21	17,900
	280,000		5.500		08/01/37	125,300
	110,000		5.375		08/01/39	49,225
	20,000		5.500		08/01/42	8,950


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations^(h) – (continued)
Puerto Rico – (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (NR/Ca)^(e)
$	70,000		5.000	%	08/01/35	$ 31,325
	25,000		5.375		08/01/36	11,188
	25,000		5.375		08/01/38	11,188
	1,620,000		5.500		08/01/40	724,950
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (NR/Ca)^(e)
	315,000		5.000		08/01/43	140,962

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $20,517,058)						$ 16,894,025


Shares		Distribution Rate				Value
Investment Company^(k) – 0.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
2,944,170			1.869%			$ 2,944,170
(Cost $2,944,170)

TOTAL INVESTMENTS – 95.1% (Cost $2,429,007,320)						$2,248,666,505

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.9%						117,005,282

NET ASSETS – 100.0%						$2,365,671,787



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $902,084,117, which represents approximately 38.1% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(b)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(d)		Actual maturity date is June 28, 2117.

(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at June 30, 2018.

(g)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $24,189,843, which represents approximately 1.0% of the Fund’s net assets as of June 30, 2018.

(h)		Security is currently in default and/or non-income producing.

(i)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.



(j)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(k)		Represents an Affiliated Issuer.

Security ratings disclosed, if any, are obtained from by Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Currency Abbreviations:
ARS		— Argentine Peso
BRL		— Brazilian Real
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
COP		— Colombian Peso
CZK		— Czech Koruna
DOP		— Dominican Peso
EUR		— Euro
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
PLN		— Polish Zloty
RUB		— Russian Ruble
SGD		— Singapore Dollar
THB		— Thai Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
ZAR		— South African Rand

Investment Abbreviations:
CMT		— Constant Maturity Treasury Indexes
EURO		— Euro Offered Rate
GO		— General Obligation
JIBAR		— Johannesburg Interbank Agreed Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
MTN		— Medium Term Note
NR		— Not Rated
PLC		— Public Limited Company
RB		— Revenue Bond
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – 3.9%
Consumer Cyclical Services – Business^(b) – 0.7%
First Data Corp. (BB/Ba2)(1M LIBOR + 2.000%)
$	17,953,592		4.091	%	07/08/22	$ 17,863,824

Consumer Products - Industrial^(b) – 0.3%
Atkore International, Inc. (BB-/B2)(3M LIBOR + 2.750%)
	6,865,500		5.090		12/22/23	6,846,620

Environmental^(b) – 0.1%
Wrangler Buyer Corp. (B/B1)(1M LIBOR + 2.750%)
	1,517,375		4.844		09/27/24	1,512,823

Food & Beverages^(b)(c) – 0.5%
Shearer’s Foods, Inc. (CCC/Caa2)(3M LIBOR + 6.750%)
	12,250,000		8.844		06/30/22	11,545,625

Health Care - Services^(b) – 0.2%
Team Health Holdings, Inc. (B/B2)(1M LIBOR + 2.750%)
	4,715,313		4.844		02/06/24	4,526,700

Noncaptive - Financial^(b) – 0.1%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. (BBB-/Ba1)(1M LIBOR + 2.000%)
	2,915,641		4.088		01/15/25	2,877,971

Semiconductors^(b) – 0.2%
Microchip Technology, Inc. (BB+/Baa3)(1M LIBOR + 2.000%)
	5,700,000		4.100		05/29/25	5,688,144

Services Cyclical - Business Services – 0.4%
Asurion LLC (NR/NR)
	1,575,000		3.000		11/03/23	1,569,094
Asurion LLC (B+/Ba3)^(b)(1M LIBOR + 2.750%)
	7,190,068		4.844		11/03/23	7,172,093
Trans Union LLC (NR/NR)
	2,350,000		2.000		06/08/25	2,341,187

						11,082,374

Software^(b) – 0.3%
Infor (US), Inc. (B/B1)(1M LIBOR + 2.750%)
	7,661,209		4.844		02/01/22	7,617,157

Technology - Software/Services – 1.1%
BMC Software Finance, Inc. (NR/NR)
	6,425,000		4.250		06/26/25	6,384,844
SS&C Technologies Holdings Europe S.a.r.l. (BB/Ba3)^(b)(1M LIBOR + 2.500%)
	5,993,746		4.594		04/16/25	5,990,389
SS&C Technologies, Inc. (BB/Ba3)^(b)(1M LIBOR + 2.500%)
	15,843,345		4.594		04/16/25	15,834,472

						28,209,705

TOTAL BANK LOANS (Cost $98,835,792)						$ 97,770,943


Corporate Obligations – 90.7%
Aerospace & Defense – 2.0%
Arconic, Inc. (BBB-/Ba2)
$	2,000,000		6.150	%	08/15/20	$ 2,080,000
	2,000,000		5.400	^(d)	04/15/21	2,055,000
	4,050,000		6.750		01/15/28	4,298,062
	3,150,000		5.950		02/01/37	3,039,750


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Aerospace & Defense – (continued)
Bombardier, Inc. (B-/Caa1)^(e)
$	2,000,000		7.750	%	03/15/20	$ 2,112,500
	11,700,000		8.750		12/01/21	12,884,625
	1,050,000		6.000	^(d)	10/15/22	1,046,063
	15,000,000		7.500	^(d)	03/15/25	15,618,750
TransDigm, Inc. (B-/B3)^(d)
	3,000,000		6.500		05/15/25	3,033,750
	3,300,000		6.375		06/15/26	3,275,250

						49,443,750

Automotive – 1.7%
American Axle & Manufacturing, Inc. (B/B2)^(d)(f)
	13,350,000		6.250		04/01/25	13,249,875
CB Lear Corp. (NR/NR)^(c)(g)
	6,750,000		8.500		12/01/13	—
Cooper-Standard Automotive, Inc. (B+/B1)^(d)(e)
	7,500,000		5.625		11/15/26	7,406,250
Delphi Technologies PLC (BB/B1)^(e)
	12,100,000		5.000		10/01/25	11,566,669
General Motors Liquidation Co. (NR/NR)^(c)(g)
	2,000,000		7.700		04/15/16	—
	7,125,000		7.125		07/15/13	—
	1,000,000		8.800		03/01/49	—
	14,500,000		8.375		07/15/49	—
IHO Verwaltungs GmbH (BB-/Ba1)^(d)(e)(h)(PIK+ 5.50%)
	945,000		4.750		09/15/26	893,025
Navistar International Corp. (CCC+/Caa1)^(d)(e)
	10,000,000		6.625		11/01/25	10,287,500

						43,403,319

Banks – 2.4%
Bank of America Corp. (BBB-/Ba1)^(b)(d)(3M USD LIBOR + 3.705%)
	5,850,000		6.250		09/29/49	6,069,375
CIT Group, Inc. (BB/Ba2)
	2,845,000		6.125		03/09/28	2,930,350
CIT Group, Inc. (BB+/Ba2)^(d)
	1,380,000		5.250		03/07/25	1,395,525
Citigroup, Inc. (BB+/Ba2)^(b)(d)(3M USD LIBOR + 3.423%)
	3,000,000		6.300		12/29/49	3,060,000
Credit Suisse Group AG (BB/NR)^(b)(d)(e)(5 year USD Swap + 4.598%)
	6,237,000		7.500		12/29/49	6,431,906
Deutsche Bank AG (BB+/Ba2)^(b)(d)(5 year USD ICE Swap + 2.553%)
	4,950,000		4.875		12/01/32	4,233,131
Intesa Sanpaolo SpA (BB+/Ba1)^(e)
	6,500,000		5.710		01/15/26	5,931,250
Royal Bank of Scotland Group PLC (B/Ba3)^(b)(d)
(5 year USD Swap + 5.720%)
	7,000,000		8.000		08/10/49	7,350,000
(5 year USD Swap + 5.800%)
	10,000,000		7.500		12/29/49	10,200,000
Royal Bank of Scotland Group PLC (B+/Ba3)^(b)(d)(3M USD LIBOR + 2.320%)
	2,200,000		4.654		12/31/49	2,103,750
UBS Group Funding Switzerland AG (BB+/NR)^(b)(d)(5 year USD Swap + 4.866%)
	9,000,000		7.000		02/19/49	9,144,990


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Westpac Banking Corp. (BB+/Baa2)^(b)(d)(5 year USD ICE Swap + 2.888%)
$	2,225,000		5.000	%	09/21/99	$ 1,928,828

						60,779,105

Biotechnology^(d)(e)(h) – 0.3%
Sotera Health Topco, Inc. (CCC+/Caa2)(PIK 8.875%, Cash 8.125%)
	7,000,000		8.125		11/01/21	7,105,000

Building Materials^(d) – 1.3%
American Woodmark Corp. (BB/Ba3)^(e)
	3,050,000		4.875		03/15/26	2,897,500
BMC East LLC (BB-/B2)^(e)
	6,150,000		5.500		10/01/24	5,965,500
Cemex SAB de CV (BB/NR)^(e)
	5,000,000		7.750		04/16/26	5,429,500
Jeld-Wen, Inc. (BB-/B1)^(e)
	2,400,000		4.875		12/15/27	2,229,000
Masonite International Corp. (BB+/Ba3)^(e)
	5,000,000		5.625		03/15/23	5,125,000
Standard Industries, Inc. (BBB-/Ba2)^(e)
	4,000,000		5.375		11/15/24	3,950,000
	4,800,000		5.000		02/15/27	4,452,000
Summit Materials LLC/Summit Materials Finance Corp. (BB/B3)
	2,850,000		6.125		07/15/23	2,889,187

						32,937,687

Capital Goods – 0.0%
LyondellBasell Industries NV (NR/NR)
EUR	2,250,000		1.000		08/15/15	263

Chemicals – 2.7%
Alpha 2 BV (CCC+/Caa1)^(d)(e)(h)
$	4,100,000		8.750		06/01/23	4,079,500
Alpha 3 BV/Alpha US Bidco, Inc. (CCC+/Caa1)^(d)(e)
	4,150,000		6.250		02/01/25	4,098,125
CF Industries, Inc. (BB+/Ba3)
	5,250,000		5.375		03/15/44	4,646,250
Ingevity Corp. (NR/Ba3)^(d)(e)
	7,000,000		4.500		02/01/26	6,597,500
Momentive Performance Materials, Inc. (NR/NR)^(c)(g)
	3,110,000		8.875		10/15/20	—
Nell AF SARL (NR/NR)^(g)
	10,625,000		8.375		12/30/49	1,063
Olin Corp. (BB+/Ba1)^(d)
	4,550,000		5.000		02/01/30	4,299,750
PQ Corp. (B/Caa1)^(d)(e)
	3,150,000		5.750		12/15/25	3,102,750
PQ Corp. (BB-/B2)^(d)(e)
	3,500,000		6.750		11/15/22	3,670,625
SPCM SA (BB+/Ba2)^(d)(e)
	4,950,000		4.875		09/15/25	4,714,875
Valvoline, Inc. (BB+/Ba3)^(d)
	4,150,000		5.500		07/15/24	4,191,500
	4,750,000		4.375		08/15/25	4,417,500
Versum Materials, Inc. (BB+/Ba3)^(d)(e)
	10,000,000		5.500		09/30/24	10,137,500
WR Grace & Co-Conn (BB-/Ba3)^(e)
	2,400,000		5.125		10/01/21	2,448,000
	11,000,000		5.625		10/01/24	11,522,500

						67,927,438


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services^(d) – 1.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (BB/B1)
$	850,000		5.500	%	04/01/23	$ 824,500
	6,000,000		6.375	^(e)	04/01/24	5,865,000
Graham Holdings Co. (BB+/Ba1)^(e)
	5,200,000		5.750		06/01/26	5,285,171
Nielsen Finance LLC/Nielsen Finance Co. (BB+/B1)^(e)
	9,350,000		5.000		04/15/22	9,174,687
Team Health Holdings, Inc. (CCC+/Caa2)^(e)(f)
	5,200,000		6.375		02/01/25	4,472,000
The Hertz Corp. (B-/B3)
	5,550,000		7.375		01/15/21	5,439,000
The Hertz Corp. (BB-/B1)^(e)
	3,650,000		7.625		06/01/22	3,499,438
United Rentals North America, Inc. (BB/Ba3)
	8,250,000		4.625		10/15/25	7,878,750
	3,250,000		5.875		09/15/26	3,282,500
	2,750,000		4.875		01/15/28	2,543,750

						48,264,796

Computers^(d) – 1.6%
Dell International LLC/EMC Corp. (BB/Ba2)^(e)
	15,550,000		5.875		06/15/21	15,763,812
	4,650,000		7.125		06/15/24	4,917,375
Dell International LLC/EMC Corp. (BBB-/Baa3)^(e)
	4,900,000		6.020		06/15/26	5,146,918
NCR Corp. (BB/B1)
	7,200,000		5.000		07/15/22	7,128,000
Western Digital Corp. (BB+/Baa3)
	8,135,000		4.750		02/15/26	7,911,288

						40,867,393

Distribution & Wholesale^(d) – 0.5%
H&E Equipment Services, Inc. (BB-/B2)
	8,350,000		5.625		09/01/25	8,203,875
Performance Food Group, Inc. (BB/B2)^(e)
	5,500,000		5.500		06/01/24	5,431,250

						13,635,125

Diversified Financial Services – 3.1%
Ally Financial, Inc. (BB+/NR)
	8,000,000		4.125		02/13/22	7,860,000
Ally Financial, Inc. (BB+/Ba3)
	10,000,000		8.000		11/01/31	11,900,000
Lions Gate Capital Holdings LLC (B-/B2)^(d)(e)
	5,000,000		5.875		11/01/24	5,062,500
Nationstar Mortgage LLC/Nationstar Capital Corp. (B+/B2)^(d)
	5,000,000		7.875		10/01/20	5,081,250
Navient Corp. (B+/Ba3)
	6,000,000		5.875		03/25/21	6,075,000
	2,850,000		6.625		07/26/21	2,928,375
	2,100,000		7.250		01/25/22	2,194,500
	7,300,000		5.500		01/25/23	7,135,750
	8,000,000		6.125		03/25/24	7,940,000
	2,800,000		6.750		06/15/26	2,744,000


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Quicken Loans, Inc. (BB/Ba1)^(d)(e)
$	6,900,000		5.250	%	01/15/28	$ 6,468,750
Springleaf Finance Corp. (B/B1)
	4,775,000		7.125		03/15/26	4,757,094
Travelport Corporate Finance PLC (B+/B1)^(d)(e)
	8,650,000		6.000		03/15/26	8,714,875

						78,862,094

Electrical^(d) – 2.8%
Calpine Corp. (B/B2)
	6,050,000		5.500		02/01/24	5,550,875
	10,000,000		5.750		01/15/25	9,137,500
Calpine Corp. (BB/Ba2)^(e)
	9,350,000		5.250		06/01/26	8,800,687
DPL, Inc. (BBB-/Ba2)
	5,600,000		7.250		10/15/21	6,047,160
NRG Energy, Inc. (BB-/B1)
	5,800,000		7.250		05/15/26	6,177,000
	3,300,000		6.625		01/15/27	3,390,750
	10,000,000		5.750	^(e)	01/15/28	9,875,000
Talen Energy Supply LLC (B+/B2)
	2,250,000		9.500	^(e)	07/15/22	2,216,250
	1,950,000		6.500		06/01/25	1,482,000
	1,900,000		10.500	^(e)	01/15/26	1,691,000
Vistra Energy Corp. (BB/Ba3)
	8,000,000		7.375		11/01/22	8,360,000
	4,000,000		7.625		11/01/24	4,275,000
	4,250,000		8.000	^(e)	01/15/25	4,563,438

						71,566,660

Electrical Components & Equipment^(d) – 0.3%
WESCO Distribution, Inc. (BB/B1)
	7,000,000		5.375		12/15/21	7,131,250

Energy – Exploration & Production^(c)(g) – 0.0%
Berry Petroleum Co. LLC (NR/NR)
	2,050,000		6.750		11/01/20	—
	28,160,000		6.375		09/15/22	—

						—

Engineering & Construction^(d) – 0.5%
AECOM (BB-/Ba3)
	6,900,000		5.125		03/15/27	6,486,000
Pisces Midco, Inc. (CCC+/Caa1)^(e)
	6,000,000		8.000		04/15/26	5,767,500

						12,253,500

Entertainment – 1.9%
AMC Entertainment Holdings, Inc. (B+/B3)^(d)
	4,250,000		5.750		06/15/25	4,154,375
	5,300,000		5.875		11/15/26	5,114,500
Cinemark USA, Inc. (BB/B2)^(d)
	5,850,000		4.875		06/01/23	5,718,375
GLP Capital LP/GLP Financing II, Inc. (BBB-/Ba1)
	6,000,000		5.375		04/15/26	5,955,000
Mohegan Gaming & Entertainment (CCC+/B3)^(d)(e)(f)
	10,450,000		7.875		10/15/24	9,875,250


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment – (continued)
New Cotai LLC/New Cotai Capital Corp. (NR/NR)^(d)(e)(h)(PIK 10.625%, Cash 10.625%)
$	1,584,678		10.625	%	05/01/19	$ 1,545,061
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. (B/B2)^(d)(e)
	4,889,000		6.125		08/15/21	4,840,110
Scientific Games International, Inc. (B-/Caa1)^(d)
	10,150,000		10.000		12/01/22	10,822,438

						48,025,109

Environmental^(d)(e) – 1.1%
Core & Main LP (B-/Caa1)
	18,000,000		6.125		08/15/25	17,100,000
Waste Pro USA, Inc. (B+/B3)
	8,900,000		5.500		02/15/26	8,555,125
Wrangler Buyer Corp. (CCC+/Caa1)
	2,150,000		6.000		10/01/25	2,031,750

						27,686,875

Food & Drug Retailing^(d) – 1.5%
B&G Foods, Inc. (B+/B2)
	8,175,000		5.250		04/01/25	7,704,937
Chobani LLC/Chobani Finance Corp., Inc. (CCC+/Caa2)^(e)
	10,150,000		7.500		04/15/25	9,693,250
Post Holdings, Inc. (B/B3)^(e)
	5,000,000		5.000		08/15/26	4,656,250
	12,750,000		5.750		03/01/27	12,367,500
	4,500,000		5.625		01/15/28	4,213,125

						38,635,062

Food Service^(d)(e) – 0.1%
Aramark Services, Inc. (BB/Ba3)
	3,100,000		5.000		02/01/28	2,960,500

Gas^(d) – 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	7,000,000		5.750		05/20/27	6,606,250

Healthcare Providers & Services – 5.3%
Acadia Healthcare Co., Inc. (B/B3)^(d)
	5,000,000		5.625		02/15/23	5,037,500
	3,650,000		6.500		03/01/24	3,741,250
Centene Escrow I Corp. (BB+/Ba1)^(d)(e)
	2,400,000		5.375		06/01/26	2,430,000
CHS/Community Health Systems, Inc. (NR/NR)
	2,300,000		8.625		01/15/24	2,305,750
CHS/Community Health Systems, Inc. (B-/B3)^(d)
	8,550,000		5.125		08/01/21	7,930,125
CHS/Community Health Systems, Inc. (CCC-/NR)^(d)(e)(i)
	450,000		11.000		06/30/23	405,000
HCA, Inc. (B+/Ba2)
	10,000,000		7.500		02/15/22	10,900,000
	10,000,000		5.375		02/01/25	9,850,000
HCA, Inc. (BBB-/Ba1)
	28,200,000		6.500		02/15/20	29,275,125
	5,000,000		5.000		03/15/24	5,012,500
	10,000,000		5.250		04/15/25	10,000,000
Hologic, Inc. (BB-/Ba3)^(d)(e)
	2,530,000		4.375		10/15/25	2,409,825


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
MPH Acquisition Holdings LLC (B-/Caa1)^(d)(e)
$	12,000,000		7.125	%	06/01/24	$ 12,300,000
Polaris Intermediate Corp. (B-/Caa2)^(d)(e)(h)(PIK 9.250%, Cash 8.500%)
	700,000		8.500		12/01/22	721,875
Tenet Healthcare Corp. (B-/Ba3)^(d)(e)
	8,050,000		5.125		05/01/25	7,667,625
Tenet Healthcare Corp. (BB-/Ba3)^(d)(e)
	6,500,000		4.625		07/15/24	6,166,875
Tenet Healthcare Corp. (CCC+/Caa1)
	10,659,000		8.125		04/01/22	11,138,655
	7,550,000		7.000	^(d)(e)	08/01/25	7,493,375

						134,785,480

Home Builders – 2.0%
Beazer Homes USA, Inc. (NR/B3)^(d)
	6,200,000		8.750		03/15/22	6,579,750
Beazer Homes USA, Inc. (B-/B3)^(d)
	509,000		7.250		02/01/23	517,271
	6,400,000		5.875		10/15/27	5,568,000
Brookfield Residential Properties, Inc. (B+/B1)^(d)(e)
	3,000,000		6.125		07/01/22	3,011,250
	5,000,000		6.375		05/15/25	4,943,750
Lennar Corp. (BB+/Ba1)^(d)
	5,000,000		4.750		11/15/22	4,975,000
	3,000,000		5.875		11/15/24	3,086,250
	4,175,000		4.750		11/29/27	3,908,844
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	5,000,000		5.875		06/15/24	4,931,250
William Lyon Homes, Inc. (B+/B2)^(d)
	400,000		7.000		08/15/22	407,000
	10,000,000		6.000	^(e)	09/01/23	9,800,000
	1,850,000		5.875		01/31/25	1,739,000

						49,467,365

Insurance – 0.8%
Fidelity & Guaranty Life Holdings, Inc. (BB+/Ba2)^(d)(e)
	7,550,000		5.500		05/01/25	7,323,500
USIS Merger Sub, Inc. (CCC+/Caa2)^(d)(e)
	3,500,000		6.875		05/01/25	3,482,500
Wand Merger Corp. (NR/NR)
	8,750,000		8.125		07/15/23	8,870,313

						19,676,313

Internet – 1.1%
Netflix, Inc. (B+/Ba3)^(e)
	21,300,000		4.875		04/15/28	20,261,625
Symantec Corp. (BB+/Baa3)^(d)(e)
	3,000,000		5.000		04/15/25	2,899,143
VeriSign, Inc. (BBB-/Ba2)^(d)
	5,600,000		4.750		07/15/27	5,376,000

						28,536,768

Iron/Steel – 1.6%
AK Steel Corp. (BB-/B1)^(d)
	4,350,000		7.500		07/15/23	4,551,187
Cleveland-Cliffs, Inc. (B/B2)^(d)
	9,300,000		5.750		03/01/25	8,811,750
Cleveland-Cliffs, Inc. (CCC+/Caa1)
	3,887,000		5.900		03/15/20	3,906,435
	3,000,000		4.800		10/01/20	2,943,750


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron/Steel – (continued)
Steel Dynamics, Inc. (BB+/Ba1)^(d)
$	5,000,000		5.125	%	10/01/21	$ 5,050,000
	2,850,000		5.250		04/15/23	2,867,813
United States Steel Corp. (B/B2)^(d)
	13,000,000		6.875		08/15/25	13,065,000

						41,195,935

Leisure Time^(d)(e) – 0.4%
Viking Cruises Ltd. (NR/B3)
	3,730,000		5.875		09/15/27	3,534,175
VOC Escrow Ltd. (BB-/Ba2)
	7,100,000		5.000		02/15/28	6,709,500

						10,243,675

Lodging – 2.8%
Hilton Domestic Operating Co., Inc. (NR/Ba2)^(d)(e)
	7,600,000		5.125		05/01/26	7,410,000
MGM Resorts International (BB-/Ba3)
	23,100,000		8.625		02/01/19	23,735,250
	2,700,000		6.750		10/01/20	2,835,000
	17,000,000		6.625		12/15/21	17,892,500
	13,000,000		7.750		03/15/22	14,137,500
	5,450,000		5.750	^(d)	06/15/25	5,422,750

						71,433,000

Machinery - Construction & Mining^(d)(e) – 0.3%
BlueLine Rental Finance Corp./BlueLine Rental LLC (B/Caa1)
	7,600,000		9.250		03/15/24	8,084,500

Machinery-Diversified^(d)(e) – 0.8%
Mueller Water Products, Inc. (BB/Ba3)
	5,300,000		5.500		06/15/26	5,326,500
RBS Global, Inc./Rexnord LLC (B+/B3)
	5,750,000		4.875		12/15/25	5,433,750
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC+/Caa2)
	10,200,000		7.750		04/15/26	9,486,000

						20,246,250

Media – 10.9%
Altice Financing SA (B+/B1)^(d)(e)
	12,000,000		6.625		02/15/23	11,790,000
	20,000,000		7.500		05/15/26	19,300,000
Altice Finco SA (CCC+/B3)^(d)(e)
	7,250,000		8.125		01/15/24	7,259,062
Altice France SA (B/B1)^(d)(e)
	10,800,000		6.000		05/15/22	10,867,500
	9,105,000		7.375		05/01/26	8,888,756
Altice Luxembourg SA (B-/B3)^(d)(e)
	9,550,000		7.750		05/15/22	9,239,625
Altice US Finance I Corp. (BB/Ba3)^(d)(e)
	22,000,000		5.500		05/15/26	21,175,000
AMC Networks, Inc. (NR/Ba3)^(d)
	5,000,000		5.000		04/01/24	4,912,500
AMC Networks, Inc. (BB/Ba3)^(d)
	3,800,000		4.750		08/01/25	3,648,000


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)(e)
$	10,000,000		5.875	%	04/01/24	$ 10,025,000
	18,000,000		5.750		02/15/26	17,640,000
	3,555,000		5.500		05/01/26	3,439,463
	7,500,000		5.875		05/01/27	7,312,500
	12,290,000		5.000		02/01/28	11,260,712
Cequel Communications Holdings I LLC/Cequel Capital Corp. (B/Caa1)^(d)(e)
	2,150,000		7.750		07/15/25	2,246,750
CSC Holdings LLC (B-/B2)
	7,600,000		8.625		02/15/19	7,818,500
	10,000,000		10.125	^(d)(e)	01/15/23	11,025,000
	2,650,000		5.250		06/01/24	2,504,250
CSC Holdings LLC (BB-/Ba2)^(d)(e)
	8,500,000		5.500		04/15/27	8,117,500
DISH DBS Corp. (B/B1)
	10,000,000		7.875		09/01/19	10,375,000
	11,400,000		6.750		06/01/21	11,400,000
	3,200,000		5.875		07/15/22	2,992,000
	12,850,000		7.750		07/01/26	11,227,687
Gray Television, Inc. (B+/B2)^(d)(e)
	500,000		5.875		07/15/26	474,375
Meredith Corp. (B/B3)^(d)(e)
	10,650,000		6.875		02/01/26	10,490,250
Nexstar Broadcasting, Inc. (B+/B3)^(d)(e)
	6,750,000		5.625		08/01/24	6,522,188
Sirius XM Radio, Inc. (BB/Ba3)^(d)(e)
	18,350,000		5.000		08/01/27	17,111,375
The E.W. Scripps Co. (BB-/B1)^(d)(e)
	1,575,000		5.125		05/15/25	1,476,563
Univision Communications, Inc. (BB-/B2)^(d)(e)
	6,150,000		5.125		05/15/23	5,919,375
UPCB Finance IV Ltd. (BB/Ba3)^(d)(e)
	8,000,000		5.375		01/15/25	7,560,000
Virgin Media Secured Finance PLC (BB-/Ba3)^(d)(e)
	12,000,000		5.500		08/15/26	11,265,000

						275,283,931

Media - Cable^(c)(g) – 0.0%
Adelphia Communications Corp. (NR/NR)
	2,000,000		10.250		06/15/49	—

Metal Fabricate & Hardware^(d) – 1.0%
Novelis Corp. (B+/B2)^(e)
	4,800,000		6.250		08/15/24	4,794,000
	8,950,000		5.875		09/30/26	8,558,438
Park-Ohio Industries, Inc. (B/B3)
	12,550,000		6.625		04/15/27	12,801,000

						26,153,438

Mining^(d) – 2.3%
Alcoa Nederland Holding BV (BB+/Ba1)^(e)
	3,050,000		7.000		09/30/26	3,239,344
	2,900,000		6.125		05/15/28	2,918,125
Constellium NV (B-/B3)^(e)
	5,250,000		5.750		05/15/24	5,099,062
	3,200,000		6.625		03/01/25	3,216,000
FMG Resources August 2006 Pty Ltd. (BB+/Ba1)^(e)
	7,500,000		5.125		03/15/23	7,335,967
Freeport-McMoRan, Inc. (BB-/Ba2)
	13,500,000		3.550		03/01/22	12,791,250
	2,900,000		5.400		11/14/34	2,631,750
Hudbay Minerals, Inc. (B+/B3)^(e)
	5,000,000		7.250		01/15/23	5,168,750


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining^(d) – (continued)
New Gold, Inc. (B/B3)^(e)
$	5,000,000		6.250	%	11/15/22	$ 5,050,000
Teck Resources Ltd. (BB+/Ba2)
	4,000,000		6.000		08/15/40	3,895,000
	5,600,000		5.200		03/01/42	4,907,000
	1,250,000		5.400		02/01/43	1,123,438

						57,375,686

Oil Field Services – 9.4%
Antero Resources Corp. (BB+/Ba3)^(d)
	7,700,000		5.375		11/01/21	7,777,000
	1,300,000		5.625		06/01/23	1,317,875
California Resources Corp. (CCC+/Caa2)^(d)(e)
	3,500,000		8.000		12/15/22	3,176,250
California Resources Corp. (CCC-/Caa3)^(d)
	3,600,000		6.000		11/15/24	2,925,000
Carrizo Oil & Gas, Inc. (B+/B3)^(d)
	662,000		7.500		09/15/20	665,310
Chesapeake Energy Corp. (CCC+/Caa1)
	1,800,000		5.375	^(d)	06/15/21	1,773,000
	6,600,000		5.750		03/15/23	6,270,000
	2,950,000		8.000	^(d)	01/15/25	2,997,938
	3,350,000		8.000	^(d)	06/15/27	3,408,625
CrownRock LP/CrownRock Finance, Inc. (BB-/B3)^(d)(e)
	7,500,000		5.625		10/15/25	7,200,000
Denbury Resources, Inc. (B/Caa1)^(d)(e)
	3,700,000		9.000		05/15/21	3,912,750
Ensco PLC (BB-/B3)
	3,400,000		7.750		02/01/26	3,255,500
	3,100,000		5.750	^(d)	10/01/44	2,197,125
EP Energy LLC/Everest Acquisition Finance, Inc. (CCC-/Caa2)^(d)(e)
	2,900,000		9.375		05/01/24	2,381,625
EP Energy LLC/Everest Acquisition Finance, Inc. (CCC-/Caa3)^(d)
	1,450,000		9.375		05/01/20	1,428,250
Exterran Energy Solutions LP/EES Finance Corp. (B+/NR)^(d)
	5,250,000		8.125		05/01/25	5,565,000
Gulfport Energy Corp. (BB-/B1)^(d)
	3,300,000		6.000		10/15/24	3,163,875
	7,500,000		6.375		05/15/25	7,293,750
	3,200,000		6.375		01/15/26	3,084,000
Halcon Resources Corp. (CCC+/Caa1)^(d)
	10,300,000		6.750		02/15/25	9,630,500
Jagged Peak Energy LLC (B/B3)^(d)(e)
	5,500,000		5.875		05/01/26	5,410,625
Jones Energy Holdings LLC/Jones Energy Finance Corp. (NR/Caa3)^(d)
	3,600,000		6.750		04/01/22	2,187,000
Laredo Petroleum, Inc. (B+/B2)^(d)
	5,000,000		5.625		01/15/22	4,925,000
	5,150,000		6.250		03/15/23	5,124,250
MEG Energy Corp. (BB+/B3)^(d)(e)
	3,550,000		6.500		01/15/25	3,541,125
MEG Energy Corp. (BB-/Caa2)^(d)(e)
	3,600,000		6.375		01/30/23	3,348,000
	4,950,000		7.000		03/31/24	4,622,063
Nabors Industries, Inc. (BB/Ba3)
	5,000,000		0.750		01/15/24	3,931,300
Noble Holding International Ltd. (NR/NR)^(d)(e)
	4,565,000		7.875		02/01/26	4,701,950
Noble Holding International Ltd. (B/Caa1)^(d)(f)
	5,000,000		7.750		01/15/24	4,718,750


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Oasis Petroleum, Inc. (BB-/B3)^(d)
$	6,741,000		6.875	%	03/15/22	$ 6,858,967
Parsley Energy LLC/Parsley Finance Corp. (BB-/B2)^(d)(e)
	6,750,000		5.625		10/15/27	6,699,375
Precision Drilling Corp. (BB/B3)^(d)
	4,900,000		7.750		12/15/23	5,157,250
QEP Resources, Inc. (BB+/Ba3)^(d)
	12,765,000		5.625		03/01/26	12,222,487
Range Resources Corp. (BB+/Ba3)^(d)
	4,500,000		4.875		05/15/25	4,230,000
Rowan Cos., Inc. (B/B2)^(d)
	1,800,000		7.375		06/15/25	1,746,000
	4,550,000		5.400		12/01/42	3,276,000
Sanchez Energy Corp. (B-/Caa1)^(d)
	3,500,000		6.125		01/15/23	2,371,250
SM Energy Co. (BB-/B2)^(d)
	8,000,000		6.500		11/15/21	8,180,000
	450,000		5.000		01/15/24	423,000
	5,750,000		6.750		09/15/26	5,764,375
Transocean, Inc. (NR/B3)^(d)(e)
	5,700,000		7.500		01/15/26	5,785,500
Transocean, Inc. (B/Caa2)
	10,000,000		7.500		04/15/31	9,275,000
Trinidad Drilling Ltd. (BB-/B3)^(d)(e)
	7,750,000		6.625		02/15/25	7,459,375
USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)^(d)(e)
	5,900,000		6.875		04/01/26	6,099,125
Weatherford International Ltd. (B-/Caa1)
	3,200,000		7.750	^(d)	06/15/21	3,280,000
	10,100,000		6.500		08/01/36	7,903,250
Whiting Petroleum Corp. (NR/NR)^(d)(e)
	6,800,000		6.625		01/15/26	6,995,500
WPX Energy, Inc. (BB-/B1)^(d)
	5,000,000		8.250		08/01/23	5,650,000
	3,350,000		5.250		09/15/24	3,299,750
	3,500,000		5.750		06/01/26	3,482,500

						238,092,140

Packaging – 1.2%
ARD Finance SA (B-/Caa2)^(d)(h)(PIK 7.875%, Cash 7.125%)
	2,600,000		7.125		09/15/23	2,593,500
Ardagh Packaging Finance PLC (B/B3)^(d)(e)
	6,100,000		6.000		06/30/21	6,176,250
BWAY Holding Co. (CCC+/Caa2)^(d)(e)
	4,600,000		7.250		04/15/25	4,485,000
Multi-Color Corp. (B+/B2)^(d)(e)
	4,900,000		4.875		11/01/25	4,544,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)^(d)
	3,115,681		5.750		10/15/20	3,115,681
	3,586,661		6.875		02/15/21	3,622,528
	6,850,000		5.125	^(e)	07/15/23	6,764,375
Smurfit-Stone Container Corp. (NR/NR)^(c)(g)
	8,500,000		8.000		03/15/17	—
Stone Container Finance Co. of Canada II (NR/WR)^(c)(d)(g)
	2,250,000		7.375		07/15/14	—

						31,302,084


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Paper^(c)(g) – 0.0%
Jefferson Smurfit Corp. (NR/NR)
$	1,750,000		0.750	%	06/01/13	$ —
	6,000,000		8.250		10/01/49	—
NewPage Corp. (NR/NR)
	10,050,000		1.000		12/31/49	—

						—

Pharmaceuticals^(d)(e) – 3.1%
Endo Dac/Endo Finance LLC/Endo Finco, Inc. (CCC+/B3)
	10,200,000		6.000		07/15/23	8,389,500
Valeant Pharmaceuticals International, Inc. (B-/Caa1)
	10,600,000		7.500		07/15/21	10,772,250
	7,300,000		6.750		08/15/21	7,382,125
	2,950,000		7.250		07/15/22	3,021,272
	24,550,000		5.875		05/15/23	22,984,937
	7,100,000		9.250		04/01/26	7,384,000
Valeant Pharmaceuticals International, Inc. (BB-/Ba3)
	5,000,000		7.000		03/15/24	5,237,500
	12,300,000		5.500		11/01/25	12,115,500

						77,287,084

Pipelines – 3.1%
Cheniere Corpus Christi Holdings LLC (BB-/Ba3)^(d)
	6,000,000		5.125		06/30/27	5,940,000
Cheniere Energy Partners LP (BB/Ba2)^(d)(e)
	12,665,000		5.250		10/01/25	12,332,544
CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)^(d)(e)
	7,650,000		6.500		03/15/26	7,420,500
DCP Midstream Operating LP (BB/Ba2)^(e)
	6,650,000		9.750		03/15/19	6,924,312
	950,000		6.750		09/15/37	1,009,375
Energy Transfer Equity LP (BB-/Ba2)
	4,000,000		7.500		10/15/20	4,265,000
	3,400,000		4.250	^(d)	03/15/23	3,272,500
	5,000,000		5.875	^(d)	01/15/24	5,125,000
Genesis Energy LP/Genesis Energy Finance Corp. (BB-/B1)^(d)
	3,611,000		6.000		05/15/23	3,543,294
	10,000,000		6.500		10/01/25	9,600,000
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B1)^(d)
	7,500,000		5.750		04/15/25	7,125,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB-/Ba3)^(d)
	1,000,000		5.250		05/01/23	1,000,000
	4,100,000		5.875	^(e)	04/15/26	4,120,500
	4,500,000		5.375		02/01/27	4,365,000
	2,650,000		5.000	^(e)	01/15/28	2,464,500

						78,507,525

Real Estate Investment Trust^(d) – 2.4%
Equinix, Inc. (BB+/B1)
	7,000,000		5.750		01/01/25	7,070,000
	4,600,000		5.875		01/15/26	4,646,000
	5,650,000		5.375		05/15/27	5,635,875
iStar, Inc. (BB-/B1)
	3,480,000		4.625		09/15/20	3,427,800
	6,500,000		6.000		04/01/22	6,483,750


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust^(d) – (continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)
$	10,500,000		5.625	%	05/01/24	$ 10,618,125
MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	15,000,000		5.000		10/15/27	14,325,000
Starwood Property Trust, Inc. (BB-/Ba3)^(e)
	9,500,000		4.750		03/15/25	9,167,500

						61,374,050

Retailing^(d) – 1.5%
1011778 BC ULC/New Red Finance, Inc. (B-/B3)^(e)
	7,000,000		5.000		10/15/25	6,615,000
Beacon Roofing Supply, Inc. (B+/B3)^(e)
	7,000,000		4.875		11/01/25	6,440,000
JC Penney Corp., Inc. (B-/B3)^(e)
	3,800,000		8.625		03/15/25	3,220,500
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/B1)^(e)
	12,000,000		5.250		06/01/26	11,820,000
New Red Finance, Inc. (B+/Ba3)^(e)
	4,650,000		4.250		05/15/24	4,417,500
Yum! Brands, Inc. (B+/B2)
	7,476,000		5.350		11/01/43	6,532,155

						39,045,155

Semiconductors – 0.5%
Advanced Micro Devices, Inc. (B/B3)
	3,000,000		7.500		08/15/22	3,315,000
	4,000,000		7.000	^(d)	07/01/24	4,210,000
Qorvo, Inc. (BB+/Ba1)^(d)
	4,300,000		7.000		12/01/25	4,638,625

						12,163,625

Software^(d) – 1.7%
BMC Software Finance, Inc. (CCC+/Caa2)^(e)
	10,000,000		8.125		07/15/21	10,212,500
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/B3)^(e)
	10,000,000		5.750		03/01/25	9,400,000
CURO Financial Technologies Corp. (B-/Caa1)^(e)
	6,714,000		12.000		03/01/22	7,284,690
Fair Isaac Corp. (BB+/Ba2)^(e)
	2,300,000		5.250		05/15/26	2,305,750
Nuance Communications, Inc. (BB-/Ba3)
	4,286,000		5.375	^(e)	08/15/20	4,286,000
	3,500,000		5.625		12/15/26	3,421,250
Open Text Corp. (BB+/Ba2)^(e)
	5,000,000		5.875		06/01/26	5,112,500

						42,022,690

Storage/Warehousing^(d)(e) – 0.2%
Algeco Global Finance PLC (B-/B2)
	5,000,000		8.000		02/15/23	5,062,500

Telecommunication Services – 11.8%
CenturyLink, Inc. (B+/B2)
	9,350,000		6.450		06/15/21	9,607,125
	2,150,000		7.500	^(d)	04/01/24	2,214,500
	5,680,000		6.875		01/15/28	5,197,200
	6,000,000		7.600		09/15/39	4,995,000


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Digicel Group Ltd. (NR/Caa1)^(d)(e)
$	14,350,000		8.250	%	09/30/20	$ 10,547,250
	5,000,000		7.125		04/01/22	3,300,000
Digicel Ltd. (NR/B1)^(d)(e)
	390,000		6.000		04/15/21	351,975
	14,590,000		6.750		03/01/23	12,109,700
Frontier Communications Corp. (B+/B3)^(d)(e)
	6,650,000		8.500		04/01/26	6,417,250
Frontier Communications Corp. (B-/Caa1)
	8,300,000		7.625		04/15/24	5,727,000
	8,000,000		11.000	^(d)	09/15/25	6,390,000
Intelsat Connect Finance SA (CCC-/Ca)^(d)(e)
	9,000,000		12.500		04/01/22	8,887,500
Intelsat Jackson Holdings SA (CCC+/Caa2)^(d)
	5,000,000		7.250		10/15/20	4,956,250
	5,450,000		7.500		04/01/21	5,409,125
	10,950,000		9.750	^(e)	07/15/25	11,552,250
Level 3 Financing, Inc. (BB/Ba3)^(d)
	3,150,000		5.375		05/01/25	3,055,500
	10,800,000		5.250		03/15/26	10,300,500
Nokia of America Corp. (NR/WR)
	5,000,000		6.450		03/15/29	5,150,000
Nokia OYJ (BB+/Ba1)
	5,585,000		4.375		06/12/27	5,227,878
SoftBank Group Corp. (BB+/Ba1)^(d)(f)
	3,300,000		5.125		09/19/27	3,056,625
Sprint Capital Corp. (B/B3)
	8,150,000		8.750		03/15/32	8,720,500
Sprint Communications, Inc. (B/B3)
	5,000,000		7.000		08/15/20	5,175,000
	14,700,000		11.500		11/15/21	17,346,000
Sprint Communications, Inc. (B+/B1)^(e)
	7,000,000		9.000		11/15/18	7,140,000
Sprint Corp. (B/B3)
	22,150,000		7.250		09/15/21	23,036,000
	23,000,000		7.875		09/15/23	23,862,500
	3,900,000		7.625	^(d)	02/15/25	3,978,000
	8,500,000		7.625	^(d)	03/01/26	8,648,750
T-Mobile USA, Inc. (BB+/Ba2)^(d)
	1,400,000		4.000		04/15/22	1,386,000
	7,050,000		6.500		01/15/26	7,270,313
	100,000		4.500		02/01/26	93,375
Telecom Italia Capital SA (BB+/Ba1)
	14,850,000		7.200		07/18/36	15,295,500
	16,400,000		7.721		06/04/38	17,753,000
Wind Tre SpA (BB-/B1)^(d)(e)
	32,350,000		5.000		01/20/26	25,475,625
Windstream Services LLC/Windstream Finance Corp. (B+/Caa1)^(d)(e)
	9,500,000		8.625		10/31/25	9,001,250

						298,634,441

Transportation^(d)(e) – 0.2%
Neovia Logistics Services LLC/SPL Logistics Finance Corp. (CCC+/Caa1)
	5,150,000		8.875		08/01/20	4,364,625

Trucking & Leasing^(e) – 0.3%
Park Aerospace Holdings Ltd. (BB/Ba3)
	2,750,000		3.625	^(d)	03/15/21	2,660,625
	850,000		5.250		08/15/22	846,863

Principal
Amount

Interest
Rate

Maturity
Date

Value

Corporate Obligations – (continued)

Trucking & Leasing^(e) – (continued)

Park Aerospace Holdings Ltd. (BB/Ba3) – (continued)

3,700,000

4.500

%^(d)

03/15/23

$ 3,524,250

7,031,738

TOTAL CORPORATE OBLIGATIONS
(Cost $2,324,323,216)

$2,295,461,174



Shares		Description	Value
	Common Stocks – 0.9%
	Auto Components – 0.0%
	1,227	Lear Corp.	$ 227,989

	Beverages^(g) – 0.0%
	19	Crimson Wine Group Ltd.	176

	Capital Markets^(g) – 0.0%
	28,148	Motors Liquidation Co.	278,842

	Diversified Financial Services – 0.0%
	190	Jefferies Financial Group, Inc.	4,321

	Health Care Services^(c)(g) – 0.0%
	3,874	CB Paracelsus Healthcare	—

	Media^(c)(g) – 0.0%
	21	New Cotai Class B Shares	—

	Oil, Gas & Consumable Fuels^(g) – 0.9%
	1,198,915	Berry Petroleum Corp.^(j)	14,701,322
	670,713	Blue Ridge Mountain Resources, Inc.^(j)	4,024,278
	164,196	Chaparral Energy, Inc. Class A	3,029,416
	89,992	Chaparral Energy, Inc. Class B	1,579,360

			23,334,376

	Paper & Forest Products^(c)(g) – 0.0%
	2,500	Port Townsend Holdings Co., Inc.	—

	Pharmaceuticals^(c)(g) – 0.0%
	40	Dawn Holdings, Inc.	—
	10	Nycomed	—

			—

	TOTAL COMMON STOCKS (Cost $30,318,605)		$ 23,845,704



Shares	Rate			Value
Preferred Stocks – 0.7%
Energy - Exploration & Production^(j)(k) – 0.6%
Berry Petroleum Corp.
1,121,729		0.000	%	$ 14,956,013

Media^(h)(l) – 0.1%
Spanish Broadcasting System, Inc.
3,014		10.750		2,109,800

TOTAL PREFERRED STOCKS — 0.7% (Cost $14,313,961)				$ 17,065,813


Units	Expiration Date		Value
Warrant^(g) – 0.0%
Lender Process Services, Inc. (NR/NR)^(c)
14,274		12/31/20	$ —
TBS International Ltd. (NR/NR)^(c)
12,063		02/07/14	—
TBS International Ltd. (NR/NR)^(c)
2,807		02/07/15	—
TBS International Ltd. (NR/NR)^(c)
3,311		02/07/15	—
True Religion (NR/NR)
1,536			—
True Religion (NR/NR)
7,229			—

TOTAL WARRANT (Cost $21,898,892)			$ —


Shares	Distribution Rate		Value
Investment Company^(m) – 0.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
982,239		1.869%	$ 982,239
(Cost $982,239)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $2,490,672,705)			$2,435,125,873



Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments^(k) – 1.3%
Commercial Paper – 1.3%
AT&T, Inc. (NR/NR)
$	5,900,000		0.000	%	10/09/18	$ 5,856,035
	6,812,000		0.000		10/05/18	6,763,230
Mondelez International, Inc. (NR/NR)
	12,100,000		0.000		10/02/18	12,018,098
VW Credit, Inc. (NR/NR)
	9,650,000		0.000		09/20/18	9,593,778

TOTAL SHORT-TERM INVESTMENTS (Cost $34,231,582)						$ 34,231,141

TOTAL INVESTMENTS — 97.5% (Cost $2,524,904,287)						$2,469,357,014


Principal Amount		Interest Rate (Paid) Received			Maturity Date	Value
Reverse Repurchase Agreements – (0.6)%
Reverse Repurchase Agreements – (0.6)%
Barclays Reverse Repurchase Agreement (NR/NR)
$	(4,563,000)		(0.250)	%	07/02/18	$ (4,563,000)
	(5,522,250)		(0.250)		07/02/18	(5,522,250)
	(952,500)		(10.000)		07/02/18	(952,500)


Principal Amount		Interest Rate (Paid) Received			Maturity Date	Value
Reverse Repurchase Agreements – (continued)
Reverse Repurchase Agreements – (continued)
Barclays Reverse Repurchase Agreement (NR/NR) – (continued)
$	(719,063)		(10.000)	%	07/02/18	$ (719,063)
	(1,876,800)		(3.250)		07/02/18	(1,876,800)
First Boston Reverse Repurchase Agreement (NR/NR)
	(2,660,625)		(0.250)		07/02/18	(2,660,625)

TOTAL REVERSE REPURCHASE AGREEMENTS (Cost $(16,294,238))						$ (16,294,238)

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.1%						79,073,198

NET ASSETS – 100.0%						$2,532,135,974



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on June 30, 2018. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,151,729,489, which represents approximately 45.5% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(f)		All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2018, the value of securities pledged amounted to $15,993,313.

(g)		Security is currently in default and/or non-income producing.

(h)		Pay-in-kind securities.

(i)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.

(j)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $33,681,613, which represents approximately 1.3% of the Fund’s net assets as of June 30, 2018.


Restricted Security	Acquisition Date		Cost
Berry Petroleum Corp. (Preferred Stocks)		05/06/16 - 08/18/16	$	11,271,617
Berry Petroleum Corp. (Common Stocks)		03/01/17		13,767,282
Blue Ridge Mountain Resources (Common Stocks)		02/27/17 - 03/03/17		6,692,580



(k)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(l)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at June 30, 2018.

(m)		Represents an Affiliated Issuer.



Currency Abbreviations:
EUR		— Euro
USD		— U.S. Dollar

Investment Abbreviations:
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company
WR		— Withdrawn Rating


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – 89.7%
Aerospace^(b) – 0.8%
TransDigm, Inc. (B+/Ba2)
(1M LIBOR + 2.500%)
$	13,224,529		4.594	%	06/09/23	$ 13,131,957
(1M LIBOR + 2.500%)
	5,424,099		4.594		05/30/25	5,377,507
(3M LIBOR + 2.500%)
	14,892,011		4.594		08/22/24	14,767,960

						33,277,424

Airlines^(b) – 0.2%
Air Canada (BBB-/Ba1)(3M LIBOR + 2.000%)
	10,073,875		4.094		10/06/23	10,091,504

Automotive - Distributor^(b) – 0.2%
American Axle & Manufacturing, Inc. (BB/Ba2)(1M LIBOR + 2.250%)
	8,889,625		4.350		04/06/24	8,841,443

Automotive - Parts – 1.3%
CS Intermediate Holdco 2 LLC (BBB-/Ba1)^(b)(3M LIBOR + 2.000%)
	4,665,673		4.334		11/02/23	4,657,882
Gates Global LLC (B+/B1)^(b)(3M LIBOR + 2.750%)
	20,650,431		5.084		04/01/24	20,617,184
Mavis Tire Express Services Corp. (B/B1)^(b)
(1M LIBOR + 3.250%)
	11,995,986		5.334		03/20/25	11,876,026
(3M LIBOR + 1.000%)
	105,795		1.000		03/20/25	105,682
Navistar International Corp. (B+/Ba3)^(b)(1M LIBOR + 3.500%)
	2,942,625		5.530		11/06/24	2,940,800
Tenneco, Inc. (BB/Ba2)
	17,300,000		2.750		06/14/25	17,116,274

						57,313,848

Building Materials^(b) – 2.0%
American Builders & Contractors Supply Co., Inc. (BB+/B1)(1M LIBOR + 2.000%)
	28,677,489		4.094		10/31/23	28,410,215
Beacon Roofing Supply, Inc. (BB+/B1)(1M LIBOR + 2.250%)
	6,384,000		4.280		01/02/25	6,338,801
CPG International, Inc. (B/B2)(6M LIBOR + 3.750%)
	13,720,980		6.251		05/03/24	13,698,066
Forterra Finance LLC (B-/B3)(1M LIBOR + 3.000%)
	4,880,525		5.094		10/25/23	4,550,065
Hayward Industries, Inc. (B/B3)(1M LIBOR + 3.500%)
	2,977,500		5.594		08/05/24	2,979,376
HD Supply, Inc. (BBB-/Ba2)(3M LIBOR + 2.250%)
	1,566,194		4.344		08/13/21	1,568,544
Janus International Group LLC (B+/B2)(1M LIBOR + 3.000%)
	5,960,063		5.094		02/12/25	5,855,761
Jeld-Wen, Inc. (BB+/Ba2)(3M LIBOR + 2.000%)
	6,567,000		4.334		12/14/24	6,538,302
LBM Borrower LLC (B+/B3)(1M LIBOR + 3.750%)
	14,013,265		5.847		08/20/22	14,004,577
Mannington Mills, Inc. (BB-/B1)(3M LIBOR + 3.750%)
	3,140,288		6.084		10/01/21	3,154,042

						87,097,749


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Capital Goods - Others^(b) – 0.1%
Columbus McKinnon Corp. (B+/Ba3)(3M LIBOR + 2.500%)
$	2,402,197		4.834	%	01/31/24	$ 2,384,181

Chemicals^(b) – 2.6%
Alpha 3 BV (B/B1)(1 Week LIBOR + 3.000%)
	14,015,910		5.334		01/31/24	13,934,198
Axalta Coating Systems US Holdings, Inc. (BBB-/Ba1)(3M LIBOR + 1.750%)
	28,659,448		4.084		06/01/24	28,480,327
Cyanco Intermediate Corp. (CCC+/Caa1)^(c)
	2,481,063		9.594		02/15/26	2,406,631
Cyanco Intermediate Corp. (B/B2)(3M LIBOR + 3.500%)
	6,433,875		5.594		02/15/25	6,409,748
Emerald Performance Materials LLC (B/B1)(1M LIBOR + 3.500%)
	7,202,688		5.594		08/01/21	7,202,688
Emerald Performance Materials LLC (B-/Caa1)(1M LIBOR + 7.750%)
	6,350,000		9.844		08/01/22	6,344,729
The Chemours Co. (BBB-/Baa3)(1M LIBOR + 1.750%)
	8,244,321		3.850		04/03/25	8,130,962
Tronox Blocked Borrower LLC (BB-/Ba3)(1M LIBOR + 3.000%)
	2,472,857		5.094		09/22/24	2,470,384
Tronox Finance LLC (BB-/Ba3)(1M LIBOR + 3.000%)
	5,706,592		5.094		09/22/24	5,700,885
Univar, Inc. (BB/B1)(1M LIBOR + 2.500%)
	30,455,027		4.594		07/01/24	30,362,444

						111,442,996

Construction Machinery^(b) – 1.0%
Accudyne Industries LLC (B/B3)(1M LIBOR + 3.750%)
	19,774,123		5.344		08/18/24	19,709,264
Milacron LLC (B/B2)(1M LIBOR + 2.750%)
	8,944,950		4.594		09/28/23	8,877,863
Pisces Midco, Inc. (B/B2)(3M LIBOR + 3.750%)
	14,350,000		6.089		04/12/25	14,305,228

						42,892,355

Consumer Cyclical Services^(b) – 0.1%
Prometric Holdings, Inc. (B/B1)(3M LIBOR + 3.000%)
	3,042,375		5.100		01/29/25	3,030,966
USS Ultimate Holdings, Inc. (B/B2)(1M LIBOR + 3.750%)
	893,250		5.844		08/25/24	893,250

						3,924,216

Consumer Cyclical Services - Business^(b) – 1.3%
Advantage Sales & Marketing, Inc. (CCC+/Caa1)(1M LIBOR + 6.500%)
	4,203,226		8.594		07/25/22	3,805,685
Advantage Sales & Marketing, Inc. (B/B1)(3M LIBOR + 3.250%)
	15,378,645		5.344		07/23/21	14,504,061
Colorado Buyer, Inc. (B+/Ba3)(3M LIBOR + 3.000%)
	11,755,440		5.360		05/01/24	11,731,929
Colorado Buyer, Inc. (CCC+/B3)(3M LIBOR + 7.250%)
	2,875,000		9.610		05/01/25	2,864,219
Iron Mountain, Inc. (BB/Ba3)(1M LIBOR + 1.750%)
	10,349,063		3.844		01/02/26	10,137,735
Tempo Acquisition LLC (B/B1)(1M LIBOR + 3.000%)
	14,850,000		5.094		05/01/24	14,775,750

						57,819,379


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Consumer Products - Household & Leisure^(b) – 1.5%
Bombardier Recreational Products, Inc. (BB/Ba3)(3M LIBOR + 2.000%)
$	15,513,115		4.090	%	05/23/25	$ 15,369,618
Coty, Inc. (BB+/Ba2)
(1M EURIBOR + 2.500%)
EUR	3,175,000		2.500		04/05/25	3,665,459
(1M LIBOR + 2.250%)
	8,975,000		4.280		04/07/25	8,761,844
Diamond (BC) B.V. (B/B1)(6M LIBOR + 3.000%)
	10,198,751		5.097		09/06/24	9,994,776
Prestige Brands, Inc. (BB/Ba3)(1M LIBOR + 2.000%)
	15,638,974		4.094		01/26/24	15,583,612
Spectrum Brands, Inc. (BB/Ba1)(1M LIBOR + 2.000%)
	9,065,794		4.100		06/23/22	9,044,761

						62,420,070

Consumer Products - Non Durable – 0.7%
Alphabet Holding Co., Inc. (B-/B3)^(b)(1M LIBOR + 3.500%)
	18,400,552		5.594		09/26/24	17,094,113
Alphabet Holding Co., Inc. (CCC/Caa2)^(b)(1M LIBOR + 7.750%)
	9,600,000		9.844		09/26/25	7,780,032
Energizer Holdings, Inc. (BB+/Ba1)
	4,000,000		2.250		06/30/25	3,998,320

						28,872,465

Diversified Financial Services – 0.1%
The Edelman Financial Group (B/B1)
	5,850,000		3.250		06/08/27	5,839,061

Diversified Manufacturing – 4.3%
Atkore International, Inc. (BB-/B2)^(b)(3M LIBOR + 2.750%)
	23,663,841		5.090		12/22/23	23,598,765
BakerCorp International, Inc. (CCC+/B2)^(b)(3M LIBOR + 3.000%)
	22,450,756		5.359		02/07/20	22,128,139
Cortes NP Acquisition Corp. (B+/Ba3)^(b)(1M LIBOR + 4.000%)
	25,212,284		6.001		11/30/23	25,023,192
CPM Holdings, Inc. (B/B1)^(b)(1M LIBOR + 3.500%)
	7,142,759		5.594		04/11/22	7,205,258
Crosby US Acquisition Corp. (B-/Caa1)^(b)(1M LIBOR + 3.000%)
	21,815,501		5.084		11/23/20	21,406,460
Dynacast International LLC (B/B1)^(b)(3M LIBOR + 3.250%)
	5,189,963		5.584		01/28/22	5,170,501
Gardner Denver, Inc. (BB/B1)^(b)(1M LIBOR + 2.750%)
	4,033,620		4.844		07/30/24	4,032,128
Global Brass & Copper, Inc. (BB/B1)^(b)(c)(1M LIBOR + 2.500%)
	6,401,309		4.625		05/24/25	6,345,297
MKS Instruments, Inc. (BBB-/Ba1)^(b)(1M LIBOR + 1.750%)
	4,065,410		3.844		05/01/23	4,065,410
Rexnord LLC (BB+/Ba2)^(b)(1M LIBOR + 2.250%)
	14,655,398		4.341		08/21/24	14,627,993
Robertshaw US Holding Corp. (B/B1)^(b)(1M LIBOR + 3.500%)
	10,508,663		5.625		02/28/25	10,482,391


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Diversified Manufacturing – (continued)
Robertshaw US Holding Corp. (CCC+/Caa1)^(b)(1M LIBOR + 8.000%)
$	4,650,000		10.125	%	02/28/26	$ 4,580,250
Southwire Co. (BB+/Ba2)
	5,550,000		2.000		05/15/25	5,540,732
Titan Acquisition Ltd./Titan Co-Borrower LLC (B/B2)^(b)(1M LIBOR + 3.000%)
	20,623,313		5.094		03/28/25	20,285,709
Zodiac Pool Solutions LLC (BB/Ba3)
	10,650,000		2.250		03/31/25	10,601,223

						185,093,448

Energy^(b) – 0.9%
Chesapeake Energy Corp. (BB-/B1)(3M LIBOR + 7.500%)
	14,465,000		9.594		08/23/21	15,118,963
FTS International, Inc. (B/B3)(1M LIBOR + 4.750%)
	5,306,208		6.844		04/16/21	5,317,245
MEG Energy Corp. (BB+/Ba3)(1M LIBOR + 3.500%)
	11,561,320		5.600		12/31/23	11,552,649
Peabody Energy Corp. (BB/Ba3)(1M LIBOR + 2.750%)
	5,385,522		4.844		03/31/25	5,341,845

						37,330,702

Entertainment – 2.2%
AMC Entertainment, Inc. (BB/Ba2)
	3,037,512		3.000		12/15/22	3,024,238
(1M LIBOR + 2.250%)
	7,146,101		4.323	^(b)	12/15/23	7,114,872
Cedar Fair LP (BBB-/Ba1)^(b)(1M LIBOR + 1.750%)
	2,254,000		3.844		04/13/24	2,258,688
Crown Finance US, Inc. (BB-/B1)^(b)(1M LIBOR + 2.500%)
	20,648,250		4.594		02/28/25	20,478,728
Intrawest Resorts Holdings, Inc. (B/B2)^(b)(1M LIBOR + 3.000%)
	21,937,853		5.094		07/31/24	21,896,829
Lions Gate Entertainment Corp. (BB-/Ba2)^(b)(1M LIBOR + 2.250%)
	14,395,920		4.341		03/24/25	14,323,940
Metro-Goldwyn-Mayer Inc. (B-/Ba2)
	4,275,000		5.500		07/03/26	4,232,250
Metro-Goldwyn-Mayer Inc. (BB/Ba2)
	2,600,000		2.500		07/03/25	2,593,500
Sabre GLBL, Inc. (BB/Ba2)^(b)(1M LIBOR + 2.000%)
	19,650,999		4.094		02/22/24	19,598,728

						95,521,773

Environmental^(b) – 1.2%
Core & Main LP (B+/B2)(3M LIBOR + 3.000%)
	10,447,500		5.211		08/01/24	10,434,440
EnergySolutions LLC (B/B2)(3M LIBOR + 3.750%)
	35,600,000		6.084		05/09/25	35,644,500
Wrangler Buyer Corp. (B/B1)(1M LIBOR + 2.750%)
	5,102,929		4.844		09/27/24	5,087,620

						51,166,560


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Finance^(b) – 1.5%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. (BBB-/Ba1)(1M LIBOR + 2.000%)
$	61,411,312		4.088	%	01/15/25	$ 60,617,878
Fortress Investment Group LLC (BB/Baa3)(1M LIBOR + 2.750%)
	5,619,498		4.094		12/27/22	5,618,318

						66,236,196

Food & Beverages – 3.2%
C.H. Guenther & Son, Inc. (B/B2)^(c)
	11,500,000		4.844		03/31/25	11,442,500
Chobani LLC/Chobani Finance Corp., Inc. (B/B1)^(b)(1M LIBOR + 3.500%)
	10,640,008		5.594		10/10/23	10,640,008
Dole Food Co., Inc. (B-/B1)^(b)(1M LIBOR + 2.750%)
	5,606,250		4.780		04/06/24	5,573,229
High Liner Foods, Inc. (B+/B2)^(b)(3M LIBOR + 3.250%)
	8,590,614		5.562		04/24/21	8,289,942
Refresco Group BV (B+/B1)^(b)(c)(3M LIBOR + 3.250%)
	4,760,000		5.593		03/28/25	4,754,050
Shearer’s Foods, Inc. (B-/B3)^(b)(3M LIBOR + 4.250%)
	18,630,047		6.344		06/30/21	18,350,597
Shearer’s Foods, Inc. (CCC/Caa2)^(b)(c)(3M LIBOR + 6.750%)
	21,250,000		8.844		06/30/22	20,028,125
Sigma Bidco B.V. (B+/B1)
	14,075,000		3.000		02/23/25	13,925,523
US Foods, Inc. (BBB-/Ba3)^(b)(1M LIBOR + 2.000%)
	43,051,852		4.094		06/27/23	42,971,345

						135,975,319

Food & Drug Retailers^(b) – 2.0%
Albertsons LLC (BB-/Ba2)(3M LIBOR + 3.000%)
	25,330,506		5.319		06/22/23	25,038,446
BJ’s Wholesale Club, Inc. (B/B2)
(1M LIBOR + 3.500%)
	49,937,710		5.530		02/03/24	49,887,772
(1M LIBOR + 7.500%)
	12,450,000		9.530		02/03/25	12,558,937

						87,485,155

Gaming – 1.8%
Caesars Entertainment Operating Co., Inc. (BB/Ba3)^(b)(1M LIBOR + 2.000%)
	18,905,000		4.094		10/06/24	18,747,521
CityCenter Holdings LLC (BB-/B1)^(b)(1M LIBOR + 2.250%)
	9,355,251		4.344		04/18/24	9,296,780
Eldorado Resorts LLC (BB/Ba2)^(b)(3M LIBOR + 2.250%)
	8,134,856		4.375		04/17/24	8,099,306
MGM Growth Properties LLC (BB+/Ba3)^(b)(1M LIBOR + 2.000%)
	23,325,196		4.094		04/25/23	23,186,644
Seminole Tribe of Florida (BBB/Baa2)^(b)(1M LIBOR + 1.750%)
	7,046,750		3.844		07/08/24	7,055,559
The Stars Group, Inc. (B+/NR)
	10,000,000		3.500		07/28/25	9,975,000

						76,360,810


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Health Care - Pharmaceuticals^(b) – 2.1%
Endo Luxembourg Finance Co. I S.A.R.L. (BB-/Ba2)(1M LIBOR + 4.250%)
$	21,834,586		6.375	%	04/29/24	$ 21,780,000
Grifols Worldwide Operations USA, Inc. (BB+/Ba2)(1 Week LIBOR + 2.250%)
	33,423,037		4.238		01/31/25	33,423,037
Valeant Pharmaceuticals International, Inc. (BB-/Ba3)(1M LIBOR + 3.000%)
	37,047,211		4.983		06/01/25	36,896,799

						92,099,836

Health Care - Services – 8.1%
21st Century Oncology Holdings, Inc. (NR/NR)^(b)(3M LIBOR + 6.125%)
	12,464,241		8.475		01/16/23	11,926,783
Air Medical Group Holdings, Inc. (B/B1)^(b)
(1M LIBOR + 3.250%)
	28,025,727		5.280		04/28/22	27,190,841
(1M LIBOR + 4.250%)
	23,432,250		6.335		03/14/25	23,070,925
Air Methods Corp. (B+/B1)^(b)(3M LIBOR + 3.500%)
	15,147,392		5.834		04/21/24	14,498,932
American Renal Holdings, Inc. (B/B2)^(b)(1M LIBOR + 3.250%)
	11,409,750		5.344		06/21/24	11,349,164
Change Healthcare Holdings, Inc. (B+/Ba3)^(b)(1M LIBOR + 2.750%)
	33,433,624		4.844		03/01/24	33,302,898
Community Health Systems, Inc. (B-/B3)^(b)
(3M LIBOR + 2.750%)
	4,466,013		5.307		12/31/19	4,456,947
(3M LIBOR + 3.250%)
	14,082,675		5.557		01/27/21	13,732,439
ExamWorks Group, Inc. (B/B1)^(b)(1M LIBOR + 3.250%)
	4,854,082		5.344		07/27/23	4,852,043
Gentiva Health Services, Inc. (B/B1)
	8,000,000		3.750		06/02/25	7,940,000
HCA, Inc. (BBB-/Ba1)^(b)
(1M LIBOR + 1.750%)
	6,587,734		3.844		03/18/23	6,587,734
(3M LIBOR + 2.250%)
	15,461,250		4.094		03/13/25	15,494,182
IQVIA, Inc. (BBB-/Ba1)^(c)
	5,300,000		1.750		06/07/25	5,247,000
MPH Acquisition Holdings LLC (B+/B1)^(b)(3M LIBOR + 2.750%)
	37,692,074		5.084		06/07/23	37,450,468
Parexel International Corp. (B/B1)^(b)(1M LIBOR + 2.750%)
	5,458,750		4.844		09/27/24	5,424,633
Sedgwick Claims Management Services, Inc. (B/B2)^(b)(1M LIBOR + 2.750%)
	15,401,942		4.844		03/01/21	15,302,445
Sedgwick Claims Management Services, Inc. (CCC+/Caa2)^(b)(1M LIBOR + 5.750%)
	11,100,758		7.844		02/28/22	11,135,503
Sterigenics-Nordion Holdings LLC (B/B1)^(b)(1M LIBOR + 3.000%)
	20,000,382		5.334		05/15/22	19,925,381
Team Health Holdings, Inc. (B/B2)^(b)(1M LIBOR + 2.750%)
	22,975,584		4.844		02/06/24	22,056,561
U.S. Renal Care, Inc. (B/B2)^(b)(3M LIBOR + 4.250%)
	52,163,549		6.552		12/31/22	51,359,187
U.S. Renal Care, Inc. (CCC+/Caa2)^(b)(c)(3M LIBOR + 8.000%)
	4,025,000		10.337		12/31/23	4,014,938

						346,319,004


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Home Construction^(b) – 0.4%
Gyp Holdings III Corp. (BB-/B2)(1M LIBOR + 2.750%)
$	8,500,000		4.844	%	06/01/25	$ 8,429,195
U.S. Lumber Group LLC (B/B3)(1M LIBOR + 6.000%)
	8,855,500		8.094		10/18/23	8,899,777

						17,328,972

Insurance^(b) – 0.5%
USI, Inc. (B/B2)(3M LIBOR + 3.000%)
	21,791,609		5.334		05/16/24	21,644,516

Lodging^(b) – 0.7%
Caesars Resort Collection LLC (BB/Ba3)(1M LIBOR + 2.750%)
	21,178,509		4.844		12/22/24	21,095,701
Four Seasons Holdings, Inc. (BB/B1)(1M LIBOR + 2.000%)
	7,919,148		4.094		11/30/23	7,854,844

						28,950,545

Machinery^(b) – 0.6%
Apergy Corp. (BB/Ba1)(1M LIBOR + 2.500%)
	11,000,000		4.563		05/09/25	11,000,000
Clark Equipment Co. (BB-/Ba3)(3M LIBOR + 2.000%)
	9,456,412		4.334		05/18/24	9,382,557
Waterjet Holdings, Inc. (B/B2)^(c)(3M LIBOR + 3.000%)
	6,175,000		5.331		04/03/25	6,144,125

						26,526,682

Media - Broadcasting & Radio – 5.9%
Ascend Learning LLC (B+/B2)^(b)(1M LIBOR + 3.000%)
	13,448,375		5.094		07/12/24	13,397,944
Cable One, Inc. (BBB-/Ba2)^(b)(3M LIBOR + 1.750%)
	4,950,000		4.090		05/01/24	4,956,188
Checkout Holding Corp. (CCC/B2)^(b)(1M LIBOR + 3.500%)
	15,224,320		5.594		04/09/21	9,515,200
EMI Music Publishing Ltd. (BB-/Ba3)^(b)(1M LIBOR + 2.250%)
	7,160,228		4.335		08/20/23	7,154,285
Getty Images, Inc. (CCC/B3)^(b)(3M LIBOR + 3.500%)
	27,982,402		5.594		10/18/19	26,979,793
iHeart Communications, Inc. (NR/WR)^(b)
(3M LIBOR + 6.750%)
	8,175,000		0.000		01/30/19	6,219,131
(3M LIBOR + 7.500%)
	27,972,038		0.000		07/30/19	21,265,182
Meredith Corp. (BB/Ba2)^(b)(1M LIBOR + 3.000%)
	27,969,900		5.094		01/31/25	27,934,938
Mission Broadcasting, Inc. (BB+/Ba3)^(b)(1M LIBOR + 2.500%)
	1,958,286		4.483		01/17/24	1,954,350
Nexstar Broadcasting, Inc. (BB+/Ba3)^(b)(1M LIBOR + 2.500%)
	15,078,886		4.483		01/17/24	15,048,578
Renaissance Holding Corp. (B-/B2)^(b)(3M LIBOR + 3.250%)
	18,029,405		5.584		05/30/25	17,919,065
Renaissance Holding Corp. (CCC/Caa2)^(b)(3M LIBOR + 7.000%)
	2,525,000		9.334		05/29/26	2,506,063


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Media - Broadcasting & Radio – (continued)
Sesac Holdco II LLC (B+/B2)^(b)(1M LIBOR + 3.000%)
$	1,456,563		5.094	%	02/23/24	$ 1,443,788
Sinclair Television Group, Inc. (BB+/Ba1)
	29,150,000		2.500		12/12/24	29,022,614
Standard Media Group LLC (B+/NR)
	9,575,000		5.000		06/21/25	9,563,031
The E.W. Scripps Co. (BB+/Baa3)^(b)(1M LIBOR + 2.000%)
	6,932,736		4.094		10/02/24	6,906,738
Tribune Media Co. (BB+/Ba3)^(b)
(1M LIBOR + 3.000%)
	952,474		5.094		12/27/20	952,474
(1M LIBOR + 3.000%)
	11,871,374		5.094		01/27/24	11,841,696
Univision Communications, Inc. (BB-/B2)^(b)(1M LIBOR + 2.750%)
	37,700,195		4.844		03/15/24	36,396,522

						250,977,580

Media - Cable^(b) – 4.9%
Altice Financing SA (B+/B1)
(3M LIBOR + 2.750%)
	4,978,224		5.098		07/15/25	4,894,440
(3M LIBOR + 2.750%)
	2,743,108		5.098		01/31/26	2,684,817
Charter Communications Operating LLC (BBB-/Ba1)(1M LIBOR + 2.000%)
	54,731,601		4.100		04/30/25	54,611,739
Cogeco Communications, Inc. (BB-/B1)(1M LIBOR + 2.375%)
	12,750,000		4.469		01/03/25	12,661,642
CSC Holdings LLC (BB-/Ba2)
(1M LIBOR + 2.250%)
	24,628,929		4.323		07/17/25	24,444,212
(1M LIBOR + 2.500%)
	29,100,000		4.573		01/25/26	28,978,653
GCI Holdings, Inc. (BB-/WR)^(c)(1M LIBOR + 2.250%)
	8,204,792		4.344		02/02/22	8,184,280
Numericable Group SA (B/B1)
(3M LIBOR + 2.750%)
	16,265,426		4.844		07/31/25	15,902,381
(3M LIBOR + 3.000%)
	22,654,762		5.348		01/31/26	22,242,219
Virgin Media Bristol LLC (BB-/Ba3)(1M LIBOR + 2.500%)
	23,978,080		4.573		01/15/26	23,783,378
Ziggo Secured Finance BV (BB-/B1)(1M LIBOR + 2.500%)
	9,525,000		4.573		04/15/25	9,411,938

						207,799,699

Media - Non Cable – 2.6%
McGraw-Hill Global Education Holdings LLC (B+/B1)^(b)(1M LIBOR + 4.000%)
	17,192,272		6.094		05/04/22	16,791,176
NEP/NCP Holdco, Inc. (B-/Caa1)^(b)(1M LIBOR + 7.000%)
	15,038,306		9.339		01/23/23	15,075,902


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Media - Non Cable – (continued)
NEP/NCP Holdco, Inc. (B+/B2)^(b)(3M EURIBOR + 3.000%)
EUR	5,841,248		3.750	%	01/03/24	$ 6,770,248
NEP/NCP Holdco, Inc. (NR/B2)^(b)(3M LIBOR + 3.250%)
$	31,346,879		5.344		07/21/22	31,176,979
Nielsen Finance LLC (BBB-/Ba1)^(b)(1M LIBOR + 2.000%)
	11,390,793		4.046		10/04/23	11,373,934
SBA Senior Finance II LLC (BB/B1)
	19,500,799		2.000		04/11/25	19,354,543
WMG Acquisition Corp. (B+/Ba3)^(b)(1M LIBOR + 2.125%)
	9,387,047		4.219		11/01/23	9,307,726

						109,850,508

Metals & Mining^(b) – 1.4%
Aleris International, Inc. (B-/B3)(3M LIBOR + 4.750%)
	10,500,000		6.856		02/08/23	10,398,255
AMG Advanced Metallurgical Group NV (BB-/B1)(1M LIBOR + 3.000%)
	15,323,000		5.094		01/29/25	15,303,846
Hi-Crush Partners LP (B/B3)(1M LIBOR + 4.000%)
	12,736,000		6.100		12/16/24	12,696,264
U.S. Silica Co. (B+/B1)(1M LIBOR + 4.000%)
	8,753,063		6.125		05/01/25	8,739,933
Unimin Corp. (BB/Ba3)(3M LIBOR + 3.750%)
	11,600,000		6.050		06/01/25	11,592,808

						58,731,106

Packaging – 3.6%
Berry Global, Inc. (BBB-/Ba2)^(b)
(1M LIBOR + 1.750%)
	17,435,295		3.921		01/06/21	17,391,707
(3M LIBOR + 1.750%)
	2,112,176		3.921		02/08/20	2,106,600
BWAY Holding Co. (B/B2)^(b)(3M LIBOR + 3.250%)
	31,314,610		5.588		04/03/24	31,123,904
Charter NEX US Holdings, Inc. (B/B2)^(b)(1M LIBOR + 3.000%)
	10,440,156		5.094		05/16/24	10,380,125
Consolidated Container Co. LLC (BB-/B2)^(b)(1M LIBOR + 2.750%)
	10,247,692		4.844		05/22/24	10,227,196
Crown Holdings, Inc. (BB+/Baa2)^(b)(3M LIBOR + 2.000%)
	5,225,000		4.312		01/29/25	5,222,805
Flex Acquisition Co., Inc. (B/B1)
	6,000,000		3.250		06/29/25	5,982,480
(3M LIBOR + 3.000%)
	4,677,750		5.308	^(b)	12/29/23	4,653,613
Pro Mach Group, Inc. (B-/B2)^(b)(1M LIBOR + 3.000%)
	14,463,750		5.025		03/07/25	14,261,257
Reynolds Group Holdings, Inc. (B+/B1)^(b)(1M LIBOR + 2.750%)
	17,584,105		4.844		02/05/23	17,532,760
SIG Combibloc U.S. Acquisition, Inc. (B+/B1)^(b)(1M LIBOR + 2.750%)
	19,687,901		4.844		03/13/22	19,667,426
Zacapa LLC (B-/B2)
	17,000,000		5.750		07/03/25	16,915,000

						155,464,873

Pipelines^(b) – 0.5%
BCP Raptor LLC (B/B3)(2M LIBOR + 4.250%)
	20,792,057		6.421		06/24/24	20,298,246


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Real Estate Investment Trust – 0.8%
GGP, Inc. (NR/Ba3)
$	10,400,000		2.500	%	05/04/25	$ 10,205,000
iStar, Inc. (BB-/Ba2)
	10,650,000		2.750		06/19/23	10,610,062
Realogy Corp. (BB+/Ba1)^(b)(1M LIBOR + 2.250%)
	11,961,638		4.296		02/08/25	11,924,318

						32,739,380

Restaurants^(b) – 1.7%
1011778 B.C. Unlimited Liability Co. (B+/Ba3)(1M LIBOR + 2.250%)
	55,567,350		4.344		02/16/24	55,289,513
IRB Holding Corp. (B/B1)(1M LIBOR + 3.250%)
	6,733,125		5.255		02/05/25	6,738,713
NPC International, Inc. (B/B1)(1M LIBOR + 3.500%)
	10,246,500		5.594		04/19/24	10,293,429

						72,321,655

Retailers – 2.2%
Academy Ltd. (CCC+/B3)^(b)(3M LIBOR + 4.000%)
	17,770,209		5.983		07/01/22	14,744,298
American Apparel (USA) LLC (NR/NR)^(c)
	730,781		0.000		12/31/18	337,130
(PIK + 0.000%)
	575,178		0.000	^(b)	02/05/20	231,622
Harbor Freight Tools USA, Inc. (BB-/Ba3)^(b)(1M LIBOR + 2.500%)
	18,285,276		4.594		08/18/23	18,182,512
JC Penney Corp., Inc. (B+/Ba3)^(b)(3M LIBOR + 4.250%)
	4,145,455		6.569		06/23/23	3,950,287
LSF9 Cypress Holdings LLC (B+/B3)
	4,925,000		3.250		05/10/25	4,909,634
Michaels Stores, Inc. (BB+/Ba2)^(b)(1M LIBOR + 2.500%)
	10,098,706		4.588		01/28/23	10,012,463
Neiman Marcus Group Ltd., Inc. (CCC/Caa1)^(b)(1M LIBOR + 3.250%)
	18,319,118		5.263		10/25/20	16,207,840
PetSmart, Inc. (CCC/B3)^(b)(1M LIBOR + 3.000%)
	15,834,013		5.010		03/11/22	13,057,044
Staples, Inc. (B+/B1)^(b)(3M LIBOR + 4.000%)
	8,631,625		6.358		09/12/24	8,510,264
The Men’s Wearhouse, Inc. (BB-/Ba3)^(b)(1M LIBOR + 3.500%)
	5,342,369		5.483		04/09/25	5,364,647

						95,507,741

Services Cyclical - Business Services – 3.9%
Asurion LLC (B+/Ba3)^(b)(1M LIBOR + 2.750%)
	7,151,120		4.844		11/03/23	7,133,242
Asurion LLC (B-/B3)^(b)(1M LIBOR + 6.000%)
	22,300,000		8.094		08/04/25	22,606,625
EVO Payments International LLC (B/B2)^(b)(1M LIBOR + 3.250%)
	14,428,425		5.360		12/12/23	14,374,318
First Data Corp. (BB/Ba2)^(b)
(1M LIBOR + 2.250%)
	8,467,751		4.091		07/08/22	8,425,413
(1M LIBOR + 2.250%)
	48,763,804		4.091		04/26/24	48,441,475
Global Payments, Inc. (BBB-/Ba2)^(b)(1M LIBOR + 1.750%)
	12,232,094		3.844		04/21/23	12,207,630


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Services Cyclical - Business Services – (continued)
Lighthouse Network LLC (B+/B1)^(b)(1M LIBOR + 4.500%)
$	2,985,000		6.594	%	11/20/24	$ 2,985,000
Trans Union LLC (BB+/Ba2)
	3,700,000		2.000		06/08/25	3,686,125
Vantiv LLC (BBB-/Ba2)^(b)
(1M LIBOR + 1.750%)
	18,877,688		3.787		08/09/24	18,779,901
(3M LIBOR + 1.750%)
	9,455,313		3.787		01/16/23	9,429,689
(3M LIBOR + 1.750%)
	20,614,041		3.787		10/14/23	20,527,049

						168,596,467

Services Cyclical - Consumer Services^(b) – 2.2%
Asurion LLC (B+/Ba3)(1M LIBOR + 2.750%)
	39,341,804		4.844		08/04/22	39,243,449
Bright Horizons Family Solutions, Inc. (BB/Ba3)(1M LIBOR + 1.750%)
	32,356,528		3.844		11/07/23	32,167,890
Spin Holdco, Inc. (B/B2)(3M LIBOR + 3.250%)
	24,805,470		5.342		11/14/22	24,690,373

						96,101,712

Technology - Software/Services – 10.1%
Almonde, Inc. (B-/B2)^(b)(3M LIBOR + 3.500%)
	15,185,250		5.807		06/13/24	14,902,652
Almonde, Inc. (CCC/Caa2)^(b)(3M LIBOR + 7.250%)
	3,825,000		9.557		06/13/25	3,677,967
Ancestry.com Operations, Inc. (B/B2)^(b)(1M LIBOR + 3.250%)
	16,184,714		5.350		10/19/23	16,148,298
Aspect Software, Inc. (NR/NR)^(b)(1M LIBOR + 10.500%)
	4,416,588		12.594		05/25/20	4,096,385
Avast Software BV (NR/WR)^(b)(3M LIBOR + 2.500%)
	3,822,194		4.834		09/30/23	3,815,047
BMC Software Finance, Inc. (B+/B1)^(b)(1M LIBOR + 3.250%)
	45,116,897		5.344		09/10/22	44,947,709
BMC Software Finance, Inc. (B+/Ba3)^(b)(c)(3M EURIBOR + 3.750%)
EUR	4,965,688		3.750		09/10/22	5,740,942
Cavium, Inc. (NR/Ba3)^(b)(c)(1M LIBOR + 2.250%)
$	4,740,783		4.344		08/16/22	4,728,931
CCC Information Services, Inc. (B/B2)^(b)(1M LIBOR + 3.000%)
	6,063,750		5.100		04/27/24	6,044,285
CCC Information Services, Inc. (CCC/Caa2)^(b)(1M LIBOR + 6.750%)
	2,675,000		8.844		04/27/25	2,666,092
Ceridian HCM Holding, Inc. (B/B3)^(b)(1M LIBOR + 3.250%)
	15,415,000		5.344		04/05/25	15,366,905
Ensono LP (B/B2)
	13,450,000		5.250		04/25/25	13,410,726
Genuine Financial Holdings LLC (B/B2)
	10,225,000		3.500		06/27/25	10,186,656
Genuine Financial Holdings LLC (CCC+/Caa2)
	3,450,000		7.250		06/25/26	3,415,500
Infor (US), Inc. (B/B1)^(b)(1M LIBOR + 2.750%)
	42,476,771		4.844		02/01/22	42,232,529
MA FinanceCo. LLC (BB-/B1)^(b)
(1M LIBOR + 2.500%)
	6,992,189		4.594		11/19/21	6,957,228
(1M LIBOR + 2.750%)
	3,866,106		4.844		06/21/24	3,844,379


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Technology - Software/Services – (continued)
McAfee LLC (B/B1)^(b)(1M LIBOR + 4.500%)
$	6,168,922		6.594	%	09/30/24	$ 6,194,277
McAfee LLC (B-/Caa1)^(b)(1M LIBOR + 8.500%)
	3,200,000		10.594		09/29/25	3,244,800
MH Sub I LLC (B/B2)^(b)(1M LIBOR + 3.750%)
	19,204,875		5.835		09/13/24	19,186,246
Microchip Technology, Inc. (BB+/Baa3)^(b)(1M LIBOR + 2.000%)
	17,425,000		4.100		05/29/25	17,388,756
Micron Technology, Inc. (BBB-/Baa2)^(b)(1M LIBOR + 1.750%)
	26,951,224		3.850		04/26/22	26,991,651
Omnitracs, Inc. (B/B2)^(b)(3M LIBOR + 2.750%)
	23,496,000		5.085		03/16/25	23,187,733
PowerSchool (B-/B2)
	17,100,000		3.250		05/30/25	16,971,750
Seattle SpinCo, Inc. (BB-/B1)^(b)(1M LIBOR + 2.750%)
	26,108,769		4.844		06/21/24	25,962,038
SS&C Technologies Holdings Europe S.a.r.l. (BB/Ba3)^(b)(1M LIBOR + 2.500%)
	16,327,499		4.594		04/16/25	16,318,355
SS&C Technologies, Inc. (BB/Ba3)^(b)(1M LIBOR + 2.500%)
	43,158,683		4.594		04/16/25	43,134,514
Techem GmbH (BB-/Ba3)^(b)(3M EURIBOR + 3.000%)
EUR	7,177,500		3.000		10/02/24	8,350,453
TTM Technologies, Inc. (BB+/Ba3)^(b)(1M LIBOR + 2.500%)
$	4,325,000		4.483		09/28/24	4,306,100
Vertafore, Inc. (B-/B2)
	14,000,000		3.250		05/30/25	13,903,820
Vertafore, Inc. (CCC/Caa2)
	3,500,000		7.250		05/30/26	3,469,375
Western Digital Corp. (BBB-/Baa2)^(b)(1M LIBOR + 1.750%)
	2,883,172		3.844		04/29/23	2,879,568

						433,671,667

Telecommunication Services – 1.7%
Frontier Communications Corp. (B+/B2)^(b)
(1M LIBOR + 2.750%)
	10,723,958		4.850		03/31/21	10,553,019
(1M LIBOR + 3.750%)
	10,274,055		5.850		06/15/24	10,142,445
GTT Communications, Inc. (B/B2)^(b)(3M LIBOR + 2.750%)
	21,000,000		4.875		05/31/25	20,669,250
Ion Trading Technologies S.A.R.L. (B/B2)
	18,725,000		5.000		11/21/24	18,537,750
EUR	3,525,000		0.000		11/30/24	4,044,456
Shutterfly, Inc. (BB-/Ba3)^(b)(1M LIBOR + 2.750%)
$	8,400,000		4.850		08/17/24	8,403,528

						72,350,448

Textiles^(b) – 0.5%
Renfro Corp. (B/B3)(2M LIBOR + 5.500%)
	19,543,085		7.680		03/31/21	19,543,085


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(a) – (continued)
Transportation Services^(b)(c) – 0.2%
Hornblower Sub LLC (B+/B2)(3M LIBOR + 4.500%)
$	9,800,438		6.866	%	04/28/25	$ 9,824,939

Utilities - Electric^(b) – 0.9%
AES Corp. (BBB-/Baa3)(3M LIBOR + 1.750%)
	10,142,466		4.069		05/31/22	10,091,754
Calpine Corp. (BB/Ba2)(3M LIBOR + 2.500%)
	20,196,634		4.840		01/15/24	20,148,162
Vistra Energy Corp. (BBB-/Ba1)(1M LIBOR + 2.000%)
	6,225,000		4.057		12/31/25	6,180,056

						36,419,972

Wireless Telecommunications^(b) – 3.2%
Digicel International Finance Ltd. (NR/Ba2)(3M LIBOR + 3.250%)
	32,927,759		5.610		05/28/24	31,404,850
Intelsat Jackson Holdings SA (B/B1)(1M LIBOR + 3.750%)
	62,818,671		5.853		11/27/23	62,611,997
Sprint Communications, Inc. (BB-/Ba2)(1M LIBOR + 2.500%)
	42,815,833		4.625		02/02/24	42,583,771

						136,600,618

Wirelines Telecommunications^(b) – 2.0%
CenturyLink, Inc. (BBB-/Ba3)(1M LIBOR + 2.750%)
	41,921,904		4.844		01/31/25	41,031,063
Cincinnati Bell, Inc. (BB-/Ba3)(1M LIBOR + 3.250%)
	9,325,000		5.344		10/02/24	9,311,852
Consolidated Communications, Inc. (BB-/Ba3)(1M LIBOR + 3.000%)
	21,042,756		5.100		10/04/23	20,709,649
Level 3 Financing, Inc. (BBB-/Ba1)(1M LIBOR + 2.250%)
	5,000,000		4.334		02/22/24	4,981,250
Windstream Corp. (B+/Caa1)(1M LIBOR + 4.000%)
	10,224,257		6.090		03/29/21	9,691,164

						85,724,978

TOTAL BANK LOANS (Cost $3,884,627,706)						$3,842,780,883


Corporate Obligations – 4.8%
Consumer Cyclical Services - Business^(c) – 0.0%
Escrow Ambassadors Group, Inc. (NR/NR)
$	9,986,469		13.000	%	04/15/20	$ —

Diversified Financial Services – 0.3%
International Lease Finance Corp. (BBB-/Baa2)^(d)
	1,000,000		7.125		09/01/18	1,006,524
International Lease Finance Corp. (BBB-/Baa3)
	7,500,000		5.875		04/01/19	7,653,493
Navient Corp. (B+/Ba3)
	4,550,000		6.625		07/26/21	4,675,125

						13,335,142

Electrical^(d)(e) – 0.1%
Calpine Corp. (BB/Ba2)
	4,350,000		5.250		06/01/26	4,094,438


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment^(d)(e) – 0.6%
Scientific Games International, Inc. (B+/Ba3)
$	26,800,000		5.000	%	10/15/25	$ 25,527,000

Healthcare Providers & Services – 0.7%
CHS/Community Health Systems, Inc. (B-/B3)^(e)
	3,800,000		6.250		03/31/23	3,481,750
CHS/Community Health Systems, Inc. (CCC-/Caa3)^(d)(e)(f)
	2,310,000		11.000		06/30/23	2,079,000
HCA, Inc. (BBB-/Ba1)
	10,000,000		3.750		03/15/19	10,037,500
	12,900,000		5.000		03/15/24	12,932,250

						28,530,500

Leisure Time^(d)(e) – 0.2%
VOC Escrow Ltd. (BB-/Ba2)
	8,450,000		5.000		02/15/28	7,985,250

Media – 1.4%
Altice Financing SA (B+/B1)^(d)(e)
	23,425,000		7.500		05/15/26	22,605,125
Altice France SA (B/B1)^(d)(e)
	16,300,000		6.250		05/15/24	15,831,375
DISH DBS Corp. (B/B1)
	5,000,000		7.750		07/01/26	4,368,750
Nexstar Broadcasting, Inc. (B+/B3)^(d)(e)
	2,500,000		5.625		08/01/24	2,415,625
Virgin Media Secured Finance PLC (BB-/Ba3)^(d)(e)
	16,300,000		5.500		08/15/26	15,301,625

						60,522,500

Oil Field Services^(e) – 0.5%
Exterran Energy Solutions LP/EES Finance Corp. (B+/NR)
	9,850,000		8.125		05/01/25	10,441,000
Noble Holding International Ltd. (B/Caa1)^(g)
	11,000,000		7.750		01/15/24	10,381,250
SM Energy Co. (BB-/B2)
	2,400,000		6.750		09/15/26	2,406,000

						23,228,250

Packaging^(d)(e) – 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB/Ba3)
	8,200,000		4.250		09/15/22	8,036,000

Retailing^(d)(e) – 0.2%
New Red Finance, Inc. (B+/Ba3)
	8,800,000		4.250		05/15/24	8,360,000

Software^(d)(e) – 0.2%
CURO Financial Technologies Corp. (B-/Caa1)
	6,321,000		12.000		03/01/22	6,858,285

Telecommunication Services^(d) – 0.4%
Sprint Communications, Inc. (B+/B1)
	8,075,000		9.000		11/15/18	8,236,500
Wind Tre SpA (BB-/B1)^(e)
(3M EURIBOR + 2.750%)
EUR	4,550,000		2.750	^(b)	01/20/24	4,408,709

Principal
Amount

Interest
Rate

Maturity
Date

Value

Corporate Obligations – (continued)

Telecommunication Services^(d) – (continued)

Wind Tre SpA (BB-/B1)^(e) – (continued)

(3M EURIBOR + 2.750%)

$ 5,350,000

5.000

01/20/26

$ 4,213,125

16,858,334

TOTAL CORPORATE OBLIGATIONS
(Cost $210,672,654)

$ 203,335,699

Shares

Description

Value

Common Stocks – 0.4%

Equity Real Estate Investment Trusts (REITs) – 0.1%

296,589

VICI Properties, Inc.

$ 6,121,597

Hotels, Restaurants & Leisure^(h) – 0.1%

347,709

Caesars Entertainment
Corp.

3,720,486

Oil, Gas & Consumable Fuels^(h)(i) – 0.2%

1,286,477

Blue Ridge Mountain
Resources, Inc.

7,718,862

TOTAL COMMON STOCKS
(Cost $21,583,095)

$ 17,560,945

Units

Expiration

Date

Value

Warrant^(h) – 0.0%

True Religion (NR/NR)

1,722

$ —

True Religion (NR/NR)

8,103

—

TOTAL WARRANT
(Cost $—)

$ —

Shares

Description

Value

Exchange Traded Funds – 1.6%

236,762

Goldman Sachs Treasury
Access 0-1 Year ETF
(NR/NR)^(j)

$ 23,709,228

2,000,000

Invesco Senior Loan ETF
(NR/NR)

45,800,000

TOTAL EXCHANGE TRADED FUNDS
(Cost $70,064,286)

$ 69,509,228

Shares

Distribution
Rate

Value

Investment Company^(j) – 7.6%

Goldman Sachs Financial Square Government Fund - Institutional Shares

325,971,883

1.869%

$ 325,971,883

(Cost $325,971,883)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $4,512,919,624)

$4,459,158,638


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 0.5%
Commercial Paper – 0.5%
HP, Inc. (NR/NR)^(k)
$	13,050,000		0.000	%	07/02/18	$ 13,047,912
Tyco International Holding S.a.r.l. (NR/NR)
	10,182,000		2.715		07/09/18	10,175,582

TOTAL SHORT-TERM INVESTMENTS (Cost $23,225,068)						$ 23,223,494

TOTAL INVESTMENTS – 104.6% (Cost $4,536,144,692)						$4,482,382,132


Principal Amount		Interest Rate (Paid) Received			Maturity Date	Value
Reverse Repurchase Agreement – 0.1%
Reverse Repurchase Agreements – (0.1)%
Barclays Reverse Repurchase Agreement (NR/NR)
$	(3,782,925)		(3.250)	%	07/02/18	$ (3,782,925)
(Cost $(3,782,925))

LIABILITIES IN EXCESS OF OTHER ASSETS – (4.5)%						(194,355,307)

NET ASSETS – 100.0%						$4,284,243,900



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on June 30, 2018. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $136,958,581, which represents approximately 3.2% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.


(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.

(g)		All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2018, the value of securities pledged amounted to $3,652,313.

(h)		Security is currently in default and/or non-income producing.

(i)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $7,718,862, which represents approximately 0.2% of the Fund’s net assets as of June 30, 2018.



Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc. (Common Stocks)		02/27/17 - 10/27/17	$	12,836,870



(j)		Represents an Affiliated Issuer.

(k)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Currency Abbreviations:
EUR		— Euro
USD		— U.S. Dollar

Investment Abbreviations:
ETF		— Exchange Traded Fund
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

UNFUNDED LOAN COMMITMENTS — At June 30, 2018, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 91.2%
Aerospace & Defense – 2.3%
General Dynamics Corp.
$	1,325,000		3.000	%	05/11/21	$ 1,320,743
	525,000		3.375	^(a)	05/15/23	526,060
Lockheed Martin Corp.
	850,000		4.070		12/15/42	817,795
Northrop Grumman Corp.^(a)
	800,000		2.930		01/15/25	759,491
	3,025,000		3.250		01/15/28	2,841,875
	450,000		4.030		10/15/47	421,906
The Boeing Co.^(a)
	500,000		2.600		10/30/25	470,615
	500,000		3.550		03/01/38	478,577
United Technologies Corp.^(a)
	1,200,000		2.650		11/01/26	1,081,929

						8,718,991

Agriculture – 1.3%
BAT Capital Corp.^(a)(b)
	620,000		3.222		08/15/24	587,285
	425,000		3.557		08/15/27	395,420
BAT International Finance PLC^(b)
	2,400,000		2.750		06/15/20	2,373,822
Reynolds American, Inc.
	861,000		3.250		06/12/20	860,116
	675,000		5.850	^(a)	08/15/45	736,894

						4,953,537

Automotive – 1.3%
Ford Motor Credit Co. LLC
	2,925,000		5.875		08/02/21	3,100,849
General Motors Financial Co., Inc.
	1,600,000		4.375		09/25/21	1,630,840

						4,731,689

Banks – 19.6%
Banco Santander SA
	1,000,000		4.250		04/11/27	950,510
	200,000		4.379		04/12/28	191,225
Bank of America Corp.
	1,200,000		4.125		01/22/24	1,219,752
	2,973,000		4.000		04/01/24	2,999,046
	125,000		6.110		01/29/37	143,587
(3M USD LIBOR + 0.930%)
	2,100,000		2.816	^(a)(c)	07/21/23	2,030,546
(3M USD LIBOR + 1.040%)
	5,163,000		3.419	^(a)(c)	12/20/28	4,861,864
(3M USD LIBOR + 1.070%)
	1,150,000		3.970	^(a)(c)	03/05/29	1,131,867
Barclays PLC
	700,000		4.950		01/10/47	656,253
BNP Paribas SA^(b)
	1,725,000		3.500		03/01/23	1,681,364
	775,000		3.375		01/09/25	732,129
BNP Paribas/BNP Paribas US Medium-Term Note Program LLC
	475,000		3.250		03/03/23	469,150


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.
$	1,500,000		5.375	%	08/09/20	$ 1,564,071
	3,200,000		2.700	^(a)	10/27/22	3,073,034
	1,300,000		3.875		03/26/25	1,260,828
	800,000		4.450		09/29/27	786,906
	1,200,000		4.750		05/18/46	1,141,109
Compass Bank^(a)
	1,025,000		2.750		09/29/19	1,019,378
Credit Agricole SA
	650,000		4.375		03/17/25	627,067
Credit Suisse Group AG^(a)(b)
	1,395,000		4.282		01/09/28	1,356,981
Credit Suisse Group Funding Guernsey Ltd.
	2,150,000		3.125		12/10/20	2,134,431
	884,000		4.550		04/17/26	883,931
Deutsche Bank AG
	1,125,000		2.700		07/13/20	1,097,328
HSBC Bank USA NA
	300,000		7.000		01/15/39	385,909
HSBC Holdings PLC
	100,000		6.500		05/02/36	115,966
	225,000		6.500		09/15/37	262,485
	425,000		6.800		06/01/38	511,502
(3M USD LIBOR + 1.000%)
	725,000		3.326	^(a)(c)	05/18/24	722,825
(3M USD LIBOR + 1.055%)
	900,000		3.262	^(a)(c)	03/13/23	881,570
Huntington Bancshares, Inc.^(a)
	750,000		4.000		05/15/25	752,200
ING Bank NV^(a)(c)(5 year USD ICE Swap + 2.700%)
	3,075,000		4.125		11/21/23	3,082,380
Intesa Sanpaolo SpA^(b)
	900,000		3.375		01/12/23	827,276
JPMorgan Chase & Co.
	5,000,000		3.875		09/10/24	4,953,631
	1,000,000		3.200	^(a)	06/15/26	945,588
	1,628,000		3.625	^(a)	12/01/27	1,530,623
(3M USD LIBOR + 1.360%)
	600,000		3.882	^(a)(c)	07/24/38	554,156
(3M USD LIBOR + 3.800%)
	1,575,000		5.300	^(a)(c)	05/01/49	1,604,138
Mizuho Financial Group, Inc.
	700,000		2.601		09/11/22	670,890
Morgan Stanley, Inc.
	3,200,000		3.125		01/23/23	3,122,349
	4,575,000		3.700		10/23/24	4,516,651
	3,550,000		4.000		07/23/25	3,539,203
	500,000		4.300		01/27/45	473,082
(3M USD LIBOR + 1.455%)
	800,000		3.971	^(a)(c)	07/22/38	741,261
Royal Bank of Scotland Group PLC
	2,001,000		3.875		09/12/23	1,943,814
(3M USD LIBOR + 1.480%)
	1,325,000		3.498	^(a)(c)	05/15/23	1,283,538
(3M USD LIBOR + 1.550%)
	775,000		4.519	^(a)(c)	06/25/24	775,556


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Royal Bank of Scotland Group PLC – (continued)
(3M USD LIBOR + 1.754%)
$	825,000		4.892	%^(a)(c)	05/18/29	$ 821,328
Santander Holdings USA, Inc.^(a)
	750,000		4.500		07/17/25	735,680
UBS Group Funding Switzerland AG^(b)
	2,200,000		3.000		04/15/21	2,166,375
UniCredit SpA^(b)
	500,000		4.625		04/12/27	464,835
Wells Fargo & Co.
	1,900,000		3.000		02/19/25	1,792,171
	850,000		3.900		05/01/45	774,180
Wells Fargo Bank NA
	799,000		5.950		08/26/36	921,823
Westpac Banking Corp.^(a)(c)(5 year USD ICE Swap + 2.236%)
	625,000		4.322		11/23/31	602,193

						74,487,535

Beverages – 3.9%
Anheuser-Busch InBev Finance, Inc.^(a)
	6,975,000		3.300		02/01/23	6,916,680
	1,450,000		4.700		02/01/36	1,469,643
Anheuser-Busch InBev Worldwide, Inc.
	325,000		4.950		01/15/42	337,302
	1,250,000		4.600	^(a)	04/15/48	1,231,568
Bacardi Ltd.^(a)(b)
	725,000		5.300		05/15/48	687,107
Beam Suntory, Inc.^(a)
	1,575,000		3.250		05/15/22	1,552,854
Maple Escrow Subsidiary, Inc.^(a)(b)
	1,250,000		4.057		05/25/23	1,253,048
	1,200,000		4.597		05/25/28	1,204,443

						14,652,645

Biotechnology^(a) – 0.7%
Amgen, Inc.
	800,000		4.400		05/01/45	762,459
Gilead Sciences, Inc.
	750,000		4.000		09/01/36	721,663
	500,000		4.800		04/01/44	521,136
	700,000		4.750		03/01/46	722,535
	100,000		4.150		03/01/47	95,588

						2,823,381

Chemicals – 2.1%
Monsanto Co.^(a)
	2,200,000		3.375		07/15/24	2,109,621
	574,000		4.700		07/15/64	503,136
Syngenta Finance NV^(b)
	1,905,000		3.698		04/24/20	1,898,083
	970,000		3.933		04/23/21	967,541
The Sherwin-Williams Co.^(a)
	2,050,000		3.125		06/01/24	1,958,014
	475,000		4.000		12/15/42	423,160

						7,859,555


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers – 2.3%
Apple, Inc.
$	1,200,000		4.500	%^(a)	02/23/36	$ 1,287,722
	3,352,000		3.850		05/04/43	3,200,542
Dell International LLC/EMC Corp.^(b)
	1,100,000		3.480		06/01/19	1,102,769
	1,700,000		5.450	^(a)	06/15/23	1,779,284
Hewlett Packard Enterprise Co.^(a)
	1,400,000		4.900		10/15/25	1,428,975

						8,799,292

Diversified Financial Services – 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	900,000		4.625		10/30/20	916,930
Air Lease Corp.
	1,250,000		2.125		01/15/20	1,226,902
GE Capital International Funding Co.
	1,750,000		4.418		11/15/35	1,695,365
International Lease Finance Corp.
	375,000		4.625		04/15/21	383,244
Synchrony Financial^(a)
	1,275,000		4.250		08/15/24	1,249,899
	300,000		4.500		07/23/25	294,633

						5,766,973

Electrical – 6.7%
Alliant Energy Finance LLC^(a)(b)
	450,000		3.750		06/15/23	449,917
	475,000		4.250		06/15/28	474,875
Arizona Public Service Co.^(a)
	675,000		3.750		05/15/46	630,294
Berkshire Hathaway Energy Co.
	725,000		3.250	^(a)	04/15/28	689,510
	1,267,000		6.125		04/01/36	1,562,586
CMS Energy Corp.^(a)
	500,000		4.875		03/01/44	527,581
Dominion Energy, Inc.^(a)
	1,450,000		2.000		08/15/21	1,382,575
	1,225,000		3.900		10/01/25	1,210,072
Duke Energy Carolinas LLC^(a)
	750,000		3.950		03/15/48	726,336
Duke Energy Corp.^(a)
	500,000		2.650		09/01/26	450,336
	400,000		4.800		12/15/45	418,444
Emera US Finance LP^(a)
	775,000		2.700		06/15/21	754,317
Entergy Corp.^(a)
	875,000		2.950		09/01/26	798,346
Exelon Corp.^(a)
	1,125,000		3.497		06/01/22	1,111,984
	400,000		4.450		04/15/46	388,617
Florida Power & Light Co.^(a)
	1,350,000		5.250		02/01/41	1,557,471
	675,000		3.950		03/01/48	662,793
Pacific Gas & Electric Co.
	275,000		3.300	^(a)	03/15/27	248,462
	175,000		6.050		03/01/34	188,977
	1,000,000		4.250	^(a)	03/15/46	892,260
	475,000		3.950	^(a)	12/01/47	406,340
PPL WEM Ltd./Western Power Distribution Ltd.^(a)(b)
	1,750,000		5.375		05/01/21	1,820,389
Progress Energy, Inc.
	1,000,000		7.000		10/30/31	1,275,817


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Public Service Electric & Gas Co.^(a)
$	1,525,000		3.950	%	05/01/42	$ 1,494,866
Puget Sound Energy, Inc.^(a)
	625,000		4.223		06/15/48	634,961
Ruwais Power Co. PJSC^(b)
	670,000		6.000		08/31/36	721,087
Sempra Energy^(a)
	570,000		3.400		02/01/28	534,759
	1,125,000		3.800		02/01/38	1,021,439
Southern California Edison Co.^(a)
	650,000		4.050		03/15/42	610,064
The Southern Co.^(a)
	1,800,000		3.250		07/01/26	1,689,611

						25,335,086

Food & Drug Retailing – 0.5%
Grupo Bimbo SAB de CV^(a)
	1,070,000		4.700		11/10/47	971,560
Smithfield Foods, Inc.^(b)
	925,000		2.700		01/31/20	911,728

						1,883,288

Gas^(a) – 0.5%
NiSource, Inc.
	825,000		3.650	^(b)	06/15/23	824,156
	1,025,000		3.490		05/15/27	980,114

						1,804,270

Hand/Machine Tools^(a) – 0.1%
Snap-on, Inc.
	550,000		4.100		03/01/48	543,201

Healthcare Providers & Services – 4.0%
Becton Dickinson & Co.^(a)
	10,475,000		2.894		06/06/22	10,131,771
	975,000		3.363		06/06/24	936,570
	900,000		4.685		12/15/44	872,350
	275,000		4.669		06/06/47	265,766
Edwards Lifesciences Corp.^(a)
	825,000		4.300		06/15/28	823,666
Thermo Fisher Scientific, Inc.^(a)
	1,000,000		3.650		12/15/25	976,304
UnitedHealth Group, Inc.
	1,125,000		4.625		07/15/35	1,183,197

						15,189,624

Insurance – 3.2%
AIA Group Ltd.^(a)(b)
	2,650,000		3.200		03/11/25	2,544,963
American International Group, Inc.
	325,000		4.200	^(a)	04/01/28	317,970
	700,000		6.250		05/01/36	797,916
Arch Capital Finance LLC^(a)
	400,000		4.011		12/15/26	395,194
	323,000		5.031		12/15/46	337,841
Arch Capital Group Ltd.
	845,000		7.350		05/01/34	1,083,544
Great-West Lifeco Finance 2018 LP^(a)(b)
	425,000		4.047		05/17/28	428,342


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
MetLife, Inc.
$	400,000		4.050	%	03/01/45	$ 371,497
Prudential Financial, Inc.^(a)
	950,000		3.905		12/07/47	854,550
Teachers Insurance & Annuity Association of America^(b)
	890,000		4.900		09/15/44	936,884
The Hartford Financial Services Group, Inc.
	400,000		5.950		10/15/36	472,682
	376,000		6.625		03/30/40	474,910
	200,000		6.625		04/15/42	250,659
The Northwestern Mutual Life Insurance Co.^(a)(b)
	800,000		3.850		09/30/47	732,553
Voya Financial, Inc.
	1,275,000		3.650		06/15/26	1,206,050
XLIT Ltd.
	998,000		4.450		03/31/25	981,915

						12,187,470

Internet^(a) – 2.1%
Amazon.com, Inc.
	6,300,000		3.875		08/22/37	6,149,513
	1,800,000		4.950		12/05/44	1,997,453

						8,146,966

Iron/Steel^(a) – 0.1%
Nucor Corp.
	525,000		4.400		05/01/48	516,364

Machinery-Diversified^(a) – 0.3%
Roper Technologies, Inc.
	1,275,000		3.800		12/15/26	1,236,509

Media – 2.8%
21st Century Fox America, Inc.
	650,000		6.150		03/01/37	762,394
	700,000		6.150		02/15/41	836,481
Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	5,575,000		4.464		07/23/22	5,643,499
	1,125,000		4.500		02/01/24	1,123,892
Comcast Corp.
	250,000		6.400		03/01/40	295,495
	525,000		3.400	^(a)	07/15/46	425,733
	263,000		3.999	^(a)	11/01/49	231,164
	244,000		4.049	^(a)	11/01/52	212,826
Time Warner Cable LLC^(a)
	500,000		5.875		11/15/40	489,155
	144,000		5.500		09/01/41	133,972
Viacom, Inc.^(a)
	450,000		5.850		09/01/43	449,797

						10,604,408

Mining^(b) – 0.4%
Glencore Finance Canada Ltd.
	800,000		4.950		11/15/21	830,320
	825,000		4.250		10/25/22	834,314

						1,664,634


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 0.1%
General Electric Co.
$	269,000		5.875	%	01/14/38	$ 305,239

Oil Field Services – 8.6%
Anadarko Petroleum Corp.
	4,025,000		8.700		03/15/19	4,181,492
	2,140,000		3.450	^(a)	07/15/24	2,056,312
	425,000		5.550	^(a)	03/15/26	455,480
	525,000		6.450		09/15/36	606,719
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.^(a)
	350,000		4.080		12/15/47	312,781
BP Capital Markets PLC
	700,000		2.750		05/10/23	677,009
	1,475,000		3.224	^(a)	04/14/24	1,447,259
	1,025,000		3.119	^(a)	05/04/26	979,465
Canadian Natural Resources Ltd.^(a)
	1,375,000		3.850		06/01/27	1,341,532
	62,000		4.950		06/01/47	63,992
Concho Resources, Inc.^(a)
	900,000		4.300		08/15/28	902,093
Continental Resources, Inc.^(a)
	800,000		4.500		04/15/23	813,000
Devon Energy Corp.^(a)
	1,320,000		3.250		05/15/22	1,297,584
	1,500,000		5.850		12/15/25	1,651,333
Dolphin Energy Ltd. LLC^(b)
	44,280		5.888		06/15/19	44,889
Gazprom OAO Via Gaz Capital SA
	70,000		8.625	^(d)	04/28/34	86,625
	110,000		7.288		08/16/37	123,750
Halliburton Co.^(a)
	550,000		3.800		11/15/25	546,066
	900,000		5.000		11/15/45	958,894
Lukoil International Finance BV
	1,030,000		4.563		04/24/23	1,040,300
Marathon Oil Corp.^(a)
	2,050,000		4.400		07/15/27	2,057,251
Patterson-UTI Energy, Inc.^(a)(b)
	1,800,000		3.950		02/01/28	1,683,595
Petroleos Mexicanos
	422,000		6.375		02/04/21	444,155
EUR	1,370,000		5.125		03/15/23	1,753,875
$	1,722,000		6.875		08/04/26	1,809,822
	200,000		6.500		03/13/27	205,084
	110,000		6.750		09/21/47	103,565
	184,000		6.350	^(b)	02/12/48	166,060
Pioneer Natural Resources Co.^(a)
	1,610,000		3.450		01/15/21	1,613,262
	575,000		3.950		07/15/22	581,573
Reliance Industries Ltd.^(b)
	250,000		3.667		11/30/27	229,687
Suncor Energy, Inc.^(a)
	900,000		3.600		12/01/24	888,979
Valero Energy Corp.
	1,700,000		3.650		03/15/25	1,660,425

						32,783,908


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – 3.7%
AbbVie, Inc.^(a)
$	1,800,000		2.850	%	05/14/23	$ 1,733,572
Allergan Funding SCS^(a)
	1,650,000		3.000		03/12/20	1,642,181
Bayer US Finance II LLC^(a)(b)
	1,100,000		3.875		12/15/23	1,100,046
	2,100,000		4.250		12/15/25	2,111,237
	1,425,000		4.375		12/15/28	1,427,710
CVS Health Corp.^(a)
	450,000		3.875		07/20/25	436,020
	4,175,000		5.125		07/20/45	4,230,445
	75,000		5.050		03/25/48	76,327
Mylan NV^(a)
	300,000		5.250		06/15/46	292,226
Teva Pharmaceutical Finance Netherlands III BV
	660,000		2.200		07/21/21	611,325
	510,000		2.800		07/21/23	440,513

						14,101,602

Pipelines – 8.0%
Abu Dhabi Crude Oil Pipeline LLC^(b)
	490,000		4.600		11/02/47	450,800
Enbridge, Inc.^(a)
	750,000		2.900		07/15/22	728,461
	1,000,000		3.500		06/10/24	970,068
Energy Transfer Partners LP^(a)
	650,000		4.650		06/01/21	665,600
	1,540,000		5.200		02/01/22	1,597,134
	1,750,000		4.200		09/15/23	1,749,141
	456,000		5.150		03/15/45	406,445
	250,000		5.300		04/15/47	229,187
Enterprise Products Operating LLC^(a)(c)
(3M USD LIBOR + 2.778%)
	1,765,000		5.078		06/01/67	1,749,556
(3M USD LIBOR + 3.708%)
	600,000		6.066		08/01/66	601,500
EQT Midstream Partners LP^(a)
	1,300,000		4.750		07/15/23	1,297,906
Kinder Morgan Energy Partners LP^(a)
	1,500,000		3.950		09/01/22	1,499,803
	1,400,000		5.400		09/01/44	1,354,522
Magellan Midstream Partners LP^(a)
	300,000		4.200		03/15/45	267,959
	400,000		4.250		09/15/46	371,260
MPLX LP^(a)
	950,000		4.500		04/15/38	877,465
	400,000		4.700		04/15/48	370,882
ONEOK, Inc.^(a)
	875,000		4.550		07/15/28	882,691
Plains All American Pipeline LP/PAA Finance Corp.^(a)
	400,000		3.650		06/01/22	392,097
	1,250,000		3.850		10/15/23	1,218,278
	1,819,000		4.650		10/15/25	1,812,688
	530,000		5.150		06/01/42	481,721
	500,000		4.700		06/15/44	439,305


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Sabine Pass Liquefaction LLC^(a)
$	1,875,000		6.250	%	03/15/22	$ 2,017,056
	2,025,000		5.625		03/01/25	2,149,031
Valero Energy Partners LP^(a)
	1,325,000		4.375		12/15/26	1,306,161
Western Gas Partners LP^(a)
	400,000		5.450		04/01/44	377,150
Williams Partners LP
	3,630,000		3.600	^(a)	03/15/22	3,612,258
	150,000		6.300		04/15/40	167,579
	275,000		4.900	^(a)	01/15/45	262,708
	181,000		5.100	^(a)	09/15/45	178,783

						30,485,195

Real Estate Investment Trust – 2.4%
American Campus Communities Operating Partnership LP^(a)
	1,600,000		4.125		07/01/24	1,591,949
American Homes 4 Rent LP^(a)
	336,000		4.250		02/15/28	321,776
American Tower Corp.
	1,550,000		5.000		02/15/24	1,607,404
HCP, Inc.^(a)
	1,225,000		2.625		02/01/20	1,210,385
Kilroy Realty LP
	1,125,000		6.625		06/01/20	1,190,155
National Retail Properties, Inc.^(a)
	700,000		3.600		12/15/26	662,650
Select Income REIT^(a)
	1,125,000		3.600		02/01/20	1,119,010
VEREIT Operating Partnership LP^(a)
	1,225,000		4.875		06/01/26	1,226,531

						8,929,860

Retailing – 1.1%
Dollar Tree, Inc.^(a)
	875,000		4.000		05/15/25	855,140
The Home Depot, Inc.
	400,000		5.875		12/16/36	485,455
Walgreen Co.
	2,300,000		3.100		09/15/22	2,251,665
Walmart, Inc.^(a)
	475,000		4.050		06/29/48	478,320

						4,070,580

Semiconductors – 1.8%
Analog Devices, Inc.^(a)
	495,000		4.500		12/05/36	493,308
Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,975,000		3.000		01/15/22	1,921,005
	725,000		3.625		01/15/24	701,806
Microchip Technology, Inc.^(b)
	775,000		3.922		06/01/21	776,287
NXP BV/NXP Funding LLC^(b)
	1,167,000		4.125		06/15/20	1,178,670
	1,700,000		4.125		06/01/21	1,695,750

						6,766,826


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software^(a) – 0.8%
Microsoft Corp.
$	275,000		4.100	%	02/06/37	$ 286,516
Oracle Corp.
	1,400,000		4.300		07/08/34	1,427,112
	825,000		3.800		11/15/37	780,375
	675,000		4.000		11/15/47	635,358

						3,129,361

Telecommunication Services – 8.3%
AT&T, Inc.^(a)
	1,875,000		3.000		06/30/22	1,820,243
	7,897,000		3.600		02/17/23	7,780,214
	300,000		6.000		08/15/40	312,807
	500,000		4.750		05/15/46	446,639
	550,000		5.450		03/01/47	539,872
Cisco Systems, Inc.
	800,000		5.900		02/15/39	989,771
	525,000		5.500		01/15/40	624,309
Deutsche Telekom International Finance BV^(a)(b)
	575,000		4.375		06/21/28	570,450
Telefonica Emisiones SAU
	1,990,000		5.462		02/16/21	2,082,662
Verizon Communications, Inc.
	1,200,000		3.500	^(a)	11/01/24	1,160,676
	950,000		2.625		08/15/26	843,164
	10,281,000		4.329	^(b)	09/21/28	10,189,508
	325,000		4.272		01/15/36	299,812
	375,000		5.250		03/16/37	385,125
	295,000		4.125		08/15/46	253,068
	475,000		4.862		08/21/46	453,897
	596,000		5.012		04/15/49	580,415
Vodafone Group PLC
	1,850,000		3.750		01/16/24	1,834,190
	525,000		4.375		05/30/28	518,759

						31,685,581

Transportation – 0.7%
Burlington Northern Santa Fe LLC
	425,000		6.150		05/01/37	523,691
	825,000		5.750	^(a)	05/01/40	977,536
Norfolk Southern Corp.^(a)
	200,000		4.650		01/15/46	204,521
Union Pacific Corp.^(a)
	900,000		3.950		09/10/28	904,296

						2,610,044

TOTAL CORPORATE OBLIGATIONS (Cost $355,737,025)						$346,773,614


Foreign Debt Obligations – 4.4%
Sovereign – 4.4%
Abu Dhabi Government International Bond
$	1,680,000		4.125	%	10/11/47	$ 1,537,200
Perusahaan Penerbit SBSN Indonesia III
	2,970,000		4.550		03/29/26	2,951,437
Qatar Government Bond^(b)
	1,800,000		5.103		04/23/48	1,795,500
Republic of Colombia^(a)
	1,221,000		4.000		02/26/24	1,219,168


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Indonesia
$	200,000		3.700	%^(b)	01/08/22	$ 198,250
	387,000		5.875		01/15/24	415,058
	630,000		4.125		01/15/25	619,762
EUR	510,000		3.375		07/30/25	639,502
$	350,000		4.350	^(b)	01/08/27	345,625
EUR	400,000		3.750		06/14/28	515,584
$	470,000		6.750		01/15/44	559,888
Republic of Kuwait
	6,180,000		3.500		03/20/27	6,010,050

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $16,801,246)						$ 16,807,024


Municipal Debt Obligations^(a) – 3.2%
California – 2.1%
California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%	10/01/39	$ 644,644
California State GO Bonds Build America Taxable Series 2010
	2,320,000		7.625		03/01/40	3,421,629
California State University RB Build America Bonds Series 2010
	2,825,000		6.484		11/01/41	3,737,955

						7,804,228

Illinois – 1.0%
Chicago Illinois Metropolitan Water Reclamation District GO Bonds Build America Taxable Direct Payment Series 2009
	1,775,000		5.720		12/01/38	2,196,953
Illinois State GO Bonds Build America Series 2010
	1,625,000		6.630		02/01/35	1,721,866

						3,918,819

New Jersey – 0.1%
New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
	350,000		7.414		01/01/40	509,016

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $9,457,511)						$ 12,232,063


Shares		Distribution Rate				Value
Investment Company^(e) – 0.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,745			1.869%			$ 1,745
(Cost $1,745)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $381,997,527)						$375,814,446


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment – 0.4%
Commercial Paper – 0.4%
VW Credit, Inc.
$	1,400,000		1.000	%	09/20/18	$ 1,391,843
(Cost $1,391,747)

TOTAL INVESTMENTS – 99.2% (Cost $383,389,274)						$377,206,289

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%						3,006,390

NET ASSETS – 100.0%						$380,212,679



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $54,951,354, which represents approximately 14.5% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(d)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at June 30, 2018.

(e)		Represents an Affiliated Issuer.



Currency Abbreviations:
EUR		— Euro
USD		— U.S. Dollar

Investment Abbreviations:
BP		— British Pound Offered Rate
GO		— General Obligation
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company
RB		— Revenue Bond
REIT		— Real Estate Investment Trust


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 69.0%
Argentina – 4.4%
Bonos de la Nacion Argentina con Ajuste por CER (NR/NR)
ARS	6,876,730		3.750	%	02/08/19	$ 226,174
	3,175,000		4.000		03/06/20	110,537
Bonos De La Nacion Argentina En Moneda Dua (NR/NR)
$	625,000		4.500		06/21/19	634,844
Republic of Argentina (NR/NR)
ARS	37,650,000		0.010		07/18/18	1,272,682
	72,850,000		0.010		08/15/18	2,383,007
	77,255,000		32.223	^(a)	06/21/20	2,727,440
$	120,000		7.125	^(b)	06/28/17	91,620
Republic of Argentina (B+/B2)
EUR	660,000		3.375		01/15/23	699,454
	1,110,000		5.000		01/15/27	1,106,680
$	2,010,000		5.875		01/11/28	1,638,150
EUR	580,000		5.250		01/15/28	578,265
	60,000		2.260	^(c)	12/31/38	41,060
$	590,000		2.500	^(c)	12/31/38	334,530
EUR	100,000		6.250		11/09/47	90,796
$	740,000		6.875		01/11/48	556,850
Republic of Argentina (NR/NR)^(a)(Argentina Deposit Rates + 2.000%)
ARS	3,075,000		27.947		04/03/22	96,210
Republic of Argentina (B+/NR)^(a)(Argentina Deposit Rates + 2.500%)
	2,175,000		26.892		03/11/19	73,985
Republic of Argentina (NR/B2)^(a)(Argentina Deposit Rates + 3.250%)
	46,190,000		29.171		03/29/24	1,255,342
Republic of Argentina (B+/NR)^(a)(Argentina Deposit Rates + 3.250%)
	22,050,000		27.041		03/01/20	722,000
Republic of Argentina (NR/B2)^(a)(Argentina Deposit Rates + 3.830%)
	8,920,000		27.500		05/31/22	252,315

						14,891,941

Brazil – 6.5%
Brazil Notas do Tesouro Nacional (BB-/Ba2)
BRL	26,285,000		10.000		01/01/21	6,878,442
	3,898,000		10.000		01/01/23	981,886
	45,762,000		10.000		01/01/25	11,112,123
	7,574,000		10.000		01/01/27	1,786,215
	3,764,574		6.000		08/15/40	971,818

						21,730,484

Chile – 3.6%
Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	705,000,000		4.500		02/28/21	1,100,735
	1,525,000,000		5.000		03/01/35	2,318,109


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Chile – (continued)
Bonos de la Tesoreria de la Republica en Pesos (NR/Aa3)
CLP	1,740,000,000		4.500	%	03/01/21	$ 2,716,374
	2,405,000,000		4.500		03/01/26	3,661,467
Republic of Chile (A+/Aa3)
	1,504,000,000		5.500		08/05/20	2,389,257

						12,185,942

Colombia – 9.3%
Republic of Colombia (NR/NR)
COP	1,204,769,895		3.300		03/17/27	415,312
	13,709,100,000		7.000		06/30/32	4,624,345
Republic of Colombia (NR/Baa2)
	1,851,000,000		4.375	^(d)	03/21/23	596,852
	46,636,254		3.500		05/07/25	16,466
Republic of Colombia (BBB/Baa2)
	889,700,000		5.000		11/21/18	304,414
	7,197,528,534		3.500		03/10/21	2,525,084
	20,002,300,000		7.000		05/04/22	7,097,795
	30,327,900,000		10.000		07/24/24	12,290,195
	6,432,800,000		7.500		08/26/26	2,316,976
	2,660,100,000		6.000		04/28/28	868,198
	316,300,000		7.750		09/18/30	115,275

						31,170,912

Czech Republic – 2.7%
Czech Republic Government Bond (NR/NR)
CZK	23,420,000		2.400		09/17/25	1,086,147
	61,910,000		1.000		06/26/26	2,569,211
	62,290,000		0.250		02/10/27	2,408,491
	49,440,000		2.500		08/25/28	2,280,686
Czech Republic Government Bond (AA/A1)
	14,410,000		4.200		12/04/36	785,326

						9,129,861

Dominican Republic – 1.3%
Dominican Republic (NR/NR)
DOP	2,800,000		10.500		04/07/23	59,579
	5,400,000		11.500		05/10/24	119,029
	39,400,000		11.375		07/06/29	843,775
	65,300,000		12.000		03/05/32	1,460,436
Dominican Republic (BB-/Ba3)^(e)
	36,800,000		8.900		02/15/23	752,458
$	1,100,000		6.850		01/27/45	1,088,302

						4,323,579


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Hungary – 3.4%
Hungary Government Bond (BBB-/NR)
HUF	362,520,000		2.500	%	10/27/21	$ 1,305,070
	990,480,000		3.000		06/26/24	3,544,754
	1,020,660,000		5.500		06/24/25	4,176,340
	751,100,000		3.000		10/27/27	2,524,465

						11,550,629

Malaysia – 4.7%
Malaysia Government Bond (NR/NR)
MYR	5,880,000		3.399		11/30/18	1,457,691
	7,640,000		3.558		04/30/19	1,892,063
	6,060,000		3.743		08/26/21	1,495,075
	2,440,000		4.045		08/15/24	598,767
	190,000		3.990		10/15/25	46,132
	570,000		4.070		09/30/26	137,950
	960,000		4.724		06/15/33	236,709
	4,220,000		4.786		10/31/35	1,015,890
Malaysia Government Bond (NR/A3)
	3,700,000		4.295		10/31/18	918,697
	1,640,000		3.759		03/15/19	406,896
	6,200,000		5.734		07/30/19	1,570,745
	5,560,000		4.378		11/29/19	1,392,800
	1,590,000		3.480		03/15/23	384,343
	11,250,000		4.181		07/15/24	2,787,889
	3,250,000		4.254		05/31/35	741,912
	2,270,000		4.736		03/15/46	543,102

						15,626,661

Mexico – 1.2%
United Mexican States (A-/A3)
MXN	29,732,400		10.000		12/05/24	1,677,106
	26,424,400		7.500		06/03/27	1,319,104
	16,479,400		8.500		05/31/29	882,307

						3,878,517

Peru – 4.1%
Republic of Peru (NR/NR)
PEN	1,484,000		6.714		02/12/55	460,651
Republic of Peru (NR/A3)
	5,365,000		6.350	^(e)	08/12/28	1,727,001
	20,665,000		6.150	^(e)	08/12/32	6,416,216
	8,178,000		6.850		02/12/42	2,634,813
Republic of Peru (A-/A3)
	1,076,000		5.700		08/12/24	341,256
	1,130,000		8.200		08/12/26	409,159
	393,000		6.950		08/12/31	130,944
	5,192,000		6.900		08/12/37	1,693,291

						13,813,331


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Russia – 6.5%
Russian Federation Bond (NR/NR)
RUB	336,090,000		6.500	%	02/28/24	$ 5,101,456
	60,140,000		7.100		10/16/24	941,052
	198,040,000		7.750		09/16/26	3,190,556
	364,880,000		8.500		09/17/31	6,210,738
	615,000		7.700		03/23/33	9,825
Russian Federation Bond (BBB/Ba1)
	108,630,000		6.400		05/27/20	1,710,283
	11,620,000		7.000		08/16/23	182,769
	250,000,000		8.150		02/03/27	4,129,695
	17,330,000		7.050		01/19/28	266,954

						21,743,328

South Africa – 9.1%
Republic of South Africa (BB+/Baa3)
ZAR	129,850,000		10.500		12/21/26	10,386,580
	7,500,000		8.000		01/31/30	499,311
	64,146,000		8.250		03/31/32	4,258,490
	96,140,000		8.875		02/28/35	6,618,189
	88,400,000		8.500		01/31/37	5,837,139
	17,130,000		9.000		01/31/40	1,174,443
	2,790,000		6.500		02/28/41	144,868
	24,674,300		8.750		01/31/44	1,641,878

						30,560,898

Thailand – 6.2%
Thailand Government Bond (NR/NR)
THB	114,400,000		2.000		12/17/22	3,440,588
Thailand Government Bond (NR/Baa1)
	47,280,000		1.875		06/17/22	1,419,046
	34,820,000		2.125		12/17/26	1,012,390
	81,774,712		1.250		03/12/28	2,326,711
	69,580,000		3.775		06/25/32	2,252,807
Thailand Government Bond (A-/Baa1)
	22,850,000		3.650		12/17/21	730,143
	101,300,000		3.850		12/12/25	3,337,148
	192,190,000		3.650		06/20/31	6,145,592

						20,664,425

Turkey – 5.8%
Republic of Turkey (NR/NR)
TRY	8,300,000		9.400		07/08/20	1,542,524
	9,290,000		10.700		02/17/21	1,718,929
	3,760,000		9.200		09/22/21	651,514
	12,070,000		10.700		08/17/22	2,133,470
	49,740,000		12.200		01/18/23	9,214,219
	5,000,000		10.500		08/11/27	797,262
	11,330,000		12.400		03/08/28	2,013,767
Republic of Turkey (NR/Ba2)
	7,210,000		11.000		03/02/22	1,299,145

						19,370,830


Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Uruguay – 0.2%
Republic of Uruguay (NR/NR)^(e)
UYU	11,125,000		8.500	%	03/15/28	$ 302,068
Republic of Uruguay (BBB/Baa2)
	11,345,273		4.375		12/15/28	387,385

						689,453

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $249,281,266)						$231,330,791


Corporate Obligations – 2.2%
Argentina^(e) – 0.2%
Banco Macro SA (NR/B2)
ARS	21,350,000		17.500	%	05/08/22	$ 682,006

Peru^(d)(e) – 0.4%
Banco de Credito del Peru (BBB+/Baa1)
PEN	4,800,000		4.850		10/30/20	1,463,459

South Africa^(f) – 1.0%
Transnet SOC Ltd. (BB+/Baa3)
ZAR	48,000,000		10.000		03/30/29	3,263,895

Venezuela – 0.6%
Petroleos de Venezuela SA (NR/NR)
$	10,110,000		6.000		10/28/22	1,870,350
Petroleos de Venezuela SA (D/NR)^(g)
	10,000		6.000		11/15/26	2,100

						1,872,450

TOTAL CORPORATE OBLIGATIONS (Cost $11,274,748)						$ 7,281,810


Structured Notes – 12.4%
Colombia – 0.5%
Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000	%	07/25/24	$ 1,712,561

Singapore^(e) – 2.5%
Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	67,149,000,000		9.000		03/19/29	4,973,640
	46,125,000,000		8.750		05/19/31	3,351,546

						8,325,186

United Kingdom^(e) – 4.0%
Republic of Indonesia (Issuer Deutsche Bank AG (London)) (NR/NR)
	69,000,000,000		8.375		03/19/24	4,907,080
	62,000,000,000		7.500		08/19/32	4,025,671
	6,600,000,000		8.250		05/19/36	455,391
Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	54,768,000,000		8.750		05/17/31	3,979,566

						13,367,708


Principal Amount		Interest Rate			Maturity Date	Value
Structured Notes – (continued)
United States^(e) – 5.4%
Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)^(h)
EGP	22,610,000		0.000	%	10/11/18	$ 1,196,384
	18,500,000		0.000		11/29/18	956,250
Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)
	7,100,000		0.000	^(h)	07/26/18	392,175
	12,050,000		0.000	^(h)	02/07/19	602,871
IDR	91,934,000,000		8.750		05/17/31	6,680,131
Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
	48,909,000,000		7.000		05/17/27	3,191,201
	81,257,000,000		7.500		08/19/32	5,276,031

						18,295,043

TOTAL STRUCTURED NOTES (Cost $47,387,956)						$ 41,700,498


Municipal Debt Obligations – 0.4%
Puerto Rico^(g)– 0.4%
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (NR/Ca)^(d)
$	70,000		5.500	%	07/01/32	$ 29,750
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (NR/Ca)^(d)
	45,000		5.875		07/01/36	19,125
	170,000		5.750		07/01/38	72,250
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A (NR/Ca)^(d)
	45,000		6.000		07/01/34	18,900
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E (NR/Ca)^(d)
	40,000		5.625		07/01/32	16,800
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (NR/Ca)^(d)
	20,000		5.500		07/01/26	8,400
Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)^(d)
	260,000		8.000		07/01/35	105,300
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A (NR/Ca)^(d)
	80,000		5.125		07/01/31	34,000
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A (NR/Ca)^(d)
	20,000		5.000		07/01/34	8,500
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A (NR/Ca)^(d)
	30,000		5.250		07/01/27	12,750


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico^(g)– (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B (NR/Ca)^(d)
$	30,000		6.050	%	08/01/37	$ 25,762
	10,000		6.050		08/01/39	8,587
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C (NR/Ca)^(d)
	100,000		6.000		08/01/31	85,875
	15,000		6.000		08/01/32	12,881
	35,000		6.000		08/01/38	30,056
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A (NR/Ca)^(d)
	10,000		6.130		08/01/28	8,588
	10,000		6.130		08/01/29	8,588
	20,000		6.130		08/01/30	17,175
	20,000		6.130		08/01/37	17,175
	35,000		6.130		08/01/38	30,056
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C (NR/Ca)^(d)
	20,000		5.750		08/01/57	17,200
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C (NR/Ca)
	15,000		5.000		08/01/21	12,900
	50,000		4.750	^(d)	08/01/39	43,000
	165,000		5.000	^(d)	08/01/40	141,900
	60,000		5.250	^(d)	08/01/40	51,600
	20,000		5.000	^(d)	08/01/46	17,200
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D (NR/Ca)^(d)
	10,000		4.850		08/01/36	8,413
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (NR/Ca)^(d)
	90,000		5.250		08/01/27	40,275
	75,000		5.750		08/01/37	33,562
	60,000		6.375		08/01/39	26,850
	15,000		6.500		08/01/44	6,713
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (NR/Ca)^(d)
	15,000		5.500		08/01/37	6,713
	120,000		5.375		08/01/39	53,700
	5,000		5.500		08/01/42	2,238
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (NR/Ca)^(d)
	240,000		5.375		08/01/38	107,400
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (NR/Ca)^(d)
	195,000		5.000		08/01/43	87,262
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A (NR/Ca)^(d)
	45,000		5.500		08/01/28	20,137

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $1,385,187)						$ 1,247,581


U.S. Treasury Obligations – 3.0%
Nigeria T Bill
NGN	746,880,000		1.000	%	12/20/18	$ 1,945,934
	495,720,000		1.000		12/27/18	1,284,690
	101,720,000		0.010		01/03/19	263,093
Republic of Argentina
ARS	193,875,000		1.000		09/19/18	6,111,901


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Bond⁽ⁱ⁾
$	500,000		3.625	%	08/15/43	$ 556,935

TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,442,496)						$ 10,162,553


Shares		Distribution Rate				Value
Investment Company^(j) – 6.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	21,768,873		1.869%			$ 21,768,873
(Cost $21,768,873)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $342,540,526)						$313,492,106


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 0.5%
Certificates of Deposit – 0.5%
Banco del Estado de Chile (NR/NR)^(a)
$	1,307,000		2.602	%	09/28/18	$ 1,308,310
Nigeria Omo Bill (NR/NR)^(h)
	142,080,000		0.000		12/13/18	370,052

TOTAL SHORT-TERM INVESTMENTS (Cost $1,678,533)						$ 1,678,362

TOTAL INVESTMENTS – 94.0% (Cost $344,219,059)						$315,170,468

OTHER ASSETS IN EXCESS OF LIABILITIES – 6.0%						19,996,858

NET ASSETS – 100.0%						$335,167,326



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(b)		Actual maturity date is June 28, 2117.

(c)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2018.

(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $52,419,447, which represents approximately 15.6% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.



(f)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $3,263,895, which represents approximately 1.0% of the Fund’s net assets as of June 30, 2018.

(g)		Security is currently in default and/or non-income producing.

(h)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(i)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(j)		Represents an Affiliated Issuer.

Security ratings disclosed, if any, are obtained from by Standard & Poor’s/Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Currency Abbreviations:
ARS		— Argentine Peso
BRL		— Brazilian Real
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
CNY		— Chinese Yuan Renminbi
COP		— Colombian Peso
CZK		— Czech Koruna
DOP		— Dominican Peso
EGP		— Egyptian Pound
EUR		— Euro
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
MYR		— Malaysian Ringgit
NGN		— Nigerian Naira
PEN		— Peruvian Nuevo Sol
PHP		— Philippine Peso
PLN		— Polish Zloty
RUB		— Russian Ruble
SGD		— Singapore Dollar
THB		— Thai Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
UYU		— Uruguayan Peso
ZAR		— South African Rand

Investment Abbreviations:
BUBOR		— Budapest Interbank Offered Rate
CLICP		— Sinacofi Chile Interbank Rate
EURO		— Euro Offered Rate
GO		— General Obligation
JIBAR		— Johannesburg Interbank Agreed Rate
KWCDC		— South Korean Won Certificate of Deposit
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
MIBOR		— MIBOR - Mumbai Interbank Offered Rate
NR		— Not Rated
PLC		— Public Limited Company
PRIBOR		— Prague Interbank Offered Rate
RB		— Revenue Bond
SHIBOR		— Shanghai Interbank Offered Rate
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 5.6%
Colombia^(a)(b) – 0.4%
Colombia Telecomunicaciones SA ESP (BB-/NR)(5 year USD Swap + 6.958%)
$	71,000		8.500	%	12/29/49	$ 74,124

Dominican Republic^(a)(c) – 1.1%
Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	200,000		6.750		03/30/29	208,000

Mongolia^(a) – 0.4%
Energy Resources LLC (NR/NR)^(b)
	54,111		8.000		09/30/22	52,623
Mongolian Mining Corp. (NR/NR)^(d)
	45,135		0.000		12/31/99	26,629

						79,252

Peru – 3.7%
ABY Transmision Sur SA (BBB/NR)^(c)
	198,220		6.875		04/30/43	212,839
Corp. Lindley SA (BBB/NR)
	290,000		6.750		11/23/21	309,600
	150,000		4.625		04/12/23	151,145

						673,584

TOTAL CORPORATE OBLIGATIONS (Cost $1,005,568)						$ 1,034,960



Shares		Description	Value
	Common Stocks – 30.1%
	Argentina – 0.3%
	185	MercadoLibre, Inc.	$ 55,302

	Australia – 0.2%
	2,009	SEEK Ltd.	32,375

	Brazil – 1.2%
	18,000	B3 SA - Brasil Bolsa Balcao	94,975
	10,500	BB Seguridade Participacoes SA	66,266
	1,335	Pagseguro Digital Ltd. Class A^(e)	37,046
	5,900	Petrobras Distribuidora SA	27,843

			226,130

	China – 9.2%
	504	58.Com, Inc. ADR^(e)	34,947
	2,118	Alibaba Group Holding Ltd. ADR^(e)	392,952
	20,000	Anhui Conch Cement Co. Ltd. Class H	114,058
	13,000	ANTA Sports Products Ltd.	68,553
	4,400	China Literature Ltd.^(c)(e)	41,179
	1,520	Ctrip.com International Ltd. ADR^(e)	72,398
	31,000	Geely Automobile Holdings Ltd.	79,760
	8,000	Minth Group Ltd.	33,838
	805	New Oriental Education & Technology Group, Inc. ADR	76,201



Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	22,500	Ping An Insurance Group Co. of China Ltd. Class H	$ 206,048
	11,300	Tencent Holdings Ltd.	567,434

			1,687,368

	Colombia – 0.2%
	764	Banco de Bogota SA	17,751
	2,322	Grupo Aval Acciones y Valores SA ADR	19,249

			37,000

	Czech Republic^(c) – 0.3%
	15,853	Moneta Money Bank AS	54,392

	Germany – 0.3%
	2,292	Infineon Technologies AG	58,220

	Greece – 0.3%
	3,120	JUMBO SA	51,326

	Hong Kong – 3.0%
	21,000	AIA Group Ltd.	182,940
	39,000	China Merchants Bank Co. Ltd. Class H	143,458
	13,000	Galaxy Entertainment Group Ltd.	100,210
	4,300	Hong Kong Exchanges & Clearing Ltd.	128,688

			555,296

	Indonesia – 0.5%
	58,200	Bank Central Asia Tbk PT	86,918
	25,100	Semen Indonesia Persero Tbk PT	12,476

			99,394

	Malaysia – 0.6%
	3,700	British American Tobacco Malaysia Bhd	31,857
	43,350	Bursa Malaysia Bhd	78,884

			110,741

	Mexico – 0.8%
	43,700	Alsea SAB de CV	150,506

	Panama – 0.2%
	892	Intercorp Financial Services, Inc.	35,635

	Peru – 0.6%
	29,489	BBVA Banco Continental SA	37,445
	354	Credicorp Ltd.	79,692

			117,137

	Philippines – 0.3%
	9,530	Jollibee Foods Corp.	46,987

	Poland^(c)(e) – 0.6%
	3,862	Dino Polska SA	106,637


Shares		Description	Value
	Common Stocks – (continued)
	Russia – 1.5%
	3,626	Commercial International Bank Egypt SAE GDR	$ 17,949
	1,910	Lukoil PJSC ADR	131,656
	16,370	Moscow Exchange MICEX-RTS PJSC	28,366
	27,010	Sberbank of Russia PJSC	93,821

			271,792

	South Africa – 2.1%
	11,458	Barclays Africa Group Ltd.	133,047
	2,195	Bid Corp. Ltd.	43,953
	17,269	Dis-Chem Pharmacies Ltd.^(c)	32,920
	16,136	FirstRand Ltd.	74,958
	4,423	Santam Ltd.	92,029

			376,907

	South Korea – 6.2%
	2,466	Hankook Tire Co. Ltd.	93,177
	262	Hanssem Co. Ltd.	24,657
	3,016	ING Life Insurance Korea Ltd.^(c)(e)	113,227
	278	LG Chem Ltd.	83,208
	611	LG Electronics, Inc.	45,492
	61	NAVER Corp.	41,743
	207	NCSoft Corp.	68,886
	865	Samsung Electro-Mechanics Co. Ltd.	115,165
	9,604	Samsung Electronics Co. Ltd.	402,307
	145	Samsung Fire & Marine Insurance Co. Ltd.	34,356
	1,579	SK Hynix, Inc.	121,203

			1,143,421

	Spain^(c) – 0.2%
	14,470	Prosegur Cash SA	39,035

	Thailand – 0.5%
	28,800	Airports of Thailand PCL	54,750
	56,100	Beauty Community PCL	20,629
	3,500	Kasikornbank PCL	21,094

			96,473

	Turkey – 0.4%
	13,367	Eregli Demir ve Celik Fabrikalari TAS	29,645
	6,478	MLP Saglik Hizmetleri AS^(c)(e)	20,278
	12,949	Sok Marketler Ticaret AS^(e)	24,439

			74,362

	United Kingdom – 0.4%
	1,502	NMC Health PLC	70,696

	United States – 0.2%
	21,000	Nexteer Automotive Group Ltd.	30,889

	TOTAL COMMON STOCKS (Cost $6,449,302)		$ 5,528,021


Shares		Rate	Value
	Preferred Stock – 0.7%
	Brazil – 0.7%
	Banco Bradesco SA
	17,370	0.000%	$ 120,558
	(Cost $205,634)



Principal Amount			Maturity Date	Value
Warrant^(e) – 0.4%
Contemporary Amperex Technology Co. Ltd. (NR/NR)
$		6,400	07/31/19	$ 69,421
(Cost $67,776)


Shares	Description			Value
Exchange Traded Funds – 11.7%
		491	iShares MSCI Emerging Markets ETF (NR/NR)	21,275
		31,187	iShares MSCI India ETF (NR/NR)	1,038,215
		18,644	iShares MSCI Taiwan Capped ETF (NR/NR)	671,184
		15,552	Xtrackers Harvest CSI 300 China A-Shares ETF (NR/NR)	412,595

TOTAL EXCHANGE TRADED FUNDS (Cost $2,446,380)				$ 2,143,269


Shares			Distribution Rate	Value
Investment Companies^(f) – 48.4%
Goldman Sachs Emerging Markets Debt Fund - Class R6
		316,246	0.000%	$ 3,734,864
Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,086,991	1.869	1,086,991
Goldman Sachs Local Emerging Markets Debt Fund - Class R6
		699,068	0.000	4,054,596

TOTAL INVESTMENT COMPANIES (Cost $9,701,104)				$ 8,876,451

TOTAL INVESTMENTS – 96.9% (Cost $19,875,764)				$17,772,680

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.1%				568,368

NET ASSETS – 100.0%				$18,341,048



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.


(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $828,507, which represents approximately 4.5% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		Pay-in-kind securities.

(e)		Security is currently in default and/or non-income producing.

(f)		Represents an Affiliated Issuer.

Security ratings disclosed, if any, are obtained from by Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
ADR		— American Depositary Receipt
ETF		— Exchange Traded Fund
GDR		— Global Depository Receipt
LLC		— Limited Liability Company
NR		— Not Rated
PLC		— Public Limited Company


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 103.9%
Collateralized Mortgage Obligations – 6.6%
Interest Only^(a) – 1.5%
FHLMC REMIC Series 3852, Class SW^(b)(-1x1M LIBOR + 6.000%)
$	555,750		4.081	%	05/15/41	$ 75,551
FHLMC REMIC Series 4273, Class PS^(b)(-1x1M LIBOR + 6.100%)
	284,134		4.027		11/15/43	39,313
FHLMC REMIC Series 4286, Class SN^(b)(-1x1M LIBOR + 6.000%)
	4,047,944		3.927		12/15/43	597,515
FHLMC REMIC Series 4314, Class SE^(b)(-1x1M LIBOR + 6.050%)
	383,483		4.131		03/15/44	60,474
FHLMC REMIC Series 4320, Class SD^(b)(-1x1M LIBOR + 6.100%)
	208,929		4.181		07/15/39	26,766
FHLMC REMIC Series 4456, Class IO
	260,030		4.500		10/15/44	57,489
FHLMC REMIC Series 4583, Class ST^(b)(-1x1M LIBOR + 6.000%)
	1,688,621		3.927		05/15/46	277,686
FHLMC STRIPS Series 304, Class C45
	325,034		3.000		12/15/27	28,043
FNMA REMIC Series 2007-36, Class SN^(b)(-1x1M LIBOR + 6.770%)
	493,794		4.810		04/25/37	76,723
FNMA REMIC Series 2008-17, Class SI^(b)(-1x1M LIBOR + 6.300%)
	638,943		4.209		03/25/38	86,440
FNMA REMIC Series 2011-124, Class SC^(b)(-1x1M LIBOR + 6.550%)
	396,069		4.590		12/25/41	63,148
FNMA REMIC Series 2012-88, Class SB^(b)(-1x1M LIBOR + 6.670%)
	467,548		4.710		07/25/42	80,183
FNMA REMIC Series 2013-121, Class SA^(b)(-1x1M LIBOR + 6.100%)
	425,761		4.140		12/25/43	55,176
FNMA REMIC Series 2014-87, Class MS^(b)(-1x1M LIBOR + 6.250%)
	125,603		4.290		01/25/45	16,938
FNMA REMIC Series 2015-20, Class ES^(b)(-1x1M LIBOR + 6.150%)
	654,738		4.190		04/25/45	100,564
FNMA REMIC Series 2015-28, Class PS^(b)(-1x1M LIBOR + 5.600%)
	1,511,506		3.640		08/25/44	199,702
FNMA REMIC Series 2015-79, Class SA^(b)(-1x1M LIBOR + 6.250%)
	471,692		4.290		11/25/45	63,649
GNMA REMIC Series 2010-1, Class SD^(b)(-1x1M LIBOR + 5.790%)
	18,318		3.842		01/20/40	2,409
GNMA REMIC Series 2010-101, Class S^(b)(-1x1M LIBOR + 6.000%)
	1,163,466		4.052		08/20/40	166,456
GNMA REMIC Series 2010-20, Class SE^(b)(-1x1M LIBOR + 6.250%)
	465,515		4.302		02/20/40	69,235
GNMA REMIC Series 2010-31, Class SA^(b)(-1x1M LIBOR + 5.750%)
	286,439		3.802		03/20/40	36,647
GNMA REMIC Series 2010-85, Class SN^(b)(-1x1M LIBOR + 5.940%)
	45,304		3.992		07/20/40	6,803
GNMA REMIC Series 2010-98, Class QS^(b)(-1x1M LIBOR + 6.600%)
	133,840		4.652		01/20/40	15,243
GNMA REMIC Series 2011-17, Class SA^(b)(-1x1M LIBOR + 6.100%)
	173,003		4.152		09/20/40	21,179
GNMA REMIC Series 2011-61, Class CS^(b)(-1x1M LIBOR + 6.680%)
	29,468		4.732		12/20/35	543
GNMA REMIC Series 2013-113, Class SD^(b)(-1x1M LIBOR + 6.700%)
	209,242		4.615		08/16/43	32,308
GNMA REMIC Series 2013-124, Class CS^(b)(-1x1M LIBOR + 6.050%)
	1,673,407		4.102		08/20/43	256,970
GNMA REMIC Series 2013-134, Class DS^(b)(-1x1M LIBOR + 6.100%)
	106,590		4.016		09/20/43	15,117
GNMA REMIC Series 2013-152, Class SJ^(b)(-1x1M LIBOR + 6.150%)
	581,987		4.066		05/20/41	83,258


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(a) – (continued)
GNMA REMIC Series 2014-11, Class KI
$	280,159		4.500	%	12/20/42	$ 38,812
GNMA REMIC Series 2014-117, Class SJ^(b)(-1x1M LIBOR + 5.600%)
	4,830,011		3.516		08/20/44	627,670
GNMA REMIC Series 2014-132, Class SL^(b)(-1x1M LIBOR + 6.100%)
	793,409		4.016		10/20/43	104,146
GNMA REMIC Series 2014-133, Class BS^(b)(-1x1M LIBOR + 5.600%)
	364,124		3.652		09/20/44	43,388
GNMA REMIC Series 2014-158, Class SA^(b)(-1x1M LIBOR + 5.600%)
	2,265,366		3.666		10/16/44	291,007
GNMA REMIC Series 2014-188, Class IB
	1,361,794		4.000		12/20/44	229,716
GNMA REMIC Series 2014-41, Class SA^(b)(-1x1M LIBOR + 6.100%)
	121,498		4.016		03/20/44	17,865
GNMA REMIC Series 2015-110, Class MS^(b)(-1x1M LIBOR + 5.710%)
	1,533,303		3.626		08/20/45	198,767
GNMA REMIC Series 2015-111, Class IM
	845,456		4.000		08/20/45	145,034
GNMA REMIC Series 2015-111, Class SM^(b)(-1x1M LIBOR + 6.200%)
	472,765		4.116		08/20/45	68,840
GNMA REMIC Series 2015-112, Class SB^(b)(-1x1M LIBOR + 5.740%)
	454,312		3.656		08/20/45	57,847
GNMA REMIC Series 2015-119, Class SN^(b)(-1x1M LIBOR + 6.250%)
	991,409		4.302		08/20/45	150,768
GNMA REMIC Series 2015-126, Class HS^(b)(-1x1M LIBOR + 6.200%)
	918,557		4.116		09/20/45	133,942
GNMA REMIC Series 2015-129, Class IC
	519,510		4.500		09/16/45	106,086
GNMA REMIC Series 2015-168, Class SD^(b)(-1x1M LIBOR + 6.200%)
	245,644		4.116		11/20/45	36,555
GNMA REMIC Series 2015-57, Class AS^(b)(-1x1M LIBOR + 5.600%)
	2,751,875		3.652		04/20/45	340,108
GNMA REMIC Series 2015-64, Class SG^(b)(-1x1M LIBOR + 5.600%)
	1,290,733		3.516		05/20/45	184,503
GNMA REMIC Series 2015-72, Class JI
	115,851		3.500		05/20/45	18,672
GNMA REMIC Series 2015-83, Class PI
	192,955		3.500		06/20/45	31,816
GNMA REMIC Series 2015-90, Class PI
	154,178		3.500		04/20/45	24,688
GNMA REMIC Series 2016-1, Class ST^(b)(-1x1M LIBOR + 6.200%)
	481,613		4.116		01/20/46	70,789
GNMA REMIC Series 2016-138, Class DI
	294,295		4.000		10/20/46	54,230
GNMA REMIC Series 2016-27, Class IA
	1,072,508		4.000		06/20/45	169,540
GNMA REMIC Series 2016-4, Class SM^(b)(-1x1M LIBOR + 5.650%)
	679,611		3.566		01/20/46	82,824
GNMA REMIC Series 2016-6, Class SB^(b)(-1x1M LIBOR + 5.650%)
	567,664		3.702		01/20/46	69,892
GNMA REMIC Series 2017-139, Class IB
	2,882,316		4.500		09/20/47	543,714
GNMA REMIC Series 2017-139, Class IM
	1,953,172		4.500		09/20/47	358,885
GNMA REMIC Series 2017-38, Class AI
	1,436,643		4.000		03/20/46	238,454

						7,050,086

Regular Floater^(b) – 2.9%
FHLMC REMIC Series 4103, Class BF(1M LIBOR + 0.350%)
	811,168		2.269		12/15/38	812,382


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater^(b)– (continued)
FNMA REMIC Series 2010-118, Class YF(1M LIBOR + 0.500%)
$	4,799,843		2.460	%	10/25/40	$ 4,841,485
FNMA REMIC Series 2011-63, Class FG(1M LIBOR + 0.450%)
	125,093		2.410		07/25/41	125,860
FNMA REMIC Series 2017-96, Class FA(1M LIBOR + 0.400%)
	2,725,129		2.491		12/25/57	2,738,778
GNMA REMIC Series 2017-182, Class FN(1M LIBOR + 0.300%)
	5,414,608		2.385		12/16/47	5,419,577

						13,938,082

Sequential Fixed Rate – 1.8%
FHLMC REMIC Series 2042, Class N
	54,928		6.500		03/15/28	59,490
FHLMC REMIC Series 3748, Class D
	496,611		4.000		11/15/39	508,500
FNMA REMIC Series 2000-16, Class ZG
	154,965		8.500		06/25/30	181,483
FNMA REMIC Series 2005-59, Class KZ
	900,922		5.500		07/25/35	976,422
FNMA REMIC Series 2011-52, Class GB
	543,696		5.000		06/25/41	579,931
FNMA REMIC Series 2011-99, Class DB
	594,932		5.000		10/25/41	634,031
FNMA REMIC Series 2012-111, Class B
	90,862		7.000		10/25/42	102,463
FNMA REMIC Series 2012-153, Class B
	343,789		7.000		07/25/42	389,189
FNMA REMIC Series 2017-87, Class EA
	5,475,315		3.000		04/25/44	5,323,819

						8,755,328

Sequential Floating Rate^(b) – 0.4%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	94,146		3.923		04/25/35	95,182
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	461,307		3.921		07/25/35	467,777
Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
	97,708		2.965		09/25/35	97,934
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A(1M USD LIBOR + 0.480%)
	145,286		2.428		01/19/36	121,817
Impac CMB Trust Series 2004-08, Class 1A(1M USD LIBOR + 0.720%)
	37,545		2.680		10/25/34	36,593
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(6M USD LIBOR + 3.592%)
	7,764		0.123		08/25/33	40
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(6M USD LIBOR + 3.176%)
	1,399		0.320		07/25/33	23
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	367,106		3.661		10/25/34	375,792
New Residential Mortgage Loan Trust Series 2015-1A, Class A1^(c)
	317,406		3.750		05/28/52	318,128


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
Station Place Securitization Trust Series 2015-2, Class A^(c)(1M USD LIBOR + 0.550%)
$	600,000		2.468	%	07/15/19	$ 600,000

						2,113,286

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 31,856,782

Commercial Mortgage-Backed Securities^(b) – 0.7%
Sequential Floating Rate – 0.7%
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(c)(1M LIBOR + 0.830%)
$	1,800,000		2.791	%	06/15/35	$ 1,797,298
WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A4^(c)
	1,268,796		4.869		02/15/44	1,318,481
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	150,659		6.047		12/10/49	150,498

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 3,266,277

Federal Agencies – 96.6%
Adjustable Rate FHLMC^(b) – 0.0%
(1 year CMT + 2.107%)
$	11,843		3.338	%	10/01/34	$ 12,461
(1 year CMT + 2.225%)
	23,323		3.392		09/01/33	24,533
(1 year CMT + 2.250%)
	44,006		3.416		04/01/33	45,876
(1 year CMT + 2.250%)
	18,119		3.500		11/01/34	18,988
(1 year CMT + 2.250%)
	16,600		3.936		02/01/35	17,374
(1 year CMT + 2.250%)
	58,984		3.501		06/01/35	61,811

						181,043

Adjustable Rate FNMA^(b) – 0.2%
(1 year CMT + 2.196%)
	31,610		3.607		02/01/35	33,209
(1 year CMT + 2.210%)
	5,364		3.795		07/01/33	5,628
(1 year CMT + 2.250%)
	123,221		3.509		06/01/33	129,653
(1 year CMT + 2.289%)
	1,535		3.815		04/01/34	1,609
(1 year CMT + 2.530%)
	184,806		3.879		08/01/34	195,869
(12M USD LIBOR + 1.623%)
	37,817		3.531		03/01/35	39,652
(12M USD LIBOR + 1.643%)
	54,125		3.417		12/01/33	56,781
(12M USD LIBOR + 1.670%)
	25,229		3.420		11/01/34	26,590
(12M USD LIBOR + 1.810%)
	23,515		4.051		04/01/35	24,748
(12M USD LIBOR + 1.971%)
	33,981		4.094		05/01/35	35,125
(6M USD LIBOR + 1.414%)
	7,082		3.422		06/01/33	7,343
(6M USD LIBOR + 1.824%)
	862		4.074		12/01/33	912
(COF + 1.250%)
	1,819		2.027		07/01/22	1,823
(COF + 1.250%)
	9,627		2.064		07/01/27	9,677
(COF + 1.250%)
	10,484		2.064		11/01/27	10,538
(COF + 1.250%)
	5,210		2.064		01/01/31	5,245
(COF + 1.250%)
	6,902		2.064		06/01/32	6,951
(COF + 1.250%)
	7,026		2.027		08/01/32	7,076
(COF + 1.250%)
	18,304		2.027		05/01/33	18,424
(COF + 1.250%)
	104,448		2.066		08/01/33	105,115
(COF + 1.250%)
	3,678		2.064		11/01/35	3,703
(COF + 1.250%)
	24,722		2.064		12/01/37	24,860
(COF + 1.250%)
	15,596		2.064		01/01/38	15,680
(COF + 1.250%)
	13,984		2.064		11/01/40	14,078
(COF + 1.250%)

						780,289


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – 0.2%
(1 year CMT + 1.500%)
$	12,921		2.625	%	06/20/23	$ 13,056
	7,040		2.750		07/20/23	7,106
	6,503		2.750		08/20/23	6,566
	16,742		2.750		09/20/23	16,907
	5,735		3.375		03/20/24	5,792
	48,687		2.625		04/20/24	49,493
	5,703		2.625		05/20/24	5,845
	47,995		2.625		06/20/24	48,604
	30,169		2.750		07/20/24	30,515
	40,666		2.750		08/20/24	41,138
	12,411		2.750		09/20/24	12,560
	16,439		3.125		11/20/24	16,629
	17,497		3.125		12/20/24	17,703
	11,416		3.375		01/20/25	11,547
	6,214		3.375		02/20/25	6,287
	22,902		2.625		05/20/25	23,237
	19,064		2.750		07/20/25	19,318
	7,905		3.375		02/20/26	8,009
	452		2.750		07/20/26	459
	22,062		3.375		01/20/27	22,381
	8,648		3.375		02/20/27	8,778
	34,856		2.625		04/20/27	35,479
	29,858		3.625		04/20/27	30,377
	6,161		2.625		05/20/27	6,269
	8,772		2.625		06/20/27	8,931
	3,307		3.125		11/20/27	3,361
	10,095		3.125		12/20/27	10,261
	23,121		3.375		01/20/28	23,499
	8,145		3.375		02/20/28	8,274
	8,597		3.375		03/20/28	8,734
	36,391		2.750		07/20/29	37,082
	23,830		2.750		08/20/29	24,302
	4,548		2.750		09/20/29	4,635
	19,378		3.125		10/20/29	19,741
	25,721		3.125		11/20/29	26,218
	5,433		3.125		12/20/29	5,537
	7,852		3.375		01/20/30	7,993
	3,392		3.375		02/20/30	3,454
	20,705		3.375		03/20/30	21,080
	23,378		2.625		04/20/30	23,871


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – (continued)
$	61,585		2.625	%	05/20/30	$ 62,895
	6,294		2.625		06/20/30	6,433
	59,230		2.750		07/20/30	60,422
	9,099		2.750		09/20/30	9,291
	19,423		3.125		10/20/30	19,825

						839,894

FHLMC – 17.7%
	32		5.000		07/01/18	32
	55		5.000		08/01/18	55
	55		5.000		09/01/18	55
	1,461		5.000		10/01/18	1,465
	1,155		5.000		11/01/18	1,159
	1,132		5.000		12/01/18	1,138
	112		5.000		01/01/19	112
	85		5.000		02/01/19	86
	16,573		5.500		04/01/20	16,790
	141,850		4.500		08/01/23	147,699
	28,373		7.000		04/01/31	30,584
	438,734		7.000		09/01/31	477,975
	171,160		7.000		04/01/32	194,844
	306,528		7.000		05/01/32	348,645
	11,282		4.500		07/01/33	11,812
	323,224		4.500		08/01/33	338,438
	656,424		4.500		09/01/33	687,316
	65,172		4.500		10/01/33	68,239
	84,050		5.000		10/01/33	89,625
	10,413		5.500		12/01/33	11,342
	112,993		5.500		04/01/35	122,312
	4,036		5.000		07/01/35	4,304
	2,602		4.500		08/01/35	2,718
	11,942		4.500		09/01/35	12,477
	5,136		4.500		10/01/35	5,357
	93,923		5.000		12/01/35	100,524
	47,182		5.500		01/01/36	51,316
	188		5.500		02/01/36	205
	2,097		5.000		02/01/37	2,249
	27,179		6.000		08/01/37	30,265
	24,447		6.000		09/01/37	27,230
	11,259		6.000		10/01/37	12,537
	74,185		6.000		11/01/37	82,627
	77,954		6.000		12/01/37	86,824
	37,096		4.500		01/01/38	38,769
	2,743		5.500		01/01/38	2,947
	79,807		6.000		01/01/38	88,379
	21,826		6.000		02/01/38	24,310
	4,829		6.000		03/01/38	5,383
	25,313		6.000		04/01/38	28,213
	11,271		6.000		05/01/38	12,567
	1,522		4.500		06/01/38	1,586
	21,123		6.000		06/01/38	23,550
	16,570		6.000		07/01/38	18,482
	10,833		6.000		08/01/38	12,079
	60,182		4.500		09/01/38	63,289
	78,866		6.000		09/01/38	87,865
	18,514		6.000		10/01/38	20,647
	1,981		6.000		11/01/38	2,210
	1,438		6.000		12/01/38	1,606
	292		4.500		01/01/39	304
	61,862		6.000		01/01/39	68,962
	33,794		4.500		02/01/39	35,437


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	7,782		6.000	%	02/01/39	$ 8,677
	327,106		7.000		02/01/39	373,870
	13,057		4.500		03/01/39	13,713
	4,912		6.000		03/01/39	5,475
	2,903		4.500		04/01/39	3,049
	2,713		6.000		04/01/39	3,026
	103,874		4.500		05/01/39	109,094
	241,331		5.000		05/01/39	257,797
	285,808		4.500		06/01/39	300,170
	3,528		4.500		07/01/39	3,705
	514,509		5.000		07/01/39	550,162
	6,951		4.500		08/01/39	7,300
	15,034		4.500		09/01/39	15,789
	3,772		4.500		10/01/39	3,962
	2,504		4.500		11/01/39	2,629
	9,473		4.500		12/01/39	9,949
	10,040		4.500		01/01/40	10,545
	7,054		4.500		04/01/40	7,412
	30,948		6.000		04/01/40	34,494
	11,272		4.500		05/01/40	11,843
	61,828		6.000		05/01/40	68,839
	22,939		4.000		06/01/40	23,508
	15,170		4.500		06/01/40	15,939
	12,001		4.500		07/01/40	12,610
	2,341		4.500		08/01/40	2,459
	20,890		5.000		08/01/40	22,233
	25,859		5.000		10/01/40	27,635
	229,968		4.000		02/01/41	236,416
	64,017		4.500		02/01/41	67,223
	10,923		4.500		03/01/41	11,466
	26,849		4.500		04/01/41	28,183
	25,544		4.500		05/01/41	26,812
	50,749		4.500		06/01/41	53,270
	3,080		5.000		06/01/41	3,290
	130,292		4.500		08/01/41	136,764
	131,922		4.500		09/01/41	138,612
	85,421		4.000		10/01/41	87,891
	15,669		4.000		11/01/41	16,120
	8,019		4.500		12/01/41	8,417
	866,382		4.000		03/01/42	890,393
	98,484		4.500		03/01/42	103,375
	53,911		3.000		05/01/42	52,663
	481,557		3.500		06/01/42	482,863
	1,098,872		4.500		06/01/42	1,154,931
	139,559		3.000		08/01/42	136,313
	170,833		3.500		08/01/42	171,066
	54,163		3.000		10/01/42	52,928
	348,908		3.500		10/01/42	349,384
	755,710		3.000		11/01/42	738,469
	256,745		3.500		11/01/42	257,096
	1,293,383		3.000		12/01/42	1,263,878
	2,313,566		3.000		01/01/43	2,260,758
	214,881		3.000		02/01/43	209,921
	3,037,939		3.500		04/01/43	3,048,738
	3,125,594		3.500		08/01/43	3,133,091
	1,363,217		4.000		08/01/43	1,402,410
	834,525		4.000		01/01/44	857,924
	858,932		3.500		02/01/44	860,107
	655,149		3.500		06/01/44	657,683
	15,893		4.000		11/01/44	16,347
	87,564		3.500		02/01/45	87,752
	146,332		3.500		03/01/45	146,646
	843,929		3.500		06/01/45	844,160


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	26,030		3.500	%		08/01/45		$ 25,980
	35,834		3.500			09/01/45		35,765
	671,850		3.500			10/01/45		672,034
	71,834		3.500			11/01/45		71,696
	5,424,527		3.500			03/01/46		5,422,743
	811,014		3.500			05/01/46		809,699
	1,078,117		3.500			06/01/46		1,075,103
	389,376		3.500			07/01/46		388,287
	566,785		3.500			08/01/46		566,586
	66,334		3.500			10/01/46		66,148
	76,431		3.500			12/01/46		76,218
	577,062		3.500			12/01/47		576,318
	14,999,397		3.000			01/01/48		14,526,565
	11,998,801		3.000			02/01/48		11,620,557
	11,998,806		3.000			04/01/48		11,621,885
	11,998,800		3.000			07/01/48		11,621,938

								84,581,707

FNMA – 51.0%
	22,000,000		3.000			TBA-30yr	^(d)	21,309,064
	85		5.000			09/01/18		85
	70		5.500			02/01/19		70
	706		5.500			04/01/19		708
	55		5.500			05/01/19		55
	1,272		5.500			07/01/19		1,280
	5,114		5.500			08/01/19		5,175
	2,608		5.500			09/01/19		2,642
	4,711		5.500			10/01/19		4,774
	2,175		5.500			11/01/19		2,208
	1,658		5.500			12/01/19		1,676
	5,688		5.500			02/01/20		5,758
	5,624		4.500			03/01/20		5,665
	3,795		5.500			01/01/21		3,877
	7,399		7.000			09/01/21		7,614
	32,186		7.000			06/01/22		33,488
	11,870		7.000			07/01/22		12,257
	1,113		4.500			04/01/23		1,150
	367		7.000			01/01/29		367
	1,573		7.000			09/01/29		1,603
	3,938		7.000			08/01/31		4,232
	491		7.000			03/01/32		552
	1,239		7.000			04/01/32		1,319
	2,264		7.000			06/01/32		2,289
	312		7.000			07/01/32		314
	39,318		6.000			01/01/33		43,839
	1,749		6.000			02/01/33		1,929
	547		5.500			07/01/33		592
	14,339		5.000			08/01/33		15,294
	4,664		5.500			09/01/33		5,065
	13,571		5.500			02/01/34		14,769
	4,187		5.500			03/01/34		4,559
	7,137		5.000			04/01/34		7,635
	7,042		5.500			04/01/34		7,658
	27		5.500			06/01/34		29
	25,385		5.500			07/01/34		27,650
	4,626		5.500			08/01/34		5,036
	14,777		5.500			10/01/34		16,103
	2,680		5.500			11/01/34		2,924
	109,184		5.500			12/01/34		119,072
	117,190		6.000			04/01/35		129,527
	9,181		5.500			05/01/35		9,928
	3,597		5.500			06/01/35		3,914


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	4,553		5.000	%	07/01/35	$ 4,864
	8,767		5.500		07/01/35	9,513
	3,934		5.500		08/01/35	4,277
	6,464		5.500		09/01/35	7,034
	189,831		5.000		10/01/35	202,805
	2,087		5.500		10/01/35	2,251
	69,897		6.000		10/01/35	77,828
	1,882		5.500		12/01/35	2,052
	1,728		6.000		12/01/35	1,917
	309,968		5.000		01/01/36	331,153
	84		5.500		02/01/36	91
	10,069		5.500		04/01/36	10,874
	2,079		6.000		04/01/36	2,304
	280,406		4.500		07/01/36	294,580
	18,836		5.500		07/01/36	20,286
	30,193		4.500		12/01/36	31,700
	2,516		5.500		02/01/37	2,742
	10,911		5.500		04/01/37	11,897
	54,638		6.000		04/01/37	60,383
	113		5.500		06/01/37	123
	1,890		5.500		07/01/37	2,061
	305,611		5.500		08/01/37	329,635
	76,942		6.500		10/01/37	87,107
	39,903		6.000		11/01/37	44,234
	174		5.500		12/01/37	190
	333		5.500		02/01/38	366
	3,561		5.500		03/01/38	3,883
	33,517		5.000		04/01/38	35,908
	15,959		5.500		04/01/38	17,402
	3,961		5.500		05/01/38	4,319
	1,020		5.500		06/01/38	1,112
	709		5.500		07/01/38	773
	1,774		5.500		08/01/38	1,935
	1,591		5.500		09/01/38	1,735
	37,596		6.000		09/01/38	41,652
	12,475		5.500		12/01/38	13,536
	505,810		5.000		01/01/39	541,218
	81,951		6.000		01/01/39	90,832
	204,809		6.500		01/01/39	231,412
	290,519		4.500		02/01/39	305,293
	5,028		5.500		02/01/39	5,483
	6,129		4.500		03/01/39	6,449
	209,266		7.000		03/01/39	237,032
	8,177		4.500		05/01/39	8,603
	6,198		5.500		06/01/39	6,759
	6,368		4.500		07/01/39	6,700
	5,583		4.000		08/01/39	5,723
	13,365		4.500		09/01/39	14,044
	19,151		4.500		10/01/39	20,125
	5,546		5.500		11/01/39	6,047
	46,792		4.500		02/01/40	49,215
	7,628		4.500		03/01/40	8,016
	14,566		3.500		04/01/40	14,633
	108,007		4.500		04/01/40	113,546
	37,897		4.500		06/01/40	39,860
	354,447		5.000		06/01/40	378,426
	25,923		5.000		07/01/40	27,677
	7,710		4.500		09/01/40	8,107
	18,173		3.500		12/01/40	18,257
	7,245		4.500		12/01/40	7,617
	122,658		4.500		01/01/41	128,935
	32,480		4.500		04/01/41	34,142
	56,583		4.500		06/01/41	59,426
	43,792		4.500		07/01/41	46,005


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	199,856		4.500	%	08/01/41	$ 210,002
	202,421		4.500		09/01/41	212,788
	178,532		3.500		10/01/41	179,495
	173,729		4.500		10/01/41	182,510
	95,292		3.500		11/01/41	95,716
	140,048		4.500		11/01/41	147,040
	174,506		3.500		12/01/41	175,281
	80,414		4.500		12/01/41	84,454
	165,966		3.500		01/01/42	166,706
	84,778		4.500		01/01/42	89,030
	348,638		3.500		02/01/42	349,916
	403,580		3.500		03/01/42	405,028
	784,678		4.000		03/01/42	806,604
	20,274		4.500		03/01/42	21,279
	83,017		3.500		04/01/42	83,369
	142,358		4.000		04/01/42	146,336
	28,132		4.500		04/01/42	29,532
	25,800		3.500		05/01/42	25,903
	535,272		3.500		06/01/42	537,260
	501,339		3.500		07/01/42	502,860
	442,768		3.500		08/01/42	444,049
	106,007		3.000		09/01/42	103,671
	392,552		3.500		09/01/42	393,681
	344,178		3.500		10/01/42	345,450
	30,073		3.500		11/01/42	30,122
	661,391		4.500		11/01/42	695,339
	644,048		3.000		12/01/42	629,917
	1,095,955		3.500		12/01/42	1,099,959
	139,836		3.000		01/01/43	136,909
	15,385		3.500		01/01/43	15,411
	53,600		3.000		02/01/43	52,528
	729,256		3.500		02/01/43	731,209
	1,312,793		3.000		03/01/43	1,286,537
	1,710,183		3.500		03/01/43	1,715,710
	1,447,954		3.000		04/01/43	1,418,994
	1,878,995		3.500		04/01/43	1,884,562
	610,743		2.500		05/01/43	576,906
	1,764,094		3.000		05/01/43	1,728,813
	863,863		3.500		05/01/43	866,769
	62,051		3.000		06/01/43	60,809
	1,150,991		3.500		06/01/43	1,154,763
	536,868		3.000		07/01/43	525,627
	9,259,864		3.500		07/01/43	9,285,755
	3,057,698		3.500		08/01/43	3,067,318
	61,936		3.500		09/01/43	62,115
	196,338		3.500		11/01/43	197,043
	902,544		3.500		01/01/44	904,074
	64,770		3.500		08/01/44	64,700
	133,688		3.500		09/01/44	134,091
	167,659		3.500		10/01/44	168,327
	66,768		4.000		10/01/44	68,348
	25,430		3.500		12/01/44	25,471
	65,024		5.000		12/01/44	69,014
	41,836		3.500		01/01/45	41,964
	650,481		4.000		02/01/45	666,326
	193,623		3.500		03/01/45	194,044
	546,335		4.000		03/01/45	561,487
	127,789		3.500		04/01/45	127,617
	265,187		4.000		04/01/45	272,541
	2,687,303		4.500		04/01/45	2,828,597
	1,163,500		3.500		05/01/45	1,167,772
	307,674		4.500		05/01/45	323,851
	3,580,404		4.500		06/01/45	3,753,551
	182,610		3.500		07/01/45	182,365


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	30,342		3.500	%		11/01/45		$ 30,301
	813,285		4.000			11/01/45		832,164
	558,260		3.500			01/01/46		557,511
	198,229		4.000			01/01/46		202,830
	979,983		3.500			03/01/46		982,715
	513,629		4.000			03/01/46		524,971
	142,793		3.500			04/01/46		143,228
	977,110		3.500			05/01/46		976,423
	356,151		4.000			06/01/46		363,651
	963,412		4.500			06/01/46		1,004,884
	972,161		4.000			07/01/46		992,634
	1,088,828		4.000			08/01/46		1,111,758
	572,513		4.000			10/01/46		584,570
	1,917,660		3.000			11/01/46		1,859,335
	1,136,315		3.000			12/01/46		1,101,817
	3,003,850		3.000			01/01/47		2,912,654
	5,385,406		3.000			02/01/47		5,221,906
	2,520,373		4.500			02/01/47		2,647,117
	522,776		3.000			03/01/47		506,905
	2,901,304		4.500			03/01/47		3,026,196
	46,405		3.500			05/01/47		46,214
	3,000,000		3.000			07/01/47		2,908,921
	5,620,791		4.500			07/01/47		5,860,992
	2,096,627		4.500			08/01/47		2,186,225
	4,000,000		3.000			09/01/47		3,880,684
	1,052,444		4.500			10/01/47		1,097,830
	1,007,574		4.500			11/01/47		1,051,025
	865,260		4.500			12/01/47		902,574
	8,999,997		3.000			01/01/48		8,721,713
	6,000,000		4.000			01/01/48		6,120,845
	1,937,971		4.500			01/01/48		2,020,032
	1,000,001		3.000			04/01/48		969,080
	5,000,005		4.500			04/01/48		5,209,380
	4,796,373		4.000			08/01/51		4,897,921
	994,546		3.500			11/01/51		992,232
	1,705,855		3.500			06/01/56		1,694,504
	6,076,703		4.000			07/01/56		6,227,445
	6,870,321		3.500			08/01/56		6,821,477
	5,444,058		3.500			10/01/56		5,407,780
	4,585,913		4.000			02/01/57		4,697,739
	11,000,000		3.500			TBA-15yr	^(d)	11,129,766
	34,000,000		4.500			TBA-30yr	^(d)	35,402,500
	28,000,000		5.000			TBA-30yr	^(d)	29,662,500

								243,916,013

GNMA – 27.5%
	12,582		5.500			07/15/20		12,769
	5,655		6.000			04/15/26		6,182
	199		6.500			01/15/32		220
	1,061		6.500			02/15/32		1,170
	428,693		5.500			04/15/33		465,340
	5,532		5.000			11/15/33		5,900
	1,091		6.500			08/15/34		1,205
	1,346		6.500			02/15/36		1,521
	3,295		6.500			03/15/36		3,726
	3,319		6.500			04/15/36		3,706
	13,299		6.500			05/15/36		15,033
	7,867		6.500			06/15/36		8,898
	47,312		6.500			07/15/36		53,432
	41,068		6.500			08/15/36		46,035


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	78,858		6.500	%		09/15/36		$ 88,820
	33,288		6.500			10/15/36		37,567
	45,920		6.500			11/15/36		51,331
	23,004		6.500			12/15/36		25,960
	10,660		6.500			01/15/37		12,077
	1,774		6.500			03/15/37		2,007
	5,602		6.500			04/15/37		6,351
	2,843		6.500			05/15/37		3,135
	2,795		6.500			08/15/37		3,164
	12,170		6.500			09/15/37		13,748
	13,516		6.500			10/15/37		15,528
	7,935		6.500			11/15/37		8,917
	3,270		6.500			05/15/38		3,719
	2,267		6.500			11/15/38		2,577
	2,971		6.500			02/15/39		3,358
	108,402		4.500			12/20/39		114,254
	428,031		5.000			01/20/40		455,564
	29,105		4.500			02/20/40		30,676
	481,431		4.500			05/15/40		505,294
	81,089		4.500			05/20/40		85,467
	356,836		5.000			07/15/40		378,136
	172,685		3.500			09/15/42		174,363
	10,487,857		4.000			10/20/43		10,825,845
	417,751		3.500			02/15/45		420,053
	112,228		4.000			05/20/45		115,599
	88,772		4.000			07/20/45		91,411
	4,193,181		4.000			08/20/45		4,316,520
	2,408,819		4.500			08/20/45		2,519,286
	1,504,961		4.000			09/20/45		1,549,228
	3,225,478		4.000			10/20/45		3,320,353
	626,111		4.500			10/20/45		654,824
	508,899		4.000			01/20/46		523,868
	1,318,791		4.000			02/20/46		1,357,582
	1,953,018		4.500			03/20/46		2,046,854
	92,109		4.500			06/20/46		96,391
	37,106		4.500			07/20/46		38,819
	33,661		4.500			08/20/46		35,278
	511,490		4.000			01/20/47		526,055
	1,689,253		4.000			03/20/47		1,735,774
	3,910,337		4.500			04/20/47		4,073,777
	4,590,033		4.000			07/20/47		4,710,700
	16,000,000		3.000			TBA-30yr	^(d)	15,650,000
	3,000,000		3.500			TBA-30yr	^(d)	3,010,313
	21,000,000		4.000			TBA-30yr	^(d)	21,487,265
	48,000,000		4.500			TBA-30yr	^(d)	49,886,251

								131,639,196

TOTAL FEDERAL AGENCIES								$ 461,938,142

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $500,291,107)								$ 497,061,201


Asset-Backed Securities^(b) – 15.1%
Collateralized Loan Obligations^(c) – 3.9%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A(1M USD LIBOR + 1.150%)
$	1,300,000		3.059	%		06/15/28		$ 1,300,087


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(c) – (continued)
Battalion CLO Ltd. Series 2018-12A, Class A1(3M USD LIBOR + 1.070%)
$	800,000		3.400	%	05/17/31	$ 797,714
Cedar Funding V CLO Ltd. Series 2016-5A, Class A1(3M USD LIBOR + 1.610%)
	2,600,000		3.341		07/17/28	2,600,088
Cent CLO Ltd. Series 2014-22A, Class A1R(3M USD LIBOR + 1.410%)
	1,750,000		3.203		11/07/26	1,750,927
Cutwater Ltd. Series 2014-1A, Class A1AR(3M USD LIBOR + 1.250%)
	1,400,000		2.972		07/15/26	1,400,202
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(3M USD LIBOR + 1.390%)
	1,450,000		3.135		07/25/27	1,449,983
Madison Park Funding XII Ltd. Series 2014-12A, Class AR(3M USD LIBOR + 1.260%)
	1,550,000		3.005		07/20/26	1,550,313
Magnetite XVI Ltd. Series 2015-16A, Class AR(3M USD LIBOR + 0.800%)
	1,500,000		2.578		01/18/28	1,494,245
OCP CLO Ltd. Series 2014-5A, Class A1R(3M USD LIBOR + 1.080%)
	1,600,000		2.832		04/26/31	1,598,208
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A(1M USD LIBOR + 0.850%)
	750,000		2.830		06/25/35	750,240
Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A(3M USD LIBOR + 1.400%)
	850,000		3.748		01/21/31	838,295
Sound Point CLO XVIII Ltd. Series 2017-4A, Class B(3M USD LIBOR + 1.800%)
	550,000		4.148		01/21/31	545,155
Thacher Park CLO Ltd. Series 2014-1A, Class AR(3M USD LIBOR + 1.160%)
	2,450,000		2.905		10/20/26	2,451,198

						18,526,655

Home Equity – 0.0%
Countrywide Home Equity Loan Trust Series 2004-O, Class 1A(1M USD LIBOR + 0.280%)
	48,253		2.199		02/15/34	45,318

Student Loan – 11.2%
Academic Loan Funding Trust Series 2013-1, Class A^(c)(1M USD LIBOR + 0.800%)
	4,155,192		2.760		12/26/44	4,161,035
Brazos Education Loan Authority, Inc. Series 2012-1, Class A1(1M USD LIBOR + 0.700%)
	405,963		2.660		12/26/35	405,208
ECMC Group Student Loan Trust Series 2017-1A, Class A^(c)(1M USD LIBOR + 1.200%)
	3,205,393		3.160		12/27/66	3,258,850
ECMC Group Student Loan Trust Series 2018-1A, Class A^(c)(1M USD LIBOR + 0.750%)
	4,721,941		2.710		02/27/68	4,727,844
Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(c)(1M USD LIBOR + 0.800%)
	615,209		2.760		06/25/26	615,466
Goal Capital Funding Trust Series 2010-1, Class A^(c)(3M USD LIBOR + 0.700%)
	1,732,581		2.644		08/25/48	1,730,806


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
Higher Education Funding I Series 2014-1, Class A^(c)(3M USD LIBOR + 1.050%)
$	1,454,598		2.994	%	05/25/34	$ 1,462,238
Illinois Student Assistance Commission Series 2010-1, Class A3(3M USD LIBOR + 0.900%)
	1,000,000		2.645		07/25/45	1,010,549
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3(1M USD LIBOR + 1.050%)
	950,000		2.998		07/20/43	954,720
Navient Student Loan Trust Series 2016-5A, Class A^(c)(1M USD LIBOR + 1.250%)
	3,134,179		3.210		06/25/65	3,216,189
Nelnet Student Loan Trust Series 2006-1, Class A6^(c)(3M USD LIBOR + 0.450%)
	1,700,000		2.370		08/23/36	1,663,171
Nelnet Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.100%)
	787,112		1.845		01/25/30	786,402
Nelnet Student Loan Trust Series 2006-2, Class A7^(c)(3M Euribor + 0.580%)
	2,450,000		2.325		01/25/37	2,399,923
North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	608,618		2.645		07/25/41	607,286
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A3(3M USD LIBOR + 0.950%)
	700,000		2.645		10/01/37	710,889
Panhandle-Plains Higher Education Authority, Inc. Series 2011-2, Class A3(3M USD LIBOR + 0.850%)
	1,100,000		2.545		07/01/32	1,113,035
PHEAA Student Loan Trust Series 2011-1A, Class A1^(c)(3M USD LIBOR + 1.100%)
	2,174,175		3.386		06/25/38	2,193,608
PHEAA Student Loan Trust Series 2014-3A, Class A^(c)(1M USD LIBOR + 0.590%)
	4,825,945		2.550		08/25/40	4,817,190
PHEAA Student Loan Trust Series 2016-1A, Class A^(c)(1M USD LIBOR + 1.150%)
	1,143,613		3.110		09/25/65	1,161,094
PHEAA Student Loan Trust Series 2016-2A, Class A^(c)(1M USD LIBOR + 0.950%)
	1,321,072		2.910		11/25/65	1,337,978
SLM Student Loan Trust Series 2004-8A, Class A6^(c)(3M USD LIBOR + 0.630%)
	800,000		2.375		01/25/40	804,521
SLM Student Loan Trust Series 2005-5, Class A4(3M USD LIBOR + 0.140%)
	5,300,000		1.885		10/25/28	5,281,003
SLM Student Loan Trust Series 2005-9, Class A7A(3M Euribor + 0.600%)
	4,550,000		2.345		01/25/41	4,523,265
SLM Student Loan Trust Series 2006-2, Class A5(3M USD LIBOR + 0.110%)
	169,971		1.855		07/25/25	169,971
South Carolina Student Loan Corp. Series 2010-1, Class A3(3M USD LIBOR + 1.050%)
	1,850,000		2.795		10/27/36	1,864,260


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
Utah State Board of Regents Series 2016-1, Class A(1M USD LIBOR + 0.750%)
$	2,480,314		2.710	%	09/25/56	$ 2,480,311

						53,456,812

TOTAL ASSET-BACKED SECURITIES (Cost $71,620,682)						$ 72,028,785


Municipal Debt Obligation^(b)(e) – 0.2%
New Hampshire – 0.2%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3
$	1,150,000		2.600	%	10/25/37	$ 1,157,510
(Cost $1,140,121)


U.S. Treasury Obligations – 1.6%
United States Treasury Bonds
$	2,660,000		2.875	%	11/15/46	$ 2,604,619
	1,240,000		2.750		11/15/47	1,183,183
United States Treasury Notes
	2,490,000		2.125		09/30/24	2,394,110
	1,250,000		2.875		04/30/25	1,255,075

TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,613,390)						$ 7,436,987


Shares		Distribution Rate				Value
Investment Company^(f) – 14.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	66,819,200		1.869%			$ 66,819,200
(Cost $66,819,200)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $647,484,500)						$ 644,503,683


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 3.7%
Commercial Paper – 3.7%
AT&T, Inc.^(g)
$	3,910,000		0.000	%	10/05/18	$ 3,882,007
	1,050,000		0.000		10/09/18	1,042,176
Duke Energy Corp.^(g)
	2,000,000		0.000		08/27/18	1,991,979
Hewlett Packard Enterprise Co.^(g)
	1,208,000		0.000		07/10/18	1,207,284
	1,210,000		0.000		07/11/18	1,209,216
HP, Inc.^(g)
	1,000,000		0.000		07/23/18	998,684
Mondelez International, Inc.^(g)
	2,150,000		0.000		10/01/18	2,135,617


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Schlumberger Holdings Corp.^(g)
$	513,000		0.000	%	08/22/18	$ 511,206
Sempra Energy Holdings^(g)
	511,000		0.000		07/31/18	509,929
The Southern Co.^(g)
	838,000		0.000		08/30/18	834,454
VW Credit, Inc.
	1,684,000		0.000	^(g)	08/15/18	1,678,699
	1,700,000		1.000		09/20/18	1,690,096

TOTAL SHORT-TERM INVESTMENTS (Cost $17,691,890)						$ 17,691,347

TOTAL INVESTMENTS – 138.5% (Cost $665,176,390)						$ 662,195,030

LIABILITIES IN EXCESS OF OTHER ASSETS – (38.5)%						(183,983,982)

NET ASSETS – 100.0%						$ 478,211,048



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $56,110,475, which represents approximately 11.7% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.

(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $187,537,659 which represents approximately 39.2% of the Fund’s net assets as of June 30, 2018.

(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f)		Represents an Affiliated Issuer.

(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Currency Abbreviations:
USD		— U.S. Dollar

Investment Abbreviations:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company

FORWARD SALES CONTRACTS — At June 30, 2018, the Fund had the following forward sales contracts:

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following written and purchased options:

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share of the Institutional Share class on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund > may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The High Yield and High Yield Floating Rate Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a Loan. All Loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer forms by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-back commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables and other financial assets.

iii. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value

iv. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

v. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions

vi. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

vii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

viii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to

unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A cross currency swap is an agreement which a Fund may enter into to gain or mitigate exposure to currency risk. A cross currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Cross

currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a cross currency swap is subject to risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transactions.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements – Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2018:

For further information regarding security characteristics, see the Schedules of Investments

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets being hedged, if any.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Loan-Related Investments Risk – In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and may be relatively illiquid and difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Non-Diversification Risk — Each of the Emerging Markets Debt Fund, Local Emerging Markets Debt Fund and Total Emerging Markets Debt Fund are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

(a) The Registrant’s President/Chief Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

(a) Separate certifications for the President/Chief Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		71 South Wacker Drive, Chicago, Illinois		60606
		(Address of principal executive offices)		(Zip code)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund (%)	Credit Spread at June 30, 2018^(b)	Termination Date	Notional Amount (000s)	Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
CDX.NA.HY Index 30^(a)	(5.000)%	3.613%	06/20/23	$65,000	$	(3,919,830	)	$	(4,512,309	)	$	592,479


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain

MS & Co. Int. PLC	AUD	1,889,831	NZD	2,029,519	$	1,398,913		09/19/18	$	24,208
	AUD	651,178	USD	481,015		482,023		09/19/18		1,007
	BRL	1,499,094	USD	383,150		386,649		07/03/18		3,499
	CAD	193,368	EUR	124,245		147,289		09/19/18		1,310
	CAD	934,747	USD	708,239		711,997		09/19/18		3,759
	CHF	2,377,722	EUR	2,049,795		2,417,826		09/19/18		9,463
	CHF	939,205	USD	954,118		955,046		09/19/18		928
	EUR	822,246	AUD	1,293,861		966,080		09/19/18		8,323
	EUR	1,228,275	CAD	1,888,892		1,443,136		09/19/18		4,364
	EUR	822,376	CNH	6,167,925		966,233		09/19/18		39,332
	EUR	405,198	CZK	10,442,355		476,079		09/19/18		4,622
	EUR	3,676,755	GBP	3,225,340		4,319,924		09/19/18		47,963
	EUR	415,034	HUF	136,580,990		487,635		09/19/18		995
	EUR	410,136	JPY	52,595,058		481,881		09/19/18		4,147
	EUR	1,623,336	NOK	15,389,604		1,907,304		09/19/18		11,618
	EUR	3,275,256	NZD	5,504,776		3,848,194		09/19/18		119,504
	EUR	1,143,799	PLN	4,959,708		1,343,882		09/19/18		18,046
	EUR	4,810,190	SEK	49,523,285		5,651,629		09/19/18		88,237
	EUR	1,475,274	USD	1,723,159		1,730,821		08/31/18		7,661
	EUR	6,867,330	USD	8,017,099		8,068,623		09/19/18		51,524
	GBP	141,902	AUD	251,209		187,949		09/19/18		1,996
	GBP	368,888	USD	486,861		487,835		08/14/18		974
	JPY	52,427,604	EUR	405,068		476,213		09/19/18		288
	KRW	167,479,435	USD	150,038		150,365		07/05/18		327
	KRW	2,115,691,190	USD	1,893,016		1,900,798		07/26/18		7,782
	KRW	1,708,439,905	USD	1,534,056		1,535,221		08/03/18		1,165
	MXN	30,795,043	USD	1,468,499		1,531,089		09/19/18		62,590
	NOK	13,472,104	USD	1,652,218		1,659,489		09/19/18		7,271
	RUB	6,729,364	USD	105,688		106,619		08/15/18		931
	RUB	45,289,841	USD	708,168		717,168		08/20/18		8,999
	SGD	1,515,671	USD	1,111,593		1,114,349		09/19/18		2,756
	TRY	7,518,775	USD	1,561,452		1,581,513		09/19/18		20,061
	USD	1,969,544	ARS	53,985,207		1,860,084		07/03/18		109,461
	USD	335,808	ARS	7,115,781		244,627		07/05/18		91,182
	USD	1,128,046	AUD	1,498,377		1,109,029		08/10/18		19,017
	USD	1,901,019	AUD	2,525,059		1,869,129		09/19/18		31,890
	USD	8,133,280	BRL	30,544,403		7,878,071		07/03/18		255,212
	USD	897,352	BRL	3,425,943		880,528		08/02/18		16,825
	USD	3,187,093	CAD	4,102,149		3,122,951		08/17/18		64,142
	USD	4,561,724	CAD	5,914,831		4,505,333		09/19/18		56,392
	USD	1,082,540	CLP	685,356,072		1,048,938		07/05/18		33,602
	USD	1,077,682	CLP	685,179,356		1,048,712		07/18/18		28,970
	USD	8,135,962	CNH	52,663,513		7,914,146		09/19/18		221,814
	USD	31,056	CZK	672,237		30,350		09/19/18		706
	USD	9,354,281	EUR	7,897,000		9,264,918		08/31/18		89,362
	USD	774,828	EUR	654,233		768,678		09/19/18		6,150
	USD	10,757,145	GBP	8,053,925		10,650,911		08/14/18		106,235
	USD	1,192,155	GBP	890,540		1,179,519		09/19/18		12,636
	USD	4,820,086	HKD	37,547,681		4,792,312		09/19/18		27,773
	USD	2,771,622	IDR	39,553,810,548		2,762,992		07/02/18		8,629
	USD	186,568	IDR	2,628,835,277		183,428		07/23/18		3,140
	USD	979,683	IDR	13,776,111,773		960,361		07/27/18		19,322
	USD	3,523,961	INR	238,758,323		3,482,473		07/11/18		41,488
	USD	1,398,011	INR	95,413,745		1,390,060		07/19/18		7,951
	USD	787,974	JPY	86,292,414		781,469		08/08/18		6,506


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain

MS & Co. Int. PLC (continued)	USD	5,048,246	JPY	552,275,057	$	5,016,452		09/19/18	$	31,795
	USD	155,693	KRW	167,479,435		150,365		07/05/18		5,329
	USD	866,645	KRW	962,021,115		864,307		07/26/18		2,338
	USD	1,113,264	NOK	8,997,058		1,108,254		09/19/18		5,010
	USD	4,743,042	NZD	6,881,691		4,661,349		09/19/18		81,693
	USD	2,481,543	SEK	22,016,486		2,470,626		09/05/18		10,918
	USD	485,019	SEK	4,159,734		467,300		09/19/18		17,719
	USD	1,772,587	SGD	2,361,812		1,736,447		09/19/18		36,140
	USD	476,899	THB	15,657,321		473,160		08/14/18		3,740
	USD	490,571	TRY	2,319,506		487,889		09/19/18		2,682
	USD	478,156	TWD	14,192,909		466,312		07/09/18		11,844
	USD	3,592,953	TWD	108,541,707		3,567,400		07/16/18		25,554
	USD	6,778,864	TWD	203,900,916		6,705,172		07/27/18		73,692
	USD	1,150,965	ZAR	14,472,121		1,049,711		08/08/18		101,254
	USD	1,537,178	ZAR	21,080,829		1,520,770		09/19/18		16,408
	ZAR	6,588,101	USD	475,021		475,265		09/19/18		244

TOTAL									$	2,250,415


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss

MS & Co. Int. PLC	ARS	53,985,207	USD	2,551,889	$	1,860,084		07/03/18	$	(691,806	)
	ARS	18,646,833	USD	786,699		641,042		07/05/18		(145,658	)
	ARS	11,589,563	USD	450,080		396,202		07/10/18		(53,878	)
	ARS	19,401,342	USD	915,158		661,778		07/12/18		(253,380	)
	ARS	16,753,016	USD	787,543		567,021		07/19/18		(220,522	)
	ARS	53,985,207	USD	1,918,110		1,805,223		07/31/18		(112,887	)
	ARS	31,310,621	USD	1,134,253		1,036,833		08/10/18		(97,420	)
	ARS	37,213,587	USD	1,451,818		1,226,350		08/15/18		(225,467	)
	ARS	27,118,236	USD	1,019,291		891,940		08/17/18		(127,351	)
	AUD	842,856	EUR	533,169		623,908		09/19/18		(2,527	)
	AUD	276,316	GBP	154,528		204,538		09/19/18		(135	)
	AUD	1,403,634	USD	1,056,719		1,038,904		08/10/18		(17,814	)
	AUD	14,718,883	USD	10,968,905		10,895,385		09/19/18		(73,522	)
	BRL	29,045,312	USD	7,688,134		7,491,420		07/03/18		(196,713	)
	BRL	1,640,754	USD	423,290		421,703		08/02/18		(1,588	)
	CAD	5,017,000	USD	3,897,871		3,819,424		08/17/18		(78,447	)
	CAD	5,270,597	USD	4,040,854		4,014,620		09/19/18		(26,236	)
	CLP	685,356,072	USD	1,080,788		1,048,938		07/05/18		(31,849	)
	CLP	275,435,050	USD	423,290		421,583		08/06/18		(1,708	)
	CNH	6,275,701	EUR	819,977		943,097		09/19/18		(20,317	)
	CNH	13,300,783	USD	2,013,653		1,998,810		09/19/18		(14,843	)
	COP	398,372,451	USD	136,156		135,770		07/23/18		(386	)
	COP	1,977,114,731	USD	675,389		673,742		07/26/18		(1,647	)
	COP	7,307,524,125	USD	2,494,206		2,487,191		08/22/18		(7,014	)
	EUR	4,876,780	USD	5,776,722		5,721,536		08/31/18		(55,186	)
	EUR	2,837,562	USD	3,354,861		3,333,931		09/19/18		(20,929	)
	GBP	2,106,152	EUR	2,388,178		2,789,598		09/19/18		(16,342	)
	GBP	963,000	USD	1,288,558		1,273,519		08/14/18		(15,038	)
	GBP	9,834,042	USD	13,123,096		13,025,181		09/19/18		(97,914	)
	HKD	38,496,121	USD	4,922,979		4,913,364		09/19/18		(9,614	)
	HUF	1,715,395,289	EUR	5,309,524		6,111,986		09/19/18		(126,325	)
	IDR	39,553,810,548	USD	2,778,045		2,762,992		07/02/18		(15,053	)
	IDR	71,220,631,392	USD	5,030,128		4,964,938		07/27/18		(65,191	)
	IDR	47,923,652,433	USD	3,382,050		3,328,070		08/16/18		(53,980	)
	INR	142,449,383	USD	2,088,639		2,077,733		07/11/18		(10,906	)
	INR	66,130,029	USD	967,494		963,433		07/19/18		(4,061	)
	JPY	101,727,000	USD	928,914		921,245		08/08/18		(7,669	)
	JPY	1,136,178,964	USD	10,365,254		10,320,196		09/19/18		(45,058	)
	KRW	2,115,691,190	USD	1,930,072		1,900,041		07/09/18		(30,031	)
	MXN	8,473,389	USD	423,290		421,286		09/19/18		(2,005	)
	NOK	19,955,379	EUR	2,100,423		2,458,096		09/19/18		(9,755	)
	NOK	3,877,064	USD	477,864		477,575		09/19/18		(289	)
	NZD	3,536,853	AUD	3,259,064		2,395,705		09/19/18		(16,759	)
	NZD	13,791,104	USD	9,665,232		9,341,476		09/19/18		(323,756	)
	PLN	16,510,718	EUR	3,839,281		4,413,676		09/19/18		(97,206	)
	PLN	10,243,911	USD	2,827,115		2,738,422		09/19/18		(88,693	)
	RUB	35,862,483	USD	569,043		567,885		08/20/18		(1,158	)


Counterparty	Currency Purchased		Currency Sold			Current Value		Settlement Date		Unrealized Loss

MS & Co. Int. PLC (continued)	SEK	234,014,673		EUR	22,967,677	$	26,288,958		09/19/18	$	(696,421	)
	SEK	18,803,000		USD	2,117,543		2,110,018		09/05/18		(7,525	)
	SEK	4,259,219		USD	482,312		478,476		09/19/18		(3,835	)
	SGD	1,285,198		EUR	811,018		944,901		09/19/18		(7,987	)
	SGD	709,495		USD	523,583		521,633		09/19/18		(1,950	)
	THB	15,325,158		USD	479,256		463,122		08/14/18		(16,134	)
	TWD	14,201,719		USD	479,788		466,602		07/09/18		(13,186	)
	TWD	89,352,777		USD	2,983,769		2,938,318		07/27/18		(45,451	)
	USD	5,663,458		AUD	7,697,647		5,698,041		09/19/18		(34,585	)
	USD	3,222,741		CAD	4,267,598		3,250,635		09/19/18		(27,894	)
	USD	479,182		COP	1,409,187,501		480,210		07/26/18		(1,027	)
	USD	19,047,137		EUR	16,290,775		19,140,496		09/19/18		(93,359	)
	USD	1,453,519		GBP	1,100,708		1,457,887		09/19/18		(4,369	)
	USD	120,984		HKD	948,440		121,052		09/19/18		(68	)
	USD	482,074		INR	33,152,204		482,987		07/19/18		(913	)
	USD	1,892,338		KRW	2,115,691,190		1,900,041		07/09/18		(7,702	)
	USD	5,140,553		KRW	5,741,592,899		5,158,411		07/26/18		(17,859	)
	USD	987,796		KRW	1,103,330,028		991,356		07/31/18		(3,560	)
	USD	494,395		MXN	10,246,592		511,057		08/28/18		(16,662	)
	USD	2,587,644		MXN	54,200,821		2,694,793		09/19/18		(107,149	)
	USD	1,908,837		RUB	121,845,989		1,929,439		08/20/18		(20,602	)
	USD	1,533,996		TRY	7,500,878		1,577,748		09/19/18		(43,751	)
	USD	481,919		TWD	14,680,221		482,751		07/27/18		(832	)
	USD	1,175,837		ZAR	16,406,760		1,183,583		09/19/18		(7,746	)
	ZAR	113,166,222		USD	8,416,689		8,163,803		09/19/18		(252,886	)

TOTAL										$	(4,949,486	)



Abbreviation:
CDX.NA.HY Index 30		— CDX North America High Yield Index 30


Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Bank Loans	$	—	$	37,556,764	$	2,369,824
Other Secured Debt Obligations		—		45,888,185		—
Unsecured Debt Obligations		—		113,642,636		—
U.S. Treasury Obligations		—		8,489,776		—
Common Stock and/or Other Equity Investments^(a)
North America		—		300,372		—
Warrants		—		—		17
Investment Company		13,959,316		—		—
Total	$	13,959,316	$	205,877,733	$	2,369,841

Derivative Type
Liabilities
Interest Rate Swap Contracts^(b)	$	—	$	32,802	$	—
Credit Default Swap Contracts^(b)		—		592,479		—
Total	$	—	$	625,281	$	—


Description	Interest Rate	Maturity Date^(a)	Settlement Date	Principal Amount			Value

GNMA(Proceeds Receivable: $(12,272,344))	4.000%	TBA-30yr	07/19/18	$	(12,000,000	)	$	(12,296,250	)


Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)

Long position contracts:
Australian 3 Year Government Bonds	233	09/17/18	$	19,199,149		$	43,258
Italian 10 Year Government Bonds	32	09/06/18		4,135,694			6,781
2 Year U.S. Treasury Notes	140	09/28/18		29,655,938			(25,786	)
5 Year U.S. Treasury Notes	176	09/28/18		19,996,625			11,102
10 Year German Euro-Bund	29	09/06/18		5,504,951			23,906
20 Year U.S. Treasury Bonds	230	09/19/18		33,350,000			535,636
Ultra Long U.S. Treasury Bonds	16	09/19/18		2,553,000			20,156

Total						$	615,053

Short position contracts:
Eurodollars	(394)	12/14/20		(95,564,700	)		25,020
Eurodollars	(69)	06/17/19		(16,757,513	)		147,372
French 10 Year Government Bonds	(32)	09/06/18		(5,775,098	)		(25,789	)
Ultra 10 Year U.S. Treasury Notes	(26)	09/19/18		(3,334,094	)		(23,432	)
3 Month Euro Euribor	(163)	12/16/19		(47,649,715	)		(12,117	)
5 Year U.S. Treasury Notes	(98)	09/28/18		(11,134,484	)		(28,557	)
10 Year U.S. Treasury Notes	(172)	09/19/18		(20,672,250	)		(126,956	)

Total						$	(44,459	)

TOTAL FUTURES CONTRACTS						$	570,594


Payments Made by the Fund	Payments Received by the Fund^(a)	Counterparty	Termination Date	Notional Amount (000s)			Value		Upfront Payments (Received) Paid		Unrealized Appreciation/ (Depreciation)

3M KWCDC	2.000%	BoA Securities LLC	03/21/20		KRW	26,099,520	$	28,344	$	2,295	$	26,048


Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

3M STIBOR^(a)	0.330%^(b)		09/15/18	SEK	101,290		$	(26,134	)	$	227		$	(26,361	)
Mexico Interbank TIIE 28^(c)	7.600		06/17/20	MXN	28,125			(13,567	)		(1,213	)		(12,354	)
3M EURO^(a)	0.100^(b)		09/19/20	EUR	31,710	^(d)		216,531			151,002			65,529
6M GBP^(e)	1.000		09/19/20	GBP	18,700	^(d)		(43,009	)		(40,808	)		(2,201	)
3M NIBOR^(a)	1.450^(b)		09/19/20	NOK	92,000	^(d)		2,083			6,069			(3,986	)
6M NIBOR^(e)	1.600^(b)		09/19/20		90,340	^(d)		16,487			16,206			281
3M CDOR^(e)	2.000		09/19/20	CAD	14,140	^(d)		(73,162	)		(81,886	)		8,724
0.100^(b)	3M STIBOR^(a)		09/19/20	SEK	342,410	^(d)		(143,677	)		(90,726	)		(52,951	)
3M JIBAR^(a)	7.500		09/19/20	ZAR	10,300	^(d)		1,457			814			643
0.100^(b)	6M EURO^(e)		10/15/20	EUR	3,530	^(d)		(20,050	)		(19,455	)		(595	)
3M LIBOR^(a)	2.139^(e)		11/20/20	$	90,470	^(d)		(1,331,754	)		(122,901	)		(1,208,853	)
3M EURO^(e)	0.350^(b)		12/16/21	EUR	52,870	^(d)		165,993			(401,880	)		567,873
0.500^(b)	3M STIBOR^(a)		12/16/21	SEK	410,250	^(d)		(78,260	)		(183,123	)		104,863
3M CDOR^(e)	2.028		07/18/22	CAD	13,820	^(d)		(155,209	)		(47,251	)		(107,958	)
0.500^(b)	3M STIBOR^(a)		09/19/22	SEK	152,700	^(d)		(129,646	)		(34,388	)		(95,258	)
6.750^(c)	Mexico IB TIIE 28D		12/14/22	MXN	10			22			21			1
2.550^(b)	6M WIBOR^(e)		03/21/23	PLN	18,000			(41,320	)		10,878			(52,198	)
6M EURO^(e)	0.750^(b)		06/15/23	EUR	23,300	^(d)		174,047			(138,531	)		312,578
6M EURO^(e)	0.500^(b)		09/19/23		32,720	^(d)		352,728			98,990			253,738
3M LIBOR^(a)	2.250^(e)		09/19/23	$	37,450	^(d)		(1,149,708	)		(1,253,195	)		103,487
2.750^(e)	3M NZDOR^(a)		09/19/23	NZD	7,400	^(d)		(40,096	)		11,723			(51,819	)
0.750^(b)	3M STIBOR^(a)		09/19/23	SEK	397,520	^(d)		(570,240	)		(302,885	)		(267,355	)
2.250^(e)	3M CDOR		09/19/23	CAD	140	^(d)		1,187			1,114			73
1.250^(e)	6M GBP		09/19/23	GBP	27,770	^(d)		171,805			189,398			(17,593	)
2.275^(e)	3M LIBOR^(a)		11/20/23	$	39,430	^(d)		1,188,594			67,252			1,121,342
6M GBP^(e)	1.200		11/21/23	GBP	13,330	^(d)		(148,240	)		(869,307	)		721,067
2.882^(e)	3M LIBOR^(a)		02/28/25	$	15,330	^(d)		5,957			36,514			(30,557	)
2.000^(b)	3M STIBOR^(a)		11/02/27	SEK	50,880	^(d)		(68,743	)		2,595			(71,338	)
3M LIBOR^(a)	2.750^(e)		12/21/27	$	4,680	^(d)		(41,987	)		(73,389	)		31,402
2.250^(b)	3M STIBOR^(a)		12/21/27	SEK	44,160	^(d)		(111,420	)		(78,180	)		(33,240	)
3.500%^(e)	6M AUDOR		12/21/27	AUD	1,870	^(d)		(20,642	)		(61,028	)		40,386
6M CHFOR^(e)	1.000^(b)		06/21/28	CHF	2,420	^(d)		9,398			(37,270	)		46,668
4.000^(e)	3M NZDOR^(a)		06/21/28	NZD	3,400	^(d)		(40,501	)		(8,577	)		(31,924	)
1.500^(b)	6M EURO^(e)		06/21/28	EUR	3,090	^(d)		(402	)		12,330			(12,732	)
6M CDOR^(e)	2.250		09/19/28	CAD	7,080	^(d)		(159,468	)		(223,938	)		64,470
6M AUDOR^(e)	2.750		09/19/28	AUD	5,610	^(d)		(34,306	)		(98,083	)		63,777
2.500^(e)	3M LIBOR^(a)		09/19/28	$	590	^(d)		23,001			29,113			(6,112	)
3.250^(e)	3M NZDOR^(a)		09/19/28	NZD	6,160	^(d)		(71,932	)		2,179			(74,111	)
1.250^(b)	3M STIBOR^(a)		09/19/28	SEK	29,170	^(d)		(22,858	)		33,476			(56,334	)
1.000^(b)	6M EURO^(e)		09/19/28	EUR	300	^(d)		(2,909	)		1,086			(3,995	)
1.500^(e)	6M GBP		09/19/28	GBP	2,070	^(d)		12,864			21,323			(8,459	)
1.400^(e)	6M GBP		11/21/28		8,020	^(d)		166,796			(512,836	)		679,632
3M LIBOR^(a)	2.750^(e)		06/16/37	$	2,460	^(d)		(47,410	)		(65,990	)		18,580
1.750^(e)	6M GBP		12/14/37	GBP	9,500	^(d)		46,057			25,225			20,832
1.250^(e)	6M JYOR		06/14/38	JPY	75,960	^(d)		(12,744	)		(5,721	)		(7,023	)
1.500^(b)	6M EURO^(e)		09/19/38	EUR	4,520	^(d)		(88,229	)		(32,131	)		(56,098	)
3M LIBOR^(a)	2.500^(e)		06/17/47	$	1,640	^(d)		(32,007	)		(43,204	)		11,197
3M LIBOR^(a)	3.000^(e)		06/15/48		21,820	^(d)		162,867			9,135			153,732
1.500^(e)	6M JYOR		06/16/48	JPY	76,610	^(d)		(16,218	)		(15,701	)		(517	)
2.540^(e)	3M CDOR		07/18/48	CAD	2,320	^(d)		31,873			12,028			19,845
1.500^(b)	6M EURO^(e)		09/19/48	EUR	2,000	^(d)		(20,747	)		33,198			(53,945	)
1.000^(e)	6M JYOR		09/19/48	JPY	493,360	^(d)		(190,962	)		(152,352	)		(38,610	)

TOTAL							$	(2,197,810	)	$	(4,224,053	)	$	2,026,243


Reference Obligation/Index	Financing Rate Paid by the Fund^(a⁾	Credit Spread at June 30, 2018^(b)	Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%	0.356%	JPMorgan Securities, Inc.	12/20/20	$	6,410	$	(101,374	)	$	24,874		$	(126,248	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.413	BoA Securities LLC	06/20/21		900		(15,415	)		5,942			(21,357	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.413	Deutsche Bank AG (London)	06/20/21		460		(7,879	)		3,194			(11,073	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.489	Barclays Bank PLC	12/20/21		1,130		(19,479	)		(2,757	)		(16,722	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.413	Citibank NA	06/20/21		560		(9,592	)		3,122			(12,714	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.546	Citibank NA	06/20/22		280		(4,857	)		(3,360	)		(1,497	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.546	JPMorgan Securities, Inc.	06/20/22		580		(10,060	)		(7,005	)		(3,055	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.413	Barclays Bank PLC	06/20/21		80		(1,370	)		435			(1,805	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.356	Citibank NA	12/20/20		720		-11,386			3,007			-14,393
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.356	BoA Securities LLC	12/20/20		830		(13,127	)		2,436			(15,563	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.413	JPMorgan Securities, Inc.	06/20/21		10		(171	)		57			(228	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.15	Citibank NA	03/20/19		3,080		(19,891	)		(2,065	)		(17,826	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.15	BoA Securities LLC	06/20/19		100		(857	)		(121	)		(736	)


Reference Obligation/Index	Financing Rate Paid by the Fund^(a)	Credit Spread at June 30, 2018^(b)	Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased (continued):
People’s Republic of China, 4.250%, 10/28/18	(1.000)%	0.150%	Barclays Bank PLC	03/20/19	$	270	$	(1,744	)	$	(151	)	$	(1,593	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.150	JPMorgan Securities, Inc.	03/20/19		270		(1,744	)		(136	)		(1,608	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.15	Citibank NA	06/20/19		4,390		(37,618	)		(3,865	)		(33,753	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.15	JPMorgan Securities, Inc.	06/20/19		120		(1,028	)		(158	)		(870	)

TOTAL							$	(257,592	)	$	23,449		$	(281,041	)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at June 30, 2018^(b)		Termination Date		Notional Amount (000s)			Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
CDX.NA.HY Index 30		(5.000)%		3.613%		06/20/23		$	5,575	$	(336,244	)	$	(364,770	)	$	28,526
Protection Sold:
CDX.NA.IG Index 30		1.000		0.676%		06/20/23			15,875		242,756			262,391			(19,635	)
iTraxx Europe Series 29		1.000		0.735%		06/20/23		EUR	2,700		41,825			43,550			(1,725	)

TOTAL										$	(51,663	)	$	(58,829	)	$	7,166


Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Calls
2Y IRS	MS & Co. Int. PLC		2.450	%		04/30/20		9,600,000		$	9,600,000		$	34,952		$	27,429		$	7,523
2Y IRS	MS & Co. Int. PLC		2.450			04/27/20		9,100,000			9,100,000			32,873			26,000			6,873
2Y IRS	Citibank NA		2.350			05/05/20		15,500,000			15,500,000			50,026			37,898			12,128
2Y IRS	Citibank NA		2.250			03/30/20		13,200,000			13,200,000			34,413			45,692			(11,279	)

								47,400,000		$	47,400,000		$	152,264		$	137,019		$	15,245

Puts
1Y IRS	Citibank NA		2.450			01/23/19		7,200,000			7,200,000			25,867			80,800			(54,933	)
1Y IRS	Citibank NA		2.400			01/25/19		4,700,000			4,700,000			14,726			48,044			(33,318	)
1Y IRS	Citibank NA		2.750			02/12/19		2,500,000			2,500,000			24,634			42,500			(17,866	)
1Y IRS	Citibank NA		2.750			02/13/19		4,700,000			4,700,000			46,566			82,250			(35,684	)
1Y IRS	BoA Securities LLC		2.750			03/04/19		2,500,000			2,500,000			26,274			40,556			(14,282	)
1Y IRS	JPMorgan Securities, Inc.		2.750			03/06/19		2,300,000			2,300,000			24,409			38,333			(13,924	)
2Y IRS	Citibank NA		2.450			03/26/20		9,600,000			9,600,000			32,723			38,506			(5,783	)

								33,500,000		$	33,500,000		$	195,199		$	370,989		$	(175,790	)

Total Purchased option contracts								80,900,000		$	80,900,000		$	347,463		$	508,008		$	(160,545	)

Written option contracts
Calls
2Y IRS	Citibank NA		2.377	%		05/05/20		(3,400,000	)	$	(3,400,000	)	$	(43,912	)	$	(37,825	)	$	(6,087	)
2Y IRS	MS & Co. Int. PLC		2.505			04/27/20		(2,000,000	)		(2,000,000	)		(31,121	)		(26,000	)		(5,121	)
2Y IRS	MS & Co. Int. PLC		2.483			04/30/20		(2,100,000	)		(2,100,000	)		(31,712	)		(27,300	)		(4,412	)
2Y IRS	Citibank NA		2.338			03/30/20		(2,900,000	)		(2,900,000	)		(33,162	)		(45,675	)		12,513

								(10,400,000	)	$	(10,400,000	)	$	(139,907	)	$	(136,800	)	$	(3,107	)

Puts
1Y IRS	Citibank NA		2.503			01/23/19		(3,200,000	)		(3,200,000	)		(30,089	)		(80,800	)		50,711
1Y IRS	Citibank NA		2.449			01/25/19		(2,100,000	)		(2,100,000	)		(16,874	)		(48,300	)		31,426
1Y IRS	Citibank NA		2.790			02/12/19		(1,100,000	)		(1,100,000	)		(28,190	)		(42,075	)		13,885
1Y IRS	Citibank NA		2.799			02/13/19		(2,100,000	)		(2,100,000	)		(55,485	)		(82,687	)		27,202
1Y IRS	BoA Securities LLC		2.795			03/04/19		(1,100,000	)		(1,100,000	)		(30,331	)		(40,150	)		9,819
1Y IRS	JPMorgan Securities, Inc.		2.793			03/06/19		(1,000,000	)		(1,000,000	)		(27,624	)		(37,500	)		9,876
2Y IRS	Citibank NA		2.530			03/26/20		(2,100,000	)		(2,100,000	)		(32,461	)		(38,325	)		5,864

								(12,700,000	)	$	(12,700,000	)	$	(221,055	)	$	(369,837	)	$	148,783

Total Written option contracts								(23,100,000	)	$	(23,100,000	)	$	(360,962	)	$	(506,637	)	$	145,676

TOTAL								57,800,000		$	57,800,000		$	(13,499	)	$	1,371		$	(14,869	)



Abbreviations:
1Y IRS		— 1 Year Interest Rate Swaptions
2Y IRS		— 2 Year Interest Rate Swaptions
BoA Securities LLC		— Bank of America Securities LLC
CDX.NA.HY Index 30		— CDX North America High Yield Index 30
CDX.NA.HY Index 30		— CDX North America High Yield Index 30
Mexico IB TIIE 28D		— Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

3M STIBOR^(a)	0.330%^(b)	09/15/18	SEK	104,320		$	(26,903	)	$	(17	)	$	(26,886	)
6M EURO^(a)	0.100^(b)	09/19/20	EUR	26,590	^(c)		181,570			126,621			54,949
6M GBP^(d)	1.000	09/19/20	GBP	18,090	^(c)		(41,606	)		(40,339	)		(1,267	)
3M NIBOR^(b)	1.450^(a)	09/19/20	NOK	71,940	^(c)		1,629			4,746			(3,117	)
6M NIBOR^(d)	1.600^(b)	09/19/20		65,120	^(c)		11,884			11,723			161
6M CDOR^(d)	2.000	09/19/20	CAD	8,780	^(c)		(45,429	)		(50,846	)		5,417
0.100%^(b)	3M STIBOR^(a)	09/19/20	SEK	321,350	^(c)		(134,840	)		(85,146	)		(49,694	)


Payments Made by the Fund	Payments Received by Fund (%)	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

3M STIBOR^(a)	0.330%^(b)	09/15/18	SEK	191,800		$	(49,481	)	$	301		$	(49,782	)
Mexico IB TIIE 28D^(c)	7.600	06/17/20	MXN	35,250			(17,005	)		(1,521	)		(15,484	)
6M EURO^(a)	0.100^(b)	09/19/20	EUR	25,820	^(d)		176,311			122,954			53,357
6M GBP^(e)	1.000	09/19/20	GBP	17,670	^(d)		(40,640	)		(38,597	)		(2,043	)
3M NIBOR^(a)	1.450^(b)	09/19/20	NOK	97,030	^(d)		2,197			6,401			(4,204	)
3M NIBOR^(e)	1.600^(b)	09/19/20		88,350	^(d)		16,123			15,454			669
6M CDOR^(e)	2.000	09/19/20	CAD	14,790	^(d)		(76,525	)		(85,650	)		9,125
0.100%^(b)	3M STIBOR^(a)	09/19/20	SEK	346,690	^(d)		(145,473	)		(91,860	)		(53,613	)
0.100^(b)	6M EURO^(e)	10/15/20	EUR	3,220	^(d)		(18,289	)		(17,747	)		(542	)
3M LIBOR^(a)	2.139^(e)	11/20/20	$	75,390	^(d)		(1,109,771	)		(152,608	)		(957,163	)
6M EURO^(e)	0.350^(b)	12/16/21	EUR	46,900	^(d)		147,249			(628,353	)		775,602
0.500^(b)	3M STIBOR^(a)	12/16/21	SEK	388,540	^(d)		(74,118	)		(286,057	)		211,939
6M CDOR^(e)	2.028	07/18/22	CAD	14,470	^(d)		(162,508	)		(100,490	)		(62,018	)
0.500^(b)	3M STIBOR^(a)	09/19/22	SEK	143,390	^(d)		(121,741	)		(32,291	)		(89,450	)
6M EURO^(e)	0.750^(b)	06/15/23	EUR	24,840	^(d)		185,551			(123,605	)		309,156
6M EURO^(e)	0.500^(b)	09/19/23		40,620	^(d)		437,891			122,890			315,001
3M LIBOR^(a)	2.250^(e)	09/19/23	$	32,270	^(d)		(990,682	)		(1,078,561	)		87,879
2.750^(e)	3M NZDOR^(a)	09/19/23	NZD	7,690	^(d)		(41,667	)		12,182			(53,849	)
0.750^(b)	3M STIBOR^(a)	09/19/23	SEK	355,720	^(d)		(510,278	)		(271,035	)		(239,243	)
2.250^(e)	6M CDOR	09/19/23	CAD	1,050	^(d)		8,901			8,353			548
1.250^(e)	6M GBP	09/19/23	GBP	23,890	^(d)		147,801			162,752			(14,951	)
2.275^(e)	3M LIBOR^(b)	11/20/23	$	32,600	^(d)		982,708			33,174			949,534
6M GBP^(e)	1.200	11/21/23	GBP	13,130	^(d)		(146,016	)		(845,557	)		699,541
2.882^(e)	3M LIBOR^(a)	02/28/25	$	14,400			5,596			26,813			(21,217	)
6M EURO^(e)	0.750^(b)	09/19/25	EUR	4,190	^(d)		56,393			14,904			41,489
1.250^(e)	6M GBP	09/19/25	GBP	1,540	^(d)		26,510			25,161			1,349
2.000^(b)	3M STIBOR^(a)	11/02/27	SEK	49,820	^(d)		(67,311	)		2,522			(69,833	)
3M LIBOR^(a)	2.750^(e)	12/21/27	$	10,950	^(d)		(98,240	)		(154,797	)		56,557
2.250^(b)	3M STIBOR^(a)	12/21/27	SEK	52,920	^(d)		(133,522	)		(108,559	)		(24,963	)
3.500^(e)	6M AUDOR	12/21/27	AUD	4,750	^(d)		(52,433	)		(144,438	)		92,005
6M CHFOR^(e)	1.000^(b)	06/21/28	CHF	3,170	^(d)		12,310			(15,971	)		28,281
4.000^(e)	3M NZDOR^(a)	06/21/28	NZD	4,140	^(d)		(49,317	)		475			(49,792	)
1.500^(b)	6M EURO^(e)	06/21/28	EUR	2,970	^(d)		(386	)		23,866			(24,252	)
6M CHFOR^(e)	0.500^(b)	09/19/28	CHF	1,320	^(d)		9,043			2,622			6,421
6M EURO^(e)	1.000^(b)	09/19/28	EUR	3,500	^(d)		33,942			(13,288	)		47,230
6M GBP^(e)	1.500	09/19/28	GBP	1,930	^(d)		(11,994	)		(19,717	)		7,723
6M CDOR^(e)	2.250	09/19/28	CAD	6,600	^(d)		(148,656	)		(208,756	)		60,100
6M AUDOR^(e)	2.750	09/19/28	AUD	5,200	^(d)		(31,799	)		(90,915	)		59,116
2.500^(e)	3M LIBOR^(a)	09/19/28	$	530	^(d)		20,662			26,153			(5,491	)
3.250^(e)	3M NZDOR^(a)	09/19/28	NZD	5,700	^(d)		(66,561	)		2,016			(68,577	)
1.250^(b)	3M STIBOR^(a)	09/19/28	SEK	29,530	^(d)		(23,140	)		33,889			(57,029	)
1.400^(e)	6M GBP	11/21/28	GBP	7,890	^(d)		164,093			(498,739	)		662,832
1.500^(e)	6M GBP	09/19/33		1,460	^(d)		35,534			35,326			208
3M LIBOR^(a)	2.750^(e)	06/16/37	$	2,250	^(d)		(43,363	)		(60,048	)		16,685
1.750^(e)	6M GBP	12/14/37	GBP	9,850	^(d)		47,754			18,789			28,965


Payments Made by the Fund	Payments Received by Fund (%)	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

1.250%^(e)	6M JYOR		06/14/38	JPY	74,940	^(d)	$	(12,572	)	$	(5,644	)	$	(6,928	)
1.500^(b)	6M EURO^(e)		09/19/38	EUR	4,830	^(d)		(94,280	)		(28,431	)		(65,849	)
3M LIBOR^(a)	2.500%^(e)		06/17/47	$	1,580	^(d)		(30,836	)		(41,449	)		10,613
3M LIBOR^(a)	3.000^(e)		06/15/48		18,830	^(d)		140,549			2,149			138,400
1.500^(e)	6M JYOR		06/16/48	JPY	75,900	^(d)		(16,068	)		(15,556	)		(512	)
2.540^(e)	6M CDOR		07/18/48	CAD	2,440	^(d)		33,522			39,776			(6,254	)
6M GBP^(e)	1.500		09/19/48	GBP	560	^(d)		(23,373	)		(23,831	)		458
1.500^(b)	6M EURO^(e)		09/19/48	EUR	1,820	^(d)		(18,880	)		30,241			(49,121	)
1.000^(e)	6M JYOR		09/19/48	JPY	450,270	^(d)		(174,284	)		(139,099	)		(35,185	)

TOTAL							$	(1,910,569	)	$	(4,554,007	)	$	2,643,438



Abbreviations:
1Y IRS		— 1 Year Interest Rate Swaptions.
2Y IRS		— 2 Year Interest Rate Swaptions.
CDX.NA.IG Index 30		— CDX North America Investment Grade Index 30.
Mexico IB TIIE 28D		— Mexico Interbank TIIE 28 Days.
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC.


Payments Made by the Fund	Payments Received by the Fund (%)	Counterparty	Termination Date	Notional Amount (000s)		Value		Upfront Payments (Received) Paid		Unrealized Appreciation/ (Depreciation)

3M KWCDC^(a)	2.000%	MS & Co. Int. PLC	03/21/20	KRW	583,560,210	$	633,734	$	49,019	$	584,715


Payments Made by the Fund	Payments Received by Fund (%)	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

3M STIBOR^(a)	0.330%^(b)	09/15/18	SEK	5,993,640		$	(1,547,367	)	$	97,578		$	(1,644,945	)
6M WIBOR^(c)	3.048	06/17/19	PLN	285,790			937,180			481,151			456,029
Mexico Interbank TIIE 28 Days^(d)	7.600	06/17/20	MXN	335,850			(162,012	)		(14,486	)		(147,526	)
6M EURO^(a)	0.100^(b)	09/19/20	EUR	572,490	^(e)		3,909,234			2,726,177			1,183,057
6M GBP^(c)	1.000	09/19/20	GBP	402,410	^(e)		(925,514	)		(893,344	)		(32,170	)
3M NIBOR^(a)	1.450^(b)	09/19/20	NOK	2,152,550	^(e)		48,737			142,007			(93,270	)
3M NIBOR^(c)	1.600^(b)	09/19/20		1,674,650	^(e)		305,615			300,277			5,338
6M CDOR^(c)	2.000	09/19/20	CAD	310,710	^(e)		(1,607,661	)		(1,799,353	)		191,692
0.100%^(b)	3M STIBOR^(a)	09/19/20	SEK	7,486,140	^(e)		(3,141,224	)		(1,983,549	)		(1,157,675	)
3M JIBAR^(a)	7.500	09/19/20	ZAR	529,600	^(e)		74,887			37,894			36,993
0.100^(b)	6M EURO^(c)	10/15/20	EUR	64,230	^(e)		(364,816	)		(353,996	)		(10,820	)
3M LIBOR^(a)	2.139^(c)	11/20/20	$	2,448,190			(36,038,336	)		(2,318,682	)		(33,719,654	)
6M EURO^(c)	0.350^(b)	12/16/21	EUR	951,470			2,987,264			(9,344,608	)		12,331,872
0.500^(b)	3M STIBOR^(a)	12/16/21	SEK	7,997,860			(1,525,681	)		2,110,290			(3,635,971	)
6M CDOR^(c)	2.028	07/18/22		219,320	^(e)		(2,463,127	)		(7,018,207	)		4,555,080
0.500^(b)	3M STIBOR^(a)	09/19/22	SEK	2,697,470	^(e)		(2,290,218	)		(607,468	)		(1,682,750	)
2.550^(b)	6M WIBOR^(c)	03/21/23	PLN	649,890			(1,491,841	)		(113,712	)		(1,378,129	)
6M EURO^(c)	0.750^(b)	06/15/23	EUR	616,920	^(e)		4,608,289			(3,450,220	)		8,058,509
6M EURO^(c)	0.500^(b)	09/19/23		586,660	^(e)		6,324,310			1,774,861			4,549,449
3M LIBOR^(a)	2.250^(c)	09/19/23	$	674,350	^(e)		(20,702,410	)		(22,588,593	)		1,886,183
2.750^(c)	3M NZDOR^(a)	09/19/23	NZD	124,720	^(e)		(675,783	)		197,605			(873,388	)
0.750^(b)	3M STIBOR^(a)	09/19/23	SEK	7,013,680	^(e)		(10,061,079	)		(5,564,346	)		(4,496,733	)
2.250^(c)	6M CDOR	09/19/23	CAD	450	^(e)		3,815			3,580			235
0.500^(b)	6M EURO^(c)	09/19/23	EUR	35,630			(384,098	)		(108,694	)		(275,404	)
1.250^(c)	6M GBP	09/19/23	GBP	501,410	^(e)		3,102,087			3,409,952			(307,865	)
2.275^(c)	3M LIBOR^(a)	11/20/23	$	1,089,280			32,835,692			1,372,995			31,462,697
6M GBP^(c)	1.200	11/21/23	GBP	334,110			(3,715,553	)		(22,650,569	)		18,935,016
2.882^(c)	3M LIBOR^(a)	02/28/25	$	402,620			156,454			741,862			(585,408	)
0.750^(b)	6M EURO^(c)	09/19/25	EUR	30			(403	)		(107	)		(296	)
2.000^(b)	3M STIBOR^(a)	11/02/27	SEK	859,430	^(e)		(1,161,160	)		(19,414	)		(1,141,746	)
3M LIBOR^(a)	2.750^(c)	12/21/27	$	87,710			(786,907	)		(1,369,181	)		582,274
2.250^(b)	3M STIBOR^(a)	12/21/27	SEK	822,710			(2,075,773	)		(1,481,258	)		(594,515	)
3.500^(c)	6M AUDOR	12/21/27	AUD	34,270			(378,292	)		(1,118,827	)		740,535
6M CHFOR^(c)	1.000^(b)	06/21/28	CHF	43,880	^(e)		170,402			(683,689	)		854,091
4.000^(c)	3M NZDOR^(a)	06/21/28	NZD	65,210	^(e)		(776,796	)		(174,942	)		(601,854	)
1.500^(b)	6M EURO^(c)	06/21/28	EUR	57,160	^(e)		(7,423	)		232,178			(239,601	)
6M CDOR^(c)	2.250	09/19/28	CAD	141,920	^(e)		(3,196,555	)		(4,488,877	)		1,292,322
3M LIBOR^(a)	2.500^(c)	09/19/28	$	1,400			(54,580	)		(69,026	)		14,446
6M AUDOR^(c)	2.750	09/19/28	AUD	103,680	^(e)		(634,007	)		(1,812,697	)		1,178,690
3.250^(c)	3M NZDOR^(a)	09/19/28	NZD	113,280	^(e)		(1,322,808	)		40,066			(1,362,874	)
1.250^(b)	3M STIBOR^(a)	09/19/28	SEK	588,680	^(e)		(461,289	)		675,582			(1,136,871	)
1.000^(b)	6M EURO^(c)	09/19/28	EUR	7,690	^(e)		(74,576	)		27,838			(102,414	)


Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

1.500%^(c)	6M GBP		09/19/28	GBP	41,870	^(e)	$	260,204		$	431,306		$	(171,102	)
1.400^(c)	6M GBP		11/21/28		201,700			4,194,866			(13,472,092	)		17,666,958
3M LIBOR^(a)	2.750%^(c)		06/16/37	$	45,670	^(e)		(880,175	)		(1,227,814	)		347,639
1.750^(c)	6M GBP		12/14/37	GBP	178,890	^(e)		867,278			374,811			492,467
1.250^(c)	6M JYOR		06/14/38	JPY	1,453,770			(243,888	)		(109,486	)		(134,402	)
1.500^(b)	6M EURO^(c)		09/19/38	EUR	119,520	^(e)		(2,332,976	)		(797,842	)		(1,535,134	)
3M LIBOR^(a)	2.500^(c)		06/17/47	$	30,660			(598,373	)		(806,749	)		208,376
3M LIBOR^(a)	3.000^(c)		06/15/48		365,120			2,725,292			(35,976	)		2,761,268
1.500^(c)	6M JYOR		06/16/48	JPY	1,523,210	^(e)		(322,456	)		(312,177	)		(10,279	)
2.540^(c)	6M CDOR		07/18/48		33,160	^(e)		455,568			(1,141,854	)		1,597,422
2.500^(c)	3M LIBOR^(a)		09/19/48	$	3,900			356,248			428,201			(71,953	)
1.500^(b)	6M EURO^(c)		09/19/48	EUR	36,800	^(e)		(381,756	)		610,838			(992,594	)
1.000^(c)	6M JYOR		09/19/48	JPY	9,038,050	^(e)		(3,498,313	)		(2,790,842	)		(707,471	)

TOTAL							$	(41,961,804	)	$	(94,505,628	)	$	52,543,824


Reference Obligation/Index	Financing Rate Paid by the Fund^(a)	Credit Spread at June 30, 2018^(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%		0.414%	Barclays Bank PLC		06/20/21	$	10,330	$	(176,927	)	$	27,828		$	(204,755	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.150	Barclays Bank PLC		03/20/19		98,670		(637,246	)		(47,516	)		(589,730	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.150	BoA Securities LLC		03/20/19		13,180		(85,121	)		(3,579	)		(81,542	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.414	Citibank NA		06/20/21		2,060		(35,282	)		11,918			(47,200	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.150	Citibank NA		03/20/19		518,290		(3,347,301	)		(369,341	)		(2,977,960	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.150	Citibank NA		06/20/19		1,072,530		(9,190,676	)		(1,116,827	)		(8,073,849	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.414	Deutsche Bank AG		06/20/21		11,160		(191,143	)		25,164			(216,307	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.414	JPMorgan Securities, Inc.		06/20/21		3,640		(62,344	)		11,248			(73,592	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.150	JPMorgan Securities, Inc.		03/20/19		66,660		(430,515	)		(45,070	)		(385,445	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.150	JPMorgan Securities, Inc.		06/20/19		24,020		(205,831	)		(27,340	)		(178,491	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.414	UBS AG (London)		06/20/21		5,910		(101,223	)		17,717			(118,940	)

TOTAL									$	(14,463,609	)	$	(1,515,798	)	$	(12,947,811	)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at June 30, 2018^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
CDX.EM Index 29		(1.000)%		1.910%		06/20/23	$	354,997	$	13,259,524		$	6,612,576		$	6,646,948
CDX.NA.HY Index 30		(5.000)		3.613		06/20/23		298,550		(21,422,214	)		(18,494,666	)		(2,927,548	)
Protection Sold:
CDX.NA.IG Index 30^(b)		1.000		0.676		06/20/23		51,650		921,886			908,466			13,420
Markit iTraxx Europe Index 29		1.000		0.735		06/20/23	EUR	55,900		1,032,750			901,643			131,107

TOTAL									$	(6,208,054	)	$	(10,071,981	)	$	3,863,927


Reference Obligation/Index	Financing Rate Paid by the Fund^#	Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)

Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	1M LIBOR	CS International (London)	01/12/38	$	15,012	$	(16,397	)	$	22,550	$	(38,947	)
Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10	1M LIBOR	JPMorgan Securities, Inc.	01/12/41		15,429		(36,000	)		43,052		(79,052	)

TOTAL						$	(52,397	)	$	65,602	$	(117,999	)


BOND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	151,534,239		$	—
Mortgage-Backed Obligations		—			167,426,686			1,035,592
U.S. Treasury Obligations and/or Other U.S. Government Agencies		126,807,287			14,690,320			—
Asset-Backed Securities		—			85,605,032			—
Foreign Debt Obligations		—			5,527,472			—
Structured Notes		—			2,825,125			—
Municipal Debt Obligations		—			6,895,958			—
Investment Company		1,507,330			—			—
Short-term Investments		—			58,688,190			—
Total	$	128,314,617		$	493,193,022		$	1,035,592
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(12,296,250	)	$	—

Derivative Type
Assets
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	2,250,415		$	—
Futures Contracts^(b)		813,231			—			—
Interest Rate Swap Contracts^(b)		—			4,436,768			—
Credit Default Swap Contracts^(b)		—			28,526			—
Total Return Swap Contracts^(b)		—			13,519			—
Options Purchased		—			347,463			—
Total	$	813,231		$	7,076,691		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(4,949,486	)	$	—
Futures Contracts^(b)		(242,637	)		—			—
Interest Rate Swap Contracts^(b)		—			(2,384,477	)		—
Credit Default Swap Contracts^(b)		—			(302,401	)		—
Options Written		—			(360,962	)		—
Total	$	(242,637	)	$	(7,997,326	)	$	—

CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	342,342,184		$	—
Mortgage-Backed Obligations		—			314,580,795			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		305,815,694			58,185,115			—
Asset-Backed Securities		—			124,216,402			—
Foreign Debt Obligations		—			14,387,605			—
Municipal Debt Obligations		—			14,290,744			—
Investment Company		84,487,863			—			—
Short-term Investments		—			78,043,062			—
Total	$	390,303,557		$	946,045,907		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(31,540,938	)	$	—

Derivative Type
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	1,266,646		$	—
Futures Contracts		1,314,226			—			—
Interest Rate Swap Contracts		—			2,765,033			—
Total	$	1,314,226		$	4,031,679		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(2,398,213	)	$	—
Futures Contracts		(132,648	)		—			—
Interest Rate Swap Contracts		—			(1,766,553	)		—
Credit Default Swap Contracts		—			(49,693	)		—
Total	$	(132,648	)	$	(4,214,459	)	$	—



GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	151,919,582		$	66,233,977		$	—
Corporate Obligations		—			181,516,031			—
Asset-Backed Securities		—			134,597,027			—
Mortgage-Backed Obligations		—			135,468,201			—
U.S. Government Agencies		—			6,425,169			—
Municipal Debt Obligation		—			2,918,939			—
Investment Company		28,090,008			—			—
Short-term Investments		—			999,840			—
Total	$	180,009,590		$	528,159,184		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(35,864,063	)	$	—

Derivative Type
Assets
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	5,737,750		$	—
Futures Contracts^(b)		741,440			—			—
Interest Rate Swap Contracts^(b)		—			4,670,783			—
Credit Default Swap Contracts^(b)		—			57,769			—
Options Purchased		—			307,298			—
Total	$	741,440		$	10,773,600		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(4,880,162	)	$	—
Futures Contracts^(b)		(92,243	)		—			—
Interest Rate Swap Contracts^(b)		—			(2,027,345	)		—
Credit Default Swap Contracts^(b)		—			(309,377	)		—
Options Written		—			(322,940	)		—
Total	$	(92,243	)	$	(7,539,824	)	$	—

STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	56,681,581		$	13,473,731
Corporate Obligations		—			469,048,259			—
Mortgage-Backed Obligations		—			588,946,921			15,922,229
U.S. Treasury Obligations and/or Other U.S. Government Agencies		22,185,871			13,258,296			—
Asset-Backed Securities		—			1,591,202,415			—
Foreign Debt Obligations		155,299,306			301,998,093			—
Structured Notes		—			44,816,515			—
Municipal Debt Obligations		—			72,861,752			—
Common Stock and/or Other Equity Investments^(a)
North America		46,005,588			—			—
Investment Company		68,177			—			—
Short-term Investments		—			470,270,454			—
Total	$	223,558,942		$	3,609,084,286		$	29,395,960

Derivative Type
Assets
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	43,671,916		$	—
Futures Contracts^(b)		8,771,344			—			—
Interest Rate Swap Contracts^(b)		—			111,973,353			—
Credit Default Swap Contracts^(b)		—			6,791,475			—
Options Purchased		—			8,895,919			—
Total	$	8,771,344		$	171,332,663		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(73,654,624	)	$	—
Futures Contracts^(b)		(4,291,236	)		—			—
Interest Rate Swap Contracts^(b)		—			(58,844,814	)		—
Credit Default Swap Contracts^(b)		—			(15,875,358	)		—
Total Return Swap Contracts^(b)		—			(117,999	)		—
Options Written		—			(9,329,063	)		—
Total	$	(4,291,236	)	$	(157,821,858	)	$	—


	Bank Loans		Collateralized Mortgage Obligations			Corporate Bonds			Other Asset Backed
Beginning Balance as of March 31, 2018	$	—	$	16,814,927		$	—		$	—
Realized gain (loss)		—		6,899			—			—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		278,808		(831,051	)		44,396			—
Sales		—		(68,546	)		—			—
Amortization		7,106		—			(44,396	)		—
Transfers in of Level 3		13,187,817		—			—			—
Ending Balance as of June 30, 2018	$	13,473,731	$	15,922,229		$	—		$	—


Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)

Short position contracts:
U.S. Treasury Ultra Bond	(49)	09/19/2018	$	(7,818,563	)	$	(150,108	)


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2018^(b)		Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Sold:
California State Various Purpose GO Bonds, Series 2003, 5.000%, 11/01/2023		1.000%		0.261%		Bank of America NA		03/20/2023	USD	1,000	$	32,713	$	(23,422	)	$	56,135
California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		1.000		0.261		JPMorgan Chase Bank NA		03/20/2023		1,000		32,713		(23,423	)		56,136

TOTAL											$	65,426	$	(46,845	)	$	112,271


Payments Made by the Fund^(a)	Payments Received by the Fund	Termination Date		Notional Amount (000’s)			Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

2.500%	3 Month LIBOR		09/19/2028	USD	23,960	^(b)	$	934,088	$	1,101,599		$	(167,511	)
2.250	3 Month LIBOR		12/21/2041		19,600			2,439,124		(1,215,761	)		3,654,885
2.500	3 Month LIBOR		09/19/2048		212,560	^(b)		19,416,401		23,431,965			(4,015,564	)

TOTAL							$	22,789,613	$	23,317,803		$	(528,190	)


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2018^(b)		Counterparty		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Sold:
California State Various Purpose GO Bonds, Series 2003, 5.000%, 11/01/2023		1.000%		0.261%		Bank of America NA		03/20/2023		USD 4,000	$	130,853		$	(93,689	)	$	224,542
California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		1.700		0.182		JPMorgan Chase Bank NA		06/20/2021		10,000		439,262			—			439,262
California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		1.000		0.261				03/20/2023		9,000		294,418			(210,801	)		505,219
California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		1.000		0.285				09/20/2023		15,000		519,525			(364,788	)		884,313
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.830		1.435				06/20/2021		10,000		114,346			—			114,346
California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		1.000		0.299		Morgan Stanley Co., Inc.		12/20/2023		10,000		354,020			(155,117	)		509,137
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.000		2.030				12/20/2023		10,000		(471,805	)		(419,871	)		(51,934	)

TOTAL											$	1,380,619		$	(1,244,266	)	$	2,624,885


Payments Made by the Fund^(a)	Payments Received by the Fund	Termination Date		Notional Amount (000’s)			Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

2.250%	3 Month LIBOR		12/21/2041	USD	169,400		$	21,081,003	$	(10,517,939	)	$	31,598,942
2.500	3 Month LIBOR		09/19/2048		263,860	^(b)		24,102,426		29,087,069			(4,984,643	)

TOTAL							$	45,183,429	$	18,569,130		$	26,614,299


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2018^(b)		Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Sold:
California State Various Purpose GO Bonds, Series 2003, 5.000%, 11/01/2023		1.000%		0.261%		Bank of America NA		03/20/2023	USD	5,000	$	163,566	$	(117,111	)	$	280,677
California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		1.000		0.261		JPMorgan Chase Bank NA		03/20/2023		10,000		327,132		(234,223	)		561,355

TOTAL											$	490,698	$	(351,334	)	$	842,032