VALIC Co II NPORT-P High Yield Bond Fund (Nov 2020 report)

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares			Value (Note 1)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) - 100.0%
Domestic Equity Investment Companies - 54.5%
VALIC Co. I Blue Chip Growth Fund		483		$	12,353
VALIC Co. I Dividend Value Fund		4,215,954			47,935,392
VALIC Co. I Large Cap Core Fund		872,821			12,254,410
VALIC Co. I Large Capital Growth Fund		633,936			12,919,615
VALIC Co. I Mid Cap Index Fund		798,795			20,505,079
VALIC Co. I Mid Cap Strategic Growth Fund		561,173			11,812,692
VALIC Co. I Nasdaq-100® Index Fund		107,703			2,529,943
VALIC Co. I Science & Technology Fund		480,845			19,075,109
VALIC Co. I Small Cap Index Fund		606,832			11,997,072
VALIC Co. I Small Cap Special Values Fund		836,449			9,067,108
VALIC Co. I Stock Index Fund		1,181,750			57,019,427
VALIC Co. I Value Fund		860,385			15,409,492
VALIC Co. II Capital Appreciation Fund		1,393,589			26,575,735
VALIC Co. II Large Cap Value Fund		1,863,803			38,375,714
VALIC Co. II Mid Cap Growth Fund		816,078			10,086,728
VALIC Co. II Mid Cap Value Fund		2,019,272			35,478,609
VALIC Co. II Small Cap Growth Fund		342,339			8,264,058
VALIC Co. II Small Cap Value Fund		1,146,243			12,883,776
Total Domestic Equity Investment Companies          (cost $313,061,944)					352,202,312
Domestic Fixed Income Investment Companies - 17.3%
VALIC Co. I Capital Conservation Fund		646,982			6,974,468
VALIC Co. I Government Securities Fund		321,915			3,631,196
VALIC Co. I Inflation Protected Fund		2,827,898			34,132,727
VALIC Co. II Core Bond Fund		912,841			11,054,507
VALIC Co. II High Yield Bond Fund		2,293,249			17,680,952
VALIC Co. II Strategic Bond Fund		3,281,079			38,421,430
Total Domestic Fixed Income Investment Companies          (cost $105,352,744)					111,895,280
Domestic Money Market Investment Companies - 0.5%
VALIC Co. I Government Money Market I Fund(2) (cost $2,886,199)		2,886,199			2,886,199
International Equity Investment Companies - 22.0%
VALIC Co. I Emerging Economies Fund		3,239,078			30,414,941
VALIC Co. I International Equities Index Fund		5,229,007			38,642,364
VALIC Co. I International Growth Fund		770,594			12,491,329
VALIC Co. I International Value Fund		2,500,117			24,226,134
VALIC Co. II International Opportunities Fund		1,629,358			36,383,570
Total International Equity Investment Companies          (cost $129,258,221)					142,158,338
International Fixed Income Investment Companies - 2.6%
VALIC Co. I International Government Bond Fund (cost $14,945,926)		1,276,423			16,784,968
Real Estate Investment Companies - 3.1%
VALIC Co. I Global Real Estate Fund (cosf $20,386,691)		2,616,719			19,991,736
TOTAL INVESTMENTS          (cost $585,891,725)		100.0	%		645,918,833
Other assets less liabilities		0.0			91,421
NET ASSETS		100.0	%	$	646,010,254

# The Aggressive Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The 7-day yield as of November 30, 2020 is 0.01%.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	645,918,833	$	—	$	—	$	645,918,833

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares		Value (Note 1)
COMMON STOCKS - 98.7%
Apparel Manufacturers - 1.9%
Carter’s, Inc.		9,906	$	881,535
Deckers Outdoor Corp.†		5,826		1,483,241
				2,364,776
Applications Software - 9.7%
Microsoft Corp.		43,218		9,251,677
ServiceNow, Inc.†		5,221		2,790,886
				12,042,563
Auto/Truck Parts & Equipment-Original - 1.0%
Allison Transmission Holdings, Inc.		28,806		1,182,486
Banks-Super Regional - 1.3%
US Bancorp		38,745		1,674,172
Cable/Satellite TV - 0.8%
Charter Communications, Inc., Class A†		1,460		951,905
Chemicals-Diversified - 1.6%
Dow, Inc.		23,670		1,254,747
PPG Industries, Inc.		4,981		731,061
				1,985,808
Commercial Services - 0.9%
Quanta Services, Inc.		16,701		1,141,346
Commercial Services-Finance - 4.1%
Euronet Worldwide, Inc.†		4,412		593,149
PayPal Holdings, Inc.†		16,462		3,524,844
TransUnion		10,931		995,705
				5,113,698
Computer Data Security - 1.4%
Fortinet, Inc.†		13,954		1,719,551
Computers - 8.1%
Apple, Inc.		85,036		10,123,536
Cosmetics & Toiletries - 1.6%
Estee Lauder Cos., Inc., Class A		4,586		1,125,038
Procter & Gamble Co.		6,608		917,653
				2,042,691
Dental Supplies & Equipment - 2.1%
Align Technology, Inc.†		5,346		2,572,976
Dialysis Centers - 0.7%
DaVita, Inc.†		8,089		888,577
Distribution/Wholesale - 1.5%
WW Grainger, Inc.		4,382		1,832,991
Diversified Manufacturing Operations - 2.3%
3M Co.		11,060		1,910,394
Carlisle Cos., Inc.		6,633		960,657
				2,871,051
E-Commerce/Products - 6.3%
Amazon.com, Inc.†		2,131		6,751,093
Etsy, Inc.†		6,564		1,054,835
				7,805,928
Electronic Components-Misc. - 1.1%
Sensata Technologies Holding PLC†		29,066		1,419,293
Electronic Components-Semiconductors - 6.4%
Broadcom, Inc.		3,938		1,581,422
IPG Photonics Corp.†		5,264		1,089,701
NVIDIA Corp.		5,488		2,941,897
Texas Instruments, Inc.		14,452		2,330,385
				7,943,405
Electronic Forms - 2.9%
Adobe, Inc.†		7,436		3,557,903
Enterprise Software/Service - 1.2%
Oracle Corp.		8,387		484,098
Veeva Systems, Inc., Class A†		3,658		1,012,790
				1,496,888
Entertainment Software - 1.9%
Electronic Arts, Inc.		8,409		1,074,250
Take-Two Interactive Software, Inc.†		7,444		1,343,716
				2,417,966
Finance-Credit Card - 5.2%
Mastercard, Inc., Class A		13,594		4,574,517
Visa, Inc., Class A		8,978		1,888,522
				6,463,039
Food-Confectionery - 1.2%
Hershey Co.		9,812		1,451,097
Insurance-Multi-line - 1.6%
Allstate Corp.		19,173		1,962,357
Internet Application Software - 0.5%
Okta, Inc.†		2,607		638,819
Internet Content-Entertainment - 4.7%
Facebook, Inc., Class A†		21,029		5,824,402
Internet Infrastructure Software - 1.4%
F5 Networks, Inc.†		10,861		1,768,279
Internet Security - 0.9%
Palo Alto Networks, Inc.†		3,646		1,071,632
Machinery-Electrical - 0.6%
Regal Beloit Corp.		6,136		730,429
Medical Instruments - 0.7%
Bio-Techne Corp.		2,886		875,353
Medical-Biomedical/Gene - 2.9%
Alexion Pharmaceuticals, Inc.†		8,948		1,092,640
Exelixis, Inc.†		35,345		677,210
Vertex Pharmaceuticals, Inc.†		7,901		1,799,453
				3,569,303
Medical-Drugs - 5.1%
Bristol-Myers Squibb Co.		15,578		972,067
Eli Lilly & Co.		11,921		1,736,294
Horizon Therapeutics PLC†		19,435		1,368,807
Jazz Pharmaceuticals PLC†		5,686		800,077
Merck & Co., Inc.		17,659		1,419,607
				6,296,852
Medical-HMO - 1.0%
Humana, Inc.		2,949		1,181,134
Office Automation & Equipment - 0.9%
Zebra Technologies Corp., Class A†		3,050		1,154,181
Real Estate Investment Trusts - 0.8%
Lamar Advertising Co., Class A		12,961		1,031,825
Retail-Building Products - 1.7%
Lowe’s Cos., Inc.		13,891		2,164,496
Retail-Discount - 2.5%
Target Corp.		9,662		1,734,619
Walmart, Inc.		9,132		1,395,278
				3,129,897

Telecom Equipment-Fiber Optics - 0.5%
Ciena Corp.†	12,492			559,642
Therapeutics - 1.0%
Neurocrine Biosciences, Inc.†	9,129			866,707
Sarepta Therapeutics, Inc.†	3,067			432,018
				1,298,725
Web Portals/ISP - 5.5%
Alphabet, Inc., Class A†	873			1,531,591
Alphabet, Inc., Class C†	3,003			5,287,502
				6,819,093
Wireless Equipment - 1.2%
Motorola Solutions, Inc.	8,851			1,518,212
TOTAL INVESTMENTS
(cost $83,209,429)	98.7	%		122,658,277
Other assets less liabilities	1.3			1,635,652
NET ASSETS	100.0	%	$	124,293,929

† Non-income producing security

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	122,658,277	$	—	$	—	$	122,658,277

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares			Value (Note 1)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) - 100.0%
Domestic Equity Investment Companies - 28.8%
VALIC Co. I Dividend Value Fund		1,425,203		$	16,204,560
VALIC Co. I Large Cap Core Fund		236,049			3,314,130
VALIC Co. I Large Capital Growth Fund		104,680			2,133,383
VALIC Co. I Mid Cap Index Fund		195,935			5,029,653
VALIC Co. I Mid Cap Strategic Growth Fund		122,263			2,573,641
VALIC Co. I Nasdaq - 100® Index Fund		85,901			2,017,815
VALIC Co. I Science & Technology Fund		139,107			5,518,388
VALIC Co. I Small Cap Index Fund		101,379			2,004,255
VALIC Co. I Small Cap Special Values Fund		317,558			3,442,331
VALIC Co. I Stock Index Fund		359,725			17,356,744
VALIC Co. I Value Fund		202,307			3,623,317
VALIC Co. II Capital Appreciation Fund		374,493			7,141,588
VALIC Co. II Large Cap Value Fund		486,580			10,018,675
VALIC Co. II Mid Cap Growth Fund		263,945			3,262,356
VALIC Co. II Mid Cap Value Fund		701,756			12,329,847
VALIC Co. II Small Cap Growth Fund		89,592			2,162,747
VALIC Co. II Small Cap Value Fund		222,620			2,502,249
Total Domestic Equity Investment Companies (cost $89,643,347)					100,635,679
Domestic Fixed Income Investment Companies - 51.4%
VALIC Co. I Capital Conservation Fund		1,610,458			17,360,734
VALIC Co. I Government Securities Fund		724,977			8,177,745
VALIC Co. I Inflation Protected Fund		1,944,248			23,467,073
VALIC Co. II Core Bond Fund		4,659,753			56,429,606
VALIC Co. II High Yield Bond Fund		3,431,981			26,460,572
VALIC Co. II Strategic Bond Fund		4,092,757			47,926,183
Total Domestic Fixed Income Investment Companies (cost $169,450,339)					179,821,913
Domestic Money Market Investment Companies - 0.6%
VALIC Co. I Government Money Market I Fund(2) (cost $2,131,935)		2,131,935			2,131,935
International Equity Investment Companies - 12.0%
VALIC Co. I Emerging Economies Fund		913,816			8,580,734
VALIC Co. I International Equities Index Fund		1,800,428			13,305,161
VALIC Co. I International Growth Fund		122,826			1,991,006
VALIC Co. I International Value Fund		569,081			5,514,394
VALIC Co. II International Opportunities Fund		563,192			12,576,070
Total International Equity Investment Companies (cost $38,222,718)					41,967,365
International Fixed Income Investment Companies - 4.8%
VALIC Co. I International Government Bond Fund (cost $15,085,782)		1,287,658			16,932,698
Real Estate Investment Companies - 2.4%
VALIC Co. I Global Real Estate Fund (cost $8,430,579)		1,097,019			8,381,228
TOTAL INVESTMENTS (cost $322,964,700)		100.0	%		349,870,818
Other assets less liabilities		0.0			2,735
NET ASSETS		100.0	%	$	349,873,553

# The Conservative Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional Information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3

(2) The 7-day yield as of November 30, 2020 is 0.01%.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	349,870,818	$	—	$	—	$	349,870,818

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Principal Amount/ Shares		Value (Note 1)
ASSET BACKED SECURITIES - 3.6%
Diversified Financial Services - 3.6%
American Express Credit Account Master Trust Series 2019-2, Class A 2.67% due 11/15/2024		$2,000,000	$	2,066,736
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		969,760		982,652
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		900,000		922,974
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		1,337,000		1,350,861
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		2,377,000		2,550,927
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		1,233,000		1,281,666
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		2,985,000		3,436,534
BMW Vehicle Lease Trust Series 2019-1, Class A4 2.92% due 08/22/2022		1,050,000		1,063,405
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.14% (1 ML+1.00%) due 04/15/2034*(1)		2,500,000		2,421,816
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.21% (1 ML+1.07%) due 12/15/2037*(1)		750,000		749,525
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		600,000		611,053
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		1,030,000		1,055,406
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		1,125,000		1,152,556
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		911,572		931,759
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		840,141		868,806
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1 2.49% due 01/20/2023		150,000		150,465
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		250,000		301,272
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(3)		1,254,000		1,318,955
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,770,000		1,803,516
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		225,000		237,355
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		400,000		412,597
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		1,000,000		1,009,744
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		1,075,000		1,093,482
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		1,000,000		1,000,093
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		700,000		712,853
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		5,570,000		6,306,596
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		1,400,000		1,472,964
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		533,436		534,887
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		714,297		717,204
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		2,397,000		2,391,431
MSDB Trust VRS Series 2017-712F, Class A 3.43% due 07/11/2039*(1)(3)		4,520,000		4,877,133
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.04% (1 ML+0.90%) due 12/15/2033*(1)		2,950,000		2,937,586
Navient Private Education Refi Loan Trust Series 2020-FA, Class A 1.22% due 07/15/2069*		478,515		481,418
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		3,720,000		3,956,104
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		763,562		784,470
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		900,000		960,621

Toyota Auto Receivables Owner Trust Series 2019-B, Class A3 2.57% due 08/15/2023	3,000,000	3,062,135
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024	125,000	129,819
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025	500,000	521,522
Total Asset Backed Securities
(cost $56,496,511)		58,620,898
U.S. CORPORATE BONDS & NOTES - 32.4%
Advertising Agencies - 0.1%
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030	1,241,000	1,316,967
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030	301,000	363,037
		1,680,004
Advertising Sales - 0.0%
National CineMedia LLC Senior Sec. Notes 5.88% due 04/15/2028*	643,000	502,344
Aerospace/Defense - 0.2%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*	2,207,000	2,499,079
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050	11,000	11,995
		2,511,074
Aerospace/Defense-Equipment - 0.1%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*	669,000	689,304
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*	882,000	943,740
		1,633,044
Airlines - 0.2%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*	1,115,000	1,233,190
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*	1,060,000	1,210,996
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025	311,000	299,701
United Airlines Holdings, Inc. Company Guar. Notes 5.00% due 02/01/2024#	401,000	389,972
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024	358,648	360,922
		3,494,781
Applications Software - 0.0%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*	495,000	530,269
Auction Houses/Art Dealers - 0.1%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*#	1,400,000	1,470,000
Auto-Cars/Light Trucks - 0.5%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*	952,000	961,475
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*	288,000	290,509
Ford Motor Co. Senior Notes 4.75% due 01/15/2043	1,271,000	1,250,092
Ford Motor Co. Senior Notes 6.63% due 10/01/2028	1,443,000	1,659,450
Ford Motor Co. Senior Notes 7.45% due 07/16/2031	178,000	223,390
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030	479,000	482,832
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025	1,222,000	1,292,058
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*	1,064,000	1,135,754
		7,295,560
Auto-Heavy Duty Trucks - 0.1%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*	756,000	762,615
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*	650,000	689,812
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023	827,000	836,685
		2,289,112
Auto/Truck Parts & Equipment-Original - 0.1%
BorgWarner, Inc. Senior Notes 2.65% due 07/01/2027	993,000	1,058,877
Dana, Inc. Senior Notes 5.38% due 11/15/2027	621,000	660,589
		1,719,466

Banks-Commercial - 1.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025	2,959,000	3,391,746
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030	2,924,000	3,280,737
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032*	2,690,000	2,810,439
First Horizon Bank Sub. Notes 5.75% due 05/01/2030	1,305,000	1,520,041
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037	1,660,000	2,517,856
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026	656,000	708,570
Signature Bank New York Sub. Notes 4.00% due 10/15/2030	2,987,000	3,024,835
SunTrust Bank Senior Notes 3.50% due 08/02/2022	21,000	21,438
Synovus Bank Senior Notes 2.29% due 02/10/2023	1,222,000	1,237,189
Truist Bank Sub. Notes 2.64% due 09/17/2029	661,000	692,011
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029	2,097,000	2,155,226
		21,360,088
Banks-Super Regional - 0.6%
Bank of America NA Senior Notes 3.34% due 01/25/2023	730,000	754,679
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028	1,145,000	1,208,422
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041	1,968,000	2,143,753
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027	3,769,000	4,396,754
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044	519,000	669,519
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051	808,000	1,153,886
		10,327,013
Batteries/Battery Systems - 0.1%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*	735,000	750,031
EnerSys Company Guar. Notes 5.00% due 04/30/2023*	800,000	837,000
		1,587,031
Beverages-Non-alcoholic - 0.2%
Coca-Cola Co. Senior Notes 2.50% due 03/15/2051	1,237,000	1,286,328
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023	30,000	32,558
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025	1,387,000	1,482,360
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049	1,102,000	1,232,124
		4,033,370
Beverages-Wine/Spirits - 0.0%
Pernod Ricard International Finance LLC Company Guar. Notes 2.75% due 10/01/2050*	685,000	677,237
Brewery - 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046	2,219,000	2,899,530
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048	2,115,000	2,684,513
		5,584,043
Broadcast Services/Program - 0.2%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049	1,127,000	1,456,503
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*	121,000	121,756
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*	1,249,000	1,333,308
		2,911,567
Building & Construction Products-Misc. - 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047	1,806,000	2,139,042
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*	685,000	687,569
		2,826,611

Building Products-Air & Heating - 0.2%
Carrier Global Corp. Senior Notes 2.70% due 02/15/2031*	565,000	603,311
Carrier Global Corp. Senior Notes 2.72% due 02/15/2030*	675,000	719,117
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*	1,748,000	1,925,513
		3,247,941
Building Products-Doors & Windows - 0.0%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028	719,000	762,140
Building Products-Wood - 0.1%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*	409,000	443,765
Masco Corp. Senior Notes 2.00% due 10/01/2030	1,321,000	1,340,246
		1,784,011
Cable/Satellite TV - 0.9%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*	889,000	922,337
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*	361,000	380,404
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*	295,000	322,288
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051	354,000	369,932
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061	1,634,000	1,678,867
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050	1,108,000	1,323,069
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038	140,000	176,478
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035	536,000	747,415
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052	1,063,000	1,045,397
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027	1,261,000	1,422,530
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040	566,000	687,554
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038	356,000	438,274
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038	935,000	1,237,414
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024	440,000	476,300
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*	600,000	633,300
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037	1,441,000	1,993,904
		13,855,463
Casino Hotels - 0.0%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027	542,000	550,780
Boyd Gaming Corp. Company Guar. Notes 8.63% due 06/01/2025*	155,000	172,196
		722,976
Casino Services - 0.1%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*	1,025,000	1,091,159
Cellular Telecom - 0.3%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023	1,355,000	1,562,784
T-Mobile USA, Inc. Senior Sec. Notes 2.25% due 11/15/2031*	1,956,000	1,984,479
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041*	208,000	214,770
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*	822,000	876,408
		4,638,441

Chemicals-Diversified - 0.2%
LYB International Finance III LLC Company Guar. Notes 3.80% due 10/01/2060	753,000	806,489
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030	2,031,000	2,223,877
		3,030,366
Chemicals-Specialty - 0.3%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022	1,125,000	1,164,629
Huntsman International LLC Senior Notes 4.50% due 05/01/2029	1,525,000	1,756,054
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*	803,000	834,951
Tronox, Inc. Company Guar. Notes 6.50% due 04/15/2026*	570,000	592,076
		4,347,710
Coal - 0.1%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*	992,000	977,120
Commercial Services - 0.2%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*	432,000	432,000
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*	460,000	490,337
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*	728,000	799,890
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030	1,248,000	1,335,622
		3,057,849
Commercial Services-Finance - 0.1%
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*	150,000	146,906
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. Company Guar. Notes 4.63% due 11/01/2026*	699,000	726,121
		873,027
Computer Services - 0.6%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*	820,000	877,400
IBM Credit LLC Senior Notes 3.00% due 02/06/2023	4,172,000	4,424,748
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031*	854,000	868,328
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*	766,000	852,611
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*	391,000	462,889
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*	860,000	933,100
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*	196,000	208,740
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*	290,000	297,250
		8,925,066
Computers - 0.5%
Apple, Inc. Senior Notes 2.05% due 09/11/2026	995,000	1,064,641
Dell International LLC/EMC Corp. Company Guar. Notes 7.13% due 06/15/2024*	875,000	906,719
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*	1,444,000	2,076,412
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026	2,794,000	2,863,316
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035	1,151,000	1,474,463
		8,385,551
Computers-Integrated Systems - 0.1%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#	640,000	639,194
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*	299,000	328,152
		967,346

Consumer Products-Misc. - 0.0%
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030	18,000	20,795
Containers-Metal/Glass - 0.0%
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025	430,000	439,406
Containers-Paper/Plastic - 0.1%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030	1,173,000	1,299,218
Cosmetics & Toiletries - 0.1%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*	1,365,000	1,330,875
Direct Marketing - 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*	437,000	471,960
Distribution/Wholesale - 0.2%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*	374,000	375,402
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025	767,000	801,745
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*	846,000	872,184
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*	528,000	561,660
		2,610,991
Diversified Banking Institutions - 2.7%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024	2,476,000	2,528,278
Bank of America Corp. Senior Notes 1.90% due 07/23/2031	1,166,000	1,173,039
Bank of America Corp. Senior Notes 2.46% due 10/22/2025	2,338,000	2,477,573
Bank of America Corp. Senior Notes 3.71% due 04/24/2028	615,000	702,024
Bank of America Corp. Senior Notes 4.08% due 03/20/2051	325,000	414,214
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027	1,586,000	1,832,905
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037	1,394,000	2,047,702
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031	1,285,000	1,382,562
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028	1,049,000	1,189,872
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027	1,356,000	1,590,996
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046	752,000	1,009,812
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033	902,000	1,215,822
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033	1,462,000	2,027,851
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026	2,130,000	2,388,258
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030	1,222,000	1,431,411
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037	1,843,000	2,823,968
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024	1,693,000	1,700,474
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026	4,005,000	4,185,613
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041	3,395,000	3,471,021
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031	467,000	509,832
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051	521,000	582,077
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029	1,135,000	1,286,433
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038	498,000	606,953
Morgan Stanley Senior Notes 3.62% due 04/01/2031	640,000	745,720
Morgan Stanley Senior Notes 3.63% due 01/20/2027	3,222,000	3,682,363
Morgan Stanley Sub. Notes 5.00% due 11/24/2025	279,000	332,478
		43,339,251

Diversified Manufacturing Operations - 0.1%
General Electric Co. Senior Notes 4.25% due 05/01/2040	110,000	125,200
General Electric Co. Senior Notes 4.35% due 05/01/2050	481,000	567,263
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024	1,090,000	1,185,950
		1,878,413
E-Commerce/Products - 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034	687,000	950,856
E-Commerce/Services - 0.0%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*	730,000	764,675
Electric Products-Misc. - 0.1%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026	1,176,000	1,187,080
Electric-Distribution - 0.5%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.35% due 03/15/2031	1,534,000	1,520,572
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025	3,879,000	4,206,654
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*	875,000	920,964
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030	1,190,000	1,443,326
		8,091,516
Electric-Generation - 0.2%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046	1,159,000	1,458,809
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*	764,000	765,397
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*	800,000	856,000
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*	880,000	930,688
		4,010,894
Electric-Integrated - 2.1%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049	557,000	686,282
AES Corp. Senior Notes 2.45% due 01/15/2031*	2,270,000	2,309,669
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050	1,208,000	1,447,104
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025	3,017,000	3,302,829
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050	291,000	361,191
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065	1,263,000	1,991,996
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033	1,253,000	1,613,184
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049	2,181,000	2,830,051
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039	2,326,000	2,935,548
Exelon Corp. Senior Notes 4.70% due 04/15/2050	886,000	1,198,949
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031	2,828,000	3,886,741
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049	824,000	928,747
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050	510,000	581,212
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047	1,115,000	1,166,965
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045	1,144,000	1,228,840
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051	1,998,000	2,139,583
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028	1,138,000	1,330,633

Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048	858,000	1,113,243
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050	129,000	150,054
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*	460,000	470,350
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*	457,000	479,713
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027	1,224,000	1,348,349
		33,501,233
Electronic Components-Semiconductors - 0.2%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030	930,000	1,080,063
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030	580,000	702,137
NVIDIA Corp. Senior Notes 3.70% due 04/01/2060	1,026,000	1,322,510
		3,104,710
Electronic Measurement Instruments - 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024	119,000	136,585
Electronic Parts Distribution - 0.1%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025	746,000	815,224
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024	875,000	944,058
		1,759,282
Energy-Alternate Sources - 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*	1,492,000	1,532,050
Enterprise Software/Service - 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024	747,000	793,687
Oracle Corp. Senior Notes 2.50% due 04/01/2025	2,783,000	2,984,848
		3,778,535
Entertainment Software - 0.1%
Activision Blizzard, Inc. Senior Notes 2.50% due 09/15/2050	968,000	933,766
Finance-Auto Loans - 0.1%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*	134,000	137,015
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026	696,000	736,020
		873,035
Finance-Commercial - 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*	1,920,000	2,212,004
Finance-Consumer Loans - 0.4%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*	1,212,000	1,142,310
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029	438,000	477,420
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025	217,000	247,923
Synchrony Financial Senior Notes 4.50% due 07/23/2025	4,817,000	5,418,755
		7,286,408
Finance-Credit Card - 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*	905,000	867,669
American Express Co. Senior Notes 3.40% due 02/22/2024	1,068,000	1,161,852
American Express Co. Senior Notes 4.20% due 11/06/2025	725,000	841,797
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025	1,544,000	1,640,447
Visa, Inc. Senior Notes 0.75% due 08/15/2027	492,000	488,983
		5,000,748
Finance-Investment Banker/Broker - 0.0%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*	195,000	199,875
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*	426,000	440,919
		640,794
Finance-Mortgage Loan/Banker - 0.1%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*	614,000	653,910
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*	853,000	897,782

Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*	344,000	341,898
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*	219,000	231,593
		2,125,183
Financial Guarantee Insurance - 0.0%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*	460,000	509,271
Food-Dairy Products - 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(4)	250,000	235,000
Food-Meat Products - 0.1%
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*	995,000	1,103,455
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*	991,000	1,180,283
		2,283,738
Food-Misc./Diversified - 0.4%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028	1,051,000	1,424,380
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*	1,125,000	1,139,062
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049*	346,000	390,258
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*	585,000	608,400
Mars, Inc. Senior Notes 2.38% due 07/16/2040*	750,000	771,283
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*	1,557,000	1,751,583
		6,084,966
Food-Retail - 0.1%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*	520,000	548,153
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025	642,000	662,143
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*	522,000	563,760
		1,774,056
Food-Wholesale/Distribution - 0.3%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030	1,149,000	1,201,053
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030	444,000	586,665
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040	1,156,000	1,707,826
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050	514,000	797,201
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*	496,000	527,518
		4,820,263
Hotels/Motels - 0.1%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024	805,000	843,238
Wyndham Destinations, Inc. Senior Sec. Notes 6.63% due 07/31/2026*	210,000	235,725
Wyndham Worldwide Corp. Senior Sec. Notes 6.00% due 04/01/2027	1,039,000	1,135,107
		2,214,070
Human Resources - 0.0%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*	598,000	625,478
Independent Power Producers - 0.1%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*	170,000	182,311
Clearway Energy Operating LLC Company Guar. Notes 5.75% due 10/15/2025	257,000	270,493
NRG Energy, Inc. Senior Notes 3.38% due 02/15/2029*	303,000	309,439
NRG Energy, Inc. Senior Notes 3.63% due 02/15/2031*	769,000	796,399
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026	748,000	770,440
		2,329,082

Instruments-Controls - 0.1%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022	927,000	928,492
Insurance Brokers - 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049	306,000	377,056
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048	258,000	363,030
		740,086
Insurance-Life/Health - 0.4%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047	464,000	479,993
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030	1,541,000	1,888,278
Pacific LifeCorp Senior Notes 3.35% due 09/15/2050*	337,000	379,050
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026	2,866,000	2,952,097
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047	247,000	299,958
Unum Group Senior Notes 4.50% due 03/15/2025	493,000	549,093
		6,548,469
Insurance-Mutual - 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*	708,000	760,450
Insurance-Reinsurance - 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050	723,000	791,085
Internet Connectivity Services - 0.1%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*	800,000	820,768
Internet Content-Entertainment - 0.1%
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*	1,210,000	1,400,575
Internet Telephone - 0.0%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*	430,000	434,773
Cablevision Lightpath LLC Senior Notes 5.63% due 09/15/2028*	211,000	221,223
		655,996
Investment Management/Advisor Services - 0.1%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*	755,000	758,775
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022	1,216,000	1,257,978
		2,016,753
Machinery-Construction & Mining - 0.2%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023	1,854,000	1,866,899
Caterpillar Financial Services Corp. Senior Notes 1.10% due 09/14/2027	1,389,000	1,402,302
		3,269,201
Machinery-Electrical - 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023	1,599,000	1,709,320
Machinery-Farming - 0.4%
CNH Industrial Capital LLC Company Guar. Notes 1.88% due 01/15/2026	1,262,000	1,292,293
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024	1,430,000	1,558,273
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022	2,253,000	2,334,055
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023	654,000	716,239
		5,900,860
Medical Labs & Testing Services - 0.0%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*	446,000	469,415
Medical-Biomedical/Gene - 0.4%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040	3,882,000	4,205,051
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030	1,382,000	1,359,912
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050	774,000	756,650
		6,321,613

Medical-Drugs - 0.4%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039	1,101,000	1,336,941
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049	1,331,000	1,681,559
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025	1,640,000	1,642,156
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044	786,000	1,071,943
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023	998,000	1,071,764
		6,804,363
Medical-Generic Drugs - 0.2%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028	1,147,000	1,360,837
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*	828,000	894,240
Upjohn, Inc. Company Guar. Notes 4.00% due 06/22/2050*	762,000	869,457
		3,124,534
Medical-HMO - 0.2%
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026	1,518,000	1,561,363
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060	762,000	882,795
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025	719,000	819,000
		3,263,158
Medical-Hospitals - 0.2%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*	174,000	183,353
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*	492,000	523,365
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030	538,000	556,891
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025	297,000	332,500
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*	760,000	763,800
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024	475,000	483,313
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*	1,109,000	1,127,021
		3,970,243
Medical-Wholesale Drug Distribution - 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043	1,648,000	1,919,266
Metal-Copper - 0.1%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028	367,000	388,103
Freeport-McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030	573,000	623,040
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029	527,000	587,800
		1,598,943
Metal-Iron - 0.1%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025#	584,000	581,080
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*	509,000	549,084
		1,130,164
Multimedia - 0.2%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*	1,305,000	1,308,263
Walt Disney Co. Company Guar. Bonds 2.75% due 09/01/2049	1,657,000	1,696,949
		3,005,212
Non-Hazardous Waste Disposal - 0.1%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030	903,000	961,695
Non-Profit Charity - 0.1%
Ford Foundation Notes 2.82% due 06/01/2070	1,008,000	1,062,401
Oil Companies-Exploration & Production - 1.2%
Apache Corp. Senior Notes 4.38% due 10/15/2028	722,000	736,440
Apache Corp. Senior Notes 4.63% due 11/15/2025	104,000	108,129
Apache Corp. Senior Notes 4.88% due 11/15/2027	541,000	565,074

Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026	1,183,000	414,050
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028	200,000	199,500
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*	297,000	318,532
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029	936,000	979,486
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*	481,000	512,371
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050	1,259,000	1,728,654
Hess Corp. Senior Notes 6.00% due 01/15/2040	1,924,000	2,339,578
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*	1,691,000	1,648,725
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037	1,708,000	2,021,869
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032	787,000	932,764
Noble Energy, Inc. Senior Notes 4.20% due 10/15/2049	688,000	865,222
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043	1,081,000	1,498,387
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025	585,000	590,733
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028	902,000	919,589
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031	504,000	529,830
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030	1,097,000	1,079,048
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026	535,000	557,309
Southwestern Energy Co. Company Guar. Notes 8.38% due 09/15/2028	340,000	374,425
		18,919,715
Oil Companies-Integrated - 0.6%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050	1,878,000	1,872,777
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027	3,348,000	3,760,374
Chevron Corp. Senior Notes 1.55% due 05/11/2025	2,319,000	2,408,178
Chevron Corp. Senior Notes 2.36% due 12/05/2022	892,000	925,068
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027	820,000	821,024
		9,787,421
Oil Field Machinery & Equipment - 0.0%
Hi Crush, Inc. Company Guar. Notes 9.50% due 08/01/2026*†(5)(6)	1,387,000	36,409
Oil Refining & Marketing - 0.2%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028	1,133,000	594,825
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030	1,163,000	1,156,737
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 4.50% due 05/15/2029*	258,000	266,068
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027	855,000	851,254
		2,868,884
Oil-Field Services - 0.3%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026	722,000	721,278
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*	769,000	798,953
Halliburton Co. Senior Notes 2.92% due 03/01/2030	1,150,000	1,182,238
Nine Energy Service, Inc. Company Guar. Notes 8.75% due 11/01/2023*	1,163,000	354,831
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*	1,120,000	1,257,074
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026	625,000	646,687
		4,961,061

Paper & Related Products - 0.5%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*	1,010,000	1,051,663
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044	2,001,000	2,388,081
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*	2,112,000	2,112,968
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*	1,812,000	1,950,390
		7,503,102
Petrochemicals - 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*	840,000	888,719
Pharmacy Services - 0.3%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040	526,000	530,846
CVS Health Corp. Senior Notes 4.25% due 04/01/2050	627,000	786,787
CVS Health Corp. Senior Notes 4.78% due 03/25/2038	2,041,000	2,589,639
CVS Health Corp. Senior Notes 5.05% due 03/25/2048	660,000	890,301
		4,797,573
Pipelines - 1.9%
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*	445,000	443,887
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*	607,000	607,000
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029	1,352,000	1,480,917
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029	361,000	376,169
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025	262,000	268,878
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028*	644,000	668,031
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*	465,000	520,745
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027	482,000	521,765
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*	218,000	226,720
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028	825,000	812,871
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035	1,228,000	1,279,060
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027	638,000	735,019
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045	803,000	909,179
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045	154,000	112,998
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 01/31/2051	1,254,000	1,363,841
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048	941,000	1,100,404
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024	1,312,000	1,233,280
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025	475,000	437,000
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*	1,875,000	1,889,875
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*	1,041,000	1,071,009
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*	1,043,000	1,079,505
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*	1,052,000	1,035,799
Kinder Morgan, Inc. Company Guar. Notes 5.05% due 02/15/2046	1,179,000	1,411,793
MPLX LP Senior Notes 2.65% due 08/15/2030	938,000	949,759
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*	914,000	950,927
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025	379,000	398,898

NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030	569,000	617,365
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036	683,000	822,722
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030	626,000	631,940
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051	486,000	630,244
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043	539,000	505,984
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*	851,000	997,261
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*	762,000	810,577
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026	1,640,000	1,861,342
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044	1,606,000	2,021,083
		30,783,847
Poultry - 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*	820,000	881,500
Protection/Safety - 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*	552,000	585,120
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*	1,353,000	1,468,005
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*	245,000	256,559
		2,309,684
Real Estate Investment Trusts - 1.3%
American Tower Corp. Senior Notes 3.10% due 06/15/2050	1,100,000	1,143,394
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025	1,636,000	1,720,251
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025	900,000	933,768
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*	710,000	722,425
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*	195,000	199,631
Federal Realty Investment Trust Senior Notes 1.25% due 02/15/2026	1,608,000	1,616,805
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.75% due 09/15/2030*	258,000	263,805
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*	376,000	391,040
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*	328,000	350,140
Host Hotels & Resorts LP Senior Notes 3.38% due 12/15/2029	1,315,000	1,322,554
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030	1,155,000	1,186,034
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*	1,428,000	1,319,115
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027	764,000	851,539
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031	381,000	387,214
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027	587,000	621,522
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031	1,031,000	1,036,645
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*	925,000	974,719

Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030	1,353,000	1,354,018
Rexford Industrial Realty LP Company Guar. Notes 2.13% due 12/01/2030	542,000	544,410
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026	793,000	874,969
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027	78,000	81,336
Simon Property Group LP Senior Notes 3.25% due 09/13/2049	994,000	973,699
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025	945,000	970,090
Starwood Property Trust, Inc. Senior Notes 5.50% due 11/01/2023*	168,000	169,680
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032	652,000	667,512
		20,676,315
Real Estate Management/Services - 0.1%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*	792,000	858,330
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023	739,000	801,927
		1,660,257
Recycling - 0.0%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*	693,000	732,861
Rental Auto/Equipment - 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*	1,321,000	914,792
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*	778,000	772,165
		1,686,957
Research & Development - 0.1%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*	170,000	177,650
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*	627,000	669,736
		847,386
Resorts/Theme Parks - 0.1%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*#	735,000	786,450
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*#	825,000	829,125
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*	81,000	87,810
		1,703,385
Retail-Apparel/Shoe - 0.1%
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031	1,524,000	1,530,035
Retail-Appliances - 0.0%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022	724,000	702,280
Retail-Auto Parts - 0.2%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027	860,000	867,940
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030	1,158,000	1,330,863
Genuine Parts Co. Senior Notes 1.88% due 11/01/2030	1,040,000	1,032,861
		3,231,664
Retail-Automobile - 0.1%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030	777,000	934,801
Retail-Building Products - 0.1%
Lowe’s Cos., Inc. Senior Notes 3.00% due 10/15/2050	839,000	901,056
Retail-Pawn Shops - 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*	690,000	708,975
Retail-Petroleum Products - 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029	675,000	717,187
Retail-Regional Department Stores - 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045	1,584,000	1,551,773
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025	569,000	714,614
		2,266,387

Retail-Restaurants - 0.4%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*	521,000	534,822
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*	855,000	887,063
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*	1,187,000	1,160,292
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049	693,000	813,329
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050	733,000	943,527
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047	1,156,000	1,496,866
		5,835,899
Satellite Telecom - 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026	1,430,000	1,590,875
Savings & Loans/Thrifts - 0.3%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021	1,597,000	1,707,480
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028	2,318,000	2,405,847
		4,113,327
Security Services - 0.1%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*	575,000	605,734
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*	448,000	478,777
		1,084,511
Shipbuilding - 0.1%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*	1,036,000	1,229,324
Software Tools - 0.0%
VMware, Inc. Senior Notes 4.70% due 05/15/2030	599,000	730,916
Steel-Producers - 0.1%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026	480,000	499,200
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030	1,353,000	1,380,683
		1,879,883
Telecom Equipment-Fiber Optics - 0.2%
Corning, Inc. Senior Notes 5.45% due 11/15/2079	2,346,000	3,224,026
Telephone-Integrated - 1.2%
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*	377,000	386,415
AT&T, Inc. Senior Notes 4.50% due 05/15/2035	4,610,000	5,585,527
AT&T, Inc. Senior Notes 4.75% due 05/15/2046	651,000	807,276
AT&T, Inc. Senior Notes 4.85% due 07/15/2045	914,000	1,110,937
AT&T, Inc. Senior Notes 4.90% due 08/15/2037	1,901,000	2,384,755
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*	688,000	719,820
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024	579,000	648,480
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*	858,000	870,870
Verizon Communications, Inc. Senior Notes 1.50% due 09/18/2030	2,114,000	2,085,704
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056*	2,387,000	2,528,415
Verizon Communications, Inc. Senior Notes 3.00% due 11/20/2060	1,188,000	1,251,695
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036	624,000	784,013
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034	371,000	468,983
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*	547,000	575,933
		20,208,823

Television - 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027	460,000	524,400
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027	810,000	939,600
Viacom, Inc. Senior Notes 4.38% due 03/15/2043	4,415,000	5,132,437
		6,596,437
Tools-Hand Held - 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026	1,004,000	1,133,687
Transport-Air Freight - 0.1%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*	925,000	958,531
Transport-Equipment & Leasing - 0.2%
GATX Corp. Senior Notes 4.00% due 06/30/2030#	866,000	1,015,070
GATX Corp. Senior Notes 4.35% due 02/15/2024	1,663,000	1,830,612
		2,845,682
Transport-Marine - 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028	844,000	909,034
Transport-Rail - 0.2%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029	907,000	976,802
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048	543,000	678,963
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049	1,107,000	1,419,897
		3,075,662
Transport-Services - 0.2%
FedEx Corp. Pass Through Trust Pass - Through Certs. Series 2020-1, Class AA 1.88% due 08/20/2035	1,682,000	1,720,553
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025	877,000	990,653
		2,711,206
Trucking/Leasing - 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*	239,000	259,117
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*	1,689,000	1,867,046
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*	795,000	914,157
		3,040,320
Vitamins & Nutrition Products - 0.1%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*	827,000	870,417
Water - 0.1%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050	538,000	640,635
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050	693,000	774,384
		1,415,019
Total U.S. Corporate Bonds & Notes          (cost $488,827,598)		523,919,069
FOREIGN CORPORATE BONDS & NOTES - 10.2%
Aerospace/Defense - 0.1%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*	1,045,000	1,181,218
Agricultural Chemicals - 0.2%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*	697,000	684,077
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050	668,000	802,202
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*	853,000	887,120
Yara International ASA Senior Notes 3.15% due 06/04/2030*	535,000	578,800
		2,952,199
Airlines - 0.0%
Delta Air Lines/Skymiles Senior Sec. Notes 4.50% due 10/20/2025*	265,460	280,230
Delta Air Lines/Skymiles Senior Sec. Notes 4.75% due 10/20/2028*	198,000	213,042
		493,272

Auto-Cars/Light Trucks - 0.1%
Nissan Motor Co., Ltd. Senior Notes 3.04% due 09/15/2023*	940,000	977,401
Banks-Commercial - 1.4%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*	828,000	869,898
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*	320,000	324,003
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*	1,081,000	1,222,395
Bank of Montreal Senior Notes 2.05% due 11/01/2022	3,116,000	3,215,799
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022	714,000	726,843
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025	818,000	823,615
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*	2,710,000	2,716,477
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*	968,000	1,034,432
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*	1,302,000	1,404,945
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*	1,074,000	1,106,844
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*	500,000	515,250
ING Groep NV Senior Notes 1.40% due 07/01/2026*	2,601,000	2,637,031
ING Groep NV Senior Notes 4.63% due 01/06/2026*	563,000	661,365
National Bank of Canada Senior Notes 2.15% due 10/07/2022*	1,709,000	1,762,684
Philippine National Bank Senior Notes 3.28% due 09/27/2024	500,000	526,471
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*	1,042,000	1,177,144
Standard Chartered PLC Sub. Notes 3.27% due 02/18/2036*	1,247,000	1,265,993
		21,991,189
Banks-Special Purpose - 0.3%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*	738,000	737,786
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*	3,448,000	3,481,515
		4,219,301
Beverages-Non-alcoholic - 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032	1,581,000	1,596,541
Beverages-Wine/Spirits - 0.1%
Diageo Capital PLC Company Guar. Notes 2.13% due 04/29/2032	1,166,000	1,233,478
Building-Residential/Commercial - 0.1%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*	185,000	193,788
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*	696,000	736,020
		929,808
Cable/Satellite TV - 0.1%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*	1,097,000	1,124,425
Casino Hotels - 0.1%
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*	880,000	882,200
Cellular Telecom - 0.3%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*	215,000	237,038
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*	1,024,000	1,136,640
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*	784,000	823,200
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*	590,000	630,683
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049	965,000	1,263,906
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048	733,000	1,003,422
		5,094,889

Chemicals-Diversified - 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*	971,000	1,005,713
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*	1,619,000	1,635,676
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030	200,000	202,060
		2,843,449
Chemicals-Other - 0.0%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*	600,000	665,532
Chemicals-Specialty - 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029	665,000	680,573
Computer Software - 0.0%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*	620,000	648,675
Containers-Metal/Glass - 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*	490,000	510,997
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*	825,000	893,062
		1,404,059
Containers-Paper/Plastic - 0.2%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*	856,000	900,940
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*	1,053,000	1,116,180
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*	1,620,000	2,029,082
		4,046,202
Cruise Lines - 0.2%
Carnival Corp. Senior Notes 7.63% due 03/01/2026*	177,000	186,735
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*	1,270,000	1,134,428
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*	885,000	907,678
Viking Cruises, Ltd. Senior Sec. Notes 13.00% due 05/15/2025*	115,000	135,125
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*	900,000	873,000
		3,236,966
Diversified Banking Institutions - 2.2%
Banco Santander SA Senior Notes 2.71% due 06/27/2024	1,400,000	1,490,480
Barclays PLC Sub. Notes 3.56% due 09/23/2035	1,133,000	1,182,512
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*	2,341,000	2,541,399
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*	2,097,000	2,328,383
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*	1,134,000	1,170,804
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*	1,066,000	1,109,487
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*	1,488,000	1,751,520
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024	1,151,000	1,174,703
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027	1,818,000	1,833,332
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026	1,310,000	1,483,227
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025	1,683,000	1,772,342
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025	2,628,000	2,773,497
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035	2,128,000	2,146,492
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*	1,516,000	1,574,884
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024	2,318,000	2,402,598

Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025	531,000	583,912
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024	622,000	676,861
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*	616,000	641,488
UBS Group Funding Switzerland AG Senior Notes 4.13% due 09/24/2025*	269,000	307,660
UniCredit SpA Senior Notes 2.57% due 09/22/2026*	1,971,000	2,005,069
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*	2,866,000	3,139,423
UniCredit SpA Senior Notes 6.57% due 01/14/2022*	1,048,000	1,108,055
		35,198,128
Diversified Financial Services - 0.3%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*	924,000	977,130
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035	3,013,000	3,473,436
		4,450,566
Diversified Manufacturing Operations - 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*	1,086,000	1,204,427
Diversified Minerals - 0.3%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*	1,335,000	1,369,368
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*	556,000	609,548
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041	2,423,000	3,015,766
		4,994,682
Electric-Distribution - 0.0%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027	400,000	417,004
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*	250,000	243,250
		660,254
Electric-Generation - 0.2%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*	999,000	1,337,432
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039	469,500	549,198
Minejesa Capital BV Senior Sec. Notes 4.63% due 08/10/2030	400,000	426,000
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037	300,000	317,250
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029	300,000	315,814
		2,945,694
Electric-Integrated - 0.2%
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*	645,000	686,125
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*	1,216,000	1,632,037
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*	936,000	1,009,485
		3,327,647
Energy-Alternate Sources - 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024	400,000	423,201
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022	400,000	413,600
		836,801
Finance-Consumer Loans - 0.1%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*	788,000	818,535
Finance-Leasing Companies - 0.0%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*	465,000	460,695
Food-Meat Products - 0.0%
BRF SA Senior Notes 4.88% due 01/24/2030*	400,000	426,400

Gold Mining - 0.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030	1,051,000	1,117,130
Independent Power Producers - 0.0%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029	300,000	331,500
Industrial Gases - 0.0%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023#	400,000	411,043
Insurance-Life/Health - 0.2%
Athene Holding, Ltd. Senior Notes 3.50% due 01/15/2031	1,271,000	1,345,118
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032	1,327,000	1,455,949
		2,801,067
Insurance-Property/Casualty - 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029	2,232,000	2,478,689
Investment Companies - 0.1%
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026	900,000	992,628
JAB Holdings BV Company Guar. Notes 2.20% due 11/23/2030*	827,000	829,849
MDGH - GMTN BV Company Guar. Notes 3.70% due 11/07/2049	400,000	457,000
		2,279,477
Medical-Drugs - 0.3%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050	485,000	458,684
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*	227,000	228,691
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*	932,000	736,280
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026	2,516,000	2,810,800
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050	1,295,000	1,387,101
		5,621,556
Metal-Aluminum - 0.0%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028	400,000	498,413
Metal-Copper - 0.0%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*	718,000	733,760
Metal-Diversified - 0.0%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022	400,000	406,172
Metal-Iron - 0.1%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*	824,000	909,737
Motion Pictures & Services - 0.1%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*	815,000	827,225
Multimedia - 0.0%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*	400,000	416,204
Oil Companies-Exploration & Production - 0.2%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030	859,000	886,340
CNOOC Finance, Ltd. Company Guar. Notes 2.88% due 09/30/2029	400,000	417,359
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*	1,158,000	1,181,160
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*	775,000	759,500
		3,244,359
Oil Companies-Integrated - 0.4%
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027	1,103,000	1,176,190
Ecopetrol SA Senior Notes 6.88% due 04/29/2030	400,000	506,600
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026	687,000	718,375
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049	97,000	107,455
Petro-Canada Senior Notes 5.95% due 05/15/2035	556,000	699,765

Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031	400,000	452,920
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045	400,000	335,000
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027	400,000	403,000
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035	400,000	368,320
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047	400,000	344,000
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049	546,000	626,288
		5,737,913
Paper & Related Products - 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031	1,599,000	1,685,346
Real Estate Investment Trusts - 0.0%
Trust Fibro Uno Senior Notes 6.39% due 01/15/2050	400,000	441,600
Retail-Petroleum Products - 0.1%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*	980,000	1,014,300
Satellite Telecom - 0.1%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*	935,000	968,940
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*	428,000	435,490
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*	1,045,000	1,076,350
		2,480,780
Security Services - 0.1%
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*	283,000	283,707
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*	690,000	769,350
		1,053,057
Semiconductor Components-Integrated Circuits - 0.1%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*	1,737,000	1,727,369
Steel-Producers - 0.0%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022	400,000	404,000
SupraNational Banks - 0.7%
African Development Bank Senior Notes 0.75% due 04/03/2023	1,881,000	1,903,147
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025	2,207,000	2,287,644
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027	2,604,000	2,607,687
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025	1,232,000	1,390,472
International Finance Corp. Senior Notes 0.50% due 03/20/2023#	2,622,000	2,636,741
		10,825,691
Telecom Services - 0.1%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*	1,175,000	1,192,566
Telephone-Integrated - 0.2%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038	923,000	1,262,840
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038	1,365,000	1,639,032
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047	250,000	318,730
		3,220,602
Transport-Rail - 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115	306,000	493,970
Transport-Services - 0.0%
Rumo Luxembourg SARL Company Guar. Notes 5.25% due 01/10/2028*	580,000	626,684

Vitamins & Nutrition Products - 0.0%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*	352,000	386,320
Warehousing & Harbor Transportation Services - 0.0%
DP World PLC Senior Notes 4.70% due 09/30/2049	500,000	552,500
Total Foreign Corporate Bonds & Notes          (cost $156,336,500)		165,444,236
FOREIGN GOVERNMENT OBLIGATIONS - 4.1%
Banks-Special Purpose - 0.1%
Korea Development Bank Senior Notes 0.50% due 10/27/2023	1,289,000	1,291,013
Sovereign - 4.0%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*	2,200,000	2,313,828
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*	1,900,000	2,110,805
Emirate of Abu Dhabi Senior Notes 3.13% due 04/16/2030*	3,650,000	4,129,245
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050	1,300,000	1,378,000
Government of Romania Senior Notes 3.00% due 02/14/2031*	1,200,000	1,282,200
Government of Romania Senior Notes 4.00% due 02/14/2051*	1,600,000	1,748,000
Government of Ukraine Senior Notes 7.25% due 03/15/2033*	1,620,000	1,718,820
Government of Ukraine Senior Notes 7.75% due 09/01/2023	1,000,000	1,084,286
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030	2,200,000	2,417,250
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*	2,000,000	2,545,000
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031	413,603	499,430
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055	1,210,000	1,642,575
Oriental Republic of Uruguay Senior Notes 7.63% due 03/21/2036	500,000	793,130
People’s Republic of China Senior Bonds 2.25% due 10/21/2050*	2,200,000	2,196,678
Republic of Belarus Senior Notes 6.88% due 02/28/2023	2,300,000	2,365,734
Republic of Colombia Senior Notes 3.13% due 04/15/2031	2,700,000	2,833,650
Republic of El Salvador Senior Notes 9.50% due 07/15/2052*	2,965,000	2,807,855
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030	2,000,000	2,586,140
Republic of Indonesia Senior Notes 7.75% due 01/17/2038	1,000,000	1,583,715
Republic of Indonesia Senior Notes 8.50% due 10/12/2035	800,000	1,311,122
Republic of Italy Senior Notes 4.00% due 10/17/2049	729,000	815,533
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032	664,000	665,009
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033	500,000	550,000
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028	1,000,000	1,126,370
Republic of Kenya Senior Notes 6.88% due 06/24/2024	1,150,000	1,242,782
Republic of Kenya Senior Notes 7.00% due 05/22/2027	800,000	867,302
Republic of Panama Senior Notes 2.25% due 09/29/2032	2,000,000	2,028,000
Republic of the Philippines Senior Notes 3.70% due 03/01/2041	1,200,000	1,397,450
Republic of Turkey Senior Notes 6.25% due 09/26/2022	2,300,000	2,369,966
Republic of Turkey Senior Notes 6.63% due 02/17/2045	1,000,000	993,890
Russian Federation Senior Notes 4.38% due 03/21/2029	1,200,000	1,388,993
State of Qatar Senior Notes 3.75% due 04/16/2030*	1,800,000	2,109,330

State of Qatar Senior Notes 4.82% due 03/14/2049	2,500,000	3,459,375
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*#	1,700,000	1,767,490
United Mexican States Senior Notes 2.66% due 05/24/2031	880,000	880,783
United Mexican States Senior Notes 4.50% due 04/22/2029	1,303,000	1,503,024
United Mexican States Senior Bonds 4.75% due 03/08/2044	788,000	907,193
United Mexican States Senior Notes 5.00% due 04/27/2051	800,000	964,080
		64,384,033
Total Foreign Government Obligations (cost $63,371,314)		65,675,046
U.S. GOVERNMENT AGENCIES - 39.3%
Federal Home Loan Bank - 0.3%
2.13% due 09/14/2029	4,765,000	5,251,918
Federal Home Loan Mtg. Corp. - 7.9%
2.50% due 01/01/2028	367,568	385,657
2.50% due 04/01/2028	790,352	832,978
2.50% due 03/01/2031	509,543	531,299
2.50% due 10/01/2032	2,589,184	2,698,330
3.00% due 08/01/2027	180,737	189,905
3.00% due 10/01/2042	1,066,991	1,162,639
3.00% due 11/01/2042	820,828	872,692
3.00% due 02/01/2043	1,008,834	1,083,998
3.00% due 04/01/2043	1,193,659	1,296,025
3.00% due 05/01/2043	485,123	528,617
3.00% due 08/01/2043	4,085,249	4,350,540
3.00% due 10/01/2045	3,614,934	3,795,260
3.00% due 01/01/2050	8,744,610	9,141,590
3.50% due 01/01/2032	2,926,807	3,134,993
3.50% due 03/01/2042	2,574,003	2,786,908
3.50% due 04/01/2042	1,128,987	1,224,238
3.50% due 08/01/2042	977,063	1,066,936
3.50% due 09/01/2043	834,234	910,837
3.50% due 03/01/2045	674,767	721,425
3.50% due 07/01/2045	4,957,533	5,342,333
3.50% due 08/01/2045	1,449,404	1,575,717
3.50% due 11/01/2045	2,357,554	2,520,256
3.50% due 01/01/2046	1,476,464	1,587,761
3.50% due 03/01/2046	1,364,212	1,456,919
3.50% due 11/01/2047	7,158,849	7,583,703
3.50% due 01/01/2048	11,856,362	12,621,318
3.50% due 03/01/2048	6,758,218	7,332,256
3.50% due 08/01/2049	7,766,187	8,270,379
3.50% due 04/01/2050	8,230,533	8,679,039
4.00% due 03/01/2023	594	630
4.00% due 09/01/2040	790,289	864,056
4.00% due 07/01/2044	55,013	59,811
4.00% due 10/01/2045	1,774,633	1,923,886
4.00% due 01/01/2046	446,140	491,170
4.00% due 07/01/2049	4,346,223	4,716,046
4.00% due 01/01/2050	1,250,723	1,334,074
4.50% due 12/01/2039	398,217	444,354
4.50% due 07/01/2044	1,023,967	1,151,541
4.50% due 07/01/2045	9,126,758	10,236,081
4.50% due 05/01/2048	2,691,566	2,928,422
5.00% due 10/01/2033	771	877
5.00% due 07/01/2040	416,446	484,147
5.00% due 11/01/2043	2,071,491	2,404,663
5.50% due 11/01/2032	5,138	5,925
5.50% due 07/01/2034	19,203	22,479
5.50% due 02/01/2035	20,738	23,175
5.50% due 07/01/2035	681	809
5.50% due 01/01/2036	132,073	156,377
5.50% due 05/01/2037	20,526	24,212
6.00% due 07/01/2035	69,683	78,551
6.00% due 03/01/2040	105,290	125,059
6.50% due 02/01/2036	8,975	10,469
6.50% due 09/01/2036	159	178
6.50% due 05/01/2037	27,083	31,676
Federal Home Loan Mtg. Corp. FRS
2.36% (6 ML+1.49%) due 02/01/2037	72,536	75,023
3.38% (12 ML+1.88%) due 11/01/2037	754,099	797,195
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)	2,212,469	2,278,783
Series 4800, Class KG 3.50% due 11/15/2045(2)	2,475,598	2,529,835
Federal Home Loan Mtg. Corp. REMIC FRS
Series 3572, Class JS 6.66% (6.80%-1 ML) due 09/15/2039(2)(7)(8)	485,924	80,515
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2014-HQ2, Class M2 2.35% (1 ML+2.20%) due 09/25/2024(2)	146,049	146,049
		127,110,616
Federal National Mtg. Assoc. - 21.7%
2.00% due 07/01/2035	6,691,751	6,968,423
2.00% due 12/01/2050	7,980,343	8,289,311
2.50% due 02/01/2028	750,711	789,362
2.50% due 04/01/2028	224,193	236,211
2.50% due 07/01/2031	1,950,331	2,030,444
2.50% due 08/01/2031	10,663,352	11,112,147
2.50% due 01/01/2032	1,708,373	1,780,227
2.50% due 04/01/2035	6,419,818	6,673,785
2.50% due 05/01/2050	7,656,047	8,105,330
2.50% due 06/01/2050	14,064,904	14,753,555
2.50% due 07/01/2050	6,784,881	7,233,311
3.00% due 10/01/2027	103,943	108,965
3.00% due 01/01/2028	971,503	1,019,049

3.00% due 10/01/2030	1,540,225	1,614,165
3.00% due 10/01/2032	4,641,180	4,860,044
3.00% due 02/01/2033	14,185,911	14,860,692
3.00% due 07/01/2034	1,045,623	1,094,234
3.00% due 11/01/2039	6,034,201	6,303,194
3.00% due 03/01/2042	1,834,913	1,945,492
3.00% due 12/01/2042	1,688,746	1,813,413
3.00% due 02/01/2043	3,952,672	4,201,802
3.00% due 05/01/2043	2,030,272	2,152,924
3.00% due 05/01/2046	2,225,742	2,334,980
3.00% due 08/01/2046	5,465,310	5,843,712
3.00% due 09/01/2046	1,066,441	1,118,174
3.00% due 04/01/2047	2,611,865	2,740,883
3.00% due 09/01/2048	4,691,288	4,912,421
3.00% due 11/01/2048	12,586,508	13,161,624
3.00% due 06/01/2049	4,080,178	4,363,021
3.00% due 03/01/2050	5,306,105	5,603,880
3.50% due 08/01/2026	543,609	575,448
3.50% due 09/01/2026	553,723	586,349
3.50% due 08/01/2027	54,846	58,052
3.50% due 10/01/2028	1,303,433	1,398,100
3.50% due 03/01/2033	950,142	1,008,340
3.50% due 12/01/2041	328,892	358,960
3.50% due 03/01/2042	445,509	483,416
3.50% due 08/01/2042	2,775,933	3,019,334
3.50% due 09/01/2042	321,564	347,896
3.50% due 02/01/2043	2,041,709	2,266,181
3.50% due 07/01/2045	995,515	1,063,647
3.50% due 08/01/2045	1,347,684	1,451,472
3.50% due 09/01/2045	252,157	268,495
3.50% due 10/01/2045	2,095,106	2,292,762
3.50% due 11/01/2045	3,269,220	3,480,315
3.50% due 12/01/2045	6,889,160	7,354,237
3.50% due 02/01/2046	1,133,223	1,209,671
3.50% due 03/01/2046	5,283,840	5,622,806
3.50% due 07/01/2046	3,949,344	4,292,729
3.50% due 01/01/2047	3,377,987	3,590,326
3.50% due 12/01/2047	17,316,176	18,448,388
3.50% due 04/01/2048	7,479,471	8,066,164
4.00% due 11/01/2025	36,498	38,726
4.00% due 03/01/2039	2,603,300	2,792,275
4.00% due 09/01/2040	68,251	74,566
4.00% due 10/01/2040	136,768	149,504
4.00% due 12/01/2040	1,100,425	1,209,611
4.00% due 10/01/2041	715,263	779,066
4.00% due 11/01/2041	694,515	757,604
4.00% due 01/01/2043	1,468,355	1,616,362
4.00% due 02/01/2045	2,295,181	2,518,867
4.00% due 02/01/2046	1,530,497	1,660,319
4.00% due 06/01/2046	421,130	456,876
4.00% due 01/01/2047	2,584,617	2,786,661
4.00% due 05/01/2047	2,128,306	2,286,892
4.00% due 06/01/2047	3,215,359	3,520,916
4.00% due 07/01/2047	10,009,417	10,758,679
4.00% due 08/01/2047	3,464,743	3,719,591
4.00% due 06/01/2048	6,881,171	7,436,349
4.00% due 09/01/2048	5,672,776	6,069,012
4.00% due 12/01/2048	2,059,812	2,197,159
4.00% due 01/01/2049	6,089,953	6,497,903
4.00% due 03/01/2049	3,078,163	3,282,641
4.00% due 03/01/2050	8,255,082	8,802,726
4.50% due 10/01/2024	176,325	187,619
4.50% due 03/01/2025	252,218	268,391
4.50% due 02/01/2040	715,400	811,166
4.50% due 05/01/2040	226,617	255,736
4.50% due 08/01/2045	5,534,114	6,248,969
4.50% due 06/01/2048	6,401,400	6,959,472
4.50% due 10/01/2048	5,192,324	5,633,406
4.50% due 11/01/2048	4,894,027	5,362,533
4.50% due 12/01/2048	9,145,855	9,918,587
4.50% due 10/01/2049	5,448,492	5,913,285
5.00% due 06/01/2022	7,931	8,378
5.00% due 10/01/2024	89,331	94,483
5.00% due 09/01/2033	359,726	414,623
5.00% due 04/01/2040	272,329	302,250
5.00% due 05/01/2040	425,384	485,897
5.00% due 06/01/2040	1,641,418	1,899,439
5.00% due 07/01/2040	211,709	239,988
5.00% due 02/01/2045	1,084,689	1,249,898
5.50% due 12/01/2029	88,688	99,237
5.50% due 12/01/2033	20,393	24,038
5.50% due 07/01/2037	18,796	22,085
5.50% due 08/01/2037	1,094,409	1,292,829
5.50% due 06/01/2038	104,172	122,892
5.50% due 09/01/2039	349,431	411,521
6.00% due 08/01/2034	16,204	19,461
6.00% due 11/01/2035	15,060	16,889
6.00% due 06/01/2036	35,433	42,524
6.00% due 12/01/2036	66,396	79,189
6.00% due 07/01/2038	322,156	380,409
6.00% due 09/01/2038	171,596	204,916
6.00% due 11/01/2038	101,103	119,303
Federal National Mtg. Assoc. FRS
1.90% (6 ML+1.54%) due 09/01/2035	658,510	683,414
2.33% (12 ML+1.83%) due 10/01/2040	288,886	301,465
2.33% (12 ML+1.82%) due 10/01/2040	152,149	158,801
2.82% (12 ML+1.57%) due 05/01/2037	130,057	135,494
3.01% (12 ML+1.91%) due 08/01/2035	438,155	461,230
3.07% (1 Yr USTYCR+2.26%) due 11/01/2036	245,330	258,362
3.09% (12 ML+1.77%) due 05/01/2040	647,752	676,105
3.11% (1 Yr USTYCR+2.22%) due 10/01/2035	516,835	544,171
3.17% (12 ML+1.67%) due 07/01/2039	529,926	553,328
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(2)	3,582,312	3,852,593
Series 2018-27, Class EA 3.00% due 05/25/2048(2)	3,581,416	3,821,173
Series 2018-35, Class CD 3.00% due 05/25/2048(2)	4,767,308	5,036,560
		350,252,277

Government National Mtg. Assoc. - 5.7%
2.50% due 05/20/2050	8,748,652	9,224,476
2.50% due 06/20/2050	15,657,447	16,513,891
3.00% due 02/20/2045	3,326,117	3,539,731
3.00% due 05/20/2045	814,578	869,082
3.00% due 07/20/2045	213,809	227,335
3.00% due 11/20/2045	1,839,695	1,956,395
3.00% due 12/20/2045	1,446,436	1,537,958
3.00% due 01/20/2046	7,938,736	8,439,490
3.00% due 05/20/2046	8,889,433	9,450,993
3.00% due 09/20/2047	6,418,746	6,793,612
3.00% due 05/20/2050	13,590,551	14,248,455
3.50% due 03/20/2045	704,367	755,540
3.50% due 07/20/2045	356,578	382,569
3.50% due 03/20/2047	2,163,721	2,328,277
4.00% due 03/20/2044	473,017	518,754
4.00% due 07/20/2045	1,298,659	1,420,687
4.00% due 05/20/2048	3,477,980	3,748,415
4.00% due 03/20/2049	3,926,083	4,183,234
4.50% due 05/15/2039	432,663	497,001
4.50% due 04/20/2047	2,642,321	2,892,305
5.00% due 05/15/2034	110,161	125,593
5.00% due 01/15/2040	494,909	571,698
5.50% due 12/15/2039	493,767	559,991
6.00% due 10/15/2039	126,931	142,905
Government National Mtg. Assoc. REMIC VRS
Series 2013-118, Class B 2.50% due 10/16/2043(1)(3)	1,700,000	1,763,658
		92,692,045
Uniform Mtg. Backed Securities - 3.7%
2.00% due December 15 TBA	8,000,000	8,329,375
2.00% due December 30 TBA	21,800,000	22,641,462
2.50% due December 30 TBA	22,000,000	23,051,994
3.00% due December 30 TBA	6,000,000	6,267,890
		60,290,721
Total U.S. Government Agencies (cost $618,848,531)		635,597,577
U.S. GOVERNMENT TREASURIES - 5.8%
United States Treasury Bonds - 4.3%
1.25% due 05/15/2050	3,079,400	2,841,228
2.38% due 11/15/2049	21,081,000	25,152,268
2.50% due 02/15/2045	1,139,000	1,376,900
2.50% due 05/15/2046	1,366,000	1,655,368
2.75% due 08/15/2047#	1,246,000	1,584,902
3.00% due 05/15/2045	570,000	749,572
3.00% due 05/15/2047	6,851,000	9,096,041
3.13% due 11/15/2041	781,000	1,035,771
3.38% due 11/15/2048	13,798,000	19,670,774
3.75% due 08/15/2041#	35,000	50,416
3.88% due 08/15/2040	134,000	194,740
4.25% due 11/15/2040	683,000	1,040,908
4.38% due 05/15/2040	2,865,000	4,412,995
4.38% due 05/15/2041	433,000	672,926
4.63% due 02/15/2040	65,000	102,758
5.25% due 11/15/2028	359,000	486,599
		70,124,166
United States Treasury Notes - 1.5%
1.38% due 10/15/2022	7,000,000	7,159,961
1.38% due 01/31/2025	1,000,000	1,044,766
1.63% due 08/15/2029	9,200,000	9,883,531
1.75% due 11/15/2029#	5,069,000	5,504,815
		23,593,073
Total U.S. Government Treasuries (cost $80,386,454)		93,717,239
COMMON STOCKS - 0.0%
Television - 0.0%
ION Media Networks, Inc.†(9)(10) (cost $1)	79	68,370
PREFERRED SECURITIES - 0.0%
Electric-Distribution - 0.0%
Entergy Louisiana LLC
4.70%#	22,600	567,938
Sovereign Agency - 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†#	5,600	56,560
Total Preferred Securities (cost $651,353)		624,498
PREFERRED SECURITIES/CAPITAL SECURITIES - 1.3%
Banks-Money Center - 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*	$1,302,000	1,363,845
Banks-Super Regional - 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086	363,000	484,411
Building & Construction-Misc. - 0.0%
China Minmetals Corp. 3.75% due 11/13/2022(4)	400,000	406,200
Diversified Banking Institutions - 0.2%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(4)	1,441,000	1,552,677
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(4)	425,000	492,201
Societe Generale SA 7.88% due 12/18/2023*(4)	793,000	876,186
		2,921,064

Electric-Distribution - 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043	621,000			653,975
Electric-Integrated - 0.1%
CMS Energy Corp. 3.75% due 12/01/2050	693,000			701,524
CMS Energy Corp. 4.75% due 06/01/2050	825,000			907,346
Dominion Resources, Inc. 5.75% due 10/01/2054	576,000			632,027
				2,240,897
Food-Dairy Products - 0.0%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*	603,000			693,450
Insurance-Life/Health - 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043	706,000			759,832
Prudential Financial, Inc. 5.70% due 09/15/2048	861,000			998,713
Voya Financial, Inc. 4.70% due 01/23/2048	883,000			902,884
				2,661,429
Insurance-Multi-line - 0.1%
Allianz SE 3.50% due 11/17/2025*(4)	1,000,000			1,010,200
Metal-Aluminum - 0.0%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(4)	500,000			504,983
Metal-Diversified - 0.0%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(4)	200,000			205,089
Oil Companies-Integrated - 0.1%
BP Capital Markets PLC 4.88% due 03/22/2030(4)	1,492,000			1,645,378
Pipelines - 0.1%
EnLink Midstream Partners LP 6.00% due 12/15/2022(4)	738,000			405,900
Enterprise Products Operating LLC 5.25% due 08/16/2077	566,000			558,302
				964,202
Real Estate Investment Trusts - 0.1%
Scentre Group Trust 2 5.13% due 09/24/2080*	905,000			948,530
Tools-Hand Held - 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060	1,860,000			1,970,320
Transport-Equipment & Leasing - 0.1%
AerCap Global Aviation Trust 6.50% due 06/15/2045*	1,030,000			988,800
Transport-Rail - 0.1%
CRCC Chengan, Ltd. 3.97% due 06/27/2024(4)	700,000			710,987
Total Preferred Securities/Capital Securities (cost $19,292,472)				20,373,760
ESCROWS AND LITIGATION TRUSTS - 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(9)	179,000			18
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(9)	230,000			23
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(9)	148,000			15
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(9)	5,022			36
Total Escrows And Litigation Trusts (cost $5,022)				92
Total Long-Term Investment Securities (cost $1,484,215,756)				1,564,040,785
SHORT-TERM INVESTMENT SECURITIES - 7.9%
Registered Investment Companies - 7.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.02%(11)	115,815,983			115,815,983
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(11)(12)	12,166,329			12,166,329
Total Short-Term Investment Securities (cost $127,982,312)				127,982,312
TOTAL INVESTMENTS (cost $1,612,198,068)	104.6	%		1,692,023,097
Liabilities in excess of other assets	(4.6	)		(74,699,027	)
NET ASSETS	100.0	%	$	1,617,324,070

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $286,490,544 representing 17.7% of net assets.

# The security or a portion thereof is out on loan.

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) 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. These securities do not indicate a reference rate and spread in their description above.

(4) Perpetual maturity - maturity date reflects the next call date.

(5) Security in default of interest.

(6) Company has filed for bankruptcy protection.

(7) Interest Only

(8) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2020.

(9) Securities classified as Level 3 (see Note 1).

(10) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		03/05/2014		79	$	1	$	68,370	$	865.45		0.00	%

(11) The rate shown is the 7-day yield as of November 30, 2020.

(12) At November 30, 2020, the Fund had loaned securities with a total value of $13,809,070. This was secured by collateral of $12,166,329, which was received in cash and subsequently invested in short-term investments currently valued at $12,166,329 as reported in the Portfolio of Investments. Additional collateral of $1,914,869 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	0.50% to 17.97%	01/25/2023 to 12/25/2050	$	690,057
Federal National Mtg. Assoc.	1.50% to 12.24%	02/01/2026 to 08/25/2058		582,983
Government National Mtg. Assoc.	0.50% to 9.59%	10/20/2034 to 12/16/2062		332,154
United States Treasury Bills	0.00%	12/03/2020 to 04/08/2021		70,865
United States Treasury Notes/Bonds	0.13% to 3.88%	12/31/2020 to 08/15/2048		238,810

REMIC - Real Estate Mortgage Investment Conduit

TBA - Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The

actual principal amount andmaturity date will be determined upon settlement date.

ULC - Unlimited Liability Corp.

FRS - Floating Rate Security

VRS - Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2020 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML - 1 Month USD LIBOR

6 ML - 6 Month USD LIBOR

12 ML - 12 Month USD LIBOR

1 Yr USTYCR - 1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	58,620,898	$	—	$	58,620,898
U.S. Corporate Bonds & Notes		—		523,919,069		—		523,919,069
Foreign Corporate Bonds & Notes		—		165,444,236		—		165,444,236
Foreign Government Obligations		—		65,675,046		—		65,675,046
U.S. Government Agencies		—		635,597,577		—		635,597,577
U.S. Government Treasuries		—		93,717,239		—		93,717,239
Common Stocks		—		—		68,370		68,370
Preferred Securities		624,498		—		—		624,498
Preferred Securities/Capital Securities		—		20,373,760		—		20,373,760
Escrows and Litigation Trusts		—		—		92		92
Short-Term Investment Securities		127,982,312		—		—		127,982,312
Total Investments at Value	$	128,606,810	$	1,563,347,825	$	68,462	$	1,692,023,097

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Portfolio of Investments

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount(13)		Value (Note 1)
U.S. CONVERTIBLE BONDS & NOTES - 2.8%
Computers-Memory Devices - 0.4%
Western Digital Corp. Company Guar. Notes 1.50% due 02/01/2024		$2,015,000	$	1,969,364
Electronic Components-Semiconductors - 0.4%
Microchip Technology, Inc. Junior Sub. Notes 2.25% due 02/15/2037		1,000,000		1,971,875
Enterprise Software/Service - 0.4%
Workday, Inc. Senior Notes 0.25% due 10/01/2022		1,325,000		2,115,746
Machinery-General Industrial - 0.3%
Middleby Corp. Senior Notes 1.00% due 09/01/2025*		1,217,000		1,531,138
Medical Instruments - 0.6%
Integra LifeSciences Holdings Corp. Senior Notes 0.50% due 08/15/2025*		1,587,000		1,597,911
NuVasive, Inc. Senior Notes 0.38% due 03/15/2025*		1,910,000		1,710,716
				3,308,627
Oil Companies-Exploration & Production - 0.5%
Pioneer Natural Resources Co. Senior Notes 0.25% due 05/15/2025*		2,250,000		2,717,271
Theaters - 0.2%
Cinemark Holdings, Inc. Senior Notes 4.50% due 08/15/2025*		849,000		1,114,967
Total U.S. Convertible Bonds & Notes
(cost $13,268,142)				14,728,988
U.S. CORPORATE BONDS & NOTES - 71.7%
Advertising Sales - 0.1%
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028		760,000		767,600
Aerospace/Defense-Equipment - 1.5%
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		2,330,000		2,404,560
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		4,210,000		4,462,600
TransDigm, Inc. Senior Sec. Notes 8.00% due 12/15/2025*		845,000		923,162
				7,790,322
Apparel Manufacturers - 0.4%
PVH Corp. Senior Notes 4.63% due 07/10/2025		1,720,000		1,883,320
Applications Software - 1.3%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		1,620,000		1,777,950
PTC, Inc. Company Guar. Notes 3.63% due 02/15/2025*		355,000		362,650
PTC, Inc. Company Guar. Notes 4.00% due 02/15/2028*		390,000		406,087
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		4,215,000		4,515,319
				7,062,006
Auto-Cars/Light Trucks - 2.3%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		2,875,000		2,827,706
Ford Motor Co. Senior Notes 8.50% due 04/21/2023		2,395,000		2,684,675
Ford Motor Credit Co. LLC Senior Notes 4.54% due 08/01/2026		5,240,000		5,495,450
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		1,225,000		1,322,633
				12,330,464
Auto/Truck Parts & Equipment-Original - 0.4%
Meritor, Inc. Company Guar. Notes 4.50% due 12/15/2028*		2,140,000		2,172,100
Broadcast Services/Program - 0.9%
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		4,625,000		4,931,406
Building & Construction Products-Misc. - 0.9%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		2,345,000		2,526,737
CP Atlas Buyer, Inc. Senior Notes 7.00% due 12/01/2028*		840,000		869,400
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		1,160,000		1,164,350
				4,560,487
Building-Residential/Commercial - 2.4%
Adams Homes, Inc. Company Guar. Notes 7.50% due 02/15/2025*		455,000		468,650
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 6.63% due 01/15/2028*		2,000,000		2,065,000
KB Home Company Guar. Notes 4.80% due 11/15/2029		755,000		830,500

M/I Homes, Inc. Company Guar. Notes 4.95% due 02/01/2028	1,145,000	1,205,112
M/I Homes, Inc. Company Guar. Notes 5.63% due 08/01/2025	1,750,000	1,820,000
STL Holding Co. LLC Senior Notes 7.50% due 02/15/2026*	1,840,000	1,881,400
Taylor Morrison Communities, Inc. Senior Notes 5.13% due 08/01/2030*	430,000	478,375
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*	3,460,000	3,927,100
		12,676,137
Cable/Satellite TV - 6.0%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*	3,695,000	3,833,193
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*	1,605,000	1,691,269
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032*	2,740,000	2,895,906
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*	4,350,000	4,507,687
CSC Holdings LLC Company Guar. Notes 4.13% due 12/01/2030*	370,000	382,876
CSC Holdings LLC Senior Notes 4.63% due 12/01/2030*	1,325,000	1,356,402
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024	1,900,000	2,056,750
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*	825,000	870,788
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*	5,800,000	6,483,298
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023	2,345,000	2,438,800
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024	1,120,000	1,191,159
DISH DBS Corp. Company Guar. Notes 7.38% due 07/01/2028	3,025,000	3,282,125
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026	990,000	1,129,838
		32,120,091
Casino Hotels - 1.6%
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026	3,735,000	3,879,731
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*	2,280,000	2,223,000
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*	2,560,000	2,611,200
		8,713,931
Casino Services - 0.7%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*	1,940,000	2,065,217
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*	1,390,000	1,528,924
		3,594,141
Cellular Telecom - 1.0%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024	2,964,000	3,449,355
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025	1,425,000	1,706,437
		5,155,792
Commercial Services-Finance - 0.1%
Cardtronics, Inc./Cardtronics USA, Inc. Company Guar. Notes 5.50% due 05/01/2025*	260,000	268,450
Computer Services - 1.4%
Presidio Holdings, Inc. Senior Sec. Notes 4.88% due 02/01/2027*	1,755,000	1,849,331
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*	1,340,000	1,453,900
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*	4,205,000	4,310,125
		7,613,356
Containers-Metal/Glass - 0.9%
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*	3,090,000	3,290,850

Silgan Holdings, Inc. Senior Notes 2.25% due 06/01/2028	EUR    1,175,000	1,419,400
		4,710,250
Containers-Paper/Plastic - 1.0%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*	1,010,000	1,075,650
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*	3,020,000	3,094,534
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*	1,340,000	1,410,350
		5,580,534
Decision Support Software - 0.8%
MSCI, Inc. Company Guar. Notes 4.00% due 11/15/2029*	3,735,000	3,997,832
Diagnostic Equipment - 0.5%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*	2,505,000	2,636,513
Distribution/Wholesale - 1.0%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*	575,000	596,562
Core & Main Holdings LP Senior Notes 8.63% due 09/15/2024*(1)	1,910,000	1,955,764
G-III Apparel Group, Ltd. Senior Sec. Notes 7.88% due 08/15/2025*	1,780,000	1,922,400
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*	1,040,000	1,106,300
		5,581,026
Electronic Components-Semiconductors - 0.1%
Qorvo, Inc. Company Guar. Notes 4.38% due 10/15/2029	660,000	711,401
Enterprise Software/Service - 0.5%
BY Crown Parent LLC/BY Bond Finance, Inc. Senior Sec. Notes 4.25% due 01/31/2026*	825,000	847,688
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*	1,525,000	1,602,317
		2,450,005
Finance-Auto Loans - 0.6%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*	1,470,000	1,503,075
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026	1,565,000	1,654,988
		3,158,063
Finance-Consumer Loans - 1.8%
Navient Corp. Senior Notes 6.50% due 06/15/2022	2,029,000	2,136,537
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029	4,135,000	4,507,150
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024	485,000	525,473
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025	1,505,000	1,719,462
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026	475,000	546,768
		9,435,390
Finance-Mortgage Loan/Banker - 1.4%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*	2,935,000	3,125,775
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*	2,570,000	2,704,925
PennyMac Financial Services, Inc. Company Guar. Notes 5.38% due 10/15/2025*	1,525,000	1,593,625
		7,424,325
Financial Guarantee Insurance - 0.7%
MGIC Investment Corp. Senior Notes 5.25% due 08/15/2028	2,310,000	2,463,038
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*	975,000	1,079,432
		3,542,470
Food-Catering - 0.3%
Aramark Services, Inc. Company Guar. Notes 5.00% due 04/01/2025*#	765,000	786,037
Aramark Services, Inc. Company Guar. Notes 5.00% due 02/01/2028*#	855,000	898,819
		1,684,856
Food-Misc./Diversified - 2.5%
B&G Foods, Inc. Company Guar. Notes 5.25% due 09/15/2027	1,440,000	1,505,693
Post Holdings, Inc. Company Guar. Notes 4.63% due 04/15/2030*	845,000	882,501

Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*	3,545,000	3,677,937
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*	2,974,000	3,163,593
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*	1,440,000	1,515,600
TreeHouse Foods, Inc. Company Guar. Notes 4.00% due 09/01/2028	1,184,000	1,201,997
TreeHouse Foods, Inc. Company Guar. Notes 6.00% due 02/15/2024*	1,230,000	1,257,318
		13,204,639
Funeral Services & Related Items - 0.3%
Service Corp. International Senior Notes 4.63% due 12/15/2027	735,000	779,100
Service Corp. International Senior Notes 5.13% due 06/01/2029	725,000	805,656
		1,584,756
Gambling (Non-Hotel) - 1.2%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*	2,880,000	2,880,000
Caesars Resort Collection LLC/CRC Finco, Inc. Senior Sec. Notes 5.75% due 07/01/2025*	640,000	677,600
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*	2,695,000	2,735,425
		6,293,025
Gas-Distribution - 0.8%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025	731,000	802,273
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026	2,904,000	3,263,370
		4,065,643
Hazardous Waste Disposal - 0.4%
Stericycle, Inc. Company Guar. Notes 3.88% due 01/15/2029*	345,000	358,800
Stericycle, Inc. Company Guar. Notes 5.38% due 07/15/2024*	1,925,000	2,002,000
		2,360,800
Independent Power Producers - 0.3%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*	1,310,000	1,404,870
Insurance-Multi-line - 2.2%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*	4,130,000	4,233,250
Acrisure LLC/Acrisure Finance, Inc. Senior Sec. Notes 8.13% due 02/15/2024*	1,684,000	1,768,200
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 10.13% due 08/01/2026*	465,000	526,612
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024	260,000	242,125
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023	1,215,000	1,167,858
Genworth Holdings, Inc. Company Guar. Notes 6.50% due 06/15/2034	1,120,000	1,068,200
Genworth Holdings, Inc. Company Guar. Notes 7.20% due 02/15/2021#	2,345,000	2,342,069
Genworth Holdings, Inc. Company Guar. Notes 7.63% due 09/24/2021#	539,000	541,695
		11,890,009
Internet Content-Information/News - 0.3%
Arches Buyer, Inc. Senior Sec. Notes 4.25% due 06/01/2028*	875,000	877,187
Arches Buyer, Inc. Senior Notes 6.13% due 12/01/2028*	475,000	487,469
		1,364,656
Machinery-General Industrial - 0.2%
Vertical US Newco, Inc. Senior Sec. Notes 5.25% due 07/15/2027*	1,195,000	1,254,750
Medical Information Systems - 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. Company Guar. Notes 5.75% due 03/01/2025*	1,890,000	1,920,713
Medical Labs & Testing Services - 0.7%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*	545,000	573,613
IQVIA, Inc. Company Guar. Notes 2.25% due 01/15/2028*	EUR    1,120,000	1,346,814

IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*	1,840,000	1,936,600
		3,857,027
Medical Products - 0.4%
Hill-Rom Holdings, Inc. Company Guar. Notes 4.38% due 09/15/2027*	1,965,000	2,048,513
Medical-Biomedical/Gene - 0.0%
Emergent BioSolutions, Inc. Company Guar. Notes 3.88% due 08/15/2028*	230,000	232,588
Medical-Drugs - 0.0%
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*	20,000	22,000
Medical-Generic Drugs - 0.2%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*	1,035,000	1,117,800
Medical-Hospitals - 3.6%
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*	3,695,000	3,759,293
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 02/01/2022	590,000	563,450
CHS/Community Health Systems, Inc. Sec. Notes 8.13% due 06/30/2024*	2,760,000	2,566,800
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030	3,565,000	3,690,180
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025	3,520,000	3,940,746
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026	2,270,000	2,579,287
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028	105,000	123,113
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029	265,000	316,765
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095	1,470,000	1,888,950
		19,428,584
Metal-Aluminum - 0.7%
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*	1,230,000	1,305,620
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*	2,540,000	2,663,825
		3,969,445
Music - 0.5%
WMG Acquisition Corp. Company Guar. Notes 5.50% due 04/15/2026*	2,328,000	2,415,300
Office Automation & Equipment - 1.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025	855,000	887,062
Xerox Corp. Senior Notes 4.38% due 03/15/2023	4,060,000	4,260,970
Xerox Corp. Senior Notes 4.80% due 03/01/2035	155,000	153,450
Xerox Corp. Senior Notes 6.75% due 12/15/2039	1,245,000	1,314,826
Xerox Holdings Corp. Company Guar. Notes 5.00% due 08/15/2025*	290,000	301,600
		6,917,908
Oil Companies-Exploration & Production - 5.5%
Apache Corp. Senior Notes 4.38% due 10/15/2028	1,700,000	1,734,000
Apache Corp. Senior Notes 4.63% due 11/15/2025	2,030,000	2,110,591
Apache Corp. Senior Notes 4.75% due 04/15/2043	918,000	915,705
Apache Corp. Senior Notes 5.10% due 09/01/2040	1,087,000	1,122,904
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028#	2,300,000	2,294,250
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044	1,050,000	977,813
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*	990,000	1,061,775
EQT Corp. Senior Notes 3.90% due 10/01/2027	1,740,000	1,724,270
Jagged Peak Energy LLC Company Guar. Notes 5.88% due 05/01/2026	3,615,000	3,749,478
Matador Resources Co. Company Guar. Notes 5.88% due 09/15/2026	2,400,000	2,046,000

Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027	1,745,000	1,526,875
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026	85,000	76,925
Occidental Petroleum Corp. Senior Notes 4.20% due 03/15/2048#	8,195,000	6,596,975
SM Energy Co. Senior Notes 5.00% due 01/15/2024	1,010,000	676,700
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. Company Guar. Notes 8.75% due 04/15/2023*	3,340,000	2,672,000
		29,286,261
Oil Refining & Marketing - 0.6%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026	600,000	622,125
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028	375,000	401,250
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 6.00% due 04/15/2027	1,900,000	2,018,750
		3,042,125
Pipelines - 5.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*	3,005,000	2,704,500
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*	945,000	942,637
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*	960,000	960,000
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029	1,379,000	1,436,946
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025	3,280,000	3,538,300
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*	675,000	718,875
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*	685,000	755,213
EQM Midstream Partners LP Senior Notes 6.50% due 07/15/2048	1,410,000	1,395,900
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 4.75% due 10/01/2023*	1,980,000	1,942,776
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 03/01/2027*	1,800,000	1,775,250
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*	1,570,000	1,670,087
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027	3,385,000	3,664,262
Western Midstream Operating LP Senior Notes 5.05% due 02/01/2030	4,725,000	5,046,513
Western Midstream Operating LP Senior Notes 6.25% due 02/01/2050	1,375,000	1,368,125
		27,919,384
Protection/Safety - 0.6%
APX Group, Inc. Company Guar. Notes 7.63% due 09/01/2023	3,215,000	3,335,563
Racetracks - 0.8%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*	3,730,000	3,879,200
Speedway Motorsports LLC/Speedway Funding II, Inc. Senior Notes 4.88% due 11/01/2027*	535,000	526,975
		4,406,175
Real Estate Investment Trusts - 1.5%
FelCor Lodging LP Company Guar. Notes 6.00% due 06/01/2025	2,645,000	2,658,225
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2029*	2,570,000	2,661,235
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*	250,000	255,000
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.75% due 02/15/2027*	165,000	168,300
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.25% due 12/01/2026*	1,295,000	1,343,562

VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.63% due 12/01/2029*	1,085,000	1,156,252
		8,242,574
Rental Auto/Equipment - 1.9%
Ashtead Capital, Inc. Company Guar. Notes 4.00% due 05/01/2028*	2,890,000	3,034,500
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*	3,230,000	3,403,612
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031	1,340,000	1,401,975
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028	1,340,000	1,430,450
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026	1,025,000	1,083,938
		10,354,475
Retail-Apparel/Shoe - 0.5%
L Brands, Inc. Company Guar. Notes 5.25% due 02/01/2028	220,000	228,250
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*	2,045,000	2,239,480
		2,467,730
Retail-Automobile - 0.6%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028	155,000	160,425
Asbury Automotive Group, Inc. Company Guar. Notes 4.75% due 03/01/2030	157,000	165,243
Group 1 Automotive, Inc. Company Guar. Notes 4.00% due 08/15/2028*	980,000	1,002,814
Lithia Motors, Inc. Company Guar. Notes 4.63% due 12/15/2027*	1,510,000	1,604,375
		2,932,857
Retail-Building Products - 0.6%
Specialty Building Products Holdings LLC Senior Sec. Notes 6.38% due 09/30/2026*	2,985,000	3,104,400
Retail-Office Supplies - 1.0%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*	5,360,000	5,393,500
Retail-Pawn Shops - 0.2%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*	1,005,000	1,032,638
Retail-Pet Food & Supplies - 0.2%
PetSmart, Inc. Senior Sec. Notes 5.88% due 06/01/2025*	1,130,000	1,146,950
Retail-Restaurants - 0.9%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*	1,830,000	1,916,925
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*	2,225,000	2,302,741
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*	770,000	832,409
		5,052,075
Semiconductor Equipment - 0.7%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*	3,550,000	3,656,500
Steel Pipe & Tube - 0.1%
Advanced Drainage Systems, Inc. Company Guar. Notes 5.00% due 09/30/2027*	545,000	572,250
Telecom Services - 0.4%
Embarq Corp. Senior Notes 8.00% due 06/01/2036	1,640,000	1,969,968
Telephone-Integrated - 1.3%
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*	1,450,000	1,471,750
Frontier Communications Corp. Senior Sec. Notes 5.88% due 10/15/2027*	1,550,000	1,631,375
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*	1,550,000	1,604,250
Frontier Communications Corp. Senior Notes 6.88% due 01/15/2025†(2)(3)	2,690,000	1,244,125
Frontier Communications Corp. Senior Notes 10.50% due 09/15/2022†(2)(3)	1,800,000	886,500
		6,838,000
Television - 0.9%
Gray Television, Inc. Company Guar. Notes 4.75% due 10/15/2030*	1,070,000	1,083,375
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*	1,060,000	1,107,700

Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*	2,585,000	2,604,387
		4,795,462
Theaters - 0.1%
Cinemark USA, Inc. Company Guar. Notes 5.13% due 12/15/2022	680,000	660,025
Toys - 0.8%
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*	1,035,000	1,141,087
Mattel, Inc. Company Guar. Notes 6.75% due 12/31/2025*	3,220,000	3,386,474
		4,527,561
Transactional Software - 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*	1,430,000	1,451,450
Transport-Equipment & Leasing - 0.4%
DAE Funding LLC Company Guar. Notes 4.50% due 08/01/2022*	675,000	680,906
DAE Funding LLC Company Guar. Notes 5.00% due 08/01/2024*	1,345,000	1,381,988
		2,062,894
Total U.S. Corporate Bonds & Notes
(cost $359,866,427)		382,156,111
FOREIGN CORPORATE BONDS & NOTES - 18.4%
Auto/Truck Parts & Equipment-Original - 1.3%
Adient Global Holdings, Ltd. Company Guar. Notes 3.50% due 08/15/2024	EUR    2,360,000	2,780,276
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026*#	2,580,000	2,601,801
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. Company Guar. Notes 8.50% due 05/15/2027*	1,630,000	1,754,287
		7,136,364
Building Products-Wood - 0.3%
Norbord, Inc. Senior Sec. Notes 5.75% due 07/15/2027*	1,620,000	1,737,450
Cable/Satellite TV - 2.1%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*	1,420,000	1,455,500
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*	2,210,000	2,331,550
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023	1,415,000	1,529,615
Virgin Media Secured Finance PLC Senior Sec. Notes 4.50% due 08/15/2030*	3,285,000	3,449,250
Ziggo BV Senior Sec. Notes 5.50% due 01/15/2027*	2,375,000	2,484,725
		11,250,640
Cellular Telecom - 0.9%
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*	525,000	548,625
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*	3,940,000	4,343,850
		4,892,475
Chemicals-Specialty - 0.7%
Diamond BC BV Senior Notes 5.63% due 08/15/2025	EUR    3,045,000	3,668,552
Containers-Metal/Glass - 2.3%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027*(1)	3,775,000	3,977,907
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*	650,000	674,375
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 5.25% due 04/30/2025*	1,115,000	1,174,931
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes 5.25% due 08/15/2027*	1,860,000	1,939,701
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 02/15/2025*	363,000	375,251
OI European Group BV Company Guar. Notes 4.00% due 03/15/2023*	3,579,000	3,668,475
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*	520,000	544,700
		12,355,340
Cruise Lines - 1.2%
Carnival Corp. Senior Notes 7.63% due 03/01/2026*	480,000	506,400
Carnival Corp. Senior Notes 7.63% due 03/01/2026*	EUR    360,000	452,508

Carnival Corp. Sec. Notes 9.88% due 08/01/2027*	75,000	87,938
Carnival Corp. Sec. Notes 10.50% due 02/01/2026*	1,265,000	1,495,862
Carnival Corp. Senior Sec. Notes 11.50% due 04/01/2023*	3,290,000	3,746,487
		6,289,195
Electronic Components-Misc. - 0.3%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*	1,435,000	1,592,850
Enterprise Software/Service - 0.3%
Open Text Corp. Company Guar. Notes 3.88% due 02/15/2028*	1,790,000	1,848,175
Finance-Consumer Loans - 0.5%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*	2,300,000	2,389,125
Medical-Drugs - 4.3%
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 01/30/2028*	4,180,000	4,178,746
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*	2,575,000	2,597,531
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*	2,480,000	2,678,400
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*	2,007,000	1,585,530
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Sec. Notes 9.50% due 07/31/2027*	3,541,000	3,896,534
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026	2,270,000	2,150,825
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 6.75% due 03/01/2028#	1,700,000	1,900,897
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.50% due 03/01/2023*#	764,000	764,382
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 6.13% due 04/15/2025*	2,035,000	2,094,422
Valeant Pharmaceuticals International, Inc. Senior Sec. Notes 7.00% due 03/15/2024*	455,000	468,878
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*	445,000	488,922
		22,805,067
Metal-Aluminum - 0.7%
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*	3,240,000	3,332,794
Constellium SE Senior Notes 5.63% due 06/15/2028*	250,000	268,750
		3,601,544
Miscellaneous Manufacturing - 0.9%
Bombardier, Inc. Senior Notes 6.13% due 01/15/2023*	3,920,000	3,665,200
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*	1,180,000	1,005,950
		4,671,150
Oil & Gas Drilling - 0.3%
Transocean, Inc. Company Guar. Notes 6.80% due 03/15/2038	5,715,000	1,541,370
Retail-Restaurants - 1.2%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.50% due 02/15/2029*	3,620,000	3,615,475
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*	440,000	452,540
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*	2,360,000	2,351,150
		6,419,165
Telecom Services - 0.3%
Altice France Holding SA Senior Sec. Notes 8.00% due 05/15/2027*	EUR    1,230,000	1,581,892
Television - 0.5%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022	2,720,000	2,859,400
Transport-Equipment & Leasing - 0.3%
Fly Leasing, Ltd. Senior Notes 5.25% due 10/15/2024#	1,360,000	1,179,800

Fly Leasing, Ltd. Senior Notes 6.38% due 10/15/2021#	200,000			200,280
				1,380,080
Total Foreign Corporate Bonds & Notes
(cost $94,805,996)				98,019,834
FOREIGN CONVERTIBLE BONDS & NOTES - 0.3%
Building-Heavy Construction - 0.3%
Cellnex Telecom SA Senior Notes 1.50% due 01/16/2026 (cost $1,416,468)	EUR    900,000			1,879,308
LOANS(4)(5)(6) - 1.9%
Auto/Truck Parts & Equipment-Original - 0.3%
Panther BF Aggregator 2 LP FRS BTL-B 3.65% (1 ML+3.50%) due 04/30/2026	1,808,186			1,787,843
Chemicals-Specialty - 0.2%
Diamond BC BV FRS BTL 3.15% (3 ML+3.00%) due 09/06/2024	2,162			2,116
Diamond BC BV FRS BTL 3.21% (1 ML+3.00%) due 09/06/2024	839,050			821,046
				823,162
Data Processing/Management - 1.1%
Dun & Bradstreet Corp. FRS BTL 3.89% (1 ML+3.75%) due 02/06/2026	5,581,950			5,543,959
Food-Misc./Diversified - 0.0%
Froneri US, Inc. FRS 2nd Lien 5.90% (1 ML+5.75%) due 01/31/2028	125,000			124,219
Insurance Brokers - 0.3%
HUB International, Ltd. FRS BTL-B 2.94%-2.96% (3 ML+2.75%) due 04/25/2025	1,671,525			1,628,866
Total Loans
(cost $9,982,321)				9,908,049
COMMON STOCKS - 0.2%
Casino Services - 0.1%
Caesars Entertainment, Inc.†	9,263			630,996
Coal - 0.0%
Foresight Energy LLC(7)(8)	3,805			30,463
Television - 0.1%
ION Media Networks, Inc.(7)(8)	616			533,115
Total Common Stocks
(cost $565,701)				1,194,574
PREFERRED SECURITIES/CAPITAL SECURITIES - 0.7%
Diversified Banking Institutions - 0.7%
Credit Suisse Group AG 6.25% due 12/18/2024(9) (cost $3,507,493)	$3,610,000			3,957,282
ESCROWS AND LITIGATION TRUSTS - 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(3)(7)(10)	50,000			0
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(3)(7)(10)	925,000			0
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Escrow Notes 11.50% due 10/01/2020*†	3,873,748			5,811
Total Escrows And Litigation Trusts
(cost $956,000)				5,811
Total Long-Term Investment Securities
(cost $484,368,548)				511,849,957
SHORT-TERM INVESTMENT SECURITIES - 1.2%
Registered Investment Companies - 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(11)(12) (cost $6,270,548)	6,270,548			6,270,548
REPURCHASE AGREEMENTS - 3.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $20,637,000 and collateralized by $13,966,600 of United States Treasury Bonds, bearing interest at 4.25% due 05/15/2039 and having an approximate value of $21,049,790 (cost $20,637,000)	$20,637,000			20,637,000
TOTAL INVESTMENTS
(cost $511,276,096)	101.1	%		538,757,505
Liabilities in excess of other assets	(1.1	)		(5,649,500	)
NET ASSETS	100.0	%	$	533,108,005

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $321,274,597 representing 60.3% of net assets.

# The security or a portion thereof is out on loan.

† Non-income producing security

(1) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(2) Security in default of interest.

(3) Company has filed for bankruptcy protection.

(4) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(5) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(6) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(7) Securities classified as Level 3 (see Note 1).

(8) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of  Net Assets
Common Stocks
Foresight Energy LLC		08/25/2020		3,805		1	$	30,463	$	8.01		0.01	%
ION Media Networks, Inc.		12/21/2016		616		6		533,115		865.45		0.10	%
							$	563,578				0.11	%

(9) Perpetual maturity - maturity date reflects the next call date.

(10) Security in default of interest and principal at maturity.

(11) At November 30, 2020, the Fund had loaned securities with a total value of $8,175,226. This was secured by collateral of $6,270,548, which was received in cash and subsequently invested in short-term investments currently valued at $6,270,548 as reported in the Portfolio of Investments. Additional collateral of $2,047,139 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Bills	0.00%	12/03/2020 to 04/08/2021	$	192,447
United States Treasury Notes/Bonds	0.13% to 8.00%	12/31/2020 to 08/15/2048		1,854,692

(12) The rate shown is the 7-day yield as of November 30, 2020.

(13) Denominated in United States dollars unless otherwise indicated.

BTL - Bank Term Loan

FRS - Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Currency Legend

EUR - Euro Currency

Index Legend

1 ML - 1 Month USD Libor

3 ML - 3 Month USD Libor

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
HSBC Bank USA	EUR	360,000	USD	428,937		12/31/2020	$	—	$	(917	)
JPMorgan Chase Bank N.A	EUR	10,462,000	USD	12,416,417		12/31/2020		—		(75,618	)
Unrealized Appreciation (Depreciation)							$	—	$	(76,535	)

EUR - Euro Currency

USD - United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 -  Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Convertible Bonds & Notes	$	—	$	14,728,988	$	—	$	14,728,988
U.S. Corporate Bonds & Notes		—		382,156,111		—		382,156,111
Foreign Corporate Bonds & Notes		—		98,019,834		—		98,019,834
Foreign Convertible Bonds & Notes		—		1,879,308		—		1,879,308
Loans		—		9,908,049		—		9,908,049
Common Stocks:
Coal		—		—		30,463		30,463
Television		—		—		533,115		533,115
Other Industries		630,996		—		—		630,996
Preferred Securities/Capital Securities		—		3,957,282		—		3,957,282
Escrows and Litigation Trusts		—		5,811		0		5,811
Short-Term Investment Securities		6,270,548		—		—		6,270,548
Repurchase Agreements		—		20,637,000		—		20,637,000
Total Investments at Value	$	6,901,544	$	531,292,383	$	563,578	$	538,757,505
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	76,535	$	—	$	76,535

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Portfolio of Investments

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 1)
COMMON STOCKS - 96.0%
Australia - 3.5%
Ansell, Ltd.		46,015	$	1,264,285
ASX, Ltd.		14,608		826,851
AUB Group, Ltd.#		111,187		1,362,185
Bapcor, Ltd.		311,015		1,600,387
Bingo Industries, Ltd.#		217,988		422,437
Deterra Royalties, Ltd.†		118,198		399,111
Iluka Resources, Ltd.		118,198		463,316
IPH, Ltd.		291,720		1,481,829
Omni Bridgeway, Ltd.#		210,197		651,125
Orica, Ltd.		55,775		661,207
Ramsay Health Care, Ltd.#		15,836		732,919
Ridley Corp., Ltd.		941,463		642,705
SEEK, Ltd.		29,420		562,569
Sonic Healthcare, Ltd.		21,453		518,725
Star Entertainment Group, Ltd.		1,306,638		3,625,540
Steadfast Group, Ltd.		318,379		902,106
Tabcorp Holdings, Ltd.		255,609		720,498
Technology One, Ltd.		305,272		2,057,100
Webjet, Ltd.#		114,877		486,558
Westgold Resources, Ltd.†		2,432,227		4,106,365
WiseTech Global, Ltd.		41,316		937,136
				24,424,954
Austria - 0.4%
Mayr-Melnhof Karton AG		5,940		1,045,824
Vienna Insurance Group AG Wiener Versicherung Gruppe		60,128		1,433,040
				2,478,864
Belgium - 1.2%
Barco NV		166,798		3,602,263
Fagron		183,125		4,242,120
Melexis NV		7,635		729,959
				8,574,342
Bermuda - 1.1%
Cafe de Coral Holdings, Ltd.		714,000		1,538,346
China Resources Gas Group, Ltd.		136,000		655,344
Dairy Farm International Holdings, Ltd.#		281,800		1,146,926
Esprit Holdings, Ltd.†		268,150		34,941
Hiscox, Ltd.†		86,774		1,252,845
Midland Holdings, Ltd.†		1,870,000		173,706
Peace Mark Holdings, Ltd.†(1)		686,000		0
Shangri-La Asia, Ltd.†		1,326,000		1,211,201
VTech Holdings, Ltd.		169,549		1,305,897
				7,319,206
Brazil - 1.7%
Anima Holding SA†		109,080		730,947
Azul SA		603,096		4,280,007
Cia Brasileira de Distribuicao†		34,300		443,364
Cia de Saneamento Basico do Estado de Sao Paulo		21,200		176,251
Energisa SA		48,400		420,453
Equatorial Energia SA		72,900		296,504
Gerdau SA (Preference Shares)		78,000		329,040
Hapvida Participacoes e Investimentos SA*		169,000		454,881
Hypera SA		91,414		547,897
JBS SA		68,020		293,923
Linx SA		34,700		236,411
Lojas Renner SA		65,110		543,009
Magazine Luiza SA		83,700		365,272
Multiplan Empreendimentos Imobiliarios SA		140,500		594,530
Odontoprev SA		55,800		136,339
Rumo SA†		120,606		426,828
Suzano SA†		53,600		565,274
TOTVS SA		69,500		347,020
Transmissora Alianca de Energia Eletrica SA		77,677		480,062
				11,668,012
Canada - 6.4%
Agnico Eagle Mines, Ltd.#		27,362		1,793,162
Aritzia, Inc.†		234,645		4,215,191
ATS Automation Tooling Systems, Inc.†		230,687		3,852,777
Capital Power Corp.#		146,835		3,758,216
Descartes Systems Group, Inc.†		126,000		7,471,518
Dollarama, Inc.		36,530		1,495,291
Granite Real Estate Investment Trust		93,915		5,535,684
Kinaxis, Inc.†		40,749		6,143,256
Quebecor, Inc., Class B		119,654		2,979,603
SSR Mining, Inc.†		328,095		6,073,307
TMX Group, Ltd.		16,018		1,576,146
				44,894,151
Cayman Islands - 3.9%
51job, Inc. ADR†		22,094		1,557,627
ASM Pacific Technology, Ltd.		107,700		1,347,805
Burning Rock Biotech, Ltd. ADR†		9,348		266,698
China Literature, Ltd.†#*		68,400		519,770
China Resources Cement Holdings, Ltd.		3,550,000		4,415,144
Endeavour Mining Corp.†		179,627		4,236,525
ESR Cayman, Ltd.†*		145,600		438,619
Greentown Service Group Co., Ltd.		3,186,000		3,703,480
Haitian International Holdings, Ltd.		593,000		1,610,446
iClick Interactive Asia Group, Ltd. ADR†#		31,037		223,156
Midland IC&I, Ltd.†		2,525,500		36,493
Niu Technologies ADR†#		150,931		4,500,762
Pacific Textiles Holdings, Ltd.		1,720,000		1,184,975
Shenguan Holdings Group, Ltd.		572,000		19,187
Silicon Motion Technology Corp. ADR		21,673		859,985
Times China Holdings, Ltd.		939,000		1,376,206
Tingyi Cayman Islands Holding Corp.		756,000		1,275,760
				27,572,638
Chile - 0.1%
Aguas Andinas SA, Class A		916,107		265,730
Compania Cervecerias Unidas SA ADR		18,996		271,833
				537,563
China - 0.1%
Yunnan Baiyao Group Co., Ltd.		28,600		413,953
Colombia - 0.0%
Bancolombia SA ADR		8,220		250,299

Curacao - 0.1%
Hunter Douglas NV†	14,327	929,694
Cyprus - 0.6%
TCS Group Holding PLC GDR	141,556	4,317,458
Denmark - 1.7%
Carlsberg A/S, Class B	5,888	876,001
Demant A/S†#	12,075	454,733
Dfds A/S†	6,669	288,553
Jyske Bank A/S†	12,242	460,237
Royal Unibrew A/S	87,936	9,193,527
SimCorp A/S	2,575	337,958
		11,611,009
Faroe Islands - 0.2%
Bakkafrost P/F†	26,749	1,674,838
Finland - 1.0%
Kojamo Oyj	96,281	2,009,855
Tikkurila Oyj	5,840	95,159
Valmet Oyj	182,575	4,619,213
		6,724,227
France - 2.5%
Alten SA†	11,116	1,184,094
Cie Plastic Omnium SA	17,235	595,382
Gaztransport Et Technigaz SA	35,301	3,482,399
Legrand SA	26,667	2,257,856
LISI†	26,917	688,716
SEB SA	6,549	1,165,547
SOITEC†	36,119	6,320,506
Somfy SA	4,770	756,756
Verallia SA*	7,779	258,425
Virbac SA†	3,899	1,009,251
		17,718,932
Germany - 6.2%
Amadeus Fire AG†	7,350	1,045,080
CANCOM SE	18,876	1,013,231
CTS Eventim AG & Co. KGaA†	43,538	2,635,667
Deutsche Wohnen SE	13,818	692,937
Evotec SE†	112,210	3,422,538
flatexDEGIRO	73,978	4,941,703
Fuchs Petrolub SE (Preference Shares)	2,899	165,711
GEA Group AG	64,745	2,217,305
Gerresheimer AG	21,130	2,462,522
Hella GmbH & Co. KGaA†	5,297	303,921
HelloFresh SE†	67,069	3,942,562
LEG Immobilien AG	36,189	5,156,857
MTU Aero Engines AG	1,720	406,135
Rational AG	131	116,416
Scout24 AG*	19,658	1,503,085
STRATEC SE	22,459	3,102,309
Symrise AG	35,962	4,504,216
TAG Immobilien AG	191,873	5,735,628
		43,367,823
Greece - 0.2%
Hellenic Telecommunications Organization SA	80,765	1,345,878
Hong Kong - 0.3%
China Resources Beer Holdings Co., Ltd.	64,000	472,710
Techtronic Industries Co., Ltd.	146,000	1,871,372
		2,344,082
India - 1.1%
Bharat Heavy Electricals, Ltd.†	640,579	284,582
CESC, Ltd.	137,194	1,078,193
Dabur India, Ltd.	79,789	537,574
Embassy Office Parks REIT	149,400	706,085
Hero MotoCorp, Ltd.	26,133	1,088,636
Mahindra & Mahindra, Ltd.	173,971	1,685,180
MOIL, Ltd.	269,938	447,975
Shriram Transport Finance Co., Ltd.	95,494	1,385,158
Spencer’s Retail, Ltd.†	32,064	35,222
Tata Consumer Products, Ltd.	92,391	670,012
		7,918,617
Indonesia - 0.6%
Astra Agro Lestari Tbk PT	331,200	289,096
Indocement Tunggal Prakarsa Tbk PT	893,200	904,587
Kalbe Farma Tbk PT	14,800,000	1,577,479
United Tractors Tbk PT	1,063,500	1,732,330
		4,503,492
Ireland - 2.0%
Dalata Hotel Group PLC†#	896,386	4,052,475
DCC PLC	18,650	1,412,730
Flutter Entertainment PLC†	14,041	2,565,406
Grafton Group PLC†	312,095	3,542,832
Greencore Group PLC	52,614	82,137
Hibernia REIT PLC	191,130	260,820
ICON PLC†	1,842	358,969
Kerry Group PLC, Class A	9,188	1,286,693
Kingspan Group PLC†	3,496	305,051
		13,867,113
Italy - 1.7%
Carel Industries SpA†*	7,631	159,296
Cembre SpA	24,090	548,853
Cerved Group SpA†	194,287	1,550,443
Enav SpA*	204,289	897,740
FinecoBank Banca Fineco SpA†	44,314	694,316
Infrastrutture Wireless Italiane SpA*	55,513	714,500
Italgas SpA	263,992	1,694,178
Reply SpA	50,557	5,650,761
		11,910,087
Japan - 26.2%
ABC-Mart, Inc.	8,100	422,069
Aeon Delight Co., Ltd.	12,500	315,374
AEON Financial Service Co., Ltd.	106,000	1,155,441
Air Water, Inc.	33,000	543,994
Amano Corp.	10,341	243,073
Anritsu Corp.	167,700	3,821,440
Ariake Japan Co., Ltd.	6,000	397,126
As One Corp.	7,600	1,167,663
Asante, Inc.	7,200	97,034
Asics Corp.	215,400	3,878,851
Azbil Corp.	34,700	1,557,179

Bandai Namco Holdings, Inc.	4,400	401,647
Bank of Kyoto, Ltd.#	14,000	698,659
BML, Inc.†	19,100	600,077
Capcom Co., Ltd.	99,800	5,620,919
Central Automotive Products, Ltd.	1,100	23,433
Chiba Bank, Ltd.	107,200	607,877
CKD Corp.	184,200	3,925,718
Comture Corp.	28,200	872,471
Cosmos Pharmaceutical Corp.#	2,500	431,034
Daikyonishikawa Corp.	13,987	91,773
Daiseki Co., Ltd.	79,900	2,266,129
Daito Pharmaceutical Co., Ltd.	16,300	565,192
Daiwa Securities Group, Inc.	321,600	1,398,837
Demae-Can Co., Ltd†#	29,500	922,581
DeNA Co., Ltd.	14,300	250,661
Doshisha Co., Ltd.	6,000	115,460
Eiken Chemical Co., Ltd.	31,800	590,006
EPS Holdings, Inc.	39,700	364,677
Ezaki Glico Co., Ltd.	19,100	794,919
Fancl Corp.#	230,400	9,346,207
Fuji Seal International, Inc.	70,200	1,302,465
Fuji Soft, Inc.#	14,300	693,084
Fujitec Co., Ltd.	61,000	1,245,709
Fujitsu General, Ltd.	10,400	315,287
Fukuda Denshi Co., Ltd.	9,200	658,276
Fukui Computer Holdings, Inc.	8,700	279,583
Fukushima Galilei Co., Ltd.	15,300	644,095
FULLCAST Holdings Co., Ltd.	10,700	173,516
GungHo Online Entertainment, Inc.#	13,800	350,684
Hamakyorex Co., Ltd.	4,800	134,299
Heian Ceremony Service Co., Ltd.#	15,300	119,293
Hirose Electric Co., Ltd.	3,700	523,103
Hogy Medical Co., Ltd.	3,400	102,912
Iriso Electronics Co., Ltd.	9,200	372,318
Iwatani Corp.†	20,900	1,137,088
Japan Elevator Service Holdings Co., Ltd.	193,100	8,998,386
Japan Exchange Group, Inc.	6,100	150,952
Japan Pure Chemical Co., Ltd.	1,700	43,884
JCU Corp.	21,400	755,354
Jeol, Ltd.	11,800	462,845
JGC Holdings Corp.	10,860	97,261
JM Holdings Co., Ltd.	10,700	249,564
Kakaku.com, Inc.	12,200	342,278
Kansai Paint Co., Ltd.	43,800	1,327,845
Katitas Co., Ltd.#	178,400	5,297,318
Kato Sangyo Co., Ltd.	19,400	642,021
Kawai Musical Instruments Manufacturing Co., Ltd.†	5,000	129,310
Kenedix, Inc.†#	46,000	334,425
KH Neochem Co., Ltd.#	12,700	339,032
Kikkoman Corp.	5,100	317,040
Kintetsu World Express, Inc.	11,700	243,190
Kitanotatsujin Corp.#	47,900	233,535
Kobayashi Pharmaceutical Co., Ltd.	11,600	1,394,444
Koito Manufacturing Co., Ltd.	27,300	1,642,184
Konami Holdings Corp.	6,900	361,523
Kureha Corp.	3,500	177,682
Lion Corp.	45,700	1,080,341
Matsumotokiyoshi Holdings Co., Ltd.	107,400	5,025,374
Media Do Co., Ltd.	58,800	4,224,138
Medipal Holdings Corp.	32,000	601,686
Meitec Corp.	15,800	727,193
Menicon Co., Ltd.	73,900	4,586,897
Milbon Co., Ltd.	1,700	97,050
MISUMI Group, Inc.	9,500	298,012
Mitsubishi Pencil Co., Ltd.	9,800	135,360
MonotaRO Co., Ltd.	16,500	1,006,753
Morinaga & Co., Ltd.	25,700	937,902
Nabtesco Corp.	29,500	1,217,864
Nakanishi, Inc.	96,300	1,962,897
NGK Spark Plug Co., Ltd.	35,400	641,201
Nifco, Inc.	123,300	4,340,302
Nihon Kohden Corp.	22,000	695,402
Nihon Parkerizing Co., Ltd.	44,300	464,641
Nippon Television Holdings, Inc.	32,400	352,862
Nissei ASB Machine Co., Ltd.	6,400	349,425
Nitto Denko Corp.	6,100	504,828
NOF Corp.	13,500	598,707
Nohmi Bosai, Ltd.	28,600	619,941
Nomura Research Institute, Ltd.	102,100	3,447,342
NS Solutions Corp.#	62,600	1,849,818
Obara Group, Inc.#	5,400	175,345
OBIC Business Consultants Co., Ltd.	3,900	276,437
OBIC Co., Ltd.	38,700	8,700,086
Omron Corp.	8,800	794,866
Oracle Corp. Japan	10,800	1,196,897
PALTAC Corp.	6,300	360,862
Park24 Co., Ltd.†	15,100	225,054
PCA Corp.	6,200	269,320
Proto Corp.	48,100	485,147
Rakuten, Inc.	5,000	55,987
Rinnai Corp.	3,800	443,333
Ryohin Keikaku Co., Ltd.	50,800	1,044,709
S Foods, Inc.	35,500	1,067,720
Sagami Rubber Industries Co., Ltd.	11,100	144,066
San-A Co, Ltd.	3,700	143,003
San-Ai Oil Co., Ltd.	80,500	889,818
Sankyu, Inc.	26,400	972,299
Santen Pharmaceutical Co., Ltd.	86,200	1,432,538
SCSK Corp.	12,000	716,092
Seino Holdings Co., Ltd.	156,900	2,197,201
Senko Group Holdings Co., Ltd.	27,700	257,366
Seria Co., Ltd.	7,800	274,569
SG Holdings Co., Ltd.	140,700	4,204,828
Shima Seiki Manufacturing, Ltd.	8,100	135,078
Shimadzu Corp.	26,400	949,540
Shimamura Co., Ltd.	2,300	237,931
Shizuoka Bank, Ltd.	43,300	307,745
SK Kaken Co., Ltd.#	4,700	1,710,728
SMS Co., Ltd.	184,600	6,692,634
Softbrain Co., Ltd.†	48,200	400,282
Sohgo Security Services Co., Ltd.	14,300	765,680
Stanley Electric Co., Ltd.	36,800	1,082,146
Sundrug Co., Ltd.	48,000	2,013,793
Suzuken Co., Ltd.	14,300	546,523
T Hasegawa Co., Ltd.	124,500	2,399,368
Taisei Lamick Co, Ltd.	9,300	258,690

Taiyo Yuden Co., Ltd.	110,000	4,988,985
Takasago International Corp.	6,900	166,552
TechnoPro Holdings, Inc.	60,800	5,124,904
Terumo Corp.	26,300	1,044,694
THK Co., Ltd.	122,900	3,796,480
Toei Co., Ltd.#	3,100	497,069
Toho Co., Ltd.	17,700	749,368
Toshiba TEC Corp.	8,900	319,684
TOTO, Ltd.	6,100	345,316
Trancom Co., Ltd.	4,000	321,073
Tsugami Corp.	257,700	4,072,845
Unicharm Corp.	37,300	1,808,907
USS Co., Ltd.	93,200	1,949,701
Yamato Holdings Co., Ltd.	65,000	1,641,810
Zojirushi Corp.	7,400	133,682
ZOZO, Inc.	49,200	1,227,172
Zuken, Inc.	21,700	549,151
		183,410,316
Jersey - 0.1%
Breedon Group PLC†#	737,714	808,424
Luxembourg - 1.7%
Allegro.eu SA†*	12,366	253,916
B&M European Value Retail SA	43,829	279,240
Befesa SA*	41,195	2,142,481
Eurofins Scientific SE†	1,540	125,026
Globant SA†	2,221	419,058
Solutions 30 SE†#	223,955	4,533,448
Ternium SA ADR†	141,488	3,920,632
		11,673,801
Mauritius - 0.2%
MakeMyTrip, Ltd.†	47,402	1,176,044
Mexico - 0.5%
Arca Continental SAB de CV	52,625	258,539
Concentradora Fibra Danhos SA de CV	122,350	145,111
Genomma Lab Internacional SAB de CV, Class B†	371,311	363,774
Gruma SAB de CV, Class B	32,333	357,386
Grupo Aeroportuario del Pacifico SAB de CV, Class B†	26,132	267,872
Grupo Aeroportuario del Sureste SAB de CV ADR†	1,984	296,608
Grupo Cementos de Chihuahua SAB de CV	96,964	507,555
Grupo Financiero Inbursa SAB de CV, Class O†	117,362	114,399
Orbia Advance Corp SAB de CV	254,912	526,089
Prologis Property Mexico SA de CV	103,689	222,459
Telesites SAB de CV†	223,900	222,014
		3,281,806
Netherlands - 2.3%
Aalberts NV	19,472	843,147
ASM International NV	7,239	1,279,282
Davide Campari-Milano NV	23,698	274,032
Euronext NV*	6,382	677,537
IMCD NV	60,499	7,570,241
Just Eat Takeaway.com NV (Euronext Amsterdam)†#*	37,345	3,966,465
Just Eat Takeaway.com NV (LSE)†*	3,244	344,249
Wolters Kluwer NV	8,964	751,697
		15,706,650
New Zealand - 0.5%
Auckland International Airport, Ltd.†	122,935	670,652
Freightways, Ltd.	82,802	539,965
Mainfreight, Ltd.	11,621	508,394
Pushpay Holdings, Ltd.†	1,143,488	1,431,138
		3,150,149
Norway - 2.1%
Scatec ASA*	186,275	5,825,347
TOMRA Systems ASA	205,557	8,847,646
		14,672,993
Papua New Guinea - 0.1%
Oil Search, Ltd.	298,271	796,963
Peru - 0.0%
Cia de Minas Buenaventura SAA ADR	17,143	190,287
Philippines - 0.4%
Metropolitan Bank & Trust Co.	1,206,672	1,203,409
Universal Robina Corp.	450,090	1,329,301
		2,532,710
Portugal - 0.1%
Galp Energia SGPS SA	17,527	189,084
NOS SGPS SA	117,492	448,481
		637,565
Russia - 0.1%
Moscow Exchange MICEX-RTS PJSC	282,992	566,670
Singapore - 0.8%
Ascendas India Trust	556,500	568,471
City Developments, Ltd.	216,100	1,256,817
Mapletree Commercial Trust	476,100	724,187
Singapore Technologies Engineering, Ltd.	548,600	1,578,941
Venture Corp., Ltd.	120,863	1,696,939
		5,825,355
South Africa - 0.1%
AVI, Ltd.	185,579	854,781
South Korea - 2.8%
Amorepacific Corp.	4,422	715,321
Doosan Bobcat, Inc.	25,549	693,821
Douzone Bizon Co., Ltd.	66,917	6,379,959
LG Innotek Co., Ltd.	29,963	4,197,067
Lock&Lock Co., Ltd.†	24,321	228,583
LS Electric Co., Ltd.	24,279	1,208,958
NHN KCP Corp.	60,305	3,635,031
Orion Corp.	8,737	935,642
Samsung Fire & Marine Insurance Co., Ltd.	8,881	1,508,859

TK Corp.	36,712	225,935
		19,729,176
Spain - 1.1%
Amadeus IT Group SA	28,915	1,981,869
Cellnex Telecom SA*	76,104	4,800,483
Viscofan SA	16,885	1,198,406
		7,980,758
Sweden - 4.2%
Embracer Group AB†	279,665	5,676,839
Essity AB, Class B	38,415	1,217,811
Karnov Group AB	53,409	346,848
LeoVegas AB*	464,852	1,826,477
MIPS AB	182,165	9,145,525
Nordic Entertainment Group AB, Class B†	86,242	4,287,515
Saab AB, Series B†	27,577	722,791
Swedish Match AB	16,097	1,296,483
Thule Group AB†*	33,635	1,132,552
Tobii AB†	564,457	3,606,460
		29,259,301
Switzerland - 1.9%
Belimo Holding AG	507	4,268,005
DKSH Holding AG	2,038	139,380
Julius Baer Group, Ltd.	17,407	1,004,482
Kardex Holding AG	4,798	937,689
Partners Group Holding AG	151	162,008
SIG Combibloc Group AG	94,126	2,164,769
Sika AG	8,203	2,093,288
Sonova Holding AG†	5,432	1,345,522
Straumann Holding AG	49	56,185
Temenos AG	3,707	468,296
VAT Group AG*	3,340	701,262
		13,340,886
Taiwan - 1.4%
Advantech Co., Ltd.	82,571	889,371
Chroma ATE, Inc.	59,000	310,499
E.Sun Financial Holding Co., Ltd.	1,521,186	1,342,262
Kindom Development Co., Ltd.	1,181,000	1,557,955
Merida Industry Co., Ltd.	377,000	3,306,728
Tripod Technology Corp.	324,000	1,392,509
Voltronic Power Technology Corp.	34,675	1,063,273
		9,862,597
Thailand - 0.2%
AEON Thana Sinsap Thailand PCL	122,300	644,854
PTT Global Chemical PCL	271,500	513,831
		1,158,685
Turkey - 0.0%
Selcuk Ecza Deposu Ticaret ve Sanayi AS	98,697	158,269
United Kingdom - 13.2%
4imprint Group PLC†	7,075	231,556
Abcam PLC	244,219	4,678,593
Admiral Group PLC	9,461	360,352
Auto Trader Group PLC*	177,752	1,328,454
Babcock International Group PLC†	61,955	279,090
Bellway PLC	26,853	1,013,472
Big Yellow Group PLC	46,258	701,792
Britvic PLC	29,134	318,294
Bunzl PLC	34,420	1,082,475
Burberry Group PLC	25,540	588,701
Cairn Energy PLC†	107,177	228,470
Coats Group PLC†	237,898	207,419
Compass Group PLC	66,979	1,182,240
Countryside Properties PLC*	895,546	5,102,717
Cranswick PLC	99,788	4,578,975
Croda International PLC	62,972	5,000,130
Dechra Pharmaceuticals PLC	110,128	4,941,866
Electrocomponents PLC	576,899	6,225,808
EMIS Group PLC	21,742	283,767
Essentra PLC†	335,044	1,362,325
Forterra PLC†*	681,070	2,097,408
Frontier Developments PLC†	65,000	2,149,038
Future PLC	281,187	6,327,713
Gamesys Group PLC	224,275	3,318,814
GB Group PLC†	423,847	4,774,687
Greggs PLC†	79,422	1,784,103
Halma PLC	29,978	885,628
Hargreaves Lansdown PLC	34,235	652,658
Helios Towers PLC†	143,508	280,472
Howden Joinery Group PLC†	150,725	1,267,524
Ibstock PLC†*	203,244	527,820
Intertek Group PLC	21,780	1,603,369
Johnson Service Group PLC†	69,847	126,638
Keywords Studios PLC†	176,237	5,394,461
Marshalls PLC†	38,717	365,438
Moneysupermarket.com Group PLC	242,641	791,871
PZ Cussons PLC	16,196	49,121
Rathbone Brothers PLC	45,947	906,563
Rightmove PLC†	171,712	1,430,737
Rotork PLC	377,542	1,501,907
S4 Capital PLC†	358,681	2,285,680
Sage Group PLC	29,127	234,926
Schroders PLC	36,254	1,555,808
Shaftesbury PLC#	58,934	415,624
Smith & Nephew PLC	79,762	1,542,917
Spirax-Sarco Engineering PLC	5,617	833,823
Tate & Lyle PLC	19,547	166,205
UNITE Group PLC†	265,670	3,504,592
Weir Group PLC†	257,875	5,758,417
		92,230,458
United States - 0.0%
Autoliv, Inc. SDR	3,229	288,531

Total Long-Term Investment Securities
(cost $534,607,911)				675,660,407
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Registered Investment Companies — 1.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3)	11,306,246			11,306,246
U.S. Government Agencies — 1.4%
Federal Home Loan Bank 0.00% due 12/01/2020	$ 9,474,000			9,474,000
Total Short-Term Investment Securities
(cost $20,780,246)				20,780,246
Repurchase Agreements — 1.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $9,875,000 and collateralized by $10,112,400 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $10,072,541 (cost $9,875,000)	9,875,000			9,875,000
TOTAL INVESTMENTS
(cost $565,263,157)	101.0	%		706,315,653
Liabilities in excess of other assets	(1.0	)		(6,774,284	)
NET ASSETS	100.0	%	$	699,541,369

# The security or a portion thereof is out on loan.

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $35,673,484 representing 5.1% of net assets.

(1) Securities classified as Level 3 (see Note 1).

(2) At November 30, 2020, the Fund had loaned securities with a total value of $24,201,900. This was secured by collateral of $11,306,246, which was received in cash and subsequently invested in short-term investments currently valued at $11,306,246 as reported in the Portfolio of Investments. Additional collateral of $14,342,504 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range		Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%		02/01/2048 to 11/01/2050	$	41,848
Federal National Mtg. Assoc.	1.49% to 4.00%		05/25/2030 to 09/01/2050		112,378
Government National Mtg. Assoc.	2.50% to 2.70%		09/20/2046 to 05/16/2053		3,851
United States Treasury Bills	0.00%		12/03/2020 to 07/15/2021		1,137,989
United States Treasury Notes/Bonds	0.13% to 8.13%		12/31/2020 to 02/15/2050		13,046,438

(3) The rate shown is the 7-day yield as of November 30, 2020.

ADR - American Depositary Receipt

Euronext Amsterdam - Euronext Stock Exchange, Amsterdam

GDR - Global Depositary Receipt

LSE - London Stock Exchange

SDR - Swedish Depositary Receipt

Industry Allocation*
Machinery-General Industrial	3.1	%
Computer Services	3.1
Applications Software	2.5
Real Estate Operations & Development	2.4
Cosmetics & Toiletries	2.2
Electronic Components-Misc.	2.1
Computers-Integrated Systems	2.1
Entertainment Software	2.1
E-Commerce/Services	2.0
Chemicals-Diversified	1.9
Food-Retail	1.9
Real Estate Investment Trusts	1.7
Building & Construction Products-Misc.	1.7
Registered Investment Companies	1.6
Recycling	1.6
Brewery	1.5
Gold Mining	1.5
Medical-Drugs	1.5
Commercial Services	1.4
Chemicals-Specialty	1.4
Industrial Automated/Robotic	1.4
Repurchase Agreements	1.4
Banks-Commercial	1.4
U.S. Government Agencies	1.4
Athletic Equipment	1.3
Auto/Truck Parts & Equipment-Original	1.2
Electronic Components-Semiconductors	1.1
Building Products-Cement	1.1
Retail-Drug Store	1.1
Transport-Services	1.0
E-Commerce/Products	1.0
Electric Products-Misc.	1.0
Computer Software	1.0
Hotels/Motels	1.0
Machinery-Construction & Mining	0.9
Advertising Sales	0.9
Electronic Parts Distribution	0.9
Containers-Paper/Plastic	0.9
Building-Residential/Commercial	0.9
Precious Metals	0.9
Food-Meat Products	0.9
Motorcycle/Motor Scooter	0.9
Building-Heavy Construction	0.8
Veterinary Products	0.8
Energy-Alternate Sources	0.8
E-Services/Consulting	0.8
Medical-Biomedical/Gene	0.8
Retail-Apparel/Shoe	0.8
Internet Gambling	0.8
Medical Labs & Testing Services	0.8
Food-Misc./Diversified	0.7
Real Estate Management/Services	0.7
Internet Brokers	0.7
Building Products-Air & Heating	0.7
Optical Supplies	0.7
Medical Products	0.7
Distribution/Wholesale	0.7
Investment Management/Advisor Services	0.6
Broadcast Services/Program	0.6
Airlines	0.6
Steel-Producers	0.6
Machinery-Material Handling	0.6
Athletic Footwear	0.6
Coatings/Paint	0.5
Finance-Other Services	0.5
Electric-Generation	0.5
Casino Hotels	0.5
Computers-Periphery Equipment	0.5
Engineering/R&D Services	0.5
Retail-Building Products	0.5
Pipelines	0.5
Bicycle Manufacturing	0.5
Gambling (Non-Hotel)	0.5
Insurance-Property/Casualty	0.5
Internet Content-Information/News	0.5
Electronic Measurement Instruments	0.4
Transport-Truck	0.4
Diagnostic Equipment	0.4
Multimedia	0.4
Enterprise Software/Service	0.4
Containers-Metal/Glass	0.4
Food-Confectionery	0.4
Theaters	0.4
Semiconductor Equipment	0.4
Medical Instruments	0.4
Gas-Distribution	0.4
Retail-Discount	0.3
Advertising Services	0.3
Hazardous Waste Disposal	0.3
Insurance Brokers	0.3
Airport Development/Maintenance	0.3
Dental Supplies & Equipment	0.3
Retail-Automobile	0.3
Medical-Wholesale Drug Distribution	0.3
Food-Flour & Grain	0.3
Machine Tools & Related Products	0.2
Auto-Heavy Duty Trucks	0.2
Fisheries	0.2
Retail-Auto Parts	0.2
Internet Financial Services	0.2
Retail-Restaurants	0.2
Instruments-Controls	0.2
Insurance-Multi-line	0.2
Radio	0.2
Appliances	0.2
Oil Refining & Marketing	0.2
Finance-Investment Banker/Broker	0.2
Circuit Boards	0.2
Textile-Products	0.2
Finance-Commercial	0.2
Power Converter/Supply Equipment	0.2
Telephone-Integrated	0.2
Diversified Financial Services	0.2
Audio/Video Products	0.2
Tobacco	0.2
Home Furnishings	0.2
Leisure Products	0.2
Beverages-Non-alcoholic	0.2
Motion Pictures & Services	0.2
Human Resources	0.2
Machinery-Electrical	0.2
Food-Catering	0.2
Retail-Propane Distribution	0.2
Aerospace/Defense	0.2
Retail-Misc./Diversified	0.2
Electronic Connectors	0.2
Disposable Medical Products	0.1
Electric-Integrated	0.1
Oil Companies-Exploration & Production	0.1
E-Marketing/Info	0.1
Consulting Services	0.1
Home Decoration Products	0.1
Metal Processors & Fabrication	0.1
Computers	0.1
Miscellaneous Manufacturing	0.1

Diversified Operations	0.1
Diversified Manufacturing Operations	0.1
Security Services	0.1
Publishing-Periodicals	0.1
Medical-Hospitals	0.1
Schools	0.1
Electric-Distribution	0.1
Chemicals-Plastics	0.1
Aerospace/Defense-Equipment	0.1
Explosives	0.1
Finance-Consumer Loans	0.1
Food-Wholesale/Distribution	0.1
Electronic Security Devices	0.1
Apparel Manufacturers	0.1
Paper & Related Products	0.1
Beverages-Wine/Spirits	0.1
MRI/Medical Diagnostic Imaging	0.1
Electric-Transmission	0.1
Diversified Minerals	0.1
Instruments-Scientific	0.1
Medical-HMO	0.1
Cable/Satellite TV	0.1
Metal-Iron	0.1
Transport-Rail	0.1
Non-Hazardous Waste Disposal	0.1
Toys	0.1
Oil-U.S. Royalty Trusts	0.1
Television	0.1
Machinery-Thermal Process	0.1
Transactional Software	0.1
	101.0	%

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda	$	7,319,206	$	—	$	0	$	7,319,206
Russia		—		566,670		—		566,670
Other Countries		667,774,531		—		—		667,774,531
Short Term Investment Securities:
Registered Investment Companies		11,306,246		—		—		11,306,246
U.S. Government Agencies		—		9,474,000		—		9,474,000
Repurchase Agreements		—		9,875,000		—		9,875,000
Total Investments at Value	$	686,399,983	$	19,915,670	$	0	$	706,315,653

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

At the beginning and the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Portfolio of Investments

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 1)
COMMON STOCKS - 98.4%
Aerospace/Defense - 1.7%
Boeing Co.		7,611	$	1,603,714
Northrop Grumman Corp.		4,769		1,441,478
Raytheon Technologies Corp.		24,924		1,787,549
				4,832,741
Aerospace/Defense-Equipment - 0.7%
L3Harris Technologies, Inc.		11,085		2,128,209
Agricultural Biotech - 0.6%
Corteva, Inc.		43,266		1,657,953
Agricultural Chemicals - 2.2%
CF Industries Holdings, Inc.		105,940		3,951,562
Mosaic Co.		56,767		1,246,603
Nutrien, Ltd.		21,395		1,054,132
				6,252,297
Agricultural Operations - 0.9%
Archer-Daniels-Midland Co.		53,515		2,663,442
Apparel Manufacturers - 0.8%
PVH Corp.		13,738		1,092,034
VF Corp.		13,221		1,102,631
				2,194,665
Audio/Video Products - 0.6%
Dolby Laboratories, Inc., Class A		21,082		1,864,703
Auto-Cars/Light Trucks - 1.5%
General Motors Co.		100,089		4,387,902
Auto/Truck Parts & Equipment-Original - 0.2%
Aptiv PLC		5,376		638,131
Banks-Commercial - 1.4%
M&T Bank Corp.		11,493		1,338,820
Truist Financial Corp.		57,682		2,677,598
				4,016,418
Banks-Super Regional - 2.8%
Fifth Third Bancorp		59,954		1,519,234
PNC Financial Services Group, Inc.		12,108		1,671,752
US Bancorp		82,281		3,555,362
Wells Fargo & Co.		41,695		1,140,358
				7,886,706
Beverages-Non-alcoholic - 1.1%
PepsiCo, Inc.		21,572		3,111,330
Broadcast Services/Program - 0.5%
Fox Corp., Class B		51,174		1,452,318
Building & Construction Products-Misc. - 1.1%
Builders FirstSource, Inc.†		29,139		1,090,090
Louisiana-Pacific Corp.		59,190		2,026,074
				3,116,164
Building Products-Air & Heating - 1.0%
Carrier Global Corp.		74,144		2,822,662
Building Products-Cement - 1.8%
Martin Marietta Materials, Inc.		2,576		684,263
Vulcan Materials Co.		31,098		4,342,836
				5,027,099
Building-Residential/Commercial - 0.4%
Lennar Corp., Class A		13,505		1,024,489
Cable/Satellite TV - 0.6%
Comcast Corp., Class A		35,559		1,786,484
Casino Hotels - 1.2%
Las Vegas Sands Corp.		61,527		3,427,669
Chemicals-Diversified - 0.6%
DuPont de Nemours, Inc.		27,349		1,735,021
Commercial Services - 0.8%
Quanta Services, Inc.		35,645		2,435,979
Commercial Services-Finance - 0.3%
Global Payments, Inc.		3,797		741,136
Computer Data Security - 0.4%
Check Point Software Technologies, Ltd.†		9,750		1,147,380
Computer Software - 0.3%
Citrix Systems, Inc.		7,759		961,495
Cosmetics & Toiletries - 0.2%
Procter & Gamble Co.		4,528		628,803
Diagnostic Equipment - 1.1%
Danaher Corp.		9,300		2,089,059
Thermo Fisher Scientific, Inc.		2,073		963,904
				3,052,963
Diversified Banking Institutions - 7.5%
Citigroup, Inc.		24,762		1,363,643
Goldman Sachs Group, Inc.		23,618		5,445,838
JPMorgan Chase & Co.		75,626		8,914,793
Morgan Stanley		92,844		5,740,545
				21,464,819
Diversified Manufacturing Operations - 2.8%
3M Co.		8,166		1,410,513
Eaton Corp. PLC		42,441		5,140,030
Trane Technologies PLC		10,851		1,586,850
				8,137,393
Drug Delivery Systems - 1.1%
Becton Dickinson and Co.		12,945		3,040,004
E-Commerce/Services - 0.7%
Booking Holdings, Inc.†		979		1,985,853
Electric-Integrated - 5.4%
AES Corp.		87,032		1,778,934
Alliant Energy Corp.		31,153		1,638,648
Entergy Corp.		15,720		1,711,122
Evergy, Inc.		34,822		1,929,487
Exelon Corp.		91,637		3,763,531
PPL Corp.		158,495		4,504,428
				15,326,150
Electronic Components-Misc. - 0.4%
Hubbell, Inc.		6,693		1,081,522
Electronic Components-Semiconductors - 2.2%
Intel Corp.		59,234		2,863,964
Microchip Technology, Inc.		12,756		1,714,279
Micron Technology, Inc.†		27,855		1,785,227
				6,363,470
Electronic Measurement Instruments - 0.2%
Agilent Technologies, Inc.		5,318		621,674
Energy-Alternate Sources - 0.9%
NextEra Energy Partners LP		38,911		2,469,681
Enterprise Software/Service - 0.6%
Oracle Corp.		29,616		1,709,436

Entertainment Software - 0.4%
Electronic Arts, Inc.	7,904	1,009,736
Finance-Auto Loans - 0.6%
Ally Financial, Inc.	54,094	1,603,887
Finance-Credit Card - 1.7%
Capital One Financial Corp.	41,330	3,539,501
Discover Financial Services	18,428	1,403,661
		4,943,162
Finance-Investment Banker/Broker - 1.2%
Charles Schwab Corp.	72,957	3,558,842
Food-Confectionery - 1.1%
J.M. Smucker Co.	6,727	788,404
Mondelez International, Inc., Class A	41,119	2,362,287
		3,150,691
Food-Meat Products - 0.3%
Tyson Foods, Inc., Class A	15,052	981,390
Independent Power Producers - 0.3%
Clearway Energy, Inc., Class C	33,059	967,637
Instruments-Controls - 0.5%
Honeywell International, Inc.	7,213	1,470,875
Insurance Brokers - 0.6%
Willis Towers Watson PLC	8,437	1,756,499
Insurance-Life/Health - 1.5%
Voya Financial, Inc.	75,850	4,371,236
Insurance-Multi-line - 3.0%
Chubb, Ltd.	46,042	6,806,389
Hartford Financial Services Group, Inc.	41,800	1,847,560
		8,653,949
Insurance-Property/Casualty - 4.6%
Assurant, Inc.	30,383	3,923,053
Berkshire Hathaway, Inc., Class B†	40,483	9,266,963
		13,190,016
Insurance-Reinsurance - 1.3%
Essent Group, Ltd.	34,534	1,514,661
Reinsurance Group of America, Inc.	12,273	1,414,832
RenaissanceRe Holdings, Ltd.	4,406	725,404
		3,654,897
Internet Infrastructure Software - 0.4%
F5 Networks, Inc.†	6,410	1,043,612
Internet Security - 0.8%
Proofpoint, Inc.†	21,168	2,190,676
Investment Management/Advisor Services - 0.8%
LPL Financial Holdings, Inc.	23,787	2,159,146
Machinery-General Industrial - 0.5%
Otis Worldwide Corp.	23,061	1,543,703
Machinery-Pumps - 0.8%
Ingersoll Rand, Inc.†	53,119	2,351,578
Medical Information Systems - 0.3%
Cerner Corp.	10,836	810,966
Medical Instruments - 3.4%
Alcon, Inc.†	31,816	2,043,224
Medtronic PLC	68,560	7,795,272
		9,838,496
Medical Labs & Testing Services - 1.1%
Laboratory Corp. of America Holdings†	15,305	3,058,551
Medical-Biomedical/Gene - 0.4%
Biogen, Inc.†	1,828	439,031
Gilead Sciences, Inc.	9,789	593,898
		1,032,929
Medical-Drugs - 3.8%
AbbVie, Inc.	24,132	2,523,724
Bristol-Myers Squibb Co.	44,257	2,761,637
Eli Lilly & Co.	12,459	1,814,653
Johnson & Johnson	11,952	1,729,215
Merck & Co., Inc.	8,820	709,040
Pfizer, Inc.	36,773	1,408,774
		10,947,043
Medical-HMO - 1.7%
Anthem, Inc.	5,121	1,595,294
Centene Corp.†	25,272	1,558,019
Humana, Inc.	4,337	1,737,055
		4,890,368
Medical-Wholesale Drug Distribution - 0.4%
McKesson Corp.	6,371	1,146,207
Metal-Copper - 1.8%
Freeport-McMoRan, Inc.	217,952	5,097,897
Networking Products - 0.5%
Cisco Systems, Inc.	32,616	1,403,140
Non-Hazardous Waste Disposal - 0.2%
Republic Services, Inc.	4,607	445,589
Office Automation & Equipment - 0.6%
Zebra Technologies Corp., Class A†	4,387	1,660,129
Oil Companies-Exploration & Production - 2.3%
Cabot Oil & Gas Corp.	75,981	1,331,187
ConocoPhillips	58,188	2,301,918
Hess Corp.	62,707	2,958,516
		6,591,621
Oil Companies-Integrated - 0.3%
Chevron Corp.	11,143	971,447
Oil Refining & Marketing - 2.1%
Marathon Petroleum Corp.	108,709	4,226,606
Phillips 66	27,327	1,655,470
		5,882,076
Real Estate Investment Trusts - 1.6%
Camden Property Trust	9,225	911,707
Equity Residential	21,333	1,235,607
Public Storage	7,099	1,593,442
Weyerhaeuser Co.	30,131	875,004
		4,615,760
Retail-Apparel/Shoe - 0.1%
Ross Stores, Inc.	4,026	432,876
Retail-Drug Store - 0.1%
Walgreens Boots Alliance, Inc.	10,621	403,704

Semiconductor Components-Integrated Circuits - 2.8%
Maxim Integrated Products, Inc.	9,162			760,812
NXP Semiconductors NV	20,475			3,243,650
QUALCOMM, Inc.	27,485			4,044,967
				8,049,429
Semiconductor Equipment - 1.1%
Applied Materials, Inc.	37,191			3,067,514
Telecom Equipment-Fiber Optics - 1.1%
Corning, Inc.	84,539			3,163,449
Tobacco - 0.9%
Philip Morris International, Inc.	35,600			2,696,700
Transport-Rail - 1.7%
Union Pacific Corp.	23,519			4,799,758
Transport-Services - 0.9%
FedEx Corp.	5,413			1,551,257
United Parcel Service, Inc., Class B	6,112			1,045,580
				2,596,837
Web Portals/ISP - 2.0%
Alphabet, Inc., Class A†	3,308			5,803,555
Wireless Equipment - 0.2%
Motorola Solutions, Inc.	2,994			513,561
Total Common Stocks (cost $251,852,025)				281,715,295
EXCHANGE-TRADED FUNDS - 0.2%
iShares Russell 1000 Value ETF (cost $463,492)	3,983			527,349
Total Long-Term Investment Securities
(cost $252,315,517)				282,242,644
SHORT-TERM INVESTMENT SECURITIES - 1.0%
Commercial Paper - 1.0%
Credit Agricole Corporate and Investment Bank 0.07% due 12/01/2020 (cost $2,900,000)	$2,900,000			2,899,993
TOTAL INVESTMENTS (cost $255,215,517)	99.6	%		285,142,637
Other assets less liabilities	0.4			1,231,337
NET ASSETS	100.0	%	$	286,373,974

† Non-income producing security

ETF - Exchange-Traded Funds

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	281,715,295	$	—	$	—	$	281,715,295
Exchange-Traded Funds		527,349		—		—		527,349
Short-Term Investment Securities		—		2,899,993		—		2,899,993
Total Investments at Value	$	282,242,644	$	2,899,993	$	—	$	285,142,637

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 1)
COMMON STOCKS - 99.7%
Aerospace/Defense-Equipment - 0.5%
HEICO Corp., Class A		12,669	$	1,403,092
Apparel Manufacturers - 2.6%
Carter’s, Inc.		25,592		2,277,432
PVH Corp.		37,797		3,004,484
Under Armour, Inc., Class C†		118,148		1,719,053
				7,000,969
Athletic Equipment - 1.4%
YETI Holdings, Inc.†		60,502		3,821,911
Banks-Commercial - 4.8%
Cullen/Frost Bankers, Inc.		23,225		1,948,810
First Citizens BancShares/Principal Amount, Inc., Class A		4,158		2,197,877
First Republic Bank		24,024		3,112,550
M&T Bank Corp.		17,708		2,062,805
Prosperity BancShares/Principal Amount, Inc.		32,781		2,059,630
South State Corp.		21,690		1,441,734
				12,823,406
Building Products-Air & Heating - 1.5%
Lennox International, Inc.		13,788		3,968,600
Building-Residential/Commercial - 1.6%
NVR, Inc.†		1,027		4,105,104
Cable/Satellite TV - 1.4%
Cable One, Inc.		1,813		3,590,955
Chemicals-Specialty - 0.7%
Element Solutions, Inc.		138,363		1,910,793
Commercial Services - 0.3%
LiveRamp Holdings, Inc.†		13,550		792,810
Commercial Services-Finance - 2.1%
WEX, Inc.†		31,558		5,467,108
Computer Aided Design - 0.8%
Aspen Technology, Inc.†		16,396		2,204,442
Computer Services - 2.9%
Genpact, Ltd.		138,047		5,611,611
Science Applications International Corp.		23,584		2,182,463
				7,794,074
Computer Software - 1.3%
Teradata Corp.†		153,840		3,373,711
Computers-Other - 1.6%
Lumentum Holdings, Inc.†		48,779		4,213,530
Containers-Metal/Glass - 0.9%
Ball Corp.		8,111		778,737
Silgan Holdings, Inc.		44,404		1,500,855
				2,279,592
Containers-Paper/Plastic - 0.5%
Packaging Corp. of America		9,609		1,249,170
Disposable Medical Products - 1.1%
Teleflex, Inc.		7,821		2,993,488
Distribution/Wholesale - 4.3%
Fastenal Co.		39,677		1,962,028
IAA, Inc.†		60,190		3,606,585
KAR Auction Services, Inc.		201,763		3,641,822
Watsco, Inc.		9,261		2,105,581
				11,316,016
E-Commerce/Products - 1.9%
Etsy, Inc.†		31,774		5,106,082
E-Commerce/Services - 0.6%
Cargurus, Inc.†#		62,855		1,574,518
E-Services/Consulting - 1.2%
CDW Corp.		23,500		3,066,515
Electric-Integrated - 0.6%
Black Hills Corp.		27,956		1,700,563
Electronic Components-Misc. - 1.6%
Flex, Ltd.†		258,221		4,190,927
Electronic Components-Semiconductors - 1.8%
Monolithic Power Systems, Inc.		4,868		1,557,565
Silicon Laboratories, Inc.†		26,428		3,097,626
				4,655,191
Electronic Measurement Instruments - 0.8%
National Instruments Corp.		57,039		2,134,970
Energy-Alternate Sources - 1.7%
First Solar, Inc.†		49,038		4,581,620
Enterprise Software/Service - 2.5%
Black Knight, Inc.†		18,911		1,732,626
Blackbaud, Inc.		28,875		1,590,724
Guidewire Software, Inc.†		26,347		3,226,980
				6,550,330
Entertainment Software - 0.9%
Zynga, Inc., Class A†		279,617		2,306,840
Finance-Auto Loans - 0.9%
Credit Acceptance Corp.†#		8,140		2,429,627
Firearms & Ammunition - 0.8%
Axon Enterprise, Inc.†		16,760		2,106,564
Food-Catering - 0.1%
Healthcare Services Group, Inc.		13,660		323,332
Food-Misc./Diversified - 1.2%
Lamb Weston Holdings, Inc.		42,092		3,046,619
Food-Wholesale/Distribution - 0.9%
Performance Food Group Co.†		54,255		2,353,582
Gas-Distribution - 1.7%
NiSource, Inc.		33,751		816,774
UGI Corp.		105,914		3,757,829
				4,574,603
Healthcare Safety Devices - 0.1%
Tandem Diabetes Care, Inc.†		4,178		392,231
Hotels/Motels - 1.8%
Choice Hotels International, Inc.		35,571		3,544,650
Hyatt Hotels Corp., Class A		18,544		1,334,612
				4,879,262
Instruments-Controls - 0.1%
Mettler-Toledo International, Inc.†		119		136,855
Insurance-Property/Casualty - 4.0%
Alleghany Corp.		2,222		1,278,094
Erie Indemnity Co., Class A		5,659		1,276,727
Fidelity National Financial, Inc.		44,447		1,599,648
Markel Corp.†		3,201		3,117,230
White Mountains Insurance Group, Ltd.		1,873		1,798,080
WR Berkley Corp.		22,163		1,443,476
				10,513,255

Internet Content-Entertainment - 1.4%
Roku, Inc.†	12,880			3,781,182
Internet Infrastructure Software - 1.7%
F5 Networks, Inc.†	27,957			4,551,679
Investment Management/Advisor Services - 0.4%
Hamilton Lane, Inc., Class A	15,872			1,109,135
Lasers-System/Components - 3.8%
Coherent, Inc.†	28,681			3,492,772
II-VI, Inc.†#	96,790			6,547,844
				10,040,616
Machine Tools & Related Products - 1.1%
Lincoln Electric Holdings, Inc.	26,159			3,008,285
Machinery-General Industrial - 2.0%
IDEX Corp.	22,446			4,335,445
Middleby Corp.†	6,427			874,008
				5,209,453
Machinery-Pumps - 2.8%
Graco, Inc.	20,129			1,363,538
Ingersoll Rand, Inc.†	137,377			6,081,680
				7,445,218
Medical Instruments - 2.3%
Integra LifeSciences Holdings Corp.†	62,638			3,428,178
NuVasive, Inc.†	55,850			2,586,972
				6,015,150
Medical Products - 1.6%
Hill-Rom Holdings, Inc.	45,706			4,335,671
Medical-Biomedical/Gene - 5.7%
Allakos, Inc.†	1,359			145,454
Apellis Pharmaceuticals, Inc.†	46,730			2,202,852
ChemoCentryx, Inc.†	49,273			2,717,406
Iovance Biotherapeutics, Inc.†	57,860			2,245,546
Kodiak Sciences, Inc.†	11,070			1,512,937
PTC Therapeutics, Inc.†	62,640			3,919,385
Sage Therapeutics, Inc.†	31,154			2,308,200
				15,051,780
Medical-Drugs - 2.6%
PRA Health Sciences, Inc.†	28,668			3,216,550
Reata Pharmaceuticals, Inc., Class A†#	23,539			3,595,582
				6,812,132
Medical-HMO - 1.0%
Molina Healthcare, Inc.†	13,037			2,661,243
Medical-Outpatient/Home Medical - 2.4%
Amedisys, Inc.†	13,712			3,356,560
LHC Group, Inc.†	15,296			3,002,911
				6,359,471
Non-Hazardous Waste Disposal - 1.2%
GFL Environmental, Inc.	120,125			3,258,991
Oil Companies-Exploration & Production - 0.2%
Cabot Oil & Gas Corp.	23,244			407,235
Physical Therapy/Rehabilitation Centers - 1.7%
Encompass Health Corp.	56,461			4,549,627
Real Estate Investment Trusts - 4.2%
Douglas Emmett, Inc.	42,330			1,310,960
Equity Commonwealth	48,135			1,276,059
Life Storage, Inc.	12,059			1,323,114
PS Business Parks, Inc.	6,588			868,298
Rexford Industrial Realty, Inc.	53,623			2,569,614
STORE Capital Corp.	112,126			3,650,823
				10,998,868
Real Estate Management/Services - 0.9%
Redfin Corp.†	49,741			2,382,096
Rental Auto/Equipment - 0.9%
AMERCO	5,716			2,367,739
Retail-Automobile - 0.9%
CarMax, Inc.†	26,340			2,462,263
Semiconductor Equipment - 1.7%
MKS Instruments, Inc.	32,789			4,524,226
Telecommunication Equipment - 1.4%
CommScope Holding Co., Inc.†	306,796			3,635,533
Transport-Truck - 1.2%
Knight-Swift Transportation Holdings, Inc.	77,762			3,210,793
Web Hosting/Design - 1.1%
Q2 Holdings, Inc.†#	26,511			3,005,552
Total Long-Term Investment Securities (cost $219,516,585)				264,116,195
SHORT-TERM INVESTMENT SECURITIES - 0.0%
Registered Investment Companies - 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $76,743)	76,743			76,743
REPURCHASE AGREEMENTS - 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $908,000 and collateralized by $929,900 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $926,235 (cost $908,000)	$908,000			908,000
TOTAL INVESTMENTS (cost $220,501,328)	100.1	%		265,100,938
Liabilities in excess of other assets	(0.1	)		(178,300	)
NET ASSETS	100.0	%	$	264,922,638

† Non-income producing security

# The security or a portion thereof is out on loan.

(1) At November 30, 2020, the Fund had loaned securities with a total value of $15,101,889. This was secured by collateral of $76,743, which was received in cash and subsequently invested in short-term investments currently valued at $76,743 as reported in the Portfolio of Investments. Additional collateral of $15,395,583 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	602,311
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		1,617,452
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		55,435
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		584,140
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		12,536,245

(2) The rate shown is the 7-day yield as of November 30, 2020.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	264,116,195	$	—	$	—	$	264,116,195
Short-Term Investment Securities		76,743		—		—		76,743
Repurchase Agreements		—		908,000		—		908,000
Total Investments at Value	$	264,192,938	$	908,000	$	—	$	265,100,938

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 1)
COMMON STOCKS - 98.7%
Aerospace/Defense-Equipment - 1.9%
Hexcel Corp.		60,249	$	2,983,531
Howmet Aerospace, Inc.		162,318		3,807,980
L3Harris Technologies, Inc.		25,699		4,933,951
Moog, Inc., Class A		42,489		3,286,949
				15,012,411
Agricultural Biotech - 0.4%
Corteva, Inc.		90,696		3,475,471
Agricultural Chemicals - 0.3%
Mosaic Co.		108,962		2,392,806
Airlines - 0.7%
Alaska Air Group, Inc.		58,112		2,961,969
Southwest Airlines Co.		61,841		2,865,712
				5,827,681
Apparel Manufacturers - 1.3%
Carter’s, Inc.#		66,434		5,911,961
Columbia Sportswear Co.		59,062		4,838,950
				10,750,911
Appliances - 0.6%
Whirlpool Corp.		22,774		4,432,048
Auto-Heavy Duty Trucks - 0.7%
Cummins, Inc.		13,119		3,032,719
PACCAR, Inc.		28,863		2,512,813
				5,545,532
Auto/Truck Parts & Equipment-Original - 1.8%
Allison Transmission Holdings, Inc.		33,335		1,368,402
Gentex Corp.		217,183		7,080,166
Lear Corp.		17,746		2,536,790
Meritor, Inc.†		135,588		3,579,523
				14,564,881
Banks-Commercial - 5.4%
Atlantic Union Bankshares Corp.		194,523		5,818,183
BancorpSouth Bank		157,165		3,984,133
East West Bancorp, Inc.		82,889		3,541,018
South State Corp.		85,769		5,701,066
Synovus Financial Corp.		202,068		6,379,287
Truist Financial Corp.		124,572		5,782,632
Western Alliance Bancorp		131,805		6,757,642
Zions Bancorp NA		145,431		5,612,182
				43,576,143
Banks-Fiduciary - 0.2%
State Street Corp.		25,885		1,824,375
Banks-Super Regional - 2.6%
Fifth Third Bancorp		278,553		7,058,533
Huntington Bancshares, Inc.		631,089		7,623,555
KeyCorp		389,979		6,029,075
				20,711,163
Batteries/Battery Systems - 0.6%
EnerSys		56,056		4,585,941
Beverages-Non-alcoholic - 0.4%
Coca-Cola European Partners PLC		77,320		3,454,658
Building & Construction Products-Misc. - 0.9%
Fortune Brands Home & Security, Inc.		43,690		3,648,115
Owens Corning		49,936		3,638,836
				7,286,951
Building Products-Cement - 0.5%
Buzzi Unicem SpA		89,802		2,186,326
Eagle Materials, Inc.		21,931		1,995,502
				4,181,828
Building Products-Doors & Windows - 0.9%
JELD-WEN Holding, Inc.†		202,532		4,899,249
PGT Innovations, Inc.†		133,411		2,484,113
				7,383,362
Building Products-Wood - 0.4%
Masco Corp.		56,650		3,040,406
Building-Heavy Construction - 0.3%
MasTec, Inc.†		39,175		2,221,614
Building-Residential/Commercial - 0.4%
Lennar Corp., Class A		46,829		3,552,448
Cable/Satellite TV - 0.5%
Altice USA, Inc., Class A†		111,037		3,766,375
Casino Hotels - 0.6%
Las Vegas Sands Corp.		43,224		2,408,009
Wynn Resorts, Ltd.		20,659		2,076,230
				4,484,239
Chemicals-Diversified - 2.7%
Celanese Corp.		52,638		6,807,672
DuPont de Nemours, Inc.		47,516		3,014,415
FMC Corp.		83,484		9,684,979
PPG Industries, Inc.		16,926		2,484,229
				21,991,295
Chemicals-Specialty - 0.7%
Ingevity Corp.†		28,237		1,880,019
Rogers Corp.†		25,592		3,759,721
				5,639,740
Commercial Services-Finance - 0.3%
EVERTEC, Inc.		64,838		2,410,028
Computer Services - 2.3%
Amdocs, Ltd.		94,996		6,251,687
Leidos Holdings, Inc.		84,621		8,521,335
Science Applications International Corp.		38,627		3,574,542
				18,347,564
Computers-Memory Devices - 0.3%
Western Digital Corp.		60,011		2,693,294
Computers-Other - 0.9%
Lumentum Holdings, Inc.†		86,794		7,497,266
Containers-Metal/Glass - 0.7%
Crown Holdings, Inc.†		63,348		5,970,549
Cruise Lines - 0.2%
Norwegian Cruise Line Holdings, Ltd.†		79,515		1,818,508
Dental Supplies & Equipment - 0.5%
DENTSPLY SIRONA, Inc.		85,102		4,330,841
Diagnostic Equipment - 0.4%
Avantor, Inc.†		131,151		3,577,799
Distribution/Wholesale - 0.5%
HD Supply Holdings, Inc.†		40,234		2,244,253
LKQ Corp.†		58,751		2,069,210
				4,313,463
Diversified Manufacturing Operations - 2.6%
Eaton Corp. PLC		50,660		6,135,433

ITT, Inc.	54,619	3,966,978
Parker-Hannifin Corp.	17,846	4,769,522
Textron, Inc.	95,877	4,324,053
Trane Technologies PLC	9,869	1,443,242
		20,639,228
E-Commerce/Products - 0.4%
eBay, Inc.	55,328	2,790,191
E-Commerce/Services - 0.4%
Expedia Group, Inc.	26,016	3,238,732
Electric Products-Misc. - 1.0%
AMETEK, Inc.	64,463	7,640,799
Electric-Integrated - 3.8%
Alliant Energy Corp.	46,427	2,442,060
American Electric Power Co., Inc.	24,839	2,108,583
CenterPoint Energy, Inc.	237,868	5,516,159
DTE Energy Co.	38,533	4,847,837
Edison International	73,824	4,529,840
Entergy Corp.	49,215	5,357,053
Evergy, Inc.	62,947	3,487,893
Portland General Electric Co.	54,776	2,266,631
		30,556,056
Electronic Components-Misc. - 0.5%
Flex, Ltd.†	128,121	2,079,404
Hubbell, Inc.	12,658	2,045,406
		4,124,810
Electronic Components-Semiconductors - 1.6%
ON Semiconductor Corp.†	121,728	3,499,680
Qorvo, Inc.†	40,182	6,295,716
Tower Semiconductor, Ltd.†	110,774	2,709,532
		12,504,928
Electronic Connectors - 0.8%
TE Connectivity, Ltd.	59,608	6,793,524
Enterprise Software/Service - 0.5%
SS&C Technologies Holdings, Inc.	56,016	3,858,942
Entertainment Software - 0.2%
Electronic Arts, Inc.	13,051	1,667,265
Finance-Consumer Loans - 0.9%
SLM Corp.	552,739	5,864,561
Synchrony Financial	53,172	1,620,151
		7,484,712
Finance-Credit Card - 0.6%
Discover Financial Services	59,400	4,524,498
Finance-Leasing Companies - 0.1%
AerCap Holdings NV†	16,607	610,473
Financial Guarantee Insurance - 0.5%
MGIC Investment Corp.	337,008	4,030,616
Food-Meat Products - 0.2%
Tyson Foods, Inc., Class A	24,272	1,582,534
Food-Misc./Diversified - 1.1%
Nomad Foods, Ltd.†	92,569	2,235,541
Post Holdings, Inc.†	36,543	3,451,852
Simply Good Foods Co.†	143,791	3,126,016
		8,813,409
Food-Wholesale/Distribution - 0.8%
US Foods Holding Corp.†	192,548	6,061,411
Footwear & Related Apparel - 0.8%
Steven Madden, Ltd.	196,695	6,189,992
Gambling (Non-Hotel) - 0.1%
International Game Technology PLC#	80,095	1,008,396
Hazardous Waste Disposal - 1.0%
Clean Harbors, Inc.†	107,988	7,815,092
Home Furnishings - 0.5%
Leggett & Platt, Inc.	57,409	2,474,328
Tempur Sealy International, Inc.†	46,632	1,174,660
		3,648,988
Hotels/Motels - 1.6%
Marriott International, Inc., Class A	20,682	2,623,925
Wyndham Destinations, Inc.	44,901	1,888,536
Wyndham Hotels & Resorts, Inc.	143,118	8,229,285
		12,741,746
Human Resources - 0.7%
ASGN, Inc.†	38,275	2,992,339
Robert Half International, Inc.	47,009	3,017,038
		6,009,377
Independent Power Producers - 0.3%
Vistra Corp.	107,492	2,007,951
Insurance Brokers - 0.6%
Aon PLC, Class A	17,999	3,687,815
Willis Towers Watson PLC	6,622	1,378,634
		5,066,449
Insurance-Life/Health - 2.2%
Aflac, Inc.	39,840	1,750,171
CNO Financial Group, Inc.	296,069	6,300,348
Globe Life, Inc.	31,083	2,893,827
Voya Financial, Inc.	121,339	6,992,767
		17,937,113
Insurance-Multi-line - 1.1%
Allstate Corp.	34,266	3,507,125
Kemper Corp.	73,172	5,484,242
		8,991,367
Insurance-Property/Casualty - 2.8%
Alleghany Corp.	12,951	7,449,415
Assurant, Inc.	38,666	4,992,554
Hanover Insurance Group, Inc.	53,914	6,057,238
Lancashire Holdings, Ltd.	246,478	2,441,440
Travelers Cos., Inc.	14,096	1,827,547
		22,768,194
Insurance-Reinsurance - 1.7%
Essent Group, Ltd.	47,460	2,081,596
Everest Re Group, Ltd.	17,043	3,874,385
Reinsurance Group of America, Inc.	26,512	3,056,303
RenaissanceRe Holdings, Ltd.	30,333	4,994,025
		14,006,309

Internet Content-Information/News - 0.2%
Yelp, Inc.†	60,350	1,927,579
Internet Infrastructure Software - 0.6%
F5 Networks, Inc.†	28,151	4,583,264
Investment Management/Advisor Services - 1.0%
Ameriprise Financial, Inc.	43,174	7,997,552
Lasers-System/Components - 0.3%
Coherent, Inc.†	20,759	2,528,031
Machine Tools & Related Products - 1.5%
Colfax Corp.†	172,150	6,211,172
Kennametal, Inc.	169,194	5,920,098
		12,131,270
Machinery-Construction & Mining - 0.3%
Oshkosh Corp.	33,430	2,691,115
Machinery-Electrical - 0.3%
BWX Technologies, Inc.	39,700	2,258,136
Machinery-General Industrial - 0.8%
Altra Industrial Motion Corp.	39,010	2,214,208
Middleby Corp.†	30,469	4,143,479
		6,357,687
Machinery-Pumps - 2.7%
Curtiss-Wright Corp.	20,205	2,328,829
Dover Corp.	54,267	6,622,202
Ingersoll Rand, Inc.†	163,112	7,220,968
SPX FLOW, Inc.†	110,412	5,915,875
		22,087,874
Medical Information Systems - 0.3%
Change Healthcare, Inc.†	158,080	2,707,910
Medical Instruments - 0.2%
Boston Scientific Corp.†	46,156	1,530,071
Medical Labs & Testing Services - 1.2%
ICON PLC†	15,376	2,996,475
IQVIA Holdings, Inc.†	13,865	2,343,046
Laboratory Corp. of America Holdings†	13,234	2,644,683
PPD, Inc.†	56,532	1,978,620
		9,962,824
Medical Products - 1.5%
Avanos Medical, Inc.†	59,025	2,502,070
Hill-Rom Holdings, Inc.	38,625	3,663,967
Hologic, Inc.†	22,405	1,548,858
Zimmer Biomet Holdings, Inc.	31,497	4,696,833
		12,411,728
Medical-Drugs - 0.2%
Jazz Pharmaceuticals PLC†	13,330	1,875,664
Medical-HMO - 1.6%
Centene Corp.†	55,127	3,398,580
Humana, Inc.	11,617	4,652,841
Molina Healthcare, Inc.†	24,941	5,091,206
		13,142,627
Medical-Hospitals - 1.2%
Acadia Healthcare Co., Inc.†	66,609	2,827,552
HCA Healthcare, Inc.	16,113	2,418,722
Universal Health Services, Inc., Class B	30,775	4,018,600
		9,264,874
Medical-Wholesale Drug Distribution - 0.3%
AmerisourceBergen Corp.	26,141	2,695,399
Metal Processors & Fabrication - 0.6%
Rexnord Corp.	129,663	4,863,659
Miscellaneous Manufacturing - 0.7%
John Bean Technologies Corp.	48,882	5,404,394
Motorcycle/Motor Scooter - 0.5%
Harley-Davidson, Inc.	108,698	4,379,442
Office Automation & Equipment - 0.3%
Xerox Holdings Corp.	105,287	2,304,732
Office Supplies & Forms - 0.2%
Avery Dennison Corp.	12,810	1,913,045
Oil & Gas Drilling - 0.1%
Helmerich & Payne, Inc.	43,210	983,892
Oil Companies-Exploration & Production - 1.3%
ConocoPhillips	91,294	3,611,590
Diamondback Energy, Inc.	112,056	4,477,758
Parsley Energy, Inc., Class A	206,611	2,588,836
		10,678,184
Oil Refining & Marketing - 0.9%
Delek US Holdings, Inc.	146,316	1,944,540
Marathon Petroleum Corp.	70,085	2,724,905
Valero Energy Corp.	43,678	2,348,566
		7,018,011
Oil-Field Services - 0.8%
ChampionX Corp.†	144,851	1,720,830
Schlumberger, Ltd.	213,092	4,430,183
		6,151,013
Oil-U.S. Royalty Trusts - 0.1%
Viper Energy Partners LP	96,065	1,075,928
Physical Therapy/Rehabilitation Centers - 0.8%
Encompass Health Corp.	82,759	6,668,720
Publishing-Newspapers - 0.5%
TEGNA, Inc.	283,667	4,087,641
Real Estate Investment Trusts - 8.1%
American Assets Trust, Inc.	105,823	3,036,062
American Campus Communities, Inc.	89,187	3,549,643
American Homes 4 Rent, Class A	81,189	2,331,748
Americold Realty Trust#	107,018	3,652,524
Cousins Properties, Inc.	81,145	2,711,055
CyrusOne, Inc.	34,195	2,390,572
Duke Realty Corp.	99,281	3,778,635
Equity Residential	61,463	3,559,937
Essential Properties Realty Trust, Inc.	166,484	3,419,581
Essex Property Trust, Inc.	11,664	2,867,944
First Industrial Realty Trust, Inc.	70,104	2,935,956
Gaming and Leisure Properties, Inc.	180,754	7,508,521
Healthpeak Properties, Inc.	82,582	2,383,317
Highwoods Properties, Inc.	115,314	4,416,526
Host Hotels & Resorts, Inc.	148,603	2,084,900
Kilroy Realty Corp.	40,418	2,471,965
Lamar Advertising Co., Class A	23,070	1,836,603

Life Storage, Inc.	27,871			3,058,006
Regency Centers Corp.	69,368			3,161,793
Welltower, Inc.	63,117			3,975,109
				65,130,397
Retail-Apparel/Shoe - 0.6%
Foot Locker, Inc.	55,918			2,091,333
Ross Stores, Inc.	25,533			2,745,308
				4,836,641
Retail-Auto Parts - 0.6%
AutoZone, Inc.†	4,139			4,708,733
Retail-Consumer Electronics - 0.2%
Best Buy Co., Inc.	14,010			1,524,288
Retail-Discount - 0.2%
Dollar Tree, Inc.†	14,754			1,611,727
Retail-Perfume & Cosmetics - 0.3%
Ulta Beauty, Inc.†	8,689			2,392,951
Retail-Restaurants - 0.6%
Darden Restaurants, Inc.	17,490			1,888,570
Denny’s Corp.†	277,350			3,192,299
				5,080,869
Savings & Loans/Thrifts - 0.6%
Sterling Bancorp	276,580			4,419,748
Semiconductor Components-Integrated Circuits - 0.7%
NXP Semiconductors NV	34,174			5,413,845
Semiconductor Equipment - 1.8%
KLA Corp.	9,763			2,459,983
Lam Research Corp.	5,161			2,336,178
MKS Instruments, Inc.	47,079			6,495,961
Onto Innovation, Inc.†	66,843			2,955,129
				14,247,251
Shipbuilding - 0.2%
Huntington Ingalls Industries, Inc.	10,767			1,724,766
Steel-Producers - 1.2%
Reliance Steel & Aluminum Co.	50,023			5,892,710
Steel Dynamics, Inc.	102,034			3,694,651
				9,587,361
Telecom Equipment-Fiber Optics - 0.4%
Ciena Corp.†	75,130			3,365,824
Telecom Services - 0.2%
Rackspace Technology, Inc.†	86,074			1,545,889
Textile-Home Furnishings - 0.4%
Mohawk Industries, Inc.†	23,372			2,940,899
Theaters - 0.3%
Live Nation Entertainment, Inc.†	35,334			2,319,677
Transport-Rail - 0.4%
Kansas City Southern	16,689			3,106,991
Transport-Services - 0.2%
Expeditors International of Washington, Inc.	20,785			1,857,555
Transport-Truck - 0.4%
Knight-Swift Transportation Holdings, Inc.	81,079			3,347,752
Total Long-Term Investment Securities (cost $676,036,061)				796,620,123
SHORT-TERM INVESTMENT SECURITIES - 1.2%
Registered Investment Companies - 1.2%
State Street Institutional Liquid Reserves Fund, Administration Class 0.00%(1) (cost $9,241,525)	9,240,601			9,241,525
REPURCHASE AGREEMENTS - 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $1,043,000 and collateralized by $1,068,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $1,063,890 (cost $1,043,000)	$1,043,000			1,043,000
TOTAL INVESTMENTS (cost $686,320,586)	100.0	%		806,904,648
Other assets less liabilities	0.0			335,364
NET ASSETS	100.0	%	$	807,240,012

# The security or a portion thereof is out on loan.

At November 30, 2020, the Fund had loaned securities with a total value of $6,495,538. This was secured by collateral of $6,809,349 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050		468,784
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		1,258,878
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		43,146
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		317,544
United States Treasury Notes/Bonds	0.13% to 8.13%	12/15/2020 to 11/15/2049		4,720,997

† Non-income producing security

(1) The rate shown is the 7-day yield as of November 30, 2020.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	796,620,123	$	—	$	—	$	796,620,123
Short-Term Investment Securities		9,241,525		—		—		9,241,525
Repurchase Agreements		—		1,043,000		—		1,043,000
Total Investments at Value	$	805,861,648	$	1,043,000	$	—	$	806,904,648

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares			Value (Note 1)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) - 100.0%
Domestic Equity Investment Companies - 48.7%
VALIC Co. I Blue Chip Growth Fund		1,703		$	43,580
VALIC Co. I Dividend Value Fund		6,704,847			76,234,115
VALIC Co. I Large Cap Core Fund		916,483			12,867,417
VALIC Co. I Large Capital Growth Fund		994,527			20,268,453
VALIC Co. I Mid Cap Index Fund		1,032,547			26,505,490
VALIC Co. I Mid Cap Strategic Growth Fund		751,123			15,811,129
VALIC Co. I Nasdaq-100® Index Fund		623,428			14,644,318
VALIC Co. I Science & Technology Fund		334,942			13,287,162
VALIC Co. I Small Cap Index Fund		832,877			16,465,980
VALIC Co. I Small Cap Special Values Fund		1,161,440			12,590,009
VALIC Co. I Stock Index Fund		2,096,352			101,148,967
VALIC Co. I Value Fund		1,181,031			21,152,272
VALIC Co. II Capital Appreciation Fund		1,843,913			35,163,423
VALIC Co. II Large Cap Value Fund		2,812,637			57,912,203
VALIC Co. II Mid Cap Growth Fund		1,091,096			13,485,947
VALIC Co. II Mid Cap Value Fund		3,167,554			55,653,926
VALIC Co. II Small Cap Growth Fund		428,661			10,347,878
VALIC Co. II Small Cap Value Fund		1,281,530			14,404,401
Total Domestic Equity Investment Companies
(cost $458,124,610)					517,986,670
Domestic Fixed Income Investment Companies - 32.3%
VALIC Co. I Capital Conservation Fund		2,720,133			29,323,030
VALIC Co. I Government Securities Fund		967,123			10,909,143
VALIC Co. I Inflation Protected Fund		5,199,688			62,760,235
VALIC Co. II Core Bond Fund		8,857,523			107,264,605
VALIC Co. II High Yield Bond Fund		4,738,933			36,537,171
VALIC Co. II Strategic Bond Fund		8,234,573			96,426,850
Total Domestic Fixed Income Investment Companies
(cost $323,477,715)					343,221,034
Domestic Money Market Investment Companies - 0.5%
VALIC Co. I Government Money Market I Fund(2) (cost $5,257,898)		5,257,898			5,257,898
International Equity Investment Companies - 13.1%
VALIC Co. I Emerging Economies Fund		3,093,623			29,049,119
VALIC Co. I International Equities Index Fund		5,934,863			43,858,637
VALIC Co. I International Growth Fund		483,919			7,844,330
VALIC Co. I International Value Fund		2,274,863			22,043,426
VALIC Co. II International Opportunities Fund		1,623,254			36,247,252
Total International Equity Investment Companies
(cost $126,760,091)					139,042,764
International Fixed Income Investment Companies - 3.3%
VALIC Co. I International Government Bond Fund (cost $31,571,001)		2,685,253			35,311,082
Real Estate Investment Companies - 2.1%
VALIC Co. I Global Real Estate Fund (cost $22,737,846)		2,943,599			22,489,095
TOTAL INVESTMENTS
(cost $967,929,161)		100.0	%		1,063,308,543
Liabilities in excess of other assets		(0.0	)		(168,219)
NET ASSETS		100.0	%	$	1,063,140,324

# The Moderate Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information of the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3

(2) The 7-day yield as of November 30, 2020 is 0.01%.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	1,063,308,543	$	—	$	—	$	1,063,308,543

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares		Value (Note 1)
COMMON STOCKS - 98.4%
Applications Software - 4.5%
Duck Creek Technologies, Inc.†		49,337	$	1,961,639
Elastic NV†		23,919		2,961,172
Jamf Holding Corp.†		11,080		351,236
JFrog, Ltd.†#		19,524		1,373,709
Medallia, Inc.†#		48,061		1,681,654
Outset Medical, Inc.†		12,784		818,176
Smartsheet, Inc., Class A†		42,882		2,488,443
				11,636,029
Auto/Truck Parts & Equipment-Original - 0.7%
Fox Factory Holding Corp.†		22,134		1,931,634
Banks-Commercial - 0.7%
First Financial Bankshares, Inc.		54,215		1,811,865
Building & Construction Products-Misc. - 2.4%
AZEK Co., Inc.†		23,517		840,027
Simpson Manufacturing Co., Inc.		30,011		2,758,011
Trex Co., Inc.†#		33,742		2,524,577
				6,122,615
Building-Mobile Home/Manufactured Housing - 0.8%
Winnebago Industries, Inc.		38,190		2,021,397
Building-Residential/Commercial - 0.6%
TRI Pointe Group, Inc.†#		86,747		1,516,338
Casino Hotels - 1.1%
Boyd Gaming Corp.		76,668		2,950,951
Commercial Services - 0.5%
LiveRamp Holdings, Inc.†		23,175		1,355,969
Commercial Services-Finance - 0.7%
Avalara, Inc.†		10,228		1,756,659
Computer Data Security - 1.1%
CyberArk Software, Ltd.†		15,770		1,811,500
Ping Identity Holding Corp.†		44,823		1,008,069
				2,819,569
Computer Services - 0.8%
Globant SA†		10,777		2,033,404
Computer Software - 2.4%
Bandwidth, Inc., Class A†		18,189		2,760,726
Envestnet, Inc.†		35,864		2,878,445
nCino, Inc.†		8,504		692,991
				6,332,162
Computers-Other - 0.6%
Corsair Gaming, Inc.†		42,716		1,622,354
Consulting Services - 0.5%
FTI Consulting, Inc.†		12,478		1,310,440
Consumer Products-Misc. - 1.3%
Helen of Troy, Ltd.†		16,348		3,302,132
Diagnostic Equipment - 0.2%
Adaptive Biotechnologies Corp.†		11,282		544,018
Diagnostic Kits - 1.9%
Natera, Inc.†		55,730		4,919,287
Distribution/Wholesale - 1.2%
SiteOne Landscape Supply, Inc.†		22,646		3,127,413
Diversified Manufacturing Operations - 2.1%
Carlisle Cos., Inc.		16,505		2,390,419
ITT, Inc.		42,849		3,112,123
				5,502,542
Drug Delivery Systems - 1.2%
Heron Therapeutics, Inc.†#		78,763		1,364,963
Revance Therapeutics, Inc.†		71,487		1,725,696
				3,090,659
E-Commerce/Products - 1.6%
Farfetch, Ltd., Class A†#		43,889		2,398,534
Leslie’s, Inc.†		32,739		677,370
RealReal, Inc.†		69,296		959,749
				4,035,653
E-Commerce/Services - 0.5%
MediaAlpha, Inc.† Class A		35,889		1,354,810
Electric Products-Misc. - 1.2%
Littelfuse, Inc.		12,740		3,064,352
Electronic Components-Semiconductors - 3.1%
Cree, Inc.†		26,252		2,372,918
Inphi Corp.†		20,765		3,221,275
Semtech Corp.†		34,117		2,301,874
				7,896,067
Electronic Measurement Instruments - 1.2%
Itron, Inc.†		41,085		3,229,692
Energy-Alternate Sources - 2.3%
Enphase Energy, Inc.†#		25,972		3,546,996
SolarEdge Technologies, Inc.†		8,583		2,385,902
				5,932,898
Enterprise Software/Service - 5.4%
Bill.com Holdings, Inc.†		13,560		1,663,948
Blackline, Inc.†		28,055		3,447,959
Cardlytics, Inc.†#		11,073		1,314,144
Everbridge, Inc.†#		18,300		2,323,002
Evolent Health, Inc., Class A†		88,944		1,292,356
ManTech International Corp., Class A		36,831		2,834,882
Vertex, Inc., Class A†		48,968		1,235,952
				14,112,243
Finance-Credit Card - 0.5%
I3 Verticals, Inc., Class A†		44,984		1,255,054
Finance-Investment Banker/Broker - 0.9%
Evercore, Inc., Class A		26,707		2,428,467
Finance-Leasing Companies - 0.6%
PROG Holdings Co., Inc.		23,028		1,449,152
Food-Retail - 0.8%
Grocery Outlet Holding Corp.†		54,040		2,087,025
Food-Wholesale/Distribution - 1.1%
Performance Food Group Co.†		66,842		2,899,606
Insurance Brokers - 0.5%
Selectquote, Inc.†		58,543		1,255,747
Insurance-Property/Casualty - 0.5%
Lemonade, Inc.†#		19,452		1,347,440
Palomar Holdings, Inc.†		375		24,788
				1,372,228
Internet Application Software - 1.3%
Anaplan, Inc.†		48,101		3,366,589

Investment Management/Advisor Services - 0.6%
Focus Financial Partners, Inc., Class A†	37,684	1,492,663
Machinery-Electrical - 0.6%
Vertiv Holdings Co.#	88,544	1,656,658
Machinery-General Industrial - 0.9%
Applied Industrial Technologies, Inc.	30,543	2,395,487
Machinery-Pumps - 1.0%
Graco, Inc.	36,889	2,498,861
Medical Information Systems - 0.3%
Oak Street Health, Inc.†	15,618	736,701
Medical Labs & Testing Services - 0.7%
Personalis, Inc.†	69,709	1,919,089
Medical Products - 4.2%
iRhythm Technologies, Inc.†	17,095	4,179,898
Nevro Corp.†	20,150	3,249,188
Shockwave Medical, Inc.†#	36,080	3,529,706
		10,958,792
Medical-Biomedical/Gene - 17.9%
ACADIA Pharmaceuticals, Inc.†	21,867	1,238,984
ADC Therapeutics SA†	49,697	1,854,195
Allogene Therapeutics, Inc.†	23,648	734,270
Amicus Therapeutics, Inc.†	154,951	3,546,828
Arrowhead Pharmaceuticals, Inc.†	40,355	2,523,398
Atara Biotherapeutics, Inc.†	102,077	2,367,166
Avrobio, Inc.†	78,960	1,087,279
Berkeley Lights, Inc.†	15,954	1,321,949
Biohaven Pharmaceutical Holding Co., Ltd.†	31,916	2,838,928
Blueprint Medicines Corp.†	27,761	3,000,409
Bridgebio Pharma, Inc.†#	34,366	1,726,548
FibroGen, Inc.†	38,846	1,604,728
Generation Bio Co.†	20,052	966,908
Global Blood Therapeutics, Inc.†	17,851	819,539
Halozyme Therapeutics, Inc.†	102,951	4,025,384
Homology Medicines, Inc.†	52,749	519,050
Intercept Pharmaceuticals, Inc.†	18,101	642,767
Kronos Bio, Inc.†	35,717	1,145,444
Mirati Therapeutics, Inc.†	7,776	1,849,522
Orchard Therapeutics PLC ADR†	64,393	326,473
REGENXBIO, Inc.†	35,807	1,247,516
Relay Therapeutics, Inc.†	36,000	1,919,160
REVOLUTION Medicines, Inc.†	30,549	1,332,853
Rubius Therapeutics, Inc.†#	65,365	409,839
Sage Therapeutics, Inc.†	24,038	1,780,975
Twist Bioscience Corp.†	39,983	4,467,700
Viela Bio, Inc.†	30,559	1,171,632
		46,469,444
Medical-Drugs - 1.0%
Alector, Inc.†	42,841	561,646
Clementia Pharmaceuticals, Inc. CVR†(1)	70,624	0
Coherus Biosciences, Inc.†	96,598	1,783,199
TherapeuticsMD, Inc.†	263,260	352,768
		2,697,613
Medical-Generic Drugs - 0.3%
Arvinas, Inc.†#	31,678	766,608
Medical-Hospitals - 0.7%
Acadia Healthcare Co., Inc.†	41,172	1,747,751
Medical-Outpatient/Home Medical - 1.1%
Amedisys, Inc.†	11,386	2,787,179
Miscellaneous Manufacturing - 1.3%
John Bean Technologies Corp.	29,805	3,295,241
Physicians Practice Management - 1.0%
Accolade, Inc.†	47,608	2,471,331
Publishing-Newspapers - 1.0%
New York Times Co., Class A	59,005	2,531,905
Real Estate Investment Trusts - 1.4%
CubeSmart	34,663	1,127,587
EastGroup Properties, Inc.	7,993	1,089,686
Terreno Realty Corp.	25,804	1,495,084
		3,712,357
Recreational Centers - 0.7%
Planet Fitness, Inc., Class A†	23,810	1,736,939
Retail-Automobile - 1.9%
Lithia Motors, Inc., Class A	10,934	3,163,206
Rush Enterprises, Inc., Class A	46,678	1,789,168
		4,952,374
Retail-Discount - 1.4%
BJ’s Wholesale Club Holdings, Inc.†	46,671	1,913,044
Ollie’s Bargain Outlet Holdings, Inc.†	20,209	1,779,605
		3,692,649
Retail-Floor Coverings - 0.8%
Floor & Decor Holdings, Inc., Class A†	26,526	2,124,467
Retail-Pet Food & Supplies - 1.6%
Freshpet, Inc.†	29,436	4,029,200
Retail-Restaurants - 1.3%
Texas Roadhouse, Inc.	43,402	3,289,872
Retail-Vision Service Center - 1.5%
National Vision Holdings, Inc.†	90,885	3,890,787
Schools - 0.6%
Bright Horizons Family Solutions, Inc.†	9,583	1,630,164
Semiconductor Equipment - 2.7%
Entegris, Inc.	41,295	3,824,743
MKS Instruments, Inc.	22,648	3,124,971
		6,949,714
Steel Pipe & Tube - 1.7%
Advanced Drainage Systems, Inc.	61,930	4,319,617
Telecom Equipment-Fiber Optics - 0.5%
Ciena Corp.†	30,032	1,345,434
Therapeutics - 0.3%
G1 Therapeutics, Inc.†#	46,871	855,864
Tools-Hand Held - 1.1%
MSA Safety, Inc.	18,802	2,809,771
Transport-Truck - 1.5%
Saia, Inc.†	21,729	3,792,580
Total Long-Term Investment Securities          (cost $178,200,287)		255,004,132

SHORT-TERM INVESTMENT SECURITIES - 1.8%
Registered Investment Companies - 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3) (cost $4,598,704)	4,598,704			4,598,704
TOTAL INVESTMENTS          (cost $182,798,991)	100.2	%		259,602,836
Liabilities in excess of other assets	(0.2	)		(451,879	)
NET ASSETS	100.0	%	$	259,150,957

† Non-income producing security

# The security or a portion thereof is out on loan.

(1) Securities classified as Level 3 (see Note 1).

(2) At November 30, 2020, the Fund had loaned securities with a total value of $17,339,212. This was secured by collateral of $4,598,704, which was received in cash and subsequently invested in short-term investments currently valued at $4,598,704 as reported in the Portfolio of Investments. Additional collateral of $13,373,599 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	875,563
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		2,351,246
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		80,585
United States Treasury Bills	0.00%	02/11/2021 to 07/15/2021		42,700
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		10,023,505

(3) The rate shown is 7-day yield as of November 30, 2020.

ADR - American Depositary Receipt

CVR - Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Medical-Drugs	$	2,697,613	$	—	$	0	$	2,697,613
Other Industries		252,306,519		—		—		252,306,519
Short-Term Investment Securities		4,598,704		—		—		4,598,704
Total Investments at Value	$	259,602,836	$	—	$	0	$	259,602,836

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Portfolio of Investments

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 1)
COMMON STOCKS - 97.9%
Aerospace/Defense-Equipment - 0.9%
AAR Corp.		34,710	$	984,723
Astronics Corp.†		46,300		528,746
Barnes Group, Inc.		11,600		533,716
Ducommun, Inc.†		1,700		84,524
Moog, Inc., Class A		9,400		727,184
Triumph Group, Inc.		25,300		333,201
				3,192,094
Agricultural Operations - 0.1%
Andersons, Inc.		5,800		131,834
Fresh Del Monte Produce, Inc.		12,300		312,297
			444,131
Airlines - 0.6%
Allegiant Travel Co.		6,500		1,106,235
Hawaiian Holdings, Inc.		21,300		431,538
SkyWest, Inc.		8,600		369,198
Spirit Airlines, Inc.†		7,000		158,410
			2,065,381
Apparel Manufacturers - 0.3%
Deckers Outdoor Corp.†		3,600		916,524
Applications Software - 0.2%
IBEX Holdings, Ltd.†		30,800		612,920
Audio/Video Products - 0.2%
Universal Electronics, Inc.†		10,800		568,728
Auto-Heavy Duty Trucks - 0.1%
Navistar International Corp.†		6,000		265,560
Auto-Truck Trailers - 0.4%
Wabash National Corp.		73,000		1,290,640
Auto/Truck Parts & Equipment-Original - 1.5%
Adient PLC†		43,400		1,357,986
American Axle & Manufacturing Holdings, Inc.†		49,900		397,204
Cooper-Standard Holdings, Inc.†		800		27,136
Dana, Inc.		96,500		1,625,060
Gentherm, Inc.†		13,500		767,610
Meritor, Inc.†		36,200		955,680
Methode Electronics, Inc.		3,500		122,570
Modine Manufacturing Co.†		5,300		57,876
			5,311,122
Auto/Truck Parts & Equipment-Replacement - 0.1%
Douglas Dynamics, Inc.		4,500		176,040
Banks-Commercial - 14.0%
1st Source Corp.		13,120		489,638
Amalgamated Bank, Class A		17,600		223,872
American National Bankshares, Inc.		700		18,186
Ameris Bancorp		19,800		673,398
Atlantic Capital Bancshares, Inc.†		8,200		115,128
Atlantic Union Bankshares Corp.		900		26,919
BancFirst Corp.		13,480		731,020
Bancorp, Inc.†		61,700		728,060
BancorpSouth Bank		8,300		210,405
Bank of Commerce Holdings		3,900		36,699
Bank of N.T. Butterfield & Son, Ltd.		15,100		478,066
Bankwell Financial Group, Inc.		1,800		32,940
Banner Corp.		8,800		363,704
Bar Harbor Bankshares		16,300		375,715
Bridgewater Bancshares, Inc.†		19,900		234,223
Bryn Mawr Bank Corp.		3,300		98,406
Business First Bancshares, Inc.#		10,700		199,769
Cadence BanCorp		129,100		1,799,654
California Bancorp, Inc.†		6,500		104,650
Capital Bancorp, Inc.†		4,200		49,938
Capstar Financial Holdings, Inc.		10,100		121,705
Cathay General Bancorp		68,090		1,923,543
Central Pacific Financial Corp.		47,800		783,442
Central Valley Community Bancorp		5,700		81,225
Century Bancorp, Inc., Class A		418		30,890
Chemung Financial Corp.		1,000		33,550
CIT Group, Inc.		72,700		2,434,723
Citizens & Northern Corp.		1,500		27,225
City Holding Co.		6,900		453,261
Columbia Banking System, Inc.		24,100		761,801
Community Bank System, Inc.		13,480		839,130
Community Trust Bancorp, Inc.		17,418		589,599
ConnectOne Bancorp, Inc.		42,300		749,979
Customers Bancorp, Inc.†		56,300		950,907
East West Bancorp, Inc.		1,273		54,383
Enterprise Financial Services Corp.		22,600		768,626
Equity Bancshares, Inc., Class A†		10,400		210,860
Evans Bancorp, Inc.		2,700		72,846
Farmers National Banc Corp.		11,800		147,972
FB Financial Corp.		1,826		58,286
Financial Institutions, Inc.		21,900		438,219
First Bancorp/North Carolina		7,500		235,350
First BanCorp/Puerto Rico		228,600		1,815,084
First Business Financial Services, Inc.		6,000		113,340
First Choice Bancorp		6,900		114,057
First Citizens BancShares, Inc., Class A		690		364,727
First Commonwealth Financial Corp.		102,900		995,043
First Community Bankshares, Inc.		6,400		134,848
First Community Corp.		3,200		55,232
First Financial Corp.		4,600		174,202
First Hawaiian, Inc.		10,100		221,392
First Horizon Corp.		64,208		784,622
First Internet Bancorp		6,200		158,596
First Interstate BancSystem, Inc., Class A		7,170		272,819
First Merchants Corp.		9,400		313,208
First Midwest Bancorp, Inc.		19,500		272,805
First Northwest Bancorp		2,400		36,000
Flagstar Bancorp, Inc.		35,500		1,243,920
Fulton Financial Corp.		40,000		492,800
Glacier Bancorp, Inc.		6,300		256,851
Great Southern Bancorp, Inc.		17,800		817,020
Great Western Bancorp, Inc.		53,200		874,076
Hancock Whitney Corp.		52,882		1,485,455
Hanmi Financial Corp.		42,600		415,350
HBT Financial, Inc.		10,100		141,198
Heritage Commerce Corp.		6,700		56,414
Hilltop Holdings, Inc.		43,197		1,040,616
Home BancShares, Inc.		41,000		758,910
HomeStreet, Inc.		7,000		226,450
Hope Bancorp, Inc.		91,627		868,624
Independent Bank Corp.		20,400		347,004
Investar Holding Corp.		12,100		196,746
Kearny Financial Corp.		60,800		601,312
LCNB Corp.		5,800		85,840
Luther Burbank Corp.		26,200		257,546
Mackinac Financial Corp.		2,600		31,642

Mercantile Bank Corp.	2,000	49,660
Meridian Corp.	2,900	53,940
Meta Financial Group, Inc.	14,100	466,710
Metropolitan Bank Holding Corp.†	1,400	46,312
Midland States Bancorp, Inc.	3,400	57,630
Northrim BanCorp, Inc.	2,600	82,602
OFG Bancorp	15,800	264,650
Old National Bancorp	53,400	845,322
Old Second Bancorp, Inc.	11,200	108,192
OP Bancorp	13,200	96,360
Orrstown Financial Services, Inc.	5,800	93,496
PacWest Bancorp	5,035	117,114
Peapack-Gladstone Financial Corp.	13,900	305,939
Pinnacle Financial Partners, Inc.	5,300	287,048
Preferred Bank	1,900	69,863
Premier Financial Bancorp, Inc.	2,425	32,277
Premier Financial Corp.	13,220	273,786
Provident Bancorp, Inc.	20,500	207,050
RBB Bancorp	7,700	114,268
Renasant Corp.	1,600	49,392
Republic Bancorp, Inc., Class A	3,776	133,293
S&T Bancorp, Inc.	2,480	55,527
Sandy Spring Bancorp, Inc.	5,364	158,023
Select Bancorp, Inc.†	61,173	559,733
Shore Bancshares, Inc.	3,200	44,320
Sierra Bancorp	4,100	90,200
Tompkins Financial Corp.	2,448	155,717
TriCo Bancshares	4,900	160,524
TriState Capital Holdings, Inc.†	5,700	84,873
Trustmark Corp.	55,200	1,370,064
UMB Financial Corp.	23,760	1,615,918
Umpqua Holdings Corp.	94,614	1,314,188
United Bankshares, Inc.	32,700	957,456
United Community Banks, Inc.	44,800	1,071,168
Valley National Bancorp	4,920	44,969
Veritex Holdings, Inc.	28,522	618,642
Washington Trust Bancorp, Inc.	3,980	156,494
Webster Financial Corp.	11,900	450,296
West BanCorp, Inc.	1,430	27,570
Westamerica BanCorp	17,524	965,923
Western Alliance Bancorp	3,600	184,572
Western New England Bancorp, Inc.	6,900	46,092
Wintrust Financial Corp.	7,600	414,124
		49,082,958
Banks-Mortgage - 0.2%
Walker & Dunlop, Inc.	7,800	624,078
Broadcast Services/Program - 0.1%
Hemisphere Media Group, Inc.†	32,000	344,320
Building & Construction Products-Misc. - 0.9%
Builders FirstSource, Inc.†	41,200	1,541,292
Caesarstone, Ltd.#	30,400	362,976
Gibraltar Industries, Inc.†	2,300	150,558
Louisiana-Pacific Corp.	19,700	674,331
Summit Materials, Inc., Class A†	27,000	513,000
		3,242,157
Building & Construction-Misc. - 0.8%
EMCOR Group, Inc.	21,398	1,844,080
MYR Group, Inc.†	18,500	945,905
		2,789,985
Building Products-Doors & Windows - 0.1%
Cornerstone Building Brands, Inc.†	44,400	388,056
JELD-WEN Holding, Inc.†	3,200	77,408
PGT Innovations, Inc.†	3,300	61,446
		526,910
Building Products-Light Fixtures - 0.0%
LSI Industries, Inc.	6,200	48,484
Building Products-Wood - 0.3%
Boise Cascade Co.	25,100	1,085,575
UFP Industries, Inc.	1,600	85,840
		1,171,415
Building-Heavy Construction - 2.0%
Aegion Corp.†	15,500	265,825
Arcosa, Inc.	18,700	970,343
Dycom Industries, Inc.†	6,700	421,162
Great Lakes Dredge & Dock Corp.†	29,200	329,668
MasTec, Inc.†	23,900	1,355,369
Primoris Services Corp.	62,600	1,518,050
Sterling Construction Co., Inc.†	31,000	495,690
Tutor Perini Corp.†	122,700	1,658,904
		7,015,011
Building-Maintenance & Services - 0.7%
ABM Industries, Inc.	64,000	2,464,000
Building-Residential/Commercial - 1.3%
KB Home	20,500	721,600
Meritage Homes Corp.†	13,100	1,180,965
Taylor Morrison Home Corp.†	32,100	811,488
TRI Pointe Group, Inc.†#	97,900	1,711,292
		4,425,345
Cable/Satellite TV - 0.5%
Liberty Latin America, Ltd., Class A†	59,100	670,785
Liberty Latin America, Ltd., Class C†	70,150	793,396
WideOpenWest, Inc.†	42,700	349,713
		1,813,894
Casino Hotels - 0.2%
Boyd Gaming Corp.	14,500	558,105
Casino Services - 0.7%
Caesars Entertainment, Inc.†	33,200	2,261,584
Scientific Games Corp.†	5,400	201,312
		2,462,896
Chemicals-Diversified - 0.4%
Koppers Holdings, Inc.†	41,700	1,128,819
Orion Engineered Carbons SA	11,500	178,940
		1,307,759
Chemicals-Specialty - 0.7%
H.B. Fuller Co.	1,100	57,563
Kraton Corp.†	16,100	434,700
Minerals Technologies, Inc.	15,560	944,025

PQ Group Holdings, Inc.†	20,300	259,637
Tronox Holdings PLC, Class A	64,600	817,190
		2,513,115
Circuit Boards - 0.1%
TTM Technologies, Inc.†	34,000	444,040
Coal - 0.7%
Arch Resources, Inc.	22,100	739,024
SunCoke Energy, Inc.	171,000	769,500
Warrior Met Coal, Inc.	63,200	1,100,944
		2,609,468
Coffee - 0.0%
Farmer Brothers Co.†	15,800	70,310
Commercial Services - 0.2%
SP Plus Corp.†	13,900	395,316
WW International, Inc.†	8,900	262,639
		657,955
Commercial Services-Finance - 0.1%
Green Dot Corp., Class A†	8,900	476,684
Computer Data Security - 0.0%
SecureWorks Corp., Class A†	9,011	101,734
Computer Services - 0.7%
Conduent, Inc.†	284,500	1,200,590
Perspecta, Inc.	25,000	560,500
StarTek, Inc.†	55,600	434,792
Sykes Enterprises, Inc.†	11,100	417,693
		2,613,575
Computers-Integrated Systems - 0.2%
Diebold Nixdorf, Inc.†	91,700	868,399
Consulting Services - 0.9%
GP Strategies Corp.†	27,600	317,400
Huron Consulting Group, Inc.†	13,300	586,131
ICF International, Inc.	5,100	369,393
Kelly Services, Inc., Class A	100,000	2,046,000
		3,318,924
Consumer Products-Misc. - 0.7%
Central Garden & Pet Co.†	16,600	664,664
Central Garden & Pet Co., Class A†	31,800	1,173,102
Quanex Building Products Corp.	25,300	521,180
		2,358,946
Containers-Metal/Glass - 0.1%
Greif, Inc., Class A	2,000	97,220
O-I Glass, Inc.	16,500	186,780
		284,000
Containers-Paper/Plastic - 0.1%
Pactiv Evergreen Inc†	8,200	138,416
TriMas Corp.†	1,700	45,441
		183,857
Cosmetics & Toiletries - 0.2%
Edgewell Personal Care Co.†	19,800	688,050
Dental Supplies & Equipment - 0.1%
Patterson Cos., Inc.	7,600	210,976
Dialysis Centers - 0.0%
American Renal Associates Holdings, Inc.†	13,500	154,035
Distribution/Wholesale - 2.3%
Avient Corp.	41,200	1,505,860
Core-Mark Holding Co., Inc.	23,100	720,489
Fossil Group, Inc.†	10,200	108,120
G-III Apparel Group, Ltd.†	47,500	967,575
H&E Equipment Services, Inc.	3,700	99,456
KAR Auction Services, Inc.	3,400	61,370
Resideo Technologies, Inc.†	3,400	62,866
ScanSource, Inc.†	68,700	1,724,370
Titan Machinery, Inc.†	10,800	197,316
Veritiv Corp.†	20,300	377,174
WESCO International, Inc.†	31,857	2,077,713
		7,902,309
Diversified Manufacturing Operations - 0.2%
EnPro Industries, Inc.	5,000	354,050
Fabrinet†	5,200	355,212
		709,262
Drug Delivery Systems - 0.1%
Revance Therapeutics, Inc.†	10,400	251,056
E-Commerce/Products - 0.1%
Overstock.com, Inc.†	3,900	263,211
E-Commerce/Services - 0.5%
Cars.com, Inc.†	118,300	1,321,411
Groupon, Inc.†	10,600	319,696
		1,641,107
E-Marketing/Info - 0.1%
comScore, Inc.†	124,900	318,495
Electric Products-Misc. - 0.0%
Graham Corp.	2,700	42,633
Electric-Distribution - 0.2%
Genie Energy, Ltd., Class B	6,400	53,120
Spark Energy, Inc., Class A#	31,100	288,608
Unitil Corp.	6,700	273,896
		615,624
Electric-Generation - 0.2%
Atlantic Power Corp.†	259,100	533,746
Electric-Integrated - 1.6%
ALLETE, Inc.	13,300	747,992
Avista Corp.	14,280	535,786
Black Hills Corp.	19,400	1,180,102
IDACORP, Inc.	7,900	715,582
NorthWestern Corp.	4,200	243,600
Portland General Electric Co.	48,400	2,002,792
		5,425,854
Electronic Components-Misc. - 1.5%
Bel Fuse, Inc., Class B	18,700	274,142
Benchmark Electronics, Inc.	73,621	1,790,463
Comtech Telecommunications Corp.	3,800	72,428
Sanmina Corp.†	43,200	1,374,408
SMART Global Holdings, Inc.†	34,600	1,061,874

Vishay Intertechnology, Inc.	32,700	633,072
		5,206,387
Electronic Components-Semiconductors - 0.3%
Amkor Technology, Inc.†	44,200	651,508
GSI Technology, Inc.†	7,600	50,464
Photronics, Inc.†	29,100	337,269
		1,039,241
Electronic Security Devices - 0.1%
API Group Corp.†*	27,000	418,500
Energy-Alternate Sources - 1.0%
FutureFuel Corp.	35,300	423,247
Green Plains, Inc.†	43,200	638,496
Maxeon Solar Technologies, Ltd.†#	7,925	193,528
Renewable Energy Group, Inc.†	24,000	1,393,920
REX American Resources Corp.†	6,500	510,250
SunPower Corp.†#	21,300	472,008
		3,631,449
Engineering/R&D Services - 0.7%
Fluor Corp.	36,100	623,447
KBR, Inc.	66,900	1,857,813
		2,481,260
Enterprise Software/Service - 0.6%
ACI Worldwide, Inc.†	12,000	390,960
Asure Software, Inc.†	33,800	261,612
Donnelley Financial Solutions, Inc.†	19,300	314,397
MicroStrategy, Inc., Class A†	2,400	822,648
Verint Systems, Inc.†	5,700	324,672
		2,114,289
Finance-Commercial - 0.0%
Marlin Business Services Corp.	11,800	122,602
MMA Capital Holdings, Inc.†	1,900	47,329
		169,931
Finance-Consumer Loans - 0.6%
Enova International, Inc.†	13,700	286,467
EZCORP, Inc., Class A†	28,300	144,047
Navient Corp.	77,900	729,923
Nelnet, Inc., Class A	12,400	841,960
Regional Management Corp.	3,500	93,555
		2,095,952
Finance-Investment Banker/Broker - 0.5%
Cowen, Inc., Class A	46,155	1,105,874
Oppenheimer Holdings, Inc., Class A	3,100	91,419
Piper Sandler Cos.	6,900	635,973
		1,833,266
Finance-Leasing Companies - 0.3%
Aaron’s Holdings Co., Inc.	14,000	881,020
Finance-Mortgage Loan/Banker - 0.6%
Mr. Cooper Group, Inc.†	40,500	1,079,730
Oportun Financial Corp.†	14,000	236,740
PennyMac Financial Services, Inc.	11,300	651,332
		1,967,802
Finance-Other Services - 0.0%
BGC Partners, Inc., Class A	12,600	52,164
Financial Guarantee Insurance - 0.9%
MBIA, Inc.†	26,300	167,531
MGIC Investment Corp.	77,900	931,684
NMI Holdings, Inc., Class A†	10,400	227,864
Radian Group, Inc.	104,600	1,974,848
		3,301,927
Food-Canned - 0.1%
Seneca Foods Corp., Class A†	7,600	318,288
Food-Misc./Diversified - 0.1%
B&G Foods, Inc.#	10,500	290,745
Food-Wholesale/Distribution - 0.5%
Performance Food Group Co.†	16,300	707,094
SpartanNash Co.	33,847	639,031
United Natural Foods, Inc.†	28,300	488,175
		1,834,300
Footwear & Related Apparel - 0.1%
Wolverine World Wide, Inc.	18,200	525,252
Gas-Distribution - 1.2%
New Jersey Resources Corp.	17,300	571,419
Northwest Natural Holding Co.	3,300	158,136
ONE Gas, Inc.	10,600	839,308
Southwest Gas Holdings, Inc.	26,440	1,698,770
Spire, Inc.	15,500	991,380
		4,259,013
Hazardous Waste Disposal - 0.1%
Heritage-Crystal Clean, Inc.†	10,400	200,408
Home Furnishings - 0.4%
Hooker Furniture Corp.	8,600	260,322
Purple Innovation, Inc.†	26,100	778,302
Sleep Number Corp.†	5,300	367,767
		1,406,391
Housewares - 0.2%
Lifetime Brands, Inc.	28,200	379,854
Tupperware Brands Corp.†	13,100	440,815
		820,669
Human Resources - 1.5%
Barrett Business Services, Inc.	10,400	693,784
Cross Country Healthcare, Inc.†	89,500	778,650
Heidrick & Struggles International, Inc.	49,100	1,281,510
Insperity, Inc.	1,100	94,050
Korn Ferry	19,900	796,796
TrueBlue, Inc.†	90,100	1,720,910
		5,365,700
Independent Power Producers - 1.0%
Clearway Energy, Inc., Class A	54,400	1,476,416
Clearway Energy, Inc., Class C	43,800	1,282,026
Vistra Corp.	42,629	796,310
		3,554,752

Insurance-Life/Health - 0.9%
American Equity Investment Life Holding Co.	39,000		1,024,920
CNO Financial Group, Inc.	91,520		1,947,545
Security National Financial Corp., Class A†	6,162		49,358
			3,021,823
Insurance-Property/Casualty - 0.8%
Ambac Financial Group, Inc.†	23,400		342,576
AMERISAFE, Inc.	600		32,838
FedNat Holding Co.	22,700		128,028
First American Financial Corp.	8,175		395,997
Heritage Insurance Holdings, Inc.	18,800		194,392
Horace Mann Educators Corp.	8,780		350,498
ProAssurance Corp.	16,700		265,697
ProSight Global, Inc.†	16,400		209,100
Selective Insurance Group, Inc.	1,800		111,276
Stewart Information Services Corp.	14,200		594,554
United Insurance Holdings Corp.	31,300		138,659
			2,763,615
Insurance-Reinsurance - 0.8%
Argo Group International Holdings, Ltd.	13,775		539,842
Essent Group, Ltd.	44,000		1,929,840
Third Point Reinsurance, Ltd.†	25,000		238,500
			2,708,182
Internet Content-Information/News - 0.2%
Yelp, Inc.†	20,200		645,188
Investment Management/Advisor Services - 1.2%
Artisan Partners Asset Management, Inc., Class A	1,400		63,000
Blucora, Inc.†	14,400		187,776
Boston Private Financial Holdings, Inc.	49,200		352,272
Federated Hermes, Inc.	16,700		448,228
Stifel Financial Corp.	33,700		2,335,410
Virtus Investment Partners, Inc.	3,900		697,632
		4,084,318
Machinery-Construction & Mining - 0.7%
Astec Industries, Inc.	14,300		829,400
Manitowoc Co, Inc.†	9,000		99,990
Terex Corp.	53,800		1,667,800
		2,597,190
Machinery-Electrical - 0.6%
Argan, Inc.	48,000		2,207,520
Bloom Energy Corp., Class A†#	1,500		36,780
			2,244,300
Machinery-Farming - 0.3%
AGCO Corp.	10,160		939,902
Machinery-General Industrial - 0.9%
Albany International Corp., Class A	1,000		68,530
Altra Industrial Motion Corp.	34,600		1,963,896
Applied Industrial Technologies, Inc.	10,600		831,358
DXP Enterprises, Inc.†	12,300		259,038
Gencor Industries, Inc.†	6,600		79,596
Ranpak Holdings Corp.†	9,900		111,969
			3,314,387
Machinery-Material Handling - 0.1%
Columbus McKinnon Corp.	8,000		302,320
Machinery-Pumps - 0.1%
Cactus, Inc., Class A	9,900		229,680
CIRCOR International, Inc.†	3,200		105,824
			335,504
Medical Information Systems - 0.4%
Allscripts Healthcare Solutions, Inc.†	97,000		1,326,960
Computer Programs & Systems, Inc.	3,300		93,819
			1,420,779
Medical Instruments - 0.1%
Apyx Medical Corp.†	36,100		276,165
Medical Labs & Testing Services - 0.2%
MEDNAX, Inc.†	29,100		588,111
Medical Products - 0.3%
Hanger, Inc.†	9,400		213,286
Invacare Corp.	27,600		235,428
LivaNova PLC†	3,000		158,550
Orthofix Medical, Inc.†	16,600		610,216
			1,217,480
Medical-Biomedical/Gene - 2.0%
Acceleron Pharma, Inc.†	4,700		554,929
Akero Therapeutics, Inc.†	10,100		290,678
ANI Pharmaceuticals, Inc.†	9,600		283,776
Arcus Biosciences, Inc.†	28,930		787,764
BioCryst Pharmaceuticals, Inc.†	24,400		124,684
Epizyme, Inc.†	20,600		283,044
Fate Therapeutics, Inc.†	15,200		888,668
Five Prime Therapeutics, Inc.†	14,100		265,080
Iovance Biotherapeutics, Inc.†	20,900		811,129
Karyopharm Therapeutics, Inc.†	13,000		220,870
Myriad Genetics, Inc.†	8,500		149,090
Novavax, Inc.†	9,000		1,255,500
Scholar Rock Holding Corp.†	12,600		627,732
WaVe Life Sciences, Ltd.†	33,100		291,942
			6,834,886
Medical-Drugs - 1.3%
89bio, Inc.†	14,300		386,243
Enanta Pharmaceuticals, Inc.†	3,100		127,720
Intra-Cellular Therapies, Inc.†	11,600		274,224
Kala Pharmaceuticals, Inc.†#	15,800		117,868
Lannett Co., Inc.†#	199,740		1,230,399
Minerva Neurosciences, Inc.†#	21,300		82,857
Prestige Consumer Healthcare, Inc.†	8,000		284,560
Protagonist Therapeutics, Inc.†	49,800		1,203,168
Spectrum Pharmaceuticals, Inc.†	121,700		573,207
Spero Therapeutics, Inc.†#	16,962		281,060
Zogenix, Inc.†	3,000		64,290
			4,625,596
Medical-Generic Drugs - 0.4%
Endo International PLC†	309,000		1,569,720
Medical-HMO - 0.5%
Magellan Health, Inc.†	9,300		735,165

Tivity Health, Inc.†	48,500	893,855
		1,629,020
Medical-Hospitals - 0.7%
Surgery Partners, Inc.†	25,000	610,750
Tenet Healthcare Corp.†	59,200	1,860,656
		2,471,406
Medical-Nursing Homes - 0.0%
National HealthCare Corp.	2,100	130,662
Metal Processors & Fabrication - 0.2%
AZZ, Inc.	3,403	151,740
LB Foster Co., Class A†	5,200	75,712
Mueller Industries, Inc.	1,300	42,588
Rexnord Corp.	11,700	438,867
		708,907
Metal Products-Distribution - 0.2%
Worthington Industries, Inc.	12,140	627,881
Metal-Aluminum - 0.6%
Alcoa Corp.†	45,700	909,430
Arconic Corp.†	17,400	478,674
Century Aluminum Co.†	9,200	93,380
Kaiser Aluminum Corp.	9,050	705,719
		2,187,203
Metal-Iron - 0.1%
Cleveland-Cliffs, Inc.#	25,400	279,654
Motion Pictures & Services - 0.1%
Eros STX Global Corp.†#	161,100	343,143
Multimedia - 0.1%
E.W. Scripps Co., Class A	32,500	414,700
Networking Products - 0.3%
Infinera Corp.†	78,100	660,726
NeoPhotonics Corp.†	57,400	462,644
		1,123,370
Office Automation & Equipment - 0.1%
Pitney Bowes, Inc.	74,200	422,940
Office Furnishings-Original - 1.0%
Herman Miller, Inc.	44,400	1,582,416
HNI Corp.	11,100	404,706
Kimball International, Inc., Class B	7,400	80,882
Knoll, Inc.	24,100	329,206
Steelcase, Inc., Class A	90,400	1,098,360
		3,495,570
Office Supplies & Forms - 0.4%
ACCO Brands Corp.	189,400	1,450,804
Oil & Gas Drilling - 0.1%
Patterson-UTI Energy, Inc.	59,900	258,169
Oil Companies-Exploration & Production - 1.4%
Berry Corp.	180,000	691,200
Bonanza Creek Energy, Inc.†	15,500	342,085
CNX Resources Corp.†	27,300	256,893
Evolution Petroleum Corp.	19,800	60,192
Falcon Minerals Corp.	95,800	220,340
Kosmos Energy, Ltd.	36,100	63,536
Magnolia Oil & Gas Corp., Class A†#	102,800	642,500
Matador Resources Co.†	32,600	331,868
Ovintiv, Inc.	45,600	581,856
PDC Energy, Inc.†	65,300	1,091,816
Range Resources Corp.	28,100	205,130
Southwestern Energy Co.†	68,400	212,724
Talos Energy, Inc.†	9,900	84,744
W&T Offshore, Inc.†#	58,600	114,856
		4,899,740
Oil Field Machinery & Equipment - 0.0%
Thermon Group Holdings, Inc.†	2,000	28,280
Oil Refining & Marketing - 0.4%
CVR Energy, Inc.	32,000	452,480
Delek US Holdings, Inc.	37,100	493,059
Murphy USA, Inc.	1,800	230,760
Par Pacific Holdings, Inc.†	15,400	175,406
PBF Energy, Inc., Class A	6,800	49,368
		1,401,073
Oil-Field Services - 1.4%
ChampionX Corp.†	38,500	457,380
Helix Energy Solutions Group, Inc.†	36,500	137,240
Liberty Oilfield Services, Inc., Class A	11,000	102,300
Matrix Service Co.†	93,400	894,772
MRC Global, Inc.†	74,400	430,032
National Energy Services Reunited Corp.†#	11,200	97,888
NexTier Oilfield Solutions, Inc.†	190,766	534,145
NOW, Inc.†	226,700	1,264,986
Oceaneering International, Inc.†	42,200	256,154
Oil States International, Inc.†	32,300	143,412
ProPetro Holding Corp.†	3,800	21,926
Select Energy Services, Inc., Class A†	115,100	486,873
		4,827,108
Paper & Related Products - 1.0%
Domtar Corp.	38,940	1,172,094
Glatfelter Corp.	16,100	258,888
Neenah, Inc.	9,100	441,441
Schweitzer-Mauduit International, Inc.	37,900	1,318,162
Verso Corp., Class A	42,000	454,020
		3,644,605
Pastoral & Agricultural - 0.5%
Darling Ingredients, Inc.†	33,000	1,593,240
Poultry - 0.0%
Sanderson Farms, Inc.	725	99,129
Power Converter/Supply Equipment - 0.2%
Powell Industries, Inc.	28,600	738,738
Printing-Commercial - 0.3%
Cimpress PLC†#	1,100	98,593
Deluxe Corp.	12,400	319,176
Ennis, Inc.	8,900	145,693
Quad/Graphics, Inc.	101,300	314,030
		877,492

Publishing-Books - 0.3%
Gannett Co, Inc.†	98,200	278,888
Houghton Mifflin Harcourt Co.†	253,400	762,734
		1,041,622
Publishing-Newspapers - 0.2%
TEGNA, Inc.	40,000	576,400
Publishing-Periodicals - 0.0%
Meredith Corp.	4,900	99,715
Racetracks - 0.4%
Penn National Gaming, Inc.†	20,500	1,435,000
Real Estate Investment Trusts - 10.8%
Acadia Realty Trust	26,900	381,980
Agree Realty Corp.	5,700	375,630
Alexander & Baldwin, Inc.	46,875	733,594
American Assets Trust, Inc.	28,500	817,665
American Finance Trust, Inc.	71,700	529,146
Apollo Commercial Real Estate Finance, Inc.	51,900	559,482
Ares Commercial Real Estate Corp.	58,300	649,462
Armada Hoffler Properties, Inc.	46,700	495,487
ARMOUR Residential REIT, Inc.	19,200	203,136
Blackstone Mtg. Trust, Inc., Class A#	52,400	1,361,352
Bluerock Residential Growth REIT, Inc.	1,500	15,300
Broadstone Net Lease, Inc., Class A	38,300	675,229
BRT Apartments Corp.	2,500	32,650
CareTrust REIT, Inc.	8,900	172,927
CatchMark Timber Trust, Inc., Class A	21,800	209,062
Chatham Lodging Trust	15,700	172,857
Cherry Hill Mtg. Investment Corp.#	3,087	27,968
City Office REIT, Inc.	84,200	738,434
Colony Credit Real Estate, Inc.	5,000	36,300
Columbia Property Trust, Inc.	10,300	143,994
CoreCivic, Inc.	8,400	59,556
CorePoint Lodging, Inc.	25,400	165,354
Cousins Properties, Inc.	15,949	532,856
DiamondRock Hospitality Co.	210,934	1,586,224
Diversified Healthcare Trust	19,200	84,672
Dynex Capital, Inc.#	6,200	109,182
Easterly Government Properties, Inc.	13,500	292,410
Ellington Financial, Inc.	8,900	128,160
Essential Properties Realty Trust, Inc.	19,100	392,314
First Industrial Realty Trust, Inc.	15,900	665,892
Franklin Street Properties Corp.	6,300	29,232
GEO Group, Inc.#	12,600	119,070
Getty Realty Corp.	22,546	640,081
Gladstone Commercial Corp.	41,800	756,162
Global Medical REIT, Inc.	4,800	65,712
Global Net Lease, Inc.	41,600	694,304
Granite Point Mtg. Trust, Inc.	29,100	269,466
Great Ajax Corp.	6,300	62,496
Healthcare Realty Trust, Inc.	19,700	581,150
Hersha Hospitality Trust	2,700	21,870
Highwoods Properties, Inc.	10,400	398,320
Hudson Pacific Properties, Inc.	5,000	130,000
Innovative Industrial Properties, Inc.	1,500	230,490
Invesco Mtg. Capital, Inc.#	20,486	68,014
Investors Real Estate Trust	3,500	242,900
Kite Realty Group Trust	30,700	442,080
KKR Real Estate Finance Trust, Inc.	26,500	483,095
Ladder Capital Corp.	114,300	1,042,416
Lexington Realty Trust	31,200	318,552
Mack-Cali Realty Corp.	21,400	292,324
Monmouth Real Estate Investment Corp.	4,400	65,252
National Health Investors, Inc.	1,000	64,660
New Senior Investment Group, Inc.	173,700	960,561
New York Mtg. Trust, Inc.	84,800	298,072
NexPoint Residential Trust, Inc.	1,208	53,526
Office Properties Income Trust	2,000	45,700
One Liberty Properties, Inc.	1,932	34,351
Pebblebrook Hotel Trust	11,293	208,920
PennyMac Mtg. Investment Trust	50,000	855,000
Physicians Realty Trust	39,900	692,265
Piedmont Office Realty Trust, Inc., Class A	41,100	642,393
Plymouth Industrial REIT, Inc.	2,000	26,280
PotlatchDeltic Corp.	32,000	1,489,280
PS Business Parks, Inc.	1,300	171,340
QTS Realty Trust, Inc., Class A#	900	53,469
Ready Capital Corp.	21,300	275,622
Redwood Trust, Inc.	109,500	947,175
Retail Opportunity Investments Corp.	34,700	450,406
Retail Properties of America, Inc., Class A	86,000	696,600
Retail Value, Inc.	6,000	92,400
RLJ Lodging Trust	28,826	355,425
Ryman Hospitality Properties, Inc.	2,300	147,637
Sabra Health Care REIT, Inc.	67,400	1,110,752
Saul Centers, Inc.	1,200	37,440
Service Properties Trust	42,740	506,896
SITE Centers Corp.	63,100	636,679
STAG Industrial, Inc.	41,300	1,229,914
Summit Hotel Properties, Inc.	13,000	112,970
Sunstone Hotel Investors, Inc.	216,972	2,278,206
TPG RE Finance Trust, Inc.	55,600	576,572
Two Harbors Investment Corp.	181,005	1,129,471
UMH Properties, Inc.	7,000	100,310
Urban Edge Properties	60,000	778,800
Urstadt Biddle Properties, Inc., Class A	8,300	116,532
Xenia Hotels & Resorts, Inc.	94,800	1,335,732
		37,812,617
Real Estate Management/Services - 0.5%
Newmark Group, Inc., Class A	65,829	462,120
Realogy Holdings Corp.†#	105,200	1,295,012
		1,757,132
Rental Auto/Equipment - 0.1%
Rent-A-Center, Inc.	11,000	372,020
Resort/Theme Parks - 0.5%
Marriott Vacations Worldwide Corp.	13,000	1,655,290
Retail-Apparel/Shoe - 1.1%
Abercrombie & Fitch Co., Class A	86,800	1,800,232
Caleres, Inc.	33,700	396,649
Children’s Place, Inc.	4,800	206,304
Genesco, Inc.†	28,700	900,319

Guess?, Inc.#	36,200	607,798
		3,911,302
Retail-Appliances - 0.0%
Conn’s, Inc.†	5,500	60,967
Retail-Arts & Crafts - 0.1%
Michaels Cos., Inc.†#	22,700	224,503
Retail-Automobile - 0.8%
Group 1 Automotive, Inc.	5,900	700,979
Lithia Motors, Inc., Class A	2,500	723,250
Rush Enterprises, Inc., Class A	11,700	448,461
Sonic Automotive, Inc., Class A	19,300	779,334
		2,652,024
Retail-Bedding - 0.4%
Bed Bath & Beyond, Inc.#	62,000	1,299,520
Retail-Building Products - 1.1%
Beacon Roofing Supply, Inc.†	9,400	342,066
BMC Stock Holdings, Inc.†	33,300	1,629,702
Foundation Building Materials, Inc.†	12,700	244,348
GMS, Inc.†	48,200	1,505,286
		3,721,402
Retail-Discount - 0.2%
Big Lots, Inc.	9,000	465,030
Citi Trends, Inc.	9,200	311,788
		776,818
Retail-Drug Store - 0.2%
Rite Aid Corp.†#	50,704	669,293
Retail-Home Furnishings - 0.1%
Haverty Furniture Cos., Inc.	14,200	386,524
Retail-Jewelry - 0.3%
Movado Group, Inc.	2,800	47,404
Signet Jewelers, Ltd.	31,500	954,135
		1,001,539
Retail-Leisure Products - 0.0%
MarineMax, Inc.†	2,300	75,532
Retail-Misc./Diversified - 0.1%
GameStop Corp., Class A†#	20,900	346,104
Retail-Office Supplies - 0.4%
ODP Corp.	48,400	1,387,628
Retail-Regional Department Stores - 0.7%
Dillard’s, Inc., Class A#	19,300	902,468
Macy’s, Inc.#	167,500	1,710,175
		2,612,643
Retail-Restaurants - 0.7%
BJ’s Restaurants, Inc.	15,500	511,965
Brinker International, Inc.	31,600	1,583,476
Dine Brands Global, Inc.	4,700	295,959
		2,391,400
Retail-Sporting Goods - 0.2%
Zumiez, Inc.†	17,400	645,366
Rubber-Tires - 0.4%
Cooper Tire & Rubber Co.	15,100	599,923
Goodyear Tire & Rubber Co.	65,700	684,594
		1,284,517
Rubber/Plastic Products - 0.3%
Myers Industries, Inc.	3,858	65,547
Trinseo SA	23,645	898,274
		963,821
Satellite Telecom - 0.1%
Gogo, Inc.†	16,100	169,694
KVH Industries, Inc.†	5,700	58,710
		228,404
Savings & Loans/Thrifts - 2.8%
Axos Financial, Inc.†	24,200	810,700
BankFinancial Corp.	22,600	182,382
Berkshire Hills Bancorp, Inc.	44,500	729,800
Brookline Bancorp, Inc.	24,700	280,839
Dime Community Bancshares, Inc.	15,200	219,640
ESSA Bancorp, Inc.	4,300	68,026
Flushing Financial Corp.	20,400	289,680
FS Bancorp, Inc.	1,700	90,950
HomeTrust Bancshares, Inc.	20,700	352,521
Investors Bancorp, Inc.	178,100	1,724,008
Meridian Bancorp, Inc.	33,000	450,285
Northfield Bancorp, Inc.	66,400	739,032
OceanFirst Financial Corp.	50,500	796,385
Pacific Premier Bancorp, Inc.	10,800	311,256
Provident Financial Holdings, Inc.	1,700	24,480
Provident Financial Services, Inc.	61,677	966,479
Territorial Bancorp, Inc.	2,595	57,894
Washington Federal, Inc.	44,400	1,037,628
Waterstone Financial, Inc.	6,484	113,892
WSFS Financial Corp.	10,456	398,687
		9,644,564
Schools - 0.3%
American Public Education, Inc.†	28,500	884,640
Laureate Education, Inc., Class A†	6,100	86,620
		971,260
Semiconductor Equipment - 0.3%
Cohu, Inc.	18,800	533,732
Veeco Instruments, Inc.†	38,000	631,560
		1,165,292
Steel-Producers - 0.6%
Carpenter Technology Corp.	13,600	332,384
Commercial Metals Co.	97,500	1,941,225
		2,273,609
Steel-Specialty - 0.2%
Allegheny Technologies, Inc.†	52,700	710,923

SupraNational Banks - 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E	1,823			26,926
Telecom Services - 0.3%
ATN International, Inc.	5,600			274,064
Consolidated Communications Holdings, Inc.†	83,000			464,800
Spok Holdings, Inc.	28,600			281,138
				1,020,002
Telecommunication Equipment - 0.1%
ADTRAN, Inc.	35,200			444,752
Television - 0.7%
AMC Networks, Inc., Class A†#	31,000			1,022,070
Gray Television, Inc.†	22,400			395,584
Sinclair Broadcast Group, Inc., Class A	34,600			943,196
				2,360,850
Theaters - 0.3%
Cinemark Holdings, Inc.#	72,300			1,117,035
Transactional Software - 0.1%
Synchronoss Technologies, Inc.†	131,700			389,832
Transport-Air Freight - 0.0%
Atlas Air Worldwide Holdings, Inc.†	1,000			55,810
Transport-Marine - 0.4%
Costamare, Inc.	71,200			511,216
Diamond S Shipping, Inc.†	18,200			125,216
Dorian LPG, Ltd.†	26,900			294,017
International Seaways, Inc.	8,500			143,565
SEACOR Holdings, Inc.†	12,400			411,928
				1,485,942
Transport-Services - 0.7%
Bristow Group, Inc.†	2,933			65,259
Echo Global Logistics, Inc.†	58,200			1,652,298
Hub Group, Inc., Class A†	10,600			578,972
				2,296,529
Transport-Truck - 0.8%
ArcBest Corp.	62,320			2,611,831
Covenant Logistics Group, Inc.†	4,600			85,054
				2,696,885
Travel Services - 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†	145,300			399,575
Water - 0.0%
Consolidated Water Co., Ltd.	11,400			124,944
Wireless Equipment - 0.2%
Maxar Technologies, Inc.	21,400			595,134
X-Ray Equipment - 0.1%
Varex Imaging Corp.†	12,000			200,160
Total Long-Term Investment Securities
(cost $302,043,604)				342,257,955
SHORT-TERM INVESTMENT SECURITIES - 1.5%
Registered Investment Companies - 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $5,236,508)	5,236,508			5,236,508
REPURCHASE AGREEMENTS - 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $8,062,000 and collateralized by $8,255,900 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $8,223,359 (cost $8,062,000)	$8,062,000			8,062,000
TOTAL INVESTMENTS
(cost $315,342,112)	101.7	%		355,556,463
Liabilities in excess of other assets	(1.7	)		(6,083,096	)
NET ASSETS	100.0	%	$	349,473,367

† Non-income producing security

# The security or a portion thereof is out on loan.

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $418,500 representing 0.1% of net assets.

(1) The rate shown is the 7-day yield as of November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $8,689,595. This was secured by collateral of $5,236,508, which was received in cash and subsequently invested in short-term investments currently valued at $5,236,508 as reported in the Portfolio of Investments. Additional collateral of $3,970,466 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	41,945
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		112,640
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		3,861
United States Treasury Bills	0.00%	02/11/2021 to 07/15/2021		71,960
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		3,740,060

Futures Contracts

Number of Contracts	Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
77	Long	Russell 2000 E-Mini Index	December 2020	$	6,841,051	$	7,007,385	$	166,334

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	342,257,955		—	$	—	$	342,257,955
Short-Term Investment Securities		5,236,508		—		—		5,236,508
Repurchase Agreements		—		8,062,000		—		8,062,000
Total Investments at Value	$	347,494,463	$	8,062,000	$	—	$	355,556,463
Other Financial Instruments:+
Futures Contracts	$	166,334	$	—	$	—	$	166,334

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Portfolio of Investments

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount(11)		Value (Note 1)
ASSET BACKED SECURITIES - 2.0%
Diversified Financial Services - 2.0%
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		$484,880	$	491,326
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		500,000		512,763
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		318,000		321,297
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		680,000		729,756
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		850,000		978,577
BMW Vehicle Lease Trust Series 2019-1, Class A4 2.92% due 08/22/2022		350,000		354,468
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.14% (1 ML+1.00%) due 04/15/2034*(1)		700,000		678,108
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		100,000		101,842
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		200,000		204,933
CarMax Auto Owner Trust Series 2020-3, Class D 2.53% due 01/15/2027		300,000		308,788
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		250,000		256,124
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		364,629		372,703
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		411,467		425,506
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1 2.49% due 01/20/2023		100,000		100,310
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		100,000		120,509
Citigroup Commercial Mtg. Trust VRS Series 2018-C5, Class A4 4.23% due 06/10/2051(1)(2)		1,000,000		1,176,241
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 1.03% due 03/10/2048(1)(2)(4)		4,152,159		116,041
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(2)		250,000		262,950
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		150,000		152,840
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		1,675,000		1,766,975
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		534,106
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		201,949
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		132,000		134,269
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		60,000		60,006
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		101,854
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		233,000		237,278
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		960,000		1,086,954
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		2,500,000		2,630,293
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		565,480		567,018
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		405,275		406,924
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.04% (1 ML+0.90%) due 12/15/2033*(1)		550,000		547,685
Navient Private Education Refi Loan Trust Series 2020-FA, Class A 1.22% due 07/15/2069*		319,010		320,946
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		640,000		680,620
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		366,217		376,245
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		425,000		453,627
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		200,000		207,711
Volkswagen Auto Loan Enhanced Trust Series 2020-1, Class A4 1.26% due 08/20/2026		340,000		347,668
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025		150,000		156,456
Total Asset Backed Securities
(cost $17,681,151)				18,483,666

U.S. CONVERTIBLE BONDS & NOTES - 0.1%
Oil Field Machinery & Equipment - 0.1%
Hi Crush, Inc. Senior Sec. Notes 10.00% due 04/09/2026(5)(6)(7) (cost $647,801)		718,000	718,000
U.S. CORPORATE BONDS & NOTES - 38.9%
Advertising Agencies - 0.0%
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030		266,000	282,283
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030		64,000	77,191
			359,474
Advertising Sales - 0.1%
National CineMedia LLC Senior Sec. Notes 5.88% due 04/15/2028*		1,370,000	1,070,313
Aerospace/Defense - 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		494,000	559,377
Aerospace/Defense-Equipment - 0.3%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		1,150,000	1,184,902
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		1,594,000	1,705,580
			2,890,482
Airlines - 0.7%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		2,300,000	2,543,800
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*		2,007,000	2,292,895
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025#		621,000	598,439
United Airlines Holdings, Inc. Company Guar. Notes 5.00% due 02/01/2024#		801,000	778,972
			6,214,106
Applications Software - 0.2%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,515,000	1,622,944
Auction Houses/Art Dealers - 0.3%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*#		2,315,000	2,430,750
Auto-Cars/Light Trucks - 1.2%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		151,000	152,503
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		3,419,000	3,362,758
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		2,726,000	3,134,900
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		285,000	357,675
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		412,000	415,296
General Motors Financial Co., Inc. Senior Notes 0.20% due 09/02/2022	EUR	1,575,000	1,884,195
General Motors Financial Co., Inc. Senior Notes 0.85% due 02/26/2026	EUR	575,000	686,454
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		280,000	296,053
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		252,000	268,994
			10,558,828
Auto-Heavy Duty Trucks - 0.3%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		1,417,000	1,429,399
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		1,220,000	1,294,725
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		190,000	192,225
			2,916,349
Auto/Truck Parts & Equipment-Original - 0.2%
BorgWarner, Inc. Senior Notes 2.65% due 07/01/2027		227,000	242,059
Dana, Inc. Senior Notes 5.38% due 11/15/2027		1,021,000	1,086,089
			1,328,148

Banks-Commercial - 0.6%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025	747,000	856,247
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030	648,000	727,058
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032*	361,000	377,163
First Horizon Bank Sub. Notes 5.75% due 05/01/2030	250,000	291,196
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037	383,000	580,927
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026	155,000	167,421
Signature Bank New York Sub. Notes 4.00% due 10/15/2030	636,000	644,056
SunTrust Bank Senior Notes 3.50% due 08/02/2022	7,000	7,146
Synovus Bank Senior Notes 2.29% due 02/10/2023	250,000	253,107
Truist Bank Sub. Notes 2.25% due 03/11/2030	336,000	353,051
Truist Bank Sub. Notes 2.64% due 09/17/2029	250,000	261,729
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029	479,000	492,300
		5,011,401
Banks-Super Regional - 0.2%
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028	264,000	278,623
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041	425,000	462,955
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027	939,000	1,095,397
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051	186,000	265,622
		2,102,597
Batteries/Battery Systems - 0.3%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*	1,315,000	1,341,892
EnerSys Company Guar. Notes 5.00% due 04/30/2023*	1,513,000	1,582,976
		2,924,868
Beverages-Non-alcoholic - 0.1%
Coca-Cola Co. Senior Notes 2.50% due 03/15/2051	292,000	303,644
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025	302,000	322,763
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049	242,000	270,576
		896,983
Beverages-Wine/Spirits - 0.0%
Pernod Ricard International Finance LLC Company Guar. Notes 2.75% due 10/01/2050*	151,000	149,289
Brewery - 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046	525,000	686,009
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048	505,000	640,983
		1,326,992
Broadcast Services/Program - 0.4%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049	248,000	320,508
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*	199,000	200,244
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*	2,750,000	2,935,625
		3,456,377
Building & Construction Products-Misc. - 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047	439,000	519,955
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*	1,245,000	1,249,669
		1,769,624
Building Products-Air & Heating - 0.1%
Carrier Global Corp. Senior Notes 2.70% due 02/15/2031*	134,000	143,086
Carrier Global Corp. Senior Notes 2.72% due 02/15/2030*	158,000	168,327
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*	375,000	413,082
		724,495

Building Products-Doors & Windows - 0.2%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		1,478,000	1,566,680
Building Products-Wood - 0.1%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*		726,000	787,710
Masco Corp. Senior Notes 2.00% due 10/01/2030		311,000	315,531
			1,103,241
Cable/Satellite TV - 0.9%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		1,928,000	2,000,300
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		1,565,000	1,709,762
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		75,000	78,376
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		374,000	384,270
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		297,000	354,649
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		29,000	36,556
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		94,000	131,077
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052		253,000	248,810
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		294,000	331,660
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		128,000	155,489
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		56,000	68,942
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		203,000	268,658
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		1,922,000	2,028,671
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		364,000	503,665
			8,300,885
Casino Hotels - 0.2%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		1,055,000	1,072,091
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		1,041,000	1,081,339
			2,153,430
Casino Services - 0.2%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		2,000,000	2,129,090
Cellular Telecom - 0.4%
Sprint Corp. Company Guar. Notes 7.63% due 03/01/2026		1,954,000	2,429,770
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		600,000	692,007
T-Mobile USA, Inc. Senior Sec. Notes 2.25% due 11/15/2031*		463,000	469,741
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041*		49,000	50,595
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		195,000	207,907
			3,850,020
Chemicals-Diversified - 0.1%
LYB International Finance III LLC Company Guar. Notes 3.80% due 10/01/2060		178,000	190,644
Westlake Chemical Corp. Senior Notes 1.63% due 07/17/2029	EUR	365,000	448,060
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030		451,000	493,830
			1,132,534

Chemicals-Specialty - 0.3%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022	206,000	213,256
Huntsman International LLC Senior Notes 4.50% due 05/01/2029	334,000	384,605
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*	1,365,000	1,419,313
Tronox, Inc. Company Guar. Notes 6.50% due 04/15/2026*	1,064,000	1,105,209
		3,122,383
Coal - 0.2%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*	2,101,000	2,069,485
Commercial Services - 0.3%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*	547,000	547,000
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*	544,000	579,877
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*	860,000	944,925
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030	294,000	314,642
		2,386,444
Commercial Services-Finance - 0.2%
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*	275,000	269,328
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. Company Guar. Notes 4.63% due 11/01/2026*	1,271,000	1,320,315
		1,589,643
Computer Services - 0.7%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*	2,005,000	2,145,350
IBM Credit LLC Senior Notes 3.00% due 02/06/2023	796,000	844,223
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031*	197,000	200,305
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*	180,000	200,353
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*	94,000	111,283
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*	1,535,000	1,665,475
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*	321,000	341,865
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*	750,000	768,750
		6,277,604
Computers - 0.4%
Apple, Inc. Senior Notes 2.05% due 09/11/2026	233,000	249,308
Dell International LLC/EMC Corp. Company Guar. Notes 7.13% due 06/15/2024*	1,565,000	1,621,731
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*	333,000	478,840
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026	644,000	659,977
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035	244,000	312,571
		3,322,427
Computers-Integrated Systems - 0.2%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#	1,159,000	1,157,540
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*	793,000	870,317
		2,027,857
Consumer Products-Misc. - 0.0%
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030	5,000	5,776
Containers-Metal/Glass - 0.1%
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025	925,000	945,234

Containers-Paper/Plastic - 0.0%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		262,000	290,192
Cosmetics & Toiletries - 0.3%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		3,176,000	3,096,600
Data Processing/Management - 0.1%
Fiserv, Inc. Senior Notes 1.63% due 07/01/2030	EUR	775,000	1,015,698
Direct Marketing - 0.1%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		1,120,000	1,209,600
Distribution/Wholesale - 0.6%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*		750,000	752,813
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		1,508,000	1,576,312
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		1,549,000	1,596,942
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,194,000	1,270,117
			5,196,184
Diversified Banking Institutions - 1.3%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		583,000	595,309
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		275,000	276,660
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		378,000	400,566
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		330,000	376,696
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		71,000	90,490
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		610,000	704,963
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		296,000	434,806
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		281,000	302,335
Citigroup, Inc. Senior Notes 2.75% due 01/24/2024	GBP	400,000	565,756
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		354,000	401,539
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		334,000	391,882
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		185,000	248,424
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		243,000	327,544
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		322,000	446,627
Goldman Sachs Group, Inc. Senior Notes 0.88% due 01/21/2030	EUR	400,000	495,946
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		419,000	469,803
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		269,000	315,098
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		518,000	793,714
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		414,000	415,828
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		914,000	955,219
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		801,000	818,936
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		104,000	113,539
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		112,000	125,130
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		82,000	92,941
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		200,000	243,756
Morgan Stanley Senior Notes 3.62% due 04/01/2031		146,000	170,117
Morgan Stanley Senior Notes 3.63% due 01/20/2027		789,000	901,733
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		65,000	77,459
			11,552,816

Diversified Manufacturing Operations - 0.1%
General Electric Co. Senior Notes 1.88% due 05/28/2027	EUR	500,000	633,900
General Electric Co. Senior Notes 4.25% due 05/01/2040		100,000	113,818
General Electric Co. Senior Notes 4.35% due 05/01/2050		106,000	125,010
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		229,000	249,159
			1,121,887
Drug Delivery Systems - 0.1%
Becton Dickinson and Co. Senior Notes 1.90% due 12/15/2026	EUR	500,000	644,454
E-Commerce/Products - 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		149,000	206,226
E-Commerce/Services - 0.2%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		1,476,000	1,546,110
Electric Products-Misc. - 0.0%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026		278,000	280,619
Electric-Distribution - 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.35% due 03/15/2031		354,000	350,901
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		722,000	782,986
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		1,275,000	1,341,976
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030		267,000	323,839
			2,799,702
Electric-Generation - 0.4%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		267,000	336,068
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		180,000	180,329
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		1,385,000	1,481,950
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		1,554,000	1,643,510
			3,641,857
Electric-Integrated - 1.1%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		117,000	144,156
AES Corp. Senior Notes 2.45% due 01/15/2031*		518,000	527,052
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		285,000	341,411
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		668,000	731,286
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		64,000	79,437
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		352,000	555,172
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		254,000	327,014
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		490,000	635,821
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		555,000	700,443
Exelon Corp. Senior Notes 4.70% due 04/15/2050		201,000	271,997
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		569,000	782,021
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		193,000	217,534
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		116,000	132,197
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		259,000	271,071
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		262,000	281,430

Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051	471,000	504,376
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028	331,000	387,030
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048	240,000	311,397
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050	24,000	27,917
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*	788,000	805,730
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*	1,243,000	1,304,777
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027	262,000	288,617
		9,627,886
Electronic Components-Semiconductors - 0.1%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030	218,000	253,176
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030	132,000	159,797
NVIDIA Corp. Senior Notes 3.70% due 04/01/2060	237,000	305,492
		718,465
Electronic Measurement Instruments - 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024	32,000	36,729
Electronic Parts Distribution - 0.3%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025	167,000	182,496
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024	2,285,000	2,465,341
		2,647,837
Energy-Alternate Sources - 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*	420,000	431,274
Enterprise Software/Service - 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024	1,225,000	1,301,562
Oracle Corp. Senior Notes 2.50% due 04/01/2025	658,000	705,724
		2,007,286
Entertainment Software - 0.0%
Activision Blizzard, Inc. Senior Notes 2.50% due 09/15/2050	228,000	219,937
Finance-Auto Loans - 0.2%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*	225,000	230,063
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026	1,781,000	1,883,407
		2,113,470
Finance-Commercial - 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*	453,000	521,895
Finance-Consumer Loans - 0.6%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*	2,137,000	2,014,122
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*	365,000	345,838
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029	1,311,000	1,428,990
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025	415,000	474,137
Synchrony Financial Senior Notes 4.50% due 07/23/2025	1,074,000	1,208,168
		5,471,255
Finance-Credit Card - 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*	2,195,000	2,104,456
American Express Co. Senior Notes 3.40% due 02/22/2024	223,000	242,597
American Express Co. Senior Notes 4.20% due 11/06/2025	165,000	191,581
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025	363,000	385,675
Visa, Inc. Senior Notes 0.75% due 08/15/2027	115,000	114,295
		3,038,604

Finance-Investment Banker/Broker - 0.1%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*	375,000	384,375
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*	697,000	721,409
		1,105,784
Finance-Mortgage Loan/Banker - 0.4%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*	1,110,000	1,182,150
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*	1,602,000	1,686,105
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*	626,000	622,175
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*	423,000	447,323
		3,937,753
Financial Guarantee Insurance - 0.1%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*	1,110,000	1,228,892
Food-Dairy Products - 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(8)	110,000	103,400
Food-Meat Products - 0.1%
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*	195,000	216,255
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*	210,000	250,110
		466,365
Food-Misc./Diversified - 0.6%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028	254,000	344,236
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*	2,095,000	2,121,188
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049*	1,055,000	1,189,948
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*	1,565,000	1,627,600
Mars, Inc. Senior Notes 2.38% due 07/16/2040*	167,000	171,739
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*	335,000	376,866
		5,831,577
Food-Retail - 0.4%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*	1,677,000	1,767,793
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025	800,000	825,100
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*	709,000	765,720
		3,358,613
Food-Wholesale/Distribution - 0.3%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030	262,000	273,869
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030	115,000	151,952
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040	270,000	398,887
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050	109,000	169,056
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*	1,475,000	1,568,729
		2,562,493
Hotels/Motels - 0.4%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024	1,395,000	1,461,262
Wyndham Destinations, Inc. Senior Sec. Notes 6.63% due 07/31/2026*	860,000	965,350
Wyndham Worldwide Corp. Senior Sec. Notes 6.00% due 04/01/2027	1,400,000	1,529,500
		3,956,112

Human Resources - 0.2%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		1,486,000	1,554,282
Independent Power Producers - 0.5%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,945,000	2,085,857
NRG Energy, Inc. Senior Notes 3.38% due 02/15/2029*		569,000	581,091
NRG Energy, Inc. Senior Notes 3.63% due 02/15/2031*		1,445,000	1,496,485
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		721,000	742,630
			4,906,063
Industrial Gases - 0.1%
Air Products and Chemicals, Inc. Senior Notes 0.80% due 05/05/2032	EUR	475,000	601,178
Instruments-Controls - 0.0%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		218,000	218,351
Insurance Brokers - 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		64,000	78,861
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		61,000	85,833
			164,694
Insurance-Life/Health - 0.3%
Athene Global Funding Sec. Notes 1.13% due 09/02/2025	EUR	1,215,000	1,493,097
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		105,000	108,619
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		331,000	405,594
Pacific LifeCorp Senior Notes 3.35% due 09/15/2050*		77,000	86,608
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		640,000	659,226
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		75,000	91,080
Unum Group Senior Notes 4.50% due 03/15/2025		116,000	129,199
			2,973,423
Insurance-Mutual - 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		287,000	308,261
Insurance-Property/Casualty - 0.1%
Chubb INA Holdings, Inc. Company Guar. Notes 1.55% due 03/15/2028	EUR	385,000	500,646
Insurance-Reinsurance - 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050		172,000	188,197
Internet Connectivity Services - 0.2%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		1,359,000	1,394,280
Internet Content-Entertainment - 0.3%
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		2,640,000	3,055,800
Internet Telephone - 0.1%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*		935,000	945,379
Cablevision Lightpath LLC Senior Notes 5.63% due 09/15/2028*		212,000	222,271
			1,167,650
Investment Management/Advisor Services - 0.2%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		1,885,000	1,894,425
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		280,000	289,666
			2,184,091
Machinery-Construction & Mining - 0.1%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		427,000	429,971
Caterpillar Financial Services Corp. Senior Notes 1.10% due 09/14/2027		328,000	331,141
			761,112
Machinery-Electrical - 0.0%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		266,000	284,352

Machinery-Farming - 0.2%
CNH Industrial Capital LLC Company Guar. Notes 1.88% due 01/15/2026		299,000	306,177
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		345,000	375,947
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		518,000	536,636
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		149,000	163,180
			1,381,940
Medical Labs & Testing Services - 0.1%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		650,000	684,125
Medical Products - 0.1%
Stryker Corp. Senior Notes 1.00% due 12/03/2031	EUR	825,000	1,024,847
Medical-Biomedical/Gene - 0.2%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		903,000	978,146
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		326,000	320,790
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		182,000	177,920
			1,476,856
Medical-Drugs - 0.3%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		247,000	299,931
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		294,000	371,434
Bristol-Myers Squibb Co. FRS Senior Notes 0.60% (3 ML+0.38%) due 05/16/2022		855,000	857,881
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		388,000	388,510
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044		129,000	175,930
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		164,000	176,122
			2,269,808
Medical-Generic Drugs - 0.2%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		245,000	290,676
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		1,095,000	1,182,600
Upjohn, Inc. Company Guar. Notes 4.00% due 06/22/2050*		173,000	197,396
			1,670,672
Medical-HMO - 0.1%
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		358,000	368,227
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060		173,000	200,424
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		216,000	246,042
			814,693
Medical-Hospitals - 0.9%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		314,000	330,878
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		1,163,000	1,237,141
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		974,000	1,008,201
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		606,000	678,435
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		1,704,000	1,712,520
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		1,075,000	1,093,812
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		2,044,000	2,077,215
			8,138,202
Medical-Wholesale Drug Distribution - 0.0%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		337,000	392,471
Metal-Copper - 0.4%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		1,061,000	1,122,008
Freeport-McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030		956,000	1,039,487

Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		695,000	742,642
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		695,000	769,713
			3,673,850
Metal-Iron - 0.2%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025#		1,044,000	1,038,780
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		1,016,000	1,096,010
			2,134,790
Multimedia - 0.3%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		2,530,000	2,536,325
Walt Disney Co. Company Guar. Bonds 2.75% due 09/01/2049		391,000	400,427
			2,936,752
Non-Hazardous Waste Disposal - 0.2%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		1,638,000	1,744,470
Non-Profit Charity - 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		223,000	235,035
Oil Companies-Exploration & Production - 1.6%
Apache Corp. Senior Notes 4.38% due 10/15/2028		1,310,000	1,336,200
Apache Corp. Senior Notes 4.63% due 11/15/2025		188,000	195,464
Apache Corp. Senior Notes 4.88% due 11/15/2027		311,000	324,839
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		1,480,000	518,000
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		374,000	373,065
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		554,000	594,165
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		222,000	232,314
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		863,000	919,285
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		283,000	388,569
Hess Corp. Senior Notes 6.00% due 01/15/2040		439,000	533,823
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		3,353,000	3,269,175
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		374,000	442,728
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		192,000	227,561
Noble Energy, Inc. Senior Notes 4.20% due 10/15/2049		159,000	199,957
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		256,000	354,845
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025#		1,058,000	1,068,368
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		1,632,000	1,663,824
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		173,000	181,866
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		258,000	253,778
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026		960,000	1,000,032
Southwestern Energy Co. Company Guar. Notes 8.38% due 09/15/2028		615,000	677,269
			14,755,127
Oil Companies-Integrated - 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		442,000	440,771
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		765,000	859,225
Chevron Corp. Senior Notes 1.55% due 05/11/2025		546,000	566,996
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		194,000	194,242
Exxon Mobil Corp. Senior Notes 1.41% due 06/26/2039	EUR	525,000	646,982
			2,708,216

Oil Field Machinery & Equipment - 0.0%
Hi Crush, Inc. Company Guar. Notes 9.50% due 08/01/2026*†(9)(10)	1,816,000	47,670
Oil Refining & Marketing - 0.2%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028	1,889,000	991,725
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030	258,000	256,611
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 4.50% due 05/15/2029*	486,000	501,197
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027	196,000	195,141
		1,944,674
Oil-Field Services - 0.6%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026	1,305,000	1,303,695
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*	1,729,000	1,796,345
Halliburton Co. Senior Notes 2.92% due 03/01/2030	254,000	261,120
Nine Energy Service, Inc. Company Guar. Notes 8.75% due 11/01/2023*	1,993,000	608,064
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*	252,000	282,842
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026	1,211,000	1,253,022
		5,505,088
Paper & Related Products - 0.4%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*	1,805,000	1,879,456
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044	483,000	576,433
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*	499,000	499,229
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*	443,000	476,834
		3,431,952
Petrochemicals - 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*	147,000	155,526
Pharmacy Services - 0.1%
CVS Health Corp Senior Notes 4.25% due 04/01/2050	138,000	173,169
CVS Health Corp. Senior Notes 2.70% due 08/21/2040	124,000	125,142
CVS Health Corp. Senior Notes 4.78% due 03/25/2038	321,000	407,288
CVS Health Corp. Senior Notes 5.05% due 03/25/2048	285,000	384,448
		1,090,047
Pipelines - 2.5%
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*	591,000	589,522
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*	1,531,000	1,531,000
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029	286,000	313,271
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029	1,085,000	1,130,592
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025	462,000	474,128
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028*	1,149,000	1,191,875
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*	109,000	122,067
DCP Midstream Operating LP Company Guar. Notes 5.60% due 04/01/2044	465,000	434,775
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027	792,000	857,340
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*	363,000	377,520

Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		210,000	206,913
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		331,000	344,763
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		85,000	97,926
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		183,000	207,198
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		18,000	13,208
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 01/31/2051		296,000	321,927
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		201,000	235,049
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		1,915,000	1,800,100
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		775,000	751,711
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		625,000	575,000
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		422,000	425,348
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		246,000	253,091
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,891,000	1,957,185
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		2,249,000	2,214,365
Kinder Morgan, Inc. Company Guar. Notes 1.50% due 03/16/2022	EUR	400,000	485,994
Kinder Morgan, Inc. Company Guar. Notes 5.05% due 02/15/2046		260,000	311,337
MPLX LP Senior Notes 2.65% due 08/15/2030		221,000	223,771
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		270,000	280,909
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		669,000	704,122
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		1,006,000	1,091,510
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		159,000	191,527
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		136,000	137,290
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		110,000	142,648
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		123,000	115,466
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		198,000	232,030
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		1,382,000	1,470,102
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026		388,000	440,366
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		411,000	517,226
			22,770,172
Poultry - 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		1,099,000	1,181,425
Protection/Safety - 0.5%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		1,275,000	1,259,062
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		1,512,000	1,602,720
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		640,000	694,400
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		1,276,000	1,336,202
			4,892,384

Real Estate Investment Trusts - 2.3%
American Tower Corp. Senior Notes 3.10% due 06/15/2050	252,000	261,941
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025	358,000	376,436
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025	2,074,000	2,151,817
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*	1,485,000	1,510,988
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*	140,000	143,325
Essex Portfolio LP Company Guar. Notes 2.65% due 09/01/2050	4,000	3,858
Federal Realty Investment Trust Senior Notes 1.25% due 02/15/2026	383,000	385,097
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.75% due 09/15/2030*	468,000	478,530
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*	304,000	316,160
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*	1,180,000	1,259,650
Host Hotels & Resorts LP Senior Notes 3.38% due 12/15/2029	287,000	288,649
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030	263,000	270,067
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*	2,664,000	2,460,870
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027	1,387,000	1,545,922
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031	714,000	725,645
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027	1,599,000	1,693,037
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031	246,000	247,347
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*	1,655,000	1,743,956
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030	319,000	319,240
Rexford Industrial Realty LP Company Guar. Notes 2.13% due 12/01/2030	128,000	128,569
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026	1,428,000	1,575,606
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027	146,000	152,244
Simon Property Group LP Senior Notes 3.25% due 09/13/2049	223,000	218,446
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025	1,792,000	1,839,578
Starwood Property Trust, Inc. Senior Notes 5.50% due 11/01/2023*	317,000	320,170
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032	149,000	152,545
		20,569,693
Real Estate Management/Services - 0.3%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*	1,346,000	1,458,728
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023	1,080,000	1,171,964
		2,630,692
Recycling - 0.2%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*	1,784,000	1,886,616
Rental Auto/Equipment - 0.4%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*	2,767,000	1,916,147
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*	1,412,000	1,401,410
		3,317,557

Research & Development - 0.2%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*	273,000	285,285
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*	1,045,000	1,116,227
		1,401,512
Resorts/Theme Parks - 0.4%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*#	1,515,000	1,621,050
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*#	1,495,000	1,502,475
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*	130,000	140,930
		3,264,455
Retail-Apparel/Shoe - 0.0%
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031	361,000	362,429
Retail-Appliances - 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022	1,314,000	1,274,580
Retail-Auto Parts - 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027	204,000	205,884
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030	279,000	320,648
Genuine Parts Co. Senior Notes 1.88% due 11/01/2030	247,000	245,304
		771,836
Retail-Automobile - 0.0%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030	181,000	217,759
Retail-Building Products - 0.0%
Lowe’s Cos., Inc. Senior Notes 3.00% due 10/15/2050	190,000	204,053
Retail-Discount - 0.1%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023	413,000	432,556
Retail-Pawn Shops - 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*	1,254,000	1,288,485
Retail-Petroleum Products - 0.2%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029	1,544,000	1,640,500
Retail-Regional Department Stores - 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045	359,000	351,696
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025	133,000	167,036
		518,732
Retail-Restaurants - 0.6%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*	932,000	956,726
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*	1,610,000	1,670,375
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*	2,162,000	2,113,355
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049	157,000	184,261
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050	161,000	207,241
		5,131,958
Satellite Telecom - 0.3%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026	2,513,000	2,795,712
Savings & Loans/Thrifts - 0.1%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021	431,000	460,816
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028	479,000	497,153
		957,969
Security Services - 0.2%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*	2,005,000	2,112,167

Shipbuilding - 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*		232,000	275,293
Software Tools - 0.0%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		128,000	156,189
Steel-Producers - 0.1%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		910,000	946,400
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		302,000	308,179
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		5,000	5,619
			1,260,198
Telecom Equipment-Fiber Optics - 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		513,000	704,998
Telephone-Integrated - 1.3%
AT&T, Inc. Senior Notes 3.15% due 09/04/2036	EUR	340,000	510,298
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*		91,000	93,273
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		1,135,000	1,375,178
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		31,000	38,442
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		226,000	274,696
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		344,000	431,539
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		1,345,000	1,407,206
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		1,279,000	1,432,480
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		1,608,000	1,632,120
Verizon Communications, Inc. Senior Notes 1.50% due 09/18/2030		497,000	490,348
Verizon Communications, Inc. Senior Notes 1.85% due 05/18/2040	EUR	325,000	441,505
Verizon Communications, Inc. Senior Notes 2.50% due 04/08/2031	GBP	300,000	447,785
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056*		467,000	494,667
Verizon Communications, Inc. Senior Notes 3.00% due 11/20/2060		281,000	296,066
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		140,000	175,900
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		147,000	185,823
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		1,754,000	1,846,776
			11,574,102
Television - 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		1,030,000	1,174,200
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,105,000	1,281,800
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		961,000	1,117,162
			3,573,162
Tools-Hand Held - 0.0%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		214,000	241,642
Transport-Air Freight - 0.3%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		2,351,000	2,436,224
Transport-Equipment & Leasing - 0.1%
GATX Corp. Senior Notes 4.00% due 06/30/2030#		203,000	237,944
GATX Corp. Senior Notes 4.35% due 02/15/2024		382,000	420,501
			658,445
Transport-Marine - 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		237,000	255,262
Transport-Rail - 0.1%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		201,000	216,469

Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		198,000	247,578
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		327,000	419,427
			883,474
Transport-Services - 0.1%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		395,000	404,054
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		193,000	218,011
			622,065
Trucking/Leasing - 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		53,000	57,461
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		383,000	423,374
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		184,000	211,579
			692,414
Vitamins & Nutrition Products - 0.2%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*		1,622,000	1,707,155
Water - 0.0%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		125,000	148,846
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		161,000	179,908
			328,754
Total U.S. Corporate Bonds & Notes          (cost $336,869,691)			355,755,512
FOREIGN CORPORATE BONDS & NOTES - 16.1%
Aerospace/Defense - 0.0%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		229,000	258,851
Agricultural Chemicals - 0.4%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,460,000	1,432,931
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		143,000	171,729
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		1,540,000	1,601,600
Yara International ASA Senior Notes 3.15% due 06/04/2030*		122,000	131,988
			3,338,248
Airlines - 0.1%
Delta Air Lines/Skymiles Senior Sec. Notes 4.50% due 10/20/2025*		474,958	501,384
Delta Air Lines/Skymiles Senior Sec. Notes 4.75% due 10/20/2028*		353,000	379,818
			881,202
Airport Development/Maintenance - 0.1%
Heathrow Funding, Ltd. Senior Sec. Notes 1.50% due 10/12/2027	EUR	400,000	499,358
Auto-Cars/Light Trucks - 0.1%
Nissan Motor Co., Ltd. Senior Notes 3.04% due 09/15/2023*		200,000	207,958
Volkswagen International Finance NV Company Guar. Notes 4.13% due 11/16/2038	EUR	300,000	509,729
			717,687
Banks-Commercial - 1.5%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		212,000	222,728
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*#		780,000	789,758
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		970,000	1,061,374
Banco de Sabadell SA Senior Notes 1.13% due 03/11/2027	EUR	500,000	614,492
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		298,000	336,978
Bank of Montreal Senior Notes 2.05% due 11/01/2022		379,000	391,139
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025		194,000	195,332

Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		449,000	475,183
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		680,000	681,625
Danske Bank A/S Sub. Notes 1.38% due 02/12/2030	EUR	635,000	767,686
Danske Bank A/S Senior Notes 2.25% due 01/14/2028	GBP	400,000	552,848
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		522,000	557,824
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		277,000	285,471
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		1,000,000	1,030,500
ING Groep NV Senior Notes 1.40% due 07/01/2026*		604,000	612,367
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000	258,438
Intesa Sanpaolo SpA Senior Notes 1.75% due 03/20/2028	EUR	600,000	774,464
Malayan Banking Bhd Sub. Notes 3.91% due 10/29/2026		550,000	560,648
Philippine National Bank Senior Notes 3.28% due 09/27/2024		1,300,000	1,368,825
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		210,000	237,236
Skandinaviska Enskilda Banken AB Sub. Notes 2.50% due 05/28/2026	EUR	500,000	602,893
Standard Chartered PLC Senior Notes 0.90% due 07/02/2027	EUR	850,000	1,047,521
Standard Chartered PLC Sub. Notes 3.27% due 02/18/2036*		265,000	269,036
			13,694,366
Banks-Special Purpose - 0.1%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*		206,000	205,940
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		801,000	808,786
			1,014,726
Beverages-Non-alcoholic - 0.0%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		397,000	400,903
Beverages-Wine/Spirits - 0.0%
Diageo Capital PLC Company Guar. Notes 2.13% due 04/29/2032		256,000	270,815
Brewery - 0.1%
Anheuser-Busch InBev SA Company Guar. Notes 3.70% due 04/02/2040	EUR	340,000	566,764
Heineken NV Senior Notes 1.75% due 05/07/2040	EUR	450,000	600,059
			1,166,823
Building & Construction Products-Misc. - 0.1%
Whirlpool EMEA Finance SARL Company Guar. Notes 0.50% due 02/20/2028	EUR	535,000	649,436
Building Products-Cement - 0.1%
CRH Funding BV Company Guar. Notes 1.63% due 05/05/2030	EUR	465,000	622,674
Building-Residential/Commercial - 0.2%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		600,000	628,500
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		940,000	994,050
			1,622,550
Cable/Satellite TV - 0.2%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		1,831,000	1,876,775
Casino Hotels - 0.2%
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		1,640,000	1,644,100
Cellular Telecom - 0.4%
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		739,000	820,290
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		2,176,000	2,284,800
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000	213,791
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		215,000	281,595
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		175,000	239,562
			3,840,038

Chemicals-Diversified - 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		290,000	300,367
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		360,000	363,708
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		300,000	303,090
			967,165
Chemicals-Other - 0.1%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*		800,000	887,376
Chemicals-Specialty - 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		153,000	156,583
Commercial Services - 0.1%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*#		820,000	843,575
Computer Software - 0.1%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*		1,105,000	1,156,106
Containers-Metal/Glass - 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		910,000	948,993
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		1,518,000	1,643,235
			2,592,228
Containers-Paper/Plastic - 0.4%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		1,553,000	1,634,533
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		1,938,000	2,054,280
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		379,000	474,705
			4,163,518
Cruise Lines - 0.6%
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		331,000	349,205
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		2,315,000	2,067,874
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*		1,615,000	1,656,384
Viking Cruises, Ltd. Senior Sec. Notes 13.00% due 05/15/2025*		188,000	220,900
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		1,635,000	1,585,950
			5,880,313
Diversified Banking Institutions - 1.8%
Banco Santander SA Senior Notes 1.38% due 01/05/2026	EUR	700,000	883,258
Banco Santander SA Senior Notes 2.71% due 06/27/2024		200,000	212,926
Barclays PLC Senior Notes 0.75% due 06/09/2025	EUR	500,000	604,519
Barclays PLC Senior Notes 3.00% due 05/08/2026	GBP	400,000	576,494
Barclays PLC Sub. Notes 3.56% due 09/23/2035		247,000	257,794
BNP Paribas SA Sub. Notes 2.88% due 03/20/2026	EUR	1,100,000	1,322,735
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		557,000	604,681
BNP Paribas SA Senior Notes 3.38% due 01/23/2026	GBP	400,000	596,238
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		476,000	528,522
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		250,000	258,114
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		321,000	334,095
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*		250,000	294,274
Deutsche Bank AG Senior Notes 1.75% due 01/17/2028	EUR	500,000	621,303
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		302,000	308,219
HSBC Holdings PLC Senior Notes 0.88% due 09/06/2024	EUR	350,000	431,916

HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		394,000	397,323
HSBC Holdings PLC Senior Notes 3.00% due 07/22/2028	GBP	450,000	661,974
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		308,000	348,728
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		405,000	426,499
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		643,000	678,599
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		649,000	654,640
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		383,000	397,876
NatWest Markets PLC Senior Notes 2.75% due 04/02/2025	EUR	775,000	1,024,966
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		519,000	537,941
UBS AG Sub. Notes 4.75% due 02/12/2026	EUR	650,000	781,030
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		293,000	305,124
UniCredit SpA Senior Notes 1.25% due 06/16/2026	EUR	600,000	741,133
UniCredit SpA Senior Notes 2.20% due 07/22/2027	EUR	600,000	757,821
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		377,000	383,517
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		608,000	666,005
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000	398,604
			16,996,868
Diversified Financial Services - 0.3%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		1,629,000	1,722,668
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		800,000	922,253
			2,644,921
Diversified Manufacturing Operations - 0.0%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		250,000	277,262
Diversified Minerals - 0.3%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		423,000	433,890
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*		1,153,000	1,264,045
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		556,000	692,021
			2,389,956
Electric-Distribution - 0.3%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		1,000,000	1,042,510
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		650,000	632,450
National Grid PLC Senior Notes 0.55% due 09/18/2029	EUR	535,000	654,551
OmGrid Funding, Ltd. Company Guar. Notes 5.20% due 05/16/2027#		500,000	483,550
			2,813,061
Electric-Generation - 0.5%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		200,000	267,754
Electricite de France SA Senior Notes 6.25% due 05/30/2028	GBP	400,000	721,029
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		939,000	1,098,395
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		1,000,000	1,057,500
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		800,000	842,171
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		650,000	704,103
			4,690,952

Electric-Integrated - 0.1%
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		805,000	856,327
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		278,000	373,114
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		209,000	225,408
			1,454,849
Electric-Transmission - 0.1%
RTE Reseau de Transport d’Electricite SADIR Senior Notes 1.13% due 07/08/2040	EUR	700,000	919,898
Energy-Alternate Sources - 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		500,000	529,001
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		510,000	527,340
			1,056,341
Finance-Consumer Loans - 0.1%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		1,395,000	1,449,056
Finance-Leasing Companies - 0.1%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		1,165,000	1,154,214
Food-Meat Products - 0.1%
BRF SA Senior Notes 4.88% due 01/24/2030*		500,000	533,000
Food-Retail - 0.1%
Auchan Holding SA Senior Notes 3.25% due 07/23/2027	EUR	500,000	685,109
Tesco Corp.orate Treasury Services PLC Company Guar. Notes 0.88% due 05/29/2026	EUR	605,000	744,707
			1,429,816
Gas-Distribution - 0.1%
Centrica PLC Senior Notes 4.38% due 03/13/2029	GBP	400,000	655,643
Gold Mining - 0.0%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		266,000	282,737
Industrial Gases - 0.1%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023		500,000	513,804
Insurance-Life/Health - 0.1%
Athene Holding, Ltd. Senior Notes 3.50% due 01/15/2031		301,000	318,553
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		300,000	329,152
			647,705
Insurance-Property/Casualty - 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		509,000	565,257
Insurance-Reinsurance - 0.1%
Fairfax Financial Holdings, Ltd. Senior Notes 2.75% due 03/29/2028	EUR	400,000	510,287
Investment Companies - 0.4%
Huarong Finance II Co., Ltd. Company Guar. Notes 3.75% due 05/29/2024		590,000	617,594
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		1,000,000	1,102,920
JAB Holdings BV Company Guar. Notes 2.20% due 11/23/2030*		263,000	263,906
JAB Holdings BV Company Guar. Notes 2.50% due 06/25/2029	EUR	500,000	678,581
MDGH - GMTN BV Company Guar. Notes 3.70% due 11/07/2049		600,000	685,500
			3,348,501
Machinery-Farming - 0.1%
CNH Industrial Finance Europe SA Company Guar. Notes 1.75% due 03/25/2027	EUR	400,000	504,356
Medical-Drugs - 0.4%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050		110,000	104,031

Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*		760,000	765,662
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		1,688,000	1,333,520
Takeda Pharmaceutical Co., Ltd. Senior Notes 1.38% due 07/09/2032	EUR	510,000	650,853
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050		283,000	303,127
Upjohn Finance BV Company Guar. Notes 1.91% due 06/23/2032	EUR	300,000	395,638
			3,552,831
Metal-Aluminum - 0.1%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		500,000	623,016
Metal-Copper - 0.2%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		1,542,000	1,575,847
Metal-Diversified - 0.1%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		400,000	406,172
Glencore Capital Finance DAC Company Guar. Notes 1.13% due 03/10/2028	EUR	400,000	486,711
			892,883
Metal-Iron - 0.2%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		1,649,000	1,820,578
Motion Pictures & Services - 0.3%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		2,390,000	2,425,850
Multimedia - 0.1%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		700,000	728,357
Oil Companies-Exploration & Production - 0.7%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		196,000	202,238
CNOOC Finance, Ltd. Company Guar. Notes 2.88% due 09/30/2029		580,000	605,171
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		2,850,000	2,907,000
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		1,050,000	1,029,000
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		700,000	660,995
Tullow Oil PLC Company Guar. Notes 6.25% due 04/15/2022		500,000	372,500
Wintershall Dea Finance B.V. Company Guar. Notes 1.33% due 09/25/2028	EUR	300,000	366,118
			6,143,022
Oil Companies-Integrated - 1.2%
BP Capital Markets PLC Company Guar. Notes 2.27% due 07/03/2026	GBP	400,000	576,827
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027		2,004,000	2,136,976
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		500,000	594,375
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		700,000	886,550
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		161,000	168,353
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049		27,000	29,910
Pertamina Persero PT Senior Notes 6.50% due 05/27/2041		500,000	667,464
Petro-Canada Senior Notes 5.95% due 05/15/2035		138,000	173,683
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		1,000,000	1,132,300
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		920,000	770,500
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		900,000	906,750
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		1,600,000	1,473,280
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		1,000,000	860,000
Shell International Finance BV Company Guar. Notes 1.50% due 04/07/2028	EUR	300,000	397,671
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		129,000	147,969
			10,922,608

Paper & Related Products - 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		929,000	979,166
Petrochemicals - 0.1%
Equate Petrochemical BV Company Guar. Notes 4.25% due 11/03/2026		500,000	545,290
Real Estate Investment Trusts - 0.1%
Digital Dutch Finco BV Company Guar. Notes 1.00% due 01/15/2032	EUR	830,000	1,019,560
Real Estate Operations & Development - 0.4%
Aroundtown SA Senior Notes 0.63% due 07/09/2025	EUR	500,000	603,846
Aroundtown SA Senior Notes 1.45% due 07/09/2028	EUR	500,000	626,223
Aroundtown SA Senior Notes 3.25% due 07/18/2027	GBP	400,000	588,421
CPI Property Group SA Senior Notes 1.45% due 04/14/2022	EUR	115,000	138,969
Logicor Financing Sarl Company Guar. Notes 0.75% due 07/15/2024	EUR	1,190,000	1,447,047
			3,404,506
Retail-Petroleum Products - 0.2%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		1,835,000	1,899,225
Satellite Telecom - 0.5%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		2,059,000	2,133,742
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		571,000	580,992
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		2,232,000	2,298,960
			5,013,694
Security Services - 0.2%
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*		509,000	510,272
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*		1,383,000	1,542,045
			2,052,317
Semiconductor Components-Integrated Circuits - 0.0%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		451,000	448,499
Steel-Producers - 0.1%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		620,000	626,200
SupraNational Banks - 0.3%
African Development Bank Senior Notes 0.75% due 04/03/2023		408,000	412,804
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		504,000	522,416
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		596,000	596,844
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		300,000	338,589
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		588,000	591,306
			2,461,959
Telecom Services - 0.2%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		1,555,000	1,578,247
Optus Finance Pty, Ltd. Company Guar. Notes 1.00% due 06/20/2029	EUR	595,000	745,263
			2,323,510
Telephone-Integrated - 0.1%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		209,000	285,952
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		307,000	368,632
Telefonica Emisiones SAU Company Guar. Notes 5.45% due 10/08/2029	GBP	400,000	707,113
			1,361,697

Transport-Rail - 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		107,000	172,728
Transport-Services - 0.1%
Rumo Luxembourg SARL Company Guar. Notes 5.25% due 01/10/2028*		730,000	788,758
Vitamins & Nutrition Products - 0.1%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		565,000	620,088
Warehousing & Harbor Transportation Services - 0.1%
DP World PLC Senior Notes 4.70% due 09/30/2049		1,000,000	1,105,000
Total Foreign Corporate Bonds & Notes          (cost $139,903,299)			147,491,089
FOREIGN GOVERNMENT OBLIGATIONS - 15.1%
Banks-Special Purpose - 0.0%
Korea Development Bank Senior Notes 0.50% due 10/27/2023		235,000	235,367
Regional Agencies - 0.1%
Kommunekredit Senior Notes 0.01% due 08/27/2030	EUR	1,025,000	1,243,998
Regional Authority - 0.2%
Province of Quebec, Canada Senior Notes 0.01% due 10/15/2029	EUR	1,245,000	1,497,128
Sovereign - 14.6%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		1,500,000	1,577,610
Arab Republic of Egypt Senior Notes 7.05% due 01/15/2032*		930,000	981,449
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		2,600,000	2,895,204
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		1,024,000	1,107,200
Dominican Republic Senior Notes 5.88% due 01/30/2060*		900,000	936,000
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*		1,250,000	1,334,200
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		2,390,000	2,676,800
Emirate of Abu Dhabi Senior Notes 3.13% due 09/30/2049		1,600,000	1,738,400
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		385,000	477,585
Federal Republic of Ethiopia Senior Notes 6.63% due 12/11/2024		1,030,000	1,010,595
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		1,550,000	1,715,075
Government of Romania Senior Notes 3.00% due 02/14/2031*		2,000,000	2,137,000
Government of Romania Senior Notes 3.00% due 02/14/2031		1,920,000	2,051,520
Government of Romania Senior Notes 4.00% due 02/14/2051*		1,300,000	1,420,250
Government of Ukraine Senior Notes 7.25% due 03/15/2033#		700,000	742,700
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		550,000	583,550
Government of Ukraine Senior Notes 7.75% due 09/01/2022		750,000	797,055
Government of Ukraine Senior Notes 7.75% due 09/01/2024		550,000	600,517
Government of Ukraine Senior Notes 9.75% due 11/01/2028		2,200,000	2,613,754
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		1,275,000	1,313,250
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		1,550,000	1,674,000
Kingdom of Bahrain Senior Notes 6.00% due 09/19/2044		400,000	405,639
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030*		945,000	1,104,606
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		2,900,000	3,186,375
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		1,850,000	2,032,687
Kingdom of Saudi Arabia Senior Notes 3.63% due 03/04/2028		710,000	791,721
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		850,000	1,081,625
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060		500,000	636,250

Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		800,000	1,001,904
Kingdom of Saudi Arabia Senior Notes 5.00% due 04/17/2049		750,000	993,750
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		496,323	599,315
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		1,360,000	1,846,200
People’s Republic of China Senior Bonds 2.25% due 10/21/2050*		1,600,000	1,597,584
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		1,080,000	1,654,082
Republic of Angola Senior Notes 9.13% due 11/26/2049		940,000	805,298
Republic of Belarus Senior Notes 5.88% due 02/24/2026*		1,600,000	1,605,658
Republic of Belarus Senior Notes 6.38% due 02/24/2031*		1,400,000	1,400,630
Republic of Belarus Senior Notes 6.88% due 02/28/2023		1,900,000	1,954,302
Republic of Chile Senior Notes 2.45% due 01/31/2031		1,550,000	1,643,000
Republic of Chile Senior Notes 3.50% due 01/25/2050		710,000	808,520
Republic of Colombia Senior Notes 3.13% due 04/15/2031		775,000	813,362
Republic of Colombia Senior Notes 4.50% due 03/15/2029		1,200,000	1,367,100
Republic of Colombia Senior Notes 5.00% due 06/15/2045		600,000	721,500
Republic of Colombia Senior Notes 10.38% due 01/28/2033		1,200,000	1,906,512
Republic of Costa Rica Senior Notes 6.13% due 02/19/2031		3,750,000	3,307,500
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		850,000	748,850
Republic of El Salvador Senior Notes 7.65% due 06/15/2035		1,600,000	1,403,200
Republic of El Salvador Senior Notes 8.63% due 02/28/2029		225,000	210,038
Republic of El Salvador Senior Notes 9.50% due 07/15/2052*		1,930,000	1,827,710
Republic of El Salvador Senior Notes 9.50% due 07/15/2052		700,000	662,900
Republic of Georgia Notes 6.88% due 04/12/2021		477,000	483,215
Republic of Ghana Senior Notes 8.63% due 06/16/2049		1,500,000	1,462,125
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		533,000	523,001
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		1,000,000	1,293,070
Republic of Indonesia Senior Notes 3.85% due 10/15/2030		1,200,000	1,402,402
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		800,000	894,032
Republic of Indonesia Senior Notes 7.75% due 01/17/2038		1,350,000	2,138,015
Republic of Italy Senior Notes 4.00% due 10/17/2049		279,000	312,118
Republic of Italy Bonds 5.75% due 02/01/2033	EUR	525,000	987,165
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,900,000	2,090,000
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		1,000,000	1,126,370
Republic of Kazakhstan Senior Notes 5.13% due 07/21/2025		200,000	235,354
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		850,000	1,370,309
Republic of Kenya Senior Notes 6.88% due 06/24/2024		1,280,000	1,383,270
Republic of Kenya Senior Notes 7.00% due 05/22/2027		1,750,000	1,897,224
Republic of Kenya Senior Notes 8.25% due 02/28/2048		750,000	839,010
Republic of Panama Senior Notes 2.25% due 09/29/2032		1,380,000	1,399,320

Republic of Panama Senior Notes 3.87% due 07/23/2060		800,000	931,008
Republic of Panama Senior Notes 4.50% due 04/01/2056		400,000	508,000
Republic of Panama Senior Notes 6.70% due 01/26/2036		500,000	734,380
Republic of Paraguay Senior Notes 4.95% due 04/28/2031*		1,200,000	1,422,012
Republic of Peru Senior Notes 1.86% due 12/01/2032		1,400,000	1,389,500
Republic of South Africa Senior Notes 4.30% due 10/12/2028		2,760,000	2,778,547
Republic of South Africa Senior Bonds 4.88% due 04/14/2026		660,000	700,392
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023		1,975,000	1,323,250
Republic of Sri Lanka Senior Notes 6.75% due 04/18/2028		1,000,000	585,000
Republic of Sri Lanka Senior Notes 6.85% due 11/03/2025		700,000	434,000
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		2,310,000	1,351,350
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030		2,300,000	1,345,500
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		1,155,000	1,230,337
Republic of the Philippines Senior Notes 3.75% due 01/14/2029		500,000	582,389
Republic of Turkey Senior Notes 5.13% due 02/17/2028		1,200,000	1,170,120
Republic of Turkey Senior Notes 7.63% due 04/26/2029		1,270,000	1,407,008
Russian Federation Senior Notes 4.38% due 03/21/2029		3,000,000	3,472,482
Russian Federation Senior Notes 5.25% due 06/23/2047		600,000	814,872
State of Qatar Senior Notes 3.40% due 04/16/2025*		865,000	951,500
State of Qatar Senior Notes 3.75% due 04/16/2030*		900,000	1,054,665
State of Qatar Senior Notes 4.40% due 04/16/2050*		860,000	1,137,909
State of Qatar Senior Notes 4.40% due 04/16/2050		1,420,000	1,878,873
State of Qatar Senior Notes 4.82% due 03/14/2049		2,600,000	3,597,750
State of Qatar Senior Notes 5.10% due 04/23/2048		780,000	1,114,425
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		1,600,000	1,570,000
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*#		2,700,000	2,807,190
Sultanate of Oman Senior Notes 7.38% due 10/28/2032*#		2,130,000	2,232,368
United Kingdom Gilt Treasury Bonds 1.50% due 07/22/2026	GBP	375,000	541,123
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	240,000	488,401
United Mexican States Senior Notes 2.66% due 05/24/2031		1,425,000	1,426,268
United Mexican States Senior Notes 4.50% due 04/22/2029		255,000	294,145
United Mexican States Senior Notes 4.50% due 01/31/2050		830,000	939,983
United Mexican States Senior Bonds 4.75% due 03/08/2044		196,000	225,647
United Mexican States Senior Notes 5.00% due 04/27/2051		2,410,000	2,904,291
			133,682,217
Sovereign Agency - 0.2%
Kommunalbanken AS Senior Notes 0.05% due 10/24/2029	EUR	1,230,000	1,498,399
Total Foreign Government Obligations
(cost $132,737,936)			138,157,109
U.S. GOVERNMENT AGENCIES - 15.9%
Federal Home Loan Bank - 0.4%
2.13% due 09/14/2029		2,000,000	2,204,373
3.25% due 11/16/2028		1,000,000	1,194,362
			3,398,735

Federal Home Loan Mtg. Corp. - 3.6%
2.50% due 01/01/2028	114,137	119,754
2.50% due 04/01/2028	254,548	268,276
2.50% due 03/01/2031	175,349	182,836
2.50% due 10/01/2032	2,239,567	2,333,975
2.50% due 11/01/2032	1,139,403	1,214,557
3.00% due 04/01/2043	319,977	347,418
3.00% due 11/01/2046	3,968,573	4,258,896
3.50% due 03/01/2042	184,057	199,282
3.50% due 04/01/2042	359,653	389,996
3.50% due 08/01/2042	349,076	381,185
3.50% due 09/01/2043	29,201	31,882
3.50% due 07/01/2045	3,297,171	3,560,107
3.50% due 01/01/2046	279,397	300,458
3.50% due 03/01/2046	545,685	582,768
3.50% due 11/01/2047	1,243,083	1,316,856
3.50% due 03/01/2048	8,543,408	9,269,078
4.00% due 01/01/2046	195,675	215,425
4.00% due 01/01/2047	51,741	57,052
4.00% due 07/01/2049	1,973,011	2,140,896
4.00% due 01/01/2050	1,876,084	2,001,111
4.50% due 03/01/2023	9,164	9,613
4.50% due 07/01/2045	2,738,027	3,070,824
5.00% due 05/01/2034	36,268	41,719
5.00% due 11/01/2043	33,740	39,166
5.50% due 06/01/2022	3,000	3,069
5.50% due 07/01/2035	11,517	13,679
6.00% due 03/01/2040	33,740	40,074
6.50% due 02/01/2036	6,645	7,751
Federal Home Loan Mtg. Corp. FRS 2.36% (6 ML+1.49%) due 02/01/2037	7,953	8,226
3.38% (12 ML+1.88%) due 11/01/2037	80,840	85,460
Federal Home Loan Mtg. Corp. REMIC Series 4740, Class BA 3.00% due 09/15/2045(3)	287,686	296,309
Series 4800, Class KG 3.50% due 11/15/2045(3)	123,780	126,492
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.66% (6.80%-1 ML) due 09/15/2039(3)(4)(12)	80,763	13,382
		32,927,572
Federal National Mtg. Assoc. - 9.1%
2.00% due 12/01/2050	2,992,629	3,108,491
2.50% due 12/01/2026	375,620	391,415
2.50% due 08/01/2031	2,224,956	2,318,599
2.50% due 02/01/2032	867,123	914,663
2.50% due 04/01/2035	855,976	889,838
2.50% due 05/01/2050	1,914,012	2,026,332
2.50% due 06/01/2050	3,281,811	3,442,496
2.50% due 08/01/2050	4,797,197	5,032,079
3.00% due 10/01/2027	106,830	111,970
3.00% due 12/01/2027	177,167	185,735
3.00% due 10/01/2030	206,142	216,038
3.00% due 02/01/2033	3,034,454	3,179,523
3.00% due 11/01/2039	1,429,153	1,492,862
3.00% due 12/01/2042	95,540	103,065
3.00% due 12/01/2046	426,568	447,177
3.00% due 01/01/2047	2,127,049	2,228,848
3.00% due 04/01/2047	2,425,303	2,545,105
3.00% due 09/01/2048	3,247,815	3,400,907
3.00% due 11/01/2048	1,332,689	1,393,584
3.00% due 06/01/2049	2,943,648	3,147,705
3.00% due 03/01/2050	1,326,526	1,400,970
3.50% due 09/01/2026	110,745	117,270
3.50% due 08/01/2027	23,570	24,948
3.50% due 10/01/2028	119,572	129,393
3.50% due 08/01/2042	244,689	255,501
3.50% due 10/01/2045	341,292	373,490
3.50% due 11/01/2045	186,583	198,631
3.50% due 02/01/2046	268,938	287,081
3.50% due 07/01/2046	3,202,294	3,480,726
3.50% due 01/01/2047	504,177	535,869
3.50% due 12/01/2047	5,061,601	5,405,359
3.50% due 04/01/2048	2,762,989	2,979,719
4.00% due 11/01/2025	47,400	50,294
4.00% due 03/01/2039	1,792,436	1,922,550
4.00% due 12/01/2040	19,563	21,504
4.00% due 01/01/2043	1,395,702	1,536,386
4.00% due 02/01/2045	1,828,875	2,013,494
4.00% due 06/01/2046	349,196	378,836
4.00% due 01/01/2047	14,496	15,630
4.00% due 05/01/2047	302,603	325,151
4.00% due 07/01/2047	1,942,687	2,086,573
4.00% due 08/01/2047	4,098,047	4,399,478
4.00% due 06/01/2048	2,178,067	2,353,795
4.00% due 09/01/2048	514,599	551,181
4.00% due 01/01/2049	3,758,055	4,009,864
4.50% due 08/01/2045	2,798,147	3,159,591
4.50% due 11/01/2048	2,093,457	2,293,863
5.00% due 01/01/2023	9,802	10,354
5.00% due 04/01/2023	9,451	9,983
5.00% due 03/01/2037	2,781	3,077
5.00% due 05/01/2040	128,393	146,386
5.00% due 06/01/2040	35,972	41,627
5.00% due 02/01/2045	371,893	428,536
5.50% due 08/01/2037	187,388	221,362
5.50% due 06/01/2038	19,431	22,923
6.00% due 02/01/2032	2,694	3,016
6.00% due 10/01/2034	101	113
6.00% due 09/01/2038	36,311	43,428
6.00% due 11/01/2038	10,989	12,968
6.00% due 06/01/2040	9,786	11,531
6.50% due 11/01/2037	27,375	31,141
Federal National Mtg. Assoc. FRS 1.90% (6 ML+1.54%) due 09/01/2035	69,094	71,707
2.33% (12 ML+1.83%) due 10/01/2040	31,794	33,178
2.33% (12 ML+1.82%) due 10/01/2040	16,659	17,387

2.79% (12 ML+1.77%) due 05/01/2040	69,441	72,481
2.82% (12 ML+1.57%) due 05/01/2037	14,288	14,885
2.95% (12 ML+1.91%) due 08/01/2035	49,764	52,385
3.04% (1 Yr USTYCR+2.26%) due 11/01/2036	28,818	30,349
3.06% (1 Yr USTYCR+2.22%) due 10/01/2035	54,073	56,933
3.11% (12 ML+1.67%) due 07/01/2039	61,550	64,268
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(3)	878,680	944,976
Series 2018-27, Class EA 3.00% due 05/25/2048(3)	2,107,129	2,248,190
Series 2018-35, Class CD 3.00% due 05/25/2048(3)	1,676,269	1,770,942
		83,247,705
Government National Mtg. Assoc. - 2.1%
2.50% due 05/20/2050	1,944,145	2,049,884
2.50% due 06/20/2050	978,590	1,032,118
3.00% due 03/20/2046	222,307	236,280
3.00% due 04/20/2046	2,213,267	2,352,594
3.00% due 05/20/2046	3,160,687	3,360,353
3.00% due 09/20/2047	1,046,362	1,107,472
3.00% due 05/20/2050	2,912,261	3,053,240
3.50% due 07/20/2046	405,454	436,256
3.50% due 03/20/2047	236,058	254,010
4.00% due 03/20/2049	378,706	403,510
4.50% due 10/20/2045	2,704,190	3,013,703
4.50% due 04/20/2047	1,728,006	1,891,488
		19,190,908
Uniform Mtg. Backed Securities - 0.7%
2.00% due December 30 TBA	4,000,000	4,154,396
2.50% due December 30 TBA	2,000,000	2,095,636
		6,250,032
Total U.S. Government Agencies
(cost $139,463,990)		145,014,952
U.S. GOVERNMENT TREASURIES - 0.2%
United States Treasury Bonds - 0.1%
1.25% due 05/15/2050	1,595,700	1,472,282
United States Treasury Notes - 0.1%
1.38% due 01/31/2025	500,000	522,383
Total U.S. Government Treasuries
(cost $1,996,178)		1,994,665
LOANS(17)(18)(19) - 5.1%
Aerospace/Defense-Equipment - 0.0%
Spirit Aerosystems, Inc. FRS BTL-B 6.00% (1 ML+5.25%) due 01/30/2025	120,373	121,276
Spirit Aerosystems, Inc. FRS BTL-B coupon TBD due 01/30/2025	175,255	176,569
		297,845
Airlines - 0.1%
American Airlines, Inc. FRS BTL-B coupon TBD due 06/27/2025	312,000	233,090
Delta Air Lines, Inc. FRS BTL-B 5.75% (3 ML+4.75%) due 04/29/2023	302,976	305,390
SkyMiles IP, Ltd. FRS BTL 4.75% (3 ML+3.75%) due 10/20/2027	66,185	67,602
WestJet Airlines, Ltd. FRS BTL-B 4.00% (6 ML+3.00%) due 12/11/2026	479,754	450,169
		1,056,251
Apparel Manufacturers - 0.0%
Samsonite IP Holdings Sarl FRS BTL-B2 5.50% (1 ML+4.50%) due 04/25/2025	331,170	324,133
Applications Software - 0.1%
Project Boost Purchaser LLC FRS BTL-B 3.65% (1 ML+3.50%) due 06/01/2026	433,297	421,291
VS Buyer LLC FRS BTL 3.40% (1 ML+3.25%) due 02/28/2027	232,026	229,125
		650,416
Athletic Equipment - 0.0%
Varsity Brands Holding Co., Inc. FRS 1st Lien 4.50% (1 ML+3.50%) due 12/15/2024	396,740	368,349
Auction Houses/Art Dealers - 0.0%
Sotheby’s FRS BTL-B 6.50% (1 ML+5.50%) due 01/15/2027	288,210	286,769

Auto Repair Centers - 0.1%
Mavis Tire Express Services Corp. FRS 1st Lien 3.47% (3 ML+3.25%) due 03/20/2025	431,725	419,988
Wand NewCo. 3, Inc. FRS BTL 3.15% (1 ML+3.00%) due 02/05/2026	248,444	241,301
		661,289
Auto/Truck Parts & Equipment-Original - 0.1%
TI Group Automotive Systems LLC FRS BTL 4.50% (3 ML+3.75%) due 12/16/2024	394,761	392,541
Broadcast Services/Program - 0.1%
NEP Group, Inc. FRS BTL 3.40% (1 ML+3.25%) due 10/20/2025	437,237	408,192
Building & Construction-Misc. - 0.1%
Verra Mobility Corp. FRS BTL 3.40% (1 ML+3.25%) due 02/28/2025	401,412	394,388
Building Products-Air & Heating - 0.0%
API Heat Transfer ThermaSys Corp. FRS 1st Lien 12.00% (3 ML+12.00%) due 12/31/2023(7)(20)	415,444	311,583
Building Products-Doors & Windows - 0.1%
CHI Doors Holdings Corp. FRS BTL 4.50% (1 ML+3.50%) due 07/31/2025	384,934	384,452
Building-Heavy Construction - 0.0%
USIC Holdings, Inc. FRS BTL 4.00% (1 ML+3.00%) due 12/08/2023	296,180	292,108
Cable/Satellite TV - 0.1%
CSC Holdings LLC FRS BTL-B5 2.64% (1 ML+2.50%) due 04/15/2027	484,068	472,471
UPC Broadband Holding BV FRS BTL-B1 coupon TBD due 01/31/2029	271,384	268,500
Virgin Media Bristol LLC FRS BTL-Q coupon TBD due 01/31/2029	174,500	172,929
		913,900
Casino Hotels - 0.2%
Caesars Resort Collection LLC FRS BTL-B 2.90% (1 ML+2.75%) due 12/23/2024	439,098	424,443
CityCenter Holdings LLC FRS BTL-B 3.00% (1 ML+2.25%) due 04/18/2024	382,619	368,558
Golden Nugget, Inc. FRS BTL-B 3.25% (2 ML+2.50%) due 10/04/2023	417,825	396,411
Station Casinos LLC FRS BTL-B 2.50% (1 ML+2.25%) due 02/08/2027	305,000	295,850
		1,485,262
Casino Services - 0.0%
Stars Group Holdings FRS BTL 3.72% (3 ML+3.50%) due 07/10/2025	146,099	146,312
Cellular Telecom - 0.1%
Altice France SA FRS BTL-B13 4.24% (3 ML+4.00%) due 08/14/2026	436,100	430,921
Numericable Group SA FRS BTL-B 3.83% (1 ML+3.69%) due 01/31/2026	135,000	132,773
		563,694
Chemicals-Diversified - 0.1%
Hexion, Inc. FRS BTL 3.73% (6 ML+3.50%) due 07/01/2026	444,225	439,783
Chemicals-Specialty - 0.1%
Diamond BC BV FRS BTL 3.15% (1 ML+3.00%) due 09/06/2024	919	900
Diamond BC BV FRS BTL 3.21% (3 ML+3.00%) due 09/06/2024	356,786	349,130
PQ Corp. FRS BTL-B 4.00% (3 ML+3.00%) due 02/07/2027	173,894	173,387

Starfruit US HoldCo. LLC FRS BTL-B 3.14% (1 ML+3.00%) due 10/01/2025	317,036	310,597
		834,014
Commercial Services-Finance - 0.2%
Financial & Risk US Holdings, Inc. FRS BTL 3.40% (1 ML+3.25%) due 10/01/2025	370,076	367,243
MoneyGram International, Inc. FRS BTL 7.00% (1 ML+6.00%) due 06/30/2023	344,618	340,885
MPH Acquisition Holdings LLC FRS BTL-B 3.75% (3 ML+2.75%) due 06/07/2023	306,295	301,777
Travelport Finance Luxembourg SARL FRS BTL 9.00% (3 ML+8.00%) due 02/28/2025(13)	256,553	247,814
Travelport Finance Luxembourg SARL FRS BTL 5.22% (3 ML+5.00%) due 05/29/2026	279,391	190,405
		1,448,124
Computer Data Security - 0.0%
McAfee LLC FRS BTL-B1 3.90% (1 ML+3.75%) due 09/30/2024	376,794	375,695
Computer Graphics - 0.1%
Corel, Inc. FRS BTL 5.23% (3 ML+5.00%) due 07/02/2026	410,271	401,553
Computer Services - 0.0%
Tempo Acquisition LLC FRS BTL-B 3.75% (1 ML+3.25%) due 11/02/2026	329,053	323,212
Computer Software - 0.1%
Camelot Finance SA FRS BTL-B 3.15% (1 ML+3.00%) due 10/30/2026	289,449	286,464
Cornerstone OnDemand, Inc. FRS 4.40% (1 ML+4.25%) due 04/22/2027	293,740	293,281
Rackspace Hosting, Inc. FRS 1st Lien 4.00% (2 ML+3.00%) due 11/03/2023	1,066	1,058
Rackspace Hosting, Inc. FRS 1st Lien 4.00% (3 ML+3.00%) due 11/03/2023	411,638	408,379
		989,182
Computers-Integrated Systems - 0.0%
Everi Payments, Inc. FRS BTL 11.50% (1 ML+10.50%) due 05/09/2024	160,154	165,760
Consulting Services - 0.0%
AlixPartners LLP FRS BTL 2.65% (1 ML+2.50%) due 04/04/2024	215,533	211,026
Containers-Metal/Glass - 0.0%
Mauser Packaging Solutions Holding Co FRS BTL 3.48% (2 ML+3.25%) due 04/03/2024	991	942
Mauser Packaging Solutions Holding Co FRS BTL 3.48% (3 ML+3.25%) due 04/03/2024	382,587	363,594
		364,536
Containers-Paper/Plastic - 0.2%
Charter NEX US, Inc. FRS BTL coupon TBD due 12/01/2027	176,666	176,224
Charter NEX US, Inc. FRS 1st Lien 5.00% (USFRBPLR+1.75%) due 05/16/2024	431,947	429,428
Graham Packaging Company, Inc. FRS BTL 4.50% (1 ML+3.75%) due 08/04/2027	325,532	324,990
Patriot Container Corp. FRS 1st Lein 4.50% (1 ML+3.50%) due 03/20/2025	307,503	299,431
Reynolds Group Holdings, Inc. FRS BTL 3.40% (1 ML+3.25%) due 02/05/2026	274,387	269,585
Trident TPI Holdings, Inc. FRS BTL-B1 4.00% (3 ML+3.00%) due 10/17/2024	229,393	224,948
		1,724,606
Cosmetics & Toiletries - 0.0%
Sunshine Luxembourg VII SARL FRS BTL 5.25% (3 ML+4.25%) due 10/01/2026	333,079	332,368

Cruise Lines - 0.1%
Carnival Corp. FRS Term B 8.50% (1 ML+7.50%) due 06/30/2025	328,616	339,296
Hornblower Sub LLC FRS BTL-B coupon TBD due 04/27/2025	210,520	174,732
		514,028
Data Processing/Management - 0.0%
CCC Information Services, Inc. FRS 1st Lien 4.00% (1 ML+3.00%) due 04/29/2024	377,700	375,261
Direct Marketing - 0.1%
Terrier Media Buyer, Inc. FRS BTL-B 4.40% (1 ML+4.25%) due 12/17/2026	410,348	404,193
Distribution/Wholesale - 0.1%
Fastlane Parent Co., Inc. FRS 1st Lien 4.65% (1 ML+4.50%) due 02/04/2026	338,702	327,694
Univar USA, Inc. FRS BTL-B3 2.40% (1 ML+2.25%) due 07/01/2024	270,463	267,153
		594,847
E-Commerce/Products - 0.0%
CNT Holdings I Corp. FRS BTL 4.50% (6 ML+3.75%) due 11/08/2027	228,098	226,031
E-Commerce/Services - 0.0%
RentPath LLC FRS 2nd Lien 1.61% (3 ML+0.00%) due 12/17/2022†(5)(7)(9)(10)	2,178,597	217,860
Electric-Integrated - 0.0%
Talen Energy Supply LLC FRS BTL-B 3.90% (1 ML+3.75%) due 07/08/2026	178,483	174,021
Electronic Components-Misc. - 0.0%
AI Ladder Luxembourg Subco SARL FRS BTL 4.65% (1 ML+4.50%) due 07/09/2025	363,744	355,560
Electronic Components-Semiconductors - 0.0%
Bright Bidco BV FRS BTL-B 4.50% (6 ML+3.50%) due 06/30/2024	569,124	312,165
Electronic Parts Distribution - 0.1%
Tech Data Corp. FRS BTL 3.65% (1 ML+3.50%) due 06/30/2025	277,922	277,835
Tech Data Corp. FRS BTL 5.65% (1 ML+5.50%) due 06/30/2025	317,669	315,287
		593,122
Enterprise Software/Service - 0.4%
Applied Systems, Inc. FRS 1st Lein 4.00% (3 ML+3.00%) due 09/19/2024	362,105	360,876
Banff Merger Sub, Inc. FRS BTL 4.40% (1 ML+4.25%) due 10/02/2025	337,284	333,102
Dcert Buyer, Inc. FRS BTL-B 4.15% (1 ML+4.00%) due 10/16/2026	276,222	273,517
Epicor Software Corp. FRS 5.25% (1 ML+4.25%) due 07/30/2027	282,000	282,039
Epicor Software Corp. FRS BTL 8.75% (1 ML+7.75%) due 07/31/2028	35,981	37,016
Finastra USA, Inc. FRS BTL-B 4.50% (3 ML+3.50%) due 06/13/2024	381,216	368,721
Greeneden US Holdings II LLC FRS BTL-B coupon TBD due 10/08/2027	338,248	336,725
Greeneden US Holdings II LLC FRS BTL 3.40% (1 ML+3.25%) due 12/01/2023	376,710	375,863
MYOB US Borrower LLC FRS BTL 4.15% (1 ML+4.00%) due 05/06/2026	327,929	319,731
Sophia L.P. FRS 1st Lien 4.50% (3 ML+3.75%) due 10/07/2027	428,392	425,179
Ultimate Software Group, Inc. FRS 1st Lien 3.90% (1 ML+3.75%) due 05/04/2026	264,419	262,496
Ultimate Software Group, Inc. FRS BTL-B 4.75% (3 ML+4.00%) due 05/04/2026	55,748	55,804
Ultimate Software Group, Inc. FRS 2nd Lien 7.50% (3 ML+6.75%) due 05/03/2027	92,341	94,073
		3,525,142

Finance-Credit Card - 0.0%
Pi US Mergerco, Inc. FRS BTL 4.50% (3 ML+3.50%) due 01/03/2025	368,480	361,724
Finance-Investment Banker/Broker - 0.0%
Deerfield Dakota Holding LLC FRS BTL 4.75% (3 ML+3.75%) due 04/09/2027	180,360	179,599
Food-Misc./Diversified - 0.0%
Dole Food Co., Inc. FRS BTL-B 3.75% (1 ML+2.75%) due 04/06/2024	219,507	217,346
Froneri US, Inc. FRS BTL 2.40% (1 ML+2.25%) due 01/31/2027	161,583	157,442
		374,788
Gambling (Non-Hotel) - 0.0%
Scientific Games International, Inc. FRS BTL-B5 2.90% (1 ML+2.75%) due 08/14/2024	390,820	376,001
Human Resources - 0.1%
Creative Artists Agency LLC FRS BTL-B 3.90% (1 ML+3.75%) due 11/27/2026	304,830	299,115
Team Health Holdings, Inc. FRS 1st Lien 3.75% (1 ML+2.75%) due 02/06/2024	406,794	355,606
		654,721
Insurance Brokers - 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 3.40% (1 ML+3.25%) due 05/09/2025	401,501	391,281
HUB International, Ltd. FRS BTL-B 2.94% (3 ML+2.75%) due 04/25/2025	1,017	991
HUB International, Ltd. FRS BTL-B 2.96% (3 ML+2.75%) due 04/25/2025	396,679	386,555
		778,827
Insurance-Property/Casualty - 0.1%
AmWINS Group, Inc. FRS BTL 3.75% (1 ML+2.75%) due 01/25/2024	329,143	327,703
Asurion LLC FRS BTL-B6 3.15% (1 ML+3.00%) due 11/03/2023	370,785	366,788
Asurion LLC FRS 2nd Lien 6.65% (1 ML+6.50%) due 08/04/2025	165,723	166,717
Sedgwick Claims Management Services, Inc. FRS BTL 3.40% (1 ML+3.25%) due 12/31/2025	318,856	311,035
		1,172,243
Internet Content-Information/News - 0.0%
Arches Buyer, Inc. FRS BTL coupon TBD due 12/06/2027	303,025	302,078
Internet Financial Services - 0.1%
ION Trading Finance, Ltd. FRS BTL 5.00% (3 ML+4.00%) due 11/21/2024	446,675	440,980
Internet Gambling - 0.0%
Golden Nugget, Inc. FRS BTL 13.00% (3 ML+12.00%) due 10/04/2023	38,363	42,966
Internet Telephone - 0.0%
Cablevision Lightpath LLC FRS BTL-B coupon TBD due 09/15/2027	184,928	183,772
Investment Management/Advisor Services - 0.1%
Advisor Group Holdings, Inc. FRS BTL-B 5.15% (1 ML+5.00%) due 07/31/2026	413,873	398,145
Leisure Games - 0.0%
Alterra Mountain Co. FRS BTL coupon TBD due 08/01/2026	37,641	37,358

Machinery-Electrical - 0.1%
Alliance Laundry Systems LLC FRS BTL-B 4.25% (3 ML+3.50%) due 10/08/2027	227,366	226,702
Brookfield WEC Holdings, Inc. FRS BTL 3.75% (1 ML+3.00%) due 08/01/2025	261,860	258,969
		485,671
Machinery-General Industrial - 0.0%
Vertical US Newco, Inc. FRS BTL-B 4.57% (6 ML+4.25%) due 07/30/2027	364,525	363,386
Machinery-Pumps - 0.0%
STS Operating, Inc. FRS BTL 5.25% (1 ML+4.25%) due 12/11/2024	353,830	335,165
Medical Information Systems - 0.1%
Navicure, Inc. FRS BTL-B 4.75% (1 ML+4.00%) due 10/22/2026	300,337	298,835
VVC Holding Corp. FRS BTL-B 4.75% (3 ML+4.50%) due 02/11/2026	329,165	326,422
		625,257
Medical Labs & Testing Services - 0.1%
Envision Healthcare Corp. FRS 1st Lien 3.90% (1 ML+3.75%) due 10/10/2025	738,364	602,459
Medical-Drugs - 0.1%
Akorn Operating Co. LLC FRS BTL 8.50% (3 ML+7.50%) due 10/01/2025	158,495	158,495
Alphabet Holding Co., Inc. FRS 1st Lien 3.65% (1 ML+3.50%) due 09/26/2024	439,798	429,982
Bausch Health Americas, Inc. FRS BTL 2.89% (1 ML+2.75%) due 11/27/2025	233,645	229,265
Bausch Health Americas, Inc. FRS BTL 3.14% (1 ML+3.00%) due 06/02/2025	44,090	43,503
		861,245
Medical-Generic Drugs - 0.1%
Amneal Pharmaceuticals LLC FRS BTL-B 3.69% (1 ML+3.50%) due 05/04/2025	249,548	241,204
Endo Luxembourg Finance Co. I SARL FRS BTL-B 5.00% (3 ML+4.25%) due 04/29/2024	356,080	345,079
		586,283
Medical-Hospitals - 0.0%
RegionalCare Hospital Partners Holdings, Inc. FRS BTL-B 3.90% (1 ML+3.75%) due 11/16/2025	335,619	330,952
Metal Processors & Fabrication - 0.0%
Crosby US Acquisition Corp. FRS BTL-B 4.90% (1 ML+4.75%) due 06/26/2026	142,915	138,152
Miscellaneous Manufacturing - 0.0%
Excelitas Technologies Corp. FRS 2nd Lien 8.50% (3 ML+7.50%) due 12/01/2025	338,000	335,042
Non-Hazardous Waste Disposal - 0.0%
GFL Environmental, Inc. FRS BTL 4.00% (1 ML+3.00%) due 05/30/2025	270,902	270,224
GFL Environmental, Inc. FRS BTL 4.00% (3 ML+3.00%) due 05/30/2025	48,474	48,353
		318,577
Oil Companies-Exploration & Production - 0.0%
Osum Production Corp. FRS BTL 8.50% (3 ML+7.50%) due 07/31/2022	370,749	339,236
Oil-Field Services - 0.0%
Apergy Corp. FRS BTL 6.00% (3 ML+5.00%) due 05/28/2027	318,782	321,173
Pharmacy Services - 0.1%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML+2.50%) due 03/01/2024	10,444	10,341
Change Healthcare Holdings LLC FRS BTL 3.50% (3 ML+2.50%) due 03/01/2024	239,046	236,693
HC Group Holdings II, Inc. FRS BTL-B 4.40% (1 ML+4.25%) due 08/06/2026	366,165	364,640
		611,674

Pipelines - 0.1%
Blackstone CQP Holdco LP FRS BTL-B 3.73% (3 ML+3.50%) due 09/30/2024	410,251	405,208
Hercules Merger Sub LLC FRS BTL-B 2.90% (1 ML+2.75%) due 11/01/2026	445,334	440,323
Medallion Midland Acquisition LLC FRS BTL 4.25% (1 ML+3.25%) due 10/30/2024	382,769	365,784
		1,211,315
Protection/Safety - 0.0%
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (1 ML+3.25%) due 09/23/2026	244,790	243,204
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (3 ML+3.25%) due 09/23/2026	117,750	116,987
		360,191
Publishing-Periodicals - 0.1%
Nielsen Finance LLC FRS BTL-B4 2.13% (1 ML+2.00%) due 10/04/2023	382,713	379,091
Quarrying - 0.1%
US Silica Co. FRS BTL-B 5.00% (1 ML+4.00%) due 05/01/2025	468,953	407,207
Real Estate Investment Trusts - 0.0%
Claros Mtg. Trust, Inc. FRS BTL-B 3.38% (1 ML+3.25%) due 08/09/2026	234,408	229,427
Real Estate Management/Services - 0.0%
Cushman & Wakefield FRS BTL 2.90% (1 ML+2.75%) due 08/21/2025	388,519	375,892
Research & Development - 0.1%
PAREXEL International Corp. FRS BTL 2.90% (1 ML+2.75%) due 09/27/2024	411,267	402,013
Resorts/Theme Parks - 0.1%
Motion Finco SARL FRS BTL-B 3.47% (3 ML+3.25%) due 11/12/2026	221,111	208,030
SeaWorld Parks & Entertainment, Inc. FRS BTL-B5 3.75% (1 ML+3.00%) due 03/31/2024	362,444	345,756
		553,786
Retail-Auto Parts - 0.0%
LS Group OpCo Acquistion LLC FRS BTL-B 4.25% (3 ML+3.50%) due 11/02/2027	227,421	225,147
Retail-Drug Store - 0.0%
CNT Holdings I Corp. FRS BTL 7.50% (3ML+6.75%) due 10/16/2028	69,045	69,304
Retail-Petroleum Products - 0.1%
EG America LLC FRS BTL 4.22% (3 ML+4.00%) due 02/07/2025	387,346	379,530
Retail-Restaurants - 0.1%
IRB Holding Corp. FRS BTL-B 3.75% (3 ML+2.75%) due 02/05/2025	356,976	350,283
Whatabrands LLC FRS BTL-B 2.89% (1 ML+2.75%) due 07/31/2026	328,346	322,893
Wok Holdings, Inc. FRS BTL 6.40% (1 ML+6.25%) due 03/01/2026	351,539	301,743
		974,919
Retail-Sporting Goods - 0.1%
Bass Pro Group LLC FRS BTL 5.75% (3 ML+5.00%) due 09/25/2024	552,408	551,871
Rubber/Plastic Products - 0.0%
Gates Global LLC FRS BTL-B2 3.75% (1 ML+2.75%) due 04/01/2024	296,088	293,127
Satellite Telecom - 0.1%
Connect Finco SARL FRS BTL-B 5.50% (1 ML+4.50%) due 12/11/2026	306,460	305,886

Intelsat Jackson Holdings SA FRS DIP 3.60% (3 ML+3.60%) due 07/13/2022		18,337	18,681
Intelsat Jackson Holdings SA FRS DIP 6.50% (3 ML+5.50%) due 07/13/2022		55,013	56,044
Intelsat Jackson Holdings SA FRS BTL-B3 8.00% (USFRBPLR+4.75%) due 11/27/2023(10)		355,000	358,328
Iridium Satellite LLC FRS BTL-B 4.75% (1 ML+3.75%) due 11/04/2026		382,479	382,360
			1,121,299
Telecom Services - 0.0%
West Corp. FRS BTL-B1 4.50% (1 ML+3.50%) due 10/10/2024		389,617	367,822
Telecommunication Equipment - 0.0%
CommScope, Inc. FRS BTL-B 3.40% (1 ML+3.25%) due 04/06/2026		274,996	269,889
Telephone-Integrated - 0.1%
CenturyLink, Inc. FRS BTL-B 2.40% (1 ML+2.25%) due 03/15/2027		301,849	294,907
Zayo Group Holdings, Inc. FRS BTL 3.15% (1 ML+3.00%) due 03/09/2027		308,460	302,676
			597,583
Television - 0.0%
ION Media Networks, Inc. FRS BTL-B1 3.19% (1 ML+3.00%) due 12/18/2024		366,679	364,616
Theaters-0.2%
William Morris Endeavor Entertainment LLC FRS BTL-B1 2.90% (1 ML+2.75%) due 05/18/2025		1,722,891	1,553,474
Transactional Software - 0.0%
Solera LLC FRS BTL-B 2.90% (1 ML+2.75%) due 03/03/2023		322,468	317,953
Transport-Truck - 0.1%
Pods LLC FRS 1st Lien 3.75% (1 ML+2.75%) due 12/06/2024		410,609	405,887
Total Loans
(cost $49,468,494)			46,808,390
COMMON STOCKS - 0.0%
Building Products-Air & Heating - 0.0%
API Heat Transfer, Inc.†(5)(7)		407,576	8,152
Television - 0.0%
ION Media Networks, Inc.†(5)(7)		316	273,481
Total Common Stocks
(cost $134,503)			281,633
PREFERRED SECURITIES - 0.0%
Building Products-Air & Heating - 0.0%
API Heat Transfer, Inc. Class A 8.63%†(7)(21)		87	4
Electric-Distribution - 0.0%
Entergy Louisiana LLC 4.70%#		7,075	177,795
Sovereign Agency - 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†#		2,592	26,179
Total Preferred Securities
(cost $216,982)			203,978
PREFERRED SECURITIES/CAPITAL SECURITIES - 1.8%
Auto-Cars/Light Trucks - 0.2%
Volkswagen International Finance NV 3.75% due 03/24/2021(8)	EUR	1,535,000	1,845,970
Banks-Commercial - 0.1%
Banco Bilbao Vizcaya Argentaria SA 8.88% due 04/14/2021(8)	EUR	400,000	489,665
Banks-Money Center - 0.1%
National Westminster Bank PLC FRS 1.65% (3 ME + 2.15%) due 01/05/2021(8)	EUR	430,000	496,256
Banks-Super Regional - 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086		136,000	181,487
Building & Construction-Misc. - 0.1%
China Minmetals Corp. 3.75% due 11/13/2022(8)		485,000	492,518
Diversified Banking Institutions - 0.1%
BNP Paribas SA FRS 0.34% (6 ML + 0.08%) due 03/31/2021(8)		300,000	244,089

JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(8)		470,000	506,425
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(8)		245,000	283,739
Societe Generale SA 7.88% due 12/18/2023*(8)		551,000	608,800
			1,643,053
Electric-Distribution - 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		310,000	326,461
Electric-Generation - 0.1%
Electricite de France SA 4.00% due 07/04/2024(8)	EUR	500,000	644,917
Electric-Integrated - 0.1%
CMS Energy Corp. 3.75% due 12/01/2050		158,000	159,943
CMS Energy Corp. 4.75% due 06/01/2050		189,000	207,865
Dominion Resources, Inc. 5.75% due 10/01/2054		126,000	138,256
			506,064
Food-Dairy Products - 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,115,000	1,282,250
Gas-Distribution - 0.1%
Centrica PLC 3.00% due 04/10/2076	EUR	750,000	899,018
Insurance-Life/Health - 0.2%
Aviva PLC 6.13% due 09/29/2022(8)	GBP	410,000	588,380
Credit Agricole Assurances SA 4.75% due 09/27/2048	EUR	300,000	438,516
Prudential Financial, Inc. 5.63% due 06/15/2043		324,000	348,705
Prudential Financial, Inc. 5.70% due 09/15/2048		83,000	96,275
Voya Financial, Inc. 4.70% due 01/23/2048		206,000	210,639
			1,682,515
Insurance-Multi-line - 0.1%
Ageas 3.25% due 07/02/2049	EUR	300,000	402,650
Allianz SE 3.50% due 11/17/2025*(8)		200,000	202,040
Allianz SE 4.75% due 10/24/2023(8)	EUR	700,000	930,288
			1,534,978
Metal-Aluminum - 0.1%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(8)		800,000	807,972
Metal-Diversified - 0.1%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(8)		500,000	512,722
Oil Companies-Integrated - 0.1%
BP Capital Markets PLC 3.63% due 03/22/2029(8)	EUR	410,000	533,696
BP Capital Markets PLC 4.88% due 03/22/2030(8)		330,000	363,924
			897,620
Pipelines - 0.0%
EnLink Midstream Partners LP 6.00% due 12/15/2022(8)		141,000	77,550
Enterprise Products Operating LLC 5.25% due 08/16/2077		100,000	98,640
			176,190
Real Estate Investment Trusts - 0.0%
Scentre Group Trust 2 5.13% due 09/24/2080*		206,000	215,908
Tools-Hand Held - 0.0%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		415,000	439,615
Transport-Equipment & Leasing - 0.2%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		1,860,000	1,785,600
Total Preferred Securities/Capital Securities
(cost $15,914,953)			16,860,779
ESCROWS AND LITIGATION TRUSTS - 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(5)(10)(14)		25,000	0
Hellas Telecommunications Luxembourg II SCA Sub. Notes 6.05% due 01/15/2015†*(5)(10)(14)		560,000	0
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014†*(5)		262,396	1,889
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		97,000	1,087
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(5)		111,000	11
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(5)		143,000	14
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(5)		101,000	10
Total Escrows and Litigation Trusts
(cost $844,261)			3,011

Total Long-Term Investment Securities
(cost $835,879,239)				871,772,784
SHORT-TERM INVESTMENT SECURITIES - 7.1%
Registered Investment Companies - 7.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.02%(15)	52,947,979			52,947,979
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(15)(16)	11,785,853			11,785,853
Total Short-Term Investment Securities
(cost $64,733,832)				64,733,832
TOTAL INVESTMENTS
(cost $900,613,071)	102.3	%		936,506,616
Liabilities in excess of other assets	(2.3	)		(20,935,067	)
NET ASSETS	100.0	%	$	915,571,549

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $301,218,027 representing 32.9% of net assets.

# The security or a portion thereof is out on loan.

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) 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. These securities do not indicate a reference rate and spread in their description above.

(3) Collateralized Mortgage Obligation

(4) Interest Only

(5) Securities classified as Level 3 (see Note 1).

(6) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(7) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities:

Name	Acquisition Date		Par  Amount/ Shares		Acquisition Cost		Value		Value per  Share/ Par Amount		% of Net  Assets
U.S. Convertible Bonds & Notes
Hi Crush, Inc. 10.00% due 04/09/2026		10/8/2020	$	718,000	$	647,801	$	718,000	$	100.00		0.08	%
Loans
API Heat Transfer ThermaSys Corp. 12.00% due 12/31/2023		2/28/2019		378,402		378,402
		3/31/2020		12,382		12,382
		6/30/2020		6,373		6,373
		6/30/2020		5,926		5,926
		9/30/2020		12,361		12,361
				415,444		415,444		311,583		75.00		0.03
RentPath LLC 1.61% due 12/17/2022		6/4/2015		802,597		793,354
		7/20/2015		400,000		395,591
		2/14/2017		41,000		39,565
		7/13/2017		935,000		922,689
				2,178,597		2,151,199		217,860		10.00		0.02
Common Stocks
API Heat Transfer, Inc.		12/31/2018		407,576		134,500		8,152		0.02		0.00
ION Media Networks, Inc.		03/05/2014		316		3		273,481		865.45		0.03
Preferred Securities
API Heat Transfer, Inc.
Class A		12/31/2018		87		87		4		0.05		0.00
							$	1,529,080				0.16	%

(8) Perpetual maturity - maturity date reflects the next call date.

(9) Security in default of interest.

(10) Company has filed for bankruptcy protection.

(11) Denominated in United States Dollars unless otherwise indicated.

(12) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2020.

(13) PIK (“Payment-in-Kind”) security-Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at 2.50%. The security is also currently paying interest in the form of additional loans at 6.50%.

(14) Security in default of interest and principal at maturity.

(15) The rate shown is the 7-day yield as of November 30, 2020.

(16) At November 30, 2020, the Fund had loaned securities with a total value of $11,970,146. This was secured by collateral of $11,785,853, which was received in cash and subsequently invested in short-term investments currently valued at $11,785,853 as reported in the Portfolio of Investments. Additional collateral of $415,332 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November  30, 2020
United States Treasury Bills	0.00%	12/03/2020 to 04/08/2021	$	95,043
United States Treasury Notes/Bonds	0.13% to 3.88%	12/31/2020 to 08/15/2048		320,289

(17) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(18) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(19) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(20) PIK (“Payment-in-Kind”) security-income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in the form of additional securities at the coupon rate listed.

(21) Traded in Units. 1 unit equals 1,000 shares.

BTL - Bank Term Loan

DIP - Debtor in Possession

REMIC - Real Estate Mortgage Investment Conduit

TBA - Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TBD - Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

ULC - Unlimited Liability Corp.

FRS - Floating Rate Security

VRS - Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at November 30, 2020 and unless noted otherwise, the dates are the original maturity dates.

Currency Legend

EUR - Euro Currency

GBP - British Pound

Index Legend

3 ME - 3 Month Euribor

1 ML - 1 Month USD LIBOR

2 ML - 2 Month USD LIBOR

3 ML - 3 Month USD LIBOR

6 ML - 6 Month USD LIBOR

12 ML - 12 Month USD LIBOR

USFRBPLR - US Federal Reserve Bank Prime Loan Rate

1 Yr USTYCR - 1 Year US Treasury Yield Curve Rate

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
JPMorgan Chase Bank N.A.		EUR	31,320,000		USD	37,051,476		01/14/2021	$	—	$	(359,931	)
		EUR	15,100,000		USD	17,946,726		02/25/2021		—		(106,836	)
		GBP	6,280,000		USD	8,316,099		02/25/2021		—		(63,315	)
		USD	5,555,283		EUR	4,680,000		01/14/2021		34,927		—
Unrealized Appreciation (Depreciation)									$	34,927	$	(530,082	)

EUR - Euro Currency

GBP - British Pound

USD - United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 -  Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	18,483,666	$	—	$	18,483,666
U.S. Convertible Bonds & Notes		—		—		718,000		718,000
U.S. Corporate Bonds & Notes		—		355,755,512		—		355,755,512
Foreign Corporate Bonds & Notes		—		147,491,089		—		147,491,089
Foreign Government Obligations		—		138,157,109		—		138,157,109
U.S. Government Agencies		—		145,014,952		—		145,014,952
U.S. Government Treasuries		—		1,994,665		—		1,994,665
Loans:
Building Products - Air & Heating		—		311,583		—		311,583
E-Commerce/Services		—		—		217,860		217,860
Other Industries		—		46,278,947		—		46,278,947
Common Stocks :
Building Produsts - Air & Heating		—		—		8,152		8,152
Television		—		—		273,481		273,481
Preferred Securities:
Building Products - Air & Heating		—		4		—		4
Other Industries		203,974		—		—		203,974
Preferred Securities/Capital Securities		—		16,860,779		—		16,860,779
Escows and Litigation Trusts		—		1,087		1,924		3,011
Short - Term Investment Securities		64,733,832		—		—		64,733,832
Total Investments at Value	$	64,937,806	$	870,349,393	$	1,219,417	$	936,506,616
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	34,927	$	—	$	34,927
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	530,082	$	—	$	530,082

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no material Level 3 transfers during the reporting period.

See Notes to Portfolio of Investments

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS - November 30, 2020 - (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 1)
COMMON STOCKS - 96.8%
Advertising Agencies - 0.2%
Interpublic Group of Cos., Inc.		9,252	$	206,135
Omnicom Group, Inc.		22,744		1,432,872
				1,639,007
Agricultural Chemicals - 0.0%
CF Industries Holdings, Inc.		2,542		94,817
Airlines - 0.8%
Delta Air Lines, Inc.		75,802		3,051,031
Southwest Airlines Co.		66,486		3,080,961
				6,131,992
Apparel Manufacturers - 0.0%
Ralph Lauren Corp.		3,453		296,095
Applications Software - 1.8%
Intuit, Inc.		19,584		6,893,960
ServiceNow, Inc.†		12,586		6,727,846
				13,621,806
Auto-Heavy Duty Trucks - 0.6%
Cummins, Inc.		9,589		2,216,689
PACCAR, Inc.		26,320		2,291,419
				4,508,108
Banks-Commercial - 0.8%
Citizens Financial Group, Inc.		13,163		429,904
First Republic Bank		4,598		595,717
M&T Bank Corp.		3,194		372,069
Regions Financial Corp.		5,198		79,373
Truist Financial Corp.		101,247		4,699,886
				6,176,949
Banks-Fiduciary - 0.8%
Bank of New York Mellon Corp.		74,641		2,919,956
Northern Trust Corp.		14,624		1,361,787
State Street Corp.		28,527		2,010,583
				6,292,326
Banks-Super Regional - 1.5%
PNC Financial Services Group, Inc.		42,788		5,907,739
US Bancorp		128,981		5,573,269
				11,481,008
Beverages-Non-alcoholic - 2.3%
Monster Beverage Corp.†		27,721		2,350,186
PepsiCo, Inc.		102,950		14,848,479
				17,198,665
Broadcast Services/Program - 0.1%
Discovery, Inc., Class A†#		37,484		1,008,694
Building Products-Cement - 0.0%
Vulcan Materials Co.		1,706		238,243
Cable/Satellite TV - 0.1%
DISH Network Corp., Class A†		18,678		669,980
Chemicals-Diversified - 0.2%
LyondellBasell Industries NV, Class A		2,411		205,176
PPG Industries, Inc.		10,519		1,543,874
				1,749,050
Chemicals-Specialty - 0.5%
Ecolab, Inc.		15,410		3,423,331
International Flavors & Fragrances, Inc.#		3,197		358,384
				3,781,715
Coatings/Paint - 0.1%
Sherwin-Williams Co.		1,310		979,395
Commercial Services - 0.1%
Cintas Corp.		1,245		442,348
Nielsen Holdings PLC		7,035		113,756
				556,104
Commercial Services-Finance - 4.1%
Automatic Data Processing, Inc.		24,431		4,248,063
IHS Markit, Ltd.		20,187		2,007,799
MarketAxess Holdings, Inc.		1,522		820,632
Moody’s Corp.		16,715		4,719,313
PayPal Holdings, Inc.†		54,185		11,602,092
S&P Global, Inc.		20,664		7,269,182
				30,667,081
Computer Aided Design - 1.9%
ANSYS, Inc.†		8,015		2,709,551
Autodesk, Inc.†		16,641		4,663,307
Cadence Design Systems, Inc.†		29,019		3,374,910
Synopsys, Inc.†		16,146		3,673,215
				14,420,983
Computer Data Security - 0.2%
Fortinet, Inc.†		11,910		1,467,669
Computer Software - 0.1%
Akamai Technologies, Inc.†		3,973		411,245
Citrix Systems, Inc.		4,116		510,055
				921,300
Computers - 1.3%
Hewlett Packard Enterprise Co.		402,768		4,446,559
HP, Inc.		240,436		5,272,761
				9,719,320
Computers-Memory Devices - 1.1%
NetApp, Inc.		43,129		2,299,207
Seagate Technology PLC		67,197		3,951,856
Western Digital Corp.		45,681		2,050,163
				8,301,226
Consulting Services - 0.5%
Verisk Analytics, Inc.		17,136		3,398,240
Consumer Products-Misc. - 0.4%
Clorox Co.		5,539		1,124,196
Kimberly-Clark Corp.		14,540		2,025,567
				3,149,763
Containers-Metal/Glass - 0.2%
Ball Corp.		16,092		1,544,993
Containers-Paper/Plastic - 0.3%
Amcor PLC		56,705		642,467
Packaging Corp. of America		4,139		538,070
WestRock Co.		25,232		1,065,043
				2,245,580
Cosmetics & Toiletries - 1.2%
Colgate-Palmolive Co.		48,487		4,152,427
Estee Lauder Cos., Inc., Class A		18,555		4,551,912
				8,704,339
Data Processing/Management - 1.4%
Fidelity National Information Services, Inc.		32,015		4,751,346
Fiserv, Inc.†		38,735		4,461,497

Paychex, Inc.	16,552	1,541,819
		10,754,662
Decision Support Software - 0.4%
MSCI, Inc.	7,360	3,013,331
Dental Supplies & Equipment - 0.2%
Align Technology, Inc.†	1,972	949,104
DENTSPLY SIRONA, Inc.	11,597	590,171
		1,539,275
Diagnostic Equipment - 2.7%
Danaher Corp.	44,510	9,998,281
Thermo Fisher Scientific, Inc.	22,030	10,243,510
		20,241,791
Diagnostic Kits - 0.2%
IDEXX Laboratories, Inc.†	3,138	1,446,555
Dialysis Centers - 0.1%
DaVita, Inc.†	7,661	841,561
Disposable Medical Products - 0.1%
Teleflex, Inc.	2,804	1,073,231
Distribution/Wholesale - 0.3%
Fastenal Co.	19,922	985,143
LKQ Corp.†	13,966	491,883
WW Grainger, Inc.	1,068	446,744
		1,923,770
Diversified Manufacturing Operations - 1.8%
Eaton Corp. PLC	37,534	4,545,743
Illinois Tool Works, Inc.	26,504	5,594,729
Parker-Hannifin Corp.	7,474	1,997,501
Trane Technologies PLC	10,548	1,542,540
		13,680,513
Drug Delivery Systems - 0.2%
DexCom, Inc.†	4,317	1,380,059
E-Commerce/Products - 0.6%
eBay, Inc.	86,722	4,373,390
E-Commerce/Services - 1.0%
Booking Holdings, Inc.†	2,901	5,884,533
Expedia Group, Inc.	10,475	1,304,033
		7,188,566
Electric Products-Misc. - 0.7%
AMETEK, Inc.	12,954	1,535,437
Emerson Electric Co.	47,990	3,686,592
		5,222,029
Electric-Distribution - 0.6%
Consolidated Edison, Inc.	63,006	4,804,208
Electric-Integrated - 1.8%
AES Corp.	9,891	202,172
Alliant Energy Corp.	17,853	939,068
CMS Energy Corp.	28,391	1,747,182
Eversource Energy	40,506	3,544,680
FirstEnergy Corp.	42,315	1,123,886
PPL Corp.	48,342	1,373,880
WEC Energy Group, Inc.	52,686	5,002,536
		13,933,404
Electronic Components-Semiconductors - 5.1%
Advanced Micro Devices, Inc.†	51,463	4,768,562
Broadcom, Inc.	15,598	6,263,845
Microchip Technology, Inc.	5,449	732,291
Micron Technology, Inc.†	48,303	3,095,739
NVIDIA Corp.	25,437	13,635,758
Texas Instruments, Inc.	53,901	8,691,536
Xilinx, Inc.	6,943	1,010,554
		38,198,285
Electronic Connectors - 0.2%
Amphenol Corp., Class A	4,555	595,839
TE Connectivity, Ltd.	6,511	742,059
		1,337,898
Electronic Forms - 2.5%
Adobe, Inc.†	39,819	19,052,197
Electronic Measurement Instruments - 0.8%
Agilent Technologies, Inc.	21,997	2,571,449
Fortive Corp.	16,438	1,152,797
Keysight Technologies, Inc.†	4,419	530,457
Roper Technologies, Inc.	3,328	1,421,056
		5,675,759
Enterprise Software/Service - 1.8%
Paycom Software, Inc.†	2,405	1,003,077
salesforce.com, Inc.†	48,915	12,023,307
Tyler Technologies, Inc.†	783	334,811
		13,361,195
Entertainment Software - 1.3%
Activision Blizzard, Inc.	70,318	5,588,874
Electronic Arts, Inc.	22,324	2,851,891
Take-Two Interactive Software, Inc.†	8,780	1,584,878
		10,025,643
Finance-Credit Card - 4.9%
American Express Co.	44,035	5,222,111
Mastercard, Inc., Class A	40,663	13,683,506
Visa, Inc., Class A	84,195	17,710,418
		36,616,035
Finance-Investment Banker/Broker - 0.6%
Charles Schwab Corp.	88,575	4,320,689
Finance-Other Services - 1.2%
Cboe Global Markets, Inc.	5,059	461,988
CME Group, Inc.	17,909	3,134,612
Intercontinental Exchange, Inc.	41,034	4,329,497
Nasdaq, Inc.	7,806	999,090
		8,925,187
Food-Confectionery - 0.1%
J.M. Smucker Co.	8,311	974,049
Food-Meat Products - 0.2%
Hormel Foods Corp.#	24,929	1,176,150
Food-Misc./Diversified - 1.1%
Campbell Soup Co.	8,974	448,879
General Mills, Inc.	40,330	2,452,871

Kellogg Co.	19,790	1,264,779
Kraft Heinz Co.	77,319	2,546,888
Lamb Weston Holdings, Inc.	274	19,832
McCormick & Co., Inc.	7,628	1,426,283
		8,159,532
Food-Retail - 0.2%
Kroger Co.	53,835	1,776,555
Gas-Distribution - 0.0%
NiSource, Inc.	10,728	259,618
Industrial Automated/Robotic - 0.2%
Rockwell Automation, Inc.	4,995	1,276,522
Industrial Gases - 1.3%
Air Products & Chemicals, Inc.	11,874	3,326,382
Linde PLC	24,135	6,188,697
		9,515,079
Instruments-Controls - 0.1%
Mettler-Toledo International, Inc.†	802	922,332
Instruments-Scientific - 0.2%
PerkinElmer, Inc.	2,576	342,608
Waters Corp.†	3,566	827,348
		1,169,956
Insurance Brokers - 0.7%
Aon PLC, Class A	9,116	1,867,777
Marsh & McLennan Cos., Inc.	25,365	2,907,844
Willis Towers Watson PLC	3,797	790,497
		5,566,118
Insurance-Life/Health - 0.7%
Aflac, Inc.	68,448	3,006,921
Prudential Financial, Inc.	34,496	2,608,587
		5,615,508
Insurance-Multi-line - 1.1%
Allstate Corp.	25,070	2,565,915
Chubb, Ltd.	32,403	4,790,135
Hartford Financial Services Group, Inc.	4,628	204,558
Loews Corp.	12,251	513,439
		8,074,047
Insurance-Property/Casualty - 0.6%
Progressive Corp.	24,142	2,103,009
Travelers Cos., Inc.	20,398	2,644,601
		4,747,610
Internet Content-Entertainment - 1.6%
Netflix, Inc.†	21,976	10,783,623
Twitter, Inc.†	33,071	1,538,132
		12,321,755
Internet Security - 0.0%
NortonLifeLock, Inc.	11,033	201,132
Investment Management/Advisor Services - 1.2%
BlackRock, Inc.	9,485	6,623,850
Franklin Resources, Inc.	22,289	490,135
Invesco, Ltd.	16,155	262,196
T. Rowe Price Group, Inc.	13,879	1,990,387
		9,366,568
Machinery-Construction & Mining - 0.7%
Caterpillar, Inc.	29,985	5,205,096
Machinery-Farming - 0.6%
Deere & Co.	18,100	4,735,322
Machinery-General Industrial - 0.2%
Otis Worldwide Corp.	14,953	1,000,954
Westinghouse Air Brake Technologies Corp.	6,266	459,298
		1,460,252
Machinery-Pumps - 0.1%
Ingersoll Rand, Inc.†	9,308	412,065
Medical Information Systems - 0.1%
Cerner Corp.	13,310	996,120
Medical Instruments - 0.2%
Edwards Lifesciences Corp.†	16,784	1,408,010
Medical Labs & Testing Services - 0.7%
IQVIA Holdings, Inc.†	9,611	1,624,163
Laboratory Corp. of America Holdings†	8,220	1,642,685
Quest Diagnostics, Inc.	13,277	1,646,082
		4,912,930
Medical Products - 1.4%
ABIOMED, Inc.†	808	221,473
Baxter International, Inc.	36,034	2,741,106
Cooper Cos., Inc.	3,125	1,047,562
Hologic, Inc.†	19,182	1,326,052
STERIS PLC	4,206	815,165
Stryker Corp.	17,478	4,079,365
Varian Medical Systems, Inc.†	2,905	505,412
		10,736,135
Medical-Biomedical/Gene - 3.1%
Alexion Pharmaceuticals, Inc.†	8,720	1,064,799
Amgen, Inc.	26,474	5,878,287
Biogen, Inc.†	7,294	1,751,800
Gilead Sciences, Inc.	56,521	3,429,129
Illumina, Inc.†	6,909	2,225,320
Incyte Corp.†	8,072	682,407
Regeneron Pharmaceuticals, Inc.†	6,394	3,299,496
Vertex Pharmaceuticals, Inc.†	21,411	4,876,355
		23,207,593
Medical-Drugs - 0.9%
Bristol-Myers Squibb Co. CVR†	29,832	35,202
Zoetis, Inc.	43,591	6,991,124
		7,026,326
Medical-Generic Drugs - 0.1%
Perrigo Co. PLC	16,360	788,879
Medical-HMO - 1.3%
Anthem, Inc.	9,201	2,866,296
Centene Corp.†	42,257	2,605,144
Humana, Inc.	10,687	4,280,357
		9,751,797

Medical-Hospitals - 0.5%
HCA Healthcare, Inc.	24,605	3,693,457
Medical-Wholesale Drug Distribution - 0.2%
Henry Schein, Inc.†	17,968	1,155,522
Multimedia - 1.5%
Walt Disney Co.	77,642	11,491,792
Networking Products - 1.5%
Cisco Systems, Inc.	267,236	11,496,493
Non-Hazardous Waste Disposal - 0.5%
Republic Services, Inc.	10,924	1,056,569
Waste Management, Inc.	24,233	2,886,878
		3,943,447
Oil Companies-Exploration & Production - 0.8%
Cabot Oil & Gas Corp.	21,521	377,048
Concho Resources, Inc.	14,081	809,376
Diamondback Energy, Inc.	10,503	419,700
EOG Resources, Inc.	35,285	1,654,161
Hess Corp.	20,934	987,666
Occidental Petroleum Corp.	51,331	808,976
Pioneer Natural Resources Co.	10,389	1,044,926
		6,101,853
Oil Field Machinery & Equipment - 0.0%
National Oilwell Varco, Inc.	27,857	341,527
Oil Refining & Marketing - 0.2%
Valero Energy Corp.	23,622	1,270,155
Oil-Field Services - 0.4%
Baker Hughes Co.	29,011	543,086
Schlumberger, Ltd.	129,954	2,701,744
		3,244,830
Paper & Related Products - 0.2%
International Paper Co.	28,830	1,426,508
Pipelines - 0.8%
Kinder Morgan, Inc.	186,084	2,675,888
ONEOK, Inc.	32,212	1,155,445
Williams Cos., Inc.	90,289	1,894,263
		5,725,596
Real Estate Investment Trusts - 2.2%
American Tower Corp.	19,192	4,437,190
AvalonBay Communities, Inc.	298	49,644
Crown Castle International Corp.	20,444	3,425,801
Digital Realty Trust, Inc.	5,613	756,352
Equinix, Inc.	2,565	1,789,831
Equity Residential	7,243	419,515
Prologis, Inc.	36,294	3,631,215
Public Storage	4,868	1,092,671
SBA Communications Corp.	2,354	676,022
		16,278,241
Rental Auto/Equipment - 0.0%
United Rentals, Inc.†	772	175,229
Respiratory Products - 0.2%
ResMed, Inc.	6,875	1,441,000
Retail-Apparel/Shoe - 0.2%
Ross Stores, Inc.	12,410	1,334,323
Retail-Auto Parts - 0.1%
Genuine Parts Co.	8,604	846,376
Retail-Building Products - 2.0%
Home Depot, Inc.	39,524	10,964,353
Lowe’s Cos., Inc.	28,772	4,483,253
		15,447,606
Retail-Consumer Electronics - 0.1%
Best Buy Co., Inc.	5,464	594,483
Retail-Discount - 0.9%
Dollar General Corp.	13,115	2,866,677
Target Corp.	21,327	3,828,836
		6,695,513
Retail-Drug Store - 0.2%
Walgreens Boots Alliance, Inc.	46,324	1,760,775
Retail-Major Department Stores - 0.5%
TJX Cos., Inc.	56,260	3,573,073
Retail-Restaurants - 0.8%
Domino’s Pizza, Inc.	779	305,812
Starbucks Corp.	60,762	5,955,891
		6,261,703
Semiconductor Components-Integrated Circuits - 1.3%
Analog Devices, Inc.	15,018	2,088,703
QUALCOMM, Inc.	52,262	7,691,399
		9,780,102
Semiconductor Equipment - 0.7%
Applied Materials, Inc.	33,619	2,772,895
KLA Corp.	3,017	760,193
Lam Research Corp.	4,522	2,046,929
		5,580,017
Steel-Producers - 0.3%
Nucor Corp.	36,881	1,980,510
Telecom Equipment-Fiber Optics - 0.1%
Corning, Inc.	9,983	373,564
Telephone-Integrated - 2.1%
Verizon Communications, Inc.	256,545	15,497,883
Theaters - 0.0%
Live Nation Entertainment, Inc.†	3,408	223,735
Tools-Hand Held - 0.1%
Stanley Black & Decker, Inc.	5,980	1,102,174
Transport-Rail - 1.2%
CSX Corp.	34,770	3,131,039
Norfolk Southern Corp.	11,267	2,670,504
Union Pacific Corp.	16,965	3,462,217
		9,263,760
Transport-Services - 0.8%
United Parcel Service, Inc., Class B	34,748	5,944,340
Water - 0.5%
American Water Works Co., Inc.	23,512	3,606,271
Web Hosting/Design - 0.1%
VeriSign, Inc.†	4,751	953,621
Web Portals/ISP - 5.2%
Alphabet, Inc., Class A†	22,474	39,428,386

Wireless Equipment - 0.2%
Motorola Solutions, Inc.		7,514			1,288,876
Total Long-Term Investment Securities
(cost $488,413,228)					730,979,478
SHORT-TERM INVESTMENT SECURITIES - 0.5%
Registered Investment Companies - 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2)		1,051,861			1,051,861
U.S. Government Treasuries - 0.4%
United States Treasury Bills
0.12% due 11/04/2021(3)	$	1,000,000			998,967
0.13% due 10/07/2021(3)		1,700,000			1,698,481
					2,697,448
Total Short-Term Investment Securities
(cost $3,748,918)					3,749,309
REPURCHASE AGREEMENTS - 3.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $24,031,000 and collateralized by $16,263,600 of United States Treasury Bonds, bearing interest at 4.25% due 05/15/2039 and having an approximate value of $24,511,718 (cost $24,031,000)		24,031,000			24,031,000
TOTAL INVESTMENTS
(cost $516,193,146)		100.5	%		758,759,787
Liabilities in excess of other assets		(0.5	)		(3,409,599	)
NET ASSETS		100.0	%	$	755,350,188

† Non-income producing security

# The security or a portion thereof is out on loan.

(1) The rate shown is the 7-day yield as of November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $2,327,493. This was secured by collateral of $1,051,861, which was received in cash and subsequently invested in short-term investments currently valued at $1,051,861 as reported in the Portfolio of Investments. Additional collateral of $1,362,902 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	101,111
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		271,525
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		9,306
United States Treasury Bills	0.00%	02/11/2021 to 07/15/2021		32,737
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		948,223

(3) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

CVR- Contingent Value Rights

Futures Contracts
Number of Contracts	Type	Description	Expiration Month	Notional Basis#	Notional Value#	Unrealized Appreciation (Depreciation)
153	Long	S&P 500 E-Mini Index	December 2020	$26,370,159	$27,717,480	$1,347,321

# Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 1):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	730,979,478	$	—	$	—	$	730,979,478
Short Term Investment Securities:
Registered Investment Companies		1,051,861		—		—		1,051,861
U.S. Government Treasuries		—		2,697,448		—		2,697,448
Repurchase Agreements		—		24,031,000		—		24,031,000
Total Investments at Value	$	732,031,339	$	26,728,448	$	—	$	758,759,787
Other Financial Instruments:+
Futures Contracts	$	1,347,321	$	—	$	—	$	1,347,321

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Portfolio of Investments

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2020 – (unaudited)

Note 1. Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. generally accepted accounting principles (“GAAP”), the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (the “Board”) , etc.)

Level 3—Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of November 30, 2020, is reported on a schedule at the end of the Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter (“OTC”) market are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of The Variable Annuity Life Insurance Company, the investment adviser to the Funds, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the VALIC Company II’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Note 2. Derivative Instruments

Forward Foreign Currency Contracts: During the period, the High Yield Bond Fund and Strategic Bond Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Funds of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Portfolio of Investments. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures: During the period, the Small Cap Value Fund and U.S. Socially Responsible Fund used equity futures contracts to equitize cash, providing exposure to equity markets.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Funds will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to the Funds since the futures contracts are generally exchange-traded.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause a Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements.

Note 3. Transactions with Affiliates

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases †		Proceeds from Sales		Realized Gain/ (Loss)			Change in Unrealized Gain/(Loss)			Value at 11/30/2020
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	12,299	$	—	$	—	$	—		$	54		$	12,353
VALIC Co. I Capital Conservation Fund		—		—		5,000,770		1,926,221		—		—			47,477			6,974,468
VALIC Co. I Dividend Value Fund		—		—		39,574,288		4,848,905		—		—			3,512,199			47,935,392
VALIC Co. I Emerging Economies Fund		—		—		21,713,054		6,046,114		—		—			2,655,773			30,414,941
VALIC Co. I Global Real Estate Fund		—		—		19,468,392		—		—		—			523,344			19,991,736
VALIC Co. I Government Money Market I Fund		11		—		253,686		2,632,513		—		—			—			2,886,199
VALIC Co. I Government Securities Fund		—		—		2,736,338		898,904		—		—			(4,046	)		3,631,196
VALIC Co. I Inflation Protected Fund		—		—		34,132,728		—		—		—			(1	)		34,132,727
VALIC Co. I International Equities Index Fund		—		—		37,898,432		524,853		2,543,290		(176,387	)		2,938,756			38,642,364
VALIC Co. I International Government Bond Fund		—		—		16,491,391		—		—		—			293,577			16,784,968
VALIC Co. I International Growth Fund		—		—		11,589,734		—		—		—			901,595			12,491,329
VALIC Co. I International Value Fund		—		—		22,626,059		—		—		—			1,600,075			24,226,134
VALIC Co. I Large Cap Core Fund		—		—		11,678,348		—		—		—			576,062			12,254,410
VALIC Co. I Large Capital Growth Fund		—		—		12,266,661		—		—		—			652,954			12,919,615
VALIC Co. I Mid Cap Index Fund		—		—		24,989,678		300,749		7,897,140		(814,370	)		3,926,162			20,505,079
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		10,572,500		—		—		—			1,240,192			11,812,692
VALIC Co. I Nasdaq-100® Index Fund		—		—		8,554,193		—		6,046,114		1,686,313			(1,664,449	)		2,529,943
VALIC Co. I Science & Technology Fund		—		—		23,610,360		—		6,046,114		932,941			577,922			19,075,109
VALIC Co. I Small Cap Index Fund		—		—		16,145,359		153,288		6,463,866		72,741			2,089,550			11,997,072
VALIC Co. I Small Cap Special Values Fund		—		—		6,996,429		950,321		—		—			1,120,358			9,067,108
VALIC Co. I Stock Index Fund		—		—		65,528,961		1,056,697		11,701,317		933,537			1,201,549			57,019,427
VALIC Co. I Value Fund		—		—		14,127,519		—		—		—			1,281,973			15,409,492
VALIC Co. II Capital Appreciation Fund		—		—		25,948,620		—		—		—			627,115			26,575,735
VALIC Co. II Core Bond Fund		—		—		13,086,407		5,778,662		7,912,006		350,616			(249,172	)		11,054,507
VALIC Co. II High Yield Bond Fund		—		—		17,153,504		—		—		—			527,448			17,680,952
VALIC Co. II International Opportunities Fund		—		—		27,751,474		6,086,159		—		—			2,545,937			36,383,570
VALIC Co. II Large Cap Value Fund		—		—		34,424,450		—		—		—			3,951,264			38,375,714
VALIC Co. II Mid Cap Growth Fund		—		—		8,985,023		—		—		—			1,101,705			10,086,728
VALIC Co. II Mid Cap Value Fund		—		—		31,056,403		—		—		—			4,422,206			35,478,609
VALIC Co. II Small Cap Growth Fund		—		—		7,017,945		—		—		—			1,246,113			8,264,058
VALIC Co. II Small Cap Value Fund		—		—		9,411,936		1,484,142		—		—			1,987,698			12,883,776
VALIC Co. II Strategic Bond Fund		—		—		31,743,048		8,192,057		2,326,588		25,797			787,116			38,421,430
	$	11	$	—	$	612,545,989	$	40,879,585	$	50,936,435	$	3,011,188		$	40,418,506		$	645,918,833

† Includes reinvestment of distributions paid.

Conservative Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases †		Proceeds from Sales		Realized Gain/ (Loss)			Change in Unrealized Gain/(Loss)			Value at 11/30/2020
VALIC Co. I Blue Chip Growth Fund
VALIC Co. I Capital Conservation Fund		—		—		16,175,501		1,046,131		—		—			139,102			17,360,734
VALIC Co. I Dividend Value Fund		—		—		12,988,253		2,026,535		—		—			1,189,772			16,204,560
VALIC Co. I Emerging Economies Fund		—		—		6,149,394		1,680,888		—		—			750,452			8,580,734
VALIC Co. I Global Real Estate Fund		—		—		8,161,824		—		—		—			219,404			8,381,228
VALIC Co. I Government Money Market I Fund		20		—		702,202		1,429,733		—		—			—			2,131,935
VALIC Co. I Government Securities Fund		—		—		7,702,750		488,196		—		—			(13,201	)		8,177,745
VALIC Co. I Inflation Protected Fund		—		—		23,467,073		—		—		—			—			23,467,073
VALIC Co. I International Equities Index Fund		—		—		12,841,805		304,607		794,548		(55,998	)		1,009,295			13,305,161
VALIC Co. I International Government Bond Fund		—		—		16,636,537		—		—		—			296,161			16,932,698
VALIC Co. I International Growth Fund		—		—		1,847,300		—		—		—			143,706			1,991,006
VALIC Co. I International Value Fund		—		—		5,150,182		—		—		—			364,212			5,514,394
VALIC Co. I Large Cap Core Fund		—		—		3,158,338		—		—		—			155,792			3,314,130
VALIC Co. I Large Capital Growth Fund		—		—		2,025,563		—		—		—			107,820			2,133,383
VALIC Co. I Mid Cap Index Fund		—		—		7,066,354		192,978		3,119,841		(137,794	)		1,027,956			5,029,653
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		2,303,439		—		—		—			270,202			2,573,641
VALIC Co. I Nasdaq-100® Index Fund		—		—		6,291,109		—		4,264,885		1,152,545			(1,160,954	)		2,017,815
VALIC Co. I Science & Technology Fund		—		—		7,577,936		—		2,521,332		484,156			(22,372	)		5,518,388
VALIC Co. I Small Cap Index Fund		—		—		4,714,759		91,995		3,331,421		512,835			16,087			2,004,255
VALIC Co. I Small Cap Special Values Fund		—		—		2,484,245		529,852		—		—			428,234			3,442,331
VALIC Co. I Stock Index Fund		—		—		20,980,178		717,212		5,031,352		304,594			386,112			17,356,744
VALIC Co. I Value Fund		—		—		3,321,880		—		—		—			301,437			3,623,317
VALIC Co. II Capital Appreciation Fund		—		—		6,973,066		—		—		—			168,522			7,141,588
VALIC Co. II Core Bond Fund		—		—		54,300,125		3,582,730		2,208,728		240,637			514,842			56,429,606
VALIC Co. II High Yield Bond Fund		—		—		25,671,217		—		—		—			789,355			26,460,572
VALIC Co. II International Opportunities Fund		—		—		11,674,963		—		—		—			901,107			12,576,070
VALIC Co. II Large Cap Value Fund		—		—		8,987,126		—		—		—			1,031,549			10,018,675
VALIC Co. II Mid Cap Growth Fund		—		—		2,906,031		—		—		—			356,325			3,262,356
VALIC Co. II Mid Cap Value Fund		—		—		10,793,002		—		—		—			1,536,845			12,329,847
VALIC Co. II Small Cap Growth Fund		—		—		1,836,633		—		—		—			326,114			2,162,747
VALIC Co. II Small Cap Value Fund		—		—		1,287,013		827,484		—		—			387,752			2,502,249
VALIC Co. II Strategic Bond Fund		—		—		43,713,449		6,113,838		2,999,106		94,285			1,003,717			47,926,183
	$	20	$	—	$	339,889,247	$	19,032,179	$	24,271,213	$	2,595,260		$	12,625,345		$	349,870,818

† Includes reinvestment of distributions paid.

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases †		Proceeds from Sales		Realized Gain/ (Loss)			Change in Unrealized Gain/(Loss)			Value at 11/30/2020
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	43,393	$	—	$	—	$	—		$	187		$	43,580
VALIC Co. I Capital Conservation Fund		—		—		25,918,890		3,177,060		—		—			227,080			29,323,030
VALIC Co. I Dividend Value Fund		—		—		60,565,105		10,073,823		—		—			5,595,187			76,234,115
VALIC Co. I Emerging Economies Fund		—		—		19,068,908		7,528,334		—		—			2,451,877			29,049,119
VALIC Co. I Global Real Estate Fund		—		—		21,900,375		—		—		—			588,720			22,489,095
VALIC Co. I Government Money Market I Fund		31		—		915,885		4,342,013		—		—			—			5,257,898
VALIC Co. I Government Securities Fund		—		—		9,441,911		1,482,628		—		—			(15,396	)		10,909,143
VALIC Co. I Inflation Protected Fund		—		—		62,760,235		—		—		—			—			62,760,235
VALIC Co. I International Equities Index Fund		—		—		41,949,073		611,840		1,861,744		(104,222	)		3,263,690			43,858,637
VALIC Co. I International Government Bond Fund		—		—		34,693,474		—		—		—			617,608			35,311,082
VALIC Co. I International Growth Fund		—		—		7,278,145		—		—		—			566,185			7,844,330
VALIC Co. I International Value Fund		—		—		20,587,514		—		—		—			1,455,912			22,043,426
VALIC Co. I Large Cap Core Fund		—		—		12,262,538		—		—		—			604,879			12,867,417
VALIC Co. I Large Capital Growth Fund		—		—		19,244,090		—		—		—			1,024,363			20,268,453
VALIC Co. I Mid Cap Index Fund		—		—		31,479,683		504,526		9,479,132		(615,824	)		4,616,237			26,505,490
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		14,151,149		—		—		—			1,659,980			15,811,129
VALIC Co. I Nasdaq-100® Index Fund		—		—		27,384,305		—		12,823,434		3,112,537			(3,029,090	)		14,644,318
VALIC Co. I Science & Technology Fund		—		—		19,657,005		—		7,528,335		2,139,239			(980,747	)		13,287,162
VALIC Co. I Small Cap Index Fund		—		—		22,229,486		268,286		9,141,215		(37,299	)		3,146,722			16,465,980
VALIC Co. I Small Cap Special Values Fund		—		—		9,451,322		1,578,602		—		—			1,560,085			12,590,009
VALIC Co. I Stock Index Fund		—		—		109,295,461		1,985,313		13,959,992		1,134,279			2,693,906			101,148,967
VALIC Co. I Value Fund		—		—		19,392,535		—		—		—			1,759,737			21,152,272
VALIC Co. II Capital Appreciation Fund		—		—		34,333,662		—		—		—			829,761			35,163,423
VALIC Co. II Core Bond Fund		—		—		105,733,986		10,455,046		10,333,213		654,541			754,245			107,264,605
VALIC Co. II High Yield Bond Fund		—		—		35,447,217		—		—		—			1,089,954			36,537,171
VALIC Co. II International Opportunities Fund		—		—		33,650,046		—		—		—			2,597,206			36,247,252
VALIC Co. II Large Cap Value Fund		—		—		51,949,412		—		—		—			5,962,791			57,912,203
VALIC Co. II Mid Cap Growth Fund		—		—		12,012,967		—		—		—			1,472,980			13,485,947
VALIC Co. II Mid Cap Value Fund		—		—		46,705,472		2,021,974		—		—			6,926,480			55,653,926
VALIC Co. II Small Cap Growth Fund		—		—		8,787,552		—		—		—			1,560,326			10,347,878
VALIC Co. II Small Cap Value Fund		—		—		9,714,207		2,465,345		—		—			2,224,849			14,404,401
VALIC Co. II Strategic Bond Fund		—		—		86,536,769		10,903,424		3,168,497		(1,337	)		2,156,491			96,426,850
	$	31	$	—	$	1,014,541,772	$	57,398,214	$	68,295,562	$	6,281,914		$	53,382,205		$	1,063,308,543

† Includes reinvestment of distributions paid.

ADDITIONAL INFORMATION

Additional information is available in the VALIC Company II’s Annual and Semi-annual reports which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.