PORTFOLIO OF INVESTMENTS – as of December 31, 2020 (Unaudited)

Loomis Sayles Global Allocation Fund

Shares		Description	Value (†)
	Common Stocks – 67.6% of Net Assets
		Canada – 3.1%
	857,549	Canada Goose Holdings, Inc.(a)	$	25,492,697
	672,900	CGI, Inc.(a)		53,386,889
	1,236,100	Open Text Corp.		56,167,825
				135,047,411
		China – 1.9%
	365,901	Alibaba Group Holding Ltd., Sponsored ADR(a)		85,156,140
		France – 1.1%
	238,579	Dassault Systemes SE		48,388,461
		Hong Kong – 1.1%
	4,018,600	AIA Group Ltd.		48,971,136
		India – 1.3%
	2,942,171	HDFC Bank Ltd.(a)		57,950,414
		Japan – 1.7%
	2,061,761	Nomura Research Institute Ltd.		73,756,461
		Netherlands – 1.7%
	156,425	ASML Holding NV		75,737,381
		Sweden – 1.4%
	1,236,323	Atlas Copco AB, Class A		63,542,554
		Switzerland – 2.4%
	525,503	Nestle S.A., (Registered)		62,120,375
	308,140	Temenos AG, (Registered)		42,932,996
				105,053,371
		Taiwan – 2.0%
	4,595,000	Taiwan Semiconductor Manufacturing Co. Ltd.		86,925,735
		United Kingdom – 4.1%
	1,122,232	Halma PLC		37,583,843
	371,291	Linde PLC		97,838,892
	384,137	London Stock Exchange Group PLC		47,416,529
				182,839,264
		United States – 45.8%
	309,269	Accenture PLC, Class A		80,784,155
	56,716	Airbnb, Inc., Class A(a)		8,325,909
	52,194	Alphabet, Inc., Class A(a)		91,477,292
	6,580	Alphabet, Inc., Class C(a)		11,527,370
	36,620	Amazon.com, Inc.(a)		119,268,777
	173,476	Becton Dickinson & Co.		43,407,165
	445,777	Copart, Inc.(a)		56,725,123
	178,918	Costco Wholesale Corp.		67,412,724

Shares		Description	Value (†)
	Common Stocks – continued
		United States – continued
	540,797	Danaher Corp.	$	120,132,646
	3,158,344	Dropbox, Inc., Class A(a)		70,083,653
	328,747	Estee Lauder Cos., Inc. (The), Class A		87,509,164
	349,681	Facebook, Inc., Class A(a)		95,518,862
	128,926	Goldman Sachs Group, Inc. (The)		33,999,075
	256,142	Home Depot, Inc. (The)		68,036,438
	597,516	IQVIA Holdings, Inc.(a)		107,056,942
	523,376	M&T Bank Corp.		66,625,765
	298,049	MasterCard, Inc., Class A		106,385,610
	42,609	Mettler-Toledo International, Inc.(a)		48,560,625
	258,901	Northrop Grumman Corp.		78,892,313
	9,007	NVR, Inc.(a)		36,747,299
	113,290	Parker-Hannifin Corp.		30,861,329
	537,192	Peloton Interactive, Inc., Class A(a)		81,502,770
	237,774	Roper Technologies, Inc.		102,501,994
	242,004	S&P Global, Inc.		79,553,975
	88,323	Sherwin-Williams Co. (The)		64,909,456
	407,848	Texas Instruments, Inc.		66,940,092
	273,067	UnitedHealth Group, Inc.		95,759,136
	128,871	Vail Resorts, Inc.		35,949,854
	316,565	VeriSign, Inc.(a)		68,504,666
	11,165	Whiting Petroleum Corp.(a)		279,125
				2,025,239,304
		Total Common Stocks (Identified Cost $2,068,279,200)		2,988,607,632
Principal Amount
	Bonds and Notes – 29.2%
	Non-Convertible Bonds – 28.9%
		Australia – 0.5%
	$6,490,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)(b)		5,621,957
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(b)		717,891
	3,560,000	Glencore Funding LLC, 1.625%, 9/01/2025, 144A		3,655,159
	935,000	National Australia Bank, 2.500%, 1/12/2021(b)		935,421
	11,610,000	New South Wales Treasury Corp., 2.000%, 3/08/2033, (AUD)(b)		9,470,393
	1,505,000	New South Wales Treasury Corp., Series 22, 6.000%, 3/01/2022, (AUD)(b)		1,239,154
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		102,485
	1,370,000	Westpac Banking Corp., 2.650%, 1/16/2030(b)		1,534,158
				23,276,618

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Belgium – 0.1%
	2,745,000	Anheuser-Busch InBev S.A., EMTN, 2.000%, 1/23/2035, (EUR)(b)	$	3,882,131
	1,690,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/2029(b)		2,086,974
				5,969,105
		Brazil – 0.4%
	1,150,000	Banco Bradesco S.A., 2.850%, 1/27/2023, 144A		1,177,887
	1,035,000	Braskem Netherlands Finance BV, 4.500%, 1/10/2028		1,089,545
	1,785,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030		1,831,856
	2,685,000	Brazilian Government International Bond, 4.500%, 5/30/2029		2,987,385
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,215,211
	2,980,000	BRF S.A., 4.875%, 1/24/2030		3,233,330
	650,000	Centrais Eletricas Brasileiras S.A., 4.625%, 2/04/2030, 144A		689,819
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		402,000
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		1,166,011
	1,250,000	Itau Unibanco Holding S.A., 2.900%, 1/24/2023, 144A		1,279,387
	2,465,000	Petrobras Global Finance BV, 5.999%, 1/27/2028		2,885,307
	150,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		188,102
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		655,500
	550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		583,550
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		508,050
				19,892,940
		Canada – 4.1%
	387,589	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(b)		371,035
	803,352	Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A(b)		777,452
	1,010,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		1,030,021
	815,000	Bank of Montreal, 1.750%, 6/15/2021, 144A(b)		820,444
	1,015,000	Brookfield Finance, Inc., 3.900%, 1/25/2028(b)		1,164,633
	11,680,000	Canadian Government Bond, 0.500%, 3/01/2022, (CAD)(b)		9,212,509

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Canada – continued
	23,060,000	Canadian Government Bond, 0.500%, 9/01/2025, (CAD)(b)	$	18,190,932
	63,450,000	Canadian Government Bond, 0.750%, 3/01/2021, (CAD)(b)		49,899,644
	63,755,000	Canadian Government Bond, 0.750%, 9/01/2021, (CAD)(b)		50,298,282
	35,230,000	Canadian Government Bond, 1.750%, 5/01/2021, (CAD)(b)		27,823,923
	970,000	Canadian Imperial Bank of Commerce, 3.500%, 9/13/2023(b)		1,053,095
	1,800,000	Canadian Imperial Bank of Commerce, (fixed rate to 7/22/2022, variable rate thereafter), 2.606%, 7/22/2023(b)		1,862,025
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(b)		1,005,956
	430,000	Enbridge, Inc., 2.900%, 7/15/2022(b)		445,886
	905,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(b)		729,396
	507,850	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(b)		403,072
	5,000,000	Province of British Columbia Canada, Series 10, 1.750%, 9/27/2024(b)		5,264,026
	2,355,000	Province of Quebec Canada, 2.300%, 9/01/2029, (CAD)(b)		2,025,182
	2,475,000	Royal Bank of Canada, GMTN, 2.250%, 11/01/2024(b)		2,632,924
	2,500,000	Toronto-Dominion Bank (The), 2.100%, 7/15/2022, 144A(b)		2,568,586
	1,690,000	Toronto-Dominion Bank (The), GMTN, 3.500%, 7/19/2023(b)		1,828,889
	1,675,000	Toronto-Dominion Bank (The), MTN, 1.150%, 6/12/2025(b)		1,710,357
	1,580,000	Videotron Ltd., 5.125%, 4/15/2027, 144A		1,676,775
				182,795,044
		Chile – 0.2%
	950,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		1,045,009
	1,500,000	Chile Government International Bond, 2.450%, 1/31/2031(b)		1,605,000
	1,960,000	Corp. Nacional del Cobre de Chile, 3.000%, 9/30/2029, 144A(b)		2,118,535
	570,000	Corp. Nacional del Cobre de Chile, 3.750%, 1/15/2031, 144A(b)		643,969
	525,000	Enel Chile S.A., 4.875%, 6/12/2028(b)		618,188
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(b)		850,656
	935,000	Republic of Chile, 3.240%, 2/06/2028(b)		1,060,066

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Chile – continued
$	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(b)	$	1,237,600
				9,179,023
		China – 0.8%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027(b)		1,029,941
	795,000	Baidu, Inc., 3.875%, 9/29/2023(b)		855,849
	67,500,000	China Government Bond, 4.000%, 11/30/2035, (CNY)		11,360,254
	126,500,000	China Government Bond, 2.200%, 7/27/2025, (CNY)(b)		18,956,374
	6,500,000	China Government Bond, 3.390%, 5/21/2025, (CNH)(b)		1,023,681
	500,000	China Government Bond, 3.480%, 6/29/2027, (CNH)(b)		80,153
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022(b)		938,150
	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A(b)		520,355
	1,175,000	Tencent Holdings Ltd., 3.280%, 4/11/2024, 144A(b)		1,251,316
	1,270,000	Weibo Corp., 3.500%, 7/05/2024(b)		1,326,388
				37,342,461
		Colombia – 0.5%
	1,395,000	Colombia Government International Bond, 3.125%, 4/15/2031		1,480,444
	960,000	Colombia Telecomunicaciones S.A. E.S.P., 4.950%, 7/17/2030, 144A		1,065,600
	2,536,000	Ecopetrol S.A., 5.875%, 5/28/2045		3,069,828
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		371,407
	1,300,000	Empresas Publicas de Medellin ESP, 4.250%, 7/18/2029, 144A		1,397,240
	1,140,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		1,282,500
	1,150,000	Millicom International Cellular S.A., 6.625%, 10/15/2026		1,230,500
	575,000	Republic of Colombia, 3.875%, 4/25/2027		639,975
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		59,315
	7,073,300,000	Republic of Colombia, Series B, 6.250%, 11/26/2025, (COP)		2,268,328
	29,559,900,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(b)		9,990,601

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Colombia – continued
$	870,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A	$	1,026,609
				23,882,347
		Dem.Rep. Congo – 0.0%
	985,000	HTA Group Ltd. Co., 7.000%, 12/18/2025, 144A		1,058,875
		Dominican Republic – 0.1%
	1,155,000	Dominican Republic, 4.875%, 9/23/2032, 144A		1,279,174
	1,410,000	Dominican Republic, 5.500%, 1/27/2025, 144A		1,588,026
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		696,507
	995,000	Dominican Republic, 6.000%, 7/19/2028, 144A		1,191,662
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		540,817
				5,296,186
		Egypt – 0.1%
	1,515,000	Egypt Government International Bond, 5.250%, 10/06/2025		1,609,233
	1,435,000	Egypt Government International Bond, 7.625%, 5/29/2032		1,622,985
				3,232,218
		Finland – 0.1%
	3,575,000	Nordea Bank Abp, 0.750%, 8/28/2025, 144A(b)		3,572,379
		France – 0.3%
	890,000	BNP Paribas S.A, (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A(b)		931,502
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A(b)		235,302
	1,415,000	Caisse d’Amortissement de la Dette Sociale, 1.875%, 2/12/2022(b)		1,440,646
	250,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A(b)		271,194
	1,300,000	Edenred, 1.875%, 3/06/2026, (EUR)(b)		1,738,377
	1,400,000	Engie S.A., 1.250%, 10/24/2041, (EUR)(b)		1,912,144
	1,550,000	French Republic Government Bond OAT, 4.250%, 10/25/2023, (EUR)(b)		2,161,235
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 1.625%, 11/27/2027, (EUR)		649,903
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 0.625%, 3/27/2023, (EUR)		616,286

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		France – continued
$	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(b)	$	1,150,741
				11,107,330
		Germany – 0.1%
	1,165,000	BMW U.S. Capital LLC, 3.150%, 4/18/2024, 144A(b)		1,256,187
	1,395,000	BMW U.S. Capital LLC, 4.150%, 4/09/2030, 144A(b)		1,687,216
	1,450,000	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026, 144A(b)		1,565,160
	490,000	Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027, 144A		494,176
	420,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A(b)		461,729
				5,464,468
		Hong Kong – 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(b)		382,992
	1,405,000	AIA Group Ltd., 3.600%, 4/09/2029(b)		1,580,782
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A(b)		1,286,496
				3,250,270
		India – 0.1%
	1,230,000	ICICI Bank Ltd., EMTN, 3.250%, 9/09/2022		1,262,842
	1,250,000	Power Finance Corp. Ltd., 3.950%, 4/23/2030, 144A		1,335,462
				2,598,304
		Indonesia – 0.3%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		335,382
	1,385,000	Indonesia Government International Bond, 4.200%, 10/15/2050(b)		1,655,172
	735,000	Indonesia Government International Bond, 4.750%, 1/08/2026		859,098
	50,092,000,000	Indonesia Treasury Bond, Series FR75, 7.500%, 5/15/2038, (IDR)(b)		3,886,526
	43,840,000,000	Indonesia Treasury Bond, Series FR82, 7.000%, 9/15/2030, (IDR)(b)		3,377,708
	1,475,000	Republic of Indonesia, 2.850%, 2/14/2030(b)		1,594,268
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		675,094
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		613,904
				12,997,152

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Non-Convertible Bonds – continued
			Ireland – 0.0%
$	1,250,000		Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A	$	1,367,965
	375,000		Ireland Government Bond, 3.400%, 3/18/2024, (EUR)(b)		518,272
					1,886,237
			Israel – 0.2%
	23,525,000		State of Israel, 1.000%, 3/31/2030, (ILS)(b)		7,473,546
			Italy – 0.7%
	275,000		Assicurazioni Generali SpA, EMTN (fixed rate to 10/27/2027, variable rate thereafter), 5.500%, 10/27/2047, (EUR)		413,307
	200,000		Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		228,919
	530,000		Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		726,082
	6,965,000		Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)(b)		9,207,509
	3,305,000		Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		4,539,397
	4,255,000		Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		5,529,418
	1,975,000		Italy Government International Bond, 2.375%, 10/17/2024		2,076,836
	3,335,000		Republic of Italy, 2.500%, 11/15/2025, (EUR)		4,585,598
	630,000		UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		761,991
	635,000		UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		714,559
					28,783,616
			Japan – 0.8%
	985,840,800	(††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)(b)		9,578,889
	2,020,350,000		Japan Government Thirty Year Bond, Series 62, 0.500%, 3/20/2049, (JPY)(b)		19,002,306
	2,000,000		Mizuho Financial Group, Inc., (fixed rate to 7/10/2023, variable rate thereafter), 1.241%, 7/10/2024(b)		2,033,186
	2,000,000		Nomura Holdings, Inc., 1.851%, 7/16/2025(b)		2,078,552
	1,445,000		Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029(b)		1,601,809
					34,294,742
			Korea – 0.4%
	765,000		Export-Import Bank of Korea, 3.000%, 11/01/2022(b)		800,061
	1,100,000		Hyundai Capital Services, Inc., 3.750%, 3/05/2023, 144A(b)		1,169,334

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Korea – continued
$	1,575,000	Kia Motors Corp., 3.000%, 4/25/2023, 144A(b)	$	1,653,719
	1,515,000	Korea East-West Power Co. Ltd., 1.750%, 5/06/2025, 144A(b)		1,582,069
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(b)		941,559
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(b)		722,066
	1,180,000	LG Chem Ltd., 3.250%, 10/15/2024, 144A(b)		1,276,669
	4,500,000,000	Republic of Korea, 0.875%, 12/10/2023, (KRW)		4,129,497
	4,500,000,000	Republic of Korea, 1.125%, 9/10/2025, (KRW)		4,102,676
	1,440,000,000	Republic of Korea, Series 2209, 2.000%, 9/10/2022, (KRW)(b)		1,350,937
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A(b)		857,585
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(b)		183,498
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(b)		202,712
				18,972,382
		Malaysia – 0.2%
	28,570,000	Malaysia Government Bond, 3.480%, 3/15/2023, (MYR)(b)		7,343,964
		Mexico – 1.2%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		823,837
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(b)		1,062,299
	860,000	America Movil SAB de CV, 2.875%, 5/07/2030(b)		932,438
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(b)		511,169
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		676,694
	730,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A(b)		838,668
	855,000	Cemex SAB de CV, 5.450%, 11/19/2029		940,509
	2,045,000	Cemex SAB de CV, 5.700%, 1/11/2025		2,089,990
	400,000	Cemex SAB de CV, 7.375%, 6/05/2027, 144A		455,200
	360,000	Cemex SAB de CV, 7.750%, 4/16/2026		379,620

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Non-Convertible Bonds – continued
			Mexico – continued
$	1,775,000		Coca-Cola Femsa SAB de CV, 2.750%, 1/22/2030(b)	$	1,909,084
	1,205,000		Comision Federal de Electricidad, 4.750%, 2/23/2027(b)		1,367,675
	800,000		Gruma SAB de CV, 4.875%, 12/01/2024(b)		898,008
	10,000,000		Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(b)		391,110
	840,000		Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A(b)		867,737
	1,707,184	(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(b)		8,965,343
	190,229	(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(b)		963,979
	1,123,620	(†††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)(b)		6,882,487
	637,836	(†††)	Mexican Fixed Rate Bonds, Series M 30, 8.500%, 11/18/2038, (MXN)(b)		3,973,850
	724,558	(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		4,142,974
	2,665,000		Mexico Government International Bond, 3.250%, 4/16/2030(b)		2,877,587
	3,600,000		Mexico Government International Bond, 4.000%, 10/02/2023(b)		3,942,000
	196,000		Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(b)		275,686
	1,240,000		Orbia Advance Corp. SAB de CV, 4.000%, 10/04/2027		1,371,440
	205,000		Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044		254,971
	3,505,000		Petroleos Mexicanos, 5.950%, 1/28/2031		3,496,237
	100,000		Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		129,864
	835,000		Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		920,704
	1,205,000		Sigma Finance Netherlands BV, 4.875%, 3/27/2028		1,406,850
	1,010,000		Unifin Financiera SAB de CV, 7.250%, 9/27/2023		977,266
					54,725,276
			Netherlands – 0.1%
	870,000		Cooperatieve Rabobank UA, 4.375%, 8/04/2025(b)		993,601
	1,725,000		ING Groep NV, (fixed rate to 7/01/2025, variable rate thereafter), 1.400%, 7/01/2026, 144A(b)		1,753,991
					2,747,592
			New Zealand – 0.1%
	3,575,000		New Zealand Government Bond, 3.000%, 4/20/2029, (NZD)(b)		3,021,449

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Norway – 0.3%
$	2,790,000	Equinor ASA, 3.625%, 4/06/2040(b)	$	3,342,666
	3,815,000	Norway Government Bond, Series 475, 2.000%, 5/24/2023, 144A, (NOK)(b)		462,205
	16,500,000	Norway Government Bond, Series 478, 1.500%, 2/19/2026, 144A, (NOK)(b)		2,003,579
	46,500,000	Norway Government Bond, Series 482, 1.375%, 8/19/2030, 144A, (NOK)(b)		5,632,171
				11,440,621
		Panama – 0.1%
	1,485,000	Cable Onda S.A., 4.500%, 1/30/2030, 144A		1,635,430
	1,045,000	Panama Government International Bond, 3.160%, 1/23/2030(b)		1,157,348
	1,250,000	Panama Government International Bond, 4.500%, 4/01/2056(b)		1,609,375
				4,402,153
		Paraguay – 0.1%
	1,420,000	Paraguay Government International Bond, 4.950%, 4/28/2031, 144A		1,716,439
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		936,008
				2,652,447
		Peru – 0.2%
	3,220,000	Corp. Financiera de Desarrollo S.A., 2.400%, 9/28/2027, 144A		3,263,309
	2,005,000	Peruvian Government International Bond, 2.392%, 1/23/2026(b)		2,138,353
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(b)		643,489
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(b)		1,176,010
				7,221,161
		Philippines – 0.0%
	1,060,000	Philippine Government International Bond, 2.457%, 5/05/2030(b)		1,143,083
		Poland – 0.2%
	26,400,000	Republic of Poland Government Bond, 1.250%, 10/25/2030, (PLN)(b)		7,090,053
	12,970,000	Republic of Poland Government Bond, 3.250%, 7/25/2025, (PLN)		3,917,032
				11,007,085
		Portugal – 0.1%
	3,590,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		3,603,678

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Romania – 0.2%
	29,970,000	Romania Government Bond, 4.150%, 10/24/2030, (RON)	$	8,207,401
		Singapore – 0.4%
	785,000	BOC Aviation Ltd., 2.750%, 9/18/2022, 144A(b)		800,983
	1,450,000	BOC Aviation Ltd., 3.250%, 4/29/2025, 144A(b)		1,535,565
	345,000	DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.520%, 12/11/2028, 144A(b)		376,564
	4,510,000	Republic of Singapore, 2.750%, 7/01/2023, (SGD)(b)		3,615,533
	10,770,000	Singapore Government Bond, 0.500%, 11/01/2025, (SGD)		8,160,866
	3,215,000	United Overseas Bank Ltd., 3.200%, 4/23/2021, 144A(b)		3,238,470
				17,727,981
		South Africa – 0.4%
	1,400,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		1,463,964
	1,400,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A(b)		1,778,882
	1,420,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024		1,497,674
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		980,871
	46,510,000	Republic of South Africa, Series 2035, 8.875%, 2/28/2035, (ZAR)		2,781,690
	39,185,000	Republic of South Africa, Series R213, 7.000%, 2/28/2031, (ZAR)		2,284,703
	7,585,000	South Africa Government International Bond, 5.750%, 9/30/2049		7,598,349
				18,386,133
		Spain – 0.4%
	2,300,000	Banco Bilbao Vizcaya Argentaria S.A., GMTN, 0.750%, 9/11/2022, (EUR)(b)		2,854,926
	400,000	Banco Santander S.A., 3.125%, 2/23/2023(b)		421,158
	600,000	CaixaBank S.A., (fixed rate to 4/17/2025, variable rate thereafter), EMTN, 2.250%, 4/17/2030, (EUR)		766,558
	500,000	CaixaBank S.A., (fixed rate to 7/14/2023, variable rate thereafter), EMTN, 2.750%, 7/14/2028, (EUR)		638,560
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)(b)		932,187
	725,000	Spain Government Bond, 0.750%, 7/30/2021, (EUR)(b)		892,383
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)(b)		573,005
	2,525,000	Spain Government Bond, 1.950%, 7/30/2030, 144A, (EUR)(b)		3,657,060

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Spain – continued
	1,400,000	Spain Government Bond, 2.700%, 10/31/2048, 144A, (EUR)(b)	$	2,512,343
	2,565,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(b)		3,576,351
	1,300,000	Telefonica Emisiones S.A., EMTN, 1.495%, 9/11/2025, (EUR)(b)		1,697,838
				18,522,369
		Supranationals – 0.2%
	1,495,000	Corporacion Andina de Fomento, 2.375%, 5/12/2023(b)		1,548,880
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(b)		1,172,991
	3,360,000	European Investment Bank, 1.750%, 7/30/2024, 144A, (CAD)(b)		2,757,686
	2,560,000	International Bank for Reconstruction & Development, 0.250%, 12/23/2022, (SEK)(b)		312,158
	3,515,000	International Bank for Reconstruction & Development, 2.200%, 1/18/2022, (CAD)(b)		2,818,462
	16,750,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)(b)		2,005,487
				10,615,664
		Sweden – 0.0%
	1,675,000	Svenska Handelsbanken AB, 0.625%, 6/30/2023, 144A(b)		1,686,400
		Switzerland – 0.1%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025(b)		1,020,202
	1,390,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A(b)		1,635,993
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027(b)		1,467,470
	340,000	Willow No. 2 (Ireland) PLC for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2025, variable rate thereafter), 4.250%, 10/01/2045(b)		369,665
				4,493,330
		Thailand – 0.1%
	1,570,000	Kasikornbank PCL, EMTN, 3.256%, 7/12/2023(b)		1,658,857
	950,000	Thaioil Treasury Center Co. Ltd., 3.625%, 1/23/2023, 144A(b)		991,952
				2,650,809
		Trinidad – 0.0%
	415,000	Trinidad Generation UnLtd., 5.250%, 11/04/2027, 144A		440,315

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Turkey – 0.6%
$	2,830,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025	$	3,119,934
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		578,786
	2,875,000	Turkcell Iletisim Hizmetleri AS, 5.800%, 4/11/2028		3,050,358
	80,000,000	Turkey Government Bond, 9.000%, 7/24/2024, (TRY)		9,578,905
	6,970,000	Turkey Government International Bond, 5.250%, 3/13/2030		6,984,985
	1,345,000	Turkey Government International Bond, 7.625%, 4/26/2029		1,550,449
				24,863,417
		Ukraine – 0.0%
	1,035,000	Ukraine Government International Bond, 7.253%, 3/15/2033, 144A		1,130,924
		United Arab Emirates – 0.1%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029(b)		1,855,525
	1,295,000	Abu Dhabi Government International Bond, 3.125%, 4/16/2030, 144A(b)		1,462,314
				3,317,839
		United Kingdom – 0.4%
	95,000	Avon Products, Inc., 8.950%, 3/15/2043		124,213
	1,265,000	British Telecommunications PLC, 3.250%, 11/08/2029, 144A		1,395,377
	1,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A(b)		1,526,867
	1,420,000	Diageo Capital PLC, 2.125%, 4/29/2032(b)		1,500,038
	365,000	HSBC Holdings PLC, 4.950%, 3/31/2030(b)		457,563
	1,125,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025(b)		1,240,296
	635,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023(b)		693,914
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(b)		447,494
	1,395,000	Nationwide Building Society, (fixed rate to 7/18/2029, variable rate thereafter), 3.960%, 7/18/2030, 144A(b)		1,625,248
	1,130,000	NatWest Group PLC, 6.000%, 12/19/2023(b)		1,291,436
	235,000	Network Rail Infrastructure Finance PLC, EMTN, 4.750%, 1/22/2024, (GBP)(b)		366,903
	1,455,000	Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036, 144A		1,523,358
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)(b)		335,843

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United Kingdom – continued
	1,035,000	United Kingdom Gilt, 2.750%, 9/07/2024, (GBP)(b)	$	1,563,652
	1,660,000	Vodafone Group PLC, 4.375%, 5/30/2028(b)		1,988,113
				16,080,315
		United States – 13.5%
	165,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		186,518
	110,000	Air Lease Corp., 2.250%, 1/15/2023		112,939
	15,000	Air Lease Corp., 3.250%, 3/01/2025		16,060
	116,000	Air Lease Corp., 3.250%, 10/01/2029		122,594
	360,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		369,576
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		505,200
	8,000,000	Ally Financial, Inc., 4.125%, 2/13/2022		8,307,894
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		858,863
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,536,479
	70,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		54,130
	1,965,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		1,766,555
	1,667,402	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		1,407,521
	1,285,987	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		1,034,602
	386,558	American Airlines Pass Through Certificates, Series 2017-1B, Class B, 4.950%, 8/15/2026		326,839
	470,758	American Airlines Pass Through Certificates, Series 2017-2, Class B, 3.700%, 4/15/2027		397,983
	5,335,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A		6,152,589
	2,510,000	American Honda Finance Corp., GMTN, 1.700%, 9/09/2021		2,533,612
	3,975,000	Apple, Inc., Series MPLE, 2.513%, 8/19/2024, (CAD)(b)		3,318,652
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		343,265
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,678,291
	804,000	AT&T, Inc., 3.650%, 9/15/2059, 144A		811,830
	497,000	AT&T, Inc., 3.800%, 12/01/2057, 144A		519,334

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	3,960,000	AT&T, Inc., 4.300%, 2/15/2030	$	4,730,368
	925,000	Aviation Capital Group LLC, 6.750%, 4/06/2021, 144A		937,383
	75,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 7/15/2027, 144A		76,125
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,932,634
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		134,891
	3,180,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		3,585,450
	140,000	Boeing Co. (The), 3.100%, 5/01/2026		149,911
	25,000	Boeing Co. (The), 3.250%, 2/01/2035		25,638
	165,000	Boeing Co. (The), 3.550%, 3/01/2038		168,332
	25,000	Boeing Co. (The), 3.625%, 3/01/2048		25,206
	90,000	Boeing Co. (The), 3.750%, 2/01/2050		94,122
	635,000	Boeing Co. (The), 3.850%, 11/01/2048		654,977
	640,000	Boeing Co. (The), 3.950%, 8/01/2059		684,965
	585,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023(b)		627,380
	270,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		281,946
	1,860,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		2,296,135
	690,000	Broadcom, Inc., 5.000%, 4/15/2030		838,772
	60,000	CenturyLink, Inc., 5.625%, 4/01/2025		64,725
	880,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		897,785
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022(c)(d)(e)		144,450
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023(c)(d)(e)		14,175
	7,295,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(c)(d)(e)		328,275
	1,750,000	CHS/Community Health Systems, Inc., 6.000%, 1/15/2029, 144A		1,890,455
	3,250,000	CHS/Community Health Systems, Inc., 5.625%, 3/15/2027, 144A		3,494,562
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,783,248
	40,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		42,650

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024	$	304,267
	485,000	Continental Resources, Inc., 3.800%, 6/01/2024		500,816
	129,000	Continental Resources, Inc., 4.500%, 4/15/2023		133,012
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		474,247
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		635,162
	155,000	Cummins, Inc., 5.650%, 3/01/2098		227,780
	490,000	Dana, Inc., 5.375%, 11/15/2027		519,400
	475,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		579,474
	75,270	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		73,528
	940,000	DH Europe Finance II S.a.r.l., 0.750%, 9/18/2031, (EUR)(b)		1,182,354
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		53,508
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,029
	3,035,000	DISH DBS Corp., 5.875%, 11/15/2024		3,182,304
	1,385,000	DISH DBS Corp., 7.750%, 7/01/2026		1,551,214
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		326,949
	140,000	Ecolab, Inc., 4.800%, 3/24/2030(b)		178,639
	160,000	Edison International, 4.950%, 4/15/2025		182,124
	340,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		323,830
	235,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		358,606
	1,075,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,140,756
	600,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		585,000
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		511,160
	650,000	FedEx Corp., 3.400%, 1/14/2022		670,532
	4,910,000	Ford Motor Co., 4.750%, 1/15/2043		5,008,200
	2,515,000	Ford Motor Co., 5.291%, 12/08/2046		2,628,175
	25,000	Ford Motor Co., 6.375%, 2/01/2029		28,070

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	50,000	Ford Motor Co., 6.625%, 2/15/2028	$	56,532
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,473,270
	5,000	Ford Motor Co., 7.500%, 8/01/2026		5,820
	875,000	Ford Motor Credit Co. LLC, 5.113%, 5/03/2029		974,487
	200,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		209,936
	2,710,000	Freeport-McMoRan, Inc., 4.375%, 8/01/2028		2,879,375
	9,830,000	GE Capital Funding LLC, 4.550%, 5/15/2032, 144A		11,797,161
	295,000	General Electric Co., 4.500%, 3/11/2044		360,572
	1,055,000	General Motors Co., 5.200%, 4/01/2045		1,281,220
	405,000	General Motors Co., 6.250%, 10/02/2043		546,333
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		246,798
	7,680,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		8,563,075
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		1,087,906
	100,000	General Motors Financial Co., Inc., EMTN, 0.955%, 9/07/2023, (EUR)		124,416
	635,000	General Motors Financial Co., Inc., EMTN, 2.250%, 9/06/2024, (GBP)		895,526
	770,000	General Motors Financial of Canada Ltd., Series 5, 3.250%, 11/07/2023, (CAD)		637,063
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		509,163
	905,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		920,225
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		3,511,720
	2,895,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		2,960,137
	150,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		152,625
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		179,046
	855,000	Hanesbrands, Inc., 5.375%, 5/15/2025, 144A		904,607
	20,000	HCA, Inc., 4.750%, 5/01/2023		21,811
	6,670,000	HCA, Inc., 5.375%, 9/01/2026		7,657,960
	225,000	HCA, Inc., 7.050%, 12/01/2027		272,531

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	820,000	HCA, Inc., 7.500%, 11/06/2033	$	1,139,800
	395,000	HCA, Inc., 8.360%, 4/15/2024		462,150
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		234,975
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		96,938
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		645,858
	1,000,000	Hyundai Capital America, 2.650%, 2/10/2025(b)		1,050,728
	835,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A(b)		877,358
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(b)		1,683,350
	1,395,000	Hyundai Capital America, 6.375%, 4/08/2030, 144A(b)		1,835,310
	3,960,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		4,227,142
	5,760,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		6,076,800
	1,280,000	iStar, Inc., 4.250%, 8/01/2025		1,264,000
	290,000	iStar, Inc., 4.750%, 10/01/2024		293,625
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,427,022
	7,760,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		7,919,158
	1,875,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		1,982,812
	1,885,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		2,031,408
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		781,622
	44,000	Masco Corp., 6.500%, 8/15/2032		58,748
	403,000	Masco Corp., 7.750%, 8/01/2029		560,193
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)(b)		802,667
	2,905,000	MGIC Investment Corp., 5.250%, 8/15/2028		3,108,350
	4,315,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A		4,638,625
	2,355,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		2,531,625
	1,025,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		1,073,523
	450,000	Morgan Stanley, 3.950%, 4/23/2027		520,267

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Non-Convertible Bonds – continued
			United States – continued
$	725,000		Morgan Stanley, 5.750%, 1/25/2021	$	727,163
	3,150,000		Morgan Stanley, MTN, 4.100%, 5/22/2023		3,418,488
	600,000		Morgan Stanley, MTN, 6.250%, 8/09/2026		765,541
	25,000		MPLX LP, 4.500%, 7/15/2023		27,229
	95,000		MPLX LP, 4.875%, 6/01/2025		109,732
	2,135,000		Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		2,241,750
	4,605,000		Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		5,409,595
	2,535,000		Navient Corp., 5.000%, 3/15/2027		2,557,181
	915,000		Navient Corp., 5.500%, 1/25/2023		956,175
	255,000		Navient Corp., 5.875%, 10/25/2024		270,938
	1,600	(††††)	Navient Corp., 6.000%, 12/15/2043		40,133
	1,130,000		Navient Corp., 6.750%, 6/15/2026		1,227,462
	4,318,000		Navient Corp., MTN, 5.625%, 8/01/2033		4,145,280
	760,000		Navient Corp., MTN, 6.125%, 3/25/2024		811,300
	415,000		Navient Corp., MTN, 7.250%, 1/25/2022		433,675
	1,200,000		New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		1,274,616
	900,000		NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		570,375
	405,000		NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		286,791
	20,000		NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		27,040
	1,765,000		Nissan Motor Acceptance Corp., 3.650%, 9/21/2021, 144A(b)		1,795,758
	300,000		Occidental Petroleum Corp., 4.500%, 7/15/2044		258,501
	2,355,000		Occidental Petroleum Corp., 6.625%, 9/01/2030		2,556,941
	1,795,000		Occidental Petroleum Corp., 8.875%, 7/15/2030		2,106,881
	2,275,000		Oceaneering International, Inc., 4.650%, 11/15/2024		2,070,113
	420,000		Old Republic International Corp., 4.875%, 10/01/2024		478,852
	1,170,000		OneMain Finance Corp., 5.625%, 3/15/2023		1,254,825

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	860,000	OneMain Finance Corp., 6.875%, 3/15/2025	$	998,675
	2,310,000	OneMain Finance Corp., 7.125%, 3/15/2026		2,731,575
	330,000	OneMain Finance Corp., 7.750%, 10/01/2021		347,325
	130,000	OneMain Finance Corp., 8.250%, 10/01/2023		149,175
	3,693,000	ONEOK Partners LP, 4.900%, 3/15/2025		4,200,335
	25,000	ONEOK Partners LP, 6.200%, 9/15/2043		30,361
	65,000	Ovintiv Exploration, Inc., 5.625%, 7/01/2024		69,624
	1,200,000	Owens Corning, 4.400%, 1/30/2048		1,445,131
	310,000	Owens Corning, 7.000%, 12/01/2036		441,984
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		3,194,787
	585,000	Owens-Brockway Glass Container, Inc., 6.625%, 5/13/2027, 144A		633,262
	8,630,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		9,090,225
	5,150,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		5,377,861
	1,400,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		1,587,621
	2,165,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)(b)		2,681,144
	1,530,000	Prologis Euro Finance LLC, 0.375%, 2/06/2028, (EUR)(b)		1,909,180
	365,000	Prologis LP, 2.250%, 6/30/2029, (GBP)(b)		558,216
	1,115,000	Prudential Financial, Inc., MTN, 3.700%, 3/13/2051		1,340,386
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		734,238
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		1,075,528
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		329,175
	285,000	QEP Resources, Inc., 5.250%, 5/01/2023		299,963
	210,000	QEP Resources, Inc., 5.375%, 10/01/2022		218,663
	295,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		314,913
	95,000	Qwest Corp., 7.250%, 9/15/2025		112,338
	345,000	Radian Group, Inc., 4.500%, 10/01/2024		363,975

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	195,000	Radian Group, Inc., 4.875%, 3/15/2027	$	214,149
	3,365,000	Radian Group, Inc., 6.625%, 3/15/2025		3,810,862
	890,000	Range Resources Corp., 4.875%, 5/15/2025		840,685
	165,000	Range Resources Corp., 5.000%, 3/15/2023		160,875
	1,100,000	Realty Income Corp., EMTN, 1.625%, 12/15/2030, (GBP)(b)		1,586,548
	810,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025(b)		884,605
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		26,219
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		716,000
	35,000	Service Properties Trust, 3.950%, 1/15/2028		33,819
	395,000	Service Properties Trust, 4.350%, 10/01/2024		390,062
	115,000	Service Properties Trust, 4.500%, 6/15/2023		115,575
	60,000	Service Properties Trust, 4.650%, 3/15/2024		59,400
	50,000	Service Properties Trust, 4.750%, 10/01/2026		49,375
	185,000	Service Properties Trust, 4.950%, 2/15/2027		185,925
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		488,775
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		172,800
	5,051,000	SM Energy Co., 10.000%, 1/15/2025, 144A		5,449,221
	2,785,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		2,924,250
	2,805,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A		3,248,751
	3,960,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		4,037,180
	14,910,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		15,535,922
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		107,250
	1,695,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,788,225
	820,000	Textron, Inc., 5.950%, 9/21/2021		840,032
	100,000	Thermo Fisher Scientific, Inc., EMTN, 1.500%, 10/01/2039, (EUR)		134,137
	245,000	Thermo Fisher Scientific, Inc., EMTN, 1.875%, 10/01/2049, (EUR)(b)		345,607

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042	$	105,462
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		109,212
	1,635,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022(b)		1,682,899
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		2,202,154
	635,000	TransDigm, Inc., 5.500%, 11/15/2027		667,575
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		174,030
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		190,088
	50,000	TransDigm, Inc., 7.500%, 3/15/2027		53,375
	2,615,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		2,890,359
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,458
	72,590	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		72,556
	278,907	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		248,586
	33,675,000	U.S. Treasury Bond, 1.250%, 5/15/2050		30,549,539
	55,610,000	U.S. Treasury Bond, 1.375%, 8/15/2050		52,082,241
	4,960,000	U.S. Treasury Bond, 2.875%, 5/15/2049(b)(f)		6,403,825
	4,164,945	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(b)(g)		4,252,311
	4,204,578	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(b)(g)		4,730,095
	13,260,742	U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023(b)(g)		13,962,629
	44,725,000	U.S. Treasury Note, 0.125%, 12/15/2023		44,672,588
	4,025,000	U.S. Treasury Note, 0.125%, 10/15/2023		4,022,170
	9,000,000	U.S. Treasury Note, 1.500%, 10/31/2021		9,102,656
	35,975,000	U.S. Treasury Note, 1.500%, 11/30/2021		36,424,687
	13,685,000	U.S. Treasury Note, 1.625%, 10/31/2026(b)		14,594,839
	14,060,000	U.S. Treasury Note, 1.625%, 8/15/2029(b)		15,040,905
	21,715,000	U.S. Treasury Note, 1.750%, 11/30/2021		22,035,635
	10,235,000	U.S. Treasury Note, 1.750%, 11/15/2029(b)		11,061,396

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		United States – continued
$	4,515,000	U.S. Treasury Note, 1.875%, 3/31/2022	$	4,613,766
	4,700,000	U.S. Treasury Note, 2.875%, 5/15/2028(b)		5,445,391
	378,958	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		366,635
	2,520,000	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		2,718,778
	1,450,000	United States Steel Corp., 6.650%, 6/01/2037		1,218,000
	25,000	ViacomCBS, Inc., 4.375%, 3/15/2043		29,537
	395,000	ViacomCBS, Inc., 5.250%, 4/01/2044		514,507
	145,000	ViacomCBS, Inc., 5.850%, 9/01/2043		201,697
	145,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A(c)(d)		116,000
	1,150,000	Walmart, Inc., 3.700%, 6/26/2028(b)		1,354,530
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		78,130
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		472,372
	1,380,000	Whirlpool Corp., 4.600%, 5/15/2050		1,785,630
				595,643,878
		Uruguay – 0.0%
	1,415,000	Uruguay Government International Bond, 4.375%, 1/23/2031(b)		1,735,158
		Total Non-Convertible Bonds (Identified Cost $1,195,906,846)		1,277,135,685
	Convertible Bonds – 0.3%
		United States – 0.3%
	1,450,000	Booking Holdings, Inc., 0.900%, 9/15/2021		1,680,591
	90,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(e)		4,050
	545,000	DISH Network Corp., 2.375%, 3/15/2024		507,902
	7,055,000	DISH Network Corp., 3.375%, 8/15/2026		6,725,049
	290,000	Evolent Health, Inc., 3.500%, 12/01/2024, 144A		330,721
	1,855,000	iStar, Inc., 3.125%, 9/15/2022		2,182,652
	205,000	Nuance Communications, Inc., 1.250%, 4/01/2025		466,685

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Convertible Bonds – continued
		United States – continued
$	825,000	Western Digital Corp., 1.500%, 2/01/2024	$	820,005
		Total Convertible Bonds (Identified Cost $11,314,281)		12,717,655
	Municipals – 0.0%
		United States – 0.0%
	155,000	State of Illinois, 5.100%, 6/01/2033		166,813
	130,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		136,015
		Total Municipals (Identified Cost $256,812)		302,828
		Total Bonds and Notes (Identified Cost $1,207,477,939)		1,290,156,168
Shares
	Preferred Stocks – 0.0%
		United States – 0.0%
	460	Chesapeake Energy Corp., 5.000%(a)(c)(h)(i)		—
	736	Chesapeake Energy Corp., 5.750%(a)(c)(h)(i)		—
	40	Chesapeake Energy Corp., 5.750%(a)(c)(h)(i)		—
	84	Chesapeake Energy Corp., 5.750%, 144A(a)(c)(h)(i)		—
	38,952	El Paso Energy Capital Trust I, 4.750%		2,016,155
				2,016,155
		Total Preferred Stocks (Identified Cost $2,285,617)		2,016,155
Principal Amount (‡)
	Short-Term Investments – 2.6%
$	113,135,415	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2020 at 0.000% to be repurchased at $113,135,415 on 1/04/2021 collateralized by $115,398,200 U.S. Treasury Note, 0.125% due 12/31/2022 valued at $115,398,200 including accrued interest(j) (Identified Cost $113,135,415)		113,135,415
		Total Investments – 99.4% (Identified Cost $3,391,178,171)		4,393,915,370
		Other assets less liabilities – 0.6%		25,407,118
		Net Assets – 100.0%	$	4,419,322,488

(†) Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:
  Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
  In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
  Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
  Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.   Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.
  Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.
  Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
  Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Fund’s pricing policies and procedures.
  As of December 31, 2020, securities held by the Fund were fair valued as follows:

Equity securities1	Percentage of Net Assets			Securities classified as fair valued		Percentage of Net Assets
$ 645,325,885		14.6	%	$	602,900	Less than 0.1%

	1  Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of foreign market were believed to materially affect the value of those securities. The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(††)	Amount shown represents principal amount including inflation adjustments.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(††††)	Amount shown represents units. One unit represents a principal amount of 25.
(a)	Non-income producing security.
(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(c)	Illiquid security.
(d)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2020, the value of these securities amounted to $602,900 or less than 0.1% of net assets.
(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(f)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

(g)	Treasury Inflation Protected Security (TIPS).
(h)	Fair valued by the Fund’s adviser. At December 31, 2020, the value of these securities amounted to $0.
(i)	Level 3 security. Value has been determined using significant unobservable inputs.
(j)	The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of December 31, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the value of Rule 144A holdings amounted to $239,741,603 or 5.4% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
CPI	Consumer Price Index
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
CAD	Canadian Dollar
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RON	Romanian Leu
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
ZAR	South African Rand

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Fund’s or counterparty’s net obligations under the contracts.

At December 31, 2020, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date		Currency Bought/ Sold (B/S)		Units of Currency		In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.		3/17/2021	MXN	S		162,993,000	$	8,118,799	$	8,124,446	$	(5,647	)
Bank of America, N.A.		3/17/2021	KRW	B		5,850,000,000		5,405,755		5,387,044		(18,711	)
Citibank N.A.		3/17/2021	ZAR	S		76,350,000		5,047,266		5,148,471		(101,205	)
Credit Suisse International		3/17/2021	CAD	S		198,988,000		155,489,015		156,358,014		(868,999	)
Credit Suisse International		3/17/2021	COP	S		38,844,665,000		11,183,148		11,353,299		(170,151	)
Credit Suisse International		3/17/2021	GBP	B		12,371,000		16,679,757		16,924,945		245,188
Credit Suisse International		3/17/2021	JPY	B		11,200,164,000		107,713,146		108,560,496		847,350
HSBC Bank USA		3/17/2021	AUD	B		4,075,000		3,065,989		3,143,495		77,506
Morgan Stanley Capital Services, Inc.		3/17/2021	EUR	B		144,331,000		176,113,408		176,608,635		495,227
UBS AG		3/17/2021	IDR	S		40,354,000,000		2,831,701		2,853,154		(21,453	)
UBS AG		3/17/2021	SEK	B		7,350,000		877,996		894,030		16,034
Total											$	495,139

At December 31, 2020, the Fund had the following open forward cross currency contracts:

Counterparty	Settlement Date		Deliver/Units of Currency			Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		3/17/2021		NOK	30,959,000		EUR	2,898,987	$	3,547,305	$	(62,495	)

Futures Contracts

The Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is 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, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

At December 31, 2020, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		3/22/2021		39	$	6,115,448	$	6,098,016	$	(17,432	)

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical assets or liabilities;

• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Common Stocks
France	$	—	$	48,388,461	$	—		$	48,388,461
Hong Kong		—		48,971,136		—			48,971,136
India		—		57,950,414		—			57,950,414
Japan		—		73,756,461		—			73,756,461
Netherlands		—		75,737,381		—			75,737,381
Sweden		—		63,542,554		—			63,542,554
Switzerland		—		105,053,371		—			105,053,371
Taiwan		—		86,925,735		—			86,925,735
United Kingdom		97,838,892		85,000,372		—			182,839,264
All Other Common Stocks*		2,245,442,855		—		—			2,245,442,855
Total Common Stocks		2,343,281,747		645,325,885		—			2,988,607,632
Bonds and Notes
Non-Convertible Bonds
United States		40,133		597,071,215		—			597,111,348
All Other Non-Convertible Bonds*		—		680,024,337		—			680,024,337
Total Non-Convertible Bonds		40,133		1,277,095,552		—			1,277,135,685
Convertible Bonds*		—		12,717,655		—			12,717,655
Municipals*		—		302,828		—			302,828
Total Bonds and Notes		40,133		1,290,116,035		—			1,290,156,168
Preferred Stocks*		2,016,155		—		—	(a)		2,016,155
Short-Term Investments		—		113,135,415		—			113,135,415
Total Investments		2,345,338,035		2,048,577,335		—			4,393,915,370
Forward Foreign Currency Contracts (unrealized appreciation)		—		1,681,305		—			1,681,305
Total	$	2,345,338,035	$	2,050,258,640	$	—		$	4,395,596,675

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(1,248,661	)	$	—	$	(1,248,661	)
Futures Contracts (unrealized depreciation)		(17,432	)		—			—		(17,432	)
Total	$	(17,432	)	$	(1,248,661	)	$	—	$	(1,266,093	)

* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(a) Includes securities fair valued at zero by the Fund’s adviser using Level 3 inputs.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Fund’s adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2020 and/or December 31, 2020:

Asset Valuation Inputs

Investments in Securities

Balance as of September 30, 2020

Accrued Discounts (Premiums)

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Purchases

Sales

Transfers into Level 3

Transfers out of Level 3

Balance as of December 31, 2020

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2020

Preferred Stocks

United States

$

—

(a)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a)

$

—

(a) Includes securities fair valued at zero by the Fund’s adviser using Level 3 Inputs.

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include forward foreign currency contracts and futures contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the period ended December 31, 2020, the Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Fund may also use futures contracts to gain investment exposure. During the period ended December 31, 2020, the Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for the Fund, as of December 31, 2020:

Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,681,305

Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on future contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(1,248,661	)	$	—
Exchange-traded liability derivatives
Interest rate contracts		—			(17,432	)
Total liability derivatives	$	(1,248,661	)	$	(17,432	)

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Fund and its counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of the Fund declines beyond a certain threshold. As of December 31, 2020, the fair value of derivative positions subject to these provisions that are in a net liability position by counterparty, and the value of collateral pledged to counterparties for such contracts is as follows:

Counterparty:	Derivatives			Collateral Pledged
Bank of America, N.A.	$	(24,358	)	$	10,000
Citibank N.A.		(101,205	)		100,000
UBS AG		(5,419	)		—

Timing differences may exist between when contracts under the ISDA agreement are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure

in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of December 31, 2020:

Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
$	2,003,945	$	290,146

These amounts include cash received as collateral of $2,184,341.

Industry Summary at December 31, 2020 (Unaudited)

Treasuries	15.4	%
IT Services	8.6
Semiconductors & Semiconductor Equipment	5.2
Software	5.0
Internet & Direct Marketing Retail	4.6
Interactive Media & Services	4.6
Chemicals	3.8
Health Care Equipment & Supplies	3.7
Capital Markets	3.7
Life Sciences Tools & Services	3.5
Banks	2.8
Industrial Conglomerates	2.3
Health Care Providers & Services	2.2
Machinery	2.1
Personal Products	2.0
Banking	2.0
Other Investments, less than 2% each	25.3
Short-Term Investments	2.6
Total Investments	99.4
Other assets less liabilities (including forward foreign currency and futures contracts)	0.6
Net Assets	100.0	%

Currency Exposure Summary at December 31, 2020 (Unaudited)

United States Dollar	71.5	%
Canadian Dollar	6.9
Euro	4.4
Swiss Franc	2.4
Japanese Yen	2.3
British Pound	2.0
New Taiwan Dollar	2.0
Other, less than 2% each	7.9
Total Investments	99.4
Other assets less liabilities (including forward foreign currency and futures contracts)	0.6
Net Assets	100.0	%