NPORT-EX 2 NPORT_4885_39734425_0624.htm EDGAR HTML
Portfolio of Investments – as of June 30, 2024 (Unaudited)
Loomis Sayles Global Allocation Fund
 

 
Shares
Description
Value (†)
Common Stocks — 66.6% of Net Assets
Canada — 0.9%
275,500
CGI, Inc.(a)
$27,498,648
France — 1.6%
60,178
LVMH Moet Hennessy Louis Vuitton SE
46,204,115
Japan — 1.6%
1,719,161
Nomura Research Institute Ltd.
48,589,869
Netherlands — 2.4%
71,312
ASML Holding NV
72,678,755
Sweden — 2.6%
4,111,132
Atlas Copco AB, Class A
77,191,600
Taiwan — 2.3%
2,305,000
Taiwan Semiconductor Manufacturing Co.
Ltd.
68,291,648
United Kingdom — 2.2%
954,281
Halma PLC
32,527,185
275,591
London Stock Exchange Group PLC
32,679,115
 
65,206,300
United States — 53.0%
133,193
Accenture PLC, Class A
40,412,088
63,090
Adobe, Inc.(a)
35,049,019
461,448
Airbnb, Inc., Class A(a)
69,969,360
547,625
Alphabet, Inc., Class A
99,749,894
532,215
Amazon.com, Inc.(a)
102,850,549
64,551
BlackRock, Inc.
50,822,293
74,916
Costco Wholesale Corp.
63,677,851
148,288
Cummins, Inc.
41,065,396
208,030
Danaher Corp.
51,976,295
161,775
Diamondback Energy, Inc.
32,385,737
81,834
Goldman Sachs Group, Inc.
37,015,155
171,744
Home Depot, Inc.
59,121,155
168,637
IQVIA Holdings, Inc.(a)
35,656,607
244,865
JPMorgan Chase & Co.
49,526,395
172,795
Linde PLC
75,824,174
171,273
Mastercard, Inc., Class A
75,558,797
45,719
Mettler-Toledo International, Inc.(a)
63,896,417
838,475
NVIDIA Corp.
103,585,201
61,998
O'Reilly Automotive, Inc.(a)
65,473,608
109,616
Parker-Hannifin Corp.
55,444,869
113,595
Roper Technologies, Inc.
64,028,958
227,032
S&P Global, Inc.
101,256,272
157,831
Salesforce, Inc.
40,578,350
133,546
Schneider Electric SE
32,017,089
149,384
Texas Instruments, Inc.
29,059,669
79,019
Trane Technologies PLC
25,991,720
138,227
UnitedHealth Group, Inc.
70,393,482
69,467
Veralto Corp.
6,632,014
 
1,579,018,414
Total Common Stocks
(Identified Cost $1,414,872,780)
1,984,679,349
 
Principal
Amount (‡)
Description
Value (†)
Bonds and Notes — 30.3%
Non-Convertible Bonds — 28.5%
Australia — 1.4%
$2,990,000
AngloGold Ashanti Holdings PLC,
3.375%, 11/01/2028
$2,686,744
5,325,000
Australia Government Bonds, Series 164,
0.500%, 9/21/2026, (AUD)
3,281,490
5,540,000
Australia Government Bonds, Series 166,
3.000%, 11/21/2033, (AUD)
3,325,843
670,000
GAIF Bond Issuer Pty. Ltd.,
3.400%, 9/30/2026(b)
641,173
16,470,000
Glencore Funding LLC, 6.500%, 10/06/2033(b)
17,156,472
5,000,000
Macquarie Group Ltd., (fixed rate to
1/14/2032, variable rate thereafter),
2.871%, 1/14/2033(b)
4,132,020
4,000,000
Macquarie Group Ltd., (fixed rate to
9/23/2026, variable rate thereafter),
1.629%, 9/23/2027(b)
3,670,470
11,610,000
New South Wales Treasury Corp.,
2.000%, 3/08/2033, (AUD)
6,164,264
95,000
Sydney Airport Finance Co. Pty. Ltd.,
3.375%, 4/30/2025(b)
93,224
 
41,151,700
Belgium — 0.1%
2,745,000
Anheuser-Busch InBev SA, EMTN,
2.000%, 1/23/2035, (EUR)
2,542,950
Brazil — 0.7%
2,600,000
Brazil Government International Bonds,
6.000%, 10/20/2033
2,498,613
53,329
(c)
Brazil Notas do Tesouro Nacional, Series F,
10.000%, 1/01/2031, (BRL)
8,609,145
25,149
(c)
Brazil Notas do Tesouro Nacional, Series F,
10.000%, 1/01/2035, (BRL)
3,935,572
650,000
Centrais Eletricas Brasileiras SA,
4.625%, 2/04/2030(b)
584,263
575,000
Raizen Fuels Finance SA,
5.300%, 1/20/2027(b)
565,355
2,515,000
Suzano Austria GmbH, 2.500%, 9/15/2028
2,207,874
550,000
Suzano Austria GmbH, 3.750%, 1/15/2031
479,205
1,185,000
Suzano Austria GmbH, Series DM3N,
3.125%, 1/15/2032
969,987
 
19,850,014
Canada — 2.0%
1,235,000
1011778 BC ULC/New Red Finance, Inc.,
4.000%, 10/15/2030(b)
1,087,171
304,043
Air Canada Pass-Through Trust,
Series 2015-2, Class A, 4.125%, 6/15/2029(b)
283,982
642,968
Air Canada Pass-Through Trust,
Series 2017-1, Class AA,
3.300%, 7/15/2031(b)
587,686
505,000
Antares Holdings LP, 3.750%, 7/15/2027(b)
462,145
1,210,000
Antares Holdings LP, 3.950%, 7/15/2026(b)
1,143,801
305,000
Antares Holdings LP, 7.950%, 8/11/2028(b)
316,010
2,835,000
Bell Telephone Co. of Canada or Bell
Canada, MTN, 3.600%, 9/29/2027, (CAD)
2,010,953
1,735,000
Brookfield Finance I U.K. PLC/Brookfield
Finance, Inc., 2.340%, 1/30/2032
1,391,730
1,015,000
Brookfield Finance, Inc., 3.900%, 1/25/2028
968,657
2,715,000
Brookfield Renewable Partners ULC, MTN,
4.250%, 1/15/2029, (CAD)
1,952,863
Principal
Amount (‡)
Description
Value (†)
Canada — continued
16,650,000
Canada Government Bonds,
0.500%, 9/01/2025, (CAD)
$11,663,824
20,700,000
Canada Government Bonds,
4.500%, 2/01/2026, (CAD)
15,217,575
4,695,000
Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030,
(CAD)
3,167,259
4,770,000
Enbridge, Inc., MTN, 2.990%, 10/03/2029,
(CAD)
3,221,201
2,965,000
Federation des Caisses Desjardins du
Quebec, (fixed rate to 5/26/2025, variable
rate thereafter), 2.856%, 5/26/2030, (CAD)
2,124,774
4,670,000
Ontario Power Generation, Inc., MTN,
2.977%, 9/13/2029, (CAD)
3,192,142
2,350,000
Province of Quebec, 4.500%, 9/08/2033
2,304,022
2,960,000
Rogers Communications, Inc.,
3.300%, 12/10/2029, (CAD)
2,013,700
1,675,000
Toronto-Dominion Bank, MTN,
1.150%, 6/12/2025
1,608,870
2,735,000
Toronto-Dominion Bank, Series FXD,
1.950%, 1/12/2027
2,538,274
1,580,000
Videotron Ltd., 5.125%, 4/15/2027(b)
1,555,643
 
58,812,282
Chile — 0.6%
575,000
Antofagasta PLC, 2.375%, 10/14/2030
480,867
975,000
Antofagasta PLC, 5.625%, 5/13/2032
975,860
510,000
Antofagasta PLC, 6.250%, 5/02/2034(b)
528,207
2,525,000
Banco Santander Chile,
3.177%, 10/26/2031(b)
2,187,155
950,000
Celulosa Arauco y Constitucion SA,
4.500%, 8/01/2024
947,266
1,005,000
Chile Government International Bonds,
2.550%, 1/27/2032
842,841
2,580,000
Colbun SA, 3.150%, 3/06/2030
2,272,173
1,960,000
Corp. Nacional del Cobre de Chile,
3.000%, 9/30/2029(b)
1,734,107
275,000
Corp. Nacional del Cobre de Chile,
6.300%, 9/08/2053(b)
272,519
595,000
Empresa Nacional de Telecomunicaciones
SA, 3.050%, 9/14/2032(b)
480,134
1,980,000
Empresa Nacional del Petroleo,
3.450%, 9/16/2031(b)
1,677,614
525,000
Enel Chile SA, 4.875%, 6/12/2028
507,516
2,690,000
Engie Energia Chile SA, 3.400%, 1/28/2030
2,341,432
1,075,000
Engie Energia Chile SA, 6.375%, 4/17/2034(b)
1,087,244
870,000
Sociedad Quimica y Minera de Chile SA,
6.500%, 11/07/2033(b)
905,183
1,120,000
Transelec SA, 4.250%, 1/14/2025(b)
1,109,065
 
18,349,183
China — 0.0%
625,000
Tencent Holdings Ltd., 2.880%, 4/22/2031(b)
543,237
Colombia — 0.5%
1,395,000
Colombia Government International Bonds,
3.125%, 4/15/2031
1,097,933
575,000
Colombia Government International Bonds,
3.875%, 4/25/2027
540,573
1,280,000
Colombia Government International Bonds,
7.500%, 2/02/2034
1,280,434
7,073,300,000
Colombia TES, Series B, 6.250%, 11/26/2025,
(COP)
1,654,417
29,559,900,000
Colombia TES, Series B, 7.500%, 8/26/2026,
(COP)
6,855,703
Principal
Amount (‡)
Description
Value (†)
Colombia — continued
$2,536,000
Ecopetrol SA, 5.875%, 5/28/2045
$1,818,011
1,300,000
Empresas Publicas de Medellin ESP,
4.250%, 7/18/2029(b)
1,116,375
 
14,363,446
Czech Republic — 0.1%
1,525,000
CEZ AS, EMTN, 0.875%, 12/02/2026, (EUR)
1,524,118
1,120,000
CEZ AS, EMTN, 3.000%, 6/05/2028, (EUR)
1,166,704
 
2,690,822
Denmark — 0.2%
2,135,000
Danske Bank AS, EMTN, (fixed rate to
6/21/2029, variable rate thereafter),
4.750%, 6/21/2030, (EUR)
2,379,553
2,055,000
Orsted AS, EMTN, 2.125%, 5/17/2027, (GBP)
2,380,217
 
4,759,770
Dominican Republic — 0.2%
2,160,000
Dominican Republic International Bonds,
4.500%, 1/30/2030(b)
1,960,244
1,155,000
Dominican Republic International Bonds,
4.875%, 9/23/2032(b)
1,033,298
590,000
Dominican Republic International Bonds,
5.950%, 1/25/2027(b)
587,097
995,000
Dominican Republic International Bonds,
6.000%, 7/19/2028(b)
987,717
425,000
Dominican Republic International Bonds,
8.625%, 4/20/2027(b)
438,674
 
5,007,030
France — 0.2%
205,000
BNP Paribas SA, 4.375%, 5/12/2026(b)
199,454
1,190,000
BNP Paribas SA, (fixed rate to 1/09/2029,
variable rate thereafter),
5.176%, 1/09/2030(b)
1,177,536
890,000
BNP Paribas SA, (fixed rate to 6/09/2025,
variable rate thereafter),
2.219%, 6/09/2026(b)
860,342
1,410,000
Electricite de France SA,
4.875%, 9/21/2038(b)
1,262,882
1,400,000
Engie SA, 1.250%, 10/24/2041, (EUR)
960,042
1,015,000
Societe Generale SA, 4.750%, 11/24/2025(b)
994,771
1,485,000
Societe Generale SA, (fixed rate to
1/19/2034, variable rate thereafter),
6.066%, 1/19/2035(b)
1,470,138
 
6,925,165
Germany — 0.3%
1,635,000
Deutsche Bank AG, (fixed rate to 1/07/2027,
variable rate thereafter), 2.552%, 1/07/2028
1,511,956
870,000
Deutsche Bank AG, (fixed rate to 10/07/2031,
variable rate thereafter), 3.742%, 1/07/2033
715,599
2,255,000
Deutsche Bank AG, (fixed rate to 10/14/2030,
variable rate thereafter), 3.729%, 1/14/2032
1,901,248
3,220,000
Fraport AG Frankfurt Airport Services
Worldwide, 1.875%, 3/31/2028, (EUR)
3,234,049
1,450,000
Siemens Financieringsmaatschappij NV,
2.350%, 10/15/2026(b)
1,365,495
340,000
ZF North America Capital, Inc.,
6.750%, 4/23/2030(b)
346,270
250,000
ZF North America Capital, Inc.,
6.875%, 4/14/2028(b)
254,968
Principal
Amount (‡)
Description
Value (†)
Germany — continued
$690,000
ZF North America Capital, Inc.,
6.875%, 4/23/2032(b)
$713,360
265,000
ZF North America Capital, Inc.,
7.125%, 4/14/2030(b)
274,172
 
10,317,117
Guatemala — 0.0%
1,050,000
CT Trust, 5.125%, 2/03/2032(b)
924,000
India — 0.3%
2,940,000
Bharti Airtel Ltd., 3.250%, 6/03/2031
2,583,112
2,790,000
Export-Import Bank of India,
2.250%, 1/13/2031(b)
2,314,012
1,250,000
Power Finance Corp. Ltd.,
3.950%, 4/23/2030(b)
1,147,600
2,400,000
Shriram Finance Ltd., 4.150%, 7/18/2025(b)
2,338,608
 
8,383,332
Indonesia — 0.2%
50,092,000,000
Indonesia Treasury Bonds, Series FR75,
7.500%, 5/15/2038, (IDR)
3,149,373
43,840,000,000
Indonesia Treasury Bonds, Series FR82,
7.000%, 9/15/2030, (IDR)
2,674,387
 
5,823,760
Ireland — 0.3%
3,245,000
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.300%, 1/30/2032
2,788,157
2,325,000
AIB Group PLC, (fixed rate to 9/13/2028,
variable rate thereafter),
6.608%, 9/13/2029(b)
2,399,916
3,710,000
Ireland Government Bonds, Zero Coupon,
0.029%, 10/18/2031, (EUR)(d)
3,242,661
 
8,430,734
Israel — 1.1%
1,405,000
Israel Electric Corp. Ltd., GMTN,
3.750%, 2/22/2032
1,154,383
2,750,000
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
2,698,989
4,570,000
Teva Pharmaceutical Finance Netherlands
III BV, 3.150%, 10/01/2026
4,289,116
17,791,000
Teva Pharmaceutical Finance Netherlands
III BV, 4.100%, 10/01/2046
12,426,204
2,700,000
Teva Pharmaceutical Finance Netherlands
III BV, 4.750%, 5/09/2027
2,601,876
510,000
Teva Pharmaceutical Finance Netherlands
III BV, 5.125%, 5/09/2029
490,604
4,415,000
Teva Pharmaceutical Finance Netherlands
III BV, 7.875%, 9/15/2029
4,742,002
3,170,000
Teva Pharmaceutical Finance Netherlands
III BV, 8.125%, 9/15/2031
3,524,591
 
31,927,765
Italy — 0.6%
200,000
Intesa Sanpaolo SpA, 5.710%, 1/15/2026(b)
198,099
2,225,000
Intesa Sanpaolo SpA, 6.625%, 6/20/2033(b)
2,293,617
3,305,000
Italy Buoni Poliennali Del Tesoro, Series 10Y,
2.000%, 2/01/2028, (EUR)
3,373,850
6,965,000
Italy Buoni Poliennali Del Tesoro, Series 11Y,
1.350%, 4/01/2030, (EUR)
6,593,966
2,370,000
Italy Buoni Poliennali Del Tesoro, Series 7Y,
2.500%, 11/15/2025, (EUR)
2,507,187
Principal
Amount (‡)
Description
Value (†)
Italy — continued
$830,000
UniCredit SpA, (fixed rate to 4/02/2029,
variable rate thereafter),
7.296%, 4/02/2034(b)
$846,915
1,460,000
UniCredit SpA, (fixed rate to 6/19/2027,
variable rate thereafter),
5.861%, 6/19/2032(b)
1,426,829
200,000
UniCredit SpA, (fixed rate to 6/30/2030,
variable rate thereafter),
5.459%, 6/30/2035(b)
187,355
545,000
UniCredit SpA, EMTN, (fixed rate to
7/22/2026, variable rate thereafter),
2.200%, 7/22/2027, (EUR)
564,493
 
17,992,311
Japan — 0.7%
1,064,338,800
(e)
Japan Government CPI-Linked Bonds,
Series 23, 0.100%, 3/10/2028, (JPY)
6,924,244
693,300,000
Japan Government Ten Year Bonds,
Series 371, 0.400%, 6/20/2033, (JPY)
4,104,169
2,375,000
Mitsubishi UFJ Financial Group, Inc., (fixed
rate to 1/19/2027, variable rate thereafter),
2.341%, 1/19/2028
2,206,798
2,020,000
Mizuho Financial Group, Inc.,
2.564%, 9/13/2031
1,643,605
2,000,000
Nomura Holdings, Inc., 1.851%, 7/16/2025
1,921,447
2,385,000
Nomura Holdings, Inc., 2.710%, 1/22/2029
2,122,578
1,200,000
Sumitomo Mitsui Financial Group, Inc.,
5.766%, 1/13/2033
1,232,220
 
20,155,061
Korea — 0.8%
1,060,000
Kia Corp., 2.750%, 2/14/2027(b)
991,757
1,515,000
Korea East-West Power Co. Ltd.,
1.750%, 5/06/2025(b)
1,468,501
2,400,000
Korea National Oil Corp.,
2.125%, 4/18/2027(b)
2,209,968
4,500,000,000
Korea Treasury Bonds, Series 2509,
1.125%, 9/10/2025, (KRW)
3,189,158
4,450,000,000
Korea Treasury Bonds, Series 2809,
3.500%, 9/10/2028, (KRW)
3,266,750
13,130,550,000
Korea Treasury Bonds, Series 3012,
1.500%, 12/10/2030, (KRW)
8,530,586
770,000
Shinhan Bank Co. Ltd., 3.875%, 3/24/2026(b)
747,216
2,765,000
SK Hynix, Inc., 2.375%, 1/19/2031(b)
2,277,170
200,000
SK Hynix, Inc., 6.375%, 1/17/2028(b)
205,777
140,000
SK Telecom Co. Ltd., 6.625%, 7/20/2027(b)
145,256
 
23,032,139
Luxembourg — 0.2%
920,000
ArcelorMittal SA, 6.750%, 3/01/2041
938,399
1,905,000
Blackstone Property Partners Europe
Holdings SARL, EMTN, 1.625%, 4/20/2030,
(EUR)
1,739,263
280,000
Logicor Financing SARL, EMTN,
0.875%, 1/14/2031, (EUR)
236,751
1,490,000
Logicor Financing SARL, EMTN,
1.625%, 1/17/2030, (EUR)
1,370,848
955,000
Logicor Financing SARL, EMTN,
2.000%, 1/17/2034, (EUR)
807,907
 
5,093,168
Mexico — 1.5%
620,000
Alfa SAB de CV, 6.875%, 3/25/2044
635,892
770,000
America Movil SAB de CV,
2.125%, 3/10/2028, (EUR)
784,678
Principal
Amount (‡)
Description
Value (†)
Mexico — continued
$860,000
America Movil SAB de CV, 2.875%, 5/07/2030
$757,828
730,000
Banco Santander Mexico SA Institucion de
Banca Multiple Grupo Financiero Santand,
5.375%, 4/17/2025(b)
726,839
1,950,000
Cemex SAB de CV, 3.875%, 7/11/2031(b)
1,719,238
1,990,000
Cemex SAB de CV, 5.200%, 9/17/2030(b)
1,922,014
855,000
Cemex SAB de CV, 5.450%, 11/19/2029
840,080
810,000
Cemex SAB de CV, (fixed rate to 6/08/2026,
variable rate thereafter), 5.125%(b)(f)
778,406
1,775,000
Coca-Cola Femsa SAB de CV,
2.750%, 1/22/2030
1,576,485
10,000,000
Grupo Televisa SAB, EMTN,
7.250%, 5/14/2043, (MXN)
329,112
1,515,000
Kimberly-Clark de Mexico SAB de CV,
2.431%, 7/01/2031
1,284,776
840,000
Kimberly-Clark de Mexico SAB de CV,
2.431%, 7/01/2031(b)
712,351
1,707,184
(g)
Mexico Bonos, Series M, 5.750%, 3/05/2026,
(MXN)
8,623,915
724,558
(g)
Mexico Bonos, Series M 20,
7.500%, 6/03/2027, (MXN)
3,682,711
1,064,466
(g)
Mexico Bonos, Series M 20,
8.500%, 5/31/2029, (MXN)
5,485,535
637,836
(g)
Mexico Bonos, Series M 30,
8.500%, 11/18/2038, (MXN)
3,088,842
2,665,000
Mexico Government International Bonds,
3.250%, 4/16/2030
2,343,628
1,880,000
Mexico Government International Bonds,
3.500%, 2/12/2034
1,527,373
196,000
Mexico Government International Bonds,
4.000%, 3/15/2115, (EUR)
154,348
810,000
Mexico Government International Bonds,
4.875%, 5/19/2033
746,234
750,000
Mexico Government International Bonds,
6.000%, 5/07/2036
730,187
350,000
Mexico Government International Bonds,
6.338%, 5/04/2053
329,998
1,850,000
Orbia Advance Corp. SAB de CV,
1.875%, 5/11/2026(b)
1,722,739
1,240,000
Orbia Advance Corp. SAB de CV,
4.000%, 10/04/2027
1,173,719
2,090,000
Sigma Finance Netherlands BV,
4.875%, 3/27/2028
2,048,055
 
43,724,983
Morocco — 0.1%
3,310,000
OCP SA, 6.750%, 5/02/2034(b)
3,392,551
Netherlands — 0.1%
870,000
Cooperatieve Rabobank UA,
4.375%, 8/04/2025
856,532
1,725,000
ING Groep NV, (fixed rate to 7/01/2025,
variable rate thereafter),
1.400%, 7/01/2026(b)
1,652,179
1,800,000
Netherlands Government Bonds, Zero
Coupon, 2.523%, 1/15/2029, (EUR)(d)
1,707,420
 
4,216,131
New Zealand — 0.5%
4,200,000
Fonterra Co.-operative Group Ltd., MTN,
3.750%, 6/16/2026, (AUD)
2,735,020
700,000
Fonterra Co.-operative Group Ltd., MTN,
4.000%, 11/02/2027, (AUD)
450,580
Principal
Amount (‡)
Description
Value (†)
New Zealand — continued
15,075,000
New Zealand Government Bonds,
Series 429, 3.000%, 4/20/2029, (NZD)
$8,580,196
6,310,000
New Zealand Government Bonds,
Series 531, 1.500%, 5/15/2031, (NZD)
3,153,680
 
14,919,476
Norway — 0.6%
3,660,000
DNB Bank ASA, (fixed rate to 5/25/2026,
variable rate thereafter),
1.535%, 5/25/2027(b)
3,392,997
2,790,000
Equinor ASA, 3.625%, 4/06/2040
2,259,164
16,500,000
Norway Government Bonds, Series 478,
1.500%, 2/19/2026, (NOK)
1,484,953
41,750,000
Norway Government Bonds, Series 479,
1.750%, 2/17/2027, (NOK)
3,718,311
36,610,000
Norway Government Bonds, Series 480,
2.000%, 4/26/2028, (NOK)
3,231,576
46,500,000
Norway Government Bonds, Series 482,
1.375%, 8/19/2030, (NOK)
3,818,209
455,000
Var Energi ASA, 8.000%, 11/15/2032(b)
509,352
 
18,414,562
Paraguay — 0.1%
1,420,000
Paraguay Government International Bonds,
4.950%, 4/28/2031(b)
1,357,542
615,000
Paraguay Government International Bonds,
5.000%, 4/15/2026(b)
605,603
 
1,963,145
Peru — 0.1%
3,220,000
Corp. Financiera de Desarrollo SA,
2.400%, 9/28/2027(b)
2,887,374
840,000
Transportadora de Gas del Peru SA,
4.250%, 4/30/2028(b)
810,428
 
3,697,802
Poland — 0.3%
26,400,000
Republic of Poland Government Bonds,
Series 1030, 1.250%, 10/25/2030, (PLN)
5,095,387
12,970,000
Republic of Poland Government Bonds,
Series 725, 3.250%, 7/25/2025, (PLN)
3,165,684
 
8,261,071
Portugal — 0.1%
3,590,000
EDP Finance BV, 1.710%, 1/24/2028(b)
3,174,422
Qatar — 0.1%
1,770,000
Ooredoo International Finance Ltd.,
2.625%, 4/08/2031(b)
1,523,749
1,600,000
QatarEnergy, 2.250%, 7/12/2031(b)
1,336,168
 
2,859,917
Romania — 0.0%
1,100,000
Romania Government International Bonds,
2.000%, 4/14/2033, (EUR)(b)
883,534
Singapore — 0.2%
10,055,000
Singapore Government Bonds,
2.125%, 6/01/2026, (SGD)
7,236,486
South Africa — 0.5%
1,400,000
Anglo American Capital PLC,
2.625%, 9/10/2030(b)
1,194,484
1,400,000
Anglo American Capital PLC,
5.625%, 4/01/2030(b)
1,409,056
116,835,000
Republic of South Africa Government
Bonds, Series 2035, 8.875%, 2/28/2035, (ZAR)
5,408,365
Principal
Amount (‡)
Description
Value (†)
South Africa — continued
39,185,000
Republic of South Africa Government
Bonds, Series R213, 7.000%, 2/28/2031, (ZAR)
$1,804,852
7,585,000
Republic of South Africa Government
International Bonds, 5.750%, 9/30/2049
5,717,308
 
15,534,065
Spain — 0.4%
800,000
Banco Santander SA, 6.938%, 11/07/2033
873,806
2,000,000
Banco Santander SA, (fixed rate to
9/14/2026, variable rate thereafter),
1.722%, 9/14/2027
1,834,044
1,260,000
CaixaBank SA, (fixed rate to 1/18/2028,
variable rate thereafter),
6.208%, 1/18/2029(b)
1,279,837
1,000,000
CaixaBank SA, EMTN, (fixed rate to
11/23/2027, variable rate thereafter),
6.250%, 2/23/2033, (EUR)
1,126,593
3,700,000
Cellnex Telecom SA, EMTN,
1.750%, 10/23/2030, (EUR)
3,474,479
700,000
Naturgy Finance Iberia SA, EMTN,
1.500%, 1/29/2028, (EUR)
700,272
2,525,000
Spain Government Bonds,
1.950%, 7/30/2030, (EUR)
2,538,818
 
11,827,849
Supranationals — 0.3%
10,030,000
International Bank for Reconstruction &
Development, 1.200%, 7/22/2026, (CAD)
6,916,561
16,750,000
Nordic Investment Bank, EMTN,
1.500%, 3/13/2025, (NOK)
1,533,997
 
8,450,558
Sweden — 0.1%
1,200,000
Swedbank AB, 6.136%, 9/12/2026(b)
1,214,837
2,560,000
Sweden Government Bonds, Series 1058,
2.500%, 5/12/2025, (SEK)
240,194
38,000,000
Sweden Government Bonds, Series 1062,
0.125%, 5/12/2031, (SEK)
3,126,370
 
4,581,401
Switzerland — 0.2%
1,375,000
Novartis Capital Corp., 2.000%, 2/14/2027
1,280,505
325,000
UBS Group AG, (fixed rate to 11/15/2032,
variable rate thereafter),
9.016%, 11/15/2033(b)
391,709
2,960,000
UBS Group AG, (fixed rate to 5/14/2031,
variable rate thereafter),
3.091%, 5/14/2032(b)
2,524,896
750,000
UBS Group AG, (fixed rate to 8/12/2032,
variable rate thereafter),
6.537%, 8/12/2033(b)
787,372
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
329,032
 
5,313,514
Taiwan — 0.0%
1,925,000
TSMC Arizona Corp., 2.500%, 10/25/2031
1,629,556
Trinidad And Tobago — 0.0%
415,000
Trinidad Generation UnLtd,
5.250%, 11/04/2027(b)
404,348
Turkey — 0.2%
1,120,000
TC Ziraat Bankasi AS, 5.375%, 3/02/2026(b)
1,089,760
Principal
Amount (‡)
Description
Value (†)
Turkey — continued
$1,415,000
Turkcell Iletisim Hizmetleri AS,
5.800%, 4/11/2028
$1,356,979
3,480,000
Turkiye Government International Bonds,
5.250%, 3/13/2030
3,177,101
680,000
Turkiye Government International Bonds,
7.625%, 4/26/2029
693,635
 
6,317,475
United Arab Emirates — 0.0%
1,295,000
Abu Dhabi Government International Bonds,
3.125%, 4/16/2030(b)
1,184,920
United Kingdom — 0.7%
200,000
BAE Systems PLC, 5.250%, 3/26/2031(b)
199,434
1,695,000
BAE Systems PLC, 5.300%, 3/26/2034(b)
1,677,203
6,370,000
Barclays PLC, (fixed rate to 5/09/2033,
variable rate thereafter), 6.224%, 5/09/2034
6,526,895
1,350,000
CK Hutchison International 19 Ltd.,
3.625%, 4/11/2029(b)
1,264,788
1,420,000
Diageo Capital PLC, 2.125%, 4/29/2032
1,151,471
65,000
Macquarie Airfinance Holdings Ltd.,
6.400%, 3/26/2029(b)
66,100
135,000
Macquarie Airfinance Holdings Ltd.,
6.500%, 3/26/2031(b)
138,822
1,395,000
Nationwide Building Society, (fixed rate to
7/18/2029, variable rate thereafter),
3.960%, 7/18/2030(b)
1,290,408
955,000
Santander U.K. Group Holdings PLC, (fixed
rate to 1/11/2027, variable rate thereafter),
2.469%, 1/11/2028
881,052
1,455,000
Standard Chartered PLC, (fixed rate to
11/18/2030, variable rate thereafter),
3.265%, 2/18/2036(b)
1,224,874
2,200,000
Standard Chartered PLC, (fixed rate to
3/30/2025, variable rate thereafter),
3.971%, 3/30/2026(b)
2,168,637
250,000
Standard Chartered PLC, EMTN,
3.125%, 11/19/2024, (EUR)
266,606
235,000
U.K. Gilts, 0.250%, 1/31/2025, (GBP)
290,078
2,065,000
U.K. Gilts, 3.250%, 1/31/2033, (GBP)
2,446,314
 
19,592,682
United States — 11.8%
165,000
AES Corp., 3.950%, 7/15/2030(b)
150,865
315,000
Aircastle Ltd., Series A, (fixed rate to
6/15/2026, variable rate thereafter),
5.250%(b)(f)
303,704
1,915,000
Albemarle Corp., 5.050%, 6/01/2032
1,838,499
744,638
American Airlines Pass-Through Trust,
Series 2016-3, Class B, 3.750%, 4/15/2027
716,267
210,761
American Airlines Pass-Through Trust,
Series 2017-1, Class B, 4.950%, 8/15/2026
208,528
247,819
American Airlines Pass-Through Trust,
Series 2017-2, Class B, 3.700%, 4/15/2027
241,174
3,975,000
Apple, Inc., Series MPLE, 2.513%, 8/19/2024,
(CAD)
2,896,385
260,000
Aptiv PLC, 1.600%, 9/15/2028, (EUR)
257,124
2,330,000
Ares Capital Corp., 3.200%, 11/15/2031
1,921,510
290,000
Asbury Automotive Group, Inc.,
4.625%, 11/15/2029(b)
268,038
425,000
Ashland, Inc., 3.375%, 9/01/2031(b)
357,628
800,000
Bank of America Corp., (fixed rate to
3/08/2032, variable rate thereafter),
3.846%, 3/08/2037
701,094
Principal
Amount (‡)
Description
Value (†)
United States — continued
$1,370,000
Bank of America Corp., (fixed rate to
9/21/2031, variable rate thereafter),
2.482%, 9/21/2036
$1,091,983
2,865,000
Bank of America Corp., Series MPLE, (fixed
rate to 9/15/2026, variable rate thereafter),
1.978%, 9/15/2027, (CAD)
1,976,170
10,000
Bausch & Lomb Corp., 8.375%, 10/01/2028(b)
10,238
11,400,000
Bausch Health Cos., Inc.,
4.875%, 6/01/2028(b)
8,531,304
500,000
Block, Inc., 3.500%, 6/01/2031
431,328
4,840,000
Blue Owl Capital Corp., 4.250%, 1/15/2026
4,694,532
1,220,000
Blue Owl Finance LLC, 6.250%, 4/18/2034(b)
1,223,221
1,550,000
Blue Owl Technology Finance Corp.,
2.500%, 1/15/2027
1,393,912
2,585,000
Blue Owl Technology Finance Corp.,
4.750%, 12/15/2025(b)
2,502,927
1,261,000
Boeing Co., 3.625%, 2/01/2031
1,103,659
1,000,000
Boeing Co., 5.150%, 5/01/2030
960,286
899,000
Boeing Co., 5.705%, 5/01/2040
828,846
4,830,000
Boeing Co., 5.805%, 5/01/2050
4,352,796
60,000
Boeing Co., 5.930%, 5/01/2060
53,643
1,855,000
Boeing Co., 6.528%, 5/01/2034(b)
1,899,334
8,415,000
Boeing Co., 6.858%, 5/01/2054(b)
8,635,236
1,105,000
Boeing Co., 7.008%, 5/01/2064(b)
1,131,376
1,400,000
Boost Newco Borrower LLC,
7.500%, 1/15/2031(b)
1,459,713
875,000
BPR Trust, Series 2021-NRD, Class F, 1 mo.
USD SOFR + 6.870%,
12.199%, 12/15/2038(b)(h)
831,191
3,120,000
Broadcom, Inc., 2.450%, 2/15/2031(b)
2,627,385
5,205,000
Broadcom, Inc., 2.600%, 2/15/2033(b)
4,218,162
690,000
Broadcom, Inc., 3.187%, 11/15/2036(b)
546,042
5,095,000
Broadcom, Inc., 3.419%, 4/15/2033(b)
4,392,647
4,670,000
Broadcom, Inc., 3.469%, 4/15/2034(b)
3,981,147
2,485,000
Broadcom, Inc., 4.150%, 4/15/2032(b)
2,292,739
695,000
Carnival Corp., 5.750%, 3/01/2027(b)
686,606
150,000
Carnival Corp., 7.000%, 8/15/2029(b)
155,488
10,570,000
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.250%, 2/01/2031(b)
8,627,445
6,265,000
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.250%, 1/15/2034(b)
4,755,496
1,575,000
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.750%, 2/01/2032(b)
1,289,879
370,000
Celanese U.S. Holdings LLC,
6.330%, 7/15/2029
380,542
270,000
Celanese U.S. Holdings LLC,
6.379%, 7/15/2032
277,447
195,000
Celanese U.S. Holdings LLC,
6.700%, 11/15/2033
204,916
2,385,000
Centene Corp., 2.500%, 3/01/2031
1,957,324
1,480,000
Centene Corp., 3.000%, 10/15/2030
1,265,502
1,075,000
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 3.950%, 6/30/2062
636,876
895,000
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 4.400%, 4/01/2033
788,981
4,945,000
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 4.400%, 12/01/2061
3,225,497
265,000
Civitas Resources, Inc.,
8.625%, 11/01/2030(b)
284,138
Principal
Amount (‡)
Description
Value (†)
United States — continued
$2,570,000
CommScope Technologies LLC,
5.000%, 3/15/2027(b)
$1,061,127
1,440,000
CommScope, Inc., 4.750%, 9/01/2029(b)
998,208
2,663,000
Continental Resources, Inc.,
2.875%, 4/01/2032(b)
2,150,444
4,662,000
Continental Resources, Inc.,
5.750%, 1/15/2031(b)
4,584,026
13,550,000
CSC Holdings LLC, 3.375%, 2/15/2031(b)
8,456,417
2,400,000
CSC Holdings LLC, 4.125%, 12/01/2030(b)
1,551,228
2,395,000
CSC Holdings LLC, 4.500%, 11/15/2031(b)
1,545,304
20,310,000
CSC Holdings LLC, 4.625%, 12/01/2030(b)
7,396,945
1,850,000
CSC Holdings LLC, 5.000%, 11/15/2031(b)
670,643
595,000
CSC Holdings LLC, 5.375%, 2/01/2028(b)
452,063
495,000
CSC Holdings LLC, 5.750%, 1/15/2030(b)
186,837
1,115,000
CSC Holdings LLC, 6.500%, 2/01/2029(b)
813,819
940,000
DH Europe Finance II SARL,
0.750%, 9/18/2031, (EUR)
834,230
50,000
Dillard's, Inc., 7.000%, 12/01/2028
51,665
8,000
Dillard's, Inc., 7.750%, 7/15/2026
8,274
355,000
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 5.875%, 8/15/2027(b)
333,908
3,550,000
DISH DBS Corp., 5.125%, 6/01/2029
1,405,837
4,115,000
DISH DBS Corp., 5.250%, 12/01/2026(b)
3,245,880
795,000
DISH DBS Corp., 5.750%, 12/01/2028(b)
551,184
1,960,000
DISH DBS Corp., 7.750%, 7/01/2026
1,216,701
80,000
EnLink Midstream LLC, 6.500%, 9/01/2030(b)
81,816
575,000
EnLink Midstream Partners LP,
5.450%, 6/01/2047
498,844
280,000
EPR Properties, 3.600%, 11/15/2031
233,430
1,230,000
EQT Corp., 3.625%, 5/15/2031(b)
1,085,096
115,000
Everi Holdings, Inc., 5.000%, 7/15/2029(b)
113,133
2,570,000
Expedia Group, Inc., 2.950%, 3/15/2031
2,221,870
2,710,000
Freeport-McMoRan, Inc., 4.375%, 8/01/2028
2,617,559
4,795,000
Freeport-McMoRan, Inc., 5.400%, 11/14/2034
4,716,230
390,000
Gartner, Inc., 3.625%, 6/15/2029(b)
357,151
85,000
Gartner, Inc., 3.750%, 10/01/2030(b)
76,231
570,000
General Motors Financial Co., Inc.,
3.100%, 1/12/2032
479,064
760,000
General Motors Financial Co., Inc.,
6.400%, 1/09/2033
788,768
460,000
GLP Capital LP/GLP Financing II, Inc.,
3.250%, 1/15/2032
386,557
960,000
Hess Midstream Operations LP,
4.250%, 2/15/2030(b)
881,193
475,000
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations
Borrower Escrow, Inc., 4.875%, 7/01/2031(b)
420,499
470,000
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations
Borrower Escrow, Inc., 5.000%, 6/01/2029(b)
438,251
1,235,000
Hologic, Inc., 3.250%, 2/15/2029(b)
1,107,930
320,000
Hyundai Capital America,
5.400%, 6/24/2031(b)
317,320
1,395,000
Hyundai Capital America,
6.375%, 4/08/2030(b)
1,456,309
7,770,000
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 4.375%, 2/01/2029
6,643,672
3,555,000
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 5.250%, 5/15/2027
3,336,805
1,840,000
iHeartCommunications, Inc.,
5.250%, 8/15/2027(b)
976,950
1,055,000
Ingersoll Rand, Inc., 5.700%, 8/14/2033
1,078,534
Principal
Amount (‡)
Description
Value (†)
United States — continued
$1,310,000
Iron Mountain, Inc., 4.875%, 9/15/2029(b)
$1,234,463
795,000
JBS USA Holding Lux SARL/JBS USA Food
Co./JBS Lux Co. SARL, 3.750%, 12/01/2031
696,055
1,620,000
Jefferies Financial Group, Inc.,
6.200%, 4/14/2034
1,640,767
730,000
JELD-WEN, Inc., 4.875%, 12/15/2027(b)
689,442
225,000
Lamb Weston Holdings, Inc.,
4.875%, 5/15/2028, 144A(b)
217,904
1,440,000
Light & Wonder International, Inc.,
7.000%, 5/15/2028(b)
1,447,441
525,000
Light & Wonder International, Inc.,
7.250%, 11/15/2029(b)
536,185
210,000
Light & Wonder International, Inc.,
7.500%, 9/01/2031(b)
216,976
1,300,000
Lithia Motors, Inc., 3.875%, 6/01/2029(b)
1,168,986
120,000
Lithia Motors, Inc., 4.375%, 1/15/2031(b)
106,829
995,000
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(b)
914,261
155,000
Matador Resources Co.,
6.875%, 4/15/2028(b)
157,331
580,000
Medline Borrower LP/Medline Co-Issuer,
Inc., 6.250%, 4/01/2029(b)
586,564
615,000
Medtronic Global Holdings SCA,
1.125%, 3/07/2027, (EUR)
620,598
6,240,000
Micron Technology, Inc., 5.875%, 2/09/2033
6,374,506
655,000
Molina Healthcare, Inc.,
3.875%, 5/15/2032(b)
567,555
435,000
Molina Healthcare, Inc.,
4.375%, 6/15/2028(b)
409,438
1,415,000
Morgan Stanley, (fixed rate to 9/16/2031,
variable rate thereafter), 2.484%, 9/16/2036
1,119,436
345,000
MSCI, Inc., 3.250%, 8/15/2033(b)
285,016
420,000
Nationstar Mortgage Holdings, Inc.,
5.000%, 2/01/2026(b)
411,081
520,000
Nationstar Mortgage Holdings, Inc.,
5.125%, 12/15/2030(b)
476,835
1,095,000
Nationstar Mortgage Holdings, Inc.,
5.500%, 8/15/2028(b)
1,052,210
4,600,000
NCL Corp. Ltd., 5.875%, 3/15/2026(b)
4,547,666
615,000
NCL Corp. Ltd., 5.875%, 2/15/2027(b)
607,085
715,000
NCL Corp. Ltd., 8.125%, 1/15/2029(b)
749,143
1,960,000
NCL Finance Ltd., 6.125%, 3/15/2028(b)
1,935,567
2,020,000
Netflix, Inc., 4.875%, 6/15/2030(b)
1,988,237
20,000
NGPL PipeCo LLC, 7.768%, 12/15/2037(b)
23,080
70,000
OneMain Finance Corp., 3.500%, 1/15/2027
65,586
85,000
OneMain Finance Corp., 3.875%, 9/15/2028
76,213
215,000
OneMain Finance Corp., 4.000%, 9/15/2030
184,522
290,000
OneMain Finance Corp., 5.375%, 11/15/2029
271,978
1,705,000
OneMain Finance Corp., 7.125%, 3/15/2026
1,732,541
400,000
Ovintiv, Inc., 6.250%, 7/15/2033
412,312
1,000,000
Ovintiv, Inc., 6.500%, 8/15/2034
1,045,928
45,000
Ovintiv, Inc., 6.500%, 2/01/2038
46,271
230,000
Ovintiv, Inc., 6.625%, 8/15/2037
239,437
30,000
Ovintiv, Inc., 7.200%, 11/01/2031
32,336
115,000
Ovintiv, Inc., 7.375%, 11/01/2031
125,284
130,000
Ovintiv, Inc., 8.125%, 9/15/2030
146,851
1,265,000
Pilgrim's Pride Corp., 3.500%, 3/01/2032
1,075,807
315,000
Pilgrim's Pride Corp., 4.250%, 4/15/2031
286,692
480,000
Plains All American Pipeline LP/PAA
Finance Corp., 3.550%, 12/15/2029
438,292
690,000
Plains All American Pipeline LP/PAA
Finance Corp., 3.800%, 9/15/2030
630,282
Principal
Amount (‡)
Description
Value (†)
United States — continued
$745,000
Post Holdings, Inc., 4.500%, 9/15/2031(b)
$667,778
2,165,000
Prologis Euro Finance LLC,
0.250%, 9/10/2027, (EUR)
2,082,666
1,450,000
Prologis Euro Finance LLC,
1.875%, 1/05/2029, (EUR)
1,434,886
365,000
Prologis LP, 2.250%, 6/30/2029, (GBP)
406,813
1,310,000
Rand Parent LLC, 8.500%, 2/15/2030(b)
1,325,013
430,000
Realty Income Corp., 5.125%, 7/06/2034,
(EUR)
495,968
1,100,000
Realty Income Corp., EMTN,
1.625%, 12/15/2030, (GBP)
1,111,963
7,695,000
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 2.875%, 10/15/2026(b)
7,186,259
6,794,000
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.625%, 3/01/2029
6,163,011
2,540,000
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.625%, 3/01/2029(b)
2,304,099
7,011,000
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.875%, 3/01/2031(b)
6,109,967
4,510,000
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 4.000%, 10/15/2033(b)
3,800,527
2,945,000
Royal Caribbean Cruises Ltd.,
4.250%, 7/01/2026(b)
2,850,162
3,280,000
Royal Caribbean Cruises Ltd.,
5.500%, 4/01/2028(b)
3,238,159
400,000
Royal Caribbean Cruises Ltd.,
6.250%, 3/15/2032(b)
403,360
435,000
Sensata Technologies BV,
4.000%, 4/15/2029(b)
399,374
105,000
Sensata Technologies, Inc.,
3.750%, 2/15/2031(b)
91,518
910,000
Sensata Technologies, Inc.,
6.625%, 7/15/2032(b)
916,509
140,000
Silgan Holdings, Inc., 3.250%, 3/15/2025,
(EUR)
148,420
315,000
Southwestern Energy Co., 4.750%, 2/01/2032
289,776
255,000
Tapestry, Inc., Series ., 3.050%, 3/15/2032
205,633
875,000
Targa Resources Corp., 6.125%, 3/15/2033
898,613
265,000
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.,
4.000%, 1/15/2032
238,023
165,000
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.,
4.875%, 2/01/2031
157,452
665,000
TD SYNNEX Corp., 6.100%, 4/12/2034
666,850
245,000
Thermo Fisher Scientific Finance I BV,
2.000%, 10/18/2051, (EUR)
178,663
100,000
Thermo Fisher Scientific, Inc., EMTN,
1.500%, 10/01/2039, (EUR)
78,504
90,000
Time Warner Cable LLC, 4.500%, 9/15/2042
65,871
85,000
Time Warner Cable LLC, 5.500%, 9/01/2041
70,787
2,805,000
T-Mobile USA, Inc., 3.875%, 4/15/2030
2,622,189
400,000
TopBuild Corp., 4.125%, 2/15/2032(b)
352,246
405,000
TransDigm, Inc., 6.750%, 8/15/2028(b)
410,362
4,075,000
Travel & Leisure Co., 4.500%, 12/01/2029(b)
3,754,333
530,000
Travel & Leisure Co., 4.625%, 3/01/2030(b)
482,329
240,000
TriNet Group, Inc., 3.500%, 3/01/2029(b)
213,624
193,343
U.S. Airways Pass-Through Trust,
Series 2012-2, Class A, 4.625%, 12/03/2026
191,147
12,440,000
U.S. Treasury Bonds, 2.250%, 2/15/2052
7,924,669
5,210,000
U.S. Treasury Bonds, 3.625%, 5/15/2053
4,433,588
9,980,000
U.S. Treasury Bonds, 4.125%, 8/15/2053
9,293,485
Principal
Amount (‡)
Description
Value (†)
United States — continued
$5,120,059
U.S. Treasury Inflation-Indexed Notes,
1.375%, 7/15/2033(i)
$4,834,470
5,275,000
U.S. Treasury Notes, 4.000%, 2/15/2034
5,120,047
20,450,000
U.S. Treasury Notes, 4.500%, 3/31/2026(j)
20,342,957
10,905,000
U.S. Treasury Notes, 4.625%, 2/28/2026
10,865,810
13,115,000
Uber Technologies, Inc.,
4.500%, 8/15/2029(b)
12,495,837
8,655,000
Uber Technologies, Inc.,
6.250%, 1/15/2028(b)
8,665,170
1,555,000
Uber Technologies, Inc.,
7.500%, 9/15/2027(b)
1,585,508
140,000
Uber Technologies, Inc.,
8.000%, 11/01/2026(b)
141,214
645,000
UKG, Inc., 6.875%, 2/01/2031(b)
653,082
226,076
United Airlines Pass-Through Trust,
Series 16-2, Class B, 3.650%, 4/07/2027
217,472
1,090,000
United Rentals North America, Inc.,
6.125%, 3/15/2034(b)
1,086,024
895,000
Venture Global Calcasieu Pass LLC,
3.875%, 11/01/2033(b)
762,635
1,130,000
Venture Global Calcasieu Pass LLC,
4.125%, 8/15/2031(b)
1,014,023
175,000
Venture Global Calcasieu Pass LLC,
6.250%, 1/15/2030(b)
177,607
3,095,000
Verizon Communications, Inc., Series MPLE,
2.500%, 5/16/2030, (CAD)
2,014,097
895,000
VICI Properties LP/VICI Note Co., Inc.,
4.250%, 12/01/2026(b)
863,128
285,000
Viper Energy, Inc., 7.375%, 11/01/2031(b)
295,171
1,945,000
VMware LLC, 2.200%, 8/15/2031
1,580,400
130,000
Western Digital Corp., 2.850%, 2/01/2029
112,817
90,000
Western Digital Corp., 3.100%, 2/01/2032
73,173
360,000
Western Midstream Operating LP,
4.050%, 2/01/2030
334,817
475,000
Western Midstream Operating LP,
5.250%, 2/01/2050
416,336
470,000
Western Midstream Operating LP,
5.300%, 3/01/2048
405,806
150,000
Western Midstream Operating LP,
5.450%, 4/01/2044
135,171
115,000
Western Midstream Operating LP,
5.500%, 8/15/2048
99,960
640,000
Western Midstream Operating LP,
6.150%, 4/01/2033
656,068
1,695,000
Yum! Brands, Inc., 4.625%, 1/31/2032
1,558,861
 
351,157,968
Uruguay — 0.1%
86,955,000
Uruguay Government International Bonds,
8.250%, 5/21/2031, (UYU)
2,043,073
Total Non-Convertible Bonds
(Identified Cost $935,313,125)
847,856,475
Convertible Bonds — 1.8%
United States — 1.8%
12,590,000
BioMarin Pharmaceutical, Inc.,
1.250%, 5/15/2027
12,019,899
3,160,000
Carnival Corp., 5.750%, 12/01/2027
5,153,960
23,580,000
DISH Network Corp., 3.375%, 8/15/2026
14,623,376
6,285,000
DISH Network Corp., Zero Coupon,
0.000%-9.514%, 12/15/2025(k)
4,620,121
Principal
Amount (‡)
Description
Value (†)
United States — continued
$320,000
Etsy, Inc., 0.125%, 9/01/2027
$267,272
745,000
Etsy, Inc., 0.250%, 6/15/2028
585,900
345,000
Northern Oil & Gas, Inc., 3.625%, 4/15/2029
397,095
6,890,000
Southwest Airlines Co., 1.250%, 5/01/2025
6,896,890
655,000
Spotify USA, Inc., Zero Coupon,
5.189%-5.873%, 3/15/2026(k)
623,232
9,635,000
Teladoc Health, Inc., 1.250%, 6/01/2027
7,984,496
930,000
Uber Technologies, Inc., Series 2028,
0.875%, 12/01/2028(b)
1,105,770
360,000
Unity Software, Inc., Zero Coupon,
7.197%-7.334%, 11/15/2026(k)
310,140
120,000
Zillow Group, Inc., 1.375%, 9/01/2026
144,673
Total Convertible Bonds
(Identified Cost $68,058,780)
54,732,824
Municipals — 0.0%
United States — 0.0%
115,000
Tobacco Settlement Financing Corp.,
Series A-1, 6.706%-, 6/01/2046
(Identified cost $114,991)
97,263
Total Bonds and Notes
(Identified Cost $1,003,486,896)
902,686,562
Senior Loans — 0.6%
United States — 0.6%
1,110,000
Asplundh Tree Expert LLC, 2024 Incremental
Term Loan B, 5/23/2031(l)
1,108,613
1,871,087
Carnival Corp., 2024 Term Loan B1, 1 mo.
USD SOFR + 2.750%,
8.094%, 10/18/2028(h)(m)
1,873,426
1,266,442
Carnival Corp., 2024 Term Loan B2, 1 mo.
USD SOFR + 2.750%, 8.094%, 8/08/2027(h)(m)
1,270,406
245,000
Cedar Fair LP, 2024 Term Loan B, 5/01/2031(l)
244,236
208,066
Foundation Building Materials Holding
Co. LLC, 2024 Term Loan B2, 3 mo. USD
SOFR + 4.000%, 9.330%, 1/29/2031(h)(m)
206,853
341,000
GTCR W Merger Sub LLC, 2024 USD Term
Loan B, 1/31/2031(l)
340,952
341,000
GTCR W Merger Sub LLC, USD Term Loan B,
3 mo. USD SOFR + 3.000%,
8.335%, 1/31/2031(h)(m)
340,952
322,895
Hilton Domestic Operating Co., Inc., 2023
Term Loan B4, 11/08/2030(l)
323,118
385,867
Hilton Domestic Operating Co., Inc., 2024
Term Loan B4, 11/08/2030(l)
386,134
29,923
Hilton Grand Vacations Borrower LLC, 2021
Term Loan B, 8/02/2028(l)
29,897
1,926,470
Hilton Grand Vacations Borrower LLC, 2024
1st Lien Term Loan B, 1/17/2031(l)
1,925,025
1,007,475
Hilton Grand Vacations Borrower LLC, 2024
Incremental Term Loan B, 1 mo. USD SOFR
+ 2.750%, 8.094%, 1/17/2031(h)(m)
1,006,719
269,325
HUB International Ltd., 2024 Term Loan B,
3 mo. USD SOFR + 3.250%,
8.575%, 6/20/2030(h)(m)
269,796
99,750
Light & Wonder International, Inc., 2024
Term Loan, 1 mo. USD SOFR + 2.750%,
8.070%, 4/14/2029(h)(m)
99,679
99,750
Light & Wonder International, Inc., 2024
Term Loan B2, 4/14/2029(l)
99,679
Principal
Amount (‡)
Description
Value (†)
United States — continued
$665,000
Resideo Funding, Inc., 2024 M&A Term Loan
B, 5/21/2031(l)
$662,925
390,000
Resideo Funding, Inc., 2024 M&A Term Loan
B, 1 mo. USD SOFR + 2.000%,
7.339%, 5/21/2031(h)(m)
388,783
109,871
Resideo Funding, Inc., 2024 Term Loan B,
2/11/2028(l)
109,871
384,008
Resideo Funding, Inc., 2024 Term Loan B,
USD SOFR + 2.000%, 7.338%, 2/11/2028(h)(m)
384,008
1,078,488
Star Parent, Inc., Term Loan B, 3 mo. USD
SOFR + 3.750%, 9.085%, 9/27/2030(h)(m)
1,076,891
842,888
Summit Materials LLC, 2023 Incremental
Term Loan B, 3 mo. USD SOFR + 2.500%,
7.799%, 1/12/2029(h)(m)
848,156
1,855,338
Trans Union LLC, 2024 Term Loan B8,
6/24/2031(l)
1,850,236
94,763
TransDigm, Inc., 2023 Term Loan J, 3 mo.
USD SOFR + 2.500%, 7.843%, 2/28/2031(h)(m)
94,952
163,202
TransDigm, Inc., 2024 Term Loan I, 3 mo.
USD SOFR + 2.750%, 8.085%, 8/24/2028(h)(m)
163,440
595,000
Truist Insurance Holdings LLC, 1st Lien Term
Loan, 3 mo. USD SOFR + 3.250%,
8.585%, 5/06/2031(h)(m)
595,530
444,465
Uber Technologies, Inc., 2023 Term Loan B,
3 mo. USD SOFR + 2.750%,
8.089%, 3/03/2030(h)(m)
446,234
2,080,000
Wyndham Hotels & Resorts, Inc., 2024 Term
Loan, 5/24/2030(l)
2,080,291
Total Senior Loans
(Identified Cost $18,214,271)
18,226,802
 

 
Shares
Description
Value (†)
Preferred Stocks — 0.0%
United States — 0.0%
23,356
El Paso Energy Capital Trust I,
4.750%, 3/31/2028
(Identified Cost $1,076,192)
$1,105,673
 
Principal
Amount (‡)
 
 
Short-Term Investments — 1.0%
$28,079,743
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated
6/28/2024 at 3.500% to be repurchased at
$28,087,933 on 7/01/2024 collateralized by
$30,765,200 U.S. Treasury Note, 0.750% due
4/30/2026 valued at $28,641,499 including
accrued interest(n)
(Identified Cost$28,079,743)
28,079,743
Total Investments — 98.5%
(Identified Cost $2,465,729,882)
2,934,778,129
Other assets less liabilities — 1.5%
45,824,942
Net Assets — 100.0%
$2,980,603,071
 
(†)
Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund
obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are
not available are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of Trustees has approved a valuation designee who is
subject to the Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures
contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most
extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair 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 fair valued using
evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing
service or bid prices obtained from broker-dealers. Senior loans are fair valued at bid prices supplied by an independent pricing service, if
available. Broker-dealer bid prices may be used to fair value debt, unlisted equities and senior loans where an independent pricing service is
unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign
currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service.
The Fund may also fair value investments 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 a Fund's investments, the valuation
designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or
other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated.
Fair valuation by the Fund's valuation designee may require subjective determinations about the value of the investment, and fair values used to
determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition,
the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
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, if any, 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.
(a)
Non-income producing security.
(b)
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 June 30, 2024, the value of Rule 144A holdings amounted to
$314,740,184 or 10.6% of net assets.
(c)
Amount shown represents units. One unit represents a principal amount of 1,000.
(d)
Interest rate represents annualized yield at time of purchase; not a coupon rate.
(e)
Amount shown represents principal amount including inflation adjustments.
(f)
Perpetual bond with no specified maturity date.
(g)
Amount shown represents units. One unit represents a principal amount of 100.
(h)
Variable rate security. Rate as of June 30, 2024 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for
the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a
published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities
may not indicate a reference rate and/or spread in their description.
(i)
Treasury Inflation Protected Security (TIPS).
(j)
Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(k)
Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots
with differing annualized yields.
(l)
Position is unsettled. Contract rate was not determined at June 30, 2024 and does not take effect until settlement date. Maturity date is not finalized
until settlement date.
(m)
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor
rate which may range from 0.00% to 1.00%, to which the spread is added.
(n)
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 June 30, 2024, the Fund had an investment in a repurchase
agreement for which the value of the related collateral exceeded the value of the repurchase agreement.
 
CPI
Consumer Price Index
EMTN
Euro Medium Term Note
GMTN
Global Medium Term Note
MTN
Medium Term Note
SOFR
Secured Overnight Financing Rate
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
COP
Colombian Peso
EUR
Euro
GBP
British Pound
IDR
Indonesian Rupiah
JPY
Japanese Yen
KRW
South Korean Won
MXN
Mexican Peso
NOK
Norwegian Krone
NZD
New Zealand Dollar
PLN
Polish Zloty
SEK
Swedish Krona
SGD
Singapore Dollar
UYU
Uruguayan Peso
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 appreciation (depreciation). 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 June 30, 2024, 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.
9/04/2024
BRL
S
55,000,000
$9,905,448
$9,770,031
$135,417
Bank of America N.A.
9/18/2024
GBP
B
12,366,000
15,767,763
15,640,766
(126,997
)
Bank of America N.A.
9/18/2024
JPY
B
5,864,309,000
38,177,604
36,881,227
(1,296,377
)
Bank of America N.A.
9/19/2024
KRW
S
19,047,379,000
13,874,940
13,899,383
(24,443
)
Bank of America N.A.
9/18/2024
MXN
B
13,000,000
698,257
702,092
3,835
Bank of America N.A.
9/18/2024
MXN
S
336,885,000
17,839,847
18,194,149
(354,302
)
Bank of America N.A.
9/18/2024
ZAR
S
137,000,000
7,524,165
7,486,027
38,138
HSBC Bank USA N.A.
9/18/2024
AUD
B
450,000
299,775
300,796
1,021
HSBC Bank USA N.A.
9/18/2024
AUD
S
13,800,000
9,134,703
9,224,423
(89,720
)
HSBC Bank USA N.A.
9/18/2024
CAD
S
62,229,000
45,266,179
45,570,595
(304,416
)
HSBC Bank USA N.A.
9/18/2024
IDR
S
100,000,000,000
6,135,158
6,099,081
36,077
Morgan Stanley Capital Services LLC
9/18/2024
EUR
B
78,408,000
85,291,438
84,284,252
(1,007,186
)
Morgan Stanley Capital Services LLC
9/18/2024
EUR
B
1,200,000
1,289,180
1,289,933
753
Morgan Stanley Capital Services LLC
9/18/2024
NZD
S
6,003,000
3,680,199
3,656,394
23,805
UBS AG
9/18/2024
COP
S
30,469,789,000
7,634,434
7,253,360
381,074
Total
 
 
$(2,583,321
)
 
At June 30, 2024, 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 LLC
9/18/2024
NOK
30,959,000
EUR
2,679,828
$2,880,666
$(24,497
)
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 June 30, 2024, open long futures contracts were as follows:
Financial Futures
Expiration
Date
Contracts
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
CBOT 10 Year U.S. Treasury Notes Futures
9/19/2024
549
$59,853,289
$60,381,422
$528,133
CBOT 2 Year U.S. Treasury Notes Futures
9/30/2024
4
813,538
816,875
3,337
CBOT U.S. Long Bond Futures
9/19/2024
719
83,958,210
85,066,688
1,108,478
CBOT Ultra Long Term U.S. Treasury Bond Futures
9/19/2024
161
19,909,152
20,180,344
271,192
Total
 
 
$1,911,140
 
At June 30, 2024, open short futures contracts were as follows:
Financial Futures
Expiration
Date
Contracts
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
CBOT 5 Year U.S. Treasury Notes Futures
9/30/2024
445
$47,033,782
$47,427,266
$(393,484
)
Ultra 10-Year U.S. Treasury Notes Futures
9/19/2024
560
62,903,690
63,577,500
(673,810
)
Total
 
 
$(1,067,294
)
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 each 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 each 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 Fund's pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Fund's investments as of June 30, 2024, at value: 
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks
Canada
$27,498,648
$ —
$ —
$27,498,648
France
 —
46,204,115
 —
46,204,115
Japan
 —
48,589,869
 —
48,589,869
Netherlands
 —
72,678,755
 —
72,678,755
Sweden
 —
77,191,600
 —
77,191,600
Taiwan
 —
68,291,648
 —
68,291,648
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
United Kingdom
$ —
$65,206,300
$ —
$65,206,300
United States
1,547,001,325
32,017,089
 —
1,579,018,414
Total Common Stocks
1,574,499,973
410,179,376
—
1,984,679,349
Bonds and Notes(a)
 —
902,686,562
 —
902,686,562
Senior Loans(a)
 —
18,226,802
 —
18,226,802
Preferred Stocks(a)
1,105,673
 —
 —
1,105,673
Short-Term Investments
 —
28,079,743
 —
28,079,743
Total Investments
1,575,605,646
1,359,172,483
—
2,934,778,129
Forward Foreign Currency Contracts (unrealized appreciation)
—
620,120
—
620,120
Futures Contracts (unrealized appreciation)
1,911,140
—
—
1,911,140
Total
$1,577,516,786
$1,359,792,603
$ —
$2,937,309,389
 
Liability Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Forward Foreign Currency Contracts (unrealized depreciation)
$ —
$(3,227,938
)
$ —
$(3,227,938
)
Futures Contracts (unrealized depreciation)
(1,067,294
)
 —
 —
(1,067,294
)
Total
$(1,067,294
)
$(3,227,938
)
$ —
$(4,295,232
)
 
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
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 at period end 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 exchange 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. As of June 30, 2024, the Fund engaged in forward foreign currency contracts for hedging purposes 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. As of June 30, 2024, the Fund used futures contracts to manage duration.
The following is a summary of derivative instruments for the Fund, as of June 30, 2024: 
Assets
Unrealized
appreciation
on forward
foreign
currency
contracts
Unrealized
appreciation
on futures
contracts
Total
Over-the-counter asset derivatives
Foreign exchange contracts
$620,120
$ —
$620,120
Exchange-traded asset derivatives
Interest rate contracts
 —
1,911,140
1,911,140
Total asset derivatives
$620,120
$1,911,140
$2,531,260
 
Liabilities
Unrealized
depreciation
on forward
foreign
currency
contracts
Unrealized
depreciation
on futures
contracts
Total
Over-the-counter liability derivatives
Foreign exchange contracts
$(3,227,938
)
$ —
$(3,227,938
)
Liabilities
Unrealized
depreciation
on forward
foreign
currency
contracts
Unrealized
depreciation
on futures
contracts
Total
Exchange-traded liability derivatives
Interest rate contracts
$ —
$(1,067,294
)
$(1,067,294
)
Total liability derivatives
$(3,227,938
)
$(1,067,294
)
$(4,295,232
)
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.
OTC 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 June 30, 2024, 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.
$ (1,624,729
)
$1,390,000
HSBC Bank USA N.A.
(357,038
)
280,000
Morgan Stanley Capital Services LLC
(1,007,125
)
1,197,364
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. A 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. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, 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 typically are required to segregate customer margin for exchange-traded derivatives 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 customers, 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. 
Industry Summary at June 30, 2024 (Unaudited)
Semiconductors & Semiconductor Equipment
9.2%
Treasuries
8.4
Capital Markets
7.4
Machinery
5.9
Life Sciences Tools & Services
5.0
Software
4.7
Specialty Retail
4.2
IT Services
3.9
Broadline Retail
3.5
Interactive Media & Services
3.3
Chemicals
2.7
Cable Satellite
2.6
Financial Services
2.5
Banking
2.5
Health Care Providers & Services
2.4
Hotels, Restaurants & Leisure
2.3
Consumer Staples Distribution & Retail
2.1
Other Investments, less than 2% each
24.9
Short-Term Investments
1.0
Total Investments
98.5
Other assets less liabilities (including forward foreign currency and futures contracts)
1.5
Net Assets
100.0%
 
Currency Exposure Summary at June 30, 2024 (Unaudited)
United States Dollar
75.1%
Euro
6.7
Canadian Dollar
3.0
Swedish Krona
2.7
British Pound
2.4
New Taiwan Dollar
2.3
Other, less than 2% each
6.3
Total Investments
98.5
Other assets less liabilities (including forward foreign currency and futures contracts)
1.5
Net Assets
100.0%