11-K 1 a2020voluntaryinvestmentpl.htm FORM 11-K Document

SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15 (d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 2020
Commission File No. 1-442
THE BOEING COMPANY VOLUNTARY INVESTMENT PLAN
THE BOEING COMPANY
100 N. Riverside Plaza
Chicago, Illinois 60606-1596



The Boeing Company
Voluntary Investment Plan
Employer ID No: 91-0425694
Plan Number: 002
Financial Statements as of December 31, 2020 and 2019 and for the Year Ended December 31, 2020, Supplemental Schedule as of December 31, 2020, and Report of Independent Registered Public Accounting Firm



THE BOEING COMPANY VOLUNTARY INVESTMENT PLAN
TABLE OF CONTENTS 
   Page
  
FINANCIAL STATEMENTS:  
Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019  
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020  
Notes to Financial Statements as of December 31, 2020 and 2019 and for the Year Ended December 31, 2020  
SUPPLEMENTAL SCHEDULE:  
Form 5500, Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2020  
SIGNATURE
NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
  


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Participants and
Plan Administrator of The Boeing Company Voluntary Investment Plan
Chicago, Illinois

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of The Boeing Company Voluntary Investment Plan (the "Plan") as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedule

The supplemental schedule listed in the table of contents has been subjected to audit procedures performed in conjunction with the audit of the financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the 2020 financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including the form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Deloitte & Touche LLP
Chicago, Illinois
June 15, 2021

We have served as the auditor of the Plan since at least 1990; however, an earlier year could not be reliably determined.
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THE BOEING COMPANY VOLUNTARY INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2020 AND 2019
(Dollars in millions)20202019
ASSETS:
Investments — interest in Master Trust$68,113 $66,426 
Receivables:
Participant contributions10 — 
Notes receivable from participants681 746 
Total receivables691 746 
NET ASSETS AVAILABLE FOR BENEFITS$68,804 $67,172 
See notes to financial statements.
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THE BOEING COMPANY VOLUNTARY INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2020
(Dollars in millions)
ADDITIONS:
Net Master Trust activity$3,092 
Interest income from notes receivable from participants30 
Contributions:
Employer — cash1,130 
Employer — Boeing common stock194 
Participant2,249 
Total contributions3,573 
Total additions6,695 
DEDUCTIONS — Benefits paid5,225 
NET ADDITIONS BEFORE ASSETS TRANSFER1,470 
ASSETS TRANSFERRED FROM ANOTHER PLAN162 
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year67,172 
End of year$68,804 
See notes to financial statements.

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THE BOEING COMPANY VOLUNTARY INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEAR ENDED DECEMBER 31, 2020
(Dollars in millions)
1.    DESCRIPTION OF PLAN
The following description of The Boeing Company Voluntary Investment Plan (the “VIP” or the “Plan”) provides only general information. Participants, as defined by the Plan, (“Members”) should refer to the plan document for a more complete description of the Plan’s provisions.
General — The Plan is a defined contribution plan intended to qualify under the Internal Revenue Code (“IRC”) as a profit sharing plan with a cash or deferred arrangement and employee stock ownership plan component, and is designed to provide Members with a means of making regular savings for their retirement. An eligible employee of The Boeing Company (the “Company” or “Boeing”) or one of its adopting subsidiaries becomes eligible to participate on the first day of employment.
The Plan includes an auto-enrollment provision for newly-eligible employees unless they affirmatively elect not to participate in the Plan. Automatically enrolled Members have their deferral rate set at a percentage of eligible compensation as defined in the plan document and their contributions are invested in a qualified default investment alternative (“QDIA”) until changed by the Members. The current QDIA for the Plan is the applicable custom target date fund.
The assets of the Plan, excluding notes receivable from participants, are held in The Boeing Company Employee Savings Plans Master Trust (the “Master Trust”). The Northern Trust Company (“NT”) serves as trustee for the Master Trust. The Employee Benefit Plans Committee oversees the operation and administration of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
Contributions — Members may elect to contribute to the Plan a percentage of their eligible compensation on a pretax, after-tax, Roth, or a combination of those contribution types, as defined in the plan document and subject to statutory limitations. Members who have attained age 50 before the end of the plan year are eligible to make catch-up contributions, as defined in the plan document and subject to statutory limits. Catch-up contributions are ineligible for an employer-matching contribution. The Plan also accepts certain rollover contributions.
Under the terms of the Plan, Boeing makes employer-matching and Company contributions for eligible Members. Members should refer to the plan document for details. Effective November 5, 2020, employer contributions are generally made in the form of shares of Company common stock and immediately transferred to other investment funds in accordance with Members’ current investment elections.
Members may elect to change their contribution percentages. These changes are effective the next pay period after the request is received, or as soon as administratively possible thereafter. The allocation of both Members’ contributions and employer contributions to the funds may be changed at any time and become effective on the day of the change or the next business day, according to the time of the request for a change in relation to the stock market close of business.
Members’ Accounts — Individual accounts are maintained for each Member. Each Member’s account is credited with the Member’s contributions, employer-matching contributions, Company contributions, and allocations of Plan earnings (losses) from the funds in which the account is invested, and charged with an allocation of certain administrative and investment-related expenses, and Member-specific charges, if applicable. Allocations are based on Member earnings or account balances, as defined by the plan document. The benefit to which a Member is entitled is the benefit that can be provided from the Member’s account.
Investment Funds — Upon enrollment in the Plan, Members may direct the investment of their contributions and any employer contributions to the investment funds offered under the Plan. These investment funds consisted of common/collective trusts, separately managed U.S. equity accounts, separately managed non-U.S.
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equity accounts, a separately managed fixed-income account, custom target date funds, a stable value fund (composed of synthetic-guaranteed investment contracts (“synthetic GICs”)), and Boeing common stock, which is the Boeing Stock Fund, as of December 31, 2020 and 2019. The Boeing Stock Fund consists of Boeing common stock and cash held in the cash sweep fund. Members may elect that dividends received with respect to their investments in the Boeing Stock Fund be distributed to them in cash or reinvested in the Boeing Stock Fund (a dividend payout program). Investment funds are valued daily and Members may elect to change their investment allocations on a daily basis.
Vesting — Member contributions, employer-matching contributions, Company contributions, and earnings on those contributions are immediately vested.
Withdrawals — Members may elect to withdraw all or a portion of their accounts, at any time on or after the day the Member attains age 59 1/2. If a Member is under age 59 1/2, withdrawals from his or her accounts are subject to restrictions for certain accounts and certain hardship rules as provided by the Plan. If a Member takes a hardship withdrawal, the Member may continue contributions to the Plan; however, employer-matching contributions will be suspended for six months following the hardship withdrawal.
In addition, a Member may elect to withdraw all or part of his or her employer-matching contribution account before the Member attains age 59 1/2, but only if the Member has attained his or her fifth anniversary of employment. If such a withdrawal is made, employer-matching contributions will be suspended for six months following the withdrawal. Company contributions may be fully withdrawn upon termination of employment. Withdrawals of after-tax contributions and rollover contributions can be made at any time. Qualified reservist distributions, active military leave distributions and withdrawals upon disability are also available to eligible Members. In accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, qualified Members could withdraw up to one hundred thousand dollars between April 29, 2020 and December 30, 2020.
In the event of illness or injury and if eligible Members have used all of their regular sick leave benefits, the eligible Members may elect to withdraw, subject to Plan requirements, all or a portion of their salary continuation balance, if applicable.
Notes Receivable from Participants — Members may borrow from their fund accounts a minimum of one thousand dollars up to a maximum equal to the lesser of fifty thousand dollars or 50% of their account balance (subject to restrictions for certain accounts and minus any current outstanding loan balance), reduced by the highest outstanding loan balance under all of the Company’s savings plans during the last 12 months. Members may generally have a maximum of two loans outstanding under the Plan at any time. As a result of CARES Act provisions, eligible Members were permitted to request a third loan between May 13, 2020 and December 30, 2020. Loans may be additionally limited in accordance with the Plan provisions and/or loan policies and procedures. The interest rate on new loans is set every month and is equal to the prime rate published in the Wall Street Journal as of the last business day of the calendar month immediately preceding the date of the loan. Interest rates on outstanding loans ranged from 3.25% to 9.50% at December 31, 2020, with loans maturing at various dates through August 2041.
Loan repayments are made through regular payroll deductions for a period of up to 60 months for general loans and over a longer period for loans used to finance the purchase of a principal residence. If a Member’s employment terminates for any reason, and the loan balances are not paid in full by the termination date, the Member may continue to make monthly loan repayments until the loan is scheduled to be paid off. A loan will generally be subject to default if a payment has not been made for 90 days, an outstanding loan balance remains 30 days after the scheduled payoff date, or the Member takes a full distribution of his or her net account balance before the loan is paid off. If the loan defaults, the loan balance will become taxable income to the Member.
Benefit Payments — Upon termination of service, a Member may elect to receive a lump-sum amount equal to the full value of the Member’s vested interest in his or her account; a partial payment amount; or monthly, quarterly, semiannual, or annual installments of a fixed dollar amount or for a specific number of years, up to 10 years. Generally, a Member may also elect to have all or a portion of his or her Boeing Stock Fund balance paid in shares and/or cash. A Member also has the option to elect to apply all or a part of his or her account toward the purchase of an annuity contract with payments for a specified number of years, from a provider
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made available by the Plan administrator in accordance with the procedures established by the Plan administrator. If a Member makes no election, annual distributions of the required minimum amount will generally begin after age 72 (70 ½ for Members who reach age 70 ½ before January 1, 2020), in accordance with applicable Plan provisions. Notwithstanding the foregoing, following a Member’s termination of service, if his or her account balance is one thousand dollars or less, it will automatically be paid out to the Member in accordance with applicable Plan provisions.
Assets Transferred from Another Plan — Effective January 1, 2020, the Employee Savings Plan of Continental Graphics Corporation (the “CDG 401(k) Plan”) was merged into the Plan. All assets and liabilities of the CDG 401(k) Plan were transferred to the Plan. The net assets transferred totaled $162, including $3 of notes receivable from participants.
2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties — The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
The COVID-19 outbreak, which was declared a pandemic by the World Health Organization on March 11, 2020, has negatively impacted the world economy and common stock share prices for most companies, including Boeing’s common stock share price. The Plan’s investment in the Boeing Stock Fund is stated at fair value based on the closing price of Boeing common stock at December 31, 2020. The impact of COVID-19 on companies continues to evolve and its future effects on the Plan’s net assets available for benefits and changes in net assets available for benefits are uncertain.
Valuation of Investments — Investments in the Master Trust are stated at fair value, except for fully benefit-responsive investment contracts (“FBRICs”) or synthetic GICs, which are reported at contract value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. Securities traded in markets that are not considered active may be valued using unobservable inputs, such as less recent trade prices, single broker-dealer quotations, related yield curves, and other assumptions about the security. Contract value is the amount Members would receive if they were to initiate permitted transactions under the terms of the Plan (see Note 3). The Master Trust’s investments, as discussed in Note 4, are valued as follows:
Common stock, including Boeing common stock, preferred stock, and other investments (rights, warrants, exchange-traded funds, exchange-traded options, and other exchange-traded derivatives) traded in active markets on national and international exchanges are primarily valued using a market approach based on the closing market prices of identical instruments on the last trading day of the year. The other exchange-traded derivatives are included in other receivables and other liabilities on the Master Trust’s statements of net assets.
Forward and spot currency contracts are valued using a market value approach based on spot foreign currency rates if the contract tenor is two days or less and on interpolated forward rates for any contracts with a tenor greater than two days. Forward and spot currency contracts are included in other receivables and other liabilities on the Master Trust’s statements of net assets.
Investments in common/collective trust funds are valued based on the year-end unit net asset value (“NAV”). The NAV is used as a practical expedient to estimate fair value. Unit values are
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determined by the issuer or third party administrator by dividing the fair values of the total net assets at year-end by the outstanding units. There were no unfunded commitments, no restrictions on redemption frequency, and no advance notice periods required for redemption for these investments.
Synthetic GICs are stated at contract value. There are no reserves against contract value for credit risk of the contract issuer. The fixed-income securities underlying the contracts were valued based on the pricing methodology stated below for fixed-income securities.
Fixed-income securities, including government and agency securities, corporate bonds, and mortgage and asset-backed securities, are primarily valued using a market approach using matrix pricing, which considers a security’s relationship to other securities for which quoted prices in an active market may be available, or alternatively based on an income approach, which uses valuation techniques to convert future cash flows to a single present value amount. The valuation approach is designed to maximize the use of observable inputs, such as observable trade prices, multiple broker-dealer quotations, related yield curves, and other assumptions about the security (prepayment projections, cash flows, other security characteristics, etc.) and minimize unobservable inputs. The securities are valued as of the last trading day of the year. Fixed-income instruments that have a delayed future settlement such as to-be-announced securities (“TBAs”) are valued similarly to fixed-income securities in active markets. TBAs are included in the underlying assets associated with the synthetic GICs, other receivables, and other liabilities on the Master Trust’s statements of net assets.
Mutual funds, which are registered investment companies, are valued at the daily closing price as reported by the fund. Funds held by the Master Trust are open-ended funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price.
Short-term investments include certificates of deposits, commercial paper, treasury bills, and discounted notes with original maturities greater than three months, but less than one year. These investments are primarily valued using a market approach in the same manner as fixed-income securities referenced above.
Other investments include physical commodities and over-the-counter (“OTC”) derivatives, such as options and swap contracts. Physical commodities are valued on a market approach using the front month futures contract for the specific commodity. The derivatives are valued using a market approach and are based upon the expected amount that the Master Trust would receive or pay to exit the derivative at the reporting date. The valuation methodology relies on inputs, including, but not limited to, benchmark yields, swap curves, cash flow analysis, ratings updates, and interdealer broker rates. Credit risk of the derivative counterparties is offset by collateralizing the expected amount that the Master Trust would receive or pay to terminate the derivative.
In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies, the synthetic GICs are included at contract value in participant-directed investments in the statements of net assets available for benefits. Contract value is the amount Members would receive if they were to initiate permitted transactions under the terms of the Plan and the terms of the synthetic GICs. The statement of changes in net assets available for benefits is presented on a contract-value basis.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation/depreciation of investments includes both realized and unrealized gains or losses and is calculated as the difference between the fair value of the investments as of the beginning of the plan year or the purchase date in the current year and either the sales price or the end-of-year fair value.
Cash and Cash Equivalents — Cash and cash equivalents include certificates of deposits, commercial paper, treasury bills, discounted notes with original maturities of three months or less, cash and cash collateral. Cash collateral is related to the collateral posted on derivatives. In the event that an instrument with an original
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maturity of less than three months does not have a market price, then those investments are valued at amortized cost, which approximates fair value.
Valuation Oversight — Plan management has implemented processes that are designed to ensure that fair value measurements used by the Master Trust are appropriate and reliable, that they are based on observable inputs wherever possible, and that the valuation approaches are consistently applied and the assumptions used are reasonable. The valuation framework has a set of processes that provides for oversight and validation of the fair value methodologies as well as valuations.
The Board of Directors of the Company has delegated the fiduciary oversight of plan assets over various retirement plans held within the Master Trust structures to the Employee Benefit Investment Committee (“EBIC”). The EBIC has sub-delegated this responsibility to the Chief Investment Officer (“CIO”), who manages Trust Investments and chairs the Valuation Committee. Trust Investments is responsible for the oversight of the Plan assets including selection and monitoring of investment managers, asset strategies, and risk management. The Valuation Committee is responsible for the oversight of the valuation practices of the Master Trust and is represented by members of Trust Investments including Risk Management and Trust Operations, Public Markets, and Investment Strategy. The Valuation Committee meets periodically with the purpose of fulfilling the following responsibilities and provides an annual review to the EBIC of its findings and actions:
Review and approve annually the valuation practices, including those used by third parties
Review and approve the year-end valuations, including the methods used to develop and substantiate the unobservable inputs used in the fair value measurement
Review analysis and benchmarks used by the Company and the Master Trust to assess the reasonableness of the year-end valuations and changes in fair value measurements from period to period
Review and approve annual financial statement disclosures of the investments held in the Master Trust
Common/collective trust funds are generally valued using the NAV or its equivalent. Valuations provided by the funds are reviewed at least quarterly. The asset managers’ audited financial statements are used in the Master Trust's annual financial reporting process, where applicable. Assessments of reasonableness include regular asset manager meetings and review of quarterly reports, third-party reviews and reconciliations, which includes escalation to Trust Investments for exceptions, quarterly CIO investment reviews, and reviews of manager valuation policies. Valuation policies are reviewed when a new mandate is entered into with an asset manager, on a rolling three-year basis for existing managers, or as changes to policies are provided by managers.
Fixed income, equity, and derivative instruments are generally valued using valuations obtained from pricing vendors. Pricing vendor valuation methodologies and custodian pricing controls and related documentation are assessed for reasonableness on an annual basis. The pricing vendor due diligence process includes reviews of pricing controls and procedures, as well as discussions in order to maintain a current understanding of the valuation processes and related assumptions and inputs that may be used by the vendors to price instruments. The custodian due diligence process includes reviews of pricing controls and procedures that are carried out on the Master Trust's behalf. This includes various levels of tolerances checks on price changes, review of stale or unchanged prices, multi-price source comparisons, and vendor price challenges. Additionally, on a monthly basis, the custodian reconciles its valuations to valuations obtained from each investment manager and any exceptions are reported to Trust Investments for resolution, which may include escalation to the Valuation Committee.
Benefits — Benefits are recorded when paid.
Expenses — Necessary and proper expenses of the Plan are paid from the Plan assets at the Master Trust level, except for those expenses the Company is required by law or chooses to pay. Expenses are paid at the Master Trust level, deducted from income earned and therefore are recorded as a reduction of investment return and are not separately reflected in the Plan’s statement of changes in net assets available for benefits.
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Notes Receivable from Participants — Notes receivable from participants are measured at the unpaid principal balance, plus any accrued but unpaid interest. Delinquent Member loans are recorded as distributions based on the terms of the plan document.
3.    SYNTHETIC GUARANTEED INVESTMENT CONTRACTS
The Master Trust includes the VIP Stable Value Fund (“VIP SVF”), which is managed by GSAM Stable Value, LLC (“GSAM”). The VIP SVF holds synthetic GICs.
A synthetic GIC, also known as a wrap contract, is an investment contract issued by an insurance company or other financial institution, backed by diversified fixed income and cash portfolios that are owned by the VIP SVF. These contracts provide that realized and unrealized gains and losses on the underlying assets are not reflected immediately in the net assets of the VIP SVF, but rather are amortized, over the duration of the underlying assets or other agreed upon period, through adjustments to the future crediting rate. Primary variables impacting the future crediting rate of the VIP SVF include the crediting rates of the various wrap contracts, broader market interest rates, the current yield and historical investment performance of the underlying assets, the duration of the underlying assets covered by the wrap contracts, the existing difference between the market value of the VIP SVF’s investment portfolios and the associated wrap contract book value, the timing and amount of participant contributions and withdrawals made to or from the VIP SVF, the percentage of the VIP SVF invested in cash, and VIP SVF expenses, among other factors. The issuer guarantees (subject to the terms, conditions and exceptions in the wrap contracts) that all qualified participant withdrawals will occur at contract value (or book value), which represents contributions made under the contract, plus credited interest, less withdrawals made under the contract, and less administrative expenses.
The synthetic GICs are included in the Master Trust’s statements of net assets, as discussed in Note 2, at contract value. There are no reserves against contract value for credit risk of the contract issuers. The fixed-income securities underlying the contracts are valued based on the valuation methodology stated in Note 2.
The assets underlying the synthetic GICs are owned by the VIP SVF, which is part of the Master Trust. NT is the custodian for the Master Trust assets. The underlying assets of the synthetic GICs are invested in diversified fixed income and cash portfolios managed by BlackRock Financial Management, Voya Investment Management Co., J.P. Morgan Investment Management (“JPM”), Pacific Investment Management Company, PGIM (the global investment management business of Prudential Financial), and Western Asset Management Co. In addition to the diversified fixed income portfolios, GSAM oversees an allocation to a cash component, which is invested in a separately managed account, managed by JPM.
The wrap providers are each contractually obligated to pay the principal and specified crediting rate that is guaranteed to the VIP SVF, subject to the terms, conditions and exceptions of each wrap contract. The respective crediting rates are each based on a formula agreed upon with each wrap contract issuer; each contract provides an interest rate floor of 0%. Such contract crediting rates are reset on a monthly basis while the crediting rate for the VIP SVF is reset on a daily basis.
Certain events, including but not limited to a Plan termination or a Plan merger outside the Master Trust initiated by the Company, could limit the ability of the VIP SVF to transact at contract value or may allow for the termination of the wrap contract at less than contract value. The Company does not believe that any events are probable that could limit the ability of the VIP SVF to transact at contract value.
4.    MASTER TRUST
The Master Trust assets are invested and records are maintained by each investment fund option. Funds are allocated to the participating plans in accordance with the Plan provisions and Member allocation elections. The allocation of net assets is based on the respective number of units held by the plans’ Members as of year-end. The allocation of the changes in net assets is calculated daily based on the units held by the plans’ Members as of that day’s end.
The Plan’s interest in the Master Trust represented 100% of the Master Trust’s net assets at December 31, 2020 and 2019.
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Although the Plan is the only participating plan in the Master Trust as of December 31, 2020, the Company intends to keep the Master Trust for potential future acquired plans and file a Form 5500 as a master trust.

The Master Trust’s statements of net assets as of December 31, 2020 and 2019, are as follows:
20202019
ASSETS:
Investments — at fair value:
Common/collective trusts$38,256 $35,811 
Common and preferred stock6,538 5,519 
Government and agency securities471 487 
Corporate bonds757 595 
Mortgage and asset-backed securities381 288 
Boeing common stock7,317 10,005 
Mutual funds129 179 
Short-term investments
69 21 
Other investments
23 
Total investments — at fair value
53,941 52,911 
Investments — at contract value:
Synthetic GICs/VIP SVF14,106 13,531 
Total Master Trust investments68,047 66,442 
Cash and cash equivalents208 32 
Receivables:
Receivables for securities sold114 24 
Accrued investment income20 21 
Other26 10 
Total receivables160 55 
Total assets68,415 66,529 
LIABILITIES:
Payables for securities purchased220 57 
Accrued investment and administration expenses24 24 
Other58 22 
Total liabilities302 103 
NET ASSETS$68,113 $66,426 
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The statement of changes in net assets for the Master Trust for the year ended December 31, 2020 is as follows:
Net appreciation of investments$2,594 
Interest income402 
Dividend income178 
Investment income580 
Net investment income
3,174 
Amounts received from participating plan3,918 
Deductions:
Amounts paid to participating plan5,482 
Investment and administration expenses
82 
Total deductions
5,564 
Assets transferred from another plan159 
Increase in net assets1,687 
Beginning of year
66,426 
End of year
$68,113 
5.    FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
ASC 820, Fair Value Measurement, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 for financial assets and financial liabilities are described below:
Level 1 — Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 — Values are based on (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in nonactive markets; or (c) valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.
Level 3 — Values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
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The following tables set forth by level within the fair value hierarchy a summary of Master Trust investments by general types of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Quoted Prices
in Active Market
for Identical
Asset
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Not Leveled*Balance as of December 31, 2020
Investments:
Investments in the fair value hierarchy:
Common and preferred stock$5,378 $1,159 $$— $6,538 
Government and agency securities— 459 12 — 471 
Corporate bonds— 743 14 — 757 
Mortgage and asset-backed securities— 356 25 — 381 
Boeing common stock7,317 — — — 7,317 
Mutual funds129 — — — 129 
Short-term investments— 62 — 69 
Other investments— 23 — — 23 
Total investments in the fair value hierarchy
12,824 2,802 59 — 15,685 
Investments measured at net asset value:
Common/collective trusts— — — 38,256 38,256 
Total investments — at fair value
12,824 2,802 59 38,256 53,941 
Investments measured at contract value:
Synthetic GICs/VIP SVF— — — 14,106 14,106 
Cash and cash equivalents
— — — 208 208 
Receivables:
Receivables for securities sold— — — 114 114 
Accrued investment income— — — 20 20 
Other24 — — 26 
Total receivables24 — 134 160 
Total assets12,826 2,826 59 52,704 68,415 
Investment liabilities:
Payables for securities purchased— — — 220 220 
Accrued investment and administration expenses— — — 24 24 
Other15 — 42 58 
Total liabilities15 — 286 302 
NET ASSETS$12,825 $2,811 $59 $52,418 $68,113 
12

Quoted Prices
in Active Market
for Identical
Asset
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Not Leveled*Balance as of December 31, 2019
Investments:
Investments in the fair value hierarchy:
Common and preferred stock$5,518 $— $$— $5,519 
Government and agency securities— 487 — — 487 
Corporate bonds— 595 — — 595 
Mortgage and asset-backed securities— 262 26 — 288 
Boeing common stock10,005 — — — 10,005 
Mutual funds179 — — — 179 
Short-term investments— 20 — 21 
Other investments— — — 
Total investments in the fair value hierarchy
15,702 1,370 28 — 17,100 
Investments measured at net asset value:
Common/collective trusts— — — 35,811 35,811 
Total investments — at fair value
15,702 1,370 28 35,811 52,911 
Investments measured at contract value:
Synthetic GICs/VIP SVF— — — 13,531 13,531 
Cash and cash equivalents
— — — 32 32 
Receivables:
Receivables for securities sold— — — 24 24 
Accrued investment income— — — 21 21 
Other— — 10 
Total receivables— 45 55 
Total assets15,704 1,378 28 49,419 66,529 
Investment liabilities:
Payables for securities purchased— — — 57 57 
Accrued investment and administration expenses— — — 24 24 
Other11 — 22 
Total liabilities11 — 90 103 
NET ASSETS$15,702 $1,367 $28 $49,329 $66,426 
*The amounts not leveled are related to investments using NAV as a practical expedient to estimate fair value, investments measured at contract value, and non-investment assets and liabilities. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Master Trust’s statements of net assets.
Master Trust net assets at fair value classified within Level 3 consisted of common and preferred stock, government and agency securities, corporate bonds, mortgage and asset-backed securities, and short-term investments. Such amounts were 0.09% and 0.04% of the Master Trust’s net assets as of December 31, 2020 and 2019, respectively.
Level 3 Transfers — The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. The significance of transfers between levels is evaluated based upon the nature of the financial instrument and size of the transfer relative to net assets. There were no significant transfers into or out of Level 3 for the years ended December 31, 2020 and 2019.

13

6.     DERIVATIVE FINANCIAL INSTRUMENTS
ASC 815, Derivatives and Hedging, requires disclosures on how and why derivatives are used, accounted for, and affect the results of operations and financial position. Derivative instruments held by the Master Trust are not designated as hedging instruments under ASC 815. The Master Trust investments are exposed to the following financial instrument risks:

Interest Rate Risk  Interest rate risk is the risk of change in the market value of the assets due to a change in interest rates. Bond futures, interest rate swaps, and interest rate swaptions are generally used to manage interest rate risk or adjust portfolio duration. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Interest rate swap agreements involve the exchange by the Master Trust, with a counterparty, of respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments, with respect to the notional amount of principal. Interest rate swaptions are options to enter into an interest rate swap based on predetermined conditions.

Credit Risk Credit risk is the risk of change in the market value of assets due to the change in creditworthiness of the underlying issuer. Credit default swaps are used to manage the credit exposure of a security or basket of securities. Credit default swap agreements involve one party (referred to as the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation, or index.

Foreign Currency Risk  Currency risk is the risk of a change in market value due to the change in foreign currency exchange rates. Generally, currency futures and forward contracts are used to achieve the desired currency exposure, or generate value-added performance. Foreign currency futures and forwards are agreements between two parties to buy and sell a set of currencies at a set exchange rate on a specified future date. A currency option gives the buyer the right, but not the obligation, to buy one currency or sell another currency at a set exchange rate on or before a given date.

Equity Risk  Equity risk is the risk of a change in market value of assets due to the change in equity or equity index prices. Equity futures and swaps are generally used to manage the market exposure of a security or index, or rebalance the total portfolio to the target asset allocation. An equity futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Equity swaps generally exchanges the return on a stock or stock index for the return of another financial instrument such as a different stock or equity index or LIBOR.

Commodity Risk — Commodity risk is the risk of change in the market value of the underlying commodity due to a change in the price of the commodity. Commodity futures, swaps, and options are generally used to achieve the desired market exposure to commodities. A futures contract is an agreement between two parties to buy and sell a commodity at a set price on a future date. Commodity swaps are agreements involving the exchange by the Master Trust, with a counterparty, of respective commitments to pay or receive cash flows, e.g., an exchange of payments based on the price movement for the commodity, with respect to the notional amount of principal. Commodity options give the buyer the right, but not the obligation, to buy one commodity or sell another commodity at a set price on or before a given date.

Future Settlement Risk  Future settlement risk is the risk of counterparty nonperformance resulting in not receiving the asset or associated gains specified in the contract. Gains are derived from the change in market value of the contract due to a change in price of the underlying security. Mortgage-backed TBAs are used to manage the market exposure of a security or asset class. A TBA is a contract for the purchase or sale of agency mortgage-backed securities to be delivered at a future agreed-upon date.
14

As of December 31, 2020 and 2019, the Master Trust has invested in derivative contracts which are reflected on the Master Trust’s statements of net assets, as discussed in Note 4, as follows:
Interest RateCreditForeign
Currency
EquityCommodityFuture
Settlement
Total
December 31, 2020
Assets:
Synthetic GICs/VIP SVF*
TBAs$— $— $— $— $— $$
Futures— — — — — 
Other investments:
Swaps
— — — 
Other receivables:
Forward contracts— — 10 — — — 10 
Futures
— — — — — 
TBAs— — — — — 
Total assets$$— $10 $$$$25 
Liabilities:
Synthetic GICs/VIP SVF*
TBAs$— $— $— $— $— $$
Futures— — — — — 
Other liabilities:
Forward contracts— — 10 — — — 10 
Futures— — — — — 
Swaps— — — 
Total liabilities$$$10 $$— $$19 
December 31, 2019
Assets:
Synthetic GICs/VIP SVF*
TBAs
$— $— $— $— $— $$
Futures
— — — — — 
Other investments:
Swaps
— — 
Other receivables:
Forward contracts— — — — — 
Futures— — — — 
TBAs— — — — — — — 
Total assets$$$$$$$18 
Liabilities:
Synthetic GICs/VIP SVF*
TBAs
$— $— $— $— $— $— $— 
Futures
— — — — — — — 
Other liabilities:
Forward contracts— — — — — 
Futures— — — — 
Swaps— — — — 
Total liabilities$$$$$— $— $13 
*Synthetic GICs/VIP SVF are stated at contract value on the Master Trust’s statements of net assets.
15

Realized gains and losses and the change in unrealized gains and losses are reflected in the Master Trust’s statement of changes in net assets as net appreciation or depreciation of investments. The effect of derivative contracts realized gains and losses and the change in unrealized gains and losses for the year ended December 31, 2020, is reflected in the following table:
Interest RateCreditForeign
Currency
EquityCommodityFuture
Settlement
Total
Net gains (losses):
Forward contracts$— $— $(2)$— $— $— $(2)
Futures(20)— — 41 — — 21 
Options
— — — — — 
Swaps
(2)(2)— (7)— (4)
TBAs
— — — — — 50 50 
Total net gains (losses)$(21)$(2)$(2)$48 $(7)$50 $66 
The following table summarizes the gross notional value of derivative contracts outstanding as of December 31, 2020 and 2019. The gross notional amounts give an indication of the volume of the Master Trust’s derivative activity and significantly exceed the fair value of the derivative investments, which is more representative of the economic exposure associated with derivatives in the Master Trust.
Interest RateCreditForeign
Currency
EquityCommodityFuture
Settlement
Total
December 31, 2020
Forward contracts$— $— $931 $— $— $— $931 
Futures3,637 — 411 58 — 4,110 
Options22 — — 31 
Swaps464 40 22 — 531 
TBAs— — — — — 1,001 1,001 
Total$4,123 $42 $941 $412 $85 $1,001 $6,604 
December 31, 2019
Forward contracts$— $— $685 $— $$— $686 
Futures4,138 — 317 94 — 4,553 
Options69 — 22 — 96 
Swaps576 68 96 — 749 
TBAs— — — — — 1,226 1,226 
Total$4,783 $69 $698 $321 $213 $1,226 $7,310 
Derivatives are generally used to manage the market exposure of a security, index or currency, or adjust the portfolio duration. Derivative contracts are instruments that derive their value from underlying assets, indices, reference interest rates, or a combination of these factors. Refer to Note 2 for further description of how derivative instruments are valued. Certain cash instruments, such as mortgage-backed TBAs meet the definition of a derivative instrument under GAAP.
The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Master Trust is exposed. For OTC derivatives such as swaps, forwards, options and TBAs, the Master Trust is exposed to the credit risk of the derivative counterparty.
For exchange-traded derivatives, such as futures and options, and “cleared” OTC swaps, the Master Trust is generally exposed to the credit risk of the relevant exchange or clearinghouse. Where possible, the Master Trust seeks to mitigate its credit risk exposures arising on derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements.
16

The Master Trust is also exposed to liquidity risk in the following situations:
1) When the derivative contracts require the Master Trust to post additional cash or securities collateral with counterparties as the fair value of the contracts moves in the counterparties’ favor and the Master Trust’s receivables under related contracts are unavailable for offset or insufficient in value to offset the payment obligation to the counterparty.
2) When certain derivative contracts have credit-related contingent features under the International Swaps and Derivatives Association Master Agreement (generally swaps) with counterparties for contracts in a net liability position.
The Master Trust has liquidity risk if its assets decline by various, pre-specified rates over predetermined time periods. If this occurs, the Master Trust is required to post more collateral or may be required to pay off the open liability contracts given the counterparty’s right to terminate the contract. At December 31, 2020 and 2019, the Master Trust had an insignificant amount of contracts in a net liability position with contingent features with an insignificant amount posted in collateral against those positions.
7.    PLAN AMENDMENTS
Effective during 2020 as specified in the Plan provisions, the Plan amended employer contribution formulas for certain union Members as specified or permitted in the applicable collective bargaining agreement for each group, and for certain nonunion Members.
8.    RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2020 and 2019, to Form 5500:
20202019
Net assets available for benefits per the financial statements$68,804 $67,172 
Amounts allocated to withdrawing Members(151)(15)
Net assets available for benefits per Form 5500$68,653 $67,157 
The following is a reconciliation of benefits paid per the financial statements for the year ended December 31, 2020, to total benefit payments per Form 5500:
Benefits paid per the financial statements$5,225 
Amounts allocated to withdrawing Members — December 31, 2020
151 
Amounts allocated to withdrawing Members — December 31, 2019
(15)
Total benefit payments per Form 5500$5,361 
Amounts allocated to withdrawing Members are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, but not yet paid as of that date.
9.    RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS
Certain Master Trust investments are managed by NT. NT is the trustee as defined by the Plan and, therefore, these transactions qualify as related party and party-in-interest transactions.
As of December 31, 2020 and 2019, the Plan held approximately 34 million and 31 million shares of common stock of the Company, respectively, with a cost basis of $5,057 and $4,392, respectively, and recorded dividend income of $63 during the year ended December 31, 2020. The Company contributed $194 in Company common stock to the Plan during the year ended December 31, 2020.
Newport Trust Company (“Newport”), is the independent fiduciary and investment manager of the Boeing Stock Fund. The Plan has authorized Newport with sole responsibility for deciding whether to restrict
17

investment in the Boeing Stock Fund, or to sell or otherwise dispose of all or any portion of the stock held in the Boeing Stock Fund. In the event Newport determined to sell or dispose of stock in the Boeing Stock Fund, Newport would designate an alternative investment fund under the Plan for the temporary investment of any proceeds from the sale or other disposition of the Company’s common stock.
10.    TAX STATUS
The Internal Revenue Service (“IRS”) has determined and informed the Company by a letter, dated May 11, 2015, that the Plan is designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. The Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, the Plan administrator believes that the tax-exempt status of the Plan and related trust has not been affected and no provision for income taxes has been included in the Plan’s financial statements.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2017.
11.     PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event of termination of the Plan, both Member and employer contributions, including any income earned, will be distributed to the Members.
18

SUPPLEMENTAL SCHEDULE
THE BOEING COMPANY VOLUNTARY INVESTMENT PLAN
FORM 5500, SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2020
Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
1166 AVE OF THE 5.68959999084% DUE 10-13-2037**$2,893,645 
1LIFE HEALTHCARE INC COM**852,965 
1ST COMWLTH FNCL CORP COM LM**152,405 
1ST CONSTITUTION BANCORP COM**17,949 
1ST INDL RLTY TR INC COM**402,805 
1ST INVS AUTO 3.6% DUE 04-17-2023**144,859 
1ST SOURCE CORP COM**145,161 
2U INC COM**2,386,476 
3I GROUP ORD GBP0.738636**274,365 
3M CO 1.75% DUE 02-14-2023**1,024,189 
3M CO 2.375% DUE 08-26-2029**421,988 
3M CO 3.7% DUE 04-15-2050/03-27-2020 REG**2,346,033 
3SBIO INC USD0.00001 REG'S'/144A**816,326 
4D MOLECULAR THERAPEUTICS INC COM**78,755 
5 PT HLDGS LLC CL A COM REPSTG CL A LTD**305,826 
5TH 3RD BK CIN OH 2.25% DUE 06-14-2021**604,155 
6TH STR CLO XVI LTD / 6TH STR CLO 1.5128% 10-20-2032**13,014,140 
7 & I HLDGS CO LTD 3.35% DUE 09-17-2021**1,325,364 
888 HOLDINGS ORD GBP0.005**604,746 
89BIO INC COM**132,232 
8X8 INC NEW COM**457,727 
908 DEVICES INC COM**216,410 
A H BELO CORP COM SER A STK**2,940 
A&D CO LTD NPV**179,989 
A10 NETWORKS INC COM**487,952 
A2A SPA EUR0.52**265,608 
AAR CORP COM**58,858 
AARONS CO INC COM**47,248 
AARTI DRUGS LTD COM STK**123,447 
ABACORE CAPITAL HO PHP1**44,364 
ABBOTT LAB COM**17,586,941 
ABBOTT LABS 1.15% DUE 01-30-2028**76,101 
ABBOTT LABS 3.4% DUE 11-30-2023**2,496,024 
ABBVIE INC 2.15% DUE 11-19-2021 REG**5,216,635 
ABBVIE INC 2.3% DUE 11-21-2022 REG**5,498,101 
ABBVIE INC 2.6% DUE 11-21-2024 REG**1,500,514 
ABBVIE INC 2.6% DUE 11-21-2024 REG**24,404,790 
ABBVIE INC 2.8% DUE 03-15-2023 REG**141,173 
ABBVIE INC 2.85% DUE 05-14-2023**6,518,855 
ABBVIE INC 2.9% DUE 11-06-2022**104,608 
ABBVIE INC 2.9% DUE 11-06-2022**1,516,816 
ABBVIE INC 2.95% 09-21-2026**1,548,189 
ABBVIE INC 2.95% 09-21-2026**10,339,690 
19

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
ABBVIE INC 3.2% 08-21-2029**773,280 
ABBVIE INC 3.2% 08-21-2029**12,949,638 
ABBVIE INC 3.2% 11-06-2022**4,248,625 
ABBVIE INC 3.25% DUE 10-01-2022 REG**677,006 
ABBVIE INC 3.25% DUE 10-01-2022 REG**1,176,949 
ABBVIE INC 3.375% DUE 11-14-2021**488,794 
ABBVIE INC 3.45% DUE 03-15-2022 REG**1,943,720 
ABBVIE INC 3.45% DUE 03-15-2022 REG**5,424,652 
ABBVIE INC 3.6% 05-14-2025**8,110,558 
ABBVIE INC 3.75% DUE 11-14-2023**255,153 
ABBVIE INC 3.85% DUE 03-15-2025 REG**501,830 
ABBVIE INC 4.05% DUE 11-21-2039 REG**163,380 
ABBVIE INC 4.25% DUE 11-14-2028**299,728 
ABBVIE INC 4.25% DUE 11-21-2049 REG**169,266 
ABBVIE INC 4.25% DUE 11-21-2049 REG**376,146 
ABBVIE INC 4.4% DUE 11-06-2042**313,939 
ABBVIE INC 5.0% DUE 12-15-2021 REG**206,472 
ABC ARBITRAGE EUR0.016**132,956 
ABC-MART INC NPV**200,330 
ABERCROMBIE & FITCH CO CL A**175,259 
ABM INDS INC COM**438,641 
ABN AMRO BK N V 4.75% DUE 07-28-2025**460,340 
ABU DHABI COMM.BK. AED1**60,647 
ABU DHABI NATIONAL 4.875% SNR MTN 23/04/30 USD**7,368,835 
ACACIA RESH CORP COM**17,604 
ACADIA HEALTHCARE CO INC COM**1,391,599 
ACADIA RLTY TR COM**111,661 
ACCELERON PHARMA INC COM**3,215,772 
ACCENTURE PLC SHS CL A NEW**31,607,455 
ACCESS GROUP INC DEL 2005-A ASSET BKD CTF CL A-3 FLTG 07-25-2034 REG**2,564,203 
ACCO BRANDS CORP COM**352,661 
ACCOLADE INC COM**594,254 
ACCREDITED MTG LN TR 2004-3 MTG PASSTHRUCTF CL 2A2 10-25-2034 REG**563,282 
ACCUNIA EUROPEAN I FRN CLO 07/2030 EUR 'A'**367,182 
ACCURAY INC DEL COM**188,367 
ACE INA HLDGS INC 2.7% DUE 03-13-2023**126,368 
ACE INA HLDGS INC 2.875% DUE 11-03-2022**2,628,973 
ACE INA HLDGS INC 3.35% DUE 05-03-2026**45,078 
ACER INC TWD10**220,497 
ACNB CORP COM**17,025 
ACUITY BRANDS INC COM**19,617 
ACUSHNET HLDGS CORP COM**442,291 
ADAMS RES & ENERGY INC COM NEW COM NEW**7,399 
ADAPTIVE BIOTECHNOLOGIES CORP COM USD0.0001**1,773,900 
ADARO ENERGY TBK IDR100**592,435 
ADDUS HOMECARE CORP COM STK**59,716 
ADECCO GROUP AG CHF0.1 (REGD)**3,618,369 
ADIENT PLC ADIENT PLC LTD COM**1,503,768 
20

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
ADOBE INC 2.3% DUE 02-01-2030**2,933,253 
ADOBE SYS INC COM**44,969,290 
ADR 360 DIGITECH INC**212,220 
ADR ABCAM PLC SPON ADS EACH REP 1 ORD SHS**538,750 
ADR ALIBABA GROUP HOLDING LTD SPON ADS EACH REP 8 ORD SHS ADS**12,918,842 
ADR AMBEV SA SPONSORED ADR**1,554,042 
ADR ANGLOGOLD ASHANTI LTD**1,349,554 
ADR ARGENX SE SPONSORED ADS**588,180 
ADR ASCENDIS PHARMA A/S SPONSORED ADR**1,032,368 
ADR ASTRAZENECA PLC SPONSORED ADR UNITEDKINGDOM**14,343,331 
ADR AUTOHOME INC SPONSORED ADR REPST CL A**114,862 
ADR BANCO BRADESCO S A SPONSORED ADR REPSTG PFD SHS NEW 2004**1,146,612 
ADR BANCO SANTANDER CHILE NEW SPONSORED ADR REPSTG COM**107,066 
ADR BILIBILI INC ADS REPSTG SHS CL Z**210,957 
ADR CEMEX SAB DE CV**878,957 
ADR COMPANHIA ENERGETICA DE MINAS GERAISSPONSORED ADR PAR $0.01 REP NON VTG PFD**149,512 
ADR CRITEO S A SPONSORED ADS**797,839 
ADR DANONE SPONSORED ADR**3,984,038 
ADR DAQO NEW ENERGY CORP SPONSORED ADR NEW**45,888 
ADR ENDAVA PLC ADS**2,859,475 
ADR GAZPROM SPONSORED ADR PJSC GAZPROM**59,388 
ADR GDS HLDGS LTD SPONSORED ADR**163,027 
ADR GERDAU S A SPONSORED ADR REPRESENTING PFD SHS**947,926 
ADR GLAXOSMITHKLINE PLC SPONSORED ADR**15,514,880 
ADR GOLD FIELDS LTD NEW SPONSORED ADR**1,112,354 
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG ORD PARTN SPONS ADR**373,577 
ADR GSX TECHEDU INC SPONSORED ADS**86,201 
ADR HARMONY GOLD MNG LTD SPONSORED ADR**52,964 
ADR HUAZHU GROUP LTD**130,227 
ADR ICICI BK LTD**1,378,310 
ADR JD COM INC SPONSORED ADR REPSTG COM CL A**3,127,482 
ADR KE HLDGS INC SPONSORED ADS**115,572 
ADR KERING S A ADR**15,906,108 
ADR LOMA NEGRA CORP SPONSORED ADS REPSTGORD SHS**27,060 
ADR MORPHOSYS AG SPONSORED ADS**623,480 
ADR NESTLE S A SPONSORED ADR REPSTG REG SH**21,111,409 
ADR NETEASE INC SPONSORED ADR ADR EACH REPR 25 COM STK USD0.0001**819,791 
ADR NEW ORIENTAL ED & TECHNOLOGY GROUP INC SPONSORED ADR REPSTG COM**540,150 
ADR NICE LTD SPONSORED ADR**2,608,568 
ADR NIO INC ADS**1,106,106 
ADR OZON HLDGS PLC SPONSORED ADS**277,488 
ADR PINDUODUO INC SPONSORED ADS**1,352,069 
ADR PJSC LUKOIL SPONSORED ADR**107,120 
ADR RECKITT BENCKISER GROUP PLC SPONSORED ADR**5,337,645 
ADR ROCHE HLDG LTD SPONSORED ADR ISIN #US771195104**5,657,727 
ADR ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG A SHS**6,711,986 
ADR RYANAIR HLDGS PLC SPONSORED ADR NEW**5,596,552 
ADR SOCIEDAD QUIMICA Y MINERA DE CHILE SA SPONSORED ADR REPSTG SER B SHS**972,424 
21

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
ADR TAIWAN SEMICONDUCTOR MANUFACTURING SPON ADS EACH REP 5 ORD TWD10**21,656,871 
ADR TAL ED GROUP ADS REPSTG COM SHS ADR**505,647 
ADR TENCENT MUSIC ENTMT GROUP ADS**151,284 
ADR TRIP COM GRP LTD**250,412 
ADR UNILEVER PLC SPONSORED ADR NEW**11,691,732 
ADR VALE S A ADR**2,736,942 
ADR VIPSHOP HLDGS LTD SPONSORED ADR**173,298 
ADR VODAFONE GROUP PLC NEW SPONSORED ADRNO PAR**14,978,672 
ADR WNS HLDGS LTD SPONSORED ADR**7,966,208 
ADR XPENG INC ADS**433,697 
ADR YALLA GROUP LTD SPONSORED ADS**575,736 
ADR ZAI LAB LTD ADR**187,311 
ADR ZTO EXPRESS CAYMAN INC SPONSORED ADR**172,627 
ADT INC DEL COM**364,083 
ADTALEM GLOBAL ED INC COM**800,881 
ADTRAN INC COM**1,448,996 
ADVANCE AUTO PTS INC COM**355,500 
ADVANCED DRAIN SYS INC DEL COM**180,449 
ADVANCED INFO SERV THB1(NVDR)**1,324,012 
ADVANCED PETROCHEM SAR10**127,687 
ADVANSIX INC COM**431,464 
ADVANTEST CORP NPV**1,148,788 
ADVENTIST HLTH 2.952% DUE 03-01-2029**2,082,332 
ADVENTIST HLTH 3.378% DUE 03-01-2023**4,168,413 
ADVERUM BIOTECHNOLOGIES INC COM**220,225 
ADYEN NV EUR0.01**22,625,686 
AEGION CORP 10**107,901 
AEM HOLDINGS LTD NPV**1,176,531 
AEON MALL CO LTD NPV**26,502 
AEP TEX INC 3.45% DUE 01-15-2050**369,577 
AEP TEX INC 4.15% DUE 05-01-2049**309,087 
AEP TEXAS CENT CO FIXED 3.95% DUE 06-01-2028**3,754,793 
AEP TRANSM CO LLC 3.1% DUE 12-01-2026**854,985 
AEP TRANSM CO LLC FIXED 3.65% DUE 04-01-2050**1,333,635 
AERCAP IRELAND CAP 3.3% DUE 01-23-2023**260,863 
AERCAP IRELAND CAP 3.3% DUE 01-23-2023**521,726 
AERCAP IRELAND CAP 3.5% 01-15-2025**289,878 
AERCAP IRELAND CAP 3.65% DUE 07-21-2027**220,595 
AERCAP IRELAND CAP 3.95% DUE 02-01-2022**1,028,267 
AERCAP IRELAND CAP 4.625% DUE 07-01-2022**2,635,944 
AERCAP IRELAND CAP 4.875% DUE 01-16-2024**2,641,929 
AERCAP IRELAND CAP 5% DUE 10-01-2021**480,715 
AERCAP IRELAND CAP DESIGNATED ACTIVITY C4.125% DUE 07-03-2023**321,349 
AERCAP IRELAND CAP DESIGNATED ACTIVITY C4.5% DUE 09-15-2023 REG**542,111 
AERCAP IRELAND CAP FIXED 3.15% DUE 02-15-2024**859,576 
AERIE PHARMACEUTICALS INC COM**205,460 
AEROVIRONMENT INC COM**66,652 
AES TIETE ENERGIA PRF NPV**21,860 
22

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
AES TIETE ENERGIA UNITS (1 COM & 4 PRF)**36,987 
AETNA INC 2.75% DUE 11-15-2022**2,494,140 
AETNA INC NEW 2.8% DUE 06-15-2023**52,608 
AETNA INC NEW 2.8% DUE 06-15-2023**1,594,013 
AETNA INC NEW 6.75% DUE 12-15-2037**136,975 
AFREECATV CO LTD KRW500**95,598 
AFRICAN RAINBOW LTD ZAR0.05**465,011 
AGCO CORP COM**3,966,594 
AGEAS NPV**1,418,366 
AGENUS INC COM NEW COM USD0.01 (POST REVSPLIT)**135,271 
AGILYSYS INC COM STK**566,335 
AGIOS PHARMACEUTICALS INC COM**270,163 
AGL CAP CORP 3.25% DUE 06-15-2026**3,140,497 
AGL CAP CORP 3.5% DUE 09-15-2021**233,223 
AGL CAP CORP 5.875% DUE 03-15-2041**36,421 
AGNICO EAGLE MINES LTD COM NPV**722,627 
AGREE RLTY CORP COM**3,574,081 
AGROFRESH SOLUTIONS INC COM**8,453 
AGUAS ANDINAS S.A. COM NPV SER'A'**64,614 
AHN-GOOK PHARMACEU KRW500**14,191 
AIA GROUP LTD NPV**14,300,693 
AICHI STEEL CORP NPV**90,964 
AIG GLOBAL FDG SR SECD MEDIUM TERM NTS BTRANCHE # TR 00008 VAR RT DUE 06-25-2021**2,482,973 
AIR LEASE CORP 2.625% DUE 07-01-2022**4,220,889 
AIR LEASE CORP 2.75% 01-15-2023**826,939 
AIR LEASE CORP 3% DUE 09-15-2023**630,809 
AIR LEASE CORP 3.25% DUE 03-01-2025**428,277 
AIR LEASE CORP 3.375% DUE 06-01-2021**1,010,664 
AIR LEASE CORP 3.375% DUE 07-01-2025 REG**133,349 
AIR LEASE CORP 3.375% DUE 07-01-2025 REG**666,747 
AIR LEASE CORP 3.5% DUE 01-15-2022**5,660,104 
AIR LEASE CORP 3.625% 12-01-2027**215,902 
AIR LEASE CORP 3.875% DUE 07-03-2023**2,744,245 
AIR LEASE CORP CL A CL A**969,600 
AIR LEASE CORP MED 2.875% DUE 01-15-2026**804,182 
AIR LEASE CORP MED 2.875% DUE 01-15-2026**2,957,485 
AIR LEASE CORP MED 3.25% DUE 10-01-2029**581,267 
AIR LIQUIDE(L') EUR5.50**13,538,664 
AIR PRODS & CHEMS INC 1.5% DUE 10-15-2025 REG**675,428 
AIR TRANS SVCS GROUP INC COM STK**220,728 
AIRBNB INC CL A COM USD0.0001 CL A**10,742,384 
AIRCASTLE LTD 5.125% DUE 03-15-2021**604,782 
AISIN SEIKI CO NPV**1,187,197 
AKATSUKI INC NPV**385,078 
AKEBIA THERAPEUTICS INC COM**200,217 
AKERO THERAPEUTICS INC COM**170,228 
AKZO NOBEL NV EUR0.50(POST REV SPLIT)**6,466,263 
AL ECON SETTLEMENT AUTH BP SETTLEMENT REV 3.163 09-15-2025 BEO TAXABLE**561,058 
23

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
AL HASSAN GHAZI IBRAHIM SHAKER**139,919 
ALABAMA PWR CO 2.45% DUE 03-30-2022**81,980 
ALABAMA PWR CO 3.45% DUE 10-01-2049**410,638 
ALAMO GROUP INC COM**1,277,141 
ALASKA AIR GROUP INC COM**579,072 
ALASKA COMMUNICATIONS SYS GROUP INC COM ISIN US01167P1012**16,974 
ALBA PLC FLT 15/12/2038**404,252 
ALBACORE EURO 1 FRN CLO 07/2031 EUR 'A'**615,727 
ALBANY INTL CORP NEW CL A**1,254,160 
ALBERTA PROV CDA BD 3.3% DUE 03-15-2028 REG**2,044,035 
ALBERTSONS COS INC CL A CL A**517,204 
ALCON INC**1,112,844 
ALEMBIC PHARMACEUTICALS LTD SHS**96,089 
ALEXANDRIA REAL 3.8% DUE 04-15-2026**287,460 
ALEXANDRIA REAL 4% DUE 02-01-2050**372,746 
ALEXANDRIA REAL 4.9% DUE 12-15-2030**763,546 
ALEXANDRIA REAL ESTATE EQUITIES 1.875% DUE 02-01-2033**124,800 
ALFA SAB DE CV SER'A'NPV**44,312 
ALFRESA HOLDINGS NPV**229,225 
ALIBABA GROUP HLDG 2.8% DUE 06-06-2023**2,754,230 
ALIBABA HLTH HKD0.01**510,290 
ALICO INC COM**45,910 
ALIGOS THERAPEUTICS INC COM**107,835 
ALINMA BANK SAR10**554,174 
ALKERMES PLC SHS**1,861,076 
ALLAKOS INC COM**370,440 
ALLEGHANY CORP DEL COM**2,760,674 
ALLEGHENY TECHNOLOGIES INC COM**614,671 
ALLEGIANCE BANCSHARES INC COM**113,926 
ALLEGIANT TRAVEL CO COM**1,027,952 
ALLEGION US HLDG CO INC 3.2% 10-01-2024**1,068,060 
ALLETE INC COM NEW**459,285 
ALLIANCE DATA SYS CORP COM**164,724 
ALLIANT ENERGY FIN 3.75% DUE 06-15-2023**3,107,129 
ALLIED MOTION TECHNOLOGIES INC COM**138,890 
ALLISON TRANSMISSION HOLDING**48,608 
ALLSCRIPTS HEALTHCARE SOLUTIONS INC**2,072,284 
ALLY AUTO RECEIVABLES TR 2018-3 CL A-4 3.23% 07-17-2023**1,897,435 
ALLY AUTO RECEIVABLES TR 2019-1 3.02% DUE 04-15-2024 REG**780,652 
ALLY AUTO RECEIVABLES TR SER 17-3 CL A4 2.01%03-15-2022**696,575 
ALLY AUTO RECEIVABLES TR SER 2018-1 CL A-3 2.35% 06-15-2022**182,769 
ALLY FINL INC COM**1,523,467 
ALMIRALL SA EUR0.12**806,573 
ALNYLAM PHARMACEUTICALS INC COM**166,622 
ALPHA & OMEGA SEMICONDUCTOR LTD COM STK**261,600 
ALPHABET INC 1.1% DUE 08-15-2030**473,437 
ALPHABET INC 2.05% 08-15-2050**754,000 
ALPHABET INC 2.25% DUE 08-15-2060**512,493 
24

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
ALPHABET INC CAP STK USD0.001 CL C**22,599,252 
ALPHABET INC CAPITAL STOCK USD0.001 CL A**45,582,661 
ALPHABET INC FIXED .45% DUE 08-15-2025**2,002,494 
ALPHABET INC FIXED .8% DUE 08-15-2027**419,760 
ALPS ALPINE CO LTD**1,338,556 
ALSO HOLDING AG CHF1 (REGD)**768,465 
ALTABANCORP COM**90,489 
ALTAGAS INCOME LTD COMMON STOCK**125,794 
ALTRA INDUSTRIAL MOTION CORP COM STK USD0.001**389,396 
ALTRIA GROUP INC 2.85 DUE 08-09-2022 REG**1,609,646 
ALTRIA GROUP INC 3.49% DUE 02-14-2022**2,430,741 
ALTRIA GROUP INC 3.8% DUE 02-14-2024**9,904,317 
ALTRIA GROUP INC 4 DUE 01-31-2024 REG**3,321,332 
ALTRIA GROUP INC 4.8% DUE 02-14-2029**958,477 
ALTRIA GROUP INC 6.2% DUE 02-14-2059**210,598 
ALTRIA GROUP INC FIXED 2.35% DUE 05-06-2025**1,699,976 
ALTRIA GROUP INC FIXED 2.35% DUE 05-06-2025**3,557,200 
ALTRIA GROUP INC FIXED 3.4% DUE 05-06-2030**847,107 
ALTRIA GROUP INC FIXED 4.4% DUE 02-14-2026**2,391,805 
ALUMINUM CORP CHN. 'H'CNY1**379,806 
ALX ONCOLOGY HLDGS INC COM**595,814 
AMADEUS IT GROUP EUR0.01**7,767,090 
AMALGAMATED BK NEW YORK COM**35,394 
AMANAT HLDGS AED1**40,716 
A-MARK PRECIOUS METALS INC COM**74,385 
AMAZON COM INC .4% DUE 06-03-2023 REG**2,172,141 
AMAZON COM INC .8% DUE 06-03-2025**517,481 
AMAZON COM INC 1.2% DUE 06-03-2027**744,703 
AMAZON COM INC 1.5% DUE 06-03-2030**508,504 
AMAZON COM INC 1.5% DUE 06-03-2030**722,076 
AMAZON COM INC 2.5% DUE 06-03-2050**539,537 
AMAZON COM INC 3.15% DUE 08-22-2027 BEO**6,876,926 
AMAZON COM INC COM**115,451,655 
AMAZON COM INC FIXED 4.25% DUE 08-22-2057**170,992 
AMBAC FINL GROUP INC COM**61,474 
AMBARELLA INC SHS**1,494,279 
AMBUJA CEMENTS LTD INR2**701,047 
AMC NETWORKS INC CL A**135,318 
AMEDISYS INC COM**767,058 
AMER ELEC PWR CO INC COM**9,532,666 
AMER MOVIL SAB DE 3.625% DUE 04-22-2029**299,469 
AMER MOVIL SAB DE C V SPONSORED ADR REPSTG SER L SHS**400,737 
AMERCO COM**1,243,396 
AMEREN ILL CO 2.7% DUE 09-01-2022**2,266,175 
AMEREN ILL CO 3.8% DUE 05-15-2028**4,534,193 
AMERESCO INC**260,834 
AMERICA HONDA FINANCE 3.15% DUE 01-08-2021**500,160 
AMERICAN AIRLS 2017-1 CL AA PASS THRU TR3.65% DUE 08-15-2030**50,121 
25

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
AMERICAN AIRLS INC 16-3 AA PTT 04-15-2030**88,488 
AMERICAN ASSETS TR INC COM**2,383,178 
AMERICAN AXLE & MFG HLDGS INC COM**780,749 
AMERICAN CAMPUS CMNTYS INC COM**536,165 
AMERICAN CAMPUS CMNTYS OPER PARTNERSHIP LP 2.85% DUE 02-01-2030**418,788 
AMERICAN EAGLE OUTFITTERS INC NEW COM**1,288,273 
AMERICAN EQUITY INVT LIFE HLDG CO COM**1,395,862 
AMERICAN EXPRESS CO**14,235,339 
AMERICAN EXPRESS CR CORP MEDIUM TERM NTS 2.25% DUE 05-05-2021**711,184 
AMERICAN EXPRESS CR CORP MEDIUM TERM NTSTRANCHE # TR 00103 2.7% DUE 03-03-2022**199,998 
AMERICAN FIN TR INC COM CL A COM CL A**53,496 
AMERICAN HOMES 4 RENT COMMON STOCK**1,636,320 
AMERICAN HONDA FIN CORP MED TERM NTS BOO.65% DUE 09-08-2023**4,575,714 
AMERICAN HONDA FIN CORP MED TERM NTS BOO.875% DUE 07-07-2023**2,145,808 
AMERICAN INTERNATIONAL GROUP INC BNDS 3.75% DUE 07-10-2025 REG**2,430,120 
AMERICAN INTERNATIONAL GROUP INC COM**47,298,498 
AMERICAN INTL GROUP INC 4.125 DUE 02-15-2024**1,168,130 
AMERICAN INTL GROUP INC 4.25% DUE 03-15-2029**300,033 
AMERICAN MUN PWR OHIO INC REV 6.449% 02-15-2044 BEO TAXABLE**7,400,800 
AMERICAN MUN PWR OHIO INC REV 7.334% 02-15-2028 BEO TAXABLE**253,760 
AMERICAN NATL BANKSHARES INC COM**41,202 
AMERICAN NATL GROUP INC COM**364,583 
AMERICAN OUTDOOR BRANDS INC COM**42,626 
AMERICAN PUB ED INC COM STK**249,692 
AMERICAN TOWER CORP**9,923,601 
AMERICAN TOWER CORP 2.75% DUE 01-15-2027**1,518,889 
AMERICAN TOWER CORP 3.0% 06-15-2023**529,767 
AMERICAN TOWER CORP 3.6% 01-15-2028**454,345 
AMERICAN TOWER CORP NEW 1.875% DUE 10-15-2030**756,541 
AMERICAN VANGUARD CORP COM**685,379 
AMERICOLD RLTY TR COM**2,075,548 
AMERICREDIT .66% DUE 12-18-2024**100,518 
AMERICREDIT 1.11% DUE 08-19-2024**4,995,564 
AMERICREDIT 1.48% DUE 02-18-2026**101,353 
AMERICREDIT 1.59% DUE 10-20-2025**1,833,175 
AMERICREDIT 2.13% DUE 07-18-2025**2,106,581 
AMERICREDIT 2.28% DUE 01-18-2024**405,463 
AMERICREDIT 2.28% DUE 01-18-2024**4,916,237 
AMERICREDIT 2.32% DUE 07-18-2025**3,107,974 
AMERICREDIT 2.58% DUE 09-18-2025**5,192,467 
AMERICREDIT 2.69% DUE 06-19-2023**635,617 
AMERICREDIT 2.74% DUE 04-18-2025**1,874,793 
AMERICREDIT 2.74% DUE 12-08-2022**3,735,413 
AMERICREDIT 2.97% DUE 11-20-2023**1,894,052 
AMERICREDIT 3.36% DUE 02-18-2025**1,868,103 
AMERICREDIT 3.36% DUE 02-18-2025**947,741 
AMERICREDIT AUTOMOBILE RECEIVABLES 18-2 A3 3.15% 03-20-2023**868,547 
AMERICREDIT AUTOMOBILE RECEIVABLES 3.07% SER 2018-1 CL A3 DUE 12-19-2022**815,473 
26

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
AMERICREDIT AUTOMOBILE RECEIVABLES SER 17-1 CLS C 2.71% DUE 08-18-2022**34,738 
AMERICREDIT AUTOMOBILE RECEIVABLES SER 19-1 CL B 3.13% 02-18-2025**931,525 
AMERICREDIT AUTOMOBILE RECEIVABLES TR SER 20-3 CL A2 .42% DUE 03-18-2024 REG**8,326,555 
AMERICREDIT AUTOMOBILE RECEIVABLES TR 20-2 CL A2A 0.6% DUE 12-18-2023 REG**997,161 
AMERICREDIT CDA AUTOMOBILE SER 17-1 CLS D 3.13% DUE 01-18-2023**79,914 
AMERIPRISE FINL 3% DUE 04-02-2025**4,525,590 
AMERIPRISE FINL 4% DUE 10-15-2023**2,917,407 
AMERIPRISE FINL INC 3.0% 03-22-2022**247,840 
AMERIS BANCORP COM**299,687 
AMERN AIRLINES INC 3.7% DUE 10-01-2026**2,100,477 
AMERN CAMPUS 3.875% DUE 01-30-2031**424,579 
AMERN CAMPUS 4.125% DUE 07-01-2024**1,091,459 
AMERN CR ACCEP 3.69000005722% DUE 06-12-2023**107,958 
AMERN ELEC PWR CO .75% DUE 11-01-2023**1,869,184 
AMERN EXPRESS CO 2.5% DUE 07-30-2024**1,954,386 
AMERN EXPRESS CO 2.65 DUE 12-02-2022**3,387,260 
AMERN EXPRESS CO 3% 10-30-2024**237,004 
AMERN EXPRESS CO 3% DUE 02-22-2021**250,475 
AMERN EXPRESS CO 3.375% DUE 05-17-2021**5,320,766 
AMERN EXPRESS CO 3.4% 02-27-2023**1,063,560 
AMERN EXPRESS CO 3.625% DUE 12-05-2024**31,070 
AMERN EXPRESS CO FIXED 2.5% DUE 08-01-2022**3,611,182 
AMERN EXPRESS CO FIXED 3.7% DUE 08-03-2023**234,987 
AMERN EXPRESS CR A/C MASTER TR 2018-3 ASSEST BACKED CTF CL A FLTG 10-15-2025**2,007,710 
AMERN EXPRESS CR SER 19-1 CL A 2.87% 10-15-2024**552,013 
AMERN EXPRESS CR SER 19-1 CL A 2.87% 10-15-2024**11,267,260 
AMERN HONDA FIN 3.45% DUE 07-14-2023**2,094,826 
AMERN HONDA FIN 3.5% DUE 02-15-2028**460,951 
AMERN HONDA FIN VAR RT .34363% DUE 01-21-2022**9,165,753 
AMERN INTL GROUP 2.5% DUE 06-30-2025**591,248 
AMERN INTL GROUP 3.9% DUE 04-01-2026**456,116 
AMERN INTL GROUP 4.2% DUE 04-01-2028**652,920 
AMERN SOFTWARE INC CL A**61,949 
AMERN TOWER CORP 2.25% DUE 01-15-2022**341,432 
AMERN TOWER CORP 2.4% DUE 03-15-2025**5,314,808 
AMERN TOWER CORP 2.95% DUE 01-15-2051**451,074 
AMERN TOWER CORP 3.125% DUE 01-15-2027**3,419,897 
AMERN TOWER CORP 3.5% DUE 01-31-2023**1,808,648 
AMERN TOWER CORP 3.8% DUE 08-15-2029**813,846 
AMERN TOWER CORP 4.4% DUE 02-15-2026**926,236 
AMERN TOWER CORP 5% DUE 02-15-2024**15,479,456 
AMERN TOWER CORP FIXED 4% DUE 06-01-2025**101,645 
AMERN WOODMARK CORP COM**745,263 
AMERN WTR CAP CORP 2.95% DUE 09-01-2027**7,076,136 
AMERN WTR CAP CORP 3% DUE 12-01-2026**172,231 
AMES NATL CORP CDT-COM STK**23,035 
AMGEN INC 2.2% DUE 02-21-2027**192,962 
AMGEN INC 2.6% DUE 08-19-2026**682,323 
27

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
AMGEN INC 3.625% DUE 05-22-2024**54,883 
AMICOGEN CO LTD KRW500**112,510 
AMICUS THERAPEUTICS INC COM**440,650 
AMKOR TECHNOLOGY INC COM**1,323,783 
AMN HEALTHCARE SVCS INC COM**38,766 
AMNEAL PHARMACEUTICALS INC COM**153,173 
AMPCO-PITTSBURG CORP COM**5,617 
AMPHASTAR PHARMACEUTICALS INC DEL COM**221,130 
AMPOL LTD NPV**121,282 
AMTECH SYS INC COM PAR $0.01 NEW STK**9,570 
ANADOLU EFES TRY1**29,247 
ANALOG DEVICES INC 2.5% DUE 12-05-2021**203,605 
ANALOG DEVICES INC 2.95% DUE 04-01-2025**2,334,600 
ANALOG DEVICES INC 3.125% DUE 12-05-2023**26,899 
ANALOG DEVICES INC 4.5% DUE 12-05-2036**180,087 
ANALOG DEVICES INC COM**9,209,193 
ANAPTYSBIO INC COM**116,810 
ANCHORAGE CAP CLO 16 LTD / SR SECD NT CLA FLTG RATE 1.60069% 10-20-2031**598,610 
ANCHORAGE CAP CLO 16 LTD / SR SECD NT CLA FLTG RATE 1.60069% 10-20-2031**8,081,240 
ANDERSONS INC COM**437,038 
ANDREW W MELLON .947% DUE 08-01-2027**9,893,276 
ANDRITZ AG NPV (BR)**653,221 
ANEKA TAMBANG TBK IDR100**270,864 
ANGIODYNAMICS INC COM STK**320,182 
ANGLO AMERICAN USD0.54945**1,052,373 
ANGLO AMERICAN USD0.54945**4,518,148 
ANGLO AMERN CAP 4% DUE 09-11-2027**447,837 
ANGLO AMERN CAP 4.75% DUE 04-10-2027**955,513 
ANHEUSER BUSCH INBEV FIN INC 4.625 DUE 02-01-2044 REG**248,355 
ANHEUSER BUSCH INBEV WORLDWIDE INC 4.15% 01-23-2025**4,780,220 
ANHEUSER BUSCH INC 4.439% DUE 10-06-2048**373,416 
ANHEUSER-BUSCH 3.5% DUE 06-01-2030**2,397,812 
ANHEUSER-BUSCH 4.375% DUE 04-15-2038**705,773 
ANHEUSER-BUSCH COS LLC CORP 3.65% 02-01-2026**565,185 
ANHEUSER-BUSCH FIXED 4.6% DUE 06-01-2060**1,669,084 
ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.75% 01-23-2029**1,617,713 
ANHUI CONCH CEMENT 'H'CNY1**566,857 
ANIKA THERAPEUTICS INC COM STK**86,220 
ANIMA HLDG SPA NPV**1,296,776 
ANSELL NPV**1,363,786 
ANTERO MIDSTREAM CORPORATION COM USD1.00**58,958 
ANTERO RES CORP COM**237,217 
ANTHEM INC 2.95% 12-01-2022**775,233 
ANTHEM INC 3.35% DUE 12-01-2024**82,637 
ANTHEM INC 3.35% DUE 12-01-2024**7,216,970 
ANTHEM INC 4.101% 03-01-2028**254,169 
ANTHEM INC COM**29,829,261 
ANTOFAGASTA ORD GBP0.05**1,063,620 
28

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
AON PLC**27,455,382 
AON PLC 3.875% DUE 12-15-2025**74,104 
AON PLC 4.25% DUE 12-12-2042**78,263 
APACHE CORP 3.25 DUE 04-15-2022 REG**6,156,833 
APACHE CORP COM**14,603,766 
APARTMENT COM USD0.01 CL A(POST RE)**70,726 
APARTMENT INCOME REIT CORP COM**514,507 
APELLIS PHARMACEUTICALS INC COM**784,727 
APERAM S.A.**209,003 
API GROUP CORPORATION COM USD0.0001**104,018 
APOGEE ENTERPRISES INC COM**643,548 
APOLLO TYRES COMMON STK**38,613 
APPALACHIAN PWR CO 4.6% DUE 03-30-2021**7,157,012 
APPALACHIAN PWR CO FIXED 4.5% 03-01-2049**78,223 
APPFOLIO INC COM CL A COM CL A**2,724,365 
APPLE HOSPITALITY REIT INC COM NEW COM NEW**256,948 
APPLE INC 1.125% DUE 05-11-2025**4,014,736 
APPLE INC 1.55% DUE 08-04-2021**50,357 
APPLE INC 1.65% DUE 05-11-2030**7,250,624 
APPLE INC 2.2% DUE 09-11-2029**269,931 
APPLE INC 2.45% DUE 08-04-2026**6,461,757 
APPLE INC 2.55% DUE 08-20-2060 REG**565,665 
APPLE INC 2.9% DUE 09-12-2027**223,684 
APPLE INC 2.9% DUE 09-12-2027**3,019,729 
APPLE INC 3.35% DUE 02-09-2027**228,155 
APPLE INC 3.35% DUE 02-09-2027**4,334,947 
APPLE INC 3.85% DUE 08-04-2046**118,309 
APPLE INC COM STK**50,933,322 
APPLE INC FIXED 2.95% 09-11-2049**280,435 
APPLE INC FIXED 3.75% 11-13-2047**946,019 
APPLIED INDL TECHNOLOGIES INC COM**263,762 
APPLIED OPTOELECTRONICS INC COM**2,893 
APPLUS SERVICES SA EUR0.10**384,544 
APREA THERAPEUTICS INC COM**15,183 
APT PIPELINES LTD SR NT 144A 4.2% DUE 03-23-2025 BEO**551,551 
APTARGROUP INC COM**1,190,943 
APTIV PLC COM USD**336,148 
ARAB NATIONAL BANK SAR10**296,329 
ARAMARK COM**478,152 
ARCBEST CORP COM USD0.01**747,792 
ARCELORMITTAL 3.6% DUE 07-16-2024**2,136,713 
ARCH CAP FIN LLC 4.011% DUE 12-15-2026**796,510 
ARCH RES INC DEL CL A CL A**912,035 
ARCHER-DANIELS-MIDLAND CO COM**6,908,489 
ARCHROCK INC COM**1,947,054 
ARCOSA INC COM**436,144 
ARDAGH GROUP S A ARDAGH GROUP S A EUR0.01 CL A**292,845 
ARDELYX INC COM**154,698 
29

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
ARDMORE SHIPPING CORP**19,538 
ARENA PHARMACEUTICALS INC COM NEW COM NEW**533,661 
ARENA REIT STAPLED UNITS**592,848 
ARES MANAGEMENT LP COM SHS REPSTG LTD PARTNER**1,198,881 
AREZZO INDUSTRIA E COMERCIO**738,988 
ARGAN INC COM**91,027 
ARGENT SECS INC 2003-W3 ASSET BKD CTF M-1 FLTG 09-25-2033 REG**293,028 
ARGENT SECS INC FLTG RT 1.18% DUE 11-25-2034**949,902 
ARGENTINA(REP OF) FRN SNR 04/2022 ARS1**12,042 
ARGO GRAPHICS NPV**302,474 
ARGO GROUP INTERNATIONAL HOLDINGS COM STK**675,646 
ARI FLEET LEASE TR 2.27999997139% DUE 04-15-2026**1,262,981 
ARISE AB NPV**308,901 
ARISTA NETWORKS INC COM**248,437 
ARIZONA PUB SVC CO 2.6% DUE 08-15-2029**4,030,918 
ARIZONA PUB SVC CO 3.35% DUE 06-15-2024**1,873,664 
ARJO AB SER'B'NPV**462,863 
ARKEMA SA EUR10**378,817 
ARLO TECHNOLOGIES INC COM**330,654 
ARMSTRONG FLOORING INC COM**19,196 
ARROW ELECTR INC COM**3,441,988 
ARROW ELECTRS INC 3.5% DUE 04-01-2022**308,667 
ARROW ELECTRS INC FIXED 3.25% DUE 09-08-2024**1,298,644 
ARROW ELECTRS INC FIXED 3.875% DUE 01-12-2028**20,297 
ARROW ELECTRS INC FIXED 4% DUE 04-01-2025**274,990 
ARROW FINL CORP COM**49,681 
ARTIS REAL ESTATE TRUST UNITS CAD**509,571 
ARTISAN PARTNERS ASSET MGMT INC CL A CL A**1,136,426 
ARTNATURE INC NPV**169,133 
ARVINAS INC COM**127,395 
ASAHI CO LTD NPV**36,229 
ASANA INC CL A**450,460 
ASANUMA CORP NPV**1,818 
ASBURY AUTOMOTIVE GROUP INC COM**240,471 
ASCENDAS R/EST INV NPV (REIT)**182,162 
ASCENDAS REAL ESTATE INV TRUST RIGHTS 01/12/2020**45 
ASEER TRADING TOUR SAR10**44,870 
ASGN INCORPORATED COMN STK USD0.01**324,765 
ASHLAND GLOBAL HLDGS INC COM**1,483,099 
ASIA CEMENT CHINA HKD0.1**61,587 
ASIAN INFRASTRUCTURE INVT BK GLOBAL NT .5% DUE 05-28-2025 REG**12,215,487 
ASIAN INSULATORS P THB0.25(NVDR)**117,868 
ASKUL CORP NPV**619,121 
ASM INTL NV EUR0.04**516,751 
ASMEDIA TECHNOLOGY SHS**843,130 
ASML HOLDING NV EUR0.09**4,800,931 
ASOS PLC ORD GBP0.035**814,910 
ASPEN PHARMACARE NPV**586,793 
30

Security Name, Maturity Date, and RateCostCurrent Value
(in dollars)
ASPEN TECHNOLOGY INC COM**713,119 
ASR NEDERLAND NV EUR0.16**1,556,279 
ASROCK INCORPORATI TWD10**27,752 
ASSECO POLAND SAPLN1**343,791 
ASSEMBLY BIOSCIENCES INC COM**22,234 
ASSERTIO HLDGS INC COM**5,082 
ASSET PERU(REP OF) 6.95% 12/8/31**2,512,950 
ASSIC GENERALI SPA EUR1**1,351,004 
ASSOCD BRIT FOODS ORD GBP0.0568**1,871,997 
ASSOCTD BANC-CORP COM**441,459 
ASSURANT INC COM**3,649,879 
ASSURED GUARANTY LTD COMMON STK**1,342,797 
ASTEC INDS INC COM**1,772,286 
ASTRA IND.GP SAR10**204,341 
ASTRA INTL IDR50**425,293 
ASTRAZENECA PLC .7% DUE 04-08-2026**447,644 
ASTRAZENECA PLC 3.375% DUE 11-16-2025**7,970,002 
ASTRAZENECA PLC FIXED 2.125% DUE 08-06-2050**294,775 
ASTRONICS CORP CL B CL B**2,203 
ASTRONICS CORP COM**324,228 
ASTRONOVA INC COMMON STOCK**14,378 
ASX LTD NPV**167,965 
AT HOME GROUP INC COM**182,675 
AT&T INC 1.65% DUE 02-01-2028**989,685 
AT&T INC 1.65% DUE 02-01-2028**4,162,798 
AT&T INC 2.25% DUE 02-01-2032**1,724,512 
AT&T INC 2.3% DUE 06-01-2027**1,674,465 
AT&T INC 2.875%-FRN SNR PERP EUR**246,790 
AT&T INC 3% DUE 06-30-2022**739,981 
AT&T INC 3.15% DUE 09-04-2036**776,214 
AT&T INC 3.3% DUE 02-01-2052**99,148 
AT&T INC 3.5% DUE 06-01-2041**539,050 
AT&T INC 4.05% 12-15-2023**2,213,908 
AT&T INC 4.25% DUE 03-01-2027**1,824,784 
AT&T INC 4.35% DUE 03-01-2029**11,926,612 
AT&T INC 4.45% DUE 04-01-2024**223,356 
AT&T INC 4.45% DUE 04-01-2024