Loomis Sayles Funds I NPORT-P Loomis Sayles Investment Grade Fixed Income Fund (Dec 2019 report)

PORTFOLIO OF INVESTMENTS – as of December 31, 2019 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – 67.3% of Net Assets
Non-Convertible Bonds – 65.3%
		ABS Home Equity – 0.0%
$	12,591	Morgan Stanley Mortgage Loan Trust, Series2005-3AR, Class 5A, 4.012%, 7/25/2035(a)(b)(c)	$	11,054
		ABS Other – 0.7%
	2,090,502	FAN Engine Securitization Ltd., Series2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(d)(e)		2,090,443
		Aerospace & Defense – 0.3%
	376,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		423,192
	322,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		431,933
				855,125
		Airlines – 1.5%
	160,636	Air Canada Pass Through Trust, Series2013-1, Class B, 5.375%, 11/15/2022, 144A		165,150
	1,535,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		1,605,994
	61,742	American Airlines Pass Through Certificates, Series2016-3, Class B, 3.750%, 4/15/2027		62,438
	274,295	American Airlines Pass Through Certificates, Series2013-1, Class A, 4.000%, 1/15/2027		288,559
	22,868	Continental Airlines Pass Through Certificates, Series2000-2,Class A-1, 7.707%, 10/02/2022		23,400
	421,981	Continental Airlines Pass Through Certificates, Series2007-1, Class A, 5.983%, 10/19/2023		443,911
	32,415	Continental Airlines Pass Through Certificates, Series2012-1, Class B, 6.250%, 10/11/2021		32,708
	42,318	Continental Airlines Pass Through Certificates, Series2012-2, Class B, 5.500%, 4/29/2022		43,028
	358,794	Delta Air Lines Pass Through Trust, Series2007-1, Class B, 8.021%, 2/10/2024		392,471
	290,046	United Airlines Pass Through Trust, Series2016-2, Class B, 3.650%, 4/07/2027		291,749
	252,710	US Airways Pass Through Trust, Series2011-1, Class A, 7.125%, 4/22/2025		284,758
	523,418	US Airways Pass Through Trust, Series2012-2A, Class A, 4.625%, 12/03/2026		564,649
				4,198,815
		Automotive – 3.5%
	659,000	Cummins, Inc., 5.650%, 3/01/2098		837,668
	8,576,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		8,716,535
	424,000	General Motors Co., 5.200%, 4/01/2045		428,241
				9,982,444

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Banking – 7.2%
$	2,255,000	Ally Financial, Inc., 4.125%, 2/13/2022	$	2,328,287
	635,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		649,824
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,306,379
	314,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		342,514
	536,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		581,263
	518,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		521,510
	4,745,000	Goldman Sachs Group, Inc. (The), Series MPLE, 3.550%, 2/12/2021, (CAD)		3,705,708
	3,224,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		3,532,030
	482,000	Morgan Stanley, 3.950%, 4/23/2027		517,141
	659,000	Morgan Stanley, 5.750%, 1/25/2021		684,418
	953,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		1,042,471
	1,727,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,103,543
	710,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		789,662
	2,114,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		2,314,009
				20,418,759
		Brokerage – 1.4%
	2,528,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,730,186
	733,000	Jefferies Group LLC, 6.250%, 1/15/2036		875,738
	343,000	Jefferies Group LLC, 6.450%, 6/08/2027		402,382
				4,008,306
		Building Materials – 0.5%
	211,000	Masco Corp., 6.500%, 8/15/2032		259,047
	104,000	Masco Corp., 7.750%, 8/01/2029		134,976
	778,000	Owens Corning, 7.000%, 12/01/2036		969,280
				1,363,303
		Cable Satellite – 0.1%
	12,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		13,293

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Cable Satellite – continued
$	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041	$	161,981
				175,274
		Collateralized Mortgage Obligations – 0.1%
	280,442	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		317,014
	17	Federal National Mortgage Association, REMIC, Series1990-48, Class H, 7.000%, 4/25/2020(a)(b)		16
				317,030
		Consumer Products – 0.1%
	360,000	Hasbro, Inc., 6.600%, 7/15/2028		429,384
		Diversified Manufacturing – 0.1%
	51,000	General Electric Co., GMTN, 3.100%, 1/09/2023		52,109
	224,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.301%, 5/13/2024(f)		215,429
				267,538
		Electric – 0.7%
	1,037,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		1,306,645
	416,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		553,848
				1,860,493
		Finance Companies – 2.2%
	697,000	International Lease Finance Corp., 4.625%, 4/15/2021		718,782
	3,370,000	Navient Corp., 5.500%, 1/25/2023		3,597,475
	771,000	Navient Corp., MTN, 5.625%, 8/01/2033		663,060
	686,000	Navient Corp., MTN, 6.125%, 3/25/2024		744,310
	398,000	Navient Corp., MTN, 7.250%, 1/25/2022		432,403
				6,156,030
		Food & Beverage – 0.3%
	1,000,000	Coca-Cola Co. (The), 1.550%, 9/01/2021		997,468
		Government Owned - No Guarantee – 0.3%
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,001,392

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Healthcare – 0.5%
$	10,000	Cigna Corp., 7.875%, 5/15/2027, 144A	$	12,978
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,285,561
	182,000	HCA, Inc., MTN, 7.750%, 7/15/2036		216,580
				1,515,119
		Home Construction – 1.1%
	1,989,000	PulteGroup, Inc., 6.000%, 2/15/2035		2,217,735
	867,000	PulteGroup, Inc., 6.375%, 5/15/2033		1,012,222
				3,229,957
		Hybrid ARMs – 0.0%
	6,093	FNMA, 6-month LIBOR + 1.544%, 3.881%, 2/01/2037(f)		6,316
	12,090	FNMA, 12-month LIBOR + 1.879%, 4.395%, 9/01/2036(f)		12,789
				19,105
		Independent Energy – 1.1%
	840,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(d)(e)		520,800
	353,000	Continental Resources, Inc., 3.800%, 6/01/2024		365,104
	63,000	Continental Resources, Inc., 4.500%, 4/15/2023		65,825
	1,416,000	Noble Energy, Inc., 3.900%, 11/15/2024		1,496,911
	605,000	SM Energy Co., 6.625%, 1/15/2027		594,627
				3,043,267
		Industrial Other – 0.8%
	2,757,000	Original Wempi, Inc., Series B1, 4.309%, 2/13/2024, (CAD)(d)(e)		2,199,889
		Integrated Energy – 0.2%
	500,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		529,140
		Life Insurance – 2.2%
	39,000	American International Group, Inc., 4.125%, 2/15/2024		41,882
	56,000	American International Group, Inc., 4.875%, 6/01/2022		59,787
	205,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		189,955
	1,402,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		1,498,496

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Life Insurance – continued
$	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(d)(e)	$	2,455,827
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(d)(e)		2,104,070
				6,350,017
		Media Entertainment – 0.6%
	14,290,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		559,319
	39,000	ViacomCBS, Inc., 4.375%, 3/15/2043		41,350
	663,000	ViacomCBS, Inc., 5.250%, 4/01/2044		769,373
	239,000	ViacomCBS, Inc., 5.850%, 9/01/2043		299,446
				1,669,488
		Metals & Mining – 0.7%
	1,373,000	ArcelorMittal S.A., 6.750%, 3/01/2041		1,635,452
	304,000	ArcelorMittal S.A., 7.000%, 10/15/2039		370,554
				2,006,006
		Midstream – 2.8%
	125,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		131,250
	588,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		539,745
	404,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		603,564
	858,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		806,520
	330,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		260,700
	735,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		593,512
	850,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		688,500
	476,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		497,692
	2,949,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,248,102
	43,000	ONEOK Partners LP, 6.200%, 9/15/2043		54,457
	27,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		27,269
	392,000	Williams Cos., Inc., 3.350%, 8/15/2022		401,655
				7,852,966

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – 0.0%
$	13,664	Commercial Mortgage Pass Through Certificates, Series 2014-UBS4, Class A2, 2.963%, 8/10/2047	$	13,709
	94,890	WFRBS Commercial Mortgage Trust, Series2011-C3, Class D, 5.683%, 3/15/2044, 144A(c)		72,522
				86,231
		Oil Field Services – 0.2%
	680,000	Transocean, Inc., 6.800%, 3/15/2038		482,800
	110,000	Transocean, Inc., 7.500%, 4/15/2031		85,250
				568,050
		Packaging – 0.5%
	1,302,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,432,200
		Paper – 0.4%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		726,338
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047(d)(e)		188,501
	104,000	WestRock MWV LLC, 8.200%, 1/15/2030		143,481
				1,058,320
		Property & Casualty Insurance – 0.5%
	87,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 13.261%, 1/15/2033, 144A(f)(g)		59,535
	1,286,000	Old Republic International Corp., 4.875%, 10/01/2024		1,410,331
				1,469,866
		REITs - Single Tenant – 0.0%
	85,000	Realty Income Corp., 5.750%, 1/15/2021		87,443
		Retailers – 0.0%
	52,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		17,167
		Sovereigns – 1.9%
	2,201,000	U.S. Department of Housing and Urban Development, Series A, 1.980%, 8/01/2020		2,203,773
	1,452,000	U.S. Department of Housing and Urban Development, Series A, 2.350%, 8/01/2021		1,465,823
	1,760,000	U.S. Department of Housing and Urban Development, Series A, 2.450%, 8/01/2022		1,790,149
				5,459,745

Principal Amount (‡)			Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
			Supermarkets – 0.0%
$	39,000		Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040	$	48,158
			Technology – 0.4%
	776,000		KLA Corp., 5.650%, 11/01/2034		930,138
	152,000		Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		179,670
					1,109,808
			Transportation Services – 0.3%
	60,000		APL Ltd., 8.000%, 1/15/2024(d)(e)		53,406
	562,000		ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		758,759
					812,165
			Treasuries – 27.2%
	23,816,000		Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		18,218,309
	14,535,000		Central Bank of Iceland, 7.250%, 10/26/2022, (ISK)		132,576
	200,000	(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		1,128,388
	578,400	(††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		3,186,332
	207,800	(††)	Mexican Fixed Rate Bonds, SeriesM-20, 7.500%, 6/03/2027, (MXN)		1,141,381
	137,300	(††)	Mexican Fixed Rate Bonds, SeriesM-20, 8.500%, 5/31/2029, (MXN)		808,245
	913,700	(††)	Mexican Fixed Rate Bonds, SeriesM-20, 10.000%, 12/05/2024, (MXN)		5,484,810
	8,546,000		Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		1,005,744
	3,126,000		Republic of Brazil, 8.500%, 1/05/2024, (BRL)		831,486
	2,105,000		U.S. Treasury Bond, 3.000%, 8/15/2048		2,376,759
	10,000,000		U.S. Treasury Note, 1.500%, 8/31/2021		9,984,375
	17,000,000		U.S. Treasury Note, 1.500%, 9/30/2021		16,974,102
	2,835,000		U.S. Treasury Note, 1.500%, 10/31/2021		2,831,124
	13,460,000		U.S. Treasury Note, 1.500%, 11/30/2021		13,442,123
					77,545,754
			Wireless – 0.2%
	8,340,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		427,311

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Wireless – continued
$	140,000	Sprint Capital Corp., 6.875%, 11/15/2028	$	150,850
	20,000	Sprint Corp., 7.125%, 6/15/2024		21,575
				599,736
		Wirelines – 4.7%
	1,459,000	AT&T, Inc., 3.950%, 1/15/2025		1,563,904
	2,841,000	AT&T, Inc., 4.300%, 2/15/2030		3,156,894
	370,000	AT&T, Inc., 4.500%, 3/09/2048		408,775
	465,000	AT&T, Inc., 4.550%, 3/09/2049		516,389
	876,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		939,510
	589,000	Telefonica Emisiones S.A., EMTN, 5.375%, 2/02/2026, (GBP)		934,227
	5,077,000	Verizon Communications, Inc., 4.329%, 9/21/2028		5,764,274
				13,283,973
		TotalNon-Convertible Bonds (Identified Cost $183,233,234)		186,126,428
Convertible Bonds – 1.4%
		Independent Energy – 0.2%
	1,470,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		700,285
		REITs - Diversified – 0.1%
	329,000	iStar, Inc., 3.125%, 9/15/2022		368,916
		Technology – 1.1%
	2,051,000	Booking Holdings, Inc., 0.900%, 9/15/2021		2,363,520
	337,000	Nuance Communications, Inc., 1.000%, 12/15/2035		339,915
	259,000	Nuance Communications, Inc., 1.250%, 4/01/2025		287,586
	8,000	Nuance Communications, Inc., 1.500%, 11/01/2035		8,431
				2,999,452
		Total Convertible Bonds (Identified Cost $3,914,664)		4,068,653

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Municipals – 0.6%
		Illinois – 0.1%
$	245,000	State of Illinois, 5.100%, 6/01/2033	$	264,117
		Michigan – 0.2%
	395,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		408,829
		Virginia – 0.3%
	885,000	Tobacco Settlement Financing Corp., SeriesA-1, 6.706%, 6/01/2046		852,388
		Total Municipals (Identified Cost $1,470,427)		1,525,334
		Total Bonds and Notes (Identified Cost $188,618,325)		191,720,415
Shares
Common Stocks – 7.5%
		Automobiles – 0.2%
	71,933	Ford Motor Co.		668,977
		Diversified Telecommunication Services – 1.2%
	88,190	AT&T, Inc.		3,446,465
		Electronic Equipment, Instruments & Components – 5.8%
	565,646	Corning, Inc.		16,465,955
		Pharmaceuticals – 0.3%
	13,089	Bristol-Myers Squibb Co.		840,183
		Total Common Stocks (Identified Cost $11,119,244)		21,421,580
Preferred Stocks – 0.7%
Convertible Preferred Stocks – 0.6%
		Banking – 0.4%
	714	Bank of America Corp., Series L, 7.250%		1,034,586
		Independent Energy – 0.0%
	3,453	Chesapeake Energy Corp., 5.000%(a)(d)(e)		60,945
		Midstream – 0.2%
	12,375	El Paso Energy Capital Trust I, 4.750%		636,818
		Total Convertible Preferred Stocks (Identified Cost $1,446,924)		1,732,349

Shares		Description	Value (†)
Preferred Stocks – continued
Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	213	Connecticut Light & Power Co. (The), Series 1949, 2.200%	$	10,970
	1,860	Union Electric Co., 4.500%		194,370
				205,340
		TotalNon-Convertible Preferred Stocks (Identified Cost $104,764)		205,340
		Total Preferred Stocks (Identified Cost $1,551,688)		1,937,689
Principal Amount (‡)
Short-Term Investments – 25.7%
$	187,477,471	Central Bank of Iceland, 0.000%, (ISK)(d)(e)(f)(h)		1,548,505
	9,702,356	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2019 at 0.900% to be repurchased at $9,702,841 on 1/02/2020 collateralized by $9,410,000 U.S. Treasury Note, 2.875% due 9/30/2023 valued at $9,897,156 including accrued interest(i)		9,702,356
	4,350,000	U.S. Treasury Bills, 1.605%, 4/02/2020(j)		4,333,231
	5,805,000	U.S. Treasury Bills, 1.615%, 4/09/2020(j)		5,780,897
	26,130,000	U.S. Treasury Bills, 1.815%, 3/26/2020(j)		26,038,072
	11,565,000	U.S. Treasury Bills, 1.823%, 2/27/2020(j)		11,537,835
	14,475,000	U.S. Treasury Bills, 1.825%, 3/05/2020(j)		14,436,940
		Total Short-Term Investments (Identified Cost $73,317,347)		73,377,836
		Total Investments – 101.2% (Identified Cost $274,606,604)		288,457,520
		Other assets less liabilities – (1.2)%		(3,424,546	)
		Net Assets – 100.0%	$	285,032,974

(†) Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Senior loans are valued at bid prices supplied by an independent pricing service, if available.

Listed equity securities (including shares ofclosed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Fund’s pricing policies and procedures.

As of December 31, 2019, securities held by the Fund were fair valued as follows:

Securities classified as fair valued	Percentage of Net Assets	Securities fair valued by the Fund’s adviser	Percentage of Net Assets
$11,222,386	3.9%	$11,070	Less than 0.1%

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(‡) Principal Amount stated in U.S. dollars unless otherwise noted.

(††) Amount shown represents units. One unit represents a principal amount of 100.

(a) Level 3 security. Value has been determined using significant unobservable inputs.

(b) Fair valued by the Fund’s adviser. At December 31, 2019, the value of these securities amounted to $11,070 or less than 0.1% of net assets.

(c) Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of December 31, 2019 is disclosed.

(d) Illiquid security.

(e) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2019, the value of these securities amounted to $11,222,386 or 3.9% of net assets.

(f) Variable rate security. Rate as of December 31, 2019 is disclosed.

(g) Non-income producing security.

(h) Security callable by issuer at any time. No specified maturity date.

(i) 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 aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of December 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

(j) Interest rate represents discount rate at time of purchase; not a coupon rate.

144A All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the value of Rule 144A holdings amounted to $17,474,648 or 6.1% of net assets.

ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
REMIC	Real Estate Mortgage Investment Conduit
BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2019, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	—	$	11,054	(a)	$	11,054
Collateralized Mortgage Obligations		—		317,014		16	(a)		317,030
All OtherNon-Convertible Bonds*		—		185,798,344		—			185,798,344
TotalNon-Convertible Bonds		—		186,115,358		11,070			186,126,428
Convertible Bonds*		—		4,068,653		—			4,068,653
Municipals*		—		1,525,334		—			1,525,334
Total Bonds and Notes		—		191,709,345		11,070			191,720,415
Common Stocks*		21,421,580		—		—			21,421,580
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—		—		60,945	(b)		60,945
All Other Convertible Preferred Stocks*		1,671,404		—		—			1,671,404
Total Convertible Preferred Stocks		1,671,404		—		60,945			1,732,349
Non-Convertible Preferred Stocks*		—		205,340		—			205,340
Total Preferred Stocks		1,671,404		205,340		60,945			1,937,689
Short-Term Investments		—		73,377,836		—			73,377,836
Total	$	23,092,984	$	265,292,521	$	72,015		$	288,457,520

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

(a) Fair valued by the Fund’s adviser.

(b) Valued using broker-dealer bid prices.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or December 31, 2019:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	11,066	$	—	$	—		$	(12	)	$	—	$	—		$	—	$	—		$	11,054	$	(12	)
ABS Other		2,175,944		—		—			—			—		—			—		(2,175,944	)		—		—
Collateralized Mortgage Obligations		61		—		(1	)		1			—		(45	)		—		—			16		(1	)
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—		—		—			(70,269	)		—		—			131,214		—			60,945		(70,269	)
Total	$	2,187,071	$	—	$	(1	)	$	(70,280	)	$	—	$	(45	)	$	131,214	$	(2,175,944	)	$	72,015	$	(70,282	)

A debt security valued at $2,175,944 was transferred from Level 3 to Level 2 during the period ended December 31, 2019. At September 30, 2019, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At December 31, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A preferred stock valued at $131,214 was transferred from Level 2 to Level 3 during the period ended December 31, 2019. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At December 31, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

All transfers are recognized as of the beginning of the reporting period.

Industry Summary at December 31, 2019 (Unaudited)

Treasuries	27.2	%
Banking	7.6
Electronic Equipment, Instruments & Components	5.8
Wirelines	4.7
Automotive	3.5
Midstream	3.0
Life Insurance	2.2
Finance Companies	2.2
Other Investments, less than 2% each	19.3
Short-Term Investments	25.7
Total Investments	101.2
Other assets less liabilities	(1.2	)
Net Assets	100.0	%

Currency Exposure Summary at December 31, 2019 (Unaudited)

United States Dollar	86.6	%
Canadian Dollar	8.5
Mexican Peso	4.4
Other, less than 2% each	1.7
Total Investments	101.2
Other assets less liabilities	(1.2	)
Net Assets	100.0	%