Loomis Sayles Funds I NPORT-P Loomis Sayles High Income Opportunities Fund (Jun 2020 report)

PORTFOLIO OF INVESTMENTS – as of June 30, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund

Principal         Amount		Description	Value (†)
	Bonds and Notes – 91.1% of Net Assets
	Non-Convertible Bonds – 87.4%
		ABS Car Loan – 0.1%
$	150,000	Prestige Auto Receivables Trust, Series 2019-1A, Class E, 3.900%, 5/15/2026, 144A	$	145,102
		ABS Home Equity – 0.0%
	126,099	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 0.524%, 9/19/2045(a)		92,059
		Aerospace & Defense – 4.1%
	40,000	Boeing Co. (The), 3.250%, 2/01/2035		36,472
	135,000	Boeing Co. (The), 3.375%, 6/15/2046		111,918
	15,000	Boeing Co. (The), 3.500%, 3/01/2039		13,360
	50,000	Boeing Co. (The), 3.550%, 3/01/2038		45,535
	60,000	Boeing Co. (The), 3.625%, 3/01/2048		52,724
	10,000	Boeing Co. (The), 3.650%, 3/01/2047		8,685
	65,000	Boeing Co. (The), 3.750%, 2/01/2050		58,360
	1,215,000	Boeing Co. (The), 5.150%, 5/01/2030		1,354,761
	1,215,000	Boeing Co. (The), 5.805%, 5/01/2050		1,434,898
	1,860,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		1,302,000
	465,000	Bombardier, Inc., 6.125%, 1/15/2023, 144A		319,827
	150,000	Bombardier, Inc., 8.750%, 12/01/2021, 144A		121,875
	265,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		234,657
	145,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		128,325
	606,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		702,039
	170,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		214,042
	70,000	Moog, Inc., 4.250%, 12/15/2027, 144A		67,900
	405,000	Signature Aviation U.S. Holdings, Inc., 4.000%, 3/01/2028, 144A		366,019
	650,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		524,875
	1,030,000	Spirit AeroSystems, Inc., 7.500%, 4/15/2025, 144A		1,015,837
	30,000	TransDigm, Inc., 5.500%, 11/15/2027		26,181

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Aerospace & Defense – continued
$	1,160,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A	$	1,157,123
	1,405,000	TransDigm, Inc., 6.375%, 6/15/2026		1,279,927
	85,000	Wolverine Escrow LLC, 9.000%, 11/15/2026, 144A		61,200
				10,638,540
		Airlines – 0.4%
	40,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		23,200
	505,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A		478,331
	882,323	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		447,779
	485,000	Latam Finance Ltd., 7.000%, 3/01/2026, 144A(b)		137,332
				1,086,642
		Automotive – 4.3%
	180,000	American Axle & Manufacturing, Inc., 6.250%, 4/01/2025		176,850
	565,000	Clarios Global LP/Clarios U.S. Finance Co.., 8.500%, 5/15/2027, 144A		567,797
	225,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		228,375
	45,000	Dana, Inc., 5.625%, 6/15/2028		44,671
	300,000	Delphi Technologies PLC, 5.000%, 10/01/2025, 144A		322,125
	2,700,000	Ford Motor Co., 8.500%, 4/21/2023		2,855,250
	1,620,000	Ford Motor Co., 9.000%, 4/22/2025		1,753,164
	200,000	Ford Motor Credit Co. LLC, 3.219%, 1/09/2022		194,542
	200,000	Ford Motor Credit Co. LLC, 4.250%, 9/20/2022		196,042
	200,000	Ford Motor Credit Co. LLC, 4.542%, 8/01/2026		189,500
	200,000	Ford Motor Credit Co. LLC, 5.113%, 5/03/2029		194,366
	200,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021		201,940
	400,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		380,872
	90,000	General Motors Co., 5.000%, 4/01/2035		89,899
	100,000	General Motors Co., 5.150%, 4/01/2038		95,848
	910,000	General Motors Co., 6.250%, 10/02/2043		967,032

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Automotive – continued
$	1,370,000	General Motors Co., 6.600%, 4/01/2036	$	1,480,985
	220,000	General Motors Co., 6.750%, 4/01/2046		239,636
	195,000	General Motors Co., 6.800%, 10/01/2027		227,226
	295,000	General Motors Financial Co., Inc., 3.950%, 4/13/2024		305,178
	20,000	General Motors Financial Co., Inc., 4.250%, 5/15/2023		20,884
	65,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		60,547
	60,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		57,450
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		317,818
				11,167,997
		Banking – 1.8%
	1,890,000	Ally Financial, Inc., 5.750%, 11/20/2025		2,022,373
	620,000	CIT Group, Inc., 5.000%, 8/01/2023		632,338
	1,035,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		961,505
	740,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		758,250
	355,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		357,886
				4,732,352
		Brokerage – 0.1%
	140,000	Jefferies Group LLC, 6.250%, 1/15/2036		160,396
		Building Materials – 2.1%
	125,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		122,188
	315,000	Builders FirstSource, Inc., 5.000%, 3/01/2030, 144A		296,100
	375,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		383,906
	300,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		293,250
	300,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		306,285
	1,250,000	James Hardie International Finance DAC, 5.000%, 1/15/2028, 144A		1,275,000
	105,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		100,800
	350,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		336,000

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Building Materials – continued
$	415,000	Masonite International Corp., 5.375%, 2/01/2028, 144A	$	424,338
	1,825,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		1,802,187
				5,340,054
		Cable Satellite – 7.8%
	665,000	Altice Financing S.A., 5.000%, 1/15/2028, 144A		660,584
	95,000	Block Communications, Inc., 4.875%, 3/01/2028, 144A		93,840
	280,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		285,600
	205,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032, 144A		207,563
	6,260,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 3/01/2030, 144A		6,405,169
	780,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/01/2029, 144A		822,900
	690,000	Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.750%, 10/01/2026, 144A		653,775
	520,000	CSC Holdings LLC, 4.125%, 12/01/2030, 144A		515,450
	520,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		505,107
	1,505,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,565,952
	710,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		776,563
	175,000	DISH DBS Corp., 7.375%, 7/01/2028, 144A		175,215
	875,000	DISH DBS Corp., 7.750%, 7/01/2026		927,500
	1,375,000	Sirius XM Radio, Inc., 4.125%, 7/01/2030, 144A		1,359,820
	1,600,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		1,664,272
	555,000	ViaSat, Inc., 6.500%, 7/15/2028, 144A		555,117
	250,000	Virgin Media Finance PLC, 5.000%, 7/15/2030, 144A		244,428
	630,000	Virgin Media Secured Finance PLC, 5.500%, 5/15/2029, 144A		658,350
	325,000	Ziggo BV, 4.875%, 1/15/2030, 144A		325,010
	1,845,000	Ziggo BV, 5.500%, 1/15/2027, 144A		1,868,173
				20,270,388
		Chemicals – 1.3%
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		183,000

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Chemicals – continued
$	595,000	Chemours Co. (The), 5.375%, 5/15/2027	$	537,696
	25,000	Chemours Co. (The), 7.000%, 5/15/2025		23,898
	805,000	Hercules LLC, 6.500%, 6/30/2029		787,057
	290,000	Hexion, Inc., 7.875%, 7/15/2027, 144A		263,900
	45,000	Methanex Corp., 5.250%, 12/15/2029		39,699
	525,000	Methanex Corp., 5.650%, 12/01/2044		413,595
	490,000	Olin Corp., 5.000%, 2/01/2030		433,650
	85,000	Olin Corp., 5.125%, 9/15/2027		79,475
	20,000	Olin Corp., 5.625%, 8/01/2029		18,400
	460,000	PolyOne Corp., 5.750%, 5/15/2025, 144A		473,225
				3,253,595
		Construction Machinery – 0.2%
	215,000	United Rentals North America, Inc., 4.000%, 7/15/2030		207,954
	435,000	United Rentals North America, Inc., 4.625%, 10/15/2025		437,175
				645,129
		Consumer Cyclical Services – 4.1%
	1,160,000	Expedia Group, Inc., 3.250%, 2/15/2030		1,081,520
	910,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		969,399
	465,000	Expedia Group, Inc., 7.000%, 5/01/2025, 144A		483,345
	1,355,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.250%, 1/15/2028, 144A		1,277,088
	20,000	QVC, Inc., 4.450%, 2/15/2025		19,606
	20,000	QVC, Inc., 4.850%, 4/01/2024		20,132
	305,000	Realogy Group LLC/Realogy Co-Issuer Corp., 7.625%, 6/15/2025, 144A		305,061
	295,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		319,249
	710,000	Staples, Inc., 7.500%, 4/15/2026, 144A		557,883
	730,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		731,825

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Consumer Cyclical Services – continued
$	4,765,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A	$	4,848,387
				10,613,495
		Consumer Products – 0.3%
	150,000	Newell Brands, Inc., 4.875%, 6/01/2025		157,093
	200,000	Valvoline, Inc., 4.375%, 8/15/2025, 144A		201,000
	210,000	Prestige Brands, Inc., 5.125%, 1/15/2028, 144A		206,850
	140,000	Mattel, Inc., 5.875%, 12/15/2027, 144A		144,200
				709,143
		Diversified Manufacturing – 0.5%
	390,000	Vertical U.S. Newco, Inc., 5.250%, 7/15/2027, 144A		390,000
	355,000	WESCO Distribution, Inc., 7.125%, 6/15/2025, 144A		373,861
	490,000	WESCO Distribution, Inc., 7.250%, 6/15/2028, 144A		518,175
				1,282,036
		Electric – 1.9%
	90,000	AES Corp. (The), 5.125%, 9/01/2027		93,375
	652,000	AES Corp. (The), 5.500%, 4/15/2025		668,880
	1,285,000	Calpine Corp., 5.125%, 3/15/2028, 144A		1,259,300
	925,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,050,994
	105,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		110,250
	135,000	NRG Energy, Inc., 5.750%, 1/15/2028		142,425
	320,000	PG&E Corp., 5.000%, 7/01/2028		319,904
	315,000	PG&E Corp., 5.250%, 7/01/2030		316,795
	200,000	Talen Energy Supply LLC, 10.500%, 1/15/2026, 144A		158,000
	265,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		272,905
	465,000	Vistra Operations Co. LLC, 5.500%, 9/01/2026, 144A		474,505
				4,867,333
		Finance Companies – 3.5%
	415,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.500%, 7/15/2025		435,129

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Finance Companies – continued
$	1,000,000	Navient Corp., 5.000%, 3/15/2027	$	840,000
	245,000	Navient Corp., 5.500%, 1/25/2023		234,894
	980,000	Navient Corp., 6.500%, 6/15/2022		962,850
	245,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		229,075
	2,315,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		2,388,802
	1,155,000	Quicken Loans LLC, 5.750%, 5/01/2025, 144A		1,180,745
	1,110,000	Springleaf Finance Corp., 5.375%, 11/15/2029		1,037,850
	150,000	Springleaf Finance Corp., 6.875%, 3/15/2025		153,891
	1,110,000	Springleaf Finance Corp., 7.125%, 3/15/2026		1,148,839
	2,604	Stearns Holdings LLC/Stearns Co-Issuer, Inc., 5.000%, 11/05/2024, 144A(c)(d)(e)		1,266
	685,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023, 144A		556,206
				9,169,547
		Financial Other – 2.0%
	1,805,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.750%, 9/15/2024		1,697,061
	1,405,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		1,355,825
	220,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 2/01/2022		220,550
	135,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		135,094
	1,180,000	Nationstar Mortgage Holdings, Inc., 6.000%, 1/15/2027, 144A		1,121,000
	300,000	Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/2023, 144A		307,860
	270,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		285,355
				5,122,745
		Food & Beverage – 3.0%
	60,000	Aramark Services, Inc., 4.750%, 6/01/2026		57,750
	80,000	Aramark Services, Inc., 5.000%, 2/01/2028, 144A		76,000
	465,000	Aramark Services, Inc., 6.375%, 5/01/2025, 144A		480,173
	350,000	B&G Foods, Inc., 5.250%, 4/01/2025		352,625
	395,000	Herbalife Nutrition Ltd./HLF Financing, Inc., 7.875%, 9/01/2025, 144A		407,838

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Food & Beverage – continued
$	225,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A	$	227,813
	65,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.500%, 4/15/2029, 144A		68,981
	1,205,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		1,182,274
	735,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049, 144A		748,462
	650,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049		661,905
	385,000	Kraft Heinz Foods Co., 5.000%, 6/04/2042		405,638
	35,000	Kraft Heinz Foods Co., 5.200%, 7/15/2045		37,957
	245,000	Kraft Heinz Foods Co., 5.500%, 6/01/2050, 144A		261,160
	155,000	Lamb Weston Holdings, Inc., 4.875%, 5/15/2028, 144A		164,224
	635,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		636,149
	510,000	Performance Food Group, Inc., 5.500%, 10/15/2027, 144A		492,150
	180,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		179,474
	440,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		440,088
	590,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		577,492
	20,000	Post Holdings, Inc., 5.500%, 12/15/2029, 144A		20,682
	310,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		320,075
				7,798,910
		Gaming – 2.8%
	980,000	Boyd Gaming Corp., 4.750%, 12/01/2027, 144A		842,800
	150,000	Boyd Gaming Corp., 6.375%, 4/01/2026		142,500
	225,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.250%, 10/15/2025, 144A		195,750
	230,000	Colt Merger Sub, Inc., 5.750%, 7/01/2025, 144A		231,311
	510,000	Colt Merger Sub, Inc., 6.250%, 7/01/2025, 144A		506,812
	280,000	Colt Merger Sub, Inc., 8.125%, 7/01/2027, 144A		270,550
	200,000	International Game Technology PLC, 5.250%, 1/15/2029, 144A		195,340
	351,000	International Game Technology PLC, 6.250%, 2/15/2022, 144A		354,291

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Gaming – continued
$	400,000	International Game Technology PLC, 6.250%, 1/15/2027, 144A	$	410,000
	660,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.500%, 1/15/2028		627,000
	790,000	MGM Resorts International, 5.500%, 4/15/2027		760,375
	370,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		296,000
	190,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		152,000
	230,000	VICI Properties LP/VICI Note Co., Inc., 3.500%, 2/15/2025, 144A		216,200
	230,000	VICI Properties LP/VICI Note Co., Inc., 3.750%, 2/15/2027, 144A		216,200
	315,000	VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/2030, 144A		300,431
	1,090,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 3/01/2025, 144A		997,350
	290,000	Wynn Macau Ltd., 5.125%, 12/15/2029, 144A		281,300
	420,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029, 144A		375,375
				7,371,585
		Government Owned - No Guarantee – 0.5%
	600,000	Petroleos Mexicanos, 5.950%, 1/28/2031, 144A		495,090
	285,000	Petroleos Mexicanos, 6.625%, 6/15/2035		231,904
	640,000	YPF S.A., 6.950%, 7/21/2027, 144A		448,000
				1,174,994
		Healthcare – 4.1%
	80,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023		75,300
	2,050,000	CHS/Community Health Systems, Inc., 6.625%, 2/15/2025, 144A		1,927,000
	845,000	CHS/Community Health Systems, Inc., 8.000%, 3/15/2026, 144A		798,694
	610,000	Encompass Health Corp., 4.500%, 2/01/2028		585,063
	930,000	Encompass Health Corp., 4.750%, 2/01/2030		888,150
	430,000	HCA, Inc., 7.050%, 12/01/2027		481,600
	35,000	HCA, Inc., 7.500%, 12/15/2023		39,025
	790,000	HCA, Inc., 7.500%, 11/06/2033		959,850
	40,000	HCA, Inc., 7.690%, 6/15/2025		45,600

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Healthcare – continued
$	40,000	HCA, Inc., 8.360%, 4/15/2024	$	46,000
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		235,750
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036		23,500
	105,000	Hill-Rom Holdings, Inc., 4.375%, 9/15/2027, 144A		107,494
	665,000	MPH Acquisition Holdings LLC, 7.125%, 6/01/2024, 144A		618,450
	465,000	Polaris Intermediate Corp., 9.250% PIK or 8.500% Cash, 12/01/2022, 144A(f)		409,200
	575,000	Rede D’or Finance S.a.r.l., 4.500%, 1/22/2030, 144A		506,000
	115,000	Select Medical Corp., 6.250%, 8/15/2026, 144A		116,259
	170,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		165,614
	1,325,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		1,278,903
	1,490,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		1,478,825
				10,786,277
		Home Construction – 1.3%
	255,000	Brookfield Residential Properties, Inc./Brookfield Residential U.S Corp., 4.875%, 2/15/2030, 144A		213,080
	200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(b)(c)(d)(e)		—
	275,000	KB Home, 4.800%, 11/15/2029		270,188
	460,000	Lennar Corp., 4.500%, 4/30/2024		478,303
	690,000	Lennar Corp., 5.000%, 6/15/2027		745,200
	300,000	Mattamy Group Corp., 4.625%, 3/01/2030, 144A		289,242
	720,000	PulteGroup, Inc., 6.000%, 2/15/2035		828,720
	205,000	Taylor Morrison Communities, Inc., 5.750%, 1/15/2028, 144A		211,150
	205,000	TRI Pointe Group, Inc., 5.700%, 6/15/2028		208,075
	200,000	Yuzhou Properties Co. Ltd., 8.300%, 5/27/2025		197,644
				3,441,602
		Independent Energy – 5.8%
	1,095,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		1,112,904
	590,000	Apache Corp., 4.250%, 1/15/2030		510,031

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
$	690,000	Apache Corp., 4.250%, 1/15/2044	$	524,625
	295,000	Apache Corp., 4.750%, 4/15/2043		237,501
	130,000	Apache Corp., 5.100%, 9/01/2040		106,802
	1,165,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A(c)(g)		23,300
	68,000	California Resources Corp., 5.500%, 9/15/2021(c)(g)(h)		680
	33,000	California Resources Corp., 6.000%, 11/15/2024(b)(c)(g)		330
	985,000	California Resources Corp., 8.000%, 12/15/2022, 144A(b)(c)(g)		38,779
	225,000	Centennial Resource Production LLC, 8.000%, 6/01/2025, 144A		191,268
	300,000	Comstock Resources, Inc., 9.750%, 8/15/2026		279,750
	365,000	Continental Resources, Inc., 3.800%, 6/01/2024		341,282
	605,000	Continental Resources, Inc., 4.375%, 1/15/2028		532,533
	285,000	Continental Resources, Inc., 4.500%, 4/15/2023		272,802
	410,000	Continental Resources, Inc., 4.900%, 6/01/2044		326,462
	35,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		33,900
	75,000	EQT Corp., 6.125%, 2/01/2025		74,739
	445,000	EQT Corp., 7.000%, 2/01/2030		458,363
	245,000	Hess Corp., 5.600%, 2/15/2041		257,363
	300,000	MEG Energy Corp., 7.125%, 2/01/2027, 144A		249,375
	640,000	Montage Resources Corp., 8.875%, 7/15/2023		505,600
	300,000	Murphy Oil Corp., 6.375%, 12/01/2042		232,770
	399,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022(c)(g)		65,835
	265,000	Occidental Petroleum Corp., 2.700%, 8/15/2022		246,702
	305,000	Occidental Petroleum Corp., 2.700%, 2/15/2023		277,931
	2,130,000	Occidental Petroleum Corp., 2.900%, 8/15/2024		1,820,042
	90,000	Occidental Petroleum Corp., 3.000%, 2/15/2027		69,768
	80,000	Occidental Petroleum Corp., 3.200%, 8/15/2026		65,000

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
$	55,000	Occidental Petroleum Corp., 3.400%, 4/15/2026	$	44,688
	825,000	Occidental Petroleum Corp., 3.500%, 6/15/2025		697,125
	1,575,000	Occidental Petroleum Corp., 3.500%, 8/15/2029		1,152,270
	10,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		6,772
	415,000	Occidental Petroleum Corp., 4.400%, 8/15/2049		286,350
	200,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		182,542
	260,000	Occidental Petroleum Corp., 8.500%, 7/15/2027		259,675
	240,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		239,700
	445,000	Parsley Energy LLC/Parsley Finance Corp., 5.250%, 8/15/2025, 144A		427,356
	185,000	Parsley Energy LLC/Parsley Finance Corp., 5.375%, 1/15/2025, 144A		179,968
	450,000	Parsley Energy LLC/Parsley Finance Corp., 5.625%, 10/15/2027, 144A		443,250
	105,000	Range Resources Corp., 5.000%, 3/15/2023		90,300
	200,000	Range Resources Corp., 9.250%, 2/01/2026, 144A		179,812
	600,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		528,000
	261,000	SM Energy Co., 10.000%, 1/15/2025, 144A		247,958
	465,000	Southwestern Energy Co., 6.200%, 1/23/2025		398,156
	60,000	Southwestern Energy Co., 7.500%, 4/01/2026		52,518
	45,000	Southwestern Energy Co., 7.750%, 10/01/2027		39,150
	420,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A		254,100
	60,000	Viper Energy Partners LP, 5.375%, 11/01/2027, 144A		58,855
	660,000	Whiting Petroleum Corp., 5.750%, 3/15/2021(b)(c)(g)		127,050
	95,000	Whiting Petroleum Corp., 6.250%, 4/01/2023(b)(c)(g)		16,489
	565,000	Whiting Petroleum Corp., 6.625%, 1/15/2026(b)(c)(g)		100,288
	90,000	WPX Energy, Inc., 5.250%, 10/15/2027		84,077
	265,000	WPX Energy, Inc., 5.875%, 6/15/2028		254,652
				15,207,538

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Industrial Other – 0.5%
$	145,000	Hillenbrand, Inc., 5.750%, 6/15/2025	$	150,075
	740,000	HTA Group Ltd. Co., 7.000%, 12/18/2025, 144A		748,406
	150,000	Installed Building Products, Inc., 5.750%, 2/01/2028, 144A		150,000
	200,000	Kaisa Group Holdings Ltd., 11.950%, 10/22/2022		207,750
				1,256,231
		Integrated Energy – 0.3%
	185,000	Cenovus Energy, Inc., 3.000%, 8/15/2022		179,902
	70,000	Cenovus Energy, Inc., 4.250%, 4/15/2027		63,398
	45,000	Cenovus Energy, Inc., 5.250%, 6/15/2037		38,915
	450,000	Cenovus Energy, Inc., 5.400%, 6/15/2047		386,314
				668,529
		Leisure – 0.4%
	580,000	Live Nation Entertainment, Inc., 4.750%, 10/15/2027, 144A		498,922
	585,000	Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/01/2027, 144A		532,350
				1,031,272
		Lodging – 2.0%
	140,000	Hyatt Hotels Corp., 5.375%, 4/23/2025		148,352
	260,000	Hyatt Hotels Corp., 5.750%, 4/23/2030		285,875
	335,000	Marriott International, Inc., 4.625%, 6/15/2030		347,601
	720,000	Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028, 144A		653,674
	545,000	Marriott Ownership Resorts, Inc., 6.125%, 9/15/2025, 144A		557,263
	1,460,000	Marriott Ownership Resorts, Inc./ILG LLC, 6.500%, 9/15/2026		1,470,950
	975,000	Wyndham Destinations, Inc., 3.900%, 3/01/2023		910,211
	300,000	Wyndham Destinations, Inc., 4.625%, 3/01/2030, 144A		276,000
	665,000	Wyndham Destinations, Inc., 5.625%, 3/01/2021		658,350
				5,308,276
		Media Entertainment – 4.2%
	745,000	Clear Channel Worldwide Holdings, Inc., 9.250%, 2/15/2024		691,062

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Media Entertainment – continued
$	1,445,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A	$	1,045,819
	335,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		309,038
	165,000	iHeartCommunications, Inc., 6.375%, 5/01/2026		163,350
	3,360,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		3,079,003
	800,000	Lamar Media Corp., 3.750%, 2/15/2028, 144A		754,240
	150,000	Lamar Media Corp., 4.000%, 2/15/2030, 144A		143,580
	575,000	Meredith Corp., 6.875%, 2/01/2026		478,118
	710,000	Netflix, Inc., 4.875%, 4/15/2028		759,182
	1,085,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,163,662
	415,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		454,508
	115,000	Nexstar Broadcasting, Inc., 5.625%, 7/15/2027, 144A		114,144
	880,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		876,885
	50,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.000%, 8/15/2027, 144A		45,000
	570,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 6.250%, 6/15/2025, 144A		573,734
	200,000	Terrier Media Buyer, Inc., 8.875%, 12/15/2027, 144A		191,750
	230,000	Univision Communications, Inc., 6.625%, 6/01/2027, 144A		219,650
				11,062,725
		Metals & Mining – 4.5%
	825,000	ABJA Investment Co. Pte Ltd., 5.450%, 1/24/2028		763,018
	75,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		69,375
	565,000	ArcelorMittal S.A., 7.000%, 3/01/2041		660,796
	155,000	ArcelorMittal S.A., 7.250%, 10/15/2039		185,225
	75,000	Cleveland-Cliffs, Inc., 6.750%, 3/15/2026, 144A		72,375
	550,000	Cleveland-Cliffs, Inc., 9.875%, 10/17/2025, 144A		576,922
	545,000	Commercial Metals Co., 4.875%, 5/15/2023		549,087
	460,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		434,125

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Metals & Mining – continued
$	2,560,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A	$	2,425,600
	615,000	First Quantum Minerals Ltd., 7.250%, 4/01/2023, 144A		587,325
	600,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		574,500
	365,000	FMG Resources (August 2006) Pty Ltd., 5.125%, 5/15/2024, 144A		375,950
	565,000	Freeport-McMoRan, Inc., 4.125%, 3/01/2028		548,050
	1,580,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		1,532,600
	190,000	Freeport-McMoRan, Inc., 5.000%, 9/01/2027		190,891
	860,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		913,750
	945,000	Novelis Corp., 4.750%, 1/30/2030, 144A		902,475
	390,000	United States Steel Corp., 6.250%, 3/15/2026		246,675
	95,000	United States Steel Corp., 6.875%, 8/15/2025		64,600
				11,673,339
		Midstream – 4.7%
	185,000	Buckeye Partners LP, 5.600%, 10/15/2044		148,000
	130,000	Buckeye Partners LP, 5.850%, 11/15/2043		112,814
	95,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		91,141
	160,000	DCP Midstream Operating LP, 5.375%, 7/15/2025		158,800
	540,000	DCP Midstream Operating LP, 5.625%, 7/15/2027		543,375
	95,000	Enable Midstream Partners LP, 4.400%, 3/15/2027		88,492
	195,000	Enable Midstream Partners LP, 4.950%, 5/15/2028		180,627
	1,715,000	Energy Transfer Operating LP, Series A, (fixed rate to 2/15/2023, variable rate thereafter), 6.250%(i)		1,316,262
	785,000	EnLink Midstream Partners LP, 4.850%, 7/15/2026		581,135
	90,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		56,052
	490,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		303,702
	250,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		152,500
	455,000	EQM Midstream Partners LP, 6.000%, 7/01/2025, 144A		460,879

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
$	470,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A	$	481,383
	100,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		95,250
	625,000	Genesis Energy LP/Genesis Energy Finance Corp., 7.750%, 2/01/2028		556,250
	2,095,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		2,072,982
	80,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		60,400
	540,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		593,417
	560,000	Sabine Pass Liquefaction LLC, 4.500%, 5/15/2030, 144A		621,714
	395,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.000%, 3/01/2027, 144A		350,563
	50,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		47,750
	670,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		653,250
	1,250,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030, 144A		1,207,025
	735,000	Western Midstream Operating LP, 4.050%, 2/01/2030		707,504
	345,000	Western Midstream Operating LP, 5.250%, 2/01/2050		298,529
	50,000	Western Midstream Operating LP, 5.300%, 3/01/2048		40,563
	345,000	Western Midstream Operating LP, 5.450%, 4/01/2044		287,316
				12,267,675
		Non-Agency Commercial Mortgage-Backed Securities – 0.5%
	100,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL1, 1-month LIBOR + 3.500%, 3.685%, 11/15/2031, 144A(a)(c)(g)		70,137
	180,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL2, 1-month LIBOR + 4.500%, 4.685%, 11/15/2031, 144A(a)(c)(g)		112,976
	795,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		597,942
	320,000	Starwood Retail Property Trust, Series 2014-STAR, Class D, 1-month LIBOR + 3.500%, 3.685%, 11/15/2027, 144A(a)(c)(g)		201,534
	350,000	Starwood Retail Property Trust, Series 2014-STAR, Class E, 1-month LIBOR + 4.400%, 4.585%, 11/15/2027, 144A(a)(c)(d)(e)		158,908
	100,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.966%, 6/15/2045, 144A(j)		41,554
				1,183,051
		Oil Field Services – 0.5%
	1,045,000	McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.625%, 5/01/2024, 144A(b)		67,925
	90,000	Noble Holding International Ltd., 5.250%, 3/15/2042(c)(g)		2,700

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Oil Field Services – continued
$	1,400,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A	$	630,000
	684,700	Transocean Guardian Ltd., 5.875%, 1/15/2024, 144A		595,511
	87,750	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		79,852
				1,375,988
		Packaging – 1.4%
	1,300,000	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027, 144A(f)		1,286,188
	1,155,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.250%, 8/15/2027, 144A		1,134,649
	610,000	Mauser Packaging Solutions Holding Co., 7.250%, 4/15/2025, 144A		553,130
	665,000	OI European Group BV, 4.000%, 3/15/2023, 144A		654,978
				3,628,945
		Pharmaceuticals – 3.8%
	35,000	Bausch Health Americas, Inc., 8.500%, 1/31/2027, 144A		37,144
	490,000	Bausch Health Americas, Inc., 9.250%, 4/01/2026, 144A		531,601
	460,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		433,085
	1,260,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		1,195,425
	305,000	Bausch Health Cos., Inc., 6.125%, 4/15/2025, 144A		309,352
	885,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		889,425
	185,000	Bausch Health Cos., Inc., 7.250%, 5/30/2029, 144A		194,250
	835,000	Bausch Health Cos., Inc., 9.000%, 12/15/2025, 144A		899,470
	165,000	Catalent Pharma Solutions, Inc., 5.000%, 7/15/2027, 144A		171,292
	555,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A		357,975
	363,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.500%, 7/31/2027, 144A		383,945
	390,000	Jaguar Holding Co. II/PPD Development LP, 5.000%, 6/15/2028, 144A		399,263
	136,000	Par Pharmaceutical, Inc., 7.500%, 4/01/2027, 144A		139,563
	170,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		160,679
	425,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		379,474
	3,730,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		3,133,200

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Pharmaceuticals – continued
$	295,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025, 144A	$	314,025
				9,929,168
		Property & Casualty Insurance – 0.1%
	55,000	AmWINS Group, Inc., 7.750%, 7/01/2026, 144A		57,750
	265,000	Ardonagh Midco 2 PLC, 11.500%, 1/15/2027, 144A		266,325
				324,075
		Refining – 0.5%
	540,000	Parkland Corp., 5.875%, 7/15/2027, 144A		560,250
	715,000	Parkland Corp., 6.000%, 4/01/2026, 144A		732,875
				1,293,125
		REITs - Hotels – 0.3%
	380,000	Service Properties Trust, 4.750%, 10/01/2026		336,189
	620,000	Service Properties Trust, 4.350%, 10/01/2024		558,808
				894,997
		REITs - Mortgage – 1.1%
	525,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		420,000
	610,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 3/15/2022, 144A		579,500
	615,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		530,253
	1,365,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		1,351,350
				2,881,103
		REITs - Regional Malls – 0.4%
	1,225,000	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.750%, 5/15/2026, 144A		1,035,125
		Restaurants – 0.6%
	380,000	1011778 B.C. ULC/New Red Finance, Inc., 3.875%, 1/15/2028, 144A		368,665
	1,190,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		1,166,426
	125,000	Yum! Brands, Inc., 4.750%, 1/15/2030, 144A		126,875
				1,661,966

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Retailers – 1.5%
$	91,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028, 144A	$	88,270
	99,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030, 144A		96,525
	120,000	AutoNation, Inc., 4.750%, 6/01/2030		130,028
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		479,150
	185,000	L Brands, Inc., 5.250%, 2/01/2028		146,366
	150,000	L Brands, Inc., 6.750%, 7/01/2036		123,000
	995,000	L Brands, Inc., 6.875%, 11/01/2035		827,740
	115,000	Murphy Oil USA, Inc., 4.750%, 9/15/2029		117,588
	1,785,000	PetSmart, Inc., 7.125%, 3/15/2023, 144A		1,759,796
	50,000	PetSmart, Inc., 8.875%, 6/01/2025, 144A		50,123
	135,000	William Carter Co. (The), 5.625%, 3/15/2027, 144A		139,050
				3,957,636
		Supermarkets – 0.3%
	755,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/2030, 144A		772,463
		Technology – 4.7%
	1,235,000	Broadcom, Inc., 4.300%, 11/15/2032, 144A		1,355,015
	415,000	Camelot Finance S.A., 4.500%, 11/01/2026, 144A		415,000
	550,000	CDW LLC/CDM Finance Corp., 4.250%, 4/01/2028		560,483
	2,320,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		2,089,624
	400,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		386,280
	11,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		11,000
	545,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		543,692
	65,000	Dun & Bradstreet Corp. (The), 6.875%, 8/15/2026, 144A		68,514
	1,390,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,351,775
	325,000	MSCI, Inc., 3.625%, 9/01/2030, 144A		323,375
	75,000	NCR Corp., 8.125%, 4/15/2025, 144A		79,500

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Technology – continued
$	1,535,000	Nokia OYJ, 4.375%, 6/12/2027	$	1,621,912
	515,000	Open Text Corp., 3.875%, 2/15/2028, 144A		495,600
	20,000	Open Text Corp., 5.875%, 6/01/2026, 144A		20,752
	130,000	Presidio Holdings, Inc., 4.875%, 2/01/2027, 144A		127,075
	130,000	Presidio Holdings, Inc., 8.250%, 2/01/2028, 144A		130,000
	205,000	PTC, Inc., 3.625%, 2/15/2025, 144A		203,462
	290,000	PTC, Inc., 4.000%, 2/15/2028, 144A		287,135
	1,010,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		929,200
	235,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		219,382
	65,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		68,494
	20,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		19,881
	130,000	Seagate HDD Cayman, 4.125%, 1/15/2031, 144A		136,601
	140,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		142,050
	605,000	Western Digital Corp., 4.750%, 2/15/2026		625,237
				12,211,039
		Treasuries – 0.9%
	1,190,000	U.S. Treasury Note, 1.375%, 1/31/2022		1,212,499
	1,160,000	U.S. Treasury Note, 1.375%, 1/31/2025		1,218,770
				2,431,269
		Wireless – 1.7%
	1,940,000	Altice France Holding S.A., 10.500%, 5/15/2027, 144A		2,144,263
	615,000	IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		627,288
	770,000	Kenbourne Invest S.A., 6.875%, 11/26/2024, 144A		778,231
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		201,040
	600,000	Sprint Capital Corp., 6.875%, 11/15/2028		730,500
				4,481,322

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Wirelines – 0.5%
$	30,000	CenturyLink, Inc., 5.125%, 12/15/2026, 144A	$	29,925
	420,000	CenturyLink, Inc., 5.625%, 4/01/2025		434,280
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		212,164
	100,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		108,700
	155,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		184,450
	165,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/2025, 144A		167,189
	275,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.250%, 10/15/2023		259,875
				1,396,583
		Total Non-Convertible Bonds (Identified Cost $228,701,505)		227,803,361
	Convertible Bonds – 3.7%
		Cable Satellite – 1.5%
	960,000	DISH Network Corp., 2.375%, 3/15/2024		859,052
	3,400,000	DISH Network Corp., 3.375%, 8/15/2026		3,123,290
				3,982,342
		Diversified Manufacturing – 0.3%
	815,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		670,722
		Healthcare – 0.2%
	685,000	Integra LifeSciences Holdings Corp., 0.500%, 8/15/2025, 144A		623,966
		Independent Energy – 0.0%
	805,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(b)(c)(g)		21,236
		Oil Field Services – 0.2%
	375,000	Nabors Industries, Inc., 0.750%, 1/15/2024		135,180
	720,000	Oil States International, Inc., 1.500%, 2/15/2023		361,181
				496,361
		Pharmaceuticals – 1.1%
	410,000	Aerie Pharmaceuticals, Inc., 1.500%, 10/01/2024, 144A		363,911
	885,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,081,522
	995,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		1,157,953

Principal         Amount		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Pharmaceuticals – continued
$	340,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024	$	279,863
				2,883,249
		Technology – 0.4%
	430,000	Avaya Holdings Corp., 2.250%, 6/15/2023		352,798
	700,000	CalAmp Corp., 2.000%, 8/01/2025		549,913
				902,711
		Total Convertible Bonds (Identified Cost $10,532,228)		9,580,587
		Total Bonds and Notes (Identified Cost $239,233,733)		237,383,948
	Senior Loans – 0.0%
		Chemicals – 0.0%
	97,361	Chemours Co. (The), 2018 USD Term Loan B, 1-month LIBOR + 1.750%, 1.930%, 4/03/2025(a) (Identified Cost $97,236)		91,641
	Collateralized Loan Obligations – 0.3%
	250,000	Ballyrock CLO Ltd., Series 2019-1A, Class C, 3-month LIBOR + 3.700%, 4.919%, 7/15/2032, 144A(a)		228,080
	390,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class CR, 3-month LIBOR + 2.250%, 3.241%, 4/27/2027, 144A(a)		344,329
	260,000	Symphony CLO XX Ltd., Series 2018-20A, Class D, 3-month LIBOR + 3.860%, 5.036%, 1/16/2032, 144A(a)		258,042
		Total Collateralized Loan Obligations (Identified Cost $799,263)		830,451
	Shares
	Preferred Stocks – 1.6%
		Banking – 0.1%
	195	Bank of America Corp., Series L, 7.250%		261,729
		Food & Beverage – 1.5%
	43,588	Bunge Ltd., 4.875%		3,888,049
		Midstream – 0.0%
	641	Chesapeake Energy Corp., 5.750%(c)(d)(e)		—
	13	Chesapeake Energy Corp., 5.750%, 144A(c)(d)(e)		—
	90	Chesapeake Energy Corp., 5.750%(c)(d)(e)		—
				—

Principal         Amount		Description	Value (†)
		Total Preferred Stocks (Identified Cost $4,951,311)	$	4,149,778
	Common Stocks – 0.3%
		Chemicals – 0.1%
	12,926	Hexion Holdings Corp., Class B(h)		91,296
		Diversified Telecommunication Services – 0.2%
	18,412	AT&T, Inc.		556,595
		Oil, Gas & Consumable Fuels – 0.0%
	2,801	Battalion Oil Corp.(h)		26,610
		Total Common Stocks (Identified Cost $1,243,471)		674,501
	Warrants – 0.0%
	7,285	Stearns Holdings LLC, Expiration on 11/5/2039(c)(d)(e)(h) (Identified Cost $0)		—
Principal Amount
	Short-Term Investments – 4.2%
$	11,007,073	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $11,007,073 on 7/01/2020 collateralized by $9,949,000 U.S. Treasury Note, 2.500% due 2/28/2026 valued at $11,227,278 including accrued interest(k) (Identified Cost $11,007,073)		11,007,073
		Total Investments – 97.5% (Identified Cost $257,332,087)		254,137,392
		Other assets less liabilities – 2.5%		6,422,966
		Net Assets – 100.0%	$	260,560,358

(†) 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 and collateralized loan obligations are valued at bid prices supplied by an independent pricing service, if available.

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

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

Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans and collateralized loan obligations 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.

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 June 30, 2020, 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
$	781,334		0.3	%	$	160,174		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.

(a) Variable rate security. Rate as of June 30, 2020 is disclosed.

(b) The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

(c) Illiquid security.

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

(e) Fair valued by the Fund’s adviser. At June 30, 2020, the value of these securities amounted to $160,174 or 0.1% of net assets.

(f) Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended June 30, 2020, interest payments were made in cash.

(g) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2020, the value of these securities amounted to $781,334 or 0.3% of net assets.

(h) Non-income producing security.

(i) Perpetual bond with no specified maturity date.

(j) 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 June 30, 2020 is disclosed.

(k) The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of June 30, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

144A All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the value of Rule 144A holdings amounted to $134,563,100 or 51.6% of net assets.

ABS Asset-Backed Securities

GMTN Global Medium Term Note

LIBOR London Interbank Offered Rate

MTN Medium Term Note

PIK Payment-in-Kind

REITs Real Estate Investment Trusts

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 June 30, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	—	$	9,168,281	$	1,266	(a)	$	9,169,547
Home Construction		—		3,441,602		—	(b)		3,441,602
Non-Agency Commercial Mortgage-Backed Securities		—		1,024,143		158,908	(a)		1,183,051
All Other Non-Convertible Bonds*		—		214,009,161		—			214,009,161
Total Non-Convertible Bonds		—		227,643,187		160,174			227,803,361
Convertible Bonds*		—		9,580,587		—			9,580,587
Total Bonds and Notes		—		237,223,774		160,174			237,383,948
Senior Loans*		—		91,641		—			91,641
Collateralized Loan Obligations		—		830,451		—			830,451
Preferred Stocks
Banking		261,729		—		—			261,729
Food & Beverage		—		3,888,049		—			3,888,049
Midstream		—		—		—	(b)		—
Total Preferred Stocks		261,729		3,888,049		—			4,149,778
Common Stocks
Chemicals		—		91,296		—			91,296
All Other Common Stocks*		583,205		—		—			583,205
Total Common Stocks		583,205		91,296		—			674,501
Warrants		—		—		—	(b)		—
Short-Term Investments		—		11,007,073		—			11,007,073
Total	$	844,934	$	253,132,284	$	160,174		$	254,137,392

* 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) Includes a security fair valued at zero by the Fund’s adviser using level 3 inputs.

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or June 30, 2020:

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 June 30, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2020
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	35,640	$	—	$	(63,816	)	$	64,606		$	20	$	(35,184	)	$	—	$	—		$	1,266		$	1,246
Home Construction		—		—		—			—			—		—			—		—			—	(a)		—
Non-Agency Commercial Mortgage-Backed Securities		89,787		—		—			(113,490	)		—		—			272,398		(89,787	)		158,908			(113,490	)
Preferred Stocks
Midstream		260,608		—		—			(260,608	)		—		—			—		—			—	(a)		(260,608	)
Warrants		—		—		—			—			—		—			—		—			—	(a)		—
Total	$	386,035	$	—	$	(63,816	)	$	(309,492	)	$	20	$	(35,184	)	$	272,398	$	(89,787	)	$	160,174		$	(372,852	)

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

A debt security valued at $272,398 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. 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 June 30, 2020 this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

A debt security valued at $89,787 was transferred from Level 3 to Level 2 during the period ended June 30, 2020. At September 30, 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. At June 30, 2020, 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.

Industry Summary at June 30, 2020 (Unaudited)

Cable Satellite	9.3	%
Independent Energy	5.8
Technology	5.1
Pharmaceuticals	4.9
Midstream	4.7
Food & Beverage	4.5
Metals & Mining	4.5
Healthcare	4.3
Automotive	4.3
Media Entertainment	4.2
Aerospace & Defense	4.1
Consumer Cyclical Services	4.1
Finance Companies	3.5
Gaming	2.8
Building Materials	2.1
Lodging	2.0
Financial Other	2.0
Other Investments, less than 2% each	20.8
Short-Term Investments	4.2
Collateralized Loan Obligations	0.3
Total Investments	97.5
Other assets less liabilities	2.5
Net Assets	100.0	%