Loomis Sayles Funds I NPORT-P Loomis Sayles Institutional High Income Fund (Jun 2021 report)

PORTFOLIO OF INVESTMENTS – as of June 30, 2021 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – 75.7% of Net Assets
Non-Convertible Bonds – 69.6%
		ABS Home Equity – 0.4%
$	355,000	Progress Residential Trust, Series 2021-SFR3, Class F, 3.436%, 5/17/2026, 144A	$	358,757
	690,000	Progress Residential Trust, Series 2021-SFR4, Class F, 3.407%, 5/17/2038, 144A		688,723
	325,000	VOLT XCVI LLC, Series 2021-NPL5, Class A2, 4.826%, 3/27/2051, 144A(a)		324,669
				1,372,149
		ABS Other – 0.3%
	430,992	Business Jet Securities LLC, Series 2021-1A, Class C, 5.067%, 4/15/2036, 144A		432,309
	645,584	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.170%, 11/20/2037, 144A		649,860
				1,082,169
		Aerospace & Defense – 2.7%
	30,000	Boeing Co. (The), 3.250%, 2/01/2035		30,334
	195,000	Boeing Co. (The), 3.550%, 3/01/2038		200,278
	135,000	Boeing Co. (The), 3.825%, 3/01/2059		137,753
	1,775,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,858,425
	1,340,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		1,390,250
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		122,549
	1,072,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		1,274,747
	2,209,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		2,852,879
	770,000	TransDigm, Inc., 4.875%, 5/01/2029, 144A		777,315
	770,000	TransDigm, Inc., 5.500%, 11/15/2027		802,725
	55,000	TransDigm, Inc., 7.500%, 3/15/2027		58,506
	385,000	Triumph Group, Inc., 6.250%, 9/15/2024, 144A		390,775
				9,896,536
		Airlines – 2.2%
	80,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		73,700
	524,900	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		504,198
	1,490,898	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		1,445,732

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Airlines – continued
$	790,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A	$	991,450
	910,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		963,462
	1,030,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		1,113,687
	740,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyality Ltd., 5.750%, 1/20/2026, 144A		794,471
	1,457,848	U.S. Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		1,461,988
	315,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		326,082
	475,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		491,625
				8,166,395
		Automotive – 2.2%
	185,000	Dana, Inc., 4.250%, 9/01/2030		190,319
	3,515,000	Ford Motor Co., 9.000%, 4/22/2025		4,333,538
	1,110,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(b)		1,208,113
	360,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(b)		403,200
	1,080,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,238,620
	270,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		280,044
	265,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		267,981
				7,921,815
		Banking – 0.7%
	1,145,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,234,791
	1,285,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		1,401,089
				2,635,880
		Building Materials – 2.2%
	2,795,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		2,841,117
	425,000	Cemex SAB de CV, (fixed rate to 6/8/2026, variable rate thereafter), 5.125%, 144A(b)		438,685
	1,265,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		1,252,350
	525,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		545,590

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Building Materials – continued
$	540,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A	$	544,158
	810,000	Park River Holdings, Inc., 5.625%, 2/01/2029, 144A		787,624
	180,000	Park River Holdings, Inc., 6.750%, 8/01/2029, 144A		182,250
	385,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A		382,594
	405,000	SRS Distribution, Inc., 6.125%, 7/01/2029, 144A		416,790
	525,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		528,938
				7,920,096
		Cable Satellite – 4.2%
	6,305,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		6,425,993
	370,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		391,441
	3,375,000	DISH DBS Corp., 7.750%, 7/01/2026		3,822,187
	1,080,944	Ligado Networks LLC, 15.500% PIK, 11/01/2023, 144A(s)		1,066,492
	332,873	Ligado Networks LLC, 17.500% PIK, 5/01/2024, 144A(s)		256,326
	385,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		386,444
	955,000	UPC Broadband Finco B.V., 4.875%, 7/15/2031, 144A		957,196
	1,889,000	Ziggo BV, 5.500%, 1/15/2027, 144A		1,962,671
				15,268,750
		Chemicals – 2.5%
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		208,384
	575,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		629,631
	380,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		389,827
	225,000	CVR Partners LP/CVR Nitrogen Finance Corp., 6.125%, 6/15/2028, 144A		230,625
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		5,222,934
	295,000	Herens Holdco S.a.r.l., 4.750%, 5/15/2028, 144A		293,525
	240,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		243,175
	750,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		774,000

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Chemicals – continued
$	940,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A	$	977,920
				8,970,021
		Construction Machinery – 0.1%
	380,000	Titan International, Inc., 7.000%, 4/30/2028, 144A		397,575
		Consumer Cyclical Services – 3.8%
	450,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.000%, 6/01/2029, 144A		456,206
	545,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.250%, 1/15/2028, 144A		579,744
	2,470,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		2,582,113
	1,902,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		2,225,340
	195,000	TKC Holdings, Inc., 10.500%, 5/15/2029, 144A		211,088
	3,815,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		4,105,741
	3,180,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		3,494,756
				13,654,988
		Diversified Manufacturing – 0.1%
	385,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		391,737
		Electric – 0.7%
	2,520,000	Calpine Corp., 5.125%, 3/15/2028		2,564,100
		Finance Companies – 3.7%
	1,000,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.934%, 1/15/2067, 144A(d)(e)(f)		642,680
	210,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(b)		212,100
	320,000	Fortress Transportation & Infrastructure Investors LLC, 5.500%, 5/01/2028, 144A		333,200
	1,240,000	Freedom Mortgage Corp., 7.625%, 5/01/2026		1,290,840
	895,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(b)		1,002,400
	425,000	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(g)		427,125
	985,000	Midcap Financial Issuer Trust, 6.500%, 5/01/2028, 144A		1,030,842
	4,010,000	Navient Corp., MTN, 5.625%, 8/01/2033		3,876,828
	2,885,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		3,029,250

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Finance Companies – continued
$	430,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A	$	424,625
	1,185,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		1,193,875
				13,463,765
		Financial Other – 1.6%
	205,000	China Evergrande Group, 8.750%, 6/28/2025		136,709
	200,000	China Evergrande Group, 9.500%, 4/11/2022		171,100
	4,445,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029, 144A		4,422,775
	1,230,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		1,240,000
				5,970,584
		Food & Beverage – 1.1%
	699,000	Kraft Heinz Foods Co., 3.000%, 6/01/2026		744,389
	1,360,000	MARB BondCo. PLC, 3.950%, 1/29/2031, 144A		1,311,312
	610,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		615,301
	575,000	Triton Water Holdings, Inc., 6.250%, 4/01/2029, 144A		576,438
	800,000	US Foods, Inc., 4.750%, 2/15/2029, 144A		816,000
				4,063,440
		Gaming – 2.5%
	515,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		534,312
	830,000	Caesars Entertainment, Inc., 8.125%, 7/01/2027, 144A		923,126
	655,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.250%, 10/15/2025, 144A		663,187
	460,000	International Game Technology PLC, 4.125%, 4/15/2026, 144A		478,975
	890,000	International Game Technology PLC, 5.250%, 1/15/2029, 144A		954,525
	590,000	MGM China Holdings Ltd., 4.750%, 2/01/2027, 144A		601,346
	495,000	Scientific Games International, Inc., 7.000%, 5/15/2028		540,639
	940,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,026,668
	480,000	Scientific Games International, Inc., 7.250%, 11/15/2029		541,440
	1,090,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		1,229,520

Principal Amount (‡)			Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
			Gaming – continued
$	700,000		Studio City Finance Ltd., 5.000%, 1/15/2029, 144A	$	706,314
	930,000		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 3/01/2025		1,001,480
					9,201,532
			Government Owned - No Guarantee – 0.2%
	39,600,000		Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)		541,499
	75,000	(††)	Petroleos Mexicanos, 7.650%, 11/24/2021, 144A, (MXN)		375,143
					916,642
			Healthcare – 2.7%
	345,000		AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		349,744
	1,685,000		CHS/Community Health Systems, Inc., 5.625%, 3/15/2027, 144A		1,798,737
	735,000		CHS/Community Health Systems, Inc., 6.125%, 4/01/2030, 144A		746,025
	780,000		CHS/Community Health Systems, Inc., 6.875%, 4/15/2029, 144A		816,247
	1,065,000		HCA, Inc., 7.050%, 12/01/2027		1,304,625
	358,000		HCA, Inc., 7.500%, 11/06/2033		494,040
	995,000		MPH Acquisition Holdings LLC, 5.750%, 11/01/2028, 144A		999,885
	2,765,000		Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		2,946,495
	410,000		U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A		423,653
					9,879,451
			Home Construction – 1.2%
	885,000		Beazer Homes USA, Inc., 5.875%, 10/15/2027		924,869
	1,105,000		Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 6.250%, 9/15/2027, 144A		1,167,156
	115,000		Forestar Group, Inc., 3.850%, 5/15/2026, 144A		116,041
	1,970,000		Tri Pointe Homes, Inc., 5.250%, 6/01/2027		2,137,450
					4,345,516
			Independent Energy – 6.4%
	815,000		Antero Resources Corp., 7.625%, 2/01/2029, 144A		904,650
	107,000		Antero Resources Corp., 8.375%, 7/15/2026, 144A		121,713
	355,000		Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/2029, 144A		355,000

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Independent Energy – continued
$	654,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.000%, 11/01/2027, 144A	$	903,396
	870,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		876,525
	185,000	California Resources Corp., 7.125%, 2/01/2026, 144A		194,679
	205,000	Callon Petroleum Co., 6.250%, 4/15/2023		205,238
	540,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A		546,075
	150,000	Centennial Resource Production LLC, 5.375%, 1/15/2026, 144A		147,000
	475,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		485,740
	175,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A		184,625
	455,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A		484,680
	655,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A		671,133
	345,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		354,391
	250,000	Energy Ventures GoM LLC/EnVen Finance Corp., 11.750%, 4/15/2026, 144A		260,720
	60,000	EQT Corp., 3.125%, 5/15/2026, 144A		61,483
	125,000	EQT Corp., 3.625%, 5/15/2031, 144A		130,313
	345,000	Hilcorp Energy I LP/Hilcorp Finance Co., 5.750%, 2/01/2029, 144A		359,662
	305,000	Hilcorp Energy I LP/Hilcorp Finance Co., 6.000%, 2/01/2031, 144A		323,300
	470,000	Independence Energy Finance LLC, 7.250%, 5/01/2026, 144A		493,580
	830,000	Indigo Natural Resources LLC, 5.375%, 2/01/2029, 144A		867,350
	555,000	Matador Resources Co., 5.875%, 9/15/2026		571,650
	740,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A		771,450
	1,540,000	Mesquite Energy, Inc., 6.125%, 1/15/2023(e)(h)(i)(j)		28,182
	405,000	Murphy Oil Corp., 6.375%, 7/15/2028		427,012
	510,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		549,525
	195,000	Oasis Petroleum, Inc., 6.375%, 6/01/2026, 144A		203,332
	630,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		586,606
	135,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		126,225

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Independent Energy – continued
$	160,000	Occidental Petroleum Corp., 4.400%, 4/15/2046	$	153,680
	3,410,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		4,560,500
	290,000	Ovintiv, Inc., 6.500%, 8/15/2034		382,833
	125,000	Ovintiv, Inc., 6.500%, 2/01/2038		166,419
	620,000	Ovintiv, Inc., 6.625%, 8/15/2037		827,253
	85,000	Ovintiv, Inc., 7.200%, 11/01/2031		111,849
	75,000	Ovintiv, Inc., 7.375%, 11/01/2031		99,578
	345,000	Ovintiv, Inc., 8.125%, 9/15/2030		470,163
	430,000	Range Resources Corp., 4.875%, 5/15/2025		445,050
	645,000	Range Resources Corp., 8.250%, 1/15/2029, 144A		727,237
	265,000	SM Energy Co., 5.625%, 6/01/2025		262,350
	175,000	SM Energy Co., 6.500%, 7/15/2028		179,812
	330,000	SM Energy Co., 6.750%, 9/15/2026		335,775
	1,820,000	Southwestern Energy Co., 6.450%, 1/23/2025		2,014,740
	395,000	Vine Energy Holdings LLC, 6.750%, 4/15/2029, 144A		415,737
				23,348,211
		Industrial Other – 0.2%
	560,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		589,512
		Leisure – 2.7%
	260,000	AMC Entertainment Holdings, Inc., 10.500%, 4/15/2025, 144A		282,100
	250,000	Boyne USA, Inc., 4.750%, 5/15/2029, 144A		257,933
	2,465,000	Carnival Corp., 5.750%, 3/01/2027, 144A		2,582,087
	390,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		399,750
	525,000	Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A		527,321
	1,420,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		1,487,450
	295,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		309,145

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Leisure – continued
$	465,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028	$	444,117
	290,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		289,638
	1,835,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,921,795
	135,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A		133,407
	1,015,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		1,025,150
				9,659,893
		Lodging – 1.0%
	310,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		309,188
	1,305,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		1,334,363
	275,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		278,781
	1,345,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		1,386,291
	170,000	Travel & Leisure Co., 6.000%, 4/01/2027		186,757
				3,495,380
		Media Entertainment – 2.9%
	1,200,000	AMC Networks, Inc., 4.250%, 2/15/2029		1,210,500
	595,000	Audacy Capital Corp., 6.750%, 3/31/2029, 144A		618,425
	65,000	Clear Channel Outdoor Holdings, Inc., 7.500%, 6/01/2029, 144A		67,297
	930,000	Clear Channel Outdoor Holdings, Inc., 7.750%, 4/15/2028, 144A		974,194
	395,000	Deluxe Corp., 8.000%, 6/01/2029, 144A		428,575
	1,657,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		1,775,061
	710,000	Lions Gate Capital Holdings LLC, 5.500%, 4/15/2029, 144A		746,387
	1,390,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,653,127
	125,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		151,825
	1,035,000	Netflix, Inc., 6.375%, 5/15/2029		1,321,954
	255,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		254,824
	590,000	Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A		592,212

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Media Entertainment – continued
$	490,000	Summer BC Bidco B LLC, 5.500%, 10/31/2026, 144A	$	498,178
	225,000	Townsquare Media, Inc., 6.875%, 2/01/2026, 144A		240,750
				10,533,309
		Metals & Mining – 2.4%
	1,035,000	Cleveland-Cliffs, Inc., 4.625%, 3/01/2029, 144A		1,089,099
	830,000	Cleveland-Cliffs, Inc., 4.875%, 3/01/2031, 144A		871,500
	1,660,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		1,736,543
	3,030,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		3,301,791
	200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		207,500
	150,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A	��	149,812
	585,000	United States Steel Corp., 6.650%, 6/01/2037		623,113
	450,000	United States Steel Corp., 6.875%, 3/01/2029		481,500
	170,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		168,300
				8,629,158
		Midstream – 2.3%
	1,015,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		1,099,935
	885,000	Buckeye Partners LP, 4.500%, 3/01/2028, 144A		907,400
	1,305,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		1,359,797
	530,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A		555,175
	555,000	EQM Midstream Partners LP, 6.500%, 7/15/2048		593,850
	475,000	Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		470,844
	470,000	Harvest Midstream I LP, 7.500%, 9/01/2028, 144A		510,420
	1,835,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		1,878,581
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		181,500
	495,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		487,575
	395,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A		404,381
				8,449,458

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – 1.2%
$	100,000	Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922%, 10/15/2045, 144A	$	99,910
	205,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.428%, 8/10/2044, 144A(a)		170,179
	1,830,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.428%, 8/10/2044, 144A(a)		1,006,540
	720,000	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class C, 4.723%, 8/15/2046(a)		676,907
	155,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.777%, 10/15/2045, 144A(a)		146,465
	1,135,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.496%, 8/15/2046(a)		830,823
	375,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.426%, 10/15/2030, 144A(a)		293,517
	208,290	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.543%, 11/15/2027, 144A(d)		151,344
	545,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		405,190
	215,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.508%, 12/15/2045(a)		184,538
	515,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class D, 4.957%, 6/15/2045, 144A(a)		335,123
				4,300,536
		Oil Field Services – 1.0%
	395,000	Nabors Industries Ltd., 7.250%, 1/15/2026, 144A		387,100
	265,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		272,950
	40,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		41,200
	210,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		222,600
	1,545,000	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		1,552,725
	435,000	Transocean, Inc., 8.000%, 2/01/2027, 144A		366,246
	195,000	Transocean, Inc., 11.500%, 1/30/2027, 144A		208,396
	110,000	Weatherford International Ltd., 8.750%, 9/01/2024, 144A		115,087
	525,000	Weatherford International Ltd., 11.000%, 12/01/2024, 144A		546,000
				3,712,304
		Packaging – 0.9%
	2,015,000	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027(g)		2,115,750
	1,040,000	Mauser Packaging Solutions Holding Co., 7.250%, 4/15/2025		1,019,200
				3,134,950

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Pharmaceuticals – 1.9%
$	4,285,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A	$	3,999,833
	845,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A		569,830
	450,000	Endo Luxembourg Finance Co. I.S.a.r.l/Endo U.S., Inc., 6.125%, 4/01/2029, 144A		441,000
	280,000	Jazz Securities DAC, 4.375%, 1/15/2029, 144A		290,304
	1,025,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		1,055,955
	450,000	Par Pharmaceutical, Inc., 7.500%, 4/01/2027, 144A		460,049
				6,816,971
		Property & Casualty Insurance – 0.3%
	385,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		392,700
	1,920,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.444%, 1/15/2033, 144A(d)(e)(f)(j)(k)		564,000
				956,700
		Refining – 0.1%
	180,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A		195,750
		REITs - Hotels – 0.3%
	45,000	Service Properties Trust, 3.950%, 1/15/2028		42,412
	470,000	Service Properties Trust, 4.350%, 10/01/2024		473,290
	135,000	Service Properties Trust, 4.500%, 6/15/2023		138,375
	75,000	Service Properties Trust, 4.650%, 3/15/2024		76,365
	60,000	Service Properties Trust, 4.750%, 10/01/2026		59,250
	215,000	Service Properties Trust, 4.950%, 2/15/2027		213,925
				1,003,617
		REITs - Mortgage – 0.1%
	230,000	Starwood Property Trust, Inc., 3.625%, 7/15/2026, 144A		231,725
		Restaurants – 0.1%
	315,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		323,662
		Retailers – 2.3%
	225,000	Ambience Merger Sub, Inc., 4.875%, 7/15/2028, 144A		225,563
	415,000	Ambience Merger Sub, Inc., 7.125%, 7/15/2029, 144A		419,150

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Retailers – continued
$	760,000	Carvana Co., 5.500%, 4/15/2027, 144A	$	784,875
	1,495,000	Carvana Co., 5.875%, 10/01/2028, 144A		1,572,620
	585,000	Crocs, Inc., 4.250%, 3/15/2029, 144A		596,700
	1,410,000	L Brands, Inc., 5.250%, 2/01/2028		1,577,437
	765,000	Magic Mergeco, Inc., 7.875%, 5/01/2029, 144A		788,906
	470,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		501,725
	485,000	PetSmart, Inc./PetSmart Finance Corp., 4.750%, 2/15/2028, 144A		503,794
	570,000	PetSmart, Inc./PetSmart Finance Corp., 7.750%, 2/15/2029, 144A		628,425
	370,000	Rite Aid Corp., 7.500%, 7/01/2025, 144A		374,625
	570,000	Victoria’s Secret & Co., 4.625%, 7/15/2029, 144A		570,000
				8,543,820
		Supermarkets – 0.0%
	155,000	Safeway, Inc., 7.250%, 2/01/2031		180,963
		Supranational – 0.2%
	45,600,000	International Finance Corp., 5.850%, 11/25/2022, (INR)		621,456
		Technology – 3.1%
	600,000	Clarivate Science Holdings Corp., 4.875%, 6/30/2029, 144A		615,750
	3,300,000	CommScope Technologies LLC, 5.000%, 3/15/2027		3,378,375
	730,000	Elastic NV, 4.125%, 7/15/2029, 144A		730,000
	1,485,000	Endure Digital, Inc., 6.000%, 2/15/2029, 144A		1,470,150
	190,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		190,000
	1,685,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,739,257
	710,000	Pitney Bowes, Inc., 6.875%, 3/15/2027, 144A		749,938
	1,015,000	Rocket Software, Inc., 6.500%, 2/15/2029, 144A		1,007,164
	530,000	Square, Inc., 2.750%, 6/01/2026, 144A		539,275
	760,000	Veritas U.S., Inc./Veritas Bermuda Ltd., 10.500%, 2/01/2024, 144A		780,117
				11,200,026

Principal Amount (‡)			Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
			Transportation Services – 0.1%
$	70,000		Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 7/15/2027, 144A	$	73,391
	390,000		Fenix Marine Service Holdings Ltd., 8.000%, 1/15/2024		429,000
					502,391
			Treasuries – 1.8%
	1,497	(†††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		317,488
	110,000	(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		582,469
	310,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		1,620,728
	75,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		413,903
	490,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		2,745,219
	4,170,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		876,079
					6,555,886
			Wireless – 1.3%
	1,915,000		Altice France S.A., 5.125%, 7/15/2029, 144A		1,924,383
	29,970,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,501,808
	600,000		IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		652,788
	395,000		Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		397,090
	200,000		Liquid Telecommunications Financing PLC, 5.500%, 9/04/2026, 144A		204,918
					4,680,987
			Wirelines – 1.9%
	1,180,000		Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,303,711
	495,000		Embarq Corp., 7.995%, 6/01/2036		561,157
	1,235,000		Level 3 Financing, Inc., 3.750%, 7/15/2029, 144A		1,201,038
	1,390,000		Lumen Technologies, Inc., 5.375%, 6/15/2029, 144A		1,409,995
	1,550,000		Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,848,375
	650,000		Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		648,375
					6,972,651
			Total Non-Convertible Bonds (Identified Cost $248,480,166)		252,722,457

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Convertible Bonds – 6.1%
		Airlines – 0.4%
$	315,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A	$	313,898
	675,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,022,203
				1,336,101
		Cable Satellite – 1.9%
	6,790,000	DISH Network Corp., 3.375%, 8/15/2026		6,929,195
		Consumer Cyclical Services – 0.3%
	465,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(l)		502,200
	500,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.734%, 2/15/2026, 144A(m)		483,438
				985,638
		Healthcare – 0.7%
	2,175,000	Teladoc Health, Inc., 1.250%, 6/01/2027		2,434,695
		Media Entertainment – 0.1%
	580,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(l)		553,175
		Oil Field Services – 0.7%
	3,430,074	Pioneer Energy Services Corp., 5.000% PIK or 5.000% Cash, 11/15/2025, 144A(c)(e)(i)(j)(n)		2,610,286
		Pharmaceuticals – 1.3%
	440,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		455,972
	3,510,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		3,516,764
	345,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(l)		337,997
	320,000	Livongo Health, Inc., 0.875%, 6/01/2025		508,342
				4,819,075
		Technology – 0.7%
	1,620,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		2,203,200
	190,000	Splunk, Inc., 1.125%, 6/15/2027		185,131
				2,388,331
		Total Convertible Bonds (Identified Cost $22,490,420)		22,056,496
		Total Bonds and Notes (Identified Cost $270,970,586)		274,778,953

Principal Amount (‡)		Description	Value (†)
Senior Loans – 0.8%
		Airlines – 0.1%
$	414,961	United Airlines, Inc., 2021 Term Loan B, 1-month LIBOR + 3.750%, 4.500%, 4/21/2028(d)	$	420,032
		Chemicals – 0.1%
	489,000	Lonza Group AG, USD Term Loan B, 4/29/2028(o)		489,264
		Independent Energy – 0.4%
	1,247,000	Ascent Resources - Utica, 2020 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.000%, 11/01/2025(d)		1,375,341
		Lodging – 0.1%
	438,556	Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 5/19/2028(o)		438,693
		Pharmaceuticals – 0.1%
	360,000	Jazz Financing Lux S.a.r.l., USD Term Loan, 1-month LIBOR + 3.500%, 4.000%, 5/05/2028(d)		361,012
		Total Senior Loans (Identified Cost $2,939,078)		3,084,342
Collateralized Loan Obligations – 1.8%
	475,000	CIFC Funding Ltd., Series 2019-1A, Class DR, 3-month LIBOR + 3.100%, 3.288%, 4/20/2032, 144A (d)		475,148
	800,000	Madison Park Funding XII Ltd., Series 2014-12A, Class E, 3-month LIBOR + 5.100%, 5.288%, 7/20/2026, 144A (d)		798,272
	735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3-month LIBOR + 6.360%, 6.546%, 4/21/2034, 144A (d)		735,019
	985,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3-month LIBOR + 6.250%, , 7/02/2035, 144A (d)(j)(p)		985,000
	1,385,000	OZLM XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.750%, 3.934%, 4/15/2034, 144A (d)		1,391,201
	750,000	Palmer Square CLO Ltd., Series 2018-3A, Class D, 3-month LIBOR + 4.400%, 4.556%, 8/15/2026, 144A (d)		750,002
	445,000	Palmer Square CLO Ltd., Series 2021-2A, Class D, 3-month LIBOR + 2.900%, 3.006%, 7/15/2034, 144A (d)		444,989
	250,000	Palmer Square Loan Funding Ltd., Series 2020-3A, Class D, 3-month LIBOR + 4.230%, 4.418%, 7/20/2028, 144A (d)		250,845
	560,000	VERDE CLO Ltd., Series 2019-1A, Class DR, 3-month LIBOR + 3.250%, 3.434%, 4/15/2032, 144A (d)		561,605
		Total Collateralized Loan Obligations (Identified Cost $6,378,204)		6,392,081
Shares
Common Stocks – 11.9%
		Aerospace & Defense – 0.3%
	3,155	Lockheed Martin Corp.		1,193,694
		Air Freight & Logistics – 0.3%
	5,697	United Parcel Service, Inc., Class B		1,184,805
		Beverages – 0.3%
	22,317	Coca-Cola Co. (The)		1,207,573

Shares		Description	Value (†)
Common Stocks – continued
		Capital Markets – 0.7%
	1,403	BlackRock, Inc.	$	1,227,583
	13,648	Morgan Stanley		1,251,385
				2,478,968
		Chemicals – 0.5%
	98,456	Hexion Holdings Corp., Class B(k)		1,821,436
		Communications Equipment – 0.3%
	22,908	Cisco Systems, Inc.		1,214,124
		Electric Utilities – 0.7%
	11,834	Duke Energy Corp.		1,168,253
	16,526	NextEra Energy, Inc.		1,211,025
				2,379,278
		Food & Staples Retailing – 0.3%
	8,594	Walmart, Inc.		1,211,926
		Health Care Equipment & Supplies – 0.3%
	10,424	Abbott Laboratories		1,208,454
		Health Care Providers & Services – 0.7%
	3,102	Anthem, Inc.		1,184,344
	2,976	UnitedHealth Group, Inc.		1,191,709
				2,376,053
		Hotels, Restaurants & Leisure – 0.3%
	10,827	Starbucks Corp.		1,210,567
		Household Products – 0.3%
	8,865	Procter & Gamble Co. (The)		1,196,155
		Insurance – 0.3%
	12,550	Progressive Corp. (The)		1,232,536
		IT Services – 0.7%
	4,294	Accenture PLC, Class A		1,265,828
	6,206	Automatic Data Processing, Inc.		1,232,636
				2,498,464
		Machinery – 0.3%
	3,401	Deere & Co.		1,199,567
		Media – 0.6%
	21,973	Comcast Corp., Class A		1,252,900
	27,529	iHeartMedia, Inc., Class A(k)		741,356
				1,994,256
		Metals & Mining – 0.3%
	16,488	Newmont Corp.		1,045,009
		Oil Field Services – 0.0%
	19,954	Pioneer Energy Services Corp.(e)(i)(j)(k)(n)		—

Shares		Description	Value (†)
Common Stocks – continued
		Oil, Gas & Consumable Fuels – 1.4%
	50,400	Battalion Oil Corp.(k)	$	675,360
	11,422	Chevron Corp.		1,196,340
	1,176	Frontera Energy Corp.(k)		7,267
	118,656	Lonestar Resources U.S., Inc.(e)(i)(j)(k)(n)		1,174,694
	16,774	Paragon Offshore Ltd., Litigation Units, Class B(i)(j)(k)(n)		131,005
	10,479	Whiting Petroleum Corp.(k)		571,630
	46,066	Williams Cos., Inc. (The)		1,223,052
				4,979,348
		Pharmaceuticals – 0.8%
	8,726	Bristol-Myers Squibb Co.		583,071
	7,124	Johnson & Johnson		1,173,608
	15,475	Merck & Co., Inc.		1,203,491
	1,547	Organon & Co.(k)		46,812
				3,006,982
		REITs - Diversified – 0.4%
	4,838	American Tower Corp.		1,306,937
		Road & Rail – 0.3%
	5,471	Union Pacific Corp.		1,203,237
		Software – 0.4%
	321	iQor Holdings, Inc.(e)(f)(k)		4,306
	4,866	Microsoft Corp.		1,318,199
				1,322,505
		Specialty Retail – 0.4%
	3,884	Home Depot, Inc. (The)		1,238,569
		Technology Hardware, Storage & Peripherals – 0.4%
	9,623	Apple, Inc.		1,317,966
		Wireless Telecommunication Services – 0.6%
	13,673	T-Mobile US, Inc.(k)		1,980,261
		Total Common Stocks (Identified Cost $58,598,724)		43,008,670
Preferred Stocks – 0.9%
Convertible Preferred Stocks – 0.7%
		Healthcare – 0.1%
	4,598	Boston Scientific Corp., Series A, 5.500%		533,644
		Midstream – 0.1%
	3,556	El Paso Energy Capital Trust I, 4.750%		178,689
		Technology – 0.2%
	7,720	Clarivate PLC, Series A, 5.250%		808,284

Shares			Description	Value (†)
Preferred Stocks – continued
Convertible Preferred Stocks – continued
			Wireless – 0.3%
	886		2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(e)(f)	$	1,116,431
			Total Convertible Preferred Stocks (Identified Cost $2,502,532)		2,637,048
Non-Convertible Preferred Stocks – 0.2%
			Home Construction – 0.1%
	21,265		Hovnanian Enterprises, Inc., 7.625%(k)		394,040
			REITs - Warehouse/Industrials – 0.1%
	3,363		Prologis, Inc., Series Q, 8.540%		244,154
			Total Non-Convertible Preferred Stocks (Identified Cost $192,799)		638,194
			Total Preferred Stocks (Identified Cost $2,695,331)		3,275,242
		��
Exchange-Traded Funds – 5.0%
	205,000		iShares® iBoxx $ High Yield Corporate Bond ETF (Identified Cost $17,998,672)		18,048,200
Principal Amount (‡)
Short-Term Investments – 4.8%
	20,213,095		Central Bank of Iceland, 0.000%, (ISK)(d)(q)		163,391
	17,248,004		Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $17,248,004 on 7/01/2021 collateralized by $15,472,300 U.S. Treasury Inflation Indexed Note, 0.125% due 1/15/2030 valued at $17,592,998 including accrued interest(r)		17,248,004
			Total Short-Term Investments (Identified Cost $17,412,526)		17,411,395
			Total Investments – 100.9% (Identified Cost $376,993,121)		365,998,883
			Other assets less liabilities – (0.9)%		(3,250,455	)
			Net Assets – 100.0%	$	362,748,428

(†) 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.

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 June 30, 2021, 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
$2,327,417	0.6%	$	3,944,167		1.1	%

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.

(†††) Amount shown represents units. One unit represents a principal amount of 1,000.

(a) 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, 2021 is disclosed.

(b) Perpetual bond with no specified maturity date.

(c) 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, 2021, interest payments were made in principal.

(d) Variable rate security. Rate as of June 30, 2021 is disclosed.

(e) Illiquid security.

(f) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2021, the value of these securities amounted to $2,327,417 or 0.6% of net assets.

(g) 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, 2021, interest payments were made in cash.

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

(i) Fair valued by the Fund’s adviser. At June 30, 2021, the value of these securities amounted to $3,944,167 or 1.1% of net assets.

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

(k) Non-income producing security.

(l) Interest rate represents annualized yield at time of purchase; not a coupon rate.

(m) Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.

(n) Securities subject to restriction on resale. At June 30, 2021, the restricted securities held by the Fund are as follows:

	Acquisition Date		Cost			Value		% of Net Assets
Lonestar Resources U.S., Inc.		12/01/2020$		823,473	*	$	1,174,694		0.3	%
Paragon Offshore Ltd., Litigation Units, Class B		7/18/2017		1,709,463			131,005		Less than 0.1	%
Pioneer Energy Services Corp. 5.000% PIK or 5.000% Cash		5/29/2020		3,188,075			2,610,286		0.7	%
Pioneer Energy Services Corp.		5/29/2020		5,792,979	**		—		—

* Represents basis assigned upon receipt in a taxable restructuring.

** Represents basis carried over in a non-taxable restructuring.

(o) Position is unsettled. Contract rate was not determined at June 30, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(p) New issue unsettled as of June 30, 2021. Coupon rate does not take effect until settlement date.

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

(r) 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, 2021, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

(s) Payment-in-kind security for which the issuer, at each interest payment date, makes interest payments in additional principal.

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, 2021, the value of Rule 144A holdings amounted to $179,661,415 or 49.5% of net assets.

ABS Asset-Backed Securities

ETF Exchange-Traded Fund

LIBOR London Interbank Offered Rate

MTN Medium Term Note

PIK Payment-in-Kind

REITs Real Estate Investment Trusts

BRL Brazilian Real

INR Indian Rupee

ISK Icelandic Krona

MXN Mexican Peso

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, 2021, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	—	$	23,320,029	$	28,182	(a)	$	23,348,211
Property & Casualty Insurance		—		392,700		564,000	(b)		956,700
All Other Non-Convertible Bonds*		—		228,417,546		—			228,417,546
Total Non-Convertible Bonds		—		252,130,275		592,182			252,722,457
Convertible Bonds
Oil Field Services		—		—		2,610,286	(a)		2,610,286
All Other Convertible Bonds*		—		19,446,210		—			19,446,210
Total Convertible Bonds		—		19,446,210		2,610,286			22,056,496
Total Bonds and Notes		—		271,576,485		3,202,468			274,778,953
Senior Loans*		—		3,084,342		—			3,084,342
Collateralized Loan Obligations		—		5,407,081		985,000	(b)		6,392,081
Common Stocks
Chemicals		—		1,821,436		—			1,821,436
Oil Field Services		—		—		—	(c)
Oil, Gas & Consumable Fuels		3,673,649		—		1,305,699	(a)		4,979,348
Software		1,318,199		4,306		—			1,322,505
All Other Common Stocks*		34,885,381		—		—			34,885,381
Total Common Stocks		39,877,229		1,825,742		1,305,699			43,008,670
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,116,431		—			1,116,431
All Other Convertible Preferred Stocks*		1,520,617		—		—			1,520,617
Total Convertible Preferred Stocks		1,520,617		1,116,431		—			2,637,048
Non-Convertible Preferred Stocks
Home Construction		394,040		—		—			394,040
REITs - Warehouse/Industrials		—		244,154		—			244,154
Total Non-Convertible Preferred Stocks		394,040		244,154		—			638,194
Total Preferred Stocks		1,914,657		1,360,585		—			3,275,242
Exchange-Traded Funds		18,048,200		—		—			18,048,200
Short-Term Investments		—		17,411,395		—			17,411,395
Total	$	59,840,086	$	300,665,630	$	5,493,167		$	365,998,883

* 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.

(c) 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, 2020 and/or June 30, 2021:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2020			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2021			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2021
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	320,948		$	—	$	—		$	—		$	—	$	—	$	—		(320,948	)	$	—		$	—
Independent Energy		—			17,220		—			3,570			—		—		7,392		—			28,182			3,570
Property & Casualty Insurance		—			6,291		—			(114,291	)		—		—		672,000		—			564,000			(114,291	)
Convertible Bonds
Oil Field Services		2,008,394			28,994		—			413,823			159,075		—		—		—			2,610,286			413,823
Collateralized Loan Obligations		—			—		—			—			985,000		—		—		—			985,000			—
Common Stocks
Oil Field Services		—   (a	)		—		—			—			—		—		—		—			—   (a	)		—
Oil, Gas & Consumable Fuels		—   (a	)		—		(85,478	)		483,834			823,473		—		83,870		—			1,305,699			398,357
Preferred Stocks
Convertible Preferred Stocks Energy		—   (a	)		—		(5,645,667	)		5,645,667			—		—		—		—			—			—
Total	$	2,329,342		$	52,505	$	(5,731,145	)	$	6,432,603		$	1,967,548	$	—	$	763,262	$	(320,948	)	$	5,493,167		$	701,459

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

A debt security valued at $320,948 was transferred from Level 3 to Level 2 during the period ended June 30, 2021. At September 30, 2020, 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 June 30, 2021, 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 debt security valued at $7,392 was transferred from Level 2 to Level 3 during the period ended June 30, 2021. At September 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. At June 30, 2021, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the security.

A debt security valued at $672,000 was transferred from Level 2 to Level 3 during the period ended June 30, 2021. At September 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. At June 30, 2021, 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.

A common stock valued at $83,870 was transferred from Level 2 to Level 3 during the period ended June 30, 2021. At September 30, 2020, this security was valued at a bid price furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2021, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the security.

The significant unobservable inputs used for those securities fair valued by the adviser and categorized in Level 3 as of June 30, 2021, were as follows:

Description	Valuation Technique(s)	Unobservable Input	Unobservable Input Value(s)			Value
Bonds and Notes
Non-Convertible Bonds
Independent Energy
Mesquite Energy, Inc.	Multiple(1)	EBITDA multiple		4.1
		Weighted average cost of capital		14	%
		Terminal growth rate		-3	%
		Liquidity discount		25	%
		Stale financials discount		25	%
		Estimated recovery		4	%	$	28,182
Convertible Bonds
Oil Field Services
Pioneer Energy Services, Corp.
5.000% PIK or 5.000% Cash	Recovery value(2)	EBITDA multiple		5.25			2,610,286
Common Stocks
Oil Field Services
Pioneer Energy Services, Corp.	Recovery value(3)	EBITDA multiple		5.25
		Liquidity discount		20	%		—
Oil, Gas & Consumable Fuels
Lonestar Resources U.S., Inc.	Multiple(4)	EBITDA multiple		4.4953
		Production multiple		39,282
		Weighted average cost of capital		15	%
		Terminal growth rate		0	%
		Liquidity discount		45.48	%		1,174,694
Paragon Offshore Ltd.,
Litigation Units, Class B	Pending Distribution(5)	Expected recovery	$	7.81			131,005
						$	3,944,167

EBITDA Earnings before interest, taxes, depreciation and amortization

(1) Security is valued using the weighted average of two methodologies, to which a liquidity discount and a stale financials discount is applied: enterprise value as determined by a EBITDA multiple derived from comparable companies (weighted 50%), and discounted cash flows (weighted 50%), for which the significant unobservable inputs are the weighted average cost of capital and terminal growth rate. Equity value calculated using this method has been reduced to reflect the estimated recovery value to unsecured bondholders upon completion of a reorganization. Significant changes in input values could have a material effect on the fair value measurement. There is a direct relationship between the EBITDA multiple, terminal growth rate, and estimated recovery and the fair value measurement, meaning a significant increase in any of those input values in isolation would have resulted in a higher fair value measurement, and vice versa. There is an inverse relationship between the weighted average cost of capital, liquidity discount, and stale financials discount and the fair value measurement, meaning a significant increase in either of those inputs in isolation would have resulted in a lower fair value measurement, and vice versa.

(2) Security is valued using a recovery value methodology. The significant unobservable input used in the fair value measurement is a EBITDA multiple derived from comparable companies. Significant changes in input values could have a material effect on the fair value measurement. There is a direct relationship between the EBITDA multiple and the fair value measurement, meaning a significant increase in the input value would have resulted in a higher fair value measurement, and vice versa.

(3) Security is valued using a recovery value methodology, to which a liquidity discount is applied. The significant unobservable inputs used in the fair value measurement are a EBITDA multiple derived from comparable companies and the liquidity discount. Significant changes in input values could have a material effect on the fair value measurement. There is a direct relationship between the EBITDA multiple and the fair value measurement, meaning a significant increase in the input value would have resulted in a higher fair value measurement, and vice versa. There is an inverse relationship between the liquidity discount and the fair value measurement, meaning a significant increase in the input value would have resulted in a lower fair value measurement, and vice versa.

(4) Security is valued using the weighted average of three methodologies, to which a liquidity discount is applied: enterprise value as determined by a EBITDA multiple derived from comparable companies (weighted 50%), enterprise value as determined by a production multiple derived from comparable companies (weighted 40%), and discounted cash flows (weighted 10%), for which the significant unobservable inputs are the weighted average cost of capital and terminal growth rate. Significant changes in input values could have a material effect on the fair value measurement. There is a direct relationship between the EBITDA multiple, production multiple, and terminal growth rate and the fair value measurement, meaning a significant increase in any of those input values in isolation would have resulted in a higher fair value measurement, and vice versa. There is an inverse relationship between the weighted average cost of capital and liquidity discount and the fair value measurement, meaning a significant increase in either of those inputs in isolation would have resulted in a lower fair value measurement, and vice versa.

(5) Security is valued using a pending distribution methodology. The significant unobservable input used in the fair value measurement is an expected recovery per unit amount derived from the estimated litigation settlement amount, after fees, and the outstanding amount of litigation shares. There is a direct relationship between the expected recovery and the fair value measurement, meaning a significant increase in the input value would have resulted in a higher fair value measurement, and vice versa.

Industry Summary at June 30, 2021 (Unaudited)

Independent Energy	6.8	%
Cable Satellite	6.1
Pharmaceuticals	4.1
Consumer Cyclical Services	4.1
Technology	4.0
Finance Companies	3.7
Healthcare	3.5
Chemicals	3.1
Aerospace & Defense	3.0
Media Entertainment	3.0
Airlines	2.7
Metals & Mining	2.7
Leisure	2.7
Gaming	2.5
Midstream	2.4
Retailers	2.3
Automotive	2.2
Building Materials	2.2
Other Investments, less than 2% each	28.2
Exchange-Traded Funds	5.0
Short-Term Investments	4.8
Collateralized Loan Obligations	1.8
Total Investments	100.9
Other assets less liabilities	(0.9	)
Net Assets	100.0	%