Loomis Sayles Funds I NPORT-P Loomis Sayles Fixed Income Fund (Dec 2021 report)

PORTFOLIO OF INVESTMENTS – as of December 31, 2021 (Unaudited)

Loomis Sayles Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 82.0% of Net Assets
	Non-Convertible Bonds – 77.2%
		ABS Car Loan – 3.4%
$	675,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.340%, 11/15/2027, 144A	$	665,617
	170,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class C, 4.150%, 9/20/2023, 144A		172,298
	120,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class C, 4.730%, 9/20/2024, 144A		125,240
	130,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class C, 4.240%, 9/22/2025, 144A		136,475
	475,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C, 3.150%, 3/20/2026, 144A		484,924
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		214,352
	685,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		692,523
	305,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class B, 2.960%, 2/20/2027, 144A		316,750
	630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.250%, 2/20/2027, 144A		669,618
	145,000	Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class C, 2.130%, 8/20/2027, 144A		142,725
	480,000	Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.020%, 6/12/2028		473,628
	420,000	Carvana Auto Receivables Trust, Series 2021-P3, Class C, 1.930%, 10/12/2027		413,205
	525,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		535,469
	900,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		887,750
	335,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		330,241
	1,400,000	Drive Auto Receivables Trust, Series 2021-2, Class D, 1.390%, 3/15/2029		1,372,551
	305,000	DT Auto Owner Trust, Series 2021-2A, Class C, 1.500%, 2/16/2027, 144A		301,659
	1,380,000	DT Auto Owner Trust, Series 2021-3A, Class D, 1.310%, 5/17/2027, 144A		1,348,790
	815,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		804,858
	1,000,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		983,284
	435,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		428,567
	335,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A		329,456
	1,975,000	GLS Auto Receivables Issuer Trust, Series 2021-1A, Class D, 1.680%, 1/15/2027, 144A		1,962,707
	675,000	GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D, 1.480%, 7/15/2027, 144A		663,282
	725,000	GLS Auto Receivables Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		714,103

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Car Loan – continued
$	261,700	JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A	$	260,744
	218,660	JPMorgan Chase Bank NA, Series 2021-3, Class D, 1.009%, 2/26/2029, 144A		216,863
	290,000	Santander Bank NA, Series 2021-1A, Class B, 1.833%, 12/15/2031, 144A		289,747
				15,937,426
		ABS Credit Card – 0.3%
	480,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		481,647
	700,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		699,350
	100,000	Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.240%, 9/15/2026, 144A		99,482
				1,280,479
		ABS Home Equity – 5.5%
	1,219,173	510 Asset Backed Trust, Series 2021-NPL1, Class A1, 2.240%, 6/25/2061, 144A(a)		1,203,675
	666,066	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(a)		664,396
	210,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		206,743
	300,000	CoreVest American Finance Trust, Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		288,711
	150,000	CoreVest American Finance Trust, Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		149,598
	679,546	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(a)		673,839
	1,503,690	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(a)		1,493,486
	675,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A		659,370
	555,000	FirstKey Homes Trust, Series 2021-SFR1, Class E2, 2.489%, 8/17/2038, 144A		543,820
	415,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A		404,176
	205,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		198,101
	145,000	FRTKL, Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		141,334
	130,000	FRTKL, Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		126,722
	441,314	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(a)		447,662
	96,495	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		94,158
	829,513	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		805,727
	429,748	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A		417,554

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	224,965	Invitation Homes Trust, Series 2018-SFR2, Class B, 1-month LIBOR + 1.080%, 1.190%, 6/17/2037, 144A(b)	$	224,691
	31,273	Invitation Homes Trust, Series 2018-SFR3, Class B, 1-month LIBOR + 1.150%, 1.259%, 7/17/2037, 144A(b)		31,229
	51,537	Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.750%, 1/25/2059, 144A(a)		51,588
	65,914	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(a)		66,136
	652,798	Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.438%, 5/25/2059, 144A(a)		653,148
	161,227	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A(a)		162,995
	1,215,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(a)(c)		1,275,428
	705,357	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(a)		699,208
	115,000	Mill City Mortgage Loan Trust, Series 2019-GS1, Class M2, 3.250%, 7/25/2059, 144A(a)		119,405
	280,000	Progress Residential Trust, Series 2019-SFR1, Class E, 4.466%, 8/17/2035, 144A		280,741
	705,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		690,736
	240,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		236,163
	200,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A		196,412
	125,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		122,246
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		97,804
	295,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		286,247
	100,000	Progress Residential Trust, Series 2021-SFR5, Class E2, 2.359%, 7/17/2038, 144A		96,714
	380,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		372,973
	200,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		196,227
	445,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		430,875
	100,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		96,826
	1,162,824	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(a)		1,155,533
	471,692	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(a)		467,341
	879,610	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(a)		874,256
	219,792	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(a)		219,173
	991,339	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(a)		976,884

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	1,030,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(a)	$	1,026,235
	240,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(a)		250,246
	495,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(a)		507,987
	861,551	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(a)(c)		878,127
	100,000	Towd Point Mortgage Trust, Series 2020-1, Class A2B, 3.250%, 1/25/2060, 144A(a)		103,602
	414,022	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(a)		413,361
	320,884	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(a)		318,799
	869,906	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(a)		862,968
	743,742	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(a)		739,764
	531,702	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(a)		529,208
	1,198,626	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(a)		1,191,444
				25,421,792
		ABS Other – 3.1%
	100,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		98,769
	160,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A		158,031
	129,937	Business Jet Securities LLC, Series 2021-1A, Class B, 2.918%, 4/15/2036, 144A		127,251
	835,656	CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220%, 9/25/2045, 144A		832,340
	1,274,465	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		1,244,427
	135,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		135,132
	370,000	Freedom Financial Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		364,141
	300,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		295,975
	1,889,348	MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046, 144A(c)		1,870,953
	110,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A		108,324
	206,197	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(a)		186,996
	350,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/2033, 144A		361,095
	345,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		341,605

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Other – continued
$	1,547,791	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A	$	1,506,699
	100,000	SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.930%, 9/20/2030, 144A		98,191
	224,688	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A		226,733
	154,020	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		154,624
	137,638	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		135,876
	1,370,852	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A(c)		1,337,368
	100,000	SoFi Consumer Loan Program Trust, Series 2021-1, Class D, 2.040%, 9/25/2030, 144A		99,441
	653,333	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		635,148
	706,008	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		683,802
	230,000	Towd Point Mortgage Trust, Series 2011-1, Class M1, 3.750%, 10/25/2056, 144A(a)		238,762
	1,362,244	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.860%, 3/20/2046, 144A		1,333,683
	716,256	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		696,549
	1,203,554	Willis Engine Structured Trust, Series 2021-A, Class A, 3.104%, 5/15/2046, 144A		1,171,153
				14,443,068
		ABS Student Loan – 0.9%
	320,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		318,507
	329,633	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A		334,488
	290,174	EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, 11/25/2045, 144A		286,980
	139,723	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		139,161
	334,693	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		330,465
	100,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		99,104
	170,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A		165,408
	385,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		377,730
	386,891	SMB Private Education Loan Trust, Series 2016-C, Class A2A, 2.340%, 9/15/2034, 144A		390,345
	94,380	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		95,454
	1,005,000	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1-month LIBOR + 0.730%, 0.840%, 1/15/2053, 144A(b)(c)		1,008,723

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Student Loan – continued
$	475,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A	$	477,040
				4,023,405
		ABS Whole Business – 0.7%
	57,750	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047, 144A		60,433
	135,800	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		142,827
	1,567,125	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		1,573,721
	298,500	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		293,552
	264,000	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A		274,083
	681,575	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		665,835
	99,500	Wendy’s Funding LLC, Series 2021-1A, Class A2II, 2.775%, 6/15/2051, 144A		99,258
				3,109,709
		Aerospace & Defense – 1.4%
	2,530,000	Boeing Co. (The), 3.825%, 3/01/2059		2,540,829
	335,000	Boeing Co. (The), 5.805%, 5/01/2050		453,632
	1,265,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,317,181
	807,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		937,654
	722,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		941,459
	545,000	TransDigm, Inc., 5.500%, 11/15/2027		561,350
				6,752,105
		Airlines – 1.4%
	25,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		23,375
	394,344	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		372,904
	1,318,050	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		1,313,040
	839,967	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		809,979
	460,026	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		482,078
	1,175,008	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		1,169,134
	1,085,843	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		1,136,361

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Airlines – continued
$	569,079	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029	$	622,043
	265,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		276,325
	395,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		407,344
				6,612,583
		Automotive – 1.7%
	1,900,000	Ford Motor Co., 3.250%, 2/12/2032		1,945,600
	805,000	Ford Motor Credit Co. LLC, 3.625%, 6/17/2031		847,411
	1,735,000	General Motors Co., 5.200%, 4/01/2045		2,146,634
	185,000	General Motors Co., 6.250%, 10/02/2043		253,161
	2,270,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		2,420,910
	60,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(d)		64,200
	100,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(d)		114,000
				7,791,916
		Banking – 3.4%
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,622,242
	1,585,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(d)		1,644,438
	1,500,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(d)		1,546,200
	3,340,000	Bank of America Corp., 6.110%, 1/29/2037(c)		4,492,879
	915,000	Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027(c)		916,631
	1,125,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(d)		1,101,938
	1,000,000	BNP Paribas S.A., (fixed rate to 1/03/2022, variable rate thereafter), 7.195%, 144A(d)		998,750
	685,000	Credit Agricole S.A., 3.250%, 1/14/2030, 144A		709,866
	495,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		527,478
	1,202,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		1,228,828
	235,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		253,910
	330,000	Deutsche Bank AG, (fixed rate to 5/28/2031, variable rate thereafter), 3.035%, 5/28/2032		332,520

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Banking – continued
$	290,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A	$	292,851
				15,668,531
		Brokerage – 0.5%
	1,670,000	Jefferies Group LLC, 6.250%, 1/15/2036		2,213,742
		Building Materials – 1.7%
	4,500,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		4,483,485
	780,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		807,300
	360,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		369,411
	213,000	Masco Corp., 6.500%, 8/15/2032		281,662
	380,000	Masco Corp., 7.750%, 8/01/2029		507,567
	1,188,000	Owens Corning, 7.000%, 12/01/2036		1,677,523
				8,126,948
		Cable Satellite – 3.9%
	3,385,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		3,330,256
	460,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		444,722
	1,580,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.900%, 6/01/2052		1,584,371
	2,655,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		2,557,773
	1,710,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		1,618,087
	2,045,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		2,117,332
	1,020,000	DISH DBS Corp., 5.125%, 6/01/2029		928,200
	2,215,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		2,249,964
	270,000	DISH DBS Corp., 7.750%, 7/01/2026		284,850
	375,000	Time Warner Cable LLC, 4.500%, 9/15/2042		408,829
	1,500,000	Time Warner Cable LLC, 6.550%, 5/01/2037		1,962,407
	490,000	Ziggo BV, 5.500%, 1/15/2027, 144A		503,475
				17,990,266

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Chemicals – 0.5%
$	775,000	Ashland LLC, 3.375%, 9/01/2031, 144A	$	769,188
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		212,700
	705,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		812,512
	200,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		200,730
	230,000	SPCM S.A., 3.125%, 3/15/2027, 144A		227,281
	210,000	SPCM S.A., 3.375%, 3/15/2030, 144A		202,125
				2,424,536
		Construction Machinery – 0.3%
	965,000	Toro Co. (The), 6.625%, 5/01/2037(e)(f)		1,286,773
		Consumer Cyclical Services – 1.3%
	510,000	Expedia Group, Inc., 2.950%, 3/15/2031		509,276
	1,010,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		1,002,269
	2,945,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		2,999,011
	1,420,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		1,524,370
				6,034,926
		Consumer Products – 0.4%
	880,000	Avon Products, Inc., 8.450%, 3/15/2043		1,082,400
	730,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		716,313
				1,798,713
		Diversified Manufacturing – 0.3%
	380,000	GE Capital Funding LLC, 4.550%, 5/15/2032		449,481
	757,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		903,374
	165,000	General Electric Co., Series D, 3-month LIBOR + 3.330%, 3.533%(b)(d)		163,350
				1,516,205
		Electric – 0.8%
	1,252,417	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		1,439,964
	255,000	Edison International, 4.950%, 4/15/2025		277,329
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		142,320

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Electric – continued
$	1,755,000	Pacific Gas & Electric Co., 3.250%, 6/01/2031	$	1,760,797
				3,620,410
		Finance Companies – 4.7%
	630,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		638,906
	795,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		809,923
	300,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.874%, 1/15/2067, 144A(b)(e)(f)		180,000
	612,000	Air Lease Corp., 4.625%, 10/01/2028		675,030
	125,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		124,762
	985,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(d)		1,020,706
	460,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(d)		469,200
	2,255,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		2,396,467
	2,590,000	Ares Capital Corp., 3.200%, 11/15/2031		2,546,442
	665,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		657,706
	850,000	FS KKR Capital Corp., 3.125%, 10/12/2028		845,681
	840,000	FS KKR Capital Corp., 3.400%, 1/15/2026		853,011
	1,925,000	Navient Corp., MTN, 5.625%, 8/01/2033		1,833,572
	1,490,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		1,566,840
	1,535,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		1,523,487
	1,240,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		1,244,650
	3,275,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		3,324,125
	1,020,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,033,138
				21,743,646
		Financial Other – 1.6%
	630,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		376,060
	375,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027, 144A		364,997
	200,000	Central China Real Estate Ltd., 7.250%, 4/24/2023		137,000
	200,000	CIFI Holdings Group Co. Ltd., 6.000%, 7/16/2025		193,000

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Financial Other – continued
$	200,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024	$	197,592
	600,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		510,203
	2,510,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		2,447,250
	1,285,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(g)		337,981
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(g)		52,770
	200,000	Kaisa Group Holdings Ltd., 10.500%, 1/15/2025(g)		52,576
	1,410,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(g)		369,801
	840,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		856,800
	405,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031		230,809
	425,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026		265,174
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024		128,242
	410,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025		259,325
	230,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026		145,473
	245,000	Sunac China Holdings Ltd., 7.000%, 7/09/2025		154,950
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		135,078
	400,000	Times China Holdings Ltd., 6.200%, 3/22/2026		272,776
	400,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027		111,936
	225,000	Yuzhou Group Holdings Co. Ltd., 8.300%, 5/27/2025		65,205
				7,664,998
		Food & Beverage – 0.9%
	2,635,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		3,092,410
	1,180,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		1,196,555
	70,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		73,500
				4,362,465
		Gaming – 0.7%
	925,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A		901,819
	385,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		387,075

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Gaming – continued
$	410,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A	$	397,700
	1,460,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,554,900
	30,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		33,450
				3,274,944
		Government Owned—No Guarantee – 1.2%
	570,000	EcoPetrol S.A., 4.625%, 11/02/2031		554,154
	175,600,000	Export-Import Bank of Korea, 4.890%, 8/09/2023, 144A, (INR)(c)		2,335,612
	23,500,000	Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)		318,444
	780,000	Indian Railway Finance Corp. Ltd., 2.800%, 2/10/2031, 144A		759,010
	870,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,135,975
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 8/05/2029		180,026
	400,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		358,252
				5,641,473
		Health Insurance – 0.7%
	2,490,000	Centene Corp., 2.500%, 3/01/2031		2,424,052
	625,000	Centene Corp., 2.625%, 8/01/2031		612,500
	430,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		432,688
				3,469,240
		Healthcare – 0.8%
	955,000	Avantor Funding, Inc., 3.875%, 11/01/2029, 144A		965,419
	1,695,000	HCA, Inc., 5.250%, 6/15/2049		2,176,923
	645,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		681,255
				3,823,597
		Home Construction – 0.7%
	205,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		128,933
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		124,000
	200,000	Central China Real Estate Ltd., 7.500%, 7/14/2025		124,000
	200,000	Logan Group Co. Ltd., 4.250%, 7/12/2025		182,268

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Home Construction – continued
$	400,000	Logan Group Co. Ltd., 4.850%, 12/14/2026	$	361,980
	1,745,000	PulteGroup, Inc., 6.375%, 5/15/2033		2,269,093
	370,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025		107,400
				3,297,674
		Independent Energy – 2.1%
	1,385,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		1,466,562
	180,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		176,086
	1,680,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		1,978,402
	740,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		728,900
	965,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		945,700
	840,000	EQT Corp., 3.625%, 5/15/2031, 144A		871,500
	225,000	EQT Corp., 3.900%, 10/01/2027		241,317
	160,000	EQT Corp., 5.000%, 1/15/2029		177,200
	15,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		14,700
	20,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		20,000
	5,000	Occidental Petroleum Corp., 4.625%, 6/15/2045		5,200
	910,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		1,227,281
	795,000	Ovintiv, Inc., 6.500%, 8/15/2034		1,022,901
	65,000	Ovintiv, Inc., 6.500%, 2/01/2038		84,331
	310,000	Ovintiv, Inc., 6.625%, 8/15/2037		405,820
	40,000	Ovintiv, Inc., 7.200%, 11/01/2031		52,128
	75,000	Ovintiv, Inc., 7.375%, 11/01/2031		97,763
	130,000	Southwestern Energy Co., 4.750%, 2/01/2032		136,904
				9,652,695
		Industrial Other – 0.1%
	395,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		405,369

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Leisure – 0.8%
$	950,000	Carnival Corp., 5.750%, 3/01/2027, 144A	$	950,000
	395,000	Carnival Corp., 6.000%, 5/01/2029, 144A		393,025
	770,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		766,589
	280,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		275,800
	140,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		135,603
	1,195,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,208,814
				3,729,831
		Life Insurance – 2.0%
	434,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		476,295
	1,745,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		2,082,213
	2,270,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		3,360,596
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,879,691
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,520,616
				9,319,411
		Lodging – 0.9%
	855,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		850,503
	200,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		200,000
	685,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		702,125
	530,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		533,455
	620,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		625,261
	870,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		874,350
	110,000	Travel & Leisure Co., 6.000%, 4/01/2027		119,545
	125,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		138,605
				4,043,844
		Media Entertainment – 1.1%
	455,000	AMC Networks, Inc., 4.250%, 2/15/2029		452,156

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Media Entertainment – continued
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)	$	815,875
	185,000	Netflix, Inc., 4.875%, 4/15/2028		210,900
	1,300,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,516,125
	160,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		190,000
	750,000	Netflix, Inc., 5.875%, 11/15/2028		901,875
	875,000	Netflix, Inc., 6.375%, 5/15/2029		1,087,187
				5,174,118
		Metals & Mining – 2.4%
	1,910,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A		1,900,991
	2,680,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,884,350
	430,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		451,500
	2,080,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		2,532,400
	3,320,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		3,281,747
	215,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		207,206
				11,258,194
		Midstream – 1.4%
	530,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		533,975
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		11,300
	575,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		752,491
	1,040,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		1,127,901
	1,160,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		1,808,941
	490,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		507,860
	245,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		243,163
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		133,004
	395,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032, 144A		412,775
	170,000	Western Midstream Operating LP, 5.300%, 2/01/2030		186,837
	275,000	Western Midstream Operating LP, 5.300%, 3/01/2048		331,376

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
$	80,000	Western Midstream Operating LP, 5.450%, 4/01/2044	$	95,600
	55,000	Western Midstream Operating LP, 5.500%, 8/15/2048		65,699
	230,000	Western Midstream Operating LP, 6.500%, 2/01/2050		271,976
				6,482,898
		Non-Agency Commercial Mortgage-Backed Securities – 1.9%
	710,000	BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064		707,333
	740,000	BPR Trust, Series 2021-NRD, Class F, 30-day Average SOFR + 6.870%, 6.970%, 12/15/2023, 144A(b)		738,159
	240,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		239,932
	110,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		109,331
	325,000	Commercial Mortgage Trust, Series 2012-LC4, Class B, 4.934%, 12/10/2044(a)		324,798
	40,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D, 1-month LIBOR + 3.600%, 3.710%, 1/15/2034, 144A(b)		39,532
	185,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		181,410
	100,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class C, 4.336%, 9/15/2037, 144A		96,766
	200,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037, 144A		186,874
	258,654	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 2.360%, 7/15/2038, 144A(b)		258,654
	295,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(a)		300,861
	315,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.550%, 3/05/2033, 144A(a)		310,234
	255,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		252,879
	200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.624%, 10/15/2045, 144A(a)		201,107
	1,030,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.363%, 12/15/2047, 144A(a)		1,038,191
	100,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D, 4.363%, 12/15/2047, 144A(a)		98,488
	400,000	MedTrust, Series 2021-MDLN, Class C, 1-month LIBOR + 1.800%, 1.910%, 11/15/2038, 144A(b)		398,997
	105,000	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		104,328
	535,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.151%, 8/15/2046(a)		551,648
	800,000	RBS Commercial Funding Trust, Series 2013-GSP, Class A, 3.834%, 1/15/2032, 144A(a)		828,420
	175,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class BEC, 4.813%, 5/10/2063, 144A(a)		167,873

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	173,453	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A	$	173,563
	285,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.306%, 7/15/2046(a)		282,894
	275,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class B, 3.671%, 11/15/2059(a)		268,143
	495,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.090%, 6/15/2045(a)		495,366
	380,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.503%, 8/15/2046(a)		375,929
	390,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		396,389
				9,128,099
		Paper – 0.4%
	350,000	WestRock MWV LLC, 7.950%, 2/15/2031		493,459
	1,035,000	WestRock MWV LLC, 8.200%, 1/15/2030		1,434,930
				1,928,389
		Pharmaceuticals – 0.9%
	100,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		92,000
	185,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		162,800
	535,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		470,131
	620,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		649,946
	1,485,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,254,825
	960,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		951,235
	695,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		681,316
				4,262,253
		Property & Casualty Insurance – 0.3%
	1,630,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.384%, 1/15/2033, 144A(b)(e)(h)(i)(j)		195,600
	1,135,000	Stewart Information Services Corp., 3.600%, 11/15/2031		1,149,264
				1,344,864
		REITs – Diversified – 0.1%
	270,000	EPR Properties, 3.600%, 11/15/2031		267,123
		Retailers – 0.6%
	585,000	Carvana Co., 5.500%, 4/15/2027, 144A		579,150

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Retailers – continued
$	685,000		Carvana Co., 5.875%, 10/01/2028, 144A	$	685,664
	1,025,000		Dillard’s, Inc., 7.750%, 7/15/2026		1,197,190
	170,000		Tapestry, Inc., 3.050%, 3/15/2032		170,999
					2,633,003
			Sovereigns – 0.5%
	2,160,000		Mexico Government International Bond, 4.280%, 8/14/2041		2,238,300
			Supranational – 0.2%
	59,420,000		International Finance Corp., 5.850%, 11/25/2022, (INR)		803,660
			Technology – 1.7%
	735,000		Block, Inc., 3.500%, 6/01/2031, 144A		753,375
	785,000		Broadcom, Inc., 2.600%, 2/15/2033, 144A		765,293
	1,825,000		CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		1,898,703
	1,820,000		CommScope, Inc., 4.750%, 9/01/2029, 144A		1,808,734
	1,215,000		Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,257,501
	290,000		MSCI, Inc., 3.250%, 8/15/2033, 144A		293,262
	440,000		Oracle Corp., 3.950%, 3/25/2051		456,767
	615,000		Sensata Technologies BV, 4.000%, 4/15/2029, 144A		628,069
	110,000		Western Digital Corp., 2.850%, 2/01/2029		111,059
	75,000		Western Digital Corp., 3.100%, 2/01/2032		75,548
					8,048,311
			Treasuries – 13.7%
	150,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		775,747
	10,150,000		Republic of Brazil, 8.500%, 1/05/2024, (BRL)		1,749,372
	14,635,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		2,551,981
	3,185,000		U.S. Treasury Note, 0.125%, 12/31/2022(k)		3,175,171
	20,545,000		U.S. Treasury Note, 0.125%, 4/30/2023(c)		20,435,052
	10,310,000		U.S. Treasury Note, 0.125%, 5/31/2023(c)		10,245,965

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Treasuries – continued
$	15,495,000	U.S. Treasury Note, 0.125%, 7/31/2023(c)	$	15,373,340
	9,340,000	U.S. Treasury Note, 0.500%, 11/30/2023		9,304,245
				63,610,873
		Wireless – 3.3%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		3,516,839
	730,000	Bharti Airtel Ltd., 3.250%, 6/03/2031, 144A		738,101
	585,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		589,972
	935,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		897,600
	600,000	SoftBank Group Corp., 4.625%, 7/06/2028		582,921
	210,000	SoftBank Group Corp., 5.250%, 7/06/2031		209,738
	150,000	T-Mobile USA, Inc., 2.400%, 3/15/2029, 144A		151,452
	265,000	T-Mobile USA, Inc., 2.700%, 3/15/2032, 144A		266,633
	3,275,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		3,337,028
	1,620,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		1,685,416
	2,965,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		3,242,979
				15,218,679
		Total Non-Convertible Bonds (Identified Cost $359,170,785)		358,881,484
	Convertible Bonds – 3.9%
		Airlines – 0.4%
	245,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		228,393
	1,235,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,646,255
				1,874,648
		Cable Satellite – 1.0%
	1,055,000	DISH Network Corp., 2.375%, 3/15/2024		1,010,163
	4,045,000	DISH Network Corp., 3.375%, 8/15/2026		3,828,807
				4,838,970
		Consumer Cyclical Services – 0.3%
	20,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(l)		23,010

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Consumer Cyclical Services – continued
$	530,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.734%, 2/15/2026, 144A(m)	$	449,175
	730,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(m)		721,948
				1,194,133
		Gaming – 0.1%
	240,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		568,801
		Healthcare – 0.4%
	2,140,000	Teladoc Health, Inc., 1.250%, 6/01/2027		1,948,738
		Leisure – 0.3%
	1,280,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		1,202,867
		Media Entertainment – 0.1%
	510,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(l)		456,756
		Pharmaceuticals – 0.9%
	820,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		857,392
	2,205,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		2,300,035
	580,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(l)		510,052
	470,000	Livongo Health, Inc., 0.875%, 6/01/2025		538,987
				4,206,466
		Technology – 0.4%
	630,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		1,193,472
	710,000	Splunk, Inc., 1.125%, 6/15/2027		662,075
				1,855,547
		Total Convertible Bonds (Identified Cost $19,047,301)		18,146,926
	Municipals – 0.9%
		Virginia – 0.9%
	3,985,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $3,968,237)		4,186,433
		Total Bonds and Notes (Identified Cost $382,186,323)		381,214,843

Principal Amount (‡)		Description	Value (†)
	Senior Loans – 1.0%
		Airlines – 0.2%
$	683,245	United Airlines, Inc., 2021 Term Loan B, 3-month LIBOR + 3.750%, 4.500%, 4/21/2028(b)(n)	$	684,174
		Cable Satellite – 0.1%
	248,285	DirecTV Financing LLC, Term Loan, 8/02/2027(o)		248,357
	252,040	DirecTV Financing LLC, Term Loan, 3-month LIBOR + 5.000%, 5.750%, 8/02/2027(b)(n)		252,113
				500,470
		Healthcare – 0.1%
	459,602	Medline Borrower, LP, USD Term Loan B, 1-month LIBOR + 3.250%, 3.750%, 10/23/2028(b)(p)		459,399
		Independent Energy – 0.3%
	1,282,000	Ascent Resources—Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.000%, 11/01/2025(b)(q)		1,382,419
		Lodging – 0.2%
	764,632	Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1-month LIBOR + 3.000%, 3.500%, 8/02/2028(b)(p)		765,206
		Pharmaceuticals – 0.1%
	619,885	Jazz Financing Lux S.a.r.l., USD Term Loan, 1-month LIBOR + 3.500%, 4.000%, 5/05/2028(b)(p)		621,863
		Total Senior Loans (Identified Cost $4,296,075)		4,413,531
	Collateralized Loan Obligations – 4.7%
	555,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3-month LIBOR + 2.900%, 3.024%, 4/23/2034, 144A(b)		550,979
	1,090,000	AIG CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 3.078%, 4/22/2034, 144A(b)		1,073,952
	1,005,000	AIMCO CLO Ltd., Series 2017-AA, Class DR, 3-month LIBOR + 3.150%, 3.282%, 4/20/2034, 144A(b)		1,007,699
	1,940,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.032%, 4/20/2034, 144A(b)		1,924,587
	2,100,000	Ares XLII CLO Ltd., Series 2017-42A, Class BR, 3-month LIBOR + 1.500%, 1.628%, 1/22/2028, 144A(b)(c)		2,092,445
	255,000	Atrium XV, Series 15A, Class D, 3-month LIBOR + 3.000%, 3.124%, 1/23/2031, 144A(b)		252,762
	6,701	B&M CLO Ltd., Series 2014-1A, Class CR, 3-month LIBOR + 2.600%, 2.722%, 4/16/2026, 144A(b)		6,701
	1,320,000	Barings CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.900%, 3.024%, 4/25/2034, 144A(b)		1,310,445
	1,265,000	Basswood Park CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.650%, 2.782%, 4/20/2034, 144A(b)		1,264,989
	370,000	Carlye U.S. CLO Ltd., Series 2018-4A, Class C, 3-month LIBOR + 2.900%, 3.032%, 1/20/2031, 144A(b)		369,996
	305,000	CarVal CLO I Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.890%, 3.012%, 7/16/2031, 144A(b)		303,028
	503,000	CIFC Funding Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.650%, 2.772%, 4/18/2031, 144A(b)		493,553

Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations – continued
	$1,320,000	Elmwood CLO II Ltd., Series 2019-2A, Class DR, 3-month LIBOR + 3.000%, 3.132%, 4/20/2034, 144A(b)	$	1,321,753
	340,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 2.982%, 1/20/2034, 144A(b)		337,358
	285,000	Grippen Park CLO Ltd., Series 2017-1A, Class D, 3-month LIBOR + 3.300%, 3.432%, 1/20/2030, 144A(b)		285,260
	365,000	Invesco CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 3.050% 3.174%, 4/15/2034, 144A(b)		364,996
	2,275,000	Madison Park Funding XXV Ltd., Series 2017-25A, Class CR, 3-month LIBOR + 3.350%, 3.474%, 4/25/2029, 144A(b)		2,275,699
	500,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, 3-month LIBOR + 3.000%, 3.124%, 1/23/2031, 144A(b)		500,030
	405,000	Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class DR, 3-month LIBOR + 2.900%, 3.024%, 4/15/2034, 144A(b)		401,888
	1,930,000	Oaktree CLO Ltd., Series 2019-2A, Class BR, 3-month LIBOR + 2.700%, 2.824%, 4/15/2031, 144A(b)		1,930,339
	255,000	OCP CLO Ltd., Series 2018-15A, Class C, 3-month LIBOR + 2.950%, 3.082%, 7/20/2031, 144A(b)		252,793
	1,835,000	OZLM XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.750%, 3.874%, 4/15/2034, 144A(b)		1,833,310
	285,000	Parallel Ltd., Series 2015-1A, Class DR, 3-month LIBOR + 2.550%, 2.682%, 7/20/2027, 144A(b)		285,199
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.382%, 4/20/2034, 144A(b)		250,125
	735,000	Rockford Tower CLO Ltd., Series 2017-1A, Class DR2A, 3-month LIBOR + 3.250%, 3.382%, 4/20/2034, 144A(b)		734,535
	575,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3-month LIBOR + 2.900%, 3.032%, 4/20/2034, 144A(b)		570,851
		Total Collateralized Loan Obligations (Identified Cost $22,050,350)		21,995,272
Shares
	Common Stocks – 8.2%
		Aerospace & Defense – 0.2%
	3,177	Lockheed Martin Corp.		1,129,138
		Air Freight & Logistics – 0.2%
	4,673	United Parcel Service, Inc., Class B		1,001,611
		Beverages – 0.2%
	18,941	Coca-Cola Co. (The)		1,121,497
		Biotechnology – 0.3%
	8,661	AbbVie, Inc.		1,172,699
		Capital Markets – 0.4%
	1,023	BlackRock, Inc.		936,618
	9,948	Morgan Stanley		976,496
				1,913,114
		Chemicals – 0.2%
	26,342	Hexion Holdings Corp., Class B(j)		737,576

Shares		Description	Value (†)
	Common Stocks – continued
		Communications Equipment – 0.2%
	17,818	Cisco Systems, Inc.	$	1,129,127
		Electric Utilities – 0.5%
	9,974	Duke Energy Corp.		1,046,273
	11,715	NextEra Energy, Inc.		1,093,712
				2,139,985
		Food & Staples Retailing – 0.2%
	6,778	Walmart, Inc.		980,709
		Health Care Equipment & Supplies – 0.2%
	7,161	Abbott Laboratories		1,007,839
		Health Care Providers & Services – 0.4%
	2,102	Anthem, Inc.		974,361
	1,343	UnitedHealth Group, Inc.		674,374
				1,648,735
		Hotels, Restaurants & Leisure – 0.2%
	8,929	Starbucks Corp.		1,044,425
		Household Products – 0.2%
	6,833	Procter & Gamble Co. (The)		1,117,742
		IT Services – 0.3%
	2,666	Accenture PLC, Class A		1,105,190
	2,126	Automatic Data Processing, Inc.		524,229
				1,629,419
		Machinery – 0.4%
	4,247	Cummins, Inc.		926,441
	2,769	Deere & Co.		949,462
				1,875,903
		Media – 0.7%
	89,157	Altice USA, Inc., Class A(j)		1,442,560
	22,987	Comcast Corp., Class A		1,156,936
	34,625	iHeartMedia, Inc., Class A(j)		728,510
				3,328,006
		Metals & Mining – 0.3%
	18,874	Newmont Corp.		1,170,565
		Oil, Gas & Consumable Fuels – 0.4%
	939	Battalion Oil Corp.(j)		9,202
	9,429	Chevron Corp.		1,106,493
	2,127	Whiting Petroleum Corp.(j)		137,574
	27,193	Williams Cos., Inc. (The)		708,106
				1,961,375
		Pharmaceuticals – 0.6%
	13,936	Bristol-Myers Squibb Co.		868,910
	5,591	Johnson & Johnson		956,452

Shares		Description	Value (†)
	Common Stocks – continued
		Pharmaceuticals – continued
	9,895	Merck & Co., Inc.	$	758,353
				2,583,715
		Professional Services – 0.0%
	456	Clarivate PLC(j)		10,725
		REITs – Diversified – 0.2%
	3,653	American Tower Corp.		1,068,503
		Road & Rail – 0.2%
	4,114	Union Pacific Corp.		1,036,440
		Semiconductors & Semiconductor Equipment – 0.3%
	928	Broadcom, Inc.		617,500
	3,063	Texas Instruments, Inc.		577,284
				1,194,784
		Software – 0.2%
	2,970	Microsoft Corp.		998,870
		Specialty Retail – 0.2%
	1,817	Home Depot, Inc. (The)		754,073
		Technology Hardware, Storage & Peripherals – 0.3%
	6,987	Apple, Inc.		1,240,682
		Wireless Telecommunication Services – 0.7%
	27,439	T-Mobile US, Inc.(j)		3,182,375
		Total Common Stocks (Identified Cost $35,229,176)		38,179,632
	Preferred Stocks – 1.2%
	Convertible Preferred Stocks – 1.1%
		Banking – 0.6%
	1,109	Bank of America Corp., Series L, 7.250%		1,602,949
	834	Wells Fargo & Co., Class A, Series L, 7.500%		1,243,102
				2,846,051
		Midstream – 0.1%
	5,333	El Paso Energy Capital Trust I, 4.750%		269,796
		Technology – 0.1%
	8,046	Clarivate PLC, Series A, 5.250%		731,060
		Wireless – 0.3%
	1,413	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(e)(f)		1,473,349
		Total Convertible Preferred Stocks (Identified Cost $5,432,621)		5,320,256

Shares		Description	Value (†)
	Preferred Stocks – continued
	Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	4,670	Union Electric Co., 4.500% (Identified Cost $246,343)	$	476,106
		Total Preferred Stocks (Identified Cost $5,678,964)		5,796,362
Principal Amount(‡)
	Short-Term Investments – 3.7%
$	17,226,221	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $17,226,221 on 1/03/2022 collateralized by $14,548,900 U.S. Treasury Inflation Indexed Note, 0.125% due 7/15/2030 valued at $17,570,829 including accrued interest(r) (Identified Cost $17,226,221)		17,226,221
		Total Investments – 100.8% (Identified Cost $466,667,109)		468,825,861
		Other assets less liabilities – (0.8)%		(3,819,668	)
		Net Assets – 100.0%	$	465,006,193

(†) 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.

Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

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

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

As of December 31, 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
$2,940,122	0.6%	$195,600	Less than 0.1%

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

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

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

(a) Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of December 31, 2021 is disclosed.

(b) Variable rate security. Rate as of December 31, 2021 is disclosed.

(c) Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.

(d) Perpetual bond with no specified maturity date.

(e) Illiquid security.

(f) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2021, the value of these securities amounted to $2,940,122 or 0.6% of net assets.

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

(h) Fair valued by the Fund’s adviser. At December 31, 2021, the value of this security amounted to $195,600 or less than 0.1% of net assets.

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

(j) Non-income producing security.

(k) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

(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) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.75%, to which the spread is added.

(o) Position is unsettled. Contract rate was not determined at December 31, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(p) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.50%, to which the spread is added.

(q) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 1.00%, to which the spread is added.

(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 December 31, 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.

144A All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of Rule 144A holdings amounted to $186,230,667 or 40.0% of net assets.

ABS Asset-Backed Securities

EMTN Euro Medium Term Note

LIBOR London Interbank Offered Rate

MTN Medium Term Note

REITs Real Estate Investment Trusts

SOFR Secured Overnight Financing Rate

BRL Brazilian Real

INR Indian Rupee

MXN Mexican Peso

Futures Contracts

The Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

At December 31, 2021, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		3/22/2022	21$		4,140,325	$	4,139,625	$	(700	)

At December 31, 2021, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10-Year U.S. Treasury Note		3/22/2022	142$		20,510,510	$	20,794,125	$	(283,615	)

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2021, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Property & Casualty Insurance	$	—	$	1,149,264	$	195,600	(a)	$	1,344,864
All Other Non-Convertible Bonds*		—		357,536,620		—			357,536,620
Total Non-Convertible Bonds		—		358,685,884		195,600			358,881,484
Convertible Bonds*		—		18,146,926		—			18,146,926
Municipals*		—		4,186,433		—			4,186,433
Total Bonds and Notes		—		381,019,243		195,600			381,214,843
Senior Loans*		—		4,413,531		—			4,413,531
Collateralized Loan Obligations		—		21,995,272		—			21,995,272
Common Stocks
Chemicals		—		737,576		—			737,576
All Other Common Stocks*		37,442,056		—		—			37,442,056
Total Common Stocks		37,442,056		737,576		—			38,179,632
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,473,349		—			1,473,349
All Other Convertible Preferred Stocks*		3,846,907		—		—			3,846,907
Total Convertible Preferred Stocks		3,846,907		1,473,349		—			5,320,256
Non-Convertible Preferred Stocks*		—		476,106		—			476,106
Total Preferred Stocks		3,846,907		1,949,455		—			5,796,362
Short-Term Investments		—		17,226,221		—			17,226,221
Total	$	41,288,963	$	427,341,298	$	195,600		$	468,825,861

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(284,315	)	$	—	$	—	$	(284,315	)

* 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.

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, 2021 and/or December 31, 2021:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2021
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	185,168	$	—	$	(1,154,382	)	$	1,155,884		$	—	$	(26,589	)	$	—	$	(160,081	)	$	—	$	—
Property & Casualty Insurance		281,175		1,738		—			(87,313	)		—		—			—		—			195,600		(87,313	)
Total	$	466,343	$	1,738	$	(1,154,382	)	$	1,068,571		$	—	$	(26,589	)	$	—	$	(160,081	)	$	195,600	$	(87,313	)

A debt security valued at $160,081 was transferred from Level 3 to Level 2 during the period ended December 31, 2021. At September 30, 2021, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At December 31, 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.

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Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the period ended December 31, 2021, the Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for the Fund, as of December 31, 2021:

Liabilities_	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives Interest rate contracts	$	(284,315	)

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of December 31, 2021:

Maximum Amount of Loss - Gross	Maximum Amount of Loss - Net
$1,545,216	$1,545,216

Industry Summary at December 31, 2021 (Unaudited)

Treasuries	13.7	%
ABS Home Equity	5.5
Cable Satellite	5.0
Finance Companies	4.7
Banking	4.0
Wireless	3.6
ABS Car Loan	3.4
ABS Other	3.1
Metals & Mining	2.7
Pharmaceuticals	2.5
Independent Energy	2.4
Technology	2.2
Life Insurance	2.0
Airlines	2.0
Other Investments, less than 2% each	35.6
Collateralized Loan Obligations	4.7
Short-Term Investments	3.7
Total Investments	100.8
Other assets less liabilities (including futures contracts)	(0.8	)
Net Assets	100.0	%