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

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

Loomis Sayles Institutional High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 78.1% of Net Assets
	Non-Convertible Bonds – 71.7%
		ABS Home Equity – 0.1%
	$        325,000	VOLT XCVI LLC, Series 2021-NPL5, Class A2, 4.826%, 3/27/2051, 144A(a)	$	321,788
		ABS Other – 0.2%
	367,640	Business Jet Securities LLC, Series 2021-1A, Class C, 5.067%, 4/15/2036, 144A		363,905
	480,131	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.170%, 11/20/2037, 144A		478,330
				842,235
		Aerospace & Defense – 2.9%
	1,775,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,841,403
	530,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		549,663
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		119,744
	1,072,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		1,245,557
	2,209,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		2,880,448
	1,895,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		1,899,737
	770,000	TransDigm, Inc., 4.875%, 5/01/2029		773,311
	770,000	TransDigm, Inc., 5.500%, 11/15/2027		793,100
	55,000	TransDigm, Inc., 7.500%, 3/15/2027		57,475
	385,000	Triumph Group, Inc., 6.250%, 9/15/2024, 144A		387,406
				10,547,844
		Airlines – 1.8%
	80,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		74,800
	491,314	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		464,601
	1,382,715	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		1,333,350
	790,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A		974,662
	910,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		946,286
	1,030,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		1,100,782
	740,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.750%, 1/20/2026, 144A		774,225
	315,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		328,462

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Airlines – continued
	$        475,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A	$	489,844
				6,487,012
		Automotive – 1.2%
	185,000	Dana, Inc., 4.250%, 9/01/2030		187,544
	795,000	Ford Motor Co., 3.250%, 2/12/2032		814,080
	1,110,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(b)		1,187,700
	1,080,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,236,233
	550,000	Jaguar Land Rover Automotive PLC, 5.500%, 7/15/2029, 144A		550,591
	270,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		269,579
	265,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		254,400
				4,500,127
		Banking – 0.6%
	200,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		204,464
	1,345,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,453,230
	405,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		441,260
				2,098,954
		Brokerage – 0.2%
	185,000	Coinbase Global, Inc., 3.625%, 10/01/2031, 144A		170,200
	400,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.000%, 8/15/2028, 144A		410,000
				580,200
		Building Materials – 2.0%
	515,000	Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A		533,128
	2,795,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		2,784,742
	425,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(b)		439,875
	1,265,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		1,242,863
	540,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A		533,925
	565,000	Park River Holdings, Inc., 5.625%, 2/01/2029, 144A		539,575

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Building Materials – continued
	$        385,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A	$	383,075
	315,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		321,459
	525,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		493,500
				7,272,142
		Cable Satellite – 5.8%
	4,715,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		4,765,262
	620,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		609,973
	3,685,000	CSC Holdings LLC, 4.500%, 11/15/2031, 144A		3,638,937
	3,645,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		3,449,081
	265,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		255,394
	370,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		383,087
	1,730,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		1,771,018
	3,375,000	DISH DBS Corp., 7.750%, 7/01/2026		3,560,625
	1,164,717	Ligado Networks LLC, 15.500% PIK, 11/01/2023, 144A(c)		946,437
	361,999	Ligado Networks LLC, 17.500% PIK, 5/01/2024, 144A(c)		164,594
	385,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		361,554
	955,000	UPC Broadband Finco B.V., 4.875%, 7/15/2031, 144A		974,100
				20,880,062
		Chemicals – 2.5%
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		212,700
	575,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		662,688
	150,000	Consolidated Energy Finance S.A., 5.625%, 10/15/2028, 144A		146,625
	380,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		387,125
	245,000	Diamond BC BV, 4.625%, 10/01/2029, 144A		243,006
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		5,307,602
	295,000	Herens Holdco S.a.r.l., 4.750%, 5/15/2028, 144A		289,100
	240,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		240,876

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Chemicals – continued
	$        665,000	Olympus Water U.S. Holding Corp., 4.250%, 10/01/2028, 144A	$	661,263
	265,000	Olympus Water U.S. Holding Corp., 6.250%, 10/01/2029, 144A		258,375
	455,000	Unifrax Escrow Issuer Corp., 5.250%, 9/30/2028, 144A		459,891
				8,869,251
		Construction Machinery – 0.2%
	215,000	Ritchie Bros Holdings, Inc., 4.750%, 12/15/2031, 144A		224,327
	380,000	Titan International, Inc., 7.000%, 4/30/2028		404,700
				629,027
		Consumer Cyclical Services – 2.5%
	1,530,000	ADT Security Corp. (The), 4.125%, 8/01/2029, 144A		1,507,050
	450,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.000%, 6/01/2029, 144A		437,625
	1,740,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		1,783,500
	747,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		933,750
	195,000	TKC Holdings, Inc., 10.500%, 5/15/2029, 144A		210,600
	3,815,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		4,095,403
				8,967,928
		Consumer Products – 0.3%
	65,000	Coty, Inc., 6.500%, 4/15/2026, 144A		67,031
	750,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A		762,188
	415,000	Tempur Sealy International, Inc., 3.875%, 10/15/2031, 144A		415,784
				1,245,003
		Diversified Manufacturing – 0.2%
	385,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		385,000
	365,000	Resideo Funding, Inc., 4.000%, 9/01/2029, 144A		358,059
				743,059
		Electric – 0.9%
	2,520,000	Calpine Corp., 5.125%, 3/15/2028		2,558,203
	945,000	Talen Energy Supply LLC, 7.625%, 6/01/2028, 144A		841,145
				3,399,348

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Finance Companies – 4.7%
	$      1,000,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.874%, 1/15/2067, 144A(d)(e)(f)	$	600,000
	210,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(b)		214,200
	1,095,000	Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A		1,081,312
	320,000	Fortress Transportation & Infrastructure Investors LLC, 5.500%, 5/01/2028, 144A		326,112
	1,240,000	Freedom Mortgage Corp., 7.625%, 5/01/2026		1,266,362
	895,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(b)		989,968
	425,000	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(g)		410,125
	355,000	LFS Topco LLC, 5.875%, 10/15/2026, 144A		366,538
	985,000	Midcap Financial Issuer Trust, 6.500%, 5/01/2028, 144A		1,026,863
	4,010,000	Navient Corp., MTN, 5.625%, 8/01/2033		3,819,545
	1,870,000	OneMain Finance Corp., 4.000%, 9/15/2030		1,838,921
	1,870,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		1,855,975
	480,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		481,800
	1,200,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		1,218,000
	1,250,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,266,100
				16,761,821
		Financial Other – 2.6%
	200,000	Agile Group Holdings Ltd., 5.500%, 4/21/2025		119,288
	400,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		238,768
	205,000	CFLD Cayman Investment Ltd., 6.920%, 6/16/2022(h)		55,674
	200,000	CFLD Cayman Investment Ltd., 8.050%, 1/13/2025(h)		55,022
	400,000	CFLD Cayman Investment Ltd., 8.750%, 9/28/2022(h)		105,000
	810,000	China Aoyuan Group Ltd., 6.200%, 3/24/2026(e)(f)		157,642
	405,000	China Evergrande Group, 8.750%, 6/28/2025(h)		60,710
	200,000	China Evergrande Group, 9.500%, 4/11/2022(h)		31,450
	200,000	Easy Tactic Ltd., 8.125%, 2/27/2023		74,596

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Financial Other – continued
	$        400,000	Easy Tactic Ltd., 11.750%, 8/02/2023	$	148,932
	3,645,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		3,553,875
	400,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(h)		105,208
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(h)		52,770
	600,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(h)		157,362
	610,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(h)		159,649
	200,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(h)		52,450
	210,000	KWG Group Holdings Ltd., 6.300%, 2/13/2026		149,205
	1,230,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		1,254,600
	1,110,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		1,104,450
	205,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031		116,829
	260,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022		186,984
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027		121,058
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024		128,242
	200,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025		126,500
	405,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026		256,158
	265,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024		169,868
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		135,078
	405,000	Times China Holdings Ltd., 6.200%, 3/22/2026		276,186
	920,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(e)(f)		257,453
				9,411,007
		Food & Beverage – 1.5%
	1,960,000	MARB BondCo. PLC, 3.950%, 1/29/2031, 144A		1,871,820
	440,000	Performance Food Group, Inc., 4.250%, 8/01/2029, 144A		436,506
	1,480,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		1,468,900
	470,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		462,950

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Food & Beverage – continued
	$        575,000	Triton Water Holdings, Inc., 6.250%, 4/01/2029, 144A	$	551,483
	800,000	US Foods, Inc., 4.750%, 2/15/2029, 144A		813,000
				5,604,659
		Gaming – 2.2%
	515,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		525,300
	560,000	Caesars Entertainment, Inc., 4.625%, 10/15/2029, 144A		560,000
	890,000	International Game Technology PLC, 5.250%, 1/15/2029, 144A		942,999
	835,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		809,950
	200,000	Melco Resorts Finance Ltd., 5.750%, 7/21/2028, 144A		201,100
	790,000	MGM China Holdings Ltd., 4.750%, 2/01/2027, 144A		782,511
	350,000	Mohegan Gaming & Entertainment, 8.000%, 2/01/2026, 144A		367,461
	335,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		356,775
	480,000	Scientific Games International, Inc., 7.250%, 11/15/2029		535,200
	1,090,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		1,215,350
	700,000	Studio City Finance Ltd., 5.000%, 1/15/2029, 144A		626,500
	965,000	Wynn Macau Ltd., 5.625%, 8/26/2028, 144A		893,576
				7,816,722
		Government Owned—No Guarantee – 0.2%
	410,000	EcoPetrol S.A., 4.625%, 11/02/2031		398,602
	39,600,000	Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)		536,612
				935,214
		Healthcare – 2.2%
	300,000	AdaptHealth LLC, 5.125%, 3/01/2030, 144A		305,250
	345,000	AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		341,550
	735,000	CHS/Community Health Systems, Inc., 6.125%, 4/01/2030, 144A		727,150
	780,000	CHS/Community Health Systems, Inc., 6.875%, 4/15/2029, 144A		794,625
	358,000	HCA, Inc., 7.500%, 11/06/2033		513,730

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Healthcare – continued
	$        365,000	ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029, 144A	$	372,760
	630,000	Mozart Debt Merger Sub, Inc., 5.250%, 10/01/2029, 144A		638,593
	995,000	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028, 144A		946,245
	1,830,000	Tenet Healthcare Corp., 4.375%, 1/15/2030, 144A		1,855,053
	1,045,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		1,103,739
	410,000	U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A		429,475
				8,028,170
		Home Construction – 0.6%
	1,105,000	Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 6.250%, 9/15/2027, 144A		1,153,399
	200,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		125,788
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		124,000
	280,000	Central China Real Estate Ltd., 7.650%, 8/27/2023		184,307
	200,000	Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(h)		46,980
	115,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		115,288
	200,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025		58,054
	205,000	Yuzhou Group Holdings Co. Ltd., 7.850%, 8/12/2026		56,828
	295,000	Zhenro Properties Group Ltd., 6.630%, 1/07/2026		189,440
				2,054,084
		Independent Energy – 6.2%
	270,000	Antero Resources Corp., 5.375%, 3/01/2030, 144A		288,630
	75,000	Apache Corp., 4.750%, 4/15/2043		82,390
	590,000	Apache Corp., 5.350%, 7/01/2049		674,075
	355,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/2029, 144A		341,577
	654,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.000%, 11/01/2027, 144A		875,601
	612,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		612,000
	185,000	California Resources Corp., 7.125%, 2/01/2026, 144A		192,193
	820,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A		828,200

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
	$        355,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A	$	362,100
	175,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A		184,187
	455,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A		493,493
	655,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A		649,269
	345,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		339,825
	238,000	Energy Ventures GoM LLC/EnVen Finance Corp., 11.750%, 4/15/2026, 144A		244,683
	60,000	EQT Corp., 3.125%, 5/15/2026, 144A		61,592
	125,000	EQT Corp., 3.625%, 5/15/2031, 144A		129,688
	470,000	Independence Energy Finance LLC, 7.250%, 5/01/2026, 144A		488,212
	185,000	Laredo Petroleum, Inc., 7.750%, 7/31/2029, 144A		180,375
	700,000	Matador Resources Co., 5.875%, 9/15/2026		721,000
	740,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A		774,728
	315,000	MEG Energy Corp., 7.125%, 2/01/2027, 144A		335,450
	1,540,000	Mesquite Energy, Inc., 6.125%, 1/15/2023(e)(h)(i)(j)		102,872
	510,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		538,050
	195,000	Oasis Petroleum, Inc., 6.375%, 6/01/2026, 144A		204,262
	810,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		793,800
	470,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		470,000
	160,000	Occidental Petroleum Corp., 4.400%, 4/15/2046		164,000
	600,000	Occidental Petroleum Corp., 6.600%, 3/15/2046		778,500
	3,410,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		4,598,931
	345,000	PDC Energy, Inc., 5.750%, 5/15/2026		356,520
	365,000	Penn Virginia Holdings LLC, 9.250%, 8/15/2026, 144A		378,687
	430,000	Range Resources Corp., 4.875%, 5/15/2025		443,975
	645,000	Range Resources Corp., 8.250%, 1/15/2029		719,175
	350,000	SM Energy Co., 5.625%, 6/01/2025		352,625

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
	$        605,000	SM Energy Co., 6.500%, 7/15/2028	$	626,175
	330,000	SM Energy Co., 6.750%, 9/15/2026		339,075
	45,000	Southwestern Energy Co., 4.750%, 2/01/2032		47,390
	830,000	Southwestern Energy Co., 5.375%, 2/01/2029		877,725
	465,000	Southwestern Energy Co., 5.375%, 3/15/2030		498,238
	365,000	Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A		358,766
	290,000	Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A		301,600
	395,000	Vine Energy Holdings LLC, 6.750%, 4/15/2029, 144A		428,575
				22,238,209
		Industrial Other – 0.2%
	560,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		582,400
	200,000	CFLD Cayman Investment Ltd., 7.125%, 4/08/2022(h)		54,198
				636,598
		Leisure – 3.2%
	260,000	AMC Entertainment Holdings, Inc., 10.500%, 4/15/2025, 144A		276,900
	250,000	Boyne USA, Inc., 4.750%, 5/15/2029, 144A		257,500
	2,465,000	Carnival Corp., 5.750%, 3/01/2027, 144A		2,465,000
	405,000	Carnival Corp., 6.000%, 5/01/2029, 144A		402,975
	390,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		380,250
	525,000	Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A		521,062
	1,495,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		1,488,377
	5,000	NCL Corp. Ltd., 5.875%, 3/15/2026		4,978
	295,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		290,575
	465,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028		435,882
	290,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		280,893
	2,755,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		2,786,848
	365,000	SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A		371,663

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Leisure – continued
	$        135,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A	$	128,547
	1,015,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		1,013,731
	335,000	VOC Escrow Ltd., 5.000%, 2/15/2028, 144A		331,650
				11,436,831
		Lodging – 1.3%
	310,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		310,000
	1,305,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		1,337,625
	275,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		276,793
	1,175,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		1,184,970
	1,345,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		1,351,725
	170,000	Travel & Leisure Co., 6.000%, 4/01/2027		184,751
				4,645,864
		Media Entertainment – 2.8%
	1,200,000	AMC Networks, Inc., 4.250%, 2/15/2029		1,192,500
	895,000	Audacy Capital Corp., 6.750%, 3/31/2029, 144A		874,513
	65,000	Clear Channel Outdoor Holdings, Inc., 7.500%, 6/01/2029, 144A		69,388
	930,000	Clear Channel Outdoor Holdings, Inc., 7.750%, 4/15/2028, 144A		995,100
	395,000	Deluxe Corp., 8.000%, 6/01/2029, 144A		412,775
	665,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		332,500
	425,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A		119,000
	1,290,000	Gray Escrow II, Inc., 5.375%, 11/15/2031, 144A		1,327,087
	155,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		157,189
	170,000	Lions Gate Capital Holdings LLC, 5.500%, 4/15/2029, 144A		172,975
	545,000	McGraw-Hill Education, Inc., 5.750%, 8/01/2028, 144A		539,550
	545,000	McGraw-Hill Education, Inc., 8.000%, 8/01/2029, 144A		540,831
	365,000	Midas OpCo Holdings LLC, 5.625%, 8/15/2029, 144A		373,519

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Media Entertainment – continued
	$        1,390,000	Netflix, Inc., 4.875%, 6/15/2030, 144A	$	1,621,087
	255,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		249,900
	370,000	Scripps Escrow II, Inc., 5.375%, 1/15/2031, 144A		376,013
	590,000	Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A		572,300
	225,000	Townsquare Media, Inc., 6.875%, 2/01/2026, 144A		238,781
				10,165,008
		Metals & Mining – 2.0%
	370,000	Allegheny Technologies, Inc., 4.875%, 10/01/2029		370,370
	380,000	Allegheny Technologies, Inc., 5.125%, 10/01/2031		382,850
	415,000	Cia de Minas Buenaventura SAA, 5.500%, 7/23/2026, 144A		405,040
	945,000	Cleveland-Cliffs, Inc., 4.625%, 3/01/2029, 144A		963,900
	340,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		353,175
	3,030,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		3,261,037
	150,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		149,250
	585,000	United States Steel Corp., 6.650%, 6/01/2037		657,066
	450,000	United States Steel Corp., 6.875%, 3/01/2029		484,313
	170,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		163,838
				7,190,839
		Midstream – 1.9%
	1,015,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		1,075,900
	885,000	Buckeye Partners LP, 4.500%, 3/01/2028, 144A		891,637
	345,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		360,094
	530,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A		550,535
	305,000	EQM Midstream Partners LP, 6.500%, 7/15/2048		370,576
	475,000	Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		458,375
	470,000	Harvest Midstream I LP, 7.500%, 9/01/2028, 144A		502,900
	460,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		456,550

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
	$        1,090,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A	$	1,100,900
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		171,000
	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		399,444
				6,825,486
		Non-Agency Commercial Mortgage-Backed Securities – 2.1%
	800,000	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 4.943%, 5/10/2047, 144A(a)		740,284
	480,000	Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922%, 10/15/2045, 144A		475,114
	165,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		146,817
	205,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.158%, 8/10/2044, 144A(a)		172,979
	1,830,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.158%, 8/10/2044, 144A(a)		882,975
	425,000	GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.689%, 6/10/2047, 144A(a)		377,693
	720,000	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class C, 4.548%, 8/15/2046(a)		685,638
	180,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class C, 5.360%, 2/15/2046, 144A(a)		177,804
	155,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.624%, 10/15/2045, 144A(a)		155,858
	690,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class D, 4.672%, 10/15/2045, 144A(a)		680,808
	1,135,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.351%, 8/15/2046(a)		817,881
	530,000	Morgan Stanley Capital I Trust, Series 2012-C4, Class D, 5.412%, 3/15/2045, 144A(a)		501,060
	475,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.282%, 10/15/2030, 144A(a)		412,695
	208,290	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.580%, 11/15/2027, 144A(d)		129,140
	310,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class B, 4.322%, 8/15/2050		286,983
	545,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		332,450
	215,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.347%, 12/15/2045(a)		192,737
	515,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class D, 4.792%, 6/15/2045, 144A(a)		280,222
	185,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class C, 4.503%, 8/15/2046(a)		169,790
				7,618,928

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Oil Field Services – 1.0%
	$        250,000	Nabors Industries Ltd., 7.250%, 1/15/2026, 144A	$	231,250
	365,000	Nabors Industries, Inc., 7.375%, 5/15/2027, 144A		377,487
	265,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		270,093
	40,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		40,700
	210,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		221,025
	1,545,000	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		1,492,856
	435,000	Transocean, Inc., 8.000%, 2/01/2027, 144A		313,200
	195,000	Transocean, Inc., 11.500%, 1/30/2027, 144A		191,100
	545,000	Weatherford International Ltd., 8.625%, 4/30/2030, 144A		565,792
	64,000	Weatherford International Ltd., 11.000%, 12/01/2024, 144A		65,920
				3,769,423
		Packaging – 0.7%
	1,375,000	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027(k)		1,416,250
	1,040,000	Mauser Packaging Solutions Holding Co., 7.250%, 4/15/2025		1,042,636
				2,458,886
		Pharmaceuticals – 3.2%
	555,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		510,600
	4,285,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		3,765,444
	575,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A		428,375
	450,000	Endo Luxembourg Finance Co. I. S.a.r.l./Endo U.S., Inc., 6.125%, 4/01/2029, 144A		441,000
	385,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		392,785
	1,025,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		1,070,797
	450,000	Par Pharmaceutical, Inc., 7.500%, 4/01/2027, 144A		459,868
	770,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		807,191
	1,860,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,571,700
	2,000,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		1,981,740
				11,429,500

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Property & Casualty Insurance – 0.5%
	$        550,000	Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A	$	543,125
	605,000	AmWINS Group, Inc., 4.875%, 6/30/2029, 144A		611,050
	385,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		378,263
	1,920,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.384%, 1/15/2033, 144A(d)(e)(i)(j)(l)		230,400
				1,762,838
		Refining – 0.1%
	180,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A		194,175
		REITs - Hotels – 0.3%
	45,000	Service Properties Trust, 3.950%, 1/15/2028		41,192
	470,000	Service Properties Trust, 4.350%, 10/01/2024		460,603
	135,000	Service Properties Trust, 4.500%, 6/15/2023		134,934
	75,000	Service Properties Trust, 4.650%, 3/15/2024		74,063
	60,000	Service Properties Trust, 4.750%, 10/01/2026		58,350
	215,000	Service Properties Trust, 4.950%, 2/15/2027		208,550
				977,692
		REITs - Mortgage – 0.1%
	230,000	Starwood Property Trust, Inc., 3.625%, 7/15/2026, 144A		228,850
		Restaurants – 0.2%
	315,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		319,901
	285,000	Papa John’s International, Inc., 3.875%, 9/15/2029, 144A		283,575
				603,476
		Retailers – 2.3%
	585,000	Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A		595,969
	360,000	Asbury Automotive Group, Inc., 5.000%, 2/15/2032, 144A		373,572
	225,000	At Home Group, Inc., 4.875%, 7/15/2028, 144A		221,625
	415,000	At Home Group, Inc., 7.125%, 7/15/2029, 144A		407,738
	1,410,000	Bath & Body Works, Inc., 5.250%, 2/01/2028		1,558,050

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Retailers – continued
	$        50,000	Carvana Co., 5.500%, 4/15/2027, 144A	$	49,500
	1,010,000	Carvana Co., 5.875%, 10/01/2028, 144A		1,010,980
	275,000	Michaels Cos., Inc. (The), 7.875%, 5/01/2029, 144A		270,875
	470,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		498,844
	485,000	PetSmart, Inc./PetSmart Finance Corp., 4.750%, 2/15/2028, 144A		497,731
	570,000	PetSmart, Inc./PetSmart Finance Corp., 7.750%, 2/15/2029, 144A		619,162
	370,000	Rite Aid Corp., 7.500%, 7/01/2025, 144A		380,360
	725,000	Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A		731,887
	480,000	Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A		484,656
	570,000	Victoria’s Secret & Co., 4.625%, 7/15/2029, 144A		581,645
				8,282,594
		Supermarkets – 0.1%
	155,000	Safeway, Inc., 7.250%, 2/01/2031		182,548
		Supranational – 0.2%
	45,600,000	International Finance Corp., 5.850%, 11/25/2022, (INR)		616,743
		Technology – 3.2%
	600,000	Clarivate Science Holdings Corp., 4.875%, 7/01/2029, 144A		608,472
	2,025,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		1,893,375
	3,300,000	CommScope Technologies LLC, 5.000%, 3/15/2027		3,085,500
	330,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		324,225
	225,000	Dun & Bradstreet Corp. (The), 5.000%, 12/15/2029, 144A		230,182
	730,000	Elastic NV, 4.125%, 7/15/2029, 144A		722,247
	1,485,000	Endure Digital, Inc., 6.000%, 2/15/2029, 144A		1,381,050
	190,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		191,900
	600,000	II-VI, Inc., 5.000%, 12/15/2029, 144A		612,732
	925,000	Open Text Corp., 3.875%, 12/01/2029, 144A		936,563
	710,000	Pitney Bowes, Inc., 6.875%, 3/15/2027, 144A		737,335

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Technology – continued
	$        690,000		Rocket Software, Inc., 6.500%, 2/15/2029, 144A	$	673,164
					11,396,745
			Transportation Services – 0.1%
	555,000		Hertz Corp. (The), 4.625%, 12/01/2026, 144A		558,469
			Treasuries – 0.8%
	1,497	(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		264,414
	110,000	(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		543,051
	310,000	(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		1,517,986
	4,170,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		727,145
					3,052,596
			Wireless – 2.0%
	820,000		Altice France S.A., 5.125%, 7/15/2029, 144A		799,869
	985,000		Altice France S.A., 5.500%, 10/15/2029, 144A		970,225
	29,970,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,455,797
	445,000		IHS Holding Ltd., 5.625%, 11/29/2026, 144A		448,782
	415,000		IHS Holding Ltd., 6.250%, 11/29/2028, 144A		420,187
	600,000		IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		635,574
	395,000		Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		386,429
	200,000		Liquid Telecommunications Financing PLC, 5.500%, 9/04/2026, 144A		206,094
	1,835,000		SoftBank Group Corp., 4.625%, 7/06/2028		1,782,767
					7,105,724
			Wirelines – 1.8%
	1,180,000		Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,256,794
	495,000		Embarq Corp., 7.995%, 6/01/2036		554,400
	630,000		Iliad Holding SASU, 6.500%, 10/15/2026, 144A		661,960
	1,235,000		Level 3 Financing, Inc., 3.750%, 7/15/2029, 144A		1,173,250
	530,000		Lumen Technologies, Inc., 5.375%, 6/15/2029, 144A		530,000

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Wirelines – continued
	$        1,550,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033	$	1,669,048
	650,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		644,625
				6,490,077
		Total Non-Convertible Bonds (Identified Cost $261,418,056)		257,863,756
	Convertible Bonds – 6.4%
		Airlines – 0.6%
	315,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		293,649
	1,490,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,986,170
				2,279,819
		Cable Satellite – 1.8%
	6,790,000	DISH Network Corp., 3.375%, 8/15/2026		6,427,095
		Consumer Cyclical Services – 0.3%
	500,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.734%, 2/15/2026, 144A(m)		423,750
	590,000	Uber Technologies, Inc., Zero Coupon, 1.026%-1.922%, 12/15/2025(m)		583,492
	85,000	Zillow Group, Inc., 1.375%, 9/01/2026		136,585
				1,143,827
		Gaming – 0.1%
	175,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		414,751
		Healthcare – 0.6%
	2,325,000	Teladoc Health, Inc., 1.250%, 6/01/2027		2,117,203
		Leisure – 0.3%
	910,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		855,163
		Media Entertainment – 0.5%
	430,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A		365,930
	580,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(n)		519,448
	1,135,000	Zynga, Inc., Zero Coupon, 0.456%-1.992%, 12/15/2026(m)		1,035,791
				1,921,169

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Pharmaceuticals – 1.5%
	$        440,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024	$	460,064
	3,510,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		3,661,281
	345,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(n)		303,393
	705,000	Livongo Health, Inc., 0.875%, 6/01/2025		808,480
				5,233,218
		Technology – 0.7%
	385,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		350,350
	740,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		1,401,856
	940,000	Splunk, Inc., 1.125%, 6/15/2027		876,550
				2,628,756
		Total Convertible Bonds (Identified Cost $24,114,039)		23,021,001
		Total Bonds and Notes (Identified Cost $285,532,095)		280,884,757
	Senior Loans – 0.6%
		Airlines – 0.1%
	412,881	United Airlines, Inc., 2021 Term Loan B, 3-month LIBOR + 3.750%, 4.500%, 4/21/2028(d)(o)		413,443
		Chemicals – 0.1%
	486,555	Lonza Group AG, USD Term Loan B, 6-month LIBOR + 4.000%, 4.750%, 7/03/2028(d)(o)		485,893
		Independent Energy – 0.4%
	1,247,000	Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.000%, 11/01/2025(d)(p)		1,344,678
		Total Senior Loans (Identified Cost $2,140,411)		2,244,014
	Collateralized Loan Obligations – 1.8%
	920,000	AIG CLO Ltd., Series 2021-2A, Class E, 3-month LIBOR + 6.500%, 6.590%, 7/20/2034, 144A(d)		919,952
	325,000	Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3-month LIBOR + 6.750%, 6.704%, 12/19/2032, 144A(d)(i)		325,000
	730,000	NYACK Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.100%, 6.224%, 10/20/2034, 144A(d)		729,872
	730,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3-month LIBOR + 6.750%, 6.874%, 10/15/2034, 144A(d)		729,963
	735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3-month LIBOR + 6.360%, 6.490%, 4/21/2034, 144A(d)		719,923
	985,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3-month LIBOR + 6.250%, 6.382%, 7/02/2035, 144A(d)		960,498

Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations – continued
$	470,000	Palmer Square CLO Ltd., Series 2021-3A, Class E, 3-month LIBOR + 6.150%, 6.383%, 1/15/2035, 144A(d)	$	465,281
	730,000	Palmer Square CLO Ltd., Series 2021-4A, Class E, 3-month LIBOR + 6.050%, 6.186%, 10/15/2034, 144A(d)		700,360
	285,000	PPM CLO Ltd., Series 2021-5A, Class E, 3-month LIBOR + 6.500%, 6.619%, 10/18/2034, 144A(d)		282,134
	445,000	Whetstone Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.150%, 6.150%, 1/20/2035, 144A(d)		440,579
		Total Collateralized Loan Obligations (Identified Cost $6,347,576)		6,273,562
Shares
	Common Stocks – 12.0%
		Aerospace & Defense – 0.4%
	3,668	Lockheed Martin Corp.		1,303,644
		Air Freight & Logistics – 0.3%
	5,416	United Parcel Service, Inc., Class B		1,160,865
		Beverages – 0.4%
	21,930	Coca-Cola Co. (The)		1,298,475
		Biotechnology – 0.4%
	10,011	AbbVie, Inc.		1,355,489
		Capital Markets – 0.6%
	1,187	BlackRock, Inc.		1,086,770
	11,560	Morgan Stanley		1,134,729
				2,221,499
		Chemicals – 0.3%
	42,479	Hexion Holdings Corp., Class B(l)		1,189,412
		Communications Equipment – 0.4%
	20,612	Cisco Systems, Inc.		1,306,182
		Electric Utilities – 0.7%
	11,574	Duke Energy Corp.		1,214,113
	13,556	NextEra Energy, Inc.		1,265,588
				2,479,701
		Food & Staples Retailing – 0.3%
	7,829	Walmart, Inc.		1,132,778
		Health Care Equipment & Supplies – 0.3%
	8,292	Abbott Laboratories		1,167,016
		Health Care Providers & Services – 0.5%
	2,436	Anthem, Inc.		1,129,184
	1,551	UnitedHealth Group, Inc.		778,819
				1,908,003

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure – 0.3%
	10,327	Starbucks Corp.	$	1,207,949
		Household Products – 0.4%
	7,893	Procter & Gamble Co. (The)		1,291,137
		IT Services – 0.5%
	3,077	Accenture PLC, Class A		1,275,570
	2,458	Automatic Data Processing, Inc.		606,094
				1,881,664
		Machinery – 0.6%
	4,914	Cummins, Inc.		1,071,940
	3,224	Deere & Co.		1,105,477
				2,177,417
		Media – 0.8%
	63,952	Altice USA, Inc., Class A(l)		1,034,744
	26,558	Comcast Corp., Class A		1,336,664
	27,529	iHeartMedia, Inc., Class A(l)		579,210
				2,950,618
		Metals & Mining – 0.4%
	21,775	Newmont Corp.		1,350,485
		Oil, Gas & Consumable Fuels – 0.8%
	50,400	Battalion Oil Corp.(l)		493,920
	10,916	Chevron Corp.		1,280,993
	1,176	Frontera Energy Corp.(l)		9,520
	6,353	Ranger Oil Corp., Class A(l)		171,023
	1,508	Whiting Petroleum Corp.(l)		97,537
	31,295	Williams Cos., Inc. (The)		814,922
				2,867,915
		Pharmaceuticals – 0.8%
	16,092	Bristol-Myers Squibb Co.		1,003,336
	6,461	Johnson & Johnson		1,105,284
	11,433	Merck & Co., Inc.		876,225
				2,984,845
		Professional Services – 0.0%
	357	Clarivate PLC(l)		8,397
		REITs - Diversified – 0.4%
	4,229	American Tower Corp.		1,236,983
		Road & Rail – 0.3%
	4,762	Union Pacific Corp.		1,199,691
		Semiconductors & Semiconductor Equipment – 0.4%
	1,073	Broadcom, Inc.		713,985
	3,542	Texas Instruments, Inc.		667,561
				1,381,546

Shares		Description	Value (†)
	Common Stocks – continued
		Software – 0.3%
	321	iQor Holdings, Inc.(e)(f)	$	2,354
	3,433	Microsoft Corp.		1,154,586
				1,156,940
		Specialty Retail – 0.2%
	2,098	Home Depot, Inc. (The)		870,691
		Technology Hardware, Storage & Peripherals – 0.4%
	8,068	Apple, Inc.		1,432,635
		Wireless Telecommunication Services – 0.8%
	23,127	T-Mobile US, Inc.(l)		2,682,269
		Total Common Stocks (Identified Cost $46,285,655)		43,204,246
	Preferred Stocks – 0.8%
	Convertible Preferred Stocks – 0.6%
		Healthcare – 0.0%
	1,418	Boston Scientific Corp., Series A, 5.500%		162,588
		Midstream – 0.1%
	3,556	El Paso Energy Capital Trust I, 4.750%		179,898
		Technology – 0.2%
	7,720	Clarivate PLC, Series A, 5.250%		701,439
		Wireless – 0.3%
	1,140	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(e)(f)		1,188,689
		Total Convertible Preferred Stocks (Identified Cost $2,415,375)		2,232,614
	Non-Convertible Preferred Stocks – 0.2%
		Home Construction – 0.1%
	21,265	Hovnanian Enterprises, Inc., 7.625%		489,095
		REITs - Warehouse/Industrials – 0.1%
	3,363	Prologis, Inc., Series Q, 8.540%		205,816
		Total Non-Convertible Preferred Stocks (Identified Cost $192,799)		694,911
		Total Preferred Stocks (Identified Cost $2,608,174)		2,927,525
	Exchange-Traded Funds – 3.9%
	160,000	iShares® iBoxx $ High Yield Corporate Bond ETF (Identified Cost $14,047,744)		13,921,600

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments – 1.0%
$	3,739,457	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $3,739,457 on 1/03/2022 collateralized by $3,158,300 U.S. Treasury Note, 1.250% due 7/15/2030 valued at $3,814,306 including accrued interest(q) (Identified Cost $3,739,457)	$	3,739,457
		Total Investments – 98.2% (Identified Cost $360,701,112)		353,195,161
		Other assets less liabilities – 1.8%		6,386,509
		Net Assets – 100.0%	$	359,581,670

(†) 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 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
$        2,206,138		0.6	%	$	333,272		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 1,000.

(†††) 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) Perpetual bond with no specified maturity date.

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

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

(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 $2,206,138 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. No payments were made during the period.

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

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

(j) Fair valued by the Fund’s adviser. At December 31, 2021, the value of these securities amounted to $333,272 or 0.1% of net assets.

(k) 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 December 31, 2021, interest payments were made in cash.

(l) Non-income producing security.

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

(o) 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.

(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 1.00%, to which the spread is added.

(q) 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 $184,472,491 or 51.3% 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

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 December 31, 2021, at value:

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	—	$	22,135,337	$		102,872	(a)	$	22,238,209
Property & Casualty Insurance		—		1,532,438			230,400	(a)		1,762,838
All Other Non-Convertible Bonds*		—		233,862,709			—			233,862,709
Total Non-Convertible Bonds		—		257,530,484			333,272			257,863,756
Convertible Bonds*		—		23,021,001			—			23,021,001
Total Bonds and Notes		—		280,551,485			333,272			280,884,757
Senior Loans*		—		2,244,014			—			2,244,014
Collateralized Loan Obligations		—		5,948,562			325,000	(b)		6,273,562
Common Stocks
Chemicals		—		1,189,412			—			1,189,412
Software		1,154,586		2,354			—			1,156,940
All Other Common Stocks*		40,857,894		—			—			40,857,894
Total Common Stocks		42,012,480		1,191,766			—			43,204,246
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,188,689			—			1,188,689
All Other Convertible Preferred Stocks*		1,043,925		—			—			1,043,925
Total Convertible Preferred Stocks		1,043,925		1,188,689			—			2,232,614
Non-Convertible Preferred Stocks
Home Construction		489,095		—			—			489,095
REITs-Warehouse/Industrials		—		205,816			—			205,816
Total Non-Convertible Preferred Stocks		489,095		205,816			—			694,911
Total Preferred Stocks		1,533,020		1,394,505			—			2,927,525
Exchange-Traded Funds		13,921,600		—			—			13,921,600
Short-Term Investments		—		3,739,457			—			3,739,457
Total	$	57,467,100	$	295,069,789		$	658,272		$	353,195,161

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

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

(b) Valued using broker-dealer bid prices.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. 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
Independent Energy	$	61,600	$	6,118	$	—		35,154		$	—	$	—		$	—	$	—		$	102,872	$	35,154
Property & Casualty Insurance		331,200		2,523		—		(103,323	)		—		—			—		—			230,400		(103,323	)
Convertible Bonds
Oil Field Services		3,367,304		759		—		(127,527	)		—		(3,240,536	)		—		—			—		—
Collateralized Loan Obligations		1,744,972		—		—		—			325,000		—			—		(1,744,972	)		325,000		—
Common Stocks
Energy Equipment & Serives		260,799		—		—		5,532,180			—		(5,792,979	)		—		—			—		—
Oil, Gas & Consumable Fuels		1,269,619		—		—		(446,146	)		—		(823,473	)		—		—			—		—
Total	$	7,035,494	$	9,400	$	—	$	4,890,338		$	325,000	$	(9,856,988	)	$	—	$	(1,744,972	)	$	658,272	$	(68,169	)

Debt securities valued at $1,744,972 were transferred from Level 3 to Level 2 during the period ended December 31, 2021. At September 30, 2021, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities. At December 31, 2021, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Industry Summary at December 31, 2021 (Unaudited)

Cable Satellite	7.6	%
Independent Energy	6.6
Pharmaceuticals	5.5
Finance Companies	4.7
Technology	4.1
Leisure	3.5
Media Entertainment	3.3
Aerospace & Defense	3.3
Chemicals	2.9
Healthcare	2.8
Consumer Cyclical Services	2.8
Financial Other	2.6
Airlines	2.5
Metals & Mining	2.4
Wireless	2.3
Retailers	2.3
Gaming	2.3
Non-Agency Commercial Mortgage-Backed Securities	2.1
Building Materials	2.0
Midstream	2.0
Other Investments, less than 2% each	23.9
Exchange-Traded Funds	3.9
Collateralized Loan Obligations	1.8
Short-Term Investments	1.0
Total Investments	98.2
Other assets less liabilities	1.8
Net Assets	100.0	%