Loomis Sayles Funds I NPORT-P Loomis Sayles Institutional High Income Fund (Jun 2022 report)

PORTFOLIO OF INVESTMENTS – as of June 30, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – 85.5% of Net Assets
	Non-Convertible Bonds – 80.9%
		ABS Car Loan – 0.3%
$	487,000	Hertz Vehicle Financing III LLC, Series 2022-1 1A, Class D, 4.850%, 6/25/2026, 144A	$	435,576
	488,000	Hertz Vehicle Financing III LLC, Series 2022-3 3A, Class D, 6.310%, 3/25/2025, 144A		468,304
				903,880
		ABS Home Equity – 0.1%
	325,000	VOLT XCVI LLC, Series 2021-NPL5, Class A2, 4.826%, 3/27/2051, 144A(a)		307,509
		ABS Other – 0.2%
	318,492	Business Jet Securities LLC, Series 2021-1A, Class C, 5.067%, 4/15/2036, 144A		284,069
	370,832	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.170%, 11/20/2037, 144A		345,891
				629,960
		Aerospace & Defense – 2.1%
	1,775,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,463,452
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		108,937
	1,072,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A(b)(c)		1,085,990
	1,272,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A(b)(c)		1,441,303
	1,265,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		933,949
	770,000	TransDigm, Inc., 4.875%, 5/01/2029		626,811
	770,000	TransDigm, Inc., 5.500%, 11/15/2027		653,253
	335,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		322,856
	55,000	TransDigm, Inc., 7.500%, 3/15/2027		51,887
				6,688,438
		Airlines – 0.8%
	457,728	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		396,782
	1,274,531	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		1,134,405
	1,030,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		879,373
				2,410,560

Principal                  Amount (‡)		Description	Value (†)
					��
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Automotive – 2.8%
$	185,000	Dana, Inc., 4.250%, 9/01/2030	$	143,597
	1,750,000	Ford Motor Co., 3.250%, 2/12/2032		1,308,825
	185,000	Ford Motor Co., 4.750%, 1/15/2043		131,782
	2,325,000	Ford Motor Credit Co. LLC, 2.300%, 2/10/2025		2,087,617
	1,765,000	Ford Motor Credit Co. LLC, 3.375%, 11/13/2025		1,589,330
	1,110,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(d)		929,625
	895,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(d)		759,631
	1,080,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,076,134
	550,000	Jaguar Land Rover Automotive PLC, 5.500%, 7/15/2029, 144A		398,750
	270,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		204,765
	265,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		187,114
				8,817,170
		Banking – 1.2%
	835,000	Ally Financial, Inc., 5.750%, 11/20/2025		822,630
	1,030,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		749,742
	200,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		150,358
	1,345,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,156,625
	1,335,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		1,078,925
				3,958,280
		Brokerage – 0.1%
	185,000	Coinbase Global, Inc., 3.625%, 10/01/2031, 144A		103,897
	400,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.000%, 8/15/2028, 144A		329,000
				432,897
		Building Materials – 2.1%
	600,000	Advanced Drainage Systems, Inc., 6.375%, 6/15/2030, 144A		585,942
	515,000	Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A		392,003

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Building Materials – continued
$	3,000,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A	$	2,250,000
	425,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		360,591
	1,265,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		926,612
	310,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		263,500
	540,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A		347,660
	365,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.500%, 2/01/2030, 144A		293,738
	565,000	Park River Holdings, Inc., 5.625%, 2/01/2029, 144A		352,112
	385,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A		286,529
	315,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		248,456
	525,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		320,250
				6,627,393
		Cable Satellite – 6.2%
	3,845,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		3,157,476
	620,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		478,950
	195,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032		157,892
	750,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.000%, 2/01/2028, 144A		692,025
	730,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		688,937
	155,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A		151,235
	3,685,000	CSC Holdings LLC, 4.500%, 11/15/2031, 144A		2,841,688
	5,465,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		3,654,664
	265,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		178,620
	370,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		320,050
	425,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		383,830
	1,730,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		1,475,811
	885,000	DISH DBS Corp., 5.125%, 6/01/2029		537,761
	305,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		239,071

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Cable Satellite – continued
$	4,160,000	DISH DBS Corp., 7.750%, 7/01/2026	$	3,242,720
	748,557	Ligado Networks LLC, , 15.500% PIK, 11/01/2023, 144A(e)		406,092
	290,361	Ligado Networks LLC, , 17.500% PIK, 5/01/2024, 144A(e)		86,182
	385,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		243,293
	955,000	UPC Broadband Finco B.V., 4.875%, 7/15/2031, 144A		778,325
				19,714,622
		Chemicals – 2.0%
	455,000	ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028, 144A		363,042
	150,000	Consolidated Energy Finance S.A., 5.625%, 10/15/2028, 144A		120,669
	380,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		350,148
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		4,613,627
	240,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		201,538
	665,000	Olympus Water U.S. Holding Corp., 4.250%, 10/01/2028, 144A		520,861
	265,000	Olympus Water U.S. Holding Corp., 6.250%, 10/01/2029, 144A		184,131
				6,354,016
		Construction Machinery – 0.1%
	380,000	Titan International, Inc., 7.000%, 4/30/2028		356,972
		Consumer Cyclical Services – 3.3%
	1,530,000	ADT Security Corp. (The), 4.125%, 8/01/2029, 144A		1,241,694
	450,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.000%, 6/01/2029, 144A		326,777
	100,000	Match Group Holdings II LLC, 3.625%, 10/01/2031, 144A		78,750
	340,000	Match Group Holdings II LLC, 5.000%, 12/15/2027, 144A		315,172
	1,740,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		1,319,477
	747,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		832,905
	680,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		559,300
	6,190,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		5,724,760
	230,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		222,819

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Consumer Cyclical Services – continued
$	25,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A	$	24,888
				10,646,542
		Consumer Products – 0.4%
	370,000	Coty, Inc., 5.000%, 4/15/2026, 144A		339,013
	65,000	Coty, Inc., 6.500%, 4/15/2026, 144A		59,926
	750,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A		643,747
	415,000	Tempur Sealy International, Inc., 3.875%, 10/15/2031, 144A		311,250
				1,353,936
		Diversified Manufacturing – 0.2%
	385,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		295,033
	365,000	Resideo Funding, Inc., 4.000%, 9/01/2029, 144A		284,857
				579,890
		Electric – 1.3%
	2,520,000	Calpine Corp., 5.125%, 3/15/2028		2,218,356
	465,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		369,342
	650,000	Vistra Operations Co. LLC, 5.125%, 5/13/2025, 144A		644,092
	1,055,000	Vistra Operations Co. LLC, 5.500%, 9/01/2026, 144A		996,273
				4,228,063
		Finance Companies – 4.0%
	1,000,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 2.794%, 1/15/2067, 144A(b)(c)(f)		569,130
	210,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(d)		173,319
	1,095,000	Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A		821,250
	320,000	Fortress Transportation & Infrastructure Investors LLC, 5.500%, 5/01/2028, 144A		264,133
	780,000	Freedom Mortgage Corp., 7.625%, 5/01/2026		608,359
	425,000	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(g)		321,938
	355,000	LFS Topco LLC, 5.875%, 10/15/2026, 144A		280,450
	4,010,000	Navient Corp., MTN, 5.625%, 8/01/2033		2,782,966
	875,000	OneMain Finance Corp., 3.500%, 1/15/2027		700,000

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Finance Companies – continued
$	1,680,000	OneMain Finance Corp., 7.125%, 3/15/2026	$	1,552,706
	500,000	Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/01/2027, 144A		478,750
	990,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		818,146
	535,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		420,681
	1,935,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		1,449,876
	2,055,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,459,050
				12,700,754
		Financial Other – 1.9%
	200,000	Agile Group Holdings Ltd., 5.500%, 4/21/2025		66,490
	400,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		128,768
	200,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		62,102
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		61,766
	280,000	Central China Real Estate Ltd., 7.650%, 8/27/2023		120,072
	205,000	CFLD Cayman Investment Ltd., 6.920%, 6/16/2022(h)		17,489
	200,000	CFLD Cayman Investment Ltd., 7.125%, 4/08/2022(h)		16,910
	200,000	CFLD Cayman Investment Ltd., 8.050%, 1/13/2025(b)(c)(h)		18,124
	400,000	CFLD Cayman Investment Ltd., 8.750%, 9/28/2022(b)(c)(h)		35,930
	810,000	China Aoyuan Group Ltd., 6.200%, 3/24/2026(b)(c)(h)		77,161
	405,000	China Evergrande Group, 8.750%, 6/28/2025(h)		33,323
	200,000	China Evergrande Group, 9.500%, 4/11/2022(h)		16,280
	200,000	Easy Tactic Ltd., 8.125%, 2/27/2023		44,466
	400,000	Easy Tactic Ltd., 11.750%, 8/02/2023		88,208
	200,000	Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(b)(c)(h)		16,920
	3,015,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		2,436,602
	425,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		376,482
	335,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		313,614

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Financial Other – continued
$	610,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375%, 12/15/2025	$	576,639
	400,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(h)		55,000
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(h)		27,262
	800,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(h)		108,528
	610,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(h)		82,600
	200,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(h)		27,248
	210,000	KWG Group Holdings Ltd., 6.300%, 2/13/2026		42,063
	1,120,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		898,395
	15,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		11,486
	205,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(b)(c)		21,154
	260,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022		30,030
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(b)(c)		21,414
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(b)(c)		22,064
	200,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025(h)		29,882
	405,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(h)		59,709
	265,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024(h)		40,272
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027(b)(c)		26,218
	405,000	Times China Holdings Ltd., 6.200%, 3/22/2026(b)(c)		58,664
	920,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(b)(c)(h)		59,800
	200,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(b)(c)(h)		14,784
	205,000	Yuzhou Group Holdings Co. Ltd., 7.850%, 8/12/2026(b)(c)(h)		14,949
	295,000	Zhenro Properties Group Ltd., 6.630%, 1/07/2026(b)(c)(h)		19,768
				6,178,636
		Food & Beverage – 1.1%
	475,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		414,438
	105,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		104,648

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Food & Beverage – continued
$	360,000	MARB BondCo. PLC, 3.950%, 1/29/2031, 144A	$	276,397
	440,000	Performance Food Group, Inc., 4.250%, 8/01/2029, 144A		367,400
	1,480,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		1,210,418
	470,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		397,338
	800,000	US Foods, Inc., 4.750%, 2/15/2029, 144A		699,352
				3,469,991
		Gaming – 2.6%
	515,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		435,185
	835,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		501,446
	200,000	Melco Resorts Finance Ltd., 5.750%, 7/21/2028, 144A		128,000
	790,000	MGM China Holdings Ltd., 4.750%, 2/01/2027, 144A		558,214
	190,000	Mohegan Gaming & Entertainment, 8.000%, 2/01/2026, 144A		161,500
	705,000	Sands China Ltd., 3.100%, 3/08/2029, 144A		498,787
	1,530,000	Sands China Ltd., 4.875%, 6/18/2030		1,117,971
	335,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		314,374
	480,000	Scientific Games International, Inc., 7.250%, 11/15/2029		450,149
	1,310,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		1,228,531
	700,000	Studio City Finance Ltd., 5.000%, 1/15/2029, 144A		352,093
	870,000	VICI Properties LP, 4.375%, 5/15/2025		849,711
	280,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		255,727
	295,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		271,400
	250,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		237,813
	220,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		217,250
	965,000	Wynn Macau Ltd., 5.625%, 8/26/2028, 144A		594,440
				8,172,591

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Government Owned - No Guarantee – 0.1%
$	410,000	EcoPetrol S.A., 4.625%, 11/02/2031	$	310,571
		Health Insurance – 0.3%
	1,075,000	Centene Corp., 2.450%, 7/15/2028		896,593
	190,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		159,331
				1,055,924
		Healthcare – 2.4%
	300,000	AdaptHealth LLC, 5.125%, 3/01/2030, 144A		252,873
	345,000	AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		253,471
	2,065,000	CHS/Community Health Systems, Inc., 5.250%, 5/15/2030, 144A		1,569,193
	735,000	CHS/Community Health Systems, Inc., 6.125%, 4/01/2030, 144A		448,350
	260,000	CHS/Community Health Systems, Inc., 6.875%, 4/15/2029, 144A		167,700
	630,000	Medline Borrower LP, 5.250%, 10/01/2029, 144A		517,419
	365,000	ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029, 144A		294,826
	390,000	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028, 144A		323,193
	1,830,000	Tenet Healthcare Corp., 4.375%, 1/15/2030, 144A		1,554,731
	355,000	Tenet Healthcare Corp., 5.125%, 11/01/2027, 144A		319,500
	295,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		252,455
	1,295,000	Tenet Healthcare Corp., 6.125%, 6/15/2030, 144A		1,194,741
	340,000	Tenet Healthcare Corp., 6.250%, 2/01/2027, 144A		312,941
	410,000	U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A		367,162
				7,828,555
		Home Construction – 0.0%
	115,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		94,504
		Independent Energy – 6.3%
	245,000	Antero Resources Corp., 8.375%, 7/15/2026, 144A		259,087
	225,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/2029, 144A		198,000
	400,000	Baytex Energy Corp., 8.750%, 4/01/2027, 144A		401,000

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Independent Energy – continued
$	185,000	California Resources Corp., 7.125%, 2/01/2026, 144A	$	180,898
	1,000,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A		960,600
	355,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		337,120
	1,335,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A		1,271,294
	395,000	Chesapeake Energy Corp., 6.750%, 4/15/2029, 144A		381,977
	660,000	CNX Resources Corp., 7.250%, 3/14/2027, 144A		646,602
	345,000	Colgate Energy Partners III LLC, 5.875%, 7/01/2029, 144A		302,306
	455,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A		407,421
	470,000	Crescent Energy Finance LLC, 7.250%, 5/01/2026, 144A		427,700
	655,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A		578,103
	345,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		291,973
	60,000	EQT Corp., 3.125%, 5/15/2026, 144A		56,179
	315,000	Gulfport Energy Corp., 8.000%, 5/17/2026, 144A		309,875
	185,000	Laredo Petroleum, Inc., 7.750%, 7/31/2029, 144A		166,903
	700,000	Matador Resources Co., 5.875%, 9/15/2026		672,896
	990,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A		904,232
	1,540,000	Mesquite Energy, Inc., 6.125%, 1/15/2023(b)(h)(i)(j)		87,780
	980,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		923,650
	195,000	Oasis Petroleum, Inc., 6.375%, 6/01/2026, 144A		180,375
	30,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		30,403
	50,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		51,500
	3,435,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		3,943,646
	1,260,000	PDC Energy, Inc., 5.750%, 5/15/2026		1,175,366
	365,000	Penn Virginia Holdings LLC, 9.250%, 8/15/2026, 144A		350,305
	430,000	Range Resources Corp., 4.875%, 5/15/2025		419,422
	645,000	Range Resources Corp., 8.250%, 1/15/2029		657,586

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Independent Energy – continued
$	350,000	SM Energy Co., 5.625%, 6/01/2025	$	330,750
	605,000	SM Energy Co., 6.500%, 7/15/2028		556,422
	430,000	SM Energy Co., 6.750%, 9/15/2026		405,646
	45,000	Southwestern Energy Co., 4.750%, 2/01/2032		38,454
	830,000	Southwestern Energy Co., 5.375%, 2/01/2029		769,908
	465,000	Southwestern Energy Co., 5.375%, 3/15/2030		427,800
	715,000	Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A		650,650
	365,000	Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A		344,640
				20,098,469
		Industrial Other – 0.1%
	560,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		474,221
		Leisure – 2.4%
	1,570,000	Carnival Corp., 5.750%, 3/01/2027, 144A		1,133,980
	390,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		313,424
	525,000	Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A		452,813
	1,700,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		1,334,313
	5,000	NCL Corp. Ltd., 5.875%, 3/15/2026		3,924
	460,000	NCL Corp. Ltd., 7.750%, 2/15/2029, 144A		349,945
	295,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		214,613
	465,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028		295,275
	290,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		206,004
	2,755,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,914,725
	365,000	SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A		308,859
	135,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A		100,855
	1,015,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		800,332
	335,000	VOC Escrow Ltd., 5.000%, 2/15/2028, 144A		269,176
				7,698,238

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Lodging – 1.0%
$	890,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A	$	720,900
	275,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		228,712
	1,175,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		908,969
	1,345,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		1,042,375
	170,000	Travel & Leisure Co., 6.000%, 4/01/2027		153,973
				3,054,929
		Media Entertainment – 2.3%
	460,000	Audacy Capital Corp., 6.750%, 3/31/2029, 144A		245,925
	395,000	Deluxe Corp., 8.000%, 6/01/2029, 144A		321,925
	665,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		166,250
	425,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A		51,000
	1,290,000	Gray Escrow II, Inc., 5.375%, 11/15/2031, 144A		1,033,587
	680,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		560,374
	415,000	iHeartCommunications, Inc., 6.375%, 5/01/2026		384,394
	1,095,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		870,175
	170,000	Lions Gate Capital Holdings LLC, 5.500%, 4/15/2029, 144A		132,600
	545,000	McGraw-Hill Education, Inc., 5.750%, 8/01/2028, 144A		466,672
	545,000	McGraw-Hill Education, Inc., 8.000%, 8/01/2029, 144A		441,450
	935,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		855,754
	35,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		33,075
	435,000	Netflix, Inc., 5.875%, 2/15/2025		441,525
	90,000	Netflix, Inc., 6.375%, 5/15/2029		90,896
	255,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		210,375
	370,000	Scripps Escrow II, Inc., 5.375%, 1/15/2031, 144A		295,093
	590,000	Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A		497,444

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Media Entertainment – continued
$	365,000	Stagwell Global LLC, 5.625%, 8/15/2029, 144A	$	292,774
				7,391,288
		Metals & Mining – 3.9%
	810,000	Alcoa Nederland Holding BV, 5.500%, 12/15/2027, 144A		767,475
	370,000	Allegheny Technologies, Inc., 4.875%, 10/01/2029		295,071
	350,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		309,922
	605,000	Arconic Corp., 6.000%, 5/15/2025, 144A		590,059
	415,000	Cia de Minas Buenaventura SAA, 5.500%, 7/23/2026, 144A		373,502
	890,000	Cleveland-Cliffs, Inc., 5.875%, 6/01/2027		829,952
	495,000	Commercial Metals Co., 4.125%, 1/15/2030		416,791
	1,598,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		1,471,758
	3,030,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,709,002
	2,277,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		2,152,817
	845,000	Mineral Resources Ltd., 8.000%, 11/01/2027, 144A		825,455
	815,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		794,096
	150,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		119,864
	585,000	United States Steel Corp., 6.650%, 6/01/2037		454,377
	450,000	United States Steel Corp., 6.875%, 3/01/2029		392,665
	170,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		147,985
				12,650,791
		Midstream – 3.1%
	255,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/2029, 144A		228,368
	475,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.875%, 5/15/2026, 144A		474,473
	1,015,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		959,347
	885,000	Buckeye Partners LP, 4.500%, 3/01/2028, 144A		745,280
	435,000	Cheniere Energy Partners LP, 4.000%, 3/01/2031		369,880
	345,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		293,781

Principal                  Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Non-Convertible Bonds – continued
			Midstream – continued
$	530,000		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A	$	462,467
	75,000		DCP Midstream Operating LP, 3.250%, 2/15/2032		58,829
	140,000		EQM Midstream Partners LP, 6.500%, 7/15/2048		106,750
	2,060,000		EQM Midstream Partners LP, 7.500%, 6/01/2027, 144A		1,986,973
	210,000		EQM Midstream Partners LP, 7.500%, 6/01/2030, 144A		201,735
	475,000		Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		412,388
	1,080,000		Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		904,462
	980,000		Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		933,450
	375,000		Holly Energy Partners LP/Holly Energy Finance Corp., 6.375%, 4/15/2027, 144A		352,973
	530,000		New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		500,850
	395,000		Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A		335,898
	105,000		Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		95,718
	115,000		Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		109,731
	280,000	��	Western Midstream Operating LP, 3.600%, 2/01/2025		257,950
	130,000		Western Midstream Operating LP, 4.500%, 3/01/2028		117,650
	70,000		Western Midstream Operating LP, 4.750%, 8/15/2028		63,953
					9,972,906
			Non-Agency Commercial Mortgage-Backed Securities – 2.4%
	800,000		Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 5.108%, 5/10/2047, 144A(a)		729,384
	480,000		Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922%, 10/15/2045, 144A		457,678
	165,000		Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		129,288
	205,000		GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.302%, 8/10/2044, 144A(a)		170,150
	1,830,000		GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.302%, 8/10/2044, 144A(a)		779,580
	425,000		GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.843%, 6/10/2047, 144A(a)		379,452
	720,000		JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class C, 4.699%, 8/15/2046(a)		674,024
	660,000		JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class C, 5.360%, 2/15/2046, 144A(a)		627,564

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	155,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.934%, 10/15/2045, 144A(a)(k)	$	154,664
	690,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class D, 4.982%, 10/15/2045, 144A(a)		685,116
	1,135,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.495%, 8/15/2046(a)		857,231
	316,137	Morgan Stanley Capital I Trust, Series 2012-C4, Class D, 5.336%, 3/15/2045, 144A(a)		297,169
	475,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.424%, 10/15/2030, 144A(a)		423,022
	208,290	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 2.795%, 11/15/2027, 144A(f)		147,886
	310,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class B, 4.322%, 8/15/2050		271,422
	545,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		338,937
	215,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.491%, 12/15/2045(a)		200,466
	515,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class D, 4.689%, 6/15/2045, 144A(a)		239,475
	185,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class C, 4.670%, 8/15/2046(a)		165,753
				7,728,261
		Oil Field Services – 1.0%
	365,000	Nabors Industries, Inc., 7.375%, 5/15/2027, 144A		343,830
	265,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		237,175
	40,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		37,600
	210,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		198,591
	2,114,063	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		1,860,375
	545,000	Weatherford International Ltd., 8.625%, 4/30/2030, 144A		452,233
	64,000	Weatherford International Ltd., 11.000%, 12/01/2024, 144A		64,480
				3,194,284
		Packaging – 0.2%
	977,598	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027(g)		718,535
		Pharmaceuticals – 2.9%
	1,120,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		596,400
	35,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		18,200
	160,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		82,669

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Pharmaceuticals – continued
$	4,820,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A	$	2,466,755
	40,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		21,288
	120,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		68,700
	575,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A(b)(c)		44,562
	450,000	Endo Luxembourg Finance Co. I. S.a.r.l./Endo U.S., Inc., 6.125%, 4/01/2029, 144A		340,119
	385,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		333,903
	1,025,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		884,401
	450,000	Par Pharmaceutical, Inc., 7.500%, 4/01/2027, 144A		342,000
	420,000	Perrigo Finance Unlimited Co., 4.400%, 6/15/2030		374,969
	770,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		643,728
	230,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		188,600
	2,140,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,332,685
	2,000,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		1,708,236
				9,447,215
		Property & Casualty Insurance – 0.7%
	550,000	Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A		430,534
	605,000	AmWINS Group, Inc., 4.875%, 6/30/2029, 144A		495,448
	385,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		301,228
	1,920,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.304%, 1/15/2033, 144A(b)(f)(i)(j)(l)		235,200
	700,000	USI, Inc. 6.875%, 5/01/2025, 144A		675,500
				2,137,910
		Refining – 0.4%
	180,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A		171,322
	1,175,000	Parkland Corp., 4.625%, 5/01/2030, 144A		953,198
				1,124,520
		REITs - Hotels – 0.3%
	45,000	Service Properties Trust, 3.950%, 1/15/2028		30,806

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		REITs - Hotels – continued
$	470,000	Service Properties Trust, 4.350%, 10/01/2024	$	381,922
	135,000	Service Properties Trust, 4.500%, 6/15/2023		125,499
	75,000	Service Properties Trust, 4.650%, 3/15/2024		64,450
	60,000	Service Properties Trust, 4.750%, 10/01/2026		43,721
	215,000	Service Properties Trust, 4.950%, 2/15/2027		158,348
				804,746
		REITs - Mortgage – 0.1%
	230,000	Starwood Property Trust, Inc., 3.625%, 7/15/2026, 144A		194,925
		Restaurants – 0.8%
	1,815,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		1,586,854
	315,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		267,260
	565,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 6/01/2027, 144A		543,361
	285,000	Papa John’s International, Inc., 3.875%, 9/15/2029, 144A		235,097
				2,632,572
		Retailers – 1.9%
	350,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		303,625
	585,000	Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A		483,356
	225,000	At Home Group, Inc., 4.875%, 7/15/2028, 144A		163,125
	415,000	At Home Group, Inc., 7.125%, 7/15/2029, 144A		235,512
	1,410,000	Bath & Body Works, Inc., 5.250%, 2/01/2028		1,189,617
	510,000	Bath & Body Works, Inc., 6.625%, 10/01/2030, 144A		440,507
	325,000	Carvana Co., 4.875%, 9/01/2029, 144A		184,797
	50,000	Carvana Co., 5.500%, 4/15/2027, 144A		32,267
	1,030,000	Carvana Co., 5.625%, 10/01/2025, 144A		790,855
	275,000	Michaels Cos., Inc. (The), 7.875%, 5/01/2029, 144A		181,230
	470,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		433,143
	570,000	PetSmart, Inc./PetSmart Finance Corp., 7.750%, 2/15/2029, 144A		513,291

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Retailers – continued
$	278,000	Rite Aid Corp., 7.500%, 7/01/2025, 144A	$	225,180
	725,000	Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A		561,737
	480,000	Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A		361,060
				6,099,302
		Supermarkets – 0.0%
	155,000	Safeway, Inc., 7.250%, 2/01/2031		151,513
		Technology – 3.5%
	940,000	Block, Inc., 2.750%, 6/01/2026, 144A		833,996
	600,000	Clarivate Science Holdings Corp., 4.875%, 7/01/2029, 144A		492,600
	3,300,000	CommScope Technologies LLC, 5.000%, 3/15/2027		2,439,681
	1,695,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		1,253,109
	225,000	Dun & Bradstreet Corp. (The), 5.000%, 12/15/2029, 144A		194,344
	730,000	Elastic NV, 4.125%, 7/15/2029, 144A		609,389
	1,485,000	Endurance International Group Holdings, Inc., 6.000%, 2/15/2029, 144A		1,071,593
	1,245,000	Entegris Escrow Corp., 5.950%, 6/15/2030, 144A		1,184,462
	190,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		160,550
	600,000	II-VI, Inc., 5.000%, 12/15/2029, 144A		523,500
	360,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		294,172
	1,220,000	Open Text Corp., 3.875%, 12/01/2029, 144A		1,026,813
	690,000	Rocket Software, Inc., 6.500%, 2/15/2029, 144A		498,745
	175,000	Seagate HDD Cayman, 4.875%, 6/01/2027		165,813
	230,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		184,336
	125,000	Sensata Technologies, Inc., 4.375%, 2/15/2030, 144A		106,397
	345,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		321,733
				11,361,233
		Transportation Services – 0.1%
	555,000	Hertz Corp. (The), 4.625%, 12/01/2026, 144A		464,024

Principal                  Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Non-Convertible Bonds – continued
			Treasuries – 6.1%
	1,497	(††)	Brazil Notas do Tesouro Nacional, Series F 10.000%, 1/01/2025, (BRL)	$	269,490
	110,000	(†††)	Mexican Fixed Rate Bonds, Series M 7.750%, 5/29/2031, (MXN)		503,136
	310,000	(†††)	Mexican Fixed Rate Bonds, Series M-20 7.500%, 6/03/2027, (MXN)(k)		1,440,603
	4,170,000		Republic of Brazil 10.250%, 1/10/2028, (BRL)		730,711
	16,765,000		U.S. Treasury Note, 2.625%, 5/31/2027		16,448,037
					19,391,977
			Wireless – 4.0%
	820,000		Altice France S.A., 5.125%, 7/15/2029, 144A		619,100
	985,000		Altice France S.A., 5.500%, 10/15/2029, 144A		752,451
	29,970,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(k)		1,467,985
	445,000		IHS Holding Ltd., 5.625%, 11/29/2026, 144A		364,473
	415,000		IHS Holding Ltd., 6.250%, 11/29/2028, 144A		334,698
	600,000		IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		523,356
	395,000		Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		306,895
	705,000		SBA Communications Corp., 3.875%, 2/15/2027		643,517
	3,620,000		SoftBank Group Corp., 4.625%, 7/06/2028		2,805,500
	3,585,000		Sprint Corp., 7.125%, 6/15/2024		3,679,106
	1,310,000		Sprint Corp., 7.625%, 2/15/2025		1,365,437
					12,862,518
			Wirelines – 1.8%
	1,180,000		Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,053,587
	110,000		Embarq Corp., 7.995%, 6/01/2036		82,618
	1,090,000		Frontier Communications Holdings LLC, 5.875%, 10/15/2027, 144A		980,022
	350,000		Frontier Communications Holdings LLC, 8.750%, 5/15/2030, 144A		353,846
	630,000		Iliad Holding SASU, 6.500%, 10/15/2026, 144A		566,981
	725,000		Level 3 Financing, Inc., 3.625%, 1/15/2029, 144A		559,013
	245,000		Level 3 Financing, Inc., 4.250%, 7/01/2028, 144A		196,306

Principal                  Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Wirelines – continued
$	200,000	Liquid Telecommunications Financing PLC, 5.500%, 9/04/2026, 144A	$	175,174
	1,550,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,196,910
	650,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		534,553
				5,699,010
		Total Non-Convertible Bonds (Identified Cost $313,593,522)		259,175,041
	Convertible Bonds – 4.6%
		Airlines – 0.5%
	1,325,000	Southwest Airlines Co., 1.250%, 5/01/2025(k)		1,560,188
		Cable Satellite – 1.5%
	7,095,000	DISH Network Corp., 3.375%, 8/15/2026		4,792,672
	85,000	DISH Network Corp., Zero Coupon, 6.944%-9.514%, 12/15/2025(m)		59,707
				4,852,379
		Consumer Cyclical Services – 0.2%
	745,000	Uber Technologies, Inc., Zero Coupon, 0.981%-1.922%, 12/15/2025(m)		595,344
	85,000	Zillow Group, Inc., 1.375%, 9/01/2026		84,915
				680,259
		Gaming – 0.1%
	175,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		259,228
		Healthcare – 0.6%
	2,410,000	Teladoc Health, Inc., 1.250%, 6/01/2027		1,765,325
		Leisure – 0.2%
	910,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		583,765
		Media Entertainment – 0.1%
	430,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A		302,505
		Pharmaceuticals – 1.4%
	440,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		435,600
	3,510,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		3,488,238

Principal         Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Convertible Bonds – continued
		Pharmaceuticals – continued
$	715,000	Livongo Health, Inc., 0.875%, 6/01/2025	$	606,034
				4,529,872
		Technology – 0.0%
	75,000	RingCentral, Inc., Zero Coupon, 7.146%-7.470%, 3/15/2026(m)		56,325
	15,000	Unity Software, Inc., Zero Coupon, 7.592%, 11/15/2026, 144A(n)		11,025
				67,350
		Total Convertible Bonds (Identified Cost $19,450,391)		14,600,871
		Total Bonds and Notes (Identified Cost $333,043,913)		273,775,912
	Senior Loans – 0.4%
		Independent Energy – 0.4%
	1,247,000	Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.021%, 11/01/2025(f)(o)		1,307,268
		Total Senior Loans (Identified Cost $1,247,096)		1,307,268
	Collateralized Loan Obligations – 1.7%
	920,000	AIG CLO LLC, Series 2021-2A, Class E, 3-month LIBOR + 6.500%, 7.563%, 7/20/2034, 144A(f)		798,570
	325,000	Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3-month LIBOR + 6.600%, 7.663%, 12/19/2032, 144A(f)		285,697
	730,000	NYACK Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.100%, 7.163%, 10/20/2034, 144A(f)		640,043
	730,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3-month LIBOR + 6.750%, 7.794%, 10/15/2034, 144A(f)		637,604
	735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3-month LIBOR + 6.360%, 7.458%, 4/21/2034, 144A(f)		648,835
	985,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3-month LIBOR + 6.250%, 7.313%, 7/02/2035, 144A(f)		865,790
	470,000	Palmer Square CLO Ltd., Series 2021-3A, Class E, 3-month LIBOR + 6.150%, 6.383%, 1/15/2035, 144A(f)		412,421
	730,000	Palmer Square CLO Ltd., Series 2021-4A, Class E, 3-month LIBOR + 6.050%, 7.094%, 10/15/2034, 144A(f)		638,619
	285,000	PPM CLO Ltd., Series 2021-5A, Class E, 3-month LIBOR + 6.500%, 7.544%, 10/18/2034, 144A(f)		233,387
	445,000	Whetstone Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.150%, 7.213%, 1/20/2035, 144A(f)		390,375
		Total Collateralized Loan Obligations (Identified Cost $6,347,577)		5,551,341
Shares
	Common Stocks – 7.2%
		Aerospace & Defense – 0.2%
	395	L3Harris Technologies, Inc.		95,472

Shares		Description	Value (†)
	Common Stocks – continued
		Aerospace & Defense – continued
	1,622	Lockheed Martin Corp.	$	697,395
				792,867
		Air Freight & Logistics – 0.2%
	2,902	United Parcel Service, Inc., Class B		529,731
		Beverages – 0.2%
	10,073	Coca-Cola Co. (The)		633,692
		Biotechnology – 0.3%
	5,220	AbbVie, Inc.		799,495
		Capital Markets – 0.3%
	1,025	BlackRock, Inc.		624,266
	6,005	Morgan Stanley		456,740
				1,081,006
		Communications Equipment – 0.2%
	11,507	Cisco Systems, Inc.		490,659
		Electric Utilities – 0.4%
	4,809	Duke Energy Corp.		515,573
	8,523	NextEra Energy, Inc.		660,191
				1,175,764
		Food & Staples Retailing – 0.2%
	4,911	Walmart, Inc.		597,079
		Health Care Equipment & Supplies – 0.1%
	3,713	Abbott Laboratories		403,417
		Health Care Providers & Services – 0.2%
	849	Elevance Health, Inc.		409,711
	618	UnitedHealth Group, Inc.		317,423
				727,134
		Hotels, Restaurants & Leisure – 0.2%
	7,795	Starbucks Corp.		595,460
		Household Products – 0.2%
	4,754	Procter & Gamble Co. (The)		683,578
		IT Services – 0.1%
	1,712	Accenture PLC, Class A		475,337
		Life Sciences Tools & Services – 0.1%
	485	Thermo Fisher Scientific, Inc.		263,491
		Machinery – 0.2%
	1,993	Cummins, Inc.		385,705
	1,317	Deere & Co.		394,402
				780,107

Shares		Description	Value (†)
	Common Stocks – continued
		Media – 0.6%
	107,981	Altice USA, Inc., Class A(l)	$	998,824
	17,477	Comcast Corp., Class A		685,798
	27,529	iHeartMedia, Inc., Class A(l)		217,204
				1,901,826
		Metals & Mining – 0.2%
	8,078	Newmont Corp.		482,014
		Oil, Gas & Consumable Fuels – 0.4%
	50,400	Battalion Oil Corp.(l)		429,912
	1,176	Frontera Energy Corp.(l)		9,456
	2,300	Pioneer Natural Resources Co.		513,084
	13,652	Williams Cos., Inc. (The)		426,079
				1,378,531
		Pharmaceuticals – 0.7%
	7,002	Bristol-Myers Squibb Co.		539,154
	4,772	Johnson & Johnson		847,078
	10,355	Merck & Co., Inc.		944,065
				2,330,297
		Professional Services – 0.0%
	357	Clarivate PLC(l)		4,948
		REITs - Diversified – 0.2%
	2,458	American Tower Corp.		628,240
		Road & Rail – 0.2%
	2,568	Union Pacific Corp.		547,703
		Semiconductors & Semiconductor Equipment – 0.3%
	658	Broadcom, Inc.		319,663
	6,333	Microchip Technology, Inc.		367,821
	2,788	QUALCOMM, Inc.		356,139
				1,043,623
		Software – 0.2%
	321	iQor Holdings, Inc.(b)(c)(l)		1,445
	2,400	Microsoft Corp.		616,392
				617,837
		Specialty Retail – 0.1%
	1,377	Home Depot, Inc. (The)		377,670
		Technology Hardware, Storage & Peripherals – 0.2%
	3,838	Apple, Inc.		524,731
		Wireless Telecommunication Services – 1.0%
	23,127	T-Mobile US, Inc.(l)		3,111,507
		Total Common Stocks (Identified Cost $30,093,754)		22,977,744

Shares		Description	Value (†)
	Preferred Stocks – 0.9%
	Convertible Preferred Stocks – 0.7%
		Midstream – 0.1%
	3,556	El Paso Energy Capital Trust I, 4.750%	$	165,176
		Technology – 0.1%
	8,758	Clarivate PLC, Series A, 5.250%		501,081
		Wireless – 0.5%
	1,390	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(b)(c)		1,593,774
		Total Convertible Preferred Stocks (Identified Cost $2,573,951)		2,260,031
	Non-Convertible Preferred Stocks – 0.2%
		Home Construction – 0.1%
	21,265	Hovnanian Enterprises, Inc., 7.625%		404,035
		REITs - Warehouse/Industrials – 0.1%
	3,363	Prologis, Inc., Series Q, 8.540%		215,232
		Total Non-Convertible Preferred Stocks (Identified Cost $192,799)		619,267
		Total Preferred Stocks (Identified Cost $2,766,750)		2,879,298
	Exchange-Traded Funds – 0.9%
	41,000	iShares® iBoxx $ High Yield Corporate Bond ETF (Identified Cost $3,599,735)		3,018,010
Principal         Amount
	Short-Term Investments – 1.0%
$	3,045,513	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $3,045,543 on 7/01/2022 collateralized by $3,092,500 U.S. Treasury Note, 3.250% due 6/30/2027 valued at $3,106,512 including accrued interest(p) (Identified Cost $3,045,513)		3,045,513
		Total Investments – 97.6% (Identified Cost $380,144,338)		312,555,086
		Other assets less liabilities – 2.4%		7,626,757
		Net Assets – 100.0%	$	320,181,843

(†) 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.

Centrally cleared swap agreements are valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

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

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

As of June 30, 2022, 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
$5,143,154		1.6	%	$	322,980		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 June 30, 2022 is disclosed.

(b) Illiquid security.

(c) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2022, the value of these securities amounted to $5,143,154 or 1.6% of net assets.

(d) Perpetual bond with no specified maturity date.

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

(f) Variable rate security. Rate as of June 30, 2022 is disclosed.

(g) Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended June 30, 2022, interest payments were made in cash.

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

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

(j) Fair valued by the Fund’s adviser. At June 30, 2022, the value of these securities amounted to $322,980 or 0.1% of net assets.

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

(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 1.00%, to which the spread is added.

(p) The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of June 30, 2022, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

144A All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, the value of Rule 144A holdings amounted to $166,004,319 or 51.8% 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

MXN Mexican Peso

Swap Agreements

The Fund may enter into credit default and interest rate swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Fund may be either the protection buyer or the protection seller. As a protection buyer, the Fund has the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Fund has the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments (“fees”) over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Fund may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

Swap agreements are valued daily and fluctuations in the value are recorded as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded as realized gain or loss. Upfront premiums paid or received by the Fund are recorded as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Fund as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. The Fund covers its net obligations under outstanding swap agreements by segregating or earmarking cash or securities.

At June 30, 2022, the Fund had the following open centrally cleared credit default swap agreements:

Sell Protection

Reference Obligation	(Pay)/ Receive Fixed Rate			Expiration Date		Implied Credit Spread^			Notional Value(‡)		Unamortized Up Front Premium Paid/(Received)			Market Value			Unrealized Appreciation (Depreciation)
CDX.NA HY* Series 38 500, 5-Year		5.00	%		6/20/2027		5.78	%		1,801,800	$	(39,665	)	$	(51,764	)	$	(12,099	)
CDX.NA HY* Series 38 500, 5-Year		5.00	%		6/20/2027		5.78	%		752,400		(19,560	)		(21,616	)		(2,056	)
CDX.NA HY* Series 38 500, 5-Year		5.00	%		6/20/2027		5.78	%		752,400		(17,612	)		(21,616	)		(4,004	)
Total														$	(94,996	)	$	(18,159	)

(‡) Notional value stated in U.S. dollars unless otherwise noted.

^ Implied credit spreads, represented in absolute terms, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

* CDX.NA.HY is an index composed of North American high yield credit default swaps.

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2022, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	—	$	20,010,689	$	87,780	(a)	$	20,098,469
Property & Casualty Insurance		—		1,902,710		235,200	(a)		2,137,910
All Other Non-Convertible Bonds*		—		236,938,662		—			236,938,662
Total Non-Convertible Bonds		—		258,852,061		322,980			259,175,041
Convertible Bonds*		—		14,600,871		—			14,600,871
Total Bonds and Notes		—		273,452,932		322,980			273,775,912
Senior Loans*		—		1,307,268		—			1,307,268
Collateralized Loan Obligations		—		5,551,341		—			5,551,341
Common Stocks
Software		616,392		1,445		—			617,837
All Other Common Stocks*		22,359,907		—		—			22,359,907
Total Common Stocks		22,976,299		1,445		—			22,977,744
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,593,774		—			1,593,774
All Other Convertible Preferred Stocks*		666,257		—		—			666,257
Total Convertible Preferred Stocks		666,257		1,593,774		—			2,260,031
Non-Convertible Preferred Stocks
REITs - Warehouse/Industrials		—		215,232		—			215,232
All Other Non-Convertible Preferred Stocks*		404,035		—		—			404,035
Total Non-Convertible Preferred Stocks		404,035		215,232		—			619,267
Total Preferred Stocks		1,070,292		1,809,006		—			2,879,298
Exchange-Traded Funds		3,018,010		—		—			3,018,010
Short-Term Investments		—		3,045,513		—			3,045,513
Total	$	27,064,601	$	285,167,505	$	322,980		$	312,555,086

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Credit Default Swap Agreements (unrealized depreciation)	$	—	$	(18,159	)	$	—	$	(18,159	)

* 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 June 30, 2022:

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 June 30, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2022
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	61,600	$	18,865	$	—	$	7,315		$	—	$	—		$	—	$	—		$	87,780	$	7,315
Property & Casualty Insurance		331,200		8,241		—		(104,241	)		—		—			—		—			235,200		(104,241	)
Convertible Bonds
Oil Field Services		3,367,304		759		—		(127,527	)		—		(3,240,536	)		—		—			—		—
Collateralized Loan Obligations		1,744,972		—		—		—			—		—			—		(1,744,972	)		—		—
Common Stocks
Energy Equipment & Services		260,799		—		—		5,532,180			—		(5,792,979	)		—		—			—		—
Oil, Gas & Consumable Fuels		1,269,619		—		—		(446,146	)		—		(823,473	)		—		—			—		—
Total	$	7,035,494	$	27,865	$	—	$	4,861,581		$	—	$	(9,856,988	)	$	—	$	(1,744,972	)	$	322,980	$	(96,926	)

Debt securities valued at $1,744,972 were transferred from Level 3 to Level 2 during the period ended June 30, 2022. 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 June 30, 2022, 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.

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 at the period include swap agreements.

The Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Fund may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. The Fund may also use credit default swaps, as a protection seller, to gain investment exposure. As of period ended June 30, 2022, the Fund engaged in credit default swap agreements (as a protection seller) to gain investment exposure.

The following is a summary of derivative instruments for the Fund, as of June 30, 2022:

Liability	Swap agreements at value
Exchange-traded/cleared liability derivatives
Credit contracts	$	(94,996	)

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 June 30, 2022:

Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
$	350,000	$	350,000

Industry Summary at June 30, 2022 (Unaudited)

Cable Satellite	7.7	%
Independent Energy	6.7
Treasuries	6.1
Pharmaceuticals	5.0
Wireless	4.5
Metals & Mining	4.1
Finance Companies	4.0
Technology	3.6
Consumer Cyclical Services	3.5
Midstream	3.2
Healthcare	3.0
Automotive	2.8
Gaming	2.7
Leisure	2.6
Non-Agency Commercial Mortgage-Backed Securities	2.4
Media Entertainment	2.4
Aerospace & Defense	2.3
Building Materials	2.1
Chemicals	2.0
Other Investments, less than 2% each	23.3
Collateralized Loan Obligations	1.7
Short-Term Investments	1.0
Exchange-Traded Funds	0.9
Total Investments	97.6
Other assets less liabilities (including swap agreements)	2.4
Net Assets	100.0	%