Loomis Sayles Funds I NPORT-P Loomis Sayles Investment Grade Fixed Income Fund (Sep 2022 report)

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

Loomis Sayles Investment Grade Fixed Income Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 90.0% of Net Assets
	Non-Convertible Bonds – 88.5%
		ABS Car Loan – 8.3%
$	100,000	American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.400%, 6/15/2026, 144A	$	97,954
	335,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.340%, 11/15/2027, 144A		314,376
	100,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028, 144A		90,994
	230,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024		228,126
	235,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.210%, 12/18/2026		212,159
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		96,082
	620,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.360%, 3/20/2026, 144A		580,450
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		90,654
	600,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		534,749
	100,000	CarMax Auto Owner Trust, Series 2021-3, Class D, 1.500%, 1/18/2028		88,102
	100,000	CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028		90,237
	208,830	CPS Auto Receivables Trust, Series 2020-C, Class C, 1.710%, 8/17/2026, 144A		207,795
	370,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		357,393
	250,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class C, 2.280%, 2/15/2030, 144A		233,552
	260,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		235,121
	250,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		222,460
	92,296	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026		92,363
	55,123	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026		54,978
	340,000	Drive Auto Receivables Trust, Series 2021-1, Class D, 1.450%, 1/16/2029		316,191
	690,000	Drive Auto Receivables Trust, Series 2021-2, Class D, 1.390%, 3/15/2029		632,744
	115,000	DT Auto Owner Trust, Series 2021-2A, Class C, 1.500%, 2/16/2027, 144A		105,829
	690,000	DT Auto Owner Trust, Series 2021-3A, Class D, 1.310%, 5/17/2027, 144A		614,653
	310,401	Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.580%, 9/15/2025, 144A		306,274
	150,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		141,789
	495,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		453,336

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		ABS Car Loan – continued
$	105,000	Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.560%, 7/17/2028	$	98,738
	235,000	First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.550%, 4/15/2025, 144A		234,024
	285,000	First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.620%, 3/15/2027, 144A		257,481
	165,000	Flagship Credit Auto Trust, Series 2021-1, Class D, 1.270%, 3/15/2027, 144A		149,793
	175,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		156,013
	210,000	Flagship Credit Auto Trust, Series 2021-3, Class D, 1.650%, 9/15/2027, 144A		185,332
	1,036,022	Ford Credit Auto Owner Trust, Series 2021-A, Class A3, 0.300%, 8/15/2025		1,004,570
	270,000	Foursight Capital Automobile Receivables Trust, Series 2021-1, Class D, 1.320%, 3/15/2027, 144A		248,956
	170,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A		153,862
	285,000	GLS Auto Receivables Issuer Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		259,619
	183,765	GLS Auto Receivables Trust, Series 2019-2A, Class C, 3.540%, 2/18/2025, 144A		183,130
	321,172	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		319,316
	355,199	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A3, 0.350%, 10/16/2025		345,002
	840,000	GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A3, 0.510%, 4/16/2026		806,379
	548,000	Hertz Vehicle Financing III LLC, Series 2022-1 1A, Class D, 4.850%, 6/25/2026, 144A		478,384
	305,000	Hertz Vehicle Financing III LLC, Series 2022-3 3A, Class D, 6.310%, 3/25/2025, 144A		289,952
	250,000	Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 6.560%, 9/25/2026, 144A		225,694
	1,300,000	Honda Auto Receivables Owner Trust, Series 2020-1, Class A4, 1.630%, 10/21/2026		1,274,447
	584,024	Honda Auto Receivables Owner Trust, Series 2021-1, Class A3, 0.270%, 4/21/2025		566,886
	330,000	Honda Auto Receivables Owner Trust, Series 2021-2, Class A3, 0.330%, 8/15/2025		318,274
	109,519	JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A		105,395
	170,000	Prestige Auto Receivables Trust, Series 2020-1A, Class E, 3.670%, 2/15/2028, 144A		166,596
	318,498	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		316,747
	171,888	Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.110%, 12/15/2025		171,400
	225,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class D, 2.220%, 9/15/2026		219,935
	315,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class D, 1.130%, 11/16/2026		301,588

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		ABS Car Loan – continued
$	485,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.330%, 9/15/2027	$	455,386
	10,734	Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.570%, 8/15/2023		10,731
	238,083	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		236,536
	125,000	Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.650%, 2/17/2026, 144A		118,940
	275,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class D, 1.230%, 12/15/2026, 144A		255,972
	1,085,000	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/2026		1,042,080
				17,355,519
		ABS Credit Card – 0.2%
	240,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		235,403
	265,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		251,750
				487,153
		ABS Home Equity – 4.9%
	300,000	BINOM Securitization Trust, Series 2022-RPL1, Class M1, 3.000%, 2/25/2061, 144A(a)		255,042
	364,165	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(a)		343,132
	100,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		78,540
	160,000	CoreVest American Finance Trust, Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		119,567
	100,000	CoreVest American Finance Trust, Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		77,364
	216,567	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(a)		203,391
	100,000	Credit Suisse Mortgage Trust, Series 2021-RPL3, Class M2, 3.750%, 1/25/2060, 144A		80,023
	549,275	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(a)		504,925
	261,265	Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1A, 30-day Average SOFR + 2.000%, 4.281%, 4/25/2042, 144A(b)		258,657
	260,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A		216,948
	205,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A		170,498
	105,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		86,263
	360,000	FirstKey Homes Trust, Series 2022- SFR2, Class D, 4.500%, 7/17/2039, 144A		329,733
	100,000	FRTKL, Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		83,710
	100,000	FRTKL, Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		83,460

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	161,951	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(a)	$	152,748
	88,835	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		71,418
	404,762	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		348,820
	209,696	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A		179,481
	89,813	Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.250%, 11/25/2059, 144A(a)		89,730
	479,272	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A(a)		467,214
	485,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(a)		425,911
	240,185	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(a)		222,837
	4,491	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 3.243%, 7/25/2035(a)(c)		3,877
	235,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		199,477
	100,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		85,051
	100,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A		84,814
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		84,533
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		84,411
	120,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		100,467
	150,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		126,733
	100,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		83,731
	165,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		129,197
	100,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		77,884
	100,000	Progress Residential Trust, Series 2021-SFR9, Class E1, 2.811%, 11/17/2040, 144A		77,822
	360,232	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(a)		334,232
	139,191	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(a)		129,460
	297,735	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(a)		271,093
	103,595	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(a)		94,263
	366,601	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(a)		329,715
	525,000	PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027, 144A(a)		520,293

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	390,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(a)	$	369,999
	120,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(a)		116,124
	240,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(a)		193,362
	268,717	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(a)		253,008
	115,651	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(a)		110,731
	330,468	VCAT LLC, Series 2021-NPL5, Class A1, 1.868%, 8/25/2051, 144A(a)		302,372
	118,150	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(a)		107,263
	291,400	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(a)		270,495
	257,283	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(a)		238,583
	182,984	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(a)		167,808
	360,641	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(a)		328,658
				10,124,868
		ABS Other – 2.4%
	100,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		89,916
	239,535	Apollo Aviation Securitization Equity Trust, Series 2021-1A, Class A, 2.950%, 11/16/2041, 144A		191,022
	100,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A		82,675
	430,000	BHG Securitization Trust, Series 2022-A, Class B, 2.700%, 2/20/2035, 144A		370,369
	144,152	Business Jet Securities LLC, Series 2021-1A, Class A, 2.162%, 4/15/2036, 144A		126,558
	352,338	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		288,175
	155,000	Dell Equipment Finance Trust, Series 2020-2, Class D, 1.920%, 3/23/2026, 144A		151,629
	100,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		96,374
	215,000	Freedom Financial Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		190,695
	115,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		108,454
	324,831	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		284,890
	100,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A		91,828
	105,000	Marlette Funding Trust, Series 2021-3A, Class C, 1.810%, 12/15/2031, 144A		91,755

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		ABS Other – continued
$	120,332	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(a)	$	91,527
	63,309	MVW LLC, Series 2021-1WA, Class C, 1.940%, 1/22/2041, 144A		56,791
	145,000	OneMain Financial Issuance Trust, Series 2018-2A, Class B, 3.890%, 3/14/2033, 144A		137,598
	240,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		184,958
	310,000	OneMain Financial Issuance Trust, Series 2022-S1, Class D, 5.200%, 5/14/2035, 144A		283,094
	445,085	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		357,844
	100,000	SCF Equipment Leasing LLC, Series 2022-1A, Class D, 3.790%, 11/20/2031, 144A		87,443
	60,524	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A		56,632
	41,001	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		38,307
	43,511	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		39,804
	502,436	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A		411,364
	56,363	SoFi Consumer Loan Program Trust, Series 2019-4, Class C, 2.840%, 8/25/2028, 144A		56,082
	231,433	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		195,735
	372,400	Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.230%, 4/20/2046, 144A		319,616
	252,542	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		208,948
	115,000	Towd Point Mortgage Trust, Series 2011-1, Class M1, 3.750%, 10/25/2056, 144A(a)		106,978
	188,978	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		144,020
				4,941,081
		ABS Student Loan – 0.8%
	100,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		88,852
	99,508	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A		88,334
	41,180	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		37,407
	202,126	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		177,802
	135,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		112,775
	100,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A		67,350
	195,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		134,607

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		ABS Student Loan – continued
$	139,459	SMB Private Education Loan Trust, Series 2018-C, Class A2A, 3.630%, 11/15/2035, 144A	$	134,113
	486,399	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		453,775
	180,972	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1-month LIBOR + 0.730%, 3.548%, 1/15/2053, 144A(b)		173,770
	210,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A		167,259
	100,000	SoFi Professional Loan Program LLC, Series 2017-A, Class C, 4.430%, 3/26/2040, 144A(a)		89,509
				1,725,553
		ABS Whole Business – 0.9%
	238,750	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.030%, 11/20/2047, 144A		217,799
	162,663	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		149,825
	97,500	Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.668%, 10/25/2049, 144A		84,071
	602,375	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		496,046
	98,750	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		78,217
	192,000	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		180,747
	456,550	Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.294%, 8/25/2051, 144A		364,803
	261,688	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		208,034
				1,779,542
		Aerospace & Defense – 1.5%
	1,215,000	Boeing Co. (The), 2.196%, 2/04/2026		1,078,237
	85,000	Boeing Co. (The), 3.100%, 5/01/2026		77,597
	510,000	Boeing Co. (The), 3.625%, 2/01/2031		423,325
	85,000	Boeing Co. (The), 3.625%, 3/01/2048		52,862
	45,000	Boeing Co. (The), 3.750%, 2/01/2050		29,066
	390,000	Boeing Co. (The), 3.850%, 11/01/2048		252,430
	225,000	Boeing Co. (The), 3.950%, 8/01/2059		139,781
	115,000	Boeing Co. (The), 5.150%, 5/01/2030		106,380
	111,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		101,724
	1,125,000	Textron, Inc., 3.000%, 6/01/2030		926,296
				3,187,698

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Airlines – 1.3%
$	1,209,053	Air Canada Pass Through Trust, Series 2020-2A, 5.250%, 10/01/2030, 144A	$	1,133,536
	42,159	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		36,499
	432,250	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		423,077
	178,054	U.S. Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		177,654
	399,934	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		361,368
	215,104	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		187,227
	417,492	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		400,329
				2,719,690
		Automotive – 0.8%
	1,614,000	General Motors Co., 5.200%, 4/01/2045		1,228,933
	250,000	General Motors Co., 6.250%, 10/02/2043		217,157
	315,000	General Motors Financial Co., Inc., 1.050%, 3/08/2024		295,207
				1,741,297
		Banking – 9.6%
	200,000	Ally Financial, Inc., 2.200%, 11/02/2028		154,514
	245,000	Ally Financial, Inc., 5.750%, 11/20/2025		237,624
	420,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		408,349
	370,000	Bank of America Corp., (fixed rate to 10/24/2030, variable rate thereafter), MTN, 1.922%, 10/24/2031		273,688
	635,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		631,629
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,104,546
	335,000	Bank of America Corp., (fixed rate to 4/29/2030, variable rate thereafter), 2.592%, 4/29/2031		265,676
	235,000	Bank of America Corp., (fixed rate to 7/23/2030, variable rate thereafter), MTN, 1.898%, 7/23/2031		174,983
	314,000	Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036		226,799
	314,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		298,308

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Banking – continued
$	536,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027	$	496,573
	950,000	Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027		795,645
	555,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(d)		342,047
	1,245,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		914,850
	1,145,000	BNP Paribas S.A., 2.824%, 1/26/2041, 144A		680,462
	415,000	BNP Paribas S.A., (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028, 144A		354,400
	1,040,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		897,645
	1,060,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		950,957
	80,000	Citigroup, Inc., (fixed rate to 6/03/2030, variable rate thereafter), 2.572%, 6/03/2031		62,921
	640,000	Credit Agricole S.A., 2.811%, 1/11/2041, 144A		379,454
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		215,447
	405,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		391,485
	395,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		367,409
	265,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		171,779
	400,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		269,379
	2,125,000	Goldman Sachs Group, Inc. (The), (fixed rate to 8/23/2027, variable rate thereafter), 4.482%, 8/23/2028		1,994,305
	220,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		178,880
	740,000	JPMorgan Chase & Co., (fixed rate to 11/19/2030, variable rate thereafter), 1.764%, 11/19/2031		540,887
	200,000	Morgan Stanley, 3.950%, 4/23/2027		185,857
	1,205,000	Morgan Stanley, (fixed rate to 2/13/2031, variable rate thereafter), MTN, 1.794%, 2/13/2032		880,639
	533,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		507,642
	1,727,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		1,768,190
	655,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		549,907
	200,000	NatWest Group PLC, (fixed rate to 9/30/2027, variable rate thereafter), 5.516%, 9/30/2028		189,815
	1,685,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		1,274,064
	255,000	Synchrony Bank, 5.400%, 8/22/2025		248,623

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Banking – continued
$	330,000	Synchrony Bank, 5.625%, 8/23/2027	$	315,351
	540,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		401,511
				20,102,240
		Brokerage – 0.3%
	733,000	Jefferies Group LLC, 6.250%, 1/15/2036		684,609
		Building Materials – 1.1%
	1,045,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		823,437
	310,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		248,389
	211,000	Masco Corp., 6.500%, 8/15/2032		211,724
	104,000	Masco Corp., 7.750%, 8/01/2029		113,538
	778,000	Owens Corning, 7.000%, 12/01/2036		801,897
				2,198,985
		Cable Satellite – 1.8%
	265,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		189,234
	1,285,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		971,393
	220,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		182,175
	890,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		539,385
	30,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.850%, 4/01/2061		17,514
	1,580,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		936,928
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.125%, 7/01/2049		120,951
	800,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		544,000
	125,000	DISH DBS Corp., 5.125%, 6/01/2029		73,437
	170,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		139,272
	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041		113,813
				3,828,102

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Chemicals – 0.5%
$	200,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A	$	147,838
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		161,640
	400,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		283,400
	80,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		74,562
	60,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		55,756
	525,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		383,560
				1,106,756
		Collateralized Mortgage Obligations – 0.1%
	139,708	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		142,520
		Construction Machinery – 2.0%
	200,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		185,623
	2,680,000	Caterpillar Financial Services Corp., MTN, 0.450%, 5/17/2024		2,506,661
	895,000	Caterpillar Financial Services Corp., MTN, 0.950%, 1/10/2024		857,164
	220,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		210,117
	340,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		315,521
				4,075,086
		Consumer Cyclical Services – 1.1%
	275,000	Expedia Group, Inc., 2.950%, 3/15/2031		213,339
	1,210,000	Expedia Group, Inc., 3.250%, 2/15/2030		981,322
	535,000	Expedia Group, Inc., 3.800%, 2/15/2028		475,126
	210,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		176,531
	375,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		367,500
				2,213,818
		Consumer Products – 0.3%
	360,000	Hasbro, Inc., 6.600%, 7/15/2028		368,007
	300,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		237,000
				605,007

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Diversified Manufacturing – 0.3%
$	510,000	GE Capital Funding LLC, 4.550%, 5/15/2032	$	472,553
	241,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		215,917
				688,470
		Electric – 0.4%
	95,000	Edison International, 4.950%, 4/15/2025		93,073
	140,000	Pacific Gas & Electric Co., 3.250%, 6/01/2031		106,814
	45,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		27,385
	225,000	Pacific Gas & Electric Co., 4.250%, 3/15/2046		151,211
	290,000	Pacific Gas & Electric Co., 4.300%, 3/15/2045		192,461
	310,000	Pacific Gas & Electric Co., 4.750%, 2/15/2044		222,045
	100,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		94,201
				887,190
		Finance Companies – 3.7%
	315,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		252,619
	400,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		300,827
	290,000	Air Lease Corp., 3.125%, 12/01/2030		228,338
	196,000	Air Lease Corp., 4.625%, 10/01/2028		175,938
	125,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		98,989
	395,000	Ares Capital Corp., 2.875%, 6/15/2028		310,890
	565,000	Ares Capital Corp., 3.200%, 11/15/2031		402,726
	345,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		289,596
	310,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		257,126
	1,110,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		895,316
	390,000	FS KKR Capital Corp., 3.125%, 10/12/2028		302,849

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Finance Companies – continued
$	84,000	Navient Corp., MTN, 5.625%, 8/01/2033	$	56,463
	155,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		130,517
	440,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		335,081
	1,920,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		1,755,921
	110,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		88,255
	375,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		307,500
	330,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		253,985
	995,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		721,230
	865,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		594,699
				7,758,865
		Financial Other – 0.1%
	200,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024		47,426
	200,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		56,132
	200,000	Logan Group Co. Ltd., 4.850%, 12/14/2026(e)		32,800
	200,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022(f)		26,286
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(f)		23,588
	200,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026(f)		24,212
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(f)		24,784
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		19,848
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		22,144
				277,220
		Food & Beverage – 0.3%
	185,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		151,363
	225,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		180,121
	300,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		226,266
	5,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		3,991
				561,741

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Gaming – 0.7%
$	425,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A	$	290,986
	190,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		142,827
	365,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		329,447
	295,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		269,402
	265,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		249,372
	215,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		211,291
				1,493,325
		Government Owned – No Guarantee – 0.7%
	955,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		770,957
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		726,493
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		47,862
				1,545,312
		Health Insurance – 0.4%
	810,000	Centene Corp., 2.500%, 3/01/2031		610,563
	155,000	Centene Corp., 2.625%, 8/01/2031		116,819
	110,000	Centene Corp., 3.000%, 10/15/2030		87,114
				814,496
		Healthcare – 0.6%
	10,000	Cigna Corp., 7.875%, 5/15/2027		10,998
	195,000	HCA, Inc., 3.500%, 9/01/2030		161,015
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,112,745
				1,284,758
		Home Construction – 0.9%
	195,000	MDC Holdings, Inc., 3.966%, 8/06/2061		102,919
	510,000	MDC Holdings, Inc., 6.000%, 1/15/2043		382,677
	260,000	Meritage Homes Corp., 3.875%, 4/15/2029, 144A		206,700
	1,226,000	PulteGroup, Inc., 6.000%, 2/15/2035		1,102,664
				1,794,960

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Hybrid ARMs – 0.0%
$	7,029	FNMA, 12-month LIBOR + 1.811%, 3.666%, 9/01/2036(b)	$	7,225
	1,695	FNMA, 6-month LIBOR + 1.460%, 3.737%, 2/01/2037(b)		1,713
				8,938
		Independent Energy – 2.2%
	1,160,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		986,055
	765,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		560,206
	13,000	Continental Resources, Inc., 4.500%, 4/15/2023		12,935
	960,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		867,704
	190,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		154,115
	280,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		237,300
	370,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		302,475
	100,000	EQT Corp., 3.125%, 5/15/2026, 144A		91,071
	385,000	EQT Corp., 3.625%, 5/15/2031, 144A		320,961
	375,000	EQT Corp., 3.900%, 10/01/2027		341,249
	75,000	EQT Corp., 5.000%, 1/15/2029		69,978
	125,000	EQT Corp., 5.678%, 10/01/2025		124,231
	85,000	EQT Corp., 5.700%, 4/01/2028		83,330
	440,000	Ovintiv, Inc., 6.500%, 8/15/2034		428,636
	40,000	Ovintiv, Inc., 7.375%, 11/01/2031		41,669
	65,000	Southwestern Energy Co., 4.750%, 2/01/2032		54,477
				4,676,392
		Leisure – 0.2%
	80,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		60,859
	250,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		208,155
	110,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		77,071
				346,085

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Life Insurance – 2.5%
$	490,000	Athene Global Funding, 1.608%, 6/29/2026, 144A	$	416,701
	975,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		891,238
	159,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		112,550
	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		1,983,920
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		1,727,731
				5,132,140
		Lodging – 0.2%
	165,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		129,552
	40,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		31,612
	190,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		147,325
	65,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		51,379
	10,000	Travel & Leisure Co., 6.000%, 4/01/2027		9,011
	10,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		9,367
				378,246
		Media Entertainment – 1.4%
	55,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		45,843
	25,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		21,356
	110,000	Netflix, Inc., 4.875%, 4/15/2028		102,951
	935,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		854,438
	60,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		56,400
	425,000	Netflix, Inc., 5.875%, 11/15/2028		414,707
	645,000	Netflix, Inc., 6.375%, 5/15/2029		640,336
	415,000	Warnermedia Holdings, Inc., 3.755%, 3/15/2027, 144A		372,475
	155,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		134,064
	240,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		197,606
				2,840,176

Principal Amount			Description	Value (†)
	Bonds and Notes – continued
			Non-Convertible Bonds – continued
			Metals & Mining – 1.6%
$	735,000		Anglo American Capital PLC, 2.875%, 3/17/2031, 144A	$	569,397
	200,000		First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		180,000
	275,000		Freeport-McMoRan, Inc., 4.250%, 3/01/2030		235,158
	365,000		Freeport-McMoRan, Inc., 4.625%, 8/01/2030		319,823
	500,000		Freeport-McMoRan, Inc., 5.400%, 11/14/2034		444,405
	1,250,000		Glencore Funding LLC, 2.500%, 9/01/2030, 144A		956,475
	645,000		Glencore Funding LLC, 2.850%, 4/27/2031, 144A		499,034
	85,000		Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		70,125
					3,274,417
			Midstream – 0.7%
	240,000		DCP Midstream Operating LP, 3.250%, 2/15/2032		189,724
	50,000		DCP Midstream Operating LP, 5.125%, 5/15/2029		46,851
	125,000		DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		114,201
	588,000		Energy Transfer LP, 5.000%, 5/15/2044		456,858
	43,000		ONEOK Partners LP, 6.200%, 9/15/2043		37,613
	27,000		Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		26,805
	55,000	��	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		46,118
	10,000		Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		6,726
	45,000		Plains All American Pipeline LP/PAA Finance Corp., 4.900%, 2/15/2045		33,012
	25,000		Targa Resources Corp., 5.200%, 7/01/2027		24,049
	70,000		Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		60,200
	80,000		Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		71,801
	85,000		Western Midstream Operating LP, 4.300%, 2/01/2030		72,697
	195,000		Western Midstream Operating LP, 5.300%, 3/01/2048		160,388
	35,000		Western Midstream Operating LP, 5.450%, 4/01/2044		28,712
	25,000		Western Midstream Operating LP, 5.500%, 8/15/2048		20,219
	120,000		Western Midstream Operating LP, 5.500%, 2/01/2050		96,900
					1,492,874

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – 2.3%
$	345,000	BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064	$	267,845
	95,000	BPR Trust, Series 2021-NRD, Class B, 1-month SOFR + 2.124%, 5.046%, 12/15/2023, 144A(b)		91,212
	105,000	BPR Trust, Series 2021-NRD, Class C, 1-month SOFR + 2.424%, 5.346%, 12/15/2023, 144A(b)		99,815
	65,000	BPR Trust, Series 2021-NRD, Class D, 1-month SOFR + 3.723%, 6.645%, 12/15/2023, 144A(b)		61,239
	290,000	BPR Trust, Series 2022-STAR, Class A, 1-month SOFR + 3.232%, 6.077%, 8/15/2024, 144A(b)		286,401
	215,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		213,920
	100,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		87,671
	139,144	Extended Stay America Trust, Series 2021-ESH, Class C, 1-month LIBOR + 1.700%, 4.518%, 7/15/2038, 144A(b)		133,739
	99,388	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 5.068%, 7/15/2038, 144A(b)		95,155
	115,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.668%, 3/05/2033, 144A(a)		104,874
	125,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.668%, 3/05/2033, 144A(a)		109,754
	125,000	GS Mortgage Securities Trust, Series 2014-GC18, Class AS, 4.383%, 1/10/2047		119,376
	185,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		169,568
	105,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A5, 3.598%, 11/15/2048		98,744
	420,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.472%, 12/15/2047, 144A(a)		414,559
	200,000	MedTrust, Series 2021-MDLN, Class C, 1-month LIBOR + 1.800%, 4.618%, 11/15/2038, 144A(b)		190,480
	99,849	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		95,351
	55,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class C, 4.914%, 10/15/2046(a)		51,985
	495,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class C, 4.233%, 9/15/2049(a)		422,354
	350,000	RBS Commercial Funding Trust, Series 2013-GSP, Class A, 3.961%, 1/15/2032, 144A(a)		337,961
	65,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class BEC, 4.798%, 5/10/2063, 144A(a)		61,554
	39,845	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		38,363
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.432%, 7/15/2046(a)		103,246

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	155,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class AS, 4.020%, 8/15/2050	$	149,397
	72,926	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.420%, 3/15/2044, 144A(a)		29,608
	145,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.671%, 8/15/2046(a)		137,643
	175,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		157,682
	655,000	WFRBS Commercial Mortgage Trust, Series 2014-C24, Class B, 4.204%, 11/15/2047(a)		597,353
				4,726,849
		Paper – 0.4%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		606,654
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047		150,159
	104,000	WestRock MWV LLC, 8.200%, 1/15/2030		116,772
				873,585
		Pharmaceuticals – 0.4%
	20,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		12,894
	35,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		12,887
	5,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		1,939
	5,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		1,867
	50,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		18,802
	5,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		1,866
	5,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		1,905
	150,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		123,538
	425,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		253,972
	240,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		203,834
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		164,992
				798,496
		Property & Casualty Insurance – 0.8%
	1,286,000	Old Republic International Corp., 4.875%, 10/01/2024		1,283,670
	555,000	Stewart Information Services Corp., 3.600%, 11/15/2031		427,784
				1,711,454

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		REITs - Apartments – 0.0%
$	85,000	American Homes 4 Rent, 2.375%, 7/15/2031	$	64,089
		REITs - Office Property – 0.0%
	85,000	Corporate Office Properties LP, 2.750%, 4/15/2031		62,490
		REITs - Shopping Centers – 0.0%
	70,000	Brixmor Operating Partnership LP, 2.250%, 4/01/2028		56,504
		Retailers – 1.5%
	2,680,000	Amazon.com, Inc., 0.450%, 5/12/2024		2,512,302
	650,000	AutoZone, Inc., 4.000%, 4/15/2030		583,304
	125,000	Tapestry, Inc., 3.050%, 3/15/2032		93,260
				3,188,866
		Supermarkets – 0.0%
	39,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		38,428
		Technology – 4.7%
	715,000	Avnet, Inc., 4.625%, 4/15/2026		688,112
	125,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		87,587
	240,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		164,147
	380,000	Broadcom, Inc., 4.150%, 11/15/2030		328,907
	85,000	Broadcom, Inc., 4.300%, 11/15/2032		71,369
	105,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		91,074
	120,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		97,450
	890,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		692,930
	25,000	CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028		22,250
	155,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		117,025
	250,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		203,915
	670,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		590,153
	1,325,000	Equinix, Inc., 1.450%, 5/15/2026		1,147,321
	885,000	Equinix, Inc., 2.000%, 5/15/2028		724,088

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Technology – continued
$	1,175,000	Equinix, Inc., 2.150%, 7/15/2030	$	900,828
	245,000	Fidelity National Information Services, Inc., 5.100%, 7/15/2032		230,221
	70,000	Global Payments, Inc., 2.900%, 11/15/2031		53,520
	130,000	Global Payments, Inc., 5.300%, 8/15/2029		122,258
	230,000	Global Payments, Inc., 5.400%, 8/15/2032		213,433
	130,000	Jabil, Inc., 1.700%, 4/15/2026		112,935
	375,000	Jabil, Inc., 3.600%, 1/15/2030		313,093
	330,000	Jabil, Inc., 3.950%, 1/12/2028		298,783
	295,000	Marvell Technology, Inc., 2.450%, 4/15/2028		243,682
	250,000	Marvell Technology, Inc., 2.950%, 4/15/2031		193,943
	295,000	Microchip Technology, Inc., 0.983%, 9/01/2024		271,541
	120,000	Micron Technology, Inc., 4.663%, 2/15/2030		106,466
	155,000	Micron Technology, Inc., 5.327%, 2/06/2029		146,582
	75,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		70,747
	600,000	Oracle Corp., 3.950%, 3/25/2051		397,923
	545,000	TD SYNNEX Corp., 1.750%, 8/09/2026		463,204
	495,000	Western Digital Corp., 2.850%, 2/01/2029		384,685
	35,000	Western Digital Corp., 3.100%, 2/01/2032		23,796
	330,000	Western Digital Corp., 4.750%, 2/15/2026		305,573
				9,879,541
		Transportation Services – 0.5%
	300,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		216,624
	210,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027, 144A		183,810
	562,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		574,202
				974,636
		Treasuries – 21.6%
	2,810,000	U.S. Treasury Bond, 2.000%, 11/15/2041		2,011,126

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Convertible Bonds – continued
		Treasuries – continued
$	6,495,000	U.S. Treasury Bond, 2.250%, 2/15/2052	$	4,719,024
	1,565,000	U.S. Treasury Bond, 2.875%, 5/15/2052		1,312,399
	7,125,000	U.S. Treasury Bond, 3.250%, 5/15/2042		6,323,438
	3,335,000	U.S. Treasury Note, 0.125%, 12/31/2022		3,307,831
	3,205,000	U.S. Treasury Note, 0.125%, 4/30/2023		3,133,263
	1,120,000	U.S. Treasury Note, 0.125%, 8/31/2023		1,078,481
	4,890,000	U.S. Treasury Note, 0.500%, 11/30/2023		4,680,074
	4,225,000	U.S. Treasury Note, 0.875%, 1/31/2024		4,036,360
	15,220,000	U.S. Treasury Note, 1.500%, 2/29/2024(g)		14,636,170
				45,238,166
		Wireless – 1.5%
	1,415,000	Crown Castle, Inc., 2.250%, 1/15/2031		1,080,487
	55,000	Crown Castle, Inc., 3.300%, 7/01/2030		46,053
	100,000	T-Mobile USA, Inc., 2.400%, 3/15/2029		81,617
	180,000	T-Mobile USA, Inc., 2.700%, 3/15/2032		140,484
	620,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		535,668
	305,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		256,295
	1,120,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		993,458
				3,134,062
		Total Non-Convertible Bonds (Identified Cost $212,621,688)		185,022,295
	Convertible Bonds – 1.2%
		Airlines – 0.1%
	210,000	Southwest Airlines Co., 1.250%, 5/01/2025		239,715
		Cable Satellite – 0.4%
	965,000	DISH Network Corp., 3.375%, 8/15/2026		663,920
	180,000	DISH Network Corp., Zero Coupon, 6.944%-9.514%, 12/15/2025(h)		118,465
				782,385

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Convertible Bonds – continued
		Consumer Cyclical Services – 0.1%
$	45,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-0.798%, 2/15/2026(h)	$	30,143
	245,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(h)		203,049
				233,192
		Healthcare – 0.2%
	600,000	Teladoc Health, Inc., 1.250%, 6/01/2027		438,780
		Media Entertainment – 0.0%
	60,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026(i)		54,925
		Pharmaceuticals – 0.4%
	150,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		148,625
	465,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		461,792
	130,000	Livongo Health, Inc., 0.875%, 6/01/2025		109,140
				719,557
		Total Convertible Bonds (Identified Cost $3,159,507)		2,468,554
	Municipals – 0.3%
		Virginia – 0.3%
	825,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $816,919)		719,040
		Total Bonds and Notes (Identified Cost $216,598,114)		188,209,889
	Collateralized Loan Obligations – 3.6%
	395,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3-month LIBOR + 2.900%, 5.683%, 4/23/2034, 144A(b)		333,612
	250,000	AGL CLO 5 Ltd., Series 2020-5A, Class BR, 3-month LIBOR + 1.700%, 4.410%, 7/20/2034, 144A(b)		233,024
	430,000	AIG CLO LLC, Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 5.709%, 4/22/2034, 144A(b)		369,131
	675,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 5.610%, 4/20/2034, 144A(b)		589,872
	355,000	AIMCO CLO Ltd., Series 2017-AA, Class DR, 3-month LIBOR + 3.150%, 5.860%, 4/20/2034, 144A(b)		314,269
	600,000	Alinea CLO Ltd., Series 2018-1A, Class B, 3-month LIBOR + 1.650%, 4.360%, 7/20/2031, 144A(b)		564,727
	250,000	Battalion CLO VIII Ltd., Series 2015-8A, Class A2R2, 3-month LIBOR + 1.550%, 4.290%, 7/18/2030, 144A(b)		236,362
	250,000	Canyon CLO Ltd., Series 2021-4A, Class B, 3-month LIBOR + 1.700%, 4.212%, 10/15/2034, 144A(b)		232,886
	270,000	Carlyle U.S. CLO Ltd., Series 2021-9A, Class B, 3-month LIBOR + 1.650%, 4.360%, 10/20/2034, 144A(b)		252,671

Principal Amount		Description	Value (†)
	Collateralized Loan Obligations – continued
$	250,000	CIFC Funding Ltd., Series 2021-6A, Class B, 3-month LIBOR + 1.650%, 4.162%, 10/15/2034, 144A(b)	$	234,257
	455,000	Dryden 53 CLO Ltd., Series 2017-53A, Class B, 3-month LIBOR + 1.400%, 3.912%, 1/15/2031, 144A(b)		430,709
	275,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 5.560%, 1/20/2034, 144A(b)		242,501
	250,000	Galaxy XXV CLO Ltd., Series 2018-25A, Class B, 3-month LIBOR + 1.650%, 4.433%, 10/25/2031, 144A(b)		235,342
	250,000	Galaxy XXVI CLO Ltd., Series 2018-26A, Class B, 3-month LIBOR + 1.700%, 4.684%, 11/22/2031, 144A(b)		235,668
	255,000	Invesco CLO Ltd., Series 2021-1A, Class D,, 3-month LIBOR + 3.050% 5.562%, 4/15/2034, 144A(b)		222,174
	250,000	Magnetite XIV-R Ltd., Series 2015-14RA, Class B, 3-month LIBOR + 1.600%, 4.340%, 10/18/2031, 144A(b)		237,239
	530,000	Morgan Stanley Eaton Vance CLO Ltd., Series 2022-16A, Class B, 3-month SOFR + 1.950%, 2.738%, 4/15/2035, 144A(b)		498,949
	250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3-month LIBOR + 1.650%, 4.162%, 7/15/2034, 144A(b)		234,410
	300,000	Octagon Investment Partners Ltd., Series 2018-18A, Class A2, 3-month LIBOR + 1.470%, 4.210%, 4/16/2031, 144A(b)		283,037
	250,000	Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, 3-month LIBOR + 1.500%, 4.238%, 10/17/2031, 144A(b)		236,012
	250,000	Palmer Square CLO Ltd., Series 2013-2A, Class CR3, 3-month LIBOR + 2.700%, 5.438%, 10/17/2031, 144A(b)		221,168
	250,000	Rad CLO Ltd., Series 2021-15A, Class B, 3-month LIBOR + 1.650%, 4.360%, 1/20/2034, 144A(b)		232,731
	360,000	Recette CLO Ltd., Series 2015-1A, Class BRR, 3-month LIBOR + 1.400%, 4.110%, 4/20/2034, 144A(b)		329,480
	310,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3-month LIBOR + 2.900%, 5.610%, 4/20/2034, 144A(b)		272,938
	255,000	Voya CLO Ltd., Series 2018-3A, Class B, 3-month LIBOR + 1.650%, 4.162%, 10/15/2031, 144A(b)		238,575
		Total Collateralized Loan Obligations (Identified Cost $8,207,056)		7,511,744
Shares
	Common Stocks – 0.3%
		Wireless Telecommunication Services – 0.3%
	4,191	T-Mobile US, Inc.(e) (Identified Cost $546,783)		562,307
	Preferred Stocks – 1.3%
	Convertible Preferred Stocks – 1.2%
		Banking – 0.8%
	1,095	Bank of America Corp., Series L, 7.250%		1,284,435
	317	Wells Fargo & Co., Class A, Series L, 7.500%		381,668
				1,666,103
		Midstream – 0.3%
	12,375	El Paso Energy Capital Trust I, 4.750%		567,641

Shares		Description	Value (†)
	Preferred Stocks – continued
		Convertible Preferred Stocks – continued
		Wireless – 0.1%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A	$	281,225
		Total Convertible Preferred Stocks (Identified Cost $2,382,327)		2,514,969
	Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	213	Connecticut Light & Power Co. (The), Series 1949, 2.200%		9,544
	1,860	Union Electric Co., 4.500%		160,909
				170,453
		Total Non-Convertible Preferred Stocks (Identified Cost $104,765)		170,453
		Total Preferred Stocks (Identified Cost $2,487,092)		2,685,422
Principal Amount
	Short-Term Investments – 4.5%
$	6,084,888	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $6,085,446 on 10/03/2022 collateralized by $6,415,100 U.S. Treasury Note, 3.000% due 7/15/2025 valued at $6,206,609 including accrued interest(j)		6,084,888
	3,355,000	U.S. Treasury Bills, 3.130%, 2/23/2023(k)		3,307,885
		Total Short-Term Investments (Identified Cost $9,397,592)		9,392,773
		Total Investments – 99.7% (Identified Cost $237,236,637)		208,362,135
		Other assets less liabilities – 0.3%		667,442
		Net Assets – 100.0%	$	209,029,577

(†) Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Fund’s Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair 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 fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair 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 fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and collateralized loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service.

The Fund may also fair value investments 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 a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

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

(a) Variable rate security. 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 September 30, 2022 is disclosed.

(b) Variable rate security. Rate as of September 30, 2022 is disclosed.

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

(d) Perpetual bond with no specified maturity date.

(e) Non-income producing security.

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

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

(h) 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.

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

(j) 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 September 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.

(k) Interest rate represents discount rate at time of purchase; not a coupon rate.

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 September 30, 2022, the value of Rule 144A holdings amounted to $68,538,698 or 32.8% of net assets.

ABS Asset-Backed Securities

ARMs Adjustable Rate Mortgages

EMTN Euro Medium Term Note

FNMA Federal National Mortgage Association

GMTN Global Medium Term Note

LIBOR London Interbank Offered Rate

MTN Medium Term Note

REITs Real Estate Investment Trusts

REMIC Real Estate Mortgage Investment Conduit

SOFR Secured Overnight Financing Rate

Futures Contracts

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

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

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

At September 30, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		12/20/2022		76	$	9,535,799	$	9,004,813	$	(530,986	)
Ultra Long U.S. Treasury Bond		12/20/2022		33		4,930,030		4,521,000		(409,030	)
Total									$	(940,016	)

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 Fund’s pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

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

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	10,120,991	$	3,877	$	10,124,868
All Other Non-Convertible Bonds*		—		174,897,427		—		174,897,427
Total Non-Convertible Bonds		—		185,018,418		3,877		185,022,295
Convertible Bonds*		—		2,468,554		—		2,468,554
Municipals*		—		719,040		—		719,040
Total Bonds and Notes		—		188,206,012		3,877		188,209,889
Collateralized Loan Obligations		—		7,511,744		—		7,511,744
Common Stocks*		562,307		—		—		562,307
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		281,225		—		281,225
All Other Convertible Preferred Stocks*		2,233,744		—		—		2,233,744
Total Convertible Preferred Stocks		2,233,744		281,225		—		2,514,969
Non-Convertible Preferred Stocks*		—		170,453		—		170,453
Total Preferred Stocks		2,233,744		451,678		—		2,685,422
Short-Term Investments		—		9,392,773		—		9,392,773
Total	$	2,796,051	$	205,562,207	$	3,877	$	208,362,135

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(940,016	)	$	—	$	—	$	(940,016	)

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

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 December 31, 2021 and/or September 30, 2022:

Asset Valuation Inputs

Investments in Securities	Balance as of December 31, 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 September 30, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2022
Bonds and Notes
ABS Home Equity	$	8,643	$	—	$	100	$	62	$	—	$	(4,928	)	$	—	$	—	$	3,877	$	(244	)

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 period end include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The fund may also use futures contracts to gain investment exposure. As of September 30, 2022, the Fund used futures contracts to manage duration.

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

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(940,016	)

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 September 30, 2022:

Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
$	726,039	$	726,039

Industry Summary at September 30, 2022 (Unaudited)

Treasuries	21.6	%
Banking	10.4
ABS Car Loan	8.3
ABS Home Equity	4.9
Technology	4.7
Finance Companies	3.7
Life Insurance	2.5
ABS Other	2.4
Non-Agency Commercial Mortgage-Backed Securities	2.3
Independent Energy	2.2
Cable Satellite	2.2
Construction Machinery	2.0
Other Investments, less than 2% each	24.4
Short-Term Investments	4.5
Collateralized Loan Obligations	3.6
Total Investments	99.7
Other assets less liabilities (including futures contracts)	0.3
Net Assets	100.0	%