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

PORTFOLIO OF INVESTMENTS – as of December 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal Amount		Description	Value (†)
Bonds and Notes – 88.8% of Net Assets
Non-Convertible Bonds – 84.3%
		ABS Car Loan – 0.5%
$	802,000	Hertz Vehicle Financing III LLC, Series 2022-1A, 4.850%, 6/25/2026, 144A	$	705,483
	488,000	Hertz Vehicle Financing III LLC, Series 2022-3A, 6.310%, 3/25/2025, 144A		465,283
	410,000	Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 6.560%, 9/25/2026, 144A		377,921
				1,548,687
		ABS Other – 0.2%
	279,240	Business Jet Securities LLC, Series 2021-1A, Class C, 5.067%, 4/15/2036, 144A		245,045
	287,123	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.170%, 11/20/2037, 144A		260,769
				505,814
		Aerospace & Defense – 1.6%
	1,775,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,722,130
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		110,113
	1,265,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		1,021,365
	355,000	TransDigm, Inc., 4.875%, 5/01/2029		309,649
	300,000	TransDigm, Inc., 5.500%, 11/15/2027		281,715
	710,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		700,195
	960,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		974,198
				5,119,365
		Airlines – 0.9%
	475,000	Allegiant Travel Co., 7.250%, 8/15/2027, 144A		451,802
	424,143	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		376,774
	1,166,347	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		1,048,029
	1,030,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		941,375
				2,817,980
		Automotive – 3.1%
	870,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		806,785
	185,000	Dana, Inc., 4.250%, 9/01/2030		149,040

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Automotive – continued
$	1,750,000	Ford Motor Co., 3.250%, 2/12/2032	$	1,312,398
	2,325,000	Ford Motor Credit Co. LLC, 2.300%, 2/10/2025		2,122,446
	1,765,000	Ford Motor Credit Co. LLC, 3.375%, 11/13/2025		1,595,583
	145,000	General Motors Co., 6.125%, 10/01/2025		147,568
	280,000	General Motors Co., 6.250%, 10/02/2043		258,868
	1,110,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(a)		934,505
	895,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(a)		779,124
	1,080,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,074,935
	550,000	Jaguar Land Rover Automotive PLC, 5.500%, 7/15/2029, 144A		389,513
	270,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		185,085
	265,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		99,383
				9,855,233
		Banking – 4.0%
	835,000	Ally Financial, Inc., 5.750%, 11/20/2025		808,905
	800,000	Banco Santander S.A, 5.147%, 8/18/2025		791,145
	1,065,000	Bank of America Corp., (fixed rate to 3/05/2023, variable rate thereafter), 3.550%, 3/05/2024		1,060,991
	295,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		302,041
	250,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A		213,523
	1,265,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		1,187,644
	250,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		227,715
	500,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		439,240
	1,445,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		1,026,204
	605,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		443,594
	1,345,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,124,176
	1,045,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		1,004,245
	1,780,000	JPMorgan Chase & Co., (fixed rate to 4/22/2025, variable rate thereafter), 2.083%, 4/22/2026		1,652,367

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Banking – continued
$	1,605,000	Morgan Stanley, (fixed rate to 2/18/2025, variable rate thereafter), 2.630%, 2/18/2026	$	1,507,077
	1,335,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		1,084,618
				12,873,485
		Brokerage – 0.2%
	325,000	Coinbase Global, Inc., 3.375%, 10/01/2028, 144A		171,795
	185,000	Coinbase Global, Inc., 3.625%, 10/01/2031, 144A		89,098
	400,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.000%, 8/15/2028, 144A		326,292
				587,185
		Building Materials – 2.1%
	600,000	Advanced Drainage Systems, Inc., 6.375%, 6/15/2030, 144A		582,996
	515,000	Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A		417,525
	3,205,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		2,705,132
	425,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(a)		392,704
	785,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		587,733
	310,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		259,563
	540,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A		343,630
	365,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.500%, 2/01/2030, 144A		290,595
	565,000	Park River Holdings, Inc., 5.625%, 2/01/2029, 144A		376,236
	385,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A		319,550
	315,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		256,701
	525,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		288,750
				6,821,115
		Cable Satellite – 6.5%
	3,845,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		3,087,074
	415,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		306,289
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032		11,940
	935,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.000%, 2/01/2028, 144A		848,971

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Cable Satellite – continued
$	1,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A	$	932,070
	155,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A		150,056
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/2025		88,209
	200,000	CSC Holdings LLC, 3.375%, 2/15/2031, 144A		130,427
	7,540,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		4,166,861
	555,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		310,078
	215,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		180,358
	1,955,000	CSC Holdings LLC, 5.750%, 1/15/2030, 144A		1,102,600
	425,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		347,437
	1,730,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		1,547,762
	1,020,000	DISH DBS Corp., 5.125%, 6/01/2029		658,012
	345,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		290,606
	305,000	DISH DBS Corp., 5.750%, 12/01/2028, 144A		243,428
	4,160,000	DISH DBS Corp., 7.750%, 7/01/2026		3,354,582
	806,570	Ligado Networks LLC, 15.500% PIK, 11/01/2023, 144A(b)		258,990
	315,767	Ligado Networks LLC, 17.500% PIK, 5/01/2024, 144A(b)		30,083
	1,005,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		928,983
	385,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		177,109
	955,000	UPC Broadband Finco B.V., 4.875%, 7/15/2031, 144A		794,364
	895,000	Ziggo Bond Co. BV, 6.000%, 1/15/2027, 144A		832,726
				20,779,015
		Chemicals – 1.6%
	455,000	ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028, 144A		366,123
	150,000	Consolidated Energy Finance S.A., 5.625%, 10/15/2028, 144A		127,452
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		4,502,806

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Chemicals – continued
$	240,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A	$	220,500
				5,216,881
		Consumer Cyclical Services – 3.0%
	1,530,000	ADT Security Corp. (The), 4.125%, 8/01/2029, 144A		1,301,198
	100,000	Match Group Holdings II LLC, 3.625%, 10/01/2031, 144A		76,686
	340,000	Match Group Holdings II LLC, 5.000%, 12/15/2027, 144A		312,800
	1,030,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		779,082
	680,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		592,454
	6,190,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		5,942,399
	230,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		230,161
	460,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		461,583
				9,696,363
		Consumer Products – 0.8%
	370,000	Coty, Inc., 5.000%, 4/15/2026, 144A		350,861
	65,000	Coty, Inc., 6.500%, 4/15/2026, 144A		62,400
	750,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A		678,750
	870,000	Newell Brands, Inc., 4.450%, 4/01/2026		818,492
	225,000	Prestige Brands, Inc., 3.750%, 4/01/2031, 144A		185,551
	415,000	Tempur Sealy International, Inc., 3.875%, 10/15/2031, 144A		325,785
				2,421,839
		Diversified Manufacturing – 0.5%
	365,000	Chart Industries, Inc., 7.500%, 1/01/2030, 144A		366,931
	840,000	Gates Global LLC/Gates Corp., 6.250%, 1/15/2026, 144A		810,600
	385,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		263,878
	365,000	Resideo Funding, Inc., 4.000%, 9/01/2029, 144A		295,121
				1,736,530
		Electric – 1.3%
	2,520,000	Calpine Corp., 5.125%, 3/15/2028		2,248,578

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Electric – continued
$	465,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A	$	349,238
	650,000	Vistra Operations Co. LLC, 5.125%, 5/13/2025, 144A		636,207
	1,055,000	Vistra Operations Co. LLC, 5.500%, 9/01/2026, 144A		1,016,405
				4,250,428
		Finance Companies – 3.7%
	1,000,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 5.829%, 1/15/2067, 144A(c)		538,150
	210,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		161,700
	1,095,000	Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A		646,050
	780,000	Freedom Mortgage Corp., 7.625%, 5/01/2026		650,618
	440,406	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(d)		374,345
	355,000	LFS Topco LLC, 5.875%, 10/15/2026, 144A		286,042
	3,510,000	Navient Corp., Series A, 5.625%, 8/01/2033		2,500,473
	665,000	OneMain Finance Corp., 3.500%, 1/15/2027		550,600
	1,625,000	OneMain Finance Corp., 7.125%, 3/15/2026		1,545,180
	1,365,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		1,170,027
	790,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		626,026
	1,745,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		1,331,915
	2,055,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,534,797
				11,915,923
		Financial Other – 2.1%
	200,000	Agile Group Holdings Ltd., 5.500%, 4/21/2025		106,074
	400,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		185,072
	200,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		56,726
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		55,962
	280,000	Central China Real Estate Ltd., 7.650%, 8/27/2023		100,134
	200,000	CFLD Cayman Investment Ltd., 7.125%, 4/08/2022(e)(f)		22,000
	200,000	CFLD Cayman Investment Ltd., 8.050%, 1/13/2025(e)(f)		23,318

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Financial Other – continued
$	400,000	CFLD Cayman Investment Ltd., 8.750%, 9/28/2022(e)(f)	$	47,558
	205,000	CFLD Cayman Investment Ltd., 9.000%, 7/31/2023(e)(f)		22,661
	810,000	China Aoyuan Group Ltd., 6.200%, 3/24/2026(e)		66,234
	405,000	China Evergrande Group, 8.750%, 6/28/2025(e)		29,245
	200,000	China Evergrande Group, 9.500%, 4/11/2022(e)		14,294
	626,807	Easy Tactic Ltd., 7.500% PIK or 6.500% Cash, 7/11/2027(d)		130,037
	200,000	Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(e)		14,500
	3,015,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		2,549,635
	425,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		389,130
	335,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		321,900
	610,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375%, 12/15/2025		591,578
	400,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(e)		54,444
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(e)		27,078
	800,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(e)		108,304
	610,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(e)		82,478
	200,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(e)		27,126
	210,000	KWG Group Holdings Ltd., 6.300%, 2/13/2026		81,955
	1,120,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		913,261
	15,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		11,662
	205,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(e)		36,695
	260,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022(e)		48,175
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(e)		36,000
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(e)		37,336
	200,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025(e)		42,760
	405,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(e)		86,269
	265,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024(e)		56,797

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Financial Other – continued
$	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027	$	32,502
	405,000	Times China Holdings Ltd., 6.200%, 3/22/2026		65,655
	920,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(e)		84,971
	200,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(e)		18,528
	205,000	Yuzhou Group Holdings Co. Ltd., 7.850%, 8/12/2026(e)		18,969
	295,000	Zhenro Properties Group Ltd., 6.630%, 1/07/2026(e)		14,771
				6,611,794
		Food & Beverage – 1.7%
	475,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		442,804
	460,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		449,650
	440,000	HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.875%, 6/01/2029, 144A		303,059
	360,000	MARB BondCo. PLC, 3.950%, 1/29/2031, 144A		276,330
	440,000	Performance Food Group, Inc., 4.250%, 8/01/2029, 144A		381,313
	1,670,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		1,619,860
	950,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		798,628
	470,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		382,605
	800,000	US Foods, Inc., 4.750%, 2/15/2029, 144A		710,336
				5,364,585
		Gaming – 3.1%
	515,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		448,050
	840,000	Caesars Entertainment, Inc., 6.250%, 7/01/2025, 144A		816,207
	835,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		667,658
	200,000	Melco Resorts Finance Ltd., 5.750%, 7/21/2028, 144A		166,544
	705,000	Sands China Ltd., 3.350%, 3/08/2029		575,951
	1,530,000	Sands China Ltd., 4.875%, 6/18/2030		1,344,533
	745,000	Sands China Ltd., 5.900%, 8/08/2028		697,546

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Gaming – continued
$	335,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A	$	319,560
	480,000	Scientific Games International, Inc., 7.250%, 11/15/2029		460,800
	1,310,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		1,257,600
	700,000	Studio City Finance Ltd., 5.000%, 1/15/2029, 144A		517,902
	870,000	VICI Properties LP, 4.375%, 5/15/2025		843,750
	280,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		261,219
	295,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		277,618
	250,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		239,687
	220,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		217,857
	965,000	Wynn Macau Ltd., 5.625%, 8/26/2028, 144A		824,197
				9,936,679
		Government Owned - No Guarantee – 0.1%
	295,000	EcoPetrol S.A., 4.625%, 11/02/2031		225,333
		Health Insurance – 0.3%
	1,075,000	Centene Corp., 2.450%, 7/15/2028		907,354
	190,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		157,783
				1,065,137
		Healthcare – 1.5%
	300,000	AdaptHealth LLC, 5.125%, 3/01/2030, 144A		255,387
	345,000	AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		269,531
	2,065,000	CHS/Community Health Systems, Inc., 5.250%, 5/15/2030, 144A		1,557,087
	550,000	Garden Spinco Corp., 8.625%, 7/20/2030, 144A		583,000
	630,000	Medline Borrower LP, 5.250%, 10/01/2029, 144A		500,390
	365,000	ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029, 144A		307,805
	355,000	Tenet Healthcare Corp., 5.125%, 11/01/2027, 144A		330,235
	295,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		264,119
	340,000	Tenet Healthcare Corp., 6.250%, 2/01/2027, 144A		326,574

Principal Amount		Description		Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Healthcare – continued
$	350,000	U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A		$	310,598
					4,704,726
		Home Construction – 0.0%
	115,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A			100,819
		Independent Energy – 6.5%
	400,000	Baytex Energy Corp., 8.750%, 4/01/2027, 144A			406,988
	380,000	California Resources Corp., 7.125%, 2/01/2026, 144A			365,195
	505,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A			481,408
	1,335,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A			1,288,242
	395,000	Chesapeake Energy Corp., 6.750%, 4/15/2029, 144A			384,572
	195,000	Chord Energy Corp., 6.375%, 6/01/2026, 144A			189,916
	660,000	CNX Resources Corp., 7.250%, 3/14/2027, 144A	��		655,050
	345,000	Colgate Energy Partners III LLC, 5.875%, 7/01/2029, 144A			296,307
	455,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A			410,638
	1,265,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A			936,971
	420,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A			390,961
	470,000	Crescent Energy Finance LLC, 7.250%, 5/01/2026, 144A			442,900
	655,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A			604,499
	345,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A			308,775
	60,000	EQT Corp., 3.125%, 5/15/2026, 144A			55,142
	805,000	EQT Corp., 3.900%, 10/01/2027			743,148
	90,000	EQT Corp., 5.678%, 10/01/2025			89,563
	65,000	EQT Corp., 5.700%, 4/01/2028			64,651
	465,000	EQT Corp., 6.125%, 2/01/2025			466,093
	315,000	Gulfport Energy Corp., 8.000%, 5/17/2026, 144A			307,125
	700,000	Matador Resources Co., 5.875%, 9/15/2026			673,021

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Independent Energy – continued
$	320,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A	$	301,768
	980,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		940,990
	30,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		30,276
	215,000	Occidental Petroleum Corp., 6.450%, 9/15/2036		219,300
	1,250,000	Occidental Petroleum Corp., 6.600%, 3/15/2046		1,286,237
	50,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		51,669
	3,435,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		3,878,130
	1,260,000	PDC Energy, Inc., 5.750%, 5/15/2026		1,202,758
	355,000	Permian Resources Operating LLC, 6.875%, 4/01/2027, 144A		334,495
	430,000	Range Resources Corp., 4.875%, 5/15/2025		408,458
	645,000	Range Resources Corp., 8.250%, 1/15/2029		664,637
	1,540,000	Sanchez Energy Corp., 6.125%, 1/15/2023(e)		21,175
	350,000	SM Energy Co., 5.625%, 6/01/2025		335,997
	430,000	SM Energy Co., 6.750%, 9/15/2026		417,465
	360,000	Southwestern Energy Co., 5.375%, 2/01/2029		333,742
	715,000	Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A		521,853
	365,000	Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A		339,487
				20,849,602
		Industrial Other – 0.2%
	560,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		510,522
		Leisure – 2.7%
	1,570,000	Carnival Corp., 5.750%, 3/01/2027, 144A		1,121,043
	390,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		289,610
	525,000	Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A		447,341
	5,000	NCL Corp. Ltd., 5.875%, 3/15/2026		3,927
	2,190,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		1,720,179

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Leisure – continued
$	295,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A	$	217,775
	465,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028		341,775
	290,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		234,421
	2,755,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		2,198,614
	530,000	Royal Caribbean Cruises Ltd., 11.625%, 8/15/2027, 144A		532,242
	365,000	SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A		317,805
	1,015,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		817,075
	335,000	VOC Escrow Ltd., 5.000%, 2/15/2028, 144A		288,134
				8,529,941
		Lodging – 1.2%
	690,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		563,145
	1,130,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		971,800
	275,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		228,147
	1,160,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		945,203
	1,345,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		1,115,369
				3,823,664
		Media Entertainment – 1.8%
	395,000	Deluxe Corp., 8.000%, 6/01/2029, 144A		324,887
	665,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		78,138
	425,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A		3,188
	680,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		553,751
	1,050,000	iHeartCommunications, Inc., 6.375%, 5/01/2026		966,000
	1,095,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		931,218
	935,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		871,980
	35,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		33,950
	435,000	Netflix, Inc., 5.875%, 2/15/2025		440,481

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Media Entertainment – continued
$	90,000	Netflix, Inc., 6.375%, 5/15/2029	$	92,636
	255,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		200,162
	590,000	Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A		481,211
	365,000	Stagwell Global LLC, 5.625%, 8/15/2029, 144A		300,902
	455,000	Warnermedia Holdings, Inc., 3.755%, 3/15/2027, 144A		410,656
	235,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		193,762
				5,882,922
		Metals & Mining – 3.6%
	810,000	Alcoa Nederland Holding BV, 5.500%, 12/15/2027, 144A		780,565
	605,000	Arconic Corp., 6.000%, 5/15/2025, 144A		594,773
	370,000	ATI, Inc., 4.875%, 10/01/2029		326,980
	350,000	ATI, Inc., 5.875%, 12/01/2027		334,700
	415,000	Cia de Minas Buenaventura SAA, 5.500%, 7/23/2026, 144A		355,892
	845,000	Cleveland-Cliffs, Inc., 6.750%, 3/15/2026, 144A		847,113
	495,000	Commercial Metals Co., 4.125%, 1/15/2030		438,004
	1,598,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		1,513,341
	3,030,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,842,816
	2,277,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		2,216,296
	770,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		775,339
	163,000	United States Steel Corp., 6.875%, 3/01/2029		158,215
	170,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		146,463
				11,330,497
		Midstream – 4.1%
	255,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/2029, 144A		233,131
	475,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.875%, 5/15/2026, 144A		480,826
	1,015,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		1,007,442
	885,000	Buckeye Partners LP, 4.500%, 3/01/2028, 144A		777,911

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Midstream – continued
$	570,000	Cheniere Energy Partners LP, 4.000%, 3/01/2031	$	485,275
	345,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		301,361
	530,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A		486,281
	75,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		62,035
	525,000	EnLink Midstream LLC, 6.500%, 9/01/2030, 144A		519,592
	195,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		160,830
	140,000	EQM Midstream Partners LP, 6.500%, 7/15/2048		104,941
	2,060,000	EQM Midstream Partners LP, 7.500%, 6/01/2027, 144A		2,017,276
	210,000	EQM Midstream Partners LP, 7.500%, 6/01/2030, 144A		202,339
	475,000	Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		432,082
	1,080,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		923,315
	980,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		954,603
	375,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.375%, 4/15/2027, 144A		368,434
	395,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A		335,743
	350,000	Sunoco LP/Sunoco Finance Corp., 4.500%, 5/15/2029		306,145
	805,000	Targa Resources Corp., 5.200%, 7/01/2027		789,006
	105,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		94,810
	135,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2028		128,784
	560,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		526,915
	280,000	Western Midstream Operating LP, 3.350%, 2/01/2025		264,942
	130,000	Western Midstream Operating LP, 4.500%, 3/01/2028		119,275
	450,000	Western Midstream Operating LP, 4.750%, 8/15/2028		410,981
	440,000	Western Midstream Operating LP, 5.300%, 3/01/2048		361,780
	300,000	Western Midstream Operating LP, 5.500%, 2/01/2050		247,140
				13,103,195

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – 1.6%
$	800,000	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 4.941%, 5/10/2047, 144A(g)	$	648,000
	165,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		95,876
	205,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.154%, 8/10/2044, 144A(g)		154,263
	1,830,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.154%, 8/10/2044, 144A(g)		757,809
	425,000	GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.686%, 6/10/2047, 144A(g)		375,740
	720,000	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class C, 4.548%, 8/15/2046(g)		675,512
	1,135,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.398%, 8/15/2046(g)		837,650
	475,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.282%, 10/15/2030, 144A(g)		342,238
	208,290	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 5.788%, 11/15/2027, 144A(c)		144,241
	310,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class B, 4.322%, 8/15/2050		266,906
	545,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		336,556
	215,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.357%, 12/15/2045(g)		192,368
	515,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class D, 4.651%, 6/15/2045, 144A(g)		195,700
	185,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class C, 4.529%, 8/15/2046(g)		150,633
				5,173,492
		Oil Field Services – 1.0%
	365,000	Nabors Industries, Inc., 7.375%, 5/15/2027, 144A		357,642
	265,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		246,717
	40,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		38,700
	210,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		208,872
	1,973,125	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		1,920,087
	545,000	Weatherford International Ltd., 8.625%, 4/30/2030, 144A		523,368
	22,000	Weatherford International Ltd., 11.000%, 12/01/2024, 144A		22,441
				3,317,827
		Packaging – 0.1%
	422,598	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027(d)		294,166

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Pharmaceuticals – 2.9%
$	3,190,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A	$	2,028,973
	160,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		76,746
	1,405,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		680,821
	195,000	Bausch Health Cos., Inc., 6.125%, 2/01/2027, 144A		134,478
	575,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A(e)		30,188
	200,000	Endo Luxembourg Finance Co. I. S.a.r.l./Endo U.S., Inc., 6.125%, 4/01/2029, 144A		151,726
	385,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		332,436
	1,025,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		887,527
	875,000	Perrigo Finance Unlimited Co., 4.400%, 6/15/2030		745,515
	770,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		676,881
	265,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		231,742
	2,140,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,308,450
	2,335,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		2,110,606
				9,396,089
		Property & Casualty Insurance – 0.7%
	550,000	Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A		449,477
	605,000	AmWINS Group, Inc., 4.875%, 6/30/2029, 144A		513,129
	385,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		327,666
	1,920,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 15.339%, 1/15/2033, 144A(c)(h)(i)		192,000
	700,000	USI, Inc., 6.875%, 5/01/2025, 144A		674,341
				2,156,613
		Refining – 0.4%
	180,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A		187,612
	1,175,000	Parkland Corp., 4.625%, 5/01/2030, 144A		972,312
				1,159,924
		REITs - Hotels – 0.3%
	45,000	Service Properties Trust, 3.950%, 1/15/2028		31,950

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	$	427,264
	135,000	Service Properties Trust, 4.500%, 6/15/2023		132,663
	75,000	Service Properties Trust, 4.650%, 3/15/2024		71,634
	60,000	Service Properties Trust, 4.750%, 10/01/2026		47,217
	215,000	Service Properties Trust, 4.950%, 2/15/2027		169,334
				880,062
		Restaurants – 0.8%
	1,815,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		1,625,162
	315,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		264,946
	565,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 6/01/2027, 144A		542,400
	285,000	Papa John’s International, Inc., 3.875%, 9/15/2029, 144A		237,975
				2,670,483
		Retailers – 1.2%
	350,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		308,140
	585,000	Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A		492,944
	715,000	Bath & Body Works, Inc., 5.250%, 2/01/2028		663,985
	325,000	Carvana Co., 4.875%, 9/01/2029, 144A		125,210
	50,000	Carvana Co., 5.500%, 4/15/2027, 144A		19,809
	275,000	Michaels Cos., Inc. (The), 7.875%, 5/01/2029, 144A		183,746
	470,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		440,516
	570,000	PetSmart, Inc./PetSmart Finance Corp., 7.750%, 2/15/2029, 144A		535,340
	725,000	Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A		580,513
	480,000	Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A		377,369
				3,727,572
		Supermarkets – 0.5%
	1,434,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/2027, 144A		1,331,999
	155,000	Safeway, Inc., 7.250%, 2/01/2031		153,813
				1,485,812

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Technology – 5.8%
$	940,000	Block, Inc., 2.750%, 6/01/2026	$	839,796
	930,000	Broadcom, Inc., 4.300%, 11/15/2032		819,647
	600,000	Clarivate Science Holdings Corp., 4.875%, 7/01/2029, 144A		510,210
	220,000	Cloud Software Group Holdings, Inc., 6.500%, 3/31/2029, 144A		185,302
	600,000	Coherent Corp., 5.000%, 12/15/2029, 144A		517,458
	3,300,000	CommScope Technologies LLC, 5.000%, 3/15/2027		2,241,365
	1,195,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		811,646
	225,000	Dun & Bradstreet Corp. (The), 5.000%, 12/15/2029, 144A		192,547
	730,000	Elastic NV, 4.125%, 7/15/2029, 144A		589,621
	1,485,000	Endurance International Group Holdings, Inc., 6.000%, 2/15/2029, 144A		966,557
	1,245,000	Entegris Escrow Corp., 5.950%, 6/15/2030, 144A		1,148,139
	190,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		163,204
	775,000	Gen Digital, Inc., 6.750%, 9/30/2027, 144A		759,500
	855,000	Global Payments, Inc., 4.950%, 8/15/2027		829,352
	360,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		295,898
	1,385,000	Iron Mountain, Inc., 5.250%, 3/15/2028, 144A		1,274,020
	1,195,000	Micron Technology, Inc., 6.750%, 11/01/2029		1,213,853
	65,000	NCR Corp., 5.000%, 10/01/2028, 144A		55,415
	575,000	NCR Corp., 5.125%, 4/15/2029, 144A		480,886
	45,000	NCR Corp., 5.250%, 10/01/2030, 144A		37,125
	561,000	NCR Corp., 5.750%, 9/01/2027, 144A		536,835
	600,000	Neptune Bidco U.S., Inc., 9.290%, 4/15/2029, 144A		565,500
	1,220,000	Open Text Corp., 3.875%, 12/01/2029, 144A		981,109
	765,000	Open Text Corp., 6.900%, 12/01/2027, 144A		765,000
	760,000	Oracle Corp., 2.950%, 5/15/2025		721,056
	225,000	Sabre GLBL, Inc., 11.250%, 12/15/2027, 144A		231,688

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Technology – continued
$	160,000	Seagate HDD Cayman, 4.875%, 6/01/2027	$	149,154
	30,600	Seagate HDD Cayman, 9.625%, 12/01/2032, 144A		33,562
	230,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		189,207
	125,000	Sensata Technologies, Inc., 4.375%, 2/15/2030, 144A		108,813
	345,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		323,057
				18,536,522
		Treasuries – 5.0%
	16,765,000	U.S. Treasury Note, 2.625%, 5/31/2027		15,802,977
		Wireless – 3.3%
	985,000	Altice France S.A., 5.500%, 10/15/2029, 144A		751,092
	445,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		367,347
	415,000	IHS Holding Ltd., 6.250%, 11/29/2028, 144A		334,722
	600,000	IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		527,556
	705,000	SBA Communications Corp., 3.875%, 2/15/2027		636,977
	3,620,000	SoftBank Group Corp., 4.625%, 7/06/2028		2,972,165
	3,585,000	Sprint LLC, 7.125%, 6/15/2024		3,655,051
	1,310,000	Sprint LLC, 7.625%, 2/15/2025		1,352,358
				10,597,268
		Wirelines – 1.8%
	1,180,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,029,444
	110,000	Embarq Corp., 7.995%, 6/01/2036		51,150
	1,090,000	Frontier Communications Holdings LLC, 5.875%, 10/15/2027, 144A		1,012,141
	350,000	Frontier Communications Holdings LLC, 8.750%, 5/15/2030, 144A		355,862
	630,000	Iliad Holding SASU, 6.500%, 10/15/2026, 144A		584,296
	725,000	Level 3 Financing, Inc., 3.625%, 1/15/2029, 144A		530,875
	245,000	Level 3 Financing, Inc., 4.250%, 7/01/2028, 144A		192,987
	200,000	Liquid Telecommunications Financing PLC, 5.500%, 9/04/2026, 144A		143,890

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Wirelines – continued
$	1,550,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033	$	1,268,039
	650,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		520,000
				5,688,684
		Total Non-Convertible Bonds (Identified Cost $311,982,168)		269,072,750
	Convertible Bonds – 4.5%
		Airlines – 0.5%
	1,325,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,591,325
		Cable Satellite – 1.4%
	7,095,000	DISH Network Corp., 3.375%, 8/15/2026		4,445,018
	85,000	DISH Network Corp., Zero Coupon, 6.944%-9.514%, 12/15/2025(j)		54,409
				4,499,427
		Consumer Cyclical Services – 0.2%
	745,000	Uber Technologies, Inc., Zero Coupon, 0.980%-1.922%, 12/15/2025(j)		629,220
	85,000	Zillow Group, Inc., 1.375%, 9/01/2026		85,637
				714,857
		Consumer Products – 0.0%
	80,000	Beauty Health Co. (The), 1.250%, 10/01/2026, 144A		60,480
		Gaming – 0.1%
	175,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		257,950
		Healthcare – 0.7%
	390,000	Lantheus Holdings, Inc., 2.625%, 12/15/2027, 144A		392,691
	2,410,000	Teladoc Health, Inc., 1.250%, 6/01/2027		1,851,350
				2,244,041
		Leisure – 0.2%
	815,000	NCL Corp. Ltd., 1.125%, 2/15/2027		558,226
		Media Entertainment – 0.1%
	430,000	Bilibili, Inc., 0.500%, 12/01/2026		316,050

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Convertible Bonds – continued
		Pharmaceuticals – 1.1%
$	340,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024	$	360,842
	2,260,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		2,428,507
	715,000	Livongo Health, Inc., 0.875%, 6/01/2025		625,897
				3,415,246
		Technology – 0.2%
	370,000	RingCentral, Inc., Zero Coupon, 7.146%-8.016%, 3/15/2026(j)		290,450
	335,000	Unity Software, Inc., Zero Coupon, 7.449%-7.662%, 11/15/2026(j)		250,747
	110,000	Wolfspeed, Inc., 0.250%, 2/15/2028, 144A		95,095
	145,000	Wolfspeed, Inc., 1.875%, 12/01/2029, 144A		130,573
				766,865
		Total Convertible Bonds (Identified Cost $19,190,160)		14,424,467
		Total Bonds and Notes (Identified Cost $331,172,328)		283,497,217
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%, 12.941%, 11/01/2025(c)(k) (Identified Cost $1,247,440)		1,314,338
Collateralized Loan Obligations – 1.8%
	920,000	AIG CLO LLC, Series 2021-2A, Class E, 3-month LIBOR + 6.500%, 10.743%, 7/20/2034, 144A(c)		823,251
	325,000	Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3-month LIBOR + 6.600%, 10.843%, 12/19/2032, 144A(c)		281,466
	730,000	NYACK Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.100%, 10.343%, 10/20/2034, 144A(c)		635,091
	730,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3-month LIBOR + 6.750%, 10.829%, 10/15/2034, 144A(c)		621,172
	735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3-month LIBOR + 6.360%, 10.638%, 4/21/2034, 144A(c)		646,731
	985,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3-month LIBOR + 6.250%, 10.493%, 7/02/2035, 144A(c)		891,323
	470,000	Palmer Square CLO Ltd., Series 2021-3A, Class E, 3-month LIBOR + 6.150%, 10.229%, 1/15/2035, 144A(c)		423,230
	730,000	Palmer Square CLO Ltd., Series 2021-4A, Class E, 3-month LIBOR + 6.050%, 10.129%, 10/15/2034, 144A(c)		657,385
	285,000	PPM CLO Ltd., Series 2021-5A, Class E, 3-month LIBOR + 6.500%, 10.694%, 10/18/2034, 144A(c)		238,706
	445,000	Whetstone Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.150%, 10.393%, 1/20/2035, 144A(c)		380,667

Principal Amount		Description	Value (†)
Collateralized Loan Obligations – continued
		Total Collateralized Loan Obligations (Identified Cost $6,347,577)	$	5,599,022
Shares
Common Stocks – 2.4%
		Aerospace & Defense – 0.1%
	524	Lockheed Martin Corp.		254,921
		Air Freight & Logistics – 0.1%
	1,210	United Parcel Service, Inc., Class B		210,346
		Beverages – 0.1%
	3,545	Coca-Cola Co. (The)		225,497
		Biotechnology – 0.1%
	2,059	AbbVie, Inc.		332,755
		Capital Markets – 0.1%
	159	BlackRock, Inc.		112,672
	1,687	Morgan Stanley		143,429
				256,101
		Communications Equipment – 0.0%
	2,076	Cisco Systems, Inc.		98,901
		Containers & Packaging – 0.0%
	703	Packaging Corp. of America		89,921
		Electric Utilities – 0.1%
	1,372	Duke Energy Corp.		141,302
	2,435	NextEra Energy, Inc.		203,566
				344,868
		Electrical Equipment – 0.0%
	1,065	Emerson Electric Co.		102,304
		Food & Staples Retailing – 0.1%
	193	Costco Wholesale Corp.		88,104
	1,302	Walmart, Inc.		184,611
				272,715
		Health Care Equipment & Supplies – 0.1%
	1,592	Abbott Laboratories		174,786
		Health Care Providers & Services – 0.1%
	358	Elevance Health, Inc.		183,643
	340	UnitedHealth Group, Inc.		180,261
				363,904
		Hotels, Restaurants & Leisure – 0.1%
	2,331	Starbucks Corp.		231,235

Shares		Description	Value (†)
Common Stocks – continued
		Household Products – 0.1%
	1,978	Procter & Gamble Co. (The)	$	299,786
		IT Services – 0.0%
	494	Accenture PLC, Class A		131,819
		Life Sciences Tools & Services – 0.0%
	248	Thermo Fisher Scientific, Inc.		136,571
		Machinery – 0.1%
	405	Cummins, Inc.		98,128
	458	Deere & Co.		196,372
				294,500
		Media – 0.3%
	107,981	Altice USA, Inc., Class A(h)		496,712
	6,043	Comcast Corp., Class A		211,324
	27,529	iHeartMedia, Inc., Class A(h)		168,753
				876,789
		Metals & Mining – 0.0%
	2,747	Newmont Corp.		129,658
		Oil, Gas & Consumable Fuels – 0.2%
	50,400	Battalion Oil Corp.(h)		489,384
	527	Devon Energy Corp.		32,416
	778	Pioneer Natural Resources Co.		177,687
	4,310	Williams Cos., Inc. (The)		141,799
				841,286
		Pharmaceuticals – 0.2%
	1,780	Bristol-Myers Squibb Co.		128,071
	1,659	Johnson & Johnson		293,063
	1,633	Merck & Co., Inc.		181,181
				602,315
		Professional Services – 0.0%
	357	Clarivate PLC(h)		2,977
		REITs - Diversified – 0.1%
	774	American Tower Corp.		163,980
		Road & Rail – 0.0%
	693	Union Pacific Corp.		143,499
		Semiconductors & Semiconductor Equipment – 0.2%
	411	Broadcom, Inc.		229,803
	2,577	Microchip Technology, Inc.		181,034
	1,850	QUALCOMM, Inc.		203,389
				614,226
		Software – 0.1%
	321	IQOR U.S., Inc.(h)		2,247

Shares		Description	Value (†)
Common Stocks – continued
		Software – continued
	918	Microsoft Corp.	$	220,155
				222,402
		Specialty Retail – 0.0%
	481	Home Depot, Inc. (The)		151,929
		Technology Hardware, Storage & Peripherals – 0.1%
	1,465	Apple, Inc.		190,347
		Total Common Stocks (Identified Cost $15,685,441)		7,760,338
	Preferred Stocks – 0.9%
	Convertible Preferred Stocks – 0.7%
		Midstream – 0.1%
	3,556	El Paso Energy Capital Trust I, 4.750%		160,159
		Technology – 0.2%
	17,739	Clarivate PLC, Series A, 5.250%		671,953
		Wireless – 0.4%
	1,390	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		1,590,188
		Total Convertible Preferred Stocks (Identified Cost $2,982,904)		2,422,300
	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%		185,470
		Total Non-Convertible Preferred Stocks (Identified Cost $192,799)		589,505
		Total Preferred Stocks (Identified Cost $3,175,703)		3,011,805
	Exchange-Traded Funds – 1.0%
	41,000	iShares® iBoxx $ High Yield Corporate Bond ETF (Identified Cost $3,599,734)		3,018,830
Principal Amount
Short-Term Investments – 4.4%
$	10,248,835	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $10,250,885 on 1/03/2023 collateralized by $11,908,600 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $10,419,096; $36,200 U.S. Treasury Note, 3.250% due 6/30/2029 valued at $34,749 including accrued interest(l)		10,248,835

Principal Amount		Description	Value (†)
$	3,840,000	U.S. Treasury Bills, 4.307%, 3/30/2023(m)	$	3,800,664
		Total Short-Term Investments (Identified Cost $14,049,326)		14,049,499
		Total Investments – 99.7% (Identified Cost $375,277,549)		318,251,049
		Other assets less liabilities – 0.3%		877,559
		Net Assets – 100.0%	$	319,128,608

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

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) Perpetual bond with no specified maturity date.

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

(c) Variable rate security. Rate as of December 31, 2022 is disclosed.

(d) Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. No payments were made during the period.

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

(f) Securities subject to restriction on resale. At December 31, 2022, the restricted securities held by the Fund are as follows:

	Acquisition Date		Acquisition Cost		Value		% of Net Assets
CFLD Cayman Investment Ltd.		11/11/2021	$	66,000	$	22,000	Less than 0.1%
CFLD Cayman Investment Ltd.		9/28/2021		86,000		23,318	Less than 0.1%
CFLD Cayman Investment Ltd.		9/29/2021		148,300		47,558	Less than 0.1%
CFLD Cayman Investment Ltd.		9/29/2022		17,630		22,661	Less than 0.1%

(g) Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of December 31, 2022 is disclosed.

(h) Non-income producing security.

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

(j) 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.

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

(l) The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of December 31, 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.

(m) 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 December 31, 2022, the value of Rule 144A holdings amounted to $166,934,116 or 52.3% of net assets.
ABS	Asset-Backed Securities
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts

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 December 31, 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 37 500, 5-Year		5.00	%		12/20/2026		4.12	%		3,118,500	$	(28,653	)	$	95,996	$	124,649

(‡) 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 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 December 31, 2022, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Property & Casualty Insurance	$	—	$	1,964,613	$	192,000	$	2,156,613
All Other Non-Convertible Bonds*		—		266,916,137		—		266,916,137
Total Non-Convertible Bonds		—		268,880,750		192,000		269,072,750
Convertible Bonds*		—		14,424,467		—		14,424,467
Total Bonds and Notes		—		283,305,217		192,000		283,497,217
Senior Loans*		—		1,314,338		—		1,314,338
Collateralized Loan Obligations		—		5,599,022		—		5,599,022
Common Stocks
Software		220,155		2,247		—		222,402
All Other Common Stocks*		7,537,936		—		—		7,537,936
Total Common Stocks		7,758,091		2,247		—		7,760,338
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,590,188		—		1,590,188
All Other Convertible Preferred Stocks*		832,112		—		—		832,112
Total Convertible Preferred Stocks		832,112		1,590,188		—		2,422,300
Non-Convertible Preferred Stocks
Home Construction		404,035		—		—		404,035
REITs - Warehouse/Industrials		—		185,470		—		185,470
Total Non-Convertible Preferred Stocks		404,035		185,470		—		589,505
Total Preferred Stocks		1,236,147		1,775,658		—		3,011,805
Exchange-Traded Funds		3,018,830		—		—		3,018,830
Short-Term Investments		—		14,049,499		—		14,049,499
Total Investments		12,013,068		306,045,981		192,000		318,251,049
Centrally Cleared Credit Default Swap Agreements (unrealized appreciation)		—		124,649		—		124,649
Total	$	12,013,068	$	306,170,630	$	192,000	$	318,375,698

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

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2022		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2022
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	30,800	$	—	$	—	$	—		$	—	$	—	$	—	$	(30,800	)	$	—	$	—
Property & Casualty Insurance		235,200		3,312		—		(46,512	)		—		—		—		—			192,000		(46,512	)
Total	$	266,000	$	3,312	$	—	$	(46,512	)	$	—	$	—	$	—	$	(30,800	)	$	192,000	$	(46,512	)

A debt security valued at $30,800 was transferred from Level 3 to Level 2 during the period ended December 31, 2022. At September 30, 2022, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the security. At December 31, 2022, this security was fair valued based on 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 period end 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 December 31, 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 December 31, 2022:

Assets	Swap agreements at value
Exchange-traded/cleared asset derivatives Credit contracts	$	95,996

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 December 31, 2022:

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

Industry Summary at December 31, 2022 (Unaudited)

Cable Satellite	7.9	%
Independent Energy	6.9
Technology	6.2
Treasuries	5.0
Pharmaceuticals	4.2
Midstream	4.2
Banking	4.0
Wireless	3.7
Finance Companies	3.7
Metals & Mining	3.6
Consumer Cyclical Services	3.2
Gaming	3.2
Automotive	3.1
Leisure	2.9
Healthcare	2.2
Building Materials	2.1
Financial Other	2.1
Other Investments, less than 2% each	24.3
Short-Term Investments	4.4
Collateralized Loan Obligations	1.8
Exchange-Traded Funds	1.0
Total Investments	99.7
Other assets less liabilities (including swap agreements)	0.3
Net Assets	100.0	%