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

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

Loomis Sayles Fixed Income Fund

Principal Amount		Description	Value (†)
Bonds and Notes – 86.5% of Net Assets
Non-Convertible Bonds – 81.9%
		ABS Car Loan – 4.2%
$	675,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.340%, 11/15/2027, 144A	$	626,606
	125,000	American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.860%, 2/15/2029, 144A		126,582
	120,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class C, 4.730%, 9/20/2024, 144A		118,882
	130,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class C, 4.240%, 9/22/2025, 144A		124,024
	475,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C, 3.150%, 3/20/2026, 144A		435,547
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		189,972
	685,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		620,768
	305,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class B, 2.960%, 2/20/2027, 144A		273,695
	630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.250%, 2/20/2027, 144A		562,450
	145,000	Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class C, 2.130%, 8/20/2027, 144A		120,531
	100,000	CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028		87,027
	411,182	Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.020%, 6/12/2028		397,432
	420,000	Carvana Auto Receivables Trust, Series 2021-P3, Class C, 1.930%, 10/12/2027		334,391
	525,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		501,930
	900,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		816,449
	335,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		302,028
	1,400,000	Drive Auto Receivables Trust, Series 2021-2, Class D, 1.390%, 3/15/2029		1,290,008
	305,000	DT Auto Owner Trust, Series 2021-2A, Class D, 1.500%, 2/16/2027, 144A		280,123
	1,380,000	DT Auto Owner Trust, Series 2021-3A, Class D, 1.310%, 5/17/2027, 144A		1,209,067
	815,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		759,837
	1,000,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		907,509
	100,000	Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.560%, 7/17/2028		93,711
	160,000	Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.320%, 5/15/2028		160,073
	215,000	First Investors Auto Owner Trust, Series 2022-2A, Class D, 8.710%, 10/16/2028, 144A		222,317
	435,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		387,427

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Car Loan – continued
$	335,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A	$	303,353
	1,975,000	GLS Auto Receivables Issuer Trust, Series 2021-1A, Class D, 1.680%, 1/15/2027, 144A		1,865,107
	725,000	GLS Auto Receivables Issuer Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		657,733
	675,000	GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D, 1.480%, 7/15/2027, 144A		603,627
	935,000	Hertz Vehicle Financing III LLC, Series 2022-1A, 4.850%, 6/25/2026, 144A		822,477
	599,000	Hertz Vehicle Financing III LLC, Series 2022-3A, 6.310%, 3/25/2025, 144A		571,115
	455,000	Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 6.560%, 9/25/2026, 144A		419,400
	128,876	JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A		123,887
	127,482	JPMorgan Chase Bank NA, Series 2021-3, Class D, 1.009%, 2/26/2029, 144A		118,752
	635,000	Prestige Auto Receivables Trust, Series 2022-1A, Class D, 8.080%, 8/15/2028, 144A		632,530
	152,481	Santander Bank NA, Series 2021-1A, Class B, 1.833%, 12/15/2031, 144A		146,661
				17,213,028
		ABS Credit Card – 0.3%
	480,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		474,792
	700,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		667,839
	100,000	Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.240%, 9/15/2026, 144A		96,831
				1,239,462
		ABS Home Equity – 4.8%
	901,563	510 Asset Backed Trust, Series 2021-NPL1, Class A1, 2.240%, 6/25/2061, 144A(a)		822,468
	476,199	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(a)		438,153
	210,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		161,546
	300,000	CoreVest American Finance Trust, Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		219,326
	150,000	CoreVest American Finance Trust, Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		113,420
	555,355	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(a)		523,933
	1,305,586	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(a)		1,161,967
	284,184	Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1A, 30-day Average SOFR + 2.000%, 5.928%, 4/25/2042, 144A(b)		282,763
	675,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A		562,816

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	315,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A	$	261,010
	205,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		168,436
	300,000	FirstKey Homes Trust, Series 2022- SFR2, Class D, 4.500%, 7/17/2039, 144A		262,863
	145,000	FRTKL, Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		120,592
	130,000	FRTKL, Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		107,817
	315,820	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(a)		296,192
	87,360	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		66,702
	806,950	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		658,567
	418,059	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A		341,116
	138,604	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A(a)		136,350
	1,215,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(a)		1,030,604
	606,363	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(a)		548,086
	115,000	Mill City Mortgage Loan Trust, Series 2019-GS1, Class M2, 3.250%, 7/25/2059, 144A(a)		92,565
	705,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		596,459
	240,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		203,055
	200,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A		168,777
	125,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		104,372
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		83,415
	295,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		245,649
	100,000	Progress Residential Trust, Series 2021-SFR5, Class E2, 2.359%, 7/17/2038, 144A		82,805
	380,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		315,011
	200,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		163,724
	340,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		261,689
	100,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		76,577
	910,846	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(a)		851,648
	350,853	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(a)		323,024

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	694,166	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(a)	$	618,857
	179,432	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(a)		160,670
	869,584	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(a)		786,669
	988,668	PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027, 144A(a)		981,182
	1,030,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(a)		974,064
	240,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(a)		231,472
	495,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(a)		395,741
	676,293	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(a)		627,966
	100,000	Towd Point Mortgage Trust, Series 2020-1, Class A2B, 3.250%, 1/25/2060, 144A(a)		81,225
	229,594	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(a)		216,727
	299,664	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(a)		258,574
	778,940	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(a)		700,745
	659,908	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(a)		596,566
	461,734	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(a)		418,587
	1,043,640	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(a)		918,005
				19,820,547
		ABS Other – 2.4%
	100,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		90,893
	160,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A		134,684
	111,890	Business Jet Securities LLC, Series 2021-1A, Class B, 2.918%, 4/15/2036, 144A		94,833
	756,181	CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220%, 9/25/2045, 144A		653,392
	865,718	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		738,175
	135,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		131,094
	370,000	Freedom Financial Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		336,628
	300,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		282,971
	1,542,296	MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046, 144A		1,249,764

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Other – continued
$	110,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A	$	101,667
	146,012	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(a)		111,704
	350,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/2033, 144A		343,120
	345,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		264,276
	380,000	OneMain Financial Issuance Trust, Series 2022-S1, Class D, 5.200%, 5/14/2035, 144A		349,981
	1,315,069	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		1,019,191
	100,000	SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.930%, 9/20/2030, 144A		87,226
	315,000	SCF Equipment Leasing LLC, Series 2022-2A, Class C, 6.500%, 8/20/2032, 144A		307,198
	69,050	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		52,824
	142,429	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A		132,968
	93,260	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		87,787
	82,308	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		75,242
	1,282,273	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A		1,060,876
	100,000	SoFi Consumer Loan Program Trust, Series 2021-1, Class D, 2.040%, 9/25/2030, 144A		90,617
	647,108	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		536,676
	230,000	Towd Point Mortgage Trust, Series 2017-1, Class M1, 3.750%, 10/25/2056, 144A(a)		214,403
	557,563	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		420,966
	1,155,434	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.104%, 5/15/2046, 144A		845,649
				9,814,805
		ABS Student Loan – 0.7%
	320,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		287,093
	252,628	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A		223,181
	236,799	EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, 11/25/2045, 144A		200,552
	95,531	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		85,736
	244,801	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		211,657
	100,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		70,484

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Student Loan – continued
$	170,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A	$	108,311
	385,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		248,075
	229,495	SMB Private Education Loan Trust, Series 2016-C, Class A2A, 2.340%, 9/15/2034, 144A		218,544
	69,207	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		63,142
	869,712	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1-month LIBOR + 0.730%, 5.048%, 1/15/2053, 144A(b)		832,108
	475,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A		378,257
				2,927,140
		ABS Whole Business – 0.7%
	120,938	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		110,269
	57,150	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047, 144A		52,374
	134,400	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		124,265
	1,551,375	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		1,305,080
	295,500	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		235,562
	92,150	Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2, 3.858%, 12/05/2049, 144A		76,548
	49,625	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I, 3.251%, 12/05/2051, 144A		43,513
	261,250	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A		235,320
	723,975	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		584,482
				2,767,413
		Aerospace & Defense – 0.5%
	1,520,000	Boeing Co. (The), 3.825%, 3/01/2059		971,735
	1,265,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,211,238
				2,182,973
		Airlines – 1.2%
	340,430	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		302,411
	1,121,213	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		1,054,285
	708,529	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		636,653
	399,883	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		386,763

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Airlines – continued
$	1,064,819	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026	$	969,895
	994,801	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		924,241
	497,942	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		490,487
				4,764,735
		Automotive – 1.0%
	550,000	Ford Motor Co., 3.250%, 2/12/2032		412,468
	1,735,000	General Motors Co., 5.200%, 4/01/2045		1,410,157
	100,000	General Motors Co., 6.250%, 10/02/2043		92,453
	2,270,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		1,910,347
	60,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(c)		50,514
	100,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(c)		84,637
				3,960,576
		Banking – 6.2%
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,183,069
	1,585,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(c)		1,059,969
	1,500,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(c)		939,375
	750,000	American Express Co., 5.850%, 11/05/2027		780,773
	3,340,000	Bank of America Corp., 6.110%, 1/29/2037		3,377,945
	762,000	Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036		559,887
	915,000	Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027		790,904
	1,125,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(c)		857,812
	1,175,000	BNP Paribas S.A., (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028, 144A		1,033,415
	2,250,000	Citigroup, Inc., (fixed rate to 1/25/2025, variable rate thereafter), 2.014%, 1/25/2026		2,085,226
	685,000	Credit Agricole S.A., 3.250%, 1/14/2030, 144A		561,077
	495,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		431,284
	360,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		368,592

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Banking – continued
$	500,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A	$	427,046
	1,045,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		981,097
	780,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		710,471
	500,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		439,240
	370,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		262,765
	1,202,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		881,323
	235,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		196,417
	2,260,000	Goldman Sachs Group, Inc. (The), (fixed rate to 1/24/2024, variable rate thereafter), 1.757%, 1/24/2025		2,163,165
	2,075,000	Goldman Sachs Group, Inc. (The), (fixed rate to 8/23/2027, variable rate thereafter), 4.482%, 8/23/2028		1,988,710
	290,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		213,750
	1,495,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		1,328,387
	530,000	NatWest Group PLC, (fixed rate to 9/30/2027, variable rate thereafter), 5.516%, 9/30/2028		523,471
	320,000	Synchrony Bank, 5.400%, 8/22/2025		315,680
	650,000	Synchrony Bank, 5.625%, 8/23/2027		634,693
	200,000	UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027, 144A		170,504
	405,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		356,347
				25,622,394
		Brokerage – 0.4%
	1,670,000	Jefferies Financial Group, Inc., 6.250%, 1/15/2036		1,684,214
		Building Materials – 1.6%
	4,500,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		3,798,157
	780,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(c)		720,728
	140,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		105,374
	213,000	Masco Corp., 6.500%, 8/15/2032		218,041
	380,000	Masco Corp., 7.750%, 8/01/2029		415,348
	1,188,000	Owens Corning, 7.000%, 12/01/2036		1,257,243
				6,514,891

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Cable Satellite – 3.3%
$	375,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A	$	301,080
	3,385,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		2,498,282
	50,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		36,828
	1,780,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		1,385,744
	180,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.700%, 4/01/2051		109,452
	2,625,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		1,548,488
	230,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		196,802
	2,710,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		1,497,638
	2,045,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		1,648,781
	1,020,000	DISH DBS Corp., 5.125%, 6/01/2029		658,012
	2,215,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		1,865,772
	270,000	DISH DBS Corp., 7.750%, 7/01/2026		217,725
	375,000	Time Warner Cable LLC, 4.500%, 9/15/2042		274,539
	1,500,000	Time Warner Cable LLC, 6.550%, 5/01/2037		1,428,092
				13,667,235
		Chemicals – 0.5%
	775,000	Ashland LLC, 3.375%, 9/01/2031, 144A		619,435
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		170,091
	705,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		546,140
	310,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		301,209
	230,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		218,718
	200,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		183,750
				2,039,343
		Construction Machinery – 0.5%
	200,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		191,294

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Construction Machinery – continued
$	415,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024	$	399,583
	645,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		603,288
	965,000	Toro Co. (The), 6.625%, 5/01/2037		986,100
				2,180,265
		Consumer Cyclical Services – 1.5%
	700,000	Expedia Group, Inc., 2.950%, 3/15/2031		562,892
	155,000	Expedia Group, Inc., 3.250%, 2/15/2030		131,485
	1,010,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		845,564
	2,965,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		2,583,271
	1,420,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		1,363,200
	390,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		390,273
	120,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		120,413
				5,997,098
		Consumer Products – 0.3%
	880,000	Avon Products, Inc., 8.450%, 3/15/2043		842,512
	730,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		595,687
				1,438,199
		Diversified Manufacturing – 0.1%
	204,000	GE Capital Funding LLC, 4.550%, 5/15/2032		193,645
	165,000	General Electric Co., Series D, 3-month LIBOR + 3.330%, 8.099%(b)(c)		162,103
				355,748
		Electric – 0.4%
	1,128,798	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		1,115,581
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		99,034
	265,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		261,319
				1,475,934
		Finance Companies – 3.7%
	630,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		527,798

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Finance Companies – continued
$	795,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032	$	621,500
	300,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 5.829%, 1/15/2067, 144A(b)		161,445
	612,000	Air Lease Corp., 4.625%, 10/01/2028		572,428
	985,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(c)		823,184
	460,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(c)		354,200
	2,290,000	Ares Capital Corp., 3.200%, 11/15/2031		1,680,517
	240,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		208,939
	655,000	Barings BDC, Inc., 3.300%, 11/23/2026		555,164
	780,000	FS KKR Capital Corp., 3.125%, 10/12/2028		628,812
	622,000	FS KKR Capital Corp., 3.400%, 1/15/2026		551,560
	1,585,000	Navient Corp., Series A, 5.625%, 8/01/2033		1,129,131
	1,490,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		1,367,848
	2,075,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		1,778,612
	1,345,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		1,065,829
	3,345,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		2,553,156
	1,080,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		806,609
				15,386,732
		Financial Other – 1.2%
	630,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		291,488
	200,000	Central China Real Estate Ltd., 7.250%, 4/24/2023		86,205
	205,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		58,144
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		55,962
	200,000	Central China Real Estate Ltd., 7.500%, 7/14/2025		54,971
	200,000	CIFI Holdings Group Co. Ltd., 6.000%, 7/16/2025		51,558
	200,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024		52,500
	600,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		317,442

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Financial Other – continued
$	2,510,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029	$	2,122,582
	1,285,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(d)		174,901
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(d)		27,078
	200,000	Kaisa Group Holdings Ltd., 10.500%, 1/15/2025(d)		27,094
	1,810,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(d)		245,038
	400,000	Logan Group Co. Ltd., 4.250%, 7/12/2025(e)		89,288
	400,000	Logan Group Co. Ltd., 4.850%, 12/14/2026(e)		90,072
	840,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		684,946
	405,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(d)		72,495
	425,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026(d)		78,727
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(d)		37,336
	410,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025(d)		87,658
	230,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(d)		48,992
	445,000	Sunac China Holdings Ltd., 7.000%, 7/09/2025(d)		95,132
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		32,502
	400,000	Times China Holdings Ltd., 6.200%, 3/22/2026		64,844
	400,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(d)		36,944
	370,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(d)		34,277
	225,000	Yuzhou Group Holdings Co. Ltd., 8.300%, 5/27/2025(d)		20,844
				5,039,020
		Food & Beverage – 0.4%
	70,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		68,425
	350,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		289,676
	1,230,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		961,442
	280,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		238,155
				1,557,698

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Gaming – 1.1%
$	925,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A	$	688,706
	385,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		307,763
	1,460,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,392,709
	30,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		28,800
	710,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		662,376
	575,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		541,119
	505,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		484,169
	415,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		410,958
				4,516,600
		Government Owned - No Guarantee – 0.5%
	730,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		590,130
	410,000	EcoPetrol S.A., 4.625%, 11/02/2031		313,174
	870,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		866,987
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 8/05/2029		108,440
	400,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		203,800
				2,082,531
		Health Insurance – 0.7%
	2,490,000	Centene Corp., 2.500%, 3/01/2031		1,948,358
	625,000	Centene Corp., 2.625%, 8/01/2031		491,125
	430,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		357,089
				2,796,572
		Healthcare – 0.3%
	395,000	Alcon Finance Corp., 5.375%, 12/06/2032, 144A		397,006
	235,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		187,113
	700,000	HCA, Inc., 4.125%, 6/15/2029		639,024
	185,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		165,634
				1,388,777

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Home Construction – 0.4%
$	1,745,000	PulteGroup, Inc., 6.375%, 5/15/2033	$	1,740,731
		Independent Energy – 3.2%
	1,385,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		1,218,375
	935,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		692,544
	3,965,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		3,690,861
	740,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		662,300
	965,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		840,756
	50,000	EQT Corp., 3.125%, 5/15/2026, 144A		45,952
	840,000	EQT Corp., 3.625%, 5/15/2031, 144A		711,846
	1,125,000	EQT Corp., 3.900%, 10/01/2027		1,038,561
	160,000	EQT Corp., 5.000%, 1/15/2029		150,201
	160,000	EQT Corp., 5.700%, 4/01/2028		159,140
	45,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		45,414
	65,000	Occidental Petroleum Corp., 7.875%, 9/15/2031		71,760
	975,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		1,100,780
	1,040,000	Ovintiv, Inc., 6.500%, 8/15/2034		1,046,497
	65,000	Ovintiv, Inc., 6.500%, 2/01/2038		64,398
	310,000	Ovintiv, Inc., 6.625%, 8/15/2037		311,781
	40,000	Ovintiv, Inc., 7.200%, 11/01/2031		41,984
	125,000	Ovintiv, Inc., 7.375%, 11/01/2031		133,048
	130,000	Southwestern Energy Co., 4.750%, 2/01/2032		111,097
	355,000	Var Energi ASA, 7.500%, 1/15/2028, 144A		361,604
	705,000	Var Energi ASA, 8.000%, 11/15/2032, 144A		728,066
				13,226,965
		Industrial Other – 0.1%
	395,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		320,981

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Leisure – 0.7%
$	620,000	Carnival Corp., 5.750%, 3/01/2027, 144A	$	442,705
	395,000	Carnival Corp., 6.000%, 5/01/2029, 144A		263,221
	770,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		604,812
	485,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		419,796
	280,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		206,702
	140,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		113,169
	1,195,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		953,664
				3,004,069
		Life Insurance – 2.2%
	1,860,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		1,716,057
	434,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		317,474
	1,745,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		1,659,628
	2,270,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		2,644,410
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,479,259
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,187,147
				9,003,975
		Lodging – 0.8%
	855,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		684,684
	200,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		163,230
	685,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		589,100
	530,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		439,702
	620,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		505,195
	870,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		721,465
	110,000	Travel & Leisure Co., 6.000%, 4/01/2027		104,400
	95,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		92,935
				3,300,711

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Media Entertainment – 1.5%
$	540,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A	$	439,744
	195,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		165,181
	470,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		399,701
	185,000	Netflix, Inc., 4.875%, 4/15/2028		178,633
	1,510,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,408,225
	200,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		194,000
	915,000	Netflix, Inc., 5.875%, 11/15/2028		927,380
	1,185,000	Netflix, Inc., 6.375%, 5/15/2029		1,219,706
	300,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		260,013
	1,235,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		1,018,282
				6,210,865
		Metals & Mining – 2.3%
	1,910,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A		1,559,534
	2,680,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,514,438
	615,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		598,604
	430,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		357,624
	5,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		4,540
	5,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		4,657
	2,080,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		1,964,315
	2,905,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		2,377,234
	215,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		185,232
				9,566,178
		Midstream – 1.2%
	530,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		438,379
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		9,637
	575,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		563,456
	1,040,000	Energy Transfer LP, 5.000%, 5/15/2044		850,710

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Midstream – continued
$	715,000	Energy Transfer LP, 5.750%, 2/15/2033	$	699,527
	550,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		470,206
	285,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		277,614
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		98,849
	35,000	Targa Resources Corp., 5.200%, 7/01/2027		34,305
	395,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		332,061
	100,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		90,295
	105,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		98,797
	170,000	Western Midstream Operating LP, 4.300%, 2/01/2030		148,396
	405,000	Western Midstream Operating LP, 5.300%, 3/01/2048		333,002
	80,000	Western Midstream Operating LP, 5.450%, 4/01/2044		66,458
	55,000	Western Midstream Operating LP, 5.500%, 8/15/2048		45,648
	230,000	Western Midstream Operating LP, 5.500%, 2/01/2050		189,474
				4,746,814
		Non-Agency Commercial Mortgage-Backed Securities – 1.9%
	710,000	BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064		547,984
	740,000	BPR Trust, Series 2021-NRD, Class F, 1-month SOFR + 6.870%, 11.196%, 12/15/2038, 144A(b)		650,833
	570,000	BPR Trust, Series 2022-STAR, Class A, 1-month SOFR + 3.232%, 7.568%, 8/15/2024, 144A(b)		560,924
	125,663	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		112,967
	104,817	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		89,869
	153,306	Commercial Mortgage Trust, Series 2012-LC4, Class B, 4.934%, 12/10/2044(a)		153,020
	185,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		157,035
	100,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class C, 4.336%, 9/15/2037, 144A		80,746
	200,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037, 144A		147,098
	253,810	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 6.568%, 7/15/2038, 144A(b)		242,986
	295,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(a)		267,594

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	315,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.550%, 3/05/2033, 144A(a)	$	275,075
	255,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		233,449
	1,030,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.064%, 12/15/2047, 144A(a)		973,211
	100,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D, 4.064%, 12/15/2047, 144A(a)		92,719
	150,000	MedTrust, Series 2021-MDLN, Class B, 1-month LIBOR + 1.450%, 5.768%, 11/15/2038, 144A(b)		142,853
	400,000	MedTrust, Series 2021-MDLN, Class C, 1-month LIBOR + 1.800%, 6.118%, 11/15/2038, 144A(b)		380,021
	195,000	MedTrust, Series 2021-MDLN, Class D, 1-month LIBOR + 2.000%, 6.318%, 11/15/2038, 144A(b)		184,242
	102,443	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		82,466
	535,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.198%, 8/15/2046(a)		527,226
	800,000	RBS Commercial Funding Trust, Series 2013-GSP, Class A, 3.834%, 1/15/2032, 144A(a)		769,978
	160,755	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		156,425
	285,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.296%, 7/15/2046(a)		270,224
	275,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class B, 3.671%, 11/15/2059(a)		228,662
	420,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.529%, 8/15/2046(a)		358,253
	390,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		335,599
				8,021,459
		Paper – 0.4%
	350,000	WestRock MWV LLC, 7.950%, 2/15/2031		393,264
	1,035,000	WestRock MWV LLC, 8.200%, 1/15/2030		1,167,060
				1,560,324
		Pharmaceuticals – 1.1%
	580,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		368,904
	355,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		170,398
	35,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		16,774
	290,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		139,101
	390,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		188,982

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Pharmaceuticals – continued
$	40,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A	$	19,258
	65,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		31,418
	620,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		545,021
	340,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		297,330
	1,710,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,045,537
	1,160,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		1,048,524
	695,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		618,930
				4,490,177
		Property & Casualty Insurance – 0.2%
	1,630,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 15.339%, 1/15/2033, 144A(b)(e)(f)		163,000
	1,135,000	Stewart Information Services Corp., 3.600%, 11/15/2031		869,781
				1,032,781
		REITs - Diversified – 0.0%
	270,000	EPR Properties, 3.600%, 11/15/2031		195,615
		Retailers – 0.3%
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,057,769
		Technology – 3.7%
	1,070,000	Avnet, Inc., 5.500%, 6/01/2032		988,038
	735,000	Block, Inc., 3.500%, 6/01/2031		586,475
	550,000	Broadcom, Inc., 2.600%, 2/15/2033, 144A		412,828
	425,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		312,488
	715,000	Broadcom, Inc., 4.150%, 11/15/2030		640,749
	180,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		159,807
	210,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		178,855
	1,825,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		1,503,866
	45,000	CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028		41,415
	1,820,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		1,467,284

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Technology – continued
$	1,295,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A	$	1,180,959
	335,000	Fidelity National Information Services, Inc., 5.100%, 7/15/2032		322,680
	170,000	Global Payments, Inc., 2.900%, 11/15/2031		134,057
	255,000	Global Payments, Inc., 5.300%, 8/15/2029		246,526
	545,000	Global Payments, Inc., 5.400%, 8/15/2032		519,031
	1,215,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,059,723
	1,480,000	Micron Technology, Inc., 6.750%, 11/01/2029		1,503,350
	290,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		223,955
	145,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		138,967
	315,000	Open Text Corp., 6.900%, 12/01/2027, 144A		315,000
	1,270,000	Oracle Corp., 3.950%, 3/25/2051		904,798
	505,000	Oracle Corp., 6.150%, 11/09/2029		524,173
	615,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		530,437
	490,000	Western Digital Corp., 2.850%, 2/01/2029		379,098
	810,000	Western Digital Corp., 4.750%, 2/15/2026		762,793
				15,037,352
		Treasuries – 21.2%
	16,275,000	U.S. Treasury Bond, 3.250%, 5/15/2042		14,268,598
	20,545,000	U.S. Treasury Note, 0.125%, 4/30/2023		20,262,506
	10,310,000	U.S. Treasury Note, 0.125%, 5/31/2023		10,125,950
	15,495,000	U.S. Treasury Note, 0.125%, 7/31/2023		15,087,046
	9,340,000	U.S. Treasury Note, 0.500%, 11/30/2023		8,986,102
	12,585,000	U.S. Treasury Note, 0.875%, 1/31/2024(g)		12,075,209
	6,710,000	U.S. Treasury Note, 1.500%, 2/29/2024		6,467,811
				87,273,222
		Wireless – 2.2%
	585,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		482,918

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Wireless – continued
$	935,000	SBA Communications Corp., 3.125%, 2/01/2029	$	777,443
	600,000	SoftBank Group Corp., 4.625%, 7/06/2028		492,624
	210,000	SoftBank Group Corp., 5.250%, 7/06/2031		168,000
	150,000	T-Mobile USA, Inc., 2.400%, 3/15/2029		126,589
	265,000	T-Mobile USA, Inc., 2.700%, 3/15/2032		214,105
	3,275,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		2,884,520
	1,620,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		1,399,355
	2,965,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		2,685,741
				9,231,295
		Total Non-Convertible Bonds (Identified Cost $382,839,092)		337,455,213
	Convertible Bonds – 3.8%
		Airlines – 0.4%
	245,000	JetBlue Airways Corp., 0.500%, 4/01/2026		178,624
	1,160,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,393,160
				1,571,784
		Cable Satellite – 0.9%
	15,000	Cable One, Inc., Zero Coupon, 6.042%, 3/15/2026(h)		11,783
	1,055,000	DISH Network Corp., 2.375%, 3/15/2024		950,555
	4,100,000	DISH Network Corp., 3.375%, 8/15/2026		2,568,650
	75,000	DISH Network Corp., Zero Coupon, 6.944%-9.514%, 12/15/2025(i)		48,008
				3,578,996
		Consumer Cyclical Services – 0.3%
	90,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-0.799%, 2/15/2026(i)		63,710
	1,270,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.582%, 12/15/2025(i)		1,072,629
				1,136,339
		Gaming – 0.1%
	215,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		316,910

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Convertible Bonds – continued
		Healthcare – 0.4%
$	2,405,000	Teladoc Health, Inc., 1.250%, 6/01/2027	$	1,847,508
		Leisure – 0.2%
	1,120,000	NCL Corp. Ltd., 1.125%, 2/15/2027		767,133
		Media Entertainment – 0.2%
	605,000	Snap, Inc., Zero Coupon, 6.697%-7.641%, 5/01/2027(i)		422,593
	540,000	Spotify USA, Inc., Zero Coupon, 5.189%-5.873%, 3/15/2026(i)		434,700
				857,293
		Pharmaceuticals – 1.0%
	820,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		870,266
	2,205,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		2,369,407
	580,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026(h)		535,412
	485,000	Livongo Health, Inc., 0.875%, 6/01/2025		424,559
				4,199,644
		Technology – 0.3%
	35,000	Bentley Systems, Inc., 0.375%, 7/01/2027		28,490
	480,000	RingCentral, Inc., Zero Coupon, 7.146%-8.016%, 3/15/2026(i)		376,800
	465,000	Splunk, Inc., 1.125%, 6/15/2027		392,367
	570,000	Unity Software, Inc., Zero Coupon, 7.084%-8.213%, 11/15/2026(i)		426,645
				1,224,302
		Total Convertible Bonds (Identified Cost $19,290,526)		15,499,909
	Municipals – 0.8%
		Virginia – 0.8%
	3,865,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $3,848,520)		3,481,750
		Total Bonds and Notes (Identified Cost $405,978,138)		356,436,872
	Senior Loans – 0.3%
		Independent Energy – 0.3%
	1,282,000	Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 12.941%, 11/01/2025(b)(j) (Identified Cost $1,282,579)		1,351,228

Principal Amount		Description	Value (†)
Collateralized Loan Obligations – 3.9%
$	555,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3-month LIBOR + 2.900%, 7.225%, 4/23/2034, 144A(b)	$	494,543
	1,090,000	AIG CLO LLC, Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 7.275%, 4/22/2034, 144A(b)		1,006,372
	1,005,000	AIMCO CLO Ltd., Series 2017-AA, Class DR, 3-month LIBOR + 3.150%, 7.393%, 4/20/2034, 144A(b)		915,448
	605,000	AIMCO CLO Ltd., Series 2020-12A, Class AR, 3-month SOFR + 1.170%, 5.034%, 1/17/2032, 144A(b)		593,356
	1,940,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 7.143%, 4/20/2034, 144A(b)		1,784,008
	2,100,000	Ares XLII CLO Ltd., Series 2017-42A, Class BR, 3-month LIBOR + 1.500%, 5.825%, 1/22/2028, 144A(b)		2,047,634
	255,000	Atrium XV, Series 15A, Class D, 3-month LIBOR + 3.000%, 7.325%, 1/23/2031, 144A(b)		238,991
	370,000	Carlyle U.S. CLO Ltd., Series 2018-4A, Class C, 3-month LIBOR + 2.900%, 7.143%, 1/20/2031, 144A(b)		336,962
	305,000	CarVal CLO I Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.890%, 6.969%, 7/16/2031, 144A(b)		273,029
	503,000	CIFC Funding Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.650%, 6.844%, 4/18/2031, 144A(b)		455,417
	340,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 7.093%, 1/20/2034, 144A(b)		318,667
	365,000	Invesco CLO Ltd., Series 2021-1A, Class D,, 3-month LIBOR + 3.050% 7.129%, 4/15/2034, 144A(b)		333,622
	500,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, 3-month LIBOR + 3.000%, 7.325%, 1/23/2031, 144A(b)		466,350
	1,930,000	Oaktree CLO Ltd., Series 2019-2A, Class BR, 3-month LIBOR + 2.700%, 6.779%, 4/15/2031, 144A(b)		1,824,821
	255,000	OCP CLO Ltd., Series 2018-15A, Class C, 3-month LIBOR + 2.950%, 7.193%, 7/20/2031, 144A(b)		226,354
	1,835,000	OZLM XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.750%, 7.829%, 4/15/2034, 144A(b)		1,682,280
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 7.493%, 4/20/2034, 144A(b)		218,641
	895,000	Rockford Tower CLO Ltd., Series 2018-1A, Class A, 3-month LIBOR + 1.100%, 5.775%, 5/20/2031, 144A(b)		879,982
	467,354	Shackleton CLO Ltd., Series 2017-10A, Class AR2, 3-month LIBOR + 0.890%, 5.133%, 4/20/2029, 144A(b)		460,293
	470,000	Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 3-month LIBOR + 1.160%, 5.239%, 4/17/2034, 144A(b)		458,411
	575,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3-month LIBOR + 2.900%, 7.143%, 4/20/2034, 144A(b)		539,076
	410,000	VERDE CLO Ltd., Series 2019-1A, Class AR, 3-month LIBOR + 1.100%, 5.179%, 4/15/2032, 144A(b)		402,576
		Total Collateralized Loan Obligations (Identified Cost $16,954,706)		15,956,833
Shares
Common Stocks – 1.3%
		Aerospace & Defense – 0.0%
	330	Lockheed Martin Corp.		160,542
		Air Freight & Logistics – 0.0%
	762	United Parcel Service, Inc., Class B		132,466

Shares		Description	Value (†)
Common Stocks – continued
		Beverages – 0.0%
	2,233	Coca-Cola Co. (The)	$	142,041
		Biotechnology – 0.1%
	1,297	AbbVie, Inc.		209,608
		Capital Markets – 0.1%
	100	BlackRock, Inc.		70,863
	1,063	Morgan Stanley		90,376
				161,239
		Communications Equipment – 0.0%
	1,308	Cisco Systems, Inc.		62,313
		Containers & Packaging – 0.0%
	443	Packaging Corp. of America		56,664
		Electric Utilities – 0.1%
	865	Duke Energy Corp.		89,086
	1,534	NextEra Energy, Inc.		128,243
				217,329
		Electrical Equipment – 0.0%
	671	Emerson Electric Co.		64,456
		Food & Staples Retailing – 0.1%
	121	Costco Wholesale Corp.		55,236
	820	Walmart, Inc.		116,268
				171,504
		Health Care Equipment & Supplies – 0.0%
	1,003	Abbott Laboratories		110,119
		Health Care Providers & Services – 0.1%
	225	Elevance Health, Inc.		115,418
	214	UnitedHealth Group, Inc.		113,459
				228,877
		Hotels, Restaurants & Leisure – 0.0%
	1,468	Starbucks Corp.		145,626
		Household Products – 0.1%
	1,246	Procter & Gamble Co. (The)		188,844
		IT Services – 0.0%
	311	Accenture PLC, Class A		82,987
		Life Sciences Tools & Services – 0.0%
	156	Thermo Fisher Scientific, Inc.		85,908
		Machinery – 0.1%
	255	Cummins, Inc.		61,784
	289	Deere & Co.		123,912
				185,696

Shares		Description	Value (†)
Common Stocks – continued
		Media – 0.2%
	138,910	Altice USA, Inc., Class A(e)	$	638,986
	3,807	Comcast Corp., Class A		133,131
	34,625	iHeartMedia, Inc., Class A(e)		212,251
				984,368
		Metals & Mining – 0.0%
	1,730	Newmont Corp.		81,656
		Oil, Gas & Consumable Fuels – 0.1%
	939	Battalion Oil Corp.(e)		9,118
	332	Devon Energy Corp.		20,421
	490	Pioneer Natural Resources Co.		111,911
	2,715	Williams Cos., Inc. (The)		89,324
				230,774
		Pharmaceuticals – 0.1%
	1,122	Bristol-Myers Squibb Co.		80,728
	1,045	Johnson & Johnson		184,599
	1,029	Merck & Co., Inc.		114,168
				379,495
		Professional Services – 0.0%
	456	Clarivate PLC(e)		3,803
		REITs - Diversified – 0.0%
	487	American Tower Corp.		103,176
		Road & Rail – 0.0%
	436	Union Pacific Corp.		90,282
		Semiconductors & Semiconductor Equipment – 0.1%
	259	Broadcom, Inc.		144,815
	1,624	Microchip Technology, Inc.		114,086
	1,166	QUALCOMM, Inc.		128,190
				387,091
		Software – 0.0%
	578	Microsoft Corp.		138,616
		Specialty Retail – 0.0%
	303	Home Depot, Inc. (The)		95,705
		Technology Hardware, Storage & Peripherals – 0.0%
	923	Apple, Inc.		119,925
		Wireless Telecommunication Services – 0.1%
	2,517	T-Mobile US, Inc.(e)		352,380
		Total Common Stocks (Identified Cost $7,497,347)		5,373,490

Shares		Description	Value (†)
Preferred Stocks – 1.1%
Convertible Preferred Stocks – 1.1%
		Banking – 0.5%
	1,109	Bank of America Corp., Series L, 7.250%	$	1,286,440
	834	Wells Fargo & Co., Class A, Series L, 7.500%		988,290
				2,274,730
		Midstream – 0.1%
	5,333	El Paso Energy Capital Trust I, 4.750%		240,194
		Technology – 0.1%
	8,046	Clarivate PLC, Series A, 5.250%		304,782
		Wireless – 0.4%
	1,413	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		1,616,500
		Total Convertible Preferred Stocks (Identified Cost $5,432,621)		4,436,206
		Total Preferred Stocks (Identified Cost $5,432,621)		4,436,206
Principal Amount
Short-Term Investments – 5.5%
$	12,354,393	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $12,356,863 on 1/03/2023 collateralized by $13,127,700 U.S. Treasury Note, 3.250% due 6/30/2029 valued at $12,601,568 including accrued interest(k)		12,354,393
	10,100,000	U.S. Treasury Bills, 3.995%-3.996%, 1/26/2023(l)(m)		10,074,960
		Total Short-Term Investments (Identified Cost $22,426,368)		22,429,353
		Total Investments – 98.6% (Identified Cost $459,571,759)		405,983,982
		Other assets less liabilities – 1.4%		5,876,454
		Net Assets – 100.0%	$	411,860,436

(†) 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.

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 December 31, 2022 is disclosed.

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

(c) Perpetual bond with no specified maturity date.

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

(e) Non-income producing security.

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

(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.

(i) 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.

(j) 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.

(k) 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.

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

(m) The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

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 $155,751,038 or 37.8% of net assets.
ABS		Asset-Backed Securities
EMTN	��	Euro Medium Term Note
LIBOR		London Interbank Offered Rate
MTN		Medium Term Note
REITs		Real Estate Investment Trusts
SOFR		Secured Overnight Financing Rate

Futures Contracts

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

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

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

At December 31, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		3/22/2023		262	$	35,642,065	$	35,189,875	$	(452,190	)

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	$	—	$	869,781	$	163,000	$	1,032,781
All Other Non-Convertible Bonds*		—		336,422,432		—		336,422,432
Total Non-Convertible Bonds		—		337,292,213		163,000		337,455,213
Convertible Bonds*		—		15,499,909		—		15,499,909
Municipals*		—		3,481,750		—		3,481,750
Total Bonds and Notes		—		356,273,872		163,000		356,436,872
Senior Loans*		—		1,351,228		—		1,351,228
Collateralized Loan Obligations		—		15,956,833		—		15,956,833
Common Stocks*		5,373,490		—		—		5,373,490
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,616,500		—		1,616,500
All Other Convertible Preferred Stocks*		2,819,706		—		—		2,819,706
Total Preferred Stocks		2,819,706		1,616,500		—		4,436,206
Short-Term Investments		—		22,429,353		—		22,429,353
Total	$	8,193,196	$	397,627,786	$	163,000	$	405,983,982

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(452,190	)	$	—	$	—	$	(452,190	)

* 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
Property & Casualty Insurance	$	199,675	$	2,221	$	-	$	(38,896)	$	-	$	-	$	-	$	-	$	163,000	$	(38,896)

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. As of December 31, 2022, the Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for the Fund, as of December 31, 2022:

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(452,190)

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
$ 2,219,858	$ 2,219,858

Industry Summary at December 31, 2022 (Unaudited)

Treasuries	21.2	%
Banking	6.7
ABS Home Equity	4.8
Cable Satellite	4.2
ABS Car Loan	4.2
Technology	4.1
Finance Companies	3.7
Independent Energy	3.5
Wireless	2.6
ABS Other	2.4
Metals & Mining	2.3
Pharmaceuticals	2.2
Life Insurance	2.2
Other Investments, less than 2% each	25.1
Short-Term Investments	5.5
Collateralized Loan Obligations	3.9
Total Investments	98.6
Other assets less liabilities (including futures contracts)	1.4
Net Assets	100.0	%