Loomis Sayles Funds I NPORT-P Loomis Sayles Institutional High Income Fund (Jun 2023 report)

PORTFOLIO OF INVESTMENTS – as of June 30, 2023 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 90.4% of Net Assets
	Non-Convertible Bonds – 86.1%
		ABS Car Loan – 0.6%
	$      802,000	Hertz Vehicle Financing III LLC, Series 2022-1A, Class D, 4.850%, 6/25/2026, 144A	$	741,345
	488,000	Hertz Vehicle Financing III LLC, Series 2022-3A, Class D, 6.310%, 3/25/2025, 144A		480,799
	300,000	Hertz Vehicle Financing III LLC, Series 2023-2A, Class D, 9.400%, 9/25/2029, 144A		302,498
	410,000	Hertz Vehicle Financing LLC, Series 2022-4A, Class D, 6.560%, 9/25/2026, 144A		387,939
				1,912,581
		ABS Other – 0.1%
	214,456	Business Jet Securities LLC, Series 2021-1A, Class C, 5.067%, 4/15/2036, 144A		197,369
	223,082	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.170%, 11/20/2037, 144A		203,289
				400,658
		Aerospace & Defense – 1.4%
	400,000	Bombardier, Inc., 6.000%, 2/15/2028, 144A		378,042
	1,355,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,345,871
	355,000	TransDigm, Inc., 4.875%, 5/01/2029		317,108
	390,000	TransDigm, Inc., 5.500%, 11/15/2027		367,848
	160,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		159,218
	1,655,000	TransDigm, Inc., 6.750%, 8/15/2028, 144A		1,661,273
				4,229,360
		Airlines – 1.3%
	485,000	Allegiant Travel Co., 7.250%, 8/15/2027, 144A		483,210
	390,557	American Airlines Pass-Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		359,273
	1,058,164	American Airlines Pass-Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		994,156
	2,285,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		2,218,687
				4,055,326
		Automotive – 3.8%
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		452,323
	185,000	Dana, Inc., 4.250%, 9/01/2030		154,019

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Automotive – continued
	$      180,000	Ford Motor Co., 3.250%, 2/12/2032	$	141,603
	1,115,000	Ford Motor Credit Co. LLC, 2.300%, 2/10/2025		1,042,291
	3,080,000	Ford Motor Credit Co. LLC, 3.375%, 11/13/2025		2,864,013
	545,000	Ford Motor Credit Co. LLC, 6.950%, 3/06/2026		547,888
	1,200,000	Ford Motor Credit Co. LLC, 6.950%, 6/10/2026		1,205,916
	1,620,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(a)		1,318,275
	895,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(a)		764,887
	320,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		280,910
	340,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		340,527
	750,000	Jaguar Land Rover Automotive PLC, 5.500%, 7/15/2029, 144A		639,910
	1,100,000	Nissan Motor Acceptance Co. LLC, 1.850%, 9/16/2026, 144A		933,196
	545,000	Nissan Motor Co. Ltd., 4.345%, 9/17/2027, 144A		495,680
	270,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		221,400
	265,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		79,871
	280,000	ZF North America Capital, Inc., 7.125%, 4/14/2030, 144A		285,130
				11,767,839
		Banking – 2.8%
	665,000	Ally Financial, Inc., 5.750%, 11/20/2025		640,436
	715,000	Barclays PLC, (fixed rate to 6/27/2033, variable rate thereafter), 7.119%, 6/27/2034		714,715
	405,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		320,481
	750,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		550,027
	605,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		457,499
	620,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		523,521
	1,630,000	Intesa Sanpaolo SpA, 6.625%, 6/20/2033, 144A		1,624,019
	295,000	UBS Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		353,598

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Banking – continued
	$      250,000	UBS Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A	$	229,242
	1,515,000	UBS Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		1,505,431
	250,000	UBS Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		250,920
	500,000	UBS Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		511,715
	1,180,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		1,001,406
				8,683,010
		Brokerage – 0.2%
	340,000	Coinbase Global, Inc., 3.375%, 10/01/2028, 144A		227,406
	185,000	Coinbase Global, Inc., 3.625%, 10/01/2031, 144A		109,304
	405,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.000%, 8/15/2028, 144A		332,025
				668,735
		Building Materials – 2.4%
	485,000	Advanced Drainage Systems, Inc., 6.375%, 6/15/2030, 144A		479,796
	490,000	Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A		426,373
	635,000	Camelot Return Merger Sub, Inc., 8.750%, 8/01/2028, 144A		600,071
	2,760,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		2,323,656
	840,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(a)		747,553
	840,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		701,400
	540,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A		446,715
	450,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.500%, 2/01/2030, 144A		371,250
	470,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A		403,674
	370,000	Specialty Building Products Holdings LLC/SBP Finance Corp., 6.375%, 9/30/2026, 144A		349,578
	320,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		277,151
	580,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		394,400
				7,521,617
		Cable Satellite – 7.2%
	3,845,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		3,106,183

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Cable Satellite – continued
	$    1,175,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A	$	888,027
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032		11,977
	2,215,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.000%, 2/01/2028, 144A		2,018,064
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		582,028
	200,000	CSC Holdings LLC, 3.375%, 2/15/2031, 144A		135,378
	200,000	CSC Holdings LLC, 4.500%, 11/15/2031, 144A		139,443
	6,970,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		3,101,212
	4,090,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		1,904,746
	215,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		178,878
	1,955,000	CSC Holdings LLC, 5.750%, 1/15/2030, 144A		923,092
	425,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		343,415
	1,645,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		1,489,770
	1,145,000	DISH DBS Corp., 5.125%, 6/01/2029		531,676
	1,410,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		1,131,063
	1,105,000	DISH DBS Corp., 5.750%, 12/01/2028, 144A		821,881
	4,160,000	DISH DBS Corp., 7.750%, 7/01/2026		2,549,934
	495,000	Sirius XM Radio, Inc., 3.875%, 9/01/2031, 144A		382,780
	665,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		616,980
	385,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		237,595
	720,000	UPC Broadband Finco BV, 4.875%, 7/15/2031, 144A		592,625
	710,000	Ziggo Bond Co. BV, 6.000%, 1/15/2027, 144A		651,653
				22,338,400
		Chemicals – 2.3%
	205,000	Ashland, Inc., 3.375%, 9/01/2031, 144A		163,742
	810,000	ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028, 144A		584,763
	835,000	Chemours Co., 4.625%, 11/15/2029, 144A		705,672

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Chemicals – continued
	$      390,000	Consolidated Energy Finance SA, 5.625%, 10/15/2028, 144A	$	331,578
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		4,389,236
	240,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		219,012
	610,000	Olympus Water U.S. Holding Corp., 4.250%, 10/01/2028, 144A		482,233
	325,000	Olympus Water U.S. Holding Corp., 9.750%, 11/15/2028, 144A		316,972
	165,000	WR Grace Holdings LLC, 5.625%, 8/15/2029, 144A		135,185
				7,328,393
		Consumer Cyclical Services – 3.0%
	1,585,000	ADT Security Corp., 4.125%, 8/01/2029, 144A		1,369,044
	340,000	Arches Buyer, Inc., 4.250%, 6/01/2028, 144A		295,865
	285,000	Match Group Holdings II LLC, 3.625%, 10/01/2031, 144A		234,253
	210,000	Match Group Holdings II LLC, 5.000%, 12/15/2027, 144A		194,757
	150,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 8/31/2027, 144A		132,296
	830,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		621,016
	1,235,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		1,136,692
	4,595,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		4,572,301
	230,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		235,256
	535,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		545,225
				9,336,705
		Consumer Products – 1.1%
	180,000	Coty, Inc., 5.000%, 4/15/2026, 144A		172,497
	520,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A		479,440
	1,060,000	Energizer Holdings, Inc., 4.375%, 3/31/2029, 144A		913,402
	665,000	Mattel, Inc., 3.750%, 4/01/2029, 144A		585,088
	690,000	Newell Brands, Inc., 4.700%, 4/01/2026		648,152
	225,000	Prestige Brands, Inc., 3.750%, 4/01/2031, 144A		186,276

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Consumer Products – continued
	$      505,000	Tempur Sealy International, Inc., 3.875%, 10/15/2031, 144A	$	411,400
				3,396,255
		Diversified Manufacturing – 0.5%
	365,000	Chart Industries, Inc., 7.500%, 1/01/2030, 144A		372,393
	385,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		311,815
	920,000	Resideo Funding, Inc., 4.000%, 9/01/2029, 144A		763,233
				1,447,441
		Electric – 1.7%
	2,545,000	Calpine Corp., 4.500%, 2/15/2028, 144A		2,304,068
	445,000	Clearway Energy Operating LLC, 3.750%, 2/15/2031, 144A		369,283
	985,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		758,928
	290,000	Talen Energy Supply LLC, 8.625%, 6/01/2030, 144A		300,150
	1,665,000	Vistra Operations Co. LLC, 5.125%, 5/13/2025, 144A		1,622,776
				5,355,205
		Environmental – 0.5%
	35,000	Clean Harbors, Inc., 5.125%, 7/15/2029, 144A		33,114
	285,000	Clean Harbors, Inc., 6.375%, 2/01/2031, 144A		286,784
	1,430,000	Covanta Holding Corp., 4.875%, 12/01/2029, 144A		1,236,950
				1,556,848
		Finance Companies – 3.7%
	1,000,000	AGFC Capital Trust I, 3 mo. USD LIBOR + 1.750%, 7.010%, 1/15/2067, 144A(b)		511,940
	345,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		240,776
	405,000	Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A		285,525
	510,406	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(c)		467,200
	535,000	Home Point Capital, Inc., 5.000%, 2/01/2026, 144A		479,673
	3,105,000	Navient Corp., Series A, MTN, 5.625%, 8/01/2033		2,334,960
	715,000	OneMain Finance Corp., 3.500%, 1/15/2027		613,427
	1,380,000	OneMain Finance Corp., 4.000%, 9/15/2030		1,062,600

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Finance Companies – continued
	$      125,000	OneMain Finance Corp., 5.375%, 11/15/2029	$	106,269
	990,000	OneMain Finance Corp., 7.125%, 3/15/2026		972,667
	1,220,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		1,079,700
	3,135,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		2,542,038
	1,235,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		966,066
				11,662,841
		Financial Other – 2.3%
	200,000	Agile Group Holdings Ltd., 5.500%, 4/21/2025		51,734
	400,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		94,876
	200,000	Central China Real Estate Ltd., 7.250%, 7/16/2024(d)		18,052
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024(d)		16,940
	280,000	Central China Real Estate Ltd., 7.650%, 8/27/2025(d)		19,589
	535,665	CFLD Cayman Investment Ltd., 2.500%, 1/31/2031, 144A		32,847
	441,195	CFLD Cayman Investment Ltd., 2.500%, 1/31/2031, 144A		58,123
	55,431	CFLD Cayman Investment Ltd., Zero Coupon, 0.000%-36.271%, 1/31/2031, 144A(e)		1,663
	810,000	China Aoyuan Group Ltd., 6.200%, 3/24/2026(d)		38,877
	405,000	China Evergrande Group, 8.750%, 6/28/2025(d)		24,575
	200,000	China Evergrande Group, 9.500%, 4/11/2022(d)		12,118
	650,312	Easy Tactic Ltd., 7.500% PIK or 6.500% Cash, 7/11/2027(f)		55,628
	200,000	Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(d)		11,729
	3,015,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		2,368,885
	15,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.750%, 9/15/2024		14,332
	970,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		836,528
	335,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		304,888
	950,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375%, 12/15/2025		883,123
	400,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(d)		27,224

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Financial Other – continued
	$      200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(d)	$	13,490
	800,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(d)		52,072
	610,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(d)		37,751
	200,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(d)		13,612
	210,000	KWG Group Holdings Ltd., 6.300%, 2/13/2026(d)		20,742
	660,000	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030, 144A		535,392
	350,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		306,581
	1,320,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		1,084,307
	205,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(d)		20,170
	260,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022(d)		19,692
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(d)		15,148
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(d)		14,524
	200,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025(d)		32,274
	405,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(d)		59,218
	265,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024(d)		43,142
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027(d)		13,264
	405,000	Times China Holdings Ltd., 6.200%, 3/22/2026(d)		26,859
	920,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(d)		38,349
	200,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(d)		8,337
	205,000	Yuzhou Group Holdings Co. Ltd., 7.850%, 8/12/2026(d)		8,545
	295,000	Zhenro Properties Group Ltd., 6.630%, 1/07/2026(d)		10,325
				7,245,525
		Food & Beverage – 0.9%
	425,000	HLF Financing Sarl LLC/Herbalife International, Inc., 4.875%, 6/01/2029, 144A		302,927
	1,205,000	Lamb Weston Holdings, Inc., 4.375%, 1/31/2032, 144A		1,076,397
	410,000	Performance Food Group, Inc., 4.250%, 8/01/2029, 144A		365,028

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Food & Beverage – continued
	$      895,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A	$	764,360
	375,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		300,456
				2,809,168
		Gaming – 3.1%
	340,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		303,740
	750,000	Caesars Entertainment, Inc., 6.250%, 7/01/2025, 144A		746,527
	1,025,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		846,985
	90,000	Penn Entertainment, Inc., 4.125%, 7/01/2029, 144A		73,863
	690,000	Sands China Ltd., 3.350%, 3/08/2029		574,902
	1,530,000	Sands China Ltd., 4.875%, 6/18/2030		1,361,810
	745,000	Sands China Ltd., 5.900%, 8/08/2028		710,123
	755,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		750,969
	1,310,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		1,311,638
	520,000	VICI Properties LP, 4.375%, 5/15/2025		502,556
	280,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		261,935
	295,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		278,692
	250,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		241,561
	220,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		218,644
	705,000	Wynn Macau Ltd., 5.500%, 1/15/2026, 144A		654,769
	1,020,000	Wynn Macau Ltd., 5.625%, 8/26/2028, 144A		889,950
				9,728,664
		Government Sponsored – 0.2%
	495,000	Petrobras Global Finance BV, 6.500%, 7/03/2033		484,358
		Health Care REITs – 0.1%
	465,000	MPT Operating Partnership LP/MPT Finance Corp., 3.500%, 3/15/2031		320,393
		Health Insurance – 0.5%
	1,070,000	Centene Corp., 2.450%, 7/15/2028		914,589

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Health Insurance – continued
	$      870,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A	$	729,364
				1,643,953
		Healthcare – 1.2%
	875,000	AdaptHealth LLC, 5.125%, 3/01/2030, 144A		708,750
	455,000	AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		392,315
	1,475,000	CHS/Community Health Systems, Inc., 5.250%, 5/15/2030, 144A		1,161,898
	440,000	Garden Spinco Corp., 8.625%, 7/20/2030, 144A		472,890
	185,000	Hologic, Inc., 3.250%, 2/15/2029, 144A		161,857
	675,000	Medline Borrower LP, 3.875%, 4/01/2029, 144A		586,618
	350,000	U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A		299,687
				3,784,015
		Home Construction – 0.0%
	115,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		105,669
	40,000	Meritage Homes Corp., 3.875%, 4/15/2029, 144A		35,294
				140,963
		Independent Energy – 6.4%
	585,000	Antero Resources Corp., 5.375%, 3/01/2030, 144A		541,561
	65,000	Apache Corp., 4.375%, 10/15/2028		59,365
	285,000	Apache Corp., 4.750%, 4/15/2043		209,475
	315,000	Baytex Energy Corp., 8.500%, 4/30/2030, 144A		307,619
	270,000	Baytex Energy Corp., 8.750%, 4/01/2027, 144A		273,422
	375,000	Callon Petroleum Co., 7.500%, 6/15/2030, 144A		353,952
	355,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A		351,063
	925,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A		901,840
	585,000	Chesapeake Energy Corp., 6.750%, 4/15/2029, 144A		580,458
	195,000	Chord Energy Corp., 6.375%, 6/01/2026, 144A		193,318
	1,050,000	Civitas Resources, Inc., 8.375%, 7/01/2028, 144A		1,061,865

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
	$      440,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A	$	402,577
	2,180,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		1,674,903
	330,000	Continental Resources, Inc., 4.900%, 6/01/2044		256,440
	455,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		432,549
	490,000	Crescent Energy Finance LLC, 7.250%, 5/01/2026, 144A		459,870
	655,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A		607,683
	345,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		311,363
	610,000	EQT Corp., 3.900%, 10/01/2027		563,957
	65,000	EQT Corp., 5.700%, 4/01/2028		64,153
	315,000	Gulfport Energy Corp., 8.000%, 5/17/2026, 144A		316,481
	440,000	Matador Resources Co., 5.875%, 9/15/2026		426,380
	515,000	Matador Resources Co., 6.875%, 4/15/2028, 144A		509,743
	260,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A		244,508
	795,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		779,100
	750,000	Northern Oil & Gas, Inc., 8.750%, 6/15/2031, 144A		736,875
	300,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		304,620
	215,000	Occidental Petroleum Corp., 6.450%, 9/15/2036		220,654
	1,250,000	Occidental Petroleum Corp., 6.600%, 3/15/2046		1,286,937
	1,090,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		1,132,619
	965,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		1,109,152
	590,000	Permian Resources Operating LLC, 5.875%, 7/01/2029, 144A		555,786
	185,000	Permian Resources Operating LLC, 6.875%, 4/01/2027, 144A		182,225
	315,000	Range Resources Corp., 8.250%, 1/15/2029		327,978
	1,540,000	Sanchez Energy Corp., 6.125%, 1/15/2023(d)		23,100
	135,000	SM Energy Co., 5.625%, 6/01/2025		131,921
	210,000	SM Energy Co., 6.625%, 1/15/2027		203,963

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
	$      430,000	SM Energy Co., 6.750%, 9/15/2026	$	419,125
	360,000	Southwestern Energy Co., 5.375%, 2/01/2029		338,999
	710,000	Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A		621,522
	455,000	Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A		468,650
				19,947,771
		Industrial Other – 0.1%
	385,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		364,563
		Leisure – 3.5%
	1,830,000	Carnival Corp., 5.750%, 3/01/2027, 144A		1,684,680
	40,000	Carnival Corp., 6.000%, 5/01/2029, 144A		35,713
	115,000	Carnival Corp., 9.875%, 8/01/2027, 144A		119,788
	380,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		334,254
	5,000	NCL Corp. Ltd., 5.875%, 3/15/2026		4,678
	2,765,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		2,586,833
	295,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		265,506
	465,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028		404,131
	1,315,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		1,207,105
	1,730,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,613,294
	530,000	Royal Caribbean Cruises Ltd., 11.625%, 8/15/2027, 144A		576,343
	305,000	SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A		272,998
	565,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A		519,303
	260,000	Viking Cruises Ltd., 7.000%, 2/15/2029, 144A		241,800
	870,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		796,050
	335,000	VOC Escrow Ltd., 5.000%, 2/15/2028, 144A		307,362
				10,969,838
		Lodging – 1.3%
	255,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		212,603

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Lodging – continued
	$    1,030,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A	$	864,104
	705,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		625,652
	790,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		681,821
	450,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		382,872
	1,700,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		1,438,625
				4,205,677
		Media Entertainment – 1.0%
	665,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A(d)		22,444
	425,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A(d)		10,696
	1,950,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		1,470,079
	1,050,000	iHeartCommunications, Inc., 6.375%, 5/01/2026		881,217
	255,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		226,313
	490,000	Stagwell Global LLC, 5.625%, 8/15/2029, 144A		421,753
	245,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032		217,284
				3,249,786
		Metals & Mining – 2.4%
	900,000	ATI, Inc., 4.875%, 10/01/2029		810,170
	125,000	ATI, Inc., 5.875%, 12/01/2027		120,971
	510,000	Commercial Metals Co., 4.125%, 1/15/2030		453,850
	1,008,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		992,278
	3,030,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,955,765
	650,000	GrafTech Finance, Inc., 4.625%, 12/15/2028, 144A		528,139
	485,000	GrafTech Global Enterprises, Inc., 9.875%, 12/15/2028, 144A		481,217
	735,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		735,099
	163,000	U.S. Steel Corp., 6.875%, 3/01/2029		161,227

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Metals & Mining – continued
	$      170,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A	$	126,429
				7,365,145
		Midstream – 5.3%
	520,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/2029, 144A		483,174
	240,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.875%, 5/15/2026, 144A		243,403
	820,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		828,923
	555,000	Cheniere Energy Partners LP, 4.000%, 3/01/2031		488,672
	595,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		530,688
	490,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A		457,537
	75,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		63,479
	485,000	EnLink Midstream LLC, 6.500%, 9/01/2030, 144A		484,462
	90,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		71,798
	370,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		304,142
	625,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		523,266
	85,000	Enterprise Products Operating LLC, Series E, (fixed rate to 8/16/2027, variable rate thereafter), 5.250%, 8/16/2077		74,329
	1,080,000	EQM Midstream Partners LP, 4.125%, 12/01/2026		1,004,437
	140,000	EQM Midstream Partners LP, 6.500%, 7/15/2048		126,610
	1,230,000	EQM Midstream Partners LP, 7.500%, 6/01/2027, 144A		1,241,771
	210,000	EQM Midstream Partners LP, 7.500%, 6/01/2030, 144A		212,509
	570,000	Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		530,153
	1,415,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		1,234,587
	895,000	Hess Midstream Operations LP, 5.125%, 6/15/2028, 144A		837,622
	105,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		103,294
	310,000	Holly Energy Partners LP/Holly Energy Finance Corp., 5.000%, 2/01/2028, 144A		285,962
	285,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.375%, 4/15/2027, 144A		281,530
	1,025,000	Kinetik Holdings LP, 5.875%, 6/15/2030, 144A		974,252

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
	$      520,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A	$	435,318
	350,000	Sunoco LP/Sunoco Finance Corp., 4.500%, 5/15/2029		310,517
	415,000	Targa Resources Corp., 6.125%, 3/15/2033		424,043
	105,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		97,035
	135,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2028		128,835
	915,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		880,568
	1,555,000	Venture Global Calcasieu Pass LLC, 3.875%, 11/01/2033, 144A		1,273,367
	320,000	Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031, 144A		275,189
	130,000	Western Midstream Operating LP, 4.500%, 3/01/2028		122,589
	450,000	Western Midstream Operating LP, 4.750%, 8/15/2028		427,098
	540,000	Western Midstream Operating LP, 5.300%, 3/01/2048		450,752
	300,000	Western Midstream Operating LP, 5.500%, 2/01/2050		245,721
	10,000	Western Midstream Operating LP, 6.150%, 4/01/2033		10,079
				16,467,711
		Non-Agency Commercial Mortgage-Backed Securities – 1.4%
	800,000	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 5.105%, 5/10/2047, 144A(h)		532,009
	165,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		89,143
	205,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.297%, 8/10/2044, 144A(h)		142,610
	1,830,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.297%, 8/10/2044, 144A(h)		571,432
	425,000	GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.842%, 6/10/2047, 144A(h)		317,132
	720,000	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class C, 4.430%, 8/15/2046(h)		707,947
	1,135,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.484%, 8/15/2046(h)(i)		783,747
	475,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.423%, 10/15/2030, 144A(h)		308,750
	208,290	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1 mo. USD LIBOR + 1.470%, 6.664%, 11/15/2027, 144A(b)		149,969
	310,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class B, 4.322%, 8/15/2050		234,887
	545,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		200,947

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
	$      215,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.473%, 12/15/2045(h)	$	147,813
	185,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class C, 4.584%, 8/15/2046(h)		137,030
				4,323,416
		Oil Field Services – 1.1%
	265,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		239,432
	40,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		39,498
	380,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		367,750
	1,889,063	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		1,863,088
	410,000	Transocean Titan Financing Ltd., 8.375%, 2/01/2028, 144A		418,713
	440,000	Weatherford International Ltd., 8.625%, 4/30/2030, 144A		446,706
				3,375,187
		Other REITs – 0.2%
	120,000	Service Properties Trust, 3.950%, 1/15/2028		93,981
	280,000	Service Properties Trust, 4.350%, 10/01/2024		269,421
	75,000	Service Properties Trust, 4.650%, 3/15/2024		73,756
	60,000	Service Properties Trust, 4.750%, 10/01/2026		52,088
	215,000	Service Properties Trust, 4.950%, 2/15/2027		183,818
				673,064
		Packaging – 0.3%
	422,598	ARD Finance SA, 7.250% PIK or 6.500% Cash, 6/30/2027(c)		342,366
	410,000	LABL, Inc., 5.875%, 11/01/2028, 144A		372,887
	360,000	Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/01/2028, 144A		357,346
				1,072,599
		Pharmaceuticals – 4.0%
	3,190,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		1,898,688
	160,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		66,400
	965,000	Bausch Health Cos., Inc., 6.125%, 2/01/2027, 144A		617,793
	640,000	Cheplapharm Arzneimittel GmbH, 5.500%, 1/15/2028, 144A		582,125

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Pharmaceuticals – continued
	$      575,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A(d)	$	31,568
	200,000	Endo Luxembourg Finance Co. I Sarl/Endo U.S., Inc., 6.125%, 4/01/2029, 144A		148,000
	385,000	Grifols Escrow Issuer SA, 4.750%, 10/15/2028, 144A		334,134
	1,150,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		948,778
	870,000	Perrigo Finance Unlimited Co., 4.650%, 6/15/2030		769,866
	770,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		684,275
	245,000	Teva Pharmaceutical Finance Netherlands II BV, 7.375%, 9/15/2029, (EUR)		272,017
	200,000	Teva Pharmaceutical Finance Netherlands II BV, 7.875%, 9/15/2031, (EUR)		225,436
	265,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		237,452
	5,915,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		3,888,096
	510,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		471,787
	715,000	Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/2029		736,830
	515,000	Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 9/15/2031		539,762
				12,453,007
		Property & Casualty Insurance – 1.4%
	355,000	Acrisure LLC/Acrisure Finance, Inc., 4.250%, 2/15/2029, 144A		306,434
	780,000	Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A		675,337
	65,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.250%, 10/15/2027, 144A		58,331
	670,000	AmWINS Group, Inc., 4.875%, 6/30/2029, 144A		604,999
	425,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		368,704
	975,000	HUB International Ltd., 7.250%, 6/15/2030, 144A		1,006,785
	935,000	Liberty Mutual Group, Inc., 4.300%, 2/01/2061, 144A		585,609
	1,920,000	MBIA Insurance Corp., 3 mo. USD LIBOR + 11.260%, 16.520%, 1/15/2033, 144A(b)(g)		57,600
	560,000	USI, Inc., 6.875%, 5/01/2025, 144A		555,800
				4,219,599
		Refining – 0.5%
	82,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A		84,765

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Refining – continued
	$      545,000	Parkland Corp., 4.500%, 10/01/2029, 144A	$	472,788
	1,025,000	Parkland Corp., 4.625%, 5/01/2030, 144A		888,731
				1,446,284
		Restaurants – 1.2%
	245,000	1011778 BC ULC/New Red Finance, Inc., 3.500%, 2/15/2029, 144A		214,859
	265,000	1011778 BC ULC/New Red Finance, Inc., 3.875%, 1/15/2028, 144A		242,256
	1,815,000	1011778 BC ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		1,675,560
	340,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		303,832
	310,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 6/01/2027, 144A		299,218
	735,000	Papa John’s International, Inc., 3.875%, 9/15/2029, 144A		622,178
	530,000	Yum! Brands, Inc., 3.625%, 3/15/2031		457,880
				3,815,783
		Retailers – 1.5%
	480,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		440,067
	1,150,000	Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A		1,020,767
	525,000	Bath & Body Works, Inc., 5.250%, 2/01/2028		499,120
	75,000	Bath & Body Works, Inc., 6.625%, 10/01/2030, 144A		72,404
	315,000	Bath & Body Works, Inc., 6.875%, 11/01/2035		288,221
	90,000	Crocs, Inc., 4.125%, 8/15/2031, 144A		72,675
	85,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		73,372
	410,000	Macy’s Retail Holdings LLC, 5.875%, 4/01/2029, 144A		374,125
	390,000	Michaels Cos., Inc., 7.875%, 5/01/2029, 144A		262,778
	370,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		344,393
	125,000	Nordstrom, Inc., 4.250%, 8/01/2031		97,437
	845,000	Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A		707,640
	480,000	Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A		393,881

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Retailers – continued
	$        90,000	Victoria’s Secret & Co., 4.625%, 7/15/2029, 144A	$	65,730
				4,712,610
		Supermarkets – 0.3%
	65,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.250%, 3/15/2026, 144A		60,032
	1,029,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/2027, 144A		974,982
				1,035,014
		Technology – 5.6%
	675,000	Block, Inc., 2.750%, 6/01/2026		614,583
	270,000	Broadcom, Inc., 4.300%, 11/15/2032		247,666
	805,000	Cloud Software Group, Inc., 6.500%, 3/31/2029, 144A		716,757
	2,855,000	CommScope Technologies LLC, 5.000%, 3/15/2027		1,987,269
	740,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		515,089
	225,000	Dun & Bradstreet Corp., 5.000%, 12/15/2029, 144A		198,389
	700,000	Elastic NV, 4.125%, 7/15/2029, 144A		603,872
	935,000	Entegris Escrow Corp., 5.950%, 6/15/2030, 144A		896,321
	270,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		236,455
	470,000	Gartner, Inc., 3.750%, 10/01/2030, 144A		409,332
	610,000	Gen Digital, Inc., 6.750%, 9/30/2027, 144A		608,283
	940,000	GoTo Group, Inc., 5.500%, 9/01/2027, 144A		517,116
	360,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		309,322
	975,000	Iron Mountain, Inc., 5.250%, 3/15/2028, 144A		911,584
	405,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		364,927
	1,480,000	Micron Technology, Inc., 6.750%, 11/01/2029		1,538,447
	495,000	NCR Corp., 5.000%, 10/01/2028, 144A		441,753
	795,000	NCR Corp., 5.125%, 4/15/2029, 144A		703,782
	45,000	NCR Corp., 5.250%, 10/01/2030, 144A		39,123
	1,315,000	Neptune Bidco U.S., Inc., 9.290%, 4/15/2029, 144A		1,207,186

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Technology – continued
	$  1,340,000	Newfold Digital Holdings Group, Inc., 6.000%, 2/15/2029, 144A	$	1,005,188
	725,000	Open Text Corp., 6.900%, 12/01/2027, 144A		738,072
	40,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		33,872
	380,000	Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.000%, 6/15/2029, 144A		298,699
	225,000	Sabre Global, Inc., 11.250%, 12/15/2027, 144A		190,687
	400,000	Seagate HDD Cayman, 4.091%, 6/01/2029		351,888
	540,000	Seagate HDD Cayman, 8.250%, 12/15/2029, 144A		564,014
	30,600	Seagate HDD Cayman, 9.625%, 12/01/2032, 144A		33,765
	1,125,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		962,428
	125,000	Sensata Technologies, Inc., 4.375%, 2/15/2030, 144A		111,781
				17,357,650
		Transportation Services – 0.6%
	2,015,000	Rand Parent LLC, 8.500%, 2/15/2030, 144A		1,824,441
		Treasuries – 4.1%
	13,455,000	U.S. Treasury Notes, 2.625%, 5/31/2027		12,642,444
		Wireless – 1.4%
	655,000	Altice France SA, 5.125%, 1/15/2029, 144A		466,947
	685,000	Altice France SA, 5.500%, 10/15/2029, 144A		489,872
	445,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		387,328
	615,000	IHS Holding Ltd., 6.250%, 11/29/2028, 144A		501,557
	255,000	IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		232,188
	125,000	SBA Communications Corp., 3.125%, 2/01/2029		105,957
	190,000	SBA Communications Corp., 3.875%, 2/15/2027		175,029
	2,125,000	SoftBank Group Corp., 4.625%, 7/06/2028		1,836,425
	105,000	Vodafone Group PLC, (fixed rate to 12/04/2050, variable rate thereafter), 5.125%, 6/04/2081		76,222
				4,271,525

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Wirelines – 1.6%
	$  935,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028	$	766,008
	1,375,000	Frontier Communications Holdings LLC, 5.875%, 10/15/2027, 144A		1,261,921
	630,000	Iliad Holding SASU, 6.500%, 10/15/2026, 144A		594,609
	705,000	Level 3 Financing, Inc., 3.625%, 1/15/2029, 144A		422,827
	245,000	Level 3 Financing, Inc., 4.250%, 7/01/2028, 144A		157,747
	200,000	Liquid Telecommunications Financing PLC, 5.500%, 9/04/2026, 144A		111,894
	1,185,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		1,005,248
	805,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		668,070
				4,988,324
		Total Non-Convertible Bonds (Identified Cost $299,835,849)		268,599,691
	Convertible Bonds – 4.3%
		Airlines – 0.5%
	1,390,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,593,635
		Cable Satellite – 1.2%
	7,350,000	DISH Network Corp., 3.375%, 8/15/2026		3,730,125
	200,000	DISH Network Corp., Zero Coupon, 6.944%-33.748%, 12/15/2025(e)		106,258
				3,836,383
		Consumer Cyclical Services – 0.3%
	1,015,000	Uber Technologies, Inc., Zero Coupon, 0.980%-5.030%, 12/15/2025(e)		930,461
	85,000	Zillow Group, Inc., 1.375%, 9/01/2026		106,887
				1,037,348
		Consumer Products – 0.1%
	425,000	Beauty Health Co., 1.250%, 10/01/2026, 144A		333,359
		Gaming – 0.1%
	190,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		235,410
		Healthcare – 0.8%
	310,000	Lantheus Holdings, Inc., 2.625%, 12/15/2027, 144A		401,634

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Healthcare – continued
	$  2,470,000	Teladoc Health, Inc., 1.250%, 6/01/2027	$	1,963,650
				2,365,284
		Leisure – 0.2%
	555,000	NCL Corp. Ltd., 1.125%, 2/15/2027		510,423
		Pharmaceuticals – 0.9%
	2,130,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		2,141,299
	715,000	Livongo Health, Inc., 0.875%, 6/01/2025		645,931
				2,787,230
		Technology – 0.2%
	660,000	Unity Software, Inc., Zero Coupon, 7.197%-7.662%, 11/15/2026(e)		527,010
	110,000	Wolfspeed, Inc., 0.250%, 2/15/2028		84,260
	200,000	Wolfspeed, Inc., 1.875%, 12/01/2029, 144A		154,200
				765,470
		Total Convertible Bonds (Identified Cost $17,292,193)		13,464,542
		Total Bonds and Notes (Identified Cost $317,128,042)		282,064,233
	Senior Loans – 0.8%
		Leisure – 0.2%
	318,384	Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD SOFR + 3.250%, 8.467%, 10/18/2028(b)(j)		315,200
	275,273	Carnival Corp., USD Term Loan B, 1 mo. USD SOFR + 3.000%, 8.217%, 6/30/2025(b)(j)		274,670
				589,870
		Media Entertainment – 0.5%
	1,608,482	MH Sub I LLC, 2023 Term Loan, 1 mo. USD SOFR + 4.250%, 9.353%, 5/03/2028(b)(k)		1,540,926
		Property & Casualty Insurance – 0.1%
	387,025	USI, Inc., 2022 Incremental Term Loan, 11/22/2029(l)		386,057
		Total Senior Loans (Identified Cost $2,539,706)		2,516,853
	Collateralized Loan Obligations – 1.9%
	920,000	AIG CLO LLC, Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.500%, 11.750%, 7/20/2034, 144A(b)		859,195
	325,000	Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3 mo. USD LIBOR + 6.600%, 11.850%, 12/19/2032, 144A(b)		281,300

Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations – continued
	$  730,000	NYACK Park CLO Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.100%, 11.350%, 10/20/2034, 144A(b)	$	644,277
	730,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3 mo. USD LIBOR + 6.750%, 12.010%, 10/15/2034, 144A(b)		593,277
	735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3 mo. USD LIBOR + 6.360%, 11.621%, 4/21/2034, 144A(b)		703,089
	985,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.250%, 11.500%, 7/02/2035, 144A(b)		944,592
	470,000	Palmer Square CLO Ltd., Series 2021-3A, Class E, 3 mo. USD LIBOR + 6.150%, 11.410%, 1/15/2035, 144A(b)		439,289
	730,000	Palmer Square CLO Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.050%, 11.310%, 10/15/2034, 144A(b)		703,659
	285,000	PPM CLO 5 Ltd., Series 2021-5A, Class E, 3 mo. USD LIBOR + 6.500%, 11.762%, 10/18/2034, 144A(b)		251,253
	445,000	Whetstone Park CLO Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.150%, 11.400%, 1/20/2035, 144A(b)		386,974
		Total Collateralized Loan Obligations (Identified Cost $6,347,576)		5,806,905
Shares
	Common Stocks – 2.7%
		Aerospace & Defense – 0.1%
	410	Lockheed Martin Corp.		188,756
		Air Freight & Logistics – 0.1%
	1,413	United Parcel Service, Inc., Class B		253,280
		Banks – 0.0%
	671	JPMorgan Chase & Co.		97,590
		Beverages – 0.1%
	3,050	Coca-Cola Co.		183,671
		Biotechnology – 0.1%
	1,782	AbbVie, Inc.		240,089
		Capital Markets – 0.1%
	137	BlackRock, Inc.		94,686
	1,826	Morgan Stanley		155,941
				250,627
		Chemicals – 0.0%
	258	Linde PLC		98,319
		Communications Equipment – 0.0%
	1,229	Cisco Systems, Inc.		63,588
		Consumer Staples Distribution & Retail – 0.1%
	182	Costco Wholesale Corp.		97,985
	1,041	Walmart, Inc.		163,624
				261,609

Shares		Description	Value (†)
	Common Stocks – continued
		Containers & Packaging – 0.0%
	482	Packaging Corp. of America	$	63,701
		Electric Utilities – 0.1%
	1,364	Duke Energy Corp.		122,405
	539	NextEra Energy, Inc.		39,994
				162,399
		Electrical Equipment – 0.0%
	1,200	Emerson Electric Co.		108,468
		Financial Services – 0.0%
	246	Mastercard, Inc., Class A		96,752
		Ground Transportation – 0.0%
	635	Union Pacific Corp.		129,934
		Health Care Equipment & Supplies – 0.1%
	1,489	Abbott Laboratories		162,331
		Health Care Providers & Services – 0.1%
	413	Elevance Health, Inc.		183,492
	382	UnitedHealth Group, Inc.		183,604
				367,096
		Hotels, Restaurants & Leisure – 0.1%
	2,176	Starbucks Corp.		215,555
		Household Products – 0.1%
	1,475	Procter & Gamble Co.		223,816
		IT Services – 0.0%
	505	Accenture PLC, Class A		155,833
		Life Sciences Tools & Services – 0.0%
	235	Thermo Fisher Scientific, Inc.		122,611
		Machinery – 0.1%
	474	Cummins, Inc.		116,206
	429	Deere & Co.		173,826
				290,032
		Media – 0.1%
	110,256	Altice USA, Inc., Class A(g)		332,973
	5,431	Comcast Corp., Class A		225,658
	27,529	iHeartMedia, Inc., Class A(g)		100,206
				658,837
		Metals & Mining – 0.1%
	3,765	Newmont Corp.		160,615
		Oil, Gas & Consumable Fuels – 0.6%
	42,669	Battalion Oil Corp.(g)		243,640
	7,700	Canadian Natural Resources Ltd.		433,202
	632	Devon Energy Corp.		30,551

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – continued
	4,443	Diamondback Energy, Inc.	$	583,632
	2,504	EOG Resources, Inc.		286,558
	1,621	Pioneer Natural Resources Co.		335,839
	4,262	Williams Cos., Inc.		139,069
				2,052,491
		Pharmaceuticals – 0.1%
	2,400	Bristol-Myers Squibb Co.		153,480
	1,180	Johnson & Johnson		195,314
	296	Merck & Co., Inc.		34,155
				382,949
		Professional Services – 0.0%
	357	Clarivate PLC(g)		3,402
		Semiconductors & Semiconductor Equipment – 0.2%
	340	Broadcom, Inc.		294,926
	2,332	Microchip Technology, Inc.		208,924
	1,666	QUALCOMM, Inc.		198,321
				702,171
		Software – 0.1%
	826	Microsoft Corp.		281,286
		Specialized REITs – 0.1%
	841	American Tower Corp.		163,104
		Specialty Retail – 0.1%
	523	Home Depot, Inc.		162,465
		Technology Hardware, Storage & Peripherals – 0.1%
	1,048	Apple, Inc.		203,281
	321	IQOR U.S., Inc.(g)		214
				203,495
		Trading Companies & Distributors – 0.0%
	1,666	Fastenal Co.		98,277
		Total Common Stocks (Identified Cost $15,547,392)		8,605,149
	Preferred Stocks – 0.5%
	Convertible Preferred Stocks – 0.3%
		Midstream – 0.1%
	3,556	El Paso Energy Capital Trust I, 4.750%		165,176
		Technology – 0.2%
	17,057	Clarivate PLC, Series A, 5.250%		700,190
		Total Convertible Preferred Stocks (Identified Cost $1,124,890)		865,366

Shares		Description	Value (†)
	Preferred Stocks – continued
	Non-Convertible Preferred Stocks – 0.2%
		Home Construction – 0.1%
	21,265	Hovnanian Enterprises, Inc., 7.625%	$	380,324
		Other REITs – 0.1%
	3,363	Prologis, Inc., Series Q, 8.540%		190,178
		Total Non-Convertible Preferred Stocks (Identified Cost $192,799)		570,502
		Total Preferred Stocks (Identified Cost $1,317,689)		1,435,868
	Exchange-Traded Funds – 0.8%
	33,000	iShares® iBoxx $ High Yield Corporate Bond ETF (Identified Cost $2,897,347)		2,477,310
Principal Amount (‡)
	Short-Term Investments – 1.8%
	$4,142,480	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $4,143,274 on 7/03/2023 collateralized by $4,451,700 U.S. Treasury Note, 2.750% due 4/30/2027 valued at $4,225,410 including accrued interest(m)		4,142,480
	1,670,000	U.S. Treasury Bills, 5.180%, 10/17/2023(n)		1,644,381
		Total Investments – 98.9% (Identified Cost $351,564,280)		308,693,179
		Other assets less liabilities – 1.1%		3,383,465
		Net Assets – 100.0%	$	312,076,644

(†)	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. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. 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, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(a)	Perpetual bond with no specified maturity date.
(b)	Variable rate security. Rate as of June 30, 2023 is disclosed.
(c)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended June 30, 2023, interest payments were made in cash.
(d)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(e)	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.
(f)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended June 30, 2023, interest payments were made in principal.
(g)	Non-income producing security.
(h)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of June 30, 2023 is disclosed.
(i)	Level 3 security. Value has been determined using significant unobservable inputs.
(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 0.75%, to which the spread is added.
(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 0.50%, to which the spread is added.
(l)	Position is unsettled. Contract rate was not determined at June 30, 2023 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(m)	The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of June 30, 2023, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.
(n)	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 June 30, 2023, the value of Rule 144A holdings amounted to $188,004,586 or 60.2% of net assets.
ABS	Asset-Backed Securities
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
SOFR	Secured Overnight Financing Rate
EUR	Euro

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation). The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Fund’s or counterparty’s net obligations under the contracts.

At June 30, 2023, the Fund had the following open forward foreign currency contracts:

Counterparty

Delivery Date

Currency Bought/ Sold (B/S)

Units of Currency

In Exchange for

Notional Value

Unrealized Appreciation (Depreciation)

Bank of America N.A.

9/20/2023

EUR

S445,000

$

481,966

$

487,441

$

(5,475

)

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 June 30, 2023, at value:

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Non-Agency Commercial Mortgage-Backed Securities	$	—	$	3,539,669		$	783,747	$	4,323,416
All Other Non-Convertible Bonds*		—		264,276,275			—		264,276,275
Total Non-Convertible Bonds		—		267,815,944			783,747		268,599,691
Convertible Bonds*		—		13,464,542			—		13,464,542
Total Bonds and Notes		—		281,280,486			783,747		282,064,233
Senior Loans*		—		2,516,853			—		2,516,853
Collateralized Loan Obligations		—		5,806,905			—		5,806,905
Common Stocks
Technology Hardware, Storage & Peripherals		203,281		214			—		203,495
All Other Common Stocks*		8,401,654		—			—		8,401,654
Total Common Stocks		8,604,935		214			—		8,605,149
Preferred Stocks
Convertible Preferred Stocks*		865,366		—			—		865,366
Non-Convertible Preferred Stocks
Other REITs		—		190,178			—		190,178
All Other Non-Convertible Preferred Stocks*		380,324		—			—		380,324
Total Non-Convertible Preferred Stocks		380,324		190,178			—		570,502
Total Preferred Stocks		1,245,690		190,178			—		1,435,868
Exchange-Traded Funds		2,477,310		—			—		2,477,310
Short-Term Investments		—		5,786,861			—		5,786,861
Total	$	12,327,935	$	295,581,497		$	783,747	$	308,693,179
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(5,475	)	$	—	$	(5,475	)

* 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 June 30, 2023:

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 June 30, 2023		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2023
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	30,800	$	—	$	—	$	—	$	—	$	—	$	—	$	(30,800	)	$	—	$	—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—		7,787		—		—		775,960		—			783,747		7,787
Property & Casualty Insurance		235,200		—		—		—		—		—		—		(235,200	)		—		—
Total	$	266,000	$	—	$	—	$	7,787	$	—	$	—	$	775,960	$	(266,000	)	$	783,747	$	7,787

A debt security valued at $30,800 was transferred from Level 3 to Level 2 during the period ended June 30, 2023. At September 30, 2022, this security was fair valued as determined by the Fund’s valuation designee as an independent pricing service was unable to price the security. At June 30, 2023, 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.

A debt security valued at $775,960 was transferred from Level 2 to Level 3 during the period ended June 30, 2023. At September 30, 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. At June 30, 2023, this security was fair valued as determined by the Fund’s valuation designee as an independent pricing service was unable to price the security.

A debt security valued at $235,200 was transferred from Level 3 to Level 2 during the period ended June 30, 2023. At September 30, 2022, this security was fair valued as determined by the Fund’s valuation designee as an independent pricing service did not provide a reliable price for the security. At June 30, 2023, 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 forward foreign currency contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency exchange contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. As of June 30, 2023, the Fund engaged in forward foreign currency contracts for hedging purposes.

The following is a summary of derivative instruments for the Fund, as of June 30, 2023:

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(5,475	)

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.

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Fund and its counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of the Fund declines beyond a certain threshold. As of June 30, 2023, the fair value of derivative positions subject to these provisions that are in a net liability position by counterparty, and the value of collateral pledged to counterparties for such contracts is as follows:

Counterparty	Derivatives			Collateral Pledged
Bank of America N.A.	$	(5,475	)	$	—

Counterparty risk is managed based on policies and procedures established by each 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. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount. 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.

Industry Summary at June 30, 2023 (Unaudited)

Cable Satellite	8.4	%
Independent Energy	6.4
Technology	6.0
Midstream	5.4
Pharmaceuticals	5.0
Treasuries	4.1
Leisure	3.9
Automotive	3.8
Finance Companies	3.7
Consumer Cyclical Services	3.3
Gaming	3.2
Banking	2.8
Metals & Mining	2.5
Building Materials	2.4
Chemicals	2.3
Financial Other	2.3
Healthcare	2.0
Other Investments, less than 2% each	26.9
Collateralized Loan Obligations	1.9
Short-Term Investments	1.8
Exchange-Traded Funds	0.8
Total Investments	98.9
Other assets less liabilities (including forward foreign currency contracts)	1.1
Net Assets	100.0	%