PORTFOLIO OF INVESTMENTS – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – 84.5% of Net Assets
	Non-Convertible Bonds – 78.4%
		ABS Other – 0.2%
$	22,858,803	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(b)(c)(d)	$	7,057,884
	10,240,852	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(b)(c)(d)		1,046,001
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(a)(b)(c)(d)(e)		—
	6,751,687	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(a)(b)(f)		5,342,812
				13,446,697
		Aerospace & Defense – 1.8%
	90,000	Boeing Co. (The), 3.100%, 5/01/2026		91,708
	380,000	Boeing Co. (The), 3.250%, 2/01/2035		346,484
	2,505,000	Boeing Co. (The), 3.550%, 3/01/2038		2,281,301
	15,000	Boeing Co. (The), 3.625%, 3/01/2048		13,181
	1,385,000	Boeing Co. (The), 3.750%, 2/01/2050		1,243,522
	415,000	Boeing Co. (The), 3.850%, 11/01/2048		371,083
	3,930,000	Boeing Co. (The), 3.950%, 8/01/2059		3,443,939
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		296,747
	10,225,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		6,237,250
	6,765,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		4,431,075
	3,145,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		2,783,325
	9,576,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		11,093,604
	8,815,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		11,098,702
	5,310,000	Textron Financial Corp., 3-month LIBOR + 1.735%, 2.127%, 2/15/2067, 144A(g)		3,303,086
	6,485,000	TransDigm, Inc., 5.500%, 11/15/2027		5,659,460
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		23,404,767
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025		16,611,874
	370,000	TransDigm, Inc., 7.500%, 3/15/2027		355,015

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Aerospace & Defense – continued
$	19,475,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A	$	20,468,030
				113,534,153
		Airlines – 1.0%
	240,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		111,574
	20,000,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		11,600,000
	8,225,739	American Airlines Pass Through Certificates, Series 2013-1, Class A, 4.000%, 1/15/2027		6,190,033
	1,597,035	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		1,119,505
	931,816	American Airlines Pass Through Certificates, Series 2017-2, Class B, 3.700%, 4/15/2027		647,232
	12,800,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A		12,124,032
	1,344,677	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		1,290,406
	193,163	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		194,455
	26,975,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		27,042,438
	129,953	Northwest Airlines Pass Through Trust, Series 2002-1, Class G2, (MBIA Insured), 6.264%, 5/20/2023		124,346
				60,444,021
		Automotive – 2.0%
	1,210,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		1,200,925
	16,505,000	Ford Motor Co., 4.750%, 1/15/2043		13,002,639
	940,000	Ford Motor Co., 5.291%, 12/08/2046		772,953
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,204,604
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,403,844
	1,500,000	Ford Motor Credit Co. LLC, 5.113%, 5/03/2029		1,457,745
	5,000,000	Ford Motor Credit Co. LLC, 5.125%, 6/16/2025		5,002,000
	18,565,000	Ford Motor Credit Co. LLC, 5.596%, 1/07/2022		18,704,237
	2,845,000	General Motors Co., 5.200%, 4/01/2045		2,755,607
	2,120,000	General Motors Co., 6.250%, 10/02/2043		2,252,866
	62,220,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		60,556,503
	9,545,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		8,743,220

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Automotive – continued
$	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028	$	4,943,057
				122,000,200
		Banking – 5.7%
	6,000,000	Ally Financial, Inc., 8.000%, 11/01/2031		7,741,948
	983,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,094,917
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		303,970
	7,045,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		8,062,705
	3,450,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		3,650,170
	1,709,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,587,644
	25,000,000	Goldman Sachs Group, Inc. (The), Series MPLE, 3.550%, 2/12/2021, (CAD)		18,694,203
	19,245,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		19,719,624
	36,195,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		41,735,747
	185,000,000	Morgan Stanley, GMTN, 5.000%, 9/30/2021, (AUD)		133,549,076
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		50,507,358
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		12,797,880
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		39,960,480
	10,445,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		10,529,923
				349,935,645
		Brokerage – 1.3%
	1,675,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		1,474,000
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		46,691,608
	14,755,000	Jefferies Group LLC, 6.250%, 1/15/2036		16,904,600
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		17,854,369
				82,924,577
		Building Materials – 0.4%
	5,565,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		5,439,788
	3,255,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		3,124,800

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Building Materials – continued
$	1,859,000	Masco Corp., 6.500%, 8/15/2032	$	2,258,943
	1,226,000	Masco Corp., 7.750%, 8/01/2029		1,572,692
	10,800,000	Owens Corning, 7.000%, 12/01/2036		13,799,771
				26,195,994
		Cable Satellite – 1.4%
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		999,375
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,549,442
	17,880,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		18,684,600
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		17,590,605
	4,865,000	DISH DBS Corp., 7.750%, 7/01/2026		5,156,900
	4,835,000	Time Warner Cable LLC, 4.500%, 9/15/2042		5,147,835
	135,000	Time Warner Cable LLC, 5.875%, 11/15/2040		166,587
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		8,760,715
	18,245,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		18,663,175
	5,530,000	Ziggo BV, 5.500%, 1/15/2027, 144A		5,599,457
				85,318,691
		Chemicals – 0.7%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		19,909,050
	18,254,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		15,333,360
	6,275,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		6,368,999
				41,611,409
		Construction Machinery – 0.1%
	1,310,000	United Rentals North America, Inc., 4.875%, 1/15/2028		1,342,750
	3,850,000	United Rentals North America, Inc., 6.500%, 12/15/2026		4,042,500
				5,385,250
		Consumer Cyclical Services – 0.1%
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		5,952,100

Principal         Amount  (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Consumer Products – 0.3%
$	11,880,000		Avon Products, Inc., 8.950%, 3/15/2043	$	13,424,400
	2,405,000		Whirlpool Corp., 4.600%, 5/15/2050		2,738,032
					16,162,432
			Electric – 0.7%
	9,371,000		AES Corp. (The), 5.500%, 4/15/2025		9,613,615
	25,441,282		Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		30,785,339
	835,000		Edison International, 4.950%, 4/15/2025		915,017
	3,570,000		Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,074,926
					45,388,897
			Finance Companies – 4.7%
	1,020,000		Antares Holdings LP, 6.000%, 8/15/2023, 144A		978,375
	20,000,000		Antares Holdings LP, 8.500%, 5/18/2025, 144A		19,971,811
	25,580,000		GE Capital Funding LLC, 4.550%, 5/15/2032, 144A		26,410,608
	135,000		Navient Corp., 5.000%, 3/15/2027		113,400
	22,945,000		Navient Corp., 5.500%, 1/25/2023		21,998,519
	3,030,000		Navient Corp., 5.875%, 10/25/2024		2,846,321
	109,950	(††)	Navient Corp., 6.000%, 12/15/2043		2,218,516
	950,000		Navient Corp., 6.750%, 6/15/2026		878,750
	54,470,000		Navient Corp., MTN, 5.625%, 8/01/2033		41,941,900
	47,984,000		Navient Corp., MTN, 6.125%, 3/25/2024		45,584,800
	6,490,000		Navient Corp., MTN, 7.250%, 1/25/2022		6,506,225
	4,360,000		Quicken Loans LLC, 5.250%, 1/15/2028, 144A		4,498,997
	23,115,000		Springleaf Finance Corp., 6.875%, 3/15/2025		23,714,545
	4,075,000		Springleaf Finance Corp., 7.125%, 3/15/2026		4,217,584
	26,970,000		Springleaf Finance Corp., 7.750%, 10/01/2021		28,060,937
	55,015,000		Springleaf Finance Corp., 8.250%, 10/01/2023		58,866,050
					288,807,338

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Financial Other – 0.4%
$	25,465,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A	$	26,913,194
		Food & Beverage – 0.2%
	15,420,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		15,129,179
		Gaming – 0.1%
	5,475,000	International Game Technology PLC, 6.250%, 1/15/2027, 144A		5,611,875
		Government Owned – No Guarantee – 0.1%
	6,535,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		8,333,172
		Healthcare – 4.7%
	1,420,000	CHS/Community Health Systems, Inc., 6.625%, 2/15/2025, 144A		1,334,800
	40,686,000	HCA, Inc., 5.875%, 5/01/2023		43,991,737
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		16,374,400
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		22,798,405
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		29,421,225
	14,056,000	HCA, Inc., 7.690%, 6/15/2025		16,023,840
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		37,656,750
	10,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		12,437,250
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		11,153,100
	19,785,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		19,096,680
	40,800,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		40,494,000
	43,749,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		38,717,865
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,039,500
				290,539,552
		Home Construction – 1.1%
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		54,396,260
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		15,432,300
	195,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		200,267
				70,028,827

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – 2.5%
$	2,685,000	Aker BP ASA, 3.750%, 1/15/2030, 144A	$	2,521,816
	4,810,000	Antero Resources Corp., 5.625%, 6/01/2023		3,078,400
	18,736,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		15,972,440
	8,225,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		5,017,250
	8,645,000	California Resources Corp., 5.500%, 9/15/2021(b)(e)(f)		86,450
	1,188,000	California Resources Corp., 6.000%, 11/15/2024(b)(f)(h)		11,880
	67,805,000	California Resources Corp., 8.000%, 12/15/2022, 144A(b)(f)(h)		2,669,483
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022(b)(f)(h)		32,750
	21,335,000	Chesapeake Energy Corp., 8.000%, 1/15/2025(b)(f)(h)		480,038
	55,365,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(b)(f)(h)		1,245,712
	15,215,000	Continental Resources, Inc., 3.800%, 6/01/2024		14,226,329
	5,450,000	Continental Resources, Inc., 4.500%, 4/15/2023		5,216,740
	302,000	Continental Resources, Inc., 5.000%, 9/15/2022		296,715
	2,340,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		2,266,454
	15,580,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A(b)(f)		1,480,100
	7,644,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		6,554,730
	19,290,000	Montage Resources Corp., 8.875%, 7/15/2023		15,239,100
	1,065,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023(b)(f)		179,516
	540,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		376,618
	20,595,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		20,569,256
	2,390,000	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		2,378,050
	4,850,000	Parsley Energy LLC/Parsley Finance Corp., 4.125%, 2/15/2028, 144A		4,389,250
	2,055,000	QEP Resources, Inc., 5.250%, 5/01/2023		1,356,300
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023(b)(f)(h)		44,770
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021(b)(f)(h)		23,800
	26,537,000	SM Energy Co., 10.000%, 1/15/2025, 144A		25,210,946

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
$	1,110,000	Southwestern Energy Co., 6.200%, 1/23/2025	$	950,438
	14,955,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		8,973,000
	2,530,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A		1,530,650
	19,960,000	Whiting Petroleum Corp., 5.750%, 3/15/2021(b)(f)(h)		3,842,300
	3,550,000	Whiting Petroleum Corp., 6.250%, 4/01/2023(b)(f)(h)		616,174
	21,785,000	Whiting Petroleum Corp., 6.625%, 1/15/2026(b)(f)(h)		3,866,837
	6,145,000	WPX Energy, Inc., 4.500%, 1/15/2030		5,407,600
				156,111,892
		Life Insurance – 1.3%
	3,575,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		3,249,547
	13,830,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		15,351,270
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		15,696,352
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(f)		32,295,600
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(f)		11,528,030
	2,500,000	Prudential Financial, Inc., MTN, 3.700%, 3/13/2051		2,743,625
				80,864,424
		Local Authorities – 1.1%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		67,774,004
		Media Entertainment – 0.5%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		3,579,891
	22,870,000	ViacomCBS, Inc., 4.950%, 5/19/2050		25,473,238
				29,053,129
		Metals & Mining – 1.1%
	25,271,000	ArcelorMittal S.A., 7.000%, 3/01/2041		29,555,698
	1,970,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		2,783,036
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		12,056,385
	1,810,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,733,075

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Metals & Mining – continued
$	2,730,000	Kaiser Aluminum Corp., 6.500%, 5/01/2025, 144A	$	2,822,137
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		11,736,382
	8,741,000	United States Steel Corp., 6.650%, 6/01/2037		5,681,650
				66,368,363
		Midstream – 0.3%
	13,667,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		10,318,585
	8,125,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		6,743,750
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		616,351
	11,980,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(b)(f)(i)		1,556,801
				19,235,487
		Oil Field Services – 1.7%
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		3,275,200
	1,765,000	Noble Holding International Ltd., 7.750%, 1/15/2024(b)(f)		36,306
	19,385,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A(b)(f)		4,624,873
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		8,029,480
	159,192	Precision Drilling Corp., 6.500%, 12/15/2021		148,049
	2,080,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		936,000
	57,983,250	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		52,764,757
	39,300,000	Transocean, Inc., 5.800%, 10/15/2022(b)(f)		21,025,500
	46,390,000	Transocean, Inc., 6.800%, 3/15/2038(b)(f)		13,334,342
	2,770,000	Transocean, Inc., 7.500%, 4/15/2031(b)(f)		775,600
	11,165,000	Valaris PLC, 7.750%, 2/01/2026(b)(f)		834,472
				105,784,579
		Packaging – 0.2%
	8,750,000	Owens-Brockway Glass Container, Inc., 6.625%, 5/13/2027, 144A		9,100,000
		Paper – 0.7%
	15,225,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		22,725,128

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Paper – continued
$	4,865,000	WestRock MWV LLC, 7.950%, 2/15/2031	$	6,917,786
	8,750,000	WestRock MWV LLC, 8.200%, 1/15/2030		12,375,634
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,436,321
				45,454,869
		Property & Casualty Insurance – 0.7%
	12,510,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.479%, 1/15/2033, 144A(e)(g)		5,004,000
	14,480,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		15,443,227
	20,810,000	Radian Group, Inc., 6.625%, 3/15/2025		21,330,250
				41,777,477
		REITs – Hotels – 0.2%
	545,000	Service Properties Trust, 3.950%, 1/15/2028		438,863
	5,965,000	Service Properties Trust, 4.350%, 10/01/2024		5,376,276
	1,690,000	Service Properties Trust, 4.500%, 6/15/2023		1,618,059
	940,000	Service Properties Trust, 4.650%, 3/15/2024		849,488
	915,000	Service Properties Trust, 4.750%, 10/01/2026		809,508
	2,750,000	Service Properties Trust, 4.950%, 2/15/2027		2,413,435
				11,505,629
		Retailers – 0.6%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,319,110
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,502,760
	1,795,000	Hanesbrands, Inc., 5.375%, 5/15/2025, 144A		1,815,194
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036(b)(f)(h)		136,120
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097(b)(f)(h)		26,531
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		6,288,683
	28,455,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A		24,755,850
				37,844,248
		Supermarkets – 0.4%
	11,495,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 5.750%, 3/15/2025		11,746,511

Principal         Amount  (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Supermarkets – continued
$	9,465,000		Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 6.625%, 6/15/2024	$	9,701,625
	2,290,000		Safeway, Inc., 7.250%, 2/01/2031		2,438,850
					23,886,986
			Technology – 0.8%
	23,345,000		Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		22,703,012
	15,170,000		KLA Corp., 5.650%, 11/01/2034		19,743,321
	3,970,000		Micron Technology, Inc., 4.975%, 2/06/2026		4,554,978
	120,000		Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		145,211
	1,829,000		Seagate HDD Cayman, 4.091%, 6/01/2029, 144A		1,909,037
	1,688,000		Seagate HDD Cayman, 4.875%, 6/01/2027		1,830,677
					50,886,236
			Transportation Services – 0.5%
	10,503,000		Fenix Marine Service Holdings Ltd., 8.000%, 1/15/2024(b)(f)		7,783,879
	20,980,000		Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		22,947,031
					30,730,910
			Treasuries – 36.0%
	312,000,000		Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		230,024,160
	10,000,000	(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		44,660,097
	4,250,000	(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		20,895,440
	27,224,481	(†††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		130,482,545
	7,740,000	(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		37,506,394
	3,035,000	(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		15,629,831
	21,700,000	(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		113,593,026
	175,365,000		New Zealand Government Bond, Series 0521, 6.000%, 5/15/2021, (NZD)		118,818,909
	458,725,000		Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		49,206,374
	162,850,000		Republic of Brazil, 8.500%, 1/05/2024, (BRL)		32,641,272
	55,925,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		12,006,480

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Treasuries – continued
$	569,455,000	U.S. Treasury Bond, 1.250%, 5/15/2050	$	547,143,930
	50,000,000	U.S. Treasury Bond, 2.000%, 2/15/2050		57,261,719
	144,325,000	U.S. Treasury Bond, 3.000%, 8/15/2048		198,480,702
	50,000,000	U.S. Treasury Note, 1.500%, 8/31/2021		50,763,672
	70,000,000	U.S. Treasury Note, 1.500%, 9/30/2021		71,153,906
	326,665,000	U.S. Treasury Note, 1.500%, 10/31/2021		332,432,679
	155,000,000	U.S. Treasury Note, 1.500%, 11/30/2021		157,906,250
				2,220,607,386
		Wireless – 0.3%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		12,858,372
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		5,973,026
				18,831,398
		Wirelines – 2.5%
	11,140,000	AT&T, Inc., 4.500%, 3/09/2048		13,168,370
	14,095,000	AT&T, Inc., 4.550%, 3/09/2049		16,618,295
	7,545,000	Bell Canada, Inc., MTN, 6.100%, 3/16/2035, 144A, (CAD)		7,445,074
	4,370,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		4,308,647
	1,240,000	CenturyLink, Inc., 5.625%, 4/01/2025		1,282,160
	28,385,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		29,029,340
	7,940,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		8,533,833
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		337,533
	2,160,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		2,254,500
	30,646,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		33,312,202
	16,440,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		18,536,100
	14,223,000	Verizon Communications, Inc., 4.329%, 9/21/2028		17,148,529
				151,974,583
		Total Non-Convertible Bonds (Identified Cost $5,498,715,071)		4,841,454,803

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – 4.6%
		Cable Satellite – 2.4%
$	14,660,000	DISH Network Corp., 2.375%, 3/15/2024	$	13,118,450
	143,750,000	DISH Network Corp., 3.375%, 8/15/2026		132,050,857
				145,169,307
		Independent Energy – 0.0%
	43,802,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(b)(f)(h)		1,155,497
	3,742,000	Whiting Petroleum Corp., 1.250%, 4/01/2020(a)(b)(f)(h)		720,335
				1,875,832
		Oil Field Services – 0.1%
	9,941,000	Pioneer Energy Services Corp., 5.000% PIK or 5.000% Cash, 11/15/2025, 144A(a)(b)(c)(d)(j)(k)		6,107,750
		Pharmaceuticals – 0.0%
	870,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,063,191
	715,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		832,097
				1,895,288
		REITs – Diversified – 0.2%
	14,245,000	iStar, Inc., 3.125%, 9/15/2022		15,162,022
		Technology – 1.9%
	10,415,000	Booking Holdings, Inc., 0.900%, 9/15/2021		11,065,796
	3,015,000	Evolent Health, Inc., 2.000%, 12/01/2021		2,624,934
	23,135,000	Nuance Communications, Inc., 1.000%, 12/15/2035		27,300,225
	9,670,000	Nuance Communications, Inc., 1.250%, 4/01/2025		13,487,813
	34,500,000	Nuance Communications, Inc., 1.500%, 11/01/2035		44,639,808
	17,000,000	Western Digital Corp., 1.500%, 2/01/2024		15,980,579
				115,099,155
		Total Convertible Bonds (Identified Cost $320,033,274)		285,309,354
	Municipals – 1.5%
		Illinois – 0.3%
	17,570,000	State of Illinois, 5.100%, 6/01/2033		17,823,886

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Municipals – continued
		Michigan – 0.1%
$	8,145,000	Michigan Tobacco Settlement Finance Authority, Series A, 7.309%, 6/01/2034	$	8,158,032
		Virginia – 1.1%
	68,005,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		65,115,468
		Total Municipals (Identified Cost $90,487,697)		91,097,386
		Total Bonds and Notes (Identified Cost $5,909,236,042)		5,217,861,543
	Senior Loans – 0.2%
		Construction Machinery – 0.2%
	21,276,992	Onsite Rental Group Pty Ltd., Note, 6.100%, 10/26/2023(a)(b)(c)(d)		11,064,036
		Technology – 0.0%
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 10.183%, 4/01/2022(b)(f)(g)		2,151,045
		Total Senior Loans (Identified Cost $27,172,800)		13,215,081
Shares
	Common Stocks – 10.8%
		Chemicals – 0.1%
	664,252	Hexion Holdings Corp., Class B(b)(e)(f)		4,691,612
		Diversified Telecommunication Services – 3.8%
	7,868,481	AT&T, Inc.		237,864,180
		Electronic Equipment, Instruments & Components – 1.1%
	2,575,992	Corning, Inc.		66,718,193
		Media – 0.1%
	2,500,188	Clear Channel Outdoor Holdings, Inc.(e)		2,600,195
	279,162	iHeartMedia, Inc., Class A(e)		2,331,003
				4,931,198
		Oil Field Services – 0.0%
	60,638	Pioneer Energy Services Corp.(a)(b)(c)(d)(e)(j)		—
		Oil, Gas & Consumable Fuels – 0.0%
	9,229	Battalion Oil Corp.(e)		87,676
	4,231	Chesapeake Energy Corp.(a)(d)(e)		—
	5,886	Frontera Energy Corp.		14,741
	156,902	Paragon Offshore Ltd., Litigation Units, Class A(a)(b)(c)(d)(e)		—
	225,503	Paragon Offshore Ltd., Litigation Units, Class B(c)(e)		676,509
	1,514	Southcross Holdings Group LLC(c)(e)		—

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – continued
	1,514	Southcross Holdings LP, Class A(a)(b)(c)(d)	$	100,378
				879,304
		Pharmaceuticals – 5.4%
	5,651,190	Bristol-Myers Squibb Co.		332,289,972
		REITs - Diversified – 0.3%
	1,341,478	iStar, Inc.		16,527,009
		Specialty Retail – 0.0%
	11,662,687	Onsite Rental Group Pty Ltd.(a)(b)(c)(d)(e)		—
		Total Common Stocks (Identified Cost $599,998,038)		663,901,468
	Preferred Stocks – 0.5%
	Convertible Preferred Stocks – 0.3%
		Banking – 0.2%
	8,447	Bank of America Corp., Series L, 7.250%		11,337,563
		Communications – 0.0%
	3,704	Cincinnati Bell, Inc., Series B, 6.750%		176,866
		Independent Energy – 0.0%
	172,972	Chesapeake Energy Corp., 4.500%(a)(b)(d)		—
	240,916	Chesapeake Energy Corp., 5.000%(a)(b)(d)		—
	32,522	Chesapeake Energy Corp., 5.750%, 144A(a)(b)(d)		—
				—
		Midstream – 0.1%
	6,017	Chesapeake Energy Corp., 5.750%(a)(b)(d)		—
	23,928	Chesapeake Energy Corp., 5.750%(a)(b)(d)		—
	43,178	Chesapeake Energy Corp., 5.750%, 144A(a)(b)(d)		—
	242,297	El Paso Energy Capital Trust I, 4.750%		10,772,525
				10,772,525
		Total Convertible Preferred Stocks (Identified Cost $139,645,703)		22,286,954
	Non-Convertible Preferred Stocks – 0.2%
		Home Construction – 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(e)		795,500

Shares		Description	Value (†)
	Preferred Stocks – continued
	Non-Convertible Preferred Stocks – continued
		REITs – Diversified – 0.0%
	10,425	iStar, Inc., Series G, 7.650%	$	253,953
		REITs – Office Property – 0.1%
	1,596	Highwoods Properties, Inc., Series A, 8.625%		1,995,000
		REITs – Warehouse/Industrials – 0.1%
	116,192	Prologis, Inc., Series Q, 8.540%		7,813,912
		Total Non-Convertible Preferred Stocks (Identified Cost $8,540,569)		10,858,365
		Total Preferred Stocks (Identified Cost $148,186,272)		33,145,319
	Closed-End Investment Companies – 0.0%
	170,282	NexPoint Strategic Opportunities Fund (Identified Cost $10,230,310)		1,791,367
	Warrants – 0.1%
	751,946	iHeartMedia, Inc., Expiration on 5/1/2039(e) (Identified Cost $18,045,316)		6,579,527
Principal         Amount  (‡)
	Short-Term Investments – 4.2%
$	10,070,157,559	Central Bank of Iceland, 0.000%, (ISK)(g)(l)		72,819,131
	55,112,883	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $55,112,883 on 7/01/2020 collateralized by $10,832,900 U.S. Treasury Inflation Indexed Note, 0.125% due 7/15/2024 valued at $12,230,299; $44,019,300 U.S. Treasury Note, 0.125% due 6/30/2022 valued at $43,984,921 including accrued interest(m)		55,112,883
	100,055,000	U.S. Treasury Bills, 0.120%, 1/28/2021(n)		99,958,239
	20,050,000	U.S. Treasury Bills, 0.130%, 10/22/2020(n)		20,039,930
	11,350,000	U.S. Treasury Bills, 1.518%, 8/13/2020(n)		11,348,170
		Total Short-Term Investments (Identified Cost $268,433,250)		259,278,353
		Total Investments – 100.3% (Identified Cost $6,981,302,028)		6,195,772,658
		Other assets less liabilities – (0.3)%		(19,998,003	)
		Net Assets – 100.0%	$	6,175,774,655

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund. Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Fund’s pricing policies and procedures.

As of June 30, 2020, securities held by the Fund were fair valued as follows:

Securities classified as fair valued	Percentage of Net Assets	Securities fair valued by the Fund’s adviser	Percentage of Net Assets
$121,599,165	2.0%	$25,376,049	0.4%

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

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(††)	Amount shown represents units. One unit represents a principal amount of 25.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Level 3 security. Value has been determined using significant unobservable inputs.
(b)	Illiquid security.
(c)	Securities subject to restriction on resale. At June 30, 2020, the restricted securities held by the Fund are as follows:

	Acquisition Date	Acquisition Cost		Value		% of Net Assets
GCA2014 Holdings Ltd., Series 2014-1, Class C	12/18/2014	$	22,858,803	$	7,057,884		0.1	%
GCA2014 Holdings Ltd., Series 2014-1, Class D	12/18/2014		10,240,852		1,046,001		Less than 0.1	%
GCA2014 Holdings Ltd., Series 2014-1, Class E	12/18/2014		32,732,982		—		—
Onsite Rental Group Pty Ltd.	10/26/2017		—		—		—
Onsite Rental Group Pty Ltd., Note	10/26/2017		15,532,204		11,064,036		0.2	%

Paragon Offshore Ltd., Litigation Units, Class A	7/18/2017	1,167,146	—	—
Paragon Offshore Ltd., Litigation Units, Class B	7/18/2017	22,768,653	676,509	Less than 0.1	%
Pioneer Energy Services Corp., 5.000% (5.000% PIK or 5.000% Cash)	5/29/2020	9,205,000	6,107,750	0.1	%
Pioneer Energy Services Corp.	5/29/2020	17,677,239	—	—
Southcross Holdings Group LLC	4/29/2016	—	—	—
Southcross Holdings LP, Class A	4/29/2016	2,215,133	100,378	Less than 0.1	%

(d)	Fair valued by the Fund’s adviser. At June 30, 2020, the value of these securities amounted to $25,376,049 or 0.4% of net assets.
(e)	Non-income producing security.
(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2020, the value of these securities amounted to $121,599,165 or 2.0% of net assets.
(g)	Variable rate security. Rate as of June 30, 2020 is disclosed.
(h)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(i)	Perpetual bond with no specified maturity date.
(j)	Affiliated issuer.
(k)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. No payments were made during the period.
(l)	Security callable by issuer at any time. No specified maturity 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, 2020, 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, 2020, the value of Rule 144A holdings amounted to $790,221,983 or 12.8% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

Affiliated Transactions As a result of a business restructuring, the Fund received common shares of Bellatrix Exploration Ltd. (the “Company”) constituting more than 5% of the voting securities of the Company. As such, the Company was considered to be an affiliate at September 30, 2019. These securities were sold during the period ended June 30, 2020. Similarly, as a result of a business restructuring, the Fund received common shares of Pioneer Energy Services Corp. (the “Company”) constituting more than 5% of the voting securities of the Company. As such, the Company is considered to be an affiliate at June 30, 2020. A summary of affiliated transactions for the period ended June 30, 2020, is as follows:
	Beginning Value		Purchase Cost		Sales Proceeds		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Ending Value		Investment Income
Bellatrix Exploration Ltd., 8.500%	$	3,593,400	$	—	$	—	$	16,926	$	(5,893,816	)	$	2,283,490		$	—	$	—
Bellatrix Exploration Ltd., 12.500% (9.500% PIK, 3.000% Cash)		—		—		—		217,007		(4,618,170	)		4,401,163			—		—
Bellatrix Exploration Ltd.		—		—		—		—		(3,016,862	)		3,016,862			—		—
Pioneer Energy Services Corp., 5.000% (5.000% PIK or 5.000% Cash)		—		9,205,000		—		10,221		—			(3,107,471	)		6,107,750		44,182
Pioneer Energy Services Corp.		—		17,677,239		—		—		—			(17,677,239	)		—		—
	$	3,593,400	$	26,882,239	$	—	$	244,154	$	(13,528,848	)	$	(11,083,195	)	$	6,107,750	$	44,182

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	13,446,697	(a)(b)	$	13,446,697
Finance Companies		2,218,516		286,588,822		—			288,807,338
All Other Non-Convertible Bonds*		—		4,539,200,768		—			4,539,200,768
Total Non-Convertible Bonds		2,218,516		4,825,789,590		13,446,697			4,841,454,803
Convertible Bonds
Independent Energy		—		1,155,497		720,335	(c)		1,875,832
Oil Field Services		—		—		6,107,750	(d)		6,107,750
All Other Convertible Bonds*		—		277,325,772		—			277,325,772
Total Convertible Bonds		—		278,481,269		6,828,085			285,309,354
Municipals*		—		91,097,386		—			91,097,386
Total Bonds and Notes		2,218,516		5,195,368,245		20,274,782			5,217,861,543
Senior Loans
Construction Machinery		—		—		11,064,036	(d)		11,064,036
Technology		—		2,151,045		—			2,151,045
Total Senior Loans		—		2,151,045		11,064,036			13,215,081
Common Stocks
Chemicals		—		4,691,612		—			4,691,612
Oil Field Services		—		—		—	(b)		—
Oil, Gas & Consumable Fuels		102,417		676,509		100,378	(b)(d)		879,304
Specialty Retail		—		—		—	(b)		—
All Other Common Stocks*		658,330,552		—		—			658,330,552
Total Common Stocks		658,432,969		5,368,121		100,378			663,901,468
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—		—		—	(b)		—
Midstream		10,772,525		—		—	(b)		10,772,525
All Other Convertible Preferred Stocks*		11,514,429		—		—			11,514,429
Total Convertible Preferred Stocks		22,286,954		—		—			22,286,954
Non-Convertible Preferred Stocks
REITs - Office Property		—		1,995,000		—			1,995,000
REITs - Warehouse/Industrials		—		7,813,912		—			7,813,912
All Other Non-Convertible Preferred Stocks*		1,049,453		—		—			1,049,453
Total Non-Convertible Preferred Stocks		1,049,453		9,808,912		—			10,858,365
Total Preferred Stocks		23,336,407		9,808,912		—			33,145,319
Closed-End Investment Companies		1,791,367		—		—			1,791,367
Warrants		—		6,579,527		—			6,579,527
Short-Term Investments		—		259,278,353		—			259,278,353
Total	$	685,779,259	$	5,478,554,203	$	31,439,196		$	6,195,772,658

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

(a) Valued using broker-dealer bid prices ($5,342,812) or fair valued by the Fund’s adviser using a broker-dealer bid price provided by a single market maker ($8,103,885).

(b) Includes a security fair valued at zero by the Fund’s adviser using Level 3 inputs.

(c) Valued using broker-dealer bid prices.

(d) Fair valued by the Fund’s adviser.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Fund’s adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or June 30, 2020:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019			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, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	23,351,916	(a)	$	—	$	394		$	(17,761,090	)	$	1,335,879	$	(1,313,592	)	$	7,833,190	$	—	$	13,446,697	(a)	$	(17,639,523	)
Independent Energy		3,593,400	(a)		233,933		(10,511,986	)		6,684,653			—		—			—		—		—			—
Convertible Bonds
Independent Energy		—			149,945		—			(2,990,557	)		803,888		—			2,757,059		—		720,335			(2,990,557	)
Oil Field Services		—			10,221		—			(3,107,471	)		9,205,000		—			—		—		6,107,750			(3,107,471	)
Senior Loans
Construction Machinery		—			689,097		—			(7,604,119	)		—		—			17,979,058		—		11,064,036			(7,604,119	)
Common Stocks
Oil Field Services		—			—		—			(17,677,239	)		17,677,239		—			—		—		—	(a)		(17,677,239	)
Oil, Gas & Consumable Fuels		1,569	(a)		—		(3,020,844	)		(25,491,759	)		27,930,147		(35	)		681,300		—		100,378	(a)		(28,508,621	)
Specialty Retail		—	(a)		—		—			—			—		—			—		—		—	(a)		—
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		11,391,481			—		—			(27,973,707	)		—		—			16,582,226		—		—	(a)		(27,973,707	)
Midstream		25,613,285			—		—			(25,613,285	)		—		—			—		—		—	(a)		(25,613,285	)
Total	$	63,951,651		$	1,083,196	$	(13,532,436	)	$	(121,534,574	)	$	56,952,153	$	(1,313,627	)	$	45,832,833	$	—	$	31,439,196		$	(131,114,522	)

(a) Includes a security fair valued at zero by the Fund’s adviser using Level 3 inputs.

Debt securities valued at $10,590,249 were transferred from Level 2 to Level 3 during the period ended June 30, 2020. At September 30, 2019, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

A debt security valued at $17,979,058 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At September 30, 2019, this security was valued at a bid price furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

A common stock valued at $681,300 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the security.

A preferred stock valued at $7,427,418 was transferred from Level 1 to Level 3 during the period ended June 30, 2020. At September 30, 2019, this security was valued at the closing bid quotation in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

A preferred stock valued at $9,154,808 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

Industry Summary at June 30, 2020 (Unaudited)

Treasuries	36.0	%
Banking	5.9
Pharmaceuticals	5.4
Healthcare	4.7
Finance Companies	4.7
Diversified Telecommunication Services	3.8
Cable Satellite	3.8
Technology	2.7
Independent Energy	2.5
Wirelines	2.5
Automotive	2.0
Other Investments, less than 2% each	22.1
Short-Term Investments	4.2
Closed-End Investment Companies	0.0	*
Total Investments	100.3
Other assets less liabilities	(0.3	)
Net Assets	100.0	%

* Less than 0.1%

Currency Exposure Summary at June 30, 2020 (Unaudited)

United States Dollar	80.9	%
Mexican Peso	6.3
Canadian Dollar	5.2
Australian Dollar	3.3
Other, less than 2% each	4.6
Total Investments	100.3
Other assets less liabilities	(0.3	)
Net Assets	100.0	%