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

Loomis Sayles Credit Income Fund

Principal Amount		Description	Value (†)
Bonds and Notes – 91.7% of Net Assets
Non-Convertible Bonds – 86.7%
		Aerospace & Defense – 2.4%
$	20,000	Boeing Co. (The), 2.250%, 6/15/2026	$	18,004
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		16,938
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		8,769
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		3,802
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		3,244
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		3,603
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		11,051
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		192,757
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		3,271
	35,000	Boeing Co. (The), 3.750%, 2/01/2050		24,126
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		9,590
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		6,864
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		10,532
	45,000	Boeing Co. (The), 5.150%, 5/01/2030		43,904
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		18,153
	125,000	Textron, Inc., 3.000%, 6/01/2030		106,228
	20,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		19,724
				500,560
		Airlines – 0.3%
	68,534	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030		53,172
	11,430	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		10,760
				63,932
		Automotive – 1.2%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		49,350
	15,000	Ford Motor Co., 3.250%, 2/12/2032		11,249

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Automotive – continued
$	170,000	General Motors Co., 5.200%, 4/01/2045	$	138,171
	40,000	General Motors Co., 6.250%, 10/02/2043		36,981
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		4,232
				239,983
		Banking – 12.0%
	40,000	Ally Financial, Inc., 2.200%, 11/02/2028		31,187
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(a)		43,469
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(a)		31,313
	40,000	American Express Co., 5.850%, 11/05/2027		41,641
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		260,806
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		152,189
	215,000	Citigroup, Inc., 4.450%, 9/29/2027		204,983
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		217,820
	250,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		219,620
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		120,253
	120,000	Goldman Sachs Group, Inc. (The), (fixed rate to 1/24/2024, variable rate thereafter), 1.757%, 1/24/2025		114,858
	390,000	Morgan Stanley, 3.625%, 1/20/2027		367,776
	80,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		71,084
	200,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		173,092
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		106,728
	200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		157,020
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A		179,727
				2,493,566
		Brokerage – 0.9%
	15,000	Jefferies Financial Group, Inc., 6.250%, 1/15/2036		15,128
	180,000	Jefferies Financial Group, Inc., 6.500%, 1/20/2043		175,365
				190,493

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Cable Satellite – 5.2%
$	125,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A	$	100,360
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		99,139
	35,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		28,374
	25,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		23,302
	10,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A		9,681
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		3,683
	20,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		15,570
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		53,091
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		4,278
	150,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.800%, 3/01/2050		108,892
	200,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		110,527
	200,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		111,740
	15,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		13,420
	155,000	DISH DBS Corp., 5.125%, 6/01/2029		99,992
	175,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		147,409
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		146,421
				1,075,879
		Chemicals – 1.5%
	15,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		14,575
	10,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		9,509
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		67,754
	15,000	FMC Corp., 3.450%, 10/01/2029		13,221
	60,000	Hercules LLC, 6.500%, 6/30/2029		57,022

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Chemicals – continued
$	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A	$	157,016
				319,097
		Construction Machinery – 0.7%
	90,000	Caterpillar Financial Services Corp., MTN, 0.950%, 1/10/2024		86,820
	20,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		19,257
	35,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		32,736
				138,813
		Consumer Cyclical Services – 2.5%
	10,000	Expedia Group, Inc., 2.950%, 3/15/2031		8,041
	195,000	Expedia Group, Inc., 3.250%, 2/15/2030		165,418
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		41,860
	325,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		283,158
	25,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		25,017
				523,494
		Electric – 0.7%
	15,000	AES Corp. (The), 2.450%, 1/15/2031		11,933
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		4,410
	60,000	Calpine Corp., 3.750%, 3/01/2031, 144A		48,309
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		17,768
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		30,952
	15,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		14,792
	20,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		18,236
				146,400
		Finance Companies – 7.1%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		134,902
	105,000	Air Lease Corp., 3.125%, 12/01/2030		87,013
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		170,964
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(a)		33,429

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Finance Companies – continued
$	125,000	Aircastle Ltd., 4.125%, 5/01/2024	$	120,831
	15,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		11,550
	40,000	Ares Capital Corp., 2.875%, 6/15/2028		32,073
	60,000	Ares Capital Corp., 3.200%, 11/15/2031		44,031
	35,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		30,470
	30,000	Barings BDC, Inc., 3.300%, 11/23/2026		25,427
	115,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		95,222
	40,000	FS KKR Capital Corp., 3.125%, 10/12/2028		32,247
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		31,036
	75,000	Hercules Capital, Inc., 3.375%, 1/20/2027		64,300
	60,000	Navient Corp., 5.000%, 3/15/2027		52,525
	30,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		25,474
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		9,509
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		41,247
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		39,259
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		48,911
	140,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		120,003
	75,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		59,433
	160,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		122,124
	60,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		44,812
				1,476,792
		Financial Other – 0.9%
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		25,370
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		105,294
	35,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		27,212
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		32,422
				190,298

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Food & Beverage – 1.5%
$	30,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A	$	27,967
	5,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		4,887
	20,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		16,553
	10,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		7,817
	10,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		8,505
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		48,499
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		51,764
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		144,665
				310,657
		Gaming – 0.9%
	20,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		15,988
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		52,465
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		4,800
	85,000	VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/2029, 144A		74,497
	20,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		18,658
	5,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		4,705
	5,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		4,794
	10,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		9,903
				185,810
		Government Owned – No Guarantee – 0.1%
	25,000	EcoPetrol S.A., 4.625%, 11/02/2031		19,096
		Health Insurance – 0.7%
	90,000	Centene Corp., 2.500%, 3/01/2031		70,423
	35,000	Centene Corp., 2.625%, 8/01/2031		27,503
	20,000	Centene Corp., 3.000%, 10/15/2030		16,395
	5,000	Centene Corp., 4.625%, 12/15/2029		4,569

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Health Insurance – continued
$	25,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A	$	20,761
				139,651
		Healthcare – 1.7%
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		11,943
	75,000	Cigna Corp., 4.375%, 10/15/2028		72,333
	86,781	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		77,084
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		4,391
	165,000	HCA, Inc., 4.125%, 6/15/2029		150,627
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		22,368
	10,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		8,953
				347,699
		Home Construction – 0.5%
	75,000	MDC Holdings, Inc., 3.966%, 8/06/2061		41,913
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		66,931
				108,844
		Independent Energy – 3.0%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		131,460
	113,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		83,698
	100,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		93,086
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		16,561
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		22,375
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		34,850
	10,000	EQT Corp., 3.125%, 5/15/2026, 144A		9,190
	30,000	EQT Corp., 3.625%, 5/15/2031, 144A		25,423
	45,000	EQT Corp., 3.900%, 10/01/2027		41,542
	10,000	EQT Corp., 5.000%, 1/15/2029		9,388
	10,000	EQT Corp., 5.700%, 4/01/2028		9,946

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Independent Energy – continued
$	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026	$	29,888
	5,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		5,645
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		44,551
	50,000	Ovintiv, Inc., 6.500%, 8/15/2034		50,312
	5,000	Southwestern Energy Co., 4.750%, 2/01/2032		4,273
				612,188
		Industrial Other – 0.1%
	20,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		16,252
		Leisure – 0.7%
	40,000	Carnival Corp., 5.750%, 3/01/2027, 144A		28,562
	30,000	Carnival Corp., 6.000%, 5/01/2029, 144A		19,991
	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		23,564
	25,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		21,639
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		7,382
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		47,883
				149,021
		Life Insurance – 1.1%
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		43,128
	55,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		50,744
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		73,424
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		24,633
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		28,527
				220,456
		Lodging – 1.3%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		48,048
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		33,690
	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		8,162

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Lodging – continued
$	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A	$	21,500
	5,000	Hyatt Hotels Corp., 5.625%, 4/23/2025		4,961
	3,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		3,026
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		23,328
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		16,196
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		16,592
	45,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		36,667
	75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		62,195
				274,365
		Media Entertainment – 1.8%
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		69,219
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		63,531
	20,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		17,008
	10,000	Netflix, Inc., 4.875%, 4/15/2028		9,656
	135,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		125,901
	5,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		4,850
	5,000	Netflix, Inc., 5.875%, 11/15/2028		5,068
	15,000	Netflix, Inc., 6.375%, 5/15/2029		15,439
	15,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		13,001
	60,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		49,471
				373,144
		Metals & Mining – 3.6%
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		189,154
	35,000	ArcelorMittal S.A., 7.000%, 10/15/2039		35,519
	25,000	ATI, Inc., 5.875%, 12/01/2027		23,907
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		187,645

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Metals & Mining – continued
$	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A	$	37,426
	15,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		13,619
	35,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		32,599
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		37,775
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		126,274
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		18,874
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		31,030
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		8,615
				742,437
		Midstream – 2.2%
	55,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		45,492
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		9,637
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		51,330
	35,000	Energy Transfer LP, 5.750%, 2/15/2033		34,243
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		24,097
	35,000	EQM Midstream Partners LP, 5.500%, 7/15/2028		31,296
	15,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		12,824
	15,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		14,611
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		75,980
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		13,036
	25,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		18,125
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		12,610
	5,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		4,515
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		58,175
	10,000	Western Midstream Operating LP, 4.300%, 2/01/2030		8,729
	20,000	Western Midstream Operating LP, 5.300%, 3/01/2048		16,445

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Midstream – continued
$	5,000	Western Midstream Operating LP, 5.450%, 4/01/2044	$	4,154
	10,000	Western Midstream Operating LP, 5.500%, 2/01/2050		8,238
				443,537
		Paper – 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		37,752
		Pharmaceuticals – 1.7%
	65,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		41,343
	55,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		26,400
	5,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		2,417
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		43,953
	85,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		74,332
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		152,856
				341,301
		Property & Casualty Insurance – 1.1%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		133,500
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		55,851
	55,000	Stewart Information Services Corp., 3.600%, 11/15/2031		42,148
				231,499
		REITs – Apartments – 0.0%
	10,000	American Homes 4 Rent, 2.375%, 7/15/2031		7,713
		REITs – Diversified – 0.1%
	15,000	EPR Properties, 3.600%, 11/15/2031		10,867
		REITs – Mortgage – 0.1%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		12,600
		REITs – Office Property – 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		7,484
		REITs – Shopping Centers – 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		100,603

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		REITs – Shopping Centers – continued
$	75,000	SITE Centers Corp., 3.625%, 2/01/2025	$	70,784
				171,387
		Restaurants – 0.7%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		111,926
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		39,776
				151,702
		Retailers – 0.1%
	20,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		16,484
	10,000	Tapestry, Inc., 3.050%, 3/15/2032		7,783
				24,267
		Technology – 6.0%
	20,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		14,705
	30,000	Broadcom, Inc., 4.150%, 11/15/2030		26,885
	55,000	Broadcom, Inc., 4.300%, 11/15/2032		48,474
	10,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		8,878
	10,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		8,517
	90,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		74,163
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		88,296
	60,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		48,372
	65,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		59,276
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		4,295
	15,000	Fidelity National Information Services, Inc., 5.100%, 7/15/2032		14,448
	35,000	FLEX Ltd., 6.000%, 1/15/2028		34,924
	5,000	Gartner, Inc., 3.625%, 6/15/2029, 144A		4,394
	5,000	Global Payments, Inc., 2.900%, 11/15/2031		3,943
	15,000	Global Payments, Inc., 5.300%, 8/15/2029		14,502
	30,000	Global Payments, Inc., 5.400%, 8/15/2032		28,571

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Technology – continued
$	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A	$	52,140
	35,000	Jabil, Inc., 1.700%, 4/15/2026		31,015
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028		25,393
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031		20,108
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		240,348
	25,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		19,306
	5,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		4,792
	15,000	Open Text Corp., 6.900%, 12/01/2027, 144A		15,000
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		48,130
	60,000	Oracle Corp., 3.950%, 3/25/2051		42,746
	30,000	Oracle Corp., 6.150%, 11/09/2029		31,139
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		48,206
	55,000	S&P Global, Inc., 4.250%, 5/01/2029, 144A		52,488
	60,000	TD SYNNEX Corp., 1.750%, 8/09/2026		50,998
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		32,765
	30,000	Western Digital Corp., 2.850%, 2/01/2029		23,210
	30,000	Western Digital Corp., 4.750%, 2/15/2026		28,252
				1,248,679
		Treasuries – 18.7%
	135,000	U.S. Treasury Bond, 1.125%, 8/15/2040		83,837
	255,000	U.S. Treasury Bond, 1.875%, 2/15/2051		162,065
	155,000	U.S. Treasury Bond, 2.250%, 2/15/2052		107,786
	415,000	U.S. Treasury Bond, 3.250%, 5/15/2042		363,838
	1,400,000	U.S. Treasury Note, 0.125%, 1/31/2023		1,395,781
	780,000	U.S. Treasury Note, 0.125%, 4/30/2023		769,275
	805,000	U.S. Treasury Note, 0.250%, 9/30/2023		778,240

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Treasuries – continued
$	230,000	U.S. Treasury Note, 1.500%, 2/29/2024	$	221,698
				3,882,520
		Wireless – 2.6%
	80,000	Crown Castle, Inc., 2.500%, 7/15/2031		64,469
	70,000	SBA Communications Corp., 3.125%, 2/01/2029		58,204
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		114,500
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		56,147
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		240,041
				533,361
		Total Non-Convertible Bonds (Identified Cost $21,112,325)		17,963,596
Convertible Bonds – 5.0%
		Airlines – 0.5%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026		14,582
	85,000	Southwest Airlines Co., 1.250%, 5/01/2025		102,085
				116,667
		Cable Satellite – 1.2%
	40,000	DISH Network Corp., Zero Coupon, 0.000%-8.380%, 12/15/2025(b)		25,605
	350,000	DISH Network Corp., 3.375%, 8/15/2026		219,275
				244,880
		Consumer Cyclical Services – 0.3%
	5,000	Peloton Interactive, Inc., Zero Coupon, 0.798%, 2/15/2026(c)		3,540
	65,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.152%, 12/15/2025(b)		54,898
				58,438
		Gaming – 0.1%
	10,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		14,740
		Healthcare – 0.5%
	140,000	Teladoc Health, Inc., 1.250%, 6/01/2027		107,547

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Convertible Bonds – continued
		Leisure – 0.2%
$	60,000	NCL Corp. Ltd., 1.125%, 2/15/2027	$	41,096
		Media Entertainment – 0.3%
	30,000	Bilibili, Inc., 0.500%, 12/01/2026		22,050
	30,000	Snap, Inc., Zero Coupon, 6.709%-6.954%, 5/01/2027(b)		20,955
	25,000	Spotify USA, Inc., Zero Coupon, 5.189%-5.777%, 3/15/2026(b)		20,125
				63,130
		Pharmaceuticals – 1.3%
	195,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		209,539
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027(c)		9,329
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026(c)		23,078
	40,000	Livongo Health, Inc., 0.875%, 6/01/2025		35,015
				276,961
		Technology – 0.6%
	25,000	Nutanix, Inc., 0.250%, 10/01/2027		20,912
	20,000	RingCentral, Inc., Zero Coupon, 7.630%-7.929%, 3/15/2026(b)		15,700
	60,000	Splunk, Inc., 1.125%, 6/15/2027		50,628
	30,000	Unity Software, Inc., Zero Coupon, 7.084%-8.213%, 11/15/2026(b)		22,455
	5,000	Wolfspeed, Inc., 0.250%, 2/15/2028, 144A		4,323
	10,000	Wolfspeed, Inc., 1.875%, 12/01/2029, 144A		9,005
				123,023
		Total Convertible Bonds (Identified Cost $1,318,045)		1,046,482
		Total Bonds and Notes (Identified Cost $22,430,370)		19,010,078
Collateralized Loan Obligations – 3.3%
	250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 7.143%, 4/20/2034, 144A(d)		229,898
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 6.979%, 7/15/2030, 144A(d)		231,377
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 7.493%, 4/20/2034, 144A(d)		218,641
		Total Collateralized Loan Obligations (Identified Cost $750,000)		679,916

Shares			Description	Value (†)
Preferred Stocks – 1.1%
Convertible Preferred Stocks – 1.1%
			Banking – 1.0%
		97	Bank of America Corp., Series L, 7.250%	$	112,520
		83	Wells Fargo & Co., Class A, Series L, 7.500%		98,355
					210,875
			Technology – 0.1%
		273	Clarivate PLC, Series A, 5.250%		10,341
			Total Preferred Stocks (Identified Cost $281,607)		221,216
Principal Amount
Short-Term Investments – 2.9%
	$	396,846	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $396,925 on 1/03/2023 collateralized by $462,700 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $404,826 including accrued interest(e)		396,846
		205,000	U.S. Treasury Bills, 4.028%, 2/02/2023(f)		204,350
			Total Short-Term Investments (Identified Cost $601,112)		601,196
			Total Investments – 99.0% (Identified Cost $24,063,089)		20,512,406
			Other assets less liabilities – 1.0%		204,503
			Net Assets – 100.0%	$	20,716,909

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

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

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. 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, and collateralized loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.

The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund. The books and records of the Fund are maintained in U.S. dollars.

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

(a) Perpetual bond with no specified maturity date.

(b) 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.

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

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

(e) The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of December 31, 2022, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

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

144A All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $6,603,901 or 31.9% of net assets.

LIBOR London Interbank Offered Rate

MTN Medium Term Note

REITs Real Estate Investment Trusts

Futures Contracts

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

When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

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

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		3/22/2023		9	$	1,219,606	$	1,208,813	$	(10,793	)
Ultra 10 Year U.S. Treasury Note		3/22/2023		7		835,478		827,968		(7,510	)
Total									$	(18,303	)

Fair Value Measurements

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

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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2022, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*	$	—	$	19,010,078	$	—	$	19,010,078
Collateralized Loan Obligations		—		679,916		—		679,916
Preferred Stocks*		221,216		—		—		221,216
Short-Term Investments		—		601,196		—		601,196
Total	$	221,216	$	20,291,190	$	—	$	20,512,406

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(18,303	)	$	—	$	—	$	(18,303	)

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

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used at period end include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Fund may use futures contracts to gain investment exposure. As of December 31, 2022, the Fund used futures contracts to manage duration.

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

Liabilities_	Unrealized depreciation futures contracts
Exchange-traded liability derivatives Interest rate contracts	$	(18,303	)

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of December 31, 2022:

Maximum Amount of Loss - Gross	Maximum Amount of Loss - Net
$ 106,932	$ 106,932

Industry Summary at December 31, 2022 (Unaudited)

Treasuries	18.7	%
Banking	13.0
Finance Companies	7.1
Technology	6.7
Cable Satellite	6.4
Metals & Mining	3.6
Pharmaceuticals	3.0
Independent Energy	3.0
Consumer Cyclical Services	2.8
Wireless	2.6
Aerospace & Defense	2.4
Healthcare	2.2
Midstream	2.2
Media Entertainment	2.1
Other Investments, less than 2% each	17.0
Collateralized Loan Obligations	3.3
Short-Term Investments	2.9
Total Investments	99.0
Other assets less liabilities (including futures contracts)	1.0
Net Assets	100.0	%