PORTFOLIO OF INVESTMENTS – as of June 30, 2021 (Unaudited)

Loomis Sayles Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – 78.2% of Net Assets
Non-Convertible Bonds – 73.2%
		ABS Car Loan – 2.7%
$	605,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.210%, 12/18/2026	$	603,256
	170,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class C, 4.150%, 9/20/2023, 144A		174,729
	120,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class C, 4.730%, 9/20/2024, 144A		127,426
	205,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A(a)		219,857
	130,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class C, 4.240%, 9/22/2025, 144A		139,156
	475,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C, 3.150%, 3/20/2026, 144A		494,099
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		218,172
	685,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A(a)		705,195
	305,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class B, 2.960%, 2/20/2027, 144A		323,347
	630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.250%, 2/20/2027, 144A		686,608
	145,000	Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class C, 2.130%, 8/20/2027, 144A		145,118
	525,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		544,664
	900,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		901,706
	335,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		334,887
	305,000	DT Auto Owner Trust, Series 2021-2A, Class C, 1.500%, 2/16/2027, 144A		306,573
	815,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		810,369
	435,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		436,426
	1,975,000	GLS Auto Receivables Issuer Trust, Series 2021-1A, Class D, 1.680%, 1/15/2027, 144A		1,979,287
	725,000	GLS Auto Receivables Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		722,795
	1,115,000	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A3, 0.350%, 10/16/2025(a)		1,115,588
	355,000	JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A		355,079
	825,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class D, 1.130%, 11/16/2026		826,252
	1,005,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.350%, 7/15/2027		1,005,992
	1,610,000	Westlake Automobile Receivables Trust, Series 2021-1A, Class D, 1.230%, 4/15/2026, 144A		1,611,989

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Car Loan – continued
$	715,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class D, 1.230%, 12/15/2026, 144A	$	714,939
				15,503,509
		ABS Credit Card – 0.2%
	480,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		483,060
	700,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		702,114
				1,185,174
		ABS Home Equity – 4.1%
	1,405,000	510 Asset Backed Trust, Series 2021-NPL1, Class A1, 2.240%, 6/25/2061, 144A(b)(c)		1,405,000
	754,815	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(c)		758,179
	210,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		213,422
	760,734	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(c)		763,060
	1,631,902	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(c)		1,640,203
	675,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2028, 144A		674,988
	555,000	FirstKey Homes Trust, Series 2021-SFR1, Class E2, 2.489%, 8/17/2028, 144A		554,988
	161,364	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(c)		166,226
	225,000	Invitation Homes Trust, Series 2018-SFR2, Class B, 1-month LIBOR + 1.080%, 1.153%, 6/17/2037, 144A(d)		225,498
	125,000	Invitation Homes Trust, Series 2018-SFR3, Class B, 1-month LIBOR + 1.150%, 1.232%, 7/17/2037, 144A(d)		125,369
	63,728	Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.750%, 1/25/2059, 144A(c)		63,839
	75,389	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(c)		76,016
	741,887	Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.438%, 5/25/2059, 144A(c)		743,353
	175,450	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A		178,757
	1,215,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(a)(c)		1,299,656
	761,862	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(c)		770,958
	405,000	Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/2035, 144A		407,255
	280,000	Progress Residential Trust, Series 2019-SFR1, Class E, 4.466%, 8/17/2035, 144A		285,393
	705,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		711,668
	240,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		242,057

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Home Equity – continued
$	200,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A	$	201,252
	125,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		124,765
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		99,813
	295,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		292,694
	100,000	Progress Residential Trust, Series 2021-SFR5, Class E2, 2.359%, 7/17/2038, 144A		99,222
	380,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		379,984
	200,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		199,970
	1,249,222	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(c)		1,251,478
	536,755	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(c)		543,313
	965,207	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(c)		975,561
	243,968	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(c)		246,404
	1,060,000	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(c)		1,058,636
	1,030,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(c)		1,030,541
	295,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(c)		307,775
	1,025,315	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(a)(c)		1,060,323
	498,171	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(c)		499,478
	342,864	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(c)		342,885
	937,561	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(c)		936,488
	798,827	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(c)		799,612
	587,015	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(c)		587,326
	1,283,019	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(c)		1,283,263
				23,626,668
		ABS Other – 2.8%
	144,840	Business Jet Securities LLC, Series 2021-1A, Class B, 2.918%, 4/15/2036, 144A		146,044
	875,394	CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220%, 9/25/2045, 144A		883,279
	1,343,965	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A(a)		1,332,217

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Other – continued
$	135,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A	$	135,048
	1,262,800	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(b)(e)(f)(g)		1,136,520
	573,618	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(b)(e)(f)(g)		430,213
	1,855,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, 1/05/2030, 144A(b)(e)(f)(g)(h)		92,750
	354,234	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(g)(i)		355,234
	300,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		299,146
	1,965,000	MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046, 144A(a)		1,969,368
	206,214	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(c)		198,089
	250,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/2033, 144A(a)		263,346
	345,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		346,927
	1,610,197	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		1,592,464
	100,000	SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.930%, 9/20/2030, 144A		99,622
	286,943	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A		293,670
	198,874	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		203,154
	185,067	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		185,700
	1,415,000	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A(a)		1,416,915
	681,333	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		673,917
	735,458	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		723,987
	1,424,081	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.860%, 3/20/2046, 144A(a)		1,415,000
	749,188	Wave LLC, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		734,302
	1,222,210	Willis Engine Structured Trust, Series 2021-A, Class A, 3.104%, 5/15/2046, 144A		1,231,456
				16,158,368
		ABS Student Loan – 0.7%
	320,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		326,648
	415,138	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A		425,148
	327,080	EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, 11/25/2045, 144A(a)		327,774

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		ABS Student Loan – continued
$	186,187	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A(a)	$	187,425
	448,523	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A(a)		447,703
	100,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		100,613
	451,904	SMB Private Education Loan Trust, Series 2016-C, Class A2A, 2.340%, 9/15/2034, 144A(a)		461,896
	100,000	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		102,789
	1,005,000	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1-month LIBOR + 0.730%, 0.831%, 1/15/2053, 144A(a)(d)		1,012,333
	475,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A(a)		487,739
				3,880,068
		ABS Whole Business – 0.5%
	58,050	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047, 144A		62,638
	136,500	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		148,470
	1,575,000	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A21, 2.662%, 4/25/2051, 144A		1,629,637
	265,375	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A		282,213
	685,000	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		690,952
				2,813,910
		Aerospace & Defense – 2.9%
	20,000	Boeing Co. (The), 3.625%, 3/01/2048		19,983
	930,000	Boeing Co. (The), 3.750%, 2/01/2050		959,341
	2,590,000	Boeing Co. (The), 3.825%, 3/01/2059		2,642,809
	520,000	Boeing Co. (The), 3.850%, 11/01/2048		533,619
	3,705,000	Boeing Co. (The), 3.900%, 5/01/2049		3,901,539
	825,000	Boeing Co. (The), 3.950%, 8/01/2059		863,143
	2,215,000	Boeing Co. (The), 5.805%, 5/01/2050		2,982,788
	1,265,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,348,035
	807,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		959,628
	722,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		932,449
	545,000	TransDigm, Inc., 5.500%, 11/15/2027		568,162

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Aerospace & Defense – continued
$	785,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A	$	848,192
				16,559,688
		Airlines – 2.1%
	25,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		23,031
	421,301	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		404,685
	1,416,469	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		1,395,131
	905,686	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		878,248
	3,140,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		3,457,140
	664,824	U.S. Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		704,161
	491,417	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		513,474
	1,231,824	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026(a)		1,241,043
	417,035	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		431,469
	1,131,530	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		1,192,915
	738,744	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		734,777
	599,540	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		666,898
	265,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		274,323
	395,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		408,825
				12,326,120
		Automotive – 1.6%
	1,270,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		1,319,238
	2,350,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		2,538,000
	1,735,000	General Motors Co., 5.200%, 4/01/2045		2,144,407
	185,000	General Motors Co., 6.250%, 10/02/2043		255,391
	2,270,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		2,457,846
	60,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(j)		65,303
	100,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(j)		112,000

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Automotive – continued
$	290,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028	$	332,592
				9,224,777
		Banking – 3.5%
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,646,857
	1,585,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(j)		1,641,585
	1,500,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(j)		1,519,200
	4,570,000	Bank of America Corp., 6.110%, 1/29/2037(a)		6,244,506
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(j)		1,067,500
	2,360,000	BNP Paribas S.A., (fixed rate to 6/30/2026, variable rate thereafter), 1.675%, 6/30/2027, 144A(a)		2,357,814
	685,000	Credit Agricole S.A., 3.250%, 1/14/2030, 144A		722,079
	495,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		537,447
	235,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		253,429
	920,000	Deutsche Bank AG, (fixed rate to 5/28/2031, variable rate thereafter), 3.035%, 5/28/2032		935,500
	290,000	Intesa Sanpaolo SpA, 4.198%, 6/01/2032, 144A		297,798
	770,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045		1,014,936
	1,645,000	Natwest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027(a)		1,644,794
				19,883,445
		Brokerage – 0.7%
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		4,082,870
		Building Materials – 1.8%
	5,995,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		6,093,917
	780,000	Cemex SAB de CV, (fixed rate to 6/8/2026, variable rate thereafter), 5.125%, 144A(j)		805,116
	360,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		374,119
	213,000	Masco Corp., 6.500%, 8/15/2032		283,334
	380,000	Masco Corp., 7.750%, 8/01/2029		521,211
	260,000	Owens Corning, 4.400%, 1/30/2048		307,001

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Building Materials – continued
$	1,188,000	Owens Corning, 7.000%, 12/01/2036	$	1,724,100
				10,108,798
		Cable Satellite – 3.0%
	1,645,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		1,725,441
	1,745,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		1,725,921
	3,055,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.850%, 4/01/2061		2,998,472
	1,580,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.900%, 6/01/2052		1,608,766
	1,895,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.400%, 12/01/2061		2,036,150
	2,245,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		2,375,098
	1,020,000	DISH DBS Corp., 5.125%, 6/01/2029, 144A		1,007,179
	270,000	DISH DBS Corp., 7.750%, 7/01/2026		305,775
	375,000	Time Warner Cable LLC, 4.500%, 9/15/2042		416,830
	1,500,000	Time Warner Cable LLC, 6.550%, 5/01/2037		2,043,346
	810,000	Ziggo BV, 5.500%, 1/15/2027, 144A		841,582
				17,084,560
		Chemicals – 0.6%
	660,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		667,927
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		208,384
	705,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		771,982
	200,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		202,646
	1,340,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		1,348,375
				3,199,314
		Construction Machinery – 0.3%
	965,000	Toro Co. (The), 6.625%, 5/01/2037(g)(i)		1,311,322
	395,000	United Rentals North America, Inc., 4.875%, 1/15/2028		418,898
				1,730,220

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Consumer Cyclical Services – 2.0%
$	5,100,000	Expedia Group, Inc., 2.950%, 3/15/2031	$	5,167,901
	1,225,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		1,217,038
	1,110,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		1,094,460
	1,420,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		1,528,218
	2,440,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		2,681,511
				11,689,128
		Consumer Products – 0.3%
	880,000	Avon Products, Inc., 8.450%, 3/15/2043		1,141,228
	730,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		748,250
				1,889,478
		Diversified Manufacturing – 0.0%
	165,000	General Electric Co., Series D, 3-month LIBOR + 3.330%, 3.449%(d)(j)		161,700
		Electric – 1.0%
	1,306,406	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		1,480,762
	255,000	Edison International, 4.950%, 4/15/2025		282,319
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		145,886
	1,589,000	Enel Generacion Chile S.A., 7.875%, 2/01/2027		1,979,558
	1,830,000	Pacific Gas & Electric Co., 3.250%, 6/01/2031		1,799,483
				5,688,008
		Finance Companies – 6.2%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.650%, 7/21/2027		160,242
	300,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.934%, 1/15/2067, 144A(d)(g)(i)		192,804
	330,000	Air Lease Corp., 3.125%, 12/01/2030		335,249
	612,000	Air Lease Corp., 4.625%, 10/01/2028		689,484
	375,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		380,372
	1,305,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(j)		1,352,306
	460,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(j)		464,600

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Finance Companies – continued
$	2,815,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A	$	3,049,091
	590,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		590,159
	840,000	FS KKR Capital Corp., 3.400%, 1/15/2026		868,576
	5,590,000	GE Capital Funding LLC, 4.550%, 5/15/2032		6,672,883
	1,400,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		1,677,874
	3,525,000	Navient Corp., MTN, 5.625%, 8/01/2033		3,407,935
	1,800,000	Navient Corp., MTN, 6.125%, 3/25/2024		1,942,668
	860,000	OneMain Finance Corp., 6.875%, 3/15/2025		970,596
	6,085,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		6,573,913
	1,720,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		1,806,000
	1,160,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		1,145,500
	3,245,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		3,269,305
				35,549,557
		Financial Other – 0.7%
	3,300,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029, 144A		3,283,500
	840,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		846,829
				4,130,329
		Food & Beverage – 0.6%
	545,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		557,671
	2,635,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		2,986,298
				3,543,969
		Gaming – 0.6%
	1,515,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A		1,508,122
	410,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		409,487
	1,460,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,594,612
	30,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		33,840
				3,546,061

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Government Owned - No Guarantee – 0.7%
	51,600,000	Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)(a)	$	705,590
	1,265,000	Indian Railway Finance Corp. Ltd., 2.800%, 2/10/2031, 144A		1,228,998
	1,715,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		2,234,358
				4,168,946
		Health Insurance – 0.5%
	2,490,000	Centene Corp., 2.500%, 3/01/2031		2,455,763
	550,000	Centene Corp., 3.000%, 10/15/2030		565,004
				3,020,767
		Healthcare – 0.8%
	375,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		363,142
	230,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		233,163
	245,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		254,881
	1,810,000	HCA, Inc., 5.250%, 6/15/2049		2,307,192
	1,520,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		1,619,773
				4,778,151
		Home Construction – 0.7%
	3,020,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,988,695
		Independent Energy – 2.1%
	1,385,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		1,494,533
	1,660,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		1,823,318
	350,000	Continental Resources, Inc., 3.800%, 6/01/2024		370,125
	1,070,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		1,281,325
	515,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		533,723
	740,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		760,143
	965,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		993,516
	100,000	EQT Corp., 3.125%, 5/15/2026, 144A		102,471
	220,000	EQT Corp., 3.625%, 5/15/2031, 144A		229,350

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Independent Energy – continued
$	1,065,000	Lundin Energy Finance BV, 2.000%, 7/15/2026, 144A	$	1,066,704
	770,000	Lundin Energy Finance BV, 3.100%, 7/15/2031, 144A		777,805
	1,050,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		1,404,259
	145,000	Ovintiv, Inc., 6.500%, 8/15/2034		191,417
	65,000	Ovintiv, Inc., 6.500%, 2/01/2038		86,538
	310,000	Ovintiv, Inc., 6.625%, 8/15/2037		413,627
	40,000	Ovintiv, Inc., 7.200%, 11/01/2031		52,635
	40,000	Ovintiv, Inc., 7.375%, 11/01/2031		53,108
	175,000	Ovintiv, Inc., 8.125%, 9/15/2030		238,489
				11,873,086
		Leisure – 0.7%
	1,345,000	Carnival Corp., 5.750%, 3/01/2027, 144A		1,408,888
	770,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		806,575
	280,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		293,426
	140,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		139,825
	1,435,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,502,875
				4,151,589
		Life Insurance – 1.9%
	560,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		621,951
	2,870,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		3,492,036
	2,270,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		3,442,374
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,927,897
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A(a)		1,559,294
				11,043,552
		Lodging – 0.8%
	855,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		844,312
	200,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		199,476

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Lodging – continued
$	685,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A	$	700,412
	870,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		883,477
	530,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		537,288
	870,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		896,709
	110,000	Travel & Leisure Co., 6.000%, 4/01/2027		120,843
	125,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		141,625
				4,324,142
		Media Entertainment – 1.3%
	615,000	AMC Networks, Inc., 4.250%, 2/15/2029		620,381
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		878,034
	1,765,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		1,890,756
	185,000	Netflix, Inc., 4.875%, 4/15/2028		215,063
	1,300,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,546,090
	160,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		194,335
	750,000	Netflix, Inc., 5.875%, 11/15/2028		920,572
	875,000	Netflix, Inc., 6.375%, 5/15/2029		1,117,594
				7,382,825
		Metals & Mining – 3.1%
	1,910,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A		1,952,534
	1,025,000	ArcelorMittal S.A., 7.000%, 3/01/2041		1,423,666
	915,000	ArcelorMittal S.A., 7.250%, 10/15/2039		1,292,552
	2,680,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,920,396
	200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		207,500
	1,140,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		1,219,606
	2,630,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		3,176,527
	5,005,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		5,089,759

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Metals & Mining – continued
$	215,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A	$	212,850
				17,495,390
		Midstream – 1.4%
	575,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		672,750
	1,700,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		1,850,280
	1,160,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		1,820,070
	660,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		691,244
	1,750,000	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 9/30/2040, 144A(a)		1,737,070
	250,000	Kinder Morgan, Inc., GMTN, 7.800%, 8/01/2031		357,749
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		135,898
	115,000	ONEOK Partners LP, 6.200%, 9/15/2043		150,877
	395,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032, 144A		406,317
				7,822,255
		Non-Agency Commercial Mortgage-Backed Securities – 1.3%
	130,303	Barclays Commercial Mortgage Securities Trust, Series 2013-TYSN, Class A2, 3.756%, 9/05/2032, 144A		130,452
	110,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		109,741
	240,000	Commercial Mortgage Trust, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		241,898
	325,000	Commercial Mortgage Trust, Series 2012-LC4, Class B, 4.934%, 12/10/2044(c)		326,204
	50,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D, 1-month LIBOR + 3.600%, 3.673%, 1/15/2034, 144A(d)		49,303
	260,000	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 2.325%, 7/15/2038, 144A(d)		261,119
	295,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.668%, 3/05/2033, 144A(c)		307,824
	315,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.668%, 3/05/2033, 144A(c)		315,851
	372,557	GS Mortgage Securities Trust, Series 2011-GC3, Class D, 5.585%, 3/10/2044, 144A(c)		372,238
	255,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(c)		249,934
	200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.777%, 10/15/2045, 144A(c)		188,988
	1,030,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.566%, 12/15/2047, 144A(a)(c)		1,050,927
	100,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D, 4.566%, 12/15/2047, 144A(c)		98,415

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	535,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.296%, 8/15/2046(a)(c)	$	559,970
	105,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		104,410
	610,000	RBS Commercial Funding, Inc., Series 2013-GSP, Class A, 3.961%, 1/15/2032, 144A(a)(c)		646,564
	175,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class BEC, 4.972%, 5/10/2063, 144A(c)		164,520
	184,326	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A(a)		184,403
	285,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.435%, 7/15/2046(c)		286,138
	275,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class B, 3.671%, 11/15/2059(c)		272,662
	495,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.090%, 6/15/2045(c)		501,178
	380,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.646%, 8/15/2046(c)		379,460
	390,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		409,320
				7,211,519
		Packaging – 0.1%
	525,000	Owens-Brockway Glass Container, Inc., 6.625%, 5/13/2027, 144A		570,938
		Paper – 0.3%
	350,000	WestRock MWV LLC, 7.950%, 2/15/2031		499,387
	1,035,000	WestRock MWV LLC, 8.200%, 1/15/2030		1,464,245
				1,963,632
		Pharmaceuticals – 0.3%
	235,000	Jazz Securities DAC, 4.375%, 1/15/2029, 144A		243,648
	1,210,000	Viatris, Inc., 4.000%, 6/22/2050, 144A		1,279,610
				1,523,258
		Property & Casualty Insurance – 0.1%
	1,630,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.444%, 1/15/2033, 144A(b)(d)(g)(h)(i)		478,813
		REITs - Apartments – 0.0%
	230,000	American Homes 4 Rent, 2.375%, 7/15/2031		226,580
		Restaurants – 0.4%
	2,280,000	Yum! Brands, Inc., 4.625%, 1/31/2032		2,394,000

Principal Amount (‡)			Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
			Retailers – 0.6%
$	585,000		Carvana Co., 5.500%, 4/15/2027, 144A	$	604,147
	335,000		Carvana Co., 5.625%, 10/01/2025, 144A		348,286
	685,000		Carvana Co., 5.875%, 10/01/2028, 144A		720,565
	1,025,000		Dillard’s, Inc., 7.750%, 7/15/2026		1,234,643
	290,000		Murphy Oil USA, Inc., 3.750%, 2/15/2031, 144A		286,654
					3,194,295
			Sovereigns – 0.4%
	2,420,000		Mexico Government International Bond, 4.280%, 8/14/2041		2,540,129
			Supranational – 0.1%
	59,420,000		International Finance Corp., 5.850%, 11/25/2022, (INR)(a)		809,800
			Technology – 1.8%
	4,455,000		Broadcom, Inc., 2.600%, 2/15/2033, 144A		4,356,405
	2,095,000		Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		2,814,326
	1,590,000		Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,641,198
	615,000		Sensata Technologies BV, 4.000%, 4/15/2029, 144A		624,276
	735,000		Square, Inc., 3.500%, 6/01/2031, 144A		741,431
					10,177,636
			Transportation Services – 0.1%
	295,000		Fenix Marine Service Holdings Ltd., 8.000%, 1/15/2024		324,500
	200,000		GMR Hyderabad International Airport Ltd., 4.250%, 10/27/2027, 144A		194,344
					518,844
			Treasuries – 11.7%
	150,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		827,807
	1,455,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		8,151,620
	10,150,000		Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,076,691
	14,635,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		3,074,680
	7,210,000		U.S. Treasury Bond, 1.250%, 5/15/2050(a)		5,887,134

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Treasuries – continued
$	5,710,000	U.S. Treasury Bond, 1.625%, 11/15/2050(a)	$	5,128,294
	3,185,000	U.S. Treasury Note, 0.125%, 12/31/2022(a)(k)		3,182,263
	25,575,000	U.S. Treasury Note, 0.125%, 4/30/2023(a)		25,527,047
	13,390,000	U.S. Treasury Note, 0.125%, 5/31/2023(a)		13,361,232
				67,216,768
		Wireless – 2.5%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(a)		3,627,991
	730,000	Bharti Airtel Ltd., 3.250%, 6/03/2031, 144A		724,178
	1,855,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		1,788,343
	3,275,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		3,379,779
	1,620,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		1,675,971
	2,965,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		3,314,336
				14,510,598
		Wirelines – 0.6%
	3,560,000	AT&T, Inc., 3.500%, 9/15/2053, 144A		3,576,627
		Total Non-Convertible Bonds (Identified Cost $411,982,387)		420,528,554
Convertible Bonds – 4.3%
		Airlines – 0.3%
	440,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		438,460
	835,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,264,503
				1,702,963
		Cable Satellite – 1.5%
	4,415,000	DISH Network Corp., 2.375%, 3/15/2024		4,279,791
	4,045,000	DISH Network Corp., 3.375%, 8/15/2026		4,127,922
				8,407,713
		Consumer Cyclical Services – 0.4%
	535,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(l)		577,800
	680,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.734%, 2/15/2026, 144A(m)		657,475

Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
Convertible Bonds – continued
		Consumer Cyclical Services – continued
$	860,000	Uber Technologies, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(l)	$	872,040
				2,107,315
		Healthcare – 0.3%
	1,690,000	Teladoc Health, Inc., 1.250%, 6/01/2027		1,891,786
		Media Entertainment – 0.2%
	970,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(l)		925,137
		Pharmaceuticals – 0.9%
	820,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		849,766
	3,395,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		3,401,543
	580,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(l)		568,226
	305,000	Livongo Health, Inc., 0.875%, 6/01/2025		484,514
				5,304,049
		Technology – 0.7%
	2,850,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		3,876,000
	245,000	Splunk, Inc., 1.125%, 6/15/2027		238,722
				4,114,722
		Total Convertible Bonds (Identified Cost $24,137,921)		24,453,685
Municipals – 0.7%
		Virginia – 0.7%
	3,985,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $3,968,107)		4,186,165
		Total Bonds and Notes (Identified Cost $440,088,415)		449,168,404
Senior Loans – 0.6%
		Airlines – 0.1%
	686,687	United Airlines, Inc., 2021 Term Loan B, 1-month LIBOR + 3.750%, 4.500%, 4/21/2028(d)		695,079
		Independent Energy – 0.3%
	1,282,000	Ascent Resources - Utica, 2020 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.000%, 11/01/2025(d)		1,413,943

Principal Amount (‡)		Description	Value (†)
Senior Loans – continued
		Lodging – 0.1%
$	766,549	Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 5/19/2028(n)	$	766,786
		Pharmaceuticals – 0.1%
	623,000	Jazz Financing Lux S.a.r.l., USD Term Loan, 5/05/2028(n)		624,751
		Total Senior Loans (Identified Cost $3,348,524)		3,500,559
Collateralized Loan Obligations – 4.1%
	555,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3-month LIBOR + 2.900%, 3.100%, 4/23/2034, 144A (d)		550,736
	1,090,000	AIG CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 3.134%, 4/22/2034, 144A (d)		1,089,936
	1,005,000	AIMCO CLO Ltd., Series 2017-AA, Class DR, 3-month LIBOR + 3.150%, 3.338%, 4/20/2034, 144A (d)		1,009,522
	1,940,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.088%, 4/20/2034, 144A (d)		1,939,869
	2,100,000	Ares XLII CLO Ltd., Series 2017-42A, Class BR, 3-month LIBOR + 1.500%, 1.684%, 1/22/2028, 144A (a)(d)		2,095,698
	255,000	Atrium XV, Series 15A, Class D, 3-month LIBOR + 3.000%, 3.173%, 1/23/2031, 144A (d)		255,013
	450,000	B&M CLO Ltd., Series 2014-1A, Class CR, 3-month LIBOR + 2.600%, 2.784%, 4/16/2026, 144A (a)(d)		450,000
	1,320,000	Barings CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.900%, 2.900%, 4/25/2034, 144A (d)		1,309,871
	1,265,000	Basswood Park CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.650%, 2.861%, 4/20/2034, 144A (d)		1,264,945
	370,000	Carlye U.S. CLO Ltd., Series 2018-4A, Class C, 3-month LIBOR + 2.900%, 3.088%, 1/20/2031, 144A (d)		367,981
	305,000	CarVal CLO I Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.890%, 3.074%, 7/16/2031, 144A (d)		304,997
	503,000	CIFC Funding Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.650%, 2.840%, 4/18/2031, 144A (d)		495,685
	1,320,000	Elmwood CLO II Ltd., Series 2019-2A, Class DR, 3-month LIBOR + 3.000%, 3.188%, 4/20/2034, 144A (d)		1,322,312
	340,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 2.966%, 1/20/2034, 144A (d)		339,688
	285,000	Grippen Park CLO Ltd., Series 2017-1A, Class D, 3-month LIBOR + 3.300%, 3.488%, 1/20/2030, 144A (d)		285,087
	365,000	Invesco CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 3.050% 3.215%, 4/15/2034, 144A (d)		364,980
	2,275,000	Madison Park Funding XXV Ltd., Series 2017-25A, Class CR, 3-month LIBOR + 3.350%, 3.443%, 4/25/2029, 144A (d)		2,275,921
	500,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, 3-month LIBOR + 3.000%, 3.173%, 1/23/2031, 144A (d)		500,025
	355,000	Marble Point CLO XV Ltd., Series 2019-1A, Class B, 3-month LIBOR + 2.150%, 2.323%, 7/23/2032, 144A (a)(d)		354,895
	405,000	Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class DR, 3-month LIBOR + 2.900%, 3.100%, 4/15/2034, 144A (d)		404,996
	1,930,000	Oaktree CLO Ltd., Series 2019-2A, Class BR, 3-month LIBOR + 2.700%, 2.882%, 4/15/2031, 144A (a)(d)		1,931,669
	255,000	OCP CLO Ltd., Series 2018-15A, Class C, 3-month LIBOR + 2.950%, 3.138%, 7/20/2031, 144A (d)		254,997

Principal Amount (‡)		Description	Value (†)
Collateralized Loan Obligations – continued
$	1,835,000	OZLM XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.750%, 3.934%, 4/15/2034, 144A (d)	$	1,843,216
	285,000	Parallel Ltd., Series 2015-1A, Class DR, 3-month LIBOR + 2.550%, 2.738%, 7/20/2027, 144A (d)		285,139
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.438%, 4/20/2034, 144A (d)		251,579
	735,000	Rockford Tower CLO Ltd., Series 2017-1A, Class DR2A, 3-month LIBOR + 3.250%, 3.434%, 4/20/2034, 144A (d)		734,990
	575,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3-month LIBOR + 2.900%, 3.091%, 4/20/2034, 144A (d)		570,601
	350,000	York CLO-6 Ltd., Series 2019-1A, Class D, 3-month LIBOR + 4.000%, 4.184%, 7/22/2032, 144A (d)		350,265
		Total Collateralized Loan Obligations (Identified Cost $23,197,519)		23,204,613
Shares
Common Stocks – 9.0%
		Aerospace & Defense – 0.2%
	3,778	Lockheed Martin Corp.		1,429,406
		Air Freight & Logistics – 0.3%
	7,277	United Parcel Service, Inc., Class B		1,513,398
		Beverages – 0.2%
	26,248	Coca-Cola Co. (The)		1,420,279
		Capital Markets – 0.5%
	1,700	BlackRock, Inc.		1,487,449
	17,028	Morgan Stanley		1,561,297
				3,048,746
		Chemicals – 0.5%
	159,649	Hexion Holdings Corp., Class B(h)		2,953,506
		Communications Equipment – 0.2%
	27,113	Cisco Systems, Inc.		1,436,989
		Electric Utilities – 0.5%
	14,358	Duke Energy Corp.		1,417,422
	19,108	NextEra Energy, Inc.		1,400,234
				2,817,656
		Food & Staples Retailing – 0.3%
	10,398	Walmart, Inc.		1,466,326
		Health Care Equipment & Supplies – 0.2%
	12,372	Abbott Laboratories		1,434,286
		Health Care Providers & Services – 0.5%
	3,770	Anthem, Inc.		1,439,386
	3,706	UnitedHealth Group, Inc.		1,484,031
				2,923,417

Shares		Description	Value (†)
Common Stocks – continued
		Hotels, Restaurants & Leisure – 0.3%
	13,029	Starbucks Corp.	$	1,456,772
		Household Products – 0.2%
	10,612	Procter & Gamble Co. (The)		1,431,877
		Insurance – 0.3%
	15,023	Progressive Corp. (The)		1,475,409
		IT Services – 0.5%
	4,886	Accenture PLC, Class A		1,440,344
	7,266	Automatic Data Processing, Inc.		1,443,173
				2,883,517
		Machinery – 0.2%
	4,040	Deere & Co.		1,424,948
		Media – 0.4%
	25,596	Comcast Corp., Class A		1,459,484
	40,019	iHeartMedia, Inc., Class A(h)		1,077,712
				2,537,196
		Metals & Mining – 0.3%
	22,728	Newmont Corp.		1,440,501
		Oil, Gas & Consumable Fuels – 0.7%
	939	Battalion Oil Corp.(h)		12,583
	13,809	Chevron Corp.		1,446,355
	16,662	Paragon Offshore Ltd., Litigation Units, Class B(b)(e)(f)(h)		130,130
	16,122	Whiting Petroleum Corp.(h)		879,455
	56,911	Williams Cos., Inc. (The)		1,510,987
				3,979,510
		Pharmaceuticals – 0.8%
	21,626	Bristol-Myers Squibb Co.		1,445,049
	8,755	Johnson & Johnson		1,442,299
	18,520	Merck & Co., Inc.		1,440,300
	1,918	Organon & Co.(h)		58,039
				4,385,687
		REITs – Diversified – 0.3%
	5,467	American Tower Corp.		1,476,855
		Road & Rail – 0.2%
	6,520	Union Pacific Corp.		1,433,944
		Software – 0.3%
	5,558	Microsoft Corp.		1,505,662
		Specialty Retail – 0.3%
	4,569	Home Depot, Inc. (The)		1,457,008
		Technology Hardware, Storage & Peripherals – 0.3%
	10,654	Apple, Inc.		1,459,172

Shares		Description	Value (†)
Common Stocks – continued
		Wireless Telecommunication Services – 0.5%
	19,801	T-Mobile US, Inc.(h)	$	2,867,779
		Total Common Stocks (Identified Cost $58,824,518)		51,659,846
Preferred Stocks – 2.2%
Convertible Preferred Stocks – 2.1%
		Banking – 1.0%
	3,118	Bank of America Corp., Series L, 7.250%		4,415,088
	834	Wells Fargo & Co., Class A, Series L, 7.500%		1,272,859
				5,687,947
		Healthcare – 0.1%
	4,910	Boston Scientific Corp., Series A, 5.500%		569,855
		Midstream – 0.5%
	63,023	El Paso Energy Capital Trust I, 4.750%		3,166,906
		Technology – 0.2%
	11,216	Clarivate PLC, Series A, 5.250%		1,174,315
		Wireless – 0.3%
	1,413	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(g)(i)		1,780,493
		Total Convertible Preferred Stocks (Identified Cost $10,026,561)		12,379,516
Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	4,670	Union Electric Co., 4.500% (Identified Cost $246,342)		485,680
		Total Preferred Stocks (Identified Cost $10,272,903)		12,865,196
Principal Amount (‡)
Short-Term Investments – 3.8%
	108,455,094	Central Bank of Iceland, 0.000%, (ISK)(d)(o)		876,688
	20,929,119	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $20,929,119 on 7/01/2021 collateralized by $18,774,500 U.S. Treasury Inflation Indexed Note, 0.125% due 1/15/2030 valued at $21,347,811 including accrued interest(p)		20,929,119
		Total Short-Term Investments (Identified Cost $21,811,872)		21,805,807
		Total Investments – 97.9% (Identified Cost $557,543,751)		562,204,425
		Other assets less liabilities – 2.1%		12,046,045
		Net Assets – 100.0%	$	574,250,470

(†) 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 and collateralized loan obligations 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 and collateralized loan obligations 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.   Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.   Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.   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, 2021, 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
$    4,118,666		0.7	%	$	1,789,613		0.3	%

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 100.
(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.

(b)	Level 3 security. Value has been determined using significant unobservable inputs.
(c)	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, 2021 is disclosed.
(d)	Variable rate security. Rate as of June 30, 2021 is disclosed.
(e)	Fair valued by the Fund’s adviser. At June 30, 2021, the value of these securities amounted to $1,789,613 or 0.3% of net assets.
(f)	Securities subject to restriction on resale. At June 30, 2021, 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	$	1,262,800	$	1,136,520	0.2%
GCA2014 Holdings Ltd., Series 2014-1, Class D		12/18/2014		573,618		430,213	0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class E		12/18/2014		1,445,707		92,750	Less than 0.1%
Paragon Offshore Ltd., Litigation Units, Class B		7/18/2017		1,466,032		130,130	Less than 0.1%

(g)	Illiquid security.
(h)	Non-income producing security.
(i)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2021, the value of these securities amounted to $4,118,666 or 0.7% of net assets.
(j)	Perpetual bond with no specified maturity date.
(k)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(l)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
(m)	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.
(n)	Position is unsettled. Contract rate was not determined at June 30, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(o)	Security callable by issuer at any time. No specified maturity date.
(p)	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, 2021, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.
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, 2021, the value of Rule 144A holdings amounted to $210,205,692 or 36.6% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
BRL	Brazilian Real
INR	Indian Rupee
ISK	Icelandic Krona
MXN	Mexican Peso

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 June 30, 2021, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		9/21/2021	522$		75,710,905	$	76,840,031	$	(1,129,126	)

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, 2021, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	22,221,668	$	1,405,000	(a)	$	23,626,668
ABS Other		—		14,498,885		1,659,483	(b)		16,158,368
Property & Casualty Insurance		—		—		478,813	(a)		478,813
All Other Non-Convertible Bonds*		—		380,264,705		—			380,264,705
Total Non-Convertible Bonds		—		416,985,258		3,543,296			420,528,554
Convertible Bonds*		—		24,453,685		—			24,453,685
Municipals*		—		4,186,165		—			4,186,165
Total Bonds and Notes		—		445,625,108		3,543,296			449,168,404
Senior Loans*		—		3,500,559		—			3,500,559
Collateralized Loan Obligations		—		23,204,613		—			23,204,613
Common Stocks
Chemicals		—		2,953,506		—			2,953,506
Oil, Gas & Consumable Fuels		3,849,380		—		130,130	(b)		3,979,510
All Other Common Stocks*		44,726,830		—		—			44,726,830
Total Common Stocks		48,576,210		2,953,506		130,130			51,659,846
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,780,493		—			1,780,493
All Other Convertible Preferred Stocks*		10,599,023		—		—			10,599,023
Total Convertible Preferred Stocks		10,599,023		1,780,493		—			12,379,516
Non-Convertible Preferred Stocks*		—		485,680		—			485,680
Total Preferred Stocks		10,599,023		2,266,173		—			12,865,196
Short-Term Investments		—		21,805,807		—			21,805,807
Total	$	59,175,233	$	499,355,766	$	3,673,426		$	562,204,425

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(1,129,126	)	$	—	$	—	$	(1,129,126	)

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

(a) Valued using broker-dealer bid prices.

(b) 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, 2020 and/or June 30, 2021:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2020			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, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2021
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	—		$	—		$	1,405,000	$	—	$	—	$	—		$	1,405,000	$	—
ABS Other		859,618	(a)		—		—			1,111,707			76,341		—		—		(388,183	)		1,659,483		1,111,707
Finance Companies		96,284			—		—			—			—		—		—		(96,284	)		—		—
Property & Casualty Insurance		—			4,418		—			(96,105	)		—		—		570,500		—			478,813		(96,105	)
Common Stocks
Oil, Gas & Consumable Fuels		—	(a)		—		(73,304	)		120,124			—		—		83,310		—			130,130		46,820
Preferred Stocks
Energy		—	(a)		—		(2,712,567	)		2,712,567			—		—		—		—			—		—
Total	$	955,902		$	4,418	$	(2,785,871	)	$	3,848,293		$	1,481,341	$	—	$	653,810	$	(484,467	)	$	3,673,426	$	1,062,422

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

A debt security valued at $388,183 was transferred from Level 3 to Level 2 during the period ended June 30, 2021. At September 30, 2020, this security was 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 security. At June 30, 2021, 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.

A debt security valued at $96,284 was transferred from Level 3 to Level 2 during the period ended June 30, 2021. At September 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At June 30, 2021, 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.

A debt security valued at $570,500 was transferred from Level 2 to Level 3 during the period ended June 30, 2021. At September 30, 2020, 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, 2021, this security was 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 security.

A common stock valued at $83,310 was transferred from Level 2 to Level 3 during the period ended June 30, 2021. At September 30, 2020, 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, 2021, 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.

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 during the period 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. During the period ended June 30, 2021, the Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for the Fund, as of June 30, 2021:

	Unrealized
	depreciation on
Liabilities_	futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(1,129,126	)

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 June 30, 2021:

Maximum Amount of Loss - Gross	Maximum Amount of Loss - Net
$ 1,548,668	$	1,548,668

Industry Summary at June 30, 2021 (Unaudited)

Treasuries	11.7	%
Finance Companies	6.2
Banking	4.5
Cable Satellite	4.5
ABS Home Equity	4.1
Metals & Mining	3.4
Aerospace & Defense	3.1
Wireless	2.8
ABS Other	2.8
ABS Car Loan	2.7
Technology	2.7
Airlines	2.5
Consumer Cyclical Services	2.4
Independent Energy	2.4
Pharmaceuticals	2.1
Other Investments, less than 2% each	32.1
Collateralized Loan Obligations	4.1
Short-Term Investments	3.8
Total Investments	97.9
Other assets less liabilities (including futures contracts)	2.1
Net Assets	100.0	%