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

Loomis Sayles Credit Income Fund

Principal Amount		Description	Value (†)
Bonds and Notes – 91.6% of Net Assets
Non-Convertible Bonds – 87.1%
		Aerospace & Defense – 3.8%
$	125,000	Boeing Co. (The), 2.196%, 2/04/2026	$	126,195
	20,000	Boeing Co. (The), 2.250%, 6/15/2026		20,418
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		20,478
	5,000	Boeing Co. (The), 3.100%, 5/01/2026		5,286
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		10,495
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		5,055
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		4,817
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		5,011
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		15,406
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		236,616
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		4,996
	40,000	Boeing Co. (The), 3.750%, 2/01/2050		41,262
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		15,306
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		10,262
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		15,796
	30,000	Boeing Co. (The), 3.950%, 8/01/2059		31,387
	40,000	Boeing Co. (The), 5.150%, 5/01/2030		47,366
	20,000	Boeing Co. (The), 5.805%, 5/01/2050		26,932
	30,000	Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025		32,692
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		22,842
	125,000	Raytheon Technologies Corp., 2.800%, 3/15/2022(a)		126,977
	5,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		4,900
	30,000	Spirit AeroSystems, Inc., 7.500%, 4/15/2025, 144A		32,025
	125,000	Textron, Inc., 3.000%, 6/01/2030		131,480
				994,000

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Airlines – 0.6%
$	75,745	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030	$	73,603
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		15,881
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		16,219
	14,558	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		15,438
	10,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		10,352
	15,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		15,525
				147,018
		Automotive – 1.6%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		58,972
	40,000	Ford Motor Co., 9.000%, 4/22/2025		49,315
	30,000	Ford Motor Co., 9.625%, 4/22/2030		43,050
	170,000	General Motors Co., 5.200%, 4/01/2045		210,115
	40,000	General Motors Co., 6.250%, 10/02/2043		55,220
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(b)		5,600
				422,272
		Banking – 12.7%
	165,000	Ally Financial, Inc., 5.125%, 9/30/2024		185,885
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(b)		67,321
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(b)		50,640
	200,000	Banco Santander S.A., (fixed rate to 6/30/2023, variable rate thereafter), 0.701%, 6/30/2024		200,399
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026(a)		304,874
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		208,368
	215,000	Citigroup, Inc., 4.450%, 9/29/2027(a)		245,637
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A(a)		271,795
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		159,670
	210,000	Goldman Sachs Group, Inc. (The), 4.250%, 10/21/2025(a)		234,761

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Banking – continued
$	50,000	JPMorgan Chase & Co., (fixed rate to 4/22/2026, variable rate thereafter), 1.578%, 4/22/2027	$	50,259
	390,000	Morgan Stanley, 3.625%, 1/20/2027(a)		432,440
	200,000	Natwest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		199,975
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		122,834
	30,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		32,091
	200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		207,520
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A(a)		233,891
	115,000	Synchrony Financial, 4.375%, 3/19/2024		125,166
				3,333,526
		Brokerage – 1.2%
	15,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,047
	180,000	Jefferies Group LLC, 6.500%, 1/20/2043		248,266
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		59,236
				327,549
		Building Materials – 0.4%
	40,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		42,850
	55,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		57,157
				100,007
		Cable Satellite – 2.9%
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		122,303
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		124,946
	220,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		252,681
	40,000	DISH DBS Corp., 5.125%, 6/01/2029, 144A		39,497
	5,000	Sirius XM Radio, Inc., 5.500%, 7/01/2029, 144A		5,448
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		222,309
				767,184

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Chemicals – 1.5%
$	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A	$	80,348
	15,000	FMC Corp., 3.450%, 10/01/2029		16,307
	60,000	Hercules LLC, 6.500%, 6/30/2029		66,141
	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		201,250
	30,000	Westlake Chemical Corp., 3.600%, 8/15/2026		32,696
				396,742
		Construction Machinery – 0.3%
	75,000	John Deere Capital Corp., MTN, 2.000%, 6/17/2031		75,809
		Consumer Cyclical Services – 2.2%
	30,000	CBRE Services, Inc., 4.875%, 3/01/2026		34,686
	185,000	Expedia Group, Inc., 3.250%, 2/15/2030		193,241
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		49,675
	45,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		44,370
	115,000	Uber Technologies, Inc., 7.500%, 5/15/2025, 144A		124,108
	5,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		5,495
	115,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		123,913
				575,488
		Electric – 1.6%
	15,000	AES Corp. (The), 2.450%, 1/15/2031, 144A		14,855
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		5,467
	85,000	Calpine Corp., 3.750%, 3/01/2031, 144A		80,950
	40,000	Calpine Corp., 5.125%, 3/15/2028, 144A		40,700
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		22,461
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		38,632
	35,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		37,231
	140,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		124,777

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Electric – continued
$	50,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A	$	53,421
				418,494
		Finance Companies – 5.8%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		160,555
	105,000	Air Lease Corp., 3.125%, 12/01/2030		106,670
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		207,937
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(b)		41,450
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		133,281
	15,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(b)		15,150
	100,000	Ares Capital Corp., 2.875%, 6/15/2028		101,502
	25,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		25,007
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		36,191
	200,000	GE Capital Funding LLC, 4.400%, 5/15/2030		233,066
	75,000	Navient Corp., 5.000%, 3/15/2027		77,606
	35,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		35,014
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		11,647
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		50,129
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		49,625
	75,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		74,062
	155,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		156,161
				1,515,053
		Financial Other – 0.6%
	45,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029, 144A		44,775
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		118,737
				163,512
		Food & Beverage – 3.8%
	240,000	Coca-Cola Co. (The), 1.750%, 9/06/2024(a)		249,510

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Food & Beverage – continued
$	150,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050(a)	$	157,764
	145,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		164,331
	95,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049		115,325
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		53,250
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		61,010
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		191,563
				992,753
		Gaming – 0.6%
	85,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 3.875%, 2/15/2029, 144A		86,324
	15,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		14,981
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		60,071
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		5,640
				167,016
		Health Insurance – 0.4%
	90,000	Centene Corp., 2.500%, 3/01/2031		88,762
	20,000	Centene Corp., 3.000%, 10/15/2030		20,546
	5,000	Centene Corp., 4.625%, 12/15/2029		5,499
				114,807
		Healthcare – 2.2%
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		14,526
	10,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		10,138
	75,000	Cigna Corp., 4.375%, 10/15/2028		87,227
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		5,313
	165,000	HCA, Inc., 4.125%, 6/15/2029		185,803
	100,000	HCA, Inc., 5.250%, 6/15/2049		127,469
	90,000	Hologic, Inc., 3.250%, 2/15/2029, 144A		89,212
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		25,730

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Healthcare – continued
$	30,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A	$	31,969
				577,387
		Home Construction – 0.7%
	90,000	Lennar Corp., 4.750%, 11/29/2027		104,028
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		91,870
				195,898
		Independent Energy – 2.4%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		164,758
	10,000	Cimarex Energy Co., 4.375%, 6/01/2024		10,884
	20,000	Continental Resources, Inc., 3.800%, 6/01/2024		21,150
	40,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		47,900
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		20,727
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		25,680
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		41,182
	5,000	EQT Corp., 3.125%, 5/15/2026, 144A		5,124
	10,000	EQT Corp., 3.625%, 5/15/2031, 144A		10,425
	5,000	EQT Corp., 5.000%, 1/15/2029		5,575
	55,000	Hess Corp., 4.300%, 4/01/2027		61,213
	60,000	Hess Corp., 5.600%, 2/15/2041		74,897
	15,000	Occidental Petroleum Corp., 2.900%, 8/15/2024		15,337
	10,000	Occidental Petroleum Corp., 3.500%, 6/15/2025		10,225
	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		33,150
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		50,713
	20,000	Ovintiv Exploration, Inc., 5.625%, 7/01/2024		22,268
				621,208
		Leisure – 0.6%
	55,000	Carnival Corp., 5.750%, 3/01/2027, 144A		57,612

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Leisure – continued
$	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A	$	31,425
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		10,480
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		62,838
				162,355
		Life Insurance – 1.1%
	65,000	AIG Global Funding, 0.650%, 6/17/2024, 144A		64,815
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		50,006
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		95,525
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		31,984
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		35,731
				278,061
		Lodging – 1.2%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		59,250
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		40,395
	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		9,974
	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		25,563
	5,000	Hyatt Hotels Corp., 5.375%, 4/23/2025		5,645
	15,000	Hyatt Hotels Corp., 5.750%, 4/23/2030		18,208
	20,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		23,086
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		28,793
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		20,310
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		20,275
	75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		77,302
				328,801
		Media Entertainment – 2.4%
	25,000	AMC Networks, Inc., 4.250%, 2/15/2029		25,219

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Media Entertainment – continued
$	60,000	Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/2027, 144A	$	61,513
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		87,444
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		78,405
	35,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		37,494
	25,000	Lamar Media Corp., 3.750%, 2/15/2028		25,437
	30,000	Lamar Media Corp., 4.000%, 2/15/2030		30,363
	10,000	Netflix, Inc., 4.875%, 4/15/2028		11,625
	120,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		142,716
	115,000	ViacomCBS, Inc., 4.375%, 3/15/2043		133,062
				633,278
		Metals & Mining – 4.2%
	45,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		47,138
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		228,565
	35,000	ArcelorMittal S.A., 7.250%, 10/15/2039		49,442
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		217,940
	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		48,142
	60,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		65,700
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		48,312
	10,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		12,223
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		148,720
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		22,167
	45,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		48,512
	115,000	Glencore Funding LLC, 4.625%, 4/29/2024, 144A		126,052
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		36,750
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		9,900
				1,109,563

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Midstream – 2.2%
$	115,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027	$	133,720
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		60,510
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		26,625
	35,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		37,820
	50,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		52,150
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		91,627
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		16,051
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		35,357
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		37,079
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032, 144A		15,430
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		68,254
				574,623
		Paper – 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		47,194
		Pharmaceuticals – 3.4%
	230,000	GlaxoSmithKline Capital PLC, 3.000%, 6/01/2024(a)		245,055
	245,000	Merck & Co., Inc., 2.350%, 2/10/2022(a)		248,195
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		55,000
	70,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		66,588
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		219,062
	20,000	Utah Acquisition Sub, Inc., 5.250%, 6/15/2046		24,358
	25,000	Viatris, Inc., 4.000%, 6/22/2050, 144A		26,438
				884,696
		Property & Casualty Insurance – 0.9%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		174,253
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		66,131
				240,384

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		REITs - Apartments – 0.0%
$	10,000	American Homes 4 Rent, 2.375%, 7/15/2031	$	9,851
		REITs - Health Care – 0.5%
	110,000	Welltower, Inc., 4.250%, 4/01/2026		124,060
		REITs - Mortgage – 0.2%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		14,979
	25,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		25,437
				40,416
		REITs - Office Property – 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		10,076
		REITs - Shopping Centers – 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		128,669
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		79,235
				207,904
		Restaurants – 0.9%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		126,719
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		47,250
	60,000	Yum! Brands, Inc., 4.750%, 1/15/2030, 144A		64,950
				238,919
		Retailers – 0.9%
	45,000	AutoZone, Inc., 3.625%, 4/15/2025		49,249
	55,000	Carvana Co., 5.625%, 10/01/2025, 144A		57,181
	93,639	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		103,045
	20,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		20,715
	10,000	Murphy Oil USA, Inc., 3.750%, 2/15/2031, 144A		9,885
				240,075
		Sovereigns – 0.8%
	200,000	Mexico Government International Bond, 4.280%, 8/14/2041		209,928

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Technology – 5.2%
$	85,000	Avnet, Inc., 4.625%, 4/15/2026	$	95,541
	115,000	Broadcom, Inc., 4.300%, 11/15/2032		130,954
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		133,088
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		5,000
	55,000	IHS Markit Ltd., 4.250%, 5/01/2029		63,646
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		63,515
	35,000	Jabil, Inc., 1.700%, 4/15/2026		35,259
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028, 144A		30,576
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031, 144A		25,909
	20,000	Microchip Technology, Inc., 0.983%, 9/01/2024, 144A		19,903
	145,000	Microchip Technology, Inc., 4.333%, 6/01/2023		154,628
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		308,023
	115,000	NVIDIA Corp., 0.584%, 6/14/2024		115,026
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		61,188
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		62,533
	10,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		11,888
	5,000	Skyworks Solutions, Inc., 1.800%, 6/01/2026		5,063
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		39,699
				1,361,439
		Transportation Services – 0.4%
	115,000	United Parcel Service, Inc., 2.500%, 4/01/2023		119,165
		Treasuries – 11.8%
	135,000	U.S. Treasury Bond, 1.125%, 8/15/2040		116,142
	430,000	U.S. Treasury Bond, 1.875%, 2/15/2051		410,381
	1,805,000	U.S. Treasury Note, 0.125%, 1/31/2023(a)(c)		1,803,237
	780,000	U.S. Treasury Note, 0.125%, 4/30/2023		778,538
				3,108,298

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Non-Convertible Bonds – continued
		Wireless – 2.6%
$	80,000	Crown Castle International Corp., 2.500%, 7/15/2031	$	80,569
	70,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		67,485
	30,000	Sprint Capital Corp., 6.875%, 11/15/2028		38,475
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		134,159
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		67,246
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		296,222
				684,156
		Wirelines – 1.5%
	130,000	AT&T, Inc., 3.650%, 6/01/2051(a)		134,960
	150,000	Telefonica Emisiones S.A., 5.520%, 3/01/2049		194,932
	70,000	Verizon Communications, Inc., 3.550%, 3/22/2051		74,786
				404,678
		Total Non-Convertible Bonds (Identified Cost $22,352,474)		22,923,643
Convertible Bonds – 4.5%
		Airlines – 0.3%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		19,930
	40,000	Southwest Airlines Co., 1.250%, 5/01/2025		60,575
				80,505
		Cable Satellite – 1.6%
	25,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025, 144A(d)		29,113
	340,000	DISH Network Corp., 3.375%, 8/15/2026		346,970
	35,000	Liberty Media Corp., 0.500%, 12/01/2050, 144A		40,267
				416,350
		Consumer Cyclical Services – 0.3%
	25,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(d)		27,000
	25,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.003%, 2/15/2026, 144A(e)		24,172
	35,000	Uber Technologies, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(d)		35,490
				86,662

Principal Amount		Description	Value (†)
Bonds and Notes – continued
Convertible Bonds – continued
		Healthcare – 0.5%
$	120,000	Teladoc Health, Inc., 1.250%, 6/01/2027	$	134,328
		Media Entertainment – 0.1%
	35,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(d)		33,381
		Pharmaceuticals – 1.2%
	240,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		240,463
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027, 144A(d)		17,072
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(d)		24,492
	10,000	Livongo Health, Inc., 0.875%, 6/01/2025		15,886
	15,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024		20,053
				317,966
		Technology – 0.5%
	80,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		108,800
	10,000	Splunk, Inc., 1.125%, 6/15/2027		9,744
				118,544
		Total Convertible Bonds (Identified Cost $1,133,664)		1,187,736
		Total Bonds and Notes (Identified Cost $23,486,138)		24,111,379
Collateralized Loan Obligations – 2.8%
	250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.088%, 4/20/2034, 144A(f)		249,983
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 3.084%, 7/15/2030, 144A(f)		249,998
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.438%, 4/20/2034, 144A(f)		251,579
		Total Collateralized Loan Obligations (Identified Cost $750,000)		751,560

Shares		Description	Value (†)
Preferred Stocks – 3.2%
Convertible Preferred Stocks – 3.2%
		Banking – 1.0%
	97	Bank of America Corp., Series L, 7.250%	$	137,352
	83	Wells Fargo & Co., Class A, Series L, 7.500%		126,675
				264,027
		Food & Beverage – 0.7%
	1,492	Bunge Ltd., 4.875%		173,162
		Healthcare – 0.1%
	234	Boston Scientific Corp., Series A, 5.500%		27,158
		Technology – 0.2%
	560	Clarivate PLC, Series A, 5.250%		58,632
		Wireless – 1.2%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(g)(h)		315,020
		Total Convertible Preferred Stocks (Identified Cost $793,492)		837,999
		Total Preferred Stocks (Identified Cost $793,492)		837,999
		Total Investments – 97.6% (Identified Cost $25,029,630)		25,700,938
		Other assets less liabilities – 2.4%		620,649
		Net Assets – 100.0%	$	26,321,587

(†)	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. 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 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. 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. 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)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(b)	Perpetual bond with no specified maturity date.
(c)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(d)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
(e)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
(f)	Variable rate security. Rate as of June 30, 2021 is disclosed.
(g)	Illiquid security.
(h)	Security classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2021, the value of this security amounted to $315,020 or 1.2% of net assets.
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 $7,744,989 or 29.4% 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 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		2	$	290,080	$	294,406	$	(4,326	)

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*	$	—	$	24,111,379	$	—	$	24,111,379
Collateralized Loan Obligations		—		751,560		—		751,560
Preferred Stocks
Food & Beverage		—		173,162		—		173,162
Wireless		—		315,020		—		315,020
All Other Preferred Stocks*		349,817		—		—		349,817
Total Preferred Stocks		349,817		488,182		—		837,999
Total	$	349,817	$	25,351,121	$	—	$	25,700,938

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)		$    (4,326	)	$	—	$	—	$	(4,326	)

* 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 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. The Fund may use futures contracts to gain investment exposure. 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:

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives Interest rate contracts	$	(4,326	)

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
$            19,980	$            19,980

Industry Summary at June 30, 2021 (Unaudited)

Banking	13.7	%
Treasuries	11.8
Technology	5.9
Finance Companies	5.8
Pharmaceuticals	4.6
Cable Satellite	4.5
Food & Beverage	4.5
Metals & Mining	4.2
Wireless	3.8
Aerospace & Defense	3.8
Healthcare	2.8
Media Entertainment	2.5
Consumer Cyclical Services	2.5
Independent Energy	2.4
Midstream	2.2
Other Investments, less than 2% each	19.8
Collateralized Loan Obligations	2.8
Total Investments	97.6
Other assets less liabilities (including futures contracts)	2.4
Net Assets	100.0	%