PORTFOLIO OF INVESTMENTS – as of December 31, 2021 (Unaudited)

Loomis Sayles Credit Income Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 93.2% of Net Assets
	Non-Convertible Bonds – 87.5%
		Aerospace & Defense – 3.3%
	$     125,000	Boeing Co. (The), 2.196%, 2/04/2026	$	124,970
	20,000	Boeing Co. (The), 2.250%, 6/15/2026		20,029
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		20,377
	5,000	Boeing Co. (The), 3.100%, 5/01/2026		5,210
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		10,292
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		5,038
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		4,819
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		5,073
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		15,254
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		234,605
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		4,951
	40,000	Boeing Co. (The), 3.750%, 2/01/2050		41,448
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		15,064
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		10,379
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		15,726
	30,000	Boeing Co. (The), 3.950%, 8/01/2059		31,161
	40,000	Boeing Co. (The), 5.150%, 5/01/2030		46,604
	10,000	Boeing Co. (The), 5.805%, 5/01/2050		13,541
	30,000	Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025		31,727
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		22,276
	5,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		5,013
	125,000	Textron, Inc., 3.000%, 6/01/2030		128,993
				812,550

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Airlines – 0.6%
	$     73,308	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030	$	69,713
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		15,598
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		16,031
	13,470	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		14,024
	10,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		10,427
	15,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		15,469
				141,262
		Automotive – 1.7%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		58,500
	30,000	Ford Motor Co., 3.250%, 2/12/2032		30,720
	40,000	Ford Motor Co., 9.000%, 4/22/2025		48,904
	170,000	General Motors Co., 5.200%, 4/01/2045		210,333
	40,000	General Motors Co., 6.250%, 10/02/2043		54,738
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		5,700
				408,895
		Banking – 10.1%
	40,000	Ally Financial, Inc., 2.200%, 11/02/2028		39,733
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(a)		67,438
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(a)		51,540
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026(b)		297,919
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		204,827
	215,000	Citigroup, Inc., 4.450%, 9/29/2027		239,729
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		266,722
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		157,869
	390,000	Morgan Stanley, 3.625%, 1/20/2027(b)		422,822
	200,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027(b)		197,257
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		120,032

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Banking – continued
	$     200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A	$	206,009
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A(b)		226,291
				2,498,188
		Brokerage – 1.3%
	15,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,884
	180,000	Jefferies Group LLC, 6.500%, 1/20/2043		248,567
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		58,760
				327,211
		Building Materials – 0.1%
	35,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		36,925
		Cable Satellite – 4.6%
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		121,279
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		122,783
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		86,704
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		184,740
	200,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		192,750
	15,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		15,356
	100,000	DISH DBS Corp., 5.125%, 6/01/2029		91,000
	110,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		111,736
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		218,042
				1,144,390
		Chemicals – 1.5%
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		78,024
	15,000	FMC Corp., 3.450%, 10/01/2029		15,971
	60,000	Hercules LLC, 6.500%, 6/30/2029		67,213
	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		196,808
				358,016

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Consumer Cyclical Services – 2.3%
	$     185,000	Expedia Group, Inc., 3.250%, 2/15/2030	$	188,793
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		49,617
	325,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		330,961
	5,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		5,441
				574,812
		Electric – 1.6%
	15,000	AES Corp. (The), 2.450%, 1/15/2031		14,615
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		5,327
	85,000	Calpine Corp., 3.750%, 3/01/2031, 144A		81,919
	40,000	Calpine Corp., 5.125%, 3/15/2028, 144A		40,606
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		21,949
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		38,074
	35,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		37,498
	140,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		129,691
	20,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		20,738
				390,417
		Finance Companies – 6.2%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		159,052
	105,000	Air Lease Corp., 3.125%, 12/01/2030		107,139
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		204,610
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(a)		41,450
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		130,513
	15,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		15,300
	65,000	Ares Capital Corp., 2.875%, 6/15/2028		64,712
	65,000	Ares Capital Corp., 3.200%, 11/15/2031		63,907
	25,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		24,384
	30,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		29,671

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Finance Companies – continued
	$       40,000	FS KKR Capital Corp., 3.125%, 10/12/2028	$	39,797
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		35,542
	75,000	Navient Corp., 5.000%, 3/15/2027		76,490
	35,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		34,729
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		11,400
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		48,904
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		49,079
	110,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		109,175
	75,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		75,281
	155,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		157,325
	55,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		55,708
				1,534,168
		Financial Other – 1.7%
	115,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027, 144A		111,932
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		29,250
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		118,270
	35,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		34,825
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		136,388
				430,665
		Food & Beverage – 3.1%
	150,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050		156,840
	145,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		170,171
	95,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049		119,315
	10,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		10,140
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		52,797
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		61,110

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Food & Beverage – continued
	$     190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A	$	189,221
				759,594
		Gaming – 0.8%
	20,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		20,108
	85,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 3.875%, 2/15/2029, 144A		89,250
	15,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		14,550
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		58,575
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		5,575
				188,058
		Government Owned—No Guarantee – 0.1%
	25,000	EcoPetrol S.A., 4.625%, 11/02/2031		24,305
		Health Insurance – 0.7%
	90,000	Centene Corp., 2.500%, 3/01/2031		87,617
	35,000	Centene Corp., 2.625%, 8/01/2031		34,300
	20,000	Centene Corp., 3.000%, 10/15/2030		20,330
	5,000	Centene Corp., 4.625%, 12/15/2029		5,392
	20,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		20,125
				167,764
		Healthcare – 2.0%
	25,000	Avantor Funding, Inc., 3.875%, 11/01/2029, 144A		25,273
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		14,796
	75,000	Cigna Corp., 4.375%, 10/15/2028		85,238
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		5,150
	165,000	HCA, Inc., 4.125%, 6/15/2029		181,562
	95,000	HCA, Inc., 5.250%, 6/15/2049		122,010
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		25,687
	30,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		31,686
				491,402

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Home Construction – 0.8%
	$       90,000	Lennar Corp., 4.750%, 11/29/2027	$	101,851
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		90,022
				191,873
		Independent Energy – 3.0%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		162,189
	5,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		4,891
	20,000	Continental Resources, Inc., 3.800%, 6/01/2024		20,869
	70,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		82,433
	10,000	Coterra Energy, Inc., 4.375%, 6/01/2024, 144A		10,575
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		20,613
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		24,625
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		39,200
	5,000	EQT Corp., 3.125%, 5/15/2026, 144A		5,133
	30,000	EQT Corp., 3.625%, 5/15/2031, 144A		31,125
	15,000	EQT Corp., 3.900%, 10/01/2027		16,088
	10,000	EQT Corp., 5.000%, 1/15/2029		11,075
	55,000	Hess Corp., 4.300%, 4/01/2027		59,898
	60,000	Hess Corp., 5.600%, 2/15/2041		74,074
	15,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		14,700
	15,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		15,000
	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		33,399
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		49,883
	20,000	Ovintiv Exploration, Inc., 5.625%, 7/01/2024		22,016
	30,000	Ovintiv, Inc., 6.500%, 8/15/2034		38,600
	5,000	Southwestern Energy Co., 4.750%, 2/01/2032		5,265
				741,651

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Industrial Other – 0.1%
	$       20,000	TopBuild Corp., 4.125%, 2/15/2032, 144A	$	20,525
		Leisure – 0.8%
	55,000	Carnival Corp., 5.750%, 3/01/2027, 144A		55,000
	30,000	Carnival Corp., 6.000%, 5/01/2029, 144A		29,850
	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		29,867
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		9,850
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		60,694
				185,261
		Life Insurance – 0.8%
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		49,079
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		93,391
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		31,722
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		34,459
				208,651
		Lodging – 1.4%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		59,685
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		40,968
	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		10,000
	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		25,625
	5,000	Hyatt Hotels Corp., 5.375%, 4/23/2025		5,542
	3,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		3,377
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		28,124
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		19,939
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		20,130
	45,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		45,382

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Lodging – continued
	$       75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A	$	75,375
				334,147
		Media Entertainment – 1.6%
	25,000	AMC Networks, Inc., 4.250%, 2/15/2029		24,844
	60,000	Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/2027, 144A		62,086
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		86,200
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		78,007
	10,000	Netflix, Inc., 4.875%, 4/15/2028		11,400
	120,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		139,950
				402,487
		Metals & Mining – 3.5%
	25,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		26,062
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		220,427
	35,000	ArcelorMittal S.A., 7.000%, 10/15/2039		48,219
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		215,250
	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		47,250
	25,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		26,812
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		48,700
	10,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		12,571
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		145,226
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		21,577
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		36,794
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		9,637
				858,525
		Midstream – 2.6%
	115,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		129,757
	55,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		55,413

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
	$       10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029	$	11,300
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		59,054
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		30,267
	35,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		38,238
	15,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		14,888
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		89,012
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		15,664
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		35,087
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		37,219
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032, 144A		15,675
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		66,156
	10,000	Western Midstream Operating LP, 5.300%, 2/01/2030		10,990
	10,000	Western Midstream Operating LP, 5.300%, 3/01/2048		12,050
	5,000	Western Midstream Operating LP, 5.450%, 4/01/2044		5,975
	10,000	Western Midstream Operating LP, 6.500%, 2/01/2050		11,825
				638,570
		Paper – 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		45,732
		Pharmaceuticals – 2.6%
	40,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		36,800
	10,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		8,800
	25,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		21,969
	245,000	Merck & Co., Inc., 2.350%, 2/10/2022(b)		245,558
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		52,415
	70,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		65,800
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		211,250
				642,592

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Property & Casualty Insurance – 1.2%
	$     175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031	$	171,731
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		66,359
	55,000	Stewart Information Services Corp., 3.600%, 11/15/2031		55,691
				293,781
		REITs - Apartments – 0.0%
	10,000	American Homes 4 Rent, 2.375%, 7/15/2031		9,800
		REITs - Diversified – 0.1%
	15,000	EPR Properties, 3.600%, 11/15/2031		14,840
		REITs - Mortgage – 0.1%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		15,098
		REITs - Office Property – 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		9,943
		REITs - Shopping Centers – 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		125,486
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		78,515
				204,001
		Restaurants – 0.7%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		127,500
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		47,818
				175,318
		Retailers – 0.8%
	55,000	Carvana Co., 5.625%, 10/01/2025, 144A		55,070
	91,400	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		100,516
	20,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		20,519
	10,000	Murphy Oil USA, Inc., 3.750%, 2/15/2031, 144A		9,937
	10,000	Tapestry, Inc., 3.050%, 3/15/2032		10,059
				196,101

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Sovereigns – 0.8%
	$     200,000	Mexico Government International Bond, 4.280%, 8/14/2041	$	207,250
		Technology – 5.4%
	85,000	Avnet, Inc., 4.625%, 4/15/2026		93,166
	115,000	Broadcom, Inc., 4.300%, 11/15/2032		129,234
	90,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		93,635
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		121,550
	60,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		59,629
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		5,050
	55,000	IHS Markit Ltd., 4.250%, 5/01/2029		62,563
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		63,229
	35,000	Jabil, Inc., 1.700%, 4/15/2026		34,904
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028		30,426
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031		25,473
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		305,407
	25,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		25,281
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		61,800
	30,000	Oracle Corp., 3.950%, 3/25/2051		31,143
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		61,076
	10,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		11,300
	60,000	TD SYNNEX Corp., 1.750%, 8/09/2026, 144A		58,473
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		39,024
	5,000	Western Digital Corp., 2.850%, 2/01/2029		5,048
	5,000	Western Digital Corp., 3.100%, 2/01/2032		5,037
				1,322,448

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Treasuries – 15.8%
	$     135,000	U.S. Treasury Bond, 1.125%, 8/15/2040	$	117,872
	430,000	U.S. Treasury Bond, 1.875%, 2/15/2051		425,431
	1,705,000	U.S. Treasury Note, 0.125%, 1/31/2023(b)(c)		1,699,139
	780,000	U.S. Treasury Note, 0.125%, 4/30/2023(b)		775,826
	875,000	U.S. Treasury Note, 0.250%, 9/30/2023(b)		868,848
				3,887,116
		Wireless – 2.6%
	80,000	Crown Castle International Corp., 2.500%, 7/15/2031		79,406
	70,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		67,200
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		132,462
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		67,625
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		289,845
				636,538
		Wirelines – 0.1%
	20,000	Verizon Communications, Inc., 2.850%, 9/03/2041		19,731
		Total Non-Convertible Bonds (Identified Cost $21,246,627)		21,550,601
	Convertible Bonds – 5.7%
		Airlines – 0.6%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		18,644
	100,000	Southwest Airlines Co., 1.250%, 5/01/2025		133,300
				151,944
		Cable Satellite – 1.4%
	25,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025(d)		25,063
	340,000	DISH Network Corp., 3.375%, 8/15/2026		321,828
				346,891
		Consumer Cyclical Services – 0.3%
	5,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(d)		5,753
	25,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.003%, 2/15/2026, 144A(e)		21,188

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Consumer Cyclical Services – continued
	$       50,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.573%, 12/15/2025(e)	$	49,448
				76,389
		Gaming – 0.1%
	10,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		23,700
		Healthcare – 0.5%
	130,000	Teladoc Health, Inc., 1.250%, 6/01/2027		118,381
		Leisure – 0.2%
	60,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		56,385
		Media Entertainment – 0.5%
	30,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A		25,530
	35,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(d)		31,346
	75,000	Zynga, Inc., Zero Coupon, 0.456%-1.992%, 12/15/2026(e)		68,444
				125,320
		Pharmaceuticals – 1.4%
	240,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		250,344
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027(d)		15,174
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(d)		21,985
	40,000	Livongo Health, Inc., 0.875%, 6/01/2025		45,871
				333,374
		Technology – 0.7%
	25,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		22,750
	50,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		94,720
	65,000	Splunk, Inc., 1.125%, 6/15/2027		60,613
				178,083
		Total Convertible Bonds (Identified Cost $1,441,146)		1,410,467
		Total Bonds and Notes (Identified Cost $22,687,773)		22,961,068

Principal Amount		Description	Value (†)
	Collateralized Loan Obligations – 3.0%
	$     250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.032%, 4/20/2034, 144A(f)	$	248,014
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 3.024%, 7/15/2030, 144A(f)		249,007
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.382%, 4/20/2034, 144A(f)		250,125
		Total Collateralized Loan Obligations (Identified Cost $750,000)		747,146
Shares
	Preferred Stocks – 2.4%
	Convertible Preferred Stocks – 2.4%
		Banking – 1.1%
	97	Bank of America Corp., Series L, 7.250%		140,204
	83	Wells Fargo & Co., Class A, Series L, 7.500%		123,714
				263,918
		Food & Beverage – 0.1%
	179	Bunge Ltd., 4.875%		22,652
		Healthcare – 0.0%
	98	Boston Scientific Corp., Series A, 5.500%		11,237
		Technology – 0.1%
	273	Clarivate PLC, Series A, 5.250%		24,805
		Wireless – 1.1%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(g)(h)		260,677
		Total Convertible Preferred Stocks (Identified Cost $619,154)		583,289
		Total Preferred Stocks (Identified Cost $619,154)		583,289
Principal Amount
	Short-Term Investments – 0.7%
	$184,018	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $184,018 on 1/03/2022 collateralized by $155,500 U.S. Treasury Inflation Indexed Note, 0.125% due 7/15/2030 valued at $187,799 including accrued interest(i) (Identified Cost $184,018)		184,018
		Total Investments – 99.3% (Identified Cost $24,240,945)		24,475,521
		Other assets less liabilities – 0.7%		170,624
		Net Assets – 100.0%	$	24,646,145

(†) 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.

As of December 31, 2021, securities held by the Fund were fair valued as follows:

Securities classified as fair valued		Percentage of Net Assets
$	260,677		1.1	%

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

(a) Perpetual bond with no specified maturity date.

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

(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 December 31, 2021 is disclosed.

(g) Illiquid security.

(h) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2021, the value of this security amounted to $260,677 or 1.1% of net assets.

(i) The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of December 31, 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 December 31, 2021, the value of Rule 144A holdings amounted to $7,889,406 or 32.0% of net assets.

LIBOR London Interbank Offered Rate

MTN Medium Term Note

REITs Real Estate Investment Trusts

Futures Contracts

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

When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

At December 31, 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		3/22/2022		15	$	2,170,006	$	2,196,562	$	(26,556	)

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 December 31, 2021, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*		—		22,961,068		—		22,961,068
Collateralized Loan Obligations		—		747,146		—		747,146
Preferred Stocks
Food & Beverage		—		22,652		—		22,652
Wireless		—		260,677		—		260,677
All Other Preferred Stocks*		299,960		—		—		299,960
Total Preferred Stocks		299,960		283,329		—		583,289
Short-Term Investments		—		184,018		—		184,018
Total	$	299,960	$	24,175,561	$	—	$	24,475,521

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(26,556	)	$	—	$	—	$	(26,556	)

* 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 December 31, 2021, the Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for the Fund, as of December 31, 2021:

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(26,556	)

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

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of December 31, 2021:

Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
$	49,828	$	49,828

Industry Summary at December 31, 2021 (Unaudited)

Treasuries	15.8	%
Banking	11.2
Finance Companies	6.2
Technology	6.2
Cable Satellite	6.0
Pharmaceuticals	4.0
Wireless	3.7
Metals & Mining	3.5
Aerospace & Defense	3.3
Food & Beverage	3.2
Independent Energy	3.0
Consumer Cyclical Services	2.6
Midstream	2.6
Healthcare	2.5
Media Entertainment	2.1
Other Investments, less than 2% each	19.7
Collateralized Loan Obligations	3.0
Short-Term Investments	0.7
Total Investments	99.3
Other assets less liabilities (including futures contracts)	0.7
Net Assets	100.0	%