NPORT-EX 2 NPORT_IABL_43962545_0923.htm EDGAR HTML
Portfolio of Investments – as of September 30, 2023 (Unaudited)
Loomis Sayles High Income Fund
 
Principal
Amount
Description
Value (†)
Bonds and Notes — 91.0% of Net Assets
Non-Convertible Bonds — 85.7%
ABS Home Equity — 0.1%
$103,070
DSLA Mortgage Loan Trust, Series 2005-AR5,
Class 2A1A, 1 mo. USD SOFR + 0.774%,
6.102%, 9/19/2045(a)
$54,302
Aerospace & Defense — 1.3%
100,000
Bombardier, Inc., 6.000%, 2/15/2028(b)
90,720
155,000
Bombardier, Inc., 7.125%, 6/15/2026(b)
150,173
135,000
TransDigm, Inc., 6.750%, 8/15/2028(b)
132,906
195,000
TransDigm, Inc., 6.875%, 12/15/2030(b)
191,206
 
565,005
Airlines — 1.1%
70,000
Allegiant Travel Co., 7.250%, 8/15/2027(b)
65,888
465,000
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.750%, 4/20/2029(b)
432,473
 
498,361
Automotive — 2.4%
15,000
Allison Transmission, Inc., 4.750%, 10/01/2027(b)
13,843
55,000
American Axle & Manufacturing, Inc.,
5.000%, 10/01/2029
44,484
85,000
Ford Motor Co., 3.250%, 2/12/2032
65,506
620,000
Ford Motor Credit Co. LLC, 2.300%, 2/10/2025
581,540
200,000
Ford Motor Credit Co. LLC, 6.950%, 6/10/2026
199,755
85,000
Wheel Pros, Inc., 6.500%, 5/15/2029(b)
28,471
150,000
ZF North America Capital, Inc., 6.875%, 4/14/2028(b)
146,857
 
1,080,456
Banking — 2.3%
365,000
Barclays PLC, (fixed rate to 6/27/2033, variable rate
thereafter), 7.119%, 6/27/2034
351,544
235,000
Deutsche Bank AG, (fixed rate to 12/01/2027, variable
rate thereafter), 4.875%, 12/01/2032
200,486
200,000
Intesa Sanpaolo SpA, 6.625%, 6/20/2033(b)
187,946
335,000
UniCredit SpA, (fixed rate to 6/30/2030, variable rate
thereafter), 5.459%, 6/30/2035(b)
280,832
 
1,020,808
Brokerage — 0.5%
35,000
Coinbase Global, Inc., 3.375%, 10/01/2028(b)
25,212
60,000
Coinbase Global, Inc., 3.625%, 10/01/2031(b)
39,811
10,000
NFP Corp., 4.875%, 8/15/2028(b)
8,803
80,000
NFP Corp., 6.875%, 8/15/2028(b)
68,534
65,000
NFP Corp., 8.500%, 10/01/2031(b)
65,099
 
207,459
Building Materials — 2.7%
75,000
ACProducts Holdings, Inc., 6.375%, 5/15/2029(b)
49,500
115,000
Beacon Roofing Supply, Inc., 6.500%, 8/01/2030(b)
111,448
90,000
Builders FirstSource, Inc., 4.250%, 2/01/2032(b)
73,806
40,000
Builders FirstSource, Inc., 5.000%, 3/01/2030(b)
35,664
45,000
Camelot Return Merger Sub, Inc.,
8.750%, 8/01/2028(b)
43,409
415,000
Cemex SAB de CV, 3.875%, 7/11/2031(b)
347,610
60,000
Cornerstone Building Brands, Inc.,
6.125%, 1/15/2029(b)
45,486
190,000
Foundation Building Materials, Inc.,
6.000%, 3/01/2029(b)
158,127
115,000
LBM Acquisition LLC, 6.250%, 1/15/2029(b)
94,300
60,000
MIWD Holdco II LLC/MIWD Finance Corp.,
5.500%, 2/01/2030(b)
49,575
70,000
Patrick Industries, Inc., 4.750%, 5/01/2029(b)
58,450
Principal
Amount
Description
Value (†)
Building Materials — continued
$115,000
Specialty Building Products Holdings LLC/SBP
Finance Corp., 6.375%, 9/30/2026(b)
$107,541
65,000
Standard Industries, Inc., 4.375%, 7/15/2030(b)
53,833
 
1,228,749
Cable Satellite — 11.4%
210,000
Altice Financing SA, 5.000%, 1/15/2028(b)
179,315
240,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.250%, 2/01/2031(b)
191,114
910,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.250%, 1/15/2034(b)
670,013
140,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.500%, 6/01/2033(b)
107,120
175,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.750%, 3/01/2030(b)
146,904
85,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.000%, 2/01/2028(b)
77,192
20,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.125%, 5/01/2027(b)
18,634
30,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.500%, 5/01/2026(b)
28,978
200,000
CSC Holdings LLC, 3.375%, 2/15/2031(b)
136,287
2,155,000
CSC Holdings LLC, 4.625%, 12/01/2030(b)
1,145,713
405,000
CSC Holdings LLC, 5.000%, 11/15/2031(b)
217,070
250,000
CSC Holdings LLC, 5.750%, 1/15/2030
140,074
355,000
Directv Financing LLC/Directv Financing Co-Obligor,
Inc., 5.875%, 8/15/2027(b)
313,884
210,000
DISH DBS Corp., 5.125%, 6/01/2029
116,420
130,000
DISH DBS Corp., 5.250%, 12/01/2026(b)
110,481
150,000
DISH DBS Corp., 5.750%, 12/01/2028(b)
115,312
150,000
DISH DBS Corp., 7.375%, 7/01/2028
94,513
420,000
DISH DBS Corp., 7.750%, 7/01/2026
315,000
135,000
Radiate Holdco LLC/Radiate Finance, Inc.,
6.500%, 9/15/2028(b)
70,875
260,000
Sirius XM Radio, Inc., 3.875%, 9/01/2031(b)
196,940
85,000
Telesat Canada/Telesat LLC, 5.625%, 12/06/2026(b)
58,438
80,000
Viasat, Inc., 6.500%, 7/15/2028(b)
55,400
245,000
Virgin Media Secured Finance PLC,
5.500%, 5/15/2029(b)
218,267
380,000
Ziggo Bond Co. BV, 6.000%, 1/15/2027(b)
347,886
 
5,071,830
Chemicals — 1.0%
110,000
ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028(b)
78,336
200,000
Braskem Netherlands Finance BV,
8.500%, 1/12/2031(b)
198,190
170,000
Hercules LLC, 6.500%, 6/30/2029
155,761
 
432,287
Consumer Cyclical Services — 3.0%
245,000
ADT Security Corp., 4.125%, 8/01/2029(b)
207,150
60,000
ANGI Group LLC, 3.875%, 8/15/2028(b)
46,949
5,000
Arches Buyer, Inc., 4.250%, 6/01/2028(b)
4,263
35,000
Arches Buyer, Inc., 6.125%, 12/01/2028(b)
28,420
45,000
Match Group Holdings II LLC, 3.625%, 10/01/2031(b)
35,510
30,000
Match Group Holdings II LLC, 5.000%, 12/15/2027(b)
27,669
160,000
Realogy Group LLC/Realogy Co-Issuer Corp.,
5.750%, 1/15/2029(b)
115,672
885,000
Uber Technologies, Inc., 4.500%, 8/15/2029(b)
791,063
65,000
VT Topco, Inc., 8.500%, 8/15/2030(b)
64,386
 
1,321,082
Consumer Products — 1.0%
80,000
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige
International U.S. LLC, 4.750%, 1/15/2029(b)
72,142
Principal
Amount
Description
Value (†)
Consumer Products — continued
$100,000
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige
International U.S. LLC, 6.625%, 7/15/2030(b)
$97,634
205,000
Energizer Holdings, Inc., 4.375%, 3/31/2029(b)
171,083
40,000
Prestige Brands, Inc., 3.750%, 4/01/2031(b)
32,200
75,000
Tempur Sealy International, Inc.,
3.875%, 10/15/2031(b)
57,859
 
430,918
Diversified Manufacturing — 0.4%
55,000
Chart Industries, Inc., 7.500%, 1/01/2030(b)
55,301
80,000
Madison IAQ LLC, 5.875%, 6/30/2029(b)
64,419
80,000
Resideo Funding, Inc., 4.000%, 9/01/2029(b)
65,727
 
185,447
Electric — 0.8%
125,000
Calpine Corp., 4.500%, 2/15/2028(b)
112,653
110,000
NRG Energy, Inc., 3.625%, 2/15/2031(b)
83,452
40,000
NRG Energy, Inc., 3.875%, 2/15/2032(b)
30,028
70,000
PG&E Corp., 5.000%, 7/01/2028
63,405
25,000
PG&E Corp., 5.250%, 7/01/2030
21,726
40,000
Talen Energy Supply LLC, 8.625%, 6/01/2030(b)
41,004
 
352,268
Environmental — 0.6%
195,000
Covanta Holding Corp., 4.875%, 12/01/2029(b)
159,978
105,000
GFL Environmental, Inc., 4.000%, 8/01/2028(b)
91,746
 
251,724
Finance Companies — 5.4%
70,000
Aircastle Ltd., 6.500%, 7/18/2028(b)
68,648
25,000
Blackstone Secured Lending Fund, 2.750%, 9/16/2026
21,976
110,000
Blackstone Secured Lending Fund, 3.625%, 1/15/2026
101,622
125,000
Blue Owl Capital Corp., 3.400%, 7/15/2026
112,070
40,000
Cobra AcquisitionCo LLC, 6.375%, 11/01/2029(b)
29,600
80,437
Global Aircraft Leasing Co. Ltd., 7.250% PIK or
6.500% Cash, 9/15/2024(b)(c)
76,616
80,000
Nationstar Mortgage Holdings, Inc.,
5.000%, 2/01/2026(b)
74,728
100,000
Nationstar Mortgage Holdings, Inc.,
5.125%, 12/15/2030(b)
81,193
265,000
Nationstar Mortgage Holdings, Inc.,
5.750%, 11/15/2031(b)
219,214
300,000
Navient Corp., 4.875%, 3/15/2028
254,250
120,000
Navient Corp., 5.500%, 3/15/2029
100,801
30,000
Navient Corp., 6.750%, 6/25/2025
29,553
210,000
OneMain Finance Corp., 3.500%, 1/15/2027
179,813
60,000
OneMain Finance Corp., 4.000%, 9/15/2030
45,021
20,000
OneMain Finance Corp., 5.375%, 11/15/2029
16,750
145,000
OneMain Finance Corp., 7.125%, 3/15/2026
142,010
115,000
Provident Funding Associates LP/PFG Finance Corp.,
6.375%, 6/15/2025(b)
102,350
40,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 2.875%, 10/15/2026(b)
35,228
15,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 2.875%, 10/15/2026
13,210
75,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 3.625%, 3/01/2029
62,005
20,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 3.625%, 3/01/2029(b)
16,535
230,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 3.875%, 3/01/2031(b)
183,395
595,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 4.000%, 10/15/2033(b)
449,334
 
2,415,922
Principal
Amount
Description
Value (†)
Financial Other — 1.5%
$210,000
Agile Group Holdings Ltd., 6.050%, 10/13/2025
$22,980
175,600
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(b)(d)
15,191
213,200
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(b)(d)
6,430
21,792
CFLD Cayman Investment Ltd., Zero Coupon,
0.000–9.990%, 1/31/2031(b)(e)
218
200,000
China Aoyuan Group Ltd., 6.200%, 3/24/2026(f)
3,070
200,000
China Evergrande Group, 8.750%, 6/28/2025(f)
4,000
221,792
Easy Tactic Ltd., 7.500% PIK or 6.500% Cash,
7/11/2027(g)
12,148
220,000
Fantasia Holdings Group Co. Ltd.,
11.875%, 6/01/2023(f)
6,600
5,000
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 4.750%, 9/15/2024
4,816
495,000
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 5.250%, 5/15/2027
435,095
5,000
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 6.375%, 12/15/2025
4,756
200,000
Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(f)
11,678
200,000
Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(f)
11,000
400,000
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(f)
22,832
200,000
Shimao Group Holdings Ltd., 6.125%, 2/21/2024(f)
8,000
200,000
Sunac China Holdings Ltd., 6.500%, 1/26/2026(f)
31,000
200,000
Sunac China Holdings Ltd., 6.650%, 8/03/2024(f)
25,012
200,000
Times China Holdings Ltd., 6.200%, 3/22/2026(f)
6,000
400,000
Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(f)
24,176
400,000
Zhenro Properties Group Ltd., 6.630%, 1/07/2026(f)
2,100
200,000
Zhenro Properties Group Ltd., 6.700%, 8/04/2026(f)
1,688
 
658,790
Food & Beverage — 0.8%
40,000
Aramark Services, Inc., 5.000%, 2/01/2028(b)
36,993
65,000
HLF Financing Sarl LLC/Herbalife International, Inc.,
4.875%, 6/01/2029(b)
46,150
145,000
Lamb Weston Holdings, Inc., 4.375%, 1/31/2032(b)
121,472
90,000
Post Holdings, Inc., 4.625%, 4/15/2030(b)
77,065
35,000
Post Holdings, Inc., 5.750%, 3/01/2027(b)
33,617
65,000
Simmons Foods, Inc./Simmons Prepared Foods,
Inc./Simmons Pet Food, Inc./Simmons Feed,
4.625%, 3/01/2029(b)
53,321
 
368,618
Gaming — 1.8%
115,000
Caesars Entertainment, Inc., 6.250%, 7/01/2025(b)
113,426
225,000
Light & Wonder International, Inc.,
7.000%, 5/15/2028(b)
221,155
40,000
Light & Wonder International, Inc.,
7.500%, 9/01/2031(b)
39,534
200,000
Melco Resorts Finance Ltd., 5.375%, 12/04/2029(b)
164,056
250,000
Wynn Macau Ltd., 5.125%, 12/15/2029(b)
206,240
90,000
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp., 5.125%, 10/01/2029(b)
78,671
 
823,082
Government Owned - No Guarantee — 0.2%
125,000
Petroleos Mexicanos, 5.950%, 1/28/2031
89,469
Health Care REITs — 0.2%
115,000
MPT Operating Partnership LP/MPT Finance Corp.,
3.500%, 3/15/2031
71,814
Health Insurance — 0.1%
15,000
Molina Healthcare, Inc., 3.875%, 11/15/2030(b)
12,414
60,000
Molina Healthcare, Inc., 3.875%, 5/15/2032(b)
48,119
 
60,533
Principal
Amount
Description
Value (†)
Healthcare — 2.8%
$25,000
AdaptHealth LLC, 4.625%, 8/01/2029(b)
$19,188
125,000
AdaptHealth LLC, 5.125%, 3/01/2030(b)
96,797
145,000
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028(b)
145,431
225,000
CHS/Community Health Systems, Inc.,
5.250%, 5/15/2030(b)
171,040
205,000
DaVita, Inc., 3.750%, 2/15/2031(b)
155,751
100,000
Encompass Health Corp., 4.750%, 2/01/2030
88,469
20,000
Fortrea Holdings, Inc., 7.500%, 7/01/2030(b)
19,460
80,000
Garden Spinco Corp., 8.625%, 7/20/2030(b)
83,508
35,000
Hologic, Inc., 3.250%, 2/15/2029(b)
29,565
180,000
LifePoint Health, Inc., 5.375%, 1/15/2029(b)
125,662
105,000
Medline Borrower LP, 3.875%, 4/01/2029(b)
88,769
60,000
RP Escrow Issuer LLC, 5.250%, 12/15/2025(b)
43,523
160,000
Star Parent, Inc., 9.000%, 10/01/2030(b)
161,680
50,000
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026(b)
43,000
 
1,271,843
Home Construction — 0.2%
60,000
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 4.875%, 2/15/2030(b)
48,809
1,200,000
Corp. GEO SAB de CV, 8.875%, 3/27/2022(b)(f)(h)
—
50,000
Empire Communities Corp., 7.000%, 12/15/2025(b)
47,638
 
96,447
Independent Energy — 6.3%
45,000
Antero Resources Corp., 5.375%, 3/01/2030(b)
41,430
10,000
Apache Corp., 4.750%, 4/15/2043
7,284
120,000
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 7.000%, 11/01/2026(b)
117,200
45,000
Baytex Energy Corp., 8.500%, 4/30/2030(b)
45,532
135,000
Baytex Energy Corp., 8.750%, 4/01/2027(b)
137,109
95,000
Chesapeake Energy Corp., 5.500%, 2/01/2026(b)
91,925
120,000
Chesapeake Energy Corp., 6.750%, 4/15/2029(b)
117,432
155,000
Civitas Resources, Inc., 8.375%, 7/01/2028(b)
157,713
255,000
Continental Resources, Inc., 2.875%, 4/01/2032(b)
190,957
5,000
Continental Resources, Inc., 4.900%, 6/01/2044
3,673
155,000
Continental Resources, Inc., 5.750%, 1/15/2031(b)
145,616
75,000
Crescent Energy Finance LLC, 7.250%, 5/01/2026(b)
73,500
80,000
Crescent Energy Finance LLC, 9.250%, 2/15/2028(b)
81,676
45,000
Gulfport Energy Corp., 8.000%, 5/17/2026(b)
45,056
170,000
Leviathan Bond Ltd., 6.750%, 6/30/2030(b)
156,244
150,000
Matador Resources Co., 5.875%, 9/15/2026
144,769
40,000
MEG Energy Corp., 5.875%, 2/01/2029(b)
37,355
60,000
Murphy Oil Corp., 5.875%, 12/01/2042
48,508
170,000
Northern Oil & Gas, Inc., 8.125%, 3/01/2028(b)
169,796
60,000
Northern Oil & Gas, Inc., 8.750%, 6/15/2031(b)
60,450
80,000
Occidental Petroleum Corp., 6.450%, 9/15/2036
78,555
85,000
Occidental Petroleum Corp., 6.625%, 9/01/2030
86,126
60,000
Occidental Petroleum Corp., 7.500%, 5/01/2031
63,675
40,000
Occidental Petroleum Corp., 7.875%, 9/15/2031
43,284
40,000
Permian Resources Operating LLC,
5.375%, 1/15/2026(b)
38,296
60,000
Permian Resources Operating LLC,
5.875%, 7/01/2029(b)
56,441
50,000
Permian Resources Operating LLC,
6.875%, 4/01/2027(b)
49,286
55,000
Permian Resources Operating LLC,
7.000%, 1/15/2032(b)
54,242
45,000
Range Resources Corp., 8.250%, 1/15/2029
46,135
205,000
Sitio Royalties Operating Partnership LP/Sitio
Finance Corp., 7.875%, 11/01/2028(b)
205,512
15,000
SM Energy Co., 5.625%, 6/01/2025
14,681
105,000
SM Energy Co., 6.750%, 9/15/2026
103,070
Principal
Amount
Description
Value (†)
Independent Energy — continued
$45,000
Southwestern Energy Co., 5.375%, 2/01/2029
$41,444
50,000
Strathcona Resources Ltd., 6.875%, 8/01/2026(b)
47,125
 
2,801,097
Industrial Other — 0.2%
60,000
Brundage-Bone Concrete Pumping Holdings, Inc.,
6.000%, 2/01/2026(b)
57,073
50,000
Installed Building Products, Inc., 5.750%, 2/01/2028(b)
46,022
 
103,095
Leisure — 4.0%
295,000
Carnival Corp., 5.750%, 3/01/2027(b)
267,041
15,000
Carnival Corp., 7.000%, 8/15/2029(b)
14,790
70,000
Cinemark USA, Inc., 5.250%, 7/15/2028(b)
62,136
410,000
NCL Corp. Ltd., 5.875%, 3/15/2026(b)
378,530
10,000
NCL Corp. Ltd., 5.875%, 3/15/2026
9,232
70,000
NCL Finance Ltd., 6.125%, 3/15/2028(b)
61,775
125,000
Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028
105,767
170,000
Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026(b)
155,872
320,000
Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028(b)
293,437
30,000
Royal Caribbean Cruises Ltd., 11.625%, 8/15/2027(b)
32,547
50,000
SeaWorld Parks & Entertainment, Inc.,
5.250%, 8/15/2029(b)
43,920
85,000
Speedway Motorsports LLC/Speedway Funding II,
Inc., 4.875%, 11/01/2027(b)
77,138
75,000
Viking Cruises Ltd., 5.875%, 9/15/2027(b)
68,453
35,000
Viking Cruises Ltd., 7.000%, 2/15/2029(b)
32,200
190,000
Viking Ocean Cruises Ship VII Ltd.,
5.625%, 2/15/2029(b)
171,950
 
1,774,788
Lodging — 1.6%
235,000
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Escrow, Inc.,
4.875%, 7/01/2031(b)
191,577
110,000
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Escrow, Inc.,
5.000%, 6/01/2029(b)
95,419
315,000
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(b)
263,938
185,000
Travel & Leisure Co., 4.500%, 12/01/2029(b)
155,169
15,000
Travel & Leisure Co., 4.625%, 3/01/2030(b)
12,623
 
718,726
Media Entertainment — 1.3%
310,000
Diamond Sports Group LLC/Diamond Sports Finance
Co., 5.375%, 8/15/2026(b)(f)
6,200
140,000
Diamond Sports Group LLC/Diamond Sports Finance
Co., 6.625%, 8/15/2027(b)(f)
2,800
395,000
iHeartCommunications, Inc., 4.750%, 1/15/2028(b)
301,969
80,000
iHeartCommunications, Inc., 4.750%, 1/15/2028
61,158
20,000
iHeartCommunications, Inc., 5.250%, 8/15/2027(b)
15,850
60,000
Outfront Media Capital LLC/Outfront Media Capital
Corp., 5.000%, 8/15/2027(b)
52,865
35,000
Playtika Holding Corp., 4.250%, 3/15/2029(b)
29,225
140,000
Stagwell Global LLC, 5.625%, 8/15/2029(b)
113,110
 
583,177
Metals & Mining — 3.1%
120,000
ATI, Inc., 4.875%, 10/01/2029
105,568
80,000
ATI, Inc., 7.250%, 8/15/2030
79,400
80,000
Commercial Metals Co., 4.125%, 1/15/2030
69,645
550,000
First Quantum Minerals Ltd., 6.875%, 10/15/2027(b)
527,658
35,000
GrafTech Finance, Inc., 4.625%, 12/15/2028(b)
27,065
70,000
GrafTech Global Enterprises, Inc.,
9.875%, 12/15/2028(b)
66,394
Principal
Amount
Description
Value (†)
Metals & Mining — continued
$50,000
Mineral Resources Ltd., 8.000%, 11/01/2027(b)
$49,063
110,000
Mineral Resources Ltd., 8.125%, 5/01/2027(b)
108,513
95,000
Mineral Resources Ltd., 9.250%, 10/01/2028(b)
95,950
190,000
Novelis Corp., 4.750%, 1/30/2030(b)
164,435
76,000
U.S. Steel Corp., 6.875%, 3/01/2029
74,712
40,000
Volcan Cia Minera SAA, 4.375%, 2/11/2026(b)
22,831
 
1,391,234
Midstream — 4.6%
85,000
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.375%, 6/15/2029(b)
77,825
25,000
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 7.875%, 5/15/2026(b)
25,178
105,000
Blue Racer Midstream LLC/Blue Racer Finance
Corp., 7.625%, 12/15/2025(b)
105,392
80,000
Buckeye Partners LP, 5.600%, 10/15/2044
56,922
55,000
Buckeye Partners LP, 5.850%, 11/15/2043
40,150
65,000
Crestwood Midstream Partners LP/Crestwood
Midstream Finance Corp., 6.000%, 2/01/2029(b)
62,744
125,000
Energy Transfer LP, Series A, 3 mo. USD LIBOR +
4.028%, 9.654%(a)(i)
116,847
80,000
EnLink Midstream LLC, 6.500%, 9/01/2030(b)
77,614
15,000
EnLink Midstream Partners LP, 5.050%, 4/01/2045
11,264
30,000
EnLink Midstream Partners LP, 5.450%, 6/01/2047
23,440
125,000
EnLink Midstream Partners LP, 5.600%, 4/01/2044
103,750
41,000
EQM Midstream Partners LP, 6.000%, 7/01/2025(b)
40,363
105,000
EQM Midstream Partners LP, 6.500%, 7/01/2027(b)
102,530
50,000
EQM Midstream Partners LP, 6.500%, 7/15/2048
43,970
55,000
EQM Midstream Partners LP, 7.500%, 6/01/2027(b)
55,110
80,000
EQM Midstream Partners LP, 7.500%, 6/01/2030(b)
80,340
65,000
EQM Midstream Partners LP, Series 10Y,
5.500%, 7/15/2028
61,000
80,000
Ferrellgas LP/Ferrellgas Finance Corp.,
5.375%, 4/01/2026(b)
74,984
230,000
Hess Midstream Operations LP, 4.250%, 2/15/2030(b)
193,945
5,000
Hess Midstream Operations LP, 5.125%, 6/15/2028(b)
4,599
5,000
Holly Energy Partners LP/Holly Energy Finance Corp.,
5.000%, 2/01/2028(b)
4,600
50,000
Holly Energy Partners LP/Holly Energy Finance Corp.,
6.375%, 4/15/2027(b)
49,089
105,000
Kinetik Holdings LP, 5.875%, 6/15/2030(b)
98,437
65,000
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.000%, 6/01/2031(b)
54,257
50,000
Sunoco LP/Sunoco Finance Corp., 4.500%, 5/15/2029
43,884
225,000
Venture Global Calcasieu Pass LLC,
3.875%, 11/01/2033(b)
174,696
130,000
Venture Global Calcasieu Pass LLC,
4.125%, 8/15/2031(b)
106,681
55,000
Western Midstream Operating LP, 5.250%, 2/01/2050
42,847
160,000
Western Midstream Operating LP, 5.300%, 3/01/2048
124,887
5,000
Western Midstream Operating LP, 6.150%, 4/01/2033
4,822
 
2,062,167
Non-Agency Commercial Mortgage-Backed
Securities — 2.2%
94,621
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL2, Class COL1, 1 mo. USD SOFR +
3.614%, 8.947%, 11/15/2031(a)(b)
79,269
212,898
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL2, Class COL2, 1 mo. USD SOFR +
4.614%, 9.947%, 11/15/2031(a)(b)
158,173
1,020,000
Credit Suisse Mortgage Trust, Series 2014-USA,
Class E, 4.373%, 9/15/2037(b)
543,880
Principal
Amount
Description
Value (†)
Non-Agency Commercial Mortgage-Backed
Securities — continued
$380,000
Starwood Retail Property Trust, Series 2014-STAR,
Class D, PRIME + 0.000%,
8.500%, 11/15/2027(a)(b)(d)(h)
$81,358
420,000
Starwood Retail Property Trust, Series 2014-STAR,
Class E, PRIME + 0.000%,
8.500%, 11/15/2027(a)(b)(d)(h)
21,000
60,000
Wells Fargo Commercial Mortgage Trust,
Series 2016-C36, Class C, 4.256%, 11/15/2059(j)
40,884
32,729
WFRBS Commercial Mortgage Trust, Series 2011-C3,
Class D, 6.050%, 3/15/2044(b)(j)
9,347
80,000
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class C, 4.484%, 12/15/2045(j)
54,800
 
988,711
Oil Field Services — 1.7%
60,000
Diamond Foreign Asset Co./Diamond Finance LLC,
8.500%, 10/01/2030(b)
60,008
25,000
Oceaneering International, Inc., 6.000%, 2/01/2028(b)
23,524
45,000
Precision Drilling Corp., 6.875%, 1/15/2029(b)
42,624
60,000
Solaris Midstream Holdings LLC, 7.625%, 4/01/2026(b)
57,903
60,000
Transocean Aquila Ltd., 8.000%, 9/30/2028(b)
60,000
333,750
Transocean Poseidon Ltd., 6.875%, 2/01/2027(b)
328,597
25,000
Transocean Titan Financing Ltd., 8.375%, 2/01/2028(b)
25,438
90,000
Transocean, Inc., 7.500%, 1/15/2026(b)
87,959
90,000
Weatherford International Ltd., 8.625%, 4/30/2030(b)
90,689
 
776,742
Other REITs — 0.4%
145,000
Service Properties Trust, 4.750%, 10/01/2026
124,353
40,000
Service Properties Trust, 7.500%, 9/15/2025
39,297
 
163,650
Packaging — 0.2%
45,000
Graham Packaging Co., Inc., 7.125%, 8/15/2028(b)
37,699
5,000
LABL, Inc., 5.875%, 11/01/2028(b)
4,488
55,000
Sealed Air Corp./Sealed Air Corp. U.S.,
6.125%, 2/01/2028(b)
53,269
 
95,456
Pharmaceuticals — 4.5%
275,000
Bausch Health Cos., Inc., 4.875%, 6/01/2028(b)
156,389
565,000
Bausch Health Cos., Inc., 5.250%, 1/30/2030(b)
212,102
55,000
Bausch Health Cos., Inc., 6.125%, 2/01/2027(b)
34,208
200,000
Cheplapharm Arzneimittel GmbH,
5.500%, 1/15/2028(b)
182,138
270,000
Organon & Co./Organon Foreign Debt Co-Issuer BV,
5.125%, 4/30/2031(b)
216,365
200,000
Perrigo Finance Unlimited Co., 4.650%, 6/15/2030
170,497
325,000
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
288,201
195,000
Teva Pharmaceutical Finance Netherlands III BV,
3.150%, 10/01/2026
173,798
565,000
Teva Pharmaceutical Finance Netherlands III BV,
4.100%, 10/01/2046
353,670
200,000
Teva Pharmaceutical Finance Netherlands III BV,
7.875%, 9/15/2029
202,613
 
1,989,981
Property & Casualty Insurance — 1.2%
40,000
Acrisure LLC/Acrisure Finance, Inc.,
4.250%, 2/15/2029(b)
33,612
105,000
Acrisure LLC/Acrisure Finance, Inc.,
6.000%, 8/01/2029(b)
88,236
100,000
AmWINS Group, Inc., 4.875%, 6/30/2029(b)
87,623
55,000
AssuredPartners, Inc., 5.625%, 1/15/2029(b)
47,615
Principal
Amount
Description
Value (†)
Property & Casualty Insurance — continued
$65,000
BroadStreet Partners, Inc., 5.875%, 4/15/2029(b)
$57,351
145,000
HUB International Ltd., 7.250%, 6/15/2030(b)
144,735
125,000
Liberty Mutual Group, Inc., 4.300%, 2/01/2061(b)
73,950
 
533,122
Refining — 0.4%
125,000
CVR Energy, Inc., 5.250%, 2/15/2025(b)
121,941
5,000
Parkland Corp., 4.500%, 10/01/2029(b)
4,282
45,000
PBF Holding Co. LLC/PBF Finance Corp.,
7.875%, 9/15/2030(b)
44,846
 
171,069
Restaurants — 1.1%
405,000
1011778 BC ULC/New Red Finance, Inc.,
3.875%, 1/15/2028(b)
363,301
80,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of
America LLC, 4.750%, 6/01/2027(b)
76,000
65,000
Papa John's International, Inc., 3.875%, 9/15/2029(b)
53,654
 
492,955
Retailers — 1.4%
15,000
Asbury Automotive Group, Inc., 4.500%, 3/01/2028
13,428
90,000
Asbury Automotive Group, Inc., 4.625%, 11/15/2029(b)
77,299
128,000
Asbury Automotive Group, Inc., 4.750%, 3/01/2030
109,391
25,000
Bath & Body Works, Inc., 5.250%, 2/01/2028
23,136
40,000
Bath & Body Works, Inc., 6.750%, 7/01/2036
35,046
55,000
Bath & Body Works, Inc., 6.875%, 11/01/2035
49,120
40,000
Ken Garff Automotive LLC, 4.875%, 9/15/2028(b)
34,160
35,000
Lithia Motors, Inc., 4.375%, 1/15/2031(b)
28,956
65,000
Michaels Cos., Inc., 7.875%, 5/01/2029(b)
42,435
60,000
NMG Holding Co., Inc./Neiman Marcus Group LLC,
7.125%, 4/01/2026(b)
56,287
85,000
Sonic Automotive, Inc., 4.625%, 11/15/2029(b)
70,461
120,000
Sonic Automotive, Inc., 4.875%, 11/15/2031(b)
95,542
 
635,261
Technology — 5.4%
110,000
CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029
93,796
20,000
CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028
17,255
5,000
CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028
4,558
70,000
Cloud Software Group, Inc., 6.500%, 3/31/2029(b)
61,903
665,000
CommScope Technologies LLC, 5.000%, 3/15/2027(b)
377,421
10,000
CommScope, Inc., 4.750%, 9/01/2029(b)
7,355
35,000
Dun & Bradstreet Corp., 5.000%, 12/15/2029(b)
30,175
80,000
Elastic NV, 4.125%, 7/15/2029(b)
68,132
60,000
Everi Holdings, Inc., 5.000%, 7/15/2029(b)
51,641
5,000
Gartner, Inc., 3.750%, 10/01/2030(b)
4,196
160,000
GoTo Group, Inc., 5.500%, 9/01/2027(b)
88,912
213,000
GTCR W-2 Merger Sub LLC, 7.500%, 1/15/2031(b)
213,298
185,000
Iron Mountain, Inc., 4.500%, 2/15/2031(b)
152,156
110,000
Iron Mountain, Inc., 4.875%, 9/15/2029(b)
96,409
5,000
Iron Mountain, Inc., 5.250%, 7/15/2030(b)
4,368
145,000
Micron Technology, Inc., 6.750%, 11/01/2029
147,327
160,000
NCR Atleos Escrow Corp., 9.500%, 4/01/2029(b)
154,752
125,000
NCR Corp., 5.000%, 10/01/2028(b)
111,887
45,000
NCR Corp., 5.125%, 4/15/2029(b)
39,648
95,000
Neptune Bidco U.S., Inc., 9.290%, 4/15/2029(b)
86,005
200,000
Newfold Digital Holdings Group, Inc.,
6.000%, 2/15/2029(b)
151,004
5,000
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,
4.000%, 6/15/2029(b)
4,196
70,000
Presidio Holdings, Inc., 8.250%, 2/01/2028(b)
66,899
70,000
Rackspace Technology Global, Inc.,
5.375%, 12/01/2028(b)
23,956
40,000
Sabre Global, Inc., 11.250%, 12/15/2027(b)
36,704
Principal
Amount
Description
Value (†)
Technology — continued
$5,000
Seagate HDD Cayman, 4.091%, 6/01/2029
$4,312
40,000
Seagate HDD Cayman, 4.875%, 6/01/2027
37,779
90,000
Seagate HDD Cayman, 8.250%, 12/15/2029(b)
92,430
120,000
Sensata Technologies, Inc., 3.750%, 2/15/2031(b)
97,119
50,000
Sensata Technologies, Inc., 4.375%, 2/15/2030(b)
43,175
70,000
Ziff Davis, Inc., 4.625%, 10/15/2030(b)
59,265
 
2,428,033
Transportation Services — 0.6%
305,000
Rand Parent LLC, 8.500%, 2/15/2030(b)
282,079
Wireless — 2.1%
230,000
Altice France SA, 5.125%, 1/15/2029(b)
163,536
200,000
Altice France SA, 8.125%, 2/01/2027(b)
177,359
400,000
IHS Holding Ltd., 6.250%, 11/29/2028(b)
303,352
330,000
SoftBank Group Corp., 4.625%, 7/06/2028
287,849
 
932,096
Wirelines — 1.8%
55,000
Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028
45,575
165,000
Frontier Communications Holdings LLC,
5.000%, 5/01/2028(b)
140,881
215,000
Frontier Communications Holdings LLC,
5.875%, 10/15/2027(b)
195,536
65,000
Level 3 Financing, Inc., 3.625%, 1/15/2029(b)
36,400
95,000
Level 3 Financing, Inc., 4.250%, 7/01/2028(b)
59,188
65,000
Lumen Technologies, Inc., 4.000%, 2/15/2027(b)
42,799
225,000
Telecom Italia Capital SA, 6.375%, 11/15/2033
195,091
120,000
Uniti Group LP/Uniti Group Finance, Inc./CSL
Capital LLC, 4.750%, 4/15/2028(b)
97,990
 
813,460
Total Non-Convertible Bonds
(Identified Cost $49,348,300)
38,294,113
Convertible Bonds — 5.3%
Airlines — 0.5%
215,000
Southwest Airlines Co., 1.250%, 5/01/2025
213,387
Cable Satellite — 1.8%
1,265,000
DISH Network Corp., 3.375%, 8/15/2026
760,265
80,000
DISH Network Corp., Zero Coupon,
6.944%–33.164%, 12/15/2025(e)
53,895
 
814,160
Consumer Cyclical Services — 0.1%
20,000
Zillow Group, Inc., 1.375%, 9/01/2026
23,830
Consumer Products — 0.1%
85,000
Beauty Health Co., 1.250%, 10/01/2026(b)
66,088
Gaming — 0.1%
40,000
Penn Entertainment, Inc., 2.750%, 5/15/2026
48,548
Healthcare — 1.0%
125,000
Envista Holdings Corp., 1.750%, 8/15/2028(b)
115,125
60,000
Lantheus Holdings, Inc., 2.625%, 12/15/2027(b)
69,564
315,000
Teladoc Health, Inc., 1.250%, 6/01/2027
251,023
 
435,712
Independent Energy — 0.2%
90,000
Northern Oil & Gas, Inc., 3.625%, 4/15/2029(b)
111,176
Leisure — 0.2%
85,000
NCL Corp. Ltd., 1.125%, 2/15/2027
70,501
Pharmaceuticals — 1.0%
325,000
BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027
321,945
150,000
Livongo Health, Inc., 0.875%, 6/01/2025
136,995
 
458,940
Principal
Amount
Description
Value (†)
Technology — 0.3%
$115,000
Unity Software, Inc., Zero Coupon,
7.197%–7.449%, 11/15/2026(e)
$91,023
20,000
Wolfspeed, Inc., 0.250%, 2/15/2028
13,480
40,000
Wolfspeed, Inc., 1.875%, 12/01/2029(b)
26,020
 
130,523
Total Convertible Bonds
(Identified Cost $3,336,541)
2,372,865
Total Bonds and Notes
(Identified Cost $52,684,841)
40,666,978
Collateralized Loan Obligations — 2.6%
250,000
Battalion CLO XVI Ltd., Series 2019-16A, Class ER,
3 mo. USD SOFR + 6.862%, 12.188%, 12/19/2032(a)(b)
212,132
250,000
NYACK Park CLO Ltd., Series 2021-1A, Class E, 3 mo.
USD SOFR + 6.362%, 11.688%, 10/20/2034(a)(b)
224,413
250,000
Octagon Investment Partners 44 Ltd., Series 2019-1A,
Class ER, 3 mo. USD SOFR + 7.012%,
12.320%, 10/15/2034(a)(b)
217,611
250,000
Palmer Square CLO Ltd., Series 2021-3A, Class E,
3 mo. USD SOFR + 6.412%, 11.720%, 1/15/2035(a)(b)
240,353
260,000
Palmer Square CLO Ltd., Series 2021-4A, Class E,
3 mo. USD SOFR + 6.312%, 11.620%, 10/15/2034(a)(b)
246,791
Total Collateralized Loan Obligations
(Identified Cost $1,260,000)
1,141,300
Senior Loans — 2.2%
Chemicals — 0.2%
79,000
Chemours Co., 2023 USD Term Loan B, 1 mo. USD
SOFR + 3.500%, 8.816%, 8/18/2028(a)(k)
78,012
Electric — 0.1%
28,928
Talen Energy Supply LLC, 2023 Term Loan B, 3 mo.
USD SOFR + 4.500%, 9.877%, 5/17/2030(a)(k)
29,018
Healthcare — 0.1%
70,000
Star Parent, Inc., 2023 Term Loan B, 9/19/2030(l)
68,357
Leisure — 0.5%
54,709
Carnival Corp., 2021 Incremental Term Loan B, 1 mo.
USD SOFR + 3.250%, 8.681%, 10/18/2028(a)(m)
54,367
83,034
Carnival Corp., 2021 Incremental Term Loan B,
10/18/2028(l)
82,515
8,745
Carnival Corp., 2023 Term Loan B, 8/08/2027(l)
8,712
77,696
Carnival Corp., 2023 Term Loan B, 1 mo. USD SOFR +
3.000%, 8.327%, 8/08/2027(a)(m)
77,405
 
222,999
Media Entertainment — 0.5%
246,609
MH Sub I LLC, 2023 Term Loan, 1 mo. USD SOFR +
4.250%, 9.566%, 5/03/2028(a)(k)
238,247
Property & Casualty Insurance — 0.2%
16,000
AssuredPartners, Inc., 2023 Term Loan B4,
2/12/2027(l)
15,990
55,719
USI, Inc., 2022 Incremental Term Loan, 3 mo. USD
SOFR + 3.750%, 9.140%, 11/22/2029(a)(k)
55,633
8,147
USI, Inc., 2023 Acquisition Term Loan, 9/27/2030(l)
8,124
5,432
USI, Inc., 2023 Refi Term Loan, 9/27/2030(l)
5,414
 
85,161
Restaurants — 0.2%
68,680
1011778 BC Unlimited Liability Co., 2023 Term Loan
B5, 1 mo. USD SOFR + 2.250%, 7.566%, 9/23/2030(n)
68,380
Principal
Amount
Description
Value (†)
Technology — 0.4%
$89,746
Gen Digital, Inc., 2022 Term Loan B, 1 mo. USD SOFR
+ 2.000%, 7.416%, 9/12/2029(a)(k)
$89,387
104,120
Neptune Bidco U.S., Inc., 2022 USD Term Loan B,
3 mo. USD SOFR + 5.000%, 10.399%, 4/11/2029(a)(k)
93,492
 
182,879
Total Senior Loans
(Identified Cost $976,002)
973,053
 

 
Shares
 
 
Preferred Stocks — 0.2%
Convertible Preferred Stock — 0.2%
Technology — 0.2%
3,404
Clarivate PLC, Series A, 5.250%
(Identified Cost $159,721)
99,499
Common Stocks— 0.1%
Energy Equipment & Services — 0.0%
10,149
McDermott International Ltd.(d)
2,537
Media — 0.1%
9,786
iHeartMedia, Inc., Class A(d)
30,924
Oil, Gas & Consumable Fuels — 0.0%
3,650
Battalion Oil Corp.(d)
22,557
Total Common Stocks
(Identified Cost $841,517)
56,018
Warrants — 0.0%
20,319
McDermott International Ltd., Tranche A, Expiration
on 5/1/2024, (d)(h)
—
22,577
McDermott International Ltd., Tranche B, Expiration
on 5/1/2024, (d)(h)
—
Total Warrants
(Identified Cost $31,517)
—
Other Investments — 0.0%
Aircraft ABS — 0.0%
100
ECAF I Blocker, Ltd.(h)(o)
(Identified Cost $1,000,000)
—
 
Principal
Amount
Description
Value (†)
Short-Term Investments — 4.4%
$698,153
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 9/29/2023 at 2.500% to be
repurchased at $698,299 on 10/02/2023  collateralized
by $784,600 U.S. Treasury Note, 1.375% due 8/31/2026
valued at $712,148 including accrued interest(p)
$698,153
345,000
U.S. Treasury Bills, 5.170%–5.282%, 10/17/2023(q)(r)
344,242
935,000
U.S. Treasury Bills, 5.285%, 1/04/2024(r)
922,049
Total Short-Term Investments
(Identified Cost $1,964,310)
1,964,444
Total Investments — 100.5%
(Identified Cost $58,917,908)
44,901,292
Other assets less liabilities — (0.5)%
(230,694
)
Net Assets — 100.0%
$44,670,598
 
(†)
Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund obtains
readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available
are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the
Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of
open-end investment companies are valued at net asset value per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished
by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service
or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are fair valued at bid prices supplied by an independent
pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and collateralized loan obligations
where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the
investment. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices
obtained from broker-dealers.
The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior
to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of
the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market
disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may,
among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market
activity and/or information that occurred after the close of the foreign market but before the time the Fund's net asset value ("NAV") is calculated. Fair
valuation by the Fund's valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a
Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value
pricing may not always result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
 
(a)
Variable rate security. Rate as of September 30, 2023 is disclosed.
(b)
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 September 30, 2023, the value of Rule 144A holdings amounted to
$31,080,841 or 69.6% of net assets.
(c)
Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the
period ended September 30, 2023, interest payments were made in cash.
(d)
Non-income producing security.
(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)
The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(g)
Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the
period ended September 30, 2023, interest payments were made in principal.
(h)
Level 3 security. Value has been determined using significant unobservable inputs.
(i)
Perpetual bond with no specified maturity date.
(j)
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 September 30, 2023 is disclosed.
(k)
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of
0.50%, to which the spread is added.
(l)
Position is unsettled. Contract rate was not determined at September 30, 2023 and does not take effect until settlement date. Maturity date is not finalized
until settlement date.
(m)
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of
0.75%, to which the spread is added.
(n)
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of
0.00%, to which the spread is added.
(o)
Securities subject to restriction on resale. At September 30, 2023, the restricted securities held by the Fund are as follows:
 
 
Acquisition
Date
Acquisition
Cost
Value
% of
Net Assets
ECAF I Blocker, Ltd.
12/20/2016
1,000,000
 —
Less than 0.1%
 
(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 September 30, 2023, the Fund had an investment in a repurchase agreement for which the value of the
related collateral exceeded the value of the repurchase agreement.
(q)
The Fund's investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments,
which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
(r)
Interest rate represents discount rate at time of purchase; not a coupon rate.
 
ABS
Asset-Backed Securities
LIBOR
London Interbank Offered Rate
PIK
Payment-in-Kind
REITs
Real Estate Investment Trusts
SOFR
Secured Overnight Financing Rate
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 each 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 each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Fund's pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2023, at value: 
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Bonds and Notes
Non-Convertible Bonds
Non-Agency Commercial Mortgage-Backed Securities
$—
$886,353
$102,358
$988,711
All Other Non-Convertible Bonds(a)
—
37,305,402
—
37,305,402
Total Non-Convertible Bonds
—
38,191,755
102,358
38,294,113
Convertible Bonds(a)
—
2,372,865
—
2,372,865
Total Bonds and Notes
—
40,564,620
102,358
40,666,978
Collateralized Loan Obligations
—
1,141,300
—
1,141,300
Senior Loans(a)
—
973,053
—
973,053
Preferred Stocks(a)
99,499
—
—
99,499
Common Stocks(a)
56,018
—
—
56,018
Other Investments(a)
—
—
—
—
Warrants
—
—
—
—
Short-Term Investments
—
1,964,444
—
1,964,444
Total Investments
$155,517
$44,643,417
$102,358
$44,901,292
 
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
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 December 31, 2022 and/or September 30, 2023: 
 
Asset Valuation Inputs
Investments in Securities
Balance as of
December 31,
2022
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
September 30,
2023
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
September 30,
2023
Bonds and Notes
Non-Convertible Bonds
Home Construction
$—
$—
$—
$—
$—
$—
$—
$—
$—
$—
Non-Agency Commercial Mortgage-
Backed Securities
142,115
—
—
(39,757
)
—
—
—
—
102,358
(39,757
)
Warrants
95
—
—
(95
)
—
—
—
—
—
—
Other Investments
Aircraft ABS
6,825
—
—
(6,825
)
—
—
—
—
—
—
Total
$149,035
$—
$—
$(46,677
)
$—
$—
$—
$—
$102,358
$(39,757
)
 
Industry Summary at September 30, 2023 (Unaudited)
Cable Satellite
13.2%
Independent Energy
6.5
Technology
6.3
Pharmaceuticals
5.5
Finance Companies
5.4
Leisure
4.7
Midstream
4.6
Healthcare
3.9
Metals & Mining
3.1
Consumer Cyclical Services
3.1
Building Materials
2.7
Automotive
2.4
Banking
2.3
Non-Agency Commercial Mortgage-Backed Securities
2.2
Wireless
2.1
Other Investments, less than 2% each
25.5
Collateralized Loan Obligations
2.6
Short-Term Investments
4.4
Total Investments
100.5
Other assets less liabilities
(0.5)
Net Assets
100.0%