NPORT-EX 2 NPORT_IABL_62389761_0324.htm EDGAR HTML
Portfolio of Investments – as of March 31, 2024 (Unaudited)
Loomis Sayles High Income Fund
 
Principal
Amount
Description
Value (†)
Bonds and Notes — 90.2% of Net Assets
 
 
Non-Convertible Bonds — 86.2%
 
ABS Home Equity — 0.1%
$102,858
DSLA Mortgage Loan Trust, Series 2005-AR5,
Class 2A1A, 1 mo. USD SOFR + 0.774%,
6.101%, 9/19/2045(a)
$55,663
 
Aerospace & Defense — 2.1%
100,000
Bombardier, Inc., 6.000%, 2/15/2028(b)
98,367
155,000
Bombardier, Inc., 7.125%, 6/15/2026(b)
157,231
105,000
Bombardier, Inc., 7.250%, 7/01/2031(b)
105,214
45,000
Bombardier, Inc., 8.750%, 11/15/2030(b)
48,050
25,000
Spirit AeroSystems, Inc., 4.600%, 6/15/2028
23,436
40,000
Spirit AeroSystems, Inc., 9.750%, 11/15/2030(b)
44,743
85,000
TransDigm, Inc., 6.375%, 3/01/2029(b)
85,265
145,000
TransDigm, Inc., 6.625%, 3/01/2032(b)
146,492
10,000
TransDigm, Inc., 6.750%, 8/15/2028(b)
10,132
195,000
TransDigm, Inc., 6.875%, 12/15/2030(b)
198,782
 
 
917,712
 
Airlines — 1.2%
70,000
Allegiant Travel Co., 7.250%, 8/15/2027(b)
69,627
415,000
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.750%, 4/20/2029(b)
407,927
55,000
Hawaiian Brand Intellectual Property
Ltd./HawaiianMiles Loyalty Ltd., 5.750%, 1/20/2026(b)
51,615
 
 
529,169
 
Automotive — 0.7%
15,000
Allison Transmission, Inc., 4.750%, 10/01/2027(b)
14,435
85,000
Ford Motor Co., 3.250%, 2/12/2032
70,703
45,000
Tenneco, Inc., 8.000%, 11/17/2028(b)
41,060
85,000
Wheel Pros, Inc., 6.500%, 5/15/2029(b)
25,925
150,000
ZF North America Capital, Inc., 6.875%, 4/14/2028(b)
155,651
 
 
307,774
 
Banking — 2.6%
365,000
Barclays PLC, (fixed rate to 6/27/2033, variable rate
thereafter), 7.119%, 6/27/2034
388,993
235,000
Deutsche Bank AG, (fixed rate to 12/01/2027, variable
rate thereafter), 4.875%, 12/01/2032
220,474
200,000
Intesa Sanpaolo SpA, 6.625%, 6/20/2033(b)
207,524
335,000
UniCredit SpA, (fixed rate to 6/30/2030, variable rate
thereafter), 5.459%, 6/30/2035(b)
314,583
 
 
1,131,574
 
Brokerage — 0.6%
35,000
Coinbase Global, Inc., 3.375%, 10/01/2028(b)
29,989
60,000
Coinbase Global, Inc., 3.625%, 10/01/2031(b)
48,453
30,000
NFP Corp., 4.875%, 8/15/2028(b)
30,068
80,000
NFP Corp., 6.875%, 8/15/2028(b)
81,021
65,000
NFP Corp., 8.500%, 10/01/2031(b)
71,536
 
 
261,067
 
Building Materials — 2.1%
115,000
Beacon Roofing Supply, Inc., 6.500%, 8/01/2030(b)
116,694
90,000
Builders FirstSource, Inc., 4.250%, 2/01/2032(b)
80,718
40,000
Builders FirstSource, Inc., 5.000%, 3/01/2030(b)
38,167
45,000
Camelot Return Merger Sub, Inc.,
8.750%, 8/01/2028(b)
46,227
60,000
Cornerstone Building Brands, Inc.,
6.125%, 1/15/2029(b)
53,481
120,000
Foundation Building Materials, Inc.,
6.000%, 3/01/2029(b)
110,350
115,000
LBM Acquisition LLC, 6.250%, 1/15/2029(b)
107,820
Principal
Amount
Description
Value (†)
 
 
Building Materials — continued
$60,000
MIWD Holdco II LLC/MIWD Finance Corp.,
5.500%, 2/01/2030(b)
$55,218
25,000
Park River Holdings, Inc., 5.625%, 2/01/2029(b)
21,256
70,000
Patrick Industries, Inc., 4.750%, 5/01/2029(b)
65,389
115,000
Specialty Building Products Holdings LLC/SBP
Finance Corp., 6.375%, 9/30/2026(b)
114,229
65,000
Standard Industries, Inc., 4.375%, 7/15/2030(b)
58,406
65,000
Summit Materials LLC/Summit Materials Finance
Corp., 7.250%, 1/15/2031(b)
67,560
 
 
935,515
 
Cable Satellite — 10.8%
210,000
Altice Financing SA, 5.000%, 1/15/2028(b)
172,839
240,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.250%, 2/01/2031(b)
195,346
1,095,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.250%, 1/15/2034(b)
826,565
140,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.500%, 6/01/2033(b)
109,357
175,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.750%, 3/01/2030(b)
150,262
200,000
CSC Holdings LLC, 3.375%, 2/15/2031(b)
135,939
2,155,000
CSC Holdings LLC, 4.625%, 12/01/2030(b)
1,094,340
405,000
CSC Holdings LLC, 5.750%, 1/15/2030(b)
214,396
390,000
Directv Financing LLC/Directv Financing Co-Obligor,
Inc., 5.875%, 8/15/2027(b)
368,954
210,000
DISH DBS Corp., 5.125%, 6/01/2029
87,589
130,000
DISH DBS Corp., 5.250%, 12/01/2026(b)
102,363
150,000
DISH DBS Corp., 5.750%, 12/01/2028(b)
103,088
150,000
DISH DBS Corp., 7.375%, 7/01/2028
72,214
420,000
DISH DBS Corp., 7.750%, 7/01/2026
281,210
40,000
DISH Network Corp., 11.750%, 11/15/2027(b)
40,837
135,000
Radiate Holdco LLC/Radiate Finance, Inc.,
6.500%, 9/15/2028(b)
64,386
45,000
Sirius XM Radio, Inc., 3.875%, 9/01/2031(b)
37,522
85,000
Telesat Canada/Telesat LLC, 5.625%, 12/06/2026(b)
42,500
80,000
Viasat, Inc., 6.500%, 7/15/2028(b)
61,777
245,000
Virgin Media Secured Finance PLC,
5.500%, 5/15/2029(b)
226,519
380,000
Ziggo Bond Co. BV, 6.000%, 1/15/2027(b)
374,517
 
 
4,762,520
 
Chemicals — 1.0%
60,000
ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028(b)
38,693
15,000
Chemours Co., 4.625%, 11/15/2029(b)
12,931
170,000
Hercules LLC, 6.500%, 6/30/2029
169,291
200,000
Olympus Water U.S. Holding Corp.,
9.750%, 11/15/2028(b)
213,043
 
 
433,958
 
Consumer Cyclical Services — 2.9%
195,000
ADT Security Corp., 4.125%, 8/01/2029(b)
178,653
60,000
ANGI Group LLC, 3.875%, 8/15/2028(b)
52,081
5,000
Arches Buyer, Inc., 4.250%, 6/01/2028(b)
4,400
35,000
Arches Buyer, Inc., 6.125%, 12/01/2028(b)
29,319
125,000
Realogy Group LLC/Realogy Co-Issuer Corp.,
5.750%, 1/15/2029(b)
88,518
90,000
Staples, Inc., 7.500%, 4/15/2026(b)
87,837
790,000
Uber Technologies, Inc., 4.500%, 8/15/2029(b)
749,566
65,000
VT Topco, Inc., 8.500%, 8/15/2030(b)
68,613
 
 
1,258,987
 
Consumer Products — 1.0%
145,000
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige
International U.S. LLC, 4.750%, 1/15/2029(b)
137,215
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)
$101,549
205,000
Energizer Holdings, Inc., 4.375%, 3/31/2029(b)
183,693
40,000
Prestige Brands, Inc., 3.750%, 4/01/2031(b)
34,826
 
 
457,283
 
Diversified Manufacturing — 0.5%
70,000
Esab Corp., 6.250%, 4/15/2029(b)
70,328
80,000
Madison IAQ LLC, 5.875%, 6/30/2029(b)
73,190
80,000
Resideo Funding, Inc., 4.000%, 9/01/2029(b)
71,531
 
 
215,049
 
Electric — 0.5%
110,000
NRG Energy, Inc., 3.625%, 2/15/2031(b)
94,925
4,000
NRG Energy, Inc., 3.875%, 2/15/2032(b)
3,428
70,000
PG&E Corp., 5.000%, 7/01/2028
67,414
25,000
PG&E Corp., 5.250%, 7/01/2030
23,756
40,000
Talen Energy Supply LLC, 8.625%, 6/01/2030(b)
42,774
 
 
232,297
 
Environmental — 0.6%
120,000
Covanta Holding Corp., 4.875%, 12/01/2029(b)
107,550
105,000
GFL Environmental, Inc., 4.000%, 8/01/2028(b)
96,776
40,000
GFL Environmental, Inc., 6.750%, 1/15/2031(b)
40,993
 
 
245,319
 
Finance Companies — 5.4%
25,000
Blackstone Secured Lending Fund, 2.750%, 9/16/2026
23,044
110,000
Blackstone Secured Lending Fund, 3.625%, 1/15/2026
105,204
125,000
Blue Owl Capital Corp., 3.400%, 7/15/2026
117,764
40,000
Freedom Mortgage Holdings LLC,
9.250%, 2/01/2029(b)
40,938
75,000
GGAM Finance Ltd., 6.875%, 4/15/2029(b)
75,281
2,915
Global Aircraft Leasing Co. Ltd., 7.250% PIK or
6.500% Cash, 9/15/2024(b)(c)
2,773
15,000
Macquarie Airfinance Holdings Ltd.,
6.400%, 3/26/2029(b)
15,237
30,000
Macquarie Airfinance Holdings Ltd.,
6.500%, 3/26/2031(b)
30,535
80,000
Nationstar Mortgage Holdings, Inc.,
5.000%, 2/01/2026(b)
78,288
100,000
Nationstar Mortgage Holdings, Inc.,
5.125%, 12/15/2030(b)
90,728
130,000
Nationstar Mortgage Holdings, Inc.,
5.750%, 11/15/2031(b)
119,906
250,000
Navient Corp., 4.875%, 3/15/2028
233,014
30,000
Navient Corp., 6.750%, 6/25/2025
30,228
210,000
OneMain Finance Corp., 3.500%, 1/15/2027
194,943
10,000
OneMain Finance Corp., 3.875%, 9/15/2028
8,921
75,000
OneMain Finance Corp., 4.000%, 9/15/2030
64,188
30,000
OneMain Finance Corp., 5.375%, 11/15/2029
28,206
145,000
OneMain Finance Corp., 7.125%, 3/15/2026
147,631
90,000
PennyMac Financial Services, Inc.,
7.875%, 12/15/2029(b)
92,479
115,000
Provident Funding Associates LP/PFG Finance Corp.,
6.375%, 6/15/2025(b)
110,295
40,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 2.875%, 10/15/2026(b)
36,957
15,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 2.875%, 10/15/2026
13,859
75,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 3.625%, 3/01/2029
67,466
20,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 3.625%, 3/01/2029(b)
17,991
Principal
Amount
Description
Value (†)
 
 
Finance Companies — continued
$230,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 3.875%, 3/01/2031(b)
$200,376
490,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 4.000%, 10/15/2033(b)
415,075
 
 
2,361,327
 
Financial Other — 1.4%
210,000
Agile Group Holdings Ltd., 6.050%, 10/13/2025
29,196
175,600
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(b)(d)
6,571
213,200
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(b)(d)
5,085
21,792
CFLD Cayman Investment Ltd., Zero Coupon,
0.000%–27.988%, 1/31/2031(b)(e)
223
200,000
China Aoyuan Group Ltd., 6.200%, 3/24/2026(f)
3,000
200,000
China Evergrande Group, 8.750%, 6/28/2025(f)
1,800
230,109
Easy Tactic Ltd., 7.500% PIK or 6.500% Cash,
7/11/2027(c)
6,972
220,000
Fantasia Holdings Group Co. Ltd.,
11.875%, 6/01/2023(f)
4,950
5,000
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 4.750%, 9/15/2024
4,977
495,000
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 5.250%, 5/15/2027
447,352
5,000
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 6.375%, 12/15/2025
4,959
200,000
Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(f)
6,156
200,000
Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(f)
4,000
400,000
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(f)
8,492
200,000
Shimao Group Holdings Ltd., 6.125%, 2/21/2024(f)
6,994
35,100
Sunac China Holdings Ltd., 6.000% PIK or 5.000%
Cash, 9/30/2026(b)(g)
4,101
35,100
Sunac China Holdings Ltd., 6.250% PIK or 5.250%
Cash, 9/30/2027(b)(g)
3,549
70,201
Sunac China Holdings Ltd., 6.500% PIK or 5.500%
Cash, 9/30/2027(b)(g)
6,376
105,302
Sunac China Holdings Ltd., 6.750% PIK or 5.750%
Cash, 9/30/2028(b)(g)
8,499
105,302
Sunac China Holdings Ltd., 7.000% PIK or 6.000%
Cash, 9/30/2029(b)(g)
7,506
49,473
Sunac China Holdings Ltd., 7.250% PIK or 6.250%
Cash, 9/30/2030(b)(g)
3,057
200,000
Times China Holdings Ltd., 6.200%, 3/22/2026(f)
5,250
400,000
Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(f)
20,300
400,000
Zhenro Properties Group Ltd., 6.630%, 1/07/2026(f)
4,104
200,000
Zhenro Properties Group Ltd., 6.700%, 8/04/2026(f)
2,006
 
 
605,475
 
Food & Beverage — 0.9%
90,000
Fiesta Purchaser, Inc., 7.875%, 3/01/2031(b)
92,943
65,000
HLF Financing SARL LLC/Herbalife International, Inc.,
4.875%, 6/01/2029(b)
45,175
100,000
Lamb Weston Holdings, Inc., 4.375%, 1/31/2032(b)
89,672
105,000
Post Holdings, Inc., 6.250%, 2/15/2032(b)
105,732
65,000
Simmons Foods, Inc./Simmons Prepared Foods,
Inc./Simmons Pet Food, Inc./Simmons Feed,
4.625%, 3/01/2029(b)
57,441
 
 
390,963
 
Gaming — 1.5%
65,000
Light & Wonder International, Inc.,
7.000%, 5/15/2028(b)
65,479
40,000
Light & Wonder International, Inc.,
7.500%, 9/01/2031(b)
41,596
200,000
Melco Resorts Finance Ltd., 5.375%, 12/04/2029(b)
182,430
Principal
Amount
Description
Value (†)
 
 
Gaming — continued
$40,000
Mohegan Tribal Gaming Authority,
8.000%, 2/01/2026(b)
$39,140
55,000
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp., 5.625%, 9/01/2029(b)
41,989
250,000
Wynn Macau Ltd., 5.125%, 12/15/2029(b)
228,300
90,000
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp., 5.125%, 10/01/2029(b)
85,262
 
 
684,196
 
Government Owned - No Guarantee — 0.4%
55,000
Ecopetrol SA, 8.375%, 1/19/2036
55,518
125,000
Petroleos Mexicanos, 5.950%, 1/28/2031
100,251
 
 
155,769
 
Health Care REITs — 0.2%
115,000
MPT Operating Partnership LP/MPT Finance Corp.,
3.500%, 3/15/2031
78,961
 
Health Insurance — 0.1%
15,000
Molina Healthcare, Inc., 3.875%, 11/15/2030(b)
13,336
60,000
Molina Healthcare, Inc., 3.875%, 5/15/2032(b)
52,244
 
 
65,580
 
Healthcare — 3.0%
25,000
AdaptHealth LLC, 4.625%, 8/01/2029(b)
21,513
125,000
AdaptHealth LLC, 5.125%, 3/01/2030(b)
109,017
225,000
CHS/Community Health Systems, Inc.,
5.250%, 5/15/2030(b)
183,468
205,000
DaVita, Inc., 3.750%, 2/15/2031(b)
171,639
100,000
Encompass Health Corp., 4.750%, 2/01/2030
93,696
20,000
Fortrea Holdings, Inc., 7.500%, 7/01/2030(b)
20,646
35,000
Hologic, Inc., 3.250%, 2/15/2029(b)
31,367
180,000
LifePoint Health, Inc., 5.375%, 1/15/2029(b)
148,311
105,000
Medline Borrower LP, 3.875%, 4/01/2029(b)
95,572
120,000
Medline Borrower LP/Medline Co-Issuer, Inc.,
6.250%, 4/01/2029(b)
120,537
75,000
MPH Acquisition Holdings LLC, 5.500%, 9/01/2028(b)
63,779
80,000
Neogen Food Safety Corp., 8.625%, 7/20/2030(b)
86,180
53,784
Radiology Partners, Inc., 3.500% PIK or 5.000% Cash,
1/31/2029(b)(g)
49,901
80,000
Star Parent, Inc., 9.000%, 10/01/2030(b)
84,664
50,000
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026(b)
48,139
 
 
1,328,429
 
Home Construction — 0.2%
60,000
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 4.875%, 2/15/2030(b)
53,828
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)
50,202
 
 
104,030
 
Independent Energy — 5.6%
45,000
Antero Resources Corp., 5.375%, 3/01/2030(b)
43,217
120,000
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 7.000%, 11/01/2026(b)
120,300
80,000
Baytex Energy Corp., 8.500%, 4/30/2030(b)
83,535
135,000
Baytex Energy Corp., 8.750%, 4/01/2027(b)
140,906
120,000
Chesapeake Energy Corp., 6.750%, 4/15/2029(b)
121,286
155,000
Civitas Resources, Inc., 8.375%, 7/01/2028(b)
163,170
50,000
Civitas Resources, Inc., 8.625%, 11/01/2030(b)
53,689
75,000
Crescent Energy Finance LLC, 7.250%, 5/01/2026(b)
76,443
105,000
Crescent Energy Finance LLC, 9.250%, 2/15/2028(b)
110,868
45,000
Gulfport Energy Corp., 8.000%, 5/17/2026(b)
45,670
170,000
Leviathan Bond Ltd., 6.750%, 6/30/2030
157,296
150,000
Matador Resources Co., 5.875%, 9/15/2026
150,016
150,000
Matador Resources Co., 6.500%, 4/15/2032(b)
150,182
40,000
MEG Energy Corp., 5.875%, 2/01/2029(b)
39,305
Principal
Amount
Description
Value (†)
 
 
Independent Energy — continued
$60,000
Murphy Oil Corp., 5.875%, 12/01/2042
$53,836
170,000
Northern Oil & Gas, Inc., 8.125%, 3/01/2028(b)
172,548
60,000
Northern Oil & Gas, Inc., 8.750%, 6/15/2031(b)
63,358
40,000
Permian Resources Operating LLC,
5.375%, 1/15/2026(b)
39,545
60,000
Permian Resources Operating LLC,
5.875%, 7/01/2029(b)
59,001
50,000
Permian Resources Operating LLC,
6.875%, 4/01/2027(b)
50,019
45,000
Permian Resources Operating LLC,
7.000%, 1/15/2032(b)
46,684
45,000
Range Resources Corp., 8.250%, 1/15/2029
46,809
230,000
Sitio Royalties Operating Partnership LP/Sitio
Finance Corp., 7.875%, 11/01/2028(b)
237,889
15,000
SM Energy Co., 5.625%, 6/01/2025
14,929
75,000
SM Energy Co., 6.750%, 9/15/2026
75,075
45,000
Southwestern Energy Co., 5.375%, 2/01/2029
43,706
50,000
Strathcona Resources Ltd., 6.875%, 8/01/2026(b)
50,087
70,000
Vital Energy, Inc., 7.875%, 4/15/2032(b)
71,111
 
 
2,480,480
 
Industrial Other — 0.2%
60,000
Brundage-Bone Concrete Pumping Holdings, Inc.,
6.000%, 2/01/2026(b)
59,257
50,000
Installed Building Products, Inc., 5.750%, 2/01/2028(b)
48,664
 
 
107,921
 
Leisure — 4.7%
295,000
Carnival Corp., 5.750%, 3/01/2027(b)
291,972
185,000
Carnival Corp., 6.000%, 5/01/2029(b)
182,541
15,000
Carnival Corp., 7.000%, 8/15/2029(b)
15,645
410,000
NCL Corp. Ltd., 5.875%, 3/15/2026(b)
404,732
10,000
NCL Corp. Ltd., 5.875%, 3/15/2026
9,872
90,000
NCL Corp. Ltd., 8.125%, 1/15/2029(b)
95,237
70,000
NCL Finance Ltd., 6.125%, 3/15/2028(b)
69,126
125,000
Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028
116,341
170,000
Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026(b)
164,057
320,000
Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028(b)
316,289
50,000
SeaWorld Parks & Entertainment, Inc.,
5.250%, 8/15/2029(b)
47,092
85,000
Speedway Motorsports LLC/Speedway Funding II,
Inc., 4.875%, 11/01/2027(b)
80,919
75,000
Viking Cruises Ltd., 5.875%, 9/15/2027(b)
73,584
35,000
Viking Cruises Ltd., 7.000%, 2/15/2029(b)
35,151
165,000
Viking Ocean Cruises Ship VII Ltd.,
5.625%, 2/15/2029(b)
160,575
 
 
2,063,133
 
Lodging — 2.1%
295,000
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Escrow, Inc.,
4.875%, 7/01/2031(b)
264,124
110,000
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Escrow, Inc.,
5.000%, 6/01/2029(b)
102,586
95,000
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Escrow, Inc.,
6.625%, 1/15/2032(b)
95,384
245,000
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(b)
224,114
70,000
Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028
65,606
185,000
Travel & Leisure Co., 4.500%, 12/01/2029(b)
170,114
15,000
Travel & Leisure Co., 4.625%, 3/01/2030(b)
13,696
 
 
935,624
Principal
Amount
Description
Value (†)
 
 
Media Entertainment — 1.0%
$120,000
Advantage Sales & Marketing, Inc.,
6.500%, 11/15/2028(b)
$113,064
35,000
AMC Networks, Inc., 10.250%, 1/15/2029(b)
35,254
210,000
iHeartCommunications, Inc., 4.750%, 1/15/2028(b)
147,505
80,000
iHeartCommunications, Inc., 4.750%, 1/15/2028
56,192
95,000
Stagwell Global LLC, 5.625%, 8/15/2029(b)
86,355
 
 
438,370
 
Metals & Mining — 2.5%
120,000
ATI, Inc., 4.875%, 10/01/2029
112,920
130,000
Cleveland-Cliffs, Inc., 7.000%, 3/15/2032(b)
131,716
80,000
Commercial Metals Co., 4.125%, 1/15/2030
73,659
225,000
First Quantum Minerals Ltd., 9.375%, 3/01/2029(b)
233,081
65,000
GrafTech Finance, Inc., 4.625%, 12/15/2028(b)
41,800
100,000
GrafTech Global Enterprises, Inc.,
9.875%, 12/15/2028(b)
74,422
50,000
Mineral Resources Ltd., 8.000%, 11/01/2027(b)
50,965
110,000
Mineral Resources Ltd., 8.125%, 5/01/2027(b)
111,278
95,000
Mineral Resources Ltd., 9.250%, 10/01/2028(b)
100,054
190,000
Novelis Corp., 4.750%, 1/30/2030(b)
175,298
 
 
1,105,193
 
Midstream — 5.5%
45,000
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.375%, 6/01/2028(b)
46,598
85,000
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.375%, 6/15/2029(b)
81,741
110,000
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 6.625%, 2/01/2032(b)
110,480
25,000
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 7.875%, 5/15/2026(b)
25,523
80,000
Buckeye Partners LP, 5.600%, 10/15/2044
63,938
55,000
Buckeye Partners LP, 5.850%, 11/15/2043
46,859
90,000
Delek Logistics Partners LP/Delek Logistics Finance
Corp., 8.625%, 3/15/2029(b)
91,905
210,000
Energy Transfer LP, (fixed rate to 2/15/2029, variable
rate thereafter), 8.000%, 5/15/2054
220,263
125,000
Energy Transfer LP, Series A, 3 mo. USD SOFR +
4.290%, 9.597%(a)(i)
124,468
80,000
EnLink Midstream LLC, 6.500%, 9/01/2030(b)
82,279
15,000
EnLink Midstream Partners LP, 5.050%, 4/01/2045
12,387
30,000
EnLink Midstream Partners LP, 5.450%, 6/01/2047
26,108
125,000
EnLink Midstream Partners LP, 5.600%, 4/01/2044
111,294
45,000
EQM Midstream Partners LP, 4.750%, 1/15/2031(b)
41,848
65,000
EQM Midstream Partners LP, 5.500%, 7/15/2028
64,108
105,000
EQM Midstream Partners LP, 6.500%, 7/01/2027(b)
105,929
50,000
EQM Midstream Partners LP, 6.500%, 7/15/2048
50,150
20,000
EQM Midstream Partners LP, 7.500%, 6/01/2027(b)
20,508
80,000
EQM Midstream Partners LP, 7.500%, 6/01/2030(b)
85,516
80,000
Ferrellgas LP/Ferrellgas Finance Corp.,
5.375%, 4/01/2026(b)
78,267
45,000
Global Partners LP/GLP Finance Corp.,
8.250%, 1/15/2032(b)
46,667
50,000
Hess Midstream Operations LP, 4.250%, 2/15/2030(b)
45,945
5,000
Hess Midstream Operations LP, 5.125%, 6/15/2028(b)
4,838
30,000
Hess Midstream Operations LP, 5.625%, 2/15/2026(b)
29,760
20,000
ITT Holdings LLC, 6.500%, 8/01/2029(b)
18,252
105,000
Kinetik Holdings LP, 5.875%, 6/15/2030(b)
102,703
130,000
Kinetik Holdings LP, 6.625%, 12/15/2028(b)
132,308
90,000
New Fortress Energy, Inc., 6.500%, 9/30/2026(b)
86,656
50,000
Sunoco LP/Sunoco Finance Corp., 4.500%, 5/15/2029
46,476
225,000
Venture Global Calcasieu Pass LLC,
3.875%, 11/01/2033(b)
191,161
Principal
Amount
Description
Value (†)
 
 
Midstream — continued
$130,000
Venture Global Calcasieu Pass LLC,
4.125%, 8/15/2031(b)
$115,596
110,000
Venture Global LNG, Inc., 8.375%, 6/01/2031(b)
113,440
 
 
2,423,971
 
Non-Agency Commercial Mortgage-Backed
Securities — 1.9%
93,545
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL2, Class COL1, 1 mo. USD SOFR +
3.614%, 8.940%, 11/15/2031(a)(b)
45,911
210,476
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL2, Class COL2, 1 mo. USD SOFR +
4.614%, 9.940%, 11/15/2031(a)(b)
88,469
1,020,000
Credit Suisse Mortgage Trust, Series 2014-USA,
Class E, 4.373%, 9/15/2037(b)
521,587
380,000
Starwood Retail Property Trust, Series 2014-STAR,
Class D, Prime + 0.000%,
8.500%, 11/15/2027(a)(b)(d)(h)
30,552
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, 4.115%, 11/15/2059(a)
47,789
32,729
WFRBS Commercial Mortgage Trust, Series 2011-C3,
Class D, 5.855%, 3/15/2044(a)(b)
9,727
80,000
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class C, 4.331%, 12/15/2045(a)
61,911
 
 
826,946
 
Office REITs — 0.1%
50,000
Hudson Pacific Properties LP, 3.950%, 11/01/2027
44,297
 
Oil Field Services — 1.6%
60,000
Diamond Foreign Asset Co./Diamond Finance LLC,
8.500%, 10/01/2030(b)
63,324
25,000
Oceaneering International, Inc., 6.000%, 2/01/2028
24,631
60,000
Solaris Midstream Holdings LLC, 7.625%, 4/01/2026(b)
60,652
60,000
Transocean Aquila Ltd., 8.000%, 9/30/2028(b)
61,584
155,250
Transocean Poseidon Ltd., 6.875%, 2/01/2027(b)
155,428
90,000
Transocean, Inc., 7.500%, 1/15/2026(b)
89,378
115,000
Transocean, Inc., 8.000%, 2/01/2027(b)
114,146
65,000
USA Compression Partners LP/USA Compression
Finance Corp., 7.125%, 3/15/2029(b)
65,810
70,000
Weatherford International Ltd., 8.625%, 4/30/2030(b)
73,078
 
 
708,031
 
Other REITs — 0.8%
145,000
Service Properties Trust, 4.750%, 10/01/2026
135,151
40,000
Service Properties Trust, 7.500%, 9/15/2025
40,539
120,000
Service Properties Trust, 8.625%, 11/15/2031(b)
127,972
60,000
Starwood Property Trust, Inc., 7.250%, 4/01/2029(b)
60,478
 
 
364,140
 
Packaging — 0.4%
40,000
Clydesdale Acquisition Holdings, Inc.,
8.750%, 4/15/2030(b)
39,301
45,000
Graham Packaging Co., Inc., 7.125%, 8/15/2028(b)
40,801
35,000
LABL, Inc., 10.500%, 7/15/2027(b)
34,705
45,000
Mauser Packaging Solutions Holding Co.,
9.250%, 4/15/2027(b)
44,642
 
 
159,449
 
Pharmaceuticals — 3.6%
275,000
Bausch Health Cos., Inc., 4.875%, 6/01/2028(b)
150,069
565,000
Bausch Health Cos., Inc., 5.250%, 1/30/2030(b)
233,089
55,000
Bausch Health Cos., Inc., 6.125%, 2/01/2027(b)
34,270
Principal
Amount
Description
Value (†)
 
 
Pharmaceuticals — continued
$200,000
Cheplapharm Arzneimittel GmbH,
5.500%, 1/15/2028(b)
$191,746
325,000
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
316,238
75,000
Teva Pharmaceutical Finance Netherlands III BV,
3.150%, 10/01/2026
70,117
565,000
Teva Pharmaceutical Finance Netherlands III BV,
4.100%, 10/01/2046
389,512
200,000
Teva Pharmaceutical Finance Netherlands III BV,
7.875%, 9/15/2029
214,682
 
 
1,599,723
 
Property & Casualty Insurance — 3.7%
40,000
Acrisure LLC/Acrisure Finance, Inc.,
4.250%, 2/15/2029(b)
36,112
110,000
Acrisure LLC/Acrisure Finance, Inc.,
8.250%, 2/01/2029(b)
110,494
70,000
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 6.750%, 10/15/2027(b)
68,966
110,000
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 7.000%, 1/15/2031(b)
111,102
100,000
AmWINS Group, Inc., 4.875%, 6/30/2029(b)
93,338
100,000
AmWINS Group, Inc., 6.375%, 2/15/2029(b)
100,540
200,000
Ardonagh Finco Ltd., 7.750%, 2/15/2031(b)
199,097
200,000
Ardonagh Group Finance Ltd., 8.875%, 2/15/2032(b)
197,464
55,000
AssuredPartners, Inc., 5.625%, 1/15/2029(b)
50,670
65,000
BroadStreet Partners, Inc., 5.875%, 4/15/2029(b)
60,162
360,000
HUB International Ltd., 7.250%, 6/15/2030(b)
369,971
125,000
Liberty Mutual Group, Inc., 4.300%, 2/01/2061(b)
79,968
145,000
Panther Escrow Issuer LLC, 7.125%, 6/01/2031(b)
147,423
 
 
1,625,307
 
Refining — 0.4%
120,000
CVR Energy, Inc., 8.500%, 1/15/2029(b)
121,503
45,000
PBF Holding Co. LLC/PBF Finance Corp.,
7.875%, 9/15/2030(b)
46,631
 
 
168,134
 
Restaurants — 0.9%
330,000
1011778 BC ULC/New Red Finance, Inc.,
3.875%, 1/15/2028(b)
310,139
65,000
Papa John's International, Inc., 3.875%, 9/15/2029(b)
57,643
15,000
Yum! Brands, Inc., 3.625%, 3/15/2031
13,274
35,000
Yum! Brands, Inc., 4.625%, 1/31/2032
32,299
 
 
413,355
 
Retailers — 1.2%
15,000
Asbury Automotive Group, Inc., 4.500%, 3/01/2028
14,281
70,000
Asbury Automotive Group, Inc., 4.625%, 11/15/2029(b)
64,598
58,000
Asbury Automotive Group, Inc., 4.750%, 3/01/2030
53,416
25,000
Bath & Body Works, Inc., 5.250%, 2/01/2028
24,484
40,000
Bath & Body Works, Inc., 6.750%, 7/01/2036
40,400
55,000
Bath & Body Works, Inc., 6.875%, 11/01/2035
56,241
20,000
Hanesbrands, Inc., 9.000%, 2/15/2031(b)
20,549
40,000
Ken Garff Automotive LLC, 4.875%, 9/15/2028(b)
36,996
35,000
Lithia Motors, Inc., 4.375%, 1/15/2031(b)
31,350
65,000
Michaels Cos., Inc., 7.875%, 5/01/2029(b)
48,765
60,000
NMG Holding Co., Inc./Neiman Marcus Group LLC,
7.125%, 4/01/2026(b)
58,756
5,000
Parkland Corp., 4.500%, 10/01/2029(b)
4,625
85,000
Sonic Automotive, Inc., 4.625%, 11/15/2029(b)
76,228
15,000
Sonic Automotive, Inc., 4.875%, 11/15/2031(b)
13,131
 
 
543,820
 
Technology — 5.7%
80,000
AthenaHealth Group, Inc., 6.500%, 2/15/2030(b)
73,170
Principal
Amount
Description
Value (†)
 
 
Technology — continued
$213,000
Boost Newco Borrower LLC, 7.500%, 1/15/2031(b)
$222,971
70,000
Cloud Software Group, Inc., 6.500%, 3/31/2029(b)
66,427
445,000
CommScope Technologies LLC, 5.000%, 3/15/2027(b)
171,877
70,000
CommScope, Inc., 4.750%, 9/01/2029(b)
50,567
50,000
CommScope, Inc., 6.000%, 3/01/2026(b)
45,750
80,000
Elastic NV, 4.125%, 7/15/2029(b)
71,992
60,000
Everi Holdings, Inc., 5.000%, 7/15/2029(b)
59,442
71,456
GoTo Group, Inc., 5.500%, 5/01/2028(b)
47,966
51,744
GoTo Group, Inc., 5.500%, 5/01/2028(b)
44,823
185,000
Iron Mountain, Inc., 4.500%, 2/15/2031(b)
166,914
110,000
Iron Mountain, Inc., 4.875%, 9/15/2029(b)
103,201
5,000
Iron Mountain, Inc., 5.250%, 7/15/2030(b)
4,730
70,000
McAfee Corp., 7.375%, 2/15/2030(b)
64,193
140,000
NCR Atleos Corp., 9.500%, 4/01/2029(b)
149,745
160,000
NCR Voyix Corp., 5.000%, 10/01/2028(b)
149,148
35,000
NCR Voyix Corp., 5.125%, 4/15/2029(b)
32,461
95,000
Neptune Bidco U.S., Inc., 9.290%, 4/15/2029(b)
89,830
105,000
Newfold Digital Holdings Group, Inc.,
11.750%, 10/15/2028(b)
113,654
5,000
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,
4.000%, 6/15/2029(b)
4,455
25,000
Pitney Bowes, Inc., 6.875%, 3/15/2027(b)
22,828
70,000
Presidio Holdings, Inc., 8.250%, 2/01/2028(b)
69,811
70,000
Rackspace Technology Global, Inc.,
5.375%, 12/01/2028(b)
18,289
20,000
Sabre Global, Inc., 8.625%, 6/01/2027(b)
17,550
95,000
Sabre Global, Inc., 11.250%, 12/15/2027(b)
89,158
5,000
Seagate HDD Cayman, 4.091%, 6/01/2029
4,619
40,000
Seagate HDD Cayman, 4.875%, 6/01/2027
38,931
90,000
Seagate HDD Cayman, 8.250%, 12/15/2029(b)
96,702
120,000
Sensata Technologies, Inc., 3.750%, 2/15/2031(b)
103,800
50,000
Sensata Technologies, Inc., 4.375%, 2/15/2030(b)
45,507
150,000
UKG, Inc., 6.875%, 2/01/2031(b)
152,809
45,000
Western Digital Corp., 2.850%, 2/01/2029
39,152
70,000
Ziff Davis, Inc., 4.625%, 10/15/2030(b)
63,105
 
 
2,495,577
 
Transportation Services — 0.5%
225,000
Rand Parent LLC, 8.500%, 2/15/2030(b)
222,617
 
Treasuries — 0.7%
310,000
U.S. Treasury Notes, 4.500%, 3/31/2026
309,225
 
Wireless — 1.4%
230,000
Altice France SA, 5.125%, 1/15/2029(b)
157,505
200,000
Altice France SA, 8.125%, 2/01/2027(b)
156,332
330,000
SoftBank Group Corp., 4.625%, 7/06/2028
306,788
 
 
620,625
 
Wirelines — 1.9%
55,000
Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028
50,311
165,000
Frontier Communications Holdings LLC,
5.000%, 5/01/2028(b)
153,155
215,000
Frontier Communications Holdings LLC,
5.875%, 10/15/2027(b)
208,149
65,000
Level 3 Financing, Inc., 3.625%, 1/15/2029(b)
29,079
95,000
Level 3 Financing, Inc., 4.250%, 7/01/2028(b)
44,650
65,000
Lumen Technologies, Inc., 4.000%, 2/15/2027(b)
40,135
225,000
Telecom Italia Capital SA, 6.375%, 11/15/2033
212,865
120,000
Uniti Group LP/Uniti Group Finance, Inc./CSL
Capital LLC, 4.750%, 4/15/2028(b)
104,775
 
 
843,119
 
Total Non-Convertible Bonds
(Identified Cost $46,249,402)
38,017,674
 
 
Principal
Amount
Description
Value (†)
 
Convertible Bonds — 4.0%
 
Cable Satellite — 2.0%
$1,265,000
DISH Network Corp., 3.375%, 8/15/2026
$787,462
120,000
DISH Network Corp., Zero Coupon,
6.944%–33.530%, 12/15/2025(e)
87,600
 
 
875,062
 
Consumer Cyclical Services — 0.1%
10,000
Booking Holdings, Inc., 0.750%, 5/01/2025
19,300
15,000
Uber Technologies, Inc., Series 2028,
0.875%, 12/01/2028(b)
18,555
20,000
Zillow Group, Inc., 1.375%, 9/01/2026
24,638
 
 
62,493
 
Electric — 0.1%
20,000
Evergy, Inc., 4.500%, 12/15/2027(b)
20,330
15,000
NRG Energy, Inc., 2.750%, 6/01/2048
24,818
 
 
45,148
 
Financial Other — 0.0%
43,605
Sunac China Holdings Ltd., 1.000% PIK or 0.000%
Cash, 9/30/2032(b)(c)
2,616
 
Healthcare — 0.1%
40,000
Envista Holdings Corp., 1.750%, 8/15/2028(b)
35,175
 
Independent Energy — 0.2%
90,000
Northern Oil & Gas, Inc., 3.625%, 4/15/2029
109,575
 
Leisure — 0.3%
55,000
Carnival Corp., 5.750%, 12/01/2027
82,775
15,000
NCL Corp. Ltd., 1.125%, 2/15/2027
14,177
10,000
Royal Caribbean Cruises Ltd., 6.000%, 8/15/2025
28,420
 
 
125,372
 
Pharmaceuticals — 0.7%
290,000
BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027
286,027
 
Technology — 0.5%
15,000
Datadog, Inc., 0.125%, 6/15/2025
21,135
15,000
Nutanix, Inc., 0.250%, 10/01/2027
18,375
20,000
ON Semiconductor Corp., 0.500%, 3/01/2029
19,680
5,000
Palo Alto Networks, Inc., 0.375%, 6/01/2025
14,270
10,000
Shift4 Payments, Inc., 0.500%, 8/01/2027
9,275
15,000
Shift4 Payments, Inc., Zero Coupon,
0.000%, 12/15/2025(j)
16,050
20,000
Wolfspeed, Inc., 0.250%, 2/15/2028
11,670
175,000
Wolfspeed, Inc., 1.875%, 12/01/2029
97,667
15,000
Zscaler, Inc., 0.125%, 7/01/2025
20,437
 
 
228,559
 
Total Convertible Bonds
(Identified Cost $2,357,933)
1,770,027
 
Total Bonds and Notes
(Identified Cost $48,607,335)
39,787,701
 
 
Senior Loans — 5.2%
 
Aerospace & Defense — 0.4%
154,612
TransDigm, Inc., 2023 Term Loan J, 3 mo. USD SOFR
+ 3.250%, 8.598%, 2/28/2031(a)(k)
155,330
19,528
TransDigm, Inc., 2024 Term Loan I, 8/24/2028(l)
19,589
 
 
174,919
 
Brokerage — 0.5%
39,834
Edelman Financial Center LLC, 2021 Term Loan B,
4/07/2028(l)
39,824
24,872
Edelman Financial Center LLC, 2021 Term Loan B,
1 mo. USD SOFR + 3.500%, 8.945%, 4/07/2028(a)(k)
24,866
Principal
Amount
Description
Value (†)
 
 
Brokerage — continued
$67,000
Eisner Advisory Group LLC, 2024 Term Loan B, 1 mo.
USD SOFR + 4.000%, 2/28/2031(l)
$67,167
66,829
HighTower Holdings LLC, 2021 Term Loan B, 3 mo.
USD SOFR + 4.000%, 9.586%, 4/21/2028(l)
66,829
 
 
198,686
 
Building Materials — 0.1%
56,451
MI Windows & Doors LLC, 2024 Term Loan B2,
3/21/2031(l)
56,663
 
Chemicals — 0.2%
78,605
Chemours Co., 2023 USD Term Loan B, 1 mo. USD
SOFR + 3.500%, 8.830%, 8/18/2028(a)(k)
78,212
 
Consumer Cyclical Services — 0.1%
58,197
PUG LLC, 2024 Extended Term Loan B, 1 mo. USD
SOFR + 4.750%, 10.075%, 3/15/2030(a)(k)
58,173
 
Electric — 0.1%
28,783
Talen Energy Supply LLC, 2023 Term Loan B, 3 mo.
USD SOFR + 4.500%, 9.826%, 5/17/2030(a)(k)
28,870
 
Food & Beverage — 0.2%
94,762
Chobani LLC, 2023 Incremental Term Loan, 1 mo. USD
SOFR + 3.750%, 9.075%, 10/25/2027(a)(k)
95,236
 
Healthcare — 0.8%
111,669
Bausch & Lomb Corp., Term Loan, 5/10/2027(l)
110,217
111,834
Inception Holdco SARL, 2024 USD Term Loan B,
3/14/2031(l)
111,694
16,958
IVC Acquisition Ltd., 2023 USD Term Loan B, 3 mo.
USD SOFR + 5.500%, 10.809%, 12/12/2028(a)(k)
16,963
126,820
Star Parent, Inc., Term Loan B, 3 mo. USD SOFR +
4.000%, 9.309%, 9/27/2030(a)(k)
125,964
 
 
364,838
 
Leisure — 0.6%
179,963
Carnival Corp., 2021 Incremental Term Loan B, 1 mo.
USD SOFR + 3.250%, 8.695%, 10/18/2028(a)(k)
180,001
72,568
Carnival Corp., 2023 Term Loan B, 1 mo. USD SOFR +
3.000%, 8.319%, 8/08/2027(a)(k)
72,614
 
 
252,615
 
Media Entertainment — 0.3%
47,322
MH Sub I LLC, 2023 Term Loan, 1 mo. USD SOFR +
4.250%, 9.580%, 5/03/2028(a)(k)
46,989
88,000
Wood Mackenzie Ltd., 2024 Term Loan B, 3 mo. USD
SOFR + 3.500%, 8.814%, 1/31/2031(a)(k)
88,264
 
 
135,253
 
Property & Casualty Insurance — 0.8%
124,235
Acrisure LLC, 2020 Term Loan B, 1 mo. USD LIBOR +
3.500%, 8.945%, 2/15/2027(a)(k)
123,969
15,914
AssuredPartners, Inc., 2023 Term Loan B4, 1 mo. USD
SOFR + 3.750%, 9.077%, 2/12/2027(a)(k)
15,921
112,000
Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR +
4.250%, 8/19/2028(l)
107,912
55,821
Truist Insurance Holdings LLC, 2nd Lien Term Loan,
3/08/2032(l)
56,100
13,512
USI, Inc., 2023 Acquisition Term Loan, 3 mo. USD
SOFR + 3.250%, 8.552%, 9/27/2030(a)(k)
13,516
55,440
USI, Inc., 2023 Term Loan B, 3 mo. USD SOFR +
3.000%, 8.302%, 11/22/2029(a)(k)
55,432
 
 
372,850
 
Technology — 0.9%
113,000
Cotiviti Corp., 2024 Term Loan, 2/21/2031(l)
112,718
119,096
CT Technologies Intermediate Holdings, Inc., 2021
Term Loan B, 1 mo. USD SOFR + 4.250%, 12/16/2025(l)
118,649
Principal
Amount
Description
Value (†)
 
 
Technology — continued
$54,862
Iron Mountain, Inc., 2023 Term Loan B, 1 mo. USD
SOFR + 2.250%, 7.580%, 1/31/2031(a)(k)
$54,359
103,598
Neptune Bidco U.S., Inc., 2022 USD Term Loan B,
3 mo. USD SOFR + 5.000%, 10.423%, 4/11/2029(a)(k)
95,381
 
 
381,107
 
Transportation Services — 0.2%
79,042
PODS LLC, 2021 Term Loan B, 1 mo. USD SOFR +
3.000%, 8.329%, 3/31/2028(a)(k)
77,667
 
Total Senior Loans
(Identified Cost $2,266,963)
2,275,089
 
 
Collateralized Loan Obligations — 1.1%
250,000
Battalion CLO XVI Ltd., Series 2019-16A, Class ER,
3 mo. USD SOFR + 6.862%, 12.179%, 12/19/2032(a)(b)
242,086
250,000
NYACK Park CLO Ltd., Series 2021-1A, Class E, 3 mo.
USD SOFR + 6.362%, 11.679%, 10/20/2034(a)(b)
248,479
 
Total Collateralized Loan Obligations
(Identified Cost $500,000)
490,565
 

 
Shares
 
 
Preferred Stocks — 0.1%
 
 
Convertible Preferred Stock — 0.1%
 
Technology — 0.1%
1,987
Clarivate PLC, Series A, 5.250%
(Identified Cost $88,826)
59,054
 
 
Common Stocks— 0.1%
 
Energy Equipment & Services — 0.0%
10,149
McDermott International Ltd.(d)
2,030
 
Media — 0.0%
9,786
iHeartMedia, Inc., Class A(d)
20,452
 
Oil, Gas & Consumable Fuels — 0.1%
3,650
Battalion Oil Corp.(d)
20,659
 
Total Common Stocks
(Identified Cost $841,517)
43,141
 
 
 
Shares
Description
Value (†)
 
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)(m)
(Identified Cost $1,000,000)
—
 
Principal
Amount
 
 
Short-Term Investments — 5.9%
$2,152,342
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/28/2024 at 3.500% to be
repurchased at $2,153,179 on 4/01/2024 collateralized
by $2,272,000 U.S. Treasury Note, 2.375% due
4/30/2026 valued at $2,195,398 including accrued
interest(n)
2,152,342
440,000
U.S. Treasury Bills, 5.170%–5.238%, 4/09/2024(o)(p)
439,488
 
Total Short-Term Investments
(Identified Cost $2,591,833)
2,591,830
 
Total Investments — 102.6%
(Identified Cost $55,927,991)
45,247,380
 
Other assets less liabilities — (2.6)%
(1,161,359
)
 
Net Assets — 100.0%
$44,086,021
 
(†)
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 ("NAV") 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 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 March 31, 2024 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the
purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published
reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a
reference rate and/or spread in their description.
(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 March 31, 2024, the value of Rule 144A holdings amounted to
$30,917,309 or 70.1% 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 March 31, 2024, interest payments were made in principal.
(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. No
payments were received during the period.
(h)
Level 3 security. Value has been determined using significant unobservable inputs.
(i)
Perpetual bond with no specified maturity date.
(j)
Interest rate represents annualized yield at time of purchase; not a coupon rate.
(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
which may range from 0.00% to 1.00%, to which the spread is added.
(l)
Position is unsettled. Contract rate was not determined at March 31, 2024 and does not take effect until settlement date. Maturity date is not finalized until
settlement date.
(m)
Securities subject to restriction on resale. At March 31, 2024, the restricted securities held by the Fund are as follows:
 
 
Acquisition
Date
Acquisition
Cost
Value
% of
Net Assets
ECAF I Blocker, Ltd.
6/18/2015
$1,000,000
$ —
0.0%
 
(n)
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 March 31, 2024, the Fund had an investment in a repurchase agreement for which the value of the
related collateral exceeded the value of the repurchase agreement.
(o)
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.
(p)
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 March 31, 2024, at value: 
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Bonds and Notes
 
 
 
 
Non-Convertible Bonds
 
 
 
 
Home Construction
$ —
$104,030
$ —
$104,030
Non-Agency Commercial Mortgage-Backed Securities
 —
775,394
51,552
826,946
All Other Non-Convertible Bonds(a)
 —
37,086,698
 —
37,086,698
Total Non-Convertible Bonds
—
37,966,122
51,552
38,017,674
Convertible Bonds(a)
 —
1,770,027
 —
1,770,027
Total Bonds and Notes
—
39,736,149
51,552
39,787,701
Senior Loans(a)
 —
2,275,089
 —
2,275,089
Collateralized Loan Obligations
 —
490,565
 —
490,565
Preferred Stocks
59,054
 —
 —
59,054
Common Stocks
43,141
 —
 —
43,141
Warrants
 —
 —
 —
 —
Other Investments(a)
 —
 —
 —
 —
Short-Term Investments
 —
2,591,830
 —
2,591,830
Total Investments
$102,195
$45,093,633
$51,552
$45,247,380
 
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2023 and/or March 31, 2024: 
 
Asset Valuation Inputs
Investments in Securities
Balance as of
December 31,
2023
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
March 31,
2024
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
March 31,
2024
Bonds and Notes
 
 
 
 
 
 
 
 
 
 
Non-Convertible Bonds
 
 
 
 
 
 
 
 
 
 
Home Construction
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Non-Agency Commercial Mortgage-
Backed Securities
107,108
 —
 —
(55,556
)
 —
 —
 —
 —
51,552
(55,556
)
Total
$107,108
$ —
$ —
$(55,556
)
$ —
$ —
$ —
$ —
$51,552
$(55,556
)
 
Industry Summary at March 31, 2024 (Unaudited)
Cable Satellite
12.8%
Technology
7.2
Independent Energy
5.8
Leisure
5.6
Midstream
5.5
Finance Companies
5.4
Property & Casualty Insurance
4.5
Pharmaceuticals
4.3
Healthcare
3.9
Consumer Cyclical Services
3.1
Banking
2.6
Metals & Mining
2.5
Aerospace & Defense
2.5
Building Materials
2.2
Lodging
2.1
Other Investments, less than 2% each
25.6
Collateralized Loan Obligations
1.1
Short-Term Investments
5.9
Total Investments
102.6
Other assets less liabilities
(2.6)
Net Assets
100.0%