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PORTFOLIO OF INVESTMENTS – as of March 31, 2023 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 85.7% of Net Assets
	Non-Convertible Bonds – 84.1%
		ABS Car Loan – 7.3%
$	100,000	American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.400%, 6/15/2026, 144A	$	97,608
	100,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028, 144A		93,017
	60,000	American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.860%, 2/15/2029, 144A		62,100
	230,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024		229,185
	235,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.210%, 12/18/2026		213,114
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		97,273
	600,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		551,211
	190,000	Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class C, 6.950%, 6/20/2029, 144A(a)		189,975
	100,000	CarMax Auto Owner Trust, Series 2021-3, Class D, 1.500%, 1/18/2028		88,994
	100,000	CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028		86,507
	31,987	CPS Auto Receivables Trust, Series 2020-C, Class C, 1.710%, 8/17/2026, 144A		31,928
	370,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		357,890
	250,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class C, 2.280%, 2/15/2030, 144A		236,405
	260,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		241,939
	250,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		230,098
	340,000	Drive Auto Receivables Trust, Series 2021-1, Class D, 1.450%, 1/16/2029		319,766
	690,000	Drive Auto Receivables Trust, Series 2021-2, Class D, 1.390%, 3/15/2029		642,388
	115,000	DT Auto Owner Trust, Series 2021-2A, Class D, 1.500%, 2/16/2027, 144A		106,920
	690,000	DT Auto Owner Trust, Series 2021-3A, Class D, 1.310%, 5/17/2027, 144A		624,250
	204,648	Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.580%, 9/15/2025, 144A		200,794
	150,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		141,332
	495,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		455,974
	105,000	Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.560%, 7/17/2028		100,317
	75,000	Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.320%, 5/15/2028		76,312
	132,616	First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.550%, 4/15/2025, 144A		132,438


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Car Loan – continued
	$ 285,000	First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.620%, 3/15/2027, 144A	$	259,424
	165,000	Flagship Credit Auto Trust, Series 2021-1, Class D, 1.270%, 3/15/2027, 144A		150,976
	175,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		155,509
	210,000	Flagship Credit Auto Trust, Series 2021-3, Class D, 1.650%, 9/15/2027, 144A		186,347
	701,282	Ford Credit Auto Owner Trust, Series 2021-A, Class A3, 0.300%, 8/15/2025		682,108
	270,000	Foursight Capital Automobile Receivables Trust, Series 2021-1, Class D, 1.320%, 3/15/2027, 144A		251,936
	170,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A		155,734
	87,122	GLS Auto Receivables Issuer Trust, Series 2019-2A, Class C, 3.540%, 2/18/2025, 144A		86,688
	81,672	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		81,344
	238,497	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A3, 0.350%, 10/16/2025		232,090
	682,049	GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A3, 0.510%, 4/16/2026		656,670
	548,000	Hertz Vehicle Financing III LLC, Series 2022-1A, Class D, 4.850%, 6/25/2026, 144A		496,958
	305,000	Hertz Vehicle Financing III LLC, Series 2022-3A, Class D, 6.310%, 3/25/2025, 144A		300,135
	250,000	Hertz Vehicle Financing LLC, Series 2022-4A, Class D, 6.560%, 9/25/2026, 144A		238,124
	1,300,000	Honda Auto Receivables Owner Trust, Series 2020-1, Class A4, 1.630%, 10/21/2026		1,288,996
	368,027	Honda Auto Receivables Owner Trust, Series 2021-1, Class A3, 0.270%, 4/21/2025		357,984
	259,499	Honda Auto Receivables Owner Trust, Series 2021-2, Class A3, 0.330%, 8/15/2025		251,354
	73,574	JPMorgan Chase Bank N.A, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A		71,182
	151,192	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		150,386
	93,836	Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.110%, 12/15/2025		93,366
	225,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class D, 2.220%, 9/15/2026		219,779
	315,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class D, 1.130%, 11/16/2026		299,598
	485,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.330%, 9/15/2027		456,270
	56,122	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		55,978
	125,000	Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.650%, 2/17/2026, 144A		118,939
	275,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class D, 1.230%, 12/15/2026, 144A		255,794


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Car Loan – continued
	$ 952,643	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/2026	$	908,321

				14,069,725

		ABS Home Equity – 4.9%
	300,000	BINOM Securitization Trust, Series 2022-RPL1, Class M1, 3.000%, 2/25/2061, 144A(b)		220,870
	314,364	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(b)		299,458
	561,900	COLT Mortgage Loan Trust, Series 2021-6, Class A1, 1.907%, 12/25/2066, 144A(b)		480,441
	100,000	CoreVest American Finance Ltd., Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		83,210
	160,000	CoreVest American Finance Ltd., Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		128,064
	100,000	CoreVest American Finance Ltd., Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		81,265
	203,085	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(b)		193,639
	100,000	Credit Suisse Mortgage Trust, Series 2021-RPL3, Class M2, 3.750%, 1/25/2060, 144A		74,488
	521,473	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(b)		481,255
	235,140	Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000%, 6.560%, 4/25/2042, 144A(c)		235,140
	260,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A		221,162
	205,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A		175,252
	105,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		89,362
	360,000	FirstKey Homes Trust, Series 2022- SFR2, Class D, 4.500%, 7/17/2039, 144A		331,375
	100,000	FRTKL Group, Inc., Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		84,471
	100,000	FRTKL Group, Inc., Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		83,944
	147,802	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(b)		138,984
	86,806	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		68,891
	401,823	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		350,897
	208,173	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A		181,842
	85,376	Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.250%, 11/25/2059, 144A(b)		85,250
	485,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(b)		421,171
	228,185	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(b)		212,960


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Home Equity – continued
	$ 4,490	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 4.287%, 7/25/2035(a)(b)	$	3,814
	144,029	OBX Trust, Series 2021-NQM3, Class A1, 1.054%, 7/25/2061, 144A(b)		109,514
	235,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		204,386
	100,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		87,033
	100,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A		87,193
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		87,101
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		86,839
	120,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		102,315
	150,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		128,826
	100,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		87,098
	165,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		137,610
	100,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		82,817
	100,000	Progress Residential Trust, Series 2021-SFR9, Class E1, 2.811%, 11/17/2040, 144A		82,357
	329,387	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(b)		309,712
	123,589	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(b)		116,606
	97,530	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(b)		92,830
	349,475	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(b)		324,636
	514,825	PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027, 144A(b)		512,495
	390,000	Toorak Mortgage Corp. Ltd., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(b)		367,374
	120,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(b)		115,550
	249,909	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(b)		232,928
	90,282	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(b)		86,143
	296,199	VCAT LLC, Series 2021-NPL5, Class A1, 1.868%, 8/25/2051, 144A(b)		273,355
	107,874	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(b)		98,634
	270,599	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(b)		248,680
	243,545	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(b)		227,908


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Home Equity – continued
	$ 166,724	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(b)	$	156,586
	335,599	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(b)		308,348

				9,482,079

		ABS Other – 2.6%
	100,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		92,140
	221,853	Apollo Aviation Securitization Equity Trust, Series 2021-1A, Class A, 2.950%, 11/16/2041, 144A		199,894
	100,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A		83,030
	430,000	BHG Securitization Trust, Series 2022-A, Class B, 2.700%, 2/20/2035, 144A		384,050
	120,593	Business Jet Securities LLC, Series 2021-1A, Class A, 2.162%, 4/15/2036, 144A		112,755
	350,563	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		297,594
	155,000	Dell Equipment Finance Trust, Series 2020-2, Class D, 1.920%, 3/23/2026, 144A		154,170
	87,809	FREED ABS Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		85,986
	215,000	FREED ABS Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		197,753
	148,025	Hardee’s Funding LLC, Series 2018-1A, Class A2II, 4.959%, 6/20/2048, 144A		140,519
	115,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		110,004
	313,315	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		273,644
	100,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A		93,424
	105,000	Marlette Funding Trust, Series 2021-3A, Class C, 1.810%, 12/15/2031, 144A		95,538
	79,411	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		68,035
	50,612	MVW LLC, Series 2021-1WA, Class C, 1.940%, 1/22/2041, 144A		45,578
	145,000	OneMain Financial Issuance Trust, Series 2018-2A, Class B, 3.890%, 3/14/2033, 144A		139,831
	240,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		189,002
	310,000	OneMain Financial Issuance Trust, Series 2022-S1, Class D, 5.200%, 5/14/2035, 144A		287,161
	100,000	SCF Equipment Leasing LLC, Series 2022-1A, Class D, 3.790%, 11/20/2031, 144A		89,745
	115,000	SCF Equipment Leasing LLC, Series 2022-2A, Class C, 6.500%, 8/20/2032, 144A		114,859
	57,226	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		46,927


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Other – continued
	$ 48,250	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A	$	45,559
	32,109	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		30,381
	33,615	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		30,985
	485,377	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A		419,998
	351,078	Sunnova Helios X Issuer LLC, Series 2022-C, Class A, 5.300%, 11/22/2049, 144A		342,284
	220,833	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		188,926
	355,600	Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.230%, 4/20/2046, 144A		307,946
	241,063	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		203,202
	155,311	WAVE Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		123,296

				4,994,216

		ABS Student Loan – 0.8%
	92,393	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		82,280
	88,092	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A		74,528
	34,968	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		32,082
	182,209	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		159,315
	135,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		97,857
	100,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A		65,404
	195,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		128,009
	121,796	SMB Private Education Loan Trust, Series 2018-C, Class A2A, 3.630%, 11/15/2035, 144A		116,581
	430,729	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		397,759
	155,290	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1 mo. USD LIBOR + 0.730%, 5.414%, 1/15/2053, 144A(c)		149,526
	210,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A		170,669
	100,000	SoFi Professional Loan Program LLC, Series 2017-A, Class C, 4.430%, 3/26/2040, 144A(b)		93,024

				1,567,034

		ABS Whole Business – 1.2%
	355,000	Applebee’s Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.824%, 3/05/2053, 144A(a)		359,146
	237,500	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.030%, 11/20/2047, 144A		221,159


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		ABS Whole Business – continued
	$ 57,900	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A	$	54,613
	161,818	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		153,416
	97,000	Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.668%, 10/25/2049, 144A		86,293
	599,325	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		512,631
	98,250	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		79,314
	191,000	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		185,027
	454,250	Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.294%, 8/25/2051, 144A		379,313
	260,363	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		218,397

				2,249,309

		Aerospace & Defense – 1.2%
	600,000	Boeing Co., 2.196%, 2/04/2026		556,703
	85,000	Boeing Co., 3.100%, 5/01/2026		80,508
	560,000	Boeing Co., 3.625%, 2/01/2031		513,134
	115,000	Boeing Co., 5.150%, 5/01/2030		115,719
	43,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		41,796
	50,000	Textron, Inc., 2.450%, 3/15/2031		42,166
	1,125,000	Textron, Inc., 3.000%, 6/01/2030		1,005,031

				2,355,057

		Airlines – 1.3%
	1,115,404	Air Canada Pass-Through Trust, Series 2020-2A, Class A, 5.250%, 10/01/2030, 144A		1,088,746
	39,066	American Airlines Pass-Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		36,096
	386,750	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		385,505
	164,465	U.S. Airways Pass-Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		166,327
	380,845	U.S. Airways Pass-Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		359,791
	200,116	United Airlines Pass-Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		186,684
	384,812	United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		382,288

				2,605,437


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Apartment REITs – 0.0%
	$ 85,000	American Homes 4 Rent LP, 2.375%, 7/15/2031	$	67,738

		Automotive – 0.8%
	50,000	Aptiv PLC/Aptiv Corp., 3.250%, 3/01/2032		43,546
	14,000	General Motors Co., 5.200%, 4/01/2045		11,793
	45,000	General Motors Co., 5.600%, 10/15/2032		44,059
	250,000	General Motors Co., 6.250%, 10/02/2043		240,297
	315,000	General Motors Financial Co., Inc., 1.050%, 3/08/2024		301,266
	825,000	General Motors Financial Co., Inc., 6.000%, 1/09/2028		844,400

				1,485,361

		Banking – 11.3%
	200,000	Ally Financial, Inc., 2.200%, 11/02/2028		159,258
	245,000	Ally Financial, Inc., 5.750%, 11/20/2025		230,370
	385,000	American Express Co., 5.850%, 11/05/2027		403,930
	45,000	American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033		43,022
	420,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, 4/17/2025, 144A		417,690
	370,000	Bank of America Corp., (fixed rate to 10/24/2030, variable rate thereafter), MTN, 1.922%, 10/24/2031		295,106
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,155,816
	335,000	Bank of America Corp., (fixed rate to 4/29/2030, variable rate thereafter), 2.592%, 4/29/2031		283,699
	45,000	Bank of America Corp., (fixed rate to 7/22/2032, variable rate thereafter), 5.015%, 7/22/2033		44,502
	235,000	Bank of America Corp., (fixed rate to 7/23/2030, variable rate thereafter), MTN, 1.898%, 7/23/2031		188,458
	391,000	Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036		296,936
	536,000	Bank of America Corp., Series L, 4.183%, 11/25/2027		517,966
	950,000	Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027		834,335
	555,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(d)		379,405
	1,245,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		976,524
	1,145,000	BNP Paribas SA, 2.824%, 1/26/2041, 144A		761,058


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Banking – continued
	$ 415,000	BNP Paribas SA, (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028, 144A	$	372,605
	1,040,000	BNP Paribas SA, (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		947,343
	1,060,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		1,006,651
	80,000	Citigroup, Inc., (fixed rate to 6/03/2030, variable rate thereafter), 2.572%, 6/03/2031		67,497
	640,000	Credit Agricole SA, 2.811%, 1/11/2041, 144A		427,165
	250,000	Credit Agricole SA, (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033		226,205
	250,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		296,225
	250,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A		222,551
	405,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		391,390
	395,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		392,468
	500,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		514,940
	265,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		191,730
	400,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		298,316
	50,000	Goldman Sachs Group, Inc., (fixed rate to 2/24/2032, variable rate thereafter), 3.102%, 2/24/2033		42,938
	2,125,000	Goldman Sachs Group, Inc., (fixed rate to 8/23/2027, variable rate thereafter), 4.482%, 8/23/2028		2,078,360
	470,000	HSBC Holdings PLC, (fixed rate to 3/09/2028, variable rate thereafter), 6.161%, 3/09/2029		483,207
	220,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		192,053
	740,000	JPMorgan Chase & Co., (fixed rate to 11/19/2030, variable rate thereafter), 1.764%, 11/19/2031		587,309
	45,000	JPMorgan Chase & Co., (fixed rate to 7/25/2032, variable rate thereafter), 4.912%, 7/25/2033		44,727
	177,000	Morgan Stanley, 3.950%, 4/23/2027		171,118
	45,000	Morgan Stanley, (fixed rate to 1/19/2033, variable rate thereafter), 5.948%, 1/19/2038		44,749
	40,000	Morgan Stanley, (fixed rate to 10/18/2032, variable rate thereafter), 6.342%, 10/18/2033		43,688
	1,205,000	Morgan Stanley, (fixed rate to 2/13/2031, variable rate thereafter), MTN, 1.794%, 2/13/2032		945,997
	533,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		519,172
	867,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		897,943
	655,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		577,504


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Banking – continued
	$ 200,000	NatWest Group PLC, (fixed rate to 9/30/2027, variable rate thereafter), 5.516%, 9/30/2028	$	198,168
	1,685,000	Societe Generale SA, (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		1,319,526
	470,000	Sumitomo Mitsui Financial Group, Inc., 5.464%, 1/13/2026		474,519
	255,000	Synchrony Bank, 5.400%, 8/22/2025		239,106
	330,000	Synchrony Bank, 5.625%, 8/23/2027		303,263
	540,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		444,833

				21,951,341

		Brokerage – 0.4%
	733,000	Jefferies Financial Group, Inc., 6.250%, 1/15/2036		754,142

		Building Materials – 1.2%
	1,045,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		870,604
	310,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		277,589
	211,000	Masco Corp., 6.500%, 8/15/2032		224,089
	104,000	Masco Corp., 7.750%, 8/01/2029		116,400
	778,000	Owens Corning, 7.000%, 12/01/2036		866,009

				2,354,691

		Cable Satellite – 2.1%
	325,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		247,630
	1,285,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		1,034,378
	890,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.700%, 4/01/2051		569,580
	30,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.850%, 4/01/2061		18,705
	1,580,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		1,001,139
	220,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		195,231
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.125%, 7/01/2049		130,608


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Cable Satellite – continued
	$ 200,000	CSC Holdings LLC, 4.125%, 12/01/2030, 144A	$	143,638
	800,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		394,480
	125,000	DISH DBS Corp., 5.125%, 6/01/2029		66,563
	170,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		135,642
	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041		125,286

				4,062,880

		Chemicals – 0.5%
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		169,858
	400,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		300,394
	80,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		80,881
	60,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		60,821
	525,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		412,986

				1,024,940

		Collateralized Mortgage Obligations – 0.1%
	131,185	Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035		135,445

		Construction Machinery – 0.6%
	200,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		196,472
	970,000	Caterpillar Financial Services Corp., MTN, 0.450%, 5/17/2024		925,849

				1,122,321

		Consumer Cyclical Services – 1.0%
	330,000	Expedia Group, Inc., 2.950%, 3/15/2031		275,366
	1,230,000	Expedia Group, Inc., 3.250%, 2/15/2030		1,065,916
	210,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		191,363
	375,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		386,666

				1,919,311

		Consumer Products – 0.1%
	300,000	Natura Cosmeticos SA, 4.125%, 5/03/2028, 144A		244,268


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Electric – 0.4%
	$ 95,000	Edison International, 4.950%, 4/15/2025	$	94,272
	140,000	Pacific Gas & Electric Co., 3.250%, 6/01/2031		118,610
	200,000	Pacific Gas & Electric Co., 4.300%, 3/15/2045		150,461
	45,000	Pacific Gas & Electric Co., 4.550%, 7/01/2030		42,169
	100,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		98,948
	195,000	Southern California Edison Co., 5.300%, 3/01/2028		199,892

				704,352


		Finance Companies – 3.7%
	465,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		405,955
	400,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		331,371
	225,000	Air Lease Corp., 3.125%, 12/01/2030		190,887
	191,000	Air Lease Corp., 4.625%, 10/01/2028		181,232
	125,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		106,927
	395,000	Ares Capital Corp., 2.875%, 6/15/2028		324,813
	565,000	Ares Capital Corp., 3.200%, 11/15/2031		430,803
	350,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		311,242
	170,000	Aviation Capital Group LLC, 6.250%, 4/15/2028, 144A		170,153
	310,000	Barings BDC, Inc., 3.300%, 11/23/2026		274,362
	1,110,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		925,928
	390,000	FS KKR Capital Corp., 3.125%, 10/12/2028		319,137
	155,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		132,441
	440,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		356,769
	490,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		450,083
	110,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		91,188
	375,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		335,625
	330,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		283,321


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Finance Companies – continued
	$ 995,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A	$	824,994
	865,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		686,680

				7,133,911


		Financial Other – 0.2%
	200,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024(e)		41,972
	200,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		92,202
	200,000	Logan Group Co. Ltd., 4.850%, 12/14/2026(f)		46,032
	200,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022(f)		30,062
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(f)		28,409
	200,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026(f)		29,210
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(f)		29,404
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027(f)		30,102
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026(f)		30,044

				357,437


		Food & Beverage – 0.3%
	185,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		157,592
	225,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		185,808
	300,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032		244,140
	5,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031		4,410

				591,950


		Gaming – 0.8%
	425,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A		330,213
	190,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		154,158
	45,000	VICI Properties LP, 5.125%, 5/15/2032		42,396
	365,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		340,551
	295,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		277,494
	265,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		256,206


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Gaming – continued
	$ 215,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A	$	213,120

				1,614,138


		Government Owned—No Guarantee – 0.9%
	955,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		807,443
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		797,473
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		75,452

				1,680,368


		Health Insurance – 0.5%
	20,000	Centene Corp., 2.450%, 7/15/2028		17,400
	865,000	Centene Corp., 2.500%, 3/01/2031		700,477
	155,000	Centene Corp., 2.625%, 8/01/2031		125,598
	110,000	Centene Corp., 3.000%, 10/15/2030		92,629
	45,000	Elevance Health, Inc., 4.100%, 5/15/2032		43,011

				979,115


		Healthcare – 0.9%
	200,000	Alcon Finance Corp., 5.375%, 12/06/2032, 144A		205,908
	10,000	Cigna Group, 7.875%, 5/15/2027		11,198
	55,000	CVS Health Corp., 1.750%, 8/21/2030		44,712
	55,000	HCA, Inc., 2.375%, 7/15/2031		44,384
	195,000	HCA, Inc., 3.500%, 9/01/2030		173,684
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,163,921

				1,643,807


		Home Construction – 0.9%
	195,000	MDC Holdings, Inc., 3.966%, 8/06/2061		117,057
	510,000	MDC Holdings, Inc., 6.000%, 1/15/2043		442,855
	260,000	Meritage Homes Corp., 3.875%, 4/15/2029, 144A		230,872
	981,000	PulteGroup, Inc., 6.000%, 2/15/2035		992,577

				1,783,361


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Hybrid ARMs – 0.0%
	$ 6,838	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.810%, 4.041%, 9/01/2036(c)	$	6,967
	1,651	Federal National Mortgage Association, 6 mo. USD LIBOR + 1.460%, 5.737%, 2/01/2037(c)		1,670

				8,637


		Independent Energy – 3.2%
	1,160,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		1,046,543
	850,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		660,021
	13,000	Continental Resources, Inc., 4.500%, 4/15/2023		12,984
	1,015,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		975,398
	190,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		164,757
	40,000	Diamondback Energy, Inc., 6.250%, 3/15/2033		42,271
	280,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		249,900
	370,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		323,287
	100,000	EQT Corp., 3.125%, 5/15/2026, 144A		92,495
	385,000	EQT Corp., 3.625%, 5/15/2031, 144A		333,723
	430,000	EQT Corp., 3.900%, 10/01/2027		404,166
	165,000	EQT Corp., 5.000%, 1/15/2029		156,449
	125,000	EQT Corp., 5.678%, 10/01/2025		124,625
	85,000	EQT Corp., 5.700%, 4/01/2028		84,908
	95,000	EQT Corp., 6.125%, 2/01/2025		95,565
	100,000	EQT Corp., 7.000%, 2/01/2030		104,668
	45,000	Hess Corp., 4.300%, 4/01/2027		43,926
	40,000	Marathon Oil Corp., 6.800%, 3/15/2032		42,153
	440,000	Ovintiv, Inc., 6.500%, 8/15/2034		444,820
	40,000	Ovintiv, Inc., 7.375%, 11/01/2031		43,092
	65,000	Southwestern Energy Co., 4.750%, 2/01/2032		57,394
	220,000	Var Energi ASA, 7.500%, 1/15/2028, 144A		227,764


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
	$ 385,000	Var Energi ASA, 8.000%, 11/15/2032, 144A	$	409,752

				6,140,661


		Leisure – 0.2%
	80,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		68,086
	250,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		233,108
	110,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		97,117

				398,311


		Life Insurance – 2.7%
	490,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		423,189
	975,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		906,099
	159,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		116,153
	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		1,988,385
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		1,737,107

				5,170,933


		Lodging – 0.2%
	165,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		140,548
	40,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		34,050
	190,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		164,767
	65,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		55,627
	10,000	Travel & Leisure Co., 6.000%, 4/01/2027		9,920
	10,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		10,039

				414,951


		Media Entertainment – 1.8%
	55,000	Electronic Arts, Inc., 1.850%, 2/15/2031		45,367
	55,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		43,450
	25,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		20,438
	110,000	Netflix, Inc., 4.875%, 4/15/2028		109,450
	935,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		930,835


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Media Entertainment – continued
	$ 60,000	Netflix, Inc., 5.375%, 11/15/2029, 144A	$	60,956
	425,000	Netflix, Inc., 5.875%, 11/15/2028		446,611
	645,000	Netflix, Inc., 6.375%, 5/15/2029		690,602
	415,000	Warnermedia Holdings, Inc., 3.755%, 3/15/2027, 144A		390,963
	155,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		144,139
	480,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		428,294
	255,000	Warnermedia Holdings, Inc., 6.412%, 3/15/2026		256,287

				3,567,392


		Metals & Mining – 1.3%
	735,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A		615,178
	40,000	ArcelorMittal SA, 6.800%, 11/29/2032		41,959
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		192,806
	1,300,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		1,088,815
	645,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		542,257
	50,000	Steel Dynamics, Inc., 3.250%, 1/15/2031		44,508
	85,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		70,346

				2,595,869


		Midstream – 1.6%
	75,000	Cheniere Energy Partners LP, 4.500%, 10/01/2029		69,676
	240,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		202,375
	50,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		49,219
	125,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		129,643
	625,000	Enbridge, Inc., 5.700%, 3/08/2033		650,090
	588,000	Energy Transfer LP, 5.000%, 5/15/2044		505,163
	370,000	Energy Transfer LP, 5.750%, 2/15/2033		378,947
	40,000	EnLink Midstream LLC, 6.500%, 9/01/2030, 144A		40,448
	40,000	Enterprise Products Operating LLC, 5.350%, 1/31/2033		41,443


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
	$ 45,000	MPLX LP, 5.000%, 3/01/2033	$	44,036
	43,000	ONEOK Partners LP, 6.200%, 9/15/2043		41,994
	55,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		49,012
	5,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		3,729
	25,000	Targa Resources Corp., 5.200%, 7/01/2027		24,791
	250,000	Targa Resources Corp., 6.125%, 3/15/2033		258,879
	50,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		43,725
	70,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		65,498
	80,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		78,178
	85,000	Western Midstream Operating LP, 4.300%, 2/01/2030		77,375
	195,000	Western Midstream Operating LP, 5.300%, 3/01/2048		165,225
	35,000	Western Midstream Operating LP, 5.450%, 4/01/2044		30,521
	25,000	Western Midstream Operating LP, 5.500%, 8/15/2048		21,529
	120,000	Western Midstream Operating LP, 5.500%, 2/01/2050		101,820
	40,000	Western Midstream Operating LP, 6.150%, 4/01/2033		40,542
	45,000	Williams Cos., Inc., 4.650%, 8/15/2032		43,374

				3,157,232


		Non-Agency Commercial Mortgage-Backed Securities – 2.1%
	95,000	BPR Trust, Series 2021-NRD, Class B, 1 mo. USD SOFR + 2.124%, 6.784%, 12/15/2038, 144A(c)		87,654
	105,000	BPR Trust, Series 2021-NRD, Class C, 1 mo. USD SOFR + 2.424%, 7.084%, 12/15/2038, 144A(c)		96,452
	65,000	BPR Trust, Series 2021-NRD, Class D, 1 mo. USD SOFR + 3.723%, 8.383%, 12/15/2038, 144A(c)		59,355
	290,000	BPR Trust, Series 2022-STAR, Class A, 1 mo. USD SOFR + 3.232%, 8.059%, 8/15/2024, 144A(c)		289,239
	111,373	Commercial Mortgage Pass-Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		99,957
	100,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		86,261
	136,667	Extended Stay America Trust, Series 2021-ESH, Class C, 1 mo. USD LIBOR + 1.700%, 6.385%, 7/15/2038, 144A(c)		132,354
	97,619	Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250%, 6.935%, 7/15/2038, 144A(c)		92,967


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
	$ 115,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)	$	96,048
	125,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.550%, 3/05/2033, 144A(b)		108,128
	125,000	GS Mortgage Securities Trust, Series 2014-GC18, Class AS, 4.383%, 1/10/2047		120,699
	185,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(b)		153,130
	105,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A5, 3.598%, 11/15/2048		99,217
	420,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 3.784%, 12/15/2047, 144A(b)		396,799
	99,704	MedTrust, Series 2021-MDLN, Class B, 1 mo. USD LIBOR + 1.450%, 6.135%, 11/15/2038, 144A(c)		95,315
	199,408	MedTrust, Series 2021-MDLN, Class C, 1 mo. USD LIBOR + 1.800%, 6.485%, 11/15/2038, 144A(c)		190,136
	99,704	MedTrust, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000%, 6.685%, 11/15/2038, 144A(c)		94,882
	55,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class C, 4.938%, 10/15/2046(b)		52,104
	495,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class C, 4.093%, 9/15/2049(b)		418,981
	96,982	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		77,203
	38,238	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		34,992
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.364%, 7/15/2046(b)		82,083
	155,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class AS, 4.020%, 8/15/2050		148,964
	72,926	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.379%, 3/15/2044, 144A(b)		23,519
	145,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.511%, 8/15/2046(b)		128,355
	175,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		139,139
	655,000	WFRBS Commercial Mortgage Trust, Series 2014-C24, Class B, 4.204%, 11/15/2047(b)		602,817

				4,006,750


		Office REITs – 0.0%
	85,000	Corporate Office Properties LP, 2.750%, 4/15/2031		62,975


		Paper – 0.5%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		617,572
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047		161,639
	104,000	WestRock MWV LLC, 8.200%, 1/15/2030		121,335

				900,546


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Pharmaceuticals – 1.4%
	$ 40,000	Amgen, Inc., 5.250%, 3/02/2033	$	41,096
	1,420,000	Astrazeneca Finance LLC, 4.875%, 3/03/2028		1,460,894
	100,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		59,000
	150,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		136,205
	425,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		283,175
	240,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		224,023
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		181,142
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/2029		209,250
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 9/15/2031		209,940

				2,804,725


		Property & Casualty Insurance – 0.2%
	555,000	Stewart Information Services Corp., 3.600%, 11/15/2031		436,371


		Restaurants – 0.0%
	50,000	Starbucks Corp., 3.000%, 2/14/2032		44,332


		Retail REITs – 0.0%
	70,000	Brixmor Operating Partnership LP, 2.250%, 4/01/2028		60,022


		Retailers – 1.7%
	2,680,000	Amazon.com, Inc., 0.450%, 5/12/2024		2,568,559
	50,000	AutoNation, Inc., 3.850%, 3/01/2032		42,581
	650,000	AutoZone, Inc., 4.000%, 4/15/2030		617,440
	50,000	Dollar Tree, Inc., 2.650%, 12/01/2031		41,889
	125,000	Tapestry, Inc., 3.050%, 3/15/2032		101,547

				3,372,016


		Technology – 6.6%
	50,000	Arrow Electronics, Inc., 2.950%, 2/15/2032		41,680
	380,000	Arrow Electronics, Inc., 6.125%, 3/01/2026		380,874
	950,000	Avnet, Inc., 6.250%, 3/15/2028		966,985


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Technology – continued
	$ 280,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A	$	215,337
	240,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		181,876
	380,000	Broadcom, Inc., 4.150%, 11/15/2030		352,416
	85,000	Broadcom, Inc., 4.300%, 11/15/2032		78,314
	105,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		94,449
	125,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		109,936
	940,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		808,522
	60,000	CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028		55,914
	155,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		113,331
	250,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		208,380
	45,000	Dell International LLC/EMC Corp., 5.750%, 2/01/2033		45,277
	715,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		675,963
	430,000	Equinix, Inc., 2.000%, 5/15/2028		367,746
	1,175,000	Equinix, Inc., 2.150%, 7/15/2030		960,744
	170,000	Flex Ltd., 6.000%, 1/15/2028		174,184
	185,000	Global Payments, Inc., 2.900%, 5/15/2030		156,654
	205,000	Global Payments, Inc., 2.900%, 11/15/2031		167,882
	130,000	Global Payments, Inc., 5.300%, 8/15/2029		128,376
	280,000	Global Payments, Inc., 5.400%, 8/15/2032		274,533
	130,000	Jabil, Inc., 1.700%, 4/15/2026		116,719
	375,000	Jabil, Inc., 3.600%, 1/15/2030		338,597
	330,000	Jabil, Inc., 3.950%, 1/12/2028		310,582
	375,000	Leidos, Inc., 5.750%, 3/15/2033		383,265
	295,000	Marvell Technology, Inc., 2.450%, 4/15/2028		258,359
	250,000	Marvell Technology, Inc., 2.950%, 4/15/2031		208,763
	295,000	Microchip Technology, Inc., 0.983%, 9/01/2024		278,466


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Technology – continued
	$ 55,000	Micron Technology, Inc., 2.703%, 4/15/2032	$	44,034
	120,000	Micron Technology, Inc., 4.663%, 2/15/2030		115,212
	155,000	Micron Technology, Inc., 5.327%, 2/06/2029		155,929
	425,000	Micron Technology, Inc., 5.875%, 2/09/2033		429,697
	580,000	Micron Technology, Inc., 6.750%, 11/01/2029		616,146
	40,000	Motorola Solutions, Inc., 5.600%, 6/01/2032		40,233
	55,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.650%, 2/15/2032		45,097
	75,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		74,094
	165,000	Open Text Corp., 6.900%, 12/01/2027, 144A		170,214
	50,000	Oracle Corp., 2.950%, 4/01/2030		44,148
	600,000	Oracle Corp., 3.950%, 3/25/2051		451,487
	275,000	Oracle Corp., 6.150%, 11/09/2029		292,910
	200,000	SK Hynix, Inc., 6.375%, 1/17/2028, 144A		201,147
	545,000	TD SYNNEX Corp., 1.750%, 8/09/2026		477,455
	450,000	Trimble, Inc., 6.100%, 3/15/2033		454,273
	310,000	Verisk Analytics, Inc., 5.750%, 4/01/2033		325,425
	140,000	Western Digital Corp., 2.850%, 2/01/2029		113,742
	310,000	Western Digital Corp., 4.750%, 2/15/2026		297,431

				12,802,798


		Transportation Services – 0.3%
	562,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		636,003


		Treasuries – 12.0%
	2,485,000	U.S. Treasury Bonds, 2.250%, 2/15/2052		1,853,072
	7,125,000	U.S. Treasury Bonds, 3.250%, 5/15/2042		6,573,091
	15,220,000	U.S. Treasury Notes, 1.500%, 2/29/2024(g)		14,793,721

				23,219,884


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Wireless – 2.2%
	$ 870,000	American Tower Corp., 5.500%, 3/15/2028	$	886,993
	1,415,000	Crown Castle, Inc., 2.250%, 1/15/2031		1,172,718
	50,000	Crown Castle, Inc., 2.500%, 7/15/2031		42,024
	100,000	T-Mobile USA, Inc., 2.400%, 3/15/2029		87,121
	230,000	T-Mobile USA, Inc., 2.700%, 3/15/2032		193,741
	620,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		565,246
	305,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		274,247
	1,120,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		1,050,911

				4,273,001

		Wirelines – 0.1%
	55,000	AT&T, Inc., 2.250%, 2/01/2032		44,964
	55,000	Verizon Communications, Inc., 2.355%, 3/15/2032		45,122

				90,086

		Total Non-Convertible Bonds (Identified Cost $179,563,457)		163,097,229

	Convertible Bonds – 1.2%
		Airlines – 0.1%
	210,000	Southwest Airlines Co., 1.250%, 5/01/2025		238,560

		Cable Satellite – 0.3%
	965,000	DISH Network Corp., 3.375%, 8/15/2026		496,975
	180,000	DISH Network Corp., Zero Coupon, 6.944%-9.514%, 12/15/2025(h)		95,139

				592,114

		Consumer Cyclical Services – 0.1%
	45,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-0.798%, 2/15/2026(h)		34,011
	245,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(h)		215,198

				249,209

		Electric – 0.0%
	65,000	PPL Capital Funding, Inc., 2.875%, 3/15/2028, 144A		65,240


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Healthcare – 0.3%
$	600,000	Teladoc Health, Inc., 1.250%, 6/01/2027	$	462,776

		Pharmaceuticals – 0.4%
	150,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		153,897
	465,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		484,998
	130,000	Livongo Health, Inc., 0.875%, 6/01/2025		115,511

				754,406

		Total Convertible Bonds (Identified Cost $3,178,564)		2,362,305

	Municipals – 0.4%
		Virginia – 0.4%
	825,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $816,987)		764,660

		Total Bonds and Notes (Identified Cost $183,559,008)		166,224,194

	Senior Loans – 0.1%
		Leisure – 0.1%
	55,000	Carnival Corp., 2021 Incremental Term Loan B, 10/18/2028(i)		53,642
	19,949	Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.250%, 8.090%, 10/18/2028(c)(j)		19,457
	94,756	Carnival Corp., USD Term Loan B, 1 mo. USD LIBOR + 3.000%, 7.840%, 6/30/2025(c)(j)		93,311

				166,410

		Total Senior Loans (Identified Cost $167,365)		166,410

	Collateralized Loan Obligations – 3.8%
	395,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3 mo. USD LIBOR + 2.900%, 7.715%, 4/23/2034, 144A(c)		351,725
	250,000	AGL CLO 5 Ltd., Series 2020-5A, Class BR, 3 mo. USD LIBOR + 1.700%, 6.508%, 7/20/2034, 144A(c)		242,426
	600,000	Alinea CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.650%, 6.458%, 7/20/2031, 144A(c)		584,063
	250,000	Battalion CLO VIII Ltd., Series 2015-8A, Class A2R2, 3 mo. USD LIBOR + 1.550%, 6.345%, 7/18/2030, 144A(c)		241,205
	250,000	Canyon CLO Ltd., Series 2021-4A, Class B, 3 mo. USD LIBOR + 1.700%, 6.492%, 10/15/2034, 144A(c)		239,445
	270,000	Carlyle U.S. CLO Ltd., Series 2021-9A, Class B, 3 mo. USD LIBOR + 1.650%, 6.458%, 10/20/2034, 144A(c)		261,030
	250,000	CIFC Funding Ltd., Series 2021-6A, Class B, 3 mo. USD LIBOR + 1.650%, 6.442%, 10/15/2034, 144A(c)		242,577
	455,000	Dryden 53 CLO Ltd., Series 2017-53A, Class B, 3 mo. USD LIBOR + 1.400%, 6.192%, 1/15/2031, 144A(c)		439,683


Principal Amount		Description	Value (†)
	Collateralized Loan Obligations – continued
	$ 275,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3 mo. USD LIBOR + 2.850%, 7.658%, 1/20/2034, 144A(c)	$	259,833
	250,000	Galaxy XXV CLO Ltd., Series 2018-25A, Class B, 3 mo. USD LIBOR + 1.650%, 6.468%, 10/25/2031, 144A(c)		241,165
	250,000	Galaxy XXVI CLO Ltd., Series 2018-26A, Class B, 3 mo. USD LIBOR + 1.700%, 6.609%, 11/22/2031, 144A(c)		241,692
	255,000	Invesco CLO Ltd., Series 2021-1A, Class D,, 3 mo. USD LIBOR + 3.050% 7.842%, 4/15/2034, 144A(c)		236,013
	308,956	Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, 3 mo. USD LIBOR + 0.970%, 5.788%, 4/25/2029, 144A(c)		305,665
	250,000	Magnetite XIV-R Ltd., Series 2015-14RA, Class B, 3 mo. USD LIBOR + 1.600%, 6.395%, 10/18/2031, 144A(c)		244,773
	250,000	Magnetite XV Ltd., Series 2015-15A, Class AR, 3 mo. USD SOFR + 1.272%, 5.931%, 7/25/2031, 144A(c)		247,105
	530,000	Morgan Stanley Eaton Vance CLO Ltd., Series 2022-16A, Class B, 3 mo. USD SOFR + 1.950%, 6.608%, 4/15/2035, 144A(c)		504,791
	250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650%, 6.442%, 7/15/2034, 144A(c)		242,228
	300,000	Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A2, 3 mo. USD LIBOR + 1.470%, 6.262%, 4/16/2031, 144A(c)		289,055
	304,996	Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, 3 mo. USD LIBOR + 0.970%, 5.768%, 7/19/2030, 144A(c)		302,239
	250,000	OHA Credit Partners XVI, Series 2021-16A, Class A, 3 mo. USD LIBOR + 1.150%, 5.945%, 10/18/2034, 144A(c)		244,490
	250,000	Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, 3 mo. USD LIBOR + 1.500%, 6.292%, 10/17/2031, 144A(c)		242,454
	128,749	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A1, 3 mo. USD LIBOR + 0.800%, 5.608%, 7/20/2029, 144A(c)		127,258
	250,000	Rad CLO 15 Ltd., Series 2021-15A, Class B, 3 mo. USD LIBOR + 1.650%, 6.458%, 1/20/2034, 144A(c)		240,966
	360,000	Recette CLO Ltd., Series 2015-1A, Class BRR, 3 mo. USD LIBOR + 1.400%, 6.208%, 4/20/2034, 144A(c)		342,426
	310,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3 mo. USD LIBOR + 2.900%, 7.708%, 4/20/2034, 144A(c)		292,580
	255,000	Voya CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.650%, 6.442%, 10/15/2031, 144A(c)		244,292

		Total Collateralized Loan Obligations (Identified Cost $7,717,741)		7,451,179


Shares
	Common Stocks – 0.3%
		Oil, Gas & Consumable Fuels – 0.2%
	1,633	Canadian Natural Resources Ltd.		90,387
	1,569	Devon Energy Corp.		79,407
	1,032	Diamondback Energy, Inc.		139,495
	762	EOG Resources, Inc.		87,348
	216	Pioneer Natural Resources Co.		44,116

				440,753

		Wireless Telecommunication Services – 0.1%
	1,641	T-Mobile U.S., Inc.(e)		237,682

		Total Common Stocks (Identified Cost $690,540)		678,435


Shares		Description	Value (†)
	Preferred Stocks – 1.3%
	Convertible Preferred Stocks – 1.3%
		Banking – 0.9%
	1,095	Bank of America Corp., Series L, 7.250%	$	1,278,697
	317	Wells Fargo & Co., Class A, Series L, 7.500%		372,871

				1,651,568

		Midstream – 0.3%
	12,375	El Paso Energy Capital Trust I, 4.750%		568,879

		Wireless – 0.1%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		290,688

		Total Convertible Preferred Stocks (Identified Cost $2,382,327)		2,511,135

		Total Preferred Stocks (Identified Cost $2,382,327)		2,511,135


Principal Amount
	Short-Term Investments – 8.8%
	$1,941,902	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $1,942,242 on 4/03/2023 collateralized by $2,031,800 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $1,980,767 including accrued interest(k)		1,941,902
	1,925,000	U.S. Treasury Bills, 4.462%, 4/04/2023(l)		1,924,755
	5,645,000	U.S. Treasury Bills, 4.563%, 4/13/2023(l)		5,637,758
	5,715,000	U.S. Treasury Bills, 4.692%-4.695%, 7/13/2023(l)(m)		5,639,998
	1,920,000	U.S. Treasury Bills, 4.713%, 5/25/2023(l)		1,907,201

		Total Short-Term Investments (Identified Cost $17,047,288)		17,051,614

		Total Investments – 100.0% (Identified Cost $211,564,269)		194,082,967
		Other assets less liabilities – (0.0)%		(95,148	)

		Net Assets – 100.0%	$	193,987,819

(†)

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. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are 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. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service.

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 are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)	Level 3 security. Value has been determined using significant unobservable inputs.

(b)

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 March 31, 2023 is disclosed.

(c)	Variable rate security. Rate as of March 31, 2023 is disclosed.

(d)	Perpetual bond with no specified maturity date.

(e)	Non-income producing security.

(f)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

(g)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

(h)	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.

(i)	Position is unsettled. Contract rate was not determined at March 31, 2023 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(j)	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.

(k)

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, 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.

(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.

(m)	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.

144A

All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $69,455,760 or 35.8% of net assets.

ABS	Asset-Backed Securities

ARMs	Adjustable Rate Mortgages

GMTN	Global Medium Term Note

LIBOR

London Interbank Offered Rate

MTN	Medium Term Note

REITs

Real Estate Investment Trusts

SOFR	Secured Overnight Financing Rate

Futures Contracts

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

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

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

At March 31, 2023, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/21/2023		267	$	29,829,438	$	30,684,141	$	854,703
2 Year U.S. Treasury Note		6/30/2023		50		10,315,572		10,322,656		7,084
30 Year U.S. Treasury Bond		6/21/2023		86		11,140,278		11,279,437		139,159
5 Year U.S. Treasury Note		6/30/2023		23		2,515,249		2,518,680		3,431
Ultra Long U.S. Treasury Bond		6/21/2023		96		13,080,382		13,548,000		467,618

Total									$	1,471,995

At March 31, 2023, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2023	158$		18,774,816	$	19,140,219	$	(365,403	)

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical assets or liabilities;

•

Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

•

Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The 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, 2023, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	13,879,750	$	189,975	(a)	$	14,069,725
ABS Home Equity		—		9,478,265		3,814			9,482,079
ABS Whole Business		—		1,890,163		359,146			2,249,309
All Other Non-Convertible Bonds*		—		137,296,116		—			137,296,116

Total Non-Convertible Bonds		—		162,544,294		552,935			163,097,229

Convertible Bonds*		—		2,362,305		—			2,362,305
Municipals*		—		764,660		—			764,660

Total Bonds and Notes		—		165,671,259		552,935			166,224,194

Senior Loans*		—		166,410		—			166,410
Collateralized Loan Obligations		—		7,451,179		—			7,451,179
Common Stocks*		678,435		—		—			678,435
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		290,688		—			290,688
All Other Convertible Preferred Stocks*		2,220,447		—		—			2,220,447

Total Convertible Preferred Stocks		2,220,447		290,688		—			2,511,135

Total Preferred Stocks		2,220,447		290,688		—			2,511,135

Short-Term Investments		—		17,051,614		—			17,051,614

Total Investments	$	2,898,882	$	190,631,150	$	552,935		$	194,082,967

Futures Contracts (unrealized appreciation)		1,471,995		—		—			1,471,995

Total	$	4,370,877	$	190,631,150	$	552,935		$	195,554,962

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(365,403	)	$	—	$	—	$	(365,403	)

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

(a)	Valued using broker-dealer bid prices.

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 March 31, 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 March 31, 2023		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2023
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—	$	—		$	189,975	$	—	$	—	$	—	$	189,975	$	—
ABS Home Equity		3,824		—		—		(10	)		—		—		—		—		3,814		(10	)
ABS Whole Business		—		—		—		4,146			355,000		—		—		—		359,146		4,146

Total	$	3,824	$	—	$	—	$	4,136		$	544,975	$	—	$	—	$	—	$	552,935	$	4,136

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used at period end include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The fund may also use futures contracts to gain investment exposure. As of March 31, 2023, the Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for the Fund, as of March 31, 2023:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	1,471,995

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(365,403	)

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

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund.

Industry Summary at March 31, 2023 (Unaudited)


Banking	12.2	%
Treasuries	12.0
ABS Car Loan	7.3
Technology	6.6
ABS Home Equity	4.9
Finance Companies	3.7
Independent Energy	3.2
Life Insurance	2.7
ABS Other	2.6
Cable Satellite	2.4
Wireless	2.3
Non-Agency Commercial Mortgage-Backed Securities	2.1
Other Investments, less than 2% each	25.4
Short-Term Investments	8.8
Collateralized Loan Obligations	3.8

Total Investments	100.0
Other assets less liabilities (including futures contracts)	(0.0	)*

Net Assets	100.0	%

*	Less than 0.1%