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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (16.5%)

		*Airlines (0.4%)*

	2,167,161	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24		$ 2,196,397

	306,666	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		311,241

	1,345,128	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		1,492,379

	999,007	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		1,117,049

		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*

	884,000	5.500%, 04/20/26		925,875

	295,000	5.750%, 04/20/29		319,270

	1,370,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		1,391,605

	1,074,840	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,272,116

	435,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		490,745

	361,757	UAL 2007-1 Pass Through Trust 6.636%, 01/02/24		374,607

	1,107,157	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		1,134,095

	661,986	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		656,273


				11,681,652


		*Communication Services (2.0%)*

	1,795,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,842,855

	1,205,000	Ashtead Capital, Inc.* 4.000%, 05/01/28		1,274,107

	884,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		898,064

	910,000	Brink’s Company* 5.500%, 07/15/25		959,322

	2,135,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		2,245,785

	1,015,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,097,286

		CSC Holdings, LLC*

	4,240,000	5.500%, 04/15/27		4,439,704

	2,600,000	5.750%, 01/15/30		2,715,076

	1,800,000	5.375%, 02/01/28		1,905,912

	1,800,000	4.625%, 12/01/30		1,774,746

	540,000	4.500%, 11/15/31		545,211

	1,245,000	Cumulus Media New Holdings, Inc.* 6.750%, 07/01/26		1,311,993


PRINCIPAL AMOUNT			VALUE

		Diamond Sports Group, LLC / Diamond Sports Finance Company*

	825,000	6.625%, 08/15/27	$	331,691

	656,000	5.375%, 08/15/26		381,661

	150,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		155,221

	3,976,000	Embarq Corp. 7.995%, 06/01/36		4,460,476

		Entercom Media Corp.*^

	589,000	6.750%, 03/31/29		601,693

	523,000	6.500%, 05/01/27		539,271

	702,000	Frontier Florida, LLC& 6.860%, 02/01/28		769,904

	1,785,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,943,080

		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*

	1,030,000	3.500%, 03/01/29		1,031,978

	301,000	5.250%, 12/01/27		316,387

	345,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		386,572

		Intelsat Jackson Holdings, SA@

	900,000	9.750%, 07/15/25*		509,283

	585,000	5.500%, 08/01/23		322,885

	1,850,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,978,723

	645,421	Ligado Networks, LLC* 15.500%, 11/01/23		639,264

	1,400,000	Lumen Technologies, Inc.* 4.000%, 02/15/27		1,441,342

		Netflix, Inc.

	910,000	4.875%, 06/15/30*		1,098,106

	610,000	4.875%, 04/15/28		713,755

		Scripps Escrow II, Inc.*

	591,000	3.875%, 01/15/29		591,833

	295,000	5.375%, 01/15/31		295,230

	1,595,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		1,652,436

	591,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.* 4.625%, 11/01/26		616,295

		Sirius XM Radio, Inc.*

	1,500,000	5.500%, 07/01/29^		1,645,335

	1,500,000	4.625%, 07/15/24		1,541,235

	885,000	4.000%, 07/15/28		913,320

	885,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		903,178

	2,150,000	Sprint Capital Corp. 6.875%, 11/15/28		2,776,037

	3,045,000	Sprint Corp. 7.125%, 06/15/24		3,506,683

	880,000	Telecom Italia Capital, SA 6.000%, 09/30/34		1,012,220

	1,660,000	United States Cellular Corp. 6.700%, 12/15/33		2,067,945

	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 USD 5 year swap rate + 4.87%		154,861


PRINCIPAL AMOUNT			VALUE

	464,000	Windstream Services, LLC / Windstream Finance Corp.@& 7.750%, 10/01/21		$ 4,988


				56,312,949


		*Consumer Discretionary (2.5%)*

	1,243,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		1,347,288

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	856,000	6.625%, 01/15/28		914,020

	745,000	4.625%, 08/01/29		747,608

	352,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		367,118

	1,500,000	Bally’s Corp.* 6.750%, 06/01/27		1,622,805

		Caesars Entertainment, Inc.*

	605,000	8.125%, 07/01/27		666,637

	605,000	6.250%, 07/01/25		639,419

	1,740,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		1,754,686

		Carnival Corp.*

	582,000	10.500%, 02/01/26^		667,292

	295,000	7.625%, 03/01/26		313,163

	1,385,000	Carriage Services, Inc.* 4.250%, 05/15/29		1,386,163

	900,000	Carvana Company* 5.625%, 10/01/25		935,487

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	3,900,000	5.125%, 05/01/27		4,085,055

	1,300,000	4.750%, 03/01/30		1,379,755

	702,000	5.750%, 02/15/26		726,163

	620,000	5.000%, 02/01/28		650,696

	598,000	4.250%, 02/01/31		617,112

	900,000	Cedar Fair, LP^ 5.250%, 07/15/29		916,902

		Century Communities, Inc.

	1,500,000	6.750%, 06/01/27		1,604,865

	1,330,000	5.875%, 07/15/25		1,375,060

		DISH DBS Corp.

	926,000	7.750%, 07/01/26		1,058,603

	739,000	7.375%, 07/01/28^		800,477

	893,000	Everi Holdings, Inc.* 5.000%, 07/15/29		914,102

	735,000	Ford Motor Company 8.500%, 04/21/23		817,188

		Ford Motor Credit Company, LLC

	1,885,000	4.000%, 11/13/30		1,996,856

	1,600,000	4.063%, 11/01/24		1,699,440

	1,400,000	4.134%, 08/04/25		1,500,408

	1,400,000	3.664%, 09/08/24		1,469,006

	600,000	4.389%, 01/08/26		651,342

		General Motors Financial Company, Inc.‡

	140,000	5.700%, 09/30/30 5 year CMT + 5.00%		159,961

	125,000	6.500%, 09/30/28^ 3 mo. USD LIBOR + 3.44%		141,586

		goeasy, Ltd.*

	2,050,000	5.375%, 12/01/24		2,128,515

	1,111,000	4.375%, 05/01/26		1,146,152


PRINCIPAL AMOUNT			VALUE

	596,000	Goodyear Tire & Rubber Company* 5.000%, 07/15/29		$ 628,482

	591,000	Guitar Center, Inc.*& 8.500%, 01/15/26		631,874

		International Game Technology, PLC*

	1,500,000	6.250%, 01/15/27		1,706,115

	400,000	4.125%, 04/15/26		417,044

	374,000	5.250%, 01/15/29		399,529

		L Brands, Inc.

	1,577,000	6.694%, 01/15/27		1,873,886

	878,000	6.875%, 11/01/35		1,130,390

	600,000	Liberty Interactive, LLC 8.500%, 07/15/29		688,986

	884,000	Life Time, Inc.*^ 8.000%, 04/15/26		926,697

		M/I Homes, Inc.

	1,295,000	5.625%, 08/01/25		1,333,630

	855,000	4.950%, 02/01/28		902,102

		Macy’s Retail Holdings, LLC

	600,000	6.700%, 07/15/34*		638,502

	275,000	5.125%, 01/15/42		251,881

	605,000	Macy’s, Inc.* 8.375%, 06/15/25		660,085

		Mattel, Inc.*

	1,505,000	5.875%, 12/15/27		1,648,336

	147,000	3.750%, 04/01/29^		155,173

		Mclaren Finance, PLC*

	1,365,000	5.750%, 08/01/22		1,365,000

	1,175,000	7.500%, 08/01/26		1,194,952

	1,370,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,382,604

	884,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		920,783

	1,122,000	Newell Brands, Inc. 4.700%, 04/01/26		1,251,479

	596,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		587,751

	2,933,000	Rite Aid Corp.* 8.000%, 11/15/26		2,947,753

		Royal Caribbean Cruises, Ltd.*

	600,000	11.500%, 06/01/25		687,456

	300,000	10.875%, 06/01/23		340,998

	1,370,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*^ 4.625%, 03/01/29		1,387,248

	1,500,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		1,534,725

	901,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		1,020,103

	290,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		336,606

	1,355,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,383,252

	1,200,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,192,116

	298,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		308,403


				69,034,871


PRINCIPAL AMOUNT			VALUE

		*Consumer Staples (0.8%)*

	1,358,000	Central Garden & Pet Company* 4.125%, 04/30/31		$ 1,389,315

		Edgewell Personal Care Company*

	884,000	4.125%, 04/01/29		890,268

	588,000	5.500%, 06/01/28		623,168

	1,341,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		1,348,831

	780,000	Fresh Market, Inc.* 9.750%, 05/01/23		804,086

	1,475,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 6.750%, 02/15/28		1,623,120

	480,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 6.500%, 04/15/29		541,224

		Kraft Heinz Foods Company

	1,820,000	4.375%, 06/01/46		2,096,240

	296,000	4.250%, 03/01/31		341,276

	296,000	3.875%, 05/15/27		327,912

	125,000	Land O’ Lakes, Inc.* 7.000%, 09/18/28		130,248

	751,000	New Albertsons, LP 7.750%, 06/15/26		862,786

	1,192,000	Performance Food Group, Inc.* 4.250%, 08/01/29		1,213,086

	1,720,000	Pilgrim’s Pride Corp.*^ 5.875%, 09/30/27		1,841,501

		Post Holdings, Inc.*

	1,430,000	5.750%, 03/01/27		1,491,490

	860,000	4.625%, 04/15/30		876,976

	1,124,000	Prestige Brands, Inc.* 3.750%, 04/01/31		1,115,941

	1,300,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		1,405,742

		Vector Group, Ltd.*

	1,850,000	5.750%, 02/01/29		1,885,261

	718,000	10.500%, 11/01/26		764,067


				21,572,538


		*Energy (1.5%)*

		Antero Resources Corp.*

	448,000	7.625%, 02/01/29		491,098

	298,000	5.375%, 03/01/30		303,465

		Apache Corp.

	1,187,000	5.100%, 09/01/40		1,274,411

	667,000	4.875%, 11/15/27		718,399

	593,000	4.625%, 11/15/25		638,115

	50,237	Bonanza Creek Energy, Inc. 7.500%, 04/30/26		50,679

		Buckeye Partners, LP

	900,000	3.950%, 12/01/26^		915,003

	600,000	5.850%, 11/15/43		610,788

	733,000	ChampionX Corp. 6.375%, 05/01/26		767,818

		Cheniere Energy Partners, LP

	1,200,000	5.625%, 10/01/26		1,241,112

	300,000	4.000%, 03/01/31*^		317,616

	591,000	Cheniere Energy, Inc. 4.625%, 10/15/28		624,557

		Continental Resources, Inc.^

	1,175,000	3.800%, 06/01/24		1,233,832

	875,000	4.375%, 01/15/28		978,049


PRINCIPAL AMOUNT			VALUE

	1,950,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		$ 1,835,204

	11,988	Diamond Foreign Asset Company / Diamond Finance, LLC 13.000%, 04/22/27		12,025

	626,000	DT Midstream, Inc.* 4.125%, 06/15/29		642,526

	200,000	Enbridge, Inc.‡ 5.750%, 07/15/80 5 year CMT + 5.31%		225,458

		Energy Transfer, LP‡

	1,735,000	3.143%, 11/01/66 3 mo. USD LIBOR + 3.02%		1,431,861

	1,015,000	6.500%, 11/15/26 5 year CMT + 5.69%		1,039,604

		EnLink Midstream Partners, LP

	1,775,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		1,374,968

	1,285,000	4.850%, 07/15/26		1,345,074

		EQT Corp.

	630,000	7.500%, 02/01/30		828,318

	500,000	6.625%, 02/01/25		578,365

	300,000	5.000%, 01/15/29		339,360

	1,173,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		1,159,440

		Gulfport Energy Operating Corp.

	1,000,000	6.375%, 05/15/25@		42,500

	292,608	8.000%, 05/17/26		313,450

		Laredo Petroleum, Inc.

	985,000	10.125%, 01/15/28		1,043,992

	300,000	7.750%, 07/31/29*		290,556

	1,310,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		1,343,287

		Moss Creek Resources Holdings, Inc.*

	600,000	10.500%, 05/15/27		576,702

	540,000	7.500%, 01/15/26		489,116

	135,000	MPLX, LP‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		137,547

	589,000	Murphy Oil Corp. 6.375%, 07/15/28		623,898

		New Fortress Energy, Inc.*

	591,000	6.750%, 09/15/25		603,659

	589,000	6.500%, 09/30/26		596,003

	540,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		325,166

	296,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		309,734

		Occidental Petroleum Corp.

	3,641,000	4.300%, 08/15/39		3,614,785

	2,675,000	2.900%, 08/15/24		2,696,989

	580,000	5.875%, 09/01/25^		643,493

	285,000	Ovintiv, Inc. 6.500%, 08/15/34		380,743

	562,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		558,431

	900,000	Parkland Corp. / Canada*~ 5.875%, 07/15/27		960,696


PRINCIPAL AMOUNT			VALUE

	1,390,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		$ 1,246,510

	446,000	Range Resources Corp.* 8.250%, 01/15/29		494,382

	639,000	Transocean, Inc.* 11.500%, 01/30/27		636,604

		Venture Global Calcasieu Pass, LLC*

	300,000	4.125%, 08/15/31		309,480

	300,000	3.875%, 08/15/29		306,690

	592,000	Vine Energy Holdings, LLC* 6.750%, 04/15/29		618,776

	600,000	Viper Energy Partners, LP* 5.375%, 11/01/27		629,562

	770,000	W&T Offshore, Inc.* 9.750%, 11/01/23		741,602

	552,000	Weatherford International, Ltd.* 11.000%, 12/01/24		571,933


				42,083,431


		*Financials (3.6%)*

		Acrisure, LLC / Acrisure Finance, Inc.*

	3,028,000	7.000%, 11/15/25^		3,081,384

	1,783,000	6.000%, 08/01/29		1,784,337

	889,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		952,457

	1,297,000	AG Issuer, LLC* 6.250%, 03/01/28		1,364,068

	2,500,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*^ 6.750%, 10/15/27		2,614,650

		Ally Financial, Inc.

	1,392,000	4.700%, 05/15/26^‡ 5 year CMT + 3.87%		1,462,964

	964,000	8.000%, 11/01/31		1,405,435

	780,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		812,549

	258,000	American Express Company‡ 3.550%, 09/15/26 5 year CMT + 2.85%		260,268

	250,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%		285,847

	1,183,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,208,139

	320,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24%		322,957

	2,700,000	AssuredPartners, Inc.* 7.000%, 08/15/25		2,752,056

	1,307,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		1,392,099

	285,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19%		304,537

	240,000	Bank of America Corp.µ‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		247,894

	220,000	Bank of Montrealµ‡ 4.800%, 08/25/24 5 year CMT + 2.98%		235,664


PRINCIPAL AMOUNT			VALUE

		Bank of New York Mellon Corp.µ‡

	400,000	4.700%, 09/20/25 5 year CMT + 4.36%		$ 442,496

	62,000	3.700%, 03/20/26 5 year CMT + 3.35%		65,107

	400,000	Bank of Nova Scotiaµ‡ 4.900%, 06/04/25 5 year CMT + 4.55%		439,016

	200,000	Barclays, PLC‡ 7.875%, 03/15/22 USD 5 year swap rate + 6.77%		207,668

		BP Capital Markets, PLC‡

	280,000	4.875%, 03/22/30 5 year CMT + 4.40%		309,044

	135,000	4.375%, 06/22/25 5 year CMT + 4.04%		144,588

	1,191,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,214,177

	3,447,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LL*^ 5.750%, 05/15/26		3,588,810

	387,000	Capital One Financial Corp.‡ 3.950%, 09/01/26 5 year CMT + 3.16%		398,269

		Charles Schwab Corp.‡

	325,000	4.000%, 06/01/26^ 5 year CMT + 3.17%		340,619

	147,000	4.000%, 12/01/30 10 year CMT + 3.08%		153,161

	135,000	5.375%, 06/01/25^ 5 year CMT + 4.97%		150,779

	250,000	CIT Group, Inc.‡ 5.800%, 06/15/22 3 mo. USD LIBOR + 3.97%		256,730

		Citigroup, Inc.‡

	975,000	3.875%, 02/18/26 5 year CMT + 3.42%		1,001,881

	150,000	4.000%, 12/10/25 5 year CMT + 3.60%		155,599

	385,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		393,297

		Credit Acceptance Corp.

	1,500,000	6.625%, 03/15/26^		1,587,240

	1,092,000	5.125%, 12/31/24*		1,129,761

	200,000	Credit Suisse Group, AG*‡ 7.500%, 12/11/23 USD 5 year swap rate + 4.60%		221,390

	372,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		400,034

		Discover Financial Services‡

	245,000	6.125%, 06/23/25 5 year CMT + 5.78%		275,983

	135,000	5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		146,156

	1,500,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		1,555,815

	1,233,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,338,952

	550,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		599,802


PRINCIPAL AMOUNT			VALUE

	1,718,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		$ 1,706,421

		Goldman Sachs Group, Inc.‡

	500,000	4.400%, 02/10/25 5 year CMT + 2.85%		520,150

	475,000	3.800%, 05/10/26 5 year CMT + 2.97%		484,604

	52,000	3.650%, 08/10/26 5 year CMT + 2.92%		52,249

	1,891,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,938,521

	200,000	HSBC Holdings, PLCµ‡ 6.375%, 03/30/25 U.S. 5 yr Swap + 4.37%		222,002

	5,150,000	HUB International, Ltd.* 7.000%, 05/01/26		5,342,198

		Huntington Bancshares, Inc.‡

	350,000	4.450%, 10/15/27 7 year CMT + 4.05%		376,932

	125,000	5.625%, 07/15/30^ 10 year CMT + 4.95%		147,446

	70,000	5.700%, 04/15/23^ 3 mo. USD LIBOR + 2.88%		72,489

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

	1,455,000	5.250%, 05/15/27		1,532,566

	892,000	4.375%, 02/01/29		904,078

	2,448,000	ILFC E-Capital Trust II*‡ 3.910%, 12/21/65 3 mo. USD LIBOR + 1.80%		2,073,089

	2,625,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		2,753,520

		Jefferies Finance, LLC / JFIN Co-Issuer Corp.*

	3,000,000	5.000%, 08/15/28		3,072,930

	2,475,000	6.250%, 06/03/26		2,668,421

		JPMorgan Chase & Company‡

	555,000	4.600%, 02/01/25µ SOFR + 3.13%		575,030

	385,000	3.650%, 06/01/26^ 5 year CMT + 2.85%		388,738

		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*

	2,306,000	5.250%, 10/01/25		2,344,395

	596,000	4.750%, 06/15/29		594,152

	1,385,000	LD Holdings Group, LLC* 6.125%, 04/01/28		1,376,358

		Level 3 Financing, Inc.

	1,250,000	4.250%, 07/01/28*		1,274,862

	990,000	5.375%, 05/01/25		1,013,196

	200,000	Lloyds Banking Group, PLC‡ 7.500%, 06/27/24 USD 5 year swap rate + 4.76%		226,006

		LPL Holdings, Inc.*

	1,467,000	4.000%, 03/15/29		1,492,071

	445,000	4.375%, 05/15/31		456,761

	240,000	Markel Corp.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		268,193

		MetLife, Inc.

	2,990,000	6.400%, 12/15/66		3,834,466

	285,000	3.850%, 09/15/25^‡ 5 year CMT + 3.58%		299,125


PRINCIPAL AMOUNT			VALUE

	120,000	Nationwide Financial Services, Inc. 6.750%, 05/15/87		$ 148,242

		Navient Corp.

	2,555,000	5.000%, 03/15/27^		2,666,040

	1,355,000	4.875%, 03/15/28		1,367,981

	200,000	Nippon Life Insurance Company*‡ 2.750%, 01/21/51 5 year CMT + 2.65%		198,538

	200,000	Nordea Bank Abp*µ‡ 6.625%, 03/26/26 5 year CMT + 4.11%		230,930

		OneMain Finance Corp.

	1,500,000	7.125%, 03/15/26		1,767,450

	1,145,000	6.875%, 03/15/25		1,301,647

		Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*

	708,000	7.500%, 06/01/25		767,932

	592,000	5.875%, 10/01/28		632,007

	442,000	PartnerRe Finance B, LLC^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		464,056

	742,000	PHH Mortgage Corp.* 7.875%, 03/15/26		762,672

	1,355,000	Prospect Capital Corp.µ 3.706%, 01/22/26		1,407,601

	124,000	Prudential Financial, Inc.^‡ 3.700%, 10/01/50 5 year CMT + 3.04%		131,121

	200,000	QBE Insurance Group, Ltd.*^‡ 5.875%, 05/12/25 5 year CMT + 5.51%		220,472

	555,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.* 3.625%, 03/01/29		559,401

	1,500,000	Radian Group, Inc. 4.875%, 03/15/27		1,631,445

	1,355,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,370,447

	894,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		906,874

	718,000	SLM Corp. 4.200%, 10/29/25		778,075

	1,500,000	Starwood Property Trust, Inc. 4.750%, 03/15/25		1,591,980

	800,000	State Street Corp.^‡ 5.625%, 12/15/23 3 mo. USD LIBOR + 2.54%		852,312

	1,225,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,332,004

		SVB Financial Group‡

	300,000	4.000%, 05/15/26^ 5 year CMT + 3.20%		311,946

	224,000	4.100%, 02/15/31 10 year CMT + 3.06%		231,661

		Truist Financial Corp.µ‡

	415,000	4.800%, 09/01/24 5 year CMT + 3.00%		442,340

	125,000	4.950%, 09/01/25 5 year CMT + 4.61%		137,798

	200,000	UBS Group, AG*‡ 7.000%, 01/31/24 USD 5 year swap rate + 4.34%		220,498


PRINCIPAL AMOUNT			VALUE

		United Wholesale Mortgage, LLC*

	886,000	5.500%, 11/15/25		$ 913,953

	593,000	5.500%, 04/15/29		590,735

	1,141,000	VICI Properties, LP / VICI Note Company, Inc.*^ 3.750%, 02/15/27		1,176,097

	630,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%		654,576

		XHR, LP*

	1,255,000	6.375%, 08/15/25		1,338,809

	596,000	4.875%, 06/01/29		610,483


				102,732,771


		*Health Care (1.4%)*

	591,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		622,104

	3,285,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		3,558,181

		Bausch Health Companies, Inc.*

	1,670,000	5.250%, 02/15/31		1,566,610

	1,300,000	5.000%, 01/30/28^		1,244,347

	511,000	5.000%, 02/15/29		483,278

		Centene Corp.

	1,216,000	4.250%, 12/15/27		1,282,625

	598,000	3.000%, 10/15/30		622,482

	590,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		605,375

		CHS/Community Health Systems, Inc.*

	2,392,000	6.125%, 04/01/30		2,426,732

	1,325,000	8.000%, 03/15/26		1,421,301

	663,000	6.875%, 04/15/29		698,663

		DaVita, Inc.*

	1,772,000	4.625%, 06/01/30		1,832,354

	880,000	3.750%, 02/15/31		856,856

		Encompass Health Corp.

	600,000	4.750%, 02/01/30^		643,650

	600,000	4.500%, 02/01/28		625,134

	1,369,000	HCA, Inc. 7.500%, 11/06/33		1,957,054

	350,000	Jazz Securities DAC* 4.375%, 01/15/29		365,446

	1,955,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		1,302,226

		Organon & Company / Organon Foreign Debt Co-Issuer, BV*

	2,200,000	5.125%, 04/30/31		2,268,860

	500,000	4.125%, 04/30/28		513,445

	1,251,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		1,168,096

		Tenet Healthcare Corp.

	2,710,000	6.250%, 02/01/27*		2,826,530

	1,600,000	4.625%, 07/15/24		1,623,248

	1,575,000	6.875%, 11/15/31		1,806,320

	1,520,000	4.875%, 01/01/26*		1,576,012

		Teva Pharmaceutical Finance Netherlands III, BV

	2,530,000	2.800%, 07/21/23		2,510,190

	2,380,000	6.000%, 04/15/24		2,504,474


				38,911,593


PRINCIPAL AMOUNT			VALUE

		*Industrials (2.4%)*

	1,180,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		$ 1,306,708

	1,355,000	ACCO Brands Corp.* 4.250%, 03/15/29		1,355,691

	190,000	Air Lease Corp.‡ 4.650%, 06/15/26 5 year CMT + 4.08%		198,968

		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*

	1,448,000	4.875%, 02/15/30		1,568,633

	1,425,000	4.625%, 01/15/27		1,508,177

	591,000	3.500%, 03/15/29		597,359

		Allison Transmission, Inc.*

	1,025,000	4.750%, 10/01/27		1,071,115

	295,000	3.750%, 01/30/31		295,280

	298,000	Ambience Merger Sub, Inc.* 7.125%, 07/15/29		302,011

	295,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		262,960

	670,000	Arcosa, Inc.* 4.375%, 04/15/29		686,844

	3,100,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		3,274,034

	600,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		660,876

	1,086,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		1,089,779

	1,191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,221,061

		Cascades, Inc. / Cascades USA, Inc.*

	901,000	5.125%, 01/15/26		954,997

	600,000	5.375%, 01/15/28		632,388

		Delta Air Lines, Inc.

	297,000	7.375%, 01/15/26		349,988

	297,000	3.800%, 04/19/23		306,893

		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*

	295,000	4.750%, 10/20/28		330,668

	148,000	4.500%, 10/20/25µ		159,426

	879,000	Endure Digital, Inc.* 6.000%, 02/15/29		853,518

	575,000	EnerSys* 4.375%, 12/15/27		602,376

	1,355,000	Fly Leasing, Ltd. 5.250%, 10/15/24		1,375,339

	591,000	GFL Environmental, Inc.* 3.750%, 08/01/25		608,854

		Golden Nugget, Inc.*

	900,000	6.750%, 10/15/24		903,294

	620,000	8.750%, 10/01/25^		653,846

	673,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		720,581

	600,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		670,428

		Graphic Packaging International, LLC*

	750,000	4.750%, 07/15/27		813,870

	551,000	3.500%, 03/01/29		549,573


PRINCIPAL AMOUNT			VALUE

	298,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		$ 307,727

	2,775,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,755,936

	670,000	HCRX Investments Holdco, LP* 4.500%, 08/01/29		684,351

	1,500,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,576,590

		Howmet Aerospace, Inc.

	1,375,000	5.125%, 10/01/24^		1,515,497

	511,000	6.875%, 05/01/25		595,034

	1,450,000	JELD-WEN, Inc.* 4.625%, 12/15/25		1,479,232

	594,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		644,252

	1,346,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,387,995

	598,000	MasTec, Inc.* 4.500%, 08/15/28		631,087

	770,000	Meritor, Inc.* 4.500%, 12/15/28		788,526

	722,000	Moog, Inc.* 4.250%, 12/15/27		745,898

	1,615,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,643,844

	1,140,000	Novelis Corp.* 4.750%, 01/30/30		1,215,650

	1,370,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27		1,394,222

		Patrick Industries, Inc.*

	600,000	7.500%, 10/15/27		652,914

	596,000	4.750%, 05/01/29		608,665

	1,445,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		1,569,068

	302,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		320,398

	1,155,000	QVC, Inc. 4.375%, 09/01/28		1,187,583

	1,375,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC / Reynolds Group Issuer Lu* 4.000%, 10/15/27		1,375,302

	885,000	Scientific Games International, Inc.* 5.000%, 10/15/25		910,364

	574,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		605,840

	650,000	Sensata Technologies, BV* 4.000%, 04/15/29		669,077

	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		598,936

		Sinclair Television Group, Inc.*

	600,000	5.500%, 03/01/30		602,706

	591,000	4.125%, 12/01/30		573,737

		Standard Industries, Inc.*

	1,165,000	5.000%, 02/15/27		1,207,022

	302,000	4.375%, 07/15/30^		310,821

	100,000	Stanley Black & Decker, Inc.^‡ 4.000%, 03/15/60 5 year CMT + 2.66%		107,301


PRINCIPAL AMOUNT			VALUE

		Station Casinos, LLC*

	2,430,000	4.500%, 02/15/28		$ 2,453,206

	788,000	5.000%, 10/01/25		798,977

	591,000	Stericycle, Inc.* 3.875%, 01/15/29		599,883

	879,000	STL Holding Company, LLC* 7.500%, 02/15/26		927,600

	1,200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		1,268,076

		TransDigm, Inc.

	1,490,000	6.250%, 03/15/26*		1,565,647

	875,000	7.500%, 03/15/27		928,340

	589,000	Tronox, Inc.* 4.625%, 03/15/29		600,044

		United Rentals North America, Inc.

	640,000	5.875%, 09/15/26		661,946

	595,000	3.750%, 01/15/32		595,000

	297,000	3.875%, 02/15/31		306,026

	750,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		766,080

		WESCO Distribution, Inc.*

	563,000	7.125%, 06/15/25^		607,286

	283,000	7.250%, 06/15/28		315,519

	1,500,000	XPO Logistics, Inc.* 6.750%, 08/15/24		1,557,345


				68,502,085


		*Information Technology (0.6%)*

	596,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		614,756

	600,000	CDK Global, Inc.* 5.250%, 05/15/29		654,228

	1,201,000	CommScope Technologies, LLC* 6.000%, 06/15/25		1,220,456

		Dell International, LLC / EMC Corp.

	1,405,000	6.020%, 06/15/26µ		1,691,536

	925,000	6.100%, 07/15/27		1,144,401

	545,000	5.850%, 07/15/25µ		640,745

	586,000	Fair Isaac Corp.* 4.000%, 06/15/28		613,179

	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,338,552

	1,300,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		1,264,510

	589,000	NCR Corp.* 5.125%, 04/15/29		613,862

	1,364,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		1,377,708

	886,000	ON Semiconductor Corp.* 3.875%, 09/01/28		923,168

	855,000	Open Text Corp.* 3.875%, 02/15/28		885,027

	590,000	Playtika Holding Corp.* 4.250%, 03/15/29		589,079

	784,000	PTC, Inc.* 4.000%, 02/15/28		812,436

	1,355,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,365,149

		Twilio, Inc.

	830,000	3.625%, 03/15/29		853,738

	298,000	3.875%, 03/15/31^		311,836


PRINCIPAL AMOUNT			VALUE

	1,355,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		$ 1,357,629


				18,271,995


		*Materials (0.8%)*

		Alcoa Nederland Holding, BV*

	1,835,000	7.000%, 09/30/26		1,916,364

	800,000	4.125%, 03/31/29^		842,088

	600,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		630,900

	900,000	ArcelorMittal, SA 7.250%, 10/15/39		1,315,251

	507,000	Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.* 6.000%, 02/15/25		523,057

	1,880,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,902,316

	800,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		815,456

		Freeport-McMoRan, Inc.

	780,000	5.000%, 09/01/27		824,249

	570,000	5.450%, 03/15/43		732,838

	515,000	5.400%, 11/14/34		654,730

	886,000	HB Fuller Company 4.250%, 10/15/28		907,672

	1,192,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		1,220,978

	900,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		949,338

		Kaiser Aluminum Corp.*

	615,000	4.625%, 03/01/28^		643,013

	149,000	4.500%, 06/01/31		155,125

	957,000	Mercer International, Inc. 5.125%, 02/01/29		977,269

		New Gold, Inc.*

	364,000	6.375%, 05/15/25		375,746

	300,000	7.500%, 07/15/27		324,270

	1,170,000	OCI, NV* 4.625%, 10/15/25		1,215,162

	593,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		643,215

	594,000	PBF Holding Company, LLC / PBF Finance Corp.~ 7.250%, 06/15/25		358,942

	1,328,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,380,004

	589,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		601,163

	906,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		950,403

	593,000	Valvoline, Inc.* 3.625%, 06/15/31		591,150


				21,450,699


		*Real Estate (0.2%)*

	953,000	EPR Properties 3.750%, 08/15/29		967,877

		Forestar Group, Inc.*

	862,000	5.000%, 03/01/28		898,540

	299,000	3.850%, 05/15/26		303,557

	881,000	iStar, Inc. 5.500%, 02/15/26		924,944


PRINCIPAL AMOUNT			VALUE

		Service Properties Trust

	1,500,000	4.350%, 10/01/24		$ 1,514,025

	550,000	5.250%, 02/15/26		556,732


				5,165,675


		*Utilities (0.3%)*

	856,000	Calpine Corp.* 4.500%, 02/15/28		883,572

	65,000	CenterPoint Energy, Inc.‡ 6.125%, 09/01/23 3 mo. USD LIBOR + 3.27%		68,858

	175,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		196,745

	250,000	Dominion Energy, Inc.‡ 4.650%, 12/15/24 5 year CMT + 2.99%		267,647

	330,000	Duke Energy Corp.‡ 4.875%, 09/16/24 5 year CMT + 3.39%		353,097

	265,000	NextEra Energy Capital Holdings, Inc.^‡ 4.800%, 12/01/77 3 mo. USD LIBOR + 2.41%		298,803

	810,000	NRG Energy, Inc. 6.625%, 01/15/27		839,460

	1,896,000	PPL Capital Funding, Inc.‡ 2.812%, 03/30/67 3 mo. USD LIBOR + 2.67%		1,859,085

	125,000	Sempra Energy‡ 4.875%, 10/15/25 5 year CMT + 4.55%		136,713

		Southern Company‡

	247,000	4.000%, 01/15/51 5 year CMT + 3.73%		262,270

	95,000	3.750%, 09/15/51 5 year CMT + 2.92%		97,236

		Talen Energy Supply, LLC*

	600,000	10.500%, 01/15/26		414,186

	300,000	7.250%, 05/15/27		273,891

	1,500,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,624,230


				7,575,793


		TOTAL CORPORATE BONDS (Cost $443,536,093)		463,296,052



	CONVERTIBLE BONDS (21.0%)

		*Communication Services (2.4%)*

	3,394,000	Eventbrite, Inc.* 0.750%, 09/15/26		3,209,706

		Liberty Media Corp.

	7,750,000	1.375%, 10/15/23		10,305,097

	2,680,000	0.500%, 12/01/50*		2,967,886

	7,150,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		9,469,889

	1,883,000	Live Nation Entertainment, Inc. 2.500%, 03/15/23		2,454,886

	3,669,000	Magnite, Inc.* 0.250%, 03/15/26		3,163,705

	3,000,000	Match Group Financeco 2, Inc.*~ 0.875%, 06/15/26		5,706,720

	2,500,000	Match Group Financeco 3, Inc.* 2.000%, 01/15/30		5,045,275


PRINCIPAL AMOUNT			VALUE

	11,350,000	Snap, Inc.* 0.000%, 05/01/27		$ 13,066,120

	4,330,000	Twitter, Inc. 0.250%, 06/15/24		6,004,541

	4,935,000	Zynga, Inc. 0.250%, 06/01/24		6,594,986


				67,988,811


		*Consumer Discretionary (5.0%)*

	1,187,000	Bloomin’ Brands, Inc.µ 5.000%, 05/01/25		2,677,943

	15,201,000	Booking Holdings, Inc.µ^ 0.750%, 05/01/25		21,457,732

	7,785,000	Burlington Stores, Inc. 2.250%, 04/15/25		12,738,362

	6,435,000	Chegg, Inc.*µ 0.000%, 09/01/26		6,977,921

	1,895,000	Dick’s Sporting Goods, Inc.µ 3.250%, 04/15/25		5,830,839

	2,164,000	DISH Network Corp.µ 2.375%, 03/15/24		2,096,981

	6,685,000	DraftKings, Inc.* 0.000%, 03/15/28		5,868,360

	4,415,000	Etsy, Inc.*^ 0.125%, 09/01/27		5,321,399

	4,598,000	Expedia Group, Inc.*^ 0.000%, 02/15/26		4,943,862

	5,635,000	Ford Motor Company* 0.000%, 03/15/26		6,038,184

		Liberty Interactive, LLC

	1,160,000	4.000%, 11/15/29		893,931

	790,000	3.750%, 02/15/30		609,438

	2,970,000	MakeMyTrip, Ltd.* 0.000%, 02/15/28		3,002,314

	7,670,000	Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		8,200,994

	550,000	Peloton Interactive, Inc.* 0.000%, 02/15/26		520,449

	11,345,000	Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23		14,618,032

	5,730,000	Shake Shack, Inc.* 0.000%, 03/01/28		5,369,640

	400,000	Tesla, Inc. 2.000%, 05/15/24		4,432,980

	4,160,000	Under Armour, Inc. 1.500%, 06/01/24		7,765,846

	7,865,000	Vail Resorts, Inc.* 0.000%, 01/01/26		7,941,369

	4,630,000	Vroom, Inc.* 0.750%, 07/01/26		4,504,342

	4,225,000	Wayfair, Inc.* 0.625%, 10/01/25		4,104,545

	2,930,000	Winnebago Industries, Inc. 1.500%, 04/01/25		3,877,328


				139,792,791


		*Consumer Staples (0.2%)*

	5,700,000	Beyond Meat, Inc.*µ 0.000%, 03/15/27		5,251,866


		*Energy (0.5%)*

	3,190,000	EQT Corp.^ 1.750%, 05/01/26		4,682,697


PRINCIPAL AMOUNT			VALUE

	6,515,000	Pioneer Natural Resources Company 0.250%, 05/15/25		$ 9,584,803


				14,267,500


		*Financials (0.7%)*

		Ares Capital Corp.

	7,500,000	3.750%, 02/01/22^		7,950,300

	3,000,000	4.625%, 03/01/24		3,290,280

	4,700,000	JPMorgan Chase Bank NA*^ 0.125%, 01/01/23		5,012,362

	4,675,000	Realogy Group, LLC / Realogy Co-Issuer Corp.* 0.250%, 06/15/26		4,735,588


				20,988,530


		*Health Care (3.1%)*

	1,850,000	CONMED Corp.^ 2.625%, 02/01/24		2,994,355

	9,218,000	Dexcom, Inc.µ 0.250%, 11/15/25		10,511,378

	3,673,000	Envista Holdings Corp.^ 2.375%, 06/01/25		7,834,986

	11,015,000	Exact Sciences Corp. 0.375%, 03/15/27		13,317,465

	3,702,000	Halozyme Therapeutics, Inc.* 0.250%, 03/01/27		3,391,661

	5,015,000	Insulet Corp. 0.375%, 09/01/26		6,946,176

	3,960,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		4,508,381

	8,035,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		10,416,976

	6,925,000	NeoGenomics, Inc. 0.250%, 01/15/28		6,824,657

	4,220,000	Oak Street Health, Inc.* 0.000%, 03/15/26		4,469,233

	4,680,000	Omnicell, Inc.* 0.250%, 09/15/25		7,371,983

	7,755,000	Pacira BioSciences, Inc. 0.750%, 08/01/25		8,533,447


				87,120,698


		*Industrials (3.7%)*

	6,350,000	Air Canadaµ 4.000%, 07/01/25		9,689,783

	4,600,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		4,784,736

	1,015,000	Chart Industries, Inc.*µ 1.000%, 11/15/24		2,713,958

	7,440,000	JetBlue Airways Corp.* 0.500%, 04/01/26		7,358,532

	10,395,000	John Bean Technologies Corp.* 0.250%, 05/15/26		11,209,864

	8,240,000	Middleby Corp.* 1.000%, 09/01/25		12,889,585

	3,763,000	Parsons Corp.* 0.250%, 08/15/25		3,971,056

	21,015,000	Southwest Airlines Company 1.250%, 05/01/25		30,877,339

	5,805,000	Sunrun, Inc.*^ 0.000%, 02/01/26		5,183,691


PRINCIPAL AMOUNT			VALUE

	14,800,000	Uber Technologies, Inc.*^ 0.000%, 12/15/25		$ 14,456,492


				103,135,036


		*Information Technology (4.5%)*

	3,382,000	Bill.com Holdings, Inc.* 0.000%, 12/01/25		4,915,805

	5,830,000	Coupa Software, Inc.µ 0.375%, 06/15/26		6,259,496

	2,015,000	Datadog, Inc.µ 0.125%, 06/15/25		2,796,074

		Enphase Energy, Inc.*

	5,945,000	0.000%, 03/01/28		6,029,776

	2,629,000	0.000%, 03/01/26		2,650,374

	1,355,000	Five9, Inc. 0.500%, 06/01/25		2,191,523

	5,040,000	Itron, Inc.* 0.000%, 03/15/26		5,163,530

	6,115,000	LivePerson, Inc.* 0.000%, 12/15/26		6,620,833

	13,000,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		14,267,110

	2,735,000	Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		3,863,707

	5,015,000	Okta, Inc.^ 0.125%, 09/01/25		7,318,189

		ON Semiconductor Corp.

	5,435,000	0.000%, 05/01/27*		5,783,927

	4,695,000	1.625%, 10/15/23		9,107,126

	3,520,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		5,050,179

	7,590,000	Repay Holdings Corp.* 0.000%, 02/01/26		7,560,703

	7,650,000	RingCentral, Inc. 0.000%, 03/01/25		8,090,793

	4,981,000	Shift4 Payments, Inc.* 0.000%, 12/15/25		6,480,829

	1,542,000	Shopify, Inc. 0.125%, 11/01/25		2,033,235

	3,524,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		4,786,085

	2,680,000	Square, Inc.* 0.000%, 05/01/26		3,049,036

	2,389,000	Wix.com, Ltd.* 0.000%, 08/15/25		2,610,699

	2,670,000	Workday, Inc. 0.250%, 10/01/22		4,322,863

	2,852,000	Zscaler, Inc. 0.125%, 07/01/25		4,765,407


				125,717,299


		*Materials (0.1%)*

	3,060,000	MP Materials Corp.* 0.250%, 04/01/26		3,313,827


		*Real Estate (0.8%)*

	6,120,000	IH Merger Sub, LLC 3.500%, 01/15/22		10,948,741

	4,640,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		5,206,869


PRINCIPAL AMOUNT			VALUE

	5,430,000	Redfin Corp.* 0.000%, 10/15/25		$ 5,888,672


				22,044,282


		TOTAL CONVERTIBLE BONDS (Cost $494,224,034)		589,620,640



	BANK LOANS (2.3%) ¡

		*Airlines (0.1%)*

	990,000	AAdvantage Loyalty IP, Ltd.‡ 5.500%, 04/20/28 3 mo. LIBOR + 4.75%		1,019,329

	1,496,250	United Airlines, Inc.‡ 4.500%, 04/21/28 1 mo. LIBOR + 3.75%		1,500,836


				2,520,165


		*Communication Services (0.6%)*

	1,547,438	Clear Channel Outdoor Holdings, Inc.‡ 3.629%, 08/21/26 3 mo. LIBOR + 3.50%		1,505,045

	884,250	CommScope, Inc.‡ 3.342%, 04/06/26 1 mo. LIBOR + 3.25%		877,066

	767,555	Consolidated Communications, Inc.‡ 4.250%, 10/02/27 1 mo. LIBOR + 3.50%		765,924

	589,523	CSC Holdings, LLC‡ 2.593%, 04/15/27 1 mo. LIBOR + 2.50%		583,100

	3,350,000	DIRECTV Financing, LLC! 0.000%, 07/22/27		3,347,504

	1,860,338	Frontier Communications Corp.‡ 4.500%, 05/01/28 3 mo. LIBOR + 3.75%		1,862,672

	870,000	Frontier Communications Corp.! 0.000%, 05/01/28		871,092

	1,033,468	iHeartCommunications, Inc.‡ 3.092%, 05/01/26 1 mo. LIBOR + 3.00%		1,021,196

	2,791,100	Intelsat Jackson Holdings, SA@ 8.625%, 01/02/24		2,847,424

	2,275,000	Intelsat Jackson Holdings, SA‡@ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		2,322,934


				16,003,957


		*Consumer Discretionary (0.5%)*

	595,000	At Home Group, Inc.! 0.000%, 06/24/28		595,744

	295,000	At Home Group, Inc.‡ 4.750%, 06/24/28 3 mo. LIBOR + 4.25%		295,369

	1,243,750	Life Time Fitness, Inc.‡ 5.750%, 12/16/24 3 mo. LIBOR + 4.75%		1,244,533

	1,739,590	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		1,778,374

	2,094,750	Petco Health and Wellness Company, Inc.‡ 4.000%, 03/03/28 3 mo. LIBOR + 3.25%		2,088,036


PRINCIPAL AMOUNT			VALUE

	2,390,000	PetSmart, Inc.‡ 4.500%, 02/12/28 6 mo. LIBOR + 3.75%		$ 2,392,091

	894,458	Rent-A-Center, Inc.‡ 4.750%, 02/17/28 1 mo. LIBOR + 4.00%		898,930

	475,000	Rent-A-Center, Inc.! 0.000%, 02/17/28		477,375

	1,091,500	TKC Holdings, Inc.! 0.000%, 05/15/28		1,080,247

	300,700	TKC Holdings, Inc.‡ 6.500%, 05/15/28 3 mo. LIBOR + 5.50%		297,600

	2,090,000	WW International, Inc.‡ 4.000%, 04/13/28 1 mo. LIBOR + 3.50%		2,088,046


				13,236,345


		*Consumer Staples (0.0%)*

	247,555	United Natural Foods, Inc.‡ 3.592%, 10/22/25 1 mo. LIBOR + 3.50%		247,091


		*Energy (0.1%)*

	1,257,237	Par Pacific Holdings, Inc.‡ 6.870%, 01/12/26 3 mo. LIBOR + 6.75%		1,250,957


		*Financials (0.1%)*

	2,450,000	Jazz Financing Lux Sarl‡ 4.000%, 05/05/28 1 mo. LIBOR + 3.50%		2,456,125

	303,595	Level 3 Financing, Inc.‡ 1.842%, 03/01/27 1 mo. LIBOR + 1.75%		297,619


				2,753,744


		*Health Care (0.4%)*

	2,797,293	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		2,711,192

	1,258,250	Endo Luxembourg Finance Company I Sarl‡ 5.750%, 03/27/28 3 mo. LIBOR + 5.00%		1,231,984

	1,595,582	Gentiva Health Services, Inc.‡ 2.875%, 07/02/25 1 mo. LIBOR + 2.75%		1,591,601

	572,389	Icon Luxembourg Sarl! 0.000%, 07/03/28		571,877

	448,305	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		447,903

	142,611	Icon Luxembourg Sarl! 0.000%, 07/03/28		142,484

	111,695	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		111,595

	1,156,923	Mallinckrodt International Finance, SA‡ 6.000%, 09/24/24 6 mo. LIBOR + 5.25%		1,127,762

	1,340,000	Padagis, LLC‡ 5.250%, 07/06/28 3 mo. LIBOR + 4.75%		1,344,188


PRINCIPAL AMOUNT			VALUE

	2,634,456	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		$ 2,556,660


				11,837,246


		*Industrials (0.3%)*

	600,000	ACProducts, Inc.‡ 4.750%, 05/05/28 6 mo. LIBOR + 4.25%		597,048

	745,000	Air Canada! 0.000%, 07/28/28		747,175

	1,848,420	Berry Global, Inc.‡ 1.850%, 07/01/26 1 mo. LIBOR + 1.75%		1,828,947

	1,200,000	BW Gas & Convenience Holdings, LLC‡ 4.000%, 03/17/28 1 mo. LIBOR + 3.50%		1,203,000

	1,224,547	Dun & Bradstreet Corp.‡ 3.336%, 02/06/26 1 mo. LIBOR + 3.25%		1,215,742

	894,280	Granite Holdings US Acquisition Company‡ 4.147%, 09/30/26 3 mo. LIBOR + 4.00%		894,280

	759,229	RegionalCare Hospital Partners Holdings, Inc.‡ 3.842%, 11/16/25 1 mo. LIBOR + 3.75%		753,752

	1,915,305	Scientific Games International, Inc.‡ 2.842%, 08/14/24 1 mo. LIBOR + 2.75%		1,889,640

	303,037	TransDigm, Inc.‡ 2.342%, 12/09/25 1 mo. LIBOR + 2.25%		298,085


				9,427,669


		*Information Technology (0.2%)*

	750,000	AP Core Holdings II, LLC! 0.000%, 07/21/27		747,660

	1,238,412	Banff Merger Sub, Inc.‡ 3.842%, 10/02/25 1 mo. LIBOR + 3.75%		1,229,675

	1,433,175	Camelot U.S. Acquisition 1 Co.‡ 3.092%, 10/30/26 1 mo. LIBOR + 3.00%		1,421,172

	800,975	Camelot U.S. Acquisition 1 Co.‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		801,852

	1,296,141	VFH Parent LLC‡ 3.085%, 03/01/26 1 mo. LIBOR + 3.00%		1,288,501


				5,488,860


		*Materials (0.0%)*

	869,000	Innophos, Inc.‡ 3.592%, 02/07/27 1 mo. LIBOR + 3.50%		868,457


		TOTAL BANK LOANS (Cost $63,804,016)		63,634,491


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (9.2%)

		*Communication Services (0.8%)*

	18,160	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		$ 22,978,393


		*Consumer Discretionary (0.7%)*

	100,805	Aptiv, PLC 5.500%, 06/15/23		18,927,147


		*Energy (0.0%)*

	27	Gulfport Energy Operating Corp. 10.000%, 08/30/21 15.00% PIK rate		132,975


		*Financials (0.8%)*

	80,250	AMG Capital Trust II 5.150%, 10/15/37		4,720,064

	430	Bank of America Corp.µ‡‡ 7.250%		636,207

	222,280	KKR & Company, Inc.^ 6.000%, 09/15/23		18,458,131

	2,083	Prospect Capital Corp. 5.350%, 07/01/26		51,304


				23,865,706


		*Health Care (1.5%)*

	96,145	Avantor, Inc. 6.250%, 05/15/22		11,119,169

	90,115	Boston Scientific Corp.µ 5.500%, 06/01/23		11,071,529

	9,980	Danaher Corp.µ 4.750%, 04/15/22		19,887,645


				42,078,343


		*Industrials (1.2%)*

	62,970	Colfax Corp.µ 5.750%, 01/15/22		11,673,379

	180,605	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		21,311,390


				32,984,769


		*Information Technology (1.1%)*

	19,390	Broadcom, Inc.µ 8.000%, 09/30/22		29,944,753


		*Utilities (3.1%)*

	91,020	AES Corp.µ 6.875%, 02/15/24		9,227,608

	84,885	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)µ§**** 4.566%, 09/15/29		5,634,836

	170,935	Dominion Energy, Inc. 7.250%, 06/01/22		17,047,348

	391,410	DTE Energy Company 6.250%, 11/01/22		20,079,333

	142,970	Essential Utilities, Inc. 6.000%, 04/30/22		8,671,130

		NextEra Energy, Inc.

	382,660	4.872%, 09/01/22		22,488,928


NUMBER OF SHARES				VALUE

	94,060		6.219%, 09/01/23		$ 4,880,773


					88,029,956


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $202,229,395)		258,942,042



	COMMON STOCKS (84.6%)

			*Communication Services (9.3%)*

	34,670		Alphabet, Inc. - Class A^#		93,419,355

	10,635		Alphabet, Inc. - Class C^#		28,761,507

	264,885		AT&T, Inc.^~		7,430,024

	411,425		Comcast Corp. - Class A^		24,204,133

	8,050		Cumulus Media, Inc. - Class A#		94,909

	176,235		Facebook, Inc. - Class A^#		62,792,530

	2		Frontier Communications Parent, Inc.#		60

	19,165		Lumen Technologies, Inc.^		238,988

	32,360		Netflix, Inc.#		16,748,565

	205,085	EUR	Orange, SA		2,282,418

	149,335		Walt Disney Company#		26,285,947


					262,258,436


			*Consumer Discretionary (10.1%)*

	32,615		Amazon.com, Inc.^#		108,529,348

	59,260		Carnival Corp.#		1,282,979

	825,570		Ford Motor Company#		11,516,701

	243,463		General Motors Company#		13,838,437

	94,175		Home Depot, Inc.^		30,907,293

	38,550		Lennar Corp. - Class A		4,053,533

	69,245		Lowe’s Companies, Inc.^		13,342,819

	62,500		McDonald’s Corp.		15,169,375

	245,080		MGM Resorts International^		9,197,852

	162,800		NIKE, Inc. - Class B^		27,270,628

	44,300		Royal Caribbean Cruises, Ltd.^#		3,405,341

	77,770		Starbucks Corp.		9,443,611

	56,455		Target Corp.		14,737,578

	14,925		Tesla, Inc.^#		10,256,460

	143,900		TJX Companies, Inc.^		9,901,759


					282,853,714


			*Consumer Staples (5.5%)*

	58,750		Altria Group, Inc.		2,822,350

	459,960		Coca-Cola Company^		26,231,519

	41,820		Costco Wholesale Corp.		17,970,890

	250,885		Mondelez International, Inc. - Class A		15,870,985

	112,795		PepsiCo, Inc.		17,703,175

	147,500		Philip Morris International, Inc.^		14,763,275

	203,745		Procter & Gamble Company^		28,978,651

	86,605		Sysco Corp.		6,426,091

	52,650		Walgreens Boots Alliance, Inc.		2,482,448

	154,510		Walmart, Inc.^		22,025,401


					155,274,785


			*Energy (3.5%)*

	4,679		Bonanza Creek Energy, Inc.^		180,001

	475,000		BP, PLC^		11,485,500

	47,998		Calfrac Well Services, Ltd.#		138,714

	11,045		Chaparral Energy, Inc. - Class A#		419,710

	3,547		Chesapeake Energy Corp.		191,715

	237,650		Chevron Corp.^		24,195,147

	5,556		Denbury, Inc.#		365,085

	22,502		Diamond Offshore Drilling, Inc.#		133,324


NUMBER OF SHARES			VALUE

	52,035	Energy Transfer, LP		$ 513,065

	56,355	Enterprise Products Partners, LP		1,271,932

	7,920	EP Energy Corp.&#		784,080

	431,180	Exxon Mobil Corp.		24,823,033

	7,987	Gulfport Energy Operating Corp.#		545,512

	126,365	Hess Corp.		9,659,341

	232,940	Kinder Morgan, Inc.		4,048,497

	67,538	Lonestar Resources US, Inc.#		665,249

	15,860	Magellan Midstream Partners, LP		739,076

	100,220	Marathon Petroleum Corp.		5,534,149

	2,737	Oasis Petroleum, Inc.		251,010

	26,500	Pioneer Natural Resources Company		3,852,305

	156,200	Schlumberger, NV		4,503,246

	17,747	Superior Energy Services, Inc.#		692,133

	26,500	Targa Resources Corp.		1,115,915

	33,540	Valero Energy Corp.		2,246,174

	18,259	Weatherford International, PLC#		318,437

	4,278	Whiting Petroleum Corp.#		200,638

	10,000	Williams Companies, Inc.^		250,500


				99,123,488


		*Financials (10.4%)*

	35,430	Affiliated Managers Group, Inc.^		5,613,529

	65,730	American Express Company		11,208,937

	346,890	American International Group, Inc.		16,425,241

	29,983	Assurant, Inc.		4,731,617

	1,019,405	Bank of America Corp.~		39,104,376

	71,870	Bank of New York Mellon Corp.		3,689,087

	10,715	BlackRock, Inc.		9,291,727

	132,485	Charles Schwab Corp.^		9,002,356

	46,700	Chubb, Ltd.^~		7,880,158

	344,010	Citigroup, Inc.^		23,261,956

	125,000	Discover Financial Services^		15,540,000

	51,500	Goldman Sachs Group, Inc.^		19,306,320

	33,700	Intercontinental Exchange, Inc.		4,038,271

	273,910	JPMorgan Chase & Company		41,574,060

	226,225	KeyCorp^		4,447,584

	132,475	Marsh & McLennan Companies, Inc.		19,502,969

	290,930	Morgan Stanley		27,923,461

	43,760	Northern Trust Corp.		4,938,316

	157,631	Starwood Property Trust, Inc.		4,103,135

	150,870	US Bancorp		8,379,320

	288,350	Wells Fargo & Company		13,246,799


				293,209,219


		*Health Care (10.0%)*

	139,700	Abbott Laboratories~		16,900,906

	124,675	AbbVie, Inc.		14,499,702

	55,690	Agilent Technologies, Inc.^		8,533,379

	18,870	Anthem, Inc.		7,246,269

	149,780	Baxter International, Inc.		11,585,483

	151,745	Bristol-Myers Squibb Company		10,298,933

	26,830	CVS Health Corp.		2,209,719

	82,050	Edwards Lifesciences Corp.#		9,211,754

	109,850	Eli Lilly & Company		26,748,475

	48,980	Gilead Sciences, Inc.		3,344,844

	26,400	Humana, Inc.^		11,242,704

	10,420	Intuitive Surgical, Inc.#		10,331,013

	176,230	Johnson & Johnson^		30,346,806

	156,340	Medtronic, PLC		20,529,005

	251,550	Merck & Company, Inc.		19,336,648

	288,990	Pfizer, Inc.		12,371,662

	20,295	Stryker Corp.		5,498,727

	21,460	Thermo Fisher Scientific, Inc.		11,588,615


NUMBER OF SHARES			VALUE

	105,000	UnitedHealth Group, Inc.^		$ 43,283,100

	26,610	Vertex Pharmaceuticals, Inc.#		5,364,044


				280,471,788


		*Industrials (6.1%)*

	546,335	Carrier Global Corp.		30,185,009

	967,920	CSX Corp.^		31,283,174

	14,820	FedEx Corp.		4,148,859

	836,550	General Electric Company		10,833,323

	104,790	Honeywell International, Inc.^		24,498,854

	92,435	JB Hunt Transport Services, Inc.		15,570,676

	191,469	McDermott International, Inc.#		63,376

	37,050	Northrop Grumman Corp.		13,449,891

	334,130	Raytheon Technologies Corp.^		29,052,603

	49,810	Union Pacific Corp.		10,896,436


				169,982,201


		*Information Technology (25.8%)*

	56,335	Accenture, PLC - Class A		17,896,503

	35,170	Adobe, Inc.#		21,862,727

	44,250	Advanced Micro Devices, Inc.^#		4,698,907

	1,235,330	Apple, Inc.^~		180,185,234

	322,615	Applied Materials, Inc.		45,143,517

	247,515	Cisco Systems, Inc.^		13,704,906

	117,815	Fidelity National Information Services, Inc.		17,560,326

	43,165	Global Payments, Inc.		8,348,543

	49,985	Lam Research Corp.		31,860,939

	125,850	Marvell Technology, Inc.		7,615,183

	72,315	Mastercard, Inc. - Class A		27,909,251

	158,425	Micron Technology, Inc.#		12,290,611

	593,615	Microsoft Corp.^~		169,126,850

	1,520,000	Nokia Oyj^#		9,241,600

	221,780	NVIDIA Corp.		43,244,882

	27,590	PayPal Holdings, Inc.#		7,601,873

	66,010	QUALCOMM, Inc.		9,888,298

	86,580	salesforce.com, Inc.#		20,946,299

	21,845	ServiceNow, Inc.#		12,842,457

	44,000	Skyworks Solutions, Inc.		8,118,440

	85,550	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		9,978,552

	178,525	Visa, Inc. - Class A^		43,986,775


				724,052,673


		*Materials (2.7%)*

	41,160	Celanese Corp. - Class A~		6,411,493

	410,755	Freeport-McMoRan, Inc.		15,649,766

	80,575	Linde, PLC		24,767,949

	82,000	Nucor Corp.		8,529,640

	96,625	PPG Industries, Inc.		15,800,120

	20,585	Vulcan Materials Company^		3,705,094


				74,864,062


		*Real Estate (1.2%)*

	70,930	American Tower Corp.		20,059,004

	76,060	Crown Castle International Corp.^		14,686,426


				34,745,430


		TOTAL COMMON STOCKS (Cost $1,494,956,320)		2,376,835,796


NUMBER OF SHARES			VALUE

	WARRANTS (0.0%) #

		*Energy (0.0%)*

	4,069	Chesapeake Energy Corp. 02/09/26, Strike $32.13		$ 101,725

	3,662	Chesapeake Energy Corp. 02/09/26, Strike $27.63		104,843

	2,260	Chesapeake Energy Corp.^ 02/09/26, Strike $36.18		48,726

	6,263	Denbury, Inc. 09/18/25, Strike $32.59		208,120

	2,279	Denbury, Inc. 09/18/23, Strike $35.41		68,256

	57,470	Mcdermott International, Ltd. 06/30/27, Strike $15.98		6

	51,723	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5

	47,885	Tidewater, Inc. 11/14/42, Strike $0.01		596,168

	16,676	Tidewater, Inc. 11/14/42, Strike $0.00		207,616


		TOTAL WARRANTS (Cost $5,139,246)		1,335,465



	EXCHANGE-TRADED FUNDS (0.6%)

		*Other (0.6%)*

	195,550	iShares MSCI EAFE ETF^		15,544,269

	5,525	iShares Preferred & Income Securities ETF^		217,796


		TOTAL EXCHANGE-TRADED FUNDS (Cost $13,484,963)		15,762,065



	PREFERRED STOCKS (0.5%)

		*Communication Services (0.1%)*

	8,482	AT&T, Inc.^ 4.750%, 02/18/25		224,518

	5,000	AT&T, Inc.^ 5.350%, 11/01/66		132,500

	20,000	Qwest Corp.^ 6.500%, 09/01/56		507,200

	58,050	United States Cellular Corp. 6.250%, 09/01/69		1,612,629


				2,476,847


		*Consumer Discretionary (0.1%)*

	4,000	Ford Motor Company^ 6.200%, 06/01/59		111,040

	8,177	Guitar Center, Inc.		929,112

	6,705	Qurate Retail, Inc. 8.000%, 03/15/31		727,358


				1,767,510


		*Energy (0.1%)*

	12,420	Energy Transfer, LP‡ 7.625%, 08/15/23 3 mo. USD LIBOR + 4.74%		314,971

	82,205	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		1,915,377


NUMBER OF SHARES			VALUE

	31,109	NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		$ 783,636

	55,975	NuStar Logistics, LP‡ 6.860%, 01/15/43 3 mo. USD LIBOR + 6.73%		1,414,488


				4,428,472


		*Financials (0.2%)*

	6,000	Affiliated Managers Group, Inc.^ 4.750%, 09/30/60		160,320

	5,970	Annaly Capital Management, Inc.^‡ 6.950%, 09/30/22 3 mo. USD LIBOR + 4.99%		155,817

	11,779	Arch Capital Group, Ltd. 5.250%, 09/29/21		298,244

	3,000	B Riley Financial, Inc. 6.000%, 01/31/28		79,770

	5,617	Bank of America Corp. 4.375%, 11/03/25		146,491

	7,000	Brookfield Finance, Inc. 4.625%, 10/16/80		179,760

	8,000	CIT Group, Inc.^ 5.625%, 12/15/24		213,360

	8,775	CNO Financial Group, Inc. 5.125%, 11/25/60		240,874

	5,206	Cullen/Frost Bankers, Inc.^ 4.450%, 12/15/25		137,438

	2,413	First Republic Bank/CA^ 4.125%, 10/30/25		61,001

	2,750	Fulton Financial Corp.^ 5.125%, 01/15/26		74,938

	9,355	KeyCorp 5.650%, 12/15/23		258,292

	5,735	Legg Mason, Inc.^ 5.450%, 09/15/56		144,867

	11,550	Morgan Stanley 4.875%, 01/15/25		314,044

	5,400	Oaktree Capital Group, LLC^ 6.550%, 09/15/23		151,362

	8,500	Prudential Financial, Inc.^ 4.125%, 09/01/60		223,125

	12,000	Selective Insurance Group, Inc.^ 4.600%, 12/15/25		312,600

	3,006	Signature Bank/New York NY 5.000%, 12/30/25		79,088

	5,250	Spirit Realty Capital, Inc. 6.000%, 10/03/22		137,708

	10,840	Truist Financial Corp. 4.750%, 09/01/25		287,585

	6,345	US Bancorp^ 3.750%, 01/15/26		158,498

	12,350	W R Berkley Corp. 5.100%, 12/30/59		338,266

	23,990	Wells Fargo & Company^ 4.750%, 03/15/25		628,298


				4,781,746


		*Industrials (0.0%)*

	6,250	Air Lease Corp.^‡ 6.150%, 03/15/24 3 mo. USD LIBOR + 3.65%		170,500

	2,500	Brookfield Finance I UK, PLC 4.500%, 11/24/25		63,550


NUMBER OF SHARES			VALUE

	3,750	QVC, Inc. 6.250%, 11/26/68		$ 98,400

	2,555	WESCO International, Inc.‡ 10.625%, 06/22/25 5 year CMT + 10.33%		79,333


				411,783


		*Real Estate (0.0%)*

	5,180	American Homes 4 Rent^ 6.250%, 09/19/23		143,745

	7,275	Brookfield Property Partners, LP 5.750%, 03/31/25		178,165

	5,000	Brookfield Property Partners, LP 6.375%, 09/30/24		127,150

	5,400	EPR Properties 5.750%, 11/30/22		138,024

	5,710	Global Net Lease, Inc. 6.875%, 11/26/24		153,256

	11,000	Kimco Realty Corp.^ 5.250%, 12/20/22		295,790

	3,880	Public Storage^ 4.625%, 06/17/25		108,019


				1,144,149


		*Utilities (0.0%)*

	5,000	Algonquin Power & Utilities Corp.‡ 6.875%, 10/17/78 3 mo. USD LIBOR + 3.68%		139,000

	6,000	Brookfield Renewable Partners, LP 5.250%, 03/31/25		157,020

	5,100	DTE Energy Company 5.250%, 12/01/77		134,946


				430,966


		TOTAL PREFERRED STOCKS (Cost $14,933,760)		15,441,473


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.2%) #

		*Consumer Discretionary (0.0%)*

		Tesla, Inc.

	160 10,995,200	Call, 01/21/22, Strike $750.00		1,197,200

	150 10,308,000	Call, 09/17/21, Strike $850.00		102,375


				1,299,575


		*Other (0.2%)*

	155 68,126,530	S&P 500 Index Put, 09/30/21, Strike $4,000.00		561,100

		S&P 500 Index

	150 65,928,900	Put, 12/31/21, Strike $4,050.00		1,615,500

	135 59,336,010	Put, 12/31/21, Strike $4,300.00		2,224,800


				4,401,400


		TOTAL PURCHASED OPTIONS (Cost $9,027,269)		5,700,975


			VALUE

	TOTAL INVESTMENTS (134.9%) (Cost $2,741,335,096)		$	3,790,568,999


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-8.6%)			(242,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-26.3%)			(738,193,007	)


	NET ASSETS (100.0%)		$	2,810,375,992


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTIONS (0.0%) #

		*Consumer Discretionary (0.0%)*

		Tesla, Inc.

	160 10,995,200	Put, 01/21/22, Strike $500.00		(452,400	)

	150 10,308,000	Put, 09/17/21, Strike $600.00		(252,750	)


				(705,150	)


		*Information Technology (0.0%)*

	450 12,398,850	Paypal Holdings, Inc. Put, 09/17/21, Strike $270.00		(402,750	)


		TOTAL WRITTEN OPTIONS (Premium $1,483,905)		(1,107,900	)

NOTES TO SCHEDULE OF INVESTMENTS


*		Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $148,436,821.
^		Security, or portion of security, is on loan.
@		In default status and considered non-income producing.
‡		Variable rate security. The rate shown is the rate in effect at July 31, 2021.
&		Illiquid security.
~		Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $11,537,794.
¡		Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
!		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
‡‡		Perpetual maturity.
§		Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

Organization. Calamos Strategic Total Return Fund (the “Fund”) was organized as a Delaware statutory trust on December 31, 2003 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on March 26, 2004.

Significant Accounting Policies. The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted ASU2017-08 as of November 1, 2019, with no material impact on the Fund’s Schedule of Investments.

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The cost basis of investments for federal income tax purposes at July 31, 2021 was as follows*:

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

On September 6, 2017, the Fund issued 9,680,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $242.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at July 31, 2021.

The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in the Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

Previously, the MRPS had been assigned a rating of “AA” by Fitch Ratings, Inc. (“Fitch”). As of December 17, 2020, Kroll Bond Rating Agency LLC (“Kroll”) replaced Fitch as the rating agency for the MRPS. The MRPS have been assigned a rating of `AA-’ by Kroll. If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund, such as Kroll), the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” within the Statement of Operations.

The MRPS rank junior to the Fund’s borrowings under the SSB Agreement and senior to the Fund’s outstanding common stock. The Fund may, at its option, subject to various terms and conditions, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends, plus a make whole premium equal to the discounted value of the remaining scheduled payments. Each class of MRPS is subject to mandatory redemption on the term redemption date specified in the table above. Periodically, the Fund is subject to an overcollateralization test based on applicable rating agency criteria (the “OC Test”) and an asset coverage test with respect to its outstanding senior securities (the “AC Test”). The Fund may be required to redeem MRPS before their term redemption date if it does not comply with one or both tests. So long as any MRPS are outstanding, the Fund may not declare, pay or set aside for payment cash dividends or other distributions on shares of its common stock unless (1) the Fund has satisfied the OC Test on at least one testing date in the preceding 65 days, (2) immediately after such transaction, the Fund would comply with the AC Test, (3) full cumulative dividends on the MRPS due on or prior to the date of such transaction have been declared and paid and (4) the Fund has redeemed all MRPS required to have been redeemed on such date or has deposited funds sufficient for such redemption, subject to certain grace periods and exceptions.

Except as otherwise required pursuant to the Fund’s governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of the Fund, voting separately as a class. Except during any time when the Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the board of trustees on any matter submitted to them for their vote or to the vote of shareholders of the Fund generally.


Cost basis of investments	$	2,739,851,191
Gross unrealized appreciation		1,197,021,779


Gross unrealized depreciation		(147,411,871	)
Net unrealized appreciation (depreciation)	$	1,049,609,908


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	3,220	$25	$80,500,000
Series B	9/06/24	4.00%	3,220	$25	$80,500,000
Series C	9/06/27	4.24%	3,240	$25	$81,000,000
				Total	$242,000,000


**		Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at July 31, 2021.
#		Non-income producing security.


FOREIGN CURRENCY ABBREVIATION
EUR		European Monetary Unit