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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (39.5%)

		*Airlines (0.5%)*

	28,036	Air Canada Pass Through Trust Series 2013-1, Class B* 5.375%, 11/15/22	$	25,193

	300,799	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		248,856

	1,150,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		1,193,269

	893,000	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		923,666

	390,892	Continental Airlines Pass Through Trust Series 2010-1, Class Aµ 4.750%, 07/12/22		379,400

	426,523	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		375,225

	1,054,291	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		944,966

	595,000	United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29		417,446


				4,508,021


		*Communication Services (6.0%)*

	1,630,000	Altice France, SA*^ 7.375%, 05/01/26		1,739,373

	1,250,000	Arrow Bidco, LLC* 9.500%, 03/15/24		988,694

	980,000	Ashtead Capital, Inc.*µ^ 4.000%, 05/01/28		1,022,468

	705,000	Brink’s Company* 5.500%, 07/15/25		750,652

		CenturyLink, Inc.*^

	1,145,000	4.000%, 02/15/27		1,199,004

	475,000	5.125%, 12/15/26		498,969

	1,740,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		1,846,949

		CSC Holdings, LLC*^

	3,100,000	5.500%, 04/15/27		3,329,090

	2,100,000	5.750%, 01/15/30		2,333,551

	1,522,000	5.500%, 05/15/26		1,596,015

	1,899,000	Cumulus Media New Holdings, Inc.* 6.750%, 07/01/26		1,727,283

	750,000	Diamond Sports Group, LLC / Diamond Sports Finance Company* 5.375%, 08/15/26		576,203

	5,706,000	Embarq Corp. 7.995%, 06/01/36		6,761,553

		Entercom Media Corp.*^

	1,371,000	6.500%, 05/01/27		1,234,352

	822,000	7.250%, 11/01/24		688,618

		Frontier Communications Corp.@

	2,377,000	7.625%, 04/15/24		778,503

	1,425,000	11.000%, 09/15/25		506,274

	1,250,000	10.500%, 09/15/22		430,200

	735,000	8.500%, 04/01/26*		725,405


PRINCIPAL AMOUNT			VALUE

	500,000	8.000%, 04/01/27*	$	516,753

	250,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27		266,966

		Hughes Satellite Systems Corp.^

	638,000	6.625%, 08/01/26		711,568

	270,000	5.250%, 08/01/26		296,850

	420,000	iHeartCommunications, Inc.^ 8.375%, 05/01/27		417,900

		Intelsat Jackson Holdings, SA@

	1,730,000	9.750%, 07/15/25*		1,154,896

	985,000	8.000%, 02/15/24*		1,006,867

	475,000	5.500%, 08/01/23		297,927

	850,000	LCPR Senior Secured Financing DAC*^ 6.750%, 10/15/27		917,074

		Netflix, Inc.^

	725,000	4.875%, 06/15/30*		853,999

	525,000	4.875%, 04/15/28		611,200

	1,750,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		1,758,269

		Sirius XM Radio, Inc.*^

	1,250,000	5.500%, 07/01/29		1,393,769

	1,250,000	4.625%, 07/15/24		1,317,125

		Sprint Corp.

	2,675,000	7.875%, 09/15/23		3,109,126

	2,430,000	7.125%, 06/15/24		2,840,378

	1,300,000	7.625%, 03/01/26		1,628,224

	755,000	Telecom Italia Capital, SA 6.000%, 09/30/34		916,445

		Telesat Canada / Telesat, LLC*^

	812,000	4.875%, 06/01/27		829,060

	480,000	6.500%, 10/15/27		494,544

	2,090,000	United States Cellular Corp. 6.700%, 12/15/33		2,615,426

		Windstream Services, LLC / Windstream Finance Corp.@

	392,000	7.750%, 10/01/21		7,642

	167,000	10.500%, 06/30/24*		8,293


				52,703,457


		*Consumer Discretionary (6.7%)*

	474,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		484,369

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	705,000	6.625%, 01/15/28		711,500

	572,000	9.875%, 04/01/27		622,756

	1,185,000	Boyd Gaming Corp. 6.000%, 08/15/26		1,201,211

	1,460,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		1,318,489

	488,000	Carnival Corp.*^ 10.500%, 02/01/26		505,949

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	3,130,000	5.125%, 05/01/27		3,330,163

	1,175,000	5.750%, 02/15/26^		1,232,810

	565,000	5.000%, 02/01/28^		600,341

	476,000	4.250%, 02/01/31^		499,757

	750,000	Cedar Fair, LP^

		5.250%, 07/15/29		710,809


PRINCIPAL AMOUNT			VALUE

		Century Communities, Inc.

	1,250,000	6.750%, 06/01/27	$	1,338,950

	1,095,000	5.875%, 07/15/25^		1,137,437

	2,075,000	Dana Financing Luxembourg Sarl*^ 6.500%, 06/01/26		2,188,285

		DISH DBS Corp.^

	763,000	7.750%, 07/01/26		857,936

	250,000	7.375%, 07/01/28*		265,625

		ESH Hospitality, Inc.*^

	680,000	5.250%, 05/01/25		695,249

	500,000	4.625%, 10/01/27µ		482,185

		Expedia Group, Inc.*µ

	570,000	7.000%, 05/01/25^		615,210

	361,000	6.250%, 05/01/25		395,093

	600,000	Ford Motor Companyµ 8.500%, 04/21/23		666,462

		Ford Motor Credit Company, LLC

	1,300,000	4.063%, 11/01/24^		1,331,973

	1,140,000	3.664%, 09/08/24µ		1,150,317

	1,120,000	4.134%, 08/04/25µ^		1,148,890

	500,000	4.389%, 01/08/26µ		514,020

	200,000	5.125%, 06/16/25µ		213,109

	1,045,000	G-III Apparel Group, Ltd.* 7.875%, 08/15/25		1,054,301

	242,000	Gap, Inc.*µ^ 8.875%, 05/15/27		271,293

	1,215,000	GLP Capital, LP / GLP Financing II, Inc.µ 5.250%, 06/01/25		1,317,030

	2,000,000	goeasy, Ltd.*µ 5.375%, 12/01/24		2,076,240

	1,795,000	Guitar Center, Inc.* 9.500%, 10/15/21		1,268,392

	1,241,000	Hasbro, Inc.µ 6.600%, 07/15/28		1,464,337

	250,000	Installed Building Products, Inc.* 5.750%, 02/01/28		265,741

		International Game Technology, PLC*

	1,260,000	6.250%, 01/15/27^		1,343,185

	301,000	5.250%, 01/15/29µ		307,714

		L Brands, Inc.

	1,413,000	6.875%, 11/01/35		1,355,434

	469,000	9.375%, 07/01/25*		523,369

	238,000	6.875%, 07/01/25*		256,577

	237,000	6.694%, 01/15/27		230,701

	1,200,000	Lennar Corp.^ 5.250%, 06/01/26		1,345,668

		M/I Homes, Inc.

	1,335,000	5.625%, 08/01/25^		1,386,184

	705,000	4.950%, 02/01/28		728,159

	1,278,000	Macy’s Retail Holdings, LLC 3.875%, 01/15/22		1,202,374

	472,000	Macy’s, Inc.*^ 8.375%, 06/15/25		494,208

		Mattel, Inc.*^

	1,250,000	5.875%, 12/15/27		1,345,862

	1,145,000	6.750%, 12/31/25		1,224,331

	1,155,000	Mclaren Finance, PLC* 5.750%, 08/01/22		948,371

	1,185,000	Meredith Corp.* 6.500%, 07/01/25		1,211,698

	1,908,000	Meritage Homes Corp. 7.000%, 04/01/22		2,064,971

		Newell Brands, Inc.µ^

	931,000	4.700%, 04/01/26		1,010,414


PRINCIPAL AMOUNT			VALUE

	233,000	4.875%, 06/01/25	$	253,690

	2,300,000	Penske Automotive Group, Inc.^ 5.375%, 12/01/24		2,361,467

	1,650,000	Rite Aid Corp.* 8.000%, 11/15/26		1,703,460

		Royal Caribbean Cruises, Ltd.*µ

	465,000	11.500%, 06/01/25		512,893

	233,000	10.875%, 06/01/23		246,008

	1,250,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		1,140,687

	750,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		842,948

	1,250,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		1,217,294

	403,665	US Airways Pass Through Trust Series 2012-2, Class Bµ 6.750%, 12/03/22		324,474

	238,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		259,491

	1,000,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		816,300


				58,594,161


		*Consumer Staples (1.5%)*

	750,000	Dean Foods Company*@ 6.500%, 03/15/23		16,477

	482,000	Edgewell Personal Care Company*^ 5.500%, 06/01/28		522,486

	815,000	Energizer Holdings, Inc.* 6.375%, 07/15/26		871,096

	680,000	Fresh Market, Inc.* 9.750%, 05/01/23		558,066

		JBS USA LUX, SA / JBS USA Finance, Inc.*

	1,451,000	5.875%, 07/15/24		1,482,051

	1,275,000	6.750%, 02/15/28µ^		1,427,139

	403,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*

		6.500%, 04/15/29		457,125

		Kraft Heinz Foods Company*

	237,000	4.250%, 03/01/31		261,671

	237,000	3.875%, 05/15/27^		255,683

		New Albertson’s, Inc.

	621,000	7.750%, 06/15/26		693,648

	248,000	8.000%, 05/01/31		281,329

		Pilgrim’s Pride Corp.*

	1,450,000	5.875%, 09/30/27^		1,538,174

	505,000	5.750%, 03/15/25		520,294

		Post Holdings, Inc.*

	1,250,000	5.750%, 03/01/27		1,333,025

	375,000	5.500%, 12/15/29^		412,016

	250,000	5.625%, 01/15/28		273,825

	995,000	Simmons Foods, Inc.*

		7.750%, 01/15/24		1,049,581

	1,320,000	Vector Group, Ltd.*

		6.125%, 02/01/25		1,312,318


				13,266,004


		*Energy (3.7%)*

	480,000	Apache Corp.^

		5.100%, 09/01/40		467,438


PRINCIPAL AMOUNT			VALUE

	738,000	Bruin E&P Partners, LLC*@ 8.875%, 08/01/23	$	1,565

		Buckeye Partners, LP^

	750,000	3.950%, 12/01/26		752,494

	500,000	5.850%, 11/15/43		460,812

	512,000	Calfrac Holdings, LP* 8.500%, 06/15/26		55,393

	2,156,000	California Resources Corp.*@ 8.000%, 12/15/22		49,793

	720,000	ChampionX Corp. 6.375%, 05/01/26		675,922

	1,200,000	Chaparral Energy, Inc.* 8.750%, 07/15/23		119,628

	1,000,000	Cheniere Energy Partners, LP^ 5.625%, 10/01/26		1,058,390

	595,000	Chesapeake Energy Corp.*@ 11.500%, 01/01/25		56,400

		Continental Resources, Inc.^

	965,000	3.800%, 06/01/24		936,339

	725,000	4.375%, 01/15/28		678,147

	1,490,000	DCP Midstream Operating, LP*^‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		1,147,903

		Denbury Resources, Inc.@

	1,191,000	7.750%, 02/15/24*		506,657

	470,000	9.250%, 03/31/22*		200,041

	279,000	5.500%, 05/01/22		5,620

	540,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25		59,856

	700,000	eG Global Finance, PLC* 6.750%, 02/07/25		733,110

		Energy Transfer Operating, LP

	2,215,000	3.269%, 11/01/66‡ 3 mo. USD LIBOR + 3.02%		1,098,507

	1,900,000	5.875%, 01/15/24µ^		2,093,049

	315,000	5.500%, 06/01/27µ		348,565

		EnLink Midstream Partners, LP

	1,235,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		472,443

	1,015,000	4.850%, 07/15/26		788,985

		EP Energy, LLC / Everest Acquisition Finance, Inc.*@

	900,000	9.375%, 05/01/24		702

	604,000	7.750%, 05/15/26		163,512

		EQT Corp.^

	750,000	8.750%, 02/01/30		870,225

	385,000	7.875%, 02/01/25		423,435

	978,000	Genesis Energy, LP / Genesis Energy Finance Corp.^ 6.250%, 05/15/26		920,983

		Gulfport Energy Corp.

	1,200,000	6.375%, 05/15/25		594,390

	720,000	6.000%, 10/15/24		380,664

	250,000	Hess Midstream Operations, LP*^ 5.125%, 06/15/28		254,681

	282,000	HighPoint Operating Corp. 7.000%, 10/15/22		72,144

	235,000	Holly Energy Partners, LP / Holly Energy Finance Corp.* 5.000%, 02/01/28		231,911

	807,000	Laredo Petroleum, Inc.^ 10.125%, 01/15/28		572,232

	1,620,000	Lonestar Resources America, Inc.* 11.250%, 01/01/23		242,085


PRINCIPAL AMOUNT			VALUE

	1,200,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26	$	1,157,670

		Moss Creek Resources Holdings, Inc.*

	500,000	10.500%, 05/15/27		310,050

	455,000	7.500%, 01/15/26		259,985

	500,000	Murphy Oil Corp. 5.875%, 12/01/27		460,525

	450,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		207,527

	625,000	Oasis Petroleum, Inc.* 6.250%, 05/01/26		113,619

		Occidental Petroleum Corp.

	2,615,000	4.300%, 08/15/39^		2,125,498

	1,987,000	2.700%, 08/15/22		1,924,489

	1,912,000	2.900%, 08/15/24^		1,803,207

	760,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		652,677

	750,000	Parkland Fuel Corp.*^ 5.875%, 07/15/27		798,461

	425,000	Parsley Energy, LLC / Parsley Finance Corp.*^ 5.250%, 08/15/25		436,639

	960,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		673,018

	1,050,000	SESI, LLC 7.750%, 09/15/24		366,755

	304,000	SM Energy Company*^ 10.000%, 01/15/25		300,580

		Transocean, Inc.*

	690,000	7.500%, 01/15/26		338,204

	475,000	8.000%, 02/01/27		232,543

	1,300,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23		755,599

	500,000	Viper Energy Partners, LP*^ 5.375%, 11/01/27		520,332

	1,385,000	W&T Offshore, Inc.* 9.750%, 11/01/23		924,155

	460,000	Weatherford International, Ltd.*^ 11.000%, 12/01/24		333,185

	940,000	Whiting Petroleum Corp.@ 6.625%, 01/15/26		175,371

	236,000	WPX Energy, Inc.^ 5.875%, 06/15/28		241,227


				32,605,337


		*Financials (7.0%)*

	3,175,000	Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25		3,208,766

	470,000	AG Issuer, LLC* 6.250%, 03/01/28		476,451

	2,065,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*^ 6.750%, 10/15/27		2,193,742

	1,597,000	Ally Financial, Inc. 8.000%, 11/01/31		2,211,374

	1,975,000	Amwins Group, Inc.* 7.750%, 07/01/26		2,176,331

	2,200,000	AssuredPartners, Inc.* 7.000%, 08/15/25		2,246,596


PRINCIPAL AMOUNT			VALUE

		Aviation Capital Group, LLC*µ

	819,000	3.500%, 11/01/27	$	735,691

	486,000	3.875%, 05/01/23^		477,257

	250,000	6.750%, 04/06/21		255,128

	575,000	Bank of America Corp.^‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		544,695

	2,335,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26		1,937,349

		Credit Acceptance Corp.

	1,250,000	6.625%, 03/15/26^		1,317,000

	869,000	5.125%, 12/31/24*		884,985

	297,000	Cushman & Wakefield US Borrower, LLC*^ 6.750%, 05/15/28		318,417

	1,250,000	Donnelley Financial Solutions, Inc.^ 8.250%, 10/15/24		1,268,212

	810,000	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate		505,254

	1,563,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,589,001

		HAT Holdings I, LLC / HAT Holdings II, LLC*

	750,000	5.250%, 07/15/24^		782,621

	237,000	6.000%, 04/15/25µ		255,290

	4,250,000	HUB International, Ltd.*^ 7.000%, 05/01/26		4,455,147

	1,180,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ^ 5.250%, 05/15/27		1,243,974

	1,825,000	ILFC E-Capital Trust II*µ‡ 3.270%, 12/21/65 3 mo. USD LIBOR + 1.80%		944,228

	2,195,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		2,308,635

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

	3,140,000	7.250%, 08/15/24		2,904,877

	1,250,000	6.250%, 06/03/26		1,267,919

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

	2,114,000	5.250%, 10/01/25		1,928,264

	237,000	4.250%, 02/01/27^		200,498

	1,040,000	Level 3 Financing, Inc.^ 5.375%, 05/01/25		1,074,330

	2,168,000	LPL Holdings, Inc.*^ 5.750%, 09/15/25		2,264,530

	2,085,000	MetLife, Inc.µ 6.400%, 12/15/66		2,576,434

		Navient Corp.

	2,113,000	5.000%, 03/15/27^		2,025,818

	1,025,000	6.750%, 06/25/25^		1,073,795

	632,000	6.500%, 06/15/22		659,293

	1,080,000	NexBank Capital, Inc.*‡ 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		1,073,061

		OneMain Finance Corp.

	1,640,000	6.875%, 03/15/25^		1,836,169

	1,230,000	7.125%, 03/15/26^		1,445,318


PRINCIPAL AMOUNT			VALUE

	380,000	8.875%, 06/01/25	$	430,208

	250,000	6.625%, 01/15/28		286,664

	578,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 7.500%, 06/01/25		615,761

	1,250,000	Radian Group, Inc. 4.875%, 03/15/27		1,218,962

	1,300,000	Simmons First National Corp.‡ 5.000%, 04/01/28 3 mo. USD LIBOR + 2.15%		1,295,749

	1,250,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		1,207,656

	466,000	StoneX Group, Inc.* 8.625%, 06/15/25		500,505

	670,000	Towne Bank‡ 4.500%, 07/30/27 3 mo. USD LIBOR + 2.55%		678,710

	440,000	Tronox Finance, PLC* 5.750%, 10/01/25		439,747

		VICI Properties, LP / VICI Note Company, Inc.*

	940,000	3.750%, 02/15/27µ		948,300

	528,000	4.625%, 12/01/29µ		556,032

	470,000	4.125%, 08/15/30^		476,190


				61,320,934


		*Health Care (4.1%)*

	2,300,000	Acadia Healthcare Company, Inc. 5.625%, 02/15/23		2,338,605

	2,730,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		3,056,126

	1,000,000	Centene Corp.^ 4.250%, 12/15/27		1,067,780

		CHS/Community Health Systems, Inc.

	3,793,000	8.125%, 06/30/24*^		2,427,368

	1,100,000	8.000%, 03/15/26*		1,127,236

	750,000	6.250%, 03/31/23^		759,540

	1,206,000	DaVita, Inc.*^ 4.625%, 06/01/30		1,286,886

		Encompass Health Corp.

	470,000	4.750%, 02/01/30		497,876

	470,000	4.500%, 02/01/28^		497,244

		HCA, Inc.µ

	4,055,000	5.875%, 05/01/23		4,469,157

	1,175,000	7.500%, 11/06/33		1,584,805

	1,650,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23		267,836

	1,025,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		603,628

		Tenet Healthcare Corp.

	2,250,000	6.250%, 02/01/27*		2,392,954

	1,405,000	4.625%, 07/15/24^		1,438,720

	1,315,000	6.875%, 11/15/31		1,267,127

	1,250,000	4.875%, 01/01/26*^		1,308,563

	1,500,000	Teva Pharmaceutical Finance Company, BV^ 2.950%, 12/18/22		1,487,288

		Teva Pharmaceutical Finance Netherlands III, BV

	3,250,000	2.800%, 07/21/23^		3,160,982

	2,050,000	6.000%, 04/15/24		2,172,118


PRINCIPAL AMOUNT			VALUE

	2,350,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25	$	2,387,177


				35,599,016


		*Industrials (6.2%)*

	1,195,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,195,920

	1,450,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		1,491,136

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

	1,230,000	5.750%, 03/15/25		1,273,800

	1,175,000	4.625%, 01/15/27*		1,250,729

	703,000	4.875%, 02/15/30*		759,437

		Allison Transmission, Inc.*^

	825,000	4.750%, 10/01/27		859,320

	525,000	5.000%, 10/01/24		536,975

	245,000	5.875%, 06/01/29		271,205

		American Airlines Group, Inc.*

	1,015,000	5.000%, 06/01/22		567,989

	700,000	3.750%, 03/01/25^		311,497

	2,450,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		2,508,641

		Avolon Holdings Funding, Ltd.*µ

	500,000	5.250%, 05/15/24		465,710

	431,000	2.875%, 02/15/25		370,916

	1,245,000	Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25		1,222,559

		Cascades, Inc. /Cascades USA, Inc.*

	750,000	5.125%, 01/15/26		776,989

	500,000	5.375%, 01/15/28^		520,970

		Colt Merger Sub, Inc.*

	472,000	8.125%, 07/01/27^		482,620

	472,000	6.250%, 07/01/25		494,949

		Covanta Holding Corp.

	1,400,000	5.875%, 03/01/24		1,437,933

	290,000	5.875%, 07/01/25		303,446

	1,250,000	Delphi Technologies, PLC* 5.000%, 10/01/25		1,382,706

		Delta Air Lines, Inc.

	239,000	7.375%, 01/15/26^		237,314

	236,000	3.800%, 04/19/23		220,495

	475,000	EnerSys* 4.375%, 12/15/27		481,244

	2,580,000	Fly Leasing, Ltd.^ 5.250%, 10/15/24		2,103,409

		Golden Nugget, Inc.*^

	1,360,000	6.750%, 10/15/24		947,784

	1,340,000	8.750%, 10/01/25		703,574

	533,000	GPC Merger Sub, Inc.* 7.125%, 08/15/28		555,652

	500,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		482,097

	625,000	Graphic Packaging International, LLC*µ 4.750%, 07/15/27		679,744

	1,215,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		1,261,176

	1,835,000	H&E Equipment Services, Inc.^ 5.625%, 09/01/25		1,910,850

	1,250,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		1,326,975


PRINCIPAL AMOUNT			VALUE

		Howmet Aerospace, Inc.^

	1,450,000	5.125%, 10/01/24µ	$	1,559,540

	429,000	6.875%, 05/01/25		486,643

	1,250,000	Jeld-Wen, Inc.*^ 4.625%, 12/15/25		1,269,656

	511,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		552,549

	474,000	MasTec, Inc.* 4.500%, 08/15/28		495,761

	2,053,000	Meritor, Inc.^ 6.250%, 02/15/24		2,105,906

	588,000	Moog, Inc.*^ 4.250%, 12/15/27		600,713

	1,175,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		1,214,192

		Navistar International Corp.*

	850,000	6.625%, 11/01/25		872,376

	480,000	9.500%, 05/01/25		548,758

	940,000	Novelis Corp.*^ 4.750%, 01/30/30		983,212

	1,700,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		1,496,850

	505,000	Patrick Industries, Inc.*^ 7.500%, 10/15/27		539,325

	236,000	Picasso Finance Sub, Inc.*^ 6.125%, 06/15/25		252,145

	790,000	Scientific Games International, Inc.* 5.000%, 10/15/25		785,138

		Standard Industries, Inc.*^

	475,000	5.000%, 02/15/27		508,851

	236,000	4.375%, 07/15/30		255,239

		Station Casinos, LLC*^

	1,435,000	4.500%, 02/15/28		1,286,341

	1,224,000	5.000%, 10/01/25		1,161,313

	785,000	Tennant Company 5.625%, 05/01/25		815,733

	1,000,000	TransDigm UK Holdings, PLC^ 6.875%, 05/15/26		1,012,030

		TransDigm, Inc.

	1,260,000	6.250%, 03/15/26*		1,330,969

	700,000	7.500%, 03/15/27^		715,165

		United Rentals North America, Inc.

	480,000	6.500%, 12/15/26^		533,371

	450,000	5.875%, 09/15/26^		481,334

	239,000	3.875%, 02/15/31		239,000

	615,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		630,458

		WESCO Distribution, Inc.*

	470,000	7.125%, 06/15/25		516,948

	235,000	7.250%, 06/15/28		257,149

	237,000	WR Grace & Co-Conn*µ 4.875%, 06/15/27		252,689

	1,250,000	XPO Logistics, Inc.*µ^ 6.750%, 08/15/24		1,345,294


				54,500,409


		*Information Technology (1.0%)*

	500,000	CDK Global, Inc.*^ 5.250%, 05/15/29		547,798

	1,125,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		1,151,387


PRINCIPAL AMOUNT			VALUE

		Dell International, LLC / EMC Corp.*µ

	1,155,000	6.020%, 06/15/26	$	1,354,272

	750,000	6.100%, 07/15/27		887,141

	425,000	5.850%, 07/15/25		497,050

	480,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		502,582

	750,000	MTS Systems Corp.* 5.750%, 08/15/27		730,290

	705,000	Open Text Corp.*^ 3.875%, 02/15/28		737,169

	646,000	PTC, Inc.*^ 4.000%, 02/15/28		679,101

	1,495,000	Vericast Corp.*^ 8.375%, 08/15/22		1,211,152


				8,297,942


		*Materials (1.7%)*

	1,625,000	Alcoa Nederland Holding, BV* 7.000%, 09/30/26		1,762,467

	534,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		508,464

	725,000	ArcelorMittal, SA 7.250%, 10/15/39		964,700

	412,000	Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.* 6.000%, 02/15/25		431,088

	650,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		653,916

		Freeport-McMoRan, Inc.

	645,000	5.000%, 09/01/27µ^		688,402

	475,000	5.450%, 03/15/43µ		529,079

	425,000	5.400%, 11/14/34^		478,125

	900,000	INEOS Group Holdings, SA*^ 5.625%, 08/01/24		906,593

	725,000	JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26		766,408

		Kaiser Aluminum Corp.*

	745,000	4.625%, 03/01/28		741,845

	449,000	6.500%, 05/01/25		478,167

	250,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		276,605

		New Gold, Inc.*

	897,000	6.375%, 05/15/25		932,808

	237,000	7.500%, 07/15/27^		257,778

	250,000	Norbord, Inc.*^ 5.750%, 07/15/27		266,520

	475,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		518,897

		PBF Holding Company, LLC / PBF Finance Corp.^

	2,050,000	7.250%, 06/15/25		1,852,175

	240,000	9.250%, 05/15/25*		268,795

	1,105,000	Silgan Holdings, Inc.^ 4.125%, 02/01/28		1,135,531

	750,000	Univar Solutions USA, Inc.*^ 5.125%, 12/01/27		793,316


				15,211,679


		*Real Estate (0.5%)*

	1,225,000	CBL & Associates, LP 5.250%, 12/01/23		293,957

		Forestar Group, Inc.*

	1,250,000	8.000%, 04/15/24		1,348,512


PRINCIPAL AMOUNT			VALUE

	750,000	5.000%, 03/01/28	$	748,939

		Service Properties Trust

	1,250,000	4.350%, 10/01/24		1,122,181

	465,000	5.250%, 02/15/26		419,093


				3,932,682


		*Utilities (0.6%)*

	705,000	Calpine Corp.*^ 4.500%, 02/15/28		737,000

	755,000	NRG Energy, Inc. 6.625%, 01/15/27		811,617

	1,694,000	PPL Capital Funding, Inc.µ‡ 2.973%, 03/30/67 3 mo. USD LIBOR + 2.67%		1,282,951

		Talen Energy Supply, LLC*^

	500,000	10.500%, 01/15/26		388,265

	250,000	7.250%, 05/15/27		260,203

	1,250,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,375,744


				4,855,780


		TOTAL CORPORATE BONDS (Cost $362,765,088)		345,395,422



	CONVERTIBLE BONDS (78.1%)

		*Communication Services (8.4%)*

	2,750,000	Bandwidth, Inc.*µ 0.250%, 03/01/26		4,646,551

	6,750,000	GCI Liberty, Inc.* 1.750%, 09/30/46		10,653,964

		Liberty Media Corp.

	8,550,000	1.375%, 10/15/23		9,308,983

	5,350,000	2.250%, 09/30/46		2,555,187

	4,500,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		5,223,308

	7,450,000	Match Group FinanceCo 3, Inc.* 2.000%, 01/15/30		10,951,202

	7,000,000	Sea, Ltd.* 2.375%, 12/01/25		10,838,590

		Snap, Inc.*

	5,750,000	0.750%, 08/01/26		7,232,494

	1,636,000	0.250%, 05/01/25		2,077,139

	7,400,000	Zynga, Inc. 0.250%, 06/01/24		9,909,932


				73,397,350


		*Consumer Discretionary (18.0%)*

	9,000,000	Booking Holdings, Inc.*^ 0.750%, 05/01/25		11,376,855

	6,250,000	Burlington Stores, Inc.* 2.250%, 04/15/25		7,052,219

	6,250,000	Carnival Corp.* 5.750%, 04/01/23		9,081,531

	2,344,000	Chegg, Inc. 0.125%, 03/15/25		3,925,427

	6,500,000	Dick’s Sporting Goods, Inc.*^ 3.250%, 04/15/25		9,805,185

	2,512,000	DISH Network Corp.~ 2.375%, 03/15/24		2,310,927

	8,750,000	Etsy, Inc.* 0.125%, 10/01/26		13,297,725

	1,416,000	Guess, Inc. 2.000%, 04/15/24		991,044


PRINCIPAL AMOUNT			VALUE

		Liberty Interactive, LLC

	1,220,000	4.000%, 11/15/29	$	869,274

	615,000	3.750%, 02/15/30		437,419

		NCL Corp., Ltd.*

	4,255,000	5.375%, 08/01/25		3,963,915

	3,000,000	6.000%, 05/15/24		3,526,620

	6,750,000	RH* 0.000%, 09/15/24		9,941,029

	15,250,000	Royal Caribbean Cruises, Ltd.*~ 4.250%, 06/15/23		14,605,459

	9,845,000	Tesla, Inc.~ 2.000%, 05/15/24		46,183,338

	3,500,000	Under Armour, Inc.* 1.500%, 06/01/24		4,210,815

	6,250,000	Wayfair, Inc.* 1.000%, 08/15/26		11,821,281

	3,750,000	Winnebago Industries, Inc.* 1.500%, 04/01/25		4,413,094


				157,813,157


		*Energy (2.3%)*

	418,000	Denbury Resources, Inc.*@ 6.375%, 12/31/24		57,212

	2,734,000	Helix Energy Solutions Group, Inc. 4.125%, 09/15/23		2,440,874

	3,750,000	Integra LifeSciences Holdings Corp.* 0.500%, 08/15/25		3,503,569

	5,250,000	Nabors Industries, Inc. 0.750%, 01/15/24		1,601,906

	5,186,000	Oil States International, Inc. 1.500%, 02/15/23		2,715,182

	7,000,000	Pioneer Natural Resources Company*^~ 0.250%, 05/15/25		8,310,715

		SunEdison, Inc.@

	9,411,000	0.250%, 01/15/20		242,051

	898,000	2.000%, 10/01/18		23,096

	3,000,000	Transocean, Inc. 0.500%, 01/30/23		1,183,005


				20,077,610


		*Financials (0.1%)*

	1,250,000	Prospect Capital Corp. 4.950%, 07/15/22		1,265,219


		*Health Care (14.8%)*

	16,500,000	BioMarin Pharmaceutical, Inc.*µ 1.250%, 05/15/27		19,252,282

	2,750,000	CONMED Corp.^ 2.625%, 02/01/24		3,133,928

	14,000,000	DexCom, Inc.*^ 0.250%, 11/15/25		15,155,140

	2,426,000	Envista Holdings Corp.*^ 2.375%, 06/01/25		3,057,694

	6,750,000	Exact Sciences Corp.^ 0.375%, 03/15/27		7,427,261

	2,700,000	Flexion Therapeutics, Inc. 3.375%, 05/01/24		2,338,754

	5,000,000	Illumina, Inc.^~ 0.500%, 06/15/21		7,680,600

	13,500,000	Insulet Corp.*^~ 0.375%, 09/01/26		15,561,450

	3,000,000	Invitae Corp.*^ 2.000%, 09/01/24		3,670,785


PRINCIPAL AMOUNT			VALUE

	3,750,000	Jazz Investments I, Ltd.* 2.000%, 06/15/26	$	3,867,638

	3,840,000	NanoString Technologies, Inc.* 2.625%, 03/01/25		4,032,480

	2,100,000	Neurocrine Biosciences, Inc. 2.250%, 05/15/24		3,482,336

	4,000,000	NuVasive, Inc.* 0.375%, 03/15/25		3,710,100

	8,000,000	Pacira BioSciences, Inc.* 0.750%, 08/01/25		8,144,800

	6,470,000	Repligen Corp. 0.375%, 07/15/24		9,384,023

	1,675,000	Sarepta Therapeutics, Inc. 1.500%, 11/15/24		3,721,741

	3,500,000	Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		4,323,147

	6,750,000	Teladoc Health, Inc.* 1.250%, 06/01/27		8,686,575

	3,268,000	Tricida, Inc.* 3.500%, 05/15/27		2,530,641


				129,161,375


		*Industrials (5.8%)*

	7,250,000	Air Canada* 4.000%, 07/01/25		7,583,645

	3,750,000	Air Transport Services Group, Inc.µ 1.125%, 10/15/24		3,786,675

	10,000,000	American Airlines Group, Inc.µ 6.500%, 07/01/25		8,290,450

	3,650,000	Atlas Air Worldwide Holdings, Inc.µ 1.875%, 06/01/24		3,962,495

	3,000,000	Chart Industries, Inc.* 1.000%, 11/15/24		4,015,590

	7,000,000	Lyft, Inc.* 1.500%, 05/15/25		7,492,835

	13,380,000	Southwest Airlines Company^~ 1.250%, 05/01/25		15,622,956


				50,754,646


		*Information Technology (28.1%)*

	505,000	Advanced Micro Devices, Inc.µ 2.125%, 09/01/26		4,880,982

	7,750,000	Akamai Technologies, Inc.*µ 0.375%, 09/01/27		8,939,819

		Alteryx, Inc.*µ^

	4,167,000	0.500%, 08/01/24		5,013,318

	3,500,000	1.000%, 08/01/26		4,300,957

	3,500,000	Cloudflare, Inc.* 0.750%, 05/15/25		4,745,230

	11,750,000	Coupa Software, Inc.* 0.375%, 06/15/26		14,750,715

	7,250,000	Datadog, Inc.* 0.125%, 06/15/25		9,165,450

	3,000,000	Envestnet, Inc. 1.750%, 06/01/23		3,998,835

	2,500,000	Everbridge, Inc.* 0.125%, 12/15/24		3,569,488

	3,500,000	Five9, Inc.* 0.500%, 06/01/25		4,050,288

	4,500,000	II-VI, Inc. 0.250%, 09/01/22		5,735,025

	13,250,000	Inphi Corp.*~ 0.750%, 04/15/25		17,261,967


PRINCIPAL AMOUNT			VALUE

	7,000,000	Lumentum Holdings, Inc.*^ 0.500%, 12/15/26	$	8,209,950

	15,000,000	Microchip Technology, Inc.~ 1.625%, 02/15/27		21,977,625

	6,750,000	MongoDB, Inc.*~ 0.250%, 01/15/26		8,808,109

		Okta, Inc.*

	7,500,000	0.125%, 09/01/25		10,222,087

	4,000,000	0.375%, 06/15/26		4,694,900

	8,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		9,872,325

	6,750,000	Proofpoint, Inc.* 0.250%, 08/15/24		6,930,630

	2,000,000	Q2 Holdings, Inc.^ 0.750%, 06/01/26		2,492,760

	3,870,000	RingCentral, Inc.* 0.000%, 03/01/25		4,251,969

	3,750,000	Silicon Laboratories, Inc.* 0.625%, 06/15/25		4,108,931

	5,750,000	Slack Technologies, Inc.* 0.500%, 04/15/25		7,002,264

	18,000,000	Splunk, Inc.*~ 1.125%, 06/15/27		20,411,190

	10,750,000	Square, Inc.*~ 0.125%, 03/01/25		14,326,525

	3,000,000	Viavi Solutions, Inc. 1.750%, 06/01/23		3,568,710

	1,500,000	Wix.com, Ltd.^ 0.000%, 07/01/23		3,148,350

	9,500,000	Workday, Inc. 0.250%, 10/01/22		12,836,257

	7,750,000	Zendesk, Inc.* 0.625%, 06/15/25		8,764,126

	7,250,000	Zscaler, Inc.* 0.125%, 07/01/25		8,252,965


				246,291,747


		*Real Estate (0.6%)*

	3,600,000	IH Merger Sub, LLC 3.500%, 01/15/22		4,940,676


		TOTAL CONVERTIBLE BONDS (Cost $594,873,314)		683,701,780



	BANK LOANS (4.7%) ¡

		*Communication Services (1.0%)*

	1,290,250	Clear Channel Outdoor Holdings, Inc.‡ 3.761%, 08/21/26 3 mo. LIBOR + 3.50%		1,153,296

	818,813	CommScope, Inc.‡ 3.411%, 04/06/26 1 mo. LIBOR + 3.25%		804,311

	545,882	CSC Holdings, LLC‡ 2.675%, 04/15/27 1 mo. LIBOR + 2.50%		530,245

	1,250,357	Frontier Communications Corp.‡ 3.918%, 06/15/24 1 mo. LIBOR + 3.75%		1,234,728

	965,150	iHeartCommunications, Inc.‡ 3.161%, 05/01/26 1 mo. LIBOR + 3.00%		906,170

	2,297,500	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		2,324,163


PRINCIPAL AMOUNT			VALUE

	1,025,000	Intelsat Jackson Holdings, SA‡ 8.750%, 01/02/24 3 mo. PRIME + 5.50%	$	1,035,394

	720,000	Parexel International Corp.‡ 2.911%, 09/27/24 1 mo. LIBOR + 2.75%		694,026

	276,403	Townsquare Media, Inc.‡ 4.000%, 04/01/22 3 mo. LIBOR + 3.00%		264,079


				8,946,412


		*Consumer Discretionary (0.8%)*

	949,686	Michaels Stores, Inc.‡ 3.534%, 01/30/23 3 mo. LIBOR + 2.50%		908,731

	2,751,614	PetSmart, Inc.‡ 5.000%, 03/11/22 3 mo. LIBOR + 4.00%		2,744,748

	1,376,617	Staples, Inc.‡ 5.687%, 04/16/26 3 mo. LIBOR + 5.00%		1,192,212

	2,025,162	Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		2,016,556


				6,862,247


		*Energy (0.2%)*

	800,000	Epic Crude Services, LP‡ 5.370%, 03/02/26 3 mo. LIBOR + 5.00%		634,668

	200,933	McDermott Technology Americas, Inc.‡ 4.167%, 06/30/25 1 mo. LIBOR + 4.00%		162,420

	16,010	McDermott Technology Americas, Inc.‡ 3.167%, 06/30/24 1 mo. LIBOR + 3.00%		14,409

	1,095,395	Par Pacific Holdings, Inc.‡ 7.020%, 01/12/26 3 mo. LIBOR + 6.75%		969,424


				1,780,921


		*Financials (0.2%)*

	1,266,825	Connect Finco Sarl‡ 5.500%, 12/11/26 1 mo. LIBOR + 4.50%		1,237,796

	653,091	GLP Financing, LLC‡ 1.664%, 04/28/21 1 mo. LIBOR + 1.50%		651,458

	269,862	Level 3 Financing, Inc.‡ 1.911%, 03/01/27 1 mo. LIBOR + 1.75%		262,048


				2,151,302


		*Health Care (1.1%)*

	2,449,422	Amneal Pharmaceuticals, LLC‡ 3.688%, 05/04/25 1 mo. LIBOR + 3.50%		2,313,173

	1,731,077	Endo International, PLC‡ 5.000%, 04/29/24 3 mo. LIBOR + 4.25%		1,663,115


PRINCIPAL AMOUNT			VALUE

	1,632,043	Gentiva Health Services, Inc.‡ 3.438%, 07/02/25 1 mo. LIBOR + 3.25%	$	1,612,663

	1,113,700	Mallinckrodt International Finance, SA‡ 3.500%, 09/24/24 6 mo. LIBOR + 2.75%		936,488

	1,562,495	Ortho Clinical Diagnostics, SA‡ 3.416%, 06/30/25 1 mo. LIBOR + 3.25%		1,523,433

	2,206,663	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		1,761,193


				9,810,065


		*Industrials (0.9%)*

	1,782,000	Berry Global, Inc.‡ 2.188%, 07/01/26 1 mo. LIBOR + 2.00%		1,732,719

	482,625	BW Gas & Convenience Holdings, LLC‡ 6.430%, 11/18/24 1 mo. LIBOR + 6.25%		473,331

	260,900	BW Gas & Convenience Holdings, LLC! 0.000%, 11/18/24		260,900

	1,022,438	Dun & Bradstreet Corp.‡ 3.922%, 02/06/26 1 mo. LIBOR + 3.75%		1,019,350

	749,338	Granite US Holdings Corp.‡ 6.322%, 09/30/26 3 mo. LIBOR + 5.25%		661,290

	1,253,924	Navistar International Corp.‡ 3.690%, 11/06/24 1 mo. LIBOR + 3.50%		1,218,914

	657,993	RegionalCare Hospital Partners Holdings, Inc.‡ 3.911%, 11/17/25 1 mo. LIBOR + 3.75%		645,067

	1,596,832	Scientific Games International, Inc.‡ 3.473%, 08/14/24 6 mo. LIBOR + 2.75%		1,459,105

	271,552	TransDigm, Inc.‡ 2.411%, 12/09/25 1 mo. LIBOR + 2.25%		254,944


				7,725,620


		*Information Technology (0.4%)*

	1,132,750	BMC Software Finance, Inc.‡ 4.411%, 10/02/25 1 mo. LIBOR + 4.25%		1,096,371

	1,194,000	Camelot U.S. Acquisition 1 Company‡ 3.161%, 10/30/26 1 mo. LIBOR + 3.00%		1,172,359

	1,096,684	VFH Parent, LLC‡ 3.178%, 03/01/26 1 mo. LIBOR + 3.00%		1,089,144


				3,357,874


		*Materials (0.1%)*

	728,175	Innophos, Inc.‡ 3.911%, 02/04/27 1 mo. LIBOR + 3.75%		721,803


NUMBER OF SHARES			VALUE

		TOTAL BANK LOANS (Cost $43,440,205)	$	41,356,244



	CONVERTIBLE PREFERRED STOCKS (15.7%)

		*Communication Services (0.9%)*

	7,750	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		8,075,422


		*Consumer Discretionary (0.9%)*

	78,610	Aptiv, PLC 5.500%, 06/15/23		8,034,728


		*Consumer Staples (0.4%)*

	35,755	Energizer Holdings, Inc. 7.500%, 01/15/22		3,593,377


		*Energy (0.3%)*

		NuStar Energy, LP‡

	62,620	7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		1,095,224

	37,094	8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		713,317

	43,000	NuStar Logistics, LP‡ 7.009%, 01/15/43 3 mo. USD LIBOR + 6.73%		866,020


				2,674,561


		*Financials (2.4%)*

	32,300	Assurant, Inc.µ 6.500%, 03/15/21		3,491,307

	4,600	Bank of America Corp.‡‡ 7.250%		6,895,446

	8,100	Wells Fargo & Company‡‡ 7.500%		10,947,150


				21,333,903


		*Health Care (1.9%)*

	70,970	Boston Scientific Corp.µ 5.500%, 06/01/23		7,969,221

	5,945	Danaher Corp. 4.750%, 04/15/22		8,436,669


				16,405,890


		*Industrials (1.9%)*

	10,855	Fortive Corp. 5.000%, 07/01/21		9,598,208

	73,760	Stanley Black & Decker, Inc. 5.250%, 11/15/22		7,041,130


				16,639,338


		*Information Technology (2.0%)*

	15,360	Broadcom, Inc.~ 8.000%, 09/30/22		17,524,378


		*Utilities (5.0%)*

	135,895	American Electric Power Company, Inc.µ 6.125%, 03/15/22		7,012,182


NUMBER OF SHARES			VALUE

	95,000	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§** 4.566%, 09/15/29	$	5,502,543

	83,670	Dominion Energy, Inc. 7.250%, 06/01/22		8,700,843

	68,440	DTE Energy Company 6.250%, 11/01/22		3,085,960

		NextEra Energy, Inc.

	138,185	4.872%, 09/01/22		7,629,194

	77,785	5.279%, 03/01/23		3,767,905

		Sempra Energy

	38,350	6.750%, 07/15/21^		3,970,759

	35,250	6.000%, 01/15/21		3,600,435


				43,269,821


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $136,869,818)		137,551,418



	COMMON STOCKS (0.6%)

		*Communication Services (0.0%)*

	6,663	Cumulus Media, Inc. - Class A#		26,186


		*Energy (0.5%)*

	1,875	Chevron Corp.		157,387

	58,950	Energy Transfer, LP		386,122

	64,780	Enterprise Products Partners, LP~		1,140,128

	13,550	GasLog, Ltd.^		39,566

	17,855	Magellan Midstream Partners, LP		722,949

	110,309	Mcdermott International, Ltd.#		391,596

	6,925	Schlumberger, Ltd.		125,620

	344,673	Southwestern Energy Company#		837,555

	25,965	Targa Resources Corp.		474,640

	36,427	Tidewater, Inc.^#		226,576

	49,917	Transocean, Ltd.^#		101,831

	15,224	Weatherford International, PLC^#		26,338

	8,500	Williams Companies, Inc.^		162,605


				4,792,913


		*Financials (0.1%)*

	13,850	American International Group, Inc.		445,139


		TOTAL COMMON STOCKS (Cost $17,614,953)		5,264,238



	WARRANTS (0.0%) #

		*Energy (0.0%)*

	47,739	Mcdermott International, Ltd. 05/01/24, Strike $15.98		5

	42,965	Mcdermott International, Ltd. 05/01/24, Strike $12.33		4


		TOTAL WARRANTS (Cost $18,376)		9


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.2%) #

		*Consumer Discretionary (0.0%)*

	165 23,607,540	Tesla, Inc. Put, 08/21/20, Strike $950.00	$	90,338


		*Financials (0.1%)*

	3,325 8,272,600	Bank of America Corp. Call, 01/15/21, Strike $28.00		433,912

	2,800 6,792,800	Wells Fargo & Company Call, 01/15/21, Strike $55.00		18,200


				452,112


		*Information Technology (0.1%)*

	140 5,280,240	Lam Research Corp. Call, 01/15/21, Strike $300.00		1,304,100


		TOTAL PURCHASED OPTIONS (Cost $4,115,970)		1,846,550


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENT (2.7%)

	23,680,811	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.040%*** (Cost $23,680,811)		23,680,811



	TOTAL INVESTMENTS (141.5%) (Cost $1,183,378,535)			1,238,796,472


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-11.4%)			(100,000,000)


	LIABILITIES, LESS OTHER ASSETS (-30.1%)			(263,099,889)


	NET ASSETS (100.0%)		$	875,696,583



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTION (-0.4%) #

		*Consumer Discretionary (-0.4%)*

	165 23,607,540	Tesla, Inc. Call, 08/21/20, Strike $1,250.00 (Premium $665,501)		(3,529,763)

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.

!	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.

**	Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at July 31, 2020.

#	Non-income producing security.

***

The rate disclosed is the 7 day net yield as of July 31, 2020.

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

Organization. Calamos Convertible Opportunities and Income Fund (the “Fund”) was organized as a Delaware statutory trust on April 17, 2002 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 June 26, 2002.

The Fund’s investment strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest at least 80% of its managed assets in a diversified portfolio of convertibles and non-convertible income securities and under normal circumstances, the Fund will invest at least 35% of its managed assets in convertible securities. The Fund invests in securities with a broad range of maturities. The average term to maturity of the Fund’s securities typically will range from five to ten years. A substantial portion of the Fund’s assets may be invested in below investment grade (high yield, high risk) securities. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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, FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted this ASU 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, 2020 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 4,000,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $100.0 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, 2020.

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.

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 Fitch Ratings, Inc. (“Fitch”). 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), 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	$1,182,713,034

Gross unrealized appreciation	143,133,414
Gross unrealized depreciation	(90,579,739	)

Net unrealized appreciation (depreciation)	$52,553,675


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	1,330	$25	$33,250,000
Series B	9/06/24	4.00%	1,330	$25	$33,250,000
Series C	9/06/27	4.24%	1,340	$25	$33,500,000
				Total	$100,000,000