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PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (39.8%)
		*Airlines (1.1%)*

	1,501,112	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	1,474,797

	211,199	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		206,961

	1,014,780	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		1,001,619

	644,607	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		676,972

	1,156,000	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		969,491

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

	717,000	5.500%, 04/20/26		707,758

	239,000	5.750%, 04/20/29		229,139

	1,099,501	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		949,870

	770,952	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		777,443

	591,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		616,525

	725,387	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		721,382

	461,355	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		399,649


				8,731,606

		*Communication Services (4.5%)*

	1,100,000	Altice France, SA* 5.500%, 10/15/29		951,291

	1,160,000	APi Escrow Corp.* 4.750%, 10/15/29		978,947

	1,490,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,502,903

		Audacy Capital Corp.*

	478,000	6.750%, 03/31/29		231,792

	448,000	6.500%, 05/01/27		222,311

	717,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		546,906

	356,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		325,950

	1,465,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,262,273

		CSC Holdings, LLC*

	2,050,000	5.500%, 04/15/27		1,987,454

	1,600,000	5.750%, 01/15/30		1,292,688

	1,450,000	5.375%, 02/01/28^		1,378,965

	1,350,000	4.625%, 12/01/30		1,027,890

	440,000	4.500%, 11/15/31		374,849


PRINCIPAL AMOUNT			VALUE

		Diamond Sports Group, LLC / Diamond Sports Finance Company*

	750,000	6.625%, 08/15/27	$	74,168

	540,000	5.375%, 08/15/26		118,417

	1,800,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		1,683,468

	914,000	Embarq Corp. 7.995%, 06/01/36		754,324

	1,000,000	Frontier California, Inc. 6.750%, 05/15/27		965,190

		Frontier Communications Holdings, LLC*

	605,000	5.000%, 05/01/28		568,682

	239,000	8.750%, 05/15/30		254,129

	1,039,000	Frontier Florida, LLC@ 6.860%, 02/01/28		985,533

	1,445,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,379,065

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

	835,000	3.500%, 03/01/29		745,296

	250,000	5.250%, 12/01/27		244,770

	270,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		274,115

		Intelsat Jackson Holdings, SA@&

	731,000	9.750%, 07/15/25*		1

	475,000	5.500%, 08/01/23		—

	1,215,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,190,518

	618,670	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		329,467

		Lumen Technologies, Inc.

	1,517,000	7.600%, 09/15/39		1,229,756

	1,145,000	4.000%, 02/15/27*		1,064,289

	481,000	4.500%, 01/15/29*		381,731

	478,000	Match Group Holdings II, LLC*^ 3.625%, 10/01/31		405,908

	840,000	Midas OpCo Holdings, LLC* 5.625%, 08/15/29		707,658

		Netflix, Inc.

	725,000	4.875%, 06/15/30*^		712,885

	525,000	4.875%, 04/15/28		521,498

	480,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		454,982

		Scripps Escrow II, Inc.*

	477,000	3.875%, 01/15/29		426,219

	239,000	5.375%, 01/15/31		204,008

	1,755,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		1,678,956

		Sirius XM Radio, Inc.*

	1,250,000	5.500%, 07/01/29		1,228,675

	723,000	4.000%, 07/15/28		671,985

	475,000	3.125%, 09/01/26		447,944

	239,000	3.875%, 09/01/31		205,483

	475,000	Spanish Broadcasting System, Inc.*^ 9.750%, 03/01/26		383,833

	2,430,000	Sprint Corp. 7.125%, 06/15/24		2,546,591


PRINCIPAL AMOUNT			VALUE

	755,000	Telecom Italia Capital, SA 6.000%, 09/30/34	$	597,356

	478,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		281,752

	860,000	United States Cellular Corp. 6.700%, 12/15/33		855,838

	119,000	Univision Communications, Inc.* 4.500%, 05/01/29		107,741


				36,766,450


		*Consumer Discretionary (6.7%)*

		American Axle & Manufacturing, Inc.^

	1,004,000	6.875%, 07/01/28		967,896

	97,000	5.000%, 10/01/29		84,916

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	705,000	6.625%, 01/15/28		618,532

	598,000	4.625%, 08/01/29		466,081

	239,000	4.625%, 04/01/30		182,065

		At Home Group, Inc.*^

	725,000	4.875%, 07/15/28		571,199

	480,000	7.125%, 07/15/29		326,160

	285,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		260,177

		Bath & Body Works, Inc.^

	1,264,000	6.694%, 01/15/27		1,248,099

	1,200,000	6.875%, 11/01/35		1,104,204

		Caesars Entertainment, Inc.*

	604,000	4.625%, 10/15/29^		512,415

	472,000	8.125%, 07/01/27^		473,109

	472,000	6.250%, 07/01/25		472,590

		Carnival Corp.*

	488,000	10.500%, 02/01/26		513,044

	239,000	7.625%, 03/01/26		206,317

	1,130,000	Carriage Services, Inc.* 4.250%, 05/15/29		985,157

	725,000	Carvana Company* 4.875%, 09/01/29		434,688

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	3,130,000	5.125%, 05/01/27		3,074,129

	1,055,000	4.750%, 03/01/30		960,915

	951,000	4.250%, 02/01/31		825,744

	565,000	5.000%, 02/01/28		545,835

	500,000	4.500%, 08/15/30		445,635

	478,000	4.750%, 02/01/32		422,452

	360,000	4.250%, 01/15/34		298,267

	478,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		468,378

	750,000	Cedar Fair, LP^ 5.250%, 07/15/29		718,305

	240,000	Century Communities, Inc.* 3.875%, 08/15/29		206,558

		Dana, Inc.

	790,000	4.250%, 09/01/30		666,523

	478,000	4.500%, 02/15/32		399,536

		DISH DBS Corp.

	1,200,000	5.250%, 12/01/26*		1,030,128

	763,000	7.750%, 07/01/26^		631,703

	595,000	7.375%, 07/01/28		424,414

	1,365,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,228,869

	1,058,000	Everi Holdings, Inc.* 5.000%, 07/15/29		971,212


PRINCIPAL AMOUNT			VALUE

		Ford Motor Credit Company, LLC

	1,525,000	4.000%, 11/13/30	$	1,354,612

	1,300,000	4.063%, 11/01/24		1,280,422

	1,150,000	5.113%, 05/03/29		1,113,407

	1,120,000	4.134%, 08/04/25		1,098,608

	800,000	2.900%, 02/16/28		700,176

	500,000	4.389%, 01/08/26		489,510

		Gap, Inc.*^

	359,000	3.875%, 10/01/31		260,483

	48,000	3.625%, 10/01/29		35,257

		goeasy, Ltd.*

	1,660,000	5.375%, 12/01/24		1,579,656

	881,000	4.375%, 05/01/26^		759,413

	715,000	Goodyear Tire & Rubber Company^ 5.000%, 07/15/29		652,373

	407,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		364,509

	1,797,000	Guitar Center, Inc.* 8.500%, 01/15/26		1,648,855

		International Game Technology, PLC*

	1,260,000	6.250%, 01/15/27		1,278,383

	200,000	4.125%, 04/15/26		191,066

	1,075,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*^ 5.125%, 02/01/28		1,073,345

	965,000	Liberty Interactive, LLC^ 8.250%, 02/01/30		636,977

		Life Time, Inc.*

	717,000	8.000%, 04/15/26^		676,669

	480,000	5.750%, 01/15/26		451,536

	616,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		566,708

	635,000	M/I Homes, Inc.^ 3.950%, 02/15/30		530,498

		Macy’s Retail Holdings, LLC*

	1,003,000	6.700%, 07/15/34		971,536

	598,000	5.875%, 03/15/30^		517,132

	1,130,000	Mclaren Finance, PLC*^ 7.500%, 08/01/26		981,552

	1,219,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,114,324

	1,302,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		1,156,905

		Nordstrom, Inc.

	500,000	5.000%, 01/15/44^		369,405

	465,000	4.250%, 08/01/31		377,380

	1,105,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		920,299

	1,340,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		1,084,382

	2,360,000	Rite Aid Corp.*^ 8.000%, 11/15/26		2,003,782

	1,350,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,229,134

	1,090,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		942,839


PRINCIPAL AMOUNT			VALUE

	698,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27	$	635,334

	750,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		727,538

	238,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		252,116

	1,100,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		848,375

	1,000,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		890,880

	241,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		226,251

				54,736,879


		*Consumer Staples (1.6%)*

	1,099,000	Central Garden & Pet Company* 4.125%, 04/30/31		948,756

	1,332,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,196,988

		Energizer Holdings, Inc.*

	1,331,000	4.375%, 03/31/29		1,099,632

	240,000	6.500%, 12/31/27		224,194

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

	1,415,000	5.500%, 01/15/30		1,380,446

	403,000	6.500%, 04/15/29		411,693

	481,000	Kraft Heinz Foods Company 4.375%, 06/01/46		424,641

	621,000	New Albertsons, LP 7.750%, 06/15/26		636,550

	957,000	Performance Food Group, Inc.* 4.250%, 08/01/29		851,730

		Petsmart, Inc. / PetSmart Finance Corp.*

	600,000	7.750%, 02/15/29		579,690

	300,000	4.750%, 02/15/28		284,565

	1,450,000	Pilgrim’s Pride Corp.* 5.875%, 09/30/27		1,451,363

		Post Holdings, Inc.*

	442,000	5.750%, 03/01/27		442,725

	240,000	5.500%, 12/15/29		226,953

	118,000	4.625%, 04/15/30		105,840

	909,000	Prestige Brands, Inc.* 3.750%, 04/01/31		782,322

	1,050,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		1,057,728

	1,500,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,362,990

				13,468,806


		*Energy (3.9%)*

		Antero Resources Corp.*

	479,000	5.375%, 03/01/30^		471,207

	296,000	7.625%, 02/01/29		312,618

	958,000	Apache Corp. 5.100%, 09/01/40		855,781

		Buckeye Partners, LP

	750,000	3.950%, 12/01/26		699,045

	500,000	5.850%, 11/15/43		374,650

	1,100,000	Callon Petroleum Company*^ 7.500%, 06/15/30		1,058,046


PRINCIPAL AMOUNT			VALUE

	232,000	Cheniere Energy Partners Company 4.000%, 03/01/31	$	215,117

	478,000	Cheniere Energy Partners, LP 3.250%, 01/31/32		417,409

	477,000	Cheniere Energy, Inc. 4.625%, 10/15/28		465,657

	720,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		746,294

	1,490,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		1,296,911

	12,570	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27 13.000% PIK rate		12,229

	502,000	DT Midstream, Inc.* 4.125%, 06/15/29		463,597

	956,000	Earthstone Energy Holdings, LLC*^ 8.000%, 04/15/27		914,825

		Energy Transfer, LP‡

	1,400,000	5.800%, 11/01/66 3 mo. USD LIBOR + 3.02%		989,086

	700,000	6.500%, 11/15/26 5 year CMT + 5.69%		635,691

		EnLink Midstream Partners, LP

	1,235,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		858,362

	1,015,000	4.850%, 07/15/26		1,006,809

	717,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		733,663

	978,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		910,929

	715,000	Gulfport Energy Operating Corp.* 8.000%, 05/17/26		718,711

		Gulfport Energy Operating Corp.

	940,000	6.375%, 05/15/25&		1

	287,284	8.000%, 05/17/26^		288,775

	1,100,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,013,287

	717,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		618,276

		Laredo Petroleum, Inc.

	807,000	10.125%, 01/15/28^		821,921

	477,000	9.500%, 01/15/25		489,741

	243,000	7.750%, 07/31/29*^		232,298

	1,060,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,010,318

		Moss Creek Resources Holdings, Inc.*

	500,000	10.500%, 05/15/27		481,410

	455,000	7.500%, 01/15/26		415,329

	478,000	Murphy Oil Corp. 6.375%, 07/15/28		477,943

		New Fortress Energy, Inc.*

	952,000	6.750%, 09/15/25		930,494

	478,000	6.500%, 09/30/26		453,020

		Occidental Petroleum Corp.

	604,000	6.625%, 09/01/30		670,633

	494,000	5.875%, 09/01/25		509,284

	360,000	6.125%, 01/01/31^		385,927


PRINCIPAL AMOUNT			VALUE

	179,000	6.375%, 09/01/28	$	193,112

	874,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		831,830

	1,025,000	Parkland Corp.* 5.875%, 07/15/27		1,005,453

	957,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		856,419

	960,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		731,069

	1,340,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,294,038

		Southwestern Energy Company

	480,000	5.375%, 02/01/29		469,651

	480,000	5.375%, 03/15/30		473,170

	239,000	4.750%, 02/01/32		223,300

	239,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		209,988

		Venture Global Calcasieu Pass, LLC*

	240,000	4.125%, 08/15/31		222,125

	240,000	3.875%, 08/15/29		222,427

	665,000	W&T Offshore, Inc.* 9.750%, 11/01/23		642,583

		Weatherford International, Ltd.*

	1,033,000	6.500%, 09/15/28		985,575

	715,000	8.625%, 04/30/30		649,120


				31,965,154

		*Financials (7.6%)*

		Acrisure, LLC / Acrisure Finance, Inc.*

	1,434,000	6.000%, 08/01/29		1,196,573

	1,280,000	7.000%, 11/15/25		1,230,438

	1,440,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,486,987

	1,459,000	AG Issuer, LLC* 6.250%, 03/01/28		1,321,781

		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*

	2,065,000	6.750%, 10/15/27		1,962,349

	240,000	5.875%, 11/01/29		209,184

	235,000	4.250%, 10/15/27		220,298

		Ally Financial, Inc.

	1,087,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		916,526

	777,000	8.000%, 11/01/31		880,279

	445,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		353,072

	1,100,000	American Finance Trust, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		887,865

	1,923,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,752,141

	2,200,000	AssuredPartners, Inc.* 7.000%, 08/15/25		2,180,750

	1,069,000	Aviation Capital Group, LLC*^ 3.500%, 11/01/27		939,459

	231,000	Bank of New York Mellon Corp.µ‡ 3.750%, 12/20/26 5 year CMT + 2.63		200,945


PRINCIPAL AMOUNT			VALUE

	1,916,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29	$	1,658,087

		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*

	1,920,000	4.500%, 04/01/27		1,689,370

	1,180,000	5.750%, 05/15/26		1,151,373

	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		892,480

	252,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		218,794

	1,082,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		908,869

		Credit Acceptance Corp.

	1,250,000	6.625%, 03/15/26^		1,262,037

	869,000	5.125%, 12/31/24*		840,054

	1,247,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,256,589

	1,398,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,226,340

	1,563,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,563,063

		HUB International, Ltd.*

	3,170,000	7.000%, 05/01/26		3,135,605

	1,430,000	5.625%, 12/01/29^		1,289,488

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

	1,180,000	5.250%, 05/15/27		1,137,083

	718,000	4.375%, 02/01/29		647,019

	1,825,000	ILFC E-Capital Trust II*‡ 5.100%, 12/21/65 3 mo. USD LIBOR + 1.80%		1,401,198

	2,195,000	Iron Mountain, Inc.* 5.250%, 03/15/28		2,109,768

	2,435,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.* 5.000%, 08/15/28		2,049,539

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

	1,874,000	5.250%, 10/01/25		1,772,785

	478,000	4.750%, 06/15/29		409,402

	1,359,000	LD Holdings Group, LLC*^ 6.125%, 04/01/28		827,278

		Level 3 Financing, Inc.

	985,000	4.250%, 07/01/28*		863,855

	525,000	5.375%, 05/01/25		525,630

	479,000	3.875%, 11/15/29*		426,885

	720,000	LPL Holdings, Inc.* 4.000%, 03/15/29		670,241

	2,085,000	MetLife, Inc. 6.400%, 12/15/66		2,183,766

		Navient Corp.

	2,113,000	5.000%, 03/15/27^		1,910,934

	1,100,000	4.875%, 03/15/28		944,867

		OneMain Finance Corp.

	660,000	3.875%, 09/15/28		547,483

	504,000	7.125%, 03/15/26		491,738


PRINCIPAL AMOUNT			VALUE

	476,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28	$	467,342

	1,493,000	PHH Mortgage Corp.*^ 7.875%, 03/15/26		1,410,243

	230,000	PNC Financial Services Group, Inc.µ‡ 6.000%, 05/15/27 5 year CMT + 3.00%		231,398

	1,100,000	RHP Hotel Properties, LP / RHP Finance Corp.*^ 4.500%, 02/15/29		1,010,713

	717,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		673,772

		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*

	450,000	3.875%, 03/01/31		371,911

	445,000	3.625%, 03/01/29		380,742

	220,000	2.875%, 10/15/26		194,403

	943,000	StoneX Group, Inc.* 8.625%, 06/15/25		964,284

	240,000	SVB Financial Group^‡ 4.000%, 05/15/26 5 year CMT + 3.20		196,625

		United Wholesale Mortgage, LLC*

	1,123,000	5.500%, 04/15/29^		964,107

	480,000	5.750%, 06/15/27		420,168

	465,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		351,652

	475,000	US Bancorpµ‡ 3.700%, 01/15/27 5 year CMT + 2.54%		398,777

	1,100,000	VZ Secured Financing, BV* 5.000%, 01/15/32		983,433

		XHR, LP*

	1,017,000	6.375%, 08/15/25		1,024,983

	478,000	4.875%, 06/01/29		430,817


				62,225,637

		*Health Care (3.2%)*

		Bausch Health Americas, Inc.*

	2,730,000	8.500%, 01/31/27		1,727,762

	475,000	9.250%, 04/01/26^		332,842

		Bausch Health Companies, Inc.*

	1,875,000	7.250%, 05/30/29		1,028,681

	1,050,000	5.000%, 01/30/28		561,278

	359,000	6.125%, 02/01/27^		306,654

	479,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		446,457

	120,000	CHS/Community Health Systems, Inc.* 5.250%, 05/15/30		100,914

		CHS/Community Health Systems, Inc.*

	1,917,000	6.125%, 04/01/30^		1,032,247

	1,100,000	8.000%, 03/15/26		1,051,193

	538,000	6.875%, 04/15/29		299,854

		DaVita, Inc.*

	1,926,000	4.625%, 06/01/30		1,587,082

	1,139,000	3.750%, 02/15/31		872,633

		Embecta Corp.*

	717,000	5.000%, 02/15/30		621,065

	240,000	6.750%, 02/15/30		221,842


PRINCIPAL AMOUNT			VALUE

		Encompass Health Corp.

	470,000	4.750%, 02/01/30	$	434,698

	470,000	4.500%, 02/01/28		435,413

	1,109,000	HCA, Inc. 7.500%, 11/06/33		1,268,241

	300,000	Jazz Securities DAC* 4.375%, 01/15/29		289,200

	411,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		251,376

		Medline Borrower, LP*

	1,215,000	3.875%, 04/01/29		1,098,105

	1,208,000	5.250%, 10/01/29^		1,092,419

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

	1,760,000	5.125%, 04/30/31		1,651,126

	450,000	4.125%, 04/30/28		427,671

	1,025,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		699,122

		Tenet Healthcare Corp.

	2,250,000	6.250%, 02/01/27*		2,275,560

	1,315,000	6.875%, 11/15/31		1,287,569

	1,250,000	4.875%, 01/01/26*		1,232,825

		Teva Pharmaceutical Finance Netherlands III, BV

	2,050,000	6.000%, 04/15/24^		2,081,857

	800,000	4.750%, 05/09/27		759,544

	450,000	7.125%, 01/31/25		462,956

	440,000	3.150%, 10/01/26		395,006


				26,333,192

		*Industrials (6.5%)*

	1,162,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,143,838

	1,100,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		964,249

	1,050,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		936,936

	965,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15		723,123

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

	1,600,000	4.625%, 01/15/27^		1,520,144

	1,200,000	5.875%, 02/15/28		1,169,760

	477,000	3.500%, 03/15/29		414,966

		Allison Transmission, Inc.*

	825,000	4.750%, 10/01/27		785,408

	240,000	3.750%, 01/30/31		207,451

	240,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		210,710

	538,000	Arcosa, Inc.* 4.375%, 04/15/29		482,231

	2,450,000	ARD Finance, SA*

		6.500%, 06/30/27

		7.250% PIK rate		1,859,158

	500,000	Avolon Holdings Funding, Ltd.*µ^ 5.250%, 05/15/24		494,435

	753,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		667,881

	956,000	BWX Technologies, Inc.*^ 4.125%, 04/15/29		898,965


PRINCIPAL AMOUNT			VALUE

	500,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28	$	453,500

	239,000	Delta Air Lines, Inc. 7.375%, 01/15/26		251,392

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

	239,000	4.750%, 10/20/28		234,481

	119,000	4.500%, 10/20/25µ		117,928

	1,265,000	Deluxe Corp.* 8.000%, 06/01/29		1,106,331

	478,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		444,827

	717,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		643,343

	1,198,000	Endurance International Group Holdings, Inc.* 6.000%, 02/15/29		887,383

	475,000	EnerSys*^ 4.375%, 12/15/27		437,513

	1,100,000	Fly Leasing, Ltd.* 7.000%, 10/15/24		604,659

	477,000	GFL Environmental, Inc.* 3.750%, 08/01/25		463,353

	533,000	Graham Packaging Company, Inc.*^ 7.125%, 08/15/28		453,183

	500,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		465,620

		Graphic Packaging International, LLC*

	625,000	4.750%, 07/15/27		614,019

	446,000	3.500%, 03/01/29		404,785

	1,054,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		950,761

	2,244,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		1,965,632

	1,438,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,401,561

	1,250,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,252,000

	1,450,000	Howmet Aerospace, Inc. 5.125%, 10/01/24		1,468,778

	1,120,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,107,635

	1,250,000	JELD-WEN, Inc.* 4.625%, 12/15/25		1,155,563

	1,575,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,338,293

	474,000	MasTec, Inc.* 4.500%, 08/15/28		438,355

	723,000	Meritor, Inc.*^ 4.500%, 12/15/28		720,990

	588,000	Moog, Inc.* 4.250%, 12/15/27		549,774

	1,300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,142,765

	940,000	Novelis Corp.* 4.750%, 01/30/30		870,402

	360,000	OI European Group, BV* 4.750%, 02/15/30		302,760


PRINCIPAL AMOUNT			VALUE

	1,100,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27	$	973,093

	1,449,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,129,611

	1,170,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance Inc.* 8.500%, 11/15/27		1,264,700

	1,027,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		1,041,306

		QVC, Inc.

	579,000	4.375%, 09/01/28		452,101

	470,000	5.450%, 08/15/34		335,481

	450,000	Sensata Technologies, BV* 4.000%, 04/15/29		410,103

	479,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		416,653

		Sinclair Television Group, Inc.*

	717,000	4.125%, 12/01/30		615,580

	475,000	5.500%, 03/01/30^		382,537

	955,000	Standard Industries, Inc.* 5.000%, 02/15/27		923,141

	1,965,000	Station Casinos, LLC*^ 4.500%, 02/15/28		1,783,906

	773,000	Stericycle, Inc.* 3.875%, 01/15/29		707,140

	717,000	STL Holding Company, LLC* 7.500%, 02/15/26		638,144

	1,000,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		990,180

		TransDigm, Inc.

	1,299,000	6.250%, 03/15/26*		1,306,235

	700,000	7.500%, 03/15/27		712,460

	478,000	Tronox, Inc.* 4.625%, 03/15/29		417,050

		United Rentals North America, Inc.

	480,000	3.750%, 01/15/32		424,349

	239,000	3.875%, 02/15/31^		218,396

	961,000	Vertiv Group Corp.*^ 4.125%, 11/15/28		853,551

	1,004,000	Wabash National Corp.* 4.500%, 10/15/28		832,406

	855,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		792,106

		WESCO Distribution, Inc.*

	470,000	7.125%, 06/15/25		486,549

	235,000	7.250%, 06/15/28		245,352


				53,078,971

		*Information Technology (1.9%)*

	478,000	Booz Allen Hamilton, Inc.*^ 4.000%, 07/01/29		456,633

	1,114,000	CommScope Technologies, LLC* 6.000%, 06/15/25		1,031,965

	895,000	CommScope, Inc.* 4.750%, 09/01/29		778,462

		Dell International, LLC / EMC Corp.µ

	1,155,000	6.020%, 06/15/26		1,227,650

	524,000	6.100%, 07/15/27		562,645

	480,000	Fair Isaac Corp.* 4.000%, 06/15/28		450,456


PRINCIPAL AMOUNT			VALUE

	557,000	II-VI, Inc.* 5.000%, 12/15/29	$	535,817

	1,050,000	KBR, Inc.* 4.750%, 09/30/28		948,885

		MPH Acquisition Holdings, LLC*

	1,050,000	5.750%, 11/01/28^		895,451

	480,000	5.500%, 09/01/28		447,475

	478,000	NCR Corp.* 5.125%, 04/15/29		459,898

	602,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		571,394

	723,000	ON Semiconductor Corp.* 3.875%, 09/01/28		670,105

		Open Text Corp.*

	705,000	3.875%, 02/15/28		654,156

	359,000	3.875%, 12/01/29		323,879

	359,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		322,160

	479,000	Playtika Holding Corp.* 4.250%, 03/15/29		429,366

	646,000	PTC, Inc.* 4.000%, 02/15/28		614,811

	1,350,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		1,188,162

		Twilio, Inc.^

	680,000	3.625%, 03/15/29		598,298

	236,000	3.875%, 03/15/31		209,396

	1,200,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,076,148

	1,100,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		985,193


				15,438,405


		*Materials (1.8%)*

	600,000	Alcoa Nederland Holding, BV*^ 4.125%, 03/31/29		564,732

	500,000	ArcelorMittal, SA 7.000%, 10/15/39		516,675

	534,000	ATI, Inc.^ 5.875%, 12/01/27		499,541

	242,000	Carpenter Technology Corp. 7.625%, 03/15/30		220,387

	715,000	Chemours Company* 4.625%, 11/15/29		628,128

	1,530,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,376,097

		Commercial Metals Company

	478,000	4.125%, 01/15/30		420,535

	239,000	4.375%, 03/15/32		209,354

	1,115,000	Constellium, SE*^ 3.750%, 04/15/29		951,708

	475,000	Freeport-McMoRan, Inc. - Class H 5.450%, 03/15/43		446,267

	716,000	HB Fuller Company 4.250%, 10/15/28		642,202

	725,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		752,485

		Kaiser Aluminum Corp.*

	1,090,000	4.625%, 03/01/28^		958,557

	120,000	4.500%, 06/01/31		96,643

	675,000	LSF11 A5 HoldCo, LLC*^ 6.625%, 10/15/29		580,149


PRINCIPAL AMOUNT			VALUE

	1,017,000	Mercer International, Inc. 5.125%, 02/01/29	$	953,824

	841,000	OCI, NV*µ 4.625%, 10/15/25		820,404

	1,430,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		1,378,892

	400,000	SCIL IV, LLC / SCIL USA Holdings, LLC* 5.375%, 11/01/26		335,620

	239,000	Sealed Air Corp.* 5.000%, 04/15/29		237,774

	1,105,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,057,728

	478,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		333,974

	750,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		726,488

	480,000	Valvoline, Inc.* 3.625%, 06/15/31		398,419


				15,106,583


		*Real Estate (0.5%)*

	764,000	EPR Properties 3.750%, 08/15/29		660,623

		Forestar Group, Inc.*

	750,000	5.000%, 03/01/28		660,263

	502,000	3.850%, 05/15/26		444,857

	1,073,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		915,698

		Service Properties Trust

	1,250,000	4.350%, 10/01/24		1,121,875

	465,000	5.250%, 02/15/26		388,805


				4,192,121


		*Special Purpose Acquisition Companies (0.2%)*

		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*

	955,000	6.750%, 01/15/30^		781,830

	477,000	4.625%, 01/15/29		445,112


				1,226,942


		*Utilities (0.3%)*

	350,000	PPL Capital Funding, Inc.‡ 4.915%, 03/30/67 3 mo. USD LIBOR + 2.67%		280,963

	1,250,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,202,575

		Vistra Corp.*‡

	480,000	8.000%, 10/15/26 5 year CMT + 6.93		465,619

	450,000	7.000%, 12/15/26 5 year CMT + 5.74		411,664


				2,360,821


		TOTAL CORPORATE BONDS (Cost $359,506,332)		325,631,567


PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (88.1%)
		*Communication Services (8.5%)*

		Liberty Media Corp.

	9,000,000	0.500%, 12/01/50*^	$	10,849,140

	8,550,000	1.375%, 10/15/23		10,911,424

	4,500,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		8,308,935

	5,250,000	Match Group Financeco 3, Inc.*^ 2.000%, 01/15/30		5,952,975

	14,500,000	Sea, Ltd. 0.250%, 09/15/26		10,761,755

		Snap, Inc.

	10,500,000	0.125%, 03/01/28*		7,148,190

	5,750,000	0.750%, 08/01/26^		5,061,668

	10,250,000	Twitter, Inc. 0.250%, 06/15/24		10,439,112


				69,433,199

		*Consumer Discretionary (19.3%)*

	11,500,000	Airbnb, Inc.µ 0.000%, 03/15/26		10,035,590

	9,000,000	Booking Holdings, Inc.^ 0.750%, 05/01/25		12,123,630

	6,750,000	Chegg, Inc. 0.000%, 09/01/26		5,083,628

		DISH Network Corp.µ

	5,750,000	3.375%, 08/15/26		4,063,295

	5,250,000	0.000%, 12/15/25		3,771,600

	1,437,000	2.375%, 03/15/24		1,284,333

	11,500,000	Draftkings, Inc. 0.000%, 03/15/28		6,953,820

	12,750,000	Etsy, Inc.µ 0.125%, 09/01/27		11,589,750

	16,750,000	Ford Motor Companyµ 0.000%, 03/15/26		17,889,167

	1,750,000	Liberty Broadband Corp.* 2.750%, 09/30/50		1,674,785

	11,250,000	Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		11,256,750

	6,000,000	NCL Corp., Ltd. - Class C*^ 1.125%, 02/15/27		4,115,640

	375,000	Peloton Interactive, Inc. 0.000%, 02/15/26		247,973

	15,250,000	Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23		14,955,522

	5,750,000	Shake Shack, Inc.^ 0.000%, 03/01/28		4,063,008

	1,885,000	Tesla, Inc. 2.000%, 05/15/24		27,084,434

	15,000,000	Vail Resorts, Inc.^ 0.000%, 01/01/26		13,635,300

	12,500,000	Wayfair, Inc. 0.625%, 10/01/25		8,520,375


				158,348,600

		*Energy (2.9%)*

	2,400,000	EQT Corp.µ 1.750%, 05/01/26		7,191,168

	7,000,000	Pioneer Natural Resources Company 0.250%, 05/15/25		16,028,670

		SunEdison, Inc.

	9,411,000	0.250%, 01/15/49*		201,207


PRINCIPAL AMOUNT			VALUE

	898,000	2.000%, 10/01/49	$	19,199


				23,440,244

		*Financials (0.5%)*

	5,750,000	SoFi Technologies, Inc.* 0.000%, 10/15/26		4,046,103

		*Health Care (15.0%)*

	5,500,000	Alphatec Holdings, Inc.*µ 0.750%, 08/01/26		4,468,640

	9,500,000	CONMED Corp.* 2.250%, 06/15/27		9,143,275

	12,250,000	CryoPort, Inc.* 0.750%, 12/01/26		9,723,437

	14,000,000	Dexcom, Inc.µ^ 0.250%, 11/15/25		13,346,480

	2,426,000	Envista Holdings Corp.µ 2.375%, 06/01/25		4,853,237

	6,750,000	Exact Sciences Corp.µ 0.375%, 03/15/27		5,253,593

	5,750,000	Halozyme Therapeutics, Inc.µ 0.250%, 03/01/27		5,384,703

	4,500,000	Insulet Corp.µ 0.375%, 09/01/26		5,662,800

	9,000,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		8,703,810

	9,950,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		11,881,295

	10,250,000	NeoGenomics, Inc. 0.250%, 01/15/28		6,624,780

	4,000,000	NuVasive, Inc. 0.375%, 03/15/25		3,657,800

	8,500,000	Omnicell, Inc. 0.250%, 09/15/25		10,572,980

	8,000,000	Pacira BioSciences, Inc. 0.750%, 08/01/25		8,257,440

	3,300,000	Repligen Corp.^ 0.375%, 07/15/24		6,354,777

	1,675,000	Sarepta Therapeutics, Inc. 1.500%, 11/15/24		2,453,239

	6,750,000	Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		6,646,927


				122,989,213

		*Industrials (6.9%)*

	3,750,000	Air Transport Services Group, Inc.µ^ 1.125%, 10/15/24		4,258,162

	3,650,000	Atlas Air Worldwide Holdings, Inc.^ 1.875%, 06/01/24		4,897,059

	7,250,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		6,782,085

	4,250,000	Middleby Corp. 1.000%, 09/01/25		5,300,770

	5,000,000	Parsons Corp.^ 0.250%, 08/15/25		5,524,350

	10,000,000	Southwest Airlines Company^~ 1.250%, 05/01/25		12,643,700

	20,000,000	Uber Technologies, Inc.^ 0.000%, 12/15/25		16,683,800


				56,089,926


PRINCIPAL AMOUNT			VALUE
		*Information Technology (31.8%)*

	4,500,000	Akamai Technologies, Inc.µ 0.375%, 09/01/27	$	4,666,995

	9,250,000	Bentley Systems, Inc. 0.125%, 01/15/26		8,587,793

	10,750,000	Bill.com Holdings, Inc.*^ 0.000%, 04/01/27		8,793,178

	10,250,000	Block, Inc. 0.125%, 03/01/25		10,493,437

	6,250,000	Camtek Ltd.* 0.000%, 12/01/26		5,296,250

	5,750,000	Confluent, Inc.* 0.000%, 01/15/27		4,308,130

	9,750,000	Coupa Software, Inc. 0.125%, 06/15/25		8,552,310

	4,500,000	CyberArk Software, Ltd.µ 0.000%, 11/15/24		4,862,295

	4,250,000	Datadog, Inc.µ~ 0.125%, 06/15/25		5,612,763

	6,000,000	DigitalOcean Holdings, Inc.* 0.000%, 12/01/26		4,501,680

		Enphase Energy, Inc.µ

	9,066,000	0.000%, 03/01/26		10,891,620

	5,750,000	0.000%, 03/01/28		7,160,705

	5,750,000	Five9, Inc.µ 0.500%, 06/01/25		6,110,180

	13,750,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		14,497,862

	4,500,000	MongoDB, Inc.^~ 0.250%, 01/15/26		7,233,975

		Okta, Inc.

	7,500,000	0.125%, 09/01/25		7,030,350

	4,000,000	0.375%, 06/15/26		3,442,040

	15,500,000	ON Semiconductor Corp. 0.000%, 05/01/27		21,651,640

	8,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		16,097,725

	6,000,000	Perficient, Inc.* 0.125%, 11/15/26		5,213,880

	2,000,000	Q2 Holdings, Inc. 0.750%, 06/01/26		1,734,180

	11,250,000	Repay Holdings Corp.* 0.000%, 02/01/26		8,753,175

	3,870,000	RingCentral, Inc. 0.000%, 03/01/25		3,224,058

		Shift4 Payments, Inc.

	13,750,000	0.000%, 12/15/25		11,745,250

	720,000	0.500%, 08/01/27*^		523,591

	7,750,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		10,381,512

	11,500,000	Splunk, Inc.^ 1.125%, 06/15/27		9,870,565

	10,000,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		10,514,100

	12,250,000	Unity Software, Inc.* 0.000%, 11/15/26		9,140,705

	6,250,000	Wix.com, Ltd.^ 0.000%, 08/15/25		5,131,125

	5,338,000	Wolfspeed, Inc.* 0.250%, 02/15/28		5,094,747

	5,250,000	Workday, Inc. 0.250%, 10/01/22		5,715,938

	10,000,000	Zendesk, Inc.µ 0.625%, 06/15/25		9,748,800


PRINCIPAL AMOUNT			VALUE

	3,250,000	Zscaler, Inc. 0.125%, 07/01/25	$	4,038,808


				260,621,362

		*Materials (2.5%)*

	3,250,000	ATI, Inc. 3.500%, 06/15/25		5,663,905

	3,500,000	Ivanhoe Mines, Ltd.*µ 2.500%, 04/15/26		3,759,245

	4,991,000	Lithium Americas Corp.* 1.750%, 01/15/27		4,356,894

	6,306,000	MP Materials Corp.* 0.250%, 04/01/26		6,391,257


				20,171,301

		*Real Estate (0.7%)*

	6,000,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		5,945,400


		TOTAL CONVERTIBLE BONDS (Cost $717,010,085)		721,085,348

	U.S. GOVERNMENT AND AGENCY SECURITIES (4.1%)

		U.S. Treasury Note

	13,750,000	2.500%, 04/30/24µ^		13,646,338

	13,750,000	2.500%, 05/31/24µ^		13,646,606

	6,250,000	2.250%, 03/31/24		6,178,833

		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $33,717,059)		33,471,777

	BANK LOANS (4.8%) ¡
		*Airlines (0.4%)*

	800,000	AAdvantage Loyalty IP, Ltd.‡ 7.460%, 04/20/28 3 mo. LIBOR + 4.75%		790,000

	740,000	Mileage Plus Holdings, LLC! 0.000%, 06/21/27		747,400

	245,000	Mileage Plus Holdings, LLC‡ 7.313%, 06/21/27 3 mo. LIBOR + 5.25%		247,450

	1,185,000	United Airlines, Inc.‡ 6.533%, 04/21/28 1 mo. LIBOR + 3.75%		1,145,450


				2,930,300

		*Communication Services (0.5%)*

	1,264,250	Clear Channel Outdoor Holdings, Inc.‡ 6.306%, 08/21/26 3 mo. LIBOR + 3.50%		1,156,795

	1,468,389	DIRECTV Financing, LLC‡ 7.372%, 08/02/27 1 mo. LIBOR + 5.00%		1,391,681

	720,000	Entercom Media Corp.‡ 4.846%, 11/18/24 1 mo. LIBOR + 2.50.%		640,127

	295,835	Nexstar Broadcasting, Inc.‡ 4.872%, 09/18/26 1 mo. LIBOR + 2.50%		293,099


PRINCIPAL AMOUNT			VALUE

	485,000	Univision Communications, Inc.‡ 6.254%, 06/08/29 3 mo. SOFR + 4.25%	$	469,642


				3,951,344


		*Consumer Discretionary (1.0%)*

	305,816	Life Time Fitness, Inc.‡ 6.325%, 12/16/24 3 mo. LIBOR + 4.75%		302,376

	475,000	Peloton Interactive, Inc.! 0.000%, 05/25/27		453,231

	482,000	Penn National Gaming, Inc.‡ 5.177%, 05/03/29 1 mo. SOFR + 2.75%		472,661

	1,673,813	Petco Health and Wellness Company, Inc.‡ 5.500%, 03/03/28 3 mo. LIBOR + 3.25%		1,624,510

	2,416,841	PetSmart, Inc.‡ 6.120%, 02/11/28 1 mo. LIBOR + 3.75%		2,335,768

	1,020,000	SkyMiles IP, Ltd.‡ 6.460%, 10/20/27 3 mo. LIBOR + 3.75%		1,033,005

	1,105,277	TKC Holdings, Inc.‡ 7.000%, 05/15/28 3 mo. LIBOR + 5.50%		1,016,855

	1,606,500	WW International, Inc.‡ 5.880%, 04/13/28 1 mo. LIBOR + 3.50%		1,214,417


				8,452,823


		*Consumer Staples (0.0%)*

	158,079	United Natural Foods, Inc.‡ 5.691%, 10/22/25 1 mo. LIBOR + 3.25%		156,490


		*Financials (0.3%)*

	1,980,000	Jazz Financing Lux Sarl‡ 5.872%, 05/05/28 1 mo. LIBOR + 3.50%		1,938,757

	269,862	Level 3 Financing, Inc.‡ 4.122%, 03/01/27 1 mo. LIBOR + 1.75%		260,290


				2,199,047


		*Health Care (0.8%)*

	1,700,055	Amneal Pharmaceuticals, LLC‡ 5.813%, 05/04/25 1 mo. LIBOR + 3.50%		1,588,667

	245,000	Bausch Health Companies, Inc.‡ 7.174%, 02/01/27 1 mo. SOFR + 5.25%		206,885

	691,277	Icon Luxembourg Sarl‡ 4.563%, 07/03/28 3 mo. LIBOR + 2.25%		680,414

	172,232	Icon Luxembourg Sarl‡ 4.563%, 07/03/28 3 mo. LIBOR + 2.25%		169,526

	1,026,946	Mallinckrodt International Finance S.A.‡ 7.253%, 09/30/27 3 mo. LIBOR + 5.25%		858,050

	988,235	Padagis, LLC‡ 7.043%, 07/06/28 3 mo. LIBOR + 4.75%		938,823


PRINCIPAL AMOUNT			VALUE

	2,414,866	Team Health Holdings, Inc.‡ 7.577%, 03/02/27 1 mo. SOFR + 5.25%	$	1,994,268


				6,436,633


		*Industrials (0.7%)*

	475,200	ACProducts, Inc.‡ 6.482%, 05/17/28 3 mo. LIBOR + 4.25%		343,667

	615,000	Air Canada‡ 4.250%, 08/11/28 3 mo. LIBOR + 3.50%		594,133

	968,022	BW Gas & Convenience Holdings, LLC‡ 5.872%, 03/31/28 1 mo. LIBOR + 3.50%		931,721

	1,002,053	Dun & Bradstreet Corp.‡ 4.874%, 02/06/26 3 mo. LIBOR + 3.25%		977,838

	862,120	Granite Holdings US Acquisition Company‡ 6.313%, 09/30/26 3 mo. LIBOR + 4.00%		835,179

	1,140,000	Scientific Games International, Inc.‡ 5.044%, 04/14/29 1 mo. SOFR + 3.00%		1,116,727

	720,000	Sinclair Television Group, Inc.‡ 6.177%, 04/21/29 1 mo. SOFR + 3.75%		672,300


				5,471,565


		*Information Technology (0.6%)*

	987,780	Banff Merger Sub, Inc.‡ 6.122%, 10/02/25 1 mo. LIBOR + 3.75%		953,682

	1,170,000	Camelot U.S. Acquisition 1 Co.‡ 5.372%, 10/30/26 1 mo. LIBOR + 3.00%		1,144,588

	630,400	Camelot U.S. Acquisition 1 Co.‡ 5.372%, 10/30/26 1 mo. LIBOR + 3.00%		616,216

	245,000	CDK Global, Inc.‡ 6.610%, 07/06/29 3 mo. SOFR + 4.50%		238,631

	975,000	II-VI, Inc.! 0.000%, 07/02/29		951,434

	1,345,000	VFH Parent, LLC‡ 5.201%, 01/13/29 1 mo. SOFR + 3.00%		1,300,723


				5,205,274


		*Materials (0.1%)*

	713,575	Innophos, Inc.‡ 5.872%, 02/05/27 1 mo. LIBOR + 3.50%		693,952

	488,775	LSF11 A5 HoldCo, LLC‡ 5.030%, 10/15/28 1 mo. SOFR + 3.50%		473,706


				1,167,658


		*Other (0.1%)*

	1,235,000	ChampionX Corp.‡ 5.080%, 06/07/29 1 mo. SOFR + 3.25%		1,230,369


PRINCIPAL AMOUNT			VALUE

		*Special Purpose Acquisition Companies (0.3%)*

	857,500	AP Core Holdings II, LLC‡ 7.872%, 09/01/27 1 mo. LIBOR + 5.50%	$	811,950

	480,000	Clydesdale Acquisition Holdings, Inc.‡ 6.602%, 04/13/29 1 mo. SOFR + 4.18%		462,437

	244,388	Fertitta Entertainment, LLC‡ 6.327%, 01/27/29 1 mo. SOFR + 4.00%		233,727

	1,030,000	Oscar AcquisitionCo, LLC‡ 6.109%, 04/29/29 3 mo. SOFR + 4.50%		942,290


				2,450,404


		TOTAL BANK LOANS (Cost $41,864,115)		39,651,907

NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (13.8%)

		*Communication Services (1.5%)*

	10,250	T-Mobile Exchangeable Trust* 5.250%, 06/01/23		12,341,010


		*Consumer Discretionary (1.2%)*

	78,610	Aptiv, PLCµ 5.500%, 06/15/23		9,533,035


		*Energy (0.0%)*

	26	Gulfport Energy Operating Corp.‡ 10.000%, 15.00% PIK rate		171,600


		*Financials (1.4%)*

	4,600	Bank of America Corp.‡‡ 7.250%,		5,722,630

	83,355	KKR & Company, Inc.^ 6.000%, 09/15/23		5,834,850


				11,557,480


		*Health Care (2.2%)*

	70,970	Boston Scientific Corp. 5.500%, 06/01/23		7,722,955

	6,935	Danaher Corp.^ 5.000%, 04/15/23		10,554,030


				18,276,985


		*Information Technology (2.4%)*

	11,395	Broadcom, Inc. 8.000%, 09/30/22		19,118,531


		*Utilities (5.1%)*

	141,020	AES Corp.^ 6.875%, 02/15/24		12,798,975

	124,450	American Electric Power Company, Inc.µ^ 6.125%, 08/15/23		6,879,596

		NextEra Energy, Inc.

	177,495	6.219%, 09/01/23^		9,385,936

	138,185	4.872%, 09/01/22		8,483,177


NUMBER OF SHARES			VALUE

	77,785	5.279%, 03/01/23	$	4,079,823


				41,627,507


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $101,473,311)		112,626,148

	COMMON STOCKS (0.7%)

		*Communication Services (0.0%)*

	20,285	Altice USA, Inc. - Class A#		213,195

	6,819	Cumulus Media, Inc. - Class A^#		54,143

	1	Frontier Communications Parent, Inc.#		26


				267,364


		*Energy (0.6%)*

	40,024	Calfrac Well Services, Ltd.#&		147,689

	8,836	Chaparral Energy, Inc. - Class A#&		468,308

	2,869	Chesapeake Energy Corp.^		270,174

	67,000	Energy Transfer, LP		757,770

	39,795	Enterprise Products Partners, LP		1,063,720

	6,644	EP Energy Corp.&#		56,474

	12,830	Magellan Midstream Partners, LP		660,745

	3,615	Schlumberger, NV		133,863

	15,995	Superior Energy Services, Inc.&#		959,700

	8,500	Williams Companies, Inc.		289,765


				4,808,208


		*Health Care (0.0%)*

	14,466	Mallinckrodt, PLC#		253,155


		*Special Purpose Acquisition Company (0.1%)*

	11,386	Intelsat Emergence, SA#&		313,115


		TOTAL COMMON STOCKS (Cost $7,761,634)		5,641,842

	PREFERRED STOCKS (0.4%)

		*Consumer Discretionary (0.1%)*

	6,122	Guitar Center, Inc.&		731,579


		*Energy (0.2%)*

	37,494	NuStar Energy, LP‡ 7.673%

		3 mo. USD LIBOR + 5.64%		785,499

	21,744	NuStar Energy, LP^‡ 8.769%

		3 mo. USD LIBOR + 6.77%		520,769

	43,000	NuStar Logistics, LP‡ 9.246%, 01/15/43 3 mo. USD LIBOR + 6.73%		1,074,140


				2,380,408


		*Financials (0.1%)*

	19,232	B Riley Financial, Inc. 5.250%, 08/31/28		422,912


		TOTAL PREFERRED STOCKS (Cost $3,826,344)		3,534,899


NUMBER OF SHARES			VALUE
	WARRANTS (0.0%) #
		*Energy (0.0%)*

	4,875	Denbury, Inc. 09/18/25, Strike $32.59	$	224,348

	1,776	Denbury, Inc. 09/18/23, Strike $35.41		67,488

	47,739	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		5

	42,965	Mcdermott International, Ltd. 06/30/27, Strike $12.33		4


		TOTAL WARRANTS (Cost $284,064)		291,845

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTION (0.3%) #
		*Consumer Discretionary (0.3%)*

	300	Tesla, Inc.

	26,743,500	Put, 11/18/22, Strike $800.00 (Cost $2,509,172)	$	2,058,750

	TOTAL INVESTMENTS (152.0%) (Cost $1,267,952,116)			1,243,994,083

	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-20.3%)			(166,250,000	)

	LIABILITIES, LESS OTHER ASSETS (-31.7%)			(259,336,434	)

	NET ASSETS (100.0%)		$	818,407,649

	WRITTEN OPTION (-0.1%) #
		*Consumer Discretionary (-0.1%)*

	150	Tesla, Inc.

	13,371,750	Call, 11/18/22, Strike $1,000.00 (Premium $785,386)		(1,064,625	)

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are exempted 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 $192,878,542.

^	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, 2022.

&	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 $9,241,453.

¡	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.

#	Non-income producing security.

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 Schedules of Investments have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

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, 2022 was as follows:*

The Fund issued MRPS on August 24, 2021 and September 6, 2017. On August 24, 2021, 2,650,000 MRPS were issued with an aggregate liquidation preference of $66.25 million. On September 6, 2017, 4,000,000 MRPS were issued 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 MRPS over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into five 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, 2022.

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, Series A. B, and C of 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. Series A, B, and C of the MRPS have been assigned a rating of `AA-’ by Kroll. As of August 24, 2021, the Series D MRPS and Series E MRPS have each 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 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.

With regard to the Series A MRPS, Series B MRPS or Series C MRPS, so long as any MRPS are outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) the Fund has satisfied the MRPS Overcollateralization Test (as defined below) on at least one “valuation date” in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (4) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund’s paying agent for that purpose, subject to certain grace periods and exceptions.

MRPS Asset Coverage Test: Asset coverage with respect to all outstanding senior securities and preferred shares, including the MRPS, determined in accordance with Section 18(h) of the 1940 Act, on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equal to 225%.

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as Kroll, is then rating any class of the outstanding MRPS pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund issuers with the same rating(s) as the Fund’s MRPS’ then-current rating(s) issued by Fitch or such other NSRSO, such as Kroll, by application of the applicable rating agency guidelines.

With regard to Series D MRPS and Series E MRPS, for so long as any MRPS are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

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	$	1,267,166,731

Gross unrealized appreciation		108,202,969
Gross unrealized depreciation		(132,440,242	)

Net unrealized appreciation (depreciation)	$	(24,237,273	)


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
Series D		8/24/26		2.45	%		1,320	$	25	$	33,000,000
Series E		5/24/27		2.68	%		1,330	$	25	$	33,250,000

									Total	$	166,250,000