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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (13.4%)

		*Airlines (0.3%)*

	468,575	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24	$	474,896

	72,000	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		73,074

	297,850	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		330,455

	218,787	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		244,639

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

	196,000	5.500%, 04/20/26		205,285

	65,000	5.750%, 04/20/29		70,348

	305,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		309,810

	241,697	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		286,058

	99,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		111,687

	91,831	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		95,092

	247,396	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		253,415

	149,596	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		148,305


				2,603,064


		*Communication Services (1.7%)*

	415,000	Arrow Bidco, LLC* 9.500%, 03/15/24		426,064

	275,000	Ashtead Capital, Inc.* 4.000%, 05/01/28		290,771

	196,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		199,118

	200,000	Brink’s Company* 5.500%, 07/15/25		210,840

	485,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		510,167

	230,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		248,646

		CSC Holdings, LLC*

	980,000	5.500%, 04/15/27		1,026,158

	600,000	5.750%, 01/15/30		626,556

	400,000	5.375%, 02/01/28		423,536

	400,000	4.625%, 12/01/30		394,388

	200,000	4.500%, 11/15/31		201,930

	275,000	Cumulus Media New Holdings, Inc.*^

		6.750%, 07/01/26		289,798


PRINCIPAL AMOUNT			VALUE

		Diamond Sports Group, LLC / Diamond Sports Finance Company*

	210,000	6.625%, 08/15/27^	$	84,431

	146,000	5.375%, 08/15/26		84,943

	35,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		36,218

	942,000	Embarq Corp. 7.995%, 06/01/36		1,056,783

		Entercom Media Corp.*^

	136,000	6.500%, 05/01/27		140,231

	131,000	6.750%, 03/31/29		133,823

	159,000	Frontier Florida, LLC& 6.860%, 02/01/28		174,380

	400,000	Frontier North, Inc.@ 6.730%, 02/15/28		435,424

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

	235,000	3.500%, 03/01/29		235,451

	69,000	5.250%, 12/01/27		72,527

	80,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		89,640

		Intelsat Jackson Holdings, SA@

	200,000	9.750%, 07/15/25*		113,174

	135,000	5.500%, 08/01/23		74,512

	400,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		427,832

	146,188	Ligado Networks, LLC* 15.500%, 11/01/23		144,793

	320,000	Lumen Technologies, Inc.* 4.000%, 02/15/27		329,450

		Netflix, Inc.

	200,000	4.875%, 06/15/30*^		241,342

	130,000	4.875%, 04/15/28		152,112

		Scripps Escrow II, Inc.*

	136,000	3.875%, 01/15/29		136,192

	68,000	5.375%, 01/15/31		68,053

	357,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		369,856

	136,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.*^ 4.625%, 11/01/26		141,821

		Sirius XM Radio, Inc.*

	345,000	5.500%, 07/01/29^		378,427

	345,000	4.625%, 07/15/24^		354,484

	201,000	4.000%, 07/15/28		207,432

	195,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		199,005

	485,000	Sprint Capital Corp.^ 6.875%, 11/15/28		626,222

	680,000	Sprint Corp. 7.125%, 06/15/24		783,102

	210,000	Telecom Italia Capital, SA 6.000%, 09/30/34		241,552

	370,000	United States Cellular Corp. 6.700%, 12/15/33		460,927

	112,000	Windstream Services, LLC / Windstream Finance Corp.@& 7.750%, 10/01/21		1,204


				12,843,315


PRINCIPAL AMOUNT			VALUE

		*Consumer Discretionary (2.1%)*

	278,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28	$	301,324

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	204,000	6.625%, 01/15/28		217,827

	163,000	4.625%, 08/01/29		163,571

	79,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		82,393

	345,000	Bally’s Corp.* 6.750%, 06/01/27		373,245

		Caesars Entertainment, Inc.*

	132,000	8.125%, 07/01/27		145,448

	132,000	6.250%, 07/01/25		139,509

	430,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		433,629

		Carnival Corp.*

	134,000	10.500%, 02/01/26^		153,638

	68,000	7.625%, 03/01/26		72,187

	315,000	Carriage Services, Inc.* 4.250%, 05/15/29		315,265

	195,000	Carvana Company* 5.625%, 10/01/25		202,689

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	725,000	5.125%, 05/01/27		759,401

	300,000	4.750%, 03/01/30		318,405

	169,000	5.750%, 02/15/26		174,817

	131,000	4.250%, 02/01/31		135,187

	130,000	5.000%, 02/01/28		136,436

	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		210,887

		Century Communities, Inc.

	345,000	6.750%, 06/01/27		369,119

	315,000	5.875%, 07/15/25		325,672

		DISH DBS Corp.^

	215,000	7.750%, 07/01/26		245,788

	168,000	7.375%, 07/01/28		181,976

	196,000	Everi Holdings, Inc.*

		5.000%, 07/15/29		200,632

	165,000	Ford Motor Company 8.500%, 04/21/23		183,450

		Ford Motor Credit Company, LLC

	425,000	4.000%, 11/13/30		450,220

	350,000	4.063%, 11/01/24		371,753

	320,000	3.664%, 09/08/24		335,773

	315,000	4.134%, 08/04/25		337,592

	200,000	4.389%, 01/08/26		217,114

		goeasy, Ltd.*

	460,000	5.375%, 12/01/24		477,618

	241,000	4.375%, 05/01/26		248,625

	130,000	Goodyear Tire & Rubber Company*^ 5.000%, 07/15/29		137,085

	136,000	Guitar Center, Inc.*& 8.500%, 01/15/26		145,406

		International Game Technology, PLC*

	345,000	6.250%, 01/15/27		392,406

	200,000	4.125%, 04/15/26^		208,522

		L Brands, Inc.

	355,000	6.694%, 01/15/27		421,832

	196,000	6.875%, 11/01/35		252,342


PRINCIPAL AMOUNT			VALUE

	130,000	Liberty Interactive, LLC 8.500%, 07/15/29	$	149,280

	196,000	Life Time, Inc.*^ 8.000%, 04/15/26		205,467

		M/I Homes, Inc.

	350,000	5.625%, 08/01/25		360,441

	205,000	4.950%, 02/01/28		216,293

		Macy’s Retail Holdings, LLC

	130,000	6.700%, 07/15/34*		138,342

	65,000	5.125%, 01/15/42		59,535

	132,000	Macy’s, Inc.* 8.375%, 06/15/25		144,019

		Mattel, Inc.*

	350,000	5.875%, 12/15/27		383,334

	33,000	3.750%, 04/01/29^		34,835

		Mclaren Finance, PLC*

	325,000	5.750%, 08/01/22		325,000

	310,000	7.500%, 08/01/26		315,264

	400,000	Meritage Homes Corp. 6.000%, 06/01/25		455,288

	300,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		302,760

	195,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		203,114

	257,000	Newell Brands, Inc. 4.700%, 04/01/26		286,658

	133,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		131,159

	659,000	Rite Aid Corp.* 8.000%, 11/15/26		662,315

		Royal Caribbean Cruises, Ltd.*

	130,000	11.500%, 06/01/25		148,949

	65,000	10.875%, 06/01/23		73,883

	305,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*^ 4.625%, 03/01/29		308,840

	345,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		352,987

	207,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		234,363

	65,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		75,446

	300,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		306,255

	275,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		273,193

	67,000	Williams Scotsman International, Inc.*^ 4.625%, 08/15/28		69,339


				16,055,142


		*Consumer Staples (0.6%)*

	305,000	Central Garden & Pet Company* 4.125%, 04/30/31		312,033

		Edgewell Personal Care Company*

	196,000	4.125%, 04/01/29		197,390

	135,000	5.500%, 06/01/28^		143,074

	305,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		306,781


PRINCIPAL AMOUNT			VALUE

	185,000	Fresh Market, Inc.* 9.750%, 05/01/23	$	190,713

	340,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 6.750%, 02/15/28		374,143

	112,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 6.500%, 04/15/29		126,286

		Kraft Heinz Foods Company

	410,000	4.375%, 06/01/46		472,230

	66,000	4.250%, 03/01/31^		76,095

	66,000	3.875%, 05/15/27		73,116

	177,000	New Albertsons, LP 7.750%, 06/15/26		203,346

	261,000	Performance Food Group, Inc.*^ 4.250%, 08/01/29		265,617

	400,000	Pilgrim’s Pride Corp.* 5.875%, 09/30/27		428,256

		Post Holdings, Inc.*^

	325,000	5.750%, 03/01/27		338,975

	191,000	4.625%, 04/15/30		194,770

	252,000	Prestige Brands, Inc.* 3.750%, 04/01/31		250,193

	300,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		324,402

		Vector Group, Ltd.*

	415,000	5.750%, 02/01/29		422,910

	164,000	10.500%, 11/01/26		174,522


				4,874,852


		*Energy (1.2%)*

		Antero Resources Corp.*

	101,000	7.625%, 02/01/29		110,716

	65,000	5.375%, 03/01/30^		66,192

		Apache Corp.

	268,000	5.100%, 09/01/40		287,736

	150,000	4.875%, 11/15/27		161,559

	134,000	4.625%, 11/15/25		144,195

		Buckeye Partners, LP

	210,000	3.950%, 12/01/26		213,501

	135,000	5.850%, 11/15/43		137,427

	168,000	ChampionX Corp. 6.375%, 05/01/26		175,980

		Cheniere Energy Partners, LP

	280,000	5.625%, 10/01/26		289,593

	63,000	4.000%, 03/01/31*^		66,699

	129,000	Cheniere Energy, Inc. 4.625%, 10/15/28		136,325

		Continental Resources, Inc.^

	270,000	3.800%, 06/01/24		283,519

	200,000	4.375%, 01/15/28		223,554

	415,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		390,569

	3,259	Diamond Foreign Asset Company / Diamond Finance, LLC 13.000%, 04/22/27		3,269

	137,000	DT Midstream, Inc.* 4.125%, 06/15/29		140,617

		Energy Transfer, LP‡

	390,000	3.143%, 11/01/66 3 mo. USD LIBOR + 3.02%		321,859

	197,000	6.500%, 11/15/26 5 year CMT + 5.69		201,775


PRINCIPAL AMOUNT			VALUE

		EnLink Midstream Partners, LP

	340,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%	$	263,374

	285,000	4.850%, 07/15/26		298,324

		EQT Corp.

	150,000	7.500%, 02/01/30		197,218

	110,000	6.625%, 02/01/25		127,240

	65,000	5.000%, 01/15/29^		73,528

	274,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		270,833

		Gulfport Energy Operating Corp.

	260,000	6.375%, 05/15/25		11,050

	76,078	8.000%, 05/17/26^		81,497

		Laredo Petroleum, Inc.

	230,000	10.125%, 01/15/28		243,775

	67,000	7.750%, 07/31/29*		64,891

	295,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		302,496

		Moss Creek Resources Holdings, Inc.*

	145,000	10.500%, 05/15/27		139,370

	130,000	7.500%, 01/15/26		117,750

	130,000	Murphy Oil Corp. 6.375%, 07/15/28		137,702

		New Fortress Energy, Inc.*

	135,000	6.500%, 09/30/26		136,605

	132,000	6.750%, 09/15/25		134,827

	125,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		75,270

	66,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		69,062

		Occidental Petroleum Corp.

	815,000	4.300%, 08/15/39		809,132

	605,000	2.900%, 08/15/24		609,973

	130,000	5.875%, 09/01/25		144,231

	70,000	Ovintiv, Inc.^ 6.500%, 08/15/34		93,516

	129,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		128,181

	205,000	Parkland Corp. / Canada* 5.875%, 07/15/27		218,825

	270,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		242,128

	102,000	Range Resources Corp.* 8.250%, 01/15/29		113,065

	149,000	Transocean, Inc.*^ 11.500%, 01/30/27		148,441

		Venture Global Calcasieu Pass, LLC*

	65,000	4.125%, 08/15/31		67,054

	65,000	3.875%, 08/15/29		66,450

	133,000	Vine Energy Holdings, LLC* 6.750%, 04/15/29		139,016

	140,000	Viper Energy Partners, LP* 5.375%, 11/01/27		146,898

	195,000	W&T Offshore, Inc.* 9.750%, 11/01/23		187,808

	130,000	Weatherford International, Ltd.* 11.000%, 12/01/24		134,694


				9,349,309


PRINCIPAL AMOUNT			VALUE

		*Financials (2.6%)*

		Acrisure, LLC / Acrisure Finance, Inc.*

	686,000	7.000%, 11/15/25^	$	698,094

	393,000	6.000%, 08/01/29		393,295

	200,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		214,276

	281,000	AG Issuer, LLC* 6.250%, 03/01/28		295,531

	580,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		606,599

		Ally Financial, Inc.

	237,000	4.700%, 08/01/33‡ 5 year CMT + 3.87		249,082

	215,000	8.000%, 11/01/31		313,453

	125,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		130,216

	267,000	AmWINS Group, Inc.* 4.875%, 06/30/29		272,674

	635,000	AssuredPartners, Inc.* 7.000%, 08/15/25		647,243

	292,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		311,012

	261,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		266,079

	764,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LL*^ 5.750%, 05/15/26		795,431

		Credit Acceptance Corp.^

	350,000	6.625%, 03/15/26		370,356

	238,000	5.125%, 12/31/24*		246,230

	84,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		90,330

	345,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		357,837

	278,000	Enact Holdings, Inc.*^ 6.500%, 08/15/25		301,889

	389,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		386,378

	439,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		450,032

	1,190,000	HUB International, Ltd.* 7.000%, 05/01/26		1,234,411

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

	335,000	5.250%, 05/15/27		352,859

	202,000	4.375%, 02/01/29		204,735

	525,000	ILFC E-Capital Trust II*‡ 3.910%, 12/21/65 3 mo. USD LIBOR + 1.80%		444,596

	625,000	Iron Mountain, Inc.* 5.250%, 03/15/28		655,600

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

	550,000	6.250%, 06/03/26		592,983

	540,000	5.000%, 08/15/28		553,127


PRINCIPAL AMOUNT			VALUE

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

	522,000	5.250%, 10/01/25	$	530,691

	130,000	4.750%, 06/15/29		129,597

	312,000	LD Holdings Group, LLC* 6.125%, 04/01/28		310,053

		Level 3 Financing, Inc.

	280,000	4.250%, 07/01/28*		285,569

	270,000	5.375%, 05/01/25		276,326

		LPL Holdings, Inc.*

	335,000	4.000%, 03/15/29		340,725

	101,000	4.375%, 05/15/31		103,669

	585,000	MetLife, Inc.^ 6.400%, 12/15/66		750,222

		Navient Corp.

	588,000	5.000%, 03/15/27		613,555

	300,000	4.875%, 03/15/28		302,874

		OneMain Finance Corp.

	335,000	7.125%, 03/15/26		394,731

	255,000	6.875%, 03/15/25		289,887

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

	161,000	7.500%, 06/01/25		174,629

	132,000	5.875%, 10/01/28		140,921

	163,000	PHH Mortgage Corp.*^ 7.875%, 03/15/26		167,541

	300,000	Prospect Capital Corp.µ 3.706%, 01/22/26		311,646

	125,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.* 3.625%, 03/01/29		125,991

	345,000	Radian Group, Inc. 4.875%, 03/15/27		375,232

	300,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		303,420

	195,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		197,808

	166,000	SLM Corp. 4.200%, 10/29/25		179,889

	345,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		366,155

	269,000	StoneX Group, Inc.* 8.625%, 06/15/25		292,497

		United Wholesale Mortgage, LLC*

	205,000	5.500%, 11/15/25		211,468

	130,000	5.500%, 04/15/29		129,503

	272,000	VICI Properties, LP / VICI Note Company, Inc.*^ 3.750%, 02/15/27		280,367

		XHR, LP*

	280,000	6.375%, 08/15/25		298,698

	130,000	4.875%, 06/01/29		133,159


				19,451,171


		*Health Care (1.2%)*

	136,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		143,158

	770,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		834,033

		Bausch Health Companies, Inc.*

	365,000	5.250%, 02/15/31^		342,403

	300,000	5.000%, 01/30/28		287,157

	118,000	5.000%, 02/15/29		111,599


PRINCIPAL AMOUNT			VALUE

		Centene Corp.

	276,000	4.250%, 12/15/27	$	291,122

	136,000	3.000%, 10/15/30		141,568

	130,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		133,388

		CHS/Community Health Systems, Inc.*

	533,000	6.125%, 04/01/30		540,739

	305,000	8.000%, 03/15/26		327,167

	146,000	6.875%, 04/15/29		153,853

		DaVita, Inc.*

	396,000	4.625%, 06/01/30		409,488

	198,000	3.750%, 02/15/31		192,793

		Encompass Health Corp.

	130,000	4.750%, 02/01/30^		139,458

	130,000	4.500%, 02/01/28		135,446

	282,000	HCA, Inc. 7.500%, 11/06/33		403,133

	200,000	Jazz Securities DAC* 4.375%, 01/15/29		208,826

	465,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		309,736

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

	490,000	5.125%, 04/30/31		505,337

	200,000	4.125%, 04/30/28		205,378

	302,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		281,986

		Tenet Healthcare Corp.

	625,000	6.250%, 02/01/27*		651,875

	390,000	4.625%, 07/15/24		395,667

	375,000	6.875%, 11/15/31		430,076

	345,000	4.875%, 01/01/26*		357,713

		Teva Pharmaceutical Finance Netherlands III, BV

	590,000	2.800%, 07/21/23		585,380

	520,000	6.000%, 04/15/24		547,196


				9,065,675


		*Industrials (2.1%)*

	265,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		293,456

	300,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		300,153

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

	340,000	4.625%, 01/15/27		359,846

	337,000	4.875%, 02/15/30		365,075

	136,000	3.500%, 03/15/29^		137,463

		Allison Transmission, Inc.*

	230,000	4.750%, 10/01/27		240,348

	70,000	3.750%, 01/30/31		70,067

	66,000	Ambience Merger Sub, Inc.* 7.125%, 07/15/29		66,888

	65,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		57,940

	146,000	Arcosa, Inc.* 4.375%, 04/15/29		149,670

	700,000	ARD Finance, SA*

		6.500%, 06/30/27

		7.250% PIK rate		739,298


PRINCIPAL AMOUNT			VALUE

	137,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24	$	150,900

	238,000	Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29		238,828

	261,000	BWX Technologies, Inc.* 4.125%, 04/15/29		267,588

		Cascades, Inc. / Cascades USA, Inc.*

	207,000	5.125%, 01/15/26		219,406

	138,000	5.375%, 01/15/28		145,449

		Delta Air Lines, Inc.

	67,000	3.800%, 04/19/23^		69,232

	66,000	7.375%, 01/15/26		77,775

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

	68,000	4.750%, 10/20/28		76,222

	34,000	4.500%, 10/20/25µ		36,625

	196,000	Endure Digital, Inc.*^ 6.000%, 02/15/29		190,318

	145,000	EnerSys* 4.375%, 12/15/27		151,903

	300,000	Fly Leasing, Ltd. 5.250%, 10/15/24		304,503

	132,000	GFL Environmental, Inc.* 3.750%, 08/01/25		135,988

		Golden Nugget, Inc.*

	200,000	6.750%, 10/15/24		200,732

	140,000	8.750%, 10/01/25^		147,643

	148,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		158,464

	140,000	Granite US Holdings Corp.* 11.000%, 10/01/27		156,433

		Graphic Packaging International, LLC*

	175,000	4.750%, 07/15/27		189,903

	125,000	3.500%, 03/01/29		124,676

	65,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		67,122

	623,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		618,720

	146,000	HCRX Investments Holdco, LP* 4.500%, 08/01/29		149,127

	350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		367,871

		Howmet Aerospace, Inc.

	326,000	5.125%, 10/01/24		359,311

	114,000	6.875%, 05/01/25		132,747

	350,000	JELD-WEN, Inc.* 4.625%, 12/15/25		357,056

	136,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		147,506

	308,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		317,610

	134,000	MasTec, Inc.* 4.500%, 08/15/28		141,414

	174,000	Meritor, Inc.* 4.500%, 12/15/28		178,186

	170,000	Moog, Inc.* 4.250%, 12/15/27		175,627

	365,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		371,519

	272,000	Novelis Corp.* 4.750%, 01/30/30		290,050


PRINCIPAL AMOUNT			VALUE

	310,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27	$	315,481

		Patrick Industries, Inc.*

	140,000	7.500%, 10/15/27		152,347

	130,000	4.750%, 05/01/29		132,762

	335,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		363,763

	59,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		62,594

	275,000	QVC, Inc. 4.375%, 09/01/28		282,758

	310,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC / Reynolds Group Issuer Lu* 4.000%, 10/15/27		310,068

	210,000	Scientific Games International, Inc.* 5.000%, 10/15/25		216,019

	135,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		142,488

	247,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		249,472

		Sinclair Television Group, Inc.*

	136,000	4.125%, 12/01/30		132,027

	135,000	5.500%, 03/01/30^		135,609

		Standard Industries, Inc.*

	270,000	5.000%, 02/15/27		279,739

	66,000	4.375%, 07/15/30		67,928

		Station Casinos, LLC*

	545,000	4.500%, 02/15/28^		550,205

	178,000	5.000%, 10/01/25		180,480

	136,000	Stericycle, Inc.* 3.875%, 01/15/29		138,044

	200,000	STL Holding Company, LLC* 7.500%, 02/15/26		211,058

	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		211,346

		TransDigm, Inc.

	355,000	6.250%, 03/15/26*		373,023

	205,000	7.500%, 03/15/27		217,497

	130,000	Tronox, Inc.*^ 4.625%, 03/15/29		132,438

		United Rentals North America, Inc.

	130,000	3.750%, 01/15/32		130,000

	125,000	5.875%, 09/15/26		129,286

	66,000	3.875%, 02/15/31^		68,006

	175,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		178,752

		WESCO Distribution, Inc.*

	137,000	7.125%, 06/15/25^		147,776

	68,000	7.250%, 06/15/28		75,814

	350,000	XPO Logistics, Inc.* 6.750%, 08/15/24		363,380


				15,446,818


		*Information Technology (0.6%)*

	131,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		135,123

	140,000	CDK Global, Inc.* 5.250%, 05/15/29		152,653

	315,000	CommScope Technologies, LLC* 6.000%, 06/15/25		320,103


PRINCIPAL AMOUNT			VALUE

		Dell International, LLC / EMC Corp.

	310,000	6.020%, 06/15/26µ	$	373,221

	215,000	6.100%, 07/15/27		265,996

	125,000	5.850%, 07/15/25µ		146,960

	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		144,401

	300,000	KBR, Inc.* 4.750%, 09/30/28		305,373

	300,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		291,810

	130,000	NCR Corp.* 5.125%, 04/15/29		135,487

	305,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		308,065

	198,000	ON Semiconductor Corp.* 3.875%, 09/01/28		206,306

	204,000	Open Text Corp.* 3.875%, 02/15/28		211,165

	130,000	Playtika Holding Corp.* 4.250%, 03/15/29		129,797

	187,000	PTC, Inc.* 4.000%, 02/15/28		193,783

	300,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		302,247

		Twilio, Inc.

	185,000	3.625%, 03/15/29		190,291

	66,000	3.875%, 03/15/31^		69,064

	300,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		300,582


				4,182,427


		*Materials (0.6%)*

	300,000	Alcoa Nederland Holding, BV* 7.000%, 09/30/26		313,302

	147,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		154,571

	200,000	ArcelorMittal, SA 7.250%, 10/15/39		292,278

	420,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		424,985

	275,000	First Quantum Minerals, Ltd.*^ 7.250%, 04/01/23		280,313

		Freeport-McMoRan, Inc.

	185,000	5.000%, 09/01/27		195,495

	130,000	5.450%, 03/15/43		167,138

	120,000	5.400%, 11/14/34^		152,558

	205,000	HB Fuller Company 4.250%, 10/15/28		210,014

	261,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		267,345

	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		226,786

		Kaiser Aluminum Corp.*

	145,000	4.625%, 03/01/28^		151,605

	33,000	4.500%, 06/01/31		34,357

	211,000	Mercer International, Inc.^ 5.125%, 02/01/29		215,469

		New Gold, Inc.*

	85,000	6.375%, 05/15/25		87,743

	68,000	7.500%, 07/15/27^		73,501

	261,000	OCI, NV* 4.625%, 10/15/25		271,075


PRINCIPAL AMOUNT			VALUE

	132,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27	$	143,178

	133,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		80,369

	305,000	Silgan Holdings, Inc. 4.125%, 02/01/28		316,944

	131,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		133,705

	210,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		220,292

	134,000	Valvoline, Inc.* 3.625%, 06/15/31		133,582


				4,546,605


		*Real Estate (0.2%)*

	210,000	EPR Properties^ 3.750%, 08/15/29		213,278

		Forestar Group, Inc.*

	195,000	5.000%, 03/01/28		203,266

	67,000	3.850%, 05/15/26		68,021

	204,000	iStar, Inc.^ 5.500%, 02/15/26		214,176

		Service Properties Trust

	345,000	4.350%, 10/01/24		348,226

	125,000	5.250%, 02/15/26		126,530


				1,173,497


		*Utilities (0.2%)*

	204,000	Calpine Corp.* 4.500%, 02/15/28		210,571

	95,000	NRG Energy, Inc. 6.625%, 01/15/27		98,455

	401,000	PPL Capital Funding, Inc.^‡ 2.812%, 03/30/67 3 mo. USD LIBOR + 2.67%		393,192

		Talen Energy Supply, LLC*

	135,000	10.500%, 01/15/26		93,192

	70,000	7.250%, 05/15/27		63,908

	350,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		378,987


				1,238,305


		TOTAL CORPORATE BONDS (Cost $96,568,382)		100,830,180



	CONVERTIBLE BONDS (107.5%)

		*Communication Services (12.7%)*

	3,193,000	Eventbrite, Inc.*µ 0.750%, 09/15/26		3,019,620

		Liberty Media Corp.

	8,000,000	0.500%, 12/01/50*		8,859,360

	5,825,000	1.375%, 10/15/23µ		7,745,444

	5,000,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		6,622,300

	4,500,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		9,081,495

	4,000,000	Sea, Ltd. 2.375%, 12/01/25		12,434,240

		Snap, Inc.

	10,000,000	0.000%, 05/01/27*		11,512,000

	5,000,000	0.750%, 08/01/26		16,369,250


PRINCIPAL AMOUNT			VALUE

	7,750,000	Twitter, Inc.^ 0.250%, 06/15/24	$	10,747,158

	6,600,000	Zynga, Inc.µ 0.250%, 06/01/24		8,820,042


				95,210,909


		*Consumer Discretionary (31.6%)*

	5,000,000	Airbnb, Inc.* 0.000%, 03/15/26		4,686,400

	8,000,000	Booking Holdings, Inc.^ 0.750%, 05/01/25		11,292,800

	5,500,000	Burlington Stores, Inc.^ 2.250%, 04/15/25		8,999,485

	4,750,000	Cheesecake Factory, Inc. 0.375%, 06/15/26		4,455,975

	7,500,000	Chegg, Inc.* 0.000%, 09/01/26		8,132,775

	2,250,000	Dick’s Sporting Goods, Inc. 3.250%, 04/15/25		6,923,160

		DISH Network Corp.

	4,500,000	0.000%, 12/15/25*		5,266,800

	515,000	2.375%, 03/15/24		499,050

	9,750,000	DraftKings, Inc.* 0.000%, 03/15/28		8,558,940

	11,250,000	Etsy, Inc.*µ^ 0.125%, 09/01/27		13,559,625

	3,683,000	Expedia Group, Inc.*µ^ 0.000%, 02/15/26		3,960,035

	10,000,000	Ford Motor Company*µ 0.000%, 03/15/26		10,715,500

	4,750,000	LCI Industries*µ 1.125%, 05/15/26		5,122,590

		Liberty Interactive, LLC

	280,000	4.000%, 11/15/29		215,776

	170,000	3.750%, 02/15/30		131,145

	3,677,000	MakeMyTrip, Ltd.* 0.000%, 02/15/28		3,717,006

	10,000,000	Marriott Vacations Worldwide Corp.*µ 0.000%, 01/15/26		10,692,300

	2,750,000	NCL Corp. Ltd. 6.000%, 05/15/24		5,394,758

	3,739,000	NCL Corp., Ltd.* 5.375%, 08/01/25		5,917,117

	125,000	Peloton Interactive, Inc.* 0.000%, 02/15/26		118,284

	4,000,000	RH 0.000%, 09/15/24		12,511,640

	13,500,000	Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23		17,394,750

	5,000,000	Shake Shack, Inc.* 0.000%, 03/01/28		4,685,550

	3,875,000	Tesla, Inc.~ 2.000%, 05/15/24		42,944,494

	3,250,000	Under Armour, Inc.^ 1.500%, 06/01/24		6,067,068

	13,250,000	Vail Resorts, Inc.*^ 0.000%, 01/01/26		13,378,657

	4,750,000	Vroom, Inc.* 0.750%, 07/01/26		4,621,085

	11,000,000	Wayfair, Inc.* 0.625%, 10/01/25		10,686,390

	5,250,000	Winnebago Industries, Inc. 1.500%, 04/01/25		6,947,430


				237,596,585


PRINCIPAL AMOUNT			VALUE

		*Consumer Staples (0.6%)*

	5,000,000	Beyond Meat, Inc.* 0.000%, 03/15/27	$	4,606,900


		*Energy (1.2%)*

	6,250,000	Pioneer Natural Resources Company^ 0.250%, 05/15/25		9,194,938

	9,600,000	SunEdison, Inc. 0.250%, 01/15/20		148,512


				9,343,450


		*Financials (1.3%)*

	4,500,000	Coinbase Global, Inc.* 0.500%, 06/01/26		4,543,515

	4,750,000	Realogy Group, LLC / Realogy Co-Issuer Corp.* 0.250%, 06/15/26		4,811,560


				9,355,075


		*Health Care (17.8%)*

	5,000,000	Bridgebio Pharma, Inc.* 2.250%, 02/01/29		4,569,350

	2,500,000	CONMED Corp.^ 2.625%, 02/01/24		4,046,425

	12,250,000	Dexcom, Inc. 0.250%, 11/15/25		13,968,797

	2,079,000	Envista Holdings Corp.^ 2.375%, 06/01/25		4,434,777

	8,000,000	Exact Sciences Corp.µ 0.375%, 03/15/27		9,672,240

	5,000,000	Halozyme Therapeutics, Inc.*µ 0.250%, 03/01/27		4,580,850

	12,250,000	Insulet Corp.~ 0.375%, 09/01/26		16,967,230

	8,000,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		9,107,840

	6,750,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		8,751,038

	9,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		8,869,590

	3,500,000	NuVasive, Inc. 0.375%, 03/15/25		3,406,515

	4,750,000	Oak Street Health, Inc.* 0.000%, 03/15/26		5,030,535

	7,500,000	Omnicell, Inc.* 0.250%, 09/15/25		11,814,075

	7,000,000	Pacira BioSciences, Inc. 0.750%, 08/01/25		7,702,660

	5,741,000	Repligen Corp. 0.375%, 07/15/24		12,418,185

	1,500,000	Sarepta Therapeutics, Inc. 1.500%, 11/15/24		1,840,185

	6,000,000	Teladoc Health, Inc.^ 1.250%, 06/01/27		6,463,020


				133,643,312


		*Industrials (8.3%)*

	3,000,000	Air Canada 4.000%, 07/01/25		4,577,850

	3,500,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		3,640,560

	3,300,000	Atlas Air Worldwide Holdings, Inc. 1.875%, 06/01/24		4,165,722


PRINCIPAL AMOUNT			VALUE

	9,750,000	JetBlue Airways Corp.*µ^ 0.500%, 04/01/26	$	9,643,237

	4,750,000	John Bean Technologies Corp.*µ 0.250%, 05/15/26		5,122,353

	3,750,000	Middleby Corp.*µ 1.000%, 09/01/25		5,866,012

	8,500,000	Southwest Airlines Company~ 1.250%, 05/01/25		12,489,050

	17,500,000	Uber Technologies, Inc.*^ 0.000%, 12/15/25		17,093,825


				62,598,609


		*Information Technology (31.4%)*

	7,750,000	Bentley Systems, Inc.* 0.125%, 01/15/26		8,944,817

	4,659,000	Bill.com Holdings, Inc.* 0.000%, 12/01/25		6,771,950

	12,500,000	Coupa Software, Inc. 0.375%, 06/15/26		13,420,875

	6,500,000	Datadog, Inc. 0.125%, 06/15/25		9,019,595

		Enphase Energy, Inc.*

	5,000,000	0.000%, 03/01/26		5,040,650

	5,000,000	0.000%, 03/01/28		5,071,300

	2,250,000	Everbridge, Inc.µ 0.125%, 12/15/24		3,145,928

	3,250,000	Five9, Inc.µ 0.500%, 06/01/25		5,256,420

	4,250,000	LivePerson, Inc.*µ 0.000%, 12/15/26		4,601,560

	13,094,000	Microchip Technology, Inc.µ^ 0.125%, 11/15/24		14,370,272

	5,250,000	MicroStrategy, Inc.*µ 0.000%, 02/15/27		3,891,195

	6,000,000	MongoDB, Inc.µ 0.250%, 01/15/26		10,841,820

	5,010,000	Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		7,077,577

		Okta, Inc.

	6,500,000	0.125%, 09/01/25^		9,485,190

	3,500,000	0.375%, 06/15/26		4,415,040

	9,250,000	ON Semiconductor Corp.*^ 0.000%, 05/01/27		9,843,850

	7,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		11,589,150

	9,750,000	Repay Holdings Corp.* 0.000%, 02/01/26		9,712,365

	7,250,000	RingCentral, Inc. 0.000%, 03/01/25		7,667,745

	12,000,000	Shift4 Payments, Inc.* 0.000%, 12/15/25		15,613,320

	1,616,000	Shopify, Inc.^ 0.125%, 11/01/25		2,130,809

	6,750,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		9,167,445

		Square, Inc.*^

	8,000,000	0.250%, 11/01/27		9,439,600

	8,000,000	0.000%, 05/01/26		9,101,600

	5,000,000	Tyler Technologies, Inc.* 0.250%, 03/15/26		5,719,200

	7,000,000	Wix.com, Ltd.*^ 0.000%, 08/15/25		7,649,600

	4,500,000	Workday, Inc.~ 0.250%, 10/01/22		7,285,725


PRINCIPAL AMOUNT			VALUE

	6,750,000	Zendesk, Inc. 0.625%, 06/15/25	$	9,199,777

	6,314,000	Zscaler, Inc. 0.125%, 07/01/25		10,550,063


				236,024,438


		*Materials (1.5%)*

	4,750,000	Ivanhoe Mines, Ltd.*µ 2.500%, 04/15/26		5,942,297

	5,225,000	MP Materials Corp.*µ 0.250%, 04/01/26		5,658,414


				11,600,711


		*Real Estate (1.1%)*

	3,250,000	IH Merger Sub, LLCµ 3.500%, 01/15/22		5,814,282

	2,559,000	Redfin Corp.* 0.000%, 10/15/25		2,775,159


				8,589,441


		TOTAL CONVERTIBLE BONDS (Cost $639,724,124)		808,569,430



	BANK LOANS (1.9%) ¡

		*Airlines (0.1%)*

	225,000	AAdvantage Loyalty IP, Ltd.‡ 5.500%, 04/20/28 3 mo. LIBOR + 4.75%		231,666

	339,150	United Airlines, Inc.‡ 4.500%, 04/21/28 1 mo. LIBOR + 3.75%		340,189


				571,855


		*Communication Services (0.5%)*

	343,875	Clear Channel Outdoor Holdings, Inc.‡ 3.629%, 08/21/26 3 mo. LIBOR + 3.50%		334,455

	221,063	CommScope, Inc.‡ 3.342%, 04/06/26 1 mo. LIBOR + 3.25%		219,266

	174,931	Consolidated Communications, Inc.‡ 4.250%, 10/02/27 1 mo. LIBOR + 3.50%		174,559

	147,381	CSC Holdings, LLC‡ 2.593%, 04/15/27 1 mo. LIBOR + 2.50%		145,775

	750,000	DIRECTV Financing, LLC! 0.000%, 07/21/27		749,441

	413,963	Frontier Communications Corp.‡ 4.500%, 05/01/28 3 mo. LIBOR + 3.75%		414,482

	200,000	Frontier Communications Corp.! 0.000%, 05/01/28		200,251

	243,952	iHeartCommunications, Inc.‡ 3.092%, 05/01/26 1 mo. LIBOR + 3.00%		241,055

	645,600	Intelsat Jackson Holdings, SA@ 8.625%, 01/02/24		658,628

	508,329	Intelsat Jackson Holdings, SA‡@ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		519,040


				3,656,952


PRINCIPAL AMOUNT			VALUE

		*Consumer Discretionary (0.4%)*

	130,000	At Home Group, Inc.! 0.000%, 07/30/28	$	130,163

	65,000	At Home Group, Inc.‡ 4.750%, 07/30/28 3 mo. LIBOR + 4.25%		65,081

	273,625	Life Time Fitness, Inc.‡ 5.750%, 12/16/24 3 mo. LIBOR + 4.75%		273,797

	386,533	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		395,151

	473,813	Petco Health and Wellness Company, Inc.‡ 4.000%, 03/03/28 3 mo. LIBOR + 3.25%		472,294

	540,000	PetSmart, Inc.‡ 4.500%, 02/12/28 6 mo. LIBOR + 3.75%		540,472

	200,597	Rent-A-Center, Inc.‡ 4.750%, 02/17/28 1 mo. LIBOR + 4.00%		201,600

	110,000	Rent-A-Center, Inc.! 0.000%, 02/17/28		110,550

	245,300	TKC Holdings, Inc.! 0.000%, 05/15/28		242,771

	67,700	TKC Holdings, Inc.‡ 6.500%, 05/15/28 3 mo. LIBOR + 5.50%		67,002

	470,000	WW International, Inc.‡ 4.000%, 04/13/28 1 mo. LIBOR + 3.50%		469,561


				2,968,442


		*Consumer Staples (0.0%)*

	99,022	United Natural Foods, Inc.‡ 3.592%, 10/22/25 1 mo. LIBOR + 3.50%		98,836


		*Energy (0.0%)*

	287,829	Par Pacific Holdings, Inc.‡ 6.870%, 01/12/26 3 mo. LIBOR + 6.75%		286,391


		*Financials (0.1%)*

	425,000	Jazz Financing Lux Sarl‡ 4.000%, 05/05/28 1 mo. LIBOR + 3.50%		426,063


		*Health Care (0.4%)*

	675,209	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		654,426

	290,596	Endo Luxembourg Finance Company I Sarl‡ 5.750%, 03/27/28 3 mo. LIBOR + 5.00%		284,530

	374,308	Gentiva Health Services, Inc.‡ 2.875%, 07/02/25 1 mo. LIBOR + 2.75%		373,374

	128,087	Icon Luxembourg Sarl! 0.000%, 07/03/28		127,972

	96,065	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		95,979


PRINCIPAL AMOUNT			VALUE

	31,913	Icon Luxembourg Sarl! 0.000%, 07/03/28	$	31,884

	23,935	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		23,913

	280,597	Mallinckrodt International Finance, SA‡ 6.000%, 09/24/24 6 mo. LIBOR + 5.25%		273,524

	300,000	Padagis, LLC‡ 5.250%, 07/06/28 3 mo. LIBOR + 4.75%		300,938

	628,336	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		609,782


				2,776,322


		*Industrials (0.3%)*

	140,000	ACProducts, Inc.‡ 4.750%, 05/05/28 6 mo. LIBOR + 4.25%		139,311

	170,000	Air Canada! 0.000%, 07/28/28		170,496

	440,100	Berry Global, Inc.‡ 1.850%, 07/01/26 1 mo. LIBOR + 1.75%		435,463

	266,700	BW Gas & Convenience Holdings, LLC‡ 4.000%, 03/17/28 1 mo. LIBOR + 3.50%		267,367

	281,448	Dun & Bradstreet Corp.‡ 3.336%, 02/06/26 1 mo. LIBOR + 3.25%		279,425

	206,372	Granite Holdings US Acquisition Company‡ 4.147%, 09/30/26 3 mo. LIBOR + 4.00%		206,372

	189,807	RegionalCare Hospital Partners Holdings, Inc.‡ 3.842%, 11/16/25 1 mo. LIBOR + 3.75%		188,438

	443,130	Scientific Games International, Inc.‡ 2.842%, 08/14/24 1 mo. LIBOR + 2.75%		437,192

	68,428	TransDigm, Inc.‡ 2.342%, 12/09/25 1 mo. LIBOR + 2.25%		67,310


				2,191,374


		*Information Technology (0.1%)*

	170,000	AP Core Holdings II, LLC! 0.000%, 07/21/27		169,470

	286,750	Banff Merger Sub, Inc.‡ 3.842%, 10/02/25 1 mo. LIBOR + 3.75%		284,727

	184,075	Camelot U.S. Acquisition 1 Co.‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		184,277

	329,975	Camelot U.S. Acquisition 1 Company‡ 3.092%, 10/30/26 1 mo. LIBOR + 3.00%		327,211


PRINCIPAL AMOUNT			VALUE

	288,031	VFH Parent, LLC‡ 3.085%, 03/01/26 1 mo. LIBOR + 3.00%	$	286,333


				1,252,018


		*Materials (0.0%)*

	197,500	Innophos, Inc.‡ 3.592%, 02/07/27 1 mo. LIBOR + 3.50%		197,377


		TOTAL BANK LOANS (Cost $14,464,046)		14,425,630



NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (18.0%)

		*Communication Services (1.2%)*

	6,750	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		8,540,978


		*Consumer Discretionary (1.7%)*

	68,935	Aptiv, PLC 5.500%, 06/15/23		12,943,236


		*Energy (0.0%)*

	7	Gulfport Energy Operating Corp. 10.000%, 08/30/21 15.000% PIK RATE		34,475


		*Financials (1.6%)*

	4,000	Bank of America Corp.‡‡ 7.250%		5,918,200

	73,830	KKR & Company, Inc.^ 6.000%, 09/15/23		6,130,843


				12,049,043


		*Health Care (4.7%)*

	100,715	Avantor, Inc. 6.250%, 05/15/22		11,647,690

	62,325	Boston Scientific Corp. 5.500%, 06/01/23		7,657,249

	8,080	Danaher Corp. 4.750%, 04/15/22		16,101,420


				35,406,359


		*Industrials (1.0%)*

	65,335	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		7,709,530


		*Information Technology (2.8%)*

	13,625	Broadcom, Inc.~ 8.000%, 09/30/22		21,041,632


		*Utilities (5.0%)*

	48,960	AES Corp. 6.875%, 02/15/24		4,963,565

	134,810	Dominion Energy, Inc. 7.250%		13,444,601

		NextEra Energy, Inc.

	153,825	6.219%, 09/01/23		7,981,979

	123,080	4.872%, 09/01/22		7,233,412



NUMBER OF SHARES			VALUE

	68,765	5.279%, 03/01/23	$	3,530,395


				37,153,952

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $107,369,767)		134,879,205



	COMMON STOCKS (0.3%)

		*Communication Services (0.0%)*

	1,943	Cumulus Media, Inc. - Class A#		22,908

	4,305	Lumen Technologies, Inc.^		53,684


				76,592


		*Energy (0.3%)*

	11,334	Calfrac Well Services, Ltd.#		32,755

	2,577	Chaparral Energy, Inc. - Class A#		97,926

	785	Chesapeake Energy Corp.		42,429

	525	Chevron Corp.^		53,450

	1,248	Denbury, Inc.^#		82,006

	6,116	Diamond Offshore Drilling, Inc.#		36,237

	11,685	Energy Transfer, LP		115,214

	12,655	Enterprise Products Partners, LP		285,623

	1,881	EP Energy Corp.&#		186,219

	1,806	Gulfport Energy Operating Corp.#		123,350

	15,487	Lonestar Resources US, Inc.#		152,547

	3,560	Magellan Midstream Partners, LP		165,896

	615	Oasis Petroleum, Inc.^		56,402

	1,960	Schlumberger, NV		56,507

	4,189	Superior Energy Services, Inc.#		163,371

	5,950	Targa Resources Corp.		250,555

	4,325	Weatherford International, PLC^#		75,428

	961	Whiting Petroleum Corp.#		45,071

	2,400	Williams Companies, Inc.^		60,120


				2,081,106


		*Industrials (0.0%)*

	46,293	McDermott International, Inc.#		15,323


		TOTAL COMMON STOCKS (Cost $2,985,818)		2,173,021



	WARRANTS (0.0%) #

		*Energy (0.0%)*

	900	Chesapeake Energy Corp. 02/09/26, Strike $32.13		22,500

	810	Chesapeake Energy Corp. 02/09/26, Strike $27.63		23,190

	500	Chesapeake Energy Corp. 02/09/26, Strike $36.18		10,780

	1,399	Denbury, Inc. 09/18/25, Strike $32.59		46,489

	515	Denbury, Inc. 09/18/23, Strike $35.41		15,424

	13,522	Mcdermott International, Ltd. 06/30/27, Strike $15.98		2

	12,170	Mcdermott International, Ltd. 06/30/27, Strike $12.33		1


		TOTAL WARRANTS (Cost $298,335)		118,386



NUMBER OF SHARES			VALUE

	PREFERRED STOCKS (0.2%)

		*Communication Services (0.0%)*

	11,630	United States Cellular Corp. 6.250%, 09/01/69	$	323,081


		*Consumer Discretionary (0.1%)*

	1,722	Guitar Center, Inc. 0.000%		195,663

	1,288	Qurate Retail, Inc. 8.000%, 03/15/31		139,722


				335,385


		*Energy (0.1%)*

	15,000	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		349,500

	14,360	NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		361,728

	12,000	NuStar Logistics, LP‡ 6.860%, 01/15/43 3 mo. USD LIBOR + 6.73%		303,240


				1,014,468


		TOTAL PREFERRED STOCKS (Cost $1,630,342)		1,672,934



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (1.5%) #

		*Communication Services (0.2%)*

		Sea, Ltd.

	435

	12,012,960	Put, 01/21/22, Strike $260.00		1,102,725

	435

	12,012,960	Put, 01/21/22, Strike $200.00		293,625

	2,150	Snap, Inc.

	16,000,300	Put, 01/21/22, Strike $55.00		569,750


				1,966,100


		*Consumer Discretionary (0.9%)*

	625	Tesla, Inc.

	42,950,000	Put, 01/21/22, Strike $700.00		6,621,875


		*Information Technology (0.1%)*

	1,125	Micron Technology, Inc.

	8,727,750	Call, 01/21/22, Strike $85.00		554,063


		*Other (0.3%)*

	1,200	Invesco QQQ Trust Series

	43,748,400	Put, 01/21/22, Strike $325.00		1,186,200

	1,000	SPDR S&P 500 ETF Trust

	25,437,000	Put, 01/21/22, Strike $400.00		1,122,500


				2,308,700


		TOTAL PURCHASED OPTIONS (Cost $17,587,409)		11,450,738



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT		VALUE

TOTAL INVESTMENTS (142.8%) (Cost $880,628,223)		$	1,074,119,524



MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-8.5%)			(64,000,000)


LIABILITIES, LESS OTHER ASSETS (-34.3%)			(257,798,296)


NET ASSETS (100.0%)		$	752,321,228



WRITTEN OPTIONS (-0.1%) #

	*Communication Services (-0.1%)*

435	Sea, Ltd.

12,012,960	Call, 01/21/22, Strike $320.00		(806,925)


	*Consumer Discretionary (0.0%)*

325	Tesla, Inc.

22,334,000	Call, 01/21/22, Strike $1,500.00		(117,000)


	TOTAL WRITTEN OPTIONS (Premium $3,910,814)		(923,925)

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $160,821,222.

^	Security, or portion of security, is on loan.

@	In default status and considered non-income producing.

&	Illiquid security.

‡	Variable rate security. The rate shown is the rate in effect at July 31, 2021.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options.

The aggregate value of such securities is $49,601,573.

¡	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 Dynamic Convertible and Income Fund (the “Fund”) was organized as a Delaware statutory trust on March 11, 2014 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on March 27, 2015.

Significant Accounting Policies. The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted ASU2017-08 as of November 1, 2019, with no material impact on the Fund’s Schedule of Investments.

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The cost basis of investments for federal income tax purposes at July 31, 2021 was as follows*:

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

On September 6, 2017, the Fund issued 2,560,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $64.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at July 31, 2021.

The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in the Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

Previously, the MRPS had been assigned a rating of “AA” by Fitch Ratings, Inc. (“Fitch”). As of December 17, 2020, Kroll Bond Rating Agency LLC (“Kroll”) replaced Fitch as the rating agency for the MRPS. The MRPS have been assigned a rating of `AA-’ by Kroll. If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund, such as Kroll), the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” with 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		$876,717,409
Gross unrealized appreciation		216,242,823


Gross unrealized depreciation		(19,764,633)
Net unrealized appreciation (depreciation)		$196,478,190


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference

Series A	9/06/22	3.70%	850	$25	$21,250,000

Series B	9/06/24	4.00%	850	$25	$21,250,000

Series C	9/06/27	4.24%	860	$25	$21,500,000

				Total	$64,000,000