<SEC-DOCUMENT>0001387131-19-001774.txt : 20190307
<SEC-HEADER>0001387131-19-001774.hdr.sgml : 20190307
<ACCEPTANCE-DATETIME>20190307145611
ACCESSION NUMBER:		0001387131-19-001774
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190131
FILED AS OF DATE:		20190307
DATE AS OF CHANGE:		20190307
EFFECTIVENESS DATE:		20190307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calamos Global Dynamic Income Fund
		CENTRAL INDEX KEY:			0001396277
		IRS NUMBER:				208819776
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22047
		FILM NUMBER:		19665528

	BUSINESS ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563
		BUSINESS PHONE:		6302451046

	MAIL ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Calamos Global Diversified Income & Opportunities Fund
		DATE OF NAME CHANGE:	20070411
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>chw-nq_013119.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
N-Q</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANIES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESTMENT
COMPANY ACT FILE NUMBER: 811-22047 </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 49%; font-size: 10pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXACT
    NAME OF REGISTRANT AS SPECIFIED IN CHARTER:</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Calamos
    Global Dynamic Income Fund</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDRESS OF PRINCIPAL EXECUTIVE
    OFFICES:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020 Calamos Court, <BR>
    Naperville, Illinois 60563-2787</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAME AND ADDRESS OF AGENT FOR SERVICE:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos, Sr., Founder,<BR> Chairman and Global Chief Investment Officer <BR>
    Calamos Advisors LLC,<BR>
    2020 Calamos Court,<BR>
    Naperville, Illinois 60563-2787</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTRANT&rsquo;S
TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE
OF FISCAL YEAR END: October 31, 2019</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE
OF REPORTING PERIOD: January 31, 2019</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">ITEM 1. SCHEDULE OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Calamos Global Dynamic Income
Fund</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White"><B>SCHEDULE
    OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED) </B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="">CORPORATE BONDS (27.1%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic">Airlines (0.0%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">147,863</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">UAL Pass Through Trust Series 2007-1&mu; <BR>
6.636%, 01/02/24</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">153,169</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Communication Services (3.4%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Altice Financing, SA*^<BR>
7.500%, 05/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,614</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">725,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Altice France, SA*<BR>
 7.375%, 05/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">700,683</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Altice Luxembourg, SA*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.750%, 05/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,405</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.625%, 02/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,825,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">America Movil, SAB de CV^ <BR>
5.000%, 03/30/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,860,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Cincinnati Bell, Inc.*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">370,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.000%, 10/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">322,314</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.000%, 07/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Consolidated Communications, Inc.^ <BR>
6.500%, 10/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">CSC Holdings, LLC*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,060,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">5.500%, 04/15/27&mu;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,038,583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">460,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.500%, 05/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456,619</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.500%, 04/01/28^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,656,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Embarq Corp.&mu; <BR>
7.995%, 06/01/36</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,562,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Frontier Communications Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">920,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">11.000%, 09/15/25^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">595,787</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">689,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.625%, 04/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">372,628</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.500%, 04/01/26*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Gray Television, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">355,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 07/15/26^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">348,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.000%, 05/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Hughes Satellite Systems Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.625%, 08/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.250%, 08/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Inmarsat Finance, PLC*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">425,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">4.875%, 05/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">275,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.500%, 10/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Intelsat Jackson Holdings, SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">505,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">9.750%, 07/15/25*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">526,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.500%, 08/01/23^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">241,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.000%, 02/15/24*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251,268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">MDC Partners, Inc.*^ <BR>
6.500%, 05/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,712</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">390,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Qwest Corp.&mu; <BR>
6.875%, 09/15/33</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">SBA Communications Corp.^ <BR>
4.000%, 10/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,045</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Sprint Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.875%, 09/15/23^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,170,268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">955,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.125%, 06/15/24^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">982,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.625%, 03/01/26^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">363,928</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">105,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.250%, 09/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,307</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">370,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">T-Mobile USA, Inc.^ <BR>
4.750%, 02/01/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,569</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Telecom Italia Capital, SA^ <BR>
6.000%, 09/30/34</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">580,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">United States Cellular Corp.&mu; <BR>
6.700%, 12/15/33</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602,165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Wind Tre, S.p.A.* <BR>
5.000%, 01/20/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,568</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Windstream Services, LLC / Windstream Finance Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">355,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; padding-left: 10pt">8.625%, 10/31/25*</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">336,263</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">115,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.750%, 10/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">72,207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">10.500%, 06/30/24*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">34,864</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">16,003,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Consumer Discretionary (4.9%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">335,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Beverages &amp; More, Inc.* <BR>
11.500%, 06/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">253,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">355,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Boyd Gaming Corp.^ <BR>
6.000%, 08/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">356,809</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">390,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Caesars Resort Collection, LLC / CRC Finco, Inc.*^ <BR>
5.250%, 10/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">364,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">CCO Holdings, LLC / CCO Holdings Capital Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">610,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.125%, 05/01/27*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">590,928</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.750%, 09/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">290,777</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.000%, 02/01/28*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">128,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Century Communities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">611,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.875%, 05/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">615,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 07/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">175,567</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">950,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Dana Financing Luxembourg Sarl*~ <BR>
6.500%, 06/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">952,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">DISH DBS Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.750%, 07/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">284,919</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">195,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 11/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">162,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Eldorado Resorts, Inc.^ <BR>
6.000%, 04/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">704,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">ESH Hospitality, Inc.*^ <BR>
5.250%, 05/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">346,776</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">GLP Capital, LP / GLP Financing II, Inc.&mu; <BR>
5.250%, 06/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">361,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">310,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">goeasy, Ltd.&mu;* <BR>
7.875%, 11/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">325,130</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">425,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Guitar Center Escrow Issuer, Inc.* <BR>
9.500%, 10/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">400,097</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">345,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">International Game Technology, PLC*^ <BR>
6.250%, 01/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">350,228</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,025,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">L Brands, Inc.^ <BR>
6.875%, 11/01/35</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">886,256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Lennar Corp.&mu;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.250%, 06/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">317,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.625%, 05/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">242,928</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">340,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">M/I Homes, Inc.^ <BR>
5.625%, 08/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">313,466</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Mattel, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">750,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.750%, 12/31/25*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">709,342</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">2.350%, 08/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">9,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Mclaren Finance, PLC* <BR>
5.750%, 08/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">322,431</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Mediacom Broadband, LLC / Mediacom Broadband Corp. <BR>
5.500%, 04/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">180,356</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Meritage Homes Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.150%, 04/15/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">824,244</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">652,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.000%, 04/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">686,641</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Neiman Marcus Group Ltd., LLC* <BR>
8.000%, 10/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">63,244</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Penske Automotive Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">345,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.500%, 05/15/26^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">337,821</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">See accompanying
Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Calamos Global Dynamic Income Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>SCHEDULE OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">50,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; padding-left: 10pt">5.375%, 12/01/24</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">49,190</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">PetSmart, Inc.*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 06/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">185,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.875%, 06/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">41,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Rite Aid Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">745,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.700%, 02/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">511,256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.125%, 04/01/23*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">181,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,511,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Royal Caribbean Cruises, Ltd.^ <BR>
7.500%, 10/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,793,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">488,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Salem Media Group, Inc.* <BR>
6.750%, 06/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">445,332</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">352,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Sally Holdings, LLC / Sally Capital, Inc.^ <BR>
5.625%, 12/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">343,005</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Service Corp. International~ <BR>
8.000%, 11/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,088,885</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Sotheby&rsquo;s*^ <BR>
4.875%, 12/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">382,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">260,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Taylor Morrison Communities Corp. <BR>
6.625%, 05/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">264,878</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,575,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Toyota Motor Corp.^ <BR>
3.419%, 07/20/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,669,162</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">129,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">US Airways Pass Through Trust Series 2012-2, Class B <BR>
6.750%, 12/03/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">134,946</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">295,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">VOC Escrow, Ltd.&mu;* <BR>
5.000%, 02/15/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">287,449</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">22,935,166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Consumer Staples (1.2%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Albertsons Companies, LLC / Safeway, Inc. / New Albertson&rsquo;s, Inc. /
    Albertson&rsquo;s, LLC <BR> 5.750%, 03/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">201,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Energizer Holdings, Inc.*^ <BR>
6.375%, 07/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">209,354</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">415,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Fresh Market, Inc.* <BR>
9.750%, 05/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">311,756</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">JBS USA LUX, SA / JBS USA Finance, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,170,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.250%, 06/01/21^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,203,092</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">525,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.750%, 02/15/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">536,309</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">New Albertson&rsquo;s, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">430,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.450%, 08/01/29</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">377,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.750%, 06/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">214,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.000%, 05/01/31</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">161,920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Pilgrim&rsquo;s Pride Corp.*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">570,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 09/30/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">552,946</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">145,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.750%, 03/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">142,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Post Holdings, Inc.*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">310,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.750%, 03/01/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">304,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">72,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.625%, 01/15/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">69,214</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Simmons Foods, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">291,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.750%, 01/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">301,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">170,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.750%, 11/01/24^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">139,297</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">5,725,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; padding-left: 0pt">Energy (4.6%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Apergy Corp. <BR>
6.375%, 05/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">207,172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Berry Petroleum Company, LLC* <BR>
7.000%, 02/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">107,112</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Bruin E&amp;P Partners, LLC* <BR>
8.875%, 08/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">200,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">365,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">Buckeye Partners, LP&mu;&Dagger;<BR>
6.375%, 01/22/78 <BR>
3 mo. USD LIBOR + 4.02%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">311,517</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">725,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Calfrac Holdings, LP* <BR>
8.500%, 06/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">550,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">540,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">California Resources Corp.*^ <BR>
8.000%, 12/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">434,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">583,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Carrizo Oil &amp; Gas, Inc.^ <BR>
6.250%, 04/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">576,981</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Chaparral Energy, Inc.*^ <BR>
8.750%, 07/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">275,908</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">295,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Cheniere Energy Partners, LP&mu;*^ <BR>
5.625%, 10/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">296,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Chesapeake Energy Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">380,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.000%, 01/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">382,677</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">270,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.000%, 10/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">264,059</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">220,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Comstock Resources, Inc.*^ <BR>
9.750%, 08/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">203,782</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">630,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">DCP Midstream Operating, LP*&Dagger; <BR>
5.850%, 05/21/43 <BR>
3 mo. USD LIBOR + 3.85%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">531,096</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">155,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">DCP Midstream, LP^&Dagger; <BR>
7.375%, 12/15/22 <BR>
3 mo. USD LIBOR + 5.15%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">146,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Denbury Resources, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">310,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.500%, 05/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">227,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">280,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.500%, 02/15/24*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">245,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">225,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">9.250%, 03/31/22*^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">222,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Diamond Offshore Drilling, Inc. <BR>
7.875%, 08/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">127,776</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Energy Transfer, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">5.754%, 11/01/66&mu;&Dagger; <BR>
3 mo. USD LIBOR + 3.02%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">642,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 01/15/24^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">532,545</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.500%, 06/01/27^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">311,506</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Enterprise Products Operating, LLC&mu;&Dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">570,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">4.875%, 08/16/77 <BR>
3 mo. USD LIBOR + 2.99%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">508,879</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">155,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">5.375%, 02/15/78 <BR>
3 mo. USD LIBOR + 2.57%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">134,399</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">EP Energy, LLC / Everest Acquisition Finance, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">295,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.750%, 05/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">272,393</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">255,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">9.375%, 05/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">136,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Genesis Energy, LP / Genesis Energy Finance Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.250%, 05/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">344,895</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">360,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.500%, 10/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">341,518</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Gulfport Energy Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.375%, 05/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">307,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">225,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.000%, 10/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">211,857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Halcon Resources Corp.^ <BR>
6.750%, 02/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">216,965</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">HighPoint Operating Corp.^ <BR>
7.000%, 10/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">382,796</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Lonestar Resources America, Inc.* <BR>
11.250%, 01/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">455,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Magnolia Oil &amp; Gas Operating, LLC / Magnolia Oil &amp; Gas Finance Corp.*<BR>
6.000%, 08/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">346,061</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">McDermott Technologies Americas, Inc. / McDermott Technology U.S., Inc.* <BR>
10.625%, 05/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">255,507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">See accompanying
Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Calamos Global Dynamic Income Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>SCHEDULE OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">135,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">Moss Creek Resources Holdings, Inc.*^ <BR>
7.500%, 01/15/26</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">121,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">444,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">MPLX, LP^ <BR>
4.875%, 06/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">462,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Nabors Industries, Inc.^ <BR>
5.750%, 02/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">30,498</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">230,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Nine Energy Service, Inc.* <BR>
8.750%, 11/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">230,827</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">35,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Northern Oil and Gas, Inc. <BR>
9.500%, 05/15/23 <BR>
9.500% PIK rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">36,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">260,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Oasis Petroleum, Inc.*^ <BR>
6.250%, 05/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">246,424</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Par Petroleum, LLC / Par Petroleum Finance Corp.* <BR>
7.750%, 12/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">339,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">PDC Energy, Inc.^ <BR>
5.750%, 05/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">344,498</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Petroleum Geo-Services, ASA* <BR>
7.375%, 12/15/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">288,903</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Plains All American Pipeline, LP&mu;&Dagger; <BR>
6.125%, 11/15/22 <BR>
3 mo. USD LIBOR + 4.11%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">327,668</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">145,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">QEP Resources, Inc.^ <BR>
5.625%, 03/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">139,395</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,085,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Schlumberger Holdings Corp.&mu;*^ <BR>
3.625%, 12/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,112,717</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">545,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">SESI, LLC^ <BR>
7.750%, 09/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">431,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">SM Energy Company^ <BR>
6.750%, 09/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">148,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">290,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Southwestern Energy Company^ <BR>
7.500%, 04/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">299,461</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">245,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Sunoco, LP / Sunoco Finance Corp. <BR>
5.500%, 02/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">242,103</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">220,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Targa Resources Partners, LP / Targa Resources Partners Finance Corp.*^ <BR>
6.500%, 07/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">226,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">TransMontaigne Partners, LP / TLP Finance Corp. <BR>
6.125%, 02/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">68,857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Transocean Pontus, Ltd.* <BR>
6.125%, 08/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">75,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">345,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Transocean, Inc.*^ <BR>
7.500%, 01/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">328,673</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Vine Oil &amp; Gas, LP / Vine Oil &amp; Gas Finance Corp.*^ <BR>
8.750%, 04/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">303,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">550,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">W&amp;T Offshore, Inc.*^ <BR>
9.750%, 11/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">538,268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">765,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Weatherford International, Ltd. <BR>
8.250%, 06/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">491,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Whiting Petroleum Corp.^ <BR>
6.625%, 01/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">368,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">WildHorse Resource Development Corp. <BR>
6.875%, 02/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">370,347</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">21,283,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic">Financials (3.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">715,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">Acrisure, LLC / Acrisure Finance, Inc.* <BR>
7.000%, 11/15/25</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">624,445</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,120,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Ally Financial, Inc. <BR>
8.000%, 11/01/31</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,347,354</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Amwins Group, Inc.* <BR>
7.750%, 07/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">351,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Ardonagh Midco 3, PLC*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">650,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.625%, 07/15/23^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">560,430</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.625%, 07/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">170,262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">550,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">AssuredPartners, Inc.* <BR>
7.000%, 08/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">527,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Bank of America Corp.&mu;&Dagger; <BR>
5.875%, 03/15/28 <BR>
3 mo. USD LIBOR + 2.93%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">365,021</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Bank of Nova Scotia^&Dagger; <BR>
4.650%, 10/12/22 <BR>
3 mo. USD LIBOR + 2.65%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">335,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">745,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Charles Schwab Corp.&mu;&Dagger; <BR>
5.000%, 12/01/27 <BR>
3 mo. USD LIBOR + 2.58%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">671,517</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">360,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Discover Financial Services&mu;&Dagger; <BR>
5.500%, 10/30/27 <BR>
3 mo. USD LIBOR + 3.08%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">331,693</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Greystar Real Estate Partners, LLC* <BR>
5.750%, 12/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">159,469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">HUB International, Ltd.* <BR>
7.000%, 05/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">364,112</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">ILFC E-Capital Trust II*&Dagger; <BR>
4.800%, 12/21/65 <BR>
3 mo. USD LIBOR + 1.80%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">386,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Iron Mountain, Inc.&mu;* <BR>
5.250%, 03/15/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">744,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Jefferies Finance, LLC*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.375%, 04/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">602,592</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.250%, 08/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">572,271</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.&mu;*<BR>
5.250%, 10/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">299,198</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">260,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Level 3 Financing, Inc.^ <BR>
5.375%, 05/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">257,543</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Lions Gate Capital Holdings, LLC* <BR>
6.375%, 02/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">353,637</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">355,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">LPL Holdings, Inc.* <BR>
5.750%, 09/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">349,201</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">645,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">MetLife, Inc.^ <BR>
6.400%, 12/15/66</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">683,358</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">715,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Nationstar Mortgage, LLC / Nationstar Capital Corp. <BR>
6.500%, 07/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">714,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">550,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Navient Corp.^ <BR>
6.750%, 06/25/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">531,809</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">290,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">NexBank Capital, Inc.*&Dagger;&amp; <BR>
6.375%, 09/30/27 <BR>
3 mo. USD LIBOR + 4.59%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">292,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">625,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Oil Insurance, Ltd.*&Dagger; <BR>
5.785%, 03/30/19 <BR>
3 mo. USD LIBOR + 2.98%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">597,263</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Simmons First National Corp.&Dagger; <BR>
5.000%, 04/01/28 <BR>
3 mo. USD LIBOR + 2.15%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">372,769</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Springleaf Finance Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">497,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.875%, 03/15/25^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">476,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
</DIV></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">See accompanying
Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Calamos Global Dynamic Income Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>SCHEDULE OF INVESTMENTS JANUARY
    31, 2019 (UNAUDITED)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">350,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; padding-left: 10pt">7.125%, 03/15/26</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">334,829</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">170,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Towne Bank&Dagger; <BR>
4.500%, 07/30/27 <BR>
3 mo. USD LIBOR + 2.55%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">169,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">785,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Tronox Finance, PLC*^ <BR>
5.750%, 10/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">680,933</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">14,228,310</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Health Care (3.2%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">679,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Acadia Healthcare Company, Inc.^ <BR>
6.500%, 03/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">671,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">750,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Bausch Health Cos., Inc.* <BR>
9.000%, 12/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">799,628</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,810,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Community Health Systems, Inc.*^ <BR>
8.125%, 06/30/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,442,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,065,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">DaVita, Inc.^ <BR>
5.125%, 07/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,050,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">825,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Endo DAC / Endo Finance, LLC / Endo Finco, Inc.* <BR>
6.000%, 07/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">676,005</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">419,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Endo Finance, LLC / Endo Finco, Inc.* <BR>
7.250%, 01/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">395,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">240,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">HCA Healthcare, Inc.^ <BR>
6.250%, 02/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">250,939</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">HCA, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,355,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.375%, 02/01/25^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,402,405</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">795,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 05/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">842,338</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">315,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.500%, 11/06/33</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">348,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">363,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Horizon Pharma, Inc. / Horizon Pharma USA, Inc.*^ <BR>
8.750%, 11/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">384,279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">385,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Magellan Health, Inc.&mu; <BR>
4.400%, 09/22/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">362,352</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^ <BR>
5.625%, 10/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">406,286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Team Health Holdings, Inc.*^ <BR>
6.375%, 02/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">134,219</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Tenet Healthcare Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.750%, 06/15/23^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,375,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">410,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">4.625%, 07/15/24&mu;^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">403,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.250%, 02/01/27*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">355,429</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.875%, 11/15/31</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">31,263</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Teva Pharmaceutical Finance Company, BV^ <BR>
2.950%, 12/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">421,351</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,162,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Teva Pharmaceutical Finance IV, BV&mu; <BR>
3.650%, 11/10/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,125,682</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Teva Pharmaceutical Finance Netherlands III, BV^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">565,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.000%, 04/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">575,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">225,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">2.800%, 07/21/23&mu;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">202,865</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Valeant Pharmaceuticals International*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">730,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.500%, 01/31/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">763,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">9.250%, 04/01/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">376,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">West Street Merger Sub, Inc.* <BR>
6.375%, 09/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">195,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">14,992,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic">Industrials (2.7%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">450,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">ACCO Brands Corp.*^ <BR>
5.250%, 12/15/24</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">445,741</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">170,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust^ <BR>
5.000%, 10/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">174,199</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Albertsons Companies, LLC / Safeway, Inc. / New Albertsons, LP / Albertson&rsquo;s, LLC* <BR>
7.500%, 03/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">210,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Allison Transmission, Inc.&mu;*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">275,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">4.750%, 10/01/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">257,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.000%, 10/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">162,770</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">360,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Arconic, Inc.^ <BR>
5.125%, 10/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">363,621</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">409,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">ARD Securities Finance Sarl* <BR>
8.750%, 01/31/23 <BR>
8.750% PIK rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">359,005</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Beacon Roofing Supply, Inc.*^ <BR>
4.875%, 11/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">342,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">540,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Bombardier, Inc.*^ <BR>
7.500%, 03/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">520,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Covanta Holding Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">425,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 03/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">423,971</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">70,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 07/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">68,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">390,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Delphi Technologies, PLC*^ <BR>
5.000%, 10/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">335,068</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">590,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Fly Leasing, Ltd. <BR>
5.250%, 10/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">551,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">FXI Holdings, Inc.*^ <BR>
7.875%, 11/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">71,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">750,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Garda World Security Corp.* <BR>
7.250%, 11/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">735,934</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Golden Nugget, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">370,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.750%, 10/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">372,087</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">315,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">8.750%, 10/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">323,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">360,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Great Lakes Dredge &amp; Dock Corp. <BR>
8.000%, 05/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">371,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">H&amp;E Equipment Services, Inc.^ <BR>
5.625%, 09/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">469,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Hertz Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.375%, 01/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">209,721</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.625%, 06/01/22*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">65,004</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Icahn Enterprises, LP^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.375%, 12/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">359,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">6.750%, 02/01/24&mu;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">341,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">James Hardie International Finance, Ltd.*^ <BR>
4.750%, 01/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">190,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Jeld-Wen, Inc.*^ <BR>
4.625%, 12/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">361,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">JPW Industries Holding Corp.* <BR>
9.000%, 10/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">209,841</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">560,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Meritor, Inc. <BR>
6.250%, 02/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">563,657</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">298,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Multi-Color Corp.*^ <BR>
4.875%, 11/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">283,358</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">505,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Navistar International Corp.*^ <BR>
6.625%, 11/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">507,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Park Aerospace Holdings, Ltd.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">4.500%, 03/15/23^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">212,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">145,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.500%, 02/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">147,566</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">665,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Park-Ohio Industries, Inc.^ <BR>
6.625%, 04/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">647,574</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">See accompanying
Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Calamos Global Dynamic Income Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>SCHEDULE OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">360,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">Scientific Games International, Inc.*^ <BR>
5.000%, 10/15/25</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">341,496</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">205,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Tennant Company <BR>
5.625%, 05/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">203,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Titan Acquisition, Ltd. / Titan Co-Borrower, LLC*^ <BR>
7.750%, 04/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">65,724</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">TransDigm UK Holdings, PLC* <BR>
6.875%, 05/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">194,427</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">TransDigm, Inc.* <BR>
6.250%, 03/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">213,486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">United Rentals North America, Inc.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">345,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.875%, 09/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">352,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">265,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">4.875%, 01/15/28&mu;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">251,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.500%, 12/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">145,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">195,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Waste Pro USA, Inc.* <BR>
5.500%, 02/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">189,910</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">12,617,924</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Information Technology (1.9%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">553,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Alliance Data Systems Corp.* <BR>
5.875%, 11/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">559,658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,210,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Apple, Inc.&mu;^ <BR>
2.000%, 11/13/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,177,151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Cardtronics, Inc.* <BR>
5.500%, 05/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">133,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">570,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">CBS Radio, Inc.*^ <BR>
7.250%, 11/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">539,343</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Clear Channel Worldwide Holdings, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">360,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.625%, 03/15/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">359,953</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.625%, 03/15/20^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">135,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">345,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">CommScope Technologies, LLC*^ <BR>
6.000%, 06/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">325,771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">635,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Dell International, LLC / EMC Corp.&mu;*^ <BR>
6.020%, 06/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">663,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Harland Clarke Holdings Corp.* <BR>
8.375%, 08/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">328,697</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">420,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Nuance Communications, Inc.&mu; <BR>
6.000%, 07/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">424,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">260,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">VFH Parent, LLC*^ <BR>
6.750%, 06/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">266,949</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">8,915,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; padding-left: 0pt">Materials (1.4%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">536,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">AK Steel Corp.^ <BR>
6.375%, 10/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">437,706</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Alcoa Nederland Holding, BV*^ <BR>
7.000%, 09/30/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">506,213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,170,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">ArcelorMittal, SA&mu; <BR>
7.000%, 10/15/39</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,283,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.*^ <BR>
6.000%, 02/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">681,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Baffinland Iron Mines Corp. / Baffinland Iron Mines, LP* <BR>
8.750%, 07/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">140,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">First Quantum Minerals, Ltd.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">232,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.000%, 02/15/21^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">231,693</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">7.250%, 04/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">191,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">INEOS Group Holdings, SA*^ <BR>
5.625%, 08/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">384,570</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">PRINCIPAL AMOUNT</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">215,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: left; padding-left: 10pt">JW Aluminum Continuous Cast Company* <BR>
10.250%, 06/01/26</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">215,132</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Kinross Gold Corp.&mu; <BR>
4.500%, 07/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">171,547</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">335,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">New Gold, Inc.*^ <BR>
6.375%, 05/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">282,676</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,335,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">PBF Holding Company, LLC / PBF Finance Corp. <BR>
7.250%, 06/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,337,056</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">United States Steel Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.875%, 08/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">670,281</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.250%, 03/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">136,586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">6,670,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Real Estate (0.2%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">220,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">CBL &amp; Associates, LP^ <BR>
5.250%, 12/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">185,319</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">575,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">MPT Operating Partnership, LP / MPT Finance Corp.&mu; <BR>
5.000%, 10/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">560,594</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">365,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Starwood Property Trust, Inc.^ <BR>
4.750%, 03/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">354,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">1,100,538</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; padding-left: 0pt">Utilities (0.5%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">145,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">NGPL PipeCo, LLC*^ <BR>
4.875%, 08/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">144,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">NRG Energy, Inc.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">228,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">5.750%, 01/15/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">230,808</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">6.625%, 01/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">185,595</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">685,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">PPL Capital Funding, Inc.^&Dagger; <BR>
5.468%, 03/30/67 <BR>
3 mo. USD LIBOR + 2.67%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">623,275</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Talen Energy Supply, LLC* <BR>
10.500%, 01/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">200,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">360,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">TerraForm Power Operating, LLC*^ <BR>
5.000%, 01/31/28</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">334,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">305,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Vistra Energy Corp.* <BR>
8.125%, 01/30/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">330,629</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">2,049,405</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><B>TOTAL CORPORATE BONDS<BR>
</B>(Cost $131,790,602)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt double; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2pt double; vertical-align: bottom">126,675,206</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CONVERTIBLE BONDS (38.7%) </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt">Communication Services (1.8%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;JPY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">CyberAgent, Inc. <BR>
0.000%, 02/19/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">186,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Gannett Company, Inc.&mu;* <BR>
4.750%, 04/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,651,627</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,625,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">GCI Liberty, Inc.&mu;* <BR>
1.750%, 09/30/46</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,988,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Liberty Media Corp.&mu; <BR>
1.375%, 10/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">321,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Twitter, Inc.*^ <BR>
0.250%, 06/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">92,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">197,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">Weibo Corp.*^ <BR>
1.250%, 11/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">178,275</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom">8,418,129</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV></DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">See accompanying
Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Calamos Global
Dynamic Income Fund</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; padding-top: 4pt; padding-bottom: 4pt; background-color: Black"><FONT STYLE="font-size: 10pt; color: White"><B>SCHEDULE
OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">PRINCIPAL AMOUNT</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic">Consumer Discretionary (3.1%)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">Ctrip.com International, Ltd.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">2,500,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: left; vertical-align: top">1.990%, 07/01/25^</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">2,549,975</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">550,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">1.000%, 07/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">531,380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">DISH Network Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">331,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">3.375%, 08/15/26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">281,054</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">2.375%, 03/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">268,781</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">20,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Iida Group Holdings Company, Ltd. <BR>
0.000%, 06/18/20</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">182,699</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">162,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Liberty Expedia Holdings, Inc.*^</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">1.000%, 06/30/47</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">156,835</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">Liberty Interactive, LLC</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">696,677</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">4.000%, 11/15/29</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">471,246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">3.750%, 02/15/30</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">318,038</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">220,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Marriott Vacations Worldwide Corp.</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">1.500%, 09/15/22</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">206,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,240,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">NIO, Inc.*<BR>
4.500%, 02/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,241,366</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">RH*^ <BR>
0.000%, 06/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">180,887</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">168,500</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR &nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"> SEB, SA <BR>
0.000%, 11/17/21 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">361,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Shanghai Port Group BVI Holding Company, Ltd.</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">0.000%, 08/09/22</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">198,031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">500,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR &nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Steinhoff Finance Holding Company@</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">1.250%, 10/21/23</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">249,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">Tesla, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">2.375%, 03/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,774,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">655,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">1.250%, 03/01/21^</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">704,816</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">14,677,203</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Consumer Staples (0.2%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">800,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Carrefour, SA&mu;</P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0">0.000%, 03/27/24</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">757,088</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Energy (4.6%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Nabors Industries, Inc.</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">0.750%, 01/15/24</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,221,379</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">172,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">SM Energy Company</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">1.500%, 07/01/21</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">163,662</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">SunEdison, Inc.@</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,261,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">0.250%, 01/15/20*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">52,286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">275,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">2.000%, 10/01/18</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">6,359</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">11,400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">TOTAL, SA&mu;^</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">0.500%, 12/02/22</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">12,021,528</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Tullow Oil Jersey, Ltd.&mu;</P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0">6.625%, 07/12/21</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">6,905,940</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">21,371,154</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Financials (10.2%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">36,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY &nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">AEON Financial Service Company, Ltd.</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">0.000%, 09/13/19</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">331,197</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,800,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left; vertical-align: top">  AURELIUS Equity Opportunities SE &amp; Co., KGaA <BR>
1.000%, 12/01/20 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,057,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">880,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">AXA, SA&mu;* <BR>
7.250%, 05/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">832,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,700,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left; vertical-align: top">Corestate Capital Holding, SA <BR>
1.375%, 11/28/22 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,965,683</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">PRINCIPAL AMOUNT</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">662,400</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR </TD>
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Credit Agricole, SA</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">0.000%, 10/03/19</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">558,944</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left">  Cromwell SPV Finance Pty, Ltd. <BR>
2.000%, 02/04/20 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 12%; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; width: 3%">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 64%">JPMorgan Chase Bank, N.A. </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 12%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">83,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;HKD</TD>
    <TD STYLE="text-align: left">  0.000%, 10/29/20* </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,292,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">19,900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>0.000%, 12/30/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,944,949</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR </TD>
    <TD STYLE="text-align: left">LEG Immobilien, AG <BR>
0.875%, 09/01/25 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">377,831</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left">Mitsubishi Chemical Holdings Corp. <BR>
0.000%, 03/29/24 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,579,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Yamaguchi Financial Group, Inc.&Dagger; <BR>
2.322%, 03/26/20 <BR>
3 mo. USD LIBOR - 0.50%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">197,353</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,481,552</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"></TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="font-size: 8pt"><B><I>Health Care (3.2%) </I></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,700,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR&nbsp;</TD>
    <TD STYLE="text-align: left"> Bayer Capital Corp., BV <BR>
5.625%, 11/22/19 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,358,835</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR </TD>
    <TD STYLE="text-align: left">Bayer, AG <BR>
0.050%, 06/15/20 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,703</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">277,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">BioMarin Pharmaceutical, Inc.^ <BR>
1.500%, 10/15/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334,594</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,275,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;CAD </TD>
    <TD STYLE="text-align: left">Canopy Growth Corp.* <BR>
4.250%, 07/15/23 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,596,904</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,462,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">DexCom, Inc.&mu;* <BR>
0.750%, 12/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,725,496</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR </TD>
    <TD STYLE="text-align: left">GN Store Nord, A/S <BR>
0.000%, 05/31/22 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,047</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Illumina, Inc.&mu; <BR>
0.000%, 06/15/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">73,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Innoviva, Inc.&mu; <BR>
2.500%, 08/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,957</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Insulet Corp.&mu;* <BR>
1.375%, 11/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219,403</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">220,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">NuVasive, Inc.&mu; <BR>
2.250%, 03/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,374</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pacira Pharmaceuticals, Inc. <BR>
2.375%, 04/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Teladoc Health, Inc.*^ <BR>
1.375%, 05/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,030,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Wright Medical Group, Inc. <BR>
2.000%, 02/15/20</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,264,678</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,107,528</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"></TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="font-size: 8pt"><B><I>Industrials (2.9%) </I></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left">  ANA Holdings, Inc. <BR>
0.000%, 09/19/24 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,735,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Echo Global Logistics, Inc.~ <BR>
2.500%, 05/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,696,547</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">155,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Greenbrier Companies, Inc. <BR>
2.875%, 02/01/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">43,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;HKD</TD>
    <TD STYLE="text-align: left">Harvest International Company <BR>
0.000%, 11/21/22 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,424,653</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Johnson Electric Holdings, Ltd. <BR>
1.000%, 04/02/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left"> Kandenko Company, Ltd. <BR>
0.000%, 03/31/21 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">291,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left">Kansai Paint Company, Ltd. <BR>
0.000%, 06/17/19 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366,208</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Larsen &amp; Toubro, Ltd. <BR>
0.675%, 10/22/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">247,298</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left">LIXIL Group Corp. <BR>
0.000%, 03/04/22 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">354,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">See accompanying Notes to Schedule of Investments</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Calamos Global Dynamic Income Fund</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; padding-top: 4pt; padding-bottom: 4pt; background-color: Black"><FONT STYLE="font-size: 10pt; color: White"><B>SCHEDULE
OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">PRINCIPAL AMOUNT</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">20,000,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left"> Nippon Flour Mills Company, Ltd. <BR>
0.000%, 06/20/25 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">185,119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Symrise, AG <BR>
0.238%, 06/20/24 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,828</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 12%; vertical-align: top">200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 3%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 64%">Vinci, SA <BR>
0.375%, 02/16/22</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 12%">207,276</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,706,884</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Information Technology (8.9%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Akamai Technologies, Inc.*^ <BR>
0.125%, 05/01/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,263</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">520,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Citrix Systems, Inc.&mu; <BR>
0.500%, 04/15/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">739,006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Coupa Software, Inc.*^ <BR>
0.375%, 01/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">DocuSign, Inc.*^ <BR>
0.500%, 09/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,705,049</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,380,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Envestnet, Inc.&mu; <BR>
1.750%, 12/15/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,473,367</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Guidewire Software, Inc. <BR>
1.250%, 03/15/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,012,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">113,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">II-VI, Inc.^ <BR>
0.250%, 09/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,281</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">155,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Inphi Corp.^ <BR>
0.750%, 09/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">j2 Global, Inc.&mu; <BR>
3.250%, 06/15/29</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,606,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">171,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Lumentum Holdings, Inc.^ <BR>
0.250%, 03/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,595</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">448,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Microchip Technology, Inc.^ <BR>
1.625%, 02/15/27</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481,835</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">Micron Technology, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">280,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">3.000%, 11/15/43&mu;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367,098</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">77,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>2.125%, 02/15/33</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">186,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">New Relic, Inc.*^ <BR>
0.500%, 05/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,647</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">158,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Nice Systems, Inc.^ <BR>
1.250%, 01/15/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,097</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">430,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">NXP Semiconductors, NV&mu; <BR>
1.000%, 12/01/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">443,582</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">695,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Okta, Inc.&mu;*^ <BR>
0.250%, 02/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,248,964</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">93,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">ON Semiconductor Corp.&mu; <BR>
1.000%, 12/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">7,585,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Palo Alto Networks, Inc.&mu;*^ <BR>
0.750%, 07/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,911,003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">151,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Q2 Holdings, Inc.&mu;* <BR>
0.750%, 02/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Quotient Technology, Inc. <BR>
1.750%, 12/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,826</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">132,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RealPage, Inc.&mu; <BR>
1.500%, 11/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,755</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">173,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Silicon Laboratories, Inc.^ <BR>
1.375%, 03/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,170</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">Splunk, Inc.&mu;*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,430,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>0.500%, 09/15/23~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,865,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,690,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>1.125%, 09/15/25^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,818,465</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Square, Inc.*^ <BR>
0.500%, 05/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">STMicroelectronics, NV <BR>
0.000%, 07/03/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,571</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">85,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Synaptics, Inc.^ <BR>
0.500%, 06/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Teradyne, Inc.^ <BR>
1.250%, 12/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,962</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">PRINCIPAL AMOUNT</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">195,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: left">Twilio, Inc.*^ <BR>
0.250%, 06/01/23</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">330,472</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Veeco Instruments, Inc. <BR>
2.700%, 01/15/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Wix.com, Ltd.*^ <BR>
0.000%, 07/01/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,944</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Workday, Inc.^ <BR>
0.250%, 10/01/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,936,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,050,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Xero Investments, Ltd. <BR>
2.375%, 10/04/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,766,038</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">195,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Zendesk, Inc.* <BR>
0.250%, 03/15/23</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">243,398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,514,398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Materials (3.0%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">BASF, SE <BR>
0.925%, 03/09/23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Buzzi Unicem, S.p.A. <BR>
1.375%, 07/17/19 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,232,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cemex, SAB de CV <BR>
3.720%, 03/15/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167,885</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">7,800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Glencore Funding, LLC^ <BR>
0.000%, 03/27/25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,975,423</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">LG Chem, Ltd. <BR>
0.000%, 04/16/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,085,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Royal Gold, Inc.&mu;~ <BR>
2.875%, 06/15/19</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,090,828</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,789,878</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Real Estate (0.8%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,016,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">AYC Finance, Ltd. <BR>
0.500%, 05/02/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,155,628</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">500,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left">  Grand City Properties, SA <BR>
0.250%, 03/02/22 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">616,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">490,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">IH Merger Sub, LLC&mu;^ <BR>
3.000%, 07/01/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,042</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">210,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Starwood Property Trust, Inc.^ <BR>
4.375%, 04/01/23</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">210,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,581,817</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>TOTAL CONVERTIBLE BONDS</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B></B>(Cost $191,349,012)</FONT></P></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">180,405,631</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="">U.S. GOVERNMENT AND AGENCY SECURITIES (5.9%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6">United States Treasury Note</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>1.750%, 10/31/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,023,511</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,843,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>1.875%, 05/31/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,739,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,020,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>2.625%, 08/15/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,029,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,990,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>2.625%, 11/15/20^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,002,008</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,710,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>1.875%, 10/31/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,616,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,002,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">1.000%, 06/30/19^</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">996,206</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES <BR>
</B>(Cost $27,528,524)</font></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,407,194</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="">BANK LOANS (2.3%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Communication Services (0.5%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">249,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Charter Communications Operating, LLC&Dagger; <BR>
4.500%, 04/30/25 <BR>
1 mo. LIBOR + 2.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,465</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">See accompanying Notes to Schedule of Investments</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Calamos Global Dynamic Income
Fund</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; padding-top: 4pt; padding-bottom: 4pt; background-color: Black"><FONT STYLE="font-size: 10pt; color: White"><B>SCHEDULE
OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">PRINCIPAL AMOUNT</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">VALUE</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">374,063</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 66%; text-align: left">Cincinnati Bell, Inc.&Dagger; <BR>
5.749%, 10/02/24 <BR>
1 mo. LIBOR + 3.25%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">370,206</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">280,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cumulus Media New Holdings Inc.&Dagger; <BR>
7.000%, 05/15/22 <BR>
1 mo. LIBOR + 4.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">271,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Intelsat Jackson Holdings, SA <BR>
6.625%, 01/02/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">351,531</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">518,865</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">New Media Holdings II, LLC&Dagger; <BR>
8.749%, 07/14/22 <BR>
1 mo. LIBOR + 6.25%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">516,271</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">410,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Sprint Communications, Inc.&Dagger; <BR>
5.500%, 02/02/24 <BR>
1 mo. LIBOR + 3.00%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">405,004</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">2,161,078</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Consumer Discretionary (0.3%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">149,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">American Greetings Corp.&Dagger; <BR>
7.023%, 04/06/24 <BR>
1 mo. LIBOR + 4.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">147,198</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">233,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PetSmart, Inc.&Dagger; <BR>
5.520%, 03/11/22 <BR>
1 mo. LIBOR + 3.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">196,619</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">R.R. Donnelley &amp; Sons Company&Dagger; <BR>
7.510%, 01/15/24 <BR>
3 mo. LIBOR + 5.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">496,563</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">731,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Weight Watchers International, Inc.&Dagger; <BR>
7.560%, 11/29/24 <BR>
1 mo. LIBOR + 4.75%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">730,128</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,570,508</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Energy (0.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">287,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">McDermott Tech Americas, Inc.&Dagger; <BR>
7.499%, 05/10/25 <BR>
1 mo. LIBOR + 5.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">276,832</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">250,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Par Pacific Holdings, Inc.&Dagger; <BR>
9.550%, 12/17/25 <BR>
1 mo. LIBOR + 6.75%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">250,625</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">527,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Financials (0.2%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">74,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">AssuredPartners, Inc.&Dagger; <BR>
5.749%, 10/22/24 <BR>
1 mo. LIBOR + 3.25%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">72,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">372,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Genworth Financial, Inc.&Dagger; <BR>
7.008%, 03/07/23 <BR>
1 mo. LIBOR + 4.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">372,885</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">222,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">GLP Financing, LLC&Dagger; <BR>
4.019%, 04/28/21 <BR>
1 mo. LIBOR + 1.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">219,943</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">298,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">HUB International, Ltd.&Dagger; <BR>
5.514%, 04/25/25 <BR>
1 mo. LIBOR + 2.75%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">288,426</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">953,508</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Health Care (0.7%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">721,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Amneal Pharmaceuticals, LLC&Dagger; <BR>
6.000%, 05/04/25 <BR>
1 mo. LIBOR + 3.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">716,397</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">240,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bausch Health Cos., Inc.&Dagger; <BR>
5.263%, 11/27/25 <BR>
1 mo. LIBOR + 2.75%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">237,674</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">PRINCIPAL AMOUNT</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">510,000</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 66%; text-align: left">Gentiva Health Services, Inc.&Dagger; <BR>
9.500%, 07/02/26 <BR>
1 mo. LIBOR + 7.00%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">517,969</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">175,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6.250%, 07/02/25 <BR>
1 mo. LIBOR + 3.75%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">174,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">341,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mallinckrodt International Finance, SA&Dagger; <BR>
5.553%, 09/24/24 <BR>
1 mo. LIBOR + 2.75%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">318,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">344,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Ortho Clinical Diagnostics, SA&Dagger; <BR>
5.760%, 06/30/25 <BR>
1 mo. LIBOR + 3.25%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">334,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">593,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Team Health Holdings, Inc.&Dagger; <BR>
5.249%, 02/06/24<BR>
 1 mo. LIBOR + 2.75%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">536,044</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">711,607</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Valeant Pharmaceuticals International, Inc.&Dagger; <BR>
5.513%, 06/02/25 <BR>
1 mo. LIBOR + 3.00%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">705,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">3,540,911</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Industrials (0.2%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RegionalCare Hospital Partners Holdings, Inc.&Dagger; <BR>
7.129%, 11/16/25 <BR>
1 mo. LIBOR + 4.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">244,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">342,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Scientific Games International, Inc.&Dagger; <BR>
5.249%, 08/14/24 <BR>
2 mo. LIBOR + 2.75%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">332,460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">356,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">TransDigm, Inc.&Dagger; <BR>
4.999%, 08/22/24 <BR>
1 mo. LIBOR + 2.50%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">348,549</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">925,509</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Information Technology (0.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">BMC Software Finance, Inc.&Dagger; <BR>
7.053%, 10/02/25 <BR>
1 mo. LIBOR + 4.25%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">342,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">350,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">First Data Corp.&Dagger; <BR>
4.519%, 04/26/24 <BR>
1 mo. LIBOR + 2.00%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">349,085</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">691,523</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Information Technology (0.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">249,369</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Dell International LLC&Dagger; <BR>
4.500%, 09/07/23 <BR>
1 mo. LIBOR + 2.00%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">246,316</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Real Estate (0.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">353,225</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">iStar, Inc.&Dagger; <BR>
5.258%, 06/28/23 <BR>
1 mo. LIBOR + 2.75%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">350,355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>TOTAL BANK LOANS <BR>
</B>(Cost $11,117,598)</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right; vertical-align: bottom">10,967,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">See accompanying Notes to Schedule of Investments</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Calamos Global Dynamic Income Fund</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; padding-top: 4pt; padding-bottom: 4pt; background-color: Black"><FONT STYLE="font-size: 10pt; color: White"><B>SCHEDULE
OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">NUMBER OF SHARES</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="">CONVERTIBLE PREFERRED STOCKS (11.7%)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Communication Services (3.8%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">94,986</TD><TD STYLE="width: 3%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: left; padding-bottom: 1pt">Alibaba Exchangeable (Softbank)*&sect; <BR>
5.750%, 06/01/19</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">17,946,275</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Consumer Staples (0.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,364</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Energizer Holdings, Inc.&mu; <BR>
7.500%, 01/15/22</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">658,674</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Energy (0.3%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">NuStar Energy, LP&Dagger;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">44,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">7.625%, 06/15/22 <BR>
3 mo. USD LIBOR + 5.64%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">883,520</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">17,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">8.500%, 12/15/21^ <BR>
3 mo. USD LIBOR + 6.77%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">392,018</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,275,538</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Financials (0.9%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2017 Mandatory Exchangeable Trust* <BR>
5.188%, 12/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">645,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">14,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Assurant, Inc.&mu; <BR>
6.500%, 03/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,483,971</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bank of America Corp.^ <BR>
7.250%, 12/31/49</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">828,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Virtus Investment Partners, Inc. <BR>
7.250%, 02/01/20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">162,279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">649</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Wells Fargo &amp; Company <BR>
7.500%, 12/31/49</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">832,148</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">3,952,813</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Health Care (0.3%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">25,179</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Becton Dickinson and Company&mu; <BR>
6.125%, 05/01/20</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,548,509</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Industrials (1.1%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Colfax Corp.&mu; <BR>
5.750%, 01/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,161,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Fortive Corp.&mu; <BR>
5.000%, 07/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,474,335</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">43,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Rexnord Corp.&mu; <BR>
5.750%, 11/15/19</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">2,431,776</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">5,067,311</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Information Technology (0.4%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">15,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">MTS Systems Corp.^ <BR>
8.750%, 07/01/19</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,630,095</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Materials (0.3%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">22,059</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">International Flavors &amp; Fragrances, Inc.&mu; <BR>
6.000%, 09/15/21</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,193,612</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Real Estate (0.9%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,765</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Crown Castle International Corp.&mu; <BR>
6.875%, 08/01/20</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">4,165,596</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Utilities (3.6%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">CenterPoint Energy, Inc.&mu; <BR>
7.000%, 09/01/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,079,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">105,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">DTE Energy Company <BR>
6.500%, 10/01/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,730,244</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">NUMBER OF SHARES</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">83,600</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">NextEra Energy, Inc.&mu;</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">6.123%, 09/01/19</P></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">4,958,316</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">Sempra Energy&mu;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">16,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>6.750%, 07/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,717,371</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>6.000%, 01/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">483,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">11,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">South Jersey Industries, Inc.^ <BR>
7.250%, 04/15/21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">577,897</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">25,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Vistra Energy Corp.^<BR>
 7.000%, 07/01/19</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">2,451,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">16,997,267</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt"><B>TOTAL
                                         CONVERTIBLE PREFERRED STOCKS</B> <BR>
(Cost $52,852,417) </TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; vertical-align: bottom">54,435,690</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="">COMMON STOCKS (62.9%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Communication Services (9.5%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Alphabet, Inc. - Class A~#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">7,318,285</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">86,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">America Movil, SAB de CV - Class L^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,388,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,623</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cumulus Media, Inc. - Class A#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">43,657</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">15,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Facebook, Inc. - Class A#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,512,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">26,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left"> Nintendo Company, Ltd. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">7,885,486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">96,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Orange, SA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,488,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">176,200</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;HKD</TD>
    <TD STYLE="text-align: left"> Tencent Holdings, Ltd. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">7,843,469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">59,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Verizon Communications, Inc.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,276,070</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,176,545</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP</TD>
    <TD STYLE="text-align: left"> Vodafone Group, PLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,145,763</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">94,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Walt Disney Company~</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">10,510,202</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">44,413,107</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Consumer Discretionary (5.0%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Amazon.com, Inc.^#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,354,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Aptiv, PLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,397,639</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">78,600</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR </TD>
    <TD STYLE="text-align: left">Daimler, AG </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,656,180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Ford Motor Company~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">880,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,800</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;KRW</TD>
    <TD STYLE="text-align: left"> Hyundai Motor Company </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">792,754</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">35,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Lowe&rsquo;s Companies, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,404,064</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">18,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Lululemon Athletica, Inc.#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,704,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">17,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Newell Brands, Inc.~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">371,705</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">9,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Porsche Automobil Holding, SE </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">585,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">9,000</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Puma, SE </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">5,016,135</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">23,163,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Consumer Staples (8.0%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Coca-Cola Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,909,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">31,400</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Danone, SA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,285,033</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">139,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP</TD>
    <TD STYLE="text-align: left"> Diageo, PLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,305,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">55,500</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Kerry Group, PLC - Class A^ </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,707,746</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">96,300</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;CHF</TD>
    <TD STYLE="text-align: left"> Nestl&eacute;, SA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">8,395,808</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">25,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Philip Morris International, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,956,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">41,890</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Unilever, NV </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,243,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">68,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Walmart, Inc.~</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">6,593,104</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">37,395,660</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Energy (6.8%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">782,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP</TD>
    <TD STYLE="text-align: left"> BP, PLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,341,954</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">31,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chevron Corp.^~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,611,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>ConocoPhillips</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,707,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">23,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Devon Energy Corp.~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">626,275</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">16,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Energy Transfer, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">247,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">20,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Enterprise Products Partners, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">556,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">59,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Exxon Mobil Corp.^~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,389,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">GasLog, Ltd.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">71,272</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">9,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Hess Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">527,034</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">See accompanying Notes to Schedule of Investments</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Calamos Global
Dynamic Income Fund</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; padding-top: 4pt; padding-bottom: 4pt; background-color: Black"><FONT STYLE="font-size: 10pt; color: White"><B>SCHEDULE
OF INVESTMENTS JANUARY 31, 2019 (UNAUDITED)</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">NUMBER OF SHARES</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; vertical-align: top">5,080</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: left">Magellan Midstream Partners, LP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom">312,166</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">45,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Marathon Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,981,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Noble Corp., PLC^#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">79,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">87,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Royal Dutch Shell, PLC - Class A </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,690,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">82,300</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP</TD>
    <TD STYLE="text-align: left"> Royal Dutch Shell, PLC - Class A </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,551,335</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">98,974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Schlumberger, Ltd.~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,375,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">7,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Targa Resources Corp.^</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">317,414</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">10,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Tidewater, Inc.^#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">229,877</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">14,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Transocean, Ltd.^#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">123,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Williams Companies, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">67,325</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">31,806,829</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Financials (10.9%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">141,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">American International Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">6,112,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">140,388</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Azimut Holding, S.p.A.^ </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,780,718</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">319,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bank of America Corp.~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">9,101,859</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">25,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cboe Global Markets, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,359,731</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">46,700</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Deutsche B&ouml;erse, AG </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">6,218,008</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">25,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Goldman Sachs Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,029,454</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">172,200</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;INR</TD>
    <TD STYLE="text-align: left"> HDFC Bank, Ltd. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,022,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">201,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Itau Unibanco Holding, SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,146,088</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">98,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;CAD </TD>
    <TD STYLE="text-align: left">Power Financial Corp. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,010,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">158,900</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP</TD>
    <TD STYLE="text-align: left"> Prudential, PLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,107,469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">19,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">S&amp;P Global, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,641,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">83,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Bancorp</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">4,292,324</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">50,823,310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Health Care (9.5%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">45,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Alexion Pharmaceuticals, Inc.~#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,615,583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">8,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Anthem, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,454,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">57,800</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP </TD>
    <TD STYLE="text-align: left">AstraZeneca, PLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,187,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1,885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Biogen, Inc.#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">629,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Celgene Corp.~#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,344,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">16,400</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;AUD</TD>
    <TD STYLE="text-align: left"> CSL, Ltd. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,331,983</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">23,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Edwards Lifesciences Corp.#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,919,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">11,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Humana, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,676,981</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Intuitive Surgical, Inc.#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,304,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">80,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Johnson &amp; Johnson~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">10,739,556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">22,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Laboratory Corp. of America Holdings#</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,079,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">36,455</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">&nbsp;CHF</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Novartis, AG </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">3,182,549</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">44,465,071</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Industrials (3.4%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">190,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;CHF</TD>
    <TD STYLE="text-align: left"> ABB, Ltd. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,636,735</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">37,029</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Alstom, SA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,489,663</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">38,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Delta Air Lines, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,888,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">27,200</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left"> FANUC Corp. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,626,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">242,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">General Electric Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,463,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">34,600</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"> KION Group, AG </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,997,753</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">16,102,397</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Information Technology (7.5%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">46,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Apple, Inc.^~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">7,679,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">13,100</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> ASML Holding, NV </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,290,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">60,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;JPY</TD>
    <TD STYLE="text-align: left"> Canon, Inc. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,725,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">480,300</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;SEK</TD>
    <TD STYLE="text-align: left"> LM Ericsson Telephone Company - Class B </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">4,281,139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">MasterCard, Inc. - Class A~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">6,397,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">51,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Microsoft Corp.~</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">5,399,031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">580,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left"> Nokia Corp. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">3,664,240</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">89,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Taiwan Semiconductor Manufacturing Company, Ltd.~</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">3,366,990</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">34,804,557</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

</div></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">NUMBER OF SHARES</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">VALUE</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic">Materials (1.9%)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">154,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;CAD</TD>
    <TD STYLE="text-align: left"> Barrick Gold Corp. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">$</TD><TD STYLE="text-align: right; vertical-align: bottom">2,061,616</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">135,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;CAD</TD>
    <TD STYLE="text-align: left">Goldcorp, Inc.^ </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,510,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">160,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;AUD</TD>
    <TD STYLE="text-align: left"> Newcrest Mining, Ltd. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">2,846,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,000</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;GBP</TD>
    <TD STYLE="text-align: left"> Rio Tinto, PLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">1,659,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">280,000</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">&nbsp;CAD</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Yamana Gold, Inc. </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">788,462</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 12%; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 3%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 64%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 1%; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 12%; vertical-align: bottom">8,866,598</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic">Utilities (0.4%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">45,801</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;EUR </TD>
    <TD STYLE="text-align: left">Engie, SA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">733,409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">10,500</TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">Exelon Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">501,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">29,000</TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">&nbsp;EUR</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">RWE, AG </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">721,277</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">1,956,166</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-bottom: 2.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>TOTAL COMMON STOCKS</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">(Cost
$393,218,725)</FONT></P></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; vertical-align: bottom">293,796,998</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NUMBER
    OF CONTRACTS/ NOTIONAL AMOUNT </FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE
    </FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PURCHASED OPTIONS (0.6%)
    #</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consumer
    Discretionary (0.5%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Alibaba Group Holding, Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 12%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">615
                                         10,362,135</FONT></TD><TD STYLE="text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 64%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 04/18/19, Strike $160.00</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 12%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">939,412</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
                                         <FONT STYLE="font-size: 8pt">690,809</FONT></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 04/18/19, Strike $155.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">77,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24
                                         </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
                                         <FONT STYLE="font-size: 8pt">404,376</FONT></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 06/21/19, Strike $150.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">62,640</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
                                         <FONT STYLE="font-size: 8pt">3,665,620</FONT></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Booking Holdings, Inc.<BR>
Call, 01/17/20,
    Strike $1,920.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">358,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,600
                                         4,710,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MGM Resorts International Call, <BR>
03/15/19,
    Strike $28.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">368,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sony Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">860<BR>
4,310,320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 04/18/19, Strike $52.50</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">154,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
                                         <FONT STYLE="font-size: 8pt">551,320</FONT></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 04/18/19, Strike $50.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,175</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
                                         <FONT STYLE="font-size: 8pt">350,840</FONT></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 04/18/19,
    Strike $57.50</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,200</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,997,420</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Industrials
    (0.0%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47</FONT></TD><TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">EUR</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Airbus, SE</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">471,034</FONT></TD><TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top"></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 06/21/19,
    Strike 90.00</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">66,627</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Information
    Technology (0.0%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lam Research Corp.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">593,530</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 03/15/19, Strike $175.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,638</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Red Hat, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">337,896</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call, 03/15/19,
    Strike $125.00</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">101,460</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">120,098</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    (0.1%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,255</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Invesco QQQ Trust Series</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,104,080</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Put, 02/22/19, Strike $158.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">70,907</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

</div></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">See accompanying Notes to Schedule of Investments</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Calamos Global
Dynamic Income Fund </B></FONT></P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; background-color: Black">
<TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: White"><B>SCHEDULE OF INVESTMENTS JANUARY 31,
2019 (UNAUDITED)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NUMBER
    OF <BR> CONTRACTS/<BR> NOTIONAL <BR> AMOUNT</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,030</FONT></TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 67%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">iShares
    20+ Year Treasury Bond</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,759,910</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Call,
    03/15/19, Strike $120.00</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">501,410</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">572,317</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    PURCHASED OPTIONS<BR>
</B> (Cost $3,121,185)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,756,462</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NUMBER
    OF <BR> SHARES</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SHORT
    TERM INVESTMENTS (2.6%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,060,172</FONT></TD><TD STYLE="width: 3%; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fidelity
    Prime Money Market Fund - Institutional Class, 2.510%***</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,062,596</FONT></TD><TD STYLE="width: 1%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,962,953</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morgan Stanley Institutional
    Liquidity Funds - Government Portfolio, 2.310%***</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,962,953</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL SHORT TERM INVESTMENTS</B></FONT></P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost
$12,024,952)</FONT></P></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2pt; border-bottom: Black 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,025,549</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
                                         INVESTMENTS (151.8%)</B><BR>(Cost $823,003,015)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">708,469,895</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MANDATORY
    REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-13.9%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(65,000,000</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIABILITIES,
    LESS OTHER ASSETS (-37.9%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(176,824,137</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    ASSETS (100.0%) </B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">466,645,758</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMON
    STOCKS SOLD SHORT (-5.8%) #</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication
    Services (-0.3%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,200</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gannett Company, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(756,338</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23,470</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York Times Company
    - Class A</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(603,414</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,359,752</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Discretionary (-1.6%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(22,074</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alibaba Group Holding,
    Ltd.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,719,248</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,340</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ctrip.com International,
    Ltd.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(610,722</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,490</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tesla, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,220,640</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,550,610</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Staples (-0.1%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,825</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energizer Holdings, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(513,105</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials
    (-0.4%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,440</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assurant, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,006,312</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34,000</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AXA Equitable Holdings,
    Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(630,360</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,636,672</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care (-0.3%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,550</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Becton Dickinson and
    Company</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,384,503</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials
    (-0.4%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38,000</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Colfax Corp.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(940,500</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14,500</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fortive Corp.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,087,355</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,027,855</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NUMBER
    OF <BR> SHARES</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information
    Technology (-1.5%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,900</FONT></TD><TD STYLE="width: 3%; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Guidewire
    Software, Inc.</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(511,412</FONT></TD><TD STYLE="width: 1%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33,000</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">j2 Global, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,480,280</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,500</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MTS Systems Corp.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,426,710</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,350</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Okta, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(770,721</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14,460</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Splunk, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,805,186</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,994,309</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials
    (-0.2%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,452</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">International Flavors
    &amp; Fragrances, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(914,764</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Utilities
    (-1.0%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,700</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CenterPoint Energy, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(887,404</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,750</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sempra Energy</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,374,515</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,294</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">South Jersey Industries,
    Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(455,455</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(81,500</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vistra Energy Corp.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,046,465</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,763,839</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    COMMON STOCKS SOLD SHORT<BR>
</B> (Proceeds $22,960,587)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,145,409</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NUMBER
    OF <BR> CONTRACTS/<BR> NOTIONAL <BR> AMOUNT</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">WRITTEN OPTIONS (-0.1%) #</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy
    (0.0%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400</FONT></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Conocophillips</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,707,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Call, 06/21/19, Strike
    $72.50</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(101,000</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care (0.0%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">265</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Celgene Corp.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,344,190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Call, 07/19/19, Strike
    $90.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(164,300</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information
    Technology (-0.1%)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Apple, Inc.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,162,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Call, 06/21/19, Strike
    $170.00</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(170,050</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL WRITTEN OPTIONS</B></FONT></P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Premium
$325,821)</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(435,350</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>NOTES TO SCHEDULE OF INVESTMENTS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&micro;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security,
                                         or portion of security, is held in a segregated account as collateral for note payable
                                         aggregating a total value of $83,419,271 (see Note 7 - Notes Payable). </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>*</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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 (&ldquo;QIBs&rdquo;), 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.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>^</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security,
                                         or portion of security, is on loan.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>~</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security,
                                         or portion of security, is segregated as collateral (or collateral for potential future
                                         transactions) for written options, swaps, or securities sold short. The aggregate value
                                         of such securities is $26,535,457.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">&nbsp;</P>

</DIV></DIV>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Calamos
Global Dynamic Income Fund </B></FONT></P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; background-color: Black">
<TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: White"><B>SCHEDULE OF INVESTMENTS JANUARY 31,
2019 (UNAUDITED)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&Dagger;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable
                                         rate security. The rate shown is the rate in effect at January 31, 2019. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&amp;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Illiquid
                                         security. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>@</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
                                         default status and considered non-income producing. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&sect;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Securities
                                         exchangeable or convertible into securities of one or more entities that are different
                                         than the issuer. Each entity is identified in the parenthetical. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>#</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-income
                                         producing security. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>***</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         rate disclosed is the 7 day net yield as of January 31, 2019.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>FOREIGN CURRENCY ABBREVIATIONS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AUD</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian
                                         Dollar</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CAD</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian
                                         Dollar</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CHF</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Swiss
                                         Franc</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EUR</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">European
                                         Monetary Unit</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>GBP</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">British
                                         Pound Sterling</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>HKD</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hong
                                         Kong Dollar</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INR</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indian
                                         Rupee</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JPY</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Japanese
                                         Yen</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>KRW</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">South
                                         Korean Won</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SEK</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Swedish
                                         Krona</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Note:
Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown
in the respective foreign currency. 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.</I></FONT><I> </I></P>

</DIV></DIV>
<DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

</DIV></DIV>
<BR CLEAR="ALL"><BR>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Calamos Global
Dynamic Income Fund </B></FONT></P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; background-color: Black">
<TD STYLE="width: 100%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: White"><B>SCHEDULE OF INVESTMENTS JANUARY 31,
2019 (UNAUDITED)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>CURRENCY EXPOSURE JANUARY 31, 2019 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
    of Total <BR> Investments</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US Dollar</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">511,089,956</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75.1</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">European Monetary Unit</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,391,487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hong Kong Dollar</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,560,814</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">British Pound Sterling</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,298,457</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Japanese Yen</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,090,029</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Swiss Franc</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,215,092</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian Dollar</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,968,105</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian Dollar</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,178,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indian Rupee</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,022,795</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Swedish Krona</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,281,139</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">South Korean Won</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">792,754</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Investments Net
    of Common Stocks Sold Short and Written Options</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">680,889,136</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Currency
    exposure may vary over time.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See accompanying
Notes to Schedule of Investments</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Note 1 &ndash; Organization and Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Organization.</B></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Calamos Global Dynamic Income Fund (the &ldquo;Fund&rdquo;) was organized as a Delaware statutory
trust on April 10, 2007 and is registered under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) as a diversified,
closed-end management investment company. The Fund commenced operations on June 27, 2007. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund&rsquo;s investment strategy is to generate a high level of current income
with a secondary objective of capital appreciation. Under normal circumstances, the Fund will invest primarily in a globally diversified
portfolio of convertible instruments, common and preferred stocks, and income-producing securities such as investment grade and
below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 40% of
its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of
corporate issuers and debt securities of government issuers. &ldquo;Managed assets&rdquo; means the Fund&rsquo;s total assets (including
any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial
leverage).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Significant
Accounting Policies.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The schedule 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 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: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Fund
Valuation.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The valuation of the Fund&rsquo;s investments is in accordance with policies
and procedures adopted by and under the ultimate supervision of the board of trustees. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 (&ldquo;NAV&rdquo;). 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 a 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fixed income securities, 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, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 (&ldquo;NYSE&rdquo;) 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&rsquo;s NAV is not
calculated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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. In light of the judgment involved
in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Currency Translation.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Option
Transactions.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Note 2 &ndash; Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The cost basis of investments for federal income tax purposes at January 31, 2019
was as follows*:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left; padding-bottom: 1pt">Cost basis of investments</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">799,716,607</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,754,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross unrealized depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(137,582,255</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net unrealized appreciation (depreciation)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(118,827,471</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">* Because tax adjustments are calculated annually, the above
table does not reflect tax adjustments. For the previous fiscal year&rsquo;s federal income tax information, please refer to the
Notes to Financial Statements section in the Fund&rsquo;s most recent semi-annual or annual report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Note 3 &ndash; Short Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Securities sold short represent obligations to deliver the securities at a future
date. The Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery
date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which
it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statement of Operations. A gain,
limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination
of a short sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To secure its obligation to deliver to the broker-dealer the securities sold short,
the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value
of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the
short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage
merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid
securities while also being subject to the possibility of gain or loss from the securities sold short.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Note 4 &ndash; Mandatory Redeemable Preferred Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On September 6, 2017, the Fund issued 2,600,000 mandatory redeemable preferred shares
(&ldquo;MRPS&rdquo;) with an aggregate liquidation preference of $65.0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 January 31, 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border: Black 1pt solid">Series</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Term <BR> Redemption Date</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Dividend Rate</TD><TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares <BR> (000&rsquo;s)</TD><TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Liquidation<BR>
 Preference<BR>
 Per Share</TD><TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Aggregate<BR>
 Liquidation Preference</TD><TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">Series A</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">9/06/22</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right; border-bottom: Black 1pt solid">3.70</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">%</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right; border-bottom: Black 1pt solid">860</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 14%; text-align: right; border-bottom: Black 1pt solid">25</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 13%; text-align: right; border-bottom: Black 1pt solid">21,500,000</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">Series B</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">9/06/24</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">4.00</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">860</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">25</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">21,500,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">Series C</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">9/06/27</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">4.24</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">880</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">25</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">22,000,000</TD><TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: italic; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: italic; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Total</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: italic; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">65,000,000</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 &ldquo;AA&rdquo; by Fitch Ratings, Inc. (&ldquo;Fitch&rdquo;).
If on the first day of a monthly dividend period the MRPS of any class are rated lower than &ldquo;A&rdquo; by Fitch (or lower
than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund), the dividend
rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS&rsquo; 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 &ldquo;Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares&rdquo; within the Statement
of Operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The MRPS rank junior to the Fund&rsquo;s borrowings under the SSB Agreement and senior
to the Fund&rsquo;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 &ldquo;OC Test&rdquo;) and an asset coverage test with respect to its outstanding senior
securities (the &ldquo;AC Test&rdquo;). 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Except as otherwise required pursuant to the Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Note 5 &ndash; Fair Value Measurement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Various inputs are used to determine the value of the Fund&rsquo;s investments. These inputs
are categorized into three broad levels as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Level 1 &ndash; Prices are determined using inputs from
unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Level 2 &ndash; Prices are determined using significant
observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments
to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level 3 &ndash; Prices
reflect unobservable market inputs (including the Fund&rsquo;s own judgments about assumptions market participants would use in determining
fair value) when observable inputs are unavailable. </FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debt securities
are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets
in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized
as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund&rsquo;s investments.</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The following is
a summary of the inputs used in valuing the Fund&rsquo;s holdings at fair value:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEVEL
    1</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEVEL
    2</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEVEL
    3</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assets:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate
    Bonds</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126,675,206</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126,675,206</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Convertible
    Bonds</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,405,631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,405,631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S.
    Government and Agency Securities</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,407,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,407,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    Loans</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,967,165</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,967,165</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Convertible
    Preferred Stocks</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,213,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,221,870</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,435,690</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks U.S.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166,987,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166,987,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks Foreign</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,812,356</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">113,997,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126,809,561</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchased
    Options</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,756,462</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,756,462</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Short
    Term Investments</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,025,549</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,025,549</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">228,795,624</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">479,674,271</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">708,469,895</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liabilities:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks Sold Short U.S.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,145,409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,145,409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Written
    Options</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">435,350</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">435,350</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,580,759</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,580,759</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
2. CONTROLS AND PROCEDURES.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
The registrant&rsquo;s principal executive officer and principal financial officer have evaluated the registrant&rsquo;s disclosure
controls and procedures within 90 days of this filing and have concluded that the registrant&rsquo;s disclosure controls and procedures
were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was
recorded, processed, summarized, and reported timely.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
There were no changes in the registrant&rsquo;s internal controls over financial reporting (as defined in Rule 30a-3(d) under
the Investment Company Act of 1940) that occurred during the registrant&rsquo;s last fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
3. EXHIBITS.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
<A HREF="chw-ex99_cert.htm">Certification of Principal Executive Officer.</A></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<A HREF="chw-ex99_cert.htm">Certification of Principal Financial Officer.</A></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt"></P>

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 190.55pt 0pt 10.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES
</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 225pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 21.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 21.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos Global Dynamic Income Fund</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 21.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John P. Calamos, Sr.</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos, Sr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 21.1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 21.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 21.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos
Global Dynamic Income Fund</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John P. Calamos, Sr.</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos, Sr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Curtis Holloway</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curtis Holloway</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 132.75pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 132.75pt 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>chw-ex99_cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="chw-nq_013119.htm">Calamos Global Dynamic Income Fund N-Q</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EX-99.CERT</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 132.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 132.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
John P. Calamos, Sr., certify that:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 132.75pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
I have reviewed this report on Form N-Q of Calamos Global Dynamic Income Fund;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)
Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based, on such evaluation; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)
Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the
registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The registrant&rsquo;s other certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information;
and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
March 7, 2019</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John P. Calamos, Sr.</FONT></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 135.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 135.05pt 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 135.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 135.05pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 135.05pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Curtis Holloway, certify that:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 135.05pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
I have reviewed this report on Form N-Q of Calamos Global Dynamic Income Fund;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)
Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based, on such evaluation; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)
Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the
registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The registrant&rsquo;s other certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information;
and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
March 7, 2019</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Curtis Holloway</FONT></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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