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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (20.1%)

		*Airlines (0.2%)*

	7,009	Air Canada Pass Through Trust Series 2013-1, Class B* 5.375%, 11/15/22	$	6,299

	78,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		64,806

	260,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		269,783

	208,000	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		215,143

	93,814	Continental Airlines Pass Through Trust Series 2010-1, Class Aµ 4.750%, 07/12/22		91,056

	119,071	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		104,750

	249,777	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		223,876

	141,000	United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29		98,924


				1,074,637


		*Communication Services (3.1%)*

	235,000	Altice France, SA*^ 7.375%, 05/01/26		250,768

	350,000	Arrow Bidco, LLC* 9.500%, 03/15/24		276,834

	265,000	Ashtead Capital, Inc.*µ^ 4.000%, 05/01/28		276,484

	165,000	Brink’s Company*µ 5.500%, 07/15/25		175,685

		CenturyLink, Inc.*^

	310,000	4.000%, 02/15/27		324,621

	140,000	5.125%, 12/15/26		147,064

		CSC Holdings, LLC*

	460,000	5.500%, 05/15/26µ		482,370

	410,000	5.500%, 04/15/27^		440,299

	300,000	5.750%, 01/15/30^		333,364

	481,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		437,506

	206,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*µ 5.375%, 08/15/26		158,264

	1,375,000	Embarq Corp.µ 7.995%, 06/01/36		1,629,361

		Entercom Media Corp.*^

	390,000	6.500%, 05/01/27		351,129

	234,000	7.250%, 11/01/24		196,030

		Frontier Communications Corp.@

	689,000	7.625%, 04/15/24		225,658

	385,000	11.000%, 09/15/25		136,783

	340,000	10.500%, 09/15/22		117,014

	210,000	8.500%, 04/01/26*		207,258

	140,000	8.000%, 04/01/27*		144,691


PRINCIPAL AMOUNT			VALUE

	69,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27	$	73,683

		Hughes Satellite Systems Corp.^

	80,000	5.250%, 08/01/26		87,956

	63,000	6.625%, 08/01/26		70,265

	115,000	iHeartCommunications, Inc.^ 8.375%, 05/01/27		114,425

		Intelsat Jackson Holdings, SA@

	505,000	9.750%, 07/15/25*		337,123

	241,000	8.000%, 02/15/24*		246,350

	130,000	5.500%, 08/01/23		81,538

	200,000	LCPR Senior Secured Financing DAC*^ 6.750%, 10/15/27		215,782

		Netflix, Inc.*^

	3,653,000	3.625%, 06/15/25		3,886,408

	200,000	4.875%, 06/15/30		235,586

	477,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		479,254

	345,000	Sirius XM Radio, Inc.*^ 4.625%, 07/15/24		363,526

		Sprint Corp.

	830,000	7.125%, 06/15/24		970,170

	300,000	7.875%, 09/15/23		348,687

	215,000	Telecom Italia Capital, SA 6.000%, 09/30/34		260,975

		Telesat Canada / Telesat, LLC*^

	223,000	4.875%, 06/01/27		227,685

	125,000	6.500%, 10/15/27		128,787

	400,000	United States Cellular Corp. 6.700%, 12/15/33		500,560

		Windstream Services, LLC / Windstream Finance Corp.@

	115,000	7.750%, 10/01/21		2,242

	42,000	10.500%, 06/30/24*		2,086


				14,944,271


		*Consumer Discretionary (2.9%)*

	110,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		112,406

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	204,000	6.625%, 01/15/28^		205,881

	163,000	9.875%, 04/01/27		177,464

	355,000	Boyd Gaming Corp.^ 6.000%, 08/15/26		359,856

	450,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		406,384

	112,000	Carnival Corp.*^ 10.500%, 02/01/26		116,119

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	735,000	5.125%, 05/01/27		782,003

	125,000	5.000%, 02/01/28^		132,819

	110,000	4.250%, 02/01/31^		115,490

	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		196,183

		Century Communities, Inc.

	345,000	6.750%, 06/01/27		369,550

	190,000	5.875%, 07/15/25^		197,363


PRINCIPAL AMOUNT			VALUE

	550,000	Dana Financing Luxembourg Sarl*^ 6.500%, 06/01/26	$	580,027

		DISH DBS Corp.^

	209,000	7.750%, 07/01/26		235,005

	50,000	7.375%, 07/01/28*		53,125

		ESH Hospitality, Inc.*^

	215,000	5.250%, 05/01/25		219,821

	138,000	4.625%, 10/01/27		133,083

		Expedia Group, Inc.*^

	135,000	7.000%, 05/01/25		145,708

	85,000	6.250%, 05/01/25		93,027

	890,000	Ford Motor Companyµ

		8.500%, 04/21/23		988,585

		Ford Motor Credit Company, LLC

	350,000	4.063%, 11/01/24^		358,608

	315,000	4.134%, 08/04/25^		323,125

	315,000	3.664%, 09/08/24µ		317,851

	245,000	G-III Apparel Group, Ltd.* 7.875%, 08/15/25		247,181

	58,000	Gap, Inc.*^ 8.875%, 05/15/27		65,021

	350,000	GLP Capital, LP / GLP Financing II, Inc.µ 5.250%, 06/01/25		379,391

	550,000	goeasy, Ltd.*^ 5.375%, 12/01/24		570,966

	500,000	Guitar Center, Inc.* 9.500%, 10/15/21		353,312

	69,000	Installed Building Products, Inc.* 5.750%, 02/01/28		73,345

	345,000	International Game Technology, PLC*^ 6.250%, 01/15/27		367,777

		L Brands, Inc.

	245,000	6.875%, 11/01/35		235,019

	113,000	9.375%, 07/01/25*		126,100

	56,000	6.875%, 07/01/25*		60,371

	55,000	6.694%, 01/15/27		53,538

		M/I Homes, Inc.

	340,000	5.625%, 08/01/25^		353,036

	205,000	4.950%, 02/01/28		211,734

	114,000	Macy’s, Inc.*^ 8.375%, 06/15/25		119,364

		Mattel, Inc.*^

	320,000	6.750%, 12/31/25		342,171

	135,000	5.875%, 12/15/27		145,353

	350,000	Mclaren Finance, PLC* 5.750%, 08/01/22		287,385

	285,000	Meredith Corp.*µ^ 6.500%, 07/01/25		291,421

		Newell Brands, Inc.

	252,000	4.700%, 04/01/26µ		273,496

	58,000	4.875%, 06/01/25^		63,150

		Penske Automotive Group, Inc.^

	345,000	5.500%, 05/15/26		360,854

	160,000	5.375%, 12/01/24		164,276

	388,000	Rite Aid Corp.*

		8.000%, 11/15/26		400,571

		Royal Caribbean Cruises, Ltd.*

	110,000	11.500%, 06/01/25^		121,329

	55,000	10.875%, 06/01/23µ		58,071

	345,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		314,830


PRINCIPAL AMOUNT			VALUE

	207,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28	$	232,654

	345,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		335,973

	116,354	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		93,528

	55,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		59,967

	295,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		240,809


				13,621,476


		*Consumer Staples (0.7%)*

	210,000	Dean Foods Company*@ 6.500%, 03/15/23		4,614

	112,000	Edgewell Personal Care Company*µ 5.500%, 06/01/28		121,407

	215,000	Energizer Holdings, Inc.* 6.375%, 07/15/26		229,799

	225,000	Fresh Market, Inc.* 9.750%, 05/01/23		184,654

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

	380,000	5.875%, 07/15/24		388,132

	260,000	6.750%, 02/15/28		291,025

	109,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*^ 6.500%, 04/15/29		123,639

		Kraft Heinz Foods Company*

	56,000	4.250%, 03/01/31µ		61,829

	56,000	3.875%, 05/15/27^		60,415

		New Albertson’s, Inc.

	174,000	7.750%, 06/15/26		194,355

	67,000	8.000%, 05/01/31		76,004

		Pilgrim’s Pride Corp.*^

	405,000	5.875%, 09/30/27		429,628

	145,000	5.750%, 03/15/25		149,391

		Post Holdings, Inc.*^

	310,000	5.750%, 03/01/27		330,590

	72,000	5.625%, 01/15/28		78,862

	291,000	Simmons Foods, Inc.* 7.750%, 01/15/24		306,963

	200,000	Vector Group, Ltd.* 6.125%, 02/01/25		198,836


				3,230,143


		*Energy (2.0%)*

	115,000	Apache Corp.^ 5.100%, 09/01/40		111,990

	210,000	Bruin E&P Partners, LLC*@ 8.875%, 08/01/23		445

		Buckeye Partners, LP

	205,000	3.950%, 12/01/26		205,682

	135,000	5.850%, 11/15/43^		124,419

	143,000	Calfrac Holdings, LP* 8.500%, 06/15/26		15,471

	592,000	California Resources Corp.*@ 8.000%, 12/15/22		13,672

	210,000	ChampionX Corp.^ 6.375%, 05/01/26		197,144


PRINCIPAL AMOUNT			VALUE

	350,000	Chaparral Energy, Inc.* 8.750%, 07/15/23	$	34,892

	295,000	Cheniere Energy Partners, LP^ 5.625%, 10/01/26		312,225

	167,000	Chesapeake Energy Corp.*@ 11.500%, 01/01/25		15,830

		Continental Resources, Inc.^

	230,000	3.800%, 06/01/24		223,169

	170,000	4.375%, 01/15/28		159,014

	410,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		315,866

		Denbury Resources, Inc.

	330,000	7.750%, 02/15/24*@		140,384

	130,000	9.250%, 03/31/22*@		55,331

	84,000	5.500%, 05/01/22		1,692

	135,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25		14,964

	200,000	eG Global Finance, PLC* 6.750%, 02/07/25		209,460

	615,000	Energy Transfer Operating, LPµ‡ 3.269%, 11/01/66 3 mo. USD LIBOR + 3.02%		305,003

		EnLink Midstream Partners, LP‡

	330,000	6.000%, 12/15/22 3 mo. USD LIBOR + 4.11%		126,240

	224,000	4.850%, 07/15/26µ		174,121

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

	255,000	9.375%, 05/01/24		199

	166,000	7.750%, 05/15/26		44,939

		EQT Corp.^

	220,000	8.750%, 02/01/30		255,266

	90,000	7.875%, 02/01/25		98,985

	293,000	Genesis Energy, LP / Genesis Energy Finance Corp.^ 6.250%, 05/15/26		275,918

		Gulfport Energy Corp.

	325,000	6.375%, 05/15/25		160,981

	225,000	6.000%, 10/15/24		118,957

	66,000	Hess Midstream Operations, LP*^ 5.125%, 06/15/28		67,236

	94,000	HighPoint Operating Corp. 7.000%, 10/15/22		24,048

	68,000	Holly Energy Partners, LP / Holly Energy Finance Corp.* 5.000%, 02/01/28		67,106

	229,000	Laredo Petroleum, Inc.^ 10.125%, 01/15/28		162,380

	480,000	Lonestar Resources America, Inc.* 11.250%, 01/01/23		71,729

	350,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		337,654

		Moss Creek Resources Holdings, Inc.*

	135,000	10.500%, 05/15/27		83,714

	135,000	7.500%, 01/15/26		77,138

	135,000	Murphy Oil Corp.µ 5.875%, 12/01/27		124,342

	125,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		57,646

	170,000	Oasis Petroleum, Inc.* 6.250%, 05/01/26		30,904


PRINCIPAL AMOUNT			VALUE

		Occidental Petroleum Corp.

	615,000	4.300%, 08/15/39µ	$	499,878

	455,000	2.900%, 08/15/24^		429,110

	213,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		182,921

	205,000	Parkland Fuel Corp.*^ 5.875%, 07/15/27		218,246

	100,000	Parsley Energy, LLC / Parsley Finance Corp.*^ 5.250%, 08/15/25		102,739

	270,000	Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		189,286

	1,000,000	Reliance Holding USA, Inc.* 5.400%, 02/14/22		1,059,005

	850,000	Reliance Industries, Ltd.* 4.125%, 01/28/25		936,645

	275,000	SESI, LLC 7.750%, 09/15/24		96,055

	87,000	SM Energy Company*^ 10.000%, 01/15/25		86,021

		Transocean, Inc.*

	190,000	7.500%, 01/15/26		93,129

	130,000	8.000%, 02/01/27		63,643

	365,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23		212,149

	135,000	Viper Energy Partners, LP*^ 5.375%, 11/01/27		140,490

	385,000	W&T Offshore, Inc.*^ 9.750%, 11/01/23		256,895

	128,000	Weatherford International, Ltd.*^ 11.000%, 12/01/24		92,712

	260,000	Whiting Petroleum Corp.@ 6.625%, 01/15/26		48,507

	56,000	WPX Energy, Inc.^ 5.875%, 06/15/28		57,240


				9,580,827


		*Financials (3.4%)*

	877,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		886,327

	136,000	AG Issuer, LLC* 6.250%, 03/01/28		137,867

	400,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*^ 6.750%, 10/15/27		424,938

	300,000	Ally Financial, Inc. 8.000%, 11/01/31		415,411

	540,000	Amwins Group, Inc.* 7.750%, 07/01/26		595,047

	615,000	AssuredPartners, Inc.* 7.000%, 08/15/25		628,026

		Aviation Capital Group, LLC*µ

	193,000	3.500%, 11/01/27		173,368

	116,000	3.875%, 05/01/23^		113,913

	55,000	6.750%, 04/06/21		56,128

	190,000	Bank of America Corp.^‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		179,986


PRINCIPAL AMOUNT			VALUE

	620,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26	$	514,414

		Credit Acceptance Corp.µ

	350,000	6.625%, 03/15/26		368,760

	237,000	5.125%, 12/31/24*		241,360

	70,000	Cushman & Wakefield US Borrower, LLC*^ 6.750%, 05/15/28		75,048

	345,000	Donnelley Financial Solutions, Inc.^ 8.250%, 10/15/24		350,027

	220,000	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 13.750% PIK rate		137,229

	417,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		423,937

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

	205,000	5.250%, 07/15/24		213,916

	57,000	6.000%, 04/15/25		61,399

	1,140,000	HUB International, Ltd.*^ 7.000%, 05/01/26		1,195,028

	325,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.^ 5.250%, 05/15/27		342,620

	500,000	ILFC E-Capital Trust II*µ‡ 3.270%, 12/21/65 3 mo. USD LIBOR + 1.80%		258,692

	620,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		652,097

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

	914,000	7.250%, 08/15/24		845,560

	350,000	6.250%, 06/03/26µ		355,017

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

	502,000	5.250%, 10/01/25		457,894

	62,000	4.250%, 02/01/27^		52,451

	260,000	Level 3 Financing, Inc.µ^ 5.375%, 05/01/25		268,583

	602,000	LPL Holdings, Inc.* 5.750%, 09/15/25		628,804

	487,000	MetLife, Inc.µ 6.400%, 12/15/66		601,786

		Navient Corp.

	623,000	5.000%, 03/15/27^		597,295

	275,000	6.750%, 06/25/25		288,091

	290,000	NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		288,137

		OneMain Finance Corp.

	497,000	6.875%, 03/15/25^		556,449

	350,000	7.125%, 03/15/26µ^		411,269

	90,000	8.875%, 06/01/25^		101,891

	69,000	6.625%, 01/15/28µ		79,119

	134,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 7.500%, 06/01/25		142,754

	345,000	Radian Group, Inc. 4.875%, 03/15/27		336,434


PRINCIPAL AMOUNT			VALUE

	375,000	Simmons First National Corp.‡ 5.000%, 04/01/28 3 mo. USD LIBOR + 2.15%	$	373,774

	365,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		352,636

	112,000	StoneX Group, Inc.* 8.625%, 06/15/25		120,293

	170,000	Towne Bank‡ 4.500%, 07/30/27 3 mo. USD LIBOR + 2.55%		172,210

	120,000	Tronox Finance, PLC*^ 5.750%, 10/01/25		119,931

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

	272,000	3.750%, 02/15/27		274,402

	152,000	4.625%, 12/01/29		160,070


				16,030,388


		*Health Care (1.9%)*

	400,000	Acadia Healthcare Company, Inc.^ 6.500%, 03/01/24		413,504

	500,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		559,730

		Centene Corp.

	1,435,000	4.750%, 01/15/25µ		1,490,707

	276,000	4.250%, 12/15/27^		294,707

		CHS/Community Health Systems, Inc.

	1,135,000	8.125%, 06/30/24*^		726,355

	295,000	8.000%, 03/15/26*		302,304

	225,000	6.250%, 03/31/23^		227,862

	282,000	DaVita, Inc.*^ 4.625%, 06/01/30		300,914

		Encompass Health Corp.^

	110,000	4.750%, 02/01/30		116,524

	110,000	4.500%, 02/01/28		116,376

		HCA, Inc.

	500,000	5.375%, 02/01/25^		566,802

	315,000	7.500%, 11/06/33µ		424,863

	480,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23		77,916

	305,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		179,616

		Tenet Healthcare Corp.

	605,000	6.250%, 02/01/27*^		643,439

	365,000	6.875%, 11/15/31		351,712

	345,000	4.875%, 01/01/26*^		361,163

		Teva Pharmaceutical Finance Netherlands III, BV

	885,000	2.800%, 07/21/23^		860,760

	495,000	6.000%, 04/15/24		524,487

	645,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		655,204


				9,194,945


		*Industrials (2.9%)*

	280,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		280,216

	450,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		462,766


PRINCIPAL AMOUNT			VALUE

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

	340,000	4.625%, 01/15/27*	$	361,913

	207,000	4.875%, 02/15/30*		223,618

	150,000	5.750%, 03/15/25		155,342

		Allison Transmission, Inc.*^

	275,000	4.750%, 10/01/27		286,440

	165,000	5.000%, 10/01/24		168,764

	70,000	5.875%, 06/01/29		77,487

		American Airlines Group, Inc.*

	280,000	5.000%, 06/01/22		156,687

	200,000	3.750%, 03/01/25^		88,999

	475,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		486,369

		Avolon Holdings Funding, Ltd.*µ

	137,000	5.250%, 05/15/24		127,605

	115,000	2.875%, 02/15/25		98,968

	365,000	Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25		358,421

	207,000	Cascades, Inc. /Cascades USA, Inc.*^ 5.125%, 01/15/26		214,449

		Colt Merger Sub, Inc.*

	112,000	8.125%, 07/01/27^		114,520

	112,000	6.250%, 07/01/25		117,445

		Covanta Holding Corp.

	425,000	5.875%, 03/01/24		436,515

	70,000	5.875%, 07/01/25		73,246

	390,000	Delphi Technologies, PLC* 5.000%, 10/01/25		431,404

		Delta Air Lines, Inc.

	57,000	7.375%, 01/15/26^		56,598

	57,000	3.800%, 04/19/23µ		53,255

	140,000	EnerSys*µ 4.375%, 12/15/27		141,840

	590,000	Fly Leasing, Ltd.^ 5.250%, 10/15/24		481,012

		Golden Nugget, Inc.*^

	375,000	8.750%, 10/01/25		196,896

	370,000	6.750%, 10/15/24		257,853

	124,000	GPC Merger Sub, Inc.* 7.125%, 08/15/28		129,270

	140,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		134,987

	175,000	Graphic Packaging International, LLC*µ^ 4.750%, 07/15/27		190,328

	200,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		207,601

	480,000	H&E Equipment Services, Inc.^ 5.625%, 09/01/25		499,841

	340,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		360,937

		Howmet Aerospace, Inc.^

	200,000	5.125%, 10/01/24		215,109

	103,000	6.875%, 05/01/25		116,840

	400,000	Jeld-Wen, Inc.*^ 4.625%, 12/15/25		406,290

	138,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		149,221

	110,000	MasTec, Inc.* 4.500%, 08/15/28		115,050

	560,000	Meritor, Inc.^ 6.250%, 02/15/24		574,431


PRINCIPAL AMOUNT			VALUE

	170,000	Moog, Inc.*^ 4.250%, 12/15/27	$	173,675

	340,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		351,341

		Navistar International Corp.*

	230,000	6.625%, 11/01/25		236,055

	113,000	9.500%, 05/01/25^		129,187

	272,000	Novelis Corp.*^ 4.750%, 01/30/30		284,504

	530,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		466,665

	140,000	Patrick Industries, Inc.*^ 7.500%, 10/15/27		149,516

	56,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		59,831

	185,000	Scientific Games International, Inc.* 5.000%, 10/15/25		183,861

		Standard Industries, Inc.*

	115,000	5.000%, 02/15/27^		123,195

	56,000	4.375%, 07/15/30		60,565

		Station Casinos, LLC*^

	400,000	4.500%, 02/15/28		358,562

	343,000	5.000%, 10/01/25		325,433

	205,000	Tennant Company^ 5.625%, 05/01/25		213,026

	200,000	TransDigm UK Holdings, PLC^ 6.875%, 05/15/26		202,406

		TransDigm, Inc.^

	205,000	7.500%, 03/15/27		209,441

	200,000	6.250%, 03/15/26*		211,265

		United Rentals North America, Inc.

	140,000	6.500%, 12/15/26^		155,567

	56,000	3.875%, 02/15/31		56,000

	195,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		199,901

		WESCO Distribution, Inc.*

	136,000	7.125%, 06/15/25^		149,585

	67,000	7.250%, 06/15/28		73,315

	55,000	WR Grace & Co-Conn*µ 4.875%, 06/15/27		58,641

	350,000	XPO Logistics, Inc.*^ 6.750%, 08/15/24		376,682


				13,816,752


		*Information Technology (1.3%)*

	140,000	CDK Global, Inc.*^ 5.250%, 05/15/29		153,383

	2,770,000	CDW, LLC / CDW Finance Corp.µ^ 4.125%, 05/01/25		2,935,438

	200,000	CommScope Technologies, LLC* 6.000%, 06/15/25		204,691

		Dell International, LLC / EMC Corp.*µ

	1,425,000	5.450%, 06/15/23		1,571,105

	310,000	6.020%, 06/15/26		363,484

	138,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		144,492

	207,000	MTS Systems Corp.* 5.750%, 08/15/27		201,560

	204,000	Open Text Corp.*^ 3.875%, 02/15/28		213,309


PRINCIPAL AMOUNT			VALUE

	420,000	Vericast Corp.*^ 8.375%, 08/15/22	$	340,257


				6,127,719


		*Materials (1.3%)*

	140,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		133,305

	195,000	ArcelorMittal, SAµ 7.250%, 10/15/39		259,471

	2,130,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		2,142,833

		Freeport-McMoRan, Inc.^

	125,000	5.450%, 03/15/43µ		139,231

	115,000	5.400%, 11/14/34		129,375

	900,000	Fresnillo, PLC^ 5.500%, 11/13/23		992,687

	400,000	INEOS Group Holdings, SA*^ 5.625%, 08/01/24		402,930

	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		227,280

		Kaiser Aluminum Corp.*^

	200,000	4.625%, 03/01/28		199,153

	111,000	6.500%, 05/01/25		118,211

	70,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		77,449

		New Gold, Inc.*

	259,000	6.375%, 05/15/25		269,339

	57,000	7.500%, 07/15/27		61,997

	69,000	Norbord, Inc.*^ 5.750%, 07/15/27		73,560

	112,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		122,350

		PBF Holding Company, LLC / PBF Finance Corp.

	560,000	7.250%, 06/15/25^		505,960

	56,000	9.250%, 05/15/25*µ		62,719

	200,000	Silgan Holdings, Inc.^ 4.125%, 02/01/28		205,526

	201,000	Univar Solutions USA, Inc.*^ 5.125%, 12/01/27		212,609


				6,335,985


		*Real Estate (0.2%)*

	360,000	CBL & Associates, LP 5.250%, 12/01/23		86,387

		Forestar Group, Inc.*

	345,000	8.000%, 04/15/24		372,190

	187,000	5.000%, 03/01/28		186,735

		Service Properties Trust

	345,000	4.350%, 10/01/24^		309,722

	105,000	5.250%, 02/15/26		94,634


				1,049,668


		*Utilities (0.2%)*

	175,000	NRG Energy, Inc.µ 6.625%, 01/15/27		188,123

	475,000	PPL Capital Funding, Inc.µ‡ 2.973%, 03/30/67 3 mo. USD LIBOR + 2.67%		359,742

		Talen Energy Supply, LLC*^

	140,000	10.500%, 01/15/26		108,714

	70,000	7.250%, 05/15/27		72,857


PRINCIPAL AMOUNT				VALUE

	360,000		TerraForm Power Operating, LLC*^ 5.000%, 01/31/28	$	396,214


					1,125,650


			TOTAL CORPORATE BONDS (Cost $101,611,477)		96,132,461



	CONVERTIBLE BONDS (29.3%)

			*Communication Services (3.7%)*

	325,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25		373,236

	100,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		213,309

	20,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		223,608

	185,000		iQIYI, Inc.^ 2.000%, 04/01/25		178,552

	30,000,000	JPY	Konami Holdings Corp. 0.000%, 12/22/22		294,586

	285,000		Liberty Media Corp. 1.375%, 10/15/23		310,299

	153,000		Liberty Media Corp. / Liberty Formula One^ 1.000%, 01/30/23		177,592

	1,725,000		Live Nation Entertainment, Inc.^ 2.500%, 03/15/23		1,815,476

	250,000		Match Group FinanceCo 3, Inc.* 2.000%, 01/15/30		367,490

	7,909,000		Sea, Ltd.* 2.375%, 12/01/25		12,246,058

			Snap, Inc.*

	544,000		0.750%, 08/01/26		684,257

	99,000		0.250%, 05/01/25		125,695

	490,000		Twitter, Inc. 0.250%, 06/15/24		507,851

	165,000		Zynga, Inc. 0.250%, 06/01/24		220,965


					17,738,974


			*Consumer Discretionary (6.2%)*

	152,000		Baozun, Inc. 1.625%, 05/01/24		156,804

	2,720,000		Booking Holdings, Inc.*^ 0.750%, 05/01/25		3,438,338

	1,434,000		Burlington Stores, Inc.*µ 2.250%, 04/15/25		1,618,061

	353,000		Carnival Corp.*µ 5.750%, 04/01/23		512,925

	2,000,000	HKD	China Yuhua Education Corp, Ltd. 0.900%, 12/27/24		309,219

	100,000	EUR	Delivery Hero, SEµ 0.250%, 01/23/24		140,698

			DISH Network Corp.

	705,000		2.375%, 03/15/24^		648,568

	171,000		3.375%, 08/15/26		157,762

	170,000		Guess, Inc. 2.000%, 04/15/24		118,981

	100,000	EUR	HelloFresh, SE 0.750%, 05/13/25		141,401

			Liberty Interactive, LLC

	330,000		4.000%, 11/15/29		235,132

	160,000		3.750%, 02/15/30		113,800

			NCL Corp., Ltd.*

	327,000		5.375%, 08/01/25µ		304,630


PRINCIPAL AMOUNT				VALUE

	255,000		6.000%, 05/15/24	$	299,763

	1,500,000	GBP	Ocado Group, PLC 0.750%, 01/18/27		2,079,219

	2,330,000		Penn National Gaming, Inc.^ 2.750%, 05/15/26		3,876,013

	135,000		RH^ 0.000%, 06/15/23		215,057

	5,837,000		Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23		5,590,299

	168,500	EUR	SEB, SA 0.000%, 11/17/21		359,630

	1,016,000		Tesla, Inc. 2.375%, 03/15/22~		4,446,046

	69,000		2.000%, 05/15/24		323,682

	1,950,000		Under Armour, Inc.* 1.500%, 06/01/24		2,346,026

	1,814,000		Winnebago Industries, Inc.*^ 1.500%, 04/01/25		2,134,761


					29,566,815


			*Consumer Staples (0.9%)*

	800,000		Carrefour, SA 0.000%, 03/27/24		767,672

	20,000,000	JPY	Nippon Flour Mills Company, Ltd. 0.000%, 06/20/25		194,306

	2,074,000	CAD	Premium Brands Holdings Corp.µ 4.600%, 12/31/23		1,653,471

	1,853,000	CAD	4.650%, 04/30/21		1,539,023

	179,000		Turning Point Brands, Inc. 2.500%, 07/15/24		164,377


					4,318,849


			*Energy (1.3%)*

	124,000		Denbury Resources, Inc.*@ 6.375%, 12/31/24		16,972

	3,300,000		Nabors Industries, Inc. 0.750%, 01/15/24		1,006,913

	424,000		Pioneer Natural Resources Company*^ 0.250%, 05/15/25		503,392

	1,620,000		Scorpio Tankers, Inc. 3.000%, 05/15/22		1,435,522

	2,261,000		SunEdison, Inc.@ 0.250%, 01/15/20		58,153

	275,000		2.000%, 10/01/18		7,073

	4,000,000		Tullow Oil Jersey, Ltd. 6.625%, 07/12/21		3,298,100


					6,326,125


			*Financials (0.8%)*

	200,000	EUR	AURELIUS Equity Opportunities SE & Co., KGaA 1.000%, 12/01/20		216,887

	880,000		AXA, SA*µ 7.250%, 05/15/21		840,514

	600,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		505,316

	150,000		GSK Finance No 3, PLC* 0.000%, 06/22/23		158,721

	200,000		JPMorgan Chase Bank, N.A. 0.000%, 08/07/22		260,787

	300,000	EUR	LEG Immobilien, AG^ 0.875%, 09/01/25		423,610

	350,000		Prospect Capital Corp.^ 4.950%, 07/15/22		354,261


PRINCIPAL AMOUNT				VALUE

	210,000		Starwood Property Trust, Inc. 4.375%, 04/01/23	$	202,461

	725,000		WisdomTree Investments, Inc.* 4.250%, 06/15/23		708,416


					3,670,973


			*Health Care (3.5%)*

	1,656,000		BioMarin Pharmaceutical, Inc.µ 1.250%, 05/15/27*		1,932,229

	277,000		1.500%, 10/15/20		356,579

	3,275,000	CAD	Canopy Growth Corp.* 4.250%, 07/15/23		2,044,659

	135,000		Coherus Biosciences, Inc.*µ 1.500%, 04/15/26		151,361

	1,547,000		DexCom, Inc.*^ 0.250%, 11/15/25		1,674,643

	100,000	EUR	GN Store Nord, A/S 0.000%, 05/21/24		122,011

	73,000		Innoviva, Inc. 2.500%, 08/15/25		76,245

	1,630,000		Insulet Corp.*^ 0.375%, 09/01/26		1,878,901

	156,000		Jazz Investments I, Ltd.* 2.000%, 06/15/26		160,894

	260,000		Luckin Coffee, Inc.* 0.750%, 01/15/25		103,104

	587,000		Natera, Inc.* 2.250%, 05/01/27		870,709

	165,000		NuVasive, Inc. 0.375%, 03/15/25*		153,042

	85,000		2.250%, 03/15/21		94,180

	2,065,000		Pacira BioSciences, Inc. 0.750%, 08/01/25*		2,102,377

	26,000		2.375%, 04/01/22		28,638

	2,035,000		Repligen Corp. 0.375%, 07/15/24		2,951,544

	171,000		Tabula Rasa HealthCare, Inc.*^ 1.750%, 02/15/26		179,240

	883,000		Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		1,090,668

	137,000		Teladoc Health, Inc.* 1.250%, 06/01/27		176,305

	300,000		WuXi AppTec Company, Ltd. 0.000%, 09/17/24		466,812


					16,614,141


			*Industrials (3.0%)*

	5,321,000		Air Canada* 4.000%, 07/01/25		5,565,872

	3,202,000		American Airlines Group, Inc.µ 6.500%, 07/01/25		2,654,602

	2,050,000		Lyft, Inc.* 1.500%, 05/15/25		2,194,330

	3,172,000		Southwest Airlines Company 1.250%, 05/01/25		3,703,738

	100,000EUR		Symrise, AG 0.238%, 06/20/24		152,383

	200,000		Vinci, SAµ 0.375%, 02/16/22		217,925


					14,488,850


			*Information Technology (8.2%)*

	311,000		8x8, Inc. 0.500%, 02/01/24		286,274

	190,000		Akamai Technologies, Inc.µ 0.125%, 05/01/25		247,916


PRINCIPAL AMOUNT				VALUE

	165,000		Alteryx, Inc.*^ 1.000%, 08/01/26	$	202,759

	165,000		0.500%, 08/01/24µ		198,512

	1,400,000	EUR	Amadeus IT Group, SA^ 1.500%, 04/09/25		1,930,539

	141,000		Cloudflare, Inc.*µ 0.750%, 05/15/25		191,165

	4,892,000		Coupa Software, Inc.*µ 0.375%, 06/15/26		6,141,319

	162,000		CyberArk Software, Ltd.* 0.000%, 11/15/24		166,765

	146,000		Datadog, Inc.*^ 0.125%, 06/15/25		184,573

	142,000		Five9, Inc.* 0.500%, 06/01/25		164,326

	1,000,000		Guidewire Software, Inc. 1.250%, 03/15/25		1,228,385

	113,000		II-VI, Inc.^ 0.250%, 09/01/22		144,013

	136,000		Inphi Corp.* 0.750%, 04/15/25		177,180

	2,500,000		j2 Global, Inc.~ 3.250%, 06/15/29		2,607,500

	324,000		Lumentum Holdings, Inc.* 0.500%, 12/15/26		380,003

	448,000		Microchip Technology, Inc. 1.625%, 02/15/27		656,398

	186,000		New Relic, Inc. 0.500%, 05/01/23		186,244

	1,500,000	EUR	Nexi S.p.A 1.750%, 04/24/27		2,005,682

	326,000		Okta, Inc.*^ 0.125%, 09/01/25		444,320

	93,000		ON Semiconductor Corp. 1.000%, 12/01/20		110,399

	190,000		Palo Alto Networks, Inc. 0.750%, 07/01/23		220,676

	148,000		0.375%, 06/01/25*		160,617

	173,000		Pegasystems, Inc.*^ 0.750%, 03/01/25		193,462

	81,000		Pluralsight, Inc. 0.375%, 03/01/24		75,371

	165,000		Proofpoint, Inc.* 0.250%, 08/15/24		169,415

	165,000		Q2 Holdings, Inc.^ 0.750%, 06/01/26		205,653

	145,000		Silicon Laboratories, Inc.* 0.625%, 06/15/25		158,879

	250,000		Slack Technologies, Inc.* 0.500%, 04/15/25		304,446

	145,000	EUR	SOITECµ 0.000%, 06/28/23		202,402

	1,730,000		Splunk, Inc. 1.125%, 06/15/27*		1,961,742

	1,690,000		1.125%, 09/15/25		2,631,262

	1,500,000		0.500%, 09/15/23		2,278,860

	3,195,000		Square, Inc. 0.125%, 03/01/25*µ		4,257,977

	177,000		0.500%, 05/15/23~		316,688

	200,000		STMicroelectronics, NV 0.000%, 07/03/22		272,081

	38,000		Twilio, Inc.^ 0.250%, 06/01/23		148,938

	385,000		Workday, Inc. 0.250%, 10/01/22		520,206

	170,000		Workiva, Inc.*^ 1.125%, 08/15/26		167,352


PRINCIPAL AMOUNT			VALUE

1,894,000		Xero Investments, Ltd. 2.375%, 10/04/23	$	2,866,275

308,000		Zendesk, Inc.* 0.625%, 06/15/25		348,303

3,536,000		Zscaler, Inc.* 0.125%, 07/01/25		4,025,170


				39,140,047


		*Materials (1.4%)*

200,000		LG Chem, Ltd. 0.000%, 04/16/21		234,900

20,000,000	JPY	Mitsubishi Chemical Holdings Corp. 0.000%, 03/29/24		185,074

3,600,000	CHF	Sika, AG 3.750%, 01/30/22		5,938,022

10,000,000	JPY	Teijin, Ltd. 0.000%, 12/10/21		95,144


				6,453,140


		*Real Estate (0.3%)*

200,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		224,847

500,000	SGD	CapitaLand, Ltd. 1.950%, 10/17/23		359,569

400,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		477,070

145,000		IH Merger Sub, LLC 3.500%, 01/15/22		198,999

20,000,000	JPY	Relo Group, Inc. 0.000%, 03/22/21		181,791


				1,442,276


		TOTAL CONVERTIBLE BONDS (Cost $129,317,514)		139,760,190


BANK LOANS (2.4%) ¡

		*Communication Services (0.5%)*

347,375		Clear Channel Outdoor Holdings, Inc.‡ 3.761%, 08/21/26 3 mo. LIBOR + 3.50%		310,503

223,313		CommScope, Inc.‡ 3.411%, 04/06/26 1 mo. LIBOR + 3.25%		219,358

148,877		CSC Holdings, LLC‡ 2.675%, 04/15/27 1 mo. LIBOR + 2.50%		144,612

347,321		Frontier Communications Corp.‡ 3.918%, 06/15/24 1 mo. LIBOR + 3.75%		342,980

263,675		iHeartCommunications, Inc.‡ 3.161%, 05/01/26 1 mo. LIBOR + 3.00%		247,562

631,800		Intelsat Jackson Holdings, SA 8.625%, 01/02/24		639,132

290,000		Intelsat Jackson Holdings, SA‡ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		292,941

195,000		Parexel International Corp.‡ 2.911%, 09/27/24 1 mo. LIBOR + 2.75%		187,965


PRINCIPAL AMOUNT				VALUE

	64,832		Townsquare Media, Inc.‡ 4.000%, 04/01/22 3 mo. LIBOR + 3.00%	$	61,941


					2,446,994


			*Consumer Discretionary (0.4%)*

	257,205		Michaels Stores, Inc.‡ 3.534%, 01/30/23 1 mo. LIBOR + 2.50%		246,113

	717,623		PetSmart, Inc.‡ 5.000%, 03/11/22 3 mo. LIBOR + 4.00%		715,833

	326,391		Staples, Inc.‡ 5.687%, 04/16/26 3 mo. LIBOR + 5.00%		282,669

	623,750		Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		621,099


					1,865,714


			*Energy (0.1%)*

	200,000		Epic Crude Services, LP‡ 5.370%, 03/02/26 3 mo. LIBOR + 5.00%		158,667

	57,865		McDermott Technology Americas, Inc.‡ 4.167%, 06/30/25 1 mo. LIBOR + 4.00%		46,774

	4,269		McDermott Technology Americas, Inc.‡ 3.167%, 06/30/24 1 mo. LIBOR + 3.00%		3,842

	289,671		Par Pacific Holdings, Inc.‡ 7.020%, 01/12/26 3 mo. LIBOR + 6.75%		256,359


					465,642


			*Financials (0.2%)*

	369,075		Connect Finco Sarl‡ 5.500%, 12/11/26 1 mo. LIBOR + 4.50%		360,618

	190,485		GLP Financing, LLC‡ 1.664%, 04/28/21 1 mo. LIBOR + 1.50%		190,008

	586,732	EUR	Steenbok Lux Finco 2 Sarl‡ 6 mo. EURIBOR + 10.00%		165,874


					716,500


			*Health Care (0.6%)*

	710,332		Amneal Pharmaceuticals, LLC‡ 3.688%, 05/04/25 1 mo. LIBOR + 3.50%		670,820

	457,641		Endo International, PLC‡ 5.000%, 04/29/24 3 mo. LIBOR + 4.25%		439,674

	443,267		Gentiva Health Services, Inc.‡ 3.438%, 07/02/25 1 mo. LIBOR + 3.25%		438,003

	324,829		Mallinckrodt International Finance, SA‡ 3.500%, 09/24/24 6 mo. LIBOR + 2.75%		273,143


PRINCIPAL AMOUNT			VALUE

	412,339	Ortho Clinical Diagnostics, SA‡ 3.416%, 06/30/25 1 mo. LIBOR + 3.25%	$	402,030

	609,631	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		486,562


				2,710,232


		*Industrials (0.4%)*

	495,000	Berry Global, Inc.‡ 2.188%, 07/01/26 1 mo. LIBOR + 2.00%		481,311

	131,625	BW Gas & Convenience Holdings, LLC‡ 6.430%, 11/18/24 1 mo. LIBOR + 6.25%		129,322

	52,600	BW Gas & Convenience Holdings, LLC! 0.000%, 11/18/24		52,600

	284,288	Dun & Bradstreet Corp.‡ 3.922%, 02/06/26 1 mo. LIBOR + 4.00%		283,429

	208,425	Granite US Holdings Corp.‡ 6.322%, 09/30/26 3 mo. LIBOR + 5.25%		183,935

	345,570	Navistar International Corp.‡ 3.690%, 11/06/24 1 mo. LIBOR + 3.50%		335,921

	219,331	RegionalCare Hospital Partners Holdings, Inc.‡ 3.911%, 11/17/25 1 mo. LIBOR + 3.75%		215,022

	427,812	Scientific Games International, Inc.‡ 3.473%, 08/14/24 6 mo. LIBOR + 2.75%		390,913

	69,122	TransDigm, Inc.‡ 2.411%, 12/09/25 1 mo. LIBOR + 2.25%		64,895


				2,137,348


		*Information Technology (0.2%)*

	344,750	BMC Software Finance, Inc.‡ 4.411%, 10/02/25 1 mo. LIBOR + 4.25%		333,678

	333,325	Camelot U.S. Acquisition 1 Company‡ 3.161%, 10/30/26 1 mo. LIBOR + 3.00%		327,284

	307,071	VFH Parent, LLC‡ 3.178%, 03/01/26 1 mo. LIBOR + 3.00%		304,960


				965,922


		*Materials (0.0%)*

	199,500	Innophos, Inc.‡ 3.911%, 02/04/27 1 mo. LIBOR + 3.75%		197,755


		TOTAL BANK LOANS (Cost $12,217,331)		11,506,107


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (15.0%)

		*Communication Services (1.8%)*

	8,095	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23	$	8,434,909


		*Consumer Discretionary (1.6%)*

	73,600	Aptiv, PLC 5.500%, 06/15/23		7,522,656


		*Consumer Staples (0.1%)*

	6,364	Energizer Holdings, Inc.^ 7.500%, 01/15/22		639,582


		*Energy (0.2%)*

	16,785	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		293,570

	10,625	8.500%, 12/15/21^ 3 mo. USD LIBOR + 6.77%		204,319

	11,500	NuStar Logistics, LP‡ 7.009%, 01/15/43 3 mo. USD LIBOR + 6.73%		231,610


				729,499


		*Financials (3.2%)*

	5,000	2017 Mandatory Exchangeable Trust* 5.188%, 12/01/20		1,087,200

	1,465	2020 Mandatory Exchangeable Trust* 6.500%, 05/16/23		1,855,814

	37,932	Assurant, Inc.µ 6.500%, 03/15/21		4,100,070

	5,052	Bank of America Corp.‡‡ 7.250%		7,572,999

	533	Wells Fargo & Company‡‡ 7.500%		720,349


				15,336,432


		*Health Care (2.2%)*

	33,200	Boston Scientific Corp.µ 5.500%, 06/01/23		3,728,028

	4,668	Danaher Corp. 4.750%, 04/15/22		6,624,452


				10,352,480


		*Industrials (1.3%)*

	10,000	Colfax Corp.µ 5.750%, 01/15/22		1,258,000

	1,500	Fortive Corp. 5.000%, 07/01/21		1,326,330

	40,433	Stanley Black & Decker, Inc. 5.250%, 11/15/22		3,859,734


				6,444,064


		*Information Technology (1.5%)*

	6,141	Broadcom, Inc.µ 8.000%, 09/30/22		7,006,328


		*Materials (0.2%)*

	22,059	International Flavors & Fragrances, Inc. 6.000%, 09/15/21		1,009,420


NUMBER OF SHARES				VALUE

			*Utilities (2.9%)*

	50,341		American Electric Power Company, Inc.µ 6.125%, 03/15/22	$	2,597,596

	20,000		CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)µ§ 7.000%, 09/01/21		723,000

	3,250		DTE Energy Company 6.250%, 11/01/22		146,542

	8,275		Essential Utilities, Inc. 6.000%, 04/30/22		487,232

	115,413		NextEra Energy, Inc. 4.872%, 09/01/22		6,371,952

	16,880		Sempra Energy 6.750%, 07/15/21^		1,747,755

	13,816		6.000%, 01/15/21		1,411,166

	11,765		South Jersey Industries, Inc. 7.250%, 04/15/21		465,541


					13,950,784


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $67,700,802)		71,426,154



	COMMON STOCKS (68.8%)

			*Communication Services (8.2%)*

	86,500		America Movil, SAB de CV - Class L		1,093,360

	60,000		AT&T, Inc.^		1,774,800

	2,082		Cumulus Media, Inc. - Class A#		8,182

	20,400	JPY	Nintendo Company, Ltd.		8,972,126

	96,000	EUR	Orange, SA		1,125,205

	134,750		Tencent Holdings, Ltd.		9,229,028

	1,176,545	GBP	Vodafone Group, PLC		1,768,169

	131,495		Walt Disney Companyµ~		15,377,025


					39,347,895


			*Consumer Discretionary (9.2%)*

	36,396		Alibaba Group Holding, Ltd.#		9,136,124

	146,200	GBP	Compass Group, PLC		2,011,595

	50,400		D.R. Horton, Inc.		3,334,464

	79,625	EUR	Daimler, AG		3,481,524

	100,000		Ford Motor Companyµ		661,000

	6,800	KRW	Hyundai Motor Company		725,293

	32,775		Lowe’s Companies, Inc.		4,880,525

	22,685		Lululemon Athletica, Inc.µ#		7,386,009

	18,000		McDonald’s Corp.		3,497,040

	17,525		Newell Brands, Inc.^~		287,410

	10,800		Pool Corp.		3,420,360

	9,000	EUR	Porsche Automobil Holding, SE

			Preferenced Shares		509,427

	14,100		Royal Caribbean Cruises, Ltd.		686,811

	2,620		Tesla, Inc.^#		3,748,591


					43,766,173


			*Consumer Staples (3.7%)*

	124,075		Coca-Cola Company		5,861,303

	9,800		Costco Wholesale Corp.		3,190,194

	49,900	EUR	Danone, SA		3,339,970

	27,250	CHF	Nestlé, SA		3,240,617

	25,500		Philip Morris International, Inc.^		1,958,655


					17,590,739


NUMBER OF SHARES				VALUE

			*Energy (5.7%)*

	790,950	GBP	BP, PLC	$	2,864,429

	19,150		Chevron Corp.µ~		1,607,451

	40,000		ConocoPhillips		1,495,600

	23,500		Devon Energy Corp.~		246,515

	16,800		Energy Transfer, LP		110,040

	20,110		Enterprise Products Partners, LP		353,936

	62,500		Exxon Mobil Corp.µ~		2,630,000

	3,975		GasLog, Ltd.		11,607

	5,080		Magellan Midstream Partners, LP		205,689

	45,000		Marathon Petroleum Corp.		1,719,000

	31,611		Mcdermott International, Ltd.#		112,219

	99,725	EUR	Neste Oyj		4,580,523

	24,000		Noble Corp., PLC^#		4,920

	241,250	INR	Reliance Industries, Ltd.		6,681,269

	93,075	EUR	Royal Dutch Shell, PLC - Class A		1,386,685

	82,300	GBP	Royal Dutch Shell, PLC - Class A		1,202,862

	98,974		Schlumberger, Ltd.µ		1,795,388

	7,380		Targa Resources Corp.		134,906

	10,682		Tidewater, Inc.^#		66,442

	14,361		Transocean, Ltd.^#		29,296

	4,287		Weatherford International, PLC^#		7,417

	2,500		Williams Companies, Inc.^		47,825


					27,294,019


			*Financials (9.7%)*

	141,400		American International Group, Inc.~		4,544,596

	327,200		Bank of America Corp.~		8,140,736

	2,277,000	HKD	China Construction Bank Corp. - Class H		1,660,230

	26,735		Goldman Sachs Group, Inc.µ		5,292,461

	358,400	INR	HDFC Bank, Ltd.		4,952,798

	201,700		Itau Unibanco Holding, SA		1,028,670

	69,750		JPMorgan Chase & Company~		6,740,640

	126,282	GBP	M&G, PLC		264,301

	611,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		6,452,072

	102,900	CAD	Power Corp. of Canada^		1,826,073

	165,825	GBP	Prudential, PLC		2,369,765

	129,125		Wells Fargo & Company~		3,132,572


					46,404,914


			*Health Care (5.7%)*

	139,781		Alcon, Inc.^#		8,384,064

	27,434	EUR	Bayer, AG		1,822,537

	1,885		Biogen, Inc.#		517,791

	46,100	AUD	CSL, Ltd.		8,966,572

	119,000		Novo Nordisk, A/S^		7,774,270


					27,465,234


			*Industrials (6.7%)*

	190,000	CHF	ABB, Ltd.		4,771,537

	40,589	EUR	Alstom, SA#		2,261,746

	57,025	SEK	Atlas Copco, AB - Class A		2,531,423

	13,825		Boeing Company		2,184,350

	237,425	CAD	CAE, Inc.		3,543,339

	28,000	JPY	FANUC Corp.		4,724,247

	242,500		General Electric Company		1,471,975

	44,300	JPY	Harmonic Drive Systems, Inc.^		2,481,809

	4,300		Lockheed Martin Corp.		1,629,571

	25,000	EUR	Schneider Electric, SE		2,866,587

	10,300		Union Pacific Corp.		1,785,505

	18,500	EUR	Vinci, SA		1,592,204


NUMBER OF SHARES				VALUE

	1,302		Wabtec Corp.^	$	80,971


					31,925,264


			*Information Technology (12.9%)*

	40,300		Advanced Micro Devices, Inc.#		3,120,429

	2,785	EUR	Adyen, NV*#		4,648,600

	13,250		Apple, Inc.^		5,631,780

	16,015		ASML Holding, NV		5,664,826

	60,000	JPY	Canon, Inc.		965,551

	13,000	JPY	Keyence Corp.		5,481,928

	39,500		Micron Technology, Inc.#		1,977,172

	46,605		Microsoft Corp.~		9,554,491

	580,000	EUR	Nokia Corp.		2,784,071

	4,800		NVIDIA Corp.		2,038,032

	58,950	KRW	Samsung Electronics Company, Ltd.		2,881,113

	214,725		Taiwan Semiconductor

			Manufacturing Company, Ltd.~		16,939,655


					61,687,648


			*Materials (5.7%)*

	154,000	CAD	Barrick Gold Corp.		4,450,588

	85,200	EUR	CRH, PLC		3,102,006

	234,650		Freeport-McMoRan, Inc.		3,031,678

	12,075		Linde, PLC		2,959,703

	160,000	AUD	Newcrest Mining, Ltd.		4,076,128

	30,000	GBP	Rio Tinto, PLC		1,826,165

	1,081,000	TWD	Taiwan Cement Corp.		1,660,428

	918,300	CAD	Yamana Gold, Inc.		5,964,545


					27,071,241


			*Utilities (1.3%)*

	45,801	EUR	Engie, SA#		611,268

	10,500		Exelon Corp.		405,405

	29,000	EUR	RWE, AG		1,093,137

	229,100	GBP	SSE, PLC		3,886,073


					5,995,883


			TOTAL COMMON STOCKS (Cost $428,357,632)		328,549,010



	WARRANTS (0.0%) #

			*Energy (0.0%)*

	13,402		Mcdermott International, Ltd. 05/01/24, Strike $15.98		1

	12,062		Mcdermott International, Ltd. 05/01/24, Strike $12.33		1


			TOTAL WARRANTS (Cost $5,152)		2


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (3.8%) #

			*Communication Services (0.6%)*

	73 10,862,035		Alphabet, Inc. Call, 01/21/22, Strike $1,500.00		1,573,150

	300 7,610,100		Facebook, Inc. Call, 06/18/21, Strike $250.00		1,079,250


					2,652,400


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		*Consumer Discretionary (1.4%)*

	20 502,040	Alibaba Group Holding, Ltd. Call, 09/18/20, Strike $260.00	$	19,500

	123 38,925,564	Amazon.com, Inc. Call, 01/21/22, Strike $3,200.00		6,829,575


				6,849,075


		*Industrials (0.1%)*

	290 3,752,600	J.B. Hunt Transport Services, Inc. Call, 02/19/21, Strike $135.00		262,450


		*Information Technology (0.5%)*

	76 3,337,920	ServiceNow, Inc. Call, 01/21/22, Strike $350.00		1,024,100

	560 10,662,400	Visa, Inc. Call, 01/21/22, Strike $195.00		1,338,400


				2,362,500


		*Other (1.2%)*

		Invesco QQQ Trust Series

	1,500 39,868,500	Put, 09/30/20, Strike $250.00		963,750

	1,480 39,336,920	Put, 08/21/20, Strike $233.00		72,520

	1,445 38,406,655	Put, 11/20/20, Strike $232.00		1,030,285

	1,445 38,406,655	Put, 01/15/21, Strike $232.00		1,411,765

		SPDR S&P 500 ETF Trust

	1,160 37,876,320	Put, 11/20/20, Strike $289.00		947,720

	1,160 37,876,320	Put, 01/15/21, Strike $289.00		1,337,480


				5,763,520


		TOTAL PURCHASED OPTIONS (Cost $20,137,557)		17,889,945



NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENT (3.2%)

	15,413,257	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.040%*** (Cost $15,413,257)		15,413,257



	TOTAL INVESTMENTS (142.6%) (Cost $774,760,722)			680,677,126



	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-13.6%)			(65,000,000)


	LIABILITIES, LESS OTHER ASSETS (-29.0%)			(138,421,600)

	NET ASSETS (100.0%)		$	477,255,526


NUMBER OF SHARES				VALUE
	COMMON STOCKS SOLD SHORT (-4.2%) #

			*Communication Services (-0.2%)*

	(23,474	)	New York Times Company - Class A	$	(1,083,090)


			*Consumer Discretionary (-0.9%)*

	(2,995	)	Tesla, Inc.		(4,285,126)


			*Consumer Staples (-0.1%)*

	(10,826	)	Energizer Holdings, Inc.		(542,707)


			*Financials (-0.5%)*

	(17,797	)	Assurant, Inc.		(1,912,644)

	(34,000	)	Equitable Holdings, Inc.		(695,640)


					(2,608,284)


			*Industrials (-0.5%)*

	(39,320	)	Colfax Corp.		(1,143,426)

	(14,500	)	Fortive Corp.		(1,017,755)


					(2,161,181)


			*Information Technology (-1.0%)*

	(5,525	)	Guidewire Software, Inc.		(650,072)

	(14,500	)	j2 Global, Inc.		(822,440)

	(15,300	)	Splunk, Inc.		(3,210,246)


					(4,682,758)


			*Materials (-0.2%)*

	(6,452	)	International Flavors & Fragrances, Inc.		(812,629)


			*Utilities (-0.8%)*

	(28,700	)	CenterPoint Energy, Inc.		(545,587)

	(6,614	)	Essential Utilities, Inc.		(299,945)

	(3,030	)	NextEra Energy, Inc.		(850,521)

	(16,032	)	Sempra Energy		(1,995,343)

	(15,294	)	South Jersey Industries, Inc.		(356,809)


					(4,048,205)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $15,639,510)		(20,223,980)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	WRITTEN OPTIONS (-0.2%) #

			*Financials (0.0%)*

	132 2,613,072		Goldman Sachs Group, Inc. Call, 01/15/21, Strike $255.00		(36,828)


			*Materials (-0.1%)*

	2,346 3,031,032		Freeport-McMoRan, Inc. Call, 11/20/20, Strike $13.00		(353,073)


			*Other (-0.1%)*

	1,260 41,141,520		SPDR S&P 500 ETF Trust Put, 11/20/20, Strike $257.00		(480,690)


			TOTAL WRITTEN OPTIONS (Premium $734,350)		(870,591)

NOTES TO SCHEDULE OF INVESTMENTS

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

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $58,625,366.

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

@	In default status and considered non-income producing.

‡	Variable rate security. The rate shown is the rate in effect at July 31, 2020.

&	Illiquid security.

~	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 $31,007,236.

¡	Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

!	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

‡‡	Perpetual maturity.

§	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

#	Non-income producing security.

***

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

FOREIGN CURRENCY ABBREVIATIONS

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

European Monetary Unit

GBP

British Pound Sterling

HKD

Hong Kong Dollar

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

SEK

Swedish Krona

SGD

Singapore Dollar

TWD

New Taiwan Dollar

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.

Organization. Calamos Global Dynamic Income Fund (the “Fund”) was organized as a Delaware statutory trust on April 10, 2007 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on June 27, 2007.

The Fund’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. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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

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

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

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

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

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

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

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

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

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

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

The cost basis of investments for federal income tax purposes at July 31, 2020 was as follows*:

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

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.

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.

On September 6, 2017, the Fund issued 2,600,000 mandatory redeemable preferred shares (“MRPS”) 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.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at July 31, 2020.

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

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

The MRPS rank junior to the Fund’s borrowings under the SSB Agreement and senior to the Fund’s outstanding common stock. The Fund may, at its option, subject to various terms and conditions, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends, plus a make whole premium equal to the discounted value of the remaining scheduled payments. Each class of MRPS is subject to mandatory redemption on the term redemption date specified in the table above. Periodically, the Fund is subject to an overcollateralization test based on applicable rating agency criteria (the “OC Test”) and an asset coverage test with respect to its outstanding senior securities (the “AC Test”). The Fund may be required to redeem MRPS before their term redemption date if it does not comply with one or both tests. So long as any MRPS are outstanding, the Fund may not declare, pay or set aside for payment cash dividends or other distributions on shares of its common stock unless (1) the Fund has satisfied the OC Test on at least one testing date in the preceding 65 days, (2) immediately after such transaction, the Fund would comply with the AC Test, (3) full cumulative dividends on the MRPS due on or prior to the date of such transaction have been declared and paid and (4) the Fund has redeemed all MRPS required to have been redeemed on such date or has deposited funds sufficient for such redemption, subject to certain grace periods and exceptions.

Except as otherwise required pursuant to the Fund’s governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of the Fund, voting separately as a class. Except during any time when the Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the board of trustees on any matter submitted to them for their vote or to the vote of shareholders of the Fund generally.


Cost basis of investments				$758,386,862

Gross unrealized appreciation				55,317,045
Gross unrealized depreciation				(154,121,352)

Net unrealized appreciation (depreciation)				$(98,804,307)


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share		Aggregate Liquidation Preference
Series A	9/06/22	3.70%	860		$25	$21,500,000
Series B	9/06/24	4.00%	860		$25	$21,500,000
Series C	9/06/27	4.24%	880		$25	$22,000,000
					Total	$65,000,000


	Value			% of Total Investments
US Dollar		$	498,742,070		75.6%
European Monetary Unit			42,487,149		6.4%
Japanese Yen			23,800,170		3.6%
Canadian Dollar			21,021,698		3.2%
British Pound Sterling			18,272,578		2.8%
Swiss Franc			13,950,176		2.1%
Australian Dollar			13,042,700		2.0%
Indian Rupee			11,634,067		1.8%
Hong Kong Dollar			8,421,521		1.3%
South Korean Won			3,606,406		0.5%
Swedish Krona			2,531,423		0.4%
New Taiwan Dollar			1,660,428		0.2%
Singapore Dollar			359,569		0.1%
			52,600		—%

Total Investments Net of Common Stocks Sold Short and Written Options		$	659,582,555		100.0%
Currency exposure may vary over time.