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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (14.1%)

		*Airlines (0.2%)*

	6,472	Air Canada Pass Through Trust Series 2013-1, Class B* 5.375%, 11/15/22	$	6,499

	72,500	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		71,967

	260,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		290,246

	208,001	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		230,610

	216,000	JetBlue Pass Through Trust Series 2020-1, Class Bµ 7.750%, 05/15/30		245,817

	135,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.*^ 8.000%, 09/20/25		153,353

	107,882	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		110,615

	230,177	United Airlines Pass Through Trust Series 2014-2, Class Bµ 4.625%, 03/03/24		232,074

	134,794	United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29		127,492


				1,468,673


		*Communication Services (1.8%)*

	235,000	Altice France, SA* 7.375%, 05/01/26		246,473

	405,000	Arrow Bidco, LLC* 9.500%, 03/15/24		356,922

	265,000	Ashtead Capital, Inc.*^ 4.000%, 05/01/28		282,238

	169,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		170,054

	165,000	Brink’s Company* 5.500%, 07/15/25		176,004

	89,000	Cable One, Inc.*^ 4.000%, 11/15/30		91,370

	310,000	CenturyLink, Inc.*^ 4.000%, 02/15/27		321,073

	140,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		152,439

		CSC Holdings, LLC*

	460,000	5.500%, 05/15/26µ		477,517

	410,000	5.500%, 04/15/27^		433,067

	300,000	5.750%, 01/15/30		322,410

	595,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		604,883

		Diamond Sports Group, LLC / Diamond Sports Finance Company*^

	180,000	6.625%, 08/15/27		114,669

	151,000	5.375%, 08/15/26		122,230


PRINCIPAL AMOUNT			VALUE

	855,000	Embarq Corp.µ^ 7.995%, 06/01/36	$	1,049,025

		Entercom Media Corp.*

	234,000	7.250%, 11/01/24^		238,703

	155,000	6.500%, 05/01/27		159,106

		Frontier Communications Corp.

	389,000	7.625%, 04/15/24@		201,572

	385,000	11.000%, 09/15/25@		204,905

	80,000	5.875%, 10/15/27*^		85,800

	69,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27		72,845

	80,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		88,814

		Intelsat Jackson Holdings, SA@

	280,000	9.750%, 07/15/25*		206,612

	241,000	8.000%, 02/15/24*		247,172

	130,000	5.500%, 08/01/23		91,031

	200,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		215,322

	110,000	Ligado Networks, LLC* 15.500%, 11/01/23		111,221

	200,000	Netflix, Inc.*^ 4.875%, 06/15/30		243,234

		Scripps Escrow II, Inc.*

	111,000	3.875%, 01/15/29µ		111,295

	56,000	5.375%, 01/15/31		56,660

	312,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		325,556

	111,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.*^ 4.625%, 11/01/26		115,618

	345,000	Sirius XM Radio, Inc.*^ 4.625%, 07/15/24		356,951

	200,000	Sprint Capital Corp. 6.875%, 11/15/28		257,242

	830,000	Sprint Corp. 7.125%, 06/15/24		968,685

	215,000	Telecom Italia Capital, SA^ 6.000%, 09/30/34		257,938

	223,000	Telesat Canada / Telesat, LLC*µ 4.875%, 06/01/27		231,617

	305,000	United States Cellular Corp.^ 6.700%, 12/15/33		395,100

	115,000	Windstream Services, LLC / Windstream Finance Corp.@ 7.750%, 10/01/21		1,236


				10,164,609


		*Consumer Discretionary (2.3%)*

	230,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		242,208

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	204,000	6.625%, 01/15/28		217,876

	163,000	9.875%, 04/01/27^		184,806

	230,000	Boyd Gaming Corp.^ 6.000%, 08/15/26		238,397

		Caesars Entertainment, Inc.*

	112,000	8.125%, 07/01/27^		122,879

	112,000	6.250%, 07/01/25		118,163


PRINCIPAL AMOUNT			VALUE

	350,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25	$	348,764

		Carnival Corp.*^

	112,000	10.500%, 02/01/26		130,047

	56,000	7.625%, 03/01/26		59,343

	165,000	Carvana Company*^ 5.625%, 10/01/25		170,739

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	735,000	5.125%, 05/01/27^		773,330

	125,000	5.000%, 02/01/28		131,424

	110,000	4.250%, 02/01/31		112,886

	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		207,538

		Century Communities, Inc.

	345,000	6.750%, 06/01/27		369,619

	190,000	5.875%, 07/15/25^		197,980

	550,000	Dana Financing Luxembourg Sarl*^ 6.500%, 06/01/26		575,289

		DISH DBS Corp.^

	209,000	7.750%, 07/01/26		227,014

	50,000	7.375%, 07/01/28		52,133

		ESH Hospitality, Inc.*

	215,000	5.250%, 05/01/25^		219,481

	138,000	4.625%, 10/01/27µ		141,225

		Expedia Group, Inc.*

	135,000	7.000%, 05/01/25µ		148,357

	85,000	6.250%, 05/01/25^		98,375

	140,000	Ford Motor Companyµ 8.500%, 04/21/23		156,946

		Ford Motor Credit Company, LLC^

	350,000	4.063%, 11/01/24		364,945

	315,000	4.134%, 08/04/25µ		331,159

	315,000	3.664%, 09/08/24		325,111

	465,000	goeasy, Ltd.*µ 5.375%, 12/01/24		487,046

	111,000	Guitar Center, Inc.* 8.500%, 01/15/26		116,601

	69,000	Installed Building Products, Inc.* 5.750%, 02/01/28		73,858

	345,000	International Game Technology, PLC*µ 6.250%, 01/15/27		395,715

		L Brands, Inc.

	245,000	6.875%, 11/01/35		284,477

	182,000	6.694%, 01/15/27		203,971

	56,000	6.875%, 07/01/25*^		61,099

		Life Time, Inc.*

	169,000	5.750%, 01/15/26		170,977

	113,000	8.000%, 04/15/26		113,362

		M/I Homes, Inc.µ

	340,000	5.625%, 08/01/25		353,746

	205,000	4.950%, 02/01/28		216,546

		Macy’s Retail Holdings, LLC

	110,000	6.700%, 07/15/34*		104,900

	55,000	5.125%, 01/15/42^		44,931

	114,000	Macy’s, Inc.*µ 8.375%, 06/15/25		126,362

		Mattel, Inc.*

	320,000	6.750%, 12/31/25		336,621

	135,000	5.875%, 12/15/27^		148,948

	350,000	Mclaren Finance, PLC* 5.750%, 08/01/22		332,605

		Meredith Corp.^

	115,000	6.500%, 07/01/25*		122,547


PRINCIPAL AMOUNT			VALUE

	60,000	6.875%, 02/01/26	$	60,794

	169,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		167,033

	252,000	Newell Brands, Inc.µ 4.700%, 04/01/26		277,495

	345,000	Penske Automotive Group, Inc.^ 5.500%, 05/15/26		358,810

		Rite Aid Corp.

	438,000	8.000%, 11/15/26*		471,424

	112,000	7.700%, 02/15/27		111,904

		Royal Caribbean Cruises, Ltd.*µ

	110,000	11.500%, 06/01/25		126,948

	55,000	10.875%, 06/01/23^		62,101

	345,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		344,455

	207,000	Taylor Morrison Communities, Inc.*µ 5.750%, 01/15/28		234,601

	345,000	Twin River Worldwide Holdings, Inc.*^ 6.750%, 06/01/27		370,609

	112,029	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		111,430

	55,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		64,112

	295,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		287,569


				13,009,631


		*Consumer Staples (0.7%)*

	112,000	Central Garden & Pet Company^ 4.125%, 10/15/30		117,295

	210,000	Dean Foods Company*@ 6.500%, 03/15/23		4,078

	112,000	Edgewell Personal Care Company*µ 5.500%, 06/01/28		119,980

	167,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		170,701

	225,000	Fresh Market, Inc.*^ 9.750%, 05/01/23		232,348

	260,000	JBS USA LUX, SA / JBS USA Finance, Inc.*µ 6.750%, 02/15/28		288,662

	109,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*µ 6.500%, 04/15/29		124,079

		Kraft Heinz Foods Company

	335,000	4.375%, 06/01/46µ		357,314

	56,000	4.250%, 03/01/31^		63,141

	56,000	3.875%, 05/15/27^		61,297

		New Albertson’s, Inc.

	174,000	7.750%, 06/15/26		202,486

	67,000	8.000%, 05/01/31		83,371

		Pilgrim’s Pride Corp.*

	405,000	5.875%, 09/30/27		431,953

	145,000	5.750%, 03/15/25		148,380

		Post Holdings, Inc.*

	310,000	5.750%, 03/01/27		325,906

	72,000	5.625%, 01/15/28		76,516

	55,000	4.625%, 04/15/30^		57,064


PRINCIPAL AMOUNT			VALUE



	291,000	Simmons Foods, Inc.* 7.750%, 01/15/24	$	304,063

	245,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		259,413

		Vector Group, Ltd.*

	300,000	5.750%, 02/01/29		310,086

	200,000	6.125%, 02/01/25		203,062


				3,941,195


		*Energy (1.5%)*

	81,000	Antero Resources Corp.*^ 7.625%, 02/01/29		82,707

		Apache Corp.

	223,000	5.100%, 09/01/40		225,629

	127,000	4.875%, 11/15/27^		130,689

	112,000	4.625%, 11/15/25^		114,613

	210,000	Bruin E&P Partners, LLC*@ 8.875%, 08/01/23		368

		Buckeye Partners, LP^

	205,000	3.950%, 12/01/26		206,913

	135,000	5.850%, 11/15/43		134,885

	210,000	ChampionX Corp. 6.375%, 05/01/26		220,374

	295,000	Cheniere Energy Partners, LP^ 5.625%, 10/01/26		307,599

	112,000	Cheniere Energy, Inc.* 4.625%, 10/15/28		116,804

	167,000	Chesapeake Energy Corp.*@ 11.500%, 01/01/25		49,829

	56,000	CNX Resources Corp.*^ 7.250%, 03/14/27		60,206

		Continental Resources, Inc.^

	230,000	3.800%, 06/01/24		236,201

	170,000	4.375%, 01/15/28		173,628

	410,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		369,098

	135,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25		21,052

	615,000	Energy Transfer Operating, LPµ‡ 3.223%, 11/01/66 3 mo. USD LIBOR + 3.02%		428,206

		EnLink Midstream Partners, LP

	330,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		182,411

	224,000	4.850%, 07/15/26µ		217,773

		EQT Corp.^

	145,000	8.750%, 02/01/30		185,075

	90,000	7.875%, 02/01/25		106,212

	65,000	5.000%, 01/15/29µ		70,793

	293,000	Genesis Energy, LP / Genesis Energy Finance Corp.^ 6.250%, 05/15/26		263,237

		Gulfport Energy Corp.@

	325,000	6.375%, 05/15/25		250,916

	225,000	6.000%, 10/15/24		173,891

	66,000	Hess Midstream Operations, LP*^ 5.125%, 06/15/28		68,697

	94,000	HighPoint Operating Corp. 7.000%, 10/15/22		37,883

	68,000	Holly Energy Partners, LP / Holly Energy Finance Corp.*^ 5.000%, 02/01/28		68,510

	229,000	Laredo Petroleum, Inc. 10.125%, 01/15/28		199,628


PRINCIPAL AMOUNT			VALUE

	405,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26	$	419,049

		Moss Creek Resources Holdings, Inc.*

	135,000	10.500%, 05/15/27		120,178

	135,000	7.500%, 01/15/26		113,418

	135,000	Murphy Oil Corp.^ 5.875%, 12/01/27		128,504

	111,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		114,982

	60,000	Newfield Exploration Company^ 5.750%, 01/30/22		62,326

	125,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		52,171

		Occidental Petroleum Corp.^

	690,000	4.300%, 08/15/39		604,902

	510,000	2.900%, 08/15/24		495,516

	114,000	5.875%, 09/01/25		119,666

	60,000	Ovintiv, Inc.^ 6.500%, 08/15/34		73,393

	130,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		126,909

	205,000	Parkland Fuel Corp.*^ 5.875%, 07/15/27		219,409

	270,000	Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		226,635

	83,000	Range Resources Corp.* 8.250%, 01/15/29		87,319

	275,000	SESI, LLC@ 7.750%, 09/15/24		107,088

	87,000	SM Energy Company*^ 10.000%, 01/15/25		96,684

	56,000	Southwestern Energy Company^ 8.375%, 09/15/28		60,031

	147,000	Transocean, Inc.*^ 11.500%, 01/30/27		116,112

	365,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.*^ 8.750%, 04/15/23		339,939

	135,000	Viper Energy Partners, LP*^ 5.375%, 11/01/27		141,882

	275,000	W&T Offshore, Inc.* 9.750%, 11/01/23		217,918

	128,000	Weatherford International, Ltd.*

		11.000%, 12/01/24		109,852


				8,857,710


		*Financials (2.5%)*

	717,000	Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25		740,410

	113,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		115,685

	246,000	AG Issuer, LLC* 6.250%, 03/01/28		258,010

	400,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*^ 6.750%, 10/15/27		423,656

	300,000	Ally Financial, Inc. 8.000%, 11/01/31		436,911


PRINCIPAL AMOUNT			VALUE

	540,000	AmWINS Group, Inc.* 7.750%, 07/01/26	$	579,010

	470,000	AssuredPartners, Inc.* 7.000%, 08/15/25		484,965

		Aviation Capital Group, LLC*µ

	248,000	3.500%, 11/01/27		262,124

	55,000	6.750%, 04/06/21		55,601

	709,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26		736,566

		Credit Acceptance Corp.^

	237,000	5.125%, 12/31/24*		245,876

	230,000	6.625%, 03/15/26		244,249

	70,000	Cushman & Wakefield US Borrower, LLC*µ 6.750%, 05/15/28		76,266

	345,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		363,482

	235,000	Genworth Mortgage Holdings, Inc.*µ^ 6.500%, 08/15/25		251,774

	227,975	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 13.750% PIK rate		204,724

	216,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*^ 3.750%, 12/15/27		220,411

	417,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		431,061

	910,000	HUB International, Ltd.* 7.000%, 05/01/26		944,607

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ

	325,000	5.250%, 05/15/27		342,150

	54,000	4.375%, 02/01/29*		53,712

	500,000	ILFC E-Capital Trust II*µ‡ 3.480%, 12/21/65 3 mo. USD LIBOR + 1.80%		404,310

	465,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		489,454

	350,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.*µ 6.250%, 06/03/26		367,938

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

	502,000	5.250%, 10/01/25		502,602

	62,000	4.250%, 02/01/27^		59,556

	260,000	Level 3 Financing, Inc.µ 5.375%, 05/01/25		267,233

	487,000	MetLife, Inc.µ 6.400%, 12/15/66		630,655

	110,000	MGIC Investment Corp.µ 5.250%, 08/15/28		117,735

		Navient Corp.

	493,000	5.000%, 03/15/27^		500,306

	148,000	6.750%, 06/25/25^		162,368

	113,000	4.875%, 03/15/28		112,367

	145,000	NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		142,844


PRINCIPAL AMOUNT			VALUE

		OneMain Finance Corp.

	350,000	7.125%, 03/15/26µ	$	410,987

	210,000	6.875%, 03/15/25^		240,935

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

	134,000	7.500%, 06/01/25		144,985

	110,000	5.875%, 10/01/28		116,303

	260,000	Prospect Capital Corp.µ 3.706%, 01/22/26		257,439

	345,000	Radian Group, Inc.^ 4.875%, 03/15/27		373,480

	135,000	SLM Corp.µ 4.200%, 10/29/25		143,397

	365,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		367,840

	227,000	StoneX Group, Inc.*µ 8.625%, 06/15/25		247,087

	120,000	Tronox Finance, PLC*^ 5.750%, 10/01/25		124,786

	167,000	United Shore Financial Services, LLC*^ 5.500%, 11/15/25		175,973

	272,000	VICI Properties, LP / VICI Note Company, Inc.* 3.750%, 02/15/27		277,320

	237,000	XHR, LP* 6.375%, 08/15/25		249,006


				14,358,156


		*Health Care (1.4%)*

		Acadia Healthcare Company, Inc.

	400,000	6.500%, 03/01/24		408,304

	112,000	5.000%, 04/15/29*^		118,008

	500,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		553,645

		Bausch Health Companies, Inc.*

	245,000	5.000%, 01/30/28		252,708

	96,000	5.000%, 02/15/29		98,457

	56,000	5.250%, 02/15/31		57,700

		Centene Corp.^

	276,000	4.250%, 12/15/27		292,577

	111,000	3.000%, 10/15/30		116,279

		CHS/Community Health Systems, Inc.*

	1,135,000	8.125%, 06/30/24		1,196,290

	295,000	8.000%, 03/15/26^		317,508

	127,000	6.875%, 04/15/29		128,641

		DaVita, Inc.*

	282,000	4.625%, 06/01/30		296,393

	55,000	3.750%, 02/15/31		54,673

		Encompass Health Corp.

	110,000	4.750%, 02/01/30		118,147

	110,000	4.500%, 02/01/28		115,293

	315,000	HCA, Inc.µ

		7.500%, 11/06/33		432,539

	480,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		198,538

	305,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		275,012

		Tenet Healthcare Corp.^

	605,000	6.250%, 02/01/27*		638,227

	365,000	6.875%, 11/15/31		396,200

	345,000	4.875%, 01/01/26*		360,380


PRINCIPAL AMOUNT			VALUE

	183,000	Teva Pharmaceutical Finance Company, BVµ 2.950%, 12/18/22	$	183,710

		Teva Pharmaceutical Finance Netherlands III, BV^

	615,000	2.800%, 07/21/23		610,369

	495,000	6.000%, 04/15/24µ		521,601

	465,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		479,471


				8,220,670


		*Industrials (2.3%)*

	225,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25		250,312

	235,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		241,742

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

	207,000	4.875%, 02/15/30		221,507

	185,000	4.625%, 01/15/27		194,163

	111,000	3.500%, 03/15/29		109,732

		Allison Transmission, Inc.*

	275,000	4.750%, 10/01/27		288,128

	55,000	3.750%, 01/30/31^		54,806

		American Airlines Group, Inc.*

	218,000	5.000%, 06/01/22		205,245

	55,000	3.750%, 03/01/25^		42,254

	475,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		501,624

	137,000	Avolon Holdings Funding, Ltd.*^ 5.250%, 05/15/24		150,100

	365,000	Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25		369,453

	207,000	Cascades, Inc. / Cascades USA, Inc.*^ 5.125%, 01/15/26		220,304

		Delta Air Lines, Inc.^

	57,000	7.375%, 01/15/26		65,542

	57,000	3.800%, 04/19/23		58,489

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

	56,000	4.750%, 10/20/28		62,085

	28,000	4.500%, 10/20/25		29,954

	113,000	Endurance Acquisition Merger Sub* 6.000%, 02/15/29		111,592

	140,000	EnerSys*µ 4.375%, 12/15/27		149,450

	465,000	Fly Leasing, Ltd.^ 5.250%, 10/15/24		453,635

	112,000	GFL Environmental, Inc.*µ 3.750%, 08/01/25		114,737

		Golden Nugget, Inc.*

	165,000	6.750%, 10/15/24		165,383

	115,000	8.750%, 10/01/25^		119,636

	124,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		134,859

	140,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		157,356

	175,000	Graphic Packaging International, LLC*µ 4.750%, 07/15/27		193,441


PRINCIPAL AMOUNT			VALUE

	200,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22	$	203,520

	251,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		250,312

	26,000	Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.* 5.750%, 01/20/26		27,014

	340,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		358,887

		Howmet Aerospace, Inc.

	200,000	5.125%, 10/01/24^		220,268

	103,000	6.875%, 05/01/25µ		120,143

	280,000	JELD-WEN, Inc.* 4.625%, 12/15/25		286,222

	214,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		239,470

	171,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		176,067

	110,000	MasTec, Inc.*µ 4.500%, 08/15/28		115,984

		Meritor, Inc.

	560,000	6.250%, 02/15/24		568,238

	33,000	4.500%, 12/15/28*^		33,642

	170,000	Moog, Inc.*µ 4.250%, 12/15/27		177,375

	340,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		360,050

		Navistar International Corp.*

	455,000	6.625%, 11/01/25		474,438

	113,000	9.500%, 05/01/25		125,988

	272,000	Novelis Corp.* 4.750%, 01/30/30		286,631

	260,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		262,020

	140,000	Patrick Industries, Inc.* 7.500%, 10/15/27		153,703

	245,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		262,897

	56,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		59,920

	240,000	QVC, Inc.µ 4.375%, 09/01/28		250,262

	185,000	Scientific Games International, Inc.*^ 5.000%, 10/15/25		190,778

	192,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		204,845

	110,000	Sensata Technologies, Inc.*µ 3.750%, 02/15/31		113,033

		Sinclair Television Group, Inc.*^

	112,000	4.125%, 12/01/30		111,816

	100,000	5.500%, 03/01/30		103,214

		Standard Industries, Inc.*

	115,000	5.000%, 02/15/27µ		120,040

	56,000	4.375%, 07/15/30^		59,440

		Station Casinos, LLC*

	400,000	4.500%, 02/15/28		393,276

	181,000	5.000%, 10/01/25		182,354

	112,000	Stericycle, Inc.*µ 3.875%, 01/15/29		115,138


PRINCIPAL AMOUNT			VALUE

	166,000	STL Holding Company, LLC* 7.500%, 02/15/26	$	172,955

	205,000	Tennant Company^ 5.625%, 05/01/25		213,354

	200,000	TransDigm UK Holdings, PLC^ 6.875%, 05/15/26		211,434

		TransDigm, Inc.

	205,000	7.500%, 03/15/27		219,510

	200,000	6.250%, 03/15/26*		211,822

	56,000	United Rentals North America, Inc.^ 3.875%, 02/15/31		58,559

	195,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		201,059

		WESCO Distribution, Inc.*

	136,000	7.125%, 06/15/25		148,127

	67,000	7.250%, 06/15/28		75,366

	350,000	XPO Logistics, Inc.*^ 6.750%, 08/15/24		370,464


				13,155,164


		*Information Technology (0.4%)*

	140,000	CDK Global, Inc.* 5.250%, 05/15/29		151,893

	200,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		204,528

	310,000	Dell International, LLC / EMC Corp.*µ 6.020%, 06/15/26		374,297

	138,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		142,641

	245,000	KBR, Inc.* 4.750%, 09/30/28		254,729

	245,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		243,209

	207,000	MTS Systems Corp.* 5.750%, 08/15/27		225,324

	167,000	ON Semiconductor Corp.*^ 3.875%, 09/01/28		173,692

	204,000	Open Text Corp.*µ 3.875%, 02/15/28		209,255

	113,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		114,378


				2,093,946


		*Materials (0.6%)*

	140,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		147,305

	195,000	ArcelorMittal, SA 7.250%, 10/15/39		281,894

	245,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		253,960

	200,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		204,722

		Freeport-McMoRan, Inc.^

	125,000	5.450%, 03/15/43		156,702

	115,000	5.400%, 11/14/34		143,390

	167,000	HB Fuller Company^ 4.250%, 10/15/28		171,203

	177,000	Hudbay Minerals, Inc.*^ 6.125%, 04/01/29		187,887

	215,000	JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26		228,629


PRINCIPAL AMOUNT			VALUE

		Kaiser Aluminum Corp.*

	135,000	4.625%, 03/01/28^	$	139,575

	111,000	6.500%, 05/01/25		118,904

	127,000	Mercer International, Inc.*^ 5.125%, 02/01/29		129,421

	70,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		77,821

		New Gold, Inc.*

	86,000	6.375%, 05/15/25		89,271

	57,000	7.500%, 07/15/27		61,610

	69,000	Norbord, Inc.*µ 5.750%, 07/15/27		74,296

	240,000	OCI, NV*µ 4.625%, 10/15/25		248,887

	112,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		121,554

		PBF Holding Company, LLC / PBF Finance Corp.

	560,000	7.250%, 06/15/25		372,137

	56,000	9.250%, 05/15/25*^		54,110

	200,000	Silgan Holdings, Inc.^ 4.125%, 02/01/28		207,756

	201,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		211,651

	56,000	Valvoline, Inc.* 3.625%, 06/15/31		56,405


				3,739,090


		*Real Estate (0.2%)*

	360,000	CBL & Associates, LP@ 5.250%, 12/01/23		135,104

	64,000	EPR Properties^ 3.750%, 08/15/29		62,645

		Forestar Group, Inc.*

	345,000	8.000%, 04/15/24		363,209

	187,000	5.000%, 03/01/28		194,961

	55,000	iStar, Inc.µ 5.500%, 02/15/26		56,059

		Service Properties Trustµ

	345,000	4.350%, 10/01/24		339,280

	105,000	5.250%, 02/15/26		103,594


				1,254,852


		*Utilities (0.2%)*

	175,000	NRG Energy, Inc.µ 6.625%, 01/15/27		183,787

	330,000	PPL Capital Funding, Inc.µ‡ 2.905%, 03/30/67 3 mo. USD LIBOR + 2.67%		307,639

		Talen Energy Supply, LLC*^

	140,000	10.500%, 01/15/26		128,979

	70,000	7.250%, 05/15/27		74,120

	260,000	TerraForm Power Operating, LLC*µ 5.000%, 01/31/28		289,450


				983,975


		TOTAL CORPORATE BONDS (Cost $79,860,267)		81,247,671



	CONVERTIBLE BONDS (37.3%)

		*Communication Services (3.9%)*

		Bharti Airtel, Ltd.

	690,000	1.500%, 02/17/25		835,003


PRINCIPAL AMOUNT				VALUE

	325,000		1.500%, 02/17/25*	$	393,299

	100,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		198,793

	20,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		238,744

			iQIYI, Inc.

	185,000		2.000%, 04/01/25		176,340

	179,000		4.000%, 12/15/26^		207,447

	1,400,000		Kakao Corp. 0.000%, 04/28/23		1,669,374

	30,000,000	JPY	Konami Holdings Corp. 0.000%, 12/22/22		428,761

			Liberty Media Corp.

	4,210,000		0.500%, 12/01/50*		4,346,109

	145,000		1.375%, 10/15/23µ		178,164

	153,000		Liberty Media Corp. / Liberty Formula Oneµ 1.000%, 01/30/23		188,423

	1,810,000		Live Nation Entertainment, Inc.^ 2.500%, 03/15/23		2,190,190

	3,740,000		Sea, Ltd.* 2.375%, 12/01/25		9,280,735

	374,000		Snap, Inc. 0.750%, 08/01/26		896,643

	490,000		Twitter, Inc.^ 0.250%, 06/15/24		580,704

	200,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		216,858

	165,000		Zynga, Inc. 0.250%, 06/01/24		222,564


					22,248,151


			*Consumer Discretionary (10.8%)*

	152,000		Baozun, Inc. 1.625%, 05/01/24		158,560

	3,240,000		Booking Holdings, Inc.*^ 0.750%, 05/01/25		4,384,433

	146,000		Carnival Corp.* 5.750%, 04/01/23		307,568

	4,065,000		Chegg, Inc.* 0.000%, 09/01/26		4,713,611

	2,000,000	HKD	China Yuhua Education Corp., Ltd. 0.900%, 12/27/24		296,505

	100,000	EUR	Delivery Hero, SE 0.250%, 01/23/24		170,335

	755,000		DISH Network Corp.^ 2.375%, 03/15/24		692,486

	3,201,000		Etsy, Inc.*^ 0.125%, 09/01/27		4,256,946

	2,046,000		Fiverr International, Ltd.* 0.000%, 11/01/25		2,579,720

	100,000	EUR	HelloFresh, SE 0.750%, 05/13/25		191,759

	775,000		Huazhu Group, Ltd. 0.375%, 11/01/22		940,664

	4,182,000		Liberty Broadband Corp.* 2.750%, 09/30/50		4,318,710

			Liberty Interactive, LLC

	330,000		4.000%, 11/15/29^		257,119

	160,000		3.750%, 02/15/30		123,602

	3,590,000		Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		3,618,720


PRINCIPAL AMOUNT				VALUE

	327,000		NCL Corp., Ltd.*µ 5.375%, 08/01/25	$	507,007

	3,799,000		NIO, Inc.* 0.500%, 02/01/27		3,818,185

	100,000	GBP	Ocado Group, PLCµ 0.750%, 01/18/27		174,165

	585,000		Penn National Gaming, Inc.^ 2.750%, 05/15/26		2,629,282

	5,574,000		Pinduoduo, Inc.^ 0.000%, 12/01/25		6,720,349

	45,000		RH 0.000%, 06/15/23		111,555

	4,480,000		Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23		5,433,344

	168,500	EUR	SEB, SA 0.000%, 11/17/21		374,237

	1,800,000	EUR	Shop Apotheke Europe, NV 0.000%, 01/21/28		2,547,304

	162,000		Stride, Inc.*^ 1.125%, 09/01/27		143,391

	17,000		Tesla, Inc. 2.000%, 05/15/24		217,093

	1,522,000		Under Armour, Inc.* 1.500%, 06/01/24		2,516,109

	5,455,000		Vail Resorts, Inc.*^ 0.000%, 01/01/26		5,501,040

	318,000		Wayfair, Inc.* 0.625%, 10/01/25		324,621

	2,500,000	EUR	Zalando, SE 0.050%, 08/06/25		4,013,572


					62,041,992


			*Consumer Staples (0.8%)*

	600,000		Carrefour, SA 0.000%, 03/27/24		596,700

	260,000		Luckin Coffee, Inc.* 0.750%, 01/15/25		208,650

	20,000,000	JPY	Nippon Flour Mills Company, Ltd. 0.000%, 06/20/25		195,226

			Premium Brands Holdings Corp.

	2,132,000	CAD	4.600%, 12/31/23µ		1,790,080

	1,800,000	CAD	4.200%, 09/30/27		1,417,492

	179,000		Turning Point Brands, Inc. 2.500%, 07/15/24		206,511


					4,414,659


			*Energy (0.1%)*

	167,000		Integra LifeSciences Holdings Corp.* 0.500%, 08/15/25		187,773

	151,000		Nabors Industries, Inc. 0.750%, 01/15/24		94,547

	424,000		Pioneer Natural Resources Company*^ 0.250%, 05/15/25		587,087

			SunEdison, Inc.@

	2,261,000		0.250%, 01/15/20*		28,489

	275,000		2.000%, 10/01/18		3,416


					901,312


			*Financials (0.9%)*

	880,000		AXA, SA* 7.250%, 05/15/21		972,145

	7,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCA 0.000%, 07/25/24		1,008,552


PRINCIPAL AMOUNT				VALUE

	600,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22	$	583,458

	150,000		GSK Finance No 3, PLC*^ 0.000%, 06/22/23		157,741

			JPMorgan Chase Bank, N.A.*

	730,000		0.125%, 01/01/23^		887,169

	200,000		0.000%, 08/07/22		310,176

	200,000	EUR	LEG Immobilien, AGµ 0.875%, 09/01/25		292,868

	200,000	EUR	Oliver Capital Sarl 0.000%, 12/29/23		246,734

	350,000		Prospect Capital Corp. 4.950%, 07/15/22		359,744

	210,000		Starwood Property Trust, Inc. 4.375%, 04/01/23		212,871


					5,031,458


			*Health Care (4.2%)*

	197,000		Bridgebio Pharma, Inc.* 2.250%, 02/01/29		190,519

	135,000		Coherus Biosciences, Inc.* 1.500%, 04/15/26		165,274

	142,000		DexCom, Inc.* 0.250%, 11/15/25		144,954

	100,000	EUR	GN Store Nord, A/S 0.000%, 05/21/24		140,630

	1,419,000		Guardant Health, Inc.*^ 0.000%, 11/15/27		1,897,033

	715,000		Hansoh Pharmaceutical Group Company, Ltd. 0.000%, 01/22/26		727,477

	73,000		Innoviva, Inc. 2.500%, 08/15/25		77,738

	2,715,000		Insulet Corp.^ 0.375%, 09/01/26		3,754,492

	650,000		Invitae Corp.^ 2.000%, 09/01/24		1,198,788

	2,706,000		Jazz Investments I, Ltd.* 2.000%, 06/15/26		3,531,736

	2,740,000		LivaNova USA, Inc.*µ 3.000%, 12/15/25		3,536,354

	10,000,000	JPY	Menicon Company, Ltd. 0.000%, 01/29/25		—

	2,631,000		NeoGenomics, Inc.µ^ 0.250%, 01/15/28		2,843,611

	143,000		Novocure, Ltd.*µ 0.000%, 11/01/25		177,344

			NuVasive, Inc.^

	165,000		0.375%, 03/15/25*		160,345

	85,000		2.250%, 03/15/21		84,722

	320,000		Omnicell, Inc.*µ 0.250%, 09/15/25		428,083

			Pacira BioSciences, Inc.µ

	2,700,000		0.750%, 08/01/25*^		3,235,167

	26,000		2.375%, 04/01/22		30,834

	171,000		Tabula Rasa HealthCare, Inc.*^ 1.750%, 02/15/26		187,325

	1,113,000		Teladoc Health, Inc.*^ 1.250%, 06/01/27		1,591,223


					24,103,649


			*Industrials (4.1%)*

	3,915,000		Air Canada* 4.000%, 07/01/25		5,337,163

	525,000		Copa Holdings, SA* 4.500%, 04/15/25		889,523


PRINCIPAL AMOUNT				VALUE

	2,700,000	EUR	Duerr, AG 0.750%, 01/15/26	$	3,961,783

	2,000,000	HKD	Harvest International Company 0.000%, 11/21/22		439,073

	161,000		Middleby Corp.*µ 1.000%, 09/01/25		202,622

	4,187,000		Southwest Airlines Company^~ 1.250%, 05/01/25		5,887,090

	393,000		Sunrun, Inc.* 0.000%, 02/01/26		400,498

	5,780,000		Uber Technologies, Inc.*^ 0.000%, 12/15/25		6,057,671

	200,000		Vinci, SA 0.375%, 02/16/22		220,090


					23,395,513


			*Information Technology (9.9%)*

	3,666,000		21Vianet Group, Inc.*^ 0.000%, 02/01/26		3,763,332

	311,000		8x8, Inc. 0.500%, 02/01/24		466,298

	190,000		Akamai Technologies, Inc.^ 0.125%, 05/01/25		244,893

	850,000		Alarm.com Holdings, Inc.* 0.000%, 01/15/26		847,416

			Alteryx, Inc.^

	165,000		1.000%, 08/01/26		177,623

	165,000		0.500%, 08/01/24		175,697

	3,444,000		Bentley Systems, Inc.* 0.125%, 01/15/26		3,469,451

	188,000		Bill.com Holdings, Inc.* 0.000%, 12/01/25		204,384

	141,000		Cloudflare, Inc.* 0.750%, 05/15/25		303,500

	5,297,000		Coupa Software, Inc.*^~ 0.375%, 06/15/26		6,825,396

	162,000		CyberArk Software, Ltd.^ 0.000%, 11/15/24		198,192

	10,000,000	JPY	Dainippon Screen Manufacturing Company 0.000%, 06/11/25		101,238

	146,000		Datadog, Inc.* 0.125%, 06/15/25		196,247

	142,000		Five9, Inc.* 0.500%, 06/01/25		200,169

	1,000,000		Guidewire Software, Inc.^ 1.250%, 03/15/25		1,211,880

	113,000		II-VI, Inc.^ 0.250%, 09/01/22		208,658

	136,000		Inphi Corp.* 0.750%, 04/15/25		197,864

	2,500,000		J2 Global, Inc.~ 3.250%, 06/15/29		3,840,400

	800,000		LG Display Company, Ltd. 1.500%, 08/22/24		989,144

	175,000		LivePerson, Inc.*µ 0.000%, 12/15/26		194,561

	324,000		Lumentum Holdings, Inc.^ 0.500%, 12/15/26		399,136

	451,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		510,969

	186,000		New Relic, Inc.^ 0.500%, 05/01/23		190,258

	200,000	EUR	Nexi S.p.A 1.750%, 04/24/27		282,022


PRINCIPAL AMOUNT				VALUE

	162,000		Nice, Ltd.*^ 0.000%, 09/15/25	$	184,144

	725,000		Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		819,533

	241,000		Okta, Inc.^ 0.125%, 09/01/25		366,199

	124,000		ON Semiconductor Corp.µ 1.625%, 10/15/23		219,589

			Palo Alto Networks, Inc.µ

	190,000		0.750%, 07/01/23		269,794

	148,000		0.375%, 06/01/25*		195,737

	173,000		Pegasystems, Inc.*µ^ 0.750%, 03/01/25		201,640

	81,000		Pluralsight, Inc. 0.375%, 03/01/24		79,896

	165,000		Q2 Holdings, Inc.µ^ 0.750%, 06/01/26		255,583

	1,151,000		Repay Holdings Corp.* 0.000%, 02/01/26		1,151,219

	4,570,000		RingCentral, Inc.*^ 0.000%, 03/15/26		5,264,914

	3,344,000		Shift4 Payments, Inc.*^ 0.000%, 12/15/25		3,827,710

	68,000		Shopify, Inc.^ 0.125%, 11/01/25		80,603

	145,000		Silicon Laboratories, Inc.*^ 0.625%, 06/15/25		187,858

	148,300	EUR	Silicon On Insulator Tec Sr Unsecured Reg 0.000%, 10/01/25		379,518

	1,690,000		Splunk, Inc. 1.125%, 09/15/25		2,247,734

	4,544,000		Square, Inc.*^ 0.250%, 11/01/27		5,125,405

	20,000		Twilio, Inc. 0.250%, 06/01/23		101,329

	4,200,000		Win Semiconductors Corp. 0.000%, 01/14/26		4,679,262

	318,000		Wix.com, Ltd.* 0.000%, 08/15/25		324,325

	385,000		Workday, Inc.^ 0.250%, 10/01/22		617,463

	170,000		Workiva, Inc.^ 1.125%, 08/15/26		238,350

	1,045,000		Xero Investments, Ltd. 0.000%, 12/02/25		1,070,529

	308,000		Zendesk, Inc.* 0.625%, 06/15/25		456,980

	2,551,000		Zscaler, Inc.* 0.125%, 07/01/25		3,813,515


					57,357,557


			*Materials (1.1%)*

	750,000		BASF, SE 0.925%, 03/09/23		756,773

	500,000,000	JPY	Kansai Paint Company, Ltd. 0.000%, 06/17/22		5,239,725

	100,000	EUR	Symrise, AG 0.238%, 06/20/24		149,299

	10,000,000	JPY	Teijin, Ltd. 0.000%, 12/10/21		103,515


					6,249,312


PRINCIPAL AMOUNT				VALUE

			*Real Estate (1.4%)*

	200,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25	$	310,475

	1,025,000		ESR Cayman, Ltd. 1.500%, 09/30/25		1,145,140

	400,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		491,434

	145,000		IH Merger Sub, LLC 3.500%, 01/15/22		192,477

	4,725,000		Redfin Corp.*µ 0.000%, 10/15/25		5,824,555

	20,000,000	JPY	Relo Group, Inc. 0.000%, 03/22/21		191,064


					8,155,145


			*Utilities (0.1%)*

	2,120,000	EUR	Voltalia, SA 1.000%, 01/13/25		857,155


			TOTAL CONVERTIBLE BONDS (Cost $190,099,218)		214,755,903



	U.S. GOVERNMENT AND AGENCY SECURITY (0.1%)

	342,000		United States Treasury Note^ 1.750%, 07/15/22 (Cost $350,016)		350,189



	BANK LOANS (2.1%) ¡

			*Communication Services (0.4%)*

	345,625		Clear Channel Outdoor Holdings, Inc.‡ 3.711%, 08/21/26 3 mo. LIBOR + 3.50%		337,956

	222,188		CommScope, Inc.‡ 3.371%, 04/06/26 1 mo. LIBOR + 3.25%		222,274

	114,713		Consolidated Communications, Inc.! 0.000%, 10/02/27		115,846

	79,800		Consolidated Communications, Inc.‡ 5.750%, 10/02/27 1 mo. LIBOR + 4.75%		80,589

	148,129		CSC Holdings, LLC‡ 2.627%, 04/15/27 1 mo. LIBOR + 2.50%		147,712

	340,000		Frontier Communications Corp.‡ 5.750%, 10/08/21 1 mo. LIBOR + 4.75%		340,828

	262,350		iHeartCommunications, Inc.‡ 3.121%, 05/01/26 1 mo. LIBOR + 3.00%		259,595

	631,800		Intelsat Jackson Holdings, SA 8.625%, 01/02/24		643,795

	415,000		Intelsat Jackson Holdings, SA‡ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		421,945


					2,570,540


			*Consumer Discretionary (0.4%)*

	190,000		Meredith Corp.! 0.000%, 01/31/25		193,979


PRINCIPAL AMOUNT				VALUE

	69,825		Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%	$	71,287

	255,000		Petco Animal Supplies, Inc.! 0.000%, 01/26/23		255,073

	717,623		PetSmart, Inc.‡ 4.500%, 03/11/22 3 mo. LIBOR + 3.50%		718,409

	265,000		PetSmart, Inc.! 0.000%, 03/11/22		265,290

	110,000		PetSmart, Inc. 0.000%, 01/27/28 3 mo. LIBOR + 3.50%		108,900

	100,000		United Natural Foods, Inc. 0.000%, 10/22/25		100,363

	604,500		Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		606,579


					2,319,880


			*Energy (0.1%)*

	58,450		Lealand Finance Company, BV‡ 3.000%, 06/30/25 1 mo. LIBOR + 3.00%		39,162

	4,269		McDermott Technology Americas, Inc.‡ 3.121%, 06/30/24 1 mo. LIBOR + 3.00%		3,522

	281,842		Par Pacific Holdings, Inc.‡ 7.000%, 01/12/26 3 mo. LIBOR + 6.75%		277,850


					320,534


			*Financials (0.1%)*

	367,225		Connect Finco Sarl‡ 5.500%, 12/11/26 1 mo. LIBOR + 4.50%		368,733

	616,720	EUR	Steenbok Lux Finco 2 Sarl‡ 0.000%, 12/31/21 6 mo. EURIBOR + 0.00%		232,010


					600,743


			*Health Care (0.5%)*

	706,707		Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		701,849

	455,282		Endo Luxembourg Finance Company I Sarl‡ 5.000%, 04/29/24 3 mo. LIBOR + 4.25%		453,006

	394,062		Gentiva Health Services, Inc.‡ 3.375%, 07/02/25 1 mo. LIBOR + 3.25%		394,925

	323,151		Mallinckrodt International Finance, SA‡ 5.500%, 09/24/24 3 mo. LIBOR + 4.75%		305,398

	406,927		Ortho Clinical Diagnostics, SA‡ 3.394%, 06/30/25 1 mo. LIBOR + 3.25%		406,419

	606,480		Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		568,323


					2,829,920


PRINCIPAL AMOUNT			VALUE

		*Industrials (0.4%)*

	492,500	Berry Global, Inc.‡ 2.133%, 07/01/26 1 mo. LIBOR + 2.00%	$	492,407

	254,852	BW Gas & Convenience Holdings, LLC‡ 6.380%, 11/18/24 1 mo. LIBOR + 6.25%		258,993

	282,863	Dun & Bradstreet Corp.‡ 3.878%, 02/06/26 1 mo. LIBOR + 3.75%		283,974

	207,375	Granite US Holdings Corp.‡ 5.504%, 09/30/26 3 mo. LIBOR + 5.25%		205,949

	213,071	Navistar International Corp.‡ 3.630%, 11/06/24 1 mo. LIBOR + 3.50%		213,364

	189,807	RegionalCare Hospital Partners Holdings, Inc.‡ 3.871%, 11/16/25 1 mo. LIBOR + 3.75%		189,938

	425,623	Scientific Games International, Inc.‡ 2.871%, 08/14/24 1 mo. LIBOR + 2.75%		419,173

	68,775	TransDigm, Inc.‡ 2.371%, 12/09/25 1 mo. LIBOR + 2.25%		67,744


				2,131,542


		*Information Technology (0.2%)*

	343,000	BMC Software Finance, Inc.‡ 4.371%, 10/02/25 1 mo. LIBOR + 4.25%		343,161

	331,650	Camelot U.S. Acquisition 1 Company‡ 3.121%, 10/30/26 1 mo. LIBOR + 3.00%		332,824

	155,000	Camelot U.S. Acquisition 1 Company‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		155,775

	288,031	VFH Parent, LLC‡ 3.129%, 03/01/26 1 mo. LIBOR + 3.00%		287,971


				1,119,731


		*Materials (0.0%)*

	198,500	Innophos, Inc.‡ 3.621%, 02/07/27 1 mo. LIBOR + 3.50%		198,914


		TOTAL BANK LOANS (Cost $12,286,872)		12,091,804



NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (10.5%)

		*Communication Services (1.5%)*

	7,595	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		8,781,438



NUMBER OF SHARES			VALUE

		*Consumer Discretionary (1.6%)*

	60,775	Aptiv, PLC 5.500%, 06/15/23	$	9,447,474


		*Consumer Staples (0.1%)*

	6,364	Energizer Holdings, Inc.^ 7.500%, 01/15/22		585,170


		*Financials (1.3%)*

	23,232	Assurant, Inc.^ 6.500%, 03/15/21		2,980,898

	417	Bank of America Corp.‡‡ 7.250%		609,979

	60,618	KKR & Company, Inc.^ 6.000%, 09/15/23		3,526,149

	413	Wells Fargo & Company‡‡ 7.500%		596,372


				7,713,398


		*Health Care (1.1%)*

	2,030	Avantor, Inc.^ 6.250%, 05/15/22		187,998

	3,933	Danaher Corp. 4.750%, 04/15/22		6,372,640


				6,560,638


		*Industrials (1.5%)*

	10,000	Colfax Corp.^ 5.750%, 01/15/22		1,540,800

	1,500	Fortive Corp. 5.000%, 07/01/21		1,440,450

	49,608	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		5,405,784


				8,387,034


		*Information Technology (1.2%)*

	4,591	Broadcom, Inc. 8.000%, 09/30/22		6,743,031


		*Materials (0.2%)*

	22,059	International Flavors & Fragrances, Inc. 6.000%, 09/15/21		926,698


		*Utilities (2.0%)*

	23,391	American Electric Power Company, Inc. 6.125%, 03/15/22		1,148,818

	20,000	CenterPoint Energy, Inc. 7.000%, 09/01/21		794,400

	3,250	DTE Energy Company 6.250%, 11/01/22		150,735

	10,653	Essential Utilities, Inc. 6.000%, 04/30/22		629,060

		NextEra Energy, Inc.µ

	101,193	4.872%, 09/01/22		6,188,964

	4,936	6.219%, 09/01/23		262,694

	17,130	Sempra Energy^ 6.750%, 07/15/21		1,753,427



NUMBER OF SHARES				VALUE

	11,765		South Jersey Industries, Inc.^ 7.250%, 04/15/21	$	461,541


					11,389,639


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $53,458,333)		60,534,520



	COMMON STOCKS (72.3%)

			*Communication Services (5.4%)*

	86,500		America Movil, SAB de CV - Class L^		1,142,665

	4,530		Baidu, Inc.#		1,064,640

	2,082		Cumulus Media, Inc. - Class A#		18,072

	9,100	INR	Info Edge India, Ltd.		547,677

	2,820	KRW	NAVER Corp.		860,470

	96,000	EUR	Orange, SA		1,126,696

	178,150		Tencent Holdings, Ltd.^		15,910,576

	20,600		Tencent Music Entertainment Group#		547,960

	1,176,545	GBP	Vodafone Group, PLC		2,009,243

	47,945		Walt Disney Company~#		8,062,911


					31,290,910


			*Consumer Discretionary (10.4%)*

	33,291		Alibaba Group Holding, Ltd.#		8,450,255

	30,000	PLN	Allegro.eu, SA*#		591,938

	4,650		Amazon.com, Inc.#		14,908,830

	11,600	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		525,503

	146,200	GBP	Compass Group, PLC#		2,611,537

	54,800		D.R. Horton, Inc.		4,208,640

	78,600	EUR	Daimler, AG		5,520,398

	2,000	INR	Dixon Technologies India, Ltd.		386,223

	22,000	INR	Eicher Motors, Ltd.		829,766

	100,000		Ford Motor Company~#		1,053,000

	5,515	KRW	Hyundai Motor Company		1,124,460

	8,950	HKD	JD Health International, Inc.*#		176,155

	10,650		JD.com, Inc.#		944,548

	9,350		Jumia Technologies, AG#		538,092

	157,500	HKD	Li Ning Company, Ltd.		981,194

	19,185		Lululemon Athletica, Inc.~#		6,305,726

	30,400	HKD	Meituan - Class B#		1,401,725

	11,800		Melco Resorts & Entertainment, Ltd.		188,682

	1,270		MercadoLibre, Inc.#		2,259,978

	39,000	CNY	Midea Group Company, Ltd. - Class A		579,603

	17,525		Newell Brands, Inc.~		420,951

	9,000	EUR	Porsche Automobil Holding, SE Preferenced Shares		625,093

	5,930		Tesla, Inc.^#		4,705,633

	6,500	HKD	Yum China Holdings, Inc.		368,951


					59,706,881


			*Consumer Staples (2.1%)*

	82,275		Coca-Cola Company^		3,961,541

	6,400		Costco Wholesale Corp.		2,255,552

	49,900	EUR	Danone, SA		3,318,280

	6,500	PLN	Dino Polska, SA*#		456,473

	2,100	CNY	Kweichow Moutai Company, Ltd. - Class A		686,306

	82,200	HKD	Nongfu Spring Company, Ltd. - Class H*#		619,492



NUMBER OF SHARES				VALUE
	222,500	MXN	Wal-Mart de Mexico, SAB de CV	$	633,559


					11,931,203


			*Energy (4.6%)*

	790,950	GBP	BP, PLC		2,939,134

	11,178		Calfrac Well Services, Ltd.#		32,829

	19,150		Chevron Corp.~		1,631,580

	40,000		ConocoPhillips		1,601,200

	15,158		Denbury, Inc.^#		433,670

	23,500		Devon Energy Corp.~		386,810

	16,800		Energy Transfer, LP		105,336

	20,110		Enterprise Products Partners, LP		406,825

	1,826		EP Energy Corp.#		74,866

	62,500		Exxon Mobil Corp.~		2,802,500

	3,975		GasLog, Ltd.^		16,297

	18,432		Lonestar Resources US, Inc.#		91,976

	5,080		Magellan Midstream Partners, LP		225,857

	45,000		Marathon Petroleum Corp.		1,942,200

	31,611		Mcdermott International, Ltd.^#		32,243

	64,950	EUR	Neste Oyj		4,575,115

	1,859		Oasis Petroleum, Inc.^#		69,657

	129,800	INR	Reliance Industries, Ltd.		3,271,853

	93,075	EUR	Royal Dutch Shell, PLC - Class A		1,723,706

	82,300	GBP	Royal Dutch Shell, PLC - Class A		1,522,903

	98,974		Schlumberger, Ltd.~		2,198,213

	7,380		Targa Resources Corp.^		201,991

	4,982		Tidewater, Inc.#		47,279

	4,287		Weatherford International, PLC#		29,152

	4,047		Whiting Petroleum Corp.#		82,316

	2,500		Williams Companies, Inc.^		53,075


					26,498,583


			*Financials (11.7%)*

	62,800	HKD	AIA Group, Ltd.		757,164

	141,400		American International Group, Inc.~		5,294,016

	35,000	BRL	B3, SA - Brasil Bolsa Balcao		382,535

	388,000	IDR	Bank Central Asia, Tbk PT		933,190

	327,200		Bank of America Corp.^~		9,701,480

	865,000	HKD	China Construction Bank Corp. - Class H		655,167

	197,200	HKD	China International Capital Corp., Ltd. - Class H*^#		514,139

	187,500	HKD	China Merchants Bank Company, Ltd. - Class H		1,435,850

	225,400	ZAR	FirstRand, Ltd.		707,926

	409,100	INR	HDFC Bank, Ltd.#		7,809,901

	18,600	HKD	Hong Kong Exchanges & Clearing, Ltd.		1,189,138

	26,350	INR	Housing Development Finance Corp., Ltd.		856,892

	68,780		ICICI Bank, Ltd.^#		1,038,578

	487,900	EUR	ING Groep, NV#		4,338,094

	253,500		Itau Unibanco Holding, SA^		1,323,270

	68,550		JPMorgan Chase & Company^~		8,820,329

	71,835		Morgan Stanley		4,816,537

	421,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H^		4,964,334

	102,900	CAD	Power Corp. of Canada		2,395,568

	31,200	INR	SBI Cards & Payment Services, Ltd.		417,526

	29,000	KRW	Shinhan Financial Group Company, Ltd.		795,311

	304,570		UBS Group, AG^#		4,382,762



NUMBER OF SHARES				VALUE

	129,125		Wells Fargo & Company~		$ 3,858,255


					67,387,962


			*Health Care (6.4%)*

	38,500	CNY	Aier Eye Hospital Group Company, Ltd. - Class A		467,951

	240,071		Alcon, Inc.^#		17,215,491

	27,434	EUR	Bayer, AG		1,660,384

	1,885		Biogen, Inc.#		532,720

	6,700		Burning Rock Biotech, Ltd.#		202,139

	21,760		Eli Lilly & Company		4,525,427

	17,701	CNY	Hangzhou Tigermed Consulting Company, Ltd. - Class A		457,536

	3,350	KRW	Hugel, Inc.#		586,333

	23,580	BRL	Notre Dame Intermedica Participacoes, SA		407,265

	85,000		Novo Nordisk, A/S^		5,916,000

	50,000	HKD	Ping An Healthcare and Technology Company, Ltd.*^#		618,631

	9,600		UnitedHealth Group, Inc.		3,202,368

	101,000	HKD	Wuxi Biologics Cayman, Inc.*#		1,414,194


					37,206,439


			*Industrials (7.2%)*

	37,029	EUR	Alstom, SA#		2,007,696

	13,825		Boeing Company		2,684,677

	25,525		Caterpillar, Inc.		4,666,991

	144,300	BRL	Cia de Locacao das Americas		689,931

	13,900	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		752,264

	13,870		Cummins, Inc.		3,251,405

	27,200	JPY	FANUC Corp.		7,101,079

	242,500		General Electric Company		2,589,900

	44,500		Gol Linhas Aereas Inteligentes, SA^#		385,815

	37,700	JPY	Harmonic Drive Systems, Inc.^		2,816,795

	53,000	TWD	Hiwin Technologies Corp.		747,604

	45,694		McDermott International, Inc.#		46,608

	83,123	CNY	Sany Heavy Industry Company, Ltd. - Class A		518,181

	48,500	EUR	Schneider Electric, SE		7,098,491

	41,000	HKD	Techtronic Industries Company, Ltd.		612,474

	8,765		Union Pacific Corp.		1,730,825

	18,635		United Parcel Service, Inc. - Class B		2,888,425

	71,600	INR	Voltas, Ltd.		883,303


					41,472,464


			*Information Technology (18.2%)*

	48,665		Advanced Micro Devices, Inc.#		4,167,671

	2,795	EUR	Adyen, NV*#		5,838,825

	86,400		Apple, Inc.^		11,401,344

	15,260		ASML Holding, NV^		8,151,281

	60,000	JPY	Canon, Inc.		1,327,290

	32,600	JPY	Fujitsu, Ltd.		4,974,754

	2,850		Globant, SA#		547,200

	47,000	INR	HCL Technologies, Ltd.		587,480

	46,051		Infosys, Ltd.		777,341

	18,000	JPY	Keyence Corp.		9,663,859

	171,000	HKD	Kingdee International Software Group Company, Ltd.#		684,987

	23,075	BRL	Locaweb Servicos de Internet, SA*		431,101

	45,000	TWD	MediaTek, Inc.		1,405,514



NUMBER OF SHARES				VALUE

	33,615		Micron Technology, Inc.^#	$	2,631,046

	49,250		Microsoft Corp.^~		11,424,030

	3,370	KRW	NHN KCP Corp.#		175,830

	580,000	EUR	Nokia Corp.#		2,787,241

	4,085		NVIDIA Corp.		2,122,525

	94,700	KRW	Samsung Electronics Company, Ltd.		6,923,230

	1,105	KRW	Samsung SDI Company, Ltd.		721,897

	4,300	CNY	Sangfor Technologies, Inc. - Class A		197,447

	7,000	TWD	Silergy Corp.		652,734

	11,200	KRW	SK Hynix, Inc.		1,222,822

	1,240,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		26,205,406


					105,022,855


			*Materials (4.6%)*

	101,900	EUR	ArcelorMittal, SA#		2,231,541

	23,700	INR	Asian Paints, Ltd.		782,549

	154,000	CAD	Barrick Gold Corp.		3,439,484

	834,700		Cemex, SAB de CV#		4,782,831

	72,500	EUR	CRH, PLC#		2,975,023

	70,300	CAD	First Quantum Minerals, Ltd.		1,170,980

	1,060	KRW	LG Chem, Ltd.		864,592

	160,000	AUD	Newcrest Mining, Ltd.		3,041,031

	3,465	KRW	POSCO		760,588

	30,000	GBP	Rio Tinto, PLC		2,276,014

	918,300	CAD	Yamana Gold, Inc.		4,287,195


					26,611,828


			*Real Estate (0.5%)*

	710,500	PHP	Ayala Land, Inc.		554,965

	32,553		Redfin Corp.^#		2,318,099


					2,873,064


			*Utilities (1.2%)*

	45,801	EUR	Engie, SA#		712,558

	10,500		Exelon Corp.^		436,380

	331,450	EUR	Iberdrola, SA		4,487,562

	4,735	EUR	Iberdrola, SA#		64,271

	29,000	EUR	RWE, AG		1,245,790

	1		Sempra Energy		83


					6,946,644


			TOTAL COMMON STOCKS (Cost $470,418,513)		416,948,833



	WARRANTS (0.0%) #

			*Energy (0.0%)*

	1,446		Denbury, Inc. 09/18/25, Strike $32.59		12,508

	534		Denbury, Inc.^ 09/18/23, Strike $35.41		2,168

	13,401		Mcdermott International, Ltd. 05/01/24, Strike $15.98		1

	12,061		Mcdermott International, Ltd. 05/01/24, Strike $12.33		1


			TOTAL WARRANTS (Cost $84,971)		14,678



NUMBER OF SHARES			VALUE

	PREFERRED STOCKS (0.2%)

		*Communication Services (0.0%)*

	9,750	United States Cellular Corp. 6.250%, 09/01/69	$	261,007


		*Consumer Discretionary (0.1%)*

	1,598	Guitar Center, Inc.		180,518

	1,774	Qurate Retail, Inc. 8.000%, 03/15/31		177,506


				358,024


		*Energy (0.1%)*

	16,785	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		288,199

	10,625	NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		213,031

	11,500	NuStar Logistics, LP^‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		254,955


				756,185


		TOTAL PREFERRED STOCKS (Cost $1,604,528)		1,375,216



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (4.1%) #

		*Communication Services (0.9%)*

	62	Alphabet, Inc.

	11,329,632	Call, 01/21/22, Strike $1,500.00		2,720,560

	255	Facebook, Inc.

	6,587,415	Call, 06/18/21, Strike $250.00		793,687

	56	Netflix, Inc.

	2,981,384	Call, 01/21/22, Strike $600.00		356,860

	190	Sea, Ltd.

	4,117,490	Call, 01/21/22, Strike $200.00		1,077,775

	400	Yandex, NV

	2,505,600	Call, 08/20/21, Strike $75.00		168,000


				5,116,882


		*Consumer Discretionary (0.2%)*

		Alibaba Group Holding, Ltd.

	225

	5,711,175	Call, 07/16/21, Strike $235.00		911,250

	20

	507,660	Call, 03/19/21, Strike $270.00		20,350

	225	Trip.com Group, Ltd.

	716,175	Call, 03/19/21, Strike $36.00		19,013


				950,613


		*Energy (0.1%)*

		Lukoil, PJSC

	345

	2,441,721	Call, 06/18/21, Strike $80.00		101,775

	165

	1,167,780	Call, 06/18/21, Strike $76.00		70,125


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	2,200		Petroleo Brasileiro, SA

	2,211,000		Call, 04/16/21, Strike $10.00	$	226,600


					398,500


			*Financials (0.0%)*

	2,000		Sberbank of Russia, PJSC

	2,736,393		Call, 06/18/21, Strike $16.00		48,000


			*Industrials (0.0%)*

	53	EUR	Schneider Electric, SE

	639,209		Call, 12/17/21, Strike 130.00		51,519


			*Information Technology (0.2%)*

	310		QUALCOMM, Inc.

	4,844,680		Call, 06/18/21, Strike $165.00		401,450

	25		Shopify, Inc.

	2,746,475		Call, 01/21/22, Strike $920.00		797,250


					1,198,700


			*Materials (0.1%)*

	1,795		Freeport-McMoRan, Inc.

	4,830,345		Call, 08/20/21, Strike $29.00		682,100

	1,300		Vale, SA

	2,099,500		Call, 06/18/21, Strike $19.00		134,550


					816,650


			*Other (2.6%)*

	790		Invesco QQQ Trust Series

	24,850,240		Put, 03/19/21, Strike $320.00		1,378,155

	2,952		iShares China Large-Cap ETF

	14,571,072		Put, 03/19/21, Strike $52.00		1,047,960

	870		iShares MSCI Emerging Markets

	4,637,970		Put, 03/19/21, Strike $55.00		247,080

	1,065		iShares MSCI South Korea ETF

	9,382,650		Put, 03/19/21, Strike $92.00		750,825

			SPDR S&P 500 ETF Trust

	4,150

	153,579,050		Put, 01/21/22, Strike $340.00		11,063,900

	335

	12,397,345		Put, 03/19/21, Strike $375.00		570,840


					15,058,760


			TOTAL PURCHASED OPTIONS (Cost $17,075,603)		23,639,624


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (5.4%)

	15,660,080	JPMorgan Prime Money Market Fund - Capital Class, 0.110%***		15,667,910

	15,665,695	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.030%***		15,665,695


		TOTAL SHORT TERM INVESTMENTS (Cost $31,333,605)		31,333,605


	VALUE

TOTAL INVESTMENTS (146.1%) (Cost $856,571,926)	$	842,292,043



MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-11.3%)		(65,000,000)


LIABILITIES, LESS OTHER ASSETS (-34.8%)		(200,751,338)


NET ASSETS (100.0%)	$	576,540,705


NUMBER OF SHARES			VALUE

	COMMON STOCKS SOLD SHORT (-2.9%) #

		*Consumer Staples (-0.1%)*

	(10,826)	Energizer Holdings, Inc.		(474,612	)


		*Financials (-0.6%)*

	(20,833)	Assurant, Inc.		(2,822,246	)

	(34,000)	Equitable Holdings, Inc.		(842,520	)


				(3,664,766	)


		*Industrials (-0.4%)*

	(39,660)	Colfax Corp.		(1,472,179	)

	(17,011)	Fortive Corp.		(1,124,087	)


				(2,596,266	)


		*Information Technology (-1.0%)*

	(5,525)	Guidewire Software, Inc.		(633,938	)

	(35,500)	j2 Global, Inc.		(3,643,720	)

	(7,350)	Splunk, Inc.		(1,212,971	)


				(5,490,629	)


		*Materials (-0.1%)*

	(6,452)	International Flavors &

		Fragrances, Inc.		(725,076	)


		*Utilities (-0.7%)*

	(9,000)	American Electric Power

		Company, Inc.		(728,190	)

	(28,700)	CenterPoint Energy, Inc.		(605,283	)

	(6,614)	Essential Utilities, Inc.		(306,228	)

	(12,120)	NextEra Energy, Inc.		(980,144	)

	(7,593)	Sempra Energy		(939,710	)

	(15,294)	South Jersey Industries, Inc.		(353,292	)


				(3,912,847	)


		TOTAL COMMON STOCKS SOLD SHORT (Proceeds $14,512,604)		(16,864,196	)

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE		LOCAL CURRENCY		CURRENT VALUE			UNREALIZED GAIN/LOSS
State Street Bank and Trust	Japanese Yen		02/10/21		10,712,500		$	102,279		$	(514	)

										$	(514	)

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 $38,732,231.
^		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 January 31, 2021.
&		Illiquid security.
~		Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $28,210,638.
¡		Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
!		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
‡‡		Perpetual maturity.
#		Non-income producing security.
*******		The rate disclosed is the 7 day net yield as of January 31, 2021.

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.

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

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted ASU2017-08 as of January 1, 2020, with no material impact on the Fund’s financial statements.

In October 2020, FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 was issued to clarify how to amortize premiums for debt securities where there are bonds with multiple call dates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated the impact of this guidance within the Fund’s financial statements and has determined the adoption of ASU 2020-08 will have no impact on the Fund’s financial statements.

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 January 31, 2021 was as follows*:

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

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 January 31, 2021.

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

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

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


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CNY		Chinese Yuan Renminbi
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
PHP		Philippine Peso
PLN		Polish Zloty
TWD		New Taiwan Dollar
ZAR		South African Rand


	Value			% of Total Investments
US Dollar		$	608,627,942	73.8%
European Monetary Unit			67,811,669	8.2%
Japanese Yen			32,382,050	3.9%
New Taiwan Dollar			29,011,258	3.5%
Hong Kong Dollar			18,137,725	2.2%
Indian Rupee			16,373,170	2.0%
Canadian Dollar			14,500,799	1.7%
South Korean Won			14,035,533	1.7%
British Pound Sterling			11,532,996	1.4%
Chinese Yuan Renminbi			4,184,791	0.5%
Australian Dollar			3,041,031	0.4%
Brazilian Real			1,910,832	0.2%
Polish Zloty			1,048,411	0.1%
Indonesian Rupiah			933,190	0.1%
South African Rand			707,926	0.1%
Mexican Peso			633,559	0.1%
Philippine Peso			554,965	0.1%
Total Investments Net of Common Stocks Sold Short		$	825,427,847	100.0%
Currency exposure may vary over time.


Cost basis of investments						$842,059,322
Gross unrealized appreciation						86,722,411
Gross unrealized depreciation						(103,353,886)
Net unrealized appreciation (depreciation)						$(16,631,475)


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