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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (14.1%)

		*Airlines (0.4%)*

	395,361	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24		$ 400,694

	66,666	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		67,661

	249,810	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		277,156

	188,048	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		210,268

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

	169,000	5.500%, 04/20/26		177,006

	56,000	5.750%, 04/20/29		60,607

	250,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		253,943

	204,731	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		242,308

	81,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		91,380

	93,222	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		96,533

	210,654	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		215,779

	126,306	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		125,216


				2,218,551


		*Communication Services (1.6%)*

	405,000	Arrow Bidco, LLC* 9.500%, 03/15/24		415,797

	265,000	Ashtead Capital, Inc.* 4.000%, 05/01/28		280,198

	169,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		171,689

	165,000	Brink’s Company* 5.500%, 07/15/25		173,943

	195,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		210,809

		CSC Holdings, LLC*

	410,000	5.500%, 04/15/27		429,311

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

	335,000	5.375%, 02/01/28		354,712

	300,000	5.750%, 01/15/30		313,278

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

	230,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		242,376


PRINCIPAL AMOUNT			VALUE

		Diamond Sports Group, LLC / Diamond Sports Finance Company*

	180,000	6.625%, 08/15/27		$ 72,369

	151,000	5.375%, 08/15/26		87,852

	25,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		25,870

	745,000	Embarq Corp. 7.995%, 06/01/36		835,778

		Entercom Media Corp.*^

	113,000	6.750%, 03/31/29		115,435

	100,000	6.500%, 05/01/27		103,111

	132,000	Frontier Florida, LLC& 6.860%, 02/01/28		144,768

	330,000	Frontier North, Inc.@ 6.730%, 02/15/28		359,225

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

	195,000	3.500%, 03/01/29		195,374

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

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

		Intelsat Jackson Holdings, SA@

	170,000	9.750%, 07/15/25*		96,198

	130,000	5.500%, 08/01/23		71,752

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

	123,355	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		122,178

	310,000	Lumen Technologies, Inc.* 4.000%, 02/15/27		319,154

	200,000	Netflix, Inc.* 4.875%, 06/15/30		241,342

		Scripps Escrow II, Inc.*

	111,000	3.875%, 01/15/29		111,157

	56,000	5.375%, 01/15/31		56,044

	312,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		323,235

	111,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.*^ 4.625%, 11/01/26		115,751

	165,000	Sirius XM Radio, Inc.* 4.000%, 07/15/28		170,280

	170,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		173,492

	400,000	Sprint Capital Corp.^ 6.875%, 11/15/28		516,472

	560,000	Sprint Corp. 7.125%, 06/15/24		644,907

	215,000	Telecom Italia Capital, SA 6.000%, 09/30/34		247,304

	305,000	United States Cellular Corp. 6.700%, 12/15/33		379,954

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


				9,308,668


PRINCIPAL AMOUNT			VALUE

		*Consumer Discretionary (2.3%)*

	230,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		$ 249,297

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

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

	136,000	4.625%, 08/01/29		136,476

	67,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		69,878

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

		Caesars Entertainment, Inc.*

	112,000	8.125%, 07/01/27		123,410

	112,000	6.250%, 07/01/25		118,372

	350,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		352,954

		Carnival Corp.*

	112,000	10.500%, 02/01/26^		128,414

	56,000	7.625%, 03/01/26		59,448

	260,000	Carriage Services, Inc.* 4.250%, 05/15/29		260,218

	165,000	Carvana Company* 5.625%, 10/01/25		171,506

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	735,000	5.125%, 05/01/27		769,876

	245,000	4.750%, 03/01/30		260,031

	125,000	5.000%, 02/01/28^		131,189

	110,000	4.250%, 02/01/31		113,516

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

		Century Communities, Inc.

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

	190,000	5.875%, 07/15/25^		196,437

		DISH DBS Corp.

	209,000	7.750%, 07/01/26		238,929

	133,000	7.375%, 07/01/28^		144,064

	163,000	Everi Holdings, Inc.* 5.000%, 07/15/29		166,852

	140,000	Ford Motor Company 8.500%, 04/21/23		155,655

		Ford Motor Credit Company, LLC

	350,000	4.063%, 11/01/24		371,752

	350,000	4.000%, 11/13/30		370,769

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

	315,000	3.664%, 09/08/24		330,526

		goeasy, Ltd.*

	380,000	5.375%, 12/01/24		394,554

	208,000	4.375%, 05/01/26		214,581

	112,000	Goodyear Tire & Rubber Company* 5.000%, 07/15/29		118,104

	111,000	Guitar Center, Inc.*& 8.500%, 01/15/26		118,677

	345,000	International Game Technology, PLC* 6.250%, 01/15/27		392,406

		L Brands, Inc.

	292,000	6.694%, 01/15/27		346,972

	165,000	6.875%, 11/01/35		212,431

	110,000	Liberty Interactive, LLC 8.500%, 07/15/29		126,314


PRINCIPAL AMOUNT			VALUE

	169,000	Life Time, Inc.*^ 8.000%, 04/15/26		$ 177,163

		M/I Homes, Inc.

	340,000	5.625%, 08/01/25		350,142

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

		Macy’s Retail Holdings, LLC

	110,000	6.700%, 07/15/34*		117,059

	55,000	5.125%, 01/15/42		50,376

	114,000	Macy’s, Inc.* 8.375%, 06/15/25		124,380

		Mattel, Inc.*

	135,000	5.875%, 12/15/27		147,857

	28,000	3.750%, 04/01/29^		29,557

		Mclaren Finance, PLC*

	350,000	5.750%, 08/01/22		350,000

	260,000	7.500%, 08/01/26		264,415

	260,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		262,392

	169,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		176,032

	252,000	Newell Brands, Inc. 4.700%, 04/01/26		281,081

	109,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		107,491

	553,000	Rite Aid Corp.* 8.000%, 11/15/26		555,782

		Royal Caribbean Cruises, Ltd.*

	110,000	11.500%, 06/01/25		126,034

	55,000	10.875%, 06/01/23		62,516

	265,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*^ 4.625%, 03/01/29		268,336

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

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

	55,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		63,839

	260,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		265,421

	295,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		293,062

	55,000	Williams Scotsman International, Inc.*^ 4.625%, 08/15/28		56,920


				13,285,776


		*Consumer Staples (0.7%)*

	251,000	Central Garden & Pet Company* 4.125%, 04/30/31		256,788

		Edgewell Personal Care Company*

	170,000	4.125%, 04/01/29		171,205

	112,000	5.500%, 06/01/28		118,699

	252,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		253,472

	225,000	Fresh Market, Inc.* 9.750%, 05/01/23		231,948

	260,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 6.750%, 02/15/28		286,109


PRINCIPAL AMOUNT			VALUE

	109,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 6.500%, 04/15/29		$ 122,903

		Kraft Heinz Foods Company

	335,000	4.375%, 06/01/46		385,846

	56,000	4.250%, 03/01/31		64,566

	56,000	3.875%, 05/15/27^		62,037

	174,000	New Albertsons, LP 7.750%, 06/15/26		199,900

	217,000	Performance Food Group, Inc.* 4.250%, 08/01/29		220,839

	405,000	Pilgrim’s Pride Corp.* 5.875%, 09/30/27		433,609

		Post Holdings, Inc.*

	310,000	5.750%, 03/01/27		323,330

	160,000	4.625%, 04/15/30^		163,158

	209,000	Prestige Brands, Inc.* 3.750%, 04/01/31		207,502

	245,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		264,928

		Vector Group, Ltd.*

	345,000	5.750%, 02/01/29		351,576

	136,000	10.500%, 11/01/26		144,726


				4,263,141


		*Energy (1.4%)*

		Antero Resources Corp.*

	81,000	7.625%, 02/01/29		88,792

	56,000	5.375%, 03/01/30^		57,027

		Apache Corp.

	223,000	5.100%, 09/01/40		239,422

	127,000	4.875%, 11/15/27		136,787

	112,000	4.625%, 11/15/25		120,521

	15,087	Bonanza Creek Energy, Inc. 7.500%, 04/30/26		15,220

		Buckeye Partners, LP

	205,000	3.950%, 12/01/26		208,417

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

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

		Cheniere Energy Partners, LP

	295,000	5.625%, 10/01/26		305,107

	55,000	4.000%, 03/01/31*^		58,230

	112,000	Cheniere Energy, Inc. 4.625%, 10/15/28		118,359

		Continental Resources, Inc.^

	230,000	3.800%, 06/01/24		241,516

	170,000	4.375%, 01/15/28		190,021

	410,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		385,863

	3,142	Diamond Foreign Asset Company / Diamond Finance, LLC 13.000%, 04/22/27 13.000% PIK rate		3,152

	114,000	DT Midstream, Inc.* 4.125%, 06/15/29		117,010

		Energy Transfer, LP‡

	320,000	3.143%, 11/01/66 3 mo. USD LIBOR + 3.02%		264,090

	162,000	6.500%, 11/15/26 5 year CMT + 5.69%		165,927

		EnLink Midstream Partners, LP

	330,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		255,628


PRINCIPAL AMOUNT			VALUE

	224,000	4.850%, 07/15/26		$ 234,472

		EQT Corp.

	145,000	7.500%, 02/01/30		190,644

	90,000	6.625%, 02/01/25		104,106

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

	293,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		289,613

		Gulfport Energy Operating Corp.

	215,000	6.375%, 05/15/25@		9,137

	62,910	8.000%, 05/17/26^		67,391

		Laredo Petroleum, Inc.

	229,000	10.125%, 01/15/28		242,715

	57,000	7.750%, 07/31/29*		55,206

	245,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		251,225

		Moss Creek Resources Holdings, Inc.*

	135,000	10.500%, 05/15/27		129,758

	135,000	7.500%, 01/15/26		122,279

	113,000	Murphy Oil Corp. 6.375%, 07/15/28		119,695

		New Fortress Energy, Inc.*

	113,000	6.500%, 09/30/26		114,344

	111,000	6.750%, 09/15/25		113,378

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

	56,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		58,598

		Occidental Petroleum Corp.

	690,000	4.300%, 08/15/39		685,032

	510,000	2.900%, 08/15/24		514,192

	114,000	5.875%, 09/01/25^		126,480

	60,000	Ovintiv, Inc.^ 6.500%, 08/15/34		80,156

	130,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		129,174

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

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

	83,000	Range Resources Corp.* 8.250%, 01/15/29		92,004

	147,000	Transocean, Inc.*^ 11.500%, 01/30/27		146,449

		Venture Global Calcasieu Pass, LLC*

	55,000	4.125%, 08/15/31		56,738

	55,000	3.875%, 08/15/29		56,226

	112,000	Vine Energy Holdings, LLC* 6.750%, 04/15/29		117,066

	135,000	Viper Energy Partners, LP* 5.375%, 11/01/27		141,651

	220,000	W&T Offshore, Inc.* 9.750%, 11/01/23		211,886

	128,000	Weatherford International, Ltd.* 11.000%, 12/01/24		132,622


				8,486,484


PRINCIPAL AMOUNT			VALUE

		*Financials (2.7%)*

		Acrisure, LLC / Acrisure Finance, Inc.*

	552,000	7.000%, 11/15/25^		$ 561,732

	333,000	6.000%, 08/01/29		333,250

	168,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		179,992

	253,000	AG Issuer, LLC* 6.250%, 03/01/28		266,083

	400,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		418,344

		Ally Financial, Inc.

	195,000	4.700%, 05/15/26‡ 5 year CMT + 3.87		204,941

	175,000	8.000%, 11/01/31		255,136

	100,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		104,173

	220,000	AmWINS Group, Inc.* 4.875%, 06/30/29		224,675

	470,000	AssuredPartners, Inc.* 7.000%, 08/15/25		479,062

	248,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		264,147

	226,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		230,398

	709,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LL*^ 5.750%, 05/15/26		738,168

		Credit Acceptance Corp.

	237,000	5.125%, 12/31/24*^		245,195

	230,000	6.625%, 03/15/26		243,377

	70,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		75,275

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

	235,000	Enact Holdings, Inc.*^ 6.500%, 08/15/25		255,194

	321,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		318,837

	417,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		427,479

	485,000	HUB International, Ltd.* 7.000%, 05/01/26		503,100

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

	325,000	5.250%, 05/15/27		342,326

	164,000	4.375%, 02/01/29		166,221

	500,000	ILFC E-Capital Trust II*‡ 3.910%, 12/21/65 3 mo. USD LIBOR + 1.80%		423,425

	465,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		487,766

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

	600,000	5.000%, 08/15/28		614,586

	350,000	6.250%, 06/03/26		377,353


PRINCIPAL AMOUNT			VALUE

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

	447,000	5.250%, 10/01/25		$ 454,443

	109,000	4.750%, 06/15/29		108,662

	256,000	LD Holdings Group, LLC* 6.125%, 04/01/28		254,403

		Level 3 Financing, Inc.

	260,000	5.375%, 05/01/25		266,092

	235,000	4.250%, 07/01/28*		239,674

		LPL Holdings, Inc.*

	277,000	4.000%, 03/15/29		281,734

	82,000	4.375%, 05/15/31		84,167

	487,000	MetLife, Inc.^ 6.400%, 12/15/66		624,543

		Navient Corp.

	493,000	5.000%, 03/15/27^		514,426

	260,000	4.875%, 03/15/28		262,491

		OneMain Finance Corp.

	350,000	7.125%, 03/15/26		412,405

	210,000	6.875%, 03/15/25		238,730

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

	134,000	7.500%, 06/01/25		145,343

	110,000	5.875%, 10/01/28		117,434

	140,000	PHH Mortgage Corp.* 7.875%, 03/15/26		143,900

	260,000	Prospect Capital Corp.µ 3.706%, 01/22/26		270,093

	100,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.* 3.625%, 03/01/29		100,793

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

	260,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		262,964

	162,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		164,333

	135,000	SLM Corp. 4.200%, 10/29/25		146,295

	365,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		387,382

	227,000	StoneX Group, Inc.* 8.625%, 06/15/25		246,828

		United Wholesale Mortgage, LLC*

	167,000	5.500%, 11/15/25		172,269

	113,000	5.500%, 04/15/29		112,568

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

		XHR, LP*

	237,000	6.375%, 08/15/25		252,827

	108,000	4.875%, 06/01/29		110,624


				16,129,094


		*Health Care (1.3%)*

	112,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		117,895

	500,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		541,580

		Bausch Health Companies, Inc.*

	315,000	5.250%, 02/15/31^		295,498

	245,000	5.000%, 01/30/28		234,512

	96,000	5.000%, 02/15/29		90,792


PRINCIPAL AMOUNT			VALUE

		Centene Corp.

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

	111,000	3.000%, 10/15/30		115,544

	113,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		115,945

		CHS/Community Health Systems, Inc.*

	435,000	6.125%, 04/01/30		441,316

	295,000	8.000%, 03/15/26		316,441

	127,000	6.875%, 04/15/29		133,831

		DaVita, Inc.*

	335,000	4.625%, 06/01/30		346,410

	163,000	3.750%, 02/15/31		158,713

		Encompass Health Corp.

	110,000	4.750%, 02/01/30^		118,002

	110,000	4.500%, 02/01/28		114,608

	300,000	HCA, Inc. 7.500%, 11/06/33		428,865

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

	480,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		319,728

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

	400,000	5.125%, 04/30/31		412,520

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

	305,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		284,788

		Tenet Healthcare Corp.

	605,000	6.250%, 02/01/27*		631,015

	365,000	6.875%, 11/15/31		418,608

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

		Teva Pharmaceutical Finance Netherlands III, BV

	615,000	2.800%, 07/21/23		610,185

	495,000	6.000%, 04/15/24		520,888


				7,830,723


		*Industrials (2.2%)*

	225,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		249,161

	260,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		260,133

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

	307,000	4.875%, 02/15/30		332,576

	185,000	4.625%, 01/15/27		195,798

	111,000	3.500%, 03/15/29		112,194

		Allison Transmission, Inc.*

	190,000	4.750%, 10/01/27		198,548

	55,000	3.750%, 01/30/31		55,052

	54,000	Ambience Merger Sub, Inc.* 7.125%, 07/15/29		54,727

	55,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		49,026

	127,000	Arcosa, Inc.* 4.375%, 04/15/29		130,193

	475,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		501,666

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


PRINCIPAL AMOUNT			VALUE

	206,000	Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29		$ 206,717

	226,000	BWX Technologies, Inc.* 4.125%, 04/15/29		231,704

	207,000	Cascades, Inc. / Cascades USA, Inc.*^ 5.125%, 01/15/26		219,406

		Delta Air Lines, Inc.

	57,000	7.375%, 01/15/26		67,169

	57,000	3.800%, 04/19/23^		58,899

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

	56,000	4.750%, 10/20/28		62,771

	28,000	4.500%, 10/20/25µ		30,162

	168,000	Endure Digital, Inc.* 6.000%, 02/15/29		163,130

	140,000	EnerSys* 4.375%, 12/15/27		146,665

	260,000	Fly Leasing, Ltd. 5.250%, 10/15/24		263,903

	112,000	GFL Environmental, Inc.* 3.750%, 08/01/25		115,384

		Golden Nugget, Inc.*

	165,000	6.750%, 10/15/24		165,604

	115,000	8.750%, 10/01/25^		121,278

	124,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		132,767

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

		Graphic Packaging International, LLC*

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

	102,000	3.500%, 03/01/29		101,736

	56,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		57,828

	516,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		512,455

	122,000	HCRX Investments Holdco, LP* 4.500%, 08/01/29		124,613

	340,000	Herc Holdings, Inc.* 5.500%, 07/15/27		357,360

		Howmet Aerospace, Inc.

	200,000	5.125%, 10/01/24^		220,436

	103,000	6.875%, 05/01/25		119,938

	280,000	JELD-WEN, Inc.* 4.625%, 12/15/25		285,645

	109,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		118,221

	251,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		258,831

	110,000	MasTec, Inc.* 4.500%, 08/15/28		116,086

	143,000	Meritor, Inc.* 4.500%, 12/15/28		146,441

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

	300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		305,358

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

	260,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27		264,597


PRINCIPAL AMOUNT			VALUE

		Patrick Industries, Inc.*

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

	112,000	4.750%, 05/01/29		114,380

	275,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		298,612

	51,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		54,107

	240,000	QVC, Inc. 4.375%, 09/01/28		246,770

	255,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC / Reynolds Group Issuer Lu* 4.000%, 10/15/27		255,056

	185,000	Scientific Games International, Inc.* 5.000%, 10/15/25		190,302

	112,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		118,213

	210,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		212,102

		Sinclair Television Group, Inc.*

	112,000	4.125%, 12/01/30		108,728

	100,000	5.500%, 03/01/30^		100,451

		Standard Industries, Inc.*

	225,000	5.000%, 02/15/27		233,116

	56,000	4.375%, 07/15/30^		57,636

		Station Casinos, LLC*

	455,000	4.500%, 02/15/28^		459,345

	181,000	5.000%, 10/01/25		183,521

	112,000	Stericycle, Inc.* 3.875%, 01/15/29		113,683

	166,000	STL Holding Company, LLC* 7.500%, 02/15/26		175,178

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

		TransDigm, Inc.

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

	200,000	6.250%, 03/15/26*		210,154

	114,000	Tronox, Inc.* 4.625%, 03/15/29		116,138

		United Rentals North America, Inc.

	110,000	3.750%, 01/15/32		110,000

	56,000	3.875%, 02/15/31		57,702

	195,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		199,181

		WESCO Distribution, Inc.*

	136,000	7.125%, 06/15/25^		146,698

	67,000	7.250%, 06/15/28		74,699

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


				12,857,433


		*Information Technology (0.5%)*

	109,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		112,430

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

	200,000	CommScope Technologies, LLC* 6.000%, 06/15/25		203,240

	310,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		373,221


PRINCIPAL AMOUNT			VALUE

	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		$ 144,400

	245,000	KBR, Inc.* 4.750%, 09/30/28		249,388

	245,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		238,312

	113,000	NCR Corp.* 5.125%, 04/15/29		117,770

	253,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		255,543

	167,000	ON Semiconductor Corp.* 3.875%, 09/01/28		174,006

	204,000	Open Text Corp.* 3.875%, 02/15/28		211,164

	113,000	Playtika Holding Corp.* 4.250%, 03/15/29		112,824

	260,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		261,947

		Twilio, Inc.

	150,000	3.625%, 03/15/29		154,290

	57,000	3.875%, 03/15/31		59,647

	260,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		260,504


				3,081,339


		*Materials (0.6%)*

	140,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		147,210

	195,000	ArcelorMittal, SA 7.250%, 10/15/39		284,971

	355,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		359,214

	200,000	First Quantum Minerals, Ltd.*^ 7.250%, 04/01/23		203,864

		Freeport-McMoRan, Inc.

	125,000	5.450%, 03/15/43		160,710

	115,000	5.400%, 11/14/34		146,202

	167,000	HB Fuller Company 4.250%, 10/15/28		171,085

	226,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		231,494

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

		Kaiser Aluminum Corp.*

	135,000	4.625%, 03/01/28^		141,149

	28,000	4.500%, 06/01/31		29,151

	184,000	Mercer International, Inc.^ 5.125%, 02/01/29		187,897

		New Gold, Inc.*

	86,000	6.375%, 05/15/25		88,775

	57,000	7.500%, 07/15/27^		61,611

	240,000	OCI, NV*^ 4.625%, 10/15/25		249,264

	112,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		121,484

	111,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		67,075

	200,000	Silgan Holdings, Inc. 4.125%, 02/01/28		207,832


PRINCIPAL AMOUNT				VALUE

	113,000		Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		$ 115,334

	201,000		Univar Solutions USA, Inc.* 5.125%, 12/01/27		210,851

	111,000		Valvoline, Inc.* 3.625%, 06/15/31		110,654


					3,522,613


			*Real Estate (0.2%)*

	174,000		EPR Properties^ 3.750%, 08/15/29		176,716

			Forestar Group, Inc.*

	187,000		5.000%, 03/01/28		194,927

	55,000		3.850%, 05/15/26		55,838

	166,000		iStar, Inc. 5.500%, 02/15/26		174,280

			Service Properties Trust

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

	105,000		5.250%, 02/15/26		106,285


					1,056,272


			*Utilities (0.2%)*

	175,000		NRG Energy, Inc. 6.625%, 01/15/27		181,365

	330,000		PPL Capital Funding, Inc.^‡ 2.812%, 03/30/67 3 mo. USD LIBOR + 2.67%		323,575

			Talen Energy Supply, LLC*

	140,000		10.500%, 01/15/26		96,643

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

	260,000		TerraForm Power Operating, LLC* 5.000%, 01/31/28		281,533


					947,024

			TOTAL CORPORATE BONDS (Cost $79,541,220)		82,987,118


	CONVERTIBLE BONDS (28.8%)

			*Airlines (0.2%)*

	10,000,000	HKD	Cathay Pacific Finance III, Ltd. 2.750%, 02/05/26		1,286,862


			*Communication Services (3.7%)*

	200,000	EUR	America Movil, BV 0.000%, 03/02/24		248,617

	325,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25		387,952

	100,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		222,938

	20,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		250,333

	2,881,000		Eventbrite, Inc.*µ 0.750%, 09/15/26		2,724,562

			iQIYI, Inc.

	185,000		2.000%, 04/01/25		158,584

	179,000		4.000%, 12/15/26		153,516

	1,000,000		Kakao Corp. 0.000%, 04/28/23		1,517,520

			Liberty Media Corp.

	4,210,000		0.500%, 12/01/50*		4,662,238

	145,000		1.375%, 10/15/23		192,805

	153,000		Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		202,642


PRINCIPAL AMOUNT				VALUE

	1,810,000		Live Nation Entertainment, Inc. 2.500%, 03/15/23		$ 2,359,715

	1,745,000		Sea, Ltd. 2.375%, 12/01/25		5,424,437

			Snap, Inc.

	612,000		0.000%, 05/01/27*		704,534

	153,000		0.750%, 08/01/26		500,899

			Twitter, Inc.

	407,000		0.000%, 03/15/26*		391,701

	290,000		0.250%, 06/15/24^		402,152

	800,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		831,952

	165,000		Zynga, Inc. 0.250%, 06/01/24		220,501


					21,557,598


			*Consumer Discretionary (9.7%)*

	203,000		Airbnb, Inc.*µ 0.000%, 03/15/26		190,268

	152,000		Baozun, Inc. 1.625%, 05/01/24		138,442

	2,869,000		Booking Holdings, Inc.^ 0.750%, 05/01/25		4,049,880

	5,345,000		Cheesecake Factory, Inc.µ 0.375%, 06/15/26		5,014,144

	100,000	EUR	Delivery Hero, SE 0.250%, 01/23/24		163,412

	415,000		DISH Network Corp.µ 2.375%, 03/15/24		402,147

	410,000		DraftKings, Inc.*µ 0.000%, 03/15/28		359,914

	200,000	CHF	Dufry One, BV 0.750%, 03/30/26		211,521

	161,000		Etsy, Inc.*µ^ 0.125%, 09/01/27		194,053

	825,000		Expedia Group, Inc.*^ 0.000%, 02/15/26		887,057

	80,000		Fiverr International, Ltd.* 0.000%, 11/01/25		108,914

	9,700,000		Ford Motor Company*µ 0.000%, 03/15/26		10,394,035

	4,500,000	EUR	Global Fashion Group, SA 1.250%, 03/15/28		5,322,802

	100,000	EUR	HelloFresh, SE 0.750%, 05/13/25		203,056

	937,000		Liberty Broadband Corp.*µ 2.750%, 09/30/50		1,005,944

			Liberty Interactive, LLC

	270,000		4.000%, 11/15/29µ		208,070

	160,000		3.750%, 02/15/30		123,430

	296,000		MakeMyTrip, Ltd.* 0.000%, 02/15/28		299,220

	7,135,000		Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		7,628,956

	2,400,000		Meituan 0.000%, 04/27/28		2,230,992

	216,000		NCL Corp., Ltd.* 5.375%, 08/01/25		341,829

	100,000	GBP	Ocado Group, PLC 0.750%, 01/18/27		137,299

	244,000		Peloton Interactive, Inc.* 0.000%, 02/15/26		230,890

	339,000		Pinduoduo, Inc. 0.000%, 12/01/25		314,806


PRINCIPAL AMOUNT				VALUE

	473,000		Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23		$ 609,461

	168,500	EUR	SEB, SA 0.000%, 11/17/21		363,379

	2,799,000		Shake Shack, Inc.* 0.000%, 03/01/28		2,622,971

	100,000	EUR	Shop Apotheke Europe, NV 0.000%, 01/21/28		113,403

	162,000		Stride, Inc.*µ 1.125%, 09/01/27		148,091

	17,000		Tesla, Inc. 2.000%, 05/15/24		188,402

	9,160,000		Vail Resorts, Inc.*^ 0.000%, 01/01/26		9,248,944

	314,000		Vroom, Inc.* 0.750%, 07/01/26		305,478

	318,000		Wayfair, Inc.* 0.625%, 10/01/25		308,934

	1,800,000	GBP	WH Smith, PLC 1.625%, 05/07/26		2,455,364

	200,000	EUR	Zalando, SE 0.050%, 08/06/25		295,390


					56,820,898


			*Consumer Staples (0.9%)*

	600,000		Carrefour, SAµ 0.000%, 03/27/24		616,722

	20,000,000	JPY	Nippn Corp. 0.000%, 06/20/25		183,301

	4,975,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		4,458,479

	179,000		Turning Point Brands, Inc. 2.500%, 07/15/24		213,896


					5,472,398


			*Energy (0.1%)*

	273,000		Pioneer Natural Resources Company 0.250%, 05/15/25		401,635

			SunEdison, Inc.@

	2,261,000		0.250%, 01/15/20		34,978

	275,000		2.000%, 10/01/18		4,254


					440,867


			*Financials (2.8%)*

	51,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCA 0.000%, 05/28/24		7,304,390

	192,000		Coinbase Global, Inc.*µ 0.500%, 06/01/26		193,857

	600,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		630,553

	100,000	GBP	Cornwall Jersey, Ltd. 0.750%, 04/16/26		127,648

	150,000		GSK Finance No 3, PLC*µ 0.000%, 06/22/23		151,514

			JPMorgan Chase Bank NAµ

	730,000		0.125%, 01/01/23*^		778,516

	200,000		0.000%, 08/07/22		235,672

	200,000	EUR	LEG Immobilien, SE 0.875%, 09/01/25		302,593

	200,000	EUR	Oliver Capital Sarl 0.000%, 12/29/23		259,741

	2,595,000		Realogy Group, LLC / Realogy Co-Issuer Corp.* 0.250%, 06/15/26		2,628,631


PRINCIPAL AMOUNT				VALUE

			SBI Holdings, Inc.

	240,000,000	JPY	0.000%, 07/25/25		$ 2,381,689

	20,000,000	JPY	0.000%, 09/13/23		187,696

	700,000	EUR	SGX Treasury I Pte, Ltd. 0.000%, 03/01/24		870,490

	210,000		Starwood Property Trust, Inc.µ 4.375%, 04/01/23		225,347


					16,278,337


			*Health Care (2.0%)*

	197,000		Bridgebio Pharma, Inc.*µ 2.250%, 02/01/29		180,032

	135,000		Coherus Biosciences, Inc.µ 1.500%, 04/15/26		135,171

	142,000		Dexcom, Inc.µ 0.250%, 11/15/25		161,924

	100,000	EUR	GN Store Nord AS 0.000%, 05/21/24		150,732

	205,000		Haemonetics Corp.*µ 0.000%, 03/01/26		174,172

	206,000		Halozyme Therapeutics, Inc.*µ 0.250%, 03/01/27		188,731

	73,000		Innoviva, Inc.µ 2.500%, 08/15/25		81,356

	232,000		Insulet Corp.µ 0.375%, 09/01/26		321,339

	167,000		Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		190,126

	2,706,000		Jazz Investments I, Ltd.µ 2.000%, 06/15/26		3,508,194

	2,740,000		LivaNova USA, Inc. 3.000%, 12/15/25		4,334,022

	30,000,000	JPY	Menicon Company, Ltd. 0.000%, 01/29/25		325,257

	181,000		NeoGenomics, Inc. 0.250%, 01/15/28		178,377

	143,000		Novocure, Ltd.* 0.000%, 11/01/25		170,342

	165,000		NuVasive, Inc. 0.375%, 03/15/25		160,593

	376,000		Oak Street Health, Inc.* 0.000%, 03/15/26		398,207

	145,000		Omnicell, Inc.* 0.250%, 09/15/25		228,405

			Pacira BioSciences, Inc.

	135,000		0.750%, 08/01/25		148,551

	26,000		2.375%, 04/01/22		27,765

	171,000		Tabula Rasa HealthCare, Inc. 1.750%, 02/15/26		164,466

	203,000		Teladoc Health, Inc. 1.250%, 06/01/27		218,666


					11,446,428


			*Industrials (3.1%)*

	250,000		Air Canadaµ 4.000%, 07/01/25		381,488

	2,700,000	EUR	Duerr, AG 0.750%, 01/15/26		4,194,900

	5,920,000		JetBlue Airways Corp.*µ~ 0.500%, 04/01/26		5,855,176

	2,781,000		John Bean Technologies Corp.*µ 0.250%, 05/15/26		2,999,003

	161,000		Middleby Corp.* 1.000%, 09/01/25		251,847


PRINCIPAL AMOUNT				VALUE

	2,623,000		Southwest Airlines Companyµ~ 1.250%, 05/01/25		$ 3,853,974

	393,000		Sunrun, Inc.*^ 0.000%, 02/01/26		350,937

	355,000		Uber Technologies, Inc.*^ 0.000%, 12/15/25		346,760

	200,000		Vinci, SA 0.375%, 02/16/22		224,820


					18,458,905


			*Information Technology (4.4%)*

	196,000		21Vianet Group, Inc.*^ 0.000%, 02/01/26		158,674

	400,000	AUD	Afterpay, Ltd. 0.000%, 03/12/26		249,025

	190,000		Akamai Technologies, Inc.µ 0.125%, 05/01/25		253,872

			Alteryx, Inc.µ

	165,000		1.000%, 08/01/26		152,925

	165,000		0.500%, 08/01/24		156,748

	188,000		Bill.com Holdings, Inc.*µ 0.000%, 12/01/25		273,262

	430,000		Coupa Software, Inc.µ 0.375%, 06/15/26		461,678

	162,000		CyberArk Software, Ltd.µ 0.000%, 11/15/24		185,025

	146,000		Datadog, Inc.µ 0.125%, 06/15/25		202,594

	207,000		Dropbox, Inc.*µ 0.000%, 03/01/28		233,148

	504,000	CAD	Dye & Durham, Ltd.* 3.750%, 03/01/26		409,025

	206,000		Enphase Energy, Inc.*µ 0.000%, 03/01/28		208,938

	411,000		Fastly, Inc.*µ 0.000%, 03/15/26		359,296

	142,000		Five9, Inc.µ 0.500%, 06/01/25		229,665

	2,400,000		Globalwafers Company, Ltd. 0.000%, 06/01/26		2,521,896

	175,000		LivePerson, Inc.* 0.000%, 12/15/26		189,476

	324,000		Lumentum Holdings, Inc. 0.500%, 12/15/26		356,371

	451,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		494,959

	418,000		MicroStrategy, Inc.* 0.000%, 02/15/27		309,813

	186,000		New Relic, Inc. 0.500%, 05/01/23		186,082

	200,000	EUR	Nexi S.p.A 1.750%, 04/24/27		291,654

	162,000		Nice, Ltd.*^ 0.000%, 09/15/25		183,885

	241,000		Okta, Inc.^ 0.125%, 09/01/25		351,682

	2,789,000		ON Semiconductor Corp.* 0.000%, 05/01/27		2,968,054

			Palo Alto Networks, Inc.

	190,000		0.750%, 07/01/23		293,592

	148,000		0.375%, 06/01/25		212,337

	173,000		Pegasystems, Inc. 0.750%, 03/01/25		196,365

	296,000		Repay Holdings Corp.* 0.000%, 02/01/26		294,857


PRINCIPAL AMOUNT				VALUE

	320,000		RingCentral, Inc.* 0.000%, 03/15/26		$ 315,507

	20,000,000	JPY	SCREEN Holdings Company, Ltd. 0.000%, 06/11/25		205,323

	3,344,000		Shift4 Payments, Inc.* 0.000%, 12/15/25		4,350,912

	68,000		Shopify, Inc. 0.125%, 11/01/25		89,663

	145,000		Silicon Laboratories, Inc. 0.625%, 06/15/25		196,930

	148,300	EUR	SOITEC 0.000%, 10/01/25		413,701

	190,000		Splunk, Inc.µ^ 1.125%, 09/15/25		229,837

	4,544,000		Square, Inc.*µ^ 0.250%, 11/01/27		5,361,693

	200,000		Tyler Technologies, Inc.* 0.250%, 03/15/26		228,768

	200,000		Win Semiconductors Corp. 0.000%, 01/14/26		203,370

	318,000		Wix.com, Ltd.* 0.000%, 08/15/25		347,510

	228,000		Workday, Inc. 0.250%, 10/01/22		369,143

	170,000		Workiva, Inc. 1.125%, 08/15/26		297,095

	265,000		Xero Investments, Ltd. 0.000%, 12/02/25		263,267

	308,000		Zendesk, Inc. 0.625%, 06/15/25		419,783

	145,000		Zscaler, Inc.µ 0.125%, 07/01/25		242,281


					25,919,681


			*Materials (0.7%)*

	750,000		BASF, SEµ 0.925%, 03/09/23		752,715

	2,565,000		Ivanhoe Mines, Ltd.*µ 2.500%, 04/15/26		3,208,841

	100,000	EUR	Symrise, AG 0.238%, 06/20/24		159,960

	10,000,000	JPY	Teijin, Ltd. 0.000%, 12/10/21		91,372


					4,212,888


			*Real Estate (1.1%)*

	200,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		377,688

	310,000		ESR Cayman, Ltd. 1.500%, 09/30/25		340,073

	400,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		493,095

	145,000		IH Merger Sub, LLCµ 3.500%, 01/15/22		259,406

			Redfin Corp.*

	2,815,000		0.500%, 04/01/27		2,710,817

	330,000		0.000%, 10/15/25		357,875

	20,000,000	JPY	Relo Group, Inc. 0.000%, 12/17/27		187,607

	1,400,000		Vingroup, JSC 3.000%, 04/20/26		1,505,084


					6,231,645


PRINCIPAL AMOUNT				VALUE

			*Utilities (0.1%)*

	2,120,000	EUR	Voltalia, SA 1.000%, 01/13/25		$ 806,286


			TOTAL CONVERTIBLE BONDS (Cost $158,990,201)		168,932,793


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

			*Other (0.1%)*

	342,000		U.S. Treasury Noteµ 1.750%, 07/15/22 (Cost $347,263)		347,457


	BANK LOANS (2.2%) ¡

			*Airlines (0.1%)*

	190,000		AAdvantage Loyalty IP, Ltd.‡ 5.500%, 04/20/28 3 mo. LIBOR + 4.75%		195,629

	284,288		United Airlines, Inc.‡ 4.500%, 04/21/28 1 mo. LIBOR + 3.75%		285,159


					480,788


			*Communication Services (0.6%)*

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

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

	139,231		Consolidated Communications, Inc.‡ 4.250%, 10/02/27 1 mo. LIBOR + 3.50%		138,935

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

	620,000		DIRECTV Financing, LLC! 0.000%, 07/21/27		619,538

	339,150		Frontier Communications Corp.‡ 4.500%, 05/01/28 3 mo. LIBOR + 3.75%		339,576

	170,000		Frontier Communications Corp.! 0.000%, 05/01/28		170,213

	235,081		iHeartCommunications, Inc.‡ 3.092%, 05/01/26 1 mo. LIBOR + 3.00%		232,289

	631,800		Intelsat Jackson Holdings, SA@ 8.625%, 01/02/24		644,550

	415,000		Intelsat Jackson Holdings, SA‡@ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		423,744


					3,268,341


			*Consumer Discretionary (0.4%)*

	110,000		At Home Group, Inc.! 0.000%, 06/24/28		110,137

	55,000		At Home Group, Inc.‡ 4.750%, 06/24/28 3 mo. LIBOR + 4.25%		55,069


PRINCIPAL AMOUNT			VALUE

	223,875	Life Time Fitness, Inc.‡ 5.750%, 12/16/24 3 mo. LIBOR + 4.75%		$ 224,016

	318,368	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		325,466

	394,013	Petco Health and Wellness Company, Inc.‡ 4.000%, 03/03/28 3 mo. LIBOR + 3.25%		392,750

	445,000	PetSmart, Inc.‡ 4.500%, 02/12/28 6 mo. LIBOR + 3.75%		445,389

	167,680	Rent-A-Center, Inc.‡ 4.750%, 02/17/28 1 mo. LIBOR + 4.00%		168,518

	85,000	Rent-A-Center, Inc.! 0.000%, 02/17/28		85,425

	201,700	TKC Holdings, Inc.! 0.000%, 05/15/28		199,620

	55,800	TKC Holdings, Inc.‡ 6.500%, 05/15/28 3 mo. LIBOR + 5.50%		55,225

	385,000	WW International, Inc.‡ 4.000%, 04/13/28 1 mo. LIBOR + 3.500%		384,640


				2,446,255


		*Consumer Staples (0.0%)*

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


		*Energy (0.0%)*

	274,013	Par Pacific Holdings, Inc.‡ 6.870%, 01/12/26 3 mo. LIBOR + 6.75%		272,644


		*Financials (0.1%)*

	300,000	Jazz Financing Lux Sarl‡ 4.000%, 05/05/28 1 mo. LIBOR + 3.50%		300,750


		*Health Care (0.5%)*

	699,323	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		677,798

	275,617	Endo Luxembourg Finance Company I Sarl‡ 5.750%, 03/27/28 3 mo. LIBOR + 5.00%		269,863

	363,457	Gentiva Health Services, Inc.‡ 2.875%, 07/02/25 1 mo. LIBOR + 2.75%		362,550

	104,071	Icon Luxembourg Sarl! 0.000%, 07/03/28		103,978

	80,054	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		79,983

	25,929	Icon Luxembourg Sarl! 0.000%, 07/03/28		25,906

	19,946	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		19,928


PRINCIPAL AMOUNT			VALUE

	302,181	Mallinckrodt International Finance, SA‡ 6.000%, 09/24/24 6 mo. LIBOR + 5.25%		$ 294,565

	250,000	Padagis, LLC‡ 5.250%, 07/06/28 3 mo. LIBOR + 4.75%		250,781

	603,330	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		585,513


				2,670,865


		*Industrials (0.3%)*

	110,000	ACProducts, Inc.‡ 4.750%, 05/05/28 6 mo. LIBOR + 4.25%		109,459

	140,000	Air Canada! 0.000%, 07/28/28		140,409

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

	217,800	BW Gas & Convenience Holdings, LLC‡ 4.000%, 03/17/28 1 mo. LIBOR + 3.50%		218,344

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

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

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

	423,435	Scientific Games International, Inc.‡ 2.842%, 08/14/24 1 mo. LIBOR + 2.75%		417,761

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


				2,062,981


		*Information Technology (0.2%)*

	140,000	AP Core Holdings II, LLC! 0.000%, 07/21/27		139,563

	304,129	Banff Merger Sub, Inc.‡ 3.842%, 10/02/25 1 mo. LIBOR + 3.75%		301,983

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

	154,225	Camelot U.S. Acquisition 1 Company‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		154,394

	288,031	VFH Parent, LLC‡ 3.085%, 03/01/26 1 mo. LIBOR + 3.00%		286,334


				1,209,485


PRINCIPAL AMOUNT			VALUE

		*Materials (0.0%)*

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


		TOTAL BANK LOANS (Cost $13,055,223)		13,008,322

NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (9.9%)

		*Communication Services (1.3%)*

	5,907	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		7,474,305


		*Consumer Discretionary (1.8%)*

	55,100	Aptiv, PLCµ 5.500%, 06/15/23		10,345,576


		*Energy (0.0%)*

	5	Gulfport Energy Operating Corp. 10.000%, 08/30/21 15.000% PIK rate		24,625


		*Financials (1.2%)*

	162,700BRL	Banco Bradesco, SA 0.000%		757,543

	417	Bank of America Corp.µ‡‡ 7.250%		616,972

	60,618	KKR & Company, Inc.µ^ 6.000%, 09/15/23		5,033,719

	413	Wells Fargo & Company‡ ‡‡ 7.500%		624,667


				7,032,901


		*Health Care (1.8%)*

	2,030	Avantor, Inc.µ 6.250%, 05/15/22		234,769

	5,293	Danaher Corp.µ 4.750%, 04/15/22		10,547,626


				10,782,395


		*Industrials (1.7%)*

	27,200	Clarivate, PLC 5.250%, 06/01/24		2,472,480

	62,608	Stanley Black & Decker, Inc.µ^ 5.250%, 11/15/22		7,387,744


				9,860,224


		*Information Technology (0.8%)*

	2,971	Broadcom, Inc.µ~ 8.000%, 09/30/22		4,588,234


		*Utilities (1.3%)*

	27,395	AES Corp.µ 6.875%, 02/15/24		2,777,305

	3,391	American Electric Power Company, Inc.µ 6.125%, 03/15/22		170,466

	3,250	DTE Energy Companyµ 6.250%, 11/01/22		166,725


NUMBER OF SHARES				VALUE

	4,476		Essential Utilities, Inc.µ 6.000%, 04/30/22		$ 271,469

			NextEra Energy, Inc.

	69,293		4.872%, 09/01/22		4,072,350

	4,936		6.219%, 09/01/23		256,129


					7,714,444


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $53,849,526)		57,822,704


	COMMON STOCKS (85.9%)

			*Communication Services (6.3%)*

	86,500		America Movil, SAB de CV - Class L^		1,440,225

	2,082		Cumulus Media, Inc. - Class A#		24,547

	25,500		Facebook, Inc. - Class A^#		9,085,650

	1		Frontier Communications Parent, Inc.^#		30

	3,555		Lumen Technologies, Inc.^		44,331

	3,555	KRW	NAVER Corp.		1,339,884

	96,000	EUR	Orange, SA		1,068,397

	4,895		Sea, Ltd.^#		1,351,803

	3,190	KRW	SK Telecom Company, Ltd.		835,569

	158,170		Tencent Holdings, Ltd.^		9,680,004

	29,100	HKD	Tencent Holdings, Ltd.		1,754,967

	1,176,545	GBP	Vodafone Group, PLC		1,891,828

	47,945		Walt Disney Company^~#		8,439,279


					36,956,514


			*Consumer Discretionary (10.9%)*

	79,000	HKD	Alibaba Group Holding, Ltd.#		1,929,397

	28,771		Alibaba Group Holding, Ltd.#		5,615,812

	431,500	MXN	Alsea, SAB de CV#		870,533

	4,465		Amazon.com, Inc.^#		14,857,692

	14,500	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		542,324

	2,300		Chipotle Mexican Grill, Inc. - Class A^#		4,285,912

	162,100	BRL	CVC Brasil Operadora e Agencia de Viagens, SA#		694,059

	22,850	INR	Dixon Technologies India, Ltd.#		1,323,689

	45,000		DR Horton, Inc.^		4,294,350

	39,000	TWD	Eclat Textile Company, Ltd.		851,486

	90,000		General Motors Company#		5,115,600

	6,035	KRW	Hyundai Motor Company		1,148,550

	304,800	INR	Indian Hotels Company, Ltd.		591,787

	19,400	INR	Jubilant Foodworks, Ltd.#		986,015

	179,000	HKD	Li Ning Company, Ltd.		1,890,475

	11,585	EUR	LVMH Moet Hennessy Louis Vuitton, SE		9,275,727

	23,370		MakeMyTrip, Ltd.^#		665,110

	640		MercadoLibre, Inc.#		1,003,968

	55,900	ZAR	Mr Price Group, Ltd.		831,333

	17,525		Newell Brands, Inc.^~		433,744

	534,000	HKD	Samsonite International, SA*#		993,934

	36,700	HKD	Shenzhou International Group Holdings, Ltd.		814,493

	4,430		Tesla, Inc.^#		3,044,296

	32,700		Trip.com Group, Ltd.#		847,911

	15,400	HKD	Yum China Holdings, Inc.µ		943,696


					63,851,893


NUMBER OF SHARES				VALUE

			*Consumer Staples (4.7%)*

	43,100		Celsius Holdings, Inc.#		$ 2,957,953

	117,775		Coca-Cola Company^		6,716,708

	12,900		Costco Wholesale Corp.		5,543,388

	49,900	EUR	Danone, SA		3,670,319

	2,600	CNY	Kweichow Moutai Company, Ltd. - Class A		677,195

	70,494	HKD	L’Occitane International, SA		245,069

	81,100		Mondelez International, Inc. - Class A		5,130,386

	106,700	BRL	Raia Drogasil, SA		517,085

	96,250	INR	Varun Beverages, Ltd.		980,803

	300,700	MXN	Wal-Mart de Mexico, SAB de CV		990,639


					27,429,545


			*Energy (3.2%)*

	1,405		Bonanza Creek Energy, Inc.^		54,050

	11,178		Calfrac Well Services, Ltd.#		32,304

	70,100	CAD	Canadian Natural Resources, Ltd.		2,313,255

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

	770		Chesapeake Energy Corp.		41,619

	31,175		Chevron Corp.^~		3,173,927

	1,028		Denbury, Inc.#		67,550

	23,500		Devon Energy Corp.^~		607,240

	5,899		Diamond Offshore Drilling, Inc.#		34,952

	9,620		Energy Transfer, LP		94,853

	10,420		Enterprise Products Partners, LP		235,179

	1,826		EP Energy Corp.&#		180,774

	59,900		Exxon Mobil Corp.~		3,448,443

	1,462		Gulfport Energy Operating Corp.#		99,855

	13,835		Lonestar Resources US, Inc.#		136,275

	2,930		Magellan Midstream Partners, LP		136,538

	506		Oasis Petroleum, Inc.^		46,405

	33,900	INR	Reliance Industries, Ltd.		930,045

	82,300	GBP	Royal Dutch Shell, PLC		1,654,309

	93,075	EUR	Royal Dutch Shell, PLC - Class A		1,890,662

	98,974		Schlumberger, NV~		2,853,420

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

	4,900		Targa Resources Corp.		206,339

	4,287		Weatherford International, PLC#		74,765

	791		Whiting Petroleum Corp.#		37,098

	2,500		Williams Companies, Inc.^		62,625


					18,673,779


			*Financials (14.4%)*

	87,600	HKD	AIA Group, Ltd.		1,048,201

	406,550	IDR	Bank Central Asia, Tbk PT		839,264

	761,400	IDR	Bank Jago, Tbk PT#		944,909

	223,200		Bank of America Corp.~		8,561,952

	625,000	TWD	Cathay Financial Holding Company, Ltd.		1,216,445

	74,300	TWD	Chailease Holding Company, Ltd.		616,588

	222,500	HKD	China Merchants Bank Company, Ltd. - Class H		1,692,680

	282,400	ZAR	FirstRand, Ltd.		1,047,574

	134,800	MXN	Grupo Financiero Banorte, SAB de CV - Class O		872,065

	24,950	KRW	Hana Financial Group, Inc.		941,329

	556,150	INR	HDFC Bank, Ltd.		10,691,774

	15,300	HKD	Hong Kong Exchanges & Clearing, Ltd.		977,818

	33,150	INR	Housing Development Finance Corp., Ltd.		1,091,911

	122,780		ICICI Bank, Ltd.^		2,282,480

	567,300	EUR	ING Groep, NV		7,278,852


NUMBER OF SHARES				VALUE

	1,314,000	EUR	Intesa Sanpaolo, S.p.A		$ 3,629,986

	218,825		Itau Unibanco Holding, SA^		1,262,620

	68,550		JPMorgan Chase & Company~		10,404,519

	219,000	THB	Kasikornbank PCL		681,519

	71,835		Morgan Stanley		6,894,723

	82,700	EUR	NN Group, NV		4,111,543

	16,300	HUF	OTP Bank Nyrt#		878,992

	53,700		Sberbank of Russia, PJSC		893,031

	61,950	INR	SBI Cards & Payment Services, Ltd.#		859,259

	32,600	KRW	Shinhan Financial Group Company, Ltd.		1,104,917

	304,570		UBS Group, AG^#		5,019,314

	182,625		Wells Fargo & Companyµ~		8,389,793


					84,234,058


			*Health Care (6.7%)*

	92,956	CNY	Aier Eye Hospital Group Company, Ltd. - Class A		848,791

	214,606		Alcon, Inc.^		15,623,317

	21,760		Eli Lilly & Company		5,298,560

	5,400	CHF	Lonza Group, AG		4,204,577

	81,600		Novo Nordisk, A/S		7,556,160

	7,900	CNY	Shenzhen Mindray Bio-Medical Electronics Company, Ltd. - Class A		479,289

	7,700		UnitedHealth Group, Inc.^		3,174,094

	135,000	HKD	Wuxi Biologics Cayman, Inc.*#		2,062,024


					39,246,812


			*Industrials (7.5%)*

	37,029	EUR	Alstom, SA#		1,535,827

	67,600	ZAR	Barloworld, Ltd.		498,675

	2,060		Boeing Company#		466,549

	89,000		CAE, Inc.#		2,717,170

	18,525		Caterpillar, Inc.		3,830,044

	10,500	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		901,110

	83,600	EUR	Deutsche Post, AG		5,665,669

	20,500	JPY	FANUC Corp.		4,591,335

	242,500		General Electric Company		3,140,375

	284,500	PHP	International Container Terminal Services, Inc.		885,008

	45,694		McDermott International, Inc.#		15,125

	48,500	EUR	Schneider Electric, SE		8,123,183

	71,000	HKD	Techtronic Industries Company, Ltd.		1,266,092

	17,265		Union Pacific Corp.		3,776,891

	73,850		INR Voltas, Ltd.		1,053,631

	36,500		Waste Management, Inc.µ		5,411,490


					43,878,174


			*Information Technology (25.0%)*

	22,560		Accenture, PLC - Class Aµ		7,166,861

	2,795	EUR	Adyen, NV*#		7,574,587

	86,400		Apple, Inc.^		12,602,304

	25,785		ASML Holding, NV^		19,770,391

	60,000	JPY	Canon, Inc.		1,381,684

	12,000	TWD	eMemory Technology, Inc.		564,412

	32,600	JPY	Fujitsu, Ltd.		5,546,251

	3,345		Globant, SA^#		799,990

	254,000	TWD	Hon Hai Precision Industry Company, Ltd.		1,003,737

	61,451		Infosys, Ltd.^		1,359,296

	16,800	JPY	Keyence Corp.		9,357,642


NUMBER OF SHARES				VALUE



	57,000	TWD	MediaTek, Inc.		$ 1,863,777

	60,450		Microsoft Corp.^~		17,222,809

	580,000	EUR	Nokia Oyj#		3,563,717

	59,695		NVIDIA Corp.		11,639,928

	101,770		Oracle Corp.~		8,868,238

	103,610	KRW	Samsung Electronics Company, Ltd.		7,080,333

	11,500	KRW	SK Hynix, Inc.		1,125,807

	1,305,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		27,273,842

	1,950		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		227,448

	125,953	BRL	TOTVS, SA		855,124


					146,848,178


			*Materials (6.4%)*

	154,500	EUR	ArcelorMittal, SA		5,395,978

	22,500	INR	Asian Paints, Ltd.		894,466

	154,000	CAD	Barrick Gold Corp.^		3,352,549

	881,900		Cemex, SAB de CV#		7,169,847

	72,500	EUR	CRH, PLC		3,623,481

	43,800	CAD	First Quantum Minerals, Ltd.		938,070

	1,445	KRW	LG Chem, Ltd.		1,061,358

	160,000	AUD	Newcrest Mining, Ltd.		3,092,407

	3,630	KRW	POSCO		1,154,546

	21,900		PPG Industries, Inc.		3,581,088

	107,550	INR	Tata Steel, Ltd.		2,078,518

	53,500	INR	UPL, Ltd.		580,299

	41,500		Vale, SA - Class B^		872,330

	918,300	CAD	Yamana Gold, Inc.		4,114,537


					37,909,474


			*Real Estate (0.4%)*

	1,600,200	PHP	Ayala Land, Inc.		1,046,845

	52,750	INR	Godrej Properties, Ltd.#		1,142,332


					2,189,177


			*Utilities (0.4%)*

	45,801	EUR	Engie, SA#		611,228

	10,500		Exelon Corp.		491,400

	29,000	EUR	RWE, AG		1,031,114

	1,576		Sempra Energy		205,905


					2,339,647


			TOTAL COMMON STOCKS (Cost $509,269,408)		503,557,251


	WARRANTS (0.0%) #

			*Energy (0.0%)*

	884		Chesapeake Energy Corp. 02/09/26, Strike $32.13		22,100

	796		Chesapeake Energy Corp. 02/09/26, Strike $27.63		22,790

	491		Chesapeake Energy Corp. 02/09/26, Strike $36.18		10,586

	1,446		Denbury, Inc. 09/18/25, Strike $32.59		48,051

	534		Denbury, Inc. 09/18/23, Strike $35.41		15,993

	13,401		Mcdermott International, Ltd. 06/30/27, Strike $15.98		1

	12,061		Mcdermott International, Ltd. 06/30/27, Strike $12.33		1


NUMBER OF SHARES				VALUE


			TOTAL WARRANTS (Cost $284,653)		119,522


	PREFERRED STOCKS (0.4%)

			*Communication Services (0.1%)*

	9,750		United States Cellular Corp.µ 6.250%, 09/01/69		$ 270,855


			*Consumer Discretionary (0.2%)*

	1,597		Guitar Center, Inc.		181,459

	9,000	EUR	Porsche Automobil Holding, SE		974,080

	1,066		Qurate Retail, Inc.µ 8.000%, 03/15/31		115,640


					1,271,179


			*Energy (0.1%)*

	16,785		NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		391,090

	4,725		NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		119,023

	11,500		NuStar Logistics, LP‡ 6.860%, 01/15/43 3 mo. USD LIBOR + 6.73%		290,605


					800,718


			TOTAL PREFERRED STOCKS (Cost $2,862,734)		2,342,752


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (3.1%) #

			*Communication Services (1.4%)*

	62 16,706,086		Alphabet, Inc. Call, 01/21/22, Strike $1,500.00		7,462,630

	137 3,783,392		Sea, Ltd. Call, 01/21/22, Strike $300.00		333,595


					7,796,225


			*Consumer Discretionary (0.0%)*

			Alibaba Group Holding, Ltd.

	25 487,975		Call, 11/19/21, Strike $250.00		6,775

	12 234,228		Call, 11/19/21, Strike $220.00		9,000

	500 1,816,000		Coupang, Inc. Call, 01/21/22, Strike $45.00		137,500


					153,275


			*Energy (0.0%)*

	195 2,834,715		Pioneer Natural Resources Company Call, 09/17/21, Strike $170.00		34,125


			*Industrials (0.0%)*

	53 748,315	EUR	Schneider Electric, SE Call, 12/17/21, Strike 130.00		94,464



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		*Information Technology (0.1%)*

	95 5,905,485	Adobe, Inc. Call, 01/21/22, Strike $600.00	$	570,000

	550 2,775,300	Kraneshares Csi China Internet Call, 01/21/22, Strike $60.00		139,700


				709,700


		*Other (1.6%)*

		Invesco QQQ Trust Series

	2,625 95,699,625	Put, 01/21/22, Strike $298.00		1,550,063

	1,140 41,560,980	Put, 09/30/21, Strike $335.00		474,240

	895 32,629,015	Call, 01/21/22, Strike $347.00		2,902,037

	2,450 12,642,000	iShares MSCI Emerging Markets Put, 09/30/21, Strike $53.00		602,700

		SPDR S&P 500 ETF Trust

	2,075 90,990,825	Put, 01/21/22, Strike $378.00		1,645,475

	945 41,439,195	Put, 09/30/21, Strike $405.00		406,350

	530 23,241,030	Call, 01/21/22, Strike $440.00		996,930

	2,325 6,689,025	VanEck Vectors Russia ETF Call, 01/21/22, Strike $27.00		639,375

	750 2,824,500	Xtrackers Harvest CSI 300 China A ETF Call, 01/21/22, Strike $40.00		94,500


				9,311,670


		TOTAL PURCHASED OPTIONS (Cost $13,293,157)		18,099,459


	TOTAL INVESTMENTS (144.5%) (Cost $831,493,385)			847,217,378


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-11.1%)			(65,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-33.4%)			(195,917,092	)


	NET ASSETS (100.0%)			$586,300,286


	WRITTEN OPTIONS (-1.0%) #

		*Other (-1.0%)*

	895 32,629,015	Invesco QQQ Trust Series Call, 01/21/22, Strike $331.00		(3,974,695	)

	530 23,241,030	SPDR S&P 500 ETF Trust Call, 01/21/22, Strike $420.00		(1,729,390	)


		TOTAL WRITTEN OPTIONS (Premium $3,063,195)		(5,704,085	)


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 $91,887,324.
^		Security, or portion of security, is on loan.
@		In default status and considered non-income producing.
&		Illiquid security.
‡		Variable rate security. The rate shown is the rate in effect at July 31, 2021.
~		Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $26,353,594.
¡		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.

FOREIGN CURRENCY ABBREVIATIONS
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNY		Chinese Yuan Renminbi
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
PHP		Philippine Peso
THB		Thai Baht
TWD		New Taiwan Dollar
ZAR		South African Rand

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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, 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.


Cost basis of investments				$828,430,190

Gross unrealized appreciation				97,871,209


Gross unrealized depreciation				(84,788,106)

Net unrealized appreciation (depreciation)				$13,083,103


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	$	588,953,623		70.0%
European Monetary Unit		85,003,204		10.1%
New Taiwan Dollar		33,390,287		4.0%
Japanese Yen		24,689,490		2.9%
Hong Kong Dollar		24,210,098		2.9%
Indian Rupee		23,204,529		2.8%
South Korean Won		15,792,293		1.9%
Canadian Dollar		15,585,915		1.9%
British Pound Sterling		6,266,448		0.7%
Swiss Franc		4,416,098		0.5%
Chinese Yuan Renminbi		3,448,709		0.4%
Australian Dollar		3,341,432		0.4%
Brazilian Real		2,823,811		0.3%
Mexican Peso		2,733,237		0.3%
South African Rand		2,377,582		0.3%
Philippine Peso		1,931,853		0.2%
Indonesian Rupiah		1,784,173		0.2%
Hungarian Forint		878,992		0.1%
Thai Baht		681,519		0.1%

Total Investments Net of Written Options	$	841,513,293		100.0%
Currency exposure may vary over time.