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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (16.0%)

		*Airlines (0.3%)*
	317,532	Air Canada Pass Through Trust
		Series 2015-1, Class B*
		3.875%, 09/15/24	$	316,296
	49,167	Air Canada Pass Through Trust
		Series 2015-2, Class B*
		5.000%, 06/15/25		47,929
	219,238	Alaska Airlines Pass Through
		Trust Series 2020-1, Class A*µ
		4.800%, 02/15/29		214,031
	132,190	Alaska Airlines Pass Through
		Trust Series 2020-1, Class B*
		8.000%, 02/15/27		134,837
	239,632	British Airways Pass Through
		Trust Series 2021-1, Class B*
		3.900%, 03/15/33		204,895
	170,926	JetBlue Pass Through Trust
		Series 2020-1, Class B
		7.750%, 05/15/30		168,731
	276,000	Spirit Loyalty Cayman, Ltd. /
		Spirit IP Cayman, Ltd.*
		8.000%, 09/20/25		282,184
	100,841	United Airlines Pass Through
		Trust Series 2019-2, Class B
		3.500%, 11/01/29		90,591

				1,459,494


		*Communication Services (1.6%)*
	250,000	Altice France, SA*
		5.500%, 10/15/29		197,782
	260,000	APi Group DE, Inc.*
		4.750%, 10/15/29		234,762
	335,000	Arrow Bidco, LLC*
		9.500%, 03/15/24		336,913
	225,000	Ashtead Capital, Inc.*
		2.450%, 08/12/31		181,798
		Audacy Capital Corp.*
	273,000	6.750%, 03/31/29		49,061
	100,000	6.500%, 05/01/27		17,411
	169,000	Beasley Mezzanine Holdings, LLC*
		8.625%, 02/01/26		110,526
	166,000	Cincinnati Bell Telephone
		Company, LLC
		6.300%, 12/01/28		149,539
	55,000	CMG Media Corp.*
		8.875%, 12/15/27		43,105
	330,000	Consolidated Communications, Inc.*
		6.500%, 10/01/28		269,775
		CSC Holdings, LLC*
	400,000	4.625%, 12/01/30		237,008
	335,000	5.375%, 02/01/28		281,849
	300,000	5.750%, 01/15/30		189,618
	200,000	5.500%, 04/15/27		176,310
	200,000	4.500%, 11/15/31		147,568
		Diamond Sports Group, LLC /
		Diamond Sports Finance
		Company*
	180,000	6.625%, 08/15/27		3,776
	151,000	5.375%, 08/15/26		11,160


PRINCIPAL AMOUNT			VALUE
	302,000	Directv Financing, LLC / Directv
		Financing Co-Obligor, Inc.*
		5.875%, 08/15/27	$	274,023
	153,000	Embarq Corp.
		7.995%, 06/01/36		73,920
	225,000	Frontier California, Inc.
		6.750%, 05/15/27		213,282
		Frontier Communications Holdings, LLC*
	140,000	5.000%, 05/01/28		127,168
	54,000	8.750%, 05/15/30		55,984
	242,000	Frontier Florida, LLC@
		6.860%, 02/01/28		225,120
	330,000	Frontier North, Inc.@
		6.730%, 02/15/28		305,586
		Go Daddy Operating Company,
		LLC / GD Finance Company, Inc.*
	195,000	3.500%, 03/01/29		168,919
	69,000	5.250%, 12/01/27		66,911
	80,000	Hughes Satellite Systems Corp.
		5.250%, 08/01/26		78,108
		Intelsat Jackson Holdings, SA@&
	170,000	9.750%, 07/15/25*		—
	130,000	5.500%, 08/01/23		—
	265,000	LCPR Senior Secured Financing DAC*
		6.750%, 10/15/27		258,285
	155,317	Ligado Networks, LLC*
		15.500%, 11/01/23
		15.500% PIK rate		54,386
		Lumen Technologies, Inc.
	341,000	7.600%, 09/15/39		230,840
	108,000	4.500%, 01/15/29*		72,682
	109,000	Match Group Holdings II, LLC*
		3.625%, 10/01/31		87,581
	200,000	Netflix, Inc.*
		4.875%, 06/15/30		198,252
	105,000	Paramount Global‡
		6.375%, 03/30/62
		5 year CMT + 4.00%		91,468
		Scripps Escrow II, Inc.*
	111,000	3.875%, 01/15/29		93,289
	56,000	5.375%, 01/15/31		45,226
	210,000	Scripps Escrow, Inc.*
		5.875%, 07/15/27		187,713
		Sirius XM Radio, Inc.*
	165,000	4.000%, 07/15/28		146,898
	110,000	3.125%, 09/01/26		99,289
	54,000	3.875%, 09/01/31		44,484
	115,000	Spanish Broadcasting System, Inc.*
		9.750%, 03/01/26		67,994
	190,000	Stagwell Global, LLC*
		5.625%, 08/15/29		166,733
	215,000	Telecom Italia Capital, SA
		6.000%, 09/30/34		172,783
	219,000	Telesat Canada / Telesat, LLC*
		4.875%, 06/01/27		100,790
	85,000	Time Warner Cable, LLC
		7.300%, 07/01/38		91,410
	355,000	United States Cellular Corp.
		6.700%, 12/15/33		330,398

				6,767,483


PRINCIPAL AMOUNT			VALUE

		*Consumer Discretionary (3.0%)*
	265,000	Abercrombie & Fitch Management
		Company*^
		8.750%, 07/15/25	$	267,984
	230,000	American Axle & Manufacturing, Inc.^
		6.875%, 07/01/28		209,847
		Ashton Woods USA, LLC / Ashton
		Woods Finance Company*
	190,000	4.625%, 08/01/29		158,770
	139,000	6.625%, 01/15/28		127,241
	267,000	At Home Group, Inc.*^
		4.875%, 07/15/28		195,305
		Bath & Body Works, Inc.
	292,000	6.694%, 01/15/27		294,359
	270,000	6.875%, 11/01/35		249,191
		Caesars Entertainment, Inc.*
	136,000	4.625%, 10/15/29^		116,290
	112,000	8.125%, 07/01/27^		113,777
	112,000	6.250%, 07/01/25		111,655
		Carnival Corp.*
	112,000	10.500%, 02/01/26		117,273
	56,000	7.625%, 03/01/26^		51,021
	260,000	Carriage Services, Inc.*
		4.250%, 05/15/29		214,162
	165,000	Carvana Company*
		4.875%, 09/01/29		73,706
		CCO Holdings, LLC / CCO
		Holdings Capital Corp.*
	470,000	5.125%, 05/01/27		448,333
	250,000	6.375%, 09/01/29		241,468
	245,000	4.750%, 03/01/30		214,453
	215,000	4.250%, 02/01/31		179,258
	125,000	5.000%, 02/01/28		116,753
	125,000	4.500%, 08/15/30		106,954
	108,000	4.750%, 02/01/32		91,890
	108,000	CDI Escrow Issuer, Inc.*
		5.750%, 04/01/30		102,486
	207,000	Cedar Fair, LP^
		5.250%, 07/15/29		190,840
		Dana, Inc.
	175,000	4.250%, 09/01/30		148,902
	109,000	4.500%, 02/15/32		91,983
		DISH DBS Corp.
	275,000	5.250%, 12/01/26*		237,144
	209,000	7.750%, 07/01/26		169,831
	133,000	7.375%, 07/01/28		95,777
	110,000	5.125%, 06/01/29		70,131
	220,000	DISH Network Corp.*
		11.750%, 11/15/27		228,378
	200,000	Empire Resorts, Inc.*
		7.750%, 11/01/26		164,094
	238,000	Everi Holdings, Inc.*
		5.000%, 07/15/29		215,538
	220,000	Ford Motor Company
		6.100%, 08/19/32		216,110
		Ford Motor Credit Company, LLC
	410,000	7.350%, 11/04/27		430,434
	350,000	4.000%, 11/13/30		305,942
	315,000	4.134%, 08/04/25		301,272
	300,000	5.113%, 05/03/29		284,625
	200,000	7.350%, 03/06/30		210,214
		Gap, Inc.*
	82,000	3.875%, 10/01/31^		61,498
	11,000	3.625%, 10/01/29		8,465


PRINCIPAL AMOUNT			VALUE
		goeasy, Ltd.*
	350,000	5.375%, 12/01/24	$	335,864
	208,000	4.375%, 05/01/26		186,853
	277,000	Goodyear Tire & Rubber
		Company^
		5.000%, 07/15/29		244,505
	93,000	Group 1 Automotive, Inc.*
		4.000%, 08/15/28		81,828
	326,000	Guitar Center, Inc.*&^
		8.500%, 01/15/26		285,191
	345,000	International Game Technology, PLC*
		6.250%, 01/15/27		346,911
	220,000	Liberty Interactive, LLC
		8.250%, 02/01/30		103,899
		Life Time, Inc.*
	169,000	8.000%, 04/15/26^		164,374
	110,000	5.750%, 01/15/26		106,462
	139,000	Lindblad Expeditions, LLC*
		6.750%, 02/15/27		136,302
	140,000	M/I Homes, Inc.
		3.950%, 02/15/30		117,947
		Macy’s Retail Holdings, LLC
	230,000	6.700%, 07/15/34*		194,543
	136,000	5.875%, 03/15/30*		124,577
	110,000	4.300%, 02/15/43		68,313
	260,000	Mclaren Finance, PLC*
		7.500%, 08/01/26		196,934
	287,000	Midwest Gaming Borrower, LLC /
		Midwest Gaming Finance Corp.*
		4.875%, 05/01/29		254,124
	294,000	Mohegan Tribal Gaming
		Authority*
		8.000%, 02/01/26		278,824
		Newell Brands, Inc.^
	55,000	6.375%, 09/15/27		55,364
	27,000	6.625%, 09/15/29		27,400
		Nordstrom, Inc.
	110,000	5.000%, 01/15/44^		74,133
	105,000	4.250%, 08/01/31		79,067
	250,000	Penn Entertainment, Inc.*^
		4.125%, 07/01/29		207,453
	305,000	Premier Entertainment Sub, LLC /
		Premier Entertainment Finance
		Corp.*^
		5.625%, 09/01/29		222,254
	553,000	Rite Aid Corp.*
		8.000%, 11/15/26		309,000
	320,000	Simmons Foods, Inc. / Simmons
		Prepared Foods, Inc. / Simmons
		Pet Food, Inc. / Simmons Feed*
		4.625%, 03/01/29		271,808
	241,000	Sonic Automotive, Inc.*^
		4.625%, 11/15/29		200,608
	131,000	Speedway Motorsports, LLC /
		Speedway Funding II, Inc.*
		4.875%, 11/01/27		123,061
	455,000	Station Casinos, LLC*
		4.500%, 02/15/28		410,010
	128,000	Taylor Morrison Communities, Inc.*
		5.750%, 01/15/28		124,312
	55,000	Viking Cruises, Ltd.*
		13.000%, 05/15/25		58,373
	260,000	Vista Outdoor, Inc.*
		4.500%, 03/15/29		210,808


PRINCIPAL AMOUNT			VALUE
	55,000	Williams Scotsman International, Inc.*
		4.625%, 08/15/28	$	51,010

				12,885,466


		*Consumer Staples (0.7%)*
	251,000	Central Garden & Pet Company*
		4.125%, 04/30/31		210,878
	245,000	Edgewell Personal Care
		Company*
		4.125%, 04/01/29		213,650
		Energizer Holdings, Inc.*
	307,000	4.375%, 03/31/29		266,553
	54,000	6.500%, 12/31/27		52,790
		JBS USA LUX, SA / JBS USA
		Food Company / JBS USA
		Finance, Inc.*
	320,000	5.500%, 01/15/30		311,174
	245,000	5.125%, 02/01/28		240,335
	80,000	5.750%, 04/01/33		78,800
	174,000	New Albertsons, LP
		7.750%, 06/15/26		177,222
	217,000	Performance Food Group, Inc.*
		4.250%, 08/01/29		193,900
	250,000	PetSmart, Inc. / PetSmart Finance
		Corp.*
		4.750%, 02/15/28		232,328
		Pilgrim’s Pride Corp.*
	165,000	4.250%, 04/15/31		143,233
	140,000	5.875%, 09/30/27		139,010
	110,000	Post Holdings, Inc.*
		5.750%, 03/01/27		108,556
	209,000	Prestige Brands, Inc.*
		3.750%, 04/01/31		177,564
	245,000	United Natural Foods, Inc.*^
		6.750%, 10/15/28		236,810
	342,000	Vector Group, Ltd.*
		5.750%, 02/01/29		298,819

				3,081,622


		*Energy (1.9%)*
	211,000	Antero Resources Corp.*
		5.375%, 03/01/30		196,973
	223,000	Apache Corp.
		5.100%, 09/01/40		194,848
		Buckeye Partners, LP
	140,000	3.950%, 12/01/26		128,615
	135,000	5.850%, 11/15/43		103,868
	305,000	Callon Petroleum Company*
		7.500%, 06/15/30		295,441
	112,000	Cheniere Energy, Inc.
		4.625%, 10/15/28		106,822
	167,000	Chesapeake Energy Corp.*
		6.750%, 04/15/29		164,934
		Continental Resources, Inc.*
	165,000	2.875%, 04/01/32		129,548
	100,000	5.750%, 01/15/31		98,283
	290,000	DCP Midstream Operating, LP*‡
		5.850%, 05/21/43
		3 mo. USD LIBOR + 3.85%		287,251
	3,142	Diamond Foreign Asset Company
		/ Diamond Finance, LLC
		9.000%, 04/22/27
		13.000% PIK rate		3,041
	169,000	DT Midstream, Inc.*
		4.125%, 06/15/29		149,252


PRINCIPAL AMOUNT			VALUE
	327,000	Earthstone Energy Holdings, LLC*
		8.000%, 04/15/27	$	319,322
	120,000	Enbridge, Inc.‡
		7.375%, 01/15/83
		5 year CMT + 3.71%		120,193
		Energy Transfer, LP‡
	320,000	7.831%, 11/01/66
		3 mo. USD LIBOR + 3.02%		259,341
	162,000	6.500%, 11/15/26
		5 year CMT + 5.69%		152,879
		EnLink Midstream Partners, LP
	240,000	8.879%, 03/03/23‡
		3 mo. USD LIBOR + 4.11%		202,039
	224,000	4.850%, 07/15/26		217,898
	105,000	Enlink Midstream, LLC*^
		6.500%, 09/01/30		107,160
	250,000	EQM Midstream Partners, LP*
		7.500%, 06/01/27		250,945
		Genesis Energy, LP / Genesis
		Energy Finance Corp.
	173,000	6.250%, 05/15/26		166,014
	53,000	8.875%, 04/15/30		53,898
		Gulfport Energy Corp.
	215,000	6.375%, 05/15/25&		—
	150,000	8.000%, 05/17/26*		149,028
	65,708	8.000%, 05/17/26		65,282
	250,000	Hilcorp Energy I, LP / Hilcorp
		Finance Company*
		6.000%, 04/15/30		234,302
	163,000	Howard Midstream Energy
		Partners, LLC*
		6.750%, 01/15/27		159,137
	217,000	Magnolia Oil & Gas Operating,
		LLC / Magnolia Oil & Gas Finance Corp.*
		6.000%, 08/01/26		210,217
		Moss Creek Resources Holdings, Inc.*
	135,000	10.500%, 05/15/27		131,285
	90,000	7.500%, 01/15/26		83,226
	200,000	MPLX, LP‡
		6.875%, 02/15/23
		3 mo. USD LIBOR + 4.65%		200,128
	105,000	Nabors Industries, Inc.*
		7.375%, 05/15/27		105,219
		New Fortress Energy, Inc.*
	221,000	6.750%, 09/15/25		212,286
	113,000	6.500%, 09/30/26		104,435
	200,000	Par Petroleum, LLC / Par
		Petroleum Finance Corp.*
		7.750%, 12/15/25		197,606
	230,000	Parkland Corp.*
		5.875%, 07/15/27		221,136
	213,000	Patterson-UTI Energy, Inc.
		5.150%, 11/15/29		198,997
	270,000	Plains All American Pipeline, LP‡
		8.716%, 03/03/23
		3 mo. USD LIBOR + 4.11%		244,318
	200,000	Rockcliff Energy II, LLC*
		5.500%, 10/15/29		190,686
		Southwestern Energy Company
	155,000	5.375%, 03/15/30		144,556
	109,000	4.750%, 02/01/32		96,163
	105,000	5.375%, 02/01/29		98,775
	54,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		48,199


PRINCIPAL AMOUNT			VALUE
	105,000	Transocean, Inc.*
		8.750%, 02/15/30	$	108,500
		Venture Global Calcasieu Pass, LLC*
	55,000	4.125%, 08/15/31		48,885
	55,000	3.875%, 08/15/29		49,115
	15,000	6.250%, 01/15/30		15,299
		Vital Energy, Inc.
	206,000	10.125%, 01/15/28		205,458
	108,000	9.500%, 01/15/25		109,075
	190,000	VOC Escrow, Ltd.*
		5.000%, 02/15/28		167,517
	135,000	W&T Offshore, Inc.*
		9.750%, 11/01/23		135,121
		Weatherford International, Ltd.*
	234,000	6.500%, 09/15/28		233,221
	155,000	8.625%, 04/30/30		156,428

				8,032,165


		*Financials (3.0%)*
		Acrisure, LLC / Acrisure Finance, Inc.*
	333,000	6.000%, 08/01/29		275,151
	292,000	7.000%, 11/15/25		278,375
	323,000	Aethon United BR, LP / Aethon
		United Finance Corp.*
		8.250%, 02/15/26		321,737
	363,000	AG Issuer, LLC*
		6.250%, 03/01/28		343,507
		Alliant Holdings Intermediate, LLC
		/ Alliant Holdings Co-Issuer*
	400,000	6.750%, 10/15/27		374,876
	55,000	5.875%, 11/01/29		47,991
	55,000	4.250%, 10/15/27		50,508
		Ally Financial, Inc.
	245,000	4.700%, 05/15/26‡
		5 year CMT + 3.87%		201,831
	175,000	8.000%, 11/01/31		192,313
	100,000	4.700%, 05/15/28‡
		7 year CMT + 3.48%		77,125
	439,000	AmWINS Group, Inc.*
		4.875%, 06/30/29		387,400
	200,000	AssuredPartners, Inc.*
		7.000%, 08/15/25		197,676
	248,000	Aviation Capital Group, LLC*µ
		3.500%, 11/01/27		222,806
		Avolon Holdings Funding, Ltd.*µ
	90,000	5.500%, 01/15/26		88,221
	85,000	3.950%, 07/01/24		82,493
	434,000	BroadStreet Partners, Inc.*
		5.875%, 04/15/29		383,652
		Brookfield Property REIT, Inc. /
		BPR Cumulus, LLC / BPR
		Nimbus, LLC / GGSI Sellco, LLC*
	430,000	4.500%, 04/01/27		379,720
	264,000	5.750%, 05/15/26		249,042
	200,000	Burford Capital Global Financial, LLC*
		6.875%, 04/15/30		183,030
	239,000	Castlelake Aviation Finance DAC*^
		5.000%, 04/15/27		218,929
		Credit Acceptance Corp.
	237,000	5.125%, 12/31/24*		223,076
	230,000	6.625%, 03/15/26^		210,583


PRINCIPAL AMOUNT			VALUE
	283,000	Enact Holdings, Inc.*
		6.500%, 08/15/25	$	279,196
	321,000	Global Net Lease, Inc. / Global
		Net Lease Operating Partnership, LP*
		3.750%, 12/15/27		271,341
	317,000	Greystar Real Estate Partners,
		LLC*
		5.750%, 12/01/25		313,285
		HUB International, Ltd.*
	330,000	7.000%, 05/01/26		328,696
	324,000	5.625%, 12/01/29^		291,882
		Icahn Enterprises, LP / Icahn
		Enterprises Finance Corp.
	164,000	4.375%, 02/01/29		143,087
	143,000	5.250%, 05/15/27		133,994
	500,000	ILFC E-Capital Trust II*‡
		6.538%, 12/21/65
		3 mo. USD LIBOR + 1.80%		337,605
	435,000	Iron Mountain, Inc.*
		5.250%, 03/15/28		414,068
	600,000	Jefferies Finance, LLC / JFIN Co-
		Issuer Corp.*
		5.000%, 08/15/28		513,414
		Ladder Capital Finance Holdings,
		LLLP / Ladder Capital Finance Corp.*
	387,000	5.250%, 10/01/25		372,878
	109,000	4.750%, 06/15/29		90,687
	311,000	LD Holdings Group, LLC*
		6.125%, 04/01/28		203,120
		Level 3 Financing, Inc.*
	418,000	3.875%, 11/15/29		339,257
	235,000	4.250%, 07/01/28		186,435
	162,000	LPL Holdings, Inc.*
		4.000%, 03/15/29		145,069
	487,000	MetLife, Inc.
		6.400%, 12/15/66		499,282
	300,000	Nationstar Mortgage Holdings, Inc.*
		5.500%, 08/15/28		262,428
		Navient Corp.
	493,000	5.000%, 03/15/27		450,696
	195,000	4.875%, 03/15/28		172,760
	250,000	Necessity Retail REIT, Inc. /
		American Finance Operating
		Partner, LP*
		4.500%, 09/30/28		192,313
		OneMain Finance Corp.
	150,000	3.875%, 09/15/28		126,540
	88,000	7.125%, 03/15/26		87,602
	110,000	Park Intermediate Holdings, LLC /
		PK Domestic Property, LLC / PK
		Finance Co-Issuer*
		5.875%, 10/01/28		101,885
	341,000	PHH Mortgage Corp.*
		7.875%, 03/15/26		312,182
	55,000	PNC Financial Services Group, Inc.µ‡
		6.000%, 05/15/27
		5 year CMT + 3.00%		54,644
	260,000	RHP Hotel Properties, LP / RHP
		Finance Corp.*
		4.500%, 02/15/29		232,703
		Rocket Mortgage, LLC / Rocket
		Mortgage Co-Issuer, Inc.*
	100,000	3.875%, 03/01/31		81,625


PRINCIPAL AMOUNT			VALUE
	100,000	3.625%, 03/01/29	$	84,502
	50,000	2.875%, 10/15/26		44,650
	227,000	StoneX Group, Inc.*
		8.625%, 06/15/25		230,219
	53,000	SVB Financial Group‡^
		4.000%, 05/15/26
		5 year CMT + 3.20%		42,632
		United Wholesale Mortgage, LLC*
	258,000	5.500%, 04/15/29		222,231
	105,000	5.750%, 06/15/27		94,653
	110,000	Uniti Group, LP / Uniti Group
		Finance, Inc. / CSL Capital, LLC*
		6.500%, 02/15/29		76,174
	250,000	VZ Secured Financing, BV*
		5.000%, 01/15/32		214,372
	237,000	XHR, LP*
		6.375%, 08/15/25		235,194

				13,173,343


		*Health Care (1.2%)*
		Bausch Health Companies, Inc.*
	398,000	11.000%, 09/30/28		312,685
	81,000	6.125%, 02/01/27		55,329
	78,000	14.000%, 10/15/30		50,378
		CHS/Community Health Systems, Inc.*
	435,000	6.125%, 04/01/30		264,297
	230,000	8.000%, 03/15/26		223,627
	127,000	6.875%, 04/15/29		80,442
	27,000	5.250%, 05/15/30		21,807
		DaVita, Inc.*
	433,000	4.625%, 06/01/30		365,071
	258,000	3.750%, 02/15/31		200,892
		Embecta Corp.*
	162,000	5.000%, 02/15/30		133,582
	52,000	6.750%, 02/15/30		46,907
		Encompass Health Corp.
	110,000	4.750%, 02/01/30		100,961
	110,000	4.500%, 02/01/28		102,799
	300,000	HCA, Inc.
		7.500%, 11/06/33		332,832
	200,000	Jazz Securities DAC*
		4.375%, 01/15/29		183,066
	119,000	Mallinckrodt International Finance,
		SA / Mallinckrodt CB, LLC*
		10.000%, 06/15/29		68,424
		Medline Borrower, LP*
	270,000	3.875%, 04/01/29		231,260
	267,000	5.250%, 10/01/29^		224,411
	400,000	Organon & Company / Organon
		Foreign Debt Co-Issuer, BV*
		5.125%, 04/30/31		360,764
	305,000	Team Health Holdings, Inc.*
		6.375%, 02/01/25		203,832
		Tenet Healthcare Corp.
	430,000	6.250%, 02/01/27		421,808
	295,000	6.875%, 11/15/31		273,450
		Teva Pharmaceutical Finance
		Netherlands III, BV
	495,000	6.000%, 04/15/24		494,297
	200,000	4.750%, 05/09/27		186,124
	100,000	3.150%, 10/01/26		89,773

				5,028,818


PRINCIPAL AMOUNT			VALUE

		*Industrials (2.5%)*
	260,000	ACCO Brands Corp.*
		4.250%, 03/15/29	$	225,118
	235,000	AerCap Holdings, NV‡
		5.875%, 10/10/79
		5 year CMT + 4.54%		225,069
	200,000	Air Lease Corp.‡
		4.125%, 12/15/26
		5 year CMT + 3.15%		155,550
		Albertsons Companies, Inc. /
		Safeway, Inc. / New Albertsons,
		LP / Albertsons, LLC*
	365,000	4.625%, 01/15/27		347,312
	216,000	3.500%, 03/15/29		186,443
	155,000	5.875%, 02/15/28		151,688
	250,000	Allegiant Travel Company*
		7.250%, 08/15/27		245,417
	55,000	American Airlines Group, Inc.*^
		3.750%, 03/01/25		51,466
	245,435	American Airlines Pass Through
		Trust Series 2021-1, Class B
		3.950%, 01/11/32		208,158
		American Airlines, Inc. /
		AAdvantage Loyalty IP, Ltd.*
	169,000	5.500%, 04/20/26		165,874
	56,000	5.750%, 04/20/29		54,263
	127,000	Arcosa, Inc.*
		4.375%, 04/15/29		113,556
	475,000	ARD Finance, SA*
		6.500%, 06/30/27
		7.250% PIK rate		373,269
	80,000	Ball Corp.
		6.875%, 03/15/28		82,645
	178,000	Beacon Roofing Supply, Inc.*
		4.125%, 05/15/29		153,489
	226,000	BWX Technologies, Inc.*
		4.125%, 04/15/29		204,537
	105,000	Cascades, Inc. / Cascades USA, Inc.*
		5.125%, 01/15/26		98,316
	57,000	Delta Air Lines, Inc.^
		7.375%, 01/15/26		59,694
	56,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
		4.750%, 10/20/28		54,490
	282,000	Deluxe Corp.*
		8.000%, 06/01/29		241,809
	108,000	Dun & Bradstreet Corp.*
		5.000%, 12/15/29		96,458
	163,000	Eco Material Technologies, Inc.*
		7.875%, 01/31/27		157,130
	275,000	Endurance International Group
		Holdings, Inc.*
		6.000%, 02/15/29		199,727
	140,000	EnerSys*
		4.375%, 12/15/27		129,469
	180,000	Fly Leasing, Ltd.*
		7.000%, 10/15/24		156,973
	135,000	Graham Packaging Company, Inc.*
		7.125%, 08/15/28		118,830
	140,000	Granite US Holdings Corp.*
		11.000%, 10/01/27		147,759
		Graphic Packaging International, LLC*
	102,000	3.500%, 03/01/29		89,924


PRINCIPAL AMOUNT			VALUE
	85,000	4.750%, 07/15/27	$	81,906
	236,000	Great Lakes Dredge & Dock Corp.*^
		5.250%, 06/01/29		199,307
	516,000	H&E Equipment Services, Inc.*
		3.875%, 12/15/28		455,680
	324,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		310,032
	270,000	Herc Holdings, Inc.*
		5.500%, 07/15/27		259,022
	200,000	Howmet Aerospace, Inc.
		5.125%, 10/01/24		199,756
	255,000	IEA Energy Services, LLC*
		6.625%, 08/15/29		250,532
	280,000	JELD-WEN, Inc.*
		4.625%, 12/15/25		248,133
	360,000	Ken Garff Automotive, LLC*
		4.875%, 09/15/28		310,518
	110,000	MasTec, Inc.*
		4.500%, 08/15/28		102,037
	170,000	Moog, Inc.*
		4.250%, 12/15/27		157,818
	232,000	Novelis Corp.*
		4.750%, 01/30/30		212,310
	80,000	OI European Group, BV*
		4.750%, 02/15/30		71,991
	255,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		229,528
	327,000	Patrick Industries, Inc.*
		4.750%, 05/01/29		279,820
		QVC, Inc.
	163,000	4.375%, 09/01/28		104,801
	110,000	5.450%, 08/15/34		65,049
		Sealed Air Corp.*
	163,000	6.125%, 02/01/28		164,581
	54,000	5.000%, 04/15/29		51,258
	210,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		179,762
		Sinclair Television Group, Inc.*
	167,000	4.125%, 12/01/30		132,955
	100,000	5.500%, 03/01/30^		79,868
	225,000	Standard Industries, Inc.* 5.000%, 02/15/27		214,529
	176,000	Stericycle, Inc.* 3.875%, 01/15/29		156,640
	166,000	STL Holding Company, LLC* 7.500%, 02/15/26		146,654
	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		198,438
		TransDigm, Inc.
	209,000	6.250%, 03/15/26*		209,136
	205,000	7.500%, 03/15/27		206,751
	162,000	Tronox, Inc.* 4.625%, 03/15/29		138,750
	217,000	Vertiv Group Corp.* 4.125%, 11/15/28		189,326
	228,000	Wabash National Corp.* 4.500%, 10/15/28		201,018
	250,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		232,783
		WESCO Distribution, Inc.*
	81,000	7.125%, 06/15/25		82,345
	67,000	7.250%, 06/15/28		68,960


PRINCIPAL AMOUNT			VALUE
	235,000	Williams Scotsman International, Inc.*
		6.125%, 06/15/25	$	236,168

				10,922,595


		*Information Technology (0.7%)*
	109,000	Booz Allen Hamilton, Inc.*
		4.000%, 07/01/29		98,006
	126,000	Coherent Corp.*
		5.000%, 12/15/29		115,402
	200,000	CommScope Technologies, LLC*
		6.000%, 06/15/25		189,698
	200,000	CommScope, Inc.*
		4.750%, 09/01/29		166,538
	210,000	Dell International, LLC / EMC Corp.µ
		6.020%, 06/15/26		216,094
	138,000	Fair Isaac Corp.*
		4.000%, 06/15/28		128,308
	245,000	KBR, Inc.*
		4.750%, 09/30/28		223,732
		MPH Acquisition Holdings, LLC*
	245,000	5.750%, 11/01/28^		178,314
	110,000	5.500%, 09/01/28		91,618
	113,000	NCR Corp.*
		5.125%, 04/15/29		98,424
	167,000	ON Semiconductor Corp.*
		3.875%, 09/01/28		152,511
		Open Text Corp.*
	204,000	3.875%, 02/15/28		177,519
	110,000	6.900%, 12/01/27		112,816
	81,000	3.875%, 12/01/29		67,518
	81,000	Open Text Holdings, Inc.*
		4.125%, 12/01/31		65,924
	113,000	Playtika Holding Corp.*
		4.250%, 03/15/29		93,965
	315,000	TTM Technologies, Inc.*^
		4.000%, 03/01/29		275,357
		Twilio, Inc.
	150,000	3.625%, 03/15/29		127,565
	57,000	3.875%, 03/15/31^		47,314
	275,000	Viavi Solutions, Inc.*
		3.750%, 10/01/29		240,048
	260,000	ZoomInfo Technologies, LLC /
		ZoomInfo Finance Corp.*
		3.875%, 02/01/29		224,523

				3,091,194


		*Materials (0.6%)*
	130,000	ArcelorMittal, SA
		7.000%, 10/15/39		140,782
	85,000	ATI, Inc.
		5.875%, 12/01/27		82,589
	55,000	Carpenter Technology Corp.
		7.625%, 03/15/30		56,515
	165,000	Chemours Company*
		4.625%, 11/15/29		137,957
	355,000	Clearwater Paper Corp.*
		4.750%, 08/15/28		317,739
		Commercial Metals Company
	108,000	4.125%, 01/15/30		96,995
	54,000	4.375%, 03/15/32		47,822
	250,000	Constellium, SE*^
		3.750%, 04/15/29		214,030
	167,000	HB Fuller Company
		4.250%, 10/15/28		148,077


PRINCIPAL AMOUNT			VALUE
	215,000	JW Aluminum Continuous Cast Company*
		10.250%, 06/01/26	$	218,606
		Kaiser Aluminum Corp.*
	245,000	4.625%, 03/01/28		224,253
	28,000	4.500%, 06/01/31		23,725
	153,000	LSF11 A5 HoldCo, LLC*
		6.625%, 10/15/29		127,793
	239,000	Mercer International, Inc.
		5.125%, 02/01/29		204,732
	335,000	Owens-Brockway Glass
		Container, Inc.*^
		6.625%, 05/13/27		329,821
	200,000	Silgan Holdings, Inc.
		4.125%, 02/01/28		187,126
	113,000	Trinseo Materials Operating SCA /
		Trinseo Materials Finance, Inc.*^
		5.125%, 04/01/29		81,751
	86,000	Univar Solutions USA, Inc.*
		5.125%, 12/01/27		83,656

				2,723,969


		*Other (0.1%)*
	224,000	1375209 B.C., Ltd.*
		9.000%, 01/30/28		223,409
		Gen Digital, Inc.*
	100,000	7.125%, 09/30/30		101,609
	100,000	6.750%, 09/30/27		101,541

				426,559


		*Real Estate (0.2%)*
	174,000	EPR Properties
		3.750%, 08/15/29		145,379
		Forestar Group, Inc.*
	187,000	5.000%, 03/01/28		164,465
	110,000	3.850%, 05/15/26		98,708
	248,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		206,641
		Service Properties Trust
	285,000	4.350%, 10/01/24		268,966
	105,000	5.250%, 02/15/26		91,082

				975,241


		*Special Purpose Acquisition Companies (0.1%)*
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	220,000	6.750%, 01/15/30		182,890
	107,000	4.625%, 01/15/29		94,510

				277,400


		*Utilities (0.1%)*
	79,000	PPL Capital Funding, Inc.‡ 7.395%, 03/30/67 3 mo. USD LIBOR + 2.67%		69,558
	260,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		244,642
		Vistra Corp.*‡
	110,000	8.000%, 10/15/26 5 year CMT + 6.93%		107,915


PRINCIPAL AMOUNT				VALUE
	105,000		7.000%, 12/15/26
			5 year CMT + 5.74%	$	99,099

					521,214


			TOTAL CORPORATE BONDS
			(Cost $74,298,005)		69,366,563


	CONVERTIBLE BONDS (30.3%)

			*Communication Services (1.6%)*
	200,000	EUR	America Movil, BV
			0.000%, 03/02/24		227,167
	325,000		Bharti Airtel, Ltd.*
			1.500%, 02/17/25		418,736
	100,000	EUR	Cellnex Telecom, SA
			1.500%, 01/16/26		142,916
	20,000,000	JPY	CyberAgent, Inc.
			0.000%, 02/19/25		162,223
			iQIYI, Inc.
	185,000		2.000%, 04/01/25		181,529
	179,000		4.000%, 12/15/26		156,625
			Liberty Media Corp.µ
	3,576,000		2.250%, 08/15/27*		3,761,344
	145,000		1.375%, 10/15/23		189,837
			Sea, Ltd.
	604,000		0.250%, 09/15/26		470,057
	238,000		2.375%, 12/01/25		253,318
			Snap, Inc.
	538,000		0.125%, 03/01/28*µ		386,628
	137,000		0.750%, 08/01/26^		127,361
	200,000		Xiaomi Best Time International, Ltd.
			0.000%, 12/17/27		170,966
	157,000		Zillow Group, Inc.µ
			1.375%, 09/01/26		187,029

					6,835,736


			*Consumer Discretionary (6.9%)*
	203,000		Airbnb, Inc. 03/15/26		174,649
	145,000		Booking Holdings, Inc.
			0.750%, 05/01/25		207,047
	2,263,000		Burlington Stores, Inc.
			2.250%, 04/15/25		2,805,192
	100,000	EUR	Delivery Hero, SE
			0.250%, 01/23/24		103,226
	430,000		DISH Network Corp.µ
			2.375%, 03/15/24		400,764
	410,000		DraftKings Holdings, Inc. 03/15/28		281,194
			Etsy, Inc.µ
	229,000		0.125%, 10/01/26		394,166
	161,000		0.125%, 09/01/27		166,270
	251,000		Farfetch, Ltd.µ
			3.750%, 05/01/27		221,234
			Flight Centre Travel Group, Ltd.
	3,400,000	AUD	2.500%, 11/17/27		2,429,192
	200,000	AUD	1.625%, 11/01/28		116,155
	11,210,000		Ford Motor Companyµ 03/15/26		11,413,125
	200,000	EUR	Global Fashion Group, SA
			1.250%, 03/15/28		168,941
	100,000	EUR	HelloFresh, SE
			0.750%, 05/13/25		96,637
	330,000,000	JPY	Kyoritsu Maintenance Company, Ltd.
			0.000%, 01/29/26		3,363,102
	235,000		Li Auto, Inc.
			0.250%, 05/01/28		267,522


PRINCIPAL AMOUNT				VALUE
	162,000		Liberty Broadband Corp.*µ
			2.750%, 09/30/50	$	158,796
	214,000		Lucid Group, Inc.*
			1.250%, 12/15/26		138,116
	296,000		MakeMyTrip, Ltd. 02/15/28		304,415
	920,000		Marriott Vacations Worldwide
			Corp.µ 01/15/26		994,207
	400,000		Meituan
			0.000%, 04/27/28		346,892
	40,000,000	JPY	Mercari, Inc.
			0.000%, 07/14/28		208,293
			Ocado Group, PLC
	100,000	GBP	0.875%, 12/09/25		96,419
	100,000	GBP	0.750%, 01/18/27		83,147
	339,000		Pinduoduo, Inc.
			0.000%, 12/01/25		328,013
	194,000		Royal Caribbean Cruises, Ltd.*
			6.000%, 08/15/25		297,138
	100,000	EUR	Shop Apotheke Europe, NV
			0.000%, 01/21/28		84,712
	162,000		Stride, Inc.µ
			1.125%, 09/01/27		168,716
	17,000		Tesla, Inc.
			2.000%, 05/15/24		142,210
	314,000		Vroom, Inc.
			0.750%, 07/01/26		110,440
			Wayfair, Inc.µ
	320,000		3.250%, 09/15/27*		384,317
	318,000		0.625%, 10/01/25		244,564
	168,000		1.000%, 08/15/26		128,636
	1,900,000	GBP	WH Smith, PLC
			1.625%, 05/07/26		2,155,934
	200,000	EUR	Zalando, SE
			0.050%, 08/06/25		197,270
	5,000,000	HKD	Zhongsheng Group Holdings, Ltd.
			0.000%, 05/21/25		757,912

					29,938,563


			*Consumer Staples (2.0%)*
	20,000,000	JPY	Nippn Corp.
			0.000%, 06/20/25		155,326
	4,675,000		Post Holdings, Inc.*
			2.500%, 08/15/27		5,101,407
	4,975,000	CAD	Premium Brands Holdings Corp.
			4.200%, 09/30/27		3,386,051

					8,642,784


			*Energy (0.5%)*
	1,661,000		Northern Oil And Gas, Inc.*
			3.625%, 04/15/29		1,898,141
	170,000		Pioneer Natural Resources Company
			0.250%, 05/15/25		400,787
			SunEdison, Inc.
	2,261,000		0.250%, 01/15/49*		22,610
	275,000		2.000%, 10/01/49		2,750

					2,324,288


			*Financials (2.6%)*
	41,000,000	HKD	Citigroup Global Markets Funding
			Luxembourg SCA
			0.000%, 07/25/24		5,068,195
	192,000		Coinbase Global, Inc.
			0.500%, 06/01/26		130,982
	600,000	EUR	Corestate Capital Holding, SA
			1.375%, 11/28/22		92,071


PRINCIPAL AMOUNT				VALUE
	100,000	GBP	Cornwall Jersey, Ltd.
			0.750%, 04/16/26	$	80,230
	100,000	EUR	JPMorgan Chase Bank NA
			0.000%, 02/18/24		113,801
	200,000	EUR	JPMorgan Chase Financial
			Company, LLC§ 01/14/25		222,464
	200,000	EUR	LEG Immobilien, SE
			0.875%, 09/01/25		204,750
	314,000		Morgan Stanley Finance, LLC
			1.000%, 11/23/27		331,663
	200,000	EUR	Oliver Capital Sarl
			0.000%, 12/29/23		234,013
	610,000,000	JPY	SBI Holdings, Inc.
			0.000%, 09/13/23		4,687,672
	210,000		Starwood Property Trust, Inc.µ
			4.375%, 04/01/23		209,567

					11,375,408


			*Health Care (2.0%)*
	969,000		Alnylam Pharmaceuticals, Inc.*
			1.000%, 09/15/27		1,036,636
	1,768,000		BioMarin Pharmaceutical, Inc.^
			0.599%, 08/01/24		1,953,446
	135,000		Coherus Biosciences, Inc.
			1.500%, 04/15/26		96,053
	172,000		CONMED Corp.*
			2.250%, 06/15/27		163,565
	2,220,000		Dexcom, Inc.
			0.250%, 11/15/25		2,340,435
	100,000	EUR	GN Store Nord AS
			0.000%, 05/21/24		100,977
	205,000		Haemonetics Corp.µ 03/01/26		175,783
			Halozyme Therapeutics, Inc.µ
	206,000		0.250%, 03/01/27		194,464
	170,000		1.000%, 08/15/28*		189,900
	73,000		Innoviva, Inc.µ
			2.500%, 08/15/25		73,022
	158,000		Insmed, Inc.µ
			0.750%, 06/01/28		140,614
	167,000		Integra LifeSciences Holdings Corp.µ
			0.500%, 08/15/25		163,236
	163,000		Ionis Pharmaceuticals, Inc.µ
			0.000%, 04/01/26		156,835
	156,000		Jazz Investments I, Ltd.µ
			2.000%, 06/15/26		183,994
	101,000		Lantheus Holdings, Inc.*µ
			2.625%, 12/15/27		108,395
	30,000,000	JPY	Menicon Company, Ltd.
			0.000%, 01/29/25		241,572
	181,000		NeoGenomics, Inc.
			0.250%, 01/15/28		121,065
	165,000		NuVasive, Inc.µ
			0.375%, 03/15/25		148,203
	376,000		Oak Street Health, Inc.µ 03/15/26		323,725
	145,000		Omnicell, Inc.µ
			0.250%, 09/15/25		132,537
	135,000		Pacira BioSciences, Inc.µ
			0.750%, 08/01/25		124,133
	163,000		Sarepta Therapeutics, Inc.*
			1.250%, 09/15/27		185,911
	171,000		Tabula Rasa HealthCare, Inc.µ
			1.750%, 02/15/26		137,778
	155,000		Tandem Diabetes Care, Inc.*µ
			1.500%, 05/01/25		141,614

					8,633,893


PRINCIPAL AMOUNT				VALUE

			*Industrials (4.0%)*
	400,000		ADM Ag Holding, Ltd.µ 08/26/23	$	394,572
	280,000,000	JPY	ANA Holdings, Inc.
			0.000%, 12/10/31		2,346,480
	1,300,000	EUR	Duerr, AG
			0.750%, 01/15/26		1,661,682
	196,000		John Bean Technologies Corp.µ^
			0.250%, 05/15/26		181,592
	161,000		Middleby Corp.µ
			1.000%, 09/01/25		210,456
	2,720,000		Parsons Corp.
			0.250%, 08/15/25		2,977,366
	3,000,000	EUR	Prysmian S.p.A
			0.000%, 02/02/26		3,478,272
	5,500,000	SGD	Singapore Airlines, Ltd.
			1.625%, 12/03/25		4,678,600
	176,000		Southwest Airlines Company~
			1.250%, 05/01/25		212,633
	393,000		Sunrun, Inc.µ 02/01/26		279,950
	630,000		ZTO Express Cayman, Inc.*
			1.500%, 09/01/27		701,625

					17,123,228


			*Information Technology (6.1%)*
	223,000		Affirm Holdings, Inc. 11/15/26		141,469
	190,000		Akamai Technologies, Inc.
			0.125%, 05/01/25		204,358
	200,000	EUR	BE Semiconductor Industries, NV
			1.875%, 04/06/29		211,277
			Bill.com Holdings, Inc.
	208,000		0.000%, 04/01/27		168,436
	94,000		0.000%, 12/01/25		98,730
	3,175,000		Block, Inc.
			0.125%, 03/01/25		3,244,945
	213,000		Confluent, Inc. 01/15/27		166,415
	356,000		Coupa Software, Inc.
			0.125%, 06/15/25		347,844
	6,252,000		CyberArk Software, Ltd. 11/15/24		6,890,454
	2,677,000		Datadog, Inc.
			0.125%, 06/15/25		2,937,044
	447,000		DigitalOcean Holdings, Inc.
			12/01/26		345,924
	207,000		Dropbox, Inc.µ 03/01/28		188,016
	381,000	CAD	Dye & Durham, Ltd.*
			3.750%, 03/01/26		228,004
	411,000		Fastly, Inc.µ 03/15/26		320,362
	357,000		Five9, Inc.µ
			0.500%, 06/01/25		338,168
	10,000,000	HKD	Kingsoft Corp, Ltd.
			0.625%, 04/29/25		1,382,973
	175,000		LivePerson, Inc.µ 12/15/26		130,515
	324,000		Lumentum Holdings, Inc.µ
			0.500%, 12/15/26		296,058
	451,000		Microchip Technology, Inc.µ^
			0.125%, 11/15/24		500,917
	418,000		MicroStrategy, Inc. 02/15/27		187,695
	447,000		NCL Corp. Ltd.µ
			1.125%, 02/15/27		342,295
	186,000		New Relic, Inc.µ
			0.500%, 05/01/23		183,617
	200,000	EUR	Nexi S.p.A
			1.750%, 04/24/27		189,767
	162,000		Nice, Ltd. 09/15/25		155,164
	413,000		Okta, Inc.µ
			0.125%, 09/01/25		365,348


PRINCIPAL AMOUNT				VALUE
	229,000		ON Semiconductor Corp.µ
			05/01/27	$	343,500
			Palo Alto Networks, Inc.
	190,000		0.750%, 07/01/23		340,431
	148,000		0.375%, 06/01/25µ		243,063
	173,000		Pegasystems, Inc.
			0.750%, 03/01/25		151,332
	296,000		Repay Holdings Corp.*
			0.000%, 02/01/26		238,398
	320,000		RingCentral, Inc. 03/15/26		257,962
	40,000,000	JPY	SCREEN Holdings Company, Ltd.
			0.000%, 06/11/25		327,922
	2,772,000		Shift4 Payments, Inc.µ 12/15/25		2,968,175
	145,000		Silicon Laboratories, Inc.µ
			0.625%, 06/15/25		199,546
	148,300	EUR	SOITEC 10/01/25		292,780
	190,000		Splunk, Inc.µ
			1.125%, 09/15/25		187,562
	200,000		Tyler Technologies, Inc.µ
			0.250%, 03/15/26		190,124
	223,000		Unity Software, Inc.µ 11/15/26		172,406
	200,000		Win Semiconductors Corp.
			0.000%, 01/14/26		175,274
	318,000		Wix.com, Ltd. 08/15/25		274,021
	170,000		Workiva, Inc.µ
			1.125%, 08/15/26		214,674
	265,000		Xero Investments, Ltd.
			0.000%, 12/02/25		219,444
	145,000		Zscaler, Inc.
			0.125%, 07/01/25		158,666

					26,521,075


			*Materials (3.0%)*
	214,000		Amyris, Inc.
			1.500%, 11/15/26		67,624
	8,200,000		Glencore Funding, LLC
			0.000%, 03/27/25		9,500,848
	950,000		Ivanhoe Mines, Ltd.*µ
			2.500%, 04/15/26		1,316,548
	2,154,000		Lithium Americas Corp.µ
			1.750%, 01/15/27		1,880,808
	400,000	EUR	POSCO Holdings, Inc.
			0.000%, 09/01/26		418,740

					13,184,568


			*Other (0.6%)*
	210,000		Cloudflare, Inc. 08/15/26		175,150
	3,440,000	EUR	Edenred 09/06/24		2,275,442
	110,000		Multiplan Corp.*
			6.000%, 10/15/27		71,979

					2,522,571


			*Real Estate (1.0%)*
	2,900,000	EUR	ANLLIAN Capital, Ltd.
			0.000%, 02/05/25		4,002,304
	330,000		Redfin Corp. 10/15/25		217,186
	200,000		Vingroup, JSC
			3.000%, 04/20/26		156,182

					4,375,672

			TOTAL CONVERTIBLE BONDS (Cost $142,924,899)		131,477,786


PRINCIPAL AMOUNT			VALUE

	BANK LOANS (2.1%) ¡

		*Airlines (0.1%)*
	198,000	Mileage Plus Holdings, LLC‡
		9.996%, 06/21/27
		3 mo. LIBOR + 5.25%	$	206,774
	280,013	United Airlines, Inc.‡
		8.568%, 04/21/28
		3 mo. LIBOR + 3.75%		280,535

				487,309


		*Communication Services (0.3%)*
	337,750	Clear Channel Outdoor Holdings, Inc.‡
		8.325%, 08/21/26
		3 mo. LIBOR + 3.50%		322,129
	875	Clear Channel Outdoor Holdings, Inc.‡
		8.070%, 08/21/26
		1 mo. LIBOR + 3.50%		834
	99,746	CMG Media Corp.‡
		8.230%, 12/17/26
		3 mo. LIBOR + 3.50%		94,873
	309,649	DIRECTV Financing, LLC‡
		9.570%, 08/02/27
		1 mo. LIBOR + 5.00%		305,215
	320,000	Entercom Media Corp.‡
		7.047%, 11/18/24
		1 mo. LIBOR + 2.50%		230,733
	73,805	Nexstar Broadcasting, Inc.‡
		7.070%, 09/18/26
		1 mo. LIBOR + 2.50%		73,927
	104,475	Univision Communications, Inc.‡
		8.830%, 06/24/29
		3 mo. SOFR + 4.25%		104,606

				1,132,317


		*Consumer Discretionary (0.4%)*
	105,000	Caesars Entertainment, Inc.!
		0.000%, 01/20/30
		5 year CMT + 2.99%		105,038
	72,430	Life Time Fitness, Inc.‡
		9.485%, 12/16/24
		3 mo. LIBOR + 4.75%		72,602
	107,560	Penn National Gaming, Inc.‡
		7.411%, 05/03/29
		1 mo. SOFR + 2.75%		107,619
	388,088	Petco Health and Wellness
		Company, Inc.‡
		7.976%, 03/03/28
		3 mo. SOFR + 3.25%		384,713
	384,014	PetSmart, Inc.‡
		8.411%, 02/11/28
		1 mo. SOFR + 3.75%		381,935
	218,500	SkyMiles IP, Ltd.‡
		8.558%, 10/20/27
		3 mo. LIBOR + 3.75%		226,340
	141,190	TKC Holdings, Inc.‡
		10.070%, 05/15/28
		1 mo. LIBOR + 5.50%		118,540
	363,825	WW International, Inc.‡
		8.070%, 04/13/28
		1 mo. LIBOR + 3.50%		218,597

				1,615,384


PRINCIPAL AMOUNT			VALUE

		*Financials (0.2%)*
	214,460	AssuredPartners, Inc.!
		0.000%, 02/12/27	$	212,416
	210,000	Hub International, Ltd.‡
		8.220%, 11/10/29
		3 mo. SOFR + 4.00%		210,164
	266,468	Jazz Financing Lux Sarl‡
		8.070%, 05/05/28
		1 mo. LIBOR + 3.50%		266,509
	292,050	VFH Parent, LLC‡
		7.612%, 01/13/29
		1 mo. SOFR + 3.00%		291,137

				980,226


		*Health Care (0.4%)*
	191,019	Amneal Pharmaceuticals, LLC‡
		8.125%, 05/04/25
		1 mo. LIBOR + 3.50%		180,554
	185,711	Amneal Pharmaceuticals, LLC‡
		8.250%, 05/04/25
		3 mo. LIBOR + 3.50%		175,536
	53,625	Bausch Health Companies, Inc.‡
		9.828%, 02/01/27
		1 mo. SOFR + 5.25%		41,502
	140,263	Icon Luxembourg Sarl‡
		7.000%, 07/03/28
		3 mo. LIBOR + 2.25%		140,439
	295,778	Mallinckrodt International Finance, SA‡
		9.986%, 09/30/27
		3 mo. LIBOR + 5.25%		227,766
	235,294	Padagis, LLC‡
		9.538%, 07/06/28
		3 mo. LIBOR + 4.75%		219,608
	34,947	PRA Health Sciences, Inc.‡
		7.000%, 07/03/28
		3 mo. LIBOR + 2.25%		34,990
	639,621	Team Health Holdings, Inc.‡
		9.811%, 03/02/27
		1 mo. SOFR + 5.25%		533,284

				1,553,679


		*Industrials (0.3%)*
	81,400	ACProducts, Inc.‡
		8.980%, 05/17/28
		6 mo. LIBOR + 4.25%		66,253
	26,950	ACProducts, Inc.‡
		8.980%, 05/17/28
		3 mo. LIBOR + 4.25%		21,935
	139,300	Air Canada‡
		8.130%, 08/11/28
		3 mo. LIBOR + 3.50%		139,673
	190,000	American Airlines, Inc.‡
		9.558%, 04/20/28
		3 mo. LIBOR + 4.75%		195,403
	274,313	ChampionX Corp.‡
		7.747%, 06/07/29
		1 mo. SOFR + 3.25%		274,784
	269,658	Dun & Bradstreet Corp.‡
		7.767%, 02/06/26
		1 mo. LIBOR + 3.25%		269,538
	227,492	Granite Holdings US Acquisition
		Company‡
		8.750%, 09/30/26
		3 mo. LIBOR + 4.00%		227,634


PRINCIPAL AMOUNT			VALUE
	199,000	Scientific Games International,
		Inc.‡
		7.578%, 04/14/29
		1 mo. SOFR + 3.00%	$	199,071
	125,000	Summit Materials, LLC‡
		7.608%, 12/14/27
		3 mo. SOFR + 3.00%		125,495

				1,519,786


		*Information Technology (0.1%)*
	209,142	Banff Merger Sub, Inc.‡
		8.320%, 10/02/25
		1 mo. LIBOR + 3.75%		205,783
	183,995	Camelot U.S. Acquisition, LLC‡
		7.517%, 10/30/26
		1 mo. LIBOR + 3.00%		183,971
	50,000	CDK Global, Inc.‡
		9.080%, 07/06/29
		3 mo. SOFR + 4.50%		49,961
	210,623	II-VI, Inc.‡
		7.320%, 07/02/29
		1 mo. LIBOR + 2.75%		210,557

				650,272


		*Materials (0.1%)*
	160,000	American Axle and Manufacturing,
		Inc.‡
		8.033%, 12/13/29
		1 mo. SOFR + 3.60%		160,266
	264,500	Innophos, Inc.‡
		7.820%, 02/05/27
		1 mo. LIBOR + 3.25%		264,335
	109,175	LSF11 A5 HoldCo, LLC‡
		8.176%, 10/15/28
		1 mo. SOFR + 3.50%		106,127
	105,000	LSF11 A5 HoldCo, LLC!
		0.000%, 10/15/28		102,638

				633,366


		*Special Purpose Acquisition Companies (0.2%)*
	210,000	AP Core Holdings II, LLC‡
		10.070%, 09/01/27
		1 mo. LIBOR + 5.50%		203,175
	109,450	Clydesdale Acquisition Holdings,
		Inc.‡
		8.836%, 04/13/29
		1 mo. SOFR + 4.18%		107,703
	54,588	Fertitta Entertainment, LLC‡
		8.561%, 01/27/29
		1 mo. SOFR + 4.00%		54,045
	229,425	Oscar AcquisitionCo, LLC‡
		9.180%, 04/29/29
		3 mo. SOFR + 4.50%		222,797
	199,500	Patagonia Holdco, LLC‡
		9.960%, 08/01/29
		3 mo. SOFR + 5.75%		168,578

				756,298

		TOTAL BANK LOANS
		(Cost $9,772,031)		9,328,637


PRINCIPAL AMOUNT				VALUE

	U.S. GOVERNMENT AND AGENCY SECURITIES (1.4%)

			*Other (1.4%)*
			United States Treasury Noteµ
	3,600,000		2.000%, 06/30/24	$	3,474,773
	2,250,000		2.500%, 04/30/24		2,192,036
	310,000		2.250%, 03/31/24		301,530


			TOTAL U.S. GOVERNMENT
			AND AGENCY SECURITIES
			(Cost $6,126,301)		5,968,339


NUMBER OF SHARES				VALUE

	CONVERTIBLE PREFERRED STOCKS (2.7%)

			*Communication Services (0.1%)*
	155		T-Mobile Exchangeable Trust*
			5.250%, 06/01/23		186,834


			*Consumer Discretionary (1.4%)*
	47,515		Aptiv, PLC
			5.500%, 06/15/23		5,986,415


			*Energy (0.0%)*
	5		Gulfport Energy Corp.
			10.000%, 03/03/23
			15.000% PIK rate		29,250


			*Financials (0.3%)*
	417		Bank of America Corp.‡‡
			7.250%		518,831
	3,178		KKR & Company, Inc.
			6.000%, 09/15/23		214,706
	413		Wells Fargo & Company‡‡
			7.500%		519,550

					1,253,087


			*Health Care (0.0%)*
	124		Danaher Corp.
			5.000%, 04/15/23		166,656


			*Utilities (0.9%)*
	1,995		AES Corp.^
			6.875%, 02/15/24		199,181
	3,319		American Electric Power
			Company, Inc.^
			6.125%, 08/15/23		170,762
			NextEra Energy, Inc.
	41,636		6.219%, 09/01/23		1,993,948
	35,211		6.926%, 09/01/25		1,688,367

					4,052,258

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,295,551)		11,674,500


	COMMON STOCKS (82.5%)

			*Communication Services (6.2%)*
	112,000		Alphabet, Inc. - Class A^#		11,070,080
	4,575		Altice USA, Inc. - Class A#		22,417
	79,900	HKD	Baidu, Inc. - Class A#		1,343,122
	1,735		Cumulus Media, Inc. - Class A#		11,625


NUMBER OF SHARES				VALUE
	1		Frontier Communications Parent, Inc.#	$	30
	1,123	EUR	IPSOS		72,779
	10,200		Meta Platforms, Inc. - Class A^#		1,519,494
	96,000	EUR	Orange, SA		1,015,944
	2,930	GBP	Pearson, PLC		33,414
	66,700	HKD	Tencent Holdings, Ltd.		3,250,218
	89,070		Tencent Holdings, Ltd. (ADR)		4,342,162
	1,176,545	GBP	Vodafone Group, PLC		1,357,513
	26,395		Walt Disney Company~#		2,863,594

					26,902,392


			*Consumer Discretionary (10.5%)*
	124,700	HKD	Alibaba Group Holding, Ltd.#		1,714,458
	8,175		Alibaba Group Holding, Ltd.
			(ADR)#		900,885
	89,300		Amazon.com, Inc.^#		9,209,509
	80,015		Arcos Dorados Holdings, Inc. -
			Class A		680,128
	3,900	BRL	Arezzo Industria e Comercio, SA		67,301
	1,150		AutoZone, Inc.#		2,804,677
	4,387,600	PHP	Bloomberry Resorts Corp.#		742,274
	650	EUR	Brunello Cucinelli S.p.A		54,139
	12,500	CNY	BYD Company, Ltd. - Class A		533,935
	20,700	CNY	China Tourism Group Duty Free
			Corp., Ltd. - Class A		655,438
	1,110	EUR	CIE Automotive, SA		32,972
	24,100	CHF	Cie Financiere Richemont, SA -
			Class A		3,715,189
	108,250	GBP	Compass Group, PLC		2,585,876
	21,900		Coupang, Inc. - Class A#		369,891
	70,900	BRL	Cyrela Brazil Realty, SA
			Empreendimentos e Participacoes		212,017
	70,000	HKD	Galaxy Entertainment Group,
			Ltd.#		487,291
	161,219	HKD	JD.com, Inc. - Class A		4,787,133
	190,000	HKD	Jiumaojiu International Holdings, Ltd.*		486,814
	800	JPY	Kyoritsu Maintenance Company,
			Ltd.		36,539
	64,000		Las Vegas Sands Corp.^#		3,776,000
	123,000	HKD	Li Ning Company, Ltd.		1,215,937
	1,950	EUR	LVMH Moet Hennessy Louis
			Vuitton, SE		1,702,302
	25,400	INR	Mahindra & Mahindra, Ltd.		428,806
	11,470	HKD	Meituan - Class B*#		256,422
	1,155		MercadoLibre, Inc.#		1,364,852
	119,600	HKD	New Oriental Education &
			Technology Group, Inc.#		507,680
	1,100	JPY	Nextage Company, Ltd.		24,742
	1,360	CAD	Pet Valu Holdings, Ltd.^		40,671
	8,200	EUR	Prosus, NV#		662,111
	502,200	HKD	Samsonite International, SA*#		1,496,046
	236,800	HKD	Sands China, Ltd.#		888,020
	1,210	EUR	Sanlorenzo S.p.A. / Ameglia		53,121
	13,290		Tesla, Inc.#		2,302,094
	2,900	INR	TVS Motor Company, Ltd.		36,985
	6,120	AUD	Webjet, Ltd.^#		29,828
	29,600	HKD	Wynn Macau, Ltd.^#		33,878
	10,100	HKD	Yum China Holdings, Inc.µ		611,938

					45,507,899


			*Consumer Staples (4.6%)*
	5,400	INR	Britannia Industries, Ltd.		285,881
	77,500	GBP	British American Tobacco, PLC		2,970,869
	35,550		Coca-Cola Company^		2,179,926


NUMBER OF SHARES				VALUE
	5,000		Costco Wholesale Corp.	$	2,555,700
	26,550		General Mills, Inc.		2,080,458
	6,400	INR	Hindustan Unilever, Ltd.		201,915
	1,500	JPY	Kobe Bussan Company, Ltd.^		43,308
	200	JPY	Kose Corp.		22,067
	2,600	CNY	Kweichow Moutai Company, Ltd. - Class A		712,842
	10,500	HKD	L’Occitane International, SA		29,214
	20,500	CHF	Nestle, SA		2,501,185
	14,000	CNY	Proya Cosmetics Company, Ltd. - Class A		342,608
	71,700	BRL	Raia Drogasil, SA		350,710
	67,100	JPY	Seven & i Holdings Company, Ltd.		3,167,985
	106,000	HKD	Smoore International Holdings, Ltd.*^		159,791
	2,351,500	IDR	Sumber Alfaria Trijaya, Tbk PT		444,509
	135,000	PHP	Universal Robina Corp.		341,036
	30,850	INR	Varun Beverages, Ltd.		434,668
	123,400	MXN	Wal-Mart de Mexico, SAB de CV		481,988
	137,000	HKD	Yihai International Holding, Ltd.#		487,509

					19,794,169


			*Energy (5.3%)*
	3,435	CAD	ARC Resources, Ltd.		39,912
	100,600	CAD	Canadian Natural Resources, Ltd.^		6,174,892
	34,770	CAD	CES Energy Solutions Corp.^		75,783
	2,577		Chaparral Energy, Inc. - Class A&#		109,522
	650		Chesapeake Energy Corp.		56,368
	17,600		Chevron Corp.~		3,062,752
	14,985		Energy Transfer, LP		199,001
	9,035		Enterprise Products Partners, LP		231,296
	1,826		EP Energy Corp.&#		14,380
	42,400		Helmerich & Payne, Inc.		2,053,856
	2,930		Magellan Midstream Partners, LP		156,462
	17,446		Marathon Petroleum Corp.		2,242,160
	31,590	EUR	Motor Oil Hellas Corinth Refineries, SA		771,990
	136,900	THB	PTT Exploration & Production, PCL		710,361
	36,300	INR	Reliance Industries, Ltd.		1,048,406
	98,974		Schlumberger, Ltd.		5,639,538
	3,570		TechnipFMC, PLC#		49,587
	236,600	IDR	United Tractors, Tbk PT		388,439
	2,500		Williams Companies, Inc.^		80,600

					23,105,305


			*Financials (13.0%)*
	373,000	HKD	AIA Group, Ltd.		4,217,751
	11,000		Aon, PLC - Class A		3,505,480
	141,500	BRL	B3, SA - Brasil Bolsa Balcao		361,255
	1,133,979	IDR	Bank Central Asia, Tbk PT		643,543
	2,823,800	IDR	Bank Mandiri Persero, Tbk PT		1,881,600
	189,000		Bank of America Corp.^~		6,705,720
	11,000	EUR	Bank of Ireland Group, PLC		117,522
	347,000	PHP	Bank of the Philippine Islands		668,150
	8,710	GBP	Beazley, PLC		71,678
	8,250		Chubb, Ltd.		1,876,793
	6,000	JPY	Concordia Financial Group, Ltd.		26,366
	111,948	AED	First Abu Dhabi Bank, PJSC		415,258
	96,700	ZAR	FirstRand, Ltd.		359,298
	85,400	MXN	Grupo Financiero Banorte, SAB de CV - Class O		707,491
	33,400	KRW	Hana Financial Group, Inc.		1,326,889
	243,450	INR	HDFC Bank, Ltd.		4,797,634


NUMBER OF SHARES				VALUE
	4,450	INR	Housing Development Finance Corp., Ltd.	$	143,578
	34,300		ICICI Bank, Ltd. (ADR)^		714,469
	150,716		Itau Unibanco Holding, SA		750,566
	50,675		JPMorgan Chase & Company~		7,092,473
	582	DKK	Jyske Bank, A/S#		41,976
	156,300	THB	Kasikornbank PCL		686,787
	4,120,000	GBP	Lloyds Banking Group, PLC		2,681,277
	44,285		Morgan Stanley^		4,310,259
	260,000	HKD	Ping An Insurance Group
			Company of China, Ltd. - Class H		2,019,603
	18,400	SAR	Saudi National Bank		232,936
	10,025	AUD	Steadfast Group, Ltd.		37,245
	67,100	JPY	Sumitomo Mitsui Financial Group, Inc.		2,916,237
	85,070		UBS Group, AG^#		1,825,602
	111,125		Wells Fargo & Company^~		5,208,429

					56,343,865


			*Health Care (7.9%)*
	3,370		Abcam, PLC#		46,742
	23,100	GBP	AstraZeneca, PLC		3,026,388
	53,700	THB	Bumrungrad Hospital PCL		353,011
	14,355		Danaher Corp.^		3,795,175
	790	GBP	Dechra Pharmaceuticals, PLC		28,018
	16,060		Eli Lilly & Company^		5,527,049
	3,940	GBP	Ergomed, PLC#		58,368
	10,104		GE Healthcare, Inc.#		702,430
	6,010		Humana, Inc.		3,075,317
	77,060	BRL	Hypera, SA		704,368
	5,500	CHF	Lonza Group, AG		3,137,427
	4,208		Mallinckrodt, PLC#		31,560
	66,500		Novo Nordisk, A/S		9,228,870
	2,200	JPY	Sosei Group Corp.^#		41,671
	106	CHF	Tecan Group, AG		44,486
	6,865		UnitedHealth Group, Inc.^		3,426,939
	98,000	HKD	Wuxi Biologics Cayman, Inc.*#		818,339

					34,046,158


			*Industrials (8.4%)*
	1,340	EUR	Aalberts, NV		63,359
	27,500	EUR	Airbus, SE		3,447,561
	312,000	THB	Airports of Thailand PCL#		701,787
	37,029	EUR	Alstom, SA		1,101,063
	44,432	GBP	Ashtead Group, PLC		2,926,681
	1,900	JPY	BayCurrent Consulting, Inc.^		80,768
	58	CHF	Burckhardt Compression Holding, AG		35,910
	31,200	CAD	Canadian Pacific Railway, Ltd.^		2,462,609
	7,100	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		492,496
	955	EUR	DO & CO, AG#		101,135
	1,940	EUR	Duerr, AG		74,019
	750	JPY	Ebara Corp.		31,845
	5,250		EMCOR Group, Inc.		778,312
	30,312		General Electric Company		2,439,510
	27,400	MXN	Grupo Aeroportuario del Pacifico, SAB de CV - Class B		471,928
	1,410	SEK	Hexatronic Group, AB		17,355
	16,570	INR	Hindustan Aeronautics, Ltd.		520,317
	90,000	PHP	International Container Terminal Services, Inc.		342,139
	1,040	EUR	Interpump Group S.p.A^		54,236
	900	JPY	Japan Airport Terminal Company, Ltd.#		46,912


NUMBER OF SHARES				VALUE
	8,300	INR	Larsen & Toubro, Ltd.	$	215,718
	9,280	SEK	Munters Group, AB*		88,978
	35,300	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		336,733
	35,100		Quanta Services, Inc.		5,341,869
	31,500		Raytheon Technologies Corp.		3,145,275
	39,000	EUR	Schneider Electric, SE		6,326,406
	54,502	CNY	Shanghai International Airport Company, Ltd. - Class A#		489,633
	7,550	INR	Siemens, Ltd.		272,623
	390	EUR	Societe BIC, SA		28,316
	2,185	JPY	Sojitz Corp.		43,320
	1,395	CAD	Stantec, Inc.^		72,720
	45,000	HKD	Techtronic Industries Company, Ltd.		580,130
	2,600	JPY	THK Company, Ltd.		55,178
	500	JPY	Visional, Inc.^#		36,229
	18,250		Waste Management, Inc.~		2,823,822
	178,700	CNY	YTO Express Group Company, Ltd. - Class A		556,378

					36,603,270


			*Information Technology (21.2%)*
	18,300		Accenture, PLC - Class A		5,106,615
	1,840	EUR	AIXTRON, SE		54,824
	312	EUR	Alten, SA		47,941
	66,700		Apple, Inc.^		9,624,143
	13,720		ASML Holding, NV		9,066,725
	9,310		Automatic Data Processing, Inc.		2,102,291
	252		CyberArk Software, Ltd.#		35,502
	1,970	SAR	Elm Company		187,811
	405	EUR	Elmos Semiconductor SE		27,515
	340		Endava, PLC (ADR)#		29,876
	28,901		Infosys, Ltd. (ADR)		543,339
	6,800		Intuit, Inc.		2,874,156
	14,900	JPY	Keyence Corp.		6,859,494
	1,150	GBP	Keywords Studios, PLC		40,392
	436	CAD	Kinaxis, Inc.#		50,676
	294,000	HKD	Kingdee International Software Group Company, Ltd.#		641,658
	1,500	KRW	Koh Young Technology, Inc.#		21,050
	1,955	EUR	Lectra		81,420
	25,000	TWD	MediaTek, Inc.		604,024
	48,900		Microsoft Corp.~		12,117,909
	540,000	EUR	Nokia Oyj		2,560,419
	31,890		NVIDIA Corp.^~		6,230,349
	53,250		Oracle Corp.		4,710,495
	4,050	GBP	Sage Group, PLC		38,911
	12,600		Salesforce, Inc.^#		2,116,422
	54,040	KRW	Samsung Electronics Company, Ltd.		2,691,745
	100	JPY	SHIFT, Inc.#		18,664
	7,000	TWD	Silergy Corp.		142,446
	16,600	KRW	SK Hynix, Inc.		1,200,907
	853,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		15,052,705
	22,825		Taiwan Semiconductor Manufacturing Company, Ltd.		2,116,562
	75,640	BRL	TOTVS, SA		448,061
	291,000	HKD	Travelsky Technology, Ltd. - Class H		604,859
	112,000	CNY	Venustech Group, Inc. - Class A		495,765
	14,550		Visa, Inc. - Class A		3,349,555

					91,895,226


NUMBER OF SHARES				VALUE

			*Materials (3.6%)*

	174,625	CAD	Barrick Gold Corp.	$	3,414,936
	175,640		Cemex, SAB de CV#		937,918
	219,750	AED	Fertiglobe, PLC		239,719
	75,095		Freeport-McMoRan, Inc.^		3,350,739
	2,895	AUD	IGO, Ltd.		30,094
	105,700	JPY	Nippon Steel Corp.		2,200,116
	521,200	NOK	Norsk Hydro, ASA		4,225,810
	1,250	JPY	OSAKA Titanium Technologies Company, Ltd.		35,468
	16,900	ZAR	Sasol, Ltd.		307,019
	21,200		Vale, SA - Class B		396,016
	290,000	HKD	Zijin Mining Group Company Ltd.- Class H		479,675

					15,617,510


			*Real Estate (0.2%)*
	935,500	PHP	Ayala Land, Inc.		504,573
	98,800	INR	DLF, Ltd.		431,699

					936,272


			*Special Purpose Acquisition Companies (1.0%)#*
	2,830		Intelsat Emergence, SA&#		65,798
	82,300	GBP	Shell, PLC		2,416,143
	55,200	EUR	Shell, PLC		1,618,914

					4,100,855


			*Utilities (0.6%)*

	5,418		DTE Energy Company^		630,435
	45,801	EUR	Engie,SA#		648,299
	29,000	EUR	RWE, AG		1,291,047

					2,569,781


			TOTAL COMMON STOCKS (Cost $446,201,917)		357,422,702


	PREFERRED STOCKS (0.2%)

			*Consumer Discretionary (0.1%)*
	1,597		Guitar Center, Inc.&		198,826


			*Energy (0.1%)*
	8,220		NuStar Energy, LP‡^
			10.379%, 03/02/23
			3 mo. USD LIBOR + 5.64%		191,033
	3,725		NuStar Energy, LP‡
			11.502%, 03/02/23
			3 mo. USD LIBOR + 6.77%		93,200
	8,335		NuStar Logistics, LP‡
			11.526%, 01/15/43
			3 mo. USD LIBOR + 6.73%		208,958

					493,191


			*Financials (0.0%)*
	5,357		B Riley Financial, Inc.µ
			5.250%, 08/31/28		113,783


			TOTAL PREFERRED STOCKS (Cost $831,163)		805,800


NUMBER OF SHARES				VALUE

	WARRANTS (0.0%) #

			*Energy (0.0%)*

	13,401		Mcdermott International, Ltd.&
			06/30/27, Strike $15.98	$	2
	12,061		Mcdermott International, Ltd.
			06/30/27, Strike $12.33		1

			TOTAL WARRANTS (Cost $5,152)		3


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (0.6%) #

			*Industrials (0.0%)*
	53	EUR	Schneider Electric, SE
	790,822		Call, 06/16/23, Strike 150.00		47,248


			*Materials (0.1%)*
	5,550		Cemex SAB de CV
	2,963,700		Call, 07/21/23, Strike $5.00		457,875


			*Other (0.5%)*
	4,000		iShares MSCI EAFE ETF
	28,620,000		Put, 12/15/23, Strike $60.00		540,000
	950		iShares MSCI South Korea ETF
	6,029,650		Call, 04/21/23, Strike $64.00		263,625
	1,280		iShares MSCI Taiwan ETF
	5,735,680		Call, 06/16/23, Strike $44.81		355,200
	700		SPDR S&P 500 ETF Trust
	28,453,600		Put, 12/15/23, Strike $360.00		847,350

					2,006,175


			TOTAL PURCHASED OPTIONS (Cost $4,271,016)		2,511,298


	TOTAL INVESTMENTS (135.8%)
	(Cost $698,726,035)				588,555,628

	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.2%)				(70,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-19.6%)				(85,150,331	)


	NET ASSETS (100.0%)			$	433,405,297

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are exempted 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 $39,316,917.

@	In default status and considered non-income producing.

&	Illiquid security.

‡	Variable rate security. The rate shown is the rate in effect at January 31, 2023.

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

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

~	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 $23,598,033.

¡	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
AED		UAE Dirham
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNY		Chinese Yuan Renminbi
DKK		Danish Krone
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
NOK		Norwegian Krone
PHP		Philippine Peso
SAR		Saudi Riyal
SEK		Swedish Krona
SGD		Singapore Dollar
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.

The Fund’s investment strategy is to generate a high level of current income with a secondary objective of capital appreciation. Under normal circumstances, the Fund will invest primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 40% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Significant Accounting Policies. The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and 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:

Fund Valuation. The Trust’s Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, have designated Calamos Advisors LLC (“Calamos Advisors”) to perfom fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are dertermined. The valuation of the Fund’s investments is in accordance with these procedures.

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.

The Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, 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 Calamos Advisors, 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, 2023 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.

The Fund issued MRPS on August 24, 2021 and September 6, 2017. On August 24, 2021, 1,060,000 MRPS were issued with an aggregate liquidation preference of $26.5 million. On September 6, 2017, 2,600,000 MRPS were issued 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 MRPS over the respective life of each series of MRPS and shown in the Statement of Operations. The MRPS are divided into four 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, 2023.

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.

During the period ended January 31, 2023, all MRPS were rated `AA-’ by Kroll Bond Rating Agency LLC (“KBRA”). 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 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.

With regard to the Series A, B and C MRPS, so long as any MRPS are outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) the Fund has satisfied the MRPS Overcollateralization Test (as defined below) on at least one “valuation date” in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (4) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund’s paying agent for that purpose, subject to certain grace periods and exceptions.

MRPS Asset Coverage Test: Asset coverage with respect to all outstanding senior securities and preferred shares, including the MRPS, determined in accordance with Section 18(h) of the 1940 Act, on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equal to 225%.

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as Kroll, is then rating any class of the outstanding MRPS pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund issuers with the same rating(s) as the Fund’s MRPS’ then-current rating(s) issued by Fitch or such other NSRSO, such as Kroll, by application of the applicable rating agency guidelines.

With regard to Series D and E MRPS, for so long as any MRPS are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with

respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

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		$698,726,035
Gross unrealized appreciation		11,591,793
Gross unrealized depreciation		(121,762,200)
Net unrealized appreciation (depreciation)		$(110,170,407)


Series	Term Redemption Date		Dividend Rate		Shares (000’s)		Liquidation Preference Per Share	Aggregate Liquidation Preference
Series B		9/06/24		4.00%		860	$25	$21,500,000
Series C		9/06/27		4.24%		880	$25	$22,000,000
Series D		8/24/26		2.45%		200	$25	$5,000,000
Series E		5/24/27		2.68%		860	$25	$21,500,000

							Total	$70,000,000


CURRENCY EXPOSURE JANUARY 31, 2023

	Value		% of Total Investments

US Dollar	$	384,317,617		65.3%
European Monetary Unit		36,575,811		6.2%
Hong Kong Dollar		34,326,566		5.8%
Japanese Yen		27,179,499		4.6%
British Pound Sterling		20,651,258		3.5%
Canadian Dollar		15,946,254		2.7%
New Taiwan Dollar		15,799,175		2.7%
Swiss Franc		9,434,197		1.6%
Indian Rupee		8,818,230		1.5%
South Korean Won		5,240,591		0.9%
Singapore Dollar		4,678,600		0.8%
Chinese Yuan Renminbi		4,615,828		0.8%
Norwegian Krone		4,225,810		0.7%
Indonesian Rupiah		3,358,091		0.6%
Australian Dollar		2,642,514		0.5%
Philippine Peso		2,598,172		0.4%
Thai Baht		2,451,946		0.4%
Brazilian Real		2,143,712		0.4%
Mexican Peso		1,661,407		0.3%
South African Rand		666,317		0.1%
UAE Dirham		654,977		0.1%
Saudi Riyal		420,747		0.1%
Swedish Krona		106,333		—%
Danish Krone		41,976		—%

Total Investments	$	588,555,628		100.0%
Currency exposure may vary over time.