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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (30.8%)

		*Airlines (0.4%)*

	351,432	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24		$ 356,173

	53,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		54,129

	216,181	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		239,847

	157,310	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		175,897

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

	144,000	5.500%, 04/20/26		150,821

	48,000	5.750%, 04/20/29		51,949

	215,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		218,391

	174,401	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		206,410

	69,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		77,842

	178,811	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		183,161

	106,599	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		105,679


				1,820,299


		*Communication Services (2.0%)*

	335,000	Arrow Bidco, LLC* 9.500%, 03/15/24		343,931

	200,000	Ashtead Capital, Inc.* 4.000%, 05/01/28		211,470

	144,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		146,291

	140,000	Brink’s Company* 5.500%, 07/15/25		147,588

	550,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		578,539

	170,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		183,782

		CSC Holdings, LLC*

	285,000	5.375%, 02/01/28		301,769

	200,000	5.750%, 01/15/30		208,852

	200,000	4.625%, 12/01/30		197,194

	204,000	Cumulus Media New Holdings, Inc.* 6.750%, 07/01/26		214,977

		Diamond Sports Group, LLC / Diamond Sports Finance Company*

	150,000	6.625%, 08/15/27		60,308

	115,000	5.375%, 08/15/26		66,907


PRINCIPAL AMOUNT			VALUE

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

	680,000	Embarq Corp. 7.995%, 06/01/36		762,858

		Entercom Media Corp.*^

	96,000	6.750%, 03/31/29		98,069

	96,000	6.500%, 05/01/27		98,987

	112,000	Frontier Florida, LLC& 6.860%, 02/01/28		122,834

	280,000	Frontier North, Inc.@ 6.730%, 02/15/28		304,797

	165,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		165,317

	145,000	Intelsat Jackson Holdings, SA*@ 9.750%, 07/15/25		82,051

	290,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		310,178

	111,736	Ligado Networks, LLC* 15.500%, 11/01/23		110,670

	385,000	Lumen Technologies, Inc.* 4.000%, 02/15/27		396,369

	500,000	Netflix, Inc.* 4.875%, 06/15/30		603,355

		Scripps Escrow II, Inc.*

	95,000	3.875%, 01/15/29		95,134

	48,000	5.375%, 01/15/31^		48,037

	300,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		310,803

	96,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.* 4.625%, 11/01/26		100,109

	140,000	Sirius XM Radio, Inc.* 4.000%, 07/15/28		144,480

	145,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		147,978

	345,000	Sprint Capital Corp.^ 6.875%, 11/15/28		445,457

	480,000	Sprint Corp. 7.125%, 06/15/24		552,778

	265,000	United States Cellular Corp. 6.700%, 12/15/33		330,124

	395,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		489,362


				8,407,225


		*Consumer Discretionary (3.3%)*

	201,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		217,864

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	394,000	6.625%, 01/15/28		420,705

	119,000	4.625%, 08/01/29		119,417

	56,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		58,405

	610,000	Bally’s Corp.* 6.750%, 06/01/27		659,941


PRINCIPAL AMOUNT			VALUE

		Caesars Entertainment, Inc.*

	93,000	8.125%, 07/01/27		$ 102,475

	93,000	6.250%, 07/01/25		98,291

	330,000	Caesars Resort Collection, LLC / CRC Finco, Inc.* 5.250%, 10/15/25		332,785

		Carnival Corp.*

	98,000	10.500%, 02/01/26^		112,362

	48,000	7.625%, 03/01/26		50,955

	230,000	Carriage Services, Inc.* 4.250%, 05/15/29		230,193

	145,000	Carvana Company* 5.625%, 10/01/25		150,717

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	750,000	4.750%, 03/01/30		796,012

	250,000	4.500%, 08/15/30		262,908

	114,000	5.750%, 02/15/26		117,924

	96,000	4.250%, 02/01/31		99,068

	475,000	Century Communities, Inc. 6.750%, 06/01/27		508,207

		DISH DBS Corp.

	347,000	7.750%, 07/01/26		396,690

	120,000	7.375%, 07/01/28^		129,983

	144,000	Everi Holdings, Inc.* 5.000%, 07/15/29		147,403

	120,000	Ford Motor Company 8.500%, 04/21/23		133,418

		Ford Motor Credit Company, LLC

	715,000	4.134%, 08/04/25		766,280

	300,000	4.000%, 11/13/30		317,802

	200,000	4.389%, 01/08/26		217,114

		General Motors Financial Company, Inc.‡

	435,000	5.700%, 09/30/30 5 year CMT + 5.00%		497,022

	395,000	6.500%, 09/30/28^ 3 mo. USD LIBOR + 3.44%		447,413

		goeasy, Ltd.*

	325,000	5.375%, 12/01/24		337,448

	177,000	4.375%, 05/01/26		182,600

	96,000	Goodyear Tire & Rubber Company* 5.000%, 07/15/29		101,232

	96,000	Guitar Center, Inc.*& 8.500%, 01/15/26		102,639

		L Brands, Inc.

	254,000	6.694%, 01/15/27		301,818

	142,000	6.875%, 11/01/35		182,819

	85,000	Liberty Interactive, LLC 8.500%, 07/15/29		97,606

	144,000	Life Time, Inc.* 8.000%, 04/15/26		150,955

		M/I Homes, Inc.

	275,000	5.625%, 08/01/25		283,203

	130,000	4.950%, 02/01/28		137,162

		Macy’s Retail Holdings, LLC

	100,000	6.700%, 07/15/34*		106,417

	50,000	5.125%, 01/15/42		45,797

	93,000	Macy’s, Inc.* 8.375%, 06/15/25		101,468

		Mattel, Inc.*

	830,000	5.875%, 12/15/27		909,049

	24,000	3.750%, 04/01/29^		25,334

		Mclaren Finance, PLC*

	300,000	5.750%, 08/01/22		300,000

	225,000	7.500%, 08/01/26		228,821


PRINCIPAL AMOUNT			VALUE

	220,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		$ 222,024

	144,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		149,992

	278,000	Newell Brands, Inc. 4.700%, 04/01/26		310,081

	93,000	Penn National Gaming, Inc.* 4.125%, 07/01/29		91,713

	473,000	Rite Aid Corp.* 8.000%, 11/15/26		475,379

		Royal Caribbean Cruises, Ltd.*

	100,000	11.500%, 06/01/25		114,576

	51,000	10.875%, 06/01/23		57,970

	225,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*^ 4.625%, 03/01/29		227,833

	505,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		516,691

	270,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		305,691

	50,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		58,036

	220,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		224,587

	280,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		278,160

	47,000	Williams Scotsman International, Inc.*^ 4.625%, 08/15/28		48,641


				14,067,096


		*Consumer Staples (0.6%)*

	218,000	Central Garden & Pet Company* 4.125%, 04/30/31		223,027
		Edgewell Personal Care Company*

	143,000	4.125%, 04/01/29		144,014

	95,000	5.500%, 06/01/28		100,682

	218,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		219,273

		Kraft Heinz Foods Company

	290,000	4.375%, 06/01/46		334,016

	48,000	4.250%, 03/01/31		55,342

	48,000	3.875%, 05/15/27		53,175

	395,000	Land O’ Lakes, Inc.* 7.000%, 09/18/28		411,582

	191,000	Performance Food Group, Inc.* 4.250%, 08/01/29		194,379

	135,000	Post Holdings, Inc.*^ 4.625%, 04/15/30		137,665

	182,000	Prestige Brands, Inc.* 3.750%, 04/01/31		180,695

	210,000	United Natural Foods, Inc.* 6.750%, 10/15/28		227,081

		Vector Group, Ltd.*

	295,000	5.750%, 02/01/29		300,623

	117,000	10.500%, 11/01/26		124,507


				2,706,061


PRINCIPAL AMOUNT			VALUE

		*Energy (2.3%)*

		Antero Resources Corp.*

	71,000	7.625%, 02/01/29		$ 77,830

	48,000	5.375%, 03/01/30		48,880

		Apache Corp.

	192,000	5.100%, 09/01/40		206,139

	108,000	4.875%, 11/15/27		116,322

	96,000	4.625%, 11/15/25		103,304

		Buckeye Partners, LP

	550,000	3.950%, 12/01/26		559,168

	460,000	5.850%, 11/15/43		468,271

	333,000	ChampionX Corp. 6.375%, 05/01/26		348,817

	50,000	Cheniere Energy Partners, LP*^ 4.000%, 03/01/31		52,936

	96,000	Cheniere Energy, Inc. 4.625%, 10/15/28		101,451

		Continental Resources, Inc.

	190,000	3.800%, 06/01/24^		199,513

	145,000	4.375%, 01/15/28		162,077

	475,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		447,037

	100,000	DT Midstream, Inc.* 4.125%, 06/15/29		102,640

	620,000	Enbridge, Inc.‡ 5.750%, 07/15/80 5 year CMT + 5.31%		698,920

	560,000	Energy Transfer, LP‡ 6.500%, 11/15/26 5 year CMT + 5.69		573,574

		EnLink Midstream Partners, LP

	835,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		646,816

	205,000	4.850%, 07/15/26		214,584

		EQT Corp.

	265,000	7.500%, 02/01/30		348,419

	75,000	6.625%, 02/01/25		86,755

	50,000	5.000%, 01/15/29		56,560

		Laredo Petroleum, Inc.

	153,000	10.125%, 01/15/28		162,163

	50,000	7.750%, 07/31/29*		48,426

	210,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		215,336

	425,000	MPLX, LP‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		433,020

	96,000	Murphy Oil Corp. 6.375%, 07/15/28		101,688

		New Fortress Energy, Inc.*

	96,000	6.500%, 09/30/26		97,141

	95,000	6.750%, 09/15/25		97,035

	48,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		50,227

		Occidental Petroleum Corp.

	590,000	4.300%, 08/15/39		585,752

	432,000	2.900%, 08/15/24		435,551

	94,000	5.875%, 09/01/25		104,290

	50,000	Ovintiv, Inc. 6.500%, 08/15/34		66,797

	134,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		133,149


PRINCIPAL AMOUNT			VALUE

	790,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		$ 708,448

	72,000	Range Resources Corp.* 8.250%, 01/15/29		79,811

	38,000	Transocean, Inc.*^ 11.500%, 01/30/27		37,858

		Venture Global Calcasieu Pass, LLC*

	45,000	4.125%, 08/15/31		46,422

	45,000	3.875%, 08/15/29		46,004

	94,000	Vine Energy Holdings, LLC* 6.750%, 04/15/29		98,252

	280,000	Viper Energy Partners, LP* 5.375%, 11/01/27		293,796

	290,000	W&T Offshore, Inc.* 9.750%, 11/01/23		279,305


				9,740,484


		*Financials (14.7%)*

		Acrisure, LLC / Acrisure Finance, Inc.*

	516,000	7.000%, 11/15/25^		525,097

	283,000	6.000%, 08/01/29		283,212

	146,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		156,421

	221,000	AG Issuer, LLC* 6.250%, 03/01/28		232,428

	875,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		915,127

		Ally Financial, Inc.‡

	1,186,000	4.700%, 08/01/33 5 year CMT + 3.87%		1,246,462

	750,000	4.700%, 05/15/28 7 year CMT + 3.48%		781,297

	742,000	American Express Company‡ 3.550%, 09/15/26 5 year CMT + 2.85		748,522

	790,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%		903,278

	189,000	AmWINS Group, Inc.* 4.875%, 06/30/29		193,016

	930,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24		938,593

	710,000	AssuredPartners, Inc.* 7.000%, 08/15/25		723,689

	208,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		221,543

	835,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19		892,239

	760,000	Bank of America Corp.µ‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		784,996

	690,000	Bank of Montrealµ^‡ 4.800%, 08/25/24 5 year CMT + 2.98%		739,128

		Bank of New York Mellon Corp.µ‡

	1,250,000	4.700%, 09/20/25^ 5 year CMT + 4.36%		1,382,800


PRINCIPAL AMOUNT			VALUE

	188,000	3.700%, 03/20/26 5 year CMT + 3.35%		$ 197,421

	1,250,000	Bank of Nova Scotiaµ‡ 4.900%, 06/04/25 5 year CMT + 4.55%		1,371,925

	600,000	Barclays, PLC‡ 7.875%, 03/15/22 U.S. 5 yr Swap + 6.77%		623,004

		BP Capital Markets, PLC‡

	810,000	4.875%, 03/22/30 5 year CMT + 4.40%		894,021

	410,000	4.375%, 06/22/25 5 year CMT + 4.04%		439,118

	191,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		194,717

	931,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LL*^ 5.750%, 05/15/26		969,301

	1,113,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16		1,145,411

		Charles Schwab Corp.‡

	975,000	4.000%, 08/01/33^ 5 year CMT + 3.17		1,021,858

	433,000	4.000%, 12/01/30^ 10 year CMT + 3.08%		451,147

	400,000	5.375%, 06/01/25 5 year CMT + 4.97%		446,752

	792,000	CIT Group, Inc.^‡ 5.800%, 06/15/22 3 mo. USD LIBOR + 3.97%		813,321

		Citigroup, Inc.‡

	2,875,000	3.875%, 02/18/26 5 year CMT + 3.42		2,954,264

	445,000	4.000%, 12/10/25 5 year CMT + 3.60%		461,612

	1,115,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22		1,139,028

		Credit Acceptance Corp.

	475,000	6.625%, 03/15/26^		502,626

	161,000	5.125%, 12/31/24*		166,567

	565,000	Credit Suisse Group, AG*‡ 7.500%, 12/11/23 U.S. 5 yr Swap + 4.60%		625,427

	60,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		64,522

		Discover Financial Services‡

	755,000	6.125%, 06/23/25 5 year CMT + 5.78%		850,477

	425,000	5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		460,122

	500,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		518,605

	200,000	Enact Holdings, Inc.* 6.500%, 08/15/25		217,186

	1,610,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,755,785

	275,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		273,147


PRINCIPAL AMOUNT			VALUE

		Goldman Sachs Group, Inc.‡

	1,435,000	4.400%, 02/10/25 5 year CMT + 2.85%		$ 1,492,830

	1,375,000	3.800%, 05/10/26^ 5 year CMT + 2.97		1,402,802

	148,000	3.650%, 08/10/26 5 year CMT + 2.92		148,707

	427,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		437,731

		HSBC Holdings, PLCµ‡

	400,000	6.375%, 03/30/25 U.S. 5 yr Swap + 4.37%		444,004

	250,000	4.000%, 03/09/26 5 year CMT + 3.22		252,908

	410,000	HUB International, Ltd.* 7.000%, 05/01/26		425,301

		Huntington Bancshares, Inc.‡

	1,075,000	4.450%, 10/15/27 7 year CMT + 4.05%		1,157,721

	375,000	5.625%, 07/15/30^ 10 year CMT + 4.95%		442,339

	220,000	5.700%, 04/15/23^ 3 mo. USD LIBOR + 2.88%		227,821

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

	430,000	5.250%, 05/15/27		452,923

	144,000	4.375%, 02/01/29		145,950

	300,000	ILFC E-Capital Trust II*‡ 3.910%, 12/21/65 3 mo. USD LIBOR + 1.80%		254,055

	485,000	Iron Mountain, Inc.* 5.250%, 03/15/28		508,746

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

	525,000	5.000%, 08/15/28		537,763

	490,000	6.250%, 06/03/26		528,294

		JPMorgan Chase & Companyµ‡

	1,720,000	4.600%, 02/01/25 SOFR + 3.13%		1,782,075

	1,115,000	3.650%, 06/01/26 5 year CMT + 2.85		1,125,827

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

	379,000	5.250%, 10/01/25		385,310

	95,000	4.750%, 06/15/29		94,706

	218,000	LD Holdings Group, LLC* 6.125%, 04/01/28		216,640

	200,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		203,978

	575,000	Lloyds Banking Group, PLC‡ 7.500%, 06/27/24 U.S. 5 yr Swap + 4.76%		649,767

		LPL Holdings, Inc.*

	239,000	4.000%, 03/15/29		243,085

	70,000	4.375%, 05/15/31		71,850

	760,000	Markel Corp.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		849,277

		MetLife, Inc.
	1,205,000	6.400%, 12/15/66^		1,545,328

	865,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		907,869

	380,000	Nationwide Financial Services, Inc. 6.750%, 05/15/87		469,433


PRINCIPAL AMOUNT			VALUE

		Navient Corp.

	422,000	5.000%, 03/15/27^		$ 440,340

	220,000	4.875%, 03/15/28		222,108

	550,000	Nippon Life Insurance Company*‡ 2.750%, 01/21/51 5 year CMT + 2.65%		545,979

	580,000	Nordea Bank Abp*µ‡ 6.625%, 03/26/26 5 year CMT + 4.11%		669,697

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

	113,000	7.500%, 06/01/25		122,565

	98,000	5.875%, 10/01/28		104,623

	1,283,000	PartnerRe Finance B, LLC^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		1,347,022

	117,000	PHH Mortgage Corp.* 7.875%, 03/15/26		120,260

	220,000	Prospect Capital Corp.µ 3.706%, 01/22/26		228,540

	376,000	Prudential Financial, Inc.‡ 3.700%, 10/01/50 5 year CMT + 3.04%		397,594

	500,000	QBE Insurance Group, Ltd.*^‡ 5.875%, 05/12/25 5 year CMT + 5.51%		551,180

	85,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.* 3.625%, 03/01/29		85,674

	220,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		222,508

	144,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		146,074

	116,000	SLM Corp. 4.200%, 10/29/25		125,706

	2,530,000	State Street Corp.^‡ 5.625%, 12/15/23 3 mo. USD LIBOR + 2.54%		2,695,437

	199,000	StoneX Group, Inc.* 8.625%, 06/15/25		216,383

		SVB Financial Group‡

	875,000	4.000%, 05/15/26 5 year CMT + 3.20		909,842

	651,000	4.100%, 02/15/31^ 10 year CMT + 3.06%		673,264

		Truist Financial Corp.µ‡

	1,280,000	4.800%, 09/01/24^ 5 year CMT + 3.00%		1,364,326

	375,000	4.950%, 09/01/25 5 year CMT + 4.61%		413,393

	575,000	UBS Group, AG*‡ 7.000%, 01/31/24 U.S. 5 yr Swap + 4.34%		633,932

		United Wholesale Mortgage, LLC*

	143,000	5.500%, 11/15/25		147,512

	96,000	5.500%, 04/15/29		95,633

	172,000	VICI Properties, LP / VICI Note Company, Inc.*^ 3.750%, 02/15/27		177,291

	1,870,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%		1,942,949

		XHR, LP*

	208,000	6.375%, 08/15/25		221,890


PRINCIPAL AMOUNT			VALUE

	96,000	4.875%, 06/01/29		$ 98,333


				62,550,307


		*Health Care (1.5%)*

	96,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		101,053

		Bausch Health Companies, Inc.*

	640,000	5.000%, 01/30/28		612,602

	265,000	5.250%, 02/15/31		248,594

	83,000	5.000%, 02/15/29		78,497

	95,000	Centene Corp. 3.000%, 10/15/30		98,889

	96,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		98,502

		CHS/Community Health Systems, Inc.*

	610,000	8.000%, 03/15/26		654,335

	377,000	6.125%, 04/01/30		382,474

	108,000	6.875%, 04/15/29^		113,809

		DaVita, Inc.*

	284,000	4.625%, 06/01/30		293,673

	142,000	3.750%, 02/15/31		138,265

		Encompass Health Corp.

	100,000	4.750%, 02/01/30		107,275

	100,000	4.500%, 02/01/28		104,189

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

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

	350,000	5.125%, 04/30/31		360,955

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

		Tenet Healthcare Corp.

	835,000	6.875%, 11/15/31		957,636

	480,000	5.125%, 11/01/27*		504,427

	1,015,000	Teva Pharmaceutical Finance Netherlands III, BV 2.800%, 07/21/23		1,007,053


				6,276,432


		*Industrials (3.0%)*

	190,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		210,402

	220,000	ACCO Brands Corp.* 4.250%, 03/15/29		220,112

	560,000	Air Lease Corp.^‡ 4.650%, 06/15/26 5 year CMT + 4.08		586,432

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

	217,000	4.875%, 02/15/30		235,078

	215,000	4.625%, 01/15/27		227,550

	95,000	3.500%, 03/15/29		96,022

	50,000	Allison Transmission, Inc.* 3.750%, 01/30/31		50,047

	47,000	Ambience Merger Sub, Inc.* 7.125%, 07/15/29		47,633

	50,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		44,569

	108,000	Arcosa, Inc.* 4.375%, 04/15/29		110,715

	940,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		992,772


PRINCIPAL AMOUNT			VALUE

	175,000	Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29		$ 175,609

	191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		195,821

	635,000	Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26		673,056

		Delta Air Lines, Inc.

	49,000	3.800%, 04/19/23		50,632

	47,000	7.375%, 01/15/26		55,385

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

	48,000	4.750%, 10/20/28		53,804

	24,000	4.500%, 10/20/25µ		25,853

	141,000	Endure Digital, Inc.* 6.000%, 02/15/29		136,912

	85,000	EnerSys* 4.375%, 12/15/27		89,047

	205,000	Fly Leasing, Ltd. 5.250%, 10/15/24		208,077

	96,000	GFL Environmental, Inc.* 3.750%, 08/01/25		98,900

	100,000	Golden Nugget, Inc.*^ 8.750%, 10/01/25		105,459

	108,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		115,636

	88,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		87,772

	48,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		49,567

	443,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		439,957

	108,000	HCRX Investments Holdco, LP* 4.500%, 08/01/29		110,313

	475,000	Herc Holdings, Inc.* 5.500%, 07/15/27		499,253

	82,000	Howmet Aerospace, Inc. 6.875%, 05/01/25		95,485

	290,000	JELD-WEN, Inc.* 4.625%, 12/15/25		295,846

	96,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		104,122

	213,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		219,646

	96,000	MasTec, Inc.* 4.500%, 08/15/28		101,312

	124,000	Meritor, Inc.* 4.500%, 12/15/28		126,983

	107,000	Moog, Inc.* 4.250%, 12/15/27		110,542

	255,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		259,554

	172,000	Novelis Corp.* 4.750%, 01/30/30		183,414

	225,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27		228,978

		Patrick Industries, Inc.*

	275,000	7.500%, 10/15/27		299,252

	96,000	4.750%, 05/01/29		98,040


PRINCIPAL AMOUNT			VALUE

	235,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		$ 255,177

	47,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		49,863

	185,000	QVC, Inc. 4.375%, 09/01/28		190,219

	225,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC / Reynolds Group Issuer Lu* 4.000%, 10/15/27		225,049

	95,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		100,270

	98,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		98,981

		Sinclair Television Group, Inc.*

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

	96,000	4.125%, 12/01/30		93,196

		Standard Industries, Inc.*

	195,000	5.000%, 02/15/27		202,034

	47,000	4.375%, 07/15/30^		48,373

	315,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		337,998

		Station Casinos, LLC*

	450,000	4.500%, 02/15/28		454,297

	264,000	5.000%, 10/01/25		267,678

	96,000	Stericycle, Inc.* 3.875%, 01/15/29		97,443

	145,000	STL Holding Company, LLC* 7.500%, 02/15/26		153,017

		TransDigm, Inc.

	655,000	7.500%, 03/15/27		694,929

	465,000	6.250%, 03/15/26*		488,608

	96,000	Tronox, Inc.* 4.625%, 03/15/29		97,800

		United Rentals North America, Inc.

	95,000	3.750%, 01/15/32		95,000

	48,000	3.875%, 02/15/31		49,459

	280,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		286,003

		WESCO Distribution, Inc.*

	93,000	7.125%, 06/15/25		100,315

	45,000	7.250%, 06/15/28		50,171


				12,651,890


		*Information Technology (0.6%)*

	96,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		99,021

	299,000	CommScope Technologies, LLC* 6.000%, 06/15/25		303,844

		Dell International, LLC / EMC Corp.

	155,000	6.100%, 07/15/27		191,764

	80,000	5.850%, 07/15/25µ		94,054

	56,000	Fair Isaac Corp.* 4.000%, 06/15/28		58,597

	210,000	KBR, Inc.* 4.750%, 09/30/28		213,761

	210,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		204,267

	96,000	NCR Corp.* 5.125%, 04/15/29		100,052


PRINCIPAL AMOUNT			VALUE

	218,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		$ 220,191

	143,000	ON Semiconductor Corp.* 3.875%, 09/01/28		148,999

	129,000	Open Text Corp.* 3.875%, 02/15/28		133,531

	96,000	Playtika Holding Corp.* 4.250%, 03/15/29		95,850

	118,000	PTC, Inc.* 4.000%, 02/15/28		122,280

	220,000	TTM Technologies, Inc.* 4.000%, 03/01/29		221,648

		Twilio, Inc.

	130,000	3.625%, 03/15/29		133,718

	47,000	3.875%, 03/15/31^		49,182

	220,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		220,427


				2,611,186


		*Materials (0.9%)*

	90,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		94,635

	240,000	ArcelorMittal, SA 7.250%, 10/15/39		350,734

	300,000	Clearwater Paper Corp.* 4.750%, 08/15/28		303,561

	285,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		290,506

		Freeport-McMoRan, Inc.

	300,000	5.450%, 03/15/43		385,704

	285,000	5.000%, 09/01/27		301,168

	90,000	5.400%, 11/14/34		114,419

	144,000	HB Fuller Company 4.250%, 10/15/28		147,522

	191,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		195,643

		Kaiser Aluminum Corp.*

	85,000	4.625%, 03/01/28		88,872

	24,000	4.500%, 06/01/31		24,987

	156,000	Mercer International, Inc. 5.125%, 02/01/29		159,304

		New Gold, Inc.*

	64,000	6.375%, 05/15/25		66,065

	50,000	7.500%, 07/15/27		54,045

	189,000	OCI, NV* 4.625%, 10/15/25		196,296

	95,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		103,045

	94,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		56,802

	80,000	Silgan Holdings, Inc. 4.125%, 02/01/28		83,133

	96,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		97,982

	500,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		524,505

	97,000	Valvoline, Inc.* 3.625%, 06/15/31		96,697


				3,735,625


PRINCIPAL AMOUNT			VALUE

		*Real Estate (0.2%)*

	152,000	EPR Properties^ 3.750%, 08/15/29		$ 154,373

		Forestar Group, Inc.*

	139,000	5.000%, 03/01/28		144,892

	47,000	3.850%, 05/15/26		47,716

	142,000	iStar, Inc. 5.500%, 02/15/26		149,083

	95,000	Service Properties Trust 5.250%, 02/15/26		96,163


				592,227


		*Utilities (1.3%)*

	129,000	Calpine Corp.* 4.500%, 02/15/28		133,155

	200,000	CenterPoint Energy, Inc.‡ 6.125%, 09/01/23 3 mo. USD LIBOR + 3.27%		211,870

	575,000	CMS Energy Corp.^‡ 4.750%, 06/01/50 5 year CMT + 4.12%		646,449

	800,000	Dominion Energy, Inc.^‡ 4.650%, 12/15/24 5 year CMT + 2.99%		856,472

	1,045,000	Duke Energy Corp.‡ 4.875%, 09/16/24 5 year CMT + 3.39%		1,118,140

	840,000	NextEra Energy Capital Holdings, Inc.‡ 4.800%, 12/01/77 3 mo. USD LIBOR + 2.41%		947,150

	258,000	PPL Capital Funding, Inc.‡ 2.812%, 03/30/67 3 mo. USD LIBOR + 2.67%		252,977

	375,000	Sempra Energy‡ 4.875%, 10/15/25 5 year CMT + 4.55%		410,138

		Southern Company‡

	753,000	4.000%, 01/15/51 5 year CMT + 3.73%		799,550

	280,000	3.750%, 09/15/51 5 year CMT + 2.92		286,591


				5,662,492


		TOTAL CORPORATE BONDS (Cost $124,973,510)		130,821,324



	CONVERTIBLE BONDS (0.1%)

		*Consumer Discretionary (0.1%)*

	288,000	DISH Network Corp.µ 2.375%, 03/15/24		279,081

	85,000	Peloton Interactive, Inc.*µ 0.000%, 02/15/26		80,433


		TOTAL CONVERTIBLE BONDS

		(Cost $340,552)		359,514



	BANK LOANS (3.0%) ¡

		*Airlines (0.1%)*

	165,000	AAdvantage Loyalty IP, Ltd.‡ 5.500%, 04/20/28 3 mo. LIBOR + 4.75%		169,888


PRINCIPAL AMOUNT			VALUE

	249,375	United Airlines, Inc.‡ 4.500%, 04/21/28 1 mo. LIBOR + 3.75%		$ 250,140


				420,028


		*Communication Services (0.6%)*

	491,250	Clear Channel Outdoor Holdings, Inc.‡ 3.629%, 08/21/26 3 mo. LIBOR + 3.50%		477,792

	128,521	Consolidated Communications, Inc.‡ 4.250%, 10/02/27 1 mo. LIBOR + 3.50%		128,248

	530,000	DIRECTV Financing, LLC! 0.000%, 07/21/27		529,605

	299,250	Frontier Communications Corp.‡ 4.500%, 05/01/28 3 mo. LIBOR + 3.75%		299,626

	135,000	Frontier Communications Corp.! 0.000%, 05/01/28		135,169

	159,678	iHeartCommunications, Inc.‡ 3.092%, 05/01/26 1 mo. LIBOR + 3.00%		157,781

	825,000	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		841,649


				2,569,870


		*Consumer Discretionary (0.5%)*

	95,000	At Home Group, Inc.! 0.000%, 06/24/28		95,119

	50,000	At Home Group, Inc.‡ 4.750%, 06/24/28 3 mo. LIBOR + 4.25%		50,063

	199,000	Life Time Fitness, Inc.‡ 5.750%, 12/16/24 3 mo. LIBOR + 4.75%		199,125

	288,506	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		294,938

	339,150	Petco Health and Wellness Company, Inc.‡ 4.000%, 03/03/28 3 mo. LIBOR + 3.25%		338,063

	385,000	PetSmart, Inc.‡ 4.500%, 02/12/28 6 mo. LIBOR + 3.75%		385,337

	144,737	Rent-A-Center, Inc.‡ 4.750%, 02/17/28 1 mo. LIBOR + 4.00%		145,461

	75,000	Rent-A-Center, Inc.! 0.000%, 02/17/28		75,375

	174,500	TKC Holdings, Inc.! 0.000%, 05/15/28		172,701

	47,300	TKC Holdings, Inc.‡ 6.500%, 05/15/28 3 mo. LIBOR + 5.50%		46,812

	335,000	WW International, Inc.‡ 4.000%, 04/13/28 1 mo. LIBOR + 3.50%		334,687


				2,137,681


PRINCIPAL AMOUNT			VALUE

		*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%)*

	198,026	Par Pacific Holdings, Inc.‡ 6.870%, 01/12/26 3 mo. LIBOR + 6.75%		197,037


		*Financials (0.1%)*

	225,000	Jazz Financing Lux Sarl‡ 4.000%, 05/05/28 1 mo. LIBOR + 3.50%		225,563


		*Health Care (0.9%)*

	938,685	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		909,793

	407,433	Endo Luxembourg Finance Company I Sarl‡ 5.750%, 03/27/28 3 mo. LIBOR + 5.00%		398,928

	411,997	Gentiva Health Services, Inc.‡ 2.875%, 07/02/25 1 mo. LIBOR + 2.75%		410,969

	92,063	Icon Luxembourg Sarl! 0.000%, 07/03/28		91,980

	72,049	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		71,984

	22,937	Icon Luxembourg Sarl! 0.000%, 07/03/28		22,917

	17,951	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		17,935

	725,623	Mallinckrodt International Finance, SA‡ 6.000%, 09/24/24 6 mo. LIBOR + 5.25%		707,334

	220,000	Padagis, LLC‡ 5.250%, 07/06/28 3 mo. LIBOR + 4.75%		220,687

	826,021	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		801,629


				3,654,156


		*Industrials (0.4%)*

	100,000	ACProducts, Inc.‡ 4.750%, 05/05/28 6 mo. LIBOR + 4.25%		99,508

	70,000	Air Canada! 0.000%, 07/28/28		70,204

	50,000	Air Canada! 0.000%, 07/28/28		50,146

	191,100	BW Gas & Convenience Holdings, LLC‡ 4.000%, 03/17/28 1 mo. LIBOR + 3.50%		191,578

	444,392	Dun & Bradstreet Corp.‡ 3.336%, 02/06/26 1 mo. LIBOR + 3.25%		441,196


PRINCIPAL AMOUNT				VALUE

	294,818		Granite Holdings US Acquisition Company‡ 4.147%, 09/30/26 3 mo. LIBOR + 4.00%		$ 294,818

	679,466		Scientific Games International, Inc.‡ 2.842%, 08/14/24 1 mo. LIBOR + 2.75%		670,361


					1,817,811


			*Information Technology (0.4%)*

	115,000		AP Core Holdings II, LLC! 0.000%, 07/21/27		114,641

	262,652		Banff Merger Sub, Inc.‡ 3.842%, 10/02/25 1 mo. LIBOR + 3.75%		260,799

	134,325		Camelot U.S. Acquisition 1 Co.‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		134,472

	369,375		Camelot U.S. Acquisition 1 Company‡ 3.092%, 10/30/26 1 mo. LIBOR + 3.00%		366,281

	612,133		VFH Parent, LLC‡ 3.085%, 03/01/26 1 mo. LIBOR + 3.00%		608,525


					1,484,718


			*Materials (0.0%)*

	133,313		Innophos, Inc.‡ 3.592%, 02/07/27 1 mo. LIBOR + 3.50%		133,229


			TOTAL BANK LOANS (Cost $12,543,879)		12,738,929



NUMBER OF SHARES				VALUE

	COMMON STOCKS (80.4%)

			*Communication Services (8.4%)*

	5,450		Alphabet, Inc. - Class A^#~		14,685,188

	50,000		Facebook, Inc. - Class A^#~		17,815,000

	3,050		Lumen Technologies, Inc.^		38,034

	2,060,000	GBP	Vodafone Group, PLC		3,312,380


					35,850,602


			*Consumer Discretionary (6.1%)*

	1,000		Amazon.com, Inc.#		3,327,590

	114,000		Caesars Entertainment, Inc.^#~		9,959,040

	213,500		Las Vegas Sands Corp.#~		9,041,725

	42,000		VF Corp.		3,368,400


					25,696,755


			*Consumer Staples (2.7%)*

	152,600		Sysco Corp.µ~		11,322,920


			*Energy (2.6%)*

	177,000		Royal Dutch Shell, PLC - Class A		7,189,740

	155,700		Williams Companies, Inc.~		3,900,285


					11,090,025


			*Financials (11.6%)*

	175,000		Bank of America Corp.~		6,713,000



NUMBER OF SHARES				VALUE

	521,500		Huntington Bancshares, Inc.~		$ 7,342,720

	2,849,000	GBP	Legal & General Group, PLC		10,320,410

	5,165,000	GBP	Natwest Group, PLC		14,496,689

	190,000		Truist Financial Corp.^~		10,341,700


					49,214,519


			*Health Care (3.7%)*

	229,000		Boston Scientific Corp.^#~		10,442,400

	12,500		UnitedHealth Group, Inc.~		5,152,750


					15,595,150


			*Industrials (30.1%)*

	186,900		AerCap Holdings, NV#~		9,905,700

	500,500		Air Lease Corp. - Class Aµ~		21,201,180

	55,000		Boeing Company#~		12,456,400

	324,000		CSX Corp.		10,471,680

	300,500		Delta Air Lines, Inc.µ^#~		11,989,950

	59,000		Honeywell International, Inc.µ^~		13,793,610

	38,700		L3Harris Technologies, Inc.~		8,774,838

	155,000		Raytheon Technologies Corp.^~		13,477,250

	121,400		Southwest Airlines Companyµ^#~		6,133,128

	73,500		Uber Technologies, Inc.#~		3,194,310

	46,500		Union Pacific Corp.~		10,172,340

	132,000		United Airlines Holdings, Inc.#~		6,167,040


					127,737,426


			*Information Technology (12.4%)*

	63,600		Fidelity National Information Services, Inc.µ^~		9,479,580

	45,500		FleetCor Technologies, Inc.^#~		11,749,010

	26,500		Paycom Software, Inc.µ^#~		10,600,000

	50,600		salesforce.com, Inc.µ#~		12,241,658

	22,800		Twilio, Inc. - Class A#		8,517,852


					52,588,100


			*Materials (1.9%)*

	26,000		Linde, PLC~		7,992,140


			*Real Estate (0.9%)*

	104,500		MGM Growth Properties, LLC~		3,950,100


			TOTAL COMMON STOCKS (Cost $331,936,397)		341,037,737



	CONVERTIBLE PREFERRED STOCKS (2.7%)

			*Consumer Discretionary (2.2%)*

	38,800	EUR	Volkswagen, AG‡ ‡‡ 0.000%		9,450,534


			*Financials (0.5%)*

	1,255		Bank of America Corp.µ‡‡ 7.250%		1,856,835

	5,917		Prospect Capital Corp. 5.350%, 07/01/26		145,736


					2,002,571


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,154,307)		11,453,105



NUMBER OF SHARES			VALUE

	PREFERRED STOCKS (6.3%)

		*Communication Services (0.8%)*

	25,330	AT&T, Inc.^ 4.750%, 02/18/25		$ 670,485

	15,800	AT&T, Inc.^~ 5.350%, 11/01/66		418,700

	58,930	Qwest Corp.µ^ 6.500%, 09/01/56		1,494,465

	25,585	United States Cellular Corp.µ 6.250%, 09/01/69		710,751


				3,294,401


		*Consumer Discretionary (0.3%)*

	12,200	Ford Motor Companyµ^~ 6.200%, 06/01/59		338,672

	3,615	Guitar Center, Inc. 0.000%		410,755

	3,688	Qurate Retail, Inc.µ 8.000%, 03/15/31		400,074


				1,149,501


		*Energy (0.5%)*

	35,935	Energy Transfer, LP‡ 7.625%, 08/15/23 3 mo. USD LIBOR + 4.74		911,312

	29,900	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		696,670

	28,750	NuStar Logistics, LP‡ 6.860%, 01/15/43 3 mo. USD LIBOR + 6.73%		726,512


				2,334,494


		*Financials (3.3%)*

	18,000	Affiliated Managers Group, Inc.^ 4.750%, 09/30/60		480,960

	17,285	Annaly Capital Management, Inc.^‡ 6.950%, 09/30/22 3 mo. USD LIBOR + 4.99%		451,138

	34,494	Arch Capital Group, Ltd.^ 5.250%, 09/29/21		873,388

	9,000	B Riley Financial, Inc. 6.000%, 01/31/28		239,310

	16,383	Bank of America Corp.^ 4.375%, 11/03/25		427,269

	21,000	Brookfield Finance, Inc. 4.625%, 10/16/80		539,280

	23,370	CIT Group, Inc.µ 5.625%, 12/15/24		623,278

	26,025	CNO Financial Group, Inc.µ^ 5.125%, 11/25/60		714,386

	15,419	Cullen/Frost Bankers, Inc.µ^ 4.450%, 12/15/25		407,061

	7,063	First Republic Bank/CAµ^ 4.125%, 10/30/25		178,553

	8,250	Fulton Financial Corp.µ^ 5.125%, 01/15/26		224,812

	27,185	KeyCorpµ 5.650%, 12/15/23		750,578

	17,135	Legg Mason, Inc.µ 5.450%, 09/15/56		432,832

	33,420	Morgan Stanleyµ 4.875%, 01/15/25		908,690



NUMBER OF SHARES			VALUE

	16,115	Oaktree Capital Group, LLCµ^ 6.550%, 09/15/23		$ 451,703

	24,075	Prudential Financial, Inc.^ 4.125%, 09/01/60		631,969

	35,500	Selective Insurance Group, Inc.µ^ 4.600%, 12/15/25		924,775

	8,994	Signature Bank/New York NYµ^ 5.000%, 12/30/25		236,632

	16,600	Spirit Realty Capital, Inc.µ 6.000%, 10/03/22		435,418

	31,375	Truist Financial Corp.µ^ 4.750%, 09/01/25		832,379

	18,395	US Bancorp^ 3.750%, 01/15/26		459,507

	35,915	W R Berkley Corp.^ 5.100%, 12/30/59		983,712

	69,435	Wells Fargo & Company^ 4.750%, 03/15/25		1,818,503


				14,026,133


		*Industrials (0.3%)*

	18,200	Air Lease Corp.‡ 6.150%, 03/15/24 3 mo. USD LIBOR + 3.65%		496,496

	7,500	Brookfield Finance I UK, PLC^ 4.500%, 11/24/25		190,650

	11,400	QVC, Inc.µ 6.250%, 11/26/68		299,136

	7,275	WESCO International, Inc.µ‡ 10.625%, 06/22/25 5 year CMT + 10.33		225,889


				1,212,171


		*Real Estate (0.8%)*

	16,375	American Homes 4 Rent^~ 6.250%, 09/19/23		454,406

	22,900	Brookfield Property Partners, LPµ~ 5.750%, 03/31/25		560,821

	15,300	Brookfield Property Partners, LPµ~ 6.375%, 09/30/24		389,079

	17,100	EPR Propertiesµ^~ 5.750%, 11/30/22		437,076

	16,515	Global Net Lease, Inc.µ 6.875%, 11/26/24		443,263

	31,680	Kimco Realty Corp.µ^ 5.250%, 12/20/22		851,875

	11,330	Public Storage^ 4.625%, 06/17/25		315,427


				3,451,947


		*Utilities (0.3%)*

	15,800	Algonquin Power & Utilities Corp.‡ 6.875%, 10/17/78 3 mo. USD LIBOR + 3.68%		439,240

	16,750	Brookfield Renewable Partners, LP^ 5.250%, 03/31/25		438,348

	16,150	DTE Energy Companyµ~ 5.250%, 12/01/77		427,329


				1,304,917


		TOTAL PREFERRED STOCKS (Cost $25,640,916)		26,773,564


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (0.6%) #

			*Consumer Discretionary (0.1%)*

	42 13,975,878		Amazon.com, Inc. Call, 10/15/21, Strike $3,500.00	$	352,380

	10 325,490		Domino’s Pizza, Inc. Put, 07/23/21, Strike $525.00		1,043

	430 5,076,150		Peloton Interactive, Inc. Call, 08/06/21, Strike $118.00		142,975


					496,398


			*Energy (0.1%)*

	890 3,615,180		Royal Dutch Shell, PLC Call, 10/15/21, Strike $40.00		204,700


			*Financials (0.2%)*

	8,700 5,019,900		Itau Unibanco Holding, SA Call, 12/17/21, Strike $5.00		848,250


			*Industrials (0.0%)*

	1,814 9,164,328		Southwest Airlines Company Call, 08/20/21, Strike $52.00		170,516


			*Information Technology (0.1%)*

	333 7,805,520		Workday, Inc. Call, 09/17/21, Strike $230.00		459,540


			*Other (0.1%)*

	357 4,284,000		ARK Innovation ETF Put, 08/06/21, Strike $109.00		8,033

	560 20,415,920		Invesco QQQ Trust Series Put, 08/13/21, Strike $355.00		101,080

	5,325 79,619,400		iShares 20+ Year Treasury Bond Put, 08/20/21, Strike $140.00		63,900

	2,420 106,119,420		SPDR S&P 500 ETF Trust Put, 08/09/21, Strike $432.00		325,490


					498,503


			TOTAL PURCHASED OPTIONS (Cost $4,432,106)		2,677,907



	TOTAL INVESTMENTS (123.9%) (Cost $512,021,667)				525,862,080



	LIABILITIES, LESS OTHER ASSETS (-23.9%)				(101,467,418	)


	NET ASSETS (100.0%)			$	424,394,662



NUMBER OF SHARES				VALUE

	COMMON STOCKS SOLD SHORT (-3.0%) #

			*Consumer Discretionary (-3.0%)*

	(60,500	)	eBay, Inc.		(4,126,705	)

	(33,500	)	Target Corp.		(8,745,175	)


			TOTAL COMMON STOCKS SOLD SHORT (Cost $(11,057,929))		(12,871,880	)



NUMBER OF SHARES				VALUE

	EXCHANGE-TRADED FUNDS SOLD SHORT (-36.8%) #

			*Other (-36.8%)*

	(35,700	)	ARK Innovation ETF		$ (4,284,000	)

	(56,000	)	Invesco QQQ Trust Series		(20,415,920	)

	(326,000	)	Vanguard S&P 500 ETF		(131,426,900	)


			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Cost $(149,486,011))		(156,126,820	)



			TOTAL SECURITIES SOLD SHORT (Premium $160,543,940)		(168,998,700	)



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	WRITTEN OPTIONS (-1.1%) #

			*Communication Services (0.0%)*

	200 7,126,000		Facebook, Inc. Call, 08/20/21, Strike $370.00		(62,000	)


			*Consumer Discretionary (-0.1%)*

	10 3,327,590		Amazon.com, Inc. Call, 08/20/21, Strike $3,400.00		(47,375	)

	65 2,115,685		Domino’s Pizza, Inc. Call, 08/20/21, Strike $535.00		(44,200	)

			Peloton Interactive, Inc.

	430 5,076,150		Call, 08/06/21, Strike $126.00		(35,475	)

	430 5,076,150		Call, 08/20/21, Strike $130.00		(87,935	)


					(214,985	)


			*Energy (0.0%)*

	2,280 7,528,560		Canadian Natural Resources, Ltd. Put, 08/20/21, Strike $30.00		(57,000	)

	3,800 18,768,200		Energy Select Sector SPDR Fund Put, 08/20/21, Strike $45.00		(117,800	)


					(174,800	)


			*Financials (-0.2%)*

	8,700 5,019,900		Itau Unibanco Holding, SA Put, 08/20/21, Strike $6.00		(300,150	)

			Moody’s Corp.

	95 3,572,000		Call, 09/17/21, Strike $380.00		(83,600	)

	95 3,572,000		Call, 09/17/21, Strike $370.00		(134,900	)

	95 3,572,000		Put, 09/17/21, Strike $370.00		(82,175	)


					(600,825	)


			*Industrials (0.0%)*

			Southwest Airlines Company

	1,214 6,133,128		Call, 08/06/21, Strike $51.00		(82,552	)

	1,214 6,133,128		Put, 08/20/21, Strike $47.50		(70,412	)


					(152,964	)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		*Other (-0.8%)*

		ARK Innovation ETF

	357 4,284,000	Put, 08/06/21, Strike $100.00		$ (1,785)

	357 4,284,000	Put, 08/20/21, Strike $100.00		(14,994)

		Invesco QQQ Trust Series

	560 20,415,920	Put, 08/13/21, Strike $345.00		(44,520)

	560 20,415,920	Put, 08/20/21, Strike $340.00		(61,600)

		iShares 20+ Year Treasury Bond

	5,325 79,619,400	Call, 09/17/21, Strike $150.00		(1,605,488)

	2,665 39,847,080	Put, 09/17/21, Strike $130.00		(61,295)

		Vanguard S&P 500 ETF

	3,650 147,149,750	Put, 08/20/21, Strike $350.00		(146,000)

	3,260 131,426,900	Put, 08/20/21, Strike $380.00		(415,650)

	465 18,746,475	Call, 08/20/21, Strike $385.00		(920,700)


				(3,272,032)


		TOTAL WRITTEN OPTIONS (Premium $3,693,174)		(4,477,606)

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 $36,843,987.

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

@	In default status and considered non-income producing.

‡	Variable rate security. The rate shown is the rate in effect at July 31, 2021.

&	Illiquid security.

¡	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.

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $142,496,168.

‡‡	Perpetual maturity.

Organization. Calamos Long/Short Equity & Dynamic Income Trust (the “Fund”) was organized as a Delaware statutory trust on September 21, 2017 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 November 29, 2019.

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 29, 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.


EUR		European Monetary Unit
GBP		British Pound Sterling
USD		U.S. Dollar


Cost basis of investments				$347,784,553
Gross unrealized appreciation				31,894,727


Gross unrealized depreciation				(27,293,506)
Net unrealized appreciation (depreciation)				$4,601,221