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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (13.3%)

		*Airlines (0.2%)*

	924	Air Canada Pass Through Trust Series 2013-1, Class B*µ 5.375%, 11/15/22	$	928

	14,500	Air Canada Pass Through Trust Series 2015-2, Class B*µ 5.000%, 06/15/25		14,393

	55,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		61,398

	47,000	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		52,109

	40,000	JetBlue Pass Through Trust Series 2020-1, Class Bµ 7.750%, 05/15/30		45,522

	25,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		28,399

	20,932	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		21,463

	42,824	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		43,176

	27,724	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		26,222


				293,610


		*Communication Services (1.7%)*

	75,000	Arrow Bidco, LLC* 9.500%, 03/15/24		66,097

	33,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		33,206

	30,000	Brink’s Company*µ 5.500%, 07/15/25		32,001

	18,000	Cable One, Inc.*^ 4.000%, 11/15/30		18,479

	60,000	CenturyLink, Inc.*µ 4.000%, 02/15/27		62,143

	95,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		101,729

	60,000	CommScope, Inc.* 5.500%, 03/01/24		61,739

	45,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		48,998

	200,000	CSC Holdings, LLC*µ 5.500%, 04/15/27		211,252

	101,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		102,678

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

	45,000	6.625%, 08/15/27		28,667

	27,000	5.375%, 08/15/26		21,856

	175,000	Embarq Corp.µ 7.995%, 06/01/36		214,713


PRINCIPAL AMOUNT			VALUE

		Entercom Media Corp.*

	46,000	7.250%, 11/01/24^	$	46,925

	42,000	6.500%, 05/01/27		43,112

		Frontier Communications Corp.

	80,000	11.000%, 09/15/25@		42,578

	65,000	7.625%, 04/15/24@		33,682

	26,000	5.875%, 10/15/27*^		27,885

	13,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27		13,724

	15,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		16,652

	60,000	iHeartCommunications, Inc.*^ 5.250%, 08/15/27		62,333

		Intelsat Jackson Holdings, SA@

	55,000	9.750%, 07/15/25*		40,584

	35,000	8.000%, 02/15/24*		35,896

	25,000	5.500%, 08/01/23		17,506

	20,000	Ligado Networks, LLC* 15.500%, 11/01/23		20,222

		Netflix, Inc.^

	40,000	4.875%, 06/15/30*		48,647

	25,000	4.875%, 04/15/28		29,305

		Scripps Escrow II, Inc.*

	23,000	3.875%, 01/15/29µ		23,061

	11,000	5.375%, 01/15/31		11,130

	61,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		63,650

	23,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.*^ 4.625%, 11/01/26		23,957

		Sirius XM Radio, Inc.*^

	65,000	5.500%, 07/01/29		70,895

	65,000	4.625%, 07/15/24		67,252

	40,000	Sprint Capital Corp. 6.875%, 11/15/28		51,448

		Sprint Corp.

	150,000	7.125%, 06/15/24		175,063

	75,000	7.625%, 03/01/26		92,535

	35,000	Telecom Italia Capital, SA^ 6.000%, 09/30/34		41,990

	42,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		43,623

	60,000	United States Cellular Corp.^ 6.700%, 12/15/33		77,725

	19,000	Windstream Services, LLC / Windstream Finance Corp.@ 7.750%, 10/01/21		204


				2,225,142


		*Consumer Discretionary (2.1%)*

	46,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		48,442

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	39,000	6.625%, 01/15/28		41,653

	32,000	9.875%, 04/01/27^		36,281

	60,000	BorgWarner, Inc.*^ 5.000%, 10/01/25		70,703

	65,000	Boyd Gaming Corp. 6.000%, 08/15/26		67,373

		Caesars Entertainment, Inc.*

	21,000	8.125%, 07/01/27^		23,040

	21,000	6.250%, 07/01/25		22,156


PRINCIPAL AMOUNT			VALUE

	80,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25	$	79,718

		Carnival Corp.*^

	21,000	10.500%, 02/01/26		24,384

	11,000	7.625%, 03/01/26		11,657

	30,000	Carvana Company* 5.625%, 10/01/25		31,043

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	155,000	5.125%, 05/01/27		163,083

	65,000	5.750%, 02/15/26		67,096

	21,000	4.250%, 02/01/31µ		21,551

	20,000	5.000%, 02/01/28		21,028

	39,000	Cedar Fair, LP^ 5.250%, 07/15/29		39,101

		Century Communities, Inc.

	65,000	6.750%, 06/01/27		69,638

	58,000	5.875%, 07/15/25		60,436

	110,000	Dana Financing Luxembourg Sarl* 6.500%, 06/01/26		115,058

		DISH DBS Corp.^

	41,000	7.750%, 07/01/26		44,534

	10,000	7.375%, 07/01/28		10,427

		ESH Hospitality, Inc.*

	35,000	5.250%, 05/01/25^		35,729

	26,000	4.625%, 10/01/27µ		26,608

		Expedia Group, Inc.*

	25,000	7.000%, 05/01/25µ		27,473

	18,000	6.250%, 05/01/25^		20,832

	30,000	Ford Motor Companyµ 8.500%, 04/21/23		33,631

	105,000	goeasy, Ltd.*µ 5.375%, 12/01/24		109,978

	23,000	Guitar Center, Inc.* 8.500%, 01/15/26		24,161

	13,000	Installed Building Products, Inc.* 5.750%, 02/01/28		13,915

		L Brands, Inc.

	79,000	6.875%, 11/01/35		91,729

	37,000	6.694%, 01/15/27		41,467

	12,000	6.875%, 07/01/25*^		13,093

	75,000	Lennar Corp.µ^ 5.250%, 06/01/26		88,585

		Life Time, Inc.*

	33,000	5.750%, 01/15/26		33,386

	22,000	8.000%, 04/15/26		22,070

		M/I Homes, Inc.µ

	60,000	5.625%, 08/01/25		62,426

	40,000	4.950%, 02/01/28		42,253

		Macy’s Retail Holdings, LLC

	20,000	6.700%, 07/15/34*		19,073

	10,000	5.125%, 01/15/42^		8,169

	21,000	Macy’s, Inc.*µ 8.375%, 06/15/25		23,277

		Mattel, Inc.*

	65,000	5.875%, 12/15/27^		71,716

	60,000	6.750%, 12/31/25		63,116

		Meredith Corp.^

	20,000	6.500%, 07/01/25*		21,313

	10,000	6.875%, 02/01/26		10,132

	75,000	Meritage Homes Corp.µ 6.000%, 06/01/25		85,356

	33,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		32,616


PRINCIPAL AMOUNT			VALUE

	49,000	Newell Brands, Inc.µ 4.700%, 04/01/26	$	53,957

	60,000	Penske Automotive Group, Inc.^ 5.500%, 05/15/26		62,402

	187,000	PetSmart, Inc.* 5.875%, 06/01/25		192,545

		Rite Aid Corp.

	86,000	8.000%, 11/15/26*		92,563

	24,000	7.700%, 02/15/27		23,979

		Royal Caribbean Cruises, Ltd.*µ

	25,000	11.500%, 06/01/25		28,852

	13,000	10.875%, 06/01/23		14,678

	65,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		64,897

	39,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		44,200

	65,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		69,825

	21,279	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		21,165

	13,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		15,154

	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		43,866


				2,818,589


		*Consumer Staples (0.6%)*

	23,000	Central Garden & Pet Company^ 4.125%, 10/15/30		24,087

	45,000	Dean Foods Company*@ 6.500%, 03/15/23		874

	23,000	Edgewell Personal Care Company*µ 5.500%, 06/01/28		24,639

	34,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		34,753

	25,000	Fresh Market, Inc.*^ 9.750%, 05/01/23		25,817

	50,000	JBS USA LUX, SA / JBS USA Finance, Inc.*µ 6.750%, 02/15/28		55,512

	19,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*µ 6.500%, 04/15/29		21,629

		Kraft Heinz Foods Company

	65,000	4.375%, 06/01/46µ		69,330

	12,000	4.250%, 03/01/31^		13,530

	12,000	3.875%, 05/15/27^		13,135

		New Albertson’s, Inc.

	33,000	7.750%, 06/15/26		38,402

	15,000	8.000%, 05/01/31		18,665

		Pilgrim’s Pride Corp.*

	75,000	5.875%, 09/30/27		79,991

	25,000	5.750%, 03/15/25		25,583

		Post Holdings, Inc.*

	60,000	5.750%, 03/01/27		63,079

	20,000	5.500%, 12/15/29^		21,739

	14,000	5.625%, 01/15/28		14,878

	10,000	4.625%, 04/15/30^		10,375

	57,000	Simmons Foods, Inc.* 7.750%, 01/15/24		59,559


PRINCIPAL AMOUNT			VALUE

	50,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28	$	52,942

		Vector Group, Ltd.*

	69,000	6.125%, 02/01/25		70,056

	60,000	5.750%, 02/01/29		62,017


				800,592


		*Energy (1.3%)*

	16,000	Antero Resources Corp.*^ 7.625%, 02/01/29		16,337

		Apache Corp.

	45,000	5.100%, 09/01/40µ		45,531

	26,000	4.875%, 11/15/27^		26,755

	23,000	4.625%, 11/15/25^		23,537

	38,000	Bruin E&P Partners, LLC*@ 8.875%, 08/01/23		67

		Buckeye Partners, LP^

	40,000	3.950%, 12/01/26		40,373

	25,000	5.850%, 11/15/43		24,979

	40,000	ChampionX Corp. 6.375%, 05/01/26		41,976

	50,000	Cheniere Energy Partners, LP^ 5.625%, 10/01/26		52,135

	23,000	Cheniere Energy, Inc.*µ 4.625%, 10/15/28		23,986

	31,000	Chesapeake Energy Corp.*@ 11.500%, 01/01/25		9,250

	10,000	CNX Resources Corp.*^ 7.250%, 03/14/27		10,751

		Continental Resources, Inc.^

	45,000	3.800%, 06/01/24		46,213

	35,000	4.375%, 01/15/28µ		35,747

	80,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		72,019

	15,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25		2,339

	120,000	Energy Transfer Operating, LPµ‡ 3.223%, 11/01/66 3 mo. USD LIBOR + 3.02%		83,552

		EnLink Midstream Partners, LP

	60,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		33,166

	50,000	4.850%, 07/15/26µ		48,610

		EQT Corp.^

	28,000	8.750%, 02/01/30		35,739

	20,000	7.875%, 02/01/25		23,603

	12,000	5.000%, 01/15/29		13,069

	43,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		38,632

	100,000	Gulfport Energy Corp.@ 6.375%, 05/15/25		77,205

	14,000	Hess Midstream Operations, LP*µ 5.125%, 06/15/28		14,572

	13,000	Holly Energy Partners, LP / Holly Energy Finance Corp.*^ 5.000%, 02/01/28		13,098

	42,000	Laredo Petroleum, Inc. 10.125%, 01/15/28		36,613

	70,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		72,428


PRINCIPAL AMOUNT			VALUE

		Moss Creek Resources Holdings, Inc.*

	25,000	10.500%, 05/15/27	$	22,255

	25,000	7.500%, 01/15/26		21,003

	25,000	Murphy Oil Corp.^ 5.875%, 12/01/27		23,797

	20,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		20,717

	10,000	Newfield Exploration Company^ 5.750%, 01/30/22		10,388

	25,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		10,434

		Occidental Petroleum Corp.

	135,000	4.300%, 08/15/39µ		118,350

	98,000	2.900%, 08/15/24^		95,217

	85,000	2.700%, 08/15/22^		85,342

	22,000	5.875%, 09/01/25^		23,093

	15,000	Ovintiv, Inc.^ 6.500%, 08/15/34		18,348

	24,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		23,429

	40,000	Parkland Fuel Corp.*^ 5.875%, 07/15/27		42,812

	50,000	Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		41,970

	16,000	Range Resources Corp.*^ 8.250%, 01/15/29		16,832

	51,000	SESI, LLC@ 7.750%, 09/15/24		19,860

	14,000	SM Energy Company*^ 10.000%, 01/15/25		15,558

	11,000	Southwestern Energy Company^ 8.375%, 09/15/28		11,792

	27,000	Transocean, Inc.* 11.500%, 01/30/27		21,327

	65,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.*^ 8.750%, 04/15/23		60,537

	25,000	Viper Energy Partners, LP* 5.375%, 11/01/27		26,275

	50,000	W&T Offshore, Inc.* 9.750%, 11/01/23		39,622

	23,000	Weatherford International, Ltd.* 11.000%, 12/01/24		19,739


				1,750,979


		*Financials (2.3%)*

	166,000	Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25		171,420

	22,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		22,523

	46,000	AG Issuer, LLC* 6.250%, 03/01/28		48,246

	110,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		116,505

	85,000	Ally Financial, Inc.µ 8.000%, 11/01/31		123,791

	104,000	AmWINS Group, Inc.* 7.750%, 07/01/26		111,513


PRINCIPAL AMOUNT			VALUE

	120,000	AssuredPartners, Inc.* 7.000%, 08/15/25	$	123,821

		Aviation Capital Group, LLC*

	48,000	3.500%, 11/01/27^		50,734

	10,000	6.750%, 04/06/21µ		10,109

	141,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26		146,482

		Credit Acceptance Corp.^

	65,000	6.625%, 03/15/26		69,027

	52,000	5.125%, 12/31/24*		53,947

	15,000	Cushman & Wakefield US Borrower, LLC*µ 6.750%, 05/15/28		16,343

	65,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		68,482

	48,000	Genworth Mortgage Holdings, Inc.*µ 6.500%, 08/15/25		51,426

	47,667	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate		42,805

	44,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*^ 3.750%, 12/15/27		44,898

	84,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		86,832

	225,000	HUB International, Ltd.* 7.000%, 05/01/26		233,557

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ

	65,000	5.250%, 05/15/27		68,430

	11,000	4.375%, 02/01/29*		10,941

	100,000	ILFC E-Capital Trust II*µ‡ 3.480%, 12/21/65 3 mo. USD LIBOR + 1.80%		80,862

	120,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		126,311

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

	98,000	5.250%, 10/01/25		98,118

	15,000	4.250%, 02/01/27^		14,409

	35,000	Level 3 Financing, Inc.µ 5.375%, 05/01/25		35,974

	118,000	LPL Holdings, Inc.* 5.750%, 09/15/25		121,990

	100,000	MetLife, Inc.µ 6.400%, 12/15/66		129,498

	21,000	MGIC Investment Corp.µ 5.250%, 08/15/28		22,477

		Navient Corp.

	95,000	5.000%, 03/15/27		96,408

	29,000	6.750%, 06/25/25		31,815

	22,000	4.875%, 03/15/28		21,877

	25,000	NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		24,628

		OneMain Finance Corp.

	65,000	7.125%, 03/15/26µ		76,326

	41,000	6.875%, 03/15/25^		47,040


PRINCIPAL AMOUNT			VALUE

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

	27,000	7.500%, 06/01/25	$	29,213

	23,000	5.875%, 10/01/28		24,318

	50,000	Prospect Capital Corp.µ 3.706%, 01/22/26		49,507

	65,000	Radian Group, Inc.^ 4.875%, 03/15/27		70,366

	28,000	SLM Corp. 4.200%, 10/29/25		29,742

	65,000	Starwood Property Trust, Inc. 4.750%, 03/15/25		65,506

	43,000	StoneX Group, Inc.*µ 8.625%, 06/15/25		46,805

	25,000	Tronox Finance, PLC*^ 5.750%, 10/01/25		25,997

	34,000	United Shore Financial Services, LLC* 5.500%, 11/15/25		35,827

	52,000	VICI Properties, LP / VICI Note Company, Inc.* 3.750%, 02/15/27		53,017

	47,000	XHR, LP* 6.375%, 08/15/25		49,381


				3,079,244


		*Health Care (1.4%)*

		Acadia Healthcare Company, Inc.

	119,000	6.500%, 03/01/24		121,470

	22,000	5.000%, 04/15/29*^		23,180

	145,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		160,557

		Bausch Health Companies, Inc.*

	50,000	5.000%, 01/30/28		51,573

	20,000	5.000%, 02/15/29		20,512

	11,000	5.250%, 02/15/31		11,334

		Centene Corp.^

	52,000	4.250%, 12/15/27		55,123

	23,000	3.000%, 10/15/30		24,094

		CHS/Community Health Systems, Inc.*

	220,000	8.125%, 06/30/24		231,880

	60,000	8.000%, 03/15/26		64,578

	25,000	6.875%, 04/15/29		25,323

		DaVita, Inc.*

	56,000	4.625%, 06/01/30		58,858

	10,000	3.750%, 02/15/31		9,941

		Encompass Health Corp.

	20,000	4.750%, 02/01/30		21,481

	20,000	4.500%, 02/01/28		20,962

	55,000	HCA, Inc.µ 7.500%, 11/06/33		75,523

	75,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		31,021

	62,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		55,904

		Tenet Healthcare Corp.

	120,000	6.250%, 02/01/27*		126,590

	75,000	4.625%, 07/15/24		76,418

	70,000	6.875%, 11/15/31		75,984

	65,000	4.875%, 01/01/26*		67,898

	109,000	Teva Pharmaceutical Finance Company, BV 2.950%, 12/18/22		109,423


PRINCIPAL AMOUNT			VALUE

	195,000	Teva Pharmaceutical Finance Netherlands III, BV^ 2.800%, 07/21/23	$	193,532

	90,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		92,801


				1,805,960


		*Industrials (2.3%)*

	45,000	Abercrombie & Fitch Management Company*µ 8.750%, 07/15/25		50,063

	45,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		46,291

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

	65,000	4.625%, 01/15/27		68,219

	39,000	4.875%, 02/15/30		41,733

	23,000	3.500%, 03/15/29		22,737

		Allison Transmission, Inc.*

	70,000	4.750%, 10/01/27µ		73,342

	10,000	3.750%, 01/30/31^		9,965

		American Airlines Group, Inc.*^

	43,000	5.000%, 06/01/22		40,484

	10,000	3.750%, 03/01/25		7,683

	200,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		211,210

	28,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		30,677

	65,000	Beacon Roofing Supply, Inc.* 4.875%, 11/01/25		65,793

	65,000	Berry Global, Inc.*µ 4.875%, 07/15/26		69,642

		Cascades, Inc. / Cascades USA, Inc.*µ

	39,000	5.125%, 01/15/26		41,507

	26,000	5.375%, 01/15/28		27,525

		Delta Air Lines, Inc.^

	12,000	7.375%, 01/15/26		13,798

	11,000	3.800%, 04/19/23		11,287

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

	11,000	4.750%, 10/20/28		12,195

	6,000	4.500%, 10/20/25		6,419

	36,000	Dun & Bradstreet Corp.* 6.875%, 08/15/26		38,681

	22,000	Endurance Acquisition Merger Sub* 6.000%, 02/15/29		21,726

	25,000	EnerSys*µ 4.375%, 12/15/27		26,688

	23,000	GFL Environmental, Inc.*µ 3.750%, 08/01/25		23,562

		Golden Nugget, Inc.*^

	35,000	6.750%, 10/15/24		35,081

	25,000	8.750%, 10/01/25		26,008

	23,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		25,014

	25,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		28,099

	30,000	Graphic Packaging International, LLC*µ 4.750%, 07/15/27		33,161


PRINCIPAL AMOUNT			VALUE

	60,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22	$	61,056

	51,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		50,860

	5,000	Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.* 5.750%, 01/20/26		5,195

	65,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		68,611

		Howmet Aerospace, Inc.

	61,000	5.125%, 10/01/24^		67,182

	18,000	6.875%, 05/01/25µ		20,996

	62,000	Jeld-Wen, Inc.* 4.625%, 12/15/25		63,378

	40,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		44,761

	34,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		35,007

	21,000	MasTec, Inc.*µ 4.500%, 08/15/28		22,142

		Meritor, Inc.^

	115,000	6.250%, 02/15/24		116,692

	7,000	4.500%, 12/15/28*		7,136

	33,000	Moog, Inc.*µ 4.250%, 12/15/27		34,432

	65,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		68,833

		Navistar International Corp.*

	80,000	6.625%, 11/01/25		83,418

	23,000	9.500%, 05/01/25		25,644

	52,000	Novelis Corp.* 4.750%, 01/30/30		54,797

	50,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27		50,388

	30,000	Patrick Industries, Inc.* 7.500%, 10/15/27		32,936

	50,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		53,652

	11,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		11,770

	55,000	QVC, Inc.µ 4.375%, 09/01/28		57,352

	125,000	Scientific Games International, Inc.*^ 5.000%, 10/15/25		128,904

	39,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		41,609

	20,000	Sensata Technologies, Inc.*µ 3.750%, 02/15/31		20,551

		Sinclair Television Group, Inc.*

	23,000	4.125%, 12/01/30^		22,962

	20,000	5.500%, 03/01/30		20,643

		Standard Industries, Inc.*

	25,000	5.000%, 02/15/27		26,096

	11,000	4.375%, 07/15/30^		11,676

		Station Casinos, LLC*

	80,000	4.500%, 02/15/28^		78,655

	34,000	5.000%, 10/01/25		34,254

	23,000	Stericycle, Inc.* 3.875%, 01/15/29		23,644


PRINCIPAL AMOUNT			VALUE

	35,000	STL Holding Company, LLC* 7.500%, 02/15/26	$	36,467

	35,000	Tennant Company 5.625%, 05/01/25		36,426

		TransDigm, Inc.

	95,000	6.250%, 03/15/26*		100,615

	60,000	7.500%, 03/15/27^		64,247

		United Rentals North America, Inc.

	20,000	5.875%, 09/15/26		21,086

	11,000	3.875%, 02/15/31^		11,503

	25,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		25,777

		WESCO Distribution, Inc.*

	27,000	7.125%, 06/15/25		29,408

	13,000	7.250%, 06/15/28		14,623

	65,000	XPO Logistics, Inc.*^ 6.750%, 08/15/24		68,801


				2,962,775


		*Information Technology (0.5%)*

	25,000	CDK Global, Inc.*µ 5.250%, 05/15/29		27,124

	39,000	Clear Channel Worldwide Holdings, Inc.*^ 5.125%, 08/15/27		39,878

	60,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		61,358

		Dell International, LLC / EMC Corp.*

	55,000	6.020%, 06/15/26µ		66,408

	45,000	6.100%, 07/15/27^		55,728

	25,000	5.850%, 07/15/25^		29,711

	26,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		26,874

	50,000	KBR, Inc.* 4.750%, 09/30/28		51,986

	50,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		49,635

	39,000	MTS Systems Corp.* 5.750%, 08/15/27		42,452

	34,000	ON Semiconductor Corp.*^ 3.875%, 09/01/28		35,362

	39,000	Open Text Corp.*µ 3.875%, 02/15/28		40,005

	36,000	PTC, Inc.*µ 4.000%, 02/15/28		37,563

	21,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		21,256


				585,340


		*Materials (0.5%)*

	27,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		28,409

	35,000	ArcelorMittal, SAµ 7.250%, 10/15/39		50,596

	45,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		46,646

		Freeport-McMoRan, Inc.

	35,000	5.000%, 09/01/27^		37,302

	25,000	5.450%, 03/15/43^		31,340

	20,000	5.400%, 11/14/34µ		24,937

	34,000	HB Fuller Company^ 4.250%, 10/15/28		34,856


PRINCIPAL AMOUNT			VALUE

	36,000	Hudbay Minerals, Inc.* 6.125%, 04/01/29	$	38,214

	40,000	JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26		42,536

		Kaiser Aluminum Corp.*

	25,000	4.625%, 03/01/28^		25,847

	18,000	6.500%, 05/01/25		19,282

	25,000	Mercer International, Inc.*^ 5.125%, 02/01/29		25,476

	15,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		16,676

		New Gold, Inc.*

	14,000	6.375%, 05/15/25		14,532

	13,000	7.500%, 07/15/27		14,051

	13,000	Norbord, Inc.*µ 5.750%, 07/15/27		13,998

	23,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		24,962

		PBF Holding Company, LLC / PBF Finance Corp.

	110,000	7.250%, 06/15/25		73,098

	11,000	9.250%, 05/15/25*µ^		10,629

	56,000	Silgan Holdings, Inc.^ 4.125%, 02/01/28		58,172

	39,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		41,067

	11,000	Valvoline, Inc.* 3.625%, 06/15/31		11,080


				683,706


		*Real Estate (0.2%)*

	70,000	CBL & Associates, LP@ 5.250%, 12/01/23		26,270

	14,000	EPR Properties^ 3.750%, 08/15/29		13,704

		Forestar Group, Inc.*

	60,000	8.000%, 04/15/24		63,167

	38,000	5.000%, 03/01/28		39,618

	11,000	iStar, Inc.µ 5.500%, 02/15/26		11,212

		Service Properties Trust

	65,000	4.350%, 10/01/24		63,922

	20,000	5.250%, 02/15/26µ		19,732


				237,625


		*Utilities (0.2%)*

	39,000	Calpine Corp.*µ 4.500%, 02/15/28		40,115

	20,000	NRG Energy, Inc.µ 6.625%, 01/15/27		21,004

	68,000	PPL Capital Funding, Inc.µ‡ 2.905%, 03/30/67 3 mo. USD LIBOR + 2.67%		63,392

		Talen Energy Supply, LLC*^

	25,000	10.500%, 01/15/26		23,032

	10,000	7.250%, 05/15/27		10,588

	65,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		72,363


				230,494

		TOTAL CORPORATE BONDS (Cost $17,009,144)		17,474,056


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (36.0%)

			*Communication Services (3.8%)*

	200,000		Bharti Airtel, Ltd. 1.500%, 02/17/25	$	242,030

	400,000		Kakao Corp. 0.000%, 04/28/23		476,964

	1,190,000		Liberty Media Corp.* 0.500%, 12/01/50		1,228,473

	515,000		Live Nation Entertainment, Inc.^ 2.500%, 03/15/23		623,176

	970,000		Sea, Ltd.* 2.375%, 12/01/25		2,407,035


					4,977,678


			*Consumer Discretionary (11.7%)*

	831,000		Booking Holdings, Inc.*^ 0.750%, 05/01/25		1,124,526

	1,140,000		Chegg, Inc.*µ 0.000%, 09/01/26		1,321,898

	146,000		DISH Network Corp. 2.375%, 03/15/24		133,911

	860,000		Etsy, Inc.*^ 0.125%, 09/01/27		1,143,697

	556,000		Fiverr International, Ltd.* 0.000%, 11/01/25		701,038

	177,000		Huazhu Group, Ltd. 0.375%, 11/01/22		214,836

	1,140,000		Liberty Broadband Corp.* 2.750%, 09/30/50		1,177,267

			Liberty Interactive, LLC

	66,000		4.000%, 11/15/29		51,424

	35,000		3.750%, 02/15/30		27,038

	905,000		Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		912,240

	989,000		NIO, Inc.* 0.500%, 02/01/27		993,994

	165,000		Penn National Gaming, Inc.^ 2.750%, 05/15/26		741,593

	1,415,000		Pinduoduo, Inc. 0.000%, 12/01/25		1,706,009

	1,131,000		Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23		1,371,677

	400,000	EUR	Shop Apotheke Europe, NV 0.000%, 01/21/28		566,067

	355,000		Under Armour, Inc.* 1.500%, 06/01/24		586,872

	1,480,000		Vail Resorts, Inc.*^ 0.000%, 01/01/26		1,492,491

	700,000	EUR	Zalando, SE 0.050%, 08/06/25		1,123,800


					15,390,378


			*Consumer Staples (0.7%)*

			Premium Brands Holdings Corp.

	604,000	CAD	4.600%, 12/31/23		507,133

	500,000	CAD	4.200%, 09/30/27		393,748


					900,881


			*Financials (0.4%)*

	2,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCAµ 0.000%, 07/25/24		288,158


PRINCIPAL AMOUNT				VALUE

	165,000		JPMorgan Chase Bank, N.A.*^ 0.125%, 01/01/23	$	200,524

	65,000		Prospect Capital Corp. 4.950%, 07/15/22		66,810


					555,492


			*Health Care (4.4%)*

	345,000		Guardant Health, Inc.*^ 0.000%, 11/15/27		461,224

	200,000		Hansoh Pharmaceutical Group Company, Ltd. 0.000%, 01/22/26		203,490

	702,000		Insulet Corp.^ 0.375%, 09/01/26		970,775

	185,000		Invitae Corp.^ 2.000%, 09/01/24		341,194

	700,000		Jazz Investments I, Ltd.* 2.000%, 06/15/26		913,605

	765,000		LivaNova USA, Inc.* 3.000%, 12/15/25		987,339

	680,000		NeoGenomics, Inc. 0.250%, 01/15/28		734,951

	740,000		Pacira BioSciences, Inc.* 0.750%, 08/01/25		886,675

	255,000		Teladoc Health, Inc.*^ 1.250%, 06/01/27		364,566


					5,863,819


			*Industrials (4.3%)*

	980,000		Air Canada*~ 4.000%, 07/01/25		1,335,995

	120,000		Copa Holdings, SA* 4.500%, 04/15/25		203,319

	700,000	EUR	Duerr, AG 0.750%, 01/15/26		1,027,129

	1,066,000		Southwest Airlines Company^ 1.250%, 05/01/25		1,498,839

	1,475,000		Uber Technologies, Inc.*^ 0.000%, 12/15/25		1,545,859


					5,611,141


			*Information Technology (8.0%)*

	920,000		21Vianet Group, Inc.* 0.000%, 02/01/26		944,426

	190,000		Alarm.com Holdings, Inc.* 0.000%, 01/15/26		189,422

	915,000		Bentley Systems, Inc.* 0.125%, 01/15/26		921,762

	1,335,000		Coupa Software, Inc.*µ 0.375%, 06/15/26		1,720,201

	200,000		LG Display Company, Ltd. 1.500%, 08/22/24		247,286

	165,000		Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		186,514

	195,000		Repay Holdings Corp.* 0.000%, 02/01/26		195,037

	1,190,000		RingCentral, Inc.* 0.000%, 03/15/26		1,370,952

	900,000		Shift4 Payments, Inc.*^ 0.000%, 12/15/25		1,030,185

	1,195,000		Square, Inc.*^ 0.250%, 11/01/27		1,347,900

	1,000,000		Win Semiconductors Corp. 0.000%, 01/14/26		1,114,110


PRINCIPAL AMOUNT				VALUE

	200,000		Xero Investments, Ltd. 0.000%, 12/02/25	$	204,886

	674,000		Zscaler, Inc.*µ 0.125%, 07/01/25		1,007,569


					10,480,250


			*Materials (1.3%)*

	250,000		BASF, SE 0.925%, 03/09/23		252,257

	140,000,000	JPY	Kansai Paint Company, Ltd. 0.000%, 06/17/22		1,467,123


					1,719,380


			*Real Estate (1.3%)*

	200,000		ESR Cayman, Ltd. 1.500%, 09/30/25		223,442

	1,225,000		Redfin Corp.* 0.000%, 10/15/25		1,510,070


					1,733,512


			*Utilities (0.1%)*

	470,000	EUR	Voltalia, SA 1.000%, 01/13/25		190,030


			TOTAL CONVERTIBLE BONDS (Cost $42,080,681)		47,422,561


	BANK LOANS (0.2%) ¡

			*Communication Services (0.1%)*

	157,119		Intelsat Jackson Holdings, SA 8.625%, 01/02/24		160,102


			*Consumer Discretionary (0.1%)*

	102,058		Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		102,409


			*Information Technology (0.0%)*

	58,800		BMC Software Finance, Inc.‡ 4.371%, 10/02/25 1 mo. LIBOR + 4.25%		58,828


			TOTAL BANK LOANS (Cost $319,201)		321,339

NUMBER OF SHARES				VALUE

	CONVERTIBLE PREFERRED STOCKS (9.4%)

			*Communication Services (1.9%)*

	2,110		2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		2,439,609


			*Consumer Discretionary (2.0%)*

	16,950		Aptiv, PLC 5.500%, 06/15/23		2,634,877


			*Financials (0.7%)*

	16,140		KKR & Company, Inc.^ 6.000%, 09/15/23		938,864


NUMBER OF SHARES				VALUE

			*Health Care (1.3%)*

	1,050		Danaher Corp. 4.750%, 04/15/22	$	1,701,315


			*Industrials (1.1%)*

	13,641		Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		1,486,460


			*Information Technology (1.3%)*

	1,195		Broadcom, Inc. 8.000%, 09/30/22		1,755,156


			*Utilities (1.1%)*

	24,161		NextEra Energy, Inc. 4.872%, 09/01/22		1,477,687


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,678,158)		12,433,968


	COMMON STOCKS (78.5%)

			*Communication Services (5.5%)*

	1,030		Baidu, Inc.#		242,071

	2,080	INR	Info Edge India, Ltd.		125,183

	650	KRW	NAVER Corp.		198,335

	47,090		Tencent Holdings, Ltd.^		4,205,608

	4,700		Tencent Music Entertainment Group#		125,020

	14,000		Walt Disney Company~#		2,354,380


					7,250,597


			*Consumer Discretionary (11.7%)*

	9,280		Alibaba Group Holding, Ltd.#		2,355,542

	6,700	PLN	Allegro.eu, SA*#		132,200

	1,300		Amazon.com, Inc.#		4,168,060

	2,600	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		117,785

	39,800	GBP	Compass Group, PLC#		710,938

	15,440		D.R. Horton, Inc.		1,185,792

	21,000	EUR	Daimler, AG		1,474,915

	460	INR	Dixon Technologies India, Ltd.		88,831

	5,080	INR	Eicher Motors, Ltd.		191,601

	1,265	KRW	Hyundai Motor Company		257,923

	2,050	HKD	JD Health International, Inc.*#		40,348

	2,450		JD.com, Inc.#		217,291

	2,130		Jumia Technologies, AG#		122,582

	36,000	HKD	Li Ning Company, Ltd.		224,273

	5,430		Lululemon Athletica, Inc.#		1,784,732

	6,900	HKD	Meituan - Class B#		318,155

	2,700		Melco Resorts & Entertainment, Ltd.		43,173

	290		MercadoLibre, Inc.#		516,058

	8,900	CNY	Midea Group Company, Ltd. - Class A		132,268

	1,645		Tesla, Inc.^#		1,305,357

	1,300	HKD	Yum China Holdings, Inc.		73,790


					15,461,614


			*Consumer Staples (2.4%)*

	23,299		Coca-Cola Company^~		1,121,847

	1,770		Costco Wholesale Corp.		623,801

	13,700	EUR	Danone, SA		911,031

	1,490	PLN	Dino Polska, SA*#		104,638


NUMBER OF SHARES				VALUE

	500	CNY	Kweichow Moutai Company, Ltd. - Class A	$	163,406

	18,800	HKD	Nongfu Spring Company, Ltd. - Class H*#		141,684

	51,000	MXN	Wal-Mart de Mexico, SAB de CV		145,220


					3,211,627


			*Energy (4.6%)*

	85,700	GBP	BP, PLC		318,457

	2,110		Calfrac Well Services, Ltd.#		6,197

	5,400		Chevron Corp.^		460,080

	2,760		Denbury, Inc.^#		78,964

	3,150		Energy Transfer, LP		19,750

	3,375		Enterprise Products Partners, LP		68,276

	341		EP Energy Corp.#		13,981

	17,390		Exxon Mobil Corp.		779,768

	700		GasLog, Ltd.^		2,870

	3,148		Lonestar Resources US, Inc.#		15,709

	940		Magellan Midstream Partners, LP		41,792

	12,200		Marathon Petroleum Corp.		526,552

	1,172		Mcdermott International, Ltd.^#		1,195

	17,950	EUR	Neste Oyj		1,264,408

	382		Oasis Petroleum, Inc.^#		14,314

	4,474		Occidental Petroleum Corp.		89,748

	34,150	INR	Reliance Industries, Ltd.		860,815

	47,265	EUR	Royal Dutch Shell, PLC - Class A		875,326

	26,800		Schlumberger, Ltd.		595,228

	1,385		Targa Resources Corp.^		37,907

	787		Weatherford International, PLC#		5,352

	778		Whiting Petroleum Corp.#		15,825

	450		Williams Companies, Inc.^		9,554


					6,102,068


			*Financials (12.7%)*

	14,400	HKD	AIA Group, Ltd.		173,617

	38,500		American International Group, Inc.~		1,441,440

	8,000	BRL	B3, SA - Brasil Bolsa Balcao		87,437

	89,000	IDR	Bank Central Asia, Tbk PT		214,057

	71,825		Bank of America Corp.^~		2,129,611

	200,000	HKD	China Construction Bank Corp. - Class H		151,484

	44,800	HKD	China International Capital Corp., Ltd. - Class H*^#		116,802

	42,500	HKD	China Merchants Bank Company, Ltd. - Class H		325,459

	51,500	ZAR	FirstRand, Ltd.		161,749

	108,700	INR	HDFC Bank, Ltd.#		2,075,131

	4,300	HKD	Hong Kong Exchanges & Clearing, Ltd.		274,908

	5,985	INR	Housing Development Finance Corp., Ltd.		194,630

	15,640		ICICI Bank, Ltd.^#		236,164

	135,600	EUR	ING Groep, NV#		1,205,668

	57,900		Itau Unibanco Holding, SA^		302,238

	18,800		JPMorgan Chase & Company~		2,418,996

	20,700		Morgan Stanley		1,387,935

	111,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class H^		1,307,334

	7,200	INR	SBI Cards & Payment Services, Ltd.		96,352

	6,700	KRW	Shinhan Financial Group Company, Ltd.		183,744

	82,950		UBS Group, AG#		1,193,651


NUMBER OF SHARES				VALUE

	36,525		Wells Fargo & Company	$	1,091,367


					16,769,774


			*Health Care (7.3%)*

	8,800	CNY	Aier Eye Hospital Group Company, Ltd. - Class A		106,960

	67,598		Alcon, Inc.^#		4,847,452

	1,500		Burning Rock Biotech, Ltd.#		45,255

	5,960		Eli Lilly & Company		1,239,501

	4,100	CNY	Hangzhou Tigermed Consulting Company, Ltd. - Class A		105,977

	760	KRW	Hugel, Inc.#		133,019

	5,400	BRL	Notre Dame Intermedica Participacoes, SA		93,267

	23,800		Novo Nordisk, A/S^		1,656,480

	11,400	HKD	Ping An Healthcare and Technology Company, Ltd.*^#		141,048

	2,600		UnitedHealth Group, Inc.		867,308

	23,000	HKD	Wuxi Biologics Cayman, Inc.*#		322,044


					9,558,311


			*Industrials (7.6%)*

	3,875		Boeing Company		752,486

	7,275		Caterpillar, Inc.		1,330,161

	32,700	BRL	Cia de Locacao das Americas		156,346

	3,200	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		173,183

	3,600		Cummins, Inc.		843,912

	7,300	JPY	FANUC Corp.		1,905,804

	10,100		Gol Linhas Aereas Inteligentes, SA^#		87,567

	10,400	JPY	Harmonic Drive Systems, Inc.		777,047

	12,000	TWD	Hiwin Technologies Corp.		169,269

	1,694		McDermott International, Inc.#		1,728

	19,000	CNY	Sany Heavy Industry Company, Ltd. - Class A		118,444

	13,600	EUR	Schneider Electric, SE		1,990,505

	9,500	HKD	Techtronic Industries Company, Ltd.		141,915

	2,565		Union Pacific Corp.		506,510

	5,350		United Parcel Service, Inc. - Class B		829,250

	16,450	INR	Voltas, Ltd.		202,938


					9,987,065


			*Information Technology (20.9%)*

	13,645		Advanced Micro Devices, Inc.#		1,168,558

	780	EUR	Adyen, NV*#		1,629,440

	24,145		Apple, Inc.^		3,186,174

	4,280		ASML Holding, NV^		2,286,205

	9,100	JPY	Fujitsu, Ltd.		1,388,658

	650		Globant, SA#		124,800

	10,750	INR	HCL Technologies, Ltd.		134,371

	10,525		Infosys, Ltd.		177,662

	5,100	JPY	Keyence Corp.		2,738,093

	39,000	HKD	Kingdee International Software Group Company, Ltd.#		156,225

	5,300	BRL	Locaweb Servicos de Internet, SA*		99,018

	10,000	TWD	MediaTek, Inc.		312,337

	9,585		Micron Technology, Inc.^#		750,218

	13,905		Microsoft Corp.		3,225,404

	905	KRW	NHN KCP Corp.#		47,218

	1,225		NVIDIA Corp.		636,498


NUMBER OF SHARES				VALUE

	23,400	KRW	Samsung Electronics Company, Ltd.	$	1,710,703

	250	KRW	Samsung SDI Company, Ltd.		163,325

	1,000	CNY	Sangfor Technologies, Inc. - Class A		45,918

	2,000	TWD	Silergy Corp.		186,495

	2,550	KRW	SK Hynix, Inc.		278,410

	332,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		7,016,286


					27,462,016


			*Materials (4.2%)*

	28,400	EUR	ArcelorMittal, SA#		621,941

	5,400	INR	Asian Paints, Ltd.		178,302

	219,800		Cemex, SAB de CV#		1,259,454

	20,975	EUR	CRH, PLC#		860,705

	16,140	CAD	First Quantum Minerals, Ltd.		268,842

	38,300		Freeport-McMoRan, Inc.#		1,030,653

	240	KRW	LG Chem, Ltd.		195,757

	790	KRW	POSCO		173,410

	13,000		Rio Tinto, PLC^		993,460


					5,582,524


			*Real Estate (0.6%)*

	160,500	PHP	Ayala Land, Inc.		125,365

	9,042		Redfin Corp.^#		643,881


					769,246


			*Utilities (1.0%)*

	92,400	EUR	Iberdrola, SA		1,251,020

	1,320	EUR	Iberdrola, SA#		17,917


					1,268,937


			TOTAL COMMON STOCKS (Cost $100,911,761)		103,423,779


	PREFERRED STOCKS (0.2%)

			*Communication Services (0.0%)*

	1,900		United States Cellular Corp. 6.250%, 09/01/69		50,863


			*Consumer Discretionary (0.1%)*

	305		Guitar Center, Inc.		34,465

	355		Qurate Retail, Inc. 8.000%, 03/15/31		35,521


					69,986


			*Energy (0.1%)*

	5,135		NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		102,957

	2,635		NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		45,243

	2,270		NuStar Logistics, LP^‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		50,326


					198,526


			TOTAL PREFERRED STOCKS (Cost $369,156)		319,375


NUMBER OF SHARES			VALUE

	WARRANTS (0.0%) #

		*Energy (0.0%)*

	256	Denbury, Inc. 09/18/25, Strike $32.59	$	2,215

	95	Denbury, Inc. 09/18/23, Strike $35.41		386

	2,607	Mcdermott International, Ltd. 05/01/24, Strike $15.98		—

	2,347	Mcdermott International, Ltd. 05/01/24, Strike $12.33		—


		TOTAL WARRANTS (Cost $15,143)		2,601


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (4.5%) #

		*Communication Services (1.1%)*

	18	Alphabet, Inc.

	3,289,248	Call, 01/21/22, Strike $1,500.00		789,840

	75	Facebook, Inc.

	1,937,475	Call, 06/18/21, Strike $250.00		233,438

	16	Netflix, Inc.

	851,824	Call, 01/21/22, Strike $600.00		101,960

	43	Sea, Ltd.

	931,853	Call, 01/21/22, Strike $200.00		243,917

	90	Yandex, NV

	563,760	Call, 08/20/21, Strike $75.00		37,800


				1,406,955


		*Consumer Discretionary (0.2%)*

	50	Alibaba Group Holding, Ltd.

	1,269,150	Call, 07/16/21, Strike $235.00		202,500

	50	Trip.com Group, Ltd.

	159,150	Call, 03/19/21, Strike $36.00		4,225


				206,725


		*Energy (0.1%)*

		Lukoil, PJSC

	80

	566,196	Call, 06/18/21, Strike $80.00		23,600

	37

	261,866	Call, 06/18/21, Strike $76.00		15,725

	500	Petroleo Brasileiro, SA

	502,500	Call, 04/16/21, Strike $10.00		51,500


				90,825


		*Financials (0.0%)*

	475	Sberbank of Russia, PJSC

	649,893	Call, 06/18/21, Strike $16.00		11,400


		*Information Technology (0.2%)*

	85	QUALCOMM, Inc.

	1,328,380	Call, 06/18/21, Strike $165.00		110,075

	7	Shopify, Inc.

	769,013	Call, 01/21/22, Strike $920.00		223,230


				333,305



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		*Materials (0.2%)*

	505	Freeport-McMoRan, Inc.

	1,358,955	Call, 08/20/21, Strike $29.00	$	191,900

	300	Vale, SA

	484,500	Call, 06/18/21, Strike $19.00		31,050


				222,950


		*Other (2.7%)*

	220	Invesco QQQ Trust Series

	6,920,320	Put, 03/19/21, Strike $320.00		383,790

	810	iShares China Large-Cap ETF

	3,998,160	Put, 03/19/21, Strike $52.00		287,550

	200	iShares MSCI Emerging Markets

	1,066,200	Put, 03/19/21, Strike $55.00		56,800

	287	iShares MSCI South Korea ETF

	2,528,470	Put, 03/19/21, Strike $92.00		202,335

		SPDR S&P 500 ETF Trust

	950

	35,156,650	Put, 01/21/22, Strike $340.00		2,532,700

	95

	3,515,665	Put, 03/19/21, Strike $375.00		161,880


				3,625,055


		TOTAL PURCHASED OPTIONS (Cost $4,192,555)		5,897,215


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (4.1%)

	2,696,054	JPMorgan Prime Money Market Fund - Capital Class, 0.110%***		2,697,402

	2,697,035	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.030%***		2,697,035


		TOTAL SHORT TERM INVESTMENTS (Cost $5,394,437)		5,394,437


	TOTAL INVESTMENTS (146.2%) (Cost $180,970,236)			192,689,331


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-9.1%)			(12,000,000)


	LIABILITIES, LESS OTHER ASSETS (-37.1%)			(48,897,714)



	NET ASSETS (100.0%)		$	131,791,617

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 $7,732,364.

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

@	In default status and considered non-income producing.

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

&	Illiquid security.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $5,539,375.

¡	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.

#	Non-income producing security.

***	The rate disclosed is the 7 day net yield as of January 31, 2021.

FOREIGN CURRENCY ABBREVIATIONS

BRL

Brazilian Real

CAD

Canadian Dollar

CNY

Chinese Yuan Renminbi

EUR

European Monetary Unit

GBP

British Pound Sterling

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

MXN

Mexican Peso

PHP

Philippine Peso

PLN

Polish Zloty

TWD

New Taiwan Dollar

ZAR

South African Rand

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 Total Return (the “Fund”) was organized as a Delaware statutory trust on March 30, 2004 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 October 27, 2005.

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

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

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

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

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

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

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

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

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

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

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

The cost basis of investments for federal income tax purposes at January 31, 2021 was as follows*:

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

On September 6, 2017, the Fund issued 480,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $12.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2021.

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

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

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

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

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


Cost basis of investments				$180,970,236

Gross unrealized appreciation				20,764,570
Gross unrealized depreciation				(9,045,475)

Net unrealized appreciation (depreciation)				$11,719,095


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	160	$25	$4,000,000
Series B	9/06/24	4.00%	160	$25	$4,000,000
Series C	9/06/27	4.24%	160	$25	$4,000,000
				Total	$12,000,000


	Value			% of Total Investments
US Dollar		$	145,548,719	75.5%
European Monetary Unit			15,009,902	7.8%
Japanese Yen			8,276,725	4.3%
New Taiwan Dollar			7,684,387	4.0%
Hong Kong Dollar			4,197,244	2.2%
Indian Rupee			4,148,154	2.2%
South Korean Won			3,341,844	1.7%
Canadian Dollar			1,169,723	0.6%
British Pound Sterling			1,029,395	0.5%
Chinese Yuan Renminbi			963,941	0.5%
Brazilian Real			436,068	0.2%
Polish Zloty			236,838	0.1%
Indonesian Rupiah			214,057	0.1%
South African Rand			161,749	0.1%
Mexican Peso			145,220	0.1%
Philippine Peso			125,365	0.1%

Total Investments		$	192,689,331	100.0%
Currency exposure may vary over time.