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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (12.6%)

		*Airlines (0.3%)*

	76,620	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24	$	77,060

	12,167	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		12,378

	50,689	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		55,281

	37,983	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		42,259

	20,000	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		19,554

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

	33,000	5.500%, 04/20/26		33,804

	11,000	5.750%, 04/20/29		11,280

	50,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		49,647

	35,826	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		41,402

	23,800	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		25,815

	15,433	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		15,690

	35,574	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		35,890

	24,232	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		23,531


				443,591


		*Communication Services (1.3%)*

	20,000	APi Escrow Corp.* 4.750%, 10/15/29		19,615

	75,000	Arrow Bidco, LLC* 9.500%, 03/15/24		76,213

	33,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		32,787

	15,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		15,476

	70,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		72,299

	200,000	CSC Holdings, LLC* 5.500%, 04/15/27		204,648

	46,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		47,447


PRINCIPAL AMOUNT			VALUE

		Diamond Sports Group, LLC / Diamond Sports Finance Company*

	45,000	6.625%, 08/15/27	$	11,897

	27,000	5.375%, 08/15/26		12,535

	46,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		46,191

	85,000	Embarq Corp. 7.995%, 06/01/36		87,615

		Entercom Media Corp.*^

	42,000	6.500%, 05/01/27		39,951

	22,000	6.750%, 03/31/29		20,703

	18,000	Frontier California, Inc. 6.750%, 05/15/27		18,680

	65,000	Frontier Florida, LLC 6.860%, 02/01/28		67,681

	65,000	Frontier North, Inc. 6.730%, 02/15/28		67,377

	44,000	Gannett Holdings, LLC* 6.000%, 11/01/26		44,872

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

	40,000	3.500%, 03/01/29		37,342

	13,000	5.250%, 12/01/27		13,384

	15,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		15,985

	60,000	iHeartCommunications, Inc.* 5.250%, 08/15/27		61,151

		Intelsat Jackson Holdings, SA@

	30,000	9.750%, 07/15/25*		13,322

	25,000	5.500%, 08/01/23		11,020

	29,990	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		22,415

		Lumen Technologies, Inc.

	60,000	4.000%, 02/15/27*		57,778

	2,000	7.600%, 09/15/39		2,007

	22,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		20,199

	35,000	Midas OpCo Holdings, LLC* 5.625%, 08/15/29		34,475

		Netflix, Inc.

	40,000	4.875%, 06/15/30*		44,787

	25,000	4.875%, 04/15/28		27,523

		Scripps Escrow II, Inc.*

	23,000	3.875%, 01/15/29		21,977

	11,000	5.375%, 01/15/31		10,893

	85,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		87,267

		Sirius XM Radio, Inc.*

	65,000	5.500%, 07/01/29^		67,544

	33,000	4.000%, 07/15/28		31,945

	20,000	3.125%, 09/01/26		19,254

	11,000	3.875%, 09/01/31		10,184

	30,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		31,046

	110,000	Sprint Corp. 7.125%, 06/15/24		119,991

	35,000	Telecom Italia Capital, SA 6.000%, 09/30/34		34,467


PRINCIPAL AMOUNT			VALUE

	60,000	United States Cellular Corp. 6.700%, 12/15/33	$	66,812


				1,748,755


		*Consumer Discretionary (2.0%)*

	46,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		48,397

	20,000	Asbury Automotive Group, Inc.* 4.625%, 11/15/29		19,737

		Ashton Woods USA, LLC / Ashton Woods Finance Company*

	39,000	6.625%, 01/15/28		41,060

	27,000	4.625%, 08/01/29		26,695

	11,000	4.625%, 04/01/30		10,866

	10,000	At Home Group, Inc.* 4.875%, 07/15/28		9,588

	13,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		13,055

		Bath & Body Works, Inc.

	57,000	6.694%, 01/15/27		64,284

	34,000	6.875%, 11/01/35		39,140

		Caesars Entertainment, Inc.*

	28,000	4.625%, 10/15/29		26,862

	21,000	8.125%, 07/01/27		22,616

	21,000	6.250%, 07/01/25		21,782

		Carnival Corp.*

	21,000	10.500%, 02/01/26		23,625

	11,000	7.625%, 03/01/26		11,237

	50,000	Carriage Services, Inc.* 4.250%, 05/15/29		48,810

	30,000	Carvana Company* 5.625%, 10/01/25		28,618

		CCO Holdings, LLC / CCO Holdings Capital Corp.*

	155,000	5.125%, 05/01/27		158,940

	50,000	4.750%, 03/01/30		49,709

	25,000	4.500%, 08/15/30		24,403

	22,000	4.750%, 02/01/32		21,656

	21,000	4.250%, 02/01/31		20,074

	20,000	5.000%, 02/01/28^		20,264

	15,000	4.250%, 01/15/34		13,921

	39,000	Cedar Fair, LP^ 5.250%, 07/15/29		39,134

		Century Communities, Inc.

	65,000	6.750%, 06/01/27		67,798

	10,000	3.875%, 08/15/29*		9,580

		Dana, Inc.

	22,000	4.500%, 02/15/32		21,036

	12,000	4.250%, 09/01/30		11,685

		DISH DBS Corp.

	41,000	7.750%, 07/01/26		42,289

	30,000	7.375%, 07/01/28^		29,071

	30,000	5.250%, 12/01/26*		29,132

	47,000	Everi Holdings, Inc.* 5.000%, 07/15/29		46,820

	200,000	Ford Motor Credit Company, LLC 2.900%, 02/16/28		191,294

		Gap, Inc.*

	16,000	3.875%, 10/01/31^		14,878

	2,000	3.625%, 10/01/29		1,862

		goeasy, Ltd.*

	75,000	5.375%, 12/01/24		76,803

	40,000	4.375%, 05/01/26^		39,877


PRINCIPAL AMOUNT			VALUE

	22,000	Goodyear Tire & Rubber Company* 5.000%, 07/15/29	$	22,033

	22,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		21,098

	53,000	Guitar Center, Inc.*& 8.500%, 01/15/26		56,453

		Liberty Interactive, LLC

	45,000	8.250%, 02/01/30		46,814

	25,000	8.500%, 07/15/29		26,008

		Life Time, Inc.*

	50,000	5.750%, 01/15/26		50,297

	33,000	8.000%, 04/15/26		33,761

	28,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		28,348

		M/I Homes, Inc.

	40,000	4.950%, 02/01/28		40,557

	30,000	3.950%, 02/15/30		29,256

	46,000	Macy’s Retail Holdings, LLC* 6.700%, 07/15/34		51,924

		Mattel, Inc.*

	65,000	5.875%, 12/15/27		69,124

	6,000	3.750%, 04/01/29		6,005

	55,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		53,781

	48,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		48,871

	49,000	Newell Brands, Inc. 4.700%, 04/01/26		51,411

	20,000	Nordstrom, Inc.^ 5.000%, 01/15/44		17,850

	22,000	Papa John’s International, Inc.*^ 3.875%, 09/15/29		20,947

	50,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		47,038

	60,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		56,440

	111,000	Rite Aid Corp.* 8.000%, 11/15/26		109,091

	63,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		60,714

	27,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		26,377

	65,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		65,724

	39,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		41,758

	11,000	Thor Industries, Inc.* 4.000%, 10/15/29		10,529

	13,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		14,569

	50,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		48,536

	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		43,567


PRINCIPAL AMOUNT			VALUE

	11,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28	$	11,132


				2,596,611


		*Consumer Staples (0.6%)*

	51,000	Central Garden & Pet Company* 4.125%, 04/30/31		48,819

	63,000	Edgewell Personal Care Company* 4.125%, 04/01/29		61,890

	59,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		55,863

	25,000	Fresh Market, Inc.* 9.750%, 05/01/23		25,618

	50,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 6.750%, 02/15/28		53,618

		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*

	65,000	5.500%, 01/15/30		69,220

	19,000	6.500%, 04/15/29^		20,682

		Kraft Heinz Foods Company

	65,000	4.375%, 06/01/46		68,243

	12,000	3.875%, 05/15/27		12,474

	33,000	New Albertsons, LP 7.750%, 06/15/26		37,317

	43,000	Performance Food Group, Inc.* 4.250%, 08/01/29		40,453

	75,000	Pilgrim’s Pride Corp.* 5.875%, 09/30/27		78,374

		Post Holdings, Inc.*

	60,000	5.750%, 03/01/27		61,679

	32,000	4.625%, 04/15/30^		30,866

	11,000	5.500%, 12/15/29		11,320

	42,000	Prestige Brands, Inc.* 3.750%, 04/01/31		38,231

	50,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		53,096

	50,000	Vector Group, Ltd.* 5.750%, 02/01/29		46,359


				814,122


		*Energy (1.1%)*

		Antero Resources Corp.*

	13,000	7.625%, 02/01/29		14,174

	11,000	5.375%, 03/01/30		11,371

		Apache Corp.

	45,000	5.100%, 09/01/40		47,219

	23,000	4.625%, 11/15/25		24,053

		Buckeye Partners, LP

	40,000	3.950%, 12/01/26		39,990

	25,000	5.850%, 11/15/43		23,157

	13,000	ChampionX Corp. 6.375%, 05/01/26		13,493

		Cheniere Energy Partners, LP

	21,000	3.250%, 01/31/32*		19,771

	10,000	4.000%, 03/01/31		10,000

	23,000	Cheniere Energy, Inc. 4.625%, 10/15/28		23,367

	22,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		23,542

	80,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		76,536


PRINCIPAL AMOUNT			VALUE

	349	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27 13.000% PIK rate	$	351

	22,000	DT Midstream, Inc.* 4.125%, 06/15/29		21,762

		Energy Transfer, LP‡

	65,000	3.334%, 11/01/66 3 mo. USD LIBOR + 3.02%		52,335

	32,000	6.500%, 11/15/26^ 5 year CMT + 5.69%		32,745

		EnLink Midstream Partners, LP

	60,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		45,545

	50,000	4.850%, 07/15/26		51,424

		EQT Corp.

	28,000	7.500%, 02/01/30		33,356

	20,000	6.625%, 02/01/25		21,580

	12,000	5.000%, 01/15/29		12,730

	43,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		41,532

	10,000	Gulfport Energy Operating Corp.* 8.000%, 05/17/26		10,759

		Gulfport Energy Operating Corp.

	45,000	6.375%, 05/15/25&		—

	13,753	8.000%, 05/17/26		14,796

	21,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		21,587

		Laredo Petroleum, Inc.^

	42,000	10.125%, 01/15/28		44,436

	10,000	7.750%, 07/31/29*		9,671

	50,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		51,222

		Moss Creek Resources Holdings, Inc.*

	25,000	10.500%, 05/15/27		24,524

	25,000	7.500%, 01/15/26		22,904

	22,000	Murphy Oil Corp.^ 6.375%, 07/15/28		22,788

		New Fortress Energy, Inc.*

	40,000	6.750%, 09/15/25		37,920

	22,000	6.500%, 09/30/26		20,649

	10,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		10,691

		Occidental Petroleum Corp.

	158,000	4.300%, 08/15/39		149,771

	22,000	5.875%, 09/01/25^		23,533

	69,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		70,134

	40,000	Parkland Corp.* 5.875%, 07/15/27		41,258

	50,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		42,314

	50,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		50,422

	11,000	Southwestern Energy Company 4.750%, 02/01/32		11,002

	11,000	Sunoco, LP / Sunoco Finance Corp.* 4.500%, 04/30/30		10,873


PRINCIPAL AMOUNT			VALUE

		Venture Global Calcasieu Pass, LLC*

	10,000	4.125%, 08/15/31	$	10,086

	10,000	3.875%, 08/15/29		10,004

	25,000	Viper Energy Partners, LP* 5.375%, 11/01/27		25,800

	40,000	W&T Offshore, Inc.* 9.750%, 11/01/23		39,053

	39,000	Weatherford International, Ltd.* 6.500%, 09/15/28		40,445


				1,456,675


		*Financials (2.2%)*

		Acrisure, LLC / Acrisure Finance, Inc.*

	64,000	6.000%, 08/01/29		60,829

	56,000	7.000%, 11/15/25^		55,927

	42,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		44,358

	73,000	AG Issuer, LLC* 6.250%, 03/01/28		75,605

		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*

	110,000	6.750%, 10/15/27		108,971

	10,000	5.875%, 11/01/29		9,877

	10,000	4.250%, 10/15/27		9,766

		Ally Financial, Inc.

	39,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		39,081

	35,000	8.000%, 11/01/31		47,472

	20,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		19,843

	50,000	American Finance Trust, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		48,546

	86,000	AmWINS Group, Inc.* 4.875%, 06/30/29		84,466

	120,000	AssuredPartners, Inc.* 7.000%, 08/15/25		119,934

	48,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		48,151

	88,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		83,986

		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LLC*

	85,000	4.500%, 04/01/27		80,549

	56,000	5.750%, 05/15/26		56,171

		Credit Acceptance Corp.^

	65,000	6.625%, 03/15/26		67,081

	52,000	5.125%, 12/31/24*		52,661

	15,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		15,854

	48,000	Enact Holdings, Inc.* 6.500%, 08/15/25		50,940

	64,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		61,645

	84,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		85,491


PRINCIPAL AMOUNT			VALUE

		HUB International, Ltd.*

	225,000	7.000%, 05/01/26	$	230,537

	21,000	5.625%, 12/01/29		20,833

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

	65,000	5.250%, 05/15/27		65,559

	31,000	4.375%, 02/01/29		29,511

	100,000	ILFC E-Capital Trust II*‡ 3.620%, 12/21/65 3 mo. USD LIBOR + 1.80%		86,703

	120,000	Iron Mountain, Inc.* 5.250%, 03/15/28		121,955

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

	88,000	5.250%, 10/01/25		88,538

	22,000	4.750%, 06/15/29		21,558

	63,000	LD Holdings Group, LLC* 6.125%, 04/01/28		56,207

		Level 3 Financing, Inc.

	45,000	4.250%, 07/01/28*		43,011

	35,000	5.375%, 05/01/25		35,556

	22,000	3.875%, 11/15/29*		21,667

	30,000	LPL Holdings, Inc.* 4.000%, 03/15/29		29,247

	100,000	MetLife, Inc.^ 6.400%, 12/15/66		119,216

		Navient Corp.

	95,000	5.000%, 03/15/27		92,348

	50,000	4.875%, 03/15/28		47,890

		OneMain Finance Corp.

	30,000	3.875%, 09/15/28		28,042

	27,000	7.125%, 03/15/26		29,731

	23,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		23,537

	51,000	PHH Mortgage Corp.* 7.875%, 03/15/26		52,472

	50,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		48,435

		RLJ Lodging Trust, LP*

	33,000	3.750%, 07/01/26		32,124

	22,000	4.000%, 09/15/29		20,750

		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*

	20,000	3.875%, 03/01/31		18,783

	20,000	3.625%, 03/01/29		18,751

	10,000	2.875%, 10/15/26		9,537

	43,000	StoneX Group, Inc.* 8.625%, 06/15/25		45,658

		United Wholesale Mortgage, LLC*

	52,000	5.500%, 04/15/29		47,651

	20,000	5.750%, 06/15/27		18,955

	25,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		23,680

		XHR, LP*

	47,000	6.375%, 08/15/25		48,627

	22,000	4.875%, 06/01/29		21,612


				2,925,885


		*Health Care (1.3%)*

	22,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		21,785


PRINCIPAL AMOUNT			VALUE

		Bausch Health Americas, Inc.*

	145,000	8.500%, 01/31/27	$	146,741

	25,000	9.250%, 04/01/26		25,829

		Bausch Health Companies, Inc.*

	60,000	5.250%, 02/15/31^		47,931

	50,000	5.000%, 01/30/28		42,216

	20,000	5.000%, 02/15/29		16,118

	16,000	6.125%, 02/01/27		16,065

	13,000	7.250%, 05/30/29		11,679

	23,000	Centene Corp. 3.000%, 10/15/30		22,339

	22,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		21,246

	5,000	CHS/Community Health Systems, Inc.* 5.250%, 05/15/30		4,981

		CHS/Community Health Systems, Inc.*

	88,000	6.125%, 04/01/30^		84,076

	60,000	8.000%, 03/15/26		62,631

	25,000	6.875%, 04/15/29		24,820

		DaVita, Inc.*

	68,000	4.625%, 06/01/30		66,271

	52,000	3.750%, 02/15/31		47,822

	33,000	Embecta Corp.* 5.000%, 02/15/30		33,065

		Encompass Health Corp.

	20,000	4.750%, 02/01/30		19,901

	20,000	4.500%, 02/01/28		19,921

	52,000	HCA, Inc. 7.500%, 11/06/33		71,839

	200,000	Jazz Securities DAC* 4.375%, 01/15/29		198,112

	75,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23		40,144

		Mozart Debt Merger Sub, Inc.*

	55,000	3.875%, 04/01/29		53,046

	53,000	5.250%, 10/01/29		51,578

	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		200,056

	62,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		55,901

		Tenet Healthcare Corp.

	120,000	6.250%, 02/01/27*		123,084

	70,000	6.875%, 11/15/31		76,303

	65,000	4.875%, 01/01/26*		65,348

	31,000	4.625%, 07/15/24		31,140

	16,000	4.375%, 01/15/30*		15,451

	55,000	Teva Pharmaceutical Finance Netherlands III, BV 3.150%, 10/01/26		50,587


				1,768,026


		*Industrials (2.2%)*

	45,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		47,926

	50,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		47,828

	65,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		66,585


PRINCIPAL AMOUNT			VALUE

	59,000	4.875%, 02/15/30	$	60,173

	23,000	3.500%, 03/15/29^		21,775

		Allison Transmission, Inc.*

	40,000	4.750%, 10/01/27		40,612

	10,000	3.750%, 01/30/31		9,312

	10,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		9,290

	25,000	Arcosa, Inc.* 4.375%, 04/15/29		24,500

	200,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		202,878

	21,000	At Home Group, Inc.* 7.125%, 07/15/29		19,703

	28,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		29,701

	45,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		43,031

	65,000	Berry Global, Inc.* 4.875%, 07/15/26		66,759

	44,000	BWX Technologies, Inc.* 4.125%, 04/15/29		43,617

	26,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		26,556

	11,000	Catalent Pharma Solutions, Inc.*^ 3.500%, 04/01/30		10,319

		Delta Air Lines, Inc.

	12,000	7.375%, 01/15/26		13,673

	11,000	3.800%, 04/19/23		11,135

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

	11,000	4.750%, 10/20/28		11,756

	6,000	4.500%, 10/20/25µ		6,226

	22,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		21,961

	33,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		33,519

	42,000	Endure Digital, Inc.*^ 6.000%, 02/15/29		37,429

	25,000	EnerSys* 4.375%, 12/15/27		25,445

	50,000	Fly Leasing, Ltd.* 7.000%, 10/15/24		48,208

	23,000	GFL Environmental, Inc.* 3.750%, 08/01/25		23,023

		Golden Nugget, Inc.*

	35,000	6.750%, 10/15/24		35,015

	25,000	8.750%, 10/01/25		25,567

	23,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		23,403

	25,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		27,060

		Graphic Packaging International, LLC*

	30,000	4.750%, 07/15/27		31,616

	20,000	3.500%, 03/01/29		19,147

	51,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		52,160

	101,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		95,507

	59,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		60,366


PRINCIPAL AMOUNT			VALUE

	65,000	Herc Holdings, Inc.* 5.500%, 07/15/27	$	66,907

	61,000	Howmet Aerospace, Inc. 5.125%, 10/01/24		63,855

	50,000	IEA Energy Services, LLC* 6.625%, 08/15/29		48,919

	62,000	JELD-WEN, Inc.* 4.625%, 12/15/25		61,792

	18,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		19,186

	49,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		47,488

	21,000	MasTec, Inc.* 4.500%, 08/15/28		21,370

	47,000	Meritor, Inc.* 4.500%, 12/15/28		45,836

	33,000	Moog, Inc.* 4.250%, 12/15/27		33,142

	60,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		58,847

	52,000	Novelis Corp.* 4.750%, 01/30/30		52,060

	15,000	OI European Group, BV* 4.750%, 02/15/30		14,696

	50,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC / Reynolds Gro* 4.000%, 10/15/27		47,417

	50,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		45,295

	52,000	Patrick Industries, Inc.* 4.750%, 05/01/29		49,808

	55,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		59,037

	22,000	PGT Innovations, Inc.* 4.375%, 10/01/29		21,231

	10,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		10,381

	39,000	QVC, Inc. 4.375%, 09/01/28		35,972

	125,000	Scientific Games International, Inc.* 5.000%, 10/15/25		127,900

	40,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		37,652

		Sinclair Television Group, Inc.*

	33,000	4.125%, 12/01/30		30,424

	20,000	5.500%, 03/01/30		18,582

		Standard Industries, Inc.*

	50,000	5.000%, 02/15/27		50,369

	11,000	4.375%, 07/15/30^		10,538

	90,000	Station Casinos, LLC* 4.500%, 02/15/28		87,673

	35,000	Stericycle, Inc.* 3.875%, 01/15/29		33,447

	35,000	STL Holding Company, LLC* 7.500%, 02/15/26		36,887

		TransDigm, Inc.

	95,000	6.250%, 03/15/26*		98,278

	60,000	7.500%, 03/15/27		62,317

	22,000	Tronox, Inc.* 4.625%, 03/15/29		21,295


PRINCIPAL AMOUNT			VALUE

		United Rentals North America, Inc.

	20,000	3.750%, 01/15/32	$	19,331

	11,000	3.875%, 02/15/31		10,724

	44,000	Vertiv Group Corp.* 4.125%, 11/15/28		42,981

	46,000	Wabash National Corp.* 4.500%, 10/15/28		44,646

	25,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		24,340

		WESCO Distribution, Inc.*

	27,000	7.125%, 06/15/25^		28,288

	13,000	7.250%, 06/15/28		13,954


				2,975,646


		*Information Technology (0.7%)*

	21,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		20,775

	25,000	CDK Global, Inc.* 5.250%, 05/15/29		26,021

	39,000	Clear Channel Worldwide Holdings, Inc.* 5.125%, 08/15/27		39,293

	60,000	CommScope Technologies, LLC* 6.000%, 06/15/25		58,500

	40,000	CommScope, Inc.* 4.750%, 09/01/29		38,350

		Dell International, LLC / EMC Corp.

	55,000	6.020%, 06/15/26µ		62,433

	32,000	6.100%, 07/15/27		37,533

	26,000	Fair Isaac Corp.* 4.000%, 06/15/28		25,948

	22,000	II-VI, Inc.* 5.000%, 12/15/29		21,976

	50,000	KBR, Inc.* 4.750%, 09/30/28		49,985

		MPH Acquisition Holdings, LLC*

	50,000	5.750%, 11/01/28^		45,063

	20,000	5.500%, 09/01/28		19,232

	22,000	NCR Corp.* 5.125%, 04/15/29		21,977

	73,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		68,146

	34,000	ON Semiconductor Corp.* 3.875%, 09/01/28		33,787

		Open Text Corp.*

	39,000	3.875%, 02/15/28		38,367

	16,000	3.875%, 12/01/29		15,373

	16,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		15,488

	22,000	Playtika Holding Corp.* 4.250%, 03/15/29		21,045

	36,000	PTC, Inc.* 4.000%, 02/15/28		35,841

	50,000	TTM Technologies, Inc.* 4.000%, 03/01/29		47,760

		Twilio, Inc.

	30,000	3.625%, 03/15/29		28,852

	11,000	3.875%, 03/15/31^		10,536

	55,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		52,930


PRINCIPAL AMOUNT			VALUE

	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29	$	47,101


				882,312


		*Materials (0.5%)*

	27,000	Allegheny Technologies, Inc. 5.875%, 12/01/27		27,558

	25,000	ArcelorMittal, SA 7.000%, 10/15/39		32,555

	35,000	Chemours Company* 4.625%, 11/15/29		33,394

	65,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		65,364

		Commercial Metals Company

	22,000	4.125%, 01/15/30		21,840

	11,000	4.375%, 03/15/32		10,955

	25,000	Freeport-McMoRan, Inc. 5.450%, 03/15/43		29,434

	34,000	HB Fuller Company 4.250%, 10/15/28		33,836

	43,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		42,781

	40,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		42,097

		Kaiser Aluminum Corp.*^

	25,000	4.625%, 03/01/28		24,161

	5,000	4.500%, 06/01/31		4,720

	22,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		21,607

	46,000	Mercer International, Inc. 5.125%, 02/01/29		45,608

	23,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		24,154

	56,000	Silgan Holdings, Inc. 4.125%, 02/01/28		56,283

	21,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		21,231

	39,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		39,824

	23,000	Valvoline, Inc.* 3.625%, 06/15/31		21,128


				598,530


		*Real Estate (0.2%)*

	34,000	EPR Properties 3.750%, 08/15/29		33,296

		Forestar Group, Inc.*

	38,000	5.000%, 03/01/28		38,588

	21,000	3.850%, 05/15/26		20,735

	34,000	iStar, Inc. 5.500%, 02/15/26		34,686

	39,000	MIWD Holdco II LLC* 5.500%, 02/01/30		38,683

		Service Properties Trust

	65,000	4.350%, 10/01/24		62,181

	20,000	5.250%, 02/15/26		19,219


				247,388


		*Special Purpose Acquisition Companies (0.1%)*

		Fertitta Entertainment Company*

	45,000	6.750%, 01/15/30		43,734


PRINCIPAL AMOUNT				VALUE

	23,000		4.625%, 01/15/29	$	22,421


					66,155


			*Utilities (0.1%)*

	6,000		NRG Energy, Inc. 6.625%, 01/15/27		6,204

	16,000		PPL Capital Funding, Inc.^‡ 2.885%, 03/30/67 3 mo. USD LIBOR + 2.67%		14,846

	10,000		Talen Energy Supply, LLC* 7.250%, 05/15/27		8,986

	65,000		TerraForm Power Operating, LLC* 5.000%, 01/31/28		66,076

			Vistra Corp.*‡

	25,000		8.000%, 10/15/26 5 year CMT + 6.93%		25,998

	20,000		7.000%, 12/15/26 5 year CMT + 5.74%		19,972


					142,082


			TOTAL CORPORATE BONDS (Cost $16,709,760)		16,665,778



	CONVERTIBLE BONDS (30.4%)

			*Communication Services (4.4%)*

	1,190,000		Liberty Media Corp.* 0.500%, 12/01/50		1,600,633

			Live Nation Entertainment, Inc.

	1,030,000		2.500%, 03/15/23		1,722,500

	650,000		2.000%, 02/15/25		817,226

			Sea, Ltd.

	821,000		0.250%, 09/15/26		692,103

	552,000		2.375%, 12/01/25		1,018,434


					5,850,896


			*Consumer Discretionary (13.6%)*

	790,000		Airbnb, Inc.*µ 0.000%, 03/15/26		751,061

	781,000		Booking Holdings, Inc.^ 0.750%, 05/01/25		1,166,135

	126,000		DISH Network Corp. 2.375%, 03/15/24		121,027

	5,260,000		Ford Motor Company* 0.000%, 03/15/26		7,140,082

	170,000		Liberty Broadband Corp.* 2.750%, 09/30/50		171,590

	1,735,000		Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		1,934,247

	800,000		Meituan 0.000%, 04/27/28		739,608

	1,548,000		Trip.com Group, Ltd. 1.500%, 07/01/27		1,828,157

	3,475,000		Vail Resorts, Inc.^ 0.000%, 01/01/26		3,483,861

	500,000	GBP	WH Smith, PLC 1.625%, 05/07/26		665,382


					18,001,150


			*Consumer Staples (0.9%)*

	1,415,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		1,180,122


PRINCIPAL AMOUNT				VALUE

			*Energy (1.3%)*

	1,600,000		TotalEnergies, SE 0.500%, 12/02/22	$	1,700,576


			*Financials (4.1%)*

			Citigroup Global Markets Funding Luxembourg SCA

	17,000,000	HKD	0.000%, 05/28/24		2,248,970

	9,000,000	HKD	0.000%, 07/25/24		1,340,584

			JPMorgan Chase Bank NA

	600,000		0.000%, 08/07/22		688,230

	165,000		0.125%, 01/01/23*		164,203

	1,090,000		Realogy Group, LLC / Realogy Co-Issuer Corp.* 0.250%, 06/15/26		1,050,008


					5,491,995


			*Industrials (2.1%)*

	140,000,000	JPY	DMG Mori Company, Ltd. 0.000%, 07/16/24		1,258,175

	700,000	EUR	Duerr, AG 0.750%, 01/15/26		1,037,982

	195,000		JetBlue Airways Corp.* 0.500%, 04/01/26		185,548

	340,000		John Bean Technologies Corp.* 0.250%, 05/15/26		348,922


					2,830,627


			*Information Technology (1.6%)*

	400,000		Globalwafers Company, Ltd. 0.000%, 06/01/26		418,652

	730,000		ON Semiconductor Corp.* 0.000%, 05/01/27		971,849

	30,000		Shift4 Payments, Inc.*^ 0.500%, 08/01/27		25,459

	630,000		Shopify, Inc.^ 0.125%, 11/01/25		674,257


					2,090,217


			*Materials (2.2%)*

	725,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		989,596

	1,024,000		Lithium Americas Corp.* 1.750%, 01/15/27		907,510

	920,000		MP Materials Corp.* 0.250%, 04/01/26		1,077,117


					2,974,223


			*Real Estate (0.2%)*

	200,000		Vingroup, JSC 3.000%, 04/20/26		199,930


			TOTAL CONVERTIBLE BONDS (Cost $38,940,885)		40,319,736



	BANK LOANS (0.1%) ¡

			*Communication Services (0.1%)*

	157,119		Intelsat Jackson Holdings, SA 8.625%, 01/02/24		157,169


PRINCIPAL AMOUNT				VALUE

			*Information Technology (0.0%)*

	51,836		Banff Merger Sub, Inc.‡ 3.974%, 10/02/25 3 mo. LIBOR + 3.75%	$	51,724


			TOTAL BANK LOANS (Cost $209,889)		208,893



NUMBER OF SHARES				VALUE

	WARRANTS (0.0%) #

			*Energy (0.0%)*

	164		Chesapeake Energy Corp. 02/09/26, Strike $35.46		6,445

	147		Chesapeake Energy Corp. 02/09/26, Strike $27.08		6,234

	91		Chesapeake Energy Corp. 02/09/26, Strike $35.71		3,206

	256		Denbury, Inc. 09/18/25, Strike $32.59		11,013

	95		Denbury, Inc. 09/18/23, Strike $35.41		3,895

	2,607		Mcdermott International, Ltd.& 06/30/27, Strike $15.98		0

	2,347		Mcdermott International, Ltd.& 06/30/27, Strike $12.33		0


			TOTAL WARRANTS (Cost $54,580)		30,793



	COMMON STOCKS (93.0%)

			*Communication Services (8.5%)*

	1,600		Alphabet, Inc. - Class A#		4,329,712

	925		Altice USA, Inc. - Class A#		13,339

	965	EUR	CTS Eventim, AG & Company KGaA#		68,599

	371		Cumulus Media, Inc. - Class Aµ#		3,803

	2,330	PHP	Globe Telecom, Inc.		142,121

	7,500		Meta Platforms, Inc. - Class Aµ#		2,349,450

	22,000	ZAR	MTN Group, Ltd.#		276,670

	535	KRW	NAVER Corp.		141,315

	5,385	GBP	Rightmove, PLC		47,461

	38,460		Tencent Holdings, Ltd.^		2,405,288

	6,300	HKD	Tencent Holdings, Ltd.		394,772

	7,610		Walt Disney Company#~		1,088,002

	4,275	GBP	YouGov, PLC		66,694


					11,327,226


			*Consumer Discretionary (8.7%)*

	19,300	HKD	Alibaba Group Holding, Ltd.#		302,500

	1,745		Alibaba Group Holding, Ltd.#		219,504

	115,520	MXN	Alsea, SAB de CV#		237,111

	1,260		Amazon.com, Inc.^#		3,769,252

	12,800		Arcos Dorados Holdings, Inc. - Class A#		82,688

	1,065	CAD	Aritzia, Inc.#		49,406

	2,770	EUR	Brembo S.p.A^		36,827

	3,900	CNY	BYD Company, Ltd. - Class A		145,565

	940	EUR	CIE Automotive, SA^		27,304

	10,075	CHF	Cie Financiere Richemont, SA		1,464,238

	49,700	GBP	Compass Group, PLC		1,129,563

	2,190	INR	Dixon Technologies India, Ltd.		130,672

	2,840	AUD	IDP Education, Ltd.^		59,363


NUMBER OF SHARES				VALUE

	64,800	INR	Indian Hotels Company, Ltd.	$	189,251

	8,150	HKD	JD.com, Inc. - Class A#		308,896

	26,000	HKD	Li Ning Company, Ltd.		253,708

	10,000	BRL	Lojas Renner, SA		52,956

	3,300		Lululemon Athletica, Inc.#		1,101,408

	144		MercadoLibre, Inc.µ#		163,017

	565	SEK	MIPS, AB		56,174

	1,800	JPY	Nextage Company, Ltd.		45,202

	89,400	HKD	Samsonite International, SA*#		186,849

	1,245		Tesla, Inc.µ#		1,166,216

	1,110	SEK	Thule Group, AB*		53,576

	5,000	INR	Titan Company, Ltd.		159,079

	1,880	JPY	Toyota Boshoku Corp.		33,324

	4,090	GBP	Watches of Switzerland Group, PLC*#		71,254


					11,494,903


			*Consumer Staples (5.6%)*

	33,699		Coca-Cola Company^~		2,055,976

	3,670		Costco Wholesale Corp.µ		1,853,827

	815	EUR	Interparfums, SA		61,926

	34,150	BRL	JBS, SA		225,669

	1,400	JPY	Kobe Bussan Company, Ltd.		43,581

	300	CNY	Kweichow Moutai Company, Ltd. - Class A		89,686

	15,750	HKD	L’Occitane International, SA		62,113

	23,200		Mondelez International, Inc. - Class A		1,555,096

	5,900	CHF	Nestle, SA		761,916

	680	DKK	Royal Unibrew, A/S		78,176

	21,150	INR	Varun Beverages, Ltd.		257,740

	112,900	MXN	Wal-Mart de Mexico, SAB de CV		382,956


					7,428,662


			*Energy (5.1%)*

	6,900	CAD	ARC Resources, Ltd.^		80,825

	2,110		Calfrac Well Services, Ltd.#		9,041

	32,100	CAD	Canadian Natural Resources, Ltd.^		1,632,841

	30,270	CAD	CES Energy Solutions Corp.		58,104

	479		Chaparral Energy, Inc. - Class A&#		22,513

	131		Chesapeake Energy Corp.^		8,930

	7,890		Chevron Corp.µ		1,036,194

	90		Denbury, Inc.#		6,763

	654		Diamond Offshore Drilling, Inc.&#		3,630

	3,045		Energy Transfer, LP		29,141

	1,815		Enterprise Products Partners, LP		42,907

	341		EP Energy Corp.&#		30,477

	16,215		Exxon Mobil Corp.µ		1,231,691

	22		Gulfport Energy Corp.#		1,457

	585		Magellan Midstream Partners, LP		28,589

	4,474		Occidental Petroleum Corp.µ		168,536

	80,400	INR	Oil & Natural Gas Corp, Ltd.		187,890

	458		Ranger Oil Corp. - Class A^#		14,203

	10,700	INR	Reliance Industries, Ltd.		344,462

	6,800	ZAR	Sasol, Ltd.#		153,084

	36,460		Schlumberger, NVµ		1,424,492

	776		Superior Energy Services, Inc.*&#		33,756

	89,100	IDR	United Tractors, Tbk PT		144,060

	627		Weatherford International, PLC#		18,810

	7,250	CAD	Whitecap Resources, Inc.^		51,160

	450		Williams Companies, Inc.^		13,473


					6,777,029


NUMBER OF SHARES				VALUE

			*Financials (18.0%)*

	101,400	HKD	AIA Group, Ltd.	$	1,058,597

	36,300		Banco Bradesco, SA		155,727

	531,500	IDR	Bank Central Asia, Tbk PT		282,703

	71,825		Bank of America Corp.^~		3,314,005

	10,000	EUR	Bank of Ireland Group, PLC#		67,399

	2,080	CAD	Canadian Western Bank^		63,211

	113,000	TWD	Cathay Financial Holding Company, Ltd.		262,109

	19,965	TWD	Chailease Holding Company, Ltd.		183,126

	36,400	HKD	China International Capital Corp., Ltd. - Class H*		99,154

	26,000	HKD	China Merchants Bank Company, Ltd. - Class H		217,311

	4,780	EUR	Coface, SA#		63,239

	6,000	SGD	DBS Group Holdings, Ltd.		157,601

	3,000	EUR	FinecoBank Banca Fineco S.p.A		50,437

	28,400	AED	First Abu Dhabi Bank, PJSC		154,640

	47,900	ZAR	FirstRand, Ltd.		193,090

	24,350	MXN	Grupo Financiero Banorte, SAB de CV - Class O		154,023

	7,680	KRW	Hana Financial Group, Inc.		289,370

	139,000	INR	HDFC Bank, Ltd.		2,793,278

	1,700	HKD	Hong Kong Exchanges & Clearing, Ltd.		97,029

	5,985	INR	Housing Development Finance Corp., Ltd.		203,970

	44,900		Huntington Bancshares, Inc.^		676,194

	21,710		ICICI Bank, Ltd.^		471,758

	161,800	EUR	ING Groep, NV		2,392,877

	76,525		Itau Unibanco Holding, SA		361,198

	18,800		JPMorgan Chase & Company^~		2,793,680

	56,400	THB	Kasikornbank PCL		257,559

	20,700		Morgan Stanley		2,122,578

	1,070	EUR	NN Group, NV		59,879

	10,235	GBP	Paragon Banking Group, PLC		78,833

	25,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		202,363

	97,950		UBS Group, AG^#		1,828,726

	51,525		Wells Fargo & Companyµ		2,772,045


					23,877,709


			*Health Care (8.0%)*

	2,020	GBP	Abcam, PLC#		36,385

	57,098		Alcon, Inc.^		4,383,984

	690	GBP	Dechra Pharmaceuticals, PLC		38,757

	6,710		Eli Lilly & Companyµ		1,646,567

	3,550	GBP	Ergomed, PLC#		54,246

	1,310	EUR	Evotec, SE#		53,009

	410		Galapagos, NV#		27,675

	1,150	CHF	Lonza Group, AG#		792,858

	3,900	BRL	Notre Dame Intermedica Participacoes, SA		52,293

	23,200		Novo Nordisk, A/S		2,316,984

	2,150		UnitedHealth Group, Inc.^		1,016,025

	14,000	HKD	Wuxi Biologics Cayman, Inc.*#		140,319


					10,559,102


			*Industrials (8.0%)*

	1,220	EUR	Aalberts, NV		74,579

	14,700	EUR	Airbus, SE#		1,877,090

	100	JPY	BayCurrent Consulting, Inc.		37,952

	475		Boeing Company#		95,114


NUMBER OF SHARES				VALUE

	3,400	CNY	Contemporary Amperex Technology Company, Ltd. - Class A	$	328,396

	480	EUR	DO & CO, AG#		49,478

	1,580	EUR	Duerr, AG		69,923

	750	JPY	Ebara Corp.		36,759

	2,500	GBP	Electrocomponents, PLC		37,852

	7,400	NZD	Freightways, Ltd.		58,925

	280	EUR	IMCD, NV		48,166

	52,300	PHP	International Container Terminal Services, Inc.		205,732

	1,005	EUR	Interpump Group S.p.A		62,062

	14	CHF	Interroll Holding, AG		59,257

	5,900	INR	Larsen & Toubro, Ltd.		152,271

	4,700	BRL	Localiza Rent a Car, SA		51,867

	38,800	CNY	NARI Technology Company, Ltd. - Class A		217,063

	15,400		Quanta Services, Inc.µ		1,581,888

	1,240	EUR	Rexel, SA#		27,639

	42,300	SEK	Sandvik, AB		1,113,950

	13,600	EUR	Schneider Electric, SE		2,303,776

	1,600	JPY	SMS Company, Ltd.		43,988

	1,345	CAD	Stantec, Inc.		71,347

	2,200	JPY	THK Company, Ltd.		54,971

	16,125	INR	Voltas, Ltd.		256,587

	9,300	GBP	Volution Group, PLC		63,014

	10,400		Waste Management, Inc.µ		1,564,576


					10,544,222


			*Information Technology (24.1%)*

	5,015		Accenture, PLC - Class A		1,773,204

	380	EUR	Adyen, NV*#		773,261

	230	EUR	Alten, SA		37,514

	24,145		Apple, Inc.^		4,220,063

	6,785		ASML Holding, NV		4,594,802

	715	EUR	BE Semiconductor Industries, NV		59,952

	390		Endava, PLC^#		47,432

	11,600	CNY	GoerTek, Inc. - Class A		87,482

	16,725		Infosys, Ltd.		394,208

	750	EUR	Jenoptik, AG		27,449

	4,300	JPY	Keyence Corp.		2,205,566

	1,360	GBP	Keywords Studios, PLC		46,092

	1,125	EUR	Lectra		48,300

	27,000	TWD	Marketech International Corp.		162,600

	8,000	TWD	MediaTek, Inc.		317,754

	17,255		Microsoft Corp.µ		5,365,960

	10,100		NVIDIA Corp.		2,473,086

	3,750	GBP	Sage Group, PLC		36,645

	3,120	KRW	Samsung Electronics Company, Ltd.		194,061

	700	JPY	SCREEN Holdings Company, Ltd.		70,249

	1,000	TWD	Silergy Corp.		135,164

	2,430	KRW	SK Hynix, Inc.		251,524

	326,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		7,537,768

	6,890		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		844,921

	1,700	JPY	TIS, Inc.		44,711

	18,700	BRL	TOTVS, SA		102,373

	1,050	AUD	WiseTech Global, Ltd.		34,198

	445		WNS Holdings, Ltd.#		37,451


					31,923,790


			*Materials (5.7%)*

	2,060	EUR	Acerinox, SA		26,251


NUMBER OF SHARES				VALUE

	19,000	HKD	Anhui Conch Cement Company, Ltd. - Class H	$	100,501

	4,350	INR	Asian Paints, Ltd.		184,789

	27,900		Cemex, SAB de CV#		170,748

	31,875	EUR	CRH, PLC		1,599,819

	16,790	CAD	First Quantum Minerals, Ltd.		413,559

	62,100		Freeport-McMoRan, Inc. - Class H~		2,311,362

	7,350	AUD	IGO, Ltd.		62,188

	1,075	AUD	James Hardie Industries, PLC		36,179

	590	JPY	Kureha Corp.		44,047

	171,200	NOK	Norsk Hydro, ASA		1,315,725

	4,010	AUD	OZ Minerals, Ltd.		69,562

	2,010	AUD	Rio Tinto, Ltd.		159,806

	15,200	GBP	Rio Tinto, PLC		1,071,377


					7,565,913


			*Real Estate (0.4%)*

	230,400	PHP	Ayala Land, Inc.		162,685

	22,500	INR	DLF, Ltd.		119,456

	4,600	INR	Godrej Properties, Ltd.#		106,528

	2,200	JPY	Katitas Company, Ltd.		67,102

	220	EUR	VGP, NV		62,340


					518,111


			*Special Purpose Acquisition Company (0.9%)*

	47,265	EUR	Shell, PLC		1,206,128


			TOTAL COMMON STOCKS (Cost $115,847,041)		123,222,795



	PREFERRED STOCKS (0.1%)

			*Consumer Discretionary (0.0%)*

	305		Guitar Center, Inc.		37,972


			*Energy (0.1%)*

	2,260		NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		49,675

	1,210		NuStar Energy, LP‡ 6.969%, 03/02/22 3 mo. USD LIBOR + 6.77%		29,778

	2,270		NuStar Logistics, LP‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		57,227


					136,680


			*Financials (0.0%)*

	876		B Riley Financial, Inc. 5.250%, 08/31/28		21,707


			TOTAL PREFERRED STOCKS (Cost $196,092)		196,359



	CONVERTIBLE PREFERRED STOCKS (5.7%)

			*Consumer Discretionary (1.6%)*

	13,575		Aptiv, PLCµ 5.500%, 06/15/23		2,114,713


			*Energy (0.0%)*

	1		Gulfport Energy Operating Corp. 10.000%, 03/03/22 15.000% PIK rate		4,550


NUMBER OF SHARES			VALUE

		*Financials (0.8%)*

	12,077	KKR & Company, Inc.^ 6.000%, 09/15/23	$	1,071,955


		*Health Care (0.8%)*

	595	Danaher Corp. 4.750%, 04/15/22		1,134,219


		*Information Technology (1.1%)*

	765	Broadcom, Inc. 8.000%, 09/30/22		1,401,189


		*Utilities (1.4%)*

	7,200	AES Corp.µ^ 6.875%, 02/15/24		655,560

	19,761	NextEra Energy, Inc. 4.872%, 09/01/22		1,149,300


				1,804,860


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,533,193)		7,531,486



	EXCHANGE-TRADED FUND (0.8%)

		*Other (0.8%)*

	45,865	Invesco Senior Loan ETF^ (Cost $1,013,622)		1,008,113



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (2.9%) #

		*Communication Services (0.0%)*

	22	Netflix, Inc.

	939,708	Call, 03/18/22, Strike $640.00		693


		*Consumer Discretionary (0.1%)*

	70	Lowe’s Companies, Inc.

	1,661,450	Call, 03/18/22, Strike $230.00		109,025

	224	Melco Resorts & Entertainment,

	236,544	Ltd. Call, 01/20/23, Strike $13.00		38,080

	87	Trip.com Group, Ltd.

	231,507	Call, 01/20/23, Strike $30.00		33,930


				181,035


		*Energy (0.4%)*

	160	Pioneer Natural Resources

	3,502,240	Company Call, 01/20/23, Strike $200.00		574,400


		*Information Technology (0.1%)*

	118	Micron Technology, Inc.

	970,786	Call, 07/15/22, Strike $90.00		74,635


		*Materials (0.0%)*

	130	Vale, SA

	197,340	Call, 03/18/22, Strike $16.00		6,630


		*Other (2.3%)*

		Invesco QQQ Trust Series



NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	328

	11,908,040	Put, 12/16/22, Strike $340.00	$	842,140

	310

	11,254,550	Put, 02/18/22, Strike $385.00		736,405

	193

	7,006,865	Call, 12/16/22, Strike $450.00		91,096

		iShares MSCI Emerging Markets

	2,225

	10,866,900	Put, 11/18/22, Strike $47.00		806,562

	430

	2,100,120	Put, 03/18/22, Strike $48.00		57,620

	226	iShares MSCI India ETF

	1,036,662	Put, 03/18/22, Strike $45.00		25,425

		SPDR S&P 500 ETF Trust

	163

	7,333,533	Put, 12/16/22, Strike $400.00		342,870

	163

	7,333,533	Call, 12/16/22, Strike $535.00		54,198

	646	VanEck Russia ETF

	1,548,462	Call, 04/14/22, Strike $26.00		87,210


				3,043,526


		TOTAL PURCHASED OPTIONS (Cost $3,792,642)		3,880,919



	TOTAL INVESTMENTS (145.6%) (Cost $183,297,704)			193,064,872



	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.8%)			(17,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-32.8%)			(43,517,508	)


	NET ASSETS (100.0%)		$	132,547,364

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $25,675,795.

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

@	In default status and considered non-income producing.

&	Illiquid security.

‡	Variable rate security. The rate shown is the rate in effect at January 31, 2022.

¡	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.

~	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 $3,165,766.

FOREIGN CURRENCY ABBREVIATIONS

AED

UAE Dirham

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CHF

Swiss Franc

CNY

Chinese Yuan Renminbi

DKK

Danish Krone

EUR

European Monetary Unit

GBP

British Pound Sterling

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

MXN

Mexican Peso

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thai Baht

TWD

New Taiwan Dollar

ZAR

South African Rand

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.

The Fund’s investment strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest primarily in a portfolio of common and preferred stocks, convertible securities and income producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. Under normal circumstances, the Fund will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest up to 100% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers, in developed and emerging markets. Under normal circumstances, the Fund will invest at least 40% of its managed assets in securities of foreign issuers. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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

Fund Valuation. The 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, 2022 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.

The Fund issued MRPS on August 24, 2021 and September 6, 2017. On August 24, 2021, 360,000 MRPS were issued with an aggregate liquidation preference of $9.0 million. Of the 360,000 MRPS that were issued, 160,000 MRPS with an aggregate liquidation preference of $4.0 million have a delayed funding date of May 4, 2022. On September 6, 2017, 480,000 were issued 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 MRPS over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into five 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, 2022.

*Series E MRPS were issued on August 24, 2021, with a delayed funding date of May 24, 2022. Series E MRPS are not included on the Statement of Assets and Liabilities.

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, Series A, B, and C of 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. Series A, B, and C of the MRPS have been assigned a rating of `AA-’ by Kroll. As of August 24, 2021, Series D and E of 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 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				$183,297,704

Gross unrealized appreciation				17,399,705
Gross unrealized depreciation				(7,632,537)

Net unrealized appreciation (depreciation)				$9,767,168


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
Series D	8/24/26	2.45%	200	$25	$5,000,000
Series E*	5/24/27	2.68%	160	$25	$4,000,000
				Total	$21,000,000


	Value			% of Total Investments
US Dollar		$	137,754,004	71.3%
European Monetary Unit			12,273,205	6.4%
New Taiwan Dollar			8,598,521	4.5%
Hong Kong Dollar			7,013,666	3.6%
Indian Rupee			5,085,973	2.6%
Japanese Yen			3,985,627	2.1%
Canadian Dollar			3,600,575	1.9%
British Pound Sterling			3,443,555	1.8%
Swiss Franc			3,078,269	1.6%
Norwegian Krone			1,315,725	0.7%
Swedish Krona			1,223,700	0.6%
South Korean Won			876,270	0.5%
Chinese Yuan Renminbi			868,192	0.4%
Mexican Peso			774,090	0.4%
South African Rand			622,844	0.3%
Philippine Peso			510,538	0.3%
Brazilian Real			485,158	0.3%
Indonesian Rupiah			426,763	0.2%
Australian Dollar			421,296	0.2%
Thai Baht			257,559	0.1%
Singapore Dollar			157,601	0.1%
UAE Dirham			154,640	0.1%
Danish Krone			78,176	0.0%
New Zealand Dollar			58,925	0.0%

Total Investments		$	193,064,872	100.0%
Currency exposure may vary over time.