HTML


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (14.1%)

		*Airlines (0.3%)*
	65,858	Air Canada Pass Through Trust
		Series 2015-1, Class B*
		3.875%, 09/15/24	$	65,602
	9,833	Air Canada Pass Through Trust
		Series 2015-2, Class B*
		5.000%, 06/15/25		9,586
	46,377	Alaska Airlines Pass Through
		Trust Series 2020-1, Class A*µ
		4.800%, 02/15/29		45,276
	29,870	Alaska Airlines Pass Through
		Trust Series 2020-1, Class B*
		8.000%, 02/15/27		30,468
	47,926	British Airways Pass Through
		Trust Series 2021-1, Class B*
		3.900%, 03/15/33		40,979
	31,653	JetBlue Pass Through Trust
		Series 2020-1, Class B
		7.750%, 05/15/30		31,246
	63,800	Spirit Loyalty Cayman, Ltd. /
		Spirit IP Cayman, Ltd.*
		8.000%, 09/20/25		65,219
	20,740	United Airlines Pass Through
		Trust Series 2019-2, Class B
		3.500%, 11/01/29		18,632

				307,008


		*Communication Services (1.3%)*
	55,000	APi Group DE, Inc.*
		4.750%, 10/15/29		49,661
	75,000	Arrow Bidco, LLC*
		9.500%, 03/15/24		75,428
		Audacy Capital Corp.*
	57,000	6.750%, 03/31/29		10,243
	27,000	6.500%, 05/01/27		4,701
	33,000	Beasley Mezzanine Holdings, LLC*
		8.625%, 02/01/26		21,582
	30,000	Cincinnati Bell Telephone
		Company, LLC
		6.300%, 12/01/28		27,025
	10,000	CMG Media Corp.*
		8.875%, 12/15/27		7,837
	70,000	Consolidated Communications, Inc.*^
		6.500%, 10/01/28		57,225
	200,000	CSC Holdings, LLC*
		5.500%, 04/15/27		176,310
		Diamond Sports Group, LLC /
		Diamond Sports Finance
		Company*
	45,000	6.625%, 08/15/27		944
	27,000	5.375%, 08/15/26		1,996
	56,000	Directv Financing, LLC / Directv
		Financing Co-Obligor, Inc.*
		5.875%, 08/15/27		50,812
	33,000	Embarq Corp.
		7.995%, 06/01/36		15,944
	45,000	Frontier California, Inc.
		6.750%, 05/15/27		42,656


PRINCIPAL AMOUNT			VALUE
		Frontier Communications
		Holdings, LLC*
	28,000	5.000%, 05/01/28	$	25,434
	11,000	8.750%, 05/15/30		11,404
	65,000	Frontier Florida, LLC@
		6.860%, 02/01/28		60,466
	65,000	Frontier North, Inc.@
		6.730%, 02/15/28		60,191
		Go Daddy Operating Company,
		LLC / GD Finance Company, Inc.*
	40,000	3.500%, 03/01/29		34,650
	13,000	5.250%, 12/01/27		12,606
	15,000	Hughes Satellite Systems Corp.
		5.250%, 08/01/26		14,645
		Intelsat Jackson Holdings, SA*@&
	30,000	9.750%, 07/15/25		—
	25,000	5.500%, 08/01/23		—
	35,044	Ligado Networks, LLC*
		15.500%, 11/01/23
		15.500% PIK rate		12,271
		Lumen Technologies, Inc.
	63,000	7.600%, 09/15/39		42,648
	23,000	4.500%, 01/15/29*		15,479
	22,000	Match Group Holdings II, LLC*
		3.625%, 10/01/31		17,677
		Netflix, Inc.
	40,000	4.875%, 06/15/30*		39,650
	25,000	4.875%, 04/15/28		25,006
	22,000	Paramount Global‡
		6.375%, 03/30/62
		5 year CMT + 4.00%		19,165
		Scripps Escrow II, Inc.*
	23,000	3.875%, 01/15/29		19,330
	11,000	5.375%, 01/15/31		8,884
	40,000	Scripps Escrow, Inc.*
		5.875%, 07/15/27		35,755
		Sirius XM Radio, Inc.*
	65,000	5.500%, 07/01/29		61,070
	33,000	4.000%, 07/15/28		29,380
	20,000	3.125%, 09/01/26		18,053
	11,000	3.875%, 09/01/31		9,062
	20,000	Spanish Broadcasting System, Inc.*
		9.750%, 03/01/26		11,825
	110,000	Sprint, LLC
		7.125%, 06/15/24		112,534
	35,000	Stagwell Global, LLC*
		5.625%, 08/15/29		30,714
	35,000	Telecom Italia Capital, SA
		6.000%, 09/30/34		28,127
	42,000	Telesat Canada / Telesat, LLC*
		4.875%, 06/01/27		19,330
	15,000	Time Warner Cable, LLC
		7.300%, 07/01/38		16,131
	75,000	United States Cellular Corp.
		6.700%, 12/15/33		69,803

				1,403,654


		*Consumer Discretionary (2.4%)*
	53,000	Abercrombie & Fitch Management
		Company*^
		8.750%, 07/15/25		53,597


PRINCIPAL AMOUNT			VALUE
	46,000	American Axle & Manufacturing, Inc.^
		6.875%, 07/01/28	$	41,969
		Ashton Woods USA, LLC / Ashton
		Woods Finance Company*
	39,000	6.625%, 01/15/28		35,701
	38,000	4.625%, 08/01/29		31,754
	53,000	At Home Group, Inc.*^
		4.875%, 07/15/28		38,768
		Bath & Body Works, Inc.
	57,000	6.694%, 01/15/27		57,461
	55,000	6.875%, 11/01/35		50,761
		Caesars Entertainment, Inc.*
	28,000	4.625%, 10/15/29^		23,942
	21,000	8.125%, 07/01/27^		21,333
	21,000	6.250%, 07/01/25		20,935
		Carnival Corp.*
	21,000	10.500%, 02/01/26		21,989
	11,000	7.625%, 03/01/26^		10,022
	50,000	Carriage Services, Inc.*
		4.250%, 05/15/29		41,185
	30,000	Carvana Company*
		4.875%, 09/01/29		13,401
		CCO Holdings, LLC / CCO
		Holdings Capital Corp.*
	155,000	5.125%, 05/01/27		147,854
	50,000	6.375%, 09/01/29		48,294
	50,000	4.750%, 03/01/30		43,766
	46,000	4.250%, 02/01/31		38,353
	25,000	4.500%, 08/15/30		21,391
	22,000	4.750%, 02/01/32		18,718
	20,000	5.000%, 02/01/28		18,680
	22,000	CDI Escrow Issuer, Inc.*
		5.750%, 04/01/30		20,877
	39,000	Cedar Fair, LP^
		5.250%, 07/15/29		35,955
		Dana, Inc.
	40,000	4.250%, 09/01/30		34,035
	22,000	4.500%, 02/15/32		18,565
		DISH DBS Corp.
	50,000	5.250%, 12/01/26*		43,117
	41,000	7.750%, 07/01/26		33,316
	30,000	7.375%, 07/01/28		21,604
	20,000	5.125%, 06/01/29		12,751
	46,000	DISH Network Corp.*
		11.750%, 11/15/27		47,752
	47,000	Everi Holdings, Inc.*
		5.000%, 07/15/29		42,564
	90,000	Ford Motor Company
		6.100%, 08/19/32		88,409
	200,000	Ford Motor Credit Company, LLC
		2.900%, 02/16/28		173,092
		Gap, Inc.*
	16,000	3.875%, 10/01/31		12,000
	2,000	3.625%, 10/01/29		1,539
		goeasy, Ltd.*
	75,000	5.375%, 12/01/24		71,971
	40,000	4.375%, 05/01/26		35,933
	52,000	Goodyear Tire & Rubber
		Company^
		5.000%, 07/15/29		45,900
	19,000	Group 1 Automotive, Inc.*
		4.000%, 08/15/28		16,718
	65,000	Guitar Center, Inc.*^&
		8.500%, 01/15/26		56,863
	45,000	Liberty Interactive, LLC
		8.250%, 02/01/30		21,252


PRINCIPAL AMOUNT			VALUE
		Life Time, Inc.*
	50,000	5.750%, 01/15/26	$	48,392
	33,000	8.000%, 04/15/26^		32,097
	28,000	Lindblad Expeditions, LLC*
		6.750%, 02/15/27		27,457
	30,000	M/I Homes, Inc.
		3.950%, 02/15/30		25,274
		Macy’s Retail Holdings, LLC
	46,000	6.700%, 07/15/34*		38,909
	27,000	5.875%, 03/15/30*		24,732
	25,000	4.300%, 02/15/43		15,526
	55,000	Midwest Gaming Borrower, LLC /
		Midwest Gaming Finance Corp.*
		4.875%, 05/01/29		48,700
	58,000	Mohegan Tribal Gaming Authority*
		8.000%, 02/01/26		55,006
		Newell Brands, Inc.
	10,000	6.375%, 09/15/27		10,066
	6,000	6.625%, 09/15/29^		6,089
		Nordstrom, Inc.
	23,000	4.250%, 08/01/31		17,319
	20,000	5.000%, 01/15/44		13,479
	50,000	Penn Entertainment, Inc.*^
		4.125%, 07/01/29		41,491
	60,000	Premier Entertainment Sub, LLC /
		Premier Entertainment Finance
		Corp.*
		5.625%, 09/01/29		43,722
	111,000	Rite Aid Corp.*
		8.000%, 11/15/26		62,023
	63,000	Simmons Foods, Inc. / Simmons
		Prepared Foods, Inc. / Simmons
		Pet Food, Inc. / Simmons Feed*
		4.625%, 03/01/29		53,512
	50,000	Sonic Automotive, Inc.*^
		4.625%, 11/15/29		41,620
	36,000	Speedway Motorsports, LLC /
		Speedway Funding II, Inc.*
		4.875%, 11/01/27		33,818
	90,000	Station Casinos, LLC*
		4.500%, 02/15/28		81,101
	31,000	Taylor Morrison Communities, Inc.*
		5.750%, 01/15/28		30,107
	13,000	Viking Cruises, Ltd.*
		13.000%, 05/15/25		13,797
	50,000	Vista Outdoor, Inc.*
		4.500%, 03/15/29		40,540
	11,000	Williams Scotsman International, Inc.*
		4.625%, 08/15/28		10,202

				2,449,066


		*Consumer Staples (0.6%)*
	51,000	Central Garden & Pet Company*
		4.125%, 04/30/31		42,848
	53,000	Edgewell Personal Care
		Company*
		4.125%, 04/01/29		46,218
		Energizer Holdings, Inc.*
	59,000	4.375%, 03/31/29		51,227
	10,000	6.500%, 12/31/27		9,776


PRINCIPAL AMOUNT			VALUE
		JBS USA LUX, SA / JBS USA
		Food Company / JBS USA
		Finance, Inc.*
	65,000	5.500%, 01/15/30	$	63,207
	50,000	5.125%, 02/01/28		49,048
	15,000	5.750%, 04/01/33		14,775
	33,000	New Albertsons, LP
		7.750%, 06/15/26		33,611
	43,000	Performance Food Group, Inc.*
		4.250%, 08/01/29		38,423
		Pilgrim’s Pride Corp.*
	45,000	5.875%, 09/30/27		44,682
	35,000	4.250%, 04/15/31		30,383
	21,000	Post Holdings, Inc.*
		5.750%, 03/01/27		20,724
	42,000	Prestige Brands, Inc.*
		3.750%, 04/01/31		35,683
	50,000	United Natural Foods, Inc.*^
		6.750%, 10/15/28		48,328
	70,000	Vector Group, Ltd.*
		5.750%, 02/01/29		61,162

				590,095


		*Energy (1.7%)*
	44,000	Antero Resources Corp.*
		5.375%, 03/01/30		41,075
	45,000	Apache Corp.
		5.100%, 09/01/40		39,319
		Buckeye Partners, LP
	40,000	3.950%, 12/01/26		36,747
	25,000	5.850%, 11/15/43		19,235
	60,000	Callon Petroleum Company*
		7.500%, 06/15/30		58,120
	23,000	Cheniere Energy, Inc.
		4.625%, 10/15/28		21,937
	32,000	Chesapeake Energy Corp.*
		6.750%, 04/15/29		31,604
		Continental Resources, Inc.*
	35,000	2.875%, 04/01/32		27,480
	25,000	5.750%, 01/15/31		24,571
	80,000	DCP Midstream Operating, LP*‡
		5.850%, 05/21/43
		3 mo. USD LIBOR + 3.85%		79,242
	349	Diamond Foreign Asset Company
		/ Diamond Finance, LLC
		9.000%, 04/22/27
		13.000% PIK rate		338
	32,000	DT Midstream, Inc.*
		4.125%, 06/15/29		28,261
	64,000	Earthstone Energy Holdings, LLC*
		8.000%, 04/15/27		62,497
	25,000	Enbridge, Inc.‡
		7.375%, 01/15/83
		5 year CMT + 3.71%		25,040
		Energy Transfer, LP‡
	65,000	7.831%, 11/01/66
		3 mo. USD LIBOR + 3.02%		52,679
	32,000	6.500%, 11/15/26
		5 year CMT + 5.69%		30,198
		EnLink Midstream Partners, LP
	60,000	8.879%, 03/03/23‡
		3 mo. USD LIBOR + 4.11%		50,510
	50,000	4.850%, 07/15/26		48,638
	25,000	Enlink Midstream, LLC*^
		6.500%, 09/01/30		25,514


PRINCIPAL AMOUNT			VALUE
	50,000	EQM Midstream Partners, LP*
		7.500%, 06/01/27	$	50,189
		Genesis Energy, LP / Genesis
		Energy Finance Corp.
	43,000	6.250%, 05/15/26^		41,264
	11,000	8.875%, 04/15/30		11,186
		Gulfport Energy Corp.
	45,000	6.375%, 05/15/25@&		—
	30,000	8.000%, 05/17/26*		29,806
	13,752	8.000%, 05/17/26		13,663
	50,000	Hilcorp Energy I, LP / Hilcorp
		Finance Company*
		6.000%, 04/15/30		46,860
	32,000	Howard Midstream Energy
		Partners, LLC*
		6.750%, 01/15/27		31,242
	44,000	Magnolia Oil & Gas Operating,
		LLC / Magnolia Oil & Gas Finance Corp.*
		6.000%, 08/01/26		42,625
		Moss Creek Resources Holdings, Inc.*
	25,000	10.500%, 05/15/27		24,312
	25,000	7.500%, 01/15/26		23,118
	40,000	MPLX, LP‡
		6.875%, 02/15/23
		3 mo. USD LIBOR + 4.65%		40,026
	25,000	Nabors Industries, Inc.*
		7.375%, 05/15/27		25,052
		New Fortress Energy, Inc.*
	40,000	6.750%, 09/15/25		38,423
	22,000	6.500%, 09/30/26		20,332
	69,000	Par Petroleum, LLC / Par
		Petroleum Finance Corp.*
		7.750%, 12/15/25		68,174
	45,000	Parkland Corp.*
		5.875%, 07/15/27		43,266
	43,000	Patterson-UTI Energy, Inc.
		5.150%, 11/15/29		40,173
	50,000	Plains All American Pipeline, LP‡
		8.716%, 03/03/23
		3 mo. USD LIBOR + 4.11%		45,244
	40,000	Rockcliff Energy II, LLC*
		5.500%, 10/15/29		38,137
		Southwestern Energy Company
	32,000	5.375%, 03/15/30		29,844
	21,000	4.750%, 02/01/32		18,527
	20,000	5.375%, 02/01/29		18,814
	11,000	Sunoco, LP / Sunoco Finance Corp.
		4.500%, 04/30/30		9,818
	23,000	Transocean, Inc.*
		8.750%, 02/15/30		23,767
		Venture Global Calcasieu Pass, LLC*
	10,000	4.125%, 08/15/31		8,888
	10,000	3.875%, 08/15/29		8,930
	5,000	6.250%, 01/15/30		5,099
		Vital Energy, Inc.
	52,000	10.125%, 01/15/28^		51,863
	23,000	9.500%, 01/15/25		23,229
	45,000	VOC Escrow, Ltd.*
		5.000%, 02/15/28		39,675
	40,000	W&T Offshore, Inc.*
		9.750%, 11/01/23		40,036
		Weatherford International, Ltd.*
	47,000	6.500%, 09/15/28		46,843


PRINCIPAL AMOUNT			VALUE
	30,000	8.625%, 04/30/30	$	30,276

				1,731,706


		*Financials (2.5%)*
		Acrisure, LLC / Acrisure Finance, Inc.*
	64,000	6.000%, 08/01/29		52,882
	56,000	7.000%, 11/15/25		53,387
	67,000	Aethon United BR, LP / Aethon
		United Finance Corp.*
		8.250%, 02/15/26		66,738
	73,000	AG Issuer, LLC*
		6.250%, 03/01/28		69,080
		Alliant Holdings Intermediate, LLC
		/ Alliant Holdings Co-Issuer*
	110,000	6.750%, 10/15/27		103,091
	10,000	5.875%, 11/01/29		8,726
	10,000	4.250%, 10/15/27		9,183
		Ally Financial, Inc.
	49,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		40,366
	35,000	8.000%, 11/01/31		38,463
	20,000	4.700%, 05/15/28‡
		7 year CMT + 3.48%		15,425
	86,000	AmWINS Group, Inc.*
		4.875%, 06/30/29		75,892
	85,000	AssuredPartners, Inc.*
		7.000%, 08/15/25		84,012
	48,000	Aviation Capital Group, LLC*µ
		3.500%, 11/01/27		43,124
		Avolon Holdings Funding, Ltd.*µ
	30,000	3.950%, 07/01/24		29,115
	20,000	5.500%, 01/15/26		19,605
	88,000	BroadStreet Partners, Inc.*
		5.875%, 04/15/29		77,791
		Brookfield Property REIT, Inc. /
		BPR Cumulus, LLC / BPR
		Nimbus, LLC / GGSI Sellco, LLC*
	85,000	4.500%, 04/01/27		75,061
	56,000	5.750%, 05/15/26		52,827
	48,000	Castlelake Aviation Finance DAC*^
		5.000%, 04/15/27		43,969
		Credit Acceptance Corp.
	65,000	6.625%, 03/15/26^		59,513
	52,000	5.125%, 12/31/24*		48,945
	58,000	Enact Holdings, Inc.*
		6.500%, 08/15/25		57,220
	64,000	Global Net Lease, Inc. / Global
		Net Lease Operating Partnership, LP*
		3.750%, 12/15/27		54,099
	84,000	Greystar Real Estate Partners, LLC*
		5.750%, 12/01/25		83,015
		HUB International, Ltd.*
	67,000	7.000%, 05/01/26		66,735
	66,000	5.625%, 12/01/29		59,457
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	40,000	5.250%, 05/15/27		37,481
	31,000	4.375%, 02/01/29		27,047
	100,000	ILFC E-Capital Trust II*‡ 6.538%, 12/21/65 3 mo. USD LIBOR + 1.80%		67,521


PRINCIPAL AMOUNT			VALUE
	90,000	Iron Mountain, Inc.*
		5.250%, 03/15/28	$	85,669
		Ladder Capital Finance Holdings,
		LLLP / Ladder Capital Finance Corp.*
	88,000	5.250%, 10/01/25		84,789
	22,000	4.750%, 06/15/29		18,304
	63,000	LD Holdings Group, LLC*
		6.125%, 04/01/28		41,147
		Level 3 Financing, Inc.*
	82,000	3.875%, 11/15/29		66,553
	45,000	4.250%, 07/01/28		35,700
	30,000	LPL Holdings, Inc.*
		4.000%, 03/15/29		26,865
	100,000	MetLife, Inc.
		6.400%, 12/15/66		102,522
	60,000	Nationstar Mortgage Holdings, Inc.*
		5.500%, 08/15/28		52,486
		Navient Corp.
	95,000	5.000%, 03/15/27		86,848
	50,000	4.875%, 03/15/28		44,297
	50,000	Necessity Retail REIT, Inc. /
		American Finance Operating
		Partner, LP*
		4.500%, 09/30/28		38,462
		OneMain Finance Corp.
	30,000	3.875%, 09/15/28		25,308
	27,000	7.125%, 03/15/26		26,878
	23,000	Park Intermediate Holdings, LLC /
		PK Domestic Property, LLC / PK
		Finance Co-Issuer*
		5.875%, 10/01/28		21,303
	73,000	PHH Mortgage Corp.*
		7.875%, 03/15/26		66,831
	10,000	PNC Financial Services Group, Inc.µ‡
		6.000%, 05/15/27
		5 year CMT + 3.00%		9,935
	50,000	RHP Hotel Properties, LP / RHP
		Finance Corp.*
		4.500%, 02/15/29		44,750
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	20,000	3.875%, 03/01/31		16,325
	20,000	3.625%, 03/01/29		16,900
	10,000	2.875%, 10/15/26		8,930
	43,000	StoneX Group, Inc.*
		8.625%, 06/15/25		43,610
	10,000	SVB Financial Group‡
		4.000%, 05/15/26
		5 year CMT + 3.20%		8,044
		United Wholesale Mortgage, LLC*
	52,000	5.500%, 04/15/29		44,791
	20,000	5.750%, 06/15/27		18,029
	25,000	Uniti Group, LP / Uniti Group
		Finance, Inc. / CSL Capital, LLC*
		6.500%, 02/15/29		17,312
	47,000	XHR, LP*
		6.375%, 08/15/25		46,642

				2,619,000


		*Health Care (1.3%)*
		Bausch Health Companies, Inc.*
	95,000	11.000%, 09/30/28		74,636
	16,000	14.000%, 10/15/30		10,334


PRINCIPAL AMOUNT			VALUE
	16,000	6.125%, 02/01/27	$	10,929
		CHS/Community Health Systems, Inc.*
	88,000	6.125%, 04/01/30		53,467
	60,000	8.000%, 03/15/26		58,337
	25,000	6.875%, 04/15/29		15,835
	5,000	5.250%, 05/15/30		4,038
		DaVita, Inc.*
	89,000	4.625%, 06/01/30		75,038
	52,000	3.750%, 02/15/31		40,490
		Embecta Corp.*
	33,000	5.000%, 02/15/30		27,211
	11,000	6.750%, 02/15/30		9,922
		Encompass Health Corp.
	20,000	4.750%, 02/01/30		18,357
	20,000	4.500%, 02/01/28		18,691
	52,000	HCA, Inc.
		7.500%, 11/06/33		57,691
	200,000	Jazz Securities DAC*
		4.375%, 01/15/29		183,066
	18,000	Mallinckrodt International Finance,
		SA / Mallinckrodt CB, LLC*
		10.000%, 06/15/29		10,350
		Medline Borrower, LP*
	55,000	3.875%, 04/01/29		47,108
	53,000	5.250%, 10/01/29^		44,546
	200,000	Organon & Company / Organon
		Foreign Debt Co-Issuer, BV*
		5.125%, 04/30/31		180,382
	62,000	Team Health Holdings, Inc.*
		6.375%, 02/01/25		41,435
		Tenet Healthcare Corp.
	120,000	6.250%, 02/01/27		117,714
	70,000	6.875%, 11/15/31		64,886
	190,000	Teva Pharmaceutical Finance
		Netherlands III, BV
		3.150%, 10/01/26		170,569

				1,335,032


		*Industrials (2.3%)*
	50,000	ACCO Brands Corp.*
		4.250%, 03/15/29		43,292
	50,000	Air Lease Corp.‡
		4.125%, 12/15/26
		5 year CMT + 3.15%		38,888
		Albertsons Companies, Inc. /
		Safeway, Inc. / New Albertsons,
		LP / Albertsons, LLC*
	75,000	4.625%, 01/15/27		71,365
	48,000	3.500%, 03/15/29		41,432
	30,000	5.875%, 02/15/28		29,359
	50,000	Allegiant Travel Company*
		7.250%, 08/15/27		49,083
	10,000	American Airlines Group, Inc.*^
		3.750%, 03/01/25		9,358
	52,525	American Airlines Pass Through
		Trust Series 2021-1, Class B
		3.950%, 01/11/32		44,547
		American Airlines, Inc. /
		AAdvantage Loyalty IP, Ltd.*
	33,000	5.500%, 04/20/26		32,390
	11,000	5.750%, 04/20/29		10,659
	25,000	Arcosa, Inc.*
		4.375%, 04/15/29		22,354


PRINCIPAL AMOUNT			VALUE
	200,000	ARD Finance, SA*
		6.500%, 06/30/27
		7.250% PIK rate	$	157,166
	15,000	Ball Corp.
		6.875%, 03/15/28		15,496
	34,000	Beacon Roofing Supply, Inc.*
		4.125%, 05/15/29		29,318
	44,000	BWX Technologies, Inc.*
		4.125%, 04/15/29		39,821
		Cascades, Inc. / Cascades USA, Inc.*
	26,000	5.375%, 01/15/28		24,276
	20,000	5.125%, 01/15/26		18,727
	12,000	Delta Air Lines, Inc.^
		7.375%, 01/15/26		12,567
	11,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
		4.750%, 10/20/28		10,703
	58,000	Deluxe Corp.*
		8.000%, 06/01/29		49,734
	22,000	Dun & Bradstreet Corp.*^
		5.000%, 12/15/29		19,649
	33,000	Eco Material Technologies, Inc.*
		7.875%, 01/31/27		31,812
	55,000	Endurance International Group
		Holdings, Inc.*
		6.000%, 02/15/29		39,945
	25,000	EnerSys*
		4.375%, 12/15/27		23,120
	35,000	Fly Leasing, Ltd.*
		7.000%, 10/15/24		30,522
	25,000	Graham Packaging Company, Inc.*
		7.125%, 08/15/28		22,006
	25,000	Granite US Holdings Corp.*
		11.000%, 10/01/27		26,386
		Graphic Packaging International, LLC*
	30,000	4.750%, 07/15/27		28,908
	20,000	3.500%, 03/01/29		17,632
	51,000	Great Lakes Dredge & Dock Corp.*^
		5.250%, 06/01/29		43,071
	101,000	H&E Equipment Services, Inc.*
		3.875%, 12/15/28		89,193
	69,000	Hawaiian Brand Intellectual
		Property, Ltd. / HawaiianMiles
		Loyalty, Ltd.*
		5.750%, 01/20/26		66,025
	65,000	Herc Holdings, Inc.*
		5.500%, 07/15/27		62,357
	61,000	Howmet Aerospace, Inc.
		5.125%, 10/01/24		60,926
	50,000	IEA Energy Services, LLC*
		6.625%, 08/15/29		49,124
	62,000	JELD-WEN, Inc.*
		4.625%, 12/15/25		54,944
	70,000	Ken Garff Automotive, LLC*
		4.875%, 09/15/28		60,378
	21,000	MasTec, Inc.*
		4.500%, 08/15/28		19,480
	33,000	Moog, Inc.*
		4.250%, 12/15/27		30,635
	52,000	Novelis Corp.*
		4.750%, 01/30/30		47,587
	15,000	OI European Group, BV*
		4.750%, 02/15/30		13,498


PRINCIPAL AMOUNT			VALUE
	50,000	Pactiv Evergreen Group Issuer,
		Inc. / Pactiv Evergreen Group
		Issuer, LLC*
		4.000%, 10/15/27	$	45,005
	67,000	Patrick Industries, Inc.*
		4.750%, 05/01/29		57,333
		QVC, Inc.
	39,000	4.375%, 09/01/28		25,075
	20,000	5.450%, 08/15/34		11,827
		Sealed Air Corp.*
	35,000	6.125%, 02/01/28		35,340
	11,000	5.000%, 04/15/29		10,441
	40,000	Sensata Technologies, Inc.*
		3.750%, 02/15/31		34,240
		Sinclair Television Group, Inc.*
	33,000	4.125%, 12/01/30		26,273
	20,000	5.500%, 03/01/30^		15,974
	50,000	Standard Industries, Inc.*
		5.000%, 02/15/27		47,673
	35,000	Stericycle, Inc.*
		3.875%, 01/15/29		31,150
	35,000	STL Holding Company, LLC*
		7.500%, 02/15/26		30,921
		TransDigm, Inc.
	97,000	6.250%, 03/15/26*		97,063
	60,000	7.500%, 03/15/27		60,512
	34,000	Tronox, Inc.*
		4.625%, 03/15/29		29,120
	44,000	Vertiv Group Corp.*
		4.125%, 11/15/28		38,389
	46,000	Wabash National Corp.*
		4.500%, 10/15/28		40,556
	35,000	Waste Pro USA, Inc.*
		5.500%, 02/15/26		32,590
		WESCO Distribution, Inc.*
	27,000	7.125%, 06/15/25		27,448
	13,000	7.250%, 06/15/28		13,380
	43,000	Williams Scotsman International, Inc.*
		6.125%, 06/15/25		43,214

				2,341,257


		*Information Technology (0.7%)*
	21,000	Booz Allen Hamilton, Inc.*
		4.000%, 07/01/29		18,882
	80,000	Clarivate Science Holdings Corp.*
		3.875%, 07/01/28		71,520
	39,000	Clear Channel Worldwide Holdings, Inc.*
		5.125%, 08/15/27		35,592
	23,000	Coherent Corp.*
		5.000%, 12/15/29		21,065
	60,000	CommScope Technologies, LLC*
		6.000%, 06/15/25		56,909
	40,000	CommScope, Inc.*
		4.750%, 09/01/29		33,308
	55,000	Dell International, LLC / EMC Corp.µ
		6.020%, 06/15/26		56,596
	26,000	Fair Isaac Corp.*
		4.000%, 06/15/28		24,174
	50,000	KBR, Inc.*
		4.750%, 09/30/28		45,660
		MPH Acquisition Holdings, LLC*
	50,000	5.750%, 11/01/28^		36,391
	20,000	5.500%, 09/01/28		16,658


PRINCIPAL AMOUNT			VALUE
	22,000	NCR Corp.*
		5.125%, 04/15/29	$	19,162
	34,000	ON Semiconductor Corp.*
		3.875%, 09/01/28		31,050
		Open Text Corp.*
	39,000	3.875%, 02/15/28		33,937
	20,000	6.900%, 12/01/27		20,512
	16,000	3.875%, 12/01/29		13,337
	16,000	Open Text Holdings, Inc.*
		4.125%, 12/01/31		13,022
	22,000	Playtika Holding Corp.*
		4.250%, 03/15/29		18,294
	36,000	PTC, Inc.*
		4.000%, 02/15/28		33,571
	60,000	TTM Technologies, Inc.*
		4.000%, 03/01/29		52,449
		Twilio, Inc.
	30,000	3.625%, 03/15/29		25,513
	11,000	3.875%, 03/15/31		9,131
	55,000	Viavi Solutions, Inc.*
		3.750%, 10/01/29		48,009
	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^
		3.875%, 02/01/29		43,178

				777,920


		*Materials (0.5%)*
	25,000	ArcelorMittal, SA
		7.000%, 10/15/39		27,073
	27,000	ATI, Inc.
		5.875%, 12/01/27		26,234
	12,000	Carpenter Technology Corp.
		7.625%, 03/15/30		12,331
	35,000	Chemours Company*
		4.625%, 11/15/29		29,263
	65,000	Clearwater Paper Corp.*
		4.750%, 08/15/28		58,178
		Commercial Metals Company
	22,000	4.125%, 01/15/30		19,758
	11,000	4.375%, 03/15/32		9,742
	34,000	HB Fuller Company
		4.250%, 10/15/28		30,147
	40,000	JW Aluminum Continuous Cast Company*
		10.250%, 06/01/26		40,671
		Kaiser Aluminum Corp.*
	50,000	4.625%, 03/01/28		45,766
	5,000	4.500%, 06/01/31		4,237
	30,000	LSF11 A5 HoldCo, LLC*
		6.625%, 10/15/29		25,057
	46,000	Mercer International, Inc.
		5.125%, 02/01/29		39,405
	70,000	Owens-Brockway Glass Container, Inc.*^
		6.625%, 05/13/27		68,918
	56,000	Silgan Holdings, Inc.
		4.125%, 02/01/28		52,395
	21,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*^
		5.125%, 04/01/29		15,193
	19,000	Univar Solutions USA, Inc.*
		5.125%, 12/01/27		18,482

				522,850


PRINCIPAL AMOUNT				VALUE

			*Other (0.1%)*
	52,000		1375209 B.C., Ltd.*
			9.000%, 01/30/28	$	51,863
			Gen Digital, Inc.*
	25,000		7.125%, 09/30/30		25,402
	25,000		6.750%, 09/30/27		25,385

					102,650


			*Real Estate (0.2%)*
	34,000		EPR Properties
			3.750%, 08/15/29		28,407
			Forestar Group, Inc.*
	38,000		5.000%, 03/01/28		33,421
	21,000		3.850%, 05/15/26		18,844
	50,000		MIWD Holdco II, LLC / MIWD Finance Corp.*
			5.500%, 02/01/30		41,662
			Service Properties Trust
	65,000		4.350%, 10/01/24		61,343
	20,000		5.250%, 02/15/26		17,349

					201,026


			*Special Purpose Acquisition Companies (0.1%)*
			Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	45,000		6.750%, 01/15/30		37,410
	23,000		4.625%, 01/15/29		20,315

					57,725


			*Utilities (0.1%)*
	16,000		PPL Capital Funding, Inc.‡
			7.395%, 03/30/67
			3 mo. USD LIBOR + 2.67%		14,088
	65,000		TerraForm Power Operating, LLC*
			5.000%, 01/31/28		61,160
			Vistra Corp.*‡
	25,000		8.000%, 10/15/26
			5 year CMT + 6.93%		24,526
	20,000		7.000%, 12/15/26
			5 year CMT + 5.74%		18,876

					118,650


			TOTAL CORPORATE BONDS (Cost $15,369,857)		14,557,639


	CONVERTIBLE BONDS (27.9%)

			*Communication Services (0.9%)*
	900,000		Liberty Media Corp.* 2.250%, 08/15/27		946,647


			*Consumer Discretionary (6.9%)*
	595,000		Burlington Stores, Inc. 2.250%, 04/15/25		737,556
	101,000		DISH Network Corp. 2.375%, 03/15/24		94,133
	1,000,000	AUD	Flight Centre Travel Group, Ltd. 2.500%, 11/17/27		714,468
	3,160,000		Ford Motor Company 0.000%, 03/15/26		3,217,259
	90,000,000	JPY	Kyoritsu Maintenance Company, Ltd. 0.000%, 01/29/26		917,210


PRINCIPAL AMOUNT				VALUE
	58,000		Li Auto, Inc. 0.250%, 05/01/28	$	66,027
	685,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		740,252
	500,000	GBP	WH Smith, PLC 1.625%, 05/07/26		567,351

					7,054,256


			*Consumer Staples (1.9%)*
	1,255,000		Post Holdings, Inc.* 2.500%, 08/15/27		1,369,469
	915,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		622,761

					1,992,230


			*Energy (0.8%)*
	367,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		419,396
	260,000		Transocean, Inc. 4.000%, 12/15/25		400,689

					820,085


			*Financials (2.7%)*
	12,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCA 0.000%, 07/25/24		1,483,374
	170,000,000	JPY	SBI Holdings, Inc. 0.000%, 09/13/23		1,306,401

					2,789,775


			*Health Care (1.3%)*
	221,000		Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		236,426
	437,000		BioMarin Pharmaceutical, Inc.^ 0.599%, 08/01/24		482,837
	562,000		Dexcom, Inc.^ 0.250%, 11/15/25		592,488

					1,311,751


			*Industrials (4.1%)*
	70,000,000	JPY	ANA Holdings, Inc. 0.000%, 12/10/31		586,620
	300,000	EUR	Duerr, AG 0.750%, 01/15/26		383,465
	797,000		Parsons Corp. 0.250%, 08/15/25		872,412
	800,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		927,539
	1,500,000	SGD	Singapore Airlines, Ltd. 1.625%, 12/03/25		1,275,982
	170,000		ZTO Express Cayman, Inc.* 1.500%, 09/01/27		189,328

					4,235,346


			*Information Technology (4.4%)*
	835,000		Block, Inc. 0.125%, 03/01/25		853,395
	1,605,000		CyberArk Software, Ltd. 0.000%, 11/15/24		1,768,902
	671,000		Datadog, Inc.µ 0.125%, 06/15/25		736,181
	3,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		414,892


PRINCIPAL AMOUNT				VALUE
	692,000		Shift4 Payments, Inc. 0.000%, 12/15/25	$	740,973

					4,514,343


			*Materials (3.2%)*
	2,200,000		Glencore Funding, LLC 0.000%, 03/27/25		2,549,008
	270,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		374,177
	476,000		Lithium Americas Corp. 1.750%, 01/15/27		415,629

					3,338,814


			*Other (0.6%)*
	930,000	EUR	Edenred 0.000%, 09/06/24		615,163
	20,000		Multiplan Corp.* 6.000%, 10/15/27
			7.000%, PIK Rate		13,087

					628,250


			*Real Estate (1.1%)*
	800,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		1,104,084


			TOTAL CONVERTIBLE BONDS (Cost $30,767,201)		28,735,581


	BANK LOANS (0.1%) ¡

			*Airlines (0.0%)*
	40,500		Mileage Plus Holdings, LLC‡ 9.996%, 06/21/27 3 mo. LIBOR + 5.25%		42,295


			*Communication Services (0.0%)*
	43,000		Entercom Media Corp.‡ 7.047%, 11/18/24 1 mo. LIBOR + 2.50%		31,005


			*Information Technology (0.1%)*
	46,251		Banff Merger Sub, Inc.‡ 8.320%, 10/02/25 1 mo. LIBOR + 3.75%		45,508


			TOTAL BANK LOANS (Cost $126,039)		118,808


	U.S. GOVERNMENT AND AGENCY SECURITIES (1.5%)

			*Other (1.5%)*
			U.S. Treasury Noteµ
	1,010,000		2.000%, 06/30/24		974,867
	595,000		2.500%, 04/30/24		579,672


			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $1,595,829)		1,554,539


NUMBER OF SHARES				VALUE

	COMMON STOCKS (84.5%)

			*Communication Services (6.7%)*
	32,000		Alphabet, Inc. - Class A^#		3,162,880


NUMBER OF SHARES				VALUE
	925		Altice USA, Inc. - Class A#	$	4,532
	24,150	HKD	Baidu, Inc. - Class A#		405,962
	310		Cumulus Media, Inc. - Class A#		2,077
	615	EUR	IPSOS		39,857
	2,900		Meta Platforms, Inc. - Class A^#		432,013
	27,000	HKD	Tencent Holdings, Ltd.		1,315,681
	15,060		Tencent Holdings, Ltd. (ADR)		734,175
	7,610		Walt Disney Company#~		825,609

					6,922,786


			*Consumer Discretionary (12.0%)*
	37,500	HKD	Alibaba Group Holding, Ltd.#		515,575
	1,745		Alibaba Group Holding, Ltd. (ADR)#		192,299
	25,200		Amazon.com, Inc.^#		2,598,876
	23,950		Arcos Dorados Holdings, Inc. - Class A		203,575
	975	BRL	Arezzo Industria e Comercio, SA		16,825
	315		AutoZone, Inc.#		768,238
	1,283,300	PHP	Bloomberry Resorts Corp.#		217,103
	356	EUR	Brunello Cucinelli S.p.A		29,651
	3,400	CNY	BYD Company, Ltd. - Class A		145,230
	5,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		180,483
	552	EUR	CIE Automotive, SA		16,397
	6,975	CHF	Cie Financiere Richemont, SA - Class A		1,075,247
	28,800	GBP	Compass Group, PLC		687,974
	5,500		Coupang, Inc.#		92,895
	17,700	BRL	Cyrela Brazil Realty, SA Empreendimentos e Participacoes		52,930
	19,000	HKD	Galaxy Entertainment Group, Ltd.		132,265
	42,600	HKD	JD.com, Inc. - Class A		1,264,937
	57,000	HKD	Jiumaojiu International Holdings, Ltd.*		146,044
	400	JPY	Kyoritsu Maintenance Company, Ltd.^		18,270
	17,200		Las Vegas Sands Corp.^#		1,014,800
	33,500	HKD	Li Ning Company, Ltd.		331,170
	525	EUR	LVMH Moet Hennessy Louis Vuitton, SE		458,312
	6,350	INR	Mahindra & Mahindra, Ltd.		107,201
	4,780	HKD	Meituan - Class B*#		106,861
	310		MercadoLibre, Inc.#		366,324
	34,400	HKD	New Oriental Education & Technology Group, Inc.#		146,022
	500	JPY	Nextage Company, Ltd.^		11,247
	1,465	GBP	Pearson, PLC		16,707
	680	CAD	Pet Valu Holdings, Ltd.^		20,335
	2,235	EUR	Prosus, NV#		180,466
	145,800	HKD	Samsonite International, SA*#		434,336
	64,000	HKD	Sands China, Ltd.#		240,005
	590	EUR	Sanlorenzo S.p.A. / Ameglia		25,902
	1,200		Tesla, Inc.µ#		207,864
	1,430	INR	TVS Motor Company, Ltd.		18,237
	3,020	AUD	Webjet, Ltd.^#		14,719
	14,400	HKD	Wynn Macau, Ltd.^#		16,481
	2,750	HKD	Yum China Holdings, Inc.		166,617
	23,000	HKD	Zhongsheng Group Holdings, Ltd.		130,138

					12,368,558


			*Consumer Staples (5.1%)*
	1,360	INR	Britannia Industries, Ltd.		72,000
	20,850	GBP	British American Tobacco, PLC		799,260
	9,474		Coca-Cola Company^		580,946
	1,070		Costco Wholesale Corp.		546,920


NUMBER OF SHARES				VALUE
	7,050		General Mills, Inc.	$	552,438
	1,570	INR	Hindustan Unilever, Ltd.		49,532
	700	JPY	Kobe Bussan Company, Ltd.^		20,210
	100	JPY	Kose Corp.		11,033
	700	CNY	Kweichow Moutai Company, Ltd. - Class A		191,919
	5,250	HKD	L’Occitane International, SA		14,607
	5,900	CHF	Nestle, SA		719,853
	4,000	CNY	Proya Cosmetics Company, Ltd. - Class A		97,888
	19,550	BRL	Raia Drogasil, SA		95,626
	18,000	JPY	Seven & i Holdings Company, Ltd.		849,832
	26,000	HKD	Smoore International Holdings, Ltd.*^		39,194
	636,300	IDR	Sumber Alfaria Trijaya, Tbk PT		120,281
	36,700	PHP	Universal Robina Corp.		92,711
	8,155	INR	Varun Beverages, Ltd.		114,902
	33,525	MXN	Wal-Mart de Mexico, SAB de CV		130,945
	40,000	HKD	Yihai International Holding, Ltd.^#		142,339

					5,242,436


			*Energy (5.1%)*
	1,700	CAD	ARC Resources, Ltd.		19,753
	21,400	CAD	Canadian Natural Resources, Ltd.^		1,313,546
	18,935	CAD	CES Energy Solutions Corp.^		41,270
	479		Chaparral Energy, Inc. - Class A&#		20,357
	131		Chesapeake Energy Corp.		11,360
	8,810		Chevron Corp.^		1,533,116
	3,045		Energy Transfer, LP		40,438
	1,815		Enterprise Products Partners, LP		46,464
	341		EP Energy Corp.&#		2,685
	11,400		Helmerich & Payne, Inc.		552,216
	585		Magellan Midstream Partners, LP		31,239
	4,775		Marathon Petroleum Corp.		613,683
	9,260	EUR	Motor Oil Hellas Corinth Refineries, SA		226,294
	37,400	THB	PTT Exploration & Production, PCL		194,065
	7,500	INR	Reliance Industries, Ltd.		216,613
	3,975		Schlumberger, Ltd.µ		226,495
	1,940		TechnipFMC, PLCµ#		26,947
	59,500	IDR	United Tractors, Tbk PT		97,684
	450		Williams Companies, Inc.^		14,508

					5,228,733


			*Financials (14.2%)*
	116,000	HKD	AIA Group, Ltd.		1,311,687
	3,000		Aon, PLC - Class A		956,040
	38,500	BRL	B3, SA - Brasil Bolsa Balcao		98,292
	317,750	IDR	Bank Central Asia, Tbk PT		180,326
	750,300	IDR	Bank Mandiri Persero, Tbk PT		499,952
	53,325		Bank of America Corp.^~		1,891,971
	5,970	EUR	Bank of Ireland Group, PLC		63,783
	94,800	PHP	Bank of the Philippine Islands		182,538
	4,750	GBP	Beazley, PLC		39,090
	3,100		Chubb, Ltd.		705,219
	3,300	JPY	Concordia Financial Group, Ltd.		14,501
	29,304	AED	First Abu Dhabi Bank, PJSC		108,700
	24,350	ZAR	FirstRand, Ltd.		90,475
	23,050	MXN	Grupo Financiero Banorte, SAB de CV - Class O		190,956
	9,430	KRW	Hana Financial Group, Inc.		374,628
	70,850	INR	HDFC Bank, Ltd.		1,396,231


NUMBER OF SHARES				VALUE
	3,770	INR	Housing Development Finance Corp., Ltd.	$	121,638
	9,210		ICICI Bank, Ltd. (ADR)		191,844
	37,925		Itau Unibanco Holding, SA		188,866
	10,325		JPMorgan Chase & Company~		1,445,087
	312	DKK	Jyske Bank, A/S#		22,502
	42,800	THB	Kasikornbank PCL		188,064
	1,170,000	GBP	Lloyds Banking Group, PLC		761,431
	11,725		Morgan Stanleyµ^		1,141,194
	48,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		376,734
	4,940	AUD	Steadfast Group, Ltd.		18,353
	18,000	JPY	Sumitomo Mitsui Financial Group, Inc.		782,299
	26,150		UBS Group, AG^		561,179
	15,425		Wells Fargo & Company^		722,970

					14,626,550


			*Health Care (8.8%)*
	1,665		Abcam, PLC#		23,094
	6,125	GBP	AstraZeneca, PLC		802,451
	13,400	THB	Bumrungrad Hospital PCL		88,088
	3,900		Danaher Corp.^		1,031,082
	385	GBP	Dechra Pharmaceuticals, PLC		13,654
	4,780		Eli Lilly & Company^		1,645,037
	1,955	GBP	Ergomed, PLC#		28,962
	1,630		Humana, Inc.		834,071
	21,205	BRL	Hypera, SA		193,825
	1,475	CHF	Lonza Group, AG		841,401
	657		Mallinckrodt, PLC#		4,927
	17,500		Novo Nordisk, A/S		2,428,650
	1,200	JPY	Sosei Group Corp.^#		22,730
	58	CHF	Tecan Group, AG		24,341
	1,645		UnitedHealth Group, Inc.^		821,167
	26,500	HKD	Wuxi Biologics Cayman, Inc.*#		221,286

					9,024,766


			*Industrials (8.5%)*
	730	EUR	Aalberts, NV		34,516
	7,250	EUR	Airbus, SE		908,902
	85,100	THB	Airports of Thailand PCL#		191,417
	11,626	GBP	Ashtead Group, PLC		765,790
	1,000	JPY	BayCurrent Consulting, Inc.^		42,510
	32	CHF	Burckhardt Compression Holding, AG		19,813
	8,775	CAD	Canadian Pacific Railway, Ltd.^		692,609
	1,300	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		90,175
	520	EUR	DO & CO, AG#		55,068
	1,060	EUR	Duerr, AG		40,443
	350	JPY	Ebara Corp.		14,861
	1,400		EMCOR Group, Inc.		207,550
	7,450	MXN	Grupo Aeroportuario del Pacifico, SAB de CV - Class B		128,316
	700	SEK	Hexatronic Group, AB		8,616
	4,570	INR	Hindustan Aeronautics, Ltd.		143,503
	24,600	PHP	International Container Terminal Services, Inc.		93,518
	567	EUR	Interpump Group S.p.A		29,569
	400	JPY	Japan Airport Terminal Company, Ltd.#		20,850
	2,050	INR	Larsen & Toubro, Ltd.		53,280
	5,080	SEK	Munters Group, AB*		48,708
	8,700	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		82,991


NUMBER OF SHARES				VALUE
	9,500		Quanta Services, Inc.µ	$	1,445,805
	8,350		Raytheon Technologies Corp.µ		833,747
	8,600	EUR	Schneider Electric, SE		1,395,054
	14,700	CNY	Shanghai International Airport Company, Ltd. - Class A#		132,061
	1,900	INR	Siemens, Ltd.		68,607
	190	EUR	Societe BIC, SA		13,795
	1,090	JPY	Sojitz Corp.		21,611
	760	CAD	Stantec, Inc.^		39,618
	12,000	HKD	Techtronic Industries Company, Ltd.		154,701
	1,400	JPY	THK Company, Ltd.		29,711
	200	JPY	Visional, Inc.^#		14,492
	4,950		Waste Management, Inc.		765,914
	49,000	CNY	YTO Express Group Company, Ltd. - Class A		152,560

					8,740,681


			*Information Technology (19.9%)*
	3,260		Accenture, PLC - Class A		909,703
	1,002	EUR	AIXTRON, SE		29,855
	139	EUR	Alten, SA		21,358
	16,095		Apple, Inc.^		2,322,348
	3,710		ASML Holding, NV		2,451,716
	2,470		Automatic Data Processing, Inc.		557,751
	125		CyberArk Software, Ltd.#		17,610
	220	EUR	Elmos Semiconductor SE		14,946
	171		Endava, PLC (ADR)#		15,026
	760		Infosys, Ltd. (ADR)^		14,288
	1,780		Intuit, Inc.		752,353
	2,500	JPY	Keyence Corp.		1,150,922
	627	GBP	Keywords Studios, PLC		22,022
	237	CAD	Kinaxis, Inc.#		27,546
	86,000	HKD	Kingdee International Software Group Company, Ltd.#		187,696
	750	KRW	Koh Young Technology, Inc.#		10,525
	1,060	EUR	Lectra		44,146
	5,000	TWD	MediaTek, Inc.		120,805
	9,200		Microsoft Corp.µ^		2,279,852
	5,700		NVIDIA Corp.^		1,113,609
	14,300		Oracle Corp.µ		1,264,978
	2,000	GBP	Sage Group, PLC		19,215
	3,600		salesforce, Inc.^#		604,692
	14,700	KRW	Samsung Electronics Company, Ltd.		732,210
	100	JPY	SHIFT, Inc.#		18,664
	2,000	TWD	Silergy Corp.		40,699
	3,010	KRW	SK Hynix, Inc.		217,755
	204,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		3,599,943
	6,890		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		638,910
	20,910	BRL	TOTVS, SA		123,863
	79,000	HKD	Travelsky Technology, Ltd. - Class H		164,206
	30,300	CNY	Venustech Group, Inc. - Class A		134,122
	3,910		Visa, Inc. - Class A		900,121

					20,523,455


			*Materials (3.1%)*
	51,125	CAD	Barrick Gold Corp.		999,792
	50,910		Cemex, SAB de CV#		271,859
	55,150	AED	Fertiglobe, PLC		60,162
	20,720		Freeport-McMoRan, Inc.~		924,526
	1,430	AUD	IGO, Ltd.		14,865


NUMBER OF SHARES				VALUE
	27,800	JPY	Nippon Steel Corp.	$	578,649
	670	JPY	OSAKA Titanium Technologies Company, Ltd.		19,011
	5,575	ZAR	Sasol, Ltd.		101,280
	5,250		Vale, SA - Class B		98,070
	78,000	HKD	Zijin Mining Group Company Ltd.- Class H		129,016

					3,197,230


			*Real Estate (0.2%)*
	179,500	PHP	Ayala Land, Inc.		96,815
	22,500	INR	DLF, Ltd.		98,312

					195,127


			*Special Purpose Acquisition Companies (0.9%)*
	518		Intelsat Emergence, SA&#		12,044
	32,050	EUR	Shell, PLC		939,967

					952,011


			TOTAL COMMON STOCKS (Cost $95,463,084)		87,022,333


	PREFERRED STOCKS (0.2%)

			*Consumer Discretionary (0.1%)*
	305		Guitar Center, Inc.&		37,972


			*Energy (0.1%)*
	1,675		NuStar Energy, LP‡ 10.379%, 03/02/23 3 mo. USD LIBOR + 5.64%		38,927
	760		NuStar Energy, LP^‡ 11.502%, 03/02/23 3 mo. USD LIBOR + 6.77%		19,015
	2,270		NuStar Logistics, LP‡ 11.526%, 01/15/43 3 mo. USD LIBOR + 6.73%		56,909

					114,851


			*Financials (0.0%)*
	1,082		B Riley Financial, Inc. 5.250%, 08/31/28		22,982


			TOTAL PREFERRED STOCKS (Cost $175,488)		175,805


	EXCHANGE-TRADED FUNDS (1.2%)

			*Other (1.2%)*
	45,865		Invesco Senior Loan ETF		968,210
	6,150		iShares MSCI Saudi Arabia ETF^		241,142


			TOTAL EXCHANGE-TRADED FUNDS (Cost $1,322,412)		1,209,352


	CONVERTIBLE PREFERRED STOCKS (1.8%)

			*Consumer Discretionary (0.9%)*
	7,908		Aptiv, PLC 5.500%, 06/15/23		996,329


NUMBER OF SHARES			VALUE

		*Energy (0.0%)*
	1	Gulfport Energy Corp.& 10.000%, 03/03/23 15.000% PIK rate	$	5,850


		*Utilities (0.9%)*
		NextEra Energy, Inc.
	10,000	6.219%, 09/01/23		478,900
	8,700	6.926%, 09/01/25		417,165

				896,065


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,934,639)		1,898,244


	WARRANTS (0.0%) #

		*Energy (0.0%)*
	2,607	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		—
	2,347	Mcdermott International, Ltd. 06/30/27, Strike $12.33		—


		TOTAL WARRANTS (Cost $1,002)		—


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.6%) #

		*Materials (0.1%)*
	1,470	Cemex SAB de CV
	784,980	Call, 07/21/23, Strike $5.00		121,275


		*Other (0.5%)*
	700	iShares MSCI EAFE ETF
	5,008,500	Put, 12/15/23, Strike $60.00		94,500
	260	iShares MSCI South Korea ETF
	1,650,220	Call, 04/21/23, Strike $64.00		72,150
	350	iShares MSCI Taiwan ETF
	1,568,350	Call, 06/16/23, Strike $44.81		97,125
	220	SPDR S&P 500 ETF Trust
	8,942,560	Put, 12/15/23, Strike $360.00		266,310

				530,085


		TOTAL PURCHASED OPTIONS (Cost $1,063,106)		651,360


	TOTAL INVESTMENTS (131.9%) (Cost $147,818,657)			135,923,661


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.5%)			(17,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-15.4%)			(15,890,313	)


	NET ASSETS (100.0%)		$	103,033,348

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 $7,657,725.

^	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, 2023.

¡	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 $2,435,590.


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
PHP		Philippine Peso
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
TWD		New Taiwan Dollar
ZAR		South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

Organization. Calamos Global 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) and the Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

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

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

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

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

The cost basis of investments for federal income tax purposes at January 31, 2023 was as follows*:

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

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. 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 four series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2023.

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

During the period ended January 31, 2023, all MRPS were rated `AA-’ by Kroll Bond Rating Agency LLC (“KBRA”). If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

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

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

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

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

With regard to Series D and E MRPS, for so long as any MRPS are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders

of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

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


CURRENCY EXPOSURE JANUARY 31, 2023

	Value		% of Total Investments

US Dollar	$	86,382,857		63.6%
Hong Kong Dollar		9,991,826		7.4%
European Monetary Unit		7,598,532		5.6%
Japanese Yen		6,451,634		4.7%
British Pound Sterling		4,523,907		3.3%
Canadian Dollar		3,777,230		2.8%
New Taiwan Dollar		3,761,447		2.8%
Swiss Franc		2,680,655		2.0%
Indian Rupee		2,460,056		1.8%
South Korean Won		1,335,118		1.0%
Singapore Dollar		1,275,982		0.9%
Chinese Yuan Renminbi		1,207,429		0.9%
Indonesian Rupiah		898,243		0.7%
Australian Dollar		762,405		0.6%
Philippine Peso		682,685		0.5%
Thai Baht		661,634		0.5%
Brazilian Real		581,361		0.4%
Mexican Peso		450,217		0.3%
South African Rand		191,755		0.1%
UAE Dirham		168,862		0.1%
Swedish Krona		57,324		—%
Danish Krone		22,502		—%

Total Investments	$	135,923,661		100.0%
Currency exposure may vary over time.


Cost basis of investments		$147,818,657
Gross unrealized appreciation		3,606,912
Gross unrealized depreciation		(15,501,908)
Net unrealized appreciation (depreciation)		$(11,894,996)


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
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	$17,000,000