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PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (13.3%)

		*Airlines (0.3%)*
	8,667	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25	$	8,603
	44,222	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		42,820
	25,813	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		26,049
	50,050	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		44,163
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	30,250	5.500%, 04/20/26		29,829
	11,000	5.750%, 04/20/29		10,671
	45,184	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		40,552
	48,045	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		48,439
	63,800	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		64,564

				315,690


		*Communication Services (1.3%)*
	55,000	APi Group DE, Inc.* 4.750%, 10/15/29		49,017
	47,000	Arrow Bidco, LLC* 9.500%, 03/15/24		47,128
		Audacy Capital Corp.*
	57,000	6.750%, 03/31/29		1,245
	27,000	6.500%, 05/01/27		649
	30,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		24,646
	70,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		54,717
	200,000	CSC Holdings, LLC* 5.500%, 04/15/27		171,748
		Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	45,000	6.625%, 08/15/27&		1,330
	27,000	5.375%, 08/15/26		861
	56,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		50,601
	33,000	Embarq Corp. 7.995%, 06/01/36		18,761
	45,000	Frontier California, Inc. 6.750%, 05/15/27		41,578
		Frontier Communications Holdings, LLC*
	28,000	5.000%, 05/01/28		23,754
	11,000	8.750%, 05/15/30		10,612
	65,000	Frontier Florida, LLC@ 6.860%, 02/01/28		61,004


PRINCIPAL AMOUNT			VALUE
	65,000	Frontier North, Inc.@ 6.730%, 02/15/28	$	58,763
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	40,000	3.500%, 03/01/29		34,477
	13,000	5.250%, 12/01/27		12,506
		iHeartCommunications, Inc.
	15,000	8.375%, 05/01/27		10,275
	15,000	5.250%, 08/15/27*		11,836
		Intelsat Jackson Holdings, SA&
	30,000	9.750%, 07/15/25*		—
	25,000	5.500%, 08/01/23		—
	37,759	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		13,120
		Lumen Technologies, Inc.
	35,000	7.600%, 09/15/39		12,866
	20,000	4.000%, 02/15/27*		13,160
	22,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		18,154
	30,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		24,783
	14,000	Qwest Corp. 7.250%, 09/15/25		13,673
		Scripps Escrow II, Inc.*
	23,000	3.875%, 01/15/29		19,137
	11,000	5.375%, 01/15/31		8,383
	40,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		33,472
		Sirius XM Radio, Inc.*
	65,000	5.500%, 07/01/29		59,475
	43,000	4.000%, 07/15/28		37,460
	20,000	3.125%, 09/01/26		18,041
	11,000	3.875%, 09/01/31		8,623
	41,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		28,431
	110,000	Sprint, LLC 7.125%, 06/15/24		111,059
	35,000	Stagwell Global, LLC* 5.625%, 08/15/29		29,825
	49,000	TEGNA, Inc. 4.625%, 03/15/28		44,176
	35,000	Telecom Italia Capital, SA 6.000%, 09/30/34		28,340
	42,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		25,224
	15,000	Time Warner Cable, LLC 7.300%, 07/01/38		15,312
	75,000	United States Cellular Corp. 6.700%, 12/15/33		64,922
	15,000	Univision Communications, Inc.* 8.000%, 08/15/28		15,128

				1,328,272


		*Consumer Discretionary (2.5%)*
	53,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		53,855
	55,000	Adient Global Holdings Company* 8.250%, 04/15/31		56,558
	36,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		34,296


PRINCIPAL AMOUNT			VALUE
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	39,000	6.625%, 01/15/28	$	37,631
	38,000	4.625%, 08/01/29		32,947
	53,000	At Home Group, Inc.* 4.875%, 07/15/28		30,822
		Bath & Body Works, Inc.
	57,000	6.694%, 01/15/27		57,276
	55,000	6.875%, 11/01/35		51,080
		Caesars Entertainment Corp.*
	28,000	4.625%, 10/15/29		24,674
	21,000	8.125%, 07/01/27^		21,584
		Carnival Corp.*
	22,000	4.000%, 08/01/28		19,581
	21,000	10.500%, 02/01/26		22,143
	21,000	7.625%, 03/01/26		20,745
	50,000	Carriage Services, Inc.* 4.250%, 05/15/29		43,397
	30,000	Carvana Company* 4.875%, 09/01/29		18,634
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	155,000	5.125%, 05/01/27		145,565
	50,000	6.375%, 09/01/29		47,845
	50,000	4.750%, 03/01/30		43,353
	46,000	4.250%, 02/01/31		37,818
	25,000	4.500%, 08/15/30		21,173
	22,000	4.750%, 02/01/32		18,242
	20,000	5.000%, 02/01/28		18,511
	22,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		20,461
	39,000	Cedar Fair, LP^ 5.250%, 07/15/29		35,057
	23,000	Churchill Downs, Inc.* 6.750%, 05/01/31		22,510
		Dana, Inc.
	40,000	4.250%, 09/01/30		34,361
	32,000	4.500%, 02/15/32		26,884
		DISH DBS Corp.
	50,000	5.250%, 12/01/26*		41,058
	41,000	7.750%, 07/01/26		26,583
	30,000	7.375%, 07/01/28		16,917
	20,000	5.125%, 06/01/29		10,122
	46,000	DISH Network Corp.* 11.750%, 11/15/27		46,328
	47,000	Everi Holdings, Inc.* 5.000%, 07/15/29		41,728
	90,000	Ford Motor Company^ 6.100%, 08/19/32		87,144
	200,000	Ford Motor Credit Company, LLC 2.900%, 02/16/28		172,400
		Gap, Inc.*
	16,000	3.875%, 10/01/31		11,456
	2,000	3.625%, 10/01/29		1,492
		goeasy, Ltd.*
	75,000	5.375%, 12/01/24		73,208
	40,000	4.375%, 05/01/26		36,665
	19,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		16,818
	45,000	Guitar Center, Inc.*&^ 8.500%, 01/15/26		41,456
	25,000	Kohl’s Corp. 5.550%, 07/17/45		16,294
	45,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		45,748


PRINCIPAL AMOUNT			VALUE
	45,000	Liberty Interactive, LLC 8.250%, 02/01/30	$	16,875
		Life Time, Inc.*
	50,000	5.750%, 01/15/26		49,091
	43,000	8.000%, 04/15/26		43,079
	15,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		15,501
	28,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		27,142
	30,000	M/I Homes, Inc. 3.950%, 02/15/30		26,216
		Macy’s Retail Holdings, LLC
	73,000	6.700%, 07/15/34*		60,794
	25,000	4.300%, 02/15/43		15,736
	55,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		48,973
	29,000	Mohegan Tribal Gaming Authority* 8.000%, 02/01/26		26,592
		Newell Brands, Inc.^
	10,000	6.375%, 09/15/27		9,838
	6,000	6.625%, 09/15/29		6,014
		Nordstrom, Inc.
	23,000	4.250%, 08/01/31		18,173
	20,000	5.000%, 01/15/44		13,649
	50,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		41,359
	60,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		45,922
	126,000	Rite Aid Corp.* 8.000%, 11/15/26		63,135
	23,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		23,337
	63,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		52,560
	85,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		81,405
	50,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		42,893
	36,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		33,727
	90,000	Station Casinos, LLC* 4.500%, 02/15/28		81,747
	31,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		30,284
	10,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		10,281
	50,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		42,573
	20,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		20,127

				2,629,443


		*Consumer Staples (0.6%)*
	52,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		52,212
	51,000	Central Garden & Pet Company* 4.125%, 04/30/31		42,753


PRINCIPAL AMOUNT			VALUE
	53,000	Edgewell Personal Care Company* 4.125%, 04/01/29	$	46,411
		Energizer Holdings, Inc.*
	59,000	4.375%, 03/31/29		51,346
	10,000	6.500%, 12/31/27^		9,775
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	65,000	5.500%, 01/15/30		62,927
	25,000	5.125%, 02/01/28		24,320
	15,000	5.750%, 04/01/33		14,409
	33,000	New Albertsons, LP 7.750%, 06/15/26		34,191
	43,000	Performance Food Group, Inc.* 4.250%, 08/01/29		38,199
		Pilgrim’s Pride Corp.
	45,000	5.875%, 09/30/27*		44,486
	35,000	4.250%, 04/15/31		30,250
	21,000	Post Holdings, Inc.* 5.750%, 03/01/27		20,601
	42,000	Prestige Brands, Inc.* 3.750%, 04/01/31		35,410
	25,000	United Natural Foods, Inc.* 6.750%, 10/15/28		20,865
	70,000	Vector Group, Ltd.* 5.750%, 02/01/29		61,060

				589,215


		*Energy (1.6%)*
	44,000	Antero Resources Corp.* 5.375%, 03/01/30		41,048
	45,000	Apache Corp. 5.100%, 09/01/40		38,261
		Buckeye Partners, LP
	40,000	3.950%, 12/01/26		36,882
	25,000	5.850%, 11/15/43		19,360
	60,000	Callon Petroleum Company*^ 7.500%, 06/15/30		58,339
	23,000	Cheniere Energy, Inc. 4.625%, 10/15/28		21,671
	32,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		31,886
	10,000	Civitas Resources, Inc.* 8.750%, 07/01/31		10,356
		Continental Resources, Inc.*
	35,000	2.875%, 04/01/32		27,239
	25,000	5.750%, 01/15/31		24,228
	32,000	DT Midstream, Inc.* 4.125%, 06/15/29		28,409
		Earthstone Energy Holdings, LLC*
	39,000	8.000%, 04/15/27		38,839
	15,000	9.875%, 07/15/31		15,520
	25,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		24,799
		Energy Transfer, LP‡
	65,000	8.317%, 11/01/66 3 mo. USD Term SOFR + 3.28%		52,151
	32,000	6.500%, 11/15/26 5 year CMT + 5.69%		29,208
		EnLink Midstream Partners, LP
	60,000	9.618%, 08/31/23‡ 3 mo. USD LIBOR + 4.11%		51,923
	50,000	4.850%, 07/15/26		48,633


PRINCIPAL AMOUNT			VALUE
	31,000	Enlink Midstream, LLC* 6.500%, 09/01/30	$	31,270
	50,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		50,873
		Genesis Energy, LP / Genesis Energy Finance Corp.
	43,000	6.250%, 05/15/26^		41,294
	11,000	8.875%, 04/15/30		10,987
		Gulfport Energy Corp.
	45,000	6.375%, 05/15/25&		—
	40,000	8.000%, 05/17/26*		40,545
	13,752	8.000%, 05/17/26		13,939
	60,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		55,496
	32,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		31,041
	44,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		43,150
		Moss Creek Resources Holdings, Inc.*
	25,000	10.500%, 05/15/27		24,444
	25,000	7.500%, 01/15/26		23,428
	35,000	Nabors Industries, Inc.* 7.375%, 05/15/27		34,273
	35,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		32,259
		New Fortress Energy, Inc.*
	40,000	6.750%, 09/15/25		38,117
	22,000	6.500%, 09/30/26		20,210
	45,000	Parkland Corp.* 5.875%, 07/15/27		43,799
	43,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		39,901
	50,000	Plains All American Pipeline, LP‡ 9.431%, 08/31/23 3 mo. USD LIBOR + 4.11%		45,425
	40,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		36,796
		Southwestern Energy Company
	21,000	4.750%, 02/01/32		18,727
	20,000	5.375%, 02/01/29		18,920
	11,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		9,794
	55,000	Transocean, Inc.* 8.750%, 02/15/30		57,117
		Venture Global Calcasieu Pass, LLC*
	30,000	6.250%, 01/15/30		29,363
	10,000	4.125%, 08/15/31		8,497
	10,000	3.875%, 08/15/29		8,678
		Venture Global LNG, Inc.*
	55,000	8.375%, 06/01/31		55,859
	35,000	8.125%, 06/01/28		35,592
		Vital Energy, Inc.
	25,000	7.750%, 07/31/29*		21,477
	23,000	9.500%, 01/15/25^		22,983
	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		41,864
	40,000	Weatherford International, Ltd.* 8.625%, 04/30/30		41,026

				1,625,896


PRINCIPAL AMOUNT			VALUE

		*Financials (2.1%)*
	56,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25	$	54,229
	67,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		66,873
	73,000	AG Issuer, LLC* 6.250%, 03/01/28		70,627
	75,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		71,431
		Ally Financial, Inc.
	49,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		37,387
	20,000	8.000%, 11/01/31		21,241
	20,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		14,119
	86,000	AmWINS Group, Inc.* 4.875%, 06/30/29		78,920
	48,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		43,296
	20,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26		19,445
	88,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		78,652
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	40,000	4.500%, 04/01/27		34,633
	26,000	5.750%, 05/15/26		24,419
	38,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		35,102
		Credit Acceptance Corp.
	65,000	6.625%, 03/15/26^		63,781
	52,000	5.125%, 12/31/24*		50,996
	58,000	Enact Holdings, Inc.* 6.500%, 08/15/25		57,447
	64,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		51,150
	84,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		82,919
		HUB International, Ltd.*
	66,000	5.625%, 12/01/29		59,081
	47,000	7.000%, 05/01/26		46,953
	31,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		25,174
	100,000	ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. USD LIBOR + 1.80%		72,500
		Iron Mountain, Inc.*
	90,000	5.250%, 03/15/28		84,697
	12,000	7.000%, 02/15/29		12,057
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	88,000	5.250%, 10/01/25		84,383
	22,000	4.750%, 06/15/29		18,560
	63,000	LD Holdings Group, LLC* 6.125%, 04/01/28		41,424


PRINCIPAL AMOUNT			VALUE
		Level 3 Financing, Inc.*
	57,000	3.400%, 03/01/27	$	50,365
	45,000	4.250%, 07/01/28		31,919
	20,000	4.625%, 09/15/27		15,228
	30,000	LPL Holdings, Inc.* 4.000%, 03/15/29		26,917
	100,000	MetLife, Inc. 6.400%, 12/15/66		100,705
	60,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		54,464
		Navient Corp.
	50,000	5.000%, 03/15/27		45,311
	20,000	4.875%, 03/15/28		17,494
	50,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		39,246
		OneMain Finance Corp.
	30,000	9.000%, 01/15/29		30,510
	30,000	3.875%, 09/15/28		24,743
	22,000	7.125%, 03/15/26		21,806
	23,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		21,334
	73,000	PHH Mortgage Corp.* 7.875%, 03/15/26		66,188
	10,000	PNC Financial Services Group, Inc.‡ 6.000%, 05/15/27 5 year CMT + 3.00%		9,280
	50,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		44,601
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	20,000	3.875%, 03/01/31		16,498
	20,000	3.625%, 03/01/29		17,051
	10,000	2.875%, 10/15/26		8,929
	43,000	StoneX Group, Inc.* 8.625%, 06/15/25		43,597
		United Wholesale Mortgage, LLC*
	52,000	5.500%, 04/15/29		45,771
	20,000	5.750%, 06/15/27		18,728
		Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	25,000	6.500%, 02/15/29		17,432
	22,000	10.500%, 02/15/28		21,885
	47,000	XHR, LP* 6.375%, 08/15/25		46,389

				2,237,887


		*Health Care (1.3%)*
		Bausch Health Companies, Inc.*
	95,000	11.000%, 09/30/28		70,462
	16,000	14.000%, 10/15/30		10,213
	16,000	6.125%, 02/01/27		10,568
		CHS/Community Health Systems, Inc.*
	88,000	6.125%, 04/01/30		55,614
	60,000	8.000%, 03/15/26		59,011
	25,000	6.875%, 04/15/29		16,656
	5,000	5.250%, 05/15/30		4,004
		DaVita, Inc.*
	89,000	4.625%, 06/01/30		76,063


PRINCIPAL AMOUNT			VALUE
	52,000	3.750%, 02/15/31	$	41,616
		Embecta Corp.*
	33,000	5.000%, 02/15/30		27,258
	11,000	6.750%, 02/15/30		9,712
		Encompass Health Corp.
	20,000	4.750%, 02/01/30		18,229
	20,000	4.500%, 02/01/28		18,606
	52,000	HCA, Inc. 7.500%, 11/06/33		57,419
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		178,160
	18,722	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		3,113
		Medline Borrower, LP*
	55,000	3.875%, 04/01/29		48,238
	53,000	5.250%, 10/01/29		47,104
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		169,758
	62,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		32,143
		Tenet Healthcare Corp.
	120,000	6.250%, 02/01/27		117,863
	70,000	6.875%, 11/15/31		70,167
	190,000	Teva Pharmaceutical Finance Netherlands III, BV 3.150%, 10/01/26		172,024

				1,314,001


		*Industrials (2.1%)*
	50,000	ACCO Brands Corp.* 4.250%, 03/15/29		42,985
	50,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		36,318
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	75,000	4.625%, 01/15/27		71,205
	48,000	3.500%, 03/15/29		41,806
	30,000	5.875%, 02/15/28		29,372
	50,000	Allegiant Travel Company* 7.250%, 08/15/27		49,512
	10,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		9,554
	25,000	Arcosa, Inc.* 4.375%, 04/15/29		22,665
	200,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		162,896
	34,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		30,087
	44,000	BWX Technologies, Inc.* 4.125%, 04/15/29		39,965
		Cascades, Inc. / Cascades USA, Inc.*
	26,000	5.375%, 01/15/28		24,594
	20,000	5.125%, 01/15/26		19,296
	12,000	Delta Air Lines, Inc. 7.375%, 01/15/26		12,469
	11,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		10,659
	58,000	Deluxe Corp.* 8.000%, 06/01/29		48,746


PRINCIPAL AMOUNT			VALUE
	33,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27	$	31,869
	11,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		10,953
	25,000	EnerSys* 4.375%, 12/15/27		23,229
	25,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		22,012
		Graphic Packaging International, LLC*
	30,000	4.750%, 07/15/27		28,930
	20,000	3.500%, 03/01/29		17,506
	51,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		43,436
	101,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		88,776
	69,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		65,209
	65,000	Herc Holdings, Inc.* 5.500%, 07/15/27		62,510
	50,000	IEA Energy Services, LLC* 6.625%, 08/15/29		48,938
	62,000	JELD-WEN, Inc.*^ 4.625%, 12/15/25		61,051
	70,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		61,713
	45,000	Knife River Holding Company* 7.750%, 05/01/31		46,092
	21,000	MasTec, Inc.* 4.500%, 08/15/28		19,538
	33,000	Moog, Inc.* 4.250%, 12/15/27		30,612
	55,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		40,636
	52,000	Novelis Corp.* 4.750%, 01/30/30		46,802
	15,000	OI European Group, BV* 4.750%, 02/15/30		13,614
	50,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		45,094
	67,000	Patrick Industries, Inc.* 4.750%, 05/01/29		58,310
	20,000	QVC, Inc. 5.450%, 08/15/34		10,138
		Sealed Air Corp.*
	35,000	6.125%, 02/01/28		34,966
	11,000	5.000%, 04/15/29		10,282
	40,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		33,848
		Sinclair Television Group, Inc.*
	33,000	4.125%, 12/01/30		21,521
	20,000	5.500%, 03/01/30		10,553
	50,000	Standard Industries, Inc.* 5.000%, 02/15/27		47,953
	35,000	Stericycle, Inc.* 3.875%, 01/15/29		30,956
	35,000	STL Holding Company, LLC* 7.500%, 02/15/26		32,623
		TransDigm, Inc.
	97,000	6.250%, 03/15/26*		96,656


PRINCIPAL AMOUNT			VALUE
	60,000	7.500%, 03/15/27	$	59,990
	35,000	6.750%, 08/15/28*		35,216
	34,000	Tronox, Inc.* 4.625%, 03/15/29		28,215
	18,995	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		17,121
	44,000	Vertiv Group Corp.* 4.125%, 11/15/28		39,545
	46,000	Wabash National Corp.* 4.500%, 10/15/28		38,832
	35,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		33,164
	13,000	WESCO Distribution, Inc.* 7.250%, 06/15/28		13,289
		Williams Scotsman International, Inc.*
	43,000	6.125%, 06/15/25		42,870
	11,000	4.625%, 08/15/28		10,163

				2,166,860


		*Information Technology (0.7%)*
	21,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		19,002
	80,000	Clarivate Science Holdings Corp.* 3.875%, 07/01/28		71,477
	39,000	Clear Channel Worldwide Holdings, Inc.* 5.125%, 08/15/27		35,874
	23,000	Coherent Corp.*^ 5.000%, 12/15/29		20,730
	60,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		54,514
	40,000	CommScope, Inc.* 4.750%, 09/01/29		30,825
	29,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		29,409
	22,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		19,517
	26,000	Fair Isaac Corp.* 4.000%, 06/15/28		23,898
	50,000	KBR, Inc.* 4.750%, 09/30/28		45,817
		MPH Acquisition Holdings, LLC*
	50,000	5.750%, 11/01/28^		38,333
	20,000	5.500%, 09/01/28		17,459
	22,000	NCR Corp.* 5.125%, 04/15/29		19,711
	34,000	ON Semiconductor Corp.* 3.875%, 09/01/28		30,836
		Open Text Corp.*
	39,000	3.875%, 02/15/28		34,776
	20,000	6.900%, 12/01/27		20,465
	16,000	3.875%, 12/01/29		13,546
	16,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		13,300
	22,000	Playtika Holding Corp.* 4.250%, 03/15/29		19,437
	60,000	TTM Technologies, Inc.* 4.000%, 03/01/29		51,200
		Twilio, Inc.
	30,000	3.625%, 03/15/29		25,815
	11,000	3.875%, 03/15/31^		9,321
	55,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		47,428


PRINCIPAL AMOUNT			VALUE
	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^ 3.875%, 02/01/29	$	43,049

				735,739


		*Materials (0.5%)*
	25,000	ArcelorMittal, SA^ 7.000%, 10/15/39		25,938
	27,000	ATI, Inc. 5.875%, 12/01/27		26,381
	12,000	Carpenter Technology Corp. 7.625%, 03/15/30		12,263
	35,000	Chemours Company*^ 4.625%, 11/15/29		29,665
	65,000	Clearwater Paper Corp.* 4.750%, 08/15/28		57,622
	34,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		33,161
		Commercial Metals Company
	22,000	4.125%, 01/15/30		19,802
	11,000	4.375%, 03/15/32		9,615
	34,000	HB Fuller Company 4.250%, 10/15/28		30,540
	40,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		39,649
		Kaiser Aluminum Corp.*
	50,000	4.625%, 03/01/28		44,963
	5,000	4.500%, 06/01/31		4,104
	10,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		8,407
	58,000	Mercer International, Inc. 5.125%, 02/01/29		47,615
		Owens-Brockway Glass Container, Inc.*
	35,000	7.250%, 05/15/31		35,617
	35,000	6.625%, 05/13/27		34,912
	56,000	Silgan Holdings, Inc. 4.125%, 02/01/28		51,326
	21,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		12,361

				523,941


		*Other (0.0%)*
		Gen Digital, Inc.*
	25,000	7.125%, 09/30/30^		25,219
	25,000	6.750%, 09/30/27		25,110

				50,329


		*Real Estate (0.1%)*
	34,000	EPR Properties 3.750%, 08/15/29		27,996
		Forestar Group, Inc.*
	38,000	5.000%, 03/01/28		35,400
	21,000	3.850%, 05/15/26		19,571
	50,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		42,556
	20,000	Service Properties Trust 5.250%, 02/15/26		18,279

				143,802


PRINCIPAL AMOUNT				VALUE

			*Special Purpose Acquisition Companies (0.1%)*

			Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	45,000		6.750%, 01/15/30	$	38,705
	23,000		4.625%, 01/15/29		20,181
	25,000		W.R. Grace Holding, LLC* 7.375%, 03/01/31		25,042

					83,928


			*Utilities (0.1%)*

	16,000		PPL Capital Funding, Inc.‡ 8.203%, 03/30/67 3 mo. USD LIBOR + 2.67%		14,502
	65,000		TerraForm Power Operating, LLC* 5.000%, 01/31/28		60,499
			Vistra Corp.*‡
	20,000		7.000%, 12/15/26 5 year CMT + 5.74%		18,032
	10,000		8.000%, 10/15/26 5 year CMT + 6.93%		9,533

					102,566


			TOTAL CORPORATE BONDS (Cost $14,116,497)		13,847,569


	CONVERTIBLE BONDS (30.6%)

			*Communication Services (2.5%)*

	34,000		Cable One, Inc.µ 0.000%, 03/15/26		27,998
	900,000		Liberty Media Corp.* 2.250%, 08/15/27		950,220
	1,484,000		Sea, Ltd. 2.375%, 12/01/25		1,593,771

					2,571,989


			*Consumer Discretionary (7.4%)*

	145,000		Burlington Stores, Inc. 2.250%, 04/15/25		157,131
			DISH Network Corp.
	101,000		2.375%, 03/15/24µ		93,113
	20,000		0.000%, 12/15/25		12,214
	515,000		DraftKings Holdings, Inc. 0.000%, 03/15/28		397,945
	800,000	AUD	Flight Centre Travel Group, Ltd. 2.500%, 11/17/27		678,562
	3,160,000		Ford Motor Company 0.000%, 03/15/26		3,235,176
	730,000		IMAX Corp. 0.500%, 04/01/26		685,331
	685,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		649,209
	500,000	GBP	WH Smith, PLC 1.625%, 05/07/26		564,642
	1,134,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		1,256,075

					7,729,398


			*Consumer Staples (1.4%)*

	700,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		769,373


PRINCIPAL AMOUNT				VALUE
	915,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27	$	655,290

					1,424,663


			*Energy (0.3%)*

	400,000		Nabors Industries, Inc.* 1.750%, 06/15/29		349,312


			*Financials (2.6%)*

	12,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCAµ 0.000%, 07/25/24		1,452,205
	170,000,000	JPY	SBI Holdings, Inc. 0.000%, 09/13/23		1,197,116

					2,649,321


			*Health Care (1.4%)*

	437,000		BioMarin Pharmaceutical, Inc. 0.599%, 08/01/24		427,159
	562,000		Dexcom, Inc. 0.250%, 11/15/25		591,747
	355,000		TransMedics Group, Inc.* 1.500%, 06/01/28		433,018

					1,451,924


			*Industrials (3.1%)*

	465,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		480,419
	534,000		Parsons Corp. 0.250%, 08/15/25		625,287
	700,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		798,866
	600,000	EUR	Rheinmetall AG 1.875%, 02/07/28		696,835
	500,000	EUR	SPIE, SA 2.000%, 01/17/28		563,934

					3,165,341


			*Information Technology (7.1%)*

	400,000	EUR	Amadeus IT Group, SA 1.500%, 04/09/25		549,368
	835,000		Block, Inc. 0.125%, 03/01/25		828,437
	580,000		CyberArk Software, Ltd. 0.000%, 11/15/24		681,401
	671,000		Datadog, Inc. 0.125%, 06/15/25		924,403
	7,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		1,019,855
	775,000		ON Semiconductor Corp.* 0.500%, 03/01/29		949,507
	100,000,000	JPY	Rohm Company, Ltd. 0.000%, 12/05/24		781,007
	1,000,000		SK Hynix, Inc. 1.750%, 04/11/30		1,314,800
	453,000		Unity Software, Inc.µ 0.000%, 11/15/26		363,533

					7,412,311


			*Materials (3.0%)*

	1,600,000		Glencore Funding, LLC 0.000%, 03/27/25		1,720,432
	270,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		411,810


PRINCIPAL AMOUNT				VALUE
	600,000		LG Chem, Ltd. 1.250%, 07/18/28	$	633,738
	476,000		Lithium Americas Corp.µ 1.750%, 01/15/27		367,424

					3,133,404


			*Other (0.6%)*
	930,000	EUR	Edenred 0.000%, 09/06/24		648,983
	20,000		Multiplan Corp.* 6.000%, 10/15/27		13,645

					662,628


			*Real Estate (0.9%)*
	800,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		945,755


			*Utilities (0.3%)*
	350,000		CMS Energy Corp.* 3.375%, 05/01/28		349,010


			TOTAL CONVERTIBLE BONDS (Cost $34,478,541)		31,845,056


	BANK LOANS (9.1%) ¡

			*Airlines (0.0%)*
	36,000		Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		37,598


			*Communication Services (1.5%)*
	250,000		APi Group DE, Inc.! 0.000%, 01/03/29		250,849
	360,000		Charter Communications Operating LLC! 0.000%, 02/01/27		357,932
	43,000		Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo. SOFR + 2.50%		23,681
	250,000		Go Daddy Operating Company, LLC! 0.000%, 11/09/29		250,661
	250,000		Match Group, Inc.! 0.000%, 02/13/27		249,375
	250,000		Nexstar Broadcasting, Inc.! 0.000%, 09/18/26		250,292
	250,000		Virgin Media Bristol, LLC! 0.000%, 01/31/28		243,860

					1,626,650


			*Consumer Discretionary (1.5%)*
	250,000		Adient US LLC! 0.000%, 04/10/28		250,651
	250,000		Aramark Services, Inc.! 0.000%, 06/22/30		250,000
	300,000		KFC Holding Company‡ 7.094%, 03/15/28 1 mo. SOFR + 1.75%		299,625
	250,000		Murphy USA, Inc.! 0.000%, 01/31/28		251,250
	250,000		PENN Entertainment, Inc.! 0.000%, 05/03/29		250,000


PRINCIPAL AMOUNT			VALUE
	250,000	Station Casinos, LLC! 0.000%, 02/08/27	$	249,471

				1,550,997


		*Financials (0.8%)*
	300,000	Avolon TLB Borrower 1 (US), LLC! 0.000%, 06/22/28		300,436
	250,000	Castlelake Aviation Ltd.! 0.000%, 10/22/26		250,250
	250,000	Jazz Financing Lux Sarl! 0.000%, 05/05/28		250,018

				800,704


		*Health Care (1.9%)*
	215,530	Avantor Funding, Inc.‡ 7.669%, 11/08/27 1 mo. SOFR + 2.25%		215,855
	300,000	DaVita, Inc.! 0.000%, 08/12/26		296,976
	250,000	Elanco Animal Health, Inc.! 0.000%, 08/01/27		246,623
	250,000	Horizon Therapeutics USA, Inc.! 0.000%, 03/15/28		249,947
	200,100	ICON Luxembourg Sarl! 0.000%, 07/03/28		200,520
	250,000	IQVIA, Inc.! 0.000%, 06/11/25		250,412
	250,000	Organon & Company‡ 8.257%, 06/02/28 1 mo. SOFR + 3.00%		249,641
	250,000	Perrigo Investments, LLC! 0.000%, 04/20/29		249,063
	49,800	PRA Health Sciences, Inc.! 0.000%, 07/03/28		49,905

				2,008,942


		*Industrials (2.2%)*
	250,000	Beacon Roofing Supply, Inc.! 0.000%, 05/19/28		250,274
	300,000	Berry Global, Inc.! 0.000%, 07/01/26		300,129
	140,000	ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		140,613
	110,000	ChampionX Corp.! 0.000%, 06/07/29		110,481
	250,000	Emrld Borrower, LP! 0.000%, 05/31/30		250,470
	250,000	H.B. Fuller Company! 0.000%, 02/15/30		251,069
	250,000	Jeld-Wen, Inc.! 0.000%, 07/28/28		249,356
	250,000	Scientific Games International, Inc.! 0.000%, 04/14/29		249,980
	250,000	TransDigm, Inc.! 0.000%, 08/24/28		250,527
	200,000	United Airlines, Inc.! 0.000%, 04/21/28		200,625

				2,253,524


PRINCIPAL AMOUNT				VALUE

			*Information Technology (0.7%)*
	45,980		Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%	$	45,923
	250,000		II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%		250,250
	150,300		Open Text Corp.! 0.000%, 01/31/30		150,723
	150,300		SS&C Technologies, Inc.! 0.000%, 03/22/29		150,369
	99,600		SS&C Technologies, Inc.! 0.000%, 03/22/29		99,646

					696,911


			*Materials (0.5%)*
	300,000		Axalta Coating Systems U.S. Holdings, Inc.! 0.000%, 12/20/29		301,171
	215,000		Chemours Company! 0.000%, 04/03/25		214,911

					516,082


			TOTAL BANK LOANS (Cost $9,531,048)		9,491,408


NUMBER OF SHARES				VALUE

	WARRANTS (0.0%) #

			*Energy (0.0%)*
	2,607		Mcdermott International, Ltd.& 06/30/27, Strike $0.00		—
	2,347		Mcdermott International, Ltd. 06/30/27, Strike $0.00		—


			TOTAL WARRANTS (Cost $1,002)		—


	COMMON STOCKS (82.1%)

			*Communication Services (5.5%)*
	15,735		Alphabet, Inc. - Class A#		2,088,349
	925		Altice USA, Inc. - Class Aµ#		3,136
	1,050		Baidu, Inc. (ADR)#		163,790
	24,150	HKD	Baidu, Inc. - Class Aµ#		472,152
	310		Cumulus Media, Inc. - Class Aµ#		1,965
	16,800	EUR	Deutsche Telekom, AG		366,261
	27,000	HKD	Tencent Holdings, Ltd.µ		1,240,950
	15,060		Tencent Holdings, Ltd. (ADR)		691,856
	7,610		Walt Disney Companyµ#~		676,453

					5,704,912


			*Consumer Discretionary (11.7%)*
	37,500	HKD	Alibaba Group Holding, Ltd.µ#		479,227
	1,745		Alibaba Group Holding, Ltd. (ADR)^#		178,269
	7,260	PLN	Allegro.eu, SA*#		64,008
	45,850	MXN	Alsea, SAB de CV#		159,578
	25,200		Amazon.com, Inc.^µ#		3,368,736
	44,000	AED	Americana Restaurants International, PLC		46,002
	9,604		Aptiv, PLCµ#		1,051,542


NUMBER OF SHARES				VALUE
	1,765		Arcos Dorados Holdings, Inc. - Class A	$	19,945
	975	BRL	Arezzo Industria e Comercio, SA		16,990
	153,100	PHP	Bloomberry Resorts Corp.#		33,060
	3,400	CNY	BYD Company, Ltd. - Class A		129,795
	5,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		100,756
	175		Chipotle Mexican Grill, Inc. - Class Aµ#		343,399
	552	EUR	CIE Automotive, SAµ		17,300
	4,400		Coupang, Inc. - Class A#		79,860
	19,565	BRL	Cyrela Brazil Realty, SA Empreendimentos e Participacoes		98,554
	2,790	INR	Dixon Technologies India, Ltd.		139,969
	22,150		DraftKings, Inc. - Class A#		703,927
	45,700	HKD	JD.com, Inc. - Class Aµ		946,153
	48,000	HKD	Jiumaojiu International Holdings, Ltd.*^		94,730
	73,300	INR	Kalyan Jewellers India, Ltd.		156,089
	3,025	KRW	Kia Corp.		196,320
	33,500	HKD	Li Ning Company, Ltd.µ		204,230
	1,280	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		1,188,822
	10,350	INR	Mahindra & Mahindra, Ltd.		185,678
	4,780	HKD	Meituan - Class B*µ#		91,251
	340		MercadoLibre, Inc.µ#		420,937
	1,000	JPY	Nextage Company, Ltd.^		26,266
	11,020		NIO, Inc.#		168,606
	12,650		On Holding, AG - Class A^#		455,400
	11,200	HKD	Prada, S.p.A.		79,720
	2,235	EUR	Prosus, NVµ#		176,805
	6,900	HKD	Samsonite International, SA*µ#		20,563
	64,000	HKD	Sands China, Ltd.µ#		246,561
	17,250	INR	Tata Motors, Ltd.		135,351
	1,385	INR	TVS Motor Company, Ltd.		23,220
	4,850	AUD	Webjet, Ltd.^#		25,744
	36,600	HKD	Wynn Macau, Ltd.µ#		38,276
	3,250	HKD	Yum China Holdings, Inc.µ		200,136
	23,000	HKD	Zhongsheng Group Holdings, Ltd.µ		80,809

					12,192,584


			*Consumer Staples (4.6%)*
	20,850	GBP	British American Tobacco, PLC		701,146
	9,400		Coca-Cola Company		582,142
	1,070		Costco Wholesale Corp.µ		599,917
	1,155	PLN	Dino Polska, SA*#		128,621
	17,130	MXN	Fomento Economico Mexicano, SAB de CV		194,082
	36,700	INR	ITC, Ltd.		207,756
	700	JPY	Kobe Bussan Company, Ltd.		18,645
	700	CNY	Kweichow Moutai Company, Ltd. - Class A		184,769
	5,550		Molson Coors Brewing Company - Class Bµ		387,224
	5,900	CHF	Nestle, SAµ		722,863
	6,940	CNY	Proya Cosmetics Company, Ltd. - Class A		109,736
	24,592	BRL	Raia Drogasil, SA		150,659
	1,000	JPY	Rohto Pharmaceutical Company, Ltd.		21,315
	18,000	JPY	Seven & i Holdings Company, Ltd.µ		746,731
	26,000	HKD	Smoore International Holdings, Ltd.*^		29,272


NUMBER OF SHARES				VALUE
	77,050	IDR	Sumber Alfaria Trijaya, Tbk PT	$	13,796

					4,798,674


			*Energy (5.1%)*
	1,910	CAD	ARC Resources, Ltd.^		28,853
	73,850	GBP	BP, PLC		458,198
	21,400	CAD	Canadian Natural Resources, Ltd.		1,301,381
	479		Chaparral Energy, Inc. - Class A&#		20,357
	131		Chesapeake Energy Corp.^		11,048
	8,810		Chevron Corp.µ		1,441,845
	3,045		Energy Transfer, LP		40,468
	1,815		Enterprise Products Partners, LP		48,116
	341		EP Energy Corp.&#		2,387
	11,400		Helmerich & Payne, Inc.µ		510,378
	585		Magellan Midstream Partners, LP		38,768
	37,400	THB	PTT Exploration & Production, PCL		174,752
	7,700	INR	Reliance Industries, Ltd.		238,726
	31,700	EUR	Shell, PLC		975,120
	1,940		TechnipFMC, PLCµ#		35,580

					5,325,977


			*Financials (12.5%)*
	116,000	HKD	AIA Group, Ltd.		1,160,549
	3,000		Aon, PLC - Class Aµ		955,500
	49,400	BRL	B3, SA - Brasil Bolsa Balcao		155,656
	19,180	BRL	Banco BTG Pactual, SA		137,946
	317,750	IDR	Bank Central Asia, Tbk PT		192,440
	1,920,740	IDR	Bank Mandiri Persero, Tbk PT		730,160
	53,325		Bank of America Corp.µ~		1,706,400
	2,848	EUR	Bank of Ireland Group, PLC		30,049
	90,122	PHP	Bank of the Philippine Islands		187,918
	3,100		Chubb, Ltd.µ		633,671
	3,200	JPY	Concordia Financial Group, Ltd.		14,609
	29,304	AED	First Abu Dhabi Bank, PJSC		116,789
	16,950	MXN	Grupo Financiero Banorte, SAB de CV - Class O		160,724
	5,095	KRW	Hana Financial Group, Inc.		157,005
	85,273	INR	HDFC Bank, Ltd.		1,710,704
	11,210		ICICI Bank, Ltd. (ADR)		275,430
	35,025		Itau Unibanco Holding, SA (ADR)		210,500
	7,700	INR	Jio Financial Services, Ltd.		24,486
	3,425		JPMorgan Chase & Company		541,013
	42,800	THB	Kasikornbank PCL		158,332
	1,170,000	GBP	Lloyds Banking Group, PLCµ		675,964
	11,725		Morgan Stanleyµ		1,073,541
	20,860	EUR	National Bank of Greece, SA#		143,657
	48,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class Hµ		353,407
	9,190	AUD	Steadfast Group, Ltd.		36,055
	3,910		Visa, Inc. - Class Aµ		929,524
	10,945		Wells Fargo & Companyµ		505,221

					12,977,250


			*Health Care (8.2%)*
	2,100	INR	Apollo Hospitals Enterprise, Ltd.		132,493
	6,125	GBP	AstraZeneca, PLC		880,017
	3,900		Danaher Corp.µ		994,734
	1,470	KRW	Dentium Company, Ltd.		165,781
	3,900		Eli Lilly & Companyµ		1,772,745
	1,955	GBP	Ergomed, PLC#		27,156
	3,315	EUR	Gerresheimer, AGµ		392,641
	1,310		Humana, Inc.µ		598,447
	4,510	BRL	Hypera, SA		41,259


NUMBER OF SHARES				VALUE
	6,030		Inmode, Ltd.µ#	$	258,747
	657		Mallinckrodt, PLC^#		1,064
	14,050		Novo Nordisk, A/S (ADR)		2,263,455
	555	SEK	Surgical Science Sweden, AB#		12,915
	1,605		UnitedHealth Group, Inc.µ		812,724
	29,000	HKD	Wuxi Biologics Cayman, Inc.*µ#		167,353

					8,521,531


			*Industrials (9.9%)*
	5,700	EUR	Airbus, SEµ		839,610
	1,000	JPY	BayCurrent Consulting, Inc.µ		32,295
	8,800	CAD	Canadian Pacific Kansas City, Ltd.^		724,074
	2,340	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		78,018
	6,700	INR	Cummins India, Ltd.		160,338
	520	EUR	DO & CO, AG		70,266
	450	JPY	Ebara Corp.		21,266
	800	JPY	Harmonic Drive Systems, Inc.^		22,033
	6,110	INR	Hindustan Aeronautics, Ltd.		294,647
	2,800	JPY	INFRONEER Holdings, Inc.		27,267
	24,600	PHP	International Container Terminal Services, Inc.		97,219
	507	EUR	Interpump Group S.p.A^		27,585
	700	JPY	Japan Airport Terminal Company, Ltd.µ		32,620
	1,100	JPY	Japan Elevator Service Holdings Company, Ltd.µ		13,604
	131	GBP	Judges Scientific, PLC		15,904
	20,400	JPY	Komatsu, Ltd.µ		571,494
	7,590	INR	Larsen & Toubro, Ltd.		247,712
	90,880	GBP	Melrose Industries, PLC		618,489
	4,800	SEK	Munters Group, AB*		60,924
	8,700	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		56,643
	9,050		Quanta Services, Inc.µ		1,824,661
	57,040	BRL	Randon, SA Implementos e Participacoes		150,056
	314,000	GBP	Rolls-Royce Holdings, PLC#		744,537
	39,510	BRL	Rumo, SA		194,177
	44,100	CNY	Sany Heavy Industry Company, Ltd. - Class A		109,716
	6,850	EUR	Schneider Electric, SEµ		1,221,848
	14,700	CNY	Shanghai International Airport Company, Ltd. - Class A#		97,716
	4,010	INR	Siemens, Ltd.		194,128
	1,590	JPY	Sojitz Corp.µ		37,750
	710	CAD	Stantec, Inc.^µ		48,082
	1,400	JPY	THK Company, Ltd.µ		28,067
	6,900	EUR	Vinci, SAµ		810,387
	4,950		Waste Management, Inc.µ		810,761

					10,283,894


			*Information Technology (22.8%)*
	2,000		Accenture, PLC - Class Aµ		632,700
	13,710	TWD	Accton Technology Corp.		167,267
	1,300	JPY	Advantest Corp.µ		179,803
	3,875	TWD	Alchip Technologies, Ltd.		246,647
	122	EUR	Alten, SAµ		17,572
	1,600	JPY	Appier Group, Inc.#		19,038
	11,495		Apple, Inc.µ		2,258,193
	3,710		ASML Holding, NVµ		2,657,881
	185	EUR	BE Semiconductor Industries, NVµ		22,089
	1,600		Cadence Design Systems, Inc.µ#		374,416


NUMBER OF SHARES				VALUE
	10,000	TWD	E Ink Holdings, Inc.	$	71,718
	185	EUR	Elmos Semiconductor SE		16,478
	955	EUR	Exclusive Networks, SA#		20,382
	4,150	SEK	Fortnox, AB		25,472
	12,700	CNY	Foxconn Industrial Internet Company, Ltd. - Class A		39,775
	2,885	TWD	Global Unichip Corp.		150,899
	515	KRW	HPSP Company, Ltd.		15,050
	395	JPY	Ibiden Company, Ltd.µ		24,008
	4,100	CNY	Iflytek Company, Ltd. - Class A		36,096
	3,000	JPY	Keyence Corp.µ		1,346,226
	327	CAD	Kinaxis, Inc.µ#		44,401
	73,000	HKD	Kingdee International Software Group Company, Ltd.µ#		128,047
	8,900	KRW	Koh Young Technology, Inc.		96,569
	24,220	INR	KPIT Technologies, Ltd.		320,068
	5,000	TWD	MediaTek, Inc.		110,024
	8,780		Microsoft Corp.µ		2,949,378
	7,500		NVIDIA Corp.µ		3,504,675
	13,200		Oracle Corp.µ		1,547,436
	2,000	GBP	Sage Group, PLC		24,057
	5,480	KRW	Samsung Electronics Company, Ltd.		300,044
	300	JPY	SCREEN Holdings Company, Ltd.		32,415
	2,700	JPY	SHIFT, Inc.µ#		638,705
	3,010	KRW	SK Hynix, Inc.		291,503
	203,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		3,665,692
	6,890		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		683,143
	18,925	BRL	TOTVS, SA		118,342
	16,000	TWD	Unimicron Technology Corp.		94,461
	15,520		Unity Software, Inc.µ#		711,437
	24,000	CNY	Venustech Group, Inc. - Class A		98,363
	1,900	CNY	Zhongji Innolight Company, Ltd. - Class A		34,083

					23,714,553


			*Materials (1.2%)*
	5,479		Cemex, SAB de CV#		41,750
	640	CAD	ERO Copper Corp.µ#		15,385
	55,150	AED	Fertiglobe, PLC		53,739
	15,350		Freeport-McMoRan, Inc.		685,377
	5,575	ZAR	Sasol, Ltd.		77,839
	955	EUR	SOL S.p.A		26,966
	5,250		Vale, SA (ADR)		76,808
	174,000	HKD	Zijin Mining Group Company Ltd.- Class Hµ		300,520

					1,278,384


			*Real Estate (0.6%)*
	179,500	PHP	Ayala Land, Inc.		89,634
	122,460	MXN	Corp. Inmobiliaria Vesta SAB de CV		443,986
	22,080	INR	DLF, Ltd.		139,018
	135	EUR	VGP, NV		14,413

					687,051


			*Special Purpose Acquisition Company (0.0%)*
	518		Intelsat Emergence, SA&#		11,914


			TOTAL COMMON STOCKS (Cost $92,809,633)		85,496,724


NUMBER OF SHARES			VALUE

	PREFERRED STOCKS (0.1%)

		*Consumer Discretionary (0.0%)*
	305	Guitar Center, Inc.&	$	38,888


		*Energy (0.1%)*
	1,675	NuStar Energy, LP‡ 11.151%, 08/30/23 3 mo. USD LIBOR + 5.64%		40,669
	760	NuStar Energy, LP‡ 12.274%, 08/30/23 3 mo. USD LIBOR + 6.77%		19,425
	2,270	NuStar Logistics, LP‡ 12.304%, 01/15/43 3 mo. USD Term SOFR + 7.00%		59,633

				119,727


		TOTAL PREFERRED STOCKS (Cost $149,952)		158,615


	EXCHANGE-TRADED FUNDS (1.2%)

		*Other (1.2%)*
	45,865	Invesco Senior Loan ETF^		963,165
	6,150	iShares MSCI Saudi Arabia ETF^		258,731


		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,322,412)		1,221,896


	CONVERTIBLE PREFERRED STOCKS (0.9%)

		*Energy (0.0%)*
	1	Gulfport Energy Corp.& 10.000%, 07/31/23 15.000% PIK rate		7,375


		*Utilities (0.9%)*
		NextEra Energy, Inc.
	10,000	6.219%, 09/01/23		495,000
	8,700	6.926%, 09/01/25		397,851

				892,851


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $968,140)		900,226


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.6%) #

		*Communication Services (0.0%)*
	28 436,772	Baidu, Inc. Call, 12/15/23, Strike $160.00		47,740


		*Consumer Discretionary (0.1%)*
	585 661,050	Arcos Dorados Holdings, Inc. Call, 11/17/23, Strike $12.50		23,400
	100 428,000	Li Auto, Inc. Call, 12/15/23, Strike $45.00		54,250

				77,650


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		*Energy (0.0%)*
	60 350,040	Schlumberger, NV Call, 11/17/23, Strike $60.00	$	22,200


		*Information Technology (0.0%)*
	9 420,561	NVIDIA Corp. Call, 11/17/23, Strike $500.00		38,745


		*Materials (0.1%)*
	870 662,940	Cemex, Sab De CV Call, 01/19/24, Strike $8.00		52,200


		*Other (0.4%)*
	345 847,665	ICICI Bank, Ltd. Call, 01/19/24, Strike $24.00		64,688
	135 579,285	Inmode, Ltd. Call, 01/19/24, Strike $47.50		41,175
	595 22,828,960	Invesco QQQ Trust Series 1 Put, 11/17/23, Strike $330.00		171,062
	700 5,212,200	iShares MSCI EAFE ETF Put, 12/15/23, Strike $60.00		12,950
	285 1,925,745	iShares MSCI South Korea ETF Call, 01/19/24, Strike $71.00		71,250
	220 10,071,380	SPDR S&P 500 ETF Trust Put, 12/15/23, Strike $360.00		35,530

				396,655


		TOTAL PURCHASED OPTIONS (Cost $1,954,977)		635,190


	TOTAL INVESTMENTS (137.9%) (Cost $155,332,202)			143,596,684


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.3%)			(17,000,000)


	LIABILITIES, LESS OTHER ASSETS (-21.6%)			(22,470,972)


	NET ASSETS (100.0%)		$	104,125,712

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.

@	In default status and considered non-income producing.

&	Illiquid security.

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

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

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $52,513,441.

¡	Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

!	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $673,515.

FOREIGN CURRENCY ABBREVIATIONS


AED		UAE Dirham
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNY		Chinese Yuan Renminbi
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
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”, or “Trust”) 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”, or the “Advisor”) to perform 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 determined. 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 the 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 the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

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

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of

premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The cost basis of investments for federal income tax purposes at July 31, 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 has MRPS issued with an aggregate liquidation preference of $17,000,000, 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 July 31, 2023.

On September 6, 2022, $4,000,000 of Series A MRPS were redeemed at $25.01 per share.

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 July 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 KBRA. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by KBRA, 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 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 KBRA, 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 KBRA, by application of the applicable rating agency guidelines.

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

of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

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


Cost basis of investments			$155,332,202

Gross unrealized appreciation			4,081,336
Gross unrealized depreciation			(15,816,854)

Net unrealized appreciation (depreciation)			$(11,735,518)


Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)



		Value	% of Total Investments

US Dollar	$	93,215,815	64.9%
European Monetary Unit		11,351,365	7.9%
Hong Kong Dollar		8,805,966	6.1%
Japanese Yen		5,832,280	4.1%
British Pound Sterling		4,710,110	3.3%
New Taiwan Dollar		4,506,708	3.1%
Indian Rupee		4,310,383	3.0%
Canadian Dollar		2,817,466	2.0%
South Korean Won		1,222,272	0.9%
Chinese Yuan Renminbi		1,075,466	0.7%
Brazilian Real		1,063,639	0.7%
Mexican Peso		958,370	0.7%
Indonesian Rupiah		936,396	0.7%
Australian Dollar		740,361	0.5%
Swiss Franc		722,863	0.5%
Philippine Peso		407,831	0.3%
Thai Baht		333,084	0.2%
UAE Dirham		216,530	0.1%
Polish Zloty		192,629	0.1%
Swedish Krona		99,311	0.1%
South African Rand		77,839	0.1%

Total Investments	$	143,596,684	100.0%


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