MacKay Shields LLC
CIK 0000061227
Annualised vol
12.844981%
Beta
0.547975
HHI
117.45941
Top-10 weight
22.754234%
VaR 95%
1.271766%
VaR 99%
2.093492%
Max drawdown
21.621524%
Matched value
65.755215%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| WDC | REDUCED | 8,952,000 | 15,476,000 | -42.16% | 150,816,792 |
| GOOGL | NEW | 2,677,303 | - | - | 135,241,450 |
| MKSI | REDUCED | 36,470,000 | 36,510,000 | -0.11% | 107,477,663 |
| HPE | REDUCED | 601,263 | 601,856 | -0.1% | 70,210,944 |
| NEE | ADDED | 1,169,853 | 472,936 | 147.36% | 61,436,759 |
| CABO | ADDED | 89,888,000 | 77,359,000 | 16.2% | 58,775,896 |
| QXO | REDUCED | 1,169,488 | 1,170,361 | -0.07% | 57,413,691 |
| BA | REDUCED | 828,674 | 829,414 | -0.09% | 56,171,414 |
| TTEK | REDUCED | 52,445,000 | 54,518,000 | -3.8% | 55,268,887 |
| UBER | ADDED | 45,364,000 | 45,352,000 | 0.03% | 54,331,944 |
| SNOW | REDUCED | 32,541,000 | 32,570,000 | -0.09% | 54,155,943 |
| ETSY | ADDED | 49,886,000 | 32,736,000 | 52.39% | 50,886,574 |
| PCG | ADDED | 46,453,000 | 46,384,000 | 0.15% | 47,525,062 |
| MCHP | ADDED | 603,491 | 601,047 | 0.41% | 46,450,746 |
| AKAM | ADDED | 34,024,000 | 33,819,000 | 0.61% | 40,843,389 |
| ON | REDUCED | 21,949,000 | 39,171,000 | -43.97% | 39,963,727 |
| NINE | REDUCED | 3,011,565 | 3,066,434 | -1.79% | 39,180,461 |
| DDOG | REDUCED | 27,438,000 | 33,802,000 | -18.83% | 39,071,712 |
| NET | ADDED | 30,509,000 | 5,680,000 | 437.13% | 38,755,805 |
| RVMD | NEW | 30,344,000 | - | - | 38,069,140 |
| FRPT | ADDED | 31,800,000 | 31,791,000 | 0.03% | 36,956,373 |
| BBIO | REDUCED | 33,259,000 | 33,315,000 | -0.17% | 36,917,577 |
| IRTC | REDUCED | 32,598,000 | 32,631,000 | -0.1% | 35,896,303 |
| PTON | ADDED | 21,499,000 | 19,417,000 | 10.72% | 34,867,996 |
| FLR | REDUCED | 26,167,000 | 26,312,000 | -0.55% | 34,699,438 |
| NOG | REDUCED | 33,241,000 | 33,296,000 | -0.17% | 31,899,375 |
| U | ADDED | 26,904,000 | 26,902,000 | 0.01% | 30,459,761 |
| ORCL | REDUCED | 645,801 | 646,846 | -0.16% | 29,118,755 |
| MTH | REDUCED | 28,031,000 | 28,125,000 | -0.33% | 28,997,541 |
| BURL | REDUCED | 17,529,000 | 20,379,000 | -13.98% | 27,985,049 |
| BMRN | REDUCED | 26,434,000 | 26,502,000 | -0.26% | 25,738,211 |
| DBX | UNCHANGED | 24,323,000 | 24,323,000 | 0.0% | 24,614,876 |
| DASH | NEW | 24,710,000 | - | - | 24,370,238 |
| SYNA | UNCHANGED | 16,169,000 | 16,169,000 | 0.0% | 24,040,173 |
| GWRE | REDUCED | 24,911,000 | 25,147,000 | -0.94% | 23,976,838 |
| NTNX | REDUCED | 21,147,000 | 34,249,000 | -38.26% | 21,503,630 |
| DXCM | REDUCED | 22,415,000 | 29,970,000 | -25.21% | 20,922,195 |
| ARES | REDUCED | 479,735 | 480,034 | -0.06% | 18,111,249 |
| ALNY | REDUCED | 14,834,000 | 14,844,000 | -0.07% | 17,866,207 |
| GPOR | REDUCED | 97,512 | 98,592 | -1.1% | 16,547,786 |
| WK | REDUCED | 16,585,000 | 16,850,000 | -1.57% | 15,544,291 |
| RBRK | NEW | 14,825,000 | - | - | 15,173,388 |
| TALO | REDUCED | 1,163,908 | 1,329,097 | -12.43% | 15,026,053 |
| MGPI | REDUCED | 14,243,000 | 14,287,000 | -0.31% | 13,859,418 |
| BILL | UNCHANGED | 15,102,000 | 15,102,000 | 0.0% | 13,083,618 |
| SO | ADDED | 10,384,000 | 5,640,000 | 84.11% | 11,005,023 |
| WBD | ADDED | 358,060 | 226,250 | 58.26% | 9,545,880 |
| LIF | NEW | 8,870,000 | - | - | 9,169,363 |
| GH | NEW | 7,179,000 | - | - | 8,928,130 |
| SPB | UNCHANGED | 7,857,000 | 7,857,000 | 0.0% | 8,208,208 |
| VERX | REDUCED | 9,152,000 | 9,185,000 | -0.36% | 8,188,752 |
| TDOC | UNCHANGED | 7,505,000 | 7,505,000 | 0.0% | 7,313,623 |
| MIRM | REDUCED | 1,947,000 | 23,054,000 | -91.55% | 7,199,153 |
| WEC | REDUCED | 5,162,000 | 5,266,000 | -1.97% | 6,396,106 |
| HALO | REDUCED | 5,407,000 | 5,416,000 | -0.17% | 6,007,958 |
| OSIS | REDUCED | 4,485,000 | 4,525,000 | -0.88% | 5,979,843 |
| FIVN | REDUCED | 6,155,000 | 6,265,000 | -1.76% | 5,475,796 |
| MQY | REDUCED | 439,004 | 526,256 | -16.58% | 4,877,335 |
| IONS | REDUCED | 2,414,000 | 10,410,000 | -76.81% | 3,752,378 |
| BL | REDUCED | 295,000 | 635,000 | -53.54% | 272,285 |
| WW | UNCHANGED | 14,371 | 14,371 | 0.0% | 229,649 |
| CHGG | UNCHANGED | 45,000 | 45,000 | 0.0% | 43,034 |
| CAKE | CLOSED OUT | 0 | 15,388,000 | -100.0% | 0 |
| AVAV | CLOSED OUT | 0 | 13,220,000 | -100.0% | 0 |
| DUK | CLOSED OUT | 0 | 500,000 | -100.0% | 0 |
| VKQ | CLOSED OUT | 0 | 208,814 | -100.0% | 0 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| WDC | REDUCED | WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 958102AT2 | 112,385,654 | 3.76 | 6670000.0 |
| GOOGL | NEW | ALPHABET INC | DEP SHS RP1/20 A | 02079K404 | 98,102,314 | 3.29 | 1944160.0 |
| MKSI | REDUCED | MKS INC. | NOTE 1.250% 6/0 | 55306NAB0 | 94,809,212 | 3.18 | 3.2168E7 |
| - | LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 | 62,973,663 | 2.11 | 4.3266E7 | |
| - | LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | 55024UAF6 | 62,826,849 | 2.1 | 9622000.0 | |
| HPE | REDUCED | HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 | 57,621,265 | 1.93 | 492700.0 |
| QXO | REDUCED | QXO INC | 5.50 DEP PFD | 82846H504 | 49,802,884 | 1.67 | 1013696.0 |
| NEE | ADDED | NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 | 47,484,002 | 1.59 | 885400.0 |
| TTEK | REDUCED | TETRA TECH INC NEW | DBCV 2.250% 8/1 | 88162GAB9 | 46,694,841 | 1.56 | 4.4292E7 |
| BA | REDUCED | BOEING CO | DEP CONV PFD A | 097023204 | 46,521,388 | 1.56 | 685600.0 |
| ETSY | ADDED | ETSY INC | NOTE 0.125%10/0 | 29786AAJ5 | 45,533,566 | 1.53 | 4.4632E7 |
| UBER | ADDED | UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 | 43,258,582 | 1.45 | 3.6109E7 |
| - | INTEGER HLDGS CORP | DBCV 1.875% 3/1 | 45826HAD1 | 41,912,351 | 1.4 | 4.3153E7 | |
| SNOW | REDUCED | SNOWFLAKE INC | NOTE 10/0 | 833445AB5 | 41,622,922 | 1.39 | 2.5007E7 |
| - | CHEFS WHSE INC | NOTE 2.375%12/1 | 163086AE1 | 40,641,658 | 1.36 | 1.8159E7 | |
| - | MERIT MED SYS INC | NOTE 3.000% 2/0 | 589889AB0 | 39,049,010 | 1.31 | 3.619E7 | |
| PCG | ADDED | PG&E CORP | NOTE 4.250%12/0 | 69331CAL2 | 38,757,640 | 1.3 | 3.7877E7 |
| DDOG | REDUCED | DATADOG INC | NOTE 12/0 | 23804LAD5 | 37,355,792 | 1.25 | 2.6233E7 |
| MCHP | ADDED | MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 | 37,164,076 | 1.25 | 482525.0 |
| - | APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 | 36,405,556 | 1.22 | 597400.0 | |
| RVMD | NEW | REVOLUTION MEDICINES INC | NOTE 0.500% 5/0 | 76155XAA8 | 36,305,193 | 1.22 | 2.8938E7 |
| - | POST HLDGS INC | NOTE 2.500% 8/1 | 737446AT1 | 35,233,500 | 1.18 | 3.396E7 | |
| CABO | ADDED | CABLE ONE INC | NOTE 1.125% 3/1 | 12685JAG0 | 34,921,800 | 1.17 | 5.352E7 |
| - | LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | 531229AQ5 | 34,775,302 | 1.16 | 2.8022E7 | |
| - | LIVE NATION ENTERTAINMENT IN | NOTE 2.875% 1/1 | 538034BC2 | 34,086,000 | 1.14 | 2.85E7 | |
| - | JAZZ INVESTMENTS I LTD | NOTE 3.125% 9/1 | 472145AH4 | 33,494,107 | 1.12 | 1.9636E7 | |
| IRTC | REDUCED | IRHYTHM HOLDINGS INC | NOTE 1.500% 9/0 | 450056AB2 | 32,514,077 | 1.09 | 2.9518E7 |
| AKAM | ADDED | AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 | 32,371,121 | 1.08 | 2.6957E7 |
| BBIO | REDUCED | BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 | 32,212,364 | 1.08 | 2.9011E7 |
| WDC | REDUCED | WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 958102AT2 | 31,371,839 | 1.05 | 1863000.0 |
| FRPT | ADDED | FRESHPET INC | NOTE 3.000% 4/0 | 358039AB1 | 30,559,800 | 1.02 | 2.6288E7 |
| - | CYBERARK SOFTWARE LTD | NOTE 6/1 | 23248VAD7 | 30,239,372 | 1.01 | 1.8176E7 | |
| NET | ADDED | CLOUDFLARE INC | NOTE 6/1 | 18915MAF4 | 29,958,215 | 1.0 | 2.3645E7 |
| ON | REDUCED | ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 | 29,796,471 | 1.0 | 1.636E7 |
| PTON | ADDED | PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | 70614WAD2 | 28,983,680 | 0.97 | 1.7864E7 |
| NINE | REDUCED | NINE ENERGY SERVICE INC | COMMON STOCK | 65441V200 | 27,541,025 | 0.92 | 2116912.0 |
| - | AFFIRM HLDGS INC | NOTE 0.750%12/1 | 00827BAD8 | 27,355,774 | 0.92 | 2.3386E7 | |
| FLR | REDUCED | FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 | 27,319,109 | 0.92 | 2.0591E7 |
| - | LIBERTY MEDIA CORP DEL | NOTE 3.750% 3/1 | 531229AP7 | 26,786,376 | 0.9 | 2.3328E7 | |
| BURL | REDUCED | BURLINGTON STORES INC | NOTE 1.250%12/1 | 122017AD8 | 26,749,358 | 0.9 | 1.6755E7 |
| U | ADDED | UNITY SOFTWARE INC | NOTE 3/1 | 91332UAH4 | 25,348,748 | 0.85 | 2.2383E7 |
| - | ISHARES GOLD TR | ISHARES NEW | 464285204 | 24,768,790 | 0.83 | 328020.0 | |
| - | PARSONS CORP DEL | NOTE 2.625% 3/0 | 70202LAD4 | 24,641,719 | 0.83 | 2.4984E7 | |
| - | PATRICK INDS INC | NOTE 1.750%12/0 | 703343AG8 | 24,340,434 | 0.82 | 1.642E7 | |
| NOG | REDUCED | NORTHERN OIL & GAS INC | NOTE 3.625% 4/1 | 665531AJ8 | 24,327,195 | 0.81 | 2.5325E7 |
| - | PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | 743312AD2 | 24,075,087 | 0.81 | 2.5048E7 | |
| - | BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 | 23,459,504 | 0.79 | 1031187.0 | |
| CABO | ADDED | CABLE ONE INC | NOTE 1.125% 3/1 | 12685JAG0 | 23,387,558 | 0.78 | 3.5843E7 |
| DBX | UNCHANGED | DROPBOX INC | NOTE 3/0 | 26210CAD6 | 23,376,188 | 0.78 | 2.3099E7 |
| DASH | NEW | DOORDASH INC | NOTE 5/1 | 25809KAB1 | 23,324,813 | 0.78 | 2.365E7 |
| GWRE | REDUCED | GUIDEWIRE SOFTWARE INC | NOTE 1.250%11/0 | 40171VAC4 | 22,912,313 | 0.77 | 2.3805E7 |
| SYNA | UNCHANGED | SYNAPTICS INC | NOTE 0.750%12/0 | 87157DAJ8 | 22,748,138 | 0.76 | 1.53E7 |
| ORCL | REDUCED | ORACLE CORP | 6.5 DEP CUM SR D | 68389X204 | 21,506,025 | 0.72 | 476535.0 |
| - | BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 | 21,312,041 | 0.71 | 936793.0 | |
| MTH | REDUCED | MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 59001ABF8 | 21,136,626 | 0.71 | 2.0412E7 |
| - | GREENBRIER COS INC | NOTE 2.875% 4/1 | 393657AM3 | 21,119,826 | 0.71 | 1.8463E7 | |
| - | UPSTART HLDGS INC | NOTE 1.000%11/1 | 91680MAF4 | 19,859,906 | 0.67 | 2.4225E7 | |
| - | ARROWHEAD PHARMACEUTICALS IN | NOTE 1/1 | 04280AAC4 | 19,755,427 | 0.66 | 1.6498E7 | |
| BMRN | REDUCED | BIOMARIN PHARMACEUTICAL INC | NOTE 1.250% 5/1 | 09061GAK7 | 19,068,017 | 0.64 | 1.9573E7 |
| GOOGL | NEW | ALPHABET INC | DEP SHS RP1/20 A | 02079K404 | 18,587,420 | 0.62 | 365247.0 |
| - | RIVIAN AUTOMOTIVE INC | NOTE 4.625% 3/1 | 76954AAB9 | 18,375,622 | 0.62 | 1.5473E7 | |
| - | SHIFT4 PMTS INC | NOTE 0.500% 8/0 | 82452JAD1 | 17,275,950 | 0.58 | 1.809E7 | |
| - | LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | 55024UAF6 | 17,263,827 | 0.58 | 2646000.0 | |
| GPOR | REDUCED | GULFPORT ENERGY CORP | COMMON SHARES | 402635502 | 15,203,932 | 0.51 | 89593.0 |
| - | BANK OF AMER CORP | 7.25%CNV PFD L | 060505682 | 15,173,538 | 0.51 | 12072.0 | |
| WK | REDUCED | WORKIVA INC | NOTE 1.250% 8/1 | 98139AAD7 | 15,127,215 | 0.51 | 1.614E7 |
| ARES | REDUCED | ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 | 14,975,858 | 0.5 | 395350.0 |
| NTNX | REDUCED | NUTANIX INC | NOTE 0.500%12/1 | 67059NAK4 | 14,973,552 | 0.5 | 1.518E7 |
| RBRK | NEW | RUBRIK INC. | NOTE 6/1 | 781154AD1 | 14,518,348 | 0.49 | 1.4185E7 |
| - | BLACKROCK MUNIHOLDINGS FD IN | COM | 09253N104 | 14,119,588 | 0.47 | 1186520.0 | |
| DXCM | REDUCED | DEXCOM INC | NOTE 0.375% 5/1 | 252131AM9 | 14,043,600 | 0.47 | 1.504E7 |
| - | BLACKROCK MUNIYIELD N Y QUAL | COM | 09255E102 | 13,693,812 | 0.46 | 1349144.0 | |
| ALNY | REDUCED | ALNYLAM PHARMACEUTICALS INC | NOTE 1.000% 9/1 | 02043QAB3 | 13,499,112 | 0.45 | 1.1204E7 |
| - | WELLS FARGO & CO | PERP PFD CNV A | 949746804 | 13,411,266 | 0.45 | 11552.0 | |
| - | ADVANCED ENERGY INDS | NOTE 2.500% 9/1 | 007973AE0 | 12,718,407 | 0.43 | 4657000.0 | |
| TALO | REDUCED | TALOS ENERGY INC | COM | 87484T108 | 12,476,805 | 0.42 | 966445.0 |
| BILL | UNCHANGED | BILL HOLDINGS INC | NOTE 4/0 | 090043AF7 | 12,111,573 | 0.41 | 1.398E7 |
| GOOGL | NEW | ALPHABET INC | DEP SHS RP1/20 B | 02079K602 | 11,947,721 | 0.4 | 237105.0 |
| - | BLACKROCK MUNIYILD QULT FD I | COM | 09254F100 | 11,483,432 | 0.38 | 989951.0 | |
| NINE | REDUCED | NINE ENERGY SERVICE INC | COMMON STOCK | 65441V200 | 11,473,077 | 0.38 | 881866.0 |
| - | GLOBAL PMTS INC | NOTE 1.500% 3/0 | 37940XAU6 | 10,646,100 | 0.36 | 1.1829E7 | |
| NEE | ADDED | NEXTERA ENERGY INC | UNIT 02/15/2029 | 65339F655 | 10,621,922 | 0.36 | 221567.0 |
| - | CHEFS WHSE INC | NOTE 2.375%12/1 | 163086AE1 | 10,234,297 | 0.34 | 4583000.0 | |
| - | BLACKROCK MUNIYIELD N Y QUAL | COM | 09255E102 | 10,155,511 | 0.34 | 1000543.0 | |
| MGPI | REDUCED | MGP INGREDIENTS INC NEW | NOTE 1.875%11/1 | 55303JAB2 | 9,685,313 | 0.32 | 9940000.0 |
| - | BLACKROCK MUNIHOLDINGS FD IN | COM | 09253N104 | 9,470,437 | 0.32 | 795835.0 | |
| HPE | REDUCED | HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 | 9,264,482 | 0.31 | 80101.0 |
| - | BANK OF AMER CORP | 7.25%CNV PFD L | 060505682 | 9,165,377 | 0.31 | 7306.0 | |
| SNOW | REDUCED | SNOWFLAKE INC | NOTE 10/0 | 833445AB5 | 8,953,006 | 0.3 | 5383000.0 |
| WBD | ADDED | WARNER BROS DISCOVERY INC | COM SER A | 934423104 | 8,632,588 | 0.29 | 323803.0 |
| GH | NEW | GUARDANT HEALTH INC | NOTE 11/1 | 40131MAB5 | 8,565,917 | 0.29 | 6888000.0 |
| LIF | NEW | LIFE360 INC | NOTE 6/0 | 532206AC3 | 8,476,750 | 0.28 | 8200000.0 |
| ON | REDUCED | ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 | 8,439,232 | 0.28 | 4640000.0 |
| MKSI | REDUCED | MKS INC. | NOTE 1.250% 6/0 | 55306NAB0 | 8,265,516 | 0.28 | 2808000.0 |
| UBER | ADDED | UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 | 8,180,640 | 0.27 | 6840000.0 |
| - | LIVE NATION ENTERTAINMENT IN | NOTE 3.125% 1/1 | 538034BA6 | 8,059,506 | 0.27 | 4524000.0 | |
| - | LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 | 7,861,710 | 0.26 | 5420000.0 | |
| SPB | UNCHANGED | SPECTRUM BRANDS INC | NOTE 3.375% 6/0 | 84762LAZ8 | 7,743,316 | 0.26 | 7412000.0 |
| VERX | REDUCED | VERTEX INC | NOTE 0.750% 5/0 | 92538JAB2 | 7,581,217 | 0.25 | 8473000.0 |
| - | BLACKROCK MUNIHLDGS NJ QLTY | COM | 09254X101 | 7,317,335 | 0.25 | 594422.0 | |
| MCHP | ADDED | MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 | 7,216,263 | 0.24 | 94072.0 |
| NET | ADDED | CLOUDFLARE INC | NOTE 8/1 | 18915MAC1 | 7,015,554 | 0.24 | 5460000.0 |
| - | BLACKROCK MUNIYILD QULT FD I | COM | 09254F100 | 7,007,189 | 0.23 | 604068.0 | |
| TDOC | UNCHANGED | TELADOC HEALTH INC | NOTE 1.250% 6/0 | 87918AAF2 | 6,974,497 | 0.23 | 7157000.0 |
| MIRM | REDUCED | MIRUM PHARMACEUTICALS INC | NOTE 4.000% 5/0 | 604749AB7 | 6,881,048 | 0.23 | 1861000.0 |
| BA | REDUCED | BOEING CO | DEP CONV PFD A | 097023204 | 6,837,209 | 0.23 | 101593.0 |
| AKAM | ADDED | AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 | 6,533,350 | 0.22 | 5452000.0 |
| ORCL | REDUCED | ORACLE CORP | 6.5 DEP CUM SR D | 68389X204 | 6,343,029 | 0.21 | 141113.0 |
| PCG | ADDED | PG&E CORP | NOTE 4.250%12/0 | 69331CAL2 | 6,306,762 | 0.21 | 6171000.0 |
| WDC | REDUCED | WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 958102AT2 | 6,032,094 | 0.2 | 358000.0 |
| FLR | REDUCED | FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 | 6,017,004 | 0.2 | 4548000.0 |
| NOG | REDUCED | NORTHERN OIL & GAS INC | NOTE 3.625% 4/1 | 665531AJ8 | 5,908,475 | 0.2 | 6183000.0 |
| SO | ADDED | SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 | 5,872,097 | 0.2 | 5331000.0 |
| WEC | REDUCED | WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | 92939UAR7 | 5,810,910 | 0.19 | 4690000.0 |
| HALO | REDUCED | HALOZYME THERAPEUTICS INC | NOTE 0.250% 3/0 | 40637HAD1 | 5,766,609 | 0.19 | 5190000.0 |
| TTEK | REDUCED | TETRA TECH INC NEW | DBCV 2.250% 8/1 | 88162GAB9 | 5,764,094 | 0.19 | 5487000.0 |
| OSIS | REDUCED | OSI SYSTEMS INC | NOTE 2.250% 8/0 | 671044AF2 | 5,727,685 | 0.19 | 4296000.0 |
| MTH | REDUCED | MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 59001ABF8 | 5,698,665 | 0.19 | 5530000.0 |
| - | SPDR GOLD TR | GOLD SHS | 78463V107 | 5,649,476 | 0.19 | 15336.0 | |
| DXCM | REDUCED | DEXCOM INC | NOTE 0.375% 5/1 | 252131AM9 | 5,642,558 | 0.19 | 6051000.0 |
| - | LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | 531229AQ5 | 5,628,983 | 0.19 | 4545000.0 | |
| GOOGL | NEW | ALPHABET INC | DEP SHS RP1/20 A | 02079K404 | 5,340,686 | 0.18 | 105840.0 |
| QXO | REDUCED | QXO INC | 5.50 DEP PFD | 82846H504 | 5,231,703 | 0.18 | 107339.0 |
| BMRN | REDUCED | BIOMARIN PHARMACEUTICAL INC | NOTE 1.250% 5/1 | 09061GAK7 | 5,192,765 | 0.17 | 5344000.0 |
| FIVN | REDUCED | FIVE9 INC | NOTE 1.000% 3/1 | 338307AF8 | 5,191,108 | 0.17 | 5835000.0 |
| - | APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 | 5,185,023 | 0.17 | 85112.0 | |
| FRPT | ADDED | FRESHPET INC | NOTE 3.000% 4/0 | 358039AB1 | 4,999,600 | 0.17 | 4310000.0 |
| NTNX | REDUCED | NUTANIX INC | NOTE 0.250%10/0 | 67059NAH1 | 4,997,118 | 0.17 | 4434000.0 |
| - | POST HLDGS INC | NOTE 2.500% 8/1 | 737446AT1 | 4,729,950 | 0.16 | 4570000.0 | |
| - | INTEGER HLDGS CORP | NOTE 2.125% 2/1 | 45826HAB5 | 4,424,395 | 0.15 | 3634000.0 | |
| PTON | ADDED | PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | 70614WAD2 | 4,173,047 | 0.14 | 2580000.0 |
| - | ABRDN NATL MUN INCOME FD | SH BEN INT | 24610T108 | 4,165,577 | 0.14 | 401695.0 | |
| MKSI | REDUCED | MKS INC. | NOTE 1.250% 6/0 | 55306NAB0 | 4,126,240 | 0.14 | 1400000.0 |
| U | ADDED | UNITY SOFTWARE INC | NOTE 3/1 | 91332UAH4 | 3,945,960 | 0.13 | 3492000.0 |
| - | ARROWHEAD PHARMACEUTICALS IN | NOTE 1/1 | 04280AAC4 | 3,744,606 | 0.13 | 3137000.0 | |
| - | BLACKROCK MUNIYIELD MICH QU | COM | 09254V105 | 3,714,804 | 0.12 | 302755.0 | |
| IONS | REDUCED | IONIS PHARMACEUTICALS INC | NOTE 1.750% 6/1 | 462222AF7 | 3,596,835 | 0.12 | 2314000.0 |
| - | BLACKROCK MUNIHLDGS NJ QLTY | COM | 09254X101 | 3,539,494 | 0.12 | 287530.0 | |
| MGPI | REDUCED | MGP INGREDIENTS INC NEW | NOTE 1.875%11/1 | 55303JAB2 | 3,500,431 | 0.12 | 3611000.0 |
| - | LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | 55024UAF6 | 3,441,047 | 0.12 | 527000.0 | |
| MQY | REDUCED | BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 | 3,370,252 | 0.11 | 303353.0 |
| BBIO | REDUCED | BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 | 3,295,455 | 0.11 | 2978000.0 |
| SNOW | REDUCED | SNOWFLAKE INC | NOTE 10/0 | 833445AB5 | 3,288,955 | 0.11 | 1976000.0 |
| - | AFFIRM HLDGS INC | NOTE 0.750%12/1 | 00827BAD8 | 3,221,658 | 0.11 | 2763000.0 | |
| SO | ADDED | SOUTHERN CO | NOTE 3.250% 6/1 | 842587ED5 | 3,034,697 | 0.1 | 3000000.0 |
| ALNY | REDUCED | ALNYLAM PHARMACEUTICALS INC | NOTE 1.000% 9/1 | 02043QAB3 | 3,033,529 | 0.1 | 2523000.0 |
| HPE | REDUCED | HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 | 3,017,310 | 0.1 | 25800.0 |
| - | RIVIAN AUTOMOTIVE INC | NOTE 4.625% 3/1 | 76954AAB9 | 3,007,369 | 0.1 | 2539000.0 | |
| NEE | ADDED | NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 | 2,979,147 | 0.1 | 55550.0 |
| - | LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 | 2,913,911 | 0.1 | 2002000.0 | |
| - | PATRICK INDS INC | NOTE 1.750%12/0 | 703343AG8 | 2,805,526 | 0.09 | 1899000.0 | |
| ETSY | ADDED | ETSY INC | NOTE 0.125%10/0 | 29786AAJ5 | 2,804,781 | 0.09 | 2756000.0 |
| UBER | ADDED | UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 | 2,624,818 | 0.09 | 2191000.0 |
| TTEK | REDUCED | TETRA TECH INC NEW | DBCV 2.250% 8/1 | 88162GAB9 | 2,619,811 | 0.09 | 2485000.0 |
| BA | REDUCED | BOEING CO | DEP CONV PFD A | 097023204 | 2,585,276 | 0.09 | 38100.0 |
| TALO | REDUCED | TALOS ENERGY INC | COM | 87484T108 | 2,496,975 | 0.08 | 193414.0 |
| ETSY | ADDED | ETSY INC | NOTE 0.125%10/0 | 29786AAJ5 | 2,453,581 | 0.08 | 2405000.0 |
| - | PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | 743312AD2 | 2,349,285 | 0.08 | 2457000.0 | |
| PCG | ADDED | PG&E CORP | NOTE 4.250%12/0 | 69331CAL2 | 2,251,150 | 0.08 | 2200000.0 |
| QXO | REDUCED | QXO INC | 5.50 DEP PFD | 82846H504 | 2,205,151 | 0.07 | 44884.0 |
| IRTC | REDUCED | IRHYTHM HOLDINGS INC | NOTE 1.500% 9/0 | 450056AB2 | 2,203,965 | 0.07 | 2010000.0 |
| - | BLACKROCK MUNIYIELD MICH QU | COM | 09254V105 | 2,171,692 | 0.07 | 176992.0 | |
| - | WELLS FARGO & CO | PERP PFD CNV A | 949746804 | 2,059,460 | 0.07 | 1780.0 | |
| - | MERIT MED SYS INC | NOTE 3.000% 2/0 | 589889AB0 | 2,031,757 | 0.07 | 1883000.0 | |
| - | INTEGER HLDGS CORP | DBCV 1.875% 3/1 | 45826HAD1 | 2,029,913 | 0.07 | 2090000.0 | |
| MTH | REDUCED | MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 59001ABF8 | 1,974,699 | 0.07 | 1907000.0 |
| - | ABERDEEN MUN INCOME FD | SH BEN INT | 552738106 | 1,876,080 | 0.06 | 333822.0 | |
| SO | ADDED | SOUTHERN CO | NOTE 3.250% 6/1 | 842587ED5 | 1,835,992 | 0.06 | 1815000.0 |
| MCHP | ADDED | MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 | 1,830,765 | 0.06 | 23770.0 |
| - | CHEFS WHSE INC | NOTE 2.375%12/1 | 163086AE1 | 1,824,052 | 0.06 | 815000.0 | |
| RVMD | NEW | REVOLUTION MEDICINES INC | NOTE 0.500% 5/0 | 76155XAA8 | 1,763,947 | 0.06 | 1406000.0 |
| ARES | REDUCED | ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 | 1,762,462 | 0.06 | 48089.0 |
| AKAM | ADDED | AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 | 1,726,812 | 0.06 | 1438000.0 |
| DDOG | REDUCED | DATADOG INC | NOTE 12/0 | 23804LAD5 | 1,715,920 | 0.06 | 1205000.0 |
| - | APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 | 1,694,132 | 0.06 | 27800.0 | |
| PTON | ADDED | PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | 70614WAD2 | 1,572,167 | 0.05 | 969000.0 |
| - | WELLS FARGO & CO | PERP PFD CNV A | 949746804 | 1,569,601 | 0.05 | 1352.0 | |
| NET | ADDED | CLOUDFLARE INC | NOTE 6/1 | 18915MAF4 | 1,554,609 | 0.05 | 1227000.0 |
| - | POST HLDGS INC | NOTE 2.500% 8/1 | 737446AT1 | 1,533,425 | 0.05 | 1478000.0 | |
| MQY | REDUCED | BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 | 1,507,083 | 0.05 | 135651.0 |
| - | BANK OF AMER CORP | 7.25%CNV PFD L | 060505682 | 1,493,221 | 0.05 | 1188.0 | |
| - | LIVE NATION ENTERTAINMENT IN | NOTE 2.875% 1/1 | 538034BC2 | 1,479,452 | 0.05 | 1237000.0 | |
| NOG | REDUCED | NORTHERN OIL & GAS INC | NOTE 3.625% 4/1 | 665531AJ8 | 1,469,718 | 0.05 | 1530000.0 |
| - | LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | 531229AQ5 | 1,456,934 | 0.05 | 1174000.0 | |
| ON | REDUCED | ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 | 1,444,291 | 0.05 | 793000.0 |
| - | CYBERARK SOFTWARE LTD | NOTE 6/1 | 23248VAD7 | 1,377,542 | 0.05 | 828000.0 | |
| NTNX | REDUCED | NUTANIX INC | NOTE 0.500%12/1 | 67059NAK4 | 1,366,164 | 0.05 | 1385000.0 |
| ARES | REDUCED | ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 | 1,314,436 | 0.04 | 34700.0 |
| BMRN | REDUCED | BIOMARIN PHARMACEUTICAL INC | NOTE 1.250% 5/1 | 09061GAK7 | 1,309,325 | 0.04 | 1344000.0 |
| - | LIBERTY MEDIA CORP DEL | NOTE 3.750% 3/1 | 531229AP7 | 1,297,523 | 0.04 | 1130000.0 | |
| BBIO | REDUCED | BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 | 1,295,778 | 0.04 | 1167000.0 |
| GPOR | REDUCED | GULFPORT ENERGY CORP | COMMON SHARES | 402635502 | 1,292,605 | 0.04 | 7617.0 |
| SYNA | UNCHANGED | SYNAPTICS INC | NOTE 0.750%12/0 | 87157DAJ8 | 1,292,035 | 0.04 | 869000.0 |
| DBX | UNCHANGED | DROPBOX INC | NOTE 3/0 | 26210CAD6 | 1,238,688 | 0.04 | 1224000.0 |
| ALNY | REDUCED | ALNYLAM PHARMACEUTICALS INC | NOTE 1.000% 9/1 | 02043QAB3 | 1,237,378 | 0.04 | 1027000.0 |
| BURL | REDUCED | BURLINGTON STORES INC | NOTE 1.250%12/1 | 122017AD8 | 1,235,691 | 0.04 | 774000.0 |
| FRPT | ADDED | FRESHPET INC | NOTE 3.000% 4/0 | 358039AB1 | 1,233,413 | 0.04 | 1061000.0 |
| - | PARSONS CORP DEL | NOTE 2.625% 3/0 | 70202LAD4 | 1,166,793 | 0.04 | 1183000.0 | |
| - | JAZZ INVESTMENTS I LTD | NOTE 3.125% 9/1 | 472145AH4 | 1,163,322 | 0.04 | 682000.0 | |
| FLR | REDUCED | FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 | 1,160,906 | 0.04 | 875000.0 |
| IRTC | REDUCED | IRHYTHM HOLDINGS INC | NOTE 1.500% 9/0 | 450056AB2 | 1,102,602 | 0.04 | 1001000.0 |
| - | PATRICK INDS INC | NOTE 1.750%12/0 | 703343AG8 | 1,089,538 | 0.04 | 735000.0 | |
| GWRE | REDUCED | GUIDEWIRE SOFTWARE INC | NOTE 1.250%11/0 | 40171VAC4 | 1,064,525 | 0.04 | 1106000.0 |
| ORCL | REDUCED | ORACLE CORP | 6.5 DEP CUM SR D | 68389X204 | 1,058,975 | 0.04 | 23465.0 |
| DXCM | REDUCED | DEXCOM INC | NOTE 0.375% 5/1 | 252131AM9 | 1,050,469 | 0.04 | 1125000.0 |
| DASH | NEW | DOORDASH INC | NOTE 5/1 | 25809KAB1 | 1,045,425 | 0.04 | 1060000.0 |
| U | ADDED | UNITY SOFTWARE INC | NOTE 3/1 | 91332UAH4 | 1,033,973 | 0.03 | 913000.0 |
| WDC | REDUCED | WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 958102AT2 | 1,027,205 | 0.03 | 61000.0 |
| - | AFFIRM HLDGS INC | NOTE 0.750%12/1 | 00827BAD8 | 1,021,192 | 0.03 | 873000.0 | |
| - | SHIFT4 PMTS INC | NOTE 0.500% 8/0 | 82452JAD1 | 1,018,985 | 0.03 | 1067000.0 | |
| BILL | UNCHANGED | BILL HOLDINGS INC | NOTE 4/0 | 090043AF7 | 972,045 | 0.03 | 1122000.0 |
| - | PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | 743312AD2 | 967,886 | 0.03 | 1007000.0 | |
| - | GLOBAL PMTS INC | NOTE 1.500% 3/0 | 37940XAU6 | 945,000 | 0.03 | 1050000.0 | |
| WBD | ADDED | WARNER BROS DISCOVERY INC | COM SER A | 934423104 | 913,292 | 0.03 | 34257.0 |
| - | ARROWHEAD PHARMACEUTICALS IN | NOTE 1/1 | 04280AAC4 | 860,962 | 0.03 | 719000.0 | |
| - | BLACKROCK MUNIHLDNGS CALI | COM | 09254L107 | 803,479 | 0.03 | 73110.0 | |
| - | UPSTART HLDGS INC | NOTE 1.000%11/1 | 91680MAF4 | 773,081 | 0.03 | 943000.0 | |
| LIF | NEW | LIFE360 INC | NOTE 6/0 | 532206AC3 | 692,613 | 0.02 | 670000.0 |
| - | EATON VANCE MUN BD FD | COM | 27827X101 | 673,993 | 0.02 | 67670.0 | |
| RBRK | NEW | RUBRIK INC. | NOTE 6/1 | 781154AD1 | 655,040 | 0.02 | 640000.0 |
| - | GREENBRIER COS INC | NOTE 2.875% 4/1 | 393657AM3 | 650,879 | 0.02 | 569000.0 | |
| GOOGL | NEW | ALPHABET INC | DEP SHS RP1/20 B | 02079K602 | 649,779 | 0.02 | 12895.0 |
| GOOGL | NEW | ALPHABET INC | DEP SHS RP1/20 A | 02079K404 | 613,530 | 0.02 | 12056.0 |
| - | BLACKROCK MUNIHLDNGS CALI | COM | 09254L107 | 612,198 | 0.02 | 55705.0 | |
| VERX | REDUCED | VERTEX INC | NOTE 0.750% 5/0 | 92538JAB2 | 607,535 | 0.02 | 679000.0 |
| - | LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | 55024UAF6 | 580,680 | 0.02 | 89000.0 | |
| - | EATON VANCE MUN BD FD | COM | 27827X101 | 578,616 | 0.02 | 58094.0 | |
| - | RIVIAN AUTOMOTIVE INC | NOTE 4.625% 3/1 | 76954AAB9 | 578,358 | 0.02 | 487000.0 | |
| - | PPL CAP FDG INC | NOTE 2.875% 3/1 | 69352PAS2 | 568,125 | 0.02 | 500000.0 | |
| MGPI | REDUCED | MGP INGREDIENTS INC NEW | NOTE 1.875%11/1 | 55303JAB2 | 558,318 | 0.02 | 573000.0 |
| SPB | UNCHANGED | SPECTRUM BRANDS INC | NOTE 3.375% 6/0 | 84762LAZ8 | 464,892 | 0.02 | 445000.0 |
| - | ADVANCED ENERGY INDS | NOTE 2.500% 9/1 | 007973AE0 | 431,503 | 0.01 | 158000.0 | |
| WK | REDUCED | WORKIVA INC | NOTE 1.250% 8/1 | 98139AAD7 | 417,076 | 0.01 | 445000.0 |
| WEC | REDUCED | WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | 92939UAR7 | 384,478 | 0.01 | 310000.0 |
| NEE | ADDED | NEXTERA ENERGY INC | UNIT 02/15/2029 | 65339F655 | 351,688 | 0.01 | 7336.0 |
| - | CHEFS WHSE INC | NOTE 2.375%12/1 | 163086AE1 | 341,664 | 0.01 | 153000.0 | |
| TDOC | UNCHANGED | TELADOC HEALTH INC | NOTE 1.250% 6/0 | 87918AAF2 | 339,126 | 0.01 | 348000.0 |
| HPE | REDUCED | HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 | 307,887 | 0.01 | 2662.0 |
| - | BANK OF AMER CORP | 7.25%CNV PFD L | 060505682 | 301,080 | 0.01 | 240.0 | |
| SNOW | REDUCED | SNOWFLAKE INC | NOTE 10/0 | 833445AB5 | 291,060 | 0.01 | 175000.0 |
| FIVN | REDUCED | FIVE9 INC | NOTE 1.000% 3/1 | 338307AF8 | 284,688 | 0.01 | 320000.0 |
| ON | REDUCED | ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 | 283,733 | 0.01 | 156000.0 |
| GH | NEW | GUARDANT HEALTH INC | NOTE 11/1 | 40131MAB5 | 281,054 | 0.01 | 226000.0 |
| MKSI | REDUCED | MKS INC. | NOTE 1.250% 6/0 | 55306NAB0 | 276,695 | 0.01 | 94000.0 |
| BL | REDUCED | BLACKLINE INC | NOTE 1.000% 6/0 | 09239BAF6 | 272,285 | 0.01 | 295000.0 |
| - | LIVE NATION ENTERTAINMENT IN | NOTE 3.125% 1/1 | 538034BA6 | 270,788 | 0.01 | 152000.0 | |
| UBER | ADDED | UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 | 267,904 | 0.01 | 224000.0 |
| - | LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 | 253,837 | 0.01 | 175000.0 | |
| CABO | ADDED | CABLE ONE INC | NOTE 1.125% 3/1 | 12685JAG0 | 247,950 | 0.01 | 190000.0 |
| MCHP | ADDED | MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 | 239,642 | 0.01 | 3124.0 |
| WW | UNCHANGED | WW INTL INC | COM NEW | 98262P200 | 229,649 | 0.01 | 14371.0 |
| MIRM | REDUCED | MIRUM PHARMACEUTICALS INC | NOTE 4.000% 5/0 | 604749AB7 | 229,245 | 0.01 | 62000.0 |
| BA | REDUCED | BOEING CO | DEP CONV PFD A | 097023204 | 227,541 | 0.01 | 3381.0 |
| NET | ADDED | CLOUDFLARE INC | NOTE 8/1 | 18915MAC1 | 227,427 | 0.01 | 177000.0 |
| CABO | ADDED | CABLE ONE INC | NOTE 1.125% 3/1 | 12685JAG0 | 218,588 | 0.01 | 335000.0 |
| AKAM | ADDED | AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 | 212,106 | 0.01 | 177000.0 |
| ORCL | REDUCED | ORACLE CORP | 6.5 DEP CUM SR D | 68389X204 | 210,726 | 0.01 | 4688.0 |
| PCG | ADDED | PG&E CORP | NOTE 4.250%12/0 | 69331CAL2 | 209,510 | 0.01 | 205000.0 |
| FLR | REDUCED | FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 | 202,419 | 0.01 | 153000.0 |
| WEC | REDUCED | WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | 92939UAR7 | 200,718 | 0.01 | 162000.0 |
| NOG | REDUCED | NORTHERN OIL & GAS INC | NOTE 3.625% 4/1 | 665531AJ8 | 193,987 | 0.01 | 203000.0 |
| SO | ADDED | SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 | 191,661 | 0.01 | 174000.0 |
| OSIS | REDUCED | OSI SYSTEMS INC | NOTE 2.250% 8/0 | 671044AF2 | 190,656 | 0.01 | 143000.0 |
| TTEK | REDUCED | TETRA TECH INC NEW | DBCV 2.250% 8/1 | 88162GAB9 | 190,141 | 0.01 | 181000.0 |
| - | LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | 531229AQ5 | 189,491 | 0.01 | 153000.0 | |
| HALO | REDUCED | HALOZYME THERAPEUTICS INC | NOTE 0.250% 3/0 | 40637HAD1 | 187,776 | 0.01 | 169000.0 |
| MTH | REDUCED | MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 59001ABF8 | 187,551 | 0.01 | 182000.0 |
| DXCM | REDUCED | DEXCOM INC | NOTE 0.375% 5/1 | 252131AM9 | 185,568 | 0.01 | 199000.0 |
| QXO | REDUCED | QXO INC | 5.50 DEP PFD | 82846H504 | 173,953 | 0.01 | 3569.0 |
| - | APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 | 173,074 | 0.01 | 2841.0 | |
| BMRN | REDUCED | BIOMARIN PHARMACEUTICAL INC | NOTE 1.250% 5/1 | 09061GAK7 | 168,104 | 0.01 | 173000.0 |
| NTNX | REDUCED | NUTANIX INC | NOTE 0.250%10/0 | 67059NAH1 | 166,796 | 0.01 | 148000.0 |
| FRPT | ADDED | FRESHPET INC | NOTE 3.000% 4/0 | 358039AB1 | 163,560 | 0.01 | 141000.0 |
| - | POST HLDGS INC | NOTE 2.500% 8/1 | 737446AT1 | 158,355 | 0.01 | 153000.0 | |
| - | INTEGER HLDGS CORP | NOTE 2.125% 2/1 | 45826HAB5 | 148,535 | 0.0 | 122000.0 | |
| - | NEW YORK LIFE INVTS ACTIVE E | MACKAY SECURITI | 45409F686 | 145,977 | 0.0 | 5752.0 | |
| - | NEW YORK LIFE INVTS ACTIVE E | MACKAY SECURITI | 45409F686 | 145,977 | 0.0 | 5752.0 | |
| PTON | ADDED | PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | 70614WAD2 | 139,102 | 0.0 | 86000.0 |
| U | ADDED | UNITY SOFTWARE INC | NOTE 3/1 | 91332UAH4 | 131,080 | 0.0 | 116000.0 |
| - | ARROWHEAD PHARMACEUTICALS IN | NOTE 1/1 | 04280AAC4 | 122,950 | 0.0 | 103000.0 | |
| MGPI | REDUCED | MGP INGREDIENTS INC NEW | NOTE 1.875%11/1 | 55303JAB2 | 115,356 | 0.0 | 119000.0 |
| BBIO | REDUCED | BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 | 113,980 | 0.0 | 103000.0 |
| IONS | REDUCED | IONIS PHARMACEUTICALS INC | NOTE 1.750% 6/1 | 462222AF7 | 111,915 | 0.0 | 72000.0 |
| - | AFFIRM HLDGS INC | NOTE 0.750%12/1 | 00827BAD8 | 106,106 | 0.0 | 91000.0 | |
| ALNY | REDUCED | ALNYLAM PHARMACEUTICALS INC | NOTE 1.000% 9/1 | 02043QAB3 | 96,188 | 0.0 | 80000.0 |
| - | RIVIAN AUTOMOTIVE INC | NOTE 4.625% 3/1 | 76954AAB9 | 95,942 | 0.0 | 81000.0 | |
| ETSY | ADDED | ETSY INC | NOTE 0.125%10/0 | 29786AAJ5 | 94,646 | 0.0 | 93000.0 |
| - | PATRICK INDS INC | NOTE 1.750%12/0 | 703343AG8 | 94,552 | 0.0 | 64000.0 | |
| MIRM | REDUCED | MIRUM PHARMACEUTICALS INC | NOTE 4.000% 5/0 | 604749AB7 | 88,860 | 0.0 | 24000.0 |
| NINE | REDUCED | NINE ENERGY SERVICE INC | COMMON STOCK | 65441V200 | 84,695 | 0.0 | 6510.0 |
| NINE | REDUCED | NINE ENERGY SERVICE INC | COMMON STOCK | 65441V200 | 81,664 | 0.0 | 6277.0 |
| GH | NEW | GUARDANT HEALTH INC | NOTE 11/1 | 40131MAB5 | 81,159 | 0.0 | 65000.0 |
| - | ADVANCED ENERGY INDS | NOTE 2.500% 9/1 | 007973AE0 | 76,574 | 0.0 | 28000.0 | |
| IRTC | REDUCED | IRHYTHM HOLDINGS INC | NOTE 1.500% 9/0 | 450056AB2 | 75,659 | 0.0 | 69000.0 |
| - | PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | 743312AD2 | 74,580 | 0.0 | 78000.0 | |
| - | WELLS FARGO & CO | PERP PFD CNV A | 949746804 | 74,048 | 0.0 | 64.0 | |
| SO | ADDED | SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 | 70,576 | 0.0 | 64000.0 |
| OSIS | REDUCED | OSI SYSTEMS INC | NOTE 2.250% 8/0 | 671044AF2 | 61,502 | 0.0 | 46000.0 |
| ARES | REDUCED | ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 | 58,493 | 0.0 | 1596.0 |
| HALO | REDUCED | HALOZYME THERAPEUTICS INC | NOTE 0.250% 3/0 | 40637HAD1 | 53,573 | 0.0 | 48000.0 |
| TALO | REDUCED | TALOS ENERGY INC | COM | 87484T108 | 52,273 | 0.0 | 4049.0 |
| GPOR | REDUCED | GULFPORT ENERGY CORP | COMMON SHARES | 402635502 | 51,249 | 0.0 | 302.0 |
| IONS | REDUCED | IONIS PHARMACEUTICALS INC | NOTE 1.750% 6/1 | 462222AF7 | 43,628 | 0.0 | 28000.0 |
| CHGG | UNCHANGED | CHEGG INC | NOTE 9/0 | 163092AF6 | 43,034 | 0.0 | 45000.0 |
| - | SPDR GOLD TR | GOLD SHS | 78463V107 | 0 | 0.0 | 0.0 | |
| - | ISHARES GOLD TR | ISHARES NEW | 464285204 | 0 | 0.0 | 0.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-07-28 | 2,985,036,018 | 306 | 12.844981 | 0.547975 | 21.621524 |
| 2026-03-31 | 2026-04-27 | 2,727,560,466 | 307 | 10.67079 | 0.443259 | 18.405982 |
| 2025-12-31 | 2026-01-29 | 2,857,443,441 | 340 | 9.692612 | 0.401622 | 17.329839 |
| 2025-09-30 | 2025-10-27 | 2,939,899,446 | 354 | 9.358763 | 0.386769 | 17.103885 |
| 2025-03-31 | 2025-04-29 | 3,109,513,495 | 361 | 8.653815 | 0.360516 | 17.442197 |
| 2024-12-31 | 2025-02-04 | 3,392,524,740 | 367 | 8.878732 | 0.369291 | 18.654079 |