| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 183,540,000 | $194.3M | Add +35.6% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 160,529,000 | $157.1M | Add +62.8% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 167,100,000 | $155.5M | Add +0.4% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 147,292,000 | $146.4M | Add +31.6% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 91,630,000 | $111.2M | Reduce -11.6% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 106,413,000 | $102.4M | Add +115.4% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 116,750,000 | $99.8M | Add +8.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 93,462,000 | $95.7M | New |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 87,185,000 | $91.2M | Add +30.6% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 55,631,000 | $79.9M | New |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 61,785 | $78.7M | Reduce -2.4% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 62,963,000 | $74.8M | Add +44.9% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 79,955,000 | $73.2M | New |
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | NOTE 4.500% 8/1 · principal | 34,313,000 | $67.9M | Reduce -17.9% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 73,023,000 | $66.6M | Reduce -0.3% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 75,025,000 | $66.2M | Reduce -28.7% |
| ENVESTNET INC (ENV 2.625 12/01/27) | NOTE 2.625%12/0 · principal | 62,408,000 | $66.0M | Reduce -19.0% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 63,784,000 | $65.4M | Reduce -23.9% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 70,800,000 | $65.2M | Reduce -10.7% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 59,010,000 | $62.4M | Reduce -31.9% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 64,935,000 | $61.3M | New |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 58,827,000 | $55.3M | Add +8.1% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 53,445,000 | $54.3M | Add +27.4% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 47,617,000 | $53.0M | Add +320.5% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 54,466,000 | $52.0M | Add +43.1% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 50,025,000 | $51.8M | Add +99.9% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 1,067,812 | $51.5M | Add +41.7% |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 53,124,000 | $50.8M | New |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 38,200,000 | $46.4M | New |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 51,407,000 | $45.9M | Add +7.3% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 51,850,000 | $45.8M | Reduce -1.5% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 50,970,000 | $43.9M | Add +191.3% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 47,263,000 | $43.3M | Reduce -9.6% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 52,290,000 | $42.7M | Add +4.6% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 750,000 | $41.8M | Add +25.0% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 41,323,000 | $41.4M | Reduce -44.7% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 42,209,000 | $38.9M | Add +12.2% |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 30,725,000 | $37.0M | Add +55.8% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 39,325,000 | $36.9M | New |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 29,975,000 | $36.9M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 36,368,000 | $36.8M | Reduce -1.6% |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 38,236,000 | $35.2M | Reduce -32.3% |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 20,782,000 | $35.0M | Reduce -63.7% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 37,388,000 | $33.8M | New |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 31,200,000 | $32.9M | New |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 35,528,000 | $32.9M | Add +7.6% |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | NOTE 3.750% 5/1 · principal | 16,855,000 | $30.3M | Reduce -55.1% |
| ALTAIR ENGINEERING INC (ALTR 1.75 06/15/27) | NOTE 1.750% 6/1 · principal | 19,960,000 | $28.4M | Reduce -24.6% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 23,897,000 | $28.0M | Reduce -11.2% |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 38,026,000 | $27.8M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 27,325,000 | $27.7M | New |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 23,120,000 | $27.6M | No change |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 74,025,000 | $27.5M | Add +77.2% |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 26,600,000 | $26.9M | Add +18.2% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 23,050,000 | $26.8M | Reduce -43.9% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 28,546,000 | $26.1M | Reduce -24.2% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 19,189,000 | $25.1M | New |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 25,479,000 | $23.9M | Reduce -35.3% |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | 15,245,000 | $21.8M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 17,850,000 | $21.8M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 14,000,000 | $21.7M | Reduce -15.2% |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 17,190,000 | $20.6M | Reduce -12.1% |
| PERFICIENT INC (PRFT 0.125 11/15/26) | NOTE 0.125%11/1 · principal | 19,689,000 | $19.4M | Reduce -4.2% |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 400,000 | $18.9M | New |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 20,566,000 | $17.8M | Reduce -31.3% |
| PAR TECHNOLOGY CORP (PAR 2.875 04/15/26) | NOTE 2.875% 4/1 · principal | 12,700,000 | $17.1M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 16,000,000 | $16.7M | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 13,567,000 | $16.1M | No change |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 15,410,000 | $16.0M | No change |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 15,327,000 | $14.9M | Add +6.4% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 12,990,000 | $14.3M | Add +50.2% |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 14,825,000 | $13.6M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 13,861,000 | $13.6M | Reduce -45.8% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 14,550,000 | $13.5M | Add +7.0% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 10,035 | $12.8M | Reduce -16.4% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 11,771,000 | $12.6M | Reduce -80.0% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 546,740 | $12.0M | No change |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 13,345,000 | $11.5M | Reduce -18.4% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 10,500,000 | $9.2M | Add +23.5% |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 5,922,000 | $8.9M | Reduce -75.8% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 9,400,000 | $8.8M | No change |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 8,493,000 | $8.4M | No change |
| WINNEBAGO INDUSTRIES (WGO 1.5 04/01/25) | NOTE 1.500% 4/0 · principal | 7,590,000 | $7.9M | Reduce -1.6% |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 7,886,000 | $7.4M | Reduce -26.4% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 5,000,000 | $7.4M | No change |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 6,875,000 | $6.4M | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 7,546,000 | $6.1M | Reduce -35.9% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 177,343 | $5.3M | Reduce -10.0% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 4,200,000 | $4.1M | Reduce -3.5% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 3,825,000 | $3.8M | Reduce -81.3% |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | 2,925,000 | $3.6M | Reduce -3.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 3,525,000 | $3.6M | Reduce -3.4% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 3,050,000 | $3.6M | Add +103.3% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 31,000 | $2.1M | Reduce -91.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,000,000 | $2.1M | New |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 1,700,000 | $1.7M | Reduce -2.9% |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 · principal | 490,831 | $0 | Reduce -0.9% |