| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 219,224,000 | $216.6M | Add +19.5% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 183,312,000 | $208.4M | Reduce -2.4% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 142,896,000 | $167.1M | Add +16.1% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 171,400,000 | $165.2M | Add +2.3% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 119,488 | $145.0M | Add +57.2% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 76,730,000 | $91.7M | No change |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 85,120,000 | $90.4M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 91,946,000 | $89.4M | Add +22.8% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 69,311,000 | $83.0M | Reduce -12.0% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 80,563,000 | $81.5M | Add +2.1% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 74,020,000 | $79.9M | Reduce -9.6% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 52,180,000 | $79.0M | Reduce -26.2% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 74,661,000 | $78.3M | Reduce -2.7% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 69,250,000 | $78.0M | New |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 67,963,000 | $77.4M | Add +41.7% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 42,431,000 | $76.3M | Reduce -7.0% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 72,227,000 | $69.5M | Add +22.8% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 73,023,000 | $68.7M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 59,565,000 | $68.6M | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 63,969,000 | $67.7M | Reduce -35.3% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 46,837,000 | $66.8M | Reduce -5.8% |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 54,350,000 | $63.2M | Add +17.3% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 67,230,000 | $63.1M | Add +3.1% |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 1,572,123 | $62.5M | Reduce -24.1% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 56,711,000 | $56.3M | New |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 61,750,000 | $55.9M | Add +8.8% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 1,133,344 | $55.5M | Reduce -0.5% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 64,715,000 | $55.5M | Add +13.1% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 47,551,000 | $53.5M | Reduce -4.9% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 51,780,000 | $52.0M | Reduce -11.1% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 53,850,000 | $50.2M | Add +3.9% |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 51,129,000 | $48.7M | Add +2.0% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 46,526,000 | $45.9M | New |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 50,970,000 | $45.5M | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 46,296,000 | $44.2M | No change |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 45,500,000 | $43.1M | Reduce -3.1% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 44,634,000 | $42.6M | Add +5.8% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 45,841,000 | $42.4M | Add +30.9% |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 38,728,000 | $41.9M | New |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 44,877,000 | $41.8M | Add +50.2% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 26,397,000 | $41.1M | No change |
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | NOTE 4.500% 8/1 · principal | 19,313,000 | $40.9M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 22,275,000 | $40.0M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 25,975,000 | $39.9M | No change |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 36,291,000 | $38.8M | Reduce -8.4% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 33,102,000 | $38.3M | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 31,256 | $36.7M | Add +1250.7% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 41,090,000 | $36.3M | Reduce -27.2% |
| XEROX HOLDINGS CORP (XRX 3.75 03/15/30) | NOTE 3.750% 3/1 · principal | 63,650,000 | $36.1M | Add +1.0% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 23,050,000 | $35.3M | Add +4.5% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 34,585,000 | $32.7M | Add +3.0% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 32,585,000 | $32.3M | Reduce -17.7% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 34,123,000 | $31.6M | Reduce -5.4% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 26,050,000 | $31.0M | New |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 32,701,000 | $30.5M | Reduce -11.2% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 30,250,000 | $29.7M | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 32,500,000 | $29.6M | Add +62.5% |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 27,959,000 | $27.7M | Add +0.2% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 29,066,000 | $26.7M | Add +175.1% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 19,850,000 | $26.0M | Reduce -13.1% |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 26,102,000 | $26.0M | Add +2.8% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 26,250,000 | $24.4M | Reduce -27.6% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 27,500,000 | $23.7M | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 20,375,000 | $23.2M | Reduce -44.0% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 24,435,000 | $22.6M | Add +4.3% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 24,505,000 | $21.9M | Add +16.9% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 23,245,000 | $20.3M | Add +4.7% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 22,500,000 | $19.4M | Add +38.5% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 22,279,000 | $18.1M | Add +9.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 18,975,000 | $18.0M | Add +22.6% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 14,000,000 | $17.8M | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 16,040,000 | $17.6M | New |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 18,000,000 | $17.4M | New |
| PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) | NOTE 1.500% 9/1 · principal | 15,000,000 | $17.3M | New |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 12,120,000 | $17.1M | Reduce -45.2% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 19,548,000 | $16.8M | Add +16.8% |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 10,825,000 | $16.0M | Add +10.2% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 546,740 | $14.0M | No change |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 14,000,000 | $13.4M | No change |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 52,725,000 | $13.0M | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 12,423,000 | $12.3M | Reduce -61.7% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 13,645,000 | $12.1M | Add +2.3% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 10,841,000 | $11.5M | Reduce -66.2% |
| AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) | NOTE 4.250% 2/1 · principal | 13,600,000 | $11.2M | New |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 7,195,000 | $8.6M | Add +17.0% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 9,342,000 | $7.1M | Add +62.6% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 150,000 | $7.1M | New |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 177,343 | $5.6M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 4,430,000 | $4.5M | Add +1.3% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 4,623,000 | $4.5M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 3,750,000 | $3.9M | Reduce -82.8% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 4,130,000 | $3.7M | Add +1.4% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 3,570,000 | $3.5M | Add +1.3% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 43,755 | $1.9M | Reduce -83.1% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 20,000 | $1.1M | Reduce -94.8% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 905,000 | $1.0M | Reduce -89.3% |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 · principal | 722,995 | $0 | Add +35.6% |