Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Health
Care
—
11.8%
$
1,000,000
Alnylam
Pharmaceuticals
Inc.,
1.000%,
09/15/27
...............
$
1,301,500
2,000,000
ANI
Pharmaceuticals
Inc.,
2.250%,
09/01/29
...............
2,269,065
2,500,000
Bridgebio
Pharma
Inc.,
1.750%,
03/01/31
...............
2,921,250
3,275,000
Evolent
Health
Inc.,
3.500%,
12/01/29
...............
2,795,715
1,950,000
Exact
Sciences
Corp.,
2.000%,
03/01/30
...............
1,979,250
2,400,000
Integer
Holdings
Corp.,
1.875%,
03/15/30
...............
2,505,600
1,015,000
Invacare
Corp.,
Escrow,
Zero
Coupon,
05/08/28(a)
.........
0
2,150,000
Jazz
Investments
I
Ltd.,
3.125%,
09/15/30
...............
2,289,750
1,250,000
Pacira
BioSciences
Inc.,
2.125%,
05/15/29
...............
1,226,510
3,400,000
Sarepta
Therapeutics
Inc.,
1.250%,
09/15/27
...............
2,456,500
1,000,000
TransMedics
Group
Inc.,
1.500%,
06/01/28
...............
1,605,838
21,350,978
Metals
and
Mining
—
2.0%
2,150,000
MP
Materials
Corp.,
3.000%,
03/01/30
...............
3,731,325
Real
Estate
Investment
Trusts
—
3.7%
3,000,000
Digital
Realty
Trust
LP,
1.875%,
11/15/29
...............
3,161,700
3,000,000
Redfin
Corp.,
0.500%,
04/01/27
...............
2,707,796
1,000,000
Redwood
Trust
Inc.,
7.750%,
06/15/27
...............
990,487
6,859,983
Retail
—
1.6%
2,300,000
Alibaba
Group
Holding
Ltd.,
0.500%,
06/01/31
...............
2,941,296
Security
Software
—
0.2%
380,000
Cloudflare
Inc.,
Zero
Coupon,
06/15/30
...........
410,970
Semiconductors
—
4.4%
500,000
Impinj
Inc.,
1.125%,
05/15/27
...............
624,581
3,000,000
indie
Semiconductor
Inc.,
3.500%,
12/15/29
...............
2,752,500
Principal
Amount
Market
Value
$
2,500,000
MKS
Inc.,
1.250%,
06/01/30
...............
$
2,476,250
1,750,000
OSI
Systems
Inc.,
2.250%,
08/01/29
...............
2,378,250
8,231,581
Telecommunications
—
0.9%
1,250,000
Applied
Digital
Corp.,
2.750%,
06/01/30
...............
1,626,949
TOTAL
CONVERTIBLE
CORPORATE
BONDS
....................
131,230,652
CORPORATE
BONDS
—
0.5%
Health
Care
—
0.5%
1,000,000
ITRACHEALTH
Corp.
8.00
6/30/27
CVT(PP),
8.000%,
06/30/27
...............
1,000,000
Shares
CONVERTIBLE
PREFERRED
STOCKS
—
0.1%
Business
Services
—
0.0%
809,253
Amerivon
Holdings
LLC,
4.000%(a)
....................
0
272,728
Amerivon
Holdings
LLC,
common
equity
units
(a)
..........................
3
3
Health
Care
—
0.1%
31,218
Invacare
Holdings
Corp.,
Ser.
A,
9.000%(a)
....................
187,308
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
...................
187,311
MANDATORY
CONVERTIBLE
SECURITIES(b)
—
10.5%
Aerospace
and
Defense
—
0.9%
25,050
The
Boeing
Co.,
6.000%,
10/15/27
...............
1,703,400
Computer
Software
and
Services
—
1.8%
57,000
Hewlett
Packard
Enterprise
Co.,
7.625%,
09/01/27
...............
3,356,160
Diversified
Industrial
—
1.0%
29,606
Chart
Industries
Inc.,
Ser.
B,
6.750%,
12/15/25
...............
1,788,202
Energy
and
Utilities
—
1.2%
50,000
NextEra
Energy
Inc.,
7.234%,
11/01/27
...............
2,212,500
Financial
Services
—
2.5%
47,000
Ares
Management
Corp.,
Ser.
B,
6.750%,
10/01/27
...............
2,491,000