MACKAY SHIELDS LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	DATADOG INC	33,802,000	$33,844	1.2%	$1.00	—	NOTE 12/0	23804LAD5
—	LIVE NATION ENTERTAINMENT IN	29,685,000	$31,258	1.1%	$1.05	—	NOTE 2.875% 1/1	538034BC2
—	NUTANIX INC	29,610,000	$28,633	1.0%	$0.97	—	NOTE 0.500%12/1	67059NAK4
—	GUIDEWIRE SOFTWARE INC	25,147,000	$27,712	1.0%	$1.10	—	NOTE 1.250%11/0	40171VAC4
—	AFFIRM HLDGS INC	24,259,000	$26,921	0.9%	$1.11	—	NOTE 0.750%12/1	00827BAD8
—	UPSTART HLDGS INC	25,168,000	$22,053	0.8%	$0.88	—	NOTE 1.000%11/1	91680MAF4
—	SYNAPTICS INC	16,169,000	$17,107	0.6%	$1.06	—	NOTE 0.750%12/0	87157DAJ8
—	BILL HOLDINGS INC	15,102,000	$13,926	0.5%	$0.92	—	NOTE 4/0	090043AF7
CWB	SPDR SERIES TRUST	13,633	$1,216	0.0%	$89.20	—	STATE STREET SPD	78464A359
SECR	NEW YORK LIFE INVTS ACTIVE E	11,136	$287	0.0%	$25.73	—	NYLI MACKAY SECU	45409F686

Increased Positions (7)

— LANTHEUS HLDGS INC 2.3%

Value ($000) $65,101 (+10.9%) Shares 56,714,000 (+1.9%) Est. Cost $1.13 Unrealized —

— SNOWFLAKE INC 1.6%

Value ($000) $44,386 (+10.7%) Shares 29,853,000 (+13.2%) Est. Cost $1.52 Unrealized —

— BANK AMERICA CORP 0.9%

Value ($000) $26,202 (+16.2%) Shares 20,927 (+19.0%) Est. Cost $1416.89 Unrealized —

— IRHYTHM TECHNOLOGIES INC 1.6%

Value ($000) $45,744 (+7.7%) Shares 32,682,000 (+5.9%) Est. Cost $1.15 Unrealized —

— AEROVIRONMENT INC 0.4%

Value ($000) $11,103 (-11.3%) Shares 10,210,000 (+1.2%) Est. Cost $1.24 Unrealized —

— TETRA TECH INC NEW 2.3%

Value ($000) $64,816 (+2.1%) Shares 59,623,000 (+1.7%) Est. Cost $1.31 Unrealized —

— CABLE ONE INC 2.0%

Value ($000) $56,650 (-1.8%) Shares 69,399,000 (+2.9%) Est. Cost $0.79 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LANTHEUS HLDGS INC	56,714,000 (+1.9%)	$65,101 (+10.9%)	2.3%	$1.13	—	NOTE 2.625%12/1	516544AB9
—	SNOWFLAKE INC	29,853,000 (+13.2%)	$44,386 (+10.7%)	1.6%	$1.52	—	NOTE 10/0	833445AB5
—	BANK AMERICA CORP	20,927 (+19.0%)	$26,202 (+16.2%)	0.9%	$1416.89	—	7.25%CNV PFD L	060505682
—	IRHYTHM TECHNOLOGIES INC	32,682,000 (+5.9%)	$45,744 (+7.7%)	1.6%	$1.15	—	NOTE 1.500% 9/0	450056AB2
—	AEROVIRONMENT INC	10,210,000 (+1.2%)	$11,103 (-11.3%)	0.4%	$1.24	—	NOTE 7/1	008073AA6
—	TETRA TECH INC NEW	59,623,000 (+1.7%)	$64,816 (+2.1%)	2.3%	$1.31	—	DBCV 2.250% 8/1	88162GAB9
—	CABLE ONE INC	69,399,000 (+2.9%)	$56,650 (-1.8%)	2.0%	$0.79	—	NOTE 1.125% 3/1	12685JAG0

Exited Positions (14)

— LUMENTUM HLDGS INC 0.8%

Value ($000) $21,889 Shares 9,060,000 Est. Cost $1.54 Unrealized —

— NUVEEN AMT FREE QLTY MUN INC 0.7%

Value ($000) $20,517 Shares 1,801,320 Est. Cost $12.14 Unrealized —

— NUVEEN AMT FREE MUN CR INC F 0.5%

Value ($000) $14,324 Shares 1,165,469 Est. Cost $12.44 Unrealized —

— NUVEEN QUALITY MUNCP INCOME 0.4%

Value ($000) $12,369 Shares 1,058,093 Est. Cost $11.71 Unrealized —

— NUVEEN CA QUALTY MUN INCOME 0.2%

Value ($000) $5,880 Shares 511,343 Est. Cost $11.44 Unrealized —

— SHIFT4 PMTS INC 0.2%

Value ($000) $4,903 Shares 4,779,000 Est. Cost $1.15 Unrealized —

— PEBBLEBROOK HOTEL TR 0.2%

Value ($000) $4,852 Shares 4,923,000 Est. Cost $1.17 Unrealized —

VOD VODAFONE GROUP PLC NEW 0.2%

Value ($000) $4,305 Shares 371,152 Est. Cost $8.90 Unrealized —

XENWX EATON VANCE NEW YORK MUN BD 0.1%

Value ($000) $4,161 Shares 421,971 Est. Cost $14.03 Unrealized —

— EXACT SCIENCES CORP 0.1%

Value ($000) $3,726 Shares 4,034,000 Est. Cost $1.17 Unrealized —

— INVESCO QUALITY MUN INCOME T 0.0%

Value ($000) $936 Shares 94,994 Est. Cost $9.92 Unrealized —

— SOUTHERN CO 0.0%

Value ($000) $738 Shares 655,000 Est. Cost $1.00 Unrealized —

— BILL HOLDINGS INC 0.0%

Value ($000) $74 Shares 75,000 Est. Cost $1.71 Unrealized —

NINEQ NINE ENERGY SERVICE INC 0.0%

Value ($000) $74 Shares 116,342 Est. Cost $10.34 Unrealized -95.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LUMENTUM HLDGS INC	9,060,000	$21,889	0.8%	$1.54	—	—	55024UAH2
—	NUVEEN AMT FREE QLTY MUN INC	1,801,320	$20,517	0.7%	$12.14	—	—	670657105
—	NUVEEN AMT FREE MUN CR INC F	1,165,469	$14,324	0.5%	$12.44	—	—	67071L106
—	NUVEEN QUALITY MUNCP INCOME	1,058,093	$12,369	0.4%	$11.71	—	—	67066V101
—	NUVEEN CA QUALTY MUN INCOME	511,343	$5,880	0.2%	$11.44	—	—	67066Y105
—	SHIFT4 PMTS INC	4,779,000	$4,903	0.2%	$1.15	—	—	82452JAB5
—	PEBBLEBROOK HOTEL TR	4,923,000	$4,852	0.2%	$1.17	—	—	70509VAA8
VOD	VODAFONE GROUP PLC NEW	371,152	$4,305	0.2%	$8.90	—	—	92857W308
XENWX	EATON VANCE NEW YORK MUN BD	421,971	$4,161	0.1%	$14.03	—	—	27827Y109
—	EXACT SCIENCES CORP	4,034,000	$3,726	0.1%	$1.17	—	—	30063PAC9
—	INVESCO QUALITY MUN INCOME T	94,994	$936	0.0%	$9.92	—	—	46133G107
—	SOUTHERN CO	655,000	$738	0.0%	$1.00	—	—	842587DP9
—	BILL HOLDINGS INC	75,000	$74	0.0%	$1.71	—	—	090043AB6
NINEQ	NINE ENERGY SERVICE INC	116,342	$74	0.0%	$10.34	-95.2%	—	65441V101

Decreased Positions (78)

— HALOZYME THERAPEUTICS INC 0.2%

Value ($000) $5,645 (-90.3%) Shares 5,239,000 (-89.6%) Est. Cost $1.15 Unrealized —

— NUTANIX INC 0.2%

Value ($000) $5,092 (-90.9%) Shares 4,534,000 (-88.9%) Est. Cost $1.21 Unrealized —

— LUMENTUM HLDGS INC 3.0%

Value ($000) $85,335 (+100.9%) Shares 30,037,000 (-1.3%) Est. Cost $0.97 Unrealized —

— OSI SYSTEMS INC 0.2%

Value ($000) $6,706 (-85.8%) Shares 4,522,000 (-86.1%) Est. Cost $1.45 Unrealized —

— SEAGATE HDD CAYMAN 1.6%

Value ($000) $44,711 (-39.3%) Shares 13,293,000 (-48.0%) Est. Cost $1.44 Unrealized —

— WESTERN DIGITAL CORP 3.0%

Value ($000) $86,589 (+40.3%) Shares 18,882,000 (-1.8%) Est. Cost $1.32 Unrealized —

— IONIS PHARMACEUTICALS INC 0.6%

Value ($000) $16,573 (-57.0%) Shares 10,410,000 (-62.5%) Est. Cost $1.04 Unrealized —

— OIL STS INTL INC 0.1%

Value ($000) $4,150 (-80.6%) Shares 4,136,000 (-80.6%) Est. Cost $0.81 Unrealized —

— NUVEEN MUNICIPAL CREDIT INC 0.1%

Value ($000) $4,082 (-76.9%) Shares 324,502 (-76.9%) Est. Cost $12.32 Unrealized —

— ADVANCED ENERGY INDS 2.6%

Value ($000) $73,283 (+16.8%) Shares 44,638,000 (-1.2%) Est. Cost $1.05 Unrealized —

— LUMENTUM HLDGS INC 0.6%

Value ($000) $17,790 (+115.4%) Shares 4,796,000 (-2.3%) Est. Cost $1.22 Unrealized —

— GLOBAL PMTS INC 0.6%

Value ($000) $15,848 (-35.0%) Shares 17,619,000 (-33.6%) Est. Cost $0.95 Unrealized —

— PG&E CORP 1.9%

Value ($000) $52,988 (-13.5%) Shares 51,451,000 (-14.9%) Est. Cost $1.09 Unrealized —

— CONMED CORP 0.2%

Value ($000) $6,694 (-54.4%) Shares 6,973,000 (-54.7%) Est. Cost $1.10 Unrealized —

— AKAMAI TECHNOLOGIES INC 1.2%

Value ($000) $34,014 (-18.3%) Shares 33,859,000 (-22.1%) Est. Cost $1.10 Unrealized —

— MKS INC. 1.6%

Value ($000) $46,701 (+14.5%) Shares 36,548,000 (-1.7%) Est. Cost $0.99 Unrealized —

TALO TALOS ENERGY INC 1.2%

Value ($000) $33,153 (+11.6%) Shares 3,008,435 (-2.9%) Est. Cost $32.68 Unrealized -68.0%

— PARSONS CORP DEL 0.9%

Value ($000) $26,930 (-10.9%) Shares 26,133,000 (-1.2%) Est. Cost $1.01 Unrealized —

— NORTHERN OIL & GAS INC 1.0%

Value ($000) $29,026 (-9.8%) Shares 30,023,000 (-6.3%) Est. Cost $1.17 Unrealized —

— ALNYLAM PHARMACEUTICALS INC 0.8%

Value ($000) $21,847 (-12.6%) Shares 14,838,000 (-2.3%) Est. Cost $0.98 Unrealized —

— POST HLDGS INC 1.9%

Value ($000) $53,389 (-5.3%) Shares 49,514,000 (-1.2%) Est. Cost $1.03 Unrealized —

— APOLLO GLOBAL MGMT INC 1.9%

Value ($000) $53,912 (+5.7%) Shares 714,292 (-1.0%) Est. Cost $54.97 Unrealized —

— MIRUM PHARMACEUTICALS INC 2.3%

Value ($000) $65,983 (+4.6%) Shares 25,532,000 (-2.6%) Est. Cost $1.35 Unrealized —

— LIBERTY MEDIA CORP DEL 1.5%

Value ($000) $43,129 (-5.7%) Shares 34,036,000 (-1.2%) Est. Cost $0.99 Unrealized —

— INVESCO ADVANTAGE MUN INCOME 0.0%

Value ($000) $965 (-72.8%) Shares 105,768 (-73.9%) Est. Cost $8.88 Unrealized —

— AMPHASTAR PHARMACEUTICALS IN 0.3%

Value ($000) $8,096 (-23.4%) Shares 8,733,000 (-24.8%) Est. Cost $1.06 Unrealized —

— MERITAGE HOMES CORP 1.3%

Value ($000) $35,922 (-5.6%) Shares 36,370,000 (-1.8%) Est. Cost $0.97 Unrealized —

— PATRICK INDS INC 1.3%

Value ($000) $35,984 (-5.2%) Shares 21,148,000 (-9.4%) Est. Cost $0.91 Unrealized —

— FLUOR CORP 1.1%

Value ($000) $30,013 (-5.5%) Shares 26,298,000 (-1.6%) Est. Cost $1.31 Unrealized —

— NUVEEN NEW YORK AMT QLT MUNI 0.2%

Value ($000) $6,469 (-20.5%) Shares 641,105 (-19.6%) Est. Cost $12.77 Unrealized —

— HEWLETT PACKARD ENTERPRISE C 1.4%

Value ($000) $39,620 (-3.9%) Shares 597,863 (-1.2%) Est. Cost $54.39 Unrealized —

— VERTEX INC 0.6%

Value ($000) $17,215 (-7.9%) Shares 18,123,000 (-1.1%) Est. Cost $1.20 Unrealized —

— ETSY INC 1.3%

Value ($000) $37,492 (-3.8%) Shares 37,045,000 (-1.2%) Est. Cost $1.05 Unrealized —

— NCL CORP LTD 1.4%

Value ($000) $38,891 (-3.6%) Shares 38,891,000 (-1.1%) Est. Cost $0.93 Unrealized —

— ON SEMICONDUCTOR CORP 1.6%

Value ($000) $46,968 (+3.0%) Shares 39,380,000 (-1.5%) Est. Cost $1.19 Unrealized —

— SHIFT4 PMTS INC 1.3%

Value ($000) $38,051 (-3.3%) Shares 39,492,000 (-1.0%) Est. Cost $1.08 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $6,521 (-16.5%) Shares 226,250 (-43.4%) Est. Cost $13.62 Unrealized +71.6%

— CHEFS WHSE INC 1.3%

Value ($000) $36,156 (+3.7%) Shares 23,784,000 (-1.3%) Est. Cost $1.01 Unrealized —

— WELLS FARGO CO NEW 0.6%

Value ($000) $17,966 (-5.9%) Shares 14,770 (-4.1%) Est. Cost $1489.39 Unrealized —

GPOR GULFPORT ENERGY CORP 0.8%

Value ($000) $22,586 (-4.7%) Shares 108,592 (-17.1%) Est. Cost $170.19 Unrealized +17.1%

— INVESCO MUN OPPORTUNITY TR 0.1%

Value ($000) $1,965 (-34.0%) Shares 205,338 (-33.3%) Est. Cost $9.80 Unrealized —

— Q2 HLDGS INC 0.9%

Value ($000) $25,862 (-3.7%) Shares 25,530,000 (-1.2%) Est. Cost $1.18 Unrealized —

— INTEGER HLDGS CORP 0.1%

Value ($000) $4,194 (-18.8%) Shares 3,726,000 (-5.9%) Est. Cost $1.45 Unrealized —

— JAZZ INVESTMENTS I LTD 0.5%

Value ($000) $15,178 (+6.6%) Shares 13,087,000 (-2.1%) Est. Cost $1.02 Unrealized —

— LIVE NATION ENTERTAINMENT IN 0.2%

Value ($000) $6,959 (-11.7%) Shares 4,789,000 (-2.0%) Est. Cost $1.20 Unrealized —

— MICROCHIP TECHNOLOGY INC. 1.2%

Value ($000) $35,139 (-2.5%) Shares 601,474 (-1.3%) Est. Cost $52.97 Unrealized —

— BOEING CO 2.0%

Value ($000) $57,663 (-1.5%) Shares 830,097 (-1.4%) Est. Cost $63.28 Unrealized —

— DROPBOX INC 0.9%

Value ($000) $24,578 (-3.5%) Shares 24,323,000 (-1.2%) Est. Cost $0.95 Unrealized —

— BLACKROCK MUN TARGET TERM TR 1.1%

Value ($000) $31,129 (-2.4%) Shares 1,364,127 (-3.9%) Est. Cost $24.19 Unrealized —

— FRESHPET INC 0.9%

Value ($000) $25,002 (+2.9%) Shares 21,347,000 (-1.0%) Est. Cost $1.13 Unrealized —

— INVESCO TR INVT GRADE MUNS 0.1%

Value ($000) $3,200 (-14.6%) Shares 308,543 (-16.6%) Est. Cost $10.40 Unrealized —

— CLOUDFLARE INC 0.2%

Value ($000) $6,709 (-7.4%) Shares 5,715,000 (-1.7%) Est. Cost $1.01 Unrealized —

— WEC ENERGY GROUP INC 0.2%

Value ($000) $6,223 (-7.9%) Shares 5,334,000 (-3.2%) Est. Cost $1.23 Unrealized —

— MFS MUN INCOME TR 0.1%

Value ($000) $1,844 (-21.0%) Shares 339,657 (-21.6%) Est. Cost $6.77 Unrealized —

— QXO INC 2.3%

Value ($000) $65,023 (-0.7%) Shares 1,171,159 (-1.3%) Est. Cost $60.15 Unrealized —

— CHEESECAKE FACTORY INC 0.5%

Value ($000) $15,278 (-2.9%) Shares 15,451,000 (-2.3%) Est. Cost $0.98 Unrealized —

— SOUTHERN CO 0.2%

Value ($000) $5,973 (-6.3%) Shares 5,598,000 (-2.4%) Est. Cost $1.11 Unrealized —

— BLACKLINE INC 0.0%

Value ($000) $671 (-35.5%) Shares 635,000 (-36.5%) Est. Cost $1.07 Unrealized —

— DWS MUN INCOME TR NEW 0.0%

Value ($000) $841 (-29.9%) Shares 92,505 (-29.3%) Est. Cost $11.01 Unrealized —

— HAEMONETICS CORP MASS 0.3%

Value ($000) $8,405 (-4.1%) Shares 8,498,000 (-5.0%) Est. Cost $0.83 Unrealized —

IAU ISHARES GOLD TR 1.3%

Value ($000) $38,556 (+0.9%) Shares 475,000 (-9.5%) Est. Cost $33.71 Unrealized —

— IONIS PHARMACEUTICALS INC 0.1%

Value ($000) $3,792 (+9.8%) Shares 2,768,000 (-1.7%) Est. Cost $0.95 Unrealized —

— FIVE9 INC 0.4%

Value ($000) $11,557 (-2.5%) Shares 12,805,000 (-4.0%) Est. Cost $0.86 Unrealized —

— VAIL RESORTS INC 0.2%

Value ($000) $5,397 (-5.0%) Shares 5,408,000 (-6.1%) Est. Cost $1.06 Unrealized —

— BENTLEY SYS INC 0.2%

Value ($000) $4,338 (-5.8%) Shares 4,346,000 (-6.8%) Est. Cost $0.98 Unrealized —

— MGP INGREDIENTS INC NEW 0.5%

Value ($000) $13,781 (-1.8%) Shares 14,222,000 (-3.0%) Est. Cost $1.26 Unrealized —

— WORKIVA INC 0.6%

Value ($000) $16,669 (-1.2%) Shares 16,850,000 (-1.3%) Est. Cost $0.95 Unrealized —

— BLACKROCK MUNIYIELD FD INC 0.3%

Value ($000) $7,315 (-2.7%) Shares 697,362 (-2.1%) Est. Cost $10.68 Unrealized —

— BIOMARIN PHARMACEUTICAL INC 1.2%

Value ($000) $33,269 (-0.5%) Shares 34,655,000 (-1.6%) Est. Cost $1.02 Unrealized —

— BLACKROCK MUNIYIELD QUALITY 0.4%

Value ($000) $10,136 (-1.6%) Shares 1,008,573 (-1.8%) Est. Cost $12.87 Unrealized —

— PROGRESS SOFTWARE CORP 1.0%

Value ($000) $29,041 (-0.5%) Shares 28,642,000 (-1.1%) Est. Cost $1.08 Unrealized —

— ARES MANAGEMENT CORPORATION 0.8%

Value ($000) $23,909 (-0.6%) Shares 473,045 (-1.6%) Est. Cost $56.05 Unrealized —

— BLACKROCK MUNIVEST FD INC 0.3%

Value ($000) $8,263 (-1.6%) Shares 1,192,311 (-2.6%) Est. Cost $7.10 Unrealized —

— SPECTRUM BRANDS INC 0.3%

Value ($000) $7,450 (-1.6%) Shares 7,857,000 (-3.3%) Est. Cost $0.91 Unrealized —

— NUVEEN PENNSYLVANIA QLT MUN 0.1%

Value ($000) $2,725 (-2.7%) Shares 229,220 (-1.8%) Est. Cost $14.14 Unrealized —

— DROPBOX INC 0.2%

Value ($000) $5,577 (-1.0%) Shares 5,630,000 (-1.5%) Est. Cost $0.94 Unrealized —

— FORD MTR CO 1.1%

Value ($000) $31,315 (+0.2%) Shares 30,093,000 (-2.2%) Est. Cost $1.15 Unrealized —

— DEXCOM INC 1.2%

Value ($000) $33,980 (-0.1%) Shares 36,913,000 (-1.0%) Est. Cost $0.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HALOZYME THERAPEUTICS INC	5,239,000 (-89.6%)	$5,645 (-90.3%)	0.2%	$1.15	—	NOTE 0.250% 3/0	40637HAD1
—	NUTANIX INC	4,534,000 (-88.9%)	$5,092 (-90.9%)	0.2%	$1.21	—	NOTE 0.250%10/0	67059NAH1
—	LUMENTUM HLDGS INC	30,037,000 (-1.3%)	$85,335 (+100.9%)	3.0%	$0.97	—	NOTE 0.500% 6/1	55024UAF6
—	OSI SYSTEMS INC	4,522,000 (-86.1%)	$6,706 (-85.8%)	0.2%	$1.45	—	NOTE 2.250% 8/0	671044AF2
—	SEAGATE HDD CAYMAN	13,293,000 (-48.0%)	$44,711 (-39.3%)	1.6%	$1.44	—	NOTE 3.500% 6/0	81180WBL4
—	WESTERN DIGITAL CORP	18,882,000 (-1.8%)	$86,589 (+40.3%)	3.0%	$1.32	—	NOTE 3.000%11/1	958102AT2
—	IONIS PHARMACEUTICALS INC	10,410,000 (-62.5%)	$16,573 (-57.0%)	0.6%	$1.04	—	NOTE 1.750% 6/1	462222AF7
—	OIL STS INTL INC	4,136,000 (-80.6%)	$4,150 (-80.6%)	0.1%	$0.81	—	NOTE 4.750% 4/0	678026AK1
—	NUVEEN MUNICIPAL CREDIT INC	324,502 (-76.9%)	$4,082 (-76.9%)	0.1%	$12.32	—	COM SH BEN INT	67070X101
—	ADVANCED ENERGY INDS	44,638,000 (-1.2%)	$73,283 (+16.8%)	2.6%	$1.05	—	NOTE 2.500% 9/1	007973AE0
—	LUMENTUM HLDGS INC	4,796,000 (-2.3%)	$17,790 (+115.4%)	0.6%	$1.22	—	NOTE 0.500%12/1	55024UAD1
—	GLOBAL PMTS INC	17,619,000 (-33.6%)	$15,848 (-35.0%)	0.6%	$0.95	—	NOTE 1.500% 3/0	37940XAU6
—	PG&E CORP	51,451,000 (-14.9%)	$52,988 (-13.5%)	1.9%	$1.09	—	NOTE 4.250%12/0	69331CAL2
—	CONMED CORP	6,973,000 (-54.7%)	$6,694 (-54.4%)	0.2%	$1.10	—	NOTE 2.250% 6/1	207410AH4
—	AKAMAI TECHNOLOGIES INC	33,859,000 (-22.1%)	$34,014 (-18.3%)	1.2%	$1.10	—	NOTE 0.375% 9/0	00971TAL5
—	MKS INC.	36,548,000 (-1.7%)	$46,701 (+14.5%)	1.6%	$0.99	—	NOTE 1.250% 6/0	55306NAB0
TALO	TALOS ENERGY INC	3,008,435 (-2.9%)	$33,153 (+11.6%)	1.2%	$32.68	-68.0%	COM	87484T108
—	PARSONS CORP DEL	26,133,000 (-1.2%)	$26,930 (-10.9%)	0.9%	$1.01	—	NOTE 2.625% 3/0	70202LAD4
—	NORTHERN OIL & GAS INC	30,023,000 (-6.3%)	$29,026 (-9.8%)	1.0%	$1.17	—	NOTE 3.625% 4/1	665531AJ8
—	ALNYLAM PHARMACEUTICALS INC	14,838,000 (-2.3%)	$21,847 (-12.6%)	0.8%	$0.98	—	NOTE 1.000% 9/1	02043QAB3
—	POST HLDGS INC	49,514,000 (-1.2%)	$53,389 (-5.3%)	1.9%	$1.03	—	NOTE 2.500% 8/1	737446AT1
—	APOLLO GLOBAL MGMT INC	714,292 (-1.0%)	$53,912 (+5.7%)	1.9%	$54.97	—	SER A MAND CNV	03769M304
—	MIRUM PHARMACEUTICALS INC	25,532,000 (-2.6%)	$65,983 (+4.6%)	2.3%	$1.35	—	NOTE 4.000% 5/0	604749AB7
—	LIBERTY MEDIA CORP DEL	34,036,000 (-1.2%)	$43,129 (-5.7%)	1.5%	$0.99	—	NOTE 2.250% 8/1	531229AQ5
—	INVESCO ADVANTAGE MUN INCOME	105,768 (-73.9%)	$965 (-72.8%)	0.0%	$8.88	—	SH BEN INT	46132E103
—	AMPHASTAR PHARMACEUTICALS IN	8,733,000 (-24.8%)	$8,096 (-23.4%)	0.3%	$1.06	—	NOTE 2.000% 3/1	03209RAB9
—	MERITAGE HOMES CORP	36,370,000 (-1.8%)	$35,922 (-5.6%)	1.3%	$0.97	—	NOTE 1.750% 5/1	59001ABF8
—	PATRICK INDS INC	21,148,000 (-9.4%)	$35,984 (-5.2%)	1.3%	$0.91	—	NOTE 1.750%12/0	703343AG8
—	FLUOR CORP	26,298,000 (-1.6%)	$30,013 (-5.5%)	1.1%	$1.31	—	NOTE 1.125% 8/1	343412AJ1
—	NUVEEN NEW YORK AMT QLT MUNI	641,105 (-19.6%)	$6,469 (-20.5%)	0.2%	$12.77	—	COM	670656107
—	HEWLETT PACKARD ENTERPRISE C	597,863 (-1.2%)	$39,620 (-3.9%)	1.4%	$54.39	—	7.625 MAND CONV	42824C208
—	VERTEX INC	18,123,000 (-1.1%)	$17,215 (-7.9%)	0.6%	$1.20	—	NOTE 0.750% 5/0	92538JAB2
—	ETSY INC	37,045,000 (-1.2%)	$37,492 (-3.8%)	1.3%	$1.05	—	NOTE 0.125%10/0	29786AAJ5
—	NCL CORP LTD	38,891,000 (-1.1%)	$38,891 (-3.6%)	1.4%	$0.93	—	NOTE 1.125% 2/1	62886HBD2
—	ON SEMICONDUCTOR CORP	39,380,000 (-1.5%)	$46,968 (+3.0%)	1.6%	$1.19	—	NOTE 5/0	682189AS4
—	SHIFT4 PMTS INC	39,492,000 (-1.0%)	$38,051 (-3.3%)	1.3%	$1.08	—	NOTE 0.500% 8/0	82452JAD1
WBD	WARNER BROS DISCOVERY INC	226,250 (-43.4%)	$6,521 (-16.5%)	0.2%	$13.62	+71.6%	COM SER A	934423104
—	CHEFS WHSE INC	23,784,000 (-1.3%)	$36,156 (+3.7%)	1.3%	$1.01	—	NOTE 2.375%12/1	163086AE1
—	WELLS FARGO CO NEW	14,770 (-4.1%)	$17,966 (-5.9%)	0.6%	$1489.39	—	PERP PFD CNV A	949746804
GPOR	GULFPORT ENERGY CORP	108,592 (-17.1%)	$22,586 (-4.7%)	0.8%	$170.19	+17.1%	COMMON SHARES	402635502
—	INVESCO MUN OPPORTUNITY TR	205,338 (-33.3%)	$1,965 (-34.0%)	0.1%	$9.80	—	COM	46132C107
—	Q2 HLDGS INC	25,530,000 (-1.2%)	$25,862 (-3.7%)	0.9%	$1.18	—	NOTE 0.750% 6/0	74736LAD1
—	INTEGER HLDGS CORP	3,726,000 (-5.9%)	$4,194 (-18.8%)	0.1%	$1.45	—	NOTE 2.125% 2/1	45826HAB5
—	JAZZ INVESTMENTS I LTD	13,087,000 (-2.1%)	$15,178 (+6.6%)	0.5%	$1.02	—	NOTE 2.000% 6/1	472145AF8
—	LIVE NATION ENTERTAINMENT IN	4,789,000 (-2.0%)	$6,959 (-11.7%)	0.2%	$1.20	—	NOTE 3.125% 1/1	538034BA6
—	MICROCHIP TECHNOLOGY INC.	601,474 (-1.3%)	$35,139 (-2.5%)	1.2%	$52.97	—	DEP SHS REPSTG	595017302
—	BOEING CO	830,097 (-1.4%)	$57,663 (-1.5%)	2.0%	$63.28	—	DEP CONV PFD A	097023204
—	DROPBOX INC	24,323,000 (-1.2%)	$24,578 (-3.5%)	0.9%	$0.95	—	NOTE 3/0	26210CAD6
—	BLACKROCK MUN TARGET TERM TR	1,364,127 (-3.9%)	$31,129 (-2.4%)	1.1%	$24.19	—	COM SHS BEN IN	09257P105
—	FRESHPET INC	21,347,000 (-1.0%)	$25,002 (+2.9%)	0.9%	$1.13	—	NOTE 3.000% 4/0	358039AB1
—	INVESCO TR INVT GRADE MUNS	308,543 (-16.6%)	$3,200 (-14.6%)	0.1%	$10.40	—	COM	46131M106
—	CLOUDFLARE INC	5,715,000 (-1.7%)	$6,709 (-7.4%)	0.2%	$1.01	—	NOTE 8/1	18915MAC1
—	WEC ENERGY GROUP INC	5,334,000 (-3.2%)	$6,223 (-7.9%)	0.2%	$1.23	—	NOTE 4.375% 6/0	92939UAR7
—	MFS MUN INCOME TR	339,657 (-21.6%)	$1,844 (-21.0%)	0.1%	$6.77	—	SH BEN INT	552738106
—	QXO INC	1,171,159 (-1.3%)	$65,023 (-0.7%)	2.3%	$60.15	—	5.50 DEP PFD	82846H504
—	CHEESECAKE FACTORY INC	15,451,000 (-2.3%)	$15,278 (-2.9%)	0.5%	$0.98	—	NOTE 0.375% 6/1	163072AA9
—	SOUTHERN CO	5,598,000 (-2.4%)	$5,973 (-6.3%)	0.2%	$1.11	—	NOTE 4.500% 6/1	842587DZ7
—	BLACKLINE INC	635,000 (-36.5%)	$671 (-35.5%)	0.0%	$1.07	—	NOTE 1.000% 6/0	09239BAF6
—	DWS MUN INCOME TR NEW	92,505 (-29.3%)	$841 (-29.9%)	0.0%	$11.01	—	COM	233368109
—	HAEMONETICS CORP MASS	8,498,000 (-5.0%)	$8,405 (-4.1%)	0.3%	$0.83	—	NOTE 3/0	405024AB6
IAU	ISHARES GOLD TR	475,000 (-9.5%)	$38,556 (+0.9%)	1.3%	$33.71	—	ISHARES NEW	464285204
—	IONIS PHARMACEUTICALS INC	2,768,000 (-1.7%)	$3,792 (+9.8%)	0.1%	$0.95	—	NOTE 4/0	462222AD2
—	FIVE9 INC	12,805,000 (-4.0%)	$11,557 (-2.5%)	0.4%	$0.86	—	NOTE 1.000% 3/1	338307AF8
—	VAIL RESORTS INC	5,408,000 (-6.1%)	$5,397 (-5.0%)	0.2%	$1.06	—	NOTE 1/0	91879QAN9
—	BENTLEY SYS INC	4,346,000 (-6.8%)	$4,338 (-5.8%)	0.2%	$0.98	—	NOTE 0.125% 1/1	08265TAB5
—	MGP INGREDIENTS INC NEW	14,222,000 (-3.0%)	$13,781 (-1.8%)	0.5%	$1.26	—	NOTE 1.875%11/1	55303JAB2
—	WORKIVA INC	16,850,000 (-1.3%)	$16,669 (-1.2%)	0.6%	$0.95	—	NOTE 1.250% 8/1	98139AAD7
—	BLACKROCK MUNIYIELD FD INC	697,362 (-2.1%)	$7,315 (-2.7%)	0.3%	$10.68	—	COM	09253W104
—	BIOMARIN PHARMACEUTICAL INC	34,655,000 (-1.6%)	$33,269 (-0.5%)	1.2%	$1.02	—	NOTE 1.250% 5/1	09061GAK7
—	BLACKROCK MUNIYIELD QUALITY	1,008,573 (-1.8%)	$10,136 (-1.6%)	0.4%	$12.87	—	COM	09254G108
—	PROGRESS SOFTWARE CORP	28,642,000 (-1.1%)	$29,041 (-0.5%)	1.0%	$1.08	—	NOTE 3.500% 3/0	743312AD2
—	ARES MANAGEMENT CORPORATION	473,045 (-1.6%)	$23,909 (-0.6%)	0.8%	$56.05	—	6.75 SE B PFD	03990B309
—	BLACKROCK MUNIVEST FD INC	1,192,311 (-2.6%)	$8,263 (-1.6%)	0.3%	$7.10	—	COM	09253R105
—	SPECTRUM BRANDS INC	7,857,000 (-3.3%)	$7,450 (-1.6%)	0.3%	$0.91	—	NOTE 3.375% 6/0	84762LAZ8
—	NUVEEN PENNSYLVANIA QLT MUN	229,220 (-1.8%)	$2,725 (-2.7%)	0.1%	$14.14	—	COM	670972108
—	DROPBOX INC	5,630,000 (-1.5%)	$5,577 (-1.0%)	0.2%	$0.94	—	NOTE 3/0	26210CAC8
—	FORD MTR CO	30,093,000 (-2.2%)	$31,315 (+0.2%)	1.1%	$1.15	—	NOTE 3/1	345370CZ1
—	DEXCOM INC	36,913,000 (-1.0%)	$33,980 (-0.1%)	1.2%	$0.94	—	NOTE 0.375% 5/1	252131AM9

Unchanged Positions (37)

— UBER TECHNOLOGIES INC 1.9%

Value ($000) $55,404 Shares 42,644,000 Est. Cost $1.12 Unrealized —

— RIVIAN AUTOMOTIVE INC 0.8%

Value ($000) $23,392 Shares 18,581,000 Est. Cost $0.82 Unrealized —

— BRIDGEBIO PHARMA INC 1.1%

Value ($000) $32,299 Shares 28,678,000 Est. Cost $0.84 Unrealized —

— TYLER TEX INDPT SCH DIST 1.1%

Value ($000) $30,728 Shares 30,319,000 Est. Cost $1.23 Unrealized —

— BURLINGTON STORES INC 1.1%

Value ($000) $30,283 Shares 20,379,000 Est. Cost $1.41 Unrealized —

— LIBERTY MEDIA CORP DEL 1.0%

Value ($000) $29,767 Shares 29,575,000 Est. Cost $1.23 Unrealized —

— NEXTERA ENERGY INC 0.8%

Value ($000) $23,951 Shares 463,345 Est. Cost $49.98 Unrealized —

GLD SPDR GOLD TR 0.2%

Value ($000) $6,078 Shares 15,336 Est. Cost $112.08 Unrealized —

— EXPEDIA GROUP INC 0.2%

Value ($000) $6,857 Shares 6,133,000 Est. Cost $1.19 Unrealized —

— IMPINJ INC 0.6%

Value ($000) $16,139 Shares 9,890,000 Est. Cost $1.20 Unrealized —

— BLACKROCK MUNIHLDGS NJ QLTY 0.5%

Value ($000) $14,671 Shares 1,232,873 Est. Cost $13.30 Unrealized —

— BLACKROCK MUNIYIELD MICH QU 0.3%

Value ($000) $7,805 Shares 664,819 Est. Cost $14.50 Unrealized —

— CABLE ONE INC 0.9%

Value ($000) $24,663 Shares 24,975,000 Est. Cost $0.84 Unrealized —

— NEUBERGER MUN FD INC 0.4%

Value ($000) $12,484 Shares 1,233,578 Est. Cost $10.29 Unrealized —

— BLACKROCK MUNIHLDNGS CALI QL 0.4%

Value ($000) $10,402 Shares 981,326 Est. Cost $10.75 Unrealized —

— RAPID7 INC 0.4%

Value ($000) $11,699 Shares 12,790,000 Est. Cost $0.94 Unrealized —

— TELADOC HEALTH INC 0.5%

Value ($000) $14,510 Shares 15,194,000 Est. Cost $1.12 Unrealized —

— BLACKROCK MUNIYILD QULT FD I 0.1%

Value ($000) $4,044 Shares 357,837 Est. Cost $16.64 Unrealized —

— GREENBRIER COS INC 0.7%

Value ($000) $20,517 Shares 19,032,000 Est. Cost $0.94 Unrealized —

— EATON VANCE MUN BD FD 0.1%

Value ($000) $3,102 Shares 318,814 Est. Cost $10.17 Unrealized —

TPB TURNING PT BRANDS INC 0.0%

Value ($000) $737 Shares 6,802 Est. Cost $30.89 Unrealized +216.5%

— DUKE ENERGY CORP NEW 0.0%

Value ($000) $516 Shares 500,000 Est. Cost $1.00 Unrealized —

WW WW INTL INC 0.0%

Value ($000) $420 Shares 14,371 Est. Cost $34.35 Unrealized -18.6%

— PPL CAP FDG INC 0.0%

Value ($000) $549 Shares 500,000 Est. Cost $0.96 Unrealized —

— BLACKROCK MUNIYIELD N Y QUAL 0.4%

Value ($000) $11,636 Shares 1,174,171 Est. Cost $11.54 Unrealized —

— BLACKROCK MUNIHOLDINGS FD IN 0.9%

Value ($000) $25,432 Shares 2,166,270 Est. Cost $13.19 Unrealized —

— BLACKROCK MUN INCOME TR 0.3%

Value ($000) $8,363 Shares 833,784 Est. Cost $10.08 Unrealized —

— BLACKROCK INVT QUALITY MUN T 0.0%

Value ($000) $1,031 Shares 92,077 Est. Cost $11.49 Unrealized —

— BLACKROCK MUNIHLDGS NY QLTY 0.4%

Value ($000) $12,189 Shares 1,191,469 Est. Cost $13.39 Unrealized —

— BLACKROCK MUNIVEST FD II INC 0.0%

Value ($000) $710 Shares 65,678 Est. Cost $10.57 Unrealized —

— BLACKROCK MUN INCOME QUALITY 0.2%

Value ($000) $5,247 Shares 479,613 Est. Cost $10.74 Unrealized —

— CHEGG INC 0.0%

Value ($000) $40 Shares 45,000 Est. Cost $0.99 Unrealized —

XBNYX BLACKROCK N Y MUN INCOME TRU 0.1%

Value ($000) $2,216 Shares 218,559 Est. Cost $11.76 Unrealized —

— ABRDN NATL MUN INCOME FD 0.1%

Value ($000) $4,125 Shares 401,695 Est. Cost $13.32 Unrealized —

— BLACKROCK MUNI INCOME TR II 0.1%

Value ($000) $3,800 Shares 363,951 Est. Cost $10.37 Unrealized —

— INVESCO PA VALUE MUN INC TR 0.0%

Value ($000) $151 Shares 14,433 Est. Cost $12.71 Unrealized —

— INVESCO MUNICIPAL TRUST 0.1%

Value ($000) $3,137 Shares 325,107 Est. Cost $10.15 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	UBER TECHNOLOGIES INC	42,644,000	$55,404	1.9%	$1.12	—	NOTE 0.875%12/0	90353TAM2
—	RIVIAN AUTOMOTIVE INC	18,581,000	$23,392	0.8%	$0.82	—	NOTE 4.625% 3/1	76954AAB9
—	BRIDGEBIO PHARMA INC	28,678,000	$32,299	1.1%	$0.84	—	NOTE 2.250% 2/0	10806XAD4
—	TYLER TEX INDPT SCH DIST	30,319,000	$30,728	1.1%	$1.23	—	NOTE 0.250% 3/1	902252AB1
—	BURLINGTON STORES INC	20,379,000	$30,283	1.1%	$1.41	—	NOTE 1.250%12/1	122017AD8
—	LIBERTY MEDIA CORP DEL	29,575,000	$29,767	1.0%	$1.23	—	NOTE 3.750% 3/1	531229AP7
—	NEXTERA ENERGY INC	463,345	$23,951	0.8%	$49.98	—	UNIT 06/01/2027	65339F663
GLD	SPDR GOLD TR	15,336	$6,078	0.2%	$112.08	—	GOLD SHS	78463V107
—	EXPEDIA GROUP INC	6,133,000	$6,857	0.2%	$1.19	—	NOTE 2/1	30212PBE4
—	IMPINJ INC	9,890,000	$16,139	0.6%	$1.20	—	NOTE 1.125% 5/1	453204AD1
—	BLACKROCK MUNIHLDGS NJ QLTY	1,232,873	$14,671	0.5%	$13.30	—	COM	09254X101
—	BLACKROCK MUNIYIELD MICH QU	664,819	$7,805	0.3%	$14.50	—	COM	09254V105
—	CABLE ONE INC	24,975,000	$24,663	0.9%	$0.84	—	NOTE 3/1	12685JAE5
—	NEUBERGER MUN FD INC	1,233,578	$12,484	0.4%	$10.29	—	COM	64124P101
—	BLACKROCK MUNIHLDNGS CALI QL	981,326	$10,402	0.4%	$10.75	—	COM	09254L107
—	RAPID7 INC	12,790,000	$11,699	0.4%	$0.94	—	NOTE 1.250% 3/1	753422AH7
—	TELADOC HEALTH INC	15,194,000	$14,510	0.5%	$1.12	—	NOTE 1.250% 6/0	87918AAF2
—	BLACKROCK MUNIYILD QULT FD I	357,837	$4,044	0.1%	$16.64	—	COM	09254F100
—	GREENBRIER COS INC	19,032,000	$20,517	0.7%	$0.94	—	NOTE 2.875% 4/1	393657AM3
—	EATON VANCE MUN BD FD	318,814	$3,102	0.1%	$10.17	—	COM	27827X101
TPB	TURNING PT BRANDS INC	6,802	$737	0.0%	$30.89	+216.5%	COM	90041L105
—	DUKE ENERGY CORP NEW	500,000	$516	0.0%	$1.00	—	NOTE 4.125% 4/1	26441CBY0
WW	WW INTL INC	14,371	$420	0.0%	$34.35	-18.6%	COM NEW	98262P200
—	PPL CAP FDG INC	500,000	$549	0.0%	$0.96	—	NOTE 2.875% 3/1	69352PAS2
—	BLACKROCK MUNIYIELD N Y QUAL	1,174,171	$11,636	0.4%	$11.54	—	COM	09255E102
—	BLACKROCK MUNIHOLDINGS FD IN	2,166,270	$25,432	0.9%	$13.19	—	COM	09253N104
—	BLACKROCK MUN INCOME TR	833,784	$8,363	0.3%	$10.08	—	SH BEN INT	09248F109
—	BLACKROCK INVT QUALITY MUN T	92,077	$1,031	0.0%	$11.49	—	COM	09247D105
—	BLACKROCK MUNIHLDGS NY QLTY	1,191,469	$12,189	0.4%	$13.39	—	COM	09255C106
—	BLACKROCK MUNIVEST FD II INC	65,678	$710	0.0%	$10.57	—	COM	09253T101
—	BLACKROCK MUN INCOME QUALITY	479,613	$5,247	0.2%	$10.74	—	COM	092479104
—	CHEGG INC	45,000	$40	0.0%	$0.99	—	NOTE 9/0	163092AF6
XBNYX	BLACKROCK N Y MUN INCOME TRU	218,559	$2,216	0.1%	$11.76	—	SH BEN INT	09248L106
—	ABRDN NATL MUN INCOME FD	401,695	$4,125	0.1%	$13.32	—	SH BEN INT	24610T108
—	BLACKROCK MUNI INCOME TR II	363,951	$3,800	0.1%	$10.37	—	COM	09249N101
—	INVESCO PA VALUE MUN INC TR	14,433	$151	0.0%	$12.71	—	COM	46132K109
—	INVESCO MUNICIPAL TRUST	325,107	$3,137	0.1%	$10.15	—	COM	46131J103