PenderFund Capital Management Ltd. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FLUENCE ENERGY INC	28,000,000	$33,997	5.4%	$1.21	—	NOTE 2.250% 6/1	34379VAB9
—	WOLFSPEED INC	8,125,060	$12,085	1.9%	$1.49	—	COMMON STOCK	977852AP7
—	PAR TECHNOLOGY CORP	5,000,000	$4,909	0.8%	$0.98	—	COM	698884AE3
SARO	STANDARDAERO INC	80,700	$2,314	0.4%	$27.23	0.0%	COM	85423L103
BGSI	BOYD GROUP SERVICES INC	12,500	$1,991	0.3%	$160.25	0.0%	COM	103310108
BIDU	BAIDU INC	7,600	$993	0.2%	$130.66	—	SPON ADR REP A	056752108
CCJ	CAMECO CORP	7,300	$668	0.1%	$89.94	0.0%	COM	13321L108
NVDA	NVIDIA CORPORATION	3,500	$653	0.1%	$186.13	0.0%	COM	67066G104
AAUC	ALLIED GOLD CORP	27,000	$619	0.1%	$19.26	0.0%	COM NEW	01921D204
TLN	TALEN ENERGY CORP	1,500	$562	0.1%	$388.68	0.0%	COM	87422Q109
WBD	WARNER BROS DISCOVERY INC	16,800	$484	0.1%	$23.37	0.0%	COM SER A	934423104
SZZL	SIZZLE ACQUISITION CORP. II	43,642	$443	0.1%	$10.15	0.0%	USD CL A ORD SHS	G8193F109
—	HILLENBRAND INC	13,400	$425	0.1%	$31.72	—	COM	431571108
WOLF	WOLFSPEED INC	23,851	$415	0.1%	$22.94	0.0%	NOTE 2.500% 6/1	97785W106
EB	EVENTBRITE INC	91,800	$409	0.1%	$3.10	0.0%	COM CL A	29975E109
SOHO	SOTHERLY HOTELS INC	184,798	$397	0.1%	$2.15	—	COM	83600C103
—	DENNYS CORP	63,500	$395	0.1%	$6.22	—	COM	24869P104
TACH	TITAN ACQUISITION CORP	36,600	$376	0.1%	$10.23	0.0%	CL A	G8901A103
TVAI	THAYER VENTURES ACQ CORP II	36,000	$364	0.1%	$10.09	0.0%	CL A	G87890102
CADE	CADENCE BANK	7,975	$342	0.1%	$39.41	0.0%	COM	12740C103
SNCR	SYNCHRONOSS TECHNOLOGIES INC	39,000	$334	0.1%	$8.56	—	COM NEW	87157B400
QIPT	QUIPT HOME MEDICAL CORP	92,629	$328	0.1%	$2.65	0.0%	COM	74880P104
RNA	AVIDITY BIOSCIENCES INC	4,500	$325	0.1%	$64.59	0.0%	COM	05370A108
ON	ON SEMICONDUCTOR CORP	5,800	$314	0.0%	$51.30	0.0%	COM	682189105
TXN	TEXAS INSTRS INC	1,800	$312	0.0%	$170.73	0.0%	COM	882508104
SOUL	SOULPOWER ACQUISITION CORP	30,051	$305	0.0%	$10.15	0.0%	USD CL A ORD SHS	G82745103
BCAR	D. BORAL ARC ACQ I CORP.	29,400	$295	0.0%	$10.03	0.0%	SHS CL A	G2616F101
SOCA	SOLARIUS CAPITAL ACQU CORP	29,100	$292	0.0%	$10.08	0.0%	SHS CL A	G82617104
BLFY	BLUE FOUNDRY BANCORP	21,600	$268	0.0%	$9.98	0.0%	COM	09549B104
CSGS	CSG SYS INTL INC	3,500	$268	0.0%	$73.52	0.0%	COM	126349109
ALEX	ALEXANDER & BALDWIN INC NEW	12,400	$256	0.0%	$20.64	—	COM	014491104
DHIL	DIAMOND HILL INVT GROUP INC	1,500	$254	0.0%	$135.06	0.0%	COM NEW	25264R207
VHCPU	VINE HILL CAP INVTS CORP II	25,000	$251	0.0%	$10.02	—	UNIT 11/25/2030	G9709D125
GDOT	GREEN DOT CORP	19,500	$250	0.0%	$12.42	0.0%	CL A	39304D102
ISPO	INSPIRATO INCORPORATED	59,100	$246	0.0%	$2.96	0.0%	CL A NEW	45791E206
BELFA	BEL FUSE INC	1,600	$243	0.0%	$134.10	0.0%	CL A	077347201
RTAC	RENATUS TACTICAL ACQUIS	22,500	$240	0.0%	$10.91	0.0%	SHS CL A	G7490F101
CGCT	CARTESIAN GROWTH CORP III	22,700	$234	0.0%	$10.14	0.0%	COM CL A	G19307100
BLUW	BLUE WTR ACQUISITION CORP. I	22,500	$232	0.0%	$10.13	0.0%	ORD SHS CL A	G1368E106
GDEN	GOLDEN ENTMT INC	8,500	$231	0.0%	$25.68	0.0%	COM	381013101
—	TRUECAR INC	97,100	$219	0.0%	$2.26	—	COM	89785L107
SEMR	SEMRUSH HLDGS INC	18,023	$214	0.0%	$9.37	0.0%	CL A COM	81686C104
CMA	COMERICA INC	2,397	$208	0.0%	$79.98	0.0%	COM	200340107
ASTL	ALGOMA STL GROUP INC	50,000	$206	0.0%	$3.99	0.0%	COM	015658107
EVAC	EQV VENTURES AC CORP. II	20,000	$201	0.0%	$10.01	0.0%	ORD SHS CL A	G3106Q102
—	CIDARA THERAPEUTICS INC	900	$199	0.0%	$220.89	—	COM NEW	171757206
BHF	BRIGHTHOUSE FINL INC	2,900	$188	0.0%	$58.76	0.0%	COM	10922N103
WENN	WEN ACQUISITION CORP	17,600	$178	0.0%	$10.18	0.0%	COM CL A	G9R39C103
RNGTU	RANGE CAP ACQUISITION CORP I	17,320	$177	0.0%	$10.20	—	UNIT 09/29/2030	G7375J129
PACH	PIONEER ACQUISITION I CORP	17,400	$175	0.0%	$10.07	0.0%	CL A ORD SHS	G7117W107
PLYM	PLYMOUTH INDL REIT INC	8,000	$175	0.0%	$21.88	—	COM	729640102
—	JAMF HLDG CORP	13,300	$173	0.0%	$13.01	—	COM	47074L105
—	AVADEL PHARMACEUTICALS PLC	8,004	$172	0.0%	$21.55	—	COM SHS	G29687103
CWAN	CLEARWATER ANALYTICS HLDGS I	7,100	$171	0.0%	$20.03	0.0%	CL A	185123106
FOLD	AMICUS THERAPEUTICS INC	11,900	$169	0.0%	$9.82	0.0%	COM	03152W109
JHG	JANUS HENDERSON GROUP PLC	3,500	$166	0.0%	$44.24	0.0%	ORD SHS	G4474Y214
ONTF	ON24 INC	18,900	$150	0.0%	$5.66	0.0%	COM	68339B104
FONR	FONAR CORP	8,100	$150	0.0%	$15.07	0.0%	COM NEW	344437405
GIFI	GULF IS FABRICATION INC	12,522	$150	0.0%	$10.06	0.0%	COM	402307102
NPAC	NEW PROVIDENCE ACQUISITION C	13,765	$141	0.0%	$10.26	0.0%	USD CL A ORD SHS	G6476A102
MOFG	MIDWESTONE FINL GROUP INC NE	3,305	$127	0.0%	$36.46	0.0%	COM	598511103
BSAA	BEST SPAC I ACQUISITION CORP	11,800	$120	0.0%	$10.10	0.0%	USD CL A ORD SHS	G1069P103
RDAG	REPUBLIC DIGITAL ACQUISITION	10,600	$107	0.0%	$10.25	0.0%	USD CL A ORD SHS	G7515A103
FERA	FIFTH ERA ACQUISITION CORP I	10,100	$104	0.0%	$10.32	0.0%	ORD SHS CL A	G3415K101
FRGE	FORGE GLOBAL HOLDINGS INC	2,300	$102	0.0%	$33.80	0.0%	COM SHS	34629L202
LWAC	LIGHTWAVE ACQUISITION CORP	10,196	$102	0.0%	$10.05	0.0%	USD CL A ORD SHS	G5490M100
ITHAU	ITHAX ACQUISITION CORP III	10,000	$100	0.0%	$9.96	—	UNIT 11/17/2030	G4977S128
OBA	OXLEY BRIDGE ACQ LTD	9,100	$92	0.0%	$10.03	0.0%	USD CL A ORD SHS	G6858G107
FIGX	FIGX CAP ACQUISITION CORP.	9,000	$91	0.0%	$10.06	0.0%	USD CL A ORD SHS	G3473K100
PMTR	PERIMETER ACQUISITION CORP I	8,000	$82	0.0%	$10.32	0.0%	COM CL A	G7010A129
HCMA	HCM III ACQUISITION CORP	7,200	$72	0.0%	$10.17	0.0%	ORD SHS CL A	G4365E103
CEPV	CANTOR EQUITY PARTNERS V INC	5,000	$51	0.0%	$10.25	0.0%	SHS CL A S	G1828S109
ONCH	1RT ACQUISITION CORP.	5,000	$51	0.0%	$10.30	0.0%	USD CL A ORD SHS	G6757R105
IPCX	INFLECTION PT ACQUISITION CO	5,000	$51	0.0%	$10.15	0.0%	CL A ORD SHS	G47875102
CRANU	CRANE HBR ACQUISITION CORP I	5,000	$50	0.0%	$10.06	—	UNIT 12/09/2030	G25014120
LFACU	LEAPFROG ACQUISITION CORP	5,000	$50	0.0%	$10.01	—	UNIT 11/10/2030	G5414D129
SCPQU	SOCIAL COMM PARTNERS CORP	5,000	$50	0.0%	$10.00	—	UNIT 11/24/2030	G8254P129
LPCVU	LAUNCHPAD CADENZA ACQUISITIO	5,000	$50	0.0%	$9.98	—	UNIT 12/15/2030	G6001S123
IRHOU	IRON HORSE ACQUISIT CORP II	5,000	$50	0.0%	$9.94	—	UNIT 07/11/2030	46283H202
LNKB	LINKBANCORP INC	5,175	$43	0.0%	$7.47	0.0%	COM	53578P105
UEC	URANIUM ENERGY CORP	3,300	$39	0.0%	$13.12	0.0%	COM	916896103
MJ	AMPLIFY ETF TR	1,200	$36	0.0%	$29.79	—	ALTRNTV HARV ETF	032108474
BAH	BOOZ ALLEN HAMILTON HLDG COR	350	$30	0.0%	$88.51	0.0%	CL A	099502106
CART	MAPLEBEAR INC	595	$27	0.0%	$40.93	0.0%	COM	565394103
CCXIU	CHURCHILL CAP CORP XI	2,500	$26	0.0%	$10.21	—	UNIT 12/10/2030	G2131A124
MBCN	MIDDLEFIELD BANC CORP	604	$21	0.0%	$32.90	0.0%	COM NEW	596304204
FDS	FACTSET RESH SYS INC	70	$20	0.0%	$280.03	0.0%	COM	303075105
MMTXU	MILUNA ACQUISITION CORP	1,406	$14	0.0%	$9.99	—	UNIT 09/29/2030	G6180J126
FSFG	FIRST SVGS FINL GROUP INC	400	$13	0.0%	$30.96	0.0%	COM	33621E109
CGCTW	CARTESIAN GROWTH CORP III	9,143	$7	0.0%	$0.80	—	*W EXP 05/02/203	G19307126
FG	F&G ANNUITIES & LIFE INC	161	$5	0.0%	$31.09	0.0%	COMMON STOCK	30190A104
ZEUS	OLYMPIC STEEL INC	109	$5	0.0%	$35.69	0.0%	COM	68162K106
UDMY	UDEMY INC	375	$2	0.0%	$5.83	0.0%	COM	902685106
EVAC/WS	EQV VENTURES AC CORP. II	5,636	$2	0.0%	$0.35	—	*W EXP 06/30/203	G3106Q128
RDAGW	REPUBLIC DIGITAL ACQUISITION	2,500	$2	0.0%	$0.60	—	*W EXP 05/01/203	G7515A129
ONCHW	1RT ACQUISITION CORP.	1,250	$1	0.0%	$0.58	—	*W EXP 06/26/203	G6757R113
HNI	HNI CORP	1	$0	0.0%	$42.24	0.0%	COM	404251100

Increased Positions (44)

— NORTHERN OIL & GAS INC 3.1%

Value ($000) $19,506 (+281.7%) Shares 20,000,000 (+300.0%) Est. Cost $0.99 Unrealized —

— NIO INC 3.1%

Value ($000) $19,822 (+158.5%) Shares 22,150,000 (+209.8%) Est. Cost $0.62 Unrealized —

— PPL CAP FDG INC 3.3%

Value ($000) $21,039 (+104.3%) Shares 19,000,000 (+111.1%) Est. Cost $0.59 Unrealized —

— SOUTHERN CO 5.1%

Value ($000) $32,149 (+42.7%) Shares 30,000,000 (+50.0%) Est. Cost $1.10 Unrealized —

— NIO INC 3.8%

Value ($000) $24,083 (+45.2%) Shares 25,270,000 (+65.5%) Est. Cost $0.38 Unrealized —

— CARDLYTICS INC 3.1%

Value ($000) $19,358 (+31.9%) Shares 47,710,000 (+72.8%) Est. Cost $0.41 Unrealized —

— EVOLENT HEALTH INC 0.9%

Value ($000) $5,946 (+142.5%) Shares 8,769,000 (+192.3%) Est. Cost $0.73 Unrealized —

DLTR DOLLAR TREE INC 0.4%

Value ($000) $2,279 (+7691.4%) Shares 18,530 (+5877.4%) Est. Cost $106.74 Unrealized +0.4%

WBS WEBSTER FINL CORP 0.4%

Value ($000) $2,382 (+586.3%) Shares 37,838 (+548.1%) Est. Cost $57.41 Unrealized +3.4%

ADUS ADDUS HOMECARE CORP 0.3%

Value ($000) $1,976 (+5714.9%) Shares 18,400 (+6288.9%) Est. Cost $114.73 Unrealized +0.1%

FLR FLUOR CORP NEW 0.3%

Value ($000) $1,789 (+5646.2%) Shares 45,140 (+6000.0%) Est. Cost $44.25 Unrealized -0.0%

CLVT CLARIVATE PLC 0.3%

Value ($000) $1,740 (+243.7%) Shares 521,000 (+294.1%) Est. Cost $4.33 Unrealized -18.0%

KKR KKR & CO INC 0.4%

Value ($000) $2,516 (+89.1%) Shares 19,740 (+92.8%) Est. Cost $79.34 Unrealized +56.6%

NXE NEXGEN ENERGY LTD 0.4%

Value ($000) $2,363 (+65.7%) Shares 256,800 (+61.2%) Est. Cost $7.84 Unrealized +12.6%

— SOHO HOUSE & CO INC 0.1%

Value ($000) $887 (+133.6%) Shares 98,995 (+130.8%) Est. Cost $8.91 Unrealized —

CVE CENOVUS ENERGY INC 0.1%

Value ($000) $677 (+298.5%) Shares 40,000 (+300.0%) Est. Cost $16.93 Unrealized +2.6%

— DAYFORCE INC 0.1%

Value ($000) $574 (+495.2%) Shares 8,300 (+492.9%) Est. Cost $67.72 Unrealized +1.6%

AL AIR LEASE CORP 0.1%

Value ($000) $490 (+731.0%) Shares 7,626 (+723.5%) Est. Cost $63.17 Unrealized +0.8%

ISOU ISOENERGY LTD 0.2%

Value ($000) $1,016 (+66.4%) Shares 111,600 (+84.2%) Est. Cost $8.22 Unrealized +9.7%

DBRG DIGITALBRIDGE GROUP INC 0.1%

Value ($000) $428 (+1148.5%) Shares 27,900 (+852.2%) Est. Cost $11.89 Unrealized +1.0%

PAR PAR TECHNOLOGY CORP 2.4%

Value ($000) $15,153 (+2.6%) Shares 417,666 (+12.0%) Est. Cost $45.66 Unrealized -21.0%

HOLX HOLOGIC INC 0.1%

Value ($000) $328 (+593.8%) Shares 4,400 (+528.6%) Est. Cost $72.00 Unrealized +1.5%

CTLP CANTALOUPE INC 0.1%

Value ($000) $327 (+91.0%) Shares 30,800 (+90.1%) Est. Cost $9.58 Unrealized +10.7%

NWE NORTHWESTERN ENERGY GROUP IN 0.0%

Value ($000) $187 (+406.1%) Shares 2,900 (+359.6%) Est. Cost $60.93 Unrealized +3.1%

— CITY OFFICE REIT INC 0.1%

Value ($000) $410 (+39.7%) Shares 58,700 (+39.1%) Est. Cost $6.97 Unrealized —

TXNM TXNM ENERGY INC 0.1%

Value ($000) $365 (+46.7%) Shares 6,200 (+40.9%) Est. Cost $55.40 Unrealized +4.2%

IMXI INTERNATIONAL MNY EXPRESS IN 0.0%

Value ($000) $232 (+74.8%) Shares 15,100 (+58.9%) Est. Cost $13.37 Unrealized +12.4%

— ANYWHERE REAL ESTATE INC 0.0%

Value ($000) $120 (+106.6%) Shares 8,500 (+54.5%) Est. Cost $11.85 Unrealized —

— CYBERARK SOFTWARE LTD 0.1%

Value ($000) $446 (+15.4%) Shares 1,000 (+25.0%) Est. Cost $475.73 Unrealized —

EM SMART SH GLOBAL LTD 0.0%

Value ($000) $154 (+56.1%) Shares 131,500 (+80.1%) Est. Cost $1.27 Unrealized —

PRA PROASSURANCE CORP 0.0%

Value ($000) $227 (+26.2%) Shares 9,401 (+25.3%) Est. Cost $19.54 Unrealized +23.0%

MSOS ADVISORSHARES TR 0.0%

Value ($000) $109 (+68.6%) Shares 23,100 (+71.1%) Est. Cost $4.76 Unrealized —

— WESTERN ASST INFLTN LKD INM 0.1%

Value ($000) $794 (+5.9%) Shares 96,300 (+8.1%) Est. Cost $4.76 Unrealized —

AHL ASPEN INSURANCE HOLDINGS LTD 0.0%

Value ($000) $104 (+48.9%) Shares 2,800 (+47.4%) Est. Cost $34.16 Unrealized +8.0%

CAEP CANTOR EQUITY PARTNERS III I 0.0%

Value ($000) $73 (+77.9%) Shares 7,200 (+80.0%) Est. Cost $10.46 Unrealized -0.8%

VACH VOYAGER ACQUISITION CORP 0.0%

Value ($000) $84 (+60.6%) Shares 7,900 (+58.0%) Est. Cost $10.20 Unrealized +3.1%

EVR EVERCORE INC 0.2%

Value ($000) $1,041 (+2.9%) Shares 3,060 (+2.0%) Est. Cost $312.20 Unrealized +2.8%

TGNA TEGNA INC 0.0%

Value ($000) $87 (+48.2%) Shares 4,500 (+55.2%) Est. Cost $19.31 Unrealized +2.3%

MCHP MICROCHIP TECHNOLOGY INC. 0.1%

Value ($000) $945 (+2.5%) Shares 14,835 (+3.3%) Est. Cost $66.92 Unrealized -8.3%

JBL JABIL INC 0.0%

Value ($000) $287 (+8.4%) Shares 1,257 (+3.3%) Est. Cost $115.99 Unrealized +83.9%

BN BROOKFIELD CORP 0.3%

Value ($000) $2,117 (+0.4%) Shares 46,110 (+50.0%) Est. Cost $33.06 Unrealized +37.8%

EEFT EURONET WORLDWIDE INC 0.0%

Value ($000) $33 (+10.2%) Shares 440 (+27.2%) Est. Cost $97.09 Unrealized -19.7%

ITRI ITRON INC 0.0%

Value ($000) $32 (-4.4%) Shares 340 (+28.3%) Est. Cost $109.63 Unrealized -0.6%

VRSN VERISIGN INC 0.0%

Value ($000) $33 (-3.8%) Shares 135 (+10.7%) Est. Cost $237.92 Unrealized +5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NORTHERN OIL & GAS INC	20,000,000 (+300.0%)	$19,506 (+281.7%)	3.1%	$0.99	—	NOTE 3.625% 4/1	665531AJ8
—	NIO INC	22,150,000 (+209.8%)	$19,822 (+158.5%)	3.1%	$0.62	—	NOTE 4.625%10/1	62914VAK2
—	PPL CAP FDG INC	19,000,000 (+111.1%)	$21,039 (+104.3%)	3.3%	$0.59	—	NOTE 2.875% 3/1	69352PAS2
—	SOUTHERN CO	30,000,000 (+50.0%)	$32,149 (+42.7%)	5.1%	$1.10	—	NOTE 4.500% 6/1	842587DZ7
—	NIO INC	25,270,000 (+65.5%)	$24,083 (+45.2%)	3.8%	$0.38	—	NOTE 3.875%10/1	62914VAJ5
—	CARDLYTICS INC	47,710,000 (+72.8%)	$19,358 (+31.9%)	3.1%	$0.41	—	NOTE 4.250% 4/0	14161WAD7
—	EVOLENT HEALTH INC	8,769,000 (+192.3%)	$5,946 (+142.5%)	0.9%	$0.73	—	NOTE 3.500%12/0	30050BAH4
DLTR	DOLLAR TREE INC	18,530 (+5877.4%)	$2,279 (+7691.4%)	0.4%	$106.74	+0.4%	COM	256746108
WBS	WEBSTER FINL CORP	37,838 (+548.1%)	$2,382 (+586.3%)	0.4%	$57.41	+3.4%	COM	947890109
ADUS	ADDUS HOMECARE CORP	18,400 (+6288.9%)	$1,976 (+5714.9%)	0.3%	$114.73	+0.1%	COM	006739106
FLR	FLUOR CORP NEW	45,140 (+6000.0%)	$1,789 (+5646.2%)	0.3%	$44.25	-0.0%	COM	343412102
CLVT	CLARIVATE PLC	521,000 (+294.1%)	$1,740 (+243.7%)	0.3%	$4.33	-18.0%	ORD SHS	G21810109
KKR	KKR & CO INC	19,740 (+92.8%)	$2,516 (+89.1%)	0.4%	$79.34	+56.6%	COM	48251W104
NXE	NEXGEN ENERGY LTD	256,800 (+61.2%)	$2,363 (+65.7%)	0.4%	$7.84	+12.6%	COM	65340P106
—	SOHO HOUSE & CO INC	98,995 (+130.8%)	$887 (+133.6%)	0.1%	$8.91	—	COM CL A	586001109
CVE	CENOVUS ENERGY INC	40,000 (+300.0%)	$677 (+298.5%)	0.1%	$16.93	+2.6%	COM	15135U109
—	DAYFORCE INC	8,300 (+492.9%)	$574 (+495.2%)	0.1%	$67.72	+1.6%	COM	15677J108
AL	AIR LEASE CORP	7,626 (+723.5%)	$490 (+731.0%)	0.1%	$63.17	+0.8%	CL A	00912X302
ISOU	ISOENERGY LTD	111,600 (+84.2%)	$1,016 (+66.4%)	0.2%	$8.22	+9.7%	COM NEW	46500E867
DBRG	DIGITALBRIDGE GROUP INC	27,900 (+852.2%)	$428 (+1148.5%)	0.1%	$11.89	+1.0%	CL A NEW	25401T603
PAR	PAR TECHNOLOGY CORP	417,666 (+12.0%)	$15,153 (+2.6%)	2.4%	$45.66	-21.0%	NOTE 1.500%10/1	698884103
HOLX	HOLOGIC INC	4,400 (+528.6%)	$328 (+593.8%)	0.1%	$72.00	+1.5%	COM	436440101
CTLP	CANTALOUPE INC	30,800 (+90.1%)	$327 (+91.0%)	0.1%	$9.58	+10.7%	COM	138103106
NWE	NORTHWESTERN ENERGY GROUP IN	2,900 (+359.6%)	$187 (+406.1%)	0.0%	$60.93	+3.1%	COM NEW	668074305
—	CITY OFFICE REIT INC	58,700 (+39.1%)	$410 (+39.7%)	0.1%	$6.97	—	COM	178587101
TXNM	TXNM ENERGY INC	6,200 (+40.9%)	$365 (+46.7%)	0.1%	$55.40	+4.2%	NOTE 5.750% 6/0	69349H107
IMXI	INTERNATIONAL MNY EXPRESS IN	15,100 (+58.9%)	$232 (+74.8%)	0.0%	$13.37	+12.4%	COM	46005L101
—	ANYWHERE REAL ESTATE INC	8,500 (+54.5%)	$120 (+106.6%)	0.0%	$11.85	—	COM	75605Y106
—	CYBERARK SOFTWARE LTD	1,000 (+25.0%)	$446 (+15.4%)	0.1%	$475.73	—	SHS	M2682V108
EM	SMART SH GLOBAL LTD	131,500 (+80.1%)	$154 (+56.1%)	0.0%	$1.27	—	ADS	83193E102
PRA	PROASSURANCE CORP	9,401 (+25.3%)	$227 (+26.2%)	0.0%	$19.54	+23.0%	COM	74267C106
MSOS	ADVISORSHARES TR	23,100 (+71.1%)	$109 (+68.6%)	0.0%	$4.76	—	PURE US CANNABIS	00768Y453
—	WESTERN ASST INFLTN LKD INM	96,300 (+8.1%)	$794 (+5.9%)	0.1%	$4.76	—	COM SH BEN INT	95766Q106
AHL	ASPEN INSURANCE HOLDINGS LTD	2,800 (+47.4%)	$104 (+48.9%)	0.0%	$34.16	+8.0%	ORD SHS CL A	G05384501
CAEP	CANTOR EQUITY PARTNERS III I	7,200 (+80.0%)	$73 (+77.9%)	0.0%	$10.46	-0.8%	SHS CL A	G1828A108
VACH	VOYAGER ACQUISITION CORP	7,900 (+58.0%)	$84 (+60.6%)	0.0%	$10.20	+3.1%	CL A	G93A7H104
EVR	EVERCORE INC	3,060 (+2.0%)	$1,041 (+2.9%)	0.2%	$312.20	+2.8%	CLASS A	29977A105
TGNA	TEGNA INC	4,500 (+55.2%)	$87 (+48.2%)	0.0%	$19.31	+2.3%	COM	87901J105
MCHP	MICROCHIP TECHNOLOGY INC.	14,835 (+3.3%)	$945 (+2.5%)	0.1%	$66.92	-8.3%	COM	595017104
JBL	JABIL INC	1,257 (+3.3%)	$287 (+8.4%)	0.0%	$115.99	+83.9%	COM	466313103
BN	BROOKFIELD CORP	46,110 (+50.0%)	$2,117 (+0.4%)	0.3%	$33.06	+37.8%	CL A LTD VT SH	11271J107
EEFT	EURONET WORLDWIDE INC	440 (+27.2%)	$33 (+10.2%)	0.0%	$97.09	-19.7%	COM	298736109
ITRI	ITRON INC	340 (+28.3%)	$32 (-4.4%)	0.0%	$109.63	-0.6%	COM	465741106
VRSN	VERISIGN INC	135 (+10.7%)	$33 (-3.8%)	0.0%	$237.92	+5.4%	COM	92343E102

Exited Positions (85)

— PDD HOLDINGS INC 2.9%

Value ($000) $18,380 Shares 18,500,000 Est. Cost $0.97 Unrealized —

— BEYOND MEAT INC 2.7%

Value ($000) $16,883 Shares 93,792,000 Est. Cost $0.16 Unrealized —

— WOLFSPEED INC 2.4%

Value ($000) $15,054 Shares 25,329,000 Est. Cost $0.71 Unrealized —

— WOLFSPEED INC 2.3%

Value ($000) $14,506 Shares 24,451,000 Est. Cost $0.41 Unrealized —

— TEUCRIUM COMMODITY TR 2.3%

Value ($000) $14,303 Shares 3,480,000 Est. Cost $4.11 Unrealized —

— WOLFSPEED INC 1.7%

Value ($000) $10,601 Shares 18,049,000 Est. Cost $0.41 Unrealized —

FET FORUM ENERGY TECHNOLOGIES IN 1.1%

Value ($000) $6,947 Shares 260,079 Est. Cost $24.18 Unrealized +28.3%

— ESPERION THERAPEUTICS INC NE 0.5%

Value ($000) $3,039 Shares 3,000,000 Est. Cost $0.07 Unrealized —

MOH MOLINA HEALTHCARE INC 0.3%

Value ($000) $1,949 Shares 10,183 Est. Cost $309.86 Unrealized -47.0%

— MORGAN STANLEY EMERGING MKTS 0.1%

Value ($000) $567 Shares 105,700 Est. Cost $0.19 Unrealized —

— SANDSTORM GOLD LTD 0.1%

Value ($000) $532 Shares 42,500 Est. Cost $12.52 Unrealized —

BTG B2GOLD CORP 0.1%

Value ($000) $494 Shares 100,000 Est. Cost $3.93 Unrealized +18.5%

— MR COOPER GROUP INC 0.1%

Value ($000) $443 Shares 2,100 Est. Cost $210.79 Unrealized —

— VERONA PHARMA PLC 0.1%

Value ($000) $416 Shares 3,900 Est. Cost $106.71 Unrealized —

— VIMEO INC 0.1%

Value ($000) $411 Shares 53,000 Est. Cost $7.75 Unrealized —

KRE SPDR SERIES TRUST 0.1%

Value ($000) $380 Shares 6,000 Est. Cost $63.30 Unrealized —

HBM HUDBAY MINERALS INC 0.1%

Value ($000) $379 Shares 25,000 Est. Cost $11.45 Unrealized +47.7%

TACHU TITAN ACQUISITION CORP 0.1%

Value ($000) $377 Shares 36,600 Est. Cost $10.45 Unrealized —

— BIG 5 SPORTING GOODS CORP 0.1%

Value ($000) $344 Shares 239,029 Est. Cost $1.44 Unrealized —

— MAC COPPER LIMITED 0.1%

Value ($000) $323 Shares 26,450 Est. Cost $12.14 Unrealized —

SOUL/U SOULPOWER ACQUISITION CORP 0.1%

Value ($000) $319 Shares 30,051 Est. Cost $10.67 Unrealized —

SOCAU SOLARIUS CAPITAL ACQU CORP 0.0%

Value ($000) $307 Shares 29,100 Est. Cost $10.54 Unrealized —

— PERFORMANT HEALTHCARE INC 0.0%

Value ($000) $306 Shares 39,600 Est. Cost $7.73 Unrealized —

BCARU D. BORAL ARC ACQ I CORP. 0.0%

Value ($000) $294 Shares 29,400 Est. Cost $10.00 Unrealized —

— ZIMVIE INC 0.0%

Value ($000) $259 Shares 13,700 Est. Cost $18.94 Unrealized —

TVAIU THAYER VENTURES ACQ CORP II 0.0%

Value ($000) $255 Shares 25,000 Est. Cost $10.17 Unrealized —

— WNS HLDGS LTD 0.0%

Value ($000) $252 Shares 3,300 Est. Cost $76.27 Unrealized —

SZZLU SIZZLE ACQUISITION CORP. II 0.0%

Value ($000) $251 Shares 24,448 Est. Cost $10.18 Unrealized —

BLUWU BLUE WTR ACQUISITION CORP. I 0.0%

Value ($000) $249 Shares 24,700 Est. Cost $10.01 Unrealized —

CGCTU CARTESIAN GROWTH CORP III 0.0%

Value ($000) $245 Shares 24,100 Est. Cost $10.13 Unrealized —

— CORECARD CORPORATION 0.0%

Value ($000) $232 Shares 8,600 Est. Cost $26.92 Unrealized —

IBAC IB ACQUISITION CORP 0.0%

Value ($000) $230 Shares 21,900 Est. Cost $10.51 Unrealized -0.5%

— AVIDXCHANGE HOLDINGS INC 0.0%

Value ($000) $230 Shares 23,100 Est. Cost $9.79 Unrealized —

— PROVIDENT BANCORP INC 0.0%

Value ($000) $229 Shares 18,300 Est. Cost $12.53 Unrealized —

— VITAL ENERGY INC 0.0%

Value ($000) $226 Shares 13,400 Est. Cost $16.89 Unrealized —

— INFORMATICA INC 0.0%

Value ($000) $226 Shares 9,100 Est. Cost $24.42 Unrealized —

— EMEREN GROUP LTD 0.0%

Value ($000) $216 Shares 114,233 Est. Cost $1.87 Unrealized —

EVAC/U EQV VENTURES AC CORP. II 0.0%

Value ($000) $200 Shares 20,000 Est. Cost $10.01 Unrealized —

BSAAU BEST SPAC I ACQUISITION CORP 0.0%

Value ($000) $188 Shares 18,500 Est. Cost $10.04 Unrealized —

— POTBELLY CORP 0.0%

Value ($000) $186 Shares 10,900 Est. Cost $17.04 Unrealized —

— ALLETE INC 0.0%

Value ($000) $185 Shares 2,780 Est. Cost $85.20 Unrealized —

PACHU PIONEER ACQUISITION I CORP 0.0%

Value ($000) $175 Shares 17,400 Est. Cost $10.04 Unrealized —

— PREMIER INC 0.0%

Value ($000) $172 Shares 6,200 Est. Cost $27.80 Unrealized —

— MURAL ONCOLOGY PUB LTD 0.0%

Value ($000) $171 Shares 82,800 Est. Cost $2.07 Unrealized —

— MERUS N V 0.0%

Value ($000) $169 Shares 1,800 Est. Cost $94.15 Unrealized —

CHACU CRANE HBR ACQUISITION CORP 0.0%

Value ($000) $167 Shares 14,700 Est. Cost $10.48 Unrealized —

— HARBORONE BANCORP INC NEW 0.0%

Value ($000) $159 Shares 11,682 Est. Cost $13.60 Unrealized —

TASK TASKUS INC 0.0%

Value ($000) $157 Shares 8,800 Est. Cost $17.30 Unrealized -26.1%

CCRN CROSS CTRY HEALTHCARE INC 0.0%

Value ($000) $152 Shares 10,700 Est. Cost $13.66 Unrealized -20.0%

NPACU NEW PROVIDENCE ACQUISITION C 0.0%

Value ($000) $151 Shares 14,700 Est. Cost $10.45 Unrealized —

— TOURMALINE BIO INC 0.0%

Value ($000) $143 Shares 3,000 Est. Cost $47.83 Unrealized —

— 89BIO INC 0.0%

Value ($000) $138 Shares 9,400 Est. Cost $14.70 Unrealized —

— HANESBRANDS INC 0.0%

Value ($000) $125 Shares 18,900 Est. Cost $6.59 Unrealized —

— GUILD HLDGS CO 0.0%

Value ($000) $124 Shares 6,200 Est. Cost $19.94 Unrealized —

— PROS HOLDINGS INC 0.0%

Value ($000) $117 Shares 5,100 Est. Cost $22.91 Unrealized —

— MRC GLOBAL INC 0.0%

Value ($000) $115 Shares 8,000 Est. Cost $14.42 Unrealized —

FERAU FIFTH ERA ACQUISITION CORP I 0.0%

Value ($000) $105 Shares 10,100 Est. Cost $38.64 Unrealized —

PMTRU PERIMETER ACQUISITION CORP I 0.0%

Value ($000) $105 Shares 10,000 Est. Cost $10.47 Unrealized —

WENNU WEN ACQUISITION CORP 0.0%

Value ($000) $104 Shares 10,000 Est. Cost $10.60 Unrealized —

— STEELCASE INC 0.0%

Value ($000) $101 Shares 5,900 Est. Cost $17.20 Unrealized —

LWACU LIGHTWAVE ACQUISITION CORP 0.0%

Value ($000) $100 Shares 10,000 Est. Cost $10.05 Unrealized —

— WIDEOPENWEST INC 0.0%

Value ($000) $98 Shares 19,000 Est. Cost $5.16 Unrealized —

— VERINT SYS INC 0.0%

Value ($000) $93 Shares 4,600 Est. Cost $20.25 Unrealized —

— INTEGRAL AD SCIENCE HLDNG CO 0.0%

Value ($000) $93 Shares 9,100 Est. Cost $10.17 Unrealized —

— TELUS INTL CDA INC 0.0%

Value ($000) $75 Shares 16,700 Est. Cost $4.48 Unrealized —

IPCXU INFLECTION PT ACQUISITION CO 0.0%

Value ($000) $53 Shares 5,000 Est. Cost $10.51 Unrealized —

ONCHU 1RT ACQUISITION CORP. 0.0%

Value ($000) $52 Shares 5,000 Est. Cost $10.49 Unrealized —

RDAGU REPUBLIC DIGITAL ACQUISITION 0.0%

Value ($000) $52 Shares 5,000 Est. Cost $10.58 Unrealized —

FIGXU FIGX CAP ACQUISITION CORP. 0.0%

Value ($000) $50 Shares 5,000 Est. Cost $10.02 Unrealized —

OBAWU OXLEY BRIDGE ACQ LTD 0.0%

Value ($000) $50 Shares 5,000 Est. Cost $10.01 Unrealized —

— PARAMOUNT GROUP INC 0.0%

Value ($000) $33 Shares 5,000 Est. Cost $6.54 Unrealized —

MPWR MONOLITHIC PWR SYS INC 0.0%

Value ($000) $29 Shares 31 Est. Cost $645.76 Unrealized +48.8%

VCICW VINE HILL CAP INVT CORP. 0.0%

Value ($000) $20 Shares 12,500 Est. Cost $0.23 Unrealized —

BAYA BAYVIEW ACQUISITION CORP 0.0%

Value ($000) $19 Shares 1,678 Est. Cost $11.13 Unrealized +2.2%

BKHA BLACK HAWK ACQUISITION CORP 0.0%

Value ($000) $11 Shares 967 Est. Cost $10.60 Unrealized +6.1%

HCMAU HCM III ACQUISITION CORP 0.0%

Value ($000) $10 Shares 1,000 Est. Cost $10.31 Unrealized —

LPAAW LAUNCH ONE ACQUISITION CORP 0.0%

Value ($000) $7 Shares 30,000 Est. Cost $0.17 Unrealized —

HSPOF HORIZON SPACE ACQUSTN I CORP 0.0%

Value ($000) $3 Shares 269 Est. Cost $12.11 Unrealized +3.8%

ATMC ALPHATIME ACQUISITION CORP 0.0%

Value ($000) $2 Shares 181 Est. Cost $12.01 Unrealized —

TVACU TEXAS VENTURES ACQUISITION I 0.0%

Value ($000) $2 Shares 191 Est. Cost $10.27 Unrealized —

GRAF/WS GRAF GLOBAL CORP 0.0%

Value ($000) $2 Shares 5,000 Est. Cost $0.21 Unrealized —

BAM BROOKFIELD ASSET MANAGMT LTD 0.0%

Value ($000) $1 Shares 17 Est. Cost $58.69 Unrealized -8.9%

APO APOLLO GLOBAL MGMT INC 0.0%

Value ($000) $1 Shares 5 Est. Cost $140.75 Unrealized -5.8%

VACHW VOYAGER ACQUISITION CORP 0.0%

Value ($000) $0 Shares 2,500 Est. Cost $0.15 Unrealized —

COLB COLUMBIA BKG SYS INC 0.0%

Value ($000) $0 Shares 2 Est. Cost $24.85 Unrealized +8.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PDD HOLDINGS INC	18,500,000	$18,380	2.9%	$0.97	—	—	722304AC6
—	BEYOND MEAT INC	93,792,000	$16,883	2.7%	$0.16	—	—	08862EAB5
—	WOLFSPEED INC	25,329,000	$15,054	2.4%	$0.71	—	—	225447AD3
—	WOLFSPEED INC	24,451,000	$14,506	2.3%	$0.41	—	—	977852AD4
—	TEUCRIUM COMMODITY TR	3,480,000	$14,303	2.3%	$4.11	—	—	88166A508
—	WOLFSPEED INC	18,049,000	$10,601	1.7%	$0.41	—	—	977852AB8
FET	FORUM ENERGY TECHNOLOGIES IN	260,079	$6,947	1.1%	$24.18	+28.3%	—	34984V209
—	ESPERION THERAPEUTICS INC NE	3,000,000	$3,039	0.5%	$0.07	—	—	29664WAB1
MOH	MOLINA HEALTHCARE INC	10,183	$1,949	0.3%	$309.86	-47.0%	—	60855R100
—	MORGAN STANLEY EMERGING MKTS	105,700	$567	0.1%	$0.19	—	—	617477104
—	SANDSTORM GOLD LTD	42,500	$532	0.1%	$12.52	—	—	80013R206
BTG	B2GOLD CORP	100,000	$494	0.1%	$3.93	+18.5%	—	11777Q209
—	MR COOPER GROUP INC	2,100	$443	0.1%	$210.79	—	—	62482R107
—	VERONA PHARMA PLC	3,900	$416	0.1%	$106.71	—	—	925050106
—	VIMEO INC	53,000	$411	0.1%	$7.75	—	—	92719V100
KRE	SPDR SERIES TRUST	6,000	$380	0.1%	$63.30	—	—	78464A698
HBM	HUDBAY MINERALS INC	25,000	$379	0.1%	$11.45	+47.7%	—	443628102
TACHU	TITAN ACQUISITION CORP	36,600	$377	0.1%	$10.45	—	—	G8901A129
—	BIG 5 SPORTING GOODS CORP	239,029	$344	0.1%	$1.44	—	—	08915P101
—	MAC COPPER LIMITED	26,450	$323	0.1%	$12.14	—	—	G60409110
SOUL/U	SOULPOWER ACQUISITION CORP	30,051	$319	0.1%	$10.67	—	—	G82745129
SOCAU	SOLARIUS CAPITAL ACQU CORP	29,100	$307	0.0%	$10.54	—	—	G82617120
—	PERFORMANT HEALTHCARE INC	39,600	$306	0.0%	$7.73	—	—	71377E105
BCARU	D. BORAL ARC ACQ I CORP.	29,400	$294	0.0%	$10.00	—	—	G2616F127
—	ZIMVIE INC	13,700	$259	0.0%	$18.94	—	—	98888T107
TVAIU	THAYER VENTURES ACQ CORP II	25,000	$255	0.0%	$10.17	—	—	G87890128
—	WNS HLDGS LTD	3,300	$252	0.0%	$76.27	—	—	G98196101
SZZLU	SIZZLE ACQUISITION CORP. II	24,448	$251	0.0%	$10.18	—	—	G8193F125
BLUWU	BLUE WTR ACQUISITION CORP. I	24,700	$249	0.0%	$10.01	—	—	G1368E122
CGCTU	CARTESIAN GROWTH CORP III	24,100	$245	0.0%	$10.13	—	—	G19307118
—	CORECARD CORPORATION	8,600	$232	0.0%	$26.92	—	—	45816D100
IBAC	IB ACQUISITION CORP	21,900	$230	0.0%	$10.51	-0.5%	—	44934N108
—	AVIDXCHANGE HOLDINGS INC	23,100	$230	0.0%	$9.79	—	—	05368X102
—	PROVIDENT BANCORP INC	18,300	$229	0.0%	$12.53	—	—	74383L105
—	VITAL ENERGY INC	13,400	$226	0.0%	$16.89	—	—	516806205
—	INFORMATICA INC	9,100	$226	0.0%	$24.42	—	—	45674M101
—	EMEREN GROUP LTD	114,233	$216	0.0%	$1.87	—	—	75971T301
EVAC/U	EQV VENTURES AC CORP. II	20,000	$200	0.0%	$10.01	—	—	G3106Q110
BSAAU	BEST SPAC I ACQUISITION CORP	18,500	$188	0.0%	$10.04	—	—	G1069P137
—	POTBELLY CORP	10,900	$186	0.0%	$17.04	—	—	73754Y100
—	ALLETE INC	2,780	$185	0.0%	$85.20	—	—	018522300
PACHU	PIONEER ACQUISITION I CORP	17,400	$175	0.0%	$10.04	—	—	G7117W123
—	PREMIER INC	6,200	$172	0.0%	$27.80	—	—	74051N102
—	MURAL ONCOLOGY PUB LTD	82,800	$171	0.0%	$2.07	—	—	G63365103
—	MERUS N V	1,800	$169	0.0%	$94.15	—	—	N5749R100
CHACU	CRANE HBR ACQUISITION CORP	14,700	$167	0.0%	$10.48	—	—	G24979125
—	HARBORONE BANCORP INC NEW	11,682	$159	0.0%	$13.60	—	—	41165Y100
TASK	TASKUS INC	8,800	$157	0.0%	$17.30	-26.1%	—	87652V109
CCRN	CROSS CTRY HEALTHCARE INC	10,700	$152	0.0%	$13.66	-20.0%	—	227483104
NPACU	NEW PROVIDENCE ACQUISITION C	14,700	$151	0.0%	$10.45	—	—	G6476A128
—	TOURMALINE BIO INC	3,000	$143	0.0%	$47.83	—	—	89157D105
—	89BIO INC	9,400	$138	0.0%	$14.70	—	—	282559103
—	HANESBRANDS INC	18,900	$125	0.0%	$6.59	—	—	410345102
—	GUILD HLDGS CO	6,200	$124	0.0%	$19.94	—	—	40172N107
—	PROS HOLDINGS INC	5,100	$117	0.0%	$22.91	—	—	74346Y103
—	MRC GLOBAL INC	8,000	$115	0.0%	$14.42	—	—	55345K103
FERAU	FIFTH ERA ACQUISITION CORP I	10,100	$105	0.0%	$38.64	—	—	G3415K127
PMTRU	PERIMETER ACQUISITION CORP I	10,000	$105	0.0%	$10.47	—	—	G7010A103
WENNU	WEN ACQUISITION CORP	10,000	$104	0.0%	$10.60	—	—	G9R39C129
—	STEELCASE INC	5,900	$101	0.0%	$17.20	—	—	858155203
LWACU	LIGHTWAVE ACQUISITION CORP	10,000	$100	0.0%	$10.05	—	—	G5490M118
—	WIDEOPENWEST INC	19,000	$98	0.0%	$5.16	—	—	96758W101
—	VERINT SYS INC	4,600	$93	0.0%	$20.25	—	—	92343X100
—	INTEGRAL AD SCIENCE HLDNG CO	9,100	$93	0.0%	$10.17	—	—	45828L108
—	TELUS INTL CDA INC	16,700	$75	0.0%	$4.48	—	—	87975H100
IPCXU	INFLECTION PT ACQUISITION CO	5,000	$53	0.0%	$10.51	—	—	G47875128
ONCHU	1RT ACQUISITION CORP.	5,000	$52	0.0%	$10.49	—	—	G6757R121
RDAGU	REPUBLIC DIGITAL ACQUISITION	5,000	$52	0.0%	$10.58	—	—	G7515A111
FIGXU	FIGX CAP ACQUISITION CORP.	5,000	$50	0.0%	$10.02	—	—	G3473K126
OBAWU	OXLEY BRIDGE ACQ LTD	5,000	$50	0.0%	$10.01	—	—	G6858G123
—	PARAMOUNT GROUP INC	5,000	$33	0.0%	$6.54	—	—	69924R108
MPWR	MONOLITHIC PWR SYS INC	31	$29	0.0%	$645.76	+48.8%	—	609839105
VCICW	VINE HILL CAP INVT CORP.	12,500	$20	0.0%	$0.23	—	—	G93Y09115
BAYA	BAYVIEW ACQUISITION CORP	1,678	$19	0.0%	$11.13	+2.2%	—	07323B100
BKHA	BLACK HAWK ACQUISITION CORP	967	$11	0.0%	$10.60	+6.1%	—	G1148A101
HCMAU	HCM III ACQUISITION CORP	1,000	$10	0.0%	$10.31	—	—	G4365E129
LPAAW	LAUNCH ONE ACQUISITION CORP	30,000	$7	0.0%	$0.17	—	—	G5S86M126
HSPOF	HORIZON SPACE ACQUSTN I CORP	269	$3	0.0%	$12.11	+3.8%	—	G4619M109
ATMC	ALPHATIME ACQUISITION CORP	181	$2	0.0%	$12.01	—	—	G0223V105
TVACU	TEXAS VENTURES ACQUISITION I	191	$2	0.0%	$10.27	—	—	G8772L121
GRAF/WS	GRAF GLOBAL CORP	5,000	$2	0.0%	$0.21	—	—	G4036C122
BAM	BROOKFIELD ASSET MANAGMT LTD	17	$1	0.0%	$58.69	-8.9%	—	113004105
APO	APOLLO GLOBAL MGMT INC	5	$1	0.0%	$140.75	-5.8%	—	03769M106
VACHW	VOYAGER ACQUISITION CORP	2,500	$0	0.0%	$0.15	—	—	G93A7H112
COLB	COLUMBIA BKG SYS INC	2	$0	0.0%	$24.85	+8.1%	—	197236102

Decreased Positions (22)

EQX EQUINOX GOLD CORP 5.7%

Value ($000) $36,487 (-15.3%) Shares 2,596,154 (-32.5%) Est. Cost $7.95 Unrealized +58.7%

SLV ISHARES SILVER TR 2.5%

Value ($000) $15,944 (+50.5%) Shares 247,500 (-1.0%) Est. Cost $32.81 Unrealized —

BUR BURFORD CAP LTD 0.7%

Value ($000) $4,442 (-50.1%) Shares 497,990 (-33.1%) Est. Cost $9.53 Unrealized +2.8%

PSLV SPROTT ASSET MANAGEMENT LP 2.1%

Value ($000) $13,362 (+28.0%) Shares 565,000 (-15.0%) Est. Cost $12.24 Unrealized —

DECK DECKERS OUTDOOR CORP 0.0%

Value ($000) $219 (-91.1%) Shares 2,110 (-91.3%) Est. Cost $109.09 Unrealized -14.1%

PPLT ABRDN PLATINUM ETF TRUST 7.1%

Value ($000) $45,116 (+4.6%) Shares 242,000 (-19.9%) Est. Cost $120.83 Unrealized —

ESPR ESPERION THERAPEUTICS INC NE 2.6%

Value ($000) $16,250 (-8.2%) Shares 4,391,926 (-34.2%) Est. Cost $1.25 Unrealized +157.9%

KW KENNEDY-WILSON HOLDINGS INC 0.0%

Value ($000) $205 (-86.3%) Shares 21,200 (-88.2%) Est. Cost $11.11 Unrealized -19.3%

USAS AMERICAS GOLD AND SILVER COR 0.0%

Value ($000) $274 (-64.5%) Shares 53,400 (-74.2%) Est. Cost $2.61 Unrealized +72.1%

MRVI MARAVAI LIFESCIENCES HLDGS I 0.1%

Value ($000) $717 (-40.5%) Shares 220,500 (-47.5%) Est. Cost $5.51 Unrealized -38.9%

ERO ERO COPPER CORP 0.4%

Value ($000) $2,826 (+19.6%) Shares 102,590 (-14.2%) Est. Cost $19.96 Unrealized +16.7%

WRN WESTERN COPPER & GOLD CORP 0.0%

Value ($000) $183 (-71.0%) Shares 68,500 (-78.5%) Est. Cost $1.42 Unrealized +62.2%

LPAA LAUNCH ONE ACQUISITION CORP 0.1%

Value ($000) $333 (-47.3%) Shares 31,400 (-47.7%) Est. Cost $10.00 Unrealized +5.4%

DMIIU DRUGS MADE IN AMER ACQ II CO 0.1%

Value ($000) $497 (-27.0%) Shares 49,700 (-27.4%) Est. Cost $9.94 Unrealized —

LNSR LENSAR INC 0.0%

Value ($000) $286 (-14.2%) Shares 24,600 (-8.9%) Est. Cost $12.38 Unrealized -7.8%

SIMA SIM ACQUISITION CORP. I 0.0%

Value ($000) $216 (-17.7%) Shares 20,400 (-18.4%) Est. Cost $10.00 Unrealized +5.6%

GTLS CHART INDS INC 0.1%

Value ($000) $371 (-7.3%) Shares 1,800 (-10.0%) Est. Cost $190.05 Unrealized +6.6%

RMBS RAMBUS INC DEL 0.0%

Value ($000) $21 (-33.5%) Shares 230 (-24.6%) Est. Cost $54.47 Unrealized +80.7%

BBU BROOKFIELD BUSINESS PARTNERS 0.0%

Value ($000) $33 (-18.9%) Shares 925 (-24.9%) Est. Cost $19.29 Unrealized —

MOD MODINE MFG CO 0.0%

Value ($000) $24 (-15.5%) Shares 180 (-10.0%) Est. Cost $89.24 Unrealized +66.9%

SIMAW SIM ACQUISITION CORP. I 0.0%

Value ($000) $2 (-56.1%) Shares 9,678 (-22.6%) Est. Cost $0.17 Unrealized —

MCY MERCURY GENL CORP NEW 0.0%

Value ($000) $37 (-1.7%) Shares 390 (-11.4%) Est. Cost $56.94 Unrealized +52.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQX	EQUINOX GOLD CORP	2,596,154 (-32.5%)	$36,487 (-15.3%)	5.7%	$7.95	+58.7%	NOTE 4.750%10/1	29446Y502
SLV	ISHARES SILVER TR	247,500 (-1.0%)	$15,944 (+50.5%)	2.5%	$32.81	—	ISHARES	46428Q109
BUR	BURFORD CAP LTD	497,990 (-33.1%)	$4,442 (-50.1%)	0.7%	$9.53	+2.8%	ORD SHS	G17977110
PSLV	SPROTT ASSET MANAGEMENT LP	565,000 (-15.0%)	$13,362 (+28.0%)	2.1%	$12.24	—	PHYSICAL SILVER	85207K107
DECK	DECKERS OUTDOOR CORP	2,110 (-91.3%)	$219 (-91.1%)	0.0%	$109.09	-14.1%	COM	243537107
PPLT	ABRDN PLATINUM ETF TRUST	242,000 (-19.9%)	$45,116 (+4.6%)	7.1%	$120.83	—	PHYSCL PLATM SHS	003260106
ESPR	ESPERION THERAPEUTICS INC NE	4,391,926 (-34.2%)	$16,250 (-8.2%)	2.6%	$1.25	+157.9%	COM	29664W105
KW	KENNEDY-WILSON HOLDINGS INC	21,200 (-88.2%)	$205 (-86.3%)	0.0%	$11.11	-19.3%	COM	489398107
USAS	AMERICAS GOLD AND SILVER COR	53,400 (-74.2%)	$274 (-64.5%)	0.0%	$2.61	+72.1%	COM NEW	03062D803
MRVI	MARAVAI LIFESCIENCES HLDGS I	220,500 (-47.5%)	$717 (-40.5%)	0.1%	$5.51	-38.9%	COM CL A	56600D107
ERO	ERO COPPER CORP	102,590 (-14.2%)	$2,826 (+19.6%)	0.4%	$19.96	+16.7%	COM	296006109
WRN	WESTERN COPPER & GOLD CORP	68,500 (-78.5%)	$183 (-71.0%)	0.0%	$1.42	+62.2%	COM	95805V108
LPAA	LAUNCH ONE ACQUISITION CORP	31,400 (-47.7%)	$333 (-47.3%)	0.1%	$10.00	+5.4%	SHS CLASS A	G5S86M100
DMIIU	DRUGS MADE IN AMER ACQ II CO	49,700 (-27.4%)	$497 (-27.0%)	0.1%	$9.94	—	UNIT 09/16/2030	G2851K120
LNSR	LENSAR INC	24,600 (-8.9%)	$286 (-14.2%)	0.0%	$12.38	-7.8%	COM	52634L108
SIMA	SIM ACQUISITION CORP. I	20,400 (-18.4%)	$216 (-17.7%)	0.0%	$10.00	+5.6%	SHS CL A	G8431T101
GTLS	CHART INDS INC	1,800 (-10.0%)	$371 (-7.3%)	0.1%	$190.05	+6.6%	COM	16115Q308
RMBS	RAMBUS INC DEL	230 (-24.6%)	$21 (-33.5%)	0.0%	$54.47	+80.7%	COM	750917106
BBU	BROOKFIELD BUSINESS PARTNERS	925 (-24.9%)	$33 (-18.9%)	0.0%	$19.29	—	UNIT LTD L P	G16234109
MOD	MODINE MFG CO	180 (-10.0%)	$24 (-15.5%)	0.0%	$89.24	+66.9%	COM	607828100
SIMAW	SIM ACQUISITION CORP. I	9,678 (-22.6%)	$2 (-56.1%)	0.0%	$0.17	—	*W EXP 06/01/203	G8431T119
MCY	MERCURY GENL CORP NEW	390 (-11.4%)	$37 (-1.7%)	0.0%	$56.94	+52.4%	COM	589400100

Unchanged Positions (56)

— FIRST MAJESTIC SILVER CORP 8.6%

Value ($000) $54,573 Shares 44,040,000 Est. Cost $0.51 Unrealized —

TSAT TELESAT CORP 2.5%

Value ($000) $15,940 Shares 409,753 Est. Cost $22.27 Unrealized +30.6%

— EQUINOX GOLD CORP 4.5%

Value ($000) $28,546 Shares 12,077,000 Est. Cost $1.69 Unrealized —

— SSR MINING IN 4.1%

Value ($000) $25,916 Shares 19,737,000 Est. Cost $0.97 Unrealized —

— DUKE ENERGY CORP NEW 5.2%

Value ($000) $33,282 Shares 32,000,000 Est. Cost $1.37 Unrealized —

— OPKO HEALTH INC 1.5%

Value ($000) $9,580 Shares 7,311,000 Est. Cost $0.00 Unrealized —

— EVOLENT HEALTH INC 0.5%

Value ($000) $2,906 Shares 4,000,000 Est. Cost $1.01 Unrealized —

STNE STONECO LTD 0.2%

Value ($000) $1,479 Shares 100,000 Est. Cost $1.21 Unrealized —

HXL HEXCEL CORP NEW 0.4%

Value ($000) $2,344 Shares 31,723 Est. Cost $61.92 Unrealized +14.2%

— WESTERN AST INFL LKD OPP & I 1.4%

Value ($000) $8,722 Shares 1,015,397 Est. Cost $10.24 Unrealized —

— MAGNITE INC 2.2%

Value ($000) $14,120 Shares 14,225,000 Est. Cost $0.87 Unrealized —

IFF INTERNATIONAL FLAVORS&FRAGRA 0.4%

Value ($000) $2,306 Shares 34,212 Est. Cost $67.84 Unrealized -5.1%

SANG SANGOMA TECHNOLOGIES CORP 2.2%

Value ($000) $14,163 Shares 2,821,433 Est. Cost $10.21 Unrealized -50.1%

DHR DANAHER CORPORATION 0.2%

Value ($000) $1,076 Shares 4,700 Est. Cost $193.02 Unrealized +13.7%

— TXNM ENERGY INC 1.3%

Value ($000) $7,958 Shares 5,900,000 Est. Cost $1.31 Unrealized —

MKL MARKEL GROUP INC 0.2%

Value ($000) $1,111 Shares 517 Est. Cost $1661.85 Unrealized +21.9%

VZLA VIZSLA SILVER CORP 0.1%

Value ($000) $454 Shares 83,000 Est. Cost $3.47 Unrealized +35.4%

— AIRBNB INC 0.8%

Value ($000) $4,960 Shares 5,000,000 Est. Cost $0.08 Unrealized —

LYTS LSI INDS INC OHIO 0.0%

Value ($000) $178 Shares 9,730 Est. Cost $15.63 Unrealized +30.0%

AZN ASTRAZENECA PLC 0.0%

Value ($000) $306 Shares 3,330 Est. Cost $76.72 Unrealized —

LAD LITHIA MTRS INC 0.1%

Value ($000) $798 Shares 2,400 Est. Cost $340.53 Unrealized -6.8%

— AMC NETWORKS INC 0.1%

Value ($000) $521 Shares 501,000 Est. Cost $0.86 Unrealized —

AGI ALAMOS GOLD INC NEW 0.1%

Value ($000) $386 Shares 10,000 Est. Cost $28.59 Unrealized +21.9%

BEP BROOKFIELD RENEWABLE PARTNER 0.1%

Value ($000) $811 Shares 30,000 Est. Cost $25.77 Unrealized —

XENE XENON PHARMACEUTICALS INC 0.0%

Value ($000) $307 Shares 6,850 Est. Cost $35.22 Unrealized +19.2%

PROF PROFOUND MED CORP 0.0%

Value ($000) $74 Shares 9,400 Est. Cost $8.28 Unrealized -22.4%

ATS ATS CORPORATION 0.1%

Value ($000) $551 Shares 20,000 Est. Cost $28.81 Unrealized -7.3%

AMWD AMERICAN WOODMARK CORPORATIO 0.0%

Value ($000) $97 Shares 1,800 Est. Cost $61.36 Unrealized -4.6%

FROG JFROG LTD 0.0%

Value ($000) $94 Shares 1,500 Est. Cost $30.35 Unrealized +87.4%

AGRO ADECOAGRO S A 0.3%

Value ($000) $1,983 Shares 250,000 Est. Cost $8.78 Unrealized -10.6%

ONL ORION PROPERTIES INC 0.0%

Value ($000) $84 Shares 37,000 Est. Cost $2.70 Unrealized —

FNF FIDELITY NATIONAL FINANCIAL 0.0%

Value ($000) $147 Shares 2,694 Est. Cost $52.39 Unrealized +4.5%

GTLB GITLAB INC 0.0%

Value ($000) $79 Shares 2,100 Est. Cost $47.56 Unrealized -9.0%

EL LAUDER ESTEE COS INC 0.0%

Value ($000) $37 Shares 355 Est. Cost $68.12 Unrealized +42.1%

COO COOPER COS INC 0.0%

Value ($000) $25 Shares 300 Est. Cost $82.99 Unrealized -9.8%

G GENPACT LIMITED 0.0%

Value ($000) $38 Shares 811 Est. Cost $45.39 Unrealized -4.7%

CPA COPA HOLDINGS SA 0.0%

Value ($000) $247 Shares 2,048 Est. Cost $83.76 Unrealized +44.8%

GOOS CANADA GOOSE HLDGS INC 0.0%

Value ($000) $43 Shares 3,300 Est. Cost $12.97 Unrealized +2.6%

GRAF GRAF GLOBAL CORP 0.0%

Value ($000) $108 Shares 10,000 Est. Cost $10.04 Unrealized +6.2%

MKLYU MCKINLEY ACQUISITION CORP 0.0%

Value ($000) $182 Shares 18,000 Est. Cost $9.99 Unrealized —

FCRS/U FUTURECREST ACQUISITION CORP 0.0%

Value ($000) $51 Shares 5,000 Est. Cost $10.60 Unrealized —

VCIC VINE HILL CAP INVT CORP. 0.0%

Value ($000) $269 Shares 25,000 Est. Cost $10.00 Unrealized +9.5%

INCR INTERCURE LTD 0.0%

Value ($000) $2 Shares 1,977 Est. Cost $1.56 Unrealized -10.5%

WCN WASTE CONNECTIONS INC 0.1%

Value ($000) $526 Shares 3,000 Est. Cost $181.87 Unrealized -5.0%

MA MASTERCARD INCORPORATED 0.0%

Value ($000) $285 Shares 500 Est. Cost $573.47 Unrealized -2.5%

CEPF CANTOR EQUITY PARTNERS IV IN 0.0%

Value ($000) $103 Shares 10,000 Est. Cost $10.15 Unrealized +2.4%

LATAU GALATA ACQUISITION CORP II 0.0%

Value ($000) $101 Shares 10,000 Est. Cost $9.98 Unrealized —

AR ANTERO RESOURCES CORP 0.0%

Value ($000) $28 Shares 800 Est. Cost $34.91 Unrealized -3.0%

CHECU CHENGHE ACQUISITION III CO 0.0%

Value ($000) $101 Shares 10,000 Est. Cost $9.98 Unrealized —

BBT BEACON FINANCIAL CORP. 0.0%

Value ($000) $3 Shares 116 Est. Cost $24.98 Unrealized -0.2%

BLZRU TRAILBLAZER ACQUISITION CORP 0.0%

Value ($000) $102 Shares 10,000 Est. Cost $10.25 Unrealized —

OTGAU OTG ACQUISITION CORP. I 0.0%

Value ($000) $25 Shares 2,500 Est. Cost $10.07 Unrealized —

MBVIU M3-BRIGADE ACQUISITION VI CO 0.0%

Value ($000) $105 Shares 10,387 Est. Cost $10.12 Unrealized —

HVMCU HIGHVIEW MERGER CORP 0.0%

Value ($000) $182 Shares 18,000 Est. Cost $10.12 Unrealized —

BCE BCE INC 0.0%

Value ($000) $8 Shares 352 Est. Cost $23.52 Unrealized -2.0%

LANV/WS LANVIN GROUP HOLDINGS LIMITE 0.0%

Value ($000) $0 Shares 2,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FIRST MAJESTIC SILVER CORP	44,040,000	$54,573	8.6%	$0.51	—	NOTE 0.375% 1/1	32076VAD5
TSAT	TELESAT CORP	409,753	$15,940	2.5%	$22.27	+30.6%	CL A & CL B SHS	879512309
—	EQUINOX GOLD CORP	12,077,000	$28,546	4.5%	$1.69	—	COM	29446YAC0
—	SSR MINING IN	19,737,000	$25,916	4.1%	$0.97	—	NOTE 2.500% 4/0	784730AB9
—	DUKE ENERGY CORP NEW	32,000,000	$33,282	5.2%	$1.37	—	NOTE 4.125% 4/1	26441CBY0
—	OPKO HEALTH INC	7,311,000	$9,580	1.5%	$0.00	—	NOTE 3.750% 1/1	68375NAG8
—	EVOLENT HEALTH INC	4,000,000	$2,906	0.5%	$1.01	—	DEBT 4.500% 8/1	30050BAJ0
STNE	STONECO LTD	100,000	$1,479	0.2%	$1.21	—	COM CL A	G85158106
HXL	HEXCEL CORP NEW	31,723	$2,344	0.4%	$61.92	+14.2%	COM	428291108
—	WESTERN AST INFL LKD OPP & I	1,015,397	$8,722	1.4%	$10.24	—	COM	95766R104
—	MAGNITE INC	14,225,000	$14,120	2.2%	$0.87	—	NOTE 0.250% 3/1	55955DAB6
IFF	INTERNATIONAL FLAVORS&FRAGRA	34,212	$2,306	0.4%	$67.84	-5.1%	COM	459506101
SANG	SANGOMA TECHNOLOGIES CORP	2,821,433	$14,163	2.2%	$10.21	-50.1%	COM NEW	80100R408
DHR	DANAHER CORPORATION	4,700	$1,076	0.2%	$193.02	+13.7%	COM	235851102
—	TXNM ENERGY INC	5,900,000	$7,958	1.3%	$1.31	—	COM	69349HAF4
MKL	MARKEL GROUP INC	517	$1,111	0.2%	$1661.85	+21.9%	COM	570535104
VZLA	VIZSLA SILVER CORP	83,000	$454	0.1%	$3.47	+35.4%	COM NEW	92859G608
—	AIRBNB INC	5,000,000	$4,960	0.8%	$0.08	—	NOTE 3/1	009066AB7
LYTS	LSI INDS INC OHIO	9,730	$178	0.0%	$15.63	+30.0%	COM	50216C108
AZN	ASTRAZENECA PLC	3,330	$306	0.0%	$76.72	—	SPONSORED ADR	046353108
LAD	LITHIA MTRS INC	2,400	$798	0.1%	$340.53	-6.8%	COM	536797103
—	AMC NETWORKS INC	501,000	$521	0.1%	$0.86	—	NOTE 4.250% 2/1	00164VAJ2
AGI	ALAMOS GOLD INC NEW	10,000	$386	0.1%	$28.59	+21.9%	COM CL A	011532108
BEP	BROOKFIELD RENEWABLE PARTNER	30,000	$811	0.1%	$25.77	—	PARTNERSHIP UNIT	G16258108
XENE	XENON PHARMACEUTICALS INC	6,850	$307	0.0%	$35.22	+19.2%	COM	98420N105
PROF	PROFOUND MED CORP	9,400	$74	0.0%	$8.28	-22.4%	COM NEW	74319B502
ATS	ATS CORPORATION	20,000	$551	0.1%	$28.81	-7.3%	COM	00217Y104
AMWD	AMERICAN WOODMARK CORPORATIO	1,800	$97	0.0%	$61.36	-4.6%	COM	030506109
FROG	JFROG LTD	1,500	$94	0.0%	$30.35	+87.4%	ORD SHS	M6191J100
AGRO	ADECOAGRO S A	250,000	$1,983	0.3%	$8.78	-10.6%	COM	L00849106
ONL	ORION PROPERTIES INC	37,000	$84	0.0%	$2.70	—	COM	68629Y103
FNF	FIDELITY NATIONAL FINANCIAL	2,694	$147	0.0%	$52.39	+4.5%	COM SHS	31620R303
GTLB	GITLAB INC	2,100	$79	0.0%	$47.56	-9.0%	CLASS A COM	37637K108
EL	LAUDER ESTEE COS INC	355	$37	0.0%	$68.12	+42.1%	CL A	518439104
COO	COOPER COS INC	300	$25	0.0%	$82.99	-9.8%	COM	216648501
G	GENPACT LIMITED	811	$38	0.0%	$45.39	-4.7%	SHS	G3922B107
CPA	COPA HOLDINGS SA	2,048	$247	0.0%	$83.76	+44.8%	CL A	P31076105
GOOS	CANADA GOOSE HLDGS INC	3,300	$43	0.0%	$12.97	+2.6%	SHS SUB VTG	135086106
GRAF	GRAF GLOBAL CORP	10,000	$108	0.0%	$10.04	+6.2%	ORD SHS CL A	G4036C106
MKLYU	MCKINLEY ACQUISITION CORP	18,000	$182	0.0%	$9.99	—	UNIT 07/25/2030	G6005T127
FCRS/U	FUTURECREST ACQUISITION CORP	5,000	$51	0.0%	$10.60	—	UNIT 99/99/9999	G3730U123
VCIC	VINE HILL CAP INVT CORP.	25,000	$269	0.0%	$10.00	+9.5%	ORD SHS CL A	G93Y09107
INCR	INTERCURE LTD	1,977	$2	0.0%	$1.56	-10.5%	COM NEW	M549GJ111
WCN	WASTE CONNECTIONS INC	3,000	$526	0.1%	$181.87	-5.0%	COM	94106B101
MA	MASTERCARD INCORPORATED	500	$285	0.0%	$573.47	-2.5%	CL A	57636Q104
CEPF	CANTOR EQUITY PARTNERS IV IN	10,000	$103	0.0%	$10.15	+2.4%	SHS CL A	G1828E100
LATAU	GALATA ACQUISITION CORP II	10,000	$101	0.0%	$9.98	—	UNIT 09/12/2030	G3R25N124
AR	ANTERO RESOURCES CORP	800	$28	0.0%	$34.91	-3.0%	COM	03674X106
CHECU	CHENGHE ACQUISITION III CO	10,000	$101	0.0%	$9.98	—	UNIT 09/09/2030	G2086N113
BBT	BEACON FINANCIAL CORP.	116	$3	0.0%	$24.98	-0.2%	COM	084680107
BLZRU	TRAILBLAZER ACQUISITION CORP	10,000	$102	0.0%	$10.25	—	UNIT 08/21/2030	G9009S129
OTGAU	OTG ACQUISITION CORP. I	2,500	$25	0.0%	$10.07	—	UNIT 09/05/2030	G6791A126
MBVIU	M3-BRIGADE ACQUISITION VI CO	10,387	$105	0.0%	$10.12	—	UNIT 08/18/2030	G63221124
HVMCU	HIGHVIEW MERGER CORP	18,000	$182	0.0%	$10.12	—	UNIT 07/24/2030	G4569C127
BCE	BCE INC	352	$8	0.0%	$23.52	-2.0%	COM NEW	05534B760
LANV/WS	LANVIN GROUP HOLDINGS LIMITE	2,500	$0	0.0%	—	—	*W EXP 01/14/202	G5380J118