# EDGAR Filing Document

**Accession Number:** 0002135379
**File Stem:** 0001104659-26-063842
**Filing Date:** 2026-5
**Character Count:** 19138
**Document Hash:** 8bf3c1a9083f035768d170c0631a3a6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-063842.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001104659-26-063842

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**EFFECTIVENESS DATE**: 20260519

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Systematic Credit Ltd
- **CENTRAL INDEX KEY:** 0002135379

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 213800VGTO11VEN4HZ47

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26978
- **FILM NUMBER:** 26999026

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 NEW BURLINGTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1S 3BE
- **BUSINESS PHONE:** 44 (0) 203 146 1500

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 NEW BURLINGTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1S 3BE

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ares Systematic Credit Ltd<br>**Address:** 10 NEW BURLINGTON STREET<br>LONDON, X0 W1S 3BE

**Form 13F File Number:** 028-26978

**CRD Number (if applicable):** 000307090

**SEC File Number (if applicable):** 801-121056

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Richa Gulati<br>**Title:** Chief Compliance Officer<br>**Phone:** 646-960-3838

**Signature, Place, and Date of Signing:**

/s/ Richa Gulati  New York, NY  05-19-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 145

**Form 13F Information Table Value Total:** $123047391

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED ENERGY IND | NOTE  2.500% 9/1 | 007973AE0 |  | 1649361 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| ADVANCED ENERGY INDUSTRIES | COM | 007973100 |  | 256478 | 1225 | SH |  | SOLE |  | 1225 | 0 | 0 |
| AFFIRM HOLDINGS INC | NOTE        11/1 | 00827BAB2 |  | 579000 | 600000 | PRN |  | SOLE |  | 600000 | 0 | 0 |
| AFFIRM HOLDINGS INC | COM CL A | 00827B106 |  | 353691 | 4752 | SH |  | SOLE |  | 4752 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE  0.375% 9/0 | 00971TAL5 |  | 2314375 | 2300000 | PRN |  | SOLE |  | 2300000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE  1.125% 2/1 | 00971TAN1 |  | 2586350 | 2600000 | PRN |  | SOLE |  | 2600000 | 0 | 0 |
| ALARM.COM HLDGS INC | NOTE  2.250% 6/0 | 011642AD7 |  | 4112413 | 4300000 | PRN |  | SOLE |  | 4300000 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 152091 | 2580 | SH |  | SOLE |  | 2580 | 0 | 0 |
| AMPHASTAR PHARMACEUTICAL | NOTE  2.000% 3/1 | 03209RAB9 |  | 93299 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| ANI PHARMACEUTICALS INC | NOTE  2.250% 9/0 | 00182CAC7 |  | 126956 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| APOLLO GLOBAL MANAGEMENT | COM | 03769M106 |  | 262862 | 3483 | SH |  | SOLE |  | 3483 | 0 | 0 |
| APPLIED DIGITAL CORP | NOTE  2.750% 6/0 | 038169AB4 |  | 270604 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | NOTE  1.000%12/0 | 04271TAB6 |  | 2002158 | 2200000 | PRN |  | SOLE |  | 2200000 | 0 | 0 |
| BANDWIDTH INC | NOTE  0.500% 4/0 | 05988JAD5 |  | 87475 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 510867 | 408 | SH |  | SOLE |  | 408 | 0 | 0 |
| BENTLEY SYSTEMS | NOTE  0.375% 7/0 | 08265TAD1 |  | 94300 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL | NOTE  1.250% 5/1 | 09061GAK7 |  | 3270791 | 3400000 | PRN |  | SOLE |  | 3400000 | 0 | 0 |
| BLACKSTONE MORTGAGE TR | NOTE  5.500% 3/1 | 09257WAE0 |  | 201339 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| BLOCK INC | NOTE  0.250%11/0 | 852234AK9 |  | 278600 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 372705 | 5726 | SH |  | SOLE |  | 5726 | 0 | 0 |
| BLOOM ENERGY CORP- A | COM CL A | 093712107 |  | 833536 | 9593 | SH |  | SOLE |  | 9593 | 0 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 913698 | 13142 | SH |  | SOLE |  | 13142 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE  2.500% 3/1 | 10806XAB8 |  | 947931 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE  2.250% 2/0 | 10806XAD4 |  | 2384813 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| BRIGHTSPRING HEALTH SERV | COM | 10950A106 |  | 189197 | 1498 | SH |  | SOLE |  | 1498 | 0 | 0 |
| CENTERPOINT ENERGY INC | NOTE  4.250% 8/1 | 15189TBD8 |  | 333617 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| CERENCE INC | NOTE  1.500% 7/0 | 156727AD1 |  | 1083600 | 1200000 | PRN |  | SOLE |  | 1200000 | 0 | 0 |
| CERENCE INC | COM | 156727109 |  | 673459 | 62999 | SH |  | SOLE |  | 62999 | 0 | 0 |
| COGENT BIOSCIENCES INC | NOTE  1.625%11/1 | 19240QAA0 |  | 2002160 | 1700000 | PRN |  | SOLE |  | 1700000 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE  0.250% 4/0 | 19260QAF4 |  | 308213 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| COINBASE GLOBAL INC -CLASS A | COM CL A | 19260Q107 |  | 260966 | 1154 | SH |  | SOLE |  | 1154 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 470315 | 10158 | SH |  | SOLE |  | 10158 | 0 | 0 |
| CONFLUENT INC | NOTE         1/1 | 20717MAB9 |  | 97350 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| CONMED CORP | NOTE  2.250% 6/1 | 207410AH4 |  | 96100 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| DATADOG INC | NOTE        12/0 | 23804LAD5 |  | 100125 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| DATADOG INC - CLASS A | CL A COM | 23804L103 |  | 684574 | 5034 | SH |  | SOLE |  | 5034 | 0 | 0 |
| DEXCOM INC | NOTE  0.375% 5/1 | 252131AM9 |  | 92123 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| DIGITALOCEAN HOLDINGS | NOTE        12/0 | 25402DAB8 |  | 1353310 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| DIGITALOCEAN HOLDINGS INC | COM | 25402D102 |  | 805625 | 16742 | SH |  | SOLE |  | 16742 | 0 | 0 |
| DRAFTKINGS HOLDINGS INC | NOTE         3/1 | 26142RAB0 |  | 366160 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| DROPBOX INC | NOTE         3/0 | 26210CAD6 |  | 2223100 | 2200000 | PRN |  | SOLE |  | 2200000 | 0 | 0 |
| DROPBOX INC-CLASS A | CL A | 26210C104 |  | 713292 | 25658 | SH |  | SOLE |  | 25658 | 0 | 0 |
| DYNAVAX TECHNOLOGIES | DEBT  2.000% 3/1 | 268158AE2 |  | 2201617 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| EL PASO ENERGY CAP TRST | PFD CV TR SEC 28 | 283678209 |  | 355248 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| ENVISTA HOLDINGS CORP | NOTE  1.750% 8/1 | 29415FAD6 |  | 2325867 | 2400000 | PRN |  | SOLE |  | 2400000 | 0 | 0 |
| ETSY INC | NOTE  0.125%10/0 | 29786AAJ5 |  | 2126591 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| ETSY INC | NOTE  0.125% 9/0 | 29786AAL0 |  | 2411933 | 2600000 | PRN |  | SOLE |  | 2600000 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 793790 | 14318 | SH |  | SOLE |  | 14318 | 0 | 0 |
| EVERGY INC | NOTE  4.500%12/1 | 30034WAD8 |  | 3052188 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 809700 | 2858 | SH |  | SOLE |  | 2858 | 0 | 0 |
| FASTLY INC - CLASS A | CL A | 31188V100 |  | 345214 | 33911 | SH |  | SOLE |  | 33911 | 0 | 0 |
| FIVE9 INC | NOTE  1.000% 3/1 | 338307AF8 |  | 90544 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| FIVE9 INC | COM | 338307101 |  | 626803 | 31262 | SH |  | SOLE |  | 31262 | 0 | 0 |
| FLUENCE ENERGY INC | NOTE  2.250% 6/1 | 34379VAB9 |  | 121413 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| GRANITE CONSTRUCTION INC | NOTE  3.750% 5/1 | 387328AD9 |  | 254679 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| GRANITE CONSTRUCTION INC | NOTE  3.250% 6/1 | 387328AF4 |  | 640578 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| GREEN PLAINS INC | NOTE  5.250%11/0 | 393222AM6 |  | 637340 | 600000 | PRN |  | SOLE |  | 600000 | 0 | 0 |
| GROUPON INC | NOTE  6.250% 3/1 | 399473AH0 |  | 740877 | 700000 | PRN |  | SOLE |  | 700000 | 0 | 0 |
| GROUPON INC | COM NEW | 399473206 |  | 237101 | 13464 | SH |  | SOLE |  | 13464 | 0 | 0 |
| GUARDANT HEALTH INC | NOTE        11/1 | 40131MAB5 |  | 2485150 | 2300000 | PRN |  | SOLE |  | 2300000 | 0 | 0 |
| GUARDANT HEALTH INC | DEBT  1.250% 2/1 | 40131MAD1 |  | 2206587 | 1200000 | PRN |  | SOLE |  | 1200000 | 0 | 0 |
| HAEMONETICS CORP | NOTE  2.500% 6/0 | 405024AD2 |  | 2815515 | 2700000 | PRN |  | SOLE |  | 2700000 | 0 | 0 |
| HALOZYME THERAPEUTICS IN | NOTE  0.250% 3/0 | 40637HAD1 |  | 216667 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| HALOZYME THERAPEUTICS IN | NOTE  1.000% 8/1 | 40637HAF6 |  | 133328 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| HERBALIFE LTD | NOTE  4.250% 6/1 | 42703MAF0 |  | 2281417 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| HP ENTERPRISE CO | COM | 42824C109 |  | 266256 | 4022 | SH |  | SOLE |  | 4022 | 0 | 0 |
| IMMUNOCORE HOLDINGS | NOTE  2.500% 2/0 | 45258DAB1 |  | 4136250 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| IMPINJ INC | COM | 453204109 |  | 826025 | 4747 | SH |  | SOLE |  | 4747 | 0 | 0 |
| INNOVIVA INC | NOTE  2.125% 3/1 | 45781MAD3 |  | 102826 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 624727 | 31252 | SH |  | SOLE |  | 31252 | 0 | 0 |
| INTERDIGITAL INC | NOTE  3.500% 6/0 | 45867GAD3 |  | 412592 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| IONIS PHARMACEUTICALS IN | NOTE  1.750% 6/1 | 462222AF7 |  | 2070676 | 1300000 | PRN |  | SOLE |  | 1300000 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 784455 | 9916 | SH |  | SOLE |  | 9916 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | NOTE  1.500% 9/0 | 450056AB2 |  | 1967000 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE  3.125% 9/1 | 472145AH4 |  | 134270 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| JETBLUE AIRWAYS CORP | NOTE  2.500% 9/0 | 477143AR2 |  | 98083 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 304362 | 5861 | SH |  | SOLE |  | 5861 | 0 | 0 |
| LEMAITRE VASCULAR INC | NOTE  2.500% 2/0 | 525558AB8 |  | 101292 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| LIFE360 INC | COM | 532206109 |  | 180169 | 2809 | SH |  | SOLE |  | 2809 | 0 | 0 |
| LIVE NATION ENTERTAINMEN | NOTE  3.125% 1/1 | 538034BA6 |  | 146991 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| LUMENTUM HOLDINGS INC | NOTE  1.500%12/1 | 55024UAH2 |  | 531517 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| LUMENTUM HOLDINGS INC | COM | 55024U109 |  | 4054 | 11 | SH |  | SOLE |  | 11 | 0 | 0 |
| LYFT INC-A | CL A COM | 55087P104 |  | 283751 | 14649 | SH |  | SOLE |  | 14649 | 0 | 0 |
| MARA HOLDINGS INC | NOTE         3/0 | 565788AF3 |  | 236700 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC | COM | 595017104 |  | 143378 | 2453 | SH |  | SOLE |  | 2453 | 0 | 0 |
| MIRUM PHARMACEUTICALS | NOTE  4.000% 5/0 | 604749AB7 |  | 259137 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| MKS INC | NOTE  1.250% 6/0 | 55306NAB0 |  | 127904 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| NCL CORPORATION LTD | NOTE  1.125% 2/1 | 62886HBD2 |  | 100425 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| NEXTERA ENERGY CAPITAL | NOTE  3.000% 3/0 | 65339KCY4 |  | 2005600 | 1600000 | PRN |  | SOLE |  | 1600000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 607704 | 11809 | SH |  | SOLE |  | 11809 | 0 | 0 |
| NOVAVAX INC | COM NEW | 670002401 |  | 755241 | 112387 | SH |  | SOLE |  | 112387 | 0 | 0 |
| OMNICELL INC | NOTE  1.000%12/0 | 68213NAF6 |  | 2166667 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE  0.500% 3/0 | 682189AU9 |  | 95017 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| PACIRA BIOSCIENCES INC | NOTE  2.125% 5/1 | 695127AJ9 |  | 202168 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| PAGERDUTY INC | COM | 69553P100 |  | 635232 | 48454 | SH |  | SOLE |  | 48454 | 0 | 0 |
| PAGERDUTY INC. | NOTE  1.500%10/1 | 69553PAD2 |  | 862800 | 900000 | PRN |  | SOLE |  | 900000 | 0 | 0 |
| PELOTON INTERACTIVE INC-A | CL A COM | 70614W100 |  | 368103 | 59757 | SH |  | SOLE |  | 59757 | 0 | 0 |
| PENNYMAC CORP | NOTE  8.500% 6/0 | 70932AAH6 |  | 107008 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 171652 | 4180 | SH |  | SOLE |  | 4180 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 714213 | 78227 | SH |  | SOLE |  | 78227 | 0 | 0 |
| PPL CAPITAL FUNDING INC | NOTE  2.875% 3/1 | 69352PAS2 |  | 221443 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 722532 | 9512 | SH |  | SOLE |  | 9512 | 0 | 0 |
| Q2 HOLDINGS INC | COM | 74736L109 |  | 808841 | 11209 | SH |  | SOLE |  | 11209 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 70283 | 1265 | SH |  | SOLE |  | 1265 | 0 | 0 |
| RINGCENTRAL INC-CLASS A | CL A | 76680R206 |  | 769652 | 26650 | SH |  | SOLE |  | 26650 | 0 | 0 |
| RIOT PLATFORMS INC | NOTE  0.750% 1/1 | 767292AB1 |  | 682325 | 600000 | PRN |  | SOLE |  | 600000 | 0 | 0 |
| RIVIAN AUTO INC | NOTE  3.625%10/1 | 76954AAD5 |  | 1923385 | 1700000 | PRN |  | SOLE |  | 1700000 | 0 | 0 |
| SEAGATE HDD CAYMAN | NOTE  3.500% 6/0 | 81180WBL4 |  | 337517 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 798873 | 10841 | SH |  | SOLE |  | 10841 | 0 | 0 |
| SHIFT4 PAYMENTS INC | CL A | 82452J109 |  | 127192 | 1591 | SH |  | SOLE |  | 1591 | 0 | 0 |
| SIRIUS XM HOLDINGS | NOTE  3.750% 3/1 | 531229AP7 |  | 407017 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| SNAP INC | NOTE  0.125% 3/0 | 83304AAH9 |  | 181643 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| SNOWFLAKE INC | NOTE        10/0 | 833445AB5 |  | 3420100 | 2300000 | PRN |  | SOLE |  | 2300000 | 0 | 0 |
| SNOWFLAKE INC | NOTE        10/0 | 833445AD1 |  | 309800 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 752185 | 3429 | SH |  | SOLE |  | 3429 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 489147 | 18684 | SH |  | SOLE |  | 18684 | 0 | 0 |
| SOLARIS ENERGY INFRASTRU | NOTE  0.250%10/0 | 83419XAB4 |  | 4122815 | 3800000 | PRN |  | SOLE |  | 3800000 | 0 | 0 |
| SOUTHERN CO | NOTE  4.500% 6/1 | 842587DZ7 |  | 2143000 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| STARWOOD PROPERTY TRUST | NOTE  6.750% 7/1 | 85571BBA2 |  | 106788 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| STRATEGY INC | NOTE  0.875% 3/1 | 594972AL5 |  | 103508 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| STRATEGY INC | NOTE  2.250% 6/1 | 594972AN1 |  | 222300 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| STRATEGY INC | NOTE        12/0 | 594972AS0 |  | 247080 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| SUNRUN INC | NOTE  4.000% 3/0 | 86771WAD7 |  | 143383 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| SUPER MICRO COMPUTER INC | NOTE  3.500% 3/0 | 86800UAB0 |  | 452058 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| SYNAPTICS INC | COM | 87157D109 |  | 336125 | 4541 | SH |  | SOLE |  | 4541 | 0 | 0 |
| TANDEM DIABETES CARE INC | NOTE  1.500% 3/1 | 875372AD6 |  | 102379 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 200710 | 13785 | SH |  | SOLE |  | 13785 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE  0.875%12/0 | 90353TAM2 |  | 390069 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| UGI CORP | NOTE  5.000% 6/0 | 902681AB1 |  | 711833 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| UNITY SOFTWARE INC | NOTE        11/1 | 91332UAB7 |  | 1840625 | 1900000 | PRN |  | SOLE |  | 1900000 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 732515 | 16584 | SH |  | SOLE |  | 16584 | 0 | 0 |
| UPWORK INC | NOTE  0.250% 8/1 | 91688FAB0 |  | 97919 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| UPWORK INC | COM | 91688F104 |  | 741823 | 37428 | SH |  | SOLE |  | 37428 | 0 | 0 |
| VIAVI SOLUTIONS INC | COM | 925550105 |  | 747068 | 41923 | SH |  | SOLE |  | 41923 | 0 | 0 |
| VISHAY INTERTECHNOLOGY | NOTE  2.250% 9/1 | 928298AR9 |  | 90788 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| WAYFAIR INC | NOTE  3.250% 9/1 | 94419LAP6 |  | 167585 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| WAYFAIR INC | NOTE  3.500%11/1 | 94419LAR2 |  | 229547 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| WAYFAIR INC- CLASS A | CL A | 94419L101 |  | 778780 | 7756 | SH |  | SOLE |  | 7756 | 0 | 0 |
| WEC ENERGY GROUP INC | NOTE  4.375% 6/0 | 92939UAP1 |  | 2268792 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| WELLS FARGO  COMPANY | COM | 949746101 |  | 669368 | 550 | SH |  | SOLE |  | 550 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE  3.000%11/1 | 958102AT2 |  | 918027 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| WINNEBAGO INDUSTRIES | NOTE  3.250% 1/1 | 974637AF7 |  | 95749 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| WORKIVA INC | NOTE  1.250% 8/1 | 98139AAD7 |  | 4174683 | 4200000 | PRN |  | SOLE |  | 4200000 | 0 | 0 |
| XOMETRY INC | NOTE  1.000% 2/0 | 98423FAB5 |  | 1010988 | 800000 | PRN |  | SOLE |  | 800000 | 0 | 0 |
| XPLR INFRASTRUCTURE LP | COM UNIT PART IN | 65341B106 |  | 225780 | 22578 | SH |  | SOLE |  | 22578 | 0 | 0 |

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