SHOAX Holdings List

As of Jan 31, 2025

No.	Symbol	Name	% Weight	Shares
1	GEO 10.25 04.15.31	GEO Group Inc 10.25%	2.17%	33,625,000
2	n/a	Samhallsbyg Hold Company Guar Regs 07/27 2.25	1.94%	36,600,000
3	n/a	U.S. Government Money Market S	1.86%	31,618,947
4	AMN 4.625 10.01.27 144A	AMN Healthcare Allied Inc 4.625%	1.76%	30,826,000
5	BORRNO 10.375 11.15.30 144a	Borr Ihc Ltd. 10.375%	1.74%	29,628,350
6	PRKS 5.25 08.15.29 144A	United Parks & Resorts Inc 5.25%	1.68%	29,496,000
7	HOUS 5.25 04.15.30 144A	Realogy Group LLC/Realogy Co-Issuer Corp 5.25%	1.67%	36,490,000
8	SEM 6.25 12.01.32 144A	Select Medical Corporation 6.25%	1.65%	28,555,000
9	THC 6.75 05.15.31	Tenet Healthcare Corporation 6.75%	1.65%	27,340,000
10	BEEFBZ 8.875 09.13.33 144A	Minerva Luxembourg S.A. 8.875%	1.65%	26,530,000
11	n/a	Paratus Energy Services Sr Secured 06/29 9.5	1.60%	27,600,000
12	AMNTEC 7.25 08.01.32 144A	Amentum Escrow Corp. 7.25%	1.59%	26,641,879
13	BYD 4.75 06.15.31 144A	Boyd Gaming Corporation 4.75%	1.57%	28,548,000
14	CXW 8.25 04.15.29	Corecivic Inc 8.25%	1.55%	24,851,000
15	n/a	Euronav Luxembourg SA 6.25%	1.54%	26,450,000
16	CRL 4 03.15.31 144A	Charles River Laboratories International, Inc. 4%	1.54%	29,103,000
17	QVCN 6.875 04.15.29 144A	QVC, Inc. 6.875%	1.53%	30,811,000
18	FCFS 6.875 03.01.32 144A	Firstcash Inc 6.875%	1.52%	25,364,000
19	NEOG 8.625 07.20.30 144A	Garden SpinCo Corp 8.625%	1.44%	22,849,000
20	CONCEN 6.875 07.15.32 144A	Concentra Health Services Inc. 6.875%	1.44%	23,564,000
21	CHDN 6.75 05.01.31 144A	Churchill Downs Inc 6.75%	1.43%	23,867,000
22	GRSTAR 7.75 09.01.30 144A	Greystar Real Estate Partners LLC 7.75%	1.43%	22,921,000
23	THS 4 09.01.28	TreeHouse Foods, Inc. 4%	1.42%	26,270,000
24	SIMFOO 4.625 03.01.29 144A	Simmons Foods Inc / Simmons Prepared Foods Inc / Simmons Pet Food Inc / Sim	1.42%	25,755,000
25	CSV 4.25 05.15.29 144A	Carriage Services, Inc. 4.25%	1.41%	26,153,000
26	VIRIFP 8.75 04.01.27 144a	Viridien 8.75%	1.41%	23,625,000
27	CPICAR 10 07.15.29 144A	CPI CG Inc. 10%	1.39%	21,890,000
28	TTMI 4 03.01.29 144A	TTM Technologies Inc 4%	1.38%	25,001,000
29	TRUEPT 6.5 02.15.27 REGS	Kane Bidco Ltd. 6.5%	1.37%	18,864,000
30	n/a	Floatel International Ltd. 9.75%	1.35%	25,875,000
31	UVN 7.375 06.30.30 144A	Univision Communications Inc. 7.375%	1.35%	23,139,000
32	RIG 7.5 04.15.31	Transocean Inc. 7.5%	1.34%	24,535,000
33	n/a	Encore Capital Group Inc. 4.25%	1.33%	19,445,000
34	MD 5.375 02.15.30 144A	Pediatrix Medical Group Inc 5.375%	1.33%	23,455,000
35	FLTR 6.375 04.29.29 144a	Flutter Treasury Designated Activity Co. 6.375%	1.32%	22,100,000
36	SHLFDI 9.625 04.15.29 144A	Shelf Drilling Holdings Ltd. 9.625%	1.32%	25,127,000
37	PLATIN 9.375 10.03.31 144A	Cerdia Finanz Gmbh 9.375%	1.31%	21,275,000
38	WM 3.875 01.15.29 144A	Waste Management, Inc. 3.875%	1.31%	22,986,000
39	TGSNO 8.5 01.15.30 144A	TGS ASA 8.5%	1.30%	21,445,000
40	n/a	Turning Point Brands Inc 5.625%	1.30%	22,198,000
41	LTH 6 11.15.31 144A	Life Time Fitness 6%	1.25%	21,255,000
42	TGI 9 03.15.28 144A	Triumph Group, Inc. 9%	1.25%	20,250,000
43	POST 6.25 10.15.34 144A	Post Holdings Inc. 6.25%	1.24%	21,625,000
44	MTN 6.5 05.15.32 144A	Vail Resorts, Inc. 6.5%	1.21%	20,225,000
45	PBH 3.75 04.01.31 144A	Prestige Brands, Inc. 3.75%	1.21%	23,030,000
46	AIR 6.75 03.15.29 144A	AAR Corp. 6.75%	1.20%	19,935,000
47	RRR 4.625 12.01.31 144A	Station Casinos LLC 4.625%	1.20%	22,390,000
48	ACHC 5.5 07.01.28 144A	Acadia Healthcare Company, Inc. 5.5%	1.14%	19,778,000
49	CRYACU 11.875 07.05.28	Cruise Yacht Upper Holdco Ltd. 11.875%	1.12%	18,400,000
50	IRM 5 07.15.32 144A	Iron Mountain Information Management Servces Inc 5%	1.12%	20,370,000
51	SEE 6.5 07.15.32 144A	Sealed Air Corp. / Sealed Air Corp. US 6.5%	1.10%	18,375,000
52	QRVO 3.375 04.01.31 144A	Qorvo Inc 3.375%	1.10%	21,510,000
53	OPCH 4.375 10.31.29 144A	Option Care Health Inc 4.375%	1.09%	19,745,000
54	ENTG 5.95 06.15.30 144A	Entegris Escrow Corp. 5.95%	1.03%	17,545,000
55	UPST 0.25 08.15.26	Upstart Holdings Inc 0.25%	1.03%	19,010,000
56	BWXT 4.125 04.15.29 144A	BWX Technologies Inc 4.125%	1.00%	17,992,000
57	CIEN 4 01.31.30 144A	Ciena Corporation 4%	0.97%	17,862,000
58	EHC 4.75 02.01.30	Encompass Health Corporation 4.75%	0.96%	16,965,000
59	n/a	Torm Plc 8.25%	0.94%	15,600,000
60	PRAA 5 10.01.29 144A	PRA Group Inc. 5%	0.94%	17,275,000
61	n/a	Tidewater Inc New 10.375%	0.93%	14,900,000
62	SDRLNO 8.375 08.01.30 144A	Seadrill Finance Ltd. 8.375%	0.91%	15,080,000
63	KBR 4.75 09.30.28 144A	KBR Inc 4.75%	0.90%	16,021,000
64	AVTR 4.625 07.15.28 144A	Avantor Funding Inc 4.625%	0.87%	14,880,000
65	n/a	Magellan Bidco Sarl Sr Secured Regs 12/29 Var	0.86%	13,600,000
66	SAIC 4.875 04.01.28 144A	Science Applications International Corp. 4.875%	0.82%	14,323,000
67	n/a	Scorpio Tankers Inc 7.5%	0.79%	13,625,000
68	TFX 4.25 06.01.28 144A	Teleflex Incorporated 4.25%	0.79%	13,917,000
69	CTECLN 3.875 10.15.29 144A	180 Medical Incorporated 3.875%	0.77%	14,200,000
70	n/a	Borr Drilling Ltd. 5%	0.76%	13,800,000
71	SESCN 6.75 03.22.29 144A	Secure Waste Infrastructure Corp. 6.75%	0.76%	18,365,000
72	MEDIND 3.875 04.01.29 144A	Medline Borrower LP 3.875%	0.76%	13,740,000
73	ATSCN 6.5 08.21.32 144A	ATS Corporation (Canada) 6.5%	0.72%	17,685,000
74	IT 3.75 10.01.30 144A	Gartner Inc. 3.75%	0.72%	13,330,000
75	n/a	Archer Norge As Sr Secured 07/27 Var	0.70%	11,069,377
76	GDDY 3.5 03.01.29 144A	Go Daddy Operating Company LLC / GD Finance Co Inc 3.5%	0.69%	12,710,000
77	BAH 5.95 08.04.33	Booz Allen Hamilton Inc 5.95%	0.69%	11,500,000
78	AGNC V0 PERP E	AGNC Investment Corp FXDFR PRF PERPETUAL USD 25 Ser E 1/1000	0.62%	413,322
79	ATSCN 4.125 12.15.28 144A	ATS Corporation (Canada) 4.125%	0.61%	11,040,000
80	n/a	Nova Ppl	0.59%	10,322,247
81	HOUS 5.75 01.15.29 144A	Realogy Group LLC/Realogy Co-Issuer Corp 5.75%	0.58%	12,175,000
82	NLY V9.70986 PERP G	Annaly Capital Management Inc FXDFR PRF PERPETUAL USD 25 - Ser G	0.58%	387,379
83	NLY V0 PERP F	Annaly Capital Management Inc Cum Conv Red Pfd Registered Shs Series -F-	0.56%	369,632
84	n/a	ATS Corporation (Canada) 6.5%	0.49%	11,815,000
85	n/a	Heimstaden Bostad Ab Jr Subordina Regs 12/99 Var	0.48%	8,620,000
86	n/a	Odfjell Drilling Limited 9.25%	0.48%	7,678,664
87	n/a	Maran Shuttle Tankers LLC 9%	0.45%	7,400,000
88	n/a	Pharming Group NV 4.5%	0.43%	7,000,000
89	n/a	Ces Energy Solutions Corp 6.875%	0.42%	10,125,000
90	NLY	Annaly Capital Management, Inc.	0.41%	338,932
91	ACHC 5 04.15.29 144A	Acadia Healthcare Company, Inc. 5%	0.39%	6,895,000
92	n/a	Eur	0.36%	6,115,178
93	AGNC V0 PERP C	AGNC Investment Corp Deposit Shs Repr 1/1000th Cum Conv Red Pfd Shs Series	0.35%	230,515
94	BAH 3.875 09.01.28 144A	Booz Allen Hamilton Inc 3.875%	0.33%	5,971,000
95	PRAA 8.875 01.31.30 144A	PRA Group Inc. 8.875%	0.33%	5,290,000
96	HEIMST 4.375 03.06.27	Heimstaden Bostad AB 4.375%	0.32%	5,400,000
97	n/a	Shearwater Geoservices Sr Secured 04/29 9.5	0.28%	5,000,000
98	RRR 4.5 02.15.28 144A	Station Casinos LLC 4.5%	0.26%	4,613,000
99	ECPG 9.25 04.01.29 144A	Encore Capital Group Inc. 9.25%	0.25%	4,010,000
100	AVTR 3.875 11.01.29 144A	Avantor Funding Inc 3.875%	0.23%	4,200,000
101	RIG 6.8 03.15.38	Transocean Inc. 6.8%	0.22%	4,500,000
102	AGNC V6.875 PERP D	AGNC Investment Corp FXDFR PRF PERPETUAL USD 25 - Ser D 1/1000th Int	0.21%	145,558
103	n/a	Nova Tranche A	0.21%	3,598,455
104	AGNC	AGNC Investment Corp.	0.20%	346,000
105	STNG	Scorpio Tankers Inc.	0.18%	63,766
106	HEIBOS V3 PERP	Heimstaden Bostad AB 3%	0.14%	2,475,000
107	n/a	Nova Work Capital	0.12%	2,076,910
108	n/a	Momox Holding Se Sr Secured 12/28 Var	0.08%	1,350,000
109	n/a	Forwards Goldman Sachs Coc Options Cash Collaterald	0.01%	240,000
110	n/a	Usd	0.01%	148,127
111	n/a	Nova Contingent Tranche	0.00%	4,098,252
112	n/a	Euro Fx Curr Fut Mar25 Xcme 20250317	-1.85%	30,250,000
113	n/a	Cad Currency Fut Mar25 Xcme 20250318	-2.43%	59,800,000
114	n/a	Bp Currency Fut Mar25 Xcme 20250317	-2.76%	37,750,000

As of Jan 31, 2025

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Asset Allocation

Asset Class	% Weight
Bond	98.68%
Not Classified	4.74%
Stocks	1.38%
Cash	-4.80%

Sector Breakdown

Sector	% Weight
Other	96.51%
Energy	3.49%

Country Breakdown

Sector	% Weight
United States	86.39%
Other	5.14%
Norway	4.02%
XS	2.80%
Canada	1.65%