ABSOLUTE INVESTMENT ADVISERS, LLC

PrivateCIK: 1316187

Location

ROSEMARY BEACH, FL

122

Positions

$852.10M

Total AUM (reported)

699.88M

Total Shares

Allocation by class

COM$84.40M9.9%

NOTE 3.250% 6/1$24.68M2.9%

NOTE 1.125% 8/1$23.04M2.7%

NOTE 1.250% 6/0$20.24M2.4%

NOTE 2.250% 6/1$19.87M2.3%

NOTE 1.750%12/0$18.94M2.2%

NOTE 2.250% 8/0$18.45M2.2%

Portfolio Concentration

Top 3$63.86M7.5%

4–10$121.27M14.2%

11–25$197.85M23.2%

Rest$469.12M55.1%

Top 3 weight

7.5%

Top 10 weight

21.7%

Voting Authority Distribution

Total shares with voting rights: 699.88M

Sole

Full voting authority

699.88M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole122

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings122

Rows:

GRANITE CONSTR INC

SOLE

NOTE 3.250% 6/1

Shares15M

TypeSH

Market value$24.68M

2.90%

Sole

15M

Shared

0.00

None

0.00

MKS INC.

SOLE

NOTE 1.250% 6/0

Shares12.27M

TypeSH

Market value$20.24M

2.38%

Sole

12.27M

Shared

0.00

None

0.00

PATRICK INDS INC

SOLE

NOTE 1.750%12/0

Shares10.95M

TypeSH

Market value$18.94M

2.22%

Sole

10.95M

Shared

0.00

None

0.00

OSI SYSTEMS INC

SOLE

NOTE 2.250% 8/0

Shares12.03M

TypeSH

Market value$18.45M

2.16%

Sole

12.03M

Shared

0.00

None

0.00

TETRA TECH INC NEW

SOLE

DBCV 2.250% 8/1

Shares17.53M

TypeSH

Market value$18.41M

2.16%

Sole

17.53M

Shared

0.00

None

0.00

HALOZYME THERAPEUTICS INC

SOLE

NOTE 1.000% 8/1

Shares14M

TypeSH

Market value$17.95M

2.11%

Sole

14M

Shared

0.00

None

0.00

CENTURY ALUM CO

SOLE

NOTE 2.750% 5/0

Shares5.65M

TypeSH

Market value$17.70M

2.08%

Sole

5.65M

Shared

0.00

None

0.00

FLUOR CORP

SOLE

NOTE 1.125% 8/1

Shares13.89M

TypeSH

Market value$17.08M

2.00%

Sole

13.89M

Shared

0.00

None

0.00

GREENBRIER COS INC

SOLE

NOTE 2.875% 4/1

Shares13.79M

TypeSH

Market value$15.92M

1.87%

Sole

13.79M

Shared

0.00

None

0.00

AKAMAI TECHNOLOGIES INC

SOLE

NOTE 1.125% 2/1

Shares13.83M

TypeSH

Market value$15.76M

1.85%

Sole

13.83M

Shared

0.00

None

0.00

PARSONS CORP DEL

SOLE

NOTE 2.625% 3/0

Shares15.83M

TypeSH

Market value$15.58M

1.83%

Sole

15.83M

Shared

0.00

None

0.00

APPLIED OPTOELECTRONICS INC

SOLE

NOTE 2.750% 1/1

Shares7M

TypeSH

Market value$15.53M

1.82%

Sole

Shared

0.00

None

0.00

LEMAITRE VASCULAR INC

SOLE

NOTE 2.500% 2/0

Shares13M

TypeSH

Market value$14.61M

1.71%

Sole

13M

Shared

0.00

None

0.00

ANI PHARMACEUTICALS INC

SOLE

NOTE 2.250% 9/0

Shares11.47M

TypeSH

Market value$14.21M

1.67%

Sole

11.47M

Shared

0.00

None

0.00

ENCORE CAP GROUP INC

SOLE

NOTE 4.000% 3/1

Shares11.25M

TypeSH

Market value$14.18M

1.66%

Sole

11.25M

Shared

0.00

None

0.00

LIBERTY ALL STAR EQUITY FD

SOLE

SH BEN INT

Shares2.42M

TypeSH

Market value$13.40M

1.57%

Sole

2.42M

Shared

0.00

None

0.00

ON SEMICONDUCTOR CORP

SOLE

NOTE 0.500% 3/0

Shares13.17M

TypeSH

Market value$12.85M

1.51%

Sole

13.17M

Shared

0.00

None

0.00

LANTHEUS HLDGS INC

SOLE

NOTE 2.625%12/1

Shares10.60M

TypeSH

Market value$12.71M

1.49%

Sole

10.60M

Shared

0.00

None

0.00

FRESHPET INC

SOLE

NOTE 3.000% 4/0

Shares11M

TypeSH

Market value$12.68M

1.49%

Sole

11M

Shared

0.00

None

0.00

WISDOMTREE INC

SOLE

NOTE 3.250% 8/1

Shares9.31M

TypeSH

Market value$12.48M

1.46%

Sole

9.31M

Shared

0.00

None

0.00

FLUENCE ENERGY INC

SOLE

NOTE 2.250% 6/1

Shares12M

TypeSH

Market value$12.11M

1.42%

Sole

12M

Shared

0.00

None

0.00

ALPHATEC HLDGS INC

SOLE

NOTE 0.750% 3/1

Shares11.75M

TypeSH

Market value$12.04M

1.41%

Sole

11.75M

Shared

0.00

None

0.00

BENTLEY SYS INC

SOLE

NOTE 0.375% 7/0

Shares12.50M

TypeSH

Market value$11.90M

1.40%

Sole

12.50M

Shared

0.00

None

0.00

JAZZ INVESTMENTS I LTD

SOLE

NOTE 3.125% 9/1

Shares8.35M

TypeSH

Market value$11.82M

1.39%

Sole

8.35M

Shared

0.00

None

0.00

NUTANIX INC

SOLE

NOTE 0.500%12/1

Shares13M

TypeSH

Market value$11.75M

1.38%

Sole

13M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
GRANITE CONSTR INCSOLE	NOTE 3.250% 6/1	15M	SH	$24.68M 2.90%	15M
MKS INC.SOLE	NOTE 1.250% 6/0	12.27M	SH	$20.24M 2.38%	12.27M
PATRICK INDS INCSOLE	NOTE 1.750%12/0	10.95M	SH	$18.94M 2.22%	10.95M
OSI SYSTEMS INCSOLE	NOTE 2.250% 8/0	12.03M	SH	$18.45M 2.16%	12.03M
TETRA TECH INC NEWSOLE	DBCV 2.250% 8/1	17.53M	SH	$18.41M 2.16%	17.53M
HALOZYME THERAPEUTICS INCSOLE	NOTE 1.000% 8/1	14M	SH	$17.95M 2.11%	14M
CENTURY ALUM COSOLE	NOTE 2.750% 5/0	5.65M	SH	$17.70M 2.08%	5.65M
FLUOR CORPSOLE	NOTE 1.125% 8/1	13.89M	SH	$17.08M 2.00%	13.89M
GREENBRIER COS INCSOLE	NOTE 2.875% 4/1	13.79M	SH	$15.92M 1.87%	13.79M
AKAMAI TECHNOLOGIES INCSOLE	NOTE 1.125% 2/1	13.83M	SH	$15.76M 1.85%	13.83M
PARSONS CORP DELSOLE	NOTE 2.625% 3/0	15.83M	SH	$15.58M 1.83%	15.83M
APPLIED OPTOELECTRONICS INCSOLE	NOTE 2.750% 1/1	7M	SH	$15.53M 1.82%	7M
LEMAITRE VASCULAR INCSOLE	NOTE 2.500% 2/0	13M	SH	$14.61M 1.71%	13M
ANI PHARMACEUTICALS INCSOLE	NOTE 2.250% 9/0	11.47M	SH	$14.21M 1.67%	11.47M
ENCORE CAP GROUP INCSOLE	NOTE 4.000% 3/1	11.25M	SH	$14.18M 1.66%	11.25M
LIBERTY ALL STAR EQUITY FDSOLE	SH BEN INT	2.42M	SH	$13.40M 1.57%	2.42M
ON SEMICONDUCTOR CORPSOLE	NOTE 0.500% 3/0	13.17M	SH	$12.85M 1.51%	13.17M
LANTHEUS HLDGS INCSOLE	NOTE 2.625%12/1	10.60M	SH	$12.71M 1.49%	10.60M
FRESHPET INCSOLE	NOTE 3.000% 4/0	11M	SH	$12.68M 1.49%	11M
WISDOMTREE INCSOLE	NOTE 3.250% 8/1	9.31M	SH	$12.48M 1.46%	9.31M
FLUENCE ENERGY INCSOLE	NOTE 2.250% 6/1	12M	SH	$12.11M 1.42%	12M
ALPHATEC HLDGS INCSOLE	NOTE 0.750% 3/1	11.75M	SH	$12.04M 1.41%	11.75M
BENTLEY SYS INCSOLE	NOTE 0.375% 7/0	12.50M	SH	$11.90M 1.40%	12.50M
JAZZ INVESTMENTS I LTDSOLE	NOTE 3.125% 9/1	8.35M	SH	$11.82M 1.39%	8.35M
NUTANIX INCSOLE	NOTE 0.500%12/1	13M	SH	$11.75M 1.38%	13M

Page 1 of 5

…