OSTERWEIS STRATEGIC INCOME FUND
|
|||||||
SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited)
|
|||||||
Shares
|
|
Value
|
|||||
Common Stocks: 3.4%
|
|||||||
Food & Staples Retailing: 2.2%
|
|||||||
4,649,942
|
Southeastern Grocers, Inc. 1,2
|
$
|
101,136,239
|
||||
61,582,000
|
Tops Holding, Litigation Trust Proceeds 1,2,7
|
46,248
|
|||||
101,182,487
|
|||||||
Metals & Mining: 1.2%
|
|||||||
800
|
Real Alloy Holding, Inc. 1,2
|
51,972,050
|
|||||
Total Common Stocks
|
|||||||
(Cost $105,133,214)
|
153,154,537
|
||||||
Convertible Preferred Stocks: 1.0%
|
|||||||
Media: 0.1%
|
|||||||
196,000
|
Paramount Global, 5.750%
|
4,854,920
|
|||||
Road & Rail: 0.9%
|
|||||||
490,000
|
Daseke, Inc., 7.625% 1,9
|
43,207,710
|
|||||
Total Convertible Preferred Stocks
|
|||||||
(Cost $60,662,000)
|
48,062,630
|
||||||
Principal Amount
|
|||||||
Bonds: 81.0%
|
|||||||
Corporate Bonds: 75.6%
|
|||||||
Airlines: 3.5%
|
|||||||
Allegiant Travel Co.
|
|||||||
$
|
31,700,000
|
7.250%, 08/15/2027
|
30,196,842
|
||||
American Airlines, Inc.
|
|||||||
83,624,000
|
11.750%, 07/15/2025
|
89,871,382
|
|||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
|
|||||||
18,001,160
|
6.500%, 06/20/2027
|
17,936,389
|
|||||
United Airlines Holdings, Inc.
|
|||||||
20,726,000
|
4.875%, 01/15/2025
|
19,828,979
|
|||||
157,833,592
|
|||||||
Auto Components: 5.3%
|
|||||||
American Axle & Manufacturing, Inc.
|
|||||||
17,428,000
|
6.250%, 03/15/2026
|
16,337,068
|
|||||
9,260,000
|
6.500%, 04/01/2027
|
8,369,002
|
|||||
40,000,000
|
6.875%, 07/01/2028
|
35,727,000
|
|||||
The Goodyear Tire & Rubber Co.
|
|||||||
78,511,000
|
9.500%, 05/31/2025
|
80,801,340
|
|||||
14,500,000
|
5.000%, 07/15/2029
|
12,114,019
|
|||||
Patrick Industries, Inc.
|
|||||||
51,339,000
|
7.500%, 10/15/2027
|
50,031,837
|
|||||
Real Hero Merger Sub 2, Inc.
|
|||||||
54,702,000
|
6.250%, 02/01/2029
|
37,569,334
|
|||||
240,949,600
|
|||||||
Automobiles: 0.6%
|
|||||||
Ford Motor Co.
|
|||||||
9,000,000
|
9.625%, 04/22/2030
|
10,197,044
|
|||||
Ford Motor Credit Co. LLC
|
|||||||
10,000,000
|
4.687%, 06/09/2025
|
9,547,563
|
|||||
Thor Industries, Inc.
|
|||||||
10,000,000
|
4.000%, 10/15/2029
|
7,865,934
|
|||||
27,610,541
|
|||||||
Beverages: 0.4%
|
|||||||
Primo Water Holdings, Inc.
|
|||||||
19,700,000
|
4.375%, 04/30/2029
|
17,035,999
|
|||||
Building Products: 1.5%
|
|||||||
Griffon Corp.
|
|||||||
60,288,000
|
5.750%, 03/01/2028
|
55,256,966
|
|||||
PGT Innovations, Inc.
|
|||||||
17,000,000
|
4.375%, 10/01/2029
|
14,254,798
|
|||||
69,511,764
|
|||||||
Capital Markets: 1.1%
|
|||||||
Oppenheimer Holdings, Inc.
|
|||||||
50,650,000
|
5.500%, 10/01/2025
|
49,732,982
|
|||||
Chemicals: 1.9%
|
|||||||
Consolidated Energy Finance SA
|
|||||||
39,500,000
|
5.625%, 10/15/2028
|
33,637,031
|
|||||
INEOS Quattro Finance 2 PLC
|
|||||||
37,474,000
|
3.375%, 01/15/2026
|
34,475,893
|
|||||
Olin Corp.
|
|||||||
19,296,000
|
5.625%, 08/01/2029
|
18,365,450
|
|||||
86,478,374
|
|||||||
Commercial Services & Supplies: 1.9%
|
|||||||
GFL Environmental, Inc.
|
|||||||
11,100,000
|
5.125%, 12/15/2026
|
10,633,848
|
|||||
19,750,000
|
4.750%, 06/15/2029
|
17,311,369
|
|||||
KAR Auction Services, Inc.
|
|||||||
9,406,000
|
5.125%, 06/01/2025
|
9,203,674
|
|||||
Pitney Bowes, Inc.
|
|||||||
64,620,000
|
7.250%, 03/15/2029
|
50,628,478
|
|||||
87,777,369
|
|||||||
Computers & Peripherals: 3.5%
|
|||||||
CPI Acquisition, Inc.
|
|||||||
48,518,000
|
8.625%, 03/15/2026
|
47,906,067
|
|||||
NCR Corp.
|
|||||||
34,425,000
|
5.750%, 09/01/2027
|
32,995,493
|
|||||
5,750,000
|
5.000%, 10/01/2028
|
4,911,445
|
|||||
10,000,000
|
5.125%, 04/15/2029
|
8,383,358
|
|||||
Xerox Holdings Corp.
|
|||||||
70,000,000
|
5.000%, 08/15/2025
|
64,161,578
|
|||||
158,357,941
|
|||||||
Construction & Engineering: 4.3%
|
|||||||
APi Group DE, Inc.
|
|||||||
39,750,000
|
4.125%, 07/15/2029
|
32,992,500
|
|||||
Global Infrastructure Solutions, Inc.
|
|||||||
51,157,000
|
5.625%, 06/01/2029
|
40,194,997
|
|||||
Great Lakes Dredge & Dock Corp.
|
|||||||
25,832,000
|
5.250%, 06/01/2029
|
20,115,378
|
|||||
New Enterprise Stone & Lime Co., Inc.
|
|||||||
46,500,000
|
5.250%, 07/15/2028
|
41,351,089
|
|||||
Tutor Perini Corp.
|
|||||||
72,415,000
|
6.875%, 05/01/2025
|
63,477,300
|
|||||
198,131,264
|
|||||||
Construction Materials: 0.1%
|
|||||||
Cemex SAB de CV
|
|||||||
4,750,000
|
7.375%, 06/05/2027
|
4,882,430
|
|||||
Consumer Finance: 3.7%
|
|||||||
Bread Financial Holdings, Inc.
|
|||||||
15,832,000
|
4.750%, 12/15/2024
|
14,063,851
|
|||||
49,250,000
|
7.000%, 01/15/2026
|
43,122,808
|
|||||
Enova International, Inc.
|
|||||||
36,895,000
|
8.500%, 09/01/2024
|
34,783,596
|
|||||
36,117,000
|
8.500%, 09/15/2025
|
33,542,903
|
|||||
FirstCash, Inc.
|
|||||||
15,000,000
|
4.625%, 09/01/2028
|
13,193,411
|
|||||
19,500,000
|
5.625%, 01/01/2030
|
17,381,618
|
|||||
OneMain Finance Corp.
|
|||||||
11,228,000
|
5.625%, 03/15/2023
|
11,204,309
|
|||||
167,292,496
|
|||||||
Containers & Packaging: 0.2%
|
|||||||
Owens-Brockway Glass Container, Inc.
|
|||||||
10,083,000
|
5.875%, 08/15/2023
|
10,052,018
|
|||||
Distributors: 0.6%
|
|||||||
American Builders & Contractors Supply Co., Inc.
|
|||||||
35,000,000
|
3.875%, 11/15/2029
|
28,655,375
|
|||||
Diversified Consumer Services: 0.3%
|
|||||||
Carriage Services, Inc.
|
|||||||
19,500,000
|
4.250%, 05/15/2029
|
15,501,982
|
|||||
Diversified Financial Services: 0.6%
|
|||||||
Aviation Capital Group LLC
|
|||||||
5,500,000
|
5.500%, 12/15/2024
|
5,402,203
|
|||||
Burford Capital Global Finance LLC
|
|||||||
25,489,000
|
6.250%, 04/15/2028
|
22,715,907
|
|||||
28,118,110
|
|||||||
Diversified Telecommunication Services: 1.7%
|
|||||||
Level 3 Financing, Inc.
|
|||||||
44,668,000
|
4.625%, 09/15/2027
|
37,264,279
|
|||||
Lumen Technologies, Inc.
|
|||||||
54,100,000
|
5.375%, 06/15/2029
|
39,020,796
|
|||||
76,285,075
|
|||||||
Equity Real Estate Investment Trusts - REITS: 0.4%
|
|||||||
Iron Mountain, Inc.
|
|||||||
20,000,000
|
4.500%, 02/15/2031
|
16,483,900
|
|||||
Food & Staples Retailing: 5.0%
|
|||||||
C&S Group Enterprises LLC
|
|||||||
45,765,000
|
5.000%, 12/15/2028
|
34,808,401
|
|||||
KeHE Distributors LLC / KeHE Finance Corp.
|
|||||||
58,426,000
|
8.625%, 10/15/2026
|
57,587,587
|
|||||
Performance Food Group, Inc.
|
|||||||
19,500,000
|
4.250%, 08/01/2029
|
16,922,100
|
|||||
SEG Holding LLC / SEG Finance Corp.
|
|||||||
29,087,000
|
5.625%, 10/15/2028
|
27,429,623
|
|||||
United Natural Foods, Inc.
|
|||||||
5,000,000
|
6.750%, 10/15/2028
|
4,812,150
|
|||||
US Foods, Inc.
|
|||||||
61,228,000
|
6.250%, 04/15/2025
|
60,686,933
|
|||||
29,354,000
|
4.750%, 02/15/2029
|
26,098,641
|
|||||
228,345,435
|
|||||||
Food Products: 0.3%
|
|||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
|
|||||||
18,750,000
|
4.625%, 03/01/2029
|
15,286,174
|
|||||
Health Care Providers & Services: 0.8%
|
|||||||
AMN Healthcare, Inc.
|
|||||||
8,000,000
|
4.625%, 10/01/2027
|
7,390,320
|
|||||
Owens & Minor, Inc.
|
|||||||
36,210,000
|
4.500%, 03/31/2029
|
28,917,306
|
|||||
36,307,626
|
|||||||
Hotels, Restaurants & Leisure: 5.6%
|
|||||||
Aramark Services, Inc.
|
|||||||
48,411,000
|
6.375%, 05/01/2025
|
47,914,303
|
|||||
Carnival Corp.
|
|||||||
23,616,000
|
7.625%, 03/01/2026
|
18,759,717
|
|||||
9,500,000
|
5.750%, 03/01/2027
|
6,799,815
|
|||||
19,750,000
|
6.000%, 05/01/2029
|
13,198,075
|
|||||
Carrols Restaurant Group, Inc.
|
|||||||
57,625,000
|
5.875%, 07/01/2029
|
40,462,086
|
|||||
GPS Hospitality Holding Co. LLC / GPS Finco, Inc.
|
|||||||
44,500,000
|
7.000%, 08/15/2028
|
28,219,675
|
|||||
MGM Resorts International
|
|||||||
25,000,000
|
6.000%, 03/15/2023
|
24,965,125
|
|||||
NCL Corp. Ltd.
|
|||||||
15,510,000
|
3.625%, 12/15/2024
|
13,275,599
|
|||||
12,000,000
|
5.875%, 03/15/2026
|
9,471,360
|
|||||
Six Flags Entertainment Corp.
|
|||||||
48,676,000
|
4.875%, 07/31/2024
|
46,941,917
|
|||||
Six Flags Theme Parks, Inc.
|
|||||||
5,229,000
|
7.000%, 07/01/2025
|
5,277,283
|
|||||
255,284,955
|
|||||||
Household Durables: 3.0%
|
|||||||
Empire Communities Corp.
|
|||||||
63,999,000
|
7.000%, 12/15/2025
|
57,945,463
|
|||||
Installed Building Products, Inc.
|
|||||||
6,750,000
|
5.750%, 02/01/2028
|
6,079,898
|
|||||
Mattamy Group Corp.
|
|||||||
24,500,000
|
5.250%, 12/15/2027
|
21,770,286
|
|||||
The New Home Co., Inc.
|
|||||||
47,308,000
|
7.250%, 10/15/2025
|
40,136,562
|
|||||
Taylor Morrison Communities, Inc.
|
|||||||
9,500,000
|
5.750%, 01/15/2028
|
8,911,690
|
|||||
134,843,899
|
|||||||
Industrial Conglomerates: 1.8%
|
|||||||
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
|
|||||||
17,769,000
|
4.750%, 09/15/2024
|
17,074,075
|
|||||
18,133,000
|
6.375%, 12/15/2025
|
17,622,012
|
|||||
49,872,000
|
6.250%, 05/15/2026
|
48,036,264
|
|||||
82,732,351
|
|||||||
IT Services: 3.5%
|
|||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc.
|
|||||||
74,500,000
|
6.000%, 11/01/2029
|
60,963,350
|
|||||
KBR, Inc.
|
|||||||
20,000,000
|
4.750%, 09/30/2028
|
17,789,055
|
|||||
MoneyGram International, Inc.
|
|||||||
29,490,000
|
5.375%, 08/01/2026
|
29,926,088
|
|||||
Unisys Corp.
|
|||||||
66,074,000
|
6.875%, 11/01/2027
|
50,830,728
|
|||||
159,509,221
|
|||||||
Machinery: 2.2%
|
|||||||
Chart Industries, Inc.
|
|||||||
5,000,000
|
7.500%, 01/01/2030
|
5,027,750
|
|||||
The Manitowoc Co., Inc.
|
|||||||
58,224,000
|
9.000%, 04/01/2026
|
54,811,672
|
|||||
Wabash National Corp.
|
|||||||
46,750,000
|
4.500%, 10/15/2028
|
39,853,523
|
|||||
99,692,945
|
|||||||
Media: 1.1%
|
|||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
|
|||||||
55,300,000
|
5.875%, 08/15/2027
|
49,579,768
|
|||||
Metals & Mining: 4.0%
|
|||||||
Century Aluminum Co.
|
|||||||
40,000,000
|
7.500%, 04/01/2028
|
34,663,913
|
|||||
Coeur Mining, Inc.
|
|||||||
66,150,000
|
5.125%, 02/15/2029
|
51,711,217
|
|||||
Hecla Mining Co.
|
|||||||
61,347,000
|
7.250%, 02/15/2028
|
60,499,239
|
|||||
Real Alloy Holding, Inc.
|
|||||||
13,002,247
|
14.765%, (3 Month LIBOR USD +10.000%) Cash or 16.765% (3 Month LIBOR USD + 12.000%) PIK, 05/31/2025 1,3
|
13,002,247
|
|||||
SunCoke Energy, Inc.
|
|||||||
26,325,000
|
4.875%, 06/30/2029
|
22,631,273
|
|||||
182,507,889
|
|||||||
Mortgage Real Estate Investment Trusts - REITS: 2.0%
|
|||||||
HAT Holdings I LLC / HAT Holdings II LLC
|
|||||||
25,404,000
|
6.000%, 04/15/2025
|
24,641,880
|
|||||
31,200,000
|
3.375%, 06/15/2026
|
27,149,928
|
|||||
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.
|
|||||||
10,000,000
|
6.375%, 02/01/2027
|
9,321,100
|
|||||
Starwood Property Trust, Inc.
|
|||||||
29,839,000
|
5.500%, 11/01/2023
|
29,624,450
|
|||||
90,737,358
|
|||||||
Oil, Gas & Consumable Fuels: 2.5%
|
|||||||
Calumet Specialty Products Partners L.P. / Calumet Finance Corp.
|
|||||||
11,792,000
|
9.250%, 07/15/2024
|
11,991,226
|
|||||
15,900,000
|
11.000%, 04/15/2025
|
16,596,043
|
|||||
Genesis Energy L.P. / Genesis Energy Finance Corp.
|
|||||||
51,550,000
|
7.750%, 02/01/2028
|
47,532,193
|
|||||
Global Partners L.P. / GLP Finance Corp.
|
|||||||
30,750,000
|
7.000%, 08/01/2027
|
29,249,617
|
|||||
NGL Energy Operating LLC / NGL Energy Finance Corp.
|
|||||||
7,500,000
|
7.500%, 02/01/2026
|
6,681,037
|
|||||
112,050,116
|
|||||||
Paper & Forest Products: 0.8%
|
|||||||
Resolute Forest Products, Inc.
|
|||||||
35,750,000
|
4.875%, 03/01/2026
|
35,313,780
|
|||||
Road & Rail: 0.5%
|
|||||||
XPO Escrow Sub LLC
|
|||||||
24,500,000
|
7.500%, 11/15/2027
|
24,823,890
|
|||||
Specialty Retail: 2.9%
|
|||||||
Ken Garff Automotive LLC
|
|||||||
49,795,000
|
4.875%, 09/15/2028
|
41,736,076
|
|||||
Penske Automotive Group, Inc.
|
|||||||
17,234,000
|
3.500%, 09/01/2025
|
16,021,323
|
|||||
Rent-A-Center, Inc.
|
|||||||
57,600,000
|
6.375%, 02/15/2029
|
46,670,303
|
|||||
Sonic Automotive, Inc.
|
|||||||
34,500,000
|
4.625%, 11/15/2029
|
27,669,271
|
|||||
132,096,973
|
|||||||
Textiles, Apparel & Luxury Goods: 0.1%
|
|||||||
The William Carter Co.
|
|||||||
3,000,000
|
5.625%, 03/15/2027
|
2,882,818
|
|||||
Thrifts & Mortgage Finance: 3.3%
|
|||||||
Nationstar Mortgage Holdings, Inc.
|
|||||||
13,250,000
|
6.000%, 01/15/2027
|
11,879,685
|
|||||
24,680,000
|
5.500%, 08/15/2028
|
20,164,457
|
|||||
9,500,000
|
5.125%, 12/15/2030
|
7,349,983
|
|||||
18,000,000
|
5.750%, 11/15/2031
|
14,018,400
|
|||||
PennyMac Financial Services, Inc.
|
|||||||
56,030,000
|
5.375%, 10/15/2025
|
50,593,652
|
|||||
United Wholesale Mortgage LLC
|
|||||||
24,680,000
|
5.500%, 11/15/2025
|
22,263,332
|
|||||
7,000,000
|
5.750%, 06/15/2027
|
6,036,179
|
|||||
20,820,000
|
5.500%, 04/15/2029
|
16,645,399
|
|||||
148,951,087
|
|||||||
Trading Companies & Distributors: 4.1%
|
|||||||
Avation Capital SA
|
|||||||
80,861,974
|
8.250% Cash or 9.000% PIK, 10/31/2026 3
|
64,024,489
|
|||||
Castlelake Aviation Finance DAC
|
|||||||
52,500,000
|
5.000%, 04/15/2027
|
45,750,535
|
|||||
Herc Holdings, Inc.
|
|||||||
32,823,000
|
5.500%, 07/15/2027
|
30,682,284
|
|||||
WESCO Distribution, Inc.
|
|||||||
36,966,000
|
7.125%, 06/15/2025
|
37,509,561
|
|||||
9,750,000
|
7.250%, 06/15/2028
|
9,898,385
|
|||||
187,865,254
|
|||||||
Transportation Infrastructure: 0.5%
|
|||||||
Signature Aviation US Holdings, Inc.
|
|||||||
25,600,000
|
4.000%, 03/01/2028
|
24,384,764
|
|||||
Total Corporate Bonds
|
|||||||
(Cost $3,892,485,352)
|
3,443,887,115
|
||||||
Convertible Bonds: 5.2%
|
|||||||
Aerospace & Defense: 0.3%
|
|||||||
Parsons Corp.
|
|||||||
12,500,000
|
0.250%, 08/15/2025
|
14,268,750
|
|||||
Airlines: 0.2%
|
|||||||
Southwest Airlines Co.
|
|||||||
7,675,000
|
1.250%, 05/01/2025
|
9,246,456
|
|||||
Auto Components: 0.2%
|
|||||||
Patrick Industries, Inc.
|
|||||||
11,250,000
|
1.750%, 12/01/2028
|
9,281,250
|
|||||
Automobiles: 0.2%
|
|||||||
Ford Motor Co.
|
|||||||
7,750,000
|
N/A%, 03/15/2026 4
|
7,350,875
|
|||||
Consumer Finance: 0.9%
|
|||||||
EZCORP, Inc.
|
|||||||
10,250,000
|
2.375%, 05/01/2025
|
9,143,410
|
|||||
9,750,000
|
3.750%, 12/15/2029
|
9,481,875
|
|||||
LendingTree, Inc.
|
|||||||
27,517,000
|
0.500%, 07/15/2025
|
20,158,954
|
|||||
38,784,239
|
|||||||
Health Care Equipment & Supplies: 0.6%
|
|||||||
Haemonetics Corp.
|
|||||||
17,750,000
|
N/A%, 03/01/2026 4
|
14,755,575
|
|||||
Integra LifeSciences Holdings Corp.
|
|||||||
13,000,000
|
0.500%, 08/15/2025
|
12,668,500
|
|||||
27,424,075
|
|||||||
Hotels, Restaurants & Leisure: 0.2%
|
|||||||
NCL Corp. Ltd.
|
|||||||
6,835,000
|
6.000%, 05/15/2024
|
8,012,565
|
|||||
2,500,000
|
1.125%, 02/15/2027
|
1,709,500
|
|||||
9,722,065
|
|||||||
Internet & Direct Marketing Retail: 0.1%
|
|||||||
Etsy, Inc.
|
|||||||
7,750,000
|
0.250%, 06/15/2028
|
6,675,075
|
|||||
Machinery: 0.2%
|
|||||||
John Bean Technologies Corp.
|
|||||||
9,450,000
|
0.250%, 05/15/2026
|
8,160,075
|
|||||
Mortgage Real Estate Investment Trusts - REITS: 0.5%
|
|||||||
Starwood Property Trust, Inc.
|
|||||||
22,000,000
|
4.375%, 04/01/2023
|
21,436,250
|
|||||
Pharmaceuticals: 0.3%
|
|||||||
Jazz Investments I Ltd.
|
|||||||
6,000,000
|
1.500%, 08/15/2024
|
5,928,750
|
|||||
6,650,000
|
2.000%, 06/15/2026
|
7,938,438
|
|||||
13,867,188
|
|||||||
Real Estate Management & Development: 0.4%
|
|||||||
DigitalBridge Group, Inc.
|
|||||||
19,577,000
|
5.000%, 04/15/2023
|
19,381,230
|
|||||
Software: 1.1%
|
|||||||
BigBear.ai Holdings, Inc.
|
|||||||
28,350,000
|
6.000%, 12/15/2026
|
19,136,250
|
|||||
Envestnet, Inc.
|
|||||||
9,490,000
|
0.750%, 08/15/2025
|
8,612,175
|
|||||
1,000,000
|
2.625%, 12/01/2027
|
1,078,000
|
|||||
Jamf Holding Corp.
|
|||||||
10,600,000
|
0.125%, 09/01/2026
|
8,776,800
|
|||||
Rapid7, Inc.
|
|||||||
10,000,000
|
0.250%, 03/15/2027
|
7,859,937
|
|||||
Tyler Technologies, Inc.
|
|||||||
6,750,000
|
0.250%, 03/15/2026
|
6,304,500
|
|||||
51,767,662
|
|||||||
Total Convertible Bonds
|
|||||||
(Cost $260,197,629)
|
237,365,190
|
||||||
Private Mortgage Backed Obligations: 0.2%
|
|||||||
Diversified Financial Services: 0.2%
|
|||||||
HAS Capital Income Opportunity Fund II
|
|||||||
21,807,000
|
8.000%, 12/31/2024 (Cost $21,807,000 Acquisition Dates 06/10/2016, 09/19/2016) 1,6
|
10,650,757
|
|||||
Total Private Mortgage Backed Obligations
|
|||||||
(Cost $21,807,000)
|
10,650,757
|
||||||
Total Bonds
|
|||||||
(Cost $4,174,489,981)
|
3,691,903,062
|
||||||
Warrants: 0.0% 8
|
|||||||
Trading Companies & Distributors: 0.0% 8
|
|||||||
1,601,250
|
Aviation PLC, Warrants (Expiration Date 10/31/2026, Exercise Price 114.5 GBp) 1,2
|
580,752
|
|||||
Total Warrants
|
|||||||
(Cost $–)
|
580,752
|
||||||
Short-Term Investments: 13.3%
|
|||||||
Commercial Paper: 6.7%
|
|||||||
Automobiles: 1.1%
|
|||||||
Harley-Davidson FDG Corp.
|
|||||||
50,000,000
|
5.188%, 01/10/2023 10
|
49,928,210
|
|||||
Chemicals: 1.0%
|
|||||||
International Flavors & Fragrances, Inc.
|
|||||||
34,000,000
|
5.398%, 01/19/2023 10
|
33,912,280
|
|||||
15,000,000
|
5.467%, 01/20/2023 10
|
14,959,313
|
|||||
48,871,593
|
|||||||
Construction & Engineering: 1.1%
|
|||||||
Quanta Services, Inc.
|
|||||||
49,000,000
|
5.273%, 01/18/2023 10
|
48,872,039
|
|||||
Equity Real Estate Investment Trusts - REITS: 1.1%
|
|||||||
Crown Castle International Corp.
|
|||||||
50,000,000
|
5.297%, 01/05/2023 10
|
49,959,533
|
|||||
Household Durables: 1.1%
|
|||||||
Newell Brands, Inc.
|
|||||||
49,000,000
|
5.378%, 01/05/2023 10
|
48,960,343
|
|||||
Multiline Retail: 1.3%
|
|||||||
Dollarama, Inc.
|
|||||||
25,000,000
|
5.205%, 01/09/2023 10
|
24,968,173
|
|||||
35,000,000
|
5.169%, 01/17/2023 10
|
34,918,940
|
|||||
59,887,113
|
|||||||
Total Commercial Paper
|
|||||||
(Cost $306,528,222)
|
306,478,831
|
||||||
Shares
|
|||||||
Money Market Funds: 6.6%
|
|||||||
149,935,677
|
Federated Hermes U.S. Treasury Cash Reserves - Class I, 3.820% 5
|
149,935,677
|
|||||
149,491,190
|
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 3.930% 5
|
149,491,190
|
|||||
Total Money Market Funds
|
|||||||
(Cost $299,426,867)
|
299,426,867
|
||||||
Total Short-Term Investments
|
|||||||
(Cost $605,955,089)
|
605,905,698
|
||||||
Total Investments in Securities: 98.7%
|
|||||||
(Cost $4,946,240,284)
|
4,499,606,679
|
||||||
Other Assets in Excess of Liabilities: 1.3%
|
57,520,646
|
||||||
Total Net Assets: 100.0%
|
$
|
4,557,127,325
|
GBp -
|
Great Britain Pound
|
||
LIBOR -
|
London Interbank Offered Rate
|
||
PIK -
|
Payment-in-Kind
|
||
USD -
|
United States Dollar
|
||
1
|
Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were
used to determine fair value.
|
||
2
|
Non-income producing security.
|
||
3
|
Variable rate security; rate shown is the rate in effect on December 31, 2022.
|
||
4
|
Zero Coupon Security
|
||
5
|
Annualized seven-day effective yield as of December 31, 2022.
|
||
6
|
Security considered restricted. As of December 31, 2022, the value of the restricted securities was $10,650,757 or 0.2% of net
assets.
|
||
7
|
Not a readily marketable security.
|
||
8
|
Does not round to 0.1% or (0.1)%, as applicable.
|
||
9
|
Company is an "affiliated person" of the Fund, as defined in the Investment Company Act of 1940.
|
||
10
|
Rate represents the yield to maturity from purchase price.
|
The Global Industry Classifications Standard (GICS®) sector and industry classifications was developed by and is the
exclusive property of MSCI, Inc. and Standard & Poor's ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by Osterweis Capital Management.
|
Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
|
||||
The Osterweis Strategic Income Fund (the "Fund"), utilizes various methods to measure the fair value of its investments on a
recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
|
||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar
data.
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing
the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
||||
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
|
Assets:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
Common Stocks 1,2
|
$
|
–
|
$
|
–
|
$
|
153,154,537
|
$
|
153,154,537
|
|||||||
Convertible Preferred Stocks 1,2
|
4,854,920
|
–
|
43,207,710
|
48,062,630
|
|||||||||||
Corporate Bonds 1,2
|
–
|
3,430,884,868
|
13,002,247
|
3,443,887,115
|
|||||||||||
Convertible Bonds 1
|
–
|
237,365,190
|
–
|
237,365,190
|
|||||||||||
Private Mortgage Backed Obligations 1,2
|
–
|
–
|
10,650,757
|
10,650,757
|
|||||||||||
Warrants 1
|
580,752
|
–
|
–
|
580,752
|
|||||||||||
Short-Term Investments
|
299,426,867
|
306,478,831
|
–
|
605,905,698
|
|||||||||||
Total Assets:
|
$
|
304,862,539
|
$
|
3,974,728,889
|
$
|
220,015,251
|
$
|
4,499,606,679
|
|||||||
1 See Schedule of Investments for industry breakouts.
|
|||||||||||||||
2 See Schedule of Investments for disclosure of Level 3 securities.
|
|||||||||||||||
|