|
Osterweis Strategic Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
December 31, 2024 (Unaudited)
|
||||||||
|
CORPORATE BONDS - 74.4%
|
Par
|
Value
|
||||||
|
Aerospace & Defense - 0.4%
|
||||||||
|
Rolls-Royce PLC, 3.63%, 10/14/2025 (a)
|
$
|
23,935,000
|
$
|
23,550,224
|
||||
|
Automobile Components - 3.2%
|
||||||||
|
Adient Global Holdings Ltd., 7.00%, 04/15/2028 (a)
|
12,650,000
|
12,809,948
|
||||||
|
American Axle & Manufacturing, Inc.
|
||||||||
|
6.50%, 04/01/2027
|
14,260,000
|
14,158,770
|
||||||
|
6.88%, 07/01/2028
|
44,500,000
|
44,329,440
|
||||||
|
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (a)
|
54,702,000
|
47,080,179
|
||||||
|
The Goodyear Tire & Rubber Co.
|
||||||||
|
9.50%, 05/31/2025
|
55,335,000
|
55,728,457
|
||||||
|
5.00%, 07/15/2029
|
14,500,000
|
13,330,488
|
||||||
|
187,437,282
|
||||||||
|
Automobiles - 1.6%
|
||||||||
|
Ford Motor Co., 9.63%, 04/22/2030
|
9,000,000
|
10,390,792
|
||||||
|
Ford Motor Credit Co. LLC
|
||||||||
|
2.30%, 02/10/2025
|
64,741,000
|
64,528,582
|
||||||
|
4.69%, 06/09/2025
|
10,000,000
|
9,979,097
|
||||||
|
Thor Industries, Inc., 4.00%, 10/15/2029 (a)
|
10,000,000
|
9,028,894
|
||||||
|
93,927,365
|
||||||||
|
Banks - 2.1%
|
||||||||
|
Citizens Bank NA/Providence RI, 5.28% to 01/26/2025 then SOFR + 1.02%, 01/26/2026
|
30,125,000
|
30,123,435
|
||||||
|
JPMorgan Chase & Co., 4.08% to 04/26/2025 then SOFR + 1.32%, 04/26/2026
|
30,539,000
|
30,464,099
|
||||||
|
Wells Fargo & Co., 2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026
|
66,035,000
|
65,448,040
|
||||||
|
126,035,574
|
||||||||
|
Beverages - 0.4%
|
||||||||
|
Primo Water Holdings, Inc., 4.38%, 04/30/2029 (a)
|
25,728,000
|
23,949,118
|
||||||
|
Biotechnology - 0.9%
|
||||||||
|
AbbVie, Inc., 3.80%, 03/15/2025
|
51,823,000
|
51,734,948
|
||||||
|
Building Products - 1.7%
|
||||||||
|
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 (a)
|
37,338,000
|
36,835,188
|
||||||
|
Griffon Corp., 5.75%, 03/01/2028
|
60,288,000
|
59,156,931
|
||||||
|
Masterbrand, Inc., 7.00%, 07/15/2032 (a)
|
4,500,000
|
4,536,637
|
||||||
|
100,528,756
|
||||||||
|
Capital Markets - 0.7%
|
||||||||
|
Ares Capital Corp., 4.25%, 03/01/2025
|
30,962,000
|
30,899,258
|
||||||
|
Blackstone Private Credit Fund, 2.70%, 01/15/2025
|
11,000,000
|
10,988,811
|
||||||
|
41,888,069
|
||||||||
|
Chemicals - 1.2%
|
||||||||
|
Consolidated Energy Finance SA
|
||||||||
|
6.50%, 05/15/2026 (a)
|
7,050,000
|
6,946,232
|
||||||
|
5.63%, 10/15/2028 (a)
|
31,700,000
|
25,805,543
|
||||||
|
12.00%, 02/15/2031 (a)
|
19,750,000
|
18,980,453
|
||||||
|
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 (a)
|
17,500,000
|
18,501,175
|
||||||
|
70,233,403
|
||||||||
|
Commercial Services & Supplies - 2.0%
|
||||||||
|
Deluxe Corp.
|
||||||||
|
8.00%, 06/01/2029 (a)
|
10,556,000
|
10,191,844
|
||||||
|
8.13%, 09/15/2029 (a)
|
7,000,000
|
7,106,895
|
||||||
|
GFL Environmental, Inc.
|
||||||||
|
3.75%, 08/01/2025 (a)
|
27,656,000
|
27,420,338
|
||||||
|
5.13%, 12/15/2026 (a)
|
11,100,000
|
11,049,905
|
||||||
|
Pitney Bowes, Inc., 7.25%, 03/15/2029 (a)
|
62,645,000
|
61,497,481
|
||||||
|
117,266,463
|
||||||||
|
Computers & Peripherals - 1.8%
|
||||||||
|
CPI CG, Inc., 10.00%, 07/15/2029 (a)
|
31,400,000
|
33,726,803
|
||||||
|
Xerox Holdings Corp.
|
||||||||
|
5.00%, 08/15/2025 (a)
|
31,001,000
|
30,966,118
|
||||||
|
5.50%, 08/15/2028 (a)
|
22,339,000
|
19,186,742
|
||||||
|
8.88%, 11/30/2029 (a)
|
28,000,000
|
25,185,216
|
||||||
|
109,064,879
|
||||||||
|
Construction & Engineering - 3.2%
|
||||||||
|
AECOM, 5.13%, 03/15/2027
|
14,500,000
|
14,372,247
|
||||||
|
APi Group DE, Inc., 4.13%, 07/15/2029 (a)
|
26,650,000
|
24,530,773
|
||||||
|
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (a)
|
51,157,000
|
49,427,121
|
||||||
|
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (a)
|
30,747,000
|
28,763,296
|
||||||
|
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (a)
|
46,500,000
|
45,160,874
|
||||||
|
Tutor Perini Corp., 11.88%, 04/30/2029 (a)
|
24,500,000
|
27,184,294
|
||||||
|
189,438,605
|
||||||||
|
Consumer Finance - 3.0%
|
||||||||
|
Bread Financial Holdings, Inc., 7.00%, 01/15/2026 (a)
|
9,870,000
|
9,891,024
|
||||||
|
Enova International, Inc.
|
||||||||
|
11.25%, 12/15/2028 (a)
|
11,750,000
|
12,697,790
|
||||||
|
9.13%, 08/01/2029 (a)
|
43,950,000
|
45,755,471
|
||||||
|
FirstCash, Inc.
|
||||||||
|
4.63%, 09/01/2028 (a)
|
15,000,000
|
14,228,328
|
||||||
|
5.63%, 01/01/2030 (a)
|
19,500,000
|
18,807,401
|
||||||
|
6.88%, 03/01/2032 (a)
|
24,500,000
|
24,630,578
|
||||||
|
Synchrony Financial, 4.50%, 07/23/2025
|
52,948,000
|
52,753,694
|
||||||
|
178,764,286
|
||||||||
|
Consumer Staples Distribution & Retail - 4.0%
|
||||||||
|
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (a)
|
45,765,000
|
38,818,832
|
||||||
|
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)
|
62,250,000
|
64,581,947
|
||||||
|
Performance Food Group, Inc., 5.50%, 10/15/2027 (a)
|
57,195,000
|
56,770,740
|
||||||
|
United Natural Foods, Inc., 6.75%, 10/15/2028 (a)
|
52,549,000
|
51,843,873
|
||||||
|
US Foods, Inc., 4.75%, 02/15/2029 (a)
|
23,384,000
|
22,417,877
|
||||||
|
234,433,269
|
||||||||
|
Containers & Packaging - 0.3%
|
||||||||
|
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027 (a)
|
17,000,000
|
16,873,199
|
||||||
|
Diversified Consumer Services - 0.1%
|
||||||||
|
Carriage Services, Inc., 4.25%, 05/15/2029 (a)
|
7,800,000
|
7,113,050
|
||||||
|
Electronic Equipment, Instruments & Components - 0.7%
|
||||||||
|
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025
|
42,043,000
|
41,783,839
|
||||||
|
Entertainment - 0.3%
|
||||||||
|
Banijay Entertainment SAS, 8.13%, 05/01/2029 (a)
|
19,500,000
|
20,283,354
|
||||||
|
Financial Services - 4.0%
|
||||||||
|
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)
|
25,489,000
|
25,501,329
|
||||||
|
HAS Capital Income Opportunity Fund II LLC, 0.00%, 08/31/2031 (a)(b)
|
21,807,000
|
12,779,665
|
||||||
|
Nationstar Mortgage Holdings, Inc.
|
||||||||
|
5.00%, 02/01/2026 (a)
|
23,250,000
|
23,108,654
|
||||||
|
5.50%, 08/15/2028 (a)
|
24,680,000
|
23,984,305
|
||||||
|
5.13%, 12/15/2030 (a)
|
9,500,000
|
8,873,012
|
||||||
|
5.75%, 11/15/2031 (a)
|
18,000,000
|
17,226,648
|
||||||
|
PennyMac Financial Services, Inc., 5.38%, 10/15/2025 (a)
|
62,580,000
|
62,451,298
|
||||||
|
United Wholesale Mortgage LLC
|
||||||||
|
5.50%, 11/15/2025 (a)
|
32,855,000
|
32,717,183
|
||||||
|
5.75%, 06/15/2027 (a)
|
10,000,000
|
9,885,191
|
||||||
|
5.50%, 04/15/2029 (a)
|
20,820,000
|
20,074,934
|
||||||
|
236,602,219
|
||||||||
|
Food Products - 0.4%
|
||||||||
|
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)
|
27,438,000
|
25,388,041
|
||||||
|
Ground Transportation - 0.4%
|
||||||||
|
RXO, Inc., 7.50%, 11/15/2027 (a)
|
24,500,000
|
25,241,137
|
||||||
|
Health Care Equipment & Supplies - 0.5%
|
||||||||
|
Varex Imaging Corp., 7.88%, 10/15/2027 (a)
|
31,500,000
|
32,260,121
|
||||||
|
Health Care Providers & Services - 1.1%
|
||||||||
|
AMN Healthcare, Inc., 4.63%, 10/01/2027 (a)
|
21,500,000
|
20,534,213
|
||||||
|
Owens & Minor, Inc., 4.50%, 03/31/2029 (a)
|
52,310,000
|
46,740,361
|
||||||
|
67,274,574
|
||||||||
|
Hotels, Restaurants & Leisure - 5.1%
|
||||||||
|
Carnival Corp.
|
||||||||
|
7.63%, 03/01/2026 (a)
|
58,288,000
|
58,417,482
|
||||||
|
5.75%, 03/01/2027 (a)
|
9,500,000
|
9,486,028
|
||||||
|
6.00%, 05/01/2029 (a)
|
19,750,000
|
19,718,384
|
||||||
|
Las Vegas Sands Corp., 2.90%, 06/25/2025
|
29,350,000
|
29,049,001
|
||||||
|
NCL Corp. Ltd., 5.88%, 03/15/2026 (a)
|
60,585,000
|
60,547,304
|
||||||
|
Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 (a)
|
61,302,000
|
61,286,440
|
||||||
|
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (a)
|
12,447,000
|
12,477,181
|
||||||
|
Travel + Leisure Co., 6.60%, 10/01/2025
|
50,350,000
|
50,568,167
|
||||||
|
301,549,987
|
||||||||
|
Household Durables - 3.3%
|
||||||||
|
Adams Homes, Inc., 9.25%, 10/15/2028 (a)
|
34,500,000
|
35,936,235
|
||||||
|
Empire Communities Corp., 9.75%, 05/01/2029 (a)
|
48,250,000
|
50,822,401
|
||||||
|
Installed Building Products, Inc., 5.75%, 02/01/2028 (a)
|
6,750,000
|
6,644,221
|
||||||
|
Mattamy Group Corp., 5.25%, 12/15/2027 (a)
|
40,900,000
|
40,023,028
|
||||||
|
STL Holding Co. LLC, 8.75%, 02/15/2029 (a)
|
7,750,000
|
8,238,777
|
||||||
|
The New Home Co., Inc., 9.25%, 10/01/2029 (a)
|
52,500,000
|
55,318,987
|
||||||
|
196,983,649
|
||||||||
|
Industrial Conglomerates - 0.4%
|
||||||||
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026
|
20,939,000
|
20,763,453
|
||||||
|
Industrial Power & Renewable Electricity Products - 0.6%
|
||||||||
|
Vistra Operations Co. LLC
|
||||||||
|
5.13%, 05/13/2025 (a)
|
19,362,000
|
19,355,918
|
||||||
|
5.50%, 09/01/2026 (a)
|
10,870,000
|
10,844,677
|
||||||
|
5.05%, 12/30/2026 (a)
|
6,500,000
|
6,513,912
|
||||||
|
36,714,507
|
||||||||
|
IT Services - 1.1%
|
||||||||
|
Unisys Corp., 6.88%, 11/01/2027 (a)
|
66,074,000
|
64,463,935
|
||||||
|
Leisure Products - 0.1%
|
||||||||
|
Acushnet Co., 7.38%, 10/15/2028 (a)
|
3,000,000
|
3,104,415
|
||||||
|
Machinery - 1.3%
|
||||||||
|
The Manitowoc Co., Inc., 9.25%, 10/01/2031 (a)
|
32,500,000
|
33,355,958
|
||||||
|
Wabash National Corp., 4.50%, 10/15/2028 (a)
|
46,750,000
|
42,749,972
|
||||||
|
76,105,930
|
||||||||
|
Media - 0.9%
|
||||||||
|
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027 (a)
|
55,300,000
|
53,937,610
|
||||||
|
Metals & Mining - 3.7%
|
||||||||
|
Century Aluminum Co., 7.50%, 04/01/2028 (a)
|
35,905,000
|
36,457,327
|
||||||
|
Coeur Mining, Inc., 5.13%, 02/15/2029 (a)
|
66,150,000
|
63,423,349
|
||||||
|
Hecla Mining Co., 7.25%, 02/15/2028
|
61,347,000
|
62,029,363
|
||||||
|
Perenti Finance Pty Ltd.
|
||||||||
|
6.50%, 10/07/2025 (a)
|
6,840,685
|
6,844,761
|
||||||
|
7.50%, 04/26/2029 (a)
|
12,000,000
|
12,455,160
|
||||||
|
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)
|
42,674,000
|
38,954,310
|
||||||
|
220,164,270
|
||||||||
|
Mortgage Real Estate Investment Trusts - REITS - 1.4%
|
||||||||
|
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (a)
|
40,227,000
|
39,007,102
|
||||||
|
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027 (a)
|
47,341,000
|
46,935,591
|
||||||
|
85,942,693
|
||||||||
|
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
|
||||||||
|
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 (a)
|
26,000,000
|
26,755,766
|
||||||
|
Oil, Gas & Consumable Fuels - 3.0%
|
||||||||
|
Calumet Specialty Products Partners LP / Calumet Finance Corp.
|
||||||||
|
11.00%, 04/15/2026 (a)
|
28,151,000
|
28,409,708
|
||||||
|
9.75%, 07/15/2028 (a)
|
29,232,000
|
29,870,398
|
||||||
|
Genesis Energy LP / Genesis Energy Finance Corp.
|
||||||||
|
7.75%, 02/01/2028
|
51,550,000
|
51,662,173
|
||||||
|
8.88%, 04/15/2030
|
10,000,000
|
10,185,254
|
||||||
|
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027
|
37,510,000
|
37,840,913
|
||||||
|
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (a)
|
20,030,000
|
20,312,631
|
||||||
|
178,281,077
|
||||||||
|
Passenger Airlines - 4.2%
|
||||||||
|
Allegiant Travel Co., 7.25%, 08/15/2027 (a)
|
62,975,000
|
63,374,416
|
||||||
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 (a)
|
57,750,891
|
57,670,010
|
||||||
|
JetBlue Airways Corp. / JetBlue Loyalty L.P., 9.88%, 09/20/2031 (a)
|
53,650,000
|
57,058,773
|
||||||
|
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a)
|
10,000,000
|
10,070,229
|
||||||
|
United Airlines, Inc.
|
||||||||
|
4.88%, 01/15/2025
|
10,238,000
|
10,224,113
|
||||||
|
4.38%, 04/15/2026 (a)
|
48,930,000
|
48,148,531
|
||||||
|
284,470,490
|
||||||||
|
Personal Care Products - 0.6%
|
||||||||
|
Coty, Inc., 5.00%, 04/15/2026 (a)
|
37,643,000
|
37,597,045
|
||||||
|
Professional Services - 1.5%
|
||||||||
|
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (a)
|
74,500,000
|
71,103,059
|
||||||
|
KBR, Inc., 4.75%, 09/30/2028 (a)
|
20,000,000
|
19,192,800
|
||||||
|
90,295,859
|
||||||||
|
Software - 2.1%
|
||||||||
|
ACI Worldwide, Inc., 5.75%, 08/15/2026 (a)
|
15,750,000
|
15,733,069
|
||||||
|
Fair Isaac Corp., 5.25%, 05/15/2026 (a)
|
17,841,000
|
17,807,900
|
||||||
|
Gen Digital, Inc., 5.00%, 04/15/2025 (a)
|
43,403,000
|
43,357,965
|
||||||
|
NCR Voyix Corp.
|
||||||||
|
5.00%, 10/01/2028 (a)
|
5,750,000
|
5,535,524
|
||||||
|
5.13%, 04/15/2029 (a)
|
2,913,000
|
2,789,940
|
||||||
|
Oracle Corp., 2.95%, 05/15/2025
|
30,000,000
|
29,795,700
|
||||||
|
PTC, Inc., 3.63%, 02/15/2025 (a)
|
8,592,000
|
8,592,858
|
||||||
|
123,612,956
|
||||||||
|
Specialized REITs - 1.0%
|
||||||||
|
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/2025
|
38,866,000
|
38,881,352
|
||||||
|
Iron Mountain, Inc., 5.25%, 03/15/2028 (a)
|
20,000,000
|
19,578,479
|
||||||
|
58,459,831
|
||||||||
|
Specialty Retail - 3.6%
|
||||||||
|
Advance Auto Parts, Inc., 5.90%, 03/09/2026
|
30,958,000
|
31,190,374
|
||||||
|
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (a)
|
54,664,000
|
52,590,414
|
||||||
|
Penske Automotive Group, Inc., 3.50%, 09/01/2025
|
45,022,000
|
44,545,708
|
||||||
|
Sonic Automotive, Inc., 4.63%, 11/15/2029 (a)
|
34,500,000
|
31,883,495
|
||||||
|
Upbound Group, Inc., 6.38%, 02/15/2029 (a)
|
57,600,000
|
56,089,486
|
||||||
|
216,299,477
|
||||||||
|
Textiles, Apparel & Luxury Goods - 0.7%
|
||||||||
|
The William Carter Co., 5.63%, 03/15/2027 (a)
|
42,147,000
|
41,827,132
|
||||||
|
Trading Companies & Distributors - 4.9%
|
||||||||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.50%, 01/15/2025
|
29,757,000
|
29,740,832
|
||||||
|
Air Lease Corp., 2.30%, 02/01/2025
|
57,428,000
|
57,289,404
|
||||||
|
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027 (a)
|
52,500,000
|
52,939,268
|
||||||
|
GGAM Finance Ltd., 7.75%, 05/15/2026 (a)
|
60,852,000
|
61,937,721
|
||||||
|
Herc Holdings, Inc., 5.50%, 07/15/2027 (a)
|
40,988,000
|
40,627,793
|
||||||
|
Macquarie Airfinance Holdings Ltd.
|
||||||||
|
8.38%, 05/01/2028 (a)
|
19,500,000
|
20,449,642
|
||||||
|
8.13%, 03/30/2029 (a)
|
7,000,000
|
7,426,013
|
||||||
|
WESCO Distribution, Inc., 7.25%, 06/15/2028 (a)
|
16,750,000
|
17,044,953
|
||||||
|
287,455,626
|
||||||||
|
Transportation Infrastructure - 0.4%
|
||||||||
|
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (a)
|
25,600,000
|
22,976,384
|
||||||
|
TOTAL CORPORATE BONDS (Cost $4,447,635,569)
|
4,410,909,449
|
|||||||
|
CONVERTIBLE BONDS - 8.1%
|
Par
|
Value
|
||||||
|
Automobiles - 0.0%(c)
|
||||||||
|
Ford Motor Co., 0.00%, 03/15/2026 (d)
|
2,900,000
|
2,815,900
|
||||||
|
Broadline Retail - 0.1%
|
||||||||
|
Etsy, Inc., 0.25%, 06/15/2028
|
7,750,000
|
6,366,680
|
||||||
|
Consumer Finance - 1.1%
|
||||||||
|
EZCORP, Inc.
|
||||||||
|
2.38%, 05/01/2025
|
21,030,000
|
21,030,000
|
||||||
|
3.75%, 12/15/2029 (a)
|
9,445,000
|
12,278,500
|
||||||
|
LendingTree, Inc., 0.50%, 07/15/2025
|
32,517,000
|
31,208,191
|
||||||
|
64,516,691
|
||||||||
|
Ground Transportation - 1.2%
|
||||||||
|
Lyft, Inc., 1.50%, 05/15/2025
|
72,381,000
|
71,801,903
|
||||||
|
Health Care Equipment & Supplies - 0.8%
|
||||||||
|
Haemonetics Corp., 0.00%, 03/01/2026 (d)
|
48,320,000
|
45,725,216
|
||||||
|
Hotels, Restaurants & Leisure - 1.1%
|
||||||||
|
Airbnb, Inc., 0.00%, 03/15/2026 (d)
|
70,000,000
|
65,835,000
|
||||||
|
IT Services - 1.0%
|
||||||||
|
Okta, Inc., 0.13%, 09/01/2025
|
7,952,000
|
7,689,634
|
||||||
|
Wix.com Ltd., 0.00%, 08/15/2025 (d)
|
51,443,000
|
49,873,989
|
||||||
|
57,563,623
|
||||||||
|
Machinery - 0.2%
|
||||||||
|
John Bean Technologies Corp., 0.25%, 05/15/2026
|
9,450,000
|
9,431,100
|
||||||
|
Media - 0.2%
|
||||||||
|
Cable One, Inc., 0.00%, 03/15/2026 (d)
|
16,000,000
|
14,928,000
|
||||||
|
Passenger Airlines - 0.1%
|
||||||||
|
Southwest Airlines Co., 1.25%, 05/01/2025
|
4,500,000
|
4,636,125
|
||||||
|
Pharmaceuticals - 0.6%
|
||||||||
|
Jazz Investments I Ltd., 2.00%, 06/15/2026
|
6,650,000
|
6,764,712
|
||||||
|
Pacira BioSciences, Inc., 0.75%, 08/01/2025
|
28,560,000
|
27,740,328
|
||||||
|
34,505,040
|
||||||||
|
Software - 1.7%
|
||||||||
|
Alarm.com Holdings, Inc., 0.00%, 01/15/2026 (d)
|
12,000,000
|
11,382,000
|
||||||
|
Jamf Holding Corp., 0.13%, 09/01/2026
|
11,600,000
|
10,629,080
|
||||||
|
Pegasystems, Inc., 0.75%, 03/01/2025
|
73,750,000
|
73,344,375
|
||||||
|
Tyler Technologies, Inc., 0.25%, 03/15/2026
|
6,750,000
|
8,177,625
|
||||||
|
103,533,080
|
||||||||
|
TOTAL CONVERTIBLE BONDS (Cost $479,614,692)
|
481,658,358
|
|||||||
|
COMMON STOCKS - 0.9%
|
Shares
|
Value
|
||||||
|
Consumer Staples Distribution & Retail - 0.0%(c)
|
||||||||
|
Southeastern Grocers, Inc. (b)(e)
|
4,649,942
|
1,143,886
|
||||||
|
Tops Holding, Litigation Trust Proceeds (b)(e)
|
61,582,000
|
46,248
|
||||||
|
1,190,134
|
||||||||
|
Metals & Mining - 0.9%
|
||||||||
|
Real Alloy Equity (b)(e)
|
705
|
49,783,507
|
||||||
|
TOTAL COMMON STOCKS (Cost $44,557,019)
|
50,973,641
|
|||||||
|
SHORT-TERM INVESTMENTS - 16.4%
|
Value
|
|||||||
|
Commercial Paper - 10.1%
|
Par
|
|||||||
|
Automobiles — 2.1%
|
||||||||
|
Harley-Davidson Funding Corp., 5.02%, 01/06/2025 (f)
|
30,000,000
|
29,977,132
|
||||||
|
Harley-Davidson Funding Corp., 5.04%, 02/04/2025 (f)
|
24,000,000
|
23,889,478
|
||||||
|
Harley-Davidson Funding Corp., 5.04%, 02/03/2025 (f)
|
18,900,000
|
18,815,492
|
||||||
|
Volkswagen Credit, Inc., 4.79%, 01/13/2025 (f)
|
50,000,000
|
49,918,728
|
||||||
|
122,600,830
|
||||||||
|
Broadline Retail — 0.8%
|
||||||||
|
Dollarama, Inc., 4.94%, 01/21/2025 (f)
|
50,000,000
|
49,618,889
|
||||||
|
Chemicals — 1.2%
|
||||||||
|
International Flavors & Fragrances, 01/30/2025
|
42,000,000
|
41,839,854
|
||||||
|
Sherwin Williams Co., 4.69%, 01/15/2025 (f)
|
30,000,000
|
29,944,425
|
||||||
|
71,784,279
|
||||||||
|
Consumer Finance — 0.8%
|
||||||||
|
Nissan Motor Acceptance Corporation, 5.02%, 01/03/2025 (f)
|
49,000,000
|
48,980,525
|
||||||
|
Diversified Telecommunication Services — 0.9%
|
||||||||
|
Bell Canada Enterprises Inc., 4.77%, 01/10/2025 (f)
|
50,000,000
|
49,938,433
|
||||||
|
Entertainment — 0.8%
|
||||||||
|
The Walt Disney Company, 4.69%, 02/12/2025 (f)
|
50,000,000
|
49,733,082
|
||||||
|
Financial Services — 0.4%
|
||||||||
|
HA Sustainable Infrastructure Capital, Inc., 5.33%, 01/14/2025 (f)
|
25,000,000
|
24,878,542
|
||||||
|
Ground Transportation — 1.5%
|
||||||||
|
Canadian Pacific Railway Co., 4.72%, 01/03/2025 (f)
|
45,500,000
|
45,483,054
|
||||||
|
Penske Truck Leasing, 4.74%, 01/13/2025 (f)
|
40,000,000
|
39,933,436
|
||||||
|
85,416,490
|
||||||||
|
Oil, Gas & Consumable Fuels — 0.9%
|
||||||||
|
Targa Resources Corp., 4.88%, 01/06/2025 (f)
|
50,000,000
|
49,959,613
|
||||||
|
Specialized REITs — 0.7%
|
||||||||
|
Crown Castle International Corp., 5.00%, 01/16/2025 (f)
|
43,500,000
|
43,406,971
|
||||||
|
Total Commercial Paper (Cost $596,666,682)
|
596,317,654
|
|||||||
|
Money Market Funds - 6.3%
|
Shares
|
|||||||
|
Federated Hermes US Treasury Cash Reserves - Class Institutional, 4.20% (g)
|
187,606,088
|
187,606,088
|
||||||
|
MSILF Treasury Securities Portfolio - Class Institutional, 4.21% (g)
|
187,606,087
|
187,606,087
|
||||||
|
375,212,175
|
||||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $971,878,857)
|
971,529,829
|
|||||||
|
TOTAL INVESTMENTS - 99.8% (Cost $5,943,686,137)
|
5,915,071,277
|
|||||||
|
Other Assets in Excess of Liabilities - 0.2%
|
10,811,686
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
5,925,882,963
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–%
|
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI,
Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S.
Bank Global Fund Services.
|
|
|
LP Limited Partnership
|
|
PLC - Public Limited Company
|
|
REIT - Real Estate Investment Trust
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of December 31, 2024, the value of these securities total $3,364,734,268 or 56.8% of the Fund’s net assets.
|
|
(b)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
represented $63,753,306 or 1.1% of net assets as of December 31, 2024.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
|
(d)
|
Zero coupon bonds make no periodic interest payments.
|
|
(e)
|
Non-income producing security.
|
|
(f)
|
The rate shown is the annualized effective yield as of December 31, 2024.
|
|
(g)
|
The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Corporate Bonds
|
$
|
–
|
$
|
4,398,129,784
|
$
|
12,779,665
|
$
|
4,410,909,449
|
||||||||
|
Convertible Bonds
|
–
|
481,658,358
|
–
|
481,658,358
|
||||||||||||
|
Common Stocks
|
–
|
–
|
50,973,641
|
50,973,641
|
||||||||||||
|
Commercial Paper
|
–
|
596,317,654
|
–
|
596,317,654
|
||||||||||||
|
Money Market Funds
|
375,212,175
|
–
|
–
|
375,212,175
|
||||||||||||
|
Total Investments
|
$
|
375,212,175
|
$
|
5,476,105,796
|
$
|
63,753,306
|
$
|
5,915,071,277
|
||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
||||||||||||||||
|
Common Stocks
|
Private Mortgage
Backed Obligations
|
Total
|
||||||||||||||
|
Balance as of March 31, 2024
|
$
|
54,944,691
|
$
|
11,741,456
|
$
|
66,686,147
|
||||||||||
|
Acquisitions
|
(3,975,118
|
)
|
-
|
(3,975,118
|
)
|
|||||||||||
|
Dispositions
|
-
|
-
|
-
|
|||||||||||||
|
Accrued discounts/premiums
|
-
|
-
|
-
|
|||||||||||||
|
Realized gain (loss)
|
-
|
-
|
-
|
|||||||||||||
|
Change in unrealized appreciation/depreciation
|
4,068
|
1,038,209
|
1,042,277
|
|||||||||||||
|
Transfer in and/or out of Level 3
|
-
|
-
|
-
|
|||||||||||||
|
Balance as of December 31, 2024
|
$
|
50,973,641
|
$
|
12,779,665
|
$
|
63,753,306
|
||||||||||
|
Change in unrealized appreciation/depreciation for Level 3 investments held at December 31, 2024
|
$
|
4,068
|
$
|
1,038,209
|
$
|
1,042,277
|
||||||||||
|
Type of Security
|
Fair Value at
12/31/24
|
Valuation Techniques
|
Unobservable Input
|
Input Value(s)
|
||||||||||||
|
Common Stocks
|
Market Comparable
Approach
|
Discount Rate, EBITDA Multiple
|
3.0%/5.5x
|
|
||||||||||||
|
Broker Quotes
|
Market Data
|
|
$70,658.0000
|
|||||||||||||
|
$
|
50,973,641
|
Estimated Proceeds
|
Market Data
|
|
$0.0007514
|
|||||||||||
|
Private Mortgage Backed Obligations
|
$
|
12,779,665
|
Discounted Cash Flow
|
Adjustment to yield
|
344 bps
|
|||||||||||
|
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases
in the adjustment to yield would increase price.
|
||||||||||||||||
|
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the
security classifications from the prior year’s annual report.
|
||||||||||||||||
|
The Adviser, as the Funds' Valuation Designee, oversees valuation techniques.
|
||||||||||||||||