Osterweis Strategic Income Fund | |||||||||||||||||
Schedule of Investments | |||||||||||||||||
June 30, 2026 (Unaudited) | |||||||||||||||||
CORPORATE BONDS - 67.4% | Par | Value | |||||||||||||||
Automobile Components - 3.0% | |||||||||||||||||
Adient Global Holdings Ltd. | |||||||||||||||||
7.00%, 04/15/2028 (a) | $ 14,650,000 | $ 14,895,197 | |||||||||||||||
7.50%, 02/15/2033 (a) | 36,000,000 | 37,157,231 | |||||||||||||||
American Axle & Manufacturing, Inc. | |||||||||||||||||
6.88%, 07/01/2028 | 13,762,000 | 13,853,608 | |||||||||||||||
7.75%, 10/15/2033 (a) | 34,750,000 | 34,339,089 | |||||||||||||||
Dorman Products, Inc., 6.25%, 06/15/2034 (a) | 2,500,000 | 2,531,250 | |||||||||||||||
Goodyear Tire & Rubber Co. | |||||||||||||||||
6.63%, 07/15/2030 | 38,082,000 | 36,813,664 | |||||||||||||||
5.25%, 04/30/2031 | 10,000,000 | 9,032,371 | |||||||||||||||
8.88%, 07/15/2032 | 26,300,000 | 26,526,037 | |||||||||||||||
175,148,447 | |||||||||||||||||
Automobiles - 1.0% | |||||||||||||||||
Ford Motor Co., 9.63%, 04/22/2030 | 9,000,000 | 10,211,029 | |||||||||||||||
Ford Motor Credit Co. LLC, 2.70%, 08/10/2026 | 7,541,000 | 7,524,926 | |||||||||||||||
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (a) | 33,400,000 | 33,109,570 | |||||||||||||||
Thor Industries, Inc., 4.00%, 10/15/2029 (a) | 10,000,000 | 9,499,137 | |||||||||||||||
60,344,662 | |||||||||||||||||
Banks - 0.3% | |||||||||||||||||
Bancorp, Inc., 7.38%, 09/01/2030 | 19,500,000 | 20,019,310 | |||||||||||||||
Beverages - 0.4% | |||||||||||||||||
Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 (a) | 25,728,000 | 25,130,176 | |||||||||||||||
Building Products - 1.8% | |||||||||||||||||
Advanced Drainage Systems, Inc. | |||||||||||||||||
6.38%, 06/15/2030 (a) | 38,991,000 | 39,665,544 | |||||||||||||||
5.38%, 03/01/2034 (a) | 3,500,000 | 3,428,634 | |||||||||||||||
Griffon Corp., 5.75%, 03/01/2028 | 60,288,000 | 60,325,800 | |||||||||||||||
103,419,978 | |||||||||||||||||
Chemicals - 1.2% | |||||||||||||||||
Consolidated Energy Finance SA | |||||||||||||||||
5.63%, 10/15/2028 (a) | 31,700,000 | 30,471,625 | |||||||||||||||
12.00%, 02/15/2031 (a) | 19,750,000 | 20,462,778 | |||||||||||||||
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 (a) | 17,500,000 | 16,448,775 | |||||||||||||||
67,383,178 | |||||||||||||||||
Commercial Services & Supplies - 2.5% | |||||||||||||||||
Deluxe Corp. | |||||||||||||||||
8.00%, 06/01/2029 (a) | 33,721,000 | 33,991,611 | |||||||||||||||
8.13%, 09/15/2029 (a) | 23,450,000 | 24,308,317 | |||||||||||||||
GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034 (a) | 18,500,000 | 18,117,266 | |||||||||||||||
Pitney Bowes, Inc., 7.25%, 03/15/2029 (a) | 64,645,000 | 65,597,609 | |||||||||||||||
142,014,803 | |||||||||||||||||
Computers & Peripherals - 1.2% | |||||||||||||||||
CPI CG, Inc., 10.00%, 07/15/2029 (a) | 50,251,000 | 52,889,931 | |||||||||||||||
Xerox Corp., 10.25%, 10/15/2030 (a) | 15,000,000 | 13,275,000 | |||||||||||||||
66,164,931 | |||||||||||||||||
Construction & Engineering - 3.8% | |||||||||||||||||
APi Group DE, Inc., 4.13%, 07/15/2029 (a) | 26,650,000 | 25,577,639 | |||||||||||||||
Global Infrastructure Solutions, Inc. | |||||||||||||||||
5.63%, 06/01/2029 (a) | 51,157,000 | 51,153,173 | |||||||||||||||
6.38%, 07/15/2034 (a) | 7,000,000 | 7,041,139 | |||||||||||||||
Granite Construction, Inc., 6.38%, 06/15/2034 (a) | 1,750,000 | 1,783,862 | |||||||||||||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (a) | 46,500,000 | 46,366,173 | |||||||||||||||
Tutor Perini Corp. | |||||||||||||||||
11.88%, 04/30/2029 (a) | 34,417,000 | 37,512,912 | |||||||||||||||
6.63%, 07/15/2033 (a) | 49,500,000 | 49,857,885 | |||||||||||||||
219,292,783 | |||||||||||||||||
Consumer Finance - 3.1% | |||||||||||||||||
Atlanticus Holdings Corp., 9.75%, 09/01/2030 (a) | 29,500,000 | 29,880,668 | |||||||||||||||
Enova International, Inc. | |||||||||||||||||
11.25%, 12/15/2028 (a) | 11,750,000 | 12,390,681 | |||||||||||||||
9.13%, 08/01/2029 (a) | 51,950,000 | 54,407,495 | |||||||||||||||
EZCORP, Inc., 7.38%, 04/01/2032 (a) | 23,500,000 | 24,692,225 | |||||||||||||||
FirstCash, Inc. | |||||||||||||||||
4.63%, 09/01/2028 (a) | 15,000,000 | 14,756,720 | |||||||||||||||
5.63%, 01/01/2030 (a) | 19,500,000 | 19,400,105 | |||||||||||||||
6.88%, 03/01/2032 (a) | 24,500,000 | 25,208,344 | |||||||||||||||
180,736,238 | |||||||||||||||||
Consumer Staples Distribution & Retail - 3.7% | |||||||||||||||||
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (a) | 54,580,000 | 51,765,806 | |||||||||||||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. | |||||||||||||||||
9.00%, 02/15/2029 (a) | 62,750,000 | 65,768,830 | |||||||||||||||
7.13%, 04/30/2033 (a) | 6,750,000 | 6,879,884 | |||||||||||||||
Performance Food Group, Inc., 5.63%, 03/01/2034 (a) | 14,500,000 | 14,241,915 | |||||||||||||||
United Natural Foods, Inc., 6.75%, 10/15/2028 (a) | 52,027,000 | 52,072,003 | |||||||||||||||
US Foods, Inc., 4.75%, 02/15/2029 (a) | 23,384,000 | 23,095,329 | |||||||||||||||
213,823,767 | |||||||||||||||||
Containers & Packaging - 1.1% | |||||||||||||||||
Canpack Group, Inc. / CANPACK SA, 6.00%, 05/15/2031 (a) | 9,500,000 | 9,560,287 | |||||||||||||||
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 22,010,000 | 22,016,308 | |||||||||||||||
Owens-Brockway Glass Container, Inc. | |||||||||||||||||
7.25%, 05/15/2031 (a) | 2,000,000 | 1,979,041 | |||||||||||||||
9.50%, 06/01/2033 (a) | 29,606,000 | 30,349,894 | |||||||||||||||
63,905,530 | |||||||||||||||||
Diversified Consumer Services - 0.1% | |||||||||||||||||
Carriage Services, Inc., 4.25%, 05/15/2029 (a) | 7,800,000 | 7,488,217 | |||||||||||||||
Energy Equipment & Services - 1.2% | |||||||||||||||||
HMH Holding BV, 7.88%, 12/17/2028 (a) | 27,200,000 | 27,846,640 | |||||||||||||||
Tidewater, Inc., 9.13%, 07/15/2030 (a) | 37,875,000 | 40,603,477 | |||||||||||||||
68,450,117 | |||||||||||||||||
Entertainment - 1.1% | |||||||||||||||||
Banijay Entertainment SAS, 8.13%, 05/01/2029 (a) | 59,944,000 | 61,483,722 | |||||||||||||||
Financial Services - 2.5% | |||||||||||||||||
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a) | 25,489,000 | 25,198,985 | |||||||||||||||
HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031 (a)(b) | 21,807,000 | 13,683,631 | |||||||||||||||
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 7.75%, 05/15/2031 (a) | 39,400,000 | 39,120,540 | |||||||||||||||
United Wholesale Mortgage LLC | |||||||||||||||||
5.75%, 06/15/2027 (a) | 13,943,000 | 13,814,544 | |||||||||||||||
5.50%, 04/15/2029 (a) | 42,195,000 | 39,279,848 | |||||||||||||||
UWM Holdings LLC, 6.25%, 03/15/2031 (a) | 12,500,000 | 11,157,085 | |||||||||||||||
142,254,633 | |||||||||||||||||
Food Products - 0.8% | |||||||||||||||||
Chobani LLC / Chobani Finance Corp., Inc., 6.38%, 04/15/2034 (a) | 4,500,000 | 4,570,072 | |||||||||||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a) | 43,604,000 | 42,149,471 | |||||||||||||||
46,719,543 | |||||||||||||||||
Ground Transportation - 0.7% | |||||||||||||||||
RXO, Inc., 6.38%, 05/15/2031 (a) | 38,000,000 | 38,609,672 | |||||||||||||||
Health Care Providers & Services - 2.0% | |||||||||||||||||
Accendra Health, Inc. | |||||||||||||||||
9.00%, 06/15/2032 (a) | 39,489,194 | 36,786,948 | |||||||||||||||
9.75%, 06/15/2033 (a) | 31,176,760 | 21,342,506 | |||||||||||||||
AMN Healthcare, Inc., 6.50%, 01/15/2031 (a) | 56,050,000 | 56,420,603 | |||||||||||||||
114,550,057 | |||||||||||||||||
Hotels, Restaurants & Leisure - 2.1% | |||||||||||||||||
Travel + Leisure Co. | |||||||||||||||||
6.00%, 04/01/2027 (c) | 46,723,000 | 46,814,624 | |||||||||||||||
6.25%, 06/01/2031 (a) | 35,000,000 | 35,238,887 | |||||||||||||||
Viking Cruises Ltd., 7.00%, 02/15/2029 (a) | 41,342,000 | 41,504,929 | |||||||||||||||
123,558,440 | |||||||||||||||||
Household Durables - 4.1% | |||||||||||||||||
Adams Homes, Inc., 9.25%, 10/15/2028 (a) | 40,389,000 | 41,754,512 | |||||||||||||||
Empire Communities Corp., 9.75%, 05/01/2029 (a) | 48,250,000 | 49,964,419 | |||||||||||||||
Installed Building Products, Inc., 5.63%, 02/01/2034 (a) | 13,700,000 | 13,522,770 | |||||||||||||||
K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031 (a) | 52,400,000 | 54,110,179 | |||||||||||||||
Risewell Homes, Inc. | |||||||||||||||||
9.25%, 10/01/2029 (a) | 52,500,000 | 54,365,902 | |||||||||||||||
8.50%, 11/01/2030 (a) | 14,750,000 | 15,124,502 | |||||||||||||||
STL Holding Co. LLC, 8.75%, 02/15/2029 (a) | 7,750,000 | 8,096,487 | |||||||||||||||
236,938,771 | |||||||||||||||||
Industrial Power & Renewable Electricity Products - 1.3% | |||||||||||||||||
Vistra Operations Co. LLC | |||||||||||||||||
5.05%, 12/30/2026 (a) | 6,500,000 | 6,509,860 | |||||||||||||||
5.00%, 07/31/2027 (a) | 17,150,000 | 17,144,554 | |||||||||||||||
7.75%, 10/15/2031 (a) | 47,666,000 | 49,893,223 | |||||||||||||||
73,547,637 | |||||||||||||||||
IT Services - 1.4% | |||||||||||||||||
Unisys Corp., 10.63%, 01/15/2031 (a) | 85,000,000 | 80,043,914 | |||||||||||||||
Life Sciences Tools & Services - 0.3% | |||||||||||||||||
IQVIA, Inc., 5.00%, 10/15/2026 (a) | 14,500,000 | 14,499,787 | |||||||||||||||
Machinery - 2.2% | |||||||||||||||||
Enpro, Inc., 6.13%, 06/01/2033 (a) | 33,604,000 | 34,128,189 | |||||||||||||||
Manitowoc Co., Inc., 9.25%, 10/01/2031 (a) | 34,500,000 | 37,131,970 | |||||||||||||||
Wabash National Corp., 4.50%, 10/15/2028 (a) | 56,550,000 | 52,573,524 | |||||||||||||||
123,833,683 | |||||||||||||||||
Media - 0.9% | |||||||||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||||||||||||||||
5.13%, 05/01/2027 (a) | 4,584,000 | 4,577,043 | |||||||||||||||
5.00%, 02/01/2028 (a) | 44,475,000 | 43,940,789 | |||||||||||||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a) | 4,269,000 | 4,266,191 | |||||||||||||||
52,784,023 | |||||||||||||||||
Metals & Mining - 4.8% | |||||||||||||||||
Century Aluminum Co., 6.88%, 08/01/2032 (a) | 27,500,000 | 28,301,570 | |||||||||||||||
Champion Iron Canada, Inc., 7.88%, 07/15/2032 (a) | 51,750,000 | 53,604,410 | |||||||||||||||
Coeur Mining, Inc., 5.13%, 02/15/2029 (a) | 66,150,000 | 65,642,735 | |||||||||||||||
Commercial Metals Co., 5.75%, 11/15/2033 (a) | 6,750,000 | 6,713,410 | |||||||||||||||
IAMGOLD Corp., 5.75%, 10/15/2028 (a) | 56,727,000 | 56,586,517 | |||||||||||||||
Perenti Finance Pty Ltd., 7.50%, 04/26/2029 (a) | 12,000,000 | 12,364,261 | |||||||||||||||
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a) | 55,986,000 | 52,998,565 | |||||||||||||||
276,211,468 | |||||||||||||||||
Mortgage Real Estate Investment Trusts - REITS - 0.5% | |||||||||||||||||
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 (a) | 26,000,000 | 26,962,936 | |||||||||||||||
Oil, Gas & Consumable Fuels - 4.8% | |||||||||||||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp. | |||||||||||||||||
9.75%, 07/15/2028 (a) | 35,000,000 | 35,905,625 | |||||||||||||||
9.75%, 07/15/2028 (a) | 29,232,000 | 29,988,378 | |||||||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | |||||||||||||||||
8.88%, 04/15/2030 | 11,900,000 | 12,458,086 | |||||||||||||||
6.75%, 03/15/2034 | 9,500,000 | 9,433,239 | |||||||||||||||
Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033 (a) | 18,700,000 | 18,935,470 | |||||||||||||||
Neo Next+ Energy Consolidated Holdings Ltd., 6.63%, 06/11/2031 (a) | 39,400,000 | 38,815,275 | |||||||||||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (a) | 38,780,000 | 40,114,265 | |||||||||||||||
Serica Energy PLC, 7.88%, 05/12/2031 | 20,400,000 | 20,569,604 | |||||||||||||||
SM Energy Co. | |||||||||||||||||
8.75%, 07/01/2031 (a) | 29,500,000 | 30,827,441 | |||||||||||||||
6.63%, 04/15/2034 (a) | 24,750,000 | 24,386,437 | |||||||||||||||
Sunoco LP, 5.38%, 07/15/2031 (a) | 14,750,000 | 14,557,647 | |||||||||||||||
275,991,467 | |||||||||||||||||
Passenger Airlines - 3.8% | |||||||||||||||||
Air Canada 2020-1 Class C Pass Through Trust, Series 2020-1, 10.50%, 07/15/2026 (a) | 49,524,000 | 49,540,803 | |||||||||||||||
Allegiant Travel Co., 7.13%, 07/01/2031 (a) | 44,250,000 | 44,823,710 | |||||||||||||||
American Airlines, Inc., 7.25%, 02/15/2028 (a) | 51,307,000 | 51,974,094 | |||||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a) | 22,500,000 | 22,557,932 | |||||||||||||||
JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (a) | 54,650,000 | 49,572,015 | |||||||||||||||
218,468,554 | |||||||||||||||||
Pharmaceuticals - 0.6% | |||||||||||||||||
Harrow, Inc., 8.63%, 09/15/2030 (a) | 31,894,000 | 32,340,507 | |||||||||||||||
Professional Services - 2.0% | |||||||||||||||||
CACI International, Inc., 6.38%, 06/15/2033 (a) | 11,500,000 | 11,670,465 | |||||||||||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (a) | 84,500,000 | 71,326,289 | |||||||||||||||
KBR, Inc., 4.75%, 09/30/2028 (a) | 29,780,000 | 29,424,275 | |||||||||||||||
112,421,029 | |||||||||||||||||
Software - 0.1% | |||||||||||||||||
NCR Voyix Corp., 5.00%, 10/01/2028 (a) | 3,825,000 | 3,732,296 | |||||||||||||||
Specialized REITs - 1.7% | |||||||||||||||||
Iron Mountain, Inc. | |||||||||||||||||
5.25%, 03/15/2028 (a) | 20,000,000 | 19,986,376 | |||||||||||||||
7.00%, 02/15/2029 (a) | 40,206,000 | 40,986,720 | |||||||||||||||
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (a) | 39,276,000 | 39,204,177 | |||||||||||||||
100,177,273 | |||||||||||||||||
Specialty Retail - 3.4% | |||||||||||||||||
Advance Auto Parts, Inc., 7.00%, 08/01/2030 (a) | 46,040,000 | 47,245,005 | |||||||||||||||
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (a) | 54,664,000 | 54,176,441 | |||||||||||||||
Sonic Automotive, Inc., 4.63%, 11/15/2029 (a) | 34,500,000 | 33,870,999 | |||||||||||||||
Upbound Group, Inc., 6.38%, 02/15/2029 (a) | 60,525,000 | 60,037,247 | |||||||||||||||
195,329,692 | |||||||||||||||||
Textiles, Apparel & Luxury Goods - 1.0% | |||||||||||||||||
William Carter Co., 7.38%, 02/15/2031 (a) | 57,800,000 | 59,789,245 | |||||||||||||||
Trading Companies & Distributors - 0.5% | |||||||||||||||||
Herc Holdings, Inc. | |||||||||||||||||
7.00%, 06/15/2030 (a) | 20,050,000 | 20,742,727 | |||||||||||||||
5.75%, 03/15/2031 (a) | 5,500,000 | 5,495,646 | |||||||||||||||
6.00%, 03/15/2034 (a) | 3,500,000 | 3,479,494 | |||||||||||||||
29,717,867 | |||||||||||||||||
Transportation Infrastructure - 0.4% | |||||||||||||||||
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (a) | 25,600,000 | 24,320,000 | |||||||||||||||
TOTAL CORPORATE BONDS (Cost $3,895,742,617) | 3,877,608,353 | ||||||||||||||||
CONVERTIBLE BONDS - 4.8% | Par | Value | |||||||||||||||
Broadline Retail - 0.1% | |||||||||||||||||
Etsy, Inc., 0.25%, 06/15/2028 | 7,750,000 | 7,092,025 | |||||||||||||||
Financial Services - 1.0% | |||||||||||||||||
Affirm Holdings, Inc., 0.00%, 11/15/2026 (d) | 56,750,000 | 55,898,750 | |||||||||||||||
Hotel & Resort REITs - 0.7% | |||||||||||||||||
Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 40,050,000 | 39,773,655 | |||||||||||||||
Hotels, Restaurants & Leisure - 1.1% | |||||||||||||||||
Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027 | 62,510,000 | 61,478,585 | |||||||||||||||
Interactive Media & Services - 0.5% | |||||||||||||||||
Ziff Davis, Inc., 1.75%, 11/01/2026 | 30,595,000 | 30,328,597 | |||||||||||||||
Professional Services - 0.3% | |||||||||||||||||
Upwork, Inc., 0.25%, 08/15/2026 | 14,680,000 | 14,569,896 | |||||||||||||||
Real Estate Management & Development - 0.6% | |||||||||||||||||
Redfin Corp., 0.50%, 04/01/2027 | 34,877,000 | 33,656,305 | |||||||||||||||
Software - 0.5% | |||||||||||||||||
Tyler Technologies, Inc., 0.50%, 07/15/2031 (a) | 17,000,000 | 16,859,750 | |||||||||||||||
Workiva, Inc., 1.13%, 08/15/2026 | 12,936,000 | 12,871,967 | |||||||||||||||
29,731,717 | |||||||||||||||||
TOTAL CONVERTIBLE BONDS (Cost $272,187,025) | 272,529,530 | ||||||||||||||||
COMMON STOCKS - 0.7% | Shares | Value | |||||||||||||||
Consumer Staples Distribution & Retail - 0.0% (e) | |||||||||||||||||
Southeastern Grocers, Inc. (b)(f) | 4,649,942 | 465 | |||||||||||||||
Tops Securities Litigation Trust (b)(f) | 61,582,000 | 46,248 | |||||||||||||||
46,713 | |||||||||||||||||
Metals & Mining - 0.7% | |||||||||||||||||
Real Alloy Equity (b)(f) | 666 | 42,097,303 | |||||||||||||||
TOTAL COMMON STOCKS (Cost $40,968,994) | 42,144,016 | ||||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||||
COMMERCIAL PAPER - 17.1% | Par | Value | |||||||||||||||
Automobiles - 0.9% | |||||||||||||||||
Harley-Davidson Financial Services, Inc. | |||||||||||||||||
4.48%, 07/10/2026 (a)(g) | 40,000,000 | 39,955,200 | |||||||||||||||
4.48%, 07/09/2026 (a)(g) | 15,000,000 | 14,984,909 | |||||||||||||||
Beverages - 0.9% | |||||||||||||||||
Keurig Dr Pepper, Inc., 4.32%, 07/09/2026 (a)(g) | 50,000,000 | 49,948,180 | |||||||||||||||
Broadline Retail - 0.9% | |||||||||||||||||
Dollarama, Inc., 4.17%, 07/30/2026 (a)(g) | 50,000,000 | 49,825,415 | |||||||||||||||
Chemicals - 0.9% | |||||||||||||||||
Sherwin-Williams Co., 3.91%, 07/14/2026 (a)(g) | 50,000,000 | 49,925,445 | |||||||||||||||
Consumer Finance - 0.8% | |||||||||||||||||
American Honda Finance Corp., 4.05%, 08/25/2026 (g) | 50,000,000 | 49,681,420 | |||||||||||||||
Distributors - 0.8% | |||||||||||||||||
Genuine Parts Co., 4.55%, 07/20/2026 (a)(g) | 45,500,000 | 45,389,012 | |||||||||||||||
Diversified Telecommunication Services - 1.1% | |||||||||||||||||
Bell Telephone Co. of Canada or Bell Canada | |||||||||||||||||
4.19%, 07/07/2026 (a)(g) | 39,000,000 | 38,971,487 | |||||||||||||||
3.97%, 07/14/2026 (a)(g) | 23,366,000 | 23,331,612 | |||||||||||||||
Electric Utilities - 0.2% | |||||||||||||||||
Brookfield Infrastructure Holdings Canada, Inc., 4.11%, 07/28/2026 (g) | 11,000,000 | 10,964,605 | |||||||||||||||
Electrical Equipment - 0.9% | |||||||||||||||||
Eaton Capital ULC, 4.03%, 07/07/2026 (a)(g) | 50,000,000 | 49,961,985 | |||||||||||||||
Electronic Equipment, Instruments & Components - 0.9% | |||||||||||||||||
Jabil, Inc., 4.33%, 08/17/2026 (a)(g) | 50,000,000 | 49,713,465 | |||||||||||||||
Food Products - 0.8% | |||||||||||||||||
McCormick & Co., Inc./MD, 4.02%, 07/13/2026 (a)(g) | 45,000,000 | 44,936,280 | |||||||||||||||
Ground Transportation - 0.7% | |||||||||||||||||
Penske Truck Leasing Co. LP, 4.09%, 08/28/2026 (g) | 24,000,000 | 23,833,306 | |||||||||||||||
Ryder System, Inc., 3.96%, 07/10/2026 (g) | 20,000,000 | 19,978,198 | |||||||||||||||
43,811,504 | |||||||||||||||||
Health Care Equipment & Supplies - 1.6% | |||||||||||||||||
Boston Scientific Corp., 4.02%, 07/06/2026 (a)(g) | 50,000,000 | 49,967,475 | |||||||||||||||
Stryker Corp., 3.99%, 08/03/2026 (a)(g) | 42,400,000 | 42,248,925 | |||||||||||||||
92,216,400 | |||||||||||||||||
Health Care Providers & Services - 0.9% | |||||||||||||||||
HCA, Inc., 4.25%, 07/08/2026 (a)(g) | 50,000,000 | 49,953,730 | |||||||||||||||
Household Products - 0.5% | |||||||||||||||||
Clorox Co., 4.05%, 08/31/2026 (a)(g) | 30,000,000 | 29,791,128 | |||||||||||||||
Industrial Power & Renewable Electricity Products - 1.5% | |||||||||||||||||
Brookfield BRP Holdings Canada, Inc., 4.09%, 07/14/2026 (g) | 40,000,000 | 39,938,656 | |||||||||||||||
Constellation Energy Generation LLC, 4.13%, 07/01/2026 (a)(g) | 50,000,000 | 49,993,860 | |||||||||||||||
89,932,516 | |||||||||||||||||
Multi-Utilities - 0.9% | |||||||||||||||||
Sempra, 4.11%, 07/08/2026 (a)(g) | 50,000,000 | 49,956,490 | |||||||||||||||
Pharmaceuticals - 0.9% | |||||||||||||||||
Haleon UK Capital PLC, 4.12%, 07/02/2026 (a)(g) | 50,000,000 | 49,988,985 | |||||||||||||||
Specialized REITs - 0.6% | |||||||||||||||||
Extra Space Storage LP, 3.96%, 07/08/2026 (a)(g) | 35,000,000 | 34,969,532 | |||||||||||||||
Specialty Retail - 0.4% | |||||||||||||||||
O'Reilly Automotive, Inc., 4.04%, 07/17/2026 (a)(g) | 25,000,000 | 24,953,533 | |||||||||||||||
TOTAL COMMERCIAL PAPER (Cost $983,257,959) | 983,162,833 | ||||||||||||||||
MONEY MARKET FUNDS - 9.9% | Shares | Value | |||||||||||||||
Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.52% (h) | 194,304,396 | 194,304,396 | |||||||||||||||
First American US Treasury Money Market Fund - Class X, 3.57% (h) | 182,874,726 | 182,874,726 | |||||||||||||||
MSILF Treasury Securities Portfolio - Institutional Class, 3.51% (h) | 194,304,397 | 194,304,397 | |||||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $571,483,519) | 571,483,519 | ||||||||||||||||
TOTAL INVESTMENTS - 99.9% (Cost $5,763,640,114) | 5,746,928,251 | ||||||||||||||||
Other Assets in Excess of Liabilities - 0.1% | 0.00058 | 3,322,247 | |||||||||||||||
TOTAL NET ASSETS - 100.0% | $ 5,750,250,498 | ||||||||||||||||
Par amount is in USD unless otherwise indicated. | |||||||||||||||||
Percentages are stated as a percent of net assets. | |||||||||||||||||
REIT - Real Estate Investment Trust | ||
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. | ||
(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 June 30, 2026, the value of these securities total $4,437,636,145 or 77.2% 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 $55,827,647 or 1.0% of net assets as of June 30, 2026. | |||||||
(c) | Step coupon bond. The rate disclosed is as of June 30, 2026. | |||||||
(d) | Zero coupon bonds make no periodic interest payments. | |||||||
(e) | Represents less than 0.05% of net assets. | |||||||
(f) | Non-income producing security. | |||||||
(g) | The rate shown is the annualized yield as of June 30, 2026. | |||||||
(h) | The rate shown represents the 7-day annualized yield as of June 30, 2026. | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Investments: | |||||||||||||||||||||||
Corporate Bonds | $ – | $ 3,863,924,722 | $ 13,683,631 | $ 3,877,608,353 | |||||||||||||||||||
Convertible Bonds | – | 272,529,530 | – | 272,529,530 | |||||||||||||||||||
Common Stocks | – | – | 42,144,016 | 42,144,016 | |||||||||||||||||||
Commercial Paper | – | 983,162,833 | – | 983,162,833 | |||||||||||||||||||
Money Market Funds | 571,483,519 | – | – | 571,483,519 | |||||||||||||||||||
Total Investments | $ 571,483,519 | $ 5,119,617,085 | $ 55,827,647 | $ 5,746,928,251 | |||||||||||||||||||
Refer to the Schedule of Investments for further disaggregation of investment categories. | ||||||||
Fair Value Measurement Using Significant Unobservable Inputs | Level 3 | |||||||
Beginning balance as of March 31, 2026 | $ 55,427,532 | |||||||
Change in unrealized appreciation/depreciation | 400,115 | |||||||
Amortization/(Accretion) | 0 | |||||||
Ending balance as of June 30, 2026 | $ 55,827,647 | |||||||
$0 | ||||||||
Change in unrealized appreciation/depreciation still held as of June 30, 2026 | $ 400,115 | |||||||
0 | ||||||||
Description | Fair Value as of June 30, 2026 | Valuation Technique | Unobservable Inputs | Input Values (Ranges) | ||||||||||||||||||||||
Corporate Bonds | $ 13,683,631 | Discounted Cash Flow | Adjustment to yield | 300 bps | ||||||||||||||||||||||
Common Stocks | 42,144,016 | Market Data | Last Trade Price | $63,250.00 | ||||||||||||||||||||||
Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.0001 | ||||||||||||||||||||||||
Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514 | ||||||||||||||||||||||||
$ 55,827,647 | ||||||||||||||||||||||||||