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.





























Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Osterweis Strategic Income Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities 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