| COMMON STOCKS - 56.7% | | Shares | | | Value |
| Aerospace & Defense - 3.9% | | |
| Airbus SE - ADR | | 112,630 | | $ | 3,856,451 |
| L3Harris Technologies, Inc. | | 13,312 | | | 2,989,609 |
| | | | | | 6,846,060 |
| | | | | | | |
| Broadline Retail - 1.7% | | |
Amazon.com, Inc.(a) | | 15,370 | | | 2,970,252 |
| | | | | | | |
| Chemicals - 2.1% | | |
| Air Products & Chemicals, Inc. | | 6,870 | | | 1,772,803 |
| Linde PLC | | 4,460 | | | 1,957,093 |
| | | | | | 3,729,896 |
| | | | | | | |
| Commercial Services & Supplies - 2.0% | | |
| Waste Connections, Inc. | | 19,755 | | | 3,464,237 |
| | | | | | | |
| Consumer Staples Distribution & Retail - 2.0% | | |
Southeastern Grocers, Inc.(a)(b) | | 7,928 | | | 8,721 |
| Target Corp. | | 23,645 | | | 3,500,406 |
Tops Holding, Litigation Trust Proceeds(a)(b) | | 2,292,000 | | | 1,721 |
| | | | | | 3,510,848 |
| | | | | | | |
| Electrical Equipment - 1.2% | | |
| AMETEK, Inc. | | 12,285 | | | 2,048,032 |
| | | | | | | |
| Electronic Equipment, Instruments & Components - 1.5% | | |
Keysight Technologies, Inc.(a) | | 19,230 | | | 2,629,702 |
| | | | | | | |
| Financial Services - 2.2% | | |
| Visa, Inc. - Class A - Class A | | 15,040 | | | 3,947,549 |
| | | | | | | |
| Ground Transportation - 2.3% | | |
| Old Dominion Freight Line, Inc. | | 13,280 | | | 2,345,248 |
| Union Pacific Corp. | | 7,290 | | | 1,649,435 |
| | | | | | 3,994,683 |
| | | | | | | |
| Health Care Equipment & Supplies - 2.0% | | |
| Becton Dickinson & Co. | | 15,247 | | | 3,563,376 |
| | | | | | | |
| Health Care Providers & Services - 1.3% | | |
| UnitedHealth Group, Inc. | | 4,553 | | | 2,318,661 |
| | | | | | | |
| Insurance - 3.4% | | |
| Brown & Brown, Inc. | | 34,290 | | | 3,065,869 |
| The Progressive Corp. | | 14,332 | | | 2,976,900 |
| | | | | | 6,042,769 |
| | | | | | | |
| Interactive Media & Services - 4.1% | | |
| Alphabet, Inc. - Class C - Class C | | 39,915 | | | 7,321,209 |
| | | | | | | |
| IT Services - 1.8% | | |
| Accenture PLC - Class A - Class A | | 10,419 | | | 3,161,229 |
| | | | | | | |
| Life Sciences Tools & Services - 4.0% | | |
| Agilent Technologies, Inc. | | 16,160 | | | 2,094,821 |
| Danaher Corp. | | 9,024 | | | 2,254,646 |
| Thermo Fisher Scientific, Inc. | | 4,945 | | | 2,734,585 |
| | | | | | 7,084,052 |
| | | | | | | |
| Metals & Mining - 0.4% | | |
Real Alloy Equity(a)(b) | | 10 | | | 673,371 |
| | | | | | | |
| Pharmaceuticals - 1.5% | | |
| Novartis AG - ADR | | 24,480 | | | 2,606,141 |
| | | | | | | |
| Semiconductors & Semiconductor Equipment - 8.3% | | |
Advanced Micro Devices, Inc.(a) | | 7,265 | | | 1,178,456 |
| Analog Devices, Inc. | | 27,030 | | | 6,169,868 |
| Applied Materials, Inc. | | 9,717 | | | 2,293,115 |
| Broadcom, Inc. | | 1,911 | | | 3,068,168 |
| Micron Technology, Inc. | | 15,580 | | | 2,049,237 |
| | | | | | 14,758,844 |
| | | | | | | |
| Software - 7.7% | | |
Adobe, Inc.(a) | | 5,821 | | | 3,233,798 |
| Microsoft Corp. | | 23,313 | | | 10,419,746 |
| | | | | | 13,653,544 |
| | | | | | | |
| Specialty Retail - 3.3% | | |
AutoZone, Inc.(a) | | 819 | | | 2,427,598 |
| Ross Stores, Inc. | | 23,075 | | | 3,353,259 |
| | | | | | 5,780,857 |
TOTAL COMMON STOCKS (Cost $63,563,332) | | | 100,105,312 |
| | | | | | | |
| CORPORATE BONDS - 25.6% | Par | | | Value |
| Aerospace & Defense - 0.3% |
Rolls-Royce PLC, 3.63%, 10/14/2025 (c) | | 572,000 | | | 556,542 |
| | | | | | | |
| Automobile Components - 1.7% |
Adient Global Holdings Ltd., 7.00%, 04/15/2028 (c) | | 350,000 | | | 358,566 |
| American Axle & Manufacturing, Inc. |
| 6.25%, 03/15/2026 | | 97,000 | | | 97,123 |
| 6.50%, 04/01/2027 | | 300,000 | | | 299,843 |
Patrick Industries, Inc., 7.50%, 10/15/2027 (c) | | 500,000 | | | 505,514 |
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (c) | | 600,000 | | | 514,977 |
| The Goodyear Tire & Rubber Co. |
| 9.50%, 05/31/2025 | | 750,000 | | | 753,008 |
| 5.00%, 07/15/2029 | | 500,000 | | | 465,997 |
| | | | 2,995,028 |
| | | | | | | |
| Automobiles - 0.6% |
| Ford Motor Co., 9.63%, 04/22/2030 | | 500,000 | | | 582,479 |
| Ford Motor Credit Co. LLC, 2.30%, 02/10/2025 | | 500,000 | | | 488,941 |
| | | | 1,071,420 |
| | | | | | | |
| Beverages - 0.2% |
Primo Water Holdings, Inc., 4.38%, 04/30/2029 (c) | | 300,000 | | | 276,668 |
| | | | | | | |
| Building Products - 0.6% |
| Griffon Corp., 5.75%, 03/01/2028 | | 500,000 | | | 482,800 |
Masterbrand, Inc., 7.00%, 07/15/2032 (c) | | 500,000 | | | 506,136 |
| | | | 988,936 |
| | | | | | | |
| Capital Markets - 0.8% |
| Ares Capital Corp., 4.25%, 03/01/2025 | | 250,000 | | | 246,945 |
| Blackstone Private Credit Fund, 2.35%, 11/22/2024 | | 500,000 | | | 492,829 |
| Oppenheimer Holdings, Inc., 5.50%, 10/01/2025 | | 750,000 | | | 739,830 |
| | | | 1,479,604 |
| | | | | | | |
| Chemicals - 0.7% |
| Consolidated Energy Finance SA |
6.50%, 05/15/2026(c) | | 100,000 | | | 96,839 |
5.63%, 10/15/2028(c) | | 400,000 | | | 340,441 |
12.00%, 02/15/2031(c) | | 250,000 | | | 258,172 |
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 (c) | | 500,000 | | | 531,696 |
| | | | 1,227,148 |
| | | | | | | |
| Commercial Services & Supplies - 0.5% |
GFL Environmental, Inc., 5.13%, 12/15/2026 (c) | | 220,000 | | | 217,719 |
Pitney Bowes, Inc., 7.25%, 03/15/2029 (c) | | 750,000 | | | 675,619 |
| | | | 893,338 |
| | | | | | | |
| Computers & Peripherals - 1.0% |
CPI Acquisition, Inc., 8.63%, 03/15/2026 (c) | | 500,000 | | | 511,116 |
CPI CG, Inc., 10.00%, 07/15/2029 (c) | | 600,000 | | | 621,449 |
| Xerox Holdings Corp. |
5.50%, 08/15/2028(c) | | 250,000 | | | 215,938 |
8.88%, 11/30/2029(c) | | 500,000 | | | 477,273 |
| | | | 1,825,776 |
| | | | | | | |
| Construction & Engineering - 1.3% |
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (c) | | 750,000 | | | 708,607 |
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (c) | | 600,000 | | | 536,702 |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (c) | | 500,000 | | | 472,674 |
Tutor Perini Corp., 11.88%, 04/30/2029 (c) | | 500,000 | | | 538,442 |
| | | | 2,256,425 |
| | | | | | | |
| Consumer Finance - 0.8% |
Bread Financial Holdings, Inc., 7.00%, 01/15/2026 (c) | | 146,000 | | | 145,954 |
Enova International, Inc., 11.25%, 12/15/2028 (c) | | 250,000 | | | 267,287 |
| FirstCash, Inc. |
5.63%, 01/01/2030(c) | | 500,000 | | | 474,072 |
6.88%, 03/01/2032(c) | | 500,000 | | | 500,682 |
| | | | 1,387,995 |
| | | | | | | |
| Consumer Staples Distribution & Retail - 1.3% |
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (c) | | 500,000 | | | 360,575 |
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (c) | | 500,000 | | | 513,165 |
Performance Food Group, Inc., 5.50%, 10/15/2027 (c) | | 450,000 | | | 440,516 |
United Natural Foods, Inc., 6.75%, 10/15/2028 (c) | | 625,000 | | | 564,840 |
US Foods, Inc., 4.75%, 02/15/2029 (c) | | 470,000 | | | 446,165 |
| | | | 2,325,261 |
| | | | | | | |
| Containers & Packaging - 0.6% |
Sealed Air Corp., 5.13%, 12/01/2024 (c) | | 1,000,000 | | | 998,325 |
| | | | | | | |
| Diversified Consumer Services - 0.1% |
Carriage Services, Inc., 4.25%, 05/15/2029 (c) | | 200,000 | | | 178,852 |
| | | | | | | |
| Electronic Equipment, Instruments & Components - 0.4% |
| CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025 | | 750,000 | | | 738,247 |
| | | | | | | |
| Entertainment - 0.3% |
Banijay Entertainment SASU, 8.13%, 05/01/2029 (c) | | 500,000 | | | 511,896 |
| | | | | | | |
| Financial Services - 1.2% |
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (c) | | 250,000 | | | 242,000 |
HAS Capital Income Opportunity Fund II LLC, 8.00%, 12/31/2024 (b)(c) | | 642,000 | | | 355,593 |
Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026 (c) | | 250,000 | | | 244,923 |
PennyMac Financial Services, Inc., 5.38%, 10/15/2025 (c) | | 750,000 | | | 743,833 |
| United Wholesale Mortgage LLC |
5.50%, 11/15/2025(c) | | 320,000 | | | 317,898 |
5.50%, 04/15/2029(c) | | 180,000 | | | 171,146 |
| | | | 2,075,393 |
| | | | | | | |
| Food Products - 0.2% |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (c) | | 500,000 | | | 440,101 |
| | | | | | | |
| Ground Transportation - 0.3% |
RXO, Inc., 7.50%, 11/15/2027 (c) | | 500,000 | | | 511,343 |
| | | | | | | |
| Health Care Providers & Services - 0.4% |
Owens & Minor, Inc., 4.50%, 03/31/2029 (c) | | 750,000 | | | 647,300 |
| | | | | | | |
| Hotels, Restaurants & Leisure - 1.0% |
Aramark Services, Inc., 5.00%, 04/01/2025 (c) | | 100,000 | | | 99,403 |
Caesars Entertainment, Inc., 6.25%, 07/01/2025 (c) | | 250,000 | | | 250,000 |
| Carnival Corp. |
5.75%, 03/01/2027(c) | | 500,000 | | | 494,292 |
6.00%, 05/01/2029(c) | | 250,000 | | | 247,191 |
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 08/15/2028 (c) | | 270,000 | | | 197,422 |
| Las Vegas Sands Corp., 2.90%, 06/25/2025 | | 500,000 | | | 485,667 |
| | | | 1,773,975 |
| | | | | | | |
| Household Durables - 1.0% |
Adams Homes, Inc., 9.25%, 10/15/2028 (c) | | 500,000 | | | 513,414 |
Empire Communities Corp., 9.75%, 05/01/2029 (c) | | 500,000 | | | 509,375 |
STL Holding Co. LLC, 8.75%, 02/15/2029 (c) | | 250,000 | | | 261,181 |
The New Home Co., Inc., 9.25%, 10/01/2029 (c) | | 500,000 | | | 501,845 |
| | | | 1,785,815 |
| | | | | | | |
| Industrial Conglomerates - 0.2% |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | | 300,000 | | | 297,902 |
| | | | | | | |
| Industrial Power & Renewable Electricity Products - 0.1% |
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (c) | | 250,000 | | | 249,727 |
| | | | | | | |
| IT Services - 0.2% |
Unisys Corp., 6.88%, 11/01/2027 (c) | | 500,000 | | | 439,344 |
| | | | | | | |
| Machinery - 1.0% |
The Manitowoc Co., Inc., 9.00%, 04/01/2026 (c) | | 1,000,000 | | | 1,001,107 |
Wabash National Corp., 4.50%, 10/15/2028 (c) | | 750,000 | | | 675,819 |
| | | | 1,676,926 |
| | | | | | | |
| Media - 0.4% |
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027 (c) | | 700,000 | | | 659,078 |
| | | | | | | |
| Metals & Mining - 1.3% |
Century Aluminum Co., 7.50%, 04/01/2028 (c) | | 335,000 | | | 338,320 |
Coeur Mining, Inc., 5.13%, 02/15/2029 (c) | | 600,000 | | | 563,100 |
| Hecla Mining Co., 7.25%, 02/15/2028 | | 500,000 | | | 500,840 |
Perenti Finance Pty Ltd., 7.50%, 04/26/2029 (c) | | 500,000 | | | 510,260 |
SunCoke Energy, Inc., 4.88%, 06/30/2029 (c) | | 500,000 | | | 453,598 |
| | | | 2,366,118 |
| | | | | | | |
| Mortgage Real Estate Investment Trusts - REITS - 1.0% |
HAT Holdings I LLC / HAT Holdings II LLC, 6.00%, 04/15/2025 (c) | | 750,000 | | | 749,864 |
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027 (c) | | 500,000 | | | 482,066 |
Starwood Property Trust, Inc., 3.75%, 12/31/2024 (c) | | 600,000 | | | 592,622 |
| | | | 1,824,552 |
| | | | | | | |
| Oil, Gas & Consumable Fuels - 0.9% |
| Calumet Specialty Products Partners LP / Calumet Finance Corp. |
11.00%, 04/15/2025(c) | | 140,000 | | | 140,811 |
9.75%, 07/15/2028(c) | | 250,000 | | | 237,012 |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028 | | 450,000 | | | 455,105 |
| Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027 | | 500,000 | | | 502,423 |
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (c) | | 250,000 | | | 254,938 |
| | | | 1,590,289 |
| | | | | | | |
| Passenger Airlines - 1.6% |
Allegiant Travel Co., 7.25%, 08/15/2027 (c) | | 750,000 | | | 714,554 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 (c) | | 888,667 | | | 881,417 |
| Delta Air Lines, Inc., 2.90%, 10/28/2024 | | 500,000 | | | 495,114 |
United Airlines, Inc., 4.38%, 04/15/2026 (c) | | 750,000 | | | 725,351 |
| | | | 2,816,436 |
| | | | | | | |
| Professional Services - 0.3% |
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (c) | | 600,000 | | | 561,223 |
| | | | | | | |
| Software - 0.3% |
Fair Isaac Corp., 5.25%, 05/15/2026 (c) | | 250,000 | | | 247,458 |
NCR Voyix Corp., 5.00%, 10/01/2028 (c) | | 250,000 | | | 236,238 |
| | | | 483,696 |
| | | | | | | |
| Specialty Retail - 0.8% |
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (c) | | 500,000 | | | 464,340 |
Sonic Automotive, Inc., 4.63%, 11/15/2029 (c) | | 500,000 | | | 451,932 |
Upbound Group, Inc., 6.38%, 02/15/2029 (c) | | 600,000 | | | 576,097 |
| | | | 1,492,369 |
| | | | | | | |
| Trading Companies & Distributors - 2.0% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.88%, 08/14/2024 | | 500,000 | | | 498,015 |
Aviation Capital Group LLC, 5.50%, 12/15/2024 (c) | | 750,000 | | | 748,075 |
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027 (c) | | 500,000 | | | 484,133 |
GGAM Finance Ltd., 7.75%, 05/15/2026 (c) | | 500,000 | | | 510,518 |
Herc Holdings, Inc., 5.50%, 07/15/2027 (c) | | 500,000 | | | 492,671 |
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/2028 (c) | | 500,000 | | | 527,494 |
WESCO Distribution, Inc., 7.25%, 06/15/2028 (c) | | 250,000 | | | 255,001 |
| | | | 3,515,907 |
| | | | | | | |
| Transportation Infrastructure - 0.2% |
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (c) | | 400,000 | | | 361,086 |
TOTAL CORPORATE BONDS (Cost $46,329,220) | | | 45,280,041 |
| | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 3.7% | | Shares | | | Value |
| EastGroup Properties, Inc. | | 20,750 | | | 3,529,575 |
| Lamar Advertising Co. - Class A - Class A | | 25,250 | | | 3,018,132 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,535,645) | | | 6,547,707 |
| | | | | | | |
| CONVERTIBLE BONDS - 3.5% | Par | | | Value |
| Automobiles - 0.1% |
Ford Motor Co., 0.00%, 03/15/2026 (d) | | 225,000 | | | 228,037 |
| | | | | | | |
| Biotechnology - 0.4% |
| BioMarin Pharmaceutical, Inc., 0.60%, 08/01/2024 | | 731,000 | | | 726,832 |
| | | | | | | |
| Consumer Finance - 0.6% |
| EZCORP, Inc. |
| 2.38%, 05/01/2025 | | 250,000 | | | 243,697 |
3.75%, 12/15/2029(c) | | 250,000 | | | 288,234 |
| LendingTree, Inc., 0.50%, 07/15/2025 | | 500,000 | | | 465,625 |
| | | | 997,556 |
| | | | | | | |
| Health Care Equipment & Supplies - 0.1% |
Haemonetics Corp., 0.00%, 03/01/2026 (d) | | 250,000 | | | 225,375 |
| | | | | | | |
| IT Services - 0.3% |
BigBear.ai Holdings, Inc., 6.00%, 12/15/2026 (c) | | 650,000 | | | 471,091 |
| | | | | | | |
| Machinery - 0.1% |
| John Bean Technologies Corp., 0.25%, 05/15/2026 | | 250,000 | | | 230,150 |
| | | | | | | |
| Passenger Airlines - 0.1% |
| Southwest Airlines Co., 1.25%, 05/01/2025 | | 200,000 | | | 200,950 |
| | | | | | | |
| Pharmaceuticals - 0.8% |
| Jazz Investments I Ltd. |
| 1.50%, 08/15/2024 | | 1,000,000 | | | 995,000 |
| 2.00%, 06/15/2026 | | 350,000 | | | 337,488 |
| | | | 1,332,488 |
| | | | | | | |
| Software - 1.0% |
| BlackLine, Inc., 0.13%, 08/01/2024 | | 750,000 | | | 747,750 |
| Pegasystems, Inc., 0.75%, 03/01/2025 | | 750,000 | | | 724,500 |
| Tyler Technologies, Inc., 0.25%, 03/15/2026 | | 250,000 | | | 275,000 |
| | | | 1,747,250 |
TOTAL CONVERTIBLE BONDS (Cost $6,305,072) | | | 6,159,729 |
| | | | | | | |
| SHORT-TERM INVESTMENTS - 10.4% | | | | |
| Commercial Paper - 4.5% | | Par | | | |
| Automobile Components — 0.5% | | | | | | |
Magna International, Inc., 5.56%, 08/13/2024(e) | | | 1,000,000 | | | 992,927 |
| | | | | | | |
| Automobiles — 1.1% | | | | | | |
Harley-Davidson Funding Corp., 6.05%, 07/03/2024(e) | | | 1,000,000 | | | 999,233 |
VW Credit, Inc., 5.60%, 08/27/2024(e) | | | 1,000,000 | | | 990,708 |
| | | | | | | 1,989,941 |
| | | | | | | |
| Capital Markets — 0.6% | | | | | | |
Brookfield Infrastructure Partners L.P., 5.94%, 07/09/2024(e) | | | 1,000,000 | | | 998,329 |
| | | | | | | |
| Chemicals — 0.6% | | | | | | |
FMC Corp., 6.13%, 07/15/2024(e) | | | 1,000,000 | | | 997,123 |
| | | | | | | |
| Hotels, Restaurants & Leisure — 0.6% | | | | | | |
Marriott International, Inc., 5.53%, 07/24/2024(e) | | | 1,000,000 | | | 995,972 |
| | | | | | | |
| Oil, Gas & Consumable Fuels — 0.5% | | | | | | |
Targa Resources Corp., 6.03%, 07/25/2024(e) | | | 1,000,000 | | | 995,539 |
| | | | | | | |
| Trading Companies & Distributors — 0.6% | | | | | | |
Aviation Capital Group LLC, 5.83%, 07/01/2024(e) | | | 1,000,000 | | | 999,542 |
Total Commercial Paper (Cost $7,973,101) | | | | | 7,969,373 |
| | | | | | | |
| Money Market Funds - 5.3% | | Shares | | | |
Federated Hermes US Treasury Cash Reserves - Class Institutional, 5.17%(f) | | 9,391,552 | | | 9,391,552 |
| | | | | | | |
| U.S. Treasury Bills - 0.6% | | Par | | | |
5.32%, 09/05/2024(e) | | 1,000,000 | | | 990,453 |
TOTAL SHORT-TERM INVESTMENTS (Cost $18,355,028) | | | 18,351,378 |
| | | | | | | |
TOTAL INVESTMENTS - 99.9% (Cost $140,088,297) | | $ | 176,444,167 |
| Other Assets in Excess of Liabilities - 0.1% | | | 170,865 |
| TOTAL NET ASSETS - 100.0% | | | | | $ | 176,615,032 |
Osterweis Growth and Income Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:
