Professionally Managed Portfolios NPORT-P The Osterweis Strategic Income Fund (Dec 2024 report)

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.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Osterweis Strategic 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 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.